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financial
11TOMCIV-
The
amnurcial
INCLUDING
Railway Sz Industrial Section
Bankers' Convention Section
aarik & Quotation Section
Railway Earnings Section
VOL. 103
Electric Railway Sectiot
State and City Sectiori
NO. 2688
SATURDAY, DECEMBER 30 1916
The Throuidt.
PUBLISHED WEEKLY.
1I
Terms of Subscription-Payable in Advance 10 00 .
1Veek ending December 23.
Clearings al1918.
1915.
Inc. or
Dec.
1914.
I
1913.
$
$
$
$
%
478,683,957 297,899,977 +60.7 249,077,853 273,497,822
Chicago
VOT One Year
0
3 .
6 50 •
17 0 0 Cincinnati
22,442,750
19,605,900
27,253,400 +38.9
37,845,019
/Per Six Miniths
21,128,767
17,635,539
38,151,506 +60.7
61,325,241
Cleveland
D
postage)
European Subscription (including (including postage)
20,825,186
18,827,284
56,723,416
30,288,294 +87.3
European Subscription six months
13,126,972
£2 14s. Milwaukee
13,590,712
13,917,288 +59.9
22,264,310
Subscription in London (including postage)
Annual
6,852,563
al ha. Indianapolis
7,000,000
8,632,324 +50.2
12,964,970
Six Months Subscription in London (including postage)
5,920,300
ell 50
6,856,100 +64.6
10,843,800
Columbus
5.186.700
Canadian Subscription (including postage)
4,737.385
5,319,489
7,956,154 +37.9
, Toledo -----i.10,975,935
Subscriptton includes following Supplements3,102,460
2,734,880
3,900,000 +28.2
5,000,000
Peoria
2,528,158
2,523,144
2,626,106 +93.9
5,093,049
I
BANK AND QUOTATION(monthly)RAILWAY AND INDUSTRIAL(3 times yearly) Grand Raplds..._
2,078,840
1,760,084
2,608,691 +49.5
3,900,416
Dayton
EARNINGS(monthly) ELECTRIC RAILWAY(3 times yearly)
RAILWAY
1,192,071
826,774
1,878,073 +40.9
2,646,521
Evansville
STATE AND Crry(semi-annually) RANKERS' CONVENTION (yearly)
1,015,267
850,276
1,165,298 +47.3
1,716,194
Springfield, Ill _ _
1,056,498
1,085,614
1,323,782 +28.5
1,700,741
Fort Wayne _ _
• Terms of Advertisind-Per Inch Space
1,255,431
1,271,285
2,231,883 4-15.7
2,581,148
Youngstown
$4 20 LeAklionngton -__ Transient matter per inch space(14 agate lines)
1,514,000
1,385,000
2,845,000 +80.3
5,128,000
22 00
(8 times)
Two Months
763,487
711,214
812,413 +3.9
844,044
29 00
Three
870,498
912,873
1,094,931 +39.1
1,522,187
Standing Business Cards
50 00 Rockford
grnm:
gghs
l
io
1,159,217
2,000,000 +50.2
1,289,108
3,004,779
Canton
87 po i Quincy
Twelve Months(52 times
550,275
611,015 +31.6
804,366
470,098
Bloomington_
633,972 +71.6
847,217
718,957
1,087,128
-39 South La Salle Street, Telephone Randelph7396
CHICAGO OFFICE
849,796 +49.0
636,866
615,885
1,265,433
.
--o
Springfield, 0111OFFICE-Edwards ea Smith,1 Drapers' Gardens, E C.
LONDON
363,383
502,751 +49.7
405,970
752,027
Decatur
COMPANY,Publishers,
.526,857
559,851
658,343 +49.4
South Bend
1,283,296
WILLIAM B. DANA
475,000
399,021
685,554 +68.7
Jackson
1,156,383
Depereter Ste., New York.
Front, Pine and
373,328
726,207 +15.3
Mansfield
837,862
494,397
452,386
432,001
o iog
459,605 4-22.2
561,645
by WILLIAM 13. DANA COMPANY. Danzlile
Published every Sam daY morning
400.000
425,581
679,2811 +92.0
1,304,503
R. Dana and Arnold G. Dana.
Jacob Seibert Jr , President and Tress.; George of all, Office of the Company,
500,910
406,693
431,223, +76.5
Lima
761,757
Addresses
Vice-Presidents; Arnold Cl. Dana, Sec.
730,345
168,282
317,938: +45.0
461,070
Jacksonville, Ill_
169,827
214,522
230,000, +33.2
Ann osn bb ro
306,402
Ar
ATin oor
346,713
413,996
314,876, +94.0
610,525
CLEARING-HOUSE RETURNS.
•
42,459
33,558
67,503 -10.0
60,757
The following table, made up by telegraph, 8w., indicates that the total bank (
Tot. Mid.West 736,017,381 460,339,2821 +59.9 347,265,056 391,356,454
clearings of all the clearing houses of tne United States for the week ending to-day
$5,032,015,270. against $6,246,516,352 last week and $4,230,570,165
have been
37,756.457
30,557,960
44,273,476 +88.0
83,216,611
the corresponding week last yea.'. Christmas on Monday in week this year, New San Francisco__ 17,799,101
12,220,775
Los Angeles
17,256,803 +79.5
30,971,000
Years on Saturday last year.
10,348,216
8,000,000
Seattle
9,745,635 +88.2
18,340,950
3,697,39e
2,392,348
Spokane
5,712,668
3.500,000 +63.2
Per
-Returns by Telegraph.
Clearings
5,535,815
5,871,084
Sa rt Lake
Poitiand MY-7,500,000 +107.1
15,536,923
Cent.
1915.
30.
.
1910
Week ending !dec.
9,748,176
8,200,929
13,618,181
9,361,104 +45.5
, ir
2,010.395
1,350,045
2,560,409
1,792,977 +42.8
$2,381,453,943 $2,664,049,009 -10.6 Tacoma
New York
2,592.556
4,998,561
2,200,000
2,878,458 +73.7
-8,0 Oakland
159,369,769
146,656,230
13oston
1,663,376
2,911,233
1,923,055
2,329,332, +25.0
+5.4 Sacramento
230,878,127
219,125,123
Philadelphia
1,659,717
1,501.899
1,828,185! +18.5
2,166,697
40,776,944 -mg San Diego
28,823,385
Baltimore
658,133
461,524
1,035,945
713,923 +45.1
Pasadena
340,061,616
+9.5
Chicago
310,513,683
798,228
2,424,219
1,254,784 +93.2
700,000
96,420,616
+8.6 Fresno
88,803,580
St. Louis
4
693,217
1,236,914' +33.7
854,792
1,653,696
t:
St n j n
+65.2 saocko e
32,149,944
New Orleans
19,465,261
519,767
561,622 +66.4
452,815
934,055
375,000
400,000 +52.6
350,000
610,527
-7.0 Nortn Yakima_ _
Seven cities, 5 days
$3,256,243,861 $3,502,103,369
265,000
243,880 +63.9
217,467
400,000
662,999,368 +13.8 Reno
Other cities, 5 days
754,278,941
385.532 +48.0
293.237,
570,393
Long Beach
77,547,9301 96.118,361
-3.7
$4,010,522,802 $4,165,102,737
Total all cities, 5 days
Total Pacific.- 187,662,068 105,262,6251 4-78.3
65,467,428 +1460.3
1,021,492,468
All cities, 1 day ..
65,399,998, 46,484,115
Kansas City.--- 118,085,372! 72,262,2341 +83.4
22,664,361
26,118,948
32,492,726, 30,667,566, +6.0
$5,032,015,270 1 $4,230,570,165 1 +18.9 Minneapolis _
cities for week
Total all
14,581,746' 12,800,000
17,622,296: 4-53.6
_
27,076,440
Omaha
10,795,4081
9,495,375
11,805,9611 +20.5
14,220,1711
The full details for the week covered by the a'iove will bo given next St. Paul
7,732,154
7,880,1471
10,511,0511 4-60.2
18,837,969
Saturday. We cannot furnish them to-day, clearings tieing made up by the Denver
6,753,318
6,991,144
8,669,239 +69.8
14,723,945'
clearing houses at noon on Saturday, and hence in the above the last day St. Joseph
3,925,707
3,994,2441
4,473,569 4-34.4
6,014,809
of the week has to be in all cases estimated, as we go to press Friday night. Des Moines
2,914,033
2,741,604
3,452,670 +50.8
5,200,000
We pre.sciit below detailed figures for the week ending with Saturday Sioux City
2,607,498
3,850,759
4,867,218 1-21.0
Wl i h i b
Docotta
5,849,386
noon, Dec. 23, for four years:
3,858.539
5,366,741.
8,541,764, -12.7,
7,458,458
1,626,402
1,888,925
2,125,5211 +36.9,
2,910,387
Lincoln
Week ending December 23.
2,272,236
2,258,818
3,100,828 -25.51
2,311,878
Topeka
' Clearings al
1,425,677
1,054,815
1,313,963 4-65.0
2,185,497Davenport
Inc. or
1,603,874
1,286,240
1,377,729 +29.4!
1,782,253
Cedar Rapids
Dec. I
1915.
1916.
1913.
1914.
427,169
1,630,053
2,333,995 -30.6'
I
1,819,122
Fargo
897,290
1,182,491'
1,292,196 +61.4
2,085,250
Helena
$
1
5
$
S
% I
513,817
454,074
625,699 +91.8
1,200000
Colorado Springs
3,920,631,246 2,288,657,686 +71.4 1,244,775,437 1,573,439,468 Pueblo
New York
638,358
572,754
636,518
487,308 1-30.8
philadelphla .. _ - 321,800,320 188,429,385 +70.8 133,478,510 155,404.075 Waterloo
1,042,657
1,181,369
1,998,238 +15.11
2,299,474
48,119,792
Pittsburgh
41,855,480
53,434,038 +52.5
81,485,351
315,429
494,990
942,060 --1.71
926,111
31,528,126 Aberdeen
21,163,751
Baltimore
37,329,963 +20.8
45,104,889
491,533
518,9611
1,647,666
738,824 4-123.0
Billings
8,845,368
9,950,312
18,733,031
13,086,780 +43.1
Buffalo
308,520
421,041.
458,541 +22.71
562,016
5,235,308 Fremont
5,516,475
_ ..
4,113,633 4-34.1
4,712,088
Albany.....
170.000
273,880
224,083 +54.9
347,871
6,023,907Hastings
7,769,934 +39.6
6,187,180
10,845,770
Washington --Tot. 0th. West 268,253,109 189,691,551 +41.4 160,918,150 130,968,062
3,816,487
6,817,167
4,195,600 +38.7
3,055,842
Rochester
1
I
I
3,133,297 +20.3
2,776,567
3,788,215
3,554,123
Scranton
72,150,566
(18,786,715
83,868,162 +47.0
123,312,548
2,255,026 +69.1
2,185,028 St. Louis
3,813.404
2,306,383
Syracuse
22,282,469
16,265,853
20,382,721 +95.4
39,834,553
1,865,959 +22.5
1,553,068 New Orleans_ _ -1,003,135
2,284,344
Reading
13,428,488
9,94.5,368
15,936,189 +48.1'
22,270,255
Louisville
1,291,381
1,775,947
2,435,437 +46.9
4,578,671
Wilmington
9,003,701
6,677,048
11,193,828 +20.5
13,500,000
1,633,915
1,427,033 Houston
1,811,645 +14.1
2,086,964
Wilkes-Barre ___
3,042,000
3,080,444
4,633,987 +25.2
5,799,478
1,789,196
2,087,550 Galveston
1,965,480 +129.1
4,502,874
Wheeling
7,277,781
6,436,562
14,268,181 +76 9
25,244,098
Richmond
1,653,689
1,596,840
1,989,307 +23.3
Trenton
2,453,088
11,098,391
16,317.775
16.469,533 4-72.0
28,318,886
781,513
783,313 Atlanta
York
869,173 +31.3
1,141,964
8,866,589
6,329.167
8,375,128 +40.2
11,746,670
980,428 Memphis
754,687
Erie
1,111.050 +49.1
1,656,843
6,898,889
8,599,086
9,631,469 +23.4
11,388,504
576,273
627,259 Fort Worth
Greensburg
592,910 +34.9
799,316
5,425,219
4,097,972
4,869.306 +25.9
6,128,230
595,400 Savannah
499,800
Binghamton ____
832,400 +11.8
930,500
6,983,340
5,000,000
6,247,864 +43.9,
8,987,715
as
679,259 Nashville
+127.1615,682
Chester
1,618,183
711,591
4,219,771
4,101,974
5,492,125 +13.2'
6,219,159
517,936 Norfolk
520,432
Altoona
600,000
427,370 +40.5
3,177,724
3,104,273
2,923,473 +25.9
3,679,720
1,011,312
1,170,199 Birmingham
I.ancaster
1,440,000
1,183,874 +21.6
2,502,301
1,466.811
1,615,486 +66.2
2,685,559
669,837
Montclair
597,846 Augusta
871,000
+87.2
465,648
2,713,276
1,973,855
2,343,268 +79.0
_ ___
4,193,606
Little Rock._
I
I
I
• Total Middle- 4,443,459,6152,618,667,790 +69.7 1,484,498,741 1,852,018,324 Jacksonville.
2,092,185
2,249,278
2.845,006 +51.3
4,324,858
Chattanooga__ _ _
2,059,238
1,800,000
2,542,501 +18.7
3,018,742
• 227,471,691 154,835,949 +46.9 103,038,718 120,447,956 Charleston
Boston
1,396,239
900,000
1,000,000 +55.9
1,558,720
7,135,700 Mobile
5,996,600
Providence
10,046,100
7,802,200 +28.8
1,491,514
1,200,000
1,588,951 +56.5
2,485,507
3,846,272 Knoxville
8,909,982
3,845,851
Hartford
9,957,079 -10.5
1,855,000
3,270,400 +67.1 . 2,779,000
5,464,460
2,527,476 Oklahoma
5,275,037
2,605,529
3,040,147 +73.5
New Haven
4,595.118
3,833,588
4,454,860 --62.2
1,683,494
4,401.544
2,134,688 Macon
2,004,034
3,000,000 +46.7
Springfield
1,156,659
762,280
1.600.000 +25.0
2,000,000
1,695,494
2,800,000
1,424,967
2,000,000 +40.0
Portland
376,506
251,433
331,067 -14.3
283,617
Vicksburg
4,302,318
2,089,768 Au
1,909,084
2,576,768 +67.0
Worcester
407,043
334,032
485,580 +30.5
833,101
1,118,243 Jackson
3,589,106
864,793
1,487,011 +68.6
Fall River
652,730
720,440
1,379,007 +12.6
1,553,738
1,562,658
965,344 Muskogee
939,682
1,163,399 +34.3
New Bedford ___
1,227,738
1,199,069
1,985,362 +136.9
4,702,707
586,417 Tulsa
1,081,732
761,804 +42.0
590,176
Lowell
,
325,700 +0.06
.325,900
561,729 Meridian
684,840 +57.1
666,104
1,075,593
lIolyoke
331,799
308,517
390,638 +96.3
Bangor
766,793
Total Southern 341,841,625, 229,159,139 +49.2 172,875,639 201,599,859
, g/4
TotalNewEng, 269,232,554 187,699,835 +43.5 124,094,055 143,438,888
6,248,516,352 3,790,820,222 +64.82,367,199,670 2,8T5710 rTotal all
Note.
-1- 6
-For Canadian elc
"Commercial and Miscellaneous News."
Outside N. Y_ 2.325.885.10(1 1.502.1e2 53A -77-4$. 1.19/.494 93.i 1.242.05R.478
Returns not available
fa
2364
THE CHRONICLE
flioL. 103.
demand has come upon the United States at a time
THE FINANCIAL SITUATION.
when the productive activities of the rest of the world
As the year closes it is evident that peace proba- have been in large measure held in
abeyance, by
bilities are playing an important part in affairs, and reason of the fact that millions of men
are engaged
that the new year seems likely to pass completely in causing havoc and destruction instead
of promoting
under their dominating influence.
legitimate enterprise and creating wealth.
Judging from the attitude of those in responsible
Until the present week it had seemed as if these
authority in the Entente countries, the peace over- metal markets, because of the extraordinary
volume
tures made by Germany on behalf of the Central of unfilled orders, would be proof against
price
Powers stand little chance of having a favorable issue. declines or hesitancy of any kind, but we observe
The stock market, on the other hand, which so often that the "Iron Age" of this city, in its review of
has proved a reliable tell-tale in such matters, is trade conditions the current week, makes the
follownursing a different story. It plainly betrays growing ing comment: "The effect of peace
discussions
fear that the striving for peace may, after all, be is chiefly seen in the holding off of buyers who
have
crowned with success—and that, too, sooner than figured on extended deliveries. The late
scramble
surface indications would appear to foreshadow. for pig iron for the second half of 1917 was so far a
Share values on the Stock Exchange the present week speculation against a scarcity due to Europe's conhave been distinctly depressed and quotations have tinued heavy buying that the chance of Europe's
been drifting back to the level reached last 'week falling off is bound to have its effect."
after the speech of Lloyd George and the sudden
In other words here also there is a halt. And
move of the Administration at Washington in send- this being so, sooner or later we will have all
the
ing an identical note to Europe asking the belligerent other concomitants that invariably attend such a
countries to state the aims and objects they have in situation. It is possible that the readjustment
view, and the terms upon which they would be ready here will be gradual because of the magnitude of
to conclude peace.
the unfilled orders, though that is by no means
Not only has the stock market been weak, but it certain, but at all events once the change has begun
has shown little rallying power. This seems signifi- the tendency will be downward.
cant in view of the enormous liquidation that has
We are confronted by such an extraordinary
taken place during the last two weeks, the effect of situation of the world's affairs that it would
be
which must have been to shake out all weakly-held hazardous for any one at this stage to predict whether
speculative accounts. That there should be so little 1917 is really going to be a year of peace or not, but
confident buying of stocks after a break in which at least it would seem as if the prospect of peace will
many of the industrial or war stocks have suffered all the time be imminent—and that is a state of
a tumble of 30 or 40 points is evidence that in the things that must inevitably make for doubt, hesiestimation of the speculative fraternity—who have a tancy and uncertainty.
habit of sensing probabilities with rare accuracy—
It would seem therefore as if the apex of commodity
there is enough of vitality and promise in the peace price levels had been reached and as if, consequently,
discussions to warrant going slow and avoid loading the course of prices would now be downward—slowly
up with stocks of the industrial concerns whose record if the war is prolonged, and very rapidly if it is
of unwonted profits is to be brought to a close when brought to a close.
once an agreement has been reached for terminating
The course of stock values, it is possible, may be
the war. No doubt banking institutions are dis- different because of the great liquidation that has
couraging speculation and frowning upon attempts to already taken place, and for other reasons, but while
revive the sky-rocket performances of recent periods, granting this it yet remains true that the Stock
but that is tantamount to saying that they see danger Exchange cannot fail to be influenced more or less
in such a course.
by the same considerations.
Whether peace be near or remains more or less
remote, a cautious policy is obviously best under
The current number of the "Bankers' Magazine,"
present circumstances. A readjustment of values is of this city, undertakes to answer the question,
inevitable with the conclusion of peace and it is "What Shall We Do with our Gold?" and its sugmanifestly better all around that this should come by gestions are well worth considering. For ourselves
preparatory steps such as are attending the present we do not think that any country can have too large
movement, rather than that the country should hug an influx of gold so long as there is a huge volume of
the delusion that the abnormal conditions produced paper money to displace, though it is an undeniably
by the war are to continue indefinitely, only to be weak point in the Federal Reserve Law that it does
rudely awakened from its dream at some critical not provide for an equivalent extinction of paper
moment. Readjustment by successive stages will money issues as gold flows in to take their place.
obviate much risk and make the burden easier to This Reserve Law under the recent amendments has
bear.
dangerous elements of inflation in it, and it is to be
And that is as true of the course of industrial sincerely hoped that there is no basis of truth in the
values as of Stock Exchange values. As a matter of reports that have come this week from Washington
fact, commodity values have attained even dizzier saying the Reserve Board contemplates drafting
heights than Stock Exchange values, and this with- amendments proposing further reductions in the
out the aid (except perhaps in the case of grain reserve requirements of the member banks. That
prices) of speculative manipulation. Take the case would be inflation of the rankest kind at a time when
of the metal markets; here phenomenal prices have what is needed, in view of the high level of values
been reached, and there must be readjustment and the universal expansion of credits, is some
drastically in the direction of a lower level.
drastic steps in the other direction. We reHow present fabulous prices have come about is, print the remarks of the "Bankers' Magazine," as
of course, not difficult of discernment. Inordinate follows:
DEC. 30 1916.1
THE CHRONICLE
2365
-Timid economists and bankers are beginning to cry aloud increase over the former record total of 1914, exfor somebody to rescue the United States from the flood of pansion in the nflow from Canada, Cuba, China,
gold in which they expect the country to be submerged.
They seem to think .that this flood of gold is going to cause Japan, South America, the East Indies—in fact,
from almost all other directions—much more than
inflation, speculation and disaster generally.
To quiet those who may be disturbed by this false cry, counterbalancing the decided contraction in the
let it,be said at the outset that, compared to the obligations movement from Europe.
the United States has recently assumed in international
The total value of the merchandise exports for
financing, there is no excess of gold whatever. We have
November 1916 was $517,930,544,for the five months
bought back an immense amount of our securities which
Europe owned, and,roughly, we have lent two billions abroad since July 1 has been just a little short of 2,500 milsince the war began. These financial feats call for a larger lion dollars and for the eleven months of the calendar
backing of:go Id, and there need be no alarm over our present year $4,961,246,815, these comparing with $327,supply. Our real cause for worry consists of the problem 670,353and 1,493 millions and
$3,195,364,485,respecof holding on to this gold when the European nations again
tively in 1915, and with 245 millions, 1,085 millions
begin bidding for it.
But to anybody who thinks there is no place to put the and 2,251 millions in 1913, the year prior to the
breaking out of hostilities abroad.
gold we have, a few suggestions are offered:
(1) Put $150,000,000 gold behind the • $346,000,000 of
Imports for the month were, as already stated,
greenbacks, now backed by only $150,000,000. This would a high record for November, reaching
$176,988,305,
make these obligations gold certificates, for a considerable
part of the issue outstanding when their retirement was against $155,496,675 in 1915 and $126,467,062 in
1914, with the five months' totals $901,725,067, and
stopped-must have been lost or destroyed.
(2) Put some gold—at least 25%—aside as a reserve $740,954,369 and $693,703,374, respectively; and
against the $700,000,000 of Government paper "money" the eleven months' totals $2,186,821,703 and $1,outstanding in the shape of national bank notes.
(3) Buy up with gold one-half the fifty-cent silver certifi- 606,764,190 and $1,674,619,456. The net balance
of exports of $340,932,239 for November, while some
cates and retire them.
If these suggestions are adopted the currency will be on a 10 millions under that disclosed by September, commuch sounder basis than it now is. Should there be any pares with only $172,173,678 a year ago. The five
surplus gold left after carrying out these suggestions it might months' export balance is 1,579 millions, against
be applied to the following purpose:
(1) To an increase in all bank reserves gradually to at 752 millions, and for the eleven months at $2,774,425,112, is nearly 600 millions greater than the sum
least double the present figures.
This would reduce credit inflation and help in bringing of the imports for the period. In 1915 the net outprices down to something near a normal level.
flow was $1,588,600,295 and in 1914 reached only
Before the war began the United States had outstanding
the largest volume of uncovered paper of any country in the 193 1-3 millions.
The feature of the gold 'movement of the month
world, and while that bad eminence may now be held by
some of the warring nations, our own record is still extremely was a somewhat marked increase in the volume of
bad. With between one and two billions of uncovered paper exports. These reached $26,335,062 in all, of which
outstanding, and with bank reserves watered by this form
millions from New York, mainly to Spain and
of reserve, and with the recent proposal still further to water 113
South America and 8 millions from San Francisco
them through redeposit with the Federal Reserve banks, an
outcry about a dangerous flood of gold in the United States almost wholly to Japan. Against this there were
seems calculated to make the monetary theories of William imports of $46,472,903, of which a little over a milJ. Bryan respectable by comparison.
lion reached New York by steamers from Mexico
and South America, 10 1-3 millions arrived at San
Exports of almost extraordinary magnitude con- Francisco from Canada and Australia, and the
tinue to be the salient feature of our foreign trade. remainder in greatest part represented the inflow
On several occasions during the last year there was by rail from Ottawa on. British account. Our net
inclination to believe that, even with conditions in gain of gold for the month. was, consequently, $20,Europe so powerfully stimulating the outward 137,841, raising to $399,550,345 the total for the
movement of commodities (war supplies largely), eleven months, this latter comparing with a'similar
the zenith had been reached. But scarcely had balance of $387,005,280 in 1915 and export balances
that conclusion been arrived at when a new high of $169,206,554 in 1914 and $22,594,542 in 1913.
record was announced. In February a mark in
excess of 400 millions was set, only to be brushed
English cotton-spinning companies, notwithstandaside in March and that month's total was super- ing the various hindrances with which they have had
seded by the 474 millions of May. Three months to contend, have done comparatively very well in a
later (in August) a 510 million aggregate was at- financial way in 1916. Reports to that effect have
tained, September gave 515 millions, and now for been coming to hand periodically for some time
November we have the heaviest total of al1— past and have apparently found ample confirmation
$517,920,544. The aggregate outward movement in the quotations ruling for the finished product.
for the eleven months of 1916, moreover, is almost Now, however, the excellent status of the industry,
5,000 million dollars, indicating that for the full under existing conditions, is made clear beyond
year the total will be close to 5,500 millions, or ap- peradventure by the analysis by Mr. Frederick W.
proximately 2,000 millions larger than last year, Tattersall of Manchester, of the stocktaking results
and much over double the outcome of 1914. It is of 62 companies for the twelve months ending
hardly necessary to say that much the greater part November 30. Remarking that the year opened
of the increase shown this year over last has been with spinners of yarn in a fairly healthy position,
in the shipments to the Entente belligerents, especi- Mr. Tattersall states that business has gradually
ally Great Britain and France, but a very satisfactory become still more profitable, and at the time of
gain is to be noted in our exports to Cuba, China, writing the production of the mills was deeply sold
Japan and the various South American republics. at remunerative rates, the margin of profit being
The imports for the month, too, were of com- better than at any time since the beginning of the
paratively full volume, exceeding November of all war. Output, of course, is much less than in preearlier years, and for the year to date there is a large war days, on account of shortage of operatives. The
2366
THE CHRONICLE
[Vol, 103.
it is declared, must be considered. In the same
circles it is intimated, too, that under no circumstances would Germany consider a peace that did
not include the release of lost colonies, if Germany
on the other hand is to be required to evacuate all
enemy territory now occupied. If Germany can
have her way she will have the peace conference
first discuss and settle the question of territorial
readjustment and the framing of a tentative peace
treaty; then it is argued the doors of the conference
might be thrown open to all neutrals for a frank
discussion of the question of international disarmament, a reduction of armament or a league to enforce peace.
As to the position of the Entente Powers there is
no intimation that confidential information has been
received at Washington that will shed greater light
on their attitude than has been given publicly in the
The reply of Germany and her allies—Austria- speeches of their Premiers and in the comment of
Hungary, Bulgaria and Turkey—to the note of their press. There is no disposition in official WashPresident Wilson in which he asked the belligerent ington to doubt that the Allies unanimously will renations to state the aims for which they were.fight- fuse any description of peace conference until Gering, was made public in Berlin on Tuesday last many has indicated clearly on what conditions she
and transmitted by the press associations to this will stop fighting. Advices from Petrograd state
country. The official text of the reply did not, that Russian official circles call attention to the fact
however, reach the President until Thursday. The that Germany's response "is not really an answer at
reply itself seems to ignore the direct suggestion all, since it evades the question of Germany's aims
made by Mr. Wilson, merely reiterating• the senti- in the war and proceeds prematurely to the considments expressed last week by the German Chan- eration of peace," which in the Russian view Gercellor when requesting the United States to present many knows will be unacceptable to the Allies under
the contents of the peace note to the Entente Powers. the present conditions.
The London correspondent of the Associated Press
The text of the German reply as translated follows:
has been informed by the British Foreign Office that
The Imperial Government has accepted and considered England and France have fully agreed upon the
in the friendly spirit which is apparent in the communica- terms of the reply to be made to the German peace
tion of the President the noble initiative of the President
has
looking to the creation of bases for the foundation of a lasting proposals. It is expected that once this reply
been forwarded, the response to President Wilson's
peace.
The President discloses the aim which lies next to his note will follow promptly. The British Premier,
heart and leaves the choice of the way open.
Lloyd George, has announced a British Imperial ,
A direct exchange of views appears to the Imperial Govto be held in London—not later than the
ernment as the most suitable way of arriving at the desired Conference
February. The Prime Minister of each of the
result. The Imperial Government has the honor, there- end of
fore, in the sense of its declaration of the 12th instant, which Dominions is "invited to attend a series of special
offered the hand for peace negotiations, to propose speedy meetings of the War Cabinet in order to consider
assembly on neutral ground of delegates of the warring urgent questions affecting the prosecution of the war,
States.
conditions on which, in agreement with our
It is also the view of the Imperial Government that the possible
great work for the prevention of future wars can first be allies, we could assent to its termination and probtaken up only after the ending of the present conflict of lems which would then immediately arise."
exhaustion. The Imperial Government is ready, when
A press correspondent cables from Berlin recording
this point has been reached, to co-operate with the United the growth of the belief that the peace efforts that
States at this sublime task.
President Wilson, the Central Powers, Switzerland
Suggestions have been made that a confidential •and Scandinavia now are making will not succeed
note accompanied the published one containing immediately in bringing the war to an end. That
an outline of Germany's peace views. Another re- the war will not end until the Allies make another
port states that the American Ambassador at Ber- gigantic concentrated effort to break the German
lin sent a secret message in transmitting the note. front is indicated, this correspondent says, by the
Both these reports, however, have been denied, artillery preparations which are being made. Engthough intimation has been made from the White land in the West, her allies in Greece, and Russia in
House that it will be the policy henceforth to regard Rumania apparently expect to accept von lindenall steps in the peace move as confidential and that no burg's challenge for winter battle. When these
comment will be made on any development, nor will battles begin peace talk will probably subside to
any rumors be discussed. This attitude of silence await the outcome of the great struggle. It is
is regarded in some quarters as indicating a belief believed in Berlin that England intends to give
that secret exchanges are expected to follow, if they Lloyd George a trial.
do not in fact precede, the formal answers by the
Teutonic troops have continued to drive the RuEntente nations. The view that seems to be entertained in Washington, in circles close to the manians before them in the Dobrudja district,
German Embassy, is that Germany would be able though toward the close of the week there was a
to make much better terms in confidential negotia- slackening of the attack which may mark temporarily
tions than if such negotiations were carried on in at least the end of the offensive. It is pointed out
public. The radical element in German politics, that the Germans have almost reached the marshy
62 companies whose returns have been compiled
control mills containing 5,547,981 spindles, or about
one-tenth of the spindleage of Great Britain and
have total paid-up share capital of £2,230,639 and
loan capital of £1,192,616. The total profits reported for the 12 months, exclusive of interest paid
on loans and an adequate allowance for depreciation
of plants, &c., reaches the very respectable total of
£250,188, or 11.22%, on the share capital, this comparing with a virtually nominal return in 1915 or
1914. Stated in another way, the average .profit
per company in 1916 has been no less than £4,035,
against but£89a year ago,and £57in 1914. It is to be
inferred, that with a large volume of orders in hand,
the outlook for the coming year is verygood,although
at the moment confidence in values has been shaken
by the course of cotton.
DEC. 30 1916.1
THE CHRONICLE
lake territory about the Danube, and their advance here will be so impeded by natural obstacles
that defense will be much easier. Reforming of
Rumania's forces reinforced by Russian troops
along the new line marked by the rivers Sereth and
Danube is now expected. On the Verdun front on
Wednesday German troops transferred from the
Somme front entered French positions on Hill 304
and on the southern slope of Dead Man Hill, the
War Office announces. The Germans advanced to
the second and third French positions, capturing
seven machine guns. Several French counter-attacks were repulsed, the statement says.
The Greek Government is to send another note
to the Entente Powers indicating the increased irritation resulting from the blockade of Greek ports. The note will refer to the previous communication,
which suggested a policy of mutual consideration.
It will say that if the situation is not made clear the
Greek Government may be forced to ask the nation
regarding the course to be taken.
The French Government has decided to raise
Gen. Joffre to the dignity of Marshal of France
in recognition of his valuable services to the country. A decree nominating him will be submitted
for the ratification of Parliament as soon as possible. 'The title of Marshal of France has fallen into
disuse since the establishment of the third republic.
A bill, in 1873, regulating the army grades, retained
the rank, but specified that the conditions under
which it could be conferred should be fixed by a
supplementary bill. That bill, however, has never
been proceeded with.
A ban has been placed by the British Admiralty
upon all shipping reports until further notice. In
• its present form the order affects New York only,
but similar regulations are to be enforced at an
early date on British shipping at other American
ports. Under this order the transmission of reports of the arrival of British liners at British ports
or of their sailing for New York will be prohibited.
The first report of approaching British liners will
be received when they reach American waters.
The dates of departure of British liners will not
be advertised here and persons seeking passage will
be notified of the time of sailing only a short time
in advance. The purpose of the new regulation is
to protect British shipping from attacks by German
commerce raiders and submarines.
Gen. Carranza, Mexico's First Chief, has not yet
approved the protocol signed by his representatives
some weeks ago at Atlantic City. An official communication from him was received in Washington
on Thursday; while not directly refusing to approve
the protocol,Gen. -Carranza appeals for a modification suggesting substantial changes. Early next
week a joint session of the Mexican-American Commission will be held at which the Americans will
give the Mexicans an answer,and on its nature depends the future course of the Commissioners who
were directed more than four months ago to effect
if possible an adjustment of questions at issue between the two countries. It is understood that one
of the conditions to which Carranza now objects
is that providing for Mexican garrisons in the territory evacuated by Americans as they march out.
•
•
2367
The London Stock Exchange opened on Wednesday
after the holidays, but very little business was reported. The Exchange had been closed from Friday
of last week. London advices stated that a good
impression was caused by the authorization of the
Federal Reserve Bank in New York to appoint the
Bank of England its correspondent in London. While
the law is very specific in limiting to operations in
commercial bills of exchange the character of the
transactions of the Federal Reserve banks may enter
into abroad, still the new connection undoubtedly
means some increase in international banking facilities. President Wilson's note asking that peace
soundings be made in order that the various belligerents might state their views of the war has been
the subject of very wide discussion in financial circles
in London, with the general disposition to criticize
the President's action as being at least untimely.
Mining shares were irregular, due to the decrease
of £500,000 to £7,139,000 in the Kaffir dividends for
the second half of the year. Consols closed at
553', comparing with 553 on Friday of last week.
There has been no further information available
of the date of issue of the proposed new long-term
Government loan. It hardly is likely, however, that
any definite steps will be taken until the present
wave of peace talk has passed. Should it finally
develop that Germany is in fact working for a peace
on practical lines it obviously would not be the part
of wisdom to issue a new 5% loan, and by that means
automatically raise the rate on existing loans from
432% to the 5% figure. Advices from London state
that a new Australian loan of £18,000,000 bearing
432% is to be offered in that country, subscriptions
to close on Feb. 1. The revenue of the United
Kingdom for the week as reported on Dec. 27 was
£8,487,000 and the expenditure £50,239,000. Supply bills to the amount of £32,475,000 were sold during the week and £7,176,000 in Exchequer bonds were
disposed of. Heavy maturities of Treasury bills
are keeping the money market in a comfortable
position; it is expected that a reduction in the Bank
of England rate will be announced in January.
In Paris, as in London, the financial markets have
been dull and otherwise featureless. Imports into
France for the first ten months of the year are
officially stated at 17,957,000,000 francs and exports
were 5,015,000,000 francs, so that France could
have a balance of trade against her for the year of
upward of 13,000,000,000 francs. For the first
eleven months of 1916 exports show gains over 1915
of 616,000,000 francs, almost wholly in manufactured articles, while the imports of food were 115,000,000 francs less for that period. The value of all
imports in November was 2,111,000,000 francs and
exports 727,000,000 francs. Refined sugar has been
taxed by the French Government, according to a
new decree, 40 francs per 100 kilos. Moving picture
establishments must pay 5% on monthly receipts
under 25,000 francs, 10% from 25,000 to 50,000
francs, 20% from 50,000 to 100,000 francs and 25%
on receipts of the latter 'amount. Advices cabled
from Paris state that negotiations are in progress,
and are likely to be successfully concluded, for an
arrangement whereby the Bank will act as correspondent of the Federal Reserve Bank of New York.
Benjamin Strong Jr., the Governor of the New York
Federal Reserve Bank, conferred with the Governors
of the Banks of England and France in Feb. 1916,
2368
THE CHRONICLE
as to the best means of establishing closer relations
with Europe. The possibility of using sums payable
to the United States (for merchandise, either in the
acquisition of French and British securities or as
credits, was among the questions discussed.
Official rates at the leading European centres continue to be quoted at 5% in Paris, Vienna and
Copenhagen; 53/2% in Italy, Sweden, Portugal and
Norway; 6% in London and Petrograd; and 43/2%
in Switzerland, Holland and Spain. In London the
private bank rate has remained at 532@5/% for
sixty-day and ninety-day bills. Cables from Berlin
give 4%% as the nominal private bank rate at that
centre, against 4%% a week ago. No reports have
been received by cable of open market rates at other
European centres as far as we have been able to
learn. Money on call in London has not been
changed from 4%%.
The Bank of England reports a nominal loss in its
gold item this week, viz., £42,885. Note circulation,
however, increased £451,000; hence the total reserve
decreased £494,000, and the proportion of reserve
to liabilities declined to 18.50%, against 20.65% last
week, and 21.41% a year ago. Public deposits were
reduced £1,464,000, although other deposits registered the substantial increase of £17,719,000, and
Government securities—for the first time in many
weeks—were increased £15,000,000. Loans (other
securities) increased £1,780,000. The English Bank's
holdings of gold aggregate £54,304,915, compared
with £51,476,407 a year ago and £69,493,610 in 1914.
Reserves now stand at £33,079,000, as against
£34,617,152 in 1915 and £51,804,430 the year before.
Loans total £106,461,000. Last year the amount
was £112,075,710 and in 1914 £106,236,107. The
Bank reports, as of December 23, the amount of
currency notes outstanding as £132,649,796, comparing with £126,510,897 a week ago. The amount
of gold held for the redemption of such notes remains
at £28,500,000. Our special correspondent Is no
longer able to give details by cable of the gold movement into and out of the Bank for the Bank week,
inasmuch as the Bank has discontinued such reports.
We append a tabular statement of comparisons :
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1913.
1913.
1914.
1915.
• 1916.
Jan. 1.
Dec. 31.
Dec. 30.
Dec. 29.
Dec. 27.
.£
39,675,000 35,309,256 36,139,180 29,607,635 29,200,256
Circulation
52,116.000 49,677,317 26,932,516 10,256,489 11,164,961
Public deposits__
126,726,000 111,072,557 128,055,376 61,087,066 52,954.726
Other deposits
Govt. securities__ - 57,187,000 32,840,016 14,807,551 13,199,062 14,835,422
Other securities_ _ 106,461,000 112,075,710 106,236,107 62,137,739 49,629,901
3,825,514 20,550,232
Reserve notes& coin 33,079,000 34,617,152 51,804,430
Coin and bullion— 54,304,915 51,476,407 69,493,610 34,983,149 31,300,487
Proportion of reserve
33.38%
30.63%
33.42%
21.41%
to liabilities
18.49%
5%
5%
5%
5%
6%
Bank rate
The Bank of France this week transferred a further sum of 100,407,400 francs to the amount of gold
held abroad, resulting in a small net loss in its total
gold holdings (at home and abroad) of 711,450 francs,
or from 5,076,626,000 francs to 5,075,914,550 francs.
A year ago the amount held (all in vault) was 5,015,287,291 francs and in 1914 4,158,460,879 francs.
The gold holdings abroad now aggregate 1,693,087,725 francs; on June 8 1916, when the amount so held
was first reported, they totaled only 69,182,975
francs. During the same. period the amount of
gold held by the Bank has decreased from 4,676,061,938 francs to 3,382,826,825 francs. Combining the
two items, we have a net gain in the grand total since
[voL. 103.
June 8 1916 of 330,669,637 francs, or from 4,745,244,913 francs to 5,075,914,550 francs. In the following table we show the changes week by week in the
gold reserve of the Bank from June 8 1916 to date:
GOLD RESERVE OF THE BANK OF FRANCE.
Abroad.
In Bank.
Francs.
Week ending— Francs.
4,676,061,938 69,182,975
June 8
4,580,401,022 170,107,636
15
4,586,811,159 170,107,636
22
4,492,201,097 271,055,668
29
4,498,645,443 271,055,668
July 6
4,504,487,355 271,055,668
13
4,509,222,283 271,055,668
20
4,515,457,548 271,055,668
27
4,522,135,934 271,055,668
Aug. 3
4,426,380,856 371,965,271
10
4,430,175,672 371,965,271
17
4,335,172,029 472,885,788
24
4,238,958,193 573,773,871
31
4,243,545,828 573,773,871
Sept. 7
4,247,825,666 573,773,871
14
21
4,152,170,201 674,553,075
4,158,198,210 674,553,075
28
4,165,888,287 674,558,075
Oct. 5
4,181,975,850 674,558,075
12
4,211,226,617 674,558,075
19
4,247,421,247 674,558,075
26
4,115,807,288 876,212,957
Nov. 2
4,133,179,615 876,219,957
9
3,944,965,6021,078,038,626
16
3,957,016,5781,079,072,906
23
3,764,625,4961,280,921,624
30
3,669,587,3291,385,185,949
Dee 7
3,680,827,7701,385,185,949
14
3,483,945,6751,592,680,325
21
3,382,826,8251,693,087,725
28
Total.
Francs.
4,745,244,913
4,750,508,658
4,756,918,795
4,763,256,765
4,769,701,111
4,775,543,023
4,780,277,951
4,786,513,216
4,793,191,602
4,798,346,127
4,802.140.943
4,808,057,817
4,812,732,064
4,817,319,699
4,821,599.537
5,826,723.276
4,832,751,285
4,840,446,362
4,856,533,925
4,885,784,692
4,921,979,322
4,992,020,245
5,009,399.572
5,023,004,228
5,036,089,484
5,045,547,120
5,054,773,278
5,066,013,719
5,076,626,000
5,075,914,550
The silver item the past week was reduced 4,223,000 francs. Total silver on hand amounts to 294,869,000 francs, as against 352,088,173 francs last
year and 355,951,992 francs in 1914. Note circulation again increased, this time 178,158,000 francs,
while general deposits were increased 80,014,000
francs and bills discounted expanded 25,323,000
francs. Treasury deposits, however, decreased 16,312,000 francs, and the Bank's advances declined
17,040,000 francs. Note circulation is now 16,678,817,000 francs. At this date last year the total was
13,309,850,045 francs, and in 1914 10,042,899,720
francs. General deposits total 2,260,224,000 francs,
comparing with 2,113,832,655 francs in 1915 and
2,650,596,234 francs the previous year. Bills discounted amount to 619,525,000 francs, against
429,199,676 francs and 258,305,468 francs one and
two years ago, respectively. Advances aggregate
1,317,753,000 francs, as compared with 1,151,915,501
francs in 1915 and 745,378,221 francs the year
before. Treasury deposits are 15,009,000 francs.
A year ago they totaled 173,896,231 francs, and in
1914 450,466,780 francs. The figures here given for
1914 are taken from the annual report of the Bank
for that year, showing its condition as of Dec. 24
1914. Publication of weekly returns was discontinued with the outbreak of the war and was not
resumed until Feb. 4 1915,
The Imperial Bank of Germany's weekly statement, issued as of Dec. 23, shows the following
changes: total coin and bullion decreased 22,000
marks; gold increased 203,000 marks; Treasury
notes were reduced 54,836,000 marks; notes of other
banks decreased 6,014,000 marks; bills discounted
showed the enormous increase of 389,151,000 mails;
advances decreased 2,924,000 marks; investments
increased 1,724,000 marks; other securities were
THE CHRONICLE
Ninety
Days.
33403
3540334
43i@)334
Eligible member banks
Eligible non-member bills
Ineligible bills
•
Spot Delivery
Delivery
Sixty
Thirty
within
Days.
Days.
30 Days.
3340234 354@254 334@334
33403
33403
3340351
4340334 4110354 431 0331
The Federal Reserve Board has approved a discount rate of 332% on promissory notes of member
banks having maturities not exceeding 15 days and
for commodity paper not exceeding 90 days for the
Federal Reserve Bank of St. Louis. The rate heretofore in each case had been 3%.
There have been no other changes by any of the
Federal Reserve banks during the week as far as
our knowledge goes. Prevailing rates for the various
classes of paper are shown in the following:
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
a4
Commercial Paper
1 to 10 days maturity
1to15
"
uto30
"
15to30 "
31 to 60 "
"
61 to 90 "
"
Agricultural and
Live-Stock Paper
91 days to 6 months maturity
Promissory Notes of Member
Banks
1 to 15 days maturity
Trade Acceptances1 to 30 days maturity
31 to 60
"
81 to 90 "
"
Commodity Paper
1 to 30 days maturity
31 to 60
"
61 to 90 "
"
61 days to 8 months maturity
1:
..
s a
•
i
i
1
1
1
i
1 6
S
Minneapolis.
CLASSES
OF
DISCOUNTS AND LOANS I
Kansas Ms.
The local money situation this week has been one
of noticeable ease. Preparations that are necessarily under way for the January 1st dividend and interest disbursements are not exerting an influence
of a stimulative character on the rate level. This
is due of course to the continued activity of gold
importations which this week have amounted to
$54,250,000 and which brings the month's total
up to close to $160,000,000. This active influx
of the precious metal need cause no surprise since
it is the natural result of the closing down of loan
negotiations that followed the warning given by
the Federal Reserve Board a few weeks ago, advising the national banks of the country against
purchases of foreign Treasury Bills. There was
talk at that time, it will.be recalled, of the preparation of a new unsecured Anglo-French loan, but
nothing seems thus far to have developed of a practical character relating thereto.
The weekly statement of New York Clearing House
banks and trust companies which was issued last
Saturday registered an increase in loans of $1,712,000. Net demand deposits increased $6,413,000.
Net time deposits, however, were reduced $5,242,000.
Reserves in "own vaults" this week showed a decrease of $8,222,000, to $418,942,000, of which
$352,851,000 is specie. At this date a year ago the
reserves in own vaults totaled $485,263,000,including
$417,070,000 in specie. Reserves in Federal Reserve
vaults increased $6,259,000, to $185,918,000, as
against $162,506,000 a year ago. Reserves in other
depositories decreased $1,040,000, to $54,004,000,
comparing with $59,697,000 in 1915. Note circulation is $28,838,000, a decrease of $14,000. Aggregate
reserves declined $3,003,000, and now stand at
$658,864,000. This compares with $707,466,000 in
1915. The reserve requirements were increased
$1,380,000, and in consequence the surplus reserve
fell off $4,38?,060, thus bringing the total of excess
reserves to $90,064,260, as against $145,892,440 last
year. The bank statement in fuller detail is given
in a subsequent section of this issue.
Referring to money rates in detail, loans on call
ranged between 231 and 33/2%, against 2@5% a
week ago. Monday was a holiday. Tuesday the
high and ruling quotation was 33/2%, with 23,%
low. Wednesday the range was 231@3% and 3%
the renewal basis. On Thursday 3% proved the
maximum figure and also for renewals, and 23/2%
low. Friday's range was VA@ 33.1%, with the
ruling rate at 3%. In time money, there has
been very little doing and, notwithstanding that
the usual year-end payments are soon to be met,
the trend was towards increased ease. Rates ruled
without change up to Thursday, when there was a
decline to 4% for all maturities from sixty days to
six months, against 43'1@4% for sixty and ninety
days and 4@434% for four, five and six months a
week ago. Last year sixty-day funds were quoted
at 24@,23/%, ninety days at 23/@,2%%, four and
1
2
2
five months at 29.1@3% and six months at 3%.
Commercial paper rates now quoted at 4@43'l% for
sixty and ninety days' endorsed bills receivable and
six months' names of choice character, against 3Yt@
,
4% last week. Names less well known require 43.1@
432%, comparing with 4@431% the previous range.
Banks' and bankers' acceptances are quoted as
follows:
I
expanded 229,638,000 marks; notes in circulation
increased 63,384,000 marks; while deposits registered
the huge expansion of 497,298,000 marks. Other
liabilities declined 3,965,000 marks. The Reichsbank holds 2,519,075,000 marks •gold, against
2,441,329,000 marks one year ago and in 1914
2,075,481,000 marks.
2369
New York.
DEC. 30 1916.j
i
1
i Z
4 i
334
7_____5i13; 7
i a4 a i i i ,
,
4
-_
___
__—
— 36
;
iiiiiiii 1%i ,-.
4 4 4
434 4 4 4 4 4
434 4 4
4 4
4 434 4 • 4 434 4 434 434 4 434
5
4
5
3
434 5
434 5
5
434 5
334 334 334 334 334 334 4
5
4
334 334 334 3 334 334 334 3 334 4
334 334 334 334 334 334 334 3 334 4
334 331 334 4 334 334 334 334 334 4
4
4
4
___ 334 — 334 3
___ 334 ___ 334 3
___ 334 .._ 334 3
--- 334 334 4
___ 334 334 4
--- 3% 334 4
434 1531
334 4
334 3
334 8
334 334
3
3
3
334
4
434
a
OPEN MARKET DISCOUNT ,AND PURCHASE RATES OF FEDERAL
RESERVE BANKS.
Bankers Acceptances—Authorized discount rate for all Federal Reserve banks;
minimum, 2%; maximum, 4%.
Trade Acceptances.—Bills with maturities of 90 days or less, purchased In open
mnrket without member bank endorsement, by New Orleans branch of Athulta
Federal Reserve Bank; 334 to 4%.
Commercial Paper.—BIlls purchased in open market by Dallas Federal neserVII
Bank; 3 to 5%.
Bills of Erchanoe.—Bills purchased in open market by Atlanta Federal Reserve
Bank; 334 to 534%.
Bias With or Without Member Bank Endorsement.—Billo with maturities 01 900a7re
or less pure as din open market by St. Louis Federal Reserve Bank;2 to 4%.
Sterling exchange continues an arbitrary and
completely nominal market, so far as negotiations
between buyers and sellers of bills are concerned.
There have scarcely been any fluctuations at all
during the week. On the other hand, as we have •
noted in a preceding paragraph, a steady movement
of gold from Canada has continued, the week's influx
amounting to $54,250,000. The engagements for
export have aggregated $2,750,000, all to the
Argentine. The month of December has been
entirely lacking in important foreign loans, the
Federal Reserve Board action last month having proven quite effective in calling a halt on
these operations. Meanwhile, as export buying
is continuing large, the Allied countries are
finding it necessary to send gold in payment. It io
possible that the arrangement to which we ref.
elsewhere between the Federal Reserve Bank of
New York and the Bank of England—an arrangement that will presumably be spread to some of the
other central banks of the old world—may enter into
the foreign exchange situation on an increasing scale
as time proceeds, since there will be facilities for
smaller banks to specialize in foreign exchange
2370
THE CHRONICLE
[Vol,. 103.
instead of leaving this class of business very largely have kronen, though just before the close speculative
with the big banks, who have been able to maintain operations seemed responsible for a slightly easier
their own connections abroad. It is considered tendency. Francs continue steady. Russian exprobable that a committee of the New York Reserve change was firm, while lire have shown distinct
Bank will soon visit London and Paris for the purpose strength. The sterling check rate on Paris continues
2
of completing the details of the arrangements. without change at 27.813/. In New Yorksight bills
A
Immediate results of the new connections are not on the French centre finished at 584%,against5 841 ;
s
5 839/, against 5 833'; commercial sight at
likely to be as decisive as those that are expected cables at
to follow when the war ends. The Reserve Board's 5 853', against 5 853., and commercial sixty days
2
real object in authorizing the new connections is at 5 899', against 5 893/ a week ago. Demand bills
s
the banks throughout the country with on Berlin closed at 723. and cables at 729/,compared
to equip
%
facilities to maintain, as far as possible, the dollar with 733/ and 735 on Friday of last week. Kronen
as the standard of international exchange. Thurs- finished at 11.80,as against 11.95 the week preceding.
day's importation of $33,000,000 gold established, Rubles closed at 30.15, which compares with 30.30
it is believed, a new daily record. Included in this the previous close. Lire finished at 6 863/2 for bankamount was $25,000,000 in American eagles, which ers' sight and 6 86 for cables. A week ago the close
%
arrived from Paris via Canada. This identical gold was 6 88 and 6 873 ,respectively.
As to the neutral exchanges, dealings were without
was part of the $40,000,000 paid to Ferdinand de
Lesseps's bankrupt French Panama Canal Co. for special feature. Rates for Scandinavian exchange
its equities in the Canal Zone. It is believed that still tend towards higher levels. Pesetas continue
the eagles had been deposited in the vaults of the strong, while Swiss exchange has ruled firm throughBank of France on their arrival there in 1904 and out. Guilders closed a shade below last week's
had remained untouched as a part of the bank's prices. Bankers' sight on Amsterdam closed at
reserve until a few months ago, when England,France 40 13-16, against 40 8; cables at 40%, commercial
and Russia contributed to the gold pool arranged sight at 40% against 40 11-16 and commercial
%
by the Entente Governments at a conference in sixty days at 40 9-16 against 405 on Friday of last
week. Swiss exchange finished at 5 05 for bankers'
Paris.
Compared with Friday of the previous week, sight and 5 043/2 for cables, which compares with
sterling exchange on Saturday was quiet but un- 5 04 and 5 03 a week ago. Greek exchange (which is
2
changed, and demand was still quoted at 4 75 7-16, still looked upon as neutral) has remained at 5 123/
4 76 7-16 and sixty days at for sight bills. Copenhagen checks closed at 27.05,
cable transfers at
4 71 11-16; the usual pre-holiday dulness was in against 27.00. Checks on Norway finished at 27.25,
evidence with trading almost at a standstill. compared with 27.80, and checks on Sweden closed
Monday was a holiday (Christmas). Tuesday's at 29.25, as against 29.40 the week previous. Span.
market was also a dull affair, due to the ish pesetas finished at 21.00, comparing with 21.00
and business con- the previous close on Friday of last week.
most part to the holiday abroad,
tinued upon a restricted scale; quotations,which were
little more than nominal, remained at 4 75 7-16 for
The New York Clearing House banks, in their
demand, 4 76 7-16 for cable transfers and 4 7111-16 operations with interior banking institutions, have
for sixty days. A renewal of the inward gold move- gained $3,538,000 net in cash as a result of the curment, and buying of cables by J.P. Morgan Sc Co., rency movements for the week ending Dec. 29.
constituted the features on Wednesday, though Their receipts from the interior have aggregated $9,without appreciable effect on sterling rates, which 095,000, while the shipments have reached $5,557,ruled unchanged from the previous day's levels. On 000. Adding the Sub-Treasury and Federal Reserve
Thursday increased firmness became evident, due operations and the gold imports, which together
largely to the receipt of additional shipments of the occasioned a gain of $5,489,000, the combined result
precious metal; demand advanced to 4 75 7-16@ of the flow of money into and out of the New York
4 75 9-16 and sixty days to 4 71 11-16@4 71 13-16; banks for the week appears to have been a gain of
cable transfers, however,did not go above 4 76 7-16, $9,027,000, as follows:
the fixed rate. On Friday the market ruled firm,with
Out of
Net Change in
Into
demand at 4 75 9-16, cable transfers at 4 76 7-16
Banks.
Bank Holdings.
Banks.
Week ending Dec. 29.
and sixty days at 471 13-16. Closing quotations were Banks' interior movement
$9,095,000
25,557,000 Gain $3,538,000
5,489,000
4 71 13-16 for sixty days, 4 75 9-16 for demand and Sub.-Treas.& F.R.oper. & gold impt. 60,397,000 54,908,000 Galn
$69,492.000 360.465.000 Gain 39.027.000
sight Total
4 76 7-16 for cable transfers. Commercial
3
The following table indicates the amount of bullion
finished at 4 75%,sixty days at 4 71, ninety days at
for payment (sixty days) at in the principal European banks:
4 68%, documents
5
4 70 15-16, and seven-day grain bills at 4 74%.
Dec. 30 1915.
Dec. 28 1916.
3
Banks of
Total.
Gold.
Sliver.
Total.
Cotton and grain for payment closed at 4 75%.
Silver.
Gold.
The Continental exchanges, in direct contrast with
the excitement and activity that has prevailed of
late, experienced a quiet and uneventful week.
General observance of the Christmas holidays both
here and abroad naturally served to restrict operations, and movements were relatively unimportant.
There was a firm undertone, generally speaking, for
nearly all of the exchanges, attributable for the most
part to an assumption that the current agitation for
peace will lead to actual negotiations in the not distant future. Reichsmarks have ruled firm, as also
England— 54,304,915
Francea__ 135,313,073
Germany _ 125,953,750
Russia S__ 146,510,000
Aus-Ilun.c 51,578,000
Spain ____ 49,155,000
35,972,000
Italy
Netherrds 49,210.000
Nat.Bel_h 15,380,000
Switeland 12,820,800
Sweden _ 10,157,000
Denmark.. 8,076.000
6,064.000
Norway
51,476,407
54,304,915 51.476,407
11,794,76 147,107,833200,611,480 14,093,520214,705,000
126,768,600122,066,450 1,749,500123,815,950
814,85
10,523,000157,033,000 161,174,000 3,367,000164,541,000
63,718,000 51,578,000 12,140,000 63,718,000
12.140,
29,776,000 78,931,000 34,690,000 30,113,000 64,803,000
2,924,000 38,896,000 44,659,000 4,267,000 48,926,000
570,300 36,185,300
579,000 49,789,000 35,615,000
600,000 15,980,000
600,000 15,980,000 15,380,000
9,952,800
12,820,800 9,952,800
6,297,000
10,157,000 6,297,000
228,000 6,159.000
107,000 8,183,000 5,931,000
3,659,000
6,064,000 3,659,00
Tot. week.700,494,538 69,258,61 769,753,148743,090,137 67,128,320810,218,457
Prey.week 703,679,327 69,324,980773,004,307744,291,304 66,561,440810,852,744
a Gold holdings of the Bank of France this year are exclusive of £67,723.509
held abroad.
•The gold holdings of the Bank of Russia for both years In the above statement
have been revised by eliminating the so-called gold balance held abroad.
c July 30 1014 in both years. h Aug. 6 1914 in both years.
DEC. 30 1916.1
THE CHRONICLE
2371
On the face of things—even allowing for the probability that each side will originally ask for more
The single event of the present week, in connection than it expects to obtain—it would appear as if at
with the peace proposals, has been the answer of the the present moment the positions of the opposing
• German Government to President Wilson's note. Powers are irreconcilable. Yet that also depends
This communication from Berlin, dated Tuesday and on two important uncertainties: first, the actual
published Wednesday, has been generally regarded underlying feeling of the Entente Powers regarding
as impeding rather than forwarding the prospect of their own needs for peace, but, second, the actual
tangible negotiations. In President Wilson's note situation of Germany. What has happened already
of last week to the belligerents the one clear and has made one thing absolutely clear; that, for whatunmistakable suggestion was that "an early occasion ever reason, Germany is supremely anxious to end
be set to call out from All the nations now at war" a the war for her own sake. Victorious as her armies
statement "of their respective views as to the terms have been in the Balkan campaign, the manner of
upon which the war might be concluded, and the her Government's application for peace is precisely
arrangements which would be deemed satisfactory the manner which would be employed by a defeated
Power.
as a guarantee against its renewal."
The controlling motive in the minds of the Kaiser
This was recognized in the note, as indeed it must
be recognized by everybody, as the indispensable and his Chancellor may have been a feeling that
first move—preliminary even to the calling of a Germany's relative military power can never hereconference. To that extent Mr. Wilson's suggestion after be as strong as now. It may have been that
did not concur with Germany's original note, which Germany's internal economic conditions are worse
proposed peace negotiations without stating terms, than the outside world knows. It may have been
and it did concur with Lloyd George's declaration that continuance of the blockade on Germany's
that Berlin's proposal could not be considered "until foreign commerce threatens grave financial results,
we hear what terms and guarantees the German immediate and prospective. Or it may have
Government offers." But Germany's response of been that the problem of taxation after war to
Tuesday to the President's note merely repeated her pay interest on the war debt (which has thus far
previous request for "an immediate exchange of been paid from the principal of the loans themviews," and, once more without disclosing terms, selves) is becoming increasingly formidable, not only
proposed "an immediate meeting of delegates of the as a financial question but as a question of internal
politics when the war is over. Since we do not
belligerent States at a neutral place."
So long as the matter stands in this shape, no other know what the governing motive actually is, or
conclusion is possible -except that Germany's over- how serious are the conditions which created it,
tures will be futile. Nothing has been made more it is impossible to say how far these actual conevident than that the Entente Powers will not enter Aitions may impel concessions by Germany to the
on a conference until they know what concrete pro- demands of the Allies.
These are circumstances, it appears to us, in which
posals will be submitted by Germany for consideration. This attitude has already been publicly stated our Government should move very cautiously. In
without qualification by responsible governmental the past week's discussion of President Wilson's note,
authorities of England, France and Russia, and it absolutely divergent opinions as to its wisdom or
will unquestionably be restated in the forthcoming timeliness have been evoked. But the drift of events
joint reply of the Allies. It is possible that Ger- has scarcely shown that the note accomplished or
many, seeing this, will make public its own terms. furthered the undoubtedly high purpose which inThere have been vague rumors to that effect at Wash- spired it. Our own opinion is that the present
ington this week, though rumors in a situation of the situation would have been much clearer if Mr.
present sort must be taken with large reserve. But Wilson had preserved silence, and we say this in full
the attitude of Berlin must be changed before any recognition of the statements by other neutral governtangible program in the direction of peace becomes ments such as Switzerland—which, indeed, have
practical.
somewhat complicated the position by asking directly
In the meantime, it has become increasingly for peace, whereas the Washington note was careful
evident that the prospect of peace will depend on not to do that. Above all, we feel that the experience
what Germany is ready to concede. The current with Mr. Wilson's note shows that the utmost care
report that her contemplated terms comprise restora- must be taken in any such communication to use
tion of the conquered territory in Belgium and language which cannot possibly be misunderstood.
northern France, with an indemnity to Belgium for The language of that very note has been subject to
actual damages and return to Germany of her radically divergent interpretations and to easily
colonies, is interesting, and might under certain pardonable misunderstandings. These have actually
circumstances provide a basis for exchange of views. embittered the controversy; yet they were wholly
But it is certain that the requisitions of the Allies unnecessary and were directly due, we feel, to that
will be much larger than these, and also that they fatal fluency of utterance which has repeatedly led
will require some advance proposal as to measures the President into an unfortunate choice of words in
for guaranteeing future peace. Yet, as to this second his important official notes. This mistake at least
consideration, Germany's latest note expressly de- should never be repeated.
clares that the "great work of preventing future wars
THE COUNTRY BANK—AN APPRAISAL.
can be begun only after the end of the present
But Germany thereby rejects the one
struggle."
The present is an era of appraisal of our economic
distinct ultimatum of Lloyd George's speech, which assets. For example, we are engaged, by inquiry
was that guarantees must be proposed before any and analysis, in ascertaining the value of the service
conference is called. She also sweeps aside President of the railroads to the commerce of the country.
Wilson's distinct recommendation.
In like manner we are endeavoring to estimate the
THE QUESTION OF PEACE TERMS.
2372
THE CHRONICLE
power of our industries to cope with world trade,
and bring to us the returns of a larger foreign commerce. It may be said that, after one hundred
years of growth, we are taking stock—looking to a
greater co-ordination of units and the increased
efficiency of the whole.
It is very important, therefore, since harmony
assumes the independence of the units of enterprise,
that in attaining the end sought we do not destroy
the integrity and power, the freedom and scope, of
the several individual factors of our business life.
.
If in the process, we do do this, we will centralize
our institutions, and weaken or exclude the smaller
though not less essential parts of our business system,
and curtail the organization and development of
those integers of commercial endeavor which spring
directly from the will and need of the people. And
by so much we shall destroy the liberties of the
people.
And these principles of guidance are nowhere more
necessary to be remembered and heeded than in the
remolding and unifying of our banking system, in
which work we are now engaged by introducing into
practice the Federal Reserve Act imposed upon
our hereditary system of free and independent
banks.
In endeavoring to collect the power of credit
to the end of greater domestic usefulness we should
not destroy the fountains whence it springs. Rivulets run into rivers. The metropolitan or city bank
(peculiar and necessary as it is to the business of its
larger locality, and unhampered as it should be in
filling local need and sustaining the demands of the
country at large) is, to a large extent, the creature
of the country bank. This is very apparent when
the country bank is a depositor at and a borrower
from the city bank. But what is more important,
though less often appreciated, is that the country
bank sustains directly by its credit power the local
community business which alone makes possible the concentrated and enlarged business
of the metropolis in which the city bank is
located.
Now it will not be denied as a proposition in banking that the city, or correspondent, or reserve
centre, bank, being a reservoir of credit, thus generated in remote though tributary and sustaining
localities, is itself a fountain, and possesses the
faculty of generating a new credit, which, in turn,
it may distribute to the lesser organisms. But it is
tantamount to saying that the city could live without the country, to say that a curtailment or compression of the complete and free functioning of the
independent country bank can render our banking
system as a whole more efficient. The credit most
necessary to the people of a republic is that which
springs into being out of their local and constantly
recurring business transactions. This centres in
and is sustained by the local or community bank,
which organizes it and vitalizes it into larger life
and more abundant benefits.
These facts are very important at the present time
of • readjustment of our banking relations. It is
possible to establish branch banking, in fact, though
not in name. It is possible to create a central and
dominating banking power, though disclaiming the
policy of a central bank. It is possible, in striving
to bring about a greater efficiency of the whole
system, to so constrict the power and efficiency of
the individual unit as to render it imperative accord
[VOL. 103
ing to its nature and according to the demands made
upon it by its constituency. This would not be
for the general welfare. And it would tend to cripple
the great city banks, between which and the country
banks there is no antagonism.
In any reorganization or co-ordination attempted,
of the more than twenty-five thousand banks of the
country, it is most important that we remember
that we are dealing far less with money than with
credit. These community or country banks are
the natural form in which the bank appears in response to need. They are popular institutions, and
if they had no relations with the outside world
would still justify their existence and manner of
doing business. As it is, they link the community
to the world along the lines which commerce establishes. All the people use them, and they serve
the entire vicinage. They are fundamental and
typical. Credit as well as commerce expands to
and congests in the centres of trade. And it is,
therefore, vital to every community that the bank
which it has created out of its needs in credit and
commerce be free to function to the full extent of its
capacity.
These things are not new. But it is appropriate
to repeat them now, in view of the seriousness of
some of the problems confronting our banking
interests at this time. And in connection with the
same, other fundamental considerations may be
stated. And, first of all, banking is a business.
However much the semi-public character of the bank
may be acknowledged, however much its services
may inure to the general good, it is yet a business—
it is a dealer in credits, or in money and credits,
and it must make a profit in order to live. It must earn
a return on its capital stock sufficient to induce
investment, and this according to the demands on
capital in its locality. As to interest rates, it cannot charge more over a given period of time than
the average earning rates of the business which sustains it. For there is not only free competition in
banking but there is competition with the use of
capital in all other lines of investment.
Again, the question of a reserve begins at home.
It is for the purpose of enabling the bank to meet
the demands upon it which experience has demonstrated, since the essential nature of banking is the
loaning of deposits or of the credits of its customers.
Therefore, the first value of a reserve is due to the
safety of the bank and the security of its customers.
And this stands ahead of all considerations of the
kind or place of reserves. And as kind precedes
plaee outside its own vaults, it may be said that an
attempt to create a great central consolidated
reserve which does not recognize this principle
cannot subserve the best interests of all ourlbanks
and all our people. And it follows correlatively
that the use of the surplus reserve of each bank
should follow the demands of commerce, and, therefore, the direction of its individual need. Thus
alone is it possible to unify all into one system.
It had already built up a natural system of interrelated and co-operative banks, and entirely without compulsion, but through the power of association to the common end of serving a domestic„commerce which itself had grown into great proportions and unity. It follows that in building
a system of supporting and related.: banks we
must begin with the small and proceed to the
large.
DEC. 301916.1
THE CHRONICLE
2373
our enlarging trade in manufactured articles in the
TRADE CONDITIONS AFTER THE WAR TO BE markets of the world. That must now be the line of
MET TO-DAY.
increased effort. Standards are so well recognized
Pressure from various directions is already coming
upon Congress to anticipate and provide for the industrial and commercial situation which will exist
at the close of the war. There are many opinions as
to what that situation will be. It is unfortunate,
but perhaps in'evitable, that those opinions should
be so diverse, for they deal with conditions concerning which, whether the time of their arrival be close
at hand or not, it is important that there should be
clear understanding and intelligent preparation.
This preparation cannot be improvised; and the preparedness for possible war, for which the country is
thoroughly aroused, has no bearing upon the situation now under discussion, the coming of which is
inevitable. It will contain highly important military and also moral elements, but at the moment we
are not considering them.
These are the main industrial and economic factors of which, in the warring countries, there is clear
evidence, or which already exist; organization, both
for production and for competition, much developed
by the exigencies of the war; labor, because of the
universal introduction of women and their unexpected proficiency, continuing cheap compared with
ours;intensive and increased production, coupled with
lower cost, and probably some accumulation of stocks
in certain directions already considerable. The situation in all these countries will of course be seriously
affected by the lack of money, manifestly not by humanitarian talk. Business, however ethical or Christian it may become, is, and always will be, quite distinct from philanthropy. Men will buy in the cheapest market and try to sell in the dearest; they will send
their goods where the demand exists, as they will welcome needed supplies that come at low prices. Economic laws are not only permanent, they are permanently beneficial for human welfare. The only
question is how they are to be applied.
The situation before us is to be met first of all by
open doors. This is clearly the primary condition.
In the long run we can only sell to those from whom
we can buy. Trade, or exchange, is the fundamental
condition of commerce. Where industry needs development, some other means should be found than
by shutting out those who have something to sell, or
making it difficult to secure free exchange. Good
highways, highly efficient railway systems, an
abundance of swift and cheap transportation, over
all seas, will have a greater importance to us than ever
in the past. Free access to the markets of the world
and open doors in all nations will be of prime importance even if to secure them we have to throw our own
doors open. It will be discovered that the best protection for industry, as the most honorable, is to demand the best and to strive to provide for every man
both the means of producing the best and a market
for his product. The path of prosperity for America
should certainly not be fear of what others may have
to sell, or to have our place in the world hedged in
on any side by closed doors.
Equally necessary will it be for us to aim to produce
the best goods. There is always a market for them
as there is always a position awaiting the man who can
do anything better than others can. European countries have for centuries furnished in most lines the
standards for us. Happily, in many things we have
come to excel, and before the war we were proud of
that attention must now be concentrated in large
measure upon lower cost.
The means of securing lower cost are also sufficiently apparent. We may enumerate some ofthem.
The war has given great impulse to the work of machines. The necessity of employing much unskilled
labor has led to extending and perfecting the machinery of production. This change had already advanced
far in some directions, as.in the spinning frame, the
loom, the printing press, the envelope machine, and
the like. The war is carrying it much farther, and it
has still larger possibilities which will surely be worked
out. This will contribute greatly to increased output, and that means larger surplus for the market.
The belligerent nations are getting also a new conception of what organization means, and will be sure
to carry it into every department of their industrial
and commercial life. Hitherto we have been largely
content with seeing it applied in certain great corporations and industries. We have talked much
about it and caught its spirit and made changes; now
it is become a vital truth, and must be thoroughly
studied and universally applied. The same is largely
true of better design. What meets the need or answers the purpose has satisfied us. And we have
suffered continually from the competition of more
artistic foreign articles. As a permanent and determining feature in the market, beauty and fineness of
design are going to have a new place, because of their
contributive value in the market. In a multitude of
articles they have come to be the determining factor.
We shall need in all directions more highly efficient
labor than in the past, and that means labor that is
worth higher wages. This means also that labor
must be offered every opportunity of thorough technical training, and so compensated as to make its
work attractive to men of the highest ability it can
produce.
It is necessary, furthermore, that all possible new
sources of raw material shall be sought and made
available. Greater quantities at the lowest possible
cost will be important. In this direction there are
innumerable and unanticipated opportunities; witness the development of the production and substitution of hennaquen for manilla hemp in the manufacture of binding twine, and resorting to the atmosphere for supply of both oxygen and nitrogen, now so
greatly in demand; to say nothing of the turning of all
forms of industry to the inexhaustible sources of electricity to meet their needs or enlarge their opportunities.
In short, we have to-day a challenge to American
ingenuity and business foresight to heed the summons
of the hour and to prepare for a new day in which old
things will largely have passed away. It is a situation that will raise the plane of business more definitely to that of an occupation which will call for all
that is in a man, and make it worthy of his best powers. It will raise business to a fine art, and join it
to the "humanities" which have so long been held,
because of their claim upon man's higher faculties,
to constitute a world apart. It will dissipate the idea
that the higher education unfits a business man for
his work, but will show that in its truest form it is
fast becoming essential to his success. Watching
the stock market and scanning the .war news from
day to day, important as this may be, is of far less
2374
THE CHRONICLE
[VoL. 103.
significance to the constructive business man than
a clear intelligence as to the conditions which will RECKLESSNESS IN PUBLIC EXPENDITURE.
govern the near future; that future is in hands of the
According to some of the newspaper representamen who are thinking along these lines.
tives in Washington, it seems to be conceded that
the protests already made against the proposition
to put second-class mail matter on a "zone" basis at
AIDING CANADIAN SHIPBUILDING.
an increase of rates which would be burdensome on
all publications and probably confiscatory as to
Ottawa, Canada, December 28 1916.
some, have secured delay and consideration, at
One of the most important measures to come before
the Parliament of Canada at its next session will be least, and that the proposition will probably fail.
the encouragement, in some form, of a larger ship There is also reason to hope that delay and considerbuilding industry in the Dominion. An Order-in- ation may put a quietus on the proposition to subCouncil has already been passed granting a 99% stitute motors on the surface for the pnuematic tube
drawback of custom duty paid on materials used in service in large cities.
Everybody (except those who pay most of them
the original construction of ships measuring over
tonnage built in Canada to be ex- and realize the paying) seems to be in favor of more
500 tons gross
ported for outside registry. The vessels to which taxes, and everybody is willing to go on record for
this applies must be constructed so as to obtain a economy in the abstract, with the proviso that the
registry in Lloyd's satisfactory to the Minister of concrete application shall always be made someCustoms, and their export on completion must in where else than to his own pet project and within
each case be authorized by a Canadian Order-in- his own home district. And yet there is one possible place for economy as to which local considerCouncil.
has already considered ations (except at the Capitol and through the many
The Government here
the granting of a subsidy equivalent to the difference who get personal gain by waste in public printing)
in cost of construction as between British and do not seem to apply; we refer, of course, to the
Canadian ship yards, but this appears to have been "Congressional Record." More than five years
laid on the shelf for the present, as prices are at an ago, Representative Murdock of Kansas proposed
a new rule that when any matter not actually spoken
altogether abnormal level.
According to the Deputy Minister of Marine and verbally in the House went into the "Record" under
Fisheries, the average value of the vessels on the "leave to print," it should be accompanied by a line
register of the Dominion at the end of 1914 was stating that fact. Notoriously, he said, the publi$30 per ton, and on this basis the value of the net cation is not a journal of what is done and said
registered tonnage of Canada at that date would be but "has become largely a deplorably dull daily
$27,972,660. The new tonnage constructed in 1914 newspaper, full of philosophical communications."
was 43,346 tons, valued at $45 per ton, or $1,950,- At that time the correspondents said entire chapters
of books (for example, Henry George's "Progress
570.
Columbia Government has enacted and Poverty") had been inserted, and there was no
The British
legislation to assist the building of ocean carriers apparent limit to the matter which might be thus
and already Vancouver ship yards have secured lugged in. "Debate in Congress," said Mr. Murcontracts for three 8,800 ton ships, valued at $3,- dock, "is for the purpose of convincing those who
500,000. Further orders for 7 or 8 vessels will are present and participating in the controversy, and
presently be given, total value of which will reach not for the benefit of the author of a set speech."
$20,000,000. Two transatlantic cargo vessels are He said that if any man is willing to print a 6,000now being built at Toronto for Norwegian owners word speech without having actually spoken a word
at a cost of $1,000,000. The British Columbia of it in the House, he ought to be truthful enough to
Government provides for the lending of 55% of the permit the fact to be stated.
We do not recall that this very modest reform
cost upon vessels hereafter built in the Province and
used exclusively in carrying products to and from proposition obtained a vote, and probably it did
'British Columbia ports. The loan shall not be for not; no Congressman desired to go on record as
more than 35% of the ascertained value of the opposing it, yet each thought the hoary old abuse
vessel. Further than this, a subsidy shall be paid for which no party and no man is particularly reto the owner who actually paid for the construction sponsible might be convenient to himself sometimes,
of ships, up to a number not exceeding 20 ships, in and the easiest course was, therefore, to say nothing
ten annual installments so computed as to bring the and let the old way go on. Mr. Champ Clark lately
net earnings of the ship up to 15% of the actual cost, proposed abolishing the publication as not being the
but never more than $5 a ton dead weight capacity, "journal of its proceedings," which each branch of
the first year after peace is declared. Ship building Congress is required by the Constitution to "keep"
plants may be aided by the guarantee of securities and also "from time to time" publish. It palpably
for not over 55% of the actual cost of the plant. is not. It has become a means by which CongressThe Act is administered by a British Columbia men get stuff printed at the public cost, and then
the mails are loaded with it under frank, thus inGovernment commission.
Much comment has been caused here by the creasing the deficit. The publication ought to be
announcement of a well known London; England, discontinued or be made to conform to its own title;
shipping firm that they have three 8,800 tonner at the least, Mr. Murdock's suggestion ought to be
Robert Dollar type ships now building at Van- adopted.
And now comes a renewed attempt to gather
couver, which they will sell at $145 a ton for the
first steamer, and $140 for two others. They have "pork" from a treasury which faces a deficit, by
also two 7,000 tonners building by Canadian public buildings (so miscalled) and by a floods reVickers, Montreal,for delivery at the end of 1917,for clamation scheme in the rivers and harbors bill.
About a year ago a writer in "The World's Work"
which they will accept $135 a ton net.
DEC. 30 1916.]
THE CHRONICLE
2375
went back to the bill rushed through in the last days for a better condition of preparedness for national
of the expiring Congress and later dubbed "the defense appears to grow; the unavoidable outlays
crime of 1913." He printed pictures of several tend continually to rise, the work which cannot or
cases, for example: the $100,000 courthouse in an will not be undertaken by private funds, yet is not
Arkansas town of 1,600 population, where sessions very well guarded, appears to be on the increase,
held take nine days in the year; a $150,000 post- despite anything which can be done. As to the outoffice in a town of 6,000; a $185,000 court house in lays which are or should be avoidable? .
a town of 2,500, in which the courts sit two days in
Secretary McAdoo says Congress has substanthe year; that bill, as an apparent attempt to justify tially wasted 180 millions in the last 20 years on
itself as a final raid, contained a provision that no needless public buildings; that buildings should not
place where there are no Federal activities except be erected without a clear showing of necessity, and
postal should have a building until its receipts were the way to attain this is to "divorce the public
as much as $10,000 a year or have a site unless its building question from all local or political consider-.
receipts were $6,000. But this ostensible safeguard ations and authorize no public building until a
is not adhered to. One Kentucky town of 537 people thorough and intelligent investigation of each proand less than $5,000 postal receipts (taken in quar- posed building or project has been made by this
ters now rented for $250 and quite ample) is "down" department and a full report thereon has been subfor $40,000; another town of 1,000 people, with mitted to Congress." That is, instead of fixing up
receipts of $5,629, taken in quarters for which $420 a great bunch of these in one log-rolling bill, take
is now paid, is "down" for $30,000, and the esti- each case by itself; this is the rational business
mated maintenance cost of the building after com- way.
pletion is some $4,000 a year. Dozens of similar
As for the reclamation project, a National Waterinstances might be cited from the bill, but these ways Commission several years ago went over the
should suffice. On the other hand, it is said, that subject, and its report advising confining governmore than 508 places in the country which collect mental undertaking to improvement of navigation;
over $10,000 for postal services get on in rented bank protection or flood prevention it deemed
not
quarters. The writer above mentioned said that a proper public charge, and especially warned
against
in two far-Western towns the rented post office costs advocating land reclaiming under the guise
of navijust one dollar a year, but the 1913 crime authorized gation betterment; "the line should
be carefully
spending respectively $115,000 and $150,000 for drawn between improvements
which, in whole or
buildings there.
in part, are for the protection or development of
A few examples ought to serve as well as many. private property and those which are made
in the
And there is also the 45-million floods reclamation sole interest of navigation." This present
scheme,
bill which has gone through the House already and whatever else be said of it, is big with
possibilities
has been reported to the Senate. It proposes to of private profit and has the vast
disadvantage of
improve the banks of the Mississippi as far north as being a venture beyond financial
soundings. BeCairo, raising some 16 million acres from their cause of this and of the condition
of the Treasury,
present figure of $20 down to 50 cents an acre to an as contrasted with other
demands upon it, there
average of say $100. It is hardly necessary to enter seems, this week,
to be some promise of a resistanc e
into details, and it is impossible to avoid perceiving to it in the Senate.
that • the greed for a private speculative profit is
One more reason for regret, as well as for caution
natural behind such a measure, also that the old and halt, in this matter is
that the pressure for
vice of log-rolling is expected to urge it through. "pork" is sharpest and least under
any sense of
From the time of the infamous "salary-grab" of the restraint in the parts of the country
which con'70s and even from a time farther back still, the tribute least to public revenue.
It is impossible
worst raids on the Treasury are brought up in the not to remember, and it
is only just to recall to
last session of an expiring Congress, when personal notice, that the demand
for the present income tax
greed is at its height and care for personal and was, and is, strongest
in the States which contribute
political consequences is at its lowest.
least; put in plain terms, our tax as we have it is a
Four years ago "the profligate waste of money" means for assessing
the wealthy States, and the
by Republican Congresses was denounced in the people of the less
wealthy expect to get the largest
campaign platform, which virtuously demanded "a good from
this financial irrigation. The force
return to that simplicity and economy which befits behind profligacy
is the desire to share in the proa democratic government and a reduction in the ceeds. The rich are believed
to contribute the
number of useless offices, the salaries of which drain money; however unwillingly is
not deemed of any
the substance of the people." Something has been consequence to the others,
and the "poor" (or those
said, without seeming to make much impression on who rate themselves
such as to taxation) do not
anybody, of an impending deficit of 185 millions. realize that public
extravagance costs themselves
An estimate, admittedly, for the country has no anything,
but are keenly certain they come in for a
budget, does not keep books in any just sense of the
part of the distribution. One man makes money,
word, slings money wildly into the air, and expects
says a common proverb, and the other nine get it
to rub along somehow, just as it has been doing for away from him
or try to do so. One man pays tax,
so many years. Increased wages are proposed for figuratively speaking, and
.
the other nine think they
all public employees, not one of whom is satisfied; may get some of it.
more pay, shorter hours, more outlay, and less
The country will begin to emerge from this false
efficiency are the keynote. The Government is also scheme of revenue and spending
when people
committed to armor-plate, nitrate and other plants realize that everybody pays tax
in one or another
which were justly opposed in the last session as un- form, and that waste
surely reaches and touches
wise and not necessary, but in vain, so determined everybody who is
not supported openly at the public
was the rush for more public spending. The need cost in some public
institution.
.376
THE CHRONICLE
[vol.. 103.
countries and the United States that credit systems based
BOOK NOTICES.
on the former are much more stable than they can be on
THE FARM MORTGAGE HANDBOOK. A Book of Facts the latter for many years to come.
Regarding the methods by Which the Farmers of the
The waste by our methods of farming is enormous. Farm
United States and Canada Are Financed. By King- credit with us must take into account a migratory populaman Nott Robins—Vice-President, Farm Mortgage tion; a manufacturing industry more distantly segregated,
Bankers' Association of America. (1916, Doubleday, taking the country as a whole, from this producing section,
Page& Company, Publishers, New York.) Price $1.25. (occasioning a varying transportation cost in reaching
We beg leave to commend this book to all individual the non-producing consumer), than that which exists in
Investors seeking to place their funds in farm mortgages. the States of Europe. Scientific farming, the size of the
It is a complete and sound exposition of the principles gov- average farm, the now fast diminishing "now lands" that
erning this form of investment, and the practical informa- may be opened up to the settler, enter into the consideration set forth cannot fail to advantage those who would tion of any credit plan based upon old world conditions.
loan directly to farmers; or, who would buy in the market
The author corrects two popular errors. We quote:
That reduced interest rates do not reduce tenancy can be fairly desecurities that are either themselves first mortgages on
duced from the fact that, apart from the negro tenants of the South, the
lands, or are based on such mortgages pledged in a redemp- highest percentage of tenancy is found in the most prosperous agricultural
tive capacity. It is a comprehensive study of "rural credits," sections, where interest rates are lowest. Decreasing interest rates are
considering in a broad way the essential elements of the practically always associated with increasing land prices. because the
capitalized value of land on a low interest basis is of course higher than
subject.
on a high interest basis, and also because low interest rates naturally fol-'
We would go further and suggest that the book should low that kind of agriculture which makes for higher and more stable land
have a wide sale and a careful perusal among the large values.
Again:
number of persons who will have to do in the immediate
farmer's long-term credit is a burden on him which ho will wish
future with the constructive and administrative processes toIf the of as soon and as surely as possible, the amortized loan has
dispose
provided in the Rural Credit bills recently enacted. And much in Its favor—it puts within the means of almost any borrower the
But, if
of eventually
one of the chief facts that the book discloses is that the powerother business discharging the debt. make thethe farmer seeks credit
borrowed money earn
men, because he can
as do
application of these new laws to the purposesintended will him more than he pays in interest, why should ho want to steadily repay
tax the highest talent which can be procured and the most his loan in driblets, thus each year having a little loss borrowed capital
with which to work, but at the same time leaving his farm tied up with
conservative judgment.
a long-term mortgage, which until wholly paid off will prevent him from
To district a vast and diversified agricultural territory borrowing anything additional on his farm as security?
such as is comprised in the United States and erect thereon
The book is a 12 mo. of 204 pages, with an appendix of
a system of land banks whose powers shall equally and tables and forms, and a convenient index.
efficiently serve the people, rendering to their bonded securities equal intrinsic and exchange value, and at the PRINCIPLES OF COMMERCE: A Study of the Mechanism, the
Advantages, and the Transportation Costs of Foreign
same time to safeguard not only the stockholders of these
and Domestic Trade. By Harry Gunnison Brown,
banks but the Government which, in a marked degree, is
Assistant Professor of Economics in the University
behind them, will require careful preliminary investigation,
of Missouri. The Macmillan Company, New York,
high constructive ability, breadth of view, and a rigid adPublishers, 1916. Price $1.75.
herence to the principles of safety in farm loans which exAs indicated in the title, the author has divided this
developed.
perience has
We regard the problem, in many respects, a graver one work into three parts, namely: I. The Exchange Mechanism
than confronted the Committee which had in charge the of Commerce; II. The Economic Advantages of Commerce;
preliminary steps of the Federal Reserve system. One and, III. The Transportation Costs of Commerce. In
can see in the future, unless the machinery of this farm the first division he treats of the relation of money to trade;
credit system is well wrought out, the possibility of a vast in the second, of the gains or benefits of trade, and the flow
bonded debt, on inflated land values, tumbling to disaster, of trade as affected by governmental interferences; and
under an impending necessity of widespread forced sales, third, the transportation costs of trade and their effect
which would have some of the aspects of The Mississippi upon the development and direction of industry and exchange, the last division more fully treated in his former
Bubble.
The work of Mr. Robins is not only timely, enabling a volume "Transportation Rates and Their Regulation,"
prospective investor to choose between securities placed though from another standpoint, a work reviewed in these
by established farm mortgage institutions of standing and columns in our issue of July 29, 1916. It is not intended
experience and bonds issued by now land banks whose that one division shall be an introduction or an appendix
methods have not yet been tested, but it should perform to another, but that each shall, in large degree, be indea public service in directing attention to the elemental pendent and complete within iteslf. The general reader
as well as the student is kept in view, and the hope is exquestions involved.
apparent at once to the reader of this book that pressed that the volume "may serve as a second book in
It is
whatever is wisely done under these late laws must be general courses on economics, following a more elementary
predicated upon the experience of insurance companies, introductory text."
Since barter, the exchange of goods for goods, is first,
banks, and individual investors, as groups, in placing the
and money, as a medium of exchange and measure of value,
$3,500,000,000 now existent in farm mortgages.
To.standarizo the form of mortgage, under the differing comes to its aid, without altering (as the author points
laws of the States, is a difficult problem. Long term credits out) the principles, purposes and advantages of commerce
based upon land security, and short term credits based (which in its final evolution is still a mutual exchange of
upon the personal security of the farmer, are distinctive goods for mutual benefit) one might question the advisaparts of the total credit demand. Rates of interest, it bility, considering the student mind, of treating the Exwould seem, cannot be made uniform over a wide scope change Mechanism of Commerce before the Economic
of territory without violating the laws of conditions and Advantages thereof. However, goods are sold and bought
of supply and demand. The intrinsic value of soils, the at a money-price, and therefore this arrangement of the
proximity to markets, the density of population, the aver- text may not be open to criticism.
Yet we think that, partly because of this arrangement
age ability of the farmer, the prevailing knowledge of inof the section to the of his subject, and because ho has thrust a statement of the
tensive farming, the susceptibility
growing of a diversity of crops as against a one-crop area, quantitative theory of money into the forefront of his
the climate with reference to rainfall, storms, temperature, treatise, the author has been led into errors or perhaps
length of season, the rate of taxation on land and on mort- omissions, which are important—first, he has not in our
gage, the prevalence of owner or tenant farmers, and the estimation sufficiently emphasized the part which creditconfidence of investing public, Ltogether with the laws of money plays in trade and in price; and second, he has overInvesting States in the farm mortgage as a form of invest- estimated,it seems to us, the part which the flow of money
ment security, are all primal factors in this now effort to and the stock of money plays in influencing production,
aid this class of citizens by laws furthering the spread of exchange and price. Or, to put the thought in another
way, and without entering into a discussion of the quanrural credits.
It is pointed out very clearly in this handbook that be- titative theory of money, the writer, having reduced money
hind all credit machinery exists the need for "better men and its use to a mathematical formula, is led, unconsciously
and better farming," and while the authar does not go into perhaps, to apply this to supply and demand and to give
the statistics of the matter it would be easy to show by it overweight in the establishment of price. And herein
the production returns of the acre as between European lies the fault of the quantitative theory of money itself
DEC. 30 1916.]
THE CHRONICLE
and of all mathematical statements of the fluid and complex
processes of trade. Once a theorem is worked out it is seen
to contain essential error because of its necessary limitations, its inflexibility and failure to embrace the whole of
the subject.
Let us take three statements successively from Part I.
The Exchange Mechanism of Commerce:
Page 2. "Money, as a medium of exchange, is a kind of wealth or
property for which other goods are sold, and with which, in turn, desired
goods are bought. It may be distinguished from other wealth or property
by its characteristic of general exchangeability."
Page 4. ".. .the quantity of money, times its velocity of circulation, equals the prices of goods bought with money, times the quantities
bought."
Page 14. "If the purchasing power of money is doubled, demand for
money will be exactly halved. If the purchasing power of money is halved
demand for money will be doubled. Sellers of goods will take all the
money which the goods they desire to sell will bring. If, therefore, the
purchasing power of money is halved, I. e. if it takes twice the former
amount of money to buy the same goods, then the demand for money, the
amount sellers of goods (buyers of money) will take, at this purchasing
power, will be exactly doubled."
2377
and demand when by the use of a gold standard the values
of goods may be contrasted for the purposes of exchange.
In the detail information of this work there is much valuable matter to the student that is clearly expressed and accurately put. Furthermore, the purpose of the book is a
good one. And in the main it is well carried out. It is
desirable that the principles of commerce be stated in systematic form. But over against all academic efforts to
do this are the ever present unknown terms of the equation.
Thus the law of supply and demand may uncover the fact
that trade between nations tends to equilibrium when
free; tends to the development of those resources in which
a nation and its people have the largest degree of inherent
or natural power; and, when extended to all countries, tends
to create national wealth by a larger and more economical
development of all resources. But the intensity of demand
is not based wholly upon the principles of commerce which
may be thus unfolded—the business formula of engaging
in exchange under the relations of labor cost to production;
and a demand, regulated automatically by labor-cost and
natural facilities, compelling a people to engage in that for
which they are best fitted. An element of demand determining the extent of production and the direction of
trade lies wholly outside of this, yet is ever present, and
unevenly and indeterminately forceful, a demand inherent
in what may be termed the state of civilization and in the
human, or racial, taste and temperament. This is subject
to change, yet still affects so large a part of consumption
as to seriously influence logical development and equable
exchange.
A very powerful example of the influence of what may be
termed taste is brought to the world's attention in the South
American trade wherein the characteristics of the derivative Latin temperament create a demand not only as to
kind of goods, but as to their form, and as to the time elements of bargaining.
We mention these things not to detract from the value
of a clear statement of the philosophy of trade, but to show
that the academic analysis must always fall far short of the
actual realities, and should not be accepted as either a full
or final declaration of principles. The work before us has
been conscientiously, carefully, and adequately performed,
and should serve well its purpose as a supplementary reader
to students engaged in the study of this subject.
Now when it is considered that,say eighty-five to ninety per
cent of the business of the country is done by the use of credit
Instruments through the instrumentality of banks, statements like these must mislead in relating money-stock to
price-levels. The very expression of the mathematical
formula defeats itself. These credits have an existence,
and come into existence, largely independent of the goldstock, although partially based thereon, for they represent
the unconverted property and potential personal .power
of producers and traders. The gold used as a medium of
exchange, as between countries, comes into force, after
the transactions have balanced against each other, to settle
the remainders. Yet these credits are used as payments
for goods. Again, money (gold) is comparatively little
In use as a medium of actual exchange, but is in almost
universal use as a measure of value, as a standard, by which
the actual utility value of various kinds of goods may be
related to each other, as a basis of exchange. Here again
the amount of the gold-stock as an influence dwindles by
comparison. So that neither the amount of money nor
velocity of circulation (even omitting conditions of supply
and demand existing in nature and human effort) can by any
correct reasoning make price as indicated in these quotations.
The author does not fail to note the modifying influence
of credit-money; nor, in the second division, the force of
natural supply and demand, but his attempt to make a
syllogism of a complex and extensive and many-sided subject leads him later into error, as witness the following at THE LEGACY OF THE EXPOSITION: Interpretation of the
Intellectual and Moral Heritage Left to Mankind by
page 26 of the second part:
the World Celebration at San Francisco in 1915. Printed
In general, we may say that the more varieties of goods a country can
for the Exposition by John Henry Nash, San Franoffer for export, the better its position in trade. England's position, for
example, is better if it produces several kinds of goods for foreign sale than
cisco, 1916.
if it produces but one. The demand of France or Italy or other countries
Printed on heavy paper, with wide, red-lined, margins,
for these several kinds of goods will be greater than for any qne thing alone.
As a consequence there will be a greater tendency for gold to flow into leaves uncut, and reflecting credit upon the printer's art,
England, making English prices higher and French, or other prices, lower, this book comes to our table, an exemplification of the
so giving England a larger gain from the trade.
adage—"Of making books there is no end."
Of course a tendency is not a complete accomplishment.
Since the influence of this unquestionably great ExposiBut here again this quantitative theory bobs up, as in the tion will live on in the spiritual uplift of mankind, one may
phrase we have italicized, to spread confusion over the question the need of reiterating the fact by gathering
tosubject. The author at one place refers to bank-credit gether nearly seven hundred expressions of the same
truth.
money as "substitute" money. But the substitute is used However, these laudatory
testimonials, selected from
first, and the gold flow follows. The international bill of thousands, serve to show the effect upon
various minds
exchange is world money, based on liquidating commercial of what is everywhere admitted to be
a wonderful and suetransactions, and gold follows to pay remainders and bal- cessful achievement in
Exposition building. Further than
ances, and it is just because the gold stock of the world is this we can see no good
purpose in this book.
comparatively constant, and fixed or limited, and because
That a complete, and illustrated, history of the enterof the qualities the metal possesses, that, in the evolution prise will in time be published we do not
doubt. And from
of trade, it has become the world's standard of value. And this will come the inspiration of the future. A record
of
furthermore, as could easily be shown, the gold flow does the progress of mankind, at a given time, in all the
departnot infallibly follow the balance of trade. The quantity ments of human endeavor, as shown by world-exhibits,
of money (gold) cannot be placed over against the quantity assembled in palaces that formed an architectural triumph
of goods (even with the velocity of circulation added) to of dignity and beauty, will
constitute the real legacy of the
explain and establish price. Against the hundreds of Panama-Pacific Exposition, as
far as the written word is
billions of transactions it is but a pin point in quantity. concerned. And this we feel
will not be neglected by Diit has that quality that, as one writer has expressed it, rectors, who, in the face
But
of unparalleled obstacles, carried
if one dollar were placed in escrow in the Bank of England, the undertaking to a
beneficial end.
and all traders were depositors, and would write checks in
its denomination for all transactions, business could go on THE LAND-TITLE REGISTRATION ACT OF THE STATE OF NEW
as before. Does the access of gold in the United States
YORK. With Introduction by Dorr Viele and Joseph
and its loss to England, as a cause, produce high prices
C. Baecher of The New York State Bar, Official Ex(even though at different levels) in both countries at the
aminers of Title. Matthew Bender & Company Pubsame time? It is the natural conditions of supply and
lishers, Albany, N. Y., 1916. Price 50 cents.
demand, plus the ease and efficiency of transportation,
This is a booklet giving in convenient and indexed form
plus the helpful power of gold through the service of bank- the Land-Title Registration Statute of New York as pering that we have to consider. Admitting an influence fected by amendments of 1909, 1910 and 1916.
on price, of money-stock, this cannot be distinctively and
This is the "Torrens System" for registering a title; and
mathematically separated from natural physical supply thus doing away with the old system of "abstracting the
•
•
2378
THE CHRONICLE
chains of title, procuring an attorney's opinion thereon, or
corporation insurance guaranteeing same. It has been
adopted in fourteen States and the Commissioners on Uniform Legislation have recommended an act to all the States.
In brief, the Torrens System provides, that, by an action
In the Supreme Court "to which all persons having an interest in the land are made parties in order that the judgment expressing their interests may be binding and conclusive," a Certificate of Title, in duplicate, shall issue,
through the County Registrar, stating the ownership of
land which it describes, the owner's name and that of his
wife and address; "the original is a page in a book in the
Registrar's office, the duplicate is given the owner."
This certificate, "is evidence in any court of the facts
on its face and that the provisions of law up to the time of
its issue have been complied with." Thus, a fee simple
title declared vested in an owner free from all encumbrances
needs no further investigation. Changes in title of prop
erty thus registered "are made through the Registrar," the
certificate and endorsements showing "the condition of
the title by mere inspection." Once registered, transfers
on sale are made by "issuing a new certificate in the name
of the purchaser and cancelling the earlier original and duplicate." "The keynote of the system is the handliny of the title
by the certificate."
Each paper filed with the Registrar "is required to be
endorsed with the name and address of the person in whose
behalf it is filed, and the Registrar supplies its serial number
from the last previous number in the Entry Book and the
number of the application or the certificate to which it
relates from the General Index and the Tickler Certificate
Book or Title Book."
Section 426 of the article declares: "Upon the original
registration of real property, there shall be paid to the
Registrar one-tenth of one per centum of the value thereof,
which value shall be determined .by the Registrar but shall
not be less than the amount of the last assessment for local
taxation." This constitutes an "assurance fund."
Once a title is registered under the Torrens System subsequent fees accruing thereon are nominal, and the claim
is made that the system will not only fix and assure titles
but materially reduce the cost of handling real estate. Now
that Land Banks are established a new influence is brought
to bear in favor of a more general adoption of the system.
URUGUAY GOVERNMENT MAKES LOAN OF $2,500,000.
Arrangements have been completed by the Montevideo
branch of the National City Bank of New York City, for
a loan to the Uruguay Government of $2,500,000, bearing
6% interest and maturing in one year.
The Bank of the Republic in Montevideo, it is said, will
actually advance the money to the government, drawing
against gold in New York, at its convenience. The balance
held in Now York will receive interest at the rate of 2%.
LIFE OF SYNDICATE HANDLING NEW RUSSIAN
GOVERNMENT LOAN EXTENDED.
The life of the syndicate, composed of J. P. Morgan &
Co., the National City Bank, the Guaranty Trust Co., Lee,
Higginson & Co. and Harris, Forbes & Co., all of New York
City, underwriters of the Imperial Russian Government
53/% 5-year external loan offered in November, has been
extended to Jan. 15 1917. It was stated some little time ago
that over $20,000,000 of the issue had been sold. The liability of the syndicate members has thus been practically
lifted, inasmuch as the commitment of the syndicate was
$25,000,000, the remainder of the loan being held under option. This option it is hardly thought will now be exercised.
The bonds, particulars of which were given in these
columns on Nov. 25, were offered at 943 , netting the inA
vestor about 6%%.
BRITISH GOVERNMENT LOAN SYNDICATE DISSOLVED.
Announcement has been made that the syndicate organized to underwrite the $300,000,000 53/2% three and
five year British Government gold loan, for which subscription books were closed on Nov. 4, has been dissolved
and checks for the profits have been distributed by J. P.
Morgan & Co yndicate managers. The syndicate members were: . Morgan & Co., The First National Bank;
the National _;
Co.; Harris, Forbes & Co.; Brown Broth-
[vol.. 103.
ers & Co.; Wm. A. Read & Co.; J. & W. Seligman & Co.
Kidder, Peabody & Co.; Lee, Higginson & Co.; Lazard
Freres; Kissel, Kinnicutt & Co.; White, Weld & Co.; the
Guaranty Trust Co.; the Bankers Trust Co.; the Farmers'
Loan & Trust Co.; the Central Trust Co. of Illinois, Chicago;
the Union Trust Co., Pittsburgh; the Continental & Commercial Trust & Savings Bank, Chicago; the Marine National Bank, Buffalo; and the First & Old Detroit National
Bank, Detroit For full particulars of the offering of this
loan see our issue of Oct. 28, pages 1550 and 1551. The
list of American securities serving as collateral for the $300,000,000 loan were published by us in the "Chronicle" of
Nov. 18, pages 1833, 1834 and 1835.
NEW ZEALAND MERCHANTS ESTABLISH DOLLAR
CREDITS.
Dollar credits have been established in New Zealand, according to a report from General Consul Alfred A. Winslow,
at Auckland, to the Bureau of Foreign and Domestic Commerce. The report of Consul Winslow has been outlined
in "Commerce Reports," the Bureau's official organ, which
says: "The Chairman of the board of directors of the Bank
of New Zealand has just returned from a four months' trip
through the United States and Canada and announces that
arrangements have been completed with American banks
whereby dollar credits can be secured to facilitate trade between New Zealand and America. This will be in the interest of American trade, and now is the time for American manufacturers and exporters to make the most of
it. There is a good field in New Zealand for most lines of
manufactured articles, and the demand is sure to continue
for some time after the European war closes."
ENEMY INVESTMENTS IN GREAT BRITAIN.
An investment of about £32,000,000 of enemy capital in
British companies is shown by the Enemy Trading Act
returns, according to C. J. Stewart, Public Trustee. Mr.
Stewart gave a detailed report of the enemy investment in
a recent address before the City of London Tradesmen's
Club, and an account of his observations is furnished from
London sources as follows:
There was about £71,000,000 of property in this country held and
managed on behalf of the enemy and about £19.000,000 bank balances
and debts over £50 due to the enemy, making a total of £122,000,000.
Referring to the enemy banks, Mr. Stewart said that shortly after the
outbreak of the war licenses were granted by the Home Office to the
London agencies of the Deutsche Bank, the Dresdner Bank, DiscontoGesellschaft, the Oesterreichische Landerbank, and the Angio-Austrian
Bank for the sole purpose of collecting assets with a view to payment of
non-enemy liabilities arising out of pre-war transactions, which in the
ordinary course would be discharged by the London establishments. Sir
William Plender was appointed Controller, and he in turn appointed a
supervisor to act for him at each of the banks.
With he assistance of the Bank of England, which advanced, under
the Treasury scheme of September 1914, the necessary funds to meet the
outstanding acceptances of the five banks, the liabilities payabieunder the
licenses had been discharged or provided for in full, except in the case
of the Landerbank, where the cash resources had only permitted a recent
distribution of 30% to its unsecured creditors. The Deutsche Bank had
entirely repaid the amount advanced by the Bank of England, but a
considerable part of such advances was still owing by the other banks.
The balances were being reduced as and when funds permitted.
By the terms of the licenses, any surplus assets arising from the banks'
operations were directed to be deposited at the Bank of England to the
order of the Treasury, and in the case of the Deutsche Bank a deposit of
about £376,000 in cash had already been made on account, and securities
of a book value of £188,000 had been lodged. It was unlikely, however,
that the assets of the remaining banks would yield during the war a sum
sufficient to discharge the outstanding indebtedness to the Bank of England,
of payment in full to the unsecured creditors of the Landerbank, and it was
therefore unlikely that in their cases any surplus would be accumulated.
Each of the banks held large blocks of securities on behalf of enemy
customers or its own hcad office or foreign branches—the value of such
securities held by the three German banks being, roughly, £20,000,000.
It had hitherto been found impossible to determine whether any particular
part of the securities held on account of the head offices and foreign
branches did, in fact, belong to the banks, but it was known that the
great bulk of these securities, if not the whole, was really the property of
the banks.
Alt securities were now about to be vested in the Public Trustee by orders
to be made by the Board of Trade. After the securities had become
vested it would then be open to creditors of a particular enemy customer,
for whose account any of the securities were held, to apply, to the court
for directions for the sale of securities and payment of the debts, owing
by such customer to British subjects.
Steps were now being taken for the sale of the London premises of the
Deutsche Bank, and similar steps were shortly to be taken with regard to
the London premises of the Disconto and Dresdner banks.
With regard to the sale of businesses or shares to persons of British
nationality, Mr. &ewart said that they could rest assured the moneys
would not find their way to enemy countries if, by the exercise of the
powers he possessed, he could prevent them, until they were satisfied as to
what the enemy proposed as regards the large claims we had against
them. There had been 223 orders with a view to sale since April; 117
had been dealt with, 101 were in course of being dealt with, and 10 weref
awaiting the directions of the Board of Trade. Eighty-five per cent o
the enemy companies were very good paying concerns, cleverly managed.
and in one case £5 shares realized a each
THE CHRONICLE
DEC. 30 1916.)
PAPER CURRENCY TO BE ISSUED BY NEWLY
CREATED POLISH BANK.
Announcement of the signing of an order by GovernorGeneral von Beseler of Poland creating the Polish State
Credit Bank was made in a wireless message to Sayville
from Warsaw under date of the 23rd inst. The bank, it is
stated, will shortly issue new paper currency in Polish marks
of a value equivalent to German marks and guaranteed by the
German Government. The step is said to have been taken
after long deliberation on the problem as to how the financial
and credit situation in Poland could be improved with a view
to stimulating the development of the economic life of that
country. The bank, which will operate for the duration of
the war, and until Poland is on a peace footing, will be
opened as soon as the currency can be prepared. The operation of the bank will be extended to the portion of Poland
occupied by Austria-Hungary as soon as an agreement with
the Dual Monarchy to that effect, it is stated, is completed.
COMPARATIVE FIGURES OF CONDITION OF
CANADIAN BANKS.
In the following we compare the condition of the Canadian
banks, under the last two monthly statements, with the return for June 30 1914:
Gold and subsidiary coin—
In Canada
Elsewhere
ASSETS.
Nov. 30 1916. Oct. 31 1916. June 30 1914.
$
$
$
28,948,841
48,810,358
48,667,428
35,753,507
17,160,111
18,593,157
Total
Dominion notes
Deposit with Min'er of Finance
for security of note circulation
Deposit in central gold reserves
Due from banks
Loans and discounts
Bonds, securities, &c
Call and short loans in Canada..
Call and short loans elsewhere
than in Canada
Other assets
Total
Capital authorized
Capital subscribed
Capital paid up
Reserve fund
82,563,865
118,842,892
67,260,585
122,667,047
46,108,952
92,114,482
6,856,837
43,300,000
171,874,774
927,399,530
260,411,972
89,395,370
6,856,837
35,660,000
204,107,821
906,106,268
270,140,096
90.412,023
6,667,568
3,050,000
123,608,936
925,681,966
102,344,120
67,401,484
183.250,389
73,615,689
189,346,216
76,383,122
137,120,167
71,209,738
1.957,511.418 1,968,940,015 1,575,307,413
LIABILITIES.
3
188,866,666
113,849,166
113,305,244
113,293,018
$
188,866,666
113.431,666
113,030,878
113,022,933
$
192,866,666
115.434,666
114,811,775
113.368,898
Circulation
148,197,971 145,031,667
99,138,029
Government deposits
63,271,032
62.043,201
44,453,738
Demand deposits
621,484,701 655,431,162 458,067,832
836,593,269 814,297,404 663,650,230
Time deposits
Due to banks
27,706,820
26,946,108
32,426,404
Bills payable
5,372,795
4.714,793
20,096,365
Other liabilities
13,588,264
14,234,589
12,656.085
Total, not including capital
or reserve fund
1,716,214,852 1,722,698,924 1,330,488.683
Note.—Owing to the omission of the cents in the official reports, the
footings in the above do not exactly agree with the totals given.
STOCK EXCHANGE DEFINES STOP ORDERS.
The Governing Committee of the New York Stock Exchange has taken occasion to promulgate a ruling definitely
defining "stop orders." The action of the Committee in
the matter is said to have been found necessary owing to
recent wild and erratic fluctuations in certain classes of
stocks. The resolution adopted by the Governing Committee on the 27th inst. is as follows:
That a stop order to buy stock becomes a market order whent he stock
sells at or above the stop price.
That a stop order to sell stock becomes a market order when a stock
sells at or below the stop price.
The New York "Tribune" furnishes the following explanation of the reason for the ruling:
This is merely to invest with formal and official phraseology a practice
which has alwayp obtained among brokers. The reason for doing it is
that in some very excited stock market days of the recent past clients
have complained of the results obtained from the execution of "stop loss"
orders, generally blaming the broker for not having done better.
The operation is this: A client buys 100 shares of United States Steel
common at 120 and puts in an order at the same time to sell it at 115,
"stop." That means that he wishes his loss to be stopped at a decline
of 5 points. The understanding is that if Steel common touches 115 the
broker is immediately to offer his client's 100 shares for sale at the best
price then obtainable, which in a normal market may be 114%. But in
time of great confusion Steel common may close one night at 116, open
the next morning at 113 and fall immediately to 111%. Then what is
the broker to do with his client's 100 shares? Sometimes he uses his discretion and does not sell his client's stock at 1113, hoping that it will recover, but he uses discretion at his own risk. Instead of recovering Steel
common may fall straightaway to 108. Then what is the broker to do?
This ruling of the governing committee officially relieves him of any
obligation to employ discretion. The order to sell Steel common at 115
"stop" becomes imperatively operative immediately after the stock has
touched that price, no matter what tho next quotation may be, and if it
touched 115 only in a constructive sense, as when in the illustration it
closed one night at 116 and opened the next morning at 113, ho still must
sell it for what he can get.
The operation of a stop order to buy in the event of a certain price being
touched is merely the converse of what has been explained.
2379
CHANGES IN NEW YORK STOCK EXCHANGE RULE
REGARDING COMMISSIONS.
The proposed amendments to the constitution of the
Stock Exchange affecting commissions on transactions in
foreign and domestic short term notes and [bonds, became
effective on the 21st inst. The amendments were approved
by the Governors of the Exchange on the 13th inst. As a
result of the change made there will no longer be exacted
the fixed commission of one-eighth of one per cent heretofore
charged non members by members for buying or selling
bonds or notes of foreign countries or notes of corporations
having five years or less to run. A circular indicating the
changes was issued under date of the 14th inst. by Secretary
Ely. The commission rules, as amended, now read as
follows:
ARTICLE =UV.
Commissions.
Sec. 1. Commissions shall be charged and paid, under
Obligation
to charge and all circumstances, upon all purchases or sales of securities
collect.
dealt in upon the Exchange (except as provided in Subdivisions (c) and (d) of Section 2 of this Article); and shall
No rebatebe absolutely net and free from all or any,rebatement remetal, &c.
turn discount or allowance in any shape or manner whatsoever, or by any method or arrangement direct or indirect;
No allowance
and no bonus or any percentage or portion of the commisfor business
sion shall be given, paid or allowed, directly or indirectly.
Procured.
or as a salary or portion of a salary, to any clerk or person
for business sought or procured for any member of the
Exchange.
Sec. 2. Commissions shall be calculated as follows;
(except as provided in Subdivisions(c) and(d)of this Section):
(a) On business for parties not members of the ExRates of
commission. To change, including joint account transactions in which a
non-members, non-member is interested; transactions for partners not
Joint account members of the Exchange; and for firms of which the ExPartners. &c. change member or members are special partners only, the
commission shall be not less than A of 1% on the par value
of bonds and not less than the following rates for stocks:
1254c. per share
Selling at $10 and above, per share
.06 Xc. per share
Selling below $10, per share
To members.
(b) On business for members of the Exchange the commission shall be not less than 1-32 of 1% on the par value
of bonds, and on stocks selling at $10 per share and above
.0312%c. per share, and on stocks selling below $10 per
share, .01561 c. per share; except when a principal is given
A
up, in which case the commission shall be not less than 1-50
of 1% on the par value of bonds,and on stock selling at $10
and above per share .02c. per share, and selling below $10
per share .01c. per share.
Exceptions.
(c) On Subscription Rights; Bonds or Notes of Foreign
Countries having five years or less to run; Notes of Corporations haveing five years or less to run; Bonds having
five years or less to run; such rates to members or non-members as may be mutually agreed upon; provided, however,
that the Committee on Commissions with the approval
Special rates. of the Governing Committee may hereafter determine special
rates on any or all of the above-mentioned securities.
Exemptions.
(d) Securities of the United States, Porto Rico and the
Philippine Islands, and of States and Municipalities therein
are exempted from the provisions of this Article.
(e) In transactions where orders are received from a
Clearances on
orders from a non-member, wherein the broker filling the order is directed
to give up another broker or clearing house, the responsinon-member.
bility of collecting the full commission of % of 1% on the
par value of bonds and .12%c.per share on stocks selling at
$10 per share and "above, or .06 Xc. per share on stocks
selling below $10 per share, shall rest with the broker or
clearing house settling the transaction.
(f) In transactions where orders are received from a member:
Clearances on
orders from a on which a clearing firm is given up by said member or by his
order,the responsibility of collecting the full commission of
member.I
1-32 of 1% on the par value of bonds and .0312%c. per share
on stocks selling at $10 per share and above, or .01563(c.
per share on stocks selling below $10 per share shall rest
with said clearing firm; and it shall be the duty of the
broker who executes such orders to report such transactions
to the clearing firm and render to them and collect his bill
therefor at the rate of 1-50 of 1% on the par value of bonds.
or .02c. per share on stocks selling at $10 per share and
above, or .01c. per share on stocks selling below $10 per
share; and also that where a broker executes an order for
a member and clears the security himself, he must charge
1-32 of 1% on the par value of bonds or .0312%c. per share
on stocks selling at $10 per share and above, or .0156gc.
per share on stocks selling below $10 per share.
(g) Whenever a non-member of this Exchange shall
Transactions
made outside of cause to be executed in any market outside of the United
States. States any order or orders, for the purchase or sale of
United
securities listed on this Exchange (except as provided in
Subdivisions (c) and (d) of this Section), and said purchase
or sale shall be accepted by a member or firm who are
members of this Exchange, for the account of said nonmember, the commission of % of 1% on the par value of
bonds, or .123c. per share on stocks selling at $10 per share
and above, or .06c. per share on stocks selling below $10
per share shall be charged said non-member in addition to
any commission charged by the party or parties making
the transaction.
(h) When securities are received or delivered on a priviDeliveries on
lege for a non-member, the commission of % of 1% on the
Privileges.
par value of bonds, or .12%c. per share on stocks selling at
$10 per share and above, or .06c. per share on stocks
selling below $10 per share, must be charged whether said
securities are received or delivered upon the day of expiration of said privilege or prior thereto.
GEORGE W. ELY, Secretary.
2380
THE CHRONICLE
The "Sun" further said:
BANK OF ENGLAND NAMED AS FOREIGN CORRESPONDENT OF NEW YORK RESERVE BANK.
The appointment of the Bank of England as a foreign
correspondent and agent of the Federal Reserve Bank of
New York has been authorized by the Federal Reserve Board.
Announcement of this action was made on Dec. 25; the
move, it is pointed out, signalizes the first formal step of the
Government, through the Federal Reserve Board, toward the
establishment of financial connections abroad, whereby it
hopes to strengthen the position of the United States as a
world banker and to maintain the American dollar as the
standard of exchange. The Bank of England is the first
foreign correspondent whose appointment has been authorized since the operation of the Federal Reserve System. It
Is intimated in official circles in Washington that connections
with other foreign Government institutions, such as the Bank
of France, are foreshadowed by this week's action of the
Board. In its announcement the Board said:
[VoL. 103.
•
Mr. Hepburn said that so far as keeping gold in this country after the
war is concerned, there is no occasion to worry now, as foreign bankers
cannot get It out except by our consent and the gold will not go so long
as we do not want something else more than we want the gold. But when
American merchants and others want things from the other side, he said'
than It naturally follows that gold will flow out in payment for these things.
In some quarters the view prevails that for the present the
arrangement has only nominal value but that it may develop
into something important in the course of time. "The Wall
Street Journal," in its issue of Dec. 27, discussed the matter
as follows :
Until more is known in reference to the appointment of the Bank of
England as the London agent for the New York Federal Reserve Bank,
it is idle to speculate upon the significance of the step. The formal announcement of the Federal Reserve Board, it must be confessed, has left
the banking community guessing as to just how effective such a connection
can be to either party at the present time. Indeed, It is not believed that
it is meant to have any immediate result and that the Washington authorities deemed it expedient at this time to give publicity to an arrangement
which had been standing some little while. It was not generally known
heretofore that the Federal Reserve banks had formed any connections
abroad, but now it is shown that part of the machinery for their foreign
The Federal Reserve Board has authorized the Federal Reserve Bank of
New York to appoint as one of its foreign correspondents and agents, the operations has already been prepared.
There are several reasons why a foreign agency of this nature will not
Bank of England, of London, Eng., under the terms of the Federal Reserve
render any great service, money marketwise. In the present crises, although
Act.
Section 14 of the Act permits any Federal Reserve Bank, "with the there may be some specific instances where the Bank of England can be of
• consent of the Federal Reserve Board, to open and maintain banking service to the Reserve bank. In the first place, it is evident that this is
accounts in foreign countries, appoint correspondents and establish agencies a time when the Federal Reserve banks should have their funds as much as
in such countries wheresoever it may deem best for the purpose of pur- possible within their own reach. Evidence has not been wanting lately
chasing, selling and collecting bills of exchange arising out of actual com- of a closer working in the money situation here in the East, and the way
mercial transactions," so that a broad field of operation is possible under it. the member banks turned to rediscounting at the regional institutions
In granting the authority to establish this agency the Board has author- showed that the time was drawing nearer when the usefulness of the
ized the Federal Reserve Bank of New York to maintain accounts either Federal Reserve system was to be demonstrated at home. It would not
for or with the Bank of England so that operations both in England and in seem advisable, therefore, for the New York Federal Reserve Bank to
have any material amount of its funds tied up in foreign bills abroad just
the United States are possible.
Other Federal Reserve banks may participate in the agency relationship now.
In view of the magnitude of the favorable trade balance and the enorwith the Bank of England upon the same terms and conditions that will
mous gold imports, the relatively small amount of money which the New
govern the Federal Reserve Bank of New York if they so desire.
York Federal Reserve Bank could throw into the balance would scarcely
Newspaper accounts say the authorization of the appoint- be felt. It would be a drop in the bucket in the unprecedented volume of
ment is a part of general plans for establishing financial con- our foreign commerce. It is not conceivable that the Federal Reserve
more than,
to
bank
nections that will strengthen the United States as a creditor Investat the present time could devote this sum be say, $50,000,000the
compared with
in foreign bills and what would
nation in the commercial competition which probably will volume of gold now flowing weekly to these shores from the Allies' reserve?
result when the war closes and to provide a ready means to Moreover, it is very much to be doubted whether the Federal Reserve
bank could find suitable bills available in the London market in the present
offset any tendency on the part of foreign bankers to with- disordered state of British trade.
draw the huge supply of gold accumulated here during the
It must be borne in mind, too, that investment in foreign bills abroad
gold import movement. It
check
war. The action, it is pointed out, marks a radical depar- does not conclusively period thethe investment, say, 90 days. only defers
of
the settlement for the
The same
ture from the previous financial policy of the country inas- thing applies in the case of gold exports to the purchase by foreign agencies
much as it places the Government of the United States and of our bilis or to the maturing of our investments abroad. The benefit
opportunity they afford of
operations,
Great Britain, for the first time, in direct, continual financia of such the situationhowever, lies in the the balance of trade turns inconfor a time or until
the
trolling
relationship. The first effect, it is thought, will be notice- other direction. Under the present conditions, when the trade balance
able in transactions which might otherwise involve the expor- has been so overwhelmingly in one direction for two years, it will readily
Reserve
be seen that
tation of gold from this country. The claim is made that bank could the comparatively small Investment which the Federaleffect in
make abroad in bills would have had no noticeable
the connection with the Bank of England will afford a chan- stemming the gold tide in this direction.
In normal times, however, such an arrangement may be very effective.
nel through which American banks can readily purchase
in our
when the
There are certain seasons in
British notes and securities to meet any tendency toward favor and other seasons when the yearother way.balance of trade ismonths
it is the
The intervening
gold exportation. It is the understanding that all the could be covered by the investment in foreign bills and thus obviate any
fall of the year and
conditions attendant upon the working of the new arrange- unnecessary movement of gold. In the while generally in thethe winter.
spring and
for instance, the balance is in our favor,
ment have not yet been perfected. One of the matters summer, under normal conditions, exchange runs against us. By investstill to be determined, it is said, concerns the amount which ing our foreign credit balances in the winter, with possibly one renewal,
equitable
the Bank of England is to charge for its services, and another a more about. condition in the foreign exchange market would be
brought
has to do with the amount of funds which the New York
Something of this effect was noticeable in the past, when London and
Federal Reserve Bank will keep on deposit with the Bank other foreign banks allowed us to draw finance bills orithem in the summer,
which
of England. The formal announcement of the Federal rates. were covered at maturity in the fall, generally with lower exchange
In time to come,when conditions are normal once more,the Federal
Reserve Board, quoted above, was supplemented by a state- Reserve banes operations in the foreign field may supplement this process
ment by W.P. G. Harding, Governor of the Federal Reserve of equalizing exchange. The resources at work will then be more capable
of effectively controlling the gold movements.
Board, in which he said that within a year it is hoped to
have such officially designed correspondent in every part of
The New York "Times" on Dec. 27 had the following to
the world. According to the "New York Commercial," he say on the subject:
declared that the idea is to build up a banking structure in
Bakers who have been identified with the flotation of foreign Governloans insisted yesterday
foreign fields that will make the United States financially mentnothing whatever to do that the appointment of the London agent
with the Federal Reserve Board's recent
had
impregnable after the war, and insure to it the export trade statement advising member banks not to invest in British and French
Treasury bills. It was said that arrangements for the appointment of
it has acquired while its formidable business rivals of Europe
bills
before
agents
have been fighting among themselves. The "Commercial" in this abroad had been under way long will bethe sale of Treasury nine
recalled that about
country was first suggested. It
quotes him as follows:
the Federal Reserve Bank
months ago Benjamin Strong Jr., Governor of
The authorization to-day is another step toward financing our export
trade. It is the beginning of a system that is hoped to develop into a
financial machinery more effective in holding export trade than any foreign
banking system of European nations.
The working of the system as the connection with the Bank of England
will develop will be watched with interest. It is expected to operate
satisfactorily.
It is stated that as a result of the designation of the Bank
of England as the foreign correspondent of the Federal
Reserve Bank of New York the latter is expected to be made
the agent and correspondent of the Bank of England. A.
Barton Hepburn, Chairman of the Board of the Chase
National Bank of New York was one of the local bankers
who expressed approval of the Reserve Board's action.
The New York "Sun" quoted him as follows:
It is a very wise action on the part of the Federal Reserve bank. Everything they can do to give the Federal Reserve bank the full powers which
are exercised by other banking institutions, to wit: the Bank of France, the
Bank of England, &c., is very necessary in order to vitalize and place it in
position to exercise its full power under all circumstances.
of New York, visited London and Paris and conferred with officials of the
Bank of England and of the Bank of France. Although no authoritative
announcement was made at the time, it was known that the main purpose
of Mr. Strong's visit was to initiate negotiations for the appointment of
these foreign banks as agents of the Now York Reserve Bank.
Under the provisions of the Federal Reserve Act foreign agencies of the
Reserve banks may be used for the purchase of gold coin and bullion abroad,
and for the purchase or sale of bills of exchange arising out of actual commercial transactions. In the opinion of bankers, it is not likely that the
Reserve bank will make any immediate investments in foreign bills,although
it is expected that an account will be opened and that at a later date the
agent will be instructed to make purchases of bills in the open market.
It was pointed out yesterday that the purchase of foreign bills by the
Reserve bank would be tantamount to the extension of credit, an operation
which would help,in a measure, to lighten the burden of the London banks.
If, for example, the New York Reserve Bank should buy $10.000,000 of
commercial bills in the London market, it in all probability would pay for
the bills by crediting the Bank of England, or parties for whom it might
be acting, with $10,000.000 in New York, and this money would be available here for meeting any payments that the British interests might have
to make. The operation would be the same if made by any member
bank, and the transaction would eliminate the necessity of shipping that
much gold to this country.
DEC. 30 1916.]
2381
THE CHRONICLE
Bankers predicted yesterday that the foreign agencies would prove
especially valuable after the conclusion of tho war when, it is expected.
has
Europe will endeavor to obtain the return of some of the gold that
two
been shipped to the United States in such largo volume in the last
banks
Years. It is anticipated that the Reserve Board and the Reserve
will exercise the functions of a central bank in regulating the control of
the gold outflow. In this connection,it is believed that the foreign agencies
will be effective-instruments.
SECOND DIVIDEND DECLARATION OF CHICAGO
FEDERAL RESERVE BANK.
The declaration of a second dividend by the Federal
Reserve Bank of Chicago was announced by James B.
McDougal, Governor of the Bank, on the 22d inst. The
first dividend, at the rate of 6% per annum, and covering
the period from the date of organization in November 1914
to March 31 1915, was declared in June last. The present
dividend declaration amounts to 43/2% on a basis of 6% per
annum and covers nine months from April 1 1915 to Dec.31
1915. It was made payable to member stockholders on
Dec. 27. On Dec. 22 the directors of the bank re-elected
the retiring officers for the ensuing year, J. B. Forgan
was re-elected a member of the Advisory Council of the
Federal Reserve Board.
PROPOSED AMENDMENTS TO FEDERAL RESERVE
ACT.
The extension and enlargement of the clearance arrangements of the Federal Reserve system and a reduction in the
amount of reserve which member banks are required to carry
with their Reserve banks are among the amendments under
consideration by the Federal Reserve Board. The "Journal
of Commerce" of the 23d inst., in its Washington dispatches,
contained the following with regard to the changes in the Act DIVIDEND DECLARATION OF RICHMOND FEDERAL
which the Board proposes:
RESERVE BANK.
of official disinterest in the
Instead of continuing to maintain its policy
The Federal Reserve Bank of Richmond, which a year ago
with the country banks regarding the extension of the check
controversy
banks,it was learned to-day
clearance system through the Federal Reserve
declared a dividend offi%for the period from November 1914
a draft of an amendment to
that the Federal Reserve Board has prepared
April 1916) declared a dividend
would extend and enlarge that clearance system so as to em- to Dec. 31 1915, and later;(in
the Act which
practically all of the non-member as well as the member banks in the of 1% for the same period, has just made a further declarabrace
country. It had been the desire of the Board to have this amendment to tion at the rate of 6% for the period from Jan. 1 1916 to
but adjournthe Act reported to Congress at the earliest possible moment,
Nov. 1 1916.
ment of both Houses to-day over the holidays has somewhat delayed the
after
program. The amendment will be introduced in both Houses shortly
the new year by the friends of the Board.
relates to the balances which member banks
The suggested amendment
proposed, would
must carry with their Reserve banks. This, by the draft
and trust companies
be so extended as to permit non-member State banks
Reserve banks also. The proposed amendment
to carry balances with the
for a non-memfurther stipulates that a Reserve bank may not clear checks
unless such non-member State bank or
ber State bank or trust company
balance which is required of it by the Board
trust company maintains the
to be maintained with the Reserve bank for thispurposo.
It is understood to be the desire of the Board to make the cneck clearance system as broad and comprehensive as possibiji. To this end it is desired to have non-member as well as all the member banks join in the clearance operations. The more items that are handled the cheaper and more
economical will the system become. In this way the proponents of the system hope to batter down the opposition of the country banks, which are
claiming groat losses in check clearances charges which they have been
•
forced to forego on account of the new system.
The Federal Reserve Board is now working on its annual report, which
will go to Congress next month. Not desiring to wait for that time, the
Board has selected out its recommendations for legislation and laid them
privately before its friends in Congress. It is expected that bills seeking
to carry into effect these recominendations will be introduced in either
House immediately after the holiday recess. One amendment proposed is
to meet extraordinary conditions, probably such as threatened financial
panics resulting from a declaration of war or the cessation suddenly of hostilities in Europe. This amendment proposes that when extraordinary conditions justify the Board may upon an affirmative vote offive of its members
require memner banks to increase the balances which they must keep on
deposit with their Reserve banks. These increased balances could, however, be required for a period of but thirty days.
The amendments proposed would also reduce the reserve requirements of
the present Act, or at least reduce the amount of reserve which member
banks must carry with their Reserve banks, to the following extent: If
the member bank is a so-called country bank it would carry with its Reserve
3%
bank a reserve of but 7% instead of 12% on its demand deposits, and
reserve city,
instead of 5% on time deposits. If the bank is located in a
reserve of
It would ho required to carry on deposit with its Reserve bank a
10% instead of 15% of its demand deposits, and 3% instead of 5% on its
time deposits. If the bank is located in a central reserve city it would be
required to carry on deposit with its Reserve bank a reserve of 13% instead
of 18% on its demand deposits,and 3% instead of5% on its time deposits.
If has further been suggested that this section of the law be amended by
adding:
"Every member bank shall maintain in its own vaults for till money an
amount of specie or currency equal to at least 5% of its demand deposits,
less the amount of those balances with the Federal Reserve bank which are
in excess of the minimum required by this section."
The amendments proposed would also amend that section of the law
which is aimed to prevent officers and employees from receiving unlawful
fees and commissions on business coming to them through their connection
with the bank. This section of the law, it is proposed, would be considerably broadened, so as to permit a continuation of many of the old practices which are not reprehensible. The Board also renewed its recommendation that the Banking Act be amended so as to permit national banks of
capital and surplus of $1,000,000 or more, located in cities of 100,000 population or over, to establish not more than ten branches within that city.
NEW OFFICERS OF BOSTON FEDERAL RESERVE BANK.
Chester C. Bullen has been elected Assistant Cashier and
William Willett Assistant Auditor of the Federal Reserve
Bank of Boston.
SAN FRANCISCO RESERVE BANK DIRECTORATE
ELECTIONS.
John Perrin, Chairman of the Board of Directors of the
Federal Reserve Bank of San Francisco, announced on Dec.
22 the re-election of C. K. McIntosh as a Class A Director by
member banks of Group 1, and the re-election of Elmer H.
Cox as a Class B Director by member banks of Group 3,
each for a term of three years from Jan. 11917. There were
six candidates for the Class A directorate, and three for Class
B. Mr. McIntosh received 62 out of a total of 68 votes cast
and Mr. Cox-, 49 out of 61.
DIVIDEND OF CLEVELAND FEDERAL RESERVE BANK
The amount of the distribution involved in the initial
dividend declared last week by the Federal Reserve Bank of
Cleveland is $130,000. As indicated in these columns last
Saturday, the dividend (at the rate of 6%) is for the period
from Nov. 2 1914 to July 1 1915, and was payable Dec. 30.
The Cleveland Federal Reserve Bank has a membership of
754 banks, with paid-in capital of $5,990,000.
LIABILITY FOR ACCRUED DIVIDENDS ON TRANSFER
OF BANKS FROM ONE DISTRICT TO ANOTHER.
An informal ruling regarding liability for accrued dividends
in the case of banks transferred from one Federal Reserve
District to another is published in the Federal Reserve
"Bulletin" for December. This particular ruling concerns
banks in the Dallas Federal Reserve District transferred to
the Kansas City Reserve District. It is set out that the
Federal Reserve Board is not of the opinion that it can require as a matter of law, the Federal Reserve Bank of Kansas
City to assume any part of the expenses of the Federal
Reserve Bank of Dallas, nor does it believe that it can
require the Federal Reserve Bank of Dallas to pay any part
of its gross earnings to the Federal Reserve Bank of Kansas
City. So far as the liability of the Reserve Bank of Dallas
to transferred member banks for unpaid dividends up to the
date of transfer the Board finds that the banks so transferred are entitled to present their claims for such unpaid
dividends to the Dallas Reserve Bank. We quote the ruling
below:
Referring to your letter of October 23 in regard to liability for accrued
dividends due to Oklahoma banks up to the time of transfer to District
No. 10.
A somewhat similar question arose in connection with the transfer of
certain banks from the Philadelphia to the New York district, but in this
case the Federal Reserve banks concerned voluntarily entered into an agreement under which the New York Bank assumed part of the expenses of
organization and current expenses of the Philadelphia Bank and the Philadelphia Bank allowed as a set-off to such expenses a proportion of its gross
earnings. Other Federal Reserve banks have been permitted to make a
similar adjustment of accounts in cases where member banks have been
transferred from one district to another. In each case, however, this
adjustment has been a matter of voluntary agreement and the Federal
Reserve Board is not of the opinion that it can require, as a matter of law,
the Federal Reserve Bank of Kansas City to assume any part of the expenses of the Federal Reserve Bank of Dallas; nor does it believe that it
can require the Federal Reserve Bank of Dallas to pay any part of its gross
earnings to the Federal Reserve Bank of Kansas City.
The Board is, however, of the opinion that the Federal Reserve Bank of
Dallas is liable to the member banks transferred for unpaid dividends up
to the date of tranfer, and that the banks so transferred are entitled to present their claims for such unpaid dividends to the Federal Reserve Bank
of Dallas, which institution is being advised accordingly.
October 31 1916.
NEW REGULATIONS OF NEW ORLEANS CLEARING
HOUSE.
New rules for the collection of out-of-town checks by the
New Orleans Clearing House banks were recently announced.
The principal changes, according to the New Orleans "Picawith items collectible through the Federal
yune" have to
Reserve Bank, and are embodied in Section 3 of the rules,
which,so far as they refer to collection charges, are as follows:
do
Section II. For items collected for account of or in dealing with or for
any sums drawn on only the governments of the United States, State of
Louisiana and the City of New Orleans, and for items payable in the cities
of Baltimore, Boston, Chicago, New York, Philadelphia, Pittsburgh and
2382
THE CHRONICLE
St. Louis, the charges shall be discretionary with the collecting bank, and
same shall not be governed by the provisions of these rules and regulations.
Section III. For all checks payable at points in the following States,
that may be collected through the Federal Reserve Bank, the collecting
bank shall charge not less than 3 cents per check, plus the following rates
per thousand dollars; no check to be taken for less than 5 cents; checks
on the same points are not to be added together, but are to bear these
charges separately:
Alabama
1.00 (Exception,
$ .75 Maryland
Arizona
1.00
1.50 Massachusetts
Cleveland)-__
75
Arkansas
75 Michigan
75 (Exception,CinCalifornia
1.25
cinnati)
1.50 Minnesota
75
(Exception, San
(Exception,MinOklahoma
1.00
Francisco)
neapolis)
1.00
75 Oregon
1.50
Colorado
Pennsylvania
1.25 Mississippi(Atlan1.00
Connecticut
ta District)_
1.00
50 Rhode Island
1.00
Delaware
South Carolina _ _ _ 1.00
1.00 Mississippi (St.
District of ColumLouis District)- 75 South Dakota..... 1.25
bia
75 Tennessee
1.00 Missouri
75
Florida
75 (Exception,KanTexas
1.00
Georgia
75
sas City)
50 (Exception, Dal(Exception, AtMontana
1.25
50
las)
lanta)
50 Nebraska
1.25 Utah
1.50
Idaho
1.50 Nevada
1.50 Vermont
1.00
Illinois
75 New Hampshire
1.00 Virginia
1.00
Indiana
1.00 (Exception,
75 New JE may
Iowa
75 New Mexico
Richmond)
1.25
75
Kansas
1.00 Washington
1.50
1.25 New York
Kentucky
75 North Carolina__ 1.00 West Virginia_ _ _ _ 1.00
Louisiana
1.25
1.25 Wyoming
50 North Dakota
Maine
1.00 Ohio
1.00 Wisconsin
1.25
Section IV. For all items not collectible through the Federal Reserve
Bank, the collecting bank shall not charge less than the following rate per
thousand dollars:
1.50 Ohio
Alabama
$2.00 Maine
1.50
1.50 Oklahoma
Arizona
2.50 Maryland
2.50
Arkansas
1.50 Oregon
2.50 Massachusetts..
2.50
California
2.50 Michigan
1.50 Pennsylvania
1.50
Colorado
2.50 Minnesota
2.50 Rhode Island
1.50
1.50 Mississippi
Connecticut
1.50 South Carolina_ _ 2.50
Delaware
1.50 Missouri
1.50 South Dakota_ .._ _ 2.50
District Columbia. 1.50 Montana
2.50 Tennessee
1.50
Florida
2.50 Nebraska
2.50 Texas
2.50
Georgia
2.00 Nevada
2.50 Utah
2.50
Idaho
2.50 New Hampshire.. 1.50 Vermont
1.50
Illinois
1.50 Virginia
1.50 New Jersey
1.50
Mexico
Indiana
1.50 New
2.50 Washington
2.50
Iowa
2.50 New York
1.50 West Virginia_ _ __ 2.50
Kansas
2.50 Wisconsin
1.50 North Carolina_
1.50
Kentucky
1.50 North Dakota.... 2.50 Wyoming
2.50
Louisiana
1.50
FOREIGN COLLECTIONS.
•
Per $1,000
Per $1,000
Per $1,000
Canal Zone
$2.50
$5.00 Cuba
$2.50 Mexico
Central America__ 5.00 Dominion of CanPcrto Rico
2.50
ada
2.50
(1) In case the charge on any item, at the rates above specified, does not
equal 10 cents, the collecting bank shall not charge less than the amount;
but all items received from any one person, at the same time, and payable
at the same place, may be added together and treated as one item, for the
purpose of fixing the amount chargeable.
(2) If an item on which a charge has been made is returned unpaid for
any cause, no rebate of original charge to be allowed; but if the item is
redeposited, the charge on the second collection may be waived.
(3) The above charges shall apply on items taken for collection only,
when such items are paid. When items which are taken for collection
only are returned unpaid, a minimum service charge of 10 cents per item
shall be made.
(4) On items drawn at sight or on demand, and bearing three days'
grace, where credit is desired before final payment is received, an additional
charge of 50 cents per thousand dollars shall be added to the above rates.
The clearing house, the "Picayune" reports, directed that
the new rules should go into effect Dec. 19 1916.
[VOL. 103.
On Nov. 17 1916 the resou:ces of our national banks aggregated 15,520
million dollars, an increase of 4,028 million dollars, or over 35%, in just
two years and seventeen days.
The prodigious growth and development of the national banking system
may be better appreciated when we realize that the resources of the national
banks throughout the country have doubled since the spring of 1906,
ten years ago.
Against total resources of 7,670 million dollars in April 1906, their assets
on Nov. 17 1916 were, as shown above, 15,520 million dollars, the increase
being nearly eight billion dollars.
The resources of the national banks on the date of the last call are greater
than the total resources of all reporting State banks,savings banks, private
banks and loan and trust companies throughout the United States at the
time of the inauguration of the Federal Reserve system about two years ago.
It is also noteworthy that the resources of our national banks at this time
exceed by 321 million dollars the total resources of all the reporting banking
Institutions in the United States, including State banks, savings banks and
loan and trust companies and national banks as well, as late as the year 1904.
From 1904 to 1914 the resources of the national banks of the United States
had increased 4,295 million dollars, or from 7,197 million to 11,492 million
-60%,or an average per year of 6% for the ten-year period.
From October 1914 to November 1916 the increase was 4,028 million
dollars, or over 35%,an average for these two years of about 18%,or,say,
three times as much as the yearly average for the preceding ten years.
The aggregate resources of the national banks of the United States at
this time exceed by about a billion dollars the combined resources of the
Bank of England, the Bank of France, the Bank of Russia, the German
Reichsbank, the Bank of Italy, the Bank of Spain, the Bank of the Netherlands, the Bank of Denmark, the Swiss National Bank and the Imperial
Bank of Japan, according to the latest reports received from these foreign
banks.
The figures disclose the deeply significant fact that the resources on
Nov. 17 1916 of the national banks in the Southern States, Middle Western
States, Western States and the Pacific States,exclusive of the Now England
States and the Eastern States, amounted to more than the total resources
of all the national banks in the United States as late as 1906.
An analysis of the statement also shows that the resources of the national
banks of the Southern States alone on Nov. 17 1916 exceeded the total
resources of all national banks in all the New England and Eastern States,
Including the great financial centres of New York, Boston, Philadelphia
and Pittsburgh, as late as the year 1891.
Between Sept. 12 and Nov. 17 1916 the resources of the national banks
of the New England States and the Eastern States increased 444 million
dollars. The increase in resources in the West and South for the same
period was 664 million dollars. The percentage of increase in the New
England States was 3.36%, Eastern States 6.84%,Southern States 15.98%.
Middle Western States 5.71%, Western States 11.76% and Pacific States
7.87%. The average increase for the whole country was 7.69%•
In the two-year period from Oct. 31 1914 to Nov. 17 1916 the increase
In resources shown by the different geographical divisions was as follow's:
New England States increased 22%, Eastern States 30%,Southern States
327 Middle Western States 31%,Western States 50%,Pacific States 33%;
0,
average for the whole country, 35%.
In this two-year period the New England and Eastern States increased
a total of 2,005 million dollars, while the South and West, including the
far West, increased 2,022 million dollars.
For the first two years under the operations of the Vederal Reserve
system the increase in the resources of the national banks of this country
has been more than twice as great as the total increase shown for the fiveyear period preceding the inauguration of the Federal Reserve system; that
is to say, from Nov. 16 1909 to Oct. 311914.
The principal changes shown in the abstract of condition just completed
are as follows:
-15,520 million, an increase as compared with Sept. 12 1916 of
Resources.
1,109 million and as compared with Nov. 10 1915 of 2,284 million.
Deposits.
-12,488 million, an increase as compared with Sept. 12 1916 of
1,126 million and as compared with Nov. 10 1915 of 2,332 million.
Loans and Discounts.
-8,345 million, an increase as compared with Sept.
12 1916 of 485 million and as compared with Nov. 10 1915 of 1,112 million.
Bills Payable and Rediscounts.
-74 million, a decrease as compared with
Sept. 12 1916 of 18 million and a decrease as compared with Nov. 10 1915
of 29 million.
-1,071 million, an increase as compared with Sept. 12 1916
Capital Stock.
of 3 million.
Surplus and Undivided Profits.
-1,071 million, an increase as compared
with Sept. 12 1916 of 23 million.
The national banks of the United States for the first time now report
a surplus and undivided profits exactly equal to their capital stock.
-788 million, an increase as compared with
Specie and Legal Tender.
Sept. 12 1916 of 20 million and a decrease as compared with Nov. 10 1915
of 58 million.
Amount Due from Banks.
-2,667 million, of which 649 million was due
from the Federal Reserve banks. The aggregate amount duo from banks,
Including Federal Reserve banks, shows an Increase as compared with
Sept.'12 1916 of 420 million and as compared with Nov. 10 1915 of 699
million.
Reserves.
-Total amount of reserve's held on Nov. 17 1916 was 2,472
million, an increase over Sept. 12 1916 of 237 million and an increase over
Nov. 10 1915 of 364 million.
The total reserves held by the national banks on Nov. 17 1916 exceeds
by 185 million dollars the greatest reserves ever previously reported.
The proportion of total reserves to deposits Nov. 17 1916 was 24.78%,
Sept. 12 1916, 24.29%, and Nov. 10 1915, 25.54%•
The increase in the resources between Sept. 12 1916 and Nov. 17 1916 is
the greatest increase ever shown between calls at any time in the past.
RESOURCES OF NATIONAL BANKS EXCEED
COMBINED RESOURCES OF FOREIGN
GOVERNMENT BANKS.
In a statement with reference to the growth and development of the national banks since the inauguration of the Federal Reserve system two years ago, Comptroller of the Currency John Skelton Williams announces that the aggregate
resources of the national banks of the country at this time
exceed by about a billion dollars the combined resources
of the Bank of England, the Bank or France, the Bank of
Russia, the German Reichsbank, the Bank of Italy, the
Bank of Spain, the Bank of Netherlands, the Bank of Denmark, the Swiss National Bank and the Imperial Bank of
Japan. The resources of the national banks on Nov. 17 1916
aggregated $15,520,000,000, an increase of 4,028 million CHANGES IN DISTRIBUTION OF WEALTH OF COUNdollars, or over 35% in two years. The following is the
TRY BROUGHT ABOUT BY RESERVE SYSTEM.
statement issued by the Comptroller under date of the
In a statement issued on the 21st inst., Comptroller of the
27th inst.:
Currency John Skelton Williams, commenting upon the disThe growth and development which has taken place in the national tribution of the wealth of the country which he claims has
banks of this country, as expressed by their increase in resources since the
argues
Inauguration of our Federal Reserve system two years ago, has been more been brought about by the Federal Reserve system,
than three times as great as has ever before been shown in any two-year that where formerly the hundred largest national banks of
period in the history of our national banks. The increase is over four
the country were located principally in a comparatively few
billion dollars.
The figures show that our national banks have added to their resources financial centres, to-day the big banks are distributed
In these two years an amount nearly equal to the entire resources, as offi- through 22 States and in 33 cities, embracing every section
cially reported, of the 14,598 State banks (not including savings banks)
of the country. His statement indicating the present locaIn operation in this country in June 1915, which amounted at that time to
tion of the hundred largest banks follows:
about four and one-third billion dollars.
The compilation just completed of the returns of all national banks for
the last call, Nov. 17 1916, discloses a condition of strength, of progress
and of growth beyond all precedent.
The healthy distribution of the wealth and banking resources of the
United States which has been brought about under the Federal Reserve
system is being manifested in many ways.
DEC 30 1016.)
THE CHRONICLE
Formerly the one hundred largest national banks in the United States
were congested principally in a comparatively few financial centres. Today the big banks are distributed through twenty-two States and in thirtythree cities, embracing every section of the country.
The one hundred national banks with the largest resources, as shown by
the call of Nov. 17 1916, all have resources in excess of $20,000,000, with
one exception, the exception being one of the Chicago banks.
Oklahoma; Alabama, Louisiana, Virginia, Washington, Now Jersey and
Oregon each contain one of the one hundred largest banks.
Texas, Nebraska, Maryland, Michigan,Indiana and Wisconsin each contain two of these banks. Colorado has three, Ohio, Minnesota ahd Massachusetts each have five, California and Illinois have seven each, Missouri
has eight, Pennsylvania has sixteen and NewYork State has twenty-five.
Between Sept. 12 and Nov. 17 1916 the resources of the one hundred
largest banks increased $550,000,000, or nearly 9%.
Outside of the central reserve cities, the large banks which showed increases of as much as $5,000,000 each in deposits in this period were those
located in Dallas, New Orleans, Buffalo, Kansas City, Philadelphia, San
Francisco, Cleveland, Pittsburgh and Boston.
Among the one hundred largest banks were only five which did not show
an increase. Three of these banks showing reductions were located in New
York and two in California. The largest reduction shown by any one of
these five banks was less than $2,250,000.
The largest percentage of increase was shown by a bank in Texas, which
increased over 33%, or over $6.000,000.
PROSPERITY OF NEW .YORK STATE BANKING
INSTITUTIONS.
That the institutions under the supervision of the New
York State Banking Department had another propserous
year during the twelve months ending Sept. 30 last, is
shown by a statement made public on Dec. 25 by State
Superintendent of Banks Eugene Lamb Richards. In his
forthcoming annual report to the legislature, Superintendent
Richards will point out that 8 new State banks were authorized during the year and 2 of the 4 banks which ceased to do
business were merged into a trust company of Buffalo. The
total number of State banks reporting to the Banking Department at the close of business Sept. 20 1916, was 202.
The reports of these institutions, showing their condition on
that date, clearly indicate that they have enjoyed a period
of remarkable growth. Total resources aggregated $840,704,210, an increase during the year of $169,561,888, as
compared with an increase of $12,373,957 during the previous
year. Total deposits were $739,038,716, a gain for the year
of $162,785,646, the largest increase ever reported in a
single year. Superintendent Richards says:
2383
Durinethelsameberiod the
to Nov. 29 of $61,141
total deposits increased from $739,038,716 to $796,615,675,
a gain of $57,576,959. Other increases follow:
Cash on hand, including cash items
Stocks and bonds
Loans and discounts
Due from banks and trust companies
324,078,852
5,891,969
22,096,468
6,486,175
In September 202 banks reported, while in November 204
institutions filed reports, there being an increase of two
institutions from September to November.
DESIGNATION OF FARM LOAN BANKS.
The Farm Loan Board, which recently completed a country-wide tour to secure first-hand information for its guidance
in deciding upon the division of the country into Land Bank
districts and the location of the Farm Loan banks, made
known on the 27th inst. its decision in the matter. The
twelve Farm Loan banks will be located at Springfield, Mass.;
Baltimore, Md.; Columbia, S. C.; Louisville, Ky.; New Orleans, La.; St. Louis, Mo.; St. Paul, Minn.; Omaha, Neb.;
Wichita, Kans.; Houston, Tex.; Berkeley, Cal., and Spokane,
Wash. The twelve districts into which the country is divided and the bank in each case is announced as follows:
District No. 1—Maine, New Hampshire, Vermont, Massachusetts,
Rhode Island, Connecticut, New York and New Jersey. Land Bank at
Springfield. Mass.
District No. 2—Pennsylvania, Delaware, Maryland, Virginia, West
Virginia and the District of Columbia. Land Bank at Baltimore, Md.
District No. 3—North Qarolina, South Carolina, Georgia and Florida.
Land Bank at Columbia, S. C.
District No. 4—Ohio, Indiana, Kentucky and Tennessee. Land Bank
at Louisville, Ky.
District No. 5—Alabama, Mississippi and Louisiana. Land Bank at
New Orleans, La.
District No. 6—Illinois, Missouri and Arkansas. Land Bank at St.
Louis, Mo.
District No. 7—Michigan, Wisconsin, Minnesota and North Dakota.
Land Bank at St. Paul, Minn.
District No. 8—Iowa, Nebraska, South Dakota and Wyoming. Land
Bank at Omaha, Neb.
District No, 9—Oklahoma, Kansas, Colorado and New Mexico. Land
Bank at Wichita, Kan.
District No. 10—The State of Texas. Land Bank at Houston.
District No. 11—California, Nevada, Utah and Arizona. Land Bank
at Berkeley, Cal.
District No.12—Washington,Oregon,Montana and Idaho. Land Bank
at Spokane, Wash.
In its announcement concerning its decision the Board said:
In determining the Federal Land Bank districts, and in designating the
The prosperity of the country has been reflected in the earnings of these
institutions, they having increased their surplus during the year by $3,743,- cities within such districts where Federal Land banks shall be located, the
Federal Farm Loan Board has given careful consideration to the farm loan
225, making their total surplus $56,140,292.
During the year 8 new trust companies were authorized, making a total needs of the country. The Board held public hearings in nearly every
of 89 trust companies reporting to the Superintendent of Banks at the State in the Union, and in this manner collected information of great value
close of business on Sept. 20 1916. The resources on that date show an in determining its decision.
increase during the year of $470,894,133. the total being $2,626,431,407
Every reasonable opportunity has been afforded applicant cities to furwhile total deposits during the same period increased to $2,241,832,017, nish evidence to support their claim as locations of Federal Land banks.
a gain of $403,897,993—a truly remarkable record.
More than seventy-five cities applied to be designated as the headquarters
That these companies have prospered is shown by the increase in surplus of a bank, and were heard through representatives committees and individof $24,606,825 and a gain of over $15,000,000 in capital. There has been uals.
a tendency of late on the part of trust companies to increase their capital
During its tour of the country, the Board held fifty hearstock, the largest trust company under the supervision of this department
ings and took testimony from hundreds of farmers direct.
having doubled its capital during the past year.
For the first time since March 16 1910 a new savings bank was author- Upon the winding up of its itinerary, with a tour of the Southized, making the total number of such institutions 141. During the year west, the Board on Nov.28 issued a statement saying:
the resources of the savings banks of the State increased $122,575,075,01,
The testimony of all of these farmers emphasized the great demand for an
while the amount due depositors shows a gain of $91,717,602.
rates on farm loans, and to provide
On Sept. 20 last there were under the supervision of the Private Bankers' agency to lower and equalize interest
long-time loans repayable in small installments through a long period of
Bureau of the Banking Department 76 private bankers, exclusive of 11
years.
claiming partial exemption. The total resources of these 76 private
The members ofthe Board to-day began making a digest of the great mass
bankers were $15,077,577. On this date this Bureau also had under supertaken at these hearings, and within twenty days they expect
vision 20 personal loan companies, 2 personal loan brokers, and 22 Credit of testimony
unions, making a total of 131, an increase of 12 over the number under to be able to announce the boundaries of the twelve Federal Land Bank districts and the cities in which these banks will be located.
supervision a year ago.
After these banks are located, their stock will remain open for public
In addition to the regular examinations,totaling 207,required by statute,
an increase of 13 over last year, this Bureau made 131 special investigations subscription for a period of thirty days, after which the Government will
during the past year in reference to violations of the banking law and other buy all the remaining stock. The banks will then be ready to lend money
for agricultural purposes.
matters.
That the farmers of the United States are ready to take advantage of these
A marked increase in the number of credit unions is to be noted. These
unions are the simplest form of co-operative credit organizations and in banks as soon as they are in operation is indicated by the fact that mere
large centres of population are well adapted to the beneficial use of members than 200,000 communications seeking detailed information have been sent
to the Farm Loan Board by farmers.
who are in the same employ.
The Board has now prepared a form of articles of association for National
The Comptroller ofthe Currency reports that6 national banking corporaAssociations, and approximately 10,000 of these forms have
tions, having a combined capital of $200,000 were authorized in the State Farm Loan
been distributed at the request of farmers who declare their intention of
of New York between Oct. 1 1915 and Sept. 30 1916. During the same
organizing associations in their counties. Each association represents a
period 2such institutions, with a combined capital of$125,000,consolidated
with other national banks, and 8 such institutions, having a total capital minimum of $20.000 worth of loans.
So the Farm Loan Board assumes that this new co-operative banking
of $1,450,000 went into voluntary liquidation. During the same period
no national bank in the State of New York was placed in the hands of system will have from the date of its installation a volume of business that
will insure its operation at a minimum overhead expense.
receivers.
The whole number of national banks in the State of New York reporting
Officials of the Board announced on Dec.7 that more than
to the Comptroller of the Currency on Sept. 12 1916 was 478, with i total 50,000 farmers had applied for mortgage loans aggregating
capital of $167,911,000; surplus and undivided profits of $254,028,000;
total deposits of$3,006,349,000,and resources aggregating $3,603,303,000. approximately $150,000,000, or more than seventeen times
SHOWING OF STATE BANKS AT LAST CALL.
The 204 State banks of deposit and discount in New York
State had total resources of $901,845,248 on Nov. 29 last,
according to reports filed with State Superintendent of
Banks Eugene Lamb Richards, in accordance with the last
bank call issued by the New York State Banking Department, showing tho condition of these institutions as of
Nov. 29. On Sept. 20 1916 the kesources of these institutions totaled $840,704,210,showing an increase from Sept.20
the amount of money which will be immediately available
for loans upon the organization of the farm loan banks.
Most of the applications came from the South and West.
The stock subscription books of the farm loan banks will be
opened about Jan. 8, to remain open for thirty days. It is
expected that the Government will have to supply most of
the $9,000,000 capital under that section of the law which
empowers the Secretary of the Treasury to make up the Unsubscribed stock. The banks will be established as soon as
practicable. Under the law each will have a capital of$750,000. Almost the first work of the banks after approving
2384
THE CHRONICLE
and issuing loans will be the issuance of farm loan bonds, a
new form of security in this country. The bonds will be
issued in denominations as small as $25, it is expected, and
will bear interest at a rate of 1% less than the interest rate
charged farmers on their loans. What this interest rate
will be has not definitely been determined. It is limited
by law to a maximum of 6%. The expectation is that it
will not exceed 532% at first, and subsequently may be
lowered. Loans on farm land are limited by the law to
50% of the value of the land, and may be payable in from
five to forty years. As fast as loans are made, bonds will
be issued to cover them,so that at no time, under the present
plan, will a bank's entire capital be tied up in loans to the
detriment of other applicants. The head of each bank will
be designated as the registrar. The banks will be organized
temporarily by the appointment by the Board of five directors for each bank, who shall be residents of the district in
which the bank is located. The directors will select from
among their number the bank's officers. Through a process
of having borrowers subscribe in small amounts to the capital
stock, it is expected that the banks, not long after beginning
operation, will be virtually co-operative institutions. The
permanent organization of the banks provides for nine directors, six of whom shall be selected by associations of farmer
borrowers, the other three being appointed by the Federal
Board. The terms of these directors will be three years,
and they will elect officers from among their number.
[VOL. 103.
Regarding banks under State supervision the bill provides
that existing State banks organized with a capital of $200,000 are protected from competition from new banks with
smaller capitalization by a provision requiring that satisfactory
proof must be given before a permit will be issued, that public
convenience and necessity require another bank in the
neighborhood. State banks outside of the City of Chicago,
it is stated, now are required to have a capital of $25,000
before being incorporated. Under the new statute, we
learn from the Chicago "Herald," the following provisions
are made:
In a community of less than 5,000 inhabitants a minimum capital of
$5,000.
In cities, towns and villages of more than 5,000 and less than 10,000
Inhabitants a minimum capital of $10,000.
In cities, villages and towns of more than 50,000 inhabitants and less
than 200,000 inhabitants, a minimum capital of $20.000.
Private banks incorporating under this Act are given three years in
which to convert their assets into such form as will meet the requirements
now exacted of a State bank and will not be required to publish their reports
until two years after their reincorporation.
Representative Thon in discussing the new measure is
quoted as saying:
The bill aims to abolish irresponsible banking in Illinois. • It includes
a provision making it a felony to engage in the banking business in violation
of this law. One change made, I believe, will take away much of the
opposition of country private bankers. Under this provision a bank may
loan more than 15% of its capital and surplus to a single person when the
borrower furnishes real estate, live stock or grain as security.
The question of proper legislation for the regulation of
private banks doing business in Illinois has long been under
consideration by prominent bankers throughout the State.
The fact that St. Louis is a farm loan city, a Federal Re- As noted in our issue of Oct. 14, a hearing was held in Chicago
serve city, one of the three Central Reserve cities and a on Oct. 2 during which many of the bankers present exSub-Treasury city is commented upon by the New York pressed their views concerning desirable regulatory steps.
"Commercial." No other American city, it points out, has
so many official financial designations. Some criticism, NEW ENGLAND USING TRADE ACCEPTANCES TO
It was stated on the 27th, has already been heard in WashFINANCE COTTON REQUIREMENTS.
ington on the Farm Loan Board's choice of cities for the
Announcement that in Fall River and New Bedford,
farm loan banks. It is pointed out that all New England, Mass.,and Providence, R.I., use is now being made of trade
New York and New Jersey farmers must go to headquarters and domestic acceptances to finance the cotton requirements
at Springfield, Mass., while Michigan farmers must operate of local mills is made in the December number of the Federal
at St. Paul, through Chicago, and Illinois farmers must op- Reserve "Bulletin." The "Buletin" says:
erate at St. Louis, which is .the headquarters of Illinois,
This possibly grows out of the demand for credit which reports indicate
Missouri and Arkansas. The farmers in some of the big has increased during the last half of this month.
The trade acceptances have been created by the cotton brokers, who have
far Western States are put to the no essity of obtaining loans arranged to do so with the mill supplied. Local banks are said to have
through parent banks, several hundred miles distant.
been able to market those acceptances without their indorsement at rates
FARMERS URGED TO ORGANIZE UNDER FARM LOAN
•
ACT.
At the opening session of the Fourth National Conference
on Marketing and Farm Credits, at Chicago on the 4th inst.,
James B. Morman of the Federal Farm Loan Bureau, Treasury Department, Washington, gave answers concerning the
new Farm Loan Act designed to furnish working capital at
low interest to actual farm settlers. Mr. Morn= was asked
how farmers could reach the greatest benefit from the law.
He replied:
I would urge farmers to organize at once a National Farm Loan Association. The Federal Farm Loan Board has just completed a tour of the country to determine the boundaries of the Land Bank districts into which the
United States is to be divided. There are to be twelve of these districts.
In each district there is also to be located a Federal Land bank. These
Land banks are to make loans to farmers on first mortgage of farm lands.
But the loans can only be made at first through National Farm Loan associations. It is important, therefore, that farmers understand the advantages to be derived from organizing such an association. Ten men in
any rural community, who are farm owners, or about to become farm owners, may form a loan association. It is my judgment that the greatest
benefit will come to those farmers from the operation of this Act who belong
to a National Farm Loan Association.
about one-fourth of one per cent below the current rates for commercial
paper. Arrangements are also being made to finance cotton mills with
domestic acceptances against their purchases, these being sold to the banks
in the larger cities in lieu of rediscounts.
Some banks in larger cities which have taken nearly all the acceptances
which they are permitted to hold, the Board is informed, have arranged
to turn over a portion of their own business to some of their correspondent
banks in other cities.
REFUNDING OF GOVERNMENT BONDS FOR 1917.
From the"Federal Reserve Bulletin"for December,we take
the following respecting the policy to be pursued during the
coming year in dealing with the conversion of Government
2s, and the purchase by Reserve banks of 2% bonds:
Numerous inquiries have reached the Federal Reserve Board with respect to the policy to be pursued during the year 1917 in dealing with the
conversion of Government 2% bonds into 3% securities, and the prescribed purchase of 2% bonds by Federal Reserve banks. The accompanying documents and letters are intended to furnish a complete statement of the status of the conversion question at the present time.
A letter received from Assistant Secretary of the Treasury Malburn
addressed to the Governor of the Federal Reserve Board on Oct. 28,
states the position of the Treasury Department as follows:
The Secretary directs me to advise you that during the year beginning
Jan. 1 1917 he will permit Federal Reserve banks to submit 330,000,000 in
United States 2% bonds for conversion into 3% conversion bonds and oneyear Treasury notes in the proportion of half each. The Board may allot
the total for the year to the banks and conversion of any portion of each
bank's allotment will be permitted at any period date during the year—
Replying to another question, he said:
If,
the period dates as heretofore
April 1, July 1 and Oct.
The Farm Loan associations and the Federal Land banks which co-oper- on Oct. 1 1917, any bank hasbeing Jan. 1, full allotment, the Board may
1.
not taken its
ate with them aro run by farmers, and the dividends which may arise from re-allot the balance to other applying banks. Until further notice the
the borrowings of these farmers all come back to them as stockholders in policy will be continued of permitting no exchanges of one-year Treasury
the Federal Land banks through their associations. But with joint-stock notes for 3% conversion bonds.
As heretofore required, applications for conversions must be submitted
land banks, the dividends go to the stockholders, who are not farmers but to the Department at least ten days before the conversion date and the
money lenders. In the first case the banks are run in the interest of bor- 2% bonds to be converted must be delivered not later than the day before
the conversion date. The Department will then be able to deliver the
rowers; and in the second case they are run in the interest of lenders.
definitive bonds and notes within approximately ten days after the date of
conversion, and the issue of temporary or interim certificates will be obviated. Suspense accounts will be continued as a matter of convenience.
but operations thereunder will be restricted to those connected with 2%
PROPOSED PRIVATE BANK LEGISLATION IN
bonds available for conversion.
Regarding the form and denomination of the one-year Treasury notes.
ILLINOIS,
experience of the past year has demonstrated that the coupon form in the
$10,000 denominations meets the requirements of the
into the question of measures $1,000 and the banks, and, so far as it is pds.sible to judge, the requireAs a result of an investigation
Federal Reserve
situation in
respect is changed.
ments
for the regulation of private banks doing business in-Illinois, future of others. Accordingly, until the will be madethiscoupon form and in
issues of one-year Treasury notes
in
.a bill making $50,000 the minimum capital with which a the $1,000 and $10,000 denominations, and no provision will be made for
in registered form. It further appears that practically
private bank may continue business in Chicago was approved issuing such notes applications for conversion bends have been for those in
without exception
and
by the Private Bankers' Association of Chicago, at a meeting coupon form and in the $100in the$1,000 denominations. Accordingly,
only these two denominations
coupon form will in future be availin the Hotel La Salle on Dec. 21. The measure, it is said, able. In the registered form provision will be made for the issue of conversion bonds in $100, $1,000, $5,000 and $10,000 denominations.
will be introduced at the next session of the State Legislature
A communication sent to all Federal Reserve agents under date of
by Representative William G.Thou. Existing private banks, Nov. 3. to the effect that the policy of the Board is based upon the letter
of the Treasury, already quoted,
it is said, will be allowed to incorporate upon meeting the from the Assistant Secretary letter received from the Treasury is as follows:
Department
I enclose herewith copy of
capital requirements of the new measure.
from which you will see that the Secretary of the Treasury will permit
DEC. 30 1916.1
THE CHRONICLE
Federal Reserve banks during the year 1917 to submit offerings up to 30
million dollars in United States 2% bonds, for conversion, half into 3%
bonds and half into one-year Treasury notes.
The Board will approve the application of any bank for the conversion
of all, or any portion of its full annual allotment on Jan. 1 1917, or at the
beginning of any other quarterly period, to wit: April 1, July 1 and Oct. 1.
In exercising its discretion to determine how much of the 25 million dollars
In bonds it will require all twelve Federal Reserve banks to purchase from
member banks through the Treasurer during 1917, and in order to enable
the Federal Reserve banks, if they so desire, to accumulate more bonds
than they now hold for conversion on Jan. 1, the Board will consider the
amount of bonds purchased by all Federal Reserve banks during November
and December 1916. However, each Federal Reserve bank must purchase
its pro rata share, as determined by the Board, of the total amount of
bonds allotted, deducting only the amount of bonds purchased by it after
Jan. 1 1917.
COUNTERFEIT FEDERAL RESERVE NOTES.
Announcement of a new counterfeit $5 Federal Reserve
note on the Federal Reserve Bank of New York was issued
by the latter on the 5th inst. Attention to a counterfeit
$5 note and $10 note was called by the Bank in September;
last month it issued a warning against two other $10 counterfeits. Its warning follows:
FEDERAL RESERVE BANK OF NEW YORK.
December 5 1916.
New Counterfeit $5 Federal Reserve Note.
On the Federal Reserve Bank of New York, N. Y.; series of 1914; W. G.
McAdoo, Secretary of the Treasury; John Burke, Treasurer of the United
States; portrait of Lincoln; check letter "D;" face plate number indistinct,
may be either 55 or 56.
Photomechanical on one piece of paper, ink lines being used to imitate
the silk fibre. The plates from which the note is printed measure
inch
longer than the genuine plates.. Number of the specimen seen is B9313900A.
FEDERAL RESERVE BANK OF NEW YORK,
By L. F. SAILER, Cashier.
Note.
-For your information and protection we enclose list of counterfeit
Federal Reserve notes in circulation.
Counterfeit Federal Reserve Notes in Circulation.
2385
Amounts of Bankers' and Commercial Bills Based upon Silk Importations, Accepted by
American Bankers and Importers and Bought by Federal Reserve Banks
During September, October and November, 1916.
Boston.
New York.
PUNdelphia.
Cleveland.
Richmond
& Dallas. Atlanta.
September:
$ Bankers --- 62,803 67 188,578 40 169,197 79 130,433 06
Trade
448,664 82 186,905 62 132,604 07
Total ---- 62,803 67 637,243 22 356,103 41 263,037 13
October:
Bankers'_
508,516 07 230,974 69 364,376 68
121,027 75 3,102 51 7,632 32
Trade
629,543 82 240,077 20 372,009 00
Total _
November:
382,129 57 21,487 43 113,352 14
Bankers'
109,193 02 25,111 67 22,049 31
Trade
491,322 59 46,599 10 135,401 45
Total _
Grand Total:
• Bankers'..--- 62,803 67 1,079,224 04 427,659608,161 88
678,885 59 215,119 80 162,285 70
Trade
62,803 67 1,758,109 63 642,779 71 770,447 58
n:..,..;
Chicago. St. Louis.
Minneapolis.
September:
$
$
$
Bankers'_ _ 39,979 91 58,058 07
Trade ____
28,178 03
Total__ 39,979 91 58,058 07 28,178 03
October:
Bankers'....274,596 04221,762 03 97.543 36
Trade ____ 20,000 00
Total ___ 294,596 04221,762 03 97.543 36
November:
Bankers'__ 21,006 55 41,871 14 20,331 48
Trade ____ 50,499 21
18,548 26
Total_.._ 71,505 76 41,871 14 38,879 74
Grand Total:
Bankers'_ _ 335,582 50321,691 24117,874 84
Trade ____ 70,499 21
46,726 29
Total
4n6 nst 71221.601 24164.601 13
Kansas
City.
San
Francisco.
3
30,451 47
36,451 47
36,451 47
36,451 47
Total.
$
22,160 33
$
$
96,151 13 803,813 83
150,347 18 946,699 72
22,160 33 246,498 311,750,513 55
31,146 55 319,224 282,054,139 68
491,193 93 642,956 51
31,146 55 810,418 192,697,096 19
28,431 12 283,037 52 911,646 95
225,401 47
28,431 12 283,037 521,137,048 42
81,738 00 698,412 913,769,600 48
641,541 111,815,057 70
81_738 On 1.239.954 025.584.658 16
Note.
-Acceptances mostly drawn by Japanese exporters.
Remembering that the average monthly importation of raw silk into the
United States is approximately $10,000,000, the service which the Federal
Reserve banks are beghming to render in connection with this branch of
business is readik, appreciated. This, moreover, is only the beginning of
Number of
Circular
Back
Face
Check
what may be done by the Reserve banks with co-operation of the various
Bank Letter Plate No. Plate No. Specimen at Hand Letter
Remarks
commercial institutions interested in opening foreign credits. They can
enlarge the business and perform for others the same service which they are
Five Dol lay Bills
A
2-B
B 817451:3 A
already rendering to those who have known how to take advantage of the
Poor
10-J
407 Poor
now facilities. Not only this, but the Federal Reserve banks can, and in
11-K
K 10620 A
380 Fair
the future undoubtedly will, extend their scope of operations in trade paper
12-L
4
Poor
2-B
58
63
B 9313000 A
directly to the importer and business man. The paper of which I have
Fair
Ton Del lar Bills
already spoken as having been accepted in connection with the importation
2-B
A
21
B 6164041 A
404 Good
of silk, has in practically every case been purchased with the endorsement
2-B
4
13 3644270 A
408 Poor
of some bank, or after having been accepted by a bank, but in any case
2-B
390 Very poor
2-B
47
B 4817203 A
with a bank's name upon the paper
-a guaranty for which the merchant
414 Good
2-B
32
B 4470352 A
414 Good
himself has, of course, had to pay. As I have already suggested, it has
2-q3
B 841520 A
399 Fair
been necessary that Federal Reserve banks should develop this new line
9-1
11
3
20
I 171743 A
Very good
of business slowly and with care, and that they should not embark upon the
11-1C
K565775 A
Poor
individual paper market too early.
Very great advantage has already accrued to the importing community
by reason of the steps taken in the direction of a wider use of bankers'
II. PARKER WILLIS ON ACCEPTANCES IN FOREIGN acceptances, but what has been done thus far must be considered only a
beginning. Bankers have been slow to take advantage of the now method
AND DOMESTIC TRADE.
of financing the importer, and the latter has been equally slow in urging
In his address on Nov. 22 before the Second National them to assist him by availing themselves of the credit facilities within their
Silk Convention at Paterson, N. J., II. Parker Willis, Sec- reach. It is possible, too, that this slowness is in no small measure due to
retary of the Federal Reserve Board, made some instructive the abundance of funds that have been in the halds of our banks during
the past two years, to the fact that our interest rates were far lower than
remarks on the subject of bankers' acceptances, particularly those prevailing in other markets of the world, and that in consequence
as applied to the silk trade. The address is being distributed of these conditions the legitimate business man has had no trouble in getreasonable amount of credit
ting
in pamphlet form by George II. Paine and John S. Jenks lowerany he has enjoyed heretofore. that 'it) desires, at rates distinctly
than
Tins is a condition that will not
Jr. of Philadelphia, and we quote that part of the address as always endure, and when the time of greater pressure arrives, as it will, the
Importer will find it to his interest to avcW himself of every means of cutfollows:
ting down the cost of his banking accommodation. He will, however, save
The financing of importation and exportation is of particular importance
to an industry which depends so largely upon imported raw materials as himself much delay and inconvenience at that time if he will, during the
period when credit and cash are abundant, take pains to show his banker
does the silk business, and which is of late years beginning to find so largo
a market abroad for its completed products. By providing for the Intro- that he is interested in the adoption of modern methods of doing business,
and of economizing in the cost of loanable capital.
duction of the bankers' acceptance, the Federal Reserve Act has
made it
The second phase of the manufacturers' relation to the Federal Reserve
possible for importers in the United States to obtain their
accommodation Act is, as I have already mentioned, found in the provisions
made by the
upon a very low cost basis. Instead of applying to their own bank
direct Act for the cheaper financing of domestic trade through the
purchase of
and getting a loan based upon their own discounted paper, whose
proceeds paper growing out of domestic sales and shipments. In
the original Fedare to be used in paying for goods brought from abroad, the importer
can eral Reserve Act, Federal Reserve banks were authorized both to
discount
now arrange for the opening of a credit at his bank, the banker accepting
and to buy in the open market ordinary bills of exchange of short-term mafor him, and the draft as thus accepted being readily salable In the
dis- turities, growing out of real business transactions. The Federal
market. Some progress has been made during the past
Reserve
count
year in do- Board established a special low rate for trade
acceptances, that is to say,
voloping this method of financing our foreign trade. It is
estimated by accepted bills drawn by one merchant upon another, or by
a manufacturer
the Federal Reserve Board's statistician that the total amount of
accept- upon a wholesaler or a retailer. Congress on the 7th of September,
1916,
ances now outstanding is at least $175,000,000, of which about
$100,- carried this plan to its logical conclusion by authorizing the banks to accept
000,000 has been made by New York banks and bankers.
Decided paper growing out of domestic trade operations, and involving the
purchase
progress has also been made in other cities, and the new mode of
financing of staple goods stored in warehouses and used to protect the
acceptance.
has already undoubtedly earned a permanent place for itself in our
credit Little more than a year has passed since the Board's circular relating
to
system. The Federal Reserve banks within the past year have
purchased trade acceptances was issued, yet during that time Federal Reserve banks
freely of such acceptances at rates averaging less than 23.j%.
have held at times as much as $4,400,000 of such acceptances bought in
The extent to which your own particular branch of business is
interested the open market, while the total volume afloat in the country at
in this development may be gathered from figures which I have
large,
had com- although it can not be stated even approximately,
is undoubtedly very
plied to show the actual dealings of Federal Reserve banks in paper
based considerable. Less than three months have passed since Congress
upon the importation of silk. As you probably know, each
authorFederal Re- ized the acceptance of properly documented
paper growing out of domestic
serve bank reports daily to the Federal Reserve
Board the nature of its operations. There has thus
not been time, as yet, either to introduce
transactions and the character of the
operations out of which they grow.
tho domestic documented acceptance very widely, or to obtain reliable
A condensed summary of such reports shows that during the
months of statistics with reference to it; but it is certain
that many of the large finanSeptember. October and the first half of November,
a total of paper ag- cial institutions members of the Reserve
System are already advocating
gregating $5,584,658, growing out of importations of silk,
was bought the use of it, and I know that some
of the ablest banks throughout the
by Federal Reserve banks. Of this sum $3,769,600 was bankers'
accept- country are making extensive and carefully framed plans
for the financing
ances, while $1,815,957 was classified as trade acceptances.
You are of trade based upon this new power. The domestic acceptance
will be of
doubtless aware that the trade acceptance, under the regulations
of the great interest to every class of bueiness, but to none more
than to the manBoaid, is a bill of exchange drawn by a seller upon a buyer, running
not ufacturer. Ile will have a double duty in seeing to it that such
acceptances
more than 00 days sight, accepted by the buyer, and growing out of
actual are kept within the proposed meaning of the law by confining them
to bona.
sale and shipment of goods. These trade acceptances have been
bought fide documentary drafts growing out of actual sales, and by insisting
that
by Federal Reserve banks at a special rate established under
regulations so far as possible, his banker shall co-operate with him and with
his cusof the Board, ranging from 3% to 4%, while the
bankers' acceptance tomer in the use of this plan. It will also be his duty,
so far as he can, to
rate has not exceeded 3%, and the actual purchases during
the past year urge upon those who buy from him the use of the trade acceptance
in lieu
have, as already noted, been made at rates averaging
leas than 2
of the open account system, either with or without a casts discount feature.
From 23% to 3% may thus fairly be stated as the
average level at which There are on this side of the matter some difficulties
to be met and perhaps
the Federal Reserve banks have financed the importation
of silk into the some hardship to be incurred at the outset. Wherever there
exists a highly
United States, as shown by the figures I have already cited
in gross, and protected industry catering to a public with which prices are
not a primary
which may be furnished In detail for each Federal Reserve bank
as follows: consideration, because the article is one ordinarily classed as a
luxury. there
2386
THE CHRONICLE
[Vol.. 103.
and the old forms of acceptance have led them to do in tho past. They feel
is an inevitable tendency to long-term credit whose cost is covered by higher that to encourage a customer who is unable to obtain the aid of financial
.
prices, maintained on a basis intended to provide for losses due to poor institutions to finance himself, extending their own credit to him in lieu
and to
collections and unsatisfactory credit conditions generally. And yet this of the aid of such institutions, is to encourage unfair competition,
bring about other unsettling conditions. Business has passed beyond the
is exactly the condition that ought to be guarded against. You can retain primitive period when producer and jobber had to finance their own cusyour market best by maintaining your efficiency, keeping your prices rea- tomers, because no financial institutions were available to do the work.
sonable, your quality high and customers consequently satisfied; and these It is to-day, however, the duty of the producer and jobber to aid the custo which he is entitled from financial instituto
objects can best be attained when poor credit is carefully eliminated, and tomer andobtain that creditto aid these institutions themsevies in granting
at the same time
tions,
when goods are sold on a basis that calls for prompt payment when due. credit by supplying with each transaction in which they engage such data
It may be difficult at first to induce buyers to assent to the trade acceptance or evidence of its true nature as may be needed in determining the credit
plan with all that it entails, yet this should be entirely possible after a very growing out of the transaction. Men of all industries are eager to co-operin any plan or method that carries out this idea.
reasonable period of education. If your association would go on record ate
Can not the trade acceptance plan be more fully adopted in the silk inin behalf of the trade acceptance method of settling accounts, a long step
an efficiency device,
would have been taken toward the elimination of the initial inertia which dustry? It is, as usual with questions involving
leadership and willingness to introduce new methods that are called for,
tends to obstruct progress.
are certain, for the Federal Reserve Act
In this connection let me cite the following clear cut summary by Deputy and, these granted, the results
the ground
Governor Calkins cf the Federal Reserve Bank of San Francisco, of the and the regulations of the Federal Reserve Board have prepared
reasons why the trade acceptance should be adopted by the progressive for a firm and safe advance.
I have spoken of a third way in which the silk manufacturer is particubusiness man as a method of financing his business:
the Federal Reserve Act because he is
First—The present trade conditions in this country are conditions of larly interested in the operation of
applied to the trade of the country.
a manufacturer and a business man, and not because the matter I refer to
undefined credit inaccurately
Second—These conditions should be reformed by the substitution of has any special bearing upon his particular product. This is the method
defined credit and certain terms.
Federal Reserve Act for collecting checks, drafts, and other
Third—This reform may be brought about by the rigid application of provided by the
essential and integral
the sound principles of trade credit, by extending trade credit only to current obligations drawn on banks. It was an
operations in goods—that is, applying trade credit to trade.
feature of the original Federal Reserve Law that it provided for the introbest credit instrument yet devised duction of a general and effective clearance system. It has taken some
Fourth—The trade acceptance is the
for applying trade credit to trade, and because of its simplicity and adaptaa system in application, but the difficulties in the way
bility, its general use will radically improve conditions of trade credit, time to work out such
have been at last surmounted, and the Federal Reserve Board has estabthereby facilitating trade.
The use of an acceptance in closing a transaction involving deferred lished at each Federal Reserve bank a plan whereby checks are collected
payment for goods purchased enhances the credit of the accepting pur- without an exchange charge, not only upon national, but also upon many
chases and facilitates the financing of the sale by the seller.
co-operating with the system
The credit of the acceptor is enhanced by the evidence that he is buying State banks. The total of such banks now
on certain terms, is prepared to pay at a certain time and is adopting the is about 15,000. Largely as a result of it, many of the clearing house asmost approved and economical method of transacting his business.
sociations of the country have modified their scale of charges to customers
The seller is benefited by securing a piece of prime commercial paper,
regulations relating to the collection of checks. No detailed figures
carrying the responsibility of two merchants, covering a genuine, live trans- or their
to the merchant and
action, and consequently discountable, at the most advantageous rate, can as yet be given, but it is safe to say that the cost
enabling him to sell on better terms without decrease of profit.
thereby
manufacturer of transacting business has been curtailed by a very large
on a
Each is contributing h13 share toward placing mercantile credits
sum each year. The business man is to-day able to secure the collection
sounder and more sttholo basis, involving fewer losses, less uncertainty,
charge based on recognized principles of
and great improvement over the prevailing practice of buying on open of his checks at a very moderate
cost, if he desires immediate use of these funds. The progress and success
credit.
system, which is now under attack from various persons who feel
The argument in favor of the use of the trade acceptance is so simple of this
their profits, will depend very much upon the support
and so obvious that it would be a discourtesy to the intelligence of a body that it tends to reduce
men who recognize the influence it is having upon their
like this to attempt to urge it further. Only in the fact that it runs counter it gets from business
cost, and who do not hesitate to express themselves in
to certain trade practices can there'be found any reason for failure to apply actual operating
made in their behalf by the Federal Reserve Board in acit without further delay. I have noticed in the Rules to Govern Transac- favor of efforts
of the law. This is the first effort ever made
tions Between Buyers and Sellers of Broad Silks in the United States of cordance with the provisions
in the United States towards the introduction of a scientific, simple sysAmerica, the following terms:
Rule One.
tem for collecting the business man's claims against others, and relieving
Selling Terms shall be six per cent, ten days, sixty days dating.
him of the unnecessary expense hitherto visited upon him in various parts
less
This means that bills are due and payable at the office of the seller,
of the country, when, on account of competitive conditions, he has been
a discount of six per cent, in seventy days from the date of the invoice,
cost of getting in funds which should have come to
the buyer having the privilege of anticipating the sixty days at the rate of obliged to absorb the
six per cent per annum, within ten days from date of invoice (which ten him in full.
days are not discountable).
Apart from the problems of handling foreign and domestic business in
Rule Two,
which may be solved by the aid of the Federal Reserve banks along
Overdue Bills shall be paid upon the basis of a reduction in rate of dis- silk,
the general question of the organizacount, from the rate of six per cent stated above, of one per cent for each the lines that I have just described, is
sixty days from date of invoice, tion of foreign trade in its relation to banking and financo—a matter of
thirty days or fraction thereof, beyond
and having become due net, shall be subject to an interest charge of six primary interst to the manufacturer whether we view him as a consumer of
per cent per annum.
imported raw material, or as a shipper of finished products to foreign cusFurther in the rules and regulations to govern transactions in the silk tomers. The Federal Reserve Act, which has touched so many fields of
trade of the United States, as approved by your own association, I find the business, has provided for a profound change in this one, not merely
following description of the selling terms on which members of the associa- through the development of better forms of commercial paper, but also
tion are expected to operate:
through provision for change in organization. It has not only authorized
The recognized rate of discount in the silk trade is six per cent per annum national banks to establish branches abroad under liberal conditions, and
of
when not otherwise stated or agreed.
permitted groups of national banks to join together for the purpose formOffers of silk when not otherwise stated imply* ." I:
but it has also
ing other Institutions primarily interested in foreign trade,
i•
6 months basis for Asiatics.
Reserve banks themprovided for the establishment of agencies of Federal
1160 days basis for Europeans.
•
of foreign banking
.
-TX—
', MI:inths' Notes, 4 Months' Notes, 3 Months' Notes, or 60 Days' selves. The working out and application of this system
Notes. Such sales convoy no right to discount. Within 30 days from date and finance is fundamentally important to the American manufacturer
of bill, buyer must give his note for the period specified, bearing same date who either wishes to be assured of steady and regular supplies of raw maas bill, drawn to his own order, blank endorsed and payable at discretionary
reasonterial, or of the proper placing of his goods on the foreign market at
points as defined by New York Clearing House.
are profoundly inSix Months' Notes, or Cash Less 3 Per Cent, implies the right of buyer able expense. Manufacturers in general, therefore,
to pay his bill within 10 days (which are not discountable) by deducting terested in the reorganization of the foreign side of our banking system,
3 per cont from the face thereof; otherwise he must give 6 months' notes which is called for in the Federal Reserve Act.
from date of bill as above provided.
The silk manufacturing business as such, moreover, is peculiarly conFour Months' Notes, or Cash Less 2 Per Cent, are governed in principle
cerned in the maintenance and development of foreign trade upon a sound
by the above terms.
Ninety Days' Notes, or Cash Less 1% Per Cent, are governed in principle and satisfactory footing. The raw silk markets of the Orient are of special
by the above terms.
to your industry, and this amounts to saying that everything
Ninety Days, Sixty Days, or Thirty Days—required that the bill must significance
which affects the condition of credit and the methods of business with
be paid within the time specified.
Six Months' Basis, Payment Within 30 Days, or 60 Days, or 90 Days (as those markets is of immediate concern to you. High rates of exchange and
written), requires payment at any time within period stated, with discount difficult banking and shipping conditions throughout the East have imfer unexpired portion of the six months.
business with Oriental markets and threaten to continue to do so
Six Months Basis, Settlement by Note or Cash Within 30 Days, or 60 peded
situation will be corrected comDays, or 90 Days (as written), gives buyer the option of paying (at any for a good while to come. The shipping
in cash less discount for paratively slowly, but there is no reason why banking credit and exchange
time within the stipulated period for settlement)
unexpired portion of the six months, or giving (at any time within the conditions in the East should not promptly be improved. I have had a
stipulated period for settlement) his six months' note from date of bill.
few months in the offort to place these conditions
Cash Sales loss a stipulated discount require immediate payment of the small part during the past
upon a sounder basis, and to bring the importers and exporters of the
bill less the specified discount.
Bankers' Credit Sales require the Buyer to immediately furnish approved United States into a more satisfactory and economical relationship with at
Credits at the usanco agreed upon in the transaction. For such sales the least a section of the Oriental market, and have been deeply impressed with
seller takes no responsibility for arrival damage, loss or pilferage en route.
modern banking methods in the Orient.
Sellers' failure to demand the Letter of Credit shall not be cause for avoid- the lack of progress in the use of
extremely
No one who visits the Far East can help being struck by the
ing the contract.
institutions and American capital have
It would be far better if in lieu of this plan for establishing a fixed term limited extent to which American
for many years
current explanation for it is that
of credit upon open accounts, with cash discounts, there could be intro- taken root there; and the
more profitable to invest their funds at home
duced the trade acceptance system, of which I have spoken. The change past Americans have found it
into manufacturing, distributing or banking in the East.
would, of course, involve some difficulty at the outset, but its value would than to put them
statements if it were true that the Orient conbe infinitely great as compared with the very limited sacrifice involved. We could understand such
world, entirely disconnected with the United
What progressive business concerns think of the innovation I am urging stituted a separate part of the
generally. Such, however, is of course not the
upon your attention may be seen from the following expression conveyed States or with the West
in Oriental trade. It is undoubtedly the
in a letter from the Thomas A. Edison Company to the Federal Reserve case. We have a vital interest
distinct ways
duty of the manufacturer to help in this development in two
Bank of Cleveland:
institutions under
—first, by encouraging the formation of foreign trade
We will no doubt meet with the same objections as other concerns are
encouraging and placing his business with
by
receiving in the endeavor to introduce this new business custom, but we're American control; and secondly,
in foreign countr.es
going to put our energies forth in the hope of making it universal with our such institutions or with those organized by Americans
producer
„
trade.
t
which have a genuine and direct interest in enabling the American
and
What the Edison Company has found good and desirable in the manage- to hold his market, and in assisting him to cut his cost of importation
at the present time many Ameriment of its credit relations, will be found equally good and desirable by exportation. I regret to say there are
banks on the
others; and this is but one of the many energetic and enterprising business can manufacturers who seem to prefer dealing with foreign
clientele, known
houses that are taking active steps to place their operations upon the basis ground that these foreign institutions have an established
Those facilities
which has been found by the most advanced commercial countries to be practices in business, and well established connections.
any well-organfor transacting business are, however, readily acquired by
advantageous.
of a reasonable
The trade acceptance plan must not be interpreted as a means of extend- ized American institution. By assuring such institutions
of the Federal Reserve
ing assistance to weak houses which would otherwise be unable to obtain volume of business, and by encouraging the entry
the financing of our operacredit. Were it to be so applied, or interpreted, its purpose would entirely banks into the foreign field, we can arrange for
as we have during the past
disappear. Mr. George H. Paine of Philadelphia, whose work in popular- tions in other countries as quickly and as readily
izing the trade acceptance is probably well known to you, remarks in sub- two years popularized our goods themselves in those countries.
Reserve
In closing this very brief outline of your relations to the Federal
stance on this point:
at the risk of repetition, emphasize what I have already
Neither producer nor jobber is interested in any method that encourages Act, let me again,
Reserve banks can, and in duo time
customers to lean upon them for financing in the way that ordinary notes suggested at an earlier point. Federal
i„.„
DEC. 30 1916.1
THE CHRONICLE
2387
will, establish direct relations with the business house, buying and selling all other sources of income, will probably exceed 40 billion dollars, or four
its paper, particularly when such paper has been accepted by a bank. It thousand million dollars.
is at present on the business houses of the country that the chief reliance
The aggregate amount which the people of this country have contributed
for the working of the more beneficial features of the measure, for the fur- from these colossal profits to the relief of human suffering and the mitigation
ther development of the discount market, and for the evolution of the new of human misery caused by the war in Europe. Asia and Africa, amounts,
business customs necessary in order to bring our business practices into har- it is estimated, to the forty million dollars I have mentioned.
mony with those of other countries, must be placed. Because of the fact
I have begun with an array of startling figures because you as business
that the Federal Reserve Act does not provide for the direct performance men are accustomed to figures and therefore not afraid of them and because
of ordinary banking functions for individuals and firms by Federal Reserve they make the text of what I intend to say in compliance with the invitation
banks, it becomes necessary for those concerned to exert themselves actively with which you have honored me—for which invitation I tender to you now
in recasting the credit and commercial methods of the country in order to my cordial thanks and assurance of my appreciation of your courtesy.
take to themselves the benefits which would otherwise be in danger of lying
The great founders of our Republic and country were men of vision and
dormant. This is a mode of approaching the situation which calls for vivid and wide imagination. Some of them, we have reason to believe,
some vision and imagination, and, above all, for some co-operative effort in their thought looked on the Continent of thick and silent forest and wide,
on the part of those affected by it, but given these qualities, the benefits unbroken plains, and dreamed of a mighty nation of free, self-governing
of the Act are not difficult of attainment. There has been in the past too people enjoying peace, safety, happiness and liberty from one ocean to the
much vague and general approval of the Federal Reserve Act among other. The most sanguine and far sighted of them in his most brilliant
business men, and too little direct effort to apply it and to profit by it. dreams did not conceive of this Republic as the dominant power,the creditor,
The business community has been content with the negative benefits of the guardian and the hope of the world in the one hundred and fortieth
the law—so content as to call for little of the positive help that the Act can year of its life. Yet the mysterious ordering of Omnipotence, through the
easily supply, as well as less than the community has a right to expect. strife of nations, the wisdom of our leaders and the power of our resources
Future development, it is to be hoped, will change this condition of affairs, in men and products have forced upon us those tremendous functions, with
and will bring the business community into active and direct co-operation their glorious opportunities and their awful responsibilities.
Those opportunities are in the keeping of us to-day and the responsibilities
with the Federal Reserve Board for the purpose of introducing in the several
trades and branches of business the now forms of business paper, and of are upon us. All of us of all avocations must boar full shares of them, must
encouraging their presentation and sale both to member banks and to do our full part of the intricate, careful, trying and strenuous work that is
to be done. With us it rests whether we shall record, to be read by those
Federal Reserve institutions.
of all time to come,the most shameful failure or the most splendid achievement in all the story of humanity. We
ignore.
COMPTROLLER WILLIAMS URGES THAT UNITED We must face the most stupendous issuecan not evade, avoid or people.
that ever confronted a
SAMPSON
Upon us depends whether good or evii for the human race around all the
STATES BE PREPARED TO BE BOTH
circumference of the planet shall result from the unexampled situation in
AND GOOD SAMARITAN.
which we have been placed.
Noting that the latest available figures put the total
The world's fate in the present is for us to determine. The world's
wealth of the United States at 220 millions and calling at- future is for us to determine. It is for us to decide whether we shall be
magnanimous, merciful, courageous; or oppressive, merciless, weak and
tention to the fact that this is three times the wealth calcu- cowardly; whether we shall shirk and shrink and try to fatten on what may
lated for the German Empire in 1911, and more than twice float our way,like the shell-fish along your shores, or rise like the eagle to
the wealth of the entire British Empire, as reported a few place in the sun and companionship with the stars.
We have some practical economic problems of
own to solve, and
years since, Comptroller of the Currency John Skelton upon their solution depends somewhat our power ourperform most effecto
Williams calculates that the total of all American gifts tively the gigantic tasks which will fall to us in this great world upheaval.
Our newspapers
to the distressed of Europe, Asia and Africa has been less the perils to which recently have filled many columns with discussion of
be
than one-twentieth of one per cent of the income of the from a new Yellowour own country is being subjected or mayraresubjected
Peril—a plethora of gold, admittedly a
malady.
American people since the war began. Mr. Williams' As the belligerent nations generally already have suspended specie payobservations were made before the Southern Commercial ments and as the relative proportion of gold in all of those countries to the
mass of paper money and the unsecured
Congress at Norfolk on the 11th inst. The general subject governments is rapidly shrinking, financial obligations of the respective
writers have gone so far as to
assigned to him was "International Relations After the suggest that upon the conclusion of the European war some or all of these
governments may find it necessary or expedient to adopt an eitraordinary
War." The Comptroller contended that the United States
remedy
This remarkable
should realize that the enormous and unprecedented wealth thing ofand demonetize gold. and financiers. suggestion came with somea shock to economists
It is conceivable and perhaps probable that the suspension of specie
being accumulated here will tempt the greed of all foreign
payments in belligerent
governments, while the parsimony and indifference of most peace. Our own countrycountries may continue long after the arrival of
has at various times in the past suspended specie
citizens and maintenance of neutrality and enforcement of payments. This happened in 1814 at the time of our war with England,
and continued for some years until after the organization of the Second
international law will arouse the wrath of all of the comBank of the United
payments
batants. He therefore urged that the United States should in 1837 resuming in States in 1817. We suspended specie in 1861 again
1842; we suspended for the last time
and did
be prepared to be both Sampson and Good Samaritan, not resume again until 1879.
But the world is not prepared to discuss seriously the demonetization
defense against all corners, and to finance and
ready for
standard of
of gold. Gold has
assist the world liberally and help the stricken nations than 2,500 years, orbeen athe time thatvalue among civilized nations more
from
money was first coined.. Although
toward recovery The Comptroller said he has no fear of It has circulated in conjunction with silver and baser metals, history does
not give a precedent for the suggested possible method of meeting the
financial or commercial troubles in this country if the people
will be reasonably prudent. Even if some or all of the financial emergency. unthinkable as its demonetization should come in
But if anything so
belligerents should continue the suspension of specie pay- foreign countries, we need have no apprehension that it would involve
us in great losses through a shrinkage in value of our American stock of
ments after peace is declared, they must continue to trade gold or of American products.
It is conceivable that this
here on the system of barter and exchange of commodities, have unrestricted commerce with the nations of Europecountry might
even though
because America produces what they will be•compelled to those nations possessed no gold, either in coin or in bullion, with which to
make settlements. If the people of France wanted ten million bushels o f
have. The United States, he contends, can continue to
wheat costing, say at $1 50 bushel,
had
hold and increase its enormous supply of gold and so with- gold available for export withawhich to fifteen million dollars, and send no
pay, they would arrange to
us
stand any strain or shock. He thinks, however,the situation a sufficient amount of French products—for example, ten million yards of
silk and laces of a grade and quality which the New York merchants or
demands that American inventive and scientific genius be
the Now York bankers could sell in this country for enough to reimburse
exerted more earnestly than ever to increase the product per the price of the wheat cargoes. Unless France could ship us enough of her
worker and meet any competition and supply the world's products to cover the cost of the American wheat or other products imported into France, or could arrange to settle with us through other counneeds. We give a good portion of his speech below:
tries to which she might be shipping her products, our exports to France
Mr. President. Members of the Southern Commercial Congress. Ladies and would cease. The shipment of gold is sometimes
a convenient method of
• Gentlemen:
adjusting international balances, but gold is not a necessity for payment
Since the beginning of the war in Europe we of the United States have of balances in international trade.
sold to the warring nations and other foreign countries, our products to the
If Germany should wish to buy a million bales of cotton at a hundred
amount of nine billion dollars, at liberal profits.
dollars a bale and gold has been demonetized in Germany, the Germans
We have loaned them two billion dollars, at full interest.
will simply ship to this country an amount of dye-stuffs, potash or other
We have bought back from them our own securities to the amount of manufactured products to an extent sufficient to realize in this country
throe billion.
at American prices the value of the American cotton purchased from us.
We have given the warring countries, to relieve their endless forms of Food,cotton and wool must be bought and must be paid for with something.
distress and to answer their claims on our pity and charity, through the Trade is fundamentally barter, and gold, while a groat convenience and
Red Cross and all other agencies, about forty million dollars.
an established standard of value is not a necessity in bartering.
We have gathered billions, flowing in lavish streams. We have doled
The price at which the American merchant is willing to sell his wheat
out a few millions.
in France or the price he is willing to pay a Frenchman for his silks is and
I feel that I cannot begin an address on "International Relations after will
continue to be determined by the American merchant and measured
the War." the general and tremendously broad subject assigned to me on by him on American prices
and on the gold standard. If the foreigner
your published program, more impressively than by presenting to you does not agree with the American
merchant's prices, there is no transacthose figures of huge and fearful moaning. I shall submit to you some tion. The French importer and exporter
of course has equal right to
details and deductions and the warnings and lessons I gather from them.
decide whether he will accept or refuse the offer from this side.
The United States of America only a few generations ago was one of the
One school of economists contends that that country is richest where the
least among the podples of earth. In the providence of God to-day it amount of natural resources and manufactured products sold and shipped
stands forth as the mightiest of nations; the richest and most prosperous out exceeds to the greatest extent the value of the products shipped in,
country under the sun. The Census figures of 1912 Justify the estimate and thus creates what is commonly spoken of as a "favorable" balance of
that the total wealth of our country at this time is not less than 220 billion trade, which is collected in gold. Another school teaches that a country
dollars. Only by comparison can we grasp the significance of such figures. may grow faster and develop most rapidly when imports of merchandise
220 billion is three times the total wealth ofthe German Empire as estimated exceed the exports and when the balance of trade is settled in service,
by the German Secretary of the Treasury in 1911; four times the wealth as in transportation, or by sending out gold, and they consider that the
of France as estimated by economists as late as 1908, and is more than imports of materials and products may contribute much more to the enrichtwice as great as the wealth of the entire British Empire including all its ment and growth of the nation than great increases in the stock of idle
possessions in both hemispheres as late as 1903.
yellow metal.
The total income of the people of the United States for the year 1916,
It may well be that our country would be far more benefited by importing
that is to say, the total wealth produced in the current year in this country from Germany twenty million dollars' worth of dye-stuffs and potash—
including the value of crops and products of our mines and factories and the former so greatly needed by the manufacturers and the latter by the
2388
THE CHRONICLE
farmers—than by bringing in twenty million dollars of gold. At this very
moment some of our important industries are crippled and retarded, not
for the lack of gold, but for the want of materials essential for their operation which they have been accustomed to import from foreign countries.
Since the outbreak of the European war this country has brought in
from other nations a billion dollars of gold. It has shipped away approximately 250 million dollars, and its net receipts of the precious metal since
August 1914, have consequently amounted to approximately 750 million
dollars.
With the checks and balances and safe-guards now available through
the operations of our Federal Reserve system, with the regulation of credit
and with intelligent co-operation on the part of the bankers of our country,
with which the Federal Reserve system and the Comptroller of the Currency
are in such close touch, it is believed that ample means are available to
check unhealthy expansion and put the brakes on speculative inflation
if such dangers should become imminent.
We are told by some that we are inviting danger by permitting or encouraging imports of gold because of the wrench and depletion which
may ensue when peace is declared and the nations of the world make
frantic efforts to replenish their gold supply. If specie payments are still
suspended upon the conclusion of peace, as they probably will be, the
European countries will find that there are many other things which it
will be more important for them to obtain than gold. These governments will be able to see to it that their populations are provided with an
adequate amount of circulating currency or media of exchange and their
currency standards will be scientifically adjusted to post bellum conditions.
Our gold cannot be commandeered by Germany, France, or any other
nation, and no other nation can obtain an ounce of it unless it gives us
the full equivalent in products, in securities or in service—in service, for
example, by transportation on the high seas. There are reasons for believing that for years to come the European nations will need to import for
themselves American products at least of equal if not greater value than
those which they may be able to send back to Us and which we shall want
In return. The armies of Europe have been recruited largely from the
farms and industries. Semi-official reports toll us that six millions of
these workers have perished on the fields of battle or have died of disease
in prison camps or elsewhere and that there are 12 million more cripples
or men whose efficiency has been impaired or destroyed. To this extent
the output of the European farm and factory has been reduced, which means
that America must furnish more food and that there may be a smaller
amount of fabricated products in Europe available for export. How far
the places left vacant by the dead and crippled will be filled by the women
and children or to what extent production will be speeded up by invention,
increased efficiency and the general substitution of modern machinery
for manual work, are problems the future will decide. But we do know
that weigh as best we can the many momentous and complicated problems
which govern and will control a situation which is unprecedented, there
need be no apprehension of any nation or combination of nations sufficiently
strong to impair our stability or drain from us a supply of gold if this gold
is needed at home. Such a condition will be impossible if we maintain
the efficiency of which we are capable and do not lose our heads in this
whirlpool of prosperity in which we are now being tossed—unless some
should be enabled by our blunders and sloth to seize it from us by conquest,
occupation or exaction of indemnity or blood money.
In less than three years this country has been transferred as if by magic
from a debtor to a creditor nation. Three years ago it was estimated that
the American securities placed abroad and the money due by American
interests in Europe aggregated close to five billion dollars. To-day investigations indicate that we have already repurchased from Europe from three
to four billion dollars of the securities formerly held there and that we
have loaned to the belligerent and other foreign nations approximately
two billion dollars in addition, so that, for the first time in our history,
we no longer pay to other nations a tribute in the shape of interest and
dividends, but have secured for ourselves a new source of income in interest
and dividends from investments which we now, own abroad. It is estimated that the annual interest and dividend payments which this country
formerly sent to foreign countries aggregated 250 million dollars; but
from this time on we will yearly collect in interest more than we pay.
The greatest dangers which lurk in our abundant riches are not the
perils of inflation and over-expansion, for these can be dealt scientifically
with and evaded as I have stated, in our new banking system. The real
dangers are those of luxury and enervation, the sapping of strength and
manhood, which too often follow in the wake of overflowing prosperity.
While one-half of civilized mankind is engaged in the most deadly struggle
which this world has ever seen, we have been basking in the sunshine
and fattening almost like birds of prey at the frightful expense of perishing
nations. For the munitions and equipment of war we have been supplying to the belligerent countries we have taken sometimes cruel advantage
of their necessities and have charged them prices which are well nigh
intolerable—prices which have yielded in some cases 200, 300 or 400%
profit. Is this fair? Is this justifiable in a Christian nation?
Our profits have been huge. How much have we given to those from
whose purchases from us we have derived fabulous profits? What is the
sum total of all the contributions made by all the American people to
the relief of the agony and despair of the dying, the fatherless, the homeless, on the great battlefields of Europe? The best estimates available
indicate, as I have said, that the people of the United States have given,
since the outbreak of the European war, a grand aggregate fo approximately $40,000,000. This includes subscriptions in cash, in clothing
and in supplies of every description.
In this same period of two years and four months the production of
wealth in the United States has probably averaged 35 billion dollars a
year, or 80 billion dollars Since Aug. 1 1914. If America had given to the
fourteen bleeding nations on the other hemisphere 5% of the country's
income, our offerings would have been four billion dollars, and if we had
given one-half of one per cent, it would have been 400 million dollars. But
what we have given in the widest calamity which has ever shaken the earth
and in which it is probable that ten times as many people have perished
as lost their lives by Noah's flood, amounts to the exceedingly small fraction
of one-twentieth of one per cent of the income of our people since the commencement of the war.
Of the one hundred million people in this country how many are there
who have made no contributions at all for the relief of such unspeakable
suffering as Is being endured to-day by millions of our fellow creatures?
Is it not time that the heart of the American people should be aroused;
that they should stir themselves and give as they may be able out of their
incomes to mitigate as far as may be this inexpressible catastrophe?
I shall not at this time discuss the propriety or expediency of American
investors laying up for themselves treasures on earth in tho shape of the
bonds of the belligerent countries, but I earnestly submit that if the American people would only make a contribution of an average of eight dollars
per capita, or say $800,000,000, in the name of humanity, to the relief
of Europe, this sum would represent probably only one per cent of the
wealth produced by the American people since the outbreak of the European war; that we could well afford to send this amountin valuefrom this
ivoL. 103.
country in the shape of American products—food, clothing and medicines
and probably a fourth or more of it in gold if need be, and that our country
in doing this would accomplish more towards winning the respect, the
admiration and the homage of the world than we would if we should send
on a spectacular cruise around the world a fleet of battleships three times •
as great as any navy the world has over soon. No financial stringency
or scarcity or business depression would follow in the wake of a work like
that. Let the American people dedicate not less than one per cent of
their income or profits for these past two years to the soul stirring cry
of the starving and the perishing, and they will have placed this treasure
where neither moth nor rust can corrupt and where thieves cannot break
through or steal.
Or again—the income of the American people, above and beyond their
extravagant living costs, has probably aggregated since the beginning of
the war somewhere between 15 and 20 billion dollars. If we should dedicate only one-twentieth of our savings or surplus profits to the direful•
needs of fellow beings in Europe and Asia, we could send them close to a
billion dollars' worth of supplies,for the lack of which thousands and thousands are dying in agony.
Our gifts have been one-twentieth of one per cent of our profits or total
earnings in this period. The most despised and hated cheating pawnbroker or usurer, bloating himself with wealth at the cost .of his poor
neighbors and coining their miseries into riches for himself, would invoke
our scorn and detestation with such a showing of comparison between his
charities and his acquisitions. It is not a creditable showing, my friends.
It is far from pleasant to our pride, but we must face facts. We may be
very sure that whoever wins, or whatever the results may be from this
frightful tragedy, the nations will know the truth, will judge us by it,
and will measure by it their feelings and thole conduct toward us. Wisdom
requires of us that we consider our own sins and delinquencies, realize
how other peoples will see and judge them; and that we repent and amend
and prepare to make our poliitence and Umendment effective, not only
for reparation but for protection for ourselves from possible consequences
of our own acts and attitudes.
We invite the wrath of strong peoples, the hate of the defeated, and the
vengeance of the conquerors in the present war—not only by the coldhearted indifference of the masses of our people to their sufferings, but by
the vast prosperity, the huge stores of profits—some of them extortionate—
we have acquired; even by the faithful and sagacious efforts of our Government to maintain honest neutrality, while insisting on our own rights and
enforcings the ethics and the precepts, the meaning and demands of international law. Trying earnestly to be fair to all, we have incurred the
suspicion and the animosity and brought upon ourselves the accusations
of all.
Our duty to ourselves and our posterity, to the principles of Government
and the ideals and hopes we represent is to realize that at the end of this
war we will stand preeminently prosperous, magnificently rich, a fat
and juicy temptation to hungry,angry and virile warriors trained to endure
every test and to fulfill every requirement of war; and we have offended
all in our endeavors to be fair and friendly to all.
Wealth unsupported and unguarded by strength is the weakest, most
timid and helpless of all things. No true American having in him a vestige
of the spirit that inspired and guided our founders can tolerate the thought
of this country of more than a hundred million free, self-governing people
standing as a shivering suppliant bogging peace, trying to buy from virile
aggressors the right to live in our own way, crouching behind crumbling
fortifications of dollars, offering with tremulous hands tribute, direct or
indirect, as the price of temporary immunity. That way of seeking
safety has been always the device of the craven and the weakling, and
always has failed. There is not in the world enough money to purchase
safety and freedom for a cringing and defenseless coward.
Every true American cherishing the spirit, inheriting the magnificent
dreams of our founders, must feel his heart swell and thrill with the thought
of our United States fearless, confident, powerful, equipped for defense
against any foes or all foes, ready to resent quickly and effectually any
insolence or aggression. Of a United States ready, also, to be generous,
to help lift up the fallen peoples, to bind up wounds—the Good Samaritan
and the Sampson of Nations—the bravest and the tenderest, terrible as an
army with banners, compassionate and liberal.
CAMPAIGN STATE AND NATIONAL EXPENDITURES.
On the 7th inst. Wilbur Marsh, Treasurer of the National
Democratic Campaign Committee,filed a post-election statement with the Clerk of the House, which shows that the Democratic Committee received a total of $1,808,348 16. This
amount is inclusive of $51,000 in loans. The expenditures
of the committee up to the 5th inst. totaled $1,684,589 74,
including the repayment of $19,000 in loans. Outstanding
bills amounting to $196,000 are listed, and it is explained that
there are other bills not yet rendered or about which there is
some dispute. The recapitulation, therefore, shows a deficit
which the committee is now seeking to wipe out without obtaining additional contributions. Statements previously
filed by both parties were referred to in our issue of Nov. 11,
and a statement filed for the Republican National Committee
by its Treasurer, Cornelius N. Bliss, with the Clerk of the
House of Representatives on Nov. 27 showed that the money
spent in the attempt to elect Charles E. Hughes amounted
to$2,441,565. The total collections amounted to $2,445,421,
leaving a surplus of $3,856. There were 34,205 individual
contributors that went to make up the aggregate.
The extensive advertising campaign carried on'by the Republican Publicity Association, which estimates by the
Democratic leaders placed at a million dollars, actually cost
$454,334, while $377,207 was collected, according to the report filed by Guy Emerson, manager of the Association,with
the Clerk of the House of Representatives on the 7th inst.
The largest contributor was Pierre du Pont of the du Pont
Powder Co., who gave $70,000. Among those who contributed $25,000 each were John D. Rockefeller Sr., Frank
H. Vanderlip and Oliver H.Payne.
Final statements received at Albany Nov. 27 show, for
the Republican State Committee, contributions of $432,-
DEC. 30 1916.]
THE CHRONICLE
027. A small balance is expected. There were 1911 contributors. The Whitman Campaign Committee's final
statement showed receipts of $74,512 and disbursements of
$74,189. Contributions of $49,534 and disbursements of
exactly the same amount, were the figures submitted in the
Seabury Campaign Committee's statement.
SOUSE COMMITTEE APPROVES CURTAILMENT OF
PNEUMATIC MAIL SERVICE.
The recommendation of the Postmaster-General for the
discontinuance of the pneumatic mail service in Boston,
Philadelphia, Chicago and St. Louis, and a curtailment in
the service in New York was approved by a vote of 9 to 6 on
the 15th inst. by the House Committee on Post Offices and
Post Roads. As indicated in these columns two weeks ago,
the Committee on the 9th inst. also approved a rider to the
Post Office Appropriation Bill providing for the application
to second class mail matter of increased rates in accordance
with the parcel post zone system. It was reported on the
27th inst. that there seems little likelihood of this rider going
through, since the Committee on Rules, it is stated, is not
Inclined to report a special rule making the proposed legislation of privileged character. A number of protests from
newspapers and periodicals have been lodged with the Rules
Committee against the suggested increase in rates, which
it is contended will cause the crippling or suspension of many
publications. It was reported in the Philadelphia "Ledger"
on the 20th inst. that Postmaster-General Burleson had
inaugurated a publicity campaign in Congress to secure
favorable action on his proposal to curtail the pneumatic
mail service. According to the "Ledger" copies of the
Burleson Commission's adverse report on the tubes were
sent to every member of the House and Senate with an
accompanying letter, signed by Mr. Burleson personally,
which urged "careful consideration," and said further:
2389
nearly half a billion dollars ($492,813,918), in October 1914
the aggregate was but $194,711,170. The effect of the war
on the shipments to Germany is vividly shown when we contrast the present lack of exports to that country with the $48,433,339 exported to Germany in October 1913. The imports from Germany in that month amounted to $14,815,675,
as compared with but 5,417 in October the present year.
For the ten months ended October 1916, the exports to the
United Kingdom were valued at $1,557,221,430, whereas for
the same period in 1913 the exports to the United Kingdom
were but $459,897,463. In the case of Germany, the exports
for the ten months of this year have a value of but $1,118,281, while the ten months of 1913 witnessed the exports there
of goods valued at $270,647,472. The imports from all countries in October 1916 aggregate $178,658,730, as against
$149,172,729 in October 1915,$138,080,520 in October 1914,
and $132,949,302 in October 1913. Below we give the details of imports and exports for the ten months ending Oct.31
of 1916 and 1915, as just made public by the Bureau of Foreign and Domestic Commerce of the Department of Commerce, to which we have also added the ten months figures of
the two years preceding, thus making an interesting four-year
comparison.
Exports to—
Grand Divisions:
Europe
North America
South America
Asia
Oceania
Africa
Total
1916.
3,110,035,857
737.493,422
179,741.817
287,359,375
88,082,602
40,613,198
10 Months Ended October
1915.
1914.
1913.
$
2,085,501,811 1,004,314,107 1,176,741,068
444,527,731 412,809,159 512,554,986
115,454,422
80,435,652 124.602,862
115,526,019
77,642,188 100,656,052
77,626,811
64,852,756
66,629,000
29,057,338
22,059,297
24,099,654
4,443,326,271 2,867,694,132 1,662,113,159 2,005,283,622
Principal countries:
Austria-Hungary
61,771
104,525
12,798,495
Belgium
22,370,429
18,291,847
33,890.925
Denmark
47,436.548
63,146,450
20,862,512
If the recommendations of the Committee are followed it will enable the
France
710,400,312 402,625,558 111,653,783
Department to give improved postal servieo at a material
Germany
reduction in
1,118,281
11,777,858 156,058,815
cost in the cities where the discontinuance of the tubes is recommended.
Greece
29,854,895
23,556,204
5,160,059
Italy....'229.952,692 221.251,405
54.737,758
90,956,203 126,688,450
OPERATIONS OF WAR RISK INSUR-ANCE BUREAU. Netherlands
81,221,917
Norway
52,828,636
36,694,139
12,817,479
A total of 1,684 policies, covering aggregate insurance of
Russia in Europe
249.093,181
85.749.378
21.112,597
$163,595,687, has been written by the Bureau of War Risk
Spain
48,370.165
35,947,450
20,588,435
Sweden
39,274,617
73,265,222
Insurance from the time it began operations on Sept. 2 1914
15,503,915
United Kingdom
1,557,221,430 968,254,599 446,317,044
to Nov. 17 1916. This information is set out in the report
Canada
482,489,376 276,452,463 268,756,833
Central America
of the Bureau just made public, from which it is also learned
37,867,528
30.116,318
32,261,889
44,908,484
32,800,430
27,677,612
that there have been incurred losses to date of 33,925, Mexico
Cuba
128,985.646
73,128,406
56,452,170
from which salvage of $59,056 has been received. This, it
Argentina
63,951.795
42,743,987
24,399,260
Brazil
is stated, makes the net losses to date $774,869 and leaves
37,882,379
27,710,900
20,152,866
Chile
27,853,213
13,817,234
12,631,550
a surplus of premiums received over losses of $2,367,657. China
25,339.746
17,043,001
18,365,797
The following summary of the Bureau's operation is given:
British East Indies_ - - 23,351,548
16.850,645
11,896,116
Number of policies issued Sept.
Japan
81,003,567
36,323,879
32,101,793
Total amount insured
Russia in Asia
132,378,375
29,597,827
1,109,692
Total amount at risk
Australia and New ZeaKnown losses to date
land
68,523,364
53,518,053
44,251,249
Salvage received
Philippine Islands_ _
18,330,315
23,199,423
19,457,628
•
Total premiums received
British Africa
25,729,145
19,659,562
13,375,576
Net losses paid
10 Months Ended October
Imports from—
1916.
1915.
1914.
Surplus premiums on hand
$2,367,657 23 Grand Divisions—
$
Europe
528,984,987 436,173,256 679,097,569
The amount appropriated for the expenses of the Bureau
North America
555,087,075 433,894,554 384,666,303
In the Act under which it was created was $100,000; the total
South America
348,105,074 259,836,657 193,903,912
expenses of organizing, printing, stationery and salaries of
Asia
437,286,584 244,957,472 230,411,850
Oceania
84,190,429
its force from the time of its inception to Nov. 17 1916
49,404,885
43,332,817
Africa
56,179,249
27,000,691
16,739,943
amounted to $39,114. The provisions
21914-Nov. 17 1916
1,684
$163,595,687 00
14,610,345 00
833,924 60
59,055 87
$3,142,525 96
774,868 73
of the War Risk
Insurance Act, which would have expired by limitation on
Sept. 2 last, were extended for another year in a bill enacted
by Congress before its adjournment in September. The report just made public says:
The Bureau of War Risk Insurance expires by limitation of law on Sept. 2
1917, having received an extension of one year from the Congress. I
earnestly recommend its extension for another year, or until Sept. 2 1918.
If this should not be done and the Congress should not be in session,
when
this Act expires (Sept. 2 1917), it will be impossible to continuo the
war risk
insurance business, and if the war in Europe should be in progress at
that
time the inability to gr9nt war risk insurance on American vessels
and cargoes in American vessels will seriously injure the business and
commerce
of the country. This is a risk we ought not to take, and I earnestly
recommend that the Congress extend the Act for another year.
Total
Principal countries:
Austria—Hungary_ _
Belgium
France
Germany
Italy
Netherlands
Norway
Russia in Europe
Spain
Sweden
Switzerland
•
United Kingdom
Canada
Mexico
Cuba
Argentina
Brazil
Chile
China
British East Indies_ —
Japan
Australia and New Zealand
Philippine Islands-......
Egypt
17,115,770
54,577.788
16.104,796
116.471,751
270,647,472
982.213
61,793.968
103,768,717
7,693,253
18,119.493
23,958,083
11.114,690
459.879,463
348,829,303
34,106.782
41,627,045
60,482.150
46,129,166
35,144,279
14,120,741
21,808.988
12,914,965
47,723,114
864,873
42,670.466
22,778,031
16,848,146
1913.
$
703,877,879
323,413,193
154,253,817
229,430,014
28,240,121
21.119,349
2,009,833,398 1,451,267,515 1,548,152,394 1,460,334,373
577.434
941,956
91,802,237
5,235,970
51,297,234
37,323,950
5,090,317
4,306,758
25,703,447
11,978,357
18,741,265
257,770.305
186,699,222
85,635.505
218,193,437
96,682,904
101,550.569
71,213,052
68.468,237
174,803,268
148,734,575
4,846,154
2,082,723
59,195,342
40,972,688
41,825,687
21,836,343
5,892,933
1,672,598
13,820,937
9,550,003
15,426,235
204,862,807
140,631,101
72,518,240
177,083,869
76,315,321
92,410,666
31,996,841
41,758,813
97,653,648
85,215,833
13,284,031
29,758,028
90,930,064
128,788,258
46,272,939
32,495,558
9,839,090
12,288,659
18,083,171
9,199.347
17,366.431
251,806,661
136,568,620
73,780,283
135,983,565
50,040,088
77,073,248
20,296,002
31,182,453
88,339,160
89,328,292
15,340.854
35,542,121
109,339,126
151,682.274
44.313,933
31,794,527
6.818,094
18,237,261
19,640,255
9.780,332
19,124,418
221,747,116
107,364,156
65,166,313
115,500,622
.17,754,334
76,486,365
25,239,424
32.650,899
97,065,743
78,022,440
GAINS AND,LOSSES IN FOREIGN TRADE.
The striking feature of the country's monthly foreign trade
statement continues to be the huge exports to the United
Kingdom, which during October 1916 reached the large volume of $173,959,679, as compared with $119,449,760 in the
same month last year. As indicating the extent of the de52,991.346
28.103,584
21,852,908
velopment of the export trade to Great Britain since the war,
12,894.426
28,383,576
19,568,375
20,332,372
14.269,219
it is interesting to note that in October 1914 the exports to
25,783,866
16,325,316
12,656.943
15,659,898
the United Kingdom amounted to but $72,034,572, while for
The classification of the imports and exports by groups
October 1913 they totaled only $70,991,350. While aggregate is presented in the following table prepared by the
Departexports to all countriesiduring October of the present year reach ment of Commerce:
THE CHRONICLE
2390
—Month of October— —10 Months ended October
1915.
1916.
1915.
1916_,
Groups.
Imports—
Crude materials for use in
63,780,131 60,859,195 859,596,424 555,499,665
manufacturing
Foodstuffs in crude condition
24,343,049 28,189,543 203,915,050 197,419,871
and food animals
Foodstuffs, partly or wholly
24,446,593 14,248,574 295,346,834 238,331,729
manufactured
Manufactures for further use
34,144,653 20,705,956 349,988,855 211,183,593
in manufacturing
Manufactures ready for con29,932,310 23,950,275 283,968,103 238,128,822
sumption
10,703,835
17,018,132
1,219,186
2,011,994
Miscellaneous
Total imports
178,658,730 149,172,729 2,009,833,398 1,451,267,515
Exports—
Crude materials for use in
85,589,733
manufacturing
Foodstuffs in crude condition
38,099,854
and food animals
Foodstuffs partly or wholly
54,871,370
manufactured
Manufactures for further use
87,252,460
In manufacturing
Manufactures ready for con209,385.424
sumption
9,970,534
Miscellaneous
56.813,923
544,472,803
475,648,583
33,643,749
332,105,474
402,902,877
50,489,308
533,947,274
452,388,232
41,902,920
732,144,545
376,650,999
136,227,510 2,171,745,264 1,004,380,999
77,073,887 107,331,249
11,070,140
ivoL. 103.
full equipment of more than 4,000,000, he said, in addition
to a standing army of 250,000 composed of men who were
professional soldiers by personal inclination. "I do not
think any nation would attack us," he remarked.
According to the "Iimes" the General opposed payment
for service, saying payment would destroy the feeling of
national obligation, which should be one of the chief objects
of universal service. That paper quotes him as follows:
"If the American people voiced real approval of the army we should
have more soldiers than we could take care of. If we want to pay the
money, we can hire all the men we desire, but we don't want that. We
want tomake citizens acquire a real feeling of national solidarity and national duty, and we will go far toward that when we get common sacrifice
for national security
"Universal service is the only really democratic system, and I believe it
would be thoroughly popular if people could realize that the rich man and
the poor man alike would have to share its burdens. I have found enthusiasm for it everywhere when I have made people understand that
no one is to be allowed to buy his way out. The labor leader and the district leader in New York alike are responsive to the idea under those conditions.
"The tragedy of the National Guard mobilization, with the deprivations
it imposed on some families, was worth all it cost if we take heed from it.
The experiences of the men at Plattsburg, where all classes shared alike
n the duties of the camp, have gone far toward educating the country to
he possibilities of a universal system."
General Wood said he did not, it is reported, believe in
a large standing army, as his scheme, if worked out, eventually would give the nation a reserve army of 4,000,000
490,613,918 336,152,009 4,441,126,271 2,867,694,132
Total exports
men, which would be adequate to make the country secure
Note.—Exports of principal items under the heading "Miscellaneous" in October
be kept only
1916 were: Horses, $6,636,342; mules, $3,083,252; and seeds, $230,438; and for ten against invasion. The standing army. should
months ended October 1916: Horses, $52,570,044; mules, $22,130,389; and seeds, for manning permanent garrisons. The National Guard,
$2,095,075.
he said, should be abolished as a national force.
"If the States wish to keep it as a militia organization,"
OF NATIONAL GUARD.
FAILURE
right, but personally I believe a State
At the opening of the hearings on Dec. 18 on the Chamber- he said, "that is their
in strikes
bill, before a sub-committee constabulary would be much better to keep order
lain universal military training
and similar disturbances, as police are always better than
of the Senate Committee on Military Affairs, the moblization
Their presence is not apt to be
of the National Guard for border service was described as a troops in handling crowds.
L. Scott, so much resented." General Wood declared that universal
military failure, by both Major General Hugh
better than anything now known to
Chief of the Staff of the Army and Major General Leonard training would serve
s. "I believe its
the Eastern department. Both generals give a sense of nationality to immigrant
Wood,commanding
the effect in cutting down crime and improving the morality
advocated universal training. General Wood declared
be startling," he added. "Our huge
oountry utterly defenseless against a well-organized foe; that of the nation would
of Europe,
and that if the guardsmen had murder rate, now many times greater than that
moblization was a tragedy,
hit would be divided by ten.
met good troops "they would never have known what
Major General Scott, Chief of Staff, recommended "withthem." General Scott told the committee that lessons
because
war proved that in case of war with out apology" that the volunteer system be discarded
drawn from the present
ly "the time has come when this country, unless it intends to
a first-class power the United States would need immediate
cost,' must resort to universal liability
a trained force of 1,500,000 men, with another 1,500,000 avoid war 'at any
Arraigning the volunteer
days, Walter L. Fisher, of Chicago, to military training and service."
available within ninety
system as extravagant, inefficient and dangerous, the Chief
former Secretary of the Interior, on the other hand opposed
Committee universal training would be
universal service, though he stated he stood for adequate of Staff told the
within
a regular army of 500,000. democratic, reliable, efficient and economical and
defense measures and suggested
few years practically render the United States immune
He thought if the pay of privates were raised to $30 a month a
from attack. At the outset General Scott pointed out that
the service would be more attractive to recruits.
of the the Mexican crisis had failed to recruit many National Guard
General Wood, from whose department 85,000
ons even to their minimum peace strength. "The
guardsmen were sent to the border, said of the men enrolled organizati
that the volunof 30% of each company had failure should make the whole people realize
when the call came, an average
went teer system does not and probably will not give us either
to be dropped for physical defects and the organizations
we need in peace or for service in war," he said.
to the border filled up with green men. "It's been a tra- the men
European and other
only profit by it. Reviewing the intensive training which
gedy," he said, "but worth all it cost if we
nations require, he declared that if American troops ever
It was,not the fault of the officers or men, but of a defective
compete with highly trained and splendidly dissystem. If we had been compelled to meet good troops down were to
discipline
guards- ciplined forces they would require training and
there, if would have been a scene of carnage. The
least equal to that of their opponents.
men never would have known what hit them." General at
After declaring that the General Staff believes twelve
Wood stated that the National Guard "should be replaced
a universal months intensive training is the minimum to prepare troops
as rapidly as possible with men trained under
for war, General Scott said the staff recommended that no
service system," and added:
placed on the volunteer system and
"When the system has been well started, I would drop the National further reliance be
ever
Guard entirely from any scheme of national defense,although we want
urged universal liability to military training and service.
officer and man of them in the new plan. But it must be a straightout
Of all the nations of the world, he said, the United States
Federal force."
volunteers to defend their national
suggestion of Senator Brady that "the States and China alone relied on
As to the
of the volunteer system
some other force," existence. He recounted the failures
must maintain the National Guard or
Revolutionary War the War of 1812 and how it failed
General Wood said: "I believe a constabulary should be main- in the
Confederacy and the Union in the Civil War.
tained by each State, not a military force, the police are trained both the
The agitation for some form of compulsory military service
There is less
to control while troops are trained to kill.
States received qualified support from Secreresentment when men are handled by police than when in the United
the House Military
people feel it is the policemen's tary of War Newton D. Baker, before opponents of the
troops are called out. The
Committee on the 19th, encouraging
business."
system to predict that legislation for a
General Wood outlined his own plans for universal service, present volunteer
by Mr.
on of the Chamberlain change might be framed which would be sanctioned
which in effect would be a combinati
The
Baker, and possibly by President Wilson himself.
bill itself, an adoption of the Australian system and the
he would not attempt to reach a decision
has said
French general staff plan. His scheme would provide that President
subject until a definite plan was placed before him.
all physically fit men be given six months training during on the
a direct question as to his views on compulsory
their nineteenth year, passing then into the organized re- Replying to
:
first line duty only between the military service Secretary Baker said
serve, to be available for
universal one. The question of
The obligation to servo the country is a
ages of twenty-one and twenty-two, after which they would how to bring about preparation for national defense is one of policy rather
military service or a selective conscripbe passed into the unorganized reserve until twenty-nine. than theory. Whether universal know. The theory of a common interest
force of trained men with ion Is the correct answer I do uot
The result would be a constant
485,169,375 329,947,550 4,391,489,247 2,819,302,939
TotaldornestWexports
48,391,193
49,637,024
ForelgurnientandLieexported 5,444,543 6,204.459
DEC. 30 1916.]
THE CHRONICLE
In a common country would be satisfied by a method of selecting soldiers
that was not voluntary in character.
The Secretary told the Committee, however, that since
Congress had rejected the Continental army plan in favor of
the National Guard system, he believed the Guard should
be given a fair trial. He inclined to the view that regiments
returning from the border would be held together by the
experience through which they had passed and that officers
and men of the right sort would be inspired by the knowledge
they had gained to work for greater efficiency. He did not
amplify his suggestion in regard to selective conscription.
It is understood the plan under consideration contemplates
the making of an inventory of men in the country, as is being
done with industrial resources, and devising a means whereby
every citizen would be made liable in a war emergency for
the character of work for which he is best fitted by his peace
time training.
Major-General Hugh L. Scott was again before the Senate
sub-Committee on Dec.19 urging universal service legislation,
and submitting the report on the mobilization of the National Guard for border duty compiled by Colonel W. C.
Brown from all information available at the War Department. The conclusion of the General Staff, General Scott
said, that no adequate defense could be built up under the
present volunteer system was fully substantiated by the
reports of departmental commanders, inspector-instructors
and others, included in Colonel Brown's compilation, and
which was disclosed vital and inherent faults in the National
Guard system which could not be passed over.
The mobilization report shows that of 128,000 enlisted
men of the militia inspected on the border, 81,179 or 63%,
were either transferred from militia organizations not called
out or were new recruits, leaving only 37% of the force
representing the National Guard, or the organized militia
element on the rolls of the organizations in question at the
date of call. Of those who were on the rolls at the time of
the call, according to the report, 47,657 were lost for various
causes during the period of transition into the Federal
service, making the National Guard as it went to the border
substantially a volunteer force. Of the number lost, 7,258
failed to respond to the call at all, and 23,721 were rejected
for physical disability. As to the training of the force before
it reached the border, the report says, 63% or 81,263 men
had had less than three months military training of any kind
and more than 60,000 none at all. Turning to the marksmanship of the State troops, the report shows that 56,813
never had fired a military rifle at all, and that more than
.
14,000 others had received rating of less than first class
at the targets.
Referring to the requirements of the new national defense
Act, the report says "the very exactions and requirements
which are necessary to the attainment of' efficiency will
undoubtedly tend to produce a distaste for service in the
National Guard among the classes of young men who have
hitherto joined it for social reasons."
An active campaign for militia recruits carried on all over
the United States from July 1 to Oct.31,continues the report,
produced about fifteen thousand—a number insufficient to
fill vacancies caused by discharged and casualties occurring
during the same period. General Scott said that despite
an almost house to house canvass to get recruits, the regular
army still is short about 26,000 men of the peace requirement under the new law.
ADVANCES IN WAGES.
Many special distributions to employees have recently
been announced by different concerns throughout the country. In addition to those heretofore mentioned by us the
following have announced Christmas bonuses and increases
in wages during the past few days:
The Worthington Pump & Machinery Co. has announced a
salary increase of 10% to its employees. This will be paid in the following
manner:
All mechanical operatives beginning on Jan. 1 will receive a 7%
increase
that month, an 8% increase of their 1916 wage in February,
in March and 10% in April and every month thereafter. a 9% increase
The Adams Express Co. has announced, it is said, that it has
already
Increased its wage schedule $500,000 per annum, and will continue
to increase salaries by additions to month y wage payments instead of
a contingent bonus. The total increase,it is stated, will approximate
$1,000,000.
Employees of the Ohio Cities Gas Co. and all its subsidiaries
have received a bonus of one month's salary in recognition of their loyalty and
efficiency."
The directors of the General Electric Co. at Schenectady, N. Y., have
voted additional compensation o' 10% of their monthly earnings to all
• emp °yeas in either offices or shops who receive $2,500 or loss per year,
the
additional payments to continuo until further notice. The -bonus, it is
said, will affect about 60,000 employees. The first payment will be
made
Jan. 15 to employees on the rolls Dec. 1.
The Standard Oil Co. of Kentucky has announced a bonus of one-half
a month's salary to all employees wild have been with the company for
2391
more than six months and who receive less than $3,000 a year. The bonus
is payable to-day, Dec. 30.
President Stevens of the Chesapeake & Ohio Ry. Co. on Dec. 27 announced an increase of 5% in wages to all employees in the offices, at stations and on dining and buffet cars whose salaries are not covered by agreements, and who have been in the employ of the company for one year
Or more.
The Kansas City Southern Ry. Co., it is said, has made an increase of
10% in the pay of employees whose compensation is $5Q a month or less
and one of $5 a month for those who receive more than $50 and not more
than $100. Men working by the hour will receive an increase of one cent
an hour. The increase applies to all employees excepting those working
under union contracts. The increases date from December 1.
The Nashville' Chattanooga & St. Louis, it is stated, has granted a 10%
increase in wages to section foremen and laborers. This increase, it is
said, will add $75,000 annually to the company's expenditures for track
labor.
The Delaware Lackawanna & Western Railroad, it is said, has decided
to pay bonuses, ranging from 6 to 10% to employees whose pay is $2,000
or less yearly. It is siad that about 7,000 employees will be benefited by
tuis order.
Butler Brothers, a mercantile house of Chicago, on Dec. 28 distributed
bonuses equal to a month's salary to its 4,500 employees, the total being
$450.000.
Many thousands of employees throughout the country
have received Christmas presents this year from their employers in the form of insurance policies on the group insurance plan. The group plan has had a remarkable growth,
it is said, since its inauguration about five years ago. All
of the policies under the plan are paid for by the employers.
Among those who have given life insurance policies to their employees
are: the Hotel Astor, 400 risks, about $300,000 of insurance; Hotel McAlpin, Hotel Claridge and Cafe Savarin, 2,500 risks, about $1,000,000 of
insurance; Sperry Gyroscope Co., Brooklyn, 750 risks, about $700,000 of
insurance, and the Kellogg Toasted Corn Flakes Company, Battle Creek,
Mich., 400 risks for $250,000. Other employers, it is said, utilizing the
group system are Montgomery, Ward & Co., of Chicago and Kansas City;
the B. F. Goodrich Co., Akron, Ohio; the Standard Cloth Company of
New York,the Robert Gair Company of Brooklyn,the Studebaker Corporation of Detroit and South Bend, Mich., and the Union Oil Company of
California.
RAILWAY BUSINESS ASSOCIATION FOR ABSTENTION
BY LEGISLATIVE BODIES FROM DEALING
WITH RAILROAD RATES.
An abstract of the annual report of the General Executive
Committee of the Railway Business Association, made public on Wednesday, declares that if total railroad revenues
"are not made adequate to total expenses, no question will
long remain as between Federal and State authority, because
sooner or later the Federal Government, under those conditions, must take over the roads. In that case, the State
would lose all voice whatsoever, and Federal regulation, if
any, would present the grotesque spectacle of one political
officer supervising another whose tenure proceeds from the
same source of power as his own." The committee approves "abstention by legislative bodies from dealing with
rates * * * even in so costly an item as the Eight-Hour
Law," and the new legislation which it urges is "that if at
any time in any place rate advances should become necessary in the public interest, authority and obligation to sanction them will explicitly reside by statute in a specified
branch of the Government." We give the abstract below:
Promise of remedies applied at the root of the railway problem is contained in the memorable debate at Washington. It has begun on a stately
plane of amity, of earnestness and of intellectual dignity.
It is now possible to focus the national thought upon the heart of the
problem—the rule which is given by Congress to its regulatory arm, the
Commission. The present law declares that each rate shall be Just, reasonable and non-discriminatory. It is our purpose to recommend that two
additional elements be embodied in the statutory rule:
1. That in regulating rates total revenues shall be permitted sufficient for
total legitimate purposes.
2. That legitimate purposes shall embrace the attraction of investment
for improvements and extensions.
We yield to none in favoring effective Federal supervision under conditions advantageous to the whole public, while insuring that the States may
retain such Jurisdiction as local self-government requires; but at the same
time we emphasize this aspect:
If total revenues are not made adequate to total expenses no question
will long remain as between Federal and State authority, because sooner or
later the Federal Government under those conditions must take over the
roads. In that case the States would lose all voice whatever and Federal
regulation, if any, would present the grotesque spectacle of one political
officer supervising another whose tenure proceeds from the same source of
power as his own.
Whoever omits from his prescription statutory obligation upon the Coinmission to permit rates adequate to carry the national business and develop
the country leaves out the essential ingredient without which the whole
compound is futile.
Every substantial increase in tonnage brings car shortage. Only 933
linear miles of road were constructed in the calendar year 1915, and apparently the record for 1916 will barely exceed that figure, although the volume
of industrial activity and hence railway earnings is considerably greater
than in any previous year.
Those who deal with investors continue as for several years past to report
indifference of their clients toward railway securities, except for refunding
and for mortgage bonds, now rarely feasible, upon unincumbered property.
We approve abstention by legislative bodies from dealing with rates.
We see no exception even in so costly an Item as the Eight-Hous Law.
The new legislation which we urge is that If at any time in any place rate advances should become necessary in the public interest, authority and obligation to sanction them wil' explicitly reside by statute in a specified
branch of the Government.r
t. k
2392
THE CHRONICLE
The public interest—that is the yardstick proposed by the railway leaders for measuring the provisions which they advocate. Responding in
kind, members of the Newlands committee have rivaled one another in
keeping the discussion at that high level.
Commercial organizations having menibership in forty-eight States have
transmitted to us declarations for a unified regulation where State regulation conflicts with Federal. More than sixty such bodies have urged that
the statute porciairn adequate earnings the policy of the Government.
These signs at Washington and throughout the Union we hail as a bow
of promise, as the token of a factor destined to work for prosperity in the
future, affording in all years an adequate instrument of commerce and in
lean years a purchasing power tending to mitigate industrial distress.
RENEWED EFFORTS TO ADJUST TRAINMEN'S
CONTROVERSY FAILS.
The conference which was opened anew this week between
the National Conference Committee of the Railways and the
heads of the four railroad brotherhoods failed to bring about
an agreement in the controversy over the eight-hour law.
Elisha Lee, Chairman of the railway committee issued a
statement following the conclusion of the meeting, in which
he stated that there was such a difference of opinion as to
what should be done that no agreement was possible, and
consequently the discussions have been discontinued. He
added that the railroads will await the decision of the United
States Supreme Court in the Adamson test case, and in the
event of the law being upheld the employees will receive the
extra back pay due them from Jan. 1. It is reported that
regardless of the test case, and despite the agreement with
the Department of Justice for the suspension of the law
until after the Court's decision, the brotherhoods served
notice on the railroad committee that their organization
would insist on the immediate operation of the Act on Jan. 1.
They also insisted upon their interpretation of the law,and it
is said held out for all their demands of last summer,with the
exception of the overtime provision. The brotherhood
chiefs are said to have strongly opposed at the meeting the
establishment of an eight-hour day such as is provided in the
award of the Arbitration Board in the switchmen's case. A
difference of opinion between the brotherhoods and the
railroad committee, it is reported, bore on the question as
to whether the Adamson law affected passenger trains,
the managers contending that it does and the brotherhood
heads insisting that it does not. The statement of Elisha
Lee, issued on behalf of the railroads on Thursday, said:
There have been several informal discussions with the heads of the brotherhoods at which the possibilities of a settlement of the eight-hour controversy were discussed. But there was such a difference of opinion as to
what should be done that no agreement was possible, and, therefore, the
discussions have been discontinued.
The railroads will await the decision of the Supreme Courtin the Adamson
aw test case. By their agreement with the Department of Justice the
railroads will keep a record from Jan. 1 of all employees affected by the
Adamson law, in order that, if the law is upheld by the Court, the employees will receive the extra back pay due them. The rights of the employees in the Interval will be thus amply protected.
The statement has been made in the press that the Conference Committee
has been aiding in preparing a bill to be supported by the roads and the
employees alike,and to be offered as a substitute for the legislation proposed
by the Administration, to hold strikes in abeyance until after an investigation by a public body. The National Conference Committee has not been
a party to such a program.
[VOL. 103.
We do not feel that the Government has any right to compel us to work for
a minute or hour or day or any period beyond that which we choose to
work.
W. G. Lee, when asked as to the truth of the report that
it had been agreed between the brotherhoods and the managers' committee that they would seek a mutual agreement
on every point possible, and refer those that could not be
agreed upon to the Adamson Law Commission, was quoted
in the "Wall Street Journal" of yesterday as saying:
I cannot answer this question, for the simple reason that I am as yet
unaware as to whether this proposition will be advanced or not.
My colleagues and myself are opposed to compulsory arbitration. The
rignt to work or not to work is an inalienable right of every American
citizen; a right that will not be surrendered, no matter how bitter the
struggle.
Four men from the railroads and four men from the brotherhoods, tobe named by the Government as a permanent commission to hear all such
grievances as now confront us, would be the wisest solution of all our
trouble. But be it understood that that commission should be composed of men who possess a thorough knowledge of the wage schedule
of all the railroads of the country, and who comprehend all the technicalities with which these schedules are surrounded. These men, in accepting membership on the commission, should resign all other business
connections and devote their entire time to the work of that body. And
right here will appear the first stumbling block of the proposition, namely
the securing of men from the other side with the ability to do the work.
This, from the fact that the salary of men on such a board would be about
$10,000 a year. Now the railroad manager that would be qualified to sit
on this board is getting a much higher salary than this, and he will refuse
to serve for less. This might cause a cheaper grade of men to be appointed.
In the case of the union men, four experts could be easily named, and in
their case a $10,000 salary would be a large one. For instance, take the four
chiefs of the brotherhoods to represent the men, with such men as Elisha
Lee and three other members of the managers'committee to represent the
railroads. Thus would the commission be composed of men thoroughly
In touch with all the ramifications of the wage schedules. Their verdict
would practically settle every difficult problem and forever end the controversial part of such matters.
Such a body would in a measure supersede any board of arbitration or
mediation, if it did not do away with it entirely. It is not apparent that
It would conflict with the Adamson Law, but if it did and the Adamson Law
was found at fault it could be repealed or modified to meet the new conditions.
In reporting that formal notice had been served on the
railroad employees by the roads that the Adamson law
would be ignored in the making up of the payrolls pending
the decision of the Supreme Court, the New York "Tribune"
on the 27th inst. printed the following notice (typical of that
of other roads), which has been posted in the shops and yards
of the New York Central:
New York, Dec. 24 1916.
For the information of employees concerned, below will be found a copy
of the agreement entered into between the attorneys for the United States
and the railroads concerning the Adamson eight-hour law now before the
Supreme Court of the United States.
Attention is called to Section 5, in which it is agreed that, beginning
Jan. 1, the books and accounts shall be kept in such a manner that if the
constitutionality of the Adamson law be upheld the men shall promptly
receive any back pay due them under the decision of the Court.
In accordance with this understanding this company will pay its employees under present schedules until such a decree is handed down by the
Supreme Court.
W. J. FRIPP, Gen. Manager.
Gen. Goethals and the other members of the Adamson
Law Commission named by the President to inquire into the
relations between the roads and their employe6s and theThe New York "Commercial" also quoted one of the rail- practicability of the eight-hour day, will open their inquiry
in this city next Tuesday.
road representatives as saying after the meeting:
I consider the situation more critical than it has been since the stirring
days of last September. I should not be surprised if sporadic strikes should
DEVELOPMENTS IN CAR SHORTAGE PROBLEM.
break out next week. Some men may get away from the leaders but I do
An order requiring the railroads to show cause at a hearing
not expect a general strike.
The brotherhood leaders know that if they countenance a general strike in Washington on Dec. 28 why they should not return at
before the Supreme Court decides the Adamson test case, Congress would once to their owners, without diversion or misuse, all foreign
pass the compulsory investigation Act overnight. The Supreme Court's
after unloading at
decision may be expected about Feb. 1. That means that one month's coal and refrigerator cars immediately
overpay—or about $5.000,000—will be hold in abeyance for the men. This their destination, was issued by the Inter-State Commerce
sum will be paid promptly providing the constitutionality of the Adamson Commission on Dec. 22. The order followed an announcelaw is upheld.
Service
If the Supreme Court's decision is against us another meeting with the ment on the previous day by the Commission on Car
representatives of our employees will be held to interpret the law. For of the American Railway Association that eight roads had
Instance, the law distinctly states that all railway employees shall work
failed to carry out recommended redistribution measures.
eight hours a day. We have no doubt but what men in the passenger
service were included, men who under present schedules work as a rule The announcement of the 21st expressed a hope "that these
only five or six hours out of the twenty-four.
lines will at once show a marked improvement in their perThe union leaders present at the meeting were: Warren S. formance." The roads named were the Boston & Albany,
Stone, Grand Chief Engineer of the Brotherhood of Locomo- the Maine Central, the Lehigh Valley, the Philadelphia &
tive Engineers; W.G. Lee, President of the Brotherhood of Reading, the New York Central, the Michigan Central, the
Railway Trainmen; W.S. Carter, President of the Brother- Wabash and the Toledo & Ohio Central. The announcehood of Locomotive Firemen and Enginemen and L. E. ment further said:
Shepperd, Vice-President of the Order of Railway Conductors.
It is clearly apparent that these companies, having an excess of box-ear
Mr. Shepperd represented A. B. Garrettson, President of equipment, have not compiled with the request of the Commission on carservice to deliver a designated excess of box cars to Southern and Westthe Conductors, who is in the West Indies on account of his ern connections above the number of box cars received from such connechealth. The brotherhood heads had no statement to make tions.
Several other roads, it was said, appeared to have been
relative to the meeting and its results. One of their number,
however, W. G. Lee, was quoted in the "Times" as saying derelict in complying with requests for box-car redistribution,
before the Conference:
but the information regarding them was not complete. The
We are unalterably opposed to compulsory arbitration, and we claim the announcement stated also that a number of roads had not
right to quit work at any time we are dissatisfied without being compelled to
shown the desired improvement in aiding redistribution of
wait for Federal investigation of our demands. Compulsory arbitration
the
and compulsory investigation are simply forms of involuntary servitude. coal cars, but that factors, other than the good will of
DEO. 301916.1
THE CHRONICLE
roads themselves, had entered into the situation. After
an all-day hearing on the 28th inst. the Inter-State Commerce Commission took under advisement the question as to
whether it would seek to solve the car shortage problem by
ordering all railroads to return cars of other roads to their
owners immediately upon unloading. Railroad representatives, headed by W. W. Atterbury, Vice-President of the
Pennsylvania RR., and President of the American Railway
Association, appearing in response to the summons to show
cause why such an order should not be issued, urged against
the action. Mr. Atterbury declared that most of the roads
were doing their best now to deal fairly with the public, and
argued that a hard and fast rule by the Commission would
interfere with the operations and make the situation worse.
Commissioner McChord said that the railroads seethed to pay
no attention to the orders of the Railway Association, which
had adopted various drastic measures to relieve car shortgae.
He stated that:
2393
Chamber of Commerce following the announcement that
the Boston & Albany had with other roads, failed to carry
out the redistribution measures recommended. Mr. Chandler's message said:
The order of the Commission on Car Service and the publicity respecting
the failure of the Bosten & Albany Railroad in this respect put that road
in the position of yielding to the order, or being held up to public criticism,
and has resulted in the issuance of orders to all agents to return all foreign
empties westbound, notwithstanding the fact that full loads are waiting
to move in that direction.
If the order is not modified the inevitable result will be another embargo
on eastbound movement which would be unfortunate in that it is not
necessary. It is well understood that the preponderance of movement
is eastbound, and if the Boston it Albany returns the same number of cars
westbound that it receives eastbound is not that all that can reasonably
be expected at this time? Is it reasonable for empties to be hauled past
industries that have business waiting to move in the direction that the
empty cars naturally move?
If the West continues to ship to New England in the present volume
the cars here must necessarily be above normal as measured by the proposed standard. We realize that the remedy is ownership of a larger
number of cars by the New England roads. This, however, cannot
be
accomplished at this time, and it seems to us that as the Boston &
Albany
The railroads not only have violated their written and verbal agreements, is giving greater car efficiency than any other
railroad averaging thirtybut they have deliberately been engaged in the pastime of stealing cars five miles or better daily for all freight cars
on its line, it should not be
from each other.
penalized, particularly when it is delivering to Western connections
as
When Mr. Atterbury objected, saying that the statement many cars daily as it is receiving from them. The order places a premium
could not be accepted as true, Mr. McChord said that he upon inefficiency of operation, which is what the country has been decrying for a long time.
had seen a letter from one president stating that other
Should we penalize the carrier that is satisfactorily doing a business
executives were not going to heed the orders of the Associa- much above the normal, and has a railroad any legal right to furnish an
empty car when it has cars that it can furnish moving in the direction
tion's Car Service Committee. "Don't condemn the whole the
of
desired load? If the Commission agrees with this suggestion we earnsystem of railroads," said Mr. Atterbury, "because the estly urge that it recommend a modification of the order.
present intricate plan is not working as smoothly as we
would like to seeit." He contended that the present was
no time for an arbitrary order by the Commission; that
January, February, March, and possibly April, were months
in which railroad operations would be most difficult, particularly as the roads had not time to work out the new car
service distribution plans. According to Mr. Atterbury,
there is no car shortage for normal traffic, and there should
be no hard and fast Commission order based on an abnormal
situation, which, for instance, had transformed the Pennsylvania from a car credit or business originator to a distributing system for other lines originating traffic. Mr. Atterbury said that the railroads did not know what might be
done about the refusal of the Grand Trunk system to pay the
75 cents per diem increased rate for foreign cars on its line.
"We might," he said, "refuse to load cars into Canada over
the Grand Trunk, but that might shut off the coal supply of
Canada, which comes entirely from the United States. All
the railroad men scented danger in any Commission order
because of the law imposing a $5,000 fine for violations of
Inter-State Commerce Commission orders. W.A.Worthington, Vice-President of the Southern Pacific, said that the
proposed order, if rigidly enforced, might subject his line to
an accumulation of $23,000,000 in fines. Mr. Atterbury's
remarks at the hearing are given as follows in yesterday's
"Journal of Commerce:"
As!see it, this is not the time for the issuance of an arbitrary order on this
subject. It is a time rather for close co-operation between the railroads,
the Commission and the shippers. Commissioner Clarke a year ago gave
us
great help in dealing with the New England situation. It is one of the
most
obvious facts that during the winter months we must change
operating
policies every day to adapt them to varying weather conditions.
Just for
the sake of illustration: Six inches ofsnow in New York City in
twenty-four
hours will cause five thousand loaded freight cars to be piled up at
York gateways. I am afraid the prescribing of rules for the return New
of cars
under conditions now prevailing would be calamitous. The European
war
has produced commercial conditions wholly unlike those that ever
before
prevailed. Under normal conditions the Pennsylvania Railroad
is a car
creditor. On a receipting volume of business the
Pennyslvania's cars are
returned to it and foreign cars are sent to us to such an
extent that we become a car debtor.
The European war has made the Pennsylvania Railroad a
distributing
instead of an originating carrier. That means that cars are being
sent to
us in excess of those we send to our connections. It means that
production
Is taking place at points off the Pennsylvania lines which are
usually receivers instead of originators of freight. The car returns which haverecently
been revised were the result of development during a long period
They provide for conditions that in five out ofsix years dealt with of years.
a plethora
Instead of a shortgage of cars. During five of any six
-year period the
railroads themselves did not attempt to observe the car
return rules.
It is a fair question for the Commission to ask us why the
obey their own laws. The answer is the great change railroads do not
European war, as I have indicated. We have not had produced by the
an opportunity
to consider the proposals of the Commmission. I imagine that
most of the
railroads found themselves in the position of the
Pennsylvania. Most of us
found this order to show cause on our desks Tuesday
morning. The
Pennsylvania Board met the next day, and it was not
until
that any of us had an opportunity. to hold a meeting of this morning
the American
Railway Association.
I think each road knows what It would like to do about
extending its
terminals and increasing its trackage, but whatever is done
must be with "
the help and co-operation of the Inter-State Commerce Commission
and the
shippers. I think by the co-operation of the shippers conditions
could be
much Improved. If the latter would increase their unloading
facilities
the effect would be good.
Representatives of the railroads and shipping interests
held a meeting at Washington on the 20th inst. to consider
plans for ameliorating the car shortage situation through
curtailment of the re-consignment privilege, but ended their
first session with apparently irreconcilable differences. The
railroads' proposal to enforce penalties of from $3 to $7 a
car for re-consigning was unanimously opposed by the shippers. The plan provides for a $3 penalty if the car be reconsigned in transit, $5 if re-consigned within twenty-four
hours after reaching its destination, and $7 thereafter.
Shippers agreed that while some penalty might be desirable,
it should be applied only to certain commodities.
According to a statement from Boston on the 26th inst.
a widespread and unnecessary detention of freight cars
in various parts of the country, together with an abnormal
shortage of freight equipment,isindicated by reports of special
agents of the Departmentof Justice and inspectors of the Interstate Commerce Commission's announcement to this effect is
credited to Federal District Attorney George W. Anderson,
who is conducting the Federal Government's inquiry into the
high cost of food and other necessaries. Mr. Anderson has
asked the co-operation of railroads in reporting to him all
needless detentions of freight cars, and in a letter addressed
to the heads of New England roads, says in part:
In and about some cities (I shall not of course, now state where) we
find
that coal cars have been kept after reaching the delivery point from
two
to five times the normal period required for unloading. Such
facts are
exceedingly suspicious. They point to probable combinations
in restraint
of trade, particularly when we find them accompanied by greatly
enhanced
prices out of which extraordinary profits must have accrued to
some of the
persons apparently responsible for such detention of cars.
I suggest that there be now a systematic co-operation by
the railroads
with this department through your furnishing to this department
at frequent periods, perhaps daily, lists of cars held unloaded over forty-eight
hours, also lists of cars unusually delayed in reaching destination by
reason
of the abuse if the re-consigning privilege. If this proposition meets
with
your approval I suggest that certain competent men be designated
to
co-operate with the agents of this department in working out all
necessary
details. With such an arrangement I think we can have speedily
and
effectively brought to the attention of the law officers of this Department
all suspicious facts, and we can then send for the persons apparently
responsible for such delays and detentions, giving them an opportunity
to
show whether their acts are or are not part of a combination
in illegal
restraint of inter-State trade.
It is our view that such co-operation between the railroads and
this
Department will not only prevent many violations of the law, which
otherwise it might be the duty of the Federal Government to prosecute, but
also
to assist the railroads.
The present railroad car shortage, according to A. W.
Thompson, Vice-President of the Baltimore & Ohio RR., is
due to speculators who are and have been holding loaded
cars at terminals awaiting rising prices. This view was expressed by Mr. Thompson in addressing the Commercial
Club in Pittsburgh on the 8th inst. Mr. Thompson predicted
that the shortage will become even more critical and may
develop into the most serious tie-up in history unless material
changes are effected.
A telegram protesting against the orders of the Commission
An embargo declared by the Union Pacific RR. last week
on Car Service of the American Railway Association was on east and west bound freight,
is said to be the first to be
sent to the Inter-State Commerce Commission by W. H. enforced by that road. It
went into effect on Dec. 26 and
Chandler, Manager of the Traffic Bureau of the Boston will continue until Jan. 7 1917.
It closes the Odgen gate
2394
THE CHRONICLE
way to California and obliges California shippers to ship by
some other route. According to the officials of the Union
Pacific, their action was due to the tremendous transcontinental freight movement. The Oregon Short Line BR.
also declared an embargo at the same time on all traffic
received from any competitive point on its system and intended for shipment to points east of Chicago. Other
Western roads which last week declared embargoes are the
Chicago Milwaukee & St. Paul, the Southern Pacific, the
Great Northern, the Northern Pacific, Chicago Burlington
Quincy, the Chicago St. Paul, Minneapolis & Omaha RR.
and the Denver & Rio Grande.
The Baltimore & Ohio RR. placed an embargo, effective
on the 16th inst., against all eastbound carload freight from
connecting lines east of Baltimore, to points routed by way
of Cherry Run, W. Va., and the Western Maryland By., or
by way of Martinsburg and the Cumberland Valley RR.,
except perishables, live stock and foodstuffs for human consumption. The embargo was made necessary, it was stated,
on account of accumulation of shipments and to prevent
serious congestions at terminal points. On the 11th inst.
the Baltimore & Ohio placed an embargo on all grain consigned to Locust Point or Mount Clare, either for export or
domestic use. Corn had previously been excepted in the
embargoes placed by the Baltimore & Ohio, but the action
of the 11th prohibited the movement of all grain to or
through Baltimore by the Baltimore & Ohio.
It was announced at the same time that the Pennsylvania
RR. had placed an embargo on all freight in carload lots,
both east and west bound. This was due to the car shortage
situation.
The New York New Haven & Hartford RR., which placed
embargoes in effect early in the month, has since announced
modifications of the same; its latest change, made known on
the 20th inst., is as follows:
Embargo 398, in effect Dec. 9 and placed on account of accumulation
of carload and less than carload freight for Providence Line, is removed,
effective this date.
Embargo 397, in effect 12:01 a. m. Sunday, Dec. 10, and supplements
thereto, are modified as follows: Fertilizer for delivery at stations on the
New York New Haven c% Hartford Rlt. and Central New England Ry.
will be accepted. Cotton will be accepted when loaded in direct cars for
one consignee at one destination and to a minimum of 65 bales per car;
this applies to that originating beyond New England States. Embargo is
placed against L. C. L. freight coming to these companies through the
Harlem River gateway; perishable and live stock will be accepted. Embargo is lifted so far as it applies to a number of individual consignees that
have reduced their accumulation;. embargo will be issued against a number
of individual consignees who have more cars on hand than can be promptly
released.
Other Eastern roads which announced embargoes early in
the month were the New York Central, the Erie, and the
Wabash; it was made clear at the time that the embargoes
would not affect foodstuffs.
The Boston & Albany RR., on the 21st inst., issued the
following notice to its agents in furtherance of its efforts to
co-operate with the Inter-State Commerce Commission to
relieve the car shortage:
Effective at once, you will decline to furnish any box cars for loading
carload freight on team tracks or for loading carload or less than carload
freight on private sidings to be forwarded to points on or via the Boston ee
Albany RR.
You will also decline to accept any carload freight for loading through
freigat houses.
Every car as fast as it is made empty must be moved promptly In the
homeward direction according to the home route.
The object of this Is to get cars West for shippers who are not getting
their full quota of cars, and is in accordance with directions from the
American Railway Association Commission on Car Service.
in largo part responsible for delays in transportation owing to lack of motive
power and cars, but because it was felt that the increased deinurrago fee
was the only practical way in which a real public emergency resulting from
shortage of cars could be in some degree relieved.
Forty-eight hours free time is allowed for loading or unloading cars, to be computed from 7 a, m. of the day following the day on which the cars arrive. The only exception
is that at Montreal and tidewater ports five days shall be
allowed for unloading hay and lumber for export, and in
those parts of Canada where the Canadian grain Act applies
the said Act shall continue to apply. The Commission, it is
stated, has followed the suggestion of the Inter-State Commerce Commission, except that whereas the United States
body fixes $2 as the second day's charge the Canadian Commission kept the charge to $1, actually giving three days
at the former rates. The shippers and railway companies
originally agreed that the rates should go into operation on
Dec. 20, but owing to the fact that the matter had been
delayed by the Board in order to obtain the views of Western shippers, the increased tolls will not go into effect until
the new year.
ARBITRATION BOARD'S AWARD TO SWITCHMEN.
The demands of the Switchmen's Union of North America
for an eight hour day on a ten hour basis of pay is denied
by the Federal Board of Arbitration in its award filed on
the 23d inst. in the United States District Court at New
York. The standard workday has been ten hours. In
yielding to the employes' demands that eight hours or less
shall constitute a day's work the Board grants an increase
which provides compensation on the basis of nine hours.
An increase of five cents per hour on the present rates of
pay for foremen and helpers is awarded by the Board; the
demands of the employes were that helpers be paid 47 cents
an hour and foremen 50 cents an hour. A third demand
of the switchmen was that time and a half be paid for all
time in excess of eight hours; the Board denied the time
and a half over time, and ruled that over time be paid pro
rata. It is stated in the findings that "although it has
seemed wise to award an eight hour day as the standard
minimum day, the overwhelming weight of testimony shows
that the conditions of the various kinds of railway work
are so different that only trial can determine just how far
eight hour shifts can be worked without prohibiting cost
to the roads and undue disturbance of the work of their
patrons." "It seems to be clearly established" says the
decision "that under existing conditions and probably even
under conditions of traffic less strenuous than the present,
it will not be possible to make the actual working eight hour
day effective in the case of more than a small percentage
of the switching crews, not more than 10% during the first
year. While therefore it is urged that the eight hour day
be established, its introduction must be gradual." It is
pointed out in the findings that while the full amount of
increase asked by the men has not been given them, the
5 cent increase granted is by far the largest increase given
in any general switchmen's award. The award affects
5,630 switchmen and thirteen roads, the latter including:
On the 21st inst. the Inter-State Commerce Commission
refused to allow the New Haven RR. and affiliated lines
to charge published demurrage rates on cars held after freeday allowances which are not placed on storage tracks at
their proper destinations. The rule was held to be unreasonable.
The Canadian Railway Commission this week issued the
new terms of the order regarding demurrage charges on
Canadian railways. The amended order will go into effect
on Jan. 1, and remain in force until April 30 1917. The shippers and railway companies have already agreed on the new
demurrage charges as follows: For the first day, $1; for the
second day,$1;for the third day,$3;for the fourth and each
succeeding day, $5. The ordinary charges were $1 a day
and the Railway Commission, in making the new order,
points out that the settlement is but temporary. The
Commissioners add:
It was agreed to by the shippers not because the railways were entitled
to any increased demurrage, not because the railways were not themselves
[VOL. 103.
Michigan Central Railroad Company; New York Central Railroad
Company; Lehigh Valley Railroad Company; Bessemer and Lake Erie
Railroad Company; Now York, Chicago and St. Louis Railroad Company;
Delaware, Lackawanna and Western Railroad Company; Cincinnati,
New Orleans and Texas Pacific Railway Company; Chicago, Rock Island
and Pacific Railway Company; Chicago and Eastern Illinois Railroad,
Baltimore and Ohio (Chicago Terminal Transfer Railroad Company);
Minneapolis, St. Paul and Sault Ste. Marie Railway Company; Chicago
Great Western Railroad Company and the Peoria Railway Terminal Company.
The movement for higher wages on the part of the switchmen was initiated in March last, when a thirty days' notice of
their demands was served by the switchmen's union on the
General Managers Association of Chicago. On Aug. 7
the Union and the Conference Committee of Railways
Managers agreed to submit the controversy to arbitration
under the terms of the Newlands act. The representatives
of the union on the Arbitration Board were James B. Connors of Chicago, Assistant President of the Union and W. A.
Titus, of Cleveland, Vice-President of the Union; the railroads were represented on the Board by E. F. Potter, of
Minneapolis, Assistant to the General Manager of the
Minneapolis, St. Paul & Sault Ste. Marie Ry. and T. W.
Evans, of New York, Assistant General Manager of the
New York Central. With the failure of these four to reach
an agreement the United States Board of Mediation and
Conciliation named as the other arbitrators Prof. Jeremiah
W. Jenks of the New York University and Charles B.
Howry of Washington.• Judge Howry was made chairman
of the Arbitration Board. Public hearings were opened
DEo. 301916.]
THE CHRONICLE
in New York by the Board on Nov. 13, Samuel E. Heberling
presenting the case on behalf of the switchmen and Horace
Baker of Cincinnati submitting the evidence for the railroads. The hearings were concluded on Dec. 8, the arbitrators having since then had the matter under advisement. The award was signed by all of the arbitrators;
Messrs. Connors and Titus, however, dissented from the
decision of the Board awarding the increase of 5 cents an
hour, and to the payment of overtime pro rata instead of
at the rate of time and a half. Messrs. Potter and Evans,
representing the railroads dissented from the ruling that
eight hours or less constitute a day. A statement by Judge
Howry and Prof. Jenks which constituted part of the formal award, essayed an explanation as to the reasons which
prompted the increase granted. The statement said:
2395
Taking all of these circunistances into consideration, the increase in
rate has seemed, to the majority of the arbitrators, likely to serve the
interests of the public.
The formal award by the Board reads as follows:
Requested by employes—Eight hours or less const.tute a day's work.
It is awarded—Eight hours or less shall constitute a day's work.
Requested by employes—Helpers be paid 47 cents per hour and foremen
50 cents per hour.
It is awarded—An increase of 5 cents per hour on the present rate of
pay for all yard foremen (conductors) and helpers (yard brakemen) involved in this arbitration.
Requested by employes—Time and one-half be paid for all time worked
in excess of eight hours in any twenty-four.
It is awarded—Overtime shall be paid at pro-rata rates.
The arbitration agreement having provided, "That if the arbitrators in
their judgment see fit to change the basic day, they shall have the right to
modify, eliminate, or revise such provisions in the existing schedules of
wages as in their judgment appear inequitable or inconsistent under the
changed basis," it became necessary to revise some of the rules, as follows:
Overtime shall be paid pro-rata on the basis of the actual minutes
Much emphasis has been laid upon the fact that the hours of work of worked.
the switchmen are often long. Although the standard workday on the
The pay of regular switchmen shall begin at the time required to report
railroads has been ten hours, frequently the men have worked from eleven for duty, and end when relieved.
to twelve, and sometimes oven some hours longer.
Switchmen shall commence work and be relieved at designated points.
One of the reasons urged for the shorter workday is that men need more
Switching crews shall be paid at day rates for time worked between 6 a.
time to visit with their families, to take recreation, and to secure the other m. and 6 p. m.. and at night rates for time
worked between 6 p. m. and
advantages of leisure. This argument, of course, applies to switchmen. 6 a. m.
A second argument is that the long hours result in physical exhaustion,
The present meal-hour regulations shall apply to all crews assigned to
often to a degree seriously injurious to health. The evidence shows clearly shifts exceeding eight
hours.
that, owing to the nature of the work, there are frequent opportunities
With the announcement of the Board's findings Warren S.
for intervals of rest, and that the long hours i,estified to are due very largely,
almost invariably, indeed, to delays caused by the interference of other Stone, Grand Chief Engineer of the Brotherhood of Locotrains and to similar reasons beyond the control of the railway managers motive- Engineers,
and W. G. Lee, President of the Brotherof the switchmen. During these delays the switchmen must usually be
hood of Railway Trainmen, both expressed a doubt as to
idle, so that long hours do not always imply excessive physical labor.
Although it has seemed wise to award an eight hour day as the standard whether the award would satisfy the switchmen. Mr. Lee
minimum day, the overwhelming weight of testimony shows that the con- was quoted as saying:
ditions cf the various kinds of railway work are so different that only trial
The arbitrators did not give them what they most wanted, and that was
can determine just how far eight-hour shifts can be worked without pro- an eight-hour day with time and half
for overtime. An eight-hour day
hibitory cost to the roads and undue disturbance of the work of their without any means of enforcing
it is not an eight-hour day at all. Now
patrons. It seems to be clearly established that, under existing conditions, that the switchmen's case
is finished, we will continue our negotiations
and probably oven under conditions of traffic loss strenuous than the with the railroads. Both sides were
waiting to see what the arbitration
present, it will not be possible to make the actual working eight-hour award would develop.
We are to meet Thursday with the Managers'
day effective in the case of more than a small percentage of the switching Committee in
New York and I am confident we will reach a decision
crews, not more than 10% during the first year. While, therefore, it is
before Jan. 1.
urged that the eight-hour day be established, its introduction must be
Mr. Stone's comments were as follows:
gradual. The percentage, therefore of the switching crews that will be
The increase of five cents an hour will not be enough to offset the loss
directly affected during the period of this award must of necessity
be of pay by cutting the
working hours from ten to eight hours. At forty
small. Most crows will work ten hours or more.
cents an hour the switchman is now earning $4 ins ten-hour day. AtfortyMoreover, owing to the increase in pay awarded to the switchmen,
those five cents an hour for eight
hours he will be earning only $3 60. However
who seriously desire to shorten their work day two hours for the purpose of
the crisis in our controversy has now arrived, and a settlement can be
employing the added hours of leisure, in ways distinctly beneficial
to them- expected at any time.
selves, will be able to secure this leisure by the exercise of
their seniority
• rights. Those who prefer the added wage will generally be able to secure
that. The seniority rules will enable the men longest in service to take GENERAL CARRANZA FAILS TO
APPROVE PROTOCOL.
their choice. If the older men in service should all prefer the added daily
A second request to the United States that the protocol
wage coming from the long hours, the eight-hcur shifts must be taken by
the younger and less experienced men. But, with so largo an element agreed to on Nov. 24 by the American and Mexican
Joint
of choice and so small a number of positions to be filled, the award will Commission
at Atlantic City be modified has been made by
enable employers, employes and the public to determine the extent to
General Carranza. Through Alberto J.Pani, one of the memwhich tho switchmen desire the shorter hours.
The increase in pay awarded to the switchmen imposes a heavy
burden bers of the Commission, who personally delivered the protocol
upon the railroads, which, owing to the interstate commerce law, they
to General Carranza, the Commfssion was advised of the
are unable to transfer to the shippers and thence to the public.
Owing
General's attitude toward the same on the 18th inst., Secreto the peculiar legal situation of the railways the Board has thought
that,
since it is the duty of the properly constituted government
authorities to tary of the Interior Franklin K. Lane and Louis Cabrera, the
protect the railway interests in this regard, so far as is necessary,
it has Mexican Minister of Finance, issuing
on that date the folattempted to do justice as between the parties without giving any detailed
lowing statement concerning the failure of Carranza to sign
consideration to the added cost to the railroads.
The increase in wages has been most earnestly urged by the switchmen, the document.
on account of the increased cost of living, the hazards of the employment
The Commissioners spent the morning in hearing an extended statement
and the hardships of the work. These points, of course, have been all from
Mr. Pani as to his interview with Mr. Carranza and his view of the
recognized in the award. While the full amount asked for has not been
relations between Mexico and the United States. In the afternoon the
granted, a 5-cent increase to the former wages of all the switchmen is, by
American Commissioners received a letter from the Mexican Commissioners
far, thd largest given in any general switchmen's award, where the increase
setting out certain questions by Mr. Carranza as to the protocol, to which
has usually been 1, 2 and 3 cents per hour, instead of 5 cents. This large
the American Commissioners are to give consideration. The protocol has
increase has been given because the arbitrators recognized the
validity not been signed. This, the Mexican Commissioners stated, does not
signify
of the arguments-presented. Nevertheless, it seems just to the
neutral its rejection by Carranza.
arbitrators to present one or two other conditions which
ought not to
The protocol provides: .
be overlooked.
First—The American troops now in Chihuahua, commanded by General
First, the railroads themselves have been subjected to greatly
increased John
J. Pershing, shall be withdrawn within 40 days from the approval of
costs on account of the high prices of steel, coal and other
articles of their
consumption; and the enormous demands upon them,
protocol by the respective Governments, provided that within that time
.
caused by the Eu- the
conditions in that part of Mexico have not become such as to endanger
ropean war, have been so great that their work could not be
most efficiently the
performed.
the American border. In such event the time shall be extended.
Second—The Mexican army shall patrol the Mexican side of the border
Again, the conditions of the railroads are entirely
different, in numerous
respects, from those of other industries in which increases
the American army the American side, but this shall not preclude cohave been given and
operation between the two forces to preserve peace upon the border.
to other workers. Many of such industries are munitions
plants, steel
Third—It shall be left to the commanding officers of the armies on the
works, and others whose profits have been stimulated by the war.
Many
border of both nations to enter into such arrangements for co-operation
of these, when the war closes, must go out of existence and their men
will
in operations against bandits whenever it is possible.
be thrown out of employment. Moreover, in many instances, those
who
continue business will be able to reduce the wages of their employes, judgThe right of the American Government to send troops
ing from past experience.
across the border in pursuit of bandits was not incorporated
The railroads, on the contrary, will continuo their force, so far
of tho switchmen are concerned. According to the testimony, as most in the protocol, but was made the subject of a supplemental
all of the
regular switchmen are retained, even when
times are bad; and the history memorandum. To the terms of the protocol providing for
of the last few years shows that an
increase once granted to railway em- the withdrawal of American
troops within 40 days and on
ployes remains.
Again, in many lines of industry, where the workmen
are under the im- condition that no new raids occur in that part of the country
mediate personal supervision of the employers and where
the nature of now occupied by General Pershing'stroops, General Carranza,
the industry is such that, through careful time studies, some
of the modern it is believed,
offered no insuperable objection. The declaefficiency methods can be employed, it may be possible for
people working
eight hours, under a new system, so to increase their efficiency
as to ac- ration of Secretary Lane following the agreement on the
complish as much as they earlier accomplished
in ten hours. While it has protocol reached by the Commission that the American
been testified that, with the hearty co-operation of switchmen and yardGovernment reserved the right of unrestrained pursuit of
master, in one case the efficiency of the switchmen on a test of the eight
hour system for a period of two months was materially increased, it was bandits by American troops is said, however, to have
not increased to the extent of the 25% needed to cover the decrease in
wounded the pride and sensibilities of the General and his
time, nor was there any guarantee that such increased efficiency would
continue, had the system been regularly adopted. With the exception Cabinet, and the message brought by Senor Pani is reported
of this one experiment, made under most exceptional conditions,
the tes- to have been little more than a counter-declaration of the
timony was unanimous to the effect that the efficency of the
switchmen policy of the de facto Mexican Government.
on the shorter work day would be only slightly increased, so
that the
added burden of the shorter hours would fall almost entirely
The reply of the United States Government, made through
upon the
railroads.
the American members
of the Joint Commission, to the
2396
THE CHRONICLE
objections of General Carranza was dispatched to Mexico
on the 19th. The communication further explained the
position of the United States, and contained protestations
that there exists no intention to violate the sovereignty of
Mexico. It was made clear, however, it is said, that there
could be no modification of the conditions on which the
American troops will be withdrawn from Mexico, and that
the attitude of the Government as outlined in the declaration of policy made by Secretary Lane when the protocol was
signed at Atlantic City has not been changed.
The second appeal for modification of the protocol providing for the withdrawal of American troops from Mexico
was made by General Carranza in a message delivered on
the 28th inst. to Secretary Lane by Luis Cabrera. Carranza
replied to the insistent American demand that the protocol
signed by his spokesmen at Atlantic City be ratified, but
refrained from writing anything that could be construed as
a flat repudiation. The latest suggestions for changes in the
agreement will now be considered by the three American representatives—Secretary Lane, J. R. Mott and Judge George
Gray. Secretary. Lane advised his colleagues on Thursday
of the character of the reply and asked them to meet him at
Washington as soon as they conveniently could. Early
next week a joint session of the Mexican-American Commission will be held, at which the Americans will give the Mexicans their answer. On the nature of this reply depends the
future course of the commissioners, who were directed more
than four months ago to effect, if possible, the adjustment
of questions at issue between the two countries. Neither
Mr. Cabrera nor Secretary Lane would discuss the nature of
Carranza's reply. Mr. Cabrera left for New York soon after
its delivery, and Secretary Lane declined to reveal its character until it had been submitted to his colleagues. The same
reticence was displayed at the Mexican Embassy.
Last night the "Evening Post" printed the following
dispatch from its Washington correspondent, David Lawrence, concerning the latest Carranza reply:
IVoL. 103
Turkey—that a conference of the delegates of all the belligerents be held immediately in a neutral city. The task of preventing future wars, says the reply, can be begun only after
the end of the present struggle. The following is the reply
as made public by the Overseas News Agency (the official
text of the reply which was not received at Washington
until the 28th inst. differs to some extent from the cabled
version; it is given on another page under the Financial
Situation).
The text of the answer to President Wilson's note was transmitted to-day
in Berlin to James W. Gerard, the United States Ambassador; and also in
Vienna, Sofia and Constantinople, to the American representatives.
The reply says: "The high-minded suggestion made by the President of
the United States of America in order to create a basis for the establishment of a lasting peace has been received and considered by the Imperial
Government in the friendly spirit expressed in the President's communication. The President points out that which he has at heart and leaves
open the choice of the road.
"To the Imperial Government an exchange of views shows the most
appropriate road by which to reach the desired result.
"It therefore begs,in the sense of the declaration made on Dec.12, which
offered the hand for peace negotiations, to propose immediately a meeting
of the belligerent States at some neutral place.
"The Imperial Government is also of the opinion that the groat work
of prevention of future wars can be begun only after the present struggle
of nations. It will, when this moment shall have come, be ready with
pleasure to collaborate entirely with the United States in this exalted task."
The answer finishes with the usual terms of diplomatic etiquette.
Washington dispatches on the 26th inst. stated that notwithstanding the fact that the reply is disappointing in that
it fails to meet the President's suggestion for a declaration
as to peace terms, it is looked upon in official circles in
Washington as having advanced the peace movement another step. It is suggested that the German note is probably the prelude to a series of carefully considered delicate
moves, all possibly leading to an approach for a real discussion of peace terms on grounds which all the belligerents
may feel can place them at no disadvantage. The view of
the Entente Powers Embassies was that the note was not
an answer to President Wilson's communication, but rather
a document for circulation in Germany and in neutral countries with the object of moulding opinion to place the responsibility for continuing the war on the Entente. Germany's
proposal for "an immediate meeting of delegates at a neutral
place or "speedy assembly on neutral ground of delegates
of the warring States," as the official text reads, is received
as admittedly much more specific than the original proposal to "enter forthwith into peace negotiation" and
to go even further than President Wilson's suggestion
that "soundings be taken." This alone is singled out by
those who regard the reply as a step toward peace despite
the repeated declarations of Entente statesmen that it was
impossible without a statement of Germany's terms.
The First Chief sent special instructions to Luis Cabrera, Alberto null,
and Ignacio BoniIlas, informing them that while he regretted being unable
to sign the protocol submitted to him, he was not averse to settling all
other questions in which the United States was interested. These instructions were embodied by the Mexican Commissioners in a letter to Secretary Lane. The First Chief sets forth that for him to sign the protocol
would be a tacit acquiescence in the original invasion of Mexican territory
by the Pershing expedition. He speaks of the necessity of conserving
Mexican sovereignty and recalls that permission was never granted for the
Pershing expedition to enter Mexico. To consent even at this late date
by the signing of a protocol with reference to the departure of the troops
would be a dangerous precedent. The United States, to be sure, has by
treaty agreement obtained the right of intervention in Cuba and Nicaragua,
but such a grant of power is of the essence of sovereignty and Mexico cannot afford—least of all, any man who wants to retain political authority AUSTRIAN GOVERNMENT'S REPLY TO PRESIDENT WILSON'S
in that country in unstable times—to barter away such an important
NOTE.
privilege.
The reply of the Austrian Government to President WilGen. Carranza suggests that the question of when or how or under what
28th. It
conditions tae Pershing expedition be withdrawn be eliminated from the son's note was received at Washington on the
discussion, that the United States settle the matter in its own way. There takes the form of an aide-memoire, delivered to Ambassais no insistent demand that the forces withdraw, no repetition of eariier
Vienna. Its text as given out by Secretary
requests. But Gen. Carranza does say that after the American forces dor Penfield at
have withdrawn he wants the Joint Commission to settle all the subjects of State Lansing on Thursday is as follows:
relating to the protection of foreigners and their properties and other kinAide-Memoire.—In reply to the aide-memoire communicated on the
dred matters that have been at issue between the two Governments. He 22d inst by His Excellency the American Ambassador containing the prodoes not refuse to discuss these things pending the departure of the troops, posals of the President of the United States of America for an exchange
but declines to enter into any agreement on these same questions while of views among the powers at present at war for the eventual establishment
foreign troops are on Mexican soil. To do otherwise would be construed, of peace, the Imperial and Royal Government desires particularly to point
he believes, as a coercion and render valueless in Mexico the agreement out that in considering the noble proposal of the President, it is guided
made, because every one would construe it as having been made under by the same spirit of amity and complaisance as finds expression therein.
The President desires to establish a basis for a lasting peace without
duress.
A report has been in circulation during the week that wishing to indicate the ways and means. The Imperial and Royal Governconsiders a direct exchange of views among the belligerents to be the
Ambassador Designate Arredondo had been recalled by his ment suitable way of attaining this end. Adverting to its declaration of
most
Government and that he was to be succeeded by Consul de the 12th, in which It announced its readiness to enter into peace negotiabelligerent
now has the honor
Negri, of San Francisco, who would be in charge without tions, itconvene at an earlyto propose that representatives of the
date at some place on neutral ground.
to have denied powersImperial and Royal Government likewise concurs in the opinion of
diplomatic rank. Mr. Arredondo is said
The
war will it
the story categorically and the State Department is reported the President that only after the termination of the present prevention be
of
possible to undertake the great and desirable work of the
to ,be without information in the matter.
future wars. At an appropriate time it will be willing to co-operate with
the United States of America for the realization of this noble aim.
GERMANY'S REPLY TO PRESIDENT WILSON'S SUGGESTION FOR AN EXCHANGE OF VIEWS
REGARDING PEACE PLANS.
The reply of Germany and her allies to President Wilson's
note to the belligerents last week suggesting an exchange
of views with regard to peace terms was made public on the
26th inst. in wireless dispatches from Berlin. The President's suggestion, conveyed through Secretary of State
Lansing, was that "an early occasion be sought to call out
from all the nations now at war such an avowal of their
respective views as to the terms upon which the war might
be concluded and the arrangements which would be deemed
satisfactory as a guaranty against its renewal or the kindling
of any similar conflict in the future as would make it possible
frankly to compare them." The proposal is made by the
Central Powers—Germany, Austria-Hungary, Bulgaria and
SWITZERLAND PLEDGES SUPPORT OF PRESIDENT
WILSON ON SOUNDINGS OF BELLIGERENTS ON
PEACE TERMS.
Government of Switzerland in a note to all the belligThe
erents and neutrals has made known its intention to support
President Wilson in his efforts to sound the warring nations
on the nearness of peace. The note was forwarded to the
belligerents.on the 24th inst. by the Swiss Federal Council,
and a copy was delivered at the White House through Dr.
Paul Ritter, the Minister of Switzerland at Washington.
A translation of the note as made public by Secretary of
State Lansing follows:
The President of the United States of America, with whom the Swiss
soon
Federal Council, guided by its warm desire that the hostilities may
kindcome to an end, has for a considerable time been in touch, had the
DEC. 30 19164
THE CHRONICLE
ness to apprise the Federal Council of the peace note sent to the Governments of the Cental and Entente powers.
In that note President Wilson discusses the great desirability of international agreements for the purpose of avoiding more effectively and
permanently the occurrence of catastrophes such as the one under which
the peoples are suffering to-day. In this connection he lays particular
stress on the necessity for bringing about the end of the present war. Without making peace proposals himself or offering mediation, he confines
himseif to sounding as to whether mankind may hope to have approached
the haven of peace.
The most meritorious personal initiative of President Wilson will find
a mighty echo in Switzerland. True to the obligations arising from observing the strictest neutrality, united by the same friendship with the
states of both warring groups of powers, situated like an island amidst
the seething waves of the terrible world war, with its ideal and material
Interests most sensibly jeopardized and violated, our country is filled with
a deep longing for peace and ready to assist by its small means to stop the
endless sufferings caused by the war and brought before its eyes by daily
contact with the interned, the severely wounded and those expelled, and
to establish the foundations for a beneficial co-operation of the peoples.
The Swiss Federal Council is therefore glad to seize the opportunity
to support the efforts of the President of the United States. It would
consider itself happy if It could act in any, no matter how modest, a way,
for the reapproachment of the peoples now engaged in the struggle, and
for reaching a lasting peace."
On the 27th inst. official information was said to have
been received at Washington to the effect that Sweden has
addressed a peace note to the belligerents and sent copies
to neutrals urging consideration of terms for peace. The
advices received said the note had already been delivered
in some of the belligerent capitals and that it much resem
bled the Swiss note.
KING GEORGE DECLARES WAR MUST CONTINUE
UNTIL ALLIES' RIGHTS ARE VINDICATED.
An allusion to the peace overtures of Germany was seen in
the speech of King George of England proroguing Parliament on the 22d inst., the King therein declaring that "the
vigorous prosecution of the war must be our single endeavor
until we have vindicated the rights so ruthlessly violated by
our enemies and established the security of Europe on a
sure foundation." King George was not present in person
at the prorogation, which was effected by the Lord High
Chancellor in the House of Lords and by the Speaker in the
House of Commons reading the King's speech. The speech,
which was one of the briefest on record, was as follows:
My Lords and Gentlemen—Throughout the months that have elapsed since
last addressed you my navy and my army, in conjunction with those of
our gallant and faithful allies, have by their unceasing vigilance and indomitable valor justified tho high trust I placed in them.
I am confident that however long the struggle, their efforts,supported by
the inflexible determination of all my subjects throughout the Empire, will
finally achieve the victorious consummation of those aims for which
I entered into the war.
My Government has been reconstructed with the sole object of
furthering
those aims unaltered and unimpaired. I thank you for the
unstinted
liberality with which you continue to provide for the burdens
of the war.
The vigorous prosecution of the war must be our single
endeavor until
we have vindicated the rights so ruthlessly violated by our
enemies and established the security of Europe on a sure foundation.
In this sacred
cause I am assured of the united support of all my peoples,
and I pray that
the Almighty God may give us His blessing.
RUSSIA DECLARES THAT TIME FOR PEACE HAS NOT
ARRIVED.
What is described as "the first expression of Russia's official attitude toWard President Wilson's note" to the belligerents was obtained at Petrograd on the 25th inst. in the
form of the following statement, said to emanate from a high
official source and to have been approved by the Foreign
Office:
We pay tribute to the humanitarian motives which
actuated President
Wilson in turning to the warring nations with the wish
to conclude peace.
These motives are not foreign to us.
The initiative of Russia in the domain of peace
conferences which would
have placed a limitation upon destruction in wars has always
met with opposition from Germany. We were the defenders of peace in
1914 to the very
last moment, when Germany declared war on us.
We also understand to what extent war reacts on the interests of
neutrals,
principally on account of the manner in which it is being conducted
by our
enemies. But we cannot help keeping in view the fact that the
American
declaration was made almost simultaneously with the German one.
In its true sense the German offer is now known to all.
Germany considers herself a victor, and thinks to dictate to us terms of peace.
Under
such conditions the beginning of peace negotiat,ions
with Germany would
signify our acknowledgment of such a belief.
We are not vanquished, and
cannot therefore make an acknowledgment of defeat. We
deeply believe
In the triumph of right and justice, for which
we are fighting and when this
will prevail then will conle the time for sincere peace negotiations.
2397
declaration, which seems to have been meant to take the
place of the usual speech before Parliament, consisted of a
few clear propositions, as follows:
First—There has been no change in the relations between Russia and her
allies.
Second—The Minister declared with firm assurance that after the
war
the military alliance of France, England and Russia would be consolidated
in a close economic union.
Third—The war will be continued, according to this declaration,
until
a decisive victory has been won.
Speaking of Greece, M. Pokrovsky reasserted that the Entente Powers
would not tolerate for a moment any attitude on the part of that country
that would affect their military interests seriously. He said that measures
already had been taken, and that others of a military nature shortly would
be carried out, which would put an end once and for all to Greek vacillation.
In the course of an order issued to all the units of the
Russian army, dated Dec. 25 (and made public on the 27th),
the Emperor, after showing how the inequalities in the technical resources of warfare as between the Allies and the Central Powers are being gradually removed, with the result
that the enemy strength is apparently waning while that of
Russia and her allies is continually growing, proceeded to say:
Germany is feeling that her complete defeat is near, and near also is the
hour of retribution for all her wrongdoings and violations of the moral law.
As in the time of her strength she declared war, so now, feeling her weakness,she suddenly offers to enter upon peace negotiations, desiring to
complete such negotiations before her military talent is exhausted.
At the same time she is creating a false impression about the strength
of her army by utilizing her temporary success over the Rumanians,
who
lack experience in the conduct of modern warfare.
Arguing that the Allies are entitled to choose a favorable
hour for peace negotiations, just as Germany chose a favorable hour for declaring war, the order says:
This time has not yet arrived. The enemy has not been driven
out of
the provinces be has occupied. Russia's attainment of the
tasks created
by the war—regarding Constantinople and the Dardanelles as well
as the
creation of a free Poland from all three of her now incomplete tribal
districts—has not yet been guaranteed.
To conclude peace at this moment would mean failure to utilize
the fruits
of the untold trials of the heroic Russian troops and fleet. These
trials and
the still more sacred memory of those noble sons of Russia
who have fallen
on the battlefield, do not permit of thought of peace until final
victory over
our enemies. Who dares to think that he who brought about war shall
have it in his power to conclude the war at any time he likes?
In conclusion, the Emperor, expressing confidence that no
Russian soldier would desire peace until the enemy had been
expelled from Russian soil and had given guarantees to prevent a possible repetition of a treacherous attack,says:
Lot us be firm in the certainty of our victory, and the All-Highest
will
bless our standards and will cover them afresh with glory and give
us peace
worthy of your heroic deeds, my glorious troops—a peace for
which future
generations will bless your memory, which will be sacred to them.
ENGLAND'S MOBILIZATION OF LABOR RESOURCES.
The mobilization of the labor resources of England referred
to in the speech of David Lloyd George of the 19th inst.,
in which he indicated the attitude of Great Britain towards
Germany's peace overtures, constitutes one of the most important parts of the Government's program to meet the conditions which have developed through the war. Mr. George
indicated that he meant to begin with a voluntary plan, and
that if this failed he would ask Parliament to give the Government compulsory powers to place all the labor of the State
at its service. His proposal, therefore, it is pointed out,
follows somewhat on the line of the German mass levy.
When Mr. Lloyd George invited the Labor representatives
to join his Cabinet, this scheme was put before them, but
they deferred judgment until they learned the details. While
expressing the opinion that, after compulsory military service, industrial conscription is not impracticable, the labor
leaders are said to be dubious as to its success, feeling that
the outcome depends entirely on how the workmen take it.
If there is hostility in the rank and file of organized labor, the
scheme, they believe, will fail.
In a special cable from London on the 21st inst., the New
York "Times" reported that the London "Daily Chronicle"
had given prominence to an article purporting to outline the
Government's plan for utilizing all the man-power resources
of the country with a view to the more vigorous prosecution
of the war. In reporting the information imparted by the
"Daily Chronicle," the "Times" said:
It says that the plan is of a very bold and far-reaching character. More
men are needed for the army, for the manufacture of munitions, and for
productive employments like agriculture. The Government will therefore
appeal to the whole manhood of the country that is not in the army or already engaged in work of national importance to enroll voluntarily for serIt is not time for us or our allies to conclude peace. There would not be vice as war workers. Men between the ages of 17 and 56 are wanted.
They must place themselves at the disposal of the State for the duration of
peace for any length of time, and then the war would have been fought
in
vain. The reply to President Wilson's note must be the same as the reply the war and consent to be transferred to occupations or localities where
their services are most required in the interests of the country. At present,
to the Central Powers.
An interview in which the Russian Minister, M. Po7 except in the case of munitions volunteers, there is no power to transfer
workmen from a
krovsky, outlined his program and his ideas relative to there is serious factory where there is a sufficient number to one where
a
inadequacy'of labor; nor, when a man is released from the
the present political situation was accorded representatives army for say, agricultural work, is there any guaranty that he will
take up
of the press at Petrograd on the 26th inst. Reuter's Petro- the work on the land. It is essential in order to stimulate production and
grad correspondent says that in general this Ministerial make the best use of man-power resources that the State should have power
to control and direct the mobility of labor.
With regard to President Wilson's note, Michael Rod
zianko, President of the Russian Duma, has been quoted as
saying:
239S
THE CHRONICLE
The full trade union rate of wages for skilled or unskilled work, as the
case may be, will be paid to war workers, and in addition to this pay a subsistence allowance at the rate of 2s. 6d. (62 cents) a day for seven days of
the week will be paid to men who, owing to the system of transfer, will be
under the necessity of maintaining two homes.
There is to be a register in every locality of war,industrial or productive
requirements, which, of course, will vary from time to time. A schedule
of indispensable and non-essential trades is to be drawn up. Non-essential
industries will be shut down without compunction, so that the labor employed in them may be available for munitions or productive industries.
War workers are needed to release fit men for the army,to supply the expanding needs of munitions factories, and to help in creating national wealth
by occupation in productive employments. To stimulate the mobility of
labor is nearly as important as to add to the quantity of labor. It is estimated that at any given time 40% of the men engaged on war work in this
country are'elther idle or nor occupied to their full capacity, owing to the
lack of mobility. One of the chief functions of Neville Chamberlaine will
be to stimulate mobility by transferring men in batches to places where they
are most urgently required. In order to reduce the housing difficulty to a
minimum, power will be taken to billet war workers in private houses in
the localities where they will be employed.
HOLLAND ORDERS THAT CARGO SPACE IN DUTCH
SHIPS BE RESERVED EXCLUSIVELY FOR GRAIN.
According to reports received from the Hague, via London,
on the 12th inst., the Dutch Government has given orders
that all cargo space in Dutch grain ships from the United
States must henceforth be reserved exclusively for grain.
It was officially explained on the same date that this was not
a measure of an alarmist nature, but was due merely to a
desire to avoid detentions, delays and unfortunate misunderstandings, such as the sinking off Nantucket of the Dutch
freighter Bloomersdijk by a German submarine, and of ships
carrying other merchandise than grain. It is asserted that
the measure had nothing to do with any apprehension, as
had been hinted by the "Maasbode," concerning difficulties
which might result from the reported plans of David Lloyd
George, the new British Premier, for a tightening of the
blockade. According to an Amsterdam dispatch received
at London on the 12th inst., the "Maasbode" reported that
as soon as it was known that David Lloyd George had become
British Premier a special meeting of the Cabinet was held,
after which telegrams were sent to all Dutch shipping agents
in America instructing them to reserve all available tonnage
for Government grain and cancel all arrangements for other
freights.
[Void. 103.
nouncement yesterday of Herman Sonken to the National Association of
Waste Material Dealers in the Hotel Astor,it remained for the United States
to conceive the shipment of a whole railroad, tracks, switches, bridges,
locomotives, and cars. Mr. Sonken is President of the Chicago Anamosa
& Northern Railway, and it is his road which is to be sent abroad.
Mr.Sonken's road is frequently known as the "Can," and the President is
quite ready to acknowledge this is a fair designation. In fact, its name is
about the biggest thing about his road. It is 35.3 miles long and has three
locomotives, two combination passenger and baggage cars and six freight
cars. It once had ten freight cars but the four others sort of petered out.
The road was chartered under the laws of Iowa in 1903 to run from Anamesa to Quasqueton, and to connect with the Chicago & Northwestern
Railway, the Chicago Milwaukee & St. Paul, and the Illinois Central.
Once it made as much as $5,568 in one year. That was in 1910, but several
passengers quit riding regularly, and the profits fell off. In 1914 it showed
a dead loss of $876, and a judgment was foreclosed against it, Then President Sonken came into control.
Mr. Sonken said yesterday that he had three steel bridges all ready for
use, together with his tracks and rolling stock, and Just as soon as he can
get his road nicelY boxed up he is going to send it abroad. Mr. Sonken is
President also of the Iowa Short Line, which is all of fifteen miles long, blit
has twelve freight cars, although only one locomotive and one caboose.
With the recent advance in the price of old rail material Mr. Sonken could
sell his second pocket edition road to advantage by shipping it abroad, but
he said regretfully yesterday that it was "practically disposed of" already
KING OF DENMARK RATIFIES SALE OF DANISH
WEST INDIES TO THE UNITED STATES.
The treaty providing for the sale of the Danish West
Indies to the United States was ratified by King Christian
of Denmark in the Cabinet Council on the 22d inst. This
action follows the passage, noted in these columns last week,
by both Houses of the Danish Parliament of the bill for
the ratification of the treaty. The exchange of the ratification instruments will take place in Washington, it is stated,
probably toward the end of January. The Danish ratification will be dispatched on the steamer Helig Olav, the first
liner which leaves Copenhagen for New York, sailing on
Jan. 11.
GERMANY'S DEPORTATION OF BELGIANS.
The position taken by the United States with relation to
the extremely delicate Belgian situation,is indicated in the note
sent to Germany Nov. 29, by this Government, and made
public on the 8th inst. The note, which was sent to Charge
Grew at Berlin, with instructions to read it personally to
Chancellor von Bethmann-Hollweg, protests against the
deportation of Belgians for forced labor as contrary to all
It was reported on Nov. 30, from the Hague via London, precedents and human principles of international practice.
that Germany declared her willingness to pay damages for The State Department's announcement relative to the note
the freighter Bloomersdijk, and for the grain she carried to reads :
the Netherlands, while the rest of the vessel's cargo is to be
On Nov. 29 Mr. Grew, our Charge at Berlin, was directed to obtain an
to him
submitted to a prize court. The Bloomersdijk was sunk interview with the German Chancellor and read learned the following:
with the greatest
"The Government of the United States has
off Nantucket, last October.
concern and regret of the policy of the German Government to deport from
RIPPING UP OF CANADIAN RAILS FOR SHIPMENT
TO FRANCE.
The tearing-up of 1,000 miles of railway in Canada, was
begun last week in compliance with the request made by the
Imperial Government that it assist in the solution of the dif•ficulties existing in the French railway situation, both in the
relief of the congestion of war supplies and the movement of
guns and munitions behind the firing lines. Laborers, it
is said, are now at work removing 300 miles of Canadian
Government railway sidings, and it has been decided to
tear up 220 miles of rails between Edmonton and the Pacific
coast, where the Canadian Northern Railway and the Grand
Trunk Pacific run parallel to each other; traffic, it is stated,
will be thrown upon the remaining line between these points.
It is said that rails will also be obtained from the lines of the
Transcontinental Railway and the Hudson Bay Railway.
In issuing its call on Canada two weeks ago, the British
Government is said to have stated that prompt action would
save thousands of lives,and that the war could be materially
shortened if the necessary railway facilities were promptly
provided. The tearing up of the excess railway mileage in
Canada is said to have been resorted to only after a canvass
of the Canadian steel situation showed that it would be impossible to obtain new rails owing to the fact that the mills
were busy on munition contracts. It is said that twenty
miles of rails will load one steamer. One cargo, including
rails, tie plates, bolts, and spikes, it is stated, is already on
the way to the seaboard. Soldiers will be employed to tear
up the rails, it is stated, when laborers cannot be obtained.
Belgium a portion of the civilian population for the purpose of forcing them
to labor in Germany and is constrained to Protest in a friendly spirit bill
most solemnly against this action, which is in contravention of all precedents and of those humane principles of international practice which
have long been accepted and followed by civilized nations in their treatment
of non-combatants.
Furthermore, the Government of the United States is convinced that the
effect of this policy, if pursued, will in all probability be fatal to the Belgian
relief work, so humanely planned and so successfully carried out, a result
which would be generally deplored,and which,it is assumed, would seriously
embarrass the German Government."
The interview has taken place.
Wireless reports received from Berlin on the 11th inst.,
by way of Sayville, announced that the Secretary of Foreign
Affairs, Dr. Alfred Zimmerman, had handed to the Secretary of the American Embassy, Joseph C. Grew, the German
reply to the American representations on the Belgian deportations. This takes the form of a memorandum explaining the German attitude and the reasons which actuated
Germany in the removal of civilians from Belgium. The
note is a repetition of the explanations already offered to
other neutral Powers. It reads that there was urgent need
of employment for the Belgians, since their idleness was
causing demoralization to set in among them. Dispatches
from Berlin on the 12th stated that the note reports that
the Belgian workmen are being treated well, and volunteers
to allow American representatives to visit the workmen's
camps to verify their claims. Furthermore, according to
these dispatches, the German note expressed regret that the
United States had never seen fit to protest against what it
termed the dragging off of Germans from East Prussia,
Alsace and other places to Siberia. These actions, of which
it accuses the Allies, were characterized in the reply as being
a severe violation of the laws of humanity. From the
The following interesting facts concerning the shipment first instalment of the reply made available in the United
of an entire railroad,- in the United States—the Chicago States on the 13th, through a wireless from Berlin, which
Anamosa & Northern RR.—to the Allies, appeared in the purports to give it as published in the "Norddeutsche Allgemeine Zeitung," we learn that the German Government
New York "Times" of the 21st inst.:
When Great Britain appealed recently to Canada for supplies of railway expresses itself as convinced that the United States has been
the Canadian railway com.to be laid behind the firing lines in Franco,
rails
in regard to the measures which have been
undertook to supply 1,000 miles of track, but according to the an- misinformed
panies
DEC. 30 1916.1
THE CHRONICLE
taken, and says that the lack of work has increased until
1,250,000 are suffering and an unbearable situation is
created, so that nothing remained but to offer the workless situations in Germany, since work for all was not at
hand in Belgium.. The note contends that those who are
deported are contented and happy. It justifies its measures
in international law by quoting Article 43 of the Hague
Convention, which requires an invading Government to
maintain order. This, it is maintained, is possible in Belgium only by providing that people who are able to work
shall have the opportunity to do so and shall not fall a burden
on charity. The portion of Germany's reply,as published in
the "Norddeutsche Allgemeine Zeitung" of the 13th inst.,
and given out by the Overseas News Agency, is as follows:
The Government of the United States of America has protested against
the transportation of Belgian workingmen to Germany and against their
compulsory employment for work, basing this on the view that these
measures are in contravention of humane principles and of international
practice as to the treatment of the population in occupied territory. The
German Government thinks that the Government of the United States
has been incorrectly informed regarding the cause and the execution of the
measures, and therefore considers it appropriate first to explain the facts
In detail.
In Belgium unemployment for a considerable time has been extending
In a perplexing fashion among the industrial workingmen. This prevalence
of unemployment has been caused by the English policy of isolation, which
has cut off Belgian industry from the importation of raw material and the
exportation of manufactured goods, and has thus brought the greater part
of Belgian industry to a standstill.
By this measure almost half of the workingmen in Belgian factories,
numbering altogether in round figures 1,200,000, were deprived of the
possibility of earning a living and many more than half a million Belgians
who formerly supported themselves by industrial work were made dependent
upon public relief. Adding the members of their families, this number is
Increased threefold, or, in round figures, 1,500,000 persons.
From the standpoint of Belgian economic right, upon which these unemployed inflict a heavy burden, as also from the standpoint of public
order and public morals, which aro most dangerously affected by general
unemployment and the accompanying consequences, this situation makes it
extremely desirable and urgent that efficient measures for improvement
be taken. This necessity has been recognized and pointed out also by fairminded Belgians for a long time.
Under such conditions the Governor-General of Brussels, on May
15
1916, issued an order by which upon persons enjoying public relief and
declining without adequate reasons to accept or to continue to do
work corresponding to their abilities, confinement or coercive labor was
imposed.
Belgian industries being in a depressed condition, it was
inpossible to
procure for all the unemployed work, or at least proper employment,
within
Belgium itself. The only thing possible, therefore, was to assign them
to
work in Germany, where a large number of Belgian workingmen had already voluntarily accepted work, were well fed, were receiving high wages
and were enjoying far-reaching liberty of movement. For those workingmen, however, that did not support their families, coercive labor was used.
These measures are completely in accordance with international law, for,
according to The Hague convention relating to war on land (paragraph 43),
the occupying Power is obliged to undertake the maintenance of public
order and public life in occupied districts, and for this purpose, as far as
the country's laws prove insufficient, to act by complemental orders. The
maintenance of public order, without doubt, implies that able-bodied
persons, as far as possible, are not to be thrown upon public charity,
and,
by idleness, become a public calamity and nuisance, but that they must
be
held to work.
The order has been carried out with all possible consideration and without
harshness. If isolated mistakes have happened in the selection of persons
sent to Germany, and if, especially, the measures have been extended to
persons where the conditions of the order of May 15 1916 are not fulfilled,
the cause has been that the Belgian authorities frequently failed to cooperate in drawing up a list of the unemployed or reported in incorrect
fashion.
Care has been taken that such mistakes shall be repaired as quickly as
possible, for, above all, it shall be insisted that only such persons shall be
sent to Germany as receive public assistance and find no work in
Belgium,
or refuse the work offered to them in Germany.
2399
protests made by neutral nations, twenty Belgian Senators
and twenty-three Belgian Deputies, now living in Brussels,
have taken the personal risk of sending a signed protest to
General von Bissing, the German commander in Belgium,
against deportations. The Senators and Deputies at the
same time sent copies of their protest to Brand Whitlock,
the American Minister to Belgium, to the Marquis de Villalobar, Spanish Minister at Brussels, and to the diplomatic
representatives of other countries. Five hundred judges
and members of the Belgian bar also signed a protest against
the deportations of the Belgians as in "contempt of natural
rights, of the statute law and of the law of nations."
The Entente Powers have added their protest to that made
by the Belgian Government. The note issued at Paris on
the 5th inst. reads in part that the Entente Governments
join the Belgian Government in a "solemn protest to the
civilized world against the barbarous acts of the German
authorities in Belgium." The note affirms that the Entente
countries, "desiring to mark publicly their consciousness of
their obligations toward Belgium, unite in a declaration which
will establish in the eyes of the civilized world that the treatment of (the) Belgian persons and their property is contrary,
not only to the elementary principles of international law
and treaties signed by Germany before the war, but also to
agreements made recently when the neutral committee to
provision Belgium was instituted."
SECURITIES SENT TO CHICAGO INSTITUTION HELD
BY BRITISH PRIZE COURT.
Under a ruling of Sir Samuel Evans of the British Prize
Court on Dec. 18 whereby it is held that German bonds
come under the reprisals order, German securities to the
value of 30,000 marks which were seized while in transit,
by way of letter, to the State Commercial & Savings Bank
of Chicago, are to remain in court as property of enemy
origin nntil the declaration of peace, or until subsequently
dealt with as the court might direct. The securities were
seized on board the Danish steamer Frederik VIII. With
regard to the court's ruling, Walter J. Stein of the bank,
stated that the institution had sought every means to have
the bonds released, but had received no assistance from the
United States Government. He was quoted in the New
York "Times" as saying:
We purchased the bonds in the open market just the same as
Morgan
& Co. and other financial houses make purchases. We are
Americans
here; this is an American bank, and we should have had governmental
protection. We will lose nothing, however, as the bonds are fully insured.
GERMANY HOLDS ARMED STEAMERS TO BE MEN
OF WAR.
Information that the German Government has formally
taken the position that England's armed commercial passenger steamers are IT en of war, is contained in a German
paper, the facts therein coming to the United States by way
of London on the 21st inst. and being set out as follows in
the cables:
The Exchange Telegraph Company's Amsterdam correspondent
quoted
the following from the Berlin "Taglische Rundschau"regarding the
reference
made in the House of Commons by Andrew Bonar Law, Chancellor of
the
Exchequer, to the case of Capt. Blaikie of the British steamer Caledonia,
taken prisoner by the Germans:
"The German Government has now formally taken the position that
England's armed commercial and passenger steamers are men of war, being
The unemployed (Belgians) sent to Germany shall be
distributed from armed auxiliary cruisers. The promise given to America, which has always
central receiving places established in Palten-Gradow
, Guben, Kassel, hindered our submarine war—that these vessels before being
torpedoed must
Meschede, Meunster, SoRau and Wittenberg. Thence
they will be sent be stopped and be examined—falls to the ground. They
are warships
to places where they shall be engaged in agricultural and industrial
estab- and must be treated as such, even when Americans are on board.
lishments. Of course they will be excluded from occupations to which
"We now have facilities for extending the undersea boat war which
a
all
hostile population, according to international law, cannot be coerced.
sensible people have long recognized as unavoidable and indispensable.
If the American Government attaches importance to it, a member of its This is the best reply
to Premier Lloyd George's refusal of our peace offer."
Embassy at Berlin will with pleasure be permitted to obtain information
The sinking of the Caledonia was referred to in our
about the conditions under which these persons live by personally visiting
them.
issue of Dec. 23. Capt. Blaikie of the Caledonia
The Gorman Government highly deplores that by tho slandering
press is held by Germany to have commanded an "auxiliary
campaign of her enemies the conditions explained above have
been com- cruiser."
pletely distorted in the United States.
The Caledonia, according to the British view,
The German Government also,
and not in the least in the interest
of the Belgian population, would ex- was a merchant vessel for defence. Consequently the
tremely deplore if by these distortions the highly beneificial
action of the G rman view is that in trying to ram the
German submarine
relief committee should be hampered in any way.
The German Government finally feels obliged
that sank his ship, Capt. Blaikie was merely performing his
to point out the fact that
the deportation of the German population from parts of
Germany and from duty as commander of an "auxiliary cruiser." Capt.
German colonies occupied by hostile troops, especially the
deportation of Fryatt of th3 British steamer Brussels
was executed because.
women, children and old'persons from Eastern Prussia to
Siberia, has, as
he tried to ram a German submarine. The Brussels was not
far as known here, given to neutral States no incentive to take steps
with
the respective Governments similar to these now taken toward Germany. armed, and so was a merchant
ship and not an "auxiliary
At all events there ould be not doubt that these measures are gross
violations of the laws of humanity and of the rules of international law, while cruiser," according to the German view. That is why, it is
after the explanations given above the German Government is basolutely said, Germany executed Capt. Fryatt and will not execute
in accordance with these principles.
Capt. Blaikie Mr.
Additional sections of Germany's reply, quoted above as
published in the "Norddeutsche Allgemeine Zeitung," was
given out by the Overseas News Agency on the 14th inst.
They read:
It will be remembered that the United States made unofficial representations in this matter to Germany the middle
of last November. In our issues of Nov. 18 and Nov. 25
brief reference to the matter was made. In addition to the
Bonar Law said in the Commons on
Tuesday that Germany had so assured him. In the House
of Commons on the 21st Sir Edward Carson, in reply to a
question, was quoted as saying: "The Government cannot
admit any distinction between the rights of unarmed mer-
2400
THE CHRONICLE
[VOL. 103.
Arabia could be sent to Berlin. Final information showing
that the Marina was not and had not been in the British
service, it was announced at the State Department, on the
20th inst., has been sent to Germany. In response to inquiries made by this Government, Germany in a note
received at Washington on Dee. 1 admitted the torpedoing of the Marina, without warning, stating that her
submarine commander took the Marina for a transport, and
requesting the United States to furnish any evidence it might
have to the contrary. The German government intimated,
it was said at the time,that should its claims be unfounded,
it would be ready to make amends satisfactory to this government. At Washington it was said that this note was regarded unfavorably. According to the evidence assembled,
while bearing a cargo of horses and other freight the Marina
was torpedoed and sunk on Oct. 28 off Cape Clear without
warning 100 miles from shore in a high sea, with no provisions
for the safety of those on board. Many horse tenders, including six Americans were lost. Investigation has developed, it is said, that the ship had not been under charter
or requisition of the British government in the course of the
war, as was claimed, but had merely transported horsesfor the
GERMAN REPORT EXONERATES DEUTCHLAND'S
Allies at so much per head. Review of the Marina's sinkCAPTAIN.
ing and developments resulting therefrom were given in our
The official German commission which has been inves- issues of Nov.4 and 25.
tigating into the circumstances of the sinking of the tugboat
T. A. Scott, Jr., by the German merchant submarine
SINKING OF THE ST. URSULA.
Deutchland on Nov.17, according to the Cologne "Gazette,"
The sinking of the British horse ship St. Ursula, bound from
by
has decided that the Deutchland was properly handled
Captain Koenig and the accident is attributed to an "in- Saloniki to Montreal, in ballast, with six Americans in the
accurate flag signal which Captain Gurney gave from the crew, was made known in an official report received at the
tugboat." As noted in our issue of last week the Federal State Department at Washington on the 21st inst. from the
steamboat inspectors have also exonerated the submarine American Consul at Malta. According to the report the ship
of blame, a mistaken signal from Captain Gurney being was sunk without warning by a torpedo from a submarine
attributed by them as the cause of the accident. Refer- of unknown nationality on Dec. 12. Two officers, it is said,
reported seeing the wake of the submarine and its periscope,
ence to the sinking was made in our issue of Nov. 25.
but not its flag. The survivors, including the six Americans, were landed at Malta six hours afterwards. Four
GREAT BRITAIN DENIES THAT STEAMER ARABIA
men are still missing. The State Department has ordered
WAS IN ALLIES' SERVICE.
further investigation.
Secretary of State Lansing made known on the 23d inst.
the receipt of a reply from Great Britain denying that the
THE SINKING OF THE JOHN LAMBERT.
steamer Arabia, sunk in the Mediterranean by a German
U-boat on Nov. 6 was or ever had been in the service of the
Information that the Great Lakes & St. Lawrence TransBritish Goverwnent or any of the Allied Governments. As portation Co. steamship John Lambert. was shelled and
noted in these columns last week, it was contended by the sunk by a German submarine off the Isle of Wright on Nov.
German Government that the Arabia was in reality "a 22 was furnished by members of the crew of the steamer who
transport ship for troops in the service of the British Govern- arrived in this country on Dec. 6 aboard the French liner
ment, which is to be considered as an auxiliary warship, Espagne from Bordeaux. The John Lambert was flying
according to international law, and can therefore be treated the French flag at the time of the alleged submarine attack
like a warship." Secretary Lansing's statement relative to and was,it is said, sunk without warning. Three of her crew
the inquiry made of Great Britain concerning,the status of of twenty two were Americans and the remainder, including
the steamer, says:
her Commandor, Thomas Harris, were Canadians. The
The Department of State has received a reply from the British Govern- John Lambert was of 1,550 gross tonnage,single screw,and
ment to the inquiry regarding the status of the steamer Arabia to the effect
that she was not at the time she was sunk and never had been in the service was built at Chicago in 1903. The vessel was one of twelve
of the British Government or any of the allied Governments; that she built on the Great Lakes which the French Line agreed to
carried some Government passengers booked as ordinary packet passengers buy. According to the survivors the vessel had not been
at the expense of the Government. The number of such passengers will be
on its voyage to
communicated later. It is understood also that there were no Asiatics turned over to the French Line, but was
on board except the Indian native crew, and that vessels do not follow the Havre for delivery there. It left Montreal Oct. 21, reaching
ordinary peace route on account of the operations of submarines.
Falmouth, England. Nov. 10, stopping there because of
The advices received from Great Britain have been for- engine trouble, and leaving that port Nov. 21. On Nov.22,
warded to the German Government. The latter in a note twenty-five miles southeast of the Isle of Wright a shell
received .at Washington under date of the 4th,inst. stated was fired into the steamers bridge. A shot was then fired
- that should the American Government furnish official data across the ship's bow followered by a number of others,
"showing that the Arabia was at the time of the torpedoing totaling, it is alleged, twelve shots in all. The crew took to
an ordinary passenger steamer," K * * "this would the life-boats and were on the water twelve hours before
then be a case of a regrettable mistake, from which the being rescued by a patrol boat and landed at Havre. John
German Government would promptly draw the appropriate Bernardus, second officer of the John Lambert, who is
consequences."
a native of St. John's, N. B., made the following statement
upon his arrival on the Bordeaux:
PRESENTATION BY r UNITED STATES TO GERMANY
"Ono bell had just struck, when a'solid shot was fired across our bow.
coming from the port side, but I could not seo the submarine, as it was
OF DATA BEARING ON SINKING OF MARINA.
getting dusk. The second slot struck the ship forward and made a hole
Evidence collected, and assembled at the State Depart- about ten inches in diameter. I stopped the ship at once and had the French
ment at Washington, and said to present a case of violation flag hoisted aft, as we had been flying it since leaving Montreal. although
Company until she reached
of German pledges, in the sinking of the British steamer the ship was not to be turned over to the French
on Havre. Harris ordered the crew to take to the boats, and while they were
Marina, with the loss of six American lives, was reported
Captain
now in
the 11th inst. to have been forwarded from Washington, to being lowered into the water the submarine, which wasthe Johnplain view
Lambert.
more shells at
side, slammed
to the German Foreign Office. It was on the port was hit. Afterten or twelve the submarine went after a fourBerlin for submission
we got away
but no one
also announced at the State Department on the same date masted French bark and sank her, and then pursued a steamship, which
men
and
that the evidence was sent to the German Foreign Office as got away in the mist. Then the U-boat returned to our ship sanksent few
in a
vessel
the Imperial Govern- into the hold to place bombs, which exploded, and the
as a matter of courtesy, in order to give
minutes.
ment an opportunity to offer any other facts it might have
Our men rowed toward the French coast, and after being twelve hours
the United States took its next move. It was also in the boats we were picked up by a patrol boat and landed at Havre."
Edon
The sinking of the John Lambert it is said, was reported
said by officials that further action by this Government
Washington by the American
might in all probability be necessarily delayed until posi- to the State Department at
of the British liner Embassy in Paris, but as the vessel was described as a French
tive information settling the status
chant ships and those armed for defensive purposes." Cont;.
4
4
.,-- sijAr."1 10#:;1=
f
- inning, Sir Edward said:
Merchant captains enjoy an immemorablo right to defend their vessels
against attack, visit or search by any means in their power, but they must
not seek out the enemy to attack him, that function being reserved to ships
of war. So far as I am aware, all the neutral Powers take tho same view.
-further account
Q2nd—
,init. ,its
—"Tinies" -of —the .
The
hi the matter, said:
The First Lord of the Admiralty said that the British Government was
devoting its continuous attention to the theory and practice of defensive
armament. Sir Edward said that no doubt it was the aim of the German
Government to confuse defensive and offensive action, with the object of
inducing neutrals to treat armed vessels as if they were men of war. The
statement of Sir Edward was made in reply to the question whether,
in view of the attitude of the German Government, the Admiralty would
take steps to overcome objections raised by any neutral country to the
arming of British merchant ships for defense, and arranged to give such
ships adequate protective armament and regularize the status of their
officers and crew. The point made concerning Germany's attitude was
deduced from the German reply in giving assurances that Captain Blaikie
of tho steamship Caledonia would not be put to death on account of the
fact that his vessel was reported to have attempted to ram a German
submarine. It was implied that had the steamship Brussels been armed
a different view might have been taken regarding the action of her master
Captain Fryatt. who was put to death after conviction on the charge that
x•
the Brussels attempted to ram a German submarine.
DEC. 30 1916.]
THE CHRONICLE
merchantman bound for Havre from Montreal, further
details were not requested. Steps will be taken it is said,
to ascertain promptly the exact status of the vessel.
THE SINKING OF THE PALERMO.
The Italian steamer Palermo of the Navigazione Generale
Italiana fleet, with Americans on board, was reported torpedoed off the Spanish coast, in a brief consular dispatch
received at Washington on Dec. 5. The dispatches from
Madrid report that one sailor, said to be an American, was
wounded by a shell and died in a hospital, at Palafrugell,
Spain, where the survivors were landed. Three others are
said to have been seriously wounded by the explosion of the
torpedo. The Palermo, 9,203 tons gross, sailed from New
York on Nov. 15 for Genoa and Spezia, and was last reported
passing Gibraltar on Nov 28. She had a crew of 102 men,
of whom 43 are said to have been American horse tenders.
There were no passengers on board. The steamship was in
the passenger service before the outbreak of the war, but
since had been used solely to transport supplies purchased
by the Allies here. She was in charge of Captain Simone
-inch guns mounted aft, "for defense
Guli and carried two 3
only." The news dispatches announcing that the ship,
armed and loaded with munitions, was shelled before being
torpedoed, have led officials to believe that she had attempted to escape after being warned, thus losing immunity from
attack. Her cargo is said to have been composed of 1,452
cases of "T-N-T" (tri-nitrotoluol), a powerful explosive, and
the following war supplies:
858 mules, 163 horses, 2,537 bales of cotton, 67 barrels of wireless apparatus, many carloads of steel in bars and billets, carloads of rails, steel wire,
pig iron and motors, 4,667 coils of barbed wire, 934 barrels of lubricating
oil, 1,000 coils and casks of copper wire, 271 cases of sewing machines
and vast quantities of tools and machinery for use in munitions factories.
The Palermo was a steel twin-screw steamship, built at
Newcastle in 1899, and was 470 feet long, 56 feet 8 inches
beam, and 32 feet 1 inch depth of hold.
Doubt as to whether or not it is the Palermo which has
been sunk is raised through the announcement of the receipt
at Boston on Dec.5 of a cablegram stating that the ship sunk
off the coast of Spain was the Citta di Palermo, and not the
Palermo of the Navigazione Generale Italiana fleet. The
message was received by Robert A. Boit & Co., marine underwriters of Boston, from their business correspondents
in London.. The Citta di Palermo, an Italian vessel of 1,869
tons, has been in service between Buenos Aires and Genoa.
FEDERAL TRADE COMMISSION URGES COMBINATIONS IN EXPORT TRADE.
An exhaustive report on foreign trade conditions was
Issued by the Federal Trade Commission on the 2nd inst.
The publication which bears the caption "Report on Cooperation in American Export Trade" is in two volumes,
one comprising nearly 400 pages and the other consisting
of over 500 pages. In an earlier summary of the subject,
made public by the commission ,last May, legislation permitting co-operation in export trade was recommended
by it, and the Webb Bill, passed by the House and now
pending in the Senate, was designed to carry out the recommendations of the commission. In the report just issued
dealing largely with the competition likely to be met after
the war the Commission says:
The Commission urges the importance of giving to American exporters
a more nearly equal opportunity of securing business in other countrie
than they have heretofore had. Various factors are important for the
successful conduct of foreign trade. A fundamental consideration is the
cost of production of similar goods in different countries, depending on
various circumstances with regard to the natural resources of different
countries, the growth of capital and the aptitudes and training of the people.
Of prime importance also are the transportation facilities, especially
ocean shipping; banking and credit facilities for foreign commerce; and the
investment of capital in foreign countries, which tends to control the direction of the demand for imported goods. Almost as essential are the training and preparation of manufacturers and merchants for conducting export business.
Combination in export trade as a factor in enabling American exporters
to compete on more equal terms in foreign markets is likewise of great significance; and to this question the Commission has given special attention
in this report, because, in view of the policy of some other countries in this
respect, some sort ot co-oporation among American exporters seems necessary. The Commission does not consider co-operation as the most important factor in successful export trade, but it considers it an important
and necessary element in • any completely effective plan. Furthermore,
this phase of the subject lies peculiarly within the field of the Commission's
activity. It is for this reason that the Commission has confined its recommendations to the question of co-operation in American export trade.
Three important considerations are involved in this problem. These
are,first, the prevalence of concerted action among the foreign competitors
of American exporters; second, the probable effect of similar action by
American manufacturers in export trade, including its possible disadvantages to domestic consumers and smaller competitors; and third, the effect
of the present laws of this country upon such co-operation on the part of
American exporters.
2401
The Commission believes that American exporters should be enabled
to compete in foreign markets on more nearly equal terms with foreign
competitors. It also believes that the smaller manufacturers and producers,
so far as they desire, should be enabled to share in such foreign business.
It is convinced that for these purposes co-operation in export trade should
be permitted. It is known that doubt exists as to the application of the
anti-trust laws to prevent Americans from co-operating in export trade for•
the purpose of competing effectively with foreigners. Where such cooperation does not restrain trade within the United States and where no
effort is made to hinder American competitors from freely engaging in
export trade, it is not reasonable to suppose that Congress meant to obstruct the development of foreign commerce by forbidding the use in export
trade of methods of organization which do not operate to the prejudice
of the American public which are lawful in the countries where the trade
is to be carried on, and which are necessary if greater equality of opportunity is to be afforded Americans in meeting foreign competitors.
The Commission believes that the advantages to be gained by effective
co-operation in foreign markets need not entail any sacrifice of the firmly
established policy of this country in regard to the maintenance of fair competitive conditions and the prohibition of monopolistic control within the
United States. At the same time co-operation for export trade will enable
the exporting manufacturer to realize an increased return for his products
along with decreased costs through larger scale production, and the country will enjoy greater industrial stability resulting from a broader market.
The Commission, therefore, respecfully recommends that Congress
enact declaratory and permissive legislation to remove the present doubt as
to the law and to establish clearly the legality of such co-operation.
The Commission is aware that certain dangers may arise from thedevelopment of co-operative export organizations. As has been pointed out.
there are two chief dangers:
First, they may be used to exploit consumers in the home market.
Second, they may be used unfairly against individual American concerns in export trade that are not members of the organizations.
These dangers must be provided against fully, and the Commission is
confident that this can be done without sacrificing any of the essential
advantages of concerted action and without altering the fundamental policy
of the anti-trust laws or interferring with their enforcement.
As safeguards against the dangers ofsuch organizations it is recommended specifically that the kind of co-operative associations or organizations
permitted be clearly defined; that they be restricted solely to export business as distinguished from domestic business; that they be limited to the
activities of selling goods as distinguished from their productive or manu:
.
facture, and that the term export trade" be defined to mean solely trade
or commerce in goods, wares or merchandise exported and be specifically
stated not to include the production or manufacture of such goods, wares or
merchandise or any act in their production or manufacture.
It is also recommended that as a condition precedent to enjoying the
benefit of such legislation every such co-operative organization be required,
under penalty, to file promptly with the Federal Trade Commission a
written statement setting forth the essential facts concerning its organization. such as name,location of its offices and places of business, names and
addresses of its officers and stockholders or members, and a copy of its
articles of incorporation and by-laws, if incorporated, or a copy of its
articles of contract or association, if unincorporated. The Commission
has the authority now to require such reports, but it should not be burdened
with the work of discovering such organizations and requesting information
from them. The burden offurnishing the required facts as to their organization should rests upon those who expect to enjoy the benefit of this law.
Having these facts before it, the Commission could then use the power it
already has to require other reports in such detail as may be necessary to
Inform it fully of the activities of such co-operative bodies and to place it in
a position to take such action as the public interest might require.
It is also recommended, in order that there may be no possible doubt
about the law, that the prohibitions concerning the use of unfair methods
of competition contained in the Federal Trade Commission act be specifically extended to apply to export trade, even though the acts constituting
such unfair methods be done outside of the territorial jurisdiction of the
United States.
Restrictions and safeguards of these kinds have been suggested and
advised by the great majority of the thousands of business men reached by
the Commission in its study. Manufacturers generally express no wish to
attempt to use such organizations to exploit the market at home, but indicate their desire to see any such attempt guarded against. Moreover,
numerous manufacturers state that, owing to the nature of their products
or to the fact that they are already well established in foreign markets,
they themselves would not care to join co-operative export organizations,
but that they realize their value for many other lines and are in favor of
them. They merely ask that they themselves be assured against unfair
methods of competition from such organizations. The business men who
have expressed opposition to such restrictive safeguards are relatively few.
In making these recommendations the Commission does not intend to
intimate that there should be any change in the present policy of this
Government to prevent combinations in restraint of trade in domestic
business and to insist upon fair competition in such business.
The report takes up competitive conditions in most of
the countries of the world, devotes a chapter to competition
in South America, gives competitive conditions in particular
industries, and carries a mass of tables and statistical data
concerning trade conditions everywhere.
POSTAL SAVINGS DEPOSITS STILL INCREASING.
Under date of Dec. 16 the postal authorities issued a
statement reporting that deposits in Postal Savings banks
continue to increase at the rate of over $1,000,000 a week.
The increase for November is given at $4,250,000, or twice
that for November 1915. In the five months since July 1
the deposits .have increased $22,500,000, it is stated, or
about $2,000,000 more than the gain for the entire year
ended June 30 1916. On Nov.30 the Postal Savings service
was available at 8,403 offices in the United States, Alaska,
Porto Rico and Hawaii. At these offices 660,000 persons
have accounts with $108,500,000 standing to their credit.
Thirteen offices have now over a million dollars each on
deposit. St. Louis joined the million dollar class in October.
The following offices had over $400,000 on deposit.
THE CHRONICLE
2402
New York, N Y
Brooklyn, N Y
Chicago, Ill
Detroit, Mich
Boston, Mass
Pittsburgh, Pa
Portland, Oregon
Philadelphia, Pa
San Francisco, Cal
Milwaukee, Wis
Cleveland, Ohio
Butte. Montana
St. Louis Mo
Kansas City. Mo
Cincinnati, Ohio
$22,762,679
7,037,006
5,298,920
2,611,
2,504,558
1.984,303
1,292,831
1,291.577
1.225,930
1.217.028
1,198,575
1;149,281
1,054.975
930,587
911,951
Newark, N.J
Toledo, Ohio
St. Paul, Minn
Los Angeles, Cal
Buffalo, N.Y
Columbus,Ohio
Bridgeport, Conn
Tacoma, Wash
Denver, Colo
Seattle, Wash
Providence, It. I
Akron, Ohio
Jersey City, N. J
Minneapolis, Minn
$902,132
835,275
818,466
807.774
706,067
767,840
609.665
584,406
536,112
531,750
521,388
481,349
436,315
424,909
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
No bank stocks were sold at the Stock Exchange this week
and there have been no sales made at auction. Only one
lot of five shares of trust company stock was sold at auction.
This was of Brooklyn Trust Co. stock, which sold at 602, an
advance of 102 points over the price paid in December 1915,
when the last previous public sale was made.
(Wm. 103
In addition to the bonus wnich they have customarily distributed, William Salomon & Co., bankers, of 25 Broad Street, this city, have made an
extra distribution ranging from 15 to 25% of the annual salary, according
to length of service.
The American International Corporation of this city announced on Dec.
22 that in recognition of the increased cost of living it would distribute to
Its staff additional salary based upon the amount paid in 1916 upon a scale
so graduated that the lower-paid employees would receive proportionately
the largest amounts.
The Prudential Insurance Co. announced in Newark on Dec. 22 that it
would distribute a bonus of $300,000 among the home office employees
and industrial field men early in January. Officers of the company or
managers, it is said, will not share in the distribution.
At a meeting of the directors of the National Bank of
Commerce in New York on Dec. 27, Guy Emerson was
chosen a Vice-President, and H. P. Barrand, of the bank's
foreign .department, an Assistant Cashier. Mr. Emerson,
the new Vice-President, is thirty years of age, and is a graduate of Harvard University, Class of 1908,and Harvard Law
School, Class of 1911. Mr. Emerson became Assistant to
the Assistant Secretary of Customs in Washington shortly
Shares. TRUST CO.—Brooklyn. Low. High. Close. Last previous sale.
602 602 602 Dec. 1915— 500
5 Brooklyn Trust Co
after leaving college. He later became a Special Agent of
the Treasury Department. For a brief period Mr. Emerson
The Governors of the New York Stock Exchange have was engaged in business in Texas, and in 1914 became an
approved the petition of the members for an extra New editor of a weekly cotton and insurance journal.
Year's holiday, and the Exchange will be closed to-day
At a special meeting of the stockholders of the Farmers
(Dec. 30). The action of the board in granting this first
special recess results from a petition signed by a majority Loan & Trust Company, of this city, on Dec. 22, it was
of the 700 active members, who stated that in view of the unanimously voted to reduce the number of shares of the
almost unprecedented volume of business which has resulted capital stock of the company from 40,000 shares of the par
in more or less congestion, and which has been added to by value of $25 each, to 10,000 shares of the par value of $100
the near approach of the end of the year, the extra holiday each. Stockholders will meet again on Jan. 10, when the
at this time would be appreciated by employers and em- question of increasing the capital from $1,000,000 to $5,ployees. The New York Coffee and Sugar Exchange, as 000,000, will be voted upon. The new stock of $4,000,000,
heretofore stated, will also be closed to-day, Saturday, if authorized, as noted in these columns of Dec. 9, will be
Dec.30,as will the Boston Stock Exchange. By order of the issued pro rata to stockholders at $200 a share. The Farmvarious governing committees the Boston Curb Exchange, ers Loan & Trust reports deposits of over $170,000,000, and
the Philadelphia Stock Exchange and the Baltimore Stock has long been headed by Edwin S. Marston, as President.
Exchange will all be closed to-day.
Stuart G. Nelson, Vice-President of the Seaboard National
•
Bank of this city, will resign from that office, effective Jan. 1,
Bank of New York has prepared for because of ill health. He will, however, remain on the
The Fifth Avenue
distribution among its customers and friends a brief analysis directorate of the institution, with which he has been conof the Federal Income Tax Law of 1916, which it presents nected for thirty-four years.
along with the text of the Act. It is in pamphlet form,
The American Exchange National Bank announces the
and seeks to explain the many intricacies of the law to those
who have found difficulty in gaining a full knowledge of its election of Mr.Joseph A. Skinner to its board. Mr. Skinner
requirements. The Fifth Avenue Bank maintains an is treasurer of William Skinner & Sons of New York City
Income Tax Department, where depositors may obtain all and Holyoke, Mass. He is also a director of the Farr Alblank forms used in making annual returns, and information paca Company, and of the Springfield Safe Deposit & Trust
will be furnished as to the latest regulations of the Treasury Company of Springfield, Mass., as well as a trustee of the
Mechanics Savings Bank of Holyoke, and president and
Department concerning the administration of the law.
director of the Hadley Falls National Bank of Holyoke.
A set of forms for use in recording purchases and sales of
A new banking institution, to be known as the Scaninvestments has been prepared by Halsey, Stuart & Co. of
Chicago. The forms represent three different systems, dinavian Trust Co., is being organized in this city. It is
first, the small "security" and "income" forms, which have to have a capital of $1,000,000 and surplus of $1,500,000,
been prepared primarily for the use of private investors; and, it is said, is expected to open for business at 56 Broadsecond, the "bond register of purchases and sales"form,which way about Feb. 1, with A. V. Ostrom, now Vice-President
has been prepared to meet the needs of banks and other in- of the Northwestern National Bank of Minneapolis, Minn.,
stitutions purchasing bonds primarily for investment pur- as its President. The organization of the new company, it
poses, and third, the "bond ledger of purchases and sales" is said, is the outcome of the recent visit to this country of
form, which is designed primarily for banks and other insti- four Norwegians, representing important financial and
tutions which do an active bond business. These forms can commercial interests of Norway. The members of the party
who, as noted in our issue of Nov. 11, are said to have
be obtained free upon request.
arranged the details of the organization of the Scandinavian
The banking house of Adolph Boissevain & Co. of Amster- Trust Co., were: S. E. Dahl of the Norway Centralbanken
dam, Holland, announces the change in the firm name, as of Christiana; Knut Bachke of the Andresens Bank of
of Jan. 1 1917 from Adolph Boissevain & Co. to Pierson Christiani; Gustav Kamstrup Hegge of the Dennorske
& Co. There will be no change in the personnel of the firm, Credit bank of Christiana, and Christian Bongo of the
'the present partners consisting of Messrs. J. L. Pierson, R. Bergens Kreditbank of Bergen. It is understood that they
Van Rees, I deBruyn, Allard Pierson and A. Andriesse re- have returned to Norway, but will come back in February
maining; the only change being in the firm name. Mr. when the new. institution is expected to open. The new
Adolph Boissevain, who founded the firm in 1875, retired organization, it is said, will offer a general banking
from the firm over 10 years ago, since which time Mr. J. L. service. As yet, it is stated, application has not been made
Pierson has been the senior partner, dominating the policies to the State Banking Department for a charter. Mr.
of the firm, which has been principally interested in the Ostrom, who has been asked to accept the Presidency of the
new company, has been connected with the Northwestern
introduction of American securities in Holland.
National Bank of Minneapolis, Minn., for eight years,
The following banks and financial institutions, in addition starting as Assistant Cashier when the old Swedish-American
to those heretofore noted in these columns, have recently National Bank was taken over by the Northwestern National.
announced bonuses and increases in salary for their em- It is said that companies similar to the Scandinavian Trust
are being operated by Norwegian capital in Paris, London
ployees:
The directors of the Fidelity Trust Co. of this city have announced that and Petrograd. The directorate of the new institution,
a bonus ranging from 5 to 10% of the yearly salary would be paid to emit is said, will include the following: A. V. Ostrom, John
ployees, according to time of service.
The Chemical National Bank of New York has announced that in addi- Andersen, John E. Berwind, W. R. Coe, Samuel L. Fuller,
tion to the usual general advance in salaries and a distribution of 10% of Charles S. Haight, E. A. Cappelen Smith, E. 0. Holter and
the annual salaries to employees, which will be paid at once, an extra
distribution of 10% of the yearly salaries will also be distributed, payable Edward F. Geer.
some time in 1917.
DEC. 30 1916.]
THE CHRONICLE
G. Jarvis Geer, Jr., has been chosen an Assistant Treasurer of the Guaranty Trust Company of New York. Mr.
Geer has been heretofore connected with the Guaranty's
department of publicity and new business.
When several hundred employees and officers of the
Chatham & Phenix National Bank close their books to-day,
they will say goodby to the old home at the corner of Broadway and John Street, for on Tuesday next they will report
for work at new and greatly enlarged quarters which have
been leased in the Singer Building. There the bank will
have one of the finest offices in the city, with 26,000 square
feet, as compared to a little more than 6,000 at the old location. The growth of the Chatham & Phenix has long since
made the old quarters inadequate, and the officers have been
on the lookout for several years for a suitable building. In
the six years since Louis G. Kaufman was called from
Michigan to head the institution, its deposits have increased
6,000,000. In that period it has
from $7,500,000 to
become one of the foremost commercial banks in New York
City, and with its twelve branches located in the various
centres of trade, has occupied an ever-increasing place of importance in the business life of the metropolis. It is claimed
there are very few banks in the country which can match
its record of more than 100 years of straight commercial
banking., and still fewer which have shown such an accession
of strength in the last few years. The old Phenix Bank was
established in 1812, and the building now to be vacated was
constructed for its use. With it there was consolidated the
Chatham, which was established in 1850. Last year the
Chatham & Phenix absorbed the Century and Security
Banks with their branches, making it the only national
bank in the country with domestic branches. There are
twelve of these branches, each serving a particular need in its
district. Since their consolidation they have never been
subordinated to the position of feeders for the main institution, but have retained their individuality. This affords an
opportunity for diversification of the institution's business.
This is in line with President Kaufman's idea that the bank
should develop along strictly commercial lines. Thus, a
branch in the wholesale dry goods district offers special
credit facilities for merchants in that line, while another in
the shopping district is well adapted to the needs of retail
houses. Mr. Kaufman, though still a young man, is one
of the best known financiers in the city. He has always continued as President of the First National Bank at Marquette, Mich. Upwards of $500,000 has been expended in
equipping the new quarters in the Singer Building with the
most modern furniture, vaults, ventilating and lighting fixtures. None of the equipment in the old building will be
removed.
The officers and directors of the Irving National Bank,
of this city, have been holding this week an old-fashioned
open house for their friends and customers in the banks'
attractive quarters in the Woolworth Building, in the afternoons between the hours of four and six of each day. The
reception has been given the last three days, and will conclude to-day. The officers' quarters were attractively
decorated, refreshments were served, greetings of the season
were exchanged and features of interest pointed out, with the
personal note everywhere dominant.
James R. Bartholomew has been chosen to take charge
of the municipal bond business of the Equitable Trust Co.
of this city, and John L. Parker has been selected to represent the bond department of the Equitable Trust in the
New England district, with headquarters in Boston. Mr.
Bartholomew has heretofore been with Lee, Higginson &
Co., and is the author of "The Canadian Municipal Bond
Record" as well as "The Record of Foreign Government
Debts." Mr. Parker was formerly associated with E. W.
Clark & Co. of Boston. As we have previously noted, the
management of the bond and investment departments of the
Equitable Trust has recently been changed. Morris K.
Parker is now Vice-President in charge of both departments,
and James M. Rhett has been chosen to succeed him in the
managership of the bond department.
Warner M. Van Norden, a former President of the old
Van Norden Trust Co. and the Nineteenth Ward Bank, of
this city, on Dec. 22 called together all of the creditors of his
father, the late Warner Van Norden, founder of the Van
Norden Trust Co., which merged with the ill-fated Carnegie
2403
Trust Co., and paid in full all debts held against him,
amounting to about $200,000. Many of the debts were
incurred by his father in 1910; virtually all of them would
have been outlawed within a short time. The money paid
by Mr. Van Norden to settle his father's debts, it is said,
represents the bulk of the profits of a tea business which he
established about three years ago, now known as the Lotos
Tea Co. The largest claim of those settled by Mr. Van
Norden was that of the Lazelle, Mathews & Co. (now dissolved), for $140,000, and of the Mercantile National Bank
(later absorbed by the Irving National), for $29,000.
Frederick Newbold Lawrence, a former President of the
New York Stock Exchange, died on Dec. 24. Mr. Lawrence was born in this city on Feb. 28 1834, and he retired
from active business about twenty-five years ago. Previous
to his retirement he was a member of the Stock Exchange
firm of Lawrence & Smith. Mr. Lawrence was elected
to the Presidency of the Stock Exchange in 1882, and served
for three years.
Charles Franklin Bassett, Vice-President of the East
River Savings Institution of this city, and a member of the
paper manufacturing firm of Bassett & Sutphin, died on Dec.
20. Mr. Bassett was also a director of the Importers &
Traders National Bank, the Franklin Trust Co., the United
States Life Insurance Co., the Celluloid Co. and other
corporations.
William J. Cummins, who was sentenced in November
1911 to serve a term of four years and eight months for his
misuse of funds of the defunct Carnegie Trust Company, of
which he was Chairman of the executive committee, was
pardoned on December 21 by Governor Whitman, who
as District Attorney was chiefly instrumental in procuring
the conviotion against him. Cummins was a prominent
resident of Tennessee, previous to his coming to this city.
Governor Whitman in granting the pardon made a statement in which he said that letters and petitions asking for
clemency have been received from nearly every State in
the Union. "Virtually the great State of Tennessee," he
said, "has as one man asked for Mr. Cummins pardon, for
I find among the petitioners its Governor and ex-Governors,
its United States Senators, all of its Congressmen, practically all of its leading merchants, maufacturers, bankers
and many of its judges." Governor Whitman's memorandum filed upon pardoning Cummins was a lengthy one and
we have room to quote only a few extracts:
He was convicted of having illegally applied moneys to his own use in
connection with the operations of himself and his friends In control of the
Carnegie Trust Company, the Van Norden Trust Company and the Nineteenth Ward Bank of the City of New York.
For this offense he was sentenced to a term of four years and eight
months, and he has now spent in jail and in the State's prison about three
years and two months.
In considering this application the Executive must regard the opinions
and feelings of those men whose good faith cannot be questioned and It Is
my opinion and this is shared by the distinguished Judge who presided
over the trial, with whom I have consulted, that the interests of justice
will be served by granting the application.
Another thing which has had great weight with me is Mr. Cummins's
conduct since the failure of the Carnegie Trust Company. He and his
family have given up everything they had,and he has energetically devoted
himself, both while in prison and before confinement, to the assistance
ofthe Banking Department in collecting assets of the defunct institution.
A meeting of the stockholders of the Security Trust Co.
of Hartford, Conn., has been called for Jan. 10 when the
proposition of increasing the company's capital from $200,000 to $300,000 will be voted upon. The new stock, it is
said, if authorized, will be issued to stockholders at par
($100), in the ratio of one new share for two shares held. The
action to recommend the increase in capital, it is stated, was
taken at a special meeting of the trustees on Dec. 27. It
was voted by the trustees to close the transfer books of the
company from the time of the meeting on Dec. 27 until 9 a.
m. on Jan. 11. This will be the first increase in the capital
of the company,it is pointed out, since its formation in 1875.
The company's surplus of $290,000, it is said, will not be
affected by the increase in capital. The Security Trust Co.
is headed by Atwood Collins as President.
The Hartford Trust Company, Hartford, Conn., has
declared a regular quarterly dividend of 3% and an extra
dividend of 1%, payable on Jan. 2 1917. The trustees of
the company also voted unanimously to give a bonus of a
month's salary to all the employes of the company.
2404
THE CHRONICLE
The negotiations which were under way for the merger
of the National Shawmut and the Merchants National
Banks of Boston, Mass., have been terminated. The plan
for the consolidation of the banks, it has been pointed out,
if effected, would have made the continuing institution the
second largest national bank in the United States, outside
of New York City. The termination of the proposed
merger came rather unexpectedly and no reasons have
been given for the abandonment of the plan. Eugene V. R.
Thayer, President of the Merchants' National, and William
A. Gaston, President of the National Shawmut, on Dec. 26
Issued a joint statement denying that the banks would be
consolidated. The statement reads as follows:
Various reports have recently been in circulation concerning a proposed
consolidation of the businesses of the National Shawmut and the Merchants'
National banks. We wish to state that no such consolidation will be made.
The institutions in question will continue to do business separately as
EUGENE V. R. THAYER.
heretofore.
WILLIAM A. GASTON.
[VOL 103.
as a Vice-President of the State Savings Bank of Charleston,
the fact becomes known that both banks have become affiliated, although it is said they will continue to remain separate institutions. The State Savings Bank has a capital of
$50,000 and deposits of over $250,000, while the Citizens'
Bank has resources, it is stated, of over 00,000. John B.
Reeves is President of the State Savings Bank.
E. W. Rose, Vice-President of the First State Bank of
Dallas, Texas, will resign his office with that institution,
effective Jan. 1, to become active Vice-President of the City
National Bank of Dallas. Mr. Rose has been Vice-President with the First State Bank for the past ten years, and is
Treasurer of the City of Dallas, having been chosen to that
office a few months ago. The City National Bank is one of
the largest banking institutions in Dallas; it has a capital of
$1,000,000, surplus and profits of over $1,500,000 and deposits of over $15,000,000.
Harry J. Haas and F. B. Snyder, heretofore Assistant
Cashiers of the First National Bank of Philadelphia, Pa.,
have been elected Vice-Presidents of the institution. Both
Mr. Haas and Mr. Snyder are members of the Philadelphia
Chapter of the American Institute of Banking, and have
taken on active interest in the affairs of the Chapter and
have served on the Board of Governors.
William F. Read, well-known manufacturer and philanthropist of Philadelphia, died on Dec. 19. He was in his
eighty-third year. Mr. Read was the head of the textile
manufacturing firm of William F. Read & Sons and was for
many years President of the National Bank of Commerce in
Philadelphia. At the time of his death he was a director of
the Bank of North America of Philadelphia.
Francis I. Gowen, George H. McFadden, Henry Tatnall,
Isaac H. Clothier and B. Dawson Coleman were re-elected
members of the Board of Managers of the Girard Trust Co.
of Philadelphia, Pi., at a meeting of the stockholders of the
company on Dec. 18. They will serve for a period of four
years. At the meeting of the Board of Managers on Dec. 21
the following officers of the company were re-elected for
another term: Effingham B. Morris, President; William
Newbold Ely, Vice-President; Albert Atlee Jackson, VicePresident; E. S. Page, Vice-President; George H. Stuart,
3d, Treasurer; Samuel W. Morris, Secretary; Thomas S.
Hopkins, Assistant Treasurer.
Otto C. Wolf, Vice-President of the Northwestern National
Bank of Philadelphia, Pa., died on'Dec. 1) in his sixtieth
year. Mr. Wolf was a graduate of the University of Pennsylvania and was a member of the American Institute of
Architects.
The Hazelton Slavonic Bank, of Hazelton, Pa., a new
banking institution, has been organized with a capital of
$100,000, and expects to begin business about Feb. 1 in the
Union Building, at Wyoming and Green streets, Hazelton.
The new institution will have as its President, John Shigo,
of Freeland, who will resign as President of the WilkesBarre Slavonic Bank, of Wilkes-Barre, Pa. Other officers
who were elected at a meeting on Dec. 21 are: Michael
Drosdick, of Hazelton, First Vice-President; Dr. Kochszynski, of Hazelton, Second Vice-President; Andrew J. Kotch,
of Hazelton, Secretary and Andrew Hourigan, of WilkesBarre, attorney. Michael Yurkanin, for the past two years
Cashier of the Heights Deposit Bank, of Wilkes-Barre, will
serve as Cashier of the new Hazelton Slavonic Bank.
Frederick R. Fenton, who for the past twelve years has
been actively connected with the bond business,for a number
of years sales manager for E. H. Rollins & Sons, for the past
five years in a similar capacity with Devitt,Tremble & Co.,
will, at.the close of the present year, sever his connection
with Devitt, Tremble & Co. to become Vice-President of
C. W. McNear & Co., Chicago, having charge of the sales
organization. C. W.McNear & Co.is one of the best known
municipal bond houses in the West, and they are extending
their field of activity into that of financing public utilities
and industrial corporations. Mr. Fenton is well known
as one of the organizers of the Investment Bankers' Association of America,}Nixing been an officer since its inception.
F. M. March, Vice-President of the Exchange National
Bank of Spokane, Wash., is to resign, it is said, effective
Jan. 9, to engage in wheat land operations in Eastern Montana. Mr. March became a Vice-President of the Exchange
National in January 1915, upon the absorption by that institution of the National Bank of Commerce of Spokane, of
which he had been President.
The new American National Bank of San Bernardino,
Cal., capital $100,000, expects to open for business near the
first of the year. R. D. McCook is President of the new institution and James A. Guthrie,for several years a newspaper
reporter in San Bernardino, will serve as Cashier.
R. B. Burmister has been elected a director of the Savings
Union Bank & Trust Co. of San Francisco, Cal., to succeed
the late Horace Davis and Wm.A. Marcus, W.B. Bakewell
and R. F. Parsons have been elected Assistant Cashiers.
Many noteworthy features are exhibited in the annual
statement of the Canadian Bank of Commerce (head office,
Toronto), for the year ending Nov. 30. Total resources at
the close of the fiscal year are reported at $288,427,579, an
increase of $38,005,759 over last year's figures. Profits
for the year just closed, after providing for all bad and
doubtful debts, amounted to $2,439,415, an increase of
$187,380 over those reported for the period ending Nov. 30
1915, which were $2,252,035. The total amount available
for distribution, including a balance of $461,892 brought forward from the previous year, was $2,901,307. Of this sum
$1,800,000 was distributed in four quarterly dividends and
two bonuses; $147,288 was paid out in war tax on bank note
circulation, 0,000 was transferred to the pension fund, and
$71,700 was appropriated to various war relief funds, leaving
02,319 to be carried forward as a balance of profit and
loss. Among the larger increases in the balance sheet other
than those already mentioned is an increase from $1,719,258
last year to $17,282,911. in "British, Foreign and Colonial
Public Securities and Canadian Municipal Securities."
This increase is understood to include $13,500,000 British
Treasury bills and reflects in part the bank's participation in
the arrangements for the financing of British munition purchases in Canada. As usual, dividends of 10% were paid
during the year, and two bonuses of 1% were distributed.
The interest-bearing deposits of the bank increased from
$141,558,283 a year ago to $167,412,079 on Nov. 30 1916.
Deposits not bearing interest were $62,484,072 on the latter
date, as compared with $52,964,795 last year. The bank
has a paid-in capital of $15,000,000. B. E. Walker is the
well-known President, and John Aird, General Manager.
The forty-second annual statement of the Bank of Ottawa
(head office Ottawa)for the year ending Nov. 30 1916 shows
an increase in profits and also a considerable gain in the
liquid position of the assets. The earnings for the twelve
months aggregate $591,205, equal to 14.7%, on the $4,000,000 paid-in capital, as against $531,268 (or about 13%)
in 1915. The balance from the previous year was $246,304.
The bank paid its usual annual dividend of 12%,or $480,000,
beside the Government war tax on circulation, which
amounted to $39,330. The bank set aside $200,000 as a special reserve for contingencies, and carried forward $118,179
to the next account. The total assets aggregate $56,909,088,
t of the election of Clarence R. I. of which $27,910,608 are in liquid form, which compares
With the announcemen
The total deposits
Brown,President of the Citizens' Bank of Charleston, S. C., with $23,781,790 in liquid assets in 1915.
DEC. 30 1916.]
THE CHRONICLE
aggregated $42,864,123. The Bank of Ottawa has a capital
(paid in) of $(,000,000 and a rest or reserve fund of $4,750,000. George Bryson is President and D. M. Finnie, General Manager. At the stockholders' meeeting on Dec.20
George Burn, who recently resigned the managership of
the bank, was elected a director.
The statement of the Bank of Hamilton (head office
Hamilton, Ont., Can.) for the year ending Nov. E0 1916
shows a gain of 17.6% in gross deposits during the twelve
months. The quick assets aggregate $22,004,366 and the
12,525, against $424,274 in 1915. The usual
net profits $4
dividends amounting to $360,000, or 12%, were paid, and
the sum of $30,000 was set aside to meet the war tax, while
$18,790 was applied toward the pension fund. There is
carried fora ard to the new profit and loss account $209,556.
The deposits, as of Nov. 30, were $50,56,3,190.
2405
The stock in Bombay consists of 5,700 bars, as compared with 6,000
bars last week. The stock in Shanghai on Nov. 27 1916 consisted of about
20,200,000 ozs. in sycee and 16,400,000 dollars, as compared with about
20,000,000 ozs. in sycee and 16,400,000 dollars on Nov. 18 1916. It was
reported by mail from Shanghai that a total of 56,680,000 ozs. has left
that centre (presumably since the efflux assumed importance), of this
42,510,000 ozs. were shipped out of the country; allowing for the imports
amounting to 4,360,000 ozs. (mostly from America) the net loss to China
was 38,150,000 ozs. The unshipped balance of Shanghai exports was
sent into the northern districts and to the outposts.
•
We understand that the Deutschland's consignment of silver is the
first American shipment to Germany since the outbreak of war.
Shipments of 500,000 ozs. to Shanghai and 100,000 ozs. to Bombay
have been made from San Francisco during the week.
Quotations for bar silver per oz. standard:
Nov. 24-34 15-16 cash
No
Bank rate
" 25-35 3-16 " quotation Bar gold per oz. standard---77s.6%
9d.
" 27-35 5-16 "
fixed
" 28-35 5-16 "
for
dI
" 29-3534
forward
" 30-35 15-16 "
delivery
Average for the week, 35.364.
The quotation to-day for cash delivery is id. above that fixed a week
ago.
ENGLISH FINANCIAL MARKETS
-PER CABLE.
The report of the Banque d'Hochelaga (head office
The daily closing quotations for securities, &c., at London,
Montreal, Can.) for the year ending Nov. 30 last shows an
increase in the volume of liquid assets, which have risen as reported by cable, have been as follows the past week:
London,
Dec. 23. Dec. 25. Dec. 26. Dec. 27. Dec. 28. Dec. 29.
from $9,815,070 in 1915 to $15,977,630. Net profits for
Week ending Dec. 29.
Sat.
Mon. Tues.
Wed.
Thurs.
Fri.
d 3611.16 ____
the year were $564,011, or at the rate of 13.65% on the Silver, per oz
3611-16 3634
3634
3634
Consols, 234 per cents
5534
5534
55
$4,000,000 paid-in capital, against $530,237 last year. British 434 per cents
CHRISTMAS
Dividend disbursements to the stockholders aggregated French Rentes (in Paris)..._fr. HOLIDAYS. 60.55 9634 9634 96
60.55
60.65
60.90
$360,000 (9%). A gain is witnessed in gross deposits which French War Loan (old 5%,
in Paris)
Zr.
88.25
88.25
88.25
88.25
have increased from $22,923,936 in 1915 to $29,580,539
The price of silver in New York on the same days has been:
this year.
Silver in N. Y., per oz_ - -cts. 7534
7534 ' 7534
7534
7534
The Commercial Bank of Scotland, Ltd. (head office Edinburgh)has recently issued its reportfor the fiscal year ending Commercial aullAItscellaiteonsZteme
Oct.31 1916. The statement makes a gratifying showing for
DIVIDENDS.
the year, the bank having earned £247,907,after providing for
The following shows all the dividends announced for the
rebate of discount and interest and for losses and contingencies. Out of this amount 16% dividends were paid, amount- future by large or important corporations:
Dividends announced this week are printed in italics.
ng to £160,000. The Commercial Bank has 172 branches
in Scotland, with deposits of £22,873,081, and aggregate asPer
When
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
sets of £27,940,985. The directors in their report to the
Railroads (Steam.)
shareholders state that "the depreciation of the year in the
Alabama Great Southern, preferred_
- 3
Feb. 23 Holders of rec. Jan. 22a
value of the bank's investments has been severe, owing to
Preferred (extra)
34 Feb. 23 Holders of rec. Jan. 22a
Albany & Susquehanna
434 Jan. 2 Dee. 16 to Jan. 1
the withdrawal of official minimum prices on the Stock Ex- Albany & Susquehanna (special)
334 Jan. 6 Holders of rec. Jan. 20
Allegheny & Western cgiraranteed)
3
change and indirectly to the higher rates of interest paid on Atch. Topeka & banta
Jan. 2 Dec. 23 to Jan.
2e. pref.(No. 37) 234 Feb. 1 Holders of roe. Dec. 1
29a
securities .issued by the British Government. To provide Atlanta & West Point
3
Jan. 2 Deo. 19 to Jan. 1
Atlantic
334 Jan. 10 Holders of roe. Dec. 19a
for this depreciation, the directors recommend that, in addi- BaltimoreCoast Line RR.. common
& Ohio, common
234 Mar. 1 Holders of rec. Jan. 20
Preferred
2
Mar. 1 Holders of rec. Jan. 20a
tion to the provision above referred to of £100,000 out of the Beech Creek, guaranteed
(guar.)
500.
Dec. 20a
profits of the year, the sum of £100,000 be withdrawn from Belt RR. & Stk. Yds., Indianap.,com.((lit4 6 Jan. 2 Holders of roe. Dee. 20a
Holders of rec.
Preferred (guar.)
134
Holders of rec. Dec. 20a
the reserve fund. All the investments, including the bank's Boston dr Albany (quar.)
254 Dee. 30 Holders of rec. Nov.30a
Boston
134 Jan. 1 Holders of rec. Dec. 15a
holding of the British Government 432% War Loan, will then Buffalo Revere Beach & Lynn (quar.)
dc Susquehanna, common
3
Dec. 30 Holders of rec. Dec. 12a
Preferred
stand at the market prices current at the close of the financial Canada Southern
2
Dec. 30 Holders of tee. Dec. 12a
134 Feb. 1 Holders of rec. Dec. 30a
year." The bank has subscribed capital of £5,000,000, Canadian Pacific, coin. (quar.)(No.82). 234 Jan. 2 Holders of roe. Dec. la
Chesapeake& Ohio
Dec.
Holders of
Dec.
paid-up,£1,000,000, and a rest fund of £700,000. The Mar- Chicago & North Western, corn. (quar.)_ 2 Jan. 30 Holders of rec. Deo. 8a
154
2
roe.
la
Preferred (quar.)
Jan.
quis of Breadalbane is Governor of the institution and Alex- Cleve. Cin. Chic. & St. L., pref. (quar.). 2 Jan. 2 Holders of roe. Dee. la
20 Holders of reo. Dec. 29a
134
Connecticut River
ander Robb, General Manager.
5
Jan. 1
Connecting Ry. (Philadelphia)
SANIOd
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Nov. 30 1916:
GOLD.
The Bank of England reserve of gold against its note issues
shows a
decrease of 4288,010, as compared with last week's return.
The production of gold in Ontario for the first six months of
1916 amounts
to 235,060 ozs., as compared with 173,021 ozs. for.1915.
The Ontario
Government states that "if the present rate of production
is maintained
Ontario should reach the $10,000,000 mark for
1916, as compared with
$8,500,000 for 1915."
The "Times" states under date 27th inst., that "aluminium coins
of one
pfennig have been approved by the German Federal Council."
SILVER.
Although purchases have not been made upon any substantial scale,
on
account of China, the firmness of exchanges from that quarter has
not
been without effect upon prices, for it has acted as a deterrent
to sellers.
Prices have advanced without a check, though with pauses,
from 34 15-16
to 35 15-16d., but no sensational rises have taken place as was
the case
in May last. Selling has been fitful In amount
and on the whole, sluggish.
Buying has been varied in character and comprised
some orders from the
Indian bazaars. The stock in London
was reported on the 24th inst. as
8,360,000 standard ozs., an increase of
about 600,000 ozs. since the 27th
of last month. A considerable portion of
the stock, however, was earmarked and not available for resale. .
It will be observed from the figures given below
that during one week
the net shrinkage of the silver holding in the Indian Treasuries,
inclusive
of fresh coinage, amounted to about 14,000,000 rupees. To replace this
amount the quantity of silver required would be almost equal to the
present
stock in Bombay. .The decline has not been spasmodic, but almost without
a break from July 31 last, when the total holding was over 28,000,000
rupees. During this time very large additions of fresh minted coin have
been made. The last three Indian currency returns received
by cable
give details in lacs of rupees as follows:
Nov. 7. Nov. 15. Nov. 22.
Notes in circulation
73,65
74,60
75,82
Reserve in silver coin and bullion
24,23
23,54
22,15
Gold coin and bullion
12,48
12,30
12,23
Gold in England
11,92
11.92
11,92
No.r.w.r.rws
2
Dec. 28
Cuba RR., pteler red
3
Feb. 1 Holders of rec. Dec. 300
Delaware & Hudson Co. (guar.)
234 Mar. 20 Holders of rec. Feb. 250
Delaware Lackawanna & Western (guar.)_
234 Jan. 20 Holders of rec. Jan. 5
Detroit Hillsdale & Southwestern
2
Jan. 6 Dec. 21 to Jan. 5
Detroit & Mackinac, com, and pref
234 Jan. 2 Holders of tee. Dec. 150
Detroit River Tunnel
3
Jan. 15 Holders of tee. Jan. Ss
Elmira & Williamsport, preferred
3.16 Jan. 2 Holders of reo. Dec. 200
Georgia RR.& Banking (quar.)
3
Jan. 15 Jan. 1 to Jan. 14
Special
1
Jan. 15 Jan. I to Jan. 14
Great Northern (guar.)
134 Feb. 1
Harrisburg Portsrn. Mt. Joy & Lancaster.. 3% Jan. 10 Holders of roe. Jan. 5a
Hocking Valley
2
Dec. 30 Holders of rec. Dee. 15a
Illinois Central (guar.) (No. 125)
134 Mar. 1 Holders of rec. Feb. 5
Illinois Central leased lines
2
Jan. 2 Dee. 12 to Jan. 4
Interboro. Consolidated Corp., pi. (qu.) lh Jan. 2 Holders
of tee. Dee. Ila
Interborough Rapid Transit (quar.)
5
Jan. 2 Holders of rec. Doe. 200
Joliet & Chicago (guar.)
134 Jan. 2 Holders of rec. Dee. 22s
K.C. Ft.Soott az Mem., pref. tr. otfs.(qu.) 1
Jan. 1 Dec. 17 to Jan. 1
Kansas City Southern, pref. (quar.)
1
Jan. 15 Holders of rec. Dec. 30a
Lackawanna RR. of N. J. (quay.)
1
Jan. 2 Holders of rec. Dec. 7a
Lehigh & Hudson River
4
Dec. 15
Extra
2
Dec. 15
Lehigh Valley, corn. Sr pref. (quar.)-_ $1 25 Jan. 13 Holders
Little Schuylkill Nay., RR. & Coal____ $1 25 Jan. 15 Dec. 12 of reo. Dee. 304
to Jan. 15
Louisville & Nashville
334 Feb. 10 Holders of rec. Jan. 19
Lykens Valley RR. & Coal
2
Jan. 2 Holders of tee. Dee. 150
Mahoning Coal RR.,common
Feb. 1 Holders of rec. Jan. 50
$5
Preferred
$1.25 Jan. 2 Holders of tee. Dee. 20a
Marne Central, common (quar.)
134 Jan. 1 Holders of reo. Dee. 156
Manhattan RY•(guar.)
134 Jan. 1 Holders of tee. Dec. 150
Michigan Central
2
Jan. 29 Holders of rec. Dec. 300
Mine Hill & Schuylkill Haven
$1 25 Jan. 15 Dec. 23 to Jan. 14
Mobile & Birmingham, preferred
2
Jan. 1 Dec. 2 to Jan. 1
Morris & Essex
21 75 Jan. 2 Holders of tee. Dee. 9a
New London Northern
234 Jan. 2 Dec. 16 to Jan. 2
Extra
% Jan. 2 Dec. 16 to Jan. 2
New York Central RR.(quar.)
$1.25 Feb. 1 Jan. 3 to Jan. 24
N. Y. Chicago & St. Louis, 1st preferred p234 Jan. 2 Holders of
tee. Doe. 2I0
Secondpreferred
234 Jan. 2 Holders
New York & Harlem, common and pref._ $2.50 Jan. 2 Holders of tee. Dee. 21a
New York Lackawanna & West. (quar.) 134 Jan. 2 Holders of tee. Dec. 150
of tee. Dee. 15a
Norfolk & Western, adj. pref. (guar.)
1
Feb. 19 Holders of rec. Jan. 31
Northern Central
32 Jan. 15 Holders of rec. Dee. 300
Northern Pacific (quar.)
154 Feb. 1 Holders of rec. Jan. 84
Northern RR. of N. H. (quar.)
134 Jan. 2 Floiders of tee. Dee. 4a
Northern Securities
334 Jan. 10 Holders of tee. Dee. 300
Norwich & Worcester, pref. (quar.)__ _
2
Jan. 1 Deo. 15 to Dee. 31
Pennsylvania Company
4
Dec. 30'Holders of rec. Dec. 30
Philadelphia Baltimore & Washington_._ 82
Dee. 3 Holders of tee. Dec. I3a
Pitts. Cinc. Chic. & St. L., common--_ 5
Jan.
Holders of tee. Doe. 300
Preferred
3
Jan. 15 Holders
Pittsb. Ft. Wayne & Chic. reg.gu.(quar.) 154 Jan. 2 Holders of tee. Dee. 30a
of reo. Dee. 11a
Special guaranteed (quar.)
154 Jan. 2 Holders of rec. Dec.
lie
Name of Company.
[VoL. 103.
THE CHRONICLE
2406
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Banks (Concluded.).
Railroads (Steam) (Concluded).
Jan. 1 Holders of rec. Dec. 20a
8
Columbia
$1.25 Jan. 1 Holders of rec. Dec. 15
Portland Terminal Co
.1an. 2 Holders of rec. Deo.d22a
2
$1 Feb. 8 Holders of roe. Jan. 22a Commerce, Nat. Bank of (quar.)
Company, common (quar.)_ _
Reading
Jan. 2 Holders of rec. Deo.d22a
2
Extra
Jan. 11 /folders of rec. Deo. 19.
50o.
Reading Company, 2d preferred (quar.).
Jan. 2 Deo. 24 to Jan. 1
4
Coney Island, Bank of
Jan. 2 Dec. 16 to Jan. 1
4
Rensselaer Ss Saratoga
Jan. 2 Holders of rec. Dec. 30a
25
Fifth Avenue (quar.)
354 Jan. 1 Deo. 22 to Jan. 1
Rome dr Clinton
Jan. 2
3
154 Jan. 2 Holders of rec. Nov. 29a Fifth National (guar.)
Southern Pacific Co. (quar.) (No. 41)___
Jan. 2 Holders of rec. Dec. 300
7
(quar.)
134 Jan. 2 Holders of roe. Deo. 26a First National
Toronto Hamilton & Buffalo
Jan. 2 Holders of rec. Dec. 300
20
Extra
Jan. 2 Holders of rec. Dec. le
(guar.)
Union Pacific, common
254 Jan. 2 Holders of rec Dec. 22a
2
Jan. 15 Holders of rec. Jan. 3a First National, Brooklyn (qbar.)
Union Pacific, common (extra)
Jan. 2 Holders of reo. Dec. 22a
2
Extra
254 Jan. 2 Holders of rec. Dec. 18.
Valley RR.(N. Y.)
Jan. 2 Holders of reo. Deo. 300
3
4
Jan. 15 Holders of me. Dec. 30a First Security
Vendalia
154 Jan. 2 Dec. 30 to Jan. 1
Flatbush, Bank of (quar.)
1
Jan. 29 Holders of rec. Jan. 5
Wabash, preferred A (No. 1)
Dee. 30 Deo. 21 to Jan. 1
3
Garfield National (quar.)
2 Dec. 19 to Jan. 1
Jan
3
Western Ry. of Alabama
Jan. 2 Holders of rec. Dec. 22
10
German Exchange
Street and Electric Railways
Jan. 2 Holders of roe. Deo. 31
2
Gotham National (guar.)
American Cities Co., preferred (No. 11)_.. 154 Jan. 1 Holders of roe. Dec. 26a Greenpoint National (Brooklyn)
Jan, 2 Deo. 22 to Jan. 1
3
134 Jan. 2 Holders of rec. Dec. 16
Asheville Pow.& L.. pref.(qu.)(No. 19)
Jan. 2 Holders of rec. Dec. 20a
3
of ICe. Dec. 31a Greenwich (quar.)
13.4 Jan. 1 Holders
Athens Ry. & Elec., pref. (quar.)
6
Jan. 2 Dec. 23 to Jan. 1
Hanover National (quar.)
Bangor Ry.dc Elec., pref. (quar.)(No.21) 154 Jan. 2 Holders of roe. Deo. 20
2
Jan. 1 rec. 24 to Jan. 1
Feb. 1 Holders of rec. Jan. 13a Homestead, Brooklyn
3
Bay Stale Street Rys., lot pre/
12
Jan. 2 Dec. 20 to Jan. 1
Importers dc Traders National
23
3
Dec. 30 Holders of roe. Deo.
Birmingham Ry. Light & Power, pref..
3
Dec. 30 Holders of rec. Dec. 29a
International
50e. Jan. 15 Holders of roe. Jan. 3
Suburban Elec. Co., pref
Boston
254 Jun. 2 Deo. 23 to Jan. 1
of rec. Deo. 23a Irving National (quar.)
Boston & Worcester Elec. Cos., pref.._-_ $1 Jan. 1 Holders
754 Jan. 2 Dec. 31 to Jan. 1
Liberty National (guar.)
Brazilian Trac., L & Pow., pref. (quar.) 134 Jan. 1 Holders of rec. Deo. 15
Jan. 2 Deo. 31 to Jan. 1
10
Extra
154 Jan. 2 Holders of rec. Dec. 9a
Brooklyn Rapid Transit (quar.)
$4 Jan. 2 Holders of rec. Deo. 27a
Manhattan Co., Bank of the (No. 221)
154 Jan. 1 Dec. 11 to Jan. '10
Capital Traction, Wash., D. C.(quar.)_ _ _Jan. 2 Deo. 20 to Jan. 1
3
(quar.)
Market & Fulton National
44 Feb. 1 Holders of roe. Jan. 18
Carolina Power & Light, corn.(No. 1)- _ Jan. 2 Holders of rec. Dec. 23a
4
Mechanics (Brooklyn)
Hi Jan. 2 Holders of reo. Dec. 16
Preferred (quar.) (No. 31)
Jan. 2 Holders of rec. Dec. 260
$2
Merchants' National
1 Dec. 24 to Jan. 1
$2 25 Jan
Chicago City & Conn. Rys. pref
Jan. 2 Holders of rec. Deo. 26a
4
Metropolis, Bank of the (quar.)
1
Jan. 2 Deo. 21 to Jan. 1
'
Cin. & Ham. Tract., corn. (quar.)
Jan. 2 Dec. 17 to Jan. 1
2
Metropolitan (quar.)
Jan. 2 Deo. 21 to Jan. 1
134
Preferred (guar.)
Jan. 2 Ifolders of roe. Deo. 18
7
Mutual Bank
Cin. Newport & Coy. L.& T., corn. (qu.) 154 Jan. 15 Dec. 31 to Jan. 15
Jan. 2 Holders of reo. Dee. 18
6
Extra
154 Jan. 15 Dec. 31 to Jan. 15
(guar.)
Preferred
254 Jan. 2 Holders of rec. Dec. 29
Nassau National, Brooklyn (quar.)..._ _
154 Jan. 2 Dec. 17 to Jan. 1
Cincinnati Street fly. (quar.)
8
Jan. 2 Holders of rec. Dec. 22a
New York, N.B. A.,Bank of(No.266)_ _
Feb. 1 Holders of roe. Jan. 15
54
Cities Service, common (monthly)
Jan. 2 Holders of roe. Dec. 22a
2
Extra
Feb. 1 Holders of rec. Jan. 15
54
Common (extra)
Jan. 2 Dec. 14 to Jan. 2
3
North Side (Brooklyn)(No. 45)
Feb. 1 Holders of roe. Jan. 15
44
Prefe.red (monthly)
Jan. 1 Holders of rec Deo. 19a
5
Park, National (Qum.)
54 Jan. 1 Holders of rec. Deo. 16
Cities Service, common (monthly)
5
Jan. 2 Holders of rec. Deo. 23a
Peoples (No. 131)
44 Jan. 1 Holders of reo. Dec. 16
(monthly)
Preferred
3
Jan. 1 Holders of rec. Dec. 3ta
i
q uo
people 4 (t1741, (Brooklyn)
134 Jan. 2 Holders of rec. Dec. 28a Putucs(V
Citizens Traction, Oil City, Pa., pl. (qu.)._
254 Dec. 30 Holders of rec. Dec. 28
1 Holders of roe. Deo. 13.
154 Jan
Cleveland Ry (guar.)
Dec. 31 Dec. 24 to Jan. 1
2
Ridgewood National (Brooklyn)
Gas & El., pf. (qu.) 154 Jan. 1 Deo. 27 to Jan. 1
Columbia (S.C.) Ry.
Jan. 2 Holders of rec. Dec. 26a
3
Jan. 2 Holders of rec. Dee. 21a Seaboard National (quar.)
Columbus (Ga.) Elec. Co., pref.(No. 21) 3
Jan, 2 Holders of rec. Dec. 260
10
Extra
Columbus Newark & Zanesville, pf. (qu.).. 134 Jan. 1 Dec. 27 to Jan. 1
Jan. 2 Holders of rec. Dec. 300
3
Second Narional (quar.)
Columbus Ry.,Pow.& L., pref. A (quar.) 154 Jan. 2 Holders of rec. Dec. lb
Jan. 2 Deo. 9 to Jan. 1
3
State
Jan 15 Deo. 31 to Jan. 15
2
Consolidated Traction of N. J
Dec. 31 Holders of rec. Deo. 31a
of (quar.)__ 2
Washington heights, Bank
151 Dec. 30
Dayton & Troy Elec. Ry., corn. & pf.(qu.)..
Jan. 2 Doo.d20 to Jan. 2
0
Jan. 2 Ifolders of roe. Dec. 15a West Side
Duluth-Superior Traction, pref. (guar.). 1
Dec. 31 Dec. 23 to Jan. 1
0
Yorkville (quar.)
134 Feb. 1 Holders of roe. Jan. 1
Duquesne Light, pref. (guar.) (No. 8)-Trust Companies.
Eastern Texas Electric Co.,corn.(No.2)_ 254 Jan. 2 Holders of roe. Dee. 20a Bankers (guar.)
Jan, 2 Holders of rec. Dec. 260
5
20a
3
Jan. 2 Holders of roe. Dec.
Preferred (No. 10)
Jan. 2 Holders of rec. Dec. 22a
5
Brooklyn (quar.)
Elmira Water, L.& RR.,1st prof.(quar.) 134 Deo. 31 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 220
15
Extra
Dec. 31 Holders of rec. Dec. 15
134
2d preferred (quar.)
Jan. 2 Holders of rec. Dec. 22a
6
Central (quar.)
3
Jan. 8 Holders of roe. Deo. 18a
El Paso Eleo. Co., pref. (No. 29)
Jan. 2 Holders of reo. Dec. 22a
16
Extra
Frankford & Southwark. Phila. (quar.). $4.50 Jan. 1 Holders of reo. Dec. la Columbia (quar.)
354 Jun. 5 Holders of rec. Dec. 29a
2 Dec. 20 to Jan. 2
2
Jan.
Halifax Electric Tramway (guar.)
Jan. 2 Holders of rec. Deo. 27
4
Trust of N. J. (guar.)
Commercial
Dec. 30 Deo. 28 to Jan. 1
2
Honolulu Rapid Transit & Land (quar.)_
4
Jan. 2 Holders of rec. Dec. 27
Extra
154 Jan. 1 Holders of roe. Dec. 150
Illinois Traction, pref. (quar.)(No.48)_ _
254 Dec. 30 Holders of roe. Dec. 23a
Empire (quar.)
1
3
Jan. 1 Dec. 23 to Jan.
Indianapolis Street Ry
2
Deo. 30 Holders of rec. Deo. 23a
Extra
134 Jan, 2 Holders of roe. Deo. 20
International Traction, common (quar.)_
Dec. 31 Holders of rec. Deo. 27a
6
Equitable (quar.)
134 Jan. 2 Holders of rec. Dee. 20
7% cum. 1st pref. (quar.)
Deo. 31 Holders of rec. Deo. 27a
6
Extra
Jan 2 Holders of me. Deo. 20
1
4% cum. pref. (quar.)
2
Jan. 2 Deo. 24 to Jan. 17
Fidelity (quar.)
300. Jan. 1 Dec. 23 to Jan. 1
Interstato Rys., pref
2
Jan. 2 Deo. 24 to Jan. 17
Extra
31 Dee. 21 to Dee. 31
Iowa Railway & Light. preferred (guar.)- 134 Dec.
3
Dec. 30 Holders of rec. Deo. 270
Franklin, Brooklyn (quar.)
Deo. 30 Holders of roe. Dee. 23
2
Little Rock Ry. Sc Electric, common_ _
Jun. 2 Holders of roe. Dec. 22
5
Fulton (No. 49)
3
Dec. 30 Holders of roe. Deo. 23
Preferred
Jan. 2 Holders of rec. Deo. 22
2
Extra
3 Dec. 21 to Jan. 2
Jan.
3
London (Canada) Street Ry
Deo. 30 Holders of roe. Deo. 224
5
Guaranty (quar.)
Jan. 1 Deo. 11 to Dec. 15
Louisville Traction, common (quar.)... 1
1254 Deo. 30 Holders of rec. Deo. 22a
Special
Jan. 15 Holders of roe. Jan. la
Manchester Trac., L. & Power (guar.).- 2
354 Jan. 2 Dec. 21 to Jan. 1
of reo. Dec. 18a Hudson
2
Manila Elec. RR.& Ltg. Corp.(quar.)-- 154 Deo. 30 Holders
Lawyers Title & Trust (guar.)(No. 73).. 134 Jan. 2 Dec. 16 to Jan. 20
254 Deo, 31 Holders of ree. Dee. 22
Memphis Street Ry., prof
154 Jan. 2 Holders of rec. Dec.
154 Jan. 2 Holders of rec. Dec. 27e Manufacturers'(Brooklyn)(quar.)
Mohawk Valley Co.(guar.)
Dec. 30 Holders of roe. Deo. 21
6
Metropolitan (quar.)(No. 80)
Jan 15
Monongahela Valley Traction, coin. (gnat.) 1
Dec. 30 Deo. 21 to Jan. 1
8
New York (quar)
Holders of rec. Jan. 5
6
Common (payable in common stock)_
354 Dec. 30 Holders of rec. Dec. 29a
Peoples (Brooklyn) (quar.)
134 Feb. 1
Preferred (guar.)
Deo. 30 Holders of reo. Dec. 22
5
Title Guarantee & Trust (quar.)
• 254 Feb. 1 Holders of rec. Jan. 15
Montreal Tramways (guar.)
Jan. 1 Holders of rec. Dec. 304
3
Transatlantic
154 Jan. 1 Holders of rec. Deo. 26
Nashville Ry. & Light, pref. (quar.)__ _ _
Jan. 1 Holders of rec. Dec. 30a
2
Extra
3
Deo. 30 Holders of rec. Deo. 20
National Properties, common
4
Jan. I Holders of rec. Dec. 23a
Union (quar.)
5
3
Jan. 15 Holders of rec. Jan
Preferred
Jan. 2 Holders of roe. Deo. 22a
25
United States
g Deo. 30 Dec. 21 to Jan. 1
New Orleans Ry.& Light, common
Deo. 30 Holders of rec. Dec. 26
6
United States Mtge. Sc Trust (quar.)_ _
Dec. 30 Deo. 21 to Jan. 1
13-4
Preferred (guar.)
Dec. 30 Holders of rec. Deo. 20
5
Extra
1
Jan. 2 Holders of roe. Deo. 22a
New York State Rye., common (quar.)
Fire Insurance Cos.
Ili Jan. 2 Holders of roe. Deo. 22a
Preferred (quar.)
$1 50 Jan. 4 Holders of rec. Jan. 2a
Continental
pref. (quar.) 154 Jan. 1 Holders of rec. Deo. 10a Hanover (quar.)(No. 141)
Northern Ohio Trac. &
234 Jan, 2 Holders of rec. Dec 26
Lt.,
Philadelphia Co., clm. (qu.)(No. 141)_ 8754e. Feb. 1 Holders of rec. Jan. 2a
Miscellaneous.
Philadelphia & Western Ry., pref. (qu.) 154 Jan. 15 Holders of roe. Deo. 30
Adirondack Electric Power, pref.(guar.). 154 Jan. 1 Holders of rec. Dec. 14
154 Jan. 2 Holders of rec. Dec. 22a
Porto Rico Rye., pref. (quar.)
Jan. 2 Holders of rec. Deo. 23
2
Deo. 30 Holders of rec. Dee. 23a Aeolian, Weber Piano Sc Planola, prof__ $4
Public Service Corp. of N. J. (guar.) - - 2
Jan. 10 Holders of rec. Dec. 23a
Ahmeek Mining (quar.) (No. 20)
75e. Jan. 1 Deo. 21 to Dec. 31
Reading Traction
Jan. 1 Dec. 22 to Dee. 31
1
Alabama Fuel & Iron (quar.)
Jan. 15 Holders of reo. Dec. 30
Republic Ry.& Light, corn.(qu.)(No. 1) 1
Jan. 16 Holders of roe. Jan. 10
154
Alliance Really
154 Jan. 15 Holders of rect. Dec. 30
Preferred (quar.) (No. 22)
154 Jan. 15 Holders of rec. Deo. 300
Allis-Chalmers Mfg., pref. (quar.)
Jan. 1
Deo. 300
Ridge Ave. Pass., Philadelphia (quar.)_ _ $3 Jan. 1 Dec. 16 to Dec. 28a
Prof.(on account of accumulated dive.) h 1 54 Jan. 15 Holders of rec. Dec. 13a
Jan. 2 Holders of reo.
1
Rome M.)Railway de Electric (quar.)_ _ _ _
$3 Jan. 3 Holders of roe.
Alloues Mining (quar.)
1
Scioto Valley Traction 1st pf. Sc pf. (qu.) 154 Jan. 1 Dec. 24 to Jan. la Amer. Agrio. Chem., corn.(qu.)
(No.21).. 134 Jan. 15 Holders of rec. Dec. 20a
Second & Third Streets Phila.(quar.)_ $3 Jan. 1 Holders of reo. Deo
154 Jan. 15 Holders of rec. Deo. 20a
Preferred (guar.) (No. 46)
,
- 154 Jan. 2 Holders of roe. Deo 15a
(No.8)
(Mo.)Ry.4cL. pf.(qu.)
Springfield
750 Jan. 2 Holders of rec. Dec. 15a
American Bank Note, Pref. (quar.)
Jan. 1 Dec. 24 to Jan. 3
1
16a
Stark Electric RR
American Beet Sugar, pref.(qu.)(No. 70) 154 Deo. 30 Holders of roe. Dec. 22a
Jan. 2 Holders of roe. Dec. 150
2
Dec.
Toronto Ry. (quar.)
Amer. Brake Shoo & Fdy., corn.(quar.)_ _ n134 Dee. 30 Holders of rec. Dec. 22a
Jan. 2 Dec. 21 to Jan. 1
Tr -City Ry. & Light, common (quar.).. 1
Dec. 30 Holders of rec.
n2
Preferred (quar.)
to Jan. 1
154 Jan. 2 Deo. 21
Preferred ((War.)
Dec. 30 Holders of rec. Dec. 22a
2
Preferred (extra)
15a
Twin City Rap. Tr., Minneap.arom.(qu.) 154 Jan. 2 Holders of roe. Deo. 15a American Can, preferred (quar.)
134 Jan. 2 Holders of rec. Dec. 15a
154 Jan. 2 Holders of roe. Dec.
Jan. 1 Holders of rec. Deo. 13a
Preferred (guar.)
15a Amer. Car Sc Fdy., corn. (quar.)(No.57) 1
34.75 Jan, 1 Holders of roe. Dee.
Jan. 1 Holders of rec. Dec. 13a
Union Passenger Ry.,Philadelphia
1
Common (extra) '
1 Holders of roe. Deo. 9a
$1.50 /an
Union Traction, Philadelphia
154 Jan, 1 Holders of roe. Deo. 13a
Preferred (quar.) (No. 71)
2 Holders of rec. Deo. 300
234 Jan
United Electric Co. of N. J
154 Jan. 2 Holders of rec. Dee. 22
American Chicle. preferred (quar.)
134 Jan. 2 Holders of roe. Deo. 21
United Gas & Elec. Corp., let pf. (qu.)_ _
154 Jan. 2 Holders of rec. Dec. 15a
American Cigar, preferred (guar.)
Jan. 2 Holders of rec. Dec. 15
United Light & Rys., corn.(qu.)(No.6). 1
1
Jan, 15 Holders of rec. Jan. 1
Amer. District Telegraph(N Y.)
154 Jan, 2 Holders of roe. Deo 15
First preferred (cmar.) (No. 25)
$1.50 Jan. 2 Holders of roe. Nov. 29a
American Express (quar.)
13.4 Jan. 2 Deo. 13 to Deo 17
United Traction etc Elec., Prov.(quar.)
Jan. 2 Holders of rec. Nov. 29a
22
Special dividend
134 Jan. 2 Holders of rec. Deo. 16a
Utah Power & Light, pref. (quar.)
254 Jan. 2 Holders of roe. Deo. 18
Jan. 20 Holders of roe. Deo. 30a Amer. Gas Sc Elec., corn.(qu.)(No. 27)
3
Virginia Ry.& Power, preferred
Jan. 2 Holders of roe. Deo. 18
Common (payable in common stock)... f2
Jan. 1
3
Warren & Jamestown Street Ry
154 Feb. 1 Holders of rec. Jan. 18
Preferred (quar.) (No. 40)
Wash. Halt.& Annap.Eleo. RR., pf.(qu.) 75o. Dec. 30 Holders of reo. Deo. 16a Amer. Graphophone, corn.(qu.)(No.47) 151 Jan. 2 Ifolders of roe. Dec. 16a
Jan. 2 Holders of reo. Deo. 15a
Washington Water Pow., Spokane (qu.). 1
international Corp., common-- 75e. Deo. 30 Holders of roe. Dec. 15
American
Jan. 2 Deo. 21 to Jan. 2
$2
Jan. 1 Holders of roe. Deo. 20a
West End St., Boston, preferred
Jan. 1 Holders of rec. Dec. 27a Amer. Iron Sc Steel Mfg., com.&pf.(qu.). 154 Jan. 2 Holders of rec. Dec. 2'2a
3
Western N. Y. & Pa. Ry., 1st pre
France Fire Eng., Inc., pc. (qu.) 194
134 Jan, 2 Holders of rec. Dee. 20a Amer. La
Western Ohio Ry., lot pref. (quar.)
Laundry Machinery, pref. (quar.) 13.4 Jan. 15 Jan. 6 to Jan. 15
Amer.
150
(quar.)(No.38) 154 Jan. 2 Dec. 24 to Jan. 1
West India Elec. Co., Ltd.
American Linseed, preferred (No. 7)....._ /154 Jan. 1 Holders of roe. Dec. 18a
13.4 Feb. 1 Holders of rec. Jan. 15
West Penn Power, pref. (guar.) (No. 4)154 Jan. 3 /folders of rec. Dec.
American Locomotive, common (quar.)_ _
ba
'Vest Penn Rya., pref. (quar.)(No. 45__.. 134 Feb. 1 Holders of rec. Jan. 20
13.4 Jan. 22 Holders of roe. Jan. 17
Preferred (quar.)
West Penn Traction, pref. (guar.)(No. 24) 154 Jan. 15 Holders of rec. Jan. 2
Feb. 2 Holders of rec. Jan.
1
Jan. 1 Holders of roe. Deo. 15a American Malt Corporation, preferred....._ $1.12 Feb. 1
'$5
West Philadelphia Passenger Ry
American Malting, preferred
$1.75 Deo. 30 Holders of roe. Deo. 15a
Jan. 1
Wisconsin Edison
preferr M oiul rcturing, corn. (quite.).. 134 Deo. 31 Deo. 16 to Jan. 1
750. Dec. 30 Holders of roe. Deo. 15a Americaned anuaa i
Extra
154 Dee. 31 Dec. 18 to
(No. 3) 154 Jan, 2 Holders of tee. Deo. 16
Yadkin River Power, pref. (quar.)
134 Jan. 1 Deo. 23 to Jan. 1
American Piano, pref. (quar.)
144 Jan. 30 Holders of rec. Jan. 20a Amer. Power Sc Lt., pref. (qu.)(No. 29s. 154 Jan. 2 Holders of rec. Deo. 22
York Rya., pref. (quar.)
154 Jan. 1 Holders of rec. Ireo. 23
Pref. (being in full of all accumulations)_ h254 Jan. 30 Holders of rec. Jan. 20a, Amer. Public Service, preferred (quar.)
154 Jan. 1 Holders of rec. Dec. 200
American Public Utilities, pref. (quar.)-Banks.
4
Dec. 30 Deo. 22 to Dec. 30
American Radiator, common (quar.)__ _
14 Jan. 2 Deo. 20 to Jan. 2
Jan, 15 Holders of roe. Dec. 31a
America, Bank of
American Rolling Mill, common (guar.). 2
3
Jan. 2 Holders of rec. Deo. 2ea
Atlantic National
1
Jan. 15 Holders of rec. Deo. 31a
Common (extra)
3
Jan. 2 Holders of rec. Dec. 21
Battery Park National
154 Jan. 15 Holders of roe. Dee. 31a
Preferred (quar.)
Jan. 2 Holders of roe. Deo. 21
1
Extra
154 Deo, 30 Holders of rec. Deo. 23a
American Screw (guar.)
1
Jan. 2 Deo. 19 to Jan
3
Bronx National
3
Dec. 30 Holders of rec. Dec. 23a
Special
Jan. 1 Holders of reo. Dec. 26
3
Bryant Park
Jan. 15 Holders of rec. Deo. 30a
1
q
reerevti ng Mari
Jan. 2 Holders of rec. Dec. 30a Amer. S red ( uarn e, corn. (quar.)___
4
Chase National (quar.)
154 Jan. 15 Holders of roe. Deo. 30a
Preferred
Jan. 1 Dec. 20 to Jan. 1
3
Chatham dc Phenix Natlonal (quar.)_ _ _
154 Jan. 15 Holders of rec. Dec. 30
American Shipbuilding, prof
23.4 Jan. 2 Dec. 24 to Jan. 1
Chemical National (bi-monthly)
154 Jan, 2 Deo. 16 to Dec. 25
Jan. 2 Holders of reo. Dec. 26a American Smelters Scour., pref. A (qu.). 144 Jan. 2 Deo. 16 to Deo. 25
2
Citizens' Central National (quar.)
Preferred B (quar.)
Jan. 2 Dec. 20 to Jan. 1
Jan. 2 Holders of rec. Dec. Ida
City, National (Brooklyn)(No. 129)...... 7
3
r
ef !
. err Snuff, crmon (quar.)
Amgrieaied
3
Dec..30 Holders of rec. Dec. 20
Colonial (quar.)
134 Jan. 2 Holders of reo. Deo. 15a
Deo. 30 Holders of rec. Dec. 20
3
Extra
Dm. 301916.]
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
2407
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
American Steel Foundries
14 Deo. 30 Holders of reo. Dec. 16a Federal 011, preferred (No. 1)
be. Jan. 1 Holders of reo. Dec. 20
Amer. Sugar Refg., corn. dr pref. (quay.). 14 Jan. 2 Holders of reo. Dec. la Galena-Signal 011, corn.(guar.)
3
Dec. 30 Holders of reo. Nov.29a
American Surety (guar.) (No. 110)..-. 14 Deo. 30 Holders of reo. Dec. 23a
Preferred (guar.)
2
Dec.
Holders of
Extra
Dec. 30 Holders of rec. Dec. 23a General American Tank Car, 1st & 2d pt. 14 Jan. 30 Holders of rec. Nov.290
1
1
reo. Dee. 20
Amer. Telephone & Telegraph (guar.).- 2
Jan. 15 Holders of rec. Dec. 30a Genelai Baking, pref. (guar.) (No. 20).. 1
Jan. 1 Holders of reo. Dec. 16a
American Thread, preferred
24 Jan
1 Nov. 15 to Nov. 30
General Chemical, common (guar.)
2
M ar. 1 Holders of reo. Feb. 21a
American Tobacco, pref. (guar.)
14 Jan. 2 Holders of roe. Dec. 150
Common (extra)
5
Feb. 1 Holders of rec. Dec. 30a
Amer.Typo Founders, common (guar.)._
1
Jan. 15 Holders of rec. Jan. 100
Common (special)
15
Feb. 1 Holders of rec. Dec. 30a
Preferred (guar.)
14 Jan. 15 Holders of roe. Jan. 100
Preferred (guar.)
134 Jan. 2 Holders of rec. Deo. 180
American Woolen, common (guar.)
14 Jan. 15 Dec. 12 to Dec. 27
General Electric (guar.)
2
Jan. 15 Holders of reo. Deo. 16a
Preferred (guar.)
14 Jan. 15 Dec. 12 to Dec. 27
General Fireproofing, common (quar.)
13( Jan. 1 Holders of reo. Deo. 20
Amer. Zinc, Lead & Smelt., common_ _ _ $1
Feb. 1 Holders of roe. Jan. 15a
Preferred (guar.) (No. 39)
14 Jan. 1 Holders of ree. Dec. 20
Preferred (guar.)
31.50 Feb. 1 Holders of reo. Jan. 15a General Gas & Electric, pref. (guar.).
- 13( Jan. 2 Holders of Lee. Dec. 23a
Anaconda Copper Mining
$2
Feb. 26 Holders of roe. Jan. 20a General Ry. Signal, corn. & pf. (guar.)._
134 Jan. 2 Holders of reo. Deo. 19
Anglo-American 011, Ltd
r5
Globe-Wernicke, preferred (guar.)
Jan. 15 Holders of coup. No. 12
134 Jan. 15 Holders of rec. Dec. 30 Extra
Gold dc Stock Telegraph (guar.)
r5
Jan. 15 Holders of coup. No. 12
14 Jan. 2 Holders of rec. Dec. 30a
Ansco Company (quar.)
Goodrich (B. F.) Co.. common (guar.)._
24 Jan. 1 Dec. 19 to Jan. 1
1
Feb. 15 Holders of reo. Feb. 2a
Arkansas Light & Power, pref. (guar.). _
14 Jan. 1 Holders of ree. Dec. 20
Preferred (quar.)
14 Jan. 2 Holders of reo. Dec.
Associated 011 (guar.)
14 Jan. 15 Holders of reo. Deo. 300 Goodyear Tire & Rubber, pref. (quar.).. 14 Jan. 2 Dec. 21 to Jan. 21a
1
Atlantic) Gulf & W.I. S.S. Lines, com__
Feb. 1 Holders of rec. Deo. 29a Gorham Manufacturing, pref. (guar.)_ _ _ _
5
134 Jan. 2 Holders of rec. Dec. 23a
Preferred (guar.)
14 Jan. 2 Holders of reo. Deo. 150 Granby Cons'd Min. Sm. dr P. (guar.)._
24 Feb. 1 Holders of rec. Jan. 18
Atlantic Steel, common (guar.)
Great Lakes Towing, pref. (guar.)
134 Jan. 10 Dec. 31 to Jan. 10
13( Jan. 2 Dec. 16
to Jan. 2
Common (extra)
Great Lakes Transit,common
Jan. 10 Dec. 31 to Jan. 10
1
$3.50 Jan. 1 Holders of rec. Dec. 27a
Baldwin Locomotive Works, pref
1 Holders of reo. Deo. 9a
334 Jan
Preferred (guar.)
14 Jan.
Holders of rec. Dec. 270
Baltimore Electric
$1.25 Jan. 2 Holders of rec. Dec. 15
Gulf States Steel. common (No. 1)
2
Jan. 2 Holders of reo. Deo. 15a
Baltimore Tube, Ino.,com.drpref.(quar.)- 14 Jan. 2 Holders of reo. Dec. 20
Gulf States Steel. 1st preferred (quar.)
14 Jan. 1 Holders of ree. Deo. Ira
Barnhart Bros.& Spindier,Ist& 2d pf.(qu) 14 Feb. 1 Holders of rec. Jan. 27a Gulf States Steel, 2d pref. (guar.)
14 Feb. 1 Holders of reo. Dec. 15a
14 Jan. 2 Holders of rec. Deo. 20a Harbison-Walker Refrao.. pref. (guar.)._
Barrett Company, common (guar.)
10
Jan. 25 Holders of rec. Dec. 200 Harrisburg Light & Power, pref. (guar.) 134 Jan. 20 Holders of rec. Jan. 10a
Common (extra)
134
14 Jan. 15 Holders of rec. Jan. Sc Harrison Bros. & Co., Inc., pref. (guar.). 14 Dec. 31 Yielders of rec. Dec. 20
Preferred (guar.)
Feb. 1 Holde.s of rec. Jan. 25
2
Jan. 15 Holders of rec. Deo. 31
Bell Telephone of Canada (guar.)
Hart, Schaffner de Marx, pref. (quar.)
14 Dec. 30 Holders of reo. Dec. 20a
Bell Telephone of Pennsylvania (guar.)__ _
134 Jan. 15 Holders of rec. Jan. 5
Hartford City Gas Light, corn. (quar.). 75o. Dec. 30 Dec. 19 to Jan.
I
Bethlehem Steel, common (guar.)
74 Jan. 2 Holders of rec. Dec. 15a
Preferred (guar.)
50c. Dec. 30 Deo. 19 to Jan. 1
Preferred (guar.)
14 Jan. 2 Holders of rec. Dec. 15a Haskell & Barker Car (No. 1)
750 Jan. 2 Holders of reo. Deo. 150
Billings & Spencer (guar.)
2
Jan. 1 Holders of rec. Deo. 23a Haverhill Gas Light (guar.)(No. 84)__ $1124 Jan. 2 Holders
Extra
3
Jan. 1 Holders of rec. Deo. 230 Helme (George W.) Co., common (guar.) 24 Jan. 2 Holders of rec. Dec. 16a
of rec. Dec. 16a
Booth Fisheries, pref. (quar.)
14 Jan. 2 Holders of reo. Dec. 210
Common (extra)
4
Jan. 2 Holders of reo. Dec. 16a
Brier HIU Steel, common (guar.)
14 Jan. 1 Deo. 21 to Jan. 1
Preferred (guar.)
14 Jan. 2 Holders of rec. Dec. 16a
Common (extra)
2
Jan. 1 Dec. 21 to Jan. 1
Hendee Mfg., pref. (guar.) (No. 13).... 14 Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
ln Jan. 1 Dec. 21 to Jan. I
HerculesPowder, common (guar.)
2
Deo. 23 Dec. 16 to Deo. 22
British-Awrican Tobacco ordinary
(o5
Jan. 31
See note (u)
Holly Sugar Corp., pref. (guar.)
14 Feb. 1 Holders of rec. Jan. 15
Ordinary (interim)
o6
Jan. 31
See note (u)
Howe Scale, common (guar.)
sl
Jan. 1 Holders of recs. Dec. 20
Brooklyn Union Gas (guar.) (No. 63)
14 Jan. 2 Holders of reo. Deo. 140
Preferred (guar.)
sl
Jan. 1 Holders of rec. Dec. 20
Extra
1
Jan. 2 Holders of roe. Dec. 14a Hupp Motor
Brunswiok-Balke-Collender, pref. (guar.) 14 Jan. 1 Holders of reo. Deo.d20a Illinois Brick Car Corp., pref.(qu.)(N0.5) 13( Jan. 2 Holders of rec. Dec. 20
(guar.)
14 Jan. 15 Holders of rec. Jan. 5
Buffalo General Elec. (guar.) (No. 89).. 134 Deo. 30 Holders of rec. Dec. 20
Indiana Pipe Line (guar.)
$2
Feb. 15 Holders or rec. Jan. 25
BushTerminal,common
24 Jan. 15 Holdele of rec. Jan. ea
Extra
$1
Feb. 15 Holders of rec. Jan. 25
Common(nagable in corn. stock)_
/24 Jan. 16 Holders of rec. Jan. 6a Indianapolis Gas
$1.50 Dec. 30 Holders of reo. Dec. 9
Preferred
3
Jan. 15 Holders of rec. Jan
6a Ingersoll-Rand, preferred
3
Jan. 2 Holders of rec. Dec. 15a
Butte-Superior Mining (guar.)
$1.25 Dec. 30 Holders of rec. Dec. 15a Inspiration Consolidated Copper
82 Jan. 29 Holders of roe. Jan. 12
Extra
$5 Deo. 30 Holders of reo. Deo. 15a Internal. Buttonhole Sewing Mach. (gu.)_ _
1
Jan. 15 Holders of rec. Jan. 2
California Electric Generating, prof.
14 Jan. 2 Holders of rec. Dee. 22a Inter. Harvester of N.J., com.(qu.)
(qu.)
(No.28) 14 Jan, 15 Holders of roe. Dec. 23a
California Packing Corp., pref
$1.38 Jan. 1 Dec. 19 to Dec. 30
International Paper, pref. (guar.;
134 Jan. 15 Holders of rec. Jan. 4a
California Petroleum Corp., pref. (guar.) 1
Jan. 1 Holders of rec. Dec. 20a International Salt (guar.)
1
Dec. 30 Dec. 16 to Jan. 1
Canadian Cense!. Rubber, Pref. (guar.) _
14 Dec. 31 Holders of reo. Dec. 22a
Extra
1
Dec. 30 Dec. 16
Canadian Cottons, Ltd., common (quar.) 1
Jan.
Jan. 4 Deo. 23 to Jan. 3
International Silver. preferred (quar.)... 14 Jan. 2 Dec. 17 to Jan. 1
to
1
Preferred (guar.)
134 Jan. 4 Deo. 23 to Jan. 3
Island Creek Coal, common (guar.) _ _ 50e. Jan. 2 Holders of rec. Dec. 22
Canadian Crocker Wheeler'Ltd.,com.(qu.) 14 Dec. 31 Deo. 15 to Dec. 31
Common (extra)
31 Jan. 2 Holders of rec. Dec. 22
Preferred (guar.)
14 Dec. 31 Dec. 15 to Dec. 31
Preferred (quar.)
$1.50 Jan. 2 Holders of rec. Dec. 22
Canadian Gen.EI., Ltd.,com.(qu.)(No.70) 24 Jan. 1 Holders of reo. Dec. 15a Isle Royal Copper
(guar.) (No. 4)
$1 Jan. 31 Holders of rec. Dec. 30
Canadian Locomotive, preferred (guar.). 134 Jan. 1 Holders of rec. Dec. 20a
Extra
$1 Jan. 31 Holders of rec. Dec. 30
Carbon Steel, 1st preferred
4
Jan. 5 Deo. 31 to Jan. 5
Jewell Tea, Inc.. pref. (quar.)____
13( Jan. 2 Holders of rec. Dec. 20a
Cardenas-American Sugar, pref. (quar.)
14 Jan. 2 Holders of reo. Dec. 26
Kansas Gas dr Elec.. pref.
(No. 27). 14 Jan. 2 Holders of rec. Dec. 22
Case (J. I.) Threshing Mach., pref.(quar.) 14 Jan. 1 Holders of rec. Deo. 110 Kaufmann Dept. Stores, (qu.)
Inc.. pref. (qu.) 13( Jan. 2 Holders of rec. Deo. 20
Celluloid Company (guar.)
2
Deo. 30 Holders of roe. Deo. 15a Kayser (Julius) dr Co., common (guar.)._
134 Jan. 2 Holders of rec. Dec. 200
Extra
2
Deo. 30 Holders of rec. Deo. 15a
Common (extra)
1
Jan. 2 Holders of tee. Dec. 20a
Central Aguirre Sugar
common.._ _
234 Jan. 2 Holders of reo. Deo. 26
1st and 2d preferred (guar.)
13( Feb. 1 Holders of rec. Jan. 200
Central Coal & Coke, pref. (quar.)
Cos.,
14 Jan. 15 Deo. 31 to Jan. 15 ' Kelly-Springfield Tire, 8% pref. (guar.)
- 134 Jan. 2 Holders of rec. Deo. 16a
Central Leather, common (extra)
2
Dec. 30 fielders of rect. Dec. la Kelsey Co., Inc , common (guar.)
134 Jan. 2 Holders of rec. Dec. 26
Preferred (auar.)
13( Jan. 2 Holders of reo. Deo. 9a
Preferred (guar.)
14 Jan. 2 Holders of rec. Dec. 26
Central Leather, common (guar.)
131 Feb. 1 Holders of rec. Jan. 10a Kennecott Copper Corp.(guar.)
Central & S. A. Telegraph (guar.)
14 Jan. 10 Holders of roe. Dec. 30a Keystone Telephone. preferred (No.4)_ $1.50 Dec. 30 Dee. 16 to Deo. 25
h$1
Feb. 1 Holders of
Central States EI.Corp.,pf.(qu.)(No. 18) 14 Dec. 30 Holders of reo. Deo. 9
20a
Keystone Tire dr Rubber, corn. (quar.).. 30e. Jan. 2 Holders of rec. Jan. 22
Chalmers Motor Corporation
rec. Dec.
75o. Jan. 15 Holders of reo. Jan. 5
Preferred (quar.)
20c. Jan. 2 Holders of tee. Deo. 22
Chandler Motor Car (guar.)
2
Jan. 2 Holders of roe. Deo. 18a
Preferred (extra)
3 1-30. Jan. 2 Holders of reo. Dec. 22
Extra
1
Jan. 2 Holders of rec. Dec. 18a Koib Bakery,
preferred (guar.)(No. 20). 14 Jan. 1 Holders of roe. Dec. 16a
Charcoal Iron of America, preferred
h20c. Feb. 28 Holders of rec. Feb. 15
Kresge(S. S.) Co.,common
15o. Jan. 2 Holders of rec. Deo. 22a
Charcoal Iron Co. of America
20c. Jan. 31 Holders of roe. Jan. 15
Preferred (guar.)
174o. Jan. 2 Holders of rec. Dec. 22a
Charcoal iron Co. of Am., preferred
100. Dec. 30 Holders of rec. Deo. 15
Kress (8. H.)& Co.. Pro!.(guar.)
14 Jan. 2 Holders of rec. Dec. 20a
Chicago Pneumatic Tool (guar.)
1
Jan.• 25 Holdeis of rec. Jan. 15
La Belle Iron Works, common
1
Jan. 31 Holders of rec. Jan. 20
Chicago Telephone (guar.)
2
Dee. 30 Holders of reo. Deo. 290 Lackawanna Steel. common (quar.)
14 Deo. 30 Holders of tee. Deo. 150
Chino Copper (guar.)
$1.50 Dec. 30 Holders of roe. Dec. 15a
Common (extra)
3
Dec. 30 Holders of reo. Dec. 150
Extra
31 Deo. 30 Holders of reo. Deo. 15a Laclede Gas Light, common (extra)
10
Jan. 2 Holders of rec. Dec. 280
Cincinnati Gas dr Electric (quar.)
14 Jan. 1 Deo. 15 to Dec. 21
Lake Torpedo Boat, first preferred
35o. Dec. 30 Deo. 22 to Jan. 1
Cincinnati Gas Transportation
10
Jan. I Dec. 20 to Jan. 1
La Rose Consolidated Mines (quar.)
Sc. Jan.d20 Dec. d31 to Jan. 17
Cincinnati & Suburban Bell Tele') (guar.) 24 Jan. 2 Deo. 25 to Jan. 1
Laurentide Pulp & Paper (quar.)
2
Jan. 2 Holders of rec. Dec. 26
City Investing, preferred (guar.)
134 Jan. 2 Holders of ree. Deo. 27
Lawyers' Mortgage (guar.) (No. 61)
3
Dec. 30 Holders of recs. Dec. 21
Cluett. Peabody & Co., Inc.. pref. (qu.) 13( Jan. 2 Holders of roe. Dee. 20a Lehigh Valley
Coal Sales (guar.)
$1.25 Jan. 20 Holders of roe. Jan. 8
Colorado Power. common (guar.)
34 Jan. 15 Holders of rec. Dec. 300 Library Bureau, pref. (guar.)
2
Jan. 1 Holders of rec. Dec. 21
Colt's Patent Fire Arms Mfg.(guar.)
4
Deo. 30 Holdels of reo. Dec. 160
Preferred (account accumulated diva.) h2
Jan. 1 Holders of rec. Dec. 21
Extra
16
Deo. 30 Holders of reo. Deo. 16a Liggett dr Meyers Tobacco, pref.(quar,)_
13( Jan. 1 Holders of rec. Dec. 150
Commonwealth Gas & Elec. Cos., cons_ _ _ _
50c. Jan. 15 Holders of rec. Jan. la Lone Star Gas
134 Deo. 30 Holders of tee. Dec. 23
(War.)
Preferred (guar.)
$1.50 Jan. 15 Holders of roe. Jan. 1
Extra
)4 Deo. 30 Holders of reo. Dec. 23
Computing-Tabulating-Recording (guar.) 1
Jan. 10 Holders of reo. Deo. 234 Loose-Wiles Biscuit, hat pf.(qu.)
(No.19) 14 Jan. 1 Holders .of reo. Deo.184
Cons. Gas,El. L.& P., Balt., corn.(qu.)
14 Jan. 2 Holders of rec.
3
Jan. 2 Holders of reo. Deo. 150.
Consol. Interstate-Callahan Mining (qu.) $1.50 Dec. 30 Holders of reo. Dee. 154 Lorillard (P.) Co., common (guar.)
Deo. 23a
Preferred (glum)
13( Jan. 2 Holders of roe. Deo. 15a
Consumers' El. Lt. & P. N. 0. prof
14 Dec. 31 Deo. 10 to Deo.
IkfacAndrews & Forbes, common (quar.)_
234 Jan. 15 Holders of tea. Deo. 310
Consumers' Power (Mich.),
pref.equar.). 14 Jan. 2 Holders of reo. Dec. 31
18a
Common (extra)
234 Jan. 15 Holders of roe. Dec. 31a
Continental Can,Ino., common (quar.)
134 Jan. 1 Holders of reo. Deo. 20a
Preferred (quar-)
134 Jan. 15 Holders of reo. Dec. 31a
Preferred (guar.)
13( Jan. 1 Holders of reo. Dec. 200 Mackay Companies, corn.
(qu.)(No.46). 13( Jan. 2 Holders of recs. Dec. 9a
Continental Gas & Elec. Corp., corn. (qu.)..
34 Jan. 1 Dee. 23 to Dec. 31
Preferred(guar.)(No. 52)
1
Jan, 2 Holders of rec. Dec. 9a
Preferred (guar.)
4 Jan. 1 Dec. 23 to Dec. 31
Magma Copper Co. (guar.)
500. Dec. 30 Holders of rec. Dec. 8
Corn Products Refining, pref. (quar.)
14 Jan. 15 Holders of rec. Jan. 3a Menet! Sugar. pref. (guar.)
13( Jan. 2 Holders of rec. Deo. 23
Prof. (account accumulated (iivid'ds)_ h5
Jan. 15 Holders of ref). Jan. 3a Manhattan Elec. Supply 1st & 2d pf.(qu.) 14
Jan. 2 Deo. 21 to Jan. 2
Creamery Package Mfg.,com.dr prof.
134 Jan. 10 Holders of ree..Tan. 1
Manhattan Shirt, pref. (guar.)
13( Jan. 2 Holders of rec. Dec.
Cresson Consol. Gold M. & M.(No. 61)_
10c. Jan. 10 Holders of rec. Dec. 30
Manning. Maxwell & Moore. Inc. (qu.). 14 Jan. 3 Holders of roe. Dec. 180
Crucible Steel, pref. (extra)(No. 51)__ _ h2
31
Jan. 31 Holders of reo. Jan. 16a Manufacturers' Light & Heat (guar.)
2
Jan, 15 Holders of rec. Dec. 30
Cuba Cane Sugar, preferred (guar.)
13( Jan
2 Holders of rec. Dec. 154 Marlin Arms
580. Jan. 5 Holders of reo. Jan. 1
Cuban-American Sugar, corn. (quar.)
24 Jan. 2 Holdera of tee. Deo. 15a Massachusetts Prof Co., common
Gas
(guar.) $1.25 Feb. 1 Holders of rec. Jan. 15
Preferred (guar.)
13( Jan. 2 Holders of roe. Deo. 130 Massachusetts Lighting Cos.,
corn. (qu.)
25e. Jan, 15 Holders of rec. Dec. 26a
Curtiss Aeroplane & Motor, pref
334 Jan. 15 Holders of roe.
Preferred (guar.)
31.50 Jan. 15 Holders of rec. Dec. 26a
Dayton Power & Light, pref. (quar.).... 134 Jan. 2 Holders of reo. Jan. la
234 Jan. 2 Holders of rec. Dec. lb
Deia ware Lackawanna & Western Coal_ _ _ $1.25 Jan. 15 Holders of rec. Dec. 20a Maxwell Motor. Inc.. corn. (guar.)
Dec. 30a
First preferred (guar.)
13( Jan, 2 Holders of rec. Dec. lla
Detroit Edison (guar.)
Jan. 15 Holders of reo. Deo. 30a
2
Second preferred (guar.)
1)4 Jan
2 Holders of rec. Dec. 1 la
Distillers' Securities Corporation
Holders
Jan.
Dodge Mfg., pref. (guar.) (No. (guar.) 14 Jan. 15 Dec. 22 of reo. Dec. 18a May Department Stores, preferred (guar.) 14 Jan. 2 Holders of rec. Deo. 180
13(
2
to Jan. 1
24)--McCrory Stores, pref. (guar.)
Dominion Glass, Ltd. pref.
14 Jan. 1 Holders of rec. Dec. 20
14 Jan. 1 Holders of roe. Deo. 12
(guar.).Merchants' Despatch Transportation_ _
24 Dec. 30 Holders of roe. Dec. 23a
Dominion Textile, Ltd.. corn.
Mergenthaler Linotype (guar.)
Dominion Textile. Ltd., pref.(quar.).. 14 Jan. 2 Holders of reo. Deo. 15
234 Dec. 30 Holders of rec. Dec. 20
(guar.)
14 Jan. 15 Holders of roe. Dec. 30a
Extra
Draper Corporation (guar.)
234 Deo. 30 Holders of rec. Dec. 2a
2
Jan. 2 Holders of rec. Dec. lea Mexican Petroleum. Ltd., pref.(quar.)
Duluth Edison Elec., prof.(quar.)
2
Jan. 2 Holders of rec. Dec. 150
(No.43) 134 Jan.
Mexican Telegraph (guar.)
234 Jan. 17 Holders of rec. Dec. 30a
du Pont(E. I.) de Nern.Powd..com.(gu.). 134 Feb. 2 Holders of reo. Deo. 19
1 Holders of reo. Jan. 220 Michigan Light. preferred (guar.)
Preferred (guar.)
13.4 Jan. 2 Holders of reo. Dec. 15
14 Feb. 1 Holders of reo. Jan. 22a Michigan Lftne.sione &
Chemical, pf. (qu.). 14 Jan. 15
Duquesne Bond Corporation, pref. (quar.)_
14 Jan. 15
Michigan State Telephone. pref. (guar.). 14 Dec. 30 Dec. 27 to Jan. 1
Eastern Light & Fuel (guar.)
2
Jan. 2 Holders of reo. Dec. 23a Midwest 011. pref. (No. 18)
2c. Jan. 20 Holders of rec. Jan. 2a
Eastern Steel Co., 2d preferred
(1) Deo. 30 Holders of rec. Dec. 23
Montana Power, corn. (guar.)(No. I7)_. 1
Jan. 2 Holders of reo. Dec. 15a
Eastman Kodak. common (guar.)
24 Jan. 1 Holders of rec. Nov. 300
Preferred(guar.) (No. 17)
Preferred (quar.)._....
134 Jan. 2 Holders of reo. Dec. 15a
14 Jan. 1 Holders of reo. Nov. 30a Montgomery Ward &
Co., pref. (guar.) - 14 Jan. 1 Holders of rec. Dec. 200
Edmunds & Jones Corp., common (guar.) $1
Jan. 2 Deo. 21 to Jan. 1
Morris Plan Co.of New York
1)4 Jan. 2 Holders of reo. Dec. 22
Preferred (guar.)
154 Jan, 2 Dec. 21 to Jan.
Mortgage-Bond Co.(guar.)
14 Dec. 30 Holders of rec. Dec.
Eisenlohr (Otto)& Bros., Inc., pret(guar.) 14 Jan. 1 Holders of reo. Dec. 1
Mountain States Telep. & Teleg. (guar.).. 14 Jan. 15 Holders of rec. Dec. 22
20
Power of Abington &
Electric Light &
31a
National Biscuit, corn. (guar.) (No.
14 Jan. 15 Holders of rec. Dec. 28a
Rockland, Mass. (No. 47)
4
Jan. 2 Holders of rec. Deo. 26a NationalCarbon, common (guar.) 74). 2
Jan, 15 Holders of rec. Jan. 5a
Elea. Stor. Batt. corn. & pref. (guar.).- 1
Jan, 2 Holders of reo. Dee. 18a
Common (extra)
2
Jan. 15 Holders of rec. Jan. 60
Electrical Securities Corp., corn. (guar.) 2
Deo, 31 Holders of rec. Deo. 29a Nat. Enamel & Stamping, pref.
(quar.).. 134 Dec. 31 Dec. 12 to Dec. 31
Preferred (guar.)
14 Feb. 1 Holders of rec. Jan. 260 National Fuel Gas
234 Jan, 15 Holders of rec. Dec. 30
(quay.)
Empire Steel & Iron, preferred
3
Jan. 1 Deo. 21 to Jan. 1
Nat. Gas. Elec. L.& Pow.. corn. (quar.). 1
Erie Lighting, preferred (guar.)
Jan. 1 Dec. 23 to Jan. 1
14 Jan. 1 Holders °firm Dec. 15a
Preferred (guar.)
134 Jan. I Dec. 23 to Jan. 1
Eureka Pipe Line (guar.)
6
Feb. 1 Holders of ree. Jan. 15
National Glue, common
2
Jan. 1 Holders of rec. Dec 18
Fairbanks, Morse & C's., common (quar.)- 25.; Doe. 30
Holders of rec. Dec. 20
Preferred (guar.)
2
Jan. 1 Holders of rec. Dec. 16
National Lead, common (guar.)
1
Dec. 30 Holders of rec. Dec. to
Name of Company..
Name of Company.
Name of Company.
[VOL. 103.
THE CHRONICLE
2408
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Per
When
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Miscellaneous (Continued).
75e. Jan. 3 Holders of rec. Deo. 20
Torrington Co., common
134 Dec. 30 Holders of rec. Dec. 23
National Licorice, pref. (auar.)(No. 58)_
25e. Jan. 3 Holders of reo. Dec. 20
Common (extra)
134 Jan. 15 Holders of rec. Dec. 31a
National Paper & Type, corn. (guar.)._
87340. Jan. 1 Holders of roe. Deo. 22
Preferred
14 Jan. 15 Holders of rec. Deo. 31a
Preferred (guar.)
Jan. 11 Holders of rec. Deo. 29
Transue & Williams Steel Forg.(No. 1)... $1
Jan. 1 Holders of rec. Deo. 15
2
National Refining, pref. Mar./
Underwood Typewriter, common (quar.) 134 Jan. 1 Holders of rec. Dec. 20a
(No.4). 1s4 Jan, 15 Holders of rec. Dec. 30a
National Steel Car, Ltd., pf.(qu.)
Preferred (quay.)
134 Jan. 2 Holders of rec. Dec. 11
134 Jan. 1 Holders of rec. Dec. 20a
National Sugar Refining (quar.)
Jan. 3 Dec 17 to Jan. 2
2
Union Carbide (guar.)
3
2 Holders of rec. Dec. 15a
Jan
National Surety (guar.)
Union Natural Gas Corp. (guar.)
234 Jan. 15 Dec. 31 to
Jan. 15
134 Jan 30 Holders of rec. Dec. 30
Nevada-California Elec. Corp., pref
50c. Deo. 30 Holders of reo. Dec. 15a Union Switch & Signal, corn. & pref. (qu.) $1.50 Jan. 15 Holders of reo. Deo. 30
Nevada Consolidated Copper (quar.)
Jan. 10 'folders of reo. Deo. 28
Dec. 30 Holders of reo. Dec. 15a United Alloy Steel Corp.(guar.)(No. 1). Si
$1
Extra
1
134 Apr. 2 Holders of reo. Mar. 14
United Dyezcood Corporation, common __ _
New England Oil & Pipe Line, pref. (qu.) 134 Jan. 2 Dec. 24 to Jan
ylU Apr. 2 Holders of roe. Mar. 14
Preferred (quar.)
Dec. 30 Holders of rec. Dec. 20a
New England Telep. & Teleg. (guar.)._
Dec. 30 Holders of rec. Dec. 26a
United Dyewood Corp., pref.(No.1)_ 1 1-6 Jan. 2 Holders of rec. Deo. 14a
New Idria Quicksilver Mining (guar.)._ $1
2
Jan. 15 Holders of reo. Dec. 23a
United Fruit (quar.) (No. 70)
Feb. 10 Holders of rec. Jan. 31
4
New Jersey Zinc (guar.)
United Gas & Elec. Co., pref.
Jan. 10 Holders of rec. Dec. 30
10
234 Jan. 15 Holders of rec. Dec. 30
Extra
Jan. 15 Holders of reo. Deo. 30a
El
Jan. 10 Holders of rec. Dec. 26a United Gas Improvement (guar.)
4
New York Mutual Gas Light
134 Jan. 15 Dec. 31 to
Jan. 14
United Paper Board, Inc., pref. (quar.)
134 Jan. 2 Holders of rec. Deo. 22
New York Title & Mortgage (quar.)
United Shoe Machinery, common (guar.) d50o. Jan, 5 Holders of roe. Deo. 19
Jan. 15 Holders of reo. Dec. 23
4
New York Transit (guar.)
'/13734 Jan. 5 Holders of roe. Deo. 19
2
Preferred (guar.)
Jan. 15 Holders of rec. Dec. 23
Extra
134 Dec. 30 Dec. 15 to
Deo. 22
U. S. Gypsum. preferred (guar.)
Jan. 15 Holders of rec. Dec. 30a
2
Niagara Falls Power (guar.)
Jan. 15 Holders of rec. Deo. 23a
2
U. S. Industrial Alcohol,pf.(qu.) (No.41) 134 Jan. 15 Holders of roe. Deo. 300
Nip° Bay Co., common (guar.)
United Stales Smelt., Refg. & M.,com.(qu.) $1.25 Jan. 15 Holders of rec. Jan. 6
25c, Jan. 20 Dec. 31 to Jan. 17
Nipissing Mines (guar.)
Jan. 17
Preferred (guar.)
25c. Jan. 20 Dec. 31 to
8735o. Jan. 15 Holders of rec. Jan. 6
Extra
be. Dec. 30 Holners of reo. Deo. 16
134 Jan. 2 Holders of reo. Dec. 15a U. S. Steamship
North American Co. (guar.) (No. 51)
134 Deo. 30 Dec. 2 to Deo. 10
U. S. Steel Corporation, corn. (quar.)._
75c. Jan. 29 Holders of rec. Jan. 12a
North Butte Mining (qu.) (No. 41)
Dec. 30 Dee. 2 to Deo. 10
1
Common (extra)
Jan. 3 Holders of rec. Deo. 13
5
Northern Pipe Line
52.50 Dec. 30 holders of rec. Deo. 15a
Utah Copper (guar.)(No. 34)
Northern States Power,common (guar.)134 Jan. 15 Holders of rec. Dec. 30
Extra (No. 4)
Deo. 30 lloiders of rec. Dec. 15a
$1
134 Jan. 20 Holders of rec. Dec. 30
Preferred (guar.)
Utah Gas & Coke, pref. (guar.)
Jan. 1 Holders of rec. Dec. 20a
434 Jan. 2 Holders of rec. Dec. 20a
Northwestern Power, preferred
Jan. 15 Holders of rec. Dee. 30
Victor Talking Machine, common (quar.)
Jan. 15 Dec. 31 to Jan. 5
2
Nova Scotia Steel & Coal, pref. (guar.)._
Preferred (guar.)
134 Jan. 15 Dee. 31 to Jan. 5
Ogilvie Flour Mills, common (guar.). - 234 Jan. 2 Holders of reo. Deo. 20a
75e. Feb. 1 Holders of rec. Jan. 15a
Jan. 14
Virginia-Carolina Chemical, common
50c. Jan, 15 Dec. 31 to
Ohio Fuel Supply (guar.)
Jan. 15 Holders of rec. Dec. 30a
2
Preferred (guar.) (No. 85)
134 Jan. 1 Holders of rec. Dec. 20a
Ohio State Telep., pref. (guar.)
Jan. 20 Jan. 9 to
3
1Vells, Fargo & Co. (guar.)
134 Jan. 20 Holders of reo. Jan. 9
Oklahoma Natural Gas (guar.)
$33.33 Jan. 20 Jan. 9 to
Extra
134 Jan. 2 Holders of rec. Dec. 18a
Old Colony Gas, preferred (guar.)
Weisbach Company, preferred
334 Dec. 30 Holders of reo. Dec. 23
Jan. 2 Dec. 23 to Jun. 2
3
Old Dominion Steamship
Western Electric, Ino., common (quar.)_ _
$2 Dec. 30 Holders of rec. Deo. 23a
234 Feb. 1 Holders of rec. Jan. 20a
Omaha Elec. Light & Power, pref
134 Dec. 30 Holders of reo. Dec. 23a
Jan. 10
Preferred (guar.)
Jan. 10 Jan. 3 to
2
Osage & Oklahoma Co. (guar.)
$1.20 Jan. 15 Holders of fee. Dee. 30
Western Power Co., preferred (guar.)
Jan. 31 Holders of reo. Dec. 30a
Osceola Consol. Mining (quar.) (No. 85) 56
Jan. 15 Holders of rec. Dec. 30
1
Western Power Corporation, pref. (quar.)_ _
131 Jan. 15 Holders of rec. Dec. 30
Otis Elevator, common (guar.)
Jan. 15 Holders of roe. Deo. 200
Western Union Telegraph (Ou.)(No. 191)
134 Jan. 15 Holders of rec. Deo. 30
Preferred (quar.)
Jan. 15 Holders of roe. Deo. 20a
1
Extra
Ottawa Light, Heat & Pow.(quo(N0.42) 134 Jan. 1 Holders of roe. Dec. 20a
Jan. 20 Holders of roe. Deo. 30a
$2
Owens Dottie Machine, common (quar.). 750. Jan, 1 Holders of rec. Dec. 22a Westinghouse Air Brake (quar.)
500. Jan. 1 Holders of rec. Deo. 22a Westinghouse Elec. dr Mfg., corn. (guar.) 8730 Jan. 31 Holders of rec. Deo. 30a
Common (extra)
Preferred (guar.)
8730 Jan. 15 Holders of reo. Dec. 30a
134 Jan, 1 Holders of rec. Deo. 22
Preferred (guar.)
Jan. 2 Dec. 20 to Jan. 2
2
Westmoreland Coal (guar.)
13,', Jan. 15 Jan. 1 to Jan. 15
.
Pacific Telephone & Teleg., pref. (guar.) _
Jan. 2 Holders of rec. Deo. 16a
Weyman-Bruton Co., common (guar.)._
3
Feb. 1
2
Packard Motor Car, common Mari__ _ _
Jan. 2 Holders of roe. Dec. 10a
4
Common (extra)
Jan. 2 Holders of rec. Dec. 15a
Pan-Amer. Petrol. & Transp., pref. (qu.)
134 Jan. 2 Holders of reo. Deo. 16a
Preferred (guar.)
Feb. 15 Holders of rec. Feb. 5a
1
Penmans. Limited, common
Dee, 31 Holders of rec. Dec. 15a
$1
White Motor (guar.)
Feb. 15 Holders of rec. Feb. 5a
1
Common (bonus)
Willys-Overland, pref. (guar.)
134 Jan. 2 Holders of reo. Dec. 200
134 Feb. 1 Holders of rec. Jan. 22a
Preferred (quar.)
Jan. 2 Holders of reo. Dec. 20
Wilson & Co., Inc., preferred (quar.)_ _
Jan. 2 Holders of rec. Dec. 28
1
Power, pref. (qu.)
Penn Central Light
Jan. 15 Holders of rec. Dec. 30
Woolworth (F. W.) Co., pref. (quar.)
2
134 Jan. 2 Holders of rec. Deo. 90
Pennsylvania Salt Mfg. (guar.)
Worthington Pump & Mach.,pref.A (q u.) 134 Jan. 2 Holders of reo. Deo. 210
Pennsylvania Water & Pow.(qu.)(No.12) 1 Yi Jan. 2 Holders of rec. Dec. 19
134 Jan. 2 Holders of rec. Dee. 22
134 Jan. 2 Holders of rec. Dec. 20a Yale & Towne Mfg Co. (guar.)(No. 87)
Pettibone-Nlulliken Co.,first pref.(quar.)Jan. 1 Holders of reo. Deo. 20a
Second preferred (guar.)
134 Jan. 2 Holders of reo. Dec. 20a YoungstownSheet ,t/ Tube, corn. (guar.) 2
(o) Jan. 2 Holders of reo. Deo. 20
Preferred (guar.)
134 Jan. 1 Holders of reo. Dec. 200
Pierce-Arrow Motor Car, preferred
Deo. 10
El
Dee. 30 Deo. 9 to
Yukon-Alaska Trust (guar.)
Pittsburgh Coal, pref. (guar.)
134 Jan. 25 Holders of rec. Jan. 12
Jan. 1
Yukon Gold. (guar.)
7340. Deo. 30 Dee. 9 to Deo. 13
Pittsburgh Plate Glass, common (guar.) _
134 Deo. 30 Dec. 17 to
Jan. 31 Holders of roe. Deo. 30a
3
Prairie Oil & Gas (guar.)
a Transfer books not closed for this dividend. b Less British income tax. d CorJan, 31 Holders of roe. Deo. 30a
2
Extra
Jan, 31 Holders of reo. Deo. 30a rection. e Payable in stock. !Payable in common stock. g Payable in scrip.
5
Prairie Pipe Line (quar.)
Jan. 31 Holders of reo. Deo. 30a h On account of accumulated dividends. t Declared 1%, payable one-half Dec.
5
Extra
20 and one-half March 20 1917. k Declared 3%,134% payable as above and 134%
Jan. 15 Holders of rec. Dec. 30
2
Procter & Gamble, pref. (quar)_
July 1 1917 to holders of record June 15 1917. n Declared 7% on corn, stock and
234 Dec. 31 Holders of reo. Nov. 29
Producers Oil (quar.)
Jan. 2 Holders of rec. Dec. 22a 8% on pref., payable in guar. installments of 131% and 2%,respectively, as follows:
3
Public Utilities Co., preferred
Dec. 30 to holders of record Deo. 22: Mar. 31 1917 to holders of record Mar. 23 1917:
250. Feb. 1 Jan. 26 to Jan. 31
Pyrene Mfg., corn. (quar.)1(No. 17).
234 Jan. 15 Holders of rec. Dec. 30a June 30 1917 to holders of record June 22 1917; Sept. 29 1917 to holders of record
Quaker Oats, common (quar.)
134 Feb. 28 Holders of rec. Feb. la Sept. 21. o At rate of 8% per annum for period from Dec. 6 to Dec. 31. p DePreferred (guar.)
134 Deo. 30 Holders of reo. Deo. 15a clared 5% on 1st pref., payable 234% as above and 234% July 2 1917. r Par of
Railway Steel-Spring, corn.(guar.)
shares, Ll. s Declared 4% on corn. and 7% on pref., payable in quarterly install75e. Deo. 30 Holders of roe. Deo. 15a
Ray Consolidated Copper (guar.)
25e. Deo. 30 Holders of reo. Dec. 15a ments. I Declared payable all accumulated dividends on the 2(1 pref. stock since
Extra
the issuance of said stock. u Transfers received in order in London not later than
Jan. 15 Holders of rec. Jan. 5
3
Realty Associates (No. 28)
Jan. 9 will be in time to be passed for payment of dividends to transferees. e DirecJan. 15 Holders of rec. Jan. 2
3
Reece Buttonhole Mach. (qu.) (No. 123)
tors also recommend a distribution of one share of $5 par' of the ordinary shares of
Jan. 15 Holders of rec. Jan. 2
1
Reece Folding Machine (qu.) (No. 31).._
the Imperial Tobacco Co. of Canada for every four shares of British-Amer. Tobacco
reo. Dec. 22
' 1% Jan. 2 Holders of
Regal Shoe, pref. (guar.) (No. 88)
234 Jan. 2 Holders of rec. Deo. 15a ordinary shares held. w At rate of 8% per annum for period from Nov.27 to Dec.31.
Reo Motor Car, common (guar.)
(qu.)(No.53) 134 Jan. 1 Holders of reo. Deo. 16a y Declared 7%. payable in quarterly installments.
Republic Iron & Steel, pref
Jan. 1 Holders of reo. Deo. 160
Pref. (account accumulated dividends) h4
134 Feb. 1 Holders of rec. Jan. 15a
Republic Iron & Steel, corn. (No. 1).
-The clearings for the week
Canadian Bank Clearings.
Jan. 1 Holders of rec. Dec. 21
Reynolds (R. J.) Tobacco, corn. (quar.). 3
Jan. 1 Holders of reo. Deo. 21
5
Common (extra)
ending Dec. 23 at Canadian cities, in comparison with the
134 Jan. 1 Holders of reo. Deo. 21
Preferred (guar.)
same week in 1915, show an increase in the aggregate of
134 Jan. 2 Holders of reo. Dec. 26
Roanoke Gas Light, pref. (guar.)
Deo. 30 Holders of reo. Deo. 15a 22.0%.
Royal Baking Powder, common (quar.)_. 2
Deo. 30 Holders of reo. Deo. 15a
2
Common (extra)
134 Deo. 30 Holders of reo. Deo. 15a
Preferred (guar.)
Week ending December 23.
Jan. 10 Dec. 31 to Jan. 9
St.L.Rky.Mt.& Pao.Co.,com.(qu.)(No.11) 1
Clearings at
134 Dec. 30 Deo. 21 to Deo. 29
St. L. Rky. Mtn.& Pao. Co., pref. (qu.)
Inc. or
Jan. 17 Holders of rec. Jan. 3a
Saxon Motor Car Corporation
1913.
1914.
Dec.
1915.
1910.
Jan. 1
2
Scovill Manufacturing (guar.)
Jan. 1
10
Extra
$
Canada
Jan, 5
Special (pay. in Anglo-French bonds). 25
90,337,611 67,296,778 +32.8 44,796,484 45,068,025
Montreal
114 Jan. 1 Holders of reo. Dec. 15a Toronto
Sears, Roebuck & Co., pref. (quar.)
61,505,950 50,457,041 +22.1 28,598,048 35,542,386
234 Jan. 15 Holders of rec. Deo. 30a Winnipeg
Securities Company
+2.3 24,243,384 30,473,157
55,702,525 54,460,577
500. Jan. 20 Holders of reo. Deo. 30a Vancouver
Shattuck, Arizona Copper (quar.)
6,945,428 6,167,289 +12.6 5,711,457 8,780,392
750. Jan. 20 Holders of roe. Dec. 30a Calgary
Extra
6,496,522 5,230,077 +24.2 3,181,725 3,758,285
134 Jan, 10 Holders of reo. Dec. 290 Victoria
Shawinigan Water & Power (guar.)
+6.9 1,623,665 2,549,476
1,518,854 1,420,736
Sloss-Sheffield Steel & Iron, pref. (guar.) 134 Jan. 2 Holders of reo. Dec. 18a Edmonton
2,782,918 2,233,031 +24.6 2,292,909 3,420,001
(w) Jan. 15 Holdeis of rec. Deo. 31
Smith Motor Truck, pref. (No. 1)
6,146,188 4,541,636 +35.3 4,517,575 3,426,635
Ottawa
Southern California Edison, pref. (qu.)_ _ _
131 Jan. 15 Holders of rec. Dec. 31a
5,023,967 2,952,453 +70.1 2,237,490 3,496,841
Hamilton
Southern New England Telephone (quar.)_ _
134 Jan. 15 Holders of rec. Dec. 30a Quebec
4,856,129 3,309,254 +46.7 2,936,420 2,793,620
134 Dec. 30 Holders of rec. Dec. 18
Southern Utilities. preferred (quar.)_ _
940,198 1,482,915
1,977.816 1,584,753 +24.8
Saskatoon
Jan. 1
Dec. 30 Dec. 14 to
5
South Penn 011 (guar.)
3,532,835 2,663,986 +32.6 1,556,797 2,303.346
Regina
Dec. 30 Dec. 14 to Jan. 1
6
Extra
2,089,702 1,651,825 +26.5 1,536,426 1,386,305
St. John
Holders of rec. Deo. 15a Halifax
Jan. 2
South Porto Rico Sugar, common (guar.) 5
2,800,699 2,064,603 +35.6 1,919,896 1,870,783
Jan, 2 Holders of rec. Dec. 15a Moose Jaw
2
Preferred (guar.)
825,335 1,165,509
1,481,923 1,460,064
+1.5
Dec. 30 Holders of rec. Dec. 15
3
South West Pa. Pipe Lines (guar.)
2,154,957 1,818,469 +13.0 1,751,145 1,535,727
Deo. 15a London
131 Jan. 1 Holders of reo.
586,604
Southwestern Cities Elec., pref. (quar.)_ _
905,117
797,559 -12.2
700,380
Fort William
Jan. I Holders of rec. Dec. 27
2
.5
490,029
Spicer Mfg., 1st and 2d preferred
577,858
770,870
720,422
Brandon
Jan. 2 Holders of rec. Dee. 22
385,441
(No. 3). 2
Springfield Body Corp., pf. (qu.)
495,648
730,802 +43.2
1,046,943
Lethbridge
8730. Dec. 31 Dec. 17 to Dec. 31 Brantford
SpringValley Water (guar.)
499,377
517,928
581,629 +32.5
770,064
134 Deo. 30 Dee. 20 to Jan. 1
235.471 +29.4
Standard Gas Light (N. Y.), common_
295,037
390,284
304,350
New Westminster
Jan. 1
Deo. 30 Deo. 20 to
3
Preferred
516,207 +38.6
283,919
464,753
715,123
Medicine Hat
Jan. 1 Holders of rec. Dec. 21
1
Standard Oil Cloth, common (guar.)
+24.3
624,607
413,755
Peterborough
131 Jan. 1 Holders of recs. Dec. 21
Preferred Classes A & B (guar.)
697,177 Not include d in tot al
Sherbrooke
to Jan. 2
Jan. 2 Dec. 16
4
Standard Oil (Kentucky) (guar.)
672,386 Not include d in tot al
Kitchener
Jan. 2 Dee. 16 to Jan. 2
1
Extra
Deo. 20
Jan. 1 Deo. 2 to
3
Standard 011 (Ohio) (guar.)
260,325,913 213,447,810 +22.0 131,823,116 152,454,991
Total Canada
Jan. 1 Deo. 2 to Dec. 20
1
Extra
Jan. 2 Holders of reo. Deo. 18a
3
Standard Screw, common
-Among other securities, the following,
Auction Sales.
Jan. 2 Holders of reo. Deo. 18a
20
Common (extra)
Jan. 2 Holders of reo. Deo. 18a not usually dealt in at time Stock Exchange, were recently sold
3
Preferred A
334 Jan. 2 Holders of reo. Dec. 18a
Preferred B
at auction in New York, Boston and Philadelphia:
Jan. 1 Holders of rec. Dec. 16
4
Steel Co. of Canada, Ltd., common
134 Feb. 1 Holders of reo. Jan. 13
Steel Co. of Canada, Ltd., pref.(quar.)
By Messrs. Adrian II. Muller Si Sons, New York:
Jan. 15 Holders of rec. Jan. 2
15
commin
Stetson (J. B.),
Per cent.
Per cent. Shares. Stocks.
Shares. Stocks.
Jan. 15 Holders of roe. Jan. 2
4
Preferred
19 First Nat. 13k. of Jamaica__ 95
5 Mahoning Inveetment Co__ 53
$1.25 Jan. 2 Holders of reo. Dec. 15
Stutz Motor Car of America
$1 per sh.
375 Santa Catalina Co
602
5 Brooklyn Trust Co
15 Holders of reo. Deo. 29
$1.50 Jan.
Submarine Boat Corporation (guar.)._
70 Telepost Co. v.t.o.,$10 ea.]
36 Vrehester Bronxv. Realty)
Subway Realty (quar.)
134 Jan. 2 Holders of reo. Deo. 20a
$1,730 Telepost Co. cony. certifs.}$75
$32
common
Jan. 1 Deo. 10 to Jan. 3
2
Swift & Co.(guar.)(No. 122)
lot
lot
$50 Metr.T.& T.Ist 6s, 1922.-1
36 W'ohester Bronxv. RealtY,1
Jan. 10
to
Jan. 10 Dec. 31
2
Temple Coal, preferred (quar.)
preferred
234 Deo, 31 Holders of roe. Nov. 20a
Texas Company (guar.)
Jan. 2 Holders of reo. Dec. 15a
2
& Co., Boston:
Tide Water Oil (guar.)
By Messrs. Francis Henshaw
Jan. 2 Holders of reo. Dec. 15a
1
Extra
$ per sir.
$ Per sir. Shares. Stocks.
Stocks.
Tobacco Prod. Corp., pref. (qu.)(No. 16) 134 Jan. 2 Holders of roe. Dee. 18a Shares.
5 Warren Bros.. corn., $50 each,
17034
1 Pacific Mills
Dec. 21
Jan. 1 Dec. 16 to
1234c.
Tonopah Belmont Develop. (guar.)
12
ex-div
108
10 Booth Mfg., prof
Dec. 21
10c. Jan. 1 Deo. 12 to
Tonopah Extension Mining (guar.)
267 Merrimack Chemical, righta-934-934
804
9 Nashua Mfg., $500 each
Sc. Jan. 1 Deo. 12 to Dec. 21
Extra
110
25 Boston Wharf, ex-div
75
3 Peterborough RR
Dec. 31 to Jan. 7
15o. Jan. 20
Tonopah Mining of Nevada
107
175-17535 100 Lawrence Mfg
12 Nashua & Lowell RR
134
134
134
1
DEO. 30 1916.]
THE CHRONICLE
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh.
73 National Snawmut Bank____193-194
5 Second National Bank
31634
100 Corr Mfg. Co., common
35
4 Cabot Mfg. Co
12234
20 West Point Mfg., ex-div
175
600 Atlantic Mills, of Maine, oom_ 5
11 Great Falls Mfg
193
18 Adiron. Flee. Pow. Corp.,corn. 2434
3 Draper Corporation
14831
Shares. Stocks.
$ per sh.
1 Thos. G.Plant Co., pref
10434
11234 Merrimac Chem., new stook,
$50 each
8234-8234
206 Merrimac Chemical, rights_ 934-_
1 Boston Belting, ex-div
12034
Bonds.
Per cent.
$1,000 Maine Cent. RR. 1st & ref.
430, 1935
10034
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh.
6 Farm.& Mech. Nat. Bk-130-130%
25 Central National Bank._413-41531
1 John B. Stetson, common._ _38234
11 2d dc 3d Streets Paps. fly_ ..24234
29 Am. Realty & Const.,350 ea_41 lot
5.060 Lances. Nickel Mines,$10 ea,_$1 lot
5 Atl. City Transp., $5 each__$1 lot
3 Marconi Wireless Tel., $5 ea_ 334
250 Sanit. Tel. Muffler, $1 eaohl$1
25 Fidellty-Prov. Loan,$25 ea.' lot
500 Equitable Loan Soc., $1 ea.$1 lot
120 Atlas Corporation, $1 each. $4
54 Phenix Water Co., 410 each
lot
1,000 Hughes Univ. Are Lamp,$1
$2
each
lot
74 Human Life Pub. Co.,$10ea
10 Indep. My. Co., $10 each 1$1
10 ?laden. RIv. Co., pf., $10 ea_ f lot
lot
20 L. D. Johns Co., $10 each. _51
850 Banker Min.& Tunn.,$1 ea_ $8 lot
185 Colo. Gold M.& S., $1 each k $2
4 Int. Lum.& Dev., $50 each. lot
1,250 Snellenberger W. B. Fruit
-1
crate Co.,
each
)32
2,500 Mergen., Horton Basket, lot
Machine Co., $1 eacn__ _1
2409
CHARTERS ISSUED.
Original organization
The First National Bank of Joplin, Mont. Capital
$25,000
The Conewango Valley Nat. Bank, Conewango, N.Y. Capital_ 25.000
The American Nat. Bank of San Bernardino, Cal. Capital
100,000
Total capital
$150,000
INCREASE OF CAPITAL APPROVED.
The Manufacturers'& Traders' National Bank of Buffalo, N.Y.,
Capital increased from $1,000.000 to $2,000,000. Increase.. _51.000,000
BANKS LIQUIDATING TO CONSOLIDATE WITH NATIONAL
BANKS.
The Citizens National Bank of Nampa,Idaho. Capital
Liquidating Committee: W. A. Shupe, H. L. Brandt and Clay- $50,000
ton C. Reed, Nampa. Idaho. Succeeded by the Farmers' &
Merchants' National Bank of Nampa, Idaho.
Shares. Stocks.
$ per sh.
152 The Girard Co., $10 each._535 lot
25 Eisner Mendelson Co., pref.,
Imports and Exports for the Week.
-The following are
$32 lot
$10 each
10 Bromo-Lithia Co.,pf.,$10 ea.$7 lot the reported imports of merchandise at New York for the
60 Bromo-Lithia Co., corn., $10
week ending Dec.23 and since the first week of January:•
$3 lot
each
FOREIGN IMPORTS AT NEW YORK.
100 De Soto Placer M.,$1 each.$1 lot
25 Elec. Tram. Constr., $10 ea)
25 Brownell-Ariz.M.&L.,$.5 ea.j44
For Week.
1916.
1915.
1914.
1913.
$500 Colo.G.M.4:S.Co.lst 5s,'17j lot
15 Northern Trust Co
55034 For the week
$16,908,5991 $20,250,000
$11,536,902
522,504,976
33 Lumbermen's Ins., $25 etten_105
Previously reported.. 1,211,564,596
953,838.342
929,144,065
953,911.305
5 Philadelphia National 13ank_497
5 Textile National Bank
11234
Total 51 weeks
51,228,473,1951 $974,088,342 $940,680,967 $976,416,281
12 Mutual TruA,$50 each
30
17 Bait. Ches. 4: Atian., pref.. _ 5
EXPORTS FROM NEW YORK FOR THE WEEK.
15 Bergner & Engel Brew., pref.. 70
Bonds.
Pet cent.
1918.
1915.
$2,000 Cons. Gas,Pitts .1st 58,1943 3
1914.
1913.
034
2,000 Nor. Idaho & Montana Pow.
$71,724,355
lst 6s, 1949
$32,999,127
$15,123,061
5534 For the week
$13,175,597
Previously reported_ 2,782,010,632 1,827.567,046
1,000 Ft. Wayne & W. V. Trac.
835,825,594
845,659.171
1st 5s, 1934
60
Total 51 weeks-- $2,853,734,987 31,860,566,1731 $860,782,232 $849,001,191
1,000 Borough of Juniata, Pa.,
-_
_
_
impt. 58, 1945
105
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Week ending Dec. 23.
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS FOR CHARTER.
For organization of national banks
The Farmers National Bank of Liberty, Pa. Capital
$25,000
The First National Bank of Summerfield, Kans. Capital
25,000
The Froid National Bank, Froki, Mont. Capital
25,000
The Farmers National Bank of Circle, Mont. Capital
25,000
The First National Bank of Gildford, Mont. Capital
25,000
The Army National Bank of Schofield Barracks. Capital__
100,000
Honolulu, H.T. To succeed the Branch Bank of Bishop & Co.
For conversion of State banks
The First National Bank of Fairfax, S. C. Capital
$25,000
Conversion of the Bank of Fairfax.
The Security National Bank of Ogden, Utah. Capital
150,000
Conversion of the Security State Bank, Ogden, Utah.
The First National Bank of Wolf Point, Mont. Capital
25,000
Farmers Bank, Wolf Point, Mont.
Conversion of the
Blaine County National Bank of Halley, Idaho. Capital
50,000
Conversion of the Blaine County Bank.
The First National Bank of Manhattan, Mont, Capital
35,000
Conversion of the Home State Bank. Manhattan Mont.
Total capital
$510,000
Exports.
Gold.
Since
Jan. 1.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1916
Total 1915
Total 1914
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1916
Total 1915
Total 1914
Imports.
Since
Week.
$6,994,059
33,400
28,370,691
5,000
792,500
1,827,377 32,903,445
970,000 19,863,688
Jan. 1.
37,131,627
40,795
192,608
14,028
9,856,868
3,590,326
9,838,934
2,557,963
2,802,377 588,957,783 $206,636 $63,016,513
1,022,000 18,097,903 5,810,776 139,026,367
128,325,283
134,670 10,312,894
1
$659,104 550,896,483
25,000
612,600
857,365
78,517
1,640,203
10,300
3684,104354,095,468
1,328,889 43,124,490
1,829,376 43,718,382
$48,492
12,828
$3,885
226,976
40,176
216,495
8,568,756
6,904,363
1,657,812
$271,037 $17,408,746
442,162 11,982,231
257.814 10,547,420
the above exports for the week In 1916 $1,075,000 were American gold coin.
The Federal Reserve Banks.
-Following is the weekly statement issued by the Federal Reserve Board on Dec. 23:
Further gains of about 15 millions in the combined gold reserves of the Federal Reserve banks, due in part to increases
in net
to liquidation of short-term paper and the issue in some volume of Federal Reserve notes, are indicated by the Federal Reserve deposits, partly als:
Board's weekly bank
statement issued as at close of 13usiness on Dec. 22 1916. The week witnessed
also the transfer of over 5 millions of gold from the banks to the agen
against Federal Reserve notes issued.
New York reports an increase for the week of about 20 millions in gold, together
ed
with a gain of 5.4 millions in net deposits. The bank realiz a
also about 7.2 millions upon its balance due from other Federal Reserve banks
and liquidated 6.2 millions of earning assets. Philadelphia showsai
gain of about 3.5 millions, the larger increase in deposits being offset in part by the change of an unfavorable balance in account
with
Reserve banks of 2.3 millions to a favorable balance of over $300,000. Decreases in reserves shown by other banks are accompanied other Feder
either by gains
in earning assets or by increases in the amounts due from other Federal Reserve banks.
Discounted paper on hand decreased about 5.5 millions, the Eastern banks reporting the largest decreases under this head. Of the total discounts, 9.7 millions is represented by member banks' collateral notes, as against 12.5 millions shown the week before. Holdings of bills bought in
the open market, chiefly bankers' acceptances, show a gain of about 1.7 millions, Cleveland, Richmond and Kansas City reporting the largest increases
for the week. Of the total bills on hand 45.7% mature within 30 days and 31.5% after 30 but within 60 days. Five banks report transactions in
U. S. bonds, resulting in an increase of $856,000 in the total amount held. No change is shown in the aggregate holdings of
decrease of 3638,000 in the total holdings of municipal warrants is due largely to liquidation of city notes by the Boston and Treasury notes. The
New
Total earning assets fell off about 3.5 millions and constitute at present 398% of the banks' paid-in capital, as against 405% York banks.
before. Of the total, 56.1% is represented by acceptances, 19.6% by U. S. bonds, 14.5% by discounts,5% by Treasury notes and reported the week
Government deposits show an increase for the week of about $700,000, New York and Chicago reporting considerable gains 4.8% by warrants.
in the holdings of
Government funds. Net bank deposits increased about 5.7 millions, the New York, Philadelphia and Chicago banks
showing substantial gains
under this head.
Federal Reserve agents report a total of $296,766,000 of notes issued-an increase
for the week. Against the total issued they hold
$278,528,000 of gold and $19,077,000 of paper. The amount of Federal Reserve of $6.988,000 by the banks in
reported
-shows an increase of $8,670,000, while the amount of notes held by them decreasednotes 31,682,000. The banks'actual circulation-$275,046,000
about
liabilities upon Federal Reserve
notes issued to them total $15,754,000, an increase of $3,148,000 for the week.
The figures of the consolidated statement for the system as a whole are given in the following table, and in addition
we present the results for each of the eight preceding weeks, thus furnishing a useful comparison. In the second table we
show the resources and liabilities separately for each of the twelve Federal Reserve banks. The statement of Federal Reserve
Agents' Accounts (the third table following) gives details regarding the transactions in Federal Reserve notes between
the
Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS DEC. 22 1916.
Dec.i2 1916. Dec.151916. Dec. 8 1916. Dec. 1 1916.Nov. 24 1916. Nov.171916. Nov. 10 1016 Nor. 3 1916.
Oct. 27 1916.
RESOURCES.
Gold coin and certificates in vault
$269,627,000 $256,418,000 $245,335,000 $261,917,000$283,730,000 $293,441,000 265,897,000 5278,157.000 3274,001.000
Gold settlement fund
178,811,000 177,341,000 181,101,000 175.781.000 174,801,000 140,821.000 139,571,000 127,641,000 122.587.000
Gold redemption fund with U. S. Treasurer...
1,543,000
1,479,000
1,533,000
1,404,000
1,476,000
1,383.000
1,394.000
1,368,000
1.391.000
Total gold reserve
$449,917,000 $435,302,000 $427.969,000 5439.174,0005459,935,000 5435,645,000 406,836,000 $407,192,000 $397,979,000
Legal tender notes, silver, &c
7,907.000
6,025,000
4,644,000 10,836,000 17,974,000 16,580.000
7,312.000
6,884.000
9.976,000
Total reserve
5% redemption fund ag'st F.R.bank notes $455,942,000 5443,209,000 5432,613.000 5450,010,0005477,909,000 $452,225,000 5414,148,000 $414,076,000 $407.955,000
420,000
400,000
420,000
470,000
420,000
410.000
450,000
420,000
420.000
Bills discounted and bought
1
Maturities within 10 days
$24,348,000 $23,817,000 $28.654,000 $19,724,000 $17,465,000 $11,180,000 $11,807,000 $12,030,000 316,808.000
Maturities from 11 to 30 days
47,381,000 51,307,000 45,310,000 28,526,000 27.472,000 29,242,000 23,315,000 23,278,000 20.513,000
Maturities from 31 to 60 (lays
49,375,000 52,118,000 49,705.000 50,346,000 50.751,000 45.982.000 45,511,000 41,473,000 39,062.000
Maturities from 61 to 90 days
34.759,000 32,342,000 33,366,000 28,342,000 25.373,000 29,566.000 28,073,000 26,719,000 29,620,000
Maturities over 90 days
1,082,000
1,067,000
1,092,000
1,173,000,
1,532,000
1,587,000
1,523,000
1.263,000
1.213.000
I
Total
$156,930,000 $160,666,000 $158,127.000 $128,111,000$122,593,000 5117.493.000 110,293,000 $104,763,000 $107,216,000
*Acceptances (included In above)
5124,633,000 $122,918,000 $119.782.000 5106,379,0003102.092,000 $97,789,000
90,913,000 $85,081,000 $86,085.000
Investmendl: U. S. bonds
One-year U. S. Treasury notes
Municipal warrants
Total earning assets
$43,504,000 $42,648,000 $41,548,000 540,215,000 539,427,000 $39,115,000
11,167,000
10,557,000
38,853,000 340,540.000 $40,469.000
11,347,000 11,367,000 11,435,000
20,694,000 24,100,000 29.890.000
11,167,000 11,167,000 11.167.000
21.254,0001 22,166,000 18,597.000
5222.158.000 5225.676.000 2224 A77 non 12(10.747.0003105.353.nnn 2188.372.000 181.187_000 3180.770.000 1189.010.000
11,167,000
11,195,000
11,167.000
13,235.000
TIIE CHRONICLE
2410
[VOL. 103.
Dec.22 1916.1Dec. 15 1916. Dec. 8 1916. Dec. 1 1916. Nov.24 1916. Nov.171916. Nov. 10 1916 Nov. 3 1916. Oct. 27 1916.
RESOURCES (Concluded).
Brought forward (total reserve & earn'g assets) $678,500,000 $669,305,000 3657.110,000 $651,177,000 5573,732,000 $639,067,000 $595,785,000 $595,266,000 5597,385,000
1
Federal Reserve notes
-Net
219,236,000 $19,504,000 $18,760,000 $18,301,000 $15,414.000 514.256,000 17,613,000 $17,749,000 216,846,000
-Net
49,318,000 47,586,000 36,565,000 38,188,000 43,263,000 59.773.000 35.065.000 34.778,000 33,197,000
Due from Federal Reserve banks
2,881,000
2,495,000
4,656,000
2,483.000
3,506,000
6,121,000
All other resources
2,651,000
3,071,000
3,708,000
$750,560,000 $741,051,000 $715,316,000 $710,161,000 2735,060,000 $719,217,000 2650,946,000 $650,864.000 2651,136,000
Total resources
LIABILITIES.
$55,765,000 $55,731,000 $55,746,000 $55,737,000 $55,711,000 $55,704,000 $55,710,000 555,709,000 $55,703,000
29,472,000 28,762,000 28,668,000 26,777,000 26,319,000 25,171,000 23.339,000 28,686,000 29,982,000
648,787,000 643,136,000 618.643.000 613,530,000 637,072,000 622,254,000 556,462,000 552.386,000 551,918,000
15,754,000 12,606,000 11.423,000 13,383,000 14,296,000 14,468,000 13,886,000 12,627,000 11,966,000
28.000
1,031,000
28,000
1,028,000
1,031,000
1,030,000
1,030,000
816,000
808,000
706,000
634,000
425,000
536,000
590,000
519,000
782,000
Capital paid in
Government deposits
Member bank deposits
-Net
Federal Reserve notes
-Net
Federal Reserve bank notes in circulation_
All other liabilities
$750,560,000 $741,051,000 $715,316,000 $710,161,000 5735,060.000 5719,217,000 $650,948,000 5650,864,000 5651.136,000
Total liabilities
69.8%
70.7%
68.3%
69.6%
68.8%
69.5%
71.4%
73.1%
72.5%
75.3%
72.3%
75.1%
72.8%
74.1%
72.9%
74.1%
71.0%
72.8%
71.3%
Gold reserve ag'srt net dep. & note liabilities (a)
Cash reserve agist net dep. & note liabilities (a)
Cash reserve against net deposit liabilities after
setting aside 40% gold reserve against aggregate net liabilities on F. R. notes in
circulation (a)
70.2%
70.1%
73.8%
76.1%
76.0%
75.0%
74.9%
73.5%
(a) Less items in transit between Federal Re$49,318,000 $47,586,000 236,565,000 238,188,000 343,263 000 559,773,000 $35,065,000 534,778,000 $33,197,000
serve banks, viz
Federal Reserve Notes
Issued to the banks
In hands of banks
$296,766,000 2289,778,000 $279,462,000 $268,270.000 $258.081,000 $255,702,000 $247,873,000 2240,534,000 $234.876,000
21,720,000 23,402,000 22,160,000 21.131,000 17,633,000 17,032,000 20,261,000 20,596,000 20,254,000
2275,046,000 $266,376.000 5257,302,000 $247,139,000 2240,448,000 $238,670,000 $227,612,000 5219,938,000 $214,622,000
In circulation
Gold and lawful money with Agent
Carried to net assets
Carried to net liabilities
2278,528,000 $273,274,000 $264,639,000 $252,057,000 5241.566,000 5238,458.000 $231,339,000 $225,060,000 $219,502,000
19,236,000 19,504,000 18,760,000 18,301,000 15.414,000 14,256,000
17,613,000 17,749,000 16,846,000
15,754,000 12,606,000 11,423,000 13,383,000 14,296,000 14,468,000 13,886,000 12,627,000 11,966,000
Federal Reserve Notes (Agents' Accounts)
Received from the Comptroller
Returned to the Comptroller_
$453,380,000 5447,380,000 $422.720,000 2412,280,000 $400,320,000 $393,220,000 $389.580.000 $380,260,000 $378,760,000
94,080,000 92,283,000 91,297,000 90,300,000 89,169.000 84,938,000 83,937.000 82,736,000 81,194,000
Amount chargeable to Agent
In hands of Agent
2359,300,000 2355,097,000 $331,423,000 5321,980,000 $311,151,000 $308,282,000 5305,643.000 $297,524,000 2297,586,000
62,534,000 65,319,000 51,961,000 53.710,000 53,070,000 52,580,000 57,770,000 56,900,000 62,890,000
2296,766,000 $289,778,000 $279,462,000 $268,270,030 $258,081,000 5255,702.000 5247.873,000 $240,534,000 2234,876,000
Issued to Federal Reserve banks
_
How Secured
$162,117,000 $154,817,000 $149,318,000 $145.318,000 $144,777,000 $146,157,000 $143,439,000 $140,740,000 $137,980,000
By gold coin and certificates
By lawful money
15,474,000 15,374,000
16.515,000 17,244.000 16,534,000
14,823,000 16,213,000
18,238,000 16,504,000
By commercial paper
9,891.000 10.350,000 10,730,000 10,392,000
15,981,000 16,677,000
14,921,000 14,369,000 10.739.000
Credit balances in gold redemption fund.._
Credit balances with Federal Reserve B'd.. 100,430,000 101,780,000 100,400,000 92,370.000 86,050,000 82,410.000 77,550,000 73,590,000 71,130,000
Total
$296,766,000 5289,778,000 $279,462,000 $288,270,000 $258,081,000 $255,702,000 $247,873,000 $240,534,000 $234,876,000
_
Commercial paper delivered to F. R Agent__ $10,077,000 $17,030,000 515,454.000 $16.555.000 316.848.000 317.833.000 316.735.000 516.065.000 515.817.000
*Including bankers and trade acceptances bought in the open market. t Amended figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC.22 1916.
Boston.
Chicago. St. Louis. Minneap.,Kan. City. Dallas. San Fran.
New York. Philadera. Cleveland. Richmond. Atlanta.
Total.
3
1
$
$
'
3
$
•
$
$
1
RESOURCES.
$
1
$
Gold coin & ctfs. in vault 11,552,000 151,752,000,14,042,000 15,386,000, 4,665,000 5,555,00028,390.000 9,982,000 8,584,000 5,550,000 4,864,000 9,305,000 269,627,000
Gold settlement fund _ 18,606,000 19,826,00015,105,000 17,434,000 19,231,000 5,939,00020,428,000 3,349,000 6,562,000 18,065,000 14,574,000 10,692,000178,811.000
10,000 1,479,000
104,000
30,000. 104,000
62,000
200,000
303,000
250,0001 100,000
45,0001 221,000
Gold redemption fund.._
50,000
Total gold reserve.._ - _ 30,208.000 171,828,00029,247,000 32,865,000 24,117,000 11,797,000 58,018.000 13.435,00015,176,000 23,719,000 19,500,00020,007,0001449,917,000
62,0001 6,025,000
48,000
194,000
109,0001 483,000 1,321,000. - 172,000
77,0001 514,000
10,000
Legal-ten.notes,silv.,&c.
165,000 2,870,0001
Total reserve
30,373,000 174,698,000129,324,000 33,379,000 24,127,000 11,906,000158,501,000 14,756,000115,348,00023,767,00019,694,00020,069,0001455,942,000
5% redemp. fund-F.R.
300,000
100,000
400,000
bank notes
Bills:
281,000 32,297,000
845,000
479,000
366 000 3,600,000 1,460,000 1,952,000
995,000 2,902,000
Discounted-Members 6.081,000 4,345,000 5,991,000
1 3"
Bought in open mkt 10,947,000 41,510,00013,900,000 9,750,000 3,404,000 4,693,000 8,834,000 6,988,000 6,039,000 4,075,000 2,036,000 12,448,000 124,633,000
1
1
Total bills on hand__ 17,028,000 45,855,00019.900,000 10,745.000 6,306,0001 8,059,000 12,434,000 8,448,
Investments: U. S. bds_ 1,332,000
One-yr. U.S. Tr. notes 1,000,000
Municipal warrants.. 920,000
7,991,000 4,554,0001 2,081,000 12,729,000 156,930,000
1
1,043,000 1,651,000 7,361,000 1,126,000, 1,710,000 8,458,000 2,203,000 2,442,000 9,216,0001 4,328,000 2,634,000 43,504,000
500,000 11,167,000
705,000
891,000
700,0001 963,000
618,000 1,070,0001 824,000 1,517,000
1,205,000 1,174,000
941,000 10,557,000
127,000
729,000 672,0001 164,000
61,0001 402,000 1,390,000
719,000 2,682,000
1,750,000
1
,10,995,000 23,799,000 12,271,000 11,805,000114,897,000 8,041,00016,804,000222,158,000
Totalearning assets... 20,280,000 49,853,00023,444,00021,406,000 8,563,0001
Fed. Resive notes
-Net 810,000 12,213,000
Due from other Federal
Reserve Banks
-Net.. 6,032,000 0,820,000
All other resources
25,000
163,000
Total resources
1 1,114,000
1 2,071,0001
686,000
1
337,000 3,724,000 1,133,000 1,989,000 15,020,000 9,494,000 566,0001, 1,599,000
277,000
14,000, 138,000
54,000, 718,0001 600,000
207,000
255,000
2,342,000 19,236,000
86,000 2,518,000a49,318,000
497,000 3,506,000
558,000
57,520,000243,747,000 53,360,000 59,402,000 33,877,00025,6080)099,034,000 36,798,000129,804,000,40.701,00028,479,00042,230,000750,560,000
LIABILITIES.
4,990,000 11,914,000 5,228,000 6,022,000 3,346,000, 2,480,000 6,685,000 2,796,0001 2,610,000l 3,070,000 2,695,000 3,929,000 55,765,000
Capital paid in
2,365,000 5,520,000 3,167,000 986,000 2,663,0001 3,780,000 2,515,000 2,665,000 912,0001 157,000 1,461,000 3,301,000 29,472,000
Government deposits_
4 21000
: 0
Member bk deposits-Net49,914,000226,177,00043,629,00052,394,000 24,381,000 15,780,000 89,799,000 27:127 00026,252,00035,484,00022,822,000 34,038,000648,787,000
16,754,000
3,456,000' 3,533,000
1,990,000 1,501.000
1,154,000
Fed. Resive notes-Net..
F.R.bank notes in circ'n
Due to F.R.banks-Net
62,000
782,000
30.000
31,000,
55,0001
35,000
136,000
182,000
251,000
All other liabilities
Total liabilities
Federal Reserve Notes
-Issued to banks
In hands of banks.
57,520,000243,747,00053,360,00059,402,000j33,877,000,25,608,000199,034,000 36,798,00029,804,000 40,701,00028,479,00042,230,000750,560,000
13,563,000 104,941,000 17,194,000110,939,000 20,478,000 25,959,000 5,189,000 16,918,00020,311,000 22,277,000 24,202,000 14,705,000 296,766,000
227,0001 2,071,000 550,000
199,000 2,342.000 21,720,000
374,000 988,000 1,114,000
686,000
146,000
810,000 12,213,000
F.R. notes in circulation 12,753,000 02,728,00017,048,000 10.253.00020.104,00024.971,000 4,075.000 16,691,000118,240,000 21,727,00024,003,00012,453,000275,046,000
Gold and lawful money
with agent
13,563,000 104,941,000 15,894,000 10,939,000 16,648,00021,438,000! 5,189,000 12,571,00020,311,000 19,737,000i122,502,000 14,795,000278,528,000
2,342,000, 19,236,000
1 1,114,000
1 2,071,000
Carried to net assets...._
810,000 12,213,000
686,000;
1 15,754,000
1,990,0001 1,501,0001
4.120.000
1 3,456,000 3,533,000
Carried to net liabilities_
1,154.000
a Items In transit, I. e., total amounts due from, less total amounts due to. other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS'ACCOUNTS DEC. 22 1916.
Boston.
New York. Philadera. Cleveland. Richmond. Atlanta.
Chicago. St. Louis. Minneap. Kan.City. Dallas. 1San Fran.
Total,
$
$
S
$
$
$
2
$
4
$
Federal Reserve Note
$
$
$
Rec'd from Comptrolr 28,880,000 173,400,000 30,480,000 16,660,000 29,500,000 35,380,000 10,880,00022.510,000 24,500,000 28,120,000 35,320,000 17,720,000453,380,000
2,090,000 4,462,000 1,925,000 94,080,000
Comptrol 7,357,000 53,139,000 6,026,000 3,621,000 6,522,000 3,796,000 1,691,000 2,582.000
Returned to
869,000
Chargeable to Agent-.21,523,001 120,261,000 24,454,000 13,039,000 22,978,000 31,584,000 9,189,00019,958,00 23,631,000 26,030,000 30,858,0015,795,000 359,300,000
In hands of F.R.Agent 7,960,000 15,320,011 7,260,000 2,100,000 2,500,000 5,625,000 4,000,000 3,040,000 3,320,000 3,753,000 6,606,000 1,000,000 62,534,000
Issued to F. R. bank_ 13,563.000 104,941,000 17,194.000 10,939,00020,478,00025,959,000 5,189,000 16,018,00020,311,000 22,277,00 24,202,000 14,705,000206,766,000
Held by F. R. Agent
162,117,000
5,165,00013,030,000 4,370,00010,340,000
3,460,000
Gold coin dc certfs_ ___ 12,600,000 99,052,011 3,820,000 10,280,000
Credit balances:
475,000 15,981,000
179,000 896,000 1,031.000 1,107,000 1,232,000
In gold redemption I'd
963,000 5,889,000
648,000 2,008,000
894,000
659,000
16,000,00015.970,000 5,010,000 6,510,000 6,250,000 14,260,000 10,930,000 14,320,000 100,430,000
With F. R. Board..
11,180,000
Notes secured by corn
11 18,238,000
2,540,000 1,700,000
4,347,000
3,830,000 4,521,000
1.300,000
mercial paper
13,563,000104,941,000 17,194,000 10,039,00020,478,000 25,959,000 5,189,000 16,918,000 20,311,00022,277,000 24,202,000 14,795,000 206,766,000
Total
Amount of comml paper
19,077,000
2.545.000 1.795,000
4.348.000
ripliunr.1 tn P Ft Ait't
1 'Ann ono
4.504.000 4.525.0n0
THE CHRONICLE
lrlw. 30 1916.]
2411
Statement of New York City Clearing House Banks and Trust Companies.
-The following 'detailed statement
shows the condition of the New York City Clearing House members for the week ending Dec. 23. The figures for the
separate banks are the averages of the daily results. In the case of the totals, actual figures at end of the week are also
given. In order to furnish a comparison, we have inserted the totals of actual condition for each of the three groups and
also the grand aggregates for the three preceding weeks.
YORKNEW
WEEKLY CLEARING HOUSE RETURN.
IIOUSENat
CLEARING
.Bank Nat.Bank Federal
Loans,
MEMBERS.
Net
Capital. 1
Notes
Notes
Reserve
Profits. Discounts,
(Reserve
(Not
Legal
Bank
Week Ending
Investuets, Gold.
Notes
Tenders. Silver. for State Counted
Dec. 23 1916.
f Nat. B'ks Nov.171
Instituas
eke.
(Not
1StateB'ks Nov.29J
tions1. Reserve]. Reserve].
(003 omtlted.)
Members of Federal
Reserve Bank.
Bank of N. Y., N.B.A.
Merchants' Nat. Bank
Mech. de Metals Nat__
National City Bank__
Chemical Nat. Bank__
Atlantic National Bank
Nat. Butchers' & Drov.
Amer. Exch. Nat. Bank
National Bank of Corn_
Chetharn & Phenix Nat.
Hanover National Bank
Citizens' Central Nat__
Market & Fulton Nat__
Corn Exchange Bank._
Importers' & Traders'__
National Park Bank...
East River Nat. Bank__
Second National Bank..
First National Bank__
Irving National Bank__
N. Y. County Nat. Bk.
Chase National Bank__
Lincoln National Bank_
Garfield National Bank
Fifth National Bank__
Slahoard Nat, BankLiberty National Bank_
Coal Sr Iron Nat. Bank..
Union Exchange Nat__
Nassau Nat. Bank__
Broadway Trust Co.__
8
$
2,000,0 5,007,2
2.000,0 2,477,9
6,000,0 9,694,5
25,000,0 a42,319,7
3,000,0 8,352,9
824,7
1.000.0
300,0
70,9
5,000,0 5,106,6
25,000,0 18,565,8
3,500,0, 2,090,5
3,000,0 16,147,4
2,550,0 2,363,7
1,000,0 2,046.7
3,500.0; 7,408.6
1,600,01 7,743.7
5,000,0, 16,006,4
250,01
79,2
1,000.01 3,456,3
10,000,0, 25,301,4
4.000,0 4,208,6
500,01 1,211,7
10,000,0, 11,814,1
1,000,0' 1,973,7
1,000,01 1,280,0
418,2
250,0,
1,000,01 3,053,5
1.000,0: 3,599,1
705,8
1,000,0
1,000,0 1,150,9
1.000,0 1,132.4
954,2
1,500.01
Average.
$
33,440,0
22,757,0
117,505,0
399,601,0
38,210,0
12,980,0
2,699,0
79,239,0
221,878,0
67,112,0
126,651,0
27,820,0
10,874,0
92,746,0
34,510,0
143,033,0
2,019,0
18,385,0
161,163,0
74,572,0
11,064,0
202,654,0
17,386,0
9,157,0
5,781,0
41,224,0
49,616,0
10,246,0
11,904,0
10,000,0
22,198,0
Average. Average. Average. Average. Average. Average. Average. Average.
8
8
8
8
$
$
$
3
589,0
820,0
2.0 2,294,0
6,0
1,988,0
552,0
999,0
27,0
962,0
67.0 1,564,0
13,639,0 2,500,0 6,436,0
207,0
202,0 9,069,0 '
60,760,0 5,768,0 3,419,0
956,0 34,159,0
100,0
580,0
3,718,0
794,0
41,0
35,0 2,951,0
153,0
966,0
191,0
17,0
13,0
994,0
47,0
69,0
163,0
4,0
172,0
6,767,0 1,850,0
751,0
175,0 7,852,0
73,0
17,935,0 4,549,0 2,917,0
71,0 18,266,0
3,384,0 2,717,0 1,371,0
374,0
306,0 6,156,0
19,362,0 1,245,0
541,0
22,0
172,0 13,409,0
909,0
207,0 1,423,0
37,0
10,0 2,708,0
1,164,0
633,0
237,0
47,0
34,0
970,0
7,377,0 1,449,0 4,212,0
498,0
7,574,0
1,651,0 2,158,0
317,0
160,0
2,402,0
10,408,0 2,310,0 1,855,0
61,0
114,0 11,701,0
136,0
35,0
349,0
4,0
3,0
257,0
1,041,0
221,0
561,0
39,0
81,0 1,153,0
13,093,0
842,0 1,380,0
21,0
11,423,0
6,814,0 2,692,0 1,896,0
184,0 6,034.0
15,0
710,0
648,0
274,0
152,0
35,0
825,0
17,395,0 7,738,0 2,056,0
119,0
89,0 15,093,0
1,514,0
440,0
730,0
94,0
95,0 1,578,0
197,0
781,0
499,0
17,0
123,0
942,0
122,0
100,0
406,0
2,0
5,0
432,0
3,889,0 1,097,0 1,002,0
26,0
25,0 4,116,0
3,796,0 1,087,0
324,0
12,0
74,0 4,789,0
758,0
136,0
205,0 •
34,0
67,0
910,0
224,0
273,0
740,0
34,0
6,0
927.0
389,0
146,0
411,0
28,0
650,0
1,776,0
229,0
676,0
83,0
68,0 1,832,0
Totals, ayge. for week 123,850,0'206,626,3 2,078,230,0 203,313,0 43,962,0 36,276,0
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
2,082,936,0 202,935,0
2,069,745,0 206,243,0
2,067,893,0 196,563,0
2,106,197,0 175,898,0
Dec. 23
Dec. 16
Dec. 9
Dec. 2
State Banks.
I
Not Members of
Federal Reserve Bank.
Bank of Manhattan Co_ 2,050,0
1,500,0
Bank of America
500,0
Greenwich Bank
Pacific Bank
600,0
People's Bank
200,0
Metropolitan Bank_ __ _ 2,000,0
Bowery Bank
250,0
German-American Bank
750,0
Fifth Avenue Bank...
100,0
German Exchange Frani
200,0
Germania Bank
200.0
Bank of Metropolis.... 1,000,0
200,0
West Side Bank
N. Y. Produce Ex. Bk. 1,000,0
1,500,0
State Bank
6,297,7
6,630,3
1,254,4
994,6
468,9
2,092,6
801,5
830,3
2,271,2
869,2
1,092,4
2,201,8
487,3
1,088,2
812,6
Totals, ane, for week_ 11,950,0 27,193,0
38,754,0
31,709,0
12,824,0
6,904,0
2,362,0
17,900,0
4,477.0
6,280,0
16,909,0
6,160,0
6,633,0
15,129,0
4,570,0
15,907,0
25,768,0
A ddit'al
Reserve Deposits
with
with
Net
Legal
Legal
Demand
Devoe,- Deport- Deposits.
tortes.
tartes.
6,664,0
4,170,0
1,036,0
347,0
180,0
1,376,0
400,0
1,051,0
1,694,0
455,0
637.0
883,0
294,0
1,273,0
2,289,0
47,118,0
47,085,0
42,032,0
44,530,0
432,0
770,0
737,0
95,0
146,0
721,0
56,0
187,0
1,738,0
133,0
192,0
412,0
170,0
471,0
671,0
2,355,0
3,004,0 173,202.0
2,134,241,0 48,666,0 28,804,0
2,659,0 185,918,0
2,816,0 179,659,0
2,674,0 166,078,0
1,794,0 162.059,0
2,156,295,0
2,138,516,0
2,100,287,0
2,136,979,0
48,422,0
50,453,0
50.645.0
48,386,0
44,274,0
30,445,0
13,758,0
6,674,0
2,823,0
16,958,0
4,128,0
7,052,0
18,240,0
5,196,0
6,681,0
14,678,0
4,804,0
17,093,0
28,902,0
900,0
60,0
72,0
227,0
168,0
4,0
44,0
28,0
10,0
55,0
136,0
80,0
77,0
35,0
97,0
190,0
14,0
2,751,0
688,0
714,0
3,0
28,0
153,0
248,0
226,0
20,0
169,0
127,0
312.0
587,0
311,0
881,0 1,123,0
260,0
922,0
89,0
1,705,0
106,0
6,831,0
1,283,0
65,0
8,499,0 2,873,0
Totals, actual condition Dee. 23
Totals, actual condition Dec. 16
Totals, actual condition, Dec.. 9 •
Totals, actual condition! Dec. 2
211,286,0 22,740,0 8,901,0
211,370,0 21,584,0 6,748,0
209,569,0 22,423,0 9.347,0
211,562,0 22,123,0 7,200,0
214,788,0 24,596,0 7,445,0
6,943,0
5,801,0
7,250,0
§,858,0
1,389,0
1,281,0
1,197,0
1,176,0
53,0
56,0
61,0
85,0
8,418,0
8,294,0
8,167,0
8,625.0
Trust Companies.
Not Members of
Federal Reserve Bank.
Brooklyn Tnist Co....1,500,0
Bankers' Trust Co
10,000,0
U.S. Mtge.& Trust Co, 2,000,0
Astor Trust Co
1,250,0
Title Guar. & Trust Co_ 6,000,0
Guaranty Trust Co____ 20,000,0
Fidelity Trust Co
1,000,0
Lawyerb' Title & Trust_ 4,000,0
Columbia Truat Co__ 2.000.0
People's Trust Co
1,000,0
New York Trust Co.... 3,000,0
Franklin Trust Co
1,000,0
Lincoln Trust Co
1,000,0
Metropolitan Trust Co_ 2.000,0
35,209,0 1,875,0
205,124,0 17,133,0
63,546,0 4,133,0
29,918,0 2,298,0
42,892,0 2,362,0
378,519,0 33,351,0
10,499,0
684,0
25,746,0 1,424,0
85,970,0 5,507,0
22,820,0 1,648,0
70,581,0 5,336,0
19,419,0 1,202,0
13,854,0
801,0
55,024,0 3,654,0
293,0
1,061,0
29,0
18,0
167,0
1,111,0
97,0
238,0
537,0
113,0
669,0
162,0
146,0
1,053,0
477,0
731,0
193,0
176,0
118,0
1,042,0
99,0
117,0
922,0
310,0
128,0
269,0
348,0
286,0
214,0
21,0
192,0
15,0
129,0
728,0
33,0
23,0
221,0
112,0
38,0
66,0
76,0
378,0
16,0
42,0
72,0
6,594,0
5,200,0
4,913,0
6,093,0
8,720,0
3,946.0
Dec. 231
Dec. 161
Dec. 9.
Dec. 21
28,838,0
28,852.0
28,787.0
29,676.0
16,0
25,0
26,0
221,606,0
967,0
3,148,0 '219.198.0
3.502,0 219,655,0
3,055,0 219,020,0
3,345,0 223,959,0
969.0
966,0
966,0
926.0
.
4,398,4
17,016,6
4,738,7
1,960,8
12,587,9
33,999,9
1,259,9
5,774,6
8,591,0
1,722,0
11,548,6
1,445,2
501,2
5,484,4
Totals, avge. for week_ 54,750,01 111,029,2 1,059,121,0 81,408,0
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
Average. Average. Average.
8
$
3
29,191,0 1,847,0
783,0
20,649,0
1,840,0
124,173,0 5,057,0 3,925,0
428,557,0 5,294,0 1,788,0
34,590,0
450,0
12,633,0
594,0
150,0
2,434,0
47,0
76,798,0 4,384,0 4,819,0
224,926,0 1,385,0
155,0
68,538,0 5,477.0 1,772,0
142,318,0
130,0
25,950,0 1,131,0 1,017,0
10,817,0
138,0
102,789,0
31,303,0
51,0
141,964,0 1,941,0 3,559,0
2,944,0
50,0
15,592,0
762,0
150,357,0
961,0 3,115,0
78,704,0 4,833,0
640,0
11,446,0
200,0
209,547,0 12,755,0
450,0
18,216,0
37,0
893,0
9,370,0
397,0
5,780,0
233,0
248,0
47,222,0
70,0
51,623,0 2,031,0
499,0
10,365,0
224,0
412,0
11,713,0
27,0
394,0
9,465,0
24,0
50,0
23,767,0
431,0
2,559,0
2,232,0
2,224,0
2,134,0
36,276,0
39,098,0
35,115,0
38,941,0
2,323,0
1,676,0
191,0
635,0
73,0
1,048,0
44,0
363,0
558,0
108,0
65,0
514.0
162,0
379,0
762,0
National
Net
Bank
CirculaTime
Deposits. lion.
1,049,877,0
1.063,167,0
1,051,044,0
1,049,113,0
80,200,0 8,538,0
81,951,0 0,685,0
77,955,0 12,519,0
77,191,0 7,590,0
3rand Aggregate. avge_ 190.550,0 344,848,5 3,348,637,0 307,470,0 68.457,0 487313,0
Comparison prey. week
--1,516,0 +6,420,0 -2,064,0 -1,467,0
3rand Aggregate,actual condition Dec. 23 3,314,183,0 304,719,0
+1.7i2,0-5.898,0
11Comparison prey. week
-...-.
3rand Aggregate actual condition Dec. 16 3,342,471,0 310,617,0
lrand Aggregate actual condition Deo. 9 3,330,499,0 298,641,0
"Iranti Agorronin ontiml onnrIltInn nce.
2 3.370.098.0 277,685,0
a Includes capital set aside for Foreign Branches, 33,000,000.
37,0
162,0
68,0
190,0
34,0
152,0
9,0
13,0
36,0
2,246,0
1,426,0 1,386,0
28,513,0 5,679,0
9,318,0
743,0 186,371,0 23,200,0
2,258,0 3,734,0
45,171,0 18,266,0
1,102,0
860,0 • 23,962,0 6,480,0
1,387,0
604,0
27,730,0 1,255,0
18,002,0
979,0 360,058.0 28,009,0
429,0
379,0
8,575,0
940,0
912,0
191,0
18,233,0
757,0
3,625,0 1,054,0
72,509,0 17,080,0
1,097,0
373,0
21,939,0 1,499,0
2,944,0
627,0
58,557,0 6,400,0
860,0
552,0
16,865,0 2,819,0
676,0
159,0
13,523,0
859,0
2,554,0
51,065,0 4,454,0
831,0 46,590,0 11,541,0
933,071,0 117,697,0
829,0
869,0
587.0
589,0
925,266,0,116.091.0
936,175,0'119,905,0
929.111,01119,989.0
916,077,0122.136,0
2,298,0
2,157.0
2,663,0
2,422.0
3,529,0
+8,0
62,404,0 48,132,0
-713,0 -1.860,0
3,687,0
+249,0
63,117,0 49,992,0
61,751,0 51,085,0
69,565,0 48.745.0
3,438,0
3,860,0
3.598.0
___e'...
45.586.0 17,651,0
46,750,0 11,663,0
45,693.0 10.398.0
45,524,0 13,033,0
2,355,0 3,900,0 228.291,0 14,414,0 3,288,918,0 167,330,0
+187,0
-23,0 +4,879,0 +10290 +10.200.0-4.979.0
2.559,0 3,541,0 239,922,0 20.799,0 3,300,769,0166,082,0
+327,0 -200,0+5,219,0 +56340 +6,413,0,
-5,242,0
1
2,232,0 3,741,0 234,703,0 16,16.5,0,3
0.171 324 0
2,224,0 3,322,0 219,828,0 13,453,01324841801716000
294,
:
346.
::
. .
. .
. . . . . . . . „
28,804,0
-55,0
28,838,0
-14.0
28 8.52 0
287870
: :
29,676,0
STATEMENTS OF RESERVE POSITION.
Averages.
Cash Reserve Reserve in
in Vault. Depositaries
Total
Reserve.
a Reserve
Required.
Actual Figures.
Inc. or Dec.
Surplus
from
Cash Reserve Reserve in
Reserve. ,PreviousWeek in Vault. Depositarte
Total
Reserve.
b Reserve
Required.
Inc. or Dec.
Surplus
from
Reserve. Previous Week
Members Federal
$
$
$
1
$
1
1
$
$
$
$
$
$
$
Reserve flank.... 283,651,000 173,202.000 456,753,000386,596,680, 70,150,320 +4,999,390,286,329,000
185,918.mii
39,764,000 8,499,000 48,263,000 39,889,080 8,373,020; +1,541,600 36,664,000 8,418,0001472,247,000 390,554,200 81,692,800 -2,936,670
State Banks*
45,082,000 39,455,640 5,626,360 -1,981,740
Trust Companies... 94,454,
40,590,000141,044,000 139,960,650 1,083,3501 -452,45011 05,949.0001 45,586,000141,535,000 138,789,900 2,745,100
+535,350
,
Total Dec. 23....417,769,000228,291,000 646,060,000566,446,410 79,613,590, +6,088,540 418,942,000239,922,000658,864.000568,799,7
40 90,064,26 -4,383,060
16-414,872,000223,412,000638,284,000 564,758,950 73,525,0501
Total Dec.
+3,610,880 427,164.000234,703,000661,86
7,000 567,419,680
Total Dee. 9.._ _ 403,369,000227,151,000630.520,000560,605.830 69,914,170,+27,379,6701 413.337,000 219.828,000,633.165.000559,374,160 94,447,3201+ 20,656,480
73,790.840 +32.789.530
387,662,000224,144,000 611,706,000 569,171,500 42,634,500-14,435,640'389.593,000216,208,000605.80
--Total Deo• 2_ ......
.
_
1.000564,799,69 41,001.310 17.845,930
• Not members of FederalReserve Bank.
a This Is the reserve required on Net Demand Deposits in the case of State Banks and Trust Companies. but In the case
of Members of the Federal Reserve Banks
includes also the amount of reserve required on Net Time Deposits,which was as follows: Dec. 23, $2,433,300; Dec. 16, 82,551,150;
Dec.9,82,492,250: Dec.2,$2,391,100.
b This is the reserve required on Net Demand Deposits in the case of State Banks and Trust Companies. but In
includes also the amount of reserve required On Net Time Deposits, which was as follows: Dec. 23, $2,421,100; Dec. 16,the case of Members of the Federal Reserve Banks
12,522,650; Dec.9,$2,532,250; Dec.2, 32,419,300
(VOL. 103
THE CHRONICLE
2412
In addition to the returns of "State banks and trust comThe State Banking Department reports weekly figures,
showing the condition of State banks and trust companies panies in New York City not in the Clearing House," furnishes
in New York City not in the Clearing House, and these are by the State Banking Department, the Department also
shown in the following table: •
presents a statement covering all the institutions of this class
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER: in the whole State. The figures are compiled so as to distinNEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
York City (Greater New
(Figures Furnished by State Banking Department.) Differences from guish between the results for New
previous week.
Dec. 23.
York)and those for the rest of the State, as per the following:
$759,845,900 Dec. $9,850,900
Loans and investments
868,700
62,700,900 Inc.
For definitions and rules under which the various items
Gold
142,400
10,805,100 Deo
Currency and bank notes
924,890,200 Dec. 5,777,200 are made up,see "Chronicle," V.98, p. 1661.
Total deposits
Deposits, eliminating amounts due from reserve
The provisions of the law governing the reserve requiredepositaries and from other banks and trust com805,607,900 Dec. 6,563,200 ments of State banking institutions were published in the
panies In New York City, and exchanges
188,674,500 Inc. 1,946,300
Reserve on deposits
"Chronicle" March 28 1914 (V. 98, p. 968). The regulaPercentage of reserve, 25.6%.
RESERVE.
and what
- tions relating to calculating the amount of deposits
- -Trust Companies
-Stale Banks
9.72% deductions are permitted in the computation of the reserves
359,416,700
$14,089,300 11.49%
Cash in vaults
101,766,000 16.63%
13,402,500 10.90%
Deposits in banks and trust cos
were given in the "Chronicle" April 4 1914 (V. 98, p. 1045).
827,191,800 22.39%
Total
$161,182,700 26.35%
STATE BANKS AND TRUST COMPANIES.
The averages of the New York City Clearing House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York 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.
We omit ciphers in all these figures.
- Loans and
Week ended
Investments
Sept.30
Oct. 7
Oct. 14
Oot. 21
Oct. 28
Nov. 4
Nov. 11
Nov. 18
Nov. 25
Dec. 2
Dec. 9
Dee. 16
Dec. 23
$
4,059,932,9
4,068.917.6
4,071).418,5
4.052.003,8
4,038,408,1
1,080.815,3
4,138.263.5
4,203.603,3
4,197,251,1
4,156.284,4
4,100,398,2
4,119,849,8
4,108,482,9
Demand
Deposits.
Specie.
Other
Money.
433,820.9
426,468,6
414.460,1
409.552,6
436,941,7
453,886,5
464,025.3
442,854,6
410,973,3
387.700,4
402,429,0
412,662,2
418,483,9
72.725,7
72,038,9
71,244,9
75.817,3
78.566,6
78,019,6
74,591,0
68,277,9
67,383,8
72,047,8
74.500,7
74,989,5
72,791,1
506,546,6
498,505,5
485.805,0
485,369.9
515,508.3
531,906,1
538,616.3
511.132,5
478,357.1
459,748,2
476,929,7
487,651,7
491,275,0
14,900,000
-Capital as of June 30
23,450,000
75.550,000
11,783.000
Surplus as of June 30_--
40,068,500
173.239,300
14.654.000
14,381,600
Loans and Investments_
Change from last week.
410,430,500 1,707,315,500
-2,365,800, -9,398,000
167,141,700
+557,100
272,779,900
+923,600
Gold
Change from last week.
45,342,100, 139,165,500
-760,900; +2,283,800
Currencyand bank notes_
Change from last week.
17,604,400
22,0.51,1001
+1,075,700 -1,783,600
574,777,100 1,990,081,900
Deposits
Change from last week. -4,763,300 -8,550,000
178,709,600
-948,300
283,091,600
+54,900
Total
Entire
Money Reserve on
Holdings. Deposits.
4.067,109.0
4,068,969,4
4.055,441,7
4,041,662,1
4,056,792,1
4,115.131,8
4,182.289,7
4,229,468,0
4,190,946,5
4,114,410,3
4,064,288.3
4,090,889.1
4,094,525,9
State Banks
Trust Cos.
Trust Cos.
Stale Banks
outside of
outside of
in
in
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. F.
Week ended Dec.23.
877.445,1
855.865,7
840,263,4
835,547,5
877,385,6
910,437,9
918.457,7
896,342,0
848,605,1
805,744,0
814,149.2
825.012,2
834,734,5
Reserveon deposits
Change from last week_
104,993,300
-590,700
327,381,600
+3,759,400
29,473,500
-1,422,000
34,147,000
-764,100
P.0. of reserve to deposits
Percentage last week
25.2%
24.8%
20.8%
20.5%
19.5%
20.3%
15.0%
15.4%
Increase over last week. -Decrease from last week
-Following is the report made to the Clearing House by clearing
Non-Member Banks and Trust Companies.
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.
Net
CLEARING
NON-MEMBERS. Capital.1 Profits.
Week Ending
Dec. 23 1916.
Loans,
Discounts,
!Nat. bks. Nov. 171 InvestlState bks. Nov. 29) meats, itc.
Gold.
1,995.000 4,841.60037,578.000 1,238,000
State Banks.
Not Members of the
Federal Reserve Bank
100,000
Bank of Wash.
400.000
Colonial Bank
300.000
Columbia
200,000
Fidelity Bank
International Bank_ 500,000
200,000
Mutual Bank
200,000
New Netherland._ 100,000
Yorkville Bank
Meonanics', Bklyn. 1,600,000
200,000
North Side, Bklyn.
436,500 2,208,000
930,100 8,508,000
703,800 8,691,000
197,100 1,497,000
134,000 3,888,000
495,200 7.698,000
208,800 4,101,000
642,500 6,648,000
933,200 20,072,000
204,300 4,773,000
135,000
533,000
678,000
126,000
438,000
695,000
309,000
454,000
879,000
317,000
3.800,000 4,885,500 68,165,000 4,564,000
Total
Nat.Bank
Notes[Reserve for
Silver, State In-stitutions]
Reserve Additional
Nat.Bank Federal
Deposits
with
Notes[Not Reserve
Net
Legal with Legal
Bank
Counted
Notes[Not DeposDePosDemand
as
Deposits.
Miles.
Reserve.] Reserve] itaries.
752,000
725,000
10,000
219,000
25,000
12,000
4,009
71,009
50,000
85,000
148,000
63,000
68,000
522,000
334,000
28,000
22,000
271,000
187,000
296,000
814,000
133,000
21,000
88,000
187,000
14,000
687,000 2,703,000
725,000
125,000
National
Bank
Cfretr
latfon.
65,000
38,000
100,000
183,000
29,000
113,0006,655,000 6,843,000 30026,000 5,559,000 1,515,000
105,000
563,000
568,000
85,000
9,000 230,000
411,000
13,000 254,000
434,000
1,296,000
285,000
17,000
166,000
166,000
.Ttust Companies.
Not Members of the
Federal Reserve Bank
HarnlitonTrust,Ilkin
Mechanics',Bayonn 1
500.000 1,147,40') 8,719,000
200,000
303,000 6,306,000
586,000
64,009
57,000
50,000
22,000
61,000
•
700.000 1,450,400 15,025,000
650,000
107,000
83,000
87,000
Grand aggregate_ _ . 6,495.000 10,977,500 120768000 6,452.000 1,546.009 3,511,1)00
-1014000 -190000 +138000 +23.000
Comparison,prev.w :
Excess reserve. $605.510 Increase
Grand aggr'teDec.1 1 6,495,000 10,977,500 121782000 6,642,000 1,408,000 3,488 000
Grand aggr'teDco. 1 6.495.000 10,752,700 122534000 6,683.000 1,522,000 3,435,000
Grand aggrteDeo 1 8,495,000 10,752,700 121524 000 6,596,000 1,323,000 3,336,000
Grand aggr'teNov.2 5 6.495.000 10,891,000 118861 000 6.554,000 1,462,000 3,463,000
Grand aggeteNov.1 a a 411A rum i ri Rai ono' 1 i o2lionn a IS IA non i at i ono n 9ni non
812,000
+6,000
291,000
-9,000
806,000
745,000
648.000
568,000
75151 nnn
300,000
361,000
272.000
372.000
Total
Net
rime
Deposits.
Average. Average. Average. Average, Average, Average. Average. Average. Average. Average. Average. Average.
$
$
$
$
I
$
$
$
$
$
$
II
$
$
175,000 194,000
4,265,000
353,800 4,827,000 307,000
5,000 420,000
98,000 101,000
400.000
4,000
63,000 297,000
315,000 5,173,000
49,000 146,000
684,400 5,554,000 148,000
56,000 497,000
10,000
300.000
40,000 120,000
358,000 6,137,000
8,000 1,186,000
61,000 154,000
300.000
8,000
606.300 6,059,000 168,000
394,000
23,00&1,320,000 5,375,000 4,780,000
76,000
9,000
400.000 1,287,900 5,001,000 220,000 474,000
193,000
4,285,000
3,000 1,211,000
16,000
87,000
82,000
250,000
770,100 5,136,000 170,000
442,000 2,925,000 3,081,000 218,000
40,000
10,000
14,000 527,000
24,000
622,200 6,010,000 181,000
220,000
99,000
353,000 2,461,000 2,200,000
30,000 121,000
2,000
4,000 494,000
44,000
316,900 4,991.000
125,000
Members of
Fed'i Reserve Bank
Battery Park Nat_ _
First Nat., Brooklyn
Nat. City, Brooklyn
First Nat.,Jere. City
Hudson Co. N., J.C_
First Nat., Hoboken
Second Nat., Hobok.
Total
Legal
Tenders.
cannon
•
115,000
381,000
312,000
65,000
400,000
39,000 4,229,000 2,849,000 71,774,000 1,273,000
12,000
16,000
62,000
25,000
34,000 1,752,000
385,000 9,380,000
405,000 9,431,000
65,000 1,417,000
375,000 3,836,000
17,000 8,123,000
37,000 4,251,000
383,000 7,234,000
845,000 21,597,000
303,000 4,750,000
354,000
158,000
•
993,000
360,000 7,099,000
599,000 3,157,000 2,997,000
.
959,000 10,256,000 3,990,000
28,000 519,000
180,000 10399000 10,651,000 112056000 10,882,000 1,515,000
-8,000 +537000 +3613000 -577,000 +49,000 +8,000
188,000 9,859,000
193.0909.045,000
252,9008,137.000
135,000 8,362,000
0
ins •non• no.•nnn
7,038,000 112633000 10,773,000 1,507,000
8,195,000 113.84700010,830,000 1,497.000
8,052.000 113823000 10.849,000 1.494,000
7,685,000 112455000 10,73:1,000 1,479.0r0
6 0,6 nnn 11 1 qosannn in fifth non 1.477 Alm
-Summary of weekly totals of
Philadelphia Banks.
-We give below a
Boston Clearing House Banks.
Clearing House banks and trust companies of Philadelphia:
summary showing the totals for all the items in the Boston
omit two ciphers (00) in all these figures.
Clearing House weekly statement for a series of weeks:
Loans,
Disc'ts &
Invest'ts.
Due
from
Banks.
Deposits.
Bank. 1 Individl.
Total.
Reserve
Held.
Excess
Reserve.
$
$
$
$
Dec. 23.
Nat. bank.. 378,911,0 79,984,0 165,160,0 318,911,0 481,104,0 73,397,0 16,166,0
Trust cos__ 156,675,0 3,262,0 3,284,0 139,813,0 143,127,0 21,735,0 1,153,0
Total ___ 53.5,588,0
Dee. 16._ 544,309,0
Dec. 9___ 551,772,0
Dee. 2.-- 546.473.0
Nov. 25._ 547,195,0
Nov. 18-- 541,896,0
Nov. 11._ 540,172.0
Nov. 4-- 538.433,0
00t. 28._ 538,069,0
" 21_-- 537,802.0
83,226,0 168,444,0458,787,0 627,231,0 95,132,0
83,489,0 170,655,0 459,986,0 630,641,0 90,177,0
78,206,0 172,747,0 482,764,0 635,511,0 93,354,0
87.172.0 178.078.0 473.960.0 652,038.0 99.6.53.0
85,324,0 i78,702.0477.817.0 656,319,0 106,705.0
00,601.0 181,682,0 479.469,0 664,1.51,0 114,651,0
87.160.0 185,328.0 177,681,0 663.009.0 113.843.0
83,158,0 182,546.0 465,748.0 648.294,0 107,561,0
81,260,0 180,877,0 457.923,0 638,800,0 104,684.0
88,470,0 188,211,0 464,473,0 652,684,0 109.720,0
17,319,0
11,681,0
13,016.0
18,906,0
24,600,0
31.986,0
31,388.0
26,147,0
23,918.0
28,482,0
-National bank note circulation Dec. 23, $9,103,009; exchanges for ClearNote.
ing House (Included in "Bank Deposits"), banns, $22,597,000; trust companies,
32,651,000: total, 325,248,003. Capital and surplus at latest dates: Banks,
$64,175,600; trust companies. $11,295,200; total, $105,470,800.
BOSTON CLEARING HOUSE MEMBERS.
Dec. 23
1916.
Change from
preV1014,4 week.
Dec. 16
1916.
Dec. 9
1916.
818,000 36,358,000 $6,3.50.000
$6,376,000 Inc.
Circulation
Loans, dIsc'ts A investments. 437,831,000 Dec. 2,726,000 440,560,000 438,336,000
Individual deposits, Inci.U.S. 356,037,000 Deo. 10,524,000 366,561,000 342,444.000
119,335,000 Dec. 2,418,000 121,753,000 126,613.000
Due to banks
151,000 30,210,000 30.170.000
30,059,000 Dee.
Time deposits
Exchanges for Clear. House. 17,472,000 Dec. 6,958,000 24,430,000 18,610,000
41,894,000 Dee. 2,512,000 44,406,000 39,941,000
Due from other banks
51,000 21,898,000 23,448,000
21,814,000 Dec.
Cash reserve
417,000 32,253,000 28,981,000
Reserve In Fed. Res've Banks 32,670,000 Inc.
665,000 30,580,000 27.607,000
29,915,000 Dec.
Reserve with other banks
122,000 de.2780,000 def982,000
df2,658,000 Dec.
Reserve excess In bank
577,000 18,241,000 15.392,000
17,664,000 Dee.
Excess wii.h Reserve Agent
593,000 7,575,000 4,551,000
Bk. 8,168,000 Inc.
Excess with Fed. Res've
-See third page
Imports and Exports for the Week.
preceding.
DEC. 30 1016.1
THE CHRONICLE
ank,ers' Gaztitt.
Wall Street, Friday Night, Dec. 29 1916.
The Money Market and Financial Situation.—After
the drastic break and the consequent elimination of lightlymargined speculative accounts which occurred in the market
last week, there has followed, automatically, the proverbial
"lull after the storm." In addition to a greatly reduced
volume of business the market has been irregular and in a
majority of cases the recovery,noted at the close last week
has not been maintained. Indeed, the news of the week
has not been of a character to foster a spirit of aggression
or encourage new commitments.
The recent efforts of President Wilson in the interest of
peace seem to have thus far miscarried, except perhaps at
Berlin, and our relations with Mexico are, if possible, in a
worse tangle than ever before.
From an industrial and a financial standpoint the outlook
is decidedly favorable. In the iron and steel business it is
reported that there is, under existing international conditions, "a surprising amount of new business." The exports of foodstuffs for. November were valued at nearly
$46,000,000, as against about $30,500,000 last year, and
wheat advanced this week on large sales For shipment abroad.
Announcement is made that the New York Federal Reserve Bank has been authorized to enter into relations with
the Bank of England for financing the increasing business
transactions between the two countries. This connection is
expected to benefit both nations.
Foreign Exchange.—The ste...ling exchange situation
has been a dull one, but rates have been maintained. Gold
importations for the week amount to $54,250,000. The
. continental exchanges have been irregular as a rule.
To-day's (Friday's) actual rates for sterling exchange were 4 71 13-16
for sixty days. 4 75 9-16 for chorines and 4 76 7-16 for cables. Commercial
on banks, sight, 4 75%. sixty days 471, ninety days 4 RMA . and
ments for payment (sixty days) 4 70 15-16. Cotton for payment docu4 75%
and grain for payment 4 753 .
/
There were no rates posted for sterling by prominent hankers this week.
To-day's (Friday's) actual rates for Paris bankers' francs were 5
89N
for long and 5 851 : for short. Germany bankers' marks wore
/
short, nominal for long and nominal for short. Amsterdam 7234 for
bankers'
guilders were 405 4 for short.
/
F,xch we at Paris on London, 27.8154 fr.; week's range, 27.8134
fr•
high and also 27.81 1x fr. low.
Exchange at Berlin on London, not quotable.
The range for foreign exchnnge for the week follows:
Sterlltio Actua —
Sixty Daus.
Cheques
.
cables.
High for the week__ _ 471 13-16
4 75 9-16
4 76 7-16
Low for the week__ _ 4 7111-16
4 75 7-16
4 76 7-16
Paris Bankers' Francs—
High for the week _ _ 5 8944
5 R4_
5 833
4
Low for the week_ _
5 8035 84%
5 83N
Germany Bqnkers' Marks—
High for the week_ _ _
73
73,
4
Low for On wnnk_ _ _
_
724
723
Amsterdam Bankers' Guilders—
High for the week__
4(15
4
407
A
4c 15-15
Low for the week___
40%
40 13-16
40%
DomestIC Exchange.—Chicago, 15c. per $1.000 discount.
Boston,
par. St. Louis. 10^. per $1.000 discount bid and par asked.
cisco, 10c. per`A1.01‘) prominm. Montreal. .15625 per $1,000 San Franpremium.
Mionee-oolis 1, per R1.000 premium. Cincinnati. par. NewOrleans,
sight, 50c. per $1.000 discount, and brokers 50c. premium.
State and Railroad Bonds.—Sales of State bonds
at the
Board this week are limited to $21,000 Virginia 6s trust co..
repts. at 54 to 54%, $1,000 New York State 4s,
1961, at
/
1051 2, and $2,000 New York State 4s, 1962, at 105.
The volume of business in the market for railway and
industrial bonds was considerably smaller than a week ago,
and values, from a list of 25 most active issues, showed a
tendency toward slight gains. American Smelters Securities
6s, noted in weeks past for their irregularity and violent
.
fluctuations, lost 14 points and Chili Copper 7s, another
noteworthy issue, dropped from 1313 to 128. Atchison
Topeka & Santa Fe gen. 4s, Baltimore & Ohio cony. 43s,
Chicago Burlington & Quincy jt, 4s and Rock Island ref. 4s
and deb. 5s, all advanced fractionally. Lackawanna Steel
58, 1950, in sympathy with.these shares lost a point to 97
closing, however, at 98, while the various St. Louis & San
Francisco issues declined. Steel s. f. 5s moved up slightly
as did Union Pacific 1st 4s, and Southern Railway gen. 4s.
Anglo-French 5s, American Foreign Securities 5s,
Great
Britain & Ireland 5s and 53.s and the Dominion of
Canada,
securities were some of the bond issues of foreign
govern-
mentsin which interest was shown this week. New York
City bonds were popular, but those of the several States and
United States Government issues were dull.
Sales on a 8-20-f basis indicating, presumably, sales on
foreign account, have increased considerably this week, being
$24,000, as against $11,000 a week ago.
United States .Bonds.—Sales of Government bonds at
the Board are limited to $2,000 35, coup. at 101. For today's prices of all MI different issues and for the week's range
see third page following.
Railroad and Miscellaneous Stocks.—As was to have
been expected after the Stock
Exchange upheaval of last
week, the market was irregular and with the smallest volume
of business for several months. Prices recevered somewhat
during the first two business days of the week,
but
away yesterday on reports that a second peace note fell
was
2413
being forwarded from Germany, coupled with the more
serious turn taken by our relations with Mexico. The railroad issues fluctuated within narrow limits but several of
the industrials, notably the Munitions securities, moved irregularly. Steel advanced from 1073' to 1093', the final
figure, however, being 1063.'Texas Co. was the most
spectacular. From 2113 it jumped to 2383', closing at 236.
4
American Smelting & Refining lost 2 points for the week and
Baldwin Locomotive, after advancing fractionally to 623/8,
closed at 573i. American Locomotive and Crucible Steel
registered slight gains for the week, while the high, low and
last prices for International Mercantile Marine, corn. and
pref., Maxwell Motors, Mexican Petroleum, United States
Industrial Alcohol and Central Leather were 263/
-22-26,
2
92 -82%-86%, 54%-46-473', 993-91
1153/2-1103 %
1103 and 893/2-813%-85.
%
The copper stocks were dull and the shares of the Cuban
sugar companies, such as Guantanamo and Cuba Cane
Sugar, declined.
For daily volume of business see page 2422.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Sales
1Veck ending Dec. 29. for
1Veek.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
1
Lowest.
Highest.
Par. Shares S per share. $ per share. !'$ per share.$ per share.
Acme Tea tern ctfs_ _100
200 59 Dec 28 60 Dec 28 51
Aug 6934 Nov
Adams Express
200 136 Deo 29140 Dec 29, 13234 Mar 15434 Jan
100
Amer Bank Note
50
100 4134 Dec 27 4134 Dec 271 3834 Sept 44
Oct
Ani Brk S&F pf ctfs_ 1CO
500185 Dec 23190 Dec 281165
Feb 209
Nov
American Coal
25 800 36 Dec 27 3635 Dec 271 35
Sept 3634 Dec
American Express__ _ICO
100131% Dec 2913134 Dec 29 123 June 14034 Jan
Amer Tel & Tel rights-_ 24.600 134 Dec 28 2 Dec 23
134 Dec 235 Nov
Assets Realization_ _100
100 334 Dec 26 334 Dec 26f 234 Oct 8
Jan
Assoc Dt y Gds 1st Pr ICO
iOoj 65 Dec 29 65 Dec 29 65
D
75
Nov
Associated Oil
100
100 70 Dec 28 70 Dec 28 62
Jan 77
Jan
Atlantic Birm & Ati_100
400 15 Dec 29 1631 Deo 23 1134 Sept 1834 Dec
Barrett Co rights
100 39-4 Dec 27 334 Deo 27
D
Dec
Batopilas Mining_ _ _ _20 200 134 Dec 26 135 Dec 26 334 June 4
19-4
334 Jan
Brown Shoe
100 300 65 Dec 29 6534 Dec 27 5035 Ja 76
Nov
Brunswick Terminal _100 900 934 Dec 23 1034 Deo 27 6
July 14
Jan
Burns Bros
100 1,000 88 Dec 27 8834 Dec 28 66
Aug 9134 Deo
I3utterick
100
100 179-4 Dec 23 1794 Deo 23 1634 Nov 31
Jan
Canada Southern_ _ _100
2001 5734 Dec 27 573-4 Dec 27 56
Sept 59
Oct
Chicago & Alton- _ _ _100
800j 2134 Dec 29 24 Dec 23 8
Feb 2434 Deo
Preferred
100
2001 31 Dec 26 31 Deo 26 18
Sept 33
Dec
C & E Ill prof tr cas_100
400l 12 Dec 28 15 Dec 26
Dec 15
Dec
Chic It I & Pee tr recta.. 3,800 339-( Dec 29 3434 Dec 27 1
31
Dec 3834 Dec
Cluett, Peabody&Co 100 4001 70 Dec 27 71
Deo 28 68
Ap 76
Jan
Preferred
100 200111334 Dec 2711334 Dec 27 108 June 11334 Dec
04
1
Cons G EL&P(Balt) 100
12135 Dec 2612234 Dec 27 10834 Ma 130
Dec
Cons Interstate Call _l
100 1834 Dec 28 1835 Deo 28 18
Au 2834 Nov
Continental
_25
7001 5734 Dec 28 6134 Dec 23 54 Jun 68
Nov
Deere & Co pref._ _ _100
300 98 Dec 28 9834 Dec 27 89
Ma 9934 Dec
Detroit United
100 200125 Dec 27127 Deo 27 70
Jan 12834 Dec
Gastcn W & Wig_ No par 1,5001 38 Dec 28 41 Dec 27 35
De 5134 Oct
Gen Motors tern Infs.]
2,300130 Dec 23135 Deo 27
Dec 135
Dec
Preferred tern ctfs_100 1,2001 9034 Dec 23 93 Dec 23 120
Dec 93
Dec
Hartman Corp
100
110 7534 Dec 27 7534 Dec 27 8834 De 78
75
Dec
Int Harvester Corp_100 900 83 Dec 29 87
Deo 26 6834 Mar 9034 Dec
Jewel Tea Prof
100
100111
Dec 27111
Deo 27 104
July 113
Apr
Jcliet & Chicago_..100
100 77 Dec 23 77 Dee 23 77
Dec 77
Dec
Kayser (Julius) dr Co 100
100115 Dec 27115 Deo 27 80% Ma 115
Dec
Laclede Gas
100
700100 Dec 27104 Dec 27 100
Dec 118% Nov
Liggett & Myers prof 100
20012535 Dec 28i26 Dec 23
Ma 12634 Dec
Loose-Wiles Biscult_100 2,200 22 Dec 27 2434 Dec 27 118
14
Sept 34
Oct
Lorillard (P) Pref._ _100
100120 Dec 26120 Deo 26
Ja
Manhattan Shirt_._100 900 7435 Dec 26 77 Dec 29 11534 Feb 12234 Sept
55
77
Deo
May Dept Stores__ _100
100 62 Dec 29 62 Deo 29 5034 Ja 7234 Nov
Nat Cloak & Suit pf_100
300112 Dec 2911234 Dec 26l06 May 113
Feb
N 0 Tex & Mex v t c__
100 21 Dec 29 21
Dec 29 21
Dec 2534 Dec
New York Dock_ _ _ _100
200 16 Dec 29 1631 Dec 27 934 Ma 2434 Nov
Nova Scotia S & C_100 20011035 Dec 29115 Dec 29 105
De 156
Nov
Owens Bottle-Mach_ _25
300 9734 Dec 23 9735 Dec 26 83 Sept 105
Dec
Pacific Tel dr Tel_ _ _ _100
100 32 Dec 29 32 Deo 29 32
De 44
Jan
Pan-Am Pet & T pf_100
100 9635 Dec 28 9634 Dec 28 9634 Dec 10134 Dec
Pere Marq v t a wh iss 27,300 3634 Dec 29 3834 Dec 28
3634 Dec 3835 Dec
Preferred v t c wh Nal 2,600 72 Deo 28 7335 Dec 28 72
D
7334 Dec
Pittsb Steel pref
_100, 200Dec
102 Deo 29 9334 Feb106
Oct
Quicksilver Mining_ _1001 600 2 Dec 29 234 Dec 27 2
Nov 634 Jan
So Porto Rico Sug pt 100
100115 Dec 28 115 Deo 28 106
Feb120 June
Standard Milling.
..100
100 98 Dec 28 98 Dec 28 86
Ma 10735 Oct
Texas Co rights
26,800 27 Dec 23 3334 Dec 29 2334 De
3334 Deo
Toledo St
& W 100, 1.200 10 Dec 28 12 Dec 27 5
Ap 1334 Dec
Preferred
100, 1,600 18 Dec 28 21
Dec 27 10
Feb 2434 Dec
United C1ru r Mfrs_ _100
ted Dgag
100 44 Dec29 44 Dec 29 42
De 64
Mar
United
1001 300 72 Dec 29 73 Dec 26 72
De 80
Nov
let preferred
50
100 5334 Dec 23 5335 Dec 23 5234 No 53% Dec
2d preferred
100
, 100 91
Deo 29 91 Dec 29
De 9534 Nov
S Realty & impt100 1,200 25 Dec 29 28 Dec 27 91
25 June 49
Feb
US Reduc & Refg_ _ _100
800
35 Dec 29
35 Deo 26
% De
374 Jan
Preferred
100' 2.100
% Dec 28 1
Dec 26
34 Dec 4
Jan
Wells, Fargo Express 100 4.700139 Dee 29144% Dec 28 12335 Ma
14434 Dec
White Motor (new)- _100 2,200 48 Dec 29 4934 Dec 23 z45
D
5934 Oct
z Ex-dividend.
Outside Securities.—Business at the Broad Street
"curb," due to causes mentioned above, has been dull with
values showing irregularity. Aetna Explosives moved up
from 434 to 5, the final quotation, however, being 4. But/
terworth-Judson advanced from 48 to 65, closing at 523',
while Carwen Steel covered a range of 4 points for the week.
3
Chevrolet Motors and Haskell & Barker Car Co. fluctuated between 135-123 and 42-40 respectively, while the
high, low and last prices for Holly Sugar, Marlin Arms,
Midvale Steel, New York Ship, and Poole Engine &
chine were 45-30-45, 60-47-50, 62%-58Y2-58
453%-443/
449' and 90-80-80. Submarine Boat, after moving up
from 27% to 30, closed at 26. Todd Shipyards registered
a gain of 1 point for the week.
Standard Oil subsidaries were inactive. Standard Oil
of California and Standard Oil of New York moved between
365-361 and 270-267 each, while Illinois Pipe Line covered
a range of 3 points. The other Oil issues, most of which
sell at "cents a share" were fairly active.
Among the bonds traded in at the "curb" were $340,000
American Tel. and Tel. new 5s at 99 to 9934, $29,000 French
Municipales at 963/2 to 973, $42,000 Midvale Steel 5s at
943' to 95 and $500,000 Sinclair Oil 6s at 111 to 117.
A complete list of "curb" market transactions for the
week will be found on page 2422.
2414
Record,
New York Stock Exchange-StockTWO PAGES. Daily, Weekly and Yearly
OCCUPYING
For record or sales during the week of stocks usually inactive. see Preceding Page.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday
Dec. 23
Monday
Dec. 25
j
Tuesday
Dec. 28
Wednesday
Dec. 27
Thursday
Dec. 28
Friday
Dec. 29
Salesfor
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PEN SHARE
Range Since Jan. 1
On lasts of 100
-share tots
Lowest
Highest
PER SHARE
Range for Previous
Year 1915
Highest
Lowest
Railroads
Par $ per share 3 per share $ Per share 5 Per skim
3 Per share 3 per share $ per share $ per share
8
10312 10414 10413 105
9212 Feb 11114 Nov
104 10412 10312 1037 10,300 Atoll Topeka & Santa Fe__100 10014 Apr 22 10878 Oct 5
8 4,400 Do prof
100 29812 Deo 29 102 Feb 24
10038 1007 1003 1003 1005 10034 29812 985
3
96 Jan 10218 Nov
4
4
200 Atlantic Coast Line RR
11713 118
100 10812 Apr 19 126 Nov22
98 Mar 110 Nov
*119 120 *118 120 *116 119
7,000 Baltimore & Ohio
84
100 8112 Dec 21 06 Jan 4
834
6334 Feb 98 Dec
833 84
4
8
837 8412 8338 84
100 7212 Aug 30 80 Jan 15
87 Feb 7934 Nov
7412 7412 7514 7514 1,100 Do pref
7518 7512 7412 75
600 Brooklyn Rapid Transit_100 81 Dec 21 887 June 6
*8112 84
8
8314 Aug 93 Apr
83
82
8212 8212 *8214 84
16512 2,075 Canadian Pacific
100 216212 Mar 1 1833
4Jan 3 138 July 194 Nov
16514
167 16734 167 16734 18514 166
7,600 Chesapeake de Ohio
100 58 Apr 24 71 Oat 19
65
3558July 6434 Nov
653 6612 6512 66
4
643 6512 65
4
100 1134 Apr 24 1614 Dec 7
1,100 Chicago Great Western
1014 Jan 1713 Nov
1414 1412 • *1414 1412 14
1414 137 14
100 33 Apr 24 4712 Oct 27
4078 1,500 Do pref
40
2512 May 4113 Nov
41
4118 4118 411g 4118 41
773 July 1011g Dee
4
0114 92
913 917
2 9114 9112 9012 9112 3,500 Chicago Milw & St Paul 100 89 Dec 21 10212Jan 3
4
100 123 Dec 12 136l Jan 5 1207 Sep 135 Dec
900 Do pref
8
12478 12478 124 12434 12412 1243 12412 12412
4
700 Chicago de Northwestern_100 123 Dec 15 13478 Jan 3 11812 July 13518 Nov
1233 1233 12412 12412 124 1247 *12312 124
4
8
4
100 1165 Apr 13 176 Doc 11 163 July 1180 Nov
400 Do pref
17018 171
17312 17312 *170 180
*170 180
1012July 3831: Apr
34
3412 35
3512 3115 3434 3373 3414 10,400 Chicago Rock Id& Pa0-100 1512 Apr 22 40341)00 7
Jan 52 Oct
Clev Cin Chic Sc St Louls._100 38 Apr 27 625 Oct 27 121
*5013 54
58
___ ____ ____ -..__ *51
100 70 Feb 2 86 Juno14
50 Do pref
*783 82
4
531a Feb 77 Oct
*80
82
182
82
4
100 243 Apr 24 37 Oct 27
100 Colorado & Southern
24 Mar 3813 Nov
*30
34
3012 3018 *3012 34
*30 14
100 48 Apr 1 6218 Oct 18
58
*56
Do 1st pref
45 Jan 80 Nov
58
*56
58
*56
53
*56
50
35 Sep 52 Nov
100 40 Mar13 573June10
*40
Do 2d pref_
50
*40
50
*40
50
*41
149 149
200 Delaware Sc Hudson
8
100 1487 Dec 21 156 Oct 4 13812 Aug 15413 N ov
*149 152 *149 151 *149 150
100 Delaware Lack & Western__50 216 Mar18 242 Nov 8 199% Jan 238 Nov
4
4
2393 2393
__ *229 240
____
__ ____
1613 Nov
4 Jan
200 Denver & Rio Grande
1812 1713 1712
100
87 Mar30 2314 Oct 25
8
*17
20
*17
_1812 *17 -8
612 Jan 293 Nov
600 Do pref
4112 4078 41P3
100 15 Mar 8 521200t 25
*39
42
4113 4112 *40
g
197 Feb 4558 Nov
24,300 Erie
100 32 Apr 22 435 Jan 3
4 3312 34
343 3538 3412 3512 34
4
343
3214 Feb 5912 Nov
100 46 Dec 21 5918Jan 3
4918 50
4913 4934 483 4914 483a 4812 3,300 Do 1st prof
4
40
100 40. Dec 21 6413 Jan 3
27 Feb 5414 Dec
100 Do 26 pref
*38
40
*38
41
40
*3912 42
100 115 Dec 21 12712Jan 4 1123 Jan 12838 Nov
4
11714 1177 1173 118
11712 11734 11712 11712 3,400 Great Northern pref
8
4
Oct
2514 Jan 54
3514 37
3613 3713 347 3638 3434 3514 7,800 Iron Ore properties-No par 32 Dec 21 5034 Jan 3
s
100 993 Apr 17 1097
4
99 July 113 Apr
105 1057
8 1,500 Illinois Central
80ot 5
10.558 1057 106 10614 *10512 107
3
187s July 2512 Nov
1834 12,300 Interbor Con Corp, vte No par 1513 Dec 21 2113 Jan 3
1634 1758 1634 1714 1813 163
4 1614
70 July 82 Nov
1,900 ' Do pref
100 69 Dee 21 7712 Jan 3
72
72
7113 72
7212 7212 72
72
2058 Feb 3518 Nov
100 231s Apr 28 3214 Jan 4
3 2,800 Kansas City Southern
2612 265
8 257 2638 2514 2513 2514 257
8
100 5653 Dec 21 647
5478 Feb 0512 Nov
8
4
100 Do prof
8Jan 3
593 *555 593
4
5912 *57
593 593 *55
4
4
1638 Dec
100 10 May 2 30 Dec 7
2514 2612 *26
5 Jan
2613
400 Lake Erie Sc Western
2612 2513 2512 *23
51
55
300 Do pref
100 32 Apr 20 5512N ov 2
19 May 4113 Dec
*50
55
5012 5012 *5014 55
6458 Feb 8314 Nov
7912 7978 797 803
50 7412Jan 31 8713 Oot 5
a
3 793 80 27734 7814 4,300 Lehigh Valley
8
Jan 2758 Oct
15
Long Island
*30
50 20 Jan 31 4112Junel2
35 .30.
35 .30
35
*30
34
*131 135 *132 135
13212 13212 *132 135
100 Louisville & Nashville-__100 1211g Mar 1 140 Oct 5 10413 July 13013 Nov
12913 12912 *128 130 *128 130 *128 130
100 Manhattan Elevated
100 128 Apr 28 132 Oct 27 125 June 132 Dec
-- - -- - - 28
28
2618 2618
300 Minncap Sc St L (new) 10026 Oct 5 • 36 Oct 27
*28
30
*28
30
Jan 12(113 Nov
210 Minn St Paul Sc SS M....--100 118 Dec 22 130 Oat 4 108
11638 11638
-_-- -___ 111613 11613 *118 118
Do prof
100 12812Sept26 137 Jan 151 123 June 136 Dec
1128 133 *128 133
___ *128 135 '
--1514 Apr
4 Sop
4
1114 113 11,900 Missouri Kansas Sc Texas-100
- 1134 -117
31a Sept 6 1314 Dec 18,
8 115 125
111 113
3
1,000 Do pref
1018 sop 40 Apr
21
100 10 Apr 3 2414 Dec 181
21
22
21
22 - ---- ---- 20
1814 Apr
134 July
100
314 Sept 1 22 Dec 7
4 1514 1514 1,600 Missouri Pacific
1512 1531714 1714 17
17
713 Nov
3 Dec
314 Sept 1 2214 Dec 7
1714 1713 17
4
4 1514 15.2 3,900 Trust co etre of deposit__
1714 153 153
16,400 Missouri Pacific(new)when Ise. 2218 Sept 6 3812 Deo 6
3414 3434 3414 3434 323 31
325 33
8
4
473 Sept 5 6478 Dec 7 _.
4
---- -:-613 62
4
160
60
6112 6212 *60.3 6112 1,010 Do pref(or ino bonds) do_
Dec
8112 Mar 11013 --11,950 New York Central
10358 10414 104 10514 1033 10412 10314 104
100 10014 Apr 22 114140ot 5
4
10312 10414
30 June 4638 Dec
*38
41
*38
41 .38
41
N Y Chi° A St Louis
*38
41
4
*38
41
100 33 Apr 17 453 N ovl 1
Oct
43 Feb 89
5313 5412 531: 5413 5118 53
5013 5112 5,700 NY N H Sc Hartford
*5218 54
100 4912 Dec 21 7778Jan 10
2812 2913 3,600 N Y Ontario Sc Western-_100 28 May 5 3438 Dec 2
213 Jan 35 Apr
4
4
2913 297
8 295 301g 283 29
8
30
3018
135 136
136 13634 135 13513 134 13413 4,700 Norfolk Sc Western
9912 Jan 12238 Dec
100 114 Mat 1 147's Oat 16
13512 13713
500 Do adjustment pref_100 8418Feb 25 8918 May22
86
86
8012 Sep 90 Jime
8513 *8513 86
8512 8512 85
8512
.85
10912 1093
4 4,700 Northern Pacific
9918 Feb 1183 pea'
4
100 108 Dee 21 11878Jan 4
3
8
11018 11012
10938 11014 110 1105 1093 110
11,015 Pennsylvania
50 55 Sept12 60 Oct 4 51% Feb 6113 Nov
8
5618 5612 5612 563
4 565 5678 5634 57
5613 563
8
300 Pitts Cin Chic Sc St Louls_100 78 Feb 17 88 June 5
85 May 86 Nov
8514 8514 *8033 85
*80
88
*80
88
88
*80
Do pref
100 88 Jan 26 983
4Jan 13
90 June 9812June
*89
9518
98
*93
*93
98
98
*93
*95
98
6938 May 8553 Nov
50 7518Jan 31 11513 Sept27
4
1013 1033 10138 10238 75,300 Reading
4
10312 105
1035 105
8
103 10412
4038 Sep 45 June
100 lot preferred
44
50 417 Feb 19 48 Feb 29
*43
44
543
*4315 44
*4312 45
4413 4418
200 2d preferred
40 Feb 44 Apr
50 4114 Feb 21 62 May19
8 4412 4413
*4413 45
*4413 4578 *4413 457
*4412 45
2612 26
2638 6,500 St Louis Sc San Fran new (w I). 1513 May18 3013 Dec 18 - - - - - -.
2673 2714 26
2718 26
27
2712
P4
100 St Louis Southweatern___100 18 May 4 3212 Dec 19
11 Sep 23 Nov
3334 *30
323
4
3213 *29
*30
303
4 3213
-4
29 Sep 4512 Dec
500 Do prof
57
*50
57
100 8i.2Sept 7 57 Dec 18
57
53
52
56
56
*53
58
A
111a July 2014 Nov
100 14 Apr 22 1914 Dec 18
175 175
8
4 163 17
4
175 1814
8
8 173 173
3
1638 1712 2,600 Seaboard Air Line
3014 July 4334 Nov
C/2
438
3812
3713 3813 3713 3.313 *37
38
800 Do pref
*37
39
100 3418 Apr 24 42120ot 10
8114 Feb 10418 Dec
10,500 Southern Pacific Co
100 9414 Apr 22 10418Jan 4
3
97
97
975
8 9738 9814 967 9713 9614 97
0712
:
4
-.
1212 July 28 Nov
4
100 18 Apr 24 363 Doe 18
3
3213 3338 3212 9334 317 3234 3113 3218 85,300 Southern Railway
3238 3312
4
42 July 65 Nov
70
6914 6914 1,700 Do prof
100 58 Apr 24 7312 Deo 18
7014 70
6912 701,mil-,
698 6973 70
1773 Apr
613 Feb 14 2134 Des 18
2,800 Texas Sc Pacific
813 July
19
*1813 20
100
2078 19
1913 20
20
*1912 203
4
,...
4012 1,400 Third Avenue (New York) 100 48 Nov22 8812June22
49
35 Jan 6413 Oct
4 4934 50
50
507 5078
8
.
1
503
4 503 503
4
iz1
100 Twin City Rapid Transit_ _100 94 Mar 24 99 June 8
90 July 100 Apr
*93
9512 *04
9512 *93
95
95
9512 *---, 95
14534 14738 42,400 Unicri Pacific
147 148
100 1293 Apr 22 1533
4
80ot 24 11534 Jan 11113 Nov
14714 148
1463 1473
14753 149
4
4
LI
800 Do pref
3
100 z80 Sept 1 8412 Sept29 z79 Mar 8418 Nov
8 8438 843
8412 8412 8414 8412 8438 843
84 3 8433
3
100
8 Jan 2712 Oct
800 United Railways Invest
73 May 9 2111 Jan 4,
.t
4
*1112 1212 *1112 1212
93 1012 1012 1012
*11
1112
4
100 17 Sept16 3934 Jan 3
2114 Mar 473 Oct
200 Do pref
*2212 25
21
21
*22
25
*22
*22
25
24
100 1318 Sept13 17 Jan 3
1238 Oct 1713 Nov
1512 1512 3,000 Wabash
1514 1512
1512 153
1512 1513
4 153 16
4
100 4112Mar 1 6012 Deo 4
431 Oct 4914 Nov
8
55
5714 12,400 Do pref A
57
5714 5734 56
5678 5712
5713 58
2512 Oct 3213 Nov
100 25 Apr 22 3278 Deo 4
3053 3034 3014 303
4
4 293 30
4
293 3012 4,450 Do prof B do
3033 3012
914 Jan 3513 Oct
100 2412Feb 28 3413 Mar27
2778 8,900 Western Maryland
2913 2718 28
27
2814 2931 28
25 Jan 5053 Oct
100 40 Mar 7 55 Oct 16
100 Do pref
4313 4312 *42
44
46
*42
46
*42
- -8
23
2314 2218 2212 2214 2278 2214 2253 3,400 Wheeling & Lake E Ity w L. 21 Deo 12 273 Dec 7
-223 -2117
s
4
•
46 Dec 21 5812 Dec 7
4914 4914 1,400 Do preferred when issued_
4912 50
5012 5012 .50
50
5012 5013
500 Wisconsin Central
100 33 Apr 19 5812July2(t
28 July 45 Nov
5214 5214
54
*52
54
5313 54
53'2 5312 *52
Industrial Sc Miscellaneous
•
700 Advance Rumely
21
100 14 Aug 22 2134 Deo 5 ..... ---- ----- -1814 183
4
1953 *18
*18
21
19
1913 1912
_- - - ----- -38
3814 38
*37
38
700 Do pre(
80ot 10 43 Apr 24
.
38
38
100 303
38
3613 3013
50 63 July31 8918 Dec 11 -----------------7612 *71
74
723 723
4
7314 7413 74
4 3.400 Max Rubber Inc
723 7312
4
•
2114 Dee 40111 Apr
10 1014 Dec 21 2612Jan .7
4
1114 103 1112 1032 1112 7,200 Alaska Gold Mines
11
12
1114 1114 11
93 Dec 1312 Nov
4
63
400t 9 1014Jan 7
718 1,600 Alaska Juneau Gold 1141111_10
4
7
713 733 *718 73
4
714 73
73
4
*7
73 Jan 4913 Oct
4
2913 2834 2758 26
27
10,600 Allis-Chalmers Mfg v t e-100 19 July19 38 Nov25
2878 28
27
2613 2612
s
33 Feb 857 Dec
6,700 Do preferred v t o____100 7012July 18 92 Nov 9
8712 8813 28412 86
8512 8612 8712 89
85
81
3,300 Amer Agricultural Chem..10063 Ayr 22 102 N ov25
48 Jan 7412 Nov
89 89
8818 89
92
90
9214 90
8812 90
90 Mar 1011a Nov
400 Do pref
100 98 Mar23 10314 Deo 1
10238 1023 102 102
3
102 102
102
102
*101 103
3314 Jan 7273 Dec
89
13,700 American Beet Sugar
100 613 Feb 1 10812 Nov22
4
9173 87.3 8912 88
90
89% 92
8812 91
83 Feb 95 Nov
Do pref
*97 100
100 93 Apr 24 102 Juno22
*97 100
*98 100
*98 100
*98 100
25 Feb 6813 Oct
16,600 American Can
Dec 21 6813Sept29
100 44
4
4614 4714 453 4613
4634 483
4 473 49
463 473
4
4
4
9113 Jan 11312 Nov
8
a
300 Do pref
100 1077 Dee 22 1153 Sept30
108 10813 *10812 10912 *108 10913 *108 109
40 Feb 98 Oct
8
657
8 6313 645 11,100 American Car Sc Foundry_100 52 July 8 7812 1)00 4
0734 64
64
6514 6612 68
6514
1153 Aug 9 11912Mar 11 11112May 118 Aug
s
100
Do prof
4116 11734 *11818 11734 -- -*116 11712
*116 1173
4
fan 84 Oct
39
100 481s Dec 21 5818 Oct 23
*4813 50
300 American Cotton 011
50
4912 4912 49
*4812 49
*4913 50
91 June 10214 Nov
100 98 Jan 6 102 Mar 15
100 Do prof
10012 10012
*9912 102
*9912 102
*9912.102
43 Feb 1414 Oct
3
4June 3 20l2 Oct 17
83
1214 2,525 American Hide Sc Leather_100
1212 1314 127 1314 1218 1218 12
-1ii8 -1112
1934 Jan 5913 Oct
100 45 Mar 1 847 Dec 4
8
4
4 5,600 Do prof
6412 613 623
62
66
62
64
64
62
60
2053 Jan 35 Apr
4
4 303 3112 27,900 American Ice Securities_ 100 25 Jan 20 3234 Dec 27
323
2934 3014 3013 323
4 31
30
3014
714 Jan 3113 Oct
g
8
8 9,500 American Linseed
100 17 Dec 21 277 Nov10
183 2033 1978 2014 1914 1978 185 187
3
1814 183
3
24 Jan 5012 Oct
5014 1,100 Do pref
100 3814 Mar 1 6234 N ov13
50
52
52
53
52
*52
51
*____ 51
19 Mar 715g Oct
7714 47,800 American Locomotive-100 58 July14 9814 Nov 9
4 75.2
4 7513 773
7814 803
7514 79
7413 7614
75 Mar 105 Nov
200 Do prof
100 0912July 13 109 Nov 9
10514 10512 *104 108 *105 10614
*10412 105
10438 105
37 Apr 131s Oct
3
512 June 3 12'8 Oct 19
100
,
92
American Malt Corp
*8
10
*8
10
*814 913 *8
*814 9
4Deo 1
2112May 3713 Dec
100 z3158Jan 14 513
50
2,310 Do pref
*45
50
*47
49
*4612 48
50
513 150
3
78 Jan 881s May
3
3 9338 93 3 1,400 Amer Smelters Sec prof B.100 8412Juiy 13 9714 Nov27
9334 9334 9313 937
933 94
4
*95
98
300 Do pref Ser A stamped__ 9134July 11 102 Nov18 '88 Oct 92 Dec
99
*95
09
*97
9834 98
98
98
04
*93
58 Jan 1087 Dec
10213 1041,3 43,750 Amer Smelting At Refining_100 8813 Apr 22 1227 Nov22
8
.1
10414 10578 10233 104
10438 10578
10414 106
100 10914 Apr 22 1181.30ot 21 100 Jan 113 Nov
300 Do prof
11412 11413 *114 115
115 115 *11412 115
115 115
100 130 Mar23 151 Deo 8 144 Jan 165 Apr
100 American Snuff
*137 143 *137 143 *137 143 *137 145
140 140
100 10613 Mar22 110 Jan 27 103 Jan 11038 Nov
Do pref
*105 111
*105 111 *105 111 *105 111 *107 111
2418 Mar 7412 Oct
6013 1,500 Am Steel Foundry
60
100 44 Apr 24 73 Deo 7
63
6312 *60
61
64
63
61
62
9912 Feb 11978 Nov
109 110
10913 10973 10814 10912 10833 10812 3,800 American Sugar Refining WO 104 Deo 21 12533 Oot 25
10812 10973
11518May 5 12312001 24 109 Feb 11912 Nov
100
Do pref
*116 120 *117 120 *118 120 *117 120
*117 122
li3014
12514 12513
125 12538 125 1253 1247 12514 312318 1233
s
8
8 6,700 Amer Telephone A Teleg_100 z12313 Dee 29 z13413 Sept29 116 Jan 25213 Nov
Apr
8
100 American Tobacco
100 188 Feb 16 2291 Nov 3 l9513 Dec
*212 219
*214 216
217 217 *21213 220 *21212 220
100 10514 Apr 24 113 Sept23 10314 Jan 111 Nov
300 Do pref (new)
4
4
*108 10812 10814 10813 1073 1073 *107 109
*107 10812
48 Nov 58 Oct
8
425 437
8
8 5,700 Am Woolen of Mass
100 37 Dec 21 587 Nov 8
44
4318 433.1 4412 4512 42
43 43
95 Dec 9814 Nov
600 Do pref
100 92 Jan 10 102 Mar 10
96
9413 947
3
96
*94
95
95
*94
5 July 15 Apr
45
6,800 Am Writing Paver pref 100 11 Jan 8 7614 N ov20
453
4 44
4914 44
451s 47
47
-: 14 16
6
8.1tily 10 9713 Apr 10
8714 Dec 7112 Dec
9,000 Am Zino Lead Sc9
25 293
3712 3512 371
3733 40
3712 3913 36
3612 38
- --- ----- - --25 5912July 11 87 Nov 1
prof
000 Do
-___
- 8
717 72
8
727 75 - -- __
693 70
4
4
,243
8
50 77 Apr 22 1053 N ov20 --,,- Feb 915g Nov
81
8238 8013 - 4 8018 - -12 121,000 Anaconda Copper
8212 8414 827 843
8
3
813 8312
4
4
117 125
12018 1243.1 11212 12112 210712 1123 76,200 All Gulf Sc W 288 Line ode 100 58 July12 1473 Deo 8
117
10812
4
100 6012 Deo 2
733 N ov10
6414 1,100 Do pref certfs
03
*64
68
6612 6612 6413 68
6512 6512
205a Mar 15412 Oct
8Jan 3
100 52 Dec 21 1185
8
5614 583 35,500 Baldwin Locomotive
4 553 581
5714 61
5812 6213 5834 613
92 Mar 114 Set/
100 987 Deo 21 110 May24
8
101
800 Do pref
10012 ----- ---- 10_
10012 101
10012
10012 10013
18712 Deo 5 -__ _ _ .._ - _ ____
100 al2712 Doe 21
500 Barrett Co (The)
135 13518 *132 136 *133 135
*133 138
134 13514
Oct
4814 Jan 600
100 415 Jan 11 700 Nov18
--------504 525
1,850 Bethlehem Steel
500 500
500 505
501 503
Jan 184001
91
400 Do prof
100 128 July 21 1813 Nov17
135 135
135 137
132 132 *132 150
*133 145
--s Par $25 per share. e First installment
*Bid and asked prices: no sales on this day. I Ex-rights.
Lew than 100 shares. a Ex-dIv. and rights. 0 New stook.
paid a Ex-drvidend. a Full paid.
$ per share $ per share
104 10112
1003 1003
4
4
*118 120
8334 8414
8
753 7512
8212 8212
165 16612
65
653
4
1418 1418
4112 4153
9112 92
12434 1243
4
12412 12512
*17712 180
347 3512
8
*50
54
*80
88
*30
34
*56
58
*40
50
149 149
*229 2393
4
1718 1718
3913 40
3433 35
4912 493
4
*31
42
1173 11712
3
35
3534
107 107
1718 1712
72
73
2512 26
.58
60
*23
2612
*50
58
79
80
*32
35
.
*130 133
*128 130
*28
2912
11613 11612
*128 133
1112 12
*21
23
17
1714
1718 1713
341g 313
4
New York Stock Record-Concluded-Page 2
usually inactive. see second page preceding.
For record of sales during the week
2415
of stocks
PBX MIAMI
PER SHARE
Range for Prestos.
Range .Since Jan. 1
STOCKS
sates/or
Year 1915 •
-PER SHARE. NOT PER Ch',NT.
-share lots
PRICES
basis of 100
On
NEW YORK STOCK
HIGH AND LOW SALE
------ the
EXCHANGE
Week
Friday
Wednesday 1 Thursday
Highest
Lowest
Highest
Lowest
Saturday 1 Monday 1 Tuesday ' Dec. 27 1 Dec. 28
Shares
Dec. 29
Dec. 25 . Dec. 26
Dec. 23
per
Industrial&Misc.(Con.) Par S per share $ per share $ per share $ 797 shard
per share
sJune
per share $ per share $
5612 Aug
Mar 9
$ per share I $ per share $ per share $4612 4818 448 46
10,900 Butte dr Superior Copper---10 4178 Dec 21 10514 Jan 3
4512 46
8
49
8 July 385 Dec
425
3
"
47
4734 49
10,100 California Petroleum, vt0-100 15 June27
26
,
2334 24 2 24
26
8 25
2513 263
30 July 81 Dec
ioo 40 June29 8038Jan 3
25
25
5512 4,900 Do Prof
53
5212 58
57
56
8
325 Feb 8114 Nov
537 57
100 49 Apr 22 123 N ov10
5213 5212
8114 85 100,500 Central Leather
853
8 81
883
8912 86
86
100 ion Jan 3 11713 N ov10 100% Jan 1101k Nov
4
833 86121
900 Do pref
4
4
.113 114121 11414 11414 1143 1143 11312 11434 4,200 Chandler Motor Car
100 8812 Apr 24 131 June 5
*11312 114341
99
96
98 100
101 102
233 Dec 265s Nov
101 101
8July 14 394 N ov18
25 195
101 101.2
2314 2458 23% 2514 29,000 Chile Col)Per
2458 257
3234 Jan 57% Nov
2518 26
5 4618July 11 74 Nov18
2434 2533
4 5112 5312 25,500 Chino Connor Iron
5512 5214 533
4 54
1 Se
n
3
543 553
100 384 Apr 22 634 Sept30
523 5512
4
Colorado Fuel &
4334 4434 9,500
--_
4678 4334 45
4678 45
45
100 3014 Sept28 537 Dec 5 ---------------Eleo
44% 46
34,800 Columbia Gas &
47_ 40
3918 4234 3734
423 43
4013 42
4112 Nov 4934 Dee
100 4058 July24 528 Jan 22 3912 40%
200 Computing-Tab-Record
4
463
*46
47
47
4
50
1133 Jan 15012 Oct
4812 *47
*45
4
47
1,900 Consolidated Gas (N Y)._100 1293 Dee 21 14434Jan 8
13114 13112 *131 133
4014 Jan 127 Oct
1318 132
133 133
100 7514 Jan 31 z111 Sept20
13218 13234
500 Continental Can
89
874 874 *86
89
87
87
8813 Jan 10913 Dec
88
100 108 Feb 1 114 Nov27
00
.88
115
Do pref
8 Jan 2113 Oct
*105 115 *105 115 *107 115 *107
.____ 115
Products Refining--100 1314 Aug 8 2934 Deo 8
8 0 600
,
2334 2434 234 244 218 2318 215 227 42,600 Corn
85 Jan 9644 Dec
100 85 June26 11312Deo 8
4
2312 243
Do pref
,
110 1103 110 11012 107 8 10312 10814 1104 134,400 Crucible Steel of America_100 5014 Deo 21 9912 Mar 16
1814 May 10978 Sep
11012 11118
2 5912 02
832
6414 6258 6512 503
84 May 11213 Bel/
58
8
100 10814Jan 11 1247 Deo 5
5612 59
400 Do pre:
1134 114 *11318 114
1131 11318 *112 117
No par 43 Deo 21 7638 Oct 30
*110 114
:8
433 58,900 Cuba Cane Sugar
51% 46
5118 5278 47
.4913 50
4
51
100 913 Deo 22 100120ot 28
49
9314 3,000 Do pref
93
4
934 9314 923 93
38 Jan 177 Dec
*9212 93
93
9314
195
Cuban-American•Sugar-100 152 Jan 5 26978 Sept26
110 Sell
*150 200 *187 195 "180 110
93 Mar
*170 200
8
100 1003 Deo 22 110 June 8
*170 200
Do pref
*101 110 .10112
512 Mar 5012 Oct
*101 110 .100 110
.100 110
Securities Corp_100 24 Deo 21 544 Apr 29
4
4 303 3112 2812 30.8 27.2 2812 8,900 Distillers'
303
•30
10 18 Deo 21 2912 Feb 8 116 June 304 Dec
2912 3012
_
__ ____
2014 2012 1,500 Dome Mines, Ltd
-- -100 4518 Dec 29 11934 Sept18
2012
20
4518 46
Driggs-Seabury Ord
49
497g -49
-1
700
.
gi- - 713i2
•, iii3- 8 Mar 60 June
8July 13 35 Jan 7
18-.
55
'48
4
*10
18
*13
Federal Alining & Smelt---100 125
18
*12
20
*11
20 Mar 65 June
4
1812
100 343 Deo 26 5712Jan 7
*12
41
*37
39
600 Do pref
3434 358 4012 4012 39
3718 374
100 1265 Jan 5 350 Mar 18 165 Jan 360 Oct
General Chemical
*290 305 *290 305 *290 305 *250 300
*200 305
100 1113 Jan 5 117 Dec 8 106 Mar g11613 Noz
100 Do pref
*11312 11613 *11312 11612 *11312 11612 11614 11614
Oct
•11312 11612
100 159 Apr 22 18714 Oct 20 138 Mar 18512 Dec
165.4 167
3,700 General Electric
4
4
1673 1693 16612 167
167 16914
1678 1684
82 Jan 558
100 405 Apr 24 850 Oct 25
800
General Motors
---- --- "600 800 '500 800 "600 125
9058 Jan 136 Dec
8
100 108 July14 12812Sept
600 Do pref
_ _ *120
12.1 121
*119 125
iio" fici"
2412 Jan 8014 0c1
100 4912 Deo 20 80 Apr 10
4
)
.
11,300 Goodrich Co (B F
4 61
583 - -14 583 60
6014 6012 5958 61
8
607
59
95 Jan 11414 Oct
100 11012 Deo 22 11814 Mar 16
200 Do pref
__ "111 112
__
0110 112
*108 11312'
112 112
794 Apr 91 June
100 80 July12 120 Nov18
8678 88
3,900 Granby Cons M S & P
0
9
8714 - 94
9234 90
90
4
8
877 883
37 Oct 5238 Dec
43
2,000 Greene Cananea Copper 100 34 June26 5612Nov20
4412 4314 4314 43
44
45
44
4438 4514
---- ---121 125
2,900 Gulf States Steel II ctfs__ _100 71 May 4 193 Nov16
121 134
135 138
128 133
125 126
--------------------100 87 May 4 115 Nov25
29 Do ist pref tr ctfs
100 72 May 5 190 Nov18
Do 2d pref tr Ws
-0
____ __-- _- ---- -1t 0
1858 Jan 47 - - -1
5
5718 55% 5612 66,200 Inspiration Cons Copper. 2042 8 Apr 22 7414 N ov18
4 58. 5912 55
3
565 593
513 Mar 29 4 No
5534 57
100 11 Aug 30 2978Jan 5
200 Internet Agricul Corp
17
17
18
1714 1714 •16
10
*18
8 Mar 7134 Dec
18
*16
100 37 Dec 21 74 Jan 5
4312 43.2 433. 1,650 Do pref
43
45
44
44
43
4218 43
90 May 114 June
100 10812Jan 7 12678 N ov29
121 123
800 Intern Harvester of N J
----------------121 121
1191 120
18 Dec 2012 Dee
,2
8
100 e133 Feb 15 2507 Sept14
(
4 2514 261 91,600 lot Mere Marine
2234 2514 2312 263
26
22
8
2514 267
5512 Nov 7712 Dec
100 26114 Mar 1 o12558 Septll
8458 8814 858 873 165,200 Do pref
4
4
823 9114 8314 878
9214
90
4
v t(3_25 38% Dec 21 561( Jan 17 44% Dec 558 0c1
40 4 417 15,500 Intern Nickel (The)
4358 4258 44
3
42
4258 44
1278 Dec
8 Jan
413 4312
4
912 Mar 1 7512N ov10
100
49,300 International Paper
46
474 43
4412 484 4814 5214 44
4312 46
33 Feb 5034 Dee
100 4213 Feb 1 10912 Dec 11
4
4
10112 1033 101 1033 11,500 Do Prot
10112 10412 103 106
10014 102
100 67 Mar 9 96 Apr 4
700 Jewel Tea, Inc
75
75
7814 7512 777
78
80
*77
80
*77
25 56 Deo 21 8514 Sept 6
5712 6012 4,400 Kelly-Springfield Tire
61
59
62
597 607
61
60
60
-•
4412 4612 4534 4638 4314 4512 4314 4518 67.300 Kennecott Copper___No par 40 Deo 21 6414 Nov20
444 453
4
28 Jan 904 Set
100 64 May 5 107 Nov17
4 80.2 8212 34,000 Lackawanna Steel
4
803 843
8712 844 87
83
8312
8114
- --2518 28
29
27
2,700 Lee Rubber & Tire___No par 2518 Deo 29 5612June 5
30
30
30
30
31
Dec
.29
27713 27712
100 Liggett & Myers Tobacco-100 240 Apr 14 305 Nov 2 207 Jan 280 Noz
*275 295 *280 295 '275 295
*270 295
189
100 17914Jan 19 23978 Aug 19 16512 Jan
Lorillard Co (P)
'222 236 "222 236 *222 238 '222 236
7258 Jan 84 No
100 78 Apr 14 91 Feb 10
Mackay Companies
*8112 8512 "83 8512 *83,2 8513 '83 8512
1
i
"*. i" "5513
6434 Oct 89 4 Jet
4
100 647 Dec 11 683 June 7
66
400 Do pre
66
6612 65 65
6612 "65
"65
65
65
1514 Jan 92 Oct
4614 43 41,400 Maxwell Motor Ino tr otfe_100 44 Deo 21 99 Sept25
5313 4478 48
5134 5438 46
51
5333
4314 Jan 10314 Dec
85 Dec 21 93 Jan 3
6713 6814 5.500 Do let Prof stk It afs_100
7014 7314 6512 70
74
72
72
71
18 Jan 684 Oct
s
35
4,300 Do 2d pref stk It othi_100 32 Dec 28 607 June 6
33
33
4 334 3712 32
3758 373
37
37
51 Jan 12412 Dec
8Jan 3
100 885sJune28 1295
5
700 Mexican Petroleum
3
4
9912 933 9814 9014 94
95
9413 96
67 Jan 1041 Dec
1une28 10558Jan 3
100 8912.
9414 9414 ------------300 Do pref
97
__ *95
___95
95
Nov20
1714 Jon 3618 Dec
5 33 Aug 3 4938N
338 10,300 Miami Copper
3914 3713 3914 38
30
3814 19
3713 384
4
H
42 Jan 793 De(
100 8814 Mar 1 1147 Dec 1
600 Montana Power
•103 105
10312 10312 102 1034 10012 101
.4
.103 305
99 Jan 120 Dec
100 109 Jan 3 1174 Nov27
Do pref
.114 11712 .11213 11712 "11214 11712 "1124 11712
ci
*114 11712
100 118 Sept 9 131120ot 19 116 Apr 132 Jar
100 National Biscuit
*11814 122
____ ____
12412
12412
100 124 June30 12958 May12 119 May 12712 Dec
Cl)
200 Do pref
12512 12512 ---------------- 120 126
*122 125
68 Mar 90 Aui
-4
80
100 71 May 9 8478 Sept12
4
334 Nat Cloak & Suit
4
783 /83- "78
80
7938 7938 80 83
'78
912 Jan 3618 Oct
4
8
2818 2914 283 2912 2718 2814 2612 2712 8,400 Nat Enam'g & Stamp4.....100 193 Apr 22 3612 Deo 8
2713 27%
79 Apr 97 DV.
H
99
"91
00 9015 Deo 21 100 Nov21
09
f
*91
91
91
DDec
300
924 9214
9312 9313
5
745 Sept21
44 Jan 70 4 Ma3
5812 1,700 National Lead
58
4
100 57 Deo 21
6012 60 6012 583 59
60
6013
60
M
100 11114 Deo 21 11718 Oot 3 it,._ ....,
100 Do pref
.107 11212 .11114 11212 11238 112% .111 113
.111 11218
1134 Feb 17 No
113
5 15 Jan 31 3418Nov20
23
233 17,000 Nevada Consol Copper
23
24% 25
2418
2314 25
2314 231
C.)
3
5612 Feb 164 4 Sell
146 14934 142 145
100 118 July14 186 Nov20
4
146 1473 14834 150
2,400 New York Air Brake
146 146
64 Jan 81 Api
100 6512 Apr 26 757 Dec 4
4
4
693 7114 7114 7114 693 697 .70
8
North American Co
7112
6912 70
75 Oet 9 12414 Deo 4
25
111 115 1108 114
102 105
103 107
14,200 Ohio Cities Gas (The)
106 10912
2 Feb 123 Dee
1
5 4N ov27 1138Jan 7
100
63
618 .6
8 1,400 Ontario Silver Mlning
6
6
6'8 614 .614 613
6
z814 Dec 38 AM
5 1134Jan 3 31 Aug 21
2033 2112 2034 21
4 2,100 Pacific Mail
4
1918 2013 203 203
2014 2034
100's May 5 118 Oct 10 10612 Dee 1231* Aga
107 10812 105 106 .10312 10612 1,800 People's 0 L dr C (Chic)_100
10834 109
107 10912
3512 Apr 49 Sot
43
8 4113 4214 .41
1,900 Philadelphia Co (Fitteb)___50 38 June15 43 Deo 4
4258 4313 4218 427
4212
42
-4
8
8 373 39
24,900 Pittsburgh Coal ctfs dep_100 2514 July28 583 Deo 2
4018 4114 3812 397
3912 41
.
• 3834 403
400 Do prefects deposit_.100 10014 Aug 25 11514 Deo 5-.110 110
108 108 *10814 110 .108 109
111 11178
7814 oci
100 4212July 14 8814 Nov20 25 idar 5,100 Pressed Steel Car
7218 7312 7312 76
767
76
8 7638 78
7612
75
Oct
86 Mar 106
145 Do pref
100 97 July18 108 Nov21
105 105 .103 106
.102 104 .102 105
•102 104
10012 Aug 120 Dec
710 public Serv Corp of N J-100 114 an 31 137 Sept27
130 13012
129 129 *129 13414 .129 130
130 130
s
400 Pullman Company
100 1597 May10 177 Sept30 15018 Mar 170 4 Oct
163 163
*162 164
162 1624 162 162
*162 165
Oct
19 Mar 54
4Nov27
100 32 Apr 22 613
49
49
5014 5018 51
50
4912 4912 1,700 Railway Steel Spring
4912 4934
87 Mar 102 Nov
.98 101
100 Do pref
100 9514 Mar 9 10314 N ov2S
99 99
.99 100
.99 101
1514 Jan 274 Nov
2612 2678 2512 2658 2518 2558 24,300 Ray Consolidated Copper.10 20 June23 37 Nov20
2638 27
ii
-2i1i8 - 755 7712 43,850 Republic Iron & Steel
19 Feb 5714 Dec
7534 78
100 42 June26 93 Nov20
77
7618 771.
7958 7818 80
72 Jan 11234 Dec
100 101 Deo 21 117 Nov20
10378 10414 10312 104
2,000 Do pref
10414 105
105 105
103 104
k 633 65
687 687
69
Saxon Motor Car Corp.--100 637 Dec 29 8434 Sept19
69
700
70
*.---.. 70
100 16814 Mar 1 233 Nov 9 *13114 Mar 20912 Feb
224 225
950 Sears. Roebuck & Co
22818 22818 .228 229 .225 227
228 228
10 22 Deo 21 4014 Feb 14
2613 2713 27 28 2612 2714 z2514 26 3,000 Shattuck Aria Copper
2613 2612
24 Jan 66% Dec
62
Steel & Ir__I00 37 July14 9314 N ov18
593 6214 6114 66
60
4
63
7,800 Sloss-Sheffield
58
.57
61
40 Feb 164 Dec
170 175 *170 190 .170 190
173 173
500 South Porto Rico Sugar-100 146 Jan 29 240 June10
•175 190
3514 Jan 196 Clot
4
10C118 104.14 70,650 Studebaker Corp (The)
---100 1004 Deo 29 167 Jan 3
8
4
1113 1127 10733 1123 10413 109
11212
110
Jan 119% 001
91
100 10814 Sept28 114 Mar14
D0 pref
.10712 110 .10713 110 .10713 112
.
2
-_ ---.
4 49
49
4934 493
50
4812 183.40
4 1,300 Stutz Motor of Am Ine_No par 4812 Dec 29 794Sept25
;if)" "if"
4
1612 1634 163
8 1618 1658 '1512 1618 2,430 Tennessee Copper & Chem w i_ 153 Deo 21 1912 Deo 19
16
1612 1612
100 17714June27 24112 Nov21 120 May 237 Dec
220 22612 216 226
22234 23712 47,700 Texas Company (The)212 226
209 21112
5714 585
4
5735 593* 5714 584 5513 5712 5512 563 29,700 Tobacco Products Corp _.100484 Sept 7 5958 Deo.26
8
95 May 103 Nov
"9812 10312 *98 10312 *9814 10312 *100 10312
100 99 July14 10912 Mar 16
.99 10312
Do Prof
55 Feb 97 001
*10114 10412
•9714 10413 .9712 10413 ____
Underwood Typewriter-100 86 Jan 12 110 Oct 24
.100 10412
94 Dec
12
12 -12
12 .1113 12
12
414 May 9 18120ot 19
458 Jan
12
100
300 Linton Bag & Paper
.1113 12
2278 July 31% Dec
28 Jan 27 92 Nov15
100
Do prof
OW
-oi- - - "tifli Vic "15ii "ii" "OK ""i" 1,200 Union Bag & Paper (new)_100 8713001 16 129 Nov15
4
8
4
9_14
9i-WI - 1
100 59 Feb 9 10533 Aug 9 --- Dec 51012 Oct
9812 9914 9712 10018 9812 9912 987 99
6,300 United Cigar Stores
9834 993
100 51113 Feb 10 120 Aug 9 51112 Oct 51218 Nov
"116 120 "116 120 *116 120 "116 120
Do pref
•116 120
149 150
149 150
100 1364 Jan 31 16912June 8 139 Nov 163 Nov
150 150 *148 152
3,000 United Fruit
1494 150
2134 21
8 Jan 317 Oct
2212 21
2112 1,900 US Cast 1 Pipe & Fdy
100 1515 Jan 31 2818 Nov17
22
2114 22
2014 203
3212 Mar 551 Nov
62
*60
100 4812 Feb 5 674 Nov17
*5712 62
60
60
100 Do Pre(
*574 62
*5712 62
15 Jan 13133 Dec
108 111
10712 112
100 9412 Deo 22 17012 Apr 6
10912 11512 11112 115
77,900 US Industrial Alcohol
10818 11112
70 Jan 107 Nov
100 9912July 1 1 114 Jan 13
.103 105 .103 105 .103 105 .103 105
Do pref
44 July 74/4 Apr
63
61
65
4
6058 62
100 473 Mar 1 7014 Dec 7
6158 6314 62
20,700 United State(' Rubber
100 106% Feb 5 11514Deo 8 101% Feb 110 Apr
11214 11214 .111 112
1 preferred
100 D
•111*111 113 *111 112
50 57 Deo 21 8112N ov21
8213 64
631
6414 66
6214 - 4
6313 6512 032 6414 10,900 IJ 8 Smelting Ref & 51
5212
5212 .52
52
517 52
51
51
50 50 June20 5312June 9
5001 Do pref
5212
*51
ates steel
38 Feb 8912 Dec
8
106 1087 10712 10912 10412 10712 1035 10014 881,300 united st
100 37954 Mar 1 12934 Nov27
1053 1073
4
11934 1197 1193 120
11912 11933 8.400 Do Prof
4
100 115 May 3 123 Nov 2 z102 Feb 117 Oct
11912 120
1184 120
48% Jan 8114 Dec
4July 14 130 Nov18
4
983 1013 94,500 Utah Copper
4
10012 105
10 743
10114 10513 99 102
9812 10214
231
2312 2414 23
2334 24
2234 221
2314 2312
3,500 Utah Securities v t 0
100 1614 June 9 2718 Dee 2
15 Jan 52 Oct
4313 417 44
43
4213 4213 43
4312 5,000 Virginia-Carolina Chem..„100 36 Apr 24 51 Jan 17
4118 42
80 Jan 11378 Dec
*108 114 *110 114 .110 114 .107 114
•111 114
100 108 Apr 22 11412 Deo 6
Do pref
Oct
38 June 74
52
.48
50 .48
50
53
100 41 July27 7234 Nov20
50
50
300 Virginia iron C & C
57 Jan 90 Nov
;oi" lii"
9638 9612 9612 1,600 Western Union Telegraph_100 87 Mar 1 105% Oct 18
96
8
007 97
_7
9__ 97
32 Feb 747k Oct
56
z5418 548 15,900 Westinghouse Elec & Mfg_ _50 5114 Dec 15 7158 Mar 15
4 55
563
551s 66
612 59
col 5
5813 Mar 85 Oct
.70
75 .70 75.70 75
50 70 Apr 19 79 Mar 15
Do 1st preferred
.7012 75
---- - --34
3613 373
3634 56,200 Willys-Overland (The)
8
_25 34 Deo 29 .4325 June 5 r487 Feb n268 Nov
37% 367 377
37
9715 9712
- ---95
95
98
96
300 Do pref Sub reelsfull pd 10094 Dec 22 117 June 5 ---- -- - - -------Deo
8
-4
19878 139
13833 13934 1383 1393 13818 13814 1,600 Woolworth (F W)
100 118 Jan 6 141140ot 5 -4104 Jan 120% ---- ---.124
__ 125 125
--_ *125 - - -100 123 June29 126 Nov15 115 Jan 124 Aug
100 Do pref
9
2
29 - 31
2918 29% -29% - - 18 2818 2914 1,100 WorthIngton P & M v t o.100 25 July13 3635 Sept14
2
;56" - 9
'95 100 '943 100
4
4
*943 100
*943 100
4
100 95 July13 100 Bootle
'95 100
Do pref A v 10
. ..
59
59_ .55
60 •55
60_ *56
"56
100 528, July14 Mile Flent14 L .
60
'55
Do pre 11 v to
4
-iiii2 -61-3-
• Bid and asked prices; no sales on this day. g Less than 100 shares.
v Certificates of deposit. z Ex-dividend. n Par $100 per share.
El-right.,, a Ex-div. and rights. It New stook. c Par $25 per share
s Ex-stock dividend.
2416 New York Stock Exchange—Bond Record, Friday, Weekly and Yearly '
In Jae. 1909 as Bzchangs asstbod of istottsig bonds
was slums& and prices ars now a11--"an4 Ingmar--erupt for income and &Mused 00,
1
BONDS
N. Y. STOCK EXCHANGE
Week Ending Deo, 29.
i3
-6
Plied
Friday
Dec. 29.
Week's
Range or
Last Sale
1q
04
Range
Since
.1in. 1
BONDS
N. Y STOCK EXCHANGE.
.
Week Ending Dec. 29.
1,3
1
Pries
Friday
Dec. 29.
Week's
LasntgeSaoler
R
11
02
Ratios
Since _
Jan. ;.,•
U. S. Government.
Bid
Ask Low
High No. Low Mob
Bid
Ask Low
High No. !ow Hon
U 8 2s consul rogisterod_d1930 Q - J 99% ____ 993 Dec '16
4
9913 Ohio B & Q Denver Div 4s__1922,F - A
99
997 10218 997 Nov:.16
99 1G...,
U B 2s coasol coupon
Illinois Div 34s
61930 Q - J 993 __
4
997 Deo '16
8
9912 10013
1949'j - .1 863 8712 86
4
23 8514- 87
U 8 38 registered
Illinois Div 45
k1918 44- F 100% _
_ 10114 Doe '16
4
9934 1023
Sale_ 96:33
U S 3s coupon
Iowa Div sink fund 5a..
k1918 44 - F 10078 ____ 101
101
100 102%
IFit4 *I -- it
e A
_ _ _ 10212 Deo '1G --__ 112.14 X•
7
8
is
U 54s registered
Sinking fund 4s
1925 Q - F 110 111 11034 Oct '16
10954 111,
8
997 Dee '161-- 9938 997
U 84s coupon
8
Joint bonds. See Great North A -0 998 102
F 1102 __ _ Ill Dec'16
,
1925 Q 110 11212
US Pan Canal 10-30-yr 28.k1936 Q - F 993 _--- 9814 Oct '15 ----------- .
Nebraska Extension 4s__ _1927 111-N
4
983 9913 9818 Dec 'I -- 973 100
4
4
U 8 Pan Canal 10-30-yr 211_1938 44-N
Registered
4
993
97 July'15
1927 111-N
90 --__ 98 JulY'1,
31---US
U 8 Panama Canal 3s g
Southwestern Div 45
1961 Q -M 102 .__ 1027 Deo '10
8
1.01 8 1644
1921 M- S 9117 __ _ 9918 June'15 ---- 00
-7
3
U S Philippine Island 48_1914-39 F F 19070,8
General 4s
:
CI A
100 Feb '15
_ __ ...1958 J:j 93 Sale 36,2 D52 1111 '2 -ii.,T, -041M s 3414
94
93
4
Foreign Government.
Chic & E Ill ref & imp 48 g 1955
'' ., ,3812
Amer Foreign Secur 5s
U S Mtg & Tr Co ctfs of dep__
1919
Sale 975
97
994
. 33
36
3212 Deo •
• 4
Anglo-French 5-yr 50 Ester loan_ A - (.) 9314 Salo IT!
1st consul gold tis
j it 154 ! 9212 9618
Iig1 l
i 7
1934 W-0 10418 — — 1074 Aug
16,•2
Argentine—Internal 58 of 1909_ _ M- S 9012 9114 9114
General consul 1st 5s
9114
1937 M- N -- -4 893 953
s
4
9012 1,*
03
Chinese (Hukuang Ry)—Ssof'11 J -D 2 71 12 Sale 71
7112 _12 lg 1 4
Registered
i.4 Z
1937 DA_ N --------82 '
00 s...le
..
.2
Cuba—External debt 5801190-h M- 8 9612 99
135 Mtg de Tr Co ctIs of dep — -9812 Dec '16
91)
31
j
Eater dt 5s of '14 ser A -- _1999 F - A
Guar Tr Co Ws of dep
4
1. 9418 97
9618 963 90%
963
8
86
91 Is
91
-,:' 74
91
External loan 44s
8
Pur money 1st coal 5s____1942 1--.
1949 F - A 865 Sale 868
2 8112 87
86%
4
9
8
Chic & Ind C Ry 1st 5s___1936
Dominion of Canada g 5s w 11921 A - 0 997 Sale 998 100
58 983 1003
8
2512 Nov —1- -- -if i8Do
do
,
11.. j 2-5
1926 A - 0 92 2 Sale 9938
99% 38 9718 10114 Chic Great West 1st 4s
1959 1\ - s -73— Sale 73 Vet
----Do
4
do
1931 A - 0 993 Sale 998
997
82 9634 10238 Chic Ind Jc Louisv—Ref 68_1947 d - .1 1143 ---- 114 Deo 1 l ---9
4
'
7 1e
- 16112 171
1
19
Jap mese Govt—£ loan 449_1925 F- A 2 8812 sale 8812
Refunding gold 5s
885 Ill 8214 883
1947 J - J 10 4 -„- 11)034 Oct '161---- 100 101
4
03
Sicond series 430
1925 J - .1 2 8818 Sale 88
Refunding 48 Series C
88
7 7812 8858
80
1917 j _ j 85
85 Oct '16 ---- 83
05
7834 sale 7812
Do do "German stamer_
7912 90 73
Ind tic Loulsv 1st gu 4s
8414
1956 j _ j 70
75
70 N ov'le , -- -- 70
70
1931 .1---j 2 72 Sale 72
8.orling loan 4s
Chic lad & Sou 50-yr 4s
73
5 63
5 j 087935
73
8912 Deo 7 —5 86
0
6
1956 .1 .._ D
_ 0
'
0 1:3
8
913
071
:
Me tico—Exter loan £ 5s of 181)9 CI - J 2 40
467 47 Nov'16 - -- 45
Chic 1.8 & East 1st 44s_
1969
- I 1
60
Sale
Gold debt 4s 01 191)4
Chicago Milwaukee & St Paul—
1954 J - D
39 Aug '16 :_-- 2712 50
36, 40
_
Parts, City of, 5
-year 138_1921 A -o 554 Sale 958
Gen'i gold 4s Series A__ _81989 J _ j 94 Sale 9312
97
175 9434 99,
8
94 ' 11 8912 94
Prov of Alberta—deb 44s1924 F - A 2- - _
_ 9512 Jan '15
Registered
81989 Q - 2
9234 Feb '16 ....„ 9,25 925
8
Tokyo C ty-5a loan of 1912- - - - M- S 2fE12
78 Deo '16
Permanent 45
4
801
1925 J -D -13514 i3-1e- 913
11
.0538 114
4
U K of Gt Brit & I 2-yr 54_1918 M- S 9
-441 TI8 1(114
814 Sale 98
Gen & ref Ser A 4Ss__ „a2014 A - 0 05% 957 953
4
Os
' i?:.2 99657
' ''i
''
.7 ...
4
3
-year 54 temp notes
983 987 975 9851
1919 M-14 9858'Sale 93
4
Gen ref cony ger B 53____a2014 F - A 106 Salo 10553
106
61 104 110
5
-year 54 temp notes
1921 M- N 984 Sale 973
9818 897 97
4
Gall gold 34s 8er B__81989 J _ j 80
9813
8112
807 8114 Deo '16 ---- 78
8
:These are prices on the Oasis of :53tof
General 44s Ser C
.. D 1 0921 i.0,
.
81989 :i 1 02 2 Sale34 10233
:
102%
State and City Securities.
25 year deben 45
1934
N Y City-434s Corp stock .1960 81- S
103
Convertible 44s
8 17 101 10414
1033
1932
1110i8
0
1278: '
9 78 19 1
0 4
2
193'3 S'le 10458
11) : I le
4 S
448 Corporate stock
1043
4 12 104 105
Chic & L Sup Div g 5a
1 0
512
1,8 0
192 IL
jj 93 :
S
0
6
43s Corporate stock __ _ .1916 M - O 10.14 155 1013
S 4 AChic & Mo My Div 58_19213 1 _:' 1103,21'82 Sale: _-.,- 19 4 Dec 1 a - --- : 2 105 s
4
) 5 .1u I '
i)
13
5
105
1 41
11 3j.0 '
47:
432s Serial corp stock_1917-31 A- 0 ---- - -- j j 1.00211,4a0275 0214 De1036 ..._5 102 •1 a
.
Chic & P W 1st g 58
2 ,5r
. 8012 103,
041
:
1965 J -D ---- _--- i15
434i Corporate stock
---- -- i6O.1 if C1.
913 Deo'16C M & Puget S,1 1st gu 49_1 9 1
.
192
-19
-- ,
;
8
44s Corporate stock
____ 10
1963 NI- S 9
109
Dubuque Div 1st 8 f 6s
1920 j - J 105 Salo 10531
1O;11-8 Sale 10118
4% Corporate stock
101,
1959 M - N
Fargo & Sou U8SUM g 65 1924 J - J 10912 ---- 110 Ju.., ..1!-- -3 ; 2 4 167. .
4
20 195 1 0()1
'i 9;7 1 24
- 653_ i9 - 4
0 _ • . 88
23
105 s 10114 10118 Dec '10
,
4% Corporate stook
La Crosse & D 1st 5s
- 98 10214
1919 .1 ..-- ..11
10212 Oct '16 - --4% Corporate stork
Is N 10111 Sale 10114
:
10114
Wis & Minn Div g 5s
1957 M N
3 975s 102,
98 I
2
j
4% Corporate stock
8
1956 M- N 1003 10112 9714 Jan 'lb
)1 112
1(
'
Wis Vail Div 1st 68
— 9714 9714
4
192 1 J - J 91 12131 18178 1
1:: ig - - - : (13
0
: 7
10 14
),
New 434s
109
8
1957 M- N 102 Sale 109
Mil & No let ext 434s
3 10534 1104
1934 I -0 1025 ____ 10212 N ov'lL •-- 10114 1017
New 448
Conn extended 434s_
.1
4
1034 J -D 102% __-- 10238 Deo 'L ___ pH 1025
1917 M- N- 1003 1003 Nov'16 ---- 10014 101
8
44% Corporate stock
85
Chic & Nor WestExt 481886-1926 F - A ,
4
109
1957 M - N 16- 8 109 1083
3 106 110
9
,914 ---- 9814 Nov'16- - -- 9518 9814
44% Assessment bonds 1917 M-N 100 10012 10013 June'16 ---- 1007 10078
Registered
1886-11098276 F - A
8
97
5., ,- - 97 Apr '161-- fr,
921
34% Corporate stock_1954 51-N 102 9314 04 Deo '16 __-- 88% 94
5
General gold 34s
M- N 84 4 bale 8318
'
844
8414
i 00
N Y State
-4s
10512
10512
Registered
1961 NI- 8
1 1021, 106
Oct
Canal Improvement 4s
8
General 4s
1961 J - 2 1053 10534 10514 Oct 'Id __-- 102 1054
t15;1 oo :n : :,1 g1514
: :131
3
10538
Canal improvement 413 _062 -11 - 2
_ 105
105
Stamped 45
1
10214 10
02 2 05
8
1987!M- N
943 Deo '16 --Sr 9338 96
4
Can l Improvement 4a_A960 J - 2 105% 166 10853 Oct '16 _ _2_
General 53 stamped 1879_ 1Z15... N 11533 110 115 Nov'16 --, ..$ 4214 1163
a
Ad.
4
Canal Improvement 430_1964 J - 2 11512
_ 11514 Dec '16 ---- 113 117
Sinking fund 6s
11U
___ 111 Dec 'It) --./
.1 11213
4
Canal Improvement 4348_1965 J - 2 100, ____ 1093 Sept'16 ____ 10612 10934
Registered
4
1879 1029 A - 00
10912 Apr '16 --m.- t,913 10912
Highway Improv't 448_1963 M- 8 1143i _
Sinking fund 55
116 Deo 'lb --- 11212 118
.2
5
1879-1921 A i0 1_04,8 1_6'514 10412
1 2
9
10419 ...., .04 10514
Highway Improv't 4%13.. _ 1965 NI- 8 10914 11012 10912 Noy'lti _--.
Registered
1879-1929 A -0 :,.,:..... _ _ 103:21 Apr '11k ---- 1034 104
02
Virginia funded debt 2-3s
1
Debenture 5s
172'4 -11;;;;
85 Aug '16 --- 18184 1993
9
1991 J -, --8 8
834
10111 1034
Os deferred Brown Bros ctls_ - -- --- 88
Registered
5412 21 50
54
57
--59
1921 A -0
10212 OctOot •. ._-- 10212 10213
Sinking fund deb 58
Railroad
1933 NI_N 1037 10912 1033 Oct '1
4
-- 11,
314 105
1933 hi_ N 7_1_,. 10414 June'ti
Ann Arbor 1st g 49
Registered
7414 Deo '16 ,
10
_7
63
61995 44- 2 7312 75
7414
14
,
1 2_014 1.21.
1 4 3 0:14
1..8.
Atoll Top Jc S Fe gen g 43_1995 A - 0 95 Sale 945
120% i_i_ 111 142 sl o t(:::
Frem Elk & Mo V 1st (3s 1933
95
142 9212 9518
8
)1 e pv )
:1 ,__ -_
Registered
9412
1995 A - 0 9412 Sale 9412
Man 0 B & N W 1st 3;0_1941 J -- 0
6 911, 9412
A .1
Adjustment gold 4s
843 Deo '16 ____ 8312 8812
8412 86
4
Milw & S L 1st gu 348
61995 Nov
1941 j - J
Registered
/1995 Nov -- -- 85
Mil L S & West 1st g 6s
8512 N ov•16 ---, 81
8
1921 M. S 15'11- :::: 107 Dec ,161::::
86,2
Stamped
61995 M-N 86 Sale 85
86
4 8314 8814
Ext Jr imp 81 gold 5s
1929 F - A 106713 __-- 10684 Deo 'WI-- -10712
Cony gold -is
1955 j -1.) 104 105 10514 Dec '16 ____ 10054 10812
Ashland Div 1st g 6s
8
1925 M- 8 1.1.218 ____ 1117 Deo '15'
104 105 103 Dec '16 ---- 101 4 1 )8
Cony 4s issue of 1910
11118 ....„ 11112 N ov'1,.
Mich Div ist gold 6s
2924 J - J
1960 J 'D
, -, iii" iiii2
10
-year 58
Mil Spar & N W 1st go 4s_1947 51- 13
1917 J 'D 10512 10078 1004 Dec '16 _-_ 1008 11) 8
14 1 :
1 4
East Okla Div let g 4s
Northw Union 1st 78 g
975 Deo '16 --953 9714
8
1917 M- 5 1904 --- 10734 May.,
1928 M
' 97
•-Rocky Mtn Dly 1st 4131965 .1 - 8 85 2 Sale 8512
97 2 :
St L Peo & N IV 1st gu 5s_1918 J - .1 102:2 10 31- 92% Dee9' 9 4
.1
2
8512
L 84
89
II iiii" 164
Trans Con S....,rt L. let 48_1958 J " J 9134 Sale 9012
9412
Winona & St P 1st ext 78_1916 J - D ____ ____ 119027%
914 13 89
_
'15 221 91 „:„.,
924
Cal-Art - 1st & ref 4398"A"1962 M - 8 ',--',7- 9814 9812 Dec '16 --- 963 99
Chicago Rock Is! & Pac 65._1917 J - J 1515 8 -.. 7.7: 100% Dee '16 ----. ."03 1U27
5
2
4
s
13 Fe Pres & Pb 1st g 5
8,._ A942 M- S 30511 Sale 106
10614 3 1027 10634
Registered
877043
1811122 N o ,877 566 6 - 64322
0
787746462 kie p. 1 23
t 11,6
:
33134 102
4
8887 98063,54
1017 J - .1
8
All Coast L 1st gold 4s___61952 M- 8 9438
Ry general gold 4s
9434
1988 J - J
Sale 93'4
9438 7891
Gen unified 948
-D 9418 94
94
19 89
Registered
94
1964 21
1938 J - .1
------1
91
Ala Mid 1st ou gold 5
8
-io ilitle1928 M- N 109% 1077 1063 Dec '16 ____ 10614 1073
.4
8
Refunding gold 48
8
Bruns &W 1st gu gold 18_1938 J " 2 93% ____ 9:378 Oct '16 --__ 9312 95
Salo
30-year debenture 5s
1932 J (
93-1 A -- .
1
I
Charles dc Say let gold 70_1936 J - 2 13314
121 s Aug '15 --_
Coll trust Series P 49
,7
9814 988 9814
1018 rd - N
9814 33 95
9814
L ct N con gold 48
87
23 -iits --8
RI Ark & Louis tat 4328_1934 M- 13
01952 M-N 87 137110 87
71.
8 -4
5 ,54- 7534
Say F& W 1st gold 6s_-__1931 A -0 1207 ---- !lila July'16 ____ 11918 8122
Bur C R & N-1st g 158__ _1934 A -0 10012 _--- 102 N ov'l -- --.1,97:.-4 105937:81844 .
8
.i,8 442.1)1111 111188
;100082
‘
1st gold 5s
997 ---- 10078 Mar'14 -- ..._ ---8
CRIF&NWIstgu5a 1921 A-0
1931 A -0 101 _-_ 105 July 15 --_.
811 Sp Oca &0gu g 4s.._ .191e J - J 9912 997 993
M & St L 1st gu g 7s
9938
8
8
I -9618 -694
.
1927 J -D -„-„-.- --.
Bait & Ohio prior 34s
Choc Okla &0gen g 58_01919 J - J
94
1925 J - J 94 Sale 935
75 924 9414
v,,
r4 -9 7- 90 601' 1------ -iiiii -6634
-9
4
92%
Registered
933 Nov'16 ---- 9112 94
4
Consol gold 5s
61925 Q - .1
1052 M-N
lat 50
-year gold 4s
Kook & Des Moines 1st 513 1923 A - 0 - - 62
9218 213 893 9284
61948 A -0 92 Sale 9134
., --i- -i5 4
Registered
:
9018 Nov'16 —64 03 0812
- 8)7 9132
St Paul & K C Sh L 1st 448'41 F - A 1 2 _7::: 724 A1115910 --- 1
2
597
11
:
92
h1948 Q - J
72 3
2
; , 76%
.1 ---10-yr cony 430
Chic St P Ni &0 con tli
1/ 814
1933',- -, -66 4 Sale 95
1930 J -D 118 Sale 118
Refund dr gen 5s Series A_1995 J -D 1005 Bale 10014
8
4
101
Cons 65 reduced to 34s 1930 J -D 91% ___ 873 Feb ..
55 9978 1013
4
Pitts Juno 1st gold 6s......1922 J - J -------112 Jan '12
Debenture 55
1930 /VI- 5 10112 i02 101 Dec '1
PJuno & M Div 1st g 330 1925 M- N 925
s__ 93 Deo '16 ____ -91 -cii •
Ch SOP & Minn 1st g 6s 1918 M-N
1 18 Dec :
8 Noy
P L E & W Va Sys ref 4s_ _1941 M- N 8714 87, 87
North WIsconsin 1st 6s
8713
2
6 854 90
1930 J - J
Southw Div 1st gold 348_1925 J 2 91% Sale 9112
1
9158 23 893 927
St P & 8 City 1st g 6s_ _ 1919 A _ 0 1014 115E7- 1051 N ov:1 , ....,
4
111612 __ 041
8
:
8
'
Cent Ohio R 1st 0 g 4;0_1930 M- S 100
Superior Short I, 1st 5s g_g1930 M- S
__ 1008 N oy'l6 ---- 10118 1014
Cl Lor& W con let g 5a
4
70
88
83 N e• id
19:33 A -0 Ion --:__ 1063 Oct '16 ---- 10634 1077
8 Chic T II & So-east 1st 5s.._ _1960 J - D 10014 102
Monon River 1st gu g 5s 1919 F - A 11)03 _
4
10114 N welt) -- -- 100; 1013
8 Chic & West Ind gen g 6541932 Q -M
Ohio River RR 1st g 5a__ _1936 J -D 107%
70 Salo 1116 De'.7'61f 1 . 3 .
107 July 16 __ 1064 107- e
Cons°, 50-year is
,
77
48 110960111.3:8:2
General gold 5s
1937 A -0 10714 ____ 10712 Nov'16 -- 105 108
Cm H & D 2d gold 448_1 9 7 j - j 9114 _ - 91. Nov'i-, ,
,
,
3
1952 J
J
Pitts Cloy & To! 1st g 68._1922 A -0 10
.
- 11312 Feb '12 ...... _ - ii/ ___ ______ I ..,,
1st & refunding 4a
1959 J - 1 60
993 --- 99% Sept'16 __-- 998 9912
8
Pitts & West 1st g 4s
8U _--- 78 Aug 'le -.,
1 7131
8
let guaranteed 4s
1917 2 - J
Buffalo R & P gen g 5s
1937 M- S 11018 110 5 109% N ov'16 --- 10712 11012
5
Cm D & list gu g 5s
1949 j81:14 40 ..-- 26 July'l
1 95 1
Consol 430
20 ___ 88 mar'1
8
-.
-fl,
10112 Nov'16 --- 1014 103
--C Find & Ft W 1st go 4s g 1923 51- N
1957 M -N 1013
Al) & West let g 4s gu__1998 A - 0 9078 _ _. 97 Nov'16 ---- 92%
July'19
, .::
Cin I & W 1st RU g 49._ _1953 J - J
97
Clear & Mah 1st gu g 5s 1943 J - 2 106% ---.. ,0318 Feb '16 .-- 1 078 10 :
Day & Mich lot cons 449_1931 .1 - j
9438 Dec 14 ----,
1 0 184 1011
3
..
3
Hoch dr Pitts 1st gold 68._1921 F - A 10614
10014 Deo '16 —. 10614 109,
--------65 July'14 --- 4
Ind Den & W 1st g 53
4
1935 j .. j -. - - __. 10712 Deo '02 —
Consol 1st g (35.
1st guar gold 58
- 109 Oct '16
1922 J - D 108%
I
.
Canada Sou cons gu A 5s_ _ _1962 A - 0 1023 101 10314
8
793t 71) Doc.'le ----, H.2 EIT
Cleve On C & St L gen 4s 1995 .1 II: 79
11011s 1 u..4
103 4
,
933 1
Car Clinch & Ohlo 1st 30-yr 59'38 J -D --, 9334 92
92
8412 8512 8512
8512(
1 8312 9014
1 92
20-yr deb 432s
9512
1031 J - J
Central of Ga 1st gold 5a_ _ _ p1945 F - A 11.)8307 10014 1003 Nt, •ii '...._ 9914 101
4
4
1081 1
10814
Gen 58 Series B
3' 1074 10812
1993 J -D
Consol gold 58
853 Sale 8411
4
1945 M- N 10218 102% 1013 Deo '16 --- too 103
4
8531
Cairo Div 1st gold 4s
2 82
87
1939 : j
CL
Div pur money g 4s 1951 1 - D 8212 8712 8412 May'16 -- 8312 8412
787 79 Nov'161--Cm IV & M Div let g 45_1991 I j 76
7512 80
Mao & Nor Div 1st g 56_1946 - 2 1033
82 Sale 82
03 4
%
82
103% Oct '16 .— 1013 1037
.
St L Div 1st coil tr g 4s___1990 M- N
s
4
Mid Ga & All Div 5s
1990 Ns_ N -----8 78 Mar'14 -----2
Registered
1947 1 - 2
II '9
842k
Mobile Div 1st g 5s
8414 83 Sept'16 --- 83
4
8612
'a
1l
Spr & Col Div 1st g 4s.......1940 M- $ 83
1946 1 - 2 1033 --- _ 1r414 (Ilotr:1g 2-- -- 10214 104
Can RR & B of Ga col g 5a 1937 51-N
964 Nov'16 ---- 94
97
96
W W Val Div 1st g 4s
97
1940 J - J 80 ..... 84 N wile ---- 84
845
4
Cent of N J gen'l gold 5a
118
1987 J - .1 118 120 118
4 11.534 11814
C I St L Jr C consol 6s
1920 14-N 104810534 105 Juno'16 ---- 105 1055
4
8
Registered
11712 Dec '16 ___. 115 11712
*1936 Q- F 924 ---- 9234 Oct '16 --i.- 9118 928
1st gold 4s
11987 Q - J 1173
4
2921 j _ j 103% 104 10338 Notelt)..-- 10314 1033
Atn Dock & Imp go 58_ _ _ _
Registered
4
921 1 F j 026 - :1iiIi j r i11A , .
( j : : " f
1
:
. .
Len & Hudltivgen gu g 5s _ 1920 J - J
m l . 5 .1 1
ua 2
100 June'13
;:
Cm 8 & CI con 1st g 5s___
------ - -3- .— 10012 Jan ' ::::
N Y & Long Br gen g 4a1941 M- S -90 8 T
120
CCC&Igencong 6s_1934 J -J 119
13
i
Cent Vermont 1st gu g 48_81920 Q - F - - 78
i -.. - . . i
i 677:3
.
43
8 1 ..
793 Deo '10 __._ 79 - -tii 4
0 dn6 .1, W : pref :__ _.i 1948 Q.0 . :. i311:781:222.3: J. : 1, a . .
In i 13 4,
1 t , 4 _.
0
5
t103 A .- ,1 : ... 94
Cbesa & 0 fund & impt 59_1929 J - 2 ig
96
95 Deo '16 ---- 94i2 98
Is consol gold 5a
106
1939 81-N 106 Salo 106
1940 A -0 ‘•
Pen & East 1st con 4s
1 10484 1')7!
105 10412 Nov 16 ---- 103 10412
.0
6 23
1939 rd- N I 40
Apr
Income 4s
General gold 43is
-34
9334 29 89
1992 PA- 8 .63 4 Sale 92%
9314 Cleve Short L 1st gu 4 398 _11996991 A -0 1004 101 12 101 Dec '16 ---- .93 10915
21
Registered
85 sale 85
1992 I11- 13 --------91 Oct '16
Col Midland ltit g 45
iii 9023 91
20
—I
-year convertible 4;0_1930 F - A
Deollg 864
Trust Co eertfs of deposit 1947 j - j 1163
8318 89
.
8
30
8
-year cony secured 58_1946 A -0 937 Sale 933.1
94% 576 9218 995
3
, ,
4
9338
3 Colorado & Sou 1st g 4s____1929 F - A 9 % 94
oil Is
1935 122-N 85 Sale 844
Big Sandy 1st 49
85
85 Dec '16
1944 J - D 85
Refund & Ext 44s
8314 8
5
14 10018
Coal River Ry 1st gu 411_1945 .1 -D 83
84% 8512 Nov'16
1921 J -0 1048 105 105 Dot
Ft W & Den C 1st g (38
824 8513
Craig Valley 1st g 5s
1940 J - 1 9212 100
9634 Feb '10
1943 A -0 ---- 95
. 8 - -84
1 i
,i,..
96+4 963
4 Conn & Pas Illsol 1st g 4s
Feb
Potts Creek Br 1st 411
9
1946 J - J -------- 843 Jan '13 ---- 4
Cuba RR let 50-yr ifs g
1952 .7 - J --- 95
R & A Div let con g 46_1981 .1 - J 87% 884 88 Deo '16 -- -84 8 -8 -12 Del Lack & Western—
- ,- -8
-,
1 851 8714
4
2d consol gold 4a
8
1989 J - J 82, 8212 8212 Oct '16 ....— 130• /131s
Morris & Es lit an 345_2000 J -0 8714 Sale 8714
Greenbrier Ry 1st gu g 48_1940 M- N ---- _-_- 8812 Sept'16---- 8242 8841
1921 J - J 10638 108 10712 Noy'li -- 106% 10912
N Y Latk & W 1st 68
Warm Springs V 1st g 58-1941 M11- S 9218 _
_ 11314 Feb '15 --.
4
: 66- 1034 Oct 'mi.__ 10234 1043
3
1923 F - N 1081 .
Construction 15s
wi A 92
._ -..
983 spot *HE ---. 98
4
Chic & Alton RR ref g 3s...._1949 A -0 58
15.i
60
98
60
Term & Improve 48....._1923
ifriii Feb '031_
Railway 1st lien 3%s
1050 J - 1 50
527 53
53
8
1 53 62
Warren 1st ref go a 345 204)4) F A
47
5 4
7
- -• No price Friday: latest this week. 4 DUO April. 0 Due May. g Due June. 1 Due July. 1 Due Aug. o Due Oot. 9D130 Nov, g Dile Deo. 0 Option sale.
86
84
182
Lop
ig
II
12%
prga--4 -gici -5.i,
------65
lit- il:it3-7i
.l 1
DEC. PO 1916.1
ROMAN. Y. STOCK EXCIIANGE
Week Ending Dec. 29.
New
t
Continued —Page
York Bond Record —
Price
Friday
Dec. 29.
Week's
Range or
Last Sale
i 1
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE.
Week Ending Deo, 29,
2417
2
Price
Friday
Dec. 29,
Week's
Range or
Last Sate
111
Akins.
Since
Atin,
aci` 1
High No.; Low High
Ask Low
Bid
Nov'16 ____' 110 113
High No. Low High
Ask Low
4
Bid
55_1941 A - 0 1123 ---_ 11212 Junel6
'aware & Hudson (Cont)---- col 10412 (-eh V Term Ry lat gu g
____ 11112
102 Deo '16
1941 A -0 11112
M- S 101
Registered
4
0118
111 10118
10112 10112
-40 & Liu0 1st Pa Div 7s...._1917 M• S
_
102 Deo '16
---- 108 N °Neu;
1917
Leh Val Coal Co 1st gu g 5s_1933 J - J 10478 -- 105 Oct '13
___- — .
5
1002 102
Ltegistoted ..,: .
.
2
z,;
1933 J - J -..1922 J - J 7561- Tot 10012 Dec '16
Registered
9614 9912
.st lien equip g 43,,
3
99
1943 M N 99 Sale 99
let hat reduced to 48
8
1st & ref 48'.. _I.,.
,
10112 18 104 108
. ;6-1-N. Juryiil ----:- - -514 -5i5
111 it: 4 ii..514 -.
1938 A - 0 1013 Sale 104
5 Leh de N Y 1st guar g 4s
-year cony i .
20
2 9514 883
877
3
1945 M- S
1946 A - 0 8758 878 877
Registered
s
8
io•i7- 1063
113
Alb A Susq conv`330
1 11215
11218
_
- _: - _10Ji:ENT3 ii
1 _
75_1921 M -N
Isld 1st cons gold 58_111931 Q - J Rii- ---- 94(4 June'16 ---1 9414 9614
83% Long
Renss & Saratoga 1st
8' 76
81
4
61931 Q - J 9414
1 803 Sale 181P5
90
1st consol gold 45
Deny de It Or let (wiz g 4s 1930 1 - J 8512 878 89 Nov'16
83 89
____ 8812 Deo '16 ----' 85
1938.3 -D 85
1930 1 General gold 4s
4
993
4 97
II
Consol gold 4;411
9834
90
1922 M- S 983 Sale 98 ,
8 .1 -D 90 Sale 90
Ferry gold 4345
0 9312
1 7
- - - -78
Improvement gold 55.-192 F - A 66
6112 65 65
69
68
1932 J -D ---- ----99 , Oct '06 ----' -8112 86
1958
Gold 43
3
85
3
let dz r9.fund1•,g,55
863 88
Sae 84 8
8734 Nov'16 --4
1949 M- S 85
J -D 873 95
9712
Unified gold 4s
96
,
' t,
Rio r x Jump k , u g 55 1939 J - .1 351, _ _ 6112 Apr '11 ---5
1934 I - D 957 9812 961 Dec '16 ---- 8614 9014
1940
Debenture gold 5s
4t1 4s
-3.5
.- -4 71
-85
89 4 Dec '16 ---Ni"'
8814 89
4
June'16 ' 352
1940J - 1 3614 Ea
lar ieto ndIng gold 45_1949 M- S 8712 .- -- 95 Jan '11 ---- i0112 io5
. ..
Gu tegrsfured
8012
73
7
79
1949 M- S
_1939 1 - 1 79 Sale 77
'
2- •
72
Riot ,-,
8
103 1025 Dec '16
68 Dec '16 ---- 61
70
A - 0 68
N Y 13 Se M B let con g 55.1935 A -0 10214 ____ 10:3 Dec '16 ,-_-_---_ 10212 103
-•
.
__ __
Apr '14 -- -- -.512 -64 M- 5
i•_Z11.917 A -0 95 ____ 90%
.
N Y & R 13 1st gold 55_1927 Q - 5 1003 ___ 100 Aug '16 __-_ 9938 102
5
- 98 Dec '16 ---- 9
1 22
Noi S a A, A t con sgu 55__-o_1937 M- J
Losisrash B lers letg 5s_
9712
90
Dee•Mo10,•„55A917 M- N 9813 _55 _ 82 Dec '13 ---- 82
---- 9612 95 Dec '16 --- 8t, 113
,"45__1995 J -D 81
4 11134
12
Dot de Mack
11318
•751, July'16 ---- 75 85
I 4'
1930 J -D 113 11314 113
Gs d& Nashv gets 6s
Louislv 58
1995 J -D 8012 85
91
5
4s
---- 1083 1 1012
Gold
9212 90 4 Dec '16 ---- 9012 10514
1937 M-N 11015 111 11015 Dec '1,3 24 923* 97
M-N
Dot Ely Tun—Terfun 4;451961
97
104-2 Nov'113 ---- 104
- J 9638 Sale 9612
1940 J
10993% --Unified gold 4s
9514
Dul Missabe & No gen 5,3_1941 J - J 1001, 10212 101 Deo '16
10112 10314
9514 Dec '16 ---- 93
_ 96
1940 J - J
Registered
8
2 1037 10612
Dul de Iron Rangt.lst 5s____1937 A -0
10612
z
106, Mar'08 ---- _ _ _ .
i5512 Sale 10614
1937 A-0 9315 95 - 93.4 Deo '16 --- 9212 0612
Collateral trust gold 55._ -1931 M- N 10755 ---- 107% Dec '16 ---- 1073 1073
4
4
Registered
1919 J - D
E H & Nash 1st g 65
g Ss........1937 J - J 10314 101 104 Oct '16 ---- 103 10414
Dul So Shore &
5
5 __ _ 1023 Dec '16 ---- 10034 10212
m -N
11612
L Cin & Lox gold 4;45_1931 M- N 1027 11512 11412 Dec '16 -_-- 11334 .
2 108 11133
Elgin Joliet & East 1st g 55_1941
108
S 108 10855 1088
____ _
.1 - J 11155
1930
1920
.15
may
N 0 dc M 1st gold 6s
Erie 1st consol gold 7s
4
95 Sept'16 ---- 9512 9612
M-N 96 100
F .1
J -. A 103 109, 10038
2d gold 65
,
N Y & Erie let •-• :g 48-1947 M- S 1013 . - - - 101,4 June'16 -- -- 10175 10214
4
893 Nov'16 ---- A812 9015
90
4
89
1919
6
93
2d ezt gold 5s
Paducah & Mem Div 45_1949
10012 11 100 10012
4
M- S 10012 Salo 100,
M- S 106 -__ 108 Apr '16 ---, 107 10914
1923
St Louis Div let gold 6s 1921
64
3d ext gold 4.65
1 61
1 10112 10215
4
6211
1013
4
4
1920 A - 0 1013 ---- 101 Nov'15 ---1950 M- 5 6112 623 6214
2d gold 3s
4th _,xt gold 55
89
15 8512 90
944
9018 89
1928,1 -13 9114
4s
6th
Atl Knox & Cin Div 45_ 1955 M-N 89 ____ 10812 Deo 'lb ---- 10712 110
107 108 10712 Deo '16 ---- 15i31 in-D 10812
t
1st g fd 7s 1920 N4Ati Knox e Nor 1st g 55.__1946 J 8613
N Y L .&
6 83
4
8512
,
106 4 June'16 ---- 1053 107
1996 - J 8512 Sale 85
}lender Bdge 1st e l g (351931 M- S 106 --__ 8812 Sept'16 ---- 8734 8918
Erle 1st con g 45 prior
84
1
I, 8,
84
____
83 ____ 8112
1996 1 Registered
77
Kentucky Central gold 45_1987 J - J .89 5 102 102
56' 71
3, 100 103
73
102
7212 Sale 72,4
1015
Lex & East 1st 50-yr 55 gu.I965, A -0
let consol gets lien g 4,3_1996 1 7212 7812
Oct '113 ---,1 997 101
---- ---. 73 June'16 ---- 8831 9012
1996 1 L & N & M & M 1st g 4145 1915,M- 5 100 10214 101
Regte-ed..
5 7712 82
8112
90 Dec '16 -8112
1951 F - A 90 ___
Registere - J
L & N-South M Joint 4s_ _1952,Jd81 811 95 Feb '05 ---- ---- .Penn Coll trub'• 1old1s
1 6712 7234
68
4
673- 08
-0 67
h1952 Q - J -------84
50-year cony To :e3eries A 1953 A
3
6812 37 68
Sept'16 —_-1105 4 1071 1
4
____ 1053
1953 A -0 68 6812 68
N Fla de S 1st gu g 55__19371F - A *s
27 8314 8858
Se-' )B
do
84
9733
81
8314 81
____ 9733 MaY'16 ----1 97% 10)44
1952
Gen cony 4s St.res D
N & C Bdge gets gu g 4%8_1945 J - J 99%
4
4
_ 1083 N ov'16 ----1 10815
10715 1073 10712 Dec '16 -- 10534 10712
A
m
Pensac & Atl 1st gu g Os..,. 19211F - A 10715
Chic & Erie 1st
3
,
4
10633 ____ 101 :, e0 '15 -- -1073 Nov'16 -- 10514 1083
4
bs1938 S & N Ala cons RU g 5s_19361F - A 1073 _--- 102 5 Dec '16
& Mahon
Clev
100 103%
12312 ---- 122% Oct '16 -- Nil; Hit;
33
-year 55_19631 A -0 1011 10212 811 Ar 16 ---- 8013 8212
Gen cons gu 50
Long Dock come! eds.. _ _1935 A - 0 1013 101 102 Mar'16 - -- 102 102
5
____
MN
Coal de RR 1st coy gu 65_1922
L & Jeff Bdge Co gu g 4s......1945 al- S 813
----------------------10614 ....— 106 Aug '16 -- 102% 106
Dock & Imp 1st ext 5s__ _1943 _ Manila RR—Sou lines 45_1936 M-N ------- -77 Mar 10 ---- .— ___10312 Ang '12 ---____
NY de Green ',gu g 5s_ _1943 m
Mex Internal 1st cons g 45_1977 M- 5 ---- ---—. _—
98 Dec '16 ---- 0612 09
____
100
1977 M- S ____
Stamped guaranteed
N Y Sus,' de V.- cot ref 5s 1937 ” J •
1
09 :
10014 Dec '08 ---- -_ _ _ _ _
79 N
101 Oct:9:: :
1931 F - A
Midland Term-1st 5 1 g 55_1925 J - D
2d gold 434s '
81
7314 74 Nov'16 -- 72
.
- 5 ___
ii 55- -- _ 113% Dec '16 -.- 113 iii74 -D
General gold 55
Nov'16 -- 10512 10512 Minn & St L 1st gold 75_192 A -0 10212 1033,3 1033 Oct '16 --- 10212 103%
5
A
1921
3
1949 - N 10512 _-_- 10512 Sept'16 -- — 104 101
5
1st nsccifsioEoxi goldtlsi gold 68
Pa
prtld 55
Term'rett
92
2 86
10412 _ _ _ _ 101
8933
8912 8933
M- N 88
I
Mid of N :: 1st ext 5s
4
8113 Dec 'US ---- 81% 901934M- S 58 59
81
5812 Dec '16 --- 523 66
80
1942
1919
1st dr refunding gold 4s
Wilk de Eas 1st gu g 5s_1 9 9
66
May'12 ...-'16 ---- 50
35 106
8
1926 1 - J. 25
Ref & ext 50-yr 513Ser A 1962 Q - F — — 617 62 Deo '15
Ev & Ind 1st con gu g 6s
55
Deo '16 ---- - - 102
Feb
let cons 65_1921 J - 1 100 ____ 100 May'16 -- 63 63
Evansv &
Des M & Ft D 1st gu 4s 1935 J - J --------60
- 9 -1---2 86 - --1 4
---- 63
65
91
9112 908
,old 5s
let gent
Iowa Central let gold 5s 1938 J -D 91
---- ---- 108 Nov'll ..- ----_
5714 56
943
1922 A -at gold 6,3
Mt Vet
1951 14- S 56
Refunding gold 4s
33 9114 95
95 June'12 ---95
95 Sale 9414
A 0
ch
, 1st g 55.,_1930 '
Bull C&
7
4
2 -65 4 M StP&SSM con g 413 lot gu_1938 J - J
543 94
-5i11Florida E o.it /It 430_1959 J 'D 5i 4 let Chic Term s f 45
5:
- 5ll
5
3
i
.
'
n5e M
9;134
14
4
823 ---- 92 Aug 10 35
J 98 6i 4
N 9214 - 3- N12 YeC 7 -- -- --3.0 -2 5 :2
J
(3
10_1941
u'2 J Fort St U D Co
M S S M de A let g 4s lot g1941"
_ 7
•
75
4 i
1 -. d%
6912
95 95 Dec '781218 ___5 9012 9918
1949 J - J 93
1928 - 1 69 ---- 6912
Ft W Rlo Gr 1. .„*.As
Mississippi Central 1st 55
4E3_1990 1 -D 7812 Sale 76
Great Northern-,v;
Tex Set gold
7
5
5 3734 5218
5
4532 25 40
983
s 96 9733 9914 Mo Kan &4s
9814 Sale 9818
55 Sale 5412
C B dr..Q ool
1921 J g1990 F - A
st 4s
2d gold
4
3,2
981s 171 9712 983
V
a
1921 Q - J 9818 Sale 975a
1944 M- N 37
t
Retest&
Let
6812
6812 10 51
6 9834 10034
8
1005
8
2004 M- S 65
lU 4s
45- :lodes A_1961 - 1 1005 Sale 10012 June'lo
let de rot
&extregfuoniddng
49
96
45 Dec '16 ---- 36
1961 Registered
9812
Gen sinking fund 4345......1936 J - J ---- 47
46
9812 51 06
98
98 102
40 Nov'16 -- 37
1933 Elt Paul M & Man 45
St Louis Div 1st ref g 413_2001 A&O ---- 37
e
12014 1237
'16
80
7514 8514 80 Dec 'la ---- 69
1933 1 - 1 120 122 12014 Dec '16
let consol gold Os
Dalt & Waco 1st go g 55_..1910 M- N
4
1193 12113
4
72
- 1193 Aug
3 30
70
70
68
1933 J - 1
Kan City & Pac 1st g 4s 1990 F - A
Rglsterd
41 10138)01
104
i Sale 104
8914
7812 10 74
7812 7812
J
1942 A - 0 78
Mo K & E 1st gu g 5s_
Redq - -1,gold 43.6.1033 J .
9212 573i
10538 1021 2
May'16
10212
8518
85 Dec '16 ---- 50
1933 J
K & Okla 1st guar 5,3_1942 14-N 8412 85
• 'Al
M
Itegr....
81
9855 ---- 0614 Dec '16
80 Dec '16 ---- 48
Mont ext 1 ;old 4,3_1937 J
M K & T of T 1st gu g 58_1942 M- S 7912 80
51
___- __-- 95% Mar'16 ---- 9012 9612
51 Dec '16 ---- 50
•
1937
Register •
Sher Sh de SO 1st RU g 55 1942 J - D ___- 30
63
12 49
50
____ -- 85% Nov'16 ---50
52
Pacific ext ML.L 45 £_ _1940 J
NI- S 49
Texas & Okla 1st gu g 5s 1943
94% Nov'16 ---- 9214 9112
4
933
E Minn Nor Div 1st e 4
A
i-1948 J 94 99
9812
los 10933 1093s June'16 --- 10915 10933 Missouri Pacific (reorg co)
1922 Minn 1"on 1st g Os
1,,t dr refunding be wh iss 1923 — -- 9812 Sale 9812
4
673 119 6313 69
6714 Sale 6714
1937 J - 1 12413121% 125'4 124 Nov'16 ---- 12053 124
Mont t.:;113t gu g Os
General 4s when issued ______
6 100 104
4
1033
- -- 13614 May'06
4
4
1937 J
Registered
- 1033 104% 1033
1
iotiq 110.., Missouri Pao 1st cons g 6s_ 1920 id-f4 10612 Sale 10612 10612 50 8914 10612
4
3
155 5 ____ 1103 Dec '16
1937 J 1:1 guar gold 58
5,3 stamped__ _a1917 M- S
Trust gold
82 Oct '15
1937 J J
S
Registered
0917 MRegistered
5
-311
- 1
150 . 115755% 101 4
10934 Aug '16
4
1033 Dec '16
Will& S F 1st gold 5s .1938 J -D ii(1171
1st collateral gold 581920 F - A
4
793
4
793 Deo '13 ---- 74
78 80
:
Green Bay & W deb °Hs"A"— _ Feb
945 m :
1920 F- A 10133
Registered
1814
-354 64
2 11
1514
8
5
11
153 1511
Feb
ji -553 Dec '16
60
13"
Debenture ottf ,
-year gold loan 4s
40
8418 8812
s
40
637
4
61
8513 8912 863 Dec '16
61 Sale 61
Gulf & I 1st ter n* g bs_ _51952 J
1959 M
1st & ref cony 55
9014 98
85
82
Nov'16
0212 91 Dec '16
92
Hooking Val lst cobs g 4As_1999 J 1938 M- N 80 __-- 82 Feb '13
3d 75 extended at 4%
073-i Jan '14
100
-1999 J J
Registered,
Boonv St LAS let bs gu_1951 F - A
5'i g67
50
5
875 Sept'16 ---- - - 1948 A -0 88%
g 45
Col & H V bit
1919 F - A 61 -- 67 Aug '18
Cent Br Ry 1st gu g 4a
86 88
1985 F - A 8413 ____ 88 Nov'16
1st ext'45
61 ---- 7712 Dec '13
Col
Cent Br U P lat g 4t3
94% Feb '15
87
.3 48 --- 110 Mar'05
Houstoc 'Reit & Term 1st 55.1937 J Leroy & C V A L 1st g 5s_ _131:1 -2
- (iii3
-9112 983 Dec '16
5
93
89
9212 Dec '15
55
Illinois c, • 'trill 1st gold 413_1951 J - J 98% _ Pao It of Mo 1st ext g 4s 1938 F - A
____ ___
5
100 1005
1951 ---- 92 Aug '15
510033 Dec '16
Regt .
1938 J -.3 i55 5
2d extended gold 5,3
86 N ov'16 -- 83 86
15 993 10312
4
102
10112
1951 - J 8614 90
••
lstg'
St L Ir M & El gen con g 53.1931 A -0 102 Bale 102 July'14
83 Nov'16 ---81
• '1,
1951 Re,
A -0 ---- -Gen con stamp gu g 58_1931
5
.18512 Dec '16 ---- -54 2 -555
.
11
8555 _
8414 11 -741- -55
84
1051 A Exton:
1
4
/
•1 334s
1929 J - J 8312 84
Unified & ref gold 4s
..-- ...... ---3
807 Oct '12
8
1951 A0 8312-Regt
Registered
...52
8012 10 68 1951 M- 8
2
5
!hg
,
Is' ,
1
, -i61- 81 - 80
1 11 11 3 14-2
Riv &0 Div lat g 4s
---87 Sept'15
1951 M- S
•1926 hi- S 91 _ _
Verdi VI & W 1st a 5a
2
85% - '15 ---- -85 - -5171i76" 90 -. Deo11418 20 11134 115
1952 A -0 1927 J - D 114% Sale 11418
Mob & Ohlo new gold 613
9514 Sep '12
102 109
1952 A -0
- 110 109 Feb '16
let extension gold 6s____h1927 Q - J _
9212 104 873 9212
4
"El; Sale 91%
7715
75
77 Oct '18
77
1938
General gold 4s
4
9914 102
1952 J -J 8188412 82 Nov'16 ---- 803 83
•.ied 3348
t'
r -I 100 -- 101 Oct '16
8 65 8434 88%
867
Montgomery Div let g 5&1947
5
M- N 867 Sale 8614
89 Deo '15
yr gold 45__1953
4
918 -St Louis Div bs
1 -5A - 80
1953 M- N 82% ---- 84 May'14 --- -id'
1
J -I
1
St L & Cairo guar g 4s.. _19171 j - 3 8914 -- 89
"Eli
9012
9012
2 1033 10712
4
107%
1950 J -D 91
,\Id 4s
Nosily Chatt & St L 1st 55_ 1928 A -0 10714 107% 10712 Mar'16
--.74 Feb '14 --- ___J - J
11014 11014
11014
!at g 35_1951
1923 J - J 107
Jasper Branch lst g as
3 7814 82
7912
4
1003 10112
4
. len g 3345 1053 J -.3 79 Sale 79
W & Al 1st 6s......1917 J - J 100 ---- 1003 July'16
McM M
83 Aug '12
1953 J - J
113 July'04
red
---T & P Branch 1st 6s
102 June'16 ---- 1511- fa4
30
3014
1921 F - A 10013
3014 Aug '16
,v reg bs
50
'
9 17 J -1
....
Nat Rye of Mex pr Hen 43481957j - .1 30
71
70 Aug '16 ........_ 70
f512
35
35
, 1.3 gold 35.- _1951 F - A 68
.,
---- 35 Aug '16
1977 A -0
general 45
8812 Sep '15
77
- - 5
96.7 Feb '13
z..$ Term g 35_1951 J - J 62
St Louts Olv
Mex prior Ilen 434s 1923 J - J ---- ---at
30
30
1951 J - J 83 _--- 83 Dec '16 ---- -Ai% -Ai- Nat of
Gold 3315
---- ---- 30 Oct '16
1st consol 45_
80
80 June'16 --- 80
59 59
J -.3 ---59 Dec '16
Registeral \'''
1
1
- _-__ 59
1
(
1 69
— 80% Nov'16 ---- 7831 80% N 0 Mob & Chic 1st ref 56.._1910 C - .1 72
4
743
72
7212 72
9
1951 J - J 79
Springf niv let g 3348
1983 J '10 --- 89
2 99
9914
9133 New Orleans Term 1st 45
99
9914 99
Westei ines let g 4s_1951 F - A 8912 ---- 9118 Dec
.
_ N 0 Tex de Mexico 1st Os 1925 J -D 98
2_9_2
92 Nov'10 --- 2
50
50
1951 F - A
50 Dec '16
50
ReW,Lbred
A- 0 47
Non-cum income 58 A_ _._1935
5
2
11212 -165 1107 117%
1923 J -D ------ 1551- 11712 May'10 --Sale 11112
Belle &,Cor 1st Os
Y Cent RR cony
8112 86%
90 94% rly '12..— 1063- it- N Consol 45 Series Adeb 65_1935 M-N 11112 8534 86 Dee '16
Carb & Shaw let gold 45..1932 M- S 88
4
1998 F - A 843
--4
5
91% 96%
4
96%
Ohio St L & N 0 gold 58_1951 J -D 1073 ---- 1075 Oct '16
A -0 9612 Sale 9612
2013
Re de imp 434s "A"
1951 J -D ---- ---- 114 Feb '11
3
85 4 19 8112 86%
Realstert•d
J - J 85% Sale 8412
2 80% 8414
90 Oct '09 ..------ --- ---- N Y Central de II R g 3345_1997
1951 J -D ---8414
•
Gold 334s •
8414 Sale 84
Registered
--4
1951 -D
4 51 893 93%
923
4
9213 Sale 92
Reglst, d '
4
4 it 187
Debenture gold 4s
0
.
10._ 10_32!
1 90
92
92
92 Sale 92
Joint 1st If 5s Series A_1963 J -D 101 10134 101 Dec '16 ---Registered
4 74
7934
8914 867 Dec '15
1951 J -D 87
4
783
Memph Dt4.-10•1(6 45
1 78j4 Sale 7712
1
1
g 3145......19% 7- 1.
Lake Shore coil
7314 78
1951 J -D
7612 Oct '16
,
.
79
Regh ••••••t,;', .1
76
1998 F - A
Registered
3
8 75
80 4
7812
St Louts e., :1st • a g 48_1931 M- S - - 9513 -55- juiy'55
7812 Sale 7814
Mich Cent coil gold 334s 1998 F - A
78
74
- 92 Nov'10
1950 J -.3 9.112
Ind III & Iowa 1st -,), 46
74 -- 78 Oct '16
Registered
95 .
99 Deo '16 --- -66 - 10t:
1919 M- N 9915 iuu
—
Great Nor 1st g 6s
Int &
9
i _
19 J 7
Battle Cr de Star let gu 313_19 T .i 8314
_ 8912 03
93 Nov'16
9412 9612
James P' "3 & p..I. tr. 1st 45_1959 J -D 9034 93
96 ---- 95 July'16
Beech Creek let gu g 45
3
5 66 4 71
5
697
4
4
4
'.1s1 gold 35_1950 A -0 69% Sale 693
933 953
4
94 ____ 953 Nov'16
Ear
63 Oct '00 ----Registered
104 104
1950 A -0
104 May'16
_
1221.I 10212
••-rr
2d guar gold 5s
3 ,
553 -61 -'
7
90%
Apr 1950 J -.3 9012 Sale 9014
1936 J - .1
Registered
4'1 857 89%
•..
88
.,6.1st 4s___1980 J- J 88 Sale 8734
— Beech Cr Ext let g 3545_61951 A -0
4
21 9614 1013
89
99
88
98%
.
88 _-__ 89 Nov'16
Lake ii ' ..., ' .4t g 55_ 1937 J -J 9812 99
Cart & Ad 1st gu g 46
8312
76
4
8212 Dee '16 1941 J - J 803 81
2a
.1
11 2 j 92
114--g 104 ---Gouv & Oswe let gu g bs
94
92 Deo '16 __ 92
-64
qb.North Ii/ ,-.4t guar g ba 1945 A -0
94 Mar'16
'
1991 M- S 92 __
Mob de Mal 1st gu g 4s
1 100% 103
4
5
;
8914 8914
10055
Leh Vail 1 I at gt, g 4;48._1940 J - J 166 1013 10012
8914 Feb '16
1986 F - A 8713
N J June R guar 1st 4s
J - J 9912 1014 101 Deo '16 ---- 100 102
,,
Reglateret.
8212 -- 85 June'15
2000 111-N
N Y & Harlem g 334s
9214
10512 15512
94
Lehigh Vall( Pa)oonb g 4s-2 9 M-N 9012 9078 9112 Deo '16 ---- 89
1003
Pa)
10614 Sent'16
4
N Y & Northern let g 5s-1923 A -0 1063 ---9 9914 10114
101
General C0114 4148
2003 M-N 10058 Sale 100%
A Due July. k Due Aug. o Due Oct.
Feb. d Due April. •Due May. g Due June,
•No prim Friday; latest bid and asked tbls week. a Due Jan. o Due
g Due Nov. 8 Option sale.
.
171.,3,
-iia
2418
BONDS
N. Y. STOCK EXCHANGE
Week Ending Dec. 29.
New York Bond Record-Continued-Page 3
Price
EridaY
Dec. 29.
a.
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ending Dec. 29,
Price
Friday
Dec. 29
[Vol,. 103.
Week's
Range or
Lail Sale
Range
Since
Jim. 1.
N 2' Cent & H R RR (Con.)
BPI
Ask Low
High No Low High
F C C & St L (Con.)
Bid
Ask Low
N Y & Pu 1st cons gu g 45 1993 A - 0 9114 9212 9114 Deo '16
High No. Low High
88
92
Series E 310 guar gold_1949 F - A
9512
Pine Creek reg guar 68 _ _1932 J -D 11714 ---- 113 May'15
9514 Oct '16
92
0514
Series F guar 4s go1d-1953 J - D 957
2
R W &0 con 1st ext 5s_61922 A 9514 Jan '14
104 105 10414 Dee '16
1E 8 fail;
3Series 00guar
954 -- 954 Oct '16
R W & OT R latgu g 58_1918
N 1007 102 102 Dec '16
2
8
-6i5- 957
102 102
Series 1 cone gu 4 As..- _19 7 F- 2 1024
196 M53
Rutland 1st con g 412s ___1941 J .J 8018 -- 8134 Dec '15
10212
1 101 103
C St L & P 1st cons g Oa- _1932 A - 0 1071 -- 10212
Og & L Cham 1st gu 4s g1948 J - J 705 -- 70 Nov'16
3 ---- 1074 Sept'lli
8
10712 10712
-(11i3- -70- Peoria & Pekin (in let fie g 1921 Q 4
Rut
- 102 Nov'16
F 100
-Canada 1st gu g 48_1949 J - J 67 ---- 92 June'09
2d gold 430
51921 M-N • 8712
87 Mar'
St Lawr & Adir 1st g 5s___1996 J - J 98 ---_ 101 Noy'15
16
87
87
-9712 101
Philippine Ry 1st 30-yr Sf01937 J - J
2d gold 85
50 Apr '16
1996 A 50
103 Nov'16
51
103 103
Pitts Sh & L E let g 5s
1940 A -0
Utica & Blk Riv gu g 4s
_ 10618 Aug '16
10618 10618
_- 9712 July'16
1922 J - J 9858
974 9712
1st consol gold 58
1943.7 - J
Lake Shore gold 3120
11314 Nov'l 1
1997 J -D 8712 Sale 854
8712 26 8313 87 2 Reading Co gen gold 48
,
1997.7 - J -6E12 5 -1e" 9518
- "
Registered
9.5% 27 93.l 961
1997 J -D 85
8412 Dee '16
83 86
Registered
9312 95
Debenture gold 0
945 Dec '16
8
923 9614
4
1928 M- S 955 95 4 9538
5 9438 9612
s
3
9512
Jersey Central coil g 4s
1957 :
991 O j 96 9612 953
25
-year gold 4s
3 9412 9714
4
1931 111-N 9558 Sale 9538
9613
27 9334 96
957
a
Atlantic City guar 4s g_1951 J - J 93
Registered
--1931 M -N
95 Nov'16
94
95
St Jos & Or 01 1st g 4s
77 797
Ka A & R 1st gu c 5s-1938.7-i
66"
3 59
82
-i67-8
St Louis & San Fran (reorg C1)o 47
9
j
Mahon C'l RR 1st 5s
1934 J - J 166- -- 10413 Dec '15
Prior Lien ser A 4s
6914 Sale 6912
Pitts & L Erie al g 5sa1928 A 103
7014 254 67
12 7312
- 103 July'16
102 104
Prior lien ser B 5s
8558 Sale 8 14
7612 sale 7
Pitts McK & Y 1st gu 6s 1932 - J 11512 -- 1304 Jan '09
5
6
258 8378 907
86
7
8
8
Cum adjust ser A 6s
195 jj jj
9 58 J J
95
5
,
2d guaranteed 68
157 74
8912
1934 J - J 11312
12314 Mar'12
Income series A 6s
5412 Sale 5412
6634 101 39
McKees & DV 1st g 66_1918 J 65
--_- -St Louis & San Fran gen 6s-19 8 J -137 10338 : __ 101% /.7 0103
12 :
j6 .1
12
: 13
,.14
196 1
3
Michigan Central 58
109 113
1931 M- S 10612 _
1061- Aug '16
4
10614 10014
.
General gold 58
5 10078 1034
Registered
1931 Q -M 1064 ..:--- 105 July'16
105 105
St L & F RR eons g 4
---- ____ 78 May'16
s- 11999361
4812 78
471
1940 J - J 91 --- 98 Apt '12
General 15-20-yr 5s__ 1927 Jj -N ____ 83
80 Nov'16
4534 8218
Registered
1940 J - J ---- -.- 87 Feb '14
--Trust Co etre of deposit___ --__ 8012 78 Dec '10
46
82
L & S 1st gold 330_1951 M- S 82
90 June'08
---do
-521_ 77
.2
Stamped.76 Dec '16
4314 79
1st gold 330
1952 M-N 894 Sale 8938
8938
8212 8938
Southw Div 1st g 5s
1947
89
20
-year debenture 4s__ _1929 A 9518
89 8938 90 Dec '16
8,114 90 2
,
Refunding gold 4s
1951 J - J 83 --5
84 83 4 Oct'6
NO( Chic & St L 1st g 4s 1937 A 6714 8314
953'8 pe8 46
94
95
94 Dec '16
91
9512
Registered
:i18 iii ._ 808 Mar'll -f.
.
..
4
Registered
'
91 -- 903 Aug '16
1937 A 4
903 938
4
4
Trust Co Wdeposit______
of
19_
8412 Dec '16 --j
Debenture 0
8653
1931 M-N 8012 81
8112 Dec '16
7713 8434
do
Stem ped_ _
744 Sept'16 - 61146114 7512
West Shore 1st 45 guar__ _2361 J 92 9212 9238
924
8714 93
EC Ft S &M cons g 6s_ _1928
111 Sale 111
111
Registered
3 1094 1114
2361 J - J 907
8
_ _ 9013 Dee '16
8
867 91
K C Ft S & M Ry ref g 48.1936 A - 0 763 7714 77
4
N Y C Lines eq tr 58_1916-22 M- N
77
I 75
7018
10014 Dec '16
10018 102
KC&M R &B 1st gu 511_1929 A- 0 76
7812 9
78 June'16
0
Equip trust 430_1917-1925 .7- J
90
90
993 July'16
4
9934 10058 St L S W,Ist g 4s bond otfs_ _1989 M- N
NY Connect 1st gu 410 A _ _1953 F - A 99 Sale 9812
8
7814 23 757 8012
51 9712 10018
99
2d g0income bond otts_771989 J - .1 64 ___ 64
N YNII& Hartford
Deo '16
62
70
Consol gold 4s
1932 J -D 6713 6 54 68
67
6
8
Non-cony deben 45
6012 72
68
IN7958 Sept'16
7958 8114
1st termi & unit 5s
68
11 60
Non-cony deben 314s_-_1947 M- S
72
1947
---- 71 Nov'16
71
73
Gray's Pt Ter let gu g 58..1947 :j
D
1952
67 Jan '14 ---98%
Non-cony deben 3345____1954 A ---- 68
68 Dec '16
S A & A Pass 1st gu g 4s_ __ _1943 J - J ______ _?512 604 Dec '10
68
72
_.,
Non-cony deben 45
77
1955 J -.7
7712 Dec '16
7714 814 SF& N P let ek fd g 551919 J - J
10173 Oct '16 ---1008
Non-cony deben 4s.
1956 M-N
691 Dee '16
77
7612 82
Seaboard Air Line g
814 8112 Nov'16 -- 74
1950 A -0 81
8412
Cony debenture 334s
'
1956 I-,
6814 7712
Gold 4s stamped
1050 A - 0 8212 Sale 814
8212,
Cony debenture (is
9 7814 8314
-8
8
-3
8 1v 8
3
1948 J - J 110 11012 1107 N° iP7
110 116
Adjustment 5s
663i Sale 6012
01949 F - A
663
70
Cons Ry non-cony 4s
.1 27 64
1930,F - A
Refunding 4s
7112 Sale 6913
7112 55 6534 72
Non-cony deben
804 9112 Jan '12
ALI firm 30-yr 1st g 4s_ _e1959 A - 0 8614 8612 87 Dee '16 -- 82
---- -1933 M-E3
8712
Non-cony deben
7912 Apr '16
7914 7912
Car Cent 1st con g 4s
8712 ____ 88 June'16 -- 88
88
Non-cony deben 49_1955 A 0
Fla Cent & Pen let g 5s__ _1949
10014 ___ 904 Sep '16 -- 1918
Non-cony deben 4s____1956 J - J
703
4
let land gr ext g 5s
10134
101 Dee '15 -1930 - J
Harlem It-Pt Ches 1st 48_1954 M-N --- 924 91 Deo '16
9013
91
93
Consol gold 5s
1943 J - J 1034 _.. 1034 Dec '16 ---- 102 1033
B & N Y Air Line 1st 4s__1955 F - A 8918 _ _ 89 Nov'16
Ga & Ala Ry let con 50_51945 J - J iii _ iii 1023 Nov'16 .89 89
....
4
l0212 1033
Cent New Eng 1st gu 4s__1961 J - J
4
8012 Deo '1.
Ga Car & No let gu g 58..1929 .1 - J
7913 83
10131 193
Hartford St Ry 1st 4s____1930 M- $
Seab & Roan 1st 58
1926 .1 - J 102 ---- 109 4 Au102 - 3
9 1314
g'
15
Housatonic R cons g 58-__1937 M-N 15E5- :::: 115513 May'15
2
Southern Pacific Co
Naugatuck RR let 4s____1954 M-N 9114 -- 87 rly '14
Gold 48 (Cent Pao coll)...k1949 -D 86 Sale
3 8312 89
N Y Prov & Boston 40_ _1942 A 9013 __ 88 Aug '13
Registered
. 8126:11e 4.8 8 5:31314142 ' 81
J -D ..gi. 13:0.a8998a_713 186 Feb'4 --6
63587
9
0786
0
87
6
3NYW'ches&B 1st ser I 430'46 J - J 74 Sale 74
7 "72 82
75
20
-year cony 45
M- S
8814 - . 1165
8
N H & Derby cons oy 51918 M-N 10014 --- 107 Aug '09
20
-year cony 58
kg1934 J -D 103 Bale 103
164299
8 35 10212 10778
1037
Boston Terminal 1st 48.__1939 A -0
Cent Pac let ref gu g 4s_ _1949 F - A 9112 Sale 014
8
9112 42 876 9112
New England cons 1561____1945 J - J Mg- ::::
Registered
_
1949 F A
8712 Sept'16 -- 8634 89
Consol 4s
1945.7 - J 88 --- -gra
Mort guar gold 3;0_61929
D -66v; -665; 9114 Dee '16 -- 8414 9112
Providence Secur deb 4s 1957 111-N ---- 69
4 6914 Sept'16
Through St L let gu 4s_1954 A -0 83
6914 70
85
3 83
83
83
8614
Prov dt Springfield 1st 58.1922 J - J
997 Dee '14
8
GH&SA
& P let 5s._1931 111-N 10112 10412 1014 Oct '16 --- 102 102
Providence Term 1st 4s
834 Feb '14
1956 M- S
2d exten 15s guar
9912 -_ 100 Oct '111 -- 99 100
W& Con East 1st 45s_1943 J- J 86 - Gila V 0& N let gu g 5819 4 M-N ---- 10 _ _ 1004 Jan 4 _... 10014 10014
10
0 _ _5 0 1
3
_ 1921
6
N Y 0& W ref 1st g 45. __.g1992 M- S 79
81
4 777 84
80
80
Hous E & W T 1st g 5s_ 1933 M-N
101 10214
Registered 45,000 only_g1992 M- S
9213 June'12
let guar 55 red
1933 M -N 101 10212 100 Oct '16 -1 100 10312
General 4s
_ 7612 79 Apr '16
1955 J -D _
H & T C 1st g 58 In! gu_ _ _1937 76
79
10612 __ .. 10612 Dec '16 -- 106 10714
Norfolk Sou let & ref A 5s_1961 F - A 83
85
85 Deo '16
0614 673 904
78
85
Gen gold 4s lot guar__ _1921 A 4
0 0414 9614
0614
Norf & Sou lst gold 5s
_ 101 Nov'16
1941 M-N 10118
97 101
Waco & N W div 1st g es '30 M-N 101.8 108 1094 Noy'15
05
(
Non & West gen gold 6s
1931 IN- A 12034
_ 120 Oct '16
A & N W let go g 5s
8
1187 120
1941 J - J 101 1024 10112 Dee '16
10112 10112
Improvement & ext g 6s._ 1934 F - A 12111 122 122 Nor 16
Louisiana West 1st 68
1204 122
1921 J - J
--- 109 Juee'14
New River 1st gold 66._ _ 1932 A -0 118
12012 Nov'16
Morgan's La & T let 7s_ _1918 A 119 122
102 1054 1044 July'16
10412 7643
4
N & W Ry 1st cons g 4s_ _ _1996 A -0 954 Sale 9514
954 41 9112 96
1st gold 6s
jou,
_ 105 Jan 'If
1920 J - J
105 105
Registered
- 9412 9412 Dee '16
1906 A - 0
No of Cal guar g 58
9412 9413
_ 105 Oct '16
1938 A-0
2
0
Dly'l 1st lien & gong 40_1944 J - J 9214 923 9214
6 883 9214
4
9214
Ore & Cal let guar g 55_ _1927 .7-i 1013 1025 102 Dee '16
4
4
8
1667 10253
2
10
-25-year cony 48
1932 J - D
134
134
So Pac of Cal-G,g 5a_ 1937 M- N 10758 __ .. 10712 Sept'16
11312 146%
10712 10712
10
-20-year cony 45
141 Nov'16
1932 M- S
So Pac Coast let gu 4s g_1937 .7-i 9518 96
114 143
96 Dec '16
9412 97
10
-25-year cony 430_1938 M- S
- hide 134
134
San Fran Term! let 0_1950 A 11512 145
86
11 824 92 4
8614 853
4
86
3
Focal' C & C joint 4s
1941 J - D 9058 Sale 905
8
9 88
905
8
Tex & N 0 con gold U
91
1943.7-i --- 96
95 Nov'16
95
95
C & T lst guar gold 1571_ _1922 J - J 104i s;L:e: 103 Sept'16 -- 103 10313
21
37
So Pac RR 1st ref 4s
J - J 9318 Sale 92111
934 48 8912 934
Solo V & N E 1st gu g 46._1989 M- N
93
8 9112 9414 Southern-1st cons g 5s
93
8
- J 1017 Sale 10112 102
9
43 100 10312
1955 J
94
Nor Pacific prior lien g 48.._ _1997 Q 9418
947 204 9118 947
s
Registered
8
.1 - J -- 1024 1004 Aug '16 --- 1(04 10014
Registered
923 N ov'16
4
1997 Q - J 91 _ _
Develop & gen 4s Ser A
7614 98 69
75 Sale 7414
904 9312
195 A 9
6
4
774
General lien gold 3s
a2047 Q - F 67 Sale 6631
671, 43 6518 6758
Mob & Ohio coil tr g 4s__ _1938 M- $
Dee '16
75
78
Registered
a
a2047 Q- F 657 ---. 654 Nov 16
6312 657
8
Mem Div 1st g 430-5s_1996 J - J 1005.1 107 107071162
76
7%
0
:::: 100 104
St Paul-Duluth Div g 4e__1996 J - D 9134 _ _ 9112 Sept'16
St Louis div 1st g 45
-- 9138 9112
2 80
1951 .1 - J 8211 84
119181
82
82
847
8
et P & N P gen gold 681923 F - A 1095 _
8
10958 Dec '16 ---- 1095 113
Ala Cen let g 6s
8
8
J - J 1025 104 1024 Sept'16 .--. 10218 1034
Registered certificates_ _1923 Q - A
10912 Oct '15
Ala Gt Sou 1st cons A 5s_ _1913 J - D
9812 99,
908 Oct '16
St Paul & Duluth 1st 59_1931 F - F 107
107 Oct '16
Atl & Char A L let A 430 1944 J - J
iof"107 9414 96
2d 58
1917 A -0
1004 Nov'16
113012 1014
1st 30-yr 58 ser 11..._1944 J • J
9418°8802
102
4 30 10034 1033
1 4
4
let consol gold 471
1968.7 -D 88
9113 Sept'16
I 90 914
Atl& Danv 1st g 4s
814 Dee '16
8112 8018
1948 J - J
Wash Cent 1st gold 4s__1948 Q
8612 Dec'16
8612 9012
2d 48
1948 J - J
7912 8112
Nor Pao Term Co 1st g 65._1933 J - J 18 38 18812 1114 Sept'16 -15
0
12
Atl& Yad let g guar 0_1949 A 111 11112
D1 '6
81.5 2
1 1
% 114
Oregon-Wash 1st & ref 4s
1961 J - J 864 Sale 853
4
8018 43 8314 88
E T Va & Ga Div g
_ 1930 J - J
5 fail; 16E12
Pacific Coast Co 1st g 5s
00
1946 J -D 96
987 99
8
93 101
Con 1st gold 5e
10 :
:899 12
;
8029: .
1956 M- N ; 7:1'-2 Sale 10712 10712
5 1051.1 1073
4
Paducah & Ills 1st s f 41211_1955,J - J -- 997 100 Dec '16
8
E Ten reor lien g 58
98 1001s
99 10112 10115001 '16
1938 M9912 10112
Pennsylvania Rit 1st g 4s
0814 9913
1923'111-N 112
,
9914 Nov'16
Ga Midland 1st 33
6012 66 604 Dee '16
57
1946 A - 0
6012
Consol gold 5s
103 Nov'113
1919 M- S 1014 _
Oa Pac fly 1st g 68
1024 10314
8
- J 10634 ____ 1067 Oct '16
1067 10758
8
Consol gold 4s
1943 M- N 9814 9918 9914 Dec '10
Knox & Ohio 1st g 6s_ _1922 J -.7 1084 ____ 1083 Dec '16
9814 905
8
2
108 11012
1925
Consol gold 45
8
1948 1N-N 997 Sale 994
98 1004
997
s
Mob dc 131r prior lien g 58 1945 3-i 10312 --__ 106 Sept'16 -- 1054 106
Consol 42s
4
1960 F - A 1063 Sale 1064 106 4 35 10412 1063
3
4
7418 __- 718 May'16 -Mortgage gold 4e
4
1945 713 7131
4
General 4345 when Issued_ 1965 J -D 10258 Sale 1024
1025
8 66 10084 10312
Rich & Dan deb 58 stmpd_1925 A 1033 ____ 1033 Dee '16 -- 10318 1044
4
4
47
Alleg Val gen guar g 4s._ _1942
973 Dee '16
S 9512
8
Rich & Meek 1st gu 4s
73 Sep '12 -1948 M- N
D R RR&B'ge 1st gu 4311.193 F - A 95 -- 9412 Sept'16 - 9614 974
So Car & Ga let g 58
1- .
6
944 96
1919 M- N 156 2 101 101 Dec '16
166i; 102
Mkt Balt & W 1st g 4a_ _1943 M- N 9912 _ _ 9912 Dee '16
Virginia Mid ser D 4-56
9812 9913
1921
S Hal;:::: 10310212 June'16 ::-... 102 1024
Sodus Bay & Sou 1st g 158.2924 J - J
102 Jan '03
Series E 58
102 10318
1926 81- 8
4 Aug '16
Sunbury & Lewis 1st g 0_1936 J - J 93
Series F 5s
2
1931 M- S 10412
10412 10412- 10412 10412
El N 1 RR & Can gen 4e1944 M997
-6613 Oct '16
s
General 5s
661 100
;
1028 10414
1(136 M - N 1064 ..:.... 10714 Nov'16
4
Pennsylvania Co
Va & So'w'n 1st gu 5s_ _2003 J
104 10612 1034
1034 17 1024 1051.1
Guar 1st gold Ole
10218 Sale 1013
1921 4 10218 14 10012 10212
let cons 50
0012 9212 91 Nov'16
89
-year 58_1958 A 91
Registered
10012 10112 Iowa
1921 J 4 loo loos
loco.,
W 0& W 1st cy gu 4s
93 ____ 04 Dec '16
91
9412
1924 F - A
Guar 33.4s coil trust reg A1937 M- $ 8612 89
8612 8612 Spokane Internal 1st g Ss_.1955 J 8612 Jan '16
93 100
914 Oct '16
914 93
Guar 334s coil trust ser B_1941 F - A
85
88
8718 Dec '16
....,..- 1003 1003 Nov'16
85
874 Ter A of St L 1st g 430_ _ _1939 A 4
9812 1004
4
Trust Co ctfs gu g 330_1916 M- N
10018 Jan '16
9934 1004
1st con gold 5e
1894-1944 F - A 10312 106 1044
10312 10714
1043
8
Guar 330 trust Ma C
1942 J .0 "66" 8734 8618 July'16
864 864
Gen refund s f g 45
9 845 88
1953 J -J 87 Sale 85
8
87
Guar 330 trust We D__1944 .1 - D 86
3
8712 86 4 Dec '16
101 104 1004 Nov'16 --- 9912 10114
86
88
St L M Bridge Ter gu g 56_1930 A Guar 15
-25-year gold 4s_ _1931 A 9512 965 957 Dec '1.,
8
a
9412 96
Tex & Pao 1st gold Is
8
2000 .1 -D 1005 Sale 10012 1004 11 95 10114
40
-year guar 45 etre Ser E.1952 1111-N 92 ___ 9314 Deo '16
42
934
2d gold Inc 5e
g2000 Mar 64
70
70 Dee '16 ---- 35
70
Cin Leb & Nor gu 45 g__ _1942 M- N
91 Nov'16
La Div B L 1st g 5s
9014 91
1931 .7- J ---- 8914 88 Oct '16
88
90
Cl & Mar 1st gu g 434s..193S M-N 99 4 --- 993 Dec '16
0314 10
4
0
99 100
W Min TV& N W let gu 581930 F - A -- 95 10612 Nov'04 -.
Cl & P gen gu 430 ser A 1942 10334
1034 Oct '16
1034 1054 Tol & 0 C 1st g 55
10412
2 103
1935 .7-, 1044_ 10412
Series B
1942 A -0 10314
104 Dec '16
Western Div let g 5a
193' A - 0 99 Ha 102 Nov'16 -Int reduced to 330_1942 A - 0 8914.- 914 Feb '12
General gold 59
1935i -D 8518 03 854 Dec '16 -- 8518 94
Series C 330
1948 M- N 894
9015 Oct '12
8212 84
Kan & M 1st gu g
8212 Dec '16 ---. 82 8414
1990 A Series D 330
1950 P - A 894 9312 8912 Sept'16
8912 8912
-year 55
2(1 20
97
1927 .1 - J 97 Bale 9612
7 9612 09
Erie & Pitts gu g 330 B__1940 88 _ _ _ 8818 Oct '16
Tol P & W 1st gold 40
55 Nov'16 ...._ 50
8818 90
1917 J - J 55 60
61
Series C
1940 J -.7 88
9018 J'iy '12
8312 85
Tol St L & W pr Hen g 330.1925 J 8313 Dee '16 -_ 7E02 8311
Or R & lox 1st gu g 4301941 J - J 9914
100 Nov'16
9512 100
aa sold ef
e rr4A
60
trn
g
.
1
4 54
1957 A - 0 5813 60 60
ToSCrO-year g gu 4
90
83
Ohio Connect 1st gu 46_ _ _1943 M- S
93 May'14
24
50
185 Mar'16 ---- Ws Ms
F- A
8
Pitts Y & Ash 1st cons 56.1927 M- N 104 -- 109 Mar 0
46..61946 J -D 80 87
83 Apr '16 -- 83 86
Tol W V &0 gu 430 A....1931 .7-i 901 _ __ 100 Dec '16
4 9912 10112
160 i0014 Miter & Del 1st con g U
1928 J -D 904 10014 10012 10012
Series 11 43.0
1933 J - J 9912
10014 Oct '16
10014 10014
1st refund g 45
1952 A Series C 4s
1942 M- S 9014
94 Apr '16
9312 94
UnIon Pactfle 1st g 4s
1947 J - J - 3- Sa1-3- 9
8
9 4
4
-6E4 166
78 M6 .136
674 - - 4
P CC &St Lgu 430 A1940 A -0 10212 1025s 10212 Dec '16
2 12
933
101 1023
814 54 95 09
1947.7 - J
Registered
4
712
3
sa % 9 1s
g
Series B guar
1942 A -0 10212
102 Dec '16
10114 1023
20-year cony 4s
1927 J - J
0212 96
4
Series C guar
1942 M- N 10212
0714 July'15
11
8
g2008 M- S 935 Sa378 9214
,2
93
63 8913 925
12
151 & net 4a_
1 8 91e
8
Series D 4s guar
1945 M- N 957 ---- 9514 Oct '16
s
-D
948 9512
Ore RR & Nay eon g
4
0118 94
627.
7:
loo TOf
-- -.
-617- -7037;
8
10113
_
_
5
15E1
4
102 lova
941, roda
__.
31
9983,1
• No price Friday: latest bid and asked
e Option sale.
a Due Jan. 5 Due Feb
I Due
--ia
May, g Due June. k Due July. k Due Aug. o Due Oct. V Duo Nov. q Due Dec
DEC. 30 1916.1
BONDS
X. Y. STOCK EXCHANGE
Week Ending Dec. 29
2119
New York Bond Record —Concluded —Page 4
Price
Friday
Dec. 23.
Week's
Range or
Last Sale
S
,
C'S
Cp2
Range
Since
Ian. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ending Dec. 29
1
-*
1.
Price
Friday
Dec. 29.
We.k's
Range Of
Last Sate
3
.1. 1
3
v.;
Rasps
Since
Jan. 1
High No.! Low High
Ask Low
Bid
Low High
Ask Low
High
Bid
_ _ 8512 June'12
84
Union Pacific (Con)—
3yracuse Light & Power 5s__1954 J - J
10712 109
10812 ___ 10818 Dec '16
Ore Short Line let g 6s___1922 F - A
Az El let g 58___1949 M- S 101 12 -- 10112 June'14
8 resist-on
1077
106
107'2
1 10034 1018
10112
1940 - J 107 Sale 107
let consul g 59
941s Union Rice Lt & 12 1st g 5s.._11132 M- S 10112 Sale 10112
91
9312
8
_ 1015s 1015
1929 J -D 933 Sale 0318
10158 Nov'10
Guar refund 48
Refunding & extension 55_1933 M-N
102 102
102 Mar'lh
8
37: 997 10114
101
Utah & Nor gold 5s__1926 J - J 101.8 100
United Fuel Gas 1st s f 68_ 1936• J iof Sale 100
e
953
90
00 Apr '16
11 931. 9614
1933 J - J 0312
96
8
let extended 45
96 Sale 957
8 Utah Power & Lt 18t Is____1944 F - A
9034 913
8
4
913 ____ 913 Oct '16
- -1001s -- -- 10214 Mar'15 --- - 5)
19 (
Vandal's cons g 4s Ser A __ _ _1955 F - A
9112 Utica Elec Lt P let g 58__ 1957 ▪ 91
9112 Nov'16
4
913 ____
1957 M- N
3-i 10013
Como'48 Series 13
- 98 Aug '15
Utica Gas dr Elec ref 5s
J ---- 87
4212 Aug '15
8
Vera Crui & P let gu 4Ss_ _1934 10518 66 105 Dec '16 _ _ _ 10414 1055
14
-11i1- -6653 Westchester Ltg gold 5s_ __.1950 J.4
Ws
9812 Sale
M-N
9824
Virginian let 5s Series A_- -1062
Miscellaneous
105 100
106
10534
8612
2 82
85
1939 M-N 10578 Sale
1948 iii- S 8338 8478 85
Wabash let gold 5s
Adams Ex coil In g 45
98 10012
100
997.3 Sale 9912
F-A
8412 117
8
-__ 847 8412 Dee '16
9 5
1,20 M- S
2d gold 55
Alaska Gold M deb 6s A
105 105
80 ____ 105 Oct '16
1939 J -J
95
11 9478 105
83
85
8
M- S -847 Sale 847
8
Debenture Series 11
Cony deb 63 series 13
9618 100
M- S 97 ___ 100 May'16
15
94
let real est 434s'39 J -D 94 Sale 9314
let lien equips Ed g
Armour & Co
65 Dec '16
80
1954 9
9
90
8613 8212
8
945 9238 Nov'16
let lien 50-yr g term 4s
1926 A - 0 88
jai- 10518 Booth Fisheries deb s f
105 Dec '16
1941 - J 10512 -___
18
98
9778 98
Dot dr Ch Ext let g 5s
- - - - Braden Cop M coil tr s f 68_1931 F -A
80 Aug '12
Des Motn Div lot g 413-1939 J - J 8212 --_
8
9
82 Dec '16
A1952
Bush Terminal 1st 4s
7(3
72
,
4
1941 A -0 7212 753- 73 2 Dec '16
8
9212
Om Div 1st; 3348
8
915 9212
1955 3Consol Se
87
82
8512
8512
86
_1941 M- S 85
19
Tol Sr Ch Div 1st g
1960 A - 0 8814 Sale 8814
8814
Bldgs 5s guar tax ex
1 1080 9 51 7842 951 1 :2
4 4,1
3
1
1
1 Sale
14 143
Wab Pitts Term 1st g 4s_ _1954 J -D
10018 Sale 100
100
46
'2 314 Chic UnStat'n let Cu 4%s A 1963 J - J
2
13, 158
1
739
Centand Old Col Tr Co eerts
133
1, 312 Chile Copper 10-yr cony 75_1923 M-N 128 Sale 12412
Oct '16
901 890289809 36 71:81 :
2
3
1 1
Columbia Tr Co cents
87
87
87
86
8 Computing Tab-Roe s f 6s 1941 J - J
12 37
112 Nov'16
23
Col Tr etre for Cent Tr ctts_ _ _
108
1928
8 Granby Con.s S& P con 6s A'28 M-N 10512 10611 101.1
7
14
14
14 Aug '16
1954
13
2d gold 45
107
M-N 103 105 105
14
Stamped
14 July'16
15
Trust Co certfs
10112 22
,
83 2 853
8534 Deo '16
4 Great Falls Pow let s t 5s 1940 M- N 10138 Sale 10118
8
852 86
95 111
111 Oct '16
Wash Term' let gu3S1945 F - A
1922 A - 0
- Int Merean Marine 434s
9412 9512 9112 Aug '15
9518 111
1093 Nov'16
1st 40-yr guar 48-- -----1945 F - A
4
16 71
Certificates of deposit
73
7612
0 7231 Sale 7231
SO 9314 9912
9412 S.tle 9334
West Maryland let g 4s____1952 A 9412
colt tr s f 68_1941 A -0
8
4
1033 10512
New let
10112 1051 1 1047 Dec '1e
4
913 11012
11012 Nov'16
West N Y & Pa lst g 58- —1937 -0 8413 86
Int Navigation let s f 5s____1929 F - A
8112 80
86 Doo
1943 A
100
36 9518 1001.3
Gen gold 48
9978 Sale 9934
37
Montana Power 1st 5s A___1^43 J - J
37
41) ___- 37 Oct '18
91943 Nov
8
Income fis
9214 935
8
9338 927 Dec '16
Morris dr Co lst s f 4 Ss_ ___1939 J -3 93
6 98 102
10012
8
E let g 5s___1926 A - 0 mots 10012 1003
Wheeling & L
83 Apr '14
9912 Mtge Bond (N Y) 4s ser 2_1966 A - 0
96
9812 ____ 9912 Oct '10
Wheel Div let gold 5s____1928 J - J
--_- 94 June'16
1932 J - J
10-20-yr Is series 3
9918
97
9918 Deo '16
99,8
Exten dr Impt gold 5s— __1930 F - A
76
5 71
75
75 Sale 75
N Y Dock 50-yr let g 48_ _1951 F - A
80
68
7814
1949 M- S 781 1 Salo 7814
RR let consol 48
10034 10212
10112 102 Dec '16
Niagara Falls Power let 58_1932 J - J
80
80
_ 80 Sept'16
9814 _
1922 J - J
-year equip s f 58
20
10512 10512
107 108 10512 Oct '16
a1932 A
8412 88
Ref & gen tis
i.38 1,4 8612 Nov'16
86
Winston-Salem S 13 let 4s_ _ _1960 J - J
96
_ 92
9214 9412 95 Dec '16
6 84
8812 Niag Lock & 0 Pow let 5s_1954 M- N
867s
8
873 8612
W18 Cent 50-yr let gen 4s _1949 J - .1 87
2 92
0512
94
4
933 9412 94
7 85
8 Ontario Power N F let 5s__1943 F - A
905
88
4
9012
Sup & Mildly & term 1st 48'36 M-N 88 Sale 87,
86
86 Sept'16
95
Ontario Transmission 5s_ _1945 M-N
4
Street Railway
15 893 935s
9238
5 10014 10314 Pub Serv Corp N J gen 5s_ _1959 A - 0 0238 Sale 02
10112
Brooklyn Rapid Tran g 5s._1945 A - 0 101 10112 101
2 88 125
92
90 Sale 90
81
Tennessee Cop 1st cony 6s__1925 M- N
7418
8
747 Dee '10
7478 77
2002 J - J
1st refund cony gold 4s
10311 Jan -'14
100 10118 Wash Water Power let 55_ _1939 J - J
10012
-year secured notes 58...._1918 J - J 10012 Sale 10014
6
10012 10214 Manufacturing & Industrial
8
102 _ -- 1017 Dec '16
13k City 1st con 58_1916-1941 J 8
10312 24 1017 104,
3
1928 A - 0 10312 Sale 103
12 9412 Nov'16 ---- 9312 9412 Am Ag Chem 1st c 58
91
Bk Q Co S con gu g 58-1941 M-N
10312 47 9634 10812
1921 F - A 10212 Sale 102
Cony deben 5s
101 May'13 ..-1941 J - J
Bklyn Q Co & S let 5s
26 9512 9734
9714
9718 97
97
1931 M -N
i i66 i6i- Am Cot 011 debenture 5s
10012
i661 10012
Bkiyn Un El let g 4-58_ 1950 F - A
z
04 l0412 ,7
1919 M- S 11)8.8 sa1,3 104 Dec '10 ____ 10338 104,
2' 10018 1024 Am Hide& L 1st s f g 6s
10018
1950 F - A 16612 101 10018
Stamped guar 4-55
9813
981:4 61 94
1925 A - 0
85 Deg '16 ---- 82 2 8612 Amer Ice Secur deb g 6s
,
8312 87
Kings County E 1st g 48_1949 F • A
8
1067 916 10518 12212
85 Dee '16 -- 8212 8612 Am Smelt Securities s f 68_1926 F - A 10514 Sale 10518
86
83
1949 F - A
Stamped guar 45
9834 99' 9812 Deo 'HS _--- 977 9914
8
1919 J - J
Am Thread let coil tr 4s_
735 Dee '16
8
73.2 71
Nassau Elm guar gold 4s_1951 J - J
1 11712 120
11712
1944 A - 0 11712 12012 11712
-year g 6s
2 9534 9834 Am Tobacco 40
96
06 Sale 96
1927 F - A
Chicago Rye let 513
84
8:3
4
823 Nov'16 ---- 8212 89 4
,
Gold 45
10112 Oct '16 ---- 9912 102
Conn Ity & List & ref g 4019511J - J 10131 - - - 81312 38 6512 04
2
86, Sale 8638
1951 J
s
1951 .1 - J 1013 -- 10138 Dee '10 --- 10118 10112 Am Writ Paper lets 1 5s_ 19l9 F
Stamped guar 435s
8
1940 M-N 102 1037 10318 Deo '16 ---_ 10412 105
,
8412 53 7418 85 8 Baldw Loco Works lot 5s
Det United 1st cons g 4%8_1932 .1 - J 8412 Sale 81
17 10212 10112
103,8
4
Beth Steel let ext f 5s
84 Jan '14
1926 J - J 10314 1033 103
1936 M- S
Ft Smith Lt de Tr 1st g 5s
8
5 997 1031s
102
1st dr ref 58 guar A 58_ 1945 M N 102 Sale 10114
91
87
94
1 - - -iiiI4
,22 A o
94
1952 F Havana Elec consol g 5s
10213 21 10014 10312
10218 Sale 10112
1-year g
691.1 ---31 6812 7514 Cent Leather 20
F Al 69 Sale 69
Hud & Manhat 58 Ser Al057
8118 ____ 8414 Oct '16 --- 8278 8414
13; 2512 3114 Consol Tobacco g 4s
Ri
1951 F
4
253
2512 Salo 2512
1957
Adjust income Is
8
____ 987 99 Dec '16 ---- 9834 10018
1931
Corn Prod Ref s f g 58
1003 10012 Dec '16 ---- 10012 102
1932 F - A
N Y &Jersey 1st Is
1 957 9912
8
9778
8
9778 Sale 977
-year s f 5s
let 25
8
7214
Interboro-Metrop coil 43.0_1956 A -0 72 Sale 717
10114 10 10112 103
8
1938 A O
51 7 111 994 Cuban-Am Sugar colt tr 68_1914 M N 10158 1017 10184
0
: 761
9812 2 0. 07
3
983 Sale 9814
Interboro Rap Tran 1st 5s_ _ 1966 J - J
2 6838 78
69
69
(i9
81 8812 9312 Distil Sec Con cony let g 5s_1927 A -0 67
9212 _
92
9212
Manhat Ity(N Y)cons g 4s_1990 A-0
10712
4 El du Pont Powder 4 Ss_ _ _1936 J -1) 102 105 10218 Dec '16 ---- 101
933
9312 16. 89
Stamped tax-exempt
1990 A - 0 9312 Sale 9312
85
85 Alar'16 -- 85
General Baking 1st 25-yr 68_1936 J -D ---- 95
Metropolitan Street Ity—
8312
1 78
7918
7918
7918 80
1942 F - A
51 9314 10014 Gen Electric deb g 3348
9912
9912
9912
BWaY & 7th Av let o g 58_1943 J - D 99
13 1031e 10858
106
105 106 105
10038
Debenture 5s,
1952 M- S
8
997 9934 Nov'16 -- 98
Col & 9th Av 1st gu g 58.-1993 M- S 93
9214
8
10 8912 9413
Ill Steel deb 4348
1940 A -0 :::: s_a_li 917
Lex Av & 12 F 1st gu g 58_1993 M- S 9914 100, 9914 Dec '16
10318 42 10118 105
Indiana Steel 1st 5s
8
1952,M- N 1027 Sale 10212
30 Mar'14
Met W S El (Chic) let g 4s _1938 F A
100 Oct '13 ---- ____ _ _ __
10214 Oct 'le .—. icif - iniii Ingereoll-Rand 1st fie
2
Milw Elee ity & 1.t cons g 58 1926 F - A i172718112
7812 74 Dee '16 ____ 74
lot Agricul Corp let 20-yr 5s 1932 , J :4 72
51' M
0214
- - 93 Nov'16 -_--- 93 93
Rebinding & exten 435_1931 J - J
11 10118 10214
Int Paper Co 1st con g 6s_1918'F - A 10114 10134 10114
10138
_ 101 Aug 'It
Minnean St 1st cons g 55_1919 J - J 10014
I 81 10018
9918
0638
9918 100
9918
Consol cony s f g 58
8
963 -ii: 92
1935 1 J - J
9633 Sale 961 1
,
Montreal Tram let & re 5s_1911 J - J
10112 35 9712 101 12
Lackaw Steel 1st g 58
1923111 - 0 10111 Sale 101
8338 8412 8344 Aug '10
New On
1.t gen 4348_193.5,J - J
9314 165 90 109
90
)
039
let cons 5s Series A
93 Sale 97
105 -; 14:4 110800;3,4
N Y Munielp Ity 1st 8 f 5s A 19664 - J 100 Sale 100
4 12312 129
129
4
14 7213 70
73
Liggett & Myers Tobac 7s 1954 I M O 12711 128 1273
4
90 A S
J - J
7112 7212 7212
N Y Itys 1st R. E dr ref 4s_
10234 75 10014 10312
58
4812 Sale 43
637a
4812 61 48
,F
1951, - A 10212 103 10112
al942 A -year aril Inc 5s
30
1 1225 12712
12612
8
12612 12718 12612
30 83
N Y State Rye let cons 434s..1962 M- N 88 Sale 87
8812 Lorillard Co (P) 7s
88
102
1 10014 10214
102 Sale 102
8812 9412
55
8812 Nov'16
_ 91
Portland Ely let & ref 58____1930 M- N
106 11512 111 Dec '16 ____ 106% 128
1IA Mexican PetrolLtdcon Os A 19454 }A--_ i 7812 Si)
d
11 9921
Forth Ity Lt & P let ref Is 1942 F - A
8
- 777 7838 July'16
25 105 12512
108
let lien &ref Os series C 1921 A -0 105 107 107
101 101
Portland Gen Elec let 55.1935 - J 101 Sale 101
101
31 9612 102
101
Nat Enarn & Sun; 1st 5s_1929 J -D 10014 10118 10014
tJos Ity,L,H & P let g 58.1937 M- N
9534 —_ 96 Mar16
91 Dec '16 —__ 8512 91
92
91
St Paul City Cab cons g 5s ,A937 J - J 102 10218 Oct '16
- 10218 10218 Nat Starch 20-yr deb Is,,...1930 J• J
8
10 997 102511
10114
101 Sale 10012
80
2 9512 865
93 8 National Tube let 5s
8118
Third Ave 1st ref 4s
196(1 J - J
8018 8113 81
21 101 10612
105
1928 M32 75
4 N Y Air Brake let cony 68_1952 M -N 10514 10512 105
843
751:
Ad.) Inc 5s
al960 A 75 Sale 75
3 100 10818 Railway Steel Spring—
107
107
Third Ave Ity let g Is
1937J - J 107 108
98
11
98 8
8 8
21 914 109
0
,8
Latrobe Plant let s f 5s_ _1921 J - J 10158 ..„. ._ 10112 Dec' 6 --. 943 , :
TN-City Ely & Lt lets f 5s...1923 A - 0 10012 101 101 Dec '16 ---- I 983 101
4
Interocean P 1st 5 f 5s
Undergr of London 434s933 J - J
1931 A - 0
9512 July'14 -- -_ 93
4
8 20 9534 10212
997
Income Os
-ii- Repub I & 13 10-30-yr 55 51_1940 A -0 9934 Salo 993
72 Noy'11) —.... I80
1948 _- -8u
72
99 Dec '16 __I 9578 100
8
995 100
Standard Milting 1st 58__1930 M- N
Union hey (Chic) 1st g 55..1919 A -0 ____ 85
84 Oct '08
60 104 106
106
1W
. united Rye Inv 5s Pitts 188_1926 M-N - - - 7512 7512 Deo '16 :7.: - - -if - The Texas Co cony deb 6s 1931 .1 - J 10512 Sale 10512
Union Bag & Paper let 5s 1930 J- J
9312 9312 Dec '16 _---I 8018 94
6114 Nov'16 --__ 6913 62
90
61
United Rye St L 1st g -1s_ 1934 J - J ____
94 Nov'16 ____1 8218 9412
Stamped
5312 Dee '16 ---_ 53
8
597
- 91
1930 J - J
St Louis Transit gu 5s,,,1924 A -0 51, 55
2
73
6612 251 64
4(334 US Realty & I cony deb g 5s 1024 J - J
4
47 30
,
62 8 6312 64
United Rile San Fr s f 4s_ 1927 A 38
37 Sale 363
2514 Nor'() _ -1 .1012 2514
9234 US Red & Refg 1st g 6s__1931 J - J
87
Vii Ely & Pow let & ref 5s. _1934 J - J
9012 90 Dec '16
90
49, 10178 10312
103
U S Rubber 10-yr col tr 68_ _1918 J -D fails Sale- 10214
Gas and Electric Light
5, 107 1151$
107
US Smelt Ref & M cony 68_1920 F - A 107.2 10812 107
Atlanta L Co let g 55
103 Sept'15 ----_—_
1947 J -I)
10618 226' 1033 10738
.1
4
Bklyn Un Gas let cons g 58_1945 M-N i6i- i6i1- 107 1)eo '16
I6E- iiii- U S Steel Corp-- youp..__d1963 M-N 1053 Sale 10512
3
0,65 2
Buffalo City Gas let g 5s_ _1917 A - 0 1914 ____ 54 June'13
S t 10-00-yr 58 reg
d1963 M-N ____ ____ 10514 Dec '16 ____I 163 s 107:
..
1911 114
9918
991s 9912 99
Va-Car Chem 1st 15-yr 5s_ _ _1923 J 100 102.1211900712
Mein Gas & Elec Ist&ref 5s 1956 A Feb '15
Cony deb 65
Columbus Gas let gold 58_1932 J - J
el924 A - 0 10178 10218 102 Dec '16 ____ ,
9;110112 10338
10214
4
1920 Q - F iiii; 1231;112:3
Consul Gas cony deb 65
----21 : i4-- West Electric 1st 5s Dee_ __1922 J - J 1021 1 Sale 1013
.i- i 6'
5 l(5.
:-; 2
2.,10014 10158
3
100 8
100
8
5 105 108,2 Weethigh'se E & M notes 58_1917 A-0 10014 10034 1003
ConsGasE L&P of Balt 5-yr 53'21 M- N ____ 10714 106
Detroit City Gas gold 5s_;_1923 J - J 10114 102 10114
Coal & Iron
10114
1 101 10212
9614 Dec '10 ____ 9614 99
Detroit Gas Co cons hit g 5s 1918 F - A 101 -._ 10112 Oct '16 -- 10112 10112 Buff & Susq Iron s t 58
91314
1932 J -D
09
10458 ____ 10412 Dce '16 ---- 10234 1047s
Debenture 5s
Detroit Edison let coil tr 513_1933 J a1926 M- S 9318 9512 99 Nov'16 ____ 90
4 9234 9812
95 :
let & ref 58 ser A
51940 M- S 101 10178 1013 Dec '16 __ 10014 1021s Col F & I Co gen it t 5s____1943 F - A
4
9518 97
95
,42 may's ____ __ _. _ _ __ Col Indus let & coil Is gu _1934 F - A
10
7712
4 7418 82
Eq GLNY 1st cons g 50_1932 M- S 10112
77,1 Sale 771i
35 ____ 73 Mar'14 ___ ..___ ___ _
Gas & Rice Berg Co c g 5s1949 J -D 100 __
Cons Ind Coal Me 1st 5s _1935 J -D
100 Feb '13 ____
9418
93 Dec '16 ___ 90
91
92
Eludeon Co Gas 1st g 5s__ _ _1949 M-N 103 10358 103
103
3 i6i- i6i7-8 Cons Coal of Md lst&ref 5s_1950 J - D
8
Continental Coal 1st g 5s _1952 F - A
35 ____ 993 Feb '14
2 0078 91
8
Kan City (Mo)Gas let g 5(3_1922 A -0
907
8
907
4
-15.i34
4
105
2 104 10514 Cr Riv Coal & C let g 6s_ J11919 A -0 ____ 9478 943 Mar'16 ____ -6iii -5i3Kings Co El L & P g 5s_ _ _1937 A -0 1 - iiale- 10131
4634 ____ 99 July'15
11618
5 11478 11812 Kan &He& C let ef g 5s1951 J - J
1997 A - 0 115 117 11613
Purchaee money 68
110 1203 128 Oct '16 -- 126 128
8
7 -g6- -5i5
8
8
945
,
94 8
9458 95
Pocah Con Collier lets f 58_1957 J - J
Convertible deb 68
1925 M8812
5 84
831, ____ 8812 Sept'16 ---- 88
Ed El Ill Bin let con 4 45_1939 J - J
0118 86
8834 St L Rock Mt & P55 stmpd_1955 J - J 18472 102,2
85 2
101 7'8 Dec '19 ---_ 10058 10338
Lac Gas 1. of St L let g Is ,,e1919 Q - F 1013 10218 10112
8
4 1005 105
10112
Tenn Coal ...en 58
1951 J - J
8
Ref and ext 1st g Is
Birm Div let consol 68_ _1917 J - J ____ 10014 100 Dec '16 ____ 100 102
10214 . 6 1007 10234
8
1934 A - 0 10214 Sale 102
8
Milwaukee Gas I. 1st 4s
Tenn Div 1st g 68
2 9114 937
101 100 Nov'16 ____ 1C10 11)2
9258
8
a1917 A - 0
1927 M -N
93 ____ 925
Newark Con Gfis g r,s
CahCM Co 1st gu 613_ _ __1922 J -D ____ 108 101 Dec '14
1948 J - D 10312
10312 Deo '16 --_ 10912 10358
N YG EL II & P g 5s
-80 Dec '16 __ _ _ -i6- -gel
1943 3 -0 10438 1043.1 10412
80
1953 J - J
4 12 103 1053
1043
4 Victor Fuel let s 155
Purchase money g 4s
8
21 833 87
1949 F - A
4
Va Iron Coal&Coke let g 5s_1949 M- S ____ 8718 8712 Dec 'lb ___ 827 9012
85
85
4
8512 843
Ed El II 1st cons g 5s__ _ _1995 J - J 107 10938 10814 Dec '16 ---- 108 109
Telegraph & Telephone
NY&Q El LA P 1st con g 54 1930 F - A 10018 ____ 1008 Aug '16 ---- 10012 101 14 Am Telep & Tel coil tr 4s_1929 J - J
9114 Sale 91
4
Pacific0 & El Co Cal0 & E
0
9
.
r
933834
Convent') e 4s
9914 9812 Dec '1(1 __:3. 981' 105
1936 1 M- S
Corp unifying & ref Is, 1937 M- N
1 10318 11331
10418
20-yr convertible 4 Ss_ _ 1933 M- S 10318 Sale 10318
9912 27 9753 100
9912 Sale 9938
Feline G & E gen & ref 55._1942 J - J 93 Sale 923
93
8
3
19 917 9378 Cent Diet Tel lst 30-yr 5s 1943 J - D 10211 103 10212 Nov 16 ____ 10112 10318
Pao Pow & Lt let clr ref 20-yr
73 Nov'16 ____ 73 73
Commercial Cable 1st g 4s_ _2397 Q 77
73
Is Internat Series
71
9312
1930 F - A . .. 1_ 95 _ 9218 Sept'16 -___ 92
71 May'16 ____ 71
Reeistered
2397 Q io6 2
Pat & Passaic G & El Is,
1919 M- S
5 9914 10114
100
__ _ _
J -563 ale- 0934
4
Cumb T T let & eon 5s. _ _1937 J
9913 Oct '15 _-__
-Peop Gas & C let cons g (38.. _1943 A 28
98 Apr '16 ____ 08
105 il5 115 Sept'16 ____ 11438 14512 Keystone Telephone let 58_ _1935 J - J
Refunding gold 5,
4
1947 M- S 1013 Sale 1013
4
151134
11 19038 1023
4
4
1013
4
4 Metropol Tel & Tel let Sf 55 1918 M-N . - i6f- 1003 Dec '16 __-- 1003 10112
Registered
1917 M-S
101
3 9912 10112
Mich State Telep 1st 5s_ _...1924 F - A 101 Sale 10012
8
991 99 Sept'13 --Ch G-L dr Coke 1st gu g 58_1937 J - J idi378 _ _ _ 10:311
8
8
1 ifid7 i63-1-4 N Y A NJ Telephone Is 9_1920 M-N 1015 ____ 10112 Dec '16 __ 10034 10112
,
103 4
9914 97 9712 9978
Con G Coot Cht lst gug 581936 J -0 1807 , - 101t4 17ce :16 _ _ _ _ 101 101 12 NY Telep let dr gen s f 4Ss_1939 M- N
991 1 Sale 99
0 8 1017 t)1 ,o y
08
3
9 9912 102
Ind Nat Gas & 01130-yr 58 1936 M- N
8
1007
4
1937 J - J 10034 1007 1003
s
Pac Tel & Tel let Is
86
91
8
Mu Fuel Gas let 9119 5e 1947 M- N 1003.1 Sale 10034
311 995 10214
101
4
16
1003 --- 1003 10034 South Bell Tel & T 1st f 5s_1941 J J 10038 Sale 10033
8
1919 F - A
10 100 10218
102
Philadelphia Co cony 58
9834 _,..._ , Nov'16 -___ 89614 993
114
1
4 West Union coil In cur 5s__ _1938 J - J 10112 102 102
Cony deben gold 55
1922 M- N
8
26' 0438 975
9218 93
97
Fd and real est it 434e,,,.1950 M-N
97 Sale 96
Stand Gtui ac El cony s 69..1926 J - D 102 Sale 102
1941 rel-N 10234 --__ 10114 Apr '16 ___ 10114 10112
Mut Un Tel en ext 5s
93
102
2
3 88
94
Syraense LightIng let 55 1051 .1 T1 103 1011 1 10214 Nov'111 ____ 1)1f131 riril
9'
94
04 Nov'16
Northwest Tel szo 4 45 g I934 J - J
9134
4
'No prfeentlay;lateet bid and liked. a Due Jan, 4 Due April. •Due May. g Due Juno. a Due July. k Due Aug. o Due Oct. p Due Nov. e Due Dec. 1 Option sale.
--
2420
BOSTON STOCK EXCHANGE—Stock RecordseeBNZFage
O
8R AR
Saturday
Dec. 23
172
*75
.114
43
*21212
173
76
120
43
-5---4
30
*413 5
.4412 47
*150 154
*107
*147 150
*70
73
.130 133
94
94
99
43
4 43
4
2612 27
5312 5312
*97 101
*135 140
28
*109 112
56
5712
74
Wednesday
I Dec. 27
Thursday , Friday
Dec. 28 I Dec. 29
i Sales
l orehe
l tek
f
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan. 1
Ranee for Previous
Ye tr 1915
Lowest
1
Highest
Lotoe,t
Highest
RAaiblierboyads
I
174 174 , 173 174
188 Boston &
100 172 Deo 23 198 Feb 16 170 !Tar
77
198 Jan
78 I 7512 76
78 Boston Elevated
100 0512 Apr 24 8812Jan 19
73 June 96 Jan
Last Sale 119 Dec'16
Boston & Lowell
100 119 Dec 20 145 Feb 11 109 Feb
41
43 i
13812001
_
___ _ I
176 Boston & Maine
100 34 Aug 29 52 Feb 14
20 Feb
Last Sale 215 -Dec'16
3712 Oct
Boston & Providence
100 200 Aug 4 23512 May29 225 Jan
Last Sale 412 May'16
240 June
Boston Suburban Elea Cos__
412 Feb 29
5 Jan 8
5 Dec
30 '*____ 30
Last Sale 30 Dec'16 I
10 Mat
Do pref
30 Deo 11 4012 Feb 29
40 Sep
*412
56 sugar
• '42 5 1 *412 5
Last Sale 413 Nov'16,
Boston & Wore Electric Cos_ 44 Febr28
, Mar
2 Ma 18 4542jun yi0
5 Ja i 5
5 Nov
*4412 47
*4412 47
Last Sale 45 Sept'16,
Do pre
47 July
39 Jan
154 ;3
'150 154
Last Sale 150 Oct'16
Chic Jp teo R y de U S Y....100 in
) url f
1
154 Juiy26 157 Feb 160 Sep
107 107 ,*107
103 108 1 ____ ____
10
110 July14 10112July 110 Apr
145 145 ,*145 149 *144 149
15 Connecticut River
!I 2 OctepA 1:1 Feb 1: 140 Feb 185 Jan
li
e
72 I 72
72 .72
_ _ 72 II
27 Fitchburg pref
100 6914 Sept27
.*130 133 *130 133
Nov
Last Sate13114 Dec'16
Georgia Ry & Eleo stampd1:1 z 3 Jan 13 1313 Deo
0 1;2
)
4
*92
12 1V1 Fe r
A pb
*92 ____
20 reFep
Do pref
0 94 Dec 23
98 - -1 *34
84 Aug 188 Mar
lX
*98 ____
9812 9812
2 Maine Central
100 98 Sept19 102 Jan 17
412 412
9273 jlm r 1 2
l'vi ae ;
7
434 43
4
43
4 43 .
3
4 43
35 Mass Electric Cos
100
412 Dec 15
83 Aug 30
4
4
27
27 . .26
2712 26
27 ----- - ---109_
Do pref stamped
100 26 Dec 28 44 Aug 9
53
523
544 5214 5414 52
4 50
2
69 N Y N H & Hartford
4
100 50 Deo 21 773 Jan 3
3
43 Feb
*97 101 . *97 101
56
*97 101 I 98 100 I
n
7 Northern New Hampahlre_100 97 Jan 3 107 Sept14 —89 jlly 8724Pet
*134
.
._ .. 139 *133 13912 135 135
Oct
98 Apr
2 Old Colony
100 1344 Deo 18 157 Feb 26 140 Aug
*_ _Last
Sale35 Dec'16Rutland,
ip 1 *ii
30
57 ftr
i
Nov 1 3512
prof
100 20 May
Dec 2
15 Mar
*110 112 *110 112
Last Sale 110 DWI°
Vermont & Mas8aohusetts_100 10012 Aug 29 125 Mar 1 105 Feb 130
57
*55
57
57
125 Apr
5512 5512 -------30 West End Street
50 255 flept2 I 8712Jan 19
61 May 7212Jan
74
74
*73
74
75
75 I-- — ..
26 Do pref
100 69 July13 86 Feb 25
80 July 9312Feb
Miscellaneous
*9112 93
*8912 9112 *88
89
8912 89
150 Amer Agrloul Chemleal
100 64 Apr 24 102 N ov25
10012 102
48 Jan
101 10212 10112 10212 10158 10214
7334 Nov
,
821
Do pref
100 9512 Mar23 105 Deo 1
8/14 MarMar10412nv
3
4
, 3
1
3
4 *I
2
*112 ---- *114
112
lz Amer Pneumatic Service-50
3 Dec 26
4
314 Apr 12
7
7
8
8
8
8
8
8
83 Do pref
_
50
7 Dec 18 16 May 4
13 Dec
110 110
109 109 I 109 109
1912 Jan
4, Amer Sugar Refining
100 106 Apr 22 12514 Oct 25 100 Feb 1191:Nov
*11712 119
118 118 I 118 118
11714 1 - 4
-17160
100 11412 Mar 1 124 Oct 25 109 Feb 119 Dec
125 12512 125 12514 124511 12514 123 12314 3,290 Do pref
Amer TeleP & Teleg
100
*4312 44 .44
13012 Nov
4512 4414 4414 *43
44
20 American Woolen of Mass.100 123 Dec 29 13412 Sept30 116 Jan
42 Aug 5 563 N ov 8
12 95
4
1612 Apr
5714001
94
93
95
95
96
95
96
230 Do pref
100 92 Jan 11 1015 Mar14
8
*70
76
77 Feb
9912 Oct
Amoskeag Manufacturing __ 66 Jan 3 79 Nov 8
*98
Lassi
66994 ;kilt 594 Jan
67 Apr
Beeng
Do pref
117 125
120 12512 11212 121 x108 113
9712May 101 Feb
23,956 All Gulf & IV I 58 Lines...100 98 July24 10114 Feb 10
27 Jan 14 1473 Deo 13
4
968:22 Feb
4 ADuege
66
60
65
36 Nov
65 I 6458 65 I *63
64
210 Do pref
97
183 19
ov
4
1812 1812 1812 1812
1 18
405 Cuban Port Cement—..$15100 42 Jan 15 7212 Nov 1
pd w818 Apr 28 254 July20 ---------------813 812
..__
812 812 ------200
812 812
-- East Boston Land
10
814 Dec 15 133
8Jan 19
1314 Apr
228 228 227 228 I 225 225 I 225 225
149 Edison Electric Illum
100 225 Deo 11 250 Mar 7 230 May 260 Jan
•16878 16914 *16712 168 I
Last Sale 1673
4Dec'16
General Electric
100 15914 Apr 22 188 Oct 20 13814 Feb 18418 Oct
*101 102 1 10114 10114 *101 102 I
10 McElwain (W
1st pref _100
9412 9312 9412 93 94
94
94
19044
9312
r
528 MassachusettsII) Cos_ _ _100 95 June 8 10212800i 8
79 Bept21 1003 N ovI7
4
78 Apr
7912 80 I 79
80 I 80.. 80
7912 80
Aug
191 Do pref Gas
100
84 Nov 9212.1an
*165 169 ,*165 167 I 168 169 I 166 166
85 Mergenthaler Linotype-100 78 Sept14 89 Feb 14
155 May 4 181 Nov20 154 Feb 200 Jan
*,99 112 *.99 112
Last Sale 1
Nov'16
Mexican Telephone
10
214Jan 15
14 N ov22
14 Apr
3 Sep
I ___ ___
8
Last Sale 115 Dec'16
Mississippi River Power_100 10 Dec 5 19 Apr 10
10 June 1638 Deo
._..-.. 40 4,.... _ _ 40
Last Sale 35 Nov'16
Do pref
100 35 Nov 9 44 Feb R
35 Feb
4612Jan
*35 ___ *35
__
Last Sale 42 Dec'16
New Eng Cotton Yarn___100 2312July18 42 Dec 19
20 Apr
30 Nov
_ ..
__ *60
Last Sale 66 Dec'16
Do
D pref
100 50 Jan 24 66' Dec 19
25 July 55 Dec
*60-12112 122
121 12112 12113 12113 12112 12112
- 197 New England
Telepbone 100 1203 Dec 22 140 Mar17 x12714 June 143 Jan
4
.__ 14912 147 147 *--- 149
_____
10 Nip° Bay
10218 Jan 11 165 N ov10
Company
100
..
*107 120 *105 120 *105 120
20 Nova Scotia
Steel & C_100 102 Dec 21 15514 Nov17
161 162
la- iii"
162 162
130 Pullman
Company
100 1584 Apr 28 175 Ott 5 150 Feb 170 Oct
43 ' 43
44
42 42633Punta Allegre Sugar
43
50 3512 Dec 21 59 Oct 28
1512 1512 1512 1512
44
1512 1512 -1514 .
- 1512
,
88 Reece Button-Hole
10 15 Feb 3 1612 May23
15 Bei- --flit;iii"
147 150
148 150
146 147
145 147
Swift & Co
100 125 Feb 5 177 Oct 9 10434 Jan 128 Nov
61
62
6112 63
63 63
713 Torrington
63
61
25 35 Jan 14 70 Nov 3
28 Mar 3612 Dec
*3118 33
*3118 33
Last Sale 33- Dec'16
25 28 Jan 14 33 Mar 2
26 Mar 3014 Seri
14934 151
149 1504 14912 150
150 151
719 Do prof
100 13612Jan 31 16824 Aug 21 110 Feb 163 Nov
x5612 57
5612 57
5612 5612 57
1,674 United Fruit
56
United Shoe Mach Corp
25 50 June23 6312 May12
48 Aug
65 Mar
2992 2992 2912 2958 2912 295
8 2958 2958
141 Do pref..
25 2812Jan 3 31 Sept18
28 Mar 30 Aug
10612 10814 108 10918 105 10738 1033 10558 3,884
4
Corporation-100 793 Mar 1 1295 Nov27
4
8
38 Feb
.1194 120 *11958 120
8912 Deo
11 U S Steel
11912 11912
Do
100 11514 Feb 5 1223 Nov 3 10214Jan 11714 Oct
4
75
8 818
712 74 --iE8 -713 8
i- 8,670 Venturapref
Consol Oil Fields_ 5
6 8E4)908 13 Jan 3
5
1058 Deo
1438 Nov
Mining
*3 4 378
,
378 378 *324 4
378 378
170 Adventure Con
25
13 Feb 17
578 Deo 7
4 Jan
478 Apr
25 91 Aug 1 12512 Nov18
9212 Dec 103 Alli
216 Akmmk
102 103
100 101
101 101
103 103
Alaska Gold
10 10 Deo 21 2612Jan 7
2112 Dec
4034 Apr
1034 1112
8
113 1112 114 1112 1034 11
25
3 May 3
4
212 Nov20
.45 Feb
4194 Apr
118 1,095385 Algomati Mining
1
1
1 ;I'.
1;4 118
1'/ 118
25 56 Dec 21 8312 N ov21
3512Jan
66 Dec
64
455 Allouez
63
6512 64
65
64
65
65
8
975 Apr 10
163
4Jan
7214 Nov
x3512 3712 11,747 Amer Zino, Lead & Smelt_ 25 2912J uly 11
373 393
8
4 3778 3912 3512 38
25 60 Julyll 864Nov 1
70
95 Do pref
70
7438 7514 73
72
75
73
5
758 July29 18 Nov20
912 Apr
314 Jan
1458 4,735 Arizona Commercial
14
1438 1412 1518 1412 15
14
400 Butte-Balaklava Copper.... 10 42112 Decug 21
2
414 Alm
513 Feb 5
3534 Jan
2
14
2
2
*112 2
2
2
2
2
305 Butte & Sup Cop (LW)
10
10514 Mar 9
4612 4818 *47
4713 4512 46
4434 45
10 68 June28 101 Nov20
5112Feb
2,293 Calumet & Arizona
79
794 79
7812 7512 77
7912 76
Calumet & Heels
25 510 Deo 21 640 Nov20 350 Jan 63884jA pn P
80 Au r
70
p
94
544 550
550 550I 560 575
550 566
4 Centennial
05
25 14 July17 27 Nov20
15 Jan
25 Apr
22
2114 21
22
21
21
21
21
5 46 Julyll 735 Nov20
8
32713 Jan
57 Nov
5434 5518 55
53
53
53
274 Chino Copper
53
55
25 5412 July 1 1 873 Nov21
30 Jan
4
65 Dec
654 0312 6434 7,093 Copper Range Cons Co
8
643 6612 6514 6612 64
20
37 Mar17
8
2 July13
17
8Jan
534 Apr
*21
*212 3
g
12 Daly-West
0
212 2 4 *212 3
10
43 Deo 15
4
71 1 Dec 7
534 614
7,015 Davls-Daly Copper
51
513 6
57
/3 6 8
20 Nov18
812Jan
1612 Dec
17
1718 167 17
1614 1612 143 1514 3,290 East Butte CopPer Mtn —_
8
8
22 itV'ItumlYe23 1314 N ov20
54812
1414 Apr
812 1,495 Prankiln
8
*834 9
812 878
9
9
115 Granby Consolidated
100 79 Joly14 120 Nov20
9412 Apr
Jan
89
914 913
8 9018 9018 89
4 90
935
120 Greene Cananea
100 343 June28 5514 Nov18
4
234 Feb
5238 Dec
45
44
4412 4412 *44
45
*43
44
262 Hancock Consolldated
25 1012June28 2312 Nov20
11 Jan
2412 Apr
1612 1612 17
17
17
17
*16
16
214 Jan
25
2 July10
612 N ov21
1012 Apr
250 Indiana Mining
312 312
*312 358 *312 358 .312 358
816 Island Creek Coal
1 42 Bept27 7334 Dec 6
41 Mar 52 Aug
5912 59
56
5713 58
58
59
59
1 88 Jan 29 9312 Deo 2
Do pref
8512Jan
9118 Apr
25
95
31
754 Isle Royale Copper
93
33
25 25 July13 43 Nov20
1,
1712Jan
34 Apr
5
49% 434
312Mar 4
54May 3
3 Aug
518 Apr
440 Kerr Lake
43
4 434
413 458
458 4%
124 Keweenaw Copper
25
234 Feb 11
8 Apr 6
112 Aug
412 Apr
414 414 *414 434
*414 434
' 438 434
25
914 July14 1912 Feb 10
522 Jan
1978 Dec
5,383 Lake Copper Co
1312 14
13
12
12 I 1234 14
164
100 La Salle Cooper
313 Jan
25
314 July15
612N ov20
9 Apr
*412 5
*412 5
*412 5
*414 5
5
112 Aug 3
9 Nov18
1 Mar
5 Deo
585 Mason Valley Mine
6
*512 6
534 53
53
8 53
8 1,
4
6
650 Mass Consol
25 10 July13 1912 Nov20
3 Jan
17 Apr
1412 1414 1458 1312 1414 1312 14
14
150 Mayflower
25
2 July 5
5 Feb 10
3 Aug
8 Apr
278 27
234 234
27
s *21s 3
/3 3 I
25
112Jan 5
434N0v 6
.60 Mar
3 Apr
210 Michigan
*31s 313 *314 33
314 314 1,
4
314 314
049 Mohawk
25 7712July1 1 108 Nov20
4614 Jan
98 Dec
9634 93
93
95
95
9513 9612 95
5 15 Jan 28 3312 N ov20
25 Nevada Consolidated
141584 Febb17 Apr
2412 *2414 2434 2314 2314 *2312 24
*24
25
43
4July14 1014Jan 4
295 New Arcadian Copper
1414 June
54 54
4
514 54
54 54 *514 53
5
9 July19 2454Jan 19
170 New Idris Quicksilver
4 July
1312 Aug
*1413 1513 *1412 15
1413 1413
15
15
100 20 Deo 21 313 Nov20
8
__ ..... _
25 New River Company
*2214 2314 2414 2414
*2314 24
*234 24
100 77 Deo 26 9314 Nov20
220 Do pref
80
77
4
78
77
773 *77
---- ---5
6 Mar 1
518 Aug
878 Nov
94 N ov2I
912
9
94 914
914 2834 914 1,140 NI0Issing Mines
9
15 20 July13 3212 N ov20
2214 Jan
3878 Apr
2212 2334 2338 24
4
223 2312 2212 2318 2,749 North Butte
25
.50 June 2
1 Jan
44 Apr
4'1 Jan 3
214
218 214 *2
2
24 212 1,030 North Lake
218
118 July15
25
278 Apr 6
.50 Mar
312 Apr
*178 2
625 Oilbway Mining
*112 2
134 2
*112 2
214 Nov
430 Old Colony
g 5p tul8 I 4 4 Jan 3
eY
718 Apr
212
*2
218
2
*2
2
2
2
890 Old Dominion Co
21 83 N ov21
3812 Mar 64 Deo
65
64
65
6514 6112 6412 62
6212
25 70 July14 105 Nov20
315 Osceola
64 Jan
9312 Apr
x85
91
87
94
94
94
95
94
10 1112Mar 7 233
4Deo 11
12 Jan
1958 Aug
120 Pond Creek Coal
1812 2018 20
183 1912 7,
21
4
1812 20
25 81 July12 10912 N ov21
230 QuIrtoy
50 Jan
95 Apr
88
90
89
90
8912 90
88
88
115 Ray Consolidated Copper_ 10 2034 June22 383 Nov20
4Jan
4
153
275 Nov
*254 26
8
*2612 27
*2612 27
254 26
751 St Mary's Mineral Land
25 6112Jan 31 110 Nov20
28 Jan
6512 Deo
88
85
87
90
89
85
88
89
37 Jan 8
160 Santa Fe Gold & Copper
10
114 July28
1 Mar
5 Oct
*134 2
2
2
2
*134 2
2
10
7 July13 1212 Feb 14
1113 Apr
4 Jan
3,015 Shannon
9
9
9
4 914
9
9
83
918
10 2434Julyll 403 Feb 14
38 Nov
4Jan
183
104 Shattuck-Arizona
*27
284 *26.2 27.2 *2512 27
28
28
25
4 Aug 4
4July
812Jan 4
514 Nov
305 South Lake
73
514 514
434 434
44 434
43
4 5
2212Jan
25 1212July15 2812Jan 3
4112 Apr
1520 Superior
*14
*1412 16
*144 16
rie
*144 15
112Jan 13
& Boston Copper_ 10
1 Mar
514 512
412 Apr
8S4 Oct 31
514 514
5
512
478 514 1,975
25 35 Aug 5 564 Jan 14
25 Jan
Trinitrack _
585 Aug
8
5412 17,050 Tama y
46
53
4812 48
50
53 "50
23
25
3Feb
414 J uly12 1234Jan 3
1512001
64 1,650
812
6
64 64
6
6
6
1
.15Jan 26
.20Jan
2,620 Tuolumne Copper
212 Dec 7
.63 Ayr
214
2
2
23
A
21
24
4
2
2ifs
20 Feb
54 Dec
27,230 US Smelt Refin dc Min— ao 5418Jan 3 8138 N ov2I
6512 6334 6.4
4
623 64
8 63
614 657
5012 Deo
50 49 Feb 1 533 Apr 11
4
28 Jan
5214
392 Do pref
5112 5112 52
5214 52
51
52
518 Apr 10
4
5
51 June
2 Jan
27 Deo 21
8
1,175 Utah-Apex Mining
3
3
3
3
318 314
34 314
0une
183
94 Feb
18
1858 17
5 1212Jan 15 3012 N ov21
1814 18
18
1612 177
s 2,418 Utah Consolidated
SI% Dec
4Jan
10 75 June27 1273 Nov20
483
8
206 Utah Copper Co
101 101
10134 1013 105 10538 101 101
4
1
1112 Mar13
514 Dec 21
534 64
612 612
3,225 Utah Metal & Tunnel
57
8 6
8 612
63
234Jan 3
25
"
41A pr
812 Nov18 "I Feb
10 win n a
210 Victoria 413 53
8 413
4
*53
4
53
2 5
s 478 *53
4 478 *53
412 6
478 6
478 53
1114Jan
334 Mar27
25
54 May
814 Nov20
32 Jan
25 45 Oct 9 6712Feb 10
70 Apr
193 Wolverine.
48
49
46
48
4912 4912 4812 49
234Feb 14
214 Apr
.50 Mar
25
118 Aug 12
*134 2
125 Wyandott
112 158 *158 2
*112 2
173 1 173
77
77
119 ,*114
43 I 414
_i_ :21212
173
78
119
42
_i_
iii-
--------2
Safe 412
7
ioi" 116 67
*64
*18
19
*8
9
228 228
*16714 1673
4
*101 102
9312 94
80
169 169
4
..99 112
40 _
12112
150
108
_
42 - .15
*15
1558
147 148
4
593 60
*3118 33
14912 151
5612 57
295 2958
8
10534 1073
4
*11812.119
73
4 8
I
Tuesday
Dec. 26
172
76
*114
43
*21212
8912 90
10012 10012
1 '11 ,
X
8
8
10934 1093
4
118 118
12514 12512
*4213 4312
9412 9514
*35
*60
121
PRICES—NOT PER CENTUM PRICES.
Monday
Dec. 25
vob 103
CHRISTMAS DAY
107
*4
412
•101 108
11
1178
*1
114
6213 6212'
37
38
72
*70
8
127 1378
*2
24
483 48 4
4
3
7812 7812
525 535
1912 1912
55
5514
64
653
4
24 24
3
3
514 53
4
1634 17
812 8 8
7
91
*88
4412 444
17
17
314 314
55
59
91
*89
34
34
*412 478
*414 43
4
12
12
412 412
578 5 8
7
134 133
4
*3
312
*314 4
95
9712
.2314 233
4
538 5 8
3
15
15
2312 2414
•____ 79
.9
918
2212 2314
*2
2.2
*112 13
4
*218 214
65
65
95
*92
1812
18
90
90
2612 2612
8712 90
4 214
.13
9
914
*26
27
5
7
1312 1312
538 512
45
47
6
612
2
218
6212 64
5118
51
VA 3
1712 1812
100 10012
614 612
*5
512
*412 5
4512
45
*13
4 2
*Bid and asked prices. a Ex-dividend and rights
gA 1 *31 32,14 *3636 *33
9 9 90;2 92,2 91
1
S Ex-stook dividend. e Assessment paid. a Ex-rights. x Ex-dividend. a Ex-Tamaraok stock.
w Half-paid.
-Following sales were
Philadelphia Stock Exchange.
reported Dec. 23 to Dec. 29, both inclusive:
Outside Stock Exchanges
-Transactions in bonds at BosBoston Bond Record.
ton Stock Exchange Dec. 23 to Dec. 29, both inclusive:
Friday
Last Week's Range Sales
ofPrices.
for
Sale.
Price. Low. High. Week.
Bonds
-
1924
Am Ag Chem 58
g
Am Tel & Tel coil 48_1929
99%
55 temporary receiptsAtch Top & San Fe 48 1995
At1G&WISSL5 -1959
8
Chic Juno & U BY 58_1940 101%
1940 85
48
Gt Nor-C B aic Q 4s 1921 98%
KC M &13 income 58_1934 75
1929
Mass Gas 4348
1931
4148
Miss River Power 5s 1951
NE Cotton Yarn 5s.. A929
N E Telephone 5s_....1932 100
Swift & Co 1st 5s_ _ _ _1944 101%
United Fruit 414s_ _ 1925
1923 9834
,
434s
US Smelt It & M cony 6s_
Western Tel & Tel 5s..1932
102 103
91
9131
99
9934
9434 9434
84
8534
101 10134
85
85
9834 9834
75
75
98
9834
9534 9534
76
76
95
95
100 101
10134 10134
97% 9734
9834 9834
108 108
go% 9934
Range since Jan. 1.
Low.
High.
$7,800 96% July 103
27,000 90% Nov 93
140,000 98% Dec 9914
4,500 02% Aug 95%
Jan 89%
34,000 74
7,000 10034 May 102
Mar 91
15,000 85
3,000 9734 July 99
11,500 67% Feb 95
9,000 96% Mar 99%
Mar 96
1,000 93
Dec 81
5,000 76
Jan 95
1,000 75
Dec 104
14,000 100
27,500 98% Jan 102%
Jan 98
1,000 97
10,000 9731 Jan 100%
2,000 107% Dec 115
Jan 102%
10,000 99
Deo
Apr
Deo
Feb
Nov
Aug
Jan
Feb
Nov
Jan
Jan
Jan
Dec
May
Oct
Nov
July
June
Oct
-Complete record of transacChicago Stock Exchange.
tions at Chicago Stock Exchange from Dec.23 to Dec.29,both
inclusive, compiled from the official sales lists, is as follows:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale.
of Prices.
Par. Price. Low. High. Shares.
Amer Shipbuilding__ -.100 6634
100
Preferred
Amer Straw Board_ _ _ _100
Booth Fisheries, com__100 80
100 8334
Preferred
Chic City &C Ry pt sh corn
Preferred
Chic Pneumatic TooL _100 60
Chia Rys part ctf "1"_ __
7134
2234
Chic Rye part elf "2"
Chicago Title & Trust_100
Commonwealth-Edison.100 142
Cudahy Pack Co, com..100 11434
Diamond Match
100 125
Hartman Corp
'
Hart Shaft & Marx, pref........
Illinois Brick
100 88
Lindsay Light
1834
100 330
National Carbon
Preferred
100
No Amer Pulp& Paper corn
Page Woven Wire Fence.20
People's Gas Lt & Coke.100
Prest-O-Lite Co Inc
137
Pub Serv of No 111, com.100 114
100
Preferred
Quaker oats Co, pref__100 11034
Sears-Roebuck, com__.100 22534
Stew Warn Speed, com_100 9834
100 14634
Swift & Co
Union Calbide Co___ _100 196
United Paper Bd,com_11
........
Ward, Montg & Co, pref
Bonds
Armour & Co 4148_1930
Chicago City Ry 58_1927 9934
Chic Cy & Con Rys 58.1927 80
Chicago Rys 55
1927
Chic Rys 5s series "A"_ 8634
Chicago Telephone 58..1923 10134
Chic Un Sta let M 4148'63.
Commonw-Edlson 55_1943
Cudahy Pack 1st M 581924 9834
Morris & Co 434s_ _ _ _1939
Ogden Gas 58
1945
Peo Gas L & C ref g 5s 1947 102
chic Gas L & C 1st 58'37
Pub Serv Co 1st ref g 58'56
South Side Elev 4348_1924 89
Swift Sr Co 1st g 5s___1944 10134
Wilson & Co 1st 65_ _ _1941 102
59% 6614
97
9(5
55
54
59
60
83% 85
414 4%
33
35
68
71%
71% 71%
20% 22%
216 210
140 143
107% 116
125 12714
7431 75%
116 116
89
88
'18% 18%
305 330
130 130
9
915
9
9
106 109
133 140
114 11414
10234 10234
11034 111
224 230
08% 101
144% 150
193 199
30% 3234
115% 115%
Range since Jan. 1
Low.
1,515 33
138 75%
66 12
685 25
95 66
214
215
1,693 15
346 66
25 70
255 13
25 6210
199 13934
4,185 106
307 102
112 72
100 114%
87 76%
6%
575
452 167
80 120%
130
714
6
20
45 104
2,107 11434
237 107
14 100
123 107
2,067 169
2,757 8214
4,333 12634
3,142 a155
1,528 13:4
100 11234
9331 9331 $6,000
9934 9934 156,000
80
80
30,000
9534 9534 1,000
8634 8614 2,000
10134 10134 5,000
10034 10034 5,000
10214 10234 26,000
9831 9834 5,000
93
93
3,000
9714 98 1 6,000
10134 10214 15,000
103 103 , 3,000
1,0010
9531 9534
89
89
5,000
1013/ 10134 9,000
102 1 5,000
10134
92%
9834
69%
95%
86%
101%
100
101%
9834
89%
95%
101%
102
94
8834
osg
101%
High.
Jan
Jan
May
Jan
Jan
July
July
Dec
Apr
Apr
Dec
June
Dec
Mar
Sept
Jan
Jan
Jan
July
Feb
Dec
Oct
Dec
Oct
Jan
Apr
Jan
Mar
Apr
Jan
Sept
June
June
72
97
55
6314
88
634
41
79
80
27%
24914
147
116
14214
87%
120
100
25
330
133
16%
18
118
148
118%
104
115
234%
119
175
215
40
11714
Nov
Dec
Dec
Dec
Oct
Nov
Nov
Mar
Jan
Oct
July
Sept
Dec
Dee
Dec
Sept
Nov
Aug
Dec
Oct
Nov
Nov
Oct
Dec
Sept
Feb
Oct
Nov
Aug
Oct
Sept
Nov
Oct
Sept
Apr
Sept
Dec
Aug
Apr
June
July
Dec
Jan
Jan
July
May
Jan
Jan
Jan
Dec
94%
100
82%
98%
9231
102%
100%
103
10211
99%
98
102%
103%
96%
92%
102%
103
Feb
Feb
Nov
Feb
Feb
Nov
Feb
Nov
Mar
July
Nov
Nov
Dec
Sept
Apr
Oct
Oct
z Ex-dividend. a Ex-dividend 2%,stock dividend 40%. b
ex-rights.
-Following sales were rePittsburgh Stock Exchange.
ported Dec. 23 to Dec. 29, both inclusive:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale.
Of Prices.
Par. Price. Low. High. Shares.
American Sewer Pipe_ _100 1734
1714 17%
Amer Wind Glass Maoh100 5534 54% 5711
Preferred
100 122
120 122%
Cable Consol Mining_ _ _ _1
6o
60
7o
Caney River Gas
25
46
47
Citizens Traction
50
55
55
Columbia Gas & Elec..
.100
4111 41%
Harb-Walker Refract...100
120 120
3% 311
Independent Brewing. _50
16
16%
Preferred
50
La Belle Iron Works_ __IGO 7734 76
78%
Mfrs Light & Heat
64% 66
50
Mt Shasta
1.05
990 950
Nat Fireproofing, corn. 50
714
7
Preferred
50
17% 17%
Ohio Fuel 011
1 1831 17% 18%
Ohio Fuel Supply
25 57
5531 57
Pittsburgh Brewing
411 4%
50
18
18
Preferred
18
Pittsb Cons M M & T__ _1 14o
llo
15o
Plush Jerome Copper_ .1 1.55
1.15 1.65
Plush Oil & Gas
1114 12
Pittsburgh Mate Glass_100 13334 129 133%
Pure Oil, common
5 2134 20% 2131
Ross Mining dr Milling_ ...1 260
25o 27o
San 'toy Mining
1 16c
12o
16o
Union Switch & Signal--50
10614 108
United Coal corn v t o_
20
20
Preferred v t o
70
70
100'
U S Glass
38
3814
U 8 Steel Corp, oom- --100 10334 103% 109
Weat'house Air Brake.._50 x156 455 157%
Weat'house Elec & Mfg_50
55% 56%
Bonds.
Columbia Gas & El 58.1927'
89
89
Indep Brewing Ce.. _ _ _19551 50
50
50%
Pittab Coal deb 5&....1931 9934 09% 99%
ioo 1134
-s Ex-dividend.
2421
THE CHRONICLE
DEC. 30 1916.j
25
1,670
150
5,000
140
10
30
65
220
75
821
1,062
44,260
125
25
1,047
1,526
25
20
87,860
58,180
858
97
4,937
3,700
7,200
200
56
40
210
285
375
920
$1,000
7,000
2,000
Range since Jan. 1.
Low.
15
3414
116
30
14%
52
14%
71%
2%
15
49
4934
830
634
15%
14
38
4
16
Sc
94
6%
115
50
12o
103
20
70
2534
80%
13314
5134
June
June
Nov
Apr
Mar
Jan
Mar
Jan
Mar
Dec
June
Apr
Deo
July
July
Aug
Feb
Dec
Dec
Sept
Dec
Mar
Jan
May
Apr
Dec
Dec
Dec
Dec
June
Jan
Apr
Dec
High.
20%
66
155
13o
50
55
53
127
7
23
94%
68
1.30
12
24%
19
5931
634
26
150
1.65
13%
138
2234
450
25o
126
20
70
46%
129%
167%
7111
Feb 89
80
49
Mar 62
9614 May 100
Oct
Oct
Apr
Oct
Dec
Dec
Dec
Nov
Sent
Sept
Nov
Nov
Dec
Jan
Jan
Jan
Nov
Aug
Oct
Oct
Dec
Oct
Dec
Dec
Oct
Jan
Jan
Dec
Dec
Oct
Nov
Dec
Mar
Oct
Aug
Nov
Stocks-
Sales
Friday
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
American Gas of N J-100
10
American Milling
Baldwin Locom, pref.._100
Buff & Susq Corp v t c-100
Preferred v t c
• 100
50
Cambria Iron
50
Cambria Steel
Catawissa, 2d pref
50
Electric Storage Batt-100
General Asphalt, pref--100
Insurance Co of N A----10
Keystone Telephone....-50
50
Preferred
Lake Superior Corp....100
50
Lehigh Navigation
50
Lehigh Valley
Lehigh Valley Transit-50
50
50
Little Schuylkill
50
Pennsylv.Salt Mfg
50
Pennsylvania
50
Phila Co (Pitts)
Pref (cumulative 6%).50
.25
Philadelphia Electric..
Phila Rap Tran v t rects.50
Philadelphia Traction--50
50
Reading
Tono-Belmont Devel- _ -1
1
Tonopah Mining
50
Union Traction
50
United Gas Impt
U S Steel Corporation_100
Warwick Iron & Steel 10
W Jersey & Sea Shore_ _50
Win Cramp & Sons_ ___100
York Railways, pref. -50
Bonds.
Amer Gas & Elea 55_2007
small
2007
do
Cons Trac of NJ 1st 581932
Elec & Peep tr etfs 45
1945
small
Equit Ill Gas Lt.58_1928
Harwood Electric 6s....1942
Inter-State Rys coll 481943
Lehigh C & N cons 4348'54
Leh V gen cons 4s__-_2003
Leh Val Coal 1st 56-1933
Leh V Tran ref&imp 5s'60
Nor Cent 2d 5s ser 11.1926
Penn RR gen 414s_..1965
Consol 4148
1960
Pa&Md Steel cons 68_1925
Phil B & Wash 1st 48_1943
Philadelphia Co 1st 58.1949
Palla Elec tr cas 58_1948
do
small
1948
Port Reading 1st 5s_ _1941
Reading general 4s -__1997
Spanish-Amer Iron 68_1927
Sun Hazle & Wilkesb5s '28
United Rya gold tr ctf 48'49
Washington Term 4sA945
Welsbach Co 55 small_1930
W N Y & Paine 5s_ _ _1943
Wilm & Not gen 5s.. _ _1932
120
101
65
45
67
27
18%
84
78
2214
43
97
56%
33%
31%
101%
4
5%
46%
90%
106
9%
50
82
Range since Jan. 1.
Low.
60 118
120 120
6
85
9% 914
172 10034
101 101
89 38
65
65%
27 54
58
68
290 44
45
45
125 7031
110 :125
10 52%
54
54
680 5834
66% 68
30 69
70% 70%
42 25
27
27%
14
14%
200 12%
67
5 67
67
834
18% 20% 11,097
270 74
83% 85%
486 74%
78
8031
22% 22%
303 18
124 38
42% 43
54
54
20 53
96
97
450 96
972 5511
56% 57%
30 38:4
4131 42%
41% 41%
50 3914
34
7,504 a27
33
30% 32% 20,409 17
28 75
82
82
250 7534
101% 104%
4
4% 4 13-16 3,805
540
514
5% 6%
1,243 4134
46% 47
696 8731
90
9134
16,119 79%
10334 109
103
931
931
9%
60 4834
50
50%
470 70
82
83%
7 34%
37
37
$4,000 8914
96
96
96
1,800 89%
96
102% 102% 3,000 101%
107
103
106%
10614
9934
9534
I
Dec
July
Dec
Jan
July
Jan
Jan
Nov
Apr
Aug
Jan
Oct
Nov
Jan
May
Jan
Jan
Jan
Aug
Dec
Aug
Sep
July
Mar
May
May
Jan
Mar
Aug
Jan
May
Mar
Aug
Sept
Mar
Jan
High.
123
9%
10914
72
6294
47
145
55
72%
7314
27%
15
70%
33%
90%
89
2314
44%
55
102%
60
4711
45
3434
3334
82%
11534
5 7-16
7
48%
9334
129%
11%
51
9714
39
Feb
Dec
Mar
Dec
Jan
Feb
Oct
Apr
Apr
Mar
Oct
Mar
Apr
Nov
Dec
Oct
Mar
Mar
Dec
Feb
Oct
Dec
Apr
Dec
Dec
Dec
Sept
May
Jan
Dec
Oct
Nov
June
Jan
Dec
Mar
Jan 9714 Nov
Nov
Jan 97
Jan 10234 Apr
Dec
Apr 86
800 76
85% 86
Dec
3,000 10511 Sept 107
106% 107
Jan 103% Oct
3,000 101
103 103
Jan
Dec 58
3,000 55
56
56
Aug 10331 Feo
102% 102% 5,000 101
Feb
90
Sept 94
90% 2,000 89
Jan
Aug 106
1,000 104
105% 105%
Feb
92
Aug 93
92
1,000 91
Oct 106% Oct
106% 10615 5,000 106
Feb
102% 102% 1,000 100% Jan 103
106% 106% 4,000 104% July 106% Feb
Jan 10734 Dec
107% 107% 10,000 104
99% 9934 1,000 9834 Feb 99% Feb
101% 101% 1,000 100% Aug 101% Nov
106% 10614 4,000 103% Jan 106% Nov
Jan 106% Dec
10611 106% 1,100 103
Dec
5,000 10511 Feb 110
110 110
9534 95% 7,000 93% May 9634 Jan
10114 101% 2,000 10114 May 10231 Oct
Feb 100% Mar
200 100
100% 100%
72% 72% 2,000 70
Aug 75% Jan
94% 94% 1,000 9414 Dec 9434 Dec
99
99
600 96% Jan 99% Oct
42% 4234 2,000, .
May 42% Dec
10294 102% 2,0001 10234 Den 102% Dec
a $2234 paid in. z Ex-dividend.
-Complete record of the
Baltimore Stock Exchange.
transactions at the Baltimore Stock Exchange from Dec. 23
to Dec. 29, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
sates I
Friday
Last Week's Range for I Range since Jan. 1
Week.
of Prices.
Sale.
Low.
High.
Par. Price. Low. High. Shares.'
Alabama Co 1st pref. _100
Arundel Sand & Gravel 100
100 116
Baltimore Tube
100
Preferred
100 145
Canton Co
Consol Ga,s E L & Pow-100 12134
Consolidation Coal_ -100
5 17
Cosden dc Co
5 143.4
Cosden Gas
Preferred
5
554
Davison Chemical_ _No par
Elkhorn Coal Corp
50 219-4
Preferred
46
Houston Oil trust ctfs_100 2134
Preferred trust otfs__100 66
Mer&MinersTrannew_100 6014
Monon Vail Tra.c
100
MtV-Woodb Mills v t r 100
Preferred v t r
100 6934
Northern Central
50
Pennsyl Vat & Power_100 81
United Ry dr Elec
50 3334
Virginia Lead ilr Zinc
514
Wash B & Annan pref..50 40
Wayland Oil & Gas
5
494
2 50
80
80
230 3534
4054 41
45 63
116 117
15 8211
10514 10534
50 138
145 145
466 107
12154 12154
235 96
106 107
1654 1734 15,015 1334
6
1431 1534 10,443
414
5
53.4 5,032
175 3534
4234 4334
975 15
20
2134
487 31
45
46
2,120 1334
20
22
550 57
64
66
25 5054
6014 6034
45 57
6531 70
16 10
1731 1711
100 69
6934 6931
58 8534
8834 89
8131
185 72
81
550 2594
3334 34
434
100
534 594
40
40
10 3734
435
331
434 431
Sept
Aug
Jan
Jan
Jan
Mar
Feb
Aug
Apr
Apr
Aug
Aug
Aug
Aug
July
Feb
June
Mar
Nov
Sept
Mar
Jan
Dec
Nov
Aug
91
42
13394
110
145
130
11814
2654
1831
634
7134
2434
48
24
68
80
70
2134
76
9034
8634
3631
534
4031
994
Nov
Feb
Nov
Dec
Apr
Nov
Nov
June
June
June
Jan
Nov
Nov
Dec
Jan
June
Dec
Nov
Nov
Nov
Nov
Nov
Dec
Dec
Feb
Bonds
Bait Spar Pt & C 4348.1953
Consol Gas gen 4%3..1954
Cons G EL & P 4%8_1935
Notes
Consorn Coal ref 58_ .1950
Convertible 6s
1923
Cosden & Co 68
Cosden Gas (Is
1921
Elkhorn Coal Corp 68_1925
Elkhorn Fuel 5s
1918
Small bonds
Fair & Clarks Trac 56_1938
Equitable Mortgage 58
Ga Car & Nor lst 5s _1929
G-B-S Brewing 1st 48_1951
Kirby Lumber Contr 6s'23
Merch & Min Trans 68.Nod & Ports Trac 58_1936
Norfolk Ry & Lt 5s__1949
Sou-East Tenn reorg 55
United E L Jr P 4%8_1929
United Ry & Elec 4s _1949
Income 4s
1949
Funding 5a small _ _1936
Wiim City Rv 1st 5s_ _1951
98
98
95
95
9231 9231
105 106
93
93
107 107
10431 106
10494 106
100 10014
103 103
10334 10334
10034 10034
100 100
10234 1023.4
25
27
100 100
10334 10311
8634 8634
9931 9931
10134 10114
9494 9434
8334 84
8511 6534
89
90
10134 10134
Jan
May
Aug
Oct
July
Sept
Oct
Aug
Aug
Aug
Aug
Nov
May
Aug
Apr
Jan
Jan
Jan
Feb
Dec
Jan
July
june
May
Dec
9834
9594
94
109
043-4
112
10734
120
10054
11114
10994
10134
,
100
10334
30
100
104
8634
100
10134
96
8534
6994
9034
10134
Mar
Nov
Nov
Nov
Nov
Nov
Dec
June
Dec
Nov
Dec
Feb
May
Jan
Nov
Nov
Nov
Dec
Nov
Dec
Dec
Oct
Nov
Nov
Dec
10534
93
107
105
105
10014
10034
100
10394
6534
8934
6,000
1,000
1,000
28,800
2,000
6,500
131,000
130,000
22,000
5,000
500
6,000
3,000
1,000
7,500
5,000
3,000
1,000
5,000
3,000
1,000
21,000
8,000
1.600
1.000
9531
9234
8831
10231
91
10234
10134
100
9694
9931
9931
0894
100
102
2094
9814
101
815-4
05
10114
0311
82
6011
8331
10114
2422
THE CHRONICLE
. Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHAN
GE
DAILY, WEEKLY AND YEARLY.
Stocks-(Cont'd)
[VOL. 103.
Friday
Sales
Last Week's Range for
Sale.
ofPrices.
Week.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
Rights
Chicago & North West r__ -----Week ending
134 1% 1,500
Stocks.
131 Dec
Railroad, State, Mun.
2
Dec
West'house El & Mfg r__ _
Dec. 29 1916.
1)4
154 5,5001
152
134 Dec
134 Dec
Be Foreign
U. S.
Former Standard Oil
Shares.
Par Value.
Bonds.
Bonds.
Bonds.
Subsidiaries
Anglo-Amer Oil
£1
Saturday
16% 1735 5,300/ z1434 July 18
498,250 $42,820,000
5823,500
Jan
$505,000
Atlantic Refining
100
990 990
Monday
5 650
Jan 990
HOLI DAY.
Deo
Buckeye Pipe Line
50
Tuesday
115 115
10 90 June 119
796,050 71,151,750
1,729,500 1,545,500
Dec
jilinois Pipe Line
100 229
228 231
Wednesday
835,224 75,738.650
1511 155 June 255
2,194,500 1,134,500
Deo
Ohio 011
25 388
Thursday
385 397
954,764 84,788,900,
240 189
Jan 400
3,352,500
Dec
914,500
$2,000 Prairie Pipe Line
100
333 333
Friday
30 205
662,835 59.205,500s
Apr 352
2,699.000
Dec
481,000
8 W Pa Pipe Lines_ _100
115 115
10 106
Apr 118
Feb
Standard 011 (Calif)._ _100
Total
361 365
16z234
3,747,123 8333,704,800 $10,799,000 $4,580,500
Apr 387
Nov
$2,000 Standard Oil (Ind)_..100
830 830
6 487
Jan 848 Nov
Standard Oil of N. Y 100
267 270
175 200
Mar 285
Dec
Sales at
Other Oil Stocks
Week ending Dec. 29.
Jan. 1 to Dec. 29.
New York Stock
Barnett Oil & Gas_r____1
2% 3
255
4,200
24 Jan
454 May
Exchange.
Cons'd Mex 011 Corp 1._ _1
1916.
1915.
1
1
1
1916.
650
1915.
Nov
1
I% Nov
Continental Refining r__10 11
.11
1134 1,300 10% Dec 1134 Deo
Stocks
-No. shares___
3,747,123
3,251,077
5 17
233,311,993
1634 17% 3,575 13
173,145,203 Cosden & Co_r
Aug 27 June
Par value
$333,704,800 $285,070,455 $20,120,739,500 $14,877,142,145 Cotalen Oil dr Gas-r
5 1435 1434 1554 8,250
635 Apr 18% June
Bank shares, par
Federal 011_ r
5
$15,000
6
54 634 12,500
5279,700
$302,200 Gen
35 Feb
735 Dec
Bonds.
Ref dr Prod r
% 4,700 9-16 Dec 11.16 Sept
54 9-16
Government bonds__ _
$2,000
$6,000
22
$805,950
2,600 12
$3,040,000 Houston Oil common r_100 21% 20
Aug
24% Deo
State,mun ,&a.,bonds
Kenova Oil (prospect)___1
4,580,500
7,912,000
7-16 24.900
303,910.500
54
51,394,000
3-16 Sept 030 June
RR.and misc. bolids
10,799,000 19,823.000
10 12
11% 13
3,400 1155 Dec 1455 Deo
845,135,000
906,659,200 Merritt 011 Corp r
Metropolitan Petroleum-6
3
3
355 6,300
3
Dec 25 May
Total bonds
Midwest Oil com_r
$15,381,500 $27,741,000 $1,149,851,400
1 570
500 57c 37.500 380 Aug 85o
$961,093,200 Monongaly
Feb
011_r
I
254 680
23.4 44,400 650 Dec
254 Deo
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA
Oklahoma Oil oom_r_ _I
10340 120 31,000
AND
70 Mar 210 June
Preferred r
BALTIMORE EXCHANGES.
1
•1
1
5,800
54 Aug
134, Nov
Oklahoma Prod dr Refg-5 11% 10% 11% 37.500
535 Aug 1335 Dec
Omar 011 & Gas r
/ 400
350 42c 15,000 300 Dec 950 Aug
Boston.
Philadelphia.
Baltimore.
Pennsylvania Gasoline 1
Week ending
1%
135 5,500
35 Aug
134 Dec
Dec. 29 1916.
66
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales. Royal Dutch Co r
65
68
9,000 6455 Deo 74
Dec
Sapulpa Refining
r 5 10
• 934 10
2,100
7% Aug 16% Feb
Sequoyah 011 dr Ref
Saturday
1
I% *2
25,821
59,600
$37,500
1% Sept
8,228
2% Dec
$6,500
12,333
557,500 Sinclair 011 & Ref r(no par) 61
Monday
5935 64
18,000 35% Aug 67% Dec
HOLI DAY
United Western Oil_r
/
Tuesday
32 3,100 540 Mar
34 9-16
39,343
89,500
16,165
9.900
254 June
8,628
67,500 Utah Petrol (prospect) I
450 600
Wednesday
4,550 85o Sept 740 Dec
39,735
90,800
13,738
22,900
2,438
120,100 Vacuum Gas&O.Ltd r.1..1
Thursday
55
32 12.000 28o Sept
37,522
51,700
19,835
38,800
8,073
134, Nov
100,500 Victoria 011_r
1
155
154 155 26,300
Friday
Mar
31,717
I
63,300
231 Jan
12,674
15,000
6,659
63,500 West End 011 & Gas r
55c 700 60,900 300
1 60c
Out
14 Deo
1
Wyoming Petroleum Ir.-1
Total
255
14 251 11,000
174.138 8332.800
154 Dec
70.640
3)4 Nov
S93.100
38.131 3409.100
Mining Stocks
Alaska-Brit Col Metals t 1
%
35 15-16 9,500 250
Oct
2
Nov
Alaska Mines Corp
New York "Curb" Market.
-Below we give a record of Alaska Standard Cop r 1 I 1-32 970 1 1-16 34,180 590 Sept 1;4 Dec
1
the transactions in the outside security market from Dec. 23 American Commander.r.1 250 240 270 15,700 24e Deo 310 Deo
5550 555c 1,000
54c Dec 140
Jan
to Dec. 29, both inclusive. It covers the week ending Fri- Arizona Chloride_r___ _10o 420 330 440 55,500 33c Deo 530 Dec
Arizona Copperfields_r__1
4
M 10,500 350 July
35
335 Dec
day afternoon.
Atlanta Mines_r
I
10c
90 1055c 33,900
70 Nov 23540 Jan
Big Jim
100
131 1 3-16 134 2.500
134 Feb
1% Oct
r naay
Big Ledge Copper Co_ _ _1
34
355 4
11,600 1 7-16 Feb
Week ending Dec. 29.
Oct •
8
Last Week's Range for
Range since Jan. 1.
Bisbee Cop M & Dev_r__I 13-16
4
35 14,300
54 Dec
2
Nov
Sale
of Prices
Week
Bitter Creek Cop r
1
4 5-16
% 6,200
32 Nov
Stocks-34 Nov
Par. Price. Low. High Shares.
Low
High.
Booth..,
1
100 10e
1,400
70 Nov 440
Jan
Boston Creek r
1 1 1-16
1 1 1-16 27,000 850 Dec
Aetna Explos_r_-(no par)
154 Dec
4
13,500
34 Dec 25
334 5
Feb Boston dr Montana Dev-6 80o
650 800 54,100 50o Mar
Amer Druggist S"ind
2% June
r_100
1355 1334
1,000 1134 June 144 Jan Bradshaw Copper M r
1 1 7-16
154 134 15,800
134 Dec
Am lot Corp $50 pd___100 5554 5534 58
134 Dee
1,500 v1234 Jan 861
Sept Butte Copper & Zino_ _ _I
10
103.4
II% 17,500
455 June 20
Amer Sumatra Tob___100
Nov
19
19
100 19
Dec 2634 Deo Butte
-Detroit Cop& Zino_ 1
152 15', 18,700
Ole Oct
134
1% Deo
Am Writ Paper corn -100
4
5
2,200
2
Mar 1134 Oot Butte & N Y Copper_ _1
155 154
150
1% Oct
Brit-Amer Tob ord'y .£1
4% Mar
400 16
2034 2035
Jan 2034 Nov Caledonia Mining
1 49c
470 500
4,100 40o Nov 1 5-32 Apr
Ordinary bearer
£1
21
600 1534 May 2134 Nov Calumet & Jerome Cop r-1
2134
2
434 23-16 44,050
155 Aug
Butler ChemicaLr
34, Nov
5
335
254 334 1,620
755 Apr Canada Copper
234 Mar
5
134
14 134 4,800 1 3-16 Mar
234 May
Butterworth-Judson_ r (t)_ 5255 52
65
4,100 42
Deo 76
Oct Cash Boy
1
6
8
5,000 335c
Feb 9550 May
California Shipbuilding r10 1534 15
Oct 2034 Nov Cerro de Pasco Cop(no par) 3434 34
1534 4,200 13
3734 3,000 32% July 4755 Nov
Canadian Nat Gas
1
4
34
31
300
55 Nov
251 Jan Cerro Gordo Mines
1
2
134 234 11,600
P3f, Dec
24 Deo
Car Ltg & Power r
25
255 3
2,000
235 Deo
752 Apr Commonwealth M Co r 1 200
150 20o
5.000 150 Dec 20e Dec
Carwen Steel Tool
10 1134 1134 1235 2,800 w754 Jan 1834 Dec Consol Ariz Smelt
5
1%
I% 1% 18,000
154 July
Nov
3
Central Foundry corn r 100
24
2532 1,200 11
Jan 32
Dec Congo! Copper Mines
5
335
4,400
334 335
1)4 Feb
5 Nov
Preferred
r 100
4034 4055 1,000 20
Jan 49
Dec Consol-Homestead__ r.1 9-16
yi July
5.5
4 2,500
154 Nov
Charcoal Iron Co of Am_10
755 734
100
554 Aug
84 Nov Cresson Con Gold M & M I
7
731 5,600
6
734
Oct
8% Nov
Chevrolet Motor
100 125
123 135
2,700 114
Dec 278 June Dundee Arizona CopD-1-1
14 131
1,110
131 June
3
Oct
Cramp(Wm)& Sons Ship
Ely Consolidated
10 15
14
16
7,000
Jan 16
7
Dec
& Engine Bldg r
100
80
80
100 73
Feb 98
Dec Emma Copper_r.....,.......1
I%
154 29,250 17)40 Jan
154
Oct34
Emerson Phonograph_ __ _5
934
9
10
2,250
854 Oct 1434 Jan First National Copper_ _5
1,650
334 374
July
3
854 Jan
Falls Motor Corp r v t o_10 1034
1035 1034
1,900
654 Deo 13
Nov Goldfield Cons'd
10 700
590 *75o 24,200 480 Nov
1 3-16 Jan
Fed Dyest & Chem reg_50
45
49
3,300 43
Dec 56
Dec Goldfield Merger r
1
6o
5550 60
6,100
Sc Nov 210
Jan
Fisher BorlyCorp r(no par) 40
40
40
100 3754 Aug 4254 Oct Gold Hill Mining
5 13
10
13
5,000 100 Dec 300
Jan
Haskell & Barkear(no oar)
40
42
1,000 3354 July 5434 Jao Grand Canyon Gold r
1 130
130 130
4,500 100
Oct 200 Dec
Holly Sugar Corp_(no par)
40
45
220 30
Deo 61
Oct Green Monster Mining..r-1
234 11,000
2
255
1
Aug
635 Nov
Preferred
100
9855 100
165 9334 July 103
Dec Hargraves Mining
28,000 15
17
1 16
15
Dec 21
Dec
imp Carbon Cbaser_r_ .1
3-16 3-16 2,050
35 Dec 530 Sept Hecia Mining
25o
4,890
735
335 Dec
734 8
94 Oct
Imperial Tobacco of Can r_
5
5
250
5
Dec
5
Dec Inspiration NeedlesCoori 1
34
34 9-16 5,500
35 Dec
114 Oct
Int Arms & Fuze Sec_ .25
24
24
100
7
July 2634 Jan
Iron Blossom_ r
10c 1 5-16 1 5-16 I 7-16 4,520
1
Jan
2)4 Apr
Internet Motors,corn r 100
5
5
5
Oct 25
500 *3
Jan Jerome Verde Copper_4_ _I
I%
14 155 10,000
14 July
241 May
Preferred r
100 25.
25
25
300 17
Aug 45
Jan
Jerome Victor Exten_r..4 _1
1,400
154
134
134 June
334 Sept
Joplin Ore dr Spelter.r_o_l 380
300 350 14,900 o220 Dec 0610 Atm
Jim Butler _r
1 840
830 850
4,150 780 Deo 1 3-16 Jan
Kathodion Bronze, pref. 5
34
3
930
Josevig-Kennecott Cop r_l
3
Dec 33
Jar
y. 13-16 1,200
55 Deo
1
Dec
Keystone Tire & Rubb_ _10 17
1654 *1734 5,400 12
Sept 1934 Oct
Jumbo Extension
1 270
260 290 11,250 210 Nov
15( Jan
Kresge (S 8), corn r____10
11
1134 .1,100 10 June w1634 Jar
Kewanus_r
1 190
18o 20o
5,200 8540 July 280 Deo
Preferred r
10
11
11
200 1055 Apr 1234 Apt
La Rose Cons'd Mines _5
9-16 9-16
500
55 Nov
1
May
Lake Torpedo Boat_r__10
855
4,000
754 9
634 July 1454 OM
Lorna Prieto Cons Mines_5
154
154 114 2,750
1
Nov
1)4 Nov
1st preferred r
10
9
834 9
1,800
Loon Laker
834 July 144 Jar
470 500
25c
3,200 400 Dec 500 Dec
Llma Locomotive r____100 4634 45
July 4854 De(
4634 2,700 33
Louisiana Consolidated 100 930
900 980 10,250 120 May
1
Nov
Lukens Steel 1st pref._100 99
99 100
410 99
Dec 100
Magma Copper
De(
5 3954
42
2,800 13
July 69
Nov
Marconi Wirel Tel of Am_5
3
3
3
Apr
1,000
434 Jar
Marsh Mining r
3
1
10c
8,000
90 100
70 Nov 410 Mar
Marlin Arms v t o (no par)_
50
*47
60
2,700 23 June 83
Mason Valley
Oo
5
3,50
July
534 6
2
854 Nov
Prof v to one-third pd 100
6454
64
300 48
McKinley-Darragh-Say- 1
Deo 6434 De(
500 *550
1,950 38() Ma
720 May
Maxim Munitions_ r_ ___10
4
300
234 Dec 13
434
Miami Consol Mines ... 1
Jar
390 420
7,000 250 Deo
1
Nov
Mexican Petrol Export r__
2054 2034 2035
800 1734 Sept 2054 De(
Mines Co of America_ 10
2
24
200
1% Oct
4
Jan
Midvale Steel & Ord_ r_ _50 5834 5534 6232 54,000 514 Dec 7734 Jar
Mojave Tlingsten_r
2
134
134 132 5,075
13(6 Dec
8 May
Mitchell Motors.r (no par) 5134 51
5132
700 51
Dec 7354 Sep
Monitor SilLAZMAMI
134 2,200
1
134
Apr
34
24 May
National Acme Co_r_.50 36
36
38
1,650 *34
Dec 41
Doi
Monster Chief r
34 7-16 29,000
I 7-16
52 Deo
34 Nov
N Y Shipbuilding Corp r(t) 4434 44
Dec 4854 Del
4554 3,400 42
Montana Gold Mines_r 1 800
800 830
2,700 640 June
1
N Y Transportation_ _10 1434
Aug
100 1254 Feb 164 Ma
1434 144
Mother Lode_r
400 450 93,000 200
1 410
Jan 540 Deo
North Am Pulp & Paper(t)
855
835 9
7,100
7
Dec 1534 Not
Nanoy Hanks Montana r 1
850 870
4,100 800 Nov 95o Deo
Pie.ce-Arrow Mot Car r(t) 52
52
2,700 42
55
Nov 65
Nevada Utah Bingh'm 2.50 13-16 13-16 13-16 1,500
Not
'X. Dec
536 Jan
Poole Eng dr Mach r___100
80
90
10 80
Dec 150
Newray Mines,Ltd_r__-_1
Jai
135
13,4
154 19,000 840 June
I% Deo
St Joseph Lead r
10
17
18
1,700 14
Nipissing
July 22
Not
5
855 954 3,800
83.4
954 Dec
634 Feb
Scripps-Booth_ r __(no par) 35
35
250 35
35
Dec 62
Ohio Copper
Sep
r 5
*X. Feb
7-16 7-16 10,000
14 Dec
Smith (A 0) Corp pref_100 95
91
96
195 9335 Deo 98
Ohio Copper new w 1..r....5
00
155 2,200 1 3-16 Dec
135
234 Deo
134
Smith Motor Truck _r_ _10
555 535 1,000
435 Dec
64 Not
Old Emma Leasing r_10o 640
450 640 41,050 120 Aug 83o
Oct
Smith &Terry Transp pf 10
936 10
934
700
935 Aug 1144 Sep
Peerless Jennie r
770 770
400 750
1
Oct 770
Oct
Steel Alloys Corp_r
5
655
655 734
1,700
735 De,
Pittsburgh-Idaho Co,Ltd 1 1 7-16 1 7-16 154 3,450 11-16 Sept
234 Sept
135 Dec
Submarine Boat..
(no par) 26
2535 30
7,200 24
Deo
4554 Oo
Pittsb Jerome Copper_i_l
134 154 16,000 '850 July
13.4
234 Nov
Todd Shipyards_ r(no par) 84
8234 86
618 7334 July 95
No' Progress Mining & M111-1
35
54
4 20,200
A Oct
Transue & Williams Steel
14 Nov
Ray Hercules_ r
5
435
435 434 8,000
234 Mar
Forging Corp r_(no par)
63.4 Nov
424 43
300 42
Dec 4835 De,
Rex Consolidateda
1 470
460 '510 22,800 10o Aug 75o Nov
Triangle Film Corp v t o_5
234
254 24 1,100
635 Jai
Rochester Mines
134 Nov
1 640
630 670 10,000 500 Sept 84o Nov
United Alloys Steel Corp rt 4854 48 *51
4,650 47
Nov 56
De
Round Mountain r
1
390 400
1,400 340 Sept 780 May
United Dyewood r__ _ _100
65
66
400 50
Nov 7334 De
Sacramento Val Cop __r_1
134
134 15-16 1,200 1 1-16 Sept
2 Nov
United Motore_r_(no par) 4534 4454 4734 11,100 4234 De. 94 Juni
St Nicholas Zino r
7-16
1
55 3,800
54 Sept 960 Sept
U ti Steamship
10
655
6
4,800
63.4
4
Apr
Santa Rita Develop.,...!
8 Sep
• 9-16
1,650
55
1
55 Dec
2
Oct
U S Tungsten r
1 20o
200 20o
1,250 200 Deo 300
Oc
San Toy Mining
14o 17o
6,410 13o Aug 260
1
Jan
Wilson & Co Inc to(no par) 56
56
56
500 1055
Nov 6034 No' Scratch Gravel Gold M.1
9-16 9-10
200
34 June
134 Mar
World Film v t a
5
1
1
1
800
54 July
3
Jai
Section 30 Mining
12
10
600 10
10 *11
Deo 1535 Nov
Wright-Martin Alr_r--(t) 1354 isg 1534 10.300 1351 Dec
Seneca Copper Co (no par) 1534 1434 NU 11,250 144 Dec 16% Dec
86
Sep
Preferred r
100
60
200 60
65
Deo 80
No,
Silver King of Arizona---1
54 15,300
fi 9-16
35 Dec
1% Deo
Zino Concentrating_r__10
4
4
452 1,500
354 Aug
Silver King Cons of Utah 1
551 ALID
452
454 435 2,500
535 Dec
4)( Nov
Railroads
Silver Pick Consol_r
22o 250 12,050
1 23o
Sc Feb 370 Deo
Pere Marquette r
100
36
3732 1,200 29
Dec 3734 De
Standard Silver-Lead
1
%
32
2
Jan
1
13,800
34 Dec
Prior preferred --_r_100
724 724
100 70
Dec 74
De
Stewart
3-16 3-16 1,000 5-32 June
1
% Jan
Pitts & West Va r
100 2054 2034 22
2,000 2054 Dec 24
Success Mining_r
De
400 430 13,700 300 Aug 950 Feb
1 420
Preferred r
100
64
54
100 54
Dec 5654 De
Superstition Mining_1
320 52e 45,000 220
Oct 72o Nov
1 480
Rook Island w l_r_-100
400 3654 Nov 4554 De
4134 4254
Thompson-Krist _r
290 340
1 340
7,500 290 Deo 360 Deo
Preferred A w 1.,.... _100
90
90
50 83
Nov 9434 De
Tommy Burns Gold M Df 1 15-16 15-16 1
84,700 62o Sep
134 Deo
Preferred B w l_r__ _100
7434 75
300 68
Nov 80
Tonopah Belmont-r
No
4
455 434
1
340
June
5)4 May
WixttArn Pitrifin FIR r
inn 21
21
214
200 12
Sept 2554 De
Tonopah Extension
w Ton
71.4
1
332 454 10.450
334
3854
DEc. 30 1916.]
Mining Stocks
(Conti.)
Par
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High. Shares.
THE CHRONICLE
Range since Jan. 1.
Low
High.
2423
I New York City Realty and Surety Companies
Bid
Ask
Bid
Ask
Tonopah Mining
Btd
Ask
1
534 6
5%
800
534 Aug
Alliance R'ty
734 May
70
77
Lawyers Nitg 157
Tri-Bullion S dr 1)
165 Realty Assoc
%
5
5,000
34
Amer Surety 145
X Aug
1
Apr
155
Mtge Bond_ 108
112
Troy Ariz Copper Co r_ _ _1
(Brooklyn) 101
550 65c 15,500 460 Dec 94e Dec Bond & 55 G 285
5.50
105
295
Nat Surety_ 242
Tuolumne r
248
US Casualty 200
2
234
500
A Jan
234 Dec Casualty Co _
N Y Title &
United Eastern
USTitleG&
65
5
5
70
5
534
1,785
City invest g
334 July
5% Nov
18
22
Mtge --__
95
United Mines of Arizona _1
100
Wes& Bronx
A
134
Preferred__
134 21,800 .55o Nov
2% Dec
60
67
U 8 ContInental_r
Title &M G 175
90
90 1034c 25,500
1
180
40 Aug
18e Mar
United Verde Con Cop r _1
3.700
% Deo
134 Nov
United Verde Exten_r.50c 37%
37
3834 10,700
634 Jan
Sept
45
Unity Gold Mines
5
334
4
334
4,300
5% Dec
134 Apr
53%
Virginia Lead & Zino r_100
53%
900
534 Deo
434 Dec
All bond prices are "and interest" except
West End Consolidated 1
68o
710
1,700 65e Sept
where marked ••1"
13% June
WhiteCaps Mining-- _10o 360
330 360 11,500 2234eJune 520
Oct
I
White Cross Copper r
_1
Standard Oil Stocks PerShare
4,000
1
Oct
% Dec
RR. Equipments-PerCt Basta
White Oaks Mines Cons r 5
5
5,350
334
16% May
534
Par Bid. Ask.
334 Dec
White Pine of Nevada r_ _1
Bid Ask.
580
Anglo-Amer 011 new.... 11 .17
570 590
2,600 570 Dec 590 Dec
1712 Baltimore dr Ohio 4 %s___.
Yerrington Mt Cop
1
24e
4.40 4.20
230 *280 24,200 18e Nov 440 Dec Atlantic Refining
100 990 1010 Buff Roch & Pittsbur
Yuscaran Consol_r
gh 434* 4.60 4.30
Borne-Scrymser Co
A
1,380
A
fi July
May
100 470 500
Equipment 45
Bonds
4.60 4.30
Buckeye Pipe Line Co„.. 50'i14 117
3
Canadian Pacific 434e
Amer Tel & Tel new 55 r__
4.5" 4.35
Chesebrough Mfg new___100 450
99
9934 355,000 9834 Nov 100
Nov
480 Caro Clinchf de Ohio
French Municipal 5348 '19 0934
4.90 4.50
Nov Colonial Oil
963% 9734 32,000 9634 Deo 98
100 50 70 Central of Georgia 58
Midvale Ht & Ord 5e.r.1936 95
5s
4.60 4.00
Dec 100
41,000 93
9434 95
Feb Continental Oil
100 540 550
Russian Govt 634s _r
Equipment 434s
4.75 4.50
Crescent Pipe Line Co___ _50 .40
9834 9834 9834 10,000 9834 Dee 10234 Sept
New 534*
5.25 4.75
Cumberland Pipe Line100 135 44 Chicago dr Alton 4s
Nov
9134 9434 9134 5,000 94
9434 Nov
145
Chicago dr Eastern III 534s_
Sinclair 011 dr Ref 6s.r.1926 112
111
117 575,000 944 Sept 122
5.50 5.00
Deo Eureka I'lpe Line Co____100 220 230
Equipment 434s
Victoria Oil 65
103 103
4,000 102
Galena-Signal 011 comI__100 188 192
5.55 5.00
June 103
Nov
Chic Ind &Louisv 434*
4.75 4.50
Preferred
100 140 145
Chic St L & N 0.59_ _
4.60 4.30
* Odd lots. t No par value. t Listed as a prospect. I Listed on the Stock Ex- Illinois Pipe Line
100 228 233
Chicago & NW 434*
4.30 4.10
Indiana Pipe Line Co___ _50 110 115
change this week, where additional transactions will be found. to New stock,
Chicago RI & Pac 4348
par Internat Petrole
5.05 4.65
um
£1 .10
value 212 50. n Old stock, par value 525. o New stock. r Unlisted. s Ex-1
11
Colorado & Southern 5s___. 4.70 4.45
00%
National Transit Co_ _12.50 .18 20
stock dividend. I $50 paid. u Ex-cash and stock dividends.
Erie 5s
4.60 4.40
0510 paid. to When New York Transit Co_ __100 215 225
Equipment 434s
Issued. z Ex-dividend. y Ex-rights. z Ex-stock
4.60 4.40
Northern Pipe Line Co__100 105 110
dividend.
Equipment 4.0
4.60 4.40
Ohio 011 Co
25 382 387
Hocking Valley 4s
4.60 4.30
Penn-Mex Fuel Co
25 .58 63
Equipment 5s
4.61 4.30
Pierce 011 Corp
25 *14
1412 Illinois Central 56
CURRENT NOTICE.
4.38 4 20
Prairie Oil & Gas
100 590 600
Equipment 434*
4.38 4.20
Prairie Pipe Line
100 328 333
-"The Insular Possessions of tho
Kanawha & Michigan 434s_
4.60 4.40
United States
-The .Republic of Solar Refining
100 365 375
Louisville dr Nashville 5s__
Cuba"
-is the title under which Harvey
4.35 4.15
Fisk & Sons, bankers and Govern- Southern Pipe Line Co_ _100 215 220
Minn St P & S S M 4 SO_ _ _
4.50 4.25
South Penn 011
ment bond dealers of New York, have
100 575 585
Missouri Kansas & Texas be. 5.50 5.00
published a 120
-page pamphlet Southwest Pa Pipe Llnes.1001
descriptive of the Island possess
115 120
Missouri Pacific be
ions of the United States, Hawaii
5.50 5.00
, the Standard 011 (Canfornia)100 358 363 ;Mobile & Ohio 5s
Philippine Islands, and Porto Rico;
4.75 4.50
Standard 011 (Indlana)_100 815 825 , Equipm
and of the Republic of Cuba
-The
ent 434*
book contains chapters on the area
Standard 011 (Kansas)_ _100 550 570
and population, products and indusNew York Central Lines 52_
4 7 4..20
4..50 59
5
Standard 011 (Kentucky)100 775 790
tries, banks, commerce, finances and
Equipment 434*
bonded debts, also historical notes. Standard 011 (Nebras
4.50 4.20
ka).100 555 570
It shooll be valuable for reference
N Y Ontario & West 434s_ _. 4.50 4.30
not only by investors but also by all Standard 01101 New Jer_100 697 702
Norfolk & Western 434s... 4.30 4.00
persons who wish to be well inform
ed about these island countries. Ask Standard 011 of New Y'rk100 268 271
Equipment ts
Standard 011 (Ohio)
for Bond Book 0-1.
100 445 455
Pennsylvania RR 434s_....... 4.19 4.
4 5 4. 9
Swan & Finch
9
0
0
100 115 125
Equipment 4s
-R. W. Prossprich, who has recently resigne
4.25 4.00
Union Tank Line Co
d a Vice-Presidency of the
100 93 96 St Louis Iron Mt & Sou
Equitable Trust Co. of this city to go into private
5.25 4.75
Vacuum 011
100 384 390 St Louis dr San Francis be_
business on Jan. 1, has
co be
Washington 011
5.50 5.00
organized the new firm of R; W.Pressprich & Co.,
10 .40 45 Seaboard Air Line 5s
with offices at 40 Wall St.
4.60 4.40
Bonds.
Prior to his three years connection with the Equitab
Per
Equipment 434e_ ___
le Trust Co., Mr. Press- Pierce Oil Corp cony 85_1924 Cecil
4.60 4.40
82 85 Southern Pacific Co 4348_
prich was the head of the former firm bearing
4.40 4.20
his name, which specialized
Southern Railway 4 %s__ _
in handling large and active issues of municip
4.50 4.30
Ordnance Stocks
-Per Share.
al bonds. Mr. Pressprich
4.60 4.40
Aetna Explosives pref_100 40 50 Toledo dc Ohio Central 48_
has been a specialist in municipal bonds over
eighteen years, dealing in the Amer &
British Mfg
100 10 20
highest grade of securities which aro legal
Tobacco Stocks-Per Sim re
savings bank investments.
Preferred
15
47
0
Par Bid Ask.
-Credit-Canada, Limitee, 179 St. James
Atlas Powder common„r00, 135
50
American Cigar common100 108 113
St., Montreal, Canada, adPreferred
vertise in our advertising columns to-day
100; 99 102
Preferred
that they have on hand a compre- Babcock dr Wilcox
100 98 100
100 118 120
Amer Machine de Fdry_ _IOC 80 90
hensive selection of municipal and school
bonds, principal and interest Bliss (E W)Co common_ _50 *565 650
British-Mater Tobac ord__fl 20.2 21
of which are payable. In New York and may now
Preferre
50' .78 85
be purchased to yield 5 Canada d
Ordinary, bearer
Fdys & Forgings100 190 210
2112
to 6%. Tile correspondence of American investors
Conley Foil
both public and priPreferred
100 275 325
vate Is solicited. The corporation speciali
zes in Canadian government, Canadian Car & Fdry__ 100 90 100 Johnson Tin Foil & Met_1(10 100 150
_100 40 50 MacAndrews &
Municipal, school and fabric bonds. Hon.
Forbes_ .101 200 210
Preferred
it. B. Itaiville is President
100 75
Preferred
and E. A. Ouimet and P. Saint-Pierre managers.
101 100 102
Canadian Explosives com100 400 85
500
Porto Rican-Amer Tob_
Preferred
_The National City Co. of this city are adverti
100 104 110 Reynolds(R J) Tobacco _10C 245 255
: 0 575 610
sing an extensive list Carbon Steel common__ _100
98 105
of investment bonds for January requirements.
Preferred
1st preferred
145 1 26
123 155
The State and municipal
100 98 102
Young( J A) Co
bends yield 3.65 to 4.15%, the railroa
101
2d preferred
d 4.12 to 6.03%, the
100 78 83
Preierred
public utility Colt's Patent Fire
101 105 110
5.05 to 5.55%, and the foreign govern
Arms
ment bonds 5 to 7.13%.
Mfg
Many ot
these issues are legal savings bank
Short Term Notes. Per OM/
investments in New York,
1 00 94 89285
Connecticut Crocker-Wheeler Co com. 00 7
99
and Massachusetts. General details
duPont(El)de Nemours
of the entire list appear
Am Cot 0115* 1917_ _ _Mkt% 1001
in to-day's
advertisement. Complete
& Co. common
2101
January circular, includi
100 282 267 Amer Locom 5*. July
ng additionl offerings,
'17_J-J 10014
will be sent on inquiry.
Debenture stock
100 103 105
Am T & T 4 tis 1918_ _ _ _ . _ 1005s10034
Electric Boat
100 280 300
Anaconda Copper 5s '17 M-S 10018 10078
Hornblower & Weeks announ
Preferred
ce from their Boston office that at the
100
Canadian Pac 6s 1924. M&S2 1023s 10038
close Hercules Powder com__ _100 280 300
of business Dec. 30 James II.
10258
295 305
Wainwright retires from the firm and James
Chic & West Ind 5s '17..M&S 10011 10n1
Preferred
2
A. - ayne, James S. Dunstan, Herber
100 116 119
P
Erie RR 534s 1917....A4) 10014
t O. Sierck and Paul B. Skinner are ad- Flopit tns A Allen Arms_ _100
prel er
10058
.
15 25 General Rubber 5s 1918 J&D
mitted to partnership. Mr.
101 10112
Payne, Mr. Dunstan and Mr. Sierck
100 40 60
Hocking Valle) 55 1917_M-N
will be International
connected with the firm's Now
Arms
York office, also Charles
_25 •22 26 Int Hare Os Feb 15 '18_F-A 10012101
T. Lovering, who Lake Torpedo Boat
has formerly been in the office
1013810144
corn_
in Boston. Mr.
10 K C Rys 534, 1918_ _ _ _ J&J 101
Skinner, who heretofore Midvale Steel & Ordnanc _10 •8
has been manager of the Chicago office,
10112
e 50 '67 68 K C Term Ry 434*'18_
will be the resident
M &N 993 10012
-Bement
4
-Pond com_100 173 175
partner located Niles
In Chicago.
434s 1921
mi 9912 100
Preferred
100 105 110
Laclede Gas L 5s 1919_ F&A 10014
sc.
bv
Eluo ILI
10084
575 610
Morgan&Wright 5s Dec LP- 101 1n1i2
ri‘ egBoat___(no par ) *26
l nf
l
00
Winchester Repeat Arms 100 1000 27 New Eng Nay ds 1917 _M-N 9912100
1100 NY N H & H 434. May 1913
9912100
Penn Co 434s 1921_ _J&I)15 10034
Public Utilities101
Pub Ser Corp N J 5s '19 M&S 1003810
Banks-N.Y. Bid
Am Gas & Elec con)
Ask
03
4
Banks.
Bid
50 *140 145 Rem Am* U.M.0
Ask Trust Co's. Bid
America._ _
58'191
,<SrA 84
550
570
Ask
86
Manhattan • 340
50 .50 52 Southern Ry 5s
New York
Amer Exch_ 240
1917_ _bi-S2 10018 10038
Am Lferred
Pret & T._100 375 377
Trac common
245
Mark & Fult 265
280
Astor
United F
Fruit 58 1918
Atlantic _ - _ _ 180
M-N l0012101
475
490
185
Mech & Met 315
100
320
Bankers 'Pr_ 475
UtahSecurCorp 6s'22 M-S15 951
Battery Park 175
AmPererfte'orrweedr dr Lt com__ _100 112 114
485
185
Merchants _ 240
78 79
250 it'way Trust 155
Winches RepArms5s'18M&S 9.5 2 9612
Bowery* _
Preferred
400
t b
162
9612
Metropolls*_ 290
100 88
CentralTrust 805
New York City Notes-Bronx Boro* 200
Amer Public Utilities com100 39 89
lic
820
Metroporn • 182
41
6s Sept 1 1917
187
Columbia t _ /300
Bronx Nat_ 10114
116 Mutual* _ _
310
100 71
375
Commercial_ 110
Canadian Govt. Nota- 10018 10112
BryantPark• 166- 170
Service
refe e
Cirics Srre e Co COM__-100 322 73
A
10038
New Neth*. 215
324 5s Aug 1 1917
Butch dr Dr_ 105
225
Empire ---- 285
115
300
Yew YorkCo
100 92 94
725 Equitable Tr 565
Chase
365
375
ow
570 Com'w'Preferred..it Pow Ry &L_ _100 59 61
New York_ _
415 Farm L & Tr 1800 1850
Chat & Piton 240
Industrial
260 Pacific *_ _ _ _ 400
DaytonPref9821 8,35
270
and Miscellaneous
Fidelity _-_- 203
Chelsea Ex*
erred & Lt pref.._110099
125
Pow
215
Park
550
575 Fulton
Chemical_ _ _ 395
285
Elec Bond dr Share pref.
400
300
People's•_ _ _ 220
.100
235
American Brass
Guaranty Tr 470
Citizonseent 195
Federal Light & Traction100 100 102
100
480
Prod Exch*_
15 17 American Chicle com___ _100 342 846
193
City
Hudson
140
57 60
150
525
530
Public *_ _ _ _ 230
100 54
Preferred
Coal & Iron_ 190
Law Tit & Tr 135
Great West Pow 5s 1946.J&J 90 57
100 77 82
t
140
200 Seaboard _ _ 445
91
Am Graphophone corn..10, 163
Lincoln Tr- 110
Colonial._ _ 450
Indiana Lighting Co_ ___100
00 , 1 70
115
5 ,
1,
Second
395
85
415 Metropolitan 417
Preferred
Columbia* _ 310
4s 1958 . ____ ____F-A
422
325 Sherman _ _ _ 120
137
American Hardware...
Mut'l (WestCommerce_ _ 189
North'n States Pow com_100 79 81
.100 136
191
State •
106 107
110
120
Corn Exch._ 340
Amer Typefounders 001)1_100 41 138
chester) Preferred
125
350 23d Ward•_ 100
43
100 100
Cosmoporn v 85
Preferred
135
N Y Life Ins
100 92 96
1st & ref 5s 1941_ __ _A&O 97 101
100 Union Exch. 160
East River_
165
975 1000
dr Trust
Pacific Gas & Elec corn_ _100 62 9712 Borden's Cond Milk com.100 108 110
75
Unit States* 500
63
Fidelity
Preferred
N Y Trust- - 600
_ 150
1st preferred
1
610
Wash IFts*_ 275
100
Fifth Ave• 4300
92 Celluloid Company
TitieGu& Tr 390
Republic RY & Light_..100 91
100 12
001
400
4800
Westch Av* 190
48 49
Nifth
Havana Tobacco Co.
Transatian'c --250
-100
155
1
275
West Skiev_
2
100 74 76
3tig
First
Preferred
Union Trust 425 1070 1110
100
South Califererre(iEdlson corn..100 93
3
8
Yorkville _ _ 525
_100
95
Garfield_
1st g 5s June 1 1922 J-D 148
US Mtg dr Tr 455
180
Preferred
460
190
53
Brooklyn
100
Germ-Amer* 135
UnitedStates 1000 1010
Southwest Pow dr L pref _100 107 109 Intercontinen Rub com__100 1212 13
145 Coney isl',1* 125
9712100 Internal Banking Co_
German Ex* 390
135
Westchester, 130
Standard Gas & El (Del). 50
___100 160
140
_
First
•15
255
Germania •_ 475
16
270
International Salt
500
100 51
Preferred
Flatbush
50
Gotham _ _
170
1st g 5s 1951
200
Tennessee Ry L & P com100 •4112 4212
78 50
Greenpoint _ 150
Greenwich._ 315
10
11
16SInternational Silver pref_100 103 84 Brooklyn
Preferred
108
Hlii5id•-_ - 110
100 45 47
Lehigh Valley
Hanover _
120
Brooklyn Tr 1602
690
705
United Gas & Elec Corp_100
Homestead *
8 12
115
Otis Elevator Coal Sales.100 *92
Harriman
Franklin _ _ _ 255
440
corn
1st preferred
59 61
265
9812
63
Mechanics*_ 128
100 73 78
138
Preferred
Imp & Trad_ 495
Hamilton_ _ _ 265
515
2d preferred
100 89 92
275
Montauk*- - 90
100 12
15
Remington Typewriter
105
Irving
Klags Co..,, 640
225
United Lt & Rye corn
Nassau
660
100 45 47
200
Liberty. _ _ _ 950
205
Common
Manufact'rs 150
; Nation'i City 265
100 1412 16
1st preferred
155
100
Lincoln
275
let preferred
People's _ _ _ 285
_ 330
Western Power commen_100 76 78
North Side'. 175
100 80 85
340
19 210
200 Queens Co__
preferred
65
Preferred
People's
130
100 67 69 Ro ya1 Baking Powd 0 42 45
140
1
2d
com_100 x155 165
•Banks marked
Preferred .
with a (v) are State banks. t Bale
1002101 102
at auction or at Stock Ex'hangs this week.
New stock. v Ex-rights.
• Per share. b Basis. d Purchas
Flat price. n Nominal. z Ex-d er also pays accrued dividend. e New stock.
ividend. it Ex-rights.
Quotations for Sundry Securities
.
•2°
New York City Banks and Trust
Companies
ISIrs
WoL. 103.
THE CHRONICLE
2424
inviestment anti Sailiroad inking:cute.
RAILROAD GROSS EARNINGS.
from which regular weekly or monthly returns
The following table shows the gross earnings of every STEAM railroadfor the latest week or month, and the last two
d. The first two columns of figures give the gross earnings
can be obtaine
or month. We add a supplementary
columns the earnings for the period from July 1 to and including the latest week begin with July, but covers some other
nt to show the fiscal year totals of those roads whose fiscal year does not nt page.
stateme
period. The returns of the electric railways are brought together separately on a subseque
July 1 to Latest Date.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Latest Gross Earnings.
ROADS.
••
Week or
Month.
Current
Year.
Previous
Year.
Previous
Year.
Current
Year.
$
1
$
3
215,399
235,065
Ala N 0& Tex Pac5,292
5,398
2d wk Dec
390,244 317.345 1,740,868 1,573,343 Nevada-Cal-Oregon November
721,088
N 0 & Nor East.. November
719,003
118,458 144,313
689.718 New On Gre,at Nor_
797,564
178,428 152,049
Ala & Vicksburg_ November
668,1151 627,308
190.353
689,284 N 0 Mobile & Chic_ October...... 164,149 1,232.820 5,304,146 4,393,175
816,848
196,166 156,458
Vicks Shrev & F'.. November
_ 1,425,861
57,974 1,353,743 1,192,510 NY Chic & St Louis October_ _ _ 7,087.456 6,532,914 28,310.169 25,357,788
48,586
2d wk Dec
Ann Arbor
2 NYNH& Hartf_ October..
Atch Topeka & S Fe November 13069 215 12069676 64,373,758 55,576,59
660,368 720,849 4,022,9811 4,087,419
73.511 1,663,350 1.398.325 N Y Ont & Western November
88,123
Atlanta Birni & Atl 2d wk Dec
275,235 360,191 1,161,616 1.351.986
430,819 N Y Susq & West.... October
492,040
Atlanta & West Pt_ October__ _ 140,545 121,080
449,578 394,764 2,137,784 1,815,794
Norfolk Southern.... November
Atlantic Coast Line October.... _ 3,088,725 2,572,335 11,045,229 9.126,689 Norfolk'& Western.. October...... 5.266,244 4,888,127 20,576,560 18,874.591
552,587
652,119
4 25,360,698
Chariest & W Car October__ _ 218,874 167,701
508,200 Northern Pacific...... October _ 7.683.068 7,166,395 29,032,83 i 1.756,345
134,899
588,213
Lou Hend & St L October_ _ _ 151,754
407,409 420,948 1,909,812
Northwestern Pac_ October..
aBaltimore & Ohio.. November 9,918,393 9,233,682 51,795,914 46.875,542 Pacific Coast Co...... September 756,737 669.008 2,265,7921 1,987.798
731,037
788,978
4
158,335 161,516
B & 0 Ch Ter RR November
ania RR.. October...._ 20311 486 19098095 80,585,771 71,680,08
502.758
588,940
Bangor & Aroostook October.. _ _ 399.883 355,043 1,224,991 1,093,735 p Pennsylv & Ad.... October___ 118,892
92,135
Bait Claes
880.917 952,142 5,879,961 5,804,485
Bessemer & L Erie_ November
304,361 1,271,964 1,125,391
290,055
Cumberland Vail. October___ 366,882
368,642
81,455
93,109
Birmingham South_ October_ _ _
October...._ 1,269,953 1,115,755 6,016.020 5.461.702
Long Island
0
383.699
411,920
Boston & Maine_ _ _ November 4,533,915 4,210,041 24,204,397 21,374,21
75,028
94,571
Mary'd Del & Va October..__
1,572,926
Buff Roch & Pittsb_ 3d wk Dec 237,072 251,181 6,474,701 5.723,031
N Y Phila & Norf October...._ 463.075 365,495 1,886,868 7,707,307
682,706
717,068
139,039 162.756
r
Buffalo & Susq RR_ Novembe
Phil Bait & Wash October..__ 2,247.789 1.957,089 8,966,061 3.170,879
16,344,700
0
Canadian Nor Syst_ 3d wk Dec 805,700 774,400 20,762,307 62,810,490
W Jersey & Seash October__ 570,224 525,176 3.462,860 24.097,466
Canadian Pacific 3d wk Dec 2,979,000 2,945,000 73,515,09 5,297,628 Pennsylvania Co
October-__ 6,820,131 6.344,042 27,974.104
2,152,779 1,912,895
Central of Georgia.. November 1,394,146 1,132,769 6,282,101 11.144,759
Grand Rap & Ind October__ 516,825 453,808 17.797,439 15,098,827
Cent of New Jersey October_ _ _ 2,958,207 2,939,937 12,045,486 1,577,202
Pitts 00 & St L_ October__ 4,550,899 4,071,180 4,627,973 4,052,240
Cent New England_ October__ _ 460,474 478,580 1,928,890 1.387,904
October...... 1,239,117 1,092,066
Vandalia
Central Vermont October.._ _ 394,900 366,919 1,534,568 22,227,924 Total lines
69
Ches & Ohio Lines_ 3d wk Dec 888,134 876,390 23,793,711 5,440,983
East Pitts & Erie October__ 25806480 23856 611 104678591 92,891,216
Chicago & Alton_ _ _ October.._ _ 1.717,163 1,462,015 6,471,016 33,922,566
West Pitts & Erie October.._ _ 13285 224 12115 162 53,180,585 45,739,7 5
2
Chic Burl & Quincy October...._ 10586 316 9.493,028 39.455,11 5,393,774
October..__ 39091704 35971773 157859 176 13863098
All East St West_
b Chicago & East III October__ 1,533,760 1,522,354 5,731.936
3d wk Dec 392,295 408,349 11,354,451 9,921,680
3 Pere Marquette
c Chic Great West 2d wk Dec 379,461 356,236 7,880,539 6,898,39
3,622,445 Reading Co4 23,088,941
Chic Ind & Louisv- 3d wk Dec 151,391 138,945 4,091,501 35,281,667
Phila & Reading.. November 5,521,568 5,083,490 20,277,259 13,131,853
18,995,05
Chic Milw & St PI October__ 10575 240 9,515,771 39,980.101
Coal & Iron Co November
36,220,794
Chic Mil& Pug SI
0
Total both cos.... November 1139g587 8,700,085 45,272,313
9 32,188,95
908,734
1.177,402
dChic & North West October...._ 9,788.202 8,583,214 36.916.00
742,927 Rich Fred & Potom October _ _ _ 295.675 224,921
788,427
152,682 149,988
271,158
302,708
Chic Peoria & St L_ November
120,173 109,426
3 24,230,932 Rio Grande Junc_ _ _ September
277,434
294,897
10,015
11,089
Chic Rock Is! & Pac October_ _ _ 7.526,793 6,330,758 28,342.20 1,019,680 Rio Grande South_ 2d wk Dec
1,403,552 1.331.179
R I & Gulf... October...... 328,438 293,935 1,210,399 6,511,876 Rutland
Chic
October_ .. _ 352,235 316,019
558,491
801,749
d Chic St PM & Om October...... 2329,026 1.845,334 7,649,960
St Jos & Grand 181_ October...... 222.131 170.856 2,271,602 1,161,726
756,395
971,464
Chic Terre H & S E October...... 268,493 223,271
399.198 210,024
4,022.184 St L Brownsv & M.. November
0
2,823,270 12,344,96
Cin Ham & Dayton October__ 940.347 1,048,716 3,866,161
571,471 St L Iron Mtn & So October...... 3.670,149 4.224,050 19.131,953 10,379,13 3
674,298
146,637
3 15,427,28
Colorado Midland.. October...... 179,177 340,257 8,066,642 7.431,317 St Louis & San Fran October...... 5,160.340
5,933,771
e Colorado & South.. 2d wk Dec 351,216
wk Dec 316.000 268,000 7,435,880 7,057,784
41,394 St Louis Southwest.. 3d
91.136
12,148
22.351
October......
7,992,949
Cornwall
148,479 Seaboard Air Line.... October..__ 2,292,797 1,974.095 75,433,678 67,339,089
188,607
37,184
42,465
13752948
Cornwall & Lebanon October.....
2.156,599 1,639,755 Southern Pacific...._ November 15134 505
Cuba Railroad.... October...... 504,337 391.108 9,212.342 8,523,992 Southern Railway 3d wk Dec 1,492,721 1,456,894 37,571,302 32,942,973
Delaware & Hudson October...... 2,323,814 2.275.557
Mobile & Ohio...... 3d wk Dec 234,149 235,813 5,804,022 5,566,359
15,641.064
Delaw Lack & West October_ _ _ 4,537.218 4,446.482 17.806.484 12,813,241
Chi N 0& Tex 1".. 3d wk Dec 218,710 205,919 5,730,789 4,849,097
9
452,800
2,511,654
Deny & Rio Grande 3d wk Dec 508,700 687.194 13,418,41 2.792,864
Ala Great South_ 3d wk Dec 116,571 109,665 2,837,252 1,140,325
3,213.680
800,532
52,745 1,311,228
Western Pacific.... October_
58,906
Georgia So & Fla_ 3d wk Dec
955,911
979,171
43,799
38,600
Denver & Salt Lake 1st wk Dec
& Seattle October...... 512.448 483.405 2,003,354 1,842,933
704,497 Spok Port
821.923
39,471
57,976
1,923
Detroit Tol & Iront October.... 216,090 216,064
2,293
525,556 Tenn Ala & Georgia 3d wk Dec
607,880
550.830
18,786
19,867
605.482
Detroit & Mackinac 3d wk Dec
467,027 Tennessee Central_ October..... 158.135 140.164
540,218
Det & Tol Shore L_ October__ 149,728 136,518 3,792,914 3,356,682 Texas & Pacific_ _ _ 3d wk Dec 457,804 472.013 10,996,563 9.471,136
535,740
536,942
102,520 102,726
Dul & Iron Range October__ 881,681 732,835 8,126,772 5,938,181 Toledo Peor & West November
1,985,543 1.371,806
wk Dec 118,310 137,698 2,955,280 2,673,449
Dul Missabe & 'Nor October
L & West
300,305
56,507 1,846,133 1,587.433 Toledo St Brazos V.. 3d
387,995
64,087
141.048 110,601
Dul Sou Shore & Atl 2d wk Dec
October......,
&
450,052 Trinity
562,591
53,741,049 45,109,951
Duluth Winn & Pac October...... 147,268 122,503
4,023.867 Union Pacific Syst_ November 10750682 9,389,069 3,114,623 2,419,863
116,962
Elgin Joliet & East_ October _ 1,282,414 837,010 4.768,133 3,220,299 Virginian
October..._ 877,310 563.059 13,141.972 11.096,315
4,614,621
1.208.655
El Paso & Sou West October
October..__ 3,557,409 2,984.779
Wabash
6.664,331 6,566,943 26.063,283 24,439,501 Western Maryland_ 2d wk Dec 214,330 227,033 5,862,054 4,906,657
October
Erie
2,433.737 1,438,791
424,126
454,697
121,769
Florida East Coast.. October...... 759,794 403,893
Western By of Ala_ October...... 135.875 787,384 4,549,864 3,629,297
396.336
440,418
73,600
79,393
r
785,688
Fonda Johns & Glov November
995.779 Wheel & Lake Erie.. November 1,699,343 1.340.688 6.938,170 5.683,898
.. 350,037 291,867 1,235.433
Georgia Railroad.... October....
220.433 2,450,764 2,915,480 Yazoo & Miss Vail_ Novembe
Grand Trunk Pac 1st wk Dec 166,994 1,040,059 31,228,673 25,622,248
Grand Trunk Syst_ 3d wk Dec 1,164,962 744,170 22,985,693 18,304,627
Previous
Current
Grand Trunk By 1st wk Dec 915,875 199,491 4,115,469 3.786,927
Year.
Year.
Period.
Grand Trk West_ 1st wk Dec 174,195
Various Fiscal Years.
68,627 1,472,296 1,444,945
61,196
1st wk Dec
Del Gr H & Milw
3 $1,357,230
9.045,636 40,246,448 37,914,004
_ _ Jan 1 to Nov 30 $1,540,19
Great North System November 8.187.235 196.337
635,362 Buffalo & Susquehanna RR..
678,279
Jan 1 to Oct 31 22,182,944 19,305,289
Gulf & Ship Island. October__ 171,463 698,619 3,199,057 2.571,545 Delaware & Hudson
2
October...... 791,069
Jan 1 to Oct 31 62,176,833 54.053,545
Hocking Valley..
6 23.239,538 Erie
November 6,659.119 5,981,230 32.275,93 3.050,425 New York Central..)
Jan 1 to Oct 31 168628982 13607786 2
Illinois Central
Jan 1 to Oct 31 17.899,337 14.386,08
Ort Nor October__ 1,298,901 920.779 4.003,418 4,441,382
Internet &
Boston & Albany
5.046,741
5,030.666
Jan 1 to Oct 31 6,139.225 29,657,923
Kansas City South_ November.. 1,074,251 954,705
Lake Erie & Western_n
692,126
794.416
Jan 1 to Oct 31 38,190,702
Lehigh & Hud River October...... 194,425 215,750 1.021,122 1,183,392
Michigan Central
October_ _ _ 286,143 309.792
Louis Jan 1 to Oct 31 38,697,258 31,034,970
Lehigh & New Eng..
Clove eine Chic Sr St
to Oct 31 1,607,291 1,308,144
Jan
October___ 4,434,852 4,639,358 17,486,956 16,096,355
Lehigh Valley
Cincinnati Northern
3.710,842
to Oct 31 20.079,879 14,406,667
Jan
Pittsburgh & Lake Erie
Los Angeles & S L.... October...._ 949.186 838,718 3,934.107
589,847
512,043
to Oct 31 5.097,174 3,802.808
Jan
.. 129,294 163,528
Toledo & Ohio Central
Louisiana & Arkan_ October....
765,777
736,538
209.634
to Oct 31 3.002,596 2.529,640
Jan
Kanawha & Michigan
Louisiana By & Nay October...... 199,981 1,130,995 32,020,378 27,653,490
to Oct 31 299342447 238250840
Jan
e & Nash.. 3d wk Dec 1,280,245
Total all lines
Louisvill
to Oct 31 12,828,034 10,074,880
November 1,121,073 958.168 5,782,579 5,060,764 New York Chicago & St Louis_ Jan
Maine Central
213,509
222,953
41,234
42,481
to Oct 31 3,350,526 3.355.016
Maryland & Penn November
573.411 N Y Susquehanna & Western.... Jan
772,254
to Oct 31 192229 964 159839089
Jan
Valley...... October..... 222.022 162.694
Midland
497,296 p Pennsylvania Railroad
526,255
989,515
20.922
to Oct 31 1.049.201
22,703
Dec
Mineral Range.._ _ 2d wk
Baltimore Chesap St Atlantic Jan
5,593,503 5,274.967
to Oct 31 3,050,915 2,517.379
Jan
Minneap & St Louts 3d wk Dec 221,081 256,480 16,736.473 16,759,736
Cumberland Valley
Jan 1 to Oct 31 12.723,360 11,514,702
S S M.2d wk Dec 614.871 676.715
Minn St P &
Long Island
270.922.
303.451
762,373
776,617
75,355
77.430
1
Mississippi Central.. October
Maryland Deiaw & Virginia.. Jan 1 to Oct 31 4,362.870 3,439,177
699,663 19,589,618 15,766,869
Oct 31
g Nlo Kan & Texas.. 3d wk Dec 768,743 5,705,268 24.925,733 20.807,632
N Y Philadelphia & Norfolk.. Jan 1 to Oct 31 21.052,411 17,423.924
to
October...... 6,832.081
& Washing'n Jan
h Missouri Pacific
Phila Baltimore
5.958301
1.269,904 1,121.133 4,682,751 4.043,824
Jan 1 to Oct 31
West jersey & Seashore
Nashv Chatt & St L October
3 60,118.876
to Oct 31 63,588,314 49,313.688
Jan
New York Central October...... 17851 688 16219443 70.946.12 6.266,575 Pennsylvania Company
4,379,425
to Oct 31 4,920.386 33,537,437
October_ _ _ 1,935,437 1.625.090 7.536.435 2,280,601
Jan
Boston & Albany
Grand Rapids &
599,542 2.671.378
to Oct 31 42,160.513
nLake Erie.& W.. October...... 687.711 3.464.282 16.288.721 13.099,870
Pittsb Cinc Chic & St Louis.. Jan
to Oct 31 10,845.344 9,209,237
Jan
Michigan Central October __ _ 4,261.189 3,652.627 16,541,082 13,992,710
Vandalia
Oct 31,245436 123 205163060
1
Cleve C 0 & St L October...... 4,312.711 156,360
Total lines-East Pitts & Erie Jan 1 to Oct 311123028 104 97,757.696
600.664
712,084
to
181,838
-West Pitts &Erie Jan
Cincinnati North. October
7,368,723
to Oct 31 368464 227 302920755
-All lines E & W.. Jan
& Lake Erie October...... 2,185.343 1.989,801 8,602.846 1.730.744
Pitts
733.933
486,466
Dec 1 to Sept 30, 826,633
Tol & Ohio Cent.. October_ _ _ 581,334 332,184 2,343.543 1,203.822 Rio Grande Junction
1.179.483
Jan 1 to Oct 31' 3.362.402 2.964.521
Kanawha & Mich October__ 266,804 28525795 126821 696 106662590 Rutland
32264055
above October
Tot all lines
9
,
•
•
and Monthly.
AGGREGATES OF GROSS EARNINGS-Weekly
Increase or
Previous
Current
Decrease.
Year.
Year.
• Monthly Summaries.
8
Cur. Yr. Prev. Yr.
Mileage.
+58.005,851 27.68
$
$
lb
--245.541 244.809 267.g/9,814 209,573.963 +58,731.563 20.47
43
15.149.575 13,697.795 +1.451,780 10.60 February
247.363 246.548 296. 0.406 238.098.848 +50,941.052 21.45
2d week Oct 134 road___ 14,681,626 13.566,014 +1.115.612 8.22 March
237,512.6
246.615 245,773 288.453.700 244,580,685 +63,448.411 25.94
3d week Oct r3 roads........ 20.900,322 19.576.954 +1.323,368 6.74 April
248,006 247.189 308.029,096
4th week Oct 33 roads
+47,536,779 20.01
+1,026.471 7.36 May
13.953,87
226.752 225,803 285.149,746 237.612,967 +44.096.142 16.70
1st week Nov 34 roads)_...... 14.980,342 14,136.331 +1,098,197 7.04 June
0
49
244.249 243.563 308.040.791 263.944,621 +54.673.436 19.61
week Nov 33 roads)____ 15,284,527 13.451,824
2d
+978,559 7.27 July
244.765333.460,457 278,787,0
roads)____ 14.430.383
245.516
13.10
3d week Nov 29
••
7 18.420,477 +1,230,650 6.73 August
332,888,990 294,333.449 +3
4th week Nov 30 roads)........ 19.651.124 13,568.040 +1,546,914 11.46 September 248,158 247,466 345.790,899 310,740,113 +35,050,786 11.28
15,114.95
246,683 246,000
1st week Dec (32 roads)____ 13,533,477 12,504,858 +1.028,619 8.23 October
_
81.367,951 77.063,789 +4.304.162 5.59
2d week Dec (27 roads)___ 19 519 7r.A 11 025 71R
-1-,1012 0211 A Al
November.... 84,452 82.583
lc.. 195 rnarlal
n A .....7.1" r
tae Wisconsin
Includes Mason City & Fort Dodge and
Colorado Springs & Cripple
Includes Evansville & Terre Haute. c
a Includes Cleveland Lorain & Wheeling By. b revenue, but also all otaer receipts. e Does not include earnings of Wicalta Falls lines. h Inthe Texas Central and the
Pacific. d Includes not only operating
Minnesota &
aid the Frankfort & Cincinnati. g Includes By., Chicago Indiana & Southern RR. and Dunkirk
Southern
Creek District Ry. f Includes Louisville & Atiaatic
the Mexican roads
Southern. 5 Includes the Lake shore & Michigan
cludes the St. Louis Iron Mountain &n Includes the Northern Ohio RR. p Include; the Northern Central. • We no longer include
& Pittsburgh RR.
Allegheny Valley
In any of our totals.
• Weekly Summaries.
......
Current
Year.
Previous
Year.
Increase or
Decrease.
%
DEC. 30 1916.]
THE CHRONICLE
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the third
week of December. The table covers 24 roads and shows
4.47 increase in the aggregate over the same week last year.
Third Week of December.
1916.
1915.
Increase. Decrease.
Alabama Great Southern
116,571
109,665
6,906
Buffalo Rochester & Pittsburgh
237,072
251,181
14,109
Canadian Northern
805,700
774.400
31.300
Canadian Pacific
2,979,000 2,945,000
34,000
Chesapeake & Ohio
888,134
876,390
11,744
Chicago Indianapolis & Louisv_
151,391
138.945
12,446
Cinc New Orl & Texas Pacific_ _
218,710
12,791
205,919
Denver & Rio Grande
55,900
508,700
452,800
Detroit dc Mackinac
1,081
19,867
18,786
Georgia Southern & Florida.. _ _ _
6,161
58,906
52,745
Grand Trunk of Canada
Grand Trunk Western
1,164,962 1,040,059 124,903
Detroit Grand Hay & Milw..}
Canada Atlantic
Louisville & Nashville
1,280,245 1.130,995 149,250
Minneapolis & St Louis
256,480
221,081
35,399
Iowa Central
Missouri Kansas & Texas
699,663
768,743
69,080
Mobile & Ohio
234,149
235,813
1,664
392,295
Pere Marquette
408,349
16,054
316,000
St Louis Southwestern
268,000
48,000
Southern Railway
1,492,721 1,456,894
35,827
Tennessee Ala & Georgia
2,293
1,923
370
Texas & Pacific
457,804
472,013
14,209
Toledo St Louis & Western_ _ _ _
118,310
137.698
19,388
Total (24 roads)
12,432,654 11,933,718 599,759 100.823
Net increase (4.47%)
498,936
OtoN
2425
Gross
Net, after
Earnings. Taxes.
N V Omit & West.. Nov '16
660,368
124,239
'15
720,849
182.402
5 mos '16 4,022,981 1,175,954
'15 4,087.419 1,296,151
Fixed
Charges.
118,767
119.713
609,629
611,502
Balance,
Surplus.
5,472
62.689
566.325
684,649
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Name of
Road
or Compyny.
Latest Gross Earnings.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
Atlantic Shore By.._ _ November
22,842 23,678
329,280
327,205
cAtz Elgin & Chic Ry October __ 173,987 167,521 1,711,658 1,598,541
Bangor By & Electric October.._ _ 77,173 71,610
682.948
655.814
Baton Rouge Elec Co October__ _
18,509 18,097
172,807
155,123
Belt LRyCorp(NYC) October _ _ _ 32.871 70.477
578.898
641,289
Berkshire Street Ry_ October...... 84,965 81.179
832.271
779.959
Brazilian Trac. L & P October__ 17037000f6793000 168286,000 f64250.110
Brock & Plym St Ry_ October.._ _
9.964
9,406
105.318
99.180
Bklyn Rap Tran Syst. October__ 2472,446 2326,827 24,470.604 22.861,084
Cape Breton Elec Co October.._ _ 36,466 34,152
318.476
287,934
Cent Miss V El Prop.. October_ __ 25,438 24,724
242.717
231,062
Chattanooga Ry & Lt October.._ _ 109,024 98,155 1.021.328
883,189
Cities Service Co.. _ _ _ November 1328,389 490,623 8,539.522 3,947.604
Cleve Painesv & East
38,571 36,284
390,147
358,405
Cleve Southw & Col.. October..__ 113,461 109,962 1,107,461 1,030,094
geolumbia Gas & Elec November 824,323 684,434 8,045,685 7,185,464
Columbus(Ga) El Co October...... 84,786 67,215
709.949
583,700
Colum (0) Ry,P & L October_ _ _ 307,437 272,152 2,883,975 2,535,853
g Com'w'Ith P Ry & L November 1510,656 1323,673 15,229,328 12,983.788
Connecticut Co
October_ __ 812,161 711,185 7.998,520 6,836.404
Consum Pow (Mich)_ November 456,321 377,190 4,247,915 3,472,994
Cumb Co(Me)P & L October___ 251,683 226,793 2,391,105 2,198.904
Dallas Electric Corp_
1.609,773
Net Earnings Monthly to Latest Dates.
-The table Dayton Pow & Light October.._ _ 211,643 185,200 1,443,813 1,498,799
November 159,344 111,094
966.481
following shows the gross and net earnings with charges and. g Detroit Edison
November 993,087 764.228 8,954.352 6.878,075
Detroit United Lines October
1416,987 1188.900 13,272,833 10,896,005
surplus of STEAM railroads and industrial companies re- DDEB& Batt(Rec) October......
18,158 42,705
360,382
402,295
ported this week:
Duluth-Superior Trac November 123,667 105,256 1,268,342 1,053,122
-Gross Earnings- -Net Earnings
- East St Louts & Sub_ October___ 271,636 222,456 2,452.655 2,008,706
Eastern Texas Elec October...._ 72,131 71.665
Current
Previous
676,982
Current
582,231
Previous
Roads.
pEl Paso Electric Co_ October.._ _ 104.990 84,808
Year.
Year.
893.491
Year.
786,936
Year.
42d St M & St N Ave. October __ _ 84,583 175,351 1,429,976 1,624,250
$
3
Atch Top & 5 Fe..b_ _ __Nov 13,069,215 12,069,676 55,786,627
54,827,749 g Federal Lt & Trac_ _ October...._ 201.809 194,227 2,062.032 1,917.058
July 1 to Nov 30
64,373,758 55,576,592527,602,665521,143,801 Galv-Hous Elec Co.. October...._ 171.761 174,259 1.598,199 1,604,756
Grand Rapids Ry Co October,..._ 103,659 97,125 1,075,481
Baltimore & Ohio 6.. _ _Nov 9,918,393 9,233,682
965,420
39 Great West
November
July 1 to Nov 30
51,795,914 46,875,542 15,496,286 15,575,475 Harrisburg Pow Syst October.._ _ 360,075 302,161 3,412.134 2,726,277
Railways
86,312 76,355
834,199
762,721
Canadian Pacific_a_ _ _ _Nov 13.401,943 13,351,283 5,563,960 6,354,412 Havana El By. L & P October
___
July 1 to Nov 30
64,291,097 53,764,490 25,853,338 23,921,865 Honolulu R T & Land October.._ 532.358 463,385 4,939.812 4,572,321
540.181
484.274
Central of Georgia b _ _ _Nov 1,394,146 1,132,769 c556,598 c386,387 Houghton Co Tr Co.. October...._ 57,450 53,353
_ 25,956 23,034
270,531
226,928
July 1 to Nov 30
6,282,101 5,297,628 c2,239,529 c1,663,188 b Hudson & Manhat_ November_ 512,904 477,688 5,358,222 5,014,932
Illinois Central a
Nov 6,659,149 5,981,280 1,875,142 1,233,665 Illinois Traction........ October.._ _ 1073,370 9800.071 9.873.150 8.971,423
July 1 to Nov 30
32,276,936 28,239,538 7,700,376 5,424,485 Interboro Rap Tran_ November 3451,757 3050,906 34,457,270 30,759,052
Jacksonville Trac Co October
Maine Central_ a
49,646 51,338
Nov 1,121,073
516,516
508.697
958,168
229,769 • 246,635
July 1 to Nov 30
198,729
5,782,579 5,060,764 1,693,161 1,416,166 Keokuk Electric_ __ _ October ___ 20,591 20,224
191,398
Key West Electric.. _ October__ _
6,712
9,737
93.558
Southern Pacific-a
93.312
Nov15,134,505 13,752,948 5,502,986 4.777,993 Lake Shore Elec
October.._.. 136,113 118.315 1,343,126 1,150,649
July 1 to Nov 30
75,433,678 67,339,089 27,878,562 23,988,278 Lehigh Valley Transit October
218,346 196,651 2.078,887 1,717,569
Union Pacifica
Nov10.750,682 9,389,069 4,628,276 3,825,115 Lewist Aug & Watery October...._ 72.302 63.932
,
678,519
622,693
July 1 to Nov 30
53,741,949 45,109,951 23,332,128 18,674,614 Long Island Electric_ October _ _ _
18.953 18,640
211.293
219,606
Louisville Railway October __
Western Maryland_b_ _ _Nov 1,053,036
846,586
374,819
278,613 Milw El Ry & Lt Co.. November 260,558 252,669 2.557.993 2,444,965
July 1 to Nov 30
614,072 538,660
5,419,388 4,452,591 2,132,583 1,553,065 Milw
Lt Hi & Tr Co.. November 160,800 121,226 6,287,876 5,383,561
Wheel & Lake Erie_ b.. _Nov 785.688
1,681,719 1,354.831
787,384
249,170
321.548 Monongahela Vail Tr
July 1 to Nov 30
4,549.884 3,629,297 1,711,189 1,416,075 Nashville By & Light September 123,673 87.812 1.100,121
708,792
October...... 205,999 189,636 1,966.146 1,754,279
Yazoo & Miss Valley a_ _Nov 1,699,343 1.340,688
805,129
529,285 Newp N & H
-Ry G &E November
July 1 to Nov 30
955.732
834.411
6,938,170 5,683,898 2,558,488 1,754,123 N Y City Interboro_ _ October _ 87,654 72,872
33.037 63.292
524.533
578,815
Gross
Profit in Rent, Int.,
Balance. N Y & Long Island October...._ 35,999 36,016
349.326
364,983
Receipts. Operating. Taxes, c.
Surplus. N Y & North Shore.. _ October.... _
14,283 14.854
135,650
140,150
Reading CompanyN Y & Queens Co__ October _ _ _ 100,217 121.341 1,171,017 1,159,641
Phila & Reading_Nov '16 5,521,568 2,263,415
799,500 1,463,915 New York Railways_ October _ _ _ 780,263 1221,592 10,378,7.53 11,249,362
'15 5,083,490 2,127,652
N Y & Stamford Ry_ October...._ 24,461 28,216
770,250
309.868
322,842
5 mos '16 26,277,254 10,214,850 3,997,500 1,357,402 N Y State Railways_ October_ .._ 692.841
631,802 6.910.119 6.066.317
6,217,350
'15 23,088,941 8,848,948 3,851,250 4.997,698 N Y Westches & Bee.. October
60.133
463,082
394,837
Coal & Iron Co_ _Nov '16 4,877,019
Northampton Trac.... October...... 16,577 45,191
15,872
666,600
166,219
149,021
9,000
657,600 Nor Ohio Trac & Lt November
'15 3,616,595
458,668 341,974 4,689.676 3,510,931
293,653
8,000
285,653 North Texas Electric
5 mos '16 18,995,059 1,440,593
45,000 1,401.593 Ocean Electric (L 1)_ October...._ 205,491 181,515 1.584,034 1.410.581
October......
'15 13,131,853
7.930
6,829
141,720
380,353
40,000
139,943
340,353 Pacific Gas & Elec
September
Total both cos_ _ _Nov '16 10,398,587 2,930,015
808,500 2,121,515 Pac Lt & Pow Corp November 1563.418 1558.689 13,791,628 13.723 761
'15 8,700,085 2,421,305 - 778,250 1,643,055 pPaducah Tr & Lt Co October...... 274,682 250,389 2,977.695 2,668,046
26,437 • 25,313
256.578
5 mos '16 45,272,313 11,661,444 4,042,500 7,618,944 Pensacola Electric Co
235,180
232.105
210,590
'15 36,220,794 9,229,301 3,891,250 5.338,051 Phila Rapid Transit_ October...... 21,440 22,386
November 2361.936 2136,746 24.792,225 22.101,979
Reading Co
Nov '16
Philo St Western RS .. November
571,20?
456,809
,
114,397
43,452 40,460
471.170
424.371
'15
558,136
457,666
100,470 Port(Ore)Ry,L&PCo October._ _ _ 459,720 453,225 4,491.148 4,573,243
5 mos '16
2,859,888 2,284,046
575,841 g Puget Sd Ty,L & P.. October
715,833 641,413 6,586,860 6,216,055
'15
2,816,068 2,288,333
527,735 g Republic Ry & Lt_ _ November 344,942 289.151 3.614,204 2,800,428
Total all cos
Nov '16
3.501.222 1,265,309 2 235,912 Rhode Island Co........ October__ 478,522 439,590 4,879,604 4,194,269
.
'15
2.979.441 1,235,916 1.743,525 Richmond Lt &
October...... 33.993 31,242
344.152
340,114
5 mos '16
14,521,332 6,326,546 8,194,785 St Jos By, L, H & P.. October __ 113.207 108.123 1,110,853 1.041.883
15
12,045,367 6,179,582 5,865,785 Santiago Elec Lt & Tr November
47,315 43,239
495,77
432,261
Savannah Electric Co
Gross
Net, after
Other
Gross
Fixed
671,203
Balance, Second Avenue (Rec). October...... 72.246 67,962
658.864
Earnings. Tares, ctc. Income.
October...... 34,817 79,545
Income. Charges. Surplus, Southern
661,38
740,690
Boulevard_ October...._
'4
7,499 20,181
155,665
191,545
Boston & Maine
Southern Cal Edison_ November 401,151 409,933 4.489.193 4,395,695
Noy '16 4,533,015 1,079,940
Staten IsI'd Midland.. October.. _ _
26,219 25,876
104,559 1,184,505
284,548
953,945
29%958
230,560 Tampa Electric Co.._
'15 4,210,041 1,062,360
97,255 1,159,815
82,458 84.803
794,863
870,274
289,341
811.582
5 mos '16 24,204,397 6,978,382
October _ _ _ 169,231 340,076 3.008,995 3,215.781
437,431 7,415,813 4,658,013 2,757,800 Third Avenue
'15 21,374,210 5,991,178
376,716 6,367,894 4,299,224 2,068,670 Twin City Rap Tran_ 24 wk Dec 197,091 179,416 9,683,000 8,980,338
Buff Roth & PittsbUnion By Co of NYC October_ _ _ 120,261 242,219 2,138.51 2.341,874
Nov '10 1,074,237
Virginia By & Power_ November
228,355
01,399
319,754
176,486
143,268 Wash Bali & Annap_ November 481,768 465,884 5,310.555 4,759.433
'15
992,921
236,145
92,696
328,841
112,763 96,474
869,462
178,654
780,635
150,187 Westchester Electric_ October..
5 mos '16 5,739,331 1,430,409
__
382,683 1,813,092
6,097 48,224
380.203
882,873
492.536
930,219 Westchester St
'15 4,989,487 1,325,501
RR..
312,388 1,637,889
15,799 22,249
196,906
892,739
212,726
745,150 a West Penn Trac Co October _ _ _
Buffalo & Snag
November 568,381
Nov '16
Yonkers Railroad.. _ _ October _ _ ' 2,130 449,257 5.705,741 4,593,667
139,039
28,285
38,340
66,625
66.492
23,545
511,620
611,489
43,080
'15
162,756
57,153
39,995
97,148
25,182
799,508
678.563
71,966 York Railway's Ohio_ October...... 89.351 81,170
11 mos '16 1,540,193
Youngstown
357,624
459,252
October
816,876
266,564
28.825 24,517
270,900
238,900
550,312 Youngstown &
'15 1,357,230
226,793
& South August
362,558
589,351
282,723
17.534 17,135
306,628
New On Texas & Mexico Lines
b Represents Income from all sources. c These figures are for consoliNov '16
641,192
280,799
3,641
284,440
58,064
226,376 dated company. f Earnings now given in milrels. g Includes constituent
'15
445,481
85,456
90,124
4,668
76,496
13.628 companies.
5 mos '16 3,322,173 1,451,648
15,910 1,487,564
297,708 1,169,856
'15 2.211,487
Electric Railway and Other Public Utility Net Earn594,426
611,713
17,287
373,598
238,115
N Y Chic & St Louis
ings.
-The following table gives the returns of ELECTRIC
Oct '16 1,425,860
240,693
14,363
255,056 , 192,514
62,542 railway and other public utility
'15 1,232,820
369,120
gross and net earnings with
11,820
380,940
162,152
218,788
10 mos '16 12,828,085 3,030,170
172,275 3,202,445 1,536,999 1,685,458 charges and surplus reported this week:
'15 10,074,881 1,964,971
197.860 2,162,831 1,735,595
427,236
-Gross Earnings- -NetEarnings
Gross
Net
Other
Total
Charges
Current
Previous
Current
Balance,
Previous
•Earnings. Earnings. Income.
Income. d: Tares. Surplus.
Year.
Year.
Year.
Year.
$
Fonda Johns & GlovAlabama Power Co...... _Nov 151,445
98,307
89.949
63.587
Nov '16
70,393
35,526
1,388
Jan 1 to Nov 30
36,914
36,847
1,360,702
932,408
852,097
67
572,599
'15
73,600
34,032
1,608
35,640
36,057
def417 Bell Tel ofPa
Nov 1,108,031
5 mos '16
966,244
285,196
265,091
410,418
217,731
21,412
239,143
185,671
Jan 1 to Nov 30
53,472
'15
11,529,695 10,196,687 2,911,575 2,889.424
390,336
199,079
17,044
216,123
179,931
36,192 Central District Tel. _ ....Nov 639,140
552,116
153,236
a Net earnings here given are after deducting taxes.
149,840
Jan 1 to Nov 30
6,709,363 5,909,909 1,800,086 1,544,898
earnings here given are before deducting
b Net
taxes.
c After allowing for uncollectible revenues
and taxes, operating income Philadelphia Co
Natural Gas Dept__ _Nov 748,746
for Nov. 1916 was $482,641, against $330,649, and for
632,461
418,268
330,970
April 1 to Nov 36 to,Noy. 30 was $1,922,025 in 1916, against $1,395,063. period from July 1
5,091,732 4,245,977 2,620,683 2,091,844
For November taxes and uncollectible railway revenue
Oil Department
Nov
24,886
T3,184
12,538
16,678
$624,515, against $527,572 in 1915; after deducting which net amounted to
April 1 to Nov 30
' 209,234
132,815
136,864
81.416
for November
1916 was $5,162,11,2, against
Electric Light Dept.._
_Nov 639,219
505,786
162,084
taxes, &c., were $2,931.873$4,300,177 last year. From July! to Nov. 3(.
264.313
in 1916, against $2,498,680 in 1915. The
April1 to Nov 30
4.376,572 3,497,717 1,780,528 1,687.792
return on property Investment was 6.77%
for the 12 months ending Nov.30
Street Railway Dept_Nov 1,145,829 1,063,349
1916. :kgainst 5.22% in
389,530
405,808
1915.
April 1 to Nov 30
9,181,140 8,398.201 3,099,041 3,080,165
[Void. 103.
THE CHRONICLE
2426
Gross
Net, after
Taxes.
Earnings.
Atlantic Gulf & West Indies SS Lines
Subsidiary cos__ -Oct 16 2,643,122
'15 1,801,652
10 mos '16 26,972,370
'15 16,533,784
123,667
Duluth-Sup Trac Nov '16
105,256
'15
11 mos '16 1,268,342
'15 1,053,122
360,075
Gt West Pow Syst Nov '16
302,161
'15
11 mos '16 3,412.134
'15 2,726,277
46,458
Hagerstown & Fred _Nov '16
34,843
'15
512,904
Nov '16
Hudson & Tian477,688
'15
hattan (all
111 mos '16 5,358,222
sources)
'15 5,014,932
Interbor Rap Tran_Nov '16 3,451,757
'15 3,050,906
5 mos '16 15,388,778
'15 13,596,012
115,167
Merch Heat & Lt _Nov '16
'15
103.741
12 mos '16 1,144,869
'15
982,964
Elec By & Lt_Nov '16
614,072
538,660
'15
11 mos '16 6,287,876
'15 5,383,561
160,800
Milw Lt, Ht & Trac_Nov '16
121,226
'15
11 mos '16 1,681,719
'15 1,354.831
458.668
Nor Ohio Tr & Lt Nov '16
'15
341,974
11 mos '16 4,689,676
'15 3,510.934
274,682
Pac Lt & Pow Corp-Nov '16
. 250,389
'15
11 mos '16 2,977.695
'15 2,668,046
400,151
South'n Cal Edlson_Nov '16
409,933
'15
11 mos '16 4,489,193
'15 4,395,695
297,012
West Penn Power_Nov '16
11 mos '16 2,706,802
41,673
Yadkin River Pow_Nov '16
'15
34,484
417,793
12 mos '16
'15
345.952
Gross
Earnings.
Fixed
Charges.
Balance,
Surplus.
682,572
166,002
848,575
228,268
175,296
403,565
8,638,882 1,645,112 6,993,769
4,040,615 1,642,967 2,397,647
z24,904
14,600
37.996
x15,744
13,901
28,463
156,893 x247,361
389,087
x77,984
158,327
222,012
235,560
140,704 z100,755
z98,573
197,865
115,981
2,192,630 1,523,971 x997,448
1,881,480 1,182,041 x888,633
c6,878
9,874
18,307
c4,230
14,479
9,523
73.095
215,602
288,797
68,179
212,253
280,432
617,459
2,983,631 2,366,072
563,785
2,892,762 2,328,977
x916,892
1,876,579 1,005.553
915,539 x875,696
1,742,240
7,950,901 4,974.641 x3,182,393
7,209,674 4,589,284 x2,858,015
26,264
20,885
47,149
26,557
18,399
44,956
174,983
237.048
412.031
170,906
195,557
366,463
x96,625
65.651
154,944
158,358
x97,120
64.871
721,903 x1,021,246
1,675,254
740,306 x741,768
1,454,161
x30,356
56,193
41.487
x26,255
56,218
37,164
625.985 x358,215
488,331
615.948 z305,599
425,566
117,656
56,656
174,312
87,669
54,242
141,911
558,626 1,265,244
1,823,870
780,620
575,269
1,355,889
z80,539
99.764
171,436
x67,801
107,534
164.638
1,958,189 1,119.750 x927,461
1,776,883 1,182,264 x707.485
65,107 x146,231
227,196
85,389 x136,179
218,165
929,474 x1,641,688
2,453,048
927,029 x1,547,676
2,368,688
91,428
38,399
129,827
800,783
418,349
1,219,132
15.466 , 17,296
32,762
10,776
15,552
26,328
120,189
186,488
306,677
45,094
185,452
230,546
Fixed Chgs. Balance.
Net
Surplus,
Earnings. & Taxes.
504,400
728,695
Nov '16 1,510,666
Commonwealth
473,332
718,230
Pow, Ry & Lt
'15 1.323,673
and constitu- 11 mos '16 15,229,328 7,755,505 5,443,961
ent cos
'15 12,983,788 6,761,147 4,774,701
32,211
42,964
86,312
Harrisburg Rys __Oct '16
32,145
43,807
76,355
'15
321.841
447,899
834,199
10 mos '16
320,067
'15
419,075
762,724
81,566
150,547
New York Dock__ _Nov '16
303,655
77.972
112.417
'15
255,082
875,580
11 mos '16 3,152,866 1,544,917
860,959
'15 2,574,244 1,227,328
137,676
326,730
Twin City Rap Tran_ Nov'16
848,497
139,783
311,038
795,274
'15
11 mos '16 9,290,401 3.562,961 1,572,553
'15 8,617,715 3,113,355 1,556,203
a Net earnings here given are after deducting taxes.
,
b Net earnings here given are before deducting taxe .
c After allowing for other income and depreciation.
x After allowing for other Income received.
224,295
244,898
2,311,544
1,986,446
10,753
11,662
126,058
99.008
68,981
34,445
669,337
366,369
189,054
171,255
1,990,408
1,557,152
New York Street Railways.
-Gross Earnings- -NetEarnings
Previous
Current
Previous
Current
Year.
Year.
Ye r.
Ye r.
Roads.
S
S
$
S
330,002 c184,739 c189,046
Hudson & Manhattan a Oct 361,386
Jan 1 to Oct 31
3,326,921 3,040,465 1,755,167 1,622,644
Interboro R T (Sub) a__Oct 1,862,698 1,657,907 1,168,447 1,060,190
16,459,436 14,776,083 10,048,877 9,028,372
Jan 1 to Oct 31
691,686
798,133
Interboro R T (Elev) a_Oct 1,684,235 1,413,384
14,536,074 12,932,059 6,552,934 5,930,980
Jan 1 to Oct 31
Interboro R T a Oct 3,546,933 3,071,291 1,966,580 1,751,877
Total
• 31,005,513 27,708,146 16,601,812 14,959,368
Jan 1 to Oct 31
804,124
844,698
Brooklyn Rap Tran a- Oct 2,472,446 2,326,827
Jan 1 to Oct 31
24,470,604 22,861,084 8,413,634 7,949,019
401,030
132,705
Oct 780,263 1,221,592
New York Rys a
10,378,753 11,249,362 2,931,754 3,356,847
Jan 1 to Oct 31
27,215
70,477 def10,745
Oct
32,871
Belt Line a
144,422
90,759
641,289
578,898
Jan 1 to Oct 31
25,198
def7,631
79,545
34,817
Oct
Second Ave a
206,975
110,907
740,690
661,382
Jan 1 to Oct 31
111,917
340,076 def22,651
Oct 169,231
Third Ave a
Jan 1 to Oct 31
3,008,995 3,216,784 1.092,445 1,146,128
10,756
42,705 def14,560
18,158
Dry Dock E B & Batt a_Oct
59,268
17,380
402,295
360,382
Jan 1 to Oct 31
74,711
175,351 def29,194
84,583
42d St Man & St N Av a Oct
679,110
494,952
1,429,976 1,624,250
Jan 1 to Oct 31
22,874
63,292 dof16,736
33,037
N Y City Interboro a___Oct
186,776
132,100
578,815
624,533
1 to Oct 31
Jan
7,003
20,181 dof16,474
7,499
Southern Boulevard a.. Oct
15,371 - 63,402
191,545
155.665
Jan 1 to Oct 31
55,288
242,219 def81,775
Union Ry of N Y C a___Oct 120,261
598,914
405,035
2,138,510 2,341,874
Jan 1 to Oct 31
2,781
48,224 dof16.0i2
6,097
Westchester Elec a--Oct
93,616
58,166
492,536
380,203
Jan 1 to Oct 31
18,128
66,492 def23,883
Oct
2,130
a
Yonkers
106,016
94,497
611,489
511,620
Jan 1 to Oct 31
155
500
18;640
18,953
Oct
Long Island Elec a
30,9.27
12,326
219,606
211,293
Jan 1 to Oct 31
7,441
3,184
36,016
35,999
N Y & L I Traction a___Oct
.39,574
80,692
364,983
349,326
Jan 1 to Oct 31
5,235
3,512
14,854
14,283
N Y & North Shore a- __Oct
40,887
40,739
140,150
135,650
Jan 1 to Oct 31
7,837
7,315
121,341
N Y & Queens Co a-_Oct 100,217
7,114 def5,529
1,171,017 1,159,641
Jan r to Oct 31
dot 485
def196
6,829
Oct
7,930
Ocean Electric a
65,932
49,400
139,943
141,720
Jan 1 to Oct 31
4,219
10,101
31,242
33,993
Richmond Lt & RR a_Oct
86.212
90,901
340,114
344,152
31
Jan 1 to Oct
2,228
2,472
25,876
26,219
Staten Isl Midland a_.._Oct
36,665
24,829
293,958
284,548
Jan 1 to Oct 31
a Net earnings here given are after deducting taxes.
c Other inc. amounted to $84,397 in Oct. 1916, agst. $82,582 in 1915.
ANNUAL REPORTS
-The following is an index to all
Annual &c. Reports.
annual and other reports of steam railroads, street railways
and miscellaneous companies published since Nov. 25.
This index, which is given monthly, does not include
reports in to-day's Chronicle."
Page.
Steam RailroadsAlabama & Vicksburg Ity____,---2074
1977
Atlantic Coast Line RR
1976
Baltimore & Ohio RR
2078
Buffalo & Susquehanna RR
Gin. New On. & Texas Pacific Ry_ _1977
2074
Detroit & Mackinac Ry
Minneapolis & St. Louis RR-_2073,2153
2073
Mississippi Central RR
Missouri & Illinois Bridge & Belt RR2156
1977
Missouri Kansas & Texas Ry
Nevada California & Oregon Ry_ _ _2075
New Orleans & Northeastern RR __1978
N. Y. New Haven & Hartford RR_ _2156
2343
Toledo Peoria & Western Ry
Vicksburg Shreveport & Pacific Ry_2074
2073
Virginia Southwestern Ry
Western Pacific RR
2239
Page.
Electric Railways-2075
Boston & Worcester Elect. Cos
Chicago Elevated Rys. Coll. Trust 2153
Intermountain Ry. Lt. & Pow. Co-2238
2336
'
Massachusetts Elect Cos
2341
National Properties Co
2288
New On. Ry.& Lt. Co •
1981
Northern Ohio Electric Corp
2341
Ohio Service Co
United Rys.• of Havana & Rdgla
2343
Warehouses
2343
United Service Co., Scranton
Page.
Industrials2157
Acme Tea Co
2155
Amer. Brake Shoe & Fdry. Co
2338
Amer. International Corp
1979
American Linseed Co
2340
Amer. Seeding Machine Co
2157
Arizona Copper Co
2239
Atlantic Steel Co
2344
Auto Car Co
Boston Woven Hose er Rubber Co_ _2081
2237
Braden Copper Co
2344
Calumet & Heels Mining Co
2158
Chile Copper Co
Con.Gas, Elec.Lt., Olc P.Co. of Balt_2240
2337
Corn Products Refining Co
2345
Cuba Cane Sugar Co
Page.
Industrials Con.2237
Cuban American Sugar Co
2075, 2345
Cudahy Packing Co
2081
Driggs-Seabury Ordnance Co
Edison Elec. Ilium. Co. of Boston-2077
2240
Federal Mining & Smelting Co
Gaston, Williams & Wigmore, Inc_ _2076
General Motors Co
1984
General Petroleum Co
2082
Goodyear Tire & Rubber Co
2154
Great Atlantic & Pao. Tea Co., Inc_1984
Gulf States Steel Co
2346
Harbison-Walker Refractories Co_ 2155
Hartman Corporation
2240, 2337
Hendee Mfg. Co
2077
Imperial Tobacco Co. of Canada 2240
-2240
Ingersoll-Rand Co
International Mercantile Marine Co1979
2158
International Milling Co
2240
Interstate Electric Corp
1985, 2346
Jewel Tea Co., Phila
2159, 2237
(J.) Kayser & Co
2159
(S. H.) Kress & Co
Lake Superior Corp
2075
2077
Laurentide Co
2241
Lord & Taylor, N. Y
2159.
McCrory Stores Corp
2082
Montana Power Co
Mt. Vernon-Woodberry Mills, Balt..2242
2242
National Surety Co
2338
Now England Cotton Yarn Co
2083
Ohio Cities Gas Co
2083
Roe Motor Car Co
2081
Savage Arms Co
2160
Sears, Roebuck & Co
2160
Shattuck-Arizona Copper Co
Sherwin-Williams Co. of Canada_ _ _2160
2337
Sinclair Oil & Refining Co
2078
Streets Co., Chicago
2339
Tobacco Products Co
2084, 2154
United Fruit Co
1978
Virginia Iron, Coal & Coke Co
1987
Vulcan Detinning Co
2245
West St. Louis Water & Lt. Co
1979
White Motor Co
Baltimore & Ohio Railroad.
• (Approximate Earningsfor 6 Months ending Dec. 311916.)
The company reports the following approximate earnings
for the 6 mos. period ending Dec. 31 (December est.): •
APPROXIMATE EARNINGS FOR SIX MONTHS ENDING DEC. 31.
1913.
1914.
1915.
1916.
(1915 Actual.)
$61,655,914 $56,040,304 $47,138,435 $53,656,845
Gross earnings
45,646,151 39,553,586 35,710,944 40,984,815
Open. exp. and taxes
$16,009,763 $16,486,718 $11,427,491 $12,672,030
2,378,759
2,442,032
2,624,089 2,486,734
$18,634,752 $18,973,452 $13.869,523 $15,050,789
Gross income
$10,447.341 $9,690,531 $9,385,283 $9,095,237
Interest, rents, &c
1.177,259 1,177,530
1,177,259
1,177,264
Pref. dividends(2%)
4,560,036
3,800,428
3,798.573 3,798,573
Common dive
3%
,
235%
23i%
Rate per cent
2M%
Total deductions__-_$15,423,178 $14,666,363 $14,362,970 $14 832,803
sr.$3,211,574sr.$4,307,089 df.$493,447 sur3217,986
Balance
-V. 103, p. 1988, 1980.
Net earnings
Other income
Hawaii Consolidated Railway, Ltd.
(Report for Four Months ending June 30 1916.)
Gen.Supt. R. W.Filler, Hilo, Hawaii, Oct.21,says in sub.
existence, after
-The Hawaii Consolidated Ry., Ltd., began its
Results.
having taken over the business of the Hilo RR., on March 1 1916 [V. 102,
p. 12491. As our books close June 30,this report covers four months only.
The income from all sources was $177,406 (against $170,719 for the same
period in 1915) and, after deducting fixed charges, net income was $52.521
(against a deficit of $9,432). The period under review Valls in a time of
the year when the shipment of sugar and movement of plantation supplies
net
are at their height, and revenues were therefore at their best. The the
result for the four months just past is, therefore, somewhat above
the year.
average for
-From March 1 to Juno 30 1916, 27,301 tons of sugar
Tonnage Moved.
was transported, against 31,534 tons for the same period in 1915. The
moved for the period in 1916 aggregated 71,208, against
total tonnage
The de66,488 for the similar period In 1915, an increase of 4,810 tons. molasses
crease of sugar tonnage is without significance. The movement of output
our railroad; the annual
(7,140 tons) is an entirely new feature on
of the plantations served is estimated at 21,380 tons, yielding a revenue
of $26,745. Since Oct. 1915 we have handled 15,942 tons of molasses.
-For the period in 1916 we carried 100,637_PassenPassenger Business.
of 23.326.
gers, against 77,311 for the same period in 1915. an increaseautomobiles,
to the extreme keen competition on the part of the
Owing
we were compelled to make very substantial reductions in the fares between
Hilo and Hakalau, and iiiio and Kosau. These reductions have had the
desired result, as time increase in passengers indicates. Our passenger revenues are steadily rising, those for July, Aug. and Sept. 1916 aggregating
$28,516, against 321,614 for the same period of 1915. The number of
passengers carried July-Sept. 1916 Is 98,719, against 54,594 for the same
period of 1915.
-My estimate for the fiscal year ending;
Estimated Results for 1917.
June 30 1917 shows: Total revenues from all sources, $470,801; gross income, $217,036; and after deducting fixed charges, $131,100, estimated
net income, $85.936.
INCOME ACCOUNT FOR 4 MONTHS' PERIODS ENDING JUNE 30.
1915.
1916.
1915.
1916.
$86,099 $98,463
$125,615 $120,015 Net earnings
Freight revenue
Deduct
Passenger revenue__ 28,707 28,651
$2,596 $3,637
Mall, express, &c- - 23,084 22,023 Taxes
1,521
1,612
Miseel. rents
12,837
$177,406 $170,719 Interest & discounts_
Total
29,370 89,900
Maint. of way,&c.--- $30,609 $13,480 Int. on fund. debts_
0,857
14,019
Maint. of equip
$33,578 $107;895
36,823 36,299 Total deductions
Transportation exps
9,856 12,611
Traffic &'Mace'
$91,307 $72,256 Balance,stir. of def_sur.$52,5216ef.$9,432
Total
BALANCE SHEET JUNE 30 1916.
'NMI
Liabfilffes (Total $6,260,480)Assets-(Total $6,260,480)$400,000
$5,974,263 Common stock
Cost of road purchased'
190 1st prof.(7% cum.) stook---- 2,575,000
Improvements (uncompleted).
51,494 2nd pref.(6% non cum.)stock 679,960
Cash
2,500,000
37,976 Bonds
Sundry debtors
, 8,770
38,367 Sundry creditors
Material and supplies
150,000 Accrd. bond Int. due Oct. 1'1629,370
Bonds in treasury
i 12,392
6,350 Wages unpaid
accounts__
Sundry suspense
2,398
1,840 Accrued depreciation
Organization expenses
52,581
Profit and loos
-V. 102. p.,1249.
D.30 1916.]
THE CHRONICLE
(The) Kentucky Securities Corporation.
(6th Annual Report-Year ending June 30 1916.)
Pres. P. M. Chandler, Phila., Oct. 9, wrote in substance:
2427
At Anyox, B. C., an unusually severe
curtailing the operations and output of winter restricted the water power,
that
power plant will be in operation by Nov. 1. plant. The auxiliary steam
RESULTS FOR YEARS ENDED JUNE 30.
Sales1915-16.
1914-15.
1913-14.
1912-13.
Copper, fine (lbs.)
42,198,083 25,746,059 23,320,097 22.688,614
Average price received
80.2204
80.1587
80.1458
$0.16039
Silver, fine (oz.)
487,845
259,477
435,275
324,336
Average price received
80.5774
$0.61179
Gold. fine (oz.)
44,848
26,936
43,882
47,266
Gross income from sales _$11,370,500 85,053,
887 84,504,766 $4,782,691
Working exp. at mines &
smelter, freight, refin- 7,262,880 13,412,370
3,627,925
3,402,972
ing,selling & gen. exp.
Foreign ores purchased_
300,959
254,770
165,120
Total expenses
$7.262,880 $3,713,329 $3.882,695 83,568.092
Net profit
$4,107,620 $1,340,558
$622,071 $1,214,599
Deduct
Dividends paid
(6%)899,911
(6)8899.900 (3)8449,955
Bond interest
213,821
270,4201
182,520
81,495
Miscellaneous
74,505
140,9731
Total deductions_ _
81,188,237
8411,393 81,082.420
8531,450
Balance,sur. or def___sur32.919,383
Surplus from prey. year 3,668,087 sur$929,165 def$460,349 sur3683,149
2,738,922
3,199,271
2,516,122
Total surplus June 30 36.587,471 83.668.
087 $2,738,922 $3,199,271
BALANCE SHEET JUNE 30.
1916.
1915.
1916.
1915.
Assets$
8
Liabilit
$
$
Mine propertles__15,123,568 14,468.898 Capital iesReal est.,b1dgs.,&c. 5,242,748 4,863,084 Funded stk. issued.14,998,520 14,998,515
debt
3,012,300 3,390,000
Cost mine purch.
Dividends for
under develop't
633,773
liquidator
1,222
1,055
Stocks and bonds- 575,641
430,518
Cash and copper_ 2,927,317 1,756,543 Wages, supplies,
&c
280,775
663,625
Fuel, store supplies,
Surplus
6,587,471 3,668,087
& accts. reedy_ 1,041,011
568,465
Total
24,910,288 22,721,281
Total
24,010,288 22,721,281
-V. 103, p. 1305, 321.
Additions and Betterments.
-The companies spent
and betterments. There is now under construction $94,217 on additions
an addition to power
plant, in which are being installed two additional boilers.
It will shortly
be necessary to add an additional turbine to thke care
of the increased
business. During the year, the company has built and placed
In operation
a 16-milo high tension transmission line between Georget
own
fort, which has materially improved the service and should and Frankalso provide
the means to take care of the company's increased wholesa
le power business
in Frankfort.
Financial.
-The capital requirements were met by the
use of surplus
earnings and a small increase in open accounts.
No additional securities
have been issued by the operating companies.
Results.
-The railway gross earnings reflected the improve
d business
conditions which prevailed, and
largely on the Interurban lines. the receipts show an increase of 5.4%,
Regular 6% dividends have been paid quarter
ly on the Kentucky Securities Corporation preferred stock.
The physical condition of the track and roadwa
y is the best in the company's history.
In Lexington, where we supply all retail electric service,
a substantial
increase in the number of customers and
this fall there will be shown a material connected load was made. Early
increase in the retail power sales
from now business already secured, but not as yet included
in the
load. Power is being supplied at wholesale, under satisfactory connected
contracts, to other lighting companies in the central Kentuc long-term
ky district.
The results for the year just ending show a small gain in
sources, and a somewhat better comparison is anticipareceipts from tliese
ted In
year. The ice department had a generally satisfactory year. the coming
20,887 tons, were made at an average price of $4 18 per ton. The sales,
Compared
with other communities of shnilar
quality at a very moderato cost. size, Lexington has ice of a very high
The company has obtained a franchise in Lexingt
on. A new 20
-year
light and power franchise, which provides for a
Nov. 1 1916, and which amounts to a substant revision in rates, effective
ial reduction on all kinds
of retail service.
General.
-The year, from a business standpoint, was
one of unusual
prosperity. The territory directly
agricultural and is but little affectedserved by these properties is largely
by
from national prosperity. The burley depression, and naturally benefits
tobacco crop last year was of an
average volume, with good prices received
for the coming year is better than for some by the growers. 'rho outlook
American Brake Shoe & Foundry Co.
years past.
suitable proportions of rain and sun, which have nursed There have been
along the growth;
and indications are for an excellent quality of
leaf and abundant yield. (Official Statement to New York Stock Exchange Oct. 27 1916.)
Tobacco stocks on hand are low, and it is
believed that the buying will be
An official statement of Oct. 27 1916 shows
brisk and the prices received
above
Organized in Delaware Oct. 10 1916 with authorized in substance:
to the Blue Grass country. will be crops the average, which means much
Other
are showing up satisfactorily.
$10.000,000, consisting of $5,000,000 corn. and $5,000, capital stock of
000 of cumulative
COMBINED COMPARATIVE EARNINGS FOR
YEARS END. JUNE 30. 7% pref. stock, the latter (preferred as to assets and 7% in dividends, and
entitled to all further dividends after 7% on
[Ky. Trac.& Term. Co. and Lex. Util. Co. excl. of
inter-co. charges.]
the same authorized capitalization (per plan in common). Successor with
1915-16.
1914-15.
191344.
New Jersey corporation bearing the same name. V. 100, p. 558, 2012) of a
1912-13.
Pa.sserigers carried.
On Oct. 16 1916 acquired
all the business and assets of
Lexington City lines_ 4,389,905
4,277,241
gations. At all elections ofthe New Jersey Co., and assumed all its obliInterurban lines
director
1,482,881
1,341,452
Not stated
many votes as shall equal the number s each stockholder is entitled to as
Other cities
497,054
of
466,017
number of directors to be elected, and his shares of stock multiplied by the
Operating revenue
8850,685
$811,629
8782,272
$742,884 single director, or may distribute them he may cast all of such votes for a
Operating expenses
438,163
432,403
412,510
401,507 or any two or more of them, as he mayamong the number to be voted for,
For a statement of the dividends paidsee fit.
Net operating revenue 8412,522
by said Now
$379,226
$369,762
8341,377 and including Juno 30 1910 reference is hereby made Jersey Co. down to
Miscellaneous income
29,206
28,289
32,022
May 27 1910(V.91, p. 212). Since said date dividen to application dated
29,941
paid upon the outstanding prof. and com. stock (Q. ds have been regularly
Gross income
$441,728
-M.), as follows: On the
8407,515
$401,784
$371.318 pref. stock from July 1 1910 to Dec. 311912, 7% per annum
Fixed charges, &c
245,576
(or $280,000
237,230
245,184
225,269 per annum on 84.000,000 outstanding), and since Dec.
31 1912, 8% per
annum (or 8400,000 per annum on 85,000,
Surplus
000 outstanding); on the corn.
$196,152
$170,285
$156,600
$146,049 stock from July 1 1910 to and including Sept.
$252,000 per annum on 83,600,000 outstan 30 1916,7% per annum (being
* Includes transfers, &c.
ding prior to Jan. 1 1913, and
being 3322.000 per annum on 34,600,
000 outstanding since that date).
CONSOLIDATED BALANCE SHEET JUNE
Net Earnings of the New Jersey Co. During
30 1915.
time Five Years ended Sept. 30 1916.
[Kentucky Sec. Corp. and Ky. Trac. & Term. Co.
1911-12.
and Lexington Util. Co.]
1912-13.
1913-14.
1914-15.
1915-16.
$1,014,448
1916.
1915.
$1,279,587
81,023,
1916.
81,145,387
1915.
$1,627,307
Assets
The only lion against the property is572
Liabilities-$
that
$
S
Prop. & invest, less
March]. 1902, and a supplemental mortgag of a general mortgage, dated
Corn. stk.(K. S.
depreciation
8,682,107 8,671,536 Pref. stk. (do.) Co.)2,052,288 2,052,288 the New Jersey Co. to the Farmers' Loan &e dated Sept. 29 1904, made by
2,154,920 2,154,920 an issue of
Trust Co., as trustee, to secure
Sink. fd.(Lean fly.) 12,639
81,000.000 1st M. 5% 50
469
Gold Sinking Gund Bonds, due
Treasury bonds_ _ _ _ 144,800 149,000 K. T. & T. Co. stk.
March 1 1952, of which there are -yearoutstan
not owned
now
ding $672,000, principal
75
Cash on hand
75 amount ($328,000 thereof having been
8,614
50,195 K.T.&T. 1st ref. 53_2,268,000
retired by the sinking fund), the
Accounts receivable.. 47,720
39,899 Lex. fly. 1st M.15s..1,369.000 2,268,000 payment of the principal and interest of which said bonds Is assumed
Materials & supplies 45,205
by the
1,378,000 company (V. 76, p. 651).
50,492 G.& L. Ily, 1st 5s.._ 200,000
Prepaid expense_
200,000
The subsidiary and affiliated companies have
8,383
6,789 B. C. 1'. 1st 5s
no bonded debt.
294,000
Disc't on bonds
37,064
39,082 Bills & accts. pay_.... 222,928 291,000 (1)STATISTICS OF PLANT
Deferred items
190,177
S OWNED IN FEE
-ACREAGE AND FLOOR
31,095
30,742 Accrued int., &c_ _
65,220
57,542
SPACE (SQ. FT.).
Accr. dly. July 15_ _ _ 31,125
Plants Owned31,125
Acres. Floor Sp.
Accid., &c., reserves 24,561
Products.
41.613 Burnside, Chicago
21.2 69,444 sq. ft. Miscellaneous castings
Miscellaneous
58,616
70,711 Chicago, Ill
9.4 36,092 sq, ft. Brake shoes
Prof. & loss (all cos.) 270,901 293,453 Melrose Park, Chicago
3.7 65,845 sq. ft. Brake shoes and castings
Chattanooga, Tenn
Total
9,017,63
4.9 52,267 sq. ft. Brake shoes
Total
9,017,633 9,038,204 Now Riclunond, Ohio
-V. 103, p. 1687, 1118. 3 9,038,204
1.3 15,049 sq. ft. Brake shoes
Mahwah, N. J
29.0 68,400 sq. ft. Brake shoes and castings
Minneapolis. Minn
4.2 25,573 sq. ft. Brake shoes and castings
Cuba Cane Sugar Corporation, New York.
Uniontown, Pa
5.2 37,896 sq. ft. Not in operation
Erie, Pa
(First Annual Report-Year ending Sept..30 1916.)
(Not stated) Munitions (see below)
Los Angeles, Cal
abt.5
None
Plant not erected
On subsequent pages will be found the remar
ks of President Buffalo, N. Y.(leased & open)_ 36,689 sq. ft. Brake shoes
Norwood, Mass
do
Manuel Itionda, in the company's first
do _ 17,645 sq. ft. Brake shoes
annual report, also
The plant at Uniontown, Pa., has been manufac
the profit and loss account covering a
turing munitions for the
period of operation past ton months.
from Dec. 1 1915 to Sept. 30 1916, and
(2) SUBSIDIARY AND AFFILIATED COS. ACQUI
also the balance
RED FROM NEW
JERSEY COMPANY.
sheet of the latter date.
-V. 103, p. 2345, 1794.
-Preferred Stock- -Common Stock-Outstand'g Co.Owns. Outstand'g Co.Owns
Granby Consol. Mining, Smelting & Power
SubsidiaryIncorp.
$
$
$
Co., Ltd. Am. Mang. Steel Co.Me. 1910 1,330,0
$
00 749,500 1,550,000 974.500
(Report for Fiscal Year ending June 30 1916.)
Am. Malleable Co__N.V., 1910
1,000,000 999,500
Southern Wheel Co_Ga., 1913
Pros. William H. Nichols, N. Y., Sept.
2,500,000 2,450,900
30, wrote in subst.: Am.Land&BIdg.Co..N.J., 1916
The output of Anyox was
43,000
44,995
unfavor
costs by the serious curtailment of ably affected both as to volume and (3) PROPERTIES OF SUBSIDIARY AND AFFILIATED
water
COS. (FLOOR
The danger of a possible recurrence of this power duo to an unusual winter.
SPACE IN SQ. FT.).
difficulty will be obviated by the
Subsidi
installation of an auxiliary steam power
, Plants
plant which is nearing completion. America aryProducts.
Although high Cost of labor and supplies
n Manganese Chicago fits.,I11_Acres. Floor Sp.
_12.9
281,319
Manganese
still in the face of these conditions the cost prevailed throughout the year,
Steel Co
Now Castle, Del 8.7
of blister copper at Anyox
70,000
steel
the year was 8.54 as against 10.09 for
for
do
do __17.25
the previous year, indicating that
60,000
castings.
considerable progress will yet be made in the line
Lancaster, N. Y__13
of further reduction of
180,731 Malleable iron
costs. The assessment for the purpose
__ 5
of war tax is in process of adjust- Amer. Malleables Co_ Owosso,
95,345
castings.
ment, and it appears to be the
Bloomfield, N. J_ 5
Mich_46,000 Not in operation.
the tax unduly burdensome. policy of the Government to avoid making
St. Louis, Mo_-__ 5
72,000
Data from Gen. Mgr. P. M.
Atlanta, Ga
Sylvester. Vancouver, B. C., Sept. 4. Southern Wheel Co
10
38,360 Cast iron wheels
Output.
-During the year
Savannah, Ga_ ._10
43,000
and gray iron
plants 1,897,251 tons of ore,there were mined and treated at your several
Birmingham, Ala.. 9
75,891) castings.
ozs. of silver and 44,848 ozs. producing 42,198,083 lbs. of copper, 487,845 Am. Land & Bldg. Co_Mahwah,
of gold. (See comparison in table below.]
N.J-0wns 60 acres (Bldg. & leasing co.)
Reserves. &c.
-The ore reserves of the various
mines comprise 9,947,000 INCOME ACCT.FOR YEAR ENDED SEPT.30 1916
tons of 2 to 2%% copper,
(NE IV JERSEY CO.).
tons of a grade less than 3,718,000 tons of 1 to 1%% copper and 9,491,000 From operation of plants, after deducti
1% copper, making a total of 23,156,
ng manufacturing, adThe development work at Phoenix
ministrative and selling expenses and deprecia
000 tons.
did not replace with now ore the amount
tion ($62,503),
shipped from the mine during the
and including other income and earnings of
subsidiary cos___x$1,661,619
year by 721,409 tons, and at Anyox the Deduct-Interes
now-found ore exceeded that
t on bonds
31,312
tons. A number of more or which was shipped during tho year by 182 833
during the year, usually with less promising prospects have been examined
Net profits
negative results, though a few have
81,627,307
promise to warrant the options to
purchase which have been takensufficient Less dividends paid
722,000
Operalmons.-At Valdez, Alaska,
en them.
no
Balance carried to surplus
Midas mine during the year, principa effort was made to ship ore from the
$905,307
At this date, however, one cargo of lly because of lack of transportation.
x Note.
-This amount of $1,661,619 does not include
2,000 tons has been received at Anyox, the estimated
$344,963 which is
and regular shipments are expected
pro rata part of the
the most severe winter. months. from this point, except, perhaps, during ated companies for the year endednot earnings of the subsidiary and affiliSept.
At Phoenix-Grand Forks, B. C.,
by them to the company in the form of 30 1916, and which was not paid
the operations have proceeded in
dividends.
usual manner; the efficiency of
In addition to the $4,964,500 prof.
the
product
maintained, though the cost per lb. of ion of the last two years has beau issuable, share for share, In exchang stock and 84,552,300 common stock,
wages and higher costs of all supplies copper has been higher, duo to higher New Jersey Co., the Stock Exchan e for the pref. and cons. shares of the
ge gave authority to
and to working 330,000 tons of low- stock
grade ore that could
and $447.700 corn. stock on official notice of issuanclist $35,500 prof.
not have been handled except for the prevaili
e and payment in
price of copper.
ng high full, making the total authorized to be listed: Commo
n, $5,000,000; prof..
$5,000,000. For balance sheet of Sept. 1916, see
V. 103, p. 2155, 2239.
(VOL. 103.
THE CHRONICLE
2428
There will be no city bonds and no taxation to raise money for building
The city will receive 55% of the n3t earnings.
Under its amortization plan, the Commission sees reasonable probability
30%,of the capital investthat in 1937, or 20 years hence,$120.000,000, or paid off. In another ten
ment in the entire railway properties will be
years it thinks all of the new capital will be paid off, along with a beginning
RAILROADS, INCLUDING ELECTRIC ROADS.
of the reduction of the 1916 valuation of the properties.
Management.—The Commissioners assert that it is "absolutely fundaAlgoma Cent. & Hudson Bay Ry.—Receiver Discharged.
and its service shall be placed
receiver of this road and the Algoma Central Terminals, Ltd., has mental that the control of the new corporation and the Mayor, they would
The
in the hands of the city." • Under the Council
.een discharged.—V. 103, p. 2237, 2078.
with the powers and duties usually
have a Board of Regulation and Control,
have all of
a
Algoma Cent, Terminals, Ltd.—Receiver Discharged.— conferred uponthepublic utility commission. This board is to •
present board of supervising engineers.
the powers of
See Algoma Central & Hudson Bay Ry. above.—V. 102, p. 2076.
valued acValuations.—To make the consolidation the surface linos arethem in the
to the plan adopted
American Railways, Phila.—Sub. Co. Bonds.— ls" below. cordingas of June 30 last atin the 1907 ordinances. That puts months will
$147,475,501, which within three
merger
See Consolidated Light, Heat & Power Co. under "Industria
total $1,700,0(0 more. On the elevated lines the Commission has placed
V. 103, p. 2340.
elevated
a valuation of $70,400,916. This is considerably below what the
right.
n RR.—Proposals Invited.—
Atlantic Souther
interests want and much above what the city has heretofore deemed this
On
given notice that he
Special Master J. B. Marsh, Des Moines, Ia. has part of this property The company has asked $92,000,000 and the city $58,000,000.
'
proposals for the purchase of all or any
properly goes into much detail, because this valuation must
point the report
would receive
the Commission
.—V. 102, p. 521.
130 settled or the transportation dream ends. Roughly,
extending from Atlantic to VilMee,. Ia.[about 35 miles]
assumes a total valuation or both as $220,000,000. To this they would
Called.—
lle (Okla.) Interurban Ry.—Bondsand int. at the add before 1960 $275,000,000 as a "minimum."the new company from all
Bartlesvi
Application of Income.—The net income of
This company has called for redemption on Jan. 1, at 102
various
office of Henry L. Doherty & Co., N. Y., all the $250,000 authorized and sources, after the payment of operating expenses and taxes and
99. p. 1747.
priority payments to be left for determination in drafting of ordinance,
outstanding First Mtge. gold bonds.—V.
will be applicable in the following order:
all of the city funds
Capital Traction Co., Washington, D. C.—Valuation. (a) To the City—An interest return onof interest allowed the invested,
company
rate
A formal agreement has been reached with the P. U. Commission of the including subway rentals at the same
as on new money invested by it,
District of Columbia, adjusting the reproduction value of the property
any
(b) To the New Company—The actual rate of interest paid by it on
by the two sets of experts, varied
of June 30 1914 (which as determined
the Board of Regulation and Control.
not include items
about 5%) at $10,996,214. This item, however, does as follows: Land, new money, as approved by A return equal to 6% on the present certified
(c) To the Now Company—
figured in the report of the Commission's expert
which
on investment, this rate being allowed generally by utility commissions and
$618,116; insurance on land, $1,236; taxes on land, $12,362; interest
utility properties.
courts as a reasonable minimum return on publicand elevated linos of the
above items, $44,220; and working capital, $108,000.—V. 102, p. 1808.
The question of division between the surface companies so far as such
under the unification will be left to those
Central Railway Co. of Canada.—Plan Voted Down.— earnings does not interfere with the rights of the city.
adjustment
of unified
said
(d) Amortization Sinking Fund—Five years after the beginning
The Montral "Gazette" of Dec. 23at the in substance:
office 103 St. Francois operation, a sinking fund is to be established. The annual rate of payment
A meeting of the bondholders was held
t deposited by is recommended to begin at X of 1% on the then purchase price—to be inXavier St. yesterday to consider the scheme of arrangemen
beat creased after five years to % of 1% and after five years more to X of 1%,
the directors in the Exchequer Court of Canada. After the plan had
s and after a further five-year period to 1%.
read to the meeting, a resolution was passed, by which the bondholder
7% on the purchase
If in any year the company's earnings shall exceedto 8% shall be made,
condemned the scheme and declined to appoint any committee to confer
7% up
of the company. The trustee under the two deeds of price that a deduction of one-third of all over earnings shall rise above 8%,
with the directors
moneys due and to take and applied to the sinking fund; in event the
trust was called upon to declare the principal
and applied to
the
additional one-third of the excess above 8% is deducted
the necessary steps for the appointment of a receiver to conserve
company's earnings to 8%
meeting an
passed
company's assets as far as possible. The resolutions 17 1916 at a ratified the sinking fund. This provision limits the
were
on its purchase price.
of the bondholders, which was held in London on Aug.
1907—After
meeting
(e) Divisible Not 45% to Company and 55% to City as in0 to the city
/
and the appointment of the bondholders' committee made at this
payment of the foregoing items the residue is to be divided 55
was to all respects approved.
in favor of and 45% to the company. The company's 45%, however, shall not be less
On a vote being taken holders of about £189,000 bonds voted
earning power is In the property the
declared to be
the resolution, and as no votes were cast against it, it wasv.102, p.1810 than 1% of gross Income, so that if the
corporation is guaranteed more than 6%. the plan presented, starts with
unanimously carried. See aforesaid plan.—V. 103, p. 320;
Capitalization.—The corporation, under
the end of 26 years will have placed
a capitalizati
Charlottesville (Va.) & Albemarle Ry.—Dividends.— $100,000,000on of $220.000,000. and at same period $120.000,000 of valuain that
in the
company, whose bonds tion will have been property, but that the net capitalization will have Inamortized, so
This electric railway, light and power
were placed about two years ago by the Munsey Trust Co. of creased only $60,000,000. the heavy fixed charges during the nine years
To meet
a charge of
Balto. (now absorbed in the Equitable Trust Co. of Balto.), ofTransfer Charges.— n, the financial scheme recommendsThis is to be
immediate constructio
lines.
has recently paid out of the earnings for the 6 months ending 2 cents for a transfer between surface and rapid transit the corporation will
of
eliminated when the financial status
Dec. 31 1916,(1) its sixth semi-annual dividend of 33/2% on reduced and also V. 103, p. 2237.)
permit. (See
GENERAL INVESTMENT NEWS
its ($122,700) preferred stock;(2) its second dividend, 23/2%,
on the $500,000 common stock. In June 1916 a dividend of
2% and 1% extra was paid on the common stock. See bond
offering in V. 100 p. 1436.
Chesapeake & Ohio Ry.—Jan. 1 Coupons.—Interest
coupons maturing on and after Jan. 1 1917 from the following bonds will be paid at the company's office, 71 Broadway.
!Potts Creek Branch 4s,
General Funding & Impt. 5s,
Raleigh & Southwestern By. Co. 4s.
Craig Valley Branch 5s,
be preCoupons due prior to Jan. 1 1917 from the above bonds should pages.)
sented for payment to J. 1'. Morgan & Co. as heretofore. (See adv.
—V. 103, p. 1888, 1322.
I
The specific recommendations of the Commissioners and
their findings, of which only a summary has as yet been
given out, are intended to form the basis for an enabling
ce
ordinance to be passed by the City Council, in accordan
with amendatory legislation to be secured from the State
Legislature.—V. 103, p. 2237.
Ry.—Suit.—
Chicago Rock Island & Pacificfiled throe suits against the
The Colorado & Southern Ry. on Dec. 20
viz. (a) $5,889,718 for
company on claims alleged to be due and payable, Ry. and the unpaid
Valley
half the cost of building the Trinity & Brazos unpaid proportion of prinInstallments of interests thereon (b)340,312 for equipment trusts, series
Valley By.
cipal and interest of Tranity & Brazosinterest paid on Galveston Terminal
ent of
(a) $50,454 for reimbursem
in V. 103 p.
See table of alleged debts (and foot note thereto)
bonds.
and Galveston Terminal
1980; also Trinity & Brazos Valley Ry.on p. 128 —V. 103, p. 2340, 2237.
By. on p. 53 of 'Railway & Industrial Section."
Chicago Rapid Transit Plans.—Further Particulars.—
From advance proofs of the Commission's report the "Engineering Record" of Dec. 23 gives the following additional
particulars regarding the proposed plan (V. 103, p. 2237)
Cities Service Co. N. Y.—Monthly Stock Dividend Confor unifying and amplifying the traction facilities in Chicago. tinued on Common Shares Along with Cash Distribution.—
At the end of the ninth year, when $100,000,000 shall have Henry L. Doherty & Co., in Bulletin of Dec. 23, say:
be as follows :
been spent, the results, it is stated, will principally local service
, the board of direcAt its regular monthly meeting held last Wednesday
1. Conversion of the elevated lines now giving
the cash dividend of A of 1% on
service.
tors of Cities Service Co., in addition to dividend of %7 in common stock
Into structures capable of furnishing extended high-speed express
0
a
on of main lines and terminals, giving 2% times the present tho pref. and common stocks, declared
2. Amplificati
maximum rush-hour capacity.
of the
3. Rapid-transit routes giving transfers between all outlying parts
city without the present necessity of passing through the Loop district. it
and on all other rapid-trans
4. Two-way operation on the Union Loop
routes, with direct transfer to all parts of the city.
5. The expansion of the Loop district.
structures.
6. The elimination of five grade crossings on the elevated sides of the
7. Improved stub terminal rush-hour service front three
Union Loop.
or
8. Extensive outlying territory given rapid-transit service directly
by transfers from the surface lines.
the West Side surface cars underground
9. Subways carrying most of
them from the
through the Loop district to Michigan Ave., hus removing
surface of the street and thereby reducing Congestion.congestion on State
the south, reducing
10. Surface-car subway from
providing
St. and Wabash Ave. and connecting with the West Side subway,
railroad stations.
,
a much-needed servic. directly connecting the mainbe maintained and in
now exist to
11. All transfer facilities as they
and rapid-transit lines are to
addition transfer facilities between surface present single fare or considerbe given for an additional charge over the paid.
now
ably less than the sum of the two fares
passengers
Traffic checks show that 60% of tho total elevated-railway that
m.;
are handled between the hours of 6 to 9 a. ni. and 4 to 7 p. the Loop63%
disof the total passengers in 24 hours are hauled to and from the individual
trict, while 25% of the total travel orginates and ends on
total all-day and rush-hour elevated passengers
lines. Only 12% of the
of total
ride through or transfer across the Union Loop, the percentage average
figure. The
traffic during the rush periods being less than this is a much longer dismiles, which
length of journey is found to be 6.48
New York;
tance than the avera-e haul on the elevated and subway linos in from 1915
the former being 4.16 miles and the.latter 5.57 miles (calculated the transorginating lines with
ticket sales) A combination of the haul in
on the
fer haul indicates that the average journey of the passengers carried of the
in excess
surface lines for a single fare was 4.16 miles. This also is
length of the average ride in other large cities.
record Jan. 15. It will
at par, payable Feb. 1 1917 to common holders of
established the policy of paying
be remembered that last May the directors
increase by 30/ each year thereafter,
60/ stock dividends in 1917, these to
sufficient to warrant such
so long as the company's increasing earnings wore
of % indicates that it is
action. The declaration of the Feb. 1 dividend stock dividends monthly,
the apparent intention of the board to pay the
the same as the cash disbursements. upon fractional shares of stock, the
As no dividends are paid or accrued
had made arrangements with
directors announced that the company for any stockholder desiring to
trust
Henry L. Doherty & Co. to keep infractional shares as may be payable
take advantage of the offer, such declared. Under this plan wo will
monthly from the stock dividends
consolidate them into full
receive the fractions from Cities Service Co. and these whole shares will
on
shares. The cash and stock dividends received
stockholders in proper
the
be credited to the accounts of ons respectiveaggregate one integral
then
of stock
proportion. When the accumulati the stockholder,together with cash
share, certificate will be forwarded to
accumulations up to that time.
& Co. announced that if the holders
At the same time Henry L. Doherty for the 2% and 4% stock dividends
of fractions already outstanding (issue would send in their fractional certifiand Dec. 1. respectively),
paid Sept. 1
in the foregoing plan.—
cates endorsed in blank, they would be included
V. 103, p. 2238.
Colorado & Southern Ry.—Suit.— 103, p. 1798, 1785.
above.—V.
See Chicago Rock Island & Pacific By.
RR.—Semi-Annual Dividend.—
Connecticut River
has ordered Receiver Hustis of the
The U. S. District Court at Boston
l dividend of 5% due Jan. 1
Boston & Maine RR. to pay the semi-annua & M.—V.103,p. 1210,1032.
of thls road. aleased line of the B.
on the stock
—
Delaware & Hudson Co.—Dividend Rate Remains 9%.
9% for the year
The directors have declared a dividend of quarterly install1917 on the $42,503,000 stock, payable in
The financial part of the plan is outlined by the Chicago ments of 23%, viz., March 20 on stock of record Feb. 26;
papers as follows:
stock of record May 28; Sept. 20 on stock of
details of June 20 On
on stock of record Nov. 27.
Cost of Construction—Citg Ownership Plan.—After giving the
in the next nine years and a record Aug. 28, and Dec. 20
0
its plan for the expenditure of $98,273,00
state that their
Annual Dividend Record Since 1885.
minimum of $275.000.000 before 1950, the Commission the entire trans1900. 1901 to 1906. 1907 to 1917.
financial plan would make it possible for the city to own
yearly
1886. 1887. 1888. 1889 to 1896. 1897 to
1960.
5 yearly
7 yearly
6
portation system, representing $490,000.000, in from 18th St. under State
5
5
The first subway of the new system will extend the city will have, when —V. 103, p. 665.
$19,716,750. As
St. to Chicago Ave. It will cost
9
7 yearlyT he shareholders
traction fund, the
Detroit United Ry.—Stock Increase.—
the time of building comes, at least $21,500,000 in its more than enough
be
1,
amount held June 30 last being $18,635.41bethere will this subway and will will vote Feb. 6 on authorizing an increase in the capital
owner of
will
available for this purpose. The city
the trans- stock from $12,500,000 to $25,000,000.
receive rental from the corporation which will be formed to control
for the reason that it will be
portation lines until city ownership is complete.lines and surface lines wit
The directors recommend this increase
obligations and expend considerable
The remaining construction of new elevated
company. necessary from time to time to incur
bop done with money earned and by bonds to be issued by the
DEC. 30 1916.]
THE CHRONICLE
2429
amounts of money in the acquisition and construction of additional lines
The time is fast approaching when a rapid-transit
of railway, &c., as well as for betterments and Impts.—V.103, p.2340,320. sidered. • This would be either of subway or elevatedsystem must be contype, preferably the
latter at this stage oi our development, the comparative costs being about
Hilo Railroad, Hawaii.—Successor Co.'s Report.—
6800,000 a mile for
See Hawaii Consol. Ry. Ltd. under "Reports" above.—V. 102, P. 1249 construction. Thethe elevated as against $3.500,000 a mile for the subway
first link naturally should parallel Market St.
necting with the Twin Peaks tunnel and with a branch extending' consouth
Hocking Valley Ry.—Coal Property.—
through the Mission in vicinity of Capp St. Compare V. 103. p. 1889.
1303.
See Buckeye Land & Hy.and Sunday Creek Coal Co. under' Ind." below..
Deposit
s.—Wages.—Deposits of the 4% bonds under the
Electric Service Ordered Maintained on 17-Mile Line.—
The Supreme Court of Ohio on Dec. 12 handed down a decision directing plan (V. 103, p. 1303)aggregated as of Dec. 18,$8,639,000.
that the company maintain its electric service between Hamden and JackPres. Jesse W. Lilienthal, in a letter on Dec. 21 addressed
son, 17 miles, a line claimed as unprofitable by the company. The decision form men, in regard to the increase in wages of 2 cents per to the "plathour to
upholds an order by the Ohio P. U. Commission issued Sept. 1 1914 (V.99. who have served one year or less, and 1 cent per hour to those servingmen
one
year or more, says: "1916 has been a very hard year for the company.
1). 674).—V. 103, p. 2340. 1888.
There has been a further large decreasd in the earnings, owing
Louisville & Nashville RR.—Bonds Called.—
petition of the jitneys, automobiles and municipal lines—theto the comcost of all
One hundred and thirteen ($113,000) 1st M. 6% gold bonds of the materials has been largely increased—the presence of
Pensacola & Atlantic RR. Co. dated 1881, have been called for payment increased the number of accidents, and a reorganiza the jitney has greatly
company's
for the sinking fund at 110 andint. on Feb. 1 1916 at the company s office, finances has not yet been accomplished. But the tion of the nt realizes
that the cost of living has been constantly growing manageme
71 Broadway.—V. 103, p. 1687, 1417.
higher,
therefore approved this increase in wages."—V. 103, p. 1889,and we have
1303,
Minneapolis St.
Paul Rochester & Dubuque Electric
Traction Co.—Sale Ordered.—
Judge Wilbur F. Booth in the U. S. District Court at Minneapolis on
Dec.23 ordered Howard Abbott, Master in Chancery,to sell this company's
property at auction on or before May 27, next.—V. 103, p. 2079, 844.
Monongahela Valley Traction Co.—Stock he 6
An extra stock dividend of 6% has been declared on the
common stock, along with the regular quarterly Icy,, both payable Jan. 15
to holders of record Jan. 5. The regular quarterly Y % on the pref. stock
was also declared, payable Feb. 1.—V. 102, p. 1346.
Nashville-Gallatin Interurban Ry.—Receivership.—
Judge James B. Newman, in Chancery Court
appointed H. H. Corson and Judge J. R. West at Nashville on Dec. 22,
receivers
upon application by H. H.Mayberry on behalf of himself of the property
and other creditors. Mr. Mayberry, it is stated, owns or represents
a majority of the
$750,000 capital stock and holds $49,000 1st M. bonds and
$4,320 overdue
notes. In order to prevent foreclosure the court
ceivers to Issue not to exceed $20,000 receivers' also authorized the recertificates, bearing not
over 6% interest, and running nor more than
six months,
semi-annual interest due and unpaid July 1 on $600,000 to provide for the
The "Nashville Banner" of Dec. 22 contained the 1st M.5s of 1911.
earnings for the first year, it is said, were more than following: "The
satisfactory, but
because of the financial depression of 1914 and
behind, so that it was necessary to borrow part 1915, the company ran
interest due Jan. 1 of this year, and the money of the money to pay the
the interest of July 1 was used to pay the notes for which should have paid
the January interest and
other pressing claims."
"The earnings during the year 1916," the bill continues
, "have been
more than sufficient to pay all the legitimate
on the bonded debt, but for reasons satisfactoryexpenses and the interest
to the
interest has been allowed to lapse and remain unpaid. management, this
If continued until
after Jan. 1 1917, it will, by the terms of
to take possession of the property, and the mortgage, enable the trustee
the same, or, at the instance of 60% inafter 60 days advertisement, sell
amount of the bondholders, take
such other action as may be directed by said bondhold
ers."—V.99, p. 1215.
Wabash Railway.—Initial Pref. "A" Dividend.—An
initial dividend of 1% has been declared on the $46,200,000
pref. "A" stock, payable Jan. 29 to holders of record Jan.
5.—V. 103, p. 1405.
Wages.—Swilchmen's Arbitration Award.—See "Banking,
Legislative and Financial News" on a previous page.—
V. 102, p. 438.
Wheeling and Lake Erie Railway.—Settlement as to
Equipment Bonds.—The cash and now securities provided
for by the settlement with the holders of20
-year 5% Equipment Sinking Fund Gold Bonds will be distributed through
the Bankers Trust Co. on Jan. 3 1917, to assenting holders
of certificates of deposit. Of these $1,298,000 equipment
bonds of 1902, due Jan. 1 1922, all but about $100,000, we
learn, have agreed to the exchange outlined below.
Digest of Statement by Equipment Bondholders Committee, F. N. B.
Close, Chairman, Nov. 10 1916.
The settlement agreed upon by the committee is as follows:
For each $1,000 face amount of deposited equipment bonds (with coupons maturing July 1 1915 and subsequently attached). (a) $80 in cash
as interest for the two years ending Jan. 1 1917. (b) $350 in cash, being a
payment of 35% on account of principal, (c) $650 face amount of Six Year
4% Secured Sinking Fund Equipment Notes of the New Company, being
a payment of 65% on account of principal. (Denom. of new notes
$6501).
The six (year 4% rotes of the new company are limited
65% of the equipment bonds purchased with the proceeds in amount to
thereof, are to
boar interest from Jan. 1 1917, are to be the direct
obligations of the new
cmpany,are to be secured by a trust agreemen
& Trust Co. as trustee, under which there will t with the U.S. Mortgage
be deposited all of the 20
yoar equipment sinking fund 5% bonds, the holders
Northern Indiana Ry. Co.—Bond Call.—
of which may consent to this settlement. The trust agreement will provide
One hundred and thirty-six 2d Mtge. bonds
that 16 2-3%
of the Indiana By. Co. of the tota 'amount of new 4%
have been drawn for payment at 105 and interest
on Feb. 1, at Citizens' through purchase and cancelhtionnotes issued are to be retired annually
Loan, Trust & Savings Co., South Bend, Ind.,
or by call by lot at
trustee.—V. 84, p. 159.
The committee after expert examination believes par. the settlemen
that
t
outlined above Is very favorable to the equipment bondholders, and
North Pennsylvania RR.—New Presiden
that
no more advantageous terms can be obtained, unless at the end
Charles E. Ingersoll has been elected President t.
of proto succeed Edw. C. tracted and expensive litigation. Any holder of a certificate of deposit
Knight Jr., who resigned.—V. 81, p. 668.
may withdraw his bonds upon return of his certificate of deposit
payment of 2%
Pacific Gas & Electric Co., San Francisco.—Bonds.— tional amount on each $1,000 bond represented thereby, being and upon
a proporof the expenses incurred by
This company has applied to the California RR. Commissi
on for author- compensation for Its services.—V. 103, p. the committee exclusive of any
ity to issue $2,500,000 5% General & Refunding
2239, 2081.
M. bonds at not leas than
90, the proceeds to be used in the acquisition
Yonkers RR.—Cars Run to Hastings.—
subsidiaries. Announcement of the purchaseof the Oro Electric Corp. and
has been made and the comService on the Yonkers-Hastings division, which
pany will take over the properties on Jan.
has
1.—V. 103, p. 2079, 1413.
suspended for some 19 weeks past, owing to labor troubles,been practically
Dec. 27. No attempt was made to run cars to Uniontow was resumed on
Pennsylvania Company.—Dividend
n.—V.95, p. 112.
Increased.—A semiannual dividend of 4% has been declared on
stock (all of which is owned by the Penn.the 0,000,000
RR.), payable
Dec. 30 to holders of record the same date. The same
amount was paid in June last, but places the stock in an 8%
p. a. basis, comparing with 6% in 1915.
York (Pa.) Railways.—Accumulated Dividen
ds.—
A dividend of 2%% has been declared on the
stock
accumulations, along with the regular quarterly 1 pref. both on account of
%,
payable Jan.30
to holders of record Jan. 20. This clears up
all accumulations on this
stock.—V. 102, p. 523.
Youngstown & Ohio River RR.—Dividend
dend of 1% has been declared on the $1,000,000 s.—A divipref. stock
on account of accumulations, along with the
13%, both payable Dec. 21 to holders ofregular quarterly
record Dec. 16.
This clears up all accumulations on the pref. stock.
An initial dividend of 1% has been declared on the common
stock, payable Dec. 21 to holders of record Dec.
Pere Marquette RR.—Purchase Right
16.—
Attention is called to the fact that the rightExpires Dec. 29.— V. 103, p. 1120, 494.
of security holders
to exercise the option of purchase offered by the
plan of
reorgan.(V. 103, p. 1692) will finally
INDUSTRIAL AND MISCELLANEOUS.
option has a considerable cash value. expire on Dec.29. This
See V. 103, p. 2342.
Aeolian-Weber Piano & Pianola Co.—Accumulate
d Div.
Pittsburgh Cincinnati Chicago & St.
A special dividend of 2% has been declared on the
pref. stock
Louis
of accumulations, payable
Consolidation.—The necessary papers have been RR.— first payment on this stock Jan. 2 to holders of record Dec. 23. on account
This is the
since Sept. 1914, and leaves 15%% accumulat
Columbus, 0., providing for the incorporation of filed at —V.102, p. 1989.
ed.
pany as a consolidation of the following subsidia this comAjax Rubber Co.—Purchase—Stock Increase.—
ries of the
Penn. RR. Co. (See plan in V. 103, p. 2342):
Shareholders of this company on Dec. 26
ratified the purchase of the
The Pittsburg
Racine Rubber
Year— '01-'02. '03. '04-'05. '06. '07. '08. '09.'10-'13.
'14. 1915. 1916.
Per cent_ _
3
4
5
6
8
In Jan.1910 33 1-3% in stock.6 In 7 7 8 7 y'rly 4
1915, in cash, June, 2%; Dec.. 4%.
—V. 103, p. 1509, 61.
Pennsylvania RR.—Inc
See Pennsylvania Company rease in Other Income.—
above.—V. 103, p. 2238, 1033.
•
h Cincinnati Chicago & St. Louis
Ry., the Vandalia,
Pittsburgh Wheeling &
diana & Eastern. The Kentucky; Anderson Belt By. and Chicago Inpresent officers of the first named company
will
he the officers of the new company
.—V. 103, p. 2342.
Co. and the increase in capital stock of the
Ajax Rubber
Co. from $5,000,000 to $10,000,000. Compare V.
103, p. 2239.
American Chicle Co.—Statement to Stockhol
creased Sales.—President Darwin R. James, Jr., in ders—Incircular
Public Service Corporation of New
Jersey.—Earnings- letter of Dec. 22 says in brief:
Public Service System—
November.
Gross increase in total business
13.%
$438,240
1
Percentage of increase
Balance available (after payment of operating
penses, fixed charges, sinking fund requireme exnts,
&c.)for amortizat
$580,494
Increase in surplusion, dividends and surplus_ _ _ _
available
dividends over
corresponding period in 1915for
—V. 103,p. 2239,
$56,150
1593.
11 Months.
$4,534,684
13.4%
We desire to express our appreciation of the valuable
assistance rendered
in connection with the repeal of the stamp taxon chewing
gum and to enlist
your influence also towards increasing our volume
brands now include: Adams' Chiclets, Adams' of sales. Our leading
Jack (licorice);Adams' Kis-Me, Beeman's Pepsin, Pepsin, Adams' Black
$5,148,875
Notwithstanding the handicap of contracts for Yucatan and Sen Sen.
previous management which prevented the kind advertising made by the
of
volume of sales, practically every brand exhibits aadvertising that brings
$1,074,889
splendid increase in net volume of sales is shown. healthy growth and a
Toledo & Ohio Central Ry.—Coal
old advertising contracts expire with the year. With The majority of the
Prolmrty.—
See Buckeye Land &
In capacity, secured through the purchase of the much needed increase
trials" below.—V. 103, By. and Sunday Creek Coal Co. under "Indus- Sterling Gum Co., with up-to-date labels, &c., physical assets of the
p. 2343, 2156.
facture standardized, reduced overhead charges, with processes of manuaggressive sales policy,
Trinity & Brazos Valley
Intelligent advertising and assistance from the
shareholders, we are confident
See Chicago Rock Island & Pacific Ry.—Suit.-of results.—V. 103, p. 1890, 1594.
By. above.—V. 100, p. 2087.
United
Railroads of San Francisco.—City's Report.
—
The city engineer of San Francisco reports
in substance :
The supervisor
s have
of the municipal railway appropriated $275,000 from the surplus earnings
system for the purpose of construct
ing the track
and overhead work through Twin Peaks
tunnel from 17th and
streets to the junction of Stoat and
Juniper° Serra Boulevards. Market
The track mileage in the city is
more than five years behind the needs
Of the present population. It is
facilities logically or economically difficult to extend the street railway
because of the fact that all of the
lines are not under a unified control.
The city cannot force the railway
Railroads to make any extensions,
United
nor
extensions of Its own volition under will the United Railroads make any
existing charter conditions
more carefully the situation is studied
the more urgent appears the . The
for the unification of control of all
necessity
the existing lines.
American Fork & Hoe Co., Clevela
nd.—Stock.—
This company has filed an amendment to its
charter decreasing the authorized capital stock from $6,500,000 to $6,000,0
00.—V. 91, p. 591.
American Locomotive Co.—New
Andrew Fletcher, a director and a member President.—
has been elected President of this company, of the Executive Committee,
succeeding William H. Marshall, who recently resigned.
Mr. Fletcher is Pres, of the W. & A.
marine engines, with a plant in Hoboken. Fletcher Co., manufacturers of
Cramp & Sons Ship & Engine Building Co.,He is a director of the William
Pres. of the Consolidated Iron
Works and the North River Derrick Co.—V.
103, p. 2343, 845.
American Malt Corp.—Dividend Increased.—A dividen
d
of 1% has been declared on the $8,844,300 pref. stock
pay-
2430
THE CHRONICLE
(VoL. 103.
and confidence which he imparted to all who worked with him. That is
something greater than money.
Mr. Schwab himself has never received any bonus whatsoever. During
many of the years he had worked hardest for the company—years, in
1917.
Div. year__ '08. '09. '10. '11. '12. '13. '14. '15. 1916.
some of which the company could not borrow money unless Mr. Schwab
2
1%
3
4% 43
3
5
33
Per cent__ 23
personally endorsed its paper—he had declined to accept any salary.
It is for such reasons as these that the phenomenal action of Bethlehem
has now been deposited (or
Over 50% Deposited.—There
In the stock market was not merely pyrotechnics. Mr. Schwab indeed
pledged for deposit) over 50% of the entire outstanding builded better than he knew.
as saying at the aforesaid dinner that
[Press reports quote
capital stock, and the committee confidently expect that the ordnance plant at Mr. Schwab is now 50% greater than the famous
Bethlehem
the plan for exchange of securities can be declared operative Krupp works at Essen, Germany, having at the present time a capacity
of about 1,000,000 rounds of heavy ammunition a month. See also exon or before Feb. 28 1917. The committee adds:
resume in V. 103. p. 2344.]
only assets
The American Malt Corporation is a holding company, itsIt will have tracts from official
Co.
says:
being 1st pref. and common stocks of American Malting per
Earnings.—"The Wall Street Journal"nearly $100 per share
this day
in its treasury, after the receipt of the dividend of $1 12 and share the payBethlehem Steel in October and November earned
after
declared on the 1st pref. stock of American Malting Co. only a sufficient as November earnings were the usual $5,000,000 and October earnings
ment of $1 per share this day declared on its own pref. stock,
were $9,000,000, wnich probably carried some of those Russian readjust1917.
amount of cash to defray its expenses up to Feb. 28 certificates with the ments that have been in dispute. The company's big shell order is now
You are therefore urged to deposits your stock
finished and as usual with Bethlehem a month ahead of time.
ely in order
Guaranty Trust Co., 140 Broadway, N. Y. City, immediat
Bethlehem Steel has still $50,000,'JJO of war orders on its books and
of
a total of $200,000,000.
that the plan may become operative and that you may avail yourself
Com- $150,000,000 of domestic' business, by the officials at about $70,900,000,
the contemplated exchange of securities without expense to you.
Earnings this year are figured
William B. Franklin, Russell H. Landale and Stephen J. Leonard. which should be reduced by war taxes, etc., to about $58,000,000, or not
mittee:
is
Compare V. 103, p. 1792, 1884, 1982, 1994.
far from $400 per share on the nearly $15,000,000 common stock. It
.—Control expected that earnings next year will be between $40,000,000 and $50,American Tube & Stamping Co.,Bridgeport
000,000.
The "Iron Age" says: "This company has been sold to a group of Now
The capacity of Bethlehem Steel, including its Pennsylvania Steel subP.
York capitalists, identified with large steel interests, headed by Guy
sidiaryis now 3,500,000 tons per annum, or nearly one-quarter of the
Bridgeport Brass Co. Plans are under way for a con- capacitir of the United States Steel Corporation.
Miller, Tresaurer
, but no new products will
siderable expansion of the plant and facilities
Betn ehem Steel has now, in the judgment of Mr. Schwab and his felbe made. The company now employs 1,500 hands. The new Directors low directors, attained an assured earning basis of $100 per share, per
W.- Reynders, Chairman; C. D. S. Miller, President: W. It• annum.—V. 103 p. 2344.
are: J. V.
G: Sanford,
Palmer, Vice-President; Guy P. Miller, Treas.; Charles F. J. KingsBillings & Spencer Co., Conn.—Extra Dividend.— the
William L. Abbott, F. Kingsbury Curtis, V. Everitt Macy,
R. Webster.
An extra dividend of 3%, has been declared on the stock along with
bury and William
having been organized in 1874, regular quarterly 2%, both payable Jan. 1 to holders of record Dec. 23.
The company first incorporated in 1887,
the Wilmot & The same amount was paid in Oct.
103, p. 1595.
and was organized under the present name in 1899,absorbing
to $2,Hobbs Mfg. Co. In 1901. Its capital stock outstanding amounts
and common. Bonds outstandBooth Fisheries Co., Chicago.—Acquisition.—
800,000, equally divided between preferred company manufactures open
its
This company has purchased the Lindenberger Packing Co. through
ing amount to $1,050,000, due 1921. The
steel, &c. subsidiary, the Northwestern Fisheries Co.—V. 103, P. 241.
strip,
hearth steel billets, hot and cold rolled hoop band, 775. bar
'
The new interests took possession Dec. 1.—V. 101, p.
able Feb. 2 to holders of record Jan. 17. In 1916 M of 1%
was paid quarterly.
Buckeye Land & Ry. Co.—Operation.—The "Coal Trade
•
American Woolen Co., Boston.—Business.—Pres. Will- Journal" of Now York on Dec. 13 said:
entanglements of the Sunday
In the process of straightening out the legal ,lacing the properties on a
iam M. Wood on Dec. 28 said:
below] and
of
on the books
There are now more than $29,000,000 of unfilled ordersfully until next
not
the company and the next season proper does this open Our European
year.
have been very heavy
month. Advance orders
have all been paid for
military work was finished long ago and the goods of interest. It seems
with exception of some incomplete adjustments will be placed in the
orders for woolen gockis
unlikely that any further
United States by the Allied Governments.
of some export
Our entire present business is domestic with the exception
n—we are
goods on civilian account. That is the strength of the situatio
on a strong footing.
take a long time for Europe to reorganize its industries
To my mind it will
will not immediately be a threatenafter the war ends and Europe,therefore,months and probably a year before
ing competitor. It will be at least nine felt in this country after the war.
on can be
any effect of European competiti
ly destroyed
The Belgian and Northern French factories are complete
for executives and
or disorganized. All the belligerents will be badly off
to use women and children on machines
organizations. It is all well enough
and develop
which are almost human in their work, but it takes time to train
overseers and superintendents and an organization. a possible deluge of
moreover, before
There should be plenty of time,
law, which may at first
goods arrives from abroad, to frame a new tariff ded deficit in the Federal
be of an emergency character to meet the apprehenWoolen Co. wages in the
the American
finances. Since the formation of
and in the case
woolen and worsted industry have been raised 77% to 90%, of labor costs
of the lower-priced employees, over 100%. This doubling 103, p. 2157
on.—V.
should be a consideration for genuine tariff protecti
•
Creek Coal Co. (see that company
business arrangements
sound basis, an important change was made in the located In the flocking
of the corporations which control the coal properties
By.
'Foe Buckeye Land & Ry. Co. and the Ohio Land & and later
Valley.
which were formerly owned by the Hocking Valley Ry. Co. Sunday
by the
bought under court order by J. S. Jones, have been operated
Creek Coal Co.
back its properties,
Dated Dec. 1 1916 the Buckeye Land & R.Co. tookCo. Hereafter the
Coal
canceling the leases held by the Sunday Creek contract in its own name.
its mines, sell its output and
Buckeye will operate
three mines. In fact,
The Sunday Creek Coal Co. continues to operate the Buckeye Land &
the two corporations will be entirely independent, of the Outlook Bldg.
of the ninth floor
Coal Co. occupying the front portion
rear portion of the
in Columbus, 0., and the Sunday Creek Coal Co. the
Ry. Co. with
same floor. P. A. Coen is President of the Buckeye Land &
.
G. K. Smith, Secretary: C. C.Coo., Treasurer
Co., combined,
The Buckeye Land & By. Co. and the Ohio Land & By. 22,000 acres of
Valley and
have 23,000 acres of coal lands in the Hocking Mine No. 9 at Carrington
surface. They have a working mine at Jobs,lease, are scattered over the
and many small mines, now being operated on company to open a large
property. It is the intention of tne Buckeye
business of the
number of small mines as soon as possible. The jobbingLand & By.Co.
Sunday Creek Coal Co. has been taken over by the Buckeye
Arundel Sand & Gravel Co.—Option.—
1975, 2146.
See Arundel Shipbuilding Co. below.—V. 101, p.
Co., Baltimore.—Underwritten.
Arundel Shipbuilding
of Baltimore
The syndicate organized by the Fidelity Trust Company bends of this
of 1st M. 6% 20-year
to underwrite the issue of $300,000ribed within two hours after the lists
oversubsc
new company was largely
bonds is offered to the stockwere opened. The first right to take these (V. 101, P. 1975, 2146) at the
holders of the Arundel Sand & Gravel Co. which carries with it $250 par
rate of par and int. for each $1,000 bond, of the Arundel Sand & Gravel
value of stock. Frank A. Furst, President
Shipbuilding Co. The
Co., will occupy a similar position with the Arundel
of $500,000 common stock
new company will have an authorized capital gold bonds. It is proposed
lst.M. 6% 20-year sinking fund
and $500,006
carrying $75,000 stock. The reto issue immediately $300,000 bonds, Arundel Sand,
Gravel Co.
maining stock issued is acquired by the
Co.—Extra Dividend.—
Bush Terminal
on the $5,000,000
been
An extra stock dividend of 2%% has % on declared
the common and 3% on the
23I
common stock, along with the regularof record Jan. 7. An extra of 2}i%
pref., all payable Jan. 15 to holders
Jan. and July last.—V. 103, p•
in stock was also paid on the common in
1793, 322
vidend Payments.—
Cambria Steel Co.—Di
% regular and 1M % extra deIn connection with the dividends of 1% dividend payable dates from
its
clared last week, the company changed
Sept. and Dec. The change
February to quarterly March, June,paid within the calendar year
quarterly
is made so that all quarterly dividends may be 322.
in which they are declared.—V. 103, p. 2344,
arnCentral Foundry Co., N. Y.—First Pref. Stock—E
1917 on issuing
ings, &c.—The shareholders will vote Jan. 8Prof. additional
ble First
$600,000 8% cumulative redeemaindebtedness of the comstock wherewith to pay off the
this
outstanding in the form of short-timo notes. Of
in Montreal—Earns.
Asbestos Corp. of Canada.—Listedcompany's $4,000.000 6% panystock $574,000 will be offered at par and divs. to sharenew
Exchange has listed the
The Montreal Stock
$3.000,000 corn. stock. these holders of record Jan. 19, pro rata in the proportion of seven
non-corn. & participating pref. stock and
(par $100).
common or pref., now held,
being the total amounts authorized and issued
Cal. Yr.1915: shares for every 100 shares,
-10 mos.ending Oct.311916 and 10 Mos. 12 Mos. subscriptions to be paid in full Feb. 3. The issue has been
Earnings.
te headed by
io mos. 12 Mos. 11
1915.
1916.
underwritten at 95 and divs. by a syndica
1915.
1916.
$437,318 $386,377 Bat. aft.bond int., 65,743 $93,594 Kissel, Kinnicutt & Co. and F. S. Smithers & Co.
Net profits
renew. & bett'ts$1
Bond interest, &c. 271.575 292,7831 and betterments for the calendar
The balance after interest, renewals
year 1914 was $68,183.—V. 102, p. 713.
Bethlehem Steel Co.—Statement by President.—
President Eugene G. Grace, at the dinner given in honor
York,
of Charles M. Schwab by the Lotos Club of New
Dec. 21, 1916, said in brief:
time from
few months
Since the price of Bethlehem Steel stock rose in a
been asked, what caused it?
$30 to $000 a share, the question has often ive genius.
The answer Is Charles M. Schwab, constructtown had 13,000 inhabitants.
to Bethlehem the
011kWhen Mr. Schwab cameBethlehem steel alone are sufficient to make a
To-day the employees of
annual sales of Bethlehem were
city of 150,000 people. Ten years ago the 000.
$10,000,000. Last year they were $230.000, a most alluring offer was
$400
When Bethlehem was selling at about
their stock—carrying with it
made to Mr. Schwab and his friends to sell It would have meant more
a share.
control of the company—for $600 But not a share would he sell.
tnan 150,000,000 to Mr. Schwab. we divide each existing share into six
Failing that, it was urged that
extraordinary legend which had
of
shares without par value. In viewandthe supposed profits, any such plan
its
m
come to be attached to Bethlehethe equivalent of an old share of Bethleresulted in boosting
might nave
But Mr. Schwab again
hem to an absurd figure in the stock market.
would he agree that the policy
took the position that under no circumstances
be guided by considerations of the stock market. be
of Bethlehem should
m's shares should
It has often been suggested since that Bethlehe
stock thus ihade easy.
divided into many parts, and transactions in the Schwab to say that at
character of Charles M.
But it is expressive of the
management is in control will any
no time in the future wnile the presentany other purpose than the developfinancial plan of Bethlehem Steel be for conservative lines, and without any
and
ment of the property along sound
Schwab's interest has been
reference to speculative considerations. Mr. inflation.
and is to create values, not opportunities for for munitions, the Bethledemands
When the war created its unusual
of the many years of sacrifice
hem Company was in shape to reap the benefit its upbuilding. The basis
to
and devotion which Mr. Schwab had given , first, of building men—men
of his policy at Bethlehem was the necessity
of building a plant with
with both ability and enthusiasm,—and second,
the most modern equipment. Mr. Schwab did wonders. Many years
In development of personnel
a share in the profits. But
ago he worked out a plan for giving all his men Bethlehem was not alone
his greatest contribution to the upbuilding of
the spirit of enthusiasm
share of the profits he gave to his men; it was
the
s, N. Y., Dec. 20 1916.
Digest of Statement by Pres. Waddill Catching funds were secured by
Fundiny.—When the Holt plant was built the
have been re-year notes. These notes indebtedness
the form of 2
$625,000 loans in
4545,00J, which
newed from time to time, and now amount to
the compa, y has bank
addition,
matures on or before April 15 1917. In
satisfactory condition of the
loans amounting to $50,000. The present
during the current year make it
company's affairs and its largo earnings most advantageous way relieve
possible to sell additional stock, and in this sment on account of this shortthe company from the possioility of embarras concern.
serious
term indebtedness which has caused us
company, with those of the Central
Earnings.—The net earnings of the Dec. 1 1916 were $628,000, and the
the 11 months to
Iron & Coal Co., for
tely $700,000. The prevailing.
earnings for the year snould be approxima
these earnings as working capital.
high prices make it necessary to retain
the volume of
labor and materials has enormously increased the amount of
The cost of
increasing
business in dollars and cents, correspondingly receivable. Furthermore.
money invested in inventories and accounts
full capacity and the output oven
as all our active plants are operating to is a prospect of further increases.
tnere
in tonnage is larger than ever before,released from working capital for many
likelihood of funds being our bonds have not In several years
There is no
months to come. Furthermore, as
80, bonds in the treasury in an
commanded a price higher than aboutindeotedimss could only oe sold at
amount sufficient to pay the maturing
an excessive interest charge.ve dividends
a very heavy sacrifice, involving
receive 8% cumulati
While the new stock will be entitled to interest charges of the past five
to the
from Jan. 11917, this will add littlepaid off, and this slight increase is far
years on the loans which are to be substituting stock for a maturing int to
more than offset by the benefit of the company, might serieusl3; ppie
reserves the
against
debtedness whicn, if enforced power. The company
Its present splendid earningadvantageously be done, to purchase the nem
redeem or, if this can more
are such that it is believed that the
stock, and the earnings of the company
new issue will shortly be retired. preferred as to assets on dissolution and
stock will be
[The first pref.
divs., and a fund for its retireredeemable In whole or in part at 120 and
payable on July 1 1917 and semithe preferred
will be created, into which will be
ment
any dividends are paid on
annually thereafter $24,000 before with the right, however,in the company
or common stock now outstanding, than the redemption price, and to treat
to purchase first pref. stock at less the equivalent of funds set aside for the
funds applied for such purchase asV. 103, p. 1689. 581.
redemption of first pref. stock.)—
nds Offered.—Liggett,
Central Power & Light Co.—Bo int., $600,000 First
offering, at 100 and
Hichborn & Co. are
DEC. 30 1916.]
THE CHRONICLE
Mtge. & Prior Lien 6% 30-year gold bonds, dated Oct. 1
1916, due Oct. 1 1946, but callable at 105 and int. on any int.
date on and after Oct. 1 1921. A circular shows:
Interest is
!:431
Dominion Bridge Co., Montreal.
-Earnings.
-
Oct. 31 Year. 1915-16. 1914-15.
Net profits_ _ _$2,776.390 $1,344,347 I Nat.Bdge. Co. 1915-16. 1914-15.
of
Directors fees_
14,100
13,910 I Can. stk. writ'n
payable A. & 0. at Equitable Trust
N. Y.
$100. $500 and $1,000 c*. Trustees, said Trust Co.Co., Lyman Denom. Transferred to
down to $1
$174,587
and
reserves _ _ _
Rhoades.
588,107
204,2821Dividends.(20)1300,000
Territory Served.
-The company serves a population of
(8 )568,750
electric light and power, distributed from central stations over 45,000 with
Balance
$874,173 $382,819
in Brookfield and
Net profits as above are shown after deducting deprecia
Warrenburg, Mo.,• Hoxie, Ark., and Laredo,
tion on plant and
Tex.
extend from the central station to LaClede. Linneus Transmission linos machinery and includes int. and divs. in invests.
-V.103, p. 2081, 1213,760.
, Purdin, Browning,
Montserrat, Knob Nester, Concordia and LaMont
Eastern Pennsylvania Light, Heat & Power Co.
e, Mo., Walnut Ridge,
Black Rock, Portia and Pocahontas, Ark., in all
Contract has been awarded to The J. G.
pany does the entire light and power business of which places the com. Street railway lines are tion for the engineering and construction White Engineering Corporaoperated between Hoxie and Walnut Ridge, Ark.,
work in
and in Laredo, Tex. extensions and improvements to the power station connection with the
Cities served are all business centres for territor
at
y, mainly agricultural. notably the installation of 7,500 K.W. turbo-generato Palo Alto, Pa..
CapitalizationAuthorized. Issued. of 3,000 K.W. capacity and the installation of superhe r and transformers
Capital stock
aters on all boilers.
$1,000,000 $600,000 See Eastern Pennsylvania Rys., p. 107 of "Electr
First Mtge. & Prior Lien 6% bonds
ic Railway Section.'
600,000
Bond Issue.
-A direct first mortgage and prior lien 5,000,000
Elk Basin Petroleum Co.
on all the properties,
rights, franchises, &c. Escrow bonds may
-Stock Sold.
-Carl H. Pforzbe
new properties or additions when not earning issued for 85% of the cost of heimer & Co. have sold a block of
$2,000,000 outstanding
charges on all first mortgage bonds outstan s are at least twice the interest stock
(par $5), but an advertisement for purposes of record
ding, together with those proposed. A sinking fund beginning Oct.
1 1917 will annually retire 5i of 1% appears on anothe
of outstanding bonds.
r page. Subscription price was$7 50 per sh.
Property.
-Consists of four well-equipped steam plants,
Data from Letter of Vice-Pres. W. R. Fawcet
high-tension
transmission lines, local distributing lines,
t, Dec. 19.
Organization.
-Organized in Me. [in Dec. 1916] with a capital 1916.
and two street
with complete rolling stock and equipment. Since Feb. railway systems $2,000,000 (par $5), all
stock of
of which is to be Issued.
1 1913 the present
owners have spent $234,295 on improvements.
Properties.
-Will consist of leases on about 840 acres
in the Elk Basin oil
field in northwestern Wyo., of which between
Earnings for the Year ending Sept. 30 1916.
275 and 300 acres is proven
oil-bearing territory. Thero
Gross earnings
$244,945[Annual bond interest
$36,000 1,000 bbls. daily). from theare at present 7 wells producing oil (about
Net, after taxes
$100,842'Balance
$64,842 which lies about 500 ft. deeper,first and second sands. The third sand,
Franchises.
-All of long life and contain no burdensome
is not yet tested.
restrictions.
Is owned and controlled by the Midwest Refining The remainder of the field
Co.
Charleston Light & Water Co.
C.A. Fisher of Denver,Colo.,consulting geologis and The Ohio Oil Co.
-Proposed Sale.
t, reports(in substance):
See Charleston in "State & City" Dept.
"Elk Basin oil field is closed on all sides and
-V. 101, p. 2073.
it has
tending for many miles. The productive territor gathering grounds exChicago Breweries Co., Ltd.
by
to 1 m. wide. The productive sands are the y is about 234m. long
-Earnings.
same series from which
Nov. 30 Year- 1915-16. 1914-15.
oil is obtained in Grass
1915-16. 1914-15. ness of the pay sands Creek and Salt Creek, Wyo. The combined thickDivs. received_ _ - £36,950 £33,050 Int., taxes,
aggregates over 200 ft. Initial daily product
&c__ £22,414 -X22,316 wells in
ion of
Other income
field is
2,139
3,256 Dividends
(5)15,500 (4) 13,866 100 to 150 bbls. from 400 to 600 bbls., while the settled production is from
A few of the wells flow by gas pressure while the
remainder
Total income_ _ _ is9,089 £36,3061 Balance
are pumped. The total present production of
, surplus £1,176
the field is between 3,000
The combined sales of the
£122 and 4,000 bbls. per day."
1915-16, against 263,763 in two breweries controlled were 294,221 bbls. in
Oil produced in Elk
(of which £20,000 held by 1914-15. Debentures outstanding, £220.000 39% gasoline, comparBasin runs about 45 degrees gravity baume,and yields
ed with an average of 28% for first grade Pennsyl
the company), £800 having been redeeme
d vania crude. The properties started
during the late year.
-V. 102, p. 70.
producing
during that month 5.500 bbls. of oil were produce oil on June 1 1916, and
d. Since, production has
Chile Copper Co.
been (in bbls.). July, 19,222; Aug., 23,783;
-Proposed Financing.
-Relative to the Nov.. 21,864.
Sept., 20,308; Oct., 23,421;
published accounts of proposed financing by
There
assigned to the
prominent banking interests neither confirm this company, Greybullis to be g Co. (subsidiarycompany a perpetual contract with the
Refinin
nor
of the Midwest Refining
same.. It is generally understood, however, deny the the Greybull company takes over and operates the propertiCo.) whereby
es
that
expense, and purchases
oil produced at a net price to the at its own
will shortly be announced in connection with an a plan company, which enablestheto share
Elk
it
in all market fluctuations. TheBasin
com$35,000,000 6% convertible bonds to run 15 years. issue of pany has no expenses, except slight administration charges and practica
its entire revenue is net earnings.
lly
The proceeds will, it is said,
Earning -At the present prices and with
crease of production, bringing be utilized in developments allowing an in- earning s.
the present production, net
production to between 25,000 and 30,000
s applicable to divs. should be $225,00
tons of ore per day.
0 per annum from the above
-V. 103, p. 2158, 581.
contract. The company intends to
bring production up to 1,500 bbls.
daily. With this production, earning
City Water Co. of Marinette, Wis.-Control.s should be 20% to 25% net per
annum.
Soo Middle States Water Works Co. below.
-V. 95, p. 1544.
Dividends.
-Dividends at the rate
will be commenced on Feb. 1 1917. of 10% per annum, payable quarterly,
City Water Works of Merrill, Wis.-Contr
The company
$100.000 In cash and has no outstanding liabilities. has in its treasury over
ol.See Middle States Water Works Co. below.
-V. 95, p. 1544.
Federal Dyestuffs & Chemical Corp.-Pref. Stock.
Cleveland Foundry Co.
•
-Consolidation.
The shareholders have authorized
See Cleveland Metal Products Co. below.
-V. 101, p. 290.
authorized $3,000,000 preferred stock.an initial issue of $500.000 of the
-See V. 103, p. 2346. 2156.
Cleveland Metal Products Co.
-Merger Plan.
Federal Sugar Refining Co.-Outlook.-Pres.
Arrangements are being complet
Lowry says:
While the approac
of the Cleveland Foundry Co., theed for the consolidation under this title
Cleveland Metal Products Co. and the it is not likely that a h of peace may unsettle prices for sugar temporarily,
Cleveland Factory Co. 'rho consoli
low range of values will
dated compan
If peace is declared within the next few be experienced during 1917.
:5.000,000 7% preferred and $5,000,000 common y will he capitalized at
months, it is possible that Bel, of which 34,000,000 of gium, Franco, Russia,
each kind will now be issued. A press
Germany and Austria will
common will be offered publicly, part report states that while none of the sowings of sugar beets in April. Under most be able to increase their
of the preferred will be exchanged however, the
favorable circumstances,
for present outstanding preferred, and about
crops will not mature before Oct. 1917,
$1,(00,000 of the now preferred the present basis of supply
and in the meantime
has been underwritten by the Guardia
nard Ii. Murch Co. of Cleveland. It n Savings & Trust Co. and the May- practically every country in and demand must prevail. During the war
the world, excepting the Teutonic allies
is thought that F. W. Ramsey,Pres., Asia, has
and F. E. Drury, Chairman of the board
and
purchased American sugar because it has
of the Cleveland Foundry Co., sugar availabl
been the only refined
are likely to occupy like places in the
e.
new Cleveland Metal I'roducts Co.
The Cleveland Foundry Co. manufactures
I believe Germany and Austria are undersu
pplied with sugar and before
the well-known blue flame
stoves, also produces a stove for the
their new crops could be harvested they would
Standard Oil interests. The Clevelaoil modity. Russia,
probably import the comMetal Products Co. produces
nd
too, with the seas
The Cleveland Factory Co. is sheet aluminum and aluminum utensils. come to this country for the sugar she cleared of hostile submarines, will
a realty company leasing propert
Cleveland Foundry Co.
If peace is deferred until it is too late would be glad to secure now.
y to the
-V. 101, p. 290.
for increased plantings next spring.
then it will be Sept. or Oct. 1918
supplies from their own harvests.before the countries at war can obtain
Cliff Electrical Distributing Co.
It
peace would broaden the demand for our is, therefore, quite possible that
-Operations, &c,
See Hydraulic Power Co. of Niagara
In any case there is likely to be a steadysugar for at least the next 10 mos.
Falls below V. 89, p. 472.
demand for a good many months
to come.
Commonwealth Edison of Chicago.
In the face of these conditions it is fortuna
-New Stock.Tho Illinois 1'. U. Commission
te that Cuba is beginning to
has sanctioned the proposed issue of harvest what is expected to prove a record crop of over 3,400,0
$4,58:3,900 (or 10%) new stock, and
00 tons as
the
It is stated, will be permitted to subscri shareholders of reCord Jan. 10, against 3,006.000 for 1915-16, and that other increases make the estimated
world's production about 700,000 tons more
made in four Installments, Feb. 1, May 1, be therefor at par, payment to be V. 103, p.
than in 1916. Compare
Aug. 1 and Nov.1.-V.103, p.1689.
69. 1305.
Consolidated Light,Heat&
Power Co., Huntington.
This Is the correct name of the Wdst
whose 5% gold bonds, guaranteed as Virginia corporation, 8800,000 of
American Railways Co., were recently to principal and interest by the
sold in one block by Nowburger,
Henderson & Loeb, Bioren & Co.
aro part of an authorized issue and Scott & Co. The bonds in question
made to the Commercial Trustof $1,800,000, secured by first mortgage
Co.
trustees. The issue is dated Dec. 1 of Phila. and John H. Mason, as
callable at option of company on any1916 and due Dec. 1 1946, but is
interest day after Dec. 1'1921 at
1024. Interest is payable J. & D. without deducti
on for any U. S. or
other taxes. Denom. $1,0000*.
The mortgage covers the company's
light, heat and power properties
in Huntington, W. Va., and the towns of
Kellogg, Credo and Kenorah, Wayne County
, W. Va., and any extensions
thereof now or hereafter constru
(a) the initial $800,000 bonds shallcted. The mortgage provides that
be
par not exceeding 85% of the cost of issuable forthwith in amounts at
additio and improvements made
since Juno 1 1911; (b) the remaining bonds at nssimilar
rate on account of
such expenditures made after July 1 1916, a
provided that the annual net
earnings are
times the interest charges,
The American Railways Co. owns tho entire including the bonds proposed.
capital stock (at last accounts
$50,000) and Van Horn Ely is Prest. Of both corporat
ions.
-V.103, p. 2345.
Consolidation Coal
Co.
-Sub. Co. Dividend.
See Metropolitan Coal Co. below.
-V. 102, P. 1438.
Wm. Cramp & Sons
Ship & Engine Bldg. Co.
P. L. Hine and Albert
Strauss
directors of this company. It , both of New York, have resigned as
Is
announced his intention of resignin understood that Henry S. Grove has
g.
-V. 103, p. 2081, 1510.
Crystal Oil Co.
-Acquisition
.
See Sinclair Oil & Refining Co. below.
-V.99, p. 410.
Cuban Teleph9ne Co.
A certificate has been filed in -Stock for Conversion.
Delawar
e increasing the authorized capital
stock from $12,000,000 to
thejj£1,029.580 outstanding$16,000,000 to provide for the conversion of
are convertiole on the basis ofbonds (Denom. £200, or $973.33) which
V. 97, p. 1506; V. 98, p. 1159; $125 in bonds for $100 in stock. Compare
V. 101. p. 848.
Flint Mills.
-Dividend Increased.
-
A dividend of 2% has been declared
holders of record Dec. 20. This compareon the stock, payable Dec. 30 to
s with 1%% quarterly In previous
years. V • 88, p. 1440;
-
Gaston, Williams & Wigmore, Inc., New York
City.
Earnings.
-The company's financial statement will not
be
issued until after Jan. 1 (the fiscal year will end
but the following (unconfirmed) data have appearedApril 1),
in print:
Net Earnings for 7.4 Mos.
to Nov. 30 1916 (Excl. London, Petrograd & Paris
Departments).
G.W.W.SS.
Inc.
Co.
Total.
Not earnings after interest charges_ _ _$1.291
,000 $1,171,000 $2,462,000
Dividends paid ($1 a share July 26; $1
Nov. 15)
600,000
Balance, surplus, for 7.4 months ending Nov.
30 1916
$1,862.000
Condensed Balance Sheet, Nov. 30 1916 (Total
Each Side, $20,215,329).
Invested assets
$2,085,056
Cash and receivables_ _ _ _16,341,409 300,000 shs.(no par val.) $12,000,000
Funded debt
5.000.000
Inventories
1,616,259 Current liabilities
1,793,122
Deferred assets
172,605 Deferred accounts
165,550
Reserves
The company's business, it is stated, is nowand surplus__ _ 1,256,657
only to a relatively small
extent in war materials, while a large and profitab
le trade has been built
up with South America.
See official statement to N. Y. Stock Exchan
ge as of Oct. 4 in V. 103,
p. 2076, 1510.
General Fireproofing Co., Youngstown, 0.
-New
Stock.-Subscriptions for the $194,700 new pref. stock
$250,000 new .common, being all the treasury sharesand
par are payable in full on Jan. 1 at the Dollar Saving , at
s&
Trust Co., Youngstown, 0.
Further Particulars Shown by Circular Signed
by Secretary
R. M. Bell, Dated Dec.
Subscription books were open from Dec. 11 12 1916.
1916 to Dec. 21 1916. The
$194,700 pref. stock was
d to list this company's $1,215.- ers to the extent of 12%offered to both preferred and common stockhold000 pref. stock.
-V. 102, p. 2075.
% of their respective holdings on Dec. 11
1916.
The $250,000 commoa stock was offered to the
pt, Duquesne Light Co.
in amounts equal to 33 1-3% of their holdings as common stockholders
-Notes Called.
of Dec. 11 1916. In
The $021.000 outstanding 3
case of the common stock only, adjustments of fraction
-year
al shares will be
1918, have been called for paymen 5% convertible gold notes, duo Feb. 1 made by the company by sales or purchas
t
Bankers Trust Co: N. Y., trustee.at 101 and interest on Feb. 1 1917, at [This will make outstanding $1,000,000 e on the basis of $150 per share.
7% cum. preferred and $1,000,000
-V. 102, p.11990.
common, par $100.1
Dodge Manufacturing Co., Mishawaka,
Ind.
-Listed.
Pr The Chicago Stock Exchange has
admitte
THE CHRONICLE
2432
tatement by President W. H. Foster, Youngstown, 0., Dec. 12 1916.
The volume of our domestic and foreign business has been steadily inreasing to an extent that makes it necessary to provide additional floor
ace. Tests applies to both the furniture department. in which we mannacture all-steel filing devices and office furniture, and also to the fireroofing department, in which we manufacture expanded metal, herringne steel lath and other building coastruction specialties. Our export
usiness has been steadily increasing notwithstanding the foreign wars.
his increase is due largely to the fact that we are becoming more thoroughly
tablisned in the markets of the world.
It is for the purpose of increasing the productive capacity of our plant
nd providing additional working capital that the board have deemed it
dvisable to sell the amount of capital stock as stated. (See V.103,p.2240.
-Extension of Time to
General Motors Corp. N. Y.
-There having already been deposited
xchange Stock.
117,406 shares of preferred and 103,071 shares of common
stock of the New Jersey company at the Guaranty Trust
Co., N. Y., the time to exchange (as of Nov. 1 1916) has
been extended to and includingJan.19 1917. See plan,&c.,
V. 103, p. 1214, 1510, 2346.
-Sale-Stock, &c.
Grand Crossing Tack Co.
-V. 74, p. 940.
See Interstate Iron & Steel Co. below.
-Common Dividend.
Great Lakes Transit Corp.
[VOL. 103.
International Nickel Co. of Canada, Ltd., Toronto.
A company with this name, was incorporated under the Dominion
Companies Act on July 25 1916 with $5,000,000 of auth. capital stock
in $100 shares, no doubt for the purpose of owning and operating the plant
which the International Nickel Co. (of N. J.) is now establishing at Port
Colborne, Ont., about 22 miles from Niagara Falls.
It was reported unofficially in September last that the American compan
had set aside 35,500,000 for construction and other expenses in Canada.
The following was published early in November:
When the plans for its proposed construction and improvement work in
Canada have been completed the International Nickel Co. will have increased its capacity approximately 40% or from an annual output of 60.000,000 pounds of nickel to between 80,000,000 and 90,000,000 pounds.
Original plans called for the expenditure of $2,000,000 on a Canadian
refinery. The management, however, decided later to increase facilities
all along the line through a single appropriation, and $5.000,000 was then
decided upon as the prospective investment. The refinery will cost about
$2,000,000. Smelting facilities at the Canadian Copper Works will be
enlarged and water-power capacity will be increased.
The nickel company handles about 850,000 tons of ore annually, the
average grade of which runs about 454% nickel. Copper values average
about one-half the nickel content, or 21.i,%. The company saves about
92% of the nickel.
The nickel turned out in the Canadian plant will be for the use of Groat
Britain and its dominions. This output, It is estimated, will be from
20,000,000 to 30,000,000 pounds a year. With an increase in nickel output
copper yield is expected to automatically increase from about 30,000,000
pounds to better than 40.000.000 lbs. per annum.
An initial dividend of 53 50 has been declared on the 100,000 shares of
27.
International Nickel Co. of N. J.
common stock (no par value), payable Jan. 1 to holders of record Dec. the
-V. 103, p. 1591, 761.
See International Nickel Co. of Canada above.
% on the pref. has been declared, payable
The regular quarterly
same day.
International Paper Co.-Pref. Dividend Increased.
ordered the payment out of net earnings of the 1st M.
The directors have
% has been declared on the 322,406.A regular quarterly dividend of
bonds failing due in 1917, 1918, 1919 and 1920, aggregating about 3680,630.
700 pref. stock, payable Jan. 15 to holders of record Jan. 4. In Oct. last
-V.102, p. 2345.
1% was paid. Accumulated dividends now amount to 333% .
1917.
Haskell & Barker Car Co., Inc., New York
'98. '99. '00 to '07. '08. '09 to '14. '15. '16.
Divs.2 23% 13%
The stockholders will vote on Jan. 10, 1917, on changing the date for Pref.( )
4 2 yearly
43% 6 6 yearly
the annual meeting after 1917 from the second Wednesday of Janu as Corn. (
None None None None None
2
1
directors have fixed Jan. 31
to the second Wednesday of April. The
-V. 103, p. 1985, 1214.
the end of the fiscal year and a statement for that year will be sent to the
shareholders as promptly as possible. At the meeting on Jan. 10 it will
Interstate Iron & Steel Co. Chicago.-Preferred Stock
the time
not be possiale to present a statement for the calendar year 1916,
Offered.-Counselman & Co. and Shapker, Waller & Co. are
being too short. V. 103, p. 2082.
-New Preferred Stock.
Hood Rubber Co.
The company has sold to Blake Bros. & Co. an additional 2,500 shares
($250,000) of 7% pref. stock, which they will shortly offer to investors.
This, it is understood, will increase the outstanding pref. stock to $2,750,000. Compare V. 100, p. 58, 815.-V. 101. p. 373.
offering, by adv. on another page,$1,000,000 7% cumulative
sinking fund preferred stock, par $100. Preferred as to
assets and dividends.
., The stock is redeemable on 60 days' notice at 115 and dividend on any
-M. Tax-exempt in Illinois.
dividend-paying date. Divs. Q.
Data from Letter of Pres. Silas J. Llewellyn, Chicago, Dec. 21 1916.
Authorized. Outstanding.
Two hundred and fifteen ($215,000) New Series
Capitalization of the Company$4,000,000 $2,500,000
issued under the Kirby Lumber Co. contract dated Aug. 1 191!, will be 6% serial gold (sinking fund) bonds
1,000,0110
3,000,000
paid on Feb. 1 1917 at par and int. at Maryland Trust Co., Baltimore, or 7% cumulative preferred stock
4,000,000
4,000,000
-V. 102, p. 2258.
National Bank of New York.
the Chase
Common stock
- Additional bonds may be issued up to 60%, of cost of permanent improve-Bonds Sold.
Falls.
Hydraulic Power Co. of Niagara
the total
ments, &c., when the net earnings are not less than three times
Spencer Trask & Co: have sold an issue of $3,000,000 Re- annual interest charge on all bonds outstanding, plus those proposed. The
gold bonds dated Oct. 1 outstanding bonds mature serially, $125,600 per annum for 14 years, and
funding & Improvement Mtge. 5%
of the net
3750.000 at the end of 15 years. Whenever in any year 15% maturities)
1916, due Oct. 1 1951. The subscription price was 993.
earnings exceeds $125,000 (the amount of the annual bond
to be presently issued, $3,000,000. Int. then the excess must be applied to the retirement of the last maturity.
Total authorized, $10,000,000;
assets of
A. & 0. at agency of company in N. Y. or Buffalo. Company will aSs111110
Cmpany.-Or4vilz31 in 1935 (laeorparatea in Ill.) -withOn
present normal Federal income tax. Trustee, Bankers Trust Co. of Buf- about $250.000 and purchased a plant at East Chicago, Ind. comeOct. 1
solely
105 and int. on any int. 1916 had a net worth of about $2,000,000, the increase having
falo. Denom. $500 and $1,000 c*&r. Red. at
of the most modern
date after Oct. 1 1921 on two months' notice. Exempt from personal tax from profits. The East Chicago plant is now one steel; capacity about
manufacture of merchant bar iron and
In N. Y. State.
plants for the
recently placed in operation a
We
18.
Data from Letter of Paul A. Schoellkopf, Treas. 6: Gen. Mgr., Nov. the 13C,000 tons per annum. planthave also 0., with a yearly capacity of
at Marion,
now hard steel roiling-mill
-Owns and operates the oldest power plant now using
Property, &c.
is capable of about 48,000 tons.
Niagara River for power purposes. Present development
Tack
In 1916 we acquired the properties of the Grand Crossing ingots(1
producing an average of 130,000 h. p. The company confines its 'business
open-hearth steel,
to the development of mechanical power and the leasing of hydraulic power. Chicago (V. 74, p. 940), manufacturers of
ng concerns leasing billets, wire products, woven-wire fence, nails, rivets, tacks, &c.
It supplies power in these forms to various manufacturi
1883, with a capital of about
lands of the company under long-term agreements, and it also supplies latter company was originally organized in about $4,000,000, solely from
assets
mechanical power to Cliff Electrical Distributing Co., a N. Y. corporation $10.030 and has since accumulatedplant isof
about 60.000 tons. Two addiof its steel
profits. The capacity
which distributes electrical energy to divers companies.
to increase the production
The company diverts water from the river above the falls, and conveys tional open-hearth furnaces will be constructed
it by a rock canal 4,860 ft. long and 100 ft.wide to the two power houses to about 135,000 tons.
capacity of all plants will be over
Upon completion the total combined
below the falls, a maximum fall of about 212 ft. being obtained. The
company has two power stations, Nos. 2 and 3. Present installed capacity 300,000 tons per annum.
-The purpose of this present issue was to provide part
Preferred Stock.
of No. 2 is about 25,900 h. p. and equipment is in good condition; No. 3 is
This stock has full voting
of later construction, believed to be unsurpassed in design and equipment. of purchase price of Grand Crossing Tack Co. unless (1) total net assets
capacity of No. 3 is about 132,000 h. n. . Owns a power and no additional amount can be issued
The present installed
part used for this are double, and net quick assets are equal to, the outstanding prof. stock,
large amount of real estate in the City of Niagara Falls,
its sale; and (2) the earnings applipower plant and part leased to concerns utilizing power developed through plus that proposed, after giving effect to times the annual dividend charge
cable to preferred dividends are three
the hydraulic canal.
proposed. The assent of 75% of outThe Cliff Electrical Distributing Co. furnishes electrical energy to a num- on all pref. stock, including that
to create a mortgage or incur indebtedness of
ber of manufacturing and other companies, which take power mainly under standing pref. is required issue stock prior to or pad passu with present
long-term contracts. The Cliff Co. also has a large number of other cus- over one year duration ordividend shall be paid which shall reduce total
issue. No common cash
tomers taking power in blocks of less than 100 h. p.
net assets to less than double or the net quick assets to less than 100%
Capitalization (upon Completion of Present Financing) Author. & Outstanding. of pref. stock outstanding, nor until accrued dividends and sinking fund
$3,500,000
First & Ref. M.5s, duo 1950 (closed mtge.)(V.91, p. 340)
for, and the earnings
3,000,000 requirements of the pref. stock have been providedrequirements. Assent
$10,000,000)..to be issued
Ref. & Imp. M.5s, due 1951 (auth.
12,000,000 applicable to the pref. dividends are twice the
Capital stock
is required to change any of the above
pref. stock
-A direct mortgage on the power canal, power plants, build- of 75% of outstanding
Security.
Annual sinking fund to retire the pref. stock at not exceeding
ings, equipment, real estate, &c. subject to the (closed) First & Refunding provisions. a sum equal to 5% of the maximum pref. stock at any Unto out.
div.,
of the Cliff
'
Mtge. The company owns $1,150,000 of 5% First M. bonds will acquire 115 and
Year 1916 (Last 3 Mos. Partly Estimated).
Electrical Distributing Co. (total authorized $1,500,000), andfor the First Combined Earnings for Calendar
1:959202:971213
57,522.119
and allowances
the remainder, all of which are or will be pledged as security Imp. Mtge. Sales, less outgoing freight, discounts depreciation, &c
Net, after deducting mfg. costs, taxes,
Mtge. bonds and subject thereto under the Ref. &
& Ref.
of the new issue, Is low, Interest on all bonds now out, $150,000; bond sk. fund (15% of 448,608
The total bonded debt, including the $3,000,000
net earnings), $298,608
being about $50 per h. p. development.
-$3,500,000 are reserved to retire the First & Ref.
Additional Bonds.
42,114
of the cost of
Applicable to divs. on this issue of pref. stock,570.000 annually$1,5
M. 58, and the remaining $3,500,000 are issuable up to 80% twice the total
-The total value of assets, shown by Julian Kennedy,
future additions, &c., but only when annual net earnings are
Value of Property.
exthe bonds then to be issued.
of Pittsburgh, Pa., and audit of accountants, Is in , is
interest charges, including
consulting engineer
.
Total net assets, after deducting all indebtedness
Earns. Yrs. End. Dec. 31 (as applied to issue of $3,000,000 Ref. & Imp. 5s) cess of $6,000.000. $326 for each share of pref. stock outstanding. The
1913.
1914.
1915.
$3,260,000. equal to
1916.
(1916 3 months estimated.)
each share
$1,197,558 $1,054,212 $1,054,597 $1,043,992 net quick assets are equal to 51.920,000, or equal to $192 for
Gross earnings
$941,607 $802,927 $780,807 $773.412 of pref. stock outstanding.
Net, after taxes
81,956
83,423
Oullo'ik.-The company's domestic sales constitute very'much the largest
82,406
83,816
Other income
Crossing
proportion of its total business done. and neither it nor the Grandsuch conorders. On the basis of
Total net available for int_ _$1,025,423 $885,333 3864,230 $855,368 'rack Co. has ever accepted any munition view of the increased production,
175,000 tracts and the orders on the books, and in
175,000
175,000
175,000
Int. on First & Ref. 5s
150,000 the net earnings for 1917 should be largely in excess of those for 1916.
150,000
150,000
Int. on $3,000,000 R.& I. 5s 150,000
-The same since its organization in 1005, and, in addition,
Management.
aid
$539,230 $530,368 Samuel Hale (V.-Pres.), formerly with the Wisconsin Steel Co.
$700,423 $560,333
Surplus
50,000
50,000
100,000
100,000
-The
-Bonds Offered.
Depreciation
Iowa Southern Utilities Co.
2,388
4,656
5,901
fund_ _ _ _
Reserve for pension
at 101 and
-A treaty limits the diversion above the falls on the Amer- Chicago Savings Bank & Trust Co. is offering
Water Rights.
ican side to 20,000 Cu. ft. per second, of which the company has established interest, yielding 5.90% $550,000 First Mtge. sinking fund
are still 4.400 cu. ft. of water per second which
right to 6,500 cu. ft. There
1916, due Oct. 1 1933, but callable
have not yet been used, and of this the company, in opinion of its counsel, 6% bonds dated Oct. 2
60,000
is entitled to at least 3,000 Cu. ft. equivalent to an additional
on any interest date at 105 and int.
V. 102, p. 1165.)'
of Centermechanical h. p. (Compare V. 91% p. 340;
The company was organized in Maine in 1905, under the name
the public utility properville Light & Traction Co., and owns and operates the city and extending
-Extra Dividend.
Indiana Pipe Line Co.
serving
stock, along ties serving Centerville, and a street railway just acquired all the property
An extra dividend of 2% has been declared on the 35,000,000
the town of Mystic. The company has
with the regular quarterly 4%, both payable Feb. 15 to holders of record to the Centerville, Albia & Southern IV., which operated a pa.ssonger and
of
Iowa.
Jan. 25.-V. 102. p. 612.
freight electric railroad between Centerville and Albia,
Inland Steel Co. of Illinois.-Recapitalization.
-Stock Decrease.
Inc.
Kaufman Department Stores,the pref. stock from $2,200000
shareholders, it is reported, will vote Jan. 30 on reincorporating
The
directors having voted to decrease
$30,000,000 capital stock
the company under the laws of Delaware with to present shareholders on toThe
tenders for sale of $75,000 of the pref. shares will be received
$2,125,000,
is.sued
(par $100), of wnich $25,000,000 will beeach $100 stock retired, being the at the New York office, 1261 Broadway, until 12 M to-day. V. 102, p.
Feb. 15 on a basis of $250 new stock for
883, 612.
-V. 102, p. 434.
equivalent of a 150% stock dividend.
-Called for Payment.
Houston Oil Co. of Texas.
Timber certificates
-Notes.
Steamship Co., Cleveland.
Interlake
the
The directors have voted to retire on Feb. 5, at 102 and interest, six
company's outstanding $1,400,000 5%, notes which mature serially In
installments until 1921, inclusive.
months
The regular quarterly dividend of 2% was also declared, payable Jan. 2.
-V. 102, p. 1350.
-Control.
(Ia.) Water Works Co.
-Stock Increase.
Kewanee (Ill.) Boiler Co.
Keokuk
-V. 103,• p 2211.
See Middle States Water Works Co. below.
$500
This company recently increased its authorized capital stock from
000 to $2,000,000.
Dgc. 301916.]
THE CHRONICLE
-New
Kings County Electric Light & Power Co.
-For the purpose of further extendConvertible Debentures.
ing the business, the directors have voted to issue the remaining $2,500,000 of the $5,000,000 6% Convertible
Coupon Debenture Bonds, authorized by the stockholders
Nov. 26 1912, such part of said proposed issue having been
approved by the P. S;Commission on Dec. 4 1916. Subscription warrants will be issued shortly after Jan. 9 giving
to stockholders of record at 3 P. M., Jan. 9 1917 the right
to subscribe for the new bonds at par at the Franklin Trust
Co.N.Y. and Brooklyn-until 3 P. M. March 1. Subscriptions will be payable 50% with subscription on or
before March 1 1917 and 50% June 1 1917 with adjustment
of interest. One share of stock will entitle the holder to
subscribe for $15 of the Debenture Bonds.
Further Data Per Circular, Dated Dec. 27 1916.
The debenture bonds will be dated March 1 1913 and will haVe the
convertible
Sept. 1 1917 and subsequent coupons -ttached, and will be maturity,
to
into stock at the option of the holder at par, at any date prior $100 (c*).
Denominations $1,030 and
and will mature March 1 1925.
Stockholders may, if preferred, make payment in full on or before March
after May 1 for bonds bear1 and exchange their full paid receipts on and second instalment of 50%
if desired, the
ing the Sept. 1 coupon. Also,of any month subsequent to March, and
paid on the first day must be accompanied by a check for the
may be
prior to June, but when so paid
payment from March 1; and on
Interest at 6% on the amount of such be exchanged for bonds bearing and
the
after May 1 the full paid receipt may
coupon.
Sent.des
6% from date of receipt, will be allowed on all payments
Interest
made on or before Feb. 15 1917, and will be paid at the office of the Trust
Company when the receipts are exchanged for bonds.
Fractional,warrants must be bought or sold in the market so WI to make
the subscriptions for even $100 bonds, or multiples thereof.
-The company has formally
Modified Order Accepted.
accepted the modified rate order adopted by the P. S. Commission on Dec. 22, effective Jan. 1. The new order, it is
estimated, will save consumers in Brooklyn over $675,000
yearly as against $1,050,000 by the order of Oct. 27, now
abrogated.
Digest of Modified Order dated Dec.22 and effective for Cal. Year 1917.
On and after Jan. 1 1917 and for a neriod of twelve months thereafter the
prices to be charged by the Edison Electric Illuminating Co. shall be:
(a) The maximum price for electric service, exclusive of the installation
and renewals of electric lamps, shall be 8 cts. per k. w. hour.
(b) The general lighting rates shall be as follows: Eight cents for the
first two hours' average daily use of the maximum demand; six cents for
the second two hours' and five cents for the excess over four hours' average
daily use of the maximum demand. Said maximum demand, except when
determined by meter, shall be assumed to be not in excess of 50% of the
consumer's connected load for residences and not over 70% for other consumers, provided, however, that said maximum demand shall not in any
case be assumed to be less than 1% k. w.
(c) The rates for current used for power under the maximum demand
contract shall be as follows: eight cents per k. w. hour for the first hour's
average daily use of the maximum demand; five cents per k. w. for the
second hour and three cents per k. w. hour for all current in excess of two
hours'average daily use of the maximum demand. Said maximum demand,
except when determined by meter, shall be assumed to be not in excess of
1% of the connected load. No discount shall be allowed by said corn'any under said contract.
The company shall not furnish to its customers gem lamps or other lamps
• an efficiency of less than 1 h watts per candle power and the charge for
,,amps shall be based on the cost to the company. The maximum
t0 be charged for the installation and renewal of incandescent lamps
Ashed under any lamp service agreement shall be M of 1% perk. w.hour.
,tungsten lamps of smaller capacity than fifty watts are furnished the
mpany shall be entitled to malce an extra charge therefor but not more
--Y. 103.
than the additional cost of the installation and renewal thereof.
p. 2241. 2082.
2433
the U. S. In 1820. Specializes in marine and locomotive boiler plates.
Owns entire capital stock of Allegheny Ore & Iron Co.. owners of iron mines
in Va. and two blast furnaces with 75,000 tons annual capacity.
Authorized. Outstanding.
Proposed Capitalization7% cumulative first pref. stock ($100 par value)_ _ _$6,000,000 $6,000,000
6.000,000
pref. stock ($100 par value)__ 6,000,000
7% cum. convert. 2d
10,500,000 10.500,000
Common stock ($50 par value)
-Covers about 230 acres and an adjoining 120 acres
Plant and Property.
have been purchasW to provide for expansion. Equipment includes 140, 112
and 84-inch plate mills and a 48-inch universal plate mill, each equipped
-inch.
with straightening rolls, shears, beating furnaces,&c.; a 34-inch by 108
slabbing mill. Company makes its own steel in two open hearth plants,
(a) six 35-ton furnaces, two for acid steel and four for basic steel; and (b)
ten 55-ton basic furnaces. Now being installed a new 204-inch. four-high
plate mill, driven by a 20,000 h. p. compound condensing engine, to be the
-ton open hearth
largest in the world; also installing six new modern-type 100
furnaces. About 2,000 men are now employed.
Capacity of mills now in use is about 300,000 tons per annum. With
the completion of extensions, this will be increased to about 450,000 tons.
In the year ended Oct. 31 1916 the company made and sold in excess of
275,000 tons of its products. None of the product is being sold for the
manufacture of munitions or war material of any kind.
-In the ten years from Nov. 1 1905 to Oct. 31 1915'total gross
Earnings.
profits were $7,402,399; depreciation charges, $1,624,052, and net profits
available for dividends $5,778,347.
•
Net Profits After Depreciation Charges Not Less than the Following.
Year encl.
14 Mos. Cal. Yr. Cal. Year. Cal.Year. Cal.Year. 10 Mos.
1914.
1915.
Oct. 31 '16.
1913.
1912.
1911.
1909-10.
$1,000,000 $300,000 $650,000 $1,300,000 $150,000 6300,000 $3.000,000
With present equipment the net profits for the year to end Oct. 31 1917
should be not less than $8,000,000.
Assels.-The balance sheet as of Oct. 311916,now being verified by auditors, shows net tangible assets in excess of $10,000,000, including net
quick assets of over $5,000,000. The plant units now operated are carried
at less than $1,650,000, while the new 204-inch mill and open hearth furnaces represent an investment during the past year of over $1,300,000.
with about $1,500,000 yet to be expended.
-A semi-annual(M.& N.) sinking fund for both first and
Sinking Fund.
second pref. stock will receive 50% of the balance of net earnings after all
divs. are set aside, one-half to be applied to the purchase (or call) of first
pref. stock and one-half of second pref. stock at the lowest prices obtainable,
not in excess of the redemption prices. The second pref. fund may at
any time be applied to 1st pref., and must be so applied in case no 2d
pref. stock shall be outstanding after Nov. 1 1919, the fund shall be reduced
to at least 25% of the net earnings, provided 1st pref. stock shall then
have been reduced to $2,500,000 or less.
-Present management in charge since 1881 remains, and
Management.
retains a majority of stock.
Memphis (Tenn.) Consolidated Gas & Electric Co.
-ReAgreement With City.- NoMunicipal Plant at Present.
-On Dec. 11 the City of Memphis
-Merger.
duced Rates.
and representatives of the two lighting companies came to
an agreement on the light question on the following basis
as reported by the "Memphis Appeal," this resulting in the
cancellation of the city's authorized $1,500,000 bond issue
and the indefinite postponement of all plans for a municipal
lighting plant:
(1) The rate for electric lighting will be six cents for the first 80 k.w.
hours; five cents for the next 120;four cents for the next 300 and three cents
for all in excess of 300, with a service charge of 30 cents; provided, that no
consumer's bill shall total more than 7M cents because of the service charge.
(2) The power rate is to remain the same as now charged.
(3) The rate for gas will be $1 per thousand for the first 2,000 feet and
80 cents per thousand for each additional 1,000 in excess of 2,000, with a
minimum gas bill of 60 cents.
(4) The rate for street lamps, electrically lighted, will be $50 the year.
Gas lamps are not considered in the agreement.
(5) The Merchants Power Co. (V. 102, L.). 1350, V. 101, p. 135) and
the Memphis Consolidated Gas & Electric Co. will consolidate and pay
to the city $100,000 in cash.
(6) The franchise of the consolidated company will be extended to 1943,
but the city does not grant an exclusive franchise nor relinquish its right
at any time to build a light plant.
Rates herein provided to begin as of Jan. 1, 1917. They mean a general
saving to the light and gas consumers at Memphis of approximately $350,Kokomo (Ind.) Water Works Co.-Contro/.000 a year.
-V. 103, p. 1985.
Sco Middle States Water Works Co. below.
The extension of the light franchise until 1943 came about because the
Consolidated Gas & Electric Co. has an issue of bonds which runs to that
-November Sales.
(S. S.) Kresge Co.
date. Its frsnchise really expired In 1935. The franchise of the Mer1016-November--1915. Increase.I 1915-11 Mos. to Nov. 30-1915. Inc. chants Power Co. expires in 1930.
$514,209 1$22,138,207 $17,599,397 $4,538,810
$1,912,862
The city will continue its right to build a municipal plant at any time
$2,427,071
it secs fit, and it will also have the right, whenever it does build and erects
-V. 103, p. 1892, 1510.
miles of lines, to compel the Consolidated company to meet the rate
,
Stock Divi- 25
-10%
Laclede Gas Light Co., St. Louis.
charged by the city's plant. V 89, 171• 474; V. 76, p. 708.
-President, C. L. Holman, Dec. 14, says in subst.:
dend.
Our new manufacturing plants, advantageous contracts made several
years ago, and the unusual market developed for our by-products due to
war conditions, have contributed to reducing operating expenses to such
an extent that your directors,In July 1910,r uced the rate charged for gas
from 80 and 60 cents to 75, 55and 45cents per 1,000 cubic feet, according
to quantity used. This lesser rate has so far resulted in a reduction of
gross earnings of about $25,000 per month. It is confidently expected,
however, that through the new avenues which will be opened to us in the
-cent rate, that
adoption of the new schedule,and particularly as to the 45
sales will soon increase to the extent of materially adding to our gross receipts. It is expected that larger quantities of gas, at a smaller rate of
profit, per unit, will be sold.
The company has been accumulating, out of net earnings during the
past six years, a reserve for."Dividend Common Stock." Until the abnormal conditions of the present year developed, it was not considered
wise to make a distribution thereof. The fund in that account has been
considerably added to this year, and your directors felt that the stockof that fund. Accordingly,
holders were now entitled to a
on Dec. 14 a dividend of 10% on ($10,700,000] common stock was declared, payable on Jan. 2, 1917, to holders of record Dec. 26, 1910.
It is unlikely that present conditions, depending as they do largely upon
the war situation, will continue, although there will still be a profitable
market for our residual products.
Your directors declared the dividend after a reduction in the gas rate
to the general public, amounting to about $300,000 per year, had been
made and also after having ordered paid to employees of the company an
additional 10% of their earnings during the past year. It is believed that
under the extraordinary conditions stated that you will agree that this
,
division of the company's earnings-with the public,the employees and the
stockholders is desirable, timely and in accordance with the well established policy of your company.
(This extra 10% dividend we learn officially is payable Jan. 2, 1917, in
common stock to holders of the common stock appearing of record Dec.
26, 19161 V. 103, p. 2347. 324.
Louisiana (Mo.) Water Co.
-Control.
See Middle States Water Works Co. below.
-V.98, P. 527.
Lukens Steel Co., Coatesville, Pa.
-Stock Sold.
Henry & West and White, Weld & Co. have sold, see advertisement on another page,at 98, $6,000,000 cumulative first
preferred stock (also a limited amount of common stock at
$40 per share, par $50).
The stock is preferred as to assets and dividends. Red. all or part at
the following prices, plus dividend: On or before Nov. 1 1917, at 102;
thereafter until Nov. 1 1918, at 103; thereafter to Nov. 1 1919, at 104;
then to Nov. 11920,at 105;then to Nov. 1 1921, at 106; thereafter at 110.
Digest of Letter of A. F. Huston Pres. of Lukens Iron & Steel Co.,
Dec. 15 1916.
-W111 be incorporated in Penna. and acquire all the capital
Organization.
stock and ultimately the entire property, &c., of the Lukens Iron & Steel
Co. of Coatesville, Pa.(established in 1810) free and clear except for current
.
accounts (V. 92. p. 1314). This company rolled the first boiler plate in
Um>
,
alifZ.
Merchants Power Co., Memphis.
-Rates-Merger.
See Memphis Consolidated Gas & Electric Co. above. V. 102. p. 1350.
-Stock Dividend, &c.-.
-Metropolitan Coal Co., Boston.
The authorized capital stock having been increased from $2,000,000 (of
which $1,900.000 is outstanding) to $3,000,000, it is announced that $760.000 of the new stock is to be issued before Jan. 1 as a stock dividend of
40% representing accumulated surplus, and increasing the outstanding
stock to $2.660.000. A majority ($951,600) of the stock is owned by the
Consolidation Coal Co. of Md.
Dec.21'i6. Mar.3116
Liabilities-; Dec.21'16. Mar.31'16.
AssetsReal est. & mach_ $932,202 $818,340 Capital stock ____$1,900,000 $1,900,000
llorses,vehicles &a 181,076
149,474 Special stock
400,000
400,000
Supplies, &e
356,635 First sinking fund
475,078
208,000
208,000
692,117 434% bonds
Cash & debts ree_ - 735,699
Steamships
200,519
85,000 Accounts payable_ 698,620
85,000
Securities
853,731 Floating debt_ _
446,777
1,354,450
Goodwill
400,000
400,000 Surplus
956,885
200,000
Total
Total
$4,163,505 $3,355,296
$4,163,505 $3,355,296
The balance sheet as of March 31 1915 included "securities" at only
$470,594, and showed "surplus" of $200.000.-V. 102, p 1980.
Michigan Limestone & Chemical Co.-Pref. Stock
Offered.
-Allard, Kinnear & Co. Inc., are offering at par
($25 a share) an additional $25d,000 7% cumulative pref.
stock, the proceeds of which will be used to construct a plant
at Buffalo for the manufacture of agricultural lime for fertilizing purposes; also for the completion of a breakwater
at.Calcite, Mich. A circular shows:
Capitalization (the Amount Outstanding Including the Present Offering).
Authorized. Otastand'g.
7% pref. stock cumulative (dividends Q.
-J. 15),
preferred as to assets and dividends; voting power;
retirement at 105% provided for by sinking fund_ _$2,000,000 $1,750,000
Common stock
2,500.000 1.501.125
6% coupon serial bonds, retired to date
$150,500 (closed) 499,500
The bonds mature $65,000 yearly (Jan. 1), but under the plan for using
part of the net earnings to retire them the entire issue should be retired
not later than July 1 1919. No new bond issue can be authorized except
with the consent of at least 60% of the entire outstanding capital stock,
preferred and common.
The company owns on Lake Huron, in Presque Isle County, Mich., an
enormous deposit of limestone (stated to be about 97% chemically pure
calcium carbonate), and an operating plant with a capacity of 20,000 tons
of crushed stone per day. Its customers include such companies as the
United States Steel Corp.. the Lackawanna Steel Co., the Buffalo Union
Furnace Co., the Union Carbide Co., &c. A large portion of the output,
It is stated, is under contract for five to ten years ahead. The management
includes as President W. F. White, President of White Investing Co.;
R. Walter Leigh, V.-Pres. Maitland, Coppell & Co.; J. G. White and W.S.
Kinnear. See also V. 102, p. 1721.
2434
THE CHRONICLE
[Vol,. 103.
Middle States Water Works Co.
-Bonds Offered.
Northern Idaho 85 Montana Power Co.
-ReorganizaHalsey, Stuart & Co. have issued a circular regarding the tion.
-President Elmer Dover has been appointed receiver
block of $1,377,000 First Mortgage 6% collateral gold bonds, with a view to a friendly
reorganization, not only placing
dated Nov. 1 1916 and due Nov. 1 1936 (see V. 103, p. 2347). the company on its feet,
but also providing it with funds for
Digest of Statement by Pres. J. II. Purdy, New York, Dec. 18 1916. immediate and
future construction with which to provide for
Organization.
-Organized under laws of Delaware in Nov. 1916 primarily
to acquire and hold the securities of companies operating water-works its growing business. The plan of reorganization
will probaproperties. The company now owns (a) all of the $1,377,000 (1st Mtge.) bly be announced
by the middle of next week, the committee
bonds and all of tho $1,605,000 stock of Kokomo (Ind.) Water Works Co.
(organized 1887, V. 103, p. 1985); City Water Co. of Marinette, Wis. in charge of the matter consisting of C. A. Coffin,
H. M.
(organ. 1887, V. 95, p. 1544); City Water Works Co. of Merrill, Wis. Byllesby, W. P.
Bonbright, F. W. Stehr and J. J. O'Brien
Organ. 1887, V.95, p. 1544); Keokuk (Ia.) Water Works Co.(organ. 1877.
V. 103, p. 2241); Mt. Vernon (Ind.) Water Works Co. (organ. 1886, V. 95, (of Byllesby & Co.). An approved statement says in
subst.:
p. 1545)• tho Louisiana (Mo.) Water Co. (organ.
The company, which has
1887, V. 98, p. 527);
(b) the entire $2,000,000 capital stock of the Wichita (Kan.) Water Co.
(organ. 1882, V. 98, p. 528). The appraised value of the physical properties of these companies is largely in excess of tho amount of our outstanding 1st Mtge. collat. 6s.
Capitalization on Completion of Present Financing- Auth.
Outstantrg.
Capital stock ($345,000 is preferred stock)
$3,664,900 $3,664,900
First Mtge.6% collat. gold bonds, duo 1936
(See below) 1,377,000
These bonds, secured by pledge of all the stocks and bonds of six of the
seven subsidiary companies and by all the stock of the seventh company,
are issued to readjust the funded debts, retire floating debt and for additions and improvements to the properties of subsidiary companies.
Additional bonds may be issued only as follows: (1)
equal principal amount of 1st Mtge. bonds of subsidiaryOn pledge of an,
companies, provided that (a) the latter bonds do not at their face value exceed 80% of the
cost of additions and improvements, and (b) the consolidated
earnings
of the Middle States Co. are 1Y, times total interest charges,not the net
and
earnings of tho subsidiary in question 136 times its 1st Mtge. interest, in,
cluding all bonds proposed. Moreover, the property covered by any bonds
of an issue not previously deposited shall on independent appraisal show a
value at least 25% in excess of the amount of 1st Mtge. bonds outstanding,
and net earnings 14 times 1st Mtge.interest, incl. bonds then to be issued.
To insure adequate upkeep 99', of the gross earnings of each company
whose bonds are pledged hereunder shall annually be sot aside as a maintenance and replacement fund, of which at least 4% shall be included in
operating expenses.
Franchises.-Tho subsidiaries are operating with no competition, and in
Kokomo, Marinette and Merrill have indeterminate permits, while in Mt.
Vernon our subsidiary has the right to an indeterminate permit any time
prior to July 1 1917. The Louisiana franchise is considered perpetual.
The remaining two franchises expire in 1917 and '1922, but no unusual difficulty is anticipated in arranging for their prompt renewal.
Territory Served.-Tho combined systems embrace 296 miles of pipe;
filter plants of 10,700,000 daily capacity; high service pumping equipment
of 49,625,000 gallons nominal daily capacity, and additional low service
and relay pumps of 13,750,000 daily capacity. The pumpago of the combined plants during the past year was 3,477,275,000 gallons, supplied to
21,185 consumers. The water supply in each is ample and has been selected
with great care. The cities served are well established, the total population served, including the city of Wichita, according to the U. S. Census
figures, having increased as follows: 1390, 74,342; 1900, 84,916; 1910,
116,774; present estimated population in excess of 140,000.
Consolidated Statement of Earnings of Constituent Cos.
-Years end. April 30.
1915-16. 1914-15. 1913-14.
Gross income from all sources
$237,799 $232,896 $220,498
Oper. exp., including maintenance (4%),
taxes, interest on loans, &c
117,102
116,423
112,592
Net earnings
$120,696 $116,473 $107,906
Add: Income accruing to the Middle States
Co. through ownership of the entire stock
of the Wichita Water Co
36,122
38,409
35,682
Net income
$156,818 $154,882 $143,588
Annual interest on these $1,377,000 1st Mtge. collateral 6% bonds
requires $82,620.
Management.
-All of the outstanding capital stock of the Middle
Co. is owned by the American Water Works & Electric Co., whichStates
is extensively engaged in the operation of water-works properties and employs
for their benefit expert engineers, operating chemists and accountants.
-V. 103, p. 2347.
Midwest Refining Co.
-Oil Field Control.
-
See Elk Basin Petroleum Co. above.
-V. 103, p. 2242, 65.
Minerals Separation North American Corp.
-
The U. S. Supreme Court having established the validity of the basic
patent for froth flotation (i.e. using 19' or less of oil) notice is given
that this company, which coltrols all rights under this process in North
America, is ready to grant licenses for the use of this process to those who
wish to install and use it. Those who have infringed the patent must
first however settle for past infringement. The company announces its
intention to enforce its patents and will stop all infringements. In San
Francisco the company maintains a laboratory for testing ores by flotation.
and samples sent to its Chief Engineer, Mr. Edward II. Nutter, at Mercnants Exchange Bldg., that city, will be tested at minimum expense to
prospective licensees. The company's Now York office is at 61 Broadway. See aforesaid decision in "Engineering & Mining Journal" of N. Y.
for Dec. 16 and 23.
Mt. Holly Paper Mills, Inc.
-Stock Offered.-Hollister,
White & Co. Boston, are offering at 102 and div. the unsold
portion of $150,000 7% cumulative pref. stock of this company. Preferred as to assets and dividends.
This company, incorporated in Mass. is located at Mt. Holly Springs,
Pa., and manufactures pole-dried and'
other high-grade writing papers..
Capitalization consists of $150,000 authorized and outstanding common
stock and $182,500 outstanding (including this issue) pref. stock of a total
authorized of 5200.000.
Mount Vernon (Ind.) Water Works Co.
-Control.
-
See Middle States Water Works Co. above.
-V.95, p. 1545.
Nashua (N. H.) Manufacturing Co.
-Stock, Etc.
-
The shareholders voted Dec. 27 to authorize the directors to take such
steps as may be necessary to procure tho passage of an Act by the New
Hampshire Legislature authorizing the capital stock to be increased to not
exceeding $5,000,009.
Incorporated in 1823. In January 1916 the outstanding stock was
increased from $1,000,000 to $1,450,000 for purchase of the Jackson Co.
of Nashua. Company manufactures cotton flannels, domets and blankets
operating 172,560 spindles and 4,568 looms.
BALANCE SHEET OCTOBER 31.
1916.
1915.
1916.
1915.
AssetsLiabilities$
$
$
$
Perman'tinvest. 1,450,000 1,000,000 Capital stock_ _ _1,450,000 1,000,000
Cotton, goods &
Profit and loss_ _1,494,995 1,210,700
supplies
3,173,962 1,592,768 Notes payable_ _3,170,000 1,920,190
Accts.rec.&cash 1,505,348 1,538,122 Int. accrued, &c. 14,315
Total
6,129,310 4,130,890
Total
6,129,310 4,130,890
President, Francis Peabody, Jr.; Frederic Amory, Treasurer,82 Devonshire St.. Boston.
Nevada-California Electric Corp.
-Accumulations.
-
about 12,000 electric consumers, supplies
tric energy for light and power to a largo territory,including Kalispell, elecSandpoint, the Willamette Valley and Coos Bay, in all some
35 communities in
Idaho, Washington, Montana and Oregon.
The earnings for the last three or four years have been seriously
affected
by the business depression in the Pacific Northwest, but
within the last few
months there has been quite an improvement in revenues.
The
Gas & Electric Co. will not suffer from the changes proposed, Standard
since it has
heretofore received no return on its minority
found the enterprise something of a drag. interest in the stock, and has
This condition
no doubt be relieved by the intended reorganization. For of affairs will
several years
the property has not earned its full interest charges, the
deficit having been
met by the company's bankers.
CapitalizationBonds, Pref. Stock. Com.Stock.
Notes.
Outstanding
$4,631,500 $2,500,000 $4,000,000 $405,720
Standard owns
1,476,500
81,600
None
For 1915 tile company earned $642,727 gross, a 1.3S5,800
decrease of $19,000,
and $277,953 net, a decrease of $13,000. Compare V.
99, p. 535.
Ohio Cities Gas Co. (Columbus, 0.)
-New Stock.
President B. G. Dawes in circular of Dec. 12 says in subst.:
The directors have decided to extend to the common
record Dec. 27 the privilege of subscribing for $1,003,925 stockholders of
common stock,
consisting of 40,157 shares, of the par value of $25 each. Subscription
warrants will be issued shortly after Dec. 27. Each
will be entitled to subscribe for the new stock at $85 common stockholder
per
tent of one-eighth of his registered holdings of common share, to the exstock. Fractional
warrants must be exchanged on or before Jan.
in order to subscribe. Subscriptions (for full 19. 1917, for full warrants
shares) must be made to
Guaranty Trust Co., 140 Broadway. N. Y. in Now York funds, or at
tho office of the company, Columbus, 0., no later than Jan. 22, 1917.
The new stock will be delivered as soon as practicable thereafter.
Notes Offered.
-The Guaranty Trust Co. of N. Y., is
offering the $5,000,000 new 6% serial gold notes, dated
Jan. 1 1917 and maturing $625,000 semi-annually beginning
July 1 1917, and ending Jan. 1 1921. See Adv. Dept.
Total auth.
$5,000,000. Denom. $1,000, registerablo as to principal
only. Interest payable J. & J., without deduction for normal Federal
income tax. Redeemable in whole or in part on any interest day on 30
days' notice at 102% and int. on or before July 11918; thereafter at 101%
and int. Trustee, Guaranty Trust Co. of N. Y.
Prices asked for notes maturing July 1 1917, 100%;• July 1 1918, 100;
Jan. 1 1918. 1003-4; Jan. 1 1910, 99%; other maturities 993 in each
case "and interest'.
Digest of Letter from Pres. B. G. Dawes, Columbus, O., Dec. 21 1916.
Organisation.
-The company is both an operating and holding
and its properties consist of the following units, each unit company,
operating
separately: (1) Public Utility Cos. whose franchises expire as shown. (a)
Columbus Gas & Fuel Co. (franchise perpetual); (b) Federal Gas & Fuel
Co. (of Columbus, franchise till 1924); (c) Springfield Gas Co. (1934);
Dayton Gas Co. (1930). (2) 011 Divisions (a) Ohio Div., producing_ (d)
oil;
(b) West Virginia Div., producing oil, gas and gasoline; (c) Oklahoma Div.,
producing oil, gas and gasoline; (d) Ardmore 'Refining Co. of Ardmore,
Okla.; (e) International Refining Co. of Cushing, Okla., refining oils.
(f) Refinery, now under construction at Cabin Creek Junction' W. Va.
Security.
-These notes will be direct obligations of The Ohio Cities Gas
Co. and will constitute its only funded debt. The company covenants that
so long as any of the notes are outstanding, neither the company itself nor
any subsidiaries will mortgage or pledge any of its properties or incur directly
or indirectly any debt or liabilities (except in the ordinary conduct of
business, or by way of purchase money mortgage, or by assuming existing
mortgage indebtedness upon property hereafter acquired).
Gas I3usiness.-Owns practically the entire issues of capital stock
of the four utility companiest above mentioned which, with properties
having a combined tax valuation of $8,400,000, do the entire gas business
in the cities of Columbus, Springfield and Dayton, Ohio, and contiguous
territory. The population served approximates 460,000, the consumers
102,641, and there are 1,080 miles of mains. These companies obtain their
natural gas from The Ohio Fuel Sup.)1v Co. and The Logan Natural Gas
Co. under coatracts, the earliest of which expires in 1024. The cities
served are ;crowing rapidly.
Ohio Oil Division.-PrInolpally 60,000 acres of leased territory and
1,200 acres owned in fee, on which lands there are 100 producing wells,
having a daily production of more than 900 barrels. Includes storage
tanks, pipe lines, 15 additional wells are now being drilled. The oldest
wells were drilled in 1909 and show excellent staying qualities.
lVest Virginia Division.
-Approximately 85,000 acres of leased land,
principally in Boone and Kanawha Counties, in W. Va.. having 19 as
wells with a daily open flow of 25,000,000 cubic feet, and 50 oil wells with
a daily production of 2,500 barrels; 25,000 acres may be considered as
developed gas land, while 60,000 acres are possible oil territory. The oil
comes from a depth of 2,500 to 3,200 feet. Property includes storage
tanks, six miles of steam tramway, oil lines, water lines, machine shops,
gas engines, &c. The first unit of a gasoline compressing plant
operation, and four additional units will be installed in 1917. has started
Oklahoma Division.
-Consists of the Gunsburg and Forman properties
recently acquired, comprising 26,500 acres, of which territory 20,000 acres
are undeveloped, and somo 6,500 acres in the Nowata, Cushing and Healdton fields in Oklahoma are producing about 5,500 barrels per day from
622 wells. The Cushing properties include a gasoline compressing plant.
The proceeds of these notes will be used to provide part of the purchase
price of these properties.
Ardmore and International Refineries.
-Located at Ardmore, Okla., and
Cushing, Okla., rpectively, have a combined refining capacity of 11,000
es
barrels per day. Include real estate, pipe lines, refinery equipment,
substantially 1,400,000 barrels of tankage, 500 tank cars, about half of
which are leased, together with about 1,000,000 barrels of crude and refined
oils on hand. The entire issues of stock of The Ardmore Refining Co.
and the International Refining Co., owning those refineries, have recently
been acquired by the Ohio Cities Gas Co., which purchase will be financed
with proceeds of the company's common stock presently to be sold.
Combined Earnings of All Properties for 12 Months ended Oct. 31.
Gross Earnings of All Divisions1915-16.
1914-15.
Four gas companies__
$3,456,291 $3,179,190
Ohio 011 and West Virginia divisions
1,487,271
442,267
Gunsburg and Forman properties and Int. Refineries
-Not Reported
Net Income after deducting Operating Expenses
Maintenance, Taxes and Interest
1914-15.
1915-16.
Four gas companies after paying int. on $3,300,000 (closed) mtge. bonds
$732,897 $691,270
Oh nterest nd West Virginia divisions after deducting
lio Oil a
1,244,042
2,991,
Gunsburg and Forman properties and two Refineries
S 30,417ee Text
A dividend of $1.25 (13(%) has been declared on the $5,341,300 pref.
stock, payable Jan. 30 to holders of record Dec. 30. This pays up all
the accumulations to Jan. 1, 1917.-V. 103, p. 1035.
Total net -All properties
$4.968,256
Interest on these notes calls for only $300,000.
Equity.
-The company has outstanding $9,002,100 pref. stock and ES:
New Jersey Zinc Co.
031,500 common stock, which represent tne equity in the property; present
-10% Extra Divided.
An extra dividend of 10% has been declared on the $35,000,000 stock, quoted prices for this stock indicate a value in excess of $35,000.000, junior
payable Jav 10 to holders of record Dec. 30. The regular quarterly 4%, to these Serial notes.
-Compare V. 103, p. 2243. 2083.
was also declared payable Feb. 10 to holders of record Jan. 31. In 1916
Ohio Land & Ry.-Operation.extra dividends of 60% were paid. Compare V. 103, p. 2083. 1690.
See Buckeye Land & Ry. above and Sunday Creek Coal Co. below.
-
Nipissing Mines Co.
-Extra Dividend.
-
An extra dividend of 59' has been declared on the stock, along with tho
regular quarterly 5%, both payable Jan. 20 to holders of record Dec. 30.
The same amount was paid in Oct. last.
-V. 103, p. 1215, 141.
-Extra
Ohio Leather Co. Youngstown, 0.
An extra dividend of 24 has been declared on the common stock, along
with the regular quarterly 1 %;also 1%% on the pref. stock, all payable
Dec. 31 to holders of record Dec. 22.-V. 80, p. 1734.
•
THE CHRONICLE
DEC. 30 19164
Ohio Oil Co.—Stock Dividend Proposed.—Ownership.—
Pre,s. J. C. Donnell at Findlay, 0., Dec. 20, issued a statement regarding
the special meeting to be held Jan. 31 1017 to consider increasing the
capital stock from $15,000,000 to $00,000,000 by raising the par value of
the shares from $25 to $100. Mr. Donnell says: "If the increase of capital
stock is authorized by the stockholders, it is proposed by the directors to
distribute the same by stock dividend pro rata among the stockholders,
this distribution to be made as soon as can be conveniently done."
See Elk Basin Petroleum Co. above.—V. 103, p. 2347. 1986.
Oklahoma Producing & Refining Co.—Sale.—
See Sinclair Oil & Refining Co. below.—V. 103, p. 1795, 849.
Pan-American Debenture Corp. (of Va.), N. Y.—Revised Statement—Dividends—New Name.—
The corporation has declared a dividend of 6% on the $500,000 6% pref.
stock, payable in quarterly installments of
% the 1st of Jan., Apr., July
and Oct. to holders of record Dec. 21, 1916, Mar., Juno and Sept. 21 1917.
The Westinghouse Electric & Mfg. Co. has recently purchased a largo
interest in this company, formerly known as the Public 'Utility Debenture
Corp. (see V. 96, p. 1560), but has not, as has been recently stated, purchased control. The management contemplates an enlargement of the
company's scope of activities, especially in the South American investment
field. The following have been added to the board: Guy E. Tripp, Chairman of the board of Westinghouse Electric & Mfg. Co.: J. R. Bruce, New
York agent of the Royal Bank of Canada, and William M. Ramsay, New
York agent of the Merchants' Bank of Canada.
Passaic Cotton Mills, Inc., N. Y.—Bonds Called.—
It is announced that funds have boon placed with the Bankers Trust Co.
for the redemption of 10% of the outstanding 2d prof. stock of this company.—V. 102. p• 527.
Peoples Water Co., Oakland, Cal.—Sold.—
E. S. lieller, representing the East Bay Water Co., bid in this company's
property at foreclosure sale on Nov. 29, for $12,690,400. The reorganization plan was outlined in V. 103, p. 1691. Tho committee now represents $4,764,000 of the underlying bonds and $4,374,000 Peoples Water
Co. bonds.—V. 103, p. 1986, 2160.
Pittsburgh Steel Co.—Results for First Quarter.—
Three Months ended Sept. 30—
Sales
Net profits
--V. 103, p. 1300, 1122.
Increase.
1916.
1915.
$6,374,203 $4,431,778 $1,942,426
073,352 1,539,701
2,213,053
Platt Iron Works Co.—Interest Payment.—
This company gives notice that it will pay through the Central Trust
Co., 54 Wall St., N. Y., on and after Jan. 2 1917 the Aug. 1914 coupon
(No. 4) on the 1st Mtge.6% gold bonds.—V. 95, p. 622.
Prest-o-Lite Co., Inc.—Capital Increase.—
Shareholders on Dec. 28 voted to increase the authorized capital stock
from 80,000 shares of no par value to 100,000 shares of ne par value.
—V. 103, p. 148.
Public Light & Power Co. (of Mass.), Chattanooga,
Tenn.—Bonds, &c.—Stranahan & Co. are offering at 92 2,
(with 20% bonus of common stock) a block of the 1st
Mtge.5% sinking fund gold bonds of 1915, duo Feb. 1 1945.
Amount authorized, $5,000,000; issued and now to be issued, $1,200,000.
Interest F. & A. Denotn. $1,000 and S100 c*. Callable on any int. date at
105 and int. Trustee, Industrial Trust Co. of Providence, R. I. Annual
sinking fund, beginning Jan. 1 1918 of• 10% of the net earnings for the retirement of the bonds after payment of accrued interest. The President.
J. W. Adams, has had a wide experience with public utility operations
throughout the country.
Digest of Statement by Pres. J. W. Adams, Chattanooga, Dec. 1 1916.
Territory.—The company furnishes light and power without competition
to a prosperous and growing section of tile southern part of Central Tennessee and Northern Alabama, including with its 175 miles of transmission
system the following towns: Jasper, Traci City, Decherd, Shelbyville,
,
Lewisburg. Cornersvillo, Scottsboro, Fack or, South Pittsburg, Richard
City. Monteagio, Estill Springs, Wartrace, Hollywood, Bridgeport, Sewanee, Manchester, Dayton, Normandy, Stevenson, Winchester, Tullahoma, Rockwood, Kingston and Cowan.
The eastern towns are located in the industrial belt of the South—the
northern district is in the Cumberland Mountain range, from which large
amounts of coal, lumber and iron ore are shipped. In these mountains
are to be found numerous summer resorts, the University of the South and
the Monteaglo Assembly, the home of the Southern Chautauqua. The
western portion comprises some excellent agricultural lands. A number
of largo corporations have properties here—the U. S. Steel Corporation,
Dixie Portland Cement Co., Consolidated Coal Mining Co., Eagle Pencil
Co. and others. The coal mines, cotton mills, lumber mills and other
manufacturing plants are taking advantage of the low cost of hydraulic
power. It is estimated that the coal-mining districts alone will require at
least 20,000 h.p. Contracts have also been signed with tile railroads for
tile electrification of passenger, pumping and coaling stations.
From further sale of its securities the company proposes to extend its
system to about 50 towns.
Power.—The company owns and operates four hydro-oljactric stations,
supplemented by steam plants as auxiliaries and by power purcha.sed under
a favorable contract with the Chattanooga & Tennessee River Power Co.
at its hydro-electric station at Hales Bar on the Tennessee River. We have
secured by ownership and option other water-power sites that can be
developed at a relatively low cost, which, when completed, will have a
capacity of :30,000 additional h.p. Only a small percentage of the normal
demand for power and light has heretofore been supplied in this territory.
Franchises.—We have liberal franchises operating in all the territory
under perpetual rights and in tile larger towns exclusive ones from 20-30 yrs.
The company has progressed in a most logical and satisfactory manner.
Each unit that has been developed or acquired has started with a profitable
income. Under this maned of operation, contracts are secured assuring
a sufficient income to yield a satisfactory profit before construction expenditures are made. See also V. 100, p. 1677; V. 101, p. 2077.
Riordan Pulp & Paper Co.—Sub. Co. Net Profits.—
This company has announced that the net profits for the current
year
of the Ticonderoga Pulp & l'aper Co., control of which was recently secured
(V. 103, p. 2083), after allowing for bond interest,sinking fund and preferred
dividend will exceed 100% on the outstanding coin. stock.—V• 103, p.
208:3, 1590.
Royal Dutch Co. for the Working of Petroleum Wells
in Netherlands India.—Certificates.----
Eugene Mayer, Jr. & -co. will make delivery on Jan. 2 of temporary
certificates for the American shares represeeting stock of this company.—
V. 103, p. 2213, 2160.
San Diego Consol. Gas & Electric Co.—Securities.—
This company has applied to the Cal. it it.
to issue $312,600 1st Mtge. 5% bonds at 95 and Commission for authority
$14,600 prof. stock at not
lass than par. The proceeds of the sale to be used to pay
off floating debt
and promissory notes, construction, &c.—V. 102, p.
1631.
Seneca Copper Co.—New Company Incorporated.—
This company was incorporated at Albany On Dec.
shares of no par value authorized and outstanding, 27, with 200,000
full-paid and nonassessable. There alsa no bonds or other fixed charges.
Through stock ownership, controls the Seneca Mining
County, Mich., adjoining the properties of the Ahmeek Co., in Keweonaw
and Mohawk, and
4% miles from the Calumet & Ueda. The property consists of about 1,880
acres. Engineers estimate that Seneca ground contains
of copper. Tile company begins with a working capital of400,000,000 lbs.
$1,000,000 cash
In tile trea.sury after purchase of properties.
Directors include Fred Lewisohn, Walter Lowlsohn, T. F. Colo, P. A.
Clark, 'Hamilton Fish Jr., W. F. Bartholomew, E. C.
Westervelt.
Sharon Steel Hoop Co.—Extra
An extra dividend of 10%, it is stated, Dividend.—
has been declared on the stock,
along with the regular quarterly 1Y %,both
L
payable Jan. 1.—V.95,P. 55.
2435
Sinclair Oil & Refining Co.—Sub. Co. Acquisitions.—
The Sinclair-Cudahy Pipe Lino Co., transportation subsidiary, has purchased from the Tidal 011 Co. a 6
-inch trunk line, 34 miles in length, running from tile property recently acquired by the Crystal Oil Co. (which is
controlled by the Sinclair interests), to Tulsa, Okla. This line is to be
taken into the Interstate trunk line now under construction from Drumright, Okla., to near Chicago, Ill., and with the additional gathering lines
located in the mid-continent field of Okla. and Kan., will total about 1,500
miles of trunk and gathering lines. The Crystal Oil Co., we are further
informed, has purchased from tile Tidal Oil Co.an undivided half-interest in
4,700 acres of leases located near Hominy, Okla. with a daily production of
12,000 bbis., at a price in excess of $6,000,000. The other half
'
interest was recently purchased by Okla. Producing & Ref. Co.—V. 103.
p. 2337, 670.
Smith Motor Truck Corp.—Initial Dividend.—An initial
dividend at the rate of 8% per annum has been declared on
the pref. stock for the period from Nov. 27 to Dec. 31, payable Jan.15 to holders of record Dec.31.—V.103,p.2244,2160.
Southern Canada Power Co., Ltd., Montreal.—Bond
Offering.—W. F. Mahon & Co., Halifax, N. S., are offering
at par with a bonus of 50% common stock $400,000 6%
1st & Ref. Mtge. of 1913 sinking fund gold bonds.
Due Sept. 1 1948. Int. parable M. & S. Authorized capitalization,
$3,000,000 common stock and $5,000,000 1st & Ref. M. 6s ; outstanding,
$1.300,000 stock and $1,300,000 bonds, including both the present issue and
$139,000 held to retire 8139,000 underlying bonds.
Incorporated Aug. 18 1913 and owns water powers on the St. Francis
River, Province of. Quebec, and proposes to make its first hydro-electric
development at Ilemmings Falls as soon as labor conditions improve, the
capacity to be 20,000 h. p. at normal and 12,000 h. p. at minimum flow of
the river. Now owns or controls: St. Johns Electric Light Co., the Gas,
Electricity & Power Co. of St. Hyacinthe, the Drummondville Municipal
Lighting & Power system and the Iberville Municipal Light & Pow. system.
The gross earnings for the year ending Sep. 30 1916 amounted to $148.533 (against $120,377 in 1914-15); gross income for 1915-16. $83,351;
bond interest, $62,000, and surplus, $21,351.—V. 101, p. 1758.
Spicer Mfg. Corp.—Initial Dividend.—Initial dividends of
2% each have been declared on the $1,500,000 1st pref.
stock and $500,000 2d pref. stock, both payable Jan. 1 to
-holders of record Dec. 23. See adv. in last week's "Chronicle."—V. 103, p. 1597, 1215.
Spring Valley (Cal.) Water Co.—Promissory Notes.—
This company has filed an application with the Cal. RR. Commission
for authority to issue $500,000 5% promissory notes and to pledge to note
purchasers 550 of its bonds to secure payment, the amount realized from
the sale being to reimburse the company in part for capital expenditures.
The notes are to bear interest at 5%, payable monthly, are to be
dated Dec. 31 1916, and to mature in eight months, payable on any interest date at 1003. % if paid before Sept. 1 1917. The bonds pledged
are to be at the rate of 110 of the bonds to the face value of the notes.—
V. 102, p. 1537.
Sunday Creek Coal Co. Columbus, 0.—Receivership.—
At Columbus, 0., on Dec. 19 John H. Winder, the General
'
Manager, was appointed receiver of the Sunday Creek Coal
Co. by Common Pleas Judge E. B. Dillon in the Franklin
County Court on the application of the Webster Mfg. Co.
upon judgment for $3,000 on a note.
Statement by President John S. Jones.
When the present management took charge of the Sunday Creek Co.
it intended to operate it, adjust its matters and get it on a good reorganized
basis. It was found, however, that its indebtedness exceeded anything
anticipated, and its mortgage indebtedness, about $12,000,000. with heavy
Interest and sinking fund charges, gradually made it apparent that its undertaking was a serious one.
The Sunday Creek Coal Co. was made up of a number of different companies, and the different bondholders became uneasy. Disintegration of
the properties commenced by the bondholders of the Continental Coal Co.
(V. 103, p. 2345) taking tile property upon which their bonds rested and
going off by themselves, and shortly after the Kanawha & Hocking Coal &
Coke Co. bondholders did the same thing (V. 103, p. 2347)•
The Buckeye Coal & By. Co. and the Ohio Land & By. Co. in like manner retook their property. The Hocking Valley and the Toledo & Ohio
Central RR. companies were required by the Court to sell their holdings in
the Buckeye and Ohio Land companies. After that was done and the other
changes made, there was left to the Sunday Creek Co. the properties which
originally belonged to it.
There were outstanding against these properties $6,000,000 of mortgage
bonds, on which it was claimed there were large defaults in interest and
sinking fund payments, amounting to many thousands of dollars. These
remaining bonds were the collateral trust bonds and some bonds issued to the
railroads in 1914. The circumstances surrounding the issue of both of these
sets of bonds were peculiar, there is grave doubt as to their validity, and
there will undoubtedly be a contest over them.
The company has become involved in a large amount of litigation, which
has tied up much of its resources, and all the litigation is being vigorously
contested. Almost all of the current commercial obligations of the company, and all claims except those disputed,have been paid, but litigation
has tied up the company's funds necessary for its present business and has
brought about the present situation. Tile litigation will result favorably
for the company,its bonded debt will be cleared away or refunded on favorable terms, and in that event the company will have a prosperous future.
(Last week the company filed suits against the Now York Coal Co.,
asking $225,000 damages for alleged confiscation of mining equipment.
See also Buckeye Land & By. Co. above.]
-17. 103, p. 2116, 849.
Superior Steel Corporation.—Preferred Stock.—The
circular offering 8% Convertible First Preferred Stock (see
V. 103, p. 2348) report the terms of the two preferred
stock issues in substance as follows:
There will be deducted from the net earnings for each six months period,
the credits to the sinking fund begining Aug. 15 1917:
(1) Dividends accrued on the outstanding ($3,500,000) First Pref. stock.
(2) Sinking fund of $52,500 for the First Preferred stock.
(3) Dividends accrued on the oustanding ($2,000.000) 2nd Prof. stock.
(4) Sinking fund of $30,000 for the Second l'referred stock.
(5) A sum equal to 3% on the par amount of Common stock outstanding.
(6) Of the balance remaining, not lass than 50% shall be applied to in
additional sinking fund for the retirement of Preferred Stocks as follows:
(a) $1,000,000 First l'ref. stock,(b) $500,000 Second Prof. stock,(c) thereafter to retirement of both cia.sses 62% % thereof to the First Pref. stock,
and 373i% to the Second Pref. Stock.
The sinking funds must be usod in the purchase of First Prof. stock and
Second Pref. stock at prices not in excess of 107%% and dividends up to
Feb. 15, 1918, and thereafter up to Feb. 15, 1919, at not in excess of 110%
and dividends, and thereafter at prices not in excess of 115% and dividends.
130th Preferred Stocks will be subject to redemption in whole or in part
at any time on and after Jan. 1, 1920. at 115% and dividends. All stock
purchased or redeemed through the Sinking Fund shall be canceled and
retired. After Jan, 1, 1920, any moneys in the hands of the Trustee for
the Sinking Fund which are applicable to the purchase of First Preferred
Stock, shall be used for call and redemption of First Preferred Stock. If
estimated net earnings of $2,400,000 for the calendar year 1917 are realized, not less than $800.000 will become available through the sinking
fund for the purchase of First Preferred Stock.
The certificate of incorporation will provide that the First Prof. Stock
shall be preferred as to assets up to its par value and as to dividends at
rate of 8% per annum, cumulative from Dec. 26 1916, payable Q.
-F.15,
the first dividend to be for the ;period from Dec. 26 1916 to Feb. 15 1917.
The First Pref. stock shall be convertible share for share into common
stock at the option of the holder and such holder shall have the right to
convert for 30 days after notice of intention to redeem.
THE CHRONICLE
2436
The holders of the First Prof. stock shall have no voting power in respect to the election of directors unless and until the Corporation shall
for two quarterly periods (whether successive periods or not) fall to declare and pay the full amount of the preferred dividends thereon, or shall
fall for a period of six months to comply with the sinking fund requirements and thereafter only during the continuance of such default.
The Corporation shall not, without the consent of the holders of 75%
of each class of the outstanding Preferred Stock create any mortgage or
other lien other than purchase money mortgages, to secure an issue of
bonds, or create any obligation maturing more than one year from date
of issue. No additional First Pref. stock shall be created without the
consent of 75% in amount of the outstanding First Prof. stock.
This company was incorporated Dec.22in Del., with $17,000,000 authorized capital stock. Matthews Rogers, of Philadelphia, is President;
William J. Schaefer,of Marlton, N.Y.,Treasurer, and Andrew J. Christian,
of Richmond, Secretary. See offering V. 103, p. 2348.
Thomas Iron Co., Hokendauqua, Pa.—No Sale Expected.—An official announcement says in substance:
No option to purchase the plants exists. At a meeting of the stockholders in September, a Mr. Person, who claimed to represent Philadelphia
bankers, stated that he was making a cash offer of $3,500,000 for the assets
as of June 30 1916. The stockholders passed a resolution stating that it
was the sense of those shareholders attending the meeting that they would
sell on the basis of $3,500,000. There has been no evidence shown, however, that the parties represented by Mr. Person have the ability to carry
out the offer, and no money has been deposited. Owing to the improvement in our business affairs, due to the improved condition of the iron
business in general, it is hardly possible that a majority of the stockholders
would approve,a sale on the basis of Mr.Person's offer at this time. Operations have continued at the various plants and no change in ownership has
been or is now expected.—V. 103, p. 1046, 670.
Union Bag & Paper Corporation.—In Possession.—
The company has purchased the capital stock and is now operating the
plant of the Sheboygan (Mich.) Paper Co. Official particulars are still
withheld, but the purchase is said to involve the guaranty of $1,000,000
bonds,an exchange of stock and (or) cash payment of $500,000 or $550,000.
—V. 103, p. 2161, 1894.
Union Stock Yards of Omaha, Ltd.—Annual Report.—
1914-15.
1915-16.
1914-15.
Nor. 30 Year— 1915-16.
_
Gross earns _ _$2,325,524 $2,065,523 Reserves*____ $150,000
_(8)599,704 (6 449,778
4
Net earnings _ $910,858 $701,602
101,824
Dividends__150,000 Balance, surp. $11,154
150,000
Depreciation _
* Reserves for future construction.—V. 102. p. 436.
United States Gauge Co.—Dividend.—
A dividend of 20% has been declared on the $200,000 common stock,
along with the regular quarterly 33%, on the $100,000 pref. stock (par
$50);for the 6 months ending Dec. 31 to holders of record Dec. 20.
United States Smelting, Refining & Mining Co.—
Div. Inc.—A quarterly dividend of 23'% has been declared
on the $17,553,837 common stock (par $50), payable Jan. 15
to holders of record Jan.6.
Dividend Record.
Div. Year— 1907. 1908-1911. 1912. 1913. 1914. 1915. 1916. 1917.
3
0
7A
6
i
,
4)
4 yrly.
Per cent
53
Official Statement Issued Dec. 28 1916.
The earnings in 11 months to Nov. 30 1916 were $8,155,587, after providing all interest charges, including interest on the $12,000,000 notes, and
making reserves for depreciation, exploration, &c. These earnings are at
the rate of 7% per annum on the preferred stock, plus $18 75 per share for
11 months on the common stock, or at the rate of 7% per annum on the
preferred stock plus $20 50 per share per annum (41%)on the common stock,
The profits derived from the Mexican properties represent about 8% of
the above earnings, the decreased percentage being due largely to the causes
which led to the temporary withdrawal of our American staff in June. As
a result of these causes, together with a shortage of cyanide and other supplies, output in Mexico has been only about one-third capacity. Our American staff returned to Mexico during Sept. and Oct. While the situation
in Mexico still presents difficulties, the cyanide supply is now sufficiently
assured to warrant the belief that our other mill can start early in the new
year. About 75% of the estimated output of copper for the coming year
has been sold at high prices.—V. 103, p. 66.
Vandalia Coal Co. Ind.—Serial Bonds.—
For development purposes the company has filed a mortgage securing
an issue of $500,000 6% serial bonds maturing $12,500 each M. & S. beginning Sept. 1 1918. The mortgage, it is stated, covers coal lands in
Terra Haute, Parke Greene and Sullivan counties. Compare V. 81, p.
001, 216; v. 89, p. 850.
Virginia-Carolina Chemical Co.—Common Dividends
Resumed.—A dividend of 9 of 1% has been declared on the
$27,984,400 common stock, payable Feb. 1 to holders of
record Jan. 15. This is the first payment on this stobk since
Feb. 15 1913, when 13/2% was paid.
payable Jan. 15
The regular quarterly 2% on the pref. was also declared
to holders of record Dec. 30.—V. 103, p. 1044, 1029.
- Western Electric Co., Ltd. Canada.—Slock Increase.—
'
This Canadian company on Dec. 19 filed a certificate under the Dominon Companies Act providing for an increase in the total auth. capital stock
from $1,000,000 to $7,500,000.
Westinghouse Electric & Mfg. Co.—Purchase.--
See Pan-America,n Debenture Corp. above.—V. 103, p. 2348, 2245.
Wichita (Kan.) Water Co.—Control.—
See Middle States Water Works Co. above.—V. 98, p. 528.
Wilson & Co., N. Y.—Application to List.—
The company has requested the N. Y.Stock Exchange to list $11,483,400
pref. stock, $20,000,000 common stock v. t. c., and $15,000,000 1st M.
-year sinking fund bonds due 1921.—V. 103, p. 1709, 1216.
25
CURRENT NOTICE.
—John Nickerson, Jr., 61 Broadway, this city, 19 Congress St., Boston,
and 300 N. Broadway, St. Louis, is advertising a selected list of January
bonds yielding 4.53 to 5.52%. For investors desiring a larger income buy
who do not want highly speculative issues, the firm recommends preferred
stocks of known value. One of these preferred issues which John Nickerson
Jr. recommends especially, is a 7% preferred stock yielding 6.93%, and
will mail description of this investment upon request.
—Bertron, Griscom & Co. of New York and Philadelphia, call attention
in our advertising columns to-day to the broad service which their firm is
equipped to render the private investor and the dealer in securities. Bertron, Griscom & Co. have specialized for over twenty years in the handling
of public utility securities of companies operating in growing centres of the
United States. The firm's operations include also the origination of investment business in the industrial field.
—Seasongood & Haas, members of the New York Stock Exchange, 7
Wall St., this city, announce that Gordon Macdonald will become a partner
in the firm on Jan. 1, and hereafter the business will be conducted under
the name of Seasongood, Haas & Macdonald. Edwin A. Seasongood and
George C. Haas will compose the new firm with Gordon Macdonald.
—Henry & Kirkbride, 1430 South Penn Sq., Phila., and 25 Beaver St.,
New York, members of the Philadelphia Stock Exchange since 1907, have
enlarged their bond trading department under the management of Charles
T. Patton, who has been identified with the Philadelphia bond business
for the last twenty years.
(Vol,. 103.
—A selected list of municipal bonds:considered to be the safest investment
by Field, Richards & Co., 100 Broadway, this:city. Cincinnati, Cleveland
and Chicago, is featured for the attention of the investor among our
transient advertisements. Complete descriptive circular with prices upon
request. Mr. Powhatan Bolling is nowjassociated with Field, Richards
& Co. and is in charge of the firm's Eastern territory and has opened a
New York office at 100 Broadway.
—In accordance with their usual custom, the New York office of A. B.
Leach & Co. invited the managers and salesmen of all their other offices to
New York on Thursday and Friday, to discuss plans for the coming year.
Prominent speakers were heard at luncheons given at the Bankers' Club,
as well as at a dinner at Delmonico's on Dec. 28, and one at the Union
League Club on Dec.29. Over eighty men attended the meetings.
—For the convenience of our readers, many of the largest payers of
January 1st coupon and interest payments are advertising their usual lists
in the "Chronicle". Some of these concerns, which sent in their advertisements before our forms closed, are: Harris, Forbes & Co., Kountze Brothers,
Winslow, Lanier & Co., Stone & Webster, A. B. Leach & Co., Now York
Trust Co., Farmers' Loan & Trust Co. and Irving National Bank.
—The Wall Street Branch of New York University announces a course
of seven lectures on the "Principles of Business Administration," to be
given by Dr. Edward D. Jones of the University of Michigan. The lectures, which are scheduled for Mondays and Fridays from 4:30 to 5:30
beginning Jan. 8, will be held in the Assembly Room of the New York
Merchants' Association in the Woolworth'Building.
—CumMings, Prudden & Co., 111 Broadway. this city, advertise two
high-grade issues of municipal bonds for the attention of investors among
our January investment advertisements. These issues are $333,000 City
of Pittsburgh, Pa., Tax-exempt Coupon 4% bonds, and $400,000 City of
Shreveport Coupon Gold Serial 4U% water bonds. Prices and other information are detailed in the advertisement.
—For the annual requirement of investors, trustees and financial institutions, Hornblower & Weeks, 42 Broadway, this city, are displaying a
list of January investments in this issue. The municipal bonds will net
the buyers 3.60 to 4.50%, railroad bonds 4.30 to 6%, industrial and public service bonds 5 to 6.75% and short time securities 4.20 to 7%. Descriptive circular will be supplied on request.
—On the advertising page opposite our statement of weekly bank
clearings to-day, Chandler & Co., Inc., of New York, Philadelphia and
Boston, are featuring a list of high-grade bonds and preferred stocks with
unusually attractive yields. The bonds will return an investment income
to the purchasers of 6 to 6.90%, and the preferred stocks 7 to 7.25%•
See the advertisement for particulars.
—A new investment house has been formed under the name of Case,
Pomeroy & Co., with offices at 60 Wall St. The partners are Walter S.
Case, former manager of the bond department of Ladenburg, Thalmann &
Co.; Theodore Pomeroy, former partner of Allerton, Green & King of Chicago, and Frederick A. Judson, who was In charge of the investigating department of the Bankers Trust Co.
—The Guaranty Trust Co. of this city, are offering and advertising $5,000,000 Ohio Cities Gas Co.6% serial notes. Practically all of these notes
having been sold only the remaining amounts are now offered, subject to
prior sale. Full details and prices of the various maturities appear in
to-day's advertisement.
—A new issue of $6,000,000 Lukens Steel Company 7% cumulative first
preferred stock is offered to investors by advertisement on another page
to-day by Henry & West of Philadelphia and White, Weld & Co. of New
York. Price on application. The offering is fully described In the advertisement.
—The municipal bond house of William R. Compton Company, 14 Wall
St., this city, St. Louis, Cincinnati and Chicago are publishing a January
list of municipal bonds in this issue. Some of the bonds are legal savings
bank investments and yield from 3.75 to 4.80%. Full particulars on request.
—J. Harmanus Fisher & Son, bankers and investment stock brokers, of
name will
7 South St., Baltimore, announce that on Jan. 1 1917 the firm
and
be changed to J. Ilarmanus Fisher & Sons; also that Frank Fisher
admitted to partnership in the firm.
Frank B. Adams have been
—Merrill, Lynch & Co., members of the New York Stock Exchange,
with
7 Wall St., this city, present a list of railroad and industrial bonds
yields from 4.66 to 5.39% suitable for the investors' January requirements
in an advertisement appearing in to-day's "Chronicle."
—Chas.D.Barney & Co.,members New York Stock Exchange, 15 Broad
St., this city, are prepared to deal in Wilson preferred, Knickerbocker
Ice 5s, 1941, and Advance Rumely 6s, 1925, and invite inquiries from
Interested parties. Telephone Hanover 7600.
in the
—A diversified list of January investments is to-day advertised
These
"Chronicle" by E. W.Clark & Co.,321 Chestnut St., Philadelphia.
change in price, yield about 4.10 to
bonds, offered subject to sale and
6.70%. See the advertisement for details.
R. M. Grant & Co.'s list of municipal bonds for January investment
are advertised in this week's issue of the "Chronicle." The yields range
from 3.75 yo 5.00%. January circular will be mailed on application to
the firm's New York office. 31 Nassau St.
—To yield 4.90 to 6%, Liggett, Hichborn & Co., Incorporated, of 61
Broadway, this city, Boston and Buffalo own and offer subject to prior
sale the bonds of fivo public utility companies which they advertise elsewhere in the "Chronicle" to-day.
—W. J. Wellman dc Co., members of the New York Stock Ex
change, announce that they will open their offices at 120 Broadway on
Jan. 2 1917. The firm will do a Stock Exchange and general investment
business.
Salle St.,
—0. W. Anderson & Co., investment bankers, 39 South La
general
'Chicago, announce that Ralph S. Hyney has been admitted to
known as Anderson, Hyney
partnership, and that the firm will hereafter be
& Co.
a
—R. M. Grant & Co. are offering, for January investment, list of
municipal bonds yielding 3.75% to a 5% basis. January circular will
be furnished on application.
—A.0. Zabriskie, formerly connected with the United States Mortgage
investment
& Trust Co., is now associated with Charles W. Hill, dealer in
securities, Guaranty Trust Company Building.
charge of tho trading
—Donald Speir Stewart, for the past four years in
department of Sutro Bros. & Co., will after Jan. 2 take charge of the bond
department of L. A. Norton, 25 Broad St., this city.
—H. S. Rothschild has been admitted to the firm of Sutro Brothers
Co.. 120 Broadway.
DEC. 30 1016.]
THE CHRONICLE
Stports awl
2437
pritumetxts.
CUBA CANE SUGAR CORPORATION
FIRST ANNUAL REPORT—FOR THE FISCAL YEAR ENDING SEPTEMBER 30 1916.
CUBA CANE SUGAR CORPORATION
112 Wall Street
New York, December 18 1916.
To the Shareholders of Cuba Cane Sugar Corporation:
Your company was incorporated on December 31 1915.
Its first fiscal period ended on September 30 1916, comprisig, therefore, only nine months. The plantations
acquired were all purchased as going concerns and the vendors accounted to your Corporation for all profits from
December 1 1915 (the beginning of the crop year). The
operations of the Company for the nine months' period
ending September 30 1916 therefore cover a full grinding
season. The 1915-16 crop was necessarily made under the
management of the various vendors as the properties were
taken over at different times during the grinding season,
the last plantation not being taken over until April 1916,
although the profits from December 1 were turned over
with the property. This fact must be taken into account
in judging of the year's results. The earnings for the nine
months ending September 30 1916 were as follows:
Operating Profit from December 1st 1915
$14,729,087 59
Less:
Interest and Exchange
$91,385 85
Reserve for Taxes, etc
290,000 00
Dead Season Expenses at Plantation from
completion of Grinding to Sept. 30th 1916- 918,689 17
Reserve for Depreciation
1,250,000 00
2,550,075 02
Balance being Net Profit
$12,179,012 57
The Property Account as of September 30 1916 is ma
up as follows:
Cost of Properties to April 30 1916
$48,956,286
Transfer Taxes, Notary Fees, etc
164,010
Purchase of Stewart Property
$8,400,000 00
Lands and Warehouses Eurchaged
330,955 20
Betterments, Buildings, Machinery, etc., etc_ 419,734 21
•
9,150,689
Less:
Sale of Asuncion, Sale of Machinery, etc
$58,270,986
634,870
,6 1,1
The property of your Company now consists of 17 full
equipped sugar mills having a working capacity of appro
mately 4,000,000 bags of sugar, as follows:
Alava
Jobo
Maria Victoria
San Ignacio
Conchita
Julia
Mercedes
Socorro
Feliz
Lequeitio
Moron
Soledad
Jagueyal
Lugareno
Perseverancia
Stewart
Santa Gertrudis
LANDS.
The Company owns in fee 10,577 caballerias of land, equ
to 352,566 acres, and holds under lease—most of the
leases being for a long period-5,830 caballerias of land,equ
to 194,333 acres of additional land. Furthermore, the Co
pany has satisfactory contracts for the purchase of ca
from the owners or lessees of large tracts of other Ian
tributary to its mills. The Company is thus assured of
Appended to this report is a balance sheet and profit and
loss account for the first nine months of operation. The supply of cane ample for the present and future requir
accounts of the company were audited by Deloitte, Plender, ments of its factories.
Griffiths & Co., whose certificate is herewith submitted.
GENERAL EQUIPMENT.
From December 1 1915 to September 30 1916 the Company
Besides the sugar mills and cane lands, the properti
expended for renewals and repairs approximately $990,000, include machine shops, stores, workmen's
which have been deducted before arriving at the net earn- residences of managers, superintendents, houses, office
chemists, etc
ings of the period. The expenditure of this sum placed the also cane carts, oxen and all other appurtenances
proper f
plants in as good working condition as when the grinding the operation of well equipped sugar estates.
season started. The item of $1,250,000 for depreciation
RAILROADS.
charged to the earnings for the year is in addition to the sum
The Company owns and operates for the transportatio
of $990,000 before mentioned.
By far the greater part of the cane ground at the Com- of its products and supplies 737 kilometers (458 miles)
pany's mills is raised by tenant farmers (colonos), who, as railway, of which 434 kilometers are standard gauge and 30
is customary in Cuba, are entitled to their pay in raw sugar kilometers are narrow gauge, together with equipment co
at a definite number of pounds of raw sugar per 100 pounds sisting of 93 locomotives, of which 64 are standard
of cane delivered at the mill, or the equivalent in cash at and 29 narrow gauge, and 2,475 cane cars, of which gaug
1,47
current local quotations. It results from these arrangements are standard gauge and 1,005 are narrow gauge.
that only a part of the sugar made by the Company is its
ORGANIZATION.
own property, the remaining portion belonging to the
colonos. The colonos' sugar is generally sold either to or itsThe Company is proceeding systematically to organiz
various departments,so that the best and most economi
through the Company,although a certain amount of the cane results may be
attained in all branches of the Company'
every season is settled for by the delivery of raw sugar in business.
kind. The effect of these arrangements is to make the
PRODUCTION.
colono share in the benefit of high prices for sugar and to
During the
make him bear his proportion of the disadvantage resulting 3,174,168 bagscurrent fiscal period the Company produce
from low prices. It will be understood that the cost of the sugar, equal to of an average weight of 320 lbs. each of ra
452,035
Company's cane is thus very much less when sugar prices duction of Stewart is tons of 2,240 lbs. each. The pr
not
are low than during seasons when the prices of sugar are plantation was purchased included in the above, as tha
after the completion of the cro
high.
All of this sugar has been sold. Sugar unshipped at the clos
PROPERTY ACCOUNT.
of the fiscal period. on September 30th has been taken u
The Company at the outset purchased 17 plantations in
the Island of Cuba, of which one small plantation (Asuncion) in the accounts at net sales price.
STEAMSHIP FREIGHTS.
has since been resold. This plantation was originally purchased only because the owner of Conchita, who also owned
Your Company was fortunate, through the interventio
Asuncion, declined to sell the former without the latter. of Czarnikow-Rionda Company, in securing tonnage for th
As Asuncion is located at a distance from all the other plan- last crop at the low rate of 25e. per 100 lbs. This proved
tations of the Company, it was deemed advisable to re- great advantage as freights went as high as 60c. per 100 lb
sell it.
during the season, the average for the year being 48c.
To bring the operating efficiency of all the.plants up to
For the coming season tonnage for your Company's sug
the standard we have set for ourselves and to increase their has again been secured at very favorable rates through th
capacity where such increase was advisable, considerable same source.
machinery has been purchased and installed. In order to
PLANS FOR INCREASED PRODUCTION.
round out the land holdings of certain of the plantations,
The Company is proceeding
purchases of 228 caballerias (7,600 acres) of land have been output approximately as follows:with plans to increase it
made. During the period under review the Company also
1917-3,800,000 to 4,000,000 bags
purchased the Stewart plantation and mill. The Stewart
1918--4,400,000 to 4,600,000
is a thoroughly modern mill, with a capacity of 550,000 bags,
1919-4,800,000 to 5,100,000 "
and is located in the eastern end of Cuba, near your planThe
tations Moron and Jagueyal. This plantation was taken eastern greater part of these increases are planned for th
end of Cuba, where land and the cost of cane ar
over at the end of the grinding season, the 1915-16
remaining the property of the vendors. The above crop cheapest and where railroad freights are lower than in th
chases and additions from April 30 1916, aggregating pur- west.
$9,The improvements which we are making in our factorie
150,689 41, were paid for without the issue of any additional
should show some result in the coming crop of 1916-1917
securities.
and still greater results in the crop of 1917-1918, when mos
All the Company's properties were acquired free of liens of this work
will
and unencumbered, except in cases where such liens and en- the production ofhave been completed. Improvements i
cane probably will not show before th
cumbrances could not be canceled and, in those cases, the crop of 1918-19
amount thereof was deducted from the purchase price and. cane from the because of the time it requires to mature th
time of its
deposited by this Company with the Guaranty Trust Com- marked improvements will planting. It is expected tha
result along the lines of bette
pany of New York in a special account, as shown in the cultivation,
with fertilization, where needed, and irrigatio
balance sheet.
at points where irrigation can be economically introduced.
2438
THE CHRONICLE
[VOL. 103
PROSPECTS FOR NEXT SEASON.
For the coming season the cane is in good condition. The
st of our plantations started grinding on December 10th.
n many plantations, weather favoring, the start will be
arlier than last year, notwithstanding the many difficulties
xperienced in the shipment of machinery purchased. Cuba
as experienced unusually heavy rains during November.
hese rains, if not continued through December, will have a
vorable effect. If continued too long, their effect on the
he crop will be adverse
The prospects for sugar prices for the coming season are
vorable, as there are more countries in Europe and elsehere that will this year be compelled to import sugar.
Acknowledgment is made of the loyal co-operation of all
fficers and employees during a season rendered particularly
ying by the necessity of taking over properties while the
rop was in the process of making.
Respectfully submitted by order of the Board of Directors.
MANUEL RIONDA, President.
CUBA CANE SUGAR CORPORATION.
BALANCE SHEET SEPTEMBER 30TH 1916.
ASSETS.
$57,636,115 65
roperties and Plants
dvance Payments
Machinery and Betterments
140,156 37
$57,776,272 02
ultivations-Administration Cane
1,122,568 90
aterials and Supplies
1,703,706 14
urrent Assets and Advances to Colonos:
Advances to Colonos less Reserve for
Doubtful Accounts
$3,659,019 49
Advances to Stores
26,208 98
Centrifugal and Molasses Sugars:
On hand at September 30th 1916, Valued at Net Sold Prices, less Shipping
and Selling Expenses
3,421,414 71
Accounts and Bills Receivable, less Reserve for Doubtful Accounts
760,793 36
Cash
1,527,723 42
Cash on deposit to meet Dividend due
October 1st 1916
875,000 00
10,270,159 96
urity for Redemption of Liens and Censos
on Properties
$1,669,482 13
Cash Deposited with Trust Company
60,000 00
Bonds of Cia Central Mercedes Deposited_
1,729,482 13
eferred Charges
Insurance, Rents and Taxes paid in advance $267,624 60
Items in Suspense
7,500 00
275,124 60
$72,877,313 75
LIABILITIES.
The Tommerciai Wintetie
COMMERCIAL EPITOME
Friday Night, Dec. 29 1916.
There is a noticeable falling off in trade. It is traceable
partly to talk of possible peace in 1917, the usual slowing
down of business at the end of the year,car shortages throughout the country, railroad embargoes at the seaboard and a,
disposition to proceed cautiously pending further developments as to the situation in Europe. Reports from day to
day are very contradictory on the subject of peace. They
have a tendency to cause more or less nervousness in the
markets for staple commodities. There is no doubt that the
shortage of cars has a detrimental effect on the iron and steel
trade as well as on business in coal and lumber and very many
other products. In the textile industries the possibility of
peace during the coming year has had a more or less sobering
effect. A report has been in circulation, too, that the British Government has taken over the British mercantile navy
and will allot 85% of the available tonnage to the shipment
of munitions and grain. In the cotton trade it was inferred
that this meant 15% or very likely less would be assigned to
the exportation of cotton to Europe from American ports.
This at one time had a more or less depressing effect, although
it is argued,reasonably enough, it would seem, that England
will have to buy a good deal of cotton in this country if she
is to continue with the war. In case of peace Germany and
Austria would have to buy freely here. One great trouble
just now is the transportation problem. About 40 blast
furnaces have had to bank their fires owing to their inability
to get sufficient coke and coal, through the scarcity of cars.
The grain trade is also unfavorably affected. On the other
hand, holiday business and also the regular retail trade are
large beyond precedent and wholesalers and jobbers in all
or most lines have had a year of unparalleled activity.
LARD dull and weak; prime Western 16.250., refined to
the Continent 17.65c., South America 18c., Brazil 19c.
Futures have been irregular, at one time higher and later
declining. Advances have been due mainly to the hope of
peace in the coming year, and big sales of lard and meats to
the Continent. Besides, hogs have advanced with smaller
receipts. But later in the week speculation flagged with less
talk of peace and packers sold, causing some decline. Cash
trade was less active. Yet exports last week were again
heavy, including 9,792,939 lbs. of bacon, 13,705,865 lbs. of
lard and 706,153 lbs. of hams. The hog packing for the week
ending Dec. 23 was 963,000 hogs, against 1,044,000 in the
preceding week. To-day prices declined sharply, with hogs
lower and local traders in Chicago selling.
$52,500,000 00
eclared Capital
500,000 Shares 7% Cumulative Convertible Preferred
Stock, par value $100 00 each.
500,000 Shares Common Stock without nominal or par
value.
ills Payable
$3,836,229 57
rafts Outstanding
405,000 00
ccounts Payable and Accrued Charges
2,140,094 73
ividend No.3(payable October 1st 1916)
875,000 00
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
7,256,324 30
Mon. Tues.
Wed.
Thurs.
Fri.
Sat.
lens on Properties-Cash deposited, per
16.60
16.65
16.20
December delivery_cts_
15.15
$937,688 82
contra
15.82
15.67
15.97
January delivery
Holt- Roll15.10
ensos on Properties-Cash deposited, per
16.00
15.97
May delivery
16.15
15.57
day. day.
731,793 31
contra
onds of Cia Central Mercedes owned by
PORK higher; mess $32@$32 50, clear $31 50@$33 50.
Corporation and outstanding as guaranBeef products firm; mess $23©$23 50, extra India mess $40
60,000 00
tee, per contra
1,729,482 13 ©$42. Cut meats again lower; pickled hams, 10 to 20 lbs.,
eserves161 1(0)16%c.; pickled bellies, 15 ©15%c. Butter, creamery
/
$290,000 00
Taxes, etc
2
33 ©44c. Cheese, State, 20 ©243/c. Eggs, fresh, 26©
1,250.000 00
Depreciation
1,540,000 00 510.
rplu.s Account
9,851,507 32
Balance, as per Profit and Loss Account
COFFEE quiet, but with the tone better; No. 7 Rio,
$72,877,313 75
We have verified the above Balance Sheet as at Septemer 30th 1916, and the accompanying Profit & Loss Account
r the period to that date, with the books in New York
nd the returns received from Cuba,and.certify that, in our
pinion, they correctly set forth respectively the financial
osition of the Company as at September 30th 1916, and
e results of the operating period ended that date.
The Sugar Estates and Mills were taken over as at Decemer 1st 1915, with Cultivation and Dead Season Expenses
aid to that date by the former owners. The attached
ofit & Loss Account is charged with the Dead Season
xpenses to September 30th 1916.
DELOITTE, PLENDER, GRIFFITHS & CO.
49 Wall Street, New York City.
December 12th, 1916.
CUBA CANE SUGAR CORPORATION.
PROFIT AND LOSS ACCOUNT SEPTEMBER 30TH 1916.
$14,729,087 59
perating Profit from December 1st 1915
ess:
Interest and Exchange
$91,385 85
Reserve for Taxes, etc
290,000 00
Dead Season Expenses at Plantations from
Completion of Grinding to Sept. 30th 1916.. 918,689 17
Reserve for Depreciation
1,250,000 00
2,550,075 02
Balance being Net.Profit
$12,179,012 57
educt:
.
ividends declared on Cumulative Convertible
Preferred Stock, payable:
No. 1, April 1st 1916-1%%
$875,000 00
No. 2, July 1st 1916-1X %
875,000 00
No. 3, October 1st 1916-14%
875,000 00
$2,625,000 00
ss: Accrued Dividends on Stock issued subsequent to January 1st 1916
297,494 75
2,327,505 25
Balance carried to Surplus Account
$9,851,507 32
A
4
93 0.' No. 4 Santos, 10% ©107 c.; fair to good Cucuta,
12 ©12%c. Futures advanced on peace talk and European
buying, but reacted later owing to the German note to the
United States, trade selling, and some liquidation by cotton
houses, which had bought on recent peace expectations.
Also spot trade has been samll. Meanwhile, ocean freights
at Brazilian ports continue scarce and high, and Brazilian
offerings have been smaller. Trade interests have latterly
bought. To-day prices closed 1 point lower to 5 points
higher, and prices show a rise for the week. Prices follow:
January_cts.8.61 18.62 April--_-cts.8.86 8.87 August__ cts9.08©9.10
8.9l(8.92 September _9.13109.14
February ___8.70 8.71 May
8.97(8.98 October
9.18@9.19
March
8.78 8.79 June
9.02c9.03
July
SUGAR quiet and again lower; centrifugal, 96-degrees
test, 5.14c.; molasses, 89-degrees test, 4.37c.; granulated,
6.85c. Futures advanced somewhat, but fluctuations have
been irregular. Granulated has been cut without bringing
about much improvement in business. Still, the grinding
season in Cuba is late and January supplies are, therefore,
expected to be smaller than last January, and early in 1917,
it is believed,refiners will have to buy raw sugar more freely.
The grinding in Cuba is now beginning to increase with more
favorable weather. To-day, however, the tone was again
firmer and prices end higher,for the week, with raw sugar
rather steadier, stocks decreasing, and fears that the marketing of the crop will be delayed partly by labor troubles in Cuba.
One dispatch says that only 58 mills are grinding in Cuba as
against 95 a year ago. To-day the ending was 6 to 9 points
higher. Closing quotations were as follows:
January ..cts.4.24 ©4.26
February ....4.03@)4 .04
3.98 ®3.99
March
4.0I©4.03
April
May
June
July
August
cts4.044.08 Septembercts4.144.16
4,O8(4.10 October ____4.09 4.11
4.09484.11 November __4.09484.11
4.12484.14
-Linseed quiet; city,raw,American seed, 93@96c.;
OILS.
city, boiled, American seed, 94@97c.; Calcutta, $1 15.
Lard, prime, $1 30@$1 35. Cocoanut, Cochin, 170.; Ceylon, 16c. Corn, 11.81c.; Palm, Lagos, 123/2 ©13c. Soya
DEC. 30 19164
THE CHRONICLE
bean 12@123c. Cod, domestic, 75@76c. Spirits of turpentine 55o. Strained rosin, common to good, $6 60.
Cottonseed oil on the spot, 11.95c. To-day cottonseed oil
futures closed as follows:
2439
1916.
Receipts to
Dec 29.
Stock.
1915.
This Since Aug This Since Aug
Week. 1 1916. IVeek. 1 1915.
1916.
1915
Galveston
61,6941,755,853 63,382 1.392,320 366,379 380,9
Jan... _cts.11.95011.981April __cts.11.81011.891July__.cts.11.96011.97 Texas City
8,0321 217,785 7.054 200.882
25,306
Febru'ary-11.85011.90 May
36,4
11.89011.90 Aug
11.97011.02 Port Arthur
19.591 12,125
29,211
March__ - _ 11.81 011.82 June __ cts_ 11.92 11.96
Aransas Pass, &c_ 4, 88
4
34,680
57,250
423
New Orleans_ _ _ _ 28,692 1.009,304 45,847 783.706 494,318 432.9
PETROLEUM strong; refined in barrels
65@$9 65, Mobile
2,934
74,411 4,070
64,460
20,038
33.3
bulk $4 50@$5 50, cases $11 75@$12 75. Naphtha, 73 to Pensacola
25,565
z7,407
76 degrees, in 100-gallon drums and over, 41%c. Gasoline Jacksonville
1,334
41,356
28,311
569
7,146
2
.
Savannah
11,259 692,409 13,320 653.106 198,097 210,3
in steady demand; motor gasoline in steel barrels to garages 'Brunswick
1,000
77,500 1,500
53,500
14,100
12,1
consumers 24c.; gasoline, gas machine, steel, 40c.; Charleston
22c., to
1,614 132.075 3.894 192.655
69,483 104.7.
331
627
73 to 76 degrees, steel and wood, 31@34c.; 68 to 70 degrees, Georgetown
1,175
78,150 1,222 138,751
50,874
41,;
28(01c. Crude prices, in some cases, have again advanced. Wilmington
Norfolk
8,727 351,738 12,429 335,401 113.910 133.6
868
9,654 6,212
Mid-Continent crude oil advanced to $1 40 a bbl. According N'port News,&c_
33,563
York
New
2,726
22,687 1,310
6,974 147,745 330,0:
to a wire from Texas, Caddo heavy crude has been advanced Boston
4,543
49,754 2,818
15,009
9.147
11.0:
Baltimore
to 85c. and Thrall to $1 35. Louisiana, Pennsylvania and Philadelphi
2,148
22,773 2.002
21.950
2,420
5,4'
a ____
1,400
59
1,258
1,174 • 1,8
North Texas crude oil advanced 10c. Gasoline has been adTotals
vanced 1 cent at the West. Latest advices say that the pro141,234 4,616,685 178,567 4.036.341 1,520,137 1,741.5
duction of the coastal pool is steadily decreasing. A very
In order that comparison may be made with other yea large amount of development work is reported under way in we give
below the totals at leading ports for six seasons:
Northern Texas, although results thus far have been without
importance. The developments in the new Greene County,
Receipts at
1916.
1915.
1914.
1913.
1912.
1911.
Pa., pool are attracting a good deal of attention. Closing
Galveston _ _ _
prices were as follows:
61,694
63,382 123,417
94.138 111.954 123,
'
Pennsylvania dark $2 85 North Lima
$1 58
(labeli
2 22 South Lima
1 58
Mercer black
2 30 Indiana
1 43
New Castle
2 15 Princeton
1 62
Corning
2 25 Somerset,32 deg__ 2 05
Wooster
1 80 Ragland
95
Thrall
1 35 Electra
1 35
Strawn
1 35 Moran
1 20
De Soto
1 20 Plymouth
1 33
Illinois, above 30
degrees60
Kansas and Oklahoma
1 40
Caddo La.. light__ 1 30
Caddo La.. heavy.. 85
Canada
1 88
California oil__ _ _73 ©82
Henrietta
1 20
TOBACCO has been in moderate demand and firm. Trade
is expected to be more active after the holidays. The annual
inventories are now being taken and at such a time trade
usually slows down. But prices are very firm, both for binder
and filler. Supplies are far from burdensome and at the same
time manufacturers of cigars are doing a large business, the
only drawback being a scarcity of labor. Cuban leaf has
been firm with a steady demand. Sumatra, although the
assortment offering is not attractive, is firm with a routine
business.
COPPER has been quiet and rather easier; owing to
underselling by second hands. London prices have declined.
Lake here on the spot, 30c.; electrolytic, 30c.; for future
delivery, 29 Mc. Tin higher on the spot at 41 3/2@42c.
London and Singapore have declined, but latterly London has
been firmer. Arrivals thus far this month, 3,465 tons;
afloat, 4,993 tons. Spelter again lower on the spot at 93c.
London dropped sharply. Lead quiet and easier on the spot
at 7.55c. Pig iron less active, especially for distant delivery.
Talk of peace has halted such business. There is distinctly
less inquiry for the second half of 1917. Nearly 40 furnaces
too have had to bank fires, owing to the shortage of coke, due
to the scarcity of cars, which in the West is said to be getting
worse rather than better. Prices are called steady,
lative holdings are being sold at a decline. No. 2 but specuNorthern,
$29 50@$30 50; No. 2 Southern, $23@$25, Birmingham.
Steel has been in less demand,owing to car shortage and peace
rumors. Many blast furnaces are banking fires. Not few
steel plants have had to close for lack of coal and coke. a One
big concern has had to bank 19 blast furnaces though amply
supplied with pig iron. All this combined with predictions
of peace in 1917 tends to restrict business and the
market
has been comparatively quiet, though after all
new business has been done during the week. considerable
COTTON
Friday Night, Dec. 29 1916.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For
the
week ending this evening the total receipts have
reached
141,234 bales, against 148,643 bales last week and
200,130
bales the previous week, making the total receipts
since
Aug. 1 1916 4,616,685 bales, against 4,036,341 bales
for the
same period of 1915, showing an increase since Aug. 1 1916
of 580,344 bales.
TexasCity,&c.
New Orleans..
Mobile
Savannah _ _ _
Brunswick _ _ _
Charleston,&c
Wilmington.._
Norfolk
N'port N.,&c
All others.. _ _ _
12,520
28,692
2.934
11,259
1.000
1,614
1,175
8.727
868
10,751
19,602
45,847
4,070
13,320
1,500
4,225
1,222
12.429
6,212
6,758
29,268
57,282
4,296
64,552
7,000
14,787
7,256
9.334
1,200
5,074
22,069
76,273
19,819
34,611
15,000
2.605
5.073
22.064
4,859
7.387
44,697
43.115
2.074
17,488
6.000
1.974
8,377
13,926
4.824
7,919
28,0
59,
13.7
51,3
20.
5,7
9,9
22.8
1,5
17.3
Total this wk
141.234 178,567 323.466 303,899 262.348 354,9
Since Aug. 1_ 4.816.685 4.036.34114.572.446 7.131.215 7,289,704 7.662,
The exports for the week ending this evening reach a to :
of 117,227 bales, of which 50,841 were to Great Britai
32,278 to France and 34,108 to other destinations. E
ports for the week and since Aug. 1 1916 are as follows:
Exports
from-
Week ending. Dec. 29 1916.
Exported to
-
From Aug. 1 1916 to Dec. 29 1916.
Exported to--
Great
Great
Britain. France. Other. Total. Britain. France.
Galveston__ 23,117 16,000
Texas City- 7,300
Port Arth
NewOri
Mobile........
_
Pensacola__
Savannah _
13,618
Brunswick _
Charleston _
Wilmington
Norfolk
N'portNews
New York
4:811; -556
Boston ____ 3,000 2,270
Baltimore__ 10,152
Philadelphia 1.226
San Fran
...
Seattle
Tacoma
16,460 55,577 608,239
7,300 70,858
19,522
3A1 ) .1;861 298 30
- 7
,
43 055
: 9
101, 13
30 863
2
705
:6
58 944
---
5 603
0
29, 60
63
3,022 8,277 123,195
---- 5,270 32,060
10,152 88,907
1,226 20,396
4,171 4,171
Other.
Total.
90,864 285,695 984,7'
90,773 28.415 190,0
19,5,
96,987 132,019 527,3
400 44,31
100 30,9.
73,257 63,890 238,6;
58,9.1,000
8.61
19,355 56,381 80,73
16,816
1,300 47,77
6
67.945 182.456 373,59
2,270
1,011 35,34
1.000 89,90
2,440 22,83
124,875 124.87
143,451 143.45
82,084 82.08
8,775 6,775
Total --- 50,841 32,278 34,108 117,2271,538,792 458,567F1.106,497 3,103.85
Total 1915_ 47,248 18,284 20,010 83,540 977,876
958.7052.32
Total 1914_ 70.330 --__ 98,163 168,4931,175,220 387,405 1.176,4942. 3,98
134,884
486,59
Note.
--Exports from Mew York include 60 bales Peruvian to Havre and 895
balWest Indian to Liverpool.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, no
cleared, at the ports named. We add similar figures fo
New York.
On Shipboard, Not Cleared for
Great
GerOther
Dec. 29 at
- Britain. France. many. Cont't Coast- Total. Leaving
wise.
Stock.
New Orleans_ _ 12,095 2,257
13,913
606 28,871 465.44
Galveston _ _ 56,165 19,674
25,752 16,620 118,211 248.1;:
Savannah _
3,300
1,500 4,800 193,29
Charleston _ _ _
1,000 1,000
68,4:
Mobile
10,'/135
1,050 11,832
8,21;
Norfolk
690
690 113,221
New York...._ 2,000
4,000
---- 6,000 141,74
Other ports_
10,000
1,000
---- 11,000
99.16
Total 1916_._ 94,342 21,931
--__ 44,665 21,466 182,404 1,337.73 •
Total 1915... 77,323, 8,413
100 33,293 29.103 149,232 1,592,32 Total 1914.. 135,3871 42,216 3.268 160.640 24,267
365.778 1.256.311
Speculation in cotton for future delivery has been
active but prices advanced about 140 to 145 points by lesth:
Total.
middle of the week from the low quotations of last
Friday.
Galveston
12,646 11,619 12,205 13,073 7,183 4,968 61,694 The explanation was not far to seek.
Liquidation had been
Texas City
3,500 4,532 8,032 drastic-in fact, ruthless. Spot
Port Arthur
markets did not fully re
Aran. Pass, &c
4- 483 4,488 spend to the decline in futures. Indeed, their response to a
;
New Orleans_ _- _ 4,897 8,278
835 8,662 3,998 2,022 28,692 drop of some 5 to
53.4 cents in futures, as compared
Mobile
759
560 1,127
196
302 2,934 high point
Pensacola
of Nov. 27, was generally only a little overwith the
3cents.
Jacksonville
1,334 1.554 And of late Southwestern railroad embargoe
Savannah
1,714
s
2,083 3,637 1,886 1,939 11,259
Brunswick
lifted to some extent. German and Austrian have been
1,000 1,000
steamship
Charleston
244
292
303
365
410 1,814 lines, it is said, have been asking for business, and
.
Wilmington
in fact
218
462
73
65
140
253 1,175 actually booking shipments.
Norfolk
1.633
Exports have been liberal
4,124 1,231 1,327
412 8,727
N'port News,&c.
868
868 and a significant feature in the estimation of many has
New York
616
943
417
750 2,726 been a persistent demand for October.
Boston
.
1,872
661
Another factor on
499 1,124
387 4,543
Baltimore
2,148 2,148 which some stress has been laid is the dry weather in Texas.
Philadelphia
----- _ - The decrease as compared with the normal rainfall
thus far
Totals this week_ 23,983 21,020 20.778 29.540
20.100 25.813 141.234 this season is said to be something like 30%. In any case
it is large enough to attract attention. It is well
The following shows the week s total receipts,
known
the total that the winter rainfall in Texas
since Aug. 1 1916 and the stocks to-night,
compared with factor in the raising of the cottonis often a very important
last year:
crop in that State, as,its
summer rainfall is not infrequently scanty. Finally
fuSat.
Mon.
Tues.
Wed.
num
Fri.
THE CHRONICLE
2440
[VOL. 103.
FUTURES.
-The highest, lowest and closing prices at
res had got well below the parity of Southern spot marts. This brought the situation to something almost New York for the past week have been as follows:
e an impasse.. To be sure there was a way out. Either
I
,Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
ots must decline or futures must advance. As spots
'Dec. 23. Dec. 25. Dec. 26. Dec. 27. Dec. 28. Dec. 29. Week.
fused to decline there was only one thing for futures
do, and that was to advance. And they did. Southern January- I
Range
16.38-.80 16.80-.28 17.00-.65 16.80-.25 16.29/.65
16.20-.63
ot firms bought March and May here steadily in taking off
Closing
16.76-.77 17.27-.28 17.01-.03 16.99-.01- - 116.61-.62
dges as they sold out of the actual cotton. On Tuesday February
Range
st January notices were issued here to the amount of about
Closing.... 16.75 16.90 -17.40 -17.12 -17.10 --- ,000 bales and they were promptly stopped. Spot houses, MarchI
16.86-.21 17.10-.60 17.30-.00 17.10-.58 16.511.80
Range
16.51-.00
It'ch bought January, thereupon sold March at 40 points
17.10-.11 17.59-.60 17.31-.34 17.27-.28- Closing
16.96-.99
ference. Moreover, Liverpool has acted better, on a AprilI ..
Range
eady demand partly from the Continent. That market
17.20 -17.70 -17.42 -17.37 - Closing__ _ _ 17.08 s also shown less pressure to sell. Meantime the Southern May
17.20-.51 17.39-.89 17.57-.29 17.36-.85 16.76/.29
1 16.76-.29
Range
sis is said to be steadily rising. Bulls believe there is
17.23-.25
17.38-.40 17.88-.89 17.59-.62 17.52-.53- Closing
cellent reason for anticipating a large consumption this JuneI
IIOLIason with or without peace. The war demand is large and
Range
Closing__ _ 17.29 - DAY. 17.43 -17.90 -17.62 -17.57 - -the event of peace Germany and Austria's annual pur- JulyI 16.82-.32
ases are estimated at something like 2,500,000 to 3,000,000
17.32-.58 17.45-.93 17.60-.29 17.40-.88 16.82J.29
Range
Closing__ _ 17.29-.32
17.45-.47 17.91-.93 17.61-.65 17.57-.58--les. And part of the demand for October has come from
I
urope.. This may possibly have some connection with the August-.
16.65
17.23 -16.05-.23
Range
17.07-.11 17.55-.60 17.25-.30 17.23 -- Closing....
pectation of very many that peace will be brought about September- I 16.90-.00
metime during the coming year. .In any case, October is
- 16.15-.50 16.70-.90 16.20-.55 15.45/.90
15.45 Range
15.99 -16.56 -16.30 -16.28-.30--Closing
15.77 an attractive discount. German interests are said to have
I 15.25-.65
en buying October. Liverpool has latterly been buying October15.65-.87 15.87-.38 16.11-.76 15.90-.38 15.251.76
Range
rinoino•
us c7- an
15 70-50 1 II :15-.:1R 10.12-14 1f1 OR- OS--nuary, and this of itself had a rather inspiriting effect.
here was some talk at one time to the effect that the ap- f 17c. j 18c. 116e.
intment of the Bank of England as a correspondent of
THE VISIBLE SUPPLY OF COTTON to-night, as made
e Federal Reserve Bank of this country might have a up by cable and telegraph, is as follows. Foreign stocks,
ejudicial effect on the American cotton trade, but this
this week's returns, and consequently
ea was soon dropped. How it could ever have originated as well as the afloat, arebrought down to Thursday evening.
far from clear. At any rate, the more general interpre- all foreign figures are
complete figures for to-night
But to make the total
tion put upon the appointment was that it would facilitate (Friday), we add the itemtheexports from the United States,
e operation of foreign ekchange and thus promote rather including in it the exports of Friday only.
of
an restrict exports of American cotton to Europe.
1916.
1915.
1914.
1913.
Dec. 29xports and spinners' takings have encouraged bulls. Stock at Liverpool
bales.. 817,009 860,000 830,000 952,000
5,000
10,009
60,000
28,000
at
n the other hand, speculation has been less active and many Stock at London
85,000
89,000
94,000
80,000
ink hopes of peace have received a check from Germany's Stock Manchester
925,000 1,005,000 929,000 1,051,000
Total Great Britain
sponse to the overtures of President Wilson. Also, some
*1,000
15,000
*8,000
*1,000
Hamburg
oubt whether an active bull campaign can be revived at Stock at Bremen
*1,000 *189,000 493,000
*1,000
Stock at
79,000 352,000
273,000 293,000
cc, after the very severe checks which bull speculation has Stock at Havre
2,000
2,000
2,000
7,000
ceived during the last few months, the most recent being Stock at Marseilles
22,000
18,000
63,000 a78,000
Stock at Barcelona
24,000
drop in a little over three weeks of 5 to 53 cents. Bears Stock at Genoa
214,000 256,000 113,000
14,000
*2,000
1,000
*1,000
ink it is absurd to expect a recrudescence of speculation for Stock at Trieste
rise under such circumstances especially as they look for a
560,000 632,000 411,000 1,002,000
Total Continental stocks
ig increase in the acreage and with ordinary weather a big
1,485,000 1,637,000 1,340,000 2,073,000
Total European
op next season. And some doubt whether peace would mean India cotton afloat stocks
50,000 137,000 106,000
57,000
for Europe_ _ _
Continental trade of Amer. cotton afloat for Europe.. _ 575,383 371,623 825,058 725,164
eh a tremendous increase in the
66,000
61,000 110,000
65,000
are predicting. The stock of Egypt,Brazil,&c.,afloat forEurope 220,000 234,000 *220,000 377,000
merican cotton, as the bulls
Stock in Alexandria, Egypt
487,000 544,000 385,000 614,000
merican cotton in Liverpool is now larger than at this time Stock in Bombay, India
1,521,137
r two years past. They think that the crop is being under- Stock in U.S. ports towns_ _ _ _1,405,560 1,741,557 1,622,078 1,065,471
1,545,299 1,327,756 1,005,910
Stock in U. S. Interior
18,893
59,379
38,981
31,455
stimated and the consumption overestimated. To-day U.S.exports to-day
were very irregular, advancing early, only to react
rices
5,816,535 6,228,460 5,936,785 6,135,924
Total visible supply
arply on rumors of a revival of the activity of German war
Of the above, totals of American and other descriptions are as follows:
American
essels in the North Atlantic, higher war risks, and general
bales_ 643,000 588,000 559,000 742,000
'quidation. Still later there was a rally on renewed buying, Liverpool stock
57,000
64,000,
70,000
Manchester stock
*463,000 *539,000 *325,000 975,000
to cover and closing prices showed little net change for Continental stock
artly
575,383 371,623 825,058 725,164
afloat
he day. There is a rumor here, given for what it is worth, American stocks for Europe
1,529,137 1.741,557 1,622,078 1,065,471
U.S.port
1,405,560 1,545,299 1,327.756 1,005,910
hat the long overdue "Voltaire" has been captured by the U.S.Interior stocks
38,981
59,379
31,455
18,893
ermans and is now preying on the commerce of the Allies U.S.exports to-day
ff the American coast. Spot cotton closed at 17.250. for
471
- 708e3 MIT)ITITIM TITIM
Total American
East Indian,
iddling upland, showing a rise for the week of 105 points. Liverpool stockBrazil, &c.
174,000 272,000 271,000 216,000
5,000
The official quotation for middling upland cotton in the London stock
10,000
28,000
60,000
34,000
25,000
28,000
10,000
Manchester stock
market each day for the past week has been:
ew York
47,000
*97,000 *93,000 *86,000
Continental stock
Sat. Mon. Tues. Wed. Thurs. Fir.
16.90 17.35 17.40 17.25
11.
16.75
Dec. 23 to Dec. 29Iiddling uplands
NEW YORK QUOTATIONS FOR 32 YEARS.
16..c
15
914
913
912
911
910
909
17.25
12.20
7.80
12.60
13.10
9.25
14.95
15.95
1908c
1907
1906
1905
1904
1903
1902
1901
9.45
11.80
10.65
11.90
6.85
13.70
8.85
8.50
10.31
7.69
5.88
5.94
6.06
8.25
5.75
7.81
1900_c
1899
1898
1897
1896
1895
1894
1893
9.88
7.75
9.19
10.25
9.75
10.56
9.44
9.19
1892_c
1801
1890
1889
1888
1887
1886
1885
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
aturday_ _ _
onday _ _ _
uesday _ _ _
Vednesday_
hursday _ _
day
SALES.
Futures
Market
Spot. Contr 'et Total.
Closed.
Quiet 55 pts adv_ _ _ _ Very steady
HOLIDAY
Steady
Quiet 15 pts ads' _
Quiet 45 pts adv _ _ _ Firm
Steady
Quiet 5 pts ads'
Steady
Quiet 15 pts dec_
300
900
1,400
900
1,400
2,600
Total ___
300
2,600
QUOTATIONS FOR MIDDLING-COTTON AT OTHER
ARKETS.-Below are the closing quotations of middling
otton at Southern and other principal cotton markets for
ach day of the week.
Closing Quotations for Middling Cotton on
Week ending
Dec. 29.
ialveston
ew Orleans_ _ _
obile
avannah
harleston
Vilmington_
orfolk
altimore
hiladelphia
ugusta
emphis
Iouston
ittle Rock_ ---
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
17.00
17.25
17.00
18%
17.00
17.25
17.00
18%
16%
16.53
16.50
17.00
17.50
16
HOLI- 16.50
DAY. 16.60
17.15
17.50
16.55
17.00
17.00
iKict
17.35
17.25
17.00
18%
17.35
17.25
17.00
18%
16.88
16.60
17.60
17.50
17.38
17.25
17.65
17.63
164
16.$,8
17.25
17.50
17.50
17.20
17.25
Fi:60
17.00
17.25
17.25
17.50
17.25
17.00
18%
i64
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
57,000
65,000
220,000,
487,000
50,000 137,000
61,000
66,000
234,00.) *220,000
544,000 385,000
106,000
110,000
377,000
614,000
1,138,090 1,347,000 1,195,000 1,503,000
4,703,535 4,881,460 4,741,785 4,632,924
5,846.535 6,228,460 5,936,785 6,135,924
Total visible supply
7.05d.
4.58d.
10.636.
7.92d.
Middling Upland,Liverpool
12.50c.
7.80c.
12.40c.
Middling Upland, New York_ _ _ I 7.23c.
7.00d. 10.40d.
23.306. 10.70d.
Egypt, Good Brown, Liverpool
9.00d.
8.754.
Peruvian, Rough Good, Liverpool 18.006. 11.406.
6%41.
4.25d.
7.354.
10.10d.
Broach, Fine, Liverpool
Tinnovelly, Good, Liverpool_ _ _ _ 10.22d. 7.62d. 4.12d. 6 11-16d.
Revisel.
a
* Estimated.
Continental imports for past week have been 82,000 bales.
The above figures for 1916 show an increase over last week
of 103,990 bales, a loss of 381,925 bales from 1915, a decline
of 90,250 bales from 1914 and a decrease of -289,389 bales
from 1913.
NEW ORLEANS CONTRACT MARKET.
Saturday. Monday, Tuesday, Wed'day, Thursd'a, Friday,
Dec. 23. Dec. 25. Dec. 26. Dec. 27. Dec. 28. Dec. 29.
January
Range
Closing
March
Range
Closing
May
Range
Closing
July
Range
Closing
SeptemberRange
Closing_.,
October
Range
c
t
Closing
g
Tone
Spot
(IntIrma
16.04-.57
16.53-.57
16.34-.51 16.44-.76 16.66-.38 16.41-.91
16.44-.46 16.77-.79 16.81-.84 16.59-.61
16.50-.79 16.69-.20 16.80-.57 16.55-.12
16.68-.70 17.19-.20 16.94-.96 16.78-.7g
16.31-.79
16.75-.79
16.75-.04 16.93-.45 17.03-.86 16.75-.3816.92-.95 17.44-.45 17.19-.21 17.04-.06
15.75-.34
16.28-.34
16.54-.98 HOLT- 16.93-.21 17.21-.66 17.28-.06 17.01-,5816.95-.98 DAY. 17.11-.15 17.64-.66 17.40-.41 17.23-.24
.
--15.75 -16.10 15.89-.92 16.30-.35 16.00-.07 15.94-.01
--14.84-.22
15.23-.24
Quiet
Steady
15.30-.48 15.55-.97 15.71-.44 15.50-.98
15.44-.46 15.95-.97 15.70-.7i 15.64-.66.
Steady
Quiet;
Quiet
Quiet
Steady I Steady Steady Steady
2441
THE CHRONICLE
DEO. 30 1916.1
-We have had no rain the past week.
San Antonio, Tex.
AT THE INTERIOR TOWNS the movement-that is,
to 78.'
the receipts for the week and since Aug. 1, the shipments The thermometer averaged 57, ranging from 36 thermometer
Taylor, Tex.
-Dry all the week. Minimum
for the week and the stocks to-night, and the same items for
the corresponding period of the previous year-is set out 32
New Orleans, La.
-There has been rain on four days of the
in detail below.
week, the rainfall being sixteen hundredths of an inch.
Average thermometer 64.
Movement to Dec. 31 1915.
Movement to Dec. 29 1916.
Shreveport, La.
-We have had rain on three days of the
Ship- Stocks
Ship- Stocks
Receipts.
Receipts.
Towns.
week, the rainfall being thirty-six hundredths of an inch.
ments. Dec.
- meets. Dec.
Season. Week. 29.
Week. Season. Week. 31.
;reel.
The thermometer has ranged from 15 to 78.
Vicksburg, Miss.
-There has been rain on three days dur94 12,716
14,907
9,275
60 9,155
65
18
Ala., Eufaula-91,741 1,062 81,883 ing the week, the precipitation being two inches and seventy725
35,745
376
355 31,922
MontgomerY..
194 32,739
49,851
364
161
20,368
____ 6,961
Selma
403 26,720 nine hundredths. The thermometer has averaged 53, rang48,249 1,865 21,000
876 44,982
1,200
Ark., Helena
4,819 180,717 4,228 55,054 2,813 110,848 5,504 42,553 ing from 20 to 76.
Little Rock
2,809 112,256
349 42,460 2,010 85,966 1,156 40,356
Pine Bluff
Mobile, Ala.
-We have had rain on five days of the week,
38 9,875
19,982
53
2
27 2,785
19,303
Ga., Albany
605
Athens
89,761 1,700 37,389 3,135 94,019 2,125 51,616 the rainfall being two inches and seventeen hundredths.
5,441 226,220 2,662 87,248 2,079 87,642 1,871 32,771 The thermometer has ranged from 31 to 69, averaging 56.
Atlanta
4,484 312,077 1,170154,929 5,082 305,881 4,389211,778
Augusta
600 49,608
Selma, Ala.
-Rain has fallen on four days during the week,
Columbus
1,818
52,398 2,500 19,333 1,937 43,742
353 14,887
307 38,339
Macon
1,681 121,122 1,641 24,228
Average
573 49,375
250! 17,195 the rainfall reaching two hundredths of an inch.
290 10,406
Rome
49,348
362
La.,Shreveport
924 130,878 2,946 27,471 2,056 101,053 3,0001 53,709 thermometer 50.5, highest 71,lowest 24.
712
12,466
316 8,162
5 2,609
5,025
4
Savannah, Ga.-There has been rain on five days during
Miss.,Columbus
58,886 1,000 29,834
1,000 ' 52,711 '1,500 25,500 1,000
Greenville
88,786 1,7061 35,575 the )yeek, the precipitation being twenty-nine hundredths of
822 95,779 1,365 32,107 1,812
Greenwood
974
24,525
503 9,525
768 13,405 an inch. The thermometer has averaged 58, ranging from
16,002
212
Meridian
322
22,368
34,454
300 13,860
82 14,904
276
Natchez
409 5,972
555
22,788
13,465
414 12,630 37 to 77.
Ill
Vicksburg
18,428 1,262 8,820
98
28,875
10 17,255
582
Yazoo City
Charleston, S. C.
-We have had rain on four days during
Mo.,St. Louis_ 20,667 556,865 21,918 31,521 13,227 274,314 13,247 15,445
45,407 1,175 9,812 the week, the rainfall being twenty-eight hundredths of an
826 8,651 1,471
49,070
N.C.,Gensboro
295
27
8,330
50
340
Raleigh
8,468
50
68
420 inch.
0., Cincinnati_ 9,941 118,246 7,903 25,836 24,291 125,994 25,353 16,940
Charlotte, N. C.
-There has been rain during the week to
893 9,000 1,084
35,817 3,832 8,840
Okla., Ardmore
300
50,131
46,915 1,731 11,400 the extent of thirty hundredths of an inch. Average therChickasha
1,869
56,905 1,783 9,171 2,000
361 2,041
10,551
517
402
632 3,912
Hugo
24,030
mometer 44, highest 60 and lowest 30.
14,696 1,112 4,718
935
Oklahoma
357
518 2,789
28,541
-Rain has fallen on three days during the
Memphis, Tenn.
77,491 1,382 32,437
S.C.,Greenville 2,735
94,189
690 43,045 2,823
200 12,269 week, the rainfall reaching one inch and seventy-two hun15,902
200
Greenwood
125 8,318
827
15,809
Tenn.,Memphis 35,359 842,398 20,063327,245 32,381 645,017 21,580350,326
'66
299
89 2,718 dredths. Average thermometer 45, highest 68, lowest 13.
148
5,785
Nashville
234 3,102 1,496
60,046
Tex.,Abilene
212
46,23
692 5,618
CENSUS BUREAU'S REPORT ON COTTON GIN
32 2,300
Brenham
14
23,580
41
54 3,583
16,62
Clarksville_ _ _
40,386
65
923 3,62
102
319 7,915 NING.-The Division of Manufactures in the Census Bu
23,903
82,895
456 12,095 1,544
Dallas
2,461
63,402 1,240 8,429
amoun r
38,749
156 2,993
Honey Grove_
39
849
24,250
275 2,986 reau completed and issued on Dec.20 its report on the
41,473 1,946,942 38,873275,630 36,405 1,418,250 37,343233,180 of cotton ginned up to Dec. 13, the present season, and w:
Houston
Paris
844 105,831 1,601 4,837 1,347 68,198 2,019 5,166
359 2,120
39,643
249
San Antonio
276
43,396
2,985 give it below, comparison being made with the returns fo
the like period of the three preceding years.
•Tntn1 41 tnurna 1 Ar. el. g 0961 lfl,19n 9IIR 140cAftil 14R 7.111,1 4117 annual !awl 1A4A909
Note.
-Our Interior Towns Table has been extended by the addition of 8 towns.
This has made necessary the revision of the Visible Supply Table and a number
of other tables.
The above totals show that the interior stocks have increased during the week 22,673 bales but are to-night 139,739
bales lees than at the same time last year. The receipts at
all towns have been 2,819 bales less than the same week
last year.
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug'. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Aug. 1 in the last two years are as follows:
Dec. 29ShippedN'la St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Cincinnati
• Via Virginia points
Via other routes, &c
---1916--Since
Week. Aug. 1.
21,918 537,283
4,159 173,834
498
4,426
2,387
68,654
5,167
57,517
64,132
4,741
24,862 443,444
-1915-Since
Week. Aug. 1.
13,247 276,713
12,124 203,519
1,457
3,284
5,490
66,072
6,000
62,173
3,014
50,937
8,628 137,203
Total gross overland
63,732 1,349,290
Deduct Shipments
Overland to N. Y., Boston, &c_ _ _ 9,417
96,614
Between Interior towns
3,481
62,539
Inland, &c.,from South
6,540 177,074
Total to be deducted
19,438 330,227
49,960
45,191
53,129
93,096
21,423
191,416
Leaving total net overland *
44,294 1,013,063
. * Including movement by rail to Canada.
28,537
644,485
-Counting Round as Half Bales
1914.
1915.
1916.
1,573,141
987,899
531,076
893,96 722,184
1,045,582
22,43
16.551
23,671
53,405
80,91'
49,343
2,451,64'
1,861,362
1,780.499
415,271
329,078
432,822
1,082,811
763,283
862,201
64,781
41,474
54,276
766.44 618,946
666,926
1,069,01:
782,813
513,251
1.328,48.
1,098.283
894,090
319,2:•
265,021
348,656
3.874.381
2,868,663
3,485,526
20,29,
14,666
25,333
9,34
10,073
5,345
United States
10.845,989 10,306,309 13.972,22!
The number of round bales included this year is 183,403, contrasted wit.
100,925 in 1915 and 42,796 in 1914, and the number of Sea Island bales I.
1916 110,448, compared with 84,110 in 1915 and 71,401 in 1914.
The distribution of Sea Island cotton in 1916 by States is: Florida,34,728
bales; Georgia, 73,395 bales, and South Carolina, 2,325 bales.
COTTON CONSUMPTION AND OVERLAND MOVE
MENT TO DEC. 1.
-Below we present a synopsis of th
crop movement for the month of November and the fou
months ended Nov. 30 for three years:
835,901
6,189
7,328
7.906
Alabama
Arkansas
California
Florida
Georgia
Louisiana
Mississippi
Missouri
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
Virginia
All other States
1916.
The foregoing shows the week's net overland movement
has been 44,294 bales, against 28,537 bales for the week last
year, and that for the season to date the aggregate net overland exhibits an increase over a year ago of 368,578 bales.
-----1916
1915
In Sight and Spinners'
Since
Since
1Veek.
Aug. 1.
Week.
Aug. 1.
Takings.
Receipts at ports to Dec. 29
141,234 4,616,685 178,567 4,036,341
Net overland to Dec.29
44,294 1,013,063
28,537
644,485
Southern consump'n to Dec. 29... 81,000 1,709,000
76,000 1,478,000
Total marketed
266,528 7,338,748 283,101 6.158,825
Interior stocks in excess
11,341 1,068,122
22,673 1,051,826
Came into sight during week__ _289,201
294,445
Total In sight Dec.29
•
8,390,574
7.226,048
1sTorth'n spin's takings to Dec. 29_ 66,437 1,501,468 61,023 1,386,8. 2
3.
Movement into sight in previous years:
iVeekBales. Since Aug. 1-
1915-Jan, 1
1914
-Jan. 2
1913-Jan. 4
423,165 1915 Jan. 1
439,722 1914-Jan. 2
Bales.
7,620,458
10,075,975
374,455 1913
-Jan. 4
10,190,138
Gross overland for November
bales
Gross overland for 4 months
Net overland for November
Net overland for 4 months
Port receipts in November
Port receipts in 4 months
Exports in November
Exports in 4 months
Port stocks on Nov. 30
Northern spinners' takings to Dec. 1.. _
Southern consumption to Dec. 1
Overland to Canada for 4 months (included in net overland)
Burnt North and South in 4 months_ _ _ _
Stock at North. interior markets Nov.30
Came in sight during November
Amount of crop sight Nov.30
Came in sight balance of season
Total gcre
A
gross weight of bales
Average net weight of bales
1915.
1914.
515,651
1.017,164
410.236
759,408
1.102,665
3,842.464
760,286
2,464,863
1,488,042
1,164,049
1,373,000
278.310
546,781
224,569
428,197
890,874
3,050.875
486,237
1.796.161
1,477,058
967.478
1,146,000
258,33
453,71
202,61
332,02
1,445,29
2,801.34
745,29
1,311,77
1,211.9i
864,68
1.010,00
47.17
43,609
44,614
29
1,003
2,41
• 11,951
13,109
2,024,901 1,760,443 2,240.90
6,923,872 5,506,072 5,201,33
7,447,378 9,865,91
12,953,450 15,067,2,
513.02
515.
516.95
490.
,
488.02
491.95
EXPORTS OF COTTON GOODS FROM GREA
BRITAIN.
-Below we give the exports of cotton yar
goods, &c., from Great Britain for the month of Novemb
and since Aug. 1 in 1916 and 1915, as compiled by us fro'
the British Board of Trade returns. It will be noticed th:
we have reduced the movement all to pounds.
Yarri& Thread.
Cloth.
I
Total of All.
000s
WEATHER REPORTS BY TELEGRAPH.
-Reports to omUted. 1916. 1915. 1916. 1915. t 1916. 1 1915. 1916. 1 1915.
us by telegraph this evening from the South indicate that
Lbs.
Lbs.
Lbs.
Lbs.
Yds.
Lbs.
Lbs.
Yds.
August_
79,312
78,279
97,062
418,794
rain has fallen in most sections during the week, but the pre- Sept..... 17,750 15,318 424,317 409,809 86,298 76,600 102,784, 93,5
94,3
16,486 17,765 461,697
Oct
87,866! 83,2
72,192
67,911
15,674 15,294 388,229 367,322
cipitation on the whole has been moderate or light.
Galvestpn, Tex.
-There has been rain on three days during 1st guar 49,910 48,377 1,272,243 1,195,925 237,802 222,790 287,712[ 271,1
the week, to the extent of fifty-four hundredths of an inch.
Nov ___ 14,785 16,313 340,500 348,847
65,205
78.43011 81,5
63,645
The thermometer has averaged 55, ranging from 42 to 68.
6
953!
Stockings and socks
Abilene, Tex.
-Dry all the week. The thermometer has Sundry articles
15,639
10,5
ranged from 30 to 74, averaging 52.
382.734, 363.8
Total exports of cotton manufactures
Fort 1Vorth, Tex.
-It has been dry all the week. Average
thermometer 53, highest 74, lowest 32.
The foregoing shows that there have been exported fro
-It has rained on one day during the week,
Palestine, Tex.
four months 382,734,01
to the extent of ten hundredths of an inch. The thermometer the United Kingdom during the
pounds of manufactured cotton, against 363,872,000 poun
has averaged 57, the highest being 78 and the lowest 36.
last year, an increase of 18,862,000 rounds.
2442
THE CHRONICLE
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
1916.
1915.
Week. I Season.
Week.
Season.
Visible supply Dec. 22
5.74- ,5451
2
6,087,136
Visible supply Aug. 1
1 3,198,251
4,664,410
American in sight to Dec. 29_ _ _ 289,201! 8,390,574 294,445 7,226,948
Bombay receipts to Dec.28_ _ _ _ b110.000
672,000
91,000
907,000
Other India ship'ts to Dec. 28
b15,000
92,000
13,000
163,000
Alexandria receipts to Dec.21_ _ b60,000
590,000
21,000
441,000
Other supply to Dec. 27*
b6,000
59,000
4,000
50,000
Total supply
6,222.746 13,001,825 6,510,581 13,452,358
Deduct
Visible supply Dec. 29
5,846,5351 5,846,535 6,228,460 6,228,460
Total takings to Dec. 29 a
376,2111 7,155,290 282,121 7,223,898
Of which American
223,211, 5,770,290 220,121 5,599,898
Of which other
153,000 1,385.000
62,000 1,624,000
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 1,709,000 bales in 1916 and 1,478,000 bales in 1915
-takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 5,446,290 bales in 1916 and 5,745,898 bales in 1915,
of which 4,061,290 bales and 4,121,898 bales American.
b Estimated.
EGYPTIAN COTTON CROP.
-The Alexandria General
• oduce Association summarizes its reports for November,
s follows:
Lower Egypt.
-The weather during November had certain beneficial
luences on the small amount of cotton still existing on the plants. The
d picking was insignificant and there is practically no cotton left in the
ields. Ginning yields have shown a slight improvement, but, as stated
last month's report, they are much inferior to those of 1915.
Upper Egypt and Fayoum.-The above remarks apply equally to Upper
gypt. In view of the foregoing report, we maintain our estimate of last
onth, viz.: 5,850,000 cantars, against an actual crop last year of
4,605,000
id 6,347.000 the previous year.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1916.
Dec. 7.
Receipts at
-
Since
Week. Aug. 1.
:ombay
Exports
from-
otal all1910 ____
1915 ___
1914 ____
Since
Since
Week. Aug. 1. Week. Aug. 1.
89,000 470,000 82,000
For the Week.
625,000 24,0001 137.000
Since August 1.
Great Conti- iJavan
Great
Main. neat. &Chtnct Total. Britain.
=bay
1916
1915
1,000 1,000
1914
------ 1,000
aicutta1916
1,000
1915
1914
adras1916
1915
1914 ____
1,000
11 othe
1916 ___ 2,000
1915 ____ 1,000 7,000
1914 _._. 2,000 4,000
pH.
1915.
22,000 22,000
39,000, 41,000
24,000 25,000
1,000
3,000
4,000
2,000
3,000
4,000
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great French
Hol- -Oth.Europe- Vied.,
Britain. Ports. land. North. South. &c. Japan. -Total.
New York___ 4,865
390
1,435 1,587
8,277
Galveston _23,117 16,000
9,150
__ __ 7:516 55,577
Texas City__ 7,300 ____
7,300
New Orleans_ 1,181
____
3-::.6_
4,861
Savannah
13,618
13,618
Boston
3,000 2,270
---- ---5,270
Baltimore __ _10,152 ____
--10,152
Philadelphia _ 4,226 ------1,226
San Francisco _-_- ---___
63 4,108 4,171
Tacoma
____
6,775 6,775
---Total
50,841 32,278 --------14,265 1,650 18,193 117,227
The exports to Japan since Aug. 1 have been 279,386 bales from Pacific
ports and 7,310 bales from Galveston.
COTTON FREIGHTS.
-Current rates for cotton from
New York are as follows, quotations being in cents per pound:
Liverpool, 2.50c. nom.; Manchester, 2.50c. nom.; Havre, 2.25c. asked;
Rotterdam, 3.00c. nom.; Genoa, 2.00c. asked; Naples, 2.00c. asked; Leghorn, 2.00c. nom.; Christiania. 3.25c.; Bergen, 3.25c.; Stockholm, 3.25c.;
Malmo, 3.25c.; Gothenburg, 4.25c.; Barcelona, 2.25c. nom.; Lisbon, 2.50c.
Dec.; Piraeus, 2.75c.; Oporto, 2.75c. Dec.; Marseilles, 2.00c.; Japan, 2.00c.
nom.; Shanghai, 2.00c.; Vladivostok, 2.50c.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Dec. 8. Dec. 15. Dec. 22.
38,000
34,000
30,000
4,000
3,000
800
3,000
1,000 •
300
26,000
29,000
23,000
2,000
2,000
2,000
90,000
95,000
73,000
701,000 707,000 784,000
588,000 561,000 616,000
81,000
66,000 151,000
49,000
55,000 112,000
365,000 406,000 327,000
296,000 338,000 286,000
Dec. 29.
15,000
1.000
11,000
15,000
7,000
3,000
10,00f)
1,000
3,000
11,000
1,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
10,000
57,000
34,000
38,000 51,000
33,000 105,000
3,000 51,000
72,000 390,000 471,000
oo
89,000 402,000 500,000
54,000 157,000 228,000
2,00
1,00
5
,
9,000
2,000
I
1,000
1,000 3,000
2,000 10,000
1,000 7,000
1
I
3,000
24,000 27,000j
2,000 8,000, 44,000 54,0001
2,000 6,000 29,000, 37,0001
-5,000
15,000
14,000
1,000
Total bales.
GALVESTON-To Liverpool-Dec. 26-Ninian, 11,085
11,085
To Manchester-Dec. 22
-Richard do Larrinaga, 12,032
12,032
To Havre
-Dec. 22-Spithead, 16,000
16,000
To Barcelona-Dec. 28
-Martin Saenz, 8,150
8,150
To Malaga
-Dec.28
-Martin Saenz, 1,000
1,000
To Japan-Dec. 27-Unkai Meru No. 6, 7,310
7,310
TEXAS CITY
-To Liverpool
-Dec.28-Veraston, 7,300
7,300
NEW ORLEANS
-To Belfast
-Dec. 22-Howth Head, 1,181
1,181
To Genoa-Dec. 27
-Gallia, 3,680
3,680
SAVANNAH-To Havre-Dec. 28-Crios, 13,618
13,618
BOSTON-To Manchester-Dec. 23-Meitonian, 3,000
3,000
To Marseilles
-Dec. 23
-Alston, 2,270
2,270
BALTIMORE
-To Liverpool-Dec.6-Alamance,
NMI
-Vedamore, 4,254___Dec. 15-Dromore, 1 4,218---Dec.8
680
10,152
PHILADELPHIA-To Liverpool
-Dee. 21-Dominion, 1,226
1.226
SAN FRANCISCO-To Japan-Dec. 22
-China, 500; Persia
Maru, 2,086
Dec. 24-Kotsu Maru, 1,522
4,108
To Vladivostok Dec. 24-Kotsu
63
TACOMA-To Japan-Dec. 18-Ide Maru, 63
Maru, 3,000_- _Dec. 22Canada Maru,3,775
6,775
Total
117.227
Sales of the week
Of which speculators took
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
ContiJapan
nest. & China. Total.
3,000
9,000
17,000
[VOL. 103.
4,000
5.000
5,000
10,000 90,000 436,000 536,000
26,000 165,000 440,000 631,000
31,000 91,000 165,000 287,000
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Spot.
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Friday.
Quiet.
Quiet.
Market, 1
12:15
P.M.
Mid.Upi'ds
Sales
Spec.&exp.
13,000
2,000
44,000
817,000
643,000
79.000
64,000
312,000
270,000
Hardening
10,37
HOLTDAY.
HOLTDAY.
HOLTDAY.
10,64
10.63
5,000
300
5,000
500
0,000
1,000
celpts (cantars)This week
Since Aug. 1
1916.
1915.
1914.
Futures. 1
Market
opened
Firm
Steady
Irregular,
33038 pts 18023 pts. 11017 pts.
advance, advance.
decline.
268.013
3,297.678
Alexandria, Egypt.
Dec.6.
240.756
2,715,004
323.787
2,064,191
Market 1
closed
Irregular
Steady
Quiet,
310339 pts. 294837 pts. 214828 pts.
ndvanre
advance. decline.
Since
Since
Since
1Veek. Aug. 1. Week. Aug. 1. Week. Aug. 1.
, ports (bales)-
To Liverpool
'
11,959
To Manchester
13,604
To Continent and India.. 3,627
To America
8,232
Total exports
91,266 23,012 87,548 9,146 43,247
54,427 5.207 56,114 9,877 48.592
45,009 5,173 56.777 3,971 59,853
38,206 14,548 74,385 6,987 35,509
37.422 228,908 47,940 274,824 29,981 187,201
-A cantar is 99 las Egyptian bales weigh about 750 lbs.
Note.
This statement shows that the receipt for the week ending Dec. 6 were
8,013 canters and the foreign shipments 37,422 bales.
MANCHESTER MARKET.
-Our report received by
blo to-night from Manchester states that distrust of
• tton and holidays are checking demand for goods.
1916
834 lbs. Shill- CoCii
ings, common Mid.
Up's.
to finest.
1915
834 lbs. Shirt- Cot'n
lags, common Mid.
to finest.
Up's.
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
Mon. 1 Tues.
Sat.
Wed.
Thurs.
Fri.
Dec. 23
to
1214 1234 123.4 4 1234 4
1234 1 4 1234 4 12% 4
Dec. 29. p.m. p.m. p.m. p.m. p.m. p.m. p.m. !p.m. p.m. p.m, P.m p.m.
d. d.
December
Jan.
-Feb _
Mar.
-Apr. HOLIMay-June DAY.
July-AugOct.
-Nov
d.
d.
MOLTDAY.
d.
d.
10 15 17
10 15 17
11014I- 10 29 32
DAY. 10 42 '45
10 41 45
9 73 81
d. I d.
d.
38
36
51
64
64
98
d.
54
52
67
79
79
10
d.
37
37
51
61
60
90
d.
31
31
43
52
51
82
BREADSTUFFS
Friday Night, Dec. 29 1916.
Flour has been quiet for domestic account, partly owing to
car shortage, but on the other hand there has been a fair
d. s. d.
d.
s. d. d. it.
d. S. d.
a. d. d.
@11 734 11.42 10%
11% 7 3 @8 3
16% 48 17h
7.01 business for export in spite of all obstacles. Otherwise busi18% 9 9 @II 1034 12.08 10%
II% 7 3 08 3
17%
7.00 ness has been mainly of a holiday character, especially as
18
6 @II 10% 11.90 10%
19%
11% 7 3 @8 45.5 7.28
traffic conditions are bad. No great improvement in trade
C.
18
12%
@8 7
48 1934 9 6 @II 1034 12.21 11%
7.50 is expected until after the holiday's, even if it comes then.
9 8 012 1% 12.05 11%
18% (4 19,‘
12% 6 9 08 10
7.06
17% 48 18% 9 8 012 1% 11.001134
12%
9 (48 10
7.47 The Allied Governments in several cases, however, are in17;•i 9 412011 1034 10.09 II%
16%
12%
7.63 qyiring for flour here and not improbably some further for(48 10
16% 48 1731 9 4344011 1034 10.63 12
12%
0 (38 10 7.92 eign business will soon be done. Minneapolis wired that the
SHIPPING NEWS.
-As shown on a previous-page, the business there is small, adding that the shipping situation is
ports of cotton from the United States the past week have growing worse. Sweden, however, has bought 2,000 tons.
• ched 117,227 bales. The shipments in detail, as made It is believed that European buying would be larger if ocean
freights could be had.
from mail and telegraphic returns, are as follows:
Wheat advanced on strong cash markets, small offerings
Total bales.
-To Liverpool-Dec. 22-Saxonia, 4,865
:AV YORK
4,865 of the actual wheat, rising premiums, a steady export deTo Havre-Dec. 27-Wilhelm Krag, 190
190
peace. Export
-Dec. 23-Snowdonian, 200
To Marseilles
200 mand,and lessened hopes at times of an early
-Caserta, 1,235__ _Dec. 27--Giuseppi
To Genoa-Dec. 26
business last Wednesday was estimated in Chicago at as
Verdi, 200
1,435 high as 2,000,000 bushels, which may have been something
To Venezuela
-Dec. 27
-Caracas, 200
200
To Vladivostok-Dec. 28
-Taurus, 1,387
1,387 of an exaggeration. Here the estimates for last Tuesday and
32s Coy
Twist.
OVOOS GOO
32s Cop
Twist.
DEC. 30 1916]
2443
THE CHRONICLE
Oats were irregular within narrow limits, advancing
Wednesday, Dec. 27th, was 1,000,000 bushels. In the teeth
has been much of the
as now confront exporters in the shape of slightly only to react. Yet the toneChicago there has been
of such obstacles
steady.
shortage, railroad embargoes, scarce and high ocean time in the main pretty by housesIn
car
with Eastern connections
freights and war risks, this may be called a surprisingly good noticeably good buying
Chicago early in the week
business. England has had to put a stop to reporting de- and also by cash interests. to Newport News for export.
partures and-arrivals of shipping, owing to the news indicat- shipped over 250,000 bushels a leading feature. In spite of
has been
ng that Germany's submarine campaign has become so wide- The export demand a way has been found to make pretty
embargoes
spread and destructive and is a more serious menace to the railroad .
has
Liverpool .
Allies than at any time during the war. The British Govern- good shipments from Chicago eastward. and offerings
receipts there light
ment issued last Friday night an official order that all ship- reported pats firm, with small. Stocks in both the United
ping reports except announcements of casualties are to be from foreign markets also
owing to the
discontinued at once. Nevertheless, there has been a sharp Kingdom and on.the Continent are small,
are scarce and dear
export demand. Wheat finds eager buyers at the West, it large consumption. All feeding grainsfirm, with exporters
it stated, if only transportation can be had. Late last week there. In Argentina prices have been
stocks in
some 2,000,000 to 3,000,000 bushels were taken for export. absorbing offerings. On the other hand, visible less than
they are no
The world's crop is reported by the Rome International this country are very large. In fact,last year,and 44,153,Institute of Agriculture as 25% smaller than that of last 76,293,000 bushels, against 39,997,000
there is
year. The latest dispatch from Rome via Paris says: "The 000 in 1914. Speculation has ben less active and
at
International Institute of Agriculture's harvest estimates less talk of peace since the receipt of the German note
.To-day pricesadvanced a little and then reacted
continue to indicate poor world crops. It is now able Washington.
week. The world's
for the first time, through new reports just received, to and show a small net decline for theyear.
forecast the wheat production of Argentina. The crop is 13.3% smaller than that of last
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Argentine wheat crop is estimated at 70,000,000
Fri.
Thurs.
Wed.
Mon. Tues.
Sat.
bushels, one-half that of last year. Australia's Standards
Roll- 58A-59 59-5934 59-5934 60-6034
eta. Holtday. 59-5934 5934-60 5934-60 6)34-01
day.
wheat crop is estimated at 135,000,000 bushels, which is 4% No. 2 white
better than the yearly average. For the world's eighteen
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Fri.
most important countries, including the United States, December delivery in elevator_cts.Sat. Mon. Tues. Wed. Thurs. 501
4934 5054 4934
all Europe, the estimated May delivery in elevator
Roll- Hell- 5334 5331 5334 53
Canada, British India, Japan and
50
51
day. day. 5054 51
total wheat crop is placed by the Institute at 2,500,000,000 July delivery in elevator
bushels, which is 25% less than last year. Some believe that
The following are closing quotations:
even if peace should come in 1917, Europe would still have to
FLOUR.
buy heavily in America until it could plant and reap another Winter, low grades...._-$6 50 $7 50 Spring, low grades ____$5 501$6 50
8 2' 8 60 Kansas straights, sacks.. 8 40 8 75
Wales floods have occurred and har- Winter patents
harvest. In New South
7 40 8 00
8 00 8 25 Kansas clears. sacks10 00
vesting is generally stopped. Rain and rust have reduced Winter straights
7 65 7 80 City patents
Winter clears
7 25 7 75
crop. The Russian harvest is very unfavora- Spring patents
885 9 25 Rye flour
the Argentine
435(460
850 875 Buckwheat flour
straights
in Russia are large but interior movement is lim- Spring clears
ble. Stocks
6 75 7 75
7 75 8 00 Graham flour
Spring
ited, owing to the scarcity of transportation. Last week
GRAIN.
Northern ports to France 320,000 Wheat,per bushel-f.o. b.there was shipped from
Corn, per bushel
f. o. b. ---No. 2 mixed
N. Spring. No. I. new___-$2 0051
brishels of wheat. In India shipments last week are estic. I f.
No. 2 yellow
mated at 440,000 bushels and 640,000 bushels are estimated N. Spring, No. 2 2, now.. 1 99
No. 2 yellow kiln dried__ 1 0431
Red winter. No.
Nom.
Argentina in bags
1 953,
Hard winter, No. 2
for this week. Holders there are reserved as tonnage is scarce
Rye, per bushel
and dear. As for the Balkan States, crop advices are un- Oats, per bushel, new- 60 ets.
C. 1. f. $1 54
New York
Standard
@6034
C. I. f. $1 54
favorable. The weather is bad, being cold and wet,and miliWestern
No. 2, white
6034u61
$1 35141 45
Barley. malting
No. 3, white
5934 i6O
tary operations are against agricultural work. The reserves
-I
$1 09
59 @5934 Barley. feeding
are moderate. According to some estimates of the exporta- -No. 4. white
surplus from North and South America, there are only la` AGRICULTURAL DEPARTMENT'S REPORT ON
ble
about85,000,000 bushels leftfor Europe from Jan. 1 to July 1, WINTER WHEAT AND RYE DEC. I.
-The Agricultural
or less than 4,000,000 bushels per week. The requirements Department's report on cereal crops Dec. 1 was issued on the
are put at more than double this quantity. Some insist 18th. inst.,"as follows:
* 4 *1r-4
that the situation in Europe is likely to become acute in the
greatex than
The fail plantings of winter wheat are reported to be 2.3%40,090.000 acres, is the
first half of 1917. On the other hand, this state of things in the autumn of 1915. The present area seeded.40,452,000 acres seeded
greatest ever planted, with the exception of the
might conceivably hasttn the ending of the war. The two years ago, and is more than 10% greater than planted in any year
very fact that in such a situation world's stocks are only prior to the fall of 1914. wheat is 85.7% of normal at this time. It is
The condition of winter
11,000,000 bushels larger than those of a year ago, or 229,last year at this time, and 4.5% lower than the ten-year
788,000 bushels, against 218,558,000 a year ago, may, it is 2% lower than
average.
The condition of rye on Dec. I, 88.8,compared with 91.5 on Dec. 1 1915.
argued, help to bring about peace. Bull speculation is cerDec. 1 1914, and a 10-year average of 92.9.
tainly less active. Meanwhile,reports in regard to the Amer- 93.6 onarea sown this fall is 21.3% more than the revised estimated area
The
1915. equivalent to an
ican winter wheat crop are generally favorable. To-day sown in the fall of being 4.214.000 acres. increase of 740.000 acres, the
prices declined, with the railroad situation still a drawback, Indicated total area
peace reports contradictory and more or less disposition to
The statement of the movement of breadstuffs to market
accept profits. Prices ended higher for the week but well indicated below are prepared by us from figures collected by
under the highest since last Friday
the New York Produce Exchange. The receipts at Western
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK. lake and river ports for the week ending last Saturday and
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ Hot. Hol. 175A 181A 18131 ---- since Aug. 1 for each of the last three years have been:
No.2 red
--
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
159
161
165
165
December delivery in elevator_cts_
Roll- Holt- 168H i733. 172A 170%
May delivery in elevator
day. day. 138A 1414 138A 138A,
July delivery in elevator
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
.bush. 32 lbs.bush.48lbs.bush.561bs.
bbls.196lbs.bush.60 lbs.bush. 56 lbs
516.000 1,621,000 1,142,000 • 445,000 147,000
Chicago
127,000
79,000
315,000 224,000
207,000
142,000
Milwaukee
10,000
127,000
.
133,000 114, 11
628,000
Duluth
91,000
216,000 289,000
258,000
1,209,000
Minneapolis 37,000
88,000
29,000
Toledo
30,000
39,000
18,000
Detroit
13,000
63,000
10,000
Cleveland .....
4,000
5,000
8,000
24,1 I e
340,000
862,000
493,000
17,000
St. LOUIS
10,000
76,111
230,000
732,000
24,000
62,000
Peoria
96,000
326,000
818,000
Kansas City_
39,000
178,000
345,000
244,000
Omaha
Indian corn was higher at one time last Tuesday, but later
it reacted some two cents only to rally to the closing price for
May of last I4 riday, and then sag again. The fluctuations
have kept within a comparatively narrow compass, awaiting
further developments. The German note to the United
States Government on the subject of peace was in some
respects a disappointment. Also the car shortage at the
West and railroad embargoes have interfered with business. Total wk. '16 260,000 4,125,000 3,988,000 2,780,000 1,172,00. 475,000
The cash demand at Chicago has been light and the tendency Same wk. '15 393,000 13,151,000 4,714,000 4,644,001 3,294,000 411.000
has been towards a reduction of premiums. Eastern shippers Same wk. '14 366,000 7,528,000 6,984,000 4,268,001 1,404,000 529,000
at times have been out of the Chicago market and Western Since Aug.17,896,000213,998,000 82,028,000147,909,00054,552,00. 14,992,000
'916
stocks are steadily if slowly increasing. Export trade has
0(
1915
8.763,00(1298,227,000 77,709,001132,409,00061,459,000114.850,000
been in abeyance, cash corn here, being comparatively,scarce
254.271.00G101.909.0 149.952.00052.942 000113 838.000
9.150.
1914
and ocean freights scarce and high. The weather in Argentina has been good for corn. On the other hand, the visible
Total receipts of flour and grain at the seaboard ports for
American supply is only 6,400,000 bushels, against 9,150,- the week ended Dec. 23 1916 follow:
•
OCO bushels a year ago, and 17,900,000 at this time in 1914.
The buying of July at Chicago on the 27th inst. was large.and Receipts at
Barley.
Oats.
Rye.
Wheat. I Corn.
Flour.
was supposed to be for the British Commission. Country
Bushels. Bushels. I Bushels.
Bushels.
Barrels. I Bushels.
offerings, too, have of late been very small. Argentine New York_ _ _ 153,000 1,147,000 146,000 250,000, 324.000
6,000
62,000
advices state that the movement of all grain to foreign Portland, Me. 68,000
1,000
381,000
53,000
535,000
Philadelphia _
26,000
markets is moderate with port stocks small and freights very Baltimore _ 35,000 464,000
91,000
2.0O0
194,000
84,000
518,000
firm. Liverpool has reported quotations very firm, export NewportNews
13,000
1,000
Mobile
6,000
offers light, and arrivals moderate. Cash corn there is in New Orleans a 54,000 439,000 214,000
46,000
good request and the consumption is liberal, owing to the Galveston
262,000
21,000
183,000
9,000
118,000
14,000
Montreal__ _
cold weather and demand from millers. To-day prices after St. John
16,000
98,000
31,000
176,000
10,000
advancing a fraction,reacted and closed lower for the week.
67,000
344,000
39,000
16,000
Boston
65,000
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Frt.
cts Hat. Hol. 106A 105 ' 1043i 104 3
No. 2 yellow
1
.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator-cts..
91
92
91 3
92
May delivery in elevator
Holt- Roll- 01j 933
92
923
July delivery in elevator
day. day- 91
92A 91
91 A
577,000' 2,089,000 363,000 165,000
Total week'16 431,000 3,157,000
Since Jan.1'16 25,024,000 371,055,000 56,971,000177,689,00027,104,000 16,537,000
854,000 1,721,0001 406,000 317,000
534,000 5,982,000
Week 1915_
Since Jan.1'15 26,793,000316,318,000 53,528,000149,097,000 15,775,000 14,885,000
a Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
2444
THE CHRONICLE
The exports from the several seaboard ports for the week
ending Dec. 23 are shown in the annexed statement:
[VOL. 103.
THE DRY GOODS TRADE
New York, Friday Night, Dec. 29th 1916.
. Although the usual holiday quietness prevailed in dry
goods markets during the past week, a much better underNew York
1,478,029
1,689 70,442 116,641
46,548 4,661
Portland, Me
81,000
68,000
62,000
tone developed. With few exceptions prices are firmly
Boston
105,218
34,322
21,002
Philadelphia
583,000
17,000 22,000 252,000
50,000 1,000 maintained and sellers are unwilling to offer concessions
Baltimore
in
362,314
165,908
Newport News_
order to stimulate business. On the other hand there is
518,000
Mobile
1,000 6,000
13,000
an undercurrent of conservatism among buyers who in
New Orleans
449,000
66,000 84,000
3,000
Galveston
310,000
many instances are holding off owing to the unsettled feelSt. John, N. B
176,000
31,000 10,000
98,000
16,000
ing caused by the many conflicting rumors regarding peace
Total week
3,494,561 116,689 460,672 1,083,643
112,548 5,661
Week 1915
4.282.291 289.657 278.826 1.263.484 56.654 250.527 21.357 negotiations. While there is a steady demand for prompt
The destination of these exports for the week and since and nearby shipments, there is a less active inquiry for deferred deliveries. Manufacturers, however, are not conJuly 1 1916 is as below:
cerned over the slow forward business as they are well
Flour.'
I
Wheat.
Corn.
booked ahead and in many cases are not in a position to
Exports for Week
and Since
Week
Since
• Week
accept additional orders for delivery within the next two
Since
Week
Since
Juty 1 to
Dec. 23
July 1
Dec. 23
July 1
Dec. 23
July 1
or three months. Neither have they been induced to re1916.
1916.
1916.
1916.
1916.
1916.
duce quotations for goods by the decline in markets for raw
Barrels. Barrels.
Bushels.
Bushels.
United Kingdom_ 69,477 2,509,435 2,237,083 60,609,482 Bushels. Bushels.
48,000 12,513,560 material. They provided for their sales of goods by forContinent
318,265 3,023,301 1,257,478 83,310,663
7,136,367
So. & Cent. Am_ _ 34,680
822,787
139,039
531,167 ward purchases of cotton and were compelled to pay much
West Indies
38,120 1,042,368
6,888
68,689 1,296,735 higher prices than prevail at present. According
Brit. No. Am.Col.
to reports
52
8,192
1,810
Other Countries
78
123,553
5,660
15,542 it is still difficult to buy fair sized quantities of actual cotton
in the South without paying sharp advances which would
Total
460,672 7,529,636 3,494,561 144,071,732 116,689 21,495,181
Total 1915
278,826 6,252,017 4,282,291 152,636,043 289,657 6,565,291 indicate that most of the weakness in the cotton situation
exists in the "futures" market. Sentiment throughout
The world s shipment of wheat and corn for the week the dry goods trade is steadily
ending Dec. 23 1916 and since July 1 1916 and 1915 are predicting a return of activity improving, and many are
after the turn of the year.
shown in the following:
The recent resting spell helped to keep tilt market healthy,
and while forward purchases fell off the good demand for
' Wheat.
Corn.
prompt deliveries prevented any accumulation of stocks.
Exports.
1916.
a1915.
The dry goods trade during the past year has shared in the
1916.
a1915.
prosperity of the country, and it is the general opinion
Week
Since
Since
Week
Since
Since
Dec. 23
July 1.
that the outlook is still bright regardless of the possibilities
July 1.
Dec. 23.
July 1.
July 1
of peace. Manufacturers at present are endeavoring to
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
NorthAmer* 5,759,000 191,519,000 203,798,000
38,00 21,701,000 4,372,000 catch up with back orders, although they still have a conRussia
320,000 6,262,000 3,608,000
281,000
gested freight situation to contend with. The holiday trade,
Danube _
Argentina - _ 2,184,00 33,787,000 7,464,000
2,134,0001 70,331,000 107,657,000 according to reports, has exceeded expectations, and merAustralia _ _ 1,432,000 18,103,000
968,000
chants are now looking forward to record breaking January
India
440,000 19,456,000 8,608,000
sales. Export business continues quiet and while the out0th. countr's
164,000 3,731,000 4,424,000
60.0001 2,937,000 3,504,000
look for improvement is not promising it is expected that
Total ____ 10,299,000273,863,0001228,870,000 2.232,0001
95,250.000 115,533,000 slightly lower prices named
for some lines will result in ina Revised.
creased sales, particularly to South American countries.
* North America.
-The Canadian Government has officially prohibited the
Issuance of both manifests and exports until after ten days. This is
DOMESTIC COTTON GOODS.
-There has been little
effective
during the continuance of the war.
improvement in the demand for staple cottons which conThe quantity of wheat and corn afloat for Europe on dates tinues quiet. The general undertone, however, is firmer
mentioned was as follows:
with less selling at concessions by second hands. This has
been particularly noticeable in markets for gray goods
Wheat.
Corn.
where the pressure reported a week or so ago has entirely
disappeared. It is also stated that in some cases interests
United
United
Kingdom. Continent. Total.
Kingdom. Continent.' Total.
who had been selling freely are now endeavoring to repurchase. Prices generally are firmly maintained, and
Bushels.
Bushels. Bushels.
Bushels.
Bushels. I Bushels.
Dec. 23 1916_
41,528,000
21,829,000 the heavy forward sales by manufacturers have prevented
Dec. 16 1916_
41,880,000
122,679,000 them from shading quotations. Inquiry for cotton
Dec. 25 1915_
duck
39,952,000
15,437,000
Dec. 26 1914_
43,312,000
29,292,000 has again become active despite the high prices which are
The visible supply of grain,. comprising the stocks in at about the same level as when raw cotton was selling
granary at principal points of accumulation at lake and for twenty cents. The high prices for woolen goods have
also stimulated a more active demand for heavy cotton
seaboard ports Dec. 23 1916 was as follows:
cloths. Several retailers have opened the season for new
GRAIN STOCKS.
lines of wash fabrics, and it is expected that after the turn
Wheat,
Corn.
Oats.
Rye.
Barley.
United Statesbush.
bush.
bush,
bush.
bush. of the year sales will be general. Gray
goods, 38-inch
New York
4,443,000
472,000 1,672,000 158,000 742,000 standard are quoted
at 8c.
Boston
223,000
226,000 1,007,000 164,000
•
10,000
Philadelphia
1,762,000
34,000
654,000
29,000
13,000
WOOLEN GOODS.
-An active demand is noted for
Baltimore
2,706,000
366,000
656,000 479,000 179,000
woolens although in some quarters of the market the holiNewport News
41,000
796,000
3,000
New Orleans
3,070,000
288,000 1,050,000
124,000 days have had a restraining influence. The raw material
Galveston
2,540,000
14,000
situation continues to grow more serious. The recent talk
Buffalo
4,092,000
91,000 2,463,000
74,000 993,000
" afloat
2,664,000
1,549,000 100,000 149,000 of peace caused a lull in demand for raw wool, but the inToledo
1,515,000
170,000
498,000
5,000
quiry is again improving with buyers finding it difficult
Detroit
524,000
215,000
282,000
44,000
Chicago
4,922,000 1,462,000 20,602,000 183,000 371,000 to obtain desirable grades. In the men's wear division of
" afloat
1,196,000
the market there is a good demand for light weight goods,
Milwaukee
1,166,000
40,000 1,480,000
92,000 596,000
Duluth
5,032,000
1,210,000 141,000 228,000 and while overcoatings for next season have not as yet been
Minneapolis
12,586,000
78,000 7,171,000 637,000 696,000 opened, it is reported that a considerable business has
St. Louis
2,051,000
156,000
816,000
13,000
24,000 been booked quietly during the
Kansas City
week. It is generally pre11,272,000
329,000 3,747,000
50,000
Peoria
14,000
140,000
848,000
dicted that when prices are named they will show very
Indianapolis
207,000
355,000
814,000
6,000
sharp advances, and it is expected that it will be some time
Omaha
1,210,000
534,000 1,693,000 200,000
5,000
before there is a halt to the upward movement. A feature
Total Dec. 23 1916
62,040,000 4,970,000 50,404,000 2,378,000 4,130,000
Total Dec. 16 1916
62,249,000 4,324,000 50,619,000 2,105,000 4,831,000 of the market has been the improved demand for the better
Total Dec. 25 1915
61,478,000 7,426,000 20,712,000 3,105,000 3,986,000 classes of goods.
Total Dec. 261914
73,746,000 15,864,000 32,849,000 1,644.000 5.336.000
FOREIGN DRY GOODS.
-The markets for linens
Note.
-Bonded grain not Included above. Wheat,2,918,000 bushels at New York,
03,000 Baltimore, 160,000 Philadelphia, 151,000 Boston,3,875,000 Buffalo, 14,480,- have been less active during the past week. Attention is
100 Buffalo afloat, 950,000 Duluth: total, 22,557,000 bushels, against 27,551,000
centred towards the coming January sales, and in view
iushels In 1915. Oats, 200,000 New York, 1,000 Boston, 2,000 Baltimore,
60,000
ID uluth, 1,611,000 Buffalo; total, 1,874,000 bushels, against
1,209,000 In 1915: and of the recent heavy buying by retailers an active business
.arley, 378,000 New York, 35,000 Duluth, 154,000 Buffalo, 515,000 Buffalo
afloat; is expected. Arrivals of late have been slightly larger, but
otal, 1,072,000, against 179,000 In 1915.
the filling of old orders continues slow. Stocks in all secCanadian
entreat
tions are light, and many merchants are badly in need of
945,000
11,000 5,308,000
2,000 125,000
t. William & Pt. Arthur_ A4,914,000
8,281,000
supplies. There has been considerable talk lately its to
" afloat
89,000
101,000
•ther Canadian*
what effect a termination of the European war would have
11,735,000
6,517,000
on the linen situation. While some express the .
opinion
Total Dee. 23 1916*
27,683,000
11,000 20,207,000
2,000 125,000
that it would result in lower values and heavier shipments
Total Dec. 161916*
25,575,000
8,000 18,569,000
108,000
Total Dec. 25 1915
21,927,000
7,000 11,616,000
20,000
26,000 from abroad, others claim that it would be a considerable
Total Dec. 26 1914
15,353,000
116,000 6,978,000
329,000 time before conditions would return to normal. Advices
Summary. merican
62,040,000 4,970,000 50,404,000 2,378,000 4,130,000 from abroad continue to report firm yarn markets and a
anadian
27,683,000
11,000 20,207,000
2,000 125,000 scarcity of raw material. Burlaps have been inactive with
Total Dec. 23 1916
89,723,000 4,981,000 70,611,000 2,380,000 4,255,000 the undertone slightly easier. While leading merchants
Total Dec. 16 1916
87,824,000 4,332,000 69,188,000 2,105,000 4,939,000
Total Dec. 25 1915
83,405,000 7,433,000 32,328,000 3,125,000 4,012,000 are asking full prices there has been some selling of small
Total Dec. 26 1914
89,099,000 15,980,000 39,827,000 1,644,000 5,665,000 lots at concessions. Light weights are quoted at 8.60c.
*Including Canadian at Buffalo and Duluth.
and heavy weights at 9.75c.
Exports from-
Wheat.
bushels,
Corn.
Flour.
Oats.
Rye. Barley. Peas.
bushels, barrels, bushels, bushels. bushels. bushels.
1
DEC. 30 1916.]
THE CHRONICLE
2445
appears, according to local papers,
in
STATt MO CITY DEP/MTN:11a, theItCity Board of LiquidaW. Bates, thatthat by March las
tion were advised
the forme
City Counselor, Charles
banks and insur-
ance companies should be assessed on the same basis as other
corporations and individuals in the city. The State Board
previously had adopted 50% of the actual value as an assessment basis, but the city authorities proceeded to increase
this to 70%, or $47,368,340. The tax on the 70% assessment would have been $1,113,155, and on a 50% basis it
will be $795,611.
St. Louis County (P. 0. Clayton), Mo.-Road Bons
Issue Upheld.
-United States District Judge Dyer in th:
Federal Court recently sustained the opinion of the State
Supreme Court, handed down in July, upholding the issuan
of the $3,000,000 4M% road construction bonds, of which
$520,000 were awarded on Sept. 14 to the Mississippi Valley
Trust Co.and the Wm.R.Compton Co., both of St. Louis.
V. 103, pages 258, 869 and 1147.
Texas.
-Proposed Constitutional Amendment Defeated.
The proposed amendment to Section 3, Article 7, of the
Constitution, authorizing the levy and collection of an ad
valorem county tax not to exceed 50 cents on the $100 valuation of property, for the maintenance of the public schools
of the county, and also authorizing the levy and collection
of an ad valorem district tax not to exceed $1, instead of
Greenville County (P. 0. Greenville), So. Caro.
- 50 cents, as the law now prescribes, on the $100 valuation
Validity of Court-House Bonds Upheld.
-The validity of the
$50,000 40-year coupon court-house-erection bonds awarde of property for the maintenance of the public schools of the
on July 10 to the Security Trust Co. of Spartanburg d district, was defeated, we are advised, by a vote of 122,040
at "for" to 129,139 "against."
-V. 103, p. 679.
100.682 and interest for 4s(V. 103, p.
Old Levee District Bonds Held Valid by Attorney-General's
a decision recently rendered by the State509) was upheld in
Supreme Court.
Department.
-An opinion written by Assistant AttorneyHavana, Cuba.
-Proposed Bond Issue Again
-- General Harris on the 20th holds that levee districts created
A decree has been signed by General Mario Prevented.
under the Act of the
President of Cuba, it is stated, suspending G. Menocal, valid in every respect 31st Legislature passed in 1909, are
a resoluti
and that bonds issued under this law
adopted by the City Council on Nov. 16 providing for on are valid. The law referred
an
issue of municipal bonds to pay debts amounting to more the 34th Legislature, when ato was repealed, it is stated, by
new levee district law was enthan $2,000,000, dating back to the time when Cuba
acted, and the
n
a Spanish colony. The debts, it is said, were boughtwas the Act of 1909questioinarose as to whether the repealing of
would
by Walter Stanton, formerly of New York, and others. up !ty of the districts createdany way effect the legality or valid.
A similar resolution passed by the City Council in June ing his opinion, Assista under it. It is said that in rendernt Attorney-General Harris held that
last was vetoed on Sept. 28 by President Menocal on the the new law was
ground that the organic law forbids municipalities to pay sued under the a continuity of the old law, and bonds isAct of 1909 are valid, and additional bonds
interest on debts incurred prior to 1899.-V. 103, p. 1239.
may be issued by levee districts under the new law, although
Jefferson Davis Parish (P. 0. Jennings), La.
such districts were created and formed under the 1909 law.
-Road
Bonds Upheld by Supreme Court.
-On the 23d the State SuUruguay (Government of).
-Reference is
preme Court, it is stated, affirmed the decision of the Fif- made this week in our editoria -New Loan.
teenth Judicial District Court in the matter of the Police 000 recently obtained through l columns to a loan of $2,500,the Montevideo branch of the
Jury of this parish vs. Bolger, Mosser & Willaman of Chicago. National City Bank
of New York City.
The suit, according to local papers, was one of mandamus to
compel the defendants to accept and pan for $100,000 of
Bond Proposals and Nedotiationsthisweek
negotiable bonds, being part of an issue $500,000 awarde
d !lave been
to them on May 4(V. 102, p. 2364), andof
as follows:
$400,00
they had accepted. They refused the remaining 0 of which
ADAMS, Mower
-DESCRIPTION OF BONDS.
$100,000 on 56.000 5% refundingCounty, Minn.
-The
the ground that the Police Jury had previou
to
sly issued Loan & Trust Co. ofbonds awarded at 100.85 on Dec. 14 in the Minnesota
Minneapolis (V. 103, p.
$90,000 of court house bonds and $10,500
the denom. of
$500 and dated Nov. 1 1916. Int. M.& N. at2257) are
jail bonds, and
the $100,000 in question would make the
$500 yearly Nov. 1 from 1921 to 1932, inclusive.the above company. Due
outstan
indebtedness exceed the 10% of the assessed ding bonded
ADAMS
Decatur), Ind.
-The other bids
valuation, in received forCOUNTY (P. 0. of 436% road -BIDS.
the three issues
violation of the constitution. The Suprem Court
,
bonds aggregating $11,920
e
decided: awarded to the Peoples Loan &
News Items.
Birmingham, Ala.
-Litigation.
--The Secretary of the
Board of Commissioners advises us under date of Dec. 22
that the $500,000 auditorium, $500,000 municipal-lightplant construction and $2,000,000 public-school-building and
improvement 43/2% bonds (V. 103, p. 2360) are still being
held in abeyance, pending the outcome of an injunction suit
in the Supreme Court to enjoin the city from issuing these
bonds and paying interest on same out of the sinking fund
provided for by. law. He further states that the city expects
a decision in this case about the middle of January. Should
the Court decide against the city and the bonds be issued, the
interest on same will have to be taken care of out of the
general fund.
British Government.
Syndicate Dissolved.
-Loan !
-See
reference this week in our editorial columns.
Chicago, Ill.-Rapid Transit Plans.
-See "Chronicle" of
Dec. 16, page 2237, and also reference on a preceding page
of this week's issue among our "General Investment News"
items, regarding the City Commission's plan for extensive
transit system.
Trust Co. of Decatur, at 103.65 on Dec. 19
were as follows
-V. 103, p. 2356:
R. L. Dollings Co
$12,315 00 First Nat. Bk
$12,202 21
net. Amer. Nat. Bk
12,264 00
Breed, Elliott & IIarrison_ 12,242 00 Old Adams County Bk_ _ 12,152 50
Memphis, Tenn.
ALBION SCHOOL DISTRICT (P. 0.
-No Municipal Electric Light Plant at Mich.
-BOND SALE.-Thls district sold onAlbion), Calhoun County,
Present.
-See reference on a preceding
Sept. 15 an issue of $50,000
% school bonds.
page among our
"Industrial & Miscellaneous News" items in
ARKANSAS CITY, Cowley County Kan.
this week's
-BOND SALE.
-The
issue, also "State & City" Department of the
City Clerk advisee us that the $60,000 city building
"Chronicle" erection bonds voted June 12 (V.
and convention hall
for Dec. 23, page 2356.
102, p. 2360) have been disposed of.
ASHLEY SCHOOL DISTRICT (P. 0. Ashley),
Delaware County,
Montana.
Ohio.
-Supreme Court
-BOND ELECTION.
-Reports state that an election will be held
Property but Public Property. Rules Bridges are not County Jan. 2 1917 to vote on the question of issuing $130,000 building bonds.
-The Montana "Record-HerOd" of Helena for Dec. 19
AUGUSTA, Butler County, Kan.
-BONDS TO BE
prints the
ing a ruling made by the State Suprem following concern- -The City Clerk advises us that the $15,000 city-hall SOLD LOCALLY.
erection,
e Court on that day water-works ext. and $10,000 electric-light-system ext. bonds voted$10,000
that bridges are not county propert
Sept.6
(V. 103, p. 1144) will be sold to local parties. Pansey
Wiley is City Clerk.
y but public property:
Bridges are not county
BELL COUNTY(P.O. Pineville), Ky.-DESCRIPT
property but public property, ruled the Supreme
Court to-day in proceedings
ION
The $105.000 5% road and bridge bonds awarded recently OF BONDS.having to do with the adjustment of the indebtedness between Custer and
to Well, Roth
Fallon counties. Custer county won in & Co., Cincinnati (V. 103, p. 2258), are in the denom. of $1,000 and dated
the lower court, but the judgment
is reversed in a decision by Chief Justice Jan. 11917. Prin. and semi-annual int. (J. & J), payable in N. Y.
Brantly, who holds that
City.
Due $5.000 Jan. 1 1937 and $10,000 yearly Jan. 1 from
mandamus and not certiorari are the proper
proceedings and that the county
of Custer itself, not the Board of County Total bonded debt, $400,000. Sinking fund, $18,785. 1938 to 1947, incl.
Commissioners, should be the party
Assess. val., $9,226,682; real value est.. $16,000,000.
to the action.
The majority report of the commissi
BRADDOCK, Allegheny County, Pa.
oners appointed to adjust the indebtedness held that bridges are county
-BOND
-On Dec. 4
the Mellon Nat. Bank of Pittsburgh was awarded for SALE.
indebtedness Fallon county owed Custer property and that therefore the an issue of
$176,035 65 (100.591)
was
$175,000 4% 30-yr. serial bonds. Denom. $1,000.
nority report took the view that the bridges but 544,41.6.26. The mi- Dec. 1
Date
1916. Int. J. & D.
that Fallon owed Custer county $113,919. are not public property and
96.
BRIGHTON COUNTY (P. 0. Basin), Wyo.-B
of Commissioners appealed from the majority The Custer county Board
OND SALE.
-On
held Fallon owed Custer $105,190.15. Fallonreport. The District Court Dec.16 $60,000 45% court-house bonds, dated Jan. 1 1917, were awarded
brought tne matter up to It is stated, to E. H. Rollins & Sons of Denver.
the Supreme Court on certiorari
, and that tribunal holds bridges are not
county property.
BROMLEY, Kento.1 County, Ky.-BOND SALE.
-On Dec. 18 the
$2,000 5% water ext. bonds(V.
2258)
New York City.
-Mayor's Veto of Budget Cuts Upheld by Rieybolte Co. of Cincinnati, at103, p. Other were awarded to the Rudolph
101.
bids were:
Ludlow Say. Bk. Ludlow_ ___$2,010 H. W. Robinson
Aldermen.
-The Mayor's veto on the 12th of the reductions Farmers & Mercii.Bk.,Ludlow_
$2.005
2,0051
funounting to $120,42 made by the
Denom. S100. Due $1,000 1921 and 1926.
in the 1917 budget of0$211,115,016 Board of Aldermen
BUCKLIN SCHOOL DIST CT (P. 0. Bucklin)
82 was upheld by the Kans.-BONDSRISOLD.
, Ford County,
Board at its meeting on the 23d.
-The $10,000 school building bonds authorize
d
-V. 103, p. 2256.
in August (V. 103, p. 600) have been sold.
BUNCOMBE COUNTY
of Loan Syndicate Extended.
No. Caro.
--See reference OFFERED BY BANKERS. (P. 0. Asheville),Cincinnat -BONDS
in our editorial columns this week.
-Weil, Roth & Co. of
to investors $300,000 5% road and bridge bonds. Denom i, are offering
$1,000. Date
Dec. 11916. Prin.
St. Louis, Mo.-City Loses in Taxes by
Court's Decision.- Due yearly Dec. 1 asand semi-annual int. (J. & D.), payable at New York.
follows: $3,000 from 1917 to
By decision of the State Supreme Court rendere
1927 to 1936, incl.; $9,000 from 1937 to 1946, inch 1926, incl.; $6,000from
and $12,000 from 1947
21st., the City Board of Equalization is compell d on the to 1956, incl. Total bonded debt, $1,070,000. Assess. val. 1915, $29,ed to follow 439,426.
In determining the 10%
taxes as provided by Sectionlimitation on bond issues, based on special
bonds issued under Section 4 1 of Article 281 of the constitution of 1913,
of the
the general 10 mills tax, should not same article, based on the surplus of
be counted.
1_
Russia.
-Life
a
the rule of the State Board of Equalization
and assess persona,1 property of banks and of trust
and insurance companies
paying taxes in the city of St. Louis
at 50% instead of 70%
of the actual value. This, it is
said, will mean a loss to the
city in taxes this year of $317,54
4.
BURLINGTON, Kit Carson County, Colo.
-The
Bankers Securities Co. of Denver, has purchase -BOND SALE.
(opt.) water-works extension bonds. dated Jan. 1 d $15,000 6% 10-15-yr.
1917.
CALIFORNIA.
-BOND OFFERINO.-Friend
Treasurer, will sell at public auction at Sacramento W. Richardson, State
at
$1.000.000 4% San Francisco Harbor Impt. bonds, 2 p. m. Jan. 18 1917
according to reports.
Denom. $1,000.
THE CHRONICLE
2446
[VOL. 103.
-On Dec.7
CONKLIN (Town), Broome County,N.Y.-BOND SALE.
-On Dec. 29 the following 13
-BOND SALE.
CAMBRIDGE, Mass.
434% bridge bonds was awarded to Mrs. Kate E. Porter
Issues of semi-ann. coup. tax-free bonds, aggregating $254,000, were an issue of $5.500
at 100.54. Denom. $500. Date Dec. 7 1916. Int. ann. on Mar. 1 at
R. L. Day & Co. of Boston, at 100.279. it is stated:
awarded to
$350. Date Co. Treas.' office. Due $500 yearly on Mar. 1 from 1917 to 1924, incl.
10
$63,500 334% street bonds. Denom. 60 for $1,000;Oct.forfrom 1917 to $1,000 Mar. 1 1925 and $500 Mar. 1 1926.
1
Oct. 1 1916. Due $6,350 yearly on
-The following are the
-BIDS.
inclusive.
1926,
CONRAD, Teton County, Mont.
$750.
27,500 336% street bonds. Denom. 20 for $1,000; 10 for 1 from Date other bids received for the $13,000 5% gold coupon city-hall bonds awarded
1917 on Dec. 15 to the Capital Trust & Say. Bank of St. Paul, for $13,395
Oct. 1 1916. Due $2,750 yearly on Oct.
2357):
to 1926, inclusive.
int. and blank bonds (V. 103,
Date Nov. 1 1916. (103.038)
p.
John F. Sinclair & Co., Minneapolis, $13,186 50 and blank bds. for 5s:
10,000 3%% sewer constr. bonds. Denom. $500. to 1936, inclusive.
Due $500 yearly on Nov. 1 from 1917
Powell, Gerard & Co., Chicago, $13,073 and blank bonds for 5s.
$500. Date May 1 1916. Meyer-Kiser Bank, Indianapolis, $13,026 and blank bonds for 5s.
15,000 334% sewer constr. bonds. Denom.
Due $500 yearly on May 1 from 1917 to 1946, inclusive.
Bellan Invest. Co., Denver, par and blank bonds for 5s.
11916.
15,000 4% street bonds. Denom. $1,000. Date March inclusive.Due James N Wright & Co., Denver, par and blank bonds for 5s less $125.
par and blank bonds for 5s less $137.
$3,000 yearly on March 1 from 1917 to 1921,
1,500 4% street bonds. Denom.$300. Date July 11916. Due $300 0. H. Coffin, Chicago {par and blank bonds for 5s less $247
313.376 and blank bonds for 6s.
yearly on July 1 from 1917 to 1921, inclusive.
Date
$500.
37,500 4% street bonds. Denom. 35 for $1,000; 5 forfrom 1917 to John E. Price & Co., Seattle, par and blank bonds for 5s less $147.
July 1 1916. Due $7,500 yearly on July 1
Ferris & Hardgrove, Spokane, par and blank bonds for 5s less $247.
1921, inclusive.
& Co., Toledo, par and blank bonds for 5s less $290.
for $400. Date Spitzer, Rorick
7,000 4% street bonds. Denom. 5 for $1,000; July 1 from 1917 Palmer Bd.& Mtge. Co., Salt Lake City, par and blank bds.for 5s less $360.
June 1 1916. Due $1,400 yearly on
W. L. Slayton & Co., Toledo, par for 5s less $528 90.
Chicago, $13,457 and blank bonds for 6s.
to 1921, inclusive.
Due John Nuveen & Co.,Billings, $13,108 40 and blank bonds for Os.
5,000 4% street bonds. Denom. $1,000. Date Nov. 1 1916.
Torrence & Bubeck,
$1,000 yearly on Nov. 1 from 1917 to 1921, inclusive. Due
County,
COZAD SCHOOL DISTRICT (P. 0. Cozad), Dawson September
6,000 4% street bonds. Denom. $1,000. Date Aug. 1 1916.
-The $31,500 building bonds voted in
$1,000 yearly on Aug. 1 from 1917 to 1922, inclusive. Due Neb.-BOND SALE.
Date July 1 1916.
of.
(V. 103, p. 1056) have been disposed
9,000 4% street bonds. Denom. $1,000.
$1.000 yearly on July 1 from 1917 to 1925, inclusive.
-On
-BOND SALE.
CRAWFORD COUNTY (P. 0. English), Ind.
22,000 4% street bonds„ Denom. 18 for $1,000; 8 for $500. Date Dec. 20 the $3,300 434% 6-yr. aver, road bonds
-were
-V. 103, p. 2173
yearly on July 1 from 1917
July 1 1916. Due $2,500
it is stated, to R.L. Dollings Co. of Indianapolis, at 103.62.
awarded,
to 1924, inclusive and $1,000 July 1 1925 and 1926.
-BOND
35,000 4% street bonds. Denom.30 for $1,000 and 10 for $500. Date
CUSTER COUNTY SCHOOL DISTRICT NO. 14, Mont. to the
July 1 1916. Due $3,500 yearly on July 1 from 1917 to SALE.
-On Dec. 16 $3,500 6% 15-yr. building bonds were awarded
1926. inclusive.
ers at par. Denom. $500. Date Jan. 1
State Board of Land Commission
-On Dec. 1917. Int. annual on Jan. 1.
-BOND SALE.
CARROLL COUNTY (P. 0. Delphi), Ind.
-were awarded
-V.103,p.2173
-On
20 the $4,500 434% 6-yr.aver,road bonds
DELL RAPIDS Minnehaha County, So. Dak.-BOND SALE.
to the Fletcher Amer. Nat. Bank of Indianapolis, for $4,632 (102.933) Dec. 13 $40,000 5 20-yr. electric-light-plant bonds were awarded to Wells
and int. The other bidders were:
Minneapolis,. Denom. $1,000. Date part Dec. 1 1916,
Co.
50 & DickeyMay of1917. Int. J. & D.
$4,527
$4,5451R. L Dollings Co
1
and part
State Say. & Tr. Co
4,531 Breed,Elliott & IIarrison__ 4,522 50
Miller & Co
DELMAR SCHOOL DISTRICT (p. 0. Delmar), Clinton County,
Rolls County, Mo.SAGE.-Geo. M. Bechtel & Co. of Davenport have purCENTER SCHOOL DISTRICT(P.O. Center),
voted Nov. 27 (V. 103, p.
-We are advised that the $13,400 building bonds voted chased the $7,000 high-school-building bonds
BOND SALE.
sold.
2173).
May 15(V. 102, p.2097) have been
-BONDS DEFEATED.
DENTON COUNTY (P. 0. Denton), Tex.
-The $9,705 75
-BOND SALE.
CHANUTE, Neosho County, Kan.
state that the proposition to issue the $1,000,000 road-construction
No. Washington Ave. and $1,115 59 West Fourth St. paving bonds author- Reports 103, P. 2092) failed to carry at the election held Dec. 21.
bonds (V.
ized in June (V. 102, P. 2361) have been purchased by local investors.
-Kean. Taylor & Co. of Chicago,
-BOND SALE.
DES MOINES,Iowa.
-BOND SALE.
CHEROKEE COUNTY (P. 0. Cherokee), Iowa.
was awarded at par on Oct. 23 $135,000 434% park purchase bonds.
On Dec. 13 $64,000 434% funding bonds were awarded to the Cherokee Denom. $1,000. Date Dec. 1 1916. Int. J. & D. Due serially ending
State Bank of Cherokee for $65,046, equal to 101.634. Denom. $500. Dec. 11929.
Date Jan. 1 1917. Int. J. & J. Due serially after 1922.
OP
DODGE COUNTY (P. 0. Fremont), Neb.-DESCRIPTION jail0
/ 5-20-yr. (opt.) coupon court-house and
-BOND SALE.
CHEYENNE WELLS, Cheyenne County, Colo.
-The $100,000 5
BONDS.
Co. of Denver, has purchased $10,000 6% 10-15-yr. building bonds authorized by vote of 1,078 to 296 at the election held
The Bankers Securities
(opt.) water-works extension bonds, dated Jan. 1 1917.
June 20(V 103, p. 171) are in the denom. of $1,000 and dated Sept. 11916.
Treas. office. The county has
-WAR- Prin. and annual int. payable at the State 1916, $9,953,496; actual val.,
SANITARY DISTRICT (P. 0. Chicago), 111.
CHICAGO
'
no bonded debt. Assess. val. (1-5 actual)
RANT SALE.
-Newspaper reports state that the Chicago Says. Bank & $49,767,480. John O'Connor is County Clerk.
Trust Co. and associates have purchased $1,000,000 4 1-5% tax-antici-TEMPORARY
EAST BRIDGEWATER, Plymouth County, Mass. April 18 1917,
pation warrants.
-A loan of $15,000 dated Dec. 1 1916 and maturing
-BOND ELECTION LOAN. negotiated with H. C. Grafton, Jr. of Boston, at 3.62% discount,
CHICOT COUNTY (P. 0. Lake Village), Ark.
to vote on the has been
-An election will be held in about sixty days
PROPOSED.
it is stated.
proposition to issue $260,000 road construction bonds.
ND
EAST GRAND PLAINS DRAINAGE DISTRICT, N. Mex.-BOhas
-BOND SALE.
NO. 7, Mont.
-Reports state that an issue of $19,000 drainage-system bonds
CHOTEAU COUNTY SCHOOL DISTRICT
the First
-Wells & Dickey Co. of Minneapolis, was awarded at 104.97 and been purchased by American Nat. Bank, the Citizens Nat. Bank, at 97.
SALE.
I.on Aug. 7 an issue of $5,000 67 15-20-yr (opt.) bldg. bonds. Denom. Nat. Bank and the First State Bank & Trust Co., all of Roswell,
$1,000. Date July 11916. Int. J. & J.
-The Security
EATONTON, Putnam County, Ga.-BOND SALE.
-An issue Say. Bank & Trust Co. of Toledo, was awarded at 103.875 on June 15 the
-WARRANT SALE.
CHRISTINE, Atascosa County, Tex.
of $10,000 6% serial warrants, dated Nov. 1 1916, has been purchased by $30,000 5% gold coppon school bldg. bonds (V. 102, p. 2097)•
-BOND OFFERINO.-Proposals
the Bankers Securities Co. of Denver.
ELIZABETH, Union County, N. J.
-BONDS REAWARD- will be received until 11 a. m.Jan.9 1917 by Dennis F. Collins, City Compt.
CLARK COUNTY (P. 0. Jeffersonville), Ind.
were
bonds
ED.-We learn that the $9,400 434% 634-yr. aver, road bonds which
for an issue of 434% coupon or reg. (purchaser's option) fire dept.
awarded to J. N.Casady,Jr.,& Co.on Dec. 11 for $9,800, equal to 104.255,
Date Jan. 1 1917. Prin. and •
have been reawarded to J. P. Wild & Co. of Indianaplois, for $9,731 75, not exceeding $75,000. Denom. $1,000.
-payable at Nat. State Bank, Elizabeth. Due $4,semi-ann.int.-J.& J.
equal to 103.528. See V. 103, p. 2258.
- 000 yearly on Jan. 1 from 1918 to 1922, inclusive, and $5,000 yearly on
CLARK COUNTY (P. 0. Los Vegas), Nev.-BOND OFFERING.
on an incorporated bank
Reports state that proposals will be received until 10 a. m. Jan. 5 1917 by Jan. 1 from 1923 to 1933, inclusive. Cert. check
H. Harman, County Clerk, for the $43,000 6% 13-yr. aver, high-school or trust company for 2% of bonds bid for, payable to the "City of Elizarecently voted. Int. semi-annual. Cert. check for 1%, beth," required. Purchaser to pay accrued interest. The U. S. Mtge.
bldg. bonds
required.
as to the genuineness of the signatures of the city
-BOND OFFERING.- & Tr. Co. will certify
and their legality
CLARK COUNTY (P. 0. Springfield), Ohio.
signing the bonds and the seal impressed thereon
Bids for the following 5% coup. bonds will be received until 12 m. Jan. 2 officials
& Longfellow of N. Y., whose
will be approved by Hawkins, Delafield
by J. M. Pierce, County Auditor:
to opinion will be furnished purchaser.
1918
$60,000 bridge bonds. Due $1,500 each six months from Jan. 2
advertiseJuly 2 1937, inclusive.
The official notice of this bond offering will be found among the
beginning Jan.2 1918.
14,500 funding bonds. Due $1,000 each six months
- ments elsewhere in this Department.
int.-J. & J.
Denom. $500. Date Jan. 2 1917. Prin. and semi-ann. bonds bid for,
-Local papers
5% of
-BONDS VOTED.
EL PASO, El Paso County, Tex.
payable at office of County Treasurer. Cert. check for to be delivered and
favor of the questions of
payable to the County Treasurer, required. Bonds
state that the election held Dec. 19 resulted in
$75,000 drainage system, $10,within 15 days from time of award. Purchaser to pay accrued issuing $100,000 septic tanks installation, street grading bond
paid for
floating debt, $19,interest. Bonded debt, excl. these issues, $515,000; 90; State and county 000 sewage system extension and $40,000
-We are advised that the
500; sinking fund,37,356; assess. val. 1916,$104,176,1
-BOND SALE.
ESSEX,Page County,Iowa.
tax rate (per $1,000), $3.00.
orks bonds voted in July have boon disposed of.
-BOND $10.000 water-w
DISTRICT NO. 58, Wash.
Snoho'
CLARK COUNTY SCHOOL
EVERETT SCHOOL DISTRICT NO. 24 (P. 0. Everett), received
be
-On Dec. 16 $3,500 5-10-yr. (opt.) building impt. and equipment
SALE.
-BOND OFTERING.-Proposals will
, at mish County, Wash.
Treas., it is stated, for the
bonds were awarded to- the Washington Exchange Bank of Vancouver
until 2 p. m.Jan.8 1917 by J. L. Boyle, County 5-20-yr. (opt.) bonds at
par for 5s. Other bids were:
$150,000 funding and $150,000 building addition required. These bonds
John E. Price & Co.. Seattle, $3,501 75 for 5s.
not exceeding 5% int. Cert. check for $10,000 P. 2259)•
National Bank, Vancouver, $3,515 for 534 %s.
Vancouver
were authorized at an election held Dec. 2(V. 103.
State of Washington par for 531s.
.
Ferris & IIardgrove, Spokane, $3,510 for 534s.
FAIRMONT, Marion County, W. Va.-BOND OFFERING -Further
22 1917 of the $760,000
& Co. of Seattle, $3,505 for 530.
Wm. D.Perkins
details are at hand relative to the offering on Jan.
impt. and refunding bonds (V. 103,
J. & J.
Denom. $200. Date Jan. 1 1917. Int.
4)4% 19-yr. (aver.) coupon general
-The $55,000 p. 2358). Proposals for these bonds will be received until 12 m. on that
CLAYTON, Union County, N. Mex.-BOND SALE.
J. Walter Barnes. Commissioner of Finance. Donom. $1,000.
impt. and ext. bonds
% 10-20-yr. (opt.) coupon water-works system on that day to Sweet, day by 1 1917. Prin. and annual int.(Jan. 1) payable at the City Clerks
Date Jan.
offered on June 27 (V. 102, p. 2182) were awarded
option of holder. Due yearly
office or at the National City Bank, N. Y., at 1919 and 1920; $13,000, 1921
Causey, Foster & Co. of Denver, at 101.89.
1 as follows: $9,000, 1918; $12,000,
$16,000. 1925. 1926 and 1927
NO. 21 (P. 0. on Jan.
CLEARWATER COUNTY SCHOOL DISTRICT5% 15-yr. funding and 1922; $14,000, 1923; $15,000, 1924; 1930; $23.000, 1931 and 1932
1929; $22,000,
-On Dec. 18 $5,000
-BOND SALE.
Gonvick), Minn.
$500. $20,000, 1928; $21,000, 1934; $27,000. 1935; $29,000, 1936 and 1937
$25,000, 1933; $26.000,
bonds were awarded to the Minneapolis Trust Co. at par. Denom.
1940; $36,000, 1941; $37,00C1, 1942
1939
Date Dec. 1 1916. Int. J. & D.
$31,000. 1938; $33,000, 1944; and
$42,000, 1945; $44,000, 1946 and 1947
-On $38,000, 1943: $41.000.
SALE.
COHOES, Albany County, N. Y.-CERTrFICATE ss issued in Bids must be unconditional and made on proscribed form furnished by
bonds bid for, payable to the "City of
Dec. 23 an issue of $52,069 14 434% certificates of indebtedne
to the Farmers the city. Cert. check for 1% of to pay accrued int. These bonds are
anticipation of tax collections was awarded at public auction 1 1917.
Fairmont," required. Purchaser
legal opinion of Reed & McCook, N. Y..
& Tr. Co. of N. Y. Date Dec. 15 1916. Due April
Loan
offered subject to the approving
be prepared
-BOND ELECTION to be furnished the purchaser without charge. The bonds willcertify as to
COLORADO SPRINGS, El Paso County, Colo.
Trust Co., which will
$750,000
-According to local papers, the proposition to issuea vote at under the supervision of the Fairmont city officials signing the bonds and
PROPOSED.
the
to
the genuineness of the signatures of debt, including this Issue, $835,000.
water-works-improvement bonds will probably be submitted
the seal impressed thereon. Bonded
the spring election.
4.
-On Assessed valuation 1916, $18,768,52
-BOND SALE.
Lisbon), Ohio.
-Proposals
COLUMBIANA COUNTY (P. 0.
-BOND OFFERING.
weredisposed
FAIRPORT, Lake County, Ohio.
Dec. 20 five issues of 434% road bonds aggregating $73,175
Wm. A Cramer, Village Clerk.
will be received until 12 m. Jan. 23 1917 by ,
auth. Secs. 3931 and
of as follows, it is stated'
& Co. of Cleveland, for $43,- for $5,000 5% 634-yr. aver. coup. deficiency bonds, Sept. 11916. Prin.
Date
$42,675 bonds (2 issues) to Hayden, Miller
Paines3912 to 3948, incl., Gen. Code. Denom.$500.
451, equal to 101.813.
-payable at Painsevillo Nat. Bank, check
of Cleveland, for $31,- and semi-ann. Int.-M. & S.
Cert.
30,500 bonds (3 issues) to Tillotson & Wolcott Co.
on Sept. 1 from 1918 to 1927, incl.
ville. Due $500 yearly
044, equal to 101.783.
to the Village Treas., required.
payable
time of award.
(P.0. Columbus Grove), on a Lake County bank for $250,
COLUMBUS GROVE SCHOOL DISTRICT Dec. 13 an issue of $2,800 Bonds to be delivered and paid for within 10 days from
-On
-BOND SALE.
interest.
Putnam County, Ohio.
Bank Co. of Columbus Grove, Purchaser to pay accruedof the $10,000 issue voted Dec. 19-V. 103, 1).
5% school bonds was awarded to the Peoples Int. J. & D. Due from 1945
These bonds are part
at par. Denom.$700. Date Dec. 1 1916.
.
2173.
-On Dec.
-BOND SALE.
to 1948.
Tex.
FANNIN COUNTY (P. 0. Bonham),
-BOND SALE.
Impt. bonds, aggrega-40
COLUSA SCHOOL DISTRICT, Colusa County, Cal. 103,p. 2173) 18 the three issues of 5% 10 -year (opt.) road stated, to E. L. Twing
bonds(V.
is
-On Dec. 21 the $85,000 5% coupon tax-free bldg. San Francisco for $92,- ting $195,000 (V. 103,,p. 2259) were awarded, itand int.
(101.16)
were awarded, it is stated, to Bond & Goodwin of
& Co., of San Antonio for $197,262.50
-equal to 109.185. _
807 50
5
534
DEC. 30 1916.)
THE CHRONICLE
2447
FARNHAMVILLE SCHOOL DISTRICT (P. 0. Farnhamville), ' LINCOLN COUNTY
(P. 0. Pioche), Nev.-nO
Calhoun County, Iowa.
-BOND SALE.
-The $20,000 building bonds Reports state that at a recent election the -propositicin NDS VOTED.
to issue $60,000
voted at the election held in May (V. 102, P. 2098) have been disposed of.
road and bridge bonds received a favorable vote. •
FLOYD COUNTY (P. 0. New Albany), Ind.
-BOND OFFERING.
LOGAN COUNTY (P. 0. Bellefontaine), Ohio.
Proposals will be received until 10 a. m. Dec. 30 by Claude A. Sittason,
-BOND SALE.
County Treas., for $7,840 and $9,360 4% highway impt. bonds of New Reports state that a bid of 101.10, submitted by Seasongood & Mayer
Albany Twp. Denoms. $196 and $234, respectively. Date Dec. 29 1916. of Cincinnati was the highest received for the $3,000 5% 2%-year average
road assessment bonds offered on Dec. 22.-V. 103, p. 2260.
Int. M. & N.
The other bidders were:
FOREST CITY, Winnebago County, Iowa.
-BONDS VOTED.
-By Provident Savings Bank & Trust Co., Cincin
$3,032 40
a vote of 190 to 111 the question of issuing the $15,000 water-plant-impt. R. L. Dollings Co., Columbus
3.030 00
Ohio National Bank, Columbus
bonds carried, it is stated, at the election held Dec. 11 (V. 103, p. 2173).
3,021 25
LUDLOW, Kenton County, Ky.-BOND OFFERING.
FORT SMITH, Sebastian County, Ark.
-BONDS PROPOSED.-Proposals
The issuance of about $10,000 paving bonds is being contemplated by will be received until 8 p. m. Jan. 18 1917 by W. E. Cullen, City Clerk,
Paving Dist. No. 12. Geo. Carnal! is Secy. Bd. of Commissioners.
for $15,000 43
,
6% 20-year Elm! St. viaduct
Feb. 1 1917
Interest semi-annual. Certified check for 1% bonds. Date bid required.
of amount of
FRANKLIN COUNTY (P. 0. Mt. Vernon), Texas.
-BOND SALE.$75,000 Road Dist. No. 1 road impt. bonds voted June 16 (V.
The
LYNN, Essex County, Mass.
102.
-TEMPORARY LOAN.
-Reports sta
p. 2362) have been sold, it is stated, to E. A, Toebelman of Galveston, that this city recently negotiated
a loan of $50,000 with the Central
at par and int.
Bank of Lynn at 3.29% discount, plus $1 25 premium. Due April 6 Nat.
1917.
FREMONT, Sandusky County, Ohio.
-On Dec. 26
-BOND SALE.
MADISON COUNTY (P. 0. London), Ohio.
the two issues of 4% coup. street bonds aggregating $5,400-V. 103, p.
-BOND SALE.
-On
Dec 20 the $2,500 5% 2%-yr. aver, coupon road-impt. bonds
-were awarded, reports state, to the Fremont, Savings Bank for
2259
p. 2260
-were awarded to the Madison Nat. Bank of TLondon -V. 103.
$5,452, equal to 100.962.
at 101.478
and int. The other bidders were:
GARY, Lake County, Ind.
-Proposals will be Peoples Com'i & Say. Bk____$2,5341Prov. Say. Bk. & Tr. Co_$2,530 50
-BOND OFFERING.
received until 12 m. Jan. 18 1917 by Geo. Manlove, City Controller, for
MARION, Marion County, Ohio.
an issue of $60,000 454% 20
-year park bonds recently authorized by the
-BOND SALE.
-Bids for
City Council. Denom. $1,000. Date Fob. 1 1917. Interest annual. issues of 4M % bonds, aggregating $131,800, offered on Dec. 20, the two
were as
-V.103, p. 2094: ..
Certified check for $500 required. Purchaser to pay accrued interest. follows
Premium.I
Bonded debt Dec. 1 1916, $225,000; sinking fund, $90,715.
Premium.
Prov. Say.Bk.& Tr.Co ---$2,826 561 Felbel-Elischak Co
GENEVA, Ontario County, N. Y.
$1.838 05
-BONDS VOTED.
-The question Seasongood & Mayer
1,803 20
of issuing $20,000 filtration-plant-impt. bonds carried, reports state, at the Breed,Elliott & Harrison__ 2,432 00 First Nat. Bank
2,069 31 iTillotson & Wolcott Co._ _ _ 1,762 91
election Dec. 13 by a vote of 450 to 142.
Spitzer, Rorick & Co
1,976 501 F.L.Fuller & Co
1.594 30
. GLOUCESTER, Essex County, Mass.
Ohio National Bank
1,914 05 Weil, Roth & Co
-TEMPORARY LOAN.
- F.C. Hoehler
1,563 10
Reports state that a loan of $50,000 maturing Nov. 12
1,910 50 New First Nat. Bank
900 00
negotiated with the Gloucester Safe Deposit & Trust Co. at 1916 has been
3.63% discount.
MARTIN COUNTY (P. 0. Fairmont), Minn.
-BOND OFFERING.
HARRISON, Hudson County, N. J.
Proposals will be received until 2 p. m. Jan. 3 1917 by H. 0. Nolte, -BOND OFFERING.
-Proposals
Co.
will be received until 9 p. m. Jan. 2 1917 by B.P. Walsh,
Aud., it is stated, for $88,000 10-yr. ditch-cons
not exceeding $15,000 of 43,3% coup. or reg. (purchaser's Town Treas., for ing 5% int. Cert, check for $3,000 required. truction bonds, not exceedbonds. Denom. $1,000. Date Nov. 11916. Prin. andoption) fire dept.
semi-ann. int.M.& N.
MARYLAND,
-payable at West IIudson County Tr. Co.Harrison.
-BOND OFFERING.
-Proposals will be reDue $2,000 ceived until 12 m.State of.
yearly on Nov. 1 from 1917 to 1921. inclusive, and'$1,000 yearly
Jan. 25 1917 by John M.Dennis, State Treas., for $600,on Nov. 1
from 1922 to 1926, inclusive. Cert. check on an incorporated
coup. (subject to registration as to principal) tax-free bonds.
bank or trust 000 4% $1,000.
company for 2% of bonds bid for, payable to the "Town
Denom.
Date Feb. 1 1917. Int. F. & A. Due on Feb. 1 as
of Harrison," re- follows:
quired. The purchaser will be furnished with the opinion
$101,000, 1923; 1106.000, 1924; $114,000, 1926: $118,000. 1927;
of Hawkins,
Delafield & Longfellow, N. Y. that the bonds are binding
and
and legal obliga- $124,000,n19285% $37,000, 1929. Cert. check upon a responsible banking
tions of the town. Purchaser to pay accrued int.
institutio for
of amount of bid, payable to the State Treas., required.
'
Bonds will be delivered on Feb. 1 at office of State Treasurer. These bonds
HOLLAND, Ottawa County, Mich.
-BOND SALE.
-The Holland are part of the $3,000.000 issue authorized by Chap. 681, Acts of General
City State Bank of Holland,recently purchased at par
Assembly of 1916.
5
-year serial sewer construction bonds. Date an issue of $1.695.20
Nov.
ann. in February. Due serially for 5 years beginning 1917. 1 1916. Int.
MASON CITY INDEPENDENT SCHOOL DISTRIC
Cerro Gordo County,lowa.-BONDS TO BE*OFFEREDT (P.O. Mason),
NEXT YEAR.•
HULL, Plymouth County, Mass.
-TEMPORARY LOAN.
-This The Sec. Bd. of Ed. advises us that the $38,000 site-purchase and building
town, according to reports, recently negotiated a loan of $40,000, maturing bonds voted Sept. 23(V.
103, P. 1531) will not be offered for sale until next
April 15 1917, with C. D. Parker & Co. of Boston at 3.84%.
spring. R. L. James is Sec. Bd. of Ed.
HUNTERDON COUNTY (P. 0. Flemington),
-BOND OFFERMEDFORD, Jackson
INO.-Additional information is at hand relative toN. J.
-BOND OFFERING.
-Sealed
the offering on to-day bids will be received until County, Ore.
12 m. Jan. 16 1917 by Elmer T. Foss, City
of the issue of 434% 5-yr. aver, coup., with privilege
constr. bonds not to exceed $56,000-V. 103, p. of registration, road Recorder, for 330.000 5% coupon refunding bonds. Denom. $1,000.
2358. Bids for these Date March 5 1917. Principal and semi-annual interest
bonds will be received until 10 a. m. to-day
(J. & J.) payable
(Dec. 30)
Chosen Freeholders, H. L. Stout, County Collector. by the Board of in Medford, Chicago or New York, at the option of the purchaser. Due
Denom. $1,000. $2,000 yearly Jan. 1 from 1923 to 1937. inclusive. Certified check on
Date Dec. 27 1916. Int. J. & D. at Flemington.
a
Due
Dec. 27 from 1918 to 1925, incl. Cert. check for 2% $7,000 yearly on national bank or trust company or any bank of Medford, for $600, payable
of bonds bid for, to the Recorder, required. The legality of these bonds
payable to the "Board of Chosen Freeholde
rs," required. Bonded debt by Howard A. Hanson, attorney, of Seattle, whose opinionwill be approved
including this issue $383,500; sinking fund
will be delivered
$30,500; assess. val 1916, to the purchaser, and they will be certified as to genuinene
$22.136,876
.
ss by the First
National Bank of Medford. Bidders will
INDEPENDENT SCHOOL DISTRICT (P. 0. Independ
forms furnished by the Recorder. Bonds be required to bid upon blank
ence, Jack- Chicago or New
will be delivered in Medford,
son County, Mo.-BOND ELECTION DECLARED INVALI
D
-NEW Special assessmenYork. at option of purchaser. Bonded debt. $498,000.
ELECTION.
t debt, $704,250. Assessed valuation
-According to reports the election held Aug. 10
, $4,104,128.
question of issuing the $35,000 building bonds was voted at which the
has been deMIDDLETOWN,
clared invalid (V. 103, p. 1530). The Bd. of Ed. has decided
-BOND OFFERING.
to call a posals will be receivedButler County, Ohio.
-Pronew election at which the question will be resubmitted.
until 12 m. Jan. 18 1917 by Louis T. Nein, City
Awl..
for $25,662 60 5% 53.5-yr. aver. street impt.
assess.
INDIANAPOLIS, Ind.
-BOND SALE.
-On Dec. 21 an issue of $116,- 3914, Gen. Code. Denom.$50 for $500; 10 for $66 26. bonds, Auth. Sec.
Date Dec. 1 1916.
460 33% 83-yr. aver, coup. flood-prevention bonds was awarded
Int. J. & D. at Nat. Park Bank, N. Y. Due
to J. P.
$2,566 26 yearly on Dec. 1
Wild & Co. of Indianapolis. for $116.777, equal to 100.273.
The Union from 1917 to 1926, incl. Cert. check for $100, required. Bonds to be
Trust Co. of Indianapolis, bid $116,579 and in
delivered and paid for
Denom. 1 for
for $1,000. Date Jan. 1 1917. Prin. and semi-ann.int.-J. & $460, 116 pay accrued interest. within 10 days from time of award. Purchaser to
J.
-payable
at Merchants Nat. Bank, Indianapolis. Due $6,460 Jan.
,at
‘1.1 .4.4,4% •
1 1920 and $10,000 yearly on Jan. 1 from 1921 to 1931, inclusive.
MILLS MILL SCHOOL DISTRICT NO. 8-C. Greenvill
e County,
So. Caro.
-BOND OFFERING.
-Proposals will be received until 12 m.
JASPER COUNTY (P. 0. Rensselaer), Ind.
-The Jan.6 1917 by W.B. Moore, Chairman Bd. of Trustees(P.O.
following bids were received for the $50,000 4 % -BOND SALE.
Greenville).
6%-year aver,road bonds for $25.000 building bonds at not exceeding 6%
offered on Dec.21.-V. 103,p.2259:
Denom. $1,000. Date
Jan. 1 1917. Prin. and semi-annual
J. F. Wild & Co
$51,867 501State Say. & Tr. Co
in N. Y. City. Due Dec. 311937. int., payable at some responsible bank
Cert, check
R. L. Dollings Co
51,762 50[Breed, Elliott & Ilarrison__ _$ 105 U. S.for 2% of amount of bid, with no conditions on some national bank of
5 ,6
601
endorsed on some, except
the legality and regularity
JEFFERSON, Ashtabula County, Ohio.
the issue,
-BOND SALE.
-On required. The district has of indebtedn payable to the Co. Bd. of Ed.,
Dec. 16 the four Issues of 5% street assessment
no
ess. Assess. val. 1916, $1,134,bonds, aggregating $12,100 710; true val.
-v. 103, p. 2093
-were awarded, reports state, to
(approx.), 12,651,900.
the First National
Bank of Jefferson.
MODESTO HIGH SCHOOL DISTRICT, Stanisla
JEFFERSON PARISH DRAINAGE DISTRIC
us County, Calif.
T NO.
-BONDS -BIDS.-The following are the other bids
PROPOSED.
-Reports state that this district proposes 4, La.
to issue $300,000 21-yr. (aver.) bldg. bonds awarded on Dec. received for the $135,000 5%
reclamation bonds.
13
Co. of San M•ancisco, for $150,080 (111.17) andto the Lumbermens' Trust
int.
JOHNSTOWN, Fulton County, N. Y.
First Nat. Bk., Modesto$149.311 00 Blyth, Witter (V. 103, yo. 2359)*
Dosals will be received until 11 a. m. Jan. 20-BOND OFFERING.-Pro- F. W.Brown
& Co.,
.
8
& Co., S. F 149,011 00 Nat. City Co.. San S. F$148,67 00
(time extended from Jan. 6)
by W. J. Eldridge, City Chamberlain, for an
Fran_ 148.189 50
issue of $7,800 5% coupon Anglo & London-Paris
A. H.
or registered pavement bonds (V. 103, p.
147,520 00
Nat. Bank, San Fran.. 148,772 87 GirvinWoollacott
2358). Denom. $100. Date
& Miller. S.
Jan. 15 1917. Principal and semi-annual interest
147,442 00
All the above bids provided for the payment
-T.& J.
-payable at the
Johnstown Bank, Johnstown, in N. Y.
of accrued interest.
MONTCLAIR, Essex County, N. J.
1918, $2,200 Jan. 15 1919, $2,100 Jan. 15exchange. Due $2,500 Jan. 1
-LOAN AUTHORIZED.
1920 and $1,000 Jan. 15 1921. paper reports state
-NewsNo deposit required. Purchaser to pay accrued
that the Town Commission on
debt Dec. 12 1916, $254,185; assessed valuation interest. Net bonded negotiation of a loan of $12,000 for current expenses,Dec. 26 authorized the
to mature in 4 months.
, real, $3,525,150; special
franchise, $176,149; personal, $377,800; total
MOOREHAND, Woodward County, Okla.
value, $4,079,099.
KNOX COUNTY (P. 0. Vincennes),
-We are
advised that the $10,000 municipal electric-li -BOND SALE.
-BOND SALE.
ght-plant bonds (V. 102. 13•
-On
Dec. 22 an issue of $3,100 4% road bonds wasInd.
awarded, reports state, to 2185) have been disposed of.
Noah Neal of Bicknell for $3,141, equal to 101.323.
MOUNT MORRIS SCHOOL DISTRICT
LAFOURCHE BASIN LEVEE DISTRICT(P. 0.
(P.O. Mt. Morris), Genesee
County, Mich.
BOND OFFERING.
-According to reports
-Sealed bids will be received untilDonaldsville), La.- voted in favor -BONDS VOTED.
11 a. m.Jan. 11 191'7
of the issuance of $48,000 building bonds. this district has
by J. F. Wigginton, Pres. lid. of Commrs. for $250,000 5%
MT. ORAB, Brown County, Ohio.
age and levee bonds. Denoms. $500 and $1,000. Date coupon drain-BOND OFFERIN -Proposals
Int. J. & J., payable to the State Treas., Baton Rouge. 1)ue Jan. 1 1917. will be received until 12 m. Jan. 20 1917 by G. V. Hughes, G.
Vil. Clerk for
Jan. 1 from 1928 to 1937, incl. Cert, check for $1,000, $25,000 yrly. $2,700 5% 7-yr. aver, electric-light bonds.
Auth. Sec. 3939 Gen.
payable to the Denom. 12 for
"District," required. Bonded debt, including this issue,
1200, 1 for $300. Date Dec. 15 1916. Int. J. & D.Code.
$750,000. Float- $200 yearly on
ing debt, $285.000. Assess. val. 1915, $15,500,0
Due
Dec. 15 from 1917 to 1928, incl., and 3300 Dec.
00.
15 1929.
Cert. check for 10% of
LAKE COUNTY (P. 0. Crown Point), Ind.
-BOND OFFERING.- Bonds to be delivered bonds bid for, payable to the Vi!. Treas., required.
Proposals will be received until
and paid for within 10 days from time of award.
10
Co. Aud., for $7,800 5% Marblea. m. Jan. 15 1917 by Edward Simon, Purchaser to pay accrued interest.
Powers ditch bonds. Denom. $780.
Date Aug. 1 1916. Int. J. & D.
NAMPA & MERIDIAN IRRIGATION DISTRIC
Due beginning June 1 1917.
T (P. 0. Meridian),
LA SALLE, Weld County
Idaho.
-BOND SALE.
Colo.-BOND ELECTION.
state that an election will be held'Jan.
-Reports funding bonds (V. 103,-On Dec. 19 the $14,250 6% 10-yr. couvon rep. 2094) were awarded to the Lumbermens Trust
$25,000 water-works-system bonds. 9 to vote on the question of issuing Co. of Portland, for $14,330,
equal to 100.561. E. H. Dewey of Nampa
bid par.
LAWRENCE COUNTY (P.O. Monticell
o), Miss.
-BOND OFFERING.
Further details are at hand relative
NEWARK, Essex County, N. J.
to the offering on Jan. 4 1917 of the
$50,000 coupon tax-free Super's Dist.
-TEMPORARY LOAN.
-On Dec.
p. 2359). Proposals for these bonds No. 1 road-constr. bonds (V. 103, a loan of $75,000, maturing in six months, was negotiated with Bond 26
&
day by J. H. Tennisson, Chancery will be received until 12 m. on that Goodwin of New York, at 3%% interest plus $3 premium.
Clerk. Int, rate not to exceed 6%
Denom.$500. Date Feb. 11917.
NEW
Prin. and annual int.(Feb. 15), payable A loan ofBEDFORD, Bristol County, Mass.
-TEMPORARY LOAN.
at the Co. Treas. office. Due
.
$200,000 maturing Oct. 20 1917 has been negotiate
d,it is reported,
and $4,000 yearly Feb 1 from$3,000 yearly Fob. 1 from 1927 to 1936 incl. with Parkinson & Burr of Boston at 3.51% discount.
1937
payable to tho Pres. Bd. of Co. to 1941, incl. Cert. check for $1,000,
...ENNMONS
NEW LONDON, Huron County, Ohio.
indebtedness. Assess. val. (40% Supers., required. The district has no
-BOND SALE.
-On Dec. 18
act), $581,070 45.
tho $56,000 5% 163-yr. aver. water bonds
-V. 103, p. 2094
LA PORTE CITY SCHOOL DISTRIC
-were
awarded to the New First Nat. Bank of Columbus
for $59,925 '107.008) and
hawk County, lowa.-BOND SALE.-G T (P. 0. La Porte), Black-- interest.
port have purchased the $8,000 building eo. M. Bechtel & Co. of Dawn. F. L. Fuller &
Co
bonds voted Aug.7(V. 103,p.
$59,744 80 R. L Dollings Co
$58,800 00
776.) Well. Roth & Co
LEETONIA, Columbiana County, Ohio.
DESCRIPTION OF Hayden, Miller & Co...... 59,399 20 Sec. Say. Bk.& Tr. Co___ 58,732 80
BONDS.
-We learn that the $28,000
59,303 00 Cum'gs, Prudden & Co__ 58,711 00
par and int. by the State Industrial sewage-disposal bonds purchased at Tillotson & Wolcott Co
59,091 20 Seasongood & Mayer____ 58,533 00
Commission on Dec. 5, are dated Prey. Say. Bk.
Dec. 20 1916 and bear 5% hit.
& Tr.
59,052 00 Ohio National Bank
J. & D. Duo Juno 20 1925. -V. 103, p 2359 Donom. $1,000. Int. Terry, Briggs & Co Co
58,506 00
58,956 80 Spitzer, Rorick & Co
57,562 00
•
W.L.Slayton & Co
58,918 00 Bolger, Mos-ier & Will'n__ 57,164 80
2448
THE CHRONICLE
[VOL. 103.
RADNOR TOWNSHIP (P. 0. Wayne), Delaware County, Pa.
NEW PHILADELPHIA SCHOOL DISTRICT (P. 0. New Phila--On Dec. 22 the $100,000 4% 1036-year aver, tax-free high-Proposals BOND SALE.
-BOND OFFERING.
delphia), Tuscarawas County, Ohio.
-V. 103, p. 2261-were awarded, it is stated, to Townsend,
will be received until 12 m. Jan. 18 1917 by A. A. Stermer, Clerk Bd. of way bonds
& Co. of Phila. at 101.277, a basis of about 3.84%,
Ed., for $20,000 5% school bonds. Auth. Sec. 7629 Gen. Code. Denom. Whelen
$500. Int. M. & S. Due $500 each six months from Mar. 1 1918 to
RAYNE, Arcadia Parish, La.
-BOND SALE.
-According to
Sept. 11935, incl., and $1,000 Mar. 1 and Sept. 1 1936 and Mar. 11937. the Whitney-Central Trust & Say.Bank of New Orleans purchased reports,
$14,500
Cert, check for 1% of amount of bonds bid for, required.
5% electric-light bonds.
NEW RICHMOND (C.) AND RICHMOND, STAR PRAIRIE AND
REPUBLIC, Seneca County, Ohio.
-BONDS VOTED.
-The question
STANTON (Ts.) (P. 0. New Richmond), St. Croix County, Wisc.- of Issuing the $10,000 electric-light-plant bonds
-The $40,000 436% building bonds awarded at the election Dec. 19 by a vote of 120 tb22, It -V. 103, p. 2261-carried
DESCRIPTION OF BONDS.
is reported.
at 101.25 on July 10 to the First Nat. Bank of Milwaukee (V. 103, p. 2360)
ROCHESTER, N. Y.
-NOTE SALE.
are in the denoms. of $500 and $1,000 and dated Aug. 1 1916. Int. ann.
-On Dec. 22 an issue of $135,000 garbage disposal notes maturing 8 months from Dec. 27 1916 was
on Feb. 1. Due serially from 1921 to 1932, incl.
awarded to Hemphill, White & Chamberlain on their bid of 3%% int.,
-NOTE SALE.
-According to plus $3 premium. Other bidders were:
NEWTON, Middlesex County, Mass.
reports this city recently sold an issue of $100,000 1-year notes to Harry C.
Prem.
Int.
Grafton Jr. of Boston.
Security Trust Co., Rochester
$46 00
4.00
-This city has negotIated a loan of $50,000 due George H. Burr & Co., New York City
TEMPORARY LOANS.
___ _
4.00
May 29 1917 with H. C. Grafton Jr. of Boston at 3.30% discount, it is Farmers' Loan & Trust Co., New York City
_ _
4.00
stated.
200
Salomon Bros. & Hutzler, New York City
4.15
has been negotiated with Park- Goldman, Sachs & Co., New York City
A loan of $100,000 maturing July 31 1917
500
4.245
inson & Burr of Boston at 3.30% ,It Is reported.
16 00
4%
Cummings,Prudden & Co.. New York City
-Proposals
-BOND OFFERING.
NILES, Trumbull County, Ohio.
.
ROME (CITY) UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
-BOND SALE.
-On Dec. 22 an issue of
will be received until 2 p. m. Jan. 15 1917 by Homer Thomas, City Aud., Rome), Oneida County, N. Y.
for the following bonds:
$74,200 4% 14-year aver, school bonds was awarded to Kissel, Kinnlcutt
$7,500 43 % sewer assess, bonds. Denom. $500. Date Dec. 30 1916. & Co. of N.Y. at 100.77. Denom. 1 for $1,200. 73 for $1,000. -Date
Due $1,000 yearly on Dec. 30 from 1918 to 1922, incl. and
Jan. 2 1917. Int. J. & J. Due $4,200 Jan. 1 1924 and $5,000 yearly on
Jan. 1 from 1925 to 1938 incl.
$500 yearly on Dec. 30 from 1923 to 1927, inclusive.
30.350 4%% sewer assess. bonds. Denom.60 for $500; 1 for $350. Date
RUNGE SCHOOL DISTRICT (P. 0. Runge), Karnes County,
Dec. 30 1916. Due $3,000 yearly on Dec. 30 from 1918 to
-By a vote of 179 to 31 the proposition to issue
-BONDS VOTED.
Texas.
1926. inclusive and $3,350 Dec. 30 1927.
4,220 5% street (city's portion) bonds. Denom.8 for $500; 1 for $220. $40,000 building bonds carried, reports state, at the election held Dec. 12.
Date Oct. 10 1916. Due $2,000 Oct. 10 1921 and $4,220
ST. LOUIS SCHOOL DISTRICT (P. 0. St. Louis), Mo.-BOND
Oct. 10 1922.
-year school bonds (V. 103, p.
-On Dec. 28 the $1,000,000 4% 20
SALE.
% refunding bonds. Denom. $500. Date Nov. 1 1616. 2360) were awarded, it is stated, to the Mercantile Trust Co. of St. Louis
8,000
Due Nov. 1 1926.
at 103.077, a basis a about 3.78%.
Int. semi-ann. Cert. check for 1% of bonds bid for, payable to the
-On Dec. 20 the $30,000
-BOND SALE.
Maine.
SACO,
City Treas., required. Bonds to be delivered and paid for within 10 days 4% 25-yr.York County,
coup, tax-free refunding bonds
-V. 103, p. 2261-were awarded
from time of award. Purchaser to pay accrued interest.
to the Biddeford Savings Bank at 104.91. It is reported.
NILES CITY SCHOOL DISTRICT (P. 0. Niles), Trumbull County,
-On Dec. 28
-TEMPORARY LOAN.
SALEM, Essex County, Mass.
-BOND OFFERING.-Proposals will be received until 2 p. m. Jan.10 the loan of $75,000, maturing April 27 1917. was awarded to the MerOhio.
by C. M. Kirkbride, Clerk of Board of Education, for the $9,000 5% chants' National Bank of Salem at 3.29% discount plus $1 25 premium.
-year average school bonds (V. 103. P. 2360). Auth. Sec. 7629, Gen. -V. 103, p. 2360.
3
Code. Denom. $500. Date Jan. 10 1917. Int. J. & J. Due $3,000 on
-The proposition
-BONDS VOTED.
SAPULPA, Creek County, Okla.
Jan. 10 1919, 1920 and 1921. Certified check for 1% of bonds bid for,
payable to the Treasurer of the Board of Education, required. Bonds to issue $20,000 fire-station erection and equipment bonds carried, it is
to be delivered and paid for within ten days from time of award. Purchaser stated, at the election held Dec. 13.
to pay accrued interest.
SARDINIA VILLA GE SCHOOL DISTRICT (P. 0. Sardinia),
-This town Brown County, Ohio.
-BOND S 'LE.
NORWOOD, Norfolk County, Mass.
-Proposals will be received
-BOND OFFERING.
recently sold an is.sue of $10,000 4% serial electric-light bonds to Blodget until 7 p. m. Jan. 15 by C. D. Purdy, Clerk Board of Education, for
& Co. of Boston at 100.55, it is stated.
$20,000 5% 103 -year average coupon building bonds. Auth. Secs. 7625
%
-A loan of $30,000 maturing April 5 1917 and and 7626, Gen. Code. Denom. $500. Date Jan. 15 1917. Principal and
TEMPORARY LOAN.
issued in anticipation of revenue has been negotiated with Bond & Goodwin semi-annual interest
-payable at First National Bank, Sardinia.
-J. & J.
of Boston at 3.74% discount, reports state.
Due $500 each six months from Jan. 15 1918 to July 15 1937, inclusive.
-BOND Certified check for 10% of bonds bid for, payable to the Sardinia School
OAKWOOD (P. 0. Dayton), Montgomery County, Ohio.
District, required. Bonds to be delivered and paid for within ten days
-Reports state that the sale of the four issues of 5%
SALE POSTPONED.
bonds, aggregating $20,300, which was to have taken place on Dec. 26, has from time ef award. Purchaser to pay accrued interest.
-V. 103. p. 2175.
been postponed until a future date.
-On
-BOND SALE.
SCHENECTADY, Schenectady County, N. Y.
736-yr. aver,
issue of $28,000
-This vlllae Dec. 22 an Adams & Co. of 4 Y., at 100.27. grade crossing bonds was
OGALLALA, Keith County, Neb.-BOND OFFERING.
H. A .Kahler & Co. bid
N'.
awarded to
is offering for sale the $6,000 R % 5-20-yr. (opt.) co pen sewer main bonds 100.21. Denom. $1,000. Date Dec. 1 1916. Int. J. & D. Due $2,000
(V. 103, p. 868). Denom. $500. Date Sent. 1 1916. Int. M. & S. at Yearly on Dec. 1 from 1917 to 1930, inclusive.
the State Treas. office. V. E. Warren is Village Clerk.
-Local papers state that
-BONDS AUTHORIZED.
SEATTLE, Wash.
OKANOGAN COUNTY SCHOOL DISTRICT NO. 29, Wash.
on Dec. 18 the City Council authorized the issuance of $3,000,000 hydro-On Dec. 11 the $1,250 5-15-yr. (opt.) building and equip- electric power-plant-purchase bonds. A case will be brought before the
BOND SALE.
ment bonds (V. 103, p. 1811) were awarded to the Exchange Nat. Bank Supreme Court to test the validity of such a bond issue made without a
of Spokane. at par for 5s. Other bids were:
vote of the people.
State of Washington, Olympia, par for 53is.
Kreielscheimer Bros. par and int. for 534s.
SHAWANO, Shawano County, Wisc.-BONDS NOT TO BE OFFER-The City Clerk advises us that the $60,000 4Yi%
ED AT PRESENT.
Northern Bond & Mtge. Co.. $1.257 85 for 6s.
20-yr. coup. hydro-electric light plant erection bonds voted May 12(V, 102,
Durfee, Niles & Co., $1,255 for 6s.
Denom. $100. Date Dec. 11 1916. Int. ann. at the County Treas. p. 2187) will not be offered for sale at present. D.E. Wescott is City Clerk.
office.
-BOND SALE.
-On
SHELBY COUNTY (P. 0. Shelbyville), Ind.
-were awarded,
-V. 103, p. 2360
-On Dec. 23 the $9,420 436% road bonds
OLDHAM COUNTY (P. 0. Lagrange), Ky.-BOND SALE.
(V. 103, p. 2176) reports state, to R. L. Dollings Co. of Indianapolis for $9,767 50 (103.688)
Dec. 15 the $50,000 5% road and bridge-building bonds
were awarded, it is stated, to the Harris Trust & Say. Bank of Chicago and interest.
at 104.51.
-Proposals
-BOND OFFERING.
SHREVEPORT, Caddo Parish, La.
-Bids for will be received until Jan. 5 1917 by the City Council, it is stated, for the
-BOND OFFERING.
ORRVILLE, Wayne County, Ohio.
an issue of $3,500 5% 6'%-year aver, fire-apparatus purchase bonds will be $500,000 43% 1-40-yr. serial gold coupon funding bonds voted Nov. 7.
received by A. Jenny, VII. Clerk, until 12 m. Jan. 16. Auth. Sec. 3939, Int. semi-annual. These bonds are exempt from taxation.
Gen. Code. Denom. $500. Date Dec. 15 1916. Int. M. & S. Due
-On Dec. 22 $10,000
SIKESTON, Scott County, Mo.-BOND SALE.
$500 yearly on Sept. 15 from 1920 to 1926 incl. Cert. check for 2% of street-impt. and $5,000 sewer ext. 5% coup. and reg. bonds were awarded
bonds bid for, payable to the Vii. Treas., required. Bonds to be delivered to Alden H. Little Invest. Co. of St. Louis, for $15,725, equal to 104.833.
to pay accrued
and paid for within 10 days from time of award. Purchaser
Other bidders were:
Interest.
4
Little & Hays Inv. Co.,St.L_$15,695 John Nuveen & Co., Chicago$15,•152
-BONDS TO BE OFFERED Corn. Tr. Co., Kansas City_ 15,6161
PATERSON, Passaic County, N. J.
$1,000. Date Jan. 1 191 . Int. J. & J. at the National Bank
this city is about to offer for sale $250,000
Denom.
SHORTLY.-Reports state that
of Commerce of St. Louis,. Due $1,000 yearly Jan. 1 from 1922 to 1936,
4% scho)1 bonds.
fund, $5,000.
-On incl. Bonded debt, including this issue, $53,000. Sinking 60.
-BOND SALE.
PERRY COUNTY (P. 0. Cannelton), Ind.
-3r
- Assess. val. 1916,$1,250,000. City tax rate (p. $1,000).$7
-V. 103, p. 2176
6%-yr. aver, road bonds
Dec. 20 the $10,676 43
DISTRICT (P. 0. Somerset),
equal
SOMERSET VILLAGE SCHOOL
were awarded to R. L. Dollings Co. of Indianaplois, for $11,073 50,
-On Dec. 21 the $40,000 5%
-BOND SALE.
Perry County, Ohio.
to 103.723. Other bidders were :
-were
$11,0481Breed, Elliot & Harrison_ _ _ _$11,011 1334-yr. aver, school bonds dated Mar. 1 1917-V. 103, p. 2095
State Say. & Tr. Co
awarded to the Citizens State Bank of Somerset at 104.655. The other
11,0481
Miller & Co
bidders were :
-PURCHASER OF
$41,410
*1642.0501Sea.songood & Mayer
PERRY COUNTY (P. 0. New Augusta), Miss.
Veil, Roth & Co
41,245
41,740 Spitzer, Rorick & Co
-The purchaser of the $200,000 5% road bonds awarded on Dec. 5 It. L. Dollings Co
BONDS.
40,922
41,628 Hayden, Miller & Co
for $201,053 (100.526) and lithographed bonds (V. 103, p. 2360) was F. C. Iloehler
C. W. McNear & Co. of Chicago. Denom. $1,000. Date Jan. 15 1917.
*This bid was rejected as being conditional.
Int. ann. Jan. 15. Due $8,000 yearly.
SCHOOL DISTRICT NO 1.
SOUTH ENGLISH INDEPENDENT
-We
-Proposals will be received (P. 0. South English), Keokuk County, lowa.-BOND SALE.
-BOND OFFERING.
PHILADELPHIA,Pa.
bonds voted In August (V. 103, p. 604)
until 12 m. Jan. 8 1917 by Thos. B. Smith, Mayor, for the following 4% are advised that the $8,000 school
have been sold.
coupon and tax-free registered bonds:
-BIDS.
-The folSTANISLAUS COUNTY (P. 0. Modesto), Calif.
$4,974,200 bonds due Jan. 11922. 1$2,500,000 bonds due Jan. 1 1967. lowing are the other bids received for the $1,482,000 436% 20%-year (aver.)
5,300,000 bonds duo Jan. 1 1947. 1
highway-impt. bonds awarded on Dec. 13 to Byrne & McDonnell of San
multiples of $100 and coupon bonds will be Francisco for $1,572.550 25 (106.11) and int. (V. 103, p. 2360)4
Registered bonds will be in
National City Co., San Francisco, $1,571,809 20 and interest.
in denominations of $1,000 each, and are interchangeable. Date Jan. 1
and interest.
1917. Int. J. & J. Negotiable interim certificates will be issued, If de- Blyth, Witter & Co., San Francisco, $1,557,068
Rollins & Sons and Bond &
Cert. check or certifi- Anglo & London Paris'National Bank, E. H.
sired, pending engraving of permanent certificates.
Goodwin, San Francisco, $1,558,933 and interest.
cate of deposit for 5% of face amount of loan for which bid is submitted,
-BOND SALE.
-The $15,000
STAUNTON, Macoupin County, Ms.
payable to the "City of Philadelphia," required. Settlement in full must water-works and $3.500 bridge bonds voted during September were sold
be made on or before Jan. 15 at 3 p. m. Bids must be made on forms fur- on Oct. 0.-V. 103, p. 962.
nished by the city. Purchaser to pay accrued interest. A debt statement
-The $8,000
STELLA, Richardson County, Neb.-BOND SALE.
of the city for Dec. 1 1916 follows: Total funded debt (Incl. $115,150,090 electric-light-plant bonds recently voted have been disposed of at private
loans authorized but not issued), $255,942,450; less city loans held in Sink- sale.
-ELEC-BOND SALE.
TAHLEQUAH, Cherokee County, Okla.
ing Fund of $25,913,100, leaves net funded debt of $230,029,350. Float-O. 1. Gilbert of Oklahoma City has purchased at 97.05, an Issue
ing debt (mortgages, ground rents, mandamuses payable, &c.), $522,929; TION.
bonds.
5% 25-yr. water-works-ext. DISTRICT NO.1 (P.O Houma)
of $39,000
total of net funded and floating debt, $230,552,279; deducting cash In sinkTERREB0NNE PARISH SCHOOL
-Further details are at hand relative to the
-BOND OFFERING.
ing fund and appropriations for sinking fund and non-sinking fund loans for La.
authorized offering on Jan. 2 1917 of the $10,000 5% Sub-Dist. No. 1 building bonds
1916 of $2.244,578, leaves the net city debt (Incl. $115,150,000
received until 11 a. rn.
(V. 103, p. 2360). Proposals for these bonds will be Bd., Denom. $500.
assess. val. 1916, $2,315,319,097.
but not issued) $228,307,701. Total
by A. R. Viguerie, Prest. Parish Sch.
officio' notice of this bond offering will be found among the advertise- on that day 1917. l'rin. and semi-annual int. at the Peoples Bank &
The
Date Jan. 15
Treas. of
School Board.
Trust Co. of Houma or at the office of the incl. and l'arish yearly June 30
ments on a preceeding page.
$1,000
June 30 from 1917 to 1926,
-On Dec. Due $500 yearly
-BOND SALE.
for 5% of the bid payable to the
County, Tex.
PORT ARTHUR, Jefferson
from 1927 to 1931 incl. Cert. check
.
19 the two issues of 5% 1-40-yr. serial bonds aggregating $180,000 (V. 103. Treas. of Parish Sch. Bd. required. Assess. val. 1916 $309,540be held
election to
jo. 2095) were awarded to the Security Say. Bank & Trust Co., Toledo, for
These bonds were sold subject to the result of an will be submitted.
Other bids wore:
$189,306 (105.17), a basis of about 4.61%.
Jan.4 1917, at which time the question of issuing same
-BONDS NOT TO BE OFU.S.Bd.& Mtge.Co.,N. Y$188,406 00 Miss. Valley Tr. Co. St. L_ _$105,960
UNION CITY, Obion County, Tenn. advises us, under date of
Prey. Say. Bk. & Tr. Co.,
Hornblower & Weeks, H.
-The City Recorder
105,616 FERED AT PRESENT. school bonds voted July 11 (V. 103, p. 344),
Cincinnati
A. Kohler & Co., at al.
the $25,000
that
107,459 20 Fifth-Third Nat. Bk. Cin__ 101,926 Dec. 26,be placed on the market for several weeks. J. W. Woolsey is
N. Y
will not
106,575 00
Stacy & Braun, Toledo
Recqrde .
\
Spitzer,Rorick & Co.,Tol 105,890 00
DEC. 30 19161
THE CHRONICLE
UNION COUNTY (P. 0. Elizabeth), N. J.
-BOND SALL.-on
-V. 103, p. 2176
Dec. 21 the 4.% gold hospital bonds
-were awarded to the
State Trust Co. of Plainfield for 337,756 47 (102.585) for '537,000 of bonds.
The other bidders were :
Outwater & Wells
$37,418 47 John D. Everitt & Co_ _ _337,236 80
Nat. State Bk. of Eliz'b'h. 37,345 50 M. M.Freeman & Co____ 37,140 60
J. S. Rippel & Co
37,333 37 Stacy & Braun
37,129 50
Wm. R. Compton Co_ _ _ _ 37,300 25 Blake Bros.& Co
37,105 00
Geo. B. Gibbons & Co.._ _ 37,240 55 Elizabethport Bkg. Co.._ _ 37,000 00
VERMILLION COUNTY (P. 0. Newport), Ind.
-BOND SALE.
-On
Dec. 23 the $3,500 434% 6 1-6-year aver, road bonds
-V. 103, p. 2176
were awarded to R. L. Dollings Co. of Indianapolis at 103.70. Other bidders were:
Flet.-Amer. Nat. Bank_ _$3,605 00 Breed, Elliott & Harrison _ _$3,601 50
3,601 501State Savings & Trust Co__ 3,601 00
Miller & Company
WAKE FOREST SCHOOL DISTRICT, Wake County, No. Caro.-Proposals will be received until 12 m. Jan. 3 1917
liOND OFFERING.
by D. F. Giles, Supt. of Public Instruction (P.0. Raleigh) for $25,000 5%
30-yr. bldg. bonds authorized by vote of 149 to 35 at an election held Dec. 19.
Denoms. $100, $500, or $1,000, to suit purchaser. Date Jan. 1 1917.
Prin. and semi-annual int. (J. &J.) payable at some bank in N. Y. The
district has no indebtedness. Assess. val. 1916 $998,573.
WASHBURN, Woodford County, Ills.
-BOND ELECTION.
-An
election will be held Jan. 2 1917, it is stated, to vote on the proposition to
issue waterworks bonds.
WASHINGTON COUNTY (P. 0. Weiser), Idaho.
-BOND OFFER/NO.
-Sealed bids will be received until 6 p. m. Jan. 13 1917 by Frank E.
Smith, County Auditor, and Clerk, for $100,000 coupon road and bridge
bonds voted Nov. 7. Int. rate not to exceed 6%. Auth. Art. 6, Chap. 2,
Title 11. Rev. Codes of Idaho. Denom. $1,000. Date Jan. 1 1917.
Prin. and semi-annual in (J. & J.) payable at the County Treas. office
or at such banking house in N. Y. City as may be designated by Board of
County Commissioners. Due $10.000 yearly Jan. 1 from 1927 to 1936,
Incl. Cert. check on a bank in Weiser for $10,000, payable to County
Treas., required. These bonds are tax exempt. The county has no
indebtedness. Assess. val. 1916, $8,837,707 59. State and county tax
rate( per $1,000) $12 00.
WASHINGTON COUNTY(P.O. Greenville), Miss.
-BOND SALE.On Dec. 20 the $950,000 5% 15%-yr. road bonds (V. 103, p. 2176) were
awarded to the Hibernia Bank & Trust Co. of New Orleans, for $990,300
(104.242 and int.), a basis of about
Other bids were:
John Nuveen & Co. Chicago$990,225 S S Carothers
4.61%.
$078,000
Stacy & Braun, To edo____ 988,700 Sec. Say. Bk.& Tr. Co.,Tol 973,800
Kauffman-Smith-EmertCo.,
Interstate Trust & Bank.
988,275
Co., New Orleans
St. Louis
967,800
Mercantile Tr. Co., St. L-- 987,675 Harris, Forbes & Co., N. Y_ 967,600
Well, Roth & Co., Cin
981,625 Spitzer, Rorick & Co.,Tol__ 964,550
Sidney Spitzer & Co., Tol
980,525
WELLESLEY, Norfolk County, Mass.
-BOND SALE.
-On Dec. 27
tho $6,000 4% coup. water bonds
-V. 103, p. 2361-were awarded, it
stated, to E. C. Potter & Co. of Boston at 100.51. Duo $2,000 Mar. is
1
1918 and 1919.
1917,
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
-BOND
SALE.
-On Dec. 27 $122,000 4% coupon Bronx Parkway bonds were
awarded to R. M. Grant & Co. of New York at 104.078:
The other bidders were:
NEW LOANS
Sealed proposals will be received by the Comptroller of the City of Elizabeth at his office in
the City Ilan, Elizabeth, New Jersey, on JANUARY 9, 1917, at 11 o'clock A. M., for the purchase of Fire Department Bonds of the City of
Elizabeth, In an aggregate amount not exceeding $75,000.00. An issue of $75,000 of bonds
has been authorized, of which $4,000 of bonds
will mature on the 1st day of January in each of
the years 1918 to 1922, inclusive, and $5,000 of
bonds on the 1st day of January in each of the
years 1923 to 1933, inclusive; but no more bonds
of the issue will be sold than will produce a sum
equal to $75,000, and an additional sum of less
than $1,000, and if all are not sold, the bonds sold
will be those of the earlier maturities. The bonds
will be of the denomination of $1,000 each, will
be dated January 1, 1917, and will bear interest
at the rate of Four and one-quarter per centum
(0.1 ) per annum, payable semi-annually on
the 1st days of January and July in each year.
The principal and interest will be payable at the
National State Bank, Elizabeth, N. J. The
bonds will be coupon bonds, registerable at the
option of the holder as to principal alone, or as
to both principal and interest.
The sum of $75,000 is required to be obtained
by the sale of said bonds. Unless all bids are
rejected, the bonds will be sold to the bidder or
bidders complying with the terms of sale and offering to pay not less than said sum and to take
therefor the least amount of bonds (stated in a
multiple of $1,000), commencing with the first
maturity, and if two or more bidders offer to take
the same amount of bonds, then to the bidder or
bidders offering to pay therefor the highest additional price (such additional sum being less than
$1,000). In addition to the price bid, the purchaser must pay accrued interest from the date
of the bonds to the date of delivery. The right
is reserved to reject all bids, and any bid not complying with the provisions of this notice will be
rejected.
Proposals should be addressed to Dennis F.
Collins, City Comptroller, City Hall, Elizabeth,
New Jersey, and enclosed in a sealed envelope,
marked on the outside: "Proposal for Fire Department Bonds." Bidders must, at the time of
making their bids, deposit a certified check for
Two per cent(2%)of the face amount of the bonds
bid for, drawn upon an incorporated bank or trust
company, to the order of the City of Elizabeth,
to secure the City against any loss arising from
the failure of the bidder to comply with the terms
of his bid. Checks of unsuccessful bidders will
be returned upon the award of the bonds. No
interest will be allowed on the amount of the check
of a successful bidder.
The successful bidder or bidders will be
nished with the opinion of Messrs. Hawkins, furfield & Longfellow, Attorneys, of New York Debt
City,
that the bonds are binding and legal obligations
of the City of Elizabeth.
The bonds will be prepared under the supervision of the United States Mortgage
Company, which will certify as to the & Trust
ness of the signatures of the City officialsgenuineand the
seal impressed thereon.
By order of the City Council of the City
of
Elizabeth.
Dated, December 26th, 1916.
DENNIS F. COLLINS,
Comptroller.
Farson. Son & Co
3126,558 00 I H. A. Kahler & Co. and
Calloway, Fish & Co_ _ _ _ 126.081 001A. B. Leach & Co.,j'tly_$125,477
Cummings,Prudden&Co. 125,890 00 Hornblower & Weeks..__ 125,143 00
94
J. S. Bache & Co
125.759 00 Stacy & Braun
124,950 00
Harris, Forbes & Co__ 125,551 42IGeo. B. Gibbons & Co
124,910 00
!Adams & Co
124.781 60
Denom. $1,000. Date Jan. 11917. Principal and semi-annual interest
-J. & D.
-payable at office of County Treasurer. Due 311,000 June 1
1949. $19.000 yearly on June 1 from 1950 to 1954, inclusive, and $16,000
June 11955.
WEST PALM BEACH, Palm Beach County, Fla.
-BOND OFFERING.
-Sealed proposals will be received until 12 m.
Lopez, City Clerk, for the following 554% bonds: Jan. 11 1917 by A. M.
$25,000 street-impt. bonds. Due on Nov. 1 as follows: $1,000 yearly from
1919 to 1923 incl. $1,500 yearly from 1924 to 1927 incl. and $1,000
yearly from 1930 to 1942 incl.
'
16,000 funding bonds. Due on Nov. 1 as follows: $1,000 1929,$500 1930,
$1,000 1932 and 1934. $500 1935, $1.000 1936. $500 1937, $1,000
1938, 1939, 1940 and 1941, $1,500 1942, 1943 and 1944 and $2,000
1945.
14.000 sewer bonds. • Due on Nov. 1 as follows: $500 1928, $1,000 1929,
1931,and 1933, $500 1934, $1,000 1935, $500 1936, $1,000 1937,
$500 1938,$1,000 1939, 1940, 1941 and 1942.$1,500 1943 and 1944.
Auth. Chap. 6411, Laws of Fla., Acts of 1911, Secs. 1060, 1061, 1062,
1064 and 1065, Gen. Stat. of Fla., and vote of 115 to 13 cast at an election
held Sept. 8. Denom. $500. Date Nov. 1 1916. Prin. and semi-ann.
int.(M. & N.) payable at the Seaboard Nat. Bank, N. Y. Bids must be
unconditional and be accompanied by a cert. check payable to the City
Treas. for $55,000 and further provide for the acceptance and delivery of
and payment for said bonds on date of sale, or as soon thereafter as delivery
can lawfully be made. The check of the successful bidder will be applied
in payment or part payment of the bonds. Bonded debt, including this
Issue, $211,500. Assess. val. 1916, equalized, $5,669,380; true value,
$6,013,706 86.
WESTVILLE TOWNSHIP SCHOOL DISTRICT (P. 0. Westville),
Vermillion County, Ills.
-BOND SALE.
-The Mercantile Trust Co. of
St. Louis was awarded at 102.64 (a 4.43% basis) on June 26 the $50,000
5% 554-yr. aver, school bonds offered on that day (V. 102, p. 2278).
Denom. $500. Date Aug. 1 1916. Prin. and semi-ann. int.-F. & A.payable at office of Twp. Treas. or through the above Trust Co. Due
$5,000 yearly on Aug. 1 from 1917 to 1926, incl. Total bonded debt,
this issue; a.ssess. val. 1915, $1,417,038; actual, est.. $4.251,021.
WILKINSBURG, Allegheny County, Pa.
-BOND OFFERING.
Proposals will be received until 7:30 p. m.Jan.8 1917 by F. L. Graf, Chairman of Finance Committee (care of Wm. N. Baker, Boro. Secy.. 608 Ross
Ave., 1Vilkinsburg), for the $150,000 434% tax-free bonds authorized by
the Boro. Council on Dec. 11-V. 103, p. 2361. Denom. $1,000. Date
Feb. 1 1917. Prin. and semi-ann. int.-F. & A.
-payable at the fiscal
agency of the Borough. Due on various dates from Feb. 1 1923 to Feb. 1
1947. Cert. check for $1,000 required. Total debt, $480,631; assess. val.,
321,153,425.
WILLOW CREEK SCHOOL DISTRICT, Madera County, Calif.
BOND OFFERING.
-Proposals will be received until
by W. R. Curtin, Clerk Board of County.Supervisors10 a. m. Jan. 4 1917
(P. 0. Madera) for
$1,200 6% gold coupon building bonds. Denom. $300. Date Jan. 4
1917. Interest annually (Jan. 4) at the County Treasurer's
$300 yearly from 1 to 4 years inclusive. Certified check for office. Due
10% of bid
payable to the County Clerk required. This district has no indebtedness.
Asses,sed valuation $28 705.
NEW LOANS.
$75,000
CITY OF ELIZABETH, N. J. TOWN
FIRE DEPARTMENT.BONDS
2449
OF UNION, NEW JERSEY
4 % BONDS
/
1
2
of an aggregate face amount not exceeding $77,000
Scaled proposals will be received by the Council of the Town of Union,
in the County of Hudson,
at the Town Hall in said Town, on DECEMBER
two issues of bonds of the Town of Union, viz.: 30, 1916, at eight o'clock P. M.for the purchase of
(1) An authorized issue of $54,000 Street Reimprovement Bonds, of which
$20,000 of bonds will
mature on December 1st in each of the years 1918 and 1919, and $14,000
of
and (2) An authorized issue of $23,000 Fire and Police Signal System bonds on December 1. 1920:
Bonds, of which $10,000 of
bonds will mature on December 1, 1917, and $13,000 of bonds on December
1, 1918.
All of said bonds will be dated December 1, 1916, and
bear interest at the rate of 434 per
centum per annum, payable semi-annually on the first days willJune and
of
and interest will be payable in gold coin of the United States of America atDecember. The principal
the office of the Treasurer
of the Town of Union.
No More bonds of the said issue of Street Reimprovement Bonds will be sold tnan
sum of $54,000, and an additional sum of less tnan $1.000; and no more of said issue will produce the
of Fire and Police
Signal System Bonds will be sold than will produce the sum of $23.000, and
an additional
than $1,000; and if all the bonds of either issue are not sold, the bonds of such issue sold will sum of less
be those of
the earlier maturities.
Proposals will be received for either or both of said issues, and any bid for both Issues
may be conditioned upon the award of both issues to the bidder; but bids for both issues must be
framed In such a
manner as to enable the Town Council to award each issue separately to the
person making the best
bid for such issue upon the terms hereinafter stated.
Each of said bond issues will be sold upon the following terms and
conditions: The sum of $54,000
is required to be obtained by the sale of said Street Reimproveme
nt Bonds, and the sum of $23,000 is
required to be obtained upon the sale of saki Fire
Police
an issue are rejected, the bonds of such issue willandsold to Signal System Bonds. Unless all bids for
be
terms ofsale and offering to pay not less than the authorized the bidder or bidders complying with the
respectively), and to take therefor the least amount of bondsamount of such issue (354,000 and $23.000.
(stated in
ing with the first maturity and if two or more bidders offer to takea multiple of $1,000), commencthe same amount a the bonds
of such issue, then to the bidder ot bidders offering to pay therefor the
highest additional price (such
additional price being less than $1.000). In addition to the price bid, the purchaser
must pay accrued
interest from the date of the bonds to the date of delivery.
The right is reserved to reject all bids, and any bid not complying with the
provisions of this notice
will be rejected.
Proposals should be addressed to William E.Eagan, Treasurer of the Town of
Union N. J., and enclosed in a sealed envelope marked on the outside "Proposal for Union. Town of
Bonds."
Bidders must at the time of making their bid deposit a certified check for 2% of the face
amount
of the bonds bid for, drawn upon an incorporated bank or trust
17n Ion,in the County of Hudson,to secure said town against anycompany, to the order of the Town of
der to comply with the terms of his bid. Checks of unsuccessful loss arising from the failure of the bid.
bidders will be returned on the award
of the bonds. No interest will be allowed on the amount of check of the successful bidder.
The successful bidder or bidders will be furnished with the
& Longfellow of New York City, that tne bonds are binding and opinion of Messrs. Hawkins. Delafield
legal obligations of the Town of Union
in the County of Hudson, New Jersey.
By order of the Council of the Town of Union.
Dated, December 18, 1916.
EMIL BAUTZ.
Clerk of the Town of Union.
illinoisTrust&SavingsBanU
CHICAGO
Capital, Surplus and Undivided Profits
-
-
$16,000,000
Pay. interest on Time
Has on hand at all times a variety of exDeposits, Current and Reserve
oellent securities. Buys and oells
A000unts. Deals in Foreign ExGovernment, Municipal and
change. Transacts a General Trust Business.
Corporation Bonds.
2450
THE CHRONICLE
-Proposals
WINSIDE, Wayne County, Neb.-BOND OFFERING.
will be received until Jan. 5 1917 by D.B. Carter, Village Clerk,for $7,500
5-20-yr. (opt) electric-light-plant bonds authorized by vote of 62
%
to 43 at an election held Dec.8.
--This
-TEMPORARY LOAN.
FS WINTHROP, Suffolk County, Mass.
town recently negotiated a loan of $20,000 maturing March 15 1917 with
discount, reports state.
R. L Day & Co. of Boston, at 3.61%
-Reports state that this
-TEMPORARY LOAN.
F WORCESTER, Mass.
city recently negotiated a loan of $400,000 maturing April 3 1917, with
York at 3.20% discount plus $1 25 premium.
Morgan,Bartlett & Co.of New
-The $2,000
-BOND SALE.
PY YORKTOWN, Page County, Iowa.
town-hall erection bonds voted June 13 (V. 102, p. 2368) have been disposed of.
-BOND OFFERING.
ZANESVILLE, Muskingum County, Ohio.
Further details are at hand relative to the offering on Jan. 12 1917 of the
-V. 103, p. 2361. Bids
14-yr. aver, public bldg. bonds
$75,000 439'
for these bonds will be received until 12 m.on that day by Cecil W.Tanner,
City Aud. Auth. Sec. 4227-1, Gen. Code. Denom. $1,000. Date Jan. 1
-payable at office of the City
1917. Prin. and semi-ann. int.-J. & J.
Treas. Due $3,000 yearly on Jan. 1 from 1919 to 1943, incl. Cert check
for 5% of bonds bid for, payable to the City Treas., required. Bonds to be
delivered and paid for within 20 days from time of award. Purchaser to
pay accrued interest.
Canada. its Provinces and Municipalities.
-According to reBRANT TOWNSHIP, Ont.-DEBENTURE SALE.
ports, Mulholland, Bird & Graham, of Toronto, recently purchased at
-installment hydro-electric debentures.
private sale an issue of $2,000 6% 20
-The Council
BROCKVILLE, Ont.-DEBENTURES AUTHORIZED.
passed by-laws on Dec. 4 providing for the issuance of $9,301 46 street
and $2,701 16 sidewalk debentures, it is stated.
-Brent, Noxon
CHATHAM TOWNSHIP,Ont.-DEBENTURE SALE.
& Co., of Toronto, purchased at private sale during November an issue
of $31,430 92 6% 10-instaliment_drainage_debentures, it is reported.
P' MARKHAM, Ont.-DEBENTURES TO BE OFFERED SHORTLY.
Newspaper reports state that an issue of $6,000 debentures will shortly be
offered for sale.
-Reports state
MONTREAL, Que.-DEBENTURES AUTHORIZED.
that the Private Bills Committee of the Legislature has approved of a loan
of $1,400.000. -The
-RADIAL DEBENTURE ELECTIONS.
-HYDRO
ONTARIO.
ratepayers of the following municipalities will vote on Jan. 1 1917. it Is
on the question of issuing debentures for the amounts specified bestated,
low. The money will be used for the construction, equipment and operation of an electric railway.
/1
$203,098
$243,087 Town of Oakville
Township of Toronto
144,536
Township of Trafalgar_ ___ 538,735 Town of Burlington
5,869,286
374,812 City of Hamilton
Township of Nelson
623,760
Township of E. Flamboro_ 266,626 City of St. Catharines
Township of W. Flamboro. 66.669 Township of Crowland_ _ _ _ 203,449
284,484 Township of Humberstono. 629,755
Township of Barton
782,666
1,002,296 Township of Bertio
Township of Saltfieet
Township of N. Grimsby-- 424,077 Village of Humberstone _ I 66,194
473,746 Village of Port Colborne __ 141,297
Township of Clinton
128,007
563.595 Village of Fort Erie
Township of Louth
166,926
Township of Grantham _-- 128.280 Town of Welland
k, 90,422
101,817 Town of Bridgoburg
Village of Grimsby
51,469
Village of Beamsville
-It is reported that the
OSHAWA, Ont.-DEBENTURE ELECTION.
question of issuing $6,000 site-purchase debentures will be submitted to
a vote on Jan. 1 1917.
-The propositions to
OTTAWA, Ont.-DEBENTURE ELECTION.
issue $50,000 garbage-collection and $75,000 public-bldg. debentures will
be submitted to a vote on Jan. 1 1917, reports state.
-It is reported
PORT ARTHUR, Ont.-DEBENTURE ELECTION.
that the question of issuing $8,250 building debentures will be submitted
to a vote on Jan. 1 1917.
-On Dec. 15 an issue of
RENFREW, Ont.-DEBENTURE SALE.
-year installment debentures were awarded to Wood.
$22,500 6% 10 and 30
Gaudy & Co. of Toronto at 103.46, it is said.
-Newspaper reports
RIDGETOWN, Ont.-DEBENTURE SALE.
state that a local investor recently purchased at $15 premium, an issue of
$1.328 49 6% light debentures.
SASKATCHEWAN SCHOOL DISTRICTS.
-DEBENTURE,'SALE.
The following six issues of school district debentures, aggregating $8,900,
are reported as being sold from Dec. 11 to Dec. 15 by the Local Government
Board:
$1,600 Picnic Lake School District.
$2,000 Star School District.
1,200 Prairie Flower School Dist.
1,500 Winona School District.
1,600 South Creek School District. I 1,000 Argus School District.
-An election
SAULT STE. MARIE, Ont.-DEBENTURE ELECTION.
will be held Jan. 1 1917, reports state, to vote on the question of issuing
$34,500 storm-sewer-constr. debentures.
-On Deg: 15 the $7,500 6% 20TARA Ont.-DEBENTURE SALE.
-V. 103, p. 2178-wereftwarded, it is stated, to
nstaliment debentures
the Canada Bond Corporation of Toronto at 99.81.
-The City CounTORONTO, Ont.-DEBENTURES AUTHORIZED.
cil recently authorized the issuance of $200,000 grade-separation, $100,000
bridge, $600,000 grade-separation, $84,112 subway, $2,125,000 taxarrearages and $1,555,000 civic overdrafts liquidation debentures, it is
stated.
INSURANCE
ATLANTIC MUTUAL INSURANCE COMPANY
New York, January 26th, 1916.
the following statement of Us affairs on the
The Trustees, in conformity with the Charter of the Company,submit
list of December, 1915.
insurance,
The Company's business has been confined to marine and inland transportation
16,153,866 43
December, 1915
Premiums on such risks from the 1st January, 1915, to the 31st
993,905 13
Premiums on Policies not marked off 1st January, 1915
$7,147,831 56
Premiums
Total
$6,244,127 90
1915
Premiums marked off from January 1st, 1915, to December 31st,
$328,970 78
Interest on the investments of the Company received during the year 75,237 08
Interest on Deposits in Banks and Trust Companies,etc
97,836,23 $502,043 09
Rent received less Taxes and Expenses
$2,233,703 62
Losses paid during the year
$205,247 59
Less* Salvages
448,602 85$ 653,850 44
ances
Re-insur
$1,579,853 18
$1,076,516 30
-insurance Premiums and Returns of Premiums
Re
stationery,
Expenses, Including compensation of officers and clerks, taxes,
$ 717,114 89
advertisements,etc
certificates of profits will be paid to the
A dividend of interest of Six per cent on the outstanding
and after Tuesday the first of February next.
holders thereof, or their legal representatives, on1910 will be redeemed and paid to the holders tiereof, or
The outstanding certificates of the issue of
the first of February next, from which date all
their legal representatives, on and after Tuesday produced at the time of payment, and canceled.
to be
Interest thereon will cease. The certificates on the earned premiums of the Company for the year ending
is declared
certificates
A dividend of Forty per cent
are entitled to participate in dividend,for which, upon application,
31st December, 1915, whichTuesday the second of Ma next.
will be issued on and after of the Board,
G. STANTON FLOYD-JONES, Secretary.
order
By
TRUSTEES.
DALLAS B.PRATT,
ANSON W. HARD,
EDMUND L. BAYLIES,
ANTON A. RAVEN.
SAMUEL T. HUBBARD,
JOHN N. BEACH,
JOHN J. HIKER,
LEWIS CABS LEDYARD,
NICHOLAS BIDDLE,
DOUGLAS ROBINSON
WILLIAM H. LEFFERTS,
ERNEST C. BLISS,
WILLIAM JAY SCHIEkrBLIN.
CHARLES D. LEVERICH,
JAMES BROWN,
SAMUEL SLOAN,
GEORGE H. MACY,
JOHN CLAFLIN,
WILLIAM SLOANE,
NICHOLAS F. PALMER,
GEORGE C. CLARK.
LOUIS STERN,
HENRY PARISH.
CLEVELAND H. DODGE.
WILLIAM A. STREET.
WALTER WOOD PARSONS, GEORGE E.TURNURE,
CORNELIUS ELDERT,
ADOLF PAVENSTEDT,_
RICHARD H.EWART,
Jr.
GEORGE C. VAN TUYI,
ES. CHARLES A. PEABODY,
G. STANTON FLOYD-JON
RICHARD H. WILLIAMS.
JAMES H.POST,
PHILIP A. S. FRANKLIN.
CHARLES M.PRATT,
HERBERT L. GRIGGS.
Board.
A. A. RAVEN, Chairman o/ the
CORNELIUS ELDERT, President
WALTER WOOD PARSONS, Vice-President.
CHARLES E. FAY. 2d Vice-President.
LIABILITIES.
ASSETS.
Estimated Losses, and Losses Unset- 3,117,101 00
$
United StateS and State of New York$ 670,000 00
tled In process of Adjustment
903,703 60
.
Bonds
Premiums on Unterminated Risks_ _
New York City, New Y3rk Trust 1,783,700 00 Certificates of Profits and Interest
273.130 05
Companies and Bank Stocks
Unpaid
2,832,463 65
108,696 58
Stocks and Bonds of Railroads
386,185 00 Return Premiums Unpaid
70,949 12
Other Securities
Reserve for Taxes
Trust
Special Deposits in Banks And
00 Re-insurance Premiums on Termi- • 215,595 72
2,000,000
Companies
Risks
nated
Real Estate cor. Wall and William
Claims not Settled, including Corn113,375 72
Streets and Exchange Place, con- 4,299,426 04
pensation,eto
taining offices
Certificates of Profits Ordered ReReal Estate on Staten Island (held
Withheld for Unpaid Preleemect,
22,557 84
under provisions of Chapter 481,
miums
75,000 00
1,230 311
Laws of 1887)
660,314 60 Income Tax Withheld at theaSource
5,899 75
Premium Notes
Suspense Account
788,575 31
Bills Receivaele
of Profits Outstanding..*.- 7,187,370 00
Certificates
Cash in hands of European Bankers
to pay losses under policies payable
258,810 85
In foreign countries
1,695,488 03
Cash in Bank
135,000 00
Loans
$12,025,609 80
315,582,763 48
S3,557,163 68
,
$ 40 b'8 08
Thus leaving a balance of
December, 1915, amounted to
$ - 25,568 11
Acorued Interest on the 31st day of day ot December 915a unted to
,
the 31st
Rents due and accrued on
authorized in 11,.sw York, on the 313t day of$ 172,389 50
companies
Re-insurance due or accrued, into
December, 1915 amounted
value of tne Real Estate corner Wall and 450,573 96
Note: The Insurance Department nas estimated the
the Book Value
and Exchange Place in excess of Book Value, at given above
William Streets
$ 03,700 00
in excess of the
And the property at Staten Island
Bonds and other Securities exceeds the$1,727,337 26
The Insurance Department's valuation of Stocks,
Company's valuation by
•
56.037,250 59
would be
On the basis of these increased valuations the balance
[voL. 103.
NEW LOANS
$15,000
CITY OF WOODBURY, N. J.,
43% Street Improvement Bonds
Sealed proposals will be received by the undersigned until JANUARY 10, 1917, at 3:00 o'clock
P. M., for the purchase of not exceeding $15,000
!
bonds of the City of Woodbury, New Jersey
Said bonds will be dated January 1, 1917, and will
mature on January 1st, each year, as follows:
$1,000 each year from January 1, 1918, to January 1, 1932, both inclusive. The rate of interest
Is 43 % per annum, payable semi-annually.
Said Bonds will be coupon, but may be converted
into registered bonds, or may be registered as to
principal only, and both principal and interest
will be payable at First National Bank of Woodbury, N.J.
The sum required to be obtained at such sale
is $15,000, and such bonds will be sold in not exceeding such sum.
Unless all bids are rejected, said bonds will be
sold to the bidder or bidders complying with the
terms of sale and offering to pay not less than
$15,000, and to take therefor the least amount of
such bonds, stated in a multiple of One thousand
dollars, and commencing with the first maturity.
Should two or more bidders offer to take the same
amount of such bonds, then unless all bids are rejected, they will be sold to the bidder or bidders
offering to pay therefor the highest additional
price.
The bonds cannot be sold for less than par and
accrued interest. Each bid must be accompanied
by a certified check for two per centum of the
amount of bonds bid for, payable to the order of
the undersigned, and drawn upon an incorporated
bank or trust company, to secure the municipality against any loss resulting from the failure of
the bidder to comply with the terms of bid. The
right is reserved to reject any or all bids.
Dated December 27, 1916.
ERNEST REDFIELD
City Treasurer.
No.132 South Broad Street, Woodbury,N.J.
$250,000
LAFOURCHE BASIN LEVEE DISTRICT
SERIAL BONDS
LEVEE DISTRICT BONDS FOR SALE.
Donaldsonville, La., Dec. 9, 1916.
SEALED BIDS will be received up to Thursday, January 11, 1917, at 11 o'clock a. in., and
:eroureeoc tgm a
?l!y meeting
eLed r thogtar qu1
doConnssners
Levee District, to be held in Donaldsonville,
La., on said day and date, for the purchase of
doltwo hundred and fifty thousand ($250.000)
lars of serial bonds of the Lafourche Basin Levee
bearing interest at the rate of five (5)
District,
per cont per annum, to mature serially as proacvided in Act 183 of 1916, and to be issued in
cordance with the provisions of said Act.
undersigned
Bids should be addressed to the
of the
and superscribed: "Bid for Serial Bonds
Lafourcho Basin Levee District."
upon apFull information will be furnished
plication to the undersigned. reject any and all
The privilege is reserved to
bids.
SECRETARY,
Board of Commissioners.
Basin Levee District, DonaldsonLafourche
-bwiskarma-.4
ville, La.
THE CHRONICLE
_AC. 30 1916.]
fErut Compantesi
Cotton
ENGLAND
JAMES TALCOTT, Inc. The NEWCOMPANY
225 Fourth Avenue, New York City
Founded 1854
Cable Address Quomakel
Tel. Gramercy 4796
TRUST
BOSTON, MASS.
Providence, R. I.
CAPITAL. 51,000,000 SURPLUS. $2.000,000
Safe Deposit Vaults
Transacts a general textile commission
Authorized to act as Executor, and to receive
business. Finances the entire producand hold money or property in trust or on deposit
tion of woolen, cotton, silk, underwear
from Courts of Law or Equity, Executors, Adand other mills and all lines of trade.
ministrators, Assignees, Guardians. Trustees,
Discounts bills receivable with or withCorporations and Individuals.
out guarantee. Acts as factor and furAlso acts as Trustee under Mortgages and as
nishes selling and storage facilities for
Transfer Agent and Registrar of Stocks and Bonds
manufacturers, selling agents, merInterest Allowed on Deposits Subject to Check
chants, &c.
OFFICERS
JAMES R. HOOPER. President
Solicits Correspondence from ManufactARTHUR ADAMS, Vice-President
ALEXANDER COCHRANE, Vice-Pres.
urers for the sale and financing of
FREDERICK P. FISH. Vice-President
their ENTIRE PRODUCT
FRED'K W. ALLEN. Treasurer
HENRY N. MARE, Secretary
THOMAS E. EATON, Asst. Treas.
Schwarz
Paul
EDWARD B. LADD, Asst. Treas.
John D.Herklotz Cbas.0.Corn
Frank A. Kimball
ORRIN 0. HART. Trust Officer
August Schierenberg
ARTHUR F. THOMAS, A't Tr. Offic'r
R. B. GAGE, Mgr. Safe Dep. Vault.
Herklotz, Corn & Co._
COMMISSION MERCHANTS
New York
15 William Street
MEMBERS OF
New York Cotton Exchange
New Orleans Cotton Exch...ige
New York Produce Exchange
New York Coffee Exchange
Chicago Hoard of Trade
London Commercial Sale Rooms(Coffee E.)
Geo it. .W.Fadden & Bro•,
COTTON MERCHANTS
56 Beaver St.
121 Chestnut St.
NEW YORK
PHILADELPHIA
-Liverpool correspondents:
FREDERIC ZEREOA & CO.,
Havre Correspondents:
NOCIETE d'IMPORTATION et de COMMISSION
Milan Correspondents:
MeFADDEN & CO., LTD.
Alexandria Correspondents:
REINHART & CO., LTD
4
—1
pWATHIVIEY & CO.
.10-24 EXCHANGE PLACE, NEW YORK
MEMBERS
YORK COTTON EXCHANGE
YORK STOCK EXCHANGE.
YORK COFFEE EXCHANGE.
YORK PRODUCE EXCHANGE.
ORLEANS COTTON EXCHANGE.
ASSOCIATE MEMBERS
LIVERPOOL COTTON ASSOCIATION.
siV
NEW
NEW
NEW
NEW
Rhode Island
Hospital Trust Company
CAPITAL
SURPLUS (EARNED)
$2,500,000
2,500.006
DIRECTORS.
HERBERT J. WELLS. President.
HORATIO A. HUNT. Vice-President.
-P.& Tr.Offlesv
PRESTON H. GARDNER. V.
THOMAS H. WEST JR., Vice-President.
WILLIAM A. GAMWELL. V.-Pres.
HENRY L. SLADER, V.-Pres.
JOHN H. WELLS, Seep.
JOHN E. WILLIAMS. Asst. SWF.
G. A. HARRINGTON.Asst. Tr.Offing
HENRY B. HAGAN, Asst. SWF.
ERNEST A. HARRIS. Asst. Bec'y.
GEORGE H. CAPRON, Ant. Beef.
RALPH S. RICHARDS. Ant.See
John R. Freeman.
Edward D. Pearce.
Robert W. Taft,
Herbert J. Wells,
Webster Knight,
Lyman B. Goff.
Frank W. Matteson.
Rowland G. Hazard.
Robt. H.I. Goddard.3;
Samuel R. Dorrance,
BOARD OF DIRECTORS
Henry D. Sharpe,
Howard 0. Sturges,
Isaac B. Merriman.
Stephen 0. Metcalf,
George Wiggiesworth, Chairman
Charles C. Gardiner.
Walter R. Callender.
Adams
Franklin W. Hobbs Edward Holbrook.
Arthur
Alfred K. Potter.
James R. Hooper
Alfred Bowditch
William L. Hodgman;
James E. Sullivan.
David P. Kimball
J. D.Cameron Bradley
Benjamin M. Jackson. Frank H. Swan.
Leeson
Bremer
Robert A.
S. Parker
Ernest Lovering
Alexander Cochrane
Walworth Pierce
George H. Davenport
1211
Henry II. Proctor
Francis W. Fabyan
1850
Edwin M. Richards
Frederick P. Fish
Herbert M. Sears
Frank H. Gage
Arthur R. Sharp
Morris Gray
Henry L. Shattuck
Sydney Harwood
The United States Lift
Insurance Co.
CENTRAL
TRUST COMPANY
OF ILLINOIS
IN THE CITY OF NEW YORK
Issues Guaranteed Contracts.
JOHN P. MUNN, M. D., PRESIDENT.,
125 West Monroe St., CHICAGO
$6,000,000
- - Capital
Surplus & Profits - 2,500,000
- 50,000,000
Deposits - -
Finance Committee.
CLARENCE H.KELSEY,Pres.Title Gu.& Tr Co.
WILLIAM H. PORTER, Banker.
ED.TOWNSEND,Pres. Imp. & Trad. Nat. Baal
Good men, whether experienced in life insuranca
or not, may make direct contracts with this Company,for a limited territory, if desired, and secura
for themselves, in addition to first year's commission, a renewal interest insuring an income for tht
Thoroughly equipped to handle all business future. Address the Company at its Home Office
pertaining to banking, and invites the
accounts of banks, corporations, firms and No. 277 Broadway, New York City,
individuals.
Accounts of banks and bankers
received upon favorable terms
CHARTERED 1853
Stephen M. Weld & Co.
COTTON MERCHANTS
80-02 Deaver Street, New York City
PHILADELPHIA,
BOSTON,
UTICA,N. Y.
FALL RIVER,
Liverpool, WELD & CO.
Bremen, ALBRECHT, WELD & CO.
ROBERT MOORE & CO.
Delmonico Building
56 Beaver Street, New York
COTTON MERCHANTS
Members New York Cotton Exchange
Isociato Members Liverpool Cotton Association.
WILLIAM RAY & CO,
Successors to
GEO. COPELAND & CO.,
COTTON BROKERS.
New York
15-26 Cotton Exchange
Orders for future delivery contracts executed
the New York and Liverpool Cotton Exchanges
AMERICAN MFG. CO
United States Trust Company of New York
45-47 WALL STREET
•
•
Capital,
Surplus and Undivided Profits
• $2,000,000.00
- $14,404,415.20
This Company acts as Executor, Administrator, Guardian, Trustee, Court
Depositary and in other recognized trust capacities.
Tt allows interest at current rates on deposits.
It holds, manages and invests money, securities and other property, real of
personal, for estates, corporations and individuals.
EDWARD W. SHELDON. President
WILLIAM M. KINGSLEY. Vice-President
WILFRED J. WORCESTER. Secretary
WILLIAMSON PELL, Asst, Secretary
CHARLES A. EDWARDS, 2d Asst. &WY
TRUSTEES
JOHN A. STEWART. Chairman of the Board
WILLIAM ROCKEFELLER EDWARD W. SHELDON
OGDEN MILLS
FRANK LYMAN
CHAUNCEY KEEP
CORNELIUS N. BLISS JR
JAMES STILLMAN
GEORGE L. RIVES
HENRY W. de FOREST
JOHN J. PHELPS
ARTHUR CURTISS JAMES WILLIAM VINCENT ASTOR
LEWIS ()ASS LEDYARD
WILLIAM M. KINGSLEY
CHARLES F. HOFFMAN
LYMAN J. GAGE
WILLIAM STEWART TOD WILLIAM SLOANE
PAYNE WHITNEY
MANILA, SISAL AND JUTE
CORDAGE
Sales Office
Mobile & West Sts,, Brooklyn, N. 'V(
MMus enstneerg
H. M. CHANCE & CO.
Yining Engineers end Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Assisi Bldg.
PHILADELPHIA
L. F. DOMMERICH & CO.
FINANCE ACCOUNTS OF MANUFACTURERS AND
MERCHANTS DISCOUNT AND GUARANTEE SALES
General Offices, 254 Fourth Avenue
NEW YORK
Established over 60 Years
4
(Vol,. 103.
THE CHRONICLE
ginancial
ifinanctal
FINLEY BARRELL & CO.
203 S. La Salle St.
CHICAGO
74 Broadway
NEW YORK
STOCKS—BONDS
GRAIN—PROVISIONS
COTTON—COFFEE
MEMBERS
New York Stock Exchange
New York Cotton Exchange
New York Coffee Exchange
New York Produce Exchange
Chicago Board of Trade
Chicago Stock Exchange
St. Louis Merchants' Exchange
Kansas City Board of Trade
Minneapolis Chamber of Commerce
Duluth Board of Trade
Winnipeg Grain Exchange
sftnanciai
We recommend for investment—
Armour & Co. 1st 4
1939
Public Serv. Co. of Nor. Ill. 5s, 1956
United Kingdom 5% notes, 1918
Southern Cos. Gas Co. 53/38, 1936
(entucky Lt & Pow. Co. 6s, 1931
Wilson & Co. let 6s, 1941
Stanwood, Taylor & Company
111 W. Monroe St.,
Chicago
and Issue Loans fur Railroads
CAPITAL, 3500,000
and Established Corporations.
Buy •nd Sell Bonds suitable for investment. MI So. La Salle St.,
120 Broadwa)
CHICAGO
NEW YORK
82%
CHICAGO
Of the Banks in
New York City use
NATIONAL SAFETY PAPEI;
FOR THEIR CHECKS
.t3Leorge La
11 Broadway
Monte & Soo
105 So. La Salle Street
CHICAGO
and other
Foreign Government Bonds
CHICAGO REAL ESIFATE
6% First Mortgage Bonds
Wollenberger 8c
CO
INVESTMENT BANKERS
YARD, OTIS St TAYL0f105 So. La Salle St.,
Chicago,
INVESTMENT BANKERS
105 South La Salle Street
CHICAGO.
Municipal, Railroad and Public
Utility Bondo.
New York
C.Speer & Sons Co_ F. H. PRINCE & CO,
BANKERS
Cotton
Established in 1856.
Established 1885
Henry Hentz & Co.
County, City, School and Drainage
COMMISSION MEItO ANTS
Bonds
16 to 22 William Street, New York
Bought and Sold
Execute Orders for Future Delivery
COTTON
New
• theCotton York. Liverpool and Newfor
Exchanges. Also orders Orleans
COFFEE AND SUGAR
At the New York Coffee Exchange.
URAIN AND PROVISIONS
At the Chicago Board of Trade, and
COTTON-SEED OIL
At the New York Produce Exchange.
At
Hubbard i3ros. Sc Ca,
COFFEE EXCHANGE BUILDING.
HANOVER SQUARE
griiiasst National Bank Building
Chicdirn, III
Hopkins, Dwight & Ca
COTTON
and
COTTON-SEED OIL.
COMMISSION MERCHANTS;
CATROIT
no South
and
9rdersNew Orleans. the above Exchanges, as we
executed on
as In
Chicago and foreign market,.
FIRST NATIONAL BANK
RICHMOND, VIRGINIA
Capital and Surplus, -
$3,000,000
John M. Miller Jr., President.
W. M. Addison, Vice-Pres. & Cashier.
Chas. R. Burnett, Vice-Pres.
Correspondence Invited.
Frisco Constr. Equip. 5%
1917-1918
Seasongood, Haas & Macdonald
7 Wall Street
New York
p
.
La Salle Struot
EMEHY,‘PECk & ROCKWOOD
409-412
CHAS. S. KIDDER St
MUNICIPAL BONDS
SEASONED GAS BONDS
108 So, La Salle Street
FstablIsInxi 1898
CHICAGr
Continental & Commercial Bank Bldt8.
CHICAGO
INVESTMENT BONDS
[Established 1863.1
W. T. HATCH & SONS.
71 Broadway,
-
New York
MEMBERS OF
NEW YORK STOCK EXCHANUE
Limited, New Orleant
Nos. 16-22 William Street. New York.
Members of the Stock, Cotton, Coffee
Produce Exchanges, New York.
'1
Members of Now York & Boston Stock Exchana-•
MILWAJIM
Room 52, Cotton Exchange Building,
NEW YORK.
LEHMAN BROS.
HIGH-GRADE I NVESTM EN 1;•<
.
INVESTMENT BONDS
COTTON MERCHANTS
Liberal Advances Made on Cotton
Consignments.
BOSTON, MASS.
W.G.SOUDERS & CO
,
CHICAGO
NEW YORK
',ERMAN,STERN & CO.,
AMES,EMERICH&CO
German, Austrian, Hungarian
U. S. Government Bond
and
EVE RSZ & COMPANY
Investment Securities
C. F. Childs & Company
Negotiate
134 So. La Salle Street
Chicago Junction Railroad 4s
Pacific Power & Light Co. 5s
Kentucky Sc Indiana Term. 43/es
Bruns.-Balke-Coll. 7% pfd. Stk.
Utah Power iLic Light 7% Pf.Stk.
OEVITT, TREMBLE & CIL
INVESTMENT BONDS
•Oominich & Dominick
- Established 1870
ticIRST NATIONAL BANK BLOq„
CHICAGO
i?FilLADELPHIA
OETROIT
A15 BROADWAN
Dealers in
411VESTM ENT SECURITI
Members New York Stook Exehangn,
Elston'A Company
MUNICIPAL
GAS AND ELECTRIC BONDS
ST. LOUIS
LOUISVILLE
39 South
Street
CHICAGO
La Sallo
Municipal Bonds
Send for our List of "Tax-secured" Bonds
Yielding 4.10% to 6%
THE HANCHETT BOND CO.
39 South La Salle Street
CHICAGO
@FedFRASER