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B ank
&
Q u o ta tio n
S e c t io n
R a ilw a y &
E a r n in g s
S e c t io n
B an k ers*
R a ilw a y
VOL. 101
I n d u s t r ia l S e c t io n
C o n v e n tio n
2pue <&hvonidz.
S u b s c r ip tio n in c lu d e s fo llo w in g
B \n k
a n d Q uo tation (monthly)
R a il w a y E arnings (m onthly)
•St a t e a n d c i t y (semi-annually)
S u p p le m e n ts —
I r a il w a y
a n d I nd ustr ial (3 tim es yearly)
E lectric R a il w a y (3 times yearly)
|B a n k e r s ’ C on vention (yearly)
Terms of Advertising— Per Inch Space
Transient matter per inch space (14 agate lin es).......................................
T w o Months
(8 tim es)..........................
Three Months
(13 tim es)..........................
Standing Business Cards
Six Months
(20 tim es)..........................
Tw elve Months (52 tim es).............................
•Chicago O ffice —39 South L a Sallo Street, Telephone Randolph 7396.
L on d o n o f f ic e — Edwards & Sm ith, 1 Drapers’ Gardens, E. C.
$4
22
29
50
87
20
00
00
00
00
W I L L I A M II. D A N A C O M P A N Y , P u b lis h e r s ,
F ron t, F in e am i D e p cy s tc r S ts., N ew Y o r k .
Published every Saturday morning by WILLIAM B. DANA COMPANY,
Jacob Seibert Jr., President and Treasurer; George S. Dana and Arnold G. Dana.
Vice-Presidents: Arnold G. Dana. Sec. Addresses of all. Office of the Company.
C L E A R IN G -H O U SE RETURN S.
The following table, made up by telegraph, &c., indicates that the total
bank clearings of all the clearing houses o f the United States for the week
■ending to-day have been $3,783,908,470, against $4,712,921,393 last week
and $2,364,285,175 the corresponding weok last year.
C le a r in g s — R e tu r n s b y T e le g r a p h .
W e e k e n d in g D e c e m b e r 25.
1915.
! $2,288,657,686
149,982,661
188,429,385
37,329,963
297,899.977
83,868,162
25,468,257
B oston_____
Philadelphia Baltimore___
-Chicago_____
St.lfLouis____
New Orleans-
P er
C e n t.
1914.
$963,327,130 + 137.5
+ 88.8
79,423,477
+ 81.4
103,854,954
+ 76.4
21,163,751
195,205,347
+ 52.6
54,675,417
+ 53.2
15,720,512
+ 62.0
Other cities, 5 days.
$3,071,636,091
712,272,379
$1,433,370,588
420,146,943
+ 114.3
+ 69.6
Total all cities, 5 days.
A11 cities, 1 day_________
$3,783,908,470
$1,853,517,531
510.767,644
+ 104.1
Total all cities for week...................... 1 >3,783.908.470 1 $2,364,285,175 ' +62.6
T he full details for the week covered b y tho above will bo given" next
Saturday. W e cannot furnish them to-d ay, clearings being m ade up b y the
clearing houses at noon on Saturday, and hence in the above tho last day
o f tho week h&s to bo in 3.1 Cctsos estim ated, as we go to press Friday night
1
fcaWe present below detailed figures for tho week ending with Saturday
noon , D ecem ber 18, for four years:
J
W eek
Clearings at—
e n d in g
1914.
D ecem b er
18.
I n c . or
D ec.
%
New York_____ 2,871,031,617 1,597,262,646 + 79.8
Philadelphia___
240,192,415 152,095,890 + 57.9
Pittsburgh..........
58,932,399
45,9S0,051 + 28.2
Baltimore______
55,973,568
32,923,882 + 70.0
14,422,583
Buffalo.......... —
11,058,047 + 30.4
4,577,690
Albany................
6.076,550 — 24.7
9,397,151
Washington........
7,812,621 + 20.3
6,126,056
Rochester..........
4,355,870 + 40.7
3,169,336
Scranton............
2.983,674
+ 6.2
2,911,613
Syracuse_______
2,641,889 + 10.2
2,382,939
Reading..............
1,777,855 + 34.0
3,193,488
Wilmington____
1,538,514 + 107.5
2,005,442
Wilkes-Barre___
1,611,212 + 24.5
2,549,629
Wheeling______
1,704,631 + 49.6
Trenton.......... .
2,105,391
1,797,270 + 17.1
York....................
1,130,578
919,976 + 22.9
1,297,443
E rie ___________
1,009,704 + 28.5
Binghamton___
934,200
654,000 + 42.8
Greensburg........
806,648
598,786 + 34.7
Chester..............
1,023,837
643,755 +59.0
600,000
Altoona..............
607,105 — 1.2
Lancaster_____
1,710,138
1,271,958 + 34.5
M ontclair______
478.636
491,634 — 2.6
Total Middle. 3,286,952,797 1,877,817,520
192,350,968
10,902,300
7,615,866
4,397,017
3,337,392
2.345,976
3,197,215
1,490,460
1,357,263
1,093,972
699,466
488,507
144,277,498
7,729,800
4,639,210
3,457,681
2,812,545
1,740,301
2,336,312
1,081,629
1,217,733
799,952
605,167
417,302
,769,281.453
175,013,060
52,364,066
38,369,134
13,018,190
1,333,722
8,013,863
4.975,974
3,742,740
2,991,429
1,872,679
2,044,398
1,996,836
2,176,977
1,797,272
940,543
1,126,470
728,700
748,947
650,290
641,033
1,490,500
742,692
,048,692,159
175,075,667
54,821,919
43,914,949
12,375,274
7,351,169
7,403,785
5,703,558
2,933,918
2,701,246
1,941,058
1,960,165
1,613,607
2,281,519
2,181,514
996,858
1,105,076
637,400
618,417
765,987
649,050
1,566,699
692,108
+ 75.0 2,092,061,078 2,377,867,994
+ 33.3
+ 41.0
+ 64.1
+ 27.2
+ 18.7
+ 34.8
+ 36.9
+ 37.8
+ 11.5
+ 36.8
+15.5
+ 17.0
157,316,395
8.573.200
4,828,053
3,334,904
2.791.201
1,938,537
2,697,343
1,510,816
1,508,874
890,058
732.793
424,102
C it y
S e c t io n
e n d in g
D ecem ber
18.
1915.
.$10 00
« 00
00
7 50
S.H 148.
£ \ 118.
$11 60
170,140,629
9,930,100
4,660,785
3,128,635
2,712,003
2,035,331
2,489,595
1,476,974
1,177,591
570,322
652,182
543,245
229,276,4021 171,115,130^
186,465,276 199,517,392
r
^auauian clearings see oommurciai ana Miscellaneous News.”
• Owing to the consolidation the latter part of March 1915 of the First National
Bank and the Security National under the name of the First & Security Bank.
Minneapolis bank clearings are being materially reduced.
an d
NO. 2635
W eek
C le a r in g s a t —
Terms of Subscription— Payable in Advance
Tot .New Eng.
S ta te
SATURDAY, DECEMBER 25 1915
PUBLISHED WEEKLY.
Boston.............. .
Providence........
Hartford_______
Now Haven____
Springfield_____
Portland............
Worcester______
Fall River. __
New Bedford..
Lowell . .
Holyoke__
Bangor____
E le c t r ic R a ilw a y S e c t io n
S e c t io n
Chicago________
Cincinnati...
Cleveland . . .
Detroit_____
Milwaukee ..
Indianapolis .
Columbus . . .
T oledo_____
P eoria_________
Grand R ap id s...
D a y ton _______
Evansville____
Springfield, 111.
Fort Wayne___
Youngstown_
_
Lexington_____
A k ro n ________
Rockford______
Canton...........
Bloomington___
Quincy_______
South Bend___
Springfield, 0__
Decatur______
Mansfield____
Jackson_______
Danville______
L im a _________
Jacksonville, 111.
Lansing___
Ann Arbor..
Owensboro .
Adrian____
Tot.Mld.West.
358,270,066 298,375,665
33,216,600
25,660,150
39,159,418
22,891,679
38,219,748
24,518,063
19,928.357
16,696,318
10,350,000
8,351,202
8.321.500
6,376,400
8,244,727
6,115,596
4,013,506
3,101,305
4,236,625
3,173,765
2,347,386
1,941,160
2.246.501
1,185,079
1.232.000
1,088,173
1,404,519
1,291,103
2,205,717
1,229,642
720,995
701,197
2.794.000
1,766,000
985,623
902,080
1.963.000
1,539,126
733,607
666,663
818,130
745,912
835.000
696,852
991,231
828,480
645,863
472,324
623,867
580,941
773,953
518,448
530,693
410,484
530.000
408,438
322,569
206,894
816,418
500,999
250.000
220,479
450.000
503,946
64,780
53,444
548,2467399 433,7187177
San Francisco..
Los Angeles___
Seattle............ .
Spokane_______
Salt Lake C ity ..
Portland_
_
Tacom a___
Oakland___
Sacramento.
San D iego..
Fresno____
Stockton _
_
Pasadena__
San Jose___
North Yakim a..
R e n o _________
Long Beach___
Total Pacific.
143,981,954
Kansas City___
Minneapolis___
Omaha____
St. Paul___
D en ver___
St. Joseph..
Duluth____
Des Moines.
Sioux C ity ..
Wichita___
Lincoln ___
Topeka ___
Davenport .
Fargo______
Helena........
Cedar Rapids_
_
Pueblo___
Waterloo..
Colorado Springs.
Fremont...
Billings . . .
Hastings ..
Aberdeen_______
Tot. Oth West.
89,017,377
*37,098,784
21,400,670
15,400,000
12,035,972
8,896,191
9,638,901
5,158,591
3,767,763
4,438,101
2,647,359
1,623,945
1.500.000
2,914,546
1,652,085
1,562,165
422,083
2,215,426
785,433
364,667
600,000
277,1S6
1,030,325
224,457,570
St. Louis.______
New Orleans..
Louisville____
H ouston____
Galveston___
Richmond___
Memphis____
Atlanta______
Fort Worth_ . .
_
Savannah .
Nashville_______
Norfolk;____
Birmingham
Augusta____
Jacksonville..
Little Rock____
Chattanooga___
Knoxville-..........
Charleston_____
Mobile................
Oklahoma___ __
M acon_________
A ustin_________
Vicksburg______
Jackson ________
Muskogee______
Tulsa................ .
100,263,069
27,961,530
20,055,565
11,803,752
5.350.000
15,871,454
11,091,812
20,488,393
10,968,212
6,135,952
8.343.520
5,391,523
2,894,048
2.588.520
3.070.000
3,535,280
2,676,658
2,049,110
2,192,455
1,095,714
3.102,274
4,798,691
4,000,000
336,378
502,747
1,176,428
2,263,091
334,473,169 319,607,874
27,792,500
29,267,900
26,260,639
24,303.677
30,380,466
25,633,685
16,975,838
15,566,846
9,049,012
8,630,856
6,733,800
7,047,900
6,486,273
5,229,747
4,288,026
4,096,631
3,356,639
3,187,393
2,387,015
2,576,119
1,481,464
1,324,501
1,228,423
1,253,307
1,146,471
1,238,532
1,430,549
1,483,247
1,030,984
1,182,552
1,980,000
2,166,000
1,061,075
887,061
1,420,251
1,537,770
688,594
782,171
896,513
785,504
636,791
669,143
825.043
725,852
534,315
588,075
541,047
459,836
575.000
582,068
507,517
488,920
508,958
535,735
340,052
338,480
515.000
525,334
237,628
219,407
511,933
373,283
74,440
32,033
486,335,426 463,327,979
+ 15.2
+ 23.5
+ 18.4
+ 15.7
+ 36.0
+ 10.9
+ 6.7
+ 28.1
+ 32.9
+ 21.6
+22.0
+ 10.1
+ 62.0
+ 15.6
+ 9.8
+ 18.5
+ 8+
+ 18.6
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
127,058,222
133,633,854
+ 24.1
+ 13.5
+ 12.0
+ 11.2
+ 27.1
+89.5
+ 27.7
+ 2.1
— 58.2
+ 95.3
+ 23.6
+ 4.6
+ 12.4
— 4.1
+ 50J5
178,462,309 + 25.8
424,714
166*700,243
58,785,082
30,688,538
18,296,764
11,173,317
10,178,213
7,886,416
6,157,875
4,530,641
3,082,466
3.418,452
1,864,084
1,929,505
1,476,192
610,821
1,316,112
1,682,209
1,111,693
1,327,961
659,406
280,417
582,919
203,005
431,791
167,673,779
+27.6
+ 38.2
+ 76.6
+ 40.8
+ 3.9
+ 60.0
+ 44.8
+ 35.0
+ 12.1
+ 8.4
+ 41.3
+ 19.9
+ 6.1
+ 46.1
+ 11.2
+ 84.6
+ 14.6
+ 29.8
+ 5.4
+ 6.2
+ 13.8
+ 26.3
+ 124.1
— 1.8
+ 10.3
+40.7
+ 67.9
87,441,157
26,160,688
15,257,323
10,002,286
4,159,000
9,676,841
12,511,918
19,979,778
9,620,783
7,161,493
8,689,665
5,300,584
3,767,207
2,568,060
3,765,795
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
89,817,907
26,469,322
15,395,231
..............
4,169,000
9,378,896
11,646,819
17,124,105
9,287,020
8,278,404
8,133,110
4,875,371
3,232,190
2,718,900
3,550,000
2,874,849
2,598,962
1,917,666
2,091,517
1,821,865
1,771,482
4,620,198
2,119,369
501,199
494,678
865,329
1,166,323
Total Southern 280,006,276 209,807,439 +33,5 261,339,741 236,919,602
Total all_____
,7127921,398 2,992,279,729 +57.5 3,'319,959,986 37579,132,708
Outside N. Y. 1.841,889,781 +39:^017,083 + 32.0 1,550.678,533 1,530.440,549
u n io n s
C H R O N I C L E
T he
in d e x
w h ic h
be
to
v o lu m e
sent
to
V o lu m e
ends
our
I N
101
w ith
D
E
of
th e
th e
not
“ C h r o n ic le ” —
is s u e
of
w ith
s u b s c r ib e r s
th e
D ec.
2 5 — w ill
num ber
to
fo r
u n m in d fu l
tra d e
at
F I N
A N
C I A L
S I T U
A T I O N
sam e
of
M u n itio n s ,
M on day
n ig h t,
ca n n ot
and
esca pe
th e
in
th e
h is
H ouse
a s s e r tio n
ch arge,
in
of
th a t
con n ec
c a p a c ity
“ to o
th a t
la t e .”
T he
c a b le
d is p a tc h e s
in
in a p a s s a g e t o w h ic h t h e s t a r t le d a n d
lis te n e d
w ith
p a in fu l
in te n tn e s s ,
M r.
L lo y d G e o r g e r a n g th e c h a n g e s o n th e s e d ir e fu l w o r d s
“ to o
in
la t e .”
“ W e
th a t, to o
th e
rep re
W hat
th e
of
th e
sta tu s
w a r.
have
la te in
b e e n to o la te
a r r iv in g
in
T h om as,
th is ,
t o o la te
a t d e c is io n s , t o o
s t a r t in g th is e n te r p r is e o r t h a t a d v e n t u r e .
la t e in
T h e fo o t
th e
s u b je c t
of
of
every
th e
lo d g e
of
b r in g in g
th e
to
p o r ta tio n
a
s c r ip tio n is t s
w ant
re p resen ted
of
an
a g it a t io n .”
W hat
of
ea rth
h a lte d
at
cou rse
had
a
of
th e
w ork,
e n tir e
every
“ If
and
of
tra n s
th e
con -
he
w as
w ith
th e ir
h ere.
have
m ig h t ie s t
ste p
th e
th ereb y
r a ilw a y
p roceed
we
th e
th a t
in fo r m e d
cou n try .
s p e c ta c le
of
a
in
in tr o d u c tio n
sto p
“ le t th e m
of
s p e a k in g
in d u s tr ia l r e v o lu t io n ,”
one
th e
S erv a n ts,
th e
th e
th e
as s a y in g ,
govern m en t
on
w o u ld
s ta n d s till
fa c ilit ie s
th e
S ecreta ry
u n io n
th a t
m en
in
R a ilw a y
ra ilw a y
in
o f S ep tem b er 16,
G en era l
of
C o m m itte e
s p e a k in g
n ig h t
c o n s c r ip t io n ,
A s s is ta n t
S o c ie ty
c o n s c r ip t io n
e n g a g e d , o f h a v in g a lw a y s a t c r it ic a l m o
H ouse
of
H en ry
A m a lg a m a te d
s h e is n o w
us
r e -e s ta b lis h m e n t
d e c la r a tio n
th e
E x e c u tiv e
s ile n t
th e
s ta r tlin g
on
t io n w it h t h e g ig a n t ic s tr u g g le f o r e x is te n c e in w h ic h
fo r m
la b o r
r e s p o n s ib ilit ie s .
t e r m in a t io n
Jam es
th e
h is
M in is te r
been
t h e ir
m ade
th e
m en ts
T h is
on
p e a l t o t h e la b o r u n io n s m a d e b y D a v id L l o y d G e o r g e ,
B r ita in
of
u n io n s
th e
d eb a te
on
g ra n t.
H ouse of C om m on s
.
T h e r e is s o m e t h in g p a t h e t i c a b o u t t h e r e n e w e d a p
B r itis h
to
W e r e c a ll t h a t a litt le m o r e th a n th r e e m o n t h s a g o
th is
C om m ons
w illin g
M in is t e r s o u g h t t o d o w a s t o p a s s a b ill g u a r a n t e e in g
S a tu rd a y , J a n . 15.
T H E
a re
s e n ta tiv e w e n t o n t o s a y t h a t th e w o r k in g m e n w e r e
X .
quo
G reat
[Vol. 101;
THE CHRONICLE
2098
T he
c o u n tr ie s
u n a b le
to
on
p roceed
s te p s o f t h e A llie s h a v e b e e n d o g g e d b y t h e m o c k in g
w it h o u t t h e c o n s e n t o f t h e la b o r u n io n s — t h e g o v e r n
s p e c tr e o f ‘ t o o la t e .’
m ent
L e t n o t ‘T o o
L a t e ’ b e in s c r ib e d
of
o n t h e p o r t a ls o f o u r w o r k s h o p s .”
A nd
la b o r
w h a t is it t h a t M r . L l o y d
u n io n s ?
a re th e y
W hat
ex p e cte d to
great
G e o rg e ask s o f th e
and
h a r r o w in g
lo n g
“ to o
d e s c r ib in g
L lo y d
G eorge
One
o f th e
scen e
r a is e d
w hen
g r a d a tio n
one
h ears th a t
M r.
L lo y d
G e o rg e ’s g rea t
a s in g le o b j e c t ,
a la r g e r a d m ix tu r e o f u n s k ille d w ith
p e r m itte d
p r o p e r ly
th em
in
th e
m u n itio n s
m a n n in g
su ch
e lo
n a m e ly
th a t
s k ille d la b o r b e
fa c to r ie s
w ith
e s ta b lis h m e n t s
a
v ie w
and
to
e n a b lin g
t o in c r e a s e t h e ir o u t p u t t o m a x im u m
c a p a c ity .
W e a re t o ld th a t th e M in is te r o f M u n itio n s
gradu
w ith
so
su re
of
a
In
P a r lia m e n ta r y
C h r o n ic le ,”
been
fo r
w ar
depended
w h e th e r
a
th a t th e
it
s u ffic ie n t
w h ic h
th e
b e in g .
on
th e
w o u ld
a ttitu d e
a llo w
num ber of
M u n itio n s
th e
of
A llie s in
o r g a n iz e d
G overn m en t
s k ille d
m en
fo r
D ep a rtm en t
la b o r—
to
th e
had
th e
r e c r u it
fa c to r ie s
b r o u g h t in to
th ou sa n d
fa c to r ie s .
*
u n s k ille d m e n f o r th e s e n e w
h eard
C om m on s.
not
T h u s,
get
a b je c t
W e h a v e d o n e o u r b e s t t o g e t s k ille d la b o r
us.
he
w as
b y th e s y ste m
H ere
o n ly
o r g a n iz e d
o f m u n itio n s v o lu n te e r s .
la b o r
I t is n o u s e
m any
a
of
year
lis te n e d
h is
fe e lin g
ea rn est,
and
re
th e
“ D a ily
p e r o r a tio n
in
to
and
w ith
a p p e a l,
L ondon
m o v in g
lo n g
G eorge
h ea rts
to u ch e d
w e e k ’s
o f th e
m ore
w ho
of
L lo y d
th e
h is
has
H ouse
speech
im p lo r in g
G e o r g e ’s a p p e a ls
n ow h ere.
of
*
“ N o
th e
b e fo re
th is
v ib r a n t
L lo y d
in to
up
every
s o m e tim e s
“ a lw a y s
M r
ch ord
of
corresp on den t
fo r g e t
M r.
h im
can
*
never
every
T hose
r e a d ily
fa c ts
and
fe ll in
c h a lle n g e ,
but
M r.
a ccou n ts
eyes
and
p a t r io t ,”
h ard
a
of
w ill
appeal
t o t h e s k ille d w o r k e r s o f t h e c o u n t r y .”
“ W e w a n t 8 0 ,0 0 0 s k ille d m e n a n d fr o m t w o t o
th re e h u n d re d
h e lp
su ccess o f th e
a
of
says:
d e c la r a tio n
and
e x h o r tin g ,
by
th e
fla s h in g
on
a lly w a r m e d t o h is s u b je c t a n d r e a c h e d t h e c lim a x w it h
m ade
of
rose
s p e a k in g
th e
one
th a t
h earers
hand
s p o n s e .”
appeal
w ith
of
n e c e s s it y
h a v in g
le a d e r s .
th a t
appeal
m ora l
c o n s c ie n c e s
th e
and
v o ic e
a
e m o tio n
th e
la b o r
of
u n io n s
m o v in g
sta te d
in
beca u se
la b o r
S ep tem b er,
s o m e tim e s
th e
“ d rove
th e
of
b e g g in g ,
th e
la s t
h ands,
q u e n c e w a s d ir e c te d t o
th e
w ith
r u b s h is e y e s t o m a k e s u r e t h a t h e is n o t in a d r e a m
t io n a l w e lfa r e — n a y , fo r t h e c o u n t r y ’s v e r y life ?
la te ”
c o n s u ltin g
p a la v e r
In
s a c r ific e
m a k e in t h e in te r e s t o f t h e n a
a lw a y s
fir s t
H e
is
dependence
th re e
b a ttle
m on th s
goes
upon
ago,
s te a d ily
th e
and
la b o r
sta te
u n io n s
her
t h e la b o r le a d e r s in t o m a k in g s lig h t c o n c e s s io n s , b u t
t o ld
la te r .
la b o r .
o n
T h e
U n le s s
th e
w o r k
s k ille d
w e
c a n n o t
d id
appeal ?
H en ry
u s
h ith e r to
resp on se
m o v in g
Jam es
,
sto ry
q u e s tio n
a llo w s
w h ic h
la b o r
W hat
w h o le
it
th a t
d e p e n d s
to
p u t
h a s
p e r fo r m
c a b le
T h om as,
have
o n
th e
th is
w o r k e r s
m ake
m em ber
to
th is
say
fo r
th a t
D erby,
a n d A s s is ta n t G e n e r a l S e c r e ta r y o f th e A m a lg a m a te d
S o c ie ty o f R a ilw a y S e r v a n ts , s p e a k in g fo r th e L a b o r
P a rty ,
s a id
a fte r
th a t
fo llo w
th e ir
w h erever
r ig h ts
w ords,
c r is is
w hat
th e
s till
th e
b r in g in g
h is to r y ,
is
M r.
L lo y d
o r g a n iz e d
th e
w e r e
M in is te r
p r o p e r ly
la b o r
in s is t
u n io n s
on
in
r e q u ir e d
a
th e
e x e r c is e
and
of
at
a
c o n c lu d e d ,
fo u n d
o f its
dem anded,
w ith
th e
best
but
le d ,
In
of
c o n d itio n s .
is s u e
w illin g
M u n itio n s
t im e
ch arged
s u c c e s s fu l
had
be
g u a r a n te e d .
m a k in g
gov ern m en t,
to
G eorge
la b o r w o u ld
to
I F
oth er
su p rem e
It
th e
is
not
d u ty
of
w ar
in
g rea test
ju d g m e n t
w hat
th ese
la b o r
ren der
th e
u n io n s ,
co n tro l
th ese
t h in k s
la b o r
u n le s s
fo r c e d
m en t,
o f
.”
d is p a tc h e s
L abor
be
m o n o p o ly
ta s k
la b o r
to
o r g a n iz e d
u n s k ille d
b e e n
o r g a n iz e d
T he
m ay
and
m ade
e ffe c tiv e
a
to
do
p u b lic
by
depend
th ey
so
upon
h o ld
over
it,
in
t id e
and
B r ita in
su cceed
th a t
th e
or
a lth o u g h
m ay
e lo q u e n c e
sam e
m e a n w h ile
a g a in s t
G eorge
and
th e
m y g o in g in t o t h e q u e s t io n o f w h y w e g o t o n l y 5 ,0 0 0
m en,
L lo y d
in
A llie s .
6 ,0 0 0
M r.
to -d a y
w ill
th e
s h a m in g
not
su r
G overn m en t
b y an ou tra g ed
o p in io n
o f th is k in d
h u r lin g
th e
p u b lic
can
s e n ti
o n ly
G overn m en t
be
its e lf,
w h ic h h a s b e e n t h e s u b s e r v ie n t c r e a t u r e o f t h e la b o r
fa c t io n
th u s
fa r ,
fro m
pow er.
I t w o u ld d o u b t le s s b e u n ju s t t o a s s e r t t h a t t h e m e m
b e r s o f th e s e la b o r u n io n s a r e d e s t it u t e o f e v e r y in s t in c t
I o f p a t r io t is m , b u t th is m u c h c a n b e p o s it iv e ly a f f ir m e d ,
1th a t th e y
c o n s id e r t h e y o w e a lle g ia n c e t o
: fir s t, a n d
h en ce
w ill y ie ld
im p lic it
th e
o b e d ie n c e
u n io n
to
an
o r d e r o f t h e la b o r le a d e r s w h e r e a p r o p o s a l fr o m
th e
! G o v e r n m e n t w ill b e r e c e iv e d v e r y g in g e r ly a n d t a k e n
u n d e r le is u r e ly c o n s id e r a t io n , e v e n
' v o lv e
je o p a r d y
to
th e
cou n try
th ou g h
its e lf.
d e la y
H e r e in
1 t h e p e r il o f t h e p o lit ic a l d o m in a t io n o f th e la b o r
io n s .
1ro w
E very
p r o p o s a l is l o o k e d
s ta n d p o in t
of
s e lfis h
upon
in te r e s ts
fro m
and
th e
th e
in
lie a
un
n ar-
w e lfa r e
D eo. 25 1915.1
THE CHRONICLE
o f t h e c o u n t r y a s a w h o le r e c e iv e s o n l y s e c o n d a r y c o n
s id e r a t io n .
th e
T h e w o r s t fe a t u r e is t h a t t h e la b o r le a d
e r s w h o w ie ld s u c h t r e m e n d o u s p o w e r a re r e s p o n s ib le
t o n o p u b lic a u th o r ity .
fir s t, a n d
e v e n th e S o c ia lis ts h o ld
w ho
w ill
la b o r
n a tio n a l
g r a p p le
m o n ste r
t h e ir p r in c ip le s in
w ith
w h ic h
e x is te n c e
its e lf
s e lfis h a d v a n t a g e .
I n G e r m a n y , c o u n t r y sta n d s
a b e y a n c e f o r t h e t im e b e in g s o t h a t t h e
m an
headed
2099
S u ch
in
th e
is
s e lfis h
ready
ord er
to
h yd ra
to
s a c r ific e
g a in
a
s p e c ia l
a m a n w ill n o t b e a fr a id t o
m a k e a n a p p e a l t o th e p u b lic o n th a t s ta n d .
F a th e r la n d
is
m a y n o t s u ffe r . '
im p e r a tiv e ly
w a n ted
is
an
E n g lis h
W hat
M in is tr y
th a t
w ill n o t b e n d t h e k n e e t o t h e la b o r le a d e r s n o r t o a d y
If
B r ita in
w o r ld
w a r,
s h a ll
it
be
w ill b e
v a n q u is h e d
b ecau se
she
in
th e
presen t
been
has
cru sh ed
u n d e r t h e ir o n h e e l o f u n io n la b o r d e s p o t is m .
to
T hese
is
la b o r u n io n s e x e r c is e t h e ir p o w e r s m o r e d e s p o t ic a lly
th a n
th e
B r ita in
w orst
is
s u b m is s iv e ly
p e r io d .
of
w orn
a n c ie n t
th e
p a y in g
p e n a lty
th e
la b o r
t im e s .
fo r
yoke
h a v in g
so
w h ic h
never
has
had
d is p la y e d
su ch
a
t h e la b o r u n io n
bers
in
lin e
cou n try
to
a
a
to
h o ld
a
lo n g le a s e
v e s t ig e
vote.
H om e
th e
th e
been
w illin g
of
of
T o
R u le
verge
of
su p p ort
keep
B ill,
c iv il
of
en a cted .
to
b id e
tr o v e r tib le
th e
w h ic h
w a r,
th e
T he
t h e ir
fa ct
have
Ir is h
is
th a t
H om e
but
s ta te d
th e
up
a ll
th e
of
and
sorts
creed
m ust
in
d e s ir e
above
U n le s s
th u s
a ll
be
not
th e
G reat
B r ita in
can
e n a b lin g h e r t o fig h t t h e
sam e
sh e m ig h t
p o w e r fu l
w eapons
a s w e ll c o n c lu d e
R u le r s
m ust
it
w as
p a th e tic
to
do
he
p eace
v ie w
to
shake
o ff
of
h is
c o n tr o l,
and
cou n try ,
c o n tr o l,
n a tio n a l
m ore
is
d o u b le
b ilit y
e ith e r t o
fo e
th e
th e
th e
in
at
hom e
and
su ch
th e
fo e
w ho
to
abroad
w ay
h is
as
p a r a ly t ic .
B ut
fo r
a g g reg a te
m illio n s
a
e le v e n
in d ic a tin g
w ill b e
th a n
th e
of
a t le a s t
th a n
th e
in c r e a s e
E u rop e,
but
our
show n
and
very
ou tw a rd
fu ll
th is
m a in ly
w ith
and
w ith
v o lu m e ,
in
in flo w
p a rt
d ecrea se,
fr o m
by
th e
E u rop e
g a in s
th e
im p o r ta n t
fu r n is h e d
by
G reat
g a in
th e
R u s s ia
in
N ovem ber
th e r e is
c o n tr a c tio n
been
th e
is
v a r io u s
m on th , to o ,
e x c e e d in g
h a v in g
year
to
s a tis fa c to r y
T h e im p o r ts fo r
of
M u ch
th e s h ip m e n ts
tra d e
r e p u b lic s
A fr ic a .
very
a
la s t
record
m ade
fig u r e s
up
in
o n ly
fo r
oth er
c o u n tr ie s .
The
to ta l
N ovem ber
in
th e
in
m o d e ra te
m ore
le a v e
th e
to
A m e r ic a n
and
th e
is
in a
co n tro l
of
of
h ig h -
th e
la r g e r
b e fo u n d , o f c o u r s e , in
F ran ce,
n oted
w ere
c e r ta in ly
to
s e ttin g
d o lla r s ,
m ore
fe a tu r e
o u tflo w
o f a ll e a r lie r y e a r s , b u t f o r t h e y e a r t o d a t e
con
its
be
A s ia ,
a
in
or
th e
1 ,4 0 0
m illio n s
p art
and
S ou th
h im s e lf
every
and
1 ,0 0 0
c o m m o d itie s
B r ita in
it.
cou rse
e x e r c is e s
ty r a n ic a l
h o p e le s s
a
or
p r e c e d in g
th e
to ta l
m illio n
th e
E u rope
s a lie n t
of
a g a in
th e
3 ,2 0 0
fu ll y e a r
grea ter
of
a
G overn m en t
in s is t e n t ,
fo r
con qu er
th ou g h
dem ands
fro m
in
fo r
th e
v a lu e
M oreover,
m illio n s ,
over
be
N ovem ber
‘a l m o s t
o v e r la s t is t o
la b o r
now ,
h e fin d s
A s q u ith
m ore
grou n d
d e s p o tic
G overn m en t a
th e
and
even
in t e r e s t
d is p la c in g
th ere
in s id io u s
serve
su ch
of
b e c o m in g
su p rem e
th a t
e x p o rts
1 91 3 a n d a lm o s t d o u b le th e a m o u n t o f 1 9 0 9 .
It has been a
g e n tle m a n
fo r
th e
fo r
year,
t h e c o u n t r y , a n d t h e r e is
th a t
is
to
tra d e , th e
m ark.
3 ,5 0 0
in
sta te m e n ts
c o n tin u e s
fo r e ig n
th a t
seem
G overn m en t
our
w a ter
have
e x p a n s io n
o ffic ia l
1915
m on th s
o f t h a t c o n t r o l a n d h e lp le s s a n d im p o t e n t
s id e r a t io n
T a lk
w ith
be
th e v ic tim
a
w ith
th e
of
c o m m o d it ie s
of
L a b o r ite s
th e
in
m on th s
its le a s e o f p o w e r .
th a t
d o th e ir d u t y t o
p o lit ic a l
su ch
and
S ta te s a s a r e s u lt o f t h e s it u a t io n
r e v e a le d
m em
passed,
vote
a ls o a n e le m e n t o f th e g r o te s q u e in it .
to
r e c k o n in g .
M in is tr y ,
phenom enal
U n ite d
s p e c ta c le o f M r . L lo y d G e o r g e a p p e a lin g t o th e la b o r
u n io n s t o
s in c e r e
th e
a
enem y
The
It
b rou gh t
w as
la b o r
Ir is h
t im e ,
t h e ir b id d in g o r g iv e
v ote
th em ,
pow er,
in d e p e n d e n c e .
n e v e r fo r a n in s ta n t r e la x e d t h e ir g r ip , a n d th e in c o n
W e
to
a t o n c e o n th e b e s t te rm s o b ta in a b le .
s p e c ia l le g is la t io n in f a v o r o f t h a t p a r t ic u la r in t e r e s t
has
t r u c k le
h im s e lf p o s s e s s e s ,
h a s b e e n h e ld in p o w e r b y t h e I r is h H o m e R u le v o t e
and
of
su ch
fo r e ig n
so
lo n g
out
get
G reat
fo r
or
T h e p re se n t A s q u ith -L lo y d G e o r g e G o v e rn
m en t,
has
ty ra n t
now
th em
a fr a id o f t h e m , a n d in t h a t r e s p e c t M r . L l o y d G e o r g e
m on th s
v a lu e
1915
s in c e
of
th e
w as
J u ly
m e r c h a n d is e
$ 3 3 1 ,1 4 4 ,5 2 7 ;
1
has
been
e x p o rts
fo r
ju s t
a
th e
little
fo r
fiv e
under
1 ,4 9 0 m illio n d o lla r s a n d f o r t h e e le v e n m o n t h s o f t h e
w h at seem s
d e c i d e d l y i n c o n g r u o u s is t h a t s u g g e s t io n s s h o u l d c o m e
c a le n d a r y e a r $ 3 ,1 9 1 ,6 5 9 ,9 7 5 , t h e s e
of
$ 2 0 5 ,8 7 8 ,3 3 3 a n d 8 2 1 m illio n s a n d $ 1 ,8 6 7 ,9 9 1 ,4 9 2 r e
m a k in g
m e n t in
M r.
G eorge
th e e v e n t o f su ch
M r . L lo y d
has
L lo y d
done
G eorge
y e o m a n ’s
c o u n tr y fr o m
head
of
th e
G overn
s p e c tiv e ly
a ch an ge.
h a s fin e
s e r v ic e
o r g a n iz in g a b ilit y
in
tr y in g
to
and
rescu e
th e
v a r io u s
i
nd
its p r e s e n t c r it ic a l s it u a t io n , b u t h e h a s
1 ,0 8 4 3 ^
a h ig h
r e s is te d
th em
a g a in s t
he
a lw a y s ,
r e c o g n iz e d
crea tu re.
th e
tim o n y
to
a b s o lu te ly
d e fie d
as
th em
a
as
th em .
m a tter
m a ster
A s
a lr e a d y
o f ’ p o litic a l
and
been
sta te d
p r in c ip le ,'
t h e ir
w illin g
H e is r e p u t e d t o h a v e g r e a t i n f l u e n c e w i t h
la b o r in g
a lo n e fr o m
and
e le m e n t,
but
th is
in flu e n c e
has sprung
t h e f a c t t h a t h is p o lit ic a l c a r e e r b e a r s te s
th e
fa c t t h a t h e c o u ld
to
ca rry
out
t h e ir
be
depended
pu rp oses.
upon
W hen
it
1914.
m illio n s
1913,
record
w ith
th e
$ 6 8 5 ,7 0 3 ,3 7 4
e le v e n
6 7 4 ,6 1 9 ,4 5 6
of
14
of
m illio n s
com p a res
w ith
under
o n ly
m illio n s ,
a ls o
h is
s im ila r
e ffo r t
o f th is
la s t S e p t e m b e r ,
are
w eek
b o th
as
e v i
th e
is
im p o r ts
d e n c e t h a t h e is u t t e r l y i m p o t e n t t o a c c o m p l is h a n y
flo w
t h in g t o r e m e d y t h e a w fu l s it u a t io n w it h w h ic h G r e a t
6 4 2 m illio n
B r ita in
is
co n fr o n te d
in
h a v in g
an
in te r n a l fo e
w ho
r e n d e r s h e r h e lp le s s in t h e p r e s e n c e o f t h e fo r e ig n f o e .
T h e
d a y fo r G r e a t B r ita in
m ie s a t h o m e
is p a s t .
t o d ic k e r w ith
her en e
T h e m a n o f t h e h o u r w ill b e
w as
The
and
not
fo r
o n ly
g o ld
in
1914
and
$ 1 4 8 ,2 3 6 ,5 3 6
$ 1 ,6 1 4 ,9 4 3 ,5 7 5
$ 1 ,6 0 8 ,5 7 0 ,9 0 9 .
127
th e ir r e c k
$ 2 ,2 5 0 ,8 2 2 ,6 6 4 .
$ 1 6 6 ,8 2 5 ,3 5 8
0 7 3 ,2 9 1 ,
H is s p e e c h
fr o m
fo r th ese
w e r e $ 2 4 5 ,5 3 9 ,0 4 2
$ 7 2 8 ,9 8 4 ,0 0 4 , r e s p e c t iv e ly , a n d
le s s p a t h , h is h a n d s a r e a s c o m p l e t e l y t ie d a s t h o s e o f
th em
and
a g g reg a tes
and
e x p o rts
som e
and
m on th s
o t h e r p o lit ic a l le a d e r s .
s w e r v in g
record s
1913,
in
f i v e m o n t h s ’ t o t a ls $ 7 4 9 ,7 7 6 ,1 3 4 a n d
m on th s’ exp ort
h ow ever, to
fo rm e r
in
fo r N o v e m b e r , r e a c h in g $ 1 6 4 ,3 1 9 ,1 6 9 ,
$ 1 2 6 ,4 6 7 ,0 6 2
fiv e
com es,
T he
m ade
w ith
I m p o r ts fo r th e m o n th w e r e , a s a lr e a d y in t im a t e d ,
d ic k e r e d w it h t h e la b o r u n io n s w h e n h e o u g h t t o h a v e
has
in
p e r io d s ,
c o n t r a s t in g
th a t
The
fo r
and
net
b a la n c e
N ovem ber,
d is c lo s e d
$ 7 9 ,4 1 1 ,2 7 1
a
by
year
th e
$ 1 ,
w h ile
O cto b e r,
ago.
b a la n c e is 7 4 0 m illio n s ,
The
a g a in s t
fo r
th e e le v e n
m o n t h s a t $ 1 ,5 7 6 ,
very
m a te r ia lly
under
th e
p e r io d .
$ 1 9 3 ,3 7 2 ,0 3 6 ,
In
th e
1914
but
th e
in
1913
sum
net
of
ou t
rea ch ed
d o lla r s .
m ovem ent
of
th e
m on th ,
r e fle c tin g
fu r th e r h e a v y s h ip m e n ts o f t h e m e ta l t o th is c o u n t r y
on
B ritis h
a ccou n t,
b a la n c e in o u r f a v o r .
n etted
a
very
c o n s id e r a b le
E x p o r t s w e r e o n l y $ 3 ,6 6 1 ,1 5 3 ,
[Vol. 101.
THE CHRONICLE
2100
b u t th e in flo w reach ed th e large a g g re g a te o f $ 6 0 ,
n ow ex istin g b etw e en th e U n ite d S ta te s an d A u s tr ia H u n g a r y w h ich p r o m p te d th e G o v e r n m e n t o f th e
981 5 4 0 .
U n ite d S ta te s to m a k e t h e m .”
Of
th is
to ta l
so m e
44
m illio n s
N e w Y o r k b y stea m e rs d irect fr o m
reach ed
G re a t B r it a in ,
P ress
S o u th A m e r ic a sen t 1 m illio n to th is p o r t, 5 m illio n s
c a m e in to th e U n ite d S ta te s fr o m O tta w a an d th ere
A u stria n
w ere arrivals o f 9 m illio n s a t S a n F ra n cisco fr o m th e
O rie n t.
O u r n e t gain o f g o ld for th e m o n th w as,
th e
________
in g t o an a n a ly sis b y M r . F red erick W . T a tte r sa ll
sto c k ta k in g
c o m p a n ies fo r th e tw e lv e
b er
30.
sh are
T h ese
c a p ita l
£ 9 0 6 ,1 8 5 ,
66
of
resu lts
m o n th s en d in g
c o m p a n ie s,
£ 2 ,3 2 6 ,9 6 9
rep o rted
to ta l
w ith
an d
per c o m p a n y .
a vera ge w as b u t £ 5 7 .
fo r
of
66
In
p a id -u p
c a p ita l
th e
or an
of
tw elv e
any
dis
of
as a
reports
con firm s in d eta il th e a d v a n c e
rep o rts o f an u n official ch aracter t h a t w ere cu rren t
I t s te x t ap p ears on a fo llow in g
p a g e , to g e th e r w ith th e rep ly o f S e c re ta ry L a n s in g ,
w hich is d a te d D e c . 19 a n d w hich w as p u b lish ed on
T h e la tte r n o te refused en tirely
fu rth er
discu ssion ,
t h a t th e A n c o n a w a s to r p e d o e d
had
b een
h old in g th a t
o f th e A u s tr o -H u n g a r ia n
s to p p e d
an d
w hile
a fte r
her
A d m ir a lty
her en gin es
passen gers
w c ic
still on b o a rd w a s a lo n e , in th e vie w o f th e G o v e r n
m e n t o f th e U n ite d S ta te s , “ su fficien t to fix u p on
th e c o m m a n d e r o f th e su b m a rin e w h ich
fired
the
to r p e d o th e resp o n sib ility for h a v in g w ilfu lly v io la te d
th e
recog n ized
gard ed
th o se
law
o f n a tio n s
hum ane
and
principles
en tire ly
w hich
disre
ev e ry
of
respon se
to
th a t
d isp o sitio n .
M r.
peace.
“I
can
o n ly
r e fe r ,”
he
sa id ,
to
th e
O n th a t d a te , it w ill
b e recalled , th e P rem ier sa id :
T h e A u s tr ia n rep ly t o th e first A m e r ic a n n o te w as
th e a d m issio n
fo r m
th e answ er I g a v e on D e c . 8 . ”
released fo r p u b lic a tio n in th e m o rn in g n ew spapers
. to en ter in to a n y
th e b a ttle fie ld
Sir W illia m w as a n x iou s to
p u b lic sta te m e n ts I h a v e m a d e a n d p a rtic u la rly to
d u rin g th e n e x t few m o n th s .
W e d n e s d a y la s t .
T h e P rem ier
m e n t ’s p o sitio n w a s w ith o u t ch an g e on th e m a tte r
are describ ed as m ore e c o u r a g m g th a n
as to its c o n te n ts .
o f th e
T h is su g g estio n
R e ic h sta g d e b a te s, b u t in tim a te d t h a t th e G o v e r n
a t a n y tim e sin ce th e b eg in n in g o f th e w a r, w hich
It
in th e
te n t as th e G o v e r n m e n t to draw in feren ces fro m th e
I n fa c t , p ro s
sto c k ta k in g
discu ssion
A s q u ith replied t h a t Sir W illia m w as q u ite as c o m p e
resu lt o f sh o rta g e o f la b o r an d decreased su pp lies
b e tte r
for
k n o w if th e G o v e r n m e n t cou ld see its w a y to su g g est
sm all p ro fits a t th e en d o f S e p tem b er a n d recen tly
o f tw ist a n d w e ft u p o n th e m a r k e t.
up
to th e cou n cil c h a m b e r .
sto c k
th e m a rg in fo r spin n ers h as m u ch im p r o v e d
cam e
tra n sfer th e issu es o f th e w ar fr o m
d e m a n d for h e a v y
M arch
P a rlia m e n t
d e b a tes in th e R e ic h sta g in d ic a te d a d isp ositio n to
th e close o f J u n e , m o s t concerns were able to report
o f S u n d a y la s t.
The
N o r th S a lfo r d , in a q u estio n su g g ested th a t recen t
B u t th ere w as so m e im p r o v e m e n t a t
m uch
se ttle d .
je c t o f peace w h en Sir W illia m B y le s , M e m b e r fr o m
a vera ge o f
ta k in g s w ere, th erefo re, irregu lar, a n d m a in ly
in
a m ic a b ly
declin ed to b e dra w n in to a n y discu ssion on th e s u b
A t th e b eg in n in g o f th e y e a r ,
clo th s t o & m e e t I G o v e r n m e n t I n e e d s .
esu lt
w ill b e
w as a cce p ted b y a v o t e o f 1 5 8 t o 2 3 .
1 9 1 4 , h o w e v e r , th e
d o in g w G b lt h r o u g h i t h e la c t i v e
sh ou ld
S ta te s
fu ll y e a r th a t h a d b een p r o p o se d .
b y T h e w a r, b u t so m e produ cers o f coarse y a rn s were
p e cts n ow
en terta in ed
P a rlia m e n t b e ex ten d e d eig h t m o n th s in ste a d
it is s t a te d , spin n ers w ere v e r y a d v e rse ly a ffe cte d
a p p o in tin g .
is n o w
A s q u ith , su gg ested t h a t as a c o m p ro m ise th e presen t
N ovem
to t a l
lo a n
p ro fits
fo r d e p r e c ia tio n .o f o n l y l £ 5 ,5 0 9 ,
£89
of
H o u s e o f C o m m o n s on T u e s d a y , th e P r em ier, M r .
m o n th s , a fter p a y in g in terest on lo a n s an d a llow in g
m erely
way
d ays.
B ritish
h a v e experien ced a n o th e r u n fa v o r a b le y e a r , a c c o id th e
by
W h e n th e b ill t o p ro lo n g th e life o f th e p resen t
C o t t o n s p in n in g c o m p a n ies in L a n c a s h ir e ,E n g la n d ,
of
cen ter th e c o n v ic tio n
U n ite d
a fe w
p o rt b a la n c es o f $ 1 6 9 ,2 0 6 ,5 5 4 in 1 9 1 4 an d $ 2 2 ,5 9 4 ,
M a n c h e s te r ,
V ie n n a
A u str ia n r e p ly , it is a n n o u n c e d , m a y b e ex p e cte d in
m o n th s $ 3 8 7 ,0 0 5 ,8 0 0 , th is la tte r co m p a rin g w ith^ex
of
fr o m
t h a t th e differen ces b etw e en A u s t r ia -H u n g a r y an d
th e re fo re , n o less th a n $ 5 7 ,3 2 0 ,3 8 7 a n d fo r th e eleven
5 4 2 in 1 9 1 3 .
a d vices receiv ed
L o n d o n y e ste r d a y sta te d t h a t in all q u a rte rs a t th e
b e l
lig eren t sh ou ld o b serv e in th e c o n d u ct o f w ar a t s e a .”
T h e n o te con clu d es as fo llo w s:
“ I f p ro p osa ls o f a serious ch aracter for a general
p eace are p u t fo rw a rd b y th e e n e m y G o v e r n m e n ts ,
either d irectly or th ro u g h a n eu tra l P o w e r, th e y will
first b e discussed b y th e allied G o v e r n m e n ts .
U n til
th is co n tin g e n c y arises I c a n n o t g iv e a n y fu rth er
p led g e.
A s so on as p ro p osa ls for p eace are p u t
fo rw a rd it w ill be th e desire o f th e G o v e r n m e n t to
ta k e P a rlia m e n t in to its c on fid en ce a t th e earliest
possible m o m e n t .”
O n W e d n e s d a y th e H o u s e o f C o m m o n s g ra n te d ,
a t th e req u est o f th e P rem ier, a n ew v o t e fo r an ad d i
tio n a l m illio n m e n .
M r . A s q u ith in su p p o r t o f his
m o tio n fo r th e v o te g a v e a general su r v e y o f th e w ar
s itu a tio n ,
in clu d in g
th e
in creasin g
resp o n sib ility
placed on th e c o u n try for p r o v id in g arm s a n d m e n .
G r e a t B r ita in , he sa id , a lre a d y h a d a fig h tin g force
in th e v a rio u s th eatres
o f w ar o f
1 ,2 5 0 ,0 0 0
m en.
B u t as th e w a sta g e w as e n o rm o u s th e c o u n try m u s t
a im
a t g e ttin g e v e r y m a n
p h y sica lly
q u a lifie d .
A
o f m ilita r y
large
age w h o is
p ro p o rtio n
of
th e
w o u n d e d , th e P rem ier ex p la in e d , were a b le to retu rn
to d u t y , b u t in a d d itio n to keep in g u p th e presen t
arm ies to th eir n o rm a l stre n g th m en
were w a n te d
fo r n ew fo r m a tio n s an d to increase th e a gg re ga te o f
G reat
B r ita in ’ s
fig h tin g
fo rces.
E very
a v a ila b le
m a n sh ou ld be p u t in th e field so far as w a s c o n sisten t
w ith
p ro vision
for
n a tio n a l
n ecessities,
in clu d in g
“ T h e G o v e r n m e n t o f th e U n ite d S ta te s therefore
m u n itio n s an d th e v a s t field o f e m p lo y m e n t u pon
fin d s n o o th er course o pen to it b u t to h old th e I m
perial a n d R o y a l G o v e r n m e n t resp o n sible lo r th e
a c t o f its n a v a l c o m m a n d e r an d to renew th e defin ite
b u t resp e ctfu l d e m a n d s m a d e in its c o m m u n ica tio n
th e c o n tin u in g w o rk in g o f w hich th e n a tio n a l life
o f th e 6 th o f D e c e m b e r , 1 9 1 5 .
“ I t sin cerely h op es t h a t th e fo reg oin g s ta te m e n t
o f its p o sitio n w ill en a b le th e Im p e ria l and Ilo y d l
G o v e r n m e n t t o perceive th e ju stice o f th ose d e m a n d s,
a n d to c o m p ly w ith th e m in th e sa m e spirit o f fia n k n e s s and W ith
sa m e concern fo r th e g o o d relation s
w h a t m a y b e called th e su perficial fa c ts o f th e c a m
depended.
S o far as th e w ar as a w h ole w e n t, M r .
A s q u ith said it m ig h t b e th a t a t th is or th a t m o m e n t
p a ign seem ed to
b e a g a in st th e A llie s.
“ But
th e
fu n d a m e n ta l fa c ts , th e fa c ts th a t in th e lo n g run
m a tte r e d , are ste a d ily a n d g ro w in g ly on our sid e ,
he
c o n tin u e d .
“ T here
h as
b een
in
th is
w ar
an
THE CHRONICLE
D ec . 25 1915.]
a b u n d a n c e o f errors in c a lc u la tio n s, b u t t h e y h a v e
n o t b een con fin ed to our sid e .
S o fa r as w e in th is
2101
stra te g ic a l p r o b le m s w ere fu lly discu ssed a n d certain
m o s t im p o r ta n t con clu sio n s w ere reach ed w ith a b so
c o u n tr y are con cern ed— I k n o w all our allies are th e
lu te
s a m e — o u r will h as n ev er w a v ered fo r a m o m e n t ,
H a r t m a n s -W e ile r k o p f
u n a n i m i t y .”
A c tiv e
fig h tin g
in
th e
is
rep orted
V o sg e s
at
M o u n ta in s
w hile o u r fig h tin g resources b o th in m en a n d in m a
b e tw e e n th e F re n c h a n d th e G e r m a n s , b o th sides
teria l b eco m e e v e r y m o n th m ore a m p le in q u a n t it y
c la im in g th e c a p tu r e o r reca p tu re o f p o sitio n s a n d
a n d b ette r m o b ilize d a n d o rg an ized fo r th e p u rp o ses
la rg e n u m b e rs o f p riso n e rs.
o f th e c a m p a ig n .”
in g t o la te s t r e p o r ts , s a y t h e y h a v e recap tu red th e
M r . A s q u ith h im self did n o t go on record as eith er
fo r
or
a g a in st
con scrip tio n ,
but
J oh n
R edm ond,
s u m m it
of
T h e G e r m a n s , a cco rd
H a r t m a n s -W ie le r k o p f
and
are
clearing
p o r tio n s o f a tre n ch on th e n o rth ern slope w h ich is
lead er o f th e Irish N a tio n a lis ts , a t th e close o f th e
still o cc u p ie d b y th e F r e n c h .
P re m ie r ’s sp e ec h , created a sen sa tio n b y declarin g
th e P a ris o ffic ia l c o m m u n ic a tio n declares t h a t w hile
t h a t th e N a tio n a lis ts w ou ld o p p o se con scrip tio n b y
th e F re n c h to th e n o rth o f th e s u m m it h a v e
e v e r y m e a n s in their p o w er.
draw n to th e p o sitio n s t h e y p r e v io u sly o cc u p ie d , th e
H e w a s fo llo w ed b y
O n th e o th er h a n d ,
w ith
J oh n D illo n w ith a severe a rra ig n m e n t o f th e B ritish
tro o p s on th e rid ges so u th e a st o f th e s u m m it and
w ar lead ersh ip , w h ic h , he h in te d , w a s le a d in g th e
fa rth e r to th e S o u th h a v e c o n se rv ed a b o u t a m ile an d
n a tio n to d efeat an d fin a n cia l r u in , a sk in g in con
a q u a rte r o f co n q u ered g ro u n d .
c lu sio n , W h a t is th e use o f sen d in g o u t m ore tro op s
I n R u s s ia a n d G a lic ia th e fig h tin g seem s v ir tu a lly
t o be led b y m en like th ose resp o n sible fo r th e S u v ia
at
B a y a n d A n z a c fa ilu r e s?
O fficia l figu res h a v e n o t
It a lia n in fa n tr y a tt a c k on th e P o d g o r a h e ig h t, w h ich
as to th e n et resu lt in L o rd
w a s p u t d o w n b y th e A u s tr ia n s , a n d a n u m b e r o f
y e t b een
a n n o u n ced
D e r b y ’s recru itin g sc h em e.
a
sta n d s till.
A lo n g
th e
A u s t r o -Ita lia n
line an
S o m e in tim a tio n o f th e
iso la te d b o m b a r d m e n ts , esp ecia lly on e in th e G iu -
r e su lt, h o w ev er, is co n ta in e d in an article pu b lish ed
dica ria d istric t, h a v e b een th e o n ly n o te w o r th y o c
in a B r itish periodical th is w eek b y J a m es O ’ G r a d y ,
cu rren ces.
M e m b e r o f P a rlia m e n t fo r E a s t L ee d s a n d a m em b er
p o s s ib ility o f an e a rly ex ten sion o f T e u to n ic o p era
o f th e J o in t R e c r u itin g C o m m itt e e .
M r . O ’G rad y
T h e G re e k p u b lic ’ s un easiness o v e r th e
tio n s to G re ek te r rito r y is h o u rly in creasin g.
I t is
said th a t th e first w eek p ro d u ced o n ly 1 2 7 recru its.
e x p e c te d th a t P a r lia m e n t, as soon as it m e e ts , w ill
T h e m a tte r slo w ly im p r o v e d , b u t ev en u p to th e end
declare m a r tia l law in order to m u zzle th e o p p o sitio n
o f N o v e m b e r th e respon se w as n o t sa tis fa c to r y .
p r e ss,
th erefore
“ We
r e s o lv e d ,” he sa id , “ to brin g o ff a sp a n k in g
w h ich
G o v e r n m e n t.
h as
A
b een
m erc ilessly
a tta c k in g
press d isp a tc h fr o m
th e
A th e n s sa ys
r a lly , as a resu lt o f w hich th e figu res ju m p e d fro m
t h a t G e r m a n y is rep o rted to h a v e in fo rm e d G reece
in one d a y to 3 3 6 ,0 0 0 on a n o th e r , a n d du rin g t h a t she h o p e s to reach S a lo n ik i b y J a n . 1 5 , pro m isin g
la s t stren u o u s w eek 1 ,5 0 0 ,0 0 0 m e n a tte s te d , a t th e sa m e tim e to e v a c u a te G re ek territo ry as soon
4 ,0 0 0
th e
w hile d u rin g th e w h ole nine w eeks o f th e c a m p a ig n
as th e ta sk is fin ish e d .
a b o u t 2 ,5 0 0 ,0 0 0 a t t e s t e d .”
d u rin g th e w eek t h a t R u ssia n forces h a v e occu p ied
L a te r a d v ices fr o m I o n -
R e p o r ts h a v e been cu rren t
don in tim a te th a t th e recru itin g h as n o t been su ffi
th e B u lg a r ia n p o r t o f V a r n a on th e B la c k S e a .
c ie n tly s a tis fa c to r y to disp el th e fears o f c o n sc rip tio n .
R u ssia n
The
W a r O ffic e , h o w e v e r , o ffic ia lly an n ou n ces
t h a t “ in th e B la c k S e a our to rp e d o b o a ts ex ch an g ed
I n th e m ilita r y o p era tio n s o f th e w e ek th e o v er
s h a d o w in g
event
has
b een
th e
announcem ent
on
sh o ts w ith th e sh ore b a tte rie s o f V a r n a in th e coal
reg io n .
O n e o f our su b m a rin e s d e stro y e d a sailin g
M o n d a y o f th e B ritish w ith d ra w a l fr o m th e G allip o li
vessel lo a d e d w ith c o a l.”
P e n in s u la , th u s , it is b e lie v e d , en d in g th e D a r d a n
W e d n e s d a y o f th e sin k in g w ith o u t w a rn in g o f th e
R e p o r ts w ere received on
elles c a m p a ig n , a lth o u g h th e en tran ce to th e D a r
J ap an ese liner Y a s a k a M a r u in th e E a ste rn M e d i t -
d a n elles a t th e tip o f th e p e n in su la will still be held
te r a n e a n ,
fo r
O u r S ta te D e p a r tm e n t is in v e stig a tin g th e in c id e n t.
th e
p r e s e n t.
The
o fficia l sta te m e n t w a s con
p r e su m a b ly
by
an
A u str ia n
su b m a r in e .
ta in ed in th e folloAving sh o r t p a ra g ra p h :
“ A ll th e tro op s a t S u v ia an d A n z a c , to g e th e r w ith
th eir g u n s and sto re s, h a v e been su c c e ssfu lly tra n s
ferred w ith in sig n ifica n t casu alties to a n o th e r sph ere
o f o p e r a t io n .”
The
C h ristm a s
not
th e w ith d r a w a l, M r . A s q u ith sta te d t h a t th e tran sfer
on
th e
London
be
resu m ed
un til
T u esd ay
m o r n in g .
V ery
T h e a n n o u n c e m e n t o f th e n ew 5 %
5 -y e a r T r e a su ry b o n d s, w h ich are con ced ed to be
an
a ttr a c tiv e
in v e s tm e n t
led
to
realizin g on fa ir
w a s m a d e in p u rsu an ce o f a decision rea ch e d b y th e
sized
C a b in e t so m e tim e a g o .
m a r k e t an a p p earan ce o f w e ak n ess.
T h e w ith d ra w a l w a s effe c
S to ck
B u sin ess will
little a c t iv it y w as d isp la y ed d u rin g th e earlier d a y s
o f th e w e ek .
In g iv in g th e H o u s e o f C o m m o n s in fo rm a tio n o f
h o lid a y s
E x c h a n g e b eg an y e ste r d a y (F r id a y ).
parcels
of
o th er
secu rities,
th u s
g iv in g
th e
L a te r in th e
te d w ith o u t k n o w led g e o f th e m o v e m e n t on th e p a rt
w eek th e evid en ce o f th is sellin g m o v e m e n t w as less
o f th e T u r k s , he d e c la r e d .
p ro n o u n c e d .
“ I t w a s w ith d eep relu c
T h e w ith d ra w a l o f th e B ritish tro o p s
ta n ce t h a t w e s a n c tio n e d th e w ith d r a w a l,” he sa id ,
fr o m th e A n z a c a n d S u v ia d istricts o f th e G a llip o li
“ e s p e c ia lly fr o m A n z a c , w h e re our A u stra lia n an d
P e n in su la
N ew
th e price le v e l.
Z e a la n d
k in sm e n
w on
u n d y in g f a m e .”
The
P rem ier sa id th e m e n w ith d ra w n a fte r a sh ort an d
m u c h -n e e d e d rest w o u ld p ro ceed to a n ew th eatre
o f o p e r a tio n .
R e ferrin g
fr o n t,
th e
o p era tio n s
P rem ier
on
th e
O n th e o th er h a n d , a g o o d im p res
sign ed b y p ro m in en t E n g lish fin a n cia l a n d b a n k in g
sh ow in g
th e
n ece ssity
of
th e
strictest
F r a n c o -B e lg ia n
e c o n o m y on the p a rt o f all classes in order to p ro vid e
F ie ld
M a r sh a l
B rita in w ith th e fu n d s w ith w hich to w in th e w a r.
F ren c h a n d his su ccessor in c o m m a n d , Sir D o u g la s
M u c h g ra tifica tio n w a s expressed w h en th e a n n o u n c e
H a ig .
m e n t w as m ad e before th e close o f bu sin ess o n th e
H e co n tin u e d :
c o m p lim e n te d
n o t ex ert a n y specific in flu en ce on
sion w as created b y th e p u b lic a tio n o f a m a n ife s to ,
in te re sts,
to
did
“ A fo r tn ig h t a go a m o s t im
p o r ta n t m ilita r y con feren ce w a s h eld in P a ris, a t
E x c h a n g e on T h u r s d a y , t h a t th e G o v e r n m e n t h ad
te n d e d b y rep rese n ta tiv es o f th e s ta ffs o f F r a n c e ,
ruled in regard to A m e r ic a n a n d C a n a d ia n securities
R u s s ia , I t a l y an d th e U n ited K i n g d o m .
offered
T h e lead in g
u n der th e T r e a s u r y ’s m o b iliza tio n sc h e m e ,
2102
THE CHRONICLE
that all offerings in amounts of less than £5,000 must
be made through the Stock Exchange, the Govern
ment paying the members of the Exchange their
commission. The membership Committee of the
Stock Exchange on Wednesday adopted a new
rule, which is subject to confirmation by the Ex
change at a meeting to be held next Wednesday,
declaring that “ a candidate of German or AustroHungarian birth is ineligible to membership.”
The London “ Gazette,” the official Government
organ, published on Thursday the details of the
British Chancellor’s plan for purchasing and borrow
ing American and Canadian securities. A memo
randum which accompanied the Treasury state
ment declares that no purely sterling securities
will be accepted and that it is essential that all
securities tendered be expressed in United States
or Canadian currency, or if expressed in sterling
that they shall be convertible at the holder’s option
into dollar securities. N o bonds will be accepted
on which interest has not been regularly paid since
the date of issue, and no stock will be accepted unless
a dividend of 3 % or over has been regularly paid
on it since January 1 1913. All securities tendered
must be supported by a statement of a banker or
other responsible party that they have remained in
the physical possession of the holder in the United
Kingdom since September 30 1 14. Subject to
these conditions the following will be acceptable :
A n y securities qu oted on the Lon don S tock E xch ange.
U n ite d States G overn m en t bon d s.
U n ite d States S tate or m unicipal bon d s.
Securities o f U n ited States railw ay or public u tility com
panies.
. .
C an adian G ov ern m e n t, provincial and m unicipal bonds
a nd C an adian railw ay securities.
[Vol . 101.
In furtherance of the thrift campaign, a mani
festo signed by eighteen bankers and well-known
business men was published throughout the United
Kingdom on Wednesday, drawing attention to the
financial assistance that the Government will re
quire to enable it to end the war successfully. It is
shown in the bankers’ statement that in the current
calendar year the British people will have spent
$6,500,000,000 on war and government. Next year
$9,000,000,000 will be required. “ T o raise this
sum,” to quote the document, “ is a stupendous task
which will try the mettle of the nation as it has not
been tried in a hundred years. The task demands
the strenuous co-operation of every man, woman,
youth and maiden— that the nation’s energies be
concentrated on the production of really essential
things, that the production of all non-essentials be
wholly stopped. The nation must avoid the con
sumption of all non-essentials and even restrict the
consumption of essentials to the limits of efficiency.
Individuals possessing securities marketable abroad
must sell them to pay for goods and munitions, for
which no other means of payment can be provided.
Only by all classes adding to and carefully husband
ing their income, by selling foreign securities, by
creating foreign credits, will it be possible to provide
the vast sum needed by the nation and its Allies.”
In reviewing the progress of the war, the manifesto
maintains that Germany’s hope of victory depended
upon a short, swift war, and that this hope has been
dispelled. It then continues:
“ As this is a time of great national danger, it is im
perative that every citizen realize the vastness of the
work Great Britain has to perform.
“ In a long war success depends mainly upon the
respective financial resources of the combatants and
the consequent power of one of them to maintain or
add to its fighting strength while the others are de
clining.
“ It is not in doubt that the Allies financial re
sources, when fully mobilized and wisely controlled,
will be vastly greater than the enemy’s.
“ The Allies’ success in defeating the enemy’s
efforts to cripple them in men, munitions and money
before they could assemble their full strength has
now brought the war near to its final stage.
“ Indeed, only one thing is now needed to command
victory, namely, to provide all the money needed to
support the vast armies of new men and pay for the
vast quantities of arms and munitions being manufac
tured in all parts of the world.
“ The task of finding the greater part of the im
mense sums of money needed by the Allies is the
especial duty of the British people, for they in par
ticular possess the necessary financial resources.
Their manufacturing power is unreduced by invasion,
their cities undestroyed, their ports not shut off.
“ The income of the British people has been main
tained at a high level. Exports, though not so great
as before the war, are greater than in 1909. The in
come from capital invested abroad has been reduced
but little, the earnings of shipping are greater than
ever, and the factories are working full time.
“ Moreover, the effect upon production of the great
army’s mobilization has been largely neutralized by
the more vigorous and effective work of the civilian
population, particularly the women. The average
individual income is much in excess of any total
heretofore reached.”
Extreme care is to be taken that the Government
is not imposed upon. Bonds and stocks of industrial
corporations, it is stated, will not as a rule be ac
ceptable, “ except in the case of large corporations,
such as the United States Steel Corporation, & c.”
A feature designed to remove Stock Exchange oppo
sition is the provision that all lists totalling less than
$25,000, except in the case of insurance and trust
companies, must be submitted to a member of the
Stock Exchange, whose commission will be paid by
the Treasury. As it will be impossible for the Treas
ury to accept more than a limited amount of securi
ties under this scheme for the present, it is announced
that the invitation may be temporarily withdrawn
at any time.
Reginald McKenna, Chancellor of the Exchequer,
was asked in Parliament on Tuesday night when he
expected to be in a position to receive such securities.
He simply referred to the memorandum already is
sued, and to further particulars in the “ Gazette.”
T he London “ Times” in an editorial calls for a modi
fication of the Government proposal to pay a bonus
of 2Y^/o when loan securities are sold by the Govern
ment. The “ Times” suggests that this might be
insufficient to compensate for a possible fall in price,
and asks for a return to the proposal, which, it is
understood, the Government made in the first in
stance, to insurance companies. This proposal was
that in addition to a bonus the Treasury should offer
The war has already cost Europe, Deputy Jules
as a minimum price, if sale should become necessary,
Roche told the French Chamber of Deputies last
the market value on the day the securities were
week, 194,000,000,000 francs ($38,800,000,000). Of
handed over on the loan.
this huge total France’s share has been 26,000,000,000
Deo. 25 1915.]
THE CHRONICLE
2103
francs ($5,200,000,000), while her enemies have spent ordinary budget. The budget of the first war year,
47.000. 000.000 francs ($9,400,000,000). These fig he stated, had shown a surplus of 220,000,000 markfc,
ures were mentioned in the course of debate on the and the present budget year would close either
Finance Minister’s bill asking a three months’ credit without a deficit or with a very modest deficit.
on the budget account for the first semester of 1916. The drafting of the budget of 1916-17 will, however,
The credit was granted with but one dissenting vote. be extraordinarily difficult, said Dr. Helfferich.
M . Ribot, the Minister of Finance, said that the ex “ This budget cannot be balanced without new
penditures for France at the beginning of the war revenues. You may, therefore, reckon for 1916-17
had been $300,000,000 a month, but that they had not only a war profit tax in the final form, but other
increased to $420,000,000 a month. He mentioned tax proposals now being worked out will be sub
the recent French national loan, and said that sub mitted to you. Our financial policy during the
scriptions to this loan from London alone amounted war is not a hand-to-mouth one,” the Secretary
to $120,000,000. He could give no final total figures said during the course of his address, “ but it is
of the results of the loan yet, but he could say that based on a sober and cool consideration of all the
the country had responded to the call, and never facts and possibilities, and particularly on the
had there been so large a number of subscribers. demand that the productive energy of the German
The loan was made from French savings, he de nation shall be maintained as efficiently as possible
clared, the subscriptions were sincere, and specula during the war. When the necessity behooves,
tion played no part in it. Up to Dec. 20 the sub however, we too must dig down into our pockets,
scriptions to the loan had reached 14,274,000,000 and German capital must then produce money, not
francs ($2,854,800,000). It is estimated that the for 5 % loans, but in the form of taxes bearing no
number of individual subscriptions will exceed interest.”
2.000. 000. Paris bankers who have been inter
Official bank rates at the leading European centers
viewed are said by cable correspondents to agree
upon the following estimates in analysis of the loan: remain at 5%- in London, Paris, Berlin, Vienna and
The total of short term Treasury notes converted Copenhagen. In Italy, Norway, Sweden and Por
amounts to 5,000,000,000 francs ($1,000,000,000). tugal the rate is 5)/£%, in Russia 6% , and in Switzer
The longer term notes yielded 2,000,000,000 ($400, land, Holland and Spain 4 )^ % . The open market
000,000). The cash subscribed amounted to be rate in London for short and three months’ bills
tween 2,000,000,000 ($400,000,000) and 2,500, closed at 5 ^ % , which is unchanged for the week.
000,000 ($500,000,000), and the converted rentes
M oney at the British center is still quoted at 4 @ 4 )^ %
to 2,000,000,000 ($400,000,000). It is thought
for day-to-day funds. For Berlin a 4 ^ % private
that half of the short term notes submitted will be
rebought by the same investors in the first few bank rate still is reported, but otherwise the open
rates at the Continental centers are nominal, being,
. months of 1916.
The foreign subscriptions, those from England as has been the case since the war began, based on
excluded, totalled 135,000,000 francs ($27,000,000), negotiations governed by the official bank rates.
made up of 50,000,000 francs ($10,000,000) from
Switzerland, 50,000,000 francs from Holland and a
Despite quite active sales of gold for America
few million francs each from Spain, the United States
during the week, the Bank of England reports in its
and Italy. The Swiss correspondents of Paris
bankers report that a few German and Austrian current statement an increase in its gold and bullion
subscriptions have been received at Swiss banks. item of £809,952. Notwithstanding this increase,
It is understood that London’s subscriptions are the reserve, as a result of an expansion in note cir
included in the official total.
culation of £831,000, decreased £21,000, and the
A comparison of the statements of the Bank of proportion of reserve to liabilities is now 22.68% ,
France under the dates of December 9 and Decem
against 23.55% last week. Public deposits increased
ber 16 is taken to indicate that the cash submitted
shows, roughly, a gain of 2,200,000,000 francs £998,000; other deposits, representing in some
measure the proceeds of loans, increased £4,564,000,
($440,000,000.)
while the loan item (other securities) increased
The German Reichstag on Tuesday adopted the £5,585,000. The Bank now holds in gold £51,091,
credit of 10,000,000,000 marks that had been asked 134, which compares with £70,378,404 at this date
by the Government, the Socialist minority of 19 last year and £33,098,465 in 1913. The reserve
opposing the vote. The Government’s war taxa aggregates £34,443,000, against £52,608,000 and
tion bill passed its second and third readings on the £22,187,000 one and two years ago, respectively.
same day. In explaining the necessity for new The loans show a total of £102,450,000. One year
forms of revenue, Dr. Helfferich, the German Minis ago the amount was £103,293,000 and two years ago
ter of Finance, denied that the Government had £35,930,000. The Bank reports the amount of cur
adopted the loan method of financing the war as rency notes outstanding as of Dec. 18 as £91,594,775, •
a definite principle. He explained that German against £88,591,700 the week preceding.
The
financial experts were convinced from the beginning amount of gold held for the redemption of such
that the so-called British system of financing the notes remains at £28,500,000. Our special corres
war by immediate taxation could not succeed. pondent furnishes the following details by cable of the
But this did not mean that the taxation screw should gold movement into and out of the Bank for the bank
not be tightened during the war. The Government week: Inflow, £2,266,000 (of which £2,169,000 bar
had only wished to spare the people increased taxa gold bought in the open market and £97,000 net
tion so long as there was no compelling necessity received from the interior of Great Britain); outflow,
for it, and was determined to refrain from higher £1,456,000 (of which £470,000 exported to the United
taxes so long as the ordinary budget could be bal States, £93,000 to Canada, £125,000 to South
anced without them. Hitherto the Government America, £250,000 to Spain, £218,000 to other con
had been successful in this, owing to the fact that tinental points, £200,000 earmarked Egypt and
the war expenditures had been carried in the extra £100,000 to other foreign points). We add a tabular
2M)4
THE CHRONICLE
IVol . 101.
statement comparing for the last five years the is naturally some accumulation in the banks in
preparation for the New Year dividend and interest
different items in the Bank of England return:
disbursements. These, however, are entirely sea
S COMPARATIVE STATEMENT
BANK OF ENGLAND
1911.
1914.
1913.
1912.
1915.
sonal and will gradually return in due course to the
Dec. 27.
Dec. 23.
Dec. 24.
Dec. 25.
Dec. 22.
£
banks after they have been distributed. On the
£
£
£
£
Circulation___________ 35,097,000 36.220.000 29,361,000 29,272,565 29,192,790
16,330,809 other hand, there is increasingly evident a demand
Public deposits_______ 53,134,000 37.458.000 9,421,000 12,435,572
Other deposits________ 98,733,000 115.405.000 42,072,000 39,059,033 44,791,819 for loans connected with the financing of the return
Government securities. 32,840,000 14.805.000 11,199,000 13,034,568 15,271,183
Other securities_______ 102,450,000 103.293.000 35,930,000 36,781,501 41,914,475 of foreign-held American securities to this center.
Reserve notes and coin. 34,443,000 52.608.000 22,187,000 19,506,002 21,695,372
This is proving a constant drain on the resources
Coin and bullion----------- 51,091,134 70,378,404 33,098.465 30,328,567 32,438,162
Proportion ot reserve to
of the banks and is causing some of the local institu
35.48%
37.85%
43.07%
34.41%
liabilities...................
22.70%
4% tions to exercise much greater caution than they have
5%
5%
5%
Bank rate____________
5%
heretofore been doing in entering long-term commit
The Bank of France continues to add to its gold ments. To-day being a holiday, this week’s state
supply, this week's increase being 44,164,000 francs. ment of the New York Clearing House was published
Silver holdings were reduced 5,441,000 francs, note yesterday. It showed an increase of $21,587,000 in
circulation showed a contraction of 248,392,000 the loan item following an increase of $28,066,000
francs, and general deposits decreased 180,961,000 the week preceding, and of $24,345,000 the week
francs. Treasury deposits indicated the sensational before that. There have been very heavy arrivals
decline of 1,873,914,000 francs. Discounts increased of securities this week, a large share of which have
The
18.644.000 francs and the Bank’s advances increased undoubtedly gone to the banks as collateral
11*009,000 francs.
The gold holdings, which again loan item is now $3,211,857,000, against only $2,
are at a new high level, aggregate 5,070,464,000, 179,097,000 a year ago. It is becoming quite
against 4,492,789,000 francs as reported to the obvious that the proposal of the British Treasury
French Chamber of Deputies last December, and to mobilize American securities held in Britain
3.514.900.000 francs the 1913 figures. The note is to become an important factor as affecting sup
circulation aggregates 13,201,108,000 francs, against plies of funds in this country. The effect will
9.986.041.000 francs in December last and 5,731, necessarily be very much the same whether these
551,290 francs in 1913. Silver stocks aggregate securities are sold outright to New York or are
352.259.000 francs, against 625,325,000 in 1914 merely utilized by the British Treasu y through
and 640,075,000 francs in 1913. General deposits intermediaries as collateral for credits in this coun
total 2,033,139,000 francs against only 947, try. In the one instance the American buyers
571,861 francs in 1914 and 575,324,735 francs in of the securities would pledge them with the banks
1913. Discounts are 2,231,244,000 francs. One as security for loans; in the latter instance the
year ago they were 2,454,280,425 francs and two credits would be established for foreign account
years ago 1,525,137,274 francs. Treasury deposits to be drawn against. As this movement is to
are 362,786,000 francs against 382,561,817 francs in become an active one in the near future, its in
1914 and 403,358,906 francs in 1913. As already fluence is already receiving careful consideration
noted, the 1914 comparisons of gold holdings and among local bank officers. The Bank statement
note circulation are those reported to the French showed an increase of $7,877,000 in demand deposits
Chamber of Deputies last December.
The other and of $2,234,000 in time deposits. Reserves in
items are those of July 30 1914, which was the date “ own vaults” decreased for the week $17,887,000
of the last statement published at the commencement to $485,263,000. A year ago the total amount in
“ own vaults” was $328,416,000. Reserves in Fed
of the war until Feb. 4 1915.
eral Reserve banks this week increased $1,245,000 to
The latest return of the German Imperial Bank $162,506,000, and reserve in other depositaries in
received by cable is that of Dec. 15. Comparing creased $4,456,000 to $59,697,000. Thus the net
with the week preceding, it registers an increase of result in the aggregate reserve was a decrease of
1.571.000 marks in gold holdings but a decrease $12,186,000. Reserve requirements were increased
$779,800. Thus the surplus reserve decreased $12,
of 134,876,000 marks in the cash items, which in
965,800 and now stands at $145,892,440, against
cludes Treasury certificates and notes of other banks
$117,121,200 last year. The bank statement in
in addition to gold and silver. Loans register an in
greater detail appears on a subsequent page of this
crease of 1,062,000 marks, discounts the large expan
issue of the “ Chronicle.” It is announced that the
sion of 283,511,000 marks, circulation an increase of
British and French loan commissioners will jointly
58.891.000 marks and deposits an increase of 98,
call for the payment on Jan. 4 1916 of an additional
457,000 marks. The gold holdings of the Reichsbank
15% of the original deposit. This installment calls
aggregate 2,437,778,000 marks against 2,052,000,000
for about $72,000,000 and brings the total up to
marks in 1914 and 1,208,720,000 marks in 1913.
Combining loans and discounts we have a total of 75%> or, in round numbers, $360,000,000.
Referring to money rates in detail, demand loans
4.705.184.000 marks. In 1914 they amounted to
on Monday and Tuesday were quoted 1 % @ 2 % , with
2*135,220,000 marks, while in 1913, a normal year,
renewals at the higher figure. During the remainder
they were only 948,140,000 marks. Note circulation
aggregates 6,059,813,000 marks; one year ago the of the week l% % was still named as the low figure
total was 4,275,320,000 marks, and in 1913 it was each day and 2% the ruling rate. The highest rates
on Wednesday and Thursday were 234% , but 2%
1.929.480.000 marks.
was again the maximum figure on Friday. For fixed
The advances in time money rates that we recorded maturities sixty-day funds closed at 2 )4 @ 2 )4 % (un
for ninety days
a week ago have been maintained. Lenders, how changed for the week);
(unchanged), 2 % @ 3 % for four and five months (un
ever, have not advanced their views further. De
mand loans on Stock Exchange collateral have like changed), and 3% for six months (unchanged). A
wise remained without important alterations. .There year ago sixty and ninety days funds were quoted
D eo . 25 1915.]
THE
C H R O N IC L E
3 % @ 4 % , and later maturities at 3 % @ 4 % . Com
mercial paper evinced rather more activity and rates
of last week were firmly maintained, namely, 3 @
3 % % for sixty and ninety day endorsed bills re
ceivable and six months single names of choice
character. Names not so well known still require
as high as 3 % % . Bankers’ acceptances remain at
2 % for sixty and 2 % % for ninety-day maturities.
No changes have been reported this week in the
posted rates at the Federal Reserve banks.
3105
San Francisco.
Kansas City.
J
§
Dallas.
Chicago.
Atlanta.
Cleveland.
Philadelphia.
Boston.
New York.
speculating, but London correspondents intimate
it is possible that new arguments have been advanced
and may prevail. This idea is not new on this side,
bankers having suggested, for instance, that if the
proceeds of the $50,000,000 credits of the London
banks were used as a fund for buying and selling
exchange under scientific guidance, that it would be
much more effective than if its own mere weight were
used as an offset to the large trade balance. Mean
while, direct sales of American securities by English
FEDERAL RESERVE BANK DISCOUNT RATES.
holders are being encouraged, provided
that
the proceeds are to be promptly reinvested in
•
>
CLASS
British
securities. While
the export move
OF
2
REDISCOUNTS.
ment
of merchandise
is continuing
on an
§
1
active scale, it is encouraging to note that
ftj
53
the import movement
is likewise improving.
Commercial Paper—
1 to 10 days maturity_____ 3
3
3
3X
3
3H
3H 3
Thus we are experiencing, so far as the foreign
11 to 30 "
•
•
4
4
4
4
4
4
4
4
4
4
4
3J4
31 to 60 "
4
4
4
4
4
4
4
4
4
4
4
4
exchanges are concerned, a rush of imports as a
61 to 90 “
•
•
4
4
4
4
4H 4
4 }i 4
4
4H
4H 4
Agricultural and
partial offset to the overwhelming exports, the im
Live-Stock Paper—
91 days to 6 months maturity 5
6
5
4H 5
5
5
6
6
5
4M 6
portations including merchandise, securities and gold.
Trade Acceptances—
1 to 10 days maturity _.
Last week’s so-called trade balance— or in other words
3H
3H 3H 3H
3K 3H 3
3M 3M 3
11 to 60 “
•
•
3H
3>* 3X 3H
3H 3H 3
3M 3 h 3
fll to 90 “
•
•
4
4
3M . . . 3H — 3>S 4
3H 3
the excess of exports over all imports— through the
3X
Commodity Paper—
thirteen principal customs districts for the week
1 to 30 days maturity____ 3KJ
3
3
3
3
3
3
3
3H
31 to 60 ”
’•
3K
3
3
3
3
3
3
3
4M ending Dec. 18, was $51,737,092, comparing with
61 to 90 ”
“
3
3X
3
3
3
3
4
3
3
91 days to 6 months maturity
5
a balance of $60,350,401 the week preceding. The
Authorized rate for discount of bankers’ acceptances, 2 to 4 % .
week’s exports were $84,939,437 and the imports
A rate of 3 to 4% on purchases of trade acceptances by the New Orleans branch
of the Atlanta Federal Reserve Bank In the open market, without the endorsement were $33,202,345.
The gold arrivals this week have
of any bank, was approved Dec. 16.
aggregated $6,950,000. Of this amount $3,450,000
arrived from London on the steamer St. Paul on
In sterling exchange circles there has been a
Monday; $2,500,000 on the steamer California on
better movement this week. Some degree of irregu
Tuesday, also from London; and $1,000,000 was
larity developed towards the close, but the general imported from Cuba.
trend of quotations, taking the week as a whole,
Compared with Friday of last week, sterling ex
was upward. The sterling exchange situation may,
change on Saturday was practically unchanged;
it is believed, now be considered to be well in hand.
trading was very quiet with quotations more or less'
Securities still are arriving in substantial amount
nominal, at 4 71 15-16@4 72 for demand, 4 72 11-16
from across the Atlantic. Aside from the plan of the
@ 4 72% for cable transfers and 4 6 8 % @ 4 69 for
British Government to mobilize British-owned Ameri
sixty days. On M onday the market was firm and
can securities, other negotiations are in progress that
active in consequence of renewed selling of American
promise a demand for remittances for some time to
securities for foreign account and the arrival of gold
come. As an instance it may be mentioned that
shipments from London; demand bills advanced to
local bankers, Messrs. Kuhn, Loeb & C o., have
4 71 15-16@4 72 5-16, cable transfers to 4 7 2 % @
completed negotiations for the acquisition in Paris
4 73% and sixty days to 4 69@ 4 69% . Following
for the account of the Southern Pacific Co. of bonds
a quiet opening, further strength developed on Tues
of the Central Pacific R y. issued as a 4 % 35-year
day, bringing sterling quotations up to 4 7 2 % @
European loan of 1911. Of this loan approximately
4 /2 % for demand, 4 73@ 4 73% for cable transfers
250,000,000 francs ($50,000,000) are outstanding in
and 4 6 9 % @ 4 69% for sixty days. On Wednesday
France. With the current discount on francs the
rates touched the highest level reached since the low
transaction is a correspondingly profitable one for
record of 4 50 established in September; cable trans~
the Southern Pacific to undertake. It is understood
fers went as high as 4 7 3 % @ 4 74, demand at 4 72%
that a substantial part of the loan m question has
@ 4 73 3-16 and sixty days 4 6 9 % @ 4 69% ; con
already been accumulated by French bankers.
tinued European selling of Americans, additional gold
Efforts are to be made to obtain the entire amount
imports and operations connected with the $50,000,
at an early date. It is stated that the New York
000 British bank loan were among the chief factors
bankers in question are negotiating also for the pur
for the rise, although at the close an easier tone be
chase of a large issue of St. Paul bonds that are
came evident as a result of speculative selling.
held in France, a not inconsiderable part of which
Business was extremely dull on Thursday, being of
it is understood, is held as collateral by J. p . Morgan
a pre-holiday character and at times almost at a
& Co. for a loan to the Rothschilds of Paris. As to
standstill; rates held steady, but slightly under the
the purchase or borrowing of British-owned American
previous day’s high point, with the range 4 7 2 % @
securities under the Chancellor of the Exchequer’s
4 72% for demand, 4 7 3 % @ 4 73% for cable trans
plan, there are indications that this will not be
fers and 4 69% @ 4 69% for sixty days. On Friday
resorted to in a wholesale way at present, but will be
the market ruled irregular and inactive, with demand
utilized as a reserve force. Suggestions have been
at 4 72 11-16@4 72% , cable transfers 4 73 9-16@
made to the British Treasury that in addition to
4 73% and sixty days 4 6 9 % @ 4 69% . Closing
purchasing American bonds and stocks for the pur
quotations were 4 69% for sixty days, 4 72 11-16@
pose of regulating the exchanges, the Govern
4 72% for demand and 4 73 9-16@4 73% for cable
ment itself should operate directly in the exchange
transfers. Commercial on banks closed at 4 68@
market. Hitherto the Government authorities have
4 68% , documents for payment finished at 4 68 @
hesitated to do anything that may be construed as
4 68% and seven-day grain bills at 4 71% . Cotton
2106
THE CHRONICLE
[Yoii. 101.
grain for plans and program by the belligerents who have had
the worst of the campaign just closed.
It is already tolerably certain which of the three
The Continental exchanges have as a rule been courses of action is to be pursued on this occasion.
well maintained. Sterling checks in Paris finished The contrast of the Teutonic achievements in the
at 27.70 francs. Bankers’ New York checks on past six months with the results which followed
Paris closed at 5 85 and cable transfers at 5 84, similar campaigns in Napoleon’s day, is very strik
comparing with 5 86 and 5 84% , respectively, a ing. That brilliant strategist, in the years of his
week ago. Bankers’ sight drafts on Berlin closed great successes, invariably managed, as a culmina
at 76% , against 76% a week ago, and cable transfers tion to a campaign resembling the recent German in
at 76 15-16, against 76% . Austrian kronen, sight, vasion of Russia and Serbia, to surround a powerful
finished at 13.30, against 13.20 last week. Swiss ex hostile army and force its surrender, or to occupy
change has ruled firmer, bankers’ sight finishing at the capital of a powerful hostile country. Austria’s
5 27 and bankers’ cables at 5 26, against 5 28 and main army surrendered at Ulm in 1805; Austerlitz
5 27. Bankers’ sight on Amsterdam finished at next placed Vienna in Napoleon’s power, and Austria
43 3-16, cables at 43 7-16 and commercial sight at had no alternative but to sue for peace. In 1806
4 2 % @ 4 3 , against 43 % , 43% and 43% a week ago. Prussia was defeated at Jena and Auerstadt; Berlin
Italian lire are 6 58 and 6 57 for sight and cables, and Hamburg were occupied by the French, and
against 6 57 and 6 56. Greek exchange still remains Prussia had to ask for terms. Russia followed suit
on the basis of 5 15% for checks. Copenhagen in her treaty at Tilsit with Napoleon, in 1807.
It is entirely probable that the German General
checks are 27 40, against 27 70 last week, and de
Staff expected some- such results this year, especially
mand bills on Norway and Sweden are 27 70,
against 28 05. Russian rubles are 3 1 % @ 3 1 % , with the demoralization of the Russian campaign
and the acknowledged failure of the British expedi
against 31% last week.
tion to Gallipoli. But there have been no signs of
The New York Clearing House banks, in their any such outcome, and, in fact, there was no strategic
operations with interior banking institutions, have reason for it. No great Allied army has been de
lost $3,171,000 net in cash as a result of the cur stroyed or captured. No Allied capital, except in
rency movements for the week ending Dec. 24. the small State of Serbia, has been occupied
Their receipts from the interior have aggregated by the enemy. The English and French Govern
$6,176,000, while the shipments have reached ments are as firm as they have been at any previous
$9,347,000.
Adding the Sub-Treasury operations time in asserting that no application for peace could
and the gold imports, which together occasioned a possibly be made except on their own terms, and the
gain of $1,394,000, the combined result of the flow German Chancellor confined his recent discussion of
of money into and out of the New York banks for the peace outlook to complaint that the Allies,
the week appears to have been a loss of $1,777,000, though beaten, have obstinately refused to admit
the fact and ask for peace. But this simply means
that, in the larger sense, the Allies are not beaten—
Net Change in
Out of
Into
Week ending December 24.
Bank Holdings.
Banks.
Banks.
certainly not after the fashion in which the members
$9,347,000 Loss $3,171,000 of the European Coalition were brought to their knees
— . . . " — r ____ ______ .
$6,176,000
27,122,000 Gain 1,394,000
28,516,000
Sub-Trcas. oper. and gold Imports-in the Napoleonic campaigns.
T o ta l---------------------- ------------------ $34,692,000 $36,469,000 Loss $1,777,000
While refusing to admit that the German victories
The following table indicates the amount of bullion
on the Eastern and Southeastern fronts have been
in the principal European banks:___________________ _
decisive, the signs of the moment arc unmistakable
Dec. 24 1914.
Dee. 23 1915.
that the allied Governments— England especially—
Banks of
Total.
Gold.
Total.
Gold.
are entering on a new and altered program. The
£
£
£
£
,378.404 recent conference of war department officers and
,091.134 ■ I ____ 51 ,091,134 70,378,
England..
,942,000
,041,000
,818,660 14,090,360216 ,908,920 165,901
France..
,838,050 commanders at Paris was strongly suggestive of such
,064,000
,888.400 1.850.000 *1 ,738,400 103,774
Germany
,888,000
,348,000
,746,000 176,540
,891,000 2.855.000
Russia . .
,718,000 revision of methods.
,140,000
This incident has been quickly
,718,000 51,578
,578,000 12.140.000
Aus. Ilunc
,090,000
,253,000
,523,000, 22,837
,406,000 30.117.000
Spain___
,628,000 followed in England’s case by two notable moves; the
,621.000
,678,000 47.007
,251,000 4.427.000
Italy
,434.200
132,200
,393,700 16,302
334,700
,059,000
Netherl'ds
,980,000 recall of Sir John French from the command of the
600,000
,980,000 15.380
600,000
1,380,000
Nat.Belgh
,504,800
,949,200 9,504
1,949,200
Swltz’iand
,798,000 English armies on the western front and the with
5,798
,297,000
i,297.000
Sweden .
,526,000
250,000
,164,000 4,276
247,000
,917.000
Denmark.
,361,000 drawal of England’s troops from the Dardanelles
,659,000 2,361
,659,000
Norway .
T ot. week'757,185,2941 66,661,060823,846,354 691,637 ,254 64,449,200,750.086,454 campaign.
Prev. week 753.968.332 66,738.200820,706.532 692,282 ,251 64,498.950,756,781,201
The recall of Sir John French, and his replacement
c July 30 1914 In both years, h Aug. 6 1914 in both years. * Oct. 20. t Oct. 30
by his most active and distinguished subordinate
N E W PHASES OF THE EUROPEAN WAR. commander, Sir Douglas Haig, is the first important
It has been frankly recognized by both sides that change thus far made in the English command.
the conclusion of the Balkan campaign, with the Much earlier in the war, similar changes were made in
complete crushing of Serbia by the Bulgarian and the German chief command after the reverse of the
Teutonic armies, and the refusal of Greece to join Marne, and in the Russian chief command after the
the Western Allies, and the failure of the Allies to defeat in the Carpathians— not to mention the
relieve the Serbians in time, has brought to a close almost complete reorganization of division comman
a distinct chapter of the European conflict. That ders in the French army by Joffre in the early
the honors of war rest wholly with the Teutonic months of fighting. But the English command had
allies is freely admitted, even at London and Paris. all along remained as it was at the outset of the war.
Such conclusions leave the question open, whether This was partly due, perhaps, to the lethargy of the
the next chapter is to be made up of negotiations for English Administration, but also to the admittedly
peace or of mere desultory continuance of warfare brilliant services of Sir John French in the trying
on the same lines as before, or of a change in methods, days of the retreat from the Marne. That was a
for payment closed at 4 7 2 % @ 4 72% ;
payment at 4 7 2 % @ 4 72% .
Hue. 25 1915.j
THE CHRONICLE
task to which French, a dashing cavalry commander
but with resolute staying powers, trained in handling
the relatively small forces of the Boer W ar against a
powerful initiative by the enemy, was peculiarly
suited.
But the same general’s shortcomings, when the
trench fighting began under the new conditions of
warfare, gradually but forcibly came to light. His
efficiency became obviously less as the size of his
army increased. The absence of a complete grasp
of the situation was painfully shown by the repeated
lack of proper reserves to support a bold initiative
of one division in actions like those of Neuve Chapelle and Loos.
The often-cited contrast between
McClellan and Grant was forcibly brought to mind.
McClellan, a thoroughly educated soldier of high
organizing power, was slow to move, always watching
a single point of a widely distributed action— fre
quently to the exclusion of all other points— and for
that very reason constantly neglectful of providing
proper support to a threatened portion of his line.
Of Grant it was a common saying by his subordinate
generals that whenever their command got into a
tight place during action, they were sure that re
serves would be moved up to support them. The
qualities which McClellan lacked and which Grant
possessed appear in large degree to have been also
the qualities wanting in General French. In par
ticular, the recent enormous sacrifice of life in the
attack on strategic points— a sacrifice simply caused
by the fact that the action was badly planned, that
its unexpected incidents were badly foreseen, and
that the attacking troops in the moment of their
stress were badly supported— made the change in
evitable.
It of course remains to be determined what can
actually be expected as a result of such a change.
Our own experiments with generals in the Civil W ar
filled a long chapter. McClellan was replaced by
Burnside, Burnside by Hooker, Hooker by Meadeyet the problem was not solved.
The result was a
series of defeats until Meade won at Gettysburg, and
even there the General’s failure to follow up his de
cisive victory disclosed a fatally weak point. A whole
year was occupied in these experiments; yet the
longer outcome was decisive.
Much necessarily depends on the new plan of cam
paign. Abandonment of the Gallipoli Peninsula
was logically necessitated by the general admission
not only that the enterprise had failed, but that under
existing conditions it had been foredoomed to failure.
As usual, there is much dispute over the cause. The
expedition was sent out too late; time was wasted in
trying to force the Dardanelles with the fleet alone;
the plan for a land invasion became public long enough
ahead to enable the Turks to make abundant prepa
rations; Greece, which had been expected to co-oper
ate, had refused to join; the total Allied forces were
too small. Any or all of these explanations may be
reasonable; the fact of failure remains.
When the question arose, probably at the time of
Kitchener’s recent visit to the Southeast, as to
whether it was worth while to continue the experi
ment, the facts were manifest that the maintenance
of the Allied forces in the Balkans and the effective
defence of Suez and Egypt were far more important
at the moment, and that aggressive operations in
the Balkan field were at least a possibility. The
analogy with the Spanish campaign of 1809 recurs
to mind. The English expedition into Spain, to
3107
oppose the invasion [of ^Napoleon’s -Marshals, met
with disaster, and the British troops were drivenTo
their ships. Y et the general enterprise was not aban
doned, and renewal of the Spanish campaign under
command of Wellesley led to results of the very first
importance.
In England’s case, some light is thrown on the
purposes of the war by the call for a million more
enlisted men, sanctioned this week by Parliament.
This, means, for one thing, that [equipment, artillery
and munitions are now at last beginning to be suffi
cient. It is notorious that the new English troops
have hitherto been held back from active service
through the absence of such equipment. They are
at least certain to enter the next campaign under
much more advantageous circumstances. Since the
Russians also should be reorganized and re-equipped
by the time the active campaign begins again on the
western front, it is not improbable that the real con
flict will once more converge on the original lines of
battle.
The German armies also will be concentrating their
resources. It is scarcely probable that the German
General Staff will imitate Napoleon’s blunder of
1812, when he dispersed his forces in the Russian
and Spanish campaigns, giving further scope to acci
dent, and abundant opportunity for an enemy with
increased forces to strike the divided French armies
in detail. If the Allies concentrate on the western
and eastern front of Central Europe, Germany must
^
h2 J ame, regardless _ofjsuch attractive and dra
matic possibilities as the capture of Egypt or the
Suez Canal.
__f ° r the interference of outside parties to bring
about peace,_it is impossible to forget that similar
urgent efforts, from similar sources, were made after
the Union reverses of 1862 in our Civil W ar and after
the Allied disasters of 1809. Looked at in historical
retrospect, it is evident to-day that peace, if con
cluded at the moment on either occasion, would have
been fully indecisive, merely leaving the situation
open to renewal of the conflict when the antagonists
had got their breath again.
BR IN G IN G F A R M PRODUCE TO T H E
CO NSUMER.
Along a large portion of the coast of New Jersey
is a line of bays, separated from the Atlantic by strips
of sand. The State has now opened up links which
join these and make an inland waterway of six feet
minimum depth, extending from Cape M a y north
for over 100 miles to Bay Head, where the inland
water comes to an end, and during the past season a
boat line, using this interior way as far as available^
has been operated between Atlantic City and this
port, carrying considerable produce. A conference
was lately held in the office of the Borough President
here, in the hope of improving the conditions for
getting the produce of Southern New Jersey farming
districts to the city market by this method.
The thought was that this inland line might be
used for assembling produce at some central point (as
Atlantic City) from which additional boat service
could take it up. It will at once occur to mind that
farm produce, especially of the perishable kinds,
needs rail rather than water carriage, over any con
siderable distances, and this was brought out dis
tinctly at the conference. Representatives of the
New Jersey Central road, however, said that the
2108
THE CHRONICLE
[V ol . 101.
carriers would undoubtedly co-operate in any prac
T H E E M P L O Y E E ’S W E L F A R E — BRINGING
tical method of raising the productive capacity of the
C A P IT A L A N D LABOR TOGETHER.
State and would build feeders and terminals for
The Edison and allied companies of this city have
inland water points. The head of the State Board
of Commerce & Navigation declared that thousands completed a plan for a sick benefit fund and a service
of acres in New Jersey are now untilled because of the annuity, on the basis of sharing the cost equally
difficulties of reaching market, and he thought with the employee; the Goodrich Rubber Company
Atlantic City would be a good central shipping point; of Ohio, a much larger concern in number of em
as meeting the objection that railway terminals here ployees, has lately effected a contract for “ group”
are greatly congested, he thought boats could carry insurance, to which the beneficiaries are not to con
the assembled produce to our city piers, passing tribute at all. Details in these and like cases need
not be given, because it is all so cumulative. The
around the crowded railway yards.
Undoubtedly, intensive, intelligent and energetic process of making some provision for the future needs
farming is a primary condition to lowering the cost of workers either by group contracts of insurance or
of living by having greater abundance; with this some other form of service pension or sick benefit
thought in mind, another reading of the very sug has been proceeding so rapidly that a mere list of
gestive article in the “ Chronicle of Sept. 5 1914 the concerns (mostly corporate, since most large
on “ How Farming Can be M ade to Pay” might be business begins with or passes into the corporate
appropriate. Here we may say that an apostle of co form) which during the past twelve years have
operation has a project, as yet not beyond the status either completed or have now in serious consideration
of a prospectus on paper, for developing a colony of some plan of aid to employees, would doubtless fill
producers somewhere in Southern New Jersey, and several pages of small type in the “ Chronicle.”
that possibly this or some like scheme could be carried There is probably no instance in which the employer
out in connection with the plan now proposed. Y et, does not contribute, and even when he contributes
the entire money outlay the employee also con
when all is said, the situation now is that what abun
tributes an equivalent in service. These plans are
dance we already have goes largely to waste because
not gratuities in any case; the altruism which in
of the friction and difficulties between grower and
spires them is not unmixed with good business
consumer; the evidence upon this is cumulative, and
instinct. The Goodrich Company carefully makes
we have cited many instances of it. To begin with,
this clear, announcing that its plan should not be
the practical question is one of “ assembling,” and of
regarded as a gift, and that what it desires to do is
combined instead of feeble individual action. Upon
to give a practical example of co-operation.
this a lesson may be read in the account given to a
This is part of the working of that great industrial
Montreal journal by the Eastern representative of
solvent and socially-uplifting power, which means,
the United Fruit Companies of N ova Scotia, one
in practice as in etymology, working with and to
more example of successful co-operative movements,
gether. Thus, capital and labor, the two ends of the
the subject being that valuable product, the apple.
industrial line, are steadily approaching each other,
The Annapolis Valley, about four miles wide and
a hundred long, lies in N ova Scotia next to the Bay after many years of distance and dissension. The
of Fundy, and (what is of importance) it has a rail leaders of organized labor continue to dislike this
line traversing its entire length. I h e 2,000 farmers and to strive for wider-embracing and less-thinking
there have combined in small “ companies, one in unionism. It is hardly four months since a call by the
each district, with stations on the railroad. They joint boards of the railway engineers and firemen
appeared concurrently with one by M r. Gompers
bring their apples to their nearest station, whence
to raise to three millions the number organized in
they go to the chief shipping station at Berwick, near
important industries. “ The railroad brotherhoods,
the northern end of the “ line.”
There the apples
wherever organized,” said one call, “ are beginning
are carefully packed, being kept up to definite stand
to realize that all the Orders must work together in
ards; they are examined by the companies’ own in
their struggle with the railroads in efforts to gain
spectors, independently of the Government, each
shorter hours, higher wages, and better working
farmer being duly credited. The costs of handling
conditions; and further, to counteract the degrading
are minimized, and are ratably charged to each.
effects of abused power of corporate wealth and the
The costs of shipping and selling are borne out of
demoralization resulting from the installation of
what is known as “ the general fund,” made up of
labor-saving machinery such as larger locomotives.”
direct savings on fertilizers and other supplies, bought
Representative committees, general and joint boards
at the best rates and sold to the growers. Halifax
of adjustment, and officers and conventions (fur
is the shipping point; the company charters its own
ther said this call) have been stunned and bewildered
ships, handling about two-thirds of the entire apple
by the effects arising from industrial evolution;
crop of the Annapolis district, and in 1913 it did
“ and in the very .face of still larger locomotives, with
a business of two millions at a cost of $14,000.
The
yet more labor-displacing machinery and more
co-operation is carried farther into selling wiie
unemployment, these bodies remain stricken and
fencing and other agricultural needs as well as
helpless.” Therefore, the call summoned to “ dis
phosphates.
.
cuss the formation of that most powerful of labor
This is the gist of it. It saves wastes by reducing
unions, the Industrial Labor Union.”
friction, introducing directness and substituting a
From the first stone axe to the largest machine
central handling and an expert marketing for the
of to-day, every tool has been labor-saving, by
long-range “ commission” through which the grower
making labor more efficient in production. This
in the Hudson River Valley too often finds that
means and makes for plenty, and plenty means
crops greatly needed by consumers here must perish
larger life, multiplied comforts and luxuries, “ shorter
on the ground. The lesson is plain, and the ob
hours,” and also higher wages, inasmuch as the
stacles are in sight. It remains for a leader to apply
real measure of wage is what it will buy and money
the remedy.
D ec . 25 1915.]
THE CHRONICLE
is the mere instrument of exchange. Every man,
high or low and rich or poor, wants “ things” and
gratifications; for himself, he wants abundance;
this is the first letter in the alphabet of economy anc
common-sense; yet organized labor, bat-eyed, clamors
for scarcity by demanding more and more of the
labor of others in return for less and less of its own.
Those engaged in this process do not perceive that
if an increasingly large and potent organization were
an inexhaustible weapon for their end it would be
one which all industry can wield, so that if the process
could go on continuously it would end in a state of
famine and of struggle for survival.
Y et the leaders persist. In convention in San
Francisco, the Federation protests “ against any
weakening” of the Seamen’s Law by attempting to
slightly mollify it in construction. Leaders placidly
claim the defeat of the new constitution here as
an evidence of the power of labor when standing
together, and they talk of a new party here with
the single plank and purpose of punishing M ayor
Mitchel and Comptroller Prendergast for their lack
of friendliness to labor. How far these leaders are
ignorant of the first principles of political economy,
whether they think those can be successfully defied,
and whether they have convinced themselves that
they are leading their submissive followers to a
state of content— this is not of great importance.
They understand their own personal interests, for
industrial peace would reduce them to the ranks and
offer them only the apron and the workbench; their
present position is pleasanter, and they will hold it
to the last.
It will eventually fail them, however. The notion
that employment is a fixed quantity, incapable of
increase, and therefore that efficiency means putting
workers out of work, is a falsity which the rank and
file will some time discover, although they do not
now realize that the “ hour” given by the present
demand for war material is only an hour and will
pass when that demand ceases. An unstudying and
unquestioning obedience is what the leaders require
and must have, in order to retain their hold; but
every instance of failure in their announced purpose
to control government from primaries to the courts
of last resort makes against their infallibility, and
when that is destroyed their hold is gone. W ith
all the mischief of misleading and all the menace it
still holds over the country, we may keep the con
soling assurance that efficiency and consequent
abundance, and with that, the gradual elevation
of the industrial state, will come about, according
to indefeasible laws.
2109
amount put into marketable shape frorhfthis time
on in 1914 and the smallest aggregate since 1909,
notwithstanding the known lateness of the crop in
some important localities.
Comparing the ginning figures with the crop
estimate and again ignoring the greater weight of the
bales in the Census returns only 39,000 bales are
to come forward in Georgia, against 267,000 last
year; in North Carolina 41,000, against 164,000;
in South Carolina 62,000, against 205,000; in
Alabama 63,000, against 178,000; and in Texas
308.000 against 718,000 bales. B ut, taking the matter
of weight into consideration, the amount to be
ginned this year to reach the Department’s approx
imation would be very measurably reduced. In
fact, in Texas, on the basis of the average weight
of the cotton marketed down to December 1 through
Galveston— reported to us as 537.26 pounds gross—
the aggregate in 500 pound gross bales yet to
come forward would be only 94,000 bales, instead of
308.000 bales.
Cotton circles, bearing in mind the very decided
decrease in the use of fertilizers reported last spring,
have found food for thought in comparing the
ginning figures for the period to December 13 with
those for the like period of 1910— a year when the
aggregate acreage devoted to the staple differed
but little from that of the current season. The
general supposition has been that the decreased
use of fertilizers would mean a very material de
cline in product per acre this year, other things being
equal that is, with meteorological conditions even
as favorable as they were in 1914. In fact, it will
likely be remembered that in our annual acreage
report, issued in June, in noting a very decided
decrease in the use of commercial aids to productive
ness this spring, and particularly in the older cotton
States, .vhere their use i i comparatively large quan
tities had been deemed essential to a satisfactory
outcome, we remarked “ it remains to be seen, there
fore, what will be the effect upon yield per acre this
year in those sections of the reduced takings.”
A partial, if not conclusive, answer is apparently
furnished by these latest returns. In Georgia, for
example, the area planted this year was 141,000
acres less than in 1910, but the amount ginned to
December 1 at 1,860,929 bales, is some 154,000
bales greater than for the same period five years
ago, and 43,000 bales greater than the State’s ulti
mate total that year. In the Carolinas, moreover,
the amount ginned to date is practically identical
with 1910 despite a smaller planting. Alabama,
on the other hand, however, reports a deficiency in
ginning greater than the decline in acreage calls for.
T H E G I N N I N G R E TU RNS A N D T H E SIZE OF These four States comprise the territory in which
T H E COTTON CROP.
fertilization of the soil is considered especially
The Census Bureau’s report on amount of cotton requisite for good results, and the showing they make
ginned to December 13, issued on M onday last, collectively is not without interest and is presented
tends to confirm belief in an ultimate yield from last lerewith.
spring’s planting in excess of the total as estimated
------------Chro nicle-----------Ginned to Dec. 13
Total
Acreage.
Bales.
Ginned
by the Department of Agriculture on December 10.
1915.
1910.
1915.
1910.
1910.
1 ,6 3 1 .0 0 0
6 6 7 .1 1 3
6 6 4 ,7 2 2
7 5 3 ,0 8 7
The Department’s estimate, it will be recalled, was N o r t h C a ro lin a . 1 ,448,000
S o u th C a r o lin a . 2 ,4 1 9 ,0 0 0
2 ,7 3 1 ,0 0 0
1 ,0 9 8 ,2 2 6
1 .1 0 7 ,5 5 6
1 ,2 1 0 ,9 6 8
11,101,000 bales of 500 pounds gross weight each, G e o r g ia ............... 5 ,0 7 8 ,0 0 0
5 ,2 1 9 ,0 0 0
1 ,8 6 0 ,9 2 9
1 ,7 0 6 ,8 1 6
1 ,8 1 2 .1 7 8
9 8 7 ,4 8 2
1 ,1 9 2 ,1 7 9
1 ,1 2 8 ,4 7 0
not including linters; this latest Census Bureau A la b a m a _______ 3 ,7 5 2 ,0 0 0 3 ,9 4 7 ,0 0 0
T o t a l . . ...........12.6 9 7 ,0 0 0
1 3 ,5 2 8 ,0 0 0 4 ,6 1 3 ,7 5 0 4 ,6 0 7 ,5 6 4 4 ,9 6 8 ,4 1 2
statement shows the ginning to the date mentioned
to have been 10,303,253 running bales of a greater
While the proportion of the total of the cotton
average weight than 500 pounds gross. Making raised in 1910 ginned to December 13 is easily
no allowance, however, for difference in weight, arrived at (in fact was 9 2 .5 % ) there are no data
only 858,000 bales remain to be ginned to reach available at this time from which to figure the 1915
he Department’s estimate, or less than half the result, and the amount still to come forward is
3110
THE CHRONICLE
simply a matter of conjecture. But it can hardly
be inconsiderable, as nicking was yet in progress in
the Carolinas and Georgia on December 1, according
to the monthly weather bulletin of the D e part
ment of Agriculture. Thus, notwithstanding re
duced area and a marked decrease in the use of
fertil zers there is a fair possibility that the aggregate
yield in the four States referred to will very closely
approximate, if not exceed, that of 1910. This,
however,_cannot pe taken as an argument^against
the free use of fertilizers as an aid to productiveness.
On the contrary, to adopt such a plan might result
in disaster. Is it not possible that prior fertilization,
assisted by humus, & c., was still somewhat effec
tive?
[VOL. 101.
articles o f the Prize C ode itself, special interest attaches to
the provisions of Article 7, relating to the inviolability o f
letter mail; Article 4, relating to the manner o f exercising
the right of stoppage and search o f merchant vessels; and
Articles 106 to 123, in regard to the m ethod o f dealing with
captured vessels and cargo. M ore particularly, attention is
called to Article 113 relating to the destruction o f neutral
prizes; Article 114, relating to the duties of tho commander
in such cases; Article 115, relating to damages for illegal de
struction; and Article 116 in regard to securing tho safety o f
persons on board o f vessels that are destroyed. Particular
attention is also called to Article 121 regarding the destruc
tion o f cargo on neutral vessels.
The schedule o f the Prize Code (page 75) contains the pro
visions o f the Order of June 22 1914 regarding the treatment
o f armed enemy merchant vessels, one o f the points contended
for b y Germany in cases like the Lusitania.
W ar of Steel and G old.
A Study o f the Armed
Peace. B y Henry N oel Brailsford. The M acmillan
BOOK N O TIC E S.
C o ., N ew Y ork , publishers. Price, 80 cents net.
R a il w a y R e g u l a t io n .
B y I . Leo Sharfman. La Salle
In his preface the author o f this little volum e is m oved to
Extension University, publishers, Chicago. Price, $2, say that a book which attempts a study o f armed peace m ay
postpaid.
seem superfluous amid general war, but he finds the true
T he author in this w ork attem pts an analysis o f the lead causes of the present struggle in the protracted rivalry that
ing problem s in railway econom ics from the standpoint o f preceded it. The author’s argument, which traces this strife
governm ent regulation in the United States. H e seeks to to the pressure and rivalries o f econom ic expansion beyond the
vitalize the discussion b y the liberal use o f concrete illus frontiers of Europe, deals only incidentally with European
trative material, bu t the emphasis throughout is placed upon questions o f nationality. Tho political aspirations o f the
the discovery o f underlying causes^ and the consideration o f Slavs were in fatal conflict with tho econom ic ambitions of
fundamental principles. The historical development o f rail the Germans. France hopos in this war to complete her
w ay transportation is traced only in so far as early conditions nationality b y the recovery o f Alsace, but she is also defending
and past events have been shown to throw light upon the her acquisition of M orocco. The immense issues that center
meaning and significance o f current practices and present-day in Turkey, China and Africa are all o f them governed b y the
problem s.
econom ic m otive. Exclusive attention to the question of
T he vital and inseparable relationship, in railway trans nationality, tho author holds, is dangerous, for it abandons
portation, between legal rules and business welfare, between to professional diplomatists and interested groups precisely
railway econom ics and railway regulation, serves as the that field o f foreign policy which stands m ost in need o f il
source and foundation o f the entire analysis and discussion. In lumination b y critical thinking and idealistic construction.
the view o f the author the ideal o f railway regulation is to In a fresh chapter to the present or third edition, tho author
harmonize, as far as possible, the natural functioning of develops the constructive proposals o f the first edition, and
railway enterprise with the principles and practices o f public says: “ The chaos o f our international relations is more des
control.
.
perate than it seemed a year ago. The evil is too gross for
M r. Sharfman reaches the conclusion that “ certain broad timid remedies. The lesson from this war is that the only
and tangible results have becom e permanently incorporated alternative to an endless struggle for a balance o f power is
in our p olicy o f public control o f railway enterprise. T hey the uniting of Europe in a Foderal League.” H e attem pts to
are grounded in the whole of American railway experience. sketch an outline o f such a League.
T he railway business is public in character and intimately
concerns the general welfare, so that both the right and the S h o r t T a l k s o n R e t a i l S e l l i n g , b y S . R oland Hall. Funk
need of governmental control can no longer be disputed.
& Wagnalls C o ., publishers, N ew Y ork . Price, 75 cents
T o a large extent, nevertheless, the public interest can be
net; b y mail, 83 cents.
secured on ly through honest and willing co-operation be
Although supposed to be published only for tho retail
tween the railways and the people. For tho certain and salesman, it seems that m any pointers in this work m ay bo
adequate accomplishment o f the ends in view , however, applied to other branchos of the business w orld. Cannot
even with the aid o f the mutual confidence and good will o f tho following “ talk” ?
• b u l g e o v e r .”
•
the public and the public service corporations, the export
“ T h e b e s t w a y t o g e t a b e t t e r s it u a t io n ,” s a y s th e N o w Y o r k “ T i m e s ,"
and continuous supervision o f administrative commissions is
"Is t o fill y o u r p re se n t j o b s o fu ll th a t y o u b u lg o o v e r .”
necessary. Finally, since the railway service is national in
T h e s e t w e n ty w o rd s s a y a b o u t all th a t n eed b o sa id a b o u t b e tto r jo b s —
a n d b e tte r salaries.
scope and influence, being coextensive with the national
T h o w o rld has p le n t y o f p e o p le w h o r a t t le a r o u n d lo o s e ly a n d n o is ily in
development of com m erce and industry, the supremacy th e ir jo b s , b u t n o t h a lf e n o u g h o f th e ea rn e st, d o p e n d a b lo , “ b u lg o - o v e r "
o f the Federal Governm ent in railway regulation must bo b ra n d .
I f p resen t e m p lo y e rs d o n ’ t see t h o b u lg e , o th e rs w ill. S o d o n 't w o rr y
vigorously safeguarded' and uniform ly m aintained.”
T he
ab ou t th a t.
J u s t b o su re t h a t y o u are re a lly b u lg in g .
T rusts.
A Chapter in Recent Corporate H istory.
B y Harry A . Cushing. The M acm illan C o ., N ew Y ^rk,
publishers. Price, $1 50 net.
The early history o f voting trusts and the details o f their
more recent developm ent are covered in this book. Chap
ter I. deals with the significance o f voting trusts; Chapter IT.
is devoted to the contents o f voting trusts; in Chapter III.
the law o f voting trusts is set out; and in Chapter IV ., forms
relating to voting trusts are taken up, numerous samples
being given, the illustrations embracing some well-known
cases o f voting trust agreements in the railroad and industrial
world.
V o t in g
as in F orco July 1
1915. B y Charles Henry Huberich. Baker, Voorhis
& C o ., N ew Y ork , publishers. Price $2 50 delivered.
The general nature o f tho contents o f this book is indicated
in the preface. Of special interest at the present time are
the questions as to the applicability o f tho oarly treaties
between the United States and Prussia. Tho text o f those
treaties o f 1799 contains tho provisions applicable in such
cases as the Leelanaw and the William P . F rye. Of the
T h e P r iz e C o d e o f t h e G e r m a n E m p ir e
T he b ook is full of many valuable maxims which are well
worth remembering.
Thus: “ An opportunity is created
when a customer enters the door. M ake the m ost o f it.”
E x e c u t i v e a n d H is C o n t r o l o f M e n .
A Study in
porsonal efficiency. B y Enoch Burton G ow in. M ac
millan C o ., publishers, N ow Y ork. Price, $1 50 net.
The practical need o f tho timo is more executive ability.
The growth and development of this executive ability is tho
thome o f M r. G ow in’s book, and he considers it in four parts.
Part I. emphasizes individuality, the divergence o f the
executive from the average, tho man himself boing termed a
variate and his ideas variations. Part II . considers the
various methods through which tho executive motivates his
organization to tho end that these variations o f his be
realized in practice. Part III. discusses so far the roaction
which his organization makes to the executive’ s purposes and
methods, tho not result of which is that tho variations undergo
selection within the group and the leader himself is made
adaptable. Part IV . deals with assimilation. This final
process forces homo the various methods o f m otivation—
that is, b y personality, im itation, suggestion, emulation,
T he
Deo. 25 1915.]
THE CHRONICLE
art, illusion, discipline, rewards, idealism and instruction;
selected and limited b y apathy, opposition and com petition—
becom e incorporated into the organization, living tissue
henceforth.
B y F . W . Taussig. The
M acm illan C o ., N ew Y ork , publishers.
This volume gives the substance o f lectures delivered at
B row n University and deals with some o f the relations
between econom ics and psychology.
The relation o f human instincts to m an’ s econom ic doings is
the theme o f the book . Professor Taussig approaches it
both from the point o f view o f the ordinary workman and
the em ployer. H e discusses first the instinct o f contrivance
and the influence o f the patent system. A fter taking up the
psychology o f m oney-m aking, he analyzes the instincts of
collection, o f dom ination, o f emulation and o f devotion.
I nventors and M on et M ak ers.
H ow t o D e a l w it h H u m a n N a t u r e in B u s in e s s .
B y
Sherwin C od y . Funk & Wagnalls C o ., publishers,
N ew Y ork . Price, $2 00 net.
M r. C od y ’s definition, “ business is rendering service which,
in so far as it is successful, has some m onopoly which we
must discover as our starting-point,” will arouse a desire to
see what he has grasped as the fundamentals o f the business
life which all are interested in. T he word “ m on opoly” ' is
applied in a new w ay; not the narrow one o f having exclusive
possession but the ability o f excelling those who hold to
some degree the same powers.
M r. C ody tells the functions of the mind— how we learn
and form ideas on ly from the five senses, and hence are able
to appeal only through these. The value o f the ability to
hold the interest which m ay be given us is discussed. All
men think that their own business is peculiar unto itself, and
so they must be made to feel the force o f your arguments
that that which you have to sell is applicable to their peculiar
condition.
The last pages are devoted to the various styles o f business
letters, system in mail order correspondence, a study o f the
grocery business, collections b y mail, & c., & c.
f o r P r o f it .
Principals Governing the Use of M a
chinery and Labor in M odern Buildings. B y Reginald
Pelham B olton . The R . P . B olton C o ., N ew Y ork ,
publishers. Price, $2 50, post paid.
In this book the cost and life o f machinery in modern
buildings, and their operating conditions, are analyzed in the
Interests o f incom e-producing real estate as well as from the
point o f view o f institutions and o f municipal ownership.
Some o f the wastage and negligence which lead to excessive
expense in maintaining im proved real estate are described.
The presentment o f the subject is directed towards a re
consideration o f existing combinations o f machinery b y
analysis and reduction o f such wastages, b y the adoption
o f im proved m ethods and apparatus. These considerations
are applied to steam and gas, as well as to electricity.
P ow er
o f T h r if t .
B y T . D . M acG regor.
Funk &
Wagnalls C o ., N ew Y ork , publishers. Price, $1 00 net;
b y mail, SI 12.
The cry of conservation which has for so long rung through
the land is more insistent than ever, and is brought forcibly
homo b y the stupendous extravagance o f the war, with its
estimated cost o f over $50,000,000 a day.
M r. M acG regor has given the subject a groat deal o f at
tention and points ou t m any ways in which “ thrift” m ay be
cultivated in both the individual and the State. The
meaning o f thrift being given as “ Thrift soeks n ot merely to
save, but to earn.” H o claims that in needless extravagance
we do not injure the banks b y n ot having large personal
accounts, but give to another to save. H e tries to en
courage this saving among all classes o f society, and states
that one is never too young or old to start.
M r. M acG regor closes his work with watchwords of
progress gathered from the lips o f scores o f successful men
and w om en.
_______________________ ___
T he B ook
R A IL R O A D SE C U RIT IE S H E L D A B R O A D .
Supplementing the statement issued b y him in June,
L . F . Loree, President o f the Delaware & Hudson C om pany,
made public this week revised data concerning tho holdings
o f railroad securities abroad, from which it would appear
that nearly $500,000,000 o f foreign railroad holdings have
been returned to this country since the issuance o f his earlier
statement. The statistics gotten up b y M r. Loree devel
2 1 1 1
oped ou t o f an inquiry undertaken in the fall o f 1914 as a
result o f the disarrangement o f foreign exchange which
threatened wholesale liquidation o f American securities
abroad. T he inform ation em bodied in the table o f last June
was determined from data collected from O ctober 1914 to
April 1914; the latest figures are based on data covering the
period from F eb. 1 to July 1 1915. In the latest statement
the par value o f the foreign railroad holdings is placed at
$2,223,510,229, the market value being given as $1,751,
437,913. M r . Loree states that “ comparing the par value
o f the securities reported as o f M arch 31 with the par value
of securities determined as o f July 31 for the six preceding
m onths, it w ould appear that there had been returned to
this country securities o f the par value o f $352,891,113 24.
T o this should be added the correctional am ount o f $128,
001,021 77. T o the extent that the periods overlap in the
months o f February and M arch, and to the extent that sales
o f securities for foreign account were made in American
markets after the months in which the data were determined,
and before July 31, the return is understated.” W e give
below M r. Loree’s statement o f this week and the accom
panying table brought down to July 31 1915:
I n fo rm a tio n w a s r e c e iv e d fr o m 141 ra ilro a d c o r p o r a tio n s , b e in g a ll th e
ra ilro a d s in t h e U n ite d S tates o v e r 100 m iles in le n g th , a n d 102 c o m p a n ie s
r e p o rte d s e cu ritie s h e ld a b r o a d . A cla ssifie d su m m a r y o f th e replies is
a tta c h e d h e r e to .
T h e s to c k s w e re id e n tifie d b y entries in t h e tra n sfe r b o o k s o f t h e issu in g
c o m p a n ie s . T o th e e x te n t t h a t th e y m a y b e c a rrie d in th e n a m es o f d o m e s
t ic b a n k e rs, b r o k e r s o r in s titu tio n s f o r fo re ig n h o ld e r s , t h e a m o u n t w o u ld
b e u n d e rs ta te d .
T h e b o n d s w e re in t h e m a in id e n tifie d b y t h e slip s file d b y t h e p a y e e
u n d e r t h e r e q u ire m e n ts o f th e F e d e ra l I n c o m e T a x L a w . W h e r e in te re st
is in d e fa u lt, th e r e w o u ld b e n o in c o m e t a x ce r tific a te s in r e s p e ct o f c o u p o n s
n o t p a id , a n d t o th a t e x te n t t h e a m o u n t w o u ld b e u n d e rs ta te d , e x c e p t as
t h e fa c ts h a v e b e e n d e te r m in e d b y t h e issu in g c o m p a n y fr o m o th e r s o u rce s .
T h e in fo r m a tio n w a s d e te r m in e d fr o m d a ta c o v e r in g t h e p e r io d o f six
m o n th s fro m F e b . 1 t o J u ly 31 191 5. C o r r e c tio n s h a v e be e n m a d e o f s e
cu ritie s o m it t e d th r o u g h errors o f c o m p ila t io n fr o m th e fo r m e r s ta te m e n t,
in t h e p a r v a lu e o f $ 1 2 8 ,0 0 1 ,0 2 1 7 7 . a n d t o th a t e x te n t t h e a m o u n t p r e v i
o u s ly d e te r m in e d w as u n d e rs ta te d .
T h e re are n o q u o ta tio n s o n th e A m e r ic a n exch a n g e s f o r s ecu rities ex
c h a n g e a b le fo r fra n c s o r p o u n d s , a n d it is n o t p r o b a b le th e ro w o u ld b e a n y
tra n sa ctio n s in s u ch s ecu rities in th is c o u n t r y . T h e re h a s, h o w e v e r , b e e n
o n e c a s e w h e r e b y t h e issu in g r o a d t o o k u p its secu rities h e ld in F r a n ce .
F u rth e r , w h ere s u ch b o n d s a re In d e fa u lt , it m a y b e th a t th e re w ill b e issu ed
in p la c e t h e r e o f, w h en r e o rg a n iz a tio n is ca rrie d th r o u g h , b o n d s p a y a b le In
d o lla rs , b u t th e a m o u n t o f su ch b o n d s in d e fa u lt is n o t g r e a t.
C o m p a rin g t h e p a r v a lu e o f t h e secu rities r e p o r te d as o f M a r c h 31 w ith
t h e p a r v a lu e o f se cu ritie s d e te r m in e d as o f J u ly 31 fo r th e six p re ce d in g
m o n th s , it w o u ld a p p e a r th a t th e re h a d b e e n retu rn ed t o this c o u n t r y se
c u ritie s o f th e p a r v a lu e o f $ 3 5 2 ,8 9 1 ,1 1 3 2 4 . T o th is s h o u ld b e a d d e d th e
c o r re c tio n a l a m o u n t o f $ 1 2 8 ,0 0 1 ,0 2 1 7 7 . T o t h e e xte n t th a t th e p e r io d s
o v e r la p in th e m o n th s o f F e b ru a r y a n d M a r c h , a n d t o t h e e x te n t th a t sales
o f se cu ritie s f o r fo re ig n a c c o u n t w e re m a d e in A m e rica n m a rk e ts a fte r th e
m o n th s in w h ic h t h e d a ta w a s d e te r m in e d , a n d b e fo r e J u ly 3 1 , th e retu rn is
u n d e rs ta te d .
I t is b e lie v e d th a t th is in fo r m a tio n is o f s u ch gen era l im p o rta n ce as w e ll
as s u ch p a r ticu la r in p o r ta n c e t o t h o r a ilro a d s, as t o w a rra n t a co n tin u a n c e
o f th is in v e s tig a tio n . I a m a tta c h in g h e r e to a fo r m o f b la n k w h ic h w ill,
I fe e l, m a te r ia lly r e d u c e th e la b o r in th is c o n n e c t io n , as it w ill p e r m it
m o n t h ly p o s tin g as c o u p o n s are p a id , g r e a tly m in im iz in g th e w o rk t o b e
d o n e a t th e fin a l d e te rm in a tio n o f J u ly 31 n e x t.
T he latest table showing the various classes oUsecurities
held abroad is as follows:
S E C U R IT IE S H E L D A B R O A D .
Par Value.
Class of Security—
Stock— Preferred____________ ____ $236,151,600 00
“
Second preferred____ ____
5,608,850 00
‘1
C om m on___________ -----438,415,606 25
Notes_______________________ ____
24,632,291 93
Debenture b o n d s __________ ____
160,288,700 00
180,590,850 00
Collateral trust bonds_______ ____
Mortgage bon ds.___ _______ ____ 1,150.339.130 00
25,253,201 00
Equipment trust bonds______ ____
29,000 00
Car trusts__________________ ____
____
2.201,000 00
Receivers' certificates_______
Market Value
$196,092,423 26
2,115,414 75
263.996,928 50
22,574,283 93
141,444,592 50
136,422,185 75
962,081,613 26
24,480,410 55
29,060 00
2,201,000 00
T o ta l____________________ ___ $2,223,510,229 18
$1,751,437,912 50
L ess th a n p r e v io u s ly r e p o r t e d ------- $ 4 8 0 ,8 9 2 ,1 3 5 01
N o t e .— A m o u n t o f secu rities re
p o r t e d o n sta te m e n t o f J u n e 22
191 5, n o w c o r r e c te d b y la te r re
p o r t s o f c a rrie rs _________________ $ 2 ,7 0 4 ,4 0 2 ,3 6 4 19
As pointed ou t, M r. Loree’ s statistics deal on ly w ithforeignheld railroad securities. An indication o f the amount of
industrial and miscellaneous securities returned from abroad
is furnished in the N ew Y ork “ Tim es” o f yesterday, from
which we quote the following:
In t h e sa m e f i v e m o n th s th a t th e A m e r ic a n m a rk e t a b s o r b e d th e $ 4 8 0 ,
8 9 2 ,1 3 5 o f ra ilro a d secu rities it also a b s o r b e d secu rities o f in du stria l c o m
p a n ies a n d m isce lla n e o u s secu rities. A c c o r d in g t o th e b e s t a v a ila b le
e stim a te s, m a d e b y N e w Y o r k b a n k e rs in c lo s e t o u c h w ith th e fo re ig n
s itu a tio n , th e in du stria ls a n d o th e r s ecu rities re so ld here in th e f iv e m o n th s ,
p lu s sales o f secu rities h o ld in A m e r ic a fo r fo re ig n a c c o u n t , a m o u n te d t o
$ 1 4 0 ,0 0 0 ,0 0 0 , m a k in g a t o ta l fo r f iv e m o n th s o f a p p ro x im a te ly $ 6 2 1 ,
0 0 0 ,0 0 0 . T h is is a t th e ra te o f $ 1 2 4 ,0 0 0 ,0 0 0 a m o n th , an d in d ica te s th a t
o u r m a rk e t, in a fu ll y e a r, r e c e iv e d a n d a b s o r b e d fo re ig n -h e ld secu rities t o
t h e a m o u n t o f $ 1 ,5 0 0 ,0 0 0 ,0 0 0 .
P T h is es tim a te fo r th o y ear co rre s p o n d s v e r y c lo s e ly t o th e estim a te p rin te d
b y th e N ew Y o r k " T i m e s " la st T h u r s d a y o n th e b asis o f in fo rm a tio n re
c e iv e d fr o m b a n k in g s o u r c e s .' T h e a m o u n t th en e stim a ted t o h a v e been
soldT by E u ro p e w as $ 1 ,5 5 0 .0 0 0 .0 00 . o f w h ic h"%9507000*000 w as e s tim a te d
t o ih a v e c o m e ^rom fan glan d, $ 3 0 0 ,0 0 0 ,0 0 0 fro m G e rm a n y , $ 1 5 0 ,0 0 0 ,0 0 0
2113
THE CHRONICLE
from France, $100,000,000 from Holland and $50,000,000 from Switzer
land and other countries.
The estimated average market price for all o f the railroad stocks listed
In M r. Loree’s full reports was 50 on March 31. It was 68 on Aug. 2, for
which day the market quotations were used in the calculations of market
values o f the securities sent here. This is a difference o f 18 points. That
Is, the market continued to rise while the liquidation o f the vast amount ol
securities was in progress.
It must be considered, moreover, that the market in railway stocks and
bonds also withstood the additional liquidation in the industrial issues.
That the market values should have risen so much under the influence o f al
o f these forces, bankers remarked, was phenomenal.
GEORGE E . ROBERTS O N A M E R I C A ' S P O S IT IO N A F T E R
THE W AR.
“ The Economic Position of the United States after the
W a r” was the theme of an address delivered by George E .
Roberts,
of
the
National
City
Bank
of
New
York , and formerly Director of the M in t, in Worcester,
M a s s ., on the 17th inst., at the conference at Clark Uni
versity on the problems and lessons of the war. According
to M r . Roberts, “ at the end of the war we shall owe very
much less abroad than we did at its beginning, and as an
offset to the remaining debts, will hold an important amount
of foreign obligations. If this position is maintained, less
of our earnings in the future will be sent abroad as interest
and dividends, and we will have more for investments on our
own account.”
M r . Roberts dwells quite as much upon the perils of the
situation after the war as upon the opportunities. W e need,
he says, to have all the facts— the perils and the opportuni
ties— of this complicated situation understood, from the cap
tains of industry down to the humblest worker, since they are
all alike concerned. M ore scientific production, larger out
put, better service, he adds, are the watchwords b y which
American industry can not only win a leading position in
world trade, but establish more satisfactory conditions at
home. In part his remarks were as follows:
The war in Europe has reacted violently upon the United States, and
not In all respects as was expected. The man in the street who judged by
superficial reasoning and what tradition said o f the effects of past wars
seems to have been nearer right up to date in his forecasts as to the effects
in the United States than the financiers and students o f economics. It is a
tradition that war makes good times, but the idea is so paradoxical, so evi
dently superficial in its broad application, that thoughtful men hesitate
to accept it in even a limited or temporary sense. Any one who is con
vinced o f the essential harmony o f all human interests, and that tho pros
perity o f every people is best promoted by the prosperity of all other peoples,
is bound to be suspicious o f any prosperity that is promised as an outcome
of war. It is, however, evident that in the United States to-day business
is better and the productive forces o f the country are more fully employed
than when the war broke out, or at any time within several years.
It was believed that the enormous demand for capital by tho warring
governments would raise the price o f capital all over the world, that the
holdings of American securities in Great Britain and Europe would bo re
turned here for sale, and that their purchase would absorb the free capital
o f this country to such an extent that enterprise and improvements at
home would be restricted, and that this would result in unemployment
and poor trade.
But the credit resources of the warring countries have proved to be
greater than anybody would have ventured to estimate; foreign holders of
our securities have been less eager to sell them than we anticipated, and the
enormous purchases of goods made in the United States have thrown the
balance of payments heavily in favor o f this country.
The aggregate o f American securities returned to this country is very
considerable, and tho movement tends to increase as our markets rise and
the pressure on the other side increases. Moreover, the United States has
taken during the year approximately $1,000,000,000 o f foreign loans, and
has received on balance over $400,000,000 in gold, a movement of the
standard metal that is without a precedent in history.
Industry is exceedingly active in tho country to-day. While the Initial
impetus to recovery came from the war business, and the foreign orders
are still an important factor, the country has developed a spirit of confidence
and ambition which has not been apparent for some years. The country
is accumulating capital and enlarging its productive equipment faster than
ever before in its history.
At the end o f tho war we shall owe very much loss abroad than wo did
at its beginning, and as an offset to tho remaining debts will hold an im
portant amount o f foreign obligations. If this position is maintained, less
of our earnings in the future will be sent abroad as interest and dividends,
and we will have more for investments on our own account. In some lines
of manufacture we have been thrown upon our own resources, and new inpustries r •being established here.
Undoubtedly general opinion, and that includes very intelligent and exdert opinion, the world over now holds that the United States is profiting
by the war, and that it is destined as a result o f the war to occupy a much
more important position in world affairs than in the past. Naturally that
view is shared in this country, and some people are sanguine enough to
predict that the dollar is about to supplant the pound sterling in tho inter
national exchanges, and that New York will take the place o f London as
the financial center and clearing house o f the world.
There is oppirently much in the situation to support this view, but men
who are familiar with the conditions that determine the flow o f trade, the
location o f industries and the concentration o f financial power are skeptical
about the permanency o f sudden changes effected by temporary causes.
They know that there is a strong tendency to reaction from such changes,
nd that the final outcome will depend upon whether the center of gravity
as been permanently moved.
What makes the center o f gravity in industry and finance? Summed
up, it is the net result o f the various influences which make for economical
production and distribution. Heretofore the center o f gravity confessedly
has not been in the United States. We have grown, prospered, and built
up great wealth, out o f the natural resources o f this continent, but there
has be 'n a steady flow o f raw materials from this country to Great Britain
and Western Europe, to be there manufactured and distributed around tho
[Vol. 101
world. W e have held, by means o f a protective tariff, some o f these ma
terials for manufacture here, mainly for our own consumption. I mention
the protective tariff not as a subject o f controversy but as practical evidence
that in the judgment o f our people the center of gravity for manufacture
and distribution has not been hero. The sum o f the influences for cheap pro
duction and distribution have been against us.
These influences have been labor supply, capital supply, experience In
industry and world trade, and the prestige, good-will and facilities of an
established business. The “ experience and facilities” count for more
than you may think. The superabundance of capital has caused an overflow
from Great Britain around the world, and developed in that country a large
body o f investors accustomed to employ their capital in other countries,
and those investments have been channels of outlet for the products of
British industry.
With a superabundance o f capital and labor In Great Britain, both have
been forced out upon the sea and to other countries to find employment
while the wonderful resources o f this new continent have kept us busily
employed at home. It has been an advantage to us, as it has been to other
countries, to have Great Britain do this work for us while wo were more
profitably employed. She, upon her tight little island, and we upon this
continent, have each been doing our appropriate work.
The question Is whether a radical change has taken place or is about
to take place in the position o f the United States. T o what extent has
the center o f gravity been shifted?
It will be recognized that conditions with us have been changing for
some time. This is no longer an undeveloped country as compared with
many others; we have reached the stage where it is a fair question whether
better results may not be had by diverting a part of tho products of our
industries to the development o f more backward countries, following the
example of Great Britain.
New England has contributed mightily to the development o f the
Western States o f this country, with her children and with her money.
I am a Western man myself, born and reared in the West, and I know
something of its development. M y father, from Central New York,
and my mother from the State of Maine, met as young people on the banks
o f the Mississippi.
New England capital helped to build the western railways and develop
the western industries, and New England to-day Is greater than she would
have been if she had kept her children and money at home.
Old England is richer and stronger to-day because of her colonies and
her foreign investments than she would have been if she had kept her
capital and her children at home.
W e must give up the seed to obtain the harvest; and yet so eager are
we to see our possessions grow under our sight, that we sometimes be
grudge even tho seed. The Individual who invests his money away from
home is subject to criticism, even though such Investments promote in
dustry at home. No longer ago than last night, and no farther away than
this platform, I heard a distinguished gentleman refer to “ tho roaming,
speculative, exploiting, American dollar that is unable to find sufficiently
remunerative opportunities within our own domain.”
The word “ exploit” is an ugly word. It Implies that tho people of the
countries in which investments are made are worse off because o f such
investments, and that is not true often enough to be treated as the rule.
W e are not worse o ff for the investments that foreigners have made in the
United States.
I
am not in favor of military aggression to promote commercial enter
prise, but I object to the sweeping implications which this language con
veys, as to investments abroad— to the reflection cast upon men who are
opening now markets for American products, and who represent not only
American industry, but American character and American ideas In foreign
lands. It is just as natural, just as legitimate and desirablo that capital
shall go out from the United States to Canada, Mexico, Cuba, South
America and other regions needing capital, as that Now England capital
should go into tho Mississippi Valley.
In tho great steel and equipment industries, and in numerous lines In
which largo scalo production has been developed, our advantages and
efficiency have enabled us, notwithstanding higher wage rates, to compete
successfully in the markets of tho world. W e have it in our power to make
good to a great extent, if not in full, the economic lossos of tho war, by the
manufacture of steel and labor-saving machinery. By increasing our own
capacity o f production and by supplying other countries not so advanced
as ourselves with capital and equipment, wo can render possiblo an actual
rise in the level o f living the world around.
Our now banking system has now provided more efficient machinery
than we have had before for financing commerce at low rates of interest.
These conditions had evolved beforo tho war. Wo woro ready we had*
begun, to reach out for world trade, and to tako a sharo in world’ finance
Now comes an accession of capital to us, while tho resources o f tho countries
which have heretofore led in world trade are being wasted in war.
It is not pleasant to discuss tho calamities of others as tho source of gains
to ourselves, and that is not tho light in which I would prosont tho subject
I doubt if in the long run there are any gains, and wo will have to manage
ourselves extremely well if you do not suffor loss. Ono of tho common
complaints against the labor organizations is that they endoavor to restrict
production, acting upon tho theory that thoro is only a limited amount
of work to be dono, and that it is good policy for thorn to make it go as far
and pay as much in wages as possiblo. It is a mistaken view, and it seems
to mo that the idea that wo will do bettor in foroign trado with Great
Britain and Germany out of it is basod upon the same error. It assumes
that tho amount of work to bo dono in tho world is fixed and limited,
whereas the truth is that thoro is no limit upon the amount of work that
may bo dono, or the amount of wealth that may bo created from the
resources of naturo, and all tho world is interested in abundance. The
purchasing power of ovory people is in its own powors of production, and
tho greater tho production of every country tho greater tho total volume of
trade will be, the moro ovory country will have for consumption, and the
higher the standard of living will be.
There aro certain inevitable limitations upon our activities, and there is
a certain balanco or equilibrium in affairs which In tho naturo o f things
must bo maintained. You cannot oat your cako and havo it, too. You
cannot give your full energies to each of several tasks at tho samo time.
There is a familiar saying that you cannot have it both ways, but people
aro always trying in theory to have it both ways.
If anything has boon clearly demonstrated in recent months it is that
you cannot have a permanently one-sided trado. You soon roach the point
where you havo to lend to your customer to enable him to continue his
purchases, and evidently that policy cannot go on indefinitely.
We must rocognlzo that after tho war is over all the pooplos now ongaged
in it will be factors in world affairs as beforo. I f they aro forcod out of one
market, they will appear In another; or if they aro compollod to soli less
they will bo obliged to buy less, and all of them havo boon vory good
customers of ours. I f Germany, for example, Is not ablo to sell abroad she
will be lost as a market to other countrios. If all of tho warring countries
should exterminate each othor, wo would be relieved of a lot of competitors
loso and the same economic quantity in customers.
Dec . 25 1915.]
THE CHRONICLE
2113
I
question whether the warring countries will be as badly crippled as we Such a rise of wages and prices does not signify real prosperity, but we
are disposed to think. They are expending an enormous amount o f energy are so accustomed to regard them as signs of prosperity that people are
unproductively, and this is waste, but it does not all signify loss as compared easily deceived. They are induced by these symptoms to act as though
with what they had before the war. Great Britain and Germany as yet prosperity was assured. They spend money, and, worst of all. Incur
have their productive equipment practically untouched. Even the prop obligations, upon the strength of their belief, and the whole business
erty destroyed does not represent total loss, for property is being destroyed situation becomes honeycombed and weakened by an extension of credit.
Since the flow of gold into this country is now unrestrained by the usual
daily in normal times to be replaced with something better. The loss o f
ii'e and o f physical capacity in the maimed is appalling, but wo do not know counter-influences which spring from international relations, its influence
will naturally go far beyond what would be possible under normal con
what psychological forces may be awakened by this experience. The in
ner resources of a people, and the response that may come under the pressure ditions. Unless we are on our guard, the stimulus of more and more
o f an emergency cannot be calculated. We know that a single invention gold, with a continuance of easy money and low interest rates, will con
may revolutionize an industry, and it is possible that these peoples may soon tinue to expand credits, and forco prices and wages upward until the level
o f costs upon which business is done in this country will be far above that
have greater powers of production than ever before.
As for the burdens placed upon the future, they, too, may be exaggerated. of the rest of the world.
When the war ends and Europe goes back to industry, the influences
Tho present "may waste the resources under its control, but it cannot draw
on the future. All o f the production o f tho future will belong to the pro which normally work to restore the equilibrium of trade and of credit
ducing generation; none o f it will go to the dead. The expenditures of the between countries will be released and come quickly into full operation.
war are being made out of the labor and energy of the present; as soon as the The United States will have more than its normal share of the world’s
war is over, all labor will be turned to reconstruction and production. gold, according to the distribution of capital, trade and industry before
All o f the food grown next year will be available to feed the population the war. Can we hold it? Only so much as our share of the world’s
o f that time; the armies o f to-day are not being fed from next year’s crops. business will enable us to hold. Wliat will our share be, if we are exalted
The debts will bo large, and there will be controversies about taxation, but upon a plane o f costs far above the rest o f the world? Can we immediately
it is a mistake to consider capital collected and paid out as interest as capi and voluntarily reduce wages and prices all along the line to meet the
tal lost to the community. It continues for the most part to be capital competition of Europe? Unless we do so, our exports will fall off, gold
available for investment for the employment o f labor, and for the upbuild will flow out, credits must be contracted, and the readjustment will be
forcod in rude and unrelenting terms.
ing o f the community.
If money remains easy here, and interest rates are lower and security
The waste and loss occurs during the war; all the world shares in it through
failure to make normal progress. I am not among those who think that prices higher hero than in Europe when the war ends, securities will come
this way faster than they do now. European holders who have hesitated
the competition o f Europe will be more formidable after the war, but I
believe it quite possible to over-estimate its disabilities. There will be a from timidity to part with their safe American investments will do so then,
trying period o f confusion and readjustment , and I would expect Industrial and thero will bo loss timidity here about buying European securities.
All o f this will promote an outward gold movement. Every influence
costs to be higher.
On the other hand, how will the United States be situated? It will have will tend to drain gold from us, if we have allowed ourselves to be lifted
received a large amount o f capital, and have the new opportunities in for to an artificial basis.
eign trade. How fast can we develop the trained organization to deal with i Of course, if we have self denial enough to simply receive the gold and
these opportunities? The institution with which I am connected has had hold it unused, until we have opportunity to exchange it for goods or
some experience with branches abroad. It has great difficulty in finding securities abroad, wo shall escape these evil effects. In that event we
men fitted for the foreign work, who are willing to go abroad to make their shall have merely given our goods for something for which we have no
homes. Those who have gone have usually left their families here; their present use, and which will be dead property while we hold it.
If we hold money idle under such conditions, we will show more self
children are in school and they prefer to have their children brought up
and started in life in the United States. After these men have been away restraint than any other people has ever exhibited. All in all, it will be
a year they become restless and want to be relieved. This matter of a safer to have this abnormal flow of gold into the country stopped. We
trained organization is all important, and it is a difficult problem. We do not need any more for the full employment o f our people or to enable
us to work our industries to the limit of their capacity. M ore will have
can develop it in time, but it will take years.
n it groat potentialities for mischief. It will be much better to use ad
There can be no general revival o f trade In the countries where wo hope
for it most: no largo opportunities, unless we take tho place of Great Britain ditional credits that accrue in our favor, first, in the purchase of our own
and Germany in providing capital for development purposes. We must securities now held abroad; second, in the purchase of securities repre
enter into tho industrial life o f those countries, engage in enterprises with senting good properties in other countries, preferably the countries of
them and create out o f their dormant resources the new wealth from which Latin-America, with whom we desire to establish more intimate relations,
and, finally, by temporary investments in commercial bills or Govern
will come our pay.
This is the practical operation of the “ exploitation” o f foreign countries ment obligations in the countries from which we are likely to experience
a demand for gold after the war is over. None of these forms o f invest
of which wo hear a great deal.
There is still another way by which investments In South America can ment will derange the home situation; they are all better than idle gold in
he made, and that Is by taking over the holdings o f British and European vaults, and all can be resold in foreign markets after the war Is over. If
investors in that field. Great Britain is now making very large purchases desirable to do so, as a means o f offsetting claims against us for gold. This
in this country and is obliged to find means o f payment. Furthermore, is tho prudent policy. It avoids taking gold which we cannot hope to
it is to our interest that Great Britain shall bo able to continue these pur hold permanently, and the acceptance of which means in reality the
chases. In order to promote this trade a $500,000,000 loan has been taken creation of a dangerous liability; it enables us to stay down on a level of
in tho United States, and tho British Government is now collecting American costs where wo can make a hopeful contest for trade after the war is over*
securities in England to be used for creating additional credits here. It and It will afford us a favorable entry into countries where there is a pos
is evident that tho sale o f British holdings o f South American securities sibility of building up permanent trade.
Concluding, I have the impression that I have not given a very hopeful
in this market will accomplish tho same purpose, and also give us connec
view of the position we are likely to occupy at the close of the war. I
tions in South America that will be o f permanent value to our trade.
How are we to make these Investments? Habits o f investment are ac have thought it quite as important to dwell upon the perils of the situation
quired by experience, and conditions in this country have favored invest as upon the opportunities. As already indicated, I have little faith in
ments in land and local enterprises. W e are practically without experience temporary gains from the crippling o f Europe. Those Injuries will be
with investments outside of the country, and it is a problem how long it will reflected upon us through all the countries with which we try to do busi
tako us to develop in this country a body o f cosmopolitan investors such as ness. We have a wonderful industrial equipment for the production o f
there is in England. Our commercial banks cannot properly tie up their things that all the world, including Europe, will want, but we can build
customers’ deposits in stocks and bonds o f foreign corporations, no matter up no permanent business abroad except as we can stand the test of effi
how good they may be. Savings banks cannot do it. W e must look to ciency in comparison with others. W e ought to welcome that test and
prepare ourselves for it. We ought to enbrace this opportunity to get out
private investors.
This movement cannot develop without method and organization. The into the world. W e will be broadened and stimulated, and do better
ndividual investor cannot go abroad to look up opportunities, nor would work for ourselves, because of competition outside. Some of our people
it be prudent for him to participate unless ample guaranties are afforded have already been winning at it, by the genius of genuine leadership.
We need to have all the facts, all of the perils and opportunities of this
as to tho soundness o f the enterprises offered. A responsible organization,
headed by men of known experience in tho enterprises which are undertaken, complicated situation understood by our people, from the captains of
must investigate tho opportunities, organize the properties, put them into industry down to the humblest worker. They are all alike concerned.
successful operation and manage them. Already several corporations have More than anything else in this country we need a better understanding
been organized under capable leadership to operate in this manner in the between capital and labor. The wage-earner must come to see that the
foreign fields, and this is one o f the most tangible stops o f progress wo have problem of increasing production and lowering costs is his problem as well
as the employer’s. An appeal must somehow be made to his spirit, to his
made.
So far wo have not considered tho direct effect of the war, or o f this inflow creative powers, which will enlist his willing co-operation and develop
o f gold, or o f tho now activities which we aro contemplating, upon condi his latent capacillties. This is the problem of American industry and
tions in this country, and this is the most interesting phase o f all. I have American employers are beginning to understand it. We have the highest
said that there is a certain balance or equilibrium in affairs which when dis wage scale in the world and we want it to be still higher, but you cannot
turbed is bound to re-establish itself. If, as tho result o f favorable trade make wages higher by increasing production costs. Higher costs simply
conditions, gold flows from one country to another, the effect will bo to go around to the rear entrance and settle down on the same premises.
More scientific production, larger output, better service, these are the
augment tho bank reserves in tho ono caso and deplete them in the other.
An increaso o f bank reserves will encourago tho expansion o f credit, stimu watchwords by which American industry cannot only win a leading position
late enterprise, create a domand for labor and goods, and cause prices in world trade, but establish more satisfactory conditions at home.
generally to rise. In tho country from which gold is flowing, tho opposite
phenomena Is seen. A reduction o f bank reserves results in a’ contraction
H O W A R D E L L IO T T O N D A N G E R OF I N A D E Q U A T E
Of credit, a chock upon enterprise, a relaxation o f tho demand for labor and
R A IL R O A D F A C IL IT IE S .
goods, and falling prices. Now, with prices, interest rates and securities
rising in ono country and falling in tho other, and free movements between,
Pamphlet copies have been issued of an address by Howard
tho two countries will react upon oacli other, and all influences In both will
Elliott, Chairman of tho Board and President of the New
work together to restore tho equilibrium.
Through the automatic operations o f these influences, the world’s’ output York New Haven & Hartford R R ., in which he warned of the
o f gold is distributed over tho earth. It does not stay in tho countries
where it is produced; they keep only so much as their share o f tho world’s dangers the country was facing because of the likelihood of
business will ontitle them to hold; tho rest finds its way to where it is needed the lack of transportation to serve it properly. M r .
just as water hunts out tho low spots. At present, however, the influences Elliott’s address was delivered on Oct. 15 before three
which normally tend to maintain an equilibrium between this countryjand
C onn., organizations— tho Young M e n ’s
Europe aro suspended. Gold has poured into this country in an unprece Middletown,
dented amount and is still coming. Tho rates o f interest at the centers Christian Association, the Chamber of Commerce and the
aro phonomenally low, and thero is every encouragement to credit expan Twentieth Century Club.
In discussing the inability of the
sion. Industry has now recovered and is undor full headway. Tho labor
roads to increase their facilities as they should, because of
forco Is fully employed; the productive agencies o f tho country are in full
operation, and yet tho stimulus o f new supplies o f gold continues to be hampering restrictions, M r . Elliott says:
appliod. Undor these conditions there is only one way in which additional
One of the dangers that the country is now facing is imminent also In
supplies o f money can find employment and that is by diluting the value New England; it is that there may not be enough transportation to serve
o f tho existing stock, raising wages and prices, so that a larger amount of the country properly and to take care of the growing business. Already
money will bo required in order to handle the same volume of business.
there is a serious congestion on tho Jersey side o f New York Har bor, and
2114
THE CHRONICLE
[Vol. 101
an audience of the King, who for tho second time in a few months has
been laid low with illness. M . Skouloudis spoke with the air of a man
who had carried out a brave fight, almost as one who had for a time found
tho struggle beyond his powers. There was a traco of emotion in his
voice as he spoke.
“ W e are at the most critical moment in our history,” he said." The
moment is, alas, even tragic, and the future is as black as night. I tell
you this because you are not unknown to mo, because I have confidence In
your integrity and your impartiality as a journalist. The timo Is come
when the truth should be known, when the British public should have an
opportunity of forming an unbiased judgment concerning Greece’s attitude
and Greece’s policy.
“ M y country has been maligned, her Government has been attacked;
yet I say, in all sincerity, the fault is not ours. We have tried to play the
game, as you English say, and if we have failed I maintain it is the fourPower Alliance, not we, who are responsible. In my own way as head
of the Government, I have earnestly sought to see eye to eye with the fourPower Entente. If Greece is not fighting wholo heartedly on your side
to-day it is because your statesmen and your diplomatists— I am speaking
in general terms of the quadruple Powers— have failed in their duty toward
thoir respective countries and toward Greeco.
“ Wholly and disinterestedly I endeavored to avoid a confllctvin M ace
donia. I sought to prevent poor Macedonia being given over afresh to
the horrors of war. being visited with fire and sword, being pillagod perhaps
and sacked. M y poor country. Oh, that I could have saved her from
this era of blood and rapine."
Overcome with the thoughts of which ho spoke, the aged statesman
bowed his head on his hands and was silent for a few minutes. Then he
spoke again.
“ The Allies have flouted and angered Greeco instead of placating us.
Instead of dealing with us frankly thoy havo coquetted with Bulgaria
while treating us disdainfully. Tho result is the Allies have fallen between
two stools. The errors of thoAlliod'Powors' diplomacy havo boon many.
They have suffered from tho folly of divided counsels, and now there is
an attempt to throw the blame on Greece.
“ If the Allies had come frankly to Greece and her Premier; If they had
said,
‘ Come in with us, wo want your aid. and you may count on clearly
defined recompenses at tho end of the struggle,’ Greeco, I affirm, would
not have hesitated for a single minute with this or any other Government
in power. Instead of this, England and France began by demanding
sacrifices from Greece.
“ We were asked to co-operate with the Allies In tho Dardanelles, and at
the same time were asked to relinquish Kavalla and Seres to our bitterest
foes, to give up. in fact, those of our richest provinces which had been won
by Greek blood. We were freo to shod our blood in an attempt to force
tho Dardanelles, but wo were warned that on no account were wo to dream
o f marching to Constantinople In the ovent of alllod success. In fact, in
deference no doubt to Russia, it was expressly forbidden in tho ovent of
your success for the Greeks to show their national flag within fifty miles
of the ancient Byzantine capital.
Y ear.
P a y - R o lls .
T axes.
D iv id e n d s .
“ After all Greece too nourishes her national dreams and ambitions, and
$63,474,67900
$237,964,48200
1905 ........................$839,944,680 00
if our eyes turn from time to time eastward, who shall say this aspiration
1906 ...................... 900,801,653 00
74,785,61500
272,795,97400 is an unworthy one because it emanates from Greek hoarts? Let mo say
1907 ....................... 1,072,386,427 00
79,640,01300
308.088.62700 further that much as wo have felt tho bitternoss of the treatment accorded
1908 ................ ...1,035,437,528 00
78.673,79400
390,695,35100 to us, wo have striven to forget the Indignities heaped upon us, and through
1909 ...................... 988,323.694 00
85.139,55400
321,071,62600 out the whole wretched business our sentimonts over havo been on tho side
1910
1,143,725,306 00
98,034,59300
405,771,41600 o f the Allies. Wo have not forgotten the England of yesterday. We have
1911
1,208,466,470 00
108,309,51200
460.195,37600 not fogotten Gladstone and his noblo labors In tho causo o f Greek freedom.
1912 .......................1,252,347,697 00
120,619,87400
400,315.31300 Our culture to-day is largely of the Occident. Our thoughtsTmoro often
1913
i 381 500,000 00
129,836,100 00
369,077,546 00
have turned towards England and France than towards Germany. The
1 9 1 4 lIZ Z IIIIIIIIZ ll381 ,117,292 00
150,371,100 00
377,632,974 00
concrete, scientific achievements of tho latter have not been lost upon us,
The increaso in the total amount o f wagesjpald, from 1905 to 1914, was
but where is the Greek heart that forgets tho land that gave us Byron?
$541,172,612. In the same period, tho taxes jumped from $63,474,679
You have bullied us; wo have simply turned tho other cneek meekly and
to $150,371,100— 136.9%. The dividends paid increased $237,964,482.
uncomplainingly. We honestly sought to aid you, and proffered you aid
In the ten years between 1905 and 1914 tho total number o f locomotives
which you rejected.
grew from 48.357 to 64,760, the number of freight cars from 1,731,409 to
“ In proof of what I say, I will tell you something not generally known.
2,325.647. On the Now Haven road alone, from July 1 1903 to June 30
1915 there was paid out in dividends $92,135,064 44, and in wages to the When you embarked on the Dardanelles expedition wo warned you of its
difficulties and dangers. We emphasized tho improbability of success on
men working on the New Haven and allied companies that helped to con
the lines you had chosen. We did moro: The Greek Goneral Staff long ago
tribute to the dividend fund $387,300,359 85.
had worked out a perfect scheme of operation to bo utilized in tno event o f
Now, one o f the great questions before the country is tho proper treat
war between ourselves and Turkoy. We still believe you would havo suc
ment o f this great transportation agency, and those problems are taking the
ceeded if you had been wiso enough to adopt it. What came of it? Noth
thoughtful time and attention of thousands o f men employed in tho businoss,
ing. Once more Greece was flouted.
and they should also receive tho thoughtful attention of co-operativo bodies
"Such has been our reward. W o havo been grossly misunderstood and
liko those represented in this room. We all want to make this groat machino
misjudged. I think it right tho pooplo of England should know something
adequate, safe and equipped to give satisfactory servico and to pay a reason
of this. Because wo saw no other reasonable choice, the Allies ignored and
able return to the owners. Thore aro, howover, as I have said, many com humiliated us. Wo decided to contlnuo neutral, and latterly havo been
plications and, at times, injustices. * * *
treated with tho ignominy of a conquered people. Wo havo almost been
From one cause and another, tho groat ploco.of railroad machinery, whose goaded into hostilities against you.
efficiency is so vital to the welfare o f the country, is somewhat out of ad
" L e t us take tho expedition to Saloniki. Whether Greeco Invited the
justment. Sooner or later it will come back, but the sooner it comes Allies to come there or not Is now besldo the question, you aro in possession;
back, the better for the growth o f the country, and if tho people can realizo and I maintain this Government In listening to and accepting tho ever
tho seriousness o f the situation, the sooner will they apply the necessary growing demands of tho Allies’ army of occupation lias gone to tho extreme
remedial measures. At tho present time, there’are 41,988 miles of railroad, limits of friendship compatible with neutrality. You havo taken our rail
with a capitalization o f $2,264,000,000 in the hands o f receivers. This is ways and telegraphs, and built intrenchments In our territory. In return
moro than one-sixth of the railroad mileage in the United States, and is everything is dono to increaso tho fooling of irritation at tho prosonco of
more than the total railroad mileago o f any other country In tho world, foreign troops on our soil.
except European and Asiatic Russia, combined. This is not a healthy or
“ You have taken everything, yet you ask for moro. Tho other day one
wholesome condition, and it is tho greatest mileage o f railroads ever in the of the Entente Ministers camo here and insolently told mo tho Government
hands o f receivers at any one time in the history o f this country.
had broken promises mado by our King. It was untruo, and I felt his lan
There is another side to this question o f railroad efficiency which is of guage was an insult. I told him so and flung his written protest back.
national importance, and it is the question o f national defence. To-day, Further, my indignation went to tho length of communicating officially
the railroads are just about able to copo with tho situation, but suppose with Sir Edward Grey and M . Brland and telling them In plain, undiplo
the added burden of a war should be thrown upon them? If they were in matic language my opinion o f the protest.
sufficiently equipped, undermanned and not well organized it would be a
“ Greece’s friendship has been repaid in a singular way. An embargo
very serious problem for us as a nation. It is well, therefore, to think of has been laid on our commerce and our ships held up. A pooplo friendly
this in connection with the fair and proper treatment o f the railroads.
to the Entente has been within an ace of being starved for want of bread.
Our cable communication, too, has been suppressed. In saying all this I
am simply attempting to furnish tho Liberals of England and tho English
people with what I consider an unbiassed, dlspasslonato rosumo of tho Greek
P O L IC Y OF GREECE D U R IN G T H E W A R .
case against tho Allies.
An interview with M . Skouloudis, the Greek Premier
“ I say again, with all emphasis, that if Groeco is noton your side to-day,
and Minister of Foreign Affairs, by a correspondent of the valiantly fighting by your sldo for tho preservation of high Ideals which are
as dear to tho Greeks as they aro to Frenchmen or Englishmen, tho fault
London “ Daily Chronicle,” at Athens, in which the policy
is not ours; it is yours.
of Greece during the present European conflict is detailed
“ We como now to to-day. Our aid was spurned, nevertheless wo have
at length, and in which the Allies are accused of having given freely. We have dono our utmost for you and your cause; that is to
say, the utmost you in your own blundering, high-handed, haughty way
“ flouted and angered Greece” instead of placating her, is
would permit us todo. Nowwoaro faced by a stillmoro torriblo problem.
published in the New York “ Tim es” of the 23rd inst. in How aro we to stop our land from being deluged with blood? Onejset of
the belligerents already is there and a second sot is soon to como. Strictly,
a special cablegram, and we reproduce the same herewith.
Athens, Dec. 20, (Dispatch to Tho “ London Daily Chronicle")— they have a perfect right to do so, since tho Allies havo boon allowed to
I have been fortunate enough at this critical time o f the Greek general enter. Tho Austro-Germans may bring their allies, tho Bulgars— what
election to have an interview with Premier and Foreign Minister Shou- can we do? How can wo prevent tho ingross of an enemy who, already
oudis.j£|The PrimeJMinister had just como from tho palace, where he had successful in Macedonia, has an eye on Kavalla and Seres?
there has been difficulty in moving business satisfactorily at a number of
points iu Connecticut. From 1903 to 1914 the service furnished by the
New naven road to New England increased moro than 40% • ^ o furnish
that increased service large additions had to bo made to the facilities of
the company. During the last few years railroads generally, and the New
Haven road particularly, have not been able to add to their facilities to
the extent that they should, so that now, in places, there are not sufficient
facilities and we o f the railroad are striving in every way to make the maxi
mum use of the facilities we have and to be as economical as we can, so that
we may have money with which to make needed improvements.
Inter-State Commerce Commissioner Daniels realizes the seriousness
o f the problem, as injalm inority report which ho mado in the so-called
“ Five Per Cent Rato Case” |ho'!discussed the question o f a living wage for
the railroad and used thelfollowing language:
"T h e world-wide phenomenon o f rising prices is by this timo no novelty.
Since 1906 the averagelrise in the world’sjprice level is estimated by com
petent statisticians at from 30 to]50% . It has mirrored itself in the rising
cost o f living; it has evoked, andjmost properly, advance in wages and sal
aries; it has coincided withjanlincreaselin the nominal rate o f interest where
part o f the interest so-calledlislbutjcompensation for tho anticipated de
preciation o f the capital sum later to bo repaid. This rise in the price
level must eventually bo reckoned with in railroading. For a timo its ef
fects may be masked by adventitious increases in the volume of traffic,
but this temporary relief in its very nature is uncertain, and sooner or later
the difficulty is sure to reappear. For altimo it may bo circumvented by
extraordinary economies, but in its nature it is inexorable. It must be
faced, not trifled with. It is hardly an adequate remedy to accord to car
riers relief only when their returns have reached the well-nigh desporate
level now shown in CcntrallFreightJAssoclation territory. Even before
this inadequate return is evidenced, highor rates are warranted. Such a
solution o f the present case would have done no less than justice to the car
riers and would have promoted the welfare o f the community they servo.
“ A living wage is as necessarylfor ajrailroad as for an individual. A car
rier without a sufficient return to cover costs and obtain in addition a mar
gin o f profit large enough to’ attract now capital for extensions and improve
ments cannot permanentlyjrender^servlce commensurate with tho needs
of the public. Eventually it. may comojabout that railroads will be owned
and operated by the Government.?*'That is a matter o f public policy which
it is not the province o f this Commission'to^consider. But that such a de
parture from the present policyjof private ownership and corporate opera
tion should be materially hastcnedlbylthojreluctanco o f new capital to in
vest in these properties would seem tolbe a grave indictment o f our present
system o f regulation and control."
Tho magnitude o f tho railroad systemslof tho country is also shown in
the large pay-rolls, tho great sums paid in taxes and tho amount paid in
dividends, nearly all o f which sums pass through tho hands of the railroads
and back to tho people who livojalong tho lino o f those railroads. This
table gives some interesting information as to pay-rolls, taxos and dividends
for tho years 1905 to 1914, inclusive:
D eo. 25 1915.]
THE CHRONICLE
2115
"W o are hoping for guarantees for retrogression, after the war, of the
occupied territory. We are under no delusions. Paper guarantees are
at a discount nowadays. IIow can we make war on Germany and Austria
and two Balkan Powers all to oppose the passage o f the Bulgars ? Wo stand
every chance o f being overwhelmed. Our enemies will be on top of us, be
cause, while our determination to resist invasion by the Bulgars remains
unaltered, our power o f offensive has been weakened through our army,
at the request of the Allies having, modified its hold on certain strategic
positions essential to the successful conduct o f a campaign.
"S o . as I see it, Greece is,to bo ravaged by a cruel, relentless war because
the Allies badly blundered in a diplomatic as well as a military sense. Do
I overstate the case when I say it Is a tragic hour for my country? I
think n ot.”
M . Skouloudis, while distinctly pessimistic, hoped Greece might yet be
spared the horrors o f a Bulgarian Invasion. lie told me he contemplated
retiring from the Premiership on account of Sunday’s general election.
When the Chamber met he would tender his resignation as chief of the
Government. He felt, he said, it was his duty, in order that the exacting
cares and burdens o f office might fall on younger shoulders.
The Ministry, in all probability, ho said, would be constituted by
M . Gounaris, the leader o f the party which secured the largest following
in the present elections. He, M . Skouloudis, would, if necessary, remain
and co-operate loyally with the new Premier and would make every effort
to have Greece keep intact her national honor, her dignity and her territory.
Finally the Premier said: “ It is more in sorrow than in anger that I have
spoken in this way. I have remained silent too long under aspersions.
It is time the Greek Government was heard in its own defense.”
This embargo has been further oxtendod to include shipments originating
at all points on tho Pennsylvania R R ., Philadelphia Baltimore & Washing
ton R R . and West Jersey & Seashore R R . This embargo does not include
perishable freight, live stock and dressed meats.
The New York Central has announced an additional embargo on rails
and fastenings, billets, sheets and bars, wire, locomotive parts and car
parts, pipe, &c., in car loads, consigned to or to be reconsigned to New
York for export.
The New York Central also announces an embargo on all carload freight
consigned or to be reconsignod to Now York for export or coastwise ship
ment, or for lighterage delivery at New York, except livestock, grain,
fresh meats, provisions and munitions, and covering shipments o f acids
and liquors.
1'ho Lehigh Valley Railroad announces the following embargoes: All
eastbound traffic from all connecting lines destined to points on or via the
Lehigh Valley R R ., except the following: Flour and grain products, high
explosives, livestock, provisions, dressed beef, perishable freight, coal and
coke and fuel oil.
A review of tho general situation as to the cars on tho lines of the trunk
lines or at terminals disclosed that the conditions as to the total number
of such cars had not been materially reduced, notwithstanding the former
embargoes. Some o f the roads reported some decline in the number of
cars, while others showed an increase. The former figures that had been
stated, namely 45,000 cars, as representing the number on the line and at
terminals, was mainly package freight and did not include all cars o f bulk
grain. If the grain which is in elevators or afloat awaiting transshipment
is included, it is found that there are approximately 50,000 cars on line
or at terminals destined for delivery through New York harbor points.
A D D I T I O N A L FREIGHT EMBARGOES.
According to the New York “ Su n ,” the freight depart
ment of tho New York N ew Haven & Hartford reported
on Tuesday that the Western roads had raised the embargo
against shipments to the N ew Haven system which had been
in effect a week or more. The New Haven, it is stated, is
prepared to accept shipments from all points on connecting
lines.
Tlio adoption of further embargoes to relieve the con
tinued congestion of froight at the railroad terminals in
New York was found necessary this week. Supplementing
its provious action the Pennsylvania R R . on the 17th inst.
issuod an embargo on all shipments for the New York dis
trict, excepting “ foodstuffs and coal for necessary pur
poses,” and the Now York Central and the Lehigh Valley
also the curront week declared additional embargoes. The
Pennsylvania’s latest action was announced in the follow
ing statement issued by the company:
Duo to tho unfavorable woather conditions—snow and heavy fog—pre
vailing during tho last week, the Pennsylvania R R . pas been unable to
rollovo tho congestion o f freight in the New York district, even with an
embargo on freight from connecting lines.
In order, therefore, to make greater headway and to prevent an absolute
blockade, which has been impending, it has been determined for the present
to embargo all freight for the New York district, excepting, of course,
foodstuffs and coal for necessary purposes.
Lator in the week, on the 23d, the Pennsylvania, in a
statement indicating that a modification of its restrictions
was hopod for next week if the weather conditions continue
favorablo, said:
_ Argument against the proposed reduction in free storage
time on froight from thirty to fifteen days, which the
roads are to put in force on Jan. 1, was heard by the Inter
State Commerce Commission on Wednesday. J. C . Lin
coln, Alanager of the Traffic Bureau of the Alerchants’
Association of N ew York, made the principal argument
against the movement on behalf of the exporters. Thei re
duced time, M r . Lincoln pointed out, will apply to Boston,
N ew A ork, Philadelphia and Baltimore, Norfolk and New
port Nows, known as the North Atlantic ports. According
to the “ Journal of Commerco,” he declared that the chief
objections to tho reduction of this free time are two in num
ber. First, the proposed change, he said, will not accom
plish the results sought by the railroads, but will cause
further irritation and more delays in shipments. Secondly,
he declared, tho reduced time will embarrass the handling
of tho foreign trade of the United States, in its further
reference to the hearing th e. “ Journal” says in part:
Duo to tho good woather which has prevailed during tho last few days, and
to the fact that with the exception o f food products and certain coal it is not
accepting freight for tho congested territory, tho Pennsylvania R R ., by
urging consignees to accept freight, has boon able to make some impression
on the vast quantity o f traffic which has been held back in yards and on
sidings along its linos.
The railroads have a provision allowing sixty days for the movement
It Is hoped if tho woather conditions remain favorable that some time and discharge of through export freight. That is, sixty days are allowed
next week the situation may improve sufficiently to permit o f modifications for the movement of freight from Chicago to New York and discharge
in tho restrictions now existing on traffic for track and station delivery in to the ship at the latter port. On the other hand, M r. Lincoln said, the
tho Now York district, except, o f course, those commodities of which railroads are seeking to reduce the free time of thirty days heretofore al
there remains an accumulation.
lowed a shipper using the domestic export movement and still no change is
If shippers will forward only such freight as can be disposed of promptly proposed in the sixty-day rule applicable to through export freight. At
upon arrival in tho New York district, every one will be benefited. On tho this point C. C. McCain, who appeared on behalf of the trunk lines, in
other hand, if thoy persist, in forwarding freight which is not needed at des terrupted. Mr. McCain indicated that the railroads would have a modifi
tination, and which cannot bo disposed o f upon arrival, tho congestion will cation of the sixty-day rule to propose at a later date. He said that there
probably bo repeated and a resumption o f restrictions will again be made was no intention of making a discrepancy between the two forms of export
necessary.
movement and that tho roads merely desire to effect one reform at a time.
It is the intention of the Pennsylvania Railroad Co. to analyze carefully
M r. McCain replied in brief to the arguments made against the proposed
the lighterage froight awaiting delivery, and where the supply o f any one change in free time at the ports. He doclared that many delays in de
commodity has boen disposed of by the consignees, to remove tho restric livery are caused by the fact that the exporter elects to furnish his own
tions on that commodity if conditions justify it, loaving the restrictions lighterage. In other instances the delay or .holding up of a ship is due to
stand where an accumulation of any particular commodity exists
the fact that the shipment may be comprised of bulk or bulk freight. The
All arrangements for modifying the restrictions— the embargoes— now speed with which such freight may be loaded into a ship depends largely
existing on lighterage freight, either for local points or for export, will be upon the fact whether or not it is.bulk or package goods.
made by a special bureau established at the Pennsylvania Station. New
The representative of tho trunk lines furthermore pointed out that this
York. This bureau will handle all inquiries from consignees.
reduction o f the free time was not a matter which has arisen by reason of
Tho Pennsylvania RR . is doing overythingit can to relieve tno congestion the present congestion of export goods at the Eastern ports.; He said that
existing on its linos. In the meantime it is exerting every effort to take care it is a rule which the roads have had under consideration for some time,
He declared that the best
of tho transportation needs o f those industries and individuals located on and prior to tho present congestion of freight.
the linos of its system. To that end it asks the active co-operation of all way to establish the justice of the reduction in free time is by comparison
shippers.
with the practice prevailing at other ports. He pointed out that the free
A statement sotting out the various now embargoes time on export froight at Galveston Is but ten days, and that the free time
on exports’ shipments at Montreal is but two days on most goods and
doclarod was issuod on Tuesday by C . C . M cC ain, Chairman five days on a limited class of goods.
of tho Trunk Lino Association, following tho meeting of
traffic reprosentativos of the Eastern lines. W e give Air.
M cC ain ’s statomont below:
Owing to tho continued congestion and tho largo accumulation of freight,
tho following additional embargoes have been announced by tho trunk
lines loading to Now York:
The previous announcement of the Pennsylvania RR. embargoed all
carload and less than carload freight, including traffic switched from con
necting linos (oxcept on the Pennsylvania R R ., Philadelphia Baltimore &
Washington RR. and A est Jersey & Seashore R R .), when consigned, ro\
conslgnod or to be reconsignod to Now York lighterage, whother for export,
coastwise or domestic deliveries, except dressed meats and other perishable
froight, flour and other food products.
This embargo has now been extended to include shipments originating
at all points on tho Pennsylvania R R ., Philadelphia Baltimore & Wash
ington R R . and West Jersey & Soashore RR.
Tho further provious announcement, of tho Pennsylvania R R . em
bargoed all carload and less than carload freight, including traffic switched
from connecting lines, originating at all points (except on tho Pennsylvania
R R ., Philadelphia Baltimore & Washington R R . and West Jersey & Seashoro RR .) when consigned, reconsignod or to be reconsignod to Waverly
Transfer, including Newark and points east thoroof, and for connecting
lines via junctionlpoints east of Waverly Transfer.
In addition to the Merchants’ Association others repre
sented among tho protestants against the ruling were the
United States Steel Products C o ., tho New York Produce
Exchange, the Jones & Laughlin C o ., &c.
REPOR T OF P O S T M A S T E R - G E N E R A L B U R L E S O N .
Through the parcel post service of the Post Office Depart
ment 1,000,000,000 parcels are handled annually, according
to tho statistics of the Department. This is pointed out in
the annual report of Postmaster-General Burleson in indi
cating tho results of the operation of the parcel post system,
concerning which he says in part:
Notwithstanding the adverse business conditions resulting from tho war,
the year just ended records desirable and gratifying growth of the parcel
l>ost. In operation less than three years, this service has become a trans
portation agency o f the greatest importance.
To enable tho department to ascertain the growth of the service as
well as its revenues and costs, periodical counts have been made and
detailed information obtainod at all first and second-class offices and at a
2116
THE CHRONICLE
[Vol. 101.
practicable the proposed legislation recommended by the Post Office
Department authorizing the change from the weight basis to the space
basis of adjusting compensation to the railroads for carrying the mails and
providing liberal and adequate rates of pay with which recommendations
the conslusions o f tho Joint Committee of Congress, which reported Aug. 31
1914, are substantially in accord. A measure providing for this desirable
and much-needed change was incorporated in the annual Post Office
Department appropriation bill last winter. Owing to tho failure of that
D°These statistics indicate that the postal service is now handling 1,000, bill in the closing hours of Congress, action upon the question was post
000,000 parcels annually. When it is considered that prior to the estab poned. Tho advantages o f the proposed legislation are more than ever
lishment o f the parcel post not more than one-fourth o f that number were apparent and the recommendation is here earnestly renewed for its re
handled, the immense popularity and growth o f the service is at once enactment at the coming session as passed by the House of Representatives
apparent. It is also highly gratifying that by the adoption of more efficient. at the last session o f Congress and favored by the Department.
methods, predicated upon experience gained since the establishment of the
service, the Department has been able to greatly reduce the average cost
o f handling parcels. In connection with the transportation and handling G O V E R N M E N T I N Q U I R Y I N T O R A I L R O A D R E G U L A
o f this immense volume o f mail, many difficult problems have arisen.
T IO N PROPOSED I N N E W L A N D S R E S O L U T IO N .
However, they have been successfully solved, and notwithstanding the
In line with the proposal of Representative Underwood
tremendous growth o f the service, which has exceeded all expectations,
the parcel post has been handled expeditiously and without delay to other and the suggestion of President W ilson, a resolution has been
mail. Even during the holiday seasons, when the number o f parcels at
many offices was several times the usual number, deliveries were made introduced in Congress by Senator Newlands calling for the
promptly and no congestion resulted. While a still greater volume is appointment of a committee to investigate the conditions
anticipated during the coming Christmas period, and the service, no doubt, relating to inter-State and foreign commerce, with a view to
will be taxed to its utmost, no difficulty is anticipated, as preparations
determining whether any further legislation should be under
have already been made 'to handle the traffic without delay.
Every effort has been made to carry out one o f the original intentions taken on behalf of the railroads. The resolution proposes
o f the Parcel Post Act— that o f placing the producer and consumer in that the subject be “ studied in the light of tho experience and
closer touch with each other. The results thus far obtained clearly demon
strate that the belief that the parcel post in time will become an important suggestions of the Inter-State Commerce Commission, of
factor in improving and cheapening the food supplies o f the largo cities tho carriers, of tho shippers and of the general public, with
was well founded, as the parcel post, with its millions o f miles of rural ser a view to adequately safeguarding the interests of tho public,
vice, provides excellent means for such shipments, which wero not heretofore
enjoyed. A large number o f officers have been designated to test the “ farm- securing the establishment and maintenance of transporta
to-city” service, where farmers are entitled to register, without chargo, their tion facilities adequate to the needs of a growing and expand
names and designate the commodities they desire to sell, from which lists ing commerce, and assuring to private owners and the invest
are compiled, and distributed generally to patrons o f city offices. This
experiment has been beneficial both to the farmer and the consumer and ing public just consideration and protection of their legiti
has resulted in materially increasing the traffic, but much remains to bo mate rights of proporty.”
It is provided that the inquiry
done toward the standardization o f products and prices. It will be
be undertaken by a joint sub-committee composed of five
necessary for rural shippers to adopt the business policy characteristic of
commercial enterprises in order to make this experiment a success and members each of the Senate Committee on Inter-State Com
start the flow o f traffic that will benefit both the farmer and the city merce and the House Committee on Inter-State and Foroign
purchaser. The Department o f Agriculture has been working in conjunc
Commerce. The committee is called upon to report its
tion with this Department in bringing this about, and the results thus far
obtained are exceedingly gratifying. Exhibits have also been authorized findings to Congress before D ec. 18 1916. The following
by the Department at county. State and other fairs, where the advantages is the resolution in full, as introduced by Senator Newlands
o f the parcel post, the kinds o f merchandise that can be shipped, and the
proper method o f packing are brought to the attention o f the public in a and referred to the Committee on Inter-State Commerce
very forceful manner.
on the 17th inst.:
Joint resolution creating a joint sub-committee from tho membership
In dealing with effect of the war on the finances of the
o f tho Senate Committee on Inter-State Commerce and tho Houso Com
Postal Department, the Postmaster-General states that “ the mittee on Inter-State and Foreign Commerce to investigate the conditions
shock to business the world over following the outbreak of the relating to inter-State and foroign commerce, and tho necessity o f further
European war caused a large loss of postal revenue. For legislation thereto, and defining tho powers and duties of such sub-com
mittee.
this reason, and because certain large increases in postal ex
W h e rea s , a number of bills are now pending in Congress having for their
penditures were mandatory under the law , there is an audited object the further regulation of carriers engaged in Inter-State commerce;
deficit for the fiscal year 1915 of $1 1,333,308 9 7 .” The reve and
W h erea s, the Inter-State Commerce Commission has, from time to time,'
nues for the year amounted to $287,248,165, a decrease of made recommendations to Congress in relation to tho general subject of
0 .2 3 % under the preceding year as compared with an in regulation, some of which are now under consideration, but have not yet
crease of 7 .9 9 % for 1914 over 1913. There was expended been acted upon; and
W h erea s, a system of governmental regulation of inter-State commerce
$2 98,546,026, an increase of 5 .2 9 % over the preceding year has now been in effect for 28 years, during which period tho extent and pow
as compared with an increase of 8 .1 9 % for 1914 over 1913. ers of regulation have beon, from timo to timo, varied and onlargod, and
M r . Burleson adds that “ for the fiscal year 1915 postal there has thus been accumulated valuable experience for tho guidance of
Congress In the premises; and
receipts remained about stationary, whereas, normally at
W h erea s, the growth of inter-Stato commerce and tho enlargement of tho
least, the average rate of increase, which was 7 .2 1 % for the powers and duties of regulation have so increased the exactions on tho
Inter-State Commerce Commission as to necessitate in tho public interest
years 1910 to 1914, inclusive, should have been maintained.
tho consideration of tho bast method o f dealing with tho situation and of
This would have meant additional receipts of about $21, expediting tho public business; and
W h erea s, adequate and well-managed transportation facilities constitute
000,000. This sum approximates the cost of the European
a primo necessity o f business prosperity and aro a common intorost of all
war to the American postal service.”
tho people, and in order to afford those facilities and to onlargo thorn as the
Of the total deficit of $11,333,309 the present year, all but needs of commorco increase tho credit of tho carriers and tho proper regu
$309,688, says M r . Burleson, was the result of mandatory lations of their operations are matters of fundamental concern; and
W h erea s, as a basis for any further legislation that may bo undertaken
legislation, $7,823,114 having been oxpended as increased by Congress in this regard tho whole subjoct of govornmontal regulation
should bo deliberately and thoroughly studied in tho light of tho experience
salary to postal employees and $3,200,507 as additional pay
for railroad transportation. According to the report, the and suggestions of tho Intor-Stato Commorce Commission, of tho carriers,
of tho shippers and of tho general public, with a vlow to adequately safe
returns from the operation of the postal savings system for guarding tho interests of tho public, securing the ostablishmont and main
the fiscal year 1915 show that the increase in business, both tenance of transportation facilities adequato to tho needs of tho growing
and expanding commorce, and assuring to private owners and tho invest
in number of depositors and amount deposited, was larger ing public Just consideration and protection of legitimate rights of property;
than for any previous year during which the system has been
N o w , th erefo re, it lias beon resolved by tho Sonato and Houso o f Repre
in existence. On June 30 1915 the number of depositors was sentatives, That the Inter-Stato Commerco Commission of the Sonato and
tho committeo of tho Houso of Representatives on intor-State and foroign
525,414, a gain for the year of 136,903, or 3 5 .2 % . The commerco, through joint sub-committee to consist of five Senators and five
amount on deposit to their credit was $65,684,708, a gain for Representatives, who shall bo soloctod by said committees, respectively, be,
the year of $22,240,437, or 5 1 .2 % . The increase in business and they aro heroby, reappointed to investigate and report upon tho subjoct
o f tho regulation o f inter-Stato and foroign commerco with authority to sit
in a number of cities, says the report, was phenomenal. In during tho recess o f Congress, with powor to summon witnesses and to ap
N ew York City the deposits increased 1 9 9 .4 % ; in Bridge point tho necessary oxperts, clerks and stenographers and to do whatover
port, C onn., 1 8 8 .3 % ; in Brooklyn, 1 6 7 .2 % ; in Paterson, is necessary for a full and comprehensive examination and study o f tho sub
ject and to report to Congress on or bofore tho third Monday In Decem
1 6 2 .1 % ; in Jersey C ity, 1 2 2 .1 % ; in Detroit, 1 1 2 % . In ber next.
______________________
number o f representative third and fourth-class offices o f the number of
parcels handled, the amount o f postage thereon, and the costs o f the service.
Statistics in the minutest detail are compiled from these data for the
60 largest offices, which represent approximately one-half o f the entire
postal business. The latest count, from Oct. 1 to 15 1915, shows that
30,939,730 parcels were mailed at these offices, on which the postage
amounted to $1,856,602 82, and the total weight aggregated 41,815.452
twelve other offices having large deposits the increases ranged
from 50 to 1 0 0 % . The Postmaster-General renews the
recommendations made in his last two annual reports that
early action be taken by Congress declaring a Government
monopoly over all utilities for the public transmission of in
telligence. “ A s soon as practicable,” he says, “ tho tele
phone and telegraph systems of the United States should be
incorporated into the postal establishment.”
W ith regard to the compensation to the railroads for carry
ing the mails, M r . Burleson says:
N O B A S I S FO R A L L E G A T I O N T H A T R E B A T E S
P A I D TO S T E E L C O R P O R A T I O N .
WERE
The report of the inquiry conducted by tho Inter-State
Commerce Commission into the alleged acceptance or giving
of rebates by the United States Steel Corporation was pre
sented to the United States Senate in responso to the reso
lution calling for the investigation, on the 10th inst. The
Commission in announcing its conclusions, states that it
has “ reason to believe that there is no basis for tho allegation
In justice to the railways, the Post Office Department and the publict
it Is a matter o f increasing necessity that there be enacted as soon a s that wholesale rebates have been paid to tho Steel Corpora-
Dec. 25 1915.]
THE CHRONICLE
tion during the period o f six years m entioned in the resolu
tio n .”
W e give the report of the C om m ission in full below:
IN
T H E M A T T E R O F A L L E G E D R E B A T E S T O T H E U N IT E D
S T A T E S S T E E L C O R P O R A T IO N .
A p p r o v e d J u n e 28 1915.
R E P O R T T O T H E S E N A T E O F T H E U N IT E D S T A T E S .
B y th e C o m m is s io n :
On F eb. 2 1914 the S en a te o f the U nited States passed the following
resolution:
‘ ‘ R e s o l v e d , T h a t the Inter-State C om m erce C om m ission Is hereby re
quested to co n d u ct an exam ination and in quiry for the purpose o f ascer
taining whether the United States Steel C orp oration , or any o f its sub
sidiaries. has been gu ilty o f giving or receiv in g any unlawful rebates, offsets
or preferen ces, especially within the last six years; and if said Commission
finds that such unlaw ful rebates, offsets or preferences have been given or
received, then the Comm ission is directed to rep ort the dates and amounts
th ereof to the Senate fo r its inform a tion .”
Shortly after a co p y o f the resolution had reached us the Comm ission,
b y appropriate order, instituted an investigation “ for the purpose o f ascer
taining whether the U nited States Steel C orp oration , or any o f its sub
sidiaries, has been guilty o f givin g or receiving a n y unlaw ful rebates, offsets
or preferences, especially within the last six years; and to report the dates
and amounts thereof to the Senate fo r its inform ation in case the C o m
mission fin d s that such unlaw ful rebates, offsets o r preferences have been
given or received .”
I t appears that one D a v id H . Lam ar and on e W illiam H . Green had
claim ed to be in possession o f inform ation showing violations o f law on
the part o f the Steel C orporation through the receipt b y it o f secret rebates
am ounting to millions o f dollars, and it is understood that the resolution
o f the Senate was based upon their representations. I t further appears
that M r . Lam ar had p reviou sly m ade similar intim ations to a m ember o f
this C om m ission and had Inquired whether the Comm ission w ould under
take an investigation and perm it him to direct the form and manner In
w hich it should be carried on . He was advised that upon being put in
possession o f any definite inform ation o f any such violation o f law it would
be the d u ty o f the Comm ission to investigate, b u t that it w ould d o so on ly
in Its own w ay, pursuing such course as the facts disclosed m ight req u ire.
R epeated efforts having failed to elicit any statem ent from M r. Lamar In
support o f his assertions, further con ference with him was declined.
A fter the passage o f the resolution b y the Senate and after the order o f
investigation had been entered b y the Commission M r . Lam ar and M r .
Green were requested at a personal conference with a m em ber o f the C om
mission to state the facts within their know ledge so that the scope o f the
investigation m ight be outlined b y the Com m ission and affirm ative steps
taken, through public hearings and b y the C om m ission’s examiners, to
ascertain whether any unlawful rebates and preferences had been received
b y the Steel C orporation or b y any o f its subsidiary com panies. B ut they
declined to reveal their inform ation except at a public hearing. T h ey were
accordin gly served with subpoenas and a public hearing was had on M arch 3
1914, M r . Green being first sworn and called as a witness. T h e questions
p u t to him at once developed the fa ct that he had n ot been a student o f
transportation matters; that he had attended som e o f the hearings before
the so-called Stanley Com m ittee o f the H ouse o f Representatives, the re
p o rt o f which he had read; that ho had also read reports o f the Bureau o f
C orporations and o f this Comm ission in which matters relating to the Steel
C orporation were considered; that he had also examined the record in the
G overnm ent's suit to dissolve the Steel C orporation; but that he had no
Independent Inform ation, or indeed any Information respecting the affairs
o f the Steel C orporation and its subsidiaries that was n ot already o f public
rocord in one form or anothor. H aving referred during his testim ony to
an individual who was in possession o f facts n ot heretofore know n, he at
first declined to nam e him , b u t being required to s ta te w ho he was he
fin a lly nam ed M r . Lamar.
M r. Lamar was then called as a witness and, being p u t under oath
was subjected to exam ination as to his inform ation a bou t the relation's
o f the Steel C orporation with the railroads o f the cou n try. His testi
m on y shows that ho know nothing that was n ot already generally known
to the p u b lic, and that such inform ation as he had was o f a perfunctory
and superficial nature and had been derived from reading the reports o f
various public bodios, and especially o f this Com m ission, in which the
affairs o f the Steel C orporation are discussed. H e named several o f the
subsidiaries o f the Steel C orporation and assorted that " o ffs e t s ." b y which
It is understood he m eant rebates, had been received from the carriers
b y the Steel Corporation in the form o f dividends on Its holdings o f stock
in those com panies, the stock being based, as he asserted, upon an entirely
fictitious valuation.
In Pittsburgh Steel C o. vs. L . S. & M . S. R y . C o ., 27 I . O . O . 173Vulcan Iron W orks C o. vs. A . T . & S. F . R y . C o .. 27 I. O . O ., 468- In
dustrial Railways case, 29 I. C . O ., 212, 32 I . O . O ., 129; Coal and Oil
Investigation, 31 I . O. G ., 193; Lum vs. G . N . R y . C o ., 33 I . G. O ., 541;
and Joint Rates with the Birmingham Southern R R . C o ., 32 I . d . O '
110, the relations o f the Steel C orporation to various o f its subsidiary
railroad and steamship com panies have been m ade a m atter o f public
record. An even m ore com plete record o f all such facts has been m ade
in the proceeding b y the Governm ent, heretofore m entioned, in which it
was sought to dissolve the United States Stool C orporation under the s o called anti-trust law. United States vs. United States Steel C orp oration ,
223 F ed ., 55. The Commissioner o f C orporations has also m ade an ex
tended Investigation, the results o f which are incorporated in three printed
volume* entitled “ R ep ort o f the Commissioner o f C orporations on the
Steel Ind ustry.”
T he Comm ission com es into constant con tact with the records and
accounts o f railroads and other public carriers through its examiners or
accounts, and has reason to believe that there is no basis for the allega
tion that wholesale rebates have been paid to the Steel C orporation during
the period o f six years mentioned in the resolution; apparently in alleging
that "offsets” and rebates have been received b y the Steel C orporation
during that period the witnesses m entioned had in m ind the dividends
on the stock o f the numerous subsidiary railroad and steamship linos
owned b y it, and as to this all the facts have been ascertained and are
accessible in the various public records Just m entioned. U nder these cir
cumstances wo venture to believe that tho resolution o f the Senate is suffi
ciently com plied with for all practical purposes b y the reference to those
investigations in connection with the foregoing statem ent.
FOURTH IN S T A L L M E N T OF ANGLO-FRENCH LOAN
CALLED FOR FROM D EPOSITARY B A N K S .
N otice s calling upon the banks acting as depositaries for
th e p aym en ts on the A n glo-F ren ch loan o f § 5 0 0 ,0 0 0 ,0 0 0 to
p a y in (to the N ation a l C ity B an k ) a 1 5 % installm ent on
J an . 4 was issued on T h u rsday b y Sir H en ry P aul H a r v e y ,
2117
representative o f the British T rea su ry , and 'O c ta v e H o m berg, representing the French T rea su ry . A lread y 6 0 % has
been paid in b y the depositary b an k s, the forthcom ing
p aym en t bringing the total up to 7 5 % .
BROADER IN Q U IR Y FOR ANGLO-FRENCH BONDS.
T h e Bankers T ru st C o . h as been appointed “ bond regis
trar” for the 4 ^ £ % bonds o f the A n g lo-F ren ch loan into
which the § 5 0 0 ,0 0 0 ,0 0 0 o f 5 % bonds are con vertib le.
U nder
the agreem ent ju st com pleted w ith th e representatives of the
B ritish and French Finance M in istries, the trust co m p a n y ’s
services will include receiving and safeguarding the original
issue o f 4 ^ % bonds in b oth coupon and registered form :
delivering 4 ^ % bonds in exchange for the 5 % bonds: regis
tering as to principal the coupon 4 ^ % bonds and transfer
ring th em : transferring the fu lly registered 4 J ^ % bond s:
exchanging coupon bonds for fu lly registered bonds and vice
versa: exchanging registered or coupon bonds o f one denom i
nation for those o f another, and keeping records o f the issue
o f all 4 ) ^ % b on d s. N o charge will be m ad e to the public for
a n y exchange o f 5 % bonds into 4 J ^ % bond s.
N EW YORK FED ERAL RESERVE B A N K ’S NEW OFFICES.
T h e Federal R eserve B a n k o f this c ity has arranged for
perm anent quarters equipped to m eet its special needs,
having secured a lease o f ground floor offices in the E q u i
table B u ilding, a t the Pine and N assa u street corner. Since
its opening in N o v em b er 1914 the bank has been housed in
the quarters form erly occupied b y H a r v e y F isk & Sons a t
6 2 Cedar S t ., b u t as these, according to a statem en t o f
Pierre J a y , C hairm an of the B oard and Federal R eserve
A g e n t, do n o t include the special accom m odations essential
to m eet the b an k ’s requirem ents, it has been found desirable
to secure other quarters better adap ted for its purposes.
T h e follow ing is M r . J a y ’s announcem ent concerning the
proposed change in the b an k ’s location:
T he Federal Reserve Bank o f N ew Y ork yesterday signed a lease o f
banking offices at the Pine and Nassau street corner o f the Equitable Build
ing. T ho term o f lease extends from the date o f occupation to the expira
tion o f the charter o f tho bank. W hile the present offices at 62 Cedar
S t., which were secured a year ago on very short notice through the cour
tesy o f Messrs. H arvey Fisk & Sons in order to enable the bank to open on
the d ay set b y the Secretary o f the Treasury, have given satisfaction during
the organization period, they naturally d o not contain the vault and other
special accom m odations required b y a bank o f this character. T he officers
and directors feel that the bank should now obtain permanent quarters
adapted to its particular business and functions. W hen equipped in ac
cordance with tho plans which have been prepared b y the architects, M r.
E . R . Graham , in consultation with Messrs. Trow bridge and Livingston,
the space leased and under option will not only m eet present requirements
n every respect, but also will provide for future expansion.
M e ssrs. H a rv e y F isk & Son s, in answer to the a b o ve ,
too k occasion on W e d n esd ay to indicate their objection to
the statem ent th at their building “ does n o t contain the
vau lt and other special accom m odiations suited to the re
quirem ents o f the b a n k .”
T h e change, th ey sa y , “ cannot
be attributed to a ny inferiority o f the present accom m oda
tions, b u t m u st be attributed to other considerations whioh
doubtless were the controlling fa c to r .”
W e quote their
statem ent bolow :
U pon inquiry at the office o f H a rvey Fisk & Sons in regard to the an
nouncem ent o f the proposed rem oval o f the Federal Reserve B ank o f
N ew Y ork from their building to the new E quitable Building, it was stated
that the firm had no criticism to m ake o f the proposed m o ve. D ecided
o b jection , how ever, is taken to the statem ent that the building does not
contain the vault and other special accom m odations suited to the require
ments o f the bank.
Such facilities d o n ot now exist in the E quitable
Building but m ust be created.
In H arvey Fisk & Sons' building the bank has a beautiful banking room
and there is ample room for enlargement. G ood vaults exist and are in
use. These can be readily added to . T he change in location, therefore,
it is claimed, cannot bo attributed to any inferiority o f the present accom
m odations, b u t m ust be attributed to o th e r considerations which doubt
less were the controlling factors.
PO LITICIAN S IN E L I G IB L E A S RESERVE B A N K
DIRECTORS.
Politicians or public officeholders are m ade Ineligible as
directors of Federal R eserve .banks under the follow ing reso
lution adopted b y the R eserve B oard on the 23d In st.:
r V h c r e a s , I t is the opinion o f the Federal Reserve Board that persons
holding political or public office in the service o f the United States or
o f any State, Territory, cou n ty, district, political subdivision or m unici
pality thereof, or acting as members o f political party com m ittees, cannot
consistently with the spirit and underlying principles o f the Federal R e
serve A ct serve as directors or officers o f Federal Reserve banks;
R e s o l v e d , T hat the Federal Reserve Board hereby expresses to the mem
ber banks Its opinion that no such persons should henceforward be elected
or act as directors or as officers o f the Federal Reserve banks; and pre
scribes as a condition o f eligibility that candidates for election shall com ply
with the terms o f this resolution;
R e s o l v e d , f u r t h e r . T hat copies o f this resolution be sent to every m ember
bank and Federal Reserve bank and to all directors o f all Federal Reserve
banks.
T h e resolution is said to have been adop ted a t the instance
o f Secretary of the T reasury M c A d o o when the question o f
the selection o f new Class C directors w as under considera
tion this w eek .
These directors are designated b y the R e
serve B o a rd .
I t is stated th at while tho resolution will be
applicable to Class A and C lass B directors, it will n ot a f
fect those already chosen. T h e action o f tho B oard is said
to have been prom pted b y the pressure which had been
brought to bear b y political interests to secure the ap p o in t
m ent as C lass C directors of their adherents.
N E W CLEARANCE A RRA NGEM EN TS OF STOCK
EXCHANGE.
A n n ou n cem en t o f the proposed establishm ent b y the Stock
E xch an ge o f a branch departm ent o f its clearing house, to
be know n as the “ distributing d e p a rtm en t,” was announced
as follow s on W e d n esd ay :
T ho Governing C om m ittee o f the N ew Y ork Stock Exchange has adopted
changes in the rules for clearing, to go into effect on Jan. 21 1916, for tho
purpose o f establishing a branch departm ent o f the Clearing House o f the
N ew Y ork S tock E xchange, which will be know n as the ‘ ‘distributing
departm en t,” its p u rp ose being to facilitate and expedite the exchange
o f Clearing-House tickets, and to distribute sales tickets with stamps
attached. This is a labor-saving device which will reduce to a m inimum
tho physical labor entailed in the above operation.
Through the operation o f this departm ent Clearing-House tickets will be
sent during the d ay b y firm s clearing to the Clearing House, where the
same firm s will receive tickets com ing to them from others. The opera
tion at the Clearing House will bo som ewhat similar to tho m ethods o f dis
tributing used in post offices. One m an should be ahle to del iver and
call for all the tickets o f an office o f reasonable size, but the correcting
o f errors on tickets will be continued as heretofore.
Rules governing this departm ent, together with full instructions, will bo
ready for distribution shortly after Jan. 1 1916, abou t which tim e dem on
strations will be given at the Stock Exchange Clearing H ouse, at specified
tim es, for the benefit o f those interested.
P H ILA D E L P H IA CLEARING HOUSE P L A N FOR COL
LECTING CHECKS ON NON-MEMBERS.
T h o Philadelphia Clearing H ou se Association inaugu
rated on the 15th in st. the plan for the collection o f checks
draw n on the th irty-on e non -m em ber local trust com
panies and three C am d en national banks which have a f
filiated them selves w ith the new system .
E ach n on -m em
ber institution under the new arrangem ent dispatches a
runner to the Clearing H ou se and receives in one batch all
checks against it held for collection b y the m em ber national
banks and trust com panies.
T h e aggregate face am ou n t of
the checks th at were collected tho first d ay w as about
$3 0 0 0 0 0 0
T h e Clearing H ou se doos n o t, it is stated ,
include these collections in the total cloarings of m em bers
th at are announced d aily. W it h the full developm ent of tho
p lan , the C learing H ou se m om bers will abolish tho present
sy stem o f sonding individual runners to non-inem bor in
stitu tion s, bu t instead will send these checks to the Clearing
H ou se , which will collect tho chocks b y runners and credit
each m em ber institution accordingly.
T h is plan will relieve
the banks o f the expenso o f sending their own runners to
distant sections of the city and the proportionate share of
each m em ber ban k of m aintaining tho Clearing H ouse run
ners will be small in com parison.
RESOLUTION E X T E N D IN G WAR RE V E N U E
SIGNED B Y P R ESID E N T WILSON.
ACT
T h e jo in t resolution continuing the W a r R ovonuo A c t in
force another year, or until D e c . 31 19 1 0 , w as signed b y
President W ilso n on tho 17th in st. follow ing its adoption b y
the Senate on th at day b y a v ote of 4 5 to 2 9 . A s indicated
last w eek, the resolution was passed b y tho H ou se on tho
16th l'nst. b y a vote of 2 0 5 to 18 9. W it h this measuro dis
posed o f Congress adjourned for the Christm as holidays on
the 17th in st.; b oth H ouses will reconvene on T u e sd a y , J a n .4 .
T h e extension of the W a r R even u e A c t was tho only im
portant legislation accom plished in tho tw o w eeks’ session,
this legislation having been hurried through to prevent the
lapse of the law on D e c . 3 1 .
It will be taken up for am end
m en t after the h olid ays, so th at provision m a y be m ado for
increased revenues as recom m ended in tho President’ s
M e ssag e.
[Vol . 101
THE CHRONICLE
2118
______________ ________________
LAN D B A N K OF NEW YORK ANNOUNCES FIRST
BOND SALE.
Announ cem en t o f the first bond sale b y tho L an d B an k of
the Stato of N e w Y o r k has been m ado b y tho officers o f tho
ban k in the follow ing notice to the savings and loan asso
ciations o f N e w Y o r k :
•
T o 'tlie S a v in g s a n d L o a n A s s o c i a t i o n s o f th e S ta te o f N e w Y o r k :
G e n t l e m e n : — During the past week tho first deposit o f m ortgages
was made
w ith the State C om ptroller, the first bonds sold b y tho Land B ank, t ’ie
proceeds allotted to tho associations which deposited their mortgages and
the funds distributed.
T he Land Bank is now fu lly established as a permanent econom ic factor
b y the successful com pletion o f its initial undertakings, and this notew orthy
evont m ust bo recognized b y every savings and loan association in tho State,
as one o f m om entous and historic progress in the developm ent o f co
operative finance. Our true place in the business world has been mado
secure.
T ho distribution o f this first bond m onoy has boon m ado to the Geneva
A ssociation, filin g m ortgages in Seneca and Ontario counties; the M cchanicville A ssociation, Saratoga C ounty; the H om o Association o f Spring
V alley, R ockland C ounty; the First Farmers’ Association, Sullivan C ounty;
Queens C ounty Association, Nassau, Suffolk and Queens counties, and the
Am erican A ssociation, W estchester and Kings counties. T ho mortgages
deposited with tho State Com ptroller covered proportionately $17,000 o f
rural and $33,000 o f urban property.
In reaching this result the savings and loan associations, and their central
organization, the Land B ank, have received tho greatest consideration
and m ost courteous treatment from our State officials and from tho emi
nent financiers whom it has consulted. M ore especially do we recognize
tho assistance freely rendered b y the H on. Eugene M . T ravis, Stato C om p
troller, his deputies and assistants, the H on. Eugene Lam b R ichards,
Superintendent o f Banks, and his deputies and assistants, and b y the
President and officers o f the Guaranty Trust C o ., which purchased our
bonds. A ll o f these gentlemen were m oved by a high sense o f d u ty to
the public welfare.
Again wo impress upon you tho plain truth about tho Land B ank. It is
organized and conducted for your benefit. It has no other purpose than
to increase you r business in your own com m unity b y providing you with
m onoy from sources beyond your con trol. Tho Land Bank has no voice
or vote in your business, while if you d o business with us, you havo an equal
share in tho management o f tho Land Bank. It is a co-oporativo institu
tion organized and managed b y savings and loan associations. B y depos
iting somo o f you r mortgages with the Stato C om ptroller, you aro entitled
to roceivo from tho Land Bank $80 in cash for each $100 o f deposited m ort
gages. This m onoy is not a short-term loan, like you got from you r bank,
nor a deposit payable upon the dem and o f your m embers. It is a staple
fund to bo repaid in installments, at times and in amounts agreod upon b y
us with tho bondholders. W hon you believe this and havo acted upon
you r belief, you will find tho Land Bank bond m onoy to bo the backbone
o f your association.
H ave you now m ore dem and for mortgages than y o u can supply 7 Is
you r business for 1916 to be increased? Then now is your tim e to consider
how you arc going to financo that increase. T ho Land Bank is alroady
m aking preparations to issue enough Land Bank bonds to supply the de
m and for m onoy from all parts o f tho Stato on tho first day o f M a y . I f you
can uso part o f this m oney in your tow n, now is tho tim o to speak for it.
W o issuo bonds only for m oney which we know in advanco has boon placed
with you , and will not bo ablo to accopt such demands later than tho first
day o f M arch for participation in the M a y issuo.
Faithfully yours,
B . G . P A R K E R , P re sid en t.
J. J. D IL L O N , S e c r e t a r y - T r e a s u r e r .
E . F. HOW ELL, M a n a g in g D ir e c to r .
T h e first issue of these bonds was taken a t par b y the
G u aran ty T ru st C o . of N e w Y o r k . T h o bonds bear inter
est a t 4 Yz% and run for ten years. T h o y are subject to
call and paym ent a t S I 03 o f face value.
EFFORTS TO REMOVE SIR EDGAR SPEYER A N D SIR
E RNEST CASSEL A S PRIVY COUNCILLORS D EFEATED .
T h e unsuccessful a ttem p t to rem ove Sir E d gar Speyer and
Sir E rnest Cassel as m om bers o f the British P rivy C ouncil on
tho ground that the form er, although a native of N o w Y o r k ,
was of G erm an descent and educated in G erm a n y, and that
Sir Ernest Cassel is a native G orm an , was announced in L on
don on tho 17th inst. Baron R eading, Lord C hief Justice,
who had tho m atter under advisom ont sinco tho conclusion
o f tho argum ents a m onth a go , decided on th at day in favor
of tho principals, declaring that both Sir Edgar and Sir E r
nest aro naturalized British subjoets and as such havo all
the rights and privileges o f British-born subjects, and aro
thereforo entitled to mem bership in tho P rivy C ou n cil.
Premior A squith last M a y declined Sir E d gar’ s roquest for
tho acceptance of his resignation as a P rivy Councillor and
tho revocation o f his B aron etcy, tho Premior stating that
K in g G eorge w ould not relieve him of any o f his m arks of
distinction.
LOAN TO NORWAY.
N egotiation s aro being m ad e for a loan o f 8 5 ,0 0 ,0 0 0 to
tho N orw egian G overnm ent b y tho N ation a l C ity B an k of
N o w Y o r k ? T h o loan will boar 6 % intorost and bo re
deem able in seven years. T h o bank has not yot docidod
whotlior thoro will bo a public offering o f tho lo an .
Tho
proceeds o f tho loan aro to bo devotod to tho financing of
com m ercial transactions.
A R G E N T IN E LOAN.
I t w as announced on M o n d a y (D oc. 20) that tho A rgontino G overn m en t had concluded arrangomonts to borrow
about 8 0 ,0 0 0 ,0 0 0 for six m onths at 6 % intorost from tho
N a tion a l C ity B a n k , tho First N ation a l B a n k , J . P . M o r
gan & C o . and K u h n , Loob & C o . of N o w Y o r k .
I t is un
derstood th at tho loan which is to bo usod in paying intorost
and othor current obligations in this m arkot is purely a
banking transaction and doos n ot involvo a public offoring
o f Argentine securities.
THE CHRONICLE
Deo. 25 1915.]
W E E K L Y RECORD OF M ERC H AN D ISE IMPORTS AN D
EXPORTS.
W e furnish below a w eekly record of the merchandise
im ports and exports for the thirteen leading custom s districts
of the U n ited States as prepared b y the D ep artm en t of
C om m erce, Bureau o f Foreign and D om estic C om m erce,
a t W a sh in g to n .
T h e ports included are N e w Y o r k , Seattle,
B o s to n , San Francisco, Philadelphia, D e tro it, B u ffalo,
N e w O rleans, C h icago, B altim ore, G a lv esto n , N o rfo lk and
S avan n ah , and it is stated th at these thirteen districts handled
9 3 % o f the im port and export business o f the cou n try, based
on the transactions in October 19 1 5 . W e e k ly returns of this
k in d , covering more than one p o rt, were never a ttem pted
until the present year, when the m agn itu de o f the export
m ovem en t and the decline in the foreign exchanges invested
the results w ith unusual im portance.
W EEKLY EXPORTS AND IM PORTS A T TH IR T E E N LEADING
DISTRICTS.
.
E xcess o f
M e rch a n d ise
D u tie s
M e rch a n d ise
Im p o r ts.
C o llecte d .
E x p o rts.
E x p o rts.
S
3,990,412
3,945,429
4,076,197
3,450,500
3,253.010
3,533.676
4,373.381
3.591,838
3,169.059
2,734,116
3,778,167
3,762.327
3,694,780
3,432,077
3.364,946
3,401,934
3.188,284
3.531,478
2,813,917
3.040,368
3,723,346
3,428,985
3,691.113
3.478,385
3.699.263
3,540,656
4.240.694
3.917,135
3,927,701
3,342,014
3.974.992
4,039.706
3,522.739
S
51,584,415
50.505,596
48.539.563
53.279,417
44,213,871
46,877,826
49.177.367
40.944.204
50.442.243
40,801.146
40,270.553
54.122.360
54.234.569
48,239.737
51,266,373
50,823,835
60.311.764
60,071,198
33.593.708
65,249,883
59.766.830
67,749.531
67.744.927
73.694,653
98,777,016
74,670,952
64.286.785
81.242,927
87.997.794
75.300,093
90.541,451
98,408,134
84,939,437
$
20,555,707
16.403,764
18.932,596
19,170,460
17,196,220
14,256,207
19.115.088
9,049.565
20,545.778
17.674.214
7.362.362
22,908,443
23,975.871
13.945.455
28,829.397
18,625,275
33,269.039
27.616,721
6,672,241
35.423.734
27.528,703
35.469,722
35.380.297
43,912.598
70.609,402
42.336,909
34,012,872
48,602,155
58.585,420
42.362,179
54,926,495
60.350,401
51.737,092
W e e k e n d in g —
«a
««
Juno
•
1
««
1,
A ug.
„
I,
n ep t .
•
i
,«
O ct.
1.
M
1.
N ov.
s
8
_____ .31.028,708
.34.101.832
____ .29,606,967
22
20
_____ .34,108,957
5 ________ .27,017,651
____ .32,621,619
12
1Q
___ .30,062,279
.31,894,639
3
_____ .29,896,465
.23,126,932
10
.32.908,191
17
.31,213,917
24
.21
______ .30,258,698
7
............ 34.294,282
______ .22,436,976
14
_____ .32,198,560
21
28
___ .27,042,725
.32,454,477
4
.26,921,467
18
____ .29,826,149
_____ .32,238,127
25
2
______ .32,279,809
9
______ .32.364,630
10 _______ .29,782,055
23 _______ .28,167,614
30....... .......... .32,334,043
6 __________ .30,273,913
13.................. .32,640,772
20.................. .29,412,374
27__________ .32,937,914
4 __________ .35,614,956
11.................. .38,057,733
18.................. ,33.202.345
PROFIT-SHARING P LA N FOR E M PLO YEES OF
HARRIS TRUST & SAVINGS B A N K .
F o r m o r o th a n a year, it is stated , the directors o f the Harris
T ru st & Savings B an k of Chicago havo been working upon
details of a profit-sharing plan for the officers and em ployees.
T h o plan devised will be subm itted to a v o te o f the officers
and em ployees on M o n d a y n ex t, and if favored b y / 5 % of
those votin g will becom e operative Jan . 1 19 1 6 .
E ffo rt has
been m ad e to have the plan unusually broad and liberal in
its term s, the idea back of it being th at each and every em
ployee is entitled to share in tho financial success of the insti
tu tion , and th at the bank should use its b est efforts to assist
tho em ployee in creating for him self financial independence.
M o reo v er, provision is mado to encourage the habits o f per
sonal econom y and tho safe in vestm en t o f individual savings,
and it is bolioved th at tho plan will be o f m u tual benefit
to tho em ployees and the ban k .
A ll who have been em ployed
b y tho bank for a t least three years m a y participate until
tho age of sixty when they are expected to au tom atically
retire from active service. N o em ployee who has not been
in the em p loy of tho bank for a t least throe years m a y par
ticipate in tho plan .
A fter th at period participation is com
pulsory. E m p loyees will pay in n ot loss than 2 % and not
m oro than 5 % o f thoir salaries and in no case more than $ 2 0 0
per annum each.
T h o bank will p ay in 5 % o f its net earn
ings. T h o b an k ’s contribution will be divided and credited
pro rata to participating em ployees in proportion to the
am ou n t th ey contribute.
N o part of the benefits of this
plan aro to bo considered as com pensation to the em ployees,
b u t will be regarded as a separate and distinct fund for their
protection against ad versity. W h e n an em ployee retires
the sharo will bo paid to him or invested in securities or an
annuity for him as he directs.
I f he leavos the em p loy o f
tho bank before tho retiring age he is to receive the full
accum ulations to his credit excopt his share in the b an k ’ s
contribution for a year preceding, the theory being that the
m onoy cannot be invested profitably and be payable on de
m an d .
Loans to em ployees m a y bo m ade from the fund in
cases o f actual necessity.
2119
O n the basis of the average earnings o f the bank since its
incorporation in 19 0 7 , it is estim ated th at the contribution
b y the bank will equal or exceed 1 5 0 % o f the em p loyees’
yearly saving.
O n the basis of investing regularly the m oney
a ccum ulated, it is estim ated th a t on retiring the em ployee
w ould share as follow s:
End of 15th year: $5,625 00 (of which employee actually paid in $1,500)
End o f 20th year:
$8,635 95 (of which employee actually paid in $2,000)
End of 25th year: $12,490 18 (of which employee actually paid In $2,500)
End of 30th year: $17,423 92 (of which employee actually paid in $3,000)
T h ese figures are based on an annual contribution o f $ 1 0 0
b y the em p loyee. T h e am ou n ts will v ary according to the
a m o u n t of each participant’ s annual contribution.
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
T h e sales o f bank stocks a t the Sto ck E xchange this week
aggregate 3 0 8 shares. N o b an k or trust com p an y stocks
were sold a t auction .
S h a r e s . BANKS — N e w Y o r k .
L o w . H ig h . C lo se .
L a s t p r e v io u s s a le .
118 Commerce, Nat. Bank o f_zl79
180 x l 7 9
Dec. 1915— 178
190 Mech. & Metals Nat. Bank. 270M 270>i 2 7 0 K Dec. 1915— 270}*
x Ex-dividend.
T h e appointm ent b y President W ilso n of R o bert Lansing
as Secretary o f S tate was confirm ed b y the Senate on D e e .
1 3 . A s w e stated D e c . 1 1 , M r . Lansing w as serving under
a recess a p p oin tm en t, having been nam ed b y the President
as successor to Secretary B ry a n (resigned) on June 2 3 .
C.
C . M c C h o rd o f K e n tu ck y w as renom inated b y Presi
dent W ilso n on D e c . 16 as an In ter-S ta te C om m erce C o m
m issioner; his nom ination w as confirm ed b y the Senate
the next d a y . M r . M c C h o rd has served as a C om m issioner
since 1910; his term of office w ould have expired this year.
Jam es K . L y n ch , President o f the A m erican Bankers
A ssociation, has accepted an invitation to send delegates
to the second P an -A m erican Scientific Congress b y a p
pointing W illia m A . L a w , Presiden tof the First N a tion a l B an k
o f Philadelphia, as a delegate, and W . S . K ies, V ice-P resident
o f the N a tion a l C ity B a n k , of N e w Y o r k , as alternate.
The
second P an-A m erican Scientific Congress will open a t W a s h
in gton , D . C . , D e c . 27 and continue to Jan. 8 1 9 1 6 .
The
section on transportation, com m erce, finance and taxation
will take up the various subjects o f foreign trade am ong
A m erican countries, the m easurem ent of foreign com
m erce, ta x a tio n ,-in v e stm e n t o f foreign cap ital, credit and
banking, and a com m on m onetary standard.
A n item o f m uch interest to bankers throughout the
country is the proposed retirement o f Sol V exler as President
o f the W h itn e y Central N atio n a l B a n k of N e w Orleans to
enter the firm o f J . S . B ache & C o . of this c ity . For m an y
years M r . W e x ler has been a prom inent figure in financial
and banking circles, particularly in the councils o f the
A m erican B ank ers’ A ssociation.
H e has been chairm an o f
m an y of the A ssociation’s m o st im portant com m ittees and
in fact w as a strong candidate for the Vice-Presidency o f
the organization for 19 1 7 . M r . W e x ler has also been called
to m an y im portant conferences a t W a sh ing ton because of
his know ledge o f bank ing, and tho general welfare o f the
entire S o u th .
W illia m J . W o llm a n , m em ber of the firm
o f J . S . B ach e , & C o ., w ill retire as a partner on July 1st
next. M r . W o llm a n has been contem plating this step for
som e tim e and feels he will be able to do so n ow , w ith the
adven t of M r . W e xler to a partnership in the firm .
I t is
reported that John E . B ou d en , a Vice-President o f the
W h itn e y C entral N a tio n a l B a n k wall be chosen head o f the
institution on January 1st to succeed M r . W7exler.
O n D ecem ber 21 a unique “ speechless” dinner was given
b y the S t. Louis Bankers a t their annual m eeting. T o m
R an d olp h , the retiring President, presented each m em ber
with a 100 page b oo k o f caricatures of S t . Louis bankers,
each picture bearing a descriptive verse. T h e evening w as
devoted to a perusal of tho book and to the reading of
fictitious messagos from local bankers flashed on a screen,
together with genuine letters and telegram s received b y
M r . R andolph from A . B . H ep bu rn , George M . R ey n old s,
Richard D olafield, Jam es B . F organ , A . H . W ig g in , F . O .
W e tm o ro , W m . W o o d w a rd , F . A . V anderlip , Com ptroller of
the Currency John S . W illia m s and Secretary o f the T reas
ury W illia m G . M c A d o o .
In the annual election G eorge T . R id d le, President o f the
Franklin B a n k , w as m ade President o f the] clu b.
F . O.
W a t t s , President o f the T h ird N atio n a l B a n k , was advanced
2120
THE CHRONICLE
to M r . R id d le’ s place as F irst V ice-P residen t o f the c lu b ,
and N . A . M c M illa n , President of the S t . L ouis U n ion T r u st
C o ., w as elected Second V ice-P residen t. A . Orville W ilso n ,
Vice-President of the S ta te N a tio n a l B a n k , w as re-elected
Treasurer and A . C . W h it e , M a n ag er of the S t. Louis
Clearing-H ou se
A sso cia tio n ,
w as
re-elected
Secretary.
T h e C h ristm as distributions to em ployees o f the local
financial institutions are n oticeably liberal the present y ear.
M a n y o f the disbursem ents h ave already been n oted in
these colum ns during the last few w eeks. Som e
o f the
other bonuses aw arded to em p loyees, include the distribution
b y the C en tral T ru st C o . o f a h alf a year’ s salary to its
em ployees; the C orn Exchange B a n k will distribute $ 4 3 ,0 0 0 ;
U n ion T ru st C o ., 1 0 % on the yearly salary; L ib erty N a
tional 1 0 % on the y ear’s salary; U n ited States Safe D ep o sit
C o ., 1 0 % o f yearly salary; B a n k o f C u b a , 1 0 % dividend,
and $ 2 0 ,0 0 0 for pension fu n d ; the G u aran ty T ru st C o . will
disburse a substantial am ou n t o f annual salaries; the T itle
G uaran tee & T r u st C o . will distribute a b o u t $ 6 4 ,0 0 0 ; the
H u d so n T ru st has authorized a b on u s. T h e N a ssa u N a
tional o f B roo k ly n w ill authorize a profit-sharing b on u s.
G eorge P . K e n n e d y , Vice-P residen t o f the C h a th a m &
P henix N a tio n a l B a n k o f this c ity will resign from the bank
on J an . 1 to becom e a partner in the firm o f D . X . M a tth e w s
& C o ., builders.
T h e F id e lity T ru st C o . o f this c ity , Sam uel S . C on o ve r,
P residen t, announces a special dividend o f 1 0 % , payable
to stockholders January 3 , ou t of the u ndivided profits in
addition to a C h ristm as dividend o f 3 % , payable D e c . 2 3 ,
and a sem i-annual dividend o f 3 % , payable January 3 .
T h e C h em ical N a tio n a l B a n k o f this c ity has declared an
extra dividend o f 5 % in addition to the regular b i-m o n th ly
distribution of 2 ^ % , b oth p ayable J an . 3 1916 to holders
o f record D e c . 2 2 1 9 1 5 .
T h e institution has been payin g
2 y2% b i-m o n th ly , or a t the rate o f 1 5 % per a n n u m , for a
long tim e , and the extra p a y m e n t is in th e nature of an in
n ov ation .
H en ry L . H o r to n , a prom inent clubm an and w ell-know n
broker o f this c ity , died on the 17th in st. H e was e ig h ty three years o f age and w as form erly head o f the S tock E x
change firm o f H . L . H o rto n & C o ., which he founded in the
sixties. H e retired from active business several years a go .
R.
[Vol. 101.
Referring to the recent report th at the depositors o f the
defunct W in d so r Locks Savings B a n k o f W in d so r L ock s,
C o n n ., w ould receive a dividend o f 2 0 J ^ % instead o f 1 5 % ,
through the paym ent o f which the depositors w ould have
received a total o f 9 4 J ^ % . w e print the later advices from
the “ Springfield R epublican” :
F ond hopes In the hearts o f som etim e depositors In the late lamented
W indsor L ocks Savings Bank have been dashed again. R um or had it that
the directors had petitioned the C ourt to be allowed to p a y a final dividend
o f 2 0 i nstead o f the 15% it had been announced would bo p a id . This
pleasant rum or was only partly true. I t was m erely a Juggling o f per
centages from one sum to another, and both the 15 and the 20J4% really
represent abou t 7 % o f the actual am ount at the time the bank succum bod.
A fter the demise o f the bank, three years ago, the directors were author
ized to scale o ff 2 6 % . Later the C ourt ordered them to pay h a lf o f the
7 4% rem aining, 3 7 % . T h e other 3 7% was paid b y the receivers. N ow
there is a paym ent o f approxim ately 7 % with the final $37,000 paid b y the
directors. T h e depositors, then, will have received abou t 8 1% o f their
total deposit, b ut in addition to the rest o f their loss the interest on at
least part o f the sums during the three years m ust be considered.
A t a m eeting o f the directors o f the R hode Island H osp ital
T ru st C o . o f Providence on D o c . 14 the follow ing changes
were m ad e in the o fficial staff: W illia m A . G am w e ll, form erly
V ice-P resident and Secretary, w as elected a V ice-P resid en t;
H e n ry L . Slader, form erly A ssistan t Secretary, w as m ade a
V ice-P resident; John H . W e lls w as prom oted from A ssistant
Secretary to Secretary, and R alp h S . Richards w as elected
A ssistan t Secretary. C yru s E . L a p h am , C ashier o f the
b an k for m an y years and an A ssistan t Secretary since 1 9 0 4 ,
declined re-election and retires from active service. T h e
stockholders a t a m eeting on D e o . 7 elected W . L . H od gm a n
to the directorate.
T h e report o f the G irard T ru st C o . of Philadelphia for
the y ear ending N ov em b er 3 0 , subm itted a t tho annua
m eeting on D ecem ber 2 0 , indicates a prosperous year for
th at com p an y . T h e values o f the c o m p a n y ’s investm ent
securities were m arked up from $ 1 5 ,3 1 2 ,4 0 1 in 1914 to
$ 1 6 ,3 2 2 ,1 8 3 , the large advances in security prices the
present year being responsible for the action. T h e previous
depression in the security m arket had m ad e it necessary
for the com p an y to m ark down the value of its securities to
the extent o f $ 1 ,0 2 9 ,8 7 3 last year and $ 7 5 3 ,6 4 7 in 1 9 1 3 .
T h e n et profits o f the com p any for the year were $ 1 ,1 4 4 ,2 0 0 ;
and o u t o f this sum $ 9 0 0 ,0 0 0 was paid in divid en d s,$ 1 0 ,0 0 0
transferred to the em ployees’ pension fu n d , and $ 8 9 ,1 0 4
applied in the com pletion o f com p an y ’s new safe deposit
v a u lt. T h e balance is added to undivided profit account,
which now aggregates $ 1 ,2 7 4 ,8 6 9 , as against $ 1 ,1 3 7 ,6 4 9 in
1 9 1 4 . T h e report o f President M o rris to th e stockholders
after noting the profits and distributions, says :
Y o u r real estate continues to b e carried as an asset at less than its assess
Y o u r capital and surplus remain unchanged at $2,
600.000 and $7,500,000, respectively. T h e average o f interest rates
secured on collateral loans in the banking departm ent has been 4 .4 3 % ,
as against 4 .9 1 % last year. T h e trust departm ent continues its usual
satisfactory grow th. Three hundred and ten now accounts were opened
during tho year. After current settlements o f estatos b y com pletion o f
administrations during the year tho total num ber o f accounts In tho trust
departm ent Is now 2.413, o f a total approxim ate value o f $180,000,000,
against $171,000,000 last year. T h e num ber o f deposit accounts subject
to chock is 15,121. Y ou r com pany has been appointed trustee, registrar,
an ’ in other fiduciary capacities in thirteen additional corporate m atters
during the year, representing Issues o f $142,000,000 o f securities, m aking
the present net total o f such issues $1,572,000,000.
m
H . R ou ntree has been elected a director o f the H udson ent fo r taxation.
T r u st C o . o f this c ity , filling the vacan cy caused b y the
death o f D r . Jam es H . Parker.
T h e trustees h ave also
declared the usual sem i-annual dividend o f 3 % , payable
D ec. 31.
T h e resignation o f C lin ton L . R ossiter as Vice-President
o f the B roo k ly n T ru st C o . o f B roo k ly n w as tendered on tho
15th in s t., follow ing his election as V ice-P resident and a
director o f the U nderw ood T ypew riter C o ., succeeding
Charles W . H a n d . M r . R ossiter h ad been a V ice-P resident
o f the B rook lyn T ru st C o . since the merger of tho L on g Island
L o an & T ru st C o . w ith the B ro o k ly n T ru st in 1 9 1 3 , and had
held a similar post in the absorbed co m p a n y . H e is a direc
tor in a num ber o f public u tility concerns and w as form orly
President o f the B rook lyn R apid T ran sit C o . President
E d w in P . M a y n a rd o f the B rook lyn T ru st has issued a
statem en t in which he expresses the regret felt over the loss
o f M r . R ossiter’ s services, b u t indicates th at the institution
w ill still be able to avail o f his counsel through his continu
ance w ith the trust com p an y as a trustee. W illis M c D o n a ld ,
w ho has been w ith the com p an y for alm ost tw en ty -fiv e years,
has been appointed successor to M r . R ossiter as Vice-P resi
d e n t. Frederick T . A ldridge has been advanced from the
office o f Secretary to th at o f V ice-P residen t, the com pany
w ith his election now having four V ice-P residen ts. W illard
P . Schenck is prom oted from A ssistan t Secretary to Secre
ta ry , and A . W . Pencheon has becom e A ssistan t Secretary,
having been advanced from loan clerk.
Francis L . H in e , President o f the F irst N a tio n a l B an k
of N e w Y o r k , has been elected a director o f the G len C ov e
B a n k o f G len C o v e , N . Y . , to fill the vacan oy caused b y
the death o f Sid ney B . B ow n e.
D ou glas H . G ordon has tendered his resignation as P resi
dent of the B altim ore T ru st C o . to take offect as soon as a
suitable successor is selected. M r . G ordon has been ap
pointed Chairm an o f tho com m ittee which is to select his
successor. T h is com m ittee will also stu d y and p u t into
force the proposition for the expansion o f tho trust com p an y.
M r . G ord o n ’s wish to avoid the additional duties em bodied
in the enlargem ent o f the com p an y ’s field is given as the
reason for his resignation. I t is understood that ho will
retain an interest in the affairs o f tho institution and will
p robably continue as a m em ber o f the board.
T w o financial institutions o f W ilm in g to n , N . C ., the
A m erican N a tio n a l B an k and the A tla n tic T ru st & B anking
C o ., have been consolidated under the nam e of the Am erican
B a n k & T ru st C o .
T h e consolidation will give the latter a
capital o f $ 2 5 0 ,0 0 0 w ith resources of $ 3 ,0 0 0 ,0 0 0 .
T h o “ W il
m ington S tar” states th at while the now bank will be operated
undor a S tate charter in order to allow the developm ent of
the trust feature on a wider scale than w ould be possible as a
national b a n k , it will be a m em ber o f the Federal R eserve
B an k ing S y stem and will enjoy all the advantages o f the new
financial sy ste m . T h e new organization will be housed in
the building of the A tla n tic T ru st & B ank ing C o . A n ad
joining building has been purchased b y the A m erican B an k
Deo. 25 1915.]
THE CHRONICLE
&
T ru st C o . and will be held for the future grow th o f the
new in stitu tion . T h e A m erican N a tio n a l was organized in
1908 w ith a capital of 8 1 0 0 ,0 0 0 ; its capital a t the tim e o f the
m erger w as $ 2 5 0 ,0 0 0 .
T h e A tla n tic T ru st & B ank ing C o .
w as established in 19 02 .
T h e officers o f the consolidated
organization are: T h o s. C . C oop er, President; M ilto n
C aldor, V ice-P resident; C h as. E . B eth ea , C ashier; E . Fred
B a n c k , A ssistan t Cashier; R obert L . H e n le y , A ssistan t'
Cashier. M r . C ooper had been the chief executive officer
o f the A m erican N ation a l B an k ; M r . Calder was President
o f the A tla n tic T ru st & B an k ing C o .; M r . B ethea w as
Cashier and M r . B an ck A ssistan t C ashier, o f the Am erican
N a tio n a l B a n k ; while M r . H en ley held the position o f
Cashier w ith the A tla n tic T ru st & B an k ing C o .
R obert F . M a d d o x , V ice-P resident o f the A m erican N a
tional B a n k o f A tla n ta , G a ., a t the annual m eeting of the
A tla n ta Clearing H ou se Association on D e c . 14 was elected
to the Presidency o f th at b o d y , succeeding John K . O ttle y .
M r . M a d d o x has been in the banking business since 1890
and hold every position w ith the M a d d o x -R u c k e r Banking
C o . o f A tla n ta from collection clerk to V ice-P resident, in
w hich capacity he served it in 1908 at the tim e o f its conver
sion into the A m erican N atio n a l B a n k . M r . M a d d o x in
19 12 w as elected President o f the G eorgia State B ank ers’
Association and is a m em ber o f the E x ecu tiv e Council of
the A m erican B an k ers’ A ssociation .
H e was M a y o r o f
A tla n ta in 1909 and 1910 and is a director o f the T ru st C o .
o f G eorgia, the Seaboard A ir Line R y . and the G eorgia
R y . & Power C o .
Officials o f the Clearing H ou se re-elected are: Vice-Presi
d e n t, W . J. B la lo ck , President o f the F u lton N a tion a l B a n k ;
Treasurer, T h o m a s C . E rw in , Vice-President o f the T h ird
N a tion a l B a n k , and Secretary, D arw in G . Jones.
Several interesting featuros are exhibited in the annual
statem en t o f the Canadian B a n k o f Com m erce for the year
ending N o v . 3 0 , which reveals this institution as in a com
m endable position. C h ief am on g these is the extent to
which the ban k , while n ot neglecting the task o f strengthen
ing liquid assets, has continued to fin d safe and profitable
use for the larger portion o f its funds in advan ces to Canadian
trado and in d u stry, a t a tim e when m an y banks are reporting
a h eavy fading o ff in the dem and for such accom m odation
and a reduction in their current loan s. A n o th er interesting
feature is the large increase in deposits, which are now
greater than a t a n y previous d a te, and h ave enabled the
ban k to add m aterially to its holdings o f cash and liquid
assets. A s evidence o f the exten t to which this bank has
been able to m aintain its com m ercial business, its current
loans in C an ada are $ 1 3 0 ,8 9 3 ,0 6 4 , abo u t a m illion less than
last year and only five and a h alf m illions below the figure
for 19 13 .
I t should be a d d ed , h ow ever, th at current loans
abroad have been reduced during these two years b y some
eight m illions. N otw ith sta n d in g this the b an k has liquid
reserves am ounting to $ 1 0 1 ,1 7 3 ,3 5 7 , as com pared with
$ 9 2 ,9 8 3 ,6 5 4 in 19 14 ; the ratio o f these liquid assets to public
liabilities has increased from 3 2 . 1 % to the present 4 5 4 %
T h e cash holdings— specie, D om in ion n otes, and instantly
cashable item s— aro $ 5 5 ,7 5 2 ,0 3 2 , or 2 5 . 2 % o f nublic lia
bilities, against $ 4 3 ,3 5 4 ,3 7 8 in 1 9 1 4 . T h e profit and loss
account shows profits for the year o f $ 2 ,3 5 2 0 3 6 which
represents 8 .2 5 % on the capital and rest com bined- this
com paring w ith $ 2 ,6 6 8 ,2 3 3 in 1 9 1 4 , or 9 . 3 6 % on share
holder’s funds. F rom this there w as doductod the war tax
o f $ 1 2 2 ,9 0 7 and the rogular contribution o f $ 8 0 0 0 0 to the
officers’ ponsion fu n d , together w ith a donation to the
British Rod C ross.
P a ym en t o f the regular dividends and
bonuses, totalling 1 2 % , loft a substantial surplus
In order
to m ake full provision for a n y further possible deterioration
o f securities the sum o f one m illion dollars has been appro
priated as a resorvo for this purpose.
T h o annual statem en t o f the Q uebec B a n k (head office
Q ueboc, C a n .) , w as su bm itted to the shareholders at their
annual mooting on D o c . 6 .
T h e report shows net profits
for the year ending O ct. 3 0 , aftor deducting interest due
depositors, operating expenses and unearned interest on
ourront loans, of $ 2 3 3 ,4 2 0 .
T h o usual qu arterly dividend
o f l / ^ % was paid, the dividends for the year am ounting
$ 1 9 1 ,4 2 9 , or 7 % .
In presenting the report President John
T. R oss statod th a t: “ T h e depression o f last year (now
happily disappearing) accentuated b y the unprecedented
conditions induced b y th e w ar, m ad e it advisable to take
2121
account o f the inevitable depreciation in the value o f our
assets, and in consequence we have set aside the sum o f
$ 3 3 7 ,0 0 0 to provide for contingencies. T o allow o f this, the
sum o f $ 3 0 8 ,7 5 0 has been transferred to profit and loss
account from the rest a ccou n t, which is m aintained and
available for this pu rpose.”
T h e deposits (interest-bearing
and non-interest-bearing) stood a t $ 1 4 ,4 0 6 ,9 1 4 on O ct. 3 0
the assets aggregating $ 2 0 ,8 8 4 ,0 8 3 .
T h e annual m eeting o f the N orthern Crow n B a n k o f
C an ad a (head office, W in n ip e g, M a n ito b a ), was held on
the 15th in st. U nder the follow ing m otion o f the President,
Sir D . H . M c M illa n , which w as unanim ously adop ted, the
regular proceedings o f the m eeting were deferred until next
m on th :
..
„ -----mauD i/u me uirecbors looidnfi:
fu^ ro welfafe o f the bank. It is desirable to give the board time to
consider the sam e before reporting to the shareholders. It is therefore
moved that the annual meeting be hereby adjourned to meet again on
Tuesday, the 18th day of January 1916, in this office at 12 o ’clock noon
N o dividend w as declared for the latter h alf o f the fiscal
y ear. T h e report for the year ending N o v e m b e r 3 0 1915
showed added strength in the liquid position o f the c om p an y ,
b u t, like so m a n y other Canadian bank statem en ts, there
was a dim inution in the p rofits.
T h e liquid assets o f the
b an k aggregate $ 8 ,7 8 0 ,0 0 0 ; the n et profits for the y ear, after
deduction o f interest, taxes, & c ., wore $ 1 0 0 ,7 9 0 .
T h e bank
has a paid-in capital o f $ 2 ,8 5 9 ,2 /2 and total deposits o f
$ 1 3 ,9 0 7 ,2 1 5 .
Sir D . H . M c M illa n is President, and R .
C a m p b e ll, G eneral M a n a g er.
,,
r ,
THE EN G L ISH GOLD A N D SILVER M A R K E T S.
W e reprint the follow ing from the w eekly circular o f
Sam uel M o n ta g u & C o . o f L on d on , w ritten under date o f
D ecem b er 9 19 15 :
nave Deen in favor of the Bank o f England; the following
amounts were received by the Bank:
GOLD.
Dec. 2— £500,000 in sovereigns.
“ 3—
6,000 “ bar gold.
“ 8— 1.209,000 “ “
•
•
Withdrawals were made as under
Dec. 2— £200,000 in sovereigns for Holland.
2—
34,000
Canada,
" 2—
5,000
the U. S. A .
“ 3— 200.000
Spain.
“ 3—
60.000
South America.
“ 3— 100,000
Egypt.
“ 6— 100,000
Japan,
" 7— 334.000
the U. S. A.
“
7—
33.000
the Continent,
“ 8—
5,000
the U. S. A.
______________ ____________
“ 8— 100.000
set aside on Egyptian account.
D u ring the week the net Increase am ounted to £544,000.
T h e net im port o f gold into India for the m onth o f N ovem ber 1915
amounted to £240.000.
T h e follow ing figures relate to San Francisco:
----- F i r s t T e n M o n t h s ----~
. .
.
1915.
1914.
G old Im ports............................... -$54,033,016 $4,091,964
G old exports.................. ..
70.925
461,995
S IL V E R .
T h e m arket has m aintained a good undertone, although prices have
fluctuated rather w idely.
A certain am ount o f unsettlem ent Is only to be expected as a consequence
o f the sharp upward m ovem ent recorded during the preceding fortnight.
T he speculative feeling, b oth here and in India, engendered b y the sud
denness o f tho change, and the action and reaction produced In China b y
successive rises and falls in the price, have im parted unusual animation
to the m arket.
Considerable profit-taking has been effected b y the Indian Bazaars and
a good deal o f silver has been purchased b y China at the low er o f the prices
quoted during the week.
T he result has been that the stock In London on M o n d a y was only about
6,000,000 fine ounces, as com pared with 6,900.000 fine ounces a fortnight
ago, notw ithstanding the m uch higher level o f quotations.
A n Indian currency return fo r N o v . 30 gave the follow ing details in lacs
o f rupees:
N otes in circulation____________________
bo O
R
Silver co in .......................................................... .............. 3 $ fin
G old coin and bullion_______________
c ’ qi
G old in E ngland.......................................... 6,15
T he stock in B om b a y consists o f 5,400 bars— the same quantity as was
reported last week.
A shipment o f 480,000 ozs. has been m ade from San Francisco to H ong
kong.
Q uotations for bar silver per o z. standard.
cash
Dec. 3— 26 7-16
No
“ 4— 26 7-16
quotation
“ 6— 27 1-16
fixed
"
“ 7— 26 15-16
for
" 8— 26%
forward
delivery.
• 9— 26% „
*
•
Av. for wk— 26.75 < ,
Bank rate___________________
5%
Bar gold per oz. standard_77s."9d.
French gold coin, per o z ___nominal
u . S. A . gold coin, per o z ___nominal
T he quotation for cash to-d ay is 3-16d. above that fixed a week ago.
ENGLISH F IN A N C IA L M A R K E T —PER CABLE.
T h e daily closing quotations for securities, & c ., a t L ondon,
as reported b y cable, have been as follow s the past week.
L ond on,
D e c . 18.
W e e k e n d in g D e c . 24.
S a t.
Silver.peroz-------------------d . 26
Consols, 2% per cents______ 68
British 4% per cents---------- 96%
French Rentes (In Paris)-fr. 63.75
D e c . 20. D e c . 21. D e c . 2 2 .
M on.
~
— ‘
Tues.
Wed.
26 1-16 26 1-16 25 15-16
68%
58%
58%
96%
06%
97
63.75
63.75
63.75
D ec.
23.
D ec 24
—
Thurs.
Frt. ’
25 13-16 25%
68%
HOLI
07%
DAY
63.75
63.75
T R E A S U R Y C U R R E N C Y H O L D IN G S .— Tlio 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 1915:
New York City Banks and Trust Companies
Banks.
N
ew Y
ork
America*_
_
Amer Exch.
Atlantic___
Battery Park
Bowery *Bronx Boro*
Bronx N a t..
BryantPark*
Butch & Dr.
Chase______
Chat Phen
Cheslsea Ex*
Chemical__
CitizensCent
&
C i t y .................
Coal & Iron.
Colonial*_
_
Columbia*..
Commerce. .
Corn Exch*.
Cosmopol’ n
East River. .
Fidelity * . .
Fifth Ave*—
Filth___
First___
Garfield___
Germ-Amer*
German Ex*
Germania *.
Gotham___
Greenwich*
Hanover —
Harriman . .
Imp & Trad.
Irving...
L iberty___
Lincoln _
540
207
175
145
400
225
160
135
100
610
200
124
395
175
467
165
450
300
tl7 9
325
100
70
140
4400
250
895
185
125
350
375
190
265
620
335
490
178
700
310
550
2 12
180
165
260*
175
145
115
625
205
135
405
180
474
170
3*25
tl8 0
335
*8 *
0
155
4800
300
915
195
140
390
450
28*0*
625
345
500
183
735
330
B
id
B anks.
Manhattan * 300
Mark & Fult 248
M ech & M et t270U
Merchants’ _ 175
M etropolis*.
M etropol’n * 170
M u t u a l------ 325
New N eth *. 2 10
New Y ork Co 725
New Y o r k .. 370
200
Pacific * ----Park_______ 412
220
People's * . .
200
Prod Exch*
125
Public * - - 410
Seaboard —
395
Second
S herm an___ 125
125
State *-----100
23d Ward*
Union E xch . 134
500
Unit States
Wash H ’ ts*. 275
W estch Av* 160
W est Side*. 400
475
Yorkville*
Ask
310
257
180*
305
180
22*5"
825
385
220
420
235
175
***
430
425
135
135
135
140
175
450
550
B
rooklyn
140
265
142
130
115
90
140
110
205
280
185
140
Coney Isl’ d*
255
F irst.
Flatbush ___ 134
115
Greenpoint
10 0
Hillside * - Homestead
125
***
Mechanics*
85
M ontauk*.
195
Nassau-----N ation’ICity 270
170
North Side*
130
People's —
•Banks marked with a (*) are State banks.
change this week, v Ex-rights.
T r u s t C o ’s.
New York
Ask
B
id
400
A s t o r ______ 385
475
Bankers T r . 470
150
B ’ way Trust 144
CentralTrust 1150 1165
540
530
Colum bia—
Com m ercial- 105
3*0*0*
292
Em pire—
460
Equitable T r 445
Farm L & T r 1175
2** *'
10
F id e lity ------ 198
300
280
Fulton
418
Guaranty Tr 1/413
H u d s o n ------ 130
L a w T lt& T r 1 2 1
LincolnTrust 105
Metropolitan 405
M u t'l (W est
135
chester) . . 130
N Y Life Ins
& T r u s t .. 990 1 0 1 0
600
N Y T r u s t .. 585
405
Title G u & T r 395
155
Transatlan 'c
375
Union Trust 365
400
U S M t g & T r 390
UnitedStates 1030 1050
145
135
Westchester
Sept.1
193,609,439 167,755.960 146,809,607 147,465,603
43,180,814 c55.639,471 c5 8 ,600,829 c58,006,938
5,206,480 5,289,728
5,660,415 4,988,109
T o ta i .
Cash in Phi’lfppine Islands.........
Available cash balance............
’S3
g o v e r n m e n t r e v e n u e s a n d e x p e n d it u r e s .
— Through the courtesy of the Secretary of the Treasury , we
are enabled to place before our readers to-day the details of
Pnvtirmnpnt receipts and disbursements for November 19lo
S d m i f o r tho five months of the fiscal years 1015-16
92,841.951
.773
,287
u
31:291,692
.56,325,361 92 44,556,035 15 268,286,582 19 265,028,704
Panam C —
a
anal
Tolls, & c.........................
Public D —
ebt
Sale o f Pan. C a n . bonds
Sale of Post .Sav .b on d s
Deposits for retirement
365,198 56
269,348 62
....................
.....................
2,022,324 65
865,500 00
629,091
■
.........................
10,459,110 00
5.916.022 50
T o t a l .........................- 3,729,895 00
1,097,350 00
11,324,610 00
5,916,022 50
total recelpts.60,420.455 48 45,922,733 77 281,633,516 84 271,573,818 82
39
1915— 731,552,032
1 9 1 5 - 735,146,743
1915— 735,793,393
1915— 735,698,808
1915— 735,682,530
1 9 1 5 - 736,743,751
1915— 738,666,230
1 9 1 5 - 742.6S7.871
1915— 751,289,635
770,139,524
1915.
191 5.. 810,508,055
1 9 1 4 .. 897,146,922
1 9 1 4 .. 1,017,177,241
L
egal
B on ds.
55,677,100 0720,688,553
56,991,554 z722.920.127
63,794,876 0722,941,584
70,626,198 0723,160,609
80,798,814 m723,802,559
(726,032,702
93,240,891
112,101.038 *728.180,909
139,016,678 A728.776.389
165,409,147 (7734,138.833
190,078,639 /7 4 7 ,951,802
191,724,115 c790.482.018
168,541,610 0871,169,405
101,420,019!C1,010.579,057
T o ta l.
T e n d e rs .
55,677,100 776,365,651
56,991,554 779,917.683
63,794,876 786,736,461
70,026,198 793,786,800
80,798.814 804,601,377
93,240,891 819,273,593
112,101,038 840,287,940
139,016,678 807,793.061
165,409,147 899,547,986
190,078,639 93S.030.443
191,724,115 982,205.133
168,541,616 1,039,711,027
101,420,019 1,111,999,077
which $270,078,236 miscellaneous securities. A ct of M ay 30 1908.
which $150,836,092 miscellaneous securities. Act of M ay 30 1908.
e Of which $67,307,165 miscellaneous securities, A ct of M ay 30 1908.
f Of which $31,133,734 miscellaneous securities. A ct of M ay 30 1903.
a Of which $15,154,695 miscellaneous securities, A ct of M ay 30 1908.
h Of which
$6,582,5S1 miscellaneous securities, Act of M ay 30 1903.
k O f which
$2,508,940 miscellaneous securities. A ct of M ay 30 1903.
I Of which
$719,561 miscellaneous securities. A ct of M ay 30 1908.
m
Of which
$185,245 miscellaneous securities, A ct of M ay 30 1908.
n Of which
S181,778 miscellaneous securities, A ct of M ay 30 1908.
0 O f which
S172.203 miscellaneous securities. Act of M ay 30 1908
z Of which
$171.203 miscellaneous securities. A ct o f M ay 30 1908.
a Of which
$55,492 miscellaneous securities. A ct o f M ay 30 1J08.
The following shows the amount of each class of bonds
held against national bank circulation and to secure publio
moneys in national bank depositaries on N o v . 30. __________
U. S B
.
onds H
eld Nov. to S
30
ecure
—
B
onds on Deposit
N V30 1915.
O .
Public D
eposit
B
ank
C
irculation.
In B
anks.
3 % , U . S. Loan o f 1908-1918----54
4 % , U . S. Loan of 1925-----------------------32
2 % , U . S. Panama of 1936 --------72
2 % , U . S. Panama of 1938 --------3 % , U . S. Panama of 19 6 1 ______
38
3 .6 5 % , D istrict of Colum bia____
4 % , Philippine Loans-----------------96
4 %, Philippine Railway................
„„
4%, M anila R a ilro a d -----------------36 ,
porto R ico L o a n s __________
— i various. Territory of Hawaii.....................
Various, State, C ity, Railroad, &c
1,097,350 00
D isb u rsem en ts—
O
rdinary
—
Checks & w arrants pam
:hecks& warrants paid
n ^ ^ n DUblRP
Int. on public deb't^aki^2:012,879 08 X o & O
debt paid________________
30
30
30
31
31
30
31
30
31
27
30
31
30
T en d ers.
%
8. Consols H
« l 2 » , .U . S . V » « , 1 9 of 1930-----------
( i c t K y 1 0 8 9 0 ) ! 3,729,895 00
G ran d
C
irculation Afloat U —
nder
c Of
d Of
753,385,036 1,042.048,495
mwm
40,898,895 122,249,096 116,738,496
Legal
B on ds.
006,938 11. . .
anri
b For redemption of outstanding certincates and Treasury notesthe Treasury, and
heId ln o f 1890 an exact
equivalent in amount of the appropriate Kinds or nm y { ^ Government
is not included in the
“ ^ e|erve^b.-mks and Federal Reserve agents held
Note.— On D ec 1 1915 F ^ e r a l R e s e ^ e na
bullion, and $168,506,800
S157.822.513 on Nov. 1 .
M
53,355,444
1914-15.
^ aC
Thisastat<fmmit of. mo?.e ^fone'y h ^ F ^ e r a r ^ ^ r ^ b M k s ^ a m P ir ^ n M lo n a l1 bank
Z
Of the united States, amounting to $58.
s . K
99,977,319 122,249,096 116,738,496
59.078,424 .............................................
B
onds and Legal Tenders
on D
eposit for
—
S
64,261,244 62,995,047
6,338,199
6,636,982
B A N K N O T E S — C H A N G E S IN T O T A L S O F, A N D IN
D E P O S IT E D B O N D S , & c.— W e give below tables which
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit.
.
i 129 306 228 293,224.654 3,859,060,981 3.030.218,232
Population of"continental LBUted^States estimated at 101,435,000. Circulation
M ?3 c c u a ^ c o u i : : : : : : : : H & S S 69
°
60,929,189
4,849,893
a Chiefly disbursing officers’ balances, x Includes in D ecem ber $5,001,270 51
silver bullion and S2,218,693 31 minor coin, A c ., not included in statement "S to ck
of M o n e y ." c Including $15,000,000 in Federal Reserve Banks.
* Including $11,127,580 Federal Reserve notes on D ec. 1.
N ov.
O ct.
Sept.
-Stock of M
oney Dec. 5 - — M
1 '1
oney in Circulation—
Aug.
In U. S
. HddlnTreas.nDec. 1915. Dec. 1 1914.
1
July
S
June
637,553,443
603,342,562
G old coin and bullion......... 2,260,6*87.547 221,66S3 ,793
M ay
928,505,529
1,258,660,599
April
G old certificates b ............ m £ V 7V 655 10,823,768
69,731,951
66,170,811
Standard silver dollars------ 568,271,655
M ar.
464,647.020
489,093,555
Silver certificates b .............. - — - - - - - - - 20,752*666
Feb.
163,085,173
167,943,351
Subsidiary s i l v e r . . . . - - - - 188,695,35/
Jan.
2,358,845
2,183,521
Treasury notes of 1890 b . .
... ------D ec.
318,977,776
340,804,126
5,876,890
United States notes.............. 346,681,016
N ov.
3,310,000
177,477.420
11,127,580
-------------- ~
48,387,294
5,634,790
N et cash in banks, Sub-Treas 247,631,523 233,535,052 217,409,050 217,097,632
D educt current liabilities______ 128,340,533 133,557,733 95,159,954 100,359,136
143
287
85
JVov. 1914.
34,108.197
20,752,006
2,218.693
C T o credit Treasurer of U . S . .
T o credit disbursing office rs..
circulation on the dates given:
N o o . 1015.
Dec.11915
Cash balance in Sub-Treasuries
S T O C K OF M O N E Y IN T H E C O U N T R Y .— The follow
ing table shows the general stock of money in the country,
as°well as the holdings by the Treasury and the amount in
a j d„ 1.9 , | t 1 5 1
1915
Total cash in Sub-Treasuries.z346,592,505 320,739,065 299,792,719x300,444,618
Less gold reserve fund................ 152,983,066 152,983,105 152,983,112 152,979,015
510
260
275
650
138
280
N
ov.1
8,966.535/
33,828,093 33,019,944
24,730,213 22.482,129
2,642,055
2,532,099
Balance_____________________ 119,290,990
National bank redemption fund 65,935,546
490
250
265
630
1915
3 2 f i 25’° 3,8401 ‘I f f i f i W f f l ,
1,5 f
1 »
fSale at auction or at Stock E x
Federal Reserve notes------- 188,b05,uuu
Federal Reserve bank notes . . . - - - - - - 22,980*617
National bank notes-------- 776,365.655
O
ct. 1
N et legal-tender n o t e s --------------10,072,178
N et national bank notes * . . - . . . 33,853,197
N et subsidiary silver-------- ---------- 26,277,417
M inor coin, & c----------------------------3,011,068
B
rooklyn
BrooklynTr
Franklin . .
H am ilton—
Kings C o .
M anufact’ rs
Citizens . .
People’s -----Queens C o . .
1915
N e t'g o lT c o m M d b I S lo n !* ? !? . 241,846,744.225.523.525 216.809,613 221,663,793
C o m m e rcia l atxtXJIXiscellatxctfiis
T otal .
[VOL. 101.
THE CHRONICLE
2122
300,444,886 12 300,286,588 36
llW # *
62 10.989,777 95
T 0tai ...........................63,118,889 87 59,840,448 88 3 11,453,748 74 311,276,366 31
T o t a i ................
Miscellaneous securities
issue value).
S
597,720,600
20.308,720
31,748,800
52,893,440
28,824,980
—
731,496,540
(approved
T otal bonds and other securities--
S
S
11,328,850
4,547,200
3,275,600
1,137,500
505,000
12,487,500
585,000
4,521.000
706,000
10,000
1.430.000
1.279.000
7,273,600
609,049,450
24,855,920
35,024,400
54,030,940
29,329,980
12,487,500
585.000
4.521.000
706.000
10,0 00
1.430.000
1.279.000
7,273,600
49,086,250
780,582,790
55,492
55,492
731,552,032 I
Total
H
eld.
49,086,250 I 780,638,282
The following shows the amount of national bank notos
afloat and tho amount of legal-tender deposits N o v . 1 and
Dec 1 and their increase or decreaso during the month of
November.
............................................................... ,779.917.681
NdtloM B ^ Notes^Tml Afloat
l
C ° S o ; R . K '« A o v e m
b , , .........................................................-
Am ount o f bank notes afloat D ec. 1 1915................................................ $776,365,653
Panam C —
a
anal
Checks paid (less bal
ances repaid, & c.)— 2,220,999 7 Public D —
ebt
Bonds, interest-bearing
notes &certifs. retired
National bank notes retired(A ct July 14 ’ 90).
T o t a l ----------------------
1,624,066 27
8,321,024 90
10,936,242 08
4,050 00
1 ,1 2 0 00
6,660 00
27,605 00
537,115 00
1,854,762 50
3,255,367 50
5,789,535 50
591,165 00
1,855,882 50
3,262,027 50
5,817,140 50
A mount
(teposi t^to redeem national bank notes N o v . 1 1915............. *66.991,554
“
mount of ^ank notes retired in N ovem ber........................................1’314’4 j4
Am ount on deposit to redeem national bank notes D e c. 1 1915------ $55,677.100
Grand total disburs’ts.65,931,054 59 63,320.397 65 323.036,801 14 328.029,748 89
^OTer3total‘ receipts?'— 5.510.599 11 17,397,663 88
41,403,284 30 66,455,930 07
B rea d stu ffs Figures b ro u g h t from page 2157. Tho
statements below are proparod by us from figures collected by
tho New York Produce Exchange. The receipts at Wostern
lake and river ports for the wook onding last Saturday and
since Aug. 1 for each of the last threo years havo boon:
Dec . 25 1915.)
Receipts at-
THE CHRONICLE
Wheat.
Oats.
Bariev.
Rye.
3 1 2 3
B y M essrs. Francis Henshaw & C o ., Boston :
S p er sh. Shares. Stocks.
$ per sh.
661s.19616s. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushASlbs. bush.56lbs. Shares. Slocks.
6 Waltham Watch, common__ 17
Chicago____
298,000 1.581.000 1,927,000 2.307.000
606,000
156.000 100 Pacific Mills.................... .......125
3 Naumkeag S. Cot., full paid..182^ 50 Turner Tanning Mach., S10 ea. 14
6.442.000
163,000 1.297.000 1,869,000 255.000
Minneapolis .
11 Farr Alpaca Co_____________ 141
3.094.000
1 Boston Athenaeum, $300 par._3S6J£
Duluth_____
36.000 214.000
1 1,0 0 0
5 Dartmouth Mfg., common___ 200
105.000
319.000
5 Plymouth Cordage__________ 198}$
40.000
704.000 938.000
1 12 .0 0 0
Milwaukee __
11 Massachusetts Cotton Mills_ 1305$ 25 Lynn Gas & Electric............. .105
_
75.000
159.000
25.000
Toledo_____
5 American Glue, preferred____ 149}$
78.000
86,000
7,000
-1 2 0 ,000 |
Detroit_____
139.000
19,000
10,000
246,000|
Cleveland__
B y M essrs. R . L . D ay & C o ., Boston:
332.000
99.000 1 .020.000
449.000
18,000
St. Louis_
_
Shares. Slocks.
S per sh. Shares. Slocks.
712.000
105.000
70.000
133,000!
Peorja____
S per sh.
- 5 Dartmouth Mfg. Co., com____ 193
885.000
1,879,000
147,000!
Kansas City
10 Merrimac Chemical Co., $50 ea.135
3 York Mfg. Co________________ 94}$ 6 Draper Co., pref., ex div..........135
630.000
748.000
302.000
Omaha____
6 Arlington M ills..____ _______ 100
2 Lawrence Gas Co___________ 1 7 7 X
Total wk. ’ 15 524.000 15,452,000 5.046.000 5.766.000 3,685,000 552.000 15 Esmond Mills, pref_______ 95-95}$ 3 Boston Athenaeum $300 ca.384"}£-385
Same wk. T4 391.000 7.663.000 8.782.000 4.915.000 1,809,000 511.000 25 Mass. Cotton M ills.................130}$ 50 Union Twist Drill Co., pref___ 95
Same wk. '13 781,000 6.168.000 11,588,000 4.219.000 1,842,000 356.000 14 Farr Alpaca Co_____________ 141
5 Plymouth Cordage Co________ 198 X
2 Holyoke Mutual F. Ins. Co___ 140
28 Hill Mfg. C o.............................85
20 N. Bedford Extractor Co., pref. 75
Since Aug. 1—
10 Plymouth Rubber Co., pref___ 106
1915......... 8.370.000 285,076,000 72.995.000 127,765,000 58,165,000 14,439,000
B y M essrs. Barnes & Lofland, Philadelphia:
1914......... 8.784.000 256,743,000 94.925.000 145,684,000 51,538,000 13,309,000
$ per sh. Shares. Stocks.
1913......... 8.325.000 174,119,000 83.217.000107.205.00052.108.000 8,149,000 Shares. Stocks.
% per sh.
300 Monon. St. Ry. Co., Pittsb.,
50 Garrison Gasoline Specialties,
$50 each________________ 5
Total receipts of flour and grain at the seaboard ports for
S50 ea ch ................ .........S55 lot
36 Midland Val. RR. Co., pref.
B onds.
p er cent.
the week ended December 18 1915 follow:
$50 each, v. t. c_________ _ 3 X $5,000 Pocons Manor Assn.5s.1937.100
10 Phila. Bourse, com., $50each.. 6
1.000 Phil. & Willow Grove St.
Wheat.
Oats.
Rye.
Receipts at—
Flour.
Barley.
17 Nat. State Bank of Camden..209
Ry. 4}$s, 1934............. .
82}$
30 Finance Co. of Pa., 2d pref___ 102}$ 5.000 Consol.Gas (Pitts) 1st 5s, '48 33
Bushels.
Bushels.
Bushels.
Barrels.
Bushels. | Bushels.
10 Lumbermens Ins. Co., $25 ea.l05}$ 15,500 Midland Val. RR. adj. 5s,
83.000 1.685.000 353,000
2 2 ,10 0 2.750.000
New York_
55,000
15 Southwestern Nat. Bank____115
Series A 1953_______ 22}$- 25}$
370.000
30.000
43,000
65,000
Boston.........
7 First Nat. Bank of Phila____ 190}$
350 Mid. Val. RR., adj. 5s,
885.000
534.000
Portland, Me.
7 Pennsy. Co. for Ins., &c.700-701
scrip ctfs__________
10
38,000
700.000
73.000
171.000
39.000
6,000
Philadelphia .
41 Commonwealth F. I. & T. Co.225X 4.000 Mid. Val. RR., adj. 5s',
259,000
40.000 1.790.000
190.000
25.000
183,000
Baltimore . . .
10 Mutual Trust Co., $50 each__ 35
13
Series B, 1953______
8,000
325.000
858.000
Newp't News.
10 West Phil. Tit. & T. Co., S50 ea.143
100 Mid. Val. RR., adj. 5s,
5.000
Norfolk____
2 Pennsy. Fire Ins. Co________410
scrip ctf_________________ 5 }$
30.000
4.000
6,000
Mobile..........
12 Fire Assoc, of Phil., S50 each..330
1.000 Colo. Springs Lt. H. & P.,
513.000
282,000
103,000
59,000
New Orleans*
35 Independence F. I. Security,
1st 5s, 1920_____________ 91
54.000
878.000
Galveston__
S25 each............................. 20
3.000 St. Louis & Sprlngf. Ry.,
284.000
6,000
24.000
83,000
Montreal___
25 H. K. Mulford Co., $50 each.. 80
1st 5s, 1933______________ 98}$
16,000
St. John-----5 Pocons Manor Assoc________ 40
4.000 York Haven Water & Pow.
25 Phil. Bourse, pref., $25 each_22}$
1st 5s, 1951_____________ 46
Total wk. ’ 15 543,000; 8,511,000
782,000 3,629,000 468,000 255,000
1 Library Co. of Phil_________ 22 J
$
1.000 2d Ave. Trac. (Pitts.), 1st
Since Jan.1’ 1526,259,000210,336,000 50,672,000 147.357,000 15,367,000 14,568,000
27 Securities Corp. General, com. 7X
5s, 1934.............................. 9 5 }$
Week 1914...
605.000 6,951,000 2,004,000 2,369,000| 702,000 509,000
Since Jan.1’1423,632,000249,0S9,000: 30,377,000 73,710,000 2,401,000 8,503,000
* Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.
Tlio exports from the several seaboard ports for the week
ending December 18 are shown in the annexed statement:
Wheal.
bushels.
Corn, F lo u r,
bushels. barrels.
New Y ork......2,183,278
Portland, Mo___ 885,000
Boston________ 995,630
Philadelphia___ 1,042,000
Baltimore______ 1,879,052
Norfolk.............................
Newport News.. 325,000
Mobile________
New Orleans___ 705,000
Galycston______ 580,000
St. John, N. B ..
16,000
7,028 151,036
Exports from —
Oats,
Rye, Barley,
P eas,
bushels. bushels. bushels. bushels.
358,023 41,804 333,430 13,278
534,000
42,366
40",666
354,026 297,351 413,165
DIVIDENDS.
The following shows all the dividends announced for the
futuro by large or important corporations.
D iv id en d s a n n ou n c ed th is w eek a re p r in ted in ita lic s .
N am e o f Com pany.
Per
Cent.
When
Payable.
Books Closed.
D ays Inclusive.
Railroads (Steam).
Alabama Great Southern, ordinary_____
2 }$ Dec. 29 Holders of reo. Dec. 4a
Preferred____ _____________________ 3
Feb. 2 i Holders of rec. Jan. 2 2 a
Albany & Susquehanna______________
4}$ Ja n . 1 Dec. 16 to Dec. 31
Special___________________________
858,000
Z X Jan. It Holders of rec. Jan. 3a
Allegheny & Western, guaranteed______
3
6,000
Jan. 1 Holders of rec. Dec. 2 2 a
Atch. Top. & Santo Fe. pref. (No. 35)- ~
21,000
2 X Feb. 1 Holders of rec. Dec. 31a
Atlanta & West Point________________
3
Jan. 1 Dec. 22 to Jan. 2
Atlantic Coast Line RR., common_____
2 }$ Jan. 1 Holders of rec. Dec. 20 a
C
Augusta & Savannah_________________
2 }$ iJan. 5 Dec. 16 to
Jan. 5
1
Jan. S Holders of rec. Dec. 23a
Total week___8,610,960 604,141 2S9.836 2,173,415 339,755 786,595 13,278 Beech Creek, guaranteed (quar.)______
2 X Dec. 31 Holders of rec. Nov.. 30a
Week 1914.........7,649,249 1,232,148 221,815 1,232,066 553,515 278,584 13,108 Boston & Albany (quar.)_____________
Boston & Lowell____________________
4
Jan. 3 Holders of rec. Nov.. 27a
The destination of these exports for the week and since Boston Revere Beach & Lynn (quar.)__
1 }$ Jan. 1 Holders of rec. Dec. 15a
Buffalo & Susquehanna RR. Corp., pref. 2
Jan. 15 Holders of rec. Dec. 31a
July 1 1915 is as below:
Canada Southern_______ _________
Feb. 1 Holders of rec. Dec. 31a
IX
-F lo u r-Wheat--------------------- Co r n ----------Canadian Pacific, com. (quar.) (No. 78)_ 2 X Dec. 31 Holders of rec. Nov.. 30a
Stnce
Since
Since Chicago Burlington & Quincy (quar.)___
Dec. 27 Holders of rec. Dec. 20 a
2
Week.
Ju ly 1
Week.
Ju ly 1
Week.
Ju ly 1 Chicago Indianapolis & Louisville, pref..
Dec. 30 Holders of rec. Dec. 18a
2
Exports fo r week and Dec. 18.
1915.
Dec. 18.
1915.
D ec. 18.
1915. Chicago & North Western, com. (quar.).
I X Jan. 3 Holders of rec. Dec. la
since Ju ly 1 to—
bbls.
bbls.
bush.
bush.
bush.
bush.
Preferred (quar.)__________________
(Jan. 3 Holders of rec. Dec. la
2
United Kingdom... 57,912 2,330,397 3,694,037 59,538,864 258,000 1,123,917 Connecting Railway (Philadelphia)____
Dec. 31 Holders of rec. Dec. 20 a
Continent..............109,211 1,381,850 4,879.940 85.656,861 241,493 2 ,201,488 Cuba Railroad, preferred............. ......... 2
3
Feb. 1 Holders of rec. Dec. 31a
Sou. & Cent. Amer. 75,143 1,256,262
9,965 2,564,873
48,686 1 ,586,689 Detroit & Mackinac, com. & pref______
2 X Jan. 3 Dec. 16 to Jan. 4
West Indlis______ 46,592 805,929
15 4
30,413
54,233 1,342,814 Detroit River Tunnel____ ___________
3
iJan. 15 Holders of rec. Jan. 7a
Brit. No. Am. Cols.
363
31,358
_____
420
7,323 Elmira & Williamsport, preferred______ 3.16 Jan. 3 Dec. 21 to Jan. 2
Other Countries___
615 167,395
26,864
562,741
1,309
13,343 Fitchburg, preferred (guar.) ____________
I X iJan. 1 Dec. 2
to Dec. 9
Georgia Railroad & Banking (quar.)----3
Jan. 15 Jan. 2 to Jan. 14
Total................. 289.836 5.973,191 8.610,960 148,353.752 604,141 6 275 574
Great Northern (quar.)______________
Feb. 1 Holders of rec. Jan. .5a
IX
Total 1914______ 221,815 6,419,190 7,649,249 157,799.731 1.282,148 6,342!l48
Harrlsb. Portsm. Mt. Joy & Lancaster.. 3 X Jan. 10 Holders of rec. Dec. 20 a
2
Dec. 31 Holders of rec. Dec. 24a
Tlio world’s shipment, of wheat and com for the week Hocking Valley______________________
Illinois Central, leased line, guar_______
1
ending Docember 18 1915 and since July 1 1915 and 1914 Interborough Consolidated Corp.,pf.(qu.) 2 X Jan. 3 Dec. 12 of to Jan. 4
Jan.
Holders
rec. Dec. 1 0 a
I
n
oli/vnm in t.Vm fnllrvwiTW
Interborough Rapid Transit (quar.)____
Jan. 3 Holders of rec. Dec. 2 0 a
5
Joliet & Chicago (quar.)__ ____ ______
I X Jan. 3 Holders of rec. Dec. 24a
Kanawha & Michigan (quar.)_________
I X [Dec. 27 Holders of rec. Dec. 17a
Wheat.
Corn.
K an sa s City Southern, preferred (guar.) __
dan. 15 Holders of rec. Dec. 31a
1
Lackawanna RR. of New Jersey (quar.). 1
Jan. 3 Holders of rec. Dec. 7a
1915.
Exports.
1914.
1915.
| 1914.
Lehigh Valley, com. & pref___________ $1.25
Holders of rec. Dec. 24a
Little Schuylkill Nav., RR. & Coal____ $1.25 Jan. 15 Dec. 16 to Jan. 16
Week
Since
Since
Week.
Since
Since
Louisville & Nashville________________
2 X [Feb. 10 Holders of rec. Jan. 20 a
Ju ly 1.
Dec. 18.
J u ly 1.
D ec. 18.
J u ly 1.
Ju ly 1.
Maine Central (quar.)_______________
I X Jan. 1 Holders of rec. Dec. 15a
Manhattan Ry., guar, (quar.)_________
I X Jan. 1 Holders of rec. Dec. 15a
Bushels.
Bushels.
Bushels.
Bushels.
Bushels. ■
M ichigan Central ........... ................... .....
2
Jan. 29 Holders of rec. Dec. 31a
North Amer* 11948000 216,870,000 210,376.000 462,000 5,398,000 Bushels.
5.640.000
Special___________________________
1
Dec. 28 Holders of rec. Dec. 3a
Russia........ 112 ,0 0 0 4,386,000 12.074.000
4.813.000 M in e H ill
Schuylkill H aven _________ S1.25 Jan. 15 Dec. 25 to
Jan. 16
Danube___
2.347.000
9.431.000 Mobile & Birmingham, preferred______
2
Jan. 1 Dec. 2 to
Jan. 2
Argentina . . 208,666 9.062.000 4.483.000 2.703,000 109,617,000 82,860,000 Morris & Essex______________________
Z X Jan. 3 Holders of rec. Dec. 9a
292,000 8.996.000
Australia__ 132,000
New York Central RR. (quar.)________
Jan. 26
I X [Feb. 1 Jan. 6 to
11,652,000 10.048.000
India_____
New York & Harlem, com. and pref___
3 Holders of rec. Dec. 15a
5
Oth.countr's 416,666 5.966.000 4.373.000 168,000 2,724,000
N. Y. Lackawanna < Western (quar.)__
fc
I X Jan. 3 Holders of rec. Dec. 1 1 a
1
Feb. 19 Holders of rec. Jan. 31a
248,228,000 258,697,000 3.333,000 117,739,000 102,744,000 N orfolk & Western, preferred (guar.) ___ _
Total___ 12816000
Northern Central____________________
Jan. 15 Holders of rec. Dec. 31a
4
_______________
* North America.—The Canadian Government has officially prohibited the Northern Pacific (guar.)Hampshire (quar.) I X Feb. 1 Holders of rec. Jan. 7a
Northern RR. of New
IX
Holders of rec. Dec. 6 a
issuance of both manifests and exports until after ten days. This is effective Northern Securities (annual)__________
2
Jan. 11 Holders of rec. Dec. 31a
during the continuance of the war.
Norwich & Worcester, pref. (quar.)------- 2
Jan. 1 Dec. 17 to Dec. 31
The quantity of wheat and corn afloat for Europe on dates Pennsylvania Com pany ________________ 4
Dec. 31
Philadelphia Baltimore & Washington__
2
Dec. 31 Holders of rec. Dec. 8 a
mentioned was as follows:
Philadelphia & Trenton (quar.)----------2 }$ Jan. 10
10
Pittsb. C ln . Chic. A St. L o u is, common __
2
Jan. 25
15
Wheat.
Preferred
----- -------- --------------------- 4
Corn.
[Jan. 25
15
Pitts. Ft. Wayne & Chic., reg. guar, (qu.) I X Jan. 4 Dec. 12 to Jan. 4
United
Special, guaranteed (quar.).............
United
I X Jan. 3 Dec. 16 to Jan. 3
K ingdom . Continent.
Total.
Reading Company, common (quar.)..
K in gdom . Continent.
2
Feb. 10 Holders of rec. Jan. 24a
Total.
Second preferred (quar.)__________
1
iJan. 13 Holders of rec. Dec. 2 la
Bushels.
Bushels.
Bushels.
Bushels.
Rensselaer & Saratoga-------------------4
Bushels.
Dec. 16 to Dec. 31
Bushels.
39.520.000
Dec. 18 1915..
Rich.
16.541.000 RomeFred. A Potomac., com. A div. oblig. 4}$ Jan. 3 Dec. 23 to Jan.
Dec. 11 1915..
38.400.000
& Clinton--------------------------19.728.000 St.L.Rocky Mt.&P.Co.,pf.(qu.) (No.14) Z X Jan. 1 Dec. 22 to Jan. 2
Dec. 19 1914..
40.312.000
I X iDec. 31 Dec. 21
to Dec. 30
Dec. 20 1913.. 13,36S,000 15,528,666 28,896.000 5,415,666 7,565,000 12,980i000 Southern Pacific Co. (quar.) (No. 37)__
I X Jan. 3 Holders of rec. Nov. 30a
Southwestern RR. of Georgia_________
2 X Jan. 5 Dec. 11 to
Jan. 5
Union Pacific, common (quar.)________
2
Jan. 3 Holders of rec. Dec. la
fe
Auction Sales.— Among other securities, the following, United N. J. RR. < Canal Cos. (quar.).. $2.50 Jan. 10 Dec. 21 to Jan. 2
Valley Railroad (N.
[Jan.
n ot u su a lly dealt in at the Stock E x ch a n g e, were recently sold Vermont Valley____Y .)---------------------- 2 X [Jan. 3 Holders of rec. Dec. 18a
________________
5
1
Not closed
Western Ry. of Alabama_____________
at auction in New York, Boston and Philadelphia :
3
Jan. 1 Dec. 22 to Jan. 2
W rightsville A Tennille, common A p r e f..
3
Jan. 1 Dec. IS to Dec. 19
B y Messrs. Adrian II. Muller & Sons, Now York:
Street and lilectrlc Railways.
ccnt
Shares. Stocks.
Per cent. Shares. Stocks.
American Cities Co., pref. (No. 9)_____
I X Jan. 1
21 to Jan.
5 Nat. Bank of Cuba_________ 122
200 U. S. Ordnance & Proj. Co. $ 10 0 lot Asheville Power & Lt., pf. (qu.) (No. 15) I X Jan. 3
10 J. Spencer Turner Co., pref.. 2 1 X
Athens R y. & Electric, pref. (guar.) ..........
Bonds.
Per cent
Jan. 1 Holders of rec. Dec. 31 a
lx
1 Virginian Power Co., c o m .... 10
$1,000 L. nuron & Nor. Ont. RR.
' Bangor Ry. & Elec., pref. (qu.) (No. 17)
I X Jan. liHolders of rec. Dec. 20
22 Boro Bridge Realty Co___ $50 lot
Birm ingham R y.. Light A Power, preferred
3
1st 5s, 1943.........$100 lot
Dec. 30 Holders of rec. Dec. 24
15 "New Yorker Staats Zeitung”
Boston & Worcester Elec. Cos., pref___ S I
1,000 Sea Coast Realty Co. 6 s,
Jan. 1 Holders of rec. Dec. 24
S750 per 8h.
Brazilian Trac.. L. & P.,Ltd.,pref. (qu.).
19 14......................... $S00 lot
I X Jan. 1 Holders of rec. Dec. 15
""42 0
1,723
31,000
3,077
5,000
8,000
30,000 4,000
189.000 82,000
215,000 4,000
162,693
N am e o f Com pany.
Street and Electric Rys. (Concluded).
Brooklyn Rapid Transit (quar.)_______
California Ry. & Pow., prior pref. (quar.)
Capital Traction, Washington, D. C.(qu.)
Carolina Pow. & Lt., pref. (qu.) (No. 27)
Per
W hen
Cent. Payable.
Books Closed.
D ays Inclusive.
Jan.
Holders of rec. Dec. 9a
Jan.
Holders of rec. Dec. 18a
Dec. 13 to Jan. 1 2
Jan.
Holders of rec. Dec. 22
Jan.
Jan.
Dec. 25 to Jan. 1
Chicago City A Connecting R ys., p ref. ctfs.
Dec. 28
Dec. 29
Dec.
2
Chicago City R y. (guar.) _______________
Jan. 2
Jan.
Dec. 21
Cincinnati & Hamilton Trac., com. (qu.) 1
Jan. 2
Dec. 21
I X Jan.
Preferred (quar.)__________________
Jan. 1
Jan. 16
I X Jan.
C in . N ewport A Cov. L . A T r ., com. (q u .).
Jan. 16
Jan. 1
Preferred (quar.) ___________________
I X Jan.
Jan. 2
Dec. 17
Cincinnati Street Ry. (quar.)_________
I X Jan.
Dec. 21
Dec. 31
City R y. (Dayton, O .), com. A p ref. (quar.)
I X Dec.
Holders of rec. Dec. 1 1 a
I X Jan.
Cleveland Railway (quar.)......................
Dec. 29 to Jan. 1
Columbia (S.C.) Ry., Gas & El., pf. (qu.)
I X Jan.
Holders of rec. Dec. 17a
Jan.
Columbus (Ga.) Elec. Co., pref. (No. 19) 3
Holders of rec. Dec. 15a
Columbus Ry., P. & Lt., pref. A (quar.) I X Jan.
Holders of rec. Dec. 15a
Jan.
Prior preference (quar.)------------------- 1
Jan. 1 to Jan. 15
Jan.
2
Consolidated Traction of New Jersey----Holders of rec. Nov. 30a
Dec.
Continental Passenger Ry.. Philadelphia. $3
Holders of rec. Dec. 15a
Jan.
Duluth-Superior Traction, pref. (quar.). 1
Holders of rec. Jan. 1
Duquesne Light, pref. (quar.) (No. 4)__
I X Feb.
Holders of rec. Dec. 18a
Jan.
Eastern Texas Electric Co., pref. (No. 8 ) 3
Holders of rec. Dec. 20
E lm ira Water, Light A R R ., 1s t p ref. (qu.)
I X Dec.
Holders of rec. Dec. 20
Second preferred (quar.) _____________
I X Dec.
Dec. 21 to
Jan. 10
Jan.
El Paso Electric Co., pref. (No. 27)------- 3
Holders of rec. Dec. la
Frankford & Southwark, Phlla. (quar.).. $4.50 Jan.
Dec. 15 to Jan. 3
Germantown Pass. Ry., Phlla. (quar.) — $1 31X Jan.
Holders of rec. Dec. 20
Jan.
2
H a lifa x Electric Tram way (quar.) _______
Dec. 28 to Jan. 2
Dec.
2
H onolulu R ap . Transit A Land (quar.) —
Holders of rec. Dec. 15
Illinois Traction, preferred (quar.)_____
I X Jan.
Dec. 23 to Jan. 2
Jan.
Indianapolis Street Railway................... 3
Holders of rec. Jan. 3
International Traction, B u ffa lo , p re f ____
X Jan.
Holders of rec. Jan. 3
First preferred _____________________
X Jan.
Dec. 17 to Dec. 31
Interstate Railways, preferred (No. 10)— 30c. Jan.
Holders of rec. Dec. 31a
Kentucky Securities C arp., p ref. (quar.) __
I X Jan.
Dec. 19 to Jan. 1
Jan.
1
Little Rock Ry. A Electric, common ______
Dec. 19 to Jan. 1
Jan.
P re fe rr e d _________________________
3
Dec. 25 to Jan. 3
Jan.
3
London (Canada) Street R y _____________
Dec. 11 to Dec. 14
Jan.
1
Louisville Traction, common (quar.)___
Holders of rec. Dec. 18a
Manila Elec. RR. & Ltg. Corp. (quar.).. I X Dec.
Holders of rec. Dec. 22 a
Jan.
Mohawk Valley Co. (auar.)........... ........
IX
Holders of rec. Jan. 3
Jan.
1
Monongahela Valley Traction, common..
Holders of rec. Dec. 27a
N ashville R y. A Light, p ref. (quar.) _____
I X Jan.
Holders of rec. Dec. 20 a
New England Investment & Security .pref $2 Jan.
Dec. 21 to Jan. 2
New Orleans Railway & Light, common.
X Dec.
Dec. 21 to Jan. 2
Dec.
Preferred (quar.)__________________
IX
Holders of rec. Dec. 22 a
Jan.
New York State Railways, com. (quar.). 1
Holders of rec. Dec. 22 a
Preferred (quar.)__________________
I X Jan.
Holders of rec. Dec. 10 a
Northern Ohio Trac. & Light, pref. (qu.)
IX Jan.
Holders of rec. Jan. 3a
Philadelphia Co., com. (quar.) (No. 137)
I X Feb.
Dec. 23 to Dec. 30
Jan.
Porto Rico R ailw ays, L td ., p ref. ( q u a r .) ...
IX
Holders of rec. Dec. 27a
P ublic Service Corp. o f N e w Jersey (qu a r.).
I X Dec.
Dec. 21 to Dec. 31
Reading Traction.....................................
I X Jan.
Holders of rec. Dec. 31
R epublic Ry. A Ligh t, p f. (qu.) (N o. 18) —
I X Jan.
$3 Jan.
Rldge Ave. Pass. Ry., Phlla. (quar.)___
Dec. 16 to Jan. 2
Holders of rec. Dec. 24a
Scioto Valley T ra c., lsf p ref. A pref. (q u .).
I X Jan.
Jan.
Holders of rec. Dec. la
Second A T hird Sts. P a ss., P h ila . (qu a r.). $3
Holders of rec. Dec. 23a
South Carolina Lig h t, Pow . A R ys., pf.(qu.)
I X Jan.
Holders of rec. Dec. 15a
Sprlngf.(Mo.)Ry. & Lt., pf.(qu.) (No. 4) I X Jan.
Dec. 25 to Jan. 2
Stark Electric RR. (quar.)_______
X Jan.
Jan.
1
Holders of rec. Dec. 15a
Third Avenue Ry. (N. Y. City) (quar.).
Jan.
2
Holders of rec. Dec. 15a
Toronto Railway (quar.)________
Dec. 21 to Jan. 2
Jan.
1
T ri-C ity Ry. A Light, com. (g u a r .) ..
Dec. 21 to Jan. 2
I X Jan.
Preferred (quar.) ______________
Holders of rec. Dec. 17a
Twin City Rap. Tr., Minn., com. (quar.) I X Jan.
Holders of rec. Dec. 17a
I X Jan.
Preferred (quar.)_____________
Holders of rec. Dec. 15a
$4.75 Jan.
Union Passenger Ry. (Philadelphia)
Holders of rec. Dec. 1 0 a
$1.50 Jan.
Union Traction, Philadelphia____
Holders of rec. Dec. 31a
2X Jan.
U nited Electric Co. o f N ew Je rse y —
Dec. 30 Holders of rec. Dec. 20
United Gas & Elec. Corp... first preferred. 3
Holders of rec. Dec. 15a
Jan.
United Light* Rys., 1st pf. (qu.)(No.21) I X
Dec. 8 to Dec. 1 2
United Trac. & Elec., Providence (qu.) — I X Jan.
Holders of rec. Dec. 31a
Jan.
3
V irginia R y. A Pow er, p r e f e r r e d ... ........Holders of rec. Dec. 18a
Wash. Balt. & Annap. Elec., pref. (quar.) I X Dec.
Holders of rec. Dec. 1 1 a
Washington Water Power, Spokane (qu.) I X Jan.
Dec. 22 to Jan. 2
Jan.
$2
West End St. Ry.. Boston, pref-----------Holders of rec. Dec. 2 1 a
Western Ohio R y., first preferred (q u a r .) ..
I X Jan.
Dec. 24 to Jan. 1
West India Elec. Co.. Ltd. (qu.) (No. 32) I X Jan.
Holders of rec. Dec. 15a
$5 Jan.
West Philadelphia Passenger R y ...
Banks.
Jan. 3 Deo. 18 to Jan. 3
14
America, Bank of----------------------Jan. 1 Holders of rec. Dec. 24
3
A tlantic N a tio n a l ---------------------Holders of rec. Dec. 24
Jan.
3
Battery Park National__________
Holders of rec. Dec. 24
Jan.
1
Extra_______________________
Dec. 19 to Jan. 2
Jan.
3
Bronx National________________
Holders of rec. Deo. 31a
Jan.
5
Chase National (quar.)........... ......
Dec. 19 to Jan. 2
Chatham & Phenlx National (quar.)___
2 X Jan.
Dec. 23 to Jan. 2
Chemical N ational (bi-monthly) ____
2X Jan.
Dec. 23 to Jan. 2
Jan.
5
E x t r a ______________________
Holders of rec. Dec. 27a
Jan.
2
Citizens Central Nat. (quar.) (No. 117) .
Holders of rec. Dec. 21
Jan.
7
City, N ational (Brooklyn) (N o. 127).
Holders of rec. Dec. 8
Jan.
2
Coal & Iron National (quar.)-----dDec.21 to Dec. 31
dDec
3
Colonial (quar.)________________
Dec. 22 to Jan. 2
Jan.
8
Columbia (N o. 55)........................ .
Dec. 22 to Jan. 3
Jan.
2
Commerce, N ational Bank o f (quar.).
Holders of rec. Dec. 24a
Jan.
3
Coney Island, Bank of__________
Dec. 24 to Jan. 2
Jan.
2
East River N ational ______________
Holders of rec. Dec. 31
Jan.
25
Fifth Avenue (quar.)___________
Holders of rec. Dec. 31a
Jan.
3
F ifth N ational (quar.) __________
7 Jan. Holders of rec. Dec. 31a
First National (quar.)__________
Holders of rec. Dec. 31a
Jan.
10
E xtra...................... ................
Holders of rec. Dec. 31a
Jan.
3
First Security Co. (quar.)---------Holders of rec. Dec. 17
2 X Jan.
First N ational o f Brooklyn (q u a r .) ..
Holders of rec. Dec. 17
Jan.
2
E x t r a ____ _________________
Dec. 23 to Jan. 3
Dec.
3
Garfield N ational (quar.) ------------Dec. 22 to Jan. 2
Jan.
10
German Exchange_____________
Holders of rec. Dec. 31
Jan.
2
Gotham N ational (quar.) _________
Dec. 22 to Jan. 2
Jan.
3
Greenpolnt N ational (Brooklyn) ___
Holders of rec. Dec. 21„
Jan.
3
Greenwich (quar.) ______________
Dec. 24 to Jan. 2
Jan.
5
H anover N ational (quar.) _______
Dec. 22 to Jan. 2
Jan.
12
Im porters A Traders N a tion a l ___
Dec. 24
to Jan. 2
Jan.
2
Irvin g N ational (quar.) __________
Holders of rec. Dec. 31a
Jan.
5
Liberty National (quar.)_______
Holders of rec. Dec. 31a
Jan.
10
Extra_________ ;____________
Dec. 25 to Jan. 2
Jan.
7
M anhattan Co., Bank o f the (N o . 219)----Dec. 25 to Jan. 2
Jan.
1
E x t r a ______________________
Dec. 22 to Jan. 2
3
Jan.
M arket A Fulton N ational (qu a r.) --------Holders of rec. Dec. 24
4
Jan.
Mechanics, Brooklyn (No. 127)_______
Holders of rec. Dec. 24
Jan.
4
M erchants' N ation al (N o. 225).................
4
Dec. 29 to Jan. 2
Jan.
M etropolis, Bank o f the (quar.) _________
Dec. 18 to Jan. 2
Jan.
2
Metropolitan (quar.)_________________
2
7 Jan. Dec. 21 to Jan. 3
Mutual____________________________
Dec. 23 to Jan.
Jan.
20
New York County National (No. 127)..
Jan.
Dec. 25 to Jan. 2
8
N ew York, Bank of, N .B .A . (N o . 26 4 )...
Jan.
Dec. 9 to Jan. 3
3
North Side, Brooklyn (No. 43)...............
Holders of rec. Dec. 17a
Jan.
4
Park National (quar.)_______________
Jan.
Dec. 25 to Jan.; 2
5
Peoples (N o. 129)...................................
Holders of rec. Dec. 31a
Jan.
3
Peoples N ational (B ro o kly n ) ___________
Dec. 25 to Jan. 2
2
Dec.
Ridgewood (Brooklyn) _________________
Holders of rec.. Dec. 23a
Jan.
Seaboard National (quar.)------------------- 3
Holders of rec.. Dec. 31a
Jan.
3
Second N ational (quar.) _______________
Jan.
Dec. 11 to Jan. 2
3
State ________ _____________________
Dec. 22 to Jan. 2
4
Dec.
Union Exchange National____________
Holders of reci. Dec. 31a
2
Dec.
W ashington H eights, Bank o f (quar.) ------Jan. _ Dec. 17 to Jan. 3
6
West Side____________________
Dec, 31 Dec. 22] to Jan. 11
10
Yorkvine_____ _______________
Trust Companies.
Feb. 1 Holders of rec. Jan. ’27a
Astor (quar.)_________________
Jan. 3 Holders of rec. Dec. 24a
Bankers ( q u a r . ) . . . . . _________ _
Jan. 3 Holders of rec. Dec. 17a
Brooklyn (quar.)______________
Jan. 3 Holders of rec. Dec. 17a
Extra........................................
[VOL. 101
THE CHRONICLE
2 1 2 4
IX
1X
IX
IX
75c.
N am e o f Company.
P er
Cent.
When
Payable.
10
10
Jan.
Jan.
Dec.
Deo.
Jan.
Jan.
Dec.
Dec.
Jan.
Jan.
Dec.
Dec.
.Jan.
.Jan.
Dec.
Dec.
Dec.
.Jan.
.Jan.
Dec.
Dec.
Deo.
Jan.
Jan.
Jan.
Dec.
Trust Companies. (Concluded).
Central (quar.) _______________________
E x t r a ____________________________
Columbia (quar.)-----------------------------5
2
Extra____________________________
4
Com m ercial Trust o f N ew Jersey (quar.) __
2
E x t r a .................... ........ .....................
E m p ire (quar.) ______________________
2X
Equitable (quar.)____________________
6
3
Fidelity _____________________________
S p ec ia l ___________________________ 10
Christmas dividend -----------------------...
2
Franklin (Brooklyn)............................. . 6
Fulton (No. 47)......................................
5
Extra (No. 6 ) -------------------------------2
Guaranty (quar.)-----------------------------6
2
Extra...............................................
H u d s o n ____________________________
3
Lawyers Title & Trust (quar.) (No. 69). IX
Manufacturers (Brooklyn) (quar.)..........
IX
Metropolitan (quar.) (No. 76)...............
6
New York (quar.)----------------------------8
Title Guarantee A Trust (quar.) ________
6
6
Transatlantic (No. 1)-----------------------4
Union (quar.)______________ ________
United States_______________________ 25
U. S. Mortgage & Trust (quar.).............
6
Fire Insurance.
C o n tin en tal _________________________ 25
F id e llty -P h e n lx ______________________ 10
Jan.
Jan.
Books Closed.
D ays Inclusive.
3 Holders of rec. Deo.
3 Holders of rec. Dec.
31 Holders of rec. Deo.
31 Holders of rec. Deo.
3 Holders of rec. Dec.
3 Holders of rec. Dec.
31 Holders of rec. Dec.
31 Holders of rec. Dec.
3 Dec. 23 to Jan.
3 Dec. 23 to Jan.
23 Dec. 23 to Jan.
31 Holders of rec. Deo.
3 Holders of rec. Deo.
3 Holders of rec. Deo.
31 Holders of rec. Dec.
31 Holders of rec. Dec.
31 Dec. 21 to Deo.
3 Dec. 16 to Jan.
1 Holders of rec. Dec.
31 Dec. 18 to Jan.
31 Dec. 19 to Jan.
31 Holders of rec. Dec.
1 Holders of rec. Dec.
1 Dec. 25 to Jan.
3 Dec. 19 to Jan.
31 Holders of reo. Dec.
22o
22a
22a
22a
27
27
24a
22a
2
2
2
30a
20
20
22a
22a
30
3
20a
2
2
24
4
1
2
2
3 Holders of rec. Dec. 2
3 Holders of rec. Dec. 2
Miscellaneous.
Allls-Chalmers Mfg., pref. (quar.)-------IX Jan. 15 Jan. 1 to Jan. 15
1 to Jan. 15
Preferred (on acct. accumulated dlvs.) 1X » Jan. 15 Jan.
Jan. 15 Holders of rec. Dec. 20o
Amer. Agric. Chem., com. (qu.) (No. 17) 1
Preferred (quar.) (No. 42)--------------IX Jan. 15 Holders of rec. Dec. 20a
American Bank Note, preferred (quar.).. IX Jan. 3 Holders of rec. Dec. 15a
Amer. Beet Sugar, pref. (quar.) (No. 66 ).
IX Dec. 31 Holders of rec. Dec. 18a
Amer. Brake Shoe & Fdy., com. (quar.). IX Dec. 31 Holders of reo. Deo. 24a
Dec. 31 Holders of rec. Dec. 24a
Preferred (quar.)---------------------------- 2
American Can, preferred (quar.)........... . IX Jan. 1 Holders of rec. Deo. 16a
Am. C ar* Fdy., com. (quar.) (No. 53)—
X Jan. 1 Holders of rec. Dec. 10a
Preferred (quar.) (No. 67)---------------IX Jan. 1 Holders of rec. Dec. 10a
Am erican Chicle, common (quar.) --------IX Jan. 20 Holders of rec. Jan. 4 ,
Preferred (quar.) ----------------------------IX Jan. 3 Holders of rec. Dec. 24
American Cigar, preferred (quar.)-------IX Jan. 3 Holders of rec. Deo. 15a
American Coal Products, common (quar.) IX Jan. 1 Deo. 25 to Jan. 1
Preferred (quar.)................................
IX Jan. 15 Jan. 11 to Jan. 14
American Express (quar.)-------------------- $1.50 Jan. 3 Holders of rec. Deo. 11a
Amer. Gas & Elec., com. (qu.) (No. 23).. 2X Jan. 3 Holders of rec. Deo. 18a
Jan. 3 Holders of reo. Deo. 18a
Common (extra, payable In com. stock) 2/
Preferred (quar.) (No. 36)--------------IX Feb. 1 Holders of rec. Jan. 20a
Amer. Graphophone, com. (qu.) (No. 43) IX Jan. 1 Holders of rec. Dec. 15
Amer. Iron & Steel Mfg., com. (quar.).. IX Jan. 31 Holders of reo. Deo. 18a
Preferred (quar.)
IX Jan. 1 Holders of rec. Dec. 18a
Am. La France Fire Eng., Inc., pf. (qu.) IX Jan. 3 Holders of reo. Deo. 23a
Amer. Laundry Machinery, pref. (qu.)— IX Jan. 15 Jan. 6 to Jan. 16
American Locomotive, preferred (quar.). IX Jan. 21 Jan. 6 to Jan. 21
60c. Feb. 3 Jan. 16 to Feb. 3
Am erican M a lt Corporation, pref. (quar.).
American Manufacturing, com. (quar.).. IX Dec. 31 Dec. 16 to Deo. 30
Preferred (quar.).............
IX Dec. 31 Dec. 16 to Dec. 30
Am erican P lano, pref. (quar.)
IX Jan. 1 Dec. 23 to Jan. 2
Amer. Power & Light, pf. (qu.) (No. 25)
IX Jan. 3 Holders of reo. Dec. 22
Am erican Public Service, p ref. (quar.) ___
IX Jan. 1 Holders of rec. Deo. 28
American Public Utilities, pref. (quar.).. IX Jan. 1 Holders of reo. Deo. 20a
4
Dec. 31 Dec. 23 to Jan. 2
Amer. Radiator, common (quar.)
Am erican Screw (quar.) ________
IX Dec. 31 Holders of rec. Dec. 24a
1
Deo. ■ 1 Holders of rec. Deo. 24a
S p ecia l ____________________
1
Jan. 15 Holders of rec. Dec. 31a
A m er. Seeding M ach in e, com. (quar.) ----Preferred
IX Jan. 15 Holders of rec. Deo.’ 31a
Amer. Smelters Secure., pf. A (quar.)___
IX Jan. 3 Dec. 18 to Dec. 26
Preferred B (quar.)_________
IX Jan. 3 Dec. 18 to Dec. 26
American Snuff, common (quar.)
3
Jan. 3 Holders of reo. Deo. 14a
Preferred (quar.)___________
IX Jan. 3 Holders of rec. Deo. 14a
Amer. Sugar Refining, com. & pref. (qu.)
IX Jan. 3 Holders of rec. Deo. la
Am erican Surety (quar.) (N o. 106)..........
IX Dec. 31 Holders of rec. Dec. 22a
A m er. Telephone A Telegraph (quar.)
2
Jan. 15 Holders of rec. Dec. 31a
Am erican Thread, preferred ____________
2X Jan. 1 Nov. 13 to Nov. 30
American Tobacco, preferred (quar.)___
IX Jan. 3 Holders of reo. Deo. 15a
American Type Foundries, com. (quar.).
1
Jan. 15 Holders of rec. Jan. 10a
Preferred (quar.)__________ _____ _
IX Jan. 15 Holders of reo. Jan. 10a
American Woolen, pref. (quar.) (No. 67). IX Jan. 15 Dec. 17 to Deo. 29
Anglo-American Oil, Ltd...........
51
Jan. 15 Holders of coupon No.10
Extra_____________________
51
Jan. 15 Holders of coupon No.10
Ansco Company (quar.)_______
2X Jan. 1 Deo. 18 to Jan. 2
Extra.................... ................
2
Jan. 1 Dec. 18 to Jan. 2
1
Associated Oil_______ ________
Jan. 15 Jan. 1 to Jan. 14
Baldwin Locomotive, preferred..
3X Jan. 1 Holders of reo. Deo. lla
Baltimore ^Electric, preferred----2X Jan. 3 Holders of rec. Dec. 15
Beatrice Creamery, common (extra.)
Bell Telephone of Canada (quar.)
Bethlehem Steel Corp., pref. (quar.)___
B lis s (E . W .) Co., common (quar.)
Common (extra) -------------------Preferred (quar.) ......................
Booth Fisheries, first preferred (quar.)..
Britlsh-A m erlcan Tobacco, L td., ordinary.
Ordinary (interim dividend)
1
2
IX
IX
lix
2
IX
7X
5
3
IX
Brooklyn Borough Gas----- Brooklyn Union Gas (quar.) (No. 59) —
1
Extra................................... - - - — - - Brunswick-Balke-Collender, pref. (qu.) — IX
Buffalo General Electric (quar.) (No. 85) IX
75c.
Butte & Superior Copper Co., Ltd
Extra.....................................; -------- - $7.50
California Elec. Generating, pref. (quar.) IX
1
C alifornia Petroleum, p ref. (quar.) ...........
Calumet & Hecla Mining (quar.)— —— $15
IX
C anadian Consol. Rubber, L td ., pref. (qu .).
IX
C an adian Cottons, L td ., p ref. (quar.) - . . - Canadian Gen. Elec., com. (qu.) (No. 6 b) IX
Canadian Locomotive, preferred (auar.). IX
Canadian WestIngh’se,Ltd.(qu.) (No. 44) 6
Canton Company-------------------------- - — 2
IX
Cardenas-Am erican Sugar, p ref. (q u a r.)..
IX
Case (J. I.) Threshing Mach., pref. (qu.)
IX
Celluloid Company (quar.)....................
Jan. 15 Holders of rec. Deo. 31a
Jan. 3 Holders of rec. Deo. 16
Dec. 24 Dec. 22 to Dec. 27
Dec. 24 Dec. 22 to Dec. 27
Dec. 24 Deo. 22 to Dec. 27
Jan. 2 Dec. 21 to
Jan. 1
Jan. 18
See note (<)
Jan. 18
See note (i)
Jan. 26i Holders of rec. Deo. 31a
Jan. 3i Dec. 16 to Jan. 2
Jan. 3i Dec. 16 to Jan. 2
Jan. 1 Holders of rec. Deo. 20a
Dec. 31 Holders of rec. Dec. 20
Dec. 31 Holders of rec. Dec. 16a
Dec. 31 Holders of rec. Dec. 16a
Jan. 1 Holders of rec. Dec. 20a
Jan. 1 Deo. 29 to Jan. 3
.
Dec. 2S1Holders of rec. Dec. 4a
Dec. 31. Holders of rec. Dec. 23a
Jan. 41Holders of rec. Dec. 24
Jan. 1 Holders of reo. Dec. 15a
l
Jan. 1 Holders of rec. Dec. 20a
l
Jan. 1 ) Holders of rec. Dec. 31a
C
Dec. 31l Holders of rec. Dec. 27a
Jan. < Holders of reo. Dec. 24
(
Jan. 1 Holders of rec. Dec. 13a
l
Dec. 31 Holders of reo. Dec. 15a
Central Aguirre" Sugar’ cos., pref. (quar.)
Central Coal & Coke, preferred (quar.) —
Deo. 30 Holders of reo. Deo. 9a
Central Leather, common-------------------- j 4
Jan. 3 Holders of reo. Dec. 10a
Preferred (quar.)...............................
IX Jan. 110 Holders of rec. Doc. 31a
Central A S outh A . Teleg, (q u a r.) ...........
Jan. 10 Holders of rec. Dec. 31a
E x t r a ........................ ?
Cent. States"El" Corp., pf. (qu.) (No. 14) IX Dec. 31 Holders of rec. Deo. 10
Chic .June .Rys .& Un.Stk.Yds.,com.(qu.) 2 X Jan. 1 Holders of rec. Deo. 15a
IX Jan.-' 1 Holders of reo. Dec. 15a
Preferred (quar.)--------------------------2
Dec. 31 Dec. 31 to
Jan. 2
Chicago Telephone (quar.)......................
Dec. 31 Holders of reo. Deo. 16a
Chino Copper Co. (quar.)..................... $ 1
Deo. 21
C incinnati Gas A Electric (quar.) ------ . . . .
IX Jan. 1 Dec. 15 to
Jan. 1 Dec. 22 to
Jan. 2
C incinnati Gas Transportation (a n n u a l).. 10
Jan. 2
Cincinnati Suburban Bell Telephone (qu.) 2X Jan. 3 Dec. 23 to
City Investing, p ref. (quar.) ------------ ----IX Jan. 3 Holders of reo. Deo. 28
Jan. 15 Holders of reo. Deo. 31a
Cleveland & Sandusky Brewing, pref----1
Cluett, Peabody & Co., Inc., pref. (quar.) IX Jan. 1 Holders of reo. Deo. 21a
Colorado Springs L „ H . A P ., p f. ( q u .) ...
IX Dec. 31 Holders of reo. Deo. 15 I
Colt’s Patent Fire Arms Mfg. (quar.)... 2X Dec. 31 Holders of reo. Deo. 15a
Dec. 31 Holders of reo. Deo. 15a
Extra____________________________ 10
Cons. Gas, El. L. & P.. Balt., com. (qu.) I X Jan. 3 Holders of reo. Deo. 15a
Consumers' Power, Mich., pref. (quar.). I X Jan. 3 Holders of reo. Deo. 17a
Continental Can, Inc., com. (quar.)----I X Jan. 1 Holders of reo. Deo. 20a
Preferred (quar.)
I X Jan. 1 Holders of reo. Deo. 20a
THE CHRONICLE
D ec . 25 1915.]
N am e o f Com pany.
»
P er ! When
Cent. Payable.
Miscellaneous (Continued).
Corn Products R efin in g , p ref. (g u a r.)..
Cosden & Co., common (quar.)--------Common (extra)_________________
Cosden & Co., preferred (.guar.) ---------Cote Plano Mfg.. preferred (quar.)----Crucible Steel of Amer., pf. (qu.) (No. 44)
Cuban-Amerlcan Sugar, common (quar.)
Preferred (quar.)________________
Dayton Power & Light, pref. (quar.)----Detroit Edison (quar.)__________ Z .
Distilling Co. of America, pref. (quar.)..
Dodge M fg ., pref. (guar.) _____________
Dominion Glass, Ltd., pref. (quar.)-----Dominion Pow.&Trans.,Ltd.pf.(No. 33).
Dominion Textile, Ltd., com. (quar.) —
Preferred (quar.)_______________
D uluth Edison Elec., pref. (gu.) ---------du Pont (E.I.) de Ncm. Powd., com.(qu.)
Preferred (quar.)________________
Eastern Light & Fuel (quar.)_______
Eastman Kodak, common (quar.)---Preferred (quar.)________________
Electrical Securities, common (quar.) —
Preferred (quar.)________________
Electric Light & Power o f A blnglon &
Rockland, M a ss. (N o. 45)_________
Electric Boat, com. and pref. (extra!----Elec. Storage Battery, com. & pref. (qu.)
Galena-Signal Oil, common (quar.)...
^Preferred (quar.)_______________
General Baking, pref. (quar.) (No. 16)..
Gen. Chcm., com.(extra) (pay. In com.).
Com. special (payable in com stock).
Preferred (quar.)________________
General Electric (quar.)_____ ______
General Fireproofing, common (quar.)..
Preferred (quar.) (No. 35)________
General Gas < Electric, p ref. (guar.) ---fc
Extra (on account o f accum ulations) ----Gold cfc Stock Telegraph (guar.) ---------Goodrich (B. F.) Co., preferred (quar.)..
Goodyear T ire & Rubber, pref. (guar.) ----Gorham M fg ., pref. (guar.) ____________
Granby C o n s.M in .,S m .& P o w ., Ltd. (gu .).
Gray & Davis, Inc., pref. (quar.)--------Great Lakes Towing, pref. (quar.)-------
G u lf States Steel, first preferred --------------
Guggenheim Exploration (quar.)---------
H arrisburg Light cfc Power, p ref. (g u a r .) ..
H artford City Gas Light, c o m m o n .. .........
Common (extra) ____________________
Preferred (guar.) ----------------------------
Hart, Shaffner* Marx, Inc., pref. (qu.).
H averhill Gas Light (guar.) (N o . 80)------
Helme (Geo. W.) Co., common (quar.)..
Common (extra)_________________
Preferred (auar.)________________
Hendee Mfg., pref. (quar.) (No. 9)...
Homestake Mining (monthly) (No. 494).
Extra (No. 495)..------ --------------Houston Gas & Fuel, pref. (quar.)---Illinois Pipe Line--------------------------In d ia n a P ip e L in e — --------------------Indianapolis Gas--------------------------Special________________________
Ingersoll-Rand, common (extra)------Preferred______________________
Int. Harvester of N. J., com.(qu.)(No.24)
International P aper, p ref. (guar.) -------International Salt (quar.)___________
Extra__________________________
International Silver, preferred (quar.)__
Island Creek Coal, common (quar.)__
Preferred (quar.)________________
Kansas Gas & Elec., pref. (qu.) (No. 23)
Kaufmann Department Stores, pref. (qu.)
Kayser (Julius) & Co., common (quar.).
First and second preferred (quar.)----K ellogg Switchboard &
Supply (stock div.)
Kelly-Spring field Tire, 6 % pref. (quar.).
Second preferred (quar.)--------------K elsey Co., In c ., common (guar.) -------Preferred (guar.) ........................- -
Keystone Teleph. (on acct. o f accumulat ns)
Kolb Bakery, pref. (quar.) (No. 16)----Krcsgo (S. S.) common (quar.)...........
Preferred (quar.)-------------------La Rose Consolidated Mines (quar.)----Laurentlde Co., Ltd. (quar.)------------Lawyers Mortgage (quar.) (No. 57)----Lehigh Valley Coal Sales ----------------------Lehigh <- W ilkes-Barre Coal ....................
1
Library Bureau, preferred (quar.)..........
Liggett & Myers Tobacco, pref. (quar.)..
Lone Star Gas (quar.)............................
Loose-Wiles Biscuit, 1st pf. (qu.) (No. 15)
Lorlllard (P.) Co., common (quar.)...
Preferred (quar.)........... ................
MacAndrews & Forbes, common (quar.).
Preferred (quar.)--------------------------Mackay Companies, com. (quar.) (No.42)
Preferred (quar.) (No. 48)-----------Magma Copper (quar.)-------- ------- Manati Sugar, preferred (quar.).........
Manhattan Shirt, preferred (quar.)...
Manning, Maxwell & Moore, Inc. (quar.)
Massachusetts Gas Companies, com. (guar.)
Massachusetts Lighting Cos., old com. (gu.)
N ew common (guar.) ----------------------Preferred (guar.) ___________________
Maxwell Motor, Inc., first preferred----First preferred (quar.)...................... May Department Stores, pref. (quar.)..
M cC all Corporation, 1st pref. (guar.) ----M cCrory Stores Corp., pref. (guar.) ..........
Mergenthaler Linotype (quar.).............
M exican Telegraph (guar.) ......................
Michigan Light, preferred (quar.).........
M ichigan State Telephone, pref. ( g u a r .) ...
Midwest Refining (quar.).......................
Montana Power, com. (quar.) (No. 13)..
Preferred (quar.) (No. 13)--------------Montgomery Ward & Co., pref. (quar.)..
M ontreal Telegraph (guar.) ......................
Mortgage-Bond Co. (quar.)............. - - -
National Biscuit, com. (quar.) (No. 70)..
National Carbon, common (quar.)-------Nat. Enam. & Stamping, pref. (quar.)..
N atlonal Gas, Elec. L t. & P ow ., com. (gu.)
Preferred (guar.) .................. ...............
National Lead, common (q u a r .)..--.--.
National Licorice, pref. (quar.) (No. 54)
N ational Light, Heat & Power, pref. (guar.)
National Refining, preferred (auar.)----National Sugar Refining (quar.)----------National Surety (quar.).... ........ ......... .
Nevada Consolidated Copper Co. (quar.)
Extra____________ ____ __________
N e w England Telephone cfc Telegraph (gu.)
N . Y . Mortgage < Security (guar.) -------t-
1X
2
2
2X
IX
IX
2X
IX
IX
2
X
IX
IX
3X
IX
IX
IX
IX
IX
2
2X
IX
2
IX
Books Closed.
D ays Inclusive.
Jan. 15 Holders of rec.
Jan. H Dec. 23 to
i
Jan. 1 Dec. 23 to
C
Jan. a Holders of rec.
Jan. i Holders of rec.
Dec. 31 Holders of rec.
Jan. 3 Holders of rec.
Jan. a Holders of rec.
Jan. 15 Holders of rec.
Jan. 15 Holders of rec.
Jan. 12 1 Holders of rec.
Jan. 2 Dec. 22 to
Jan. 1 Holders of rec.
Jan. 15 Dec. 20 to
Jan. a Holders of rec.
Jan. 15 Holders of rec.
Jan. 1 Holders of rec.
Feb. 1 Jan. 23 to
Feb. 1 Jan. 23 to
Jan. a Dec. 25 to
[Dec. 31 Holders of rec.
Dec. 31 Holders of rec.
Dec. 31 Holders of rec.
Feb. 1 Holders of rec.
Jan.
Jan.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Feb.
Feb.
Dec.
Dec.
Dec.
Dec.
Jan.
N am e o f Com pany.
3
10
10
22
24
10a
15a
15a
31a
31a
8a
1
11
31
15a
31a
21a
1
1
27
15a
15a
29a
26a
2125
Per
Cent.
Cent. Payable.
Miscellaneous (Concluded).
N ew York M u tu al Gas Light ___________
New York Transit (quar.)____________
N iag a ra F a lls Power (guar.) ___________
Nipe Bay Co., common (quar.)_______
Nipissing Mines Co. (quar.)---------------North American Co. (quar.) (No. 47)___
Northern Ontatio Light & Pow., pref__
Northern Pipe Line (quar.)___________
Nova Scotia Steel & Coal, pref. (quar.)..
Pref. (on-acct. of accumulated dlvs.)..
Ogilvie Flour Mills Co., Ltd., com. (qu.)
Ohio Cities Gas, preferred (quar.)_____
Ohio Fu el S u pp ly (guar.) ______________
Oliio State Telephone, preferred (quar.).
Old Colony Gas, pref. (guar.) ___________
Old Dominion Co. (quar.)____________
Extra____________________________
Old Dominion Copper Mining & Smelting
Old D om inion Steamship (N o. 80)______
Omaha Electric Light & Power, preferred
Osage & Oklahoma Co. (guar.) -------------E x t r a ____________________________
Osceola Consolidated M in in g (guar.) -------Otis Elevator, common (guar.) __________
Preferred (guar.) ___________________
P a cific Telep. & Teleg., pref. (guar.) ____
Penmans Limited, common (quar.)____
Preferred (quar.)__________________
4
4
2
IX
25c.
IX
3
5
2
1 0 ft
2
IX
2
IX
IX
SI .50
50c.
S2
3
2X
2
1
S3
IX
IX
Jan.
Jan.
Jan.
Jan.
dan.
Jan.
Jan.
Jan.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Dec.
Dec.
Jan.
F'eb.
dan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
F'eb.
Jan.
Jan.
Jan.
Dec.
Dec.
Jan.
[Dec.
Jan.
Jan.
Jan.
Jan.
F
’eb.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
dan.
Jan.
dan.
dan.
Jan.
Jan.
Dec.
Dec.
,Dec.
Jan.
Jan.
T)ec.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
dan.
Jan.
dan.
Jan.
Jan.
F
’eb.
Books Clbsed.
D ays Inclusive.
10 Holders of rec. Dec.
15 Holders of rec. Dec.
15 Holders of rec. Dec.
15 Holders of rec. Dec.
20 Jan. 1 to
Jan.
3 Holders of rec. Dec.
15 Holders of rec. Dec.
3 Holders of rec. Dec.
30 Dec. 25 to Dec.
30 Dec. 25 to Dec.
3 Holders of rec. Dec.
1 Holders of rec. Dec.
15
1 Holders of rec. Dec.
1 Holders of rec. Dec.
31 Dec. 16 to Dec.
31 Dec. 16 to Dec.
30 Dec. 16 to Dec.
3 Dec. 22 to Dec.
1 Holders of rec. Jan.
10 Jan. 1 to Jan.
10 Jan. 1 to
Jan.
31 Holders of rec. Dec.
15 Holders of rec. Dec.
15 Holders of rec. Dec.
15 Jan. 1 to Jan.
15 Holders of rec. Feb.
1 Holders of rec. Jan.
15 Holders of rec. Dec.
1 Holders of rec. Dec.
3 Holders of rec. Dec.
30 Holders of rec. Dec.
30 Holders of rec. Dec.
25 Holders of rec. Jan.
30 Dec. 16 to Dec.
31 Holders of rec. Dec.
31 Holders of rec. Dec.
15 Holders of rec. Dec.
15 Holders of rec. Dec.
29 Holders of rec. Feb.
31 Holders of rec. Dec.
15 Holders of rec. Jan.
1 Holders of rec. Dec.
1 Holders of rec. Dec.
1 Holders of rec. Dec.
1 Holders of rec. Dec.
1 Holders of rec. Dec.
1 Holders of rec. Dec.
31 Dec. 19 to Dec.
31 Dec. 19 to Dec.
31 Dec. 19 to Dec.
25 Holders of rec. Jan.
25 Holders of rec. Jan.
1 Holders of rec. Dec.
15 Holders of rec. Dec.
15 Holders of rec. Dec.
10 Holders of rec. Dec.
3 Holders of rec. Dec.
3 Holders of rec. Dec.
15 Holders of r6c. Dec.
31 Holders of rec. Dec.
31 Dec. 16 to Jan.
31 Dec. 16 to Jan.
3 Holders of rec. Dec.
3 Holders of rec. Dec.
31 Holders of rec. Dec.
31 Dec. 17 to] Jan.
31 Dec. 21 to Jan.
31 Dec. 21 to Jan.
1 Dec. 16 to Jan.
3 Dec. 16 to Jan.
3 Dec. 16 to Jan.
1 Dec. 4 to
Dec.
1 Dec. 4 to
Dec.
1 Holders of rec. Dec.
1 Holders of rec. Dec.
1 Holders of rec. Dec.
1 Holders of rec. Dec.
27a
24
31a
23
17
15a
31a
13
30
30
22a
15
20
20a
22
22
22
30
20a
10
10
27
31a
31a
15
5
21
31a
17a
17a
18a
18a
15
30
31
31
31a
31a
la
16
5
15a
15a
21
21
21
24
31
31
31
15
15
15a
31a
31
31a
17a
17a
31a
18
2
2
11a
lla
15
2
2
2
2
3
3
22
22
15a
15a
15a
15a
Jan. 1 Holders of rec. Dec. 23a
IX
Dec. 31 Holders of rec. Dec. 31
1
dan. a Holders of rec. Dec. 21a
1
IX
3
Dec. 31 Holders of rec. Nov. 30a Pennsylvania Lighting, preferred (g u a r .) ..
IX
2
Dec. 31 Holders of rec. Nov. 30a Pennsylv. Water & Power (qu.) (No. 8 ) 1
Jan. 1 Holders of rec. Dec. 18
1
Pettlbone-Mulliken, 1st & 2d pref. (qu.). ix
5/ Feb. 1 Holders of rec. Dec. 31a Phelps, Dodge & Co., Inc. (quar.)-------2X
10 /
Feb. 1 Holders of rec. Dec. 31a
3
Extra____________________________
I X Jan. 3 Holders of rec. Dec. 15a Pittsburgh Coal, p ref. (guar.) ___________
IX
Jan. 15 Holders of rec. Dec. 15a Pittsburgh Plate Glass, com. (quar.)----2
IX
3
Prairie Oil & Gas____________________
I X Jan. 1 Holders of rec. Dec. 20
Prairie Pipe Line____________________
5
I X Jan. 1 Holders of rec. Dec. 20
2
Procter & Gamble, p ref. (guar.) _________
I X Jan. 3 Holders of rec. Dec. 22
X h Jan. 3 Holders of rec. Dec. 22
Quaker Oats, common (quar.)_________
2X
Preferred (quar.)__________________
I X Jan. 1 Holders of rec. Dec. 31a
IX
Ray Consolidated Copper Co. (quar.) —
50c.
I X Jan. 1 Holders of rec. Dec. 21a
to Jan. 2
3
Realty Associates (No. 26)____________
I X Jan. 1 Dec. 21
Republic Iron & Steel, pf. (qu.) (No. 49)
I X Jan. 1 Holders of rec. Dec. 18
IX
Pref. Extra (on acct. of deferred dlv.).
1 ft
I X Feb. 1 Holders of rec. Jan. 14
Reynolds (R. J.) Tobacco, com. (quar.).. 3
I X Jan. 1 Holders of rec. Dec. 22
Common (extra)___________________ 10
I X Jan. 3 Dec. 16 to Jan. 3
n ib 1 - HFeb 1 5Holders of rec. Jan. 5a
Preferred (quar.)__________________
IX
Riverside Boiler Works, I n c ., p re f. (g u ar.).
SI Jan. 3 Dec. 9 to Dec. 13
IX
Dec. 31 Holders of rec. Dec. 24
Royal Baking Powder, common (quar.)— 2
IX
75c. [Dec. 31 Dec. 16 to Dec. 30
2
Common (extra)___________________
25c. Dec. 31 Dec. 17 to Dec. 30
Preferred (quar.)__________________
IX
50c. Dec. 31 Dec. 17 to Dec. 30
1
Savoy Oil (monthly)___________________
Dec. 31 Holders of rec. Dec. 20a
IX
E x t r a ____________________________
1
$1.12 H Jan. 1 Holders of rec. Dec. 22a Sears, Roebuck & Co., preferred (quar.).
IX
Jan. 3 Holders of rec. Dec. 14a Securities Company__________________
2X
X
4
Jan. 3 Holders of rec. Dec. 14a Securities Corporation General, p ref. (guar.) 2 X
I
I X Jan. 3 Holders of rec. Dec. 14a Shawlntgan Water & Power (quar.)____
ix
I X Jan. 1 Holders of rec. Dec. 20
SIoss Sheffield Steel & Iron, pref. (quar.)
IX
65c. Dec. 27 Holders of rec. Dec. 20a
Pref. (extra on account of deferred div.)
IX
Dec. 27 Holders of rec. Dec. 20a Southern C alifornia E d iso n , pref. (g u a r .)..
$1
ix
I X [Dec. 31 Holders of rec. Dec. 15
Southern Utilities, preferred (quar.)____
IX
Jan. 15 Dec. 19 to Jan. 9
15
South Penn Oil (quar.)_______________
3
S2 Feb. 15 Holders of rec Jan. 25
Extra__ ______ __________________
2
3
.Dec. 31 Dec. 1 1 to Jan. 2
South Porto Rico Sugar, common (quar.) 5
Dec. SI Dec. 1 1 to Jan. 2
10
2
Preferred (quar.)__________________
Dec. 2 !i Holders of rec. Dec. 17a South West Penna. Pipe Lines (quar.).. 3
10
Jan. a Holders of rec. Dec. 10 a Sp rin g Valley Water (guar.) ___________ 8 7 X o .
3
24a Standard Gas Light (N. Y.), common...
I X Jan. 15 Holders of rec. Dec.
IX
3
X dan. 15 Holders of rec. Jan. 6 a
Preferred_________________________
X Jan. 1 Dec. 16 to Jan. 2 j
Standard Oil Cloth, pref. A. & B. (quar.) I X
U S Jan. 1 Dec. 16 to Jan. 2
4
Standard OH (Kentucky) (quar.)______
Jan. 1 Dec. 18 to Jan. 2
ix
1
E x tra __ _____ __________________
50c. Feb. 1 Holders of rec. Jan. 22
3
Standard Oil (Ohio) (quar.)___________
si 50 Jan. 1 Holders of rec. Dec. 23
3
Extra____________________________
I X Jan. 3 Holders of rec. Dec. 22
3
Standard Screw, common_____________
I X dan. 1 Holders of rec. Dec. 20
3
Common (extra)___________________
I X Jan. 1 Holders of rec. Dec. 20a
3
Class A__________________________
Feb. 1 Holders of rec. Jan. 20a
IX
3X
Class B__________________________
18.72c
Holders of rec. Dec. 21
Steel Co. o f Canada, Ltd., pref. (guar.) ----IX
I X dan. 3 Holders of rec. Dec. 15
Preferred (on account o f accum. dies.) —
3Xf l
I X dan. 3 Holders of rec. Dec. 15
5
Dec. 31 Dec. 17 to Jan. 2
Stewart Mining (quar.) (No. 15)--------Jan. 1 Holders of rec. Dec. 24
IX
Submarine Boat Corporation (quar.)----- $1.50 Jan. 15 Holders of'rec. Dec. 31
I X Jan. 1 Holders of rec. Dec. 24
Subway Realty (quar.)----------------------I X Jan. 3 Holders ofjrec. Dec. 20a
Sift Feb. 1 Holders of rec. Jan. 20
to Jan. 2
Sulzberger & Sons C o., preferred (g u a r .)..
I X Jan. 3 Dec. 25
I X Jan. 1 Holders of rec. Dec. 18
Swift & Co. (quar.) (No. 117)_________
2
Jan. 1 Dec. 11 to Jan. 6
3
Jan. 2 Holders of rec. Nov. 27a Temple Coal, preferred_______________
to Jan. 11
Jan. 1 1 Jan. 1
2
Jan. 2 Holders of rec. Nov. 27a Tennessee Copper (guar.) ______________
ix
75c. Jan. 15 Holders of rec. Jan. 3
1
Jan. 2 (i Jan. 1 to Jan. 18
Texas Company (quar.)______________
2 X Dec. 31 Holders of rec. Dec. 13a
2
Jan. a Holders of rec. Dec. 22
Jan. 2 Holders of rec. Dec. 24
Thompson-Starrett Co., common______
4
3
Dec. 31 Holders of rec. Dec. 22
Tobacco Products, pref. (quar.) (No. 12) I X dan. 3 Holders of rec. Dec. 21a
SI.25 Jan. 15 Holders of rec. Jan. 6
Jan. 1 Dec. 16 to Dec. 21
2
S3.25 Dec. 24 Holders of rec. Dec. 29a Tonopah-Belmont Development (quar.). 1 5 X Jan. 1 Dec. 11 to Dec. 21
Tonopah Extension Mining (quar.)-----2
dan. 1 Holders of rec. Dec. 21
Dec. 21
Extra____________________________
2 X Jan. 1 Dec. 11 to
Jan. 1 Holders of rec. Dec. 15a Tonopah Mining of Nevada (quar.)-----IX
15c. Jan. 2 1 Jan. 1 to Jan. 7
1X d Dec. 31 Dec. 24 to Dec. 31
Torrlngton Company, preferred.............
3 X Jan. 1 Holders of rec. Dec. 20
I X dan. 1 Dec. 21 to
Jan. 2
Jan. 1 Holders of rec. Dec. 20a
Underwood Typewriter, common (quar.) 1
2 X Jan. 3 Holders of rec. Dec. 15a
Preferred (quar.)__________________
I X Jan. 1 Holders of rec. Dec. 20a
I X Jan. 3 Holders of rec. Dec. 15a Union Carbide (quar.)_______________
Jan. 1 Dec. 19 to Jan. 2
2
2 X Jan. 15 Holders of rec. Dec. 31a Union Ferry________________________
2
Jan. 15 Holders of rec. Jan. 3a
I X Jan. 15 Holders of rec. Dec. 31a
Union
Gas
to Jan.
Jan.
ix dan. 3 Holders of rec. Dec. 10a UnitedNatural(quar.)Corporation (quar.). 2 X Jan. 15 Jan. 1 to Jan. 15
2
Jan. 15 Dec. 24
Fruit
(No. 66 ) ------------14
1
3 Holders of rec. Dec. 10a United Gas Improvement (quar.)---------- $ 1
Jan. 15 Holders of rec. Dec. 31a
50c. Dec. 31 Holders of rec. Dec. 16
Dec. 30 Dec. 16 to Dec. 22
United Globe Mines---------------------------- $ 1 2
I X Jan. 3 Holders of rec. Dec. 24
United Shoe Machinery Corp., com. (qu.) 50c. Jan. 5 Holders of rec. Dec. 14
I X Jan. 3 Holders of rec. Dec. 17a
Preferred (quar.)__________________ 3 7 X 0 . Jan. 5 Holders of rec. Dec. 14
Dec. 31 Holders of rec. Dec. 31
IX
to Jan. 2
United U tilities, pref. (guar.) (N o. 20) —
I X Jan. 2 Dec. 21
Dec. 31 Holders of rec. Dec. 31
IX
Utah Copper Co. (quar.) (No. 30)-------- $1.50 Dec. 31 Holders of rec. Dec. 16a
SI.25 Feb. 1 Holders of rec. Jan. 15
1 Holders of rec. Dec. 20a
Utah Gas & Coke, preferred (guar.) -------I X Jan.
$1.75 Jan. 15 Holders of rec. Dec. 27
Utah Power < Light, pref. (guar.) ----------fc
I X Jan. 3 Holders of rec. Dec. 24
25c. Jan. 15 Holders of rec. Dec. 27
Jan. 15 Holders of rec. Dec. 31a
2
Va.-Caro. Chem ., pref. (guar.) (N o. 81)..
$1.50 Jan. 15 Holders of rec. Dec. 27
Washburn Wire, common........................
2 X Jan. 1 Holders of rec. Dec. 20
k l 4 X Dec. 31 Dec. 30 to
Jan. 2
Jan. 1
of
Dec.
Preferred (quar.)--------------------------\x Jan. 15 Holders of rec. Jan. 20
I X Jan. 3 Holders of rec. Deo. 10a
3
Holders
rec.
3
W ells, Fargo A Co ----------------------------I X Jan. 1 Holders of rec. Dec. 15a Welsbach Company, preferred..........—
3 X Dec. 31 Holders of rec. Dec. 22
I X Jan. 3 Holders of rec. Dec. 27a
Western Electric Co., Inc., common----$4 Dec. 31 Holders of rec. Dec. 23a
I X Jan. 1 Holders of rec. Dec. 20
m
Dec. 31 Holders of rec. Dec. 23a
Preferred-------------------------------------2 X Dec. 31 Holders of rec. Dec. 4 a Western Union Teleg. (quar.) (No. 187).
I X Jan. 15 Holders of rec. Dec. 20a
2 X Jan. 17 Holders of rec. Dec. 31a
X Jan. 15 Holders of rec. Dec. 20a
I X Jan. 3 Holders of rec. Dec. 15a Westlnghouse Elec. & M fg ., com. (g u ar.).
I X Jan. 31 Holders of rec. Dec. 31
I X Dec. 31 Dec. 19 to Jan. 2
Jan.
of rec. Dec. 31
Preferred (guar.) ----------------------------ix Jan. 15 Holders of rec. Dec. lla
I X Feb. 1 Holders of rec. Jan. 15a Weyman-Bruton Co., common (quar.)..
3
3 Holders
Jan. 3 Holders of rec. Dec. 15a
X
Jan. 3 Holders of rec. Dec. lla
Common (extra)__________________ 10
I X Jan. 3
rec. Dec.
of rec.
lla
Preferred (quar.)---------------------------X
Jan.
ix Jan. 1 Holders of to Jan. 15a Wlllys-Overland, preferred (quar.).......... II X Jan. 3 Holders of rec. Dec. 21a
Dec. 22
2
Jan. 1 Holders
Dec.
2
15 Jan. 1 to Jan. 15
1
Dec. 31 Holders of rec. Dec. 15
Wisconsin Edison, Inc-----------------------I X Dec. 31 Holders of rec. Dec. 2 1
Woolworth (F. W.), preferred (quar.)...
I X Jan. 3 Holders of rec. Dec. 10a
I X Jan. 15 Holders of rec. Dec. 28a
Yale & Towne Mfg. (quar.) (No. 79)----I X Jan. 3 Dec. 19 to Jan. 2
I X Jan. 15 Jan. 6
to Jan. 16
Holders of
common (guar.) -------X Jan.
Dec.
ix Jan. 31 Dec. 12 to Jan. 2 Young ( J . S.) Co., .................................- 2ix Jan. 11 Holders of rec. Dec. 24a
rec. Dec. 24a
Preferred (guar.)
1
1 Dec. 23
to Dec. 31
Jan. 1 Holders of rec. Dec. 18d
Youngstown Sheet & Tube, com. (quar.) 2
I X Jan. 1 Dec. 23
to Dec. 31
1 Holders
rec.
18d
Preferred (quar.)__________________
ix Jan. 31 Dec. 9 of to Dec. 13
X Dec. 31 Dec. 11
to Dec. 15
Dec.
Yukon Gold Co. (quar.) (No. 26)--------- 7 XO. Dec.
I X Dec. 31 Holders of rec. Dec. 24
a Transfer books
Cor
ix Jan. 3 Dec. 25 to Jan. 3 rection. e Payablenot closed for this dividend, b Less British gIncome tax.In ascrip.
In stock, f Payable In common stock,
Payable
Jan. 1 Holders of rec. Dec. 15a
2
h On account of accumulated dividends. I Transfers received In London not later
I X Jan. 3 Holders of reo. Deo. 6
Jan. 3 Holders of rec. Dec. 20a than Jan. 3 1916 will not be In time to be passed for payment of div. to transferees.
3
3 7 X 0 . Dec. 31 Holders of rec. Dec. 16a * Payable In non-lnt-bearing warrants or, at option of stockholder. In first pre
ferred stock at par. I Par of shares £1. Dividend is payable In U. S. currency on
1 2 X c . Dec. 31 Holders of rec. Dec. 16a
Dec. 31 Holders of rec. Dec. 2 2 a the basis of S4 7 2 X to the pound sterling, m Declared 73-100 of 1%, being at rat*
IX
Jan. 3 Holders of ren. Dee. 28a of 6 % per annum for period when company commenced business to Dec. 31.
2
n Being dividends accumulated to Jan. 1 1916.
$4
15
THE CHRONICLE
2126
P' N a tio n a l B a n k s.— The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department :
C H ARTER ISSUED TO N A T IO N A L B A N K D EC. 14.
10,808— The First National Bank o f Viborg, S. Dak. Capital, $40,000.
George Nelson, Pres.; Joseph Swenson, Cashier. Conversion of
the Scandinavian Bank of Viborg.
V OLU N TARY LIQ U ID A TIO N .
„
,
8,387— The Union National Bank, Union, Ore., Dec. 3 1915. Liquidat
ing agent, S. A. Pursei, Union, Ore. Consolidated with The
First National Bank of Union, N o. 2947.
8,853— The First National Bank o f Corona, N . Y ., N ov. 18 1915. Liqui
dating, agent, Henry Selden Weller, Jamaica, N . Y . Absorbed
by the Bank of Long Island, Jamaica, N . Y .
£7 C an a d ia n B a n k C learin g s.— The clearings for the week
ending D ec. 18 at Canadian cities, in comparison with the
same week in 1914, shows an increase in theagregateof 5 8 .5 % .
SUMMARY OF STATE BANKS AND TRUST COS. IN GREATER NEW
YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
C
Figures furnished by Slate Banking Department.)
Loans, &c--------------------------------------------- $627,080,900 S4,617,500 Increase
Specie..............................................
53,058,500
169,500 Increase
Legal tenders-..........................................
10,188,500
104,700 Increase
Total deposits ........................................
829,831,100
2,935,700 Increase
Total deposits, eliminating amounts due from
Reserve depositories and from other banks
and trust companies in New York City__
655,095,200
6,399,000 Increase
RESERVE.
State Banks —
p er cent.
Cash in vault............................................................................$11,896,100 11.86
Deposits in banks and trust companies_____________________ 18,377 000 18 32
Total................................................
Trust Companies —
Cash in vault--------------------------------Deposits In banks and trust companies.
1915.
1914.
In c . or
D ec.
$
Canada—
S
%
Montreal__________ . . 70,668,095 44,954,489 + 57.2
Toronto______________ 45,077,690 35,105,996 +28.4
Winnipeg____________ 62,667,863 24,662,799 + 154.1
5,233,713 5,376,651 — 1.9
Vancouver___________
4,296,782 4,308,587 • 0.3
Ottawa_____ ________
3,649,467 2,942,165 + 24.0
Quebec______________
Halifax.......................... 2,133,919 1,885,233 + 13.2
3,404,361 2,811,102 + 2 1 . 1
Hamilton......................
5,435,196 3,255,066 + 67.0
Calgary_________ ____
1,456,934 1,388,019 + 49.0
St. John_____________
1,904,747 1,556,410 + 22.4
London................. ........
1,292,249 1,684,020 —23.3
Victoria.........................
2,182,996 2,036,526 + 7.2
Edmonton....................
2,916,624 1,696,509 + 71.3
Regina.........- ............ .
592,560 + 40.8
834,982
Brandon...... .................
413,160 + 59.1
657,369
Lethbridge___________
912,220 + 71.3
1,562,863
Saskatoon......................
1,472,812
777,888 + 89.3
Moose Jaw ............... .
476,545 + 2 1 .0
576,823
Brantford____________
488,384 + 18.7
579,762
Fort William____ ____
276,060 — 16.3
231,056
313^255 + 70.0
532,299
426,473 + 20 .2
512,680
1915.
1914.
S
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
$
69,294,251
45,864,585
37,063,845
12,813,806
4,249,130
3,391,597
1,950,431
4,016,728
6,047,191
2,124,714
2,047,474
3,919,187
5,842,084
2,687,772
880,706
723,890
2,986,213
1,771,519
704,081
986,601
FOREIGN IMPORTS AT NEW YORK.
For Week ending D ec. 18.
1915.
Dry goods____________ \
General merchandise___ /
1914.
$18,-46,000,'
\
1913.
$2,362,344
11,883,855
|
$3,867,722
15,860,799
1912.
$3,111,449
13,964,709
T ota l------------ ---------$18,416,000 $14,246,199 $19,728,521 $17,076,158
Since J a n . 1.
Dry goods-------- ---------- 1 $953,838,342/ $160,241,857 $152,673,048 $146,766,563
General merchandise___ /
1 768,902,208 801,238,257 833,934,527
Total 50 weeks............. $953,838,342 $929,144,065 $953,911,305 $980,701,090
EXPORTS FROM NEW YORK.
Week ending Dec. 18.
1915.
|
1914.
1913.
1912.
$56,137,073 $20,983,389 $17,926,573 $26,376,455
1,771,429,973 824,675.782 817,899,021 793,675,508
Total 50 weeks............. $1,827,567,046 $845,659,171 $835,825,594 $820,051,963
Total Canada_______ 219,281,282 138,340,117 + 58.5 192,175,039 209,365,805
CLEARING HOUSE MEMBERS, DAILY AVERAGE.
Loans, Ac_________________________
$3,207,445,000 $30,022,000 increase
•Reserve in own vaults.a_________________ 497,821,000
7,026,000decrease
•Reserve in Federal Reserve Bank_________
166,802,000
2,711,000 increase
•Reserve in other depositaries____________
58,134,000
3,644,000 increase
Net demand deposits..................................... 3,267,206,000
28,896,000 increase
Net time deposits______
149,346,000
376,000 increase
Circulation............................
35,120,000
71,000 increase
•Aggregate reserve----- --------$722,757,000
Excess reserve____________________________________ 158,514,210
Decrease_________________________________________
5,253,040
a Of which $432,545,000 is specie.
CLEARING HOUSE MEMBERS, ACTUAL CONDITION THIS DAY.
Loans & 0 ........................................................$3,211,857,000 $21,587,000 increase
17,887,000decrease
•Reserve in own vaults.b_____ ___________ 485,263.000
•Reserve in Federal Reserve Bank________
162,506,000
1,245,000 Increase
•Reserve In other depositaries_____________
59,697,000
4,456,000 increase
Net demand deposits____________________ 3,255,610,000
7,877,000 increase
_ 149,546,000
2,234,000 increase
Net time deposits___
Circulation....................................................
35,175,000
49,000 increase
•Aggregate reserve_________________________________ $707,466,000
145,892,440
Excess reserve_______________
Decrease_________________________________________ 12,965,860
b Of which $417,070,000 Is specie.
Per cent.
Im ports and Exports for th e W e e k .— The following are
the reported imports at New York for the week ending
December 11 and since the first week of January:
Previously reported_____
ffi*New Y o rk C learin g -H o u se B an k S ta te m e n t.— To-day
being a holiday the Clearing-House issued the usual weekly
bank statement after the close of business on Friday after
noon. W e give below the summary of weekly totals for
the week ending December 24.
.530,273,100 30.18
.$51,350,900 09.00
.147,670,300 25.90
Total........... ........................................................................SI 99,021,200 34.90
Aggregate reserve on deposits, $229,294,300, $2,752,200 decrease.
Per cent of legal reserve, 34.20.
Week ending December 18.
Clearings at —
l Vol. 101
The gold and silver exports and imports for the week and
since January 1 have been as follows:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Week ending D ec. 18.
Exports.
Gold.
Im ports.
Since
Ja n . 1.
Week.
Week.
Since
J a n . 1.
$3,436,283 S91,656,954
11,519,880
$100,666
25,000
499,292
Total 1915._____ ____________
Total 1914___________ ______
Total 1913_______ _____
Silver.
Great Britain_____________
France......................................
Germany.................................
West Indies...............................
$14,198,431
2 2 2 ,0 10
997,340
1,658,122
$624,292 $17,075,903 $3,791,494 $133215591
128,325,283
208,429 10,178,224
9,338 69,318,922
227,882 25,465,560
$1,057,434 $37,196,008
2,469,275
846
South America_________________
All other countries_____________
24,109 7,565,350
1,932,720
236,292 14.630,662
94,810 5,910,025
3.184
2 10
1,822,733
3,700
291,100
12,785
$3,659
$25,003
15,325
6,000
345,731
6,056,423
3,884,099
1,213,488
188,256
200,054
42,136
Total 1915................................... $1,061,674 $41,795,601 $440,105 $11,540,069
Total 1914...................................
667,474 41,889,006
222,509 10,289,607
611,842 47,338.700
Total 1913...........- ...................
107.650 10,733.387
Of the above exports for the week In 1915, $125,000 were American gold coin.
T h e Federal Reserve B a n k s.— Following is the weekly statement issued by the Federal Reserve Board on Dec. 18:
The Federal Reserve Board made public to-day Its weekly bank statement as at the close of busings on D m . 17 1915. Tho statement indicates
a gain of 13.7 millions in aggregate gold roscrvo and of 12.2 millions in total reserve for tho sZsfc“ ? ‘ Comid^^ble gains of gold are shown by the New
York, Philadelphia, Atlanta and San Francisco banks. Tho gold settlement fund shows » n Increaseiof
mu lions,
^bout 7 millions repre
sents the increase in the credit balance o f the New York bank. Tho total gold resources, o f t 11 ®
rm
l>y V1*!. ^,°dcral Reserve
Agents both In their own vaults and in Washington, stand at present at 522.7 million dollars, compared ' ” |'d o04.1 millions tho weokboforo. 393.2 mil
lions the week before, 393-2 millions about throe months and 312.4 millions about six months before. During tho last six months tho banks gain of
.
,
gold was about 88.3 millions, while tho Agents’ gain was about 122 millions.
, , , . . .. .... ______________________ „ ...
As the result of considerable liquidation of municipal warrants by the Now York bank, tho .ig^Or.ato earning assots of tho system show a decrease
for the week of about 4 .3 millions, and constitute at prosont about 147 per cent of tho banks combined^ capital, as against loo por cont at tho ond of
the preceding week. The total o f commercial paper on hand shows a docline of over one-half million dollars, Kansas City reporting tho largest not de
crease for the week. Bankers' acceptances on hand increased about 0.6 millions, tho Now York bank reporting an even larger incroase. Of tho total
paper held, acceptances constitute now 37.4 per cent. Ovor 36 per cent o f all paper held maturos within 30 days, whilo 34.5 per cent maturos after 30
but within 60 days. The amount o f agricultural and live-stock paper maturing after 90 days was about 3..1 millions, Atlanta and Dallas reporting noarly
one-half o f this class o f paper.
, ,
n < *u
•
.
.
United States bonds totaling $122,000 wero purchased during tho week by four bank?. Dallas Tor the first time showing tho investment of $100,000
In Government securities. Not reserve deposits increased 7.6 millions. New York and Chicago reporting the largest gains under this head.
The net amount o f Federal Roservo notes issued to tho banks by Federal ltesorve Agents increased about 5 millions during tho wook and stands now
at 205 2 million dollars. Against this total tho Agents hold 187.8 millions o f gold and 17.9 millions of papor. Tho banks roport a total noto circula
tion of 181.4 millions and an aggregate not liability thereon o f 14.5 million dollars.
The figures of the consolidated statement for the system as a whole are given in the following table, and in addition
we present the results for each of the eight preceding weeks, thus furnishing a useful comparison. In tho 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 Rosorve notes botween the
Comptroller and the Reserve Agents and between tho latter and the Federal Reserve banks.
C o m b in e d R e s o u r c e s a n d L ia b il it ie s o p t h e F e d e r a l R e s e r v e
B a n k s a t t h e c l o s e o p b u s in e s s
D e c e m b e r 17 1915
Dec. 17 1915. Dec. 10 1915. Dec. 3 1915. N ov. 261915.^00.19 1915. Nor. 12 1915. N ov. 5 1915. Oct. 29 1915. Oct. 22 1915.
RESO U RC ES.
Gold coin and certificates In vault............. — $257,373,000 $251,810,000 $244,229,000 $245,986,000 $245,400,000 $233,430,000 $232,678,000 $218,224,000 $227,005,000
76,330,000 68,060,000 79,700,000 73,830,000 69,345.000 62,790,000 60,810,000 61,960,000 54,670,000
Gold settlement fund_____________________
1,227.000
1,252,000
1,232,000
1,292,000
1 .2 12 ,0 0 0
1 ,222,000
1,184,000
1.227,000
Gold redemption fund with U. S. Treasurer..
1.252,000
Total gold reserve____________________ $334,887,000 $321,162,000 3325,181,000 $321,068,000 $315,977,000 $297,447,000 $294,715,000 $281,406,000 $282,887,000
Legal tender notes, silver, Ac______________
26,978,000 28,441,000| 32.681.000 37,212.000 32,173,000 31,806,000 31,567,000 37,058,000 34,026,000
Total reserve........................... ............... $361,865,000 $349,603,000 $357,862,000 $358,280,000 $348,150,000 $329,253,000 $326,282,000 $318,464,000 $317 513,000
Bills discounted and bought—
Maturities within 10 days-------------------Maturities from 11 to 30 days---------------Maturities from 31 to 60 days__________
Maturities from 61 to 90 days---------------Maturities over 90 days_______________
Total.................................................
$6,742,000
12.379.000
18.190.000
11.494.000
3,891,000
$5,874,000
13.313.000
18.270.000
11.468.000
3,752,000
$6,784,000
11.740.000
18.610.000
10,766,000
3,456,000
$0,164,000 $4,003,000
11.129.000 12,320,000
18.325.000 15,835,000
9,524,0001 9,018,000
3,831,000;
3,373,000
$5,223,000
1 0 ,866,000
14,663,000
9.521.000
2.875.000
$5,863,000
10.436.000
15.606.000
8.498.000
2.724.000
$6,913,000
10.595.000
15.969.000
8.458.000
2 . 102.0 00
$7,263,000
11.198.000
14.094.000
8.978.000
1.789.000
$52,696,000 $52,677,000 $51,356,000 $48,973,000, $45,149,000 $43,148,000 $43,127,000 $44,007,000 $43,322,000
Bankers’ acceptances (Included In above) $19,684,000 $19,108,0001 $18,306,000 $16,179,000 $13,510,000 $13,138,000 $13,774,000 $13,619,000 $13,335,000
D ec . 25 1915.]
THE CHRONICLE
2121
Dec. 171915 Dec. 10 1915 D ec. 3 1915. Nor. 261915 Nor.19 1915 Nor. 121915 Nor. 5 1915 Oct. 29 1915 Oct. 22 11115.
R E S O U R C E S (Concluded ).
Brought fo rw ard (total reserve A bills disc'ted) $414,561,000 $402,280,000 $409,218,000 $407,253,000 $393,299,000 $372,401,000 $369,409,000 $362,531,000 $360,835,000
Investments: U. S. bonds.--------------------------Municipal warrants___________
Federal Reserve notes— Net--------------------------Due from Federal Reserve banks— Net_______
All other resources__________________________
$14,523,000 $14,401,000 $13,875,000 $12,919,000 $12,674,000 $12,003,000 $10,533,000 $10,505,000 $10,480,000
18,053.000 17,821,000 27,308,00C
13,600,00C
27,519,00C 22.S01.00C
22,148,000 25,014,000
25,381,000
22,286,000
18,118,000
20.939.00C
18.792.00C
19.176.00C
19,537,000
15,184,000
19,723,000
15,680,000
19,718,000
19,775,000
21.331.00C
15,827,00C
16,175,000
14.053.00C
12.483,000
8,533,000 *12,314,000
5,335,000
6.552,000
4,322,000
3,662,000
3,275,000
4,633,000
2,962,000
3,645,000
3,162,000
Total Resources___________________ S4S9.276.000 $482,073,000 $485,359,000 $485,342,000 $471,773,000 $446,192,000 $432,719,000 $429,951,000 $427,880,000
L IA B IL IT IE S .
Capital paid In........ ......... 1 _________________
Government deposits_______________________
Reserve deposits— Net______________________
Federal Reserve notes—Net------- -----------------All other liabilities__________________________
$54,900,000 $54,902,000 $54,859,OOC $54,846,000 $54,854,000 $54,846,000 $54,848,000 $54,838,000 $54,834,000
15.000,000
15,000,000
15,000,000
15,000,000
15,000,000
15.000,000
15,000,000
15,000,000
15,000,000
397,879,000 390,249,000 392,966,000 397,952,000 384,997,000 359,317,000 346,063,000 343,554,000 340,444,000
14,686,000
13,969,000
14,461,000
13.3S5.000
12,923,000
13,007,000
13,661,000
13,918,000 14,809,000
7,236,000
8,565,000
7,036,000
3,999,000
4.159,000
4,022,000
3,147,000
2,641,000
2,793,000
Total liabilities_____________________ S4S9,276,000 $482,073,000 $485,359,000 $485,342,000 S471f773,000
Gold reserve against net liabilities (a)________
Cash reserve against net liabilities (a)-----------Cash reserve against liabilities after setting
aside 40% gold reserve against net
amount of Federal Reserve notes In
circulation (* )_________________________
82.5%
89.1%
80.2%
87.4%
80.9%
89.0%
77.9%
86.9%
79.6%
87.7%
80.1%
88.7%
81.4%
90.1%
77.3%
87.5%
*79.0%
*88.7%
90.9%
89.2%
90.7%
88.5%
89.3%
90.5%
92.0%
89.4%
*90.8%
(a) Less Items In transit between Federal Re-
$21,331,000 $19,718,000 $19,775,000 $14,053,000 $15,827,000 $16,175,000 *$12,483,000 $8,533,000 •S12.342.000
*
Issued to the banks----------------- -------------- $205,205,000 $200,265,000 $190,985,000 $187,815,000 $183,275,000 $179,335,000 $170,310,000 $168,370,000 $159,280,000
23,843,000 24,953,000 20,987,000 22,511,000 22,389,000 22,710,000
In hands of banks______________________
17,828,000 22,345,000
17,711,000
servo banks, viz________________________
Federal Reserve Notes —
In circulation__________________________ $181,362,000 $175,312,000 $169,998,000 $165,304,000 $160,886,000 $156,625,000 $152,482,000 $146,025,000 $141,569,000
Gold and lawful money with Agent--------------- $187,840,000 $182,912,000 $174,147,000 $171,095,000 $166,755,000 $163,155,000 $154,005,000 $151,830,000 $142,440,000
14,686,000 13,969,000
14,461,000
13,385,000
Carried to net liabilities____________________
12,923.000
13,007,000
13,661,000
13,918,000
14,809,000
18,118,000
20,939,000 22,286,000
19,176,000
18,792,000 19,537,000
Carried to net assets________________________
15,184,000
19,723,000 15,680,000
Federal Reserve Notes (Agents’ Accounts )—
Received from the Comptroller-------------- $260,460,000 $256,480,000 $252,680,000 $249,440,000 $242,980,000 $235,020,000 $218,020,000 $212,020,000 $205,460,000
1,495,000
1,355,000
1,531,000
1,355,000
1,275,000
1,265,000
Returned to the Comptroller------------------1,035,000
815,000
1,015,000
Amount chargeable to Agent------------ $258,929,000 $254,985,000 $251,325,000 $248,085,000 $241,705,000 $233,755,000 $216,985,000 $211,205,000 $204,445,000
53,724.000 54,720.000 60,340,000 60,270,000 58,430,000 54,420,000 46,675,000 42,835,000 45,165,000
In hands of Agent______________________
Bow
Issued to Federal Reserve banks------ $205,205,000 $200,265,000 $190,985,000 $187,815,000 $183,275,000 $179,335,000 $170,310,000 $168,370,000 $159,280,000
'
By gold coin and certificates------- ----------- $136,860,000 $139,902,000 $135,177,000 $136,535,000 $132,695,000 $133,515,000 $127,495,000 $126,480,000 $119,920,000
Secured —
By commercial paper---------------------------Credit balances In gold redemption fund..
Credit balances with Federal Reserve B’d .
17,365,000
650,000
50,330,000
17,353.000
630,000
42.3S0.000
16,838,000
590,000
38,380,000
100.000
16,720,000
580,000
33.880,000
100,000
16,520,000
580,000
33,380,000
100,000
16,180,000
570,000
28,970,000
16,305,000
560,000
25,950,000
16,540,000
550,000
24,800,000
16,840,000
520,000
22,000,000
T o ta l..................................................... $205,205,000 $200,265,000 $190,985,000 $187,815,000 $183,275,000 $179,335,000 $170,310,000 $168,370,000 $159,281,000
$17,935,000 $18,752,000 $18,328,000 $17,583,000 $17,240,000 $16,680,000 $16,663,000 $16,553,000 $16,989,000
Commercial paper delivered to F. R . Agent—
* Amended figures.
W E E K L Y STATE M EN T O F R E SO U R CE S AN D L IA B IL IT IE S O F EA CH O F T H E 12 F E D E R A L R E SE R V E B A N K S A T CL O SE O F BU SIN ESS D EC. 17 1913
N ew
York. Phtladel’a . Cleveland. Richmond.
A tlan ta.
Chicago.
S t. L o u is .
M in n e a p . K a n . C ity.
D a lla s.
San
F ra u .
Total
$
S
$
$
$
$
S
I S
S
S
S
I
s
RESO U RCES.
*
G old coin A ctfs. In vault 14,445,000 153,635,00010,240,000 9.749.000 5,365,000 5,306,000 36,859,000 2.240.000 2,654,000 8,371,000 4,119,000 4.390,000 257,373,000
Oold settlement fund___ 3,188,000 8,021,000 6,327,000 9.855.000 9,783,000 3,017,000 4,521,000 6.668.000 4,112,000 1,064,000 9,668,00010,106,000 76,330,000
367,000
321,000
55.000
....
6,000
........... 1,184,000
27,000
30,000
107,000
271,000
G old redemption fu n d ..
Total gold reserve___ 17,639,000 161,711,000 16,567.000 19,604,000 15,515,000 8.644,00041,380,000 8,935,000 6,796,000 9,542,00014,058,00014.496,000334.887,000
Legal-ten .notes,a l l v A c
27,000 21,060,000 2,583,000 1,127,000
65,000
300,000
219,000
33,000; 26,978,000
154,000 1,334,000
58,000
18,000
Total reserve------------- 17,666,000 182.771.00019,150,000 20,731,00015,580,000 8,798,00042,714,000 8,993,000 6,814,000 9,842,000 14,277,000 14,529,000 361,865,000
Bills dlscountedAbought
204,000
Commercial p a p e r..
Bankers' acceptances 6,021,000
T o t a l ......................... 6,225,000
249,000
142,000
6,571,000 2,651,000
619,000 7,716,000 8,046,000 3.466.000 1,442,000 1,419,000 3,985,000 5,096,000
432,000
648,000
730,000;
50,000
377,0001
.......... !
1.578.000
628.000 33,012,000
626.000 19.684,000
6,820,000 2,793,000 1,349,000 7,766,000 8,046,000 5,044,000 2,090,000 1,851,000 4,362,000 5,096,000 1,254,000 52,696,000
986.000
1,973,000 2,330.000;
Investments: U. 8 . bds
Municipal w arrants.. 2.911.000 11.486.000 2,112,000 2,820,000
82,000
826.000 15.287.000
305,000, 219.000
Fed. Res've notes— N et.
Due from other Federal
2,333,000 3,186,000 1,223,000 2,228,000
Reserve banks— N et. 2.827.000
413,000
388,000
All other resources------628,000. 243,000
74,000
396,000
952.000 1,304,000 1,672,000
397.000
924,000
403,000
143,000, 1,234,000
100,000 1,000,000 14.523,000
72,000
501.000 13,600,000
........... 1,144,000 20,939,000
5.850.000 2,854,000l 4,076.000 1,157,000
124,000
993,000,
340.000
80,000
744,000 3,137,000a21,331,000
537,000
106,000 4,322,000
4.206.000
1.500.000
1.781.000
Total resources......... . 31,854,000206,752,00029,294,000 30,878,00024,725.00019,860,00061,219,000 15,769,00016,283,000 18,429,00020,826.00021,671,000489,276,000
L IA B IL IT IE S .
Capital paid In— -------- 5,152,000 11,063,000( 5,270,000 5,929,000
Government deposits—
Reserve deposits— N e t .. 26,702*666 180,653.666 24,024',666 24,949',666
Fed. R es've notes— N et.
8.284.000
Due to F .R banks— Net
6.752.000
All other liabilities
3.354.000
5,000,000
10,512,000
6.682.000
177,000
2.422.000 6,645,000 2,781,000 2,546,000 3,042,000
5.000.000!
...
..........
7.827.00054.574.000 12,988’,666 13,737,666 14,665.000
4.504.000.
...
722,000
2,754,000 3,942,000 54.900.000
15,000,000
5,000,000
.
9,519.00017,729,000 397,879,000
14.461.000
3,553,000
.
107,000
7,036,000
Total liabilities............ 31,854,000206,752,00029,294.00030,878,00024,725,000 19,860,000 61,219,00015,769,00016,283.000 18,429,000 20,826,000 21,671,000 489,276,000
Federal Reserve N otes —
Issued to banks--------In hands of banks------
9'oo2’™n
826,000, 15,427,000
9.160,000 10,600,000 14,550,000 17,950,000 4,380,000 7,950,00014,000,00011,000,00015,165,000 5,170,000205,205,000
305,000
219,000
418,000
746,000 1,781,000
143,000 1,234,000 1,278,000
322,000 1,144,000 23,843,000
F . R . notes In circulation 8,494,000, 70,533,000 8,855,00010,381.00014,132,00017,204,000 2,599,000! 7,807,00012,766,000 9,722,00014,843,000 4,026,000181,362,000
G old and lawful money
with a g e n t --------------- 9,320,000 85,820,000 9,160,00010.600,000 8,450,00012,700.000 4,380,000 7,950,00014,000,000 9,000,00011,290,000 5,170,000187,840,000
Carried to net liabilities.
ooVmS i k VoV m n1
.........- 5,682,000 4,504,000
...........1
...........|
...........
722,000 3,553,000
______ 14,461,000
Carried to net assets____
820,000 1j .287.000
305,000
219,000
______I
........... I 1,781,000
143,000 1,234,000
...........1
........... 1,144,000 20,939,000
A Items In transit, 1. e ., total amounts due from less total amounts due to other Federal Reserve banks.
ST ATE M EN T O F
Boston.
FE D E RA L
R E SE RVE
N ew York. Phtladel'a Cleveland. Richm ond.
A G E N T S ’ AC C O U N T S D EC. 17 1915.
Atlanta.
Chicago.
St. Lou is. M in n ea p . K a n . City.
D allas.
San Fran
Total.
$
$
Federal Reserve Notes—
$
S
$
s
$
S
$
$
$
$
1
*
Reo’d from Comptr’r 16.360.000 104,240.000 12,480.000 12,600.000 16,320,000 19,900,000 9,380,000 9,600,000 19,000,000 11,000,000 19,580,000 10,000,000260,460,000
Returned to Comptr’r 400,000
640,000
80,000 .............
120,000
61,000 230,000 1,531,000
.............
Chargeable to Agent.. 15,960,000 104,240.000 11,840,00012,520.000 16,320,000 19,900,000 9.260.000 9.600.000 19,000,00011,000,000 19,519,000 9.770.000 258,929,000
In hands of F . R . agent 6,640,000 18,280,000. 2,680,000 1,920,000 1,770,000 1,950,000 4.880.000 1.650.000 5,000,000 ............. 4,354,000 4.600.000 53,724,000
Issued to F. R. bank.. 9,320,000 85,960,000| 9,160,000 10,600,000 14,550,000 17,950,000 4,380,000 7,950,000 14,000,000 11,000,00015,165,000 5,170,000205,205.000
Held by F. R. agent—
Gold coin A certfs----- 9,320,000 85,820,000 4,160,000 10,070,000
5,950,000 10,000,000 2,000,000 9,540,000
136,860,000
Credit balances.:
530,000
In Gold redemp. fund
With F. R. Board___ —
Notes secured by com
mercial paper_____
140,000
Am ount eom m ’f paper
delivered to F .R .agent
140,000 .............. 1 ............... 1 6.187,000 5,251,000| ________ I ............... I ............... i 2,019,000 4,338,000
5,000,000
120,000
8.450.000 lijbb.bbb 4,260,000 2,000,000 4,000,000 7.000.
650,000
1.750.000 5,170,000 50.330.000
000
6.100.000 5,250,000
000
3.875.000 .............
2.000.
4
17.365.000
17.935,000
(Vol. 101
THE CHRONICLE
3128
Statement of New York City Clearing-House Banks and Trust Companies— The weekly Clearing-House bank
statement usually issued on Saturday was given out yesterday because of the holiday to-day. The summary for the week
ending December 24 as published by the Clearing-House will be found on page 2126 of to-day’s “ Chronicle.” We give here,
in the usual way, the detailed statement for the week ending December 18, so that there will be no break in the continuity
of our record. The figures for the separate banks are the averages of the daily results. In the case of the totals, actual
figures at the end of the week are also given.
NEW YORK W EEKLY CLEARING-HOUSE RETURN.
CLEARING HOUSE
MEM BERS.
Week Ending
December 18 1915
(00s om itted .)
C a pital.
N et
P r o fits.
fNat. B'ksN ov. 10\
\State B’kaSept .25 /
L o a n s,
D isc o u n ts,
In vestm ’ ts,
d ie.
G old.
Legal
T en ders.
Silver.
A vera ge. A verage. A verage.
A vera ge.
! Members o f Federal
8
8
t
8
8
$
m Reserve Bank.
710.0
764.0
36.328.0 2.444.0
2.000,0 4.833.2
Bank of N. Y ..N .B .A .
138.0
1.753.0
857.0
29.873.0
Merchants’ Nat. Bank. 2.000,0 2,278,7
6,000,0 9.283.0 121,612,0 21.979.0 5.578.0 6.109.0
Mech. A Metals Nat—
0
National City Bank— 25.000. 037,658,9 356.559.0 110,535,0 7.152.0 4.777.0
34.262.0 8.234.0 3.439.0 5.052.0
8.093.6
3.000.
0
Chemical Nat. Bank—
243.0
830.0
420.0
10.608.0
817.7
0
Atlantic National Bank 1.000.
32.0
49,0
116.0
1.966.0
79,1
300.0
Nat. Batchers’ A Drov.
1.266.0 2.597.0
92.144.0 7.265.0
4.995.3
0
Amer. Exch. Nat. Bank 5.000.
25.000. 18,030,3 235.083.0 20.377.0 5.049.0 2.294.0
0
National Bank of Com.
1.315.0
1.796.0
55.923.0 2.638.0
Chatham & Phenlx Nat. 3.500.0 2.181.5
0
Hanover National Bank 3.000. 15.484.2 119.813.0 19.459.0 1.128.0 2.228.0
239.0
1.381.0
1.255.0
27.410.0
Citizens’ Central N at.. 2.550.0 2.617.1
456.0
664.0
615.0
9.470.0
1.976.7
0
Market A Fulton N at.. 1.000.
763.0
33.463.0 1.815.0 1.175.0
Importers’ A Traders'. . 1.500.0 7.794.5
966.0 2.832.0
National Park B ank... 5,000,0 15.663.2 142.880.0 12.354.0
44.0
268.0
107.0
1.958.0
77,0
250.0
EastRIver Nat. Bank..
569.0
1.078.0
1.091.0
16.316.0
Second National Bank. 1,000,0 3.282.1
984.0 2.939.0
First National Bank— 10.000.0 23.875.5 183.324.0 24.584.0
1.359.0 3.265.0
62.049.0 5.808.0
3.959.1
0
Irving National Bank.. 4.000.
470.0
180.0
676.0
10.287.0
500.0 1.288.6
N. Y. County Nat. Bk.
0
Chase National Bank.. 5.000. 10.042.6 190.528.0 15.272.0 5.045.0 5.318.0
1.627.0
906.0 1.348.0
16.619.0
1.926.2
0
Lincoln National Bank. 1.000.
1.132.0
304.0
658.0
8.773.0
Garfleld National Bank 1,000,0 1.274.0
155.0
120.0
255.0
4.592.0
404.7
250.0
Fifth National B ank...
1.262.0
694.0
34.234.0 2.612.0
1,000,0 2.888.0
Seaboard Nat. Bank—
698.0 1,220,0
60.241.0 4.715.0
Liberty National Bank. 1,000,0 3,222,5
760.0
126.0 1,610,0
8.370.0
700.7
Coal A Iron Nat. Bank. 1,000,0
479.0
303.0
517.0
11.345.0
Union Exchange Nat.. 1,000,0 1,058,1
358.0
93.0
444.0
9.184.0
Nassau Nat. Bank----- 1,000,0 1,122,0
1.477.0
231.0
568.0
17.345.0
1^03,7
1.500.0
Broadway Trust Co_
_
U
|
Totals, avge. for week 115,350,0 187,811,8 1,942,559,0 272,249,0 40,542,0 52,627,0
I*t9|
268.760.0 40.374.0 56.277.0
Totals, actual condition Deo. 18
271.131.0 40.787.0 63.814.0
Totals, actual condition Deo. 11
270.993.0 37.879.0 56.644.0
Totals, actual condition Deo. 4
267.814.0 34.034.0 58.937.0
Totals, actual condition N ov. 27
K
M
1 State Banks.
N o t M em bers o f
V Federal Reserve Ba nk.
Bank of Manhattan Co.
Bank of America_____
Greenwich Bank-------Padflo Bank........ ........
People’s Bank----------Metropolitan Bank----Corn Exchange Bank..
Bowery Bank...............
German-Amerlcan Bank
Fifth Avenue Bank----German Exchange Bank
Germania Bank______
Bank of Metropolis___
West Side Bank...........
N. Y. Produce Exch.Bk
State Bank__________
2.050.0
1.500.0
500.0
500.0
200.0
2,000,0
3.500.0
250.0
750.0
100.0
200,0
200,0
1,000,0
200,0
1,000,0
1.500.0
4.939.0
6.118.7
1,193.9
1,000,5
438.3
1.935.1
6.736.7
765.7
703.7
2.240.2
795.4
999.7
2,134,0
683.4
956,9
505.6
Totals, avge. for week. 15,450,0 32,146,8
48.460.0
35.233.0
11.313.0
5.127.0
2.104.0
11.783.0
80.613.0
4.023.0
5.643.0
16.172.0
3.943.0
6.184.0
14.996.0
4.457.0
11.961.0
21.325.0
8.904.0
4.890.0
921.0
262.0
191.0
1.017.0
5.480.0
307.0
636.0
1.622.0
529.0
599.0
1,022,0
323.0
1.852.0
1.507.0
283,337,0 30,062,0
1.167.0
1.437.0
181,0
567.0
75.0
640.0
1.862.0
38.0
125.0
947.0
60.0
106.0
731.0
234.0
275.0
453.0
N a t . Bank N a t. Bank
N o te s
N o tes
[N ot
[Reserve
Counted
fo r State
as
In stitu
R eserve],
tion s].
Reserve
with
Legal
D e p o s i
taries.
E x cess
Due
fr o m
Reserve
D e p o s i
ta ries.
A verage.
A verage
*
8
A verage.
A verage.
Average.
J
$
S
777.0
990.0
508.0
483.0
131.0
594.0
4.681.0
67,0
139.0
1.092.0
139.0
156.0
872.0
127.0
475.0
753.0
3.0
15.0
160,0
64.0
50.0
N et
D em an d
D e p o s its .
N et
T im e
D ep osits,
N a tion a l
Bank
Circula
tio n .
A verage.
i
A verage.
A vera g e.
s
1.598.0
258.0
1.170.0
14.119.0
5.313.0
713.0
15.987.0
1.443.0
947.0
369.0
4.141.0
5.134.0
597.0
799.0
583.0
1.458.0
2,090,0
2,990,0 164,091,0
2,122,627,0
19,787,0 35,049,0
2.040.0
2.128.0
2.167.0
2.353.0
2.701.0
3.002.0
2.748.0
3.050.0
2.119.527.0
2.115.486.0
2.091.645.0
2.108.616.0
19.667.0
19.987.0
19.915.0
19.605.0
‘ '6 0 ,0
80,0
903,0
2,0
21.0
1.0
119.0
55.0
486.0
10.0
38.0
101.0
1,0
216,0
9,0
56.0
43.0
14.0
251.0
17.0
122.0
32.0
14.0
14.0
14.0
25.0
27.0
39.0
73.0
34.0
16.0
219.0
55.0
15.0
127.0
11.050.0
102,0
388*6
16,0
150.0
298.0
206.0
40.0
206,0
19.0
13.0
9,0
42.0
74.0
164.0
382.0
170.0
18.0
38.0
161,261,0
157.443.0
160.429.0
165.102.0
219.0
206.0
**5*2*6
*233*6
1,284,0
*2*73*6
56,0
1,914,0
499,0
2,719,0
72,0 14,084,0 3,926,0
2.427.0
3.027.0
2.645.0
81,0
52.0
37.0
45.0
3.172.0
4.028.0
3.781.0
3.430.0
464.0
323.0
409.0
256.0
166.0
733.0
113.0
142.0
176.0
27.0
145.0
194.0
116.0
714.0
32.0
28.0
30.0
28.0
167,0
260,0
508.0
141.0
331.0
504.0
193.0
32.0
57.0
53.0
399.0
1.131.0 3.616.0
9.919.0 6.022.0
1.936.0 10.466.0
688,0
1.027.0
1.232.0 4.650.0
13,763,0 22.283.0
368.0
495.0
820.0
448.0
3.057.0 4.063.0
870.0 1.026.0
2.626.0 6.889.0
741.0 1.072.0
603.0
838.0
2,313,0 4.238.0
2,225*6
1.347.0
""*2*7*6
19,0
2.853.0
125,0
5.460.0
1,154*6
794,0
125.0
140.0
1,255,0
34.0
'*12*4*,6
2*.*21*3*6
50.0
6,0
110,0
128,0
305,203,0
8,898,0 11,984,0
8
798.0
1.925.0
4.953.0
1.799.0
450.0
385.0
49.0
4.772.0
2.685.0
1.731.0
305.0
1.637.0
73.0
50.0
3.556.0
50.0
673.0
4.370.0
740.0
198.0
450.0
32.876.0
28.851.0
144.082.0
445.354.0
42.994.0
10.818.0
1.871.0
93.409.0
237.874.0
54.063.0
133.892.0
24.653.0
9.209.0
30.127.0
145.392.0
2.649.0
14.715.0
189.615.0
69.438.0
10.669.0
215.810.0
18.770.0
9.587.0
4.679.0
39.306.0
65.675.0
8.396.0
11.073.0
8.378.0
18.402.0
2.493.0
2.265.0
10.436.0
34.051.0
3.428.0
833.0
142.0
7.467.0
19.284.0
4.411.0
10.052.0
2.087.0
783.0
2.248.0
53.200.0
34.898.0
12.034.0
5.137.0
2.680.0
10.072.0
94.271.0
3.647.0
5.576.0
17.194.0
3.880.0
6.191.0
14.497.0
4.554.0
13.734.0
23.638.0
28.918.0
32.146.0
31.586.0
33.514.0
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
Federal
Reserve
Bank
N o tes
[N ot
Reserve].
496.0
3,0
22,0
1,020,0
16,660,6
52.0
11.0
43.0
74.0
110.0
86.0
254.0
47,0
36,0
140.0
301.0
824.0
1,418,0
2.888.0
121,0
‘ 161*0
888.0
349.0
247.0
350.0
500.0
399.0
400.0
267.0
35.126.0
35.103.0
35.084.0
35.101.0
21,0
12*6
34,0
67,0
67.0
67.0
81.0
104,0
Trust Companies
N o t M em bers o f
Federal Reserve Ba nk.
1.500.0 3.605.6
Brooklyn Trust Co----Bankers Trust C o ------- 10,000.0 13.594.2
U. 8. Mtg. A Trust Co. 2,000,0 4.201.8
1.250.0
1.339.6
Astor Trust Co..
Title Guar. A Trust Co. 5.000. 0 12,045,5
Guaranty Trust Co----- 10,000,0 23.186.3
Fidelity Trust Co........ 1.000.0 1.317.7
5.090.2
0
Lawyers Title A Trust. 4.000.
7.568.2
0
Columbia Trust Co----- 2.000.
1,000,0 1,438,0
People’s Trust Co____
0
New York Trust C o . . . 3.000. 11,119,2
1.000. 0 1.105.9
Franklin Trust Co____
541.4
Lincoln Trust Co.......... 1,000,0
Metropolitan Trust Co. 2,000,0 6.293.9
33.232.0 1.641.0
216.900.0 19.510.0
54.538.0 3.019.0
28.297.0 2.028.0
1.965.0
38.471.0
305.689.0 28.486.0
558.0
8,874,0
1.282.0
23.607.0
74.320.0 4.838.0
1.224.0
18.062.0
66.359.0 4.675.0
1.231.0
18.444.0
734.0
12.210.0
51,924,0 4.589.0
146.0
16,0
355.0
33.0
246.0
343.0
47.0
Totals, avge. for week. 44,750,0 92,447,5
950,927,0 75,780,0
2,380,0
5,218,0
2,388,0
74.204.0
84.411.0
86.642.0
90.138.0
2.503.0
3.131.0
3.642.0
2.851.0
5.757.0
4.609.0
5.765.0
7.589.0
2.384.0
2.478.0
2.425.0
2.432.0
40.932.0
40.648.0
40.640.0
39.876.0
5.505.0
5.070.0
5.320.0
22,620,0
198.376.0
38.729.0
23.566.0
24.645.0
275.275.0
7,369,0
16.395.0
61.131.0
17.389.0
52.458.0
14.813.0
12.055.0
46.259.0
8.906.0
25.250.0
15.454.0
5.622.0
525.0
41.457.0
238.0
572.0
12.922.0
840.0
212.404.0
215.433.0
218.109.0
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
Dec. 18
Dec. 11
Dec. 4
Nov. 27
202.0
868.0
186,0
71.0
492,0
91.0
91.0
61.0
Grand Aggregate, avge. 175,550,0 312,406,1
Comparison prev. week
16,0
213.0
54.0
140.0
42.0
222.0
11.0
5,0
727,0 40,406,0 66,799,0
8.021.0
3.699.0
474.0
5.130.0
811,080,0 129,116,0
127.578.0
127.681.0
124.922.0
125.802.0
51,820,0
+ 61,0
Grand Aggregate.actual condition Deo.
Comparison prev. week
"2Y,6
52,579,0
— 293,0
18
387.688.0 52.872.0
389.221.0 50.876.0
391.466.0 45.520.0
Grand Aggregate actual condition
Grand Aggregate actual condition
Grand Aggregate actual condition
a
Includes capital set aside for Foreign Branches, 83,000,000.
STATEMENTS OF RESERVE POSITION^
A ctual Figures.
Averages.
Cask Reserve Reserve in
In Vault. D epositaries
Total
Reserve.
a
Reserve
R equired.
S urplus
Reserve.
In c . or Dee.
C ask Reserve. Reserve in
fr o m
in Vault. D epositaries
P reviousW eek
Total
R eserve.
b Reserve
Required.
S urplus
R eserve.
In c . or D e i .
fr o m
PreviousW ssk
$
8
S
8
!
S
1
S
S
S
Members Federal
S
8
1
8
526.672.000 382,498,210 144,173,790
Reserve Bank___ 365,418,000 164,091,000529,509,000 383,062,210 146,446,790 — 5,143,460 '365,411,000161,261,000 67,200,000 54,387,540 12,812,460 — 7,214,380
Plate Banks *--------- 53.663.000 14,084,000 67,747,000 54,936,540 12,810,460 — 1,513.980 1 52,891,000, 14,309.000 125.780.000 123,907,950 1,872,050 — 1,861,480
— 11,181,950
T'ust Companies*.. 85.766.000 j 40,406,000126,172.000 121,662,000 4,510,000 — 7,594,850 84,848,000 40,932.000
504,847,000218,581,000723,428,000559,660,750 163,767,250 — 14,252,290 '503,150,000216,502,000 719.652.000 560,793,700 158,858,300 —20,257,810
Total Dec. 1 8 ...
559,650,890
— 193,920
> Total Dec. 11_ 519.579.000215.742.000735.321.000 557,301,460 178,019,540 — 2,420,930 526.363.000 212,404.000 738.767.000 555,343,970 179,116,110
_
179,310,030 —4,167,310
+ 514,160 519.221.000 215,433,000|734.654.000
r Total Dec. 4 . . . 617,331,000217,815,000735,146,000554,705,530 180,440,470
— 15,018,460 521,335,000218,109.000! 739.444.000 555,966,660 183,477,340 — 10,197,620
735,662,000555,735,690
179,926,310
r Total Nov. 2 7 ... 517.081.000218.581.000
• Not member) of Federal Reserve Bank.
m This Is the reserve required on Net Demand Deposits In the case of 8tate Banks and Trust Companies. but Jn **»
I!aaka
Includes also the amount of reserve required on Net Time Deposits, which
Dec. 18, 8989,350:
b This Is the reserve required on Net Demand Deposits In the case of State Banks and Trust Companies, but; In the case1 ol'M em bers of the1Federal Reserve Banka
includes also the amount of reserve required on Net Time Deposit*, which was as follows: Dec. 18, $983,350; Dec. 11, $999,350; Dec. 4,$995,750, Nov. 27, $980,2o0.
was asfollows:
D®
°
-
..
,
D eo. 25 1915.]
THE CHRONICLE
2 1 2 9
The State Banking Department reports weekly figures
In addition to the returns of “ State banks and trust com
showing the condition of State banks and trust companies panies in New York City n ot in the C lea rin g H o u s e ” furnished
in New York City n ot in the C lea rin g H o u s e , and these are
by the State Banking Department, the Department also
shown in the following table:
presents a statement covering a ll the institutions of this class'
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
in the whole State. The figures are compiled so as to distin
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
guish between the results for New York City (Greater New
D ifferences fr o m
(F igu re! Furnished, by Slate Banking D ep a rtm en t.)
previous week.
D ecem ber 18.
Loans and Investments_________________
5622,463,400 Inc. $3,221,900 York) and those for the rest of the State, as per the following:
84,200
52,889,000 Inc.
G old ............................................
For definitions and rules under which the various items
Currency'and bank notes_________
10,083,800 Inc.
87,200
826,895,400 Dec. 3,955,600 are made up, see “ Chronicle,” V. 98, p. 1661.
Total deposits..............................................
Deposits, eliminating amounts due from reserve de
The provisions of the law governing the reserve require
positaries and from other banks and trust com
panies In New York City, and exchanges________ 648,696,200 Inc. 3,110,300
Reserve on deposits____________________________ 232,046,500 Dec. 9,532,400 ments of State banking institutions were published in the
Percentage of reserve. 34.6%.
“ Chronicle” March 28 1914 (V. 98, p. 968). The regula
RESERVE.
tions relating to calculating the amount of deposits and what
-------- State Banks -------- ----- Trust Com panies ----$51,232,300 9.00% deductions are permitted in the computation of the reserves
Cash In vaults.................................511,740,500 11.56%
150,196,100 26.38%
Deposits In banks and trust cos___ 18,877,600 18.66%
were given in the “ Chronicle” April 4 1914 (V. 98, p. 1045).
Total
.530,618,100 30.22 %
5201,428,400 35.38%
The averages of the New York City Clearing-House banks
and trust companies, com bin ed with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
W e om it ciphers in all these fig u r e s.
W eek ended —
Sept. 25........
Oct. 2........
Oct. 9........
Oct. 16........
Oot. 23........
Oct. 30........
Nov. 6........
Nov. 13........
Nov. 20........
Nov. 27........
Dec. 11........
Dec. 18........
Loa n s and
Investm ents
D em a n d
D e p o s its .
S pecie.
Other
M oney.
$
3,317,767,9
3,358,896,0
3,388,651,3
3,467,524,0
3,608,520,3
3,642,474,0
3,691,886,2
3,725,985,5
3,735,488,3
3,753,798,0
3,750,386,9
3,769,648,5
3,799,286,4
5
3,398,150,6
3,443,128,2
3,474,185,0
3,554,422,3
3,709,084.9
3.748.805.7
3.803.046.8
3,839,752,9
3,858,135,4
3,858,048,5
3.863.672.1
3,870,658,9
3.887.606.2
$
498,161,0
490,661,8
482,017,2
494,209,0
502,300.9
513,565,6
519.525,7
520,920,8
526,271,3
517.556.8
516.027.9
515,147,8
500,809,0
5
80,832,3
78,671,6
79,288,5
79,423,4
77.013.0
71,853,9
68.166.0
65.231.7
69.244.8
61,646,4
63,834,0
67,232,6
67,010,8
E n tire
Total
Reserve on
M oney
H o ld in g s. D e p o s its.
5
576.993.3
569.333.4
561,305.7
573,632,4
579,313.9
585,419,5
587,691,7
586,152.5
595,516,1
579,203,2
579,861,9
582,380,4
567,819,8
5
899.749.4
888.344.5
881,458,3
911,515,5
931,772,5
957.399.9
970,813,4
980,387,6
981.478.5
970.216.8
970.710.8
976,899,9
955,474,5
STATE BANKS AND TRUST COMPANIES.
W eek ended D e c .
State Banks
T ru st C o s.
State Banks
in
in
ou tside o f
Greater N . Y . Greater N . Y . Greater N . Y
18
5
5
T ru st C o s.
outside o f
. Greater N . Y .
$
*10,863,000
5
*13,400.000
Capital as of Sept. 25___
23,050,000
65,550,000
Surplus as of Sept. 25___
38,209,100
155,738,300
•13,863,600
•11,358,400
Loans and Investments..
Change from last week.
360,104,500 1,485,769,500
— 1,808,400 + 16,406,100
146,362,700
+ 284,600
210,538,800'
+275,500
Gold...............................
Change from last week.
41,583,500
—2,097,400
125,214,200
—6,736,300
Currency and bank notes.
Change from last week.
23,529,300
—344,900
14,233,400
—145,200
-
Deposits______________
Change from last week.
495,458,200 1,830,478,000
— 1,108,000 +8,588,900
157,868,900
+ 1,556,100
Rpsprvfl on dppnslt,
Change from last week.
113,907,900 416,800,600
— 1,450,800 —21,369.000
29,338,600
+ 1,170,300
P. c. of reserve to deposits
Percentage last week..
28.5%
28.6%
28.5%
29.7%
222,895,900
— 136,800
91 O I 1An
O
ol.ayl,100
—348,400
21.5%
20.9%
+ Increase over last week. — Decrease from last week.
17.3%
17.5%
• As of June 23.
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
Dec. 18 1915.
N et
P rofits.
C a pita l.
fNat. b’ks Nov. 101
tState b’ksSept. 25)
Members of
Fed'l Reserve Bank
Battery Park N at...
First Nat., Brooklyn
National City, Bklyn
First Nat., Jers. City
Hudson Co.N., J.C .
First Nat., Hoboken
Second Nat., Hobok.
L o a n s,
D iscou nts
In vest
m en ts, die
Average.
5
$
5
200,000
167.100 2.479.000
300.000
686,800 5.027.000
300.000
657.100 5.298.000
400.000 1,271,800 4.537.000
250.000
777.200 3.828.000
220.000
659,300 5.429.000
125,000
315.100 4.342.000
Total__________ 1,795,000 4,534,400 30,940,000
N a t . Bank N a t . Bank Federal
N o tes 1
Re N oteslN o t Reserve
serve fo r
Counted
Bank
State I n
as
N o teslN o t
stitutions) R eserve]. R eserve].
Gold.
Legal
Ten ders.
Silver.
A verage.
A verage.
A verage.
Average,
$
$
5
148.000
114.000
163.000
199.000
121.000
118,000
46,000
5
36.000
29.000
55.000
266,000
10.000
17.000
34.000
46.000
133.000
122.000
91.000
68.000
59,000
105,000
909,000
447,000
624.000
83,000
444.000
572.000
105.000
653.000
202.000
456.000
799.000
177.000
8,000
172.000
58.000
10.000
149.000
52.000
115.000
162.000
61.000
83.000
564.000
268.000
27.000
187.000
173.000
270.000
800.000
133,000
172.000
10,000
87.000
40.000
82.000
161.000
23,000
787,000 2,505,000
583,000
A verage.
5
6,000
10,000
13.000
31.000
70.000
9.000
4.000
143,000
A vera ge.
5
7.000
4.000
13,000
1.000
4.000
6.000
Reserve
with
Legal
D e p o s i
taries.
E xcess
D u e fr o m
Reserve
D e p o s i
taries.
A verage.
A verage.
5
288,000
560.000
650.000
372.000
345.000
349.000
266.000
5
192.000
31,000
130.000
2,257,000
841.000
733.000
562.000
N et
D em a n d
D e p o s its .
N et
T im e
D e p o s its.
N a tion a l
Bank
C ircu
la tion.
A vera ge.
A vera g e.
A v era g e.
$
%
2.403.000
48,000
4.642.000
5.251.000
3.098.000
2.876.000
2.144.000 2.764.000
2.215.000 1.901.000
$
192.000
295.000
119.000
395.000
198.000
218.000
99,000
35,000 2,830,000 5,746,000 22,629,000 4,713,000 1,516,000
State Banks.
N o t M e m b ers o f the
Federal Reserve Bank.
Bank of Wash. Hgts. 100,000
400.000
Colonial Bank...
Columbia Bank___ 300.000
Fidelity Bank__
200.000
Mutual Bank___
200,000
New Netherland___ 200,000
100,000
Yorkvllle Bank..
Mechanics' Bklyn.. 1,600,000
North Side, Bklyn.. 200.000
385.100
807.500
653.100
188,300
470.100
250,200
521,400
716.500
184,700
1.916.000
7.918.000
7.246.000
1.258.000
4.795.000
3.551.000
5.504.000
17,034,000
3.345.000
Total____ ____ _ 3,300,000 4,176,900 52,567,000 3,491,000
8,000
176,000
152,000
328,000
88,000
83,000
521.000
445.000
469.000
912.000
213.000
68,000
389.000 1.540.000
358.000
5,000 210.000
330.000
361.000
1,097,000 2.802.000
225.000
180.000
,466,000
,684,000
,818,000
,129,000
,949,000
,519,000
,024,000
,286,000
,577,000
410.000
222.000
5,000 3,428,000 6,863,000 55,452,000
721,000
77.000
12.000
Trust Companies.
N o t M e m b e r s o f the
Federal Reserve Bank.
HamlltonTrust.Bkln
Mechanics, Bayonne
500.000 1,051,000 6.876.000
200.000
276,000 4.240.000
Total...................
700,000 1,327,000 11,116,000
Grand aggregate----- 5,795,000
Comparison, prevwk
519,580
Excess reserve.
Grand aggr’te Dee 11 5.795.000
Grand aggr'te Deo 4 6.795.000
Grand aggr'te Nov27 5.795.000
Grand aggr’te Nov20 5.795.000
Grand aggr’te Novi 3 5.795.000
10,038,300 94,623,
+ 533,
Increase
10.038.300 94,090
10.038.300 93,608
10.038.300 94,128
9.953.900 94,442
9.953.900 93,992
450,000
91,000
14.000
26.000
17.000
74.000
34.000
43.000
541,000
40,000
91,000
77.000
2,000
14,000
16,000
4.941,000 1,274,000 3,220,000 660,000 471,000
+ 46,000 —31,000 —112,000 + 70,000 -110,000
4.895.000
4.838.000
4.845.000
4.814.000
4.791.000
1.305.000 3,332.000
1.185.000 3,223,000
1.196.000 3,162,000
1.090.000 3,119,000
1.200.000 3.112,000
590.000
698.000
675.000
645.000
634.000
583.000
463.000
458.000
469.000
541.000
239,000 2,078,000 4.793.000 1.169.000
89,000
947,000 1.786.000 2.306.000
328,000 3,025,000 6,579,000 3,475,000
56,000 6,586,000 15,634,000 84,660,000 8,909,000 1,516,000
—2,000 —128,000 + 91,000 -1,009,000 +341,000 — 1,000
58.000 6.714.000
53.000 6,724,003
54.000 6.720.000
54.000 6.674.000
63.000 6.626.000
15.543.000 85.669.000
16.605.000 85.476.000
15.923.000 85.551.000
15.868.000 85.094.000
16.282.000 84.348.000
8.568.000
8.539.000
8.537.000
8.710.000
9.058.000
1.517.000
1.515.000
1.514.000
1.518.000
1.515.000
Philadelphia Banks.— Summary of weekly totals of
Boston Clearing-House Banks.— We give below a
Clearing-House banks and trust companies of Philadelphia: summary showing the totals for all the items in the Boston
Clearing-House weekly statement for a series of weeks:
W e om it two ciphers (00) in all these fig u r e s.
BOSTON CLEARING HOUSE MEMBERS.
Capital
and
S u rp lu s.
L o a n s.
Reserve.
D e p o s its.
a
Circula
tion .
Clearings
18
1915.
D ec.
Change fr o m
previous week.
11
1915.
D ec.
4
1915.
D ec.
Circulation----------------------- $8,138,000 No change
$8,138,000 $8,135,000
Loans, dlsc’ts & Investments. 392,313,000 Inc. $2,311,000 390,002,000 387,761,000
Individual deposits, lncl. U.S. 323,767,000 Inc.
85,000 323,682,000 324,676,000
199,283,3 Due banks-------------------Inc. 1,273,000
204,798 1 Timetodeposits------------------ 116,612,000 Inc. 1,041,000 115,339,000 119,567,000
190,212 9 Exchanges for Clearing House 16,305.000 Inc. 2,070,000 15,264,000 14,586,000
16,976,000
14,906,000 17,405,000
204,079.7 Due from other banks_____ 35,431,000 Inc. 2,954,000 32,477,000 35,702,000
198,336,5 Cash reserve........................
721,000 26,715,000 27,100,000
218,995^4 Reserve In Fed. Res’ve Bank 25,994,000 Dec.
14,950,000 Dec.
256,000 15,206,000 15,507,000
176,1612
with other banks—
Dec.
244^26^3 Reserve excess in bank-------- 46,066,000 Dec. 3,532,000 49,598,000 48,880,000
Reserve
3,823,000
735,000 4,558,000 4,944,000
220,831.6 Excess with reserve agent... 27,591,000 Dec. 3,542,000 31,133,000 30,415.000
240,192,4 Excess with Fed. Res’ve B’k.
170,000 Dec.
264,000
434,000
735,000
• Includes Government deposits and the Item "due to (other banks’’ (Dec. 18
Imports and Exports for the Week.— See third page
5159,762,000): also "Exchanges for Clearing House” (Dec. 18, $21,001,000). Due
from banks Dec. 18, $72,840,000.
preceding.
Oct. 9________
Oct. 16...............
Oct. 23________
Oct. 30...............
Nov. 6...............
Nov.13________
Nov.20__
Nov.27...............
Dec. 4...............
Dec. 11...............
Dec.18...............
5
103,684,3
103.684.3
103.684.3
103,684,3
103,684,3
103,684,3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
5
439,654,0
446.539.0
453.567.0
457,330,0
460,898,0
463,773.0
465,396,0
466,584,0
469.137.0
470.812.0
472.704.0
5
133,413,0
132.562.0
127.930.0
124,693,0
127,471,0
122,851,0
114,763,0
104,188,0
102.034.0
102.326.0
99,030,0
$
550.582.0
666.761.0
566.137.0
565,461,0
578,456,0
572,590,0
569,632,0
558.545.0
559.694.0
554.778.0
558.687.0
5
11.079.0
11.090.0
11.105.0
11.110.0
11,022,0
10,958,0
10,688 0
10.507.0
10.511.0
10.536.0
10.519.0
$
907 ni9 n
[Vol. 101.
THE CHRONICLE
2130
I p a n k g rs-
( g a z e t t e * ________
TFaZZ Street, Friday N ight, D ec. 24 1915.
—Atten
tion has been diverted this week from diplomatic and other
recently important matters to new evidence of increasing
activity in industrial lines, to the onormous trade balance
accumulating in our favor and to an advance in sterling ex
change to the highest rate quoted since August. An inter
esting feature of the foreign trade movement is the fact that
a largely increased volume of it is with countries not hereto
fore identified therewith. To facilitate the latter new
financing may be necessary in the future with tho countries
interested, but, so far as known, no effort has yet been made
in that direction.
.
.
The advance in sterling exchange is a logical sequence to
the credits established in this market by English financiers
and bankers; to the steady flow of gold hitherward from
London, but most of all to the very large amount of foreign
owned American securities now being transferred to this
country. The latter include a large block of bonds made
payable in francs and originally negotiated in France,
which will now be changed to dollars. The export demand
for wheat caused an advance of 10 cents per bushel in that
cereal, and for the same reason copper metal has sold at
20 % cents, the highest price recorded, except for a few days
last spring, since 1907. Reports of the export movement
during the early part of December show that if the current
volume continues there will be a balance for the month of
$230,000,000 in our favor.
.
Reports of railway earnings are, in many important cases,
of a most favorable character. Southern Pacific, for in
stance, shows a net gain of nearly $2,000,000, $1,986,346
to be exact, for November, and New York Central has so
increased its net revenue that a larger dividend rate is
suggested.
„
.
The Bank of England and Bank of France each report a
gain in gold holdings, the last named having taken in $9,
000,000 in exchange for notes.
F oreign E x ch an ge. —The market has ruled steady for
sterling exchange during the week though it became par
ticularly dull during the closing days.
T h e M oney M arket and F in an cial S itu a tip n .
On M onday the market was dull and narrow on some
hesitancy over the outcome of our second note to Austria
on the Ancona affair. As the week advanced the volume
of business has steadily increased but not to a point above
the recent average.
The market to-day made no new history and net changes,
generally, to a slightly higher level, are unimportant. For
reasons noted above N ew York Central and Southern Pacific
have been notably strong throughout the week, having
advanced 3 and 2 % points respectively. Atohison, St.
Paul, Great Northern, Northern Pacific, Union Pacific,
Canadian Pacific and Reading are between 1 and 2 points
higher than at the close last week.
General M otors dropped 54 points overnight, but re
covered substantially, and American Tobacco covered a
range of 1 0 % points. Mexican Petroleum responded to the
better conditions prevailing in Mexico and closes with a net
gain of 9 % points. The copper stocks moved up on the
advance in metal, Smelting & Refining and Greene closing
6 and 6 % points higher than last week. U . S. I. Alcohol
has fluctuated over a range of 9 points, Texas C o. 7 % ,
Willys-Overland 6, Coal Products 5 and Anaconda 4.
For daily volume of business see page 2139.
The following sales have occurred this week of shares not
represented in our list on the pages which follow:
STOCKS.
Week ending D ec. 24.
Sales
fo r
Week
Range fo r Week.
Lowest.
P rSae S p sh re
a hrs er a
H ighest.
Range since J a n . 1.
Lowest.
&
t
Preferred_______ 100 1,200
4% Dec 21
Highest
p sh re p sh re$ per
er a
er a
S
$
750130% Dec 20 132
D ecl 8
Adama Express____ 100
American Express__ 100
300125% Dec 21127
Dec 22
AmTeleg& C a b le...100 100 64 Dec 22 64
Dec 22
Am Writing Paper pf 100 900 13% Dec 24 14% Dec 24
Assets Realization.. 100 300 9 Dec 18
9 Dec 18|
Associated OH...........100 2,500 63 Dec 21 64% Dec 22
Batopilas Mining___ 2012,763 3% Dec 20 3% Dec 22,
Brown Shoe, pref__ 100
200 95 Dec 21 95
Dec 211 ■
Brunswick Terminal. 100
400 11 Dec 22 11% Dec 23
4%
Buff R och& P itts ...100
2 92% Dec 20 92% Dec 20 80
100 31
Deo 23 31
Dec 23 27
Buttertck............. ...1 0 0
Canada Southern__ 100
10 59 Dec 20 59
Dec 20 54
Cent & So Am Tele. .100 49141
Dec 22 144 Dec 23 110
Cluett.Peabody&Co.lOO 200 74
Dec 20 74 Dec 23 55
Computing-Tab-Rec.100 400 48% Dec 20 48% Dec 23 41%
100 41
Dec 18 41
Dec 18 36
Crex Carpet________ 100
Deere & Co, pref___ 100
400 95% Dec 21 96
Dec 21 86
Detroit United____ 100
100 70 Dec 18 70
Dec 18 52%
Diamond Match___ 100 300104 Dec 18105
Dec 18 103
Duluth S S & A tla n .. 100 200
7% Dec 24
7% Dec 24
2
To-day’s (Friday’s) actual rates for sterling exchange were 4 69% @
Preferred............... 100
100 13 Dec 24 13
Dec 24
4
4 69% , for sixty days 4 72 11-16@4 72% , for checks and 4 73 9-16@4 73% Granby Con M S & P100
100 80 Dec 20 80
Dec 20 79%
for cables. Commercial on banks (sixty days) 4 68@ 4 68% and docu Homcstake Mining. .100 25125
Dec 23 125 Dec 23 114
ments for payment (sixty days) 4 68@ 4 68% . Cotton for payment Interboro-Met v t c.100
200 21% Dec 20 21% Dec 20 10%
4 72% @ 4 72% and grain for payment 4 72% @ 4 72%.
Int Harvester Corp.100
300 80
Dec 22 80
Dec 22, 55
There wero no rates for sterling posted by prominent bankers this week.
Int Nickel pref v t c.100
10 109
Dec 23 109 Dec 23,105%
To-day’s (Friday’s) actual rates for Paris bankers’ francs were nominal, K C Ft S & M, prcf-100
100 67 Dec 23 67
Dec 23 60
for long, and 5 86% for short. Germany bankers’ marks were nominal. Kayser (Julius) & Co 100
100 82% Dec 23 82 % Dec 23 76
Amsterdam bankers” guilders were 42% @43 for short.
Manhattan Shirt___ 100
400 64% Dec 22 65% Dec 22 60
Exchange at Paris on London, 27.70 fr.; week’s range, 27.62 fr. high and May Dept Stores__ 100
800 61% Dec 23 62% Dec 20 35
_
Nat Cloak & S u it...100
400 79% Dec 22 79% Dec 23 68
27.71 fr. low.
Exchange at Berlin on London not quotable.
Preferred _______100
220110
Dec 23 110% Dec 21 100%
The range for foreign exchange for the week follows:
N Y Chic St Louis. 100 1,770 43% Dec 23 46% Dec 23 30
C a b les .
C h eck s.
S te r lin g . A c t u a l —
S ix ty D a y s .
2001 83 Dec 23 83 Dec 23 75
1 st preferred____ 10 0
4 74
4 73 3-16
_
High for the week_ 4 69%
100 65 Dec 24 65 Dec 24 50
2 d preferred_____ 10 0
4 72 11-16
4 71 15-16
Low for the w e e k _ 4 68%
_
500 25 Dec 21 27 Dec 20 15
Norfolk Southern__ 100
P a r is B a n k ers’ F ra n c s —
2 118 Dec 24 118 Dec 24 112
N Y Lack & West. ..100
5 82
5 83
High for the week_
_ ____
Ontario Silver M g__ 100 16,000 9% Dec 21 11 Dec 18 2
5 84%
5 85%
Low for the week—
---
50 94 Dec 24 94 Dec 24 88
Pacific Tel & Tel pref. 100
G e rm a n y B a n k e r s ' M a r k s —
Peoria & Eastern___ 100
100 14% Dec IS 14% Dec 18 4
77%
77%
High for the week—
-----Pettibone-Mull 1st pflOO
100 94 Dec 20 94 Dec 20 83
76%
76%
Low for the week—
---
Pittsburgh Steel pref 100
50 95 Dec 24 95 Dec 24 74
A m s te r d a m B a n k e r s G u ild e r s —
100 2 Dec 20 2 Dec 20
Rumely (M) Co___ 100
%
43%
43%
High for the week---- -----Sloss-Sheff S&I, pref 100
100 98 Dec 23 98 Dec 23 85
43 3-16
43 7-16
Low for the week —
-----329 118% Dec 22 118% Dec 20 94%
So Pacific tr rects____
25c. per J
$1,000 - discount
Boston. Texas Co full pd rects.
Dom estic Exchange.— Chicago,
[lies LIU
1U
*
Y•
,
J, v
200230 Dec 20 236 Dec 20 123
rar
St. Louis, 15c. per S I.000 discount, bid and 5c. discount asked. Tex Pae Land Trust. 100
50111 Dec 18 111 Dec 18 101%
San Francisco, 30c. per $1,000 premium. Montreal, 31% c. per $1 000 Tobacco Prod, p re f..100
100 zlOO Dec 21 zlOO Dec 21 95
premium. Minneapolis, 20c. per $1,000 premium. Cincinnati, par. New U S R ealty* 1........... 100
100 40% Dec 20 40% Dec 20 25
Orleans, sight, 50c. per $1,000 discount, and brokers, 50c. premium.
U S Reduc < Ref___ 100 1,700 3% Dec 23 5 Dec 21
fc
1%
5
share
Jan 132
Deo
Feb 133% Nov
Mar 65
July
July 15
Apr
Jan 14
Oct
Nov 68% [Nov
Feb 4% Deo
Aug 99
Deo
Mar 14% Deo
July 93% Nov
Feb 36% Oct
Aug 61
Deo
Jan 144
Deo
Apr 79% Oct
Nov 49% Deo
Sept 49 May
Apr 99 Sept
Apr 70
Nov
Dec zl22 Nov
July 8% Oct
...
July 15% Nov
Apr 91 June
Jan 125
Deo
Jan 25
Nov
Feb 85
Deo
Oct 110
Oct
Apr 68% May
Aug 88
Apr
Jan 69% Apr
July 65% Deo
Mar 90
Aug
Mar 111
Nov
June 46% Deo
Aug 84% Deo
Oct 65
Deo
Deo
Sept 27
Feb 118
Deo
Feb 12% Deo
Sept
Feb 95
Jan 15% Deo
Oct
May 98
May 102% Deo
Jan 14
Aug
Deo
Nov 101
Deo
Feb 120
Deo
June 236
Apr 111
Deo
Nov
May 103
Jan
Sept 50
Apr 10% Juno
Apr 10% Juno
Dec 21 1
Dec 22 77% Jan 134% Nov
State and Railroad Bonds.— Sales of State bonds at the Wells, Fargo Exp__ 100
125 Dec 24 130
Board this week include $2,000 N ew York Canid 4s 1961 at
1 0 2 % ; $5,000 New York Canal 4 % s at 113; $5,000 New
Outside Securities.— The volume of business at the
York State 4s 1961 at 1 0 2 % ; SI ,000 N ew York State 4s 1962 Broad Street curb shows a slight increase over that of last
at 1 0 2 % , and $22,000 Virginia 6s def. trust receipts at 51.
week. Prices, although they advanced during the early
The volume of business in the market for railway and in part, fell off the last two days of the week, in some cases
dustrial bonds shows very little change. Prices recovered sharply. American Zinc advanced steadily from G to 69,
O
slightly from the depression noted last week. Of a list or clusing at 6 7 % . Canadian Car & Foundry declined from 92
20 most active issues 14 have advanced and 6 declined. to 85 , while the preferred stock of the same company gained
Fluctuations have, however, been narrow.
.
1 point to 107, fell away and closed at 103. Choverolet
Chicago Rock Island & Pacific ref. 4s added % point to M otor Company from 138 moved up to 140, lost to 127, the
their closing price of 6 5 % last Friday, while Consolidated final quotation being at that figure. Driggs-Seabury covered
Gas 6s advanced from 1 2 2 % to 1 2 4 % . Erie cou. 4s, series a range of 5 points during the week, tho low figure being 140.
“ B ,” fell off from 8 3 % to 8 0 % , but recovered a fraction at International Mercantile Marino common and preferred ad
tho close. Inspiration Copper 6s 1922 continued tho ad vanced from 1 7 % and 7 2 % , respectively, to 1 8 % and 7 5 % ,
vance started a week ago,adding 2 % points to their price of tho last figures being 1 7 % and 7 9 % . Kathodian Bronze, re
180 last Friday. That the Anglo-French bonds have con peating on a smaller scale its rather erratic movements of
tinued their popularity is shown by the increase in sales of several weeks ago, advanced from 21 to 3 7 % , dropped to 19
over $3,700,000 this week, total sales for the six days boing and closed at 23. M axim Munitions and Peerless Truck
$8,637,000. Prices, however, have been slightly lower than & M otor C o. dropped from 1 4 % and 39 to 1 3 % and 35, the
those of a week ago and with the range of fluctuation nar closing figures being 1 3 % and 3 5
Am ong the Standard
rowed.
011 shares, tho losses and gains were about evenly distributed.
Sales of bonds, other than the Anglo-French loan, on a Galena-Signal Oil advanced from 167 to 168, but tho final
s-20-f basis, indicating presumably sales on foreign account, figure showed a loss of 2 points. Prairie Oil and Oas added
have declined, being $1,170,500, as against $1,202,000 a 12 points to its closing price of 430 last week» nut
Jj°
week ago.
439 to-day. Prairie Pipe Line gained from 230 to 243, the
United States Bonds.— Sales of Government bonds at last quotation being at 233. The high, low and last prices
the Board are limited to $2,000 4s reg. 1 0 9 % to 1 0 9 % . of Standard Oil of California, Standard Oil of Indiana,
For to-day's prices o f all the different issues and for yearly range Standard Oil of Now Jersey and Standard Od of Now York
were 39 5-38 0-3 8 3 ,5 5 0 -5 4 3 -5 4 1 , 560-551-555 and 234-230-232.
see third page following.
Railroad and Miscellaneous Stocks,— As is frequently Am ong the active bond issues traded in at the
the case during the last half of December, the stock market $1 ,073,000 Balt. & Ohio new 5s at 1 0 0 % to 1 0 0 % : $200,000
has been less active than for some time past. The market Kennicott Copper 6s at 224 to 211, and $ 5 3 ,Out) Cerro de
.
has, however, been firm and prices, especially in the railway Pasco Copper 6s at 119-118.
Outside quotations will be found on page 2133.
list, have advanced.
New York Stock Exchange— Stock Record, Daily, Weekly and Yearly
3131
O CCU PYIN Q T W O PAGES.
For record of sales during the week of stocks usually inactive, see preceding page.
H IG H A N D LO W S A L E P R IC E S — P E R S H A R E , N O T P E R C E N T .
Saturday
D ec. 18
■ foutlay
Dec. 20
Tuesday
D ec. 21
Wednesday
D ec. 22
Thursday
D ec. 23
F rid a y
D ec. 24
$ per share $ per share
$ per share S per share J per share S per share
1057* 106
105% 106% 105% 105*4 105% 105% 105% 106% 106*4 107%
* 1 0 1 % 1 0 1 % 101*4' 1 0 1 % 101*4 101*4 1 0 1 % 1 0 1 % 10134 101*4 10134 101*4
1137g 1137g
113 113
114 114 *1 1 0 % 114 *110% 113 *1 1 1 % 113
92% 92% 92% 92*4 92% 92% 92% 9234 92% 9334 937g 94%
77% 77% 77% 77% 77% 77%
*77
77% *77
77% 77% 77%
88
87% 87% 87% 87*4
*88
88 i4 88
88 % 87% 88 % 88
180 181%
179% 17934 179*4 181% 179% 180% 179% 180*4 179 181
•295 320 *295 320 *290 320 *290 320 *290 320 *290 320
62% 63%
62
63
62
62
61% 62% 61% 62% 61% 62
15%
15
15
15
14% 14% *14% 15
*14% 15 *14*4 15
38% 38% 39
39
38% 39%
*38% 39
39% 38*4 39
39
93
93*4 93*4 94% 94% 94*4
93*4 93
93
93U 93% 94
132% 132% 131% 131*4 132% 132*4
*131 132
132 132 *131 132
130 130% 13034 130*4 131 131
•131 132
131 131% *130 131
ISO *170 ISO *171 180 *170 ISO
15% 16% 15% 16% 16% 1634 16% 17
16
16l2 16% 17
124
12 0 12 0 * 12 0
*117 125 *117 125 *117 123 *117 124
*133 140 *133 140 *133 140 *133 140
•133 140
49
48% 49%
*48
*48
49
49
*48
49
49
*48
*48
76
*74
76
75
75% 76
*74
75
76
*74
75
75
34
34
*33% 34% *33% 34%
*35
36
35
35
*34*4 35
60
60
*55
*55
60
*55
60
*56l2 60
55
*55
§55
r»n *45
49
50
*45
*45
50
150% 151% 151*4 152% *152% 153% 152*4 153
*150% 151*4 *150 152
224% 225 *220 224% 220 225 220 2 2 2 % *215 225 222 222
14
14
*13
15% *13
15
16
15 *14
*13
15
*13
27
*25
*25
27
*25
27
*26
28
27% 27% 26% 27
41% 41*4 41% 42*4 41% 42% 41% 41% 41% 42% 42% 427g
55% 56% 56% 56%
56% 55% 56
56% 56% 56% 56*4 56
50% *48
50% 50% 50%
*48
50% *49*4 50% *48% 50*4 *47
125*4 126%
125% 125% 125% 125*4 125% 125% 125% 125% 125% 126
48% 48% 49
48% 48
48*4 49%
4S% 48
47*4 48% 48
1077g 108
107 107
107 107
107 107
*107 108 *107 109
2 1 % 2 1 % 215s 22
2 1% 2 1% 2 1% 2 1% 2 1% 2 1% 2 1% 2 1%
78*4 78
78% *77% 78% 78% 78% *77% 78
•7712 78
31%
31% 31
30% 307g 30% 31% 31% 31% 31% 31% 31
63% 63% 63% 63% 63% *63% 64%
*63
63% 63% 63% *63
15
14
14
15% 15
13 * 1 2
14
14
14% 13
*13
35
*33
34*4 38
37% 38
35
34
*33
•33
35
34
81% 82% r81% 81%
•81
82
81% 82
81% 81*4 81% 82
23
*201* 23
*201 * 23
*20
128% 128% *126% 128*4 129 " 129%
129 129
*126% 129 *127 130
131 132 *130 133 *130 132 *129 132 *129 132 *129 132
15*4 15*4
14*4 14*4 15% 16
15% 16 *15% 16
•14*4 16
34% 34%
*32% 36
*33
36
36
*33
36
*33
36% *33
124% 124%
122% 123 *123 124 * 1 2 1 123% * 1 2 1 1 2 2 % 122% 124
*130 134
131 131 *128 134 *129 133 *130 132 *130 135
7
7
7
7
*6
6*4
7%
7
7
7
7% 7%
17*4
16% 16% *15% 17 *15% 17% *15% 17% 15*4 15*4 *16
37g 4
4
4
3% 4
3%
4%
3% 4%
3%
3*4
4
4%
4
4
3*4 4
4% 4%
4% 4%
25
25
8% 8 %
8 % 8%
8 % 8%
105 105% 105% 105*4 105% 105% 105% 105*4 105*4 107% 107*4 10S%
74*4 74*4 75% 74% 75%
74% 74% 74% 75% 73*4 74*4 74
30% 31
30% 30% 30% 31
30
30% 30% 30% *30% 31
12 2 %
12 0 % 12 0 % 120*4 1 2 2 % 12 2
1207g 1207g 120*4 121*8 12 0 % 1 2 1
*83% 86 % *83% 86 % *83% 86 % *83% 86 %
115*4 116% 116% 117% 117 117%
115*4 116% 115*4 116% 115% 116
58% 58*4 58% 59% 59
59*4
58% 59
58% 59% 58% 59
85
81
81
81
81
81
81
81
81 *
81 *
97
*92
*92
96
*91
96
96
96
96
*91
96
*91
82%
80% 81% 81% 81% 81
81% 80*4 81% 81% 82% 82
42%
42i2 *42
42% *42
•42
43
*42
43
*42
42% *42
*42% 43
*42% 43% 4 3 % 4 3 % 42% 42% *42
43*4 *42% 43
%
*%
*
4
*%
%
*%
*%
*4
%
%
l2
* lz
%
%
*%
*%
%
%
%
%
%
*
4
%
*4
*4% 5
4% 434
5
5
5
*4 % 5
5
4% 5
*8*4 1 1
9
9
*87g 10*4 10
10
*8*4 10*4 *8% 10*4
*6
7
*6
6*4
*6
7
6% 7%
*6*4 7
7%
6*4
22
19
20
•20
22
*20
22
*20
*19
21
*20
21
45
45
45
45% 45% ___ ___
*45 .
*40
18
18
18% 18
*17% 18% *18% 18*4 18
18
18
18%
*39% 40
39% 39% 39% 40
40
40
40
40
40
40
100% 101% 100% 101% 10 0 % 100*4 100*4 1 0 1 % 10034 102% 102 1027,
23% 22% 23
2234 23
22*4 22*4 22% 23
23
23%
61% 61% 6134 62
*60% 62
61
61
*60% 62
62% 62%
14% 15
*14% 15 *14% 15^4 *14i2 15l2 *14% 15
15% 15%
59% 60% 60% 61
60*4 60*4 60% 60% 59 % 60% 59% 60
*6
•5
8
8%
7
7
8
*5
*5
*5
8
9
*10
16
10
*10
16
* 10
*10
15
16
*10
15 *10
*94
96
94
95% 95% *95
§94
97
*94% 97% *93% 98
2
136% 137% 137 137% 136% 136% 136*8 137* 137 13838 138 13S%
83% 83% 83%
*82% 83% 83*4 83*4 83% 83% 83% 83*2 83
21% 21*4 21*4
217g 23
21% 22*4 21% 21*4 21% 22^8 21
39
40
40
*38
*39
3934 3S7g 387g
40
38% 40% 40
4 15*4 16% 15% 16
15% 157g 15% 16% 15% 153
16
16%
45
45% 45
46% 45*4 46%
45% 45*4 45% 46% 45% 46
29% 28% 29% 28*4 29% 29% 29*4
29*4 29
28% 28% 29
31% 3 H4 *31)4 3214 32
32
32
32
*31% 32
*32
34
45
*43
45
45
*43
*43
44
*43
*43
45
43
44
*412 434
4l2 4 % •4i2 434
412
4i2 *4% 5
434
4*4
15
15
15*4 l6i2 17
*13
15 *13
17
*43
4 6%
*5
6
5
5%
*4*4 5% *4*4 6
5% 57g
40
40
*38
*38
40
39*4 39*4 *38 40
*38
39%
Salesfor
the
Week
Shares
10,850
1,500
400
17,920
925
1,800
8,000
7,700
1,0 0 0
2,300
6,600
735
1,500
S T n n rs
NEW YORK STOCK
EXCHANGE
Railroads
Par
Atch Topeka & Santa Fe.,100
Do pref____________ 10(
Atlantic Coast Line RR__ 10C
Baltimore < Ohio_______ 1
fc
0<
Do pref____________ lOf
Brooklyn Rapid Transit..10C
Canadian Pacific________ lOf
Central of New Jersey___ 10(
Chesapeake < Ohio______ 1(X
fe
Chicago Great Western__ 10C
Do pref____________ 10C
Chicago Milw & St Paul.. 10C
Do pref____________ 10C
Chicago < Northwestern. _10C
fe
PER SH ARE.
Range Since J a n . 1
On basis o f 100-s/iore lots
Lowest
S per share
92% Feb 24
96 Jan 5
98 Mar 1
63*4 Feb 25
67 Feb 23
83% Aug 13
138 July23
§256 Sep 1
35% July 9
10% Jan 4
25% MayH
77*4 July2C
1207g Sep 2
118% JulylC
H ighest
40 Feb 23
% July15
%June21
1*4 Mar22
7 Aug 17
11% July31
81% Feb 5
12% July23
42 July23
8% July23
35 Jan 2
1 Jan 6
180 Twin City Rapid Transit.. 100
27,800 Union Pacific_________ 100 115*4 Jan 2
770 Do pref..................... 166 *79 Mar 1
8,300 United Railways Invest__ 100
1,500 Do pref____________ 10 0
21% Marl5
8,400
125« Oct 16
14,900
10,700
25i2 Oct 16
500 Western Maryland______ 100
200 Do pref........... .......... 100
500 Wheeling A Lake Erie___ 100
% July28
600 Do 1st preferred____ 100
2 Aug 2
900 Do 2d preferred_____ 100
100 Wisconsin Central ........... 100 28 Julyl4
Lowest
S per share
%
111% Nov 4
89% July
102% Nov20 z96% Dec
116 Nov 1 59918 Dec
957g Nov 4
67 Dec
7934 Nov27
69 Dec
93 Apr 21
79 July
194 Nov 1 153 Dec
325 Jan 22 300 July
64*4 Novl9
40 Deo
17% Nov 3
9% July
41% Nov 3
25 July
98% Apr 19
84*4 Dec
133% Dec 4 126 Deo
135% N ovl 6 122 Dec
23,000 Chicago Rock Isl & Pac__ 100 10% July23 38% Apr 15
233 Chic St Paul Minn & Om..lOC §114 Apr £ 123 N ovll
124 Sep 17
425 Clev Cln Chic & St Louis.. 100 §21 Jan 18 52 Oct 22
700 Do pref____________ 10C 53% Feb 17 77 Oct 20
200 Colorado & Southern........10C
24 Marl5 38% Nov 3
10
Do 1st pref_________ 10C 45 Jan 18 60 N ovl 8
52 Nov20
2 ,10 0 Delaware & Hudson_____ 100 138% Aug 31 154% Nov 4
800 Delawaro Lack & Western..50 199% Jan 6 238 Nov23
100 Denver & Rio Grande___ 10C
4 Jan 12 16% N ovl 6
300 Do pref____________ 10C
6 % Jan 7 29% NovI7
60,810 Erie...................... ........... 10C 197g Feb 24 45% Novl9
5,600 Do 1st pref_________ IO
C 32% Feb 24 59% Novl9
100
Do 2d pref_________ 10C 27 Feb 25 52% N ovl 8
3,900 Great Northern pref_____ IO 112 *4 Jan 2 128% Nov 5
C
17,650 Iron Oro properties_______
25% Jan 2 54 Oct 22
1,2 0 0 Illinois Central_________ 10C
99 July 7 113 Apr 19
5,200 Interboro Cons Corp, vtc___
187g JulylO 25% Nov 4
1,400 Do pref............. .........100 70 JulylO 82 Nov 5
3,400 Kansas City Southern___ 100 20% Feb 24 35% Nov 1
300 Do pref___ ________ 100
547g Feb 24
65% Nov 5
2,400 Lake Erie & Western____ 100
5 Jan 5 15% Dec 23
1,500 Do pref______ _____ 100
19 May27 38 Dec 23
4,200 Lehigh V alley.................. 50 645g Feb 24 83% Novl9
27^ Oct 11
400 Louisville & Nashville___ 100 104% July 8 130% Nov 4
500 Manhattan Elevated____ 100 125 June25 132 : Dec 18
2,250 Minneapolis & St Louis__ 100
19% Feb 15
8 Sep 15
250 Do pref____________ 100 24 Sep 15 49 Feb 15
1,050 Minn St Paul < S S M ___ 100 106 Jan 4 126% Nov 1
fc
100
Do pref____________ 100 123 June 8 132% Nov 3
1,0 0 0 Missouri Kansas & Texas. 100
4 Sep 28 15% Apr 19
200
Do pref____________ 100
10% Sep 25 40 Apr 5
5,600 Missouri Pacific...............100
18% Apr 19
1*4 July27
1,500 Trust co certlfs of deposit..
7% N ovll
100
141j Aug 21 281* Oct 30
600 Do 2d pref_________ 100
9*4 Oct 21
4*4 July2R
81,550 N Y Central A Hud River. 100 81% Mar 1 108% Dec 24
5,300 N Y N H & Hartford____ 100 43 Feb 25 89 Oct 11
4,100 N Y Ontario & Western__ 100 21*4 Jan 6 35 Apr 20
9,800 Norfolk & Western______ 100 99% Jan 4 122% Dec 14
Do adjustment pref..IOC 80% Sep 2 90 Junel5
10,400 Northern Pacific............... 100 99% Feb 24 117*4 Novl9
17,150 Pennsylvania.... ........ .........50 51% Feb 24 61% Nov 3
2,650 Pitts Cln Chic & St Louis.. 10C 65 Mayl7 86 Nov 5
200
Do pref......................10C 90 Junel9 98% June 5
20,400 Reading...... ....................... 50
69% MaylO 85% Nov 3
600 2d preferred.................... 50
100 Rock Island Company___ 100
3,100 Do pref...... ................100
2,600 St Louis & San Francisco.. 100
200 Do 1st preferred........100
1,400 Do 2d preferred......... 100
500 St Louis Southwestern___ 100
200 Do pref...................... 100
1,400 Seaboard Air Line_______ 100
960 Do pref____________ 100
43,344 Southern Pacific Co_____ 100
10,700 Southern Railway_______ 100
1,000 Do pref____________ 109
300 Texas A Pacific--------------100
7,450 Third Avenue (New York) .100
100 Toledo St Louis A West...100
PER CEN T.
Range fo r Previous
Y ear 1914
44 Apr 29
1% Apr 9
2% Apr 9
8 Nov 1
14% Nov 8
10*4 Nov 8
23 Novl7
45% Dec 18
20% Nov 5
43*4 Nov 4
103% NovlO
26 Nov 1
65 Nov 3
17% Apr 19
64% Oct 14
8% Nov30
14% Nov30
100 Apr 19
141% Novl8
84% Nov22
27% Oct 1
47*4 Oct 1
17% Nov 1
32%Nov 1
35% Oct 11
50% Oct 11
6% Nov 4
19*4 Nov24
8% Nov23
45 Nov 1
%
100% Jan
IOH4 June
126 Jan
98% Jan
83% Jan
94% Mar
220% Feb
310 Jan
68 Jan
15% June
41% June
107% Feb
143 Feb
136% Feb
33 June 33 June
125 May 131% July
132 May
22 July 40 Jan
40 July 70 Feb
20 Mar 28% Jan
37% July 62 Jan
138*4 Deo
388 Jan
4 July
8 July
20% July
32 July
26% July
111% Deo
22% July
103% Dec
159% Feb
406*4 June
19% Jan
31% Feb
32% Jan
49*4 Jan
40% Jan
134*4 Feb
39U Jan
115 Jan
20% July 28% July
62 Jan
49% Dec
9 Jan
5% July
21% Jan
17 Apr
118 July 156% Jan
125 Dec
128 Jan
9% July
27% June
101 Dec
130 June
8 % Dec
26 Dec
7 Dec
77 July
49% July
18*4 Dec
96% Deo
85 Jan
90% Deo
102% Deo
64% July
95 June
137 July
87 July
zSO Dec
% Dec
1 Dec
2 Apr
8 May
2% Deo
17% July
36 July
10% Dec
45*4 Jan
81 Dec
14 Dec
58 Dec
11% Dec
33 Dec
2 July
141% Jan
133 Feb
16% Jan
35i2 Jan
137 Feb
145 Feb
24 Jan
60 Jan
30 Jan
34 Feb
14 Jan
96% Jan
78 Jan
31% Jan
105% July
90 Apr
118% Feb
115% Jan
91 Feb
101 Mar
172% Jan
93 Jane
16% Jan
25 Jan
5*8 Jan
17% Jan
9*4 Jan
26*4 Jan
65% Jan
22% Feb
58 Feb
99% Jan
28% Feb
85% Feb
17*4 Apr
45*4 Jan
12% Jan
94% July 108% Jan
112 July 164% Jan
86 Feb
77% Deo
23*4 Feb
7% Dec
49% Mar
22 July
30 July
2% July
8% July
3 Dec
29*4 July
27% 25i2 26i2 25*4 26
247g 25*4 24% 25% 48,100
21% Dec 9 40% Apr 22 S19%July
10*4 IOI4 10 %
10
1018 10
10
7,100
9*4 Dec 9
32
3D2 32
31% 31
32
32% 32% 32% 3,200 Allls-Chalmers Mfg v t c.,100
7*4 Jan 12 49% Oct 4
82*4 82
83
82% 85
82^8 82
84
847, 14,000 Do preferred v t c___ 100 33 Feb 10 85 Dec 23
32% July
*69%
71
*70
71% 71
71
400 Amer Agricultural Cbem.-lOO 43 Jan 4 74% Nov 8
47*4 Jan
*9814___ *98%
iuu
’ y»*4 iui
97%
100 Do pref......... ............ 100 90 Mar27 101%Novl9
90% Dec
Y
U
69% 69% 69*4 70
70*4
3,100 American Beet Sugar____ 100
72% Dec 7
19 July
94 % *93*4
94% 94% *94
95% *93
95
100
83 Feb 1 95 Nov24
60 May
10214 10214 zl00
104 *10 2 104
100%
425 Amer Brake Sh A F ctfs dep__ 87% Feb 25 109*4 Aug 9
80 Apr
*185 198 *190 199%
198 *185 198
219*4 Oct 28
60% 607g 60% 62
60% 58% 59% 59 % 61
35,200
25 * Feb 24 68% Oct 4
19% July
*4 U
112
110*4 110*4 11U 11 *4 *110 111% 111 111%
400 Do pref......... ........... 100
113% Nov30
80 July
75
7738 777
8 78
77
79
79
7714 79% 75*4 78
78% 14,400
42% Dec
40 Feb 23 98 Oct 4
*116% 119 *116% 119 *117 119
*116% 119 *115 119
116% 116%
400
111% May25 118 Aug 6 112 July
155% 156% 155*4 156 zl55 155% 6,300 American Coal Products.. 100 82 Jan 20 170% July 12 §82 Jan
154 156
153*4 153*4 154 158
•112 119 *112 119 *111 119 *112 118 *112 118 *112 118
5105 Jan 7 120 Sep 11
55*4 55
54 % 54 % 5334 54l2 55
55
*55
57% 55
55% 1,400
64 Oct 23
32 July
4
*97 % 100
97% 97% §9.8*4 9S3 *97i2 99
*97% 99
*97 % 99*4
150 Do pref......................100 91 June25 102% Nov 5
93% June
* 10 % n%
10% 11
1 0 % 10 % 1034 10*4
*10% 11
10*4 11
1,600 American Hide A Leather. 100
3% July
4% Feb 19 14% Oct 22
49% 5012 50*4 50% 60
50
*50% 52
51
51
51
51U 2,200
59% Oct 22
17 July
27
2 > 8 267 26% 26% 1,660 American Ice Securities__ 100 20% Jan 4 35 Apr 30
P7
8
26% 26% 26% 26% 27
27
27
19% July
23
22
227g 23
23
23% 23
23% 23*4
23% 2,900 American Linseed_______ 100
7% July
7% Jan 2 31% Oct 25
44
*40
42
*41
43
40% 41
*41
•41
44
41
41%
500
50% Oct 25
.69
70
68% 69*4 68% 68% 68% 69
69% 707, 14,400
68 % 68*4
19 Mar 2 74*4 Oct 23
20% July
101*4 1U
1*2 10ll2 lull* *101% 102
101% 102
102 102
810 Do pref_______ ____ 100 75 Mar 6 105 Nov22
96 Jan
1U
0
9
914
9*4
*8
*7
*9
10
9
9
3% Apr 14 13% Oct 28
1,000 American Malt Corp........100
4% Dec
37
37
*33
37
37
*33
*33
*33
*35
38
37
21% May27 37% Dec 9
84
84% 84% 85
84
85
86
*84
85% 85%
*83% 86
600 Amer Smelters Sec pref B.100 78 " Jan 19 88% May 5
79% July
89% _8 * 8 90
8
9^
90
91
*87% 88% 88% 8 8 % 88*4 8 . *4 89
4,625 Do pref Ser A stamped..
86 Oct 6 91*4 Novi 9
2>
99*4 100*4 100% 103% 1U 4 11)4'8 1U4'8 100*4 IO5 I4 10 b*4 101% 105% 190,195 Amer Smelting A Refining.100 50 Jan 2 106% Dec 22
60% July
2
8
111% 112% 1,600 Do pref..................... 100 100 Jan 4 113 Novl7
111% 111% 111% 111% 1 1 1 % 1 1 1 % 1111 1117 1 1 2 1 1 2
97% Apr
*145 152 *146 150%
152 *145 15Z
*146 155 *144
165 Apr 22 148 Dec
*105 110% *105 110% *105 110 % *105 110% *105 110% *104 110%
103 Jan 19 110*8 Nov 5
62*4 6134 62
60% 60% 61
62
63
61
1 61% 61% 61
4,133 Amer Steel Found (new)..100 24% Mar 5 74% Oct 19
27% July
115*g 115% 11534 116% 115% 116% 3,300 American Sugar Refining.. 100 99% Feb 24 119% Nov 5
•115% 116% 116 116 *115 116
97 Mar
*117% 119 *117 119 118 118% *117 119 *11/ 119 *117 119
300 Do pref____________ 100 109 Feb 5 119% Nov30 107% Mar
128% 128% 1281* 128*4 128% 128*4 128*4 128*2 12838 1 2 si2 128*4 129% 7,350 Amer Telephone A Teleg. . 100 116 Jan 4 130% Nov 4 114 July
2007g 202% 202% 20.8
199% 202
205% 205% 197 2051* 195% 201
13,385 American Tobacco______ 100 195% Dec 21 252% Apr 22 215 Apr
*106% 108% >106 108% ♦106% 109 *106% 107% *106% 108 *106 107%
103U Jan 4 111 Nov23 101*4 Jan
4934 *46
47% *47% 49*4 *47
*47
50
49
47%
200 American Woolen............. 100
12 ' July
*47% 50
15*4 Mar 6 57% Oct 20
98
*94
98
*95
*94
*95
98
96
*95% 98
100 Do pref____ ____ ___100 77% Feb 27 100 Oct 4
*95t.i 98
72% Mar
• BW and asked prices; no sales on this day. $ Ex-rights. $ Less than 100 shares, a Ex-dlv. and rights. 6 New stock, e Par $25 per share, q Quote
er share. « First installment paid, z Ex-dlvidend. * Full-paid
257g 27% 26%
10% 11% 1012
31% 31% 31%
82%
82
83
69% 69% *69
z97%
•99 101
70
70% 70
*93% 94% *93%
•102 104 *102
*190 198 *185
58% 59% 59
• m 1 1 2 *110
H ighest
35 Jan
58 Jan
6% Jan
21 Jan
11 Jan
48 Feb
$28% May
14% Feb
49 Jan
59% Mar
97% Jan
33% Deo
80 Deo
97% Feb
146% Feb
35% Jan
96 Jan
53% Feb
118% July
§86% Mar
107 July
46% Feb
97% Mar
5% Feb
25*4 Feb
32*4 Feb
11% Jan
31*4 Jan
37% Jan
102% Mar
9% Jan
50% Jan
85 Jan
71% Feb
105 Jan
172 Jan
106*4 July
37% Feb
109% Jan
115 Deo
124% Jan
256 Mar
109 June
20% Jan
83 Jan
dollars
2133
New York Stock Record— Concluded— Page 2
For record o f sales du rin g the week o f stocks usually inactive, see second page preced ing.
Salesfor
the
Week
Shares.
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Monday
Dec. 2 0 .
Saturday
Dec. 1 8 .
$
per share
48
*95%
85*4
118%
109%
474
160
136
111
*101
86
64%
31%
60%
53%
1097*
24%
63%
52
146%
87U
110
19
91%
73%
111%
1547*
106
48
28%
47%
28%
*65
34
*26
52
52
*300
315
*1 1 4 % 115%
172% 172%
500
490
68
120
73
•113%
45%
77%
44%
*20
*57
110
%
*114%
121
73
114
45%
77%
45
25
61
110%
118%
72
73%
197% 198
%
47%
47%
81%
{8 1 %
*245
255
*117
*207*
25
987*
987*
*
65
*180
185
*113%
*78
80"
*65
667*
75
76%
%
55%
65%
96
96%
*91
95
33%
33%
*73%
75
113
*108
*125
128
*125
128
287*
28%
*92%
95
*63%
64%
114
15%
15%
138
138
*72%
73%
%
%
44
*42
113
43%
43%
36%
36%
11
12
101
101
•110
11
11
112
111
111%
64%
*104
119%
*165
*4%
•5
44%
*977*
24
54%
•109
*13
*24
182
•123%
627*
145
*105
*85
*83%
168%
64%
106
119%
167
5
•110
57%
230%
*8
*29
*61
109%
*9%
*11%
148%
24
*51
*46
123
*103
54
108%
85%
116%
78%
45%
*112
64%
%
%
*79
240
114%
118
*123
88
68
6
44%
100%
24%
55%
%
14%
31
182
125
627*
110
145
109
87
84
169%
115
57%
233
%
32
65
109%
9%
117*
149%
24
52
49l->
125%
105
54%
108%
85%
116%
79
46%
114
6 4 l.i
%
69
82
241
114%
118%
124
8
88
Wednesday
Dec. 2 2 .
Lowest
Highest
Lowest
PER CENT.
Range for Previous
Year 1 9 1 4
Highest
Industrlal&Mlsc. (Con). Par $ p e r sh a re
tp e r share
%
%
$ per sltare
$ per share
$ per share
46 NovlO
56
O ct 20
47%
47%
1 , 8 0 0 Am Woolen certifs of deposit.
49
49
48
48
50
48
48%
50
*95
96
200 Do pref certifs of deposit. 95% Dec 23 9 8 % N o v 2 4
95%
95%
*95
97
96
96
...........................
68% Dec 23 7 1 % D e c 2 4
68%
71%
1 6 , 0 0 0 Amer Zinc Lead & S -------- 25
68% 6 9 %
c24% Feb 24 9 1 % N o v l 7 c $ 2 4 % D e c e $ 3 8 % F e b
88%
8 9 % 1 0 6 , 9 0 0 Anaconda C opper............50
89%
89%
85%
86%
86% 8 9 %
85%
86%
52% M a r
26% M ar 3 1 5 4 % O c t 2 3
38% Jan
118
119%
7 5 , 6 4 5 Baldwin Locomotive-------100
116% 118%
115% 117%
115% 117%
116% 118%
110
June
Do pref.......................100 92 Mar 9 1 1 4 S e p 2 9 1 0 2 % J a n
*105
108% *106
1 0 8 % ► 107% 1 0 8 1 2 * 1 0 7 % 1 0 8 %
108% *1 0 6
29% Jan
46% Jan 2 6 0 0 O c t 2 2
46% D eo
1 , 3 0 0 Bethlehem Steel------------- 100
471
472
465
472
474
474
*460
472
460
470
68 J a n
Do pref____________ 100 91 Jan 2 1 8 4 O c t 2 2
91% D e o
*145
147
►145
157
*145
157
*145
157
*145
160
118 Jan 5 13S% O c t 1 4 1 1 8 D e c
130
Jan
3 6 5 Brooklyn Union Gas-------- 100
133
133
133
133
*133
136
135
*133
136
*133
79% Dec 10 9 4 % O c t 1 9
1 , 7 5 0 Burns Brothers_________ 100
87%
88%
86% 8 7 %
84%
85%
83%
83%
84%
85
56% Aug 23 7 9 % J u n e 4
1 9 . 7 0 0 Butte & Superior Copper— 10
67%
70%
66% 6 7 %
67%
65%
66% 66
65%
65%
30% F eb
15% D e c
8 July26 3 2 % D e c 2 2
3 1 . 7 0 0 California Petroleum, vto.100
31%
32%
31%
32%
30%
32%
31%
30%
31
32
60
J u ly
68 M a r
10,200 Do pref____________ 100 30 July23 6 2 D e c 2 2
60%
61%
61%
61%
60%
60
62
59%
60
61%
38% D eo
32% Feb 20 6 1 % N o v .
257* J a n
4 , 5 0 0 Central Leather------------- 100
53%
53%
52%
53%
52%
53%
52%
53
52%
53%
104
J u ly
94% Jan
100 Do pref____________ 100 100% Jan 7 1 1 0 % N o v l 8
109%
109% *109
1097* * 1 0 9
109% 109% * 1 0 9
* 1 0 8 % 1097*
12,100 Chile Copper____________ 25 23% Deo 13 2 6 % N o v 2 4
24%
24%
24%
24%
24
24
24%
23%
24
24%
$44
F eb
$31% D ec
32% Jan 6 5 7 % N o v l 7
2 9 , 9 1 7 Chino Copper____________ 5
54%
55%
54%
55%
53%
54%
5234
53%
53
53%
34% F eb
2 0 % J u ly
21% Jan 6 0 6 % S e p 2 9
2 0 , 4 5 0 Colorado Fuel & Iron........100
52
53%
51%
51%
51
51%
50%
52
51
52%
139% Jan
1 5 0 % O c t 15
112% D eo
113% Jan
7 , 7 0 0 Consolidated Gas (N Y)..100
145% 145%
144% 145%
145%
145
1457*
145
144% 146
127
O ct
5
4 5% J u ly
37% June
Continental Can________ 100 40% Jan
*82
87
*82
85
*82
85
87
*82
*82
87%
109% D e c 10
84
J u ly
9 1 % J u ly
100 Do pref....................... 100 88% Jan
*105
107
*105
107
107
107% , * 1 0 5
*105
x l0 7
107
13% Ja n
21% O ct 25
7
J u ly
8 Jan
2 5 , 0 0 0 Corn Products Refining— 100
19%
20%
19
19%
19%
19%
19%
19
19
19%
92% D e c 23
72
Jan
58 % J u ly
Do pref____________ 100 65 Jan
1 ,7 0 0
91%
92
91*4
92%
92
91
91%
*90
91
91%
18% MaylO 1 0 9 % S e p 2 9
1 3 , 9 0 0 Crucible Steel of America.100
73%
74%
73
74%
72%
73%
73
72%
73%
74%
800
*109
112
Do pref____________ 100 84 MaylO 1 1 2 % S e p 2 9
1 0 9 % 111
111% 1 1 1 % 111% 1 1 1 % 111 1 1 1
38 Jan 25 1 7 7 D e c 1
1 , 3 0 0 Cuban-Amerlcan Sugar— 100
*150
160
157
157
151% 158
*150
160
*154
160
90 D eo
90
D ec
Do pref____________ 100 93 M arl7 1 1 0 S e p 1 4
*102 1 0 7 *102 1 0 6 *102 1 0 6 *102 1 0 6
*102
107
20% M ar
11
J u ly
5% Mar 2 5 0 % O c t 2 2
6 0 , 9 0 0 Distillers' Securities Corp.100
48%
49%
47%
49%
47%
477*
48
47%
477*
48%
30% D e c
6
4 , 9 0 0 Dome Mines, Ltd................10 116 June25
28%
29%
28%
28%
287*
287*
28%
28%
28%
29%
78% S ep 25
63 Nov20
*64
68
7 0 0 Electric Storage Battery.. 100
64%
64%
647*
z647*
64%
64%
*66
68
15
Jan
7% M a y
8 Mar24 6 0 J u n e l 2
Federal Mining & Smelt.-.100
*31
34
*30
34
*26
34
34
*26
*26
34
43
Jan
28% D eo
Do pref____________ 100 20 M arl3 6 5 J u n e l 2
52%
52%
3 ,6 5 0
52%
53%
53%
52
52%
52
52
52%
General Chemical........—.100 165 Jan 26 3 6 0 O c t 8 1 6 0 A p r 1 8 0 J a n
*298
310
*295
310
310
*298
310
*299
*298
310
5113% 113%
20 Do pref____________ 100 100 M ar 1 | 1 1 6 % N o v 3 0 1 0 7 % F e b 1 1 0 J u n o
* 1 1 4 % 115% *114% 115% *114% 115%
173
174
6,000 General Electric................100 138 M ar 3 1 8 5 % O c t 4 1 3 7 % D e c 1 5 0 % F e b
1 7 4 % 1747*
174% 175%
173
174
99
M ay
37% Jan
82 Jan 2 5 5 8 D e c 9
450
485
456
490
5 , 4 7 5 General Motors vot tr ctfs. 100
499
502
490
510
490
498
95
F eb
70
J u ly
Do pref vot tr ctfs__ 100 90% Jan 4 1 3 6 D e c 9
9 ,9 7 0
116% 118%
116
119
1 2 0 % 1247*
125
120 1 2 1
119
287* A p r
19% Jan
24% Jan 7 8 0 % O c t 1 4
72%
74%
72%
73%
1 6 , 7 0 0 Goodrich Co (B F)............ 100
73
72%
73
72%
72%
73%
95
D eo
79% Jan
Do pref------ ------------ 100 95 Jan 14 1 1 4 % O c t 2 7
600
111% 111% 112% 1 1 2 %
*110
113
113% 113% *111% 112
37 Oct 25 5 2 % D e c 2 4
51%
52%
1 9 , 0 5 0 Greene Cananea Copper.. 100
487*
50%
51%
49
51
46
48
48
45% Jan 7 8 0 % D e c 2 4 $ 4 0 % J u l y $ 5 7 % A p r
79%
80%
4 2 , 4 4 8 Guggenheim Exploration— 25
78%
79%
78%
78
78%
77%
777*
77%
16% Jan 2 4 7 % O c t 7 $ 1 4 % J u l y $ 1 9 % J u l y
45%
45%
5 4 , 4 0 0 Inspiration Cons Copper— 20
45%
45%
45
44%
45%
44%
44%
45%
10 % J u ly
4
Jan
29% N o v 1
5% Mar31
*20
23
100 Internal Agrlcul Corp----- 100
*20
24
*21
25
*20 2 5
23
23
36
Jan
13
M ay
8 M arl5 6 7 % N o v 1
1,000 Do pref____________ 100
58
58%
59
59
57%
57%
*57
60
58
59
113% Jan
82
J u ly
90 MaylO 1 1 4 J u n e 4
2 , 8 0 0 Intern Harvester of N J— 100
111 1 1 2 % 111 111 *110 1 1 1 %
110% 1 1 1
110% 1 1 1
1187* J u ly
Do pref...................... 100 110 Julyl3 1 2 0 N o v 4 1 1 3 % J a n
*116% 120
*110 120 *110 1 2 0 ■110 120 *110 1 2 0
18 Dec 24 1 9 D e c 2 3
1 3 , 8 0 0 Int Merc Marine ctfs of dep.
18
18%
18%
19
7 7 % D e c 15
55% N o v ll
Do pref ctfs of dep-------72%
7 4 % 1 1 8 ,1 5 0
73%
74%
74%
72
74
73%
75%
71%
5
195
196
195
196%
4 , 6 6 3 Intern Nickel (The) v t c.,100 179% Deo 3 2 2 3 % O c t
197%
196
196%
197
198
196
107* F e b
6% J u l y
8 Jan 6 1 2 % D e c 2 0
12% 12% 12% 1 2 %
12
12%
7 , 9 0 0 International Paper-------- 100
12% 12%
12
12%
41
Jan
30
D ec
49
49%
49%
50%
Do pref............... .......100 33 Feb 24 5 0 % D e c 2 4
1 1 ,4 5 0
49
49%
48%
49%
47%
49%
40
Jan
2 6 % J u ly
23 Jan 7 9 4 % S e p 2 9
81
82%
80%
81%
80%
81%
5 , 2 5 0 Lackawanna Steel..............100
81
81
81
81%
►245
255
*245
255
255
100 Liggett & Myers Tobacco. 100 207 Jan 9 2 6 0 D e c 9 2 0 7 % D e c 2 3 1 M a r
*245
*240
255
251
251
1 1 8 % J u ly
1 1 8 7 * 1 1 8 7 * * 1 1 6 % -------- ► 1 1 6 % _____ * 1 1 6 % _____
100 Do pref....................... 100 113% Jan 5 1 2 0 D e c 8 1 1 1 % J a n
* 1 1 7 % _____
38
Jan
26
D ec
*22
24%
24
24
*207*
23
23
*207*
25
24%
200 Loose-Wiles Blsc tr co ctfs. 100 16 Feb 17 3 1 J a n 1 1
96%
96%
*89%
96
*89%
96%
*96%
997*
96%
300
96%
Do 1st preferred____ 100 86 Feb 20 1 0 5 % J a n 1 3 1 0 1 A p r 1 0 5 M a r
95% June
89
Jan
60
60
55
55
300
65
65
Do 2d preferred..........100 55 Dec 22 6 7 O c t 1 8
190
Apr
160
J u ly
*180
185
*180
185
*180
185
183'
*180
184% *180
Lorlllard Co (P)................100 165% Jan 6 1 8 9 N o v l o
1177* J u ly
* 1 1 3 % _____ * 1 1 3 % _____ * 1 1 3 % -------- * 1 1 3 % _____ * 1 1 3 %
100 112 Sep 14 1 1 8 J a n 1 9 1 1 0 J a n
Do pref.... .........
87% F eb
61
J u ly
*78
*78
81
*78
81
81
Mackay Companies_____ 100 72% Jan 11 8 4 N o v 5
*78
*78%
80
70
Jan
65% Jan
*65%
67
*65%
66%
*65%
667*
667*
Do pref____ ________ 100 64% Oct 28 6 9 % J a n 1 9
*65
*65
67
15% D e e
14% D eo
74%
76%
15% Jan 6 9 2 O c t 2 6
74%
76%
1 5 , 0 0 0 Maxwell Motor Inc tr ctfs. 100
75%
76%
74%
76
75%
76%
44
D eo
41% D ec
Do 1st pref stk tr ctfs.100 43% Jan 2 1 0 3 O c t 2 6
101% 1 0 1 % 101 101% 101 1 0 1 % 101% 1 0 1 % 101% 102% 6 . 5 0 0
17% D e o
17
D ec
55%
55%
55
56%
Do 2d pref stk tr ctfs. 100 18 Jan 6 68% O c t 2 6
3 .6 0 0
56%
56%
55%
56%
55%
55%
73% F eb
46<2 J a n
102% 1 0 6 % 1 0 4 % 1 0 6 1 7 4 , 3 0 0 Mexican Petroleum-------- 100 51 Jan 9 1 0 5 % D e c 2 3
98% 103%
99%
98
97%
99%
87
F eb
67
M ay
97%
97%
97
97%
Do pref------ ------------ 100 67 Jan 15 9 7 % D e c 2 3
1 .6 0 0
96
97
96
96
95
95
17% Jan 6 3 5 % O c t 3 0 $ 1 6 % D e c $ 2 4 % F e b
34%
34%
34%
35
1 4 , 0 5 0 Miami Copper------------------- 5
337*
33%
34%
33%
33%
33%
527* J u n e
42 Jan 4 7 9 % D e c 4
41
D ec
*72%
73%
73%
73%
2 , 3 1 2 Montana Power------------- 100
72%
73%
72%
72%
72%
75
Do pref____________ 100 99 Jan 29 1 2 0 D e c 8 1 0 1 A p r 1 0 3 7 * J u n e
296
112% 1 0 9 % 1 0 9 % * 1 0 9 1 1 2 % * 1 0 8 1 1 2 %
1097* 1097* * 1 0 7
139
F eb
Jan 22
120
J u ly
127% *124% 127
4 0 0 National Biscuit________ 100 116 Apr 3 1 3 2
127% 127% *126
127
127
*124% 128
128
June
127
127
127
►125
200 Do pref....................... 100 119 May25 1 2 7 % D e c 1 0 1 1 9 % J a n
*125
127
127
*125
29
29%
14
F eb
29
2 . 5 0 0 Nat Enam'g < Stamp'g—.IOO
29
fc
9
J u ly
9% Jan 4 3 6 % O c t 2 5
28%
29
28
28
28
29%
867* M a r
*92
94%
94%
*92
Do pref____________ 100 79 Apr 1 9 7 D e c 8
80
June
*92
94%
95
*92
*92%
95
52
Jan
65%
66% 6 5 % 66% 5 , 3 0 0 National Lead__________ 100 44 Jan 4 7 0 % M a y 1
40
J u ly
64
65%
63%
63%
63%
63%
300
109
Feb
111 111
110 110
Do pref.......................100 104% Jan 4 1 1 5 N o v l 5 1 0 5 J a n
112%
* 1 0 9 % 1 1 3 % * 1 0 9 % 1 1 2 % ♦110
157*
$16% Jan
4 , 5 0 0 Nevada Consol Copper........5
16
16
15%
$ 1 0 % J u ly
17
N o v l7
11% Feb 24
15%
15%
15%
15%
15%
15%
1 , 8 0 0 New York Air Brake____ 100
69
Jan
139
138
136% 137%
56% Feb 26 1 6 4 % S e p 2 3
58
J u ly
136% 136%
139%
*136
138
139
1 , 7 6 0 North American Co (new). 100
79% M a r
72%
72%
72%
73
6 4% J u ly
64 Jan 19 8 1 A p r 2 1
72
72%
73
*72%
73
73
29
Jan
11% 117* 4 , 0 0 0 Pacific Mall.......................100 *8% Dec 3 3 8 A u g 3
17% J u ly
11% 11%
11% 1 1 %
11% 11%
11% 1 1 %
31
Jan
100 Pacific Telep & Teleg........100 26% Feb 11 4 9 % O c t 1
44
20
J u ly
44
*42%
*42%
*42
44
42
42
*42
44
125
Jan
4 , 6 9 3 People's G L & C (Chic)..100 106% Dec 21 1 2 3 % A p r
3
106
J u ly
110 1 0 9 % 1 0 9 %
1 0 6 % 1087*
1 0 8 % 1 0 9 % ►109
108% 111%
1 1 , 8 5 0 Philadelphia Co (PIttsb)...50
45%
45
45
45
35% Apr 7 4 9 S e p 3 0
44%
441*
44%
43%
44
43%
23% F eb
15
D ec
1 4 , 2 5 0 Pittsburgh Coal................100
36%
35%
15% Jan 4 4 2 % O c t 1 4
35%
36
35%
36%
35%
37
35%
36%
93% F eb
7 ,7 5 0
Do pref..............
100 81%Jan 4 1 1 4 O c t 1 4
79
D ec
111% 1 1 1 %
111% 1 1 2
1107* 1 1 1 %
111 1 1 2 % *110 112
46
Feb
65
1 , 0 2 5 Pressed Steel C ar............100
64%
26% Jan
65
25 Mar 6 7 8 % O c t 4
65
{6 4
64
64%
*64
65
63%
105% M a r
*104
106
Do pref.......................100 86 MarlO 1 0 0 O c t 2 6
97% Jan
> 104
106
*104
106
*104
106
*104
106
114
Apr
200 Public Serv Corp of N J . . . 100 100% Aug 24 1 2 0 D e c 1 6 1 0 7 J a n
120 * 1 1 7 120
1 1 9 % 1 1 9 % ►117
120
*119
*119
120
159
Jan
5 5 0 Pullman Company............ 100 150% M arl2
165*4 1 6 5 %
170% O ct 23
165% 165%
160
D ec
§166
166
166
165% 165%
166
47*
27* J a n
4 0 0 Quicksilver Mining............ 100
*4%
7* J u n e
4%
% MarlS
5% N o v 1
4%
4%
4%
5
*4%
5%
*1%
4
Jan
100 Do pref____________ 100
*4%
5
1% J u n e
% Mar29
6% N o v 1
5%
6 _____ ______ * 4 %
*4%
♦5
6
45
45
34% F eb
19 Mar 6 5 4 O c t 1
8 0 0 Railway Steel Spring____ 100
44
44
19% J u ly
44
44
44
43%
*44
46
*977* 1 0 0 %
*977* 1 0 0 %
Do pref....................... 100 87 M ar 3 1 0 2 N o v 2 9
*977* 1 0 0 %
88 D e c 1 0 1 F e b
*977* 1 0 0 %
♦977* 1 0 0 %
$22% A pr
25%
25%
15% Jan 2 2 7 % N o v l 7
2 3 , 9 2 0 Ray Consolidated Copper..10
25%
25
$15
D ec
24%
24%
24%
24
24%
24%
54%
27
Jan
55%
19 Feb 1 5 7 % D e c 9
55%
2 1 , 7 5 0 Republic Iron & Steel___ 100
54%
18
D ec
537*
54%
53%
55%
54%
55%
91% M a r
600
75
D ec
Do pref.......................100 72 Jan 30 1 1 2 % D e c 1 4
110% 1 1 0 % * 1 0 9 110% 1 0 9 % 1 0 9 % 1 0 9 % 1 1 0 % 110% 1 1 0 %
14
14% D e c
3
*13
14
_____
3% NovlO
*13
R uraely Co (M) ctfs of deposit
*13
14
*13
14
_____
*24
28
7% Oct 23 2 9 N o v 2 4
Do pref certifs of deposit.
*24
31
*24
30
1 9 7 % J u ly
1 8 4 % 185**
209% F eb
1
1 4 , 9 9 4 Sears, Roebuck & C o.——100 *131% M arl7
1837* 1 8 4 %
170% J u ly
182% 184
182
183% *181% 183
_____
*126
100 Do pref.......................100 121%Jan 4 1 2 6 D e o 1 0 1 2 0 D e c 1 2 4 % J u n e
*124
*125
_____ ►125
125
125
35
Jan
627*
63
1 , 4 2 5 Sloss-Sheffleld Steel & Ir_.100
62
1 9 % J u ly
627*
627*
62
24 Jan 6 66% D e c 7
62
62%
63
63
145
100 South Porto Rico Sugar... 100 40 Feb 16 1 6 4 D e c 1
*135
►130
150
*130
*130
150
*130
145
145
109%
300
109% *1 0 7
*105
109
108
10 8 % *107
Do
pref____________ 100 89% Feb 4 110 O c t 1 4
*105
110
45
D eo
32
Jan
86
3 0 0 Standard Milling.............. 100
*84%
86
87
43% Feb 23 8 9 N o v 2 7
*85
*85
87%
88
67% D eo
59% D eo
84
*83%
84
*83%
*83%
84
*83
84
85
85
Do
pref____ _______ 100 66 Feb 17 8 5 N o v 2 9
36% M a r
20
Jan
____
3 6 , 7 7 0 Studebaker Corp (The)__ 100
165% 168%
1 6 7 % 1697*
166% 169
35% Jan 2 1 9 5 O c t 2 2
165% 169
168
170%
92
M ay
70
Jan
113
900
113
113
113
112 112
113
113
*112% 114
Do
pref____________ 100 9) Jan 2 1 1 9 % O c t 2 7
60%
2 4 , 1 0 0 Tennessee Copper________ 25
25% Feb 24 7 0 S e p 3 0 $ 2 4 % J u l y $ 3 6 % F e b
60
59%
61%
57
587*
58%
58%
60%
57
1497* M a r
112
J u ly
D eo 20
2 6 , 2 4 0 Texas Company (The)____100 120 M ayl4 2 3 7
2297* 233%
226% 232%
232
235%
231
234
231
237
3% J u n e
9% D e c 15
8% F e b
4% Jan 4
1 , 4 0 0 Union Bag & Paper_____ 100
8
8%
*8%
8%
*7%
8%
8%
8%
8%
8%
32% F eb
18% J u ly
500
31
30%
*28%
*28%
29
29
29
29%
Do
pref...................... 100 22% July 13 3 1 % D e c 1 8
29%
30
60% F eb
39
D ec
42 Jan 25 66% O c t 2 7
4 2 0 United Cigar Mfrs............ 100
64
63%
62%
62%
*61%
63
*61%
62
62
*60
1037* F e b
99
June
►104
110 * 1 0 4 110
*104
110
109
Do
pref____________ 100 100 Junel9 1 1 0 O c t 1
*105
110
*104
10% O ct 20
9 Dec 22
17,200 United Cigar Stores............ 10
9%
9%
9%
9%
9%
9
9%
9%
9%
9%
11% Oct 14 1 2 % N o v l C
1 17*
100 Do pref_____________ 10
11% 1 1 % * 1 1 % 11% * 1 1 % 11 7 * * 1 1 % 117* * 1 1 %
NovlO 1 6 3 N o v l 7
5 , 8 5 0 United Fruit..................... 100 139
148%
1 4 8 % 1 4 9 % c l4 7 % 14 8
148
149% 151%
148% 150
13% Jan
7% June
8 Jan 2 3 1 % O c t 2 9
5 0 0 U 8 Cast I Pipe & Fdy------100
24
24
24
*23
23%
23%
23%
24
24
23%
49
F eb
30
J u ly
50
50
*45
51
200 Do
55
*47
55
51
51
*45
pref...................... 100 32% Mar 3 5 5 % N o v 8
87
M ar
46
Jan
49%
*46
49%
*46
49%
*46
49%
*45
50
*46
U S Express____________ 100 43% Dec 2 7 3 % M a r 9
20
Apr
15
D ec
5 2 , 2 4 5 U 8 Industrial Alcohol------100
124% 131%
15 Jan 27 1 3 1 % D e c 2 4
123
1257*
128% 131%
122% 124
124
126%
85% Jan
75
D ec
300
105
►103
105
105
*103
105
10512
*103
105% *103
Do pref____________ 100 70 Jan 26 1 0 7 N o v 1
63
M ar
4 4 % J u ly
7 4 % A p r 14
5 , 5 0 0 United States Rubber___ 100
54%
54%
54%
55%
44 July24
54%
54%
55%
54%
54%
54
104% Jan
9 5% J u ly
1 ,3 9 0
109% 109% *107% 109%
Do 1st preferred____ 100 101% Feb 24 1 1 0 A p r 9
108% 110
108% 108%
108% 108%
67% J a n
48
D eo
8 7 % 3 0 6 , 2 1 0 United States Steel---------- 100
38 Feb 1 88% N o v 1
85%
85%
86%
86% 8 6 7 * 8 7
85%
86%
85%
112% Jan
103% D e o
5 ,9 5 0
1 1 6 % 1167*
117
O ct 30
1167* 1 1 7
1 1 6 % 1167*
1 1 6 % 1167*
116% 117
Do pref.......................100 xl02 Feb
559% June
$45% D ec
80%
80%
80%
4 4 , 6 0 0 Utah Copper-------- -----------10
787*
48% Jan 6 8 1 % N o v l 7
78%
80
80*4
78%
79%
78
347* M a r
17
D ec
52
O ct 26
8 , 9 0 0 Vlrglnla-Carollna C hem ...100
46%
48
48%
49%
15 Jan
46%
47
45%
46%
47
47
107% M a r
96
M ay
100 Do pref.................
111% 1 1 1 % *111 1 1 4 * 1 1 0 1 1 4 ‘ 110 1 1 4 •111 1 1 4
100 80 Jan 6 1 1 3 7 * D e c 3
62
M ar
35
J u ly
*62
4 0 0 Virginia Iron Coal & Coke.100
66
65
65
*63
65
*61
36 June 9 7 4 O c t 2 6
63
65
*63
667* F e b
53% J u l y
1 , 8 0 0 Western Union Telegraph. 100
87
86% 8 7
87
57 Jan 2 9 0 N O V 4
86% 8 7
x87%
87%
87
87
7 9 % J u ly
64
Jan
68% 6 9 %
68% 6 9 %
68% 6 9 % 3 5 , 0 0 0 Westlnghouse Elec & Mfg._50 32 Feb 24 7 4 % O c t 2 6
68% 6 9 %
68% 6 9
124% Ju n e
80
*78%
306
80
80
*78
80
*80
82
80
80
Do 1st preferred..........50 58% M arl2 8 5 O c t 2 1 1 1 5 7 * J a n
240
240
237
2 , 2 5 0 Wlllys-Overland (The)____100
242% 242%
240
87 Feb 23 2 6 8 N o v 1
238% 242%
240
244%
295
1147* 1147* §1 127* 1127* * 1 1 2 % 1 1 3 % {1 1 3 % 1 1 3 % * 1 1 2 % 1 1 3 %
Do pref____________ 100 98 Feb 13 1 1 5 D e c 9
103% F e b
89
J u ly
1187* 1197*
119% 120%
6 , 3 0 0 Woolworth (F W)________100
119% 119%
90% Jan 6 1 2 0 % D e c 2 3
118% 119
118% 118%
1187* M a r
112% Jan
124
A u g 14
123
123
123
123
300
*122
124
D o
p r e f ..................................... 1 0 0 1 1 1 5
Jan
8
*122 1 2 4 * 1 2 2 1 2 4
• B i d a n d a s k e d p r ic e s ; n o s a le s o n t h is d a y .
p er sh are.
Friday
Nee. 2 4
Thursday
Dec. 2 3
$
48%
97%
85%
1157*
*104
470
*143%
*133
*85
63%
30%
59%
53%
*108%
24%
52
51%
145%
*83%
*108
19
*89%
727.
%
154
Tuesday
Dec. 2 1 .
PER SHARE.
Range Since Jan. 1
On basis of 100-share lots
ST O C K S
N E W
Y O R K ST O C K
E X C H A N G E
* E x -s to c k d iv id e n d .
z
E x -d lv ld e n d .
per share
$ L ess th a n
$
per share
100 s h a r e s .
S E x -r lg b ts .
a
E x -d lv . a n d
r ig h ts ,
b
N ew
stock ,
e Par
$ 2 5 per
sh are,
t
Q u oted
d o lla r *
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
2133
Jan. 1909 the Exchange method of quoting bonds was changed, and prices are now all— “ and Interest” — except for income arid defaulted bonds.
BONDS
N . Y . STOCK EXCHANGE
Week Ending Dec. 24.
Price
Friday
Dec. 24.
if
Range
Since
Jan. 1.
Week's
Range or
Last Sals
U. S. Government.
U S 2s consol registered— 41930 Q
C S 2s consol coupon------- 41930 Q
J
D S Ss registered....... ..........*1918
O 8 3a coupon_____......* 1 9 1 8
U 8 4s registered---------------- 1925
O 8 4s coupon--------------------1925
U S Pan Canal 10-30-yr 2s.tl930
U S P n Canal 10-30-yr 23..1938
O S Panama Cana! 3s z ------1901
U S Philippine Island 4 s .1914-34
Bid
As* Lots
High
9 9 U ______ 9912 Dec ’ 15
99
97UOct *15
101*4_____ 101*4 Dec ’ 15
--------------- 101*8 Nov'15
110 110*4 109i2
109^8
110 ____ 110jg Dec '15
98 ------ 9 8 I4 Oct ’ 15
97 July’ 15
10112____ 102 Dec ’ 15
100 Feb *15
____100
Ferelgn G orirnraiBl
Anglo-French 5-year 5s (wh isa).
Argentine— Internal 5s of 1969..
Chinese (Hukuang R y)— 5s of ’ l l
Cuba—External debt 5s of 1904.
Exter dt 5s of ’ 14 ser A . . . 1949
External loan4Hs............. 1949
Japanese Govt— £ loan 4 Hs 1925
Second series 4 His_______ 1925
Do do "German stamp".
Sterling loan 4s_________ 1931
Mexico— Exter loan £ 5s oi 1899
Gold debt 4s of 1901......... 1954
Frov of Alberta— deb 4 Ha. .1924
Tokyo City— 5a loan of 1912-----
943g Sale 94*8
95*2 8018
9234 Dec ’ 15
7434 88 JuJy’ 14
X—
973g Sale 973s
977
8
90 Sale 9534
96*2
83
85 s84 Dec ’ 15
8234 815s
13
82
t 82
6
7858
X 78*2 7934 78
2721
Js7434 Sale 74*2
75
7834 June'15
69
:—
79
79*4 Apr ’ 14
:—
85
65 July’ 14
+
95*2 Jan '15
80 May’ 15
78
* 72
J -D
m-
e
FFFJ -
A
A
A
J
j - j
Q- J
J - D
M- S
State and City Securities.
W T City— 4J£S.................... 1900 M- S
41*8 Corporate stock___ 1904 na- s
4Hs Corporate Ptock___ 1905 J -D
4 M8 Corporate stock------1993 M- 8
4% Corporate stock____ 1959 M -N
4% Corporate s t o c k ..... 1958M- N
4% Corporate stock-------1957 M -N
4% Corporate stock____ 1950 M -N
New 4}*s........................... 1957 M -N
New 6X 8........................... 1917 M- N
4H % Corporate stock— 1957 M -N
4 M% Assessment bonds. .1917 M -N
3 H % Corporate stock...1954 M -N
a Y State—4s.......................1901 M- 0
Canal Improvement 4s.__ 1901 J - J
Canal Improvement 4s__ 1902 J - J
Cana! Improvement 4 s . .. 1900 J - J
Canal Improvement 4H8-1904 J - J
Canal Improvement 4HS.1965 J - J
Highway Improv’ t 4HS..1963 M- S
Highway Improv’t 4>£3.-1905 M- S
Virginia funded debt 2-3S...1991 J - J
6i deferred Brown Bros otfs
109 110*4
109*2 111*2
97*2 98*4
100*4 102
100
r No price Friday; latest this week,
d Due April.
0
Due May.
100
94*8 98*4
80
99*4
93*8
90
SO
737
a
7178
70
‘ 98 ’
907
8
8 6 l2
8412
82
7E*4
95*2 95*2
78
82
97*4
97*4
1015a
1015a
91
94*2
94
94
1015s
102
102
1015a
10134 sale io is 4 10134
lOlU 10H2 101*2 Dec ’ 15
100*4 Sale 1053s
10G*4
105 1057 105*2 106*8
8
98*g 98*4 98*8
983s
98*8 985a 98*s
98*
s
98*8 983a 98*s
98*2
903 99
4
97*4 Dec 15
10534 Sale 105*2 106
1007 101*4 1013a Dec ’ 15
8
10534 Sale 10534
106*8
1003a 101*2 1007a Dec ’15
87
88
877S Dec ’ 15
10134 ____ 102*2 102*2
10134 ____ 102*2 102*;
10134 ____ 10138 Sep ’ 15
10134 ____ 10134 N ov’ 15
113 Sale 113
113
106 Dec ’ 15
11234
112*2 113 11234
105*2___ 105*2 N ov’ 15
87*2 . . .
88*2 Dec ’ 15
52
54*2 51
52
Railroad,
6534
Ann Arbor 1st g 4s______4.1995 Q - J 63*2 6534 65*8
935s
At eh Top A S Fe gen g 4s. ..1995 A - O 933a Sale 93*4
Registered--------------------- 1995 A - O 91*2____ 93*8 N ov’ 15
86*2
86*2
a
Adjustment gold 4s........ 41995 Nov ____ 867
88
M ar’ 13
Registered...................41995 Nov
80*2 Sale 86*2
87
Stamped____________ 41995 M -N
10678
Conv gold 4s....................... 1955 J -D 10678 Sal6 j105*8
99*2 May’13
Oonv 4s Issue of 1909......... 1955 J - D
107*8
Conv 4s Issue of 1910____ 1900 J -D Io7_*8 Sale"' 105*8
10-year 6 s.......................... 1917 J -D 101*2 Sale 101*2 1015s
94
94 Sale 94
East OklaDlv 1st g 4a___ 1928 M- S
8 8 78
89
Trans Con Short l. 1st 4s. 1958 J - J 8834 90
Cal-Arts 1st A ref 4Ha " A ” 10G2 M- S ------ 99 , S9434 Oct ’ 15
8 Fe Pres 4 Pb 1st g 5s.__ 1942 M- R 102 ____ 103*2 Sep ’ 15
93*4
93*8 935a 9278
All Coast L 1st gold 4s___ 41952 M - 8
915s
91*8
60-year unified 4s............. 1959 J -D
Ala Mid 1st gu gold 5s___ 1928 M- N 1053s____ 1055s Dec '15
Bruns A W 1st gu gold 4s. 1938 J - J 93*2____ 90 Dec ’ 15
Charles A Sav 1st gold 70.1036 3 - J 129 135 1297a Aug ’ 15
85 Sale 85
85*8
L A N coll gold 4a.............ol952 M- N
Sav F A W l3t gold Ga___ 1934 A - O 119*2____ 118 Oct '15
1st gold 5S....................... 1934 A -O 107*2____ 105 July’ 15
8
E 1 Sp Ooa A G gu g 4s____ 1918 J - J 9S7 ____ 98 June’ 15
J
93*8
Balt A Ohio prior 3Hs..........1926 J - J 93*8 Sale 927S
90 June’ 15
Registered......................41925 G - J
91*4 Sale 91*4
9134
1st 50-year gold 4s___ 41948 A -O
89
89 N ov’ 15
Registered__________ 41948 Q - J 88
96*2 Sale 98*4
90*4
fiO-yr conv 4 Ha_________1933
112 Jan '12
Pitts Juno 1st gold 6s.........1922 J - J
907 Sale 9034
s
9078
P June A M Dlv 1st g 3><s 1925 M- ft
80
87
8634
87*4
P L E A W Va 8ys ref 4 s. .1941 M-N
Southw Dlv 1st gold 3>4 8 .1925; J - J 92 Sale 92
92*8
Cent Ohio R 1st c g 4HS-.1930 M- S
100 Apr ’ 13
Cl Lor A W con 1st g 5S-.1933 A -O
104*2 Apr *15
Monon River 1st gu g 6a._1919 F - A 101 ____ 101
101
Ohio River HR 1st g 5 s ...1930 J - D 104 . .
102*2 Oct ’15
0978 ____ 98*4 N ov’ 15
General gold 5s________ 1937 A - O
Pitts Clev A Tol 1st g 6C..1922 A - O
H 3i 2 Feb *12
98 ____ 9634 Mar’ 14
Pitts A West 1st g 4s........ 1917 J - J
91*2____ 91 June' 12
S tatlsIR y 1st gu g 4HB..1943 J -D
Bolivia Ry 1st 6s...................1927 J - J
Buffalo R A P gen g 5s_____1937 M- S 107 . . . 104i2 Sep *15
C onsol4X s.........................1957 M -N 101 102*2 100 N ov’ 15
91*4 ____ 92 N ov’ 15
All A West 1st g 4s gu___ 1998 A -O
Clear A Moh 1st gu g 6s. .1943 J - J 106*8 . .
112 Apr ’ 14
Rocb A Pitts 1st gold 6 s.. 1921 F - A 107*2------ 107*2 Dec ’ 15
Consol 1st g 6s________ 1922 J - D 10973 n o 1097
s
1097
8
Canada Sou cons gu A 5 s ..-1902 A - o 10378 10434 104*4
101*4
Registered....... ................1902 A - o
10678 Apr '14
Car Clinch A Ohio 1st 30-yr 5s ’38 J - D 92 “ 9 5 " 97*2 Dec ’ 15
Central of Ga 1st gold 6s_ pl945 F - A 1063s 107*2 107 N ov’ 15
_
Consol gold 5s__________ 1945 M -N 101*2 Sale 1 01
IOH2
83
84
Chatt Dlv pur money g 4s 1951 J - D
83 N ov’ 15
Mao A Nor Dlv 1st g 5s._1940 J - J 101*2____ 10134 N ov’ 15
Mid Ga A Atl Dlv 68......... 1947 J - J 100*8____ 100*4 M a r’ lf
Mobile Dlv 1st g fis...........1940 J - J 101*2 105 10334 May’ 15
CfiD RR ft B of Ga col g6 s._ 1937 M -N
90
97
96
96
Cant of N J gen’l gold 5s___ 1087 J - J 116*8 Sale 1155s
iieis
Registered...................41987 Q - J 11434
11434 11434
Am Dock A Imp gu 6 s ... 1921 J - J 1033 104*8 103*2 Oct '15
8
Leh A Hud Rlv gen gu g 5sl920 J - J 100*4____ 100 June’ 13
N Y A Long Br gen g 4s__1941 M - S 99 100 100*2 Jan ’ 13
Cent Vermont 1st gu g 4s._*1920 Q
80
84
83
83
Chesa A O fund A impt 5 s.. 1929 J - J - - - - 99*8 99 Deo ’ 15
1st consol gold 5a............... 1939 M -N 105*2 Sale 105*2
106
Registered ...................1939 M -N 103 105 105
105
General gold 4 Ha...............1992 M- 8 s 90*2 Salo 90*2
91*4
Registered-.....................1992 M- 8 ■
------ 91*2 90*4 N ov’ 15
Convertible 4 Ha________ 1930 F - A 8534 Sale 855a
86*4
Big Sandy 1st 4a............... 1941 J - D
82*2 84
83*2 Dec ’ 15
Coal River Ry 1st gu 4a.. 1945 J -D
86*2 815 s N ov’ 15
83
Craig Valley let g 5a.........1940 J - J
97 100 S98*2 Dec ’ 15
Potta Creek Br lat 4a----- 1946 J - J
8434 Jan ’ 13
84
80
R A A Dlv 1st con g 4s_ 1989 J - J
_
8434 Dec ’ 15
2d consol gold 4s---------1989 J - J ------ 82
80 N ov’ 15
Greenbrier Ry 1st gu g 48.1940 M- N
90 Apr ’ 14
Warm Springs V 1st g 5a..1941 M- 8
113*4 Feb ’ 15
60
5984
5934
Ohio A Alton RR ref g 3a.— 1949 A - O 56
43
44
Railway 1st lien 3 Ha.........I960 J - J
44 Dec '15
Ohio B A Q Denver Dlv 4s. .1922 F - A 99*2 Salo 99*2
9978
Illinois Dlv 3He................. 1949 J - J 8534 86*2 851
2
86*8
Illinois Dlv 4s.....................1949 J - J ------ 97
955s
96
97*2 Dec ’ 15
Registered____________ 1949 J - J
s
Iowa Dlv sink fund 5s___ 1919 A -O 1027 ____ 10212 Dec '15
993s Sale 993s
Sinking fund 4s............ 1019 A -O
993s
High
99*2
99
101*4
100*2 102
M- 8 t 9234 94
XThete are prices on the basis of 15to£
Low
96*4
97*4
98
1 0 0 l2
107
106*2
99
9S3
4
985a
97*2
106*2
100*2 101*8
100*2 101*8
84
S9
997 102*2
8
997s 102*2
100 1013s
99*8 101*4
108*4 113
104 106
108 112*4
104*8 105*2
81
88*2
52
61*2
55
6 6 I2
8912 95*4
89
93*8
80*4
88*2
80*8 *88*4
923a 110
923s 110*4
100*8 102
96
92
8414 89
96
93
103 103*2
94
85
915s 915s
105 105*8
96
89
a
1297 1297
8
89
80
118 119*2
105 105
97*2 98
107 88*4 935a
88*2
90
92*4
85
90
85
82*2 97*4
84*2 907
8
775a 89*?
86
92*4
—
'10312 104*2
2 101 101
---- 102*2 102*2
-----
98*2 98*4
102>s 1005a
99*2 103
90
94*8
----106*8 107*2
2 107 1097a
10 100 105*4
04
97*4
103*2 107*2
96 102*2
83
86
101 104*4
100*4 100*4
103*4 103*4
86*2
97*4
111*4 117*8
110*2 115
10234 104
68 83
83 997
8
8 101*8 100*2
1
18
134
101
70
80
81
95
105
95*8
90*4
90
8378
$83
98*2
80*4 S4*4
77
80
52
60*2
38
47*2
98*8 100
81 *4 87*4
9178 90
94
97*2
1 0 U| 102*2
96*4 99l2
0 Due June
BONDS
W. Y . STOCK EXCHANGE
Week Ending Dec. 24.
33
§5
Price
Friday
Dec. 24.
Week's
Range or
Last Sals
Rang•
Since
Jan. 1
Bid
Ask Low
High
Low High
Chic Burl A Q (Cca.)—
Joint bonds. See Great North
9778 Sale 9V*
94*4 977g
9778
_
Nebraska Extension 4s_ 1927 M -N
95
95
95 June'15
Registered....................... 1927 M -N
99*8 June’ 15
99*8 99*8
Southwestern Dlv 4a.........1921 M- S
93*4
88
95
General 4s........................1 9 5 8 M - S 925 $ Sale 92*2
15
29
25 N ov’ 15
Ohio A E 1 1 ref A Imp 4a g__1955 J - J 25*2 27
1
91 104*4
1st consol gold 6 s............... 1934 A - O 104*4 105*2 104*4 Dec ’ 15
51*8 84
82
82*2
General consol 1st 5s.........1937 M- H ------ 82
52*2 71
- Registered....................... 1937 M- N ------ 83*2 71 June’ 15
97*4 Feb ’13
Pur money 1st coal fis___ 1942 F - A
25
20
20
17
20*8
Chic A Ind C Ry 1st f is ... 1936 J - J 16
72*4 74
64
747a
73
7378
Chic Great West 1st 4s.........1959 M - S
110 117
112*2 N ov’ 15
Ohio Ind A I j uIsv Rof 6S.1947 J - J ------ 114
O
101
101
Refunding gold 5s............. 1947 J - J 95 ____ 101 June’ 15
95*8 Apr ’ l l
Refunding 4s Series O____1917 J - J
55 ____ 55 Dec ’15
55
55
Ind A Loulsv 1st gu 4s_ 1956 J - j
_
Chic Ind A Sou 60-year 4S..1956 J - J 86 ____ 8 6 Dec '15
85*2 8 6
Chic * 8 4 East 1st 4 Hs____1969 J - D
96*4___
92*4 96*8
96*8 Dec ’15
Chicago Milwaukee A St Paul—
92
923 9134
4
92*8
85
Gen’l gold 48 Series A ___ «1989 J - J
93*4
89*2 Apr ’15
Registered.....................cl089 Q - J
89*2 89*2
921 Sale 92l2
2
Gen A ref Ser A 4 Ha___ a2014 A - O
87
937s
953s
Gen rof couv ser B 5s___a2014 F - A 107 Sale 1067
8 107*8
100*8 107*8
76
Gen’l gold 3He Ser B ____el989 J - J ------ 817a 82 Dec ’ 15
82*8
97 10312
10212
General 4 Hs Ser C ...........61989 J - J 102*2 Sale 102*2
35 84l8 93*8
35-year deben 4 s..............1934 J - J 90*4 91*2 90*4
91
114 93*4 102*2
Convertible 4H s............1 9 3 2 J - D 102 Sale 101*2
102
Chic A L Sup Dlv g 5s___ 1921 J - J 103*2____ 103*2 Dec ’ 15
102*8 103*2
Chic A Mo Riv Dlv 5s___ 1926 J - J 105*8____ 105 Dec *15
103 105
101*4 103*4
Ohio A P W 1st g 5s...........1921 J - J S103U Sale 103*4
103*4
O M A Puget 8 d 1st gu 4S.1949 J - J 91*4 9134 91
8578 9178
91*2
Dak A Grt Sou gold 5 s ...1916 J - J 1 0 0 ____ 100 Dec ’ 15
100 100*2
Dubuque Dlv 1st s f 0 s . . . 1920 J - J 107*8____ 106*4 N ov’ 15
105 107*8
Fargo A Sou assum g 6s..1924 J - J 11034 ____ 110 June’ 13
La Crosao A D 1st 5s.........1919 J - J 107*4____ 103 N ov’ 15
102*8 103
Wla A Minn Dlv g 5s.........1921 J - J 103*2 103*4 103*2 Dec '15
10 IBs 103*2
WIs Vail Dlv 1st 6 s...........1920 J - J 107 ____ 107 Dec '15
106*4 107
Mil A No 1st ext 4 H »___ 1934 3 - D 1 0 0 * 2 ____ 100*2 Nov'15
99 101 1
Cons extended 4H s___ 1934 J - D 1 0 0 ____ 100 Oct ’ 15
100 100*2
Chic A Nor West Ext 4s 1886-1926 F - A 95 ____ 94 Sep ’ 15
92ia 94*4
O
K
94*2 N o v ’ 15
Registered............. 1886-1926 F - A
94*2 94i2
83
General gold 3 Ms............... 1987 M- H 82*2 "83 " 82*4
78
83*4
78*2 Jan ’ 14
Registered__________ pl987 Q 96*2 96
96
General 4s...........................1987 M- N 96
59*4 96*4
9G Dec ’ 15
Stamped 4 s.....................1987 M- N
89
96
109 1147a
_
General fis stamped_ ___ 1987 M- N 113 113*2 112*2 Dec ’ 15
Sinking fund 6 s___ 1879-1929 A - O 1 1 0 ____ 108*2 Oct ’ 15
108 109*2
109 ____ 105*2 Dec ’ 13
Registered............1879-1929 A - O
1027a 104ij
Sinking fund 58......... 1879-1929 A - O 104*4____ 104*2 Dec ’ 15
Registered............. 1879-1929 A - O 103*8 108 102 Oct ’ 13
104*2
Debenture 5s..................... 1921 A -O 103 104i2 10412
100*8 104*2
101 Dec ’ 12
Registered....................... 1921 A - O
Sinking fund deb 5a...........1933 M •N 104*2 105 104*8
1 01
10412
104*8
99 101*2
101*2 May’ 15
Registered....................... 1933 M - N
117 119*2
Frem Elk A Mo V 1st 6 s..1933 A -O rf858 : : : : 117 A u g ’ 15
90*2 Sep ’09
Man G B A N W 1st 3M8-1941 J - J
Mllw A 8 L 1st gu 3MS...1941 J - J
105 IOSI2
M I1L SA West lstg 6 s .__ 1921 M- 8 1077S ____ 107*4 Dec ’ 15
8021* 1043s
Ext A Imp s f gold 5S...1929 F - A 106*8____ S0212 Aug ’ 15
1117a 1117s
l
Ashland Dlv 1st g 6h. . . 1925 M - 8 1 1 2 * 4 ____ 11178 Dec ’15
_
Mich Dlv 1st gold 6 s_ 1924 J - J 111*4____ 111*2 Aug ’ 15
111*2 111*2
903a
90^8 92
905s
S8*4 93
Mil Spar A N W 1st gu 4s. 1947 M - 8
Northw Union lat 7s g.,.1 9 1 7 M- 8 103*2____ 107*8 May’ 14
106*8
102*4 106*8
St L Peo A N W 1st gu 6 s. 1948 J - J 106*8 Sale 106*8
102*2 1033s
Winona A St P 1st ext 78.1916 J - D 102*2 103 102*2 Dec ’ 15
10l*s 102*8
Chicago Rock Ial A Pac 6 s . .1917 J - J 102*8____ 102*8
102*8
102*8 Oct ’ 15
_ Registered....................... 1917 J - J
101*4 102*8
84*4
79
86*2
Ru general gold 4s............... 1988 J - J 84*8 Sale 84is
S3 ____ 83 Dec ’ 15
80
83
Registered....................... 1988 J - J
6 G Sale
01
7178
65
67'g
RofundlLg gold 4s........ _ _ 1934 A - O
43 . Sale 42*4
4334
39
67
20-year debenture 5s____ 1932 J - J
79 ____ 94*4 June’ 11
Coll trust Series P 4s.........1918 M - N
85 July’ 13
R 1 Ark A Louis 1st 4 M8 - - I 9 3 4 M - 6 ____ 52
101*4 N ov’ 15
99 101*4
Bur C R A N— 1st g 5s—-1934 A - O ------ 101
1007g M ar’ 14
O R I F A N W lat gu fis ...1921 A -O
M A St L 1st gu g 7s.........1927 J -D
973s 98
Choc Okla A G gen g 59.51919 J - J 98 ____ 98 Dec ’ 15
90 ____ 97*8 July’ 15
Consol gold 6 s________ 1952 M -N
9712 97*2
IS 49*4 84
52
50*8 75
Keok A Dee Moines 1st 6 s 1923 A -O
50*8
81
65
65
65 Apr ’ 15
St Paul A K C Sh L 1st 4Hs ’41 F - A 70
114*4 117*4
Ohio St P M A O con 0s___ 1930 J -D 117*8____ 117*2 Dec ’ 15
87 ____ 90 Jan ’ 15
90
90
Cons fls reduced to 3HS..1930 J -D
102*8
99*2 103
Debenture 5«_______
.1930 M- S 102*4 1025s 102*8
116
Cb St P A Minn 1st g 6 0 — 1 9 1 8 M -N 117*2____ 116
115 116*2
North Wisconsin 1st 0 s . . . 1930 J - J 117*4____ 129*8 May’09
1045a 105*4
St P A S City 1st g 6 s___ 1919 A - O 105*8 105*2 105*4
105*4
Superior Short L 1st 5a g.01930 M - 8
80
Chlo T H A So-east 1st 5 s . .. 1960 J - D 70
85 Jan ’ 14
Chic A West Ind gen g 6 a ..#1932 Q -M 106*4 . . . 106*4
105 106*4
106*4
80*2 817g Dec ’ 15
7478 83*4
Consol 60-year 4s............... 1952 J - J 79
80 . . .
Cln H A D 2d gold 4 Hs.........1937 J - J
96 M a r’ 14
let A refunding 4s............. 1959 J - J
1st guaranteed 4s............... 1959 J - J -------87
86*4 June’ 12
27*2 . . . . 25 July’ 15
Cln D A I lstgu g 5s____ 1941 M -N
88
M ar’ l l
C Find A Ft W 1st gu 4o g . 1923 M- N
65 J’ly ’ 14
Cln I A W 1st gu g 4s___ 1953 J - J
Day A Mich 1st cons 4H s. 1931 J - J
94*8 Dec '14
65 J’ ly '14
Ind Dec A W 1st g 5s_____1935 J J
1st guar gold 5s............ 1935 J - J
107i2 Dec '02
79*2 80
Clcve Cln C A St L gen 4 s.. . 1993 J - D
68
83
79
79
20-yr deb 4H s................... 1931 J - J 85*2 87
87*2 Dec ’ 15
79*8 87*2
8 4 * 8 _____ 8 6 78 Dec ’ 15
80
8 6 78
Cairo Dlv 1st gold 4s_____1939 J - J
81
70
78
Cln W A M Dlv 1st g 4s. _ 1991 J - J 75
78 N ov’ 15
82
82 Dec ’ 15
St L Dlv 1st coll tr g 4 s . .. 1990 M- N 78
75*2 85
80
Registered.......................1990 M - N 75
82*4 M ar’ 14
83 ____ 85 Dec ’ 15
77
85
Spr A Col Dlv 1st g 4s___ 1940 M - S
91 Apr ’ 12
W W Val Dlv 1st g 48____ 1940 J - J ____ 85
C I S t L A C consol 0 8 . . 1920 M -N 10478 ____ 105 Nov'15
105 ‘ 105*4
92 ____ 91 N ov’ 15
90
91
l8 tg o ld 4 s .................... *1936 Q-F
88 ____ 83*2 May’ 16
Registered............ *1930 Q-F
87
8 SI2
Cin S A Cl con 1st g 5 s . .. 1923 J - J
101
101
10! June’ 15
C C C A I gen con g Gs._.1931 J - J
105*4 July’ 14
Registered.............
1934 J - J
Ind R A W 1st pref. 4s_._ 1940 A - O
94 July’0
O Ind A W 1st pref 5 s...tfl938 Q-J
67
70
59
72*2
Poo A East 1st con 4s___ 1940 A - O
69
69
37
40
20
38
Income 4s_____________1990 Apr
36
37
99*8 997 99*2 100
a
Cleve Short L 1st-gu 4 H a ... 1961 A - O
90*4 101*2
8
11 SlO N ov’ 15
Col Midland 1st g 4s_______ 1947 J -J
SlO
17
1412 15
Trust Co certfs of deposit____ _____ ____ 10
1412 Mar ’ 15
91
92
Colorado A Sou 1st g 4s___ 1929 F - A
91*8
9178
85
93*4
85
86*4 86>4
Refund A Ext 4 Ha...........1935 M -N
86*4
787 90
8
Ft W A Den C 1st g 6 s__ 1921 J - D 105*4____ 104*2
100
106*8
104*2
_
Conn A Pas RIvs 1st g 4s_ 1943 A - O
------100
Cuba RR 1st 50 yr 5s g ___ 1852 J - J ■
100 May* 10
Del Lack A Western—
D 86*4 Sale 86*4
Morris A Es 1st gu 3H8--2000
84
86*2
86*2
107 109
N Y Lack A W 1st 6 s____ 1921
J 108 ____ 108 N ov’ 15
101*2 101*4
Construction 5s_______ 1923 F - A 102*2----- 101*4 May’ 15
96*s___ 95*8 Sep ’ 15
95*4 96
Term A Improve Is____ 1923 M -N
Warren 1st ref gu g 3H8--2000 F - A 83*2 85*2 102*8 Feb ’03
104U 105*8
1043s
Del A Hud 1st Pa Dlv 7 s...1917 M- S 104*4____ 1043s
149 Aug ’01
Registered____________1917 M- S
99 100*4
100*2
10-yr conv deb 4s________ 1916 J -D 100*2 Sale 100*2
99 1007a
1st Hen equip g 4Ha_____ 1922 J - J 100*8 101 100*4 Dec ’ 15
96 Sale 96
96
89*2 97*2
1st A ref 4s......................... 1943 M -N
101*4 108*2
IO6 I2
Conv 58 sub recta ............................... 106 Sale 106
80*2 87*8
85*4
Alb A Sus conv 3H s......... 1940 A - O 85*8 Sale 85*8
113*8 113*8
Rena A Saratoga 1st 7s— 1921 M -N 111*4------ 113*8 Jan ’ 15
ft Duo July. * Due Aug.
0
Due Oct.
p
Due Nov
q
Due Dec.
2
Option sale.
New York Bond Record-Continued—Page 2
3134
BONDS
N. Y. STOCK EXCHANQE
Week Ending Dee. 24.
Price
F rid a y
D ec. 24.
B id
• No
Ask Low
« '
•
Range
Since
Ja n . 1
H igh N o . Low
68
H igh
BONDS
N. Y. STOCK EXCHANGE
Week Ending Deo. 24.
3a
5
Price
F rid ay
D ec. 24.
B id
Week't
Range or
Last Sale
A tk Low
H igh
Is
Range
Since
Ja n . 1
Low
H igh
89 Dec ’15
84 89
82% Leh A N Y 1st guar g 4s----- 1945 M- S 88% 90
Registered______________1945 M- S
73% 85%
102 104%
60 80 % Long Isld 1st cons gold 5S..A1931 Q - J 1037*____ 103% Nov’15
$94 *<94
1st consol gold 4s__ ____61931 Q - J 94 ____ s94 Oot '15
38 63
85 86 857* Dec '15
85 87%
General gold 4s---------------1938 J -D
Ferry gold 4)48------------- 1922 M- S 95%____ 95% May’ 14
99% Oct '06
Gold 4s............- .............. 1932 J -D
35 35
82% 893*
Unified gold 4s..................1949 M- 8 ----- 85% 86% Dec '15
69 80
97
98% S98%
98%
95% 997g
Debenture gold 5s_______1934 J -D
58 65%
87%
8234 88%
Guar refunding gold 4s__ 1949 M - S 86% 87% 87%
95 Jan ’ ll
Registered___________ 1949 M - S
100 100
98
100 Feb ’ 15
100 10 0 %
717* 87
N Y B A M B 1st con g 5s. 1935 A -O
100 10 0
N Y A R B 1st gold 5s— 1927 M- S 10 0 % 10 2 100 Nov’ 15
78 85
1007* 1 0 1
Nor Sh B 1st con g gu 5s.ol932 Q - J 1 0 1 % . . . 101 Aug ’ 15
897g 95
9434 95 %
94% Dec '15
101% 105% Louisiana A Ark 1st g 6s___ 1927 M- S 90 92
110 115
98% 103% Loulsv A Nashv gen 6s____ 1930 J -D 112% 113% 112 Dec ’15
106% 107%
Gold 5s............................1937 M-N 107%____ 107% Dec ’ 15
94% 104 89% 95
Unified gold 4s..................1940 J - J 94% Sale 94
94 June’ 14
Registered___________ 1940 J - J
90 10 0
997* 105%
103 105
Collateral trust gold 5s__ 1931 M- N 104% 105 104% 104%
E H A Nash 1st g 6s........1919 J - D 107 ____ 107% 107%
106% 1 1 1
107% 107%
L Cln A Lex gold 4)4s___ 1931 M- N 100%____ 100% Dec ’ 15
98% 101
100 1 0 2 %
N O A M 1st gold 6a........1930 J - J 114%____ 115% Nov’ 15
113% 115%
98% 99%
103 1097*
2d gold 6s.....................1930 J - J 107% 110 1097* May’ 15
100 1 0 2 %
Paducah A Mem Dlv 4 s ..1946 F - A 86%____ 86% Oct ’ 15
86 86%
93 94
1057* 1 0 7 %
St Louis Dlv 1st gold 6s_. 1921 M- S 107 107% 107 Dec ’ 15
1087* 109
2d gold 3s..................... 1980 M- S 61 62 62 Dec ’ 15
58% 65
87 877* 87
77 87%
Atl Knox A Cln Dlv 4 s...1955 M-N
87%
83 90
797 80
8
Atl Knox A Nor 1st g 5s.. 1946 J - D 102%___ 111 Jan ’ 13
65 77
Hender Bdge 1st s f g 6s.. 1931 M- S 105%___ 105 June'15
105 105
Dec '15
Kentucky Central gold 4s. 1987 J - J 88 89
86
88*4
86 88%
L A N A M A M 1st g 4)43 1945 M- S 99 100 9834 Dec '15
98 101
59 7334
L A N-South M Joint 4s. .1952 J - J 80 82 80 Dec ’15
75% 81
63% 863*
95 Feb '05
Registered----------------61952 Q - J
102% 103%
N Fla A 8 1st gu g 5s-----1937 F - A 104%____ 108 J’ly ’ 14
97 Dec ’ 14
101% 105%
NAOBdgegengug4Hs-1945 J - J
107% 109%
101 101
Pens A Atl 1st gu g 6s-----1921 F - A 108% 109% 108% 108%
105% 105%
119»4 122%
8 A N Ala cons gu g 5s__ 1936 F - A 105 ____ 105% Dec ’ 15
99% 104%
100% 100%
Gen cons gu 50-ycar 5s. 1963 A -O 101% 102% 102% 102%
82% Nov’ 16
74 82%
102% 103% L A Jeff Bdge Co gu g 4 s... 1945 M- S
Manila RR—Sou lines 4s__ 1936 M-N
77 Mar’ 10
Mex Internet 1st cons g 4s.. 1977 M- S
99
90
79 Nov'10
Stamped guaranteed____ 1977 M- S
101 Oct ’09
67% 75% Midland Term—1st s f 5s g.1925 J - D
105 111%
Minn A St L 1st gold 7s___ 1927 J -D 108%___ 105 Sep ’ 15
1027* Nov’ 15
102 1027*
Pacific Ext 1st gold 6s...1921 A -O
88% 90
88% Dec ’ 15
92%
1st consol gold 5s_______ 1934 M- N
79 86
55
60
1st A refunding gold 4s 1949 M- S 54 54% 55
60
Des M A Ft D 1st gu 4s.. 1935 J - J ------ 65 60 Feb ’ 15
81
97
8734 897g 90 Dec ’15
90%
Iowa Central 1st gold 5 s ..1938 J -D
53
66
Refunding gold 4s------- 1951 M- S 5234 Sale 51
93%
86% 03%
M StPASSM con g 4s lut gu 1938 J • J 93% Sale 93%
1st Chic Term s f 4s— ..1941 M-N ____ 95 97% June’ 12
86% 95
97%
93% 97%
MSS A A 1st g 4s Int gu.1926 J - J 97 97% 97
Mississippi Central 1st 5s— 1949 J - J 91 ____ 91 J’ly ’ 14
60
70
78
77% Sale 76%
72% 83
Mo Kan A Tex 1st gold 4S..1990 J -D
53
53%
49% 63
239 947* 98%
98
977* Sale 9734
2d gold 4s____________ 01990 F - A 52% 53
66 Dec '15
65 89
975* Dec '15 ___ 94% 98
1st ext gold 5s___________ 1944 M-N ____ 65
53
53
40 56%
1 94 101
9934 100% 100
100
1st A refund 4s_________ 2004 M- S 52% 55
423S 74
45%
96 June’ 13 ___
Gen sinking fund 4)4s___ 1936 J - J 43 Sale 43
51 Dec '15
51 60%
957* Nov’ 15 . . . . 93% 957*
St Louis Dlv Is ref g 4s ..2001 AA O ____51
9934 Dec ’ 13
119 Dec ’ 15 . . . . 116% 120%
Dal A Waco 1st gu g 5s__ 1940 M- N
78 J'ly '14
11834 Apr ’ 15 . . . . 118 11834
Kan C A Pac 1st g 4s........1990 F - A ------ 70
90 Dec ’ 15
82 96%
88 90
5 99% 1027g
102% 1027 102% 1023*
8
Mo K A E 1st gu g 58----- 1942 A -O
35% Mar’15
66 75
85% 88
10934 Apr ’ 15
M K A Ok 1st guar 5s___ 1942 M-N
683*
8 91% 96%
657* 89
95%
95%
95% 96
M K A T of T 1st gu g 5s_. 1942 M- S 65 68% 683*
96 May'13
95
92% Nov’ 15 ___ 92% 92%
Sher Sh A So 1st gu g 5s. .1942 J - D
69 Nov’ 15
68
69%
85% Nov’ 15 —
Texas A Okla 1st gu g 5s. . 1943 M- S 66 69
85% . . .
85% 85%
92% 101%
100%
89% June'15 . . . . 89% 89% Missouri Pac lstconsg6s__ 1920 M- N 100 100% 100
89 . . .
88%
88% 89% 88%
78% 90%
109%___ 109 Nov'15 . . . . 109 109
Trust gold 5s stamped__ ol917 M- S
82 Oct ’ 15
121 ----- 120% Dec ’15 ___ 118% 121
80 88%
Registered __________al917 M- 8
136% May'OC
83%
72 92%
1st collateral gold 5s____ 1920 F - A 83 ____ 83%
4 105% 1087
1087* 1087*
1087 -----8
8
Registered___________1920 F - A
42%
29 5334
40 year gold loan 4s_____ 1945 M- S 4 1 427* 42
3 107% 10934
f0934
29 497*
10934 Sale 10934
46%
1stA ref conv 5s_________1959 M- 5 46% Sale 46%
75 Nov’ 15 . . . . 70 77
____ 80
78 80
80 Nov'15
3d 7s extended at 4%___ 1938 M N 81% 82
14 1060 10% 14%
13% Sale 1234
100 Feb '13
Boonv St L A 8 1st 5s gu. 1951 F - A
85 Dec '15 —
82
88
85 87
61% Dec ’15
Cent Br Ry 1st gu g 4 s ...1919 F - A
77% Dec ’ 13
Cent Br U P 1st g 4s........1948 J -D
6 87% 96%
92%
92 92% 92%
110 Mar’05
Leroy A C V A L 1st g 5s.. 1926 J - J
97*4 Jan ’ 14
84 90
89%
Pac R of Mo 1st ext g 4 s ..1938 F - A 88% 90 88%
84%____ 84 N ov’15 ___ 83% 85%
93 99
9834
99
99% 9834
2d extended gold 5s___ 1938 J - J
86 Nov’15 . . . . 86 86
93 102
St L Ir M A S gen con g 5s 1931 A -O 101% Sale 101% 1013*
_ 93
93% Feb ’ 15 __
102 J’ly ’ 14
93%
Gen con stamp gu g 6s.. 1931 A -O
94 98
97% Nov’15 . . . . 94% 975*
74% Sale 74% ' 74%
Unified A ref gold 4s__ 1929 J - J
92 Aug ’ 15 . . . . 92 92
807* Oct ’ 12
Registered_________1929 J - J
7834 84
’ 555 HI 82 Nov’ 15 —
70%
70%
Rlv A G Dlv 1st g 4 s ...1933 M-N 70 71
83 Nov’ 15 . . . . 82
83
77%____ 87 Sep '15
Verdi V I AW 1st g 5s___ 1926 M- 8
105 11434
"80 " _85 83 Oct ’ 15 —
83
83
Mob A Ohio new gold 6s___ 1927 J - D 110% 112 111 Nov’ 15
100 114
107 108 107 Nov'15
1st extension gold 6s___ 61927 Q 80 J’ly '09
72 75
General gold 4 s .......
1938 M- S 72 ____ 75 Dec ’ 15
100 101%
Montgom Dlv 1st g 5s____ 1947 F - A 100 ____ 100 Juno'15
90%
81
88% Dec ’ 15 —
St Louis Dlv 5s__________ 1927 J - D 89 . . .
86
89
89 Dec ’ 15
88% Dec '16
St L A Cairo guar g 4s____ 1931 J - J 88% . . .
95% Sep '12
80% 88%
7 83
92
1023* 106'%
Nashville Ch A St L 1st 5s.. 1928 A -O 106 106% 106 Dec '15
90%
89% Sale 89%
111 Jan '13
81
Jasper Branch 1st g 6s____ 1923 J - J 100 .
81 Nov’ 15 . . . . 79
81% 84
10334 Jan ’ 14
5 797* 87%
McM M W A A1 1st 6s___ 1917 J - J
8434 86 85%
85%
118 J'ly ’ 04
T A P Branch 1st 0s........... 1917 J - J
84 May’ 14
____85
523* 57»4
5 86
89% Nat llys of Mex pr lien 4HS.1957 J - J 50 5234 5234 Dec ’ 15
89%
89%
68 Oct ’ 15
68
68
Guaranteed general 4s----- 1977 A -O
74 Feb ’ 14 . . . . ____ ____
76% 77% Nat of Mex prior Hen 4)4S..1926 J - J 55 ____ 967* Feb ’ 13
80
76% June’ 15 —
30 Aug ’15
30 30
1st consol 4s............
1951 A -O
83 Aug ’ 12
60
40 May'15
31% 41
___
N O Mob A Chic 1st ref 6s.. 1960 J - J
123 May’99 ___
101 June’ 14
693t 71
N O A N E prior lien g 6s._pl915 A -O
73 Mar’ 15 . . . . 68
73
72 Dec ’ 15
72 75
72 72
68%___ 68% Sep ’ 15 —
68% 68% New Orleans Term 1st 4s— 1953 J
112** Sale 111% 112%
99% 112%
81 . . .
N Y Cen RR deb 6s wh 1SS..1935 M
80 Apr ’ 15 ___ 78
80
93%
93% Salo 93%
86 94%
A
Ref A Imp 4)4s • " ------ 2013
‘A
81 Nov’ 15 —
81
81
83%
83% Sale 82%
76
84
N Y Central A H R g 3)4s..l997 J
78% Mar’ 14
8138
'15
85
75% 82%
88 ____ 88 Dec ’ 15 — - 84% 88%
Registered___________1997 J - J 82% Sale 9134 Dec92%
92%
93%
Debenture gold 4s............ 1934 M-N
'15
017g
117% May’ 10
Registered___________1934 M- N 77% 92% 917* Dec73%
78% 77%
80%
F- A
94% J’ly ’ 12
lake Shore coll g 3>4s------1998
77% 80 78% Dec '15
78%
107%
107 Oct ’ 15 ___ 104% 1097
8
Registered___________1998 F - A 83
84
84% Dec ’ 15
87
114 Feb ’ ll
J P M A Co ctfs of dep........
77%
79%
77% 78 77%
F
90 Oct ’09 . . . . —
Mich Cent coll gold 3)4a..l998
—
76%
75% 76% 76% Deo '16
Registered---------------- 1998 F
J -D
1013* 10134 13 98% 103%
Battle Cr A Stur 1st gu 3s. 1989
Nov’15
92% 96
86
873*
87% Dec '15 —
Beech Creek 1st gu g 4s— 1936 J - J 96%------ 957* May’ ll
99
Registered___________1936 J - J
98 J’ly ’08
2d guar gold 5a________1936 J - J
88% Dec ’ 15 ___ 82
90
Registered____ ____ 1936 J - J
9734
9734
3 96 100
97% 99
Beech Cr Ext 1st g 3)4 s..61951 A -O
88% 88%
90% 92b 90% Dec ’ 15 ___ 88
92
Cart A Ad 1st gu g 4s-------1981 J - D 86 ____ 88% Nov’ 15
70% 24 66% 72
70% Sale 70
Gouv A Oswe 1st gu g 5s.. 1942 J -D 100%
87 92%
92%------ 92% Dec ’ 15
63 Oct ’00
Moh A Mai 1st gu g 4s__ 1991 M- S
86 Jan '15
86
86
40 *87
9378 Sale 93%
94
96
N J June R guar 1st 4s__ 1986 F - A
85 85
85
15
16 83% 93
89
89
N Y A Harlem g 3)48___ 2000 M-N 79%------ 101% June’ 15
101% 1017*
Mar’
103 . .
3 8934 98%
98
98%
N Y A Northern 1st g 6s. . 1927 A -O
*83
92
88 Dec ’15 __ _ 74
88
N Y A Pu 1st cons gu g 4s. 1993 A - O 89%------ 90% Doc ’ 15
99 ..
98 Mar’ 14
Nor A Mont lstgug 5s__ 1916 A - O
113 113
113 May'15
101% 101%
7 98 101%
Pine Creek reg guar 6s___ 1932 J - D 113
101*4 1037*
2 99 100%
100
100
R V A O con 1st ext 5s. .61922 A -O 103%------ 103% Deo ’ 15
V
100% Mar’ 15
100% 100%
8934 92
90 Dec '15 __ _ 8634 91*4
Oswe A R 2d gu g 5s__ .el915 F - A
104 June'10
5 97% 101%
100
100
R W A O T R 1st gu g 5s.. 1918 M-N IOO84
80 85
3 1053* 109%
109
109%
Rutland 1st con g 4)4s___1941 J - J 81% 83% 81»4 Dec ’ 15
75 Dec ’ 15
111% Dec ’ ll
Og A L Cham 1st gu 4s g 1948 J - J ____ 79
92 June’09
105% Dec ’ 15 ___ 101% 105%
Rut-Canada 1st gu g 4s. 1949 J - J 70
105 Oct '13
St Lawr A Adlr 1st g 5s__ 1996 J - J 97 100 100 Oct ’ 15 ----- 100 1 0 1
119% Mar’ 12
2d gold 6s.................. 1996 A - O
prioe Friday: latest bid and asked this week, a Due Jan. 6 Due Feb. d Due April, e Due May. g Due June ft Due July, k Due Aug. 0 Due Oot.
Deny & R Or 1st con g 4s___1936 J Consol gold 4)$s_______ 1936 J Improvement gold 6s___ 1928 J 1st A refunding 5s______ 1955 F Rio Qr Juno 1st gu g 5s. .1939 J Rio Gr So 1st gold 4s____ 1940 J Guaranteed__________1940 J Rio Gr West 1st g 4s____ 1939 J Mtge < col trust 4s A .. 1949 A
fc
Utah Cent 1st gu g 4s.ol917 A Des Mol Un Ry 1st g 5s____1917 MDet & Mac. 1st lien g 4s_ 1995 J
_
Gold 4 s.............................1995 J
Det Rlv Tun-Ter Tun 4Ms. 1961 M
Dul Mlssabe A Nor gen 5s.. 1941 J
Dul A Iron Range 1st 5s____1937 A
Registered_____________1937 A
2d 6 s.............................1916 J
Du So Shore A At g 5s........ 1937 J
Elgin Jol A East 1st g 5s____1941 M
Erie 1st consol gold 7s______1920 MN Y A Erie 1st ext g 4 s ... 1947 M
2d ext gold 5s___________ 1919M
3d ext gold 4 X a ............ 1923 M
4th ext gold 5s________1920 A
5th ext gold 4s________1928 J
N Y L E A W l s t g l d 7 s ..1920 M
Erie 1st con g 4s prior------1996 J
Registered___________1996 J
1st consol gen Hen g 4s— 1996 J
Registered___________1996 J
Penn coll tr g 4s_________1951 F A
50-yr conv 4s A_________1953 A O
do
Series B.......... 1953 A O
Buff N Y A Erie 1st 7 s ... 1916 J D
Chic A Erie 1st gold 5 s ... 1982 M N
Clev A Mahon Val g 5s__ 1938 J J
Long Dock consol g 6s__ 1935 A O
Coal A RR 1st cur gu 6s.. 1922 M N
Dock A Imp 1st ext 5s__ 1943 J J
N Y A Green L gu g 5 s ... 1946 M N
N Y Bus A W 1st ref 5 s ... 1937 J J
2d gold 4^8..................1937 F A
General gold 5s__________1940 F A
Terminal 1st gold 5s____ 1943 M N
Mid of N J 1st ext 5s........1940 A O
Wllk A Ea 1st gu g 5s___ 1942 J D
Ev & Ind 1st con gu g 6s___ 1926 J J
Evans A T H 1st cons 6a___ 1921 J J
1st general gold 5s______ 1942 A O
Mt Vernon 1st gold 6s___ 1923 A O
Sull Co Branch 1st g 5s__ 1930 A o
Florida E Coast 1st 4)4 8___1959 J D
Fort St U D Co 1st g 4>is..l941 J J
Ft W A Rio Gr 1st g 4s........ 1928 J J
Great Northern—
C B A Q coll trust 4s____ 1921 J - J
Registered h __________1921 Q - J
1st A refunding 4 H b scr A 1961 J - J
Registered___________1961 J - J
St Paul M A Man 4s........1933 J - J
1st consol gold 6s_____ 1933 J - J
Registered_________1933 J - J
Reduced to gold 4>4s. 1933 J - J
Registered_______1933 J - J
Mont ext 1st gold 4s__ 1937 J -D
Registered_________1937 J -D
Pacific ext guar 4s £____1940 J - J
E Minn Nor Dlv 1st g 4s.. 1948 A -O
Minn Union 1st g 6a____ 1922 J - J
Mont C 1st gu g 6s______ 1937 J - J
Registered__________1937 J - J
1st guar gold 5s____ 1937 J - J
Registered________1937 J - J
Will A 8 Fist gold 5s ..1938 J -D
Gr B A W deb ctfs “ A" (5100 par) Feb
Deben ctfs “ B" ($100 par)----- Feb
Gulf A 8 I 1st ref A t g 5S..61952 J - J
Registered____________ 61952 J - J
Hocking Val 1st cons g 4MS.1999 J - J
Registered..____________1999 J - J
Col A H V 1st ext g 4s__ 1948 A -O
Col A Tol 1st ext 4s____ 1955 F - A
Houston Belt A Term 1st 58.1937 J - J
Illinois Central 1st gold 4s_1951 J - J
Registered______________1951 J - J
1st gold 314s____________1951 J - J
Registered____________1951 J - J
Extended 1st gold 314 s__ 1951 A -O
Registered____________1951 A -O
1st gold 3s sterling_______1951 M- S
1
Registered____________1951 IY - S
Coll trust gold 4s________1952 A -O
Registered____________1952 A -O
1st refunding 4s_________1955 M-N
Purchased lines 344 s____ 1952 J - J
L N O A Tex gold 4s____ 1953 M- N
Registered. ..........
1953 M- N
Cairo Bridge gold 4s____ 1950 J - D
Litchfield Dlv 1st g 3s___ 1951 J - J
Loulsv Dlv A Term g 3448-1953 J - J
Registered___________ 1953 J - J
Middle Dlv reg 5a............ 1921 F - A
Omaha Dlv 1st gold 3s__ 1951 F - A
8t Louis Dlv A Term g 3s. 1951 J - J
Gold 344a..................... 1951 J - J
Registered__________1951 J - J
Sprlngf Dlv 1st g 344s____1951 J - J
Western lines 1st g 4s___ 1951 F - A
Registered____ _______ 1951 F - A
Bellev A Car 1st 6s_____ 1923 J -D
Carh A Shaw 1st gold 4s.. 1932 M- 8
Chic St L A N O gold 5s.. 1951 S -D
Registered____________1951 J -D
Gold 344s..................... 1951 J -D
Registered_________ 1951 J -D
Joint 1st ref 5s series A. 1963 J - D
Memph Dlv 1st g 4s.-.1951 J - D
Registered__________1951 J -D
8t Louis Sou let gu g 4s..1931 M- S
Ind 1 1A Iowa 1st g 4s_____ 1950 J - J
1
Int A Great Nor 1st g 6s___ 1919 M- N
James Fran A Clear 1st 4s. .1959 J -D
Kansas City Sou 1st gold 3s. 1950 A -O
Registered______________1950 A -O
Ref A Impt 5s___ ...A p r 1950 J - J
Kansas City Term 1st 4s__ 1960 J - J
Lake Erie A West 1st g 5a..1937 J - J
2d gold 5s.....................1941 J - J
North Ohio 1st guar g 5s.. 1945 A -O
LehiVall N Y 1st gu g 444s.. 1940 J - J
Registered_____________ 1940 J - J
Lehigh Vail (Pa) cons g 4 s ..2003 iYI-N
General cons 444s____ 2003 IW-N
Leh V Term Ry 1st gu g 5s.. 1941 A - O
Registered_____________ 1941 A -O
Leh]Val Coal Co 1st gu g 5a. 1933 J - J
Registered____ _________ 1933 J - J
1st Int reduced to 4s____ 1933 J - J
V Due
Week't
Range or
Last Sale
[Vol. 101.
Nov. * Option sale
43
81
80 Sale 80
85 Dec '15 ___
84% 87
83% Dec T5 ___
82 83
30
58
s58 Sale 58
80 95 109 Dec ’ 12
61% Apr ’ l l
35 45
35 Nov’15 __ _
80 Dec ’15 ___
78 80
64 Dec ’15 —
61% 70
90 Apr ’ 14
99i2 100 100 Mar’ 15 __
2
35
85
85 95
80%___ 80 Nov’ 15 ___
94 Dec ’ 15 ___
897* 94
105 Nov’ 15
103% Nov’15 ___
106 Mar’08
104 Feb ’ l l
94 Dee '15 ___
104 Nov’ 15 ___
3
110% Sale 1 1 0 % 1 1 0 %
945*___ 97i* June’ 14
10D*___ 101% May’ 15 ___
98% June’ 15 . . . .
102 Deo ’ 15 ___
94 . . .
10934 111 109 Oct’ 15 ___
8
85
85 851 85
80 Oct '15 . . . .
36
74%
75
74*4 75
77 Apr ’ 12
»____75
87*4 90 8734 Dec '15 ___
713 37
4
71 Sale 70%
83% 618
81 Sale 78%
101 1034 1023* June’15 ___
1
105 ___ 105% 105%
103 ___ 101 Feb ’ 15 . . . .
121 ___ 122% Nov’ 15 ___
997 103 100% Oct ’ 15 ___
8
1
10238 Sale 102% 102%
103% Aug ’ 12
92ig 100 98 Dec ’ 15 . . . .
100% Dec ’06
78 90
75% N ov’15 . . . .
102 Jan ’ 14
100
111% May’ 12
104
85
891* 80 Oct '15 . . . .
106 May’ 12
87% Nov’ 15 . . . .
99% Dec' 13
108 Nov’ 11
95 June’ 12
94% N ov’15 . . . .
92 Aug ’ 10
9
67 Sale 67
67%
D ec. 25 1915.]
BONDS
N Y . 8 TOCK EXCHANGE
Week Ending Dec. 24.
New York Bond Record— Continued—-Page 3
Price
F rid a y
D ec. 24.
Week’ s
Range or
Last Sals
Range
Since
Ja n . 1
Bid
Ark Low
HiQh N o Low flie r.
N Y C e n i H R R (Con.)
98]8 ___ 96U Nov’ 15
96 97
Utica & Blk Riv gu g 4a__ 1922 J
8478 ' “29 81 863s
84 Sale 84
Lake Shore gold 3 Ha........1997 J
84 ___ 8134 Oct '15
81
82
Registered---------------- 1997 J
9434 Sale 943a
9434
90 951*
Debenture gold 4a-------1928 M
94 Sale 93*8
94
88»4 OH*
25-year gold 48_______ 1931 M
___ 94i2
91 Oct ’ 15
91 91
Registered . _______ 1931 M
Ea A & G R 1st gu c 5a_„.193S 3
1041*___ 104i2 Dec '15
1041* 1041*
Mahon C’l RR 1st 5a____ 1934 J
103 Jan ’ 15
103 103
Pitta & L Erlo 2d g 5s. _ . a 1928 A
115 ___ 13018 Jan ’09
104 104
Pitta McK A Y 1st gu 6a.. 1932 J
11234 . . . 123U Mar’ 12
2d guaranteed 6a_____ 1934 J
10 1
...
McKees A B V 1st g 6 a. 1918 J
104*g —
1041* Dec ’ 15
1023* 104i2
Michigan Central 5a-------1931 M
104 ____ 104 Dec '15
104 104
Registered_______ — 1931 Q
90 ___ 98 Apt ’ 12
4a.................................. 1940 J
87 Feb ’ 14
Registered________ 1940 J
90 June’08
J L A S lat gold 3H8...1951 M81 ____ 8358 Nov’ 15
795a 835*
lat gold 3Ha..............1 952 M
881* 89i2 881* Dec ’15
78*4 881*
20-year debenture 4a__ 1929 A
93 Sale 93
931* 15 88 941*
N Y Chic A St L lat g 4s__1937 A
92*4 J’ly ’ 14
Registered__________ 1937 A
833s
83 83u 83
75 831*
Debenture 4a________ 1931 M
92 Sale 92
93
86 93
West Shore lat 4a guar__ 2361 J
89 90 89ia Dec ’15;
857 90
a
Registered__________ 2361 J
10034 ____ 100 Mar’ 15
100 100
N Y C Lines eq tr 5a.. 1915-22 M
*
99' s ___ 98 J’ly ’14
Equip trust 4Ha._ 1916-1925 J
97 Sale 9614
97
941* 98
N Y Connect lstgu 4H8 A..1953 F
N Y N H A Hartford—
816a___ 78 Oct *15
78
Non conv deben 4s_____ 1947
71 ____ 63 Feb ’ 15
63
Non-conv deben 3Ha----- 1947
72 ___ 72 Nov*15
72
Non-conv deben 3Ha----- 1954
803a 8 ia4 80 Nov’ 15
80
Non-conv deben 4a-------- 1955
8178
81?8 Sale 805s
82*4
Non-conv deben 4s-------- 1956
72i2 Sale 721*
73
6H* 73
Conv debenture 3Ha-------1956
IUI 4 115 114
114
1 0 1 11734
Conv debenture 6 a______ 1948
76 ___
Cons Ry non-conv 4s------1930
91i* jan ’ 12
Non-conv deben 4s___ 1954
Non- onv deben 4a___ 1955
Non-conv deben 4a___ 1955
79U
Non-conv deben 4s-----1956
9914 Nov’ 12
Harlem R-Pt Chea 1st 4S.1954
B A N Y Air Line lat 4a..1955
70
82
81
71 81
Cent New Eng 1st gu 4s. .1961
Hartford St Ry.lst 4a___ 1930
_ 105i2
105*4 _
105 1051*
Housatonlc R cons g 5s— 1937
91
87 J’ly ’ 14
Naugatuck ItR lat 4s-----1954
89*4
88 Aug '13
N Y Prov A Boston 4 s... 1942
82 801*
81
81
661* 84
NYW'chesAB lat aer I 4Ha *40
10 0 1 * ____
Aug ’09
N H A Derby cons cy 5a. .1918
Boston Terminal lat 4s__ 1939
New England cona 5a------1945
991* Mar’ 12
Consol 4s____________ 1945
50 Apr ’ 15
65 58l2
Providence Secur deb 48..1957
997s Dec *14
Prov A Springfield 1st 59.1922
833s Feb ’ 14
Providence Term 1st 4a_.195G
91
W A Con East lat 4H a ..-1943
81
821* 81
81
741* 825a
N Y O A W ref lat g 4s___ 471992
921 June’ 12
2
Registered S5,000 only..01992
78 7934 80 Nov’ 15
70
80
General 4s_____________ 1955
84 87*2 83 Dec ’15
79
83
Norfolk Sou 1st A ref A 5s__1961
95 97
95i2 Nov’15;
951* 102
Norf A Sou 1st gold 5s____ 1941
1187 120 116 D ec'15
8
115 1187a
Norf A West gen gold 6 s__ 1931
12 0 1 s ___ 118 D ec’15|
Improvement A ext g 6s..1934
11634 119
1191* 120 1195* Dec '151
New River 1st gold 6 s___ 1932
119 119*8
94
8684 941*
931* 9334 931*
N A W R y 1st cons g 4s..1996
____ 9314 9314 Dec ’ 15
9314 93U
Registered..................... 1996
9034
j
90 Sale 90
851* 92
Dlv'l 1st lien A gen g 4a. 1944
1201*
D 122 124 12014
5 987a 1217a
10-25-year conv 4a____ 19S2
S 122 124 1201* Dec ’ 15 — - 99«4 122
10-20-year conv 4s____ 1932
S 122 124 1205s 12U8 17 101 1221*
10-25-year conv 4 Ha__ 1938
D 891* 90is 9014
90i4
Pocah C A C Joint 4 s ... 1941
1 861* 9H*
J 1(13' 4 ____ 10534 jaD ’ 13 . . . .
C O A T 1st guar gold 5a_ _ 1922
91
9H*
N 911* 92
Sclo V A N E 1st gu g 4s_. 1989
923a
93 Salo 923s
J
Nor Pacific prior lien g 4s.. .1997
93*8 m
94*8
Registered___________ 1997
93 Nov’15
93
F 65*8 Sale 65«8
General Hen gold 3s____ a2047
6534
6678
64i2 ____ 64i2 Dec ’15
F
Registered__________ «2047
6U*
n 90*4____ 9018 Nov’15 — - 90*8 651*
St Paul-Duluth Dlv g 4s.. 1996
9034
s 10 0 U ___ 100 Oct ’15 ----- 100 100
Dul Short Line 1st gu 5a__1916jM
St P A N P gen gold 6s . . . 1923 F • A 109*8 110l2 1093s Dec ’ 15
109U llUs
Registered certificates._ 1923;Q •
1091* Oct ’ 15
1091* 1091*
St Paul A Duluth 1st 5S..1931 F • F 1041*____ 102 Feb *15
102 102
2d 5a........................... 1917 A O lOUs____ 102
102 1
100i4 102
lat consol gold 4s--------1968]-* • D 90 ____ 90 Nov’ 15
i 88
90
Wash Cent 1st gold 4s— 194S Q •M S514 8S1S 9H* Nov’ 15
9H*
88
111
Nor Pac Terra Co 1st g GS..1933 J J 110*4____ 111
no 113
881* 89
J 88
90 1
Oregon-Wash 1st A ref 4s— 1961 J •
791* 90
Pacific Coast Co 1st g 5s— 1946 J ■D ------ 94
95 Dec ’ 151
94
98>4
Pennsylvania RR latg 4s— 1923 M- N 07i4 99l2 98 Dec ’15
96 99i2
Consol gold 5s......... .......1919 M- S io35 n o 103 Oct ’ 15
8
102 10378
Consol gold 4h_________ 1943 M- N 98 ____ 991* Dec ’ 15
95
99i2
Convertible gold 3Hs ol915 J ■D
100 Sep ’ 15
993s 1007s
091* 0978 99i2 100
Consol gold 4s________ 1948 M-N
10 961* lO Sg
O
Consol 4H a ___________ I960 F - A 105i2 Sale 1053s 10 5 1 * 119 IOI34 IO6 I4
General 4 Ha when Issued 1965 J - D 1003a Bale 1005s 1007* 231 97 lOlU
96i4 98
Alleg Val gen guar g 4s__ 1942 M- 8
963 Dec ’ 15
4
4
935s 963
D R RR AB ’go lat gu 4s g 1936 F - A 94 ___ 91 Mar’ 14
Phlla Balt A W 1st g 4s.. 1943 M- N 99 ___ 99U Nov’15
96U 0914
Sodus Bay A Sou 1st g 5s. 2924 J - J
102 Jan ’03
Sunbury A Lewis lBt g 4a. 1936 J - i ’ 92" i n ;
U N J RR A Can gen 4a.. 1944 W- S 99 ___ 995a Dec T5
98*4 100
Pennsylvania Co—
Guar 1st gold 4Hs---------- 1921 J - J 1 0 1 is
10U8 101 <
8
99s4 I02i2
Registered..............
1921 J - J *100>8
101 Dec '15;
-II 991* 101
Guar 3 Ha coll trust reg A. 1937 M- 5 j 85 861* 8 5 1 * Nov’15
- 851* 851*
85
86 8 5 Dec ’ 15
Guar 3Ha coll trust aer B.1941 F - A
-I 84 86
Trust Co ctfa gu g 3H3---1916 M- N 9934 100iL 99 S Oct '15
4
-;t 99
9934
85
SCi2 83 Feb ’ 15
Guar 3Ha trust ctfsC___ 1942 J -D
-II 83 83
85 86 i2 81 Aug *15
Guar3Hs trust ctfs D----- 1944 J - D
- 81
81
91 Dec ’ 16
Guar 15-25-year gold 4s. .1931 A - O 94 95
- 891* 945s
923s May’ 14
40 year guar 4a ctfa Scr E. 1952 M- N 90U
89i2
Cln Leb A Nor gu 4a g.._1942 M- N 891*
89i2
891* 90
97>a
Cl A Mar lat gu g 4HS__ 1935 M-N
97i4 Aug '15
97*4 9734
ClAPgeugug4Haser A.1942 J - J 104 Sale 104
104
104 104
Series B.........................1942 A - O 10334
104
104
104 104
Int reduced to 3 Ha..1942 A - O 8434
9114 Feb ’ 12
Scries C 3Hs............... 1948 M- N 8434
90ia Oct *12
Series D 3 H «---.......... 1950 F - A 8434
8334 June’lC
8334 8334
4
tfirieA Pitta gu g 3Ha B .. 1940 J - J 801
8614 May’ 14
I
Series C........................ 1940 J - J 8 G4
»0i.i J’ly *12
Gr It A I ex 1st gu g 4HH-.1941 J - J 98 98*4 9S34 Dec ’15
96 100
Ohio Conncot lat gu 4a__ 1943 M- S 9214
93
May’ 14
2
Pitts Y A Ash lat cona 5a. 1927 M- N 1021
109
May’ 10
To! W V A O gu 4H8 A ..1931 J - J 99
9 8 1 * Oct ’ 15
963- 981*
. Series B 4Ha................1933 J - J 99
98>4 Juue’ 15
98U 98i4
92
98
Series C 4s.................. 1942 M- S
9 3 1 * J’ly *14
10138 1015* lOUs ion*
P C C A St Lgu 4Ha A . . 1940 A - O
98 10134
Series B guar................1942 A - O 101
lOUs 10 114
076g 1017*
9 7 1 , July’ 15
Series C guar................1942 M- N 101
97U ion*
94 Dec ’ 15
Series D 4s guar............ 1945 M- N OUs
92i« 94
4
Series E 3 Ha guar gold. 1949 F - A 913
91 Oct ’ 15
90 915*
’■eriea F guar 4agold... 1953 J - p 94ia
9514 Jan ’ 14
923s Aug ’15
Series G 4a guar........... 1957 M- N 0 1 ia
921* 9334
1041*
104 Nov‘ 15
O St L A P lat cona g 5a.. 1932 A - O
104 104
Peoria A Pekin Un lat g Qa.. 1921 Q - F 101 104 102 Nov’ 15
1013* 10 2
85 Dec ’ 15
id gold 4 Ha.................. £1921 M" N
85 85
l97 ID* June’ 15
a
Poro Marquette—Ref 4a .1955 J - J 11
111* 111*
18's 40 Dec *13
Refunding guar 4s........... 1955 J - J 11
75 Dec ’ 151----- i 72
78>2
Chic A West Mich 5a........1921 J - p
75
sa
m ir*
* No price Friday; latest bid and asked, a Due Jang b Due Febg •
Option aalo.
Due May.
BONDS
Y. STOCK EXCHANGE
Week Ending Dec. 24.
P ric e
F r id a y
D ec. 24.
2135
Week’s
Range or
Last Sale
Range
Since
Ja n 1
B id
Pere Marquette (Con.)
Ask Low
High
Low H igh
Flint A P M gold 68...1920 A O 101
101
101
90 101
72
1st consol gold 5s_____ 1939 M - N
75
73 Nov’15
651* 73
Pt Huron Dlv lat g 5a_. 1939 A -O —
63
68 July’ 15
65 68
Sag Tus A H 1st gu g 4a. .1931 F - A
50
Philippine Ry lat 30-yr 8 f 4s 1937 J - J
65 May’ 14
Pitta Sh A L E lat g 5a........1940 A - O 108U 109 105 Dec ’ 15
105 1051*
-1st consol gold 5s..............1943 J - J
113U Nov’l l
94*4 Sale 94U
Reading Co gen gold 4s___ 1997 J - J
9454
91 9 5 h
Registered___________ 1997 J - J ___ 93i2 94 N ov’15
90 94
95ia 96*8 95U
Jersey Central coll g 4s__ 1951 A - O
95U
901* 95U
94
Atlantic City guar 4s g__ 1951 J - J
01
St Jos A Gr Isl 1st g 4s........1947 J - J
60 Dec ’ 15
60 73
St Louis A San Fran gen 6s. 1931 J - J 109 110 110 Dec ’ 15
I057 110
a
General gold 5s________ 1931 J - J 102 1021* 102 Dec ’ 15
981* 1031*
79
St L A S F RR cons g 4s. .1996 J - J
75 J’ly ’14
General 15-20-year 5s. .1927 M-N 5014 Sale 50i4
501
4
35 57
50 Sale 50
Trust Co certils of deposit
50
321* 56*4
52
do
Stamped.,
511* Dec ’ 15
321* 56*8
931* 90 Nov’ 15
Southw Dlv 1st g 5s__ 1947 A -O *
90 90
73
74
Refunding gold 4a____ 1951 J - J
73
73
631* 73
Registered__________1951 J - J
8 O 4 Mar’ll
S
7214
Trust Co ctfs of deposit. _
72 Nov ’15
60lg 72
66
67i2 671* Dec ’15
do
Stamped. _
691* 70
K C Ft S A M cons g 6s.. 1928 M-N 1091* ilia . IO914 Dec ’ 15
104*4 110
7612 7714 761*
763
4
K C Ft 8 A M Ry ref g 4s.1936 A -O
7 66 U 801*
911* Dec ’ 15
K C A M R A B 1st gu 58.1929 A - O 90
9U* 9H*
St L S W 1st g la bond ctfs. . 1989 M-N 79 Sale 79
7934
67*4 81
J - J 621* 69 62 Dec *15
2d g 48 income bond ctfs_pl989
62 *65
67
Consol gold 4s.................1932 J -D 651* 66 66
517 68
*
Gray’s Pt Ter lstgu g 5S..1947 J - D 100
68*4 Jan ’ 14
17 05 81
S A A A Pass 1st gu g 4a___ 1943 J - J 7014 71% 71
71*4
S F A N P lat sk fd g 5a........1919 J - J lOUs
lODs Dec T5
99*4 IOU4
82
Seaboard Air Line g 4s........1950 A -O
85 Nov’ 15
*83 85
82 Sale 82
Gold 4a stamped________1950 A -O
83
78 84*4
Registered______________1950 A - O
68 Sale 67iS 68*4
Adjustment 5s________ 01949 F - A
59*4 721*
Refunding 4s___________1959 A - O 70 Sale 70
70*4
66 74i4
Atl Birm 30 yr 1st g 4s__el933 M- 8 ____ 881* 891* Dec ’15
81 90
Car Cent 1st con g 4s___ 1949 J - J 831*
85*4 Mar’ 15
841* 8514
Fla Cent A Pen 1st g 5a. .1918 J - J 100
99*4 8 ep ’ 16
99*4 100U
1st land gr ext g 5s____1930 J - J 101
104 Nov *12
Consol gold 5s..............1943 J - J 102
101 July’ 15
IO 7 101
O*
Ga A Ala Ry 1st con 5s__ol945 J - J 1031*
103i2 Dec ’ 15 — |1001 * 1031*
Ga Car A No 1st gu g 5s._1929 J - J 1021*
1021* Nov’ 15 ---- 1001* 1021*
991* —
Seab A Roa lot 5a........ 1926 J - J
99U Aug ’ 15 •-~| 9914 ion*
Southern Pacific Co—
86ia S0i4
Gold 4s (Cent Pac coll)-*1949 J - D
87
87.1 79*4 87*4
90 Feb ’ 14
Registered................... *1949 J -D
20 year conv 4s_______ 01929 M- 8 89 ia Sale 88’s
89 i8j 399 793* 90*8
20 year conv 5s_________1934 J -D 106*8 Sale 1045* 1063s! 382 9 5 I4 108
Cent Pac 1st ref gu g 4s..1949 F - A 90*8 Sale 897S
901*; 171 j 83** 9114
861* Mar’ 151
Registered____________1949 F - A
861* 861*
s
Mort guar gold 3Hs._*1929 J - D 897 Sale 89U
90
; 84*g 901*
Through St L lat gu 4s. 1954 A -O ____ 88 87
87 j
821* 88
105 104 Dec ’ 15
G H A S A M A P lat 5a..1931 M-N
100 104
Apr ’14
Gila V G A N 1st gu g 5s. _ 1924 M N *101
S
Hous E A W T 1st g 5a. ..1933 M-N 1007
1007 10 100 10314
s
lat guar 5s red.............. 1933 M-N 101 Sale 101
101
6 j 991* 101
061* Dec ’ 15 - - - 102*8 107
H A T C 1st g 5s Int gu.. _ 1937 J - J 106la
931*
94 Dec ’ 15 ---- »3
Gen gold 4a Int guar...1921 A -O
951*
111 1091* Nov’ 15 — 1
Waco A N W dlv lat g 6a 1930 M-N
1091* 1091*
103 Nov’ 15 ----100
A A N W 1st gu g 5s_____1941 J - J 100 —
1031*
109 Junc’ 14
Louisiana West 1st 6s____1921 J - J
Morgan’s La A T 1st 7S..1918 A -O 1041* 108 104*s July’ 15 -----|102 104*8
J’ly ’ 14
1st gold 6s____________1920 J - J 104U 106
Oct ’ 15 —|105 105
No of Cal guar g 5s.......... 1938 A -O 105
8
8 103
9, 99*4 103
Ore A Cal 1st guar g 5 s... 1927 J - J 1027 Sale 1027
100
ion* Nov’ 13
So Pac of Cal—Gu g 5s...1937 M- N
911* 8ep *12
So Pac Coast 1st gu 4s g. _1937 J - J 92
85i4 85
85
San Fran Terml lat 4s__ 1950 A -O
4 77*4 86*4
8i
J
96 Apr ’ 14
Tex A N O con gold 5 s ... 1943 J - J
8
8
8
So Pac RR 1st ref 4s........ 1955 J - J s897 Sale 897
90’8l 108 83*8 907
1027 Sale 1027
8
8 1031s1 33 961* 1035s
Southern—1st cons g 5s___ 1994 J - J
98 June’ lSl . ... 98 98
Registered____________1994 J - J
70*4 Sale 70>4
Develop A gen 4s Ser A .. 1956 A -O
71«a 129 58U 721*
75
1 68 771*
75 ;
Mob A Ohio coll tr g 4s— 1938 M- S 75 78
1 *98*4 1031*
2
Mem Dlv 1st g 4H 5s___ 1996 J - J 10H2 103% 10U* 1 0 1 * !
2
821
*
1 80U 85 4
St Louis dlv 1st g 4s------ 1951 J - J 821* Sale 821
104*4 June’ 14;
Ala Cen 1st g 6s------------- 1918 J - J 100*8
Ala Gt Sou 1st cons A 5s. .1943 J - D 98 99 98*4 Oct ’ 15 III *98 ’ *99*
Nov’15 . . . 93 96 .
98*8
Atl A Char A L 1st A 4Hsl944 J - J
Dec T5 —
83lfi 85*4
Atl A Danv 1st g 4s.......... 1948 J - J 83 ia 841*
751* Aug ’15 —
751* 751*
2d 4s............................1948 J - J 74‘f
74 81
75*4 Dee ’ 14
Atl A Yad 1st g guar 4s__ 1949 A -O
J’ly *14
Col A Greeny 1st Gs______1916 J - J
Sep ’ 15 ---- 102** 102*4
E T Va A Ga Dlv g 5s___ 1930 J - J 103
8
104V
2 100*4 10518
Con 1st gold 5s________1956 M- N 1047 105
Dec ’ 15 ---- 1 977 100
E Ten reor lieu g 5s______1938 M- S 98 101
a
60 60 Dec ’15' -----I 60
60
Ga Midland 1st 3s............ 1946 A -O
8
5.|105 1077
s
Ga Pac Ry 1st g 6s______1922 J - J 1077 Sale 107
107-si
1051* 105i2! 3! 105*2 1051*
Knox A Ohio 1st g 6s___ 1925 J - J
1051* Nov’ 12]
Mob A BIr prior lien g 5S.1945 J - J
72
79 Mar’ 13
Mortgage gold 4s______1945 J - J
102 May’ 15 J ill 102" 102*4
Rich A Dan deb 5sstmpd_1927: A -O
73 8ep ’ 12
Rich A Meek 1st g 4s.__.1948! M N
So Car A Ga 1st g 5s____ 1919 M-N iodis iod 1001* Nov’ 15 I I . . iod" foi"’
100U Mar’ 15 — 10014 loou
Virginia Mid ser C 6s.r--191G M- 8
103*4 Nov’ 12
Series D 4-5a............... 1921 M- S
102 Dec *13
Series E 5a.................. 1926 M- S 101*8
104 Mar* 13
Series F 5s_____
1931 M- S 102
General 5s____________1936 M-N 1031* 10514 10212 Oct ’ 15 ...1:102 103U
Va A So’w’n 1st gu 5 s..2003 J - J 1021* 103 102*4 Nov’ 15 . . . 9S1* 103
9012 92i2 9 0 1 *
6 81
901*
901*
1st cons 50-year 5s..1958 A -O
93 Dec '15 — 91
93
W O A W 1st cy gu 4s____1924 F - A 93
92
92
95 92 Dec ’15 . . . 88
Spokane Intcrnat lstg 5s_ 1955 J - J
_
981* 991*
Dec ’ 15 . ..: 93*8 991*
Ter A of St L 1st g 4Hs____1939 A -O
Dec '15 . . . ' 100i2 1041s
1st con gold 5s— 1894-1944 F - A 1031*
86 86 Dec ’ 15 . . . 79U 86
Gen refund a f g 4s---------- 1953 J - J —
8
99 Nov’ 15 . . . : S987 103
St L M Bridge Ter gu g 5s 1930 A - O
10 911* 99
9S
Tex A Pac 1st gold 5s_____ 2000 J -D 96>4 98 971*
36U
2d gold Inc 5s_________ f2000 Mar 30 35 35 Nov’ 15 . . . 29
92
90 Nov’ 15 — 891* 90
La Dlv B L 1st g 5s.......... 1931 J - J 90
4|
95 1061* Nov’0
W Min W A N W lat gu 5a 1930 F - A
s
103l2 Dec ’ 15 . . . 9914 1031*
Tol A O C latg 5s................1935 J - J 1027
*
4 100 103
1021* 1021*
Western Dlv 1st g 5a........ 1935 A - O 1021
General gold 5s__________1935 J -D ____ 100 10U* Apr ’ 14
86 861*
Kan A M 1st gu g 4s.........1990 A -O ___ 86*2 86 Mar’ 15
92 99
2d 20-year 5s------------- 1927 J - J 98*4 Sale 98*4
621* 68
63 Dec ’ 15
Tol IJA W 1st gold 4s.......... 1917 J - J 00 64
721* 87
847
s
Tol St L A W pr lien g 3Ha. 1925 J - J 83 Sale 83
68 581* 68
1 421* 58
58
50-year gold 4s................. 1950 A -O
43 June’ 14
Coll tr 4s g Ser A...........1917 F - A
87*4 Nov’15 . . . 821* 87*4
Tor Ham A Buff 1st g 4s..ft 1940 J - D
102 Dec ’15 ..I 981* 102
Ulster A Del 1st con g 5s__192S J -D
74
74 Mar’ 15 — 74
1st refund g 4s---------------1952 A - O
97i2 85 921* 98
96*4
Union Pacific 1st g 4s---------1947 J - J
951*
94*4 Oct ’ 15 __ ! 592
Registered____________1947 J - J
93*a 39 j 88 94
9314
20-7ear conv 4s_________1927 J - J
90
90i4 97 : 8418 92U
1st A ref 4s.....................02008 M- S
92 Dec ’ 15 — | 87 9314
l
Ore RR A Nav con g 4 s ... 1946 J -D
108i2 Dec T5 ----‘ 1071* 1091*
Ore Short Line 1st g 6a.._1922 F - A
106
1 !1001* 1001*
106
1st consol g 5s------------1946 J - J
931* 18 | 871* 941*
92*4
Guar refund 4s------------1929 J -D
102»4 Nov’15 ...11102 1031s
Utah A Nor gold 5a------1920 J - J
93*8 Oct ’ 15 . . . 93*8 93*8
1st extended 4s------- 1933 J - J
93 A p r *13
Vandalla cons g 4s Ser A ... 1955 F - A
86 Sep ’ 15
Consol 48 Series B---------- 1957 M N
421* Aug *15
Vera Crui A P lat gu 4H8..1934 J - J
98
9714
Virginian 1st 5s Series A___ 1962 M-N
June, h Due July. Jt Due Aug. 0 Due Oct. p Due Nov. q Due Dec.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Deo. 24.
Wabash let gold 5s..............1939 M-N
2d gold 5a.........................1939 F -A
Debenture Series B---------1939 J - J
1st lleD equip a fd g 5a__ 1921 M- S
1st Hen 50-yr g term 4 a ... 1954 J - J
lit ref and ext g 4a---------- 1956 J - J
Cent Tr ctfa asat paid____
Do asat part paid. .........
Cent Tr atpd ctfs asat paid .
Do asst part paid. ______
Eqult Tr ctfa asat paid___
Do asst part paid______
Eqult Tr stpd ctfs asst paid
Do asst part paid____
Det & Ch Ext 1st g 5s___ 1941 J - J
Dea Moln D1v 1st g 4s___ 1939 J - J
Om DIv 1 st g 3Ha............ 1941 A - O
Tol A Ch Dlv 1 st g 4s___ 1941 !YI- 8
Wab Pitta Term l 3 t g 4s-----1954 J -D
Cent and Old Col Tr Co certs.
Columbia Tr Co certfa------Col Tr ctfa for Cent Tr ctfa _
2d gold 4a......................... 1954 J -D
Trust Co certfs_________
Wash Terml 1st gu 3Ha____1915 F - A
1st 40-yr guar 4a_______ 1945 F - A
West Maryland 1st g 4s----- 1952 A -O
West N Y A Pa 1st g 5a.........1937 J - J
Gen gold 4a_____________1943 A -O
Income 5a____________ 41915 Nov
Wheeling A L E 1st g 5a___ 1926 A - O
Wheel Dlv lat gold 5s------1923 J - J
Exten A Impt gold 5s____1930 F -A
RR 1st consol 4a------------- 1949 M- S
20-year equip s f 5s---------1922 J - J
Winston-Salem S B 1st 4s__ 1960 J - J
Wla Cent 50-yr 1st gen 4s__ 1949 J - J
gup A Dul dlv A term 1st 4s '36 M-N
Street Railway
Brooklyn Rapid Tran g 6a. .1945 A - O
1st refund conv gold 4s__ 2002 J - J
6 -year secured notes 5s— 1918 J - J
Bk City 1st con 5S-.19IG-1941 J - J
Bk Q Co A 9 con gu g 5s__1941 M-N
Bklyn Q Co A 9 1st 5s____1941 J - J
Bklyn Un El 1st g 4-58_ 1950 F - A
_
9tamped guar 4-5a.........1950 F - A
Kings County El 1st g 4s. 1949 F - A
9tamped guar 4s.......... 1949 F - A
Nassau Elec guar gold 4a. 1951 3 - J
Chicago Rys 1st 5s..............1927 F - A
Conn R 7 A L lat A ref g 4Hs 1951 J - J
Stamped guar 4Ha_____ 1951 J - J
Det United 1st cons g 4Ha._1932 J - J
?t Smith Lt A Tr 1st g 5s__ 1936 M- S
Grand Rapids Ry lst'g 5s.-.1916 J -D
Havana Elec consol g 5s___ 1952 F - A
Hud A Manbat 5s Ser A___ 1967 F - A
Adjust Income 5a_______ 1957
N Y A Jersey 1st 5s_____ 1932 F A
Interboro-Metrop coll 4HS.1956 A -O
Interboro Rap Tran 1st 5s ..I960 J - J
Manhat Ry (N Y) cons g 4s. 1900 A -O
Stamped tax-exempt_____1990 A -O
Metropolitan Street Ry—
Bway A 7th Av 1st c g 6S.1943 J -D
Col A 9th Av 1st gu g 5s-_ 1993 M- S
Lex Av A P F 1st gu g 5s. 1993 M- 8
Met W 8 El (Chic) lat g 4s.. 1938 F - A
MUw Elec Ry A Lt cons g 5s 1926 F - A
Refunding A exten 4Ms.-1931 J - J
Minneap St 1st cons g 5s____1919 J - J
Montreal Tramways 1st A ref
80-year 6s Ser A................ 1941 J - 3
New Orl Ry A Lt gen 4>4s__1935 J - J
N Y Rys 1st R E A ref 4a. .1942 J - J
30-year adj Inc 5s______ al942 A -O
N Y State Rys 1st cons 4 Hs_ 1962 M- N
Portland Ry 1st A ref 5s------1930 M- N
Portld Ry Lt A P 1st ref 5a. 1942 F - A
Portland Gen Elec 1st 5s_1935 J - J
at Joa Ry, L. H A P 1st g 5a. 1937 M- N
St Paul City Cab cons g 5a__1937 J - J
Third Ave 1st ref 4s________1960 J - J
Adj Inc 5a____________ a 1960 A -O
Third Ave Ry 1st g 5s.......... 1937 J - J
Trl-Clty Ry A Lt 1st s f 5a.. 1923 A -O
Undtrgr of London 4 H a ____1933 J - J
Income 6 a______________1948
Union Elev (Chic) 1st g 58..1949 A - 'O
United Rys Inv 5s Pitts Isa. 1926 M-N
United Rys St L 1st g 4a___ 1934 J - J
St Louis Transit gu 5s. __ 1924 A -O
United RRa San Fr s f 4a.-.1927 A -O
Va Ry A Pow 1st A ref 5 a ... 1934 J - J
Gas and Electric Light
Atlanta G L Co 1st g 5a___ 1947 J -D
Bklyn Un Gas lat cons g 5a. 1945 M-N
Buffalo City Gas 1st g 5s____1947 A -O
Columbus Gas 1st gold 5 s ... 1932 J - J
Consol Gas conv deb 6s ...1920 Q -F
Detroit City Gaa gold 5s___ 1923 J - J
Detroit Caa Co cons 1st g 5a. 1918 F - A
Detroit Edison 1st coll tr 5a. 1933 J - J
Eq G L N Y 1st cons g 5s...1932 r*i- s
Gaa A Elec Berg Co c g 5a._1949 J -D
Hudson Co Gaa lat g 5s___ 1949 M-N
Kan City (Mo) Gaa 1st g 5s. 1922 A -O
Kings Co El L A P g 5s.........1937 A -O
Purchase money 6 a______1997 A -O
Convertible deb G
s............ 1922 M- S
Convertible deb 6a............ 1925 M- S
Ed El 1 1 Bkn 1st con g 4a. 1939 J - J
1
Lac Gaa L of St L 1st g 5a..el919 Q -F
Ref and ext 1st g 6s.......... 1934 A -O
Milwaukee Gas L 1st 4s____1927 M-N
Newark Con Gas g 5s.......... 1948 J -D
N Y G E L H A P g 5 s .......... 1948 J -D
Purchase money g 4a.........1949 F - A
Ed El 1 1 1st cons g 5a____1995 J - J
1
N YAQ El L A P lat con g 5s. 1930 F -A
N Y A Rich Gas lat g 5a ____1921 M-N
Pacific G A El Co Cal G A E
Corp unifying A ref 58____1937 M-N
Pac Pow A Lt lat A ref 20-yr
6 s Intermit Series________1930 F -A
Pat A Passaic G A El 5a____1949 M- 8
Peop Gas A C 1st cona g 6s_.1943 A -O
Refunding gold 5s______ 1947 M- S
Registered..................... 1947 M- S
Ch G-L A Cke lat gu g 5a. 1937 J - J
Con G Co of Chi lat gu g 5sl936 J - D
Ind Nat Gas A OH 30-yr 5s 1936 M-N
Mu Fuel Gaa 1st gu g 5S-.1947 M- N
Philadelphia Co conv 6a____1919 F - A
Conv deben gold 6 a_____ 1922 M-N
Stand Gas A El conv a f 8 s .. 1926 J - D
yraouse Lighting 1st g 5S..1951 J -D
yracuae Light A Power 5a..1954 J - J
[V ol. 101
New York Bond Record— Concluded— Page 4
3136
Price
F rid a *
Dec. 24.
B id
Week’ t
Mange or
Last 3 a '4
A ik Low
High
101ig Sale 102% 103*2
98 ___ 98*2
98*2
90 June’ 12
931*____ 9312 Nov’ 15
65
65 ____ 05
22 Oct *15
102 Dec ’ 15
102*? Nov'15
103 Sale
44 ____
100*2___
42 Sale
101U___
10134 103
42 Dec ’15
100*2
10 1
40*2
42
101 Nov’ 15
80 Aug ’ 12
m i 76*2 76*2
76*2
66*2 July'15
2 Dec '15
2 ___
1
2
1*4 Sale
1
1% 1% Dec T5
1
15s 1 Dec ’15
63 Nov’15
*8
*2
*4 Sale
*4
%
831 84*4 85 Nov'15
2
92 . .
91*2 Aug '15
72 73*8 72*2
72*2
10334 Sale 10334 10334
8 1 5 Sale 8188
8
81%
35 ___ 20 Dec '15
98*2 10 2 100 Dec '15
95 99*4 95*2 Nov’ 13
9478 96
9478 Dec T5
703
4
7034 Sale 7034
go Apr ’ 14
88 Dec *15
86*4 88
86*2 -87
86*4
863a
89*8 Dec T5
____89*2
103*4 Sale 103% 103*4
80*8
80% Sale 80
100*2 Sale 100*4 100*2
10034 102 100*2 Oct '15
98 Apr ’14
98
101 May'13
100*8 100*2 100% 100*2
100
100 Sale 100
83%
83
8278
821 "83% 82 NOV’ 15
2
75 75*2 75 Dec T5
97
97
97*8 97
lODs JuneT2
96% June’14
96*a .
75
76*2
75*2 £
84 Jan ’14
100 June'14
87 Dec ’ 15
87
74 Sale 74
75
31
31 Sale 31
100*2 100*4 Dec '15
7G
78
"76% Sale 76*4
99*2
99*2 Salo 99%
92
91% 92 9134
92
92
92% 92
98 . . . 100 Dec ’ 15
100 Nov’15
____100
____ 9978 99 Dec T5
80 Mar’14
101% Aug ’15
92% Feb ’ 15
____ 94
100 ----- 100*2 Nov’15
91*2 Nov’ 15
78
78
72%
72%
54%
56
S434
8434
95 Dec ’15
80 Sep '15
100 May’ 15
98 Nov'08
100 Sep '15
84
82 83
83
80%
80% 80*2 80%
107*2 109 107*2 Dec T5
9S34 99l2 97% 97%
___ 94
95% J’ly *14
____69%
70 Dec ’ 15
84 Oct
74 Oct '15
64
62% 70 64
59 ------ 59*2 59*2
47*2
45 45% 45
91
91
90*2 91
____ 95
____85
72% Sale
56 Sale
84 8578
94 9634
___ 80
103 ___ 103 Sep '15
104*2 Sale 104*2 104*2
54 Juue’ 13
97 Feb '15
90 98
124% Sale 122*2 125%
10034 103 100% Nov’ 15
98*? Nov’ 15
99
102% Sale" 102% 103%
100% May’ 15
100
100 Feb *13
102 - - - 102*2 Dec T5
92 Mar’ 14
____ 91
102% ___ 102% Dec ’15
115 120*2 115 Deo T5
122*2 Dec ’ 12
125 " 128 125»4 Dec T5
86%____ 86% Oct ’ 15
101% 101%
101 —
10078 101 101 Dec ’ 16
92 92*2 92 Dec '15
103*2___ 103% Aug '15
104*2 104% 104*4 104U
85
85 Sale 85
107*2____ 107 Oct ’ 15
100% 101*2 101 Dec '15
92*2 July’09
97*4 Sale
967S
97%
91 Feb '15
91
93
991 Oct '15
2
100*2
113 115 114 Dec '15
101% 102*2 102*8 102*3
99 8ep '13
102*2 Dec ’ 15
102*2 1
101 .
1C Nov’ 15
0*2
93 Mar’ 12
100% .
100*8 Nov'15
95 Oct '15
91
97 91
97
98*2 06 Dec '15
100
100
100
84
85*2 June’12
Maugi
Since
Ja n . 1
No
Lou
H igh
BONDS
If. Y. STOCK EXCHANGE
Week Ending Dec. 24.
§*
Price
F rid a*
D ec. 24.
B id
Week's
Range or
Last Sale
A ik Low
H igh
P
Range
Since
Ja n . 1
N o . Low
H igh
33 97 104% Trenton G A El 1st g 5s___ 1949 M- 8 100%----Union Elcc Lt A P 1st g 5s..1932 M- S
86 100
100 Sep '15 . . . . 97% 101
Refunding A extension 5s. 1933 M-N
8978 93*2 Utica Elec Lt A P 1st g 5a..l950 J - J 102“% ___ 102% Mar’ 15
96 102%
65 65
Utica Gas A Elec ref 5s___ 1957 J - J
98 Aug '15 ___ 98 98
Westchester Ltg gold 5s----- 1950 J D 103%____ 103% Nov’15 — 101 103*1
12 34
Miscellaneous
99% 103*4
Adams Ex coll tr g 4s_____ 1948 M- 8 83% 84
83
83% 20 70
83*2
102*2 102*2 Alaska Gold M deb 6s A___ 1925
116 Sale 116
16 112% 150
118
Armour A Co lat real est 4Hs ’39 J -D 92% Sale 92%
93% 63 90*2 93%
93l2 109
Bush Terminal 1st 4s______1952 A -O
88%____ 88% Dec ’15 ___ 84
88*j
34 50
Consol os---------------------- 1955 J - J 87 90 89 Nov’ 15
84% 90
91 106
Bldgs 5s guar tax ex.......... i960 A -O
87 88 88 Dec ’15
83
88
31*2 4834 Chile Copper 10-ycar conv 7s 1923 M-N 135% Sale 131% 135% 198 111 141
99 101
Computing Tab-Rec s f 6a__l941 J - J 83 Sale 82
83% 20 81% 83%
GranbyCons M SAP con 6s A '28 M- N 102 104% 103
7 98 111
103%
55
76*2
Stamped............- .............1928 M-N 103% 104 103
75 102% 105
104
72% Great Falls Pow 1st s f 5s..1940 M-N 99 99% 99*8
9938 46 97 100
1
8% Inspir Cons Cop 1st conv 6s. 1922 M- 8 182*2 Sale ISO
183% 88 97 190
% 9*2
5-year conv deb 6 s_______19 19 J - J *____184
2 94% 186
180
180%
% 8*2 Int Mercan Marine 4 Ha___ 1922 A -O
95% Sale 95%
90
36 30% 97*2
8
Certificates of deposit............
94% Sale 94%
96% 1276 33% 97%
% 1*2 Int Navigation 1st 3 f 5s___ 1929 F - A 9112 9234 93
93
2 36 93
*8 1*4 Montana Power 1st 5s A__ 1943 J - J 95% Sale 94%
95% 97 88% 957*
80% 85
Morris A Co 1st 8 f 4Hs___ 1939 J - J
89 Nov’15
89 89
911 91*2 MtgeBond (N Y) 4sscr 2 .. . I960 A - O ___ _
2
83 Apr '14
54 76
10-20-yr 5s series 3_______1932 J - J ------ 94% 100 July’ 14
72
74
1007g 104
N Y Dock 50-yr 1st g 4s___ 1951 F - A
74
74
3 71 75
74% 82*2 Nlag Falls Pow 1st 5a_____ 1932 J - J 100%____ 101 Nov’15
100 1 0 1
17*a 20
Ref A gen 6 s ................. al932 A - i) 104%____
92 ____ 00 Nov’15 ___ 89% 91%
96 101
Nlag Lock A O Pow 1st 5s. .1954 M-N
Ontario Power N F 1st 5s __ 1943 F - A 91 f51j 95% Dec ’ 15 __
92% 95%
96% Ontario Transmission 5s___ 1945 M-N 86 ____ S9 Dec T5
80% 90
90 Sale 89%
50
73
90
Pub Serv Corp N J gen 5s_ . . 1959 A -O
20 103 137
Ray Cons Cop 1st conv 6s. .1921 J - J 126 Bale 120% 126
82 89
Sierra A S F Power 1st 5s. . . 1949 F - A -» - - _ _ _ _ 92% Feb '14
81 88
121% 63 117 125’
Tennessee Cop 1 st conv 6s__l925 M-N 120 12214 120
827a 89% Wash Water Pow 1st 5s___ 1939
103% Jan ’ 14
Manufact'iring & Industrial
8 99% 102%
102*2
100*8 103*4 Am Ag Chem 1st c 5s______192S A - O 10214 Sale 102
97% 12 92
79% 85*2
Conv deben 5s................. 1921 F - A 96% 97% 96*2
97%
96% 11 91*8 98
987 101
8
Am Cot Oil debenture 5 s ... 1931 M-N 96*4 96% 96*2
5 100*2 104%
100% 102
Am Hide A L 1st s f g 6s___ 1919 M- 8 103% 103% 103% 103*2
88
8 SI2 88
88
Amer Ice Secur deb g 6s___ 1925 A -O
80 89%
Am Smelt Securities s f 6s. .1926 F - A 114*2 Sale 113% 114% 470( 103% 115%
98% 101*2 Am Thread 1st coll tr 4s___ 1919 J - J 97*2 98*2 971a Deo ’15 ___ 93*2 98%
118____ 119% Dec ’15 ___ 115 121%
98 101*4 Am Tobacco 40-year g 6 s . 1944 A - O
121% May’ 14
79 83*2
Registered______________1944
3
79 82l2
Gold 4s............................ 1951 F - A ------ 9 ~ 94 Nov’ 15 ___ 94
98*8
73 78
Registered................... 1951 F - A
_ 61% 70
66% Dec ’ 15 __
92*4 97% Am Writ Paper 1st s f 5s___ 1919 J - J 66% 69
10134 106*2 100 Dec '15 —
Baldw Loco Works 1st 5s__ 1910 M-N
100% 106%
6 98% 103
Beth Steel 1st ext s f 5s........1926 J - J 102*1 103 102% 102%
65*4 79
1st A ref 5s uar A_______1942 M-N 1 0 1 % 1 0 1 % 101% 101% 83 85% 102%
58 96% 1017*
Cent Loath 20-year g 5s___ 1925 A -O 100% Sale 100*2 100%
97% 97%
Consol Tobacco g 4s............ 1951 F - A ------ 9812 97% Jan '15 —
87 87
94% 98%
Corn Prod Ref s f g 5s.......... 1931 M-N 98*2 100 98*a Dec ’ 15 —
4 02
10 70 797
96% 95%
95%
8
97
1st 25-year sf5s _______1934 M-N 90
69 24*2 33% Cuban-Ara Sugar coll tr 6s..1918 A -O 101% Sale 10138 101% 12 95 10178
186 46*4 75
72% Salo 71%
73
100 100*4 Distil Sec Cor conv 1st g 5a_ . 1927 A -O
104 7314 79*2 E I du Pont Powder 4 Ha---1936 J -D IOH4 Sale 101% 101% 23 84 104%
479 96*4 9912 General Baking 1st 25-yr 6s. 1936
___ 96*2 87*2 July’ ll
22 82 92% Gen Electric deb g 3Ha.........1942 F - A 78% 79 78% Deo ’ 15 ___ 74 79
5 85 93
Debenture 5s___________1952 M- 8 10312 10-ll2 104% 105*8 10 101*2 106
90% Sale 90
90% 20 82% 92*8
1 1 Steel deb 4 Ha__________1940 A -O
1
101% 84 99 102%
97% 101
Indiana Steel 1st 5s________1952 M-N 101% Salo 101
103 ____ 100 Oct ’ 13
94 100
Ingersoll-Rand 1st 5s____ *1935
98*2 99*4 Int Paper Co 1st con g 6s...l918 F - A 101% 102% 102*8 102% 12 99% 102%
10 78% 84
81
Consol conv a f g 5 s ______1935 J - J 84 Sale 84
70 NOV’ 15 ___ 38 70
101*8 101*8 Int St Pump 1st s f 5s_____ 1929 M- S 73% 74
73 75 73
15 52 77
74
92% 92%
Certfs of deposit___________
98'4 Sale 98
100*2 100*2 Lackaw Steel 1st g 5s______1923 A -O
98% 56 89 98%
82 05 97
1st con5s Series A........_ 11950 rw- s 92% Sale 91%
93
94*4 Liggett A Myers Tobac 78..1941 A - O 124% 125 124% 124*2 17 121% 1*6
10
78
1 0 1 % 28 99ll 1021a
6 8 ..................
1951 F - A 101 Sale 1 0 1
32
74*a Lorlllard Co (P) 7s.............. 1944 A -O 124 125 124
11 119 125
125
343
50
21 95% 102
5s__ __________________ 1951 F - A 101 Salo 100% 10 L
4
83
14 95% 118
Mexican Petrol Ltd con 6s X" 1921 A -O 112 118 114% 118
99%
7 05 110%
1st lien A ref 6s series C
1921 A -O 112 116 110*8 110%
80
9534 9034 96%
4 92 06%
96*4
Nat Enam A Stpg 1st 5s._ 1929 J -D
100 100
Nat Starch 20-yr deb 5s.
1930 J - J 84 ____ 83 Juno’ 15 —
83 85
7 95 102
National Tube 1st 5s........... 19 52 M-N 10 0 % 1 0 1 10 0 % 10 0 %
1 90 104
10 0 10 0
N Y Air Brake 1st conv 6s 1928 M-N 103% IOI 103% 103%
78 85% Railway Steel Spring—
9934
1 9G% 100
75 82
Latrobe Plant 1st s f 5a...1921 J - J 99% 100 9934
23 90 95*|
95
95
104% 107%
Interocean P 1st s f 5s .1931 A - O 95 90
96*2 72 90*2 97%
94 % 99% Repub IA S 10-30-yr 5ss f.,1940 A - O 96*2 Salo 96
2 88*2 97
90
95
96%
Standard Milling 1st 5s_____1930 M-N 95
70 70*4 The Texas Co conv deb 6a_.1931 J - J 105 105% 104% 106% 111 97% 106
1 75 SO
80
80
Union Bag A Paper 1st 5s. .1930 J - J 78 82
65 75
Stamped____ __________ 1930 J - J 78 ____ 91% Jon '13
75
75
6 65 77%
60 64
U S RealtyA I conv dob g 5s 1924 J - J 70 76
18
23
23
59% 59% U S Red A Refg 1st g 63 ____1931 J J ------25
103% 43 101% 103%
40 55% U S Rubber 10-yr coll tr 6s._ 1918 J - O 103% Salo 103
82 91
U S Steel Corp—/coup___ rfl903 M- N 104 Salo 103% 104 2s7 99% 105 ~
103*2
1 99% 105
S f 10-60-yr 5s\rcg____ dl903 M-N ------. . . . 103
9834 47 89 99
103 103
Va-Car Chem 1st 15-yr 5S..1923 J - D 08 Sale 98
3 103 105
102% 22 96*8 103%
Conv deb 6s...................cl924 A -O 102 Salo 102
West Electric 1st 5s Deo___ 1922 J - J 102% 102% 102% 102*2 37 100*4 102%
105
6 89% 105%
97 97
WeatJnghouso E A M 8 f5a._ 1931 J - J 105 105*8 105
138% Sale 130% 138% 13 109% 149%
156 109% 125*8
Conv s f 5s (l.«8 of 1915) .1931
4 98% 101%
99% 101
10-year coll tr notes 5s___ 1917 A -O 101%____ 101% 101%
Coal & Iron
98% 98%
"56 101*4 103*2 Buff A Susq Iron S f 5s........1932 J -D 91% ------ 92 July’14 ___
10 75 88
88
88
Debenture 5s_________ a 1926 M- S 87% 90
100% 100*2
87 95
Col F A I Co gen s f g 5s___ 1943 F - A 91% 95 95 Nov’ 15
1 70 80
74
73 74% 74
101 103% Col Indus 1st A coll 5s gu._1934 F - A IS . . .
73 Mar’14 —
Cons Ind Coal Mo 1st 5 s ... 1935 J -D
88% 62%
102% 104% Cons Coal of Md IstAref 5s. 1950 J - D 00% 91% 90% Dec ’15 —
Continental Coal 1st g 5s___1952
113 116
Gr ltlv Coal A C 1st g Bs__M9l9 A -O ___ 9434 102% Apr '0(1 . . . .
90 July'15
90 90
Kan A II C A C 1st a f g 5s. 1951 J - J
115 126
89
1 86% 99%
Pocah Con Collier 1st a f 5s. 1957 J - J 88*4 89*2 89
86% 88
St L Rock Mt A P 5s fltmpd. 1955 J - J 81 . . . . 8412 Nov’ 15
82 84%
100% 101*2
1 0 1 % 10 2 1027s Deo ’16
97 101% Tenn Coal gen 5s__________1951 J - J 102 Salo
100 103%
102
102
4 9978 102%
Blrm Dlv 1st consol 6s— 1917 J - J
90 92%
102
4 100% 102
Tenn Dlv 1st g 0s-------- al917 A -O 102 Sale 102
103 103%
1 0 1 D oc’ 14
Cab C M Co 1st gu 6s------1922 J - D ___ 100
101% 105
73 Apr '14
80 85% Victor Fuel 1st s f 5s---------- 1953 J - J ___ 75
88*2
2 82 90*4
106% 107% Va Iron CoalACoko 1st g 5a. 1949 M- S 88 90 88 i2
Telegraph & Telephon
09 101
90% Sale 0012
Am Telep A Tol coll tr 4s'..-1929 J - J
907s 60 86% 91%
100
100U 12 91% 101
Convertible 4s................. 1930 M- G
91 97%
20-yr convertible 4 Ha-----1933 m - a 100% Sale 100U 1071.1 4 91 06 109%
2 93% 102*8
Cent Dlst Tel 1st 30-yr 5s.. 1943 J - D 1 0 1 % 1 0 1 % 1013,1 1013i
Commercial Cable 1st g 4s__2397 Q - J ------ 80
88% 91
99% 99%
Registered____________ 2397 Q - j ----- 84
Cumb T A T 1st A gen 5s.. . 1937 J - J 08*2 99% 99*4
110 115
90*2 11 95 99*2
95
95
95 Nov'15
99% 102% Keystone Telephono 1st 5a.. 1935 J - J
Mctropol Tol A Tel 1st s f 5s 1918 M-N 101*8___ 101*2 Nov’ 15 ___ 100 101%
5 97% 100
100
Mich State Telep 1st 5s-----1924 F - A 99% 101% 10 0
101 103
99% 101% N Y A N J Teloehono 5s g._1920 M-N 100*2___ 101*2 June’ 15 ----- 101% 101%
99
98% 88 94
N Y Telep 1st A gen a f 4Ha. 1939 M- N 98% Salo 98%
73 94% 100
9934 Sale 0933
loo
99*2 100% Pac Tel A Tel lat 5s.............. 1937 J - J
J - J 99% Salo
9933
997 16 90% 100
e
95 S96
South Bell Tel A T 1st a f 58.1941
7 95 101*1
10114
West Union coll tr cur 5s— 193S J - J 101 101% 1 0 1
91 91
7 88% 95*2
94>2
88% 96
Fd and real est g 4Ha----- 1950 M-N 04 Salo 94
99% 100
Mut Un Tel gu ext 5s___ 1941
90% 90%
Northwest Tel gu 4H8 S..1934 J - J 90 ____ 90*2 Mar'15 —
• No price Friday; latest hid and asked, a Due Jan. <2 Due April, e Due May. g Due June, h Duo July. * Due Aug. 0 Due Oct. v Due Nov. c Due Deo. f Option sale,
BOSTON STOCK EXCHANGE—Stock Record
D ec. 25 1915.]
S H A R E P R IC E S — N O T T E R C E N T U M
S a tu r d a y
D e c . 18.
M onday
D e c . 20.
T u esd a y
D e c . 21.
W ed nesd a y
D e c . 22.
P R IC E S .
T h u rsd a y
D e c 23
F r id a y
D e c 24
105i2 106 *105*2 106 *105*8 1053.1 105*8 105*? *106*4 107
L a s t S a le l6IT2Nov’ 15
101*2 102 *10 U2 102 *101*2 102 ♦101*2 102
190*4 190*4
188*2 188*2 188*2 18812 190 190 *188*2 190 *188*2 190
82
8 H4 8 H4 *81*4 82
82
81
82
81*4 Sl*4 81*2 82
129
L a s t S ale 130 Dec* 15
129 *
129 *
129 *
33
34
33
33'4 3334 34
33
33*2 33*2 33*4 33*2 33
228 230
230 *
227*2 *
228*2 *___ 228
L a st S a le 5
Dec’ 15
5
5 *
5 *
5 *
L a s t S ale 40
Nov’ 15
♦40
*40
*40
*40
L a st S ale 5
♦5
Dec’ 15
*5
*5
*5
47
L a st S a le 45
47
♦45
Nov’ 15
*45
*45
47
47
*45
L a st S a le 160 Sept’ 15
15734
157*4 * __ 157*4 *
157*4 *
L a s t S a le 104 Dec’ 15
*104
*104
104
*104
L a s t S ale 155 Dec’ 15
150 157 *150 157 *150 157 *150 157
73
71*2 71*2
72
71
71
*71
74
71
*71
L a s t S ale 120 Dec’ 15
♦119
*119
*119
119
8634 *86
8634 87
86*4 *86
87
86*4 *86
86*i *S0
*S6
L a s t S a le 100 Dec’ 15
100 100*4 *100 100*4 *100 100*4 ♦ 100 100*1
6
63s *6*2 7*4 ___ ____
7
7
7
*6
*6*4 7
*34 ___ ___ ____
35
35
34
35
35
35*2 35*2 35
7434 75
75*4 75
7514
73*4 74*2 74
74*2 74*2 74*2 75
9712
97
97*2 97*2 *97
97*2
*97
*97
152 152
___ ____
150 150*2 150*2 150*2 15012 150*2 151 151
L a s t S a le 25
Dce’ 15
29*4
29*4 *2(1
29*4 *26
*26
29*4 *26
L a s t S a le 136*2 Dec’ 15
►
137 137*2 *137 137*2 *136*2 137 ♦136*2 137
L a s t S ale 817s Nov’ 15
L a s t S a le 116 Dec’ 15
►
1161* 120 *115 120 *115 120 *115 120
65*8 641* 64*2
04*2 64*2 64*2 64*2 65
*047 65*4 04*2 65
8
82
*81
82
82
82
*81
*82*2 83
*83*2 84
..................
S a les
o f th e
W eek
S h a res
STOCKS
BOSTON STOCK
EXCHANGE
BONDS
S«« Ntst Pag*
R a n g e S in c e J a n . 1 .
2137
R a n ge f o r P rev io u s
Y e a r 1914.
H ig h e st.
Railroads
Atch Topeka & Santa Fe-_100
Do pref______________100
11 Boston & Albany________ 100
146 Boston Elevated_________ 100
Boston & Lowell_________ 100
430 Boston & M aine_________ 100
10 Boston & Providence_____100
Boston Suburban Elec Cos_
_
Do pref________________
Boston & Wore Electric C o s..
Do pref________________
Chic June R y & U S Y ...1 0 0
D o pref______________
Connecticut River_______ 100
Fitchburg pref___________ 100
Georgia Ry & Elec stampdlOO
Do pref______________100
Maine Central___________ 100
510 Mass Electric Cos............... 100
77 Do pref stamped_____ 100
4 5 7 N Y N II & Hartford_____ 100
21 Northern New Hampshire. 100
52 Old Colony______________100
Rutland, pref____________100
Union Pacific____________ 100
Do pref......................... 100
Vermont < Massachusetts. 100
fc
277 West End Street__________ 50
5 Do pref.........................50
Feb 23
97 Jan 15
M ar 5
JunclG
Feb 26
Feb 13
Jan 5
Dec 2
Sep 21
Nov24
Jan 20
Feb 13
101*2 July 9
140 Feb 25
51 Feb
114 Apr 20
84 Aug 10
92 M ar 4
47gJune 7
33 July 21
43 Feb 25
89 Oct 1
140 Aug 3
15 M arl7
II6I2 Jan 4
79*4 M arl 1
105 Feb 9
61 May 15
80 July 1
923 4
109*8 N ov 1
101*2 N ovl9
198 Jan 12
96 Jan 5
138*2 Oct 27
37*2 Oct 11
240 June26
10 Mar24
56 Mar23
9 Sep 1
Julyl5
47
160 Sep 9
110 Apr 21
165 Jan 12
76
N ov 5
120 Feb 6
88 M ar 3
103*2 NovlO
10 Sep 24
56 Jan 6
87*4 Oct II
9S Apr 29
157 Apr 9
30 Nov23
141*8 N ovl9
817g Oct 26
125 Apr 20
72*2 Jan 25
93*2 Feb 4
H ig h e st.
88*4 Nov 100 July
97*8 Jan
101*8 Feb
175 Nov 195 Jan
77 May 101*4 July
150 Dec 179 Feb
30*2 July
55 Jan
225 May 255 Jan
7 M ar
7l2 Feb
50 July
60 Jan
35 July
40 Jan
160 Mar 163 Jan
103 Dec 107 June
162 Nov 200 Jan
75 July 93 Jan
115*2 Dec 124 May
83 Jan
887 Apr
8
907g Jan
99 Mar
9 Apr
14 Jan
54 Dec
66*2 Jan
497b July
777 Jan
a
100 May 112 Feb
140 July 165 Jan
19 May
30 Jan
110*4 Nov 163*4 Jan
82 Apr
85 Jan
115 Jau
130 Feb
65 N ov
75 Jan
82 Dec
95 Mat
M isce lla n e o u s
17 Araer Agrlcul C hem ical. __ 100
*69*2 70*2 69*2 70*4 *69*2 71
48 Jan 5
975s 97°8 98
98*2 9S3a os'%
9S*2 98
112
Do
pref_______________ 100
87*2 Mar25
*2
23s
2
2
2*8
*2
285 Amer Pneumatic Service. _ 50
1*4 M arl 7
13
*13
13i2
13
13*2 *13
65
D o pref_______________ 50
13 Dec 20
11534 *11534 116
444 Amer Sugar R efining_____ 100 100 Feb 24
1 1 0 116*2
115*2 116*2 115*4
255
Do
pref______________ 100 109 Feb 5
118*2 1185s 117*2 11834 118 118
118*2 1 1 S*2
128*2 128*4 128*4 12834 12S*4 12834 128*8 129*4 2,878 A m erT elep &Teleg______ 100 116 Jan 4
50
48
100 American W oolen tr c t f s ____
*48
*47
16*2 Apr 6
95*4 96
90
90
95
95*2
272
Do
preferred tr c t f s ____
95*4 96
77 Feb 5
67
07
67
*>0 Amoskeag M anufacturing____
*65
*65*2 06*2 ___ ____
59*8 Jan 20
*100 101*2 * 100*2 101*2 100*2 100*2 _ _. ___
2
D o pref........ .............
101*4
97*2 May25
31
3134 30*2 3034 2,093 Atl Gulf &W I S S Lines. 100
32
4 Feb 24
31*2 30*4 32*2 31*4 32*2 31
40
45*s 46
40*2 46
45
45
1,818
D o pref______________ 100
97* M arl2
45
44*4 46*4 46
9*8 9*8
9
9
9
9*2
105 East Boston Land_______ 10 j
9*4 *9
*9
9*8
8I2 Dec 2
245 245
245 245
245 245
324 Edison Electric Ilium _____ 100 230 MaylO
242*2 243 243*2 243*2 245
174*8 175 *17334 174*2 _ _ ____
299 General E lectric__________ 100' 13814 Feb 26
174
173*1 173*4 175 175
270 McEIwaln (W H ) 1st pref. 100
99*2 99*2 99*2 100 1003s *100 100*2 1001* 100*2
99*2 *99
96*2 Aug 25
4 841.1 85
84
85
87
s u 2 843
453 Massachusetts Gas C o s .._ 1 0 0 ! 78 Apr 8
85
84*4 84*4 84
___ ____
*84*2 86
8478 85
85
8412 84*2 84*2 85
72
D o pref.......................... 100
84 N o v l6
___ ____
167 167
170 170
167 167
165 *160 169
37 M ergenthaler L in o ty p e ._ . 100 154 Feb 8
__ . ____
2
2 *___
2
3 *
*2
100 M exican Telephone............lOj
2
i4 Apr 20
_ ___
16*2
16*2 *10
*10
17
16*2 16*s 16*3 *ir,
20 Mississippi R iver P o w e r .. 100
10 Juno 4
L a st S ale 40
Dec’ 15
*42
* 42
*12
Do
pref............................100
35 Feb 23
*
*
L a s t S ale 30
Nov’ 15
30
30
30
30 *
New Eng C otton Y a rn ____100
20 Apr 15
L a st S ale 51
Dec’ 15
00
*51
60
*51
60
60
*51
Do
pref..................
100
25 July 1
131 131
132 132*4
132 132*4 Zl30*2 131
*131 131*2 131 132
256 New England Telephon e. _ 100 xl27*4 Junel6
165*4 165*4 ___ ____
104 164
166 100
166 100
16UI Pullman C om pany______ 100 150 Feb 24
►
164 106
*10
16
___ ____
161* 16
10*2 *15*2 16
*16
20 Reece B utton-H ole.............. 10
101.1 *16
15 Sep 27
1251■ 125*4 125*4 126
>
126 126 *126 12634
125 126
248 Swift & C o ________________ 100 104*4 Jan 4
►
125*2 126
___
339|Torrington_________________ 25
,34*2 34*4 35*8 35*8 3B!2 3534 *3534 36
*3412 35
28 Mar 8
29
2S5s 28*2 28*2 *28
30
2S*2 28*2
11 j
D o pref_______________ 25
28*8
29*4 29*4 *28*8
26 Mar25
L a s t S ale 1*8
Oct’ 15
*1
----- 'Union Copper L & M ______25
U2
Vi
.95 Jan 18
14834 14934 1147*2 148*2 148 148*4 2,272 United F r u it ...........................1O0 110 Feb 25
1487 150*4 149 150
a
148*2 149
51*2 5034 51*4 51
51*8 3,237 United Shoe M ach C o rp _ . 25
50*4 51
50*2 51*4 51
50*4 51
48 Aug 17
2834 29
29
29
29
29
29
29
506
D o pref............................ 25
28*4 28*4 28*4 29
28 Mar27
86*2 86*4 8678 8678 87*s 4,201 u S Steel Corporation____100
85*8 RBI* 85*4 80*8 85*4 85*8 85
38 Feb 1
116 110 *110*2 117
116*2 110*2 117 117
116*2 110*4 *116*2 117
137
D o pref........ .................lo o 102*4 Jan 27
12
11
113S 41,994 Ventura Consol Oil Fields. 5
12*8
11*8 12*4
11*4 11*4 11*4 1134 1034 12
107s NovlO
*69
991*
*2
13*4
115*8
*118
128*8
*47*2
96
*65
*100
*30*4
*44
*9
242*2
*173
9912
85
84*2
165
2
*16
*42
70*2
99*2
2*4
13*4
1157s
118*8
128*4
48*2
96*2
*68*2
98*4
*2
13
1153s
117*4
128*2
49*2
95*4
70
98*4
21?
13*4
116*4
113
12 S78
49*2
90
_
*17fi 2
94
94
26
27*4
Hi
1*4
57
57
65*? 67*8
7*2 7*?
278 2?8
63*8 65
66*2 68
538 538
17
*16
52*4 53
8
56*2 507
3*8 3*8
15*8 15*4
9*4 9*4
79
79*2
45
45
* 15*2 16
*29
5*2 5*2
49*2 49*2
90
90
28
28
4*8 4*4
27
8 n
18*8 19*8
*5
5*4
2*8 2*4
1178 12
*3*4 4
33*8 33*8
*1*4 2*8
88*2 89
*15*4 15*4
9*4 10*4
•107 1 U?
s
*7*4 7»«
30*8 31*2
2 JH 21,
*1*2 2
3*4 3*4
*56*4 57*4
84*2 84*2
15*8 15*4
85*2 86
*24
24*2
57
57*4
*3*8 3*4
7*2 7*2
33*4 34
6*8
6
24*2
24
*2*8 2*4
48*2 49
10*4
40*4
48*4
3
11*4
78*4
*2*8
*3*4
*50*2
*1*8
• Bid
1*8
Us
94
94
26
27*2
158
Hi
57*4
57
66*8 67*8
*4
7*2 V
3
2*8
65
65*2
67*4 68*4
540 540
*16*2 17
53*2 5312
57*?
57
378 3‘/r
15*4 15*4
9*4 9*2
80
80
48
40
1534 16
30
*29
55s 55«
49*2 50*2
90
90
27*2 27*2
4*2 4*2
s
278 27
19
19*2
*5
5*2
2*8 23,
12
12
4
4
33*2 33*4
2
2
89
89*4
*15*8 15*2
9*4 9*4
11
11
7*8 7'8
31*4 32
2*2
2*2
1*4
* l'l
*3
3*2
57*2 57*2
85
85*2
15*4 16*2
86
86*4
24*4 24*2
58
58
3*8 3*2
71, 758
34
33
6
o’»
247 25*4
8
*2*8 23,
49
49
10*4
9
.35
.35
47*2 47*4 4S14
49
49
48*4
3
278 3
11*4 10*4 12
79
79
79*4
2*4
2*8 2*8
37
8
3*4 3*4
58
*58
5812
1*4 •Us
1*4
and asked price,
2
*1*2
94
94
255s 26*4
178
l's
57*2 57*4
665s 68
7*2 7*2
27
s 3*8
65*4 66*4
67*2 68*4
540 540
16*4 16*4
52*2 62*2
57
57*4
*3*8 3*4
15*8
15
9
!».|
80*2
80
47*2 48*4
*15*2 10
*29
30
*5
5*2
60
50*4
90
90i2
27
2 / i4
4*2 4*2
*278 3
18*2 19
5
5
*2*2 2J
4
*115s 12
*3*4 4*i
*33*8 33*4
*1*4 2
89
89*2
*ir>t8 15*?
9*4 9*4
*10*4 11
738 73.1
31
3 Da
21,
*2'l
* 1*8
15*
3*8 3*4
57*2 57*2
85
85
16*2 16*4
85*2 85*4
24
24*8
57
57
*3*8 3*4
7*2 7*4
33*4 34
5 % 8'4
25
25*4
2*8 2*8
48
45
958 10
.35
.35
4758 48*4
4S*4 49
27
s 3
11*4 12
78*2 78*8
234
*2*2
3*2 3*2
58
58*2
1 *4I
15s
a
*134 2
94
97
255g 2534
H4 2
57*4 60
0738 69
7*8 7**
3*8 31,
6534 67*4
0834 70
540 551
17
17
5334 54*4
50
59
3*2 31,
151* 16
di4
91,
80*2 83
..07fl
r
48
16
16*4
*29
30
512 s i,
50
60*8
91
91
27
29
4*2 ■»',
*27S 31,
18*2 19*2
53s bi,
2.14
2*4
11*8 12*2
4
4
34*8 34*2
* 1 78 2*4
8S3 94
4
15
15
10
10*4
1 07 1078
s
*7*2 T h
31*4 32
2*2 U'?
* 1*8
1*8
*3*4
31.
57
58
86
88
16*2 1634
86
88
243s 243s
58
59*2
3
3'*8
734 734
34
34*4
6
6*8
25
26*4
2
2*2
49
47
10
10
.34
.35
49
47
4834 49*2
3
3
12*4 12 78
79*4 80
3
*2*2
___ ____
58
59*2
*1*2
1*4
Mining
875 Adventure Con___________ 25
1 Jan 22
370 Ahmeek__________________ 25 92*2 Dec 13
20,152 Alaska Gold........................... 10 21*2 Dec 9
1,670 Algomah Mining__________ 25
45 Feb 10
2,789 Allouez___________________ 25 35*2 Jan 5
28,416 Amer Zinc, Lead & Smelt. 25
16*4 Jan 4
1,325 Arizona Commercial______ 5
3*4 Jan 4
1,005 Butte-Balaklava C opper.. 10
2 Jan 16
!3,755 Butte & Sup Cop ( L t d )... 10 35*4 Jan 4
6,501 Calumet & Arizona________ 10 51*2 Feb 23
301 Calumet & Hecla_________ 25 350 Jan 4
401 Centennial________________25
15 Jan 12
623 Chino Copper___________ 5 3278 Jan
7,820 Copper Range Cons C o_ 100
_
30 Jan 13
125 Daly-West________________20
17g Jan 21
5,762 East Butte Copper M in_ 10
_
8*2 Jan 5
745 Franklin__________________25
4*2 Feb 5
1,806 Granby Consolidated____ 100
58 Jan 7
5,363 Greene Cananea_________ 100 23*4 Feb 1
1,855 Hancock Consolidated___ 25
11 Jan 18
........ - Hedley G o ld ........................10
26*2 Oct 27
285 Indiana Mining___________ 25
2*4 Jan 21
2,035 island Creek Coal________ 1
41 MarlS
150 Do pref_____________
l
85*2 Jan 5
2,054 Isle Royale Copper________ 25 17*2 Jan 11
345 Kerr L ake______________
5
3 Aug 3
100 Keweenaw Copper________ 25
1*2 Aug 23
7,165 Lake Copper Co__________ 25
5*2 Jan 27
445 La Salle Copper__________ 25
3*a Jan 7
8,215 Mason Valley Mine______ 5
1 M a rll
1,245 Mass Consol_____________ 25
3 Jan 11
560 Mayflower________________25
3 Aug 16
475 Miami Copper___________ 5 16*4 Jan 2
200 Michigan...............................25
.60 M ar 1
4,083 Mohawk.................................25 46*4 Jan 15
39 Nevada Consolidated____
5
11*8 Feb 24
1,910 New Arcadian Copper___ 25
4i2 Feb 24
255 New Idrla Quicksilver___
5
4 JuIylO
1,099 Nlpissing M in e s ............. 5
5*8 Aug 9
7.661 North Butte...................... 15 22*4 Jan 25
1,477 North Lake______________ 25
1 Jan 28
— - - - OJIbway Mining_ ________25
_
.50 Mar 4
275 old C olony-----------------------25
2*4 Nov29
2.130 old Dominion Co................. 25 38*2 M ar 8
1.677 Osceola___________________25 64 Jan 28
3,^18 p ond Creek Coal---------. . . 10
12 Jan 7
830 Quincy___________________25 50 Jan 16
225 Ray Consolidated Copper. 10 15*4 Jan 7
3,009 st Mary’s Mineral L and.. 25 28 Jan 4
3,000 Santa Fe Gold < Copper._ 10
fc
1 M arl7
0 525 Shannon________________ 10
4 Jan 15
8,852;Shattuck-Arizona---------------10 18*4 Jan 5
4.127 South Lake______________ 25
5*4 N ov 3
1,4311Superior__________________25 22*2 Jan 6
522(Superior & Boston Copper. 10
1 M ar 3
560 jTamarack________________25 25 Jau 4
5.3851
Trinity.................................. 25
2*8 Feb 11
2,150jTuolumne Copper-----------1
.20 Jan 2
21,477,u S Smelt, Refin & Min__ 50 20 Feb 25
1.8651 do pref...........................50 28 Jan 15
2.510 Utah-Apcx Mining----------- 5
2 Jan 2
1.487iUtah Consolidated----------- 5
9*4 Feb 26
852 Utah Copper C o__________ 10 48*4 Jan
185 Victoria__________________25
1 Feb 26
835 W inona__________________25
1*4 Jan 18
455 W olverine________________25 32 Jan 6
400'W yandott______________ 25
.50 Mar 3
6 Ei-stock dividend, s Assessment paid. A Ei-rlgbts. c Unstamped, j
*2
2*8
2*8 2*8
97*2 98
96
971*
247j 26
2414 25*4
*h 4
u8
l7
s
178
60
62
61*2 62
68*2 693s 6S34 71*8
7% 77S
7*4 734
3*8 3*8
3*4 3*4
6634 67*4 67*2 70-Tj
70
70*2 70
71*2
560 565
560 565
17*2 IS
17** 18
54*2 55*2 54l2 55*4
59*2 G134 6 H4 62
37S 378
3*2 3*2
1578 16*4 1 G
16*4
934 934
9*2 10
8334 84*2 84
841
2
50
51*4 51
52
16*2 18
18
1834
L a s t S a le 29*2 Dec’ 15
5*2 6
6
6
49*2 51
*49*4 4934
*90
92
*90
91*2
29
29
29
29**
4*2 4l2 *41* 434
*278 3
*278 3
19
1912 19
10*8
5
5*4
5*2 5*2
234 378
3
41*
13
13l2 13
1318
3*2 4
4
4
3478 35
34*2 35
2
2
*2
2*4
94
95
94
95
*1534 16
16
16
10*2 1034 10*2 1034
*1078 11
1034 107„
734 734
734 734
3134 32*4 32
32*4
21,
212
2*4 2l2
L a s t S ale U*
Dec’ 15
3*2 3*2
3*2 3*8
60
61
58i8 01
881* 90
89
90
15*2 1G
*2 16
16
88
90
88
90
2514 25*2 25*8 25*.
00
64
64
65*4
3*2 4
3*8 334
734 S
734 734
3478 35
35
3512
6*4 6*2
6*4 61*
27
27*2 27
27*2
2*4 21*
2*2 284
47
50
49*2 50
934 1 1
10*2 1 U*
.35
.35
.39
.39
49
50
49
50*4
49*4 50
497 50
8
3
3*8
3
3*8
13
13*4
13*8 13*8
80*4 8034 80*2 801*
*2*2 3
2~s
3
37
a 378
3*2 3-s
60
61
603.1 61
*1*8
1*4
1 4 1»4
®
Ei-dlvIdend and rUbts.
73*4 N ov 8
47*4 Jan
101*2 Nov20
89 Dec
4*2 Oct 25
2 Dec
19*2 Jan 9
17 Jan
119*2 N ov 5
97*4 Mar
119 Dec 8 10S Mar
130*2 N ov 4 112 Nov
57*4 Oct 20 i 14 Mar
991 Oct 4
2
72*4 Mar
67 Apr 23
57*2 Dec
101 Feb 6
97*4 June
36 N ov 4j
5 Feb
49 N ov 4
13*2 May
13*4 Apr 5
9*2 Dec
260 Jan 22; 234 Nov
184*2 Oct 4: 137 Dec
104 Mar29|
98*2 Nov
94 Aug 5
76*4 Nov
92*2 Jan 28
85 Nov
200 Jan 4' 200 Dec
3 Sep 10
2*4 May
16*8 Dec 21
18 July
46*2 Jan 26!
55 June
20 Apr
30 Nov26
55 Dec 2;
38 Dec
143 Jan 29 128 Nov
170 Oct 23 148 Dec
18*4 Jan 2
16 Jan
128 N o v l6 101*2 Nov
35*4 Oct 29
27 Feb
27 Mar
30*4 Sep 8
1*4 Apr 21
.95 Dec
163 N ovl7 x ll3 Dec
65 May24
52*4 Dec
30 Aug 31
28 Jan
88*2 N ov 1
48 Dec
117*4 Oct 30 103*4 Dec
14*8 N ovl7
59*4 Mar
98 June
4 Jan
22 Jan
110*4 Jan
115 Dec
124 Jan
15 Mar
83 Jan
67 Feb
100*2 June
9 Jan
16*4 Jan
14*2 Feb
265 Mar
150*2 Feb
102 Jan
943s Feb
96 Mar
216*4 Feb
3 Jan
38 Feb
70 Jan
30 Jan
69 Jan
141 Feb
159 Jan
20*8 July
107*4 Mar
31 May
29*2 Jan
2 Feb
173 Feb
61*4 June
30*8 July
67*4 Jan
112*8 Jan
478 Apr 22
1 Apr
2 Jan
103 Aug 27 239*4 Apr 300 Mar
40*4 Apr 22
19 July 28*4 May
4*4 Apr 22
1*4 Jan
*2 Dec
62 Dec 23
34*2 Jan
43*4 Feb
2 Jan
72*4 Nov26
12 *4 N o v
9*2 Apr 22
2 i2 N o v
6% M ar
4*4 Apr 22
1 Nov
4*8 Feb
24 Nov
80 June 4
40*4 May
78*4 Apr 26
53 Dec
70*8 Mar
630 Apr 22 350 Dec 460 Feb
25 Apr 22
14 Jan
19 Feb
57 N ovl7
30*4 Dec
43*2 Feb
29 Dec
63*4 N o v i7
40*4 Feb
5*4 Apr 22
1*2 Nov
3 Feb
16*2 Dec 7
8 Dec
13 Jan
14*4 Apr 22
2 Nov
77 Apr
a
94*2 Apr 27
60 Dec
91 Feb
52 Dec 24
21*4 Apr
42*8 Feb
11 Dec
22 Feb
24*2 Apr 29
28 July
29*4 Jan 19
30 M a
3 Apr
10*2 Apr 22
6*2 Feb
52 Aug 17
44*2 Dec
50*4 June
91*8 Apr 27
81 June 89*2 June
34 Apr 26
16 Dec
24 Feb
5*8 Apr 20
37 Mar
s
6*8 July
4 % Feb
4*2 Apr 26
2*8 May
19*2 Dec 20
10*2 Jan
4*4 Nov
9 Apr 23
3J4#Dec
5*2 Feb
4*2 Apr 27
4 Jan
1*4 Dec
2 Mar
17 Apr 22
c5*2 May
8 Apr 22
9 Jan
3*4 June
35*4 Oct 30
16*4 Dec
24*8 Feb
3 Apr 22
.50 July
1*4 Feb
95 Dec 23
39 Apr
49*2 Deo
17 Apr 27
10 Dec
16*8 Dec
14*4 June 7
17 Jan
8
7*2 Jan
13*2 Aug 7
4 June
4 June
87g Nov29
5 July
8*s Feb
19*4 Dec
30*4 Feb
387 Apr 26
8
4*8 Apr 23
.95 Apr
2*8 Jan
*4 Apr
2 Jan
3*2 Apr 29
7*8 Apr 22
5 1 6 Feb
258 Nov
61 Nov29
54 Feb
44 Dec
84 Feb
93*2 Apr 22
64 Dec
12*4 Dec
207 Jan
s
19*8 Aug 13
95 Apr 22
517 Dec
8
68 Feb
2212 Apr
15 Dec
27*8 N ovl7
40 Feb
65*4 Dec 24
28 Dec
1 Jan
5 Oct 22
2*4 Jan
11*4 Apr 26
4 Nov
7*2 Feb
38 N ovl7
29*4 Feb
18 Dec
7*4 July27
32 Feb
22 N ov
41*2 Apr 26
2%Jan
4*2 Apr 29
1*4 Nov
43 Feb
24*2 Dec
58*8 Aug 18
5*2 Jan
15*2 Oct 13
2*4 Nov
.63 Apr 14
.85 Mar
.23 Dec
43*2 Feb
50*4 Dec 24
24*4 Dec
40*2 Apr
50 Dec 23
4S7 Feb
8
2*8 Feb
1*4 Nov
5*8 JunelO
16*8 Junel4
14 Feb
8*4 Jan
59 June
81*8 Nov26
45*8 Nov
1 Mar c2% M ay
4*2 Apr 22
47 Feb
g
51a May 1
178 Dec
30 Dec
47*4 Feb
70 Apr 26
30 June
1*4 Jan
2*4 Apr 23
2s paid. u Halt-paid
>
THE CHRONICLE
2138
Outside Exchanges— Record Transactions
Boston Bond Record.— Transactions in bonds at Bos
ton Stock Exchange Dec. 18 to Dec. 24, both inclusive:
F r id a y
W e e k 's R a n g e
L a st
o f P ric e s .
S a le.
H ig h .
P r ic e . L o w .
Bonds—
Amer Tel A Tel 4s___ 1929
Anglo-French 5s_________
Atl G A W I SS L 5s. .1959
Cumberland Telephone 5s.
Gt Nor-C B A Q 4 s .. . 1921
K C A M Ry A Bdge 1st 5s
4 ) 4 s _____________ 1929
90)4
94)4
77)4
97)4
91
94)4
97)4
81
N E Cotton Yarn 5s. .1929
N E Telephone 5s___ 1932
Swift A Co 5s______ 1944
Western Tel A Tel 5s. 1932
98)4
90)4
94)4
77)4
88
98)4
97)4
71
90
94
97)4
80)4
74
101 %
94
98
99
S a les
fo r
W eek.
S h a res.
90)4 $66,000
15,600
95
77)4 10,000
5,000
88
2,000
98)4
98)4 20,000
1,000
71
2,000
91
3,000
94)4
6,000
97)4
81)4 65,000
3,000
74)4
101)4 16,000
5,000
94
98)4 12,000
99)4 19,000
R an ge s in ce J a n .
L ow .
86)4
94)4
60
86
96)4
95
59
90
91
95
70
70
99)4
91
94)4
94)4
1.
Jan 91)4
Dec
95
Jan 79
Nov
88)4
June 98)4
Jan 98 %
Mar
75
Dec
91
Aug 95
Jan 97)4
July 81)4
Apr 76
Jan 102
Nov
98)4
Feb 98)4
Mar 99)4
Nov
Dec
Nov
Dec
Dec
Nov
Feb
Dec
Nov
Nov
Dec
Jan
Nov
Aug
Nov
Nov
P a r.
American Gas of N J..100
American Railways------50
Preferred.................. 1 00
Baldwin Locom, pref.-100
Buff & Susq Corp v t c.IOO
Preferred v t c ______100
Cambria Steel-------------- 50
Elec Storage Battery.. 100
General Asphalt..........100
Preferred__________ 100
Hunt & Broad Top. pref .50
Insurance Co of N A— 10
J G Brill C o .................. 100
Keystone Telephone----- 50
Lake Superior Corp— 100
Lehigh Navigation........ 50
Lehigh V a lle y ............. 50
Lehigh Valley Transit..50
Preferred___________ 50
Lit Brothers.....................10
Little Schuylkill............. 50
Northern Central.......... 50
North Pennsylvania----- 50
Penn Salt M fg............... 50
Pennsylvania----------------50
Pennsylv Steel, pref— 100
Phila Co (Plttsb).........-50
Preferred (5% )........... 50
Pref (cumulative 6%).50
Philadelphia Electric.22H
Phil Rapid Transit........ 50
Voting trust recta----- 50
Philadelphia Traction. .50
Reading-----------------------50
2d preferred-------------- 50
Tono-Belmont Devel. . . . 1
Tonopah Mining----------- -1
Union Traction-------------50
United Cos of N J ----- 100
United Gas Improv’t ...5 0
U S Steel Corporation. 100
Preferred---------------- 100
Warwick Iron & Steel.. 10
W Jersey & Sea Shore. .50
Westmoreland Coal----- 50
Wm Cramp & Sons------100
York Railways-------------50
Preferred___________ 50
Scrip—
Cambria Steel scrip.-1916
Scrip_________Feb 1917
Scrip.............M ay 1917
Phila Co scrip........ ..1916
Scrip_____________ 1918
Bonds—
Allegheny Vail gen 4S.1942
Amer Gas & Elec 5s. .2007
do do small_____2007
Atlan C Elec 1st 5S..1938
Baldwin Loco 1st 5s. .1940
Bethlehem Steel p m 6s '98
Easton & Amboy 5s. .1920
Elec & Peoples tr ctfs 4s '45
do do small--------1945
Equit I Gas L 5s......... 1928
Harwood Electric 6s. .1942
Inter-State Rys coll 4s 1943
Keystone Teleph 1st 5s '35
Lake Superior Corp 5s 1924
LehighC&N gen4)4s reg’24
Consol 4)4s-----------1954
Lehigh Vail 1st ext 4 s.1948
Registered 4s---------1948
Consol 6s -------------- 1923
Registered 6s----- 1923
Annuity 6s------------------Gen consol 4s---------2003
Gen consol 4)4s------2003
Lehigh Vail Coal 1st 5s '33
Leh Vail Tr ref&impt5s '60
1st 4s____________ 1935
Penna RR consol 4)4s 1960
General 4)4s--------- 1965
Pa & Md Steel cons 6s 1925
People’s Pass trctfs 4s 1943
Phila Co cons* coll tr 5s'51
Phila Elec tr ctfs 5s. .1948
l do do s m a ll____ 1948
> Trust certfs 4s____ 1950
r do do small____ 1950
Reading gen 4s.......... 1997
Spanish-Am Iron 6s. .1927
Standard G&E 6s----- 1926
United Rys Invest 5s. 1926
Welsbach Co 5s small. 1930
West N Y & Pa gen 4s 1943
x
Ex-dlvldend.
40
74)4
34
25
9)4
38)4
98)4
59)4
84
42)4
28)4
20)4
20)4
79
82)4
45
89
87)4
116)4
50)4
86)4
35
120
29)4
94)4
108)4
32)4
58
74)4
64)4
34
72
14)4
24)4
48
14)4
9)4
77)4
81)4
18)4
38
19
54
89
93
98)4
58)4
82
44
35
42)4
28)4
20 Vs
19)4
79
81)4
43
4)4
6)4
44)4
225
88)4
85)4
116)4
10)4
50
67)4
86)4
9
34
121)4
29)4
95
108)4
42)4
59)4
76)4
166
34)4
72)4
14)4
25
50)4
14)4
10)4
78)4
82)4
18)4
38)4
19
54
89
93
100
59)4
84
45
36)4
43
29
20)4
20)4
79)4
82)4
43
4)4
7
45)4
225
89
87)4
116)4
10)4
50)4
67)4
87
9
35
98
98
101)4 101)4
101)4 101)4
100
100
98)4 98)4
89)4
105
120
95)4
27
91)4
100 %
88%
84
94)4
74
97
89)4
88)4
102
105
119)4
102
80)4
80
106
100)4
58
95)4
27
102)4
101)4
100
100
110)4
110)4
134
91)4
101)4
105)4
89)4
91
105)4
100)4
104
83
88
104
103
84
83
94)4
102)4
96
73)4
94
82
R ange s in ce Jan
L ow .
1.
H ig h .
to
0
0
Stocks—
S a les
fo r
W eek.
S h a r es.
Jan
94 100
Sept
24
1
Oct
23 94
Mar
9 90
May
11
3,506
May
36
1.412
Feb
41
18,701
82 47)4 Jan
Mar
24
21
Mar
205 60
10
8)4 Apr
Jan
414 21
July
196 29
Aug
13
319
Apr
5
4,620
389 71)4 May
Jan
53 65
835
13)4 June
1,242 26)4 Mar
19
10
May
July
1 52
Sept
50 82
Feb
40 90
Mar
284 80
1,638 51)4 Feb
369 49)4 May
1,082 29)4 Mar
24 31
Mar
Mar
551
32
3,337
23)4 Jan
100
7
May
5,680
7)4 May
July
130 70
May
1,174
70
Jan
304 40
1,545
3)4 July
July
5
577
May
652 30
Mar
36 220
620 80 M Jan
Feb
20,718 38
Jan
29 103
35
9)4 July
Aug
11 47
Jan
18 58
210
18)4 Jan
6
July
125
11
July
163
93
93
122
165
123)4 Dec
Jan
36
Jan
101
Sept
115
42)4 Dec
59)4 Dec
79)4 Dec
78)4 Sept
37)4 Nov
74)4 Nov
Sept
18
25)4 Nov
72)4 Oct
Apr
16
13)4 June
Oct
80
82)4 Dec
19)4 Nov
39)4 Nov
19)4 Feb
Nov
55
Dec
89
Dec
93
Oct
108
61)4 Nov
Oct
98
48)4 Oct
Aug
40
Sept
46
Dec
29
20)4 Dec
21)4 Dec
Nov
80
85)4 Nov
Nov
44
5 5-16 Nov
Jan
7%
Dec
17%
Feb
225
89)4 Nov
88)4 Nov
116)4 Dec
11)4 Aug
50)4 Nov
67)4 Dec
Sept
91
9)4 Nov
Dec
35
95
95
95
90
80
Feb 102)4 Oct
Feb 101)4 Oct
Feb 102
Dec
Feb 109
Aug
Feb 98)4 Nov
$5,000
95)4
97
89)4 15,000 85
85
3,300
90
2,000
97)4
102
5,000 100)4
105
12,000 115)4
120
2,000 102
102
73
4,000
81
1,600 73
82)4
106
2,000 105)4
5,000 91)4
100)4
58
1,000 57
95)4 15,000 90
27
9,000 25)4
4,000 102)4
102)4
4,000 97)4
101)4
100
3,000 100
100
2,000 99)4
2,000 108)4
110)4
1,000 108
110)4
134
5,000 133)4
92
14,000 86)4
1,000 97
101)4
3,000 103
105)4
86
2,500
89)4
1,000 88)4
91
105)4 15,000 102)4
100)4 46,000 97
104
1,000 98
83
1,000 76)4
70
88)4 31,000
5,000 100)4
104)4
103
200 101
5,300
77)4
84 H
84
1,100 79
91
94)4 22,000
6,000 100)4
102)4
96
2,000
88)4
74)4 70,000 55
94
1,400 90
82
1,000 74 >
4
Pittsburgh Stock Exchange.— The complete record of
transactions at the Pittsburgh Stock Exchange from Dec. 18
to Dec. 24, both inclusive, compiled from the official sales
lists* is given below. Prices for stocks are all dollars per
share, n ot per cent. For bonds the quotations are per cent
of par value.
H ig h .
Philadelphia Stock Exchange.— The complete record
of transactions at the Philadelphia Stock Exchange from
Dec. 18 to Dec. 24, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars per share, n o t per cent. For bonds the quotations
are per cent of par value
F rid a y
W e e k 's R a n g e
L a st
o f P r ic e s .
S a le
H ig h .
P r ic e . L o w .
(VoL. 101
Nov
Jan
Jan
Jan
Mar
Jan
Nov
Aug
July
Mar
Sept
July
Jan
Aug
Dec
Jan
Dec
Mar
Aug
Sept
Jan
Aug
Feb
Jan
May
June
Aug
May
Jan
Oct
Mar
Jan
Jan
Jan
Jan
Aug
Jan
Apr
Mar
Mar
Oct
97
89)4
90
102
107)4
120
102
83
82)4
106
100)4
60
97
45
102)4
102
100
100
110 H
110)4
136
92
102)4
105)4
90
91
106)4
101)4
104)4
83
89
105
105)4
86)4
84)4
95)4
102)4
96
75
94)4
83
Dec
Dec
Dec
Nov
Nov
Dec
Nov
Nov
Nov
Dec
Dec
Apr
Nov
Jan
Dec
Dec
Dec
Dec
Dec
Dec
Apr
Nov
Dec
Dec
Nov
Dec
Nov
Nov
Dec
Jan
Nov
Dec
Dec
Dec
Nov
Nov
Dec
Dec
Oct
Oct
Dec
Stocks—
Par
Amer Sewer P ipe--------100
Am W ind Glass M ach . 100
P referred ___________ 100
An W ind Glass, p r e f .. . 100
Caney River G as--------- 25
Columbia Gas & E l------100
Consolidated Ice, p r e f ..50
H arb-W alk Refract pf.100
Independent B re w in g ..50
P referred____________ 50
La Belle Iron W ks, comlOO
Preferred___________ 100
Lone Star G as--------------100
M frs Light & H eat..........50
N at Fireporofing, c o m .. 50
P referred____________ 50
Ohio Fuel O i l . . . .................1
Ohio Fuel Supply.......... .25
Oklahoma Nat G as------100
Osage & Oklahoma C o . 100
Plttsb Brewing, c o m ..50
P referred____________ 50
Pittsburgh Coal, c o m ..100
P referred........... ......... 100
Pittsburgh Plate Glass. 100
Pure Oil, com m on.............. 5
San T o y M in in g .......... . .1
Union Natural G as------100
Union Switch & Signal. .50
U S Glass......................... 100
U S Steel C orp, c o m .. . 100
W ’ house Air Brake------50
W ’house Elec & M fg — 50
W est Penn T r W &P ..1 0 0
B on d s—
Colum bia Gas &El 5s 1927
Pittsb Coal deb 5 s .-.1931
W est Penn R ys 5 s ..1931
F rid a y
L a st
W e e k 's R a n g e
S a le
o f P r ic e s .
. P r ic e . L o w .
H ig h
16)4
29)4
16)4
29
132
98
36
36
15)4
14)4
—
34
100
100
—
3)4
17)4
50)4
123
123
93
52
51)4
Ai y%
11)4
23)4
17)4
40
______
75
101)4
______
5)4
18)4
18)4
36
36
111)4
115
18)4
17)4
19c.
17c.
147
147
—
127)4
25
86
139)4 139
69)4
68)4
16
Sales
fo r
W eek.
S h a r es.
R a n g e s in c e J a n .
Low .
30
16)4
15)4 Nov
4,061
29)4
15)4 July
135
769 75)4 May
99
555 89)4 Oct
37
515 23
July
15)4
2,030
8)4 Jan
34)4
65 34
Nov
100
100 97)4 Mar
no
3)4
2)4 Aug
17)4
115
13)4 Aug
60 27
50)4
Jan1
124
392 103
June
93
553 91
Mar
52)4
337 46
May
2,175
12)4
4)4 Feb
25
1,200
16
Feb
18
1,301
12
May
40)4
142 38
Nov
75
521
57
Feb
108
385 07)4 Feb
230
3
5)4
Feb
100
18)4
12
July
1,200
37)4
16)4 Jan
25 82)4 Jan
111 %
115
10 104
Apr
6,726
18)4
13)4 May
20c. 25,600
8c. Apr
149)4
70 128)4 Aug
128
100 92
Apr
28
600
13
Aug
86
50 38
Feb
524 116)4 Mar
140)4
285 32)4 Feb
69)4
16)4
150 10 | Oct
78
78
96)4 96)4
99)4 100
$500
1,000
4,000
1.
H ig h .
71 iMar
90 |TJan
96)4 July
24
31
135
123
37
16)4
40
100
6
22)4
59)4
124
108)4
53)4
13)4
26
18)4
45
75
108
8)4
24)4
42)4
112)4
119
18)4
24c.
150
130)4
30
88)4
144
74)4
20
78
97
100
Apr
Oct
Dec
Jan
Dec
Nov
Feb
Dec
Apr
Jan
Nov
Apr
Oct
Nov
Dec
May
Dec
Dec
Nov
Jan
Oct
Oct
Nov
Oct
Juno
Dec
Oct
Dec
Nov
Sept
Oct
|Nov
Dec
Apr
Dec
Baltimore Stock Exchange.— Complete record of the
transactions at the Baltimore Stock Exchange from Deo. 18
to Dec. 24, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, n ot per cent. For bonds the quotations are per cent
of par value.
Stocks—
Par.
Alabama Co................. 100
1 st preferred_______ 100
2d preferred............... 100
Arundel Sand & Gravel.
Atl Coast L (C o n n )... 100
Balt Electric, pref........ 50
Chalmers OH & Gas----Preferred.................. .
Commercial Credit----- 100
Preferred...................100
Consol Gas E L & Pow. 100
Preferred........ .......... 100
Consolidation Coal----- 100
Cosden & Co......................
Preferred_____________
Davison Chem, pref— 100
Elkhorn Fuel_________ 100
Houston Oil tr ctfs----- 100
Preferred trust ctfs. .100
Monon Vail Trac........ 100
Preferred__________ 100
Mt Vernon Mills V T .. .
Mt V Mills V T , pref...
Northern Central---------50
Penna Wat & Pow------100
Poole Eng & Mach---------Pub Serv Bldg, pref...........
Sapulpa Refining-----------Preferred_____________
Symington (T H), pref----United Ry & Elec---------50
Wayland Oil & Gas------- 5
Bonds—
Alabama Co gen 6s--------Ala Coal < Iron 5s............
fc
Atlan Coast Line RR—
Convertible deb 4s .1939
Balt Dry D & S B 6s..........
Balt Elec stmpd 5s. ..1947
Balt Spar Pt & C 4)4s 1953'
C A P Tel of Va 5s----- ---I
Chicago Ry 1st 5s----- 1927,
Consolidated Gas—
!
General 4S4s----- - - ,1"
Cons Gas E L & P 4)4s 3o
Notes, sm all--..............
Consolidation Coal
|
Convertible 6s......... 1923
Davison Chem 6s------ 1J3Elkhorn Corp 6s......... - - - Elkhorn Fuel 5s------Fairmont Coal 5 s .---1931
Ga Sou & Florida 58 .1945
Hous Oil div ctfs.. 1923-25
Lexington & Easton 5s . . .
Md Elec Ry 1st 5S-.-1J31
Milw Gas Lt 1 st 4s - -1927
Minn St A St P C It 5s 1928
Mt V Mills V T notes.--. . .
N News A Old Pt 1st 5s 38
Norf A Ports Tr 5 s.-.1936
Norf Ry A Lt 5s........ 1949
Penna W A P 5S-----1940
Seaboard Air Line 4s. 1950
United Ry A El 4 s . ..1949
Income 4s-------------1949
Funding 5s............... 1936
do
small____ 1936
Wash B A A 5s.......... 1941
F rid a y
L a st
W eek ’ s R ange
S a le.
o f P r ic e s .
P r ic e . L o to .
H ig h
7H
45)4
99 )4
13
23 X
67 X
11)4
48
30
39
118
45
5
5
45)4
28
115
116
99
12)4
12)4
185
18
22)4
65
16
52)4
74
137)4
8)4
8
73)4
113
101)4
7
7
105
25)4
4)4
13)4
50
30
41 Vs
119
45
8)4
5
45)4
28
115)4
116
9 9^
13
12)4
222
18
24)4
68
66
80
16
52)4
90
74
140
101)4
8)4
8)4
105
26
5)4
58
75
91)4
98) 4
99) 4
95) 4
96
96) 4
82 %
R ange s in ce J a n .
Low .
5
Sept
13)4
35
Nov
50
20
Nov 30
35
Dec 67
107
Sept 122
42
Sept 45)4
4)4 Dec
8)4
4) 4 Dec 5)4
35)4 May 168
25)4 May 102)4
102)4 May 116
106)4 Jan 116)4
92
Jan 100
8,102
5
Jan
13)4
50
5 ) 4 Mar 13
503
100)4 May 222
20
16
May 22
6 ,1 1 4
10
Mar 25
1 ,3 4 8
54
Jan 68
1
58
Dec
67
30
74)4 Dec 80
24
9
Oct
18
18
52
Dec 55
138
82
Aug 90
195
63 )4 Aug 75
1 ,3 3 3
95
Dec 140
5
101
Nov 101)4
1 3 ,5 8 8
2
July
8)4
8 ,6 3 5
4)4 Oct
8)4
110
80
Sept 110
1 ,0 5 5
20)4 June 27
3 ,9 1 0
2)4 May
5)4
91)4 10,000
1 ,0 0 0
98)4
1,000
99)4
6,000
95)4
96
5.000
96)4
4 .0 0 0
5 .0 0 0
3 .0 0 0
800
1.
H ig h .
246
94
50
820
42
10
2 ,2 2 5
350
25
2
1 ,2 3 7
519
255
$8,000
1,000
93)4 93)4
90)4 90)4
100 100
103)4
102)4
97) 4
99)4
96)4
103
81
101)4
96)4
92
101
98
99
83
96)4
90
83
82)4
60)4
85
85
83
Sales
fo r
W eek.
S h a res
Dec
Dec
Dec
Dec
Nov
Dec
Dec
Dec
Apr
Apr
Dec
Dec
Nov
Deo
Deo
Dec
June
Nov
Dec
Dec
Dec
Nov
Oct
Dec
Deo
Dec
Oct
Dec
Dec
Nov
Mnr
Dec
Dec
Sept
82)4
97) 4
96)
93
94
93
Dec
Oct
Aug
Dec
92)4 Nov
98) 4 Dec
4 Jan
99) 4 June
97
Jan
96
Nov
97
Jan
Aug
Feb
June
92
Aug 95
Juno
85)4 Sept 90)4 Dec
98) 4 Mar 100)4 Sept
103)4
1 .0 0 0
99) 4 Jan
104)4 3 7 . 0 0 0
97
Jan
97)4 2 4 . 0 0 0
97) 4 Dec
100
20.000 92)4 Jan
96)4
94
Jan
3 .0 0 0
103
Aug
2.000 100
82)4 4 3 . 0 0 0
72)4 Apr
101)4
101)4 Dec
4 .0 0 0
96)4
July
2.000 94
92
1 ,0 0 0
90)4 Jan
100
Sept
101
1 ,0 0 0
N ov
98
6,000 98
Jan
95
99
1 ,0 0 0
Aug
75
83
1 ,0 0 0
Sept
94
1 ,0 0 0
96)4
Jan
88
4 .0 0 0
00)4
1.000 77)4 Jan
83
1 8 .0 0 0
79) 4 June
83
55
June
1 5 ,0 0 0
61
June
6,000 81
85
2,000 80) 4 July
85)4
7 ,0 0 0
73)4 Oct
83
104
104)4
97 %
100) 4
96)4
103 M
82)4
101) 4
98)4
92
102
99
99
84)4
97)4
Dec
Dec
Dec
Dec
Jan
Dec
Dec
Dec
Jan
Dec
Jan
Nov
Dec
Jan
Apr
Apr
Nov
Nov
Nov
Jan
87)4 Jan
83
Do
Dec . 25 1915.]
THE CHRONICLE
Chicago Stock Exchange.— C om p lete record of transac
tions a t Chicago Stock Exchange from D e c . 18 to D e c . 2 4 , both
inclusive, com piled from the official sales lists, is as follow s:
F r id a y
W eek ’s R ange
L a st
o f P r ic e s .
S a le.
H ig h .
P a r . P r ic e . L o w .
Stocks—
American Radiator----- 100
Amer Shipbuilding----- 100
36^
Chic City A C Ry pt sh pref
Chic Pneumatic Tool . 100 77)4
Chic Rys part ctf “ 1” ___
80
19
Chic Itys part ctf “ 2 " ___
Chic Rys part ctf “ 4” ___
1)4
Chicago Title A Trust. 100 230
Commonwealth-Edlson 100 143
Diamond Match_____ 100 104)4
Hart Shaft A Marx pref 100
85
Illinois Brick.......... ...1 0 0
24)4
Kan City R A L com c t f..
National Biscuit______100
Pacific Gas A Elec C o. 100
People’s Gas Lt A Coke 100
Pub Serv of No 1 1 pref. 100
1
Quaker Oats C o_____ 100
P re fe r r e d .___
-.100
Sears-Roebuck commonlOO
110
309
107)4
185
385
35)4
84
18
77)4
77
18)4
1)4
230
143
96 M
104*4
z ll4
84*4
370
24)4
55
6)4
127)4
165
120
56
107)4
102
309
107)4
180
126
84
125)4
167)4
86)4
111)4
390
36)4
84
18
7854
80
19
1)4
230
145
97)4
106
115)4
85
385
25
55
6)4
127)4
166
122
57
113)4
102
310
HO
185
126
8954
126)4
180)4
86)4
114
Stewart War Speed com 100 88)4
Swift A C o ............ ...1 0 0 126)4
Union Carbide C o____ 100 128)4
U S Steel common. ..100
Ward, Montg, A Co pref.. 112)4
Bonds—
98 % 99)4
Chicago City Ry 5s .1927
98
9S
Chic Pneu Tool 1st 5s. 1921 98
Chicago Rys 5s______1927
97)4
96)4 97)4
76
75
Chic Rys 4s..series “ B”
38
36
F Chic Ry Ad Inc 4s_1927 38
102)4 102)4
Commonw-Edlson 5s. 1943
102)4 102)4
Commonw Elec 5s. 1943
72)4 72)4
Metr W Side El 1st 4s. 1938! 72)4
90
90
Morris A Co 4)^8___ 1939
95)4 95)4
Ogden Gas 5s___ — 1945
People’s Gas Lt A Coke—
102)4 102)4
Refunding gold 5s. .19471
102)4 102)4
Chic Gas L A C 1st 5 s’37
Consum Gas 1st 5s. 1936 101)4 101)4 101)4
94
94)4
Pub Serv Co 1st ref g 5s '56
South Side Elev 4HS.1924
88)4 8854
98)4 98)4
Swift A Co 1st g 5s— 1944
a Ex 50% stock dividend, z Ex-dlvldend.
S a les
fo r
W eek.
S h a r es.
R a n ge s in c e J a n .
L ow .
29 345
183 26
25 67)4
50
15
500 45)4
125 70
87
16
49
1
10 204
748 13254
202 88
282
90
34 105
800 60
45 159)4
102 20
50 40
100
3)4
50 118
20 11954
208 118)4
25 41
575 107)4
8 93)4
166 225
107 103
2.678 (Z131J4
30 121
6.005 48)4
614 10454
2,804 144)4
200 38)4
289 HO %
$29,000 96
3,000 94
28,000 93
5,000
69
17,000 35
59,000 100
4,000
99)4
1,000
70)4
3,000
86)4
4,000 92
00
33,000 99)4
2,000 100)4
2,000 100
20,000 8754
2,000 87
39,500 94)4
1.
H ig h .
June 390
Apr 48)4
84
Dec 32
Feb 93)4
Sept 93
Ocl
31)4
Feb
3
Aug 235
June 146)4
99
Mar 121)4
Jan 116
Feb
85
385
Apr 30)4
60
July
7
Feb
130
166
Mar 125
July 61)4
Dec 12354
May 102
Sept 330
Apr 108
Mar 215
126
Jan 92)4
Jan 128
Jan 180)4
Feb 88
fJan 115
Jan
Aug
Apr
Aug
Jan
Jan
Jan
Nov
Nov
Nov
Nov
Dec
Sept
Dec
Oct
Dec
Sept
No v
Apr
Nov
Nov
Oct
Jan
Mar
Nov
Dec
Dec
Oct
Dec
June 99)4 Dec
Mar
Feb 98
June 97)4 Dec
Sept 77)4 Mar
Dec
July 48
Jan 10254 Nov
May 102)4 Dec
77
Feb
Oct
90
Dec
Jan
Jan
95)4 Dec
Jan 10254 Dec
Nov
Oct 103
Sept 101)4 Dec
Jan 95
Nov
Oct 90
Apr
Jan
98)4 Nov
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. W EEKLY AND YEARLY.
St o c k s .
W e e k e n d in g
D e c . 24 1915.
R a ilr o a d .
S ta te, M u n .
A F o r e ig n
B onds.
Ac.,
S h a r es.
Saturday-.......... .......
Monday____________
Tuesday------------------Wednesday------------Thursday........ ...........
Friday.............. .........
P a r V a lu e .
$1,457,500
3.126.000
2.093.500
2.469.500
3.929.000
3.023.000
U . S.
B onds.
$437,500
1.254.000
1.642.000
2.551.500
1.425.500
2.203.000
2,645,878 $221,503,865 $16,098,500
T o ta l-------------------
191,650 $15,670,500
418.326
34,744,930
338.326 30,059,100
540,080 42,020,900
598,013 50,308,635
559,483 48,699,800
B onds.
$9,513,500
W e e k en d in g D e c .
S a le s at
N e w Y o r k S tock
E xch a n g e.
24.
1914.
1915.
Jan.
1 to
$2,000
24.
D ec.
1915.
$1,000
1,000
1914.
539,793
2,645,878
169,894,156
Stocks— No. shares—
47,560,328
Par value-------------- $221,503,865 $46,695,375 $14,592,071,690 $4,155,846,144
$5,000
$30,800
Bank shares, par------$287,200
$270,800
B onds.
$2,000
S7.000
Government bonds—
$3,034,000
$692,600
9,513,500
194,000
State, mun., Ac.,bonds
43,481,500
33,443,500
16,098,500
5,840,000
R R . and mlsc. bonds..
(886,856,200
422,203,500
$6,041,000
Total bonds---------- $25,614,000
$933,371,700
$456,339,600
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
ANO
B o s to n .
W e e k e n d in o
D e c . 24 1915.
S h a r es.
P h ila d e lp h ia ,
B o n d S a les.
S h a r es.
B o n d S a le s.
B a ltim o r e .
S h a res.
B o n d S a le s.
Saturday..............
Monday.............. Tuesday.,...........Wednesday______
Thursday. --------F rid a y.................
29,781
42,996
29,107
57,898
69,980
65.377
$20,000
65.600
44.000
61.000
41.600
24,000
8,632
11,348
7,339
10,742
21,384
13,878
$27,700
62,200
47,679
43,174
99,883
58,100
8,377
10,838
10,869
7,259
9,848
4,075
$17,000
50.400
59.400
42,100
82,700
9,000
Total .............. .
295,139
$256,2001
73,323
$338,736
51,266]
$260,600
Inactive and Unlisted Securities
All bond prices are “ and Interest” except where marked “ f.
Standard OH Stocks
r Share
B id .
A sk.
*17*4 18*4
680 690
285 290
*112 115
Buckeye Pipe Line Co—
730 750
160 180
275 280
50
♦47
60
65
Eureka Pipe Lino Co------100 260 270
Galena-Signal Oil com— 100 164 167
Preferred____________ 100 135 140
Illinois Pipe Line_______ 100 181 184
Indiana Pipe Line Co___ 50 *112 115
13*4
Internat Petroleum______£1 •13
35
National Transit C o____ 25 *33
New York Transit C o ... 100 z225 ■230
Northern Pipe Line C o . . 100 105 110
Ohio Oil C o_____________ 26 •185 187
Penn-Mex Fuel C o______~2f> •69
71
Anglo-Amer Oil new------
Pierce Oil Corp_
_
^05
Prairie Oil & Gas
loo
Prairie Pipe L l n e ._ H " ‘ ioo
Solar Refining____
jqo
Southern Pipe Line C o " l 00
South Penn Oil____
'10 0
Southwest Pa Pipe Lines' 100
Standard Oil (California) 100
Standard Oil (Indiana)..100
Standard Oil (Kansas) ..1 0 0
Standard Oil of Kentucky 100
Standard OH of Nebraska 100
B id .
•17
435
232
320
230
380
130
382
545
475
355
355
555
230
555
130
Union Tank Line C0 . I I I 100
87
“
m Oil.................... 100 234
*50
Bonds.
85
As*.
17*2
440
235
325
235
385
135
385
550
485
360
360
557
232
565
140
89
237
55
87
2139
T ob a cco Stocks — P e r Sha r e .
Railroads—
B id . A s k .
P a r B id . A s k . West Pac 1st 5s 1933...M -S f 36
39
American Cigar commonlOO 108 114
Preferred____________ 100 98 101
Street Railways—
Par
95
Amer Machine A F d ry ..l0 0 90
Com’w'lth Pow R y A L ..10 0 60
61
Brltlsh-Amer Tobac o rd ..£ l *1412 1512
Preferred_____________100 85
86
16
Ordinary, bearer.......... £1 *15
Federal Light A Traction 100 10
12
Conley Foil___________ .100 350 400
Preferred_____________100 40 46
Johnson Tin Foil A M e t.100 155 175
Republic R y A Light___ 100 21
23
MacAndrews & Forbes..100 140 150
Preferred..................... 100 70
73
Preferred____________ 100 99 101
Tennessee R y L A P com 100
9
11
Porto Rlcan-Amer Tob._100 205 215
Preferred_____________100 42
45
Reynolds (R J) T obacco.100 470 500
United Lt A Rys com_ 100 45
_
49
Preferred....................... 100 118 121
1st preferred................. 100 73
75
33
Tobacco Products c o m ..100 32
Wash Ry A El C o______100 83
84*2
98
United Cigar Stores com.100 93
Preferred_____________100 82*2 83*s
Preferred____________ 100 110 120
4s 1951.................
J-D 81
81*4
Young (J S) C o...............100 155 170
Preferred____________ 100 105 110
Elec. Gas & Power Cos— j
Ordnance S tock s — P er S h i r e .
Am Gas A Elec com_____ 50 *134 138
Aetna Explosives com_ 100 100 110
_
P referred ..................... 50 *49
51
88 Am Lt A Trac com m on..100 386 391
Preferred____________ 100 84
Amer A British M fg___ 100 15 25
Preferred....................1 0 0 111 114
80 AmerPower A L t c o m . . . l 00 70
Preferred____________ 100 50
72
Atlas Powder common..100: 260 270
Preferred.......................100 z85
86
Preferred....................... 100 97 100 Amer Public Utilities com 100 40
Babcock A Wilcox..........100 125 135
Preferred_____________100 72
74*y
Bliss (E W) Co com m on..50 *350 375
_
Cities Service Co com_ 100 98 100
83
Preferred.......................50 *73
Preferred_____________100 74
76
Canada Fdys A ForglngslOO 200 225
Consumers Power (Minn)
96
Canadian Car A Fdry_..100 94
1st A ref 5s 1 9 2 9 ...MAN 100
Preferred____________ 100 103 106
Elec Bond A Share pref. .100 100
Canadian Explosives com 100 380 415
Great West Pow 5s 1946.JAJ 85
87
Preferred....................... 100 100 110 Indiana Lighting C o___ 100 85
75
Carbon Steel common_ 100 65
_
4s 1958 optional___ F-A
71
76 "
85
1st preferred................. 100 75
North'n States Pow com.100 46
48
68
2d preferred................. 100 60
Preferred....................... 100 93
95
Colt’s Patent Fire Arms
Pacific Gas A Elec co m ..100 56
57
M fg ...............................100 870 900
1st preferred................. 100 88 90
Drlggs-Seabury Ord Corpl00t/140 144
2d pref (old pref)___ 100 89
91
duPont (E I) de Nemours
South Calif Edison com.100 88 90
Powder com (new )...10 0 380 390
Preferred....................... 100 99 101
Preferred..................... 100 99 103 Southwest Pow A L pref 100 97*2 100
Electric Boat__________ 100 440 450
Standard Gas A El (D el). 50 *7*2 8*2
Preferred____________ 100 440 450
Preferred__________
•30
31
Hercules Powder co m ...10 0 375 390
20 24
Preferred................. ...1 0 0 HO 120
1 z74
77
65
Hopkins A Allen A rm s.. 100 55
1 22
25
94
Preferred.................
100( 89
),__18
19
30
International Arms________ 28
Notes1.
15
Lake Torpedo Boat c o m ..io *14
16
18
Marlin Arms com
30 38
54
56
90
Preferred.............. .............
80
Midvale Steel A Ordnance . . *77i4 77‘2
Industrial
Nlles-Bement-Pond com . 100 185 195
and Miscellaneous
Preferred___________ 100
100 106
/80
81
Savage Arms..................... 100 485 495
75
85
Scovlll M f g ..............
100 480 500
*46
49
45
Submarine Boat _________ I *44
*49
52
Winchester Repeat Arms 1002600 2700
273 278
Short Term Notes. PerCent
American Chicle com .
80
83
Amer Locom 5s July 1916 J-J 100*g 101‘s
90
92
8
5s. July 1917.................J^i 100*8 101 >
133 136
Am T A T Sub Cos 5s. .1916 100*2 100*4
Preferred____________ ic j 141 144
Anaconda Copper 5s ’ 17 M-S 101's 1013s American Hardware____ 1C 123 126
Balt A Ohio 4Hs 1917. JAD 101‘s 101*8
118 123
4 X s, 1918................. j a d 101*8 1017g Amer Typefounders com. 1C
41
43
C a n a d i a n P a c 6 s 1 9 2 4 . M A S 2 102% 103*8
Preferred____________ ic
91
93
C h e s A O h io 5 s 1 9 1 9
J -D
98>2 98*4 Bond A Mtge Guar____ 1C
290 300
95i2 97
C h ic E l e v R y 5 s 1 9 1 6 .1 1 J -J
115 116
C h ic A W e s t In d 5 s ’ 1 7 -M A S
100 100U
105 107
C on su m P ow 6s 1 9 1 7 ..M A N
100 102
*16*4 17
E r ie R R 5 s , A p r il 1 9 1 6 A A O
100‘ 2 100*4
•2
2*8
5 M s A p r il 1 1 9 1 7 . . . A -O
101*8 1017g
' ____ 105
G en eral R u b b e r 5s 1918 J A D
100*8 100*8
zl55 159
H o c k in g V a lle y 5 s 1 9 1 7 .M - N
101 101*4
16
19
I n t H a r v 5 s F e b 15 ’ 1 8 .F -A
Preferred__________
101‘ 2 101*4
70
SO
10114 Cramp Ship A E B ld g ... 100 84
L a c k a w a n n a S t e e l 6 s ’ 1 7 * M - S 101
88
M in n G e n E l 6 s 1 9 1 7 . . . J A D
101 101*2
nerson-Brantlngham
16
20
N e w E n g N a v 6 s 1 9 1 7 .M -N
99>4 99*2
Preferred__________
51
55
•1
N Y N H A H S s . M a y 1 1 9 1 6 100l2 100*4 Goldfield Consol Mines_ 10
_
1*8
100*8 100*8 Havana Tobacco Co___ 100
P u b S e r C o r p N J 5 s ’ 16 M A S
4
2
100>4 100*4
S c h w a r z A S u lz b 6 s ’ 1 6 . .J - D
Preferred....................... 100
6
8
100*8 100*8
S e a b o a rd A L 5s 1 9 1 6 ...M - S
1st g 5s June 1 1922..J -D /52
55
100‘s 100*8 Intercontlnen Rub co m .. 100 15
S o u th e rn R y 5s 1 9 1 6 .. .F - A
15*2
5 s M a r 2 1 9 1 7 .............M - S 2
100*8 1005s Internat Banking > o ___ 100 160 163
100U 100*4 Internat Merc Marine_ 100
S u l z A S o n s C o 6 s J ’ n e 1 '1 6 M - S
_
17*8 17*4
99 100
U n T y p e w 5 s J a n l5 ’ 16 J -J 1 5
Preferred____________ 100 73*2 74*2
U n ite d F r u it6 s M a y 1 ’ 1 7 M -N
lOHs 102*8
39
42
G o ld n o te s 5 s 1 9 1 8 ..M -N
100‘2 100*4
/64
1st g 5s 1951............A-O /84
68
U t a h C o 6 s 1 9 1 7 ___________A - O
10034 101*2 International Silver pref. 100 98 102
94‘2 95*2
U ta h S e cu rC o rp 6s ’22 M -S 1 5
1st 6s 1948.......
J-D 108*2 109*2
N e w Y o r k C ity N o te s —
Deb 6s 1933__________ J-J
6s S e p t 1 9 1 6 ..
102>8 102*4 Kelly-Sprlngfleld T ir e ... 100 290 298
103*8103's
6 s s e p t 1 1 9 1 7 ______ : : : : : : : : :
1st preferred...............100
95
96*2
C a n a d ia n G o v t . N o te s —
New stock when Iss.
72*2 74
5 s A u g 1 1 9 1 6 . . ................ F A A
100*8 100*8
Kennecott Copper_________ *55*8 55*4
5 s A u g 1 1 9 1 7 ..........................F A A 1 0 0 * 2 1 0 0 * 4 Lanston Monotype____ 100
73
76
PerCt.lBasU La Rose Consol Mines___ 5
h
*4
R R . E q u ip m e n ts —
Bid. A s * . Lawyers’ Mortgage C o .. 100 178 183
B a l t i m o r e A O h i o 4 ) * s .............
4 . 3 5 4 . 2 0 Lehigh Valley Coal Sales.50 *80
82
B u f f R o c h A P it t s b u r g h 4 J ^ s
4 . 4 0 4 . 3 0 Marconi Wireless of Amer.5
*3*s 3*8
E q u ip m e n t 4 s . . .
4 .4 0
4 . 3 0 Mortgage Bond C o____ 100
114 119
C a n a d ia n P a c ific 4 H s .
4 .5 5
4 . 4 0 National Surety.............. 100 203
208
C a r o C lin c h f A O h io 5 s .
4 .8 5
4 . 6 5 N Y Mtge A Security_ 100
_
98 103
C e n t r a l o f G e o r g i a 5 s . ................
4 . 5 5 4 . 2 0 N Y Title Insurance C o .100
35 45
E q u i p m e n t 4 ) $ s _____________
4 . 5 5 4 . 2 0 Nipissing Mines__________ 5
*7*4 8
C h i c a g o A A l t o n 4 s ____________
7 . 0 0 5 . 7 5 Otis Elevator com______100
69
C h i c a g o A E a s t e r n 111 5 s _____
6 .0 0 5 .2 5
Preferred...................... 100
92
94
E q u i p m e n t 4 ^ 8 _____________
6 .0 0 5 . 2 5 Realty Assoc (Brooklyn) .100 100 104
C h i c I n d A L o u l s v 4 H s ____
4 . 7 0 4 . 5 0 Remington Typewriter—
C h i c S t L A N O 5 s ......................
4 4 5 4 .2 5
15
Common_____________100 14
C h i c a g o A N W 4 H s __________
4 .3 0 4 .1 5
1st preferred_________ 100 60
63
C h l c a g o R I A P a c 4 H s .............
5 .7 5 5 .0 0
2d preferred_________ 100 35
38
C o lo r a d o A S o u th e r n 5 s . . .
4 . 6 0 4 . 4 0 Rlker A Hege'n(Corp for atk)
*5*4 5*2
E r i e 5 s ............................................. ...
4 . 6 0 4 . 4 0 Royal Baking Powd com.100 140
—
E q u i p m e n t 4 H s _________ I I I I 4 . 6 0
4 .4 0
Preferred................... ..10 0 99*2100*2
E q u i p m e n t 4 8 _________________
4 . 6 0 4 . 4 0 Safety Car Heat A Light. 100 110
112
H o c k i n g V a l l e y 4 s ______________ I 4 . 6 0
4 . 4 0 Singer Mfg C o................. 100 214 218
E q u i p m e n t 5 s _________________
4 . 6 0 4 . 4 0 Standard Coupler co m .. 100
25 |35
I l l i n o i s C e n t r a l 5 s __________
4 .3 5 4 .2 0
Preferred____________ 100 100 ____
4 H 8 ......................................................
4 . 3 5 4 . 2 0 Sterling Gum____________ 5
2*8 2*4
K a n a w h a A M ic h ig a n 4 H 8 - .
4 . 0 0 4 . 4 0 Texas A Pacific Coal___ 100
135 150
L o u i s v i l l e A N a s h v i l l e 5 s _____
4 . 3 0 4 . 1 5 Tonopah Extension Min__ 1
M i n n S t P A S S M 4 ) * s _____
4 . 4 5 4 . 2 0 Triangle Film_______ .........5
*6*4 6*8
M is s o u r i K a n s a s A T e x a s 5 s .
5 .7 5 5 .0 0
United Profit Sharing
•1*4
Hs
M i s s o u r i P a c i f i c 5 s .........................
6 . 5 0 5 5 0 U S Casualty............. ...1 0 0
190 210
M o b i l e A O h i o 5 s ...........................
4 .8 0 4 .5 0
(J S Envelope com__ ...1 0 0 128 138
E q u i p m e n t 4 H 8 _____________
4 .8 0 4 .5 0
Preferred_________ ...1 0 0 104*2 107
N e w Y o r k C e n t r a l L in e s 5 s . .
4 .5 5 4 4 0
U S Finishing............ _ 100
15
11
_
E q u i p m e n t 4 H 8 _____________
4 .5 5 4 .4 0
Preferred_________ ...1 0 0 35
40
N Y O n ta r io A W e s t 4 H s . . .
4 6 5 4 .4 5
1st g 5s 1919......... ...J - J 92
N o r f o l k A W e s t e r n 4 H s _____
4 .3 0 4 .1 5
75“
Cons g 5s 1929___ ---J -J 68
E q u i p m e n t 4 s _________________
4 . 3 0 4 . 1 5 U S Title Gu A Indem___100
35 45
P e n n s y l v a n i a R R 4 ) 4 s _______
4 .2 5 4 .1 0
Westchester A Bronx Title
E q u i p m e n t 4 s _________________
4 .2 5 4 .1 0
A Mortgage Guar_____ 100 165 180
S t L o u is I r o n M t A 8 o u 5 s . .
5 . 4 0 4 . 9 0 World F ilm ____ ________
•3
3*4
S t L o u is A S a n F r a n c is c o 5 s .
7 .0 0 5 .5 0
Worthington (H R) Com
S e a b o a r d A i r L i n e 5 s __________
4 .6 0 4 .4 0
pany pref....................... 100 103 107
E q u i p m e n t 4 H s _____________
4 .6 0 4 .4 0
Yukon Gold_____________ 5 •2*4 3
S o u t h e r n P a c i f i c C o 4 H s ____
S o u t h e r n R a i l w a y 4 ) 4 s _______
T o l e d o A O h i o C e n t r a l 4 s ____
4 38
4 .6 0
4 .8 0
4 .2 0
4 .4 0
4 .5 0
"Per share. 5 Basis, d Purchaser also pays accrued dividend,
/ Flat price, n Nominal, z Ex-dlvldend. v Ex-rights.
e
New stock,
[Vol.
THE CHRONICLE
2140
101
'mrestmcut ;mtl IRailtcraxI lutclligutxcc.
R
A
I L
R
O
A
D
G
R
O
S S
E A R N I N G S .
T h e follow ing table shows the gross earnings of every S T E A M railroad from which regular w eek ly or m on th ly returns
can be obtain ed . T h e first two colum ns o f figures give the gross earnings for the latest week or m o n th , and the last two
oolum ns the earnings for the period from July 1 to and including the latest week or m o n th . W e add a supplem entary
statem en t to show the fiscal year totals o f those roads whoso fiscal year does not begin with J u ly , b u t covers som e other
period.
The returns of the electric railways are brought together separately on a subsequent page.__________________________________
L a test G ro ss E a rn in g s.
R O A D S .
W eek or
M on th .
C u rren t
Y ea r.
July 1
P r ev io u s
Y ea r,
P r ev io u s
Y ea r.
$
S
5
Ala N O & T ex Pac
317.345 270,069 1.573.343 1,500,186
N O & N or E a st. November
670,920
689,718
120,024
152,049
A la & V icksburg. November
643,278
689,284
115,574
156,458
V icks Shrev & P - November
39,044 1,190,391 1,122,933
61,515
2d wk Dec
A nn A rb or----A tch T op & San F e . O ctob er__ 11384903 10882377 43,506.916 41,297.401
928,627
985,413
A tlanta Birm & Atl O ctob er__ 269,663 214,727
410.370
430,819
104,285
121,080
A tlanta & W est Pt October___
A tlantic C oast Line October___ 2,572,335 2,453.687 9,126.689 9,392,150
590,203
552,587
164,969
167,701
Chariest & W Car October___
517,630
508.200
127,438
134,899
L ou Hend & St L October___
aBaltim ore & Ohio November 9,233,682 6,879,269 46,875.542 40,464,360
590,526
569,520
153,083
164,445
B & O Ch T er R R October ..
348,990 1,083,220 1,112,633
Bangor & A roostook October _ _ 352.071
922.582 4.852.343 4,371.557
Bessemer & L E rie. October . . 1,152,951
383,167
367,854
59,753
77.799
Birmingham S outh. November
B oston & M a in e— October . . 4,429,911 4.327.533 17,164.169 17,268,861
178.950 5,525,250 4,740,324
B u ff R och & Pittsb 2d wk Dec 242,585
519.949
516,273
134,610
140,006
B uffalo & Susq R R . O c t o b e r ...
Canadian N orthern. 2d wk D ec 823,700 427,800113,281,600 10,808,700
Canadian P a c ific .. 3d wk D ec 2,945.000 1,604,000 02,573.207 53,336,804
1,183.276 1,055,5871 4,164,859 4,228,908
Central o f G eorgia . O ctober
3,129,140 2,863,580 11,829,456 11,401.819
Cent o f N ew Jersey O ctober
478,580 355.643 1,577,202 1,280,248
Cent N ew E ngland. October
343,875 1,387.904 1.393,228
366,919
Central V e r m o n t.. October___
“
Ches & Ohio Lines. 2d wk Dec 920,540 662,558 21,132.462 17,898,063
301,584 246,199 7,427,774 6.907.073
C hicago & A lton — 2d wk Dec
C hic Burl & Quincy October.. 9,493,928 8.978.521 33,922,566 34,161,781
b C hicago & East 1 1 October___ 1,564,060 1,242.885 5,539,550 5,221,516
1
c C hic Great W est. 2d wk Dec 350,562 310,384 6,863,307 6,779,468
Chic Ind & L ou isv. 2d wk Dec 140,289 104,108 3,481,112 3,152,201
C h icM ilw & St P .\ October . . 9,515,771 8.873.521 35,281.668 34,127,916
Chic M il & Pug S)
dC h ic& N orth W est October . . 8,616,350 7,884,096 32,150,192 31,723,306
616.831
592,939
160,332 142,543
C hic Peoria & St L . O ctober . .
dChic St P M & Om O ctober . . 1,845,334 1,751,180 6,511,876 6,762,070
793.967
756.395
198,589
223,271
C hic Terre H « t S E . O ctober—
1,048.716 887,210 4,022,184 3,743,306
Cin H am & D ayton October
751,406
571.470
146.637 209,228
C olorado M id lan d . O ctober
324,891 267,995 7,341.744 6,943,6S5
e C olorado & South. 2d wk D ec
46,278
41,394
11,263
12,148
C o rn w a ll__________ O ctober—
115,691
148,479
26,958
37,184
Cornwall & Lebanon O ctober—
391,108 277,148 1,639.755 1,317,855
C uba R a ilr o a d ------ O ctober . .
Delaware & Hudson O ctober— 2,275,557 2,055,964 8,523,992 8,225,370
D el L a ck & W estern O ctober . . 4.446.4S2 4.023,331 15,641,064 15,348.078
D en v & R io Grande 2d wk D ec 443,600 360,100 12,360,441 11,275,154
687,194 5.54,177 2.792,864 2,266,208
W estern P a cific. . O ctober .
880,866
34,060
995,014
39,600
D enver & Salt Lake 2d w k D ec
734,776
704,997
216,064 201,711
D etroit T ol & Iront O ctober .
516.222
15.217
506,771
18,114
D etroit & M ackinac 2d wk D ec
472.726
136,021
467.027
136,518
D et & T ol Shore L . O c t o b e r ...
732,835 495.643 3,356,682 2.577,228
D ul & Iron R a n g e. O ctober .
44,930 1,587,433 1,381,096
56,507
D u l So Sh & A t l . . . 2d wk D ec
451,755
115,900
450,052
122,503
D u lu th W inn & Pac O c t o b e r ...
Elgin Joliet & E ast- O c to b e r .. . 1,116,962 738,098 4,023,867 3.233.661
837,010 576,690 3.220,299 2,595,861
El Paso & Sou W est O ctober . .
Erie
_________ O ctober . . 6,566,943 5,538,534 24,439,503 21,953,240
Florida~East C oa s t. O ctober----- 403,893 387,343 1,438,791 1,292,907
322,736
330,838
---------72,727
76,586
Fonds Johns & G lo O ctober _ .
995.779 1,019,147
271,413
291.867
Georgia R ailroad— O ctob er—
106,313 2,704,777 2,067,508
Grand Trunk P a c .. 4th w kN ov 256,513
Grand Trunk S yst. 2d wk D ec 1,023,433 870,962 24,582,189 24,160,155
Grand Trunk R y 4th w kN ov 932.227 914,274 17,560,456 18,129,080
170,551 3,602,171 3.118,724
Grand T rk W est. 4th w kN ov 258,435
100,936
71,450 1,373,711 1,169,121
D e t Gr H & M ilw 4th w kN ov
Great N orth System N ovem ber 8.725.676 6,056,762 37,594.044 35.684,397
635.362
196,337
144,281
580,413
G u lf & Ship Island. O ctober ..
698.619 684,311 2,571,545 2,597,705
H ocking V alley____ O ctober ..
5,910,253 5,077,115 28.168.511 27,368,362
Illinois C entral------ N ovem ber
920,779 908,572 3,050.425 3,136,112
Internat & G rt N or O ctober ..
332,184 259,810 1,203,822 1,173,459
Kanawha & M i c h .. O ctober ..
954,705 879,047 4,441,382 4,449,165
Kansas C ity S ou th . N ovem ber
Lehigh V alley_____ N ovem ber 4.340.536 3,527,394 20,436,891 18,906,153
169,154
692,126
215,750
625,851
Lehigh & Hud R iv . O c t o b e r ...
975,163
309,792 270,126 1,183,393
Lehigh & N ew E n g . O ctober .
589,846
130,005
598,371
163,523
Louisiana & A rk ___O ctob er—
765,777
656.577
158.983
209.634
Louisiana R y & N av O c to b e r .. .
/L ou isville & N ashv 2d wk D ec 1,194,660 981,330 26,451,899 24,658.096
53,590
49,390
13,276
15,198
M acon & Birm ’ham O ctob er—
M aine Central_____ O ctober . . 1.021.676 1.041,514 4,102,596 4,179,382
172,274
198,839
55,764
47,759
M aryland & Penna. October __
573,411
507,328
139,586
162.694
M idland V alley____ O ctober .
367,455
497,296
13,344
20,922
M ineral R an ge____ 2d wk D ec
M inn & St L o u is ..\ 2d wk D ec 235.214 228,207 4,971,090 4,881,126
Iow a C entral___i
M inn St P & S S M . 2d wk D ec 676,715 454,432 16,759,735 14,392.757
283,357
270 922
65,361
75,355
Mississippi C entral. O ctob er—
658,481 15,056.416 15,512,776
646,702
g M o Kan & T exa s. 2d wk D ec
5,705,268 5,463,994 20,807,632 21,498,381
h M issouri P a cific. . O ctob er—
N ashv C hatt & St L O ctober . . 1,121,133 958,688 4.043,824 3,925,396
213,779
217,015
5.096
5,589
N evada-C al-O regon 2d wk D ec
^New Y ork Central O ctober — 16140580 13609051 59,803,683 54,396,782
1,625,090|1,419,892 6,266,575 5,860,998
B oston & A lbany O ctober
599,542 486,514 2,280,601 2.098,905
n Lake E rie& W . O ctober
3.464,282 3,019,610 13,099,869 12,019,993
M ich igan Central O ctober
3.652.627 3,238,046 13,992,709 13,121,473
C leve C C & St L October
588,938
600,664
156.360 149.734
Cincinnati N orth. October
1,989,801 1,281,928 7,368,723 5,662,914
Pitts & Lake Erie O ctober
1.232,820 1,022,836 4,393,175 3,839,436
N Y Chic & St L . October
486,466 578,382 1.730,744 2,057.614
T ol & Ohio C e n t. O ctober
29347568 24805996 109536743 99,647,052
T o t all lines above October
July 1
L a te st G ro ss E a r n in g s .
to L a te s t D a te .
C u rren t
Y ea r.
R O A D S .
W eek or
M o n th .
New Orl Great Nor O ctob er__
N O Mobile & Chic. O ctob er__
N Y N II & H a rtf.. October
N Y Ont & Western October . .
N Y Susq & W e s t.. O ctob er__
Norfolk Southern.. October . .
Norfolk & Western. October___
Northern Pacific___ November
Northwestern Pac. October___
Pacific Coast Co . . October . .
p Pennsylvania R l t . October . .
Balt Ches & A tl. . O ctob er__
Cumberland Vail. O ctob er__
Long Island____ _ October . .
M aryl’d Del & Va October . .
N Y Phila & Norf October _ .
Phil Balt & Wash October _ .
W Jersey & Seash October _ .
Pennsylvania C o — O ctob er__
Grand Rap & Ind October . .
Pitts C C & S t L . October . .
Vandalia------------ October
Total lines—
East Pitts & Erie October
West Pitts & Erie O ctob er_
A ll East & W est. O ctob er__
Pero M arquette___ October___
Reading C o—
Phila & R eading.
C oal & Iron C o . .
T otal b oth c o s —
R ich Fred & Potom
R io Grande June. ._
R io Grande S o u th ..
R ock Island L ines. .
R u tla n d ----------------St Jos & Grand Isl.
St L Brownsv & M .
St L Iron M tn & So
St Louis & San Fran
St Louis Southwest.
San Ped L A & S L .
Seaboard A ir L in e ..
Southern P a cific—
Southern R a ilw a y ..
M ob ile & O h i o . ..
Cin N O & T ex P .
A la Great South.
Georgia Sou & Fla
V a & So W e s t . . .
Spok P ort & Seattle
Tonn Ala & Georgia
Tonnesseo C entral.
Texas & P a cific____
Toledo l ’ eor & West
T oledo St L & West
Trinity & Brazos V .
Union Pacific S yst.
V irgin ia n __________
W a b a s h ___________
W estern M a ry lan d.
Western R y o f A laWheel & Lake E rie.
W rightsville & Tenn
Y a zo o & M iss Vail
V a r io u s F is c a l
C u rren t
Y ea r.
$
576,775
627,308
,357,788
,366.569
,351,986
,421.030
,874,591
,390,697
,756,345
.605.735
,680.085
502,758
,125,391
,461,701
383,699
,572,926
,707,307
,179.879
,097,466
.912.894
,097,827
,052,239
$
S
144,044 142,928
190,353 146,360
6.532,914 5,639,521
765,457 756,315
360,191 331,386
392,293 333,295
4,888,127 3,525,889
7,030,000 5,648,727
420,948j 341,920
617,937 585.520
19098095 16482466
92,135 106,340
304,361 i 271,965
1,115.754 1,074,952
75.028
79.296
365,495 294,218
1,957,089 1,743,155
525,176 472.385
6,344,042 4,862,089
453,807 464.730
4,071,180 3,461,475
1.092,066,1,004,612
24089740
12115163
36204904
1,812,922
1
1
1
1
1
1
1
1
Y ea r.
$
572,051
638,346
22,954.442
3,571,575
1,260,091
1.334.416
15,374,943
30,900,085
1,544,620
2.496.380
66,320.663
579,858
1.067,696
5,399,964
410,675
1,400,920
7,313,189
2.978.666
20,828,156
2,035,764
14,242,032
3,996,685
18,005,450 16,495,605
9,515.258 10,049,559
27.520.708 26,545,164
908,734
902,281
311,892
271,158
277,434
276,166
25,250,612 26,262,536
1,331,179 1,302,512
614,636
558.491
820,216
951,703
10.379,130 10,755,505
15.427.283 15,291,590
5.658.771 5,149,976
3,710.842 3,250,196
6,795,615 6.811,242
67,339,089 57.497,887
30,744,935 29,850,276
5,287,006 5,169,192
4,623.107 4.351,898
2,384,067 2.185.124
1,079.262 1,077,853
891,005
899,836
1,842,933 1,832,749
37,324
34,747
546,290
550,830
8,889.155 8,632,657
579,123
580,763
2,480,033 2,118,457
397,047
300,305
35,720.881 34.392,196
2,419,863 2.164.125
15,259,724 13,999,580
5,021,889 4.001.416
435,165
424,126
3,629.295 2.545,943
90,412
96,813
5,630.623 4,887,872
C u rren t
Y ea r.
P e rio d .
B uffalo & Susquehanna R R ____ Jan
Delawaro & H udson____________ Jan
E r ie _____________________________ Jan
N ow Y ork C ontralj_____________ Jan
Boston & A lb a n y_____________ Jan
Lake Erie & W e ste rn .n _____ Jan
M ichigan C e n t r a l____________ Jan
C leve Cine Chic & St L o u is .. Jan
Cincinnati N orthern____
Pittsburgh & Lake E rie—
New Y ork Chicago & St Louis .
T oled o & Ohio C entral---------T otal all lines--------------------N Y Susquehanna & W e ste rn ..
p Pennsylvania R a i l r o a d -----------Baltim ore Chesap & A tlantic
C um berland Valley.
L ong Island__________
M aryland Delaw & V irginia.
N Y Philadelphia & N o rfo lk .
Phila Baltim ore & W ashing’n
W est Jersey & Seashore-----Pennsylvania C o m p a n y ----------Grand R apids & Indiana. . .
P itts Cine C hic & St L o u is ..
V an dalia----------------.------ - —
T o ta l lines— East P itts & Erie
__W est Pitts& Erie Jan
__ A ll Lines E & W ,Jan
R io Grande Junction----------------- jD oc
R u t la n d ...................................... .J J a n
P r e v io u s
21024094 93,902,706 87,758,531
9.932,618 45,739.718 41,663,625
30956713 139642425 129422159
1,697,190 6,748,529 6,444,587
5,230,2724,253,268
3,598,807 2,951.883
8,829.079,7,205,151
224,921 218,238
109,4261 135.611
10.01.5f
7,717
6,624,693 6,677,655
Y ea rs.
to L a te s t D a te .
C u rren t
Y ea r.
P r ev io u s
Y ea r.
to
to
to
to
to
to
to
to
O ct
O ct
O ct
O ct
Oct
O ct
O ct
O ct
to Oct
to Oct
to Oct
to Oct
to Oct
to Oct
to Oct
1 to Oct
1
1
1
P r ev io u s
Y ea r.
$1,194,474 $1,192,096
19,305,292 18,973,424
54,053,542 50,396,756
31.034.971 29,705,318
1,308,144 1,226,539
14,406,667 13.658.491
10,047,881 9,402,339
3.802.808 4,113,563
245074882 232641230
3.355,016 3,246,157
159839089 158107212
989,515 1,031,200
2,505,592 2,776.158
31 11,514,702 11,417,812
311 762,373
803,051
31! 3,439.176 3,193,982
31 17.423.924 17,132,115
31 5,958,101 5,694,997
31 49,313,687 47,089,772
31 4.379,426 4,574,433
31 33,537,437 33,409,013
31 9.209,237 9,194,997
31 206664438 204436317
31 97,757,696 95,618,056
31 304422133 30005437i
30,
733.933
796,87o
31' 2,964,523 2,982,56g
AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
•Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
*
M o n th ly
S u m m a r ies .
C u rren t
Y ea r.
P r ev io u s
Y ea r.
In crea se or
D ecrea se.
M ile a g e .
C u r. Y r . P rev. Y r
$
$
$
F ebruary___246,180
w / 210,860.681 2 1 2 ,1 6 3 .9 6 7 — 1.303.286
37 road s)____ 14,393.591 13,249,948 + 1,143.643 8.63
1st week Oct
March .,.- - 2 4 6 ,8 4 8 243,598 238,157.881 2 5 3 .3 5 2 .0 9 9 — 15,194.218
32 roads)------ 14,406,155 12.873.769 + 1.532.386 11.98
2d week Oct
245.170 237.696.378 2 4 1 ,0 9 0 ,8 4 2 — 3.394.464
A p r i l ----------247,( 01
12,225,873 + 2,146.247 17.49
32 roads)____ 14,372,120
3d week Oct
245.207 244.602.738 2 4 3 .3 6 7 .9 5 3 4-1,324.785
M ay . . - - - - - 2 4 7 . 7 4 7
36 roa d s)____ 21.305,141 17,501,687 + 3,8 03 ,4 5 4 21.73
4th week O ct
June.............. 240.219 235,828 248.849,716 2 4 7 ,5 3 5 ,8 7 9 4-1.313,837
1st week N ov 36 road s)____ 14,911.501 12,010,570 + 2,900,931 24.15
J u ly ............... 243,042 241,796 262.948,115 2 6 0 . 6 2 4 . 0 0 0 + 2,324.115
2d week N o v 36 road s)____ 15,219,672 12,176.733 + 3.042.939 25.07
+ 5.272.843
August..------ 247.809 245.754 279,891.224 2 7 4 ,6 1 8 .3 8 1
3d week N ov 37 road s)____ 15.124,179 11,801,719 + 3 ,3 22 ,4 6 0 28.16
+ 17,783.141
........... ..........„
i 2 7 6 .4 5
Septem oer . .245,132 243,463 294.241.340 8 , 1 9 9
4th week N o v 35 road s)____ 17,801,984 12,888,457 + 4,913,527 38.06
+ ;} 7 . 0 8 7 ,9 4 1
O c to b e r ------ 248,072 2 4 7 ,0 0 9 3 1 1 ,1 7 9 ,3 7 5 2 7 4 . 0 9 1 . 4 3 4 +37,087.041
38 roa d s)____ 13.980,658 10.797,962 + 3,182,696 29.48
1st week D ec
9 4 ,3 2 8 8 6 ,7 3 1 .7 9 7 6 7 , 1 9 0 , 0 4 4 + 1 0 . 5 4 4 . . >3
N o v e m b e r .. 95,689
38 road s)____ 14.254,799 10,679,744 + 3,5 75 ,0 5 5 33.48
2d week D ec
a Includes Cleveland Lorain & Wheeling Ry.
b Includes Evansville & Terre Hauto ana Evansville & Indiana R.IL
c
Dodgo and the Wisconsin Minnasota & Pacific, d Includes not only operating rovenuo. but also all other roceipts. e Doesi not mciuao_earnings or
rado Springs & Cripple Creek District Ry. /Includes Louisville & Atlantic and the Frankfort & Cincinnati. . q Includes ,the_#iexascentral
Wichita Falls lines, h Includes the St. Louis Iron Mountain & Southern
i
~'m™riann« hero n m n are \
York Central & Hudson River R R .. Lake Shore & Michigan Southern Ry
R R ., which have been combined for such comparative purposes only
no longer include the Mexican roads in any of our totals.
%
0 .6 ,
6 -* l
1.4,
0.5i
0.5o
0 .8 ?
1.9o
6.4
1 3 .5
2 9 .0 ?
Colo
Latest Gross Earnings by Weeks.— In the table which
follows w e sum up separately the earnings for the second
week of D ecem b er. T h e table covers 3 8 roads and shows
3 3 .4 8 % increase in the aggregate over the sam e week last
year.
1914.
1915.
S econ d w eek o f D e cem b er.
S
109.509
Alabam a Great Southern.
61.515
Ann A rbor_______________
242,585
B uffalo Rochester A Pittsburgh
823,700
Canadian N orthern_____ * _____
3,055,000
Canadian P a cific______________
920,540
Chosapeako & O h io____________
301,584
C hicago A A lton ______________
350,562
Chicago Great W estern----------140,289
Chicago Ind A L o u i s v i l l e ...—
227,076
Cine N ew Orl A Texas P a cific.
324,891
C olorado & Southern-------------443,600
D enver A R io G rande------------39,600
D enver & Salt L ake__________
18,114
D etroit & M a ck in a c__________
56.507
D uluth South Shore & A tlantic
52,758
Georgia Southern & F lorida— r
G rand Trunk o f C anada---------1,023,433
Grand Trunk W estern-------D etroit G r H av A M ilw a u ..
Canada A tla n tic___________
1,194,660
Louisville & N ashville-----------20,922
M ineral R ange-------------------------•
235,214
M inneapolis A St L ou is---------Iow a C entral----------------------676,715
M inn St Paul & S S M ------------646,702
M issouri Kansas & T exas------233,655
M ob ile & O h io------------------------5,096
N eva d a -C a l-O reg on ---------------10,015
R io Grande Southern-------------252,000
St Louis Southwestern-----------1,355,648
Southern R ailw ay--------------- 2,052
Tonnossoo A labam a A Georgia
409,161
Texas A P a cific_______________
24,814
T oled o Peoria A W estern-------123,240
36,134
Virginia A Southwestern.
650,000
W abash__________________
187,508
W estern M a rylan d ----------
In crea se.
$
$
26,243
83,266
22,471
39,044
63,635
178,950
427,800 395,900
1,707,000 1,348,000
662,558 257,982
55,385
246,199
40,178
310,384
36,181
104,108
56,411
170,665
56,896
267,995
83.500
360,100
5.540
34,060
2,897
15.217
11,577
44,930
6,441
46,317
870,962
981,330
13,344
228,207
222,283
S
213,330
7,578
7,007
454,432
658,481
211,946
5.589
7,717
201,000
1,179,125
1,104
373,944
18,644
92,052
33,822
502,100
147,352
D ecrease.
152,471
11,779
21,709
493
2,298
51,000
176,523
948
35,217
6,170
31,188
2,312
147,900
40,156
14.254.799 10.679.744 3,587,327
............3.575.055
T otal (38 roa d s)------------N et increase (3 3 .4 8 % )------
12,272
Net Earnings Monthly to Latest Dates. The table
following shows the gross and n et earnings o f S T E A M
railroads and industrial com panies reported this week:
------- G r o s s
C u rren t
Y ea r.
R oad s.
E a r n i n g s --------------- N e t E a r n i n g s ------P r e v io u s
C u rren t
P r e v io u s
Y ea r.
Y ea r.
Y ea r.
B a ltim o r e * O h io - b - — N o v 9.233.882 6.879.269 2.749,840 1.574,057
July 1 to N ov 3 0 ______ 46,875,542 40,464,360 15,57o,47o ll,2 U o ,o o o
Kansas C ity Southern b N ov
954,705
879,047
|77.603
324,771
July 1 to N ov 30______ 4,441,382 4,449,16o l,8 6 t,J 6 I l,olU,2t)^
Rnuthnrn Pacific n
N o v l3 752,948 10,246,764 4,777,993 2,791,646
j S ? l t o N 8 ^ 3 0 \ \ ..? l6 7 :3 3 9 :0 8 9 57.497:887 23,988.278 17.419,604
745
511
Tidewater & W e s te rn .b -N o v
6,840
7,053
4,642
6.652
37,417
36,147
July 1 to N o v 3 0 ______
IN D U S T R IA L C O M P A N IE S
------- G r o s s E a r n i n g s ------- ------ N e t E a r n i n g s -----C o m p a n ie s.
C u rren t
Y ear
Cleveland Elect T e l .a .- N o v
Jan 1 to N o v 30---------G t W ost Pow C o S y s t.a -N o v
Jan 1 to N ov 3 0 ---------N ew England C o Syst a N o v
Jan 1 to N o v 3 0 ---------South Calif E dison. - N o v
Jan 1 to N ov 30............
392,188
3,941,765
302,160
2,726,277
139,623
1,305,362
409,933
4,395,695
P r e v io u s
Y ea r.
377,524
3,848,827
228,701
2,435,222
83,741
885.545
400,086
4,359,318
C u rren t
Y ear.
S
P r e v io u s
Y e a r ..
$
199.843
2,021,894
197,865
1.881,480
92,542
836,300
218,164
2,368,688
195,986
1,857,313
167,990
1,633,034
34,293
478,229
214,367
2,220,147
a N ot earnings horo given are after deducting taxes,
N et earnings hero given are before deducting taxes.
b
Interest Charges and Surplus.
I N D U S T R IA L C O M P A N IE S .
— I n i . , R e n t a l s , <fec.------- B a l .
C o m p a n ie s .
C u rren t
Y ea r.
P r e v io u s
Y ea r.
$
Cleveland Elect 111____ N o v
35,435
Jan 1 to N ov 3 0 ______
389,747
G t W ost Pow C o S y s t . .N ov
115,981
Jan 1 to N ov 3 0 .......... 1.182,041
Now England C o S y s t ..N o v
46,371
Jan 1 to N ov 3 0 .........
456,229
South C alif E dison____ N ov
85,389
Jan 1 to N ov 3 0 ............
927,029
x
o f N e t E a r n s .—
C u rren t
P r e v io u s
Y ea r.
Y ea r.
$
$
$
34,103
164,408
161,884
390.868 1,632,148 1,466,445
103,223
*98,573
*78,380
1,102,848
*888.633 *744.122
30,315
46,171
3,978
329.637
380,071
148,592
80,313
*136.179
*142,987
3-49.369 *1,547,676 *1,455.932
A fter allowing for other incom e received.
ELECTRIC RAILWAY AND TRACTION COMPANIES.
L a test G ro ss E a r n in g s .
N am e of
R oad.
W eek or
M o n th .
American R ys C o . . N ovem ber
Atlantic Shore R y ._ N ovem ber
cAur Elgin A Chic lty
Bangor R y A Electric O ctob er___
Baton R ougo Elec C o O ctob or.
B eltL R yC orp (N Y C ) August —
Borkshiro Stroet R y . O ctober___
Brazilian T ra c, L & P O ctober . .
B rock A Plym St R y . O ctobor___
Bklyn R ap Tran Syst A u g u s t ___
C apo Breton Elec C o O ctobor___
C hattanooga R y « Lt O ctober___
C lev Painesv & E ast- O ctober___
C ievo Southw A O ol. October . .
Colum bus (Ga) El C o O ctobor—
Colum (O) R y P & L . O ctober—
g C om ’w ’ th P R y & L Novem ber
Connecticut C o _____ O ctober—
Consum Pow (M id i). Novem ber
C um b C o (M o) P A L O ctob or—
Dallas Electric C o ___ O ctober—
D etroit United Linos O ctob or—
D D E B A B at (R o c )1 u g u s t ---A
3141
THE CHRONICLE
Dec. 25 1915.]
Octobe_
r
C u rren t
Y ea r.
P r e v io u s
Y ea r.
455,364 435,945
23,678
24.267
167,521 172,580
71,610
69,422
18,096
15,608
63,953
63,679
81,179
89,999
/6 7 9 3 0 0 0 /6 2 4 1 170
9,406
9,825
2464,774 2536.506
34,152
30,751
98,153
88,261
34.360
33,346
109,962 107,610
67,214
63,890
272,152 262,685
1323,673 1185,318
711.185 654,584
377,189 303,692
226,793 214,808
185,200 200,503
1188,900 1042,679
42.992
41.087
Jan.
1
to
C u rren t
Y ea r.
la tes t
d a te.
P r e v io u s
Y ea r.
4.924 ,016 5,074,870
327 ,205
336,417
1,598 .541 1,759,685
655 ,816
647,673
155 ,123
145.991
506 .432
489,610
779 ,959
828,448
f64250 110 /6 1 4 11.258
99 1811
105,626
18,284 ,603,18.311,834
287 ,934
290,055
883 89
911.189
341 ,456
349,419
1,030 ,095 1,058.200
583 ,699
558,393
2,535 ,853 2,526,081
12,979 ,439 12,665,099
6,836 ,404 6,763.009
3,472 ,992 3,079,902
2.198 ,905 2,1 3,859
1,498 ,797 1,842,160
10.896 ,005 10,310,871
320 011
343.969
Jan.
L a tes t G 'o s s E a r n in g s .
N am e of
R oad.
W eek or
M o n th .
C u rren t
Y ea r.
P r e v io u s
Y ear.
I
1
to
C u rren t
Y ea r.
la tes t
d a te.
P r e v io u s
ea r.
947,865 1,085,240
Duluth-Superior T rac O ctob er___ 101,900 109,474
,008,706 2,202,116
East St Louis & S u b . O ctob er___ 222,456 216,801
560.571
582,231
71,665
56,352
Eastern Texas E le c .. O ctober___
861,693
786,936
84,808
88,976
El Paso E lectric C o . . O ctober___
,281,190 1,220,007
42d St M & St N A ve A u g u s t ___ 157,783 161,029
608,324 546,656
.868,466 5,762,392
fir Georgia R y & P o w . N ovem ber
,604,757 2.036.595
G alv-H ous E lec C o . . O ctob er___ i 74.259 189,703
97,125 102,963
965,420 1,062,445
Grand Rapids R y C o O ctober___
777.532
814.243
76,356
83,955
Harrisburg R ailw a ys. O ctob er___
,572,321 4,477,642
Havana El R y L & P . O ctober___ 463.385 464,438
402,669
47,745
49,967
384.465
Honolulu R T A Land A u g u s t___
226,928
235,558
21,226
23,034
H oughton C o T r C o . O ctober___
,537,244 4,608,456
477,723 468,022
b Hudson A M a n h at. O ctob er___
,971,423 8,954,384
Illinois T ra ction ____ O ctober___ 980.071 944,904
,708.144 27,952,369
Interboro R ap T ra n . O ctober___ 3071,291 2936,217
606,230
56,744
508,701
Jacksonville T rac C o O ctober___
51,338
207,352
191,398
20,224
21,665
Keokuk E lectric____ O ctober___
93,311
111,608
9,736
11,392
K e y W est E lectric___ O ctober___
,150,649 1,212,704
Lake Shore E lec R y . O ctober___ 118.315 113,778
190,557 152,398
,908,123 1.715,273
Lehigh Valley Transit N ovem ber
63,932
622,693
577.413
Lewist A ug A W aterv O ctober___
57,309
174,859
L ong Island E lectric. A u g u s t ___
29,855
29,978
170.070
239,721 244,752
,684,686 2,906,655
Louisville R a ilw a y .. N ovem ber
M ilw El R y A L t C o . O ctober___ 515,984 498,745
,844.901 4,969,126
,233,605 1,264.319
M ilw Lt H t A T r C o . O ctober___ 128,531 118,365
N ashville R y A Light O ctob er___ 189,636 191,814
,767,011 1,868,992
455,202
55,506
56,590
435,612
N Y C ity In te r b o r o .. A u g u s t ___
286,691
N Y A L ong I s la n d .. A u g u s t ___
41,951
44,390
270,107
15,792
17,362
108,991
111,552
N Y A N orth S h o re .. A u g u s t ___
915,218
912,355
N Y A Queens C o ___ A u g u s t ___ 125,843 130,884
N ew Y ork R ailw ays. O ctober___ 1221,592 1204,395 11 ,249,362 11,304,252
322,842
27,142
28.216
327,704
N Y A Stam ford R y . O ctober___
45,191
39,075
394,828
344,717
N Y W estches A Bost O ctob er___
149,021
156.153
15,872
15,495
N ortham pton T ra c. O ctober___
,168,959 3,032,972
N o r Ohio T rac A Lt O ctober___ 339,599 304,413
N orth Texas Eelctric O ctober___ 181,515 184,027 1 ,410.580 1,750,967
299,662
30,003
28,370
303,418
N orthw Pennsyl R y . October
114,993
37,068!
125,663
33,090
Ocean E lectric (L I ) . A u g u s t ___
26,099;
25,313
235,180
249,215
Paducah T r A L t C o . O ctober___
210,591
19,819
225,874
22,386
Pensacola E lectric C o O ctob er___
Phila R apid T ransit. N ovem ber 2136,746 1959,824 22 ,101,980 21,886,872
350,966
424,372
33,452
40,460
Pliila A W estern____ N ovem ber
P ort(O ro )R y ,L A P C o O ctob er___ 453.225 510,812 4 ,573,243 5,264,053
898,403
887.716
O ctober___
92,502
87,095
Portland (MoV R R
,216,055 7,046,603
641,413 711,000
Pugest Sound T r.L A P October
,800.428 2,741,626
289,151 241,625
^Republic R y A L t . . N ovem bor
,194,269 4,524,969
R hode Island C o ____ O ctober___ 439,590 440,696
269.700
45,839
46,887
268,019
R ichm ond L t A R R . A u g u s t ___
,150,706 1,174,232
108,819 108,481
St Jos R y L t H A P Co N ovem ber
388,644
386.476
38,539
41,744
Santiago El L t A T r . O ctober___
701,091
658,863
67,529
67,962
Savannah E lectric C o O ctober
615,679
89,144
578,070
83,523
Second A venue (R ec) August
148,896
21,632
151,199
Southern B oulevard . A u g u s t ___
20.590
234,144
224,898
45,647
Staten Isl M id la n d . _ A u g u s t ___
44,138
811,582
814.576
83,008
84,803
Tam pa Electric C o . O ctober
,547,518 2.640.827
T hird A venu e______ A u g u s t ___ 327,058 336,173
,173.872 4,583.860
T oron to Street R y . . September 489.573 525.254
,952,661 8.825.828
Twin C ity R ap T ra n . 2d wk D ec 179,415 172,966
,854,357 1,949,221
Union R y C o o f N Y C A u g u s t ___ 251,422 363,265
,759,429 4,725,979
465,883 427,352
Virginia R y A Power N ovem ber
754,505
780,636
64,169
96,474
W ash Balt A A n n a p . N ovem ber
410,420
391,795
67,042
57,293
W estchester E lectric. A u g u s t ___
212,726
218.810
22,995
22,249
W estchester St R R __ O ctob er___
476.154
481.07“
63,765
61,12"
Yonkers R ailroad___ A u g u s t ___
678,273
659.487
70.172
81,169
Y ork R ailw ays______ O ctob er___
230,573
238,897
26,319
24,517
Youngstow n A O h io. O ctober___
150.630
144,055
14,764
15,859
Youngstow n A South O ctob er___
b Represents Incom e from all sources,
c These figures are for con soli
dated com pany
/ Earnings now given In milreis. o Includes constituent
com panies.
E le c tr ic R a ilw a y N e t E a r n in g s .— T h e follow ing table
gives the return of E L E C T R I C railw ay gross and net
earnings reported this week:
-------G r o s s
R oa d s.
C u rren t
Y ea r.
E a r n i n g s ----------------e t E a r n i n g s ---------P r e v io u s
C u rren t
P r e v io u s
Y ea r.
Y ea r.
Y ea r.
$
$
C om m onw ealthP ow , R y A L t
___ ____
and constituent c o s .b .N o v 1,323,673 1,185,318
Jan 1 to N o v 30_______12,979,439 12,665,099
Lehigh Valley T r a n s .b .N o v
190,557
152,398
D ec 1 to N o v 3 0 ______ 2,056,875 1,869,005
Louisville R a ilw a y .b — N o v
239,721
244,752
Jan 1 to N o v 30______ 2,684,686 2,906,655
Northwestern P e n n a .b .O c t
30,003
28,370
Jan 1 to O ct 3 1 ______
299.662
303,418
P acific Gas A E le c t.a — N o v 1,616,245 1,443,235
Jan 1 to N o v 3 0 _______16,907,360 15,363,230
718,230
6,761,147
81,293
926,040
114,299
1,276,964
10.577
91.577
693,134
7,247,816
S
$
„
640,453
6,512,835
64,163
816,331
105,946
1,247,674
-1 d-fZ
74,332
620.033
6,339,118
^N atuA ias A Oil D op tsN ov
655,602
A pr 1 to N o v 30______ 4,378,432
Consol Gas o f P it ts b .-N o v
10,484
A pr 1 to N o v 30______
73,989
Duouesno L igh t_____ N o v
473,993
A pr 1 to N ov 3 0 . .......... 3,272,832
Pennsyl L t A P o w — N o v
15,955
A pr 1 to N o v 30______
117,144
Pittsburgh R y s ............N o v 1,030,105
A pr 1 to N o v 3 0 ______ 8,127,725
Beaver V alley T r a c t .N o v
29,220
A p r 1 to N o v 30______
238,234
Philadelphia R ap T ra n s .N o v 2,136,746
July 1 to N o v 3 0 _______10,203,500
Phila W estern R y b ___N o v
40,460
Jan 1 to N o v 3 0 ______
424,372
PugotSd T r, L t A P o w .a .O c t 641,413
Jan 1 to Oct 3 1 ............ 6,216.055
.5 4 2 ,9 9 1
3,968,194
15-637
87,750
434,326
3,127,331
17,614
128,548
950,674
8,103,051
26,757
237,472
1,959,824
9,870,600
33,452
350,966
711,000
7,046,603
347.649
1*3,259
def2,672
def9,353
248,316
1,583.242
6.270
39.419
.5 9 3 ,5 6 9
2,990,4* *
11,079
78,102
944,488
4,481,232
21,396
220,870
249,710
2,279,397
239,583
1,64 -,*9 3
1,354
defl4,10 1
221,529
1,295,512
R ^ b s!d 1 a ry yc o f.a Lig-ht-N o v
289.151
Jan 1 to N ov 3 0 ______ 2,800,428
Virginia R y A P o w . b . - N o v
465,883
Jufy 1 to N o v 3 0 ______ 2,282,517
Wash Balto A A n n a p .b .N o v
96,474
' V Jan 1 to N ov 3 0 . .........
780,636
241,625
2,741,626
427,352
2,189,055
64,169
754,505
121,885
1,094.236
251,624
1,197.871
52,500
347,013
88,560
1.037.816
224,527
1,139.339
26,983
342,259
o
44,609
283,4*0
...366,677
4,558
-1,459
821,715
4,1*4,533
16,658
161.140
298,450
2,85*,254
a N et earnings here given are after deducting taxes,
b N et earnings here given are before deducting taxes.
I n t e r e s t C h a r g e s a n d S u r p lu s .
— I n t.,
R oad s.
R e n t a l s , & c . -------- B a l . o f N e t E a r n s . —
C u rren t
P r e v io u s
C u rren t
P r e v io u s
Y ea r.
Y ea r.
Y ea r.
Y ea r.
§
C ° a n d X s m u h n t°co s y.N o v
e
473.332
a Jan “ to N o v 3 0 . : — - 4,774.701
L e% V W
lJ o rv
an| o ::-N ! :
738:798
8
$
430,006
4.571.957
i f d
l l
#
244.89S . 210,446
1.986.445 1,940.876
*323.381
* 2 o t:? 2
2142
THE CHRONICLE
—
I n t . , R e n t a l s , A c .—
C u rren t
P r e v io u s
Y ea r.
Y ea r.
R oad s.
s
L ouisville R ailw ay______ N o v
78,812
Jan 1 to N o v 3 0 ______
822,833
P acific Gas & E le c tr ic ..N o v 319,515
Jan 1 to N o v 3 0 ______ 3,649,302
Philadelphia R ap T ra n s .N o v 815,532
July 1 to N ov 30______ 4,080,295
Phila & W estern R y _____ N o v
12,491
135,509
Jan 1 to N o v 3 0 ______
Puget Sd T rac, L t & P _ .O c t 154,635
Jan 1 to O ct 3 1 ............ 1,570,921
R epublic R y & L igh t and
subsidiary c o s --------------N ov
58,838
Jan 1 to N o v 30______
635,884
Virginia R y & P ow er___N o v
142,528
July 1 to N ov 3 0 - - - . - .
715,507
26,193
W ash B alto & A nnap____N ov
Jan 1 to N ov 3 0............
276,210
- B a l . o f N e t E a r n s .—
C u rren t
P r e v io u s
Y ea r.
Y ea r.
$
73,250
.246,876
*51,798
793,416
2627,489
2623,300
323,717
2428,683
2345,506
3,567,024 23,953,980 23,063,074
806,403
14,812
128,956
4,040,939
400,937
133,594
12,514
8,905
4,144
137,138
24,002
85,361
156,464
95,075
141,986
1,548,072
708,476 1,309,182
56,006
620,510
134,235
677,925
24,969
270,256
234,126
2420,855
296,868
2495,870
24,149
293,612
263,547
2460,142
2117,349
2525,288
228,723
295,523
x A fter allowing for other incom e received.
ANNUAL REPORTS
A n n u a l R e p o r t s . — T h e follow ing is an index to all annual
reports o f steam railroads, street railw ays and miscellaneous
com panies which have been published since N o v . 2 7 .
T h is index, which is given m o n th ly , does not include
reports in to -d a y ’s “ C h ron icle.”
R a ilr o a d s —
P age.
Ann Arbor R R .....................
1802
Cin. New Orl. & Tex. Pac. Ry. C o. .1801
Colorado & Southern R y___ 1813, 1799
Denver & Salt Lake R R ___________ 1806
Kentucky Securities Corp.......... ......2068
Minneapolis & St. Louis RR.1891, 1800
Mississippi Central R R ___________ 1803
Missouri Kansas & Texas Ry.1815, 1799
National Rys. of Mexico____ 1969, 1800
Northern Pacific Ry. Co__________ 1980
Pere Marquette R R _________ 1882, 1800
St. Joseph & Grand Isl. R y________ 1802
E le c tr ic R a ilw a y s —
Boston & Worcester Elec. Cos_____ 1806
Boston & Worcester St. R y________ 2069
Chicago Elevated R ys........ ..1968, 1885
Massachusetts Elec. Cos., Boston..2068
New Orleans Ry. & Lt. Co. (9 mos.
ending Sept. 30)...........
1886
Public Service Corp. of N. J . ...........1807
United Railways of the Havana &
Regia Warehouses, Ltd__ 2069, 1887
I n d u s tr ia ls —
American Seeding Machine Co_____ 1805
American Window Glass C o_______ 1805
Batopilas Mining C o...... ......... ......... 1808
Braden Copper Mines C o .............. .1970
I n d u s tr ia ls — (C o n clu d ed )—
P age.
Canadian Western Natural Gas,
Light & Power Co., Ltd________ 1976
Cuban-Amerlcan Sugar Co__ 1985, 1969
Cudahy Packing Co. (of M e.), Chic. 1884
Goodyear Tire & Rubber C o_______ 1970
Harbison-Walker Refractories C o .. 1971
1883
Imperial Tobacco C o . . ...............
Independent Brewing C o . . ........ ...... 1804
International Milling Co., New
Prague, Minn____ _____
2075
Kennecott Copper Co_______
1977
Laconia Car Co., Boston...... ...........1971
Massachusetts Ltg. Cos., Boston..2070
Mergenthaler Linotype C o . . .......... 1803
Natomas Co. of Calif., San Fran.
1971
Northwestern Elec. Co., Portland 6 1977
Ogilvie Flour Mills C o........ ........... 1805
Realty Associates, Brooklyn, N. Y 1804
Reo Motor Car Co___________
1803
Reo Motor Truck C o______ ” ]
1803
Sherwin-Williams Co. of Canada" 2078
United Fruit C o........ ............. 1983 1999
United Gas & F.Co.of Hamilton,Ltd 1890
Warren Bros. Co., Boston.
'2079
Washburn Wire Co.,Phillipadaie,RY2079
West Kootenay Power & Lt. Co
Ltd., Montreal_________
19 71
El P a so & S o u th w e s te r n Co.
(Report for Fiscal Year Ended June
3 0 19 15 .)
E x tracts from the rem arks o f Pres. James D ou glas, to
gether w ith the incom e accou n t and balance sheets for two
years, will be found on a subsequent page.
A v e r a g e p e r M i l e C h a rg ed to O p e r . E x p e n s e s f o r M a i n t . o f W a y A
1908-69.
S I,032
1909-10.
S I ,115
19 0-11.
$987
1911-12.
$1,006
C h a rg es fo r R ep a irs a n d D e p recia tio n
1912-13.
$1,110
S tru ctu res.
1913-14.
$1,285
1914-15.
$994
o f E q u ip m e n t (p e r U n it).
C a rs
— F re ig h t C a rs—
— -L o c o m o tiv e s —
---- P a s s .
„
1914-15.
1913-14. 1914-15.
Repairs & renewals $2,134
$3,124
$698
D e p re cia tion -------792
767
385
1913-14. 1914-15. 1913-14.
$1,020
$49.67 $57.31
332
55.59
47.16
W e ig h t o f R a il p e r Y a r d
i n M a i n L i n e a n d B r a n c h e s J u n e 30 1915.
T o ta l.
9 0 -lb .
8 5 -lb .
8 0 -lb .
7 5 -lb .
7 0 -lb . 6 5 -lb .
60, A c .
M a in lin e6 73 .66
Branches 319.93
22.51
-------
188.13
11.22
141.50 204.99
.05 21.40
114.44 47
132.60 45.48
1.62
109.18
A d d i t i o n s a n d B e t t e r m e n t s .— These aggregated $627,414, including prin
cipally equipm ent, $208,833; block signals, $104,296; ballast, $76,660,
and water stations, $94,271.
O P E R A T IO N S A N D
F IS C A L R E S U L T S FOR Y E A R S E N D IN G J U N E
30-
[Vol.
101.
1914-15.
Lease o f roads, rents, & c______
$2,013,444
Interest charges_________
182,244
M iscella n eou s___________
20,366
D ividends ( 5 % ) ___________
1,250,000
M iscellaneou s appropriations___
T otal d e d u ctio n s..
_
$3",466X54
Balance, surplus--------------- 111111111 '"“$562,647
1913-14.
1912-13.
$2,112,671 *$2,262,097
173,495
207,478
800
300
1,236,884
1,169,023
250,000
____ _
$3,773,849 *$3,638,898
$522,835
$1,033,397
*Com parison with 1914-15 and 1913-14 is slighty inaccurate,
a Other incom e includes in 1914-15 dividend from stock o f El Paso South
western R R ., Nacozari R R . stock and Burro M ountain R R ., $930,000;
incom e from funded securities, $253,604; rent from equipm ent, $991330.
and incom e from unfunded accounts, rents, & c., $122,186.
B ALAN C E
1915.
SH EET
JU N E
30.
1914.
1915.
1914.
S
S
Road & equipm’t. 5 ,366,157 5,217,239 Capital stock___ 25 ,000,000
25,000,000
Invest, in affil. cos.:
Fund. dt. unmatur. .
Stocks________ 24 ,654,373 24,279,373 Loans & bills pay. 3 ,boo",666 2,500,000
1,000,000
Bonds__________ 5 ,055,000 5,055,000 Traffic, &c., bal..
380,304
283,616
Notes................
69,000
69,000 Aud. accts.&wages 564,368
605,817
Advances______ xl ,433,834 1,604,700 Miscellaneous___ 1 ,564,851
1,651,437
Other investm’ts'.
10,002 3,065,001 Unmatur. int. accr. .
8,111
Cash...... ...............
903,248 1,160,363 Liability for provi
Demand loans, &c.
5,000
5,000
dent funds____
23,742
27,234
Special deposits..
575,518
592,725 Accrued taxes___
191,292
202,995
Traffic, &c., b a l..
153,428
171,946 Accrued deprec'n. ,406,636 1,172,140
Agents & condue.
201,385
193,332 Other unadj. cred. 515,773
575,204
Miscellaneous___
,021,042 1,854,780 Approp. surp. not
Material & supp..
938,178
921,596
specifically inv.
Unadj., &c., accts.
460,690
510,644 Profit and loss..
A ssets—
s
s
L ia b ilit ie s —
T o ta l--------------41,846.856 44,700,699
T o t a l................ 41,846,856 44,700,690
x Includes in 1915 advances to El Paso & N . W . R y ., $183,146- El Paso
& R ock Island R y ., $904,697, and Dawson R y ., $345 991
y A fter crediting sundries (net), $3,095, and deducting $3,039 999 mis
cellaneous appropriations o f surplus (depreciation in value R ock Island Co
StOCK).
.
*
C a p i t a l i z a t i o n o f C o m p a n i e s C o n t r o lle d , C o m p r is i n g th e E l P a s o A S o u th
w ester n S y stem .
I ho capitalization o f subsidiary com panies is shown in the
follow ing table. El Paso & Northeastern C o. is a holding and not an op tba i!n ^ C m
£ Mar! / ' 1 , 1 1 ?,wns a,1,1 the securities, b oth stocks and bonds, o f the
t t r /°
/ ?1
R y ; O p., all o f the capital stock o f tho El Paso & N . E .
RR, b £ ° r s the AlaJP- & Sac. M t. R R . C o ., the El Paso & R ock Isl. R y C o
t h ^ T ^ 10 Daw£ on R y - & C oal C o . (which owns the entire stock and bonds o f
b v th 6 M ^ s o y& Sm'iVhwTht° W t t o n o f t h e above com panies is conducted
aF
by the El I aso & Southwestern C o ., which controls the El Paso & N . E C o
$50°oon h ™ d T $ P ™s caii ital sR)ck: T ho E 1 Raso & N . E . C o. also owns
A?f
ca n i'? a i°s ^ k (*/n n noo?g^ / ^ & Sacramento M t. R y . C o ., and tho ontlro
the $34 o! ooo cnUrtan?ling0 bonds aIn0g0rCl° LumbCr C o - and $ 3 2 0 ' 000 o f
(
l i n l w b h ? h l° C h R p ^ i S? ? d ,Ry,i C o . connects the El Paso & Northeastern
was m irte b f io n 9
Is '
1 a cific system , with which an agreement
bAsis for th^ p ^ io d o f 999 y e ^ s ^ 6 ° f trafnC' ° n an 0(lultabl°
nnnInnm>a'r,r th«SvVt{lwest?rllI RIY C o - owns tho entiro capital stock
sln n ooo
itlV
*/a5 ° & Southwestern R R . C o. o f Texas and also
lo n n ’n m capitaI stock o f Southwestern & International Express C o ., and
8-00.000 stock o f tho Texas & Western Telograph & T olophono C o.
C A P IT A L
A N D
O W N E R S H IP
OF
PA YAB LE
B Y
EL
PASO
SUB.
C O M P A N IE S — R E N T A L
SO U TH W ESTERN
CO.
(Am ounts all or ch iefly held b y public are in heavy typ o .)
... _ , . . . . . .
A m ount
O w n e d b y A l l i e d C o 's —
v i i> E a s t e r n D i v i s i o n —■
Issu ed .
Y e a r ly R en ta l U n d e r L e a s e .
E 1 R a so * N - E - C o . stock
$12X00,000 A ll b y El Paso & S. W . C o .
N ew M ox. R y .& C o a lls t& C o ll.T r.5 s 3,000,000 N one (see “ x” below ).
1 st C ons.& C oll/T r. 5s, $5,000,000 2,000,000 $208,000 in co 's treasury.
(a),
E y-& C oa lC o.(N .J .) stock ylOO.OOO A ll b y El Paso & N . E. C o .
(b ) Alam ogordo & Sac. M t. R y -------VstP a g uark 5s"du"e'fQ28................
M S
AU b . Dawr
/
do
Rental El P. & S .W ~ C o $19 300
y 2 2 8 '000 AU b y EI p - & N . E. Co.
do
(e) El Paso & R ock Island R y .........
Rental E lP .& S .W .c J .. $ 16 8 600
Capital s t o c k
------------------ y 2 ,500,000 All b y El P . & s W C o
'
1st m tge. 5s, duo 1951, guar---------- 2,500,000 N one
(2) W e s t e r n D i v . — El Paso & S. W . R R . C o. (See new M . V 100 n 287 )
Capital stock auth., $20,000,000-814,000,000 A ll b y El P ’ & s ’ W C o
1st M . 20-yr. 5s, auth. $7,000,000 5,055,000
do
do
do’
(a) El P aso& S. W . R R . o f Texas—
ao
Capital stock (no b on d s)--------------- 2.000,000 All byE l P. &S W R R C o
Rental El 1 & S. W C o 5<7on InJ
>
(b) Burro M t. R R . . . ...........................
C ap. stk. auth., $500,000(no bds.) 400,000 All b y El P . & s W C o
(3) M orenci So. R y . stock (no bonds)
750,000
do
do
do'
(4) N acozari R R . stock (no b o n d s ) .. 1,000.000
do
do
do
x Tho collateral for tho 1st & C oll. T r. M . 5s o f tho N ew M oxlco Itv &
1913-14.
1914-15.
Coal C o. (under which name the El Paso N . E. C o . was incorporated In
1912-13.
Miles operated_____________________
1,027
1,029
982 1897) aro the issues marked with an x in this table, and also $100,000 stock
Passengers carried_______________
315,518
335.536
339,522 and $1,500,000 1st M . 5s o f New M exico Fuel C o ., all thoso soveral issues a
Passengers carried one mile________ 44.046,881 38,421,180 35,502.121 total par value o f $7,300,000 owned absolutely b y El Paso & N . E. C o .’
Rate per passenger per mile________
3.01 cts.
y The Now M exico R y . & Coal C o. 1st & C onsol. T r. Issuo Is a 2d lion on
3.277 cts.
3.245 cts.
Passenger train revenueper mile____
$1,677
$1,539
$1,485 securities mentioned in foregoing paragraph, and also on tho $900,000 stock
Tons carried (revenue)___
3,604 599
*
* „„„
o f Alam . & Sac. M t. R y ., $1,500,000, or 6 0 % , o f stock o f El Paso & R ock
4,540,165
4,308,986
Tons carried one milo (revenue)------- 618.671,556 789.956,978 750,740 X90
Isl. R y . and $51,000, or 5 1 % , o f stock o f Dawson R y . & Coal C o .; total par
R ateper ton per mde---------------------- 0.950 cts.
0.937 cts. 0.949 cts.
value o f collateral, $9,751,000, o f which $2,451,000 is covorod as a 1st lion.
Freight train revenue per mile______
$5,742
$7 393
$7 521
z Dawson R y. & Coal C o. bonds cover all the stock and bonds, $3,000,000
Average tons per train mile_________
441
’365 358
’ each o f Dawson R y . C o ., and also $1,000,000 each o f stock and 1st M . bonds
o f Dawson Fuel C o ., which owns 35,000 acres o f coal lands.— V . 101 ,p.287.
Gross O p e r . R e v e n u e ( E x c l . o t h e r I n c o m e ) — A l s o p e r M i l e o f R o a d — J u n e 30 Y r s
,,,,
1909-10.
1911-12.
1912-13.
1913-14.
1914-15
Miles oper., a v ..
878.41
901.58
947.50
1,000.83
1 027 39
Gross revenue..$7,437,661 $7,613,456 $8,657,716 $9,057,553 $7,788 736
p er m ile........... $8,467.18 $8,444.57 $9,137.43 $9,050.04 $7,581.09
F r e i g h t T o n n a g e f o r Y e a r E n d i n g J u n e 30 1915— P r o d u c t s o f ,
A g r i c u l . A n im a ls .C o a l-C o k e
O res.
S lo n e ,A c . L u m b e r .
M fr s
264,563
93,395
980,793
1,495,056
O p e r a tin g R ev e n u e—
182,398
1914-15
Ac
M isc ell
123,941 363,443 loifoio
1913-14.
1912-13.
$1,259,100 $1,151,937
7,399,309
7.126,209
340,512
*316,267
84,139
*63,303
Passenger.............................................. $1,327,352
F re g h t-------------------------------5,898,826
428,700
M ail, express, &c________________
Other than transportation...................
133X58
T o ta l operating revenue......... ........ $7,788,736
M aintenance o f way and s tru ctu res.. $1,021,496
M aintenance o f equipm ent__________
1,075,214
T r a f f i c ________________
_
225 199
T ra n s p o rta tio n -------------------------- I I I I 2,062,' 308
General.................... ..................................
288,988
M iscellaneous operations____________
70 877
Transportation for investm en t______
C r . 14’857
$9,083,060 *$8,657,716
$1,283,247 $1,039,280
1,241.720
1,161,259
204,892
175,735
2,575,383 *2.420,384
291,3881
*321,625
56,442/
T otal operating expenses......... ...... j $4,729 225
N et earnings.
$3,059,511
Outside operations (d e ficit)__________
19,812
U ncollectibles ___________
15X76
$5,653,071 *$5,118,283
$3,429,989 *$3,539,433
45.846
33,653
N et, before taxes_____ ________
83 024 323
T axes.......................................................
[400,743
$3,384,142 *$3,505,780
487,224
378,952
Operating incom e.................................. $2,623,580
O th erin com e________________________ a l , 405,121
$2,896,918 *$3,126,828
1,399,765
1,545,467
Gross corporate i n c o m e .. .............
$4,028,701
$4,296,684 *$4,672,295
GENERAL INVESTMENT NEWS
R A IL R O A D S , IN C L U D IN G E L E C T R IC R O A D S .
A m erica n C ities C o .— Subsidiary Co. Dividend .—
Seo L ittle R ock (A rk.) R y . & E lectric C o. below.— V . 100, p. 2083.
A rka n sa s L o u is ia n a & G u lf R y .— Reorganized Company.
See Arkansas & Louisiana M idland R y. below .— V . 101, p. 922, 613.
'
A rkan sas & L o u is ia n a M id la n d R y . — Successor Company
This com pany has succeeded to the property o f the form or Arkansas
Louisiana & G u lf R y ., which was sold under foreclosure on Sept. 15 1915
to A lfred Cowles o f C hicago (V . 101, p. 922, 613). Edward Ford, assistant
to President o f tho N ew Orleans & Northeastern, Alabam a & Vicksburg
and Vicksburg Shreveport & P acific railways, is President o f the now com
pany, whoso line connects with the Vicksburg Shreveport & P acific at
M on roe. La.
G en . M g r . J. M . Parker, C ro sse tt, A r k ., D ee. 2 0 19 1 5 ,
w rote:
W e will favor you with a cop y o f the organization papers as soon as they
aro com pleted. T ho com pany has been organized with $1,000,000 capital
stock and no bonds. 'There are, how ever, $200,000 worth o f m ortgage
notes out on tho property. T he property consists o f 53 miles o f main lino
and approxim ately 5 miles o f side tracks, and also a lcaso on 42 miles o f
lino between Crossett and M on ticcllo and on 8 miles between R olfo Junc! on and H amburg, Ark.
Deo. 25 1915.]
THE CHRONICLE
A t c h is o n T o p e k a & S a n t a F e R y .— Listed— Director
T h e N . Y . Stock Exchange listed on D e c . 2 2 (a) the $ 9 ,9 9 9 ,
9 7 0 pref. stock recently sold (V . 10 1, p . 1 8 0 6 ), m aking the
total am ou n t listed $ 1 2 4 ,1 9 9 ,5 0 0 ; (b) the $ 3 ,0 0 0 ,0 0 0 R o ck y
M o u n ta in D ivision 1st M . 4 s, series “ A , ” due 1965.
T he proceeds o f the new p ref. stock are t o be used to reimburse the
com pany for additions and im provem ents, o f which $3,513,500 on the
W estern D ivision. T h e R o ck y M t . D iv . bonds were described under
St. Louis R o ck y M t . & P a c. C o. in V . 100, p. 1593.
.
Ogden M ills o f N . Y . has been elected a director succeeding T hos. PFowler, deceased.— V . 101, p. 1806, 1194, 1180.
A t l a n t a B ir m in g h a m & A t l a n t i c R y .— Plan .— 'T his
new com p an y having already announced its intention to
am end the charter so as to reduce the capital stock from $ 4 0 ,
0 0 0 ,0 0 0 to $ 3 0 ,0 0 0 ,0 0 0 , the $ 1 0 ,0 0 0 ,0 0 0 pref. stock to be re
placed b y $ 5 ,2 0 0 ,0 0 0 o f incom e bonds, Pres. E . T . L am b now
gives notice th at the G eorgia R R . C om m ission will on Jan. 3
hold a hearing on the com p an y ’ s application for authority—
(a) T o issue 15-year 5 % incom e bon d s_________________________ $5,200,000
T o execute a First & R efunding M tg e ., dated N ov. 1 1915,
to secure an issue o f First & R efund. M tge. 30-yr. 5%
gold bonds, to remain uncertified for the present and to
be issued in the future upon the orders o f the Commission
to retire the com p a n y’s outstanding bonded debt and for
im provem ents and betterm ents and other lawful pur
poses. T otal am ount o f proposed new m ortgage______ $15,000,000
(b )
Plan— Financial Status.— Pres. E . T . L a m b , in letter o f
D e c . 15 19 1 5 , says in substance:
T he A tlanta Birmingham & A tlantic R ailw ay C o ., the new com pany
organized in Georgia, has acquired, through foreclosure sale, the properties
o f the Georgia Term inal C o .. Alabam a Term inal R R . C o. and the Atlanta
Birmingham & A tlantic R R . C o .. the latter, subject to the lien o f $4,090,000
A tlantic & Birmingham 1st M . 5 % bonds which are to remain undisturbed.
It is not proposed to acquire the properties o f the Fitzgerals Ocilla &
B roxton R R . C o ., .all the securities o f which were owned b y the A tlantic &
Birmingham Construction C o ., its 24 miles o f branch line not having
earned operating expenses.
P r o p o s e d C a p ita liz a tio n o f N e w C o m p a n y — D e s c r ip tio n .
A tlantic & Birmingham 5s (undisturbed)_______________________ $4,090,000
First and R efunding Bonds (none issued)_______________________ _________
Fifteen-Year 5 % Incom o B onds________________________________ 5,200,000
C om m on Stock, authorized and outstanding___________________ 30,000,000
Total annual fixed charges (as against $1,515,222 June 30 1915)204,500
Total proposed capitalization as above. $39,200,000, contrasting with
$65,436,931 for the old companies (including receiver’s certificates).
( а ) F i r s t a n d R e f u n d i n g B o n d s .— T o be dated N ov. 1 1915, and to bear
such rate o f interest, and havo such date or dates o f m aturity, not earlier
than O ct. 1 1935, as tho directors m ay from tim e to time authorize. Bonds
are to bo issued only for the follow ing purposes:
(ca) T o retire tho present outstanding 5 % bonds o f the A tlantic & Bir
mingham Railway C o. o f the aggregate par value o f $4,090,000.
(66) For im provem ents, extensions and acquisitions under restrictions.
(б) F i f t e e n - Y e a r 5 % I n c o m e B o n d s .— T o be dated N ov . 1 1915 and to
mature N o v . 1 1930, and to bear interest payable annually or semi-annually,
at such rate, not exceeding 5 % per annum, as m ay from time to time be
declared by the board o f directors, but such interest shall be paid only in
caso there shall bo net incom e o f the railway com pany available for that
purposo, as tho term “ net incom e” m ay be defined on the rules and regula
tions o f the I.-S . C . Comm ission, as from tim e to time in force.
Tho interest on the incom e bonds shall not be cum ulative. The board o f
directors m ay, how ever, reserve in any fiscal year from such "n et incom e”
an amount not in excess o f 20% o f the net incom o o f the railway com pany,
or in any event in excess o f $100,000 in any fiscal year. The total amount
so reserved and at any time unpaid shall not exceed, exclusive o f interest,
$300,000 in tho aggregate. All amounts so reserved shall be carried to a
fund to be designated “ Incom e Bond Reserve F un d ,” which shall constitute
a corporate liability and carry interest at the rate o f 6 % per annum, with
semi-annual rests. The Incom e Bond Reserve Fund m a y b e distributed to
the incom e bonds in the discretion o f the board o f directors at any tim e and
in any am ount. A ny and all amounts in such fund, with interest, at tho
dato o f m aturity o f the incom o bonds, shall be paid over to the trustee for
tho benefit o f the holders o f such bonds.
D is p o s itio n o f N e w
S e c u ritie s.
(а ) F ir s t a n d R e fu n d in g 5 %
B o n d s ..................................... (no present issue)
(б) F i f t e e n - Y e a r 5 % I n c o m e B o n d s ------------------------------------------- «5 200 000
T o holders o f receivers’ certificates a tp a r for fa ce.$ 4 ,4 76,000 ’
’
Int. on receivers’ ctfs. July 1 ’ 14 to N ov . 1 ’ 15___
358,080
T o retire an equal am t o f equipm ent trust b on d s.
146,000
Sold at par for cash to provide $100,000 paid into
C ourt at foreclosure sale-----------------------------------100,000
Sold at par for cash to provide additional interest
paid holders o f receivers’ certificates__________
50,000
Interest on the 3 preceding items to N ov. 1 1915.
19 434
Returned to treasury o f new com p a n y___________
50i486
(c) C o m m o n S t o c k — Sold to syndicate to provide cash requirem ’ts.30,000,000
D i s p o s i t i o n o f P r o c e e d s o f S a l e o f S lo c k
Obligations o f receiver for equip., tax loans, ju d gm 'ts, int. k c
$1
T o retire equip, obligations issued prior to receivership, with int"
Legal expenses o f counsel for trustees in the foreclosure sales
"
Reorg. expeases, incl. trustees' fees and disbursem ’ts, p a rtly e st"
Compensation and expenses o f Receivers’ Certificates C om m ittee
in connection with tho purchase and management o f the prop
erties, tho organization o f the new com pany, the negotiation o f
tho underwriting, & c____________________________________
Compensation which m ay be allowed b y the Court to the Yel
ceiver and his counsel__________________________________
Comm ission to syndicate managers and underwrlting's’yn d fca te"’
T o treasury o f new com pany for working capital, im provem ents
and repair o f equipm ent ($288,000).......................... .......... ........ ^
105 492
’930’237
66 000
185 225
’
216 000
’
900,000
Total ................................................................................................... .$3,600,000
There will be no outstanding equipment obligations upon the equipment
o f the now com pany, which will have a cash working capital o f approxi
m ately $900,000, sufficient to provide for repairs o f equipment, and for
estimated expenditures for improvements and betterments for the next
three calendar years. Am ple provision, m oreover, has been made for the
future growth o f the property b y authorization o f a First and Fefunding
mortgago which, when issued will bo a first mortgage on 337 miles o f main
line track, and second m ortgago on 300 miles, and upon tho terminal
properties in Birmingham and Atlanta.
The averago available incom o o f the properties acquired by tho New
Com pany for the last threo riscal years, which included the first 11 m onths o f
the European war, havo been $323,569. or about 1.6 times tho fixed charges
o f tho new com pany. Tho average net earnings for 1913 and 1914 have
been $454,709, or 2.2 times fixed charges o f the new com pany
The earn
ings for the fiscal year ending Juno 30 1915, as com pared with the previous
year, by reason o f the European war, decreased $742 878 or ‘>1 8% or
$264,848 moro than tho entire net earnings were for 19i4- they have
however, as shown below , shown a marked improvem ent within the past
few months, a number o f industries heretofore closed down having resumed.
S t a t e m e n t o f E a r n i n g s ( D e c . 1915 P a r t l y E s t i m a t e d )
— -—
Y e a r s e n d e d J u n e 3 0 --------------- c M o s . e n d . D e c . 1912-13.
1913-14.
1914-15.
1914.
1915.
Oper. rev en u es.-$3,243,045 $3,399,360 $2,656,482 $1,377,653 $1,535,413
Op. exp. & taxes 2,840,979
2,938,995 2,520,793 1,268,388 1,285,405
Net oper. r e v .
M lscell. in com e.
$402,066
21.793
$460,365
25,194
$135,689
$109,265
74,400 deb.31,257
$250,008
deb.8,659
Total avail.inc.
$423,859 $485,559
$61,289
$78,008 $241,349
Tho estimated expenditures in next three years for im provem ents, bettorments, & c., including ballast, 35 miles new 80-Ib. rail, widening em
bankm ents, ditching, passing tracks, new terminal, m odern coaling sta
2143
tions, shop tools, steam derrick and connection track, A tlanta station,
aggregate $601,434, viz.: 1916, $193,000: 1917, $353,434: 1918, $55,000.
The territory served is developing and showing considerable growth along
agricultural and com m ercial lines. O f the 11 counties in Georgia showing
increase in population o f 5 0 % , in the Census report o f 1910. 9 are traversed
b y the lines o f this com pany, the remaining tw o being adjacent thereto.
W ith the receivership term inated, the future p olicy o f the com pany
established, and the return o f normal conditions, which it is evident is now
in sight over the entire South, its growth should be still further accelerated.
T he cities o f T ifton , Douglas, M ou ltrie, C ordele, Fitzgerald, M anchester
and LaGrange, in Georgia, and the cities o f Bessemer, Talladega, Lineville
and R oanoke, in Alabam a, are recognized as com m ercial and industrial
centers, as well as the cities o f A tlanta, Brunswick, W aycross, Thom asville
and Birmingham , which are leading factors in the growth and progress
o f tho Southeast.
Statement by Committee of Holders of Receivers' Certificates Dec. 24.
Upon com pletion o f the proposed m odification in the capitalization o f
the new com pany, this com m ittee will hold, for distribution to certificate
holders, an am ount o f incom e bonds, equivalent at par, to the face am ount
o f their certificates, and to interest thereon at the rate o f 6 % per annum
from July 1 1914 to N ov. 1 1915. D ue notice o f the date o f such distribu
tion will be given. A ny balance o f incom e bonds (estimated at $50,486),
after making provision for such distribution, and for retirement o f certain
equipment obligations, will be returned to the new com pany.
P r o v is io n o f C a sh — U n d e r w r itin g , A c .
In order to provide the necessary cash, this com m ittee has entered into a
contract with H ayden, Stone & C o. (conditional, how ever, upon the co m
pletion o f such m odification in respect to capitalization), for the sale o f the
entire capital stock o f the new com pany. An underwriting syndicate will be
form ed b y said firm to underwrite this purchase, at $ 1 2 per share, or for an
aggregate sum o f $3,600,000. H ayden. Stone & C o. have agreed to give
certificate holders the privilege o f participating in this syndicate, and o f
(1) underwriting pro rata at their office, 25 Broad S t., N . Y . C ity , on or
before Jan. 10, all or any part o f the purchase price o f the stock: and (2)
o f purchasing and withdrawing from sale at least 50% o f the am ount o f
the underwriting to which each certificate holder is entitled, so that collec
tively certificate holders shall be entitled to withdraw one-half o f the stock
(150,000 shares) o f the new com pany.
A ny stock not so withdrawal will be offered b y the syndicate managers for
sale pro rata at $ 1 2 per share to the holders o f certificates o f deposit
representing certain bonds, deposited with the General P rotective C om m it
tee o f A tlanta Birmingham & A tlantic R R . C o .— V . 101, p. 1972.
A tla n tic C oa st L in e R R . — Bonds Listed .—
The N . Y . Stock Exchange listed $14,480,000 General U nified M o rt
gago series “ A " 4*4% bonds due 1964, with authority to add $187,000 ad
ditional o f said bonds on official notice o f issuance in exchange for $187,000
outstanding unified 4% bonds (the unretired remnant o f the issue o f 1909,
due 1959): making the total authorized to be listed $14,667,000. See bond
offering, V . 100, p. 1508.— V . 100, p. 1806, 1725.
B a ltim o re & O h io R R . — New Mortgage to Central Trust
Co.,
Trustee.— T h e com p any has executed the new R e
funding and General M ortg ag o to the C entral T ru st C o .
o f N e w Y o r k , trustee. See bond offering in V . 10 1, p . 1 8 84 .
B irm in gh a m R y ., L ig h t & P o w e r. — Pref. Stock Dividend.
A semi-annual dividend o f 3% has been declared on preferred stock, p ay
able D ec. 30 to holders o f record D ec. 24. T he com pany has been paying
3 % on both com . and pref. stocks each June and D ecem ber, but in June
1915, ow ing to business depression, om itted the dividends on b oth classes
o f stock.— V . 1 0 0 , p. 2166.
B o s to n & L ow ell R R . —
vote Jan. 5 on—
Bonds.—
T h e shareholders will
(а) On rescinding the vote o f Jan. 6 1915, authorizing the sale o f bonds
to an am ount not exceeding $700,000.
(б) On authorizing the issue and sale o f its coupon or registered bonds to
an amount not exceeding at their par value $1,385,000, to be payable in not
less than 20 years from their date and to bear interest at a rate not exceed
ing 5 % per annum, payable semi-annually: the proceeds to be used in p ay
ing bonds and notes and any excess for permanent additions and im prove
m ents.— V . 100, p . 1917.
C h ic a g o C ity & C o n n e c tin g R y s . —Reduced Div. on Pref.
A semi-annual dividend o f 75 cts. has been declared on the 250,000 pref.
participating certificates (no par value), payable Jan. 1 1916 to holders o f
record Dec. 24 1915. In 1915 $2 50 was paid ($1 25 each J. k J .), previous
to which $4 50 was the yearly rate. T he pref. certificates are entitled to
cum ulative dividends aggregating $4 50. N o distribution has been made
on the com . ctfs. since July 1912.— V . 100, p. 473.
C h ica g o & E astern I llin o is R R . — Reorganization Plan .—
Possible Purchase of Interest by Chicago Milw. & St. Paul.—
See that com pany below .— V . 101, p. 1972, 1885.
C h ica g o M ilw au kee & St. P a u l R y . — Bonds.— K u h n ,
Loeb & C o . and the N ation al C ity B an k have purchased from
the com p an y $ 2 ,8 5 6 ,0 0 0 General M o rtg ag e 4 X % bonds due
A
19 89 , issued to refund a like am ount o f D ak ota & G reat South
ern 1st M . 5 % bonds m aturing J an. 1 1916.
T h e follow ing from “ Financial A m erica” is understood to
bo generally true:
Arrangements are now being m ade b y the com pany for refunding its
15-year 4 % debenture bonds, which were sold to a group o f French banks In
1910. T he announcement that the W isconsin R R . Commission has
authorized tho com pany to issue $48,176,650 o f bonds to retire the foreigno.
held issue, indicates that it is hoped to corral practically all o f the bonds
held in France and cancel them.
i t o coo
A large part o f the St. Paul bonds referred to is now held b y J. P. M organ
& C o. as collateral for a loan b y the bankers to the Rothschilds in Paris last
summer. Arrangements are understood to be under w ay calling for the
sale o f the bonds held b y the M organ firm to Kuhn, Loeb k C o. as repre
sentatives o f the St. Paul Railroad. It is also considered likely that the
bankers will make an effort to secure the remainder o f the issue now out
standing and held in France.
It will be recalled that a few m onths ago J. P. M organ k C o. sold
a large am ount o f Pennsylvania com pany bonds to the bankers repre
senting the Pennsylvania k i t . C o ., the bonds also having been part
collateral for the loan to the Rothschilds. T he Pennsylvania shortly there
after issued new dollar bonds in exchange for the franc securities.
W hether or not the St. Paul will offer som e o f its new recently authorized
Issue for public subscription, could not be ascertained to-day, it is con
sidered likely that it will d o so.
It is understood that the St. Paul has numerous plaas under coasideration
at present, including purchase o f certain o f the securities o f the Chicago k
Eastern Illinois R R . C o. A ccording to reports, it is proposed to take
over some o f the General M ortgage 5 % 1>ond.s, a part o f a new issue o f
pref. stock and som e incom e bonds which, it is understood, will be provided
for in the plan o f reorganization o f the Chicago & Eastern Illinois. Reports
have been current from tim e to time that the St. Paul was about to take
over tho Chicago & Eastern Illinois property, although nothing ever de
veloped along these lines. T he belief obtains in well-informed circles now ,
how ever, that the time is about ripe for such a developm ent.— V . 101,
1972. 1552.
.
C h ica g o R o c k Isla n d & P a c ific R y , — January Maturi
ties.— W e
understand that all the Jan. 1916 coupons of th e
bonds in the system , not already in default, will be paid on
Jan. 1, except on R ock Isla n d -’Frisco Term inal 1st M . bonds
. of 1 9 07 , w hich, as late as T h u rsd ay , had not been definitely
!
decided upon.
T h e short-term loans of the Central T rust
C o . and the Bankers T ru st C o ., for $ 2 ,5 0 0 ,0 0 0 and $ 1 ,6 0 0 ,
! 0 0 0 , respectively, which becom e due D e c . 2 9 , will be extended
for 9 0 d a y s.— V . 101, p . 2 0 7 0 , 1972.
2144
THE CHRCl ? ' LE
C in c in n a ti H a m ilto n & D a y to n R y .— Deposits.—
O f the $17,500,000 General M ortgage bonds o f 1909, about $10,500,000,
o r 6 0 % , have been deposited w ith the Sabin com m ittee (Guardian Trust
C o ., d epositary).— V . 101, p . 1972, 1885.
C ities S ervice C o., N. Y .— New Convertible Debentures.—
H en ry L . D o h erty & C o ., N e w Y o r k , announced on D e c . 20
th at arrangem ents had been practically com pleted for a new
issue o f C on vertible G old D ebenture B o n d s, Series A 5 % , as
per plan in V . 10 1, p .'1 6 2 7 , the particulars to be substantially:
C o n v . G o ld D e b . B o n d s , S e r ie s A
5% .
P r e s e n t I s s u e $5,000,000.
D a t e d J a n . 1 1916 a n d D u e J a n . 1 1966.
T o be distributed Jan. 1 1916 to pref. stockholders o f record
D ec. 15 1915 (to discharge 9 % ofa ccu m . divs. V . 101. p. 1627)$2,354,994
T o be later distributed to com m on stockholders o f record D ec. 15,
9 % , issuable when all deferred divs. on pref. stock have been
discharged. [V. 101, p . 1627]_________________________________ 1,323,567
T o bo retained in treasury o f com pany_______________________
1,321,439
D enom . (1) cou pon bonds, $1,000, int. J. & J .; (2) registered bonds,
$5,000, $1,000, $500 or $100, int. payable b y check, at buyer’s option,
either m onthly or Q .-J. or J. & J. or annually (Jan. 1 .), on written Instruc
tions to the com pany at tim e o f issue o f bonds; (3) registered bonds, $ i o ,
or m ultiples thereof less than $100, interest payable annually b y check
Jan. 1. A ll interest paym ents m ade without deduction o f normal Federal
incom e tax.
C onvertible, at option o f holder, at an ytim e prior to Jan. 1 1923, on the
basis o f one share ($100) o f pref. stock and one-quarter ($100) o f a share
o f com m on stock o f Cities Service C o. for each $100, par value, ofthese
debenture bonds. Callable on any int. date at 102 and int. on 30 days’
n otice. Trustee, Central Trust C o. o f N . Y .
A d d itio n a l
A m o u n ts
I s s u a b le
in
S e r ie s ,
A ll
w ith
Sam e
M a tu rity
D a te .
A n y series m ay have such convertible privileges (if any) attached to it
as the com pany m ay determine at the tim o o f issuance o f that series; and
each series m ay bear such rate o f interest not exceeding 6% as m ay bo
determ ined at the tim e o f issuance.
Such further bonds in addition to the $5,000,000 o f Seriea A above men
tioned can only be issued “ when the net incom e o f the com pany (that is,
after deduction from gross incom e o f expenses, including therein rentals,
license charges and taxes, and interest on any outstanding securod indebted
ness o f the com pany maturing fiv e years or m ore from its date o f issue), for
12 consecutive calendar m onths, within the 14 calendar m onths immediately
preceding any request for certification and delivery o f bonds, shall bo not
less than three times the interest charges for a liko period upon all bonds
already outstanding under this agreement and those requested, and upon
any indebtedness o f the com pany outstanding above specified (provided,
how ever, that if at the timo o f the certification and delivery b y the trustee
to the com pany o f any o f such bonds, tho com pany shall presont to the
trustee satisfactory ovidenco that any o f such indebtedness has boon can
celed, or is to bo canceled concurrently with such delivery, interest on the
indebtedness so canceled shall not be includod in the abovo com p utation).”
T hese facts must be shown to the trustee b y a certificate o f tho proper
officers o f the com pany and o f a certified accountant approved b y trustee
ML. 101.
D u l u t h & I r o n R a n g e R R .— To Pay Bonds.— T h e $ 4 ,
5 0 0 ,0 0 0 2d M . 6 % bonds due Jan. 1 1916 will be paid off
at m atu rity out of earnings; $ 3 ,5 0 0 ,0 0 0 o f tho issue is owned
b y the U . S . Steel Corporation, along w ith the entire $ 3 ,0 0 0 ,
00 0 cap ital stock. C om apre V . 10 1, p . 1 2 72 .
E rie R R .— New Financing.— I t is understood that plans
are under consideration and m a y shortly be announced for
financing the com p an y’ s capital requirem ents, including
provision for the $ 1 0 ,0 0 0 ,0 0 0 c^ la te ra l notes due A p ril 1
1916.
T here is no official confirm ation of tho report that
a further issue o f $ 1 0 ,0 0 0 ,0 0 0 4 % General M o rtg ag e con
vertible bonds is contem plated .— V . 10 1, p . 4 2 .
.
F o r t W a y n e & S p r in g fie ld R y .—
Sold by Receiver.—
T his property was purchased on D ec. 2 at receiver’s sale b y Charles II
W orden, trustee, acting on behalf o f the First N a t. B an k , F ort W ayne,
o f which he is Vice-President, and other interests that held receiver's cer
tificates o f the com pany. Sam W . Greenland, General M anager o f the
F ort W ayne & Northern Indiana T raction C o ., it is stated, will operate the
road practically as has been done b y tho receiver, French Quinn, until
tho new owners have decided what to d o with it.— V . 101, p . 1885, 845.
G r e e n v ille N o r th w e s t e r n R y .—
Receiver.—
E . M . M orsund, has been appointed receiver.
I d a h o - W a s h i n g t o n N o r t h e r n R R .—
See V . 101, p . 1370.
Sale Ordered.—
Judge Frank S. Dietrich in the U . S. D istrict C ourt at Boise, Id a ., on
D ec. 15 ordered that the road should again be offered at foreclosure sale.
A t the first sale there were no bidders. T h e C hicago M ilwaukee & St. Paul
R y . C o . owns 83% or m ore o f the stock and all the notes and bonds except
$60,000 or less o f the latter (1st 6s o f 1910).— V . 101, p . 1014.
I n t e r n a t i o n a l T r a c t io n C o ., B u f f a l o .—
Pref. Divs.—
T ho initial dividend o f % o f 1% has been declared on tho now $5,000,000
7 % cum . pref. stock along with a dividend o f H o f 1% on the old 4 % pref
both payablo Jan. 15 to holders o f record Jan. 3. Seo plan, V . 101 p
527, 1465, 1713.
K a n s a s C ity M e xico & O r ie n t R y .— Plan.— T h o com
m ittee , o f which Lord M o n son is C hairm an, has issued a
plan o f reorganization o f which a resume follow s: T h e de
positaries are Colum bia T r . C o ., N . Y . , and G ly n , M ills ,
Currie & C o ., London; Sam uel U nterm yer is counsel.
Guided b y tho advice o f well-known railroad exports, tho com m ittoo
has striven to accom plish:
(1) T hat sufficient new m oney should bo provided to pav o f f existing
obligations and to extend tho new com p any’s line from W ichita to Turnor,
8 mdes from Kansas C ity, making a connection with tho Kansas C ity Outer
Earnings.— F or periods ending N o v . 3 0 1915:
Belt s E lectric R R which is contem plated will
12
M o n th s
12 Mboy t h & newNcom p a n., N o v securing for tho latter bo acquired and com pleted
n
ov.
tho
y, thus
its own freight and passen^
1914-15.
1913-14.
1915.
1914
sca nno
^ ansas C ity- This is arranged for b y a m aximum sum
Gross earnings..........................$4,352,413 $3,943,507 $490,622 $371124
4,185,301
3,834.746
475.086
359 1 7
0
N et earnings..... ....................
Interest on notes____________
490,000
408,333
40,833
40 833 (2) T hat the fixed charges o f tho now com pany should bo woll within its
minimum earning capacity. Tho imm ediate fixed charges o f tho now com
Pref. divs. paid or a c c r u e d ..
1,569,996 1,641,983
130,833
136833
pany will bo limited to interest on $15,003,600 1st M . bonds, amounting to
536,504
______
’
D iv s. to com m on stock _____ _________
$750,180 per annum, as against estimated earnings available for interest
and taxes o f $1,290,000 the first year, assuming that tho road has boon
N et to surplus and reserve_$2,125,305 $1,247,925 $303,419 $181530
pleted to Kansas
ity. T he plan provides
paym ent o f interest
Surplus reserve 1914-15, $492,424; surplus brought forward, $4 848 368- com o f capital until Jan.C1 1919, as tho construction for the line from W ichita
of
total surplus and reserve N o v . 30 1915. $5,340,792. Gross earnin-'s o f outKansas C ity is expected to require 2
to
years. N ot earnings during this
subsidiary properties for 12 m os. ending O ct. 31 1915, $21,622,939. °
period, as far as desirod, will bo available for permanent botterm ents,
“ Preferred stock outstanding N o v . 30 1915. $26,168,426; common stock new equipm ent, &c.
outstanding, $14,718,380. The am ount o f the com pany's pref. and com .
(3) That adoquato provision should bo m ado for tho raising o f furthor
stocks outstanding are unchanged on this statem ent, as tho new stock to capital in tho futuro.
bo taken b y the syndicate and such additional stock as becomes outstanding
T ho plan provides for tho issuanco under proper safeguards o f a total o f
<lue to the conversion o f tho debentures will none o f it becom e outstanding $50,000,000 1st M . bonds, provided this can bo dono law fully, tho com m ittee
until Jan. 1 1916. Tho rapid rate o f tho increases in earnings are such as having in view tho financing o f tho M exican sections when conditions war
t o substantiate forecasts already made to the effect that tho amount o
rant, and providing for other corporate requirements. In tho moantimo,
earnings accruing to the com m on stock on a 1 2 m onths basis will be m oro tho com m ittoo has taken steps to safeguard tho interests o f tho bondholders
than m aintained.”
.
in respect o f tho M exican property.
[As o f D ec. 1 Pres. D oh erty w rote: “ Under the new financing now com
N e w S e c u r itie s C o n te m p la te d —
A u th o r iz e d .
R eserved .
Issu ed .
pleted tho com pany will have outstanding Jan. 1 1916 $31,168,426 6 %
1st M . 50-yoar gold bonds...............$50,000,000 $34,996,400 $15,003,600
pref. stock, and in addition, there will bo outstanding $2,355,158 5 %
Pref. stock 5 % non-cum . convertible 35,000,000
7,726,667 27,273,333
debentures convertible into 100% pref. and 25% com . stock and also
35,000,000
5,935,333 29,064,667
$1,324,654 certificates exchangeable for similar debentures. W ith all de Com m on stock .....................
bentures and certificates converted there w ould be outstanding $34,847,751
,
T o t a l $15,003,600 E s t i m a t e d C a s h R e q u i r e m e n t s .
6 % prof, stock. Following the pref. stock is $17,218,380 com . stock,
T o discharge 2-year 6% gold notes______________________________ $5,640,200
which, with the conversion o f all debentures and debenture certificates, will I(or paym ent to com m ittee representing stockholders o f tho
be increased to $18,138,211.” ] See also V . 101, p. 2071, 1713.
construction com panies for grading___________________________
960,000
815,000
J o r alleged preferential claims, reorganization expenses, & c____
C lev ela n d C in c in n a ti C h ica g o & St. L ou is R y .— Construction from W ichita to junction with Outer B elt R It____ 3,900,000
Outer
__
_
_
Bonds Listed.— T h e N . Y . Stock E xchange has listed an ad Com pletion o fdates o f Belt R R __ to Jan. I 1919_on $15,003,600 l C63 000
Interest from
installments
ditional $ 2 ,3 3 6 ,0 0 0 General M o rtg ag e 4 % bon d s, due 1 9 93 ,
1st M . gold bonds
.................. ....................................................__ 1,700,000
325,400
a nd added $ 4 ,1 6 1 ,0 0 0 General M o rtg ag e 5 % bonds, series Surplus for expense o f issue or other contingencies_____________
Te
of
xc
.— •
Tho
o f each
M. 4
■ B , ” due 1993, m aking the totalam ou n ts listed $ 2 8 ,5 7 9 ,0 0 0 bondr m fs theEoldh a n g epany is holder upon to $1,000 1st$600, % 50-yoar gold
“
o
com
called
subscribe
payablo $75 on
4 % bonds and $ 4 ,1 6 1 ,0 0 0 5 % bon d s, series “ B . ”
appUcation, $150 cash on April 1 1916, A ug. 1 1916 and N o v . 1 1916 and
$ /o on Feb. 1 1917. He will roceivo tho follow ing securities (a) $600 1st M .
O f tho bonds just listed $1,748,000 were issued on account o f additions 50-yoar 5 % gold bonds, (6) $1,000 5% non-cum ulative convertible prof,
and betterm ents and $4,749,000 to retire the Cincinnati Ind. & C hicago stock (voting trust certificates). (c) $ 1,000 com m on stock (voting trust
1st General M . 4s, $111,000; the Indianapolis & St. Louis 1st M . bonds certificates). 'I ho privilege o f subscribing will remain open until Jan. 31 ’ 16.
m atured N ov . 1 1912, $500,000, and C lev. C ol. Cin. & Ind. 1st C onsol.
Tho plan makes no provision for preferred or com m on stockholders o f the
7s. m aturod June 1 1914, $4,138,000.— V . 101, p . 1713, 1552.
old com pany, which interests ceased on the foreclosure sale.
A n y owner o f bonds o f the old com pany whoso bonds were foreclosed on
C lev ela n d & Y o u n g s to w n R R .— Freight Terminal.—
tho sale o f the p rop erty, and who has failod to accopt from the court his
T he "K a ilw ay R eview ” on D ec. 18 contained a three-page illustrated proportionate share o f tho purchase prico applicable to his bond and who
article regarding the com p a n y’s freight terminal p roject in Cleveland. assigns his interest in tho fund in court to tho bondholders’ com m ittoe
m ay participate in the reorganization on tho same basis as otlior depositing
— V . 101, p . 1713.
bondholders b y depositing his bonds not later than Jan. 15 1916.
T ho now securities are to bo offered to tho secured and unsecured cred
C om m on w ea lth P ow er, R y. & L ig h t C o .— Leases.—
This com pany’s subsidiary, the M ichigan R y . C o ., has leased, effective itors o f tho old com pany on tho same terms as they are offered to tho bond
Jan. 1, tho follow ing electric railways already belonging to tho C om holders o f the old com pany; they aro also offered for subscription to tho
m onwealth system : Grand R apids, Holland & Chicago; M ichigan United holders o f tho 6% 2-yoar gold notes o f tho now com pany, whether bond
Railways; M ichigan United Traction, and tho Kalam azoo Lake Shore & holders or not, who m ay oloct to turn in their notes in paym ent o f subscrip
tions under tho plan o f reorganization, on the samo basis as subscriptions
C hicago lines. As the result o f tho arrangement tho M ichigan R y . C o.
secured 546 miles o f trackage in Southern M ichigan, making it, it is claimed, to bo made b y tho old bondholders; and such noteholders shall recoivo a
cash com m ission o f 3 % on tho faco o f tho notes-so turned in when tho plan
one o f the largest electrically-operated railway systems In A m erica.—
is declared effective.
V . 101, p. 1552. 444.
H olders o f tho 2-year 6 % gold notes who surrender them in paym ent o f
Des M oin es C ity R y . — Reorganization.— A new 25-year subscriptions will receive the interest payablo on tho notes up to April 30
franchise having been granted (V . 10 1, p . 1 8 8 5 ), tho bond 1916. according to the tenor o f the notes; and tho 1st M . 50-year gold bonds
received b y such subscribers will not begin to draw interest until M a y 1 1916.
holders’ com m ittee as o f D e c . 8 said:
V o t i n g T r u s t . — The plan provides that all the prof, and com m on stock
Y o u r com m ittee will im m ediately take steps looking toward a settlement o f tho new com pany (other than shares reserved to qualify.diroctors) shall
o f the bondholders’ claim s against the com pany. W hile tho details will be vested in voting trustees for a timo to bo fixed b y tho com m ittee.
require som e little tim e, wo will d o everything possible to expedite tho final
F i n a n c i a l S t a t u s . — Tho new 1st M . 50-yoar gold bonds will represent a
arrangements. Y ou r com m ittee has been fortunate in having tho hearty charge o f approxim ately $12,800 a milo, or, excluding the M exican mileage,
co-operation o f tho bondholders, m ore than 90% o f whom deposited their a chargo o f about $16,000 a mile on the 932 miles o f railroad in tho Unitod
bonds under the agreement, and we feel assured o f our ability to work out States. W . H. C overdale, tho well-known consulting onginoor, in a report
t h o situation to the satisfaction o f the bondholders.— V. 101, p. 1885.
declares that when tho road is com pleted to Kansas C ity tho equity behind
the United States will bo about $30,000 por
D e tr o it U n ited R y .— Notes Sold.— W m . A . R ead & C o . tho bonds in ittee’s experts estimato the following sums milo.
Tho com m
as available for
announce th at the entire issue of 5 % coll, trust coupon gold taxos and interest charges from Kansas C ity to A lpine, when the road has
boon extended to Kansas C ity: First year, $1,290,000; 2d year, $1,450,000:
notes dated F e b . 5 1916 has been sold, b u t for record their
3d year, $1,600,000; 4th year, $1,738,000; 5th year, $1,880,000.
advertisem ent appears on another page.
See V . 101, p.
Track laid on the system is 740.38 miles in the United States and 238.68
in M exico; total, 979-06 miles. Track to finish in tho Unitod States,
19 7 2 , 1627.
440.68, and in M oxico, 268.78; add Outer Belt R R .. 8.37: total, 717.83
D o m in io n & P ow er T ra n sm ission C o., H a m ilton , O n t.— miles. C om pare annual report, e tc., in V. 101, p. 1711, 1668, 1886.
T he last paym ent o f H o f 1 % , com pleting tho necessary 10% , was made
K a n s a s C ity S o u t h e r n R a ilw a y .— Listed.—
D e c .l5 o n t n e $5,100,000limited preference stock, and this has accordingly
The N . Y . Stock Exchange has listed $1,000,000 additional R efunding &
becom e com m on stock, m aking, it is said, the total issue $7,714,500.
Tho;regular half-yearly dividend o f 3 K % has been declared on the $3,681,- Im provem ent M tge. 5 % bonds, due 1950. recently sold for additions and
000.pref. stock, payable Jan. 15 to shareholders o f record Dec. 19. C om Improvements, making the total listed to date $18,000,003.— V . 101, p .
pare V . 100, p . 893, 2085.
1103, 1087.
Deo.' 25 ±315.)
iE
CHRONICLE
L ake C arrier S u it.— Application Denied .—
See Lehigh Valley R R . below .— V . 101, p . 1886.
L a n ca s te r & Y o r k F u rn a ce S treet R y .— Default.—
T he Lancaster C ounty C ourt has been asked to appoint a receiver for
the com pany, the Interest due July 1 1915 on the $150,000 1st M . 5s o f
1908 being in default. See V . 101, p . 212.
L e h ig h V a lley R R .— Not to Reopen Great Lakes Steamship
Case.—
T h e I .- S . C . Com m ission on D e c . 11 declined to
open for rehearing the application o f the com pany to be al
low ed to continue its operation and ownership o f the Lehigh
V a lle y T ransportation C o ., operating a steamship line on
tho G reat Lakes between B u ffalo and Chicago and M il
w aukee and other W estern lake ports. T h e press report says:
T h e railroad has for years been operating the steamship line from B uffalo
to lake points west as an extension o f its rail line. It also had all-rail agree
m ents for traffic with its com petitors. The Com m ission claimed the agree
ments destroyed com petition between the rail and w ater lines and therefore
reaffirm ed its decision, com pelling the railroad to give.up its water lines on
the Great Lakes. T he decision com pletely eliminates the railroads from
water traffic on the Great Lakes. T h e decision is believed to foreshadow
an early opinion in the Cheaspeake B ay cases. Com pare “ Lake Carrier
S u it,'' V . 101, p. 1887.
Statem ent from “ Milwaukee S en tin el” o f Dec. 18.
T o prevent a $5,000,000 loss to tho business and com m ercial men o f
.M ilw a u k ee, growing out o f the I. S. C . Com m ission order requiring tho
Lehigh V alley R R . to give up its steamship line on the Great Lakes, it is
■proposed to organize a now transportation com pany to take over the boats
ancl service. George A . Schrooder o f this city attended a meeting o f the
executive com m ittee o f the Western Lako shippers in Chicago on Friday.
T h o com m ittee, said M r. Schrooder, “ decided to m ako no recomm endation
to the shippers until some word has been received from Eastern railroads
as to whotlier they propose to fight the decision o f the Commissoin in the
courts or appeal to Congress for relief. It was felt that the shippers who
favored continuation o f Lake lines under railroad ownership have done
everything possible thus far. The Lehigh Valley R R . is the only road which
thus far has expressed itself as being willing to do everything legally pos
sible to insure tho continuation o f its Lake and rail package freight service
to and from Lake M ichigan p orts.” — V . 101, p . 2071, 1807.
L im a -H on eoy e L ig h t & R R . C o.— Foreclosure Sale.—
The com pany’s property will bo offered at foreclosure sale in Rochester,
N . Y .. on Jan. 31.— V . 100, p. 2167.
L ittle R o c k (A rk .) R y. & E le c tr ic .— Dividend Decreased.
Semi-annual dividends o f 1 % on $2,000,000 com m on and 3 % on $750,000
pref. stocks have been declared payable Jan. 1 1916, the stocks being oxdividend on D ec. 18. Previous semi-annual paym ents on com m on have
been 5% each. The American Cities C o. owns over 80% o f each class o f
stock .—-V. 100, P- 1510.
M em phis (T e n n .) S treet R y .— To Pay Bonds.—
The $906,000 Citizens’ Street R y . 1st M . bonds o f 1887 will be paid at
m aturity Jan. 1 1916 out o f tho proceeds o f the recent sale o f gold n otes.
See V . 101, p. 1092, 1553, 1886.
M ich ig a n
C en tra l
R R . — Special
Dividend, &c.—
The
com pan y on N o v . 2 9 last announced a special dividend of
1% , payable D e c . 2 8 to holders of record D e c . 3 , m aking
4 % for 19 15 , v iz .: 1 % Jan. 2 9 , 2 % Ju ly 2 9 and 1 % for
D o c . 2 8 . Previously 6 % had been paid for a num ber of
years ( 3 % each J . & J .) .
A sem i-annual dividend o f 2 % has
also been declared payable Jan. 2 9 to holders o f record
‘ D ec. 31.
T h e N . Y . Central R R . owns $ 1 6 ,8 1 9 ,3 0 0 o f the
$ 1 8 ,7 3 8 ,0 0 0 cap . stock.
Com pare V . 101, p . 4 8 , 17 14 , 18 86 .
M issouri K an sas & Texas R y .— Committee for 2nd M.
100 -Year 4 s .— Edw in G . M errill, Lewis L . C lark e, P . J.
G oodhart, W . J . M a th eson and D . E . P o m eroy , a com m ittee
form ed for the protection of the $ 2 0 ,0 0 0 ,0 0 0 100-year 2nd
m tg e. bonds of 18 90 , urges th at holders should forthw ith
deposit these bonds w ith all unm atured coupons w ith tho
U n io n T ru st C o . o f N e w Y o r k , depositary. See a d v . pages
T ho rocoiver has failod to pay the Interest due D oc. 1 on tho $39 999 5n(i
1st M . 4s o f 1890, which have a prior lien on tho proporty covered b v the
2nd m ortgage. Tho depositary will issue certificates o f deposit under a
deposit agreement dated D ec. 23 1915, which provides that in case anv
share o f expenditures ana otmgations ot the com m ittee, which share is
limited to tho am ount or rate o f $10 for each $1,000 face value o f bonds
deposited. G . K . B. W ade, 80 B roadw ay, is Secretary, and Spooner A
C otton counsel for the com m itteo. A pplication will be m ade in due course
for listing the certificates o f deposit on tho N ew Y ork Stock Exchango.
Coupons.— W e understand th at tho January coupons of
th e system will be treated as follow s:
C o ’s $10,421,000 Gon. M . 4 H s o f 1906______
_ Likely to be deferred
Southw. Coal & Im pt. $860,000 1st M . 6s o f 1889
Likely to bo deferred
M . K . & T . $612,000 equip 5s o f 1914, $34,000 pr. & t a t . .
T o be pafd
Beaumont A Great N or. R R . $883,000 1st M .5 s o f 1909
Tn he naid
W ichita Falls A N . W . R y. $2,156,000 1st M . 5s o f 1909--------- T o be paid
W ichita Falls A N . W . R y. $3,519,000 1st A R ef. 5s o f 1911' ' T o bo pa d
Panhandle D iv. $852,000 1st C oll, lien tr. M . 5s o f 1910 ------ T o be Sa d
W ie h ita F M is A S o . *729,000 1st M . 5s o f 1908.............L ikely T o b e deferred
M issouri P a c ific R y .— Coupon Payments.— W e are in
form ed th at the January coupons aro to faro as follow s:
Pacific R R . of M o ., $2,573,000 2d M . 5s, due July 1 1938
To be paid
L eroy A C aney V ., $520,000 1st M . 5s o f 1886, due July 1 ’261
N ot
K an. C ity A N or. W est., $1,024,000 1st M . pref. “ A ” 5s o f l
to bo
1894, due Jan. 1 1933______________________________________ j
paid
S t. Louis Iron M t . A So. R y ., $30,551,000 Unifying A R e
fund. M . 4s o f 1899, duo July 1 1929_____________________
T o be paid
S t. Louis Iron M t. A So. Ity ., $29,423,000 1st A R efund.
t . M ’ 6 s o f 1912, duo July 1 1952__________________ ________ N o t to be paid
L ittle R ock A H ot Springs, $1,140,000 1st M . 4s o f 1899,
duo July 1 1939______
D oubtful
— V . 101, p . 2071, 1886................................................... - ..........
D oubtrul
N ew Jersey & P en n sy lv a n ia R R . — -Reorganized.—
Soo Pennsylvania A N ew Jersey R R . below .— V . 101, p. 1371. 1014.
N ew Y o r k C en tra l R R . — Other Income.—
Soe M ichigan Central R R . above.
Decisions.—
T h o follow ing decisions, & c ., are announced:
T ho Now Y ork P. 8. Comm ission in A lbany on D ec. 16, upon its own
d od sion on the demurrer o f the com pany, declining to dismiss the suit o f
tho Continental Securities C o. to require the com pany to givo up its
control o f tho M ichigan Central R R as contrary to the Sherman and various
sta te anti-trust laws, lh is suit is ono o f tho series brought b y C . II.
Vonnor against this and other companies during tho last ten or fifteen years
(see V . 100, p. 55, 474).— V . 101, p . 694, 370.
2145
N e w Y o r k R a il w a y s .—
Bonds Listed.— Settlement.—
, .T ?,° **. y . Stock Exchange listed on D ec. 22 $1,772,000 additional
1st Real Estate A Refunding M tge. 4 % 30-vear bonds, due 1942, with
authority to add $228,000 o f said bonds on official notice o f issuance in
exchange for outstanding fractional scrip, making the total to be listed
$18,768,000. The com pany has purchased at $350 per share 5,075 shares
o f an outstanding 6,000 shares o f the stock o f the 23d St. R y . C o. (see
V . 100, p. 2011), and has issued therefor these $1,772,000 bonds and $4,250
face value o f fractional scrip. T he stock acquired has been deposited with
the m ortgage trustee.
A s to settlem ent o f suit see Second A ve . R . R . below .
Earnings .-— F or
3 m onths ending S ep t. 3 0 1915:
„
P e r io d E n d in g —
-G r o ss.
N et.
O th er
In com e.
B a la n ce fo r
C h a rg es. In c .B d s .
3 mos. end.Sept.30 T 5 .$ 3 ,439,465 $1,065,789 $134,279 $859,109 $340,959
Year end -J u n o 30 ’ 15.13,399,767 3,805,476 527,242 3,432,553 900,165
4 mos. end. O ct.Sl T 4 . 4,618.000 1,396,000 150,000 1,121,000 425,000
V 99. ^ m f - V
l o T p . 1973°136731 1914
P e n n sy lv a n ia
partly estimated-
C o m p a n y .— Dividend
See
Increased— T h is
com p an y, whose $ 8 0 ,0 0 0 ,0 0 0 capital stock is owned b y th&
Pennsylvania R R . C o . has declared a sem i-annual dividend
o f 4 % , payable D e c . 31 to holders of record the sam e d a te.
T w o per cent w as paid in June la st, m aking 6% for 1 9 1 5 .
D iv id end record follow s:
L iv cn s.
J iu a
uo. u^ -u o.
P e rc e n t..................
3
4
5
6
7
7
8 7 y ’ly
4
6
In Jan. 1910 33 1-3% in stock. In 1910 to 1913, June, 3 % : D e c ., 4 % .
p 1 171 5 ’ i6296’ 3 % : DeC" 1 % ‘
In 1915' JUn° ’ 2 % : DeC”
4 % ' ~ V ‘
10^*
P e n n sy lv a n ia & New J ersey R R . — Successor Company.—
This com pany was incorporated in N . J. on D ec. 15 with $250,000 capi
tal stock as successor o f the N ew Jersey A Pennsylvania R R ., a 25-m ile
lino running from W hitehouse to W atnong. N .J ., which was bid in b y Frank
B- Allen at receiver’s sale on O ct. 18 fo r $27,000, free o f all encum brances,
( v . 101, p . 1371, 1014.)
T ho directors named in tho incorporation paoers are: Frank B . A llen,
M on roe F. Ellis, Russell F. Randolph, S. Eugene B abbitt, D avid B uist
and Edward S. Allen o f Bcrnardsville; B enjam in J. Fleuchaus o f Sum m it.
M a y o r E dward W . E lliott o f M endham and John J . B ird o f N ew German
tow n.
P e n n sy lv a n ia R R . — Other Income.—
See Pennsylvania C o . above.— V . 101, p . 2072, 1886.
Pere M a rq u ette R R . — Sale April 5 .— Judge A rthu r J .
T u ttle , in the U . S . D istrict C ou rt a t D etro it on D o c . 2 0
fixed W e d n esd a y , A p ril 5 19 16 , as the date for the foreclosure
sale o f the property, under the consolidated m ortgago o f
19 01 .
See V . 1 0 1, p . 2 8 9 , 11 8 9 , 15 5 3 , 18 82 .
P itt s b u r g h C in c in n a ti C h ica g o & St. L o u is R y .—
Dividends Resumed.— T ho directors have declared
of 4% on tho pref. and 2 % on the com m on stocks,
dividends
both pay
able J an . 2 5 1916 to holders o f record Jan. 15 1916.
Last
provious dividends were a sem i-annual distribution o f 2 J ^ %
on pref. Jan. 2 5 1915 and a quarterly p aym ent o f % % on
com m on A p ril 25 19 1 4 .
D ividend periods were Q .-J . up
to and including Ju ly 19 1 4 , when change to sem i-annual
was m ad e.
.
P r e v i o u s D i v i d e n d R e c o r d s o f B o t h S t o c k s (P e r C e n t ) .
99. ’00. ’01. ’0 2-’05. ’06. ’07-’09. ’ 10. ’ 11-’ 13. ’ 14.
1915.
P fd . 3
4
4
(q u .)2 ^ J a n .,2 > * (s.-a .)
4H
C om . 0
0
1 — 3 yearly—
4
6%
5
(qu.)2 ’
Change o f dividend period m ade distributions o f 6 ) 4 % fall in 1910.
The pref. stock is "n on -cu m . and entitled to a d iv. o f 4 % per annum ou t
o f tho net earnings as declared b y the board, with the right after 3 % has
been declared on tho com . to an additional 1 % , making 5% in a ll." A fter
5 % on com . and pref., the two share pro rata.— V . 101, p. 2168, 1355.
P itts b u r g h S h a w m u t & N o r th e r n R R . — Receiver's Cer
tificates.—
Justice B row n in cham bers at B uffalo on D e c . 18
heard argum ents on these m otion s, v iz .:
(1) M otion b y R eceiver Smith to amend the petitions before the C ourt
so that mortgages held b y the Central Trust C o. o f New Y ork shall not be
plaoed second to the issue o f $3,100,000 receiver's bonds recently m ade
as liens upon tho property.
(2) M otion b y Alexander A Green as counsel for Kidder, P eabody A C o .,
holding or representing $500,000 o f old receiver’s certificates to vacate the
order o f July last, authorizing the issue o f $1,700,000 receiver's certificates
dated A ug. 1 and Sept. 1 1915, to refund a like amount o f certificates ma
turing on those dates. Holders o f m ost o f the matured certificates have
exchanged their holdings for the new certificates or have consented to d o
so (V . 101, p. 213, 208).
(3) M otion b y aforesaid firm s for an order fo r the sale o f the road and
the property covered b y the lien o f the old certificates. Compare V . 101,
p . 1974, 449 , 213.
P u b lic S ervice C o r p o r a tio n o f N ew J ersey .— Dividend
T h e directors on D e c . 21 voted to
put the stock o f the Corporation on a 7 % basis instead of 6 ,
as it has been for several years. A dividend of 1 % % for the
Rate Increased to 7 % . —
quarter ending D e c . 31 was declared, this action having been
taken after it was shown th at tho am ounts set aside for amor
tization were very liberal and the surplus account w as in a
very satisfactory condition.
Earnings.— T h e statem ent o f earnings for N ov em b er shows
a gross increase in business o f $ 3 0 7 ,6 6 4 , or 1 0 .1 0 % , as follow s:
P u b l ic S er v ic e S y ste m —
N ovem ber.
11 M o n t h s .
G r oss increasein total business. . . .. . . . . $307,664 $1,435,506
.
Percentage of increase _ _ _ _ _ _ _ _ _ _ _1 0_. 1_0 %
_
4.42%
Ba l a n c o available (after p a y m e n t of operating ex
penses, fixed charges, sinking f u n d requirements,
Ac.) for amortization, dividends a n d surplus _ _ $477,205 $3,472,338
_
Increase in surplus available for dividends over correresponding period in 1 9 1_4 _ _ _ _ _ _ _ _ _$56,739_
_ _
$218,244
T h e gross figures include the corporation’ railway, gas electrics
and
b usiness— V . 101, p. 1974, 1807. 1371.
St. L o u is & S an F ra n cis co R R ,— Plan Disapproved in
T h e M issouri P . S . Com m ission on
D e c . 2 3 , while approving the tentative reorganization plan in
Part— Interest Payment.—
part, disapproved certain features of it th a t, it is understood,
are considered quite essential b y the com m ittees which
prepared the plan.
T h e C o m m i s s i o n objected to the proposed 5-year voting trust, to the pro
vision for a $5,000,000 b o n u s for exchanging b o n d s a n d to the option to
convert $38,661,200 i n c o m e 5s of the n e w c o m p a n y into 6 % prof, stock.
See V. 101, p. 1808, 1715. 1629.
It w a s expected o n T h u r s d a y that all Jan. 1 1916 interest p a y m e n t s o n
issues not already in default w o u l d bo paid at maturity.— V . 10i, p. 1808.
N ew Y o r k N ew H aven & H a r tfo r d R R . —Equipment
Trust.— T h e issue o f 4)4% equipm ent trusts under discusS an F ra n cis co -O a k la n d T erm in a l R a ilw a y s.— Notes.—
T o r e d e e m m a t u r i n g notes, the c o m p a n y has b een authorized b y
the
sionsom e tim e ago will bo about $ 2 ,4 5 0 ,0 0 0 . See V . 101.
California RR. C o m m i s s i o n to issue $218,460 of 6 % notes secured
by
p . 17 14 , 19 73 .
*
$337,000 General Lien M t g e . bonds. See V. 101, p. 1886, 1974.
THE CHRONI
2 146
S e c o n d A v e n u e R R ., N e w Y o r k ,— Settlement.— Suprem e
C ourt Justice W h ita k er on D e c . 21 signed an order authoriz
ing R eceiver John B eaver to settle w ith the N e w Y o rk C ity
R a ilw a ys C o . , the suit against it and its predecessor, the M e t
ropolitan Street R y . C o ., on p aym en t to the court of sum s
aggregating $ 5 4 8 ,3 5 2 , to be used in p ayin g Second A v en u e
c o m p a n y ’s debts, & c ., v iz .; $ 1 1 1 ,7 3 7 ( 1 0 % o f total claim )
for breaking the lease; $ 2 6 7 ,6 2 7 , or 4 5 % of the claim against
N . Y . C ity R y ., and $ 1 6 8 ,9 8 8 for a m o u n t_d u e on inter
receivership accou n t.
See V . 9 9 , p . 7 4 9 , 9 7 0 .
S o u t h e r n P a c ific C o .— Bonds Acquired.— K u h n , L oeb
& C o . announced on D e c . 2 3 th at they had com pleted nego
tiations in Paris for the account o f the Southern Pacific C o m
pan y for acquisition of bonds of the C entral Pacific R y . C o .
4 % European loan of 19 1 1 , guaranteed b y the Southern P a
cific C o .
There are outstanding 2 5 0 ,0 0 0 ,0 0 0 francs o f this
issue.
Land Grant Suit .—
See Oregon & California R R . abov e.— V . 101. P- 1629, 1468.
S o u t h e r n R a ilw a y .— To Pay Bonds.— T h e $ 1 ,9 2 5 ,0 0 0
C olu m bia & Greenville 1st M . 6 % bon d s, due Jan . 1 1 9 16 ,
will be paid a t m atu rity a t the C entral T ru st C o ., N . Y .
B on d s are reserved under the Southern R ailw ay 1st and
Consolidated M . to refund this issue when desired.
V . 101, p . 2 0 7 2 , 1 4 65 .
T w in C ity R a p id T r a n s it C o — President.—
T he death o f Pres. Calvin G . G oodrich on D ec. 21 has been announced.
— V . 101. p . 371, 132.
W e ste rn
P a c ific R y .— Plan of Reorganization.— T h e
com m ittee of holders o f 1st M . b on d s, A lv in W . K rech ,
C h airm an , having adop ted a plan o f reorganization dated
D e c . 15, gives n otice, b y a d v . on another page, that all
depositors w ho do n ot w ithdraw w ithin six weeks from D ec. 23
will be bound thereby, while undeposited bon d s, in order to
participate, m ust be deposited w ith the E q u ita b le T ru st C o .
as depositary, or one o f the sub-depositaries b y F e b . 7 1916.
[V o l .
W h e e li n g & L a k e E rie R R .— Sale
Jan .
101.
2 0 .—
T he foreclosure sale under tho general m ortgage o f 1905 has again been
p ostponed, this tim e till Jan. 20. Upset price, $18,500,000. N o bidders
appeared on D ec. 20. Com pare V . 101, p. 1887, 1629.
Y o u n g sto w n
& O h io R iv e r R R .— Extra
Dividend.—
A n extra dividend o f M o f 1 % has been declared on this stock along with
tho regular quarterly 1 % payable D ec. 20 to holders o f rocord D ec. 15.
________________
— V . 101, p . 1887, 450.
IN D U S T R IA L ,
AND
M IS C E L L A N E O U S .
A c a d ia S u g a r R e f i n i n g C o .—
Debentures.—
T h e shareholders on Sept. 9 authorized tho issue o f mortgage debentures
to an amount reported as £400,000, in order to cover capital expenditure
made in rebuilding W oodside refinery and provide further working capital.
Com pare V. 101, p- 2073.
A d v a n c e -R u m e ly C o ., L a p o r t e , I n d .— Successor
Co.—
This com pany was incorporated in Indiana on D ec. 15 with $26,500,000
capital stock as successor to M . Rum ely C o ., which seo in V . 101, p. 2078.
A ja x R u b b e r C o ., I n c ., N . Y
.—New Company.—
This com pany was incorporated at A lbany on D ec. 20 with $5,000,000
capital stock, par $50. See V . 101, p -2 0 7 3 .
A la b a m a C o ., B a ltim o r e .—Overdue
Coupons.—
T he com pany paid on D ec. 8 at the Baltimore Trust C o. all coupons o f
Alabam a Consolidated Coal & Iron C o. ($1,641,000) consolidated m ortgage
5% bond issue, duo N o v . 1 1915, with interest to D e c. 8. C om pare
V . 101, p. 1887, 1466.
A m e r ic a n B a n k N o t e C o ., N . Y .—Increased Business .—
T h e follow ing published statem ent as revised for tho“ Chron
icle” stands approved;
T he earnings for tho ten m onths ended O ct. 31 1915 were at tho rato o f
14% on the com m on stock com pared with about 13% in first oight m onths
and 4.5 0 % in full year 1914. W ith dom estic business curtailed b y absence
o f any big financing, this showing is considered remarkablo. It was neces
sary to seek new business outside the United States. A m ong foreign orders
was the contract to furnish China with paper m oney in its financial re
habilitation. W hen this contract is com pleted, in the noar future, Ameri
can Bank N ote C o. will have filled the biggest single order in Its history.
Another big contract, not a new one. however, is supplying Canada all its
paper m oney and postage stamps. This work, along with m aking bank
notes for Canadian banks, keeps tho Ottawa factory busy. Considerable
now business has also boon obtained in South and Central American coun
tries. T ho Anglo-French loan, the $60,000,000 Baltim ore & Ohio bond
issue and the Canadian loan produced some o f the recent large orders.—
V . 101. p. 1372. 616.
A m e r ic a n C h ic le C o .— Common Dividend Reduced.— A
quarterly dividend of l ) ^ % h a s beondoclared on the com m on
stock, payable Jan. 2 0 1916 to holders o f record Jan. 4 1916.
C o m m i t t e e . — Alvin W . K rech, Chairman; C . Ledyard Blair, I. do B ruyn1
Last previous paym ent on com m on was a m onthly dividend
Frederick II. Ecker, D avid R . Forgan, A . M . H unt, Starr J. M u rp hy,
James D . Phelan, W illiam A . R ead, W illiam Salom on, George W hittell, of 1 % , Sept. 2 0 1915, announcomont being m ade that divi
R ichard B . Young.
dends thereafter would bo quarterly beginning w ith Jan. ’ 15.
O u tlin e o f P la n .
The plan provides for the organization o f an operating com pany (prob
a bly under the laws o f California) for the purpose o f owning and operating
the existing lines o f the old com pany and proposed extension thereof, and
also for a holding com pany to be organized under the law o f such State
that m ay be selected by the reorganization com m itteo to own and hold all
the capital stock o f the operating com pany and further to hold and enforce
o r otherwise realize on the claims o f the Western Pacific against tho Denver
& R io Grande R R . C o. acquired from tho depositors as provided in tho plan.
T he estimated cash requirements o f the plan aro $18,600,000, o f which
$8,093,750 will be used for the acquisition o f the distributive shares o f non
assenting bondholders, expenses o f the reorganization amounting to
$2,000,000 for betterments o f existing road, S 2 .5 /9,750, and acquisition o f
new equipm ent, $3,514,000. T ho balance o f $10,506,250 will bo applied
to the acquisition o f new prop erty, protection o f claims against the Denver &
R io Grande & c. It is expected that the sale o f bonds o f the new operating
com pany will yield $18,000,000, and that on M arch 1 1916 tho receivers
will have on hand the remaining $600,000 in cash available for tho use o f tho
operating com pany.
T o be secured b y a first m ort
gage on the existing railway properties o f the present W est
er n Pacific and all property hereafter required.
Total
authorized issue to b e --------------------------------------- $50,000,000
T o be sold at once to the depositors or to the members o f tho
underwriting syndicate. These bonds to be dated M arch 1
1916 and bear 5 % interest_______ _________ ______________
Rem aining $30,000,000 to be put out from time to time
against betterm ents, additions, extensions, & c, these
bonds not to bear m ore than 6 % interest_________________
(2) P r e f e r r e d S t o c k . — 6 % non-cum ulative redeemable at 105
(and convertible at any time prior to any fixed date for re
dem ption into com m on stock ). Total authorized to b e . .
(3) C o m m o n S l o c k . — Total authorized-------------------------- ----------F i r s t M o r tg a g e G o ld B o n d s .
A u th o r ized
C a p ita liz a tio n
o f N ew
H o ld in g C o m p a n y — A ll
A m o u n ts a s O p e ra tin g C o m p a n y ).
These bonds take precedence as to earnings and assets over tho outstand"
ing $0,440,200 capital stock, which has a continuous dividend rocord o f 23
years, and on which dividends at tho rato o f 8 % per annum aro being paid.
T ho earnings for the 12 m onths ended O ct. 31 1915, as officially reported,
after allowing for all charges, including m aintenance, depreciation, & c., aro
m ore than 11 times the interest on this issue.— V. 101, p. 1975, 1191.
A m e r ic a n M illin g C o .—
Dividend.—
A m e r ic a n S crew C o ., P r o v id e n c e .— Special
20,000,000
30,000,000
27,500,000
47,500,000
S to c k
(Sam e
■6% non-cum ulative stock, also redeemable at 105 and convert
ible into com m on stock, $ for $, all to bo issued at o n c e . . . $27,500,000
C om m on stock ......... .......... .............................. - ................... ................. 47,500,000
It is expected that after the com pletion o f the reorganization tho following
amounts o f securities will be outstanding in the hands o f depositors and
purchasers o f new bonds: $20,000,000 1st M . bonds o f the o p e r a t i n g com
p a n y, $27,500,000 pref. stock and $47,500,000 o f tho com m on stock o f
the h o l d i n g com pany.
.
„ ,
..............
.... ,
Depositors, including transferees o f certificates o f deposit, will bo entitled
to receive in exchange for their old bonds and their claims against the
D enver & R io Grande stock in the holding com pany, either in connection
with or without the purchase b y them o f 1st M . bonds o f tho operating
com pany upon the following basis;
(а) A depositor will be entitled to purchase at 90 and interest new bonds
equal in principal amount to 40% o f his deposited bonds, and will receive
in addition pref. stock o f the holding com pany to an amount equal to 55%
o f the principal o f the deposited bonds and com m on stock equal to 9 5 % .
(б) I f a depositor does not purchase tho new bonds he will receive in ex
change for his deposited bonds holding com pany pref. stock equal to 50%
o f the old bonds and com m on stock equal to 7 5 % .
Depositors will have until Feb. 15 1916 to signify their intentions o f
purchasing the new bonds.
O f the total purchase price 50% will be payable after Feb. 15 1916;
25% after Jan. 1 1917 and 25% after June 1 1917. In final adjustment o f
the purchase price accrued interest upon bonds purchased will bo charged
and interest will be allowed upon installments. Upon any installmentpaym ent date depositors m ay anticipate tho remaining installments.
Such new bonds as are not purchased b y the depositors aro to be taken
at 90 and int. by an underwriting syndicate, which will receive $1,000 of
the new bonds, $125 pref. stock and $500 o f com m on stock o f the holding
com pany Tor each $900 paid b y it. The syndicate will be form ed by the
Equitable Trust C o. o f New Y ork, Blair & C o ., William Salomon & C o.
and E . H . Rollins & Sons, and will receive a cash commission o f 2 % .
Depositors who purchase the new bonds at tho date fixed for the pay
ment o f tho first installment, and who then pay the entire purchase price,
m ay borrow from the underwriting syndicate, through the agents, the E qui
table Trust C o ., 90% o f the purchase price with interest at 6 % . The
loan is to be paid one year from date.
T he new com pany will have $20,000,000 1st M . bonds outstanding against
$50,000,000 for the old com pany; no 2d M . bonds against $25,000,000;
no unsecured debt against $26,800,000. Tho capital stock will bo tho same,
tho int. charges will be $1,000,000 a year against $2,500,000 for tho old co.
T he directors o f the new holding co . will have tho power to enforce tho
■claims o f tho old Western P acific against the Denver & R io Grando.
T he gross earnings o f the Western Pacific for N ovem ber showed an in
crease o f $241,000, or 55.6 2 % . For the first tw o weeks o f December an
increase or $81,200. or 4 8 % , is estimated, a large part o f which is expected
to com e from freight earnings.— V . 101, p. 1554, 847.
,
A m e r ic a n G a s C o ., P h i la .— Bonds Sold .— W illiam P .
Bonbright & C o ., P h ila ., on D oc. 22 announced tho sa lo o f
8 1 ,0 0 0 ,0 0 0 100-yoar 6 % gold bonds a t 9 9 Yi and in t.
A dividend o f 6 % has been declared on tho $700,000 stock, payable 3 %
Jan. 15 and 3 % July 15 1916 to holders o f record D ec. 31 and Juno 30,
respectively. Holders o f Marsden C o. and the old Amorican M illing C o.
stock must deposit same to participate in tho distribution.— V . 100, p. 735.
P r o p o s e d C a p ita liz a tio n o f N e w O p e r a tin g C o m p a n y .
(1)
D iv id e n d s —
'99. '00. '01. 1902.
A p r i l 1902-Apri/ 1915.
S in c e .
9
8 Jan., 2
12 yearly (1% m onthly)
Below
C o m .,r e g ------ % 1 A
d o extra____ % - -..
_______M a y '06 to M a r .'1 5 ,l% bi-m .
T ho M a y 1915 dividend was l ' A % and Juno, J uly, A ug. and Sept. 1%
each. The rogular quarterly dividend o f 1 'A % on pref. will be paid Jan. 3
1916 to holders o f record D ec. 24 1915.— V . 101, p . 1975, 1015.
Dividend.—
A special dividend o f 1% has been declared on the $3,000,000 stock in
addition to the regular quarterly distribution o f 1 A % , b oth payable D ec. 31
to holders o f record D ec. 24. Including this dividend paym ents will have
been 7% in 1915, against 6% in 1914.
P r e v io u s D iv id e n d R eco rd (P e r C e n t ).
,
’95-’96. '97. '98. '99. 'OO-’Ol. '02. '03-'04. '05. 06. 07. 08. 09. 10- 13. 14.
4 v ’ly
1
0
3
5 y ’ly 2
4 y ly 6 l 9 ' A 9 H 7
A
8
10 y ly 6
— V. 98, p. 1001. 612.
A m e r ic a n T h r e a d C o .— British
Income Tax.—
T he com pany announces that coupons, detached from tho com p any’s
bonds owned b y citizens o f Great Britain and presented for paym ent in
New Y ork, are su b ject to tho deduction o f British incom e tax. T ho deduc
tion from cou pon s payable Jan. 1 1916 will bo at tho rato o f 3s. 3d. In tho £.
Tho G uaranty Trust C o. o f N . Y . has therefore been instructed to deduct
$1 63 from each coupon o f $10 (£2 Is. 4 d .).— V . 101, p . 208.
A m e r ic a n Z in c , L e a d & S m e ltin g C o .— Stock
Listed.—
T ho N . Y . Stock Exchange listed $2,397,850 capital stock, with author
ity to add ( a ) $2,430,150 o f said stock on official notice o f issuanco o f per
manent engraved interchangeable certificates in exchango for the present
outstanding certifictaes, (6) a further $2,672,000 prior to Jan. 1 1917
on official notice or issuance and paym ent in full, making tho total author
ized to bo listed $7,500,000.
Earnings .—
For 10 m onths ended O ct. 31 1915:
Earnings from mines, $1,871,177; from smelters, $1,835,270:
miscellaneous, $115,508------------- --------------- - - - - - - - - - ----------- $3,821,955
D e d u c t — Adm inistrative and general expenses, $ ,9 ,0 4 2; incomo
tax. $36.503............................................................................................
Interest charges--------------------------------------------------------------------04,192
N et profits for 10 m onths ending O ct. 31 1 9 1 5 .......
............S3,642,217
T he com pany owns mines at Cartervuio, M o ., M ascot, T en n ., and
I’ lattville W ise., and smelters at Canoy and Dearing, K an., and llillsi '
hi ’ There is now no funded debt, tho last o f the bonds having bocn
converted into stock prior to O ct. 31 1915.— V. 101, p. 1274.
A r u n d e l S a n d & G ra v e l C o .—Initial
Common Dividend.
T he initial quarterly dividend o f \ A % has been declared on tho $1,500,
000 c o m m o n \ C (par $50). payable Jan. 3 to holders o f record D ec. 31.
See V . 101, p. 1975.
A t l a n t a ( G a .) S te e l
Co.— Property Sold.—
See A tlantic Steel C o. below .— V . 94. p. 914.
A t l a n t i c S te e l C o ., A t l a n t a .— New
Company.—
T he plant o f the Atlanta Steel C o . o f Atlanta (V . 94, p. 914) has been
nnrehasod b v the Atlantic Steel C o ., which was incorporated in Delawaro
nn D or 7 1915 with $1,750,000 o f authorzied capital stock, the incorpor
ators^including R . Burnham M o ffa t. W m . G . Low Jr. and D avid T . Wells
° f T h ’e capitalization o f the new com pany will be $1,000,000 6 % 1st m tgo
bonds. $750,000 7% cum . pref. stock and $ 1,000,000com m on stock
Tho
ranaritv o f the com pany has been largely increased. It Is expected that
a syndicate w ill shortly bo form ed b y W m . Morris Im brlo & C o . to dispose
o f the bonds. T h e com p any’s Delaware representative is tho C orporation
Trust C o. o f Am erica.
(E .
W .) B liss C o m p a n y .— Extra Dividend on Common
A n extra dividend o f 11 V±% has beon doclared on the
Slock.—
Deo. 25 1915.1
THE CHRONICLE
common stock in addition to the regular quarterly distribu
tion of 1 * 4 % , both payable D ec. 24 to holders of record
D ec. 21.
tiJ be usual quarterly dividend o f 2 % on the pref. is payable at the same
“ ™®- dividends on common stock since April 1899 have been 10% per
annum (2 Vi Q.-J.) to and including April 1911. July 1911 dividend was
passed and none paid until April 1 1914. when 1H % was distributed this
amount being paid quarterly since. Extra dividends o f 1M% each were
also paid in April July and Oct. 1915. The pref. stock ha! received s f ?
per annum throughout.— V. 101, p. 1015, 215.
receivea » / e
B ritish -A m erican Tobacco C o.— D iv id e n d s . — E a rn in a s
— An advertisement on D ec. 23 said:
A t a meeting of the directors held in London to-dav it was decided tn
recommend to the shareholders at the annual meeting which was fixed
of
payment on, Jan. 18 m \ T o f " a l X i d e ^ d
° i ' tS % . free of British income tax, upon the [£6,254..120- oar £11 ordinarv
shares, making, with the interim dividends already paid,P2 2 H % for the
year ended Sept. 30 1915, as against 24 H % paid for year ended Sept. 30 ’ 14.
J n
alJnual {"ePprt the directors say that the net profits for the year
2 ^ ei"deducting ad charges and expenses for management are £ 1 850 059
i n c l u d e d ^ l f ^ - f s 2,1, ^ ' 0^
8d’ f?r P f e v i o u s ^ ntwhirch howeV°e5r9
» £2.i l2. .5 3Pd - Proflt on sale of certain shares. From infor
mation available the directors have no reason to vary views exDressed
a year ago in their annual report that it was not anticipated that losses
5 nnionn< i,tD f Wa( and to meet which had been set aside1 the sum of £ 1 ,
V .
0
500,000 to general reserve, would amount to more than one-half o f sum set
^ i de . and .P ro''ably w°uld not reach that figure. Notwithstanding in
creasing difficulties due to war, the business o f the company continues
satisfactory
Earri ngs justify larger final dividend . b u t the director
prefer to continue their conservative policy and carry forward after deduct
f e ™ r dlVTheDrfi Wi' 1 be 1 > 8 .156 16s.yId ., ^ a l 2 r t £ 9 3 b 31 9 9s l i d .
!4
last year. The directors have also decided to pay on Jan. 18 1916 an in
terim dividend of 5% for the year 1915 and 1916 on the ordinarv shares
free o f British income tax. [There is also £4.500 000 5% cum pref s S
outstanding; par £1; dividends M . & S.]— V 7 1 0 L p . 695
P
Cam bria Steel C o.— L istin g — M e r g e r .—
It is announced that the company will request the N Y Stock Exrhamre
V. m i ‘ p OU
20
t73ani976K capltal stock- The merger plan is still pending.—
C an a d ia n Car & F o u n d ry C o., L t d .— S tatem en t.— Re
garding dividends an official of the company writes:
No action has been taken by the directors regarding the matter of divithis company s stocks
No dividends have been paid since 1914
i s 1? ’ 1A p r ,cf\ and, •unT 1914> 2% on ord.— Ed.) and it is not
J e
Wl b 0 declared in January, although, as stated above, the
directors have not met to discuss the matter.— V. 101, p. 1976, 1466.
C an adian Coal & Coke C o.— Sale J a n
__
The Lethbridge, Western Coal. Pacific Pass and St. Albert properties,
leases &c ., are advertlsed to bo sold under foreclosure at Calgary on Jan.
20. pursuant to order o f the Supreme Court o f Alberta. See V. 101, p.
2
147
W e l n t o S n ctL1
ler?h? aIso *2.492,652 convertible pref. stock convertithe AUami? r?tv
latter haY?nK been issued for the acquisition o f
1373 530 C ° lty G & El6C' properties (see v - 101. p. 530).— V. 101, p.
M otors C o., N . Y . — In te r e s t in S tock. —
see Chevrolet M otor Co. above.— V. 101, p. 1717, 1095.
C o . — E xtra D iv id en d s —
boeddecJale^nn
and a special stock dividend of 10% has
1 1 / r/Qec ar , ,
the SI 1.250,000 common stock with the reeular miartprlv
VH f 6 i Ppy 2b 6 . C‘ 3 1 t0 h° lders o f record D e c - 15 s L ^ l O O ^ p 1835^
l
Grasselli Chemical
G reat W e ste rn Power Co. of C a lifo rn ia .— C on vertible
d e b e n tu r e s O ffere d .— W ilham P . Bonbright & C o. In c., and
E . H . R°lhns & Sons offer, by adv. on another page, at 9614
and in t., to yield about 6 3 4 % if held till maturity, $4,500,000
10-year 6 % convertible gold (coupon) debentures, dated
and due N o v . 1 1925, but convertible, at option
from No/ - 1 1?17 to N o v . 1 1920, at par and in t.,
V11? y ° cuj n ; . prjlf- j tockm tlle company at $95 per share
9f
And accrued dividends. The bankers say:
nature o
f
whl cb ‘ hMe debentures are convertible is o f the
? I>rior preference stock having preference over the preferred and
common stocks of the Wostern Power Corporation (V 101 n lSQfb whir-v.
represent the ownership of the property. At current market pricTs toese
the eveSh
nt°^ a mark?t
° r o v e r $6,000,000 above the d e b e n tu ^ h In
If?® event of conversion of debentures into pref. stock paying 7 % dividends
of a t t 7 i f ndT
W
t hoi d?r *?l-675 per $100 share and willVfeld a ret^ n
at foTand int
^
en tu ,r e s are redeemable on four weeks’ notice
t
Prlnch>al apd semi-annual interest. M ay 1 & Nov 1 navable
For full information in regard to the business and properK l ° f -t h T7 co™7>any ’ see letter of Mortimer Fleishhacker,
Pres., in V . 101, p. 1888, and further data under Western
TTie^*om in ’^ h
>"
’ P’ ^§^9.
o fu te s r /r ^ a T iis a
M r . Fleishhacker further says:
20
i.
aaaagi
C a n to n C o., B altim ore.— E x te n sio n V otin g T ru sts. —
. T b« stoc_
kholders in October last were requested to extend the voting
trusts for 5 years from Nov. 1. Voting trusteos are Walter B. Brooks,
Pres., Alexander Brown of Baltimore and William Bayliss of N. Y .— V
101, p. 691.
Carnegie Coal C o .— S a le. —
See Y o u g h i o g h e n y & O h i o Coal C o. below.— V. 98, p. 1540.
C en tral & S o u th Am erican T elegraph Co — E xtra D iv
p1ai17hAr eS H?“ g in a P f* ? 5 apid ‘ crea se in net eamfngs thln in ^ o s ^
v U
r ^ ll
ss.ylr.?62oS“
^o^fdotag^an^Se^ical
2 M nS S i ticcrue. ,'5r“ Consol. Elec. - “ a V S
S i
of 3 7° has b e e n declared o n the $9,571,000 stock, pay- S SlS'.m .jdlrnmgs 'will t£ t S re“ (See ^ " p ? ws C o Co. tin u S 1 0 1 i inS i10 7 6m
$ W W J O £ holders of record Dec. 31. T h e regular quarterly p Ia «dve n t 1 the fTowtlJ.of tho business of the Great Western P ow erC o.,
y m e he1owCtv.B
I L 1898. s N o extra cashdpea y m tbetssa h a vtei been mTahdeec in mrecentyyears. 1 9 l76a n dyearly 3 ? U lb5^ ° f customers served and connected load on Jan. 1
m a at e n m e m e.
o p a n has paid % Octh i“
since i l
P a rtly E stim a ted E a r n i n g s — F 3 & 12 mo. end. D ec. 31:
or
onn
t
, D iv id e n d s .
B a l.,S u r .
T o ta l S tir.
1 Q 5 0S' ~
1
463.7oo
m m m
w
i
is m
1S&S&
m
m
.
«
«
«
»
shareholders voted on Dec. 23Uo increase^e^capTteiTtook
from $20,000,000 to $80,000,000, and also authorized the
directors to issue the new stock as they see fit, giving them
authority to issue the shares of Chevrolet stock in their dis
cretion for the shares of the General Motors Co. in a ratio
of not greater than five shares of Chevrolet M otor stock for
one share of General Motors common. It is expected that
about $11,500,000 stock of General Motors Co. will be ac
quired.— V . 101, p. 1094.
Number of customers served................ ............. ^
V 2%]£ '
° Ct' 3 ,1 9 o4
15(i
Connected load served, horse-power_____________ 1 10 0 0 0
5 9 fi’ 7 0 1
>
0 6 ? 7 0 n1& ^ke.12 months ended Oct. 31 1915 the company generated 334 Crated at it 1 h2urs ? f current, of which 313,646.351 k . w . hours w ^ e gen^ s (lis1rih,,t1
^idr??il0Ctrlc st? tip,n at B'S Bend. The hydro-electric output
^ n i dl™
tod at tho remarkably favorable load-factor of 71.6%. In my
and a h’rin?an1n confidently look forward to continued growth in earning
ana a brilliant and successful future. See also V. 101, p. 1888.
.— P a rtia l L iq u id a tio n
Guggenheim Exploration Co
.—
Secretary C . K . Lipman, 120 Broadway, N . Y . , in circular
dated Dec. 16 1915, says in substance:
it {?"hNov - 22 i 91? * ^ ) 10J - P- 1610) this company informed you (a) that
it had an opportunity to sell its 404,504 shares o f capital stock of the Utah
Copper Co. to the Kennecott Copper Corporation for 606,756 shares of the
stock of that corporation; (6) that a syndicate would purchase for cash such
a™0 1 of ,said. K ennecott shares as would enable our stockholders who
1/,!1
should so elect to receive, at the rate of $36.38 7-10 in cash for each sharo
pwUonS
tofCsh°/r^1 S ti
1 fC .mPn'ny hcld bX them, instead of their’respective pro
0
shares of the Kennecott Corporation. Upwards o f 90% of our
fm d erl^ to^ haye sonified their approval of the proposed sale, and an
underwriting syndicate, of which A. Barton Hepburn and William B.
inompson are the managers, has contracted to purchase from this comV) re9 u;red number of Kennecott shares at $50 in cash for each share.
This will provide $36.38 7-10 in cash for each share of the stock of this com
Cleveland & S an du sky B rew ing Co .— Dividend* —
pany held by such of its stockholders as shall elect to receive their distribu
A dividend o f 1 % has been declared on the pref stock navahln Tan 1 5 tive parts of the proceeds of the shares o f the Utah company in cash.
to holders o f rocord D ec. 31. Dividends on the L f
;Iar, 15
i ursuant to the policy outlined in letter of Nov. 22 1915 (V. 101, p. 1810).
1913.
2 % ; 1914, 4 % ; 1915, 3 % , including this dlstrUtutTml - V ^ o o p 1830=your directors to-day voted that after retaining in the treasurv property
C on solid ated C ar-H eatin g Co .— Dividend Status.— exceeding in value the capital stock and liabilities of this company, we
distribute certain of tno assets, including the proceeds of the shares of the
Treas. M . C . Carpendor, Albany, N . Y . Dec 10 wroteUtah Company among the stockholders, so that each stockholder o f rePlease note that the board o f directors did not declare the usual dividend ^ [ d Dec. 31 1915 shall be entitled for each share held by him to receive
last June because o f the unsettled outlook at that time
\v33 A,
3
(а) .7277 of a sliareof stock o f the Kennecott Corporation, or $36.38 7-10 in
cash to suen as shall elect, as hereinafter provided, to take cash in
lieu of such stock;
(б) .1172 of a share of Chino Copper Co. stock;
)C -?§M
1
a l haro ? f .c°mmon stock of Amer. Smelt. & Refining Co.;
(a )i .1850 of a share o f stock of Ray Consolidated Copper Co.
D om in ion Bridge C o., M o n trea l.— E a m in q s.—
Unless you signify your election otherwise prior to noon Jan. 15, it will
1 n Y f a,r ~ ^).et Profits. Directors. Dies.
r
Reserves. Written o f f
B a la n c e
be assumed that you have elected to receive cash instead of shares of stock
? L th0 Kennecott Corporation
As soon after Jan. 15 1916 as practicable
1913-14 : :
629:969 * { | S * g g S #28i:§ 8 $114: 586
19]
there will be sent to each stockholder of record the certificate of stock (or
— V . 101. p. 1467.
cash as aforesaid) to which they shall severally be entitled.
(Compare
Kennecott Coppcr Corporation, V. 101, p. 1889, 1977, 2075.)— V. 101,
Sei? T ini° n
C o ’ Ltd.— Earnings.—
P« lolU, 1717.
IM
S lY e a r —
lfs s s s !
p % fL
w in ........i f l i
— V
9 9 .‘ i T 9 '1 3 .
Y
1> L
'
r B,011(1
8
1 2 0 ’000
S in k in g
P r e f. D ie s .
« b
,,? & «
5 0 .0 0 0
? * i ? £ i ? i „ ? ag?e» ?nc.' (Silk M
182.000
Balance,
Surplus.
$1,387
273,748
f r s Status.—
o f the new stock there has h^n^LnJ10 diuta, Published last week, states that
000 new6
2ld^ arA boldereL*3 -5?0.$ 5 ,000,000 pref .a n d $ 5 ,0 0 0 j k )0 com m on / ’ °S ee also
G eneral G as & Electric
C o.,
lo lT I) 6 2074?
New Y o rk . — Dividend
Accumulations on Pref. Stock A ll P a i d __
Q.-J.)77° Per
en a n d b ' cludi" g Ju,y 1 1915. and with the Oct i 1915 n l v m e n t ^ t o v o
n" 1
annum basis. Dividends were pald at t f t o * rat e? 1*uW*
beginning with Oct. 1 1912 to and including Oct 1 i f l 5 with th t
exception o f the Qct. l 1914 paym ent, when only 1 % w is distributed
T he present extra paym ent clears up all arrearages o f dividends h e in v u ? <7
o f, ^ e Oct. 1 1914 dividend and
on am ount o f the Oc^t \
1915 dividend. Cumulative pref. stock outstanding is $1,900,000, and
Gulf States Steel Co
.—
.— A c c u m u la te d D iv id e n d s
A dividend of 15 1-6% has been declared on the $2,500,000 1st pref.
stock on account of accumulations up to Jan. 1 1916, payable Feb. 15 to
holders of record Jan. 5.— V. 101, p. 1976, 776.
Hartford (Conn.) City Gas Light
.— In c r e a s e d D iv id en d .
„ A " extra dividend of 2 5 c. a share has been declared on com. stock (par
f.25) in addition to the regular quarterly dividend of 75c., both payable
Dec. 31 to holders of rec. Dec. 16. Tho usual quarterlynayment of 50c.
on prof, stock (par $25) will be made at the same time. Dividends on the
com. have been paid every year beginning with 1851: from 1910 to 1915.
Inclusive, at the rate of 12%, with occasional extras. Divs. Q .-M . In
19.12
19i^ ,1^ , ox,tJa was paid; in 1914, 2% extra, and in 1915 1%
extra (Dec. 31.)—V. 101, p. 50.
H artm an C orp o ration .— &ocjfc O ffe r e d .— Hallgartem &
Co. have placed privately at 7 5 % , 4 0 ,0 0 0 shares of fully paid
and non-assessable stock of this new corporation which is to
be incorporated in Virginia with an authorized capital stock
of $12,000,000, to acquire the entire capital stocks of the
Hartman Furniture & Carpet Co. and its affiliated cos. The
subscription closed Thursday, the offering having been
largely oversubscribed.
2148
Data from Max Straus, Pres. Hartman F urniture & Carpet Co.
C hicago, Dec. 17 1915.
. . ,
O rg a n iz a tio n . — Will bo incorporated in Virginia with an authorized
capital stock of $12,000,000. in shares of $ 1 0 0 each, all o f which is to be
issued in the acquisition of the capital stocks of the Hartman 1 urmture &
Carpet Co. of Illinois, and its affiliated companies, the Hartman Co. of
Illinois, the Hartman Furniture & Carpet Companies o f I eoria, o f Wis
consin, of Minnesota, of Nebraska and of Missouri, respectively; also the
Reliable Furniture & Carpet Co. and the Universal 1 lionograph Co. ibo
now' corporation will have no funded debt and none of the companies, whoso
stocks are to be acquired, has any funded debt outstanding except the
Hartman Furniture & Carpet C o., of Illinois, which has outstanding
$220,000 1st M . Real Estato 5 A % Serial Gold Bonds, maturing on or
before July 1 1920, covering the plant owned by it on La Salle St. and 3Jth
St., Chicago, consisting of a modern 7-story warehouse building equipped
with an automatic sprinkler system, 3-story fireproof administration
building, with railroad, spur tracks capablo of accommodating 21 freight
cars. Tho 9 stores operated by the various companies are all held under
The business was founded in Chicago in 1888 for the purpose o f selling
furniture, carpets and household goods generally on credit. A mail-order
plant is now operated in Chicago and retail establishments in Chicago, Mil
-------io Q f Tnconh Omfihn.
P<»,orhi. 1 1 1 0 mail Order C lC
throughout the United States, it is estimated, over 2,500.000 catalogues in
use by prospective customers. This department now contributes a largo
proportion of the total volume of business and profits of tho combined companies, and has, I believe, virtually unlimited potentlalites for growth.
All of the subsidiary companies were established on modest bases as to both
capital and operation and have reached their present condit ion of prosperity
through the re-investment of the greater portion of yearly profits in the
business and through a careful and efficient management. In view of tho
considerable expansion o f the business in the four years 1911-14, it is oi
interest to note that $3,288,343 from earnings during that period have been
appropriated to the purpose o f securing ample plant facilities and for pro
vision of further working capital.
1 .
#
. .
,
E a r n i n g s . — As a result of these conservative policies the business has now
reached a stage where tho payment of a substantial portion of tho earnings,
by way of dividends, will yet leave tho companies a sufficiently largo balanco
of surplus to take care of tho normal expansion of their business.
K a m in istiq u ia Power C o .— Earnings. —
Oct. 31
Y e a r __
C ro ss
N et
F ix e d
D iv id e n d s
C o n t m .R e s .
B a l.
E a rn s.
E a rn s.
C h g es.
P id
a.
& D cp r.
S u r,
1914-15______$340,128 $299,373 $94 939 (6%)$131,760 $35.000 $37,674
1913-14 _____ 319,518 269,613 88,280 (6 %) 120,000 35,000 26,332
— V. 100. p. 144.
K ey sto n e T elep h o n e C o.— Pref. D iv. on Acct. of A ccum s.
A dividend of 2% ($1 per share) has been declared on the prof, stock (par
value $50) on account of accumulated dividends, payable Feb. 1 1916 to
holders of record Jan. 20 1916. This is tho second payment on this account,
2% ($1) having been distributed on July 15 1915. Regular semi-annual
dividends o f 3% ($1 50) have been paid each M ay and November beginning
with Nov. 1913— V. 101. p. 1275, 1192.
Lee Tire & R u b ber C orp., P a .— Stock Sold.—
Hornblower & Weeks and White, Weld & Co. announce that the Issue
of stock offered by them last week has been sold. Tho Corporation Trust
Co., 37 Wall S t., N. Y ., announces tho company’s incorporation at Albany
on Dec. 15 with 150,000 shares authorized capital stock, no par value.
100.000 shares outstanding. Tho certificates will ba ready for delivery
Dec. 27. See V. 101, p. 1977.
L ouisville (K y .) G as & Electric C o.— Dividends .—
Referring to our recent item, the company paid its full amount of divi
dends, 6 % (1 A % Q -M .) during 1914 and in 1915 as follows: March, none;
: April and July, 1% , and Dec., I A % . leaving 2 'A % accumulated.—
|
; V. 101, p. 1811.
i
M arlin Arms C orp oration of N . Y , — Status.— This com"
C o m b in ed N e t S a le s — A ls o N e t E a r n in g s f o r C a le n d a r Y e a r s .
1907.
1911.
1912.
1913.
1914. 15 (D cc.est)
$
$
$
$
S
8
Net sales_ 2,500,000 4,453,899 6,038,389 7,104,635 6,649,387 7,800,C00
_
Net earns..
______
802,972 1,168,757 1.180,023
854,499 1,150.000
10% on tho $12,000,000 new capital stock will call f o r . . . ......... 1,200,000
We anticipate a very substantial increase in the business for tho year 1916.
C o n so l. B a l. Sheet a fte r A d ju s t m e n t s P re p a r a t o r y to V estin g C o n tro l i n N e w C o .
[Based on audited statements o f the several companies as of Dec. 1 1915]
Real estato and buildings, $802,656; less
first mtge. bonds, $220,000________________________________ $582,656
Fixtures and machinery__________________________________
145,384
Current Assets: (a) merchandise inventory, $1,054,985; (6)
accounts receivable, $400.000,averaging about $14 ($5,703,
808; less reserves, $447,500), $5,256,308; (c) cash, $314,342;
(d) prepaid expenses, $104,950__________________________ 6,730,585
O ffse ts .—-Accounts payable, $405,645; loans and notes payable,
$156,980; reserve for salary bonuses duo employees, $88,000..
650,625
A s s e t s ($7,458,625):
Balance, net assets, excl. of good will, trade marks, &c._------- $6,808,000
Valuation of good will, catalogues, trademarks, customers’ lists,
&c., among tho most valuable assets------------------------------------Not listed
The business has shown remarkablo stability. The influence of local
depressions on sales is reduced to a minimum becauso our customers are
scattered over tho entiro country and the average sale amounts to only
about $25. The management which has achieved the success of tho existing
companies will remain in control and retain a largo majority oi the capital
lock of the new corporation having no intention o f disposing thereof.
H ask ell & Barker Car C o .— Purchase.— A syndicate
headed by Potter, Choate & Prentice and P . B . Keech & C o.
has bought tho Haskell & Barkor Car C o. at Michigan City,
In d., and will take steps to extend tho business after new
capital has been raised.
Potter, Choate & Prentice and F . B . Keech ec Co. announce
that tho small portion (200,000 shares) of tho capital stock
of the company offered for sale lias been heavily over-sub
scribed, and that the subscription is now closod.
1 he stock
was offered by them at $50 a share. A 2 0 % allotment will
be made on the amount applied for.
This company was organized in 1852 and is one of the most successful
o f tho car-building companies of this country. It was founded by John
Barkor. After his death in 1910 it was provided that tho property should
be placed in tho hands o f trustees The trustees wero J. B. *
dent of the First National Bank of Chicago; E. K. Boisot and 1 . J. McBride.
Theso trustees have managed the old property and hayo also installed a
modern steel plant. Tho company now has a capacity of upward of 20,000
CaTheeproperty1’is woll located for further enlargement and it is understood
that tho new interests, in anticipation of an extraordinary demand for rail
road equipment in the near future, will proceed with an extension policy.
One of the new features of the delivery of this property from the old to the
new interests is that tho property is taken over without °ne foilM
or funded debt. Tho now capitalization provides for $4,500,000 common
stock, with no preferred stock and no bonds. It is believed that the au
thorized issue of common stock will be large enough to provido for such luture needs as the company may have.
.
. __ ,
While no information could bo obtained concerning the now interests
identified with Mossrs. Potter, Choate & Prentice, and r . B. Keech & C o.,
it is understood that somo very prominent men in the financial and manu
facturing world are concerned. The following men will bo among tho
directorate: Ambrose Monell, Pres, o f tho International Nickel Co.;
William E. Corey, Pres, of tho Midvale Steel Co.; Frank A. Vanderlip.
Pres, of tho National City Bank; Edwin S. Webster, of Stono & Webster of
Boston; John Morron, Pres, o f tho Atlas Portland Cement Co.; J. W.
Harriman, Pres, o f the Harriman Nat. Bank; Arthur O. Choate, member
of Potter, Choate & Prentice. Tho remaining members of the board of
directors have not yet been decided upon. It is understood the company
wi 1 obtain the services of one o f the best car manufacturing men of the
country to act as President, whose name will bo announced later.
The present business of the company will keep it operating at full ca
pacity for a considerable portion of the now year. The earnings in 1913
wero over 11% on the presont capitalization, and for tho year 1IH4 over
10%. At present tho company has on its books orders for botween 8,000
and 9,000 cars, and inquiries for soveral thousands more, which will keep
its plant busy for a good part of tho year.
In te r n a tio n a l M ercantile M arine C o. — Certificates of
Deposit fo r Common Stock Listed on the N . Y . Stock Exchange .—
T h eN . Y . Stock Exchango listed on Dec. 22 $9,075,600 U. S. Mortgage &
Trust Co. temporary certificates of deposit for common stock with au
thority to substitute permanent engraved certificates of deposit on official
notice of issuance in exchango for these temporary certificates or for out
standing common stock; and with authority also to add $40,796,800 of
permanent engraved certificates of deposit on issuance in exchange for
outstanding common stock, making the total to bo listed $49,872,400.
— V. 101, p. 2075, 1977.
In te r n a tio n a l Steam Pum p C o ., N . Y . — Sale Ordered .—
Judge Mayer in the Federal District Court on the 17th Inst, signed the
decree of foreclosure and sale of the company’s properties, in fifteen parcels,
at such dates as may be fixed by Abraham S. Gilbert, the special Master.
The aggregate upset price Is $6,293,000.
_
„„
.. . .
Judge Hand in Federal District Court at N. Y . on Dec. 22 authorized
Gilbert Collins, the receiver appointed by the Chancery Court of New
Jersey, to appeal to Circuit Court o f Appeals from a decree of foreclosure
and sale of the property obtained by Guaranty Trust Co. as trustee,
__y ,
t p, 19 7 7 , 18 8 9 .
[Vol. 101
THE CHRONICLE
pany was incorporated at Albany, N . Y ., on Dec. 8. Gwynne
Brothers, 25 Broad S t., N . Y . , specialists in tho common and
pref. shares, have issued a circular saying in substance:
Pref. stock, 35,000 shares ($3,500,000) 7% cumulative, $100 par value*
T o be retired in three installments at 100 and accumulated dividends on
Dec. 1 1916, March 1 1917 and June 1 1917, and is callable at par on any
dato. Dividends cumulative from Doc. 1 1915. Transfer agont, Bank
ers Trust Co., New York.
. .
#
No dividends can bo declared on the common stock, which consists or
60.000 shares, no par value, until the prof, stock is retired, which makes the
latter security an attractive proposition. It Is essentially a debenture
issue representing an investment In tho plant, in addition to which the
company acquires the good-will, going business and contracts which the
old firm had on hand, and its standing as a riflo manufacturer. Both stocks
have been placed in a voting trust until tho pref. stock Is retired.
The corporation has purchased tho plant, assets and good-will or the
Marlin Fire Arms Co. at New Haven, Conn., which was established by an
Act of tho Legislature in 1882 and has successfully manufactured rifles,
firearms, &c., since that dato. Tho corporation is freo and clear of any
debt, and tho plant is in excellent condition, few changos boing necessary.
Unable in its own plant to satisfy the increasing demands of Great Britain
for rapid-fire guns to supply its own army and tho armies of Russia, the Colt
Patent Fire Arms Co., of Hartford, Conn., has licensed tho Marlin Arms
Corporation to manufacture in great quantities Its model 1914 machine gun.
The corporation has secured a contract with the British Government for
the manufacture of 12.000 Colt machine guns, at prices to vary according
to the timo of delivery, a premium being paid for tho earlier shipments.
The size of the order and tho contract price, together with tho provision for
premiums offered for prompt delivery, make this much the most important
order over placed in this country for machine guns. Profits on this type of
product and in this emergency run into largo percentages, since promptness
of delivery rather than price is the chief factor with tho purchasing Govern
ment. The guns ordorod are to bo Colt automatics, and a working agree
ment has been made with that company by which tho guns will be manu
factured on a royalty basis, tho Colt Company to furnish working drawings
and all tho advice and assistance in their power.
. . .
F.
A. Rockwell, now President of tho Bristol Brass C o ., and who formerly
built up tho business of tho New Departuro Manufacturing C o., has been
elected President and Managing Director of tho Marlin Arms Corporation,
and is now in charge of the plant. J. M . Browning, tho Colt export and
inventor of the machine gun, will co-operate in an advisory capacity.
Officers: A. F. Rockwell, Bristol, Conn., President; Edgar Park, New
York, N. Y ., Vico-President; Thomas W. Farnum, New Haven, Conn.,
Treasurer; Errol Kerr, New York, N. Y ., Secretary.
Directors; A. F.
Rockwell, Pres, of the company; Edgar Park, Vico-Pres. of tho company:
G. II. Walbridge, of William P. Bonbright & Co., Inc.; L. E. Stoddard, or
William P. Bonbright & C o., Inc.; Walton Ferguson Jr., of J. & S. Ferguson;
Robert L. Bacon, of Klssell, Kinnicutt & Co.; C. Horace Conner.
Maxwell M otor C o., In c .— Pref. Stock Listed.—
The N. Y. Stock Exchango on Dec. 22 authorized the listing of $1,765,900
1st preferred stock trust certificates prior to July 1 1916, on official notice
of issuance and payment in full, making tho total authorized to bo listed
$14,045,200. The stock in question is that issuable in connection with the
proposed discharge of the accumulated dividend on the 1 st pref. stock.
Incom e. — Consol, statement for 3 mos. end. Oct. 31 1915:
Net earnings, after manufacturing, &c., expenses, and taxes___ $1,425,489
Cash disc, on goods purch., $60,950; sundry mlsc. rev., $10,370;.
71,320
Total
___________ _______________________________________ $1,496,809
The above earnings aro subject to adjustment at close of fiscal year
July 31 1916.— V. 101, p. 1631 1555.
M erch a n ts’ & M iners’ T ra n sp o rta tio n C o., B altim ore.
— Plan.— The stockholders will voto Jan. 4 on authorizing—
(a) An issue of $5,000,000 of bonds of tho company and tho oxocutlon of a
mortgago to secure tho same.
(b) Retirement of tho company’s 4% dobonturos of $3,250,000.
(c) Reduction o f the issued capital stock from $5,000,000 to $3,000,000.
par value: change in tho par valuo of shares.
(d) Issue of $750,000 of the company’s capital stock.
(e) Or such other issue of bonds, or othor docroaso or incroaso of stock is
sued or authorize 1 as may bo considorod expedient.
Digest of Circular Signed by Pres. J. H. Jenkins, Baltimore, Dec. 20.
\t tho time the N. Y. N. II. & H . RU. Co. disposed of its holdings In
tho company's 4 % debentures and stock, It was ovidont that a readjust
ment of the capitalization was inevitable. Aftor 18 months’ operations,
tho requirements can now bo determined, and tho readjustment should be
mado at once.
in h ilit ir s on C h a n g e o f C o n tro l in A p r i l 1914, $10,530,000, In c lu d in g S to ck.
Mortgages in Baltimore: (a) German St. lot, $10,000; (6 ) Block St.
* wharf $ 1 0 0 .0 0 0 ___________________________________________ SI 1 0 ,0 0 0
Wlmrf mortgages: (a) Boston, duo Apr. 1914, $370,000; (6 ) Nor
folk, duo May 1915. $300,000
...........- ......... ........................ 670,000
Fmiinment mortgago, Oct. 1914-1915------------------------------------- - 300,000
f f i d debentGrf 6 s. duo March 1915.......................................... 1,200.000
Debenture 4s, duo 19 3 2 ...............- ................................................... 3.2o0,000
Capital stock.................- ....................... - ........................................... 5,000.000
Tho Boston wharf was Immediately sold for tho faco of tho mortgage.
Tho Norfolk wharf mortgago, tho equipment mortgago and tho preferred
debentures wero temporarily financed by an issue of ono-yoar notos, $ 1 ,
750 0 00 which changed the capitalization to $ 1 0 , 1 1 0 ,0 0 0 and this capi
talization has remained substantially unchanged, viz.:
xtnrfirairo Block Street and Gorman Stroot, Baltimore__________ $110,000
One-year preferred notes, due March 1916 (V. 100, p. 646)........... 1.750.000
Debentur^s^duo 1923 (V. 84. p. 752, 999)...................................^O .O O O
Tho one-year debentures ($1,750,000) must bo rotirod on March 1 1910.
At the timo of tho original issuo of tho preferred dobonturos, and in order
to nrovont tho company’s default, the owners of tho $3,250,000 4% deben
tures agreed to subordinate and defer their claim, and tho samo subordina
tion was necessary for tho issuance of the maturing
tho arrangements for..... — dination cannot bo renewed.^ ino ,4% - dobonsubordination .......... ... ....... - , ,
,
tiires cannot bo retired before maturity at loss than lOo and lilt., and no
mortgage can bo placed upon the company’s property without providing
for tho exchango of bonds so Issued for tho dobonturos, par for par.
Book V a lu e E x c e s s iv e .— A careful appraisal of tho property which is bo_
_
in carried on tho books at $9,389,658, discloses tlio fact that tho presont
pret
This’ difference Is duo in part to oxcosvaluation >
valuation should be $6,960,889. *ti“ ’ i m t o an item for good-will carried
"
I sivo valuation o£,v®Jsel
this causes a deficit in assets
at 3 6 1 1 , 7 2 6 making a total of $2 428 769. this causes a uoncit in asset.
and should be charged to profit and loss.
THE CHRONICLE
1>kc. 25 1915.1
If not provided for by a reduction of capital stock, thon it will be neces
sary to suspend dividends until this differenco can bo made up out of earn
ings, and such suspension would bo practically indefinite. This large
deficit in assets would also seriously impair the company’s credit.
P la n .— T o provide for these requirements, it is proposed to reduce the
present outstanding capital stock from $5,000,000 to $3,000,000, giving
each present holder o f ten shares (par value $ 1 0 0 ) or $ 1 ,0 00 — either 6
shares (par value $100), $600, or twelve shares (par value $50), $600.
To rostore the company’s former high credit to a point that will insure
a ready market for its securities, in addition to reducing the capital stock to
an amount upon which reasonable dividends will be earned, it is proposed:
(1) To authorize an issue o f 1st M . 6 % 25-year sinking fund
bonds, callable at 1 0 3 } 4 , $5,000,000: to be reserved for new
ships, Ac., $1,400,000; to be issued immediately_________ $3,600,000
To retire $1,750,000 one-year notes with $325,000
from treasury assets_____________________________$1,425,000
As par. consideration for$3,250,000 deb. 4s due 1923. 2,175,000
(2) In addition to reducing the outstanding capital stock to
$3,000,000, to issue in part payment for the $3,250,000 deb.
4s, stock, $750,000, making the total capital stock__________ $3,750,000
Net reduction in capitalization_____________________ S2,650,000
The Block St. Wharf, which is no longer used by the company, will not
bo included in the now mortgage, but will be sold and the present mortgage
o f $ 1 0 0 ,0 0 0 thereon paid from the proceeds.
The opportunity to subscribe for the new bonds at par will be offered to
all the prosent shareholders. Tentative arrangements have already been
perfected for the exchange of the debenture 4s and for the underwriting of
the amount of now bonds required for the retirement of tho one-year notes.
Your board o f directors, at its meeting on Dec. 20 considered and unani
mously approved the plan. The plan has been informally discussed with
a number of the largest stockholders, and tho holders of approximately
80% of tho total outstanding shares have signified their assent to this
proposal.— V. 100, p. 2171.
M exican T elegrap h C o.— Partly Estimated Earnings.
For 3 and 12 months ending Dec. 31:
3
M o n th s
e n d in g D e c . 31
T otal
In c o m e .
N et
M e x ic a n
In c o m e . G o v e rn m 'l.
1915.......
$242,560 $221,614 $10,000
1914 _______
260,000
235,781
17,000
12 M o n th s —
1915 _______ $985,696 $894,950 $47,000
70,886
993.771
1914................. 1,105,000
Total surplus Dec. 31, 1915, $1,800,222; V
D iv id e n d s
P a id .
(2^% )$S9,735
( 2 1 4 % ) 89,735
B a la n c e ,
S u r p lu s .
$121,879
129,046
(10%)$358,940 $489,010
563,945
(10%) 358,940
1 0 1 , p. 1016.
M idw est R efin in g C o ., D en ver.— Dividend Increased .—
A quarterly dividend o f 1 ) 4 % has been declared on the stock, payable
Feb. 1 to holders o f record Jan. 15.
This is an increase of H of 1% over
Nov. 1, when 1% was paid. Press reports say that tho net earnings In
November were $280,000 and for tho five months ended N ov. 30, $1,050,000.
Tho company, it is stated, has acquired 80% o f the rights in the Elk Basin
on the Wyoming-Montana line, where discoveries made indicate the exist
ence o f a field that may rival the Salt Creek field near Casper.— V. 101,
p . 2075, 850.
N ation a l T ra n sit C o ., Oil C ity .— Plan.— Pres. W . V .
2149
thereof to tho trustee for account of tho corporation, interest will be paid
upon these bonds at the rate of 6 % per annum until maturity.
The corporation owns and has in operation at the present time electric
generating plants with the following k. w. capacity: (a) Hydro-electric
plants— Main San Joaquin plant, 16,000; San Joaquin Plant No. 3, 2,000;
Tule River plant, 6,000; Kern River plant, 1,350. (b) Steam generating
plants: Bakersfield plant, 16,550; Fresno plant, 750.
E a r n i n g s f o r C a l. Y e a r s 1912 to 1914 a n d 12 M o n th s e n d in g Oct. 31 1915.
„
1912.
1913.
1914.
1914-15.
Gross operating revenue.$l,363,643
$1,741,301 $1,827,588 $1,753,658
Net inc. available for int.
$842,211
$921,390 $1,123,007 $1,063,258
Interest charges (n e t )...
373,651
431,288
474,462
505,652
---------------- ----------------- ----------------- ----------------Balance for
deprec., divs., &C-_$468,560
$490,102
S648.545
$557,606
Compare V. 100, p. 1753. [Stephens & Co. are handling the bonds in
San Diego, Cal.]— V. 101, p. 51, 218.
Steel & R a d ia tio n C o.— Official Statement.— Pres. Sir
Henry Pellatt as to recent estimates says :
Theso estimates were made by tho company’s brokers on such informa
tion as was then available. In the published statement it was estimated
by tho brokers that the first contract for shrapnel shells would be renewed
at the price of $3 80, which had been the price of the first contract. Since
that time tho actual contract price has been made at $1 85. Similarly,
the brokers estimated that the first contract for high explosives would be
renewed at tho original figure of $4. There has been no renewal made as
yet of this contract, and, therefore, no price has been made. Furthermore,
in tho statement the brokers estimated the price for the 6 -inch shell at S 1 2 ,
or probably $10. Since that time a contract has been awarded at a price
The transaction in New York was a sale of the company’s bonds, which
had been pledged to tho bank, and there was no speculative dealing in the
stock except what may have followed the transaction on tho part of the
New York brokers. All 1 hoped to accomplish by the sale of tho bonds
was to restore the finances of the company and enable it to extend its busi
ness, which had been impaired by the war.— V. 1 0 1 , p. 2078.
S u n Life A ssu ran ce Co. of C an a d a , T o ro n to .— A m a l
gamation .— A t a meeting of the directors of the Manufac
turers’ Life Insurance C o. held in Toronto on D ec. 16,
unanimous ratification was given an agreement with this
company for the reassurance of the policies of the Manufac
turers’ C o ., thus completing preliminary arrangements for
the amalgamation of these two outstanding Canadian cor
porations to the mutual advantage, it is believed, of all
parties in interest, both policy holders and stockholders of
each. A n authoritative statement says in brief:
, Tho Sun Life assumes all policy and other contractual obligations o f the
Manufacturers’ Life as at Jan. 1 1916 and accepts transfer of its assets with
the exception of capital stock. To the holder of every Manufacturers'
Life policy and annuity outstanding on Jan. 1 1916. the Sun Life will send
direct a certificate of guarantee undertaking to assume primarily all lia
bility under his policy.The agreement involves substantial advantages
Miller in circular dated Doc. 15 says in substance:
to the policyholders of the Manufacturers’ Life, but the most direct ad
Our revenues have been largely decreased by the reduction of rates for vantage will be the immediate increase in the profits on their policies.
transporting oil, effective in Aug. 1914. In the judgment of the board, , Dntu such time as the Manufacturers’ Life Business is finally merged,
the present capitalization, $12,727,575, Is in excess of the amount required it will be onerated as a separate branch and will be credited with all Manu
for tho business that may be done at this time. There is no prospect of facturers Life premiums and with interest at the average rate earned by
development o f new fields of production within the territory where we the total funds of the combined companies. The amount chargeable, howoperate. Therefore, it is thought well to convert such o f tho assets as may e v e r .fo r expenses and administration of the separate account will be
be necessary for tho purpose into cash and to liquidate the stock of the limited to 1 0 % o f the premium income, as against an average heretofore
company to the extent o f 50% , making the par valuo o f the shares $12 50 tor tho Manufacturers’ Life of over 30% of a premium income which last
Instead o f $25 and the total amount o f the capitalization $6,362,500. year stood at $3,150,000. The participating policyholders are guaranteed
This amount is just about equal to the present pipe line investment less the an immediate increase in profits to not less than 80% of those accruing to
depreciation. Tho reduction o f the par value o f the stock would leave corresponding Sun Life policies, whereas their jpresent profits in the ordi
nary branch have averaged only about 65% of the Sun Life scale. (The
tho surplus undisturbed.
The reduction of the capital stock would bo accomplished by the purchase policyholders will also enjoy further advantages including eventually
and retirement o f 103 shares thereof to make total shares outstanding participation in the larger Sun Life surplus.)
with regard to its profit-paying power the Sun Life is acknowledged to
509,000, and the payment to the remaining shareholders of $12 50 per
occupy a somewhat unique position. By Dec. 31 1915 it will have admitted
sharo in cash.
[The plan on which tho shareholders will vote on Feb. 2 involves the assets of about $74,500,000 and a net surplus over all liabilities and capital
transfer o f tho company's manufacturing plant at Oil City, Pa., whenever of about $7,500,000, with a further contingent surplus in reserve fund
the Penn. P. S. Commission gives its consent thereto, to the National assets which will greatly increase its future profit-paying power. In the
Transit Pump & Macnine C o., which was incorporated in Penn. N ov.26 last report the par value of these reserve fund assets stood at no less than
1915 with $2,545,000 capital stock, all common and all outstanding (par $12,444,527. The Manufacturers' Life on Dec. 31 1914 had assets totalling
$25), and all owned by the National Transit C o., Mr. Miller being Presi $19,180,388, while its surplus over all liabilities and capital stood at
dent o f both companies.— V. 101, p. 1890.
$1,852,329 and its 53,425 policies in force for assurances aggregated over
$82,000,000.
New Y o rk Taxicab C o ., L td .— M eetin g .—
Tho debenture holders were to vote in Paris Dec. 10 on (a) appointing
T en n essee C opper C o.— Bonds Offered.— Sutro Bros. &
a now trustee, (b) postponing the payment of the debenture interest for C o ., N . Y . , are offering, at market price, a block of the
one year more (1. e., to Jan. 1 1917), (c) releasing the company from anv
obligation to redeem debentures in the year 1916. and (d) authorizing a new new 1st M . 6 % Ten-Year Convertible Sinking Fund gold
sub-lease of the garage in New York for a further 5 years at a yearly bonds, dated N o v . 1 1915 and due N o v . 1 1925. Auth.
rental of $27,000.— V. 100, p. 145.
issue, $3,000,000; outstanding, $2,000,000. Trustees, Bank
O ttaw a L ig h t, H ea t & Power, L t d .— Dividend Omittet
ers Trust C o. of N . Y . and Fred I. K ent. Denom . $500 and
The quarterly dividend o f 1 1 4 % . due Jan. 1 1916, has been passed. T1
$1,000 c*. Int. M . & N . A circular says:
last previous payment was on Oct. 1 1915, 1 H % . Reports state that tl
company will probably resume dividends next year.— V. 1 0 0 , p. 984.
The present issue of $2,000,000 bonds is convertible at the option of the
holder, on and after N ov. 15 1917 (except when the books are closod), into
Parke, Davis & C o.— D iv. Increased .—
common stock at the rate o f $160 of bonds for $ 1 0 0 of stock; in other words,
A quarterly dividend o f 5% has been declared on the S9.856 150 capit
the bonds will be convertible into stock at $40 per share. The record of
stock (par $25), payablo Jan. 1 to holders o f record Dec. 21. This compar
convertible bonds o f approved copper companies has proven them to be an
with 3% quarterly since 1912. 10% per annum from April 1909 to Ja
exceedingly profitable method o f investment. When this conversion priv
1912, 8 % per annum from Oct. 1907 to Apr. 1909, and 6 % beforo tha
ilege becomes operative, the present bonds will have a conversion value
— V . 100, p. 2173.
/0
based on the then current price o f the stock, viz.: Stock selling at 40, bonds
100;
P ittsb u rgh Coal C o .— Accumulated Dividends.— A press stockstock at 50, bonds0125; stock at 60, bonds 150; stock at 70, bonds 175;
at 80, bonds 2 0 .
dispatch from Pittsburgh on Doc. 22 says:
P ro p e r ty . — Company was Incorporated in N . J. in 1899 and owns (o)
It is reported that a directors’ committee has been organized to 'iauidate 12,626 acres of mineral and timber lands in fee, including the London,
tho back dividends on tho preferred stock, the outcome o f which may bo a Burra Burra, Eureka, Culchote and Boyd mines, and holds under lease 210
proposal to put out a new issue o f preferred stock by which one and one- acros, Including the Polk County Mine and the Austral Quartz Quarry.
Ore in sight Dec. 31 1914 estimated at 5,390,661 tons, (b) Smelting works
third shares of tho new stock will bo given for each share of the old issSe
connected with the different mines by company's railroad, total length 14
The stock will pay 6 % and be rotirable at 110. [The 7% cum pref stock
now $27,071,800, has received dividends as follows: 1900 to April 1905’ miles, with 4 locomotives and 111 standard-gauge cars, (c) Smelting works
7% ; 1906 to 1909. none; 1910 to 1915, 5% (Q.-J.), leaving 42 §8 1-3 a £ consist of 7 copper blast furnaces, 4 converter stands, 3 Dwight-Lloyd sin
tering machines, power house, &c. (d) The largest plant In the world for
cumulated.]— V. 101, p. 1017.
tho manufacture of sulphuric acid (from blast furnace fumes); production
of sulphuric acid for 1914, 210,163 tons.
R iker & H egem an C o ., N . Y .— Further A d jo u rn e d Tho fertilizer trade takes a largo portion of the sulphuric acid output.
Tho mooting set for Doc. 23 to act on the proposed merger with the United
Drug Co. was adjourned till Jan. 24 to perfect “ certain preliminary steps'* Tho company has satisfactory trade relations with the International Agri
and because of “ delays in the transfer o f licenses, leases, &c.“ Enough cultural Corporation.
N e w B u s in e s s . — It Is understood that tho company Is rapidly developing
stock, it is stated, has been deposited to insure tho merger.
business as a producer of heavy chemicals, which will materially increase
R u ssell Falls Paper C o .— Foreclosure Sale .—
the local consumption o f sulphuric acid. In fact, the chemical Industry
The property is advertised to bo sold at Springfield, Mass., on March 8 throughout the South is increasing and the consumption of sulphuric acid
1916 by virtue of a power of sale contained in the mortgage of 1907 held bv in tho South will correspondingly increase. To meet this demand the
tho Worcester Trust Co. as trustee. See V. 8 6 . p. 1534.— V. 100, p. 1758. company is constructing a very large addition to Its sulphuric acid plant
together with other construction looking toward the development of the
R u ssell M otor Car C o ., T o r o n to .— Plan Ratified —
company as a producer of heavy chemicals. It is expected that this will
The shareholders at the meeting on Dec. 18 unanimously voted to merge eventually make a much more profitable outlet for sulphuric acid than the
the company’s motor business with tho Canadian business of the Willvs- consumption in the production of acid phosphate.
Overland Co. o f Toledo, per plan in V. 101. p. 2078, 1374.
y
S e c u r it y .— Of the $1,500,000 1st M . 6 % bonds issued In 1910, there re
$800,000, of which $250,000 matured
San J oa qu in L ig h t & Power C orp.— Bonds, & c .— mained outstanding Dec. 1 1915redeemed out of the proceeds of these 6 on
that date, and the balance were
%
N . W . Halsey & C o. aroplacing, at par and in t., an additional convertible bonds, leaving these bonds a first lien on entire property,
block of First and Refunding M tge. 6 % bonds of 1910, due mineral lands, smelters, acid plants, railroad, &c. 1 1917, is to receive a
Annual sink, fund, beginning on or before March
Aug. 1 1950, but callable at 105 and int. Int. F . & A . sum not less than 30 cents on each gross dry ton (2,240 lbs.) of copper ore
Denom . $1,000 c*&r. Trustee, Equitable Trust C o ., N . Y . mined from the mortgaged properties during the preceding cal. year, and ad
ditional payments if any of the additional 81,000,000 bonds are issued.
Interest payable without deduction for Federal income tax. I f prior to Sept. 1 1918 It shall be impracticable to repurchase bonds of this
issue at not to exceed 1 1 0 & int., the fund must be invested in bonds, notes
D ata from P res. W . G . K c r c k h o ff, S an F ra n c is co , D ec. 3 1915.
or other obligations to bo agreed upon by the company and the corporate
C a p it a l O u tsta n din g a s o f D e c . 1 1915.
trustee. After Sept. 1 1918 the sinking fund shall call bonds of this issue
Divisional bonds (closod)-$2,947,0001Pref. stock, 6 % cum_____$ 6 500 0
at 1 1 0 and int., subject, however, to right to convert them into stock on
First & Ref. M . bds. of '50 5,246,0001Common stock________ " l l ’ooo'o
or before the 1 0 th day preceding the date set for redemption.
There aro now in tho treasury $780,000 First & Ref. M . 6 %"bonds beii
R e d e m p tio n . — Tho bonds aro subject to redemption in whole or in part,
used for collateral purposes. Of the First & Refunding bonds outstandin
cither by the sinking fund or at the option of the company, on Nov. 1 1918,
about $900,000 aro 5% bonds. By a supplementary mortgage tho cc
or on any semi-annual interest date thereafter, at 1 1 0 % and int., except
poration has provided that, upon payment of $ 1 0 0 per bond by tho hold
that none can be redeemed until at least three years after their date of issue.
3150
THE CHRONICLE
[Vol. 101
A d d it io n a l B o n d s . — A11 or any part o f the remaining $1,000,000 bonds
W e ste rn C an ada P u b lic U tilities, L td ., M o n trea l.__
may bo issued to reimburse the company either for (a) acquiring additional
See Western Canada Power Co. abovo.— V. 99, p. 1838.
plants, mines or other properties or for improvements, &c.. on property
covered; or for (6 ) stock, bonds, &c., o f corporations engaged in any busi
W h ite C om pan y (A u tom ob ile M frs.), C levelan d .—
ness similar to those o f the company. Any bonds so issued shall provide
for conversion into stock, either at the samo rate as the present issue or at Eastern Interests Buy into the Com pany.— Successor Company
a rate not more favorable to the bondholders, and the company shall fix
the date when they shall become convertible into stock, but not prior to — Negotiations were closed Dec. 16 whereby Chas. D . Bar
N ov. 15 1917.
ney & C o. and M ontgom ery, Clothier & Tyler have secured
C a p it a l S to c k .— The outstanding stock is $5,000,000 in $25 shares, hav
ing a present market value (at $60 a share) o f $12,000,000. The com- an interest in this company, one of the oldest and best-known
any shall not at any time prior to N ov. 1 1918. unless all o f this issue of automobile manufacturing firms in this country. An auth
onds shall have been converted or redeemed, declare any stock dividend orized statement says:
(no limitation, however, being placed on cash dividends), nor shall it, prior
The
over the
to Nov. 15 1917,sell any common stock for cash at less than $50 per share. ness ofcompany began business in 1907, at that time taking Machino bus!
tho automobile department of tho White Sewing
Co
E a r n in g s f o r C a l. Y e a r (A v . N e t 1910 to 1914 7 T im e s P re s en t I n t . C h a rg e ).
which began making motor cars in 1901. Up to the present time all o fth o
Net sales of copper, sulphuric acid, &c., $3,307,365; net earns___ $810,893 capital stock has been closely held, practically all of it being owned by those
Annual interest charges on present issue of $2,000,000 bonds______ 120,000 actively identified with the business. However, tho death of two of tho
On account o f the high prices now prevailing for copper and the enlarged large stockholders about a year ago, Thomas II. White, founder of tho
production and favorable contracts for the sale o f sulphuric acid, earnings White Sewing Machine Co., and his brother, Henry White, caused their
for the year 1915 are expected to show a very substantial increase.
holdings to pass to trustees and executors, and made it advisable to obtain
Dividends on stock (par value $25).— Years 1903 to 1906, incl., 5%; additional active interests. In consequence, the stock of the present com
1907, 13%; 1908, 10%; 1909, 5% ; 1910. none (paid in Jan. 1911); 1911, pany will be acquired by an Ohio corporation capitalized at $16 0 00 Ofif)
6 % ; 1912, 10%; Jan. 1913, 6 % , and commencing June 1913 dividends at
(all of one class Par $50), and the interests of the ow nersof the business
the rate of 1 2 % per annum, payable quarterly, have been paid up to the will be represented by the stock of tho latter corporation.
present time. Compare V. 101, p. 1106, 1556.
. . Ever since 1901 White cars havo been recognized as one o f tho leading
(J o h n R .) T h o m p so n & C o., C h ica g o .— Initial Com. D iv. high-grade makes o f this country, and the company has played an im p o rta n t
the development of the
d
The initial dividend o f 1% has been declared on the $4,000,000 common part in market, and this side ofindustry. In 1910W hitStrucksw«3re f f i tho
the business grow with such success that
stock, along with the regular quarterly \ % % on the pref., payable Jan. 1 on tho
company soon became the largest manufacturers of motor trucks in tho
to holders o f record Dec. 24.— V. 98, p. 1465.
world, both in quality and value of production. Export orders h a v e S
U n io n S to ck Y a rd s of O m ah a, L td .— Annu al Report.— been permitted to interfere with the development of American usings
and domestic orders for both cars and trucks are greater at this date thin
N et
D e plr e J J i v s . P a id
B a la n c e ,
N o v . 30.
G ross
~~
M
at any corresponding date in former years.
E a rn in g s .
c ia tio n .
(6 % ).
S u r p lu s .
Y ea r—
E a r n in g s .
Under the reorganized board of directors, which will include representa
$701,602
$150,000
$449,778
$101,824
1914-15-.-$2,065.524
552,952
100,000
449,778
3,174 tives of the new interests, the management of tho business will be Windsor
1913-14-.- 1,801,921
— V. 100, p. 137.
rAnWhw l u e ^ ^ 1 w l it':h0
v!laSJ(< 9 j 9’Rsi3ent*sinco tho'corniiany ^ o rgari!za!C
v ? n’ T
jWa-H
0r •' ' . JteVVcc7j resident and Sales Manager; E. W. Hulet
U n ited F ru it C o ., B o sto n .— Change in Subscription Vice-President and h
Factory Manager; and A. It. Warner Secretary
All
°
hlho.1(linSs an (1 will conduct the business as heretofore
D ates.— President Andrew W . Preston in circular dated at
the policies o f the business remaining unchanged. The incoming shared
Boston, D ec. 21 1915, says in substance:
holders aro so distributed geographically and in respect to commercial inReferring to the proposed issue o f 121,981 new shares o f stock to provide
iia93 SUStaln thG mark0t f° r th” comPany’s Products.
funds primarily for retiring the $ 1 2 ,0 0 0 ,0 0 0 4 -year 6 % coupon gold notes sTo^V8 101,°p 6!9?n
on M ay 1 1916, your directors have voted that the right to subscribe for
Y p u g h io g h e n y & O hio Coal C o., C levelan d .— AcquisVn
new shares at $120 per share be offered to stockholders o f record Jan. 18
1916, and that such right expire on Feb. 15 1916. instead o f the dates men r'rwAI ^ r a n has^ rchased. th,° Charleroi plant of tho Carnegie Coal
tioned in my circular letter of the 14th inst. This will allow additional time Co. for $1,400,000. i he property is situated along the Monongahela River
to foreign stockholders and will result in the definite offer o f the right to
atc^Glass^’ o ^ rho^Yo i! h i la? d fo.rmorly ow.nod by tho Pittsburgh
subscribe at the ratio o f one new share for every three shares outstanding, 1 M
being made subsequent to the stockholders’ approval o f the plan.
This advancement o f the subscription dates will not affect the closing of
the books on the 23d inst. for the special meeting called for Jan. 14 1916,
or other details, except that subscriptions will be payable as follows: $30
per share Feb. 15 1916; $40 Mar. 20, $50 April 20. Interest at 2 y2 % per
annum will be allowed on anticipated payments o f the second and third in
stallments. or either of them, but if such payments are not made on one of
C U R R EN T NO TICE.
tho dates specified interest will be allowed only from the next succeeding
installment date.
For January investment, Hallgarten & C o., 5 Nassau St., this city
It is proposed to send out tho subscription warrants on Jan. 21 1916 to own and offer, subject to sale and chango in price, a selected list of railroad
stockholders o f record on Jan. 18, with a circular giving further information
respecting the payment o f subscriptions at either the Old Colony Trust Co. and corporation bonds which the firm is advertising to-day on tho pago
in Boston or the Bankers Trust Co. in N . Y . See also V. 101, p. 2078.
opposito our weekly statement of clearings. Tho income yield ranges from
U n ited Shoe M ach in ery C orporation ,
B o sto n .— 4.25 to 6.07%. Many of theso offerings are legal investments for savings
Injunction Suspended until Jan. 25 .— The U . S. District banks and trust funds in Now York, Massachusetts and Connecticut.
These bonds aro recommended for investment, and tho firm will be pleased
Court at St. Louis on D ec. 20, on promise of a §100,000 to submit additional offerings. Tho bond department will furnish full
bond to insure the public against injury, granted the United particulars concerning any securities about which moro detailed information
Shoe Machinery Co. a suspension until Jan. 25 of the tem is desired. See tho firm’s advertisement for details of to-day’s offerings.
porary injunction issued N o v . 10 in the Government suit
— To meet tho January requirements of investors with surplus funds for
under the Clayton A ct, requiring the company to desist from investment, Brown Brothers & C o., Fourth and Chestnut Sts., Philadel
enforcing the leases with the users of its machines. A press phia, New York and Boston, aro advertising an attractive list of high-grado
bonds in this issue of tho “ Chroniclo.” Tho offerings Includo railroad,
dispatch says:
On Jan. 25 tho Court will hear arguments on a motion to set asido the public utility and Government bonds, yielding from 4.12 to 6.12%. See
aforesaid injunction, the action regarding which docs not affect tho merits tho advertisement for description. Circulars giving full particulars will bo
of the Anti-Trust suit, which may not bo finally decided for two years. supplied on request, and selections from those offerings may bo reserved
Tho injunction was directed particularly against that clause in tho leases
of shoe machinery which gives the United Shoe Machinery Co. authority for futuro delivery upon application. Tho investments aro offered subject
to terminate any lease if the leasing shoe manufacturer violates any provi to salo or advance in price without notico.
sion of tho lease, as in case he uses a competing machine. Charles 1 . Chaso
— A very choice list of bonds for January investment is being offered
Jr., counsel for tho company, said that the corporation, because o f tho in
junction, was losing thousands of dollars through violations o f its contracts on another pago by the well known houso of N. W. Halsey & Co. Tho
by manufacturers who leased machines from the United Shoe Machinery Co.
offering consists of municipals, railroads and public utility bonds and
Tho company, he said, has 90,000 machines leased to shoo manufacturers,
and to these manufacturers it granted free use o f certain auxiliary machines yield tho investor from 3.90% to 5.75%. Among the issues offered aro
on condition that they would buy from the United Shoe Machinery Co. Pittsburgh (Pa.) School District 4>^s, which aro tax-exempt in Pennsyl
the material necessary to operate tho machines. There was every reason
to believe, M r. Chase said, that under tho protection of tho injunction man vania. A number of tho bonds are logal for savings banks in New York,
ufacturers had been using tho auxiliary machines instead o f tho principal Massachusetts and Connecticut. Full particulars may bo had upon
machinos, thereby infringing on patents and defrauding tho United Shoo application at tho firm’s main office, 49 Wall Street, or at any of thoir
Machinery Co. of largo sums. See V. 101, p. 1374.
branches.
U . S. Steel C orp o ration .— Outside In com e .—
— At 96.50 and accrued interest, to yield about 6.50% if hold to matur
See Duluth & Iron Range R R . under RaUroads above.— V. 101, p. 1979,
ity, William P. Bonbright & C o., Inc., and E. II. Rollins & Sons aro
jointly offering by advertisement in this issue, $4,500,000 Great Wostern
W e ste rn C an ada Power C o ., L td ., M o n trea l.— Default
Jan. 1 1916— Plan to Fund Coupons— Shareholders to Contrib Power Co. of Calif. 10-year 6 % convertible debentures. Completo in
formation with lotter from tho president of tho company, will bo mailed
ute.— Pres. C . H . Cahan, D ec. 16, wrote in substance:
The company in December last (V.99, p.1838, 534; V.93, P-J £93) obtained to investors. A general description of tho property is published in to
the consent of the holders of its 1 st M . bonds to the issue of $ 1 ,0 0 0 ,0 0 0 of day’s advertisement. Also see our “ Goneral Investment Nows” Depart
additional 1 st M . bonds, increasing the existing authorized issue from $,,, ment.
000,000 to $6,000,000. Negotiations were in progress for tho salo in Great
— Bertron, Griscom & Co., 40 Wall St., this city. Land Titlo Building,
Britain of a considerable block of these additional bonds, but tho Treasury
Board in Great Britain [as permitted by the War Act relating to such se Philadelphia, and 19 Boulevard des Capucines, Paris, in their advertise
curities] refused to grant permission for their issue.
ment to-day invite tho attention of banking housos to tho firm’s offerings
The company had previously ceased all works o f construction, and since
that time it has largely devoted its net earnings to meet pressing capital of entiro issues of bonds, notes and stocks. Through their rotail invest
ment department tho firm gives careful attention to tho requirements of
expenditures which had previously been incurred.
Under these circumstances, the company is unable to raiso money to financial institutions and privato investors. Details and prices on inquiry.
pay tho half-yearly interest on the 1st M . bonds which become due and Correspondence of bankers, institutions and investors solicited.
payable on Jan. 1 next.
In the meantime, negotiations have been pending with a committee rep
— Subject to prior salo and advance in price, William P. Bonbright &
resenting the holders of the outstanding 3-year notes due on Mar. 1 next,
which are secured by a pledge of the Second or Refunding Mortgage bonds, C o., Inc., 14 Wall St., this city, Philadelphia, Boston and Detroit, aro
and this committee has tentatively agreed to convert theso notes at par offering a diversified list of bonds, notes and preferred stocks for tho Janu
and int. into 7 % preference shares, provided, among other things, that tho ary requirements of investors by advertisement on another page. Tho
holders of the 1 st M . bonds will agree to convert the next two years’ Inter
return varies from 2.40 to 7.75% . Orders for tho securities can also bo
est coupons at par into preference shares of tho same issue.
This agreement will also involve the raising of approximately $350,000 placed through William P. Bonbright & Co. of London and Bonbright &
in cash, within a period of two years, for the purpose of completing tho con Co., Paris. See the advertisement for detailed information.
struction of the third generating unit, and providing for other necessary
expenditures within said period of two years; and to this sum tho holders
— Estabrook & C o., 24 Broad St., this city, and 15 Stato St., Boston,
of tho ordinary shares of the company will be asked to contribute by sub are offering a list of municipal and railroad bonds at prices yielding 3.75 to
scriptions to preferred shares at par, payable in installments within two yrs.
5.75% . Tho advertisement appears elsewhere in our columns to-day.
C a p it a liz a tio n i f P ro p o se d F i n a n c i a l A r ra n g e m e n t C a n be C a r r ie d O ut.
First mortgage bonds________________________________________ $5,000,000 Tho firm’s special descriptive circular of seasoned, high-grado public
7% preference shares (approximately)________________________ 2,850,000 utility bonds will be sent to investors on inquiry. All tho public utility
Ordinary shares______________________________________________ 5,000.000 issues aro exempt from taxation in N. Y. Stato and sovoral in N. J. and
Upon the improvement o f industrial conditions in British Columbia,
at the closo o f the present war, tho company should be in a position to earn I’ enna., yielding 4.80 to 5.90%.
its fixed charges and a dividend upon its preference shares.
__Kean, Taylor & Co. of New York and Chicago and Chas. C. Harrison
This public announcement is mado in order that all holders of tho com
pany’s securities may be informed of the nature of tho negotiations which Jr. & Co. of Philadelphia aro jointly offering and advertising in to-day’s
are now proceeding; and as soon as possible tho holders of each class of se “ Chroniclo” $1,225,000 Macon Terminal Co. (Macon, Ga.) .first mortgago
Descriptive
curities will be called together to approve of the tentative arrangements 5 % bonds. Price 100 and accrued interest, yielding 5%
now being negotiated. [The three year collateral notes referred to abovo circular upon request. Tho general security features aro outlined in tho
are presumably the $3,200,000 6 % gold notes of the Western Canada Public advertisement.
Utilities Co., Ltd., that mature March 1 1916. These notes are secured
— Wm A . C. Ewcn, 74 Broadway, wants to buy Atlantic & Birmingham
by pledge with the Montreal Trust C o., trustee, of $2,505,000 o f the $5,
st 5%
000,000 cap. stock and all the outstanding refunding bonds of the Western Ry. 1bonds. bonds of 1934; also all issues of underlying Pero Marquotto
RR.
See advertisement.
Canada Power Co. V. 99, p. 534.] Compare V. 101, p. 127.
E
5
!K s s a ,t 2 S ^ . Na 5 5 5 s ,? f« !:clK y r M ■ *con” ci"in ",ih u°°
Deo. 25 1915.)
THE CHRONICLE
.e p o r t s a n d
31 51
jjp o x m tw tils .
EL PASO & SOUTHWESTERN COMPANY
EXTR A C TS FROM AN N U AL
R EPORT— FOR
'
N ew York, N . Y ., Sept. 1 1915.
To the Stockholders of the El Paso & Southwestern Company:
The following shows the results of the operations of your
Company for the fiscal years ending June 30 1915 and June 30
1914:
„
.
„
1915.
1914.
Operating Revenues------------------------------------- $7,788,736 46 $9,083,060 07
Operating E xpenses.......................................
4,729,225 38 5,653,071 24
Net Operating Revenue
.......... --$3,059,511 08 $3,429,988 83
$19,811 67
15,376 01
45,846 64
$35.187 6 8
Deficit from Outside Operations____________
Uncollectiblo Railway Revenue_____________
$45,846 64
$3,024,323 40 $3,384,142 19
T ax es.........................- --------- ------------------------400,743 28
487,223 61
Operating income...........................................-$2,623,580 12 $2,896,918 58
♦Other Income-------------------------------------------- 1,405,120 99 1,399,765 43
Gross Corporate Income.............................-.$4,028,701 11 $4,296,684 01
Deduction for Lease o f other Roads________ 1$2,013,443 74 $2,112,670 71
Rental and Other Charges__________________ j
Interest Deductions________________________
182,244 60
173,495 01
20,365 61
800 00
Miscellaneous Deductions___________________
$2,216,053 95 $2,286,965 72
Net Corporate Income (representing amount
available for dividends and surplus)_______ $1,812,647
Dividend Appropriations:
$312,500
Paid September, 1J^%............
Paid December,
l ' A % -----------312,500
Paid March,
-------------------------312,500
Paid June,
1 H % - - ..................
312,500
Miscellaneous Appropriations o f Income (de
preciation in securities owned)______
16 $2,009,718 29
00
00
00
00
$299,383 75
312,500 00
312,500,00
312,500 00
$1,250,000 00 $1,236,883 75
250.000 00
$1,486,883 75
Surplus to Credit o f Profit and Loss-------------Miscellaneous Credits----------------------------------
$562,647 16
3,117 48
$522,834 54
2,022 50
THE
F IS C A L Y E A R E N D E D J U N E 30 1915.
-
OPERATING REVENUES.
Operating Revenues for the year ended June 30 1915, as
th®
ended June 30 1914> decreased
$1,344,042 40 , or 1 7 .5 5 % .
Freight Revenue decreased $1,500,482 92, or 2 0 .2 8 % .
u eneral business conditions and Panama Canal competition
were the main contributing causes.
Passenger Revenue increased $68,252 95, or 5 .4 2 % , due
m a1 • to inereased traffic via the Tucson gateway.
?
’
M ain Revenues increased $106,566 85, or 5 7 .7 9 %
The
mai S ^ e e r® wei£hed during the latter part of the fiscal
i
/
T
year 1J14. The weights so ascertained were used in figuring
our compensation and resulted in a substantial increase
liiere is also included settlement made by the Southern
1 acme for mails transported during the fiscal year 1914
Lxpress Revenues increased $10,740 01, or 1 4 .9 2 % . Ser
vice between Western Division points and the Pacific Coast
tra ffi?Pr° VGd’ resultmg in our receiving a larger share of the
Revenues from Operations other than transportation in
creased $53,043 49.
The following statement shows the Gross Operating Reve
nue, exclusive of incomo from other sources, per mile of road
operated for each fiscal year since July 1 1907:
Tear e n d in g
J u n e 30—
1908___
1909______
1910____
1911______
1912______
1913______
1914_______
1915________
—
,
,
A v e r a g e M i le s
O p era ted .
G ro ss O p er
a tin g R ev e n u e.
t *l«7t),OOU
OiOJi , ( 1 0 4U
7,788,736 46
COM PARATIVE BALANCE SHEET.
ASSETS.
Miscellaneous Appropriations o f Surplus (de
preciation in value Rock Island Co. S tock ).$3,039,999 00 $1,000,000 00
Miscellaneous Debits_______________________
22 20
11.016 98
In v e stm e n t —
1915
Investment in Road and equipment property $ 5,366 1 5 7 3 9
In v e stm e n ts i n a ffilia t e d c o m p a n ies —
d9
Surplus to Credit o f Profit and Loss, at be
ginning of year............................................ ..$5,468,887 6 8 $5,955,047 62
Bonds" ------------ ------------ -------------------------$2 t ’£ § H 7 3 1 1
Notes ---------------------------------------------------- 5,055,000 00
Advances'-------------- -------- -------------------------00
Advances............. ..............................__......... .. * 1 ,4 69,000 8 2
3 3 ,8 3 3
$6,034,652 32 $6,479,904 66
$3,040,021 20 $1,011,016 98
'
Surplus to Credit o f Profit and Loss, June 30,
1 9 15.......................- ......... - ................... ......... $2,994,631 12 $5,468,887 6 8
♦Other income consisted of—
Rent from Equipment____________________________
®qo qqn oo
Joint Facility Rent Income_____________________
vJr ’n ^ 7«
Miscellaneous Rent Income__________________ _ .
io
AV
Dividend El Paso & S. W . R R . C o., Nacozari R R .'C o'.Y n d
4
Burro Mountain RR. C o---------------------------------------------- qoo nqq nn
Income from Funded Securities------------------------------------------ 253 604 18
Income from Unfunded Securities and Accounts__________ XlOO.lOO 32
Tho following is a statemont of Revenues and Expenses for
the fiscal year ended Juno 30 1915, in comparison with the
fiscal year ended Juno 30 1914:
OPERATING REVENUES.
1915.
Freight....................................... $5,898,826
Passenger----------1,327,352
M ail...........................
290,986
Expross____________________
82,707
Other transportation revenues
55,006
ltovenues from operations
othor than transportation..
133,857
27
50
42
48
19
60
$7,788,736 46
1914.
$7,399,309
1,259,099
184,419
71,967
84,125
— P e r C ent —
In cr.
D eer.
19
55
57
47
48
5.42
57.79
14.92
84.138 81
$9,083,060 07
— P e r C en t —
In c r . D eer.
20.40
13.41
19.92
.82
48.36
17.75
Not Operating Incomo over
Expenses and Taxos...........$2,560,831 56 $2,753,103 78
6.98
16.34
RATIO OF EACH CLASS OF EXPENSE TO GROSS EARNINGS.
Maintenance o f Way and
1915.
1914.
In c.
D ec.
Structures________________
13.12
14 13
1.01
Maintenance of Equipment..
13.80
13 fi7
.13
Traffic Expense____________
2.89
2!26
.63
Transportation Expense------26.48
28^35
1.87
Miscellaneous Operations___
.91
.go
.29
General Exponso____________
3.71
3.21
.50
Transportation for Investment
— C r e d it_________________
.19
.19
T o ta l....................................
60.72
62.24
1.52
1.26
2.09
$ 2 00
1 0 ,0 0 0 00
$3,040,001 00
25,000 0 0
$3,065,001 00
C u rr e n t A s s e t s —
’
’
-------------------- A............. ...............
$903,248 00
41
Demand loans and deposits____________
5 ooo
Special deposits___________________________
575 517 7 7
Traffic and car service balances receivable. _
153 [428 04
Net balance receivable from agents and con
ductors_________________________________
201,385 30
Miscellaneous accounts receivable______II" l 8 9 4 ’ I'M 6 3
Material and supplies_____________________
938,177 84
Interest and dividends receivable...................
1261375 00
Other Current Assets_____________________
54 1 87
S I,160,362
5,000
592,725
171,946
71
00
29
47
193,331
1,728,405
921,596
126.375
93
14
18
00
- $4,797,798 86
D e fe r r e d A s s e t s —
Working Fund Advances________ __
$1,025 00
U n a d ju s t e d D e b its —
Rents and insurance premiums paid in ad
1
vance _________________
$12,456 93
447,208 52
$4,899,742 72
$459,665 45
$509,615 6 6
$1,028 05
$10,373 98
499,241 6 8
.$41,846,855 63 $44,700,699 46
T o ta l...................................... $4,729,225 38 $5,653 071 24
Rentals, HiroofEquipmentand.
'
1^
Miscellaneous Operations..
97,936 24
189 661 44
Taxos.........................
400.743 28
487,22361
Rentals, IlireofEquipmentand
Miscellaneous Operations..
19 14
S t 9 1 7 990 co
$5,217,238 58
$24,279,373 11
5,055,000 00
69,000 00
tl,604,700 34
$ 1 0 ,0 0 2 00
14.25
1914.
$1,283,24742
1.241,71976
204.89163 9.91
2,575,38327
56,44160 25.58
291,38756
-
34.61
OPERATING EXPENSES.
Maintenance o f Way and
1915.
Structures...... ..........
$1,021,495 63
Maintenance of Equipm ent.. 1,075,214 40
Traffic Expenses .....................
225,198 86
Transportation Expense-------- 2,062,308 18
Miscellaneous Operations-----70,877 28
General Exponso.----------------288.988 46
Transportation for Investment
— C re d it...................
14.857 43
87
22
18
41
57
43
04
09
$31,212,206 93 $31,008,073 45
Other in vestm en ts —
Stocks_______________
Miscellaneous_______
59.09
20.28
P e r M ile
o f R oad.
$8,747
8,391
8,467
7,981
8,444
9,137
9,050
7.581
.83
L IA B IL IT IE S .
CaE m o T e lm k
I)eb t— ........................................ $25,000,000 00 $25,000,000
Funded Debt Unmatured___
1 9 vin non
C u rre n t L ia b ilit ie s —
............................... 82,500,000
Loans and bills payable. -------------- ------- $3 ,0 0 0 ,0 0 0 0 0
$ 1 ,0 0 0 ,0 0 0
Traffic and car service balances payable___
- ,je^
Audited accounts and wages payabL________
Miscellaneous accounts payable..
"
Unmaturod interest accrued.
"
380,304 30
"
----- 62
564,367-—
1 56 4 8 5 1 1 5
00
nn
00
00
283,615 62
----- ’----605.817 07
1.651,437 29
8,111 11
4 S
C
S
L
- bilit,eS.........................$5,509.523 07 $3,548,981 09
Liability for provident funds.
„ ...
...................................
$23,741 96
$27,233 86
U n a d ju sted C red its —
.
Tax liability______________________________
$191,29152
$202,994 50
Accrued depreciation— Equipment_______ ' 1,406 636 26
1,172,140 43
Other unadjusted credits.. . . . ______ ______
515,773 54
575,203 74
Total Unadjusted Credits.......................... $2,113,701 32
$1,950,33867
C o rpo ra te S u r p lu s —
Appropriated surplus not specifically invested $6,205,258 16 $6,205,258 16
Profit and Loss, credit balance...................... 2,994,631 12
5,468i88768
Total Corporate Surplus........................... $9,199,889 28
Grand T ota l..................
$41,846,855 63
El Paso & Northeastern Ry. C o ..
_ ♦$183 145 75
El Paso & Rock Island Ry. C o . . . .............
904 697 05
Dawson Railway C o. --------------------------345,991 02
Burro Mountain R R . C o________ __
$1,433,833 82
$11,674,14584
$44,700,69946
t$176,896
733,162
316,208
378,432
46
81
24
83
$1,604,700 34
r h t
g
[Vol. 101.
THE CHRONICLE
2152
U o m m c m a l
J h m cs.
COMMERCIAL EPITOME
Friday Night, December 2 4 1915.
T h ough w holesale transactions as usual ju st a t the close
o f the year have decreased som ew hat, retail business, n otably
in the holiday trade, has been unusually largo. Post offices
have been hard put to it to handlo the traffic. Shelvos
seem to be e m p ty in m a n y parts of the cou n try. M a il
order sales are said to be on a scale never before seen. -De
pleted stocks stim ulate jobbers’ bu yin g.
R a re ly, indeed,
has the holiday season witnessed so little slackening ot trade
anywhere and so great a total o f sales in m an y directions.
C ollections are g oo d .
Iron and steel continue active and
higher. Finished steel is higher than for years past.
Dum
b er, to o , is in augm ented dem and a t rising prices. Sales
are also increasing of
coal, coke and groceries. Sterling
exchange, m u ch to the gratification of those engaged in the
foreign trade, has ad van ced . G ra m is higher, w ith large
purchases of w heat b y E u rop e.
On the other h an d , fail
ures are quite num erous, the w ar drags o n , the controversy
w ith A ustria has n ot y e t really been settled , sales ot m uni
tions are expected to slacken before lo n g, and meanwhile
there is a tremendous expansion o f credits in this cou n try,
w hich, of course, cannot go on in defin itely. _
L A R D in light dem and; prime W e ste rn 9 .9 5 c ., refined to
the C on tin en t 1 0 .8 5 c ., South Am erica 1 1 c ., Brazil l~ c .
F utures advanced early in the week on higher prices for hogs
and b u yin g b y com m ission houses. B u t they reacted later
w ith hogs and liquidation.
On a single day the receipt ot
hogs a t W e ste rn points were 1 7 3 ,0 0 0 against 1 2 4 ,0 0 0 on the
sam e d ay last year.
T o -d a y prices advan ced, with hogs
higher and a big trade in provisions generally, n otably in ribs.
b u t deliveries on old contract^ are liberal. H av an a leaf has
been firm , w ith m uch of the tim e a brisk dem and.
C O P P E R in active dem and and firm er; L ake 2 1 c .; elec
trolytic 2 1 e . E n g lan d , it is said, has bought 2 0 0 ,0 0 0 ,0 0 0 lbs.
for shipm ent over all of 19 16 .
T here have beenrum ors of
sales of L ake a t as high as 2 2 c ., b u t they could not bo con
firm ed .
T w o leading agencies have sold 6 0 ,0 0 0 tons to
E n g lan d , how ever.
T in quiet and declined on the spot to
3 8 Yxo,. after being 4 0 c . earlier in the w eek.
London low er.
Spelter advanced, with a good dem and, to 1 7 H ° - h ere,a fter
breaking sharply to 1 6 .9 5 c . early in the w eek.
Lead on tho
spot here firm a t 5 .4 0 c .
L ondon firm .
Pig iron in good
dem and and higher; N o . 2 P h ila ., $ 1 9 5 0 @ $ 2 0 ; N o . 2 South
ern, $ 1 4 5 0 @ $ 1 5 , B irm ingham .
Finished steel is in good
dem and and firm . W ire products have advanced $ 2 a ton .
W ire nails are now $2 10 a keg; plain wire $1 8 5 per 100 lb s .;
galvanized plain wire $ 2 65 per 100 lb s.
E n g lan d , it appears,
w ants 5 0 0 ,0 0 0 18 -lb . shells. Spain is also inquiring for
shells. P ig iron is firm . N e w E ngland sections are more
a ctive .
R ecently good sales have been m ade of ferro
m anganese. T h e railroads have laid an em bargo on ship
m ents of iron and steel products to N e w Y o rk for export.
T h e transportation difficulties have caused declining exports
for four or five m onths p a st.
O f course, it gives some con
sumers a better chance.
D A I L Y C L O S IN G P R IC E S OF L A R D F U T U R E S IN C H I C A G O .
S a t.
M on.
December delivory-Cts. 9 .4 5
9 .5 5
January delivery-----------9 -6 2 H
M a y delivery___________ 9.9214 10-00
T u es.
o'on
9 .9 0
W ed .
o 's 7 U
9.8714
T h u rs.
%
'^Pv
F rt.
n 'fo
Q S71/ in’a>
J.87I4
1 0 .0 -
P O R K dull; mess $ 1 8 @ $ 1 8 5 0 , clear $ 1 9 @ $ 2 2 .
B eef,
m ess, $ 1 8 @ $ 1 8 5 0 , extra India mess $ 2 7 @ $ 2 8 .
C u t m eats
steady; pickled h am s, 10 to 2 0 lb s ., 1 4 % © 1 5 c .; pickled bel
lies, 1 2 @ 1 2 % c .
B u tter, cream ery, 2 4 @ 3 6 c .
Cheese, State,
13@ 17c.
E g g s , fresh, 2 7 @ 3 6 c .
C O F F E E dull; R io N o . 7 , 7 H e .; N o . 4 San tos, 9 % @ 9 H c - ;
fair to good C u cu ta , 11 @ 1 1 H e .
F u tu ™ s b£ v e b een dul1
and low er.
T h e visible supply is some 5 5 0 ,0 0 0 bags larger
than a year ago.
R io exchange, m oreover, fell to 12 o -3 2 d .
against 14 9 -1 6 d . last year and 16 5 -3 2 d
two years ago
T o -d a y prices advanced one to five p o m ls > w ith sales of
only 3 ,5 0 0 b ag s.
Closing prices were as follow s:
D ecem ber cts6 .4 5 @ 6 .4 6 A p ril____ c t s -6 .6 5 @ 6 .6 6
_____ 6 .6 9 @ 6 .7 i
J a n u a r y ------ 6 -4 9 @ 6.50 M a y
F e b r u a r y ___6 .5 5 @ 6 .5 7 j u n l : : : . „ - f l . 7 4 | 6 . 7 5
M a r c h ..........6 .6 2 @ 6 .6 4
A u g u s t--C ts_8 .8 3@ 6 .85
September _ .6 .8 7 @ 6 .8 8
O ctober_____ 6.92 © 6 .9 4
N ovem ber _ .6 .9 6 @ 6 .9 8
S U G A R qu iet; centrifugal, 96-degrees test, 4 .8 9 e .; m o
lasses, 89-degrees test, 4 .1 2 c .; granulated 5 .9 5 c .
fu tu r e s
have declined on h eavy liquidation.
D ecem ber has been
very irregular, alternately advancing and declining sharply.
T h e dulness of raw sugar has been a draw back
1 he total
receipts for the week a t all ports were 1 2 ,6 8 3 tons against
9 761 tons in the previous week and 8 ,7 0 6 tons a year a go .
E x p o rts, all ports, 9 ,6 2 8 ton s, against 3 7 ,1 8 1 in the Previous
week and 9 ,0 4 5 tons last y ear.
S tock s, all p orts, 1 6 ,2 3 8
ton s, against 6 ,8 0 1 tons last w eek and 1 2 ,7 4 8 tons last year.
M ills grinding, 5 5 , against 2 4 and 4 4 , respectively,
llio
C uban crop is said to be a high-record one. l o - d a y prices ad
vanced 3 to 7 points w ith sales of 2 ,0 0 0 to n s. Closing prices
were:
A p ril___ cts .3 .3 2 @ 3 .3 3
D ecem ber cts 3.70
* a y .............. 3 .3 8 @ 3 .3 9
J a n u a r y ------ 3.55
J u n e ________3-U(|>3.43
F e b ru a ry ___3.30
arcu............July........................................3 .4 5 @ 3 .4 7
M a rch --------- 3.27
A u gu st__cts.3 .4 9 @ 3 .5 1
S ep tem b er 3.53 © 3 .5 5
O ctober_____ 3.57 © 3 .5 9
N ovem ber . . 3 .6 i@ 3 .6 3
O I L S .— Linseed in fair dem and and stea d y: c ity , raw ,
A m erican seed, 6 4 @ 6 5 c .: c ity boiled, A m erican seed, 6 5 @
6 6 c .: C a lc u tta , 8 0 c .
L a rd , prim e, 9 2 @ 9 6 c .
C ocoan u t,
C och in , 1 4 @ 1 5 c .: C e y lo n , 1 2 @ 1 3 c . C o r n , 7 .8 5 @ 7 .9 0 c .
P a lm , L a go s, 8 H e .
C o d , d o m estic, 6 0 @ 6 2 c .
C o tto n
seed, w inter, 8 .5 0 c .: su m m er, w h ite, 8 .5 0 c .
Spirits ot
turpentine, 5 4 c .: strained rosin, com m on to g oo d ,
ou.
P E T R O L E U M in good dem and and firm : refined in
barrels, $ 8 6 5 @ $ 9 6 5 : bu lk $ 5 @ $ 6 : cases $ 1 0 7 5 @ $ 1 1 7o .
N a p h th a , 73 to 76 degrees, in 100-gallon drum s and over,
3 7 H c .: drum s $8 5 0 extra.
G asolin e, 8 6 degrees, 3 4 c .:
73 to 76 degrees, 2 9 @ 3 2 c .: 6 8 to 7 0 degrees, 2 0 @ 2 9 c .
It
is stated th at the deep sand territory in Southeastern Oiiio
is com in g to the fron t w ith som e good producers.
In a t
territory is likely to furnish considerable new production.
T h e m ost im portan t wells are fou n d in the U n ion Furnace
district, Starr T ow n sh ip and H ock in g C o u n ty .
COTTON
Friday Night, Dec.
24
1915.
T H E M O V E M E N T O F T H E C R O P , as indicated b y our
telegrams from the South to -n ig h t, is given below . For tho
week ending this evening the total receipts have reached
2 1 1 ,9 7 8 bales, against 2 4 3 ,1 6 9 bales last w eek and 2 6 5 ,7 3 7
bales the previous w eek, m aking the total recoipts since
A u g . 1 1915 3 ,5 7 ,7 7 4 bales, against 4 ,2 4 8 ,9 8 0 bales for tho
same period o f 19 1 4 , showing a decrease since A u g . 1 1915
of 3 9 1 ,2 0 6
bales.
N ew Y o r k _____
B o s t o n _______
B altim ore-------Philadelphia —
F ri.
T h u rs.
T o ta l.
M on.
T u es.
W ed .
12,736
11,069
11,093
—
14.239
3,190
10,511
—
30,452
6,052
90,100
9,242
7*376
737
10*663
126
13*094
794
13*255
719
4*405
715
583
5,644
253
583
53,777
3,344
4*133
2*852
3*750
3*988
2*769
*804
*727
*785
549
4,902
481
1,425
*501
251
231
1,838
*603
238
2,871
923
2,369
*222
547
"5 3
236
**65
317
*167
1,002
85
558
S a t.
G alveston______
Texas C ity -------P ort A rthur____
Aransas Pass,&c.
N ew Orleans____
M o b i l e _________
P en sa cola ______
Jacksonville, & c.
Savannah . .
Brunswick Charleston .
G e o rg e to w n -----W ilm in g to n ---N o rfo lk ------------
**50
*137
57.352
39.434
—
22,938
32,023 211,978
53
30,567
—
29,664
1,199
19,631
3,000
5,145
251
2,509
87
2,216 15,621
287
287
925
333
3.152
492
2,828
2,828
384
144
1,199
2,139
3,000
1,725
T h e follow ing shows the w eek’ s total recoips, tho total
since A u g . 1 1915 and the stocks to-n ig h t, com pared w ith
last year :
_____
1914.
1915.
R e c e i p t s to
D e c . 24.
G alveston----------Toxas C ity --------Port A rthur------Aransas Pass, &c.
N ew Orleans-----M ob ile .................
P ensacola----------Jacksonville, &c.
Savannah----------B ru n sw ick______
C harleston--------G eorgetow n------W ilm in g ton ------N orfolk-------------N ’port N ows, &c
N ow Y o r k ______
B o s t o n _________
B altim ore______
Philadelphia —
T otals.
T h is
W eek.
S in c e A u g
1 1915
90,100 1,329,633
193,828
9,242
17.086
56,827
583
53,777 734,605
60,390
3,344
27,407
27.742
1,199
639,786
19,631
52.000
3,000
188,761
5.145
296
251
137,529
2,509
322,972
15,621
29,910
287
5.664
925
12,191
3,152
19,948
2,828
1,199
384
T h is
W eek.
S to c k .
S in c e A u g
1915.
1914.
153,279 1,837,999
172,103
17,469
4,355
3,955
14,543
1,417
77,242 637,345
84,283
6,289
8,937
4,871
23,364
598
75,152 765,777
65,308
11,000
17,587 205,724
366.534
40,850
415,395
29,386
4,863
405,185
29,910
330,249
48,488
" 3*118
210,412
11,000
103,519
* *1*952
275,626
19,000
129,536
95", 892
215,740
71,638
2,296
10,001
32,157
1,518
40*574
129,853
44*623
68,350
31*1*250
10,669
6,659
3,638
8*6*855
7,992
4,320
6,169
12,423
30,759
8,340
46
2,208
5.976
183
1 1914.
*7*727
211,978 3,857,774 428,794 4,248.980 1,677.854 1.475.668
In order th at com parison m ay be m ade w ith other yoars,
R e c e ip ts a t—
G a lv e s to n ___
T exasO ity,& c
New Orleans.
1915.
90,100
9,825
53,777
3,344
19,631
3,000
5,396
2.509
15,621
287
8,488
1914.
153,279
22,841
77.242
6,289
75,152
11 .coo
17,587
12,423
30,759
8.340
13,882
1913.
87,934
14,984
88,393
13.788
44,884
12,000
7,169
10,833
21,216
5,346
12,651
1912.
1911.
107,216
26,829
44,275
4,325
34,216
2,100
6,204
8,091
13,447
7,574
8,447
101,500
36,546
49,720
13,940
54,851
1910.
90,455
2,150
68,636
12,012
47,777
9,359
7.454
12,397
25,100
Savannah ___
B runswick___
12,310
Charleston,&c
Closing quotations follow
7.934
W ilm in g to n ..
i
? -i l. $2 15 N T T 1r i
v
32,407
Pennsylvania dark din 1 d X orth L im a---------- $1 33 Illinois, above 30
N orfolk ____
398
C abell______________ 1 70 South L im a----------------- 133 degrees--------------------$147 N ’port N..&C.
Kansas
23,324
14,087
M ercer black_____ 1 65 In d ia n a ----------------------- 118 h o r a aand Okla_________________120 A ll others____
N ew C astle---------- 1 65 P rinceton--------------------- 142
323.704 298,664
Somerset, 32 d e g -- 1 5 5 C ad d o, light________ 1 10
C o m in g ----------------1 6 5
T otal this wk. 211,978 428,794 319,198 262,724
ju.-ilt r____________1 48
72c.
W o o ste't _____ ____ i it, R a g la n d -------- 7,307,670 6,165,097
T O B A C C O has been s te a d y , w ith the usual rather slack Since A ug. 1- 3,857,774 4,248,980 6,827.316 7,027.356
business th a t ev eryb o d y expects a t the h olidays.
H ow
ever, there is a very general expectation of a brisk business
in 1916 in b oth filler and bind er.
L a tterly the better grados
o f C on n ecticu t shade grown h ave been purchased b y packers
and m anufacturers. S u m atra m eets w ith little new dem and,
T h e exports lor tne woeic enam g uu»
o f 1 2 6 ,2 4 6 bales, o f which 6 6 ,2 3 8 woro to G reat B ritain,
18 7 1 8 to Franco and 4 1 ,2 9 0 to tho rost of tho C on tin en t.
E xports for the wook and since A u g . 1 1915 aro as follows :
THE CHRONICLE
Dec. 25 1915.
Week ending Dec. 24 1915.
Exported to—
Exports
from—
Conti
Great
Britain. France. nent &c Total.
From Aug. 1 1915 to Dec. 24 1915.
Exported to—
Great
Britain.
Galveston.. 29,574
Texas City.
Port Arthur
Ar.Pass,&c.
New Orleans 19,105
9,983 39,557
419,201
100,146
8,706
250 19,355
8,846
. 9,180 18,026
190,466
5,419
19,745
62,016
22,320
28,045
Savannah..
Brunswick .
Charleston.
Wilmington
New York.
Boston
5,645
12,025 .......... 12,025
1.534 3,193 4,357 9,0.84
86 1,620
1.534
3,500
” 3",500
5,645
Phlladel ’la.
6,496
5,532
5,406
" 2,850
20,880
4,633
41,203
5,000
6,496
5,532
5,406
France.
93,523
44,162
13,873
51,051
7,000
46,581
4,800
52,226
43,005
14,900
...........
Los Angeles
Conti
nent &c.
Total.
759,975
151,630
8,706
23,595
9,722
163,465 404,982
5,419
28,083
1,338
89,595 198,192
27,120
45,095
17,050
67,912 120,138
2,850
169,110 232,995
7,161
2,528
56,603
500
5,700
700
43,512
43,512
71,546
71,546
45,433
45,433
50
50
1,761
1,761
247,251
7,322
66,238 18,718 41,290 126,246 : 930,630
371,12lj 938,795 2,240,546
1,110,32f
Total 1914. 131,021 18.S05 132,807 282,6331
Total 1913. 1 86,028 30,883 134,653251,5641,863,950
135,0641,072,319 2,317,709
757,7042,514,772,5,136,426
T o t a l_
_
Nole— New York exports since Aug. 1 include 1,048 bales Peruvian and 285
West Indian to Liverpool and 1,010 bales Peruvian to Genoa.
In addition to above exports, our telegram s to-night also
give us the follow ing am ou n ts o f cotton on shipboard, not
cloared, at the ports n am ed.
W o ad d similar figures tor
N ew Y ork .
O n S h ip b o a r d , N o t C le a r e d f o r —
D ec.
24
a t—
N ow O rlea n s..
G a lv e s to n ____
G rea t
B r ita in . F r a n c e .
4,321
27,191
8,028
M o b ile ________
N ow Y o r k ____
Other p orts___ "3 ,6 6 6
Total 1 9 1 5 ..
Total 191 4 -.
Total 1913. .
42,540
87,904
70.075
G er
m any,
O th er
C o n t.
1 C a o s t1 w is e.
8,715i
959
20,965 *26,900
______ I 2,300
3 .0 0 0 ;---------592
100 ______
______ 1
720
2 ,0 0 0 !______
1,500 ............
5 ,000| ______
9,175 —
5,132
15,807
33,443
18,162
* Including 8,000 for Japan.
T o ta l.
23,170
80,188
2,300
3,000
8,720
720
3,500
8,000
L e a v in g
S to c k .
382,015
286,346
208,112
100,519
21,190
129,133
307,750
113,191
10 0 39,680' 31.471 129.59S 1.54S,256
3,208 143,588, 32.295 300,498 1,175,170
44,371 34,761 34,001 201,970 840,118
215
3
C o tto n w as raised n o t to hold and look a t , b u t to sell and to
sell in the season in which it w as raised. T here are predic
tions o f a reduced acreage. B u t if prices are anything like
11 to 12 cents in the planting season it will tax the credulity
of m ost people to be asked to believe that the reduction will
be a t all m ark ed , if there is a ny a t a ll, or if, indeed, there is
n o t som e increase to offset deficient fetilizing, & c . M e a n
tim e predictions are heard th at th e differences between N e w
Y o r k and L iverpool will a t no v ery distant d ay reach 4 0 0
p o in ts, or quadruple the norm al differences as a result of the
bann on anythin g like liberal exports from this side growing
largely o u t of the alm ost prohibitive ocean freights. B e
sides, the B ritish G o v ern m e n t, it is said , has directed that
all B ritish vessels leaving our Southern ports for G reat B rit
ain shall carry half grain. T h a t, of course, m eans no m ore
than half c o tton .
T o -d a y prices advanced on the covering
of shorts and som e b uying b y Liverpool and spot houses.
M id d lin g uplands closed to -d a y a t 1 2 .1 5 c ., showing a rise
for the w eek of 2 0 points.
T h e follow ing averages o f the differences betw een grades,
as figured from the D e c . 23 quotations of the eleven m arkets,
designated b y the Secretary of Agriculture, are the differ
ences established for deliveries in the N ew Y o r k m arket on
D ec. 31.
Middling fa ir ....................................1 0 4 on Good middling “ yellow" tinged.0.01 on
Strict middling “ yellow” tinged.0.21 oft
Strict good middling_______________ 0.75 on
Middling "yellow" tinged______0 49 off
Good middling_____________________ 0.51 on
Strict low mid. "yellow” tinged.0 98 off
Strict m iddling...................................... 0.25on
Low middling "yellow" tinged..1 53 off
Strict low m iddling_________________ 0.42off
Low middling___________________ 0.93 off. Middling “ blue" tinged............... 0.81 off
Strict low mid. "blue” tinged___ 1.21 off
Strict good ordinary_________________ 1.47off
Low middling "blue” tinged___ 1.72 off
Good ordinary______________________2.01off
Strict good mic. "yellow ” tin ged.0.28 on Middling “ stained"____________ 1.07 off
T h e official quotation for m iddling upland cotton in the
N e w Y o r k m arket each day for the past week has been : jd
D ec’ IS to D ec. 24—.
S a t. M on. T u e s . W e d . T liu r s . Fri.
M iddling uplands ____________ 12.05 12.10 12.10 12.10 12.05 12.15
NEW
YORK
Q U O T A T IO N S F O R 32 Y E A R S .
M
T h e quotations for m iddling upland a t N e w Y o r k on
D e c . 2 4 for each of the past 3 2 years have been as follows :
j0 1 5 -C .......... 1 2 .1 5 1 1 9 0 7 -C............ 11 .7 0 1 1S99.C ______ 7 .5 6 1 1 8 9 1 -c ______7 .94
10.55)1898_________ 5.88 1890------------ 9.31
1914-------------7 . 6 5 ' 1906
*
1913_________ 12.60 1905________ 12.10 1897_________ 5.94 1 88 9 ..............10.25
1912................ 13.20 1904_________ 7.60 1896_________ 7.12 1888_________ 9.94
1911__________ 9.50 1903________ 13.70 1895_________ 8.25 1887-.............10.62
1910--------------15.15 1902............. 8.75 1894_________ 5.69 1886_________ 9.44
8.56 1893............. 7.94 1885_________ 9.25
1909--------------15.75 1901..........
1 9 0 8 ------------- 9.20 1900...............10.31 1 8 9 2 ............. 9.88 1884------------ 11.06
Speculation in cotton for future delivery has been quiet
m uch of the tim e during the w eek, as is apt to be the ease at
T H E V I S I B L E S U P P L Y O F C O T T O N to-n ig h t, as m ade
this season.
B u t after the recent h eavy liquidation on a de up b y cable and telegraph, is as follow s. Foreign stocks,
cline of abou t ono cent a pound in ten d a ys, the technical as w ell as tho a flo at, are tliis w eek’s returns, and consequently
position im proved. Prices are higher than a week ago. all foreign figures are brought dow n to T hursday evening.
Besides quite a good-sized short interest had been built up B u t to m ako the total tho com plete figures for to-night
in W a ll Street and elsewhere.
Liverpool under the influence (F rid a y), wo add the item o f oxports from the U nited States,
of a good spot dem and and fears as to future supplies has including in it the exports o f F riday o n ly.
been firm .
T h is has reacted on N e w Y o r k .
Liverpool is
D e c e m b e r 24—
1915.
1914.
1913.
1912.
738,000
911,000 1,240,000
supposed to bo nervous over the scarcity and dearness of Stock at L iv e r p o o l_______ bales. 866,000
10,000
25,000
5,000
6,000
Stock at L o n d o n ________________
ocean freights from this cou n try.
I t m ay also have been a Stock at M anchester____________
71,000
50.000
103,000
62,000
little disquieted b y rumors that G erm an and Turkish forces
,997,000
813,000 1,019,000 1,308,000
T otal Great Britain.
aim at closing the Suez C an al.
In any case, the spot sales Stock at H am burg----*1,000
*10,000
15,000
9,000
*1,000
85,000
443,000
493,000
a t Liverpool have been on the whole unusually large for Stock at B re m e n _____
403.000
290,000
171.000
395.000
Stock at H avre----------C h ristm as week.
Liverpool stocks, to o , are considered in Stock at Marseilles . ..
2,000
2,000
2,000
2,000
existing circumstances far from burdensom e. A lso the gin Stock at Barcelona . .
17,000
23,000
20.000
46,000
839,000
259,000
24,000
39,000
Stock at G e n o a --------ning figures issued b y the Census Bureau last M o n d a y were
*4,000
14,000
*1,000
Stock at T rieste--------in some respects smaller than expected.
Certainly the total
T otal Continental stocks______ 600,000
372,000
916,000
966,000
up to D ec. 12 this year was stated at only 1 0 .3 0 3 ,2 5 3 bales,
against 1 3 ,972,000 last year, 1 2 ,9 7 2 ,0 0 0 for the same period
T otal European stocks------------ 1,597,0001,185 ,000 1,935.000 2,274,000
28.000
116,000
109,000
60,000
of 1913 and 1 0 ,0 9 5 ,0 0 0 in 19 10 .
T h e average quantity India cotton afloat for E urope—
951,639
819,478
974,100
Am er. cotton afloat for E urope. _ 414,001
ginned prior to D e c . 12 in the last ten years was 1 1 ,4 7 6 ,1 8 9 Egypt.BrazU.&c.,afloat for Eur’pe
66.000
55,000
82,000
75,000
333,000
bales, or 8 9 .5 % of the crop. A p p ly in g this percentage to Stock in Alexandria, E g y p t-------- 240.000 *208,000 378.000
402,000
608,000
448.000
Stock in B om bay, India-------------- 490.000
the ginning up to D e c . 12, the result is a crop, exclusive of Stock in U . S. p o r t s ------------------- 1,677.854 1,475.667 1,042,088 1,291,720
989,476
872,722
linters, of 11 ,5 0 0 ,0 0 0 bales.
B u t for the same tim e in 1910 Stock in U . S. interior towns------ 1,420,780 1,326,881
20,323
18,103
65,143
8,413
the qu an tity ginned was 9 2 .5 % of the crop, which would U. S. exports to -d a y _____________
indicate a yield of 1 1 ,1 3 8 ,0 0 0 bales.
T h is, with say 8 0 0 ,0 0 0
T otal visible supply___________ 5.953,958 5.740,290 6,028,185 6,338,005
O f the above, totals o f American and other descriptions are as follows:
to 9 0 0 ,0 0 0 bales for linters, would m ake the crop approxi
A m er ica n —
m ately 1 2 ,0 0 0 ,0 0 0 bales. B u t while the total ginned to D e c . 12
700.000 1,066,000
465,000
Liverpool stock ................ ..b a l e s . OOo.OOO
was nearly 4 0 0 ,0 0 0 bales less than in the same tim e in 1910, M a n ch e s te r s t o c k ........ ...............
71,000
35,000
26,000
3 8 ,0 0 0
869.000
34,000
Continental stock — ._----------------- 4J8.0C0 *285 000
the qu an tity ginned in the period from N o v . 3 0 to D e c . 12—
953,639
819,478
975,100
for E urope-------5 9 7 ,3 7 0
bales— was 4 1 ,0 4 5
bales more
than in
t h e American afloat s ------------------------ 414,001
U . S. port sto ck
872,772
989,476
sam’o period of 1910.
T h e report caused a rise a t first U . S. interior s to c k s -------------------.1,420,780 1,426,881
.5 ,1 4 3
8,413
.
20,323
18,102
bu t it was m ostly lost.
Sp ot houses and Liverpool straddlers U . S. exports t o -d a y ------------------T otal Am erican_______________.4,673,958 4,550,290 4,556,185 5,183,005
4,673,958
have been the chief buyers. T h e differences between N e w
E a s t I n d i a n , B r a z i l , A c .—
___ _
Y o rk and Liverpool on near m onths w ent during the week
273.000
211,000
174.000
stock__________________ . 261.000
to 295 to 3 0 0 poin ts, or abou t treble the normal differences. Liverpool to c k ___________________ . 261,000
5,000
6.000
25.000
60.000
London s
60,000
32,000
27,000
24,000
33.000
Southern advices, to o , have insisted th at holders of spot Manchester stock________________. 33,000
47,000
32,000
. *102.000
cotton , favored by an abundance of cheap m o n e y , are Continental stock_____________. *102,000 *87,000
60,000
109,000
116,000
28,000
India afloat for E urope--------------28.000
82,000
75.000
55,000
disposed to hold firm ly .
B risk sales of cotton goods have E gypt, Brazil, & c., a floa t-----------.
66.000
333,000
378,000
been a factor in the situ ation . A ls o , a t times the m arket Stock in Alexandria, E g y p t--------. 240.000 *208,000
60 ,000
4 .8 ,0 0 0
490.000
402.000
Stock in B om bay, I n d ia ................ 490,000
for futures has looked a bit oversold.
Recent liquidation
.1,280,000 1,190.000 1,472,000 1,155.000
T otal East India, & c---------------- 1
of weak “ lon g” cotton was drastic.
C ontracts here at
T otal A m erican....... .......... .........4,67.5. i 58 4,550,290 4,556,185 5.183.005
4
tim es l a ve been anything b u t plentiful.
On the other
.5,953.958 5,740.290 6,028,185 6,338,005
T otal visible supply.....................5,95
hand, how ever, there is no disputing the fact that exports
7 02d
7.1 d.
4.53d.
.
7.63d.
M iddling
have been sm all.
In fact it is som ething new in th e M iddlin g U pland. L iverpool-------- 12.15c.
12.60c.
13.10c.
7.65c.
U pland, New Y o r k ------.
10.50d.
7.00d.
10.35d.
statistical situ ation , th at for the first tim e this season, E gy p t, G ood Brow n, L iv e r p o lo ... 10 35d.
9.00d.
10-25d.
8.75d.
1
G ood , Liverpool I0.40d.
tho total exports since A u g u st 1st
have been running Peruvian. R oughiverpool— -------4-20d.
.
7.25d.
6K<1. 6 ll-1 6 d .
Broach, Fine, L
6K d.
flit”
1 ivftmool
4.06d. 6 1 1 - i e d .
.
7.37d.
behind t ose of tho sam e tim e last year.
T h e scarcity and
high rates of ocean freights have told.
A n d it is feared that
♦Estimated.
they a ie bound to tell still moro severely.
T here have been
Continental im ports for past week have been C6.CC0 bales.
h in ts, too , from parts of the S o u th , incuding T e x a s, that
some h< lders at least are beginning to feel a bit nervous over ; ” T ho above figures for 1915 show an increase over last week
o f 9 8 ,1 3 5bales, a gain of 2 1 3 ,6 6 8 bales over 1 9 1 4 .a decrease
tho pr. 1 used slowness of dom estic and foreign dem and.
A n d t ! e tin e is not far distant when crop preparations will of 7 4 ,2 2 7 bales from 1913 and a loss of 3 8 4 ,0 4 7 bales from
1 9 12 .
begin in r exas, Louisiana, M ississipp i, A lab am a and Georgia.
215
4
THE CHRONICLE
A T T H E I N T E R I O R T O W N S the m ovem en t— th at is,
the receipts for the week and since A u g . 1, the shipm ents for
the week and the stocks to-n ig h t, and the same item s fortho
corresponding period o f the previous year— is set ou t in de
tail below .
(Vol. 101
F U T U R E S .— T h e highest, low est and closing prices at
N e w Y o r k for the past week have been as follows :
S a tu rd a y, M o n d a y ,
D e c . 18
D e c . 20.
T u esd a y, W e d ’d a y
D e c . 21. D e c . 22.
T h u r s d ’ y,
D e c . 23.
F r id a y ,
D e c . 24.
W eek.
D ecem b er—
M o v e m e n t to D e c .
T o te n s .
R ece ip ts.
W eek.
Ala., Eufaula..
Montgomery .
Selma_______
Ark., Helena..
Little R o ck ..
Ga.. Albany__
Athens ______
Atlanta______
Augusta_____
Columbus-----M a con ___ __
R o m e _______
La., Shreveport
Miss.,Columbus
Greenville_
_
Greenwood__
M eridian___
Natchez____
Vicksburg___
Yazco C ity ..
M o., St. Louis.
X .C ., Raleigh.
O., Cincinnati.
Okla., H u g o ...
S.C., Greenw'd
Tenn.,Memphis
Nashville-----Tex., Brenham
Clarksville. . .
Dallas_______
Honey Grove.
Houston_____
P a ris.............
I
S ea son .
462
14,842!
1,827
91,016
856
49,487
3,131
44,106
6 ,10C 108,035
668
19,706
90,884
6.68C
3,216
85,563
10,533 300.8XS
1.11S
41,805
1,034
38,032
1,727
48,802
3.39C
98,997
1,04(1
11,256
2,000
57,886
4,083
86,974
1,435
23,551
264
21,968
1,214
22,233
S23
25,955
22,461 261.0S7
165
8,303
6,919 102,058
949
10,034
584
15,702
38,974 612,631
40,
5,637
189
14,227
763
23,801
2,141
57,484
843
23,401
76,398 1,381,785
2,310
66,851
24 1915.
S h ip -
S tocks
D ec.
W e e k '.
21.
!
M o v e m e n t to D e c .
j
R e c e ip t s .
W eek.
i
S ea son .
25 1914.
S h ip -
S lock s
W eek.
25.
515 12.745 1.435
19,525 1.298 11.611
1,921 82,220 5,474 146,274 3,142 . 90,514
84E 32.56E 5,27?
99,895 4,428 53,317
1,262 26,247 2.00C
45,824 2,268 , 24,000
8,125 45,244 5.331 111,897 6.792 ! 53.232
413 9,860 1,225
28,860
959 19.352
4 ,10C 50,606 4,96C
77,673 5.100 32.628
2,884 32,563 10,268 112,385 10,478! 19,941
5,380211,105 15.22C 301,279 8.438163.931
1,095 48,271 4,870
75,745 2,990 54,520
861 14,933
941
31,677
823 23,062
858 16,872 2,280
45,196 2,707 10,954
3,120 54,653 2,306 106,336 2,084 78,470
535 7,766 1,582
22,243 1,527 13,095
1,500 29,834 2,278
61,571
986 34,722
3.597 35,469 4.00C
97,573 3,000 45,524
1,782 13,199 2,946
21,653
694 18,516
14,664
663
16,441
374 12,187
628 12.489 1,307
27,706 1,352 19,009
1,901 17.167 1,533
34.101 1,988 23,600
21,411 15,465 17,295 248,269 17,555 33,251
250
443
446
4,076
425
311
9,884 18,002 14,054
94,429 13,768 4,736
1,374 1,885
13,516
373
768 3,089
584 12,269
800
13,190
200 11,882
29,558 339,420 34,989 603,641 32,229 270,605
382 2,659
100
2,172
289 1,086
368
157 3,596
11,699
624 2,891
1,526 8,132 1,307
27,967 1,863 5,664
74,644 4,693 7,347
3,003 8,125 5,095
541 2,412
823
20,121 1,511 4,465
71,869 234,058 138,532 1,692,170 133,181 172,535
3,459 5,838 5,350
64,492 5,357 6,834
R ange...
Closing___
Ja n u a ry—
Range........
Closing___
F e b ru a ry —
Range..
Closing___
M a rch —
Range------Closing___
A p r il—
Range..
Closing___
M ay—
Range____
Closing___
J u n e—
R an ge...
Closing..
J u ly —
Range__
Closing..
A u g u s t—
Range__
Closing..
S ep tem b er —
Range___
Closing..
O ctob er —
Range___
Closing...
11.82 — 11.85 — 11.85-.90 11.82-.90 11.76-.85 11.85-.99 11.76-.99
U.78-.80 11.83— 11.88-.92 11.85-.86 11.84-.85!------------11.72-.90 11.89-.00 11.89-.97 11.8611.86-.87 11.91-.93 11.93-.94 11.8711.96 — 12.01 —
O VE R LA N D M O V E M E N T FOR TH E W E E K A N D
S I N C E A U G . 1 .— W e give below a statem ent showing the
overland m ovem en t for the w eek and since A u g . 1, as m ade
up from telegraphic reports F riday n igh t.
T h e results for the
week and since A u g . 1 in the last tw o years are as follow s :
December 24—
Shipped—
Via Rock Island.
------- 1915--------
------- 1914--------
Week.
Week.
Sine
Aug. 1.
Since
Aug. 1.
.21,411
.14,696
. 660
. 4,698
. 4,000
. 5.297
.13,207
263,466
191,395
1.827
60,582
56,173
47,923
164,575
6.813
3,486
6,218
18,355
232,143
131,221
1,915
59,205
34,361
62.854
163,453
17,555
12,927
200
12.45 — 12.49 —
12.43 — 12.44 — 12.52 - J ------------12.41-.57 12.56-.69 12.56-.64 12.52-.GO 12.43-.55 12.54-.66 12.41- 69
12.54-.55 12.57-.58 12.59-.60 12.54-.55jl2.54-.55ll2.64-.66------------12.51 —
12.50 — !------------- -------------12.46-.47 12.49-.52 12.50-.53 12.46-.48 12.46-.4S 12.S6-.59 12.50-.51
-------------'l2.10-.19'------------ 12.23-.25 12.34-.37 12.31-.33 12.25-.27.12.21-.23 12.26-.28 12.10-.19
12.16-.29 12.30-.41 12.30-.37 12.24.33 12.1S-.26 12.23-.35
12.16-.41
12.24-.25 12.35-.36 12.32-.33 12.25.26 12.25- .27 12.30-.33
N E W O R LE A N S C O N T 4.' A C T M A R• E T .— The . highR
K
X 1 1
*
.
.
jf Inurnef nml
S a tu r d a y , M o n d a y , T u e s d a y , W e d ’d a y , T h u r s d ’y ,
y,
D ec.
18. D e c . 20. D e c . 21. D e c . 22. D e c . 23. DFerci.d a24.
D ecem b er—
R a n g e ............ 11.68 — 11.7 4-7 6 1 1 .7 1 Closing______ 11.66-.70 11.72-.73 1 1 .7 1 -
75
11.68 — 11.62-.66 11.73-.—
73
11.65-.68 11.66 —
R an ge_______ 11.69-.78 11.76-.88 11.74C losing______ 11.74-.75 11.75—76 1 1 .7 5 -
.78
11.6976
11.70—
J a n u a ry—
M a rch —
.77
11.60—73 11.67-.77
71
11.6 7-6 8 11.72-.73
R an ge_______ 11.93-. 10 12.0 8-2 0 12.06—14 12.03— 11.95-.06
10
C losing______ 12.06-.07 12.09—10 1 2 .1 0 -.il 12.03- .04 12.03— 12.03—12
04 in i/i
1-5. lU-.—
R an ge.............. 12.15-34 12.32-.43 12.33-.40 12.30— 12.2 1-3 6 12.32-.41
37
Closing______ 12.29-.30 12.35-.36 12.36-.37 12.30— 12.30—
31
32 12.37-.38
J u ly —
R an ge......... .. 12.30-.48 12.47-.56 12.49-.55 12.47-. 52 12.37-.50 12.49—58
C losing______ 12.43-.44 12.49—51 12.52-.53 12.46-.47 12.48-.50
12.55-.56
O cto b er—
R an ge_______ 11.99-03 12.19-.25 12.21— 12.16—20 12.09 —
25
1 2 .2 4-2 5
Closing______ 12.10—12 12.21—23 12.21— 12.14-17
23
12.14—16 12.18—20
T on e—
S p o t_________
Quiet
Quiet
Steady
Quiet
Steady
Dull
Uf AO If
O p tio n s __
Steady
Steady
oieduy
Steady
Stoady
Steady
M ay—
W E A T H E R R E P O R T S B Y T E L E G R A P H .— Reports to
us b y telegraph this evening from tho South indicate that
rain has fallen in most sections during the week, but the
precipitation has been moderate on the whole. Tho crop is
m oving in rather restricted volum e.
.63,969
785,941
65,554
685,152
Overland to N. Y ., Boston, &c__. ,289
. 1,416
. 2,946
39,002
45,801
85,190
8,413
3,127
923
45,972
69,716
57,893
Total to be deducted________ .11,201
11,201
169.993
12,463
173,581
w eek,
52,768
615,948
53,091
511,571
Snd
Deduct shipments—
.22
12.07-. 17; 12.12-.26 12.02-.30
.17
12.14-.15 12.22- .25
12.33 —
12.28 —
12.2812.25 — 12.30 — 12.32
12.26 — 12.25 — 12.33 —
12.28-.44 12.43.56
12.41-.49 ------------------- -12.30-.40 12.40-.50 12.28-.56
12.40-.41 12.44.46
12.46-.47 12.39- .40 12.39- .40 12.47-.50
Note—Memphis stock this year is inclusive of 54,174 bales linters.
T h e a b o ve totals show that tho interior stocks have in
during the week 1 8 ,9 9 7 bales and are to-night 9 3 ,8 9 9
bales m ore than at the same tim e last year.
T h e receipts at
all tow ns h ave been 9 1 ,1 0 1 bales less than the same week
last year.
11.99 — 11.97 — 12.03 —
12.02-.19 12.-18.30 12.18-.25 12.1512.15-.16 12.20-.21 12.22-.23 12.16-
Total, 33 towns'204,3373,864,918ll85,34o!l42078o!295,438 4 354,240 273,9611326881
creased
.92
11.78-.88 11.86-.99 II .72-00
.88
11.85-.86 11.82-95
Galveston,
Tex.— W e have had rain on two days of the past
the rainfall being seventy-eight hundredths o f an
lo ts 1
?”
Abilene, Tex.
has avcra80d 55' th0 hi^ ' st
There has been no rain the past week
> *
T h e foregoing shows the w eek’s net overland m ov em en t T h o therm om eter has averaged 4 8 , ranging from 24 to 7 “
DaUas Tex.— D r y all tho w eek. T ho thormomotor lias
has been 5 2 ,7 6 8 bales, against 5 9 ,0 9 1 bales for the w eek last
ranged from ,10 to 7 4 , averaging 5 2 .
year, and th at for the season to dato the aggregate not over
Fort Worth, Tex.— W e have had a trace o f rain on one dav
land exhibits an increase over a year ago o f 1 0 4 ,3 7 7 bales.
during the w eek. A verage thermom otor 5 1 , highest 74
-1915-1914In Sight and Spinners’
Since low est 2 8 .
Since
Week.
Takings.
Week.
Aug. 1.
Aug. 1.
Palestine, Tex.—We have had no rain during tho week
.211.978 3,857,774 428,794 4,248,980 T h e therm om eter has ranged from 3 6 to 7 0 , averaging 53
’
. 52.768
615,948
53,091
511,571
. 76,000 1,402.000
San Antonio, Tex.— W o have had rain on one d ay of the
60.000 1,230,000
5.875.722 541,885 5,990,551 w eek, tho precipitation reaching thirty hundredths of an
. 18,997
974.818
21,477 1,206,742 inch. Average therm om eter 5 5 , highost 74 , lowest 3 6
Taylor, Tex.—We have had no rain during tho week
.359,743
563,362
6,850.540
7,”197*293 M in im u m therm om eter 3 4 .
New Orleans, L a — There has been rain on two days o f the
.107,071 1.315,809
92,417 1,205,551
w eek, to tho oxtont o f one inch and thirty-six hundrodtl s
T h o therm om eter has averaged 5 5 .
Week—
Bales.
Since Aug. 1—
Bales.
Shreveport, La .— Tliore has been rain on ono day o f the
1913—Dec. 26...................... .458,455 1913— Doc. 26.................... 9,636,253
1912— Dec. 27........................396,108 1912—Dec. 2 7 .................. 9,605,625 w eek, to the extent o f thirty-four hundredths o f an inch
.911—Dec. 2 9 ....................... 451,381 1911—Dec. 29................
9,751,557 M in im u m therm om eter 3 1 , m axim um 70.
Vicksburg, M iss .— There has boon rain on one d a y during
Q U O T A T I O N S F O R M I D D L I N G C O T T O N A T O T H E R tho w eek, tho rainfall being thirty-seven hundredths of an
M A R K E T S .— B elow are the closing quotations o f m iddling inch.
Lowost thorm om eter 3 0 , highost 7 0 , avorago 4 7 .
cotton at Southern and other principal cotton m arkets for
Mobile, A la .— R ain has fallen on two days during the
each d ay o f the week.
w eek, tho rainfall being eighty-oight hundredths o f an inoh.
T h e thermom otor has rangod from 3 4 to 7 1 , averaging 52
Closing Quotations for Middling Cotton on—
Selma, A la — W o havo had rain on one day o f tho past
Week ending
December 24 Saturday. Monday. Tuesday Wcd’day.'Thursd’y. Friday.
w eek, tho precipitation being throe inches and tw en ty-five
hundredths. Average thermom eter 4 3 , highest 6 2 , lowest 2 5 .
Galveston____ 112.00
12.00
12.10
12.10
12.10
12.05
New Orleans__ 11.82
11.69
11.69
11.69
Savannah, Ga.— There has been rain on throo days tho past
11.69
11.69
Mobile
11.50
11.50
11.50
11.50
11.50
11.50
w eok, tho rainfall reaching one inch and fifty-ono hundredths.
Savannah ____ 12
12
12
12
12
12
Charleston____ 12
12
T h e therm om eter has averagod 4 9 , ranging from 31 to 73 .
12
12
12
12
Wilmington___
11 X
11X
U X
Charleston, S. G-—We have had rain on throo days during
Norfolk______ 11.38
11738
\\%
11.50
11.38
11.50
Baltimore____ 12
tho w eek, the rainfall boing one inch and tw enty-six hun
12
12
12
12
12
Philadelphia__ 12.30
12.35
12.35
12.35
12.30
12.40
dredths. T ho thermom oter has ranged from 3 2 to 0 9 ,
Augusta______ 11.38
11.50
11.50
11.50
11.43
11.50
averaging 5 1 .
Memphis_____ 12.12
12.12
12.12
12.12
12.12
12.12
St. Louis_____ 12 H
12 Ys
12K
12H
12 X
Charlotte, N . C .— W o have had rain during tho w eek, the
12X
Houston______ 12.05
12.05
12.05
12.05
12.05
12.05
rainfall being ninety hundredths o f an inch.
Avorago thor
} ittle Rock___ 12.13
12.13
12.13
12.13
12.13
12.13
m om eter 4 3 , highest 6 0 , lowest 28 .
* Including movement by rail to Canada.
.33
2155
THE CHRONICLE
Deo. 25 1915.3
Memphis, Tenn.— W o have had rain on one day o f the
past w eek, the rainfall being eigh ty-seven hundredths o f an
inch.
T h e therm om eter has averaged 4 3 , the highest being
6 0 and tho lowest 2 9 .
T h e follow ing statem ent wo have also received b y tele
graph, showing tho height o f the rivers at the points nam ed
a t 8 a . m . o f the dates given :
24 1915.
D ec.
24 1914.
D ec
F ee t.
F ee t.
4.6
9.5
20.4
0.7
12.7
6.7
New Orleans___________ A bov e zero
o f gauge.
23.2
M em phis_______________A bov e zero
o f gauge.
39.9
N ashville______________ A bov e zero o f gauge.
S hreveport_____________ A bov e zero
o f gauge.1.9
22. k
V ic k s b u r g _______ _r___ A bov e zero o fgauge.
W O R LD S SUPPLY A N D
T A K IN G S OF
IN D IA C O TTO N M O V E M E N T F R O M A L L P O R TS.
Bombay_________________
1914.
W eek.
3,176*816
7.197,293
218,000
77.000
365,000
69.000
T otal supply--------------------------- 6,356,566 12,773.750 6,108.891 11,103.109
D e d u c t—
Visible supply D ec. 24-------------- 5.953,958 5,953,958 5,740,290' 5,740,290
402.608 6,819,792
279.608 5,399,792
123,000; 1,420,000
368.601
290.601
78,000
5.362.819
4.326.819
1,036.000
* Embraces recoipts in Europe from Brazil, Sm yrna, W est Indies, &c.
a This total em braces the total estimated consum ption by Southern m ills,
1,402.000 1tales in 1915 and 1,230,000 bales in 1914— takings not being
available— and aggregate amounts taken by N orthern and foreign spinners.
5,417,792 bales in 1915 and 4,132,819 bales in 1914, o f which 3,997,792
bales and 3,096,819 bales American.
5 Estim ated.
C E N S U S B U R E A U ’S R E P O R T O N C O T T O N G I N
N I N G .— T h o D ivision o f M an u factu res in the Census B u
reau com pleted and issued on D e c . 20 its report on the am ount
o f cotton ginned up to D e c . 13, the present season, and we
g iv e it below , com parison being m ado w ith tho returns for
the like period o f the three preceding years.
. __________
A la b a m a _____________
A rk a n s a s ________________- ..................
F lorid a ____________________ __________
G e o r g i a ---------- ------------------- __________
1.ouisiana. . . ................— _________
M ississippi________________ ........... ..
N orth C arolina______ — __________
O k la h o m a -------------------------- ..................
South C a r o lin a ____________ __________
Tonnessco _____________ ...................
Texas _____
..
_______ ..................
All other............................... .. __________
------- C o u n t i n g
1915.
987,482
721,540
53,380
1.860,929
328,190
863,962
667,113
511,560
1,098.226
265,120
2,867,699
78,052
R o u n d a s H a l f B a l e s -------
1914.
1,573,140
893,965
80,909
2,451,644
415,278
1,082,816
766,445
1,069,018
1,328.482
319,284
3,874,388
116,860
1913.
1,444,212
885,979
63.0S2
2.215,308
391,454
1,084,630
708,598
789,782
1,276,428
340,685
3,627,190
100,030
United S ta t e s .................... ................. 10,303,253 13,972,229 12.927,428
Tho statistics in this report includo 100,940 round bales for 1915, com
pared w ith 42,796 bales for 1914 and 91,686 bales for 1913. and the number
o f Sea Island bales included is 83,810 bales for 1915, against 71,401 bales
for 1914 and 69,520 bales for 1913. Tho distribution o f the Sea Island
cotton in 1915 by States, follow s: Florida. 26,719 balos; Georgia, 52,908
bales, and South Carolina, 4,183 balos. Tho statistics o f this report for
1915 aro subject to slight corrections when chocked against the individual
returns o f tho ginners being transmitted b y mail. T ho corrected statistics
o f the quantity ginned this season prior to D ec. 1 aro, 9,705,877 bales.
R E C E I P T S F R O M T H E P L A N T A T I O N S .— T h e follow
ing table indicates the actual m ovem en t each week from the
plantations.
T h e figures do not include overland receipts
nor Southern consum ption; they are sim p ly a statem ent of
tho woekly m ovem en t from the plantations o f that part o f the
crop which finally reaches tho m arket through the outports.
W e e k ------ R e c e ip ts a t P o rts ------ - - S t o c k a t I n t e r io r T o w n s R e c e ip ts f r o m P la n t a t io n
1914.
1913.
e n d in g .
1915.
1914.
1913.---- 1915.
1915.
1914.
1913.
Nov. 5.231,002 317,633 521,469 1016.745 926,724 604,442 320,450 423,975 565.908
“ 12.200,421 338,055 485,269 1103869 1024495 669,860 287,545 435,826 549,687
” 19.186.346 359,216 434,152 11S07591097236 743.397 263,236 431,957 507,6S9
“ 26.171,948 360,439 423,79512269651165390 831,839 218,154 428,593 512,237
Dec. 3.208,884 331,201 358,9231284821 1206758 895,978 266,740 372,569 423,062
• 10.2 .5,737 370,458 291,330 1353053 1258039 941,508 333,959 421,739 336,860
•
" 17.243,169 428,368 312,795 1401783 1,305404 968.023 291,909 475,734 33 7,310
“ 24.211,978 428,794 319,198 1420780 1326SS1 989,470 230,975 450,271 342,651
T h e above statem ent shows : 1 .— T h a t the total receipts
from the plantations since A u g . 1 1915 are 4 ,8 3 2 ,5 9 2 bales; in
1914 wore 5 ,4 5 5 ,7 2 2 bales, and in 1913 were 7 ,6 7 3 ,3 2 4 bales.
2 .— T h a t although tho receipts at tho outports tho past week
were 2 1 1 ,9 /8 balos, tho actual m ovem en t from plantations
was 2 3 0 ,9 7 5 bales, the balance going to increaso stocks at
interior tow ns.
Last year recoipts from the plantations for
the week wore 4 5 0 ,2 7 1 bales and for 1913 they were 3 4 2 ,6 5 1
bales.
M ARKET AND
SALES A T N E W
S pot M a rk et
lo sed .
Saturday___Quiet, 10 pts. a d v _ .
M o n d a y ___Quiet, 5 pts. a d v ____
T u e s d a y ___Q u iet_____________
W ednesday. Steady_____________
Thursday . . Quiet, 5 pts. d o c . . .
F r id a y .. . . Quiet, 10 pts. a d v ..
F u tu res
M arket
C lo sed .
Barely stea d y. .
S t e a d y ___
Steady______
Steady_______
Steady______
F ir m _____ __
T o ta l____ !.......................................
-------------------------------------------------- ------------------
YORK.
SALES.
S p o t.
C o n lr 'c t
T o ta l.
300
100
650
2,500
‘ 166
400
1,800
300
200
1.050
4,300
S IW /V1
J V
9
—
5,850
G E R M A N T E X T I L E I N D U S T R I E S .— According to a
dispatch from Zurich, Sw itzerland, to Lon don , tho “ Leipziger
N eusto N achrichoten,” tho G erm an textile industries aro
suffering from a lack o f raw m aterials.
Tho journal is
quoted as saying that one-half to tw o-thirds of tho m anu
factories in tho toxtilo districts o f Saxony and Thuringia are
closed.
O nly those engaged in supplying clothing for the
arm y aro running, and they were not fu lly occupied till the
beginning o f O ctober.
For cloth for b oth m en ’s and w om en’s
49,000
S in c e
A u g . 1.
W eek.
543,000 27,000
F o r th e W e e k .
Visible supply D oc. 17_________’5,855.823
. . . . ------ 5,445,529
■1,633,210
Visible supply A ug. 1 . . ......... ..
359.743 6,850,540 563,362
American In sight to D ec. 24 —
721.000
47.000
Bom bay receipts to D oc. 23 — 5100,000
58.000
93.000
7.000
Other India shipm ’ts to D ec. 23
30,000:
430.000
44.000
Alexandria receipts to D oc. 2 2 -
53.0001
46.000
2.000
Other supply to D ec. 2 2 * --------
Total takings to D ec. 2 4 .a .
O f which A m erican---------O f which oth er-----------------
S in c e
A u g . 1.
W eek.
E x p o r ts
fro m —
G rea t
C o n ti
B r it a in . n e n t.
Bombay—
1915........
1914____
1913____
Calcutta—
1915____
1914____
1913____
Madras—
1915........
Japan
& C h in a
1913.
1914.
1915.
D : c . 2.
R e c e ip ts a t —
COTTON.
1915.
C o t t o n T a k in g s .
W eek an d Season .
garm ents there was an extraordinary dem and, stocks being
alm ost exhausted. A s for particular designs or colors, it is
no use expecting anything o f the kind.
T ailors are only too
glad to got goods of any sort.
V e ry largo sum s are being paid
as war allowances to the fam ilites o f clerks and w orkm en in
the field, and m an y em ployees have to bo kept on when there
is no w ork, to m aintain the general working efficiency of the
plant for tho tim e when business conditions b ecom e n orm al.
T o ta l.
10,000 20,000 36,000
5,000 10,006 5,000 20,000
2,000 26,000 19,000 47,000
644,000
113,000 92,000
S in c e A u g u s t
G rea t
B r it a in .
S in c e
A u g . 1.
W eek.
1.
Japan
< C h in a .
t-
C o n t i-
T o ta l.
88,000
53,000
281,000
340,000
133,000
191,000
424,000
203,000
479,000
2,000
__
6,000
17,000
7,000
4,000
2,000
11,000
1,000
1,000
1,000
7,000
3,000
14,000
1,000
1,000
2,000
1,000
___
3,000
2,000|
1913____
All others—
1915____
1714____
1913.........
1,000
1,000
4,000
3,000
3,000
7,000
12,000
7,000
23,000
30,000
47,000
33,000
2,000
12,000
63,000
44,00-3
66,000
Total all—
1915____
1914____
1913.........
14,000 26,000 40,000
6,000 12,000 5,000 23,000
3,000 29,000 19,000 51,000
16,000
29,000
16,000
117,000
85,000
352,000
364,000
136,000
204,000
457,000
250,000
572,000
13,000
4,000
2,000
2,000
13,000
A ccording to the foregoing, B o m b a y appears to show an in
com pared w ith last year, in the w eek’s receipts of
2 2 .0 0 0 bales. E xports from all India ports record a gain of
1 7 .0 0 0 bales during the week and since A u g . 1 show an in
crease o f 2 4 7 ,0 0 0 bales.
crease,
A L E X A N D R IA
R E C E IP T S
AND
1915.
A le x a n d r ia , E g y p t.
D ecem ber 1
S H IP M E N T S .
1914.
1913.
311,546
1.740,404
350,000
4.585.018
(cantars)—
1.
R ece ip ts
D ecem ber
This week
Sineo A ug. 1
E x p o rts
To
To
To
To
234,763
2,474,248
!
T h is 1 S i c e j T h is
S in c e
W e e k . \ A u g . 1.1 W e e k . A u g . 1.
(bales)—
L iverpool____________
M anchester. .
C ontinent and In d ia .
___
A m e r ic a ..
..
6,145
1,220
4,697
T h is
S in c e
W e e k . A u g . 1.
64,536 3,288 34.101 6,250 94,695
50,907 7,043 38,715 8,500 86,968
51,604 13,868 55,882 13,750 151.856
59,837 2,957 28,522 2,000 11,464
T otal exports_________ 12,062 226,884 27.156 157.220 30.500 344.983
N o te .—
A cantar Is 99 lbs.
E gyptian bales weigh abou t 750 lbs.
M A N C H E S T E R M A R K E T .— Our report received b y
cable to-night from M anchester states that y a m s are firm
w ith Am erican m ed ium fine counts in im proved dem and.
C lo th s, how ever, m ove slow ly. W e give prices for to -d a y
below and leavo those for previous weeks of this and last
year for comparison :
1915.
32s
C op
T w is t
Oct
5
12
19
26
Dec
3
in
17
24
-1.
10 K
10 *4
1054
10 H
d.
@
UK
«&
UK
©
UK
<> U K
3
11 H
liw
11K
UK
©
©
©
1914.
8K
lb s . S h ir tIngs, c o m m o n
to f i n e s t .
8 d.
7 3
6 3
« 3
6 3
12K 6 6
12>4 6 9
12K 6 0
12 h 6 9
S H IP P IN G
@8
(a 8
@8
@8
s. d.
3
3
3
4K
@8 7
(a 8 10
8 10
@ 8 10
©
C o l’ n
M id .
U p l’ s
H H lb s S htrt
in g s . com mini
to f i n e s t
32s
d. d.
6.91
7.01
7.on
7.2S
7.50
7.66
7.47
7.63
N E W S .— Shipm ents
C op
T w is t.
No
No
No
No
d
quo
quo
quo
quo
s. d
tations
tations
tations
tations
No
No
No
No
quo
quo
quo
quo
tations
tations
tations
tations
in
i C o t’ n
i to v t .
\ C p fs
a <
1
4 hi
t.5s
i 3.44
4 46
4 35
4 2S
4.44
1 4.53
detail :
T o ta l b a ’ rs.
N E W Y O R K —’T o Liverpool— D ec. 23 — Den o f Ogil, 1 ,5 3 4 ............. 1.534
T o H avre— D ec. 21— Strathleven, 1,089
D e c.23—-Strathallan, 413____________________________________________________
1,502
T o Bordeaux— Dec. 21— Cairnhill. 1,631______________________
1.691
T o Genoa— Dec. 22— Oaserta, 600____________________________
600
T o Naples— Dec. 22— Caserta, 400; C retic, 3,307______________ 3,707
T o Venezuela— Dec. 22— Zulia, 50____________________________
50
G A L V E S T O N — T o Liverpool— Dec. 21— benefactor, 7,6 2 0 ______
7,620
T o Manchester— Dec. 17— M innie do Larrinaga, 13.971___
Dec. 2 0 — Esperanza do Larrinaga, 7.9,S3_____________________21,954
T o Genoa— D ec. 22— Dora Baltea. 9.983______________________ 9,983
N E W O R L E A N S — T o Liverpool— Dec. 18— N ortonian, 1,566___
Dec. 21— Bolitician, 9 ,3 7 8 ... D e c . 22— Craftsm an, 8 ,1 6 1 . .. 19,105
T o M exico— D ec. 22— T obasoo, 250____ ______________________
250
S A V A N N A H — T o L iverpool— Dec. 23— Lorca, 8,846_____________
8,846
T o R otterdam — Dec. 17— Zyldijk. 3,150______________________ 3,150
T o Oporto— D ec. 23— Ereaga, 4,050___________ _______________
4,050
T o Barcelona— D ec. 23— Ereaga, 1,850_______________________
1,850
T o Corunna— Dec. 23— Lorca, 130____________________________
130
C H A R L E S T O N — T o Liverpool— D ec. 21— K ingsw ocd, 5,645 _____ 5,645
W IL M IN G T O N — T o Havre— Dec. 21— Elsiston 12.025______
. 12,025
B O ST O N — T o Liverpool— Dec. 17— Cloughton. 1 ,5 3 4 ....................
1,534
T o Yarm outh— D ec. 18— Prince George, 8 6 __________________
86
B A L T IM O R E — T o Havre— Dec. 18— P otom ac, 3 ,500______ ____ 3,530
SA N F R A N C IS C O — T o Japan— D ec. 18— C hiyo Alaru. 3 ,2 2 1 ___
D ec. 23— C olon, 1,725_______________________________________ 4,946
T o China— D ec. 18— C hiyo M aru, 1,050______________________
1,050
T o M exico— D ec. 18— Pairhaven, 500________________________
500
S E A T T L E — T o Japan— Dec. 24— Snidzuoka M aru, 5.5 3 2 _________ 5,532
T A C O M A — T o Japan— D ec. 20— Hawaii M aru , 5,406______ ______ 5,406
T otal
126.246
2156
T h e particulars o f the foregoing shipm ents for the w eek,
arranged in our usual fo rm , are as follow s :
H o i ----- O l h . E u r o p e —
la n d . N o r th . S o u th .
G rea t F r e n c h
P o rts,
r ita in .
..................
N ew Y o r k _______ 1,534 3,193
G a lv e s to n _____ 29,574
..................
........
N ew Orleans___ 19,105
.
____ 3.150
S a v a n n a h _______8,846
C h a rle s to n _____ 5,645
W ilm ington____ ____ 12,025
.
B o ston __________ 1,534
B a lt im o r e ____
. 3,500
San F rancisco.
T a co m a ________ ____
Seattle_________ ____
T o t a l .............. 66,238 18,718
3,150
A le x .,
& c. Javan
4,307
9.983
50
T o ta l
_____
250
____
6,030
been 1 ,0 0 0 ,0 0 0 to 2 ,0 0 0 ,0 0 0 bushels daily.
T h is offsets a
very largo increase in tho available supp ly.
T h e foreign
dem and has taken hard winter as well as M a n ito b a .
D ecem
ber at M inneapolis has been gaining on M a y .
Som e
spreading trading has been dono between Chicago and
M in n eap olis. A t O m aha there has been a good business
via the G u lf and for B altim ore. W h a t m ight havo seemed
clear enough long a go , n am ely, th at E urop e b y no possibility
could avoid heavy purchases in tho U nited States, is now
becom ing more apparent than over, especially as com peting
countries, like Argentina and A ustralia, are gravely handi
capped b y the lack o f shipping. M eanw hile European m ar
kets have naturally been advancing. A d vices from France
state th at the French G overnm ent is requisitioning w h eat,
causing more com plaint. A lso , they state that foreign w heat
is arriving slow ly, and tho nativo m ovem ent is ligh t, as labor
and transportation are deficient, and therefore millers are
very short o f supplies, and m an y m ills havo boon obliged
to close. Flour prices are high in F rance, as civil
authorities cannot furnish supplios fast enough, and it is
understood that officials will shortly purchase foreign w h e at,
aw aiting freight a d ju stm en t.
T ho Russian news has also
been bullish. T h e weather in Russia has continued cold
w ith snow , tho interior m ovom ent is light, and cash prices
havo advanced sharply.
In tho south and southw est
R ussia there is a scanty snow cover and it is foarod that
m uch dam age will bo dono to tho w neat b y froozing.
In
the north tho winter is severe and tho ports are icebound.
T h o port stocks o f all grain in Russia are cleaned up and
it is expected that there will bo very littlo m oving before
spring.
Liverpool advices state that shorts there havo
been covering freoly w ith advancing oxport prices and a
belief that foreign prices will bo further advanced.
The
R iver P late is offering freely but a t firm pricos. A u s
tralian offerings are largo a t unchanged prices but the diffi
culty o f shipping these has changod tho com plexion of the
situation as far as im m ediate im port needs aro concerned.
A m erica is being called upon.
Australian and Argentine
exports during January-Fobruary will bo m oderate, as
Argentine, freights havo further advancod I s . to 120s. and
the domand is largely for corn and oats.
Recont light
foreign arrivals, an unexpectedly small m ovem ent of English
w h eat, with reduced stocks on passago cause a chango in
bu yers’ ideas at Liverpool.
In H olland supplios are in
adequate and recent purchases have been m ade in A m erica.
Further needs there aro evidenced by tho riso in prices;
millers aro paying officials 57s. per 4 8 0 pounds.
D rou gh t
in India was becom ing sorious when rains fell, but more aro
needed.
On tho other hand, tho rocoipts a t Am erican m ar
kets have been arge. For exam ple, on a single day those
of M inneapolis and D u lu th were 1,0 83 cars, against 8 4 9
on the same day last w eek, and 4 0 9 last year. A t W innipog
they were 1 ,2 8 5 cars, against 1 ,3 7 8 on tho sa m o d a y last w eek,
and only 2 4 0 last year, or only about o ne-fifth .
A n d the
w orld’s supply increased last week closo to 1 7 ,0 0 0 ,0 0 0 bush
els, against only 3 ,1 0 0 ,0 0 0 bushels in the sam e week last year.
T h o total w orld’s su pp ly, to o , is forging ahead.
It no longor
shows a decrease of 5 0 ,0 0 0 ,0 0 0 bushels, as com pared w ith
the sam e date last year, as it did a while ago.
On tho con
trary, the total is some 1 5 ,0 0 0 ,0 0 0 bushels larger than a year
a go , i. e ., 2 2 2 ,5 2 5 ,0 0 0 bushels, against 2 0 7 ,8 5 8 ,0 0 0 a year
ago and 2 0 5 ,5 4 8 ,0 0 0 at this tim o in 1 9 13 . A t B uffalo the
supply afloat is abou t 1 3 ,0 0 0 ,0 0 0 bushels. T h e crop m ove
m ent is far larger than usual at this timo of the year.
Large
E uropean bu yin g, how ever, has been a dom inant factor. I t
is said that Jam es A . P atten is likely to be tho next President
of the Chicago B oard of T rad e.
H e a v y liquidation caused a
decline in prices later. W a ll Street traders, after being
heavily long for a m on th and a half, took profits o f anywhere
from 10 to 20 cents.
T o -d a y prices advanced to another
now high level for tho present season, owing m ainly to a strong
d em an d for cash w heat and a continued export trade.
Som o
W in n ip e g m ills report being sold up to M a rch 1.
Roports
o f green bugs were received from tho Southw est with orders
to bu y J u ly . M o s t of tho Canadian wheat afloat at B u ffalo
is said to havo been sold to seaboard cash houses.
____
____
9,084
39,557
19,355
18,026
5.645
12,025
1,620
3,500
6,496
5,406
5.532
86
1*550 4*946
------ 5,406
------ 5,532
20,320 1.936 15884 126,246
T h e exports to Japan since A u g . 1 h ave been 1 3 6 ,8 5 7 bales
from Pacific ports.
C O T T O N F R E I G H T S .— Current rates for cotton from
N e w Y o r k are as follow s, quotations being in cents per pound:
L iverpool, 2.0 0 c.: M anchester, 2.00c.; H avre, 2 .5 0 c.; R otterdam , 2 .2 5 c.;
Genoa, 1.50c.; N aples, 1.50c.; Leghorn, 1.75c. nom ; Marseilles, 2.7 5 c.;
Piraeus 3.00c. nom .; Japan, 2.00c. asked; Shanghai. 2.0 0 c.; B o m b a y ,
2.5 0 c.; V ladivostock, 2.00c.
L I V E R P O O L .— B y cable from Liverpool wo have the
follow ing statem ent of tho w eek ’s sales, stocks, & c ., at
th at port :
Sales o f the week
. . _________
O f which speculators t o o k ____
O f which exporters t o o k _____
Sales, A m erican_______ _________
A ctual e x p o r t._ ________________
Forw arded_________ .
. . . ___
T otal stock ______ _______________
O f which A m erican___________
T otal imports o f the week______
O f which American _________
A m ount a floa t__________________
O f which A m erican___________
3.
56,000
4,000
1,000
48,000
11,000
84,000
875,000
647.000
86,000
54,000
192,000
135,000
D ec.
10.
65,000
4,000
2,000
48,000
1,000
79,000
859,000
618,000
63,000
31,000
223,000
151,000
17.
50,000
2,000
2,000
39,000
4,000
73,000
842,000
600,000
60,000
41,000
272,000
184,000
D ec.
D ec.
22.
30,000
2,400
1,400
22,000
3,000
63,000
866,000
605,000
90,000
49,000
231,000
183,000
D ec.
T h e tone of tho Liverpool m arket for spots and futures
each day of the past week and the daily slosing prices of
spot cotton have been as follow s :
S p o t.
S a tu r d a y .
Market,
12:15
P. M .
f Steady
1
but
1 quieter.
M on day.
T u ssd a y.
W ed n esd a y.
T h u rsd a y.
Good
demand.
Fair
business
doing.
Quiet.
F r id a y .
Moderate
demand.
Mid.Upl’ds
7.39
7.50
7.55
7.63
7.63
Sales____
Spec.&exp.
6,000
500
10,000
1,000
10,000
1,000
6,000
1,000
8,000
800
HOLIDAY
Quiet
2@ 3 pts.
advance.
Quiet unch.
Quiet
Steady
Quiet
F u tu res.
Market f 1% @ 2 pts. 7@8% pts. 1@1% Pts. to 1 pt.
advance.
advance.
advance.
opened ( decline.
Market,
4
P. M .
Steady
Barely st’ y
Steady
f Quiet uneh. Steady
to % pt. 10C 15 pts. 3@7% pts. 3% @4 pts. % pts.dec.
«*
decline. to5pts.adv
advance.
advance.
1 decline.
\
T h e prices o f futures a t Liverpool for each day aro given
below . Prices aro on the basis of u plan d, good ordinary
clause, unless otherwise stated .
4 12 X
12% 4 jl2 X
p .m . p .m . p .m . p .m . p .m .
d.
7
7
7
7
7
6
20%
20%
20
14
0 7%
74%
d.
30
30
29%
23%
17%
84%
7 20-1 O O d.
4
12% | 4
p .m . p .m . p .m
d.
d.
d.
d.
d.
d.
35%
35%
33
26
19%
81%
35
35
32
2 4%
17%
82
43
43
3 9%
30%
23%
87%
42%
42 %
39
30
23
86%
39
39
35%
26 %
19%
84
41
40
36%
27
20
84
OCMUMMi
to ® os os i-*^ a.
X &
'
d.
D ecem b er1
____
J a n .-F e b -1-----M a r .-A p r .-----M a y -J u n e -----J u ly -A u g -i-----O c t.-N o v .1____
12%
p .m .
1^
1
12 X
p .m .
m ea n s
III!
7 20
T h u s:
|
T h e p r i c e s a r e g i v e n i n p e n c e a n d lO O t h s .
t
D ec. 24.
[Vol. 101. '
THE CHRONICLE
d.
|
d.
H O L I
DAY
BREADSTU FFS
Friday Night, December 2 4 1915.
F lour has naturally been strong in response to the rise in
w h eat.
B u t trade has still kept within m oderate lim its.
C ertain ly the firmness of holders has served to curtail
actual purchases.
On the w hole, buyers have been inclined
to adhere to the h an d -to-m ou th policy.
In m an y cases
they are skeptical as to the perm anence of existing prices
for w h eat, which have again touched a new high level on
this crop.
B u yers, m indful of the fact th at the present
w heat crop is the largest ever know n, find it hard to believe
that the present level of w heat prices can be m aintained for
any great length of tim e.
T h e freight congestion continues.
T h e railroads have extended the em bargoes on N e w Y o rk
freight.
Shippers of merchandise generally are protesting
before the In ter-S tate C om m erce Com m ission on the re
duction in free tim e here.
F ifty thousand loaded cars o f
all sorts of m erchandise are n ow , it is stated , on lino or a t
terminals destined for delivery through N e w Y o rk harbor
points
T h is, it appears, is an increase within a short tim e
of 1 0 ,0 0 0 cars.
C ertainly this does tho flour trade, domestic
and foreign, no good.
H ow ever, there had latterly been
m me export inquiry here.
T o -d a y there were rumors from
W in n ip eg that mills there are sold up to the first of M a rch
and are refusing further business.
W h e a t advanced, reaching a new high lovel on this m o v e
m en t.
Large export buying has been tho leading feature.
Supplies are largely shut o ff from Europe in Australia and
Argentina b y the scarcity and dearness of ocean freights.
A t Chicago houses w ith seaboard connections have been
large buyers o f M a y , supposedly against sales o f cash wheat
for export via the G u lf of M e x ic o . A rise at N orthw estern
m arkets set the pace for C hicago.
It is predicted that
N orthw estern receipts will soon decreaso sharply.
E xports
from tho seaboard h ave been h ea vy .
T h o political situation
abroad has been som ething o f a factor. E xp ort sales have
j
D A I L Y C L O S IN G B R IC E S OF W H E A T
S a t.
F U T U R E S IN N EW Y O R K ;
A fo n .
T u es.
W ed . T h u rs.
F ri.
N o 2 red _______________________ N om . N om . N om . N om . N om . 142
M a y delivery in*elevator___________ 125% 130
133
130% 133% 136%
D A I L Y C L O S IN G B R IC E S OF W H E A T
|
j
|
S a l.
F U T U R E S IN C H IC A G O .
M on.
lu e s.
W ed . T h u rs.
M a y delivery in elevator-------- c t s .l l 9 M 1 2 2 $ 121% 123
July delivery in elevator----------------- 111% 113% 115% 113%
F r i.
125% 128%
116% 118%
Indian corn advanced, b u t more under the influence of a
riso in w heat than anything elso.
Certainly tho weather
has been favorable for m oving the crop, and the Eastern
dem and a t Chicago has been light.
Samplo quotations even
declined at Chicago last M o n d a y 1 to 3 cents.
E xport busi
ness, too , has been dull.
B u t, in spite of the clear cold
weather at the W e s t, the offering from tho country have
not greatly increased. A n d the available supply of A m erican
increased last week only 1 ,1 2 2 ,0 0 0 , against an increase in the
sam e week last year of treble that quantity or 3 ,3 6 6 ,0 0 0 bush
els. A lso , the available supply is only half as large as that
of a year ago.
It is 7 ,5 5 7 ,0 0 0 bushels ag inst 1 5 ,2 3 0 ,0 0 0
a year ago.
Prices are 5 cents higher than then, how ever,
and the crop is w ith one exception the largest on record.
B u t in Liverpool prices have been strong at rising prices.
R iver P late offerings have been a t high prices and freights
there have been strong.
T h e car shortage in this country,
THE CHRONICLE
Dec . 25 1915.]
moreover, is increasing. To-day prices rose to another new
high level on the crop. The bullish factors were covering
of December shorts, the comparatively small receipts, fears
of bad weather over the holidays and buying of M a y by
prominent interests. The country is not selling freely. A t
Chicago and St. Louis there was a sharp advance in sample
prices.
,
.
D A IL Y CLOSING PRICES OF NO. 2 M IX E D CORN IN NEW Y O R K .
S a t.
M on.
8 l 'A
N o. 2 yellow.............................. cts. 82
T u es.
&V4
W ed . T h u r s . F r i .
82 y2 82 V*
81H
D A IL Y CLOSING PRICES OF CORN FUTURES IN C H I C A G O . .
S a t.
M a y d e l i v e r y In e l e v a t o r ......... cts. 7 3 1 4
M o n . T u es.
J S 'A
74
July delivery in elevator_________ 7334
7324
743g
W ed . T h u r s . M i -
7434 75
76M
743i 7524 7734
Oats advanced. They responded to the rise in other
grain. Country offerings, though they have increased some
what, have still been moderate. Some export business has
been done. Y et speculation has not been active, and cash
interests look for lower prices. The available supply, more
over, increased last week 1,280,000 bushels, against an in
crease in the same week last year of 543,000 bushels. For
all that, however, the total available supply is still only
36 ,760 ,00 0 bushels, against 42,980,000 bushels a year ago
and 47,650,000 in 1913. Under the circumstances, prices
have advanced, even if there has been no very aggressive
rise, with both the cash trade for home and foreign account
and the speculation so restricted. Liverpool advices have
latterly said that prices are easing, with arrivals larger and
Argentine offerings liberal. America is offering freely to
Liverpool at satisfactory prices, and the quality of American
arrivals is good. To-day prices were higher on brisk cover
ing of shorts, especially in December. Also receipts were
small, and there was some export business. The two most
striking factors were reports of export business and the
removal of the embargo on shipments to Newport News
which caused the demand to cover.
D 'l L Y CLOSING PRICES OF OATS IN NEW Y O R K .
S a t.
M on.
T u es.
Standards____________________ cts.N om . Nom. Nom.
Nom. Nom. Nom.
N o. 2 white________________
.
W ed. T h u r s . F r i .
Nom. Nom. Nom.
Nom. Nom. Nom.
D A IL Y CLOSING PRICES OF OATS F TURES IN C H I C A G O .
S a t.
December delivery in elevator.cts- 4134
M ay delivery in elevator___________ 4434
M on.
7u cs.
4124 4234
4534 4524
W ed. T u r s . F r i .
4234 4234 4334
4534 45^4 4/34
The following are closing quotations :
GRAIN .
Corn, per bushel—
Wheat, per bushel— f. o. b.
No. 2 mixed_______f. o. b. nom.
N . Spring, No. 1, new------SI 41
No. 2 yellow______c. i. f.
8534
N . Spring, No. 2------------------------N o. 3 yellow____________________
Red winter. No. 2, new---- 1 4334
Argentina in bags_______________
Hard winter, No. 2 ----------- 1 4334
Oats, per bushel, new—
cts. Rye, per bushel—
Standard------------------------ Nom.
New York________ c. i. f.Sl 0334
No. 2. white______________ Nom. ' W estern_____c. i. f. 1 05@1 06
N o. 3. white---------------------4834M a lt_____________________ 83 @ 84c.
FLOUR.
Winter, low grades____$4 50@S5 00 Kansas straights, sacks.$5 70@$6 00
6 35
Winter patents-------------- 6 15®
Kansas clears, sacks_ 5 25 ® 5 60
_
_ _
City patents_______ __
Winter straights--------- 5 80®
6 00
Winter clears_________ 5 70®
580
Rye flour------------------- 5 35@ 5 75
Springpatents------------ 6 25®
6 60
Buckwheat flo u r..
Spring straights-------------d 00®
6 2o
Graham flour_________ 4 50@ 5 00
Spring clears__________ 5 50@
575
F o r o t h e r t a b l e s u s u a l l y g iv e n h e r e , s e e p a g e 2122.
The visiblo supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports December 18 1915 was as follows:
GRAIN STOCKS.
Untied Slates —
Wheat,
bush.
New Y ork-------------- ........2,512,000
C orn,
bush.
265,000
Oats,
bush.
Rye,
bush.
1,712,000 244,000
138.000
9,000
3.000
594.000
80,000
817.000 1,119,000
545.000
2.000
92,000
____
390,000
Philadelphia............. ____ 1,011,000
68,000
Baltimore................. ........ 910,000
551,000
........ 210,000
........ 2,309,000
400.000
____ 1,770,000
183.000
Buffalo_____________ ........ 5,762,000
55.000 1.738.000
“
afloat........ ____ 13,000,000
500.000
........ 1,362,000
182.000
470.000
____
299,000
58.000
217.000
Chicago.................... ____ 4,506,000 2,152,000 6.927.000
115,000
Milwaukee..........................
26.000
343.000
........ 3,723,000
293.000
........
160,000
15,000 3.55S.000
Minneapolis............... ........ 8,636,000
333.000
St. Louis . ................. ........ 2,326,000
500.000
........6,6S3,000
1,056,000
698.000
141.000
Peoria...................... . ........
3,000
531.000
Indianapolis______ ........ 265,000
341.000
567.000
Omaha_____ ______
295.000
959.000
B arley,
bush.
476,000
132.000
23,000
250.000
192.000
230.000
4,000
96.000
129.000
83.000
34.000
721.000
150.000
533,000
12,000
22,000
554,000
5,000
134,000
24,000
147.000
171.000
840.000
Total Dec. 18 1915. ........57,215,000 6,121,000 : 1,208,000 2,917,000 3,544,000
2
Total Dec. 11 1915. ........46,023,000 5,181,000 20,218,000 2,535,000 3,188,000
Total Dec. 19 1914. ........75,107,000 13,326,000 31,683,000 1,791,000 4,984,000
Total Dec. 20 1913. ........62,369,000 4,856,000 26,492,000 2,359,000 5,837,000
Note. —Bonded grain not included above: Wheat, 5,052,030 bushels at New York .
754.000 Baltimore, 369,000 Philadelphia, 425,000 Boston, 58.000 Duluth, 3,680,000
Buffalo: total, 10,368,000 bushels, against 4,178.000 bushels in 1914. Oats: 572,000
bushels at Buffalo, 310,000 New York, 97,000 Boston, 43,000 Duluth: total,
1.022.000 bushels, against 457,000 In 1914; and barley, 5,000 bushels at Philadel
phia, 5,000 New York, 83,000 Duluth; total, 93,000, against 143,000 in 1914.
Canada —
Montreal........................... 1,454,000
6,000 2,024,000
14,000
21,000
Ft. William & Pt. Arthur.. 9,236,000
.......... 3,273,000
...........................
"
afloat....................................................
665,000
...........................
Other Canadian.................10,654,000
.......... 3,935,000
...........................
Total Dec. 18 1915...........21,344,000
6,000 9,897,000
14,000 21,000
Total Dee. 11 1915........... 19,981,000
5,000 9,951,000
16,000
21,000
Total Dec. 19 1914......... 15,170,000
113,000 6,453,000
.......... 312,000
Total Dec. 20 1913........... 17,010,000
5,000 8,646.000
24,000 491,000
Sum m ary —
American................
57,215,000 6,121,000 21,208,000 2,917,000 3,544,000
Canadian.... ....................... 21,344,000
6,000 9,897,000
14,000 21,000
Total Dee. 18 1915...........78,559,000 6,127,000 31,105,000
t T ota lD ec.il 1915______66,004,000 5,186,000 30,169,000
k Total Dee. 19 1914...........90,277,090 13,439,000 38,136,000
Total Dec. 20 1913.......... 79,379,000 4,861,000 35,138,000
2,931,000 3,575,000
2,551,000 3,209,000
1,791.000 5,296,000
2,383,000 6,328,000
2157
THE DRY GOODS TRADE
N ew York, Friday Night, Dec. 24 1915.
W hile many expected business in primary dry goods mar
kets to slow up prior to the holidays, there has been slight
abatement in the demand. Tho mails have brought numer
ous orders for staple merchandise, as well as urgent requests
for prompt shipment of supplies. While many buyers will
bo absent from tho market over tho holidays, they have left
enough business to keep jobbing and commission houses busy
until tho turn of the year. M o st houses are beginning to take
stock preparatory to starting tho new year, and from present
indications there will be a smaller carry-over this season
than for many past. Quite a number of concerns will find
they are down to a very small margin of stock, and it is
oxpected that an urgent demand upon mills for prompt ship
ment of supplies will develop after the first of the year. The
unexpected improvement in demand from retailers dining
the last quarter of the current year has pretty thoroughly
taken care of surplus stocks. It is also evident that many
distributers, failing to anticipate the increase in retail busi.ness, have neglected to place sufficient orders with manufac
turers in time to insure deliveries when needed. Selling
agents are now receiving requests to forward goods which
were not due until January and February, whilo many mills
havo been instructed to ship all goods under contract as soon
as turned out. All factors in the trade look for higher prices
after the first of the year. Goods now going into consump
tion woro obtained at prices which would not be considered
to-day, and as stocks are light with mills sold ahead as far
as they care to operate, there is every prospect of a firm mar
ket for some time to come. Manufacturers being in control
of the situation can only bo induced to accept business for
futuro delivery when the price paid allows them sufficient
margin to cover the uncertainties surrounding the cost of
production. Retailers reported a very satisfactory holiday
business, and after figures are compiled it is believed that
sales will provo to bo equal, if not better, than those of the
best seasons. Export trade with new markets continues to
expand and exporters are doing their best to handle the new
business in such a manner as to retain these markets after
tho war is over. For this reason dulness in other directions
is not causing much complaint. The recent buying for India
seems to have filled requirements for the time being, while
advices from China contain little of an encouraging nature.
D O M E S T IC C O T T O N G O O D S .— Tho situation in staple
cotton goods shows little change, except that several lines
havo been advanced, owing to a shortage of supplies and over
sold condition of mills. There is a heavy demand for sheotiugs suitable for bag manufacturing, tyith the result that wide
sheetings have been marked up an eighth to a quarter cent
per yard. Tickings, 8-ounce weight, havo been placed at
133^c. against 12 p^c. a week ago. In other respects price
lists are unchanged, but numerous lines which are in short
supply are unquoted and are held on an “ at value” basis.
In many instances small premiums are being paid to obtain
quick shipment of materials badly needed, as mills are run
ning behind on deliveries. Retailers have been in the market
during the week for spot supplies and have quite thoroughly
cleaned up available supplies. Some buyers are expecting
a considerable amount of odd lot goods to come on the mar
ket at reduced prices after the completion of inventories,
especially from second hands, but it is unlikely that offerings
of this nature will be sufficient to affect values. It is quite
certain that there will not be any concessions offered on
colored goods, as the latter can be readily disposed of at
good prices. Some idea of the increased cost of producing
colored goods can bo obtained from the fact that a_recent
purchase of dyes was mado in the neighborhood of $700 per
barrel compared with $300 to $350 in normal times. Gray
goods, 38-inch standard, are quoted at 4 % c .
W O O L E N G O O D S .— Agents in response to urgent in
quiries are reluctantly showing new fall 1916 lines. It looks
as though tho now heavy-weight season would not be fully
opened until well into the new year. Manufacturers having
sufficient dyestuffs to cover their requirements for some time
aro opening their lines and booking conservatively, but others
prefor to watch tho trend of buying until later, believing the
prices will havo to bo placed at higher levels. Quite a large
business has already been transacted in broadcloths and ve
lour cloakings, the latter promising to be excellent property
for noxt fall. Whilo a fair volume of late duplicating orders
for next spring aro being received, many buyers are finding
that their original purchases are sufficient.
F O R E IG N D R Y G O O D S .— Buying of linens has quieted
down during the past week and is not expected to pick up
until after tho holidays. Thoso having linens to offer,
howovor, havo done a good spot business. Supplies of pure
linons aro limited and high prices aro causing many buyers
to fill their requirements from goods of part cotton and linen
construction or of all cotton with linen finish. A large busi
ness has been done in such fabrics and will continue while the
war lasts. Importers aro now confining their attention to
obtaining supplios of dress linens for next spring. On pure
white and natural shades they havo been able to close quite
a volume of business, but it is difficult for them to make
arrangements with foreign manufacturers for supplies of
colorod dress goods 'which are likely to continue scarce until
next spring. Burlaps have developed considerable activity
with tho undertone decidedly firm. Light-weights aro quoted
at 6.35c. and heavy-weights at 9.75c.
THE CHRONICLE
2158
)T j* T £
AUD
01TY
News Items.
Argentina.— T em p o ra r y
F in a n c in g . — The Argentine G ov
ernment arranged this week with N ew York bankers for a
6 months’ loan of about $6,000,000 at 6 % for use in paying
interest and other current obligations in this market. The
transaction is in the nature of a banking credit and there will
be no issue of securities in connection with it. The syndicate
advancing the loan is composed of the National City Bank,
the First National Bank, J. P . Morgan & C o. and Kuhn,
Loeb & Co.
Connecticut.
— F u tu re I s s u e s o f M u n ic ip a l B onds S u bject
to T a x a tio n . — W e print in full below Chapter 112 of the Pub
lic Acts of 1915, making subject to taxation futuro bond, is
sues or other evidences of indebtedness of any municipal
corporation or subdivision thereof:
CHAPTER 112.
An Act repealing the Provisions o f Certain Acts exempting from Taxation
certain Municipal Bonds.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
Section 1. That portion o f the provisions o f any Act which provides
for the exemption from taxation o f bonds or other evidences of indebted
ness of any municipal corporation or subdivision thereof is hereby repealed.
Section 2. The provisions o f this Act shall not be construed to affect
any issue of bonds, or part thereof, authorized by any town, city or borough
at the time o f the passage o f this Act.
Section 3. This Act shall take effect from its passage.
Approved, April 8 1915M u n ic ip a l In d eb ted n ess L im ite d . — The Legislature of 1915
passed an Act limiting the bonded debt of towns and munici
pal corporations to 5 % of the grand list. TheJAct is known
as Chapter 318 and reads as follows:
CHAPTER 318.
An Act limiting the indebtedness which towns and municipal corporations
may Incur.
Be it enacted by the Senate and House o f Representatives in General
Assembly convened:
No municipality or subdivision thereof shall incur any Indebtedness,
through the issue o f bonds, in excess o f five per centum o f its grand list
unless otherwise provided by special Act. Approved M ay 20 1915.
— R oad
B on d s U p h eld . — Newspaper reports state that the Court of
Jefferson County (P. O. Beaumont), Texas.
Appeals at Galveston has sustained the ruling of the lower
court upholding the validity of the $190,000 road bonds.
Kentucky. — A l l
l u n i c i p a l B on d s E x em p t fr o m
T a xa tion .
— Attorney-General James Garnett holds that the consti
tutional amendment adopted at the last general election
exempting municipal, county and State bonds from taxation
(V . 101, p. 1733) applies to bonds now outstanding as well
as to future issues. This opinion is expressed in a letter
written b y the Attorney-General to H on. R . C . Stoll of Lex
ington. The letter itself reads as follows:
F r a n k fo r t , K y . , D e c . 10 1915.
H o n . R . C . S t o ll, L e x in g to n , K y .
D e a r S i r :— I have your letter o f the 9th in which you ask whether, under
the amendment recently adopted to the Constitution, municipal, county
and State bonds are exempt from all taxes, irrespective of the date o f issue:
that is, are bonds which were issued before the adoption o f the amendment
exempted by the amendment from taxation?
The amendment which was adopted by the people at the regular Novem
ber election 1915, and in due course proclaimed by the Governor, is set
forth in Chapter 94 o f the Acts o f 1914 and contains the following sentence:
“ Bonds or the State and o f counties, municipalities, taxing and school
districts shall not be subject to taxation.”
This section is self-operative and includes all State, county, municipal
taxing and school district bonds in existence at the time the assessment is
to be made, and it would necessarily follow that all bonds o f this class,
without regard to when they were issued, are exempt from taxation from
and after the date o f the promulgation o f the adoption o f the amendment.
It will not, in my opinion, be necessary for the Legislature to enact any law
carrying out this part o f the amendment because it is self-operative.
Yours truly,
JAMES G A RN ETT.
— School B on d s U p h eld .
Lexington, Fayette County, Ky.
—On D ec. 17 the Kentucky Court of Appeals affirmed
the
decision of the Fayette Circuit Court upholding the logality
of the $100,000 5 % school bonds, bids for which are to be
oponed D ec. 28. See V . 101, p. 2090.
M assachusetts.—
A n g lo -F r e n c h B on d s N o t L eg a l In v e s t
m en ts f o r T ru st C o m p a n ies. — Bank Commissioner Thorndike
has formally ruled that the Anglo-French 5 % bonds are not
legal investments for Massachusetts trust companies. One
or two trust companies which were found, upon examina
tion, to havo invested in these bonds wore notified by the
Commissioner that they should dispose of their holdings as
soon as possible to do so without loss. M r . Thomdiko holds
that tho law does not permit trust companies to invest in
the bonds of any foreign Government.
Street R a ilw a y B on d s W h ich A r e L egal f o r S avings B an k I n
vestm en t. — Tho Public Service Commission has transmitted
to the Bank Commissioner the following list of street rail
way companies in whose bonds,savings banks may invost:
Boston & Revere Electric,
East Middlesex,
Fitchburg & Leominster,
Holyoke.
Springfield,
Union,
West End,
Worcester Consolidated,
The B ay State Street R y . C o ., the Nahant & Lynn Street
R y . and the Milford & Uxbridge Street R y . have been
dropped from the list since last year.
New York State.
— C anvassers A n n o u n c e V ote on P r o p o
s itio n s S u bm itted at G en eral E le c tio n . — The vote on the sev
eral propositions submitted at tho last general elestion was
announced by tho Stato Board of Canvassers on Doc. 23.
The totals do not include tho returns from Onieda County,
where the vote of Utica has been held up by a court order.
Returns from all the other counties of the Stato show that
[Vol. 101.
the revised constitution was defeated by a majority of 50 4,
669, thore being 388,966 votes “ for” and 893,635 “ against.”
Tho majority against tho woman suffrage amendment was
188,313, the vote on this boing 544,457 “ for” to 732,770
“ against.” Tho proposed amendment to Section 4, Article
V I I , of the constitution permitting a reduction in tho rate
of tax levied for the payment of State debts received a vote
of 422,313 “ for” to 713,763 “ against,” ad adverse majority
of 291,450. Tho $27,000,000 bond issue for the completion
of the barge canal, the only proposal which carriod, obtained
a majority of 45,197, tho vote being 615,147 “ for” and 56 9,
950 “ against.” Tho vote on the proposed amendment
relating to legislative apportionment (mainly eliminating
tho State Census) was 361,270 “ for” to 874,690 “ against,” a
majority of 513,420 “ against .” The vote on tho amendment
relating to taxation was 337,897 “ for” and 906,373 “ against,”
an adverse majority of 568,476.
The majorities against the constitution and the apportion
ment and taxation proposals wero larger than any previously
recorded on any question or candidate, according to the Sec
retary of State’s records.
Unofficial returns from Oneida County show majorities
of 6,154 against suffrage, 379 against tho Bargo Canal bond
issue and 4,954 against the revised constitution.
Norway.—
L o a n .— A loan of $5,000,000 to run for 7 years
and bear 6 % interest is being negotiated for by theNorwogian
Government -with the National City Bank of Now York.
Ontario.
— H yd ro-R a d ia l P r o je c t. — Reference has been
made in the press recently to the plan of the Provincial Hydro
Electric Commission to construct an electric radial railway
from Toronto through Western Ontario. The cost of tho
proposed undertaking is estimated at $12,734,155.
In
order to carry out the project it will be necossary that the
municipalities benefited by tho proposed railway guarantee
bonds to tho amount of their respective sharo of the cost.
In the city of Toronto a vote will bo taken Jan. 1 to guarantee
bonds to the amount of $4,240,196. Other places in the
Province which have arranged to vote on tho question of
guaranteeing bonds are reported as follows: Islington,
Jan. 1, $401,000; Port Crodit, Jan. 1, $54,000; Berlin,
Jan. 3 , $779,040; Waterloo, Jan. 3, $193,000; Waterloo
Township, Jan. 3, $521,903; London, Jan. 3, $1,000,000;
and Guelph, Jan. 3, $734,862.
Pinellas County (P. O. Clearwater), Fla.
— Road B on d s
V alid ated. — On Dec. 14 Circuit Court Judge O. Iv. Reaves
validated the $715,000 road and bridge bonds mentioned in
V . 101, p. 1115. Demurrers alleging that the issue was
irregular were overruled.
Sacramento, Calif.
— C ap itol B u ild in g B on d s Ordered I s
su ed . — On D ec. 14 the California Supremo Court issued a
writ of mandate directing E . D . Adam s, City Auditor of
Sacramento, to sign and issuo $700,000 bonds authorized by
the city to purchase two blocks of ground on which will be
situated the Capitol Extension building.
M r. Adams de
clined to sign the bonds on the ground that the city charter
gave the city no right to issue bonds the proceeds of which
were to be used to purchase la n d ,later to bo given away.
The suit was a friendly one to quiet all doubt as to the legality
of the bonds.
South Carolina.— R oad
C ou n ties
B on ds o f G reen ville and R ichlan d
U p h eld by S u p rem e C ou rt. — Road bond issuesTof
$1,250,000 for Richland County and $950,000 for Greenville
County, authorized b y the last Legislature, wero upheld on
D ec. 17 by the on banc sossion of tho Supreme and Circuit
Court Judges of tho State. Suits to have the bonds declared
unconstitutional wore brought before the Circuit Courts and,
thoso Courts upholding them, they were takon on appeal to
tho Supreme Court. The Circuit Judges woro callod to the
assistance of tho Supremo Court to deeido the questions.
The following facts concerning tho caso aro taken from an ac
count which appeared in the Charleston “ News and Courier”
of D ec. 18:
Tho same principles applied in both the Greenville and Richland bond
issues. Tho majority opinion upholding the constitutionality of tho Acts,
which was written by Circuit Judge Mendel L. Smith, settles what is bonded
indebtedness under the meaning o f the Constitution. The opinion holds
that the Constitution means by bonded debt such debt as is placed on
municipalities by voto of the people and not notes outstanding against tho
city. It follows the decision laid down in Luther vs. Whoeler, 73 8 . O., 89,
and overrules Duncan vs. Charleston, C S. C .. 532. Tho opinion also
O
holds that the constitutional bonded indebtedness in Columbia and Qrcenvillo have not been exceeded.
Tho majority opinion also holds that there is no restriction on tho power of
the Legislature to authorize issuance of bonds by the county, and that the
Board of County Commissioners are merely agents of tho Legislature for
carrying on county government and the Legislature can create a different
set of officers than county board if it so desires.
That the wheel tax, so called, which is a graduated tax according to horse
power, is a license and not a tax and confers the right to use an Improved
highway, is held by the Court, lh e taxes for meeting tho interest on the
road bonds in the two counties is to be raised by a tax on motor-driven
vehicles, fifty cents for each horse power, and a tax on all vehicle?, and this
had been attacked by the opponents or the bonds as unconstitutional.
The Court upholds the principles laid down in Garrison vs. Ke shav,
83 S. C ., 8 8 , which case held that a county could issuo bonds without sub
mitting the question to the qualified voters when authorized to do so by
the Legislature. This was ono of the main attacks made on these road
bond issues by the opponents.
Chief Justice Eugene B. Gary, in his dissenting opinion, holds that the
fixing of tho amount of the bonded indebtedness for a county is a legislative
Act which cannot be delegated, and further that the term of the officers
of the highway commission is uncertain, and further that the vehicle license
is a property tax and not a license.
Circuit Judge Frank B. Gary, in his dissenting opinion, holds that tho
power of lovylng the tax under the Richland Act is not delegated to the
•proper corporate authorities and that the authority given to tho highway
commission is unconstitutional.
I Tho opinion in the Greenville case follows tho same line as in the Richland
: case, except that in the Greenville case it was claimed that the Act con
ferred on the members of the Legislature, executive and administrative
functions. The Supreme Court holds that Ellege vs. Wharton, 89 S. C .. .
Dec. 25 1915.]
THE CHRONICLE
11, and State vs. Bowden, 92 S. C ., 396, are conclusive o f that question
and that tho other contention could not bo sustained. Another proposition
overruled by tho Court was that made by the opponents o f tho bond issue
in Greenville that the supervision of public works was not a function of the
executive department-. In answer to this tho Court holds that tho Legisla
ture has the right to create such agencies as it sees fit to carry out tho road
work, such as was contemplated in the Greenville case.
— Result o f Recall Election.— On
Spartanburg, So. Caro.
D ec. 7 a vote was taken on the question of removing from
office M ayor John F . Floyd and Couneilmen John P . Fielder
and C . B . Waller. M ayor Floyd was re-elected and Coun
eilmen 0 . T . Gallman and J. T . Hudson were elected over
Messrs. Fielder and Waller.
3159
D is c o u n t.
D is c o u n t.
Loring, Tolman & Tapper,
_
Blake Bros. & C o., Boston_ 2.43%
B osto n ___________________ 2 .2 8 % Cropley, McGaragle & Co.,
Lee, Higginson & C o., Boston.2.33%
B oston ___________________ 2.97%
AUBURN, A ndroscoggin C ounty, Ms.— B O N D S A L E . — On Dec. 23
$50,0 )0 4% 32H-year average coupon tax-free Webster gam m ar school
bonds were awarded to Merrill, Oldham < Co. o f Boston at 102.18— a basis
&
of about 3.882%, it is stated. Denom. $1,000. Date Jan. 1 1916. Prin.
and int. payable at First Nat. Bank, Boston. Due $25,000 on Jan. 1 1946
and Jan. 1 1951.
AURORA, St. Loui3 C ounty, M inn.— B O N D S A L E . — The $78,000
6 % coupon refunding bonds offered on Aug. 24— V. 101, p. 466— were
awarded on that day to Edwin R . Cooper & Co. of Duluth at 100.75 and int.
BAKER, Baker C ounty, O r e . — B O N D O F F E R I N G . — Proposals wil!
be received until 12 m. Jan. 17 1916 by James Cunningham, City Clerk,
Bonds D e it is stated, for $75,000 5% water-works bonds. Denom. S500. Int.
clared Constitutional.— Newspaper dispatches state that semi-annual. Certified check for 5% required.
tho Illinois Supremo Court has declared constitutional the
BARBERTON, Summit C ounty, O h io.— B O N D S A L E . — On Dec. °C
aver. coup, fire-apparatus purchase and equip,
S I ,500,000 road bonds. Those bonds were offored for sale the $10,000 5% 5lS-yr.were awarded to Breed, Elliott & Harrison of Cinbonds (V. 101, p. 1902)
July 28 but tho bids received on that day were rejected.
cmnaL at 102.80 and int.— a basis of about 4.423% . Other bids were:
Hoehler, Cummings &
IHayden, Miller&Co.,CIev.$10,217 00
I rudden, Toledo---------$10,275 00 [Sidney Spitzer & C o., Tol. 10,217 00
Prov. S. B. & T . C o., Ciu_ 10,267 00 Ohio Nat. Bank, C olu m .. 10,214 89
R . L. DoIhngs& C o., Ham.10,262 50 Davies-Bertram C o., Cin. 10,204 00
S e ^ n g o o d & M ayer,C in. 10,256 00 Field,Richards&Co.,Cine. 10,201 00
— Bond Call.— The following Fifth-Third Nat. Bk.,Cin. 10,252 00|C. E. Denison&Co., Clev. 10,193 80
Stacy& Braun, T o le d o ... 10,235 10|Otis& C o., Cleveland
10,150 00
bonds will bo redeemed on Jan. 1 1916: N os. 37 to 5 4 ,inch,
& „ o >Cincin. 10,230 05 City Nat. Bank. C olu m .. 10,150 00
C
of the S90,000 municipal funding bonds, dated Jan. 1 1902; J. C ,M ay er & C o., Cine. 10,230 00 Security S.B.&T.Co., Tol. 10,111 00
N o . 45 to 50, incl., of the Lateral sewer bonds N os. 101, 102, Tillotson & M oleott C o— 10,221 001First Nat. Bk., Cleveland 10,108 90
BARTLESVILLE, W ashin gton C ounty, Okla.— B O N D S A L E . — On
103, dated July 1 1906; N os. 197 to 208, inch, 211 to 221, Pttrf n P e
is,S
oo? of
10-25-year, opt., bonds, aggregating
-V
inch, 223 and 224 of Paving District N o . 7 bonds dated §50.000— , 101, p. 1826— were awarded to Hoehler, Cummings & Prudden of Toledo at 104.164 and int. Other bids were:
Jan. 1 1908; N o . 5 of Alley Paving Dist. N o . 5 bonds dated Hanchett Bond Co., C hic.$51,845 00 [C . H . Coffin, Chicago___ $51,001 00
Jan. 1 1911; N o . 4 of Sidewalk and Curb D ist. N o . 33 bonds R . M . Grant & C o., Chic. 51,716 00 R. J. Edwards, Okla. City 50,787 0 0
T t.C o ..K a n .C . 51,637 75 M L. Turner,
ity. 50,762 50
dated Jan. 1 1912. Bonds dated Jan. 1 1902 and July 1 C o ^ e r c e ahan.Okla.City 51,455 00 W.. A. Brooks, Okla. C itv. 50,753 00
A.J.M cM
Okla. C
1906, rodoemed at the Chase N a t. Bank, New York,remain J.R .Sinherh n & C °.,K .C . 51,111 11 John Nuveen & Co., Chic. 50,751 00
D .E . Dunne&Co..Wichita 51,010 00|C. Edgar Iloonod, Okla. C. 50,531 25
ing bonds rodoemed at the City Treasurer’s office.
• -PlereoI,Ok.C. 51,001 00|L. E7Phillips, Bartlesville 50,525 00
B
All bids provided for payment o f accrued interest.
— Bond Calls.— Whitaker & Co. of St. Louis
furnish tho following list of municipal bonds which have . BARTLESVILLE SCHOOL D IST R IC T (P. O. Bartlesville), W ashln g ton C ounty, O il a.- BO y. D E L E C T I O N P R O P O S E D .— Reports state
boon called for redemption:
that an e,wition will be held in tho near future to vote on the question o f
Macon County 5% railroad bonds, Nos. 92, 95, 96, 97, 98, 102, 103, issumg $75,000 building bonds.
101. 105. 106, for 31,000 each, datod July 1 1911, have been called and will
BEDFORD, Cuyahoga C ounty, O h io.— B O N D S A L E S . — Otis& Co. of
be paid Jan. 1 1916.
Cleveland were awarded at par and interest on Aug. 26 the two issues of
Monroo City Special School District. Monroe County, 4% refunding 09 9 F
t
a St. improvement
bonds, Nos. 13 and 14, for 3500 each, dated Dec. 1 1905, have been called $2,247 lin°n H o lmonnthat day.— V. 101, (assessment) bonds, aggregating
60, offered
p. 3S7.
and will be paid Dec. 1 1915.
r a ~L v°
ie^
collp- street-impt. assess, bonds aggreNodaway County 4t$% poorhouse bonds, Nos. 49 to 70, inclusive, for
fY Y y
'° 1
1'
l 826) " 'cro awarded to Otis & Co. of Cleveland
$500 each, datod Feb. 1 1905. have been called and will be paid Feb. 1 1916. for Si,1<4 1 8 (100.240) and Interest.
— Bond Call.— Under ordinance
BEDFORD VILLAGE SCHOOL D IST R IC T (P. O. B edford), C uya
of tho Municipal Council dated Oct. 1 1915, the City of San hoga C oun ty, O h io.— B O N D S A L E . — On Dec. 21 the $5,000 5% 3 ! -vr.
Mnior 6x-Cn P' s7h/!? bpa(ls— V. 101, p. 1902— were awarded to Hayden,
<
Juan, P . R ., will redeem at par on and after Jan. 3 1916, at
Cxr *
Iceland. Other bidders were:
,c otombuS-$ 5 f° 3 9 501 J. C. Mayer & C o., Cin— $5,021 00
tho offico of Muller, Schall & C o ., New York C ity, $30,000
Tillotson & W olcott C o . . . 5,030 50 Stacy & Braun. Toledo____ 5.009 90
of its 6 % bonds of 1902, numbors 494 to 523 inclusive. ° aii u S ? " Cle.'reland------ 5,025 OOlSecur. S. B. & Tr. Co., Tol. 5,008 00
Ail bias provide for payment of accrued interest.
Interest on said bonds will cease on Jan. 1 1916.
♦i B ^ k A I R E , Belm ont C ounty, O h io.— B O N D S A L E .— On Dec. 11
the $4,353 50 6% 5 H-year average Franklin St. improvement assess.
101,
7 3 3 —-were awarded to
of Cleveland
this week $4,603 50,•equal p. 1105.742, a basis o f aboutOtis & .Co.Other bids were:for
to
4.8o%
Seasongood & Mayer, C in .$4,594 50 Prov. S. B .& Tr. C o., C in .$1,494 50
have been as follows:
Hanchett Bond C o., Chic. 4,581 00 First Nat. Bank, Bellaire. 4,494 49
Tillotson&WolcottCo.,Cle. 4,578 58 First Nat. Bk., Barnesville 4,414 50
f^ACACIA SCHOOL DISTRICT, Imperial C ounty, Cal.— B O N D
J. C. Mayer & C o., C in e.. 4,571 62 Farmers’ & Merchants’
OFFERING.Proposals will be received until 2 p. m. Jan. 3 1916 by M S
—
4,535 50
Nat. Bank, Bellaire___ 4,403 50
Cook, Clerk Bd. of Co. Supers. (P. O. El Centro), for $2,000 6% site- Security Trust C o ..
purchase, bldg, and equip, bonds. Denom. $500. Date Dec 8 1915
W h a t c o m C o u n t y , W a E ShU.L—T O F B O N D
Rs
Principal and semi-annual int. payable at the Co. Treas. Due $500 veariv L L L C 1 1 ().\ .— Reports state that at the election held Dec. 7 the question
Dec. 8 from 1923 to 1926 incl. Certified or cashier's chock for 5% of amt
of issuing the S17.500 public-water-front-establishment bonds carried, while
of bonds, payable to tho Chairman of Board o f County Supervisors rev the questions of issuing the $14,500 Sehome Hill tract purchase, $50,000
quirod. Bonded debt $1,500. Assessed valuation (est.). S:t3 8 .in> ’t
Whatcom Falls park and cemetery tract purchase, $8,200 city-hall-admtion and $16,000 public comfort station bonds were defeated. (V. 101,
F* ALBION, C alhoun C ounty, M ich .— B O N D S TO B E SO u TT j j c E T T ^
— Tho $10,000 water-works-impt. bonds voted Dec. 14 (V 1 0 1 n i ? 7 ni
B E L M O N TMiddesex C o u n t y ,Mass.— B O N D S A L E . — O n Dec. 24
,
will bo sold locally, wo aro advised.
p- 10/UJ
an issue of $50,000 4% 9 HJ-yr. average coupon tax-free school-bkig. bonds
^A L L E G H E N Y COUNTY (P. O. P ittsbu rgh ), Pa.— B O N D ~ s A 'r T —
was awarded, it is said, to H. C. Grafton Jr. of Boston at 103.73, a basis
On Doc. 16 an issue of $125,000 4l£ % 20-year tax-freo tuberculosis hn«
of about 3.536%. Denom. $1,000. Date Jan. 1 1916. Prin. and semipital-buildlng bonds was awarded to tho Colonial Trust Co. o f Pittsivn~Ji ann. int., J. & J., payable at.Beacon Tr. Co., Boston. Due $3,000 veariv
at 103.79. Other bidders were:
n,,onrga on Jan. 1 from 1917 to 1926, incl., and $2,000 yearly on Jan. 1 from 1927
Mellon Nat. Bank, Pittsb— 103.601 j Harris, Forbes & C o.. N Y ino qiq to 1936, incl.
Lyon, Singer & Co., P ittsb.. 103.567 Holmes, Bulkley & Wardron
B E N T O HARBOR, B e r r i e n C o u n t y , M i c h . —N D E L E C T I O N .—
N
BO
Gordon & C o., Pittsburgh--103.4191 P ittsburgh..
1 ' i no can
Tho question of issuing $35,000 viaduct bonds will be decided by the voters
Denom. $ ,000. Date Dec. 1 19 5. Interest J. &~D"
m -.o a j on Jan. 17, it is stated.
ALLEN PARISH (P. O. Oberlin), La.— B O N D S a l ' S ^ T h Y s i'v T fv in
G H
O U
C
5% 1-30-year (ser.) Road Dist. No. 5 road and bridge bonds offeredon W B oI. — B O O R N L E C — The N T Y S6% H O O L D I S T R I C T N O . 7 (P. O.
y
.
Sept. 13— V. 101, p. 543— were awarded at par and int. on Oct 20 to the equipment N D S A offered on $1,300 25—V.15-year coupon building and
bonds
Sept.
101, p. 1033—were awarded
Calcasieu Trust & Sav. Bank o f Lake Charles. Dcnom w rn
tw ?
Sept. 1 1915. Int. ann. on Sept. 1.
°
Date to the State of Wyoming.
BLOUNT COUNTY (P. O. Maryville), T en n .— B O N D O F F E R I N G .—
ALLIANCE SCHOOL D ISTR IC T (P. O. A lliance) Stark Pnnntw
Proposals will bo received until 10 a. m. Jan. 5 1916 bv R. P. McRevnolds.
O h io.— B O N D O F F E R I N G . — Bids will be received until 12 m Jan q
$ 00,000 5%
pike-road
E.|W.;Diehl, Clerk o f Bd. of Ed., for the $100,000 5% 1-20-vr serit?sehord Chairman of County Court, for1916. Principal coup, semi-annual'bonds.
Denom. $1,000. Date March 1
and
int.—■
bonds voted Nov. 2, it is said.— V. 101. p. 1825. Y nt semi-ann
Oer?
check for $1,000 required.
ann’ Ccrt‘ M . & S.— payable at somo national bank in New York or Chicago, at the
option of the purchaser. Due $10,000 in 10, 15 and 20 years, $15,000 in
C-’ ALVA SCHOOL DISTR IC T (P. O. Alva), W oods Countv~~okia
25 and 30 years and $20,000 in 35 and 40 years. Certified check for
BONDS V O T E D . - By a vote of 311 to 243 the question o f IssiJn’g * )0 M 0 $2,000, payable to the County Trustee, required. The bonds are to be
high-school-bldg, bonds carried, it is stated, at an election held reoontlv ’ U U prepared and furnished at the expense of the purchaser.
°
AMSTERDAM, Jefferson C ounty, O h io.— B o n d u F f e k I N G — n u i *
B O G O T A (P. O. H a c k e n s a c k ) , B e r g e n C o u n t y ,D N . J.—
BO N
addressed to O. D. Hersh, Village Clerk, will be received until 12 m Jan 3 ? O r F B R I N G . — Proposals will be received until 8 p. m. Dec. 28 by H. P.
for $5,200 5% 10-yoar Liborty St. improvement bonds
Dcnom V>on
Ross, Boro. Clerk, for $30,000 4 X % coup, (with privilege of registration)
A
Date April 1 1916. Int. payable annually. Certified c h e c k fo r Sr
>o’ sewer-extension bonds. Denom. $1,000. Int. payable at People's Nat.
to Village Clerk, required. Bonds to be delivered and paid for Bank, Hackensack. Due $3,000 yearly from 1920 to 1929 incl. Certi
fied check for 2 % , payable to the “ Boro. Council,’ ' required. The legal
within 10 days from time of award. Purchaser to pav accrued interest
opinion o f Hawkins, Deiafield & Longfellow of N. Y . will be furnished.
mi£N P S
J*IN.A COUNTY (P. O. L ufkin ), Tex.— BU N D E L E C T I O N ~
B R
O R
C
N T
I A G E D STRI
NO
Lufkb^Preci net T v . 101, thoAno1tio.n ? f 1 s',li,nH tho26 1916, it road bonds in ton), A eZx . —B OIN A S A O EU. — On Y D R A the N$80,000 5%I bonds— C T 101, . 1 (P. O.
,sT
D
L
Dec. 14
V.
Lutkin J recinct (V °l m p. 1902) will be held Feb. *200,000 is stated.
p. 1902— were awarded to E. J. Hodges of Angleton at 91.75 and int.
„
p ow ioy C ounty, K an .— B O N D S V O T E D .— E l-
Vermilion County (P. O. Danville), 111.—
Bond Calls and Redemptions.
Boise, Ada County, Idaho.
Missouri.
San Juan, Porto Rico.
Bond Proposals and Negotiations
BRIDGETON,
C o m 1 Ao h fe * -/» “ “
”
21
average school bonds (V. 101, p. 10Q2) were awarded in Slr r ov gnUzcr V
5 £ t ° o £ : r $42’558
Tillotson & Wolcott Co.,Clev.$42,232 Hoehler, Cummings & PrudSeasongood & Mayer, Cin_ 42,222
_
den, Toledo.........................
Field, Richards & Co., C in .. 42,206 Hayden, Miller & Co., Clev. $42,079
42,036
Bolgcr, Mosser & Willaman,
C h icago----------------------- - 42,196 Weil * R°tb., ft Co.. Cin........... 41,840
C o Cleveland...........41,600
Stacy & Braun, Toledo.........42,171 stitel, Nicholaus, Pars’ns C o. 41,528
C . E. Denison & Co., Clev__ 42,108 City Nat. Bk., C olum bus.. 41,400
„ ASPINW ALL (P. O. P ittsbu rgh ), Alleghany C oun tv Pa — B N
OD
S A L E . — O n Dee. 20 tho S22.000 4 ! j % 10-year average’ rou'no.i taxexempt funding bonds (V. 101,p. 2086) were awarded to the Mefion Nat
4 a & 0r f f i ® d e ^ 2 4 2 5° (102-4G5) anc* i n t . . a « W o a
i
o?j
^ft
Lyon, Singer & C o., Pittsburgh__________________
099 An 1 nn
Holmes, Bulkley & Wardrop, Pittsburgh................. ................. 9 9 ’qL nn
’n
C . M . Barr & C o., Pittsburgh............ ..............................1111111 22.354 20
ATTLEBORO, Bristol C ounty, Mass.— T E M P O R A R Y L O A N __On
TDe<y
1
L
oan °£ S50.000 maturing Juno 20 1916 was negotiated' with
Bond & Goodwin o f Boston at 2.27% discount. Other bids were:
Ka
An
C r a v e n C o u n t y , N oB. N D a r a . — T I O N . —
O C ELEC
Reports stato that an election will bo held Jan. 8 1916 to vote on the ques
tion of issuing $5,000 street-impt. bonds.
B R I D G E W A T E R , P l y m o u t h Mass.—-tDyE,S C R I P T I O N O F
Coun
B O N D S . — Tho $9,000 4% coupon sewer-construction bonds, awarded t o
H. C. Grafton Jr. of Boston at 101.14 on Nov. 24 (V. 101, p. 1902) are in
the denom. of $3,000 each and bear date of Dec. 1 1915. Int. J. & D.
Due $3,000 Dec. 1 1916, 1917 and 1918.
B R O W N T O W N S H I P S C H O O L D I S T R I C ounty, D e
CT,
O h i o . B O N D S A L E . — The Delaware Banking Co. of Delaware has been
—
awarded at par the $35,000 5% building bonds which were offered on
July 23.— V. 101, p. 147.
B R O W N S V I L L E
I N D E P E N D E N T
S C H O O L
Brownsville), C a m e r o n C o u n t y , T e xN.D S V O T E D . — The question
BO
—
of issuing the $100,000 building bonds (V. 101, p. 1733) carried, it is st ated,
at tho election held Dec. 11.
B U F F A L O , N.— Y O N D S A L E . — On Dec. 20 S119.990 4% deficiency
. B
bonds were awarded to the Farmers' Loan & Trust Co. of N . Y . for $122,
721 50, equal to 100.65. Other bids were:
P r e m iu m .
P r e m iu m .
Bond & Goodwin, N. Y . . $2,468 00 Bankers’ Tr. C o., B uffalo.$1,091 97
Goldman,Sachs&Co.,N.Y _ 2,189 56 Fidelity Tr. C o., B uffalo.. 1,000 00
Equitable Tr. C o., N. Y _ 2,18185
_
Denom. 1 for $50,000, $245,600 and $124,390. Date Dec. 22 1915.
Prin. and int. payable July 1 1916 at office of City Compt. or at Hanover
Nat. Bank, N. Y ., as purchaser may elect.
laware
DISTRICT
2160
THE CHRONICLE
BURKE COUNTY (P. O. B ow bells), No. Dak.— B O N D S D E F E A T E D .
— The proposition to issue the $75,000 court-houso bonds (V . 101, p. 1570)
was defeated, it is stated, at an election held Dec. 14.
CADDO, B ryan C ounty, Okla.— B O N D S A L E . — The $20,000 6%
coupon water-works-ext. bonds offered on Aug. 10 (V. 101, p. 466) were
awarded on that day to O. Edgar Honnold o f Oklahoma City at par and
int. Denom. $1,000. Date Sept, 1 1915. Int. M . & S. Due part
in] 5, 10, 15 and 20 years from date.
CALDWELL COUNTY (P. O. L ockh art), T e x — B O N D E L E C T I O N .
— Reports state that an election will be held in Road Dist. N o. 3 on Jan. 22
1916 to vote on the proposition to issue $50,000 road-constr. bonds.
_
CALDWELL PARISH (P. O. C olum bia), La.— B O N D O F F E R I N G . —
Proposals will be received until 12 m. Jan. 4 1916 by the Police Jury,
H. H. Rogillio, Pres., for $15,000 1-10-year (ser.) road and highway in
demnity bonds. Denom. $1,500. Int. semi-ann. Cert, check for $500
required.
CALIFORNIA.— B O N D O F F E R I N G — Friend W . Richardson, State
Treasurer, at Sacramento, will sell at public auction at 2 p. m. Jan. 14 1916,
$1,000,000 4% gold Stato Building erection and equipment bonds voted
N ov. 3 1914. Denom. $1,000. Date July 2 1915. Principal and semi
annual interest— J. & J.— payable in gold. Due $20,000 yearly July 2
from 1916 to 1965 incl. Purchaser to pay accrued interest.
CARROLL INDEPENDENT SCHOOL D IS T R IC T (P. O. Carroll),
C arroll C ounty, Iow a.— B O N D S D E F E A T E D . — The election held Dec.
11 resulted, it is stated, in the defeat of the question of issuing the $80,000
high-school-bldg, bonds (V. 101, p. 1733). The vote was 409 “ for” and
520 “ against.”
CEDAR FALLS SCHOOL D IST R IC T (P. O. Cedar Falls), Elackhawk C ounty, Iow a.— B O N D E L E C T I O N P R O P O S E D . — Local papers
state that an election will be called shortly to vote on the question o f issuing
$38,000 vocational-building-erection and $9,500 high-school-bldg.-impt.
bonds.
CENTRAL SCHOOL D ISTR IC T, San B ernardino C ounty, C alif.—
B O N D S A L E . — The $20,000 building bonds (V. 101, p. 1826) have been
awarded, it is stated, to Torrance, Marshall & Co. o f San Francisco at
102.625.
CHATTANOOGA, T e n n .— B I D S R E J E C T E D . — Reports state that
all bids received for the $3,669 48 6% 1-5-yr. (ser.) sidewalk paving
(assess.) bonds offered on Dec. 7.
CHEHALIS, Lewis C ounty, W ash.— B O N D O F F E R I N G . — Proposals
will bo received until 4 p- m. Dec. 29 by F. J. Allen, City Treasurer, for
$59,679 68 gold coupon funding bonds at not exceeding 6% int. Auth.
Chap. 128, Session Laws of 1915, and Sec. 5114, Remington & Ballinger’s
Code; also vote o f 230 to 132 at an election held N ov. 27. Denom. ( 59)
$1,000, (1) $679 68. Date Jan. 1 1916. Principal and semi-annual int.—
J. & J.— payable at the Washington Stato fiscal agency in New York.
Due $2,679 68 Jan. 1 1917 and $3,000 yearly Jan. 1 from 1918 to 1936 incl.,
subject to call all said bonds at any time after Jan. 1 1926. Bonds to bo
delivered and paid for on or before Jan. 1 1916- Certified cheek for $500,
payable to the “ City of Chehalis,” required. Bonded debt, not including
this issue, $23,000. Water bonds (add.) $185,000. Local Impt. Dist.
bonds, $146,019 29. Warrants outstanding, $64,750 13. Accounts re
ceivable, $11,107 57; sinking fund, $1,324 64; cash on hand, $1,269, 96.
Assess, val., equalized, 1915, $1,572,713; true value (est.), $3,500,000.
Value of property owned by municipality, $273,664. Official circular
states that there is no controversy or litigation pending or threatening,
affecting the corporate existence o f the bondaries o f said municipality
or the title of its present officials to their respective offices or the validity
of these bonds, and that no previous issue of bonds or interest defaulted or
contested. Using newspaper reports, we stated in V. 101, p. 1995, that
the amount o f bonds to be sold was $62,000.
CHICOT TOW NSHIP, P itt C ounty, No. Caro.— B O N D S V O T E D . —
Reports state that the proposition to issue $50,000 highway-impt. bonds
carried at an election held Dec. 14.
CLARK COUNTY SCHOOL D IST R IC T NO. 1 (P. O. Ashland),
K an .— B O N D O F F E R I N G . — Proposals will be received until Jan. 20 by
Chas. McCasland, Clerk School Board, for $30,000 4 A % 15-year highschool-building bonds authorized by vote o f 281 to 2 at an election held
recently. Denom. $500. Date Jan. 1 1916. Principal and semi-annual
interest (J. & J.) payable at the State fiscal agency, Topeka. A deposit
of 3% required. Bonded debt, including this issue, $34,500. No floating
debt. Assessed value 1915, $1,522,945: actual valuo (est.), $2,500,000.
Official circular states that there is no litigation pending or threatened on
this issue, and that no previous issues have ever been contested, also that
the interest and principal on all previous issues have been promptly paid at
maturity.
CLARKSVILLE, M ontgom ery C ounty, T en n .— B O N D O F F E R I N G .
— Proposals will be received until 12 m. Dec. 30 by T . H. Marble, M ayor,
for $30,000 5 % 10-20-yr. (opt.) coupon school-bldg, bonds. Auth. Chap.
98, Private Acts o f Gen. Assembly o f Tenn., 1915. Denom. $500. Date
Jan. 1 1916. Int. semi-annual at the City Treas. office, or at any bank
agreed on by city and purchaser.
•*
s
COBLESXILL, Schoharie C ounty, N. Y .— B O N D O F F E R I N G —
Bids will be received until 2 p. m. Jan. 10 1916 by Parmer Slingerland,
Town Supervisor, for an issue of $12,000 245-year average bonds at not
exceeding 5% int. Denom. $1,000. Date Feb. 1 1916. Int. payable
annually at First Nat. Bank, Coblcskill. Due $3,000 yearly on Feb. 1
from 1917 to 1920 incl. C -nifted check for cash for 5% or bonds, required.
Bonds to be delivered on Feb. 1. Purchaser to pay accrure interest,
COHOES, F u lton C ounty, N. Y .— B O N D S A L E . — On Dec.'I8~the
$49,327 50 445% 1046-yr. average reg. tax-free deficiency bonds (V. 101,
p . 2087) were awarded to Farson, Son & Co. o f N . Y . at 103.388 and int.,
a basis o f about 4.096%. Other bidders were :
Kissel, Kinnicutt & C o.,N .Y . 103.271 IBond & Goodwin, N. Y ------- 102.00
Harris, Forbes & C o., N . Y . 103.202 Geo. B. Gibbo n s& C o., N .Y .101.40
Sidney Spitzer & C o., N . Y - - 103.08 )Manufacturers’ NationalBk.,
W . N . Coler & C o .,N . Y ___ 102.7891 T ro y _______________ ______ 101.00
H. A . Kahler& C o., N . Y _-.102.71 INational Bank, Cohoes.......100.00
COLUMBIA, R ich lan d C ounty, S. C .— B O N D O F F E R I N G . — Further
details are at hand relative to the offering on Dec. 28 o f the following
bonds (V. 101, p. 2088):
$300,000 water-works bonds. Due yearly on Jan. 1 as follows : $3,000
from 1918 to 1923, incl.; $4,000 from 1924 to 1928, incl.; $5,000
from 1929 to 1933, incl.; $6,000. 1934, 1935 and 1936; $7,000,
1937, 1938 and 1939; $8,000, 1940 and 1941: $9,000, 1942, 1943
and 1944; $10,000. 1945 and 1946; $11,000, 1947 and 1948;
$12,000, 1949 and 1950; $13,000, 1951; $14,000, 1952 and 1953;
$15,000, 1954; $16,000, 1955 and $17,000, 1956.
200,000 sewerage-ext. bonds. Due yearly on Jan. 1 as follows: $2,000
from 1918 to 1925, incl.; $3,000 from 1926 to 1933, incl.; $4,000
from 1934 to 1937, incl.; $5,000from 1938 to 1941, incl.; $6,000
1942, 1943 and 1944; $7,000, 1945, 1946 and 1947; $8,000, 1918,
1949 and 1950; $9,000, 1951 and 1952; $10,000, 1953; $11,000,
1951, 1955 and 1956.
Proposals for these bonds will be received until 12 m. on that day
(Dec. 28) by G. F. Cooper, City Clerk and Treas., Bidders will state
the price, not less than par and accrued int., at which they will purchase
all the bonds, or all o f the bonds o f either issue bearing 4 % % or 5% .
Denom. $1,000. Date Jan. 1 1916. Principal and semi-annual int. (J.c& J.)
payable in New York. Cert, check on an incorporated bank for 1% of
bonds bid for, payable to the City Clerk and Treas., required. The bonds
will be prepared under the supervision o f the U. S. Mtge. & Trust Co. of
N . Y ., who will certify as to the genuineness of the signatures of the city
officials and seal impressed thereon. The legality of these bonds will bo
approved by Caldwell & Masslich o f N . Y ., whose favorable opinion will
be fomished to the purchaser without charge. The bonds will bo delivered
at the office of said trust company as soon after award as they can bo
prepared and certified and must then be paid for. 4% % bonds are being
prepared and can probably be delivered on or before Jan. 10th and 5%
bonds on or before Feb. 1. Proposal blanks may be secured from the
above trust company or from the City Clerk and Treasurer. Bonded
debt, $1,405,000. Floating debt, $ 70,625 67. Sinking fund, $35,622 13.
Assess, val. equalized 1915; real estate, $10,394,687; personal $1,737,247.
True value (est.) $60,000,000. Tax rate (per $1,000). State and county
$18; city, $18.
CONCORDIA PARISH SCHOOL DISTR IC T NO. 6 (P. O. V idalia),
La.— B O N D O F F E R I N G . — Further details are at hand relative to the offering:on Jan. 3 1916 o f the $20,000 5% coupon building bonds (V. 101, p.
2088). Proposals for these bonds will be received until 11 a. m. on that
[Vol. 101
day by D . O. Strickler, Supt. Bd. of Directors of Public Schools. These
bonds were authorized by vote of 13 to 1 at an election held Aug. 31.
Denom. $500. Dato Jan. 3 1916. Int. J. & J. at the Bank of Vidalia.
Due $500 July 3 1917 and 1918, $1,000 yrly. July 3 from 1920 to 1926 incl.,
$1,500 yrly. July 3 from 1927 to 1933 incl. and $500 July 3,1934. No bonded
debt. Assess, val. 1915, $400,000; actual val. (est.), $700,000. Cert,
check for $500, payable to the Superintendent required.
CROWLEY, A cadia Parish, La.— B O N D S A L E .— On Dec. 14 the
$35,000 5% coupon municipal electric-light and water-works-system-impt.
bonds— V. 101, p. 1903— were awarded to the Provident Sav. Bank &
Trust Co. of Cincinnati at par, less S175 for attorneys’ fees, &c. Denom.
(2) $500, (19) $1,000, (10) $1,500. Int. M . & N. Duo $500 M ay 15 and
$1,000 N ov. 15 1916 and 1917; $1,000 each six months from M ay 15 1918
to Nov. 15 1923 incl.; $1,000 May 15 and $1,500 Nov. 15 1924 to 1928 incl.;
$1,500 M ay 15 and Nov. 15 1929 and 1930, and 81,500 M ay 15 1931.
DARIEN, Fairfield C ounty, C onn . — B O N D S A L E .— On Dec. 16 the
$30,000 4 A % 2-yr. average highway, sidewalk and bridge bonds (V. 101,
p. 1903) w'ere awarded to tho Farmers’ Loan & Tr. Co. of N. Y . for $30,
290 53 (100.968) and int.— a basis of about 4% . Other bidders were
Sidney Spitzer & Co., N. Y . $30,151 Homo Bk. & Tr.Co., Darien.$30,025
Harris, Forbes & Co., N . Y . 30,105 Farson, Son & Co., N. Y ____ 30,024
R. L. Day & Co., B o s to n ... 30,065 Merrill, Oldham & Co.,
First N at. Bk.. Stamford_ 30,061
_
B oston __________________ 30,024
DAWSON COUNTY (P. O. Lamesa), T e x . — B O N D O F F E R I N G . —
Proposals will be received until Jan. 3 1916 by G. W. Foster, County
Judge, it is stated, for S13.000 court-house and $12,000 jail-erection 5%
bonds.
DE KALB COUNTY (P. O. Sycamore), Ilia .— B O N D S P R O P O S E D .—
According to reports this county is contemplating the issuanco of $900,000
road-construction bonds.
DEWEY COUNTY (P. O. Timber Lake), So. D ak .— B O N D E L E C
T I O N P R O P O S E D .— Reports state that this county is contemplating the
calling of an election to vote on the proposition to issue bonds to take up
outstanding county warrants.
D IXON , Dixon C ounty, N eb . — B O N D O F F E R I N G .— Proposals will be
received until 7 p. m. Jan. 2 1916 (not Jan. 3 as first reported) by R. J.
Flaherty, Village Clerk, for the $2,500 5% coupon electric-light bonds
authorized by vote of 33 to 8 at tho election hold Nov. 19 (V. 101, p. 2088).
Denom. $500. Date Dec. 6 1915. Principal and annual int. payable
at the Stato Treas. office. Due Dec. 6 1935, optional after 5 years. Cert,
check for $250, payable to the Village of Dixon, required.
DURHAM, Durham C ounty, No. C aro .— B O N D S V O T E D .— Local
papers state that the question of issuing the $75,000 scliool-bldg. bonds
(V. 101, p. 1903) carried at the election held Dec. 14.
DUVAL COUNTY (P. O. Jacksonville), F la .— B O N D O F F E R I N G —
Proposals will be received until 3 p. m. Jan. 17 1916 by Frank Brown,
Sec. of Bd. of Bond Trustees, it is stated, for the $299,380 56 5% 30-yr.
gold coupon funding bonds voted Sept. 21.— V. 101, p. 1646 Denom.
(299) $1,000, (1) $380 56. Date Jan. 1 1916. Int. J. & J. Cert, check
for 1% required. These bonds were validated by tho Circuit Court on
Dec. 14. The legality of the bonds will be approved by Dillon, Thomson
& Clay of New York.
EAST LIVERPOOL, Colum biana C ou n ty , O h io .— B O N D O F F E R
I N G .— Proposals will bo received until 12 m. Jan. 18 by James A. Kenney,
City Auditor, for $40,000 5% 8H-ycar average coupon Market Placo bonds.
Denom. $1,000. Dato Sept. 1 1915. Int. M . & S. at Potters Nat. Bank,
East Liverpool. Duo $5,000 yearly on Sept. 1 from 1920 to 1927, inclusive.
Certified chock for 5% of bonds bid for, payable to "C ity of East Liver
pool,” required. Bonds to be delivered and paid for within ten days from
time of aw'ard. Purchaser to pay accrued interost.
EAST MOLINE SCHOOL D ISTR IC T (P. O. East M oline), R ock
Islan d C ounty, Ills .— B O N D E L E C T I O N .— A local newspaper reports
that an election will be held Jan. 8 to decide whether or not this district
shall issue $40,000 bonds to construct a now school.
EAST W ATERLOO INDEPENDENT SCHOOL D IST R IC T (P. O.
W aterloo), Black Hawk County, Iow a .— B O N D S V O T E D .— Local
papers state that the election held Dec. 14 resulted in a vote of 529 to 123
in favor of tho question of issuing the $250,000 high-school-bldg, bonds.
(V. 101, p. 1734).
EATONVILLE CONSOLIDATED SCHOOL D ISTR IC T (P. O.
Hattie3ville), Forrest C ounty, Mis3.— B O N D S N O T S O L D .— No sale
has yet been made of the $5,000 5% 20-yr. coupon and reg. bldg, bonds
offered on Juno 7 (V. 100, p. 1852.)
ELWOOD, D oniphan C ou n t 7 , K an .— V O T E D .— Tho question of
issuing tho $7,000 town—
hall-erection bonds carried, it is stated!, by a vote
of 78 to 74 at the election held Dec. 7 (V. 101, p. 1903.)
EMILY TOW NSHIP (P. O. Emily), Crow W ing C ounty, M inn.—
B O N D S N O T S O L D .— Up to Dec. 18 no sale had been made or tho $5,000
6% 1-10-yr. (ser.) coupon road-constr. bonds offered on Aug. 16. Denom.
$500. Date July 1 1915.
ERIE, P a .— B O N D S A L E .— On Dec. 17 the $100,000 grado-crossingellmination and $50,000 flood-emergency 4 H % 20-30-yr. optional coup,
tax-free bonds— V. 101, p. 1903— were awarded to Townsend, Wholen &
Co. of Phila. at 103.893. Other bidders were:
R ate B i d .
T o ta l P ra m .
Harris, Forbes& C o., Now Y ork --------------------------- 103.576
Reilly, Brock & C o., Philadelphia.......... ................... 103.23?
$4,858' 50
Lyon, Singer & C o., Pittsburgh-................................ 102.939
4,408 60
Graham & C o., Philadelphia...................................... .........
4,219 50
The Colonial Trust Co., Pittsburgh........................................
4,140 00
Mellor & Petry, Philadelphia............................ ..........102.752
M . M . Freeman & Co., Philadelphia---------------------102.086
Newburger, Henderson & Loeb, Philadelphia______ _____
3,885 00
Martin & Co., Philadelphia.................... ................... 102.5721
3,858 15
Mellon National Bank, Pittsburgh----------------------- ------3,853 50
C. E. Denison & Co., Cleveland--------------------------- ------3,708 00
The People’s Bank of Erie_______________________ _____
3,630 00
Bioren & Co., Philadelphia---------------------------------- 102.4195
Second National Bank of Erie-------------------------------102.389
'3,585'50
N. W . Halsey & C o., Philadelphia............................ 102.379
3,568 50
Sidney Spitzer & Co., Now York------------------------- ------3,105 00
Tillotson & Wolcott Co., Cleveland-......................... .........
2,685 00
Bolger. Mossor & Willaman, Chicago------------------- ------2,325 00
ESCAMBIA COUNTY (P. O. P ensacola), F la .— B O N D E L E C T I O N
P O S T P O N E D .— Local papers state that tho election to voto on tho question
of Issuing the $1,000,000 4 A % highway and bridge building bonds has
been postponed from Feb. 1 1916 to Nov. 14 1916.— V. 101, p. 1491.
ESCONDIDO, San Diego C ounty, Cal — B O N D S D E F E A T E D .— The
question of issuing $50,000 bonds failed to carry at an election held Nov. 30.
The voto was 224 “ for" and 439 “ against.
ESSEX COUNTY (P. O. Salem), Mass.— B O N D S A L E .— On Dec. 20
the $50,000 4% 5H-yoar aver, agricultural school bonds (V. 101, p. 2088)
were awarded to E. M . Farnsworth & Co. of Boston at 103.03, a basis of
about 3.385% . it is stated. Due $5,090 yearly from 1916 to 1925 incl.
N O T E O F F E R I N G .— Reports stato that tho Co. Treas. will recelvo bids
until 12 m. Dec. 27 for $9,000 4% 6 months’ bridge and $10,000 4% 1-4-yr.
street notes.
ESSEX COUNTY (P. O. Newark), N. J . — B O N D S A L E . — O n Dec. 23
the $127,000 4 A % 30-yr. gold coup, (with priv. of reg.) land-purchase
bonds (V. 101, P- 2088) wero awarded to Rcmlck. Hodges & Co. of N. Y.
at 106.193—a basis of about 4.135%. Other bids wore:
Rhoades & C o., N. Y .............106.1531 H. L. Crawford & Co., N. Y-10o.092
R. M . Grant & Co., N. Y — 105.83 Farson, Son & Co., N. Y ---.1 0 4 .7 2 9
A . B. Leach & C o., N. Y ----- 105.679 |Harris, Forbes & C o., N . Y - . 104.703
M . M . Freeman & C o., Phiia.105.583 IJ. S. Rippel, Newark------- --104.70
Eugene B. Coler, N. Y .........105.56 |
Geo. B. Gibbons & C o., N. Y 103.78
Ludwig & Crane, N. Y _____105.5281Essex Co. Nat. Bk., Newark. 103.1 5
EWING TOW N SH IP, SCHOOL DISTR IC T (P. © .T r e n t o n j u n c
tion ), Mercer C ounty, N. 3 . — B O N D E L E C T I O N P R O P O S E D .— This
district is contemplating calling an election to submit to the voters the
proposition to issue $25,000 building bonds.
FARW ELL, Claro C ounty, M ich .— B O N D S A L E . — O n Dec. 13 an
issue of $4,800 5% electric-light bonds was awarded to John J McLean
1.
& Co. of Detroit for $4,901, equal to 102.104. Date Dec. lo 1915. Int.
J. & D. Due part yearly beginning 1925.
FLOYD COUNTY (P. O. New A lbany), I n d . — B O N D S A L E — O n
Dec. 20 the $16,000 4)a% highway-impt. bonds (V. 101, p. 1995) were
Deo. 25 1915.)
THE CHRONICLE
awarded, it is stated, to the Mutual Tr. & Deposit Co. of New Albany for
$16,337 25— equal to 102.107.
FORT PIERCE, St. Lucie C ounty, Fla.— H O N 'D O F F E R I N G . —
Proposals will bo received until 8 p. m. Jan. 5 1916 by W . R. Jackson,
City Clerk, for the $25,000 6% coupon refunding and street-impt. and
water, light and sewer-system-hnpt. bonds. Auth. Chap. 7161. Laws of
1915. Denom. $1,000. Date Doc. 15 1915. Prin. and seini-ann. int.
(J. & D .) payable at the City Treas., or at the United States Mtge. &
Trust C o., N. Y ., at option o f holder. Duo $1,000 yearly Dec. 15 from
1916 to 1940, incl. Cert, chock for $250 required. Bonds will be pre
pared and certified as to genuineness by the above trust company. Bonded
debt, $125,000. Floating debt, $9,000. Sinking fund, $4,342.86. Assess,
val. 1915, $1,084,000. Actual val. (est.) $2,000,000. This city has
never defaulted in the payment of any principal, interest or other debt.
FORTUNA H IG H SCHOOL DISTRICT, H u m boldt C ounty, Cal —
B O N D S A L E .— On Dec. 14 the $24,000 5% 5M-yr. (aver.) gold coupon
tax-free building bonds (V. 101, p. 1995) were awarded, it is stated, to the
State Industrial Accident Commission at 104.165— a basis of about 4.145%.
FORT W ORTH , Tarrant C ounty, Tex.— B O N D E L E C T I O N .— 'The
question of issuing $500,000 5% 20-40-year (opt.) water-works-system com
pletion bonds will be submitted to a vote, it is stated, on Jan. 6 1916.
FRAMINGHAM, Middlesex C ounty, Mass . — T E M P O R A R Y L O A N . —
Reports state that this city recently negotiated a loan of $100,000 with
Cropley, McGaragle & Co. of Boston at 3% discount.
FROMBERG, C arbon C oun ty, M o n t.— B O N D S A L E . — Sweet,
Causey, Foster & Co. o f Denver were awarded on Sept. 14 $17,500 6%
15-20-yr. (opt.) water-works bonds at par. Denom. $500. Date July 1
1915. Int. J. & J.
GALLATIN COUNTY SCHOOL D IS T R IC T NO. 15 (P. O. W illow
Creek), M ont.— B O N D S A L E . — The $1,000 6% 8-10-yr. (opt.) coupon
bldg, bonds offered on Sept. 10— V. 101, p. 791— were awarded on Nov. 1
to the State Board o f Land Comm’rs at par.
GARFIELD SCHOOL DISTR IC T (P. O. G arfield ), Bergen C ounty.
N. J.— B O N D S A L E . — On Dec. 16 the $31,234 5% 11 1-10-yr. average
coupon (with priv. of reg.) school bonds (V. 101, p. 1904) were awarded
to the First Nat. Bank of Garfield for $33,147, equal to 106.124, a basis
o f about 4 .3 0 % . Other bids were :
Sidney Spitzer & Co.,N.Y. 33,001 0 0 (Kean. Taylor & Co., N. Y .$32,325 62
M . M . Freeman & C o.,l’hil. 32,852 85 Hamilton Tr. Co., Paters’n32,171 00
R. M . Grant & Co., N. Y_ 32,663 89 IFarson, Son & C o., N. Y . 32,148 00
EugenoB. Color, N. Y .._ 32,425 00IG. B. G ibbons* Co.,N.Y. 31,952 33
Outwater&Wells, Jer.City 32,350 00 j J. S. Ripple, Newark— - 31.565 08
GASTONIA, G aston Coun y, No. C aro.— P R I C E P A I D F O R B O N D S .
— The prico paid for the $100,000 5% 30-yr. coupon school-site-purchase
and bldg, bonds awarded on Doc. 14 to H. T . Holtz & Co. of Chicago—
V. 101, p. 2089— was 104.201, a basis of about 4.737% .
GERMANIA, K ossu th C ounty, Iow a.— B O N D S A L E . — Geo. M .
Bechtel & Co. of Davenport were awarded on Aug. 17 tho $10,000 5J^%
water-works bonds (V. 101, p. 545) at par. Denom. $500. Date Sept. 1
1915. Int. M . & S. Duo $500 yrly. Sept. 1 from 1917 to 1934 incl.
and $1,000 Sept. 1 1935.
GILLESPIE, M acoupin C ounty, 111.— B O N D S V O T E D . — At the elec
tion held Dec. 14 the question o f issuing the $6,000 20-yr. refunding bonds
carried, reports state.— Y. 101, p. 1996.
GRANT COUNTY SCHOOL D IST R IC T NO. 9, W ash.— B O N D O F
F E R I N G . — Proposals will be received until 2 p. m. Jan. 3 1916 by W. J.
Hauser, County Treas., it is stated, for $10,000 5-20-year (opt.) school
bonds. Int. (rate not to exceed 6% ) semi-ann.
GROSSE POINTE PARK, W ayne C ounty, M ich.— B O N D S A L E . —
On Dec. 13 the $15,000 4j^% 30-yr. electric-light-system-installation
bonds (V. 101, p. 1904) were awarded to the Security Tr. Co. of Detroit
for $15,635, equal to 104.233, a basis of about 4.25% . Date Jan. 1 1916.
Int. J. & J.
HAMPTON, E lizabeth C ity C ounty, V a .— B O N D S P R O P O S E D . — Reorts stato that a resolution requesting the members o f the Legislature to
avo passed a bill authorizing this city to issue not more than $90,000 5%
sewer impt. and public dock bldg, bonds was introduced at a meeting of tho
City Council on Dec. 9.
HANCOCK, H ou g h ton C ounty, Mich .— D E S C R I P T I O N O F B O N D S .
— Wo are advised that tho $18,000 5% park refunding bonds recently
purchased by the First Nat. Bank o f Hancock (Y. 101, p. 2089) are in the
denom. o f $1,000 and bear date o f Jan. 2 1916. Int. ann. on Jan. 2 Due
$2,000 in 1917, 1919, 1921, 1923, 1925, 1927, 1931, 1932 and 1933.
HANCOCK COUNTY (P. O. G reenfield), In d . — B O N D O F F E R I N G .
— Allen F. Cooper, Co. Treas., will receive bids until 10 a. m. Dec. 28 for
an issue of $9,400 4 A % 6 1-8-yr. average John Burkhart et al. road-impt.
bonds in Sugar Creek and Brandywine Twps. Denom. $470. Date
Doc. 15 1915. Int. M . & N. Due S470 each six months from M ay 15
1917 to Nov. 15 1926 incl.
.
HARLAN COUNTY (P. O. H arlan), K y .— B O N D E L E C T I O N . — A
vote will bo taken on Feb. 12 1916, it is stated, on tho proposition to issue
$250,000 road-building bonds.
HARRISON COUNTY (P. O. G u lfport), Miss.— B O N D O F F E R I N G . —
Proposals will be received until 12 m. Jan. 3 1916 by John J. Murphy
Clerk Bd. o f Supers., it is stated, for $200,000 5% road and bridge-con
struction bonds. Denom. $500. Due $10,000 yearly Feb. 1921 to 1940
incl. Cert, check for $2,500 required.
HASBROUCK HEIGHTS, Bergen C ounty, N. J.— B O N D O F F E R
I N G .— Reports state that bids will be received until 8 p. m. Dec 28 bv
Jos. P. Breeze. Borough Clerk, for an issue o f $22,000 5% 30-year funding
bonds. Interest semi-annual. Certified check for 2% required
HAW KINS COUNTY (P. O. R ogersville), T e n n . — B O N D S A L E —
Tho $250,000 5% road bonds offered without success on Oct. 2 (V 101
p. 1209) were awarded, it is stated, on Dec. 4 to the Harris Trust & Sav’
Bank of Chicago at 100.20. Purchaser to pay legal expenses and furnish
blank bonds. These bonds are dated Jan. 1 1916.
HENDRICKS COUNTY (P. O. Danville), In d .— B O N D S A L E — On
Dec. 20 tho two issues o f 4 A % highway-impt. bonds aggregating $26 400
(V. 101, p. 2089) were awarded to J. F. Wild & Co. of W lanapolis it is
stated, for $27,015— equal to 102.329.
mapous, it is
HENNEPIN COUNTY (P. O. M inneapolis), M inn.— B O N D S A L E __
On Dec. 20 the two issues o f 53^-yr. (aver.) bonds, aggregating $16 400
(V. 101, p. 2089) wero awarded to the Hennepin County Sinking Fund at
par for 4 Ms. Other bids were :
F. D. Montfort & C o., Minneapolis, $16,448 for 4 J ^ s .
Wells & Dickey C o., Minneapolis, $16,415 for 4 Ms.
Minneapolis Trust C o., Minneapolis, par for 4 A s .
k The bonds are dated Jan. 1 1916.
HENRYETTA, Okmulgoe C ou n ty, Okla.— B O N D O F F E R I N G __
Proposals will bo received until Jan. 10 1916 by tho City Clerk for the
$100,000 6% 20-yr. water-works bonds authorized by vote of 180 to 52 at
the eloction held Nov. 30 (V. 101, p. 1916).
HETH SCHOOL TOW NSHIP (P. O. M auchport), H arrison C ou n tv.
I n d . —-B O N D S A L E . — On D e c.1 8 the $1,200 4 A % 3% -yr. average coup,
school bonds— Y. 101, p . 1827— were awarded, reports state to B F
Forbes for $1,208, equal to 100.666— a basis o f about 4.30% . ’
' '
HICKMAN, F ulton C ounty, K y.— B O N D S A L E . — On Dec 15 the $7 500 6% 10-yr. firo-fighting-apparatus-purchase bonds— Y. 101, p 1996—
were awarded to the Hanchett Bond Co. o f Chicago at 105.16 and int
Other bids were:
L ittle * Hays, St. Louis.........$7,886 Provident Savings Bank &
Secur. S. B. & Tr. Co., Toledo 7,826
Trust C o., Cincinnati.........$7,766
J. O. Mayor & C o., Cincinnati 7,813 Weil, Roth & C o., Cincinnati. 7,733
Bolger,Mosser*WlUaman,Chl. 7,801 Stacy & Braun, Cincinnati_ 7,620
_
HUNTINGTON COUNTY (P. O. H u n tin g to n ), In d . — B O N D S A L E
— On Dec. 21 tho $8,000 4 l % 6 -y r. average highway-impt. bonds (V. 101,
A
p. 2089) were awarded to J. F. Wild & Co. o f Indianapolis for S8.190 06
(102.375)and int.— a basis o f about 4.05% .
ILION, Herkimer C ounty, N. Y. B O N D O F F E R I N G .— It is reported
that bids will bo received until Dec. 27 by W m. J. Powers, Vil. Treas., for
$50,355 5% 1-5-yr. paving bonds.
INDIANAPOLIS, In d . — B O N D S A U T I I O R I Z E D .— Reports state that
tho City Council recently passed an ordinance provided for the issuance of
$50,000 track-elevation bonds.
IOW A C ITY, Joh n son C ounty, Iow a.— B O N D S A L E . — On Dec. 4
$28,127 6% paving bonds were awarded to the Johnson County Savings
g
*161
Bank of Iowa City at par. Denom. $500 and $127. Date Dec. 4 1915.
Interest annually on April 1. Due serially on April 1 from 1917 to 1922,
inclusive.
IT TA BEND, Leflore C ounty, Miss.— B O N D S V O T E D .— The question
of issuing $1.0,000 municipal-light-plant-erection bonds carried, it is re
ported, by a vote of 73 to 33 at an election held Dec. 7 .
JACKSONVILLE, Duval C ounty, Fla.— B O N D O F F E R I N G . — Pro
posals will be received until 3 p. m. Doc. 29 by Geo. M . Powell, Chairman
Board of Bond Trustees, for $250,000 5% 30-year gold coupon (with
privilege of registration as to principal) sewerage and drainage bonds voted
Sept. 14. Denom. $1,000. Date N ov. 1 1915. Principal and semi
annual interest (M . & N.) payable at the City Treasurer’s office or at the
United States Mtge. & Trust Co. of New York. Bonds to bo delivered on
10 a. m. Dec. 30 1915 unless a subsequent date shall be mutuallv agreed
upon. Certified check on a Jacksonville bank for 2% of bonds bid for,
payable- to the City Treasurer, required.
Bids must be made on
forms furnished by Board of Trustees. The bonds have been engraved
under the supervision of, and will be certified as to genuineness by
the United States Mortgago & Trust Co. The legality of the issue will be
approved by Dillon, Thomson & Clay of New York and a copy of their
opinion will bo furnished to tho successful bidder. Official circular states
that no default has over been made in tho payment of interest on any of its
bonds. Purchaser to pay accrued interest. Bonded debt (not including
above issue), $3,795,000. Assessed value 1915, $59,723,460.
JACKSONVILLE, Onslow C ounty, N o. C aro.— B O N D S A L E . — An
issuo of $5,000 6% 12-yr. bonds was awarded on Oct. 1 to the Security
Savings Bank & Trust Co. Denom. $500. Date N ov. 1 1915. Int. M . & N .
JEFFERSON COUNTY (P. O. W atertow n), N. Y . — B O N D S A L E .—
On Dec. 20 the two issues of 4 X % reg. bonds aggregating S100.000 (V. 101,
A
p. 2089) were awarded to Farson, Son & Co. o f N . Y . as follows:
$25,000 15-yr. average hospital bonds dated Mar. 1 1916 at 105.208— a
basis of about 4.035%.
75,000 10-yr. average highway impt. bonds dated Feb. 1 1916 at 103.389
— a basis of about 4.084% .
The other bids were:
$75,000
$25,000
H ig h w a y .
H o s p it a l.
Cross & Wittmyer, New York_____________________ .102.593
102.593
Northern New York Trust C o., Watertown________.102.52
102.52
103.73
H. A. Kahlor * C o., New York___________________.102.48
102.48
103.45
Harris, Forbes & C o., New York__________________.102.431
102.431
102.901
J. S. Bache & C o., New York_____________________ .102.275
102.275
103.497
101.641
C. E. Denison & C o., Boston_____________________ .101.641
102.912
Geo. B. Gibbons & C o., New Y ork_________________.100.65
100.65
101-66
Lucien Oudin_____________________________________.101.00
101.00
Carthage National Bank, Carthage__________
103.408
Watertown Savings Bank, Watertown________
_ ___
101.06
JOHNSON COUNTY (P. O. F ranklin), In d .— B O N D O F F E R I N G . —
Proposals will be received until 10 a. m. Dec. 28 by Harry Bridges, County
Treasurer, for $6,800 4 A % 6-year average highway-improvement bonds.
Denom. $340. Date Jan. 1 1916. Int. M . & N . Due $340 each six
months from M ay 15 1917 to Nov. 15 1928 incl.
JUDITH GAP, Meagher C ounty, M ont, — B O N D S A L E .— On Dec. 11
the two issues of 6% 10-20-year opt. coupon bonds, aggregating $14,000
— V. 101, p. 1996— were awarded to Keeler Bros, of Denver at par and
interest, less $280.
KAUFMAN COUNTY (P. O. K aufm an), T e x . — P U R C H A S E R O F
B O N D S .— 'The purchaser of the $150,000 5% 10-40-year (opt.) coupon
Justice Precinct No. 8 road-construction bonds awarded about M ay at
par and int.— V. 101, p. 2089— was the W . E. Callahan Construction Co.
of Omaha. Neb. Denom. $1,000. Date April 15 1915. Int. A. & O.
KERN COUNTY (P. O. Bakersfield), Cal.— B O N D O F F E R I N G . —
Proposals will bo received until 2 p. m. Jan. 4 1916 by the Board of County
Supervisors, it is stated, for $500,000 5 % 1 3 H yr. (aver.) coupon tax-free
highway-impt. bonds. Denom. $1,000. Date Sept. 1 1913. I n t .M .& S .
Due $25,000 yearly Sept. 1 from 1919 to 1938, inclusive. Cert, check for
3% required. Theso bonds are part of an issuo of $2,590,000 voted
July 8 1913, $1,000,000 of which has already been disposed of (V. 100,
p. 1692).
KEYSER, M ineral C ounty, W. Va.— B O N D S A L E .— On Dec. 8 an
issue of $8,000 5 A % fire-truck-purchase bonds was awarded, it is stated,
to tho First Nat. Bank of Keyser for $8,185, equal to 102.312.
KNOXVILLE, K nox C ounty, T en n . — B O N D S A L E .— On Dec. 13
$27,868 69 5% 5-year street-paving (assessment) bonds were awarded, it is
stated, to W . W . Willis & Co. of Knoxville for $28,285 69— equal to 101.492.
LAKE COUNTY (P. O. Crown P oin t), In d .— B O N D O F F E R I N G . —
A. J. Swanson, County Treasurer, will receive bids until 10 a. m. Dec. 29
for $6,500 4 A % 6 1-6-year average Thos. J. Stearns road bonds in Hobart
Twp. Denom. $325. Date Oct. 15 1915. Int. M . & N. Due $325
each six months from M ay 15 1917 to N ov. 15 1926 incl. Transcript with
approved opinion of Matson, Kane & Ross will accompany the bonds and
no bids will be received except for immediate cash. Bids must be un
conditional.
N O T E S A L E . — On Dec. 20 tho $130,000 6% 1-5T. notes (V. 101. p. 1647)
were awarded to the First Nat. Bank of Dyer for $133,215, equal to 102.473,
a basis of about 3.47% . Other bidders were :
Indiana Tr.Co., Indpls__$132,717 OOJBond & Goodwin, Chic___ $132,176
First Nat. Bk., Crown Pt. 132,561 0 0 1Commercial Bk., Crown Pt. 132,026
Snell Simpson Co., Gary. 132,556 5 1 1Peoples Stato Bank, Crown
Farmers L.& Tr.Co.,N.Y. 132,510 53 | P o in t ___________ _____ _ 131,950
LAKE W ORTH , Palm Beach C ounty, Fla.— B O N D S A L E . — On
Dec. 7 the $20,000 15 -year (aver.) water-works and $15,000 15-year
aver, electric-light 6% bonds—V . 101, p. 1904— were awarded to Powell,
Garard & Co. of Chicago for $35,102, equal to 100.291. Other bids were:
Gunter* Sawyer, Jacks’v .$35,101 70IC. II. Coffin, Chicago___ $35,099'00
Farmers’ Bank & Tr. C o.,
Sidney Spitzer & Co.,
West Palm Beach_____ 35,101 261 Toledo________________ 35,095 50
Denom. $1,000. Date Jan. 1 1916. Int. ann. in January.
LANSING, Ingham C ounty, M ich.— B O N D S A L E . — This city has
sold “ over the counter" an issue of S7.200 5% 3-year average paving bonds.
Denom. $100. Date Sept. 1 1915. Prin. and ann. int.— Sept. 1— payable
at office of City Treasurer. Due SI,400 on Sept. 1 1916, 1917 and 1918
and $1,500 Sept. 1 1919 and 1920.
LARCHMONT, W estchester C ounty, N. Y .— B O N D S A L E . — On
Dec. 21 an issue of $7,500 bonds was awarded to Isaac W. Sherrill Co. of
Poughkeepsie at 100.016 for 4.35s.
LA SALLE TOWNSHIP (P. O. La Salle), La Salle C ounty, Ills.—B O N D S V O T E D . — Tho question of issuing $85,000 Shippingsport bridgeconstruction bonds carried, it is stated, at the election held Dec. 7 by a
vote of 324 to 7.
LAWRENCE COUNTY (P. O. B edford), In d .— B O N D S A L E . — On
Dec. 22 the ‘‘TO,000 4 'A % highway-impt. bonds (V. 101, p. 2090) were
awarded to the Citizens’ Nat. Bank of Bedford at 102.175 and int. Other
Bids were:
Miller & C o., Indianapolis_ 102.02IBreed, Ellictt & Harrison,
_
G. L. P a y n e* Co., Indianap.101.63 [ Indianapolis_____________ 101.60
LINN COUNTY SCHOOL D ISTR IC T NO. 32 (P. O. A lbany), Ore.—
B O N D S A L E .— Morris Bros, of Portland were awarded on Oct. 1 $2,500
7% building bonds at par. Denom. (1) $500, (2) $1,000. Int. A . & O.
Duo $1,000 in one and two years and $500 in three years.
LIVERPOOL, O nondaga C ounty, N. Y .— B O N D S D E F E A T E D . —
On Dec. 18 the question of whether or not this village should issue $45,000
municipal water-plant bonds was defeated by a vote of 129 “ for” to 159
"against.”
LOCKLAND, H am ilton C ounty, O hio.— B O N D S A L E .— On Dec. 20
the $7,000 5% 20-year coup. Mill St. (village’s portion) bonds (Y. 101, p.
1904) were awarded to Seasongood & Mayer of Cincinnati for $7,582
(108.314) and int., a basis of about 4.36% . The other bidders were
Tillotson & Wolcott Co.,
Field, Richards& C o., Cin_$7,455 20
Cleveland_____________ $7,561 40 R.L.D ollingsC o.,H am ilt’n 7,452 50
S ta cy * Braun, Cincinnati. 7,532 00 Breed, Elliott & Harrison,
Vij
Hoehler, Cummings & PrudC incinnati____________ 7,441 70
den, T oled o----------------- 7,525 00 Weil, Roth & C o., Cincin. 7,424 20
J. C. Mayer & Co., Cincin. 7,504 50 Prov. S. B. & Tr. Co.. Cin. 7,395 50
A. E. Aub & C o., C incin.. 7,500 00 First Nat. Bank, Lockland 7,111 38
Atlas Nat. Bank, C incin.. 7,455 70 J
_____ <
1
LUBBOCK COUNTY (P. O. L u bb ock ), Tex. — B O N D O F F E R I N G .—
Proposals will be received until 12 m. Dec. 27 by E . R. Haynes, County
Judge, for $100,000 5% 10-40-year opt. court-house-building bonds voted
2162
THE CHRONICLE
Sept. 18— V . 101, p . 1117. D en om . 81,000. D a te D ec. 10 1915. Prin
cipal and semi-annual int.— A . & O .— payable in N ew Y ork. Certified or
cashier's check on some bank in Lubbock for 5% o f bonds bid for, payable
to the C ounty Judge, required. Bids must be m ade on blank form s fur
nished b y the C ounty Judge. T he legality o f the bonds has been approved
b y the Attorney-General o f Texas.
M ADISON, Dane County, W is. — B O N D S P R O P O S E D .— Local papers
state that this city proposes to issue 830,000 garbage-incinerator-erection
bonds.
M AHONING C O U N T Y (P. O. Y oungstow n), Ohio. — B O N D S A L E .—
On D ec. 21 the tw o issues o f 5 % tuberculosis hospital (cou nty’s share)
bonds, aggregating §10,000. were awarded to Otis & C o. o f Cleveland at
101.65. See V . 101, p . 1905. Other bids were:
S e ason g ood * M ayer, Cin..510,154 OOlSidncy Spitzer & C o.,T oL $ 1 0 ,1 2 7 00
T illotson *W olcottC o.,C le. 10,150 49 C ity Trust & Sav. Bank,
Ohio N a t. Bank, C o lu m .. 10,141 50| Y ou n g stow n ----------------- *3,113 50
(Vol. 101
N O XU BEE C O U N T Y (P. O. Macon), Miss.— B O N D O F F E R I N G . —
Proposals will bo received until 12 m . Jan. 4 1916 b y J. A . T yson , C ounty
Clerk, it is stated, for $22,500 road bonds.
OCEAN VIEW SCHOOL D ISTR ICT, Orange County, C al. — B O N D
B lyth, W itter & C o . o f San Francisco were awarded on Sept. 21
$5,000 6 % 12-year building bonds at 106.16. D en om . $1,000. D ate
O ct. 1 1915. In t. A . & O.
S A L E .—
OLMSTEAD TO W N SH IP RURAL SCHOOL D IST R IC T (P. O.
Olmstead Falls), Cuyahoga County, Ohio.— B O N D S A L E .— On D ec. 18
the $65,000 5% coupon site-purchase and construction bonds (V . 101, p .
1905) were awarded to Tillotson & W olcott C o . o f Cleveland fo r 103.71,
accrued interest and the furnishing and printing o f bonds. T h o other
bidders were:
H ayden, M iller & C o.,C lev_*$67,479 Sidney S p itz e r * C o ., T o l . ..$ 6 7 ,0 1 7
H oehler, Cum mings & PrudBank o f Berea C o ., Olmstead
den, T o le d o ----------------------- 67,386
F a ils ---------------------------------- 66,762
Stacy & Braun, T o le d o _____ 67,306 Otis & C o ., C levelan d______ 66,300
* This bid appears to be higher than that o f tho purchaser’ s, but is so
given b y the Clerk o f the B oard o f Education.
* F or the $3,100 issue only.
MALDEN, Middlesex County, Mass.— L O A N O F F E R I N G — Bids will
be received until 7.30 p . m . D ec. 27, it is stated, for a loan o f $200,000
OLYMPIA, Thurston County, Wash.— BONDS V O T E D . — By a vote
m aturing in six m onths.
o f 1,268 to 517 the question o f issuing $110,000 water-piant-purchaso bonds
M ANHATTAN BEACH (P. O. M anhattan), L 0 3 Angeles County,
carried, it is stated, at an election hold D ec. 14. Theso bonds take tho
C alif. — B O N D O F F E R I N G .— Proposals will bo received until 7:30 p . m .
Jan. 5 1916 b y Llewellyn Price, C ity Clerk, for $20,000 6 % 10J^-year aver, place o f the $90,000 issue, tho sale o f which to John E . P rice & C o . o f
Seattle
city-hall-construction bonds. D enom . $1,000. D ate Jan. 1 1916. Int. p . 788. was declared illegal b y the W ashington Supreme C ourt.— Y . 101,
J. & J. D ue $1,000 yearly Jan. 1 from 1917 to 1936 incl. Certified check
ORANGE, New Haven County, Conn.— B O N D S A L E . — On D ec. 20
fo r 5 % o f amount o f bid, payablo to the C ity Treasurer, requirod. Bonds
tho $100,000 4 \ i % 20-year coupon refunding bonds (V . 101, p . 1997) were
will be ready for delivery on or after Jan. 5 1916 at the C ity Treas. office.
awarded to Kissel, Ivinnicutt & C o. o f N . Y . at 104.633 and interest.
MARION C O U N T Y (P. O. Fairmont), W . V a . — P U R C H A S E R O F
Other bids were:
B O N D S .— The purchaser o f the $100,000 5 % 20-30-yr. (opt.) Fairm ont
Magesterial District road-im pt. bonds sold on O ct. 11 at par (V . 101, State o f C onnecticu t.............. 102.6251 Eugene B . Coler, N . Y _____ 100.878
R> L . D a y & C o ., B o s t o n . 102.3491Harris, Forbes & C o ., N . Y . .100.818
p. 1996) was Otis & C o. o f Cleveland. D en om . $100, $500 and $1,000.
M errill, Oldham & C o ., B os.101.40 Clark, D odge & C o ., N . Y __ 100.771
Interest M . & S.
M ARION SCHOOL C IT Y (P. O. Marion), In d . — B O N D S A L E .— On Spitzer, R orick & C o ., N . Y .1 01 .1 5 7 1A . B . Leach & C o ., N . Y _ _ .100.597
ORANGE COUNTY (P. O. Orange), ’T e x . — B O N D E L E C T I O N . — A n
D ec. 16 an issue o f $147,500 4 % cou p, school bonds, series “ B .” was
awarded to the Fletcher American N at. Bank o f Indianapolisfor$150,53175, election will bo hold in Precinct N o. 4, it is stated, to vote on tho proposi"
tion to issue $40,000 road and bridge building bonds.
equal to 102.055. D en om . $500.
D a te D ec. 28 1915. Int. J. & D .
B O N D S D E F E A T E D .— T h e proposition to lssuo $50,000
road and
D u e as follows:
$ 2,000. Aug. 1 '18 $2,5 00 .A u g. 1 '23 •53,500-Feb. 1 '29 $4,000. A ug. 1 ’34 bridgo bonds in Proc. N o . 4 failed to carry at a recent election, it is reported.
2 .5 0 0 .
Feb. 1 T .0 0 0 39
Feb. 1 '24 0 0 - A ug. 1 '30 4 .5 0 0 3 .5
Feb. 1 '35 PAULDING, Paulding County, Ohio.— B O N D O F F E R I N G . — Bids
2 .5 0 0 - Aug. 1 T 9 3 .0 0 0A ug. 1 '24 0 0 - F eb. 1 '30 4.5 0 03 .5
A ug. 1 '35 be received until 12 m . Jan. 12 b y H arry L . H offm an, Villago Clerk,
will
2 ,0 0 0-F eb . 1 '20 3 .0 0 0 .
4 .0
F eb. 1 '36 an Issue o f $2,000 5% refunding bonds. D enom . $500. D ate Jan. 1
F eb. 1 '25 0 0 - A ug. 1 '30 4 .5 0 0for
2 .5 0 0 .
A ug. 1 '20 0 0 .
3 .0
A ug. 1 '25 0 0 .F eb . 1 '31 5 .0 0 0 .
3 ,5
A ug. 1 '36
1916.
In t. J. & J. Due A pril 1 1936. Certified check for 5 % o f bonds
2 .5 0 0 .
Feb. 1 '21 0 0 .
4 .0
3 .0
F eb. 1 '26 0 0 - A ug. 1 '31 4 .5 0 0 Feb. 1 '37 for, payablo to Village Treasurer, required. B onds to bo delivered and
bid
3 .0 0 0 .
A ug. 1 '21 0 0 4 .0
3 .0
A ug. 1 '26 0 0 - F eb. 1 '32 5.000. A u g . 1 '37 paid for within ten days from time o f award. Purchaser to pay accrued int.
2 .5 0 0 Feb. 1 '22 0 0. Feb. 1 '27 4 .0 0 0 - A ug. 1 '32 5 ,0 0 0-F eb . 1 '38
3.5
PEAPACK-GLADSTONE, Somerset County, N. J.— B I D S . — T ho
2 .5 0 0 A ug. 1 '22 0 0 3 .0
A ug. 1 '27 0 0 - Feb. 1 '33 4.5 0 0A ug. 1 '38
4 .0
other bids received for the $55,000 5% 18 2-3-ycar averago coupon water3 .0 0 0 .
Feb. 1 '23 0 0-F eb . 1 '28 4 .0 0 0 - A ug. 1 '33 4 .5 0 0 3 ,5
Feb. 1 '39
plant bonds awarded to Ilornblow er & W eeks o f N . Y . at 105.60 on D ec. 11
3.500. A ug. 1 '28 4 .5 0 0 - F eb. 1 '34
(V . 101, p . 2091) wore as follows:
Other bids were
G eo. B . Gibbons & C o .,N .Y - 105.125!First N a t. B k ., M o rristo w n -. 103.00
B reed, E lliott & Harrison, Indianapolis_________________________ $149,055
M . G r n t* C o
.
. Bonbright & C o ., N . Y . 102.97
J. F . W ild & C o ., Indianapolis___________________________________ 149,039 R .Interestapayable ., N& Y ____104.17[W .1P1915.
J.
J. D ate Jan.
M iller & C o., Indianapolis________________________________________ 148,060
PHILADELPHIA, Pa . — B O N D O F F E R I N G . — Bids will be receive1
1
E . M . C am pbell’s Sons & C o ., Indianapolis____________________ 147,850
M arion State B ank, M a rion _______________________________________ *52,416 until 11 a. m . D ec. 31 for $5,360,000 4% tax-free coupon or reg. (as desired)
bonds. D en om . $100 or m ultiples thereof. D ate Jan. 3 1916. Int.
J. & J. D ue Jan. 1 1946. C ert, check for 5 % o f bonds bid for, required.
*For the first $52,000.
M ARSHALL, Harrison County, Tex.— B O N D E L E C T I O N .— The Bids must bo m ado on form s furnished upon application to tho M a y o r's
question o f issuing $60,000 school-building and equipment bonds will bo office. R udolph Blankenburg is M a yor.
subm itted to a vote, it is stated, on Jan. 18 1916.
T E M P O R A R Y L O A N . — It is stated that M a yer Blankenburg on D oc. 20
signed the order for a tem porary loan o f $1,200,000, passed b y Councils
MARSHALL CO U N T Y (P. O. Plym outh), In d . — P R I C E P A I D F O R
D ec. 16. T ho loan will run for 4 m onths at 4 % interest, the m oney to be
B O N D S .— W e are advised that the price paid for the three issues o f 4 ) 4 %
co u p , highway-im provem ent bonds, aggregating $11,721 60, awarded to advanced b y the C ity Sinking Fund Com m ission.
R . L . Dollings C o. o f H am ilton, Ohio, on D ec. 15— V . 101, p. 2090—-was
PIMA COUNTY SCHOOL DISTRICT NO. 8 (P. O. Rillito), Ariz.—
$12,042 60— 102.738— and in t., and not 102.744 as first reported. Other B O N D S A L E . — T ho $3,000 6 % 20-year gold-building bonds offered on
bids were:
O ct. 18, were awarded at 101 on O ct. 28 to the Consolidated National Bank
Fletcher American N ational Bank, Indianapolis------------------------ $11,955 65
o f T ucson. D enom . $500. D ate O ct. 20 1915. Interest semi-annually,
C . A . R eeve, P lym outh_________________________________________ 11,952 60 payable at the County Treasury at Tucson.
B reed, E lliott & Harrison, Indianapolis------------------------------------- 11,949 60
PINELLAS COUNTY (P. O. Clearwater), Fla.— BOND ELECTION.
M iller & C o ., Indianapolis_____________________________________ 11,836 60 — Local papers state that an election will be held Feb. 3 1916 to vote on
M ARTIN C O U N T Y (P. O. Shoal3), In d .— B O N D O F F E R I N G . — Fur tho proposition to issue $160,000 court-house and jail-erection and refunding
ther details are at hand relative to the offering on Jan. 3 1916 o f tho $8,200 25-year bonds, dated Juno 1 1916.
Center T w p. road and $7,600 Perry T w p . road 4 H % bonds— V . 101, p.
PITTSBURGH SCHOOL DISTRICT (P. O. Pittsburgh), Pa.—
2090. Bids for these bonds will be received until 12 m . on said d ay by- B O N D S A L E . — On D ec. 21 the $2,500,000 4 M % 18-ycar average gold cou p,
L loyd Boner, C ounty Treasurer. D ate Jan. 3 1915. In t. M . * N . or reg. tax-free school bonds— V . 101, p. 2091— wero awarded to a syndicate
D u e beginning M a y 15 1917.
com posed o f the N at. C ity Bank, N . Y ., N . W . Halsey & C o. and M o n t
M ARTINEZ, Contra Costa County, Cal.— B O N D E L E C T I O N P R O gom ery, C lothier & T yler o f I'hila., at 102.59. These bonds are part o f
an issue o f $3,000,000, $500,000 being ■withheld from public offering for
P O S E D . — R eports state that an election will probably bo called to vote
purchase for the sinking funds o f tho Board o f E ducation. D uo $100,000
on the question o f issuing $65,000 water-works bonds.
Jan. 1 from 1917 to 1921 incl.
M ARTINSVILLE CONSOLIDATED SCHOOL D IST R ICT (P. O. yearly onbids were:
Other
Martinsville), Copiah County, Mi3s.— B O N D S P R O P O S E D . — R eports U nion Trust C o ., M ellon N at. Bank and Harris, Forbes & C o ., jt ly . 102.582
state that this district is contem plating the Issuance o f $5,000 building E . W . Clark & C o . and Graham & C o ., jo in tly _________________
102 52
and equipment bonds.
Brown Bros. & C o. and Newburger, Henderson & L ocb , jo in tly ___102.50
MIAMI C O U N T Y (P. O . Troy), O h io .— B O N D O F F E R I N G . — P ro Iteiily, B rock & C o .. L yon , Singer & C o ., Guarantee Trust C o.
posals will be received until 10 a. m . Jan. 17 b y C . N . Peters, C o. A u d ., for
and H olm es, Bulkiey & W ardrop, jo in tly _______________________ 102.247
SIS.000 5 % 3J4-yr. average fair-ground im pt. bonds. A utn. Secs. 0887-1 Pittsburgh Trust C o ., Gordan & C o. and J . S. B a c h e * C o ., jo in tly . 102.067
G en. C ode. D en om . $500. D ate Jan. 1 1916. Prin. and semi-ann. int.
R obert L e v i............................................................................ ............ Par for $2,000
— J. & J .— payable at C o. Treasury. D ue $1,500 each six m onths from
PLUMMER, Red Lake County, Minn.— B O N D O F F E R I N G . — Sealed
J a n .l 1917, to July 1 1918 incl. and $2,000 each six m onths from Jan. 1 bids will be received until 8 p. m . D ec. 27 b y J. W . Pahlen, Village Recorder
1919 to July 1 1921 incl. C ert, check or cash for 5 % o f bid, payable to fo r $3,500 20-year coupon tax-free electric-light-plant bonds at not exceed
a bov e C o. A u d ., required. Bonds to be delivered and paid for within 10 ing 6% interest. Certified check or cash fo r $100, payable to the Village
days from tim e o f award. Bids must be unconditional.
R ecorder, required. This village has no indebtedness.
MILFORD, New Haven County, C onn.— B O N D S A L E . — On D ec. 22
POCATELLO, Bannock County, Idaho.— B O N D S A L E . — On D oc. 6
the $114,200 4J4 % m unicipal-building-erection bonds— V . 101, p. 1 905-r
were awarded to Sidney Spitzer & C o. o f N . Y . for $118,002 86— 103.329—
and interest. Other bids were:
„
Spitzer, R o r ic k * C o ., N . Y .1 0 3 .3 1 2 IR . L. D a y & C o ., B o s t o n ...1 0 2 .8 1 9
M errill, Oldham & C o ., B o s t .1 0 3 .14 Curtis & Sanger, B oston ------ 102.341
annual interest (J. & J .) payable at tho Chase N ational Bank, New Y o rk .
Harris, F o r b e s * C o ., N . Y . .1 0 2 .8 4 2 |Estabrook & C o ., B oston — 102.09
B onded debt (this issuo included), $638,634. Sinking fund (water d eb t),
MINGO RURAL SCHOOL D IST R IC T (P. O. Mingo), Champaign
$47,525 14. Assessed value, $6,602,714; real value, $8,500,000. Legality
County, Ohio.— B O N D S A L E . — On D ec. 15 tho $20,000 5>4% llM -y e a r approved b y D illon, Thom son & C lay o f N ew Y o rk . Theso bonds are
average coup, school bonds— V . 101, p. 1997— were awarded to the Security now being offered to investors b y tho Provident Sav. Bank & Trust C o.
Savs. Bank & T r. C o. o f T oled o at 104.875 and int. There were fourteen
and B reed, E lliott & Harrison o f Cincinnati.
other bidders.
PORT AR T H U R , Jefferson County, Tex.— B O N D E L E C T I O N .—
NASHUA, Hillsboro County, N. H . — B O N D S A L E .— On D ec. 2 R eports state that an election will bo held D ec. 28 to vote on tho questions
an issue o f $76,000 4 % bonds was awarded to M errill, Oldham & C o. o f o f issuing $180,000-drainage, $25,000 pleasuro pier, $20,000 abattoir and
$6,000 incinerator bonds.
B oston at 103.65.
Other bids were:
PORT A R T H U R INDEPENDENT SCHOOL D IST R IC T (P. O. Port
E . H . R ollins& Sons, B oston 103.288IA. B . Leach & C o ., N . Y ____ 102.76
Arth ur), Jefferson County, Tex.— B O N D E L E C T I O N .— R eports state
N . W . Harris & C o ., B oston . 103.27 |G. A . Fernald & C o ., B oston . 102.44
that an election will bo held Jan. 8 1916 to decido whether or not this
Strafford Sav. B ank, D o v e r . 103.11 JCropley, M cG aragle & C o.,
district shall issuo $450,000 5 % building bonds.
B lod g et& C o., B oston ______ 103.0271 B o s t o n ____________________ 100.713
PORT CHESTER, W estchester County, N. Y . — B O N D O F F E R I N G .
D en om . $1,000. D a te D ec. 1 1915. Int. J . & D . D u e In 1935.
Proposals will bo received until 8 p . m . Jan. 3 by W m . A . D arcey, Clerk
N E W A R K , Essex County, N. J.— B O N D S A L E .— On D ec. 22 the B d. o f V il. Trustees, fo r $38,000 4 14% 10-yr. averago gold reg. refunding
$500,000 4 )4 % 30-yr. gold cou pon (with priv. o f reg.) m emorial-buildingbonds. D en om . $1,000. D ate Jan. 15 1916. Prin. and semi-ann. int.,
constr. bonds (V . 101, p. 2090) wero awarded to Iieinick, Hodges & C o. J. & J ., payable at First N a t. Bank, Port Chester. D ue $2,000 yearly on
o f N . Y . at 107.573, a basis o f abou t 4 .0 6 2 % .
Jan. 15 from 1917 to 1935, incl. Cert, check on an incorporated bank or
T h e other bidders were:
trust com p a n y for 2 % o f bonds bid for, payable to tho Vil. T reas., required.
Harris, Forbes & C o ., N . Y ..1 0 7 .2 9 2 JH om blow er & W eeks, N . Y . /106.50 Bonds to be delivered and paid for on Jan. 15 in P ort Chester or N . Y . C ity.
Estabrook & C o ., N . Y _____ 107.27 H . A . Kahler & C o.. N . Y , . \
Purchaser to p ay accrued interest. T he validity o f these bonds will be
A . B . Leach & C o ., N . Y ____ 107.079 G eo. B . Gibbons & C o ., N . Y .1 0 6 .4 5
approved b y H awkins, Delafield * Longfellow o f N . Y ., whose opinion
Fidelity Trust C o .. N ew ark1106.87 J. S. R ippel, N ew ark_________106.26
wifi be furnished purchaser.
Clarke, D odge & C o ,,N . Y.J
|Essex C o. N a t. B k ., N e w a rk .106.00
PORT HU R O N SCHOOL D IST R ICT (P. o. Port H u ron), St. Clair
J. S. B a c h e * C o ., N . Y ____ (1 0 6 .8 3 5 [Federal Trust C o ., N e w a rk ..10 5 .0 0
County, M ich. — B O N D E L E C T I O N P R O P O S E D .— Dispatches state that
Farson, Son & C o ., N . Y - . /
|
this district is contem plating calling an election to v o to on the question
N EW POR T, G iles County, Va .— BONDS P R O P O S E D .— Local papers o f issuing school-building bonds.
state that this city is contem plating the issuance o f $130,000 school
B O N D O F F E R I N G .— Sealed bids will bo received
building and $200,000 street and sewer-im provem ent bonds.
until 11 a. m . D e c. 28 b y C . A . Bigelow, Commissioner o f Finance, it is
NORTHAM PTON, Hampshire County, Mass.— B I D S .— T h o other stated, for $97,429 6 % 10-year street-im provem ent bonds. Interest
bids received for the $12,000 4 % 314-year average cou p , tax-free K ing St. semi-annual. Certified check for 5% required.
highway bonds awarded on D ec. 15 to II. C . G rafton Jr. o f B oston at
PORT OF TOLEDO (P. O. Toledo), O r e . — B O N D O F F E R I N G . —
101.77, int. and 25 cents premium— V . 101, p . 2091— were as follows:
Proposals will be received until 12 m . Jan. 10 19 6 b y C . B . Crosno, Secy,
E .M .F a m s w o rth & C o .,B o s t. 101.7491W . L . R aym ond & C o ., B ost.101.47
o f P ort C om m ission, for $6,000 6 % 10-20-year (op t.) pprt bonds. Interest
G eo. A . Fernald & C o ., B ost.1 0 1.6 5 M illet, R oe & Hagen, B o s t--1 0 i.4 1
M errill, Oldham & C o ., B ost.101.65 R . L . D a y & C o ., B oston ____ 101.319 semi-annual.
POSEY CO U N T Y (P. O. Mt. Vernon), In d .— B O N D O F F E R I N G . —
C rop ley, M cG aragle & C o .,
Curtis & Sanger, B oston ____ 101.311
Further details are at hand relative to the offering on;Jan. 5 1916 o f the
B o s t o n ______________________ 101.594 Sellers,
Phillips
&
C o.,
Adam s & C o ., B oston ______ 101.52
Boston .................................... 100.665 follow ing 4>4% 6-year average highway-im provem ent bonds (V . 101, p.
P . M . Chandler & C o ., B o st. 101.51
2091):
P O R T I . A N D , Ore.—
Dec. 25 1915.)
THE CHRONICLE
56,000 Louis W asenn ot al road bonds in Point T\vp. D cn om . $330.
3,900 T h eo. M iller et al road bonds in Bethel T w p . D en om . $195.
Bids for the above bonds will be received b y Andrew A . Schenk. C ounty
Treasurer, until 2 p. m . on said date (Jan. 5 ). D a te Jan. 5 1915. Int.
M . & N . D uo one bond o f each issue each six m onths from M a y 15 1917
to N o v . 15 1926. inclusive.
R AL EIG H , No. Caro.— - B O N D - S A L E .— On D ec. 20 the $49,921 98
20-year local im provem ent and S26.916 52 3-year (average) assessment
5 % (coupon with privilege o f registration) bonds (V . 101, p . 1997) were
awarded to the Citizens’ N ational Bank o f Frostburg, M d ., for $79,780,
equal t o 103.828.
RED SPRINGS GRADED SCHOOL D IST R ICT (P. O. Red Springs),
Robeson County, No. Caro.— B O N D O F F E R I N G .— Proposals will be re
ceived until 12 m . Jan. 3 b y the C ounty Board o f E ducation for .$7,500 5 %
coupon building bonds. D enom . $500. Int. J. & J . Certified check for
$250 required. J. R . P oole, C ounty Superintendent.
R IPLEY SCHOOL D IST R IC T (P. O. Ripley), Brown County,
O hio.— B O N D S A L E . — On D ec. 17 an issue o f $2,500 5 % 15-20-year
optional school-im provem ent bonds was awarded to Davies-Bertram C o.
or Cincinnati at 102.08— a basis o f about 4.8 1 % to the optional date and
about 4.8 3 % to the full m aturity. Other bids were:
J . C . M a yer & C o ., C in ___$2,565 0 0 1First N a t. B k ., Sardinia___ $2,506 50
TiIIotson& W olcottC o.,C lev 2,543 5 0 1R ipley N at. Bank, R ip le y . 2,500 00
D enom . $500. D ate D ec. 17 191 o. Interest payable J. & D .
R IVER DALE JOINT H IG H SCHOOL D IST R IC T , Fresno County,
C alif.— B O N D E L E C T I O N P R O P O S E D . — R eports state that an election
will be held soon to v ote on the question o f issuing $25,000 building bonds.
These bonds if authorized will take the place o f the $25,000 issue awarded
on Sept. 22 to the State Board o f C ontrol— V . 101, p. 1118. Because o f a
flaw foun d in the proceedings, the issue is being re-subm itted.
R O CK FO R D , Mercer County, O hio.— BOAT) S A L E . — On D ec. 21
the four issues o f 5 % 8 Y x -year average street-im provem ent assess, cou p,
bonds, aggregating $22,962 64— V . 101, p. 1830— were awarded to Tillotson
& W olcott C o. o f Cleveland for $23,124 64— 100.705-—and in t., a basis o f
about 4 .9 0 % . Other bidders were:
Secur. S. B . & T . C o ., T o l.$23,079 14 ISidney Spitzer & C o ., T ol.$23,071 64
H ayden, M iller & C o .,
Seasongood & M ayer, Cin. 22,987 64
C lev ela n d _____________ 23,078 64 ] First N at. Bank, C e lin a .. 22.962 64
R U TH ER FO R D CO U N T Y (P. O. Murfreesboro), T e n n .— B O N D S
D E F E A T E D . — T ho proposition to issue turnpike bonds failed to carry at
an election held D ec. 15, it is reported.
ST. PAUL, M inn.— B O N D E L E C T I O N P R O P O S E D . — The question o f
issuing $1,000,000 school-building bonds will probably be submitted to a
vote on M arch 14 1916, according to local papers.
SALEM, Mass.— B O N D S A L E . — On D oc. 17 the follow ing three issues
o f 4 % cou p, tax-free bonds aggregating $215,000 were awarded to Curtis
& Sanger o f Boston at 103.333 and int.:
$120,000 water bonds. D enom . $1,000. D ate N o v . 1 1915. D ue $4,000
y rly. on N o v . 1 from 1916 to 1945 incl.
75 .0 0 0 Congress St. bridge bonds. D enom . $1,000. D ate N o v . 1 1915.
D u e S2.500 yrly. on N o v . 1 from 1916 to 1945 incl.
20.000 bonds. D en om . $500. D a te A ug. 1 1915. D u e $500 yrly.
on A ug. 1 from 1916 to 1955 incl.
Principal and semi-annual interest payable at M erchants’ N a t. Bank,
B oston, o r at office o f C ity Treas. The other bidders were:
Adam s & C o ., B oston ______ 102.94 |Cropley,M cGaragle& Co.,Bos.l01.025
P . M . Chandler & C o ., B os._102.739 W . S. Felton & C o ., S a le m ..101.021
E stabrook & C o ., B oston___101.79 |N. W . Harris & C o ., B oston . 100.88
SALINE CO U N T Y (P. O. Marshall), M o . — B O N D E L E C T I O N . — An
election will bo held Jan. 19 1916 to vote on tho proposition to issue $1,310,
000 4
1-20-yr. ser. road-construction bonds.
SANTA BARBARA C O U N TY (P. O. Santa Barbara), C alif.— BOA'D
OFFERING.Proposals will be received until 10 a. m . Jan. 3 1916 b y C . A .
—
Hunt, C lerk, B oard o f C ounty Supervisors, for $200,000 5% gold State
highway bridge-construction bonds. D enom . $1,000. D ate Sept. 6 1915.
Principal and semi-annual int.— M . & S.— payable at the C ounty Treasury.
Duo $10,000 yearly from 1921 to 1940 incl. B onds to be delivered and paid
for within 10 days after tho awarding o f sam e. Certified chock for 10%
o f am ount o f bid, payable to the Chairman, Board o f Supervisors, re
quired. These bonds are part o f an issue o f $350,000 voted A ug. 30, o f
which $50,000 has been disposed o f— V . 101, p . 1119.
SAVAN N AH , G a.— B O N D S A U T H O R I Z E D . — Local papers state that
tho C ity Council on D oc. 8 authorized the issuance o f the $400,000 4J^%
25-year house-drainage and storm-sewerage-system-ext. bonds validated
on N ov . 27 (V . 101. p. 1906.)
SC H U YL K IL L HAVEN, Schuylkill C ounty, Pa.— B O N D O F F E R
I N G . — Bids will be received until 7 p. in. D ec. 27, it is stated, b y F. H .
M anning, B oro. S ecy., for $20,000 5 % 2-20-yr. (op t.) semi-ann. borough
bonds.
SEATTLE, Wash.— B O N D S A L E . — On D ec. 6 the $75,000 5 % 6-10~yr.
(ser.) gold cou pon water-works bonds, Series N o. 3 (V . 101, p. 1738), were
awarded, it is stated, to the N ational C ity Bank o f Seattle at 100.01.
SEBRING, Da Soto County, Fla.— B O N D E L E C T I O N . — T he ques
tion o f issuing $50,000 street-im pt. bonds will bo subm itted to a vote on
Jan. 12 1916.
SHANNON SCHOOL DISTRICT (P. O. Shannon), Carroll Countv
111.— B O N D S V O T E D . — This district at an election held D ec. 4 voted in
favor o f the issuance o f school-building bonds, it is reported.
SOUTH SAN JOAQUIN IRRIGATION DISTRICT (P. O Manteca)
San Joaquin County, Cal.—B O N D O F F E R I N G . — Bids will be received’
it is stated, until 10 a. m . Jan. 8 1916 b y C . A . l ’roudfit, Secretarv o f Board
o f D irectors, for $400,000 5% reservoir bonds. Interest semi-annual
STARR COUNTY COMMON SCHOOL DISTRICT NO
4 (V O
Rio Grande), Tex.— B O N D S A L E . — T he $9,200 5 % 10-40-yr 1 (ont )
bonds offered without success on A ug. 1 (V . 101, p . 548) have been dis
posed of.
STODDARD COUNTY DRAINAGE DISTRICT NO
23
Mo —
B O N D S O F F E R E D B Y B A N K E R S . — Little & H ays Invest. C o
St Louis
is offering to investors $30,297 71 6 % coupon drainago-system-irmirovement bonds. D enom . $500 and $797 71. D a te M a y 1 1915
Principal
and semi-annual int.— M . & N .— at the C ounty Treas o ffice B loom
field. D u e $1,500 yearly M a y 1 from 1917 to 1931 Incl. $ 1 7 0 7 7 1 M a v 1
1932. $2,000 M a y 1 1933. 1934 and 1935. T h e legality annoyed b v
Horace S. Oakley, E sq ., o f C hicago.
K
y p p cn ca
STONE COUNTY (P. O. Galena), Mo.— B O N D S D E F E A T E D __ T he
proposition to issue the $35,000 court-house-construction bonds__V 101
p. 1738— failed to carry, it is stated, at the election held D ec 4 * The
vote was 994 to 583, a two-thirds m ajority being necessary to carry.
STONE HARBOR, Cape May County, N. J.— B O N D S A L E __D is
patches state that an issue o f $ 200,000 bulkhead-construction bonds was
recently awarded to N . M . M oyrs o f A tlantic C ity .
STONE HARBOR SCHOOL DISTRICT (P. O. Stone Harbor)
Cape May County, N. J.—B O N D S A L E . — A w ord ing to rtmorfs this
district has disposed o f the $12,500 school bonds m entioned in V . 99 , p .1 8 5 2 .
SURRY COUNTY, No. Caro.— BOA’D O F F E R I N G — Proposals will be
received until 12 m . Jan. 3 1916 b y the B d. o f C o. Com m rs J B Snareor
Chairman (P . O. D obson) for not less than $50,000 nor m ore than $80 000
30-yr. court-house and jail-construction bonds at not exceeding Z <7 int
D enom . not less than $1,000. Principal and semi-annual int 1 payable at
the bank selected b y the purchaser. Cert, check for $1,000 required.
TERREBONNE PARISH (P. O. Honna), La.— B O N D
O F F E R I N G . __
T R IN IT Y CO U N T Y (P. O. Groveton), Tex.— W A R R A N T S P R O P O S K D .— Reports
tli*it tlio C.oniiriiSsioiicrs C ourt 1 .s decided to
ib
issue $130,0000 6 % road warrants.
T R O Y , N. Y .— BOA D 0 F I T . R ZA 0 -— Proposals will bo received until
10 a. m . D ec. 27 b y W . H . Dennin, C ity C om ptroller, for $ 1 7 5 000 5%
tax-exem pt certificates o f indebtedness or revenue bonds. ’Denom
$25,000. D ate D ec. 27 1915- Due June 27 1916. Certified check for
not less than 1% o f bonds, payable to " C it y o f T r o y ," required. Bonds
to be delivered and paid for within five days from tim e o f award. Pur
chaser to p ay accrued interest. Official circular states that the city has
never defaulted on any o f its obligations.
2163
T E X A S . — B O N D S R E G I S T E R E D — T h e follow ing bonds have been
registered at the S tate C om ptroller’s office:
D a te
In te rest
R a te.
P la c e a n d P u r p o s e o f I s s u e —
A m o u n t . R eg is te r e d .
H idalgo C o . C o m . S. D . N o . 4 - $1,000 N o v . 15
1,000 N o v . 15
B row n C o . C om . S. D . N o . 9 ___
B row n C o . C o m . S. D . N o . 5 8 - .
3 ,0 0 0 N o v . 15
3,0
Upshur C o . C o m . S. D .
N o. 10.
1,500 N o v . 16
Upshur C o . C o m . S. D .
N o . 12.
1,200 N o v . 16
Upshur C o . C o m . S. D .
N o. 13.
1,700 N o v . 16
U pshur C o . C om . S. D .
N o. 21.
1,800 N o v . 16
Upshur C o . C om . S. D .
N o. 23.
1,000 N o v . 16
Upshur C o . C om . S. D .
N o. 25.
600 N o v . 16
Upshur C o . C om . S. D .
N o. 28.
4,000 N o v . 16
D on ley C o. C om . S. D .
N o. 4 . .
3,0 0 0 N o v . 16
C rosby C o. C om . S. D . N o . 3 . . .
2,500 N o v . 18
Seadrift Drainage D istrict_____
60,000 N o v . 24
M art (w ater-w orks)____________
18,000 N o v . 26
T rio Ind. Sch. D ist.....................
5,000 N o v . 26
Longview (street im provem ent)15,500 N o v . 27
S a n P a tricio C o .C o m .S . D . N o .l
6,000 N o v . 27
N a co gd o ch e sC o .C o m .S .D . N o .l
1,500 N o v . 27
N a cog d o ch e sC o .C o m .S .D .N o .7
800 N o v . 27
N acogdoches C o . C om . S. D . 6 2 .
800 N o v . 27
Livingston (street im provem ent)
15,000 N o v . 27
San Patricio C o . C om . S. D . 1 . .
6,000 N o v . 27
N acogdoches C o . C om . S. D . 1__
1,500 N o v . 27
N acogdoches C o . C om . S. D . 7 - 800 N o v . 27
N acogdoches C o. C om . S. D . 6 2 .
800 N o v . 27
E l Paso C ounty (special r o a d )-- 300,000 N o v . 29
Cass C ounty C om . S. D . N o . 3 5 .
1,500 N o v . 29
M on tgom ery C o. R oad D ist. 3 - .
75,000 D ec.
Haskell C ou n ty C om . S. D . 3 0 . .
N acogdoches C o. C om . S. D . 23-
75,000 D e c.
1 5 'A %
2,500 D ec.
12,500 D ec.
San Patricio R oad D ist. N o . 3 - .
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%>
5%
5%
5%
5%
5%
3
5%
F rio C ou n ty C om . S. D . N o . 2 - .
10,500
Frio C ounty C om . S. D . N o. 2 - 1,500
Bastrop C o . R oad D ist. N o . 2 . .
50,000
Orange (d o c k )---------------------------- 150,000
Orange (school building)_______
150,000
Orange (street)---------------25,000
Jack C ounty C om . S. D . N o. 6 6 .
1,500
M cLennan C o . C om . S. D . 1 2 - .
2,000
C olorado C o. Drain D ist. N o . 117,000
Eastland C ounty C om . S. D . 3 72,000
Harris C o . C om . S. D . N o . 2 5 - .
19,000
Boll C o . C om . S. D . N o . 1 6 - - .
1,000
D ec 6 5%
D ec 6 5%
D e c. 6 5%
D ec. 7 5%
D ec. 7 5 %
D e c. 7 5%,
D e c. 8 5 %
D e c. 8 5 %
D ec. 8 5 %
D ec. 13 5%
D e c. 13 5%
D e c. 14 5 %
Sulphur Springs (fun din g)............
D ec. 15 5%
Gonzales C o . C om . S. D . N o . 43
Harris C o. C om . S. D . N o . 4 6 . .
Henderson C o . C om . S. D . 4 7 . .
Van Zandt C o . C om . S. D . 56 Ochiltree C o . C om . S. D . N o . 10
30,000
4.000 D e c. 15
2.000 D ec. 15
2.000 D ec. 16
1,800 D e c. 16
1.500 D ec. 16
U NION C IT Y , Randolph County, In d . — B O N D
M a tu r ity .
10-20-yr. (o p t.)
5-20-yr. (op t.)
5-20-yr. op t.)
5-20-yr. o p t.)
5-20- yr. op t.)
5-20-yr. o p t.)
5-20- yr. op t.)
5-20-yr. o p t.)
5-20-yr. o p t.)
5-20-yr. (o p t.)
1-20-yr. (o p t.)
20 years
$2,000 yearly
20-40-yr. (o p t.)
10-40-yr. (op t.)
10-40-yr. (op t.)
10-30-yr. (o p t.)
5-20-yr. (o_ t.)
p
5-20-yr. (o p t.)
5-20-yr. (o p t.)
10-40-yr. (op t.)
10-40-yr.
5-20-yr.
5-20-yr.
5-20-yr.
20-40-yr.
20-40-yr.
.
$25,000 after
10 years
25.000 after
15 years
25.000 after
20 years
20 years
10-40-yr. (o p t.)
($1,000 y ’ly to
I 1920, $2,000
[ y ’ly thereaft.
10-40-yr. (o p t.)
10-20-yr. (op t.)
$1,000 yearly
5-40-yr. (op t.)
5-40-yr. (op t.)
5-40-yr. (op t.)
5-20-yr. (o p t.)
20 years
$500 yearly
10-20-yr. (op t.)
20-40-yr. (op t.)
20 years
$1,000 y ’ly to
1930. $1,500
, y ’ly thereaft.
40 years
20-40-yr. (op t.)
5-20-yr. (op t.)
10-20-yr. (op t.)
5-20-yr. (op t.)
SALE.
!
On D ec. 20
were awarded to Breed, Elliott & Harrison o f Indianapoiis at i <5*2.48 and
in t., a basis o f about 4 .0 8 5 % . Other bidders were:
J- F . Wild & C o ., Indianapolis___________________________________ $7,681 25
Fletcher Am erican N ational B ank, Indianapolis_________________ 7,652 50
U NION T O W N SH IP (P. O. R utherford), Bergen County, N . J.—
B O N D S A L E — On D ec. 23 an issue o f $28,856 55 5% semi-ann. 11 5-6-yr.
average cou p, or reg. trunk sewrer bonds was awarded to R . M . Grant & C o .
o f N . Y . at 103.67, a basis o f about 4 .6 l % . Other bids were:
M . M . Freeman & C o ., P h il.103.4891 G eo. B . G ibbons & C o ., N .Y .1 02 .13
H . L . Crawford & C o .. N . Y . 102.91 J. S. R ippel, N ew ark......... .101.96
First A at. B k ., L y n d h u rst.. 102.76 IBergen C o . Bank, R u th erford lO l.897
R utherford N a t. B k ., R u th .1 0 2 .1 9 1 1 A . B . Leach & C o ., N . Y ____ 101.49
UPSHUR C O U N T Y (P. O. Gilmer), Tex.— B O N D S V O T E D — The
reposition to issue $75,000 road bonds carried, it is stated, at an election
eld D ec. 11 in Precinct N o . 7.
U P3H U R C O U N T Y (P. O. Buckhannon), W . V a.— B O N 'D E L E C
T I O N .— An election will be held in Buckhannon D ist. on D oc. 30 to vote
on the proposition to issue $225,000 road-construction bonds.
VESTAL (Town), Broome County, N. Y . — B O N D S A L E — On Dec. 15
this tow n sold an issue o f $4,100 5 % bonds at 101.
W ACO U STA TO W N SH IP CONSOLIDATED SCHOOL D IS T R IC T
(P. O. O ttosen ), Hum boldt County, Iowa.— B O N D S A L E .— On Dec. 15
E
1916. In t. J. & J
W A K U LL A C O U N T Y (P. O. Crawfordville), Fla.— B O N D S A L E .—
An issue o f $15,000 6 % road-building bonds was awarded at 95 on N o v . 7
to G . A . Rhoades and W alter Page. D en om . $1,000. Interest semi-an
nual. D u e 1935, subject to call.
W ALT ER , Cotton C ounty, Okla. — B O N D S V O T E D .— The question
o f issuing $7,500 water-works-system bonds carried, it is stated, b y a vote
o f 67 to 23 at an election held D ec. 7.
W APPINGERS FALLS, Dutchess County, N. Y . — B O N D S A L E .—
On D ec. 16 the $15,000 5 % sewer bonds (V . 101. p. 2000) were awarded
to Isaac IV. Sherrill C o . o f Poughkeepsie at 105.87. D en om . $1,000.
In t. J. & D . D ue from 1920 to 1934.
W ASCO UNION H IG H SCHOOL D ISTR ICT, Kern C ounty, Calif.
— B O N D S V O T E D .— T he question o f issuing $45,000 site-mirchase and
building bonds carried, it is stated, b y a vote o f 171 to 19 at an election
held D ec. 11.
W A S H IN G T O N T O W N SH IP (P. O. W ashington), Beaufort
County, No. Caro.— B O N D E L E C T I O N .— R eports state that an election
will be hold Jan. 4 1916 to vote on the question o f issuing $50,000 roadconstruction bonds.
W A TE R B U R Y , New Haven County, Conn.— B O N D S A L E .— The
follow ing bids were received for the $300,000 414% 30-yr. sewerage bonds
(V . 101. p. 1739) offered on D ec. 20:
Eugene B . Color, N . Y _____ $323,670 Sidney Spitzer & C o. and 13319,410
R . L. D ay & C o ., B o s t o n .. 323,067
Frisbie & C o ___________ J
K ountze B ros., N . Y ______ 322,560 Kissel, K innicutt & C o. I 318,539
Estabrook & C o ., B o s t o n .. 322,410
and D ick Gregory & C o. /
M errill, Oldham & C o ., B os. 321,840 A . B . Leach & C o ., B o sto n . 318,237
Harris, Forbes & C o ., N .Y . 321,573 Scovill M fg . C o .................... *52,050
Rhoades & C o. and Blake 1 321,489 Scovill M fg . C o ___________ *51,900
B ros. & C o ., B oston ____ /
♦For $50,000.
The C ity Clerk writes that action on these bids has been deferred for
one week.
W E B 3 C IT Y , Jasper County, M o — B O N D S A L E — 'The $1,000 5%
5-yr. sewer bonds offered on A ug. 2 (V . 101, p . 393) were awarded at par
on O ct. 1 to the M erchants’ & Aim ers’ Bank o f W ebb C ity .
W ESTCHESTER C O U N T Y (P. O. W hite Plains), N. Y . — B O N D
S A L E .— On D ec. 17 the $80,000 4J4% 5-yr. average r e g . sewer bonds—
IS,
_
V . 101, p. 2000— were awarded to A . B . Leach & Co.“o f NT Y . at 102.389—
a basis o f about 3 .9 7 % . Other bidders were:
R . M . Grant & C o ., N . Y .$ 8 1 ,9 0 2 40 E . B . Coler, N ew Y o r k ..$8 1 ,5 20 00
H arris,Forbes& C o.. N .Y . 81,752 80 J. S. B ache& C o ., N . Y _ _ 81,479 00
E stabrook & C o ., N . Y . _ 81,672 00 H . A . K ahler& C o ., N . Y . 81,448 10
K issel,K innicutt& C o.,N .Y . 81,658 40 Spitzer & C o ., N . Y _____ 81,448 00
R hoades & C o ., N . Y ____ 81,650 40 Cross & W hitm eyer, N .Y . 81,433 44
Farson, Son & C o ., N . Y . 81,545 00 B ond & G oodw in, N . Y . _ 81,417 00
G . B . Gibbons & C o .,N .Y . 81,264 00
THE CHRONICLE
3164:
W ENATCHEE RECLAM ATION D IST R IC T (P. O. W enatchee),
W ash.— B O N D O F F E R I N G . — Proposals will b e received until 2 p . m .
Jan. 4 1916 b y W . T . K n app, D istrict Secretary, it is stated, for $150,000
6 % 16 1-3-year (average) Highlino-Canal im provem ent bonds. Interest
semi-annual. Certified check for $500 required. A n issue o f $350,000
6 % bonds was voted N o v . 20 (V . 101, p . 1832).
W EST ORANGE, Essex County, N. J .— B O N D S A L E . — On D ec. 21
the $15,000 \
5-15-year optional coupon or registered (option o f pur
chaser) fire-apparatus bonds (V . 101, p . 2000) were awarded to R . M .
Grant & C o. o f N . Y . at 101.51— a basis o f abou t 4 .1 6 % to the optional
date and abou t 4 .363% to the full m aturity.
W H IT M A N C O U N T Y SCHOOL D IST R IC T NO. 183, W ash .—
B O N D S A L E . — On O ct. 18 the $1,500 10-15-yr. op t. building and equip
ment bonds were awarded to the State o f W ashington at par for 5J4s.—
V . 101, p . 1213.
W IL D C A T SCHOOL TO W N SH IP (P. O. W indfall City), T ipton
County, In d .— B O N D O F F E R I N G . — A dditional inform ation is at hand
relative to the offering on Jan. 3 o f the $36,000 4 % school-building bonds—
V . 101, p . 2094. Bids for these bonds will be received until 2 p . m . on
said day b y Andrew D . R iffe, Township Trustee. D enom . $1,800. D ato
Jan. 3 1916. Int. semi-ann. D u e $1,800 each six m onths from Jan. 3
1921 to July 3 1930 inclusive.
W IL K IN SB U R G , Allegheny County, P a ,.— B O N D E L E C T I O N . — An
election will be held Jan. 15 1916. it is stated, to decide whether or not this
district shall issue $250,000 building bonds.
W IL M IN G TO N SCHOOL D IST R IC T (P. O. W ilm in gton), New
Castle County, Dela.— B O N D O F F E R I N G . — Bids will be received until
8 p . m . D ec. 27 b y H arry J. Guthrie, Sec. B d . o f E d ., for $150,000 4 ^ %
29-yr. average cou p, tax-free high school equip, and im pt. bonds, classes
“ A ” to “ J ” in cl., each for $15,000.
D en om . $1,000. D ate Jan. 1 1916.
P rin .an d semi-ann. int.— J .& J .— payable at Union N a t. Bank, W il. D u e
$15,000 every other year on Jan. 1 from 1936 to 1954 incl. beginning with
class “ A .” Bids must be m ade on form s furnished b y the district. Bonds
to be delivered and paid for within 10 days from tim e o f award, unless
another date o f delivery shall be m utually agreed upon. N o deposit re
quired. These bonds will bo certified as to genuineness b y the U . S. M tgo.
& T r. C o. o f N . Y ., and their legality approved b y D an. O. Hastings, C ity
Solicitor, whose opinion will appear on each b on d . Official circular states
that there is no controversy or litigation pending or threatened affecting
these bonds and that this district has never defaulted in paym ent o f either
principal or interest on its bonded indebtedness.
W IN T ER S, Yolo County, Calif.— B O N D O F F E R I N G . — Proposals will
be received until 7:30 p . m . Jan. 11 b y W . S. W om a ck , C ity C lerk, fo r the
$7 , 0 0 0 6 % town-hall-erection bonds voted N o v . 6 (V . 101, p . 2000).
D en om . $700. In t. J . & J . D u e $700 yearly Jan. 1 from 1917 to 1926
n cl. C ert, check for 2 % o f am ount o f b id required.
W OO D LAN D , Y olo County, Cal.— B O N D E L E C T I O N P R O P O S E D . —
R eports state that an election will be called shortly to v ote on the issuance
o f water-works-system bonds.
[Vol. 101
W O R C ESTER , Mass .— T E M P O R A R Y L O A N . — On D e c. 18 a loan of
$350,000 dated D e c. 20 1915 and maturing April 3 1916 was awarded, it is
stated, to Kinsley & Adam s o f W orcester at 1.94% discount plus $1 prem .
W R IG H T C O U N T Y (P. O. B u ffa lo ), M inn.— B O N D S A L E . — On
D e c. 14 the four issues o f 5 % coupon drainage bonds aggregating $17,000
— V . 101, p . 1909— were awarded to C . O . Kalm an & C o . o f St. Paul fo r
$17,355 (102.088) and int. Purchaser to furnish blank bonds. Other
bids were:
M inneapolis Trust C o ., M inneapolis_____________________________ *$17,350
F . D . M on fort & C o ., M inneapolis______________________________ *17,325
A . B . Leach & C o ., C hicago______________________________________ *17,320
AVells & D ick ey C o ., M inneapolis_________________________________ *17,310
M innesota Loan & Trust C o ., M inneapolis_______________________ *17,285
B olger, M osser & W illam an, C hicago____________________________
17,105
C . H . C offin , C hicago____________ * _______________________________ *17,085
*And blank bonds.
■
*
T ho H anchett B ond C o . bid 101.175, int. and blank bonds for $10,000.
W Y A N D O T C O U N TY (P. O. Upper Sandusky), O h io.— B O N D S A L E
— On D ec. 18 the S15.000 5 % 1-10-yr. serial road bonds (V . 101, p . 2094)
were awarded to tho Provident Savs. Bank & T r. C o. o f C incinnati for
$15,466 64— equal to 103.110— a basis of about 4 .3 6 % . Other bidders were
Spitzer, R orick & C o ., T o l.$ 1 5,46 2 H ayden, M iller & C o ., C le v .$15,354
T illotson & W o lco tt C o _____ 15,329
H oehler, Cum mings & Prudden, T o le d o________________ 15,445 Otis & C o ., C levelan d---------- 15,325
Sidney Spitzer & C o ., T o l___15,317
Davies-Bertram C o ., C in ___15,438
C om m ’l N at. B ank, T i f f i n .. 15,087
B reed, E lliott & Harrison,
C in cin n a ti________________ 15,424 R obert D . Alexander, Chillicoth e______________________ 15,076
S tacy & Braun, T o le d o_____ 15,407
Seasongood & M a yer, C in___15,387
Y A Z O O C IT Y , Yazoo County, Miss.— B O N D O F F E R I N G .— Proposals
will bo received until Jan. 10 b y E . G . Olden, C ity C lerk, it is stated, for
$45,000 5 % 17 5-6-year (average) school bonds. Interest semi-annual.
C ertified check for $500 required.
Canada, its Provinces an^ Municipalities.
B O TH W ELL, O nt.— D E B E N T U R E E L E C T I O N . — An election w ill be
held Jan. 3, reports state, to vote on the question of issuing $2,500 townhall-com peltion debentures, it is said.
BR AN D O N , Man.— D E B E N T U R E S A L E C A N C E L L E D . — R eports
state that tho sale o f the $80,000 5 % 30-yr.and $40,000 4 % 40-yr. debentures
to the Imperial Bank o f Canada, which was negotiated during N o v e m b e r
(V . 101, p . 1740) has been cancelled b y the C ity C ouncil because o f the
legality o f the issues.
BR O CK VILLE, O n t.— D E B E N T U R E S A U T H O R I Z E D . — O n D ec. 6
by-law s were passed b y the T ow n C ouncil, it is said, authorizing the issu
ance o f $12,823 sewer, $3,633 sidew alk-constr., $16,456 loca l-im p t. and
$18,497 pavem ent debentures.
NEW LOAN
S
$
7 5 0
,0
NEW
$ 4 ,6 0 0
0 0 .0 0
V illa g e
C it y
of
LOAN S.
S h r e v e p o r t , L o u is ia n a
W ater W orks and Sewer Serial Bonds
N otice Is hereby given that the C ity Council o f the C ity o f Shreveport, Louisiana, at the Council
Chambers at the C ity H all will receive sealed bids for tho sale o f $750,000 00 C ity o f Shreveport
Louisiana, W ater W orks and Sewer Bonds until 10 a. in ., W E D N E S D A Y . 5 th D A Y O F J A N U A R Y .
1916. Said serial bonds are a part o f an authorized issue o f $1,200,000 00 authorized for the purpose
of purchasing and extending or constructing a water works and sewer system for the C ity o f Shreve
p ort, Louisiana, dated July 1st, 1914, o f the par value o f $1,000 00 each, bearing interest at the rate
of 4 % per annum, payable semi-annually and the bonds offered for salo are to maturo as follows:
323 to 339 D ue July 1st. 1936
N os. 13 to
24 D ue July 1st, 1916
1937
370
351
....................
1917
36
25 “
1938
381
400
1918
43
37 “
1939
433
413
1919
55
49 “
1940
469
448
1920
68
62 “
1941
507
484
1921
81
75 “
1942
545
521
1922
94
88 “
585
1943
560
1923
108
101 “
628
602
1944
1924
123
114 "
675
646
1945
1925
137
128 "
721
692
1946
1926
151
142 “
770
740
1947
1927
165
156 “
822
1948
790
1928
ISO
171 “
1949
876
842
1929
195
186 “
1950
930
896
1930
202 “
211
1951
986
952
1931
228
218
1952
1046
1010
1932
246
235
1953
1109
1070
1933
265
254
1954
1174
1934
1135
289
275
312
1935
298
B oth Principal and semi-annual Interest are m ade payable at the Seaboard N ational Bank, New
Y ork C ity . AH Coupons maturing prior to July 1st, 1916. will bo detached and the bonds will bo d e
livered to purchaser with July 1st, 1916, and all subsequent coupons attached.
Tho bonds have been prepared and will bo certified as to their genuineness b y the THbernia Bank
& Trust C om pany. New Orleans, Louisiana, and will be registered in accordance with the law by the
Secretary o f State o f Louisiana, and will bo ready for delivery to tho purchaser at the IUbcrnla Bank
& Trust C om pany, Now Orleans, Louisiana, on or about January 15th, 1916, at which time and place
the successful bidder will be expected to make paym ent for and accept dtdivery o f bonds.
1 ho ap
proving legal opinion o f Messrs. D illon, Thom son & C lay, A ttorneys, N ow Y o rk , will be furnished
o f
S en eca
F a lls ,
N . Y ,
STREET PAVING BONDS
Sealod proposals will bo received b y Charles W .
C om bs, Clerk o f the said Village o f Seneca Falls,
at his office In said Village o f Seneca Falls, N . Y . i
until the T H IR D D A Y OF J A N U A R Y . 191G.
at seven-thirty P . M . for the purchase o f street
paving bonds o f said Village to the am ount o f
Forty-six Hundred Dollars ($4,600) o f the de
nomination o f Four Hundred Sixty Dollar*
($460) each, the said bonds to maturo In equal
annual Installments the first d ay o f January in
each year from January 1, 1917, to January 1,
1926, interest payablo semi-annually, on the first
days o f July and January in each year.
T he bonds will be awarded to the bidder, who
will take the same at not less than par and accrued
Interest to date o f delivery at the lowest rate o f
interest, not to exceed five per cent (5 % ).
T he Board o f Trustees reserves the right to
reject any and all bids.
Dated Seneca Falls, N . Y .
December 6th, 1915.
By order o f the Board o f Trustees.
CH ARLES W . COM BS.
Village Clerk.
$ 1 0 0 ,0 0 0
C h ip p e w a
C ou n ty,
M ich *
ROAD BONDS
Sealed bids will be received at tho o ffice o f the
County Clerk o f Chippewa C ounty, M ichigan,
up to throe o'clock p. in., on J A N U A R Y 13T H ,
A. D. 1916, for the purchase o f $100,000 0©
Chippewa County Road Bonds, dated July 1st,
1915. due 15 years after date, bearing Interest at
the rate o f 4 H % per annum, payablo semi
6 *Each bid must be accom panied with a certified check on some N ational Bank in Louisiana, or annually. T he Board o f Supervisors reserve
local bank in Shreveport, for $22,500 00. payable to the order o f George O. L illcy, Secretary-Treas the right to reject any or all bids.
For further Information, address
urer C ity o f Shreveport, as an evidence o f good faith, said check to be retained by tho C ity until the
H E R B E R T L . P A R S IL L E ,
successful biddor has fulfilled his contract.
C ounty Clerk.
T ho C ity Council reserves the right to reject any and all bids.
Sault Ste. M arie, M ichigan.
For further inform ation address:
G E O . O. L IL L E Y ,
Secretary-Treasurer C ity o f Shreveport.
Brandell Kenmore & Co.
M E L L O N N A T IO N A L B A N K
PITTSBU R G H , PA.
A CCOUNTANTS
STATEMENT OF CONDITION AT THE CLOSE OF BUSINESS NOV. 10, 1915
RESOURCES
Loans and Investment Securities__________________ $53,012,014 32
Overdrafts____________________________________________
1123
Due from Banks______________________________________ 14,183,49438
CasH___________________________________________________
5,656,637 56
$72,852,157 94
LIA BILITIE S
Capital
____________________ n ____________________$6,000,000
Surplus and Undivided Profits------------------------------ 3,116,327
Reserved for Depreciation, & c__________________
120,921
Circulating Notes________________________________
3,426,397
D eposits_________________________ ____ ____________ 60,188,511
$72,852,157
W
00
03
69
50
27
49
A
j
u d i t o r s
T j n
L
a l y s t s
We especially invite corres
pondence from private or
corporate financial interests
contemplating the under
writing or financing of com
mercial enterprises in the
Latin-American countries.
T u rks H ead
B ld g .,
P r o v id e n c e , R . I.
THE CHRONICLE
Dec. 25 1915.]
BU R N ABY, B. C.— D E B E N T U R E S P R O P O S E D . — A ccording to re
ports this m unicipality has under consideration the issuance o f $1,000,000
6 % 20-yr. debentures.
CARLETON CO U N T Y (P. O. Ottaw a), O n t.— D E B E N T U R E S T O
B E O F F E R E D L O C A L L Y . — A newspaper report states that this cou nty
will offer for sale to local investors an issue o f $50,000 5% debentures, as
this cou n ty’s grant to the Canadian R ed Cross and other patriotic purposes.
COALDALE CONSOLIDATED SCHOOL D IST R IC T NO. 9, A lta .—
D E B E N T U R E O F F E R I N G . — W . R . Alger, M anager o f Debenture Branch
o f the Dept, o f Education (P. O. E dm on ton ), will receive bids until 4 p. m.
Jan. 10 for $4,000 6 % 15-installment school debentures.
COBOURG, O n t.— L O A N E L E C T I O N . — A n election will be held Jan. 3
t o vote on the question o f granting a loan o f $5,000 to Geo. Thom pson to
assist him in constructing a building for the C obourg Steel C o ., L td ., it is
stated.
'
.
EDMONTON, A lt a .— D E B E N T U R E S A L E . — It is reported that M a cNeill & Young o f T oronto were recently awarded an issue o f $40,527 5 %
debentures m aturing in 1935.
ETOBICOKE TO W N SH IP (P. O. Islington), O a t . — D E B E N T U R E
S A L E . — G . A . St.imson & C o. o f T oron to have been awarded at 103.25,
it is stated, the $25,500 6 % 25-installm ent school debentures authorized
O ct. 13.— V . 101, p . 1401.
GALT, O n t.— D E B E N T U R E E L E C T I O N . — The proposition to issue
$50,000 school debentures will be submitted to a vote on Jan. 3, it is stated.
GODERICH, O nt . — D E B E N T U R E S
A U T H O R I Z E D . — [ he
T
T ow n
C ouncil passed a by-law on D ec. 3, it is stated, providing for the issuance
o f $6,000 debentures for the p atriotic fund and the British R ed Cross So
ciety.
H EPW OR TH , O nt.— D E B E N T U R E E L E C T I O N . — An election will be
held Jan. 3, reports state, to vote on the question o f granting a loan o f
$12,000 to the H epw orth Pressed Brick C o.
HUM BOLDT, Sask.— D E B E N T U R E S A L E . — C . H . Burgess & C o. o f
T o ro n to recently purchased $17,200 6 % 10-installment debentures, it is
said .
K INGSVILLE, O n t.— L O A N E L E C T I O N . — The question o f granting
a l o a n ^ J A O . O O O t o the Brown & W jgle C o .. L td ., will b3 decided b y the
v o tcrsfl^ P a n . 4, it is reported.
LEAM INGTON, O u t . — D E B E N T U R E S A L E . — Brfcnt, N oxon & C o.
o f T oron to were recently awarded $33,000 6 % 10 amL>i_5 year debentures,
i t is reported.
•
f
L IST O W EL , O n t.— L O A N E L E C T I O N . — A ccord ing to reports an
election will be held Jan. 3 to vote on granting a Man o f $12,000 to assist
in the establishment o f a factory for the m anufacture o f leather goods.
LITTLE CURRENT, O nt.— D E B E N T U R E O F F E R I N G . — Bids will
be received b y D . M cG ilvery, Tow n Clerk--Tor an issue o f $25,000 6 %
3 0-yr. installment school debentures.
[
LONDON, O n t.— L O A N P R O P O S E D . — n{eports state that this city
has decided to borrow $500,000 at 6% int. troin the Bank o f M ontreal.
M ARKDALE, O n t.—- D E B E N T U R E S A I ,C E . — Local investors have been
awarded the $30,000 6 % 30-installment debentures which were recently
offered for sale, reports state.
z'
MIMICO, O n t.— D E B E N T U R E S A L J s . — A local paper states that C . H .
Burgess & C o. o f Toron to have been awarded an issue o f $3,390 6 % 20-yr.
debentures.
/
N E W B R U N S W IC K , Province of.— B O N D S O F F E R E D B Y B A N K
Harris, Forbes & C o. o f N . Y . are offering to investors $1,700,000
4 K % 10-yr. gold cou p, (with p riv. o f reg.) railroad-com pletion bonds.
D enom . $1,000. D ated D ec. 1 1915. Prin. and semi-ann. in t., J. & D . (
payable in N . Y ., M on treal, T oron to and Fredericton.
T he sale o f these bonds was reported in Y . 101, p . 2001.
O S H A W A , O n t.— D E B E N T U R E S A L E . — Graham, M a cD on a ld & C o.
o f T o ro n to who have been acting as agents for this tow n, report that they
have sold $20,577 20-installm ent paving and $26,066 30-installment sewer
5 M % debentures to local investors.
OW EN
SOUND,
O nt.— D E B E N T U R E
E L E C T I O N . — Dispatches
state that the question o f granting a loan o f $12,000 to the Owen Sound
Shoe M a n fg . C o . will be decided b y the voters on Jan. 3.
E R S .—
PETER BO R O , O nt.— D E B E N T U R E S A L E . — T he Dom inion Securities
C o rp . o f T oron to was recently awarded at 99.62 an issue o f $50,000 5 K %
20-year debentures, it is stated.
D E B E N T U R E S A U T H O R I Z E D . — T he C ity Council on D ec. 9 passed
a by-law providing for the issuance o f $20,000 partiotic fund debentures,
it is reported.
RICH M ON D , O n t.— D E B E N T U R E E L E C T I O N . — A ccording to re
ports the question o f issuing $2,000 local-im pt. debentures will be decided
upon b y the ratepayers on Jan. 3.
ST. CATH ARIN ES, O nt . — D E B E N T U R E E L E C T I O N . — A n election
will be held Jan. 1, it is said, to subm it to a vote the question o f issuing
$26,500 cem etery-site-purchase debentures.
SA N D W IC H , O n t.— D E B E N T U R E S A L E . — A n issue o f $45,000 6 %
10-installm ent debentures has been awarded, it is stated, to B rent, N oxon
& C o. o f T oron to.
S T R A TF O R D , O n t . — D E B E N T U R E
S A L E . — T he
Canada B ond
C orp ., L td ., o f T oron to was recently awarded $200,000 5 % debentures.
D en om . $500 and $1,000. Prin. and int., payable at office o f C ity Treas.
D u e $30,000 Jan. 1 1930 and $170,000 Jan. 1 1945. General debenture
d ebt $1,147,877. Assess, val. for taxation $8,900,831.
T A R A , O nt.— E B E N T U R E E L E C T I O N .— he question o f issuing $7,500
D
T
electric-power-distributing-plant debentures will be subm itted to a vote
on Jan. 3, it is stated.
THAM ESVILLE, O a t . — D E B E N T U R E S A L E . — An issue o f $6, 50
6 % 30-installm ent debentures has been purchased b y AY. L . M cK in n on
& C o. o f T o ro n to , it is reported.
T O R O N T O , O a t . — D E B E N T U R E S A U T H O R I Z E D . — I t is stated that
by-law s have been approved providing fo r the issuance o f $678,242 watermains and $453,650 street-railway debentures.
VERN O N , B. C.— D E B E N T U R E S A L E . — A n issue o f $15,000 6 %
20-yr. debentures has, it is reported, been pin-chased b y C . H . Burgess
& C o. o f T oron to.
W ELLESLEY, O a t . — D E B E N T U R E E L E C T I O N . — Reports state that
an election will be held Jan. 3 to vote on the issuance o f $7,500 electricpow er-distributing-system debentures.
W EST LORNE, O a t . — D E B E N T U R E S V O T E D . — B y a v o te o f 114
to 14 cast at the election held D e c. 20 the proposition to issue the $8,000
6 % hydro-electric-distribution debentures carried.— V . 101, p . 2001.
D ue in 30 equal ann. installments o f principal and interest.
M IS C E L L A N E O U S .
S to n e & W
21G5
M IS C E L L A N E O U S
ebster
! i I i n o i s T r u s t & S a v in !* s B a n k
CHICAGO
SECURITIES OP
Public service corporations
STO N E It WE BSTER
Capital, Surp an U d ed Profits
lus d n ivid
P ay* Interest on T im e
E N G I N E E R IN G C O R P O R A T I O N
CONSTRUCTING ENGINEERS
ahange.
$15,700,000
H as on hand at ai! times a variety of ex-
D eposltc, Current and Reserve
Aooounts.
•
sellent Seourltiea.
D eal* in Foreign E x -
B uys and sella
G overn m en t, M unicipal and
T ransacts a G eneral T r a it Business.
Corporation B ond s
STO N E & W E B S T E R
M A N A G E M E N T A SSO CIATIO N
GENERAL MANAGERS OP
PUBLIC SERVICE CORPORATIONS
C H R O N I C L E ’S
B IN D E R S
BOSTON
14 7 MILK STREET
(MEW VORK
S NASSAU S T ,
c
CHICAGO
FIRST N A T . BANK COLA
A M E R I C A N
M F G .
C O .
MANILA. SISAL AND JUTE
CORDAGE
S a le s O ffice"
N o b le & W e s t S t s .,
B r o o k ly n , N. Y
H. D. Walbridge & Co.
14 Wall Street, New York
P u b lic
U tility
S e c u ritie s
The “ Chronicle” recommends to its subscribers a new binder of the
sectional expansive type and far superior to the old style binders used for
many years. These file covers can be readily adjusted to hold a single
copy or a complete volume, and are a marvel of simplicity and convenience.
In order to introduce this new cover the “ Chronicle” offers them at
$1 50, the cost price. Orders will be received by the
WILLIAM B. DANA CO.,
138 Front Street,
New York
[V ol . 101.
THE CHRONICLE
2166
jfinanna!
e n g in e e r s
ATLANTIC MUTUAL INSURANCE COMPANY
H. M. Byllesby
New York, January 26th, 1915.
to co n fo rm V :> tc lth th e C h a rter o f th e C o m p a n y , s u b m it th e f o l l o u l n o s t a te m en t o f it s a f fa i r s o n th t
31st o j D e c e m b e r , 1914.
T h t C o m p a n y ’ s b u s in e s s h a s b een c o n fin e d t o m a r in e a n d I n la n d t r a n s p o r ta t io n i n s u r a n c e .
Incorporated
S % t T ru stees,
iPremlums on such risks from the 1st January, 1914, to the 31st December, 1914--------- -— 5,026,461 19
_
Co-t./ss 26
Premiums on Policies not marked off 1st January, 1914_ . _____ . . . _____. . . . . . . . ----------Total P r e m i u m s .......... . . . . . . . . . . . . . _. . . . . . . . . . . . . . . . . . . . ____. . . ______ ____- ___. 5,081,244 45
Premiums marked off from January 1st, 1914, to December 31st, 1 9 1 4 .....____. . . . . . . . . . . 4,687,279 32
Interest od the Investments of the Company received during the year 330,262 43
Interest on Deposits in Banks and Trust Companies, e t c ._ ______ 42,065 85
_
Rent received less Taxes and Expenses_ . . . . . ____ ___. . . . . ____ 141,088,74
_
Losses paid during the year.
Less: Salvages___________ ________ 242,315 69
Re-insurances___ . . . ____ ____ 372,200 31
513,417 02
2,253,324 69
614.516 00
1,638,808 69
Returns o f Premiums_______________________________ _____ _______________138,873 43
Expenses. Including officers’ salaries and clerks’ compensation, stationery, advertisements.etc________ . . . . . _____ ____________________________________
562,724 57
A dividend of Interest of Six per cent on the outstanding certificates of profits will be paid to the
holders thereof, or their legal representatives, on and after Tuesday the second of February next.
The outstanding certificates of the issue of 1909 will be redeemed and paid to the holders thereof, or
their legal representatives, on and after Tuesday the second of February next, from which date all
Interest thereon will cease. The certificates to be produced at the time of payment, and canceled.
A dividend of Forty per cent is declared on the earned premiums of the Company for the year ending
31st December, 1914, which are entitled to participate in dividend, for which, upon application, certificates
Will be Issued on and after Tuesday the fourth of May next.
______ ___
By order of the Board,
G. STANTON FLOYD-JONES, Secretary,
Co.
NEW Y O R K
CH ICAG O
TACOMA
Trinity Bldg. Cont. & Comm. W ashington
Bank Bldg.
Purchase, Finance, Construct and
Operate Electric Light, Gas, Street
Railway and Water Power Prop
erties.
Examinations and Reports
Utility Securities Bought and Sold
THE
J-G-WHITE COMPANIES
TRUSTEES.
CHARLES M . PR ATT,
ANSON W . HARD,
DALLAS B. PRATT,
SAMUEL T . HUBBARD.
ANTON A RAVEN,
THOMAS H. HUBBARD,
JOHN J. R IK E R,
LEWIS CASS LEDYARD,
DOUGLAS ROBINSON,
WILLIAM H. LEFFERTS,
WILLIAM JAY SCHIEFFELIN,
CHARLES D . LEVERICH,
SAMUEL SLOAN,
GEORGE H. MACY,
WILLIAM SLOANE,
NICHOLAS F. PALMER,
LOUIS STERN,
HENRY PARISH,
WILLIAM A. STREET,
ADOLF PAVENSTEDT,
GEORGE E. TURNURE,
CHARLES A . PEABODY,
RICHARD H . WILLIAMS.
JAMES H . POST,
' A . A . RAVEN. P r e s id e n t.
CORNELIUS ELDERT, V ic e -P r e s id e n t.
W ALTER WOOD PARSONS, 2 d V lc c -P r e s ld e n i,
CHARLES E . FAY, 3d V ic e -P r e s id e n t.
EDMUND L. BAYLIES,
JOHN N BEACH,
NICHOLAS BIDDLE^
ERNEST C . BLISS,
JAMES BROWN,
JOHN CLAFLIN.
GEORGE C. CLARK,
CLEVELAND H . DODGE,'
CORNELIUS ELDERTR ICH A RD H, E W ART.
PH ILIP A S, FRANKLIN,
B E R B E R ! L. GRIGGS
o^Public Utility and Industrial
Properties
R EPO R TS— VALU ATIO N S— E STIM ATE S
43 EXCH ANGE PLACE, NEW YORK
LONDONX
L IA B IL IT IE S .
ASSETS.
______ ___
Estimated Losses, and Losses UnsetUnited States and State of New York
tied In processor A d ju stm e n t..... 2,162,711 0C
B onds................................................
670,000 00
993,965 13
Premiums on Unterminated R is k s ...
New York City, New York Trust
Companies and Bank Stocks.__
1,783,700 00 Certificates of Profits and Interest
277,510 45
U npaid____ _____ ______ . . . ____
Stocks and Bonds of Railroads___ _
2,723,912 00
104,976 64
Other Securities____________________
357,095 00 Return Premiums U n p a i d . . . . . . . . . .
47,993 70
Reserve for Taxes_________. . . ....
Special Deposits In Banks and Trust
209,323 69
500,000 00 Ro-lnsurance Premiums____________
Companies ______________________
Claims not Settled, including Com
Real Estate cor. Wall and William
122,813 07
pensation .etc _____________ . . . . . .
Streets and Exchange Place, contabling offices.................................... 4,299,426 04 Certificates of Profits Ordered Re
deemed. Withheld for Unpaid Pre
Real Estate on Staten Island (held
22,556 64
miums____________________ ______
under provisions of Chapter 481,
1,264 40
75,000 22 Income Tax Withheld at the Source..
Laws of 1887)..................................
Premium Notes--------------------------941,068 28 Certificates of Profits Outstanding... 6.986,620 90
Bills Receivable____________________
775,688 06
Cash in hands of European Bankers
to pay losses under policies payable
In foreign countries.......................... , 149.249 82
Cash in B a n k ..................................... 1.756,535 28
T^',na . . . . . . . . . . . . . . . . . . . . . . . . . . .
70,00000
10,929,734 62
14,101,674 46
Thus leaving a balance o f........................ - - - - - - - - - - - . . . . . . . . . . . . . . . . . . . . . .
3,1Z i’72? st
Accrued Interest on the 31st day of December, 1914, amounted 4 ° - . - . . ------------- --------------->?
Rents due and accrued on the 31st day of December, 1914, amounted t o . . . . . . . . - - . . - . - - - <so
Re-insurance due or accrued, in companies authorized in New York, on the 3lst day oi
t ?421 71
December, 1914, amounted to---------- -------------- ---------- ------- - - - - -------------------Unexpired re-insurance premiums on the 31st day of December, 1914, amounted to- - - - - - - o s ,42 1 r i
Note: The Insurance Department has estimated the value of the Real Estate corner Wall ana
W
’lHiam Streets and Exchange Place in excess of the Book Value given above a t . . .
45U,5 f 0 un
And the property at Staten Island in excess of the Book Value, a t . . . . . ...........oo./uu
uu
The Insurance Department’s valuation of Stocks, Bonds and other Securities exceeds the
.
Company’s valuation by-------------------. . . . ---------------- ------------------------- -----------------------i,40J.tfoz in
On the basis of these Increased valuations the balance would b e . . . . ---------- . . . . . . . . . ---------- 5,383,085 11
Purchas.fi
Contractors
Managers
Financiers
Engineers
perators
SAN FRANCISCO
CHICAGO
W
ILLARD CA & CO PA Y
SE
M N
C O N SU LTIN G
EN G IN E E R S
CONSTRUCTION
OF INDUSTRIAL PLANTS
REPORTS
ON OPERATING CO N D ITIO N S
VALU ATIO N S
OF M ANUFACTURING PROPERTIES
NEW Y O R K
17 B A TTE R Y PLACE
INCORPORATED
!
Q
4 -
C O N S U L T IN G and
C O N S T R U C T IO N E N G IN E E R S
P U B L IC S E R V IC E P R O P E R T I E S
F IN A N C E D a n d M A N A G E D
BO P in e S t r e e t
N ew Y ork
The Union Trust Company of New York (established in 1864)
has for many years made a specialty of Personal Trusts—under
Will or under Agreement— and maintains a carefully organized
department for handling them.
Many millions of dollars worth of property— real and personal
— have been entrusted to the company by conservative people,
residents not only of New York State but of other States in which
the Union Trust Company is authorized to transact business.
Correspondence or interviews with persons considering the
formation of trusts of any kind— for themselves or for others
— are solicited.
UNION TRUST CO., 80 Broadway
W IL L IA M
E.
W IL L IA M S
CONSULTING ENGINEER
EXPERT IN PATENT CAUSES
28 EAST JACKSON B LVD .,
CI1ICAQO.
B e fo re y o u in v e st y o u r m o n e y in a b u s i
ness w h e re in v e n t io n s a n d p a te n ts are a
fa c t o r , y o u s h o u ld g e t m y r e p o r t o n t h e
p r o p o s it io n . I m ay save o r m ake y o u t h o u
s a n d s. In a n y ca se w ill give y o u a s e ttle d
m in d a b o u t th e in v e s tm e n t.
CAPITAL AND SURPLUS - 87,800,000
Charles D . Robison
Alfred K. Forstall
F O R S T A L L A N D R O B IS O N
ENGINEERS
Acts as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.
Interest allowed
on deposits.
____ _— .
G
i r a r d
T r u s t
C
o m
p a n y
PHILADELPHIA
Chartered 1836
Investigations and Appraisals o f Gas and
Electric Properties for Owners or Financial
Institutions.
NEW Y O R K C I T Y
84 William St,,
Alex. O . Humphreys
Alt on S. Miller
H U M P H R E Y S & M I L L E R ,
C A P IT A L
a n d S U R P L U S , $ 1 0 ,0 0 0 ,0 0 0
E. B. Morris, President.
Inc.
E N G IN E E R S
P ow er— L ig h t — G a s
165 BROADWAY
NEW Y O R K
@FedFRASER