Full text of Commercial and Financial Chronicle : December 4, 1915, Vol. 101, No. 2632

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V O L . 101
____

D E C E M B E R 4 1915

N O . 263 2

i ; dZ u 7
,
uy WILLIAM ±5. DAIS.__________ _ .
Jacob Seibert Jr., President and Treas.j GeorKe S Dana and Arnold O Dona
Vlcs-Presldents; Arnold G . D ana, Sec. Addresses o f all. Office o f the Com pany!

CLEARINGS— FOR NOVEMBER, SINCE JA N U A RY 1, A N D FOR W EEK ENDING NOVEMBER 27.
E lv e e n M o n t h s .

C l e a r in g s a t —

1915.

1914.

S

I n c . or
D ec.

W
eek ending N
ovem
ber 27.

S

1915.

1915.

1914.

1913.

% I
S
New York__________ 11,829,419,735 5,399,441,355 + U9.1 98,233,252,319 76,488,904,558
+ 8 2 .4 1,631,878,602
Philadelphia________
7,828,015,960
875,459,238
607,125,898 +44.2
7,254,236,909
139,182,393
Pittsburgh__________
2,397,531,715
2,424,305,291
240,067,948
191,661,025 +25.3
50,418,814
Baltimore..................
1,625,015,893
169,817,053
138,843,111 +22.3
1,717,274,356
31,799,702
Buffalo_____________
549,956,112
544,184,729
58,102,889
44,609,697 +30.2
10,450,329
Albany_____________
26,063,592
— 6.6
256,938,930
24,333,463
290,906,081
6,431,345
Washington_________
30,712.036 + 2 2 .1
37,496,644
354,711,608
370,115,971
Rochester__________
230,152,032
228,854,158
17,850,887 +36.7
24,418,010
149,74r,841
Scranton___________
+0.9
157,587,738
13,251,669
13,366,199
142,987,104
145.74S.377
Syracuse___________
12,779.745
+ 7.9
13,787,671
88,240,962
Reading____________
86,232,589
8,607,669
6,994,910 + 23.1
86,074,094
Wilmington_________
6,505,844 + 68.2
95,300,247
10,943,703
78,724,226
74.982.207
Wilkes-Barre________
7,896.992
6,821,403 + 15.8
100,874,142
11,641,554
Wheeling___________
96,257,573
7,771,373 +49.8
Trenton____________
88,963,084
83,628,195
9,553,713
7,756,708 +23.2
Harrisburg_________
7,773,489
74,927,942
6.348.580 + 22.4
79,388,246
York................
3,667,552 + 13.7
43,437,289
4,169,185
43,311,510
852,175
4,829,995
E rie _________
4,153,782 + 16.3
47,939,371
50.025.683
975,830
2,761,114
Greensburg_
_
2,835,435
— 1 .6
33,908,321
33.099,050
387,455
3,930,748
Chester_____
2,821,417 + 39.3
35,423,848
32,663,197
795,823
3,363,700
2,627.200 +28.0
32,917,800
Binghamton
31,881,500
610,000
2,233,262
24,872.6 >2
2,330,183
— 4.2
A ltoona_____
27,221,518
445,964
1,136,232
1,076,067
+5.6
11,591,164
Franklin____
13,745,466
1,660,372
1,369,534 + 21.3
16,647,657
15,OSS,352
Frederick____ ______
2,290,988
25,224,766
2,233,945
Beaver County, Pa._
—2.5
26,563,919
5,670,788 + 28.7
7,297,314
Lancaster__________
78,186,557
78,549,805
1,336',850
1,153',519 +*15',9
l'.'286',838
1,185,838
1,772,040 +29.3
2,291,528
23,117,001
Norristown_________
22,247,149
1,544,799 + 22.3
1,888,288
19,686,912
M ontclair___
19,068,086
358,054
310,321 + 1 5 .4
370,063
340,585
3,248,012
3,228,173
+ 0.6 ___ 37,219,961
Oranges a ___
21,699,511
Total M id d le......... 13,380,481,653 6,556,697,11 + 104.1 112,700,592,716 90,509,841,632 +24.5 2,424.170,907 1.397,276,465
+ 7 3 .5
859,646,753
Boston.............. .
578,971,217 +48.5
7,422,117,194
+ 7.0
6,937,706,030
157,218,748
106,938,701 + 47.0
42,456,600
Providence_________
29.727.000 + 42.8
377.660,300
+ 2.4
368,756,100
7,955,200
6,835,800 + 16.4
34,000,000
H artford___________
17,675,731 + 92.4
322,484,572
241,344.380 + 33.6
5,231,948
3,412,075 + 5 3 .3
16,817,023
New Haven_________
13,423,542 + 25.3
177,833,058
157.858.800 + 12.7
2,919,488
2,486,526 + 17.4
14,652,498
Springfield............ .....
10,729,696 + 36.6
139,680,468
+ 6.9
130,657,985
2.877.000
1,919,518 + 4 9 .9
P ortland___________
11,695,356
8,307,613 + 40.8
97,134,921
94.304.654
+ 3.0
1.775.000
1,566,740 + 13.3
Worcester__________
13,566,554
9.754.581 + 39.1
128,256,048
121,384,127
+ 5.7
2,620,855
1,988,516 + 31.8
Fall River........ .........
6,762,179
4,928,302 + 37.2
58,676,690
57,476,272
+ 2 .1
1,428,345
1,135,525 + 2 5 .7
New Bedford_______
7,458,009
5,554,603 + 34.3
54,140,178
+ 2.2
1,277,964
52.981.208
1,014,386 + 25.9
Lowell_______
3,989,645
3,305,464 +20.7
38.795,320
+ 8.0
35,909,791
694,197
577,069 + 2 0 .3
Holyoke______
3,552,537
3,152,585 + 12.7
35,004,027
+ 1.0
34,658,940
643,508
753,628 — 14.6
Bangor............
2,174,553
2,054,399
+ 5.3
20,098,352
—4.8
21,120,586
343,958
341,549
+ 0.7
Waterbury . . .
__ 6,699,700
3,953,3(11) + 69.5 ___ 60,678,900
___ 46,124,100 + 31.6
Total New England 17)23,472,007
691,534,033 + 3 0 ~ 8 ^ 3 2 ,558,028
8,300,282,973
+ 7.6 184.986,211 128,970.033 + 4.3
165,410,422
Chicago____________ 1,481,537,796 1,104,333,520 + 27.2 14,621.378,683 14,379,873,819
+ 1.7 297,092,703 247,462,453 + 12 .0
264,542.036
Cincinnati__________
131,292,750
91.184.000 + 44.0
18,795,500 + 39.3
1,187,908,650
1,235.193,850
+ 4.0
26,189,550
22,399,800
Cleveland__________
155,547,334
87,831,399 + 77.1
1,388,905,336
16,548,407 + 77.2
1,141,965,495 + 2 1 6
29,325,533
19,966,972
Detroit_____________
143,511,652
98,869,205 +45.2
+ 6.6
1,251,543,463
1,334.059,833
28,700,608
21,613,061 +32.8
18,683.387
M ilwaukee_________
77,943,572
68,631,016 + 13.6
—2.3
14,047,512
774,331.464
756.532.109
— 3.1
15,503,262
12,299,012
Indianapolis________
43,007,764
32,947,870 +30.5
379,062,044
401.011,650
+5.8
8,395,287
6,518,615 +28.8
6,825,776
Columbus__________
33.418.000
24,399,200 + 37.0
314,717,900
313.949.800
+ 0 .2
6.923.000
4,531,300 + 52.8
5,649,300
Toledo_____________
30,358,040
2 2 . 1Is ,90S + 35.4
279,858,892
298,922,061
+ 6.8
5,885,017
4,084,248 +44.1
4,036,345
P eoria _____________
15.258,235
13,157,915 + 12.5
144,181,738
158,530,008
—9.1
3,106,735
2,909,345
+ 6.8
3,464,459
Grand Rapids_______
14,941,154
12,423,844 +20.3
159,022,704
154,563,866
+ 2.9
2,795,723
2,518,065 + 1 1 . 0
2,686.068
10,721,738
D a y to n ------------------7,744,032 + 38.4
102,744,037
— 5.2
108.358,788
1,999,423
1,500,684 + 33.3
1,706,326
8,414,433
Evansville__________
4,727,980 + 78.0
65.807.863
59,108,361 + 11.3
1,528,843
874,164 + 74.8
985.027
Kalamazoo *________
23,850,456
25.364,594
— 6.0
4,836,956
4.618.952
+ 4.7
Springfield, 111--------54,590,391
64.228,489
+ 0.7
■921468
"954', 178 —3*5
' 903,948
5,604,402
5,300,486
+ 5.7
Fort Wayne . .
60 702,827
60,653,215
+ 0 .1
1,096,976
919,243
1,094,874
+ 0 .1
11.664.000
6,750,000 + 72.8
A k ro n ----------97,542,000
82,331,000 + 18.5
2.376.000
1,380.000
1,312,000 + 81.1
3,296,513
2,661,694 + 23.9
Lexington--------------35,805,029
33,817,646
+ 5.9
736,521
876,435
581,778 +26.6
4,215,748 + 102.3
8,527,095
Youngstown . .
73,452,549
70,868,015
+ 3.7
1,298,437
1,514,368
1,077,433 +40.6
4,114,349
3.543.570 + 16.1
Rockford_____
44,237,608
43,452,641
955,743
+i :
942,858
907,149
+ 3.9
8,150,442
5,872,852 + 38.8
C an ton --------86,573,471
73,393,565 + 18.0
1,747,271
1,171,458 +49.2
1*062.950
3,204,885 + 11.5
3,572,188
Quincy____ ______
37,523,636
— 5.4
39,649,072
677,782
+ 5.1
644,655
696,596
3,528,276
2,891,062 + 22.0
Springfield, Ohio-----37,041,498
37,198,611 —0.04
752,067
578,201 +30.1
576.085
3,886.609
2,852,244
-36.3
South Bend___
34,502,235
30,254,837 + 14.0
494,332 + 30.8
646,409
637.086
2,501,713 + 27.0
3,176,998
Bloomington..
34.940.863
+5 6
33,092.520
534,200
,
560,939
—4.8
505,668
2,498,761
2.100.991 + 18.9
Mansfield____
26,286,960
+4 5
480,402
25,151,760
392,669 +22.4
329,158
2,211,436
1,857,311 + 19.1
D e c a tu r ...___
22,986,219
+ 3.1
412,814
22,298.753
407,662
+ 1.3
433,959
3,031,624
3,287,772
Jackson ------------------—7.8
28.299.262
25,302,884 + 1 1 . 8
602,956
550.000
+ 9.6
460.000
2,014,952
1,651.985 + 27.0
Danville--------24.123.263
+ 6 .1
22,733,623
411,585
324,728 + 26.8
409,554
2,411,202
1,914.446 + 26.0
L im a ------------23.683.945
+ 3.1
22,976,911
440.000
400.000 + 10 .0
344.193
3,504,848
2,114,843 + 65.7
Lansing ..........
29,319,538
23,933,256 +22.5
600.000
+49.9
400,400
357,842
1,230,041
1,047,972 + 17.4
Jacksonville, 111------13.451,841
— 1 .2
13,619,048
216,727
222,492
—2 6
172,297
1,351,059
1,064,262 + 27.0
Ann Arbor------- -------11.729,834
+ 6.9
10.970.655
249,037
187,159 + 33.1
166,422
284,990
204,176 + 39.6
Adrian_______
2,871,033
+ 5.4
2,723,978
54,363
+ 8.0
50,338
45,000
1,366,293
1,239,733 + 10.2
Owensboro___
16.201.945
18,401,294 — 12.5
249,103
294,717 — 15.5
376,369
3,810,758
1,797,236 + 112.0
Flint................ .
30,408,146
22.39S.538 + 35.8
474,821
491,832
—3.5
Lorain_____________
5,116,280
5,962,161 —14.2
1.700.000
1.060.571 + 60.3
G a ry ..............
14.764,573
— 1.5
14,993.959
529,239
603,731 — 12.2
New Albany-----------6,430,627
—5.4
6,796,310
3.500.000
2,868,060 + 22.0
P aducah-------37,765.039
37,081,839
+ 1 .8
2,230,300,320 1,698,800 016 + 3 0 21,736,678,832
Total Mid. Western
21,048,696,814
+ 3.3 441,353.171 353,466,266 + 24.9 377,872,411 376,151,493
Details of Pacific and Other Western on page 1861
590.989.237
513.902,646 + 15.0 5,662,721,208
Total Pacific..........
116.135.807
5,696,411,891
— 0.6
+ 14.3
802,260,563 + 27.2
Total Other W est.. 1,020,866,033
8,549,139,586
193,401,574
7,569,523,797 + 1 2 .8
+20.9
401,009,982
291,062,532 + 37.8
St. Louis____ ____
3,726,109,175
+ 5.1
76,087,015
3,545,036.189
+ 26.1
68,762,251 + 41.1
97,024,705
New Orleans________
862,440,146
+ 5.2
20,718,749
819,418,633
+ 26.7
71,015,185
40,526,427 + 52.6
Louisville_____
663,854,930
+ 7.9
13,486,762
615,106,247
+ 48.3
50,557,192
14.102.2 > + 48.2
5
Houston____________
386,809,038
401,961,528
+ 3.9
11,550,602
+ 54.7
20,734.822
16,540,730 + 25.4
Galveston__________
210,614,386
164,737,645 +27.8
4,740,000
+ 27.7
4.202.000
46.464.936
33,631.555 + 38.1
Memphis___________
312,678,222
—5.1
329,453,93S
8,620,367
+ 31.8
10,817,693
Fort Worth_________
47.492,635
40,199,673 + 18.1
356,769,895
383.6S3.219
+ 7.5
8,906,396
+ 8 .1
8,673,127
Richmond_____
63.736.000
36,797,567 + 73.2
379,080,974 + 23.4
467,880,575
+ 74.2
13,475.725
7,184,260
Atlanta ............ .........
87,063.359
55.825,049 + 56.0
652,670,211
+ 2 .2
637,350.691
16,010,932
+48.5
13.128.149
24,216,848
19,5.87,046 + 23.6
Savannah __________
22S.260.027
192,660,566 + 18.5
+ 14.7
4.422,314
6,891,422
32,281.343
Nashville----------------25,735,936 + 25.4
306.990.178
287,655,795
—6.3
+ 18.5
6,125,110
5,815,432
21,651.743
N orfolk---------17,047.158 + 27.0
187,173,935
187,519,726
—0 .2
+ 19.7
3.947,090
4,145.338
12,850,300
Birmingham________
11,442,997 + 12.3
116,785,778
142,484,170 — 18.0
+ 13.8
2,797,644
10,835,591
2,796,424
7,485,199 +44.8
Augusta---------81,606,647
82,257,122
+ 15.3
—0.8
1,739,167
2,336.313
12,589,605
11,056,346 4-13.9
Jacksonville________
127,447,944
144,851,874 — 12 .0
+ 16.1
2,440,360
2.500.000
S, 360,825
7,219,381 + 15.8
Knoxville_____
80,966.565
87,017,664
—6.9
+ 10 .2
1,822,719
1,625,721
13.605.936
9,511,659 +43.0
Little Rock___
100.788,122
+ 32.v
.
2.622,582
106.112,710
—5.0
2.442,473
11,675,501
8,430,507 + 38.5
Chattanooga__
108,297.417
109,669,833
— 1.3
2,119,837
+ 22.8
2,100.740
9,547,420
7.100.953 + 34.4
Charleston__________
90,919,599
1,795,096
85,967,317
+ 5.8
+ 24.6
2,417,108
4,437,811
4,007,726 + 10.7
M obile.............. .........
50,553,869
825,000
57,730,146 — 12.4
+ 3.1
1,407,701
11.854,000 + 19.0
14.110.000
Oklahoma__________
119,126,981
2,758,300
104,047,442 + 14.5
+ 28.0
1,942,168
15,732,259 + 15.8
18,220,544
Macon_____________
142,031,145
3,201,208
164,853,623 — 13.8
+ 6.3
3,519,288
4,068,986 + 23.5
5,026,317
Columbia_________
41,694,670
—3.6
43,428,508
8,514,549
+ 0.5 •■121,188,736
Austin____ ________
8,560,715
—0.3
f , 567 4 53
121,529,278
2,006',035 — 21*9
2.500,000
2,027',239
3,051,572 + 25.6
Beaumont..................
3,833,080
33.741,202
+0.4
33,612,309
1,960,234 + 13.1
Wilmington, N. C . . .
2,217,676
20.154,481
23,162,282 —13.0
Columbus__________
1,809,500 + 13.3
2,049,589
19.097.713
20,333,418
— 6 .1
Vicksburg................ .
1,237,833 + 12 .0
1.3S6.000
12,405.393
— 4.2
12,952.268
259,189
+ 6 .1
401,998
434.407
Jackson ____________
1.662.991 4-23.5
2,053,340
18,864,029
18,681,214
+ 1 .0
259,454 + 37.4
320,223
410.314
Muskogee__________
4,167,404 + 47.6
6,149,084
38,985,051
42,072,608
—7.3
901,187 + 2 3 .9
1,118,013
918.942
Tulsa..........................
5,585,379 + 52.4
8,521,500
67,261,607
73.339,211
—8.3
1,108,973 + 50.1
1,224,132
750,000
El P a so......................
+ 42.3
7,813,453 ___________ 102,178,468
11,121,980
82,231,412 +24.3
Total Southern___ 1,130,401,566
819.431.107 + 38.0
9.879.077.566 ~ 5376,618,129
+4^2
166,738,295 + 2 9 .2
204.791,992 ~T9"5.79S7973
Total all.................. 19.382,510,816 11,080,625,483 + 75.0 167.460,767,936 142,601,373,236 + 17.4
2,308.185,105 + 54.9 2.891,553,232 3,078,422,323
Outside New York. 7,553,091,081 5,681,184,128 + 3 0 ' 69,227.515.617 66,112,469,678
+ 4.7 1.462.735.80911,149,330.980
+27.311.259.674,630 1.274.186.302

C rin s b T le ra ha dC n d nC rin so p 1 6 . a N t Inlu e I to ls c ma is nIn o p te *T ta fo te mn s r p r d c n u dfo p e e t.
lea g y e g p n a a ia lea g n . 8 1 o c dd n ta ; o p r o c mle . o ls r n o th; e o ts is o tin e r r s n



1836

THE CHRONICLE

THE F IN A N C IA L SITUATION.
There is an element of the sensational in the
charges which John Skelton Williams, Compti oiler
of the Currency, keeps bringing against the national
banks under his supervision in saying that large
numbers of them make it a practice to exact exces­
sive rates of interest. The Comptroller dealt with
the subject quite at length in an address made by
him before the Kentucky Bankers’ Association on
October 6th, and we commented editorially in our
issue of October 30 on his statements. He later
followed up the allegations in this address by warn­
ing the national banks in a circular letter dated
October 27, of the provisions of the usury laws and
of the oaths taken by national bank directors to
observe the statutes of the United States.
In the circular letter referred to, the Comptroller
furthermore emphatically declared that the lecords
of his office showed that a great many national
banks had grossly violated the usury laws. This
latter statement led the Executive Committee of
the newly-formed National Bank Section of the
American Bankers’ Association to address him with
regard to the matter. These gentlemen were loath
to believe that the usurious practices complained
of could be at all general. It was their belief that
such practices must be confined to certain sections
of the country, supposing them to exist at all.
The Comptroller was accordingly requested to make
such modifications and corrections of the statements
in question as would “ do justice to the great number
of banks which have not violated the statutes
relating to rates of interest.
^
The Comptroller has replied (we published the
reply in full in our issue of last Saturday) reiterating
his charges and piling up statistical evidence in ap­
parently overwhelming support of the same. Air.
Williams knows how to use figures effectively, be­
sides being a master in phraseology, and to the great
majority of persons not accustomed to making
critical analyses, it will appear, we dare say, as if
he had proved his case.
_
To make his argument doubly effective he pre­
sents his figures in varied form and in many different
statistical combinations. At one point we find him
saying: “ The records of this office show that more
than 1,200 national banks, including banks in fortyone States, were charging on some of their loans as
late as Sept. 2 1915 12% per annum interest or more,
and in numerous cases more than 6 0 % .” At another
point he says that “ The records also show that as of
Sept. 2 1915 1,022 national banks in twenty-five
States were, b y .th eir sworn reports, charging an
average of not less than 10% and in some cases 18%
on all of their loans.” Again he tells us that “ The
sworn reports of the banks also show that on Sept. 2
1915 2,743 national banks, out of a total of 7,613,
being more than 36% of all the national banks of
the country, were charging on some of their loans
10% per annum or more— in hundreds of banks
very much more.” And in this way the honorable
Comptroller keeps ringing the changes on his in­
dictment against the banks, using the same set of
figures over and over again, but presenting them in
slightly different aspect.
A little probing will convince any one, we are sure,
that the evidence is not as conclusive as it seems to
be. It is an old saying that figures can be made
to prove almost anything, and in the hands of such



[Vol. 101.

a past master in the art as the Comptroller, they
certainly possess great availability for lambasting
an opponent. What is lacking to a perfect judgment
is knowledge as to the character and nature of the
loans, where the offense of charging excessive or
usurious rates of interest has been committed. It is
important to know whether the loans were for large
amounts or for small amounts, whether there was
great risk or little risk or no risk at all connected
with them, and finally, whether the loans ran for
long periods or for short periods. T o say that in
some cases, or even in numerous cases, 12% or 18%,
or even more than 40% , has been charged, proves
nothing.
In his Kentucky address the Comptroller declared
that maximum rates ranged between 200 and 2,400% ,
and added: “ Most of these disgraceful and un­
precedented rates were for comparatively small
amounts.” It also appeared from other parts of the
address that the loans were for short periods. Here
we have the crux of the whole matter, namely that
the loans were for small amounts and ran for short
periods. Such loans obviously belong in a class all
by themselves.
The objectionable features attendant upon small
or petty loans, the difficulty of following them up,
the disagreeable personal incidents that are often
connected with them, must all be taken into consid­
eration, and if an institution makes it a practice to
charge fifty cents or a dollar as a fixed sum on every
loan negotiation entered into, irrespective of the
amount of the loan, to cover bookkeeping and such
other expenses as are inseparable from all loans, it is
easy to see that a huge rate per annum can be worked
out without the result possessing much significance
as an indication of interest rates in the ordinary sense.
It is perfectly manifest, as was pointed out in our
issue of Oct. 30 in discussing the matter, that no per­
son in his senses would contract to borrow $100 on
the understanding that at the end of twelve months
he must pay back $2,500, which is what he wrould
have to do if he made a loan for a full year on the
basis of 2,400% per annum. The truth is, a per
annum rate cannot be applied at all on loans of that
description. Neither, on the other hand, can ordi­
nary interest rates be applied in such cases.
In his Kentucky address the Comptroller adverted
to “ a loan by a national bank, mind you, of $3 50
to a woman for six days, with an interest charge of
$1 00, which figures out about 6% a day, or 2,400%
per annum.” We commented on this in the article
referred to in our issue of Oct. 30, and pointed out
that such petty loans are by their very nature gov­
erned by other considerations than the rate of inter­
est. Subsequently our sprightly contemporary out
on the Pacific Coast, the “ Pacific Banker,” presented
a computation to show just what a bank might be
allowed to charge in such a case, if by the laws of the
State usury should begin at 10% . The principal
sum of $3 50 was increased by 10 cents, making it
$3 60, in order that the result might work out to
whole numbers. Here is how the computation looks:
S3 60, interest at 1 0 % por annum------------------------------ $0.36
For one m onth-----------------------------------------------------------------0-03
For 6 days, or one-fifth of a m onth------------------------------ 0.0 06

Of course, charging $1 for a loan of $3 50 for six
days, if nothing else were involved in the transaction,
cannot be defended, but the above computation
shows what an absurd position we would reach if we
went to the other extreme and required that the

Dec . 4 1915.]

THE CHRONICLE

charge should be figured on a strict interest basis at
a certain prescribed rate per annum, for even at 10
per cent per annum the bank would be allowed to
charge no more than three-fifths of a single cent on
the loan. This means, of course, that the loan could
not be negotiated at all.
•
Yet the-Comptroller declaims against high interest
rates and indulges in the following exhortation:
“ I hope earnestly we may work together to impress
on the offending banks, including so many of the
smaller and more remote banks, the principles gov­
erning the great number of the most successful banks
at the centers and elsewhere, that consideration for
the customer and the community is the wisest pos­
sible banking and the most certain to bring large and
permanent success.” Where, we may be permitted
to ask, would “ consideration for the customer and
the community” lead a banking institution if it
limited its charge to strict interest rates in the matter
of petty loans like the above ?
The Comptroller also points out that during the
time the offending institutions were requiring the
payment of excessive interest rates, it was pos­
sible for a bank to obtain unlimited amounts of
money at exceedingly low rates for the purpose of
assisting needy borrowers. “ During this same
period,” he says, “ while so many national banks
were charging excessive rates to customers, the
Federal Reserve banks were offering money freely
to the national banks in every part of the country
at rates varying from 33^ to 5% , according to the
class of paper and the time of maturity.” Accord­
ingly, “ there was no reason why sound, well-man­
aged banks in any section could not have gotten
at these low rates all the money required to supply
the needs of customers, whether farmers, merchants,
or manufacturers, or why the national banks should
not have loaned the funds to their customers in
every case well within the rates prescribed by law.”
The Comptroller’s reasoning here leads to an ab­
surdity, for he certainly does not mean to convey
the impression that if a bank took a note of needy
individuals of the type mentioned, such paper could
be presented to a Federal Reserve bank for re­
discount. Apart from that, however, we have al­
ready seen that it would be impossible for the lend­
ing institution to obtain adequate compensation for
the accommodation if it had to limit itself in its
charge to ordinary interest rates.
The long and short of the matter is that the smaller
country banks in the West and South, but to some
extent also in other parts of the country, appear to
be engaged in assisting a type of needy individuals in
a way that makes the business closely akin to pawnbrokerage. Charges on that class of business cannot
be accepted as a criterion of ordinary interest
rates. In that sense the wholesale accusations
and allegations of usury are an injustice “ to the
great number of banks which have not violated the
statutes relating to rates of interest.”
The Comptroller might with advantage address
himself to the task of getting the country banks
in the remoter localities to eliminate altogether
loans of the type mentioned, for they ought to be left
to the care of the pawnbroker or be reserved for
treatment under the Morris plan of small banks for
needy borrowers which are being established all over
the country by the Industrial Finance Corporation.
But to argue that the Federal Reserve banks can be
availed of for the purpose of providing relief in that



1837

direction, is to indulge in pure rhetoric and to reveal
on what a really unsubstantial basis the charges so
. freely uttered and so widely circulated, rest.
The exhibit of bank clearings for the United States
for November 1915 is a notably favorable one and
considered in conjunction with the compilations for
September and October, furnishes cumulative evi­
dence of the returning and, in great measure, already
existent prosperity which railroad earnings, building
construction operations, &c., seem to fully confirm.
It is not usual for high record marks in clearings
to be established in November, but this year proves
to be the exception, as it is a fact that at some
forty cities the totals reported are the greatest on
record for any monthly period, and in some cases
by a conspicuously large margin. Among the cities
in this category may be mentioned Boston, New
Bedford, Holyoke, Lowell, Wheeling and Wilming­
ton, D el., in the East; Chicago, Cleveland, Indian­
apolis, Evansville, Akron, Youngstown, Smith
Bend, Flint and Lansing in the Middle Westf*St.
Louis, Kansas City, St. Paul, Denver, Duluth,
Salt Lake City, Wichita, Sioux Falls, Aberdeen,
Joplin, Helena, Fresno and Stockton, west of the
Mississippi River, and Houston, Richmond, Okla­
homa, Tulsa, Muskogee, El Paso and Beaumont
at the South. In addition, moreover, such cities
as New York, Philadelphia, Washington, Rochester,
Trenton, Portland, M e., Springfield, Mass., Wor­
cester, Detroit, Toledo, Milwaukee and Ann Arbor
present figures approximating very close to previous
high-water marks, and no less than 111 of the 160
cities included in our compilation set new records
for November; while, as compared with last year,
losses are to be noted at only 13 points. Finally,
for the eleven months the current year’s aggregates
at 69 cities are the heaviest ever recorded. With
such a showing, and bearing in mind that in 103
instances the half-yearly totals were behind last
year’s and in some cases rather heavily so, there
can be no question that the country is enjoying a
period of marked commercial and industrial activity
which does not entirely rest upon the orders from
abroad incidental to the war.
Clearings at New York for November record an
increase of 119.1% over 1914, and for the eleven
months the gain reaches 28.4% . Furthermore,
compared with 1913 the augmentation for the month
is 53.3% and for the longer period 13.4%. Collecttively, the 159 cities outside of New York give an
aggregate 32.9% greater than for November 1914,
with the increase for the eleven months 4.7 % , while
contrasted with 1913 the gains are 19.8% and 1.1% ,
respectively. The result for the whole country for
the month in 1915 at $19,382,510,816, exceeds 1914
by 75.0% and for the period since January 1 at
$167,460,767,936, shows an augmentation of 17.4%.
In each case the total is a high mark for the period
covered.
Operations on the New York Stock Exchange in
November, although not of as great volume as in
October, were, nevertheless, in excess of those for
the same month of any year since 1909. It is also
to be noted that while the “ war stocks” continued
to be the feature of the trading the railroad shares
claimed somewhat more attention and in most
instances at a higher level of values than had been
ruling recently. Trading was resumed on the
Stock Exchange last year on Saturday, November 28,

1838

THE CHRONICLE

we note in passing, but at first was restricted to
the various issues of bonds, on a minimum price
basis, fixed by a committee, and dealings were very
limited in extent. Still the reopening of the Ex­
change after being closed since July 30, was looked
upon as a very favorable development. The trans­
actions in stocks during November this year aggre­
gated 17,634,270 shares, against nil in 1914 and
3,765,595 shares in 1913; and the eleven months’
totals are 159,446,471 shares, 45,990,575 shares and
76,318,615 shares respectively. Bonds, also, were
in active demand during the month, the dealings
reaching $130,088,500, par value, against $1,997,500
(two days’ transactions) last year and 31% millions
two years ago. For the eleven months the total
at 840% million dollars contrasts with 427 millions
a year ago, 456 millions in 1913 and 1,200 millions
and 916 millions respectively in 1909 and 1908.
At Boston trading in stocks covered 1,454,360
shares for the month and 11,441,144 shares for
the period since January 1, against 379,400 shares
and 5,207,023 shares, respectively, two years ago.
Canadian clearings for November indicate a
rather marked improvement in conditions in the
Dominion, as a whole, as compared with last year,
the situation being most notably favorable at M on­
treal, Toronto and Hamilton in the East and Winni­
peg in the West. For the 22 cities covered by our
compilation the month’s aggregate shows an in­
crease of 37.8% over 1914 and of 8.4% over 1913.
For the eleven months the decline from last year is
8.4% and from the record total of two years ago
reaches 18.7% .
The commercial failures statement for the United
States for November 1915, in common with the
compilations of bank clearings and railroad earnings,
furnishes distinct evidence of improvement in the
general business of the country, both as compared
with earlier months of the current year, as well as
with 1914. The number of insolvencies is not only
less than for October and noticeably smaller than
in November last year, but, bearing in mind the
gradual and steady increase in the number of firms
in business as time passes, does not contrast unfavor­
ably with earlier years. The volume of liabilities,
too, shows a material contraction, the aggregate
for the month this year falling some 10 million dol­
lars below 1914, over 8 % millions under 1913 and
being approximately the same as in 1912 and 1911.
A feature of these latest returns, moreover, is a
reduction in the number of large defaults, there
having been only 21 failures for $100,000 or over,
and totaling collectively $4,052,304, against 30 for
$11,829,159 in October and 27 for $10,370,466 in
November 1914. Most of the large failures in the
latest month occurred in the manufacturing division.
According to Messrs. R . G. Dun & C o.’s com­
pilation, which is the basis from which our deductions
and conclusions are drawn, the number of insolvents
in November was 1,565, against 1,815 in 1914 and
1,377 in 1913; the liabilities standing at $15,694,434
and $25,489,498 and $24,199,485 respectively.
Disasters among manufacturers this year were
the smallest in aggregate of liabilities since 1910,
the aggregate at $6,748,987 comparing with $13,­
079,589 last year, and $12,653,747 in 1913. In
trading lines, too, the indebtedness was compara­
tively moderate, standing at $7,472,292, against
$10,070,005 and $8,982,316.



[Vol. 1 1
0.

For the eleven months of 1915 the failures num­
bered 20,452, the highest total on record for the
period and contrasting with 16,342 for 1914, but
the situation, as regards liabilities, was rather better,
the comparison being between $282,680,874 and
$327,154,697, with the 1913 total $241,191,327.
Manufacturing insolvencies account for $105,084,918
of this year’s aggregate, this contrasting with $120,­
068,132 in 1914 and $111,166,535 in 1913. Trading
debts were also less than last year, the comparison
being between $141,118,714 and $151,887,979—
the Claflin failures being the large item in this last
total— and the indebtedness of bankers and agents
shows material contraction, the figures for the two
years being $36,478,242 and $55,135,586, respec­
tively.
Canadian failures returns for November also
make a more favorable comparison, both as regards
the number of defaults and the aggregate of liabilities.
Specifically, there were 217 failures for $4,393,101
in the month this year, against 306 for $7,093,799
in 1914. For the eleven months the comparison
is between 2,462 for $38,018,021 the current year
and 2,516 for $26,760,995 a year ago.
Baron Sonnino, Italian Minister of Foreign A f­
fairs, made official announcement in Parliament at
Rome on Thursday that Italy had given her adhesion
to the agreement that no separate peace should be
signed by the Entente Powers, the agreement having
been signed in London on Sept. 15 1914 by repre­
sentatives of Great Britain, France and Russia and
being subsequently signed by Japan. There have
been indefinite reports of previous similar action by
Italy, but this week’s announcement is the first
official news. Th : Emperor of Austria on Wednes­
day accepted the resignations of three of his Cabinet
Ministers, namely Dr. Karl Heinold D ’ Udynski,
Minister of the Interior; Dr. Rudolf Schuster von
Bonnott, Minister of Commerce, and Baron Engel
von Mainfeldon, Minister of Finance. Acceptance
of these resignations is qualified with the proviso that
the services of the retiring Ministers are to be avail­
able if required. Dr. Heinold and Baron Engel
have been appointed members of the Upper House,
while the rank of Freiherr has been conferred on Dr.
Schuster. Prince Hohenlohe Schillingfuerst, Presi­
dent of the Supreme Court of Accounts, has been
appointed Minister of the Interior; Ritter von Leth,
Governor of the Postal Savings Bank, Minister of
Finance, and Herr von Spitzminller, director of the
Kredit Anstalt, Minister of Commerce. Reports
by way of Amsterdam arc that the deposed Ministers
favored opening negotiations for a separate peace
with Italy. The resignations followed the visit to
Vienna of the German Kaiser on Monday.
Baron Sonnino announced also that Italy had de­
cided to help Serbia. “ Italy is not insensible to
Serbia’s distress,” the Foreign Minister said; “ she
is preparing to aid that heroic country.” This
news, according to London military authorities, is
most important, as it will go far to clear the situa­
tion, especially in Greece, where negotiations still are
proceeding between King Constantine and the Min­
isters of the Quadruple Entente. These negotia­
tions have been protracted, owing to Greece’s un­
willingness to allow the Allies free use of the rail­
ways and the right to police Greek waters against
submarines. The negotiations have not yet been
completed, but an immediate decision will very

Deo. 4 1915.J

THE CHRONICLE

probably be required in view of the indications that
the Serbian troops are at any moment very likely
to be forced back across the Greek frontier. The
Balkan situation continues the scene of the most
important operations at the moment.
On the Western war frontier severe wintry weather
has set in and it is beginning to look as though no
further drives by the Allies may be expected until
the spring. Monastir, Serbia, is again reported to
have been occupied by an Austro-German force,
the previous report apparently having been prema­
ture. Only the Austrian flag was hoisted, this
course being attributed to a desire to avoid giving
offense to Greece by Bulgarian occupation of the
Macedonian capital. London has received an un­
confirmed report that the Russian forces have entered
Bulgaria. Last week, it will be recalled, the Czar
promised the Serbian Premier that a Russian army
would be in Bulgaria within a week. Advices by
way of Berlin report the defeat by the Turks of the
British forces in Mesopotamia.
A report from
Russian sources declares that the Czar’s Bessarabian
army has been diverted toward Galicia, where a big
offensive is to be undertaken. There is still a good
deal of talk of peace in the neutral press, based on
reports from Germany of the activity of the Social­
ists, and from Austria regarding dissatisfaction there
with alleged German attempts to take control of
the internal administration, as has been the case in
military affairs. It is declared to be significant that
all the new Austrian Ministers are men of German
leanings, which is thought to mean that the German
party has been successful. The sixty-seventh an­
niversary of the reign of Emperor Francis Joseph
of Austria-Hungary was commemorated on Thurs­
day with religious ceremonies throughout the Em­
pire.
As to the position of Rumania, that Government
is said to have prohibited Russian warships from
entering the mouth of the Danube, where mines have
been laid, and to have notified Russia that under all
circumstances she will maintain the strictest neu­
trality, and to have demanded that the Czar’s G ov­
ernment respect the same. The Bulgarian Govern­
ment is said to have informed the Rumanian G ov­
ernment that any foreign vessel nearing the Bul­
garian shore will be attacked. In Bucharest a league
for re-acquiring the Russian province of Bessarabia
has been formed. Its leaders acknowledge that this
is possible only if Rumania takes part in the war on
the side of the Central Powers.
The German Reichstag opened on Tuesday for its
sixth war session, at which it is understood the most
important matters to be discussed will be the regu­
lation of the food supply and the aims and conduct
of the war. A new vote of credit will, it is expected,
be also introduced. The President’s opening re­
marks were received with enthusiasm. After re­
viewing the military operations from the German
viewpoint, the speaker said:
In close union of arms with the brave armies of
the King of Bulgaria and the Bulgarian people we
have crowned our victory. We welcome this from
the bottom of our hearts. The Serbian army has
been triumphantly defeated. The Tuskish army
has lived up to its old reputation and has brought
about the failure of the Dardanelles enterprise.
Proud England is troubled about the key to her
supremacy. All our enemies have recognized that



1839

we are invincible on the battlefield; so, the more
eagerly do they cling to their hope to destroy us
economically, to conquer us by hunger. As they
allow themselves to be deceived regarding our finan­
cial strength, which has been proved by the aston­
ishing results of our war loans, so they have also
been deceived in their estimate of our economic
strength.
We have grain for bread; potatoes, the most im­
portant food of the people, are abundant. If in
other things there may be a scarcity, as cannot be
disputed, yet the hardships thus caused to a majority
of the poorer population will be surmounted by the
organization of the provision market.
We there­
fore, financially and economically, have every reason
to contemplate the future with firm determination
and unshaken confidence.
The Reichstag adopted on final reading a bill
modifying certain features of martial law giving the
option of a fine instead of imprisonment for minor
offenses. There was no public reference to the
subject of peace terms in the course of the day’s
session. Adjournment was taken until next week.
However, it is known that the Socialists propose to
interpellate the Government at an early date as to
the terms upon which Germany would make peace.
The war industrial craze has spread to Japan,
so much so that the trustees of the Tokio Stock
Exchange on Tuesday took unprecedented action,
when they suspended operations and canceled trans­
actions, owing to an .exceedingly strong, but ficti­
tious, upward movement on wide fluctuations.
Tempestuous scenes greeted the announcement of
the trustees’ decision. War purchases by the Allies
have in Japan, as in our own case, caused a wave
of prosperity all over the country which has been re­
flected in the market, and standard stocks have
leaped upward.
The London markets for securities are displaying
firmness in undertone, war loans showing the great­
est buoyancy. Reinvestments have had something
to do with the firmness. The first interest on the
43^% war bonds, amounting to about £19,000,000,
became due and was paid on Wednesday. The
spectacular success of the French loan also was a
stimulating factor. The English portion of this
loan was advertised in the London newspapers on
Tuesday. No amount was named; the price was
88, with the exchange rate 273^ francs to the pound
(or £3 4s. for 100 francs), making the net sub­
scription price about 79; the rate of interest was the
same as the Paris portion, namely 5 % , and both
principal and interest were officially stated to be
free from French taxation, present or future, and
that the loan will not be redeemed before 1931.
The yield, it will be observed, on the issue price
is nearly 5 % % , with the prospect of a substantial
profit additional to accrue from the improvement
in the exchange basis that will presumably take
place eventually. The entire amount obtained
from the loan is to be used to pay obligations of the
French Government in England. The loan has
been listed in francs on the London Stock Exchange.
The official announcement in the House of Com­
mons which was promised last week in connection
with the Government’s plan to mobilize American
securities as a basis for additional American loans
has not been made. But the British Treasury,
according to press dispatches, is already absorbing
these securities. A bill “ authorizing measures for

1840

the mobilization of foreign securities for exchange
purposes/’ is to be introduced in Parliament in a
few days. The Government plans, it is understood,
to pay for such of these securities as it purchases,
full market value, not in cash but in some form
of Treasury obligation. In the case of securities
that are borrowed, it is proposed that a commission
or rental rate of Y .% above the ordinary return
upon the securities be given the borrower, who, in
addition, is to have the privilege of selling his
securities at the market rate at any time to the
Government in exchange for some form of Govern­
ment paper. There has been no compulsion thus
far in the matter, which explains the fact that
opportunity has been taken by many English
holders to sell their securities and ship them to New
York. An Associated Press dispatch of Wednesday’s
date states that the disposal of British holdings in
American bonds, which are taken freely by American
houses, continues on a large scale and “ recent
steamer loads, averaging £2,000,000, are likely to
be somewhat exceeded on the next liner or two that
sails.” Opinion in the City (London’s financial
district), especially of those in touch with exchange,
is that the actual sales of American securities is far
preferable to locking them up for collateral pur­
poses as contemplated in the mobilization scheme.
Apart from the desire to assist in righting the
exchanges, the dispatch continues, the recent im­
provement in the cable transfer rate and the level
now ruling in the bond market serve as an additional
incentive to holders who are thus getting the best
possible value.
The London Stock Exchange Committee placed
into operation on December 1 new regulations
enforcing earlier daily deliveries of shares to buyers,
owing to the fact that the banks under a new agree­
ment, began on that date to close at 3 P. M ., instead
of at 4 P. M . The largest stock brokerage houses
are making a determined fight against the large
proportion of the Stock Exchange business that is
at the present time being done through the banks.
There is agitation also to reduce the proportion of
the commissions allowed to banks on security busi­
ness introduced to the brokerage houses by the
banks to 1-3, instead of the present share of Y&
.
The latter feature, however, is deprecated by the
largest stock brokerage firms. The banks, too,
have threatened to pool such business among them­
selves if the step talked of is adopted.
N o figures that are official have as yet been an­
nounced as to the subscriptions to the new French loan.
The lists, however, do not close until Dec. 15. Many
extravagant estimates have appeared. It is thought
in French official circles that the fantastic predic­
tions have originated, quoting a press dispatch, in
“ a scheme concocted by the enemies of France to
discredit the success of the loan by over-anticipating
it.” An official of the Ministry of Finance declared
to a press association correspondent on Thursday
that “ all these speculations published regarding the
subscriptions are absolutely groundless. We have
not centralized the figures; therefore even an approx­
imate estimate of the total .cannot be formed. All I
can say is that the subscriptions continue to flow in
to our satisfaction. A striking feature is the formid­
able impetus the movement still shows among small
subscribers. The postal savings banks are besieged
by long lines of workers and children waiting their



[Vol. 101.

THE CHRONICLE

turn to transfer their thin little balances into new
bonds. So great has been the rush that we have
been obliged to install new offices outside the main
building to accommodate the subscribers.” On
Friday of last week dispatches cabled from Paris
contained estimates of 25,000,000,000 francs ($5,­
000,000,000) as the result of the first day’s subscrip­
tions. This estimate has not been confirmed by later
advices. Paul Leroy-Beaulieu,
the well-known
French economist, has estimated the total subscrip­
tions at 20,000,000,000 francs, of which perhaps onehalf are cash subscriptions, the remainder represent­
ing conversion into the new loan of earlier issues of
Treasury notes and national defence bonds. An­
nouncement has been made by the Minister of Fi­
nance, M . Ribot, that the loan will be quoted on the
Bourse, and that certificates will be negotiative pend­
ing the issue of definitive bonds. The Bank of France
has offered to advance at 6% up to three-quarters
of the value of the new flotation not exceeding
300,000 francs to a single individual. Many indus­
trial establishments working on Government orders
organized subscriptions to the new loan by their
workmen, advancing half of the first installment on
all sums over 100 francs. The Bank of France re­
mained open on Sunday last to receive subscriptions
to the loan. Those subscribers who elect to pay in
installments may do so as follows:
10
26
26
26

francs....... ..........................
D ec.
151915
f r a n c s ..--------------- ------------------------------------ j a n . 15-31 1916
francs-------------------------------.. F e b .
15-291916
M a r.
15-311916
f r a n c s .. ......................

Payment in bonds of the Defense Nationale will
be accepted at the net price of 95.92%. Holders
of bonds of the Defense Nationale who wish to ex­
change their bonds for the new issue may do so on
the following terms:
Cost.

1,100 francs new loan, 5 % at 87.25%
...........959.75 francs
1,000 francs Defense Natlonalo at 9 5 .9 2 % __959.20 francs
Cash to be paid I n ........................ ............................ 0.55 francs

Income.

.55 francs
.50 francs

The financial editor of the “ Journal des Debats”
regrets the exaggerated and absurd estimates
current as regards the results of the loan. He
states that not the slightest doubt exists that the
issue is the most remarkable and successful yet issued,
but says that talk about attaining 25,000,000,000
($5,000,000,000) or 30,000,000,000 francs ($6,000,­
000,000) discourages subscribers, making them think
their efforts are unnecessary and incurring the dan­
ger of causing disappointment if the real result ap­
pears inferior to the exaggerated forecasts. The
writer analyzes the actual amount of money in France
capable of being subscribed and the amount of old
Rentes likely to be converted. If the loan reaches
10,000,000,000 francs ($2,000,000,000), he says, it
will be a very great success; if that amount is ex­
ceeded, all the better; but he does not expect that
that sum will be greatly exceeded.
The end of November carry-over rates on the Paris
Bourse have ruled between 5 and 6% , as against par
at the preceding settlement.
New regulations are soon to be promulgated by
the French Government concerning the detention by
the French postal authorities of securities and coupons
forwarded from Switzerland and found in the mails.
Heretofore the Government has seized securities of
certain classes, assuming that they were the property
of German or Austrian subjects, and has sought to
realize on them. Some of the securities thus de­
tained were American and were designed to be sold
for investment in the French loan. Hereafter, by
agreement with M . de Haller, President of the Swiss

D eo . 4 1915.]

THE CHRONICLE

National Bank, stocks sent through the post must
be accompanied by a declaration stating they are
the exclusive property of persons not belonging to
nations hostile to France, nor domiciled in hostile
countries, nor living in invaded districts.
Germany, according to advices from Berlin, will
issue its fourth war loan about the middle of January.
It will be for 10,000,000,000 marks (about $2,500,­
000,000). The text of a preliminary law paving the
way for taxing the war profits of joint-stock compan­
ies was printed in Berlin this week. It was drafted
by the Federal Council and is a bill compelling stock
companies and other juridical entities to carry as
reserve 50% of the additional profits made during
the period of the war, thus holding them as a reserve
for taxation under the ultimate bill. The Govern­
ment does not intend to collect this tax during the
war, but will levy it after the close of the war in con­
nection with an increment tax on property, foreseen
under the War-Levy Tax Bill of 1913. Foreign com­
panies, including American corporations doing busi­
ness in Germany, come within the operation of the
law, but only to the extent of their profits made on Ger­
man business. The preliminary law gives no intima­
tion as to how much of the war profits the State will
demand in taxation, beyond indicating that they wont
exceed 50% . The new war tax measure is expected
to affect favorably the German war loans, since the
Government announces that the tax may ultimately
be paid in war bonds and intimates that such paper
offers favorable investment for the required reserves.
It is understood that the bill, although it was formally
introduced in the Reichstag on Tuesday, will not be
considered at the December sitting of the Reichstag,
but will be taken up at the session in February or
March, and will probably pass with little or not oppo­
sition. The output of steel in Germany in October
was 1,214,855 tons, against 1,174,350 tons in Sep­
tember.

1841

Trust Company has it under consideration, and the
negotiations have been conducted through the RussoAsiatic Bank, through whom the funds will be trans­
mitted to the various banks in Russia in the event
of final success crowning the negotiations. The loan,
it is proposed, will bear 5 % interest, will run for
ninety days and will be renewable up to eighteen
months on the payment of 1% additional interest for
each ninety-day extension. The Guaranty Trust
Company already has lent $18,000,000 to Russian
banks on the same terms, and it is reported that this
sum is part of the larger loan, so that the new funds
consigned are only $42,000,000.
The London “ Daily M ail’s” Petrograd corre­
spondent sends details by cable of a $500,000,000
popular loan that is being offered by the Russian
Government. He says: “ Numberless groups of peo­
ple are standing in the snow-covered streets reading
placards about the new $500,000,000 Russian loan.
This is the first time in the history of the country that
a direct appeal has been made to the nation as a
mass to provide the sinews of war. Previous loans
have been subscribed mainly through banks and to
some extent by the wealthier classes. Now all of
the people are asked to invest their savings in a loan
at 534% interest. It is calculated that every day the
war costs Russia $12,000,000.” The correspondent
explains that the posters are simply worded and at­
tract a large part of the population, which does not
see the newspapers. He stood among the groups,
who listened attentively while the posters were read
aloud, and their approving exclamations showed that
the people appreciated the meaning of the loan.
Many stockings are being emptied to swell subscrip­
tion lists. There is plenty of money in the country,
and deposits made in the banks since the war began
have the correspondent says, increased by $1,100,­
000,000.

Official Bank rates at all the leading foreign
centers remain without change, namely, at 5 % in
At the annual meeting of the American Chamber London, Paris, Berlin, Vienna and Copenhagen;
of Commerce in Berlin, David W olff, President, de­ at 5 3 4 % in Italy, Norway, Sweden and Portugal;
scribed the association’s efforts to get American- 6 % in Russia and 4 3 4 % in Switzerland, Holland
owned goods from Germany through the British and Spain. The open market rate remains at 5 3 4 %
blockade. He declared that virtually all the goods in London for both long and short bills and day
held in Rotterdam awaiting shipping permits had to day funds at the British center are still 4 @ 4 ) 4 % *
been forwarded and saw in this fact a hope that ave­ A private bank discount rate of 4 3 4 % is still re­
nues might soon be reopened for a resumption of ported to be current in Berlin. N o other private
trade. The Chamber, M r. W olff added, was work­ rates have been cabled from other European centers
ing on a second impediment to German-American so far as we have been able to learn.

trade, namely, the imposition of export duties by the
German Government on articles for the American
trade, notably seeds. While he had obtained some
concession, much remained to be done. Leading
German business men had promised their co-opera­
tion to convince the Government of the importance
of not permitting German products to be crowded out
of the American markets, particularly such goods as
hosiery and gloves, which other nations were anxious
to supply. M r. W olff referred also to an anti-Ameri­
can movement which was being propagated by cer­
tain German manufacturers, who were anxious to
drive American competitive goods out of the German
market, and he reminded Germans that trade pros­
perity was possible only on a reciprocal basis.

The gold item in the Bank of England’s return
this week decreased £1,218,378, and with an in­
crease of £973,000 in note circulation, the total
reserve suffered a contraction of £2,192,000, bring­
ing the proportion to liabilities down to 24.61% from
27.49% last week and comparing with 29.87% at
this date a year ago. Public deposits were reduced
£1,788,000, but other deposits increased £8,876,000.
Government securities were £10,945,000 higher,
while other securities (loans) were reduced £1,635,000.
The bullion item stands at £51,238,669, against
£71,409,677 at this date one year ago and £36,­
624,187 in 1913. The reserve is £35,413,000,
against £53,932,947 and £26,284,387 one and two
years ago, respectively. The loan item aggregates
Negotiations are in progress for an American loan £96,481,000, against £113,121,447 in 1914 and
of $60,000,000 to Russia. The transaction, however, £27,944,863 the year preceding. The Bank reports
has not been as yet definitely closed. The Guaranty the amount of currency notes outstanding as of



1842

THE CHRONICLE

November 27, at £84,205,657, against £82,631,276
the week preceding. The amount of gold held for
redemption of such notes remains at £28,500,000.
Our special correspondent furnishes the following
details by cable of the gold movement into and out
of the Bank for the Bank week : Inflow, £1,286,000
(of which £689,000 bar gold bought in the open
market and £597,000 net received from the interior
of Great Britain); outflow, £2,504,000 (of which
£951,000 exported to the United States, £57,000 to
Canada, £90,000 to South America, £350,000 to
Spain, £200,000 earmarked Egypt and £750,000
miscellaneous and £106,000 bar gold sold). We
add a tabular statement comparing for the last five
years the different items in the Bank of England
return :
BANK OF ENGLAND’S COMPARATIVE STATEMENT.
1915.
1914.
1913.
1912.
1911.
D ec. 1
D ec. 2
D ec. 3
Dec. 4
D ec. 6
£
£
£
£
£
Circulation............ 34,275,000
35,926,730 28,789,800 28,003,205 28,798,170
Public deposits___ 50,360,000
12,577,097 7,759,770 11,875,710 11,453,681
Other deposits........ 93,525,000 167,970,906 39,891,183 40,540,461 39,547,454
Govemm’tsecurities 29,840,000
31,289,646 11,184,993 13,034,576 14,437,210
Other securities___ 96,481,000 113,121,447 27,944,863 30,884,765 27.489,077
Reserve notes & cola 35,413,000
53,932,947 26,284,387 26,261,597 26,708,214
Coin and bullion... 51,238,669
71,409,677 36,624,187 36,414,802 37,106,384
Proportion of reserve
to liabilities........
24.61%
29.87%
55.17%
50.17%
52.50%
Bank rate________
5%
5%
5%
5%
4%

The Bank of France reports a further increase of
42,322,000 francs in its gold holdings for the week
and a decrease of 2,930,000 francs in silver. Note
circulation showed a further expansion of 12,576,000
francs, bringing the total up to 14,291,199,000
francs, against 6,683,184,785 francs one year ago and
5,909,113,140 francs the year preceding. General
deposits increased 19,003,000 francs, bills discounted
are 27,924,000 francs higher; treasury deposits in­
creased 58,960,000 francs and the Bank’s advances
increased 11,068,000 francs. The Bank’s gold
holdings are 4,877,432,000 francs, against 4,141,­
350,000 francs in 1914 and 3,521,300,000 francs in
1913. The silver stock is 359,926,000 francs,
against 625,325,000 francs and 645,400,000 francs
one and two years ago, respectively. General de­
posits aggregate 2,636,212,000 francs. In 1914
they were only 947,571,861 francs and in 1913
665,922,126 francs. Discounts aggregate 2,220,­
718,000 francs, against 2,454,280,425 francs in 1914
and 1,788,455,990 francs in 1913. The Bank of
France suspended publication of its weekly state­
ment immediately after the beginning of the war
last year and did not resume until February 4 1915;
hence no closer comparison with the 1914 figures is
available than of July 30 that year. These are the
figures used in the foregoing comparisons.
A still further easing in the local money situation
must be recorded this week, notwithstanding the
banks have been called upon to loan quite freely on
collateral consisting of bonds and investment stocks
returned by Europe. The fact that comparisons are
available with a similar compilation last year, gives
to the Clearing House statement a much greater in­
terest than it has heretofore possessed. It shows,
for instance, on the basis of last Saturday’s return,
that loans are nearly a billion dollars in excess of the
amount of a year ago, while deposits are $1,263,000,­
000 above. These are remarkable figures and the
loan item suggests in some measure how active have
the New York institutions been in financing the steady
return by foreign holders of American securities.
Buyers in this country have apparently had no dif


[V o l .

101

.

ficulty in going to their banks and borrowing against
the securities, thus being in a position to make addi­
tional purchases as needed. Meanwhile, the ad­
vance that has taken place in the stock market has
added to the desirability of the securities as collateral.
Other circumstances responsible for the great ex­
pansion of the New York bank loans have, of course,
been the foreign borrowing and also the increased
requirements of Stock Exchange speculation. The
main items in last Saturday’s Clearing House state­
ment, comparing with the corresponding statement
of a year ago, follow:
1915.
1914.
Loans, &c............................................................... $3,133,235,000 $2,157,717,000
Net demand deposits------------ ------- ------1,953,854,000
Net time deposits......................................
94.922.000
Circulation__________________________
73.993.000
Reserve—In own vaults-----------------------........... .
—In Federal vaults------------------ ...............
—In other depositaries------------- ...............

521.335.000
165,102,000
53,007,000

345,421,000
*96,000,000
*26,450,000

Aggregate reserve---------------------------- ________ $739,444,000
555,966,660
Reserve required--------------------------------...............

$467,871,000
336,694,910

Excess reserve______________________ ________
* Estimated.

$183,477,340

$131,176,090

Comparing with the statement of the preceding
week, the loan item showed an expansion of $1,772,­
000; net demand deposits decreased $8,059,000 and
net time deposits indicated a contraction of $10,000.
The reserves in “ own vaults” decreased $15,803,000
to $521,335,000, of which $470,495,000 is specie.
Reserve in Federal Reserve banks increased $4,210,­
000 to $165,102,000, while reserve in other d ep osi­
taries increased $127,000 to $53,007,000. Combin­
ing these items, a net increase is indicated of $11,­
466,000 in the aggregate reserve to $739,444,000.
The decreased deposits modified the reserve require­
ments $1,268,380. Thus the surplus reserve de­
creased only $10,197,620, which brings the total down
to $183,477,340. The bank statement in greater
detail appears on a subsequent page of the “ Chroni­
cle.”
The continuance of the abundance of loanable
funds in the banks is remarkable when it is consid­
ered how rapid and steady has been the recent im­
provement in general business conditions in many sec­
tions of the country. That there is genuine basis for
the report of such improvement is obvious when such
reliable indices as the country’s railroad earnings and
bank clearings are taken into consideration. The
month of November, for instance, showed a substan­
tial increase in new capital issues by the large rail­
road and industrial corporations. A marked in­
crease in applications for new charters was also a fea­
ture of the month. The iron and steel industry is
operating virtually at full capacity and efforts are
being made to augment capacity as rapidly as possi­
ble. The great textile interests of the country are
working under pressure, and trade prospects in all
standard lines are admittedly excellent. Nevertheess, lenders are inclined to name more attractive
rather than higher rental rates for funds.
Referring to money rates in detail, demand loans
have each day this week covered a range of l % @ 2 % ,
the lower figure being the renewal basis until Thurs­
day, when it was advanced to 2% but has returned
to 1Y±% on Friday. Time money quotations at
the close were 2 % % for sixty days (against 2 }4 @
2Y^/o a week ago); 2 ^ % for ninety days (against
2% % )', 2/ ^ @ 2/4 % for four months (against 2 % @
3 % ), and 2% for five and six months (against 2%
@ 3 % ). A year ago all maturities up to six months
were quoted at 4@ 4)4% -Com m ercial paper has been
j in rather better supply and discounts are firm at last
;

D e c . 4 1915.]

THE CHRONICLE

week’s closing figures, namely 2 % @ 3 % for sixty and
ninety days’ endorsed bills receivable and for six
months’ single names of choice character. Names
not so well known require 3 % @ 3 % % . Bankers’
acceptances are 2 % for sixty and 2 % % for ninetyday maturities. A reduction from 4 to 3 % % in the
rate of the Kansas City Federal Reserve Bank on
commercial paper running to ten days inclusive was
approved by the Federal Reserve Board on the 2d
inst. Otherwise the rates continue unchanged.
FEDERAL RESERVE BANK DISCOUNT RATES.

CLASS
OF
R E D IS C O U N T S .

Commercial Paver—
I to 10 days maturity..
11 to 30 "
• ..
•
31 to 60 "
•
•
61 to 90 "
• ..
•
Agricultural and
Live-Stock Paper—
91 days to 6 months maturity

4M

4«

Trade Acceptances—
1 to 10 days maturity.
11 to 60 "
"
.
61 to 90 "
"
.
Commodttv Paper—
1 to 30 days maturity..
31 to 60 "
“
...
61 to 90 “
"
...
91 days to 6 months maturity
Authorized rate for discount of bankers’ acceptances, 2 to 4%.

The sterling exchange market has shown progres­
sive strength throughout the week. The credit
of $50,000,000, details of which were agreed upon
officially last week, has become fully available and
an added influence has been the activity displayed
in the importations of gold and also in the s dden
renewal on a large scale of selling of American bonds
and railway shares by English stockholders in
order to avoid participation in the British Treas­
ury’s plan for mobilizing American securities.
Each transatlantic steamer that is arriving from
England is a veritable treasure ship, since it not
only brings large consignments of gold but un­
usually heavy shipments of securities. This is a
subject that we discuss in greater detail in a pre­
ceding paragraph. Nothing additional has been
announced in reference to further credits on this
side for English banks that are to follow the $50,­
000,000 transaction just completed. It is a fact,
however, that the committee of the New York
banks has been able to secure participation of a
considerable amount of out-of-town banking power
in the latest loan so that the New York banks are in
a position to handle new applications without feeling
that they are unduly congested with the older
credit. The proceeds of the $500,000,000 AngloFrench loan are being rapidly spent, the loan com­
missioners having found it necessary last evening to
call upon the depository banks for a third installment,
this time of 15% , and making a total of 60% of the
total amount, or approximately $288,000,000.
Reports have been current that it is the inten­
tion of the syndicate of English banks to utilize
the $50,000,000 on a more or less arbitrary basis.
The entire amount has been credited to them and
has been deposited to their account, thus drawing
interest on this side. The London banks are,
therefore, if they desire, able to sustain the market
when it is weak by buying exchange and then
selling on advances. This would, of course, con­
stitute in effect an admitted policy of speculation
and is not for that reason likely to be announced



1843

openly. Nevertheless, there is some disposition
in sterling exchange circles to look for the estab­
lishment in the near future of an arbitrary sterling
exchange basis which will have behind it the full
facilities of the British Government, plus the com­
plete co-operation from patriotic motives of finan­
cial London, plus the powerful co-operation of those
of the American banking world directly connected
with the British Treasury, and those who are accus­
tomed to look at international problems in a broad
way and are above taking small advantages. In
times of panic in New York, it will be remembered,
the word has gone forth that “ short selling” must
cease on the Stock Exchange. There has been no
official order. There could, in fact, be no official
order. But every stock broker promptly recognized
that any transgression of the unwritten order would
mean that his associates would refuse to continue
cordial and that he could not hope to receive the
same consideration as theretofore among bankers,
who count so much on the moral hazard in arrang­
ing their loans. There is no reason to believe that
the establishment on similar lines of a minimum
quotation for sterling exchange has been definitely
decided upon. But it is of decided interest that
the question has begun to be discussed in an in­
formal way in sterling exchange circles. Minimum
prices were adopted on the stock exchanges of the
world, at the outbreak of the war, for securities, to
guard against a destructive panic. Whether mini­
mum prices for sterling exchange would be found
practical is a subject upon which there is much to
consider on either side and may not be seriously
attempted. The steady movement of gold in this
direction shows that the British Government is
fully alive to the difficult task that is ahead, of
maintaining exchange rates even on the present
level. It means, too, that with gold it is possible
to pay debts at par in this country instead of at
the depreciation in sterling funds based on quota­
tions in the bill market. Last week’s exports of
merchandise through the leading customs districts,
as reported by the Department of Commerce,
exceeded the imports by $42,362,179, which com­
pares with $58,585,420 the week preceding. As
an offset to this there have been the present week
the large sales by foreign holders of American
securities and the importations of gold. There is
no definite basis for estimating the value of the
securities that have been received. The gold
arrivals, however, have totaled $21,750,000, made up
as follows: SS. Baltic, which arrived last Saturday,
$10,000,000; SS. New York, Sunday, $5,000,000;
SS. Orduna, Monday, $2,500,000; SS. Adriatic, Fri­
day, $4,250,000.
Compared with Friday of last week, sterling ex­
change on Saturday was a shade firmer, with demand
quoted at 4 6 9 % @ 4 69% , cable transfers at 4 7034
@ 4 70% and sixty days at 4 6 6 % @ 4 66% . On
M onday prices ruled strong and higher; demand ad­
vanced to 4 6 9 % @ 4 70, cable transfers to 4 7 0 % @
4 70% and sixty days to 4 6 6 % @ 4 67; the action of
the Canadian authorities in commandeering some
12,000,000 bushels of wheat, a procedure which left
a number of exchange dealers short of the market,
was held mainly responsible for the marked firmness.
Sterling rates fairly bounded upward on Tuesday,
recording a rise of almost 2 cents in the pound, to
4 71% for demand, with the low 4 69% ; cable trans­
fers ruled between 4 7 0 % @ 4 72% , and sixty days

1844

4 6 7 % @ 4 6834; trading was active, a couple of the
largest banking concerns being heavy buyers, while
there was also renewed short covering. On Wednes­
day an easier tendency developed and prices sagged
somewhat under freer offerings of commercial bills
and profit-taking; before the close, however, fresh
selling of American securities for foreign account
caused a rally and the range was 4 70 7-16@ 4 7134
for demand, 4 71 3-16@ 4 72 for cable transfers and
4 6 7 % @ 4 68 for sixty days. The activity of the
earlier days of the week was replaced by intense dulness on Thursday and very little business was trans­
acted; this was attributed largely to the lack of avail­
able sailings before Saturday; quotations were a
trifle lower, with demand at 4 70 11-16@4 70% , ca­
ble transfers at 4 71 7-16@4 71% and sixty days at
4 6734@4 67% . On Friday the market ruled dull
and slightly easier, with demand at 4 7 0 % @ 4 70% ,
cable transfers at 4 71 @ 4 71% and sixty days at
4 6 7 % @ 4 67% . Closing quotations were 4 6734
for sixty days, 4 70% for demand and 4 71% for
cable transfers. Commercial on banks closed at
4 5134 > documents for payment finished at 4 65%@>
4 66 and seven-day grain bills at 4 6 9 % @ 4 69% .
Cotton for payment closed at 4 70; grain for pay­
ment 4 70.
The extreme weakness in German marks has been
the feature of the Continental exchanges this week.
N o direct explanation is available, except selling
pressure and the absence of buying power. One in­
cident of the weakness has been the announcement
by a local banking house that has been offering Ger­
man bonds of a reduction in the dollar price for the
last issue of the German Imperial 5 % bonds to
$202 50 per 1,000 marks, compared with a recent
price of $207 70; the German Government 4s, callable
in 1918, were reduced to $185 50, against a recent
price of $190. Similar reductions were made by the
same banking firm on Austrian Government securi­
ties, Vienna exchange having shared in the weakness
in marks. Bankers' sight bills on Berlin closed at
7 8 % @ 7 8 % after having sold as low as 7834- A week
ago the quotation was 8034- Cable transfers finished
at 7 8 % @ 7 8 % against 80 7-16 a week ago. Aus­
trian kronen sight closed at 13.90 against 14.40 a
week a g o.Sterling checks inParis finished at 27.6034
francs against 27.8734 francs a week ago, the same
degree of strength being indicated by the Paris check
rate in New York, which closed at 5 85% against
5 8934 last week; cable transfers were 5 84% against
5 91. Swiss exchange finished at 5 33% for sight
and 5 32% for cables, against 5 33 and 5 32, respec­
tively, a week ago. Bankers’ checks on Amsterdam
are without change from 41% and cables are % higher
at 4 25% , while commercial sight is 41% against 41%.
Italian lire are 6 56 for sight and 6 55 for cables
against 6 50 and 6 49 last week. Greek exchange
remains on the basis of 5 1534 for checks. Copen­
hagen checks are 27 90 against 27 45 a week ago, and
Norway and Sweden checks are 27 95 against 27 20.
Russian rubles are 3 2 @ 3 2 % against 3 2 % @ 3 2 % .
The New York Clearing House banks, in their op­
erations with interior banking institutions, have
gained $2,569,000 net in cash as a result of the cur­
rency movements for the week ending Dec. 3. Their
receipts from the interior have aggregated $8,246,­
000, while the shipments have reached $5,677,000.
Adding the Sub-Treasury operations and the gold im­



[V o l .

THE CHRONICLE

101

.

ports, which together occasioned a gain of $20,381,­
000, the combined result of the flow of money into
and out of the New York banks for the week appears
to have been a gain of $22,950,000, as follows:
Week ending Dec. 3.

Out of
Banks.

Into
Banks.

Banks’ Interior movement
Sub-Treas. oper. and gold Imports..
Total...........................

Net Change In
Batik Holdings.

*5,677,OOOlGaln *2,569,000
25,270,000 Gain 20,381,000
|
*53,897,000 t *30.947.000 Gnln *22,950,000
*8,246.000
45,651,000

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

Dec. 2 1915.

Dec. 3 1914.

Cold.

Silver.

Total.

Gold.

Silver.

Total.

£

£

£

£

£

£

England.. 51,238,669
51,238,669 71,409,677
71,409,677
France . . 195,100,600 14",344’,360 209,444,960 164.880.000 13,"i60,666 178.040.000
Germany. 121,738,200 1,820,000 123,558,200 99,562,700 2,216,100 101,778,800
Russia . . 163,903,000 2.556.000 166,459,000 176.472.000 4.264.000 180.736.000
Aus.-Hunc 51.578.000 12.140.000 63.718.000 51.578.000 12.140.000 63.718.000
Spain___ 33.330.000 29.764.000 63.094.000 22.458.000 28.016.000 50.474.000
Italy____ 45.251.000 4.427.000 49.678.000 46.823.000 2.500.000 49.323.000
Netherl’ds 34.280.000
280,300 34,560,300 15.099.000
132,300 15,231,300
Nat.Belgh 15.380.000
600,000 15.980.000 15.380.000
600,000 15.980.000
Swltz’land 9,898,100
9,898,100 9,599,200
9,599,200
Sweden . . 6.298.000
6.298.000 5.789.000
5.789.000
Denmark. 5.917.000 " 247,000 6.164.000 4.296.000
250,000 4.526.000
Norway.. 3.753.000
3.753.000 2.324.000
2.324.000
Tot. week 737,665,569 66,178,660 803,844,229 685,670,577 63,278,400 748,928,977
Prev .week 736,423,516 66,084,0101802,507,526 683,165,332 63,037,350 746,202,682
c July 30 1914 In both years,

h Aug. 6 1914 In both years.

THE GERMAN PEOPLE A N D THE WAR.
Announcement by both Germany and Bulgaria
that the capture of Prisrend, the last stronghold of
the Serbian army, had successfully completed the
Serbian campaign, would appear to represent a very
important landmark of the European war. It should
be so, from Germany’s point of view, because the
victory is the most complete and sweeping of any
achieved in this European war, except perhaps the
capture of Belgium; and the completeness of the vic­
tory in Belgium was due to an element of surprise in
the German attack which did not exist with the in­
vasion of Serbia. The week’s announcement should
be even more notable a landmark from Austria’s
point of view, because the actual and distinct purpose
with which this whole war was provoked by the Vi­
enna Government— namely, the humiliation of Serbia
because of the death of the Austrian Archduke at
Sarajevo— has now been absolutely achieved. Even
if it is argued that the campaign of the Teuton-Bulgarian allies against the small Serbian army was an
unequal contest, made possible mainly by the refusal
of Greece to fulfill the terms of her treaty and by the
dilatory measures of the Allies, the fact remains of a
military success whose completeness and spectacular
proportions would ordinarily be expected to raise to
the highest pitch the martial enthusiasm of legisla­
tures and people in countries whose armies won the
victory.
Yet the events which in Germany and Austria fol­
lowed the news that this military achievement had
been completed, have been spch as to make the reader
of the day’s news rub his eyes, and wonder what can
be the condition of things at home in those two
nations. The immediate sequel at Vienna was a
Cabinet crisis, somewhat of the sort which is ex­
pected when matters are going wrong with a Govern­
ment; a crisis which resulted in the resignation of
three Ministers concerned with internal affairs. At
Berlin, where the Reichstag assembled this week,
at the moment when the news came in that the Ser­
bian campaign was successfully completed, the very
first session was marked by bitter criticism of the
Government for its attitude in the matter of possible
peace negotiations; an attackjfwhich, almost for the

D e c . 4 1915.]

'

THE CHRONICLE

1845

first time, was publicly supported by the hitherto industrial Germany while war continues, and an
submissive German newspapers. The personal visit increasingly formidable handicap on industrial re­
of the Kaiser to the old Austrian Emperor at Vienna, cuperation when the war is over. And, quite apart
this past week, would usually have been accepted from these larger economic aspects of the question,
everywhere as a, celebration of the victory. Yet its there is to be considered the attitude of the people
purpose has been ascribed, in most of the dispatches, themselves towards the heavy toll in human life.
to efforts to smooth over disputes between Germany
There has never been any doubt of the spirit and
and Austria regarding continuance of the war.
patriotism of the German people, or of their confi­
This series of events is so anomalous as to lead dence certainly during the earlier stages of the war
to the inquiry whether something must not be
in speedy and complete victory for their Govern­
amiss with internal conditions in the Teutonic ment. No evidence is at hand to show that this at­
States. Even in advance of this perplexing Gov­ titude has even yet been replaced by an attitude of
ernmental news from Vienna and Berlin, the despondency; indeed, the Serbian campaign itself
course of this week’s exchange market at New would make precisely that attitude unnatural. But
York pointed in much the same direction. N ot­ the aspect of the war developments to date which
withstanding the numerous technical influences sur­ cannot have failed to exert its influence is the fact
rounding this year’s depreciation in exchange on bel­ that thus far Germany’s victories and achievements
ligerent Europe at the most powerful neutral market have been barren of real results. The invasion of
— influences such as an altered balance of inter­ France has led only to a deadlock on the French fron­
national trade or the inflation of the Continental tier. Occupation of Belgium has prejudiced Germany
currencies— the fact has all along been recognized in the eyes of neutral States and has provoked some
that the movement of exchange, especially when that outbursts of disapprobation even in the German press
movement was emphatic, must in some degree reflect and legislature. The “ drive for Calais” failed; the
the financial world’s view both of economic and “ submarine blockade” of England ended somewhat
political conditions in the country on whose markets disastrously for the undersea fleet itself; the invasion
the exchange rates were quoted. It is, therefore, a of Russia has come to nothing, except partial re­
most striking fact that New York exchange on Ber­ production of the western deadlock.
lin, whose previous low figure during the present
This series of disappointments— for the German
war had been the rate of 80% cents for 4 marks, at people must have looked for very much larger re­
the end of August, and which had subsequently gone sults on each occasion— and with it the increasing
above 84 again, should this week have fallen to 78% financial and economic pressure at home and the in­
at the very moment when the Serbian campaign was creasing loss of life on the battlefield, would go far
successfully completed— a total depreciation of no towards explaining what seems on its face to be so
less than 17% cents from parity.
anomalous a reception of the Serbian victories. The
A good many circumstances have combined to French, English and Russian people have had their
suggest that the problem of foodstuffs, in the face of hardships and disappointments to bear, but it is not
the increasing severity of the English blockade, to be forgotten that these nations entered the war in
especially since British submarines have been active no such mood of overweening confidence in an early
in the Baltic, lay at the bottom of this internal situ­ victory as that which characterized the German
ation . As a matter of fact, the President of the Reich­ armies and people at the start.
stag, in opening the session, frankly admitted the scar­
T o what extent these various influences can be
city of food except for grain and potatoes, and spoke expected to exert such pressure as to call forth a
unqualifiedly of the “ hardships caused to a majority definite action of the Teutonic governments in the
of the poorer population.” From Austria there has way of tentative peace proposals, we are yet to see.
come simultaneously the intimation of serious con­ It has been the rather common experience of pro­
ditions on the market for supplies through lack of tracted wars that some sort of conditional intima­
organization and through the activities of speculators. tions are made, at about this stage of the present
Yet it is somewhat difficult to understand why the conflict, by one side or the other. Experience, as a
situation should be growing in acuteness now, at the rule, has also taught that they are apt to lead to
moment when the wheat production of Bulgaria is nothing final— unless, like Napoleon’s offers of terms
again freely available for Germany.
of peace to his Continental adversaries, they are
We imagine that the question will be asked with made as the sequel to a great and decisive victory.
increasing interest, in view of all these circumstances, The destruction of the Serbian army is scarcely such
whether some other and even graver economic in­ a victory, though it has affected profoundly the
fluences may not be at work in creating the present situation in the Balkans, and may conceivably bring
attitude of the German and Austrian people toward it about that the really conclusive battle of the
the situation. The loss of life in war is not the least war, if there is to be one, will be fought in that part
of these. It must be remembered what price Ger­ of Europe.
______________________
many, as the attacking power in the Russian and
Serbian campaign, must have paid for her recent THE L IM IT S OF JU DICIAL CONSTRUCTION.
military success. However persistently the German
Rather more than a year ago, one of the unions
authorities may have rejected the favored theory of suddenly brought out an old “ labor” law of this
the Allies of victory by “ attrition,” the fact remains State, never enforced and almost forgotten, pro­
that the supply of men is not inexhaustible; that hibiting employment of any but “ citizens” on a
losses during the past three months have been enor­ public work. This menaced subway construction
mous, and that continued drafts for service on the and caused a brief interruption of it, but the legis­
active battlefront must inevitably have two results, lature hastily amended the old law and the work
of which a Government so familiar with problems proceeded. The question of constitutionality after­
of national efficiency cannot fail to take cognizance wards went to the Court of Appeals, which sustained
— progressive depletion of the working forces of the law on Feb. 25 last, and now the Federal Supreme




1846

THE CHRONICLE

Court has affirmed that action, as it was expected
to do.
The law was attacked as violative of the Fourteenth
Amendment, but the Court held this to have been
disposed of by previous cases, in which it was settled
that “ it belongs to the State, as guardian and
trustee for its people and having control of its
affairs, to prescribe the conditions upon which it
will permit public work to be done on its behalf or
on behalf of its municipalities.” In the recent
Arizona decision the inalienable right to work was
upheld, but this case is distinguished as involving
the clear right of an employer to choose his em­
ployees. In this instance, the State, as a public
employer, “ chose” its employees for a public work,
and Chief Judge Bartlett of the Appeals said he
found no reason to suppose the amendment cited
was meant to restrict the rights of a State as an
employer; other employers, individual or corporate,
have an undoubted right to withhold employment
from any, and there could hardly have been an
intent “ to deprive the States of equality with
private employers in this respect.”
The question is now academic, so far as it con­
cerns the concrete case which brought it up. Subway
construction was not seriously or long interrupted.
Organized labor had been flattered by its leaders
with an imaginary discrimination through statute,
but when that was invoked as a demonstration of
the power of unionism it was overcome by the
weight of an irresistible public necessity. The less
had to yield before the greater; the earlier and im­
mutable law prevailed once more, and it is to be
hoped the State will not repeat this particular act
of folly.
Yet the case is useful and timely as once more
defining, with a clearness which only those can
mistake or dispute who are determined to do so,
the limitations and basis of judicial action upon
the validity of statutes, as well as the hopelessness
of relying upon the courts to save the people from
their own follies. This needs to be pointed out
again and again, because some denounce what they
declare is an assumption of power by our judges,
unknown in other countries; it is said that a legis­
lature ought to be sole and final judge of validity
as well as propriety in its action, and there is a
periodical outcry against the judiciary for obstruct­
ing- a co-ordinate branch of government, and under­
taking to overturn or “ nullify” enactments. Now
there is no more substance in this complaint than
there is heat in moonbeams, the simple fact being
that judges have not attempted to do any such
thing. They do not “ nullify;” that means a denial
of governmental power and a refusal to obey.
They recognize and keep in mind, as all must, the
predominant sovereignty of the people, from which
no appeal lies except to themselves. The judges
in appellate courts do no more than remind the
people of their own solemnly-made resolutions of
conduct, which are binding on the people and all
their agents, legislative and other, until changed
in the orderly manner originally provided. In
some rare instances, the judges may find and say
that a statute was not made in the constitutional
manner and therefore never had the breath of life;
in some other instance, they may find and pro­
nounce one void by self-contradiction or by an in­
soluble muddiness of language; in a few rare in­
stances, the judges go so far towards carrying out



IVol. 101.

the legislative dictum as to read the statute as it
probably was intended and not as its language says.
Beyond this, while broad statements are to be
cautiously ventured lest somebody cite an exception,
we do not believe an instance can be found, at least
in any recent period of American jurisprudence, in
which an appellate court has assumed to interfere
with a statute merely because it is deemed foolish,
unjust, or likely to be uneconomic and hurtful in
effects. If it is not counter to the prior and higher
enactment of the constitution, the courts leave it
to confirm or amend itself by its own consequences.
“ Ungenerous and unwise such discrimination may
be, but it is not for that reason unlawful. . . .
we do not assume to pass judgment upon the wis­
dom of the legislature; our duty is done when we
ascertain that it has kept within the limits of its
power.” So said Justice Cardozo in February,
and now Justice McKenna of the Supreme Court
repeats from a previous decision that “ regulations
on this subject suggest only considerations of public
policy and with such considerations the courts have
no concern.” No concern officially, that is. The
judges have their personal opinions of the statutory
matter before them, and sometimes they hint those
opinions; but there they stop. The people have
an inalienable and insurmountable right to act
like fools, and then they must take the consequences;
no court does or can undertake to avert those by
halting the folly at its start. Were such attempt
made and submitted to, an injury would be wrought
upon the people, since the only preventive of mis­
takes is the punishment they bring and the kindest
way is to let the punishment come in due course.
Therefore all the strident clamor about consti­
tutions being the work and the bulwark of the rich;
about their so obstructing national growth that
some “ gateway” amendment is needed to break a
way through them for changes; about some vaguely
suggested “ power” somewhere that is trying to limit
the people in doing their own work and having their
own will— all this is the rankest of rubbish. It is
kept going by demagogues who expect to get office
and profit by persuading unthinking persons that
they are in bondage and offering to lead them out
of it.
PETTICOAT PEACE.
The peace expedition which Mr. Ford is fitting
out escapes ridicule chiefly because of respect for
his personal character and the weight of the im­
mense fortune which he seems to be so willing to
spend. People must be pardoned for talking of
“ Pinafore,” with Mr. Bryan as Chief Mate and
Jane Addams as Second. “ Little Buttercup” has
not yet been announced. The least that is to be
said is that it is a pity to deal lightly with so serious
a situation as that which now confronts the civilized
world. The protest of the Hebrew prophet against
those who cried “ Peace,” when there was no peace,
would be more in keeping.
There are many Americans who, because of their
love of England, and many others who, because
of their love of Germany, distressed by the tremen­
dous sacrifices which the contest involves, would
be moved to welcome peace on the basis of the
situation to-day, and will favor any attempt that
would give hope of securing it. But they do not
express the feeling either of the vast majority of
Americans or of the neutral sentiment of the world.

1>EC. 4 1915.]

THE CHRONICLE

The truth is that the great outstanding facts which
appeal to the imagination and possess the heart of
humanity are the crushing of Belgium, the tor­
pedoing of the “ Lusitania” and the butchering of
the Armenians. If there is any single truth that
to-day may be spoken that will express the nearly
universal conviction -of all civilized people it is that
hereafter war shall not mean massacre; that might
shall not dominate every other consideration; that
the policy of “ frightfulness” shall never again be
adopted, and that solemn treaties between civilized
people shall not be regarded as merely “ scraps of
paper.”
With the spoliation of Belgium still going on in
the monthly assessments of her devastated towns in
millions of francs, and the extradition of the rem­
nants of the population; with the “ Lusitania” atroc­
ity not only not yet compensated for, but not in
fact acknowledged, and with the Arabic and the
Ancona bearing witness to the possibility of a re­
currence any day, and with Mr. Morgenthau from
Constantinople telling of widely circulated reports
that Turkish leaders, when they have finished with
the Armenians, contemplate next taking up the
Greeks and then all other Christians, that Turkey
may be swept clean of everybody but Mohammedans,
the world is realizing how much there is yet to be
done no matter what is to be the cost, before the
pathway of even a decent civilization shall again
be open.
That the American people have more than a
sentimental interest in the situation is apparent
even to those who are disposed to treat our devotion
to the cause of truth and of righteousness lightly.
For now nearly 100 years American missionaries
have been almost the sole representatives of Protest­
ant Christianity in the Turkish empire. During
that time more than forty million dollars of American
money have been sent to Turkey to found colleges
and schools and all the institutions of a Protestant
Christian civilization. When the war broke out
the American Board of Commissioners for Foreign
Missions alone, representing the Congregational
churches of America, had in Turkey a staff of 209
Americans, with 1,300 trained native laborers,
representing their work in over 300 congregations,
with 15,000 members and 55,000 adherents. In
addition, they had 450 schools, including 9 colleges
of high academic grade, with in all 26,000 students;
and with 9 hospitals with trained physicians of the
best class and, in most cases, with costly equipment,
which treated nearly 150,000 patients a year. All
this outlay of life and money, extending over a
century, represents an interest on the part of
Americans in the welfare of Turkey which is not
lightly to be disregarded, and certainly cannot be
contemplated by even American diplomacy as
calmly to be torn up by the roots by either the pen
of the Grand Vizier or the sword of Enver Pasha.
It is growingly clear that no Hague conferences
and no international treaties will hereafter command
respect unless they are backed up by material' force
sufficient to compel selfish or barbaric governments
to respect them. To-day they are worse than
futile, as under the protection of their acceptance
and wide vogue the civilized world has been lulled
into woful helplessness and cruelly punished secur­
ity. This feeling of righteous indignation and of
stern resolution to hold on until evil-doers are
effectively punished, and the repetition of their



1847

deeds is made impossible, is, beyond question, t^e
dominant one among the rank and file of the citizens
in America, no less than among the Allies. The
election to Parliament just now reported of a Welsh
miner running on an independent ticket against
the regularly nominated candidate of the labor
unions, simply because the latter was on record
as having attacked the Government and advocated
peace at any terms, is striking testimony, as the
campaign was conducted solely on the issue of
sustaining the Government and carrying the war
to a victorious end. That would be the decision
in any average American community to-day. Any
peace short of that issue would give new significance
and enduring force to Tennyson’s protest in the
bitter days of the Crimean war against
“ T h e love o f a peace th at was full o f wrongs and sham e;
H orrible, hatefu l, m onstrous, n ot to be t o ld .”

The American people have not forgotten the
example of Lincoln; indeed, no spell is so potent
with them as that. He saw with a vision that could
not be diverted the main issue involved in the
War of the Rebellion. He never faltered in his
purpose; he faced accusations of cruelty and heart­
lessness, so utterly inconsistent with the charity
that filled his heart. He did not negotiate when
action was necessary; he could not be beguiled by
talk of arbitration; he saw that but one course was
possible; and he was animated by a single motive,
to fight the war through to a successful conclusion
in the shortest possible time. His persistency and
his courage held the country true and won the
victory which has secured the unity, the peace and
the prosperity of the United States to-day. The
greatest danger would be, as the “ Saturday Review”
says, “ a made-up peace after a muddled draw, and
with a half and half settlement to follow.”
Without doubt, the world is paying a terrible
price, for the war is costing not less than fifty-five
million dollars a day, while millions of the flower
of Europe are already dead, and many millions
more are in the hospitals; and the end is not in sight.
The ultimate cost in the destruction of life and the
waste of the accumulated resources of centuries
are not yet to be estimated; but tremendous as these
figures are, how can they be weighed against the
moral awakening which is sure to come and of which
already we have abundant signs. In a world that
was fast being absorbed by the lust for power and
the greed of gold new forces of truth and honor and
righteousness are being evoked, and long forgotten
virtues are coming forth. There is a new sense of
humanity, and human brotherhood is fast winning
a new meaning. Tongues already falter and eyes
drop with shame as men try to sing the Hymn of
Hate or the Song of the Sword. The noblest poem
that the war has produced, and what is spoken of
as the finest sonnet since Shakespeare, comes from
Rupert Brooke, a young soldier who has already
given his life for the cause. It is worthy to be re­
printed everywhere as announcing the terms upon
which peace, when it comes to be made, will alone
satisfy the hearts of men :
B low o u t, y ou bugles, over the rick -D ea d .
There is none o f these so lonely and poor o f o ld ,
B u t, dying, has m ade us rarer gifts than gold .
T hese laid the world a w a y; poured out the red
Sweet wine o f y o u th ; g av e up the years to be
O f work and jo y , and th at unhoped serene,
T h a t m en call age; and those who w ould have been,
T heir sons, th ey g a v e , their im m ortality.

-

THE CHRONICLE

1848

B low , bugles, b lo w . T h e y brou gh t us, for our dearth,
H olin ess, lacked so lon g, and L o v e , and P ain.
H on o r has com e back , as a k in g, to earth,
A n d paid his subjects w ith a royal w age;
A n d N ob len ess walks in our w ays again;
A n d w e h ave com e into our heritage.

When a peace can be secured that will give due
recognition both to the gifts that this song an­
nounces, and the sacrifices which they cost, there
will be no American who will not hold up both hands
for joy. But until that day is in sight neutral peace
expeditions, however heavily financed and however
worthily constituted, are ill-timed and ill-advised.

[Vol. 101.

pear from the follow ing enum eration o f the chapter headings:
T ho T h in g W o C all M o n e y ; T h e B a n k as a C redit M a ch in e;
B a n k s, Bankers and B an k ing ; T h e O rganization and A d ­
ministration o f a B a n k ; D eposits and R eceiving Teller; T ho
P aying T eller— H is P a ym en ts and H is C ash ; Clearings and
Clearing H ouses; C ollections and the M essenger; Lending
the B a n k ’s M o n e y ; T h e B a n k as an A ccounting M ach in e;
Checks and T heir C ollection; E xam in ation s and A u d its;
T h e Essentials in G ranting C redit; T h o B a n k M a n in the
M a k in g ; T ho M o rn in g M a il, H o w C hecked, H o w F iled;
Correspondence; C ost Accounting and A n a lysis o f A ccou n ts;
Foreign and D om estic E xchange.

T

he

W

ealth

and

I

ncome

of th e

P

eople

of th e

U

n it e d

S t a t e s , b y W illfo rd Isbell K in g , P h .D ., Instructor in

BOOK NOTICES.
A

H

i s t o r y o f C u r r e n c y i n t h e U n i t e d S t a t e s , w ith a
brief description o f the Currency System s o f all C om m er­
cial N a tio n s . B y A . B arton H ep bu rn , L L .D .
The

M a cm illan C o ., N e w Y o r k . Price, $2 5 0 .
T h is is a book th at should be in the library o f every student
o f banking and currency.
I t is an exhaustive discussion of
the subject b y a person u nusually well qualified for the task .
M r . H ep bu rn ’ s theoretical and practical knowledge is such as
to give peculiar value to anythin g com ing from his pen.
Ho
has, w ith al, such a broad grasp o f affairs and possesses
such keen powers o f analysis th at he is the one person above
every other com petent to undertake tho w riting o f a currency
history o f the U n ited S ta tes. H e is Chairm an o f the B oard
o f D irectors o f one o f tho largest banks in tho c ity , nam oly
the Chaso N a tio n a l, was a t one tim e Com ptroller o f the
C u rren cy, and at another tim e Superintendent of B an k s of the
State o f N e w Y o r k , and has m ado m an y im portant contri­
butions to tho literature of banking and currency. W ritin g
w ith ou t bias, though necessarily an advocate o f a sound
currency, he is able to see things in their true perspective and
to narrato events in their proper relation to one another.
T h e style is interesting and the author has succeeded in
cram m ing a v ast am ou n t of inform ation in tho 5 5 0 pages
contained in the b oo k .
T h e closing chapter gives an elab­
orate bibliography, and an appendix contains the Federal
R eserve A c t , the Specie R esu m p tion A c t , tho G old Standard
A c t o f 1900 and the plan for M o n e ta ry Legislation proposed
b y the Aldrich M o n e ta r y C om m ission .
A s tho best w ay
o f indicating the purpose o f the author and the scope o f his
w ork, w e take the follow ing from tho preface to tho book:
“ M y aim is to place before the public all tho essential facts
as to currency, coinage and banking from tho w am pum peage
currency o f the colonies to the notes of the Federal Reserve
ban k s, together w ith the indispensable political history con­
nected therew ith.
.
“ T h e volu m e deals fu lly and explicitly w ith our coinage
laws and coinage b y our m in ts; it gives the com ploto history
of the national banking system and contrasts and compares
tho banking system s of the various States.
It relates tho
history of the legal-tender notes and discusses thorn as a
substitute for tax ation , touching upon the political history
o f tho period inasm uch as the question of tho legality of those
notes w as m ado a political issuo; the history of tho silver con­
troversy is fully told , especially from the so-called ‘ Crim o
o f 1 8 7 3 ’ ; the various international efforts in favor o f the
bi-m etallic standard are likewise set fo r th .”
P r a c t ic a l W o r k o f a B a n k .
A treatise on practi­
cal b an k in g which aim s to show tho fundam ental prin­
ciples o f m o n e y , the practical work o f a bank in dotail,
and particularly credit in tho relation to banking opera­
tions. B y W illiam H . K n iffin Jr.
T h o Bankers P u b ­
lishing C o ., 2 5 3 B roa d w a y, N e w Y o rk C ity . Price, $ 5 .
W e think there is no disputing tho claim o f tho publishers
o f this work th at it is the very best book on practical banking
th at has ever been issued in this cou n try.
Like M r . H o p burn ’s “ H isto ry o f Currency in the U n ited S ta te s,” it is one
o f the n otablo books o f the year, a n d , as in tho case o f that
b oo k , no library o f a n y student o f banking can hereafter bo
considered com plete w ithout it.
T h e author has succeeded
in w h at m igh t have been deemed im possible, n am oly present­
ing the dry subject o f practical ban kin g in an ontertaining
fashion. T h e book is so readable th a t, though dealing in the
m ain w ith tho details o f routine ban k in g, wo can conceive
o f a person n ot a t all interested in the details of tho operation
o f a bank taking it up and reading it through liko an ordinary
b oo k . Such perusal would certainly provo instructive as
well as interesting and afford a clear insight into the working
o f a b an k . Special atten tion is given to the subjoct o f bank
o g d it.
T h e com prehensive character of tho book will ap­
T

he




Statistics in the U niversity of W isconsin . P p . 2 7 8 ,
price SI 5 0 . N e w Y o r k , 1915 : T h o M a cm illan C o .
T h e preface o f this book adm its the im possibility of
constructing a technically accurate statistical answer to
the m an y questions about w ealth and incomo upon which
thinking persons wish inform ation, and tho author dis­
claim s attem p tin g m ore than to present in comprehonsiblo
form somo suggestive truths. H e has no theory to exploit,
he is no hater o f accum ulation, and no advocato o f State
socialism; while we m ight query the conclusiveness o f some
o f his analyses and while ho possibly pushes his statistical
graphs over-far, we readily accept his diligence and his
sincerity. A s to tho high cost o f living, for oxam ple, ho
shows tho error of tho notion that tlioro has boon a rural
depopulation, for “ only in tho last decade has tho per­
centage o f our population engaged in farm ing shown a
m arked decrease, y e t tho fraction o f tho population living
in cities has steadily and rapidly incroasod;” tho explanation
is that tho cities have outpaced tho country in grow th,
th at is a ll, and tho result upon tho ratio of food production
to consum ption is tho same as if the farmors had boon drawn
cityw ard.
W o cannot refrain from quoting the oponing paragraph
o f Chapter V I :
“ From our farm s and forests, o ut o f our mines and rivers
and lakes, from our shops and factories’, and from our
theatres, our schools, and our churches, flows forth a con­
stant stream o f finishod com m odities and sorvices roady
for consum ption b y the peoplo.
It is the result o f natural
forces and m aterials being utilized or actod upon b y m a n ’s
efforts.
It includes tho final products of tho capitalistic
processes o f industry.
From this stream , if at all, tho
w ants o f all the peoplo m ust bo satisfied.
It is to tho en­
larging o f this stream that all tho onorgios o f tho nation
are prim arily d irected.”
T his is no discovery, b u t it is som ething fit to bo roitorated until beaten hom e to tho consciousness o f a ll.
T h e w ants o f tho peoplo m ust bo satisfied b y a stream of
products from industry, n ot from a ny vociforous m ouths
o f declaimors.
It is a useful citation that since 1870 revo­
lutionary im provem ents in industry havo v a stly raised tho
national incom e; th at this has boon porforce accom panied
b y a great riso in tho standard o f living, m ore in quality
than in q u an tity of tho goods doomod nocossaries b y tho
average citizen.
T h is is ono reason w h y living costs m ore,
and is as it should b o , notw ithstanding tho m uckraker to tho
contrary.
“ I f our groat inventions and discoveries do not
provido m oreluxurios for tho avorago m an it is hard to soo
that thoy havo boon o f a ny sorvico to civilization; but if thoy
havo rosultod in uplifting tho gonoral standards o f com fort
this servico should bo frankly recognized and wo should
appreciate tho oconom ic advantages which tho now ora of
industry has enabled us to e n jo y .”
T ho briof chaptor on tho sharo o f corporations in tho
national product is wholesoino in its teaching and doubtless
distasteful to labor union leaders. Corporato productive­
ness and im portance constantly grow ; tho corporato form is
ovon urged “ as the ono idoal form o f city govern m en t, a nd ,
as a result, wo seo com m ission-governed citios on all sidos.”
D istribute stocks w idoly enough, and dividends will also
scatter so w idely that “ the general public will bo as well off
as if tho m onopoly charged low prices and secured reason­
able profits o n ly .”
T h e labor problem will also vanish
(M r . G om pers will please obsorvo this) when tho laborers
becom e tho stockholders.
“ I f tho corporation keeps wages
low dividends will bo that m uch larger and tho om ployeostockholdors will gain in ono w a y w hat thoy lose in ano ther.”
I f hours or conditions o f work are unsatisfactory, tho workers
can com plain against them solves, b u t if thoy striko thoy
will lose both wages and dividends; “ honco no such dis­
turbances o f industry will o cc u r.”

D eo. 4 1915.]

THE CHRONICLE

H ere is really a com p act statem en t o f som e o f the solid
substance in the co-operative idea. There is also an inter­
esting use m ade o f the adm itted fact o f slight influence
o f the sm all stockholder, who “ has far less voice in the
m an agem en t o f the corporation than he h as in controlling
the S ta te gov ern m en t;” b u t the author deem s the great
corporation very like a State in being a co-operative under­
taking for com m on benefit and under a central governm ent,
and “ the parallel is so close th at it seems m ore than probable
th at w hoever discovers the secret o f com bin in g efficiency
in adm inistration and effective control b y the stockholders
o f a corporation w ill, a t the sam e tim e, h ave brought to
light the m ost satisfactory and econom ical system o f a d m instering in du stry under governm ent ow n ership.”
At
the last w ord here w e rebel, and w e w ould change the last
line to sim p ly “ adm inistering g o v ern m e n t.”
T h e second part o f the final chapter, treating of the
relation o f average incom e to density o f population, is the
m ost radical and rem arkable m atter in the b oo k . T h e
d en sity w hich a spacious n ation like ours needs in order
to secure the m axim u m real incom e per capita “ is n ot
g re a t,” and cultivating poorer lands and operating less
productive m ines tends in general to econom ic retrogression
rather than progress. T h e sole gain b y large num bers is
the a b ility to raise a larger a rm y , w ith the draw back o f
lower financial ability because o f p overty; crowding also
breeds discontent and lust for conquest, thus often leading
to w ar. P opulation crowding is directly against popular
w elfare; therefore (page 24 0 ) “ 1, every n ation should m ain­
tain its num bers a t th at point found to give the m axim u m
average real incom e; 2 , natural resources are b eyon d hum an
con trol, therefore, population is the factor in w hich, neces­
sarily, the required adju stm en t should take p la c e .”
T h e food privations o f China are “ the result o f the failure
to recognize the inevitable laws o f p o p u la tio n .”
The
clam or th at all land be given to the people is senseless;
sacrificing parks and woodlands w ould m ak e the people
worse o ff than before.
C hina and In dia retain their high
birth-rate and the masses are never far from starvation .
In m o st o f E u rop e, the birth -rate is som ew hat low er, “ and
the people are beginning to e n joy a few com forts; in the
U n ited S ta te s, C an ada and A u stralasia, th e n ative-born
population has a rigorously controlled birth -rate and the
peoplo are the m o st prosperous o f the w o r ld .”
Com ­
m unistic distribution w ould on ly aggravate trou ble. Organ­
ized ch arity has tau ght us n ot to indulge in alm sgivin g w ithout
inqu iry, and “ the eugenists aro ju st beginning to impress
upon us the absurd fo lly o f breeding great troops o f paupers,
defectives and criminals to be a burden upon organized
so cie ty .”
A living w age is the o u tcry, b u t if w e really
desire to im prove conditions for workers in poorly-paid
occupations “ w e m u st in som e w a y dim inish the num bers
desiring those kinds o f e m p lo y m e n t; the wages will then
take care o f th em selves.”
T h e chapter is distinctly M a lth u sia n and M a lth u s is
quoted w ith approval.
I t is n ot so heartless as it m a y
seem , for children born under hopeless personal handicaps
or w ith slight prospects o f ever finding a firm footing o f
citizenship m igh t ju stly ask w h y th ey were sum m oned from
the v o id . Y e t , only the boldest eugenics dare speak out
p lain ly, and the plainest proposition hero is for stricter
im m igration laws “ against the subtle assaults o f the low standard alien in vad ers.”
W e dismiss this q u ite unusual
and suggestive book b y quoting its concluding words :
“ W it h Am erican problem s only to solve, there seems no
apparent reason w h y we cannot so a d ju st our population
to our resources as to continually increase the average
real incom e of the Am erican citizens and ovontually m ake
‘w a n t’ a word unknown in the lan d. B u t if we a ttem p t
to uplift the downtroddon o f the whole earth b y sharing
w ith thorn tho food and raim ent belonging to our children,
we can look for nothing bettor than the gradual disappear­
ance o f our widespread com fort and a slow re-entrance into
thoso sloughs o f w an t and misory from which our ancestors
escaped w ith such great difficulty and from which it m a y
again roquiro m an y generations o f pationt effort to em erge.
I t is ours to decide. W h ich path will be choose ? ”
"

1849

elusion th at the people o f the U n ited States are n ot getting
the truth about L atin A m erica . H e says th at only the good
news regarding that country is sent o u t and advises his readers
th a t, although it is his belief th a t L atin A m erica offers great
opportunities to m anufacturers, m erchants and investors of
the U nited S tates, th ey proceed in the m atter w ith their
eyes open.
M r . B abson gives a brief sketch o f conditions in C u b a ,
P orto R ico, Santo D o m in g o , H a y ti and other islands o f
the C aribbean, P a n am a and the Sou th A m erican repub­
lics. In conclusion, he points o u t the m istakes which
have been m ade b y A m erican m erchants in seeking trade
w ith Latin A m erica, a nd explains their nature b y quoting
statem ents m ade to him b y business m en in South A m erica.
H o emphasizes the fa c t th at our export m erchants are fre­
quently accused o f stu p id ity .
In a chapter on Sou th A m eri­
can investm ents M r . B ab so n points o ut the opportunities
for profitable investm ent o f m on ey in th at country, and states
that th ey should be considered along w ith the chances for
selling goods there.
$ 5 0 ,0 0 0 ,0 0 0

LOAN TO LONDON BAN KS ARRANGED.

A s announced in our article on “ T h e F inancial S ituation”
last w eek, negotiations which were under w a y for several
weeks betw een a com m ittee representing eight L ondon jo in t
stock banks and a delegation o f A m erican bankers, culm ina­
ted on N o v . 2 6 in definite arrangem ents for a $ 5 0 ,0 0 0 ,0 0 0
supplem entary b an k credit to the eight L ondon institutions.
F rank A . V anderlip , President o f the N ation a l C ity B a n k o f
N e w Y o r k , and C hairm an o f the com m ittee o f A m erican
bankers, announced the com pletion o f the arrangem ents, and
said th at a cable com m unication received on N o v . 2 6 had
inform ed the bankers th at B ritish G overnm ent bonds to the
am ou n t o f £ 1 1 ,0 0 0 ,0 0 0 had been deposited w ith th e B a n k
o f E ngland as collateral security for the loan . U nder the
arrangem ents $ 5 0 ,0 0 0 ,0 0 0 in dollar exchange is provided for
the use o f E nglish im porters. T h e loan is to run for six
m on th s, w ill n ot be renewable a t the expiration o f th at
period and will bear 4 % % interest. T h e credit is the several
obligations o f the follow ing London bank s: L lo y d ’s B a n k ,
the L ondon C ity & M id la n d B a n k , the L on d on C o u n ty &
W estm inster B a n k , th e U n ion o f L ondon & S m ith ’s B a n k ,
B arclay & C o ., L t d ., P a r r ’s B a n k , the N ation a l Provincial
B an k o f E ngland and the London Joint S tock B a n k .
The
first four banks a bove m entioned w ill be liable for $ 7 ,5 0 0 ,0 0 0
each and the other four w ill each take $ 5 ,0 0 0 ,0 0 0 .
In addition to M r . Vanderlip the m em bers o f the Am erican
com m ittee which is handling the loan are: Jam es S . A lex ­
ander, President o f the N a tio n a l B a n k o f C om m erce; Seward
Prosser, President o f the Bankers T ru st C o .; R . Y . H eb d en ,
o f the B an k o f M o n tr e a l; F red . I . K e n t , V ice-P resident o f
the B ankers T ru st C o .; J oh n E . G ard in , V ice-President o f
the N a tio n a l C ity B a n k ; A lb e rt H . W ig g in , President o f the
Chase N a tio n a l B a n k ; M a x M a y , V ice-President o f the G uar­
a n ty T ru st C o ., and Jam es B . F organ, President o f the F irst
N ation a l B a n k o f C hicago.
T h e L ondon com m ittee consists o f Lord C un liffe, G over­
nor o f the B a n k o f E n g lan d ; Sir F elix Schuster, G overnor
o f the U n ion of L ondon & S m ith ’s B a n k , and Sir E dw ard
H old en , M a n ag in g D irector o f the London C ity & M id lan d
B a n k . T h e arrangem ents for the loan provide th at the credit
will be drawn in dollars and the London banks will call upon
tho lending banks for am ou n ts o f the credit until it has all
been used .
T h e obligations o f all the eight London banks
are to be apportioned am ong the banks in this country which
take part in the loan , each o f the banks here extending its
credit to all the eight jL o n d o n institutions. M r . V anderlip
announced on T u e s d a y !t h a t participation certificates had
been issued to a num ber’ofibanks in N e w Y o r k , B o sto n , Phila­
delphia, Chicago a nd 'otlier cities. H e said the largest single
participation w a s!fo r2$ 5,0 0 0 ,0 0 0 and that the loan had been
w idely distributed, somo sm all banks out o f tow n taking sm all
am ounts.
______________________________

FRANK A . VANDERLIP ON THE COUNTRY’ S
OPPORTUNITY.

F u t u r e o p S o u t h A m e r i c a , b y R o ger W . B a b so n .
D escribing the business m achine o f the country as “ run­
L ittle , Brow n & C o ., B o sto n , Publishers. P rice, $ 2 not. ning a t a speed and w ith’ a’ power never exceeded,” F rank A .
M r . B abson has w ritten this book especially for com m ercial Vanderlip, President o f the N a tio n a l C ity B a n k o f N e w
and industrial interests and n ot for tho traveler or historian. Y o r k , in an address th is-w eek , credited the war w ith being
H e has em bodied in the publication “ inform ation regarding tho great stimulus to the industries o f the country, b u t
L atin A niorica which should bo o f service to those looking warned, since w e kn o w -n oth in g o f when the w ar will end,
at^this continent from a m on ey m ak in g, rather than from a th at “ our problem now is to get ourselves independent o f the
historical, point o f v ie w .”
In the first chapter M r . B abson war business as quickly as possible.”
W it h the cou n try ’s
outlines tho problem in South Am erica and subm its the con - 1 w idely diversified resources, and its products and industries
T

he




1850

THE CHRONICLE

[Vol. 101.

business. Our problem now is how to get ourselves independent o f the war
business as quickly as possible, w hich, through the exercise o f intelligence
and co-operation, w e can d o .
F ortunately, this is a country o f w idely diversified resources. Its
products and its industries are so well balanced that they are m oro nearly
m utually supporting than those o f any other cou ntry in tho w orld. W hen
wo are doing tho amount o f construction which our national growth re­
quires, w e have good tim es generated w ithin our borders with little help
from abroad. T h a t is a position that w e want to get into now.
In the past we have had to look to E urope for capital to financo every
great m ovem ent in our developm ent. U nder present conditions w e could
not do that, and fortunately have no need for doing it. Thero is capital
available in this country to inaugurate enterprises that will em ploy every
of w ar ord ers.”
.
m an in the country w ithout a dollar’s w orth o f war business.
“ Su p pose, if y o u p lease,” he continued, “ that it were
I f conditions can be created that will give confidence to capital, so that
possible for a wise and benevolent despot to direct the the owners o f it will b e disposed to invest it freely, b oth in internal de­
velopm ent and in granting external credits which in turn react favorably
affairs o f this cou n try for the n ext few years, w h at an oppor­ upon our industries, we will becom e quite independent o f war ordors.
tu n ity he w ould have to place this nation rightfully and
There is no lack o f capital, I believo, for all the needs o f our dom estic
usefu lly in the v a n of the w orld’s progress. H e w ould com m erco, and an ample surplus to use in granting credits to other coun­
tries. W o scarcely com prehend our own wealth. G ive to investors such
threaten no existing in du stry, b u t breathe into every ono a confidence in tho security and profitableness o f tho investments offered
new confidence in its fu tu re.
H e w ould fin d a w ay to deal them that they will put their fu ll capital resources into a ctivo reproductive
w ith piratical acts in the business field , w ith ou t, in doing th a t, work, and tho available total will meet any demands wo can foresee.
There has been a dem onstration in tho world in the past fifteen m onths
p uttin g restraint on all enterprise and initiative and a clog o f tho wonderful extent o f credit when the people are aroused and In oarnest.
upon all progress. H e w ou ld see th at the transportation W o have seen unheard-of sums raised with apparent easo. I f Great Britain
and Germany can each raise approxim ately six billion dollars in fifteen
sy stem s o f the country were b rou gh t u p to the highest state
months for war purposes, what cou ld tho United States d o for industry,
o f efficiency, b u t in dem anding efficiency he would also fo r its own progress, and to support tho progross o f tho w orld in this tim e
recognize th at these transportation system s serve every o f universal calam ity, if a spirit o f unity and high purpose cou ld direct
its action ?
other in d u stry , and th at reasonable profits for the trans­
Suppose, if you please, that it were possible for a wiso and benevolent
portation lines is the truest econ om y for all in terests.”
“ W e despot to direct the affairs o f this country for the next few years, what an
c a n n o t,” he ad d ed , “ h ave a wise and benevolent despot, and , opportunity ho would have to place this nation rightfully and usofully in
the van o f the w orld ’s progress. H o would threaten no existing industry,
for reasons m u ch m ore im portan t than a n y material pros­ but breathe into every ono a now confidence in its future. IIo would find
p erity, w e do n ot w an t one. W h a t w e could h av e, how­ a w ay to deal with piratical acts in the business field, w ithout, in doing
ever, a n d w h a t w ould accom plish all these things better that, putting restraint on all enterprise and initiative and a clog upon all
progress. H e would see that tho transportation systems o f tho country
than th e w isd om and the benevolence o f a n y h um an being wero brought up to tho highest stato o f efficiency, but in demanding e ffi­
who ever liv ed , w ou ld be w isdom and benevolence in the ciency ho would also recognize that thoso transportation systems servo
direction o f our political affairs and in the conduct o f our every other industry, and that reasonable profits for tho transportation
linos Is tho truest econ om y for all interests. H o would rocognizo somo o f
industrial and com m ercial life .” M r . V an derlip’s rem arks were the great lessons that this war has taught, one o f the m ost im portant o f
addressed to the m em bers o f the Am erican A ssociation o f which is the tremendous efficiency that an industrial machino can attain
W o o le n and W o rste d M anufacturers a t their annual m eet­ if there is a unity in its direction, and lacking a bonovolont despot, a
wise and patriotic Congress and political administration could d o all
ing a t the W a ld o r f on the 1st in st.
H is speech in full was as that.
W o have a m otto in this country holding that “ United wo stand; divided
follow s:
we fa ll.” T hat is just as truo in industrial and commercial affairs as in
W e are in a wonderful period o f the w orld’s affairs. The times are so political lifo. T ho efforts that havo been m ade to enforco com petition have
extraordinary that it is difficu lt to feel certain enough o f one’s bearings to been without any caro fo r tho econom ic effect resulting; without any regard
a ttem pt to speak with any authority even about the immediate conditions. for the increased costs. Law-m akers in seeking to cure unfair practices,
W hen it com es to an attem pt at gauging the future, the prophet faces which form but a fraction o f a per cent o f tho total business, havo ham perod
peculiar d ifficulties: for in many ways wc seem to have cut loose from old all business in a m ost costly manner. W o havo paid a tax to this theory
m oorings. Precedents go for naught. Experience o f the past we cannot o f enforced com petition that m ight almost be com pared to tho cost to somo
feel sure is any safe guide to the future.
o f tho belligerent nations o f tho war, and that tax has been laid upon
A fter soveral years o f light trade and slack industry, o f dorm ant enter­ all o f us.
prise and o f small am bition for expansion, the business world is seeing: signs
N o consumer o f goods can escape it, and people o f small incomes suffor
o f better tim es
W e have been nono to o sure, how ever, o f the character m ost from it. Increased p a y affords no reliof to tho wage-earning people
o f t h 2 e signs
W e have distrusted the prosperity that seems to spring from tho burdens o f wasteful production, for overy Incroaso in wages means
from c ^ a n d t y 't o o t h e r peoples.
It has been an evident fa ct ^ t m uch o f an increase in living costs to tho entire population. T ho only w ay to bettor
this new prosperity, which is quickening m any branches o f industry. the condition o f the m illions is b y m ore effectually organizing tho forces
is related directly or indirectly to the war.
o f production, so that the output m ay be increased.
W e kn ow nothing o f when the war will end and nothing o f how long
This benoveloont despot, whom I havo been picturing as controlling our
this special dem and will continue. W o know that P0^ b ,y )e^ , ^ C" ^
J
destinies for a tim e, cou ld give to our business lifo a security that would
foreign purchases in this market will have to bo curtailed because the attract the idle capital o f tho country to the work o f m oro thoroughly
means o f paym ent m ay be lacking.
,
organizing, perfecting and developing the existing m anufacturing establish­
In som e quarters there is an easy-going optim ism which seems to
m ent. Ho would seo to it that industry adopted policios tow ard tho w ork­
that these enorm ous purchases will g o on som ehow because the cn et ing forces o f the country calculated to draw from them their m ost willing,
buyers m ust have the goods. U pon that theory som e sf ions "
“
interested and helpful co-operation.
country declined to take any share o f the recent loan, m ade to stabilize
H e would instil into every em ployer and wage earner alike tho im portance
the exchanges, even though those same sections were vita ly ln te it«tM
at this timo o f establishing tho industries o f this country upon an un­
in the exportation o f products; and then even indulged in criticism o f those assailable basis o f efficiency and low costs. H o would encourage the em ­
w ho did participate, chiding them for m aking investments abroad, althougn ployer to supply tho best possiblo tools that capital can provide; and tho
every dollar o f the loan was to bo expended in this country.
bost organization th a t management can devise; he would call for sucli a fair
Thero is a class o f business men whoso con cept o f foreign trado seems division with labor that workmen would give tho best energy and skill at
n o t to b o broader than thoir rule o f cash at the dock. T hey seem to feel their com m and to accom plish tho dosired end o f efficiency and low costs.
that foreigners must b u y from us, and wo have only to fix the terms ana H o would keep our heads level and hold us down to real w ork. H o would
see that we get cash in hand before we ship.
show us that prosperity is to bo found, not in deceptive profits o f tho stock
T hat theory o f im perative purchases is erroneous. N o m atter how m uch m arket, not in higher prices for tho things we b u y and sell to each other,
an individual or a country m ay need to b u y, neither an individual nor a not in higher wages that m ust in turn be offset b y higher prices, but in a
cou ntry can b u y unless the means can be found to p a y. Paym ent moans greater production o f goods at a low cost, leading to a broader, surer p osi­
som ething m ore than m erely giving mental assent to a purchase.
tion in the w orld’s m arkets.
I know o f but threo ways in which a foreign purchase m ay bo paid for.
T he whole w orld is looking expectantly to the United States. This is
T he obvious w ay is to p a y for it in gold, but o f course very little can be tho richest country in the world in liquid wealth, and in equipm ent for tho
paid fo r in that m anner. T h e ordinary way is to pay for it b y exchange production o f everything the w orld wants, either in war or in peace. I t
credits, created b y the sale o f products, or, under special stress, b y the sale has tho instinct and experience o f grow th. W o know how to expand. Our
o f foreign securities, and other form s o f investment already existing outside industries havo practically doubled their output in ten years. A nd now
the cou ntry which is m aking purchases. T h e third w ay is b y effecting we are the only great industrial nation at peaco, and able to give our ener­
new credits through loans.
gies to production and to building up, whilo tho rest o f tho world is wasting
All that seems a very sim ple and trite statement, b u t we should keep It and tearing dow n . T hero ought not to bo an idle m an in tho United States
quite clearly in m ind. W e can only b o paid for our goods through the for years to com o, and if wo could put ourselves under a wise and benevo­
shipm ent o f gold; b y means o f exchange m ade through the purchaso b y lent despot, or in other w ords, if we could havo a good organization and a
us o f products or securities: or, lastly, b y m aking loans to the purchaser.
good understanding with ourselves, and work to a com m on purpose, there
W hen you have passed beyond the use o f credit, it means the transfer w ould not be one.
o f property o f som e k ind, and when you com o to inventory the property
T h e war has brought tho world to a standstill, and for the tim o we aro
o f a cou ntry you find that little o f it can be transferred across tho ocean. tho only country that can contribute to Its progress. From every quarter
Y o u cannot m ove the lands or structures: you cannot a fford to m ove any appeals com o up to the United States for help. I t is a now position and a
o f the p rod u ctive equipm ent; you cannot advantageously transfer the se­ new experience for us. W o havo been supplicants ourselves in tho past,
curities which represent interests in the dom estic corporations, for they and we ought to know from our own history what an opportunity the unde­
are all subject to hom e taxation, and hence are n ot as good as the obliga­ veloped countries now offer to us. W hat would we be to-d ay if wo had
tions o f Governm ents themselves.
never had foreign capital to help us?
""
I f w e are to have im portant and growing com m ercial relations with the
Our neighbors, the other countries o f the A m cric , have great stores o f
rest o f the w orld, w e m ust p rovide the rest o f the w orld with the means o f natural wealth and raw materials, which our factories can use, and thoy
paying for products. W e can only m ake this possible b y buying what they need capital, not in tho form o f m oney, but in the form o f railways, ware­
have to sell us, w hich is products, securities, or their own credit obliga­ houses, m achinery and supplies o f every kind, the m aking o f which would
tions.
help to keep our factories busy for years to com e.
T h e great stimulus to the industries o f this cou ntry has been tho war.
W hile a wise and benevolent despot m ight d o som o o f tho things I have
T h o wheels have been started; the inertia has been overcom e. T o-d a y the outlined, and m uch m ore, we cannot havo a wiso and benevolent despot,
business m achine is running at a speed and w ith a pow er never exceeded. and for reasons m uch m oro im portant than any material prosperity, we d o
On the one hand, the vast foreign trade balance in our fa vor has given us
not want one.
an easy m oney situation that is unparalleled, whilo on the other, a crop o f
W hat we could have, how ever, and w hat w ould accom plish all these
unexampled value has added to the stim ulation. I t seems reasonably clea r, things better than the wisdom and the benevolence o f any human being
then, that we m ay for som e tim e look forw ard to a trem endous volum e o f

so w ell balanced th at th ey are m ore nearly m u tu a lly sup­
porting than those o f a n y other country o f the w orld, we
need n o longer, said M r . V an d erlip , look to E urope for
capital to finance overy great m ov em en t in our develop­
m e n t.
“ I f , ” he said, “ conditions can be created th at will
give confidence to cap ital, so th at the owners o f it will bo
disposed to invest it freely, b oth in internal developm ent
and in granting external credits, which in turn react favor­
a b ly u pon our industries, w e w ill becom e q u ite independent




Dec. 4 1915.]

THE CHRONICLE

w ho ever lived, w ould b e wisdom and benevolence in the direction o f our
political affairs and in tho con du ct o f cu r industrial and com m ercial life.
A ll this means that there is no royal and easy road to placing this cou ntry,
its industry and its com m erce, in tho com m anding position that is waiting
for it. That road lies only along the path o f individual w isdom , individual
co-operation and high-m inded conduct. T hat does not m oan on the part
o f som ebody else; it means on the part o f each one o f us.
In whatever measure we individually will be ruled b y the high m otives,
tho foresight and tho wisdom that wo would hope for in an ideal, benevo­
lent despot, in that measure we will have contributed to this co u n try ’s
progress and to the pre-em inence and solidity o f its com m erce and indus­
try. In the measure in which we are narrow, selfish, individualistic; in
tho measure in which we are satisfied with im m ediate p rofits, and work
neither for fair division with labor which wo em ploy nor toward fair rela­
tions w ith our com petitors; in tho measure in which we are lacking both in
m oral fibre in the con du ct o f our own business, and in sagacious statesman­
ship in our contributions in the political life o f the nation, in that measure
will wo hold back and m isdirect the future.
I believe there never was given to a people such opportunities as exist
for the United States to-d ay . W hat we m ake o f these opportunities lies
in no hands but our ow n.
I f the full possibility o f all this can be borne into the m inds o f men like
yo u , who are directing large affairs and w h o, because o f you r position, not
on ly contribute to shaping our industrial life, b ut also to the quality o f our
political thought; if the true responsibility o f citizenship can be brought
hom e to you , we will have no need for benevolent despots.
B ut rem em ber, that a very small part o f the responsibilities o f citizenship
lie in how we v ote at the polls. T h e responsibilities lie w ay back o f that.
T h ey dem and that we a ct in our ow n business life in such a w ay that a p o ­
litical m ajority m ay not be m isled, because o f an occasional transgression
in business life, to put shackles on all business.
T ho position, the p rosperity, the pow er o f the United States for the next
tw enty-five years will be trem endously influenced, and, indeed, almost
determ ined, b y the course we take in the next tw enty-five m onths. T o an
unusual degree there will flow from the political, business and individual
decisions that we m ake in the next tw o years consequences that will for
m any m ore years a ffect our destiny. There was seldom , if ever, needed
in our political councils calm er m inds, m ore far-seeing statesmanship, m ore
practical grasping o f the escence o f business life. In the conduct o f business
there has seldom , if ever, before been greater need for broad vision, for a
fresh imagination that will deal soundly and effectively w ith new oppor, tunitios o f vast im port.
T h e war is n ot goin g to p rov e a total loss to the industry o f E urope.
Some fundam ental lessons o f great im portance have been learned. T he
efficiency o f a central direction that has com o to be little less than a vast
experim ent o f State socialism is being tried, and the least that will com e
o f that will be Im portant lessons in co-operation and unity. W h y should
wo not learn som e o f those lessons w ithout p aying.the awful tax that has
com e with them to the belligerent nations? W h y should we not com e
to see that a unity o f purpose In our industrial life will be needod to m eet
the com petition o f the future, and that whatever contributes to effective
industrial organization, to cheap production, to elimination o f waste,
will eventually w ork to tho good o f all the p eop le? I t is up to us. W e
as a people will get out o f the future w hat w e prove w orthy o f getting. I
believe a nation never had such op p ortunity for service to the w orld, to
m ankind, to its own people and for a service that will be accom panied b y
benefits and rewards to all. I f there are m isfortunes ahead o f us, they will
be o f our own m aking, T h a t there are tremendous opportunities ahead
o f us if wo aro equal to grasping them and equal to discharging the respon­
sibilities that g o with them , there can bo no d ou b t.

TIIE FEDERAL RESERVE B A N K S A N D OUR GOLD
RESERVE.
T h o accom plishm ent o f Congress in devising the Federal
Resorvo sy ste m , w ith its tw elve u n its, governed b y ono
central policy, w as characterized as an ingenious plan to
m oot tho various dofects o f our banking system b y John E .
R o von sk y, A ssistan t Cashier o f the N a tion a l B a n k o f C o m merco in N ow Y o r k , in an address delivered on tho 1st in st.
a t tho sem i-m on th ly mooting of tho F oru m Section o f the
N ow Y o rk C haptor of tho A m erican In stitu te o f B an k in g .
T ho results achiovod b y Congress in form ulating tho system
now in operation— to all practical purposes a contral banking
organization consisting o f twelve affiliated offices— M r .
R ovensk y considers as rem arkably g o o d , w hen it is borne
in m ind th at it had to cope with the popular a n tip ath y to
anything having the appearance o f a central b an k .
In
M r . R o vo n sk y ’s opinion, it is probablo th at m ore direct and
efficient sorvico to tho country w ould bo rendered b y tho
Contral B anking Organization if it wore organized b y law
as such instead o f through a process o f adap tation and evo­
lution . T h o process o f putting out Federal Reserve notes
b y depositing gold for their nom inal retirem ent is com m ondod. W o havo already indicated in these colum ns that
w hatever ono m a y think o f tho merit o f tho proposal no such
uso o f tho notes w as contem plated b y Congress. W o quote
tho addross as follow s:
It required four panics to con vince the people o f this country that there
was something radically wrong with the banking and currency system devel­
oped under the N ational Bank A ct, but even the dreadful effects o f these
four panics could not m ako them overcom e an ancient prejudice against
the logical remedy— a Central B ank.
N early every student o f our banking system as it existed prior to the
passago o f tho Foderal Resorvo A ct was forced to tho conclusion that our
troubles consisted o f a lack o f co-ordination amongst our tw enty thousand
banks; the rigidity, or rather the perverse elasticity, o f our currency and
tho inefficient disposition o f the nation’s gold reserves. But Congress,
having in mind tho popular antipathy to anything having tho appearance
o f a Central Bank, after much hard labor, adopted an ingenious plan de­
vised to meet the various dofects o f our banking and currency system— the
Federal Resorvo A ct.
•
W hen we considor how handicapped b y public prejudice were tho framers
o f that Act, wo m ast admit that thoy achieved rem arkably good results.




1 8 5 1

Popular opinion dem anded a system consisting o f a num ber o f R eserve
banks instoad o f one institution, but fortunately they placed the system
under the control o f a central b o d y , and this part o f the plan is now having
tho effect o f bringing about m any o f the benefits o f a Central Bank and doing
away with m uch o f the harm that w ould be caused b y a number o f separate
units.
It frequently occurs that a piece o f legislation works out in a totally
unexpected m anner. In som e instances, such unexpected developm ents
are o f a favorable character and at others o f an unfavorable character.
In the caso o f the Federal Reserve A ct tho developm ents have been o f a
very favorable character, and I believe that this can largely bo attributed
to tho excellent personnel o f the Foderal Reserve Board and tho officers o f
the several Foderal Reservo banks. T h ey have been wisely shaping tho
policies o f the new institution and the o n ly com plaints heard to-d ay against
the operation o f tho A ct are those o f the short-sighted people, who claim
that in normal times tho activities o f the Federal Reserve banks diminish
their profits without com pensating benefits and are not able to discern the
immense value to this cou ntry o f the feeling o f security that the Federal
Reserve banks have engendered.
I believe the idea is bocom ing generally accepted that despite the efforts
o f our legislators the Federal Reserve banks really constitute one Central
Banking Organization. I t m atters little what you nam e an institution—
the important thing is its character, its operations and its effect on the
business o f the com m unity. F o r instance, if the m unicipal authorities
o f a city decree that they shall not perm it the organization o f a bank within
their city limits, but sot up instead a number o f office s in various parts o f
the town to receivo tho surplus cash o f tho op pulation, and then through
somo central executive b od y m ake loans, it will be patent to all that regard­
less o f what namo has been applied to such offices that m u n icip a lity 's in
fact operating a bank.
T he Federal Reserve A ct provides that the Foderal Reserve system shall .
consist o f tw elve separate o ffices, but they are all governed b y one contral
b o d y that controls their policies, supervises their investm ents, rates o f
interest, & c., and lately a further stop has been m ade in the direction o f
unification b y the establishment o f a central gold settlement fun d. W e
have, therefore, to all practical purposes, a Central Banking Organization
consisting o f twelve affiliated office s. I t is probable that m ore direct and
efficient service to the cou ntry w ould be rendered b y this Central Banking
Organization if it wero organized b y law as such instead o f com pelling it
to organize itself into that form through a process o f adaptation and evolu­
tion , but we must accept the circum stances as we fin d them and be thankful
for what w e have.
Our Central B anking Organization is fairly well equipped to porform for
this cou ntry m any o f the im portant econom ic services that were lacking
n our banking system prior to the passage o f the Federal R eserve A c t .
T he A ct provides tho means whereby we shall eventually havo an clastic
currency system based upon the com m erce o f the cou ntry; to-discounting
facilities, coupled, as they should be, with the currency— issuing privilege
on tho part o f the Central institution, and wo have a provision o f the
m obilization o f our bank reserves. T h e A ct also provides for m any m inor
im provem ents in tho form er banking system , b u t it p rovided on ly in an
indirect manner for a very im portant fun ction o f a Contral Banking Or­
ganization — t h a t o f p r o t e c t i n g t h e c o u n t r y ' s g o l d r e s e r r e . This is one o f the
im portant duties o f tho Central Banking Organization o f every foreign
country, and it should certainly bo perform ed b y our Federal Reserve banks.
W hile tho A ct contains no direct provision charging the Foderal R eserve
banks w ith the d u ty o f protecting the gold reserves (beyond a m ention in
section 14 that the banks shall have power to deal in gold coin and bullion
at hom o or abroad ), tho m anagem ent o f these banks has wisely assumed
this d u ty and moans have been found whereby they will be able to perform
this valuable service in the future.
I f you will examine the recent statements o f tho Federal Reserve banks,
you will fin d that the volum e o f their circulating notes has been steadily
increasing. T he volum e o f notes outstanding has risen abou t one hundred
m illion dollars during tho last four m onths, although the am ount o f re­
discounted com m ercial paper hold b y the banks remains abou t the same.
A t tho same tim e the total am ount o f gold held b y the Federal Reserve banks
and Federal Reserve agents has risen b y approxim ately the same am ount
as the volum e o f notes outstanding, i. e ., about one hundred m illion dollars.
I t is therefore apparent that the issue o f notes is based upon the am ount
o f gold received.
The plan adopted b y the Federal Reserve banks fo r the issue o f notes
practically against the deposit o f gold is that com m ercial paper previously
discounted for m em ber banks b y the Federal Reserve banks is pledged with
the Federal Reserve A gent and a corresponding amount o f notes if put into
circulation b y being paid out to m em ber banks for their ordinary currency
requirements. T ho next step is to take gold received in the usual course
o f business and deliver it to tho Foderal Reserve Agent as redem ption o f
the just issued notes. This releases tho com m ercial paper previously
pledged as security for the notes, and the Federal Reserve Bank is then in
position to repeat tho operation; that is, again tender the same com m ercial
paper to the Federal Reserve A gent, obtain notes thereagainst, pay out
the same, deposit gold received in the usual course o f business with the
Federal Reserve A gent and regain possession o f the com m ercial paper, & c.
T he process stripped o f its technicalities is sim ply that o f issuing Federal
Reserve notes against a deposit o f gold . This is precisely what every
Central Banking Organization in the world is doing to-day and should d o .
T h e Bank o f England is em powered to issue a certain fixed am ount o f cur­
rency against the Governm ent’s debt and other securities— all additional
currency issues aro based upon a deposit o f gold . Although our Federal
Reserve A ct does n ot m ake specific provision for the i s s u e o f Federal
Reserve notes against a deposit o f gold , it does state in section 14 that the
Federal Reserve notes m ay be exchanged for gold coin or gold certificates.
T he present practice o f tho Federal Reserve Bank is, therefore, well within
the spirit, as well as the letter, o f the law.
T hat tho p olicy o f tho Federal Reserve banks in accum ulating a sub­
stantial supply o f gold at this tim e is a wise one becom es quite apparent
when the m otives are thoroughly understood.
W ith the m oney m arket in its present condition, it is an easy m atter
for the Foderal Reserve banks to m obilizo a substantial part o f the country's
gold reserves, and this gold , whethor nom inally held b y the Federal Reserve
agents or directly b y the Federal Reserve banks, is an element o f strength
that will bo found extrem ely boneficial when the tide turns and gold begins
to flo w back to E urope.
Another benefit to tho country from these operations o f our Central
Banking Organization is that it tends to partially neutralize the inflative
tendencies due to the reduced reserve requirements o f the Federal Reserve
A ct. T ho gold that is being withdrawn from circulation is reservo m oney—
the Federal Reservo notes that are being substituted are not. O f course,
only a part o f the gold that has been withdrawn from circulation b y the
Central Banking Organization was form erly held b y our banks as reserves.
U ndoubtedly a large part o f it was form erly in the tills and pockets o f the
peoplo, but every dollar o f gold drawn from the reserves o f the banks has
the effect o f contracting bank credits at least fivefold . W e must bo careful

1852

not to underestimate the benefits derived from this effect o f our Central
Banking Organization’s policy. We may as well admit that the Federal
Reserve Act has had an inflative effect upon the credit structure of this
country. A simple and convincing test o f the truth o f this proposition can
be found in the fact that, although the normal volume o f commercial paper
is coming on the market, interest rates romain at extremely low levels. As
a result o f these unnatural conditions, money is being forced into channels
of more or less permanent investment, such as bonds, &c. It is certainly
desirable that these inflative effects of the Act be minimized, and, while
the issue o f Federal Reserve notes against gold has not yet had any marked
effect, it is an influence in the right direction and as such should be com­
mended.
It is desirable that as a precautionary measure this country should have
an adequate fund o f gold under the control of an institution that is actuated
not by a desire to make profits, but by an aim to promote the public welfare.
It Is improbablo that any upheaval approaching our experience of August
1914 will be repeated during this generation, but the close o f the war will
cause the golden stream to turn eastward, and if wo are prepared it will not
then be necessary that a gold fund committee be organized; that gold bo
collected from banks in all parts of the country, and that machinery be
improvised to prevent the circulating medium o f the country dropping
to an irredeemable paper basis. We shall have instead a strong Central
Banking Organization with adequate means and testod machinery at its
disposal for handling any situation that may arise, and the gold will go out
in a normal manner to settlo adverse balances under the direction of a
public-spirited institution and not in the form o f destructive tidal waves
followed by spasmodic recessions.

W IS C O N S IN B A N K E R S ' A SSO C IA T IO N IM POSES
C H A R G E FOR P R E S E N T A T I O N OF D R A F T S .

A rule imposing a charge for the presentation of drafts,
whether paid or not, and for the furnishing of credit informa­
tion, was recently adopted by the Wisconsin Bankers’
Association. The New York Credit M e n ’s Association,
which has on behalf of its members made an inquiry as to
the reasons that led to the action of the Association, has
issued the following statement concerning its study of the
situation :
The Wisconsin bankers have adopted a rule which calls for tho Imposing
of a charge for presenting o f drafts and furnishing credit Information.
Naturally, the application o f this rule has brought to the National Office
many complaints and inquiries; and it was deemed advisable by the
Secretary-Treasurer to make careful study o f the situation and to confer
with some o f our leading bank members in Wisconsin as to tho reasons,
economic and practical, that led to the adoption o f the rule. It would
not be proper for the National office to express an opinion upon its advis­
ability, or do more than present tho reasons for the rule with such comments
as may assist members in reaching conclusions for themselves.
The presentation o f drafts where no charge is made is usually per­
functory, and if refused they are returned with little coremony. Fre­
quently a debtor is induced to remit direct to the creditor when a draft is
drawn and in such a situation the banks claim to have rendered a service
without compensation. The banks believe that bettor service could be
rendered to the drawers o f drafts if a small fee were imposed for their
presentation whether or not such drafts were paid. In consideration of
this charge more attention could be devoted to presentation, and if pay­
ment were refused, more explicit information furnished upon the reasons
o f the drawee for his refusal. In this connection it would be woll for
members to note that at the Minneapolis Convention o f the National
Association o f Credit Men, 1911, a recommendation offered by tho Na­
tional Committee on Credit Department Methods was approved. This
recommendation called for the adoption o f a draft that would bo ap­
proved by the American Bankers’ Association, and in the use o f which
a small initial fee would be imposed upon the drawer. In consideration
o f this fee members o f the American Bankers’ Association would exert
their utmost efforts for the collection o f such drafts, and in the event
o f refusal o f payment, give to the drawer an explanation dependable and
explicit with such reasons as the bank may bo able to obtain. Nothing
was done in pursuance o f this recommendation, but tho principle seems
sound and it might prove o f value were such charge allowed for the pre­
sentation and payment o f drafts.
As regards the charge for credit Information, the reason for tho charge
Is that the banks are called upon so generally for information whether
they have been specifically referred to by customers or not that under
tho present system replies are necessarily very brief. It is thought that if
a small charge bo made for the information, answers can bo made with
greater care and more serviceable information furnished. The one objec­
tion o f a substantial character to the support o f tho rule is that banks
are frequently referred to by their customers, and it is not thought proper
that a charge be imposed upon inquirers for Information that banks in
courtesy to their customers should furnish froe. It is our Impression
that, despite the rule, whenever members are referred to banks in Wis­
consin and inquiries are made o f such banks with the explanation that
they have been referred to, the information will be furnished without
charge. W e cannot guarantee, o f course, that such will bo tho case; but
we believe that tho rule adopted for the imposing of a charge for credit
nformation refers to general inquiries, and that tho loading banks of
Wisconsin consider themselves at liberty to furnish information upon
customers when directly referred to. In these cases tho explanation
should be made with every inquiry that the banks have been referred to.
But when information is desired in cases where reference has not been
made to a bank, the charge will be adhered to.

COL. F A R N S W O R T H O N PROPO SED B A N K I N G
LEGISLATION .

Discussing prospective banking legislation at a meeting
of the Rhode Island Bankers’ Association at Providence last
M onday night, Fred. E . Farnsworth, General Secretary of
the American Bankers’ Association, undertook to dispel tho
belief that, with tho enactment of the Federal Resorve A ct,
we are to have a respite from furthor banking legislation.
H e pointed out that the indications are that a considerable
number of bills affecting banking will be introduced at tho
coming session of Congress, but admitted that it is another




[Vol. lOl.

THE CHRONICLE

question as to how much of it will develop into law. So far
as the proposals to amend the Federal Reserve Act are con­
cerned, Col. Farnsworth took occasion to note that tho work­
ing quality of all of its provisions has not yet been demon­
strated, and hence its amendment should be considered with
some diffidence until the advisability of a change has been
demonstrated by practical experience. His address also dealt
with the obligation resting upon bankers and banking or­
ganizations to prevent improper legislation and to further the
enactment of proper measures. W e quote the following
from his remarks: .
Any disposition to believe that the enactment of the Federal Reserve
Law marked the end of legislation affecting the banks must be dispelled.
Signs and rumors point to the prospect that in tho Congress about to as­
semble thero will bo much legislation proposed. How much of it will come
out in the form of law is another question. A scheme of rural credits— in­
volving the establishment of from twelve to forty-eight land banks, with
capital furnished in part by tho Government— is one plan now in the mak­
ing. Many proposals for the amendment of the Federal Reserve Act have
boen made. Some of these, it is reported, will bo in the form of recommend­
ations from the Federal Reserve Board. Others have been suggested by
the Federal Advisory Council, which is composed of representative bank­
ers from each Reserve district. The conference of Governors, composed
of the twelve Governors of the Federal Reserve banks, will meet in Wash­
ington early in December and from them may come suggestions for banking
legislation. In addition to this, there is an Indefinite number of Con­
gressmen, each of whom has a more or less well defined plan for "saving
the country” and adding to his political prestige at home by reforming the
banking and currency system o f the country. It would be folly to state
that all of the legislation suggested, and all o f the plans to bo offered, should
be thrown aside as unworthy of serious consideration. It is probably
true that there are several thousand plans to change tho banking and cur­
rency system of tho country offered for every one that finds its way to a
place on the statute books. There are several thousand amendments to
the existing law offered for every one that receives serious consideration by
a committee of Congress.
The Federal Reserve Act has been in operation a little over a year.
Preparations for placing it in operation required nearly four months, and
tho law itself was not only not in full practical effect within the first year,
but it has not yet attained full force. The working quality of all its provi­
sions has not yet been demonstrated, and Its amendment should bo consid­
ered with some diffidence until the advisability of a change has been de­
termined by practical experience. The prospect o f changes in tho banking
laws of the country is mentioned only to illustrate the’ great obligation
that rests upon bankers and organizations of bankers.^ It is only through
organized effort that Impropor legislation may bo prevented and proper
legislation may be procured. Those engaged in the business of banking
aro naturally supposed to be experts. They are supposed to understand
not only the practical work of conducting a banking Institution, but they
aro supposed to keep constantly advised on all subjects pertaining thereto.
This is no small task. It may even bo boyond tho power of any individual
to keep informed on all subjects pertaining to banking, even if ho has noth­
ing else to do. The volume of literature on the. subject is constantly in­
creasing and the field which it covers is being constantly enlarged.
Within tho year banking problems have been extended boyond the
bounds or the country into tho realm of international finance. T o most
American bankers this Is a now and strango flold of activity. I f tho for­
eign trade of the country dovelops to tho point of possibility, it is a fair pre­
diction that even tho country banks will within a comparatively short
time be obliged to provido facilities and establish connections of an entirely
new character. There Is work ahead for tho bankers and for tho bankers’
organizations. It is only by co-operative effort that results can bo secured.
Fortunately, the bankers of the country aro organized. Through the Amer­
ican Bankers’ Association the State associations are linked together. Every
State now has an association and tho American Bankers’ Association is
arger in membership, stronger both actually and potentially than it has
ever been before. At the last annual convention in Seattle, In September,
the organization of a National Bank Section was authorized and tho organ­
ization has beon perfected. It is presumed that more than 5,000 national
banks will enroll in this section and become active factors in tho work
which will bo undertaken. It is the first time tho commercial bankers of
tho country have had an organization, through which they could work
and through which they could exert their combined influence to any ond
desired. While there Is provision in tho constitution of tho American Bank­
ers Association for a State Bank Section, such a section has not yot been
organized; and if it is, there will bo no such opportunity for concerted action
as is possible among tho national banks, which aro all organized under tho
same law.
There is no work o f greater importance for bankers to undertake, either
as individuals or through their organizations, than to preach tho gospel of
sound banking, and to inform tho public, through any channel of communi­
cation available, as to what sound banking is. For something like fifty
years the majority of tho people of this country received their ideas of money
and banking from mon who wore Interested In expounding all tho economic
fallacies that had boen produced since tho world began. It is little short of
a miracle that out of greenbackism, free silver and populism, or despite
them, there was evolved a scheme of banking which is so fundamentally
sound as the Federal Reserve Act. All that is good in tho Federal Reserve
Act is there because it is the work of bankers, and that which is not good
Is the rosult of tho work of tho politicians. Whatever good thero may be
in tho amendments that have beon proposed to tho Federal Reserve Act
will result from bankers’ influence, and if thero aro amendments which are
not good,it will bo by default of the bankers. The way to secure a bank­
ing law of enduring soundness is to teach tho people what soundness Is.
E.

D. H U L B E R T

W A R N S RESERVE BOARD A G A I N S T

O V ER-EXP AN SIO N .

The declaration that wo aro now passing through a period
of expansion, and that “ the Fodoral Roservo banks soom to
be doing littlo or nothing to avort tho danger of inflation,”
was made by Edmund D . Hulbert, Vice-President of tho
Merchants’ Loan & Trust C o. of Chicago, in an address
before tho Western Economic Society at tho Ilotol La Sallo,
Chicago, on N o v . 27. M r . Hulbert warnod that “ the
farther tho pendulum is allowed to swing in ono direction,
the more difficult it will be to check whon it starts tho othor

1*EC. 4 1915.J

THE CHRONICLE

•way, and as the present tendency to expansion isjbeyond
the control of the Federal Reserve Board, it is quite possible
that a tendency to contraction m ay follow, which will also
be beyond control.”
“ W hat we w ant,” said M r . Hulbert,
“ is to get the country accustomed to having the brakes put
on both ends so that fluctuations shall be confined to narrower
lim its.” W e print below some of M r . Hulbert’s observa­
tions:
The Federal Reserve banks have been in operation for just a year. It
most unfortunate that they were not open when the European war began.
I believe that if they had been there would have been no suspension of
payment on the part o f the banks and the country would have been saved
the enormous losses which we suffered between Aug. 1 and N ov. 1 1914.
Our experience at that time demonstrated that the Aldrich-Vreeland Act
was palliative and not a preventive measure. It took about two weeks
to get the machinery o f the Aldrich-Vreeland Act into effective working
order. It was o f immense assistance after that, but it was too late to pre­
vent a general industrial suspension from which we have not yet fully re­
covered.
It was an unfortunate coincidence that the Federal Reserve banks
opened at a time when w 0 were experiencing a national reaction from a period
o f violent contraction. Violent contractions in money and credit are al­
ways followed by periods o f expansion which, if unchecked, lead almost
certainly to another crisis.
i
W e are now passing through such a period o f expansion, and the Federal
Reserve banks seem to be doing little or nothing to avert tho danger of
inflation. On the contrary, there is a tendency on the part of the Federal
Reserve banks to encourage borrowing on the part of member banks.
The function of the Federal Reserve Bank to contract credits in a period
of over-expansion is just as important as is its function to expand credits
in a time of excessive contractions. On account of the comparatively small
amount o f Federal Reserve notes in circulation the present situation Is
entirely beyond the control o f tho Federal Reserve Board, but there are
some things it could do, such as forcing the retirement o f the Federal
Reserve notes that have been issued and raising tho official rate of the
Federal Reserve banks as a warning.
It is disturbing to find, at a time when the pendulum Is swinging danger­
ously far in ono direction, the Federal Reserve banks seem to be accelerating
tho movement rather than checking it. The farther the pendulum is
allowed to swing in one direction the more difficult it will be to check It
when it starts tho other way, and as the present tendency to expansion is
boyond tho control o f tho Federal Reserve Board it is quite possible that
a tendency to contraction may eventually follow, which will also be beyond
control. The machinery of the Federal Reserve banks, however, is much
better dosignod to cope with conditions of contraction than with conditions
of expansion. W hat wo want is to get the country accustomed to having
the brakes put on both ends so that fluctuations of rates shall be confined
to narrower limits.
It is impossible to estimate just how much the Act has dono already, but
no ono familiar with tho facts will deny that the mere presence of the
Federal Reserve banks has had a stabilizing influence in the business world

Charles S. Hamlin, Governor of the Federal Reserve
Board, was a speaker at tho banquet of the Society on N o v .
26. M r . Ham lin’s remarks, we learn from the Chicago
“ Tribune,” wore devoted to the operations of tho Federal
Reserve A ct, which measure, he said, had been an unquali­
fied success. Whilo asserting that at present there is an era
of groat prosperity, M r . Hamlin urged that care bo exercised
to avoid the danger of speculation. He added:
I don’t believo that thero can ever bo again a great currency famine
or a widespread universal panic like the one o f 1907, but we cannot prevent
individual bank presidents from taking financial joy-rides.
State banks can come into the system very easily now, but with the first
financial stringency they may not have assets sufficiently liquid to entitle
them to admittance when they wish to come in. Eventually, I think, cus­
tomers o f tho State banks will force them into the system.

1853

Reserve banks and practically all the loaning they do, to the extent they
do an y, is done in competition with their member banks and aggravates
the abnormality of the situation.
Notwithstanding this, wo must remember they are our banks, and, while
we dislike to have our own money used by them in competition with us,
and it would be most unjust that it should be so used, beyond the limit to
which it seems to be in our own interest to permit it, I am of the opinion
we should not object to their, in some way, investing enough of their funds
to afford them an income sufficient to cover their expenses and dividends.
Our own Federal Reserve Bank is gradually working to that point, and
it is in the interest of us all that it should get there as soon as practicable.
AVe cannot afford to have these banks, the custodians of our cash reserves,
limping along and creating the impression in the minds of our own public
as well as in the minds of our foreign banking competitors that the Federal
Reserve system is a failure or at best a weak institution. This must be the
impression created so long as they are not operating on a paying basis, and
we cannot afford to have it so.
Tho amount each Federal Reservo bank must keep invested in order to
meet their expenses and pay their dividends is comparatively insignificant.
It does not exceed the amount of the investments of an ordinary city bank
of moderate size. When the investments of the Federal Reserve banks are
§ufficicnt_ for that purpose they should be held there pending a change in
financial conditions which will legitimately call for an expansion o f their
credit-making facilities. This much it seems to me, the member banks can
stand without suffering from their competition more than they will be com­
pensated for by the dividends they will receive.
I am not at all in sympathy with the idea I frequently hear expressed
that the earning of dividends by these banks is of no importance. The divi­
dends are cumulative and form a cumulative liability of the banks until they
are paid. Uhe Federal Reserve banks will never be generally regarded as
successful institutions until they demonstrate their ability to pay all their
liabilities including dividends as they become due. One of the greatest
drawbacks to tlio efficiency o f the Federal Resevre system lies in the fact
that so far tho State banks have not seen fit to join it. Until they do and
so long as it only serves less than half of the banking strength and less than
one-third of the banks of the country, it will not adequately or efficiently
perform the functions for which it was organized. In the matter of check
collections this is plainly so.
So far its efforts along this line of activity have resulted in no economies.
The member banks have had to maintain their transit departments with­
out perceptible diminution of expenses and with some enforced curtailment
of profit. If tho State banks would join the system so that their checks
could also bo collected and cleared, it might well be that a chock collection
system could bo inaugurated through the Federal Reserve banks that would
prove an economical and practical improvement on the old system. Such
a system has been voluntarily inaugurated in some of the large cities through
their clearing houses with satisfactory results and some other cities, includ­
ing Chicago, have it now under consideration. These clearing-house col­
lecting systems have the advantage o f serving national and State banks
alike.
So long as the Federal Reserve system can only serve its own members
and tho State banks refrain from becoming members, valuable or efficient
service in this department is not to be expected from tho Federal Reserve
banks. I am not sure but that the system now in force has been one of
the deterrents to the country State banks joining the system, and, while, as
I understand it, under the proposed new system of deferred credits,
checks on State banks may be received for collection from member
banks, the State banks cannot directly have the benefit of it. This may
drive these institutions, as is now being spoken of, into the formation of
collection bureaus of their own, thus creating an unfortunate new cleavage
between the State and national banks in a matter connected with which
they have heretofore worked in harmony. I would not have you think
that I consider this a good reason why State banks and trust companies
doing a commercial business should not join the system. On tho contrary,
I think the benefits of the system to the banking interests o f the country
as a whole as well as to the individual member banks including a universal
check collection system are such as should induce every State bank doing a
commercial business to join it. Tho weakness of our banking system has
been lack of unity and co-ordination and this is impossible among the State
banks doing business under varying State laws unless it is accomplished
under Federal law.
M E . W A R B U R G S E E S D A N G E R O N L Y TO R E S E R V E
B A N K S F R O M P R O M O T I O N OF S E L F I S H I N T E R E S T S .

J A M E S B. F O R G A N O N D E S I R A B I L I T Y OF R E D U C T I O N
I N C A P I T A L OF R E S E R V E B A N K S .

Expressing himsolf in favor of tho reduction by two-thirds
of tho present paid-in capital of tho Federal Reserve banks,
James B . Forgan, President of tho First National Bank of
Chicago, points out that “ tho less they have to keep invested
in normal times to cover their expenses and dividends the
better can thoy conserve their resources and maintain their
strongth for the exercise of thoir functions in emergencies.’ ’
Ho also assortod that when momber banks can with ease supply
all oxisting domands for credit, as with fow exceptions they
liavo this year been in a position to do, thero exists very little
use for tho Fodoral Reserve banks. M r . Forgan’s remarks
on tho subjoct wore addressed to tho Bankers’ Club of De­
troit yesterday. Ho is quoted to tho following effect in tho
“ W all Strrot Journal” :
Under normal, or even under abnormal, easy conditions, it is my opinion
that tho Federal Reserve banks should keep as much of their funds invested
as will afford them an income sufficient to enable them to pay their ex­
penses, including their cumulative 6% dividends, on their capital stock.
This they could do with greater case had thoy loss paid-in capital, and I
am in favor o f tho reduction by two-thirds of their present paid-in capital,
leaving their subscribed capital and the double liability thereon to stand
as it is. This was first proposed by our Federal Reserve Agent, M r. Bosworth, and has since been endorsed, I believe, by tho other Federal Reserve
agonts and by tho Governors and has been recommended by the Federal
Advisory Council.
Tho loss they have to keep invested in normal times to cover their ex­
penses and dividends tho better can they conserve their resources and main
tain their strongth for tho exercise o f thoir functions in emergencies. It is
incontrovertible that when their member banks can with ease supply all
existing legitimate demands for credit, as with few exceptions thoy have
this year been in a position to do, there exists very little use for the Federal




Paul M . Warburg of the Federal Reserve Board, speaking
at a dinner given by the M ayor of Charlotte, N . C ., on N o v .
23, stated that the greatest danger which can come to the
Federal Reserve system is from the pressure of selfish ele­
ments which would want to see the system used for their own
individual advantage. M r . Warburg added:
The system must show its value to this country not by what it does for
the individual, but what it does for the entire nation; by the safety it pro­
vides for the entire country; by the safety it provides for the depositor and
borrower in dealing with his bank; by the reasonable and more stable rates
that will the more thoroughly permeate the entire country the longer
the system will be in operation.
The much-debated question, whether Federal Reserve banks are emer­
gency banks or competing commercial banks, will then be disposed of.
They are neither quite one nor tho other.

Commenting on tho statement that some of his friends be­
lieve him to be a central bank man, M r. Warburg said:
If I were free to-day to choose for this country between one central bank
or a system constructed upon the Federal Reserve principle, I should choose
the latter. The Federal Reserve system, properly developed to its highest
efficiency, will give the country the advantages of a central bank which,'
in substance, aro centralization of reserves and mobilization of commercial
paper, but at tho same time it avoids complete centralization, which, while
assuring higher efficiency and easier operation, would in our country prove
a source of danger and attack.

M r . Warburg stated that a year had shown what the sys­
tem can do, but warned his hearers that thoy should keep
it as it is, and not attempt to have the Reserve banks be­
come mere commercial institutions. While refraining from
comment on the Anglo-French $500,000,000 loan, he con­
tended that without tho Federal Reserve system the country
“ could not have been in a position even to consider a loan
transaction of this magnitude.”

THE CHRONICLE

1854

[V ol . 101

embargo, effective at midnight N o v . 27, on all shipments
E L E C T I O N S OF R E S E R V E B A N K D I R E C T O R S .
Franklin D . Locke of Buffalo, N . Y . , and Leslio R . Palmer for export. Similar action was taken by tho Pennsylvania
o f Croton, N . Y . , whose terms as directors of the New York R R . and the Baltimore & Ohio on M onday, when an embargo
On tho 2d inst. the PhilFederal Reserve Bank expire D ec. 31, have been re-elected was placed on certain exports.
for the ensuing year. M r . Locke is a Class A director of delphia & Reading R R . also pursued a liko course, by placing
Group 3 of the Reserve Bank, while M r . Palmer is a Class B an embargo on grain destined for export. This order, which
director of the same group. M r . Locke received 105 votes went into effect on the 3rd, prevents the acceptance of all
out of a total of 122, and M r . Palmer 114. There wore fivo grain for export through Philadelphia. In the case of tho
Pennsylvania R R ., the embargo applies to all grain for export
condidates for the Class A directorhsip and two for Class B .
at Philadelphia and Baltimore, and on shipments of lumber
William H . Peck, Class A director of Group 2 of the Phil­ and flour for export at New York. Iron and steel shipments
adelphia Federal Reserve Bank, and G . W . F . Gaunt, Class for export at New York are alone affected by the embargo de­
clared by tho Baltimore & Ohio R R . All shipments free on
B director of Group 3 , have been re-elected.
board New York for re-shipment abroad are affected by the
George M . Reynolds of Chicago, Class A director of Lackawanna’s order, which applies to all the territory cov­
Group 1 of the Chicago Federal Reservo Bank, and A . II. ered by its lines. The Lackawanna’s greatest congestion
Vogel of Milwaukee, Class B director of Group 3 , have been exists between Scranton and New York; it is stated that not
less than 6,000 cars loaded with export freight were stalled
re-elected. They will serve for three j'ears.
between tho two points at tho timo of tho issuance of tho or­
In the Richmond Fedoral Reserve District Henry B . W il­ der, whereas under normal conditions the number would be
cox of Baltimore has been elected Class A director of Group 1, under 2,000. It is tho first time in tho history of tho road,
succeeding W aldo Newcomer, and Edmund Strudwick of it is said, that it has been obliged to declare a freight embargo.
Richmond replaces George J. Seay as Class B director of In issuing its notice, tho company said:
“ Duo to the accumulation of lighterage for export by way of New York,
Group 1. M r. Seay is Governor of tho Richmond Reserve
effective at once, and until further notice, this company will not accept
Bank. It is stated that his displacement as director does any shipments for export via the port of New York. Shipments billed
up to and including N ov. 27 will be accepted."
not necessarily relieve him of the office of Governor.
Tuesday’s conference at tho Pennsylvania’s officos, held
at tho instance of Samuel Rea, President of the road, to con­
R E S E R V E B A N K S A B S O L V E D F R O M P A Y M E N T OF
sider plans for remedying the oxisting conditions, resulted in
I N T E R E S T ON G O V E R N M E N T DEPOSITS.
tho appointment of a committee, which is delegated to meet
N o interest will be exacted from the Foderal Reserve daily and doviso methods for coping with tho situation. It
Banks by Secretary of the Treasury M cAdoo on the Govern­
was intimated early in tho week that a declaration of a gen­
ment deposits which will bo transferred to them from the
eral embargo was being considered by tho roads in tho Trunk
national banks on Jan. 1. The latter have been paying 2 %
Lino Association; C . C . M cC ain, Chairman of tliat Associa­
on tho funds. The Reserve “ Bulletin” for Decomber states
tion, in an announcement bearing on Tuesday’s conference,
that “ it is estimated that the following amounts may bo
stated that, while it was desired if possiblo to avoid such a
transferred to tho several Federal Reserve Banks” :
procedure, the adoption of uniform restrictive measures
8850,000
8796.000 St. Louis____
Boston_____
655.000 might bo necessary. All tho roads represented at Tuesday’s
1.437.000 Kansas C ity..
New Y ork--.
225.000
1.176.000 Minneapolis -.
Philadelphia
191.000 conference are members of the Trunk Lino Association.
285.000 Dallas______
Cleveland__
441.000
425.000 San Francisco.
Richm ond-..
Tho question of a general embargo is said to havo been con­
520.000
Atlanta____
.$8,436,000 sidered at a meeting of the Association held on N o v . 24, when
T otal_____
1,436.000
Chicago____
it was agroed to reduce the free storage time on export freight
not consigned on through bills of lading from thirty days to
CO M PAR ATIVE
F I G U R E S OF C O N D I T I O N
OF
fifteen days. This arrangement will not go into effect until
C A N A D IA N BANKS.
Jan. 1 next, and it is questioned whether it will provide the
In the following we compare the condition of tho Canadian
desired remedy.
banks, under the last two monthly statements, with the
This week’s conference arranged by M r . Roa was attended
return for June 30 1914.
by Daniel Willard, President of the Baltimore & Ohio R R .;
ASSETS.
Oct. 30 1915. S e p t. 30 1915. J u n e 30 1911.
A . H . Smith, President of the Now York Central R R .;
$
$
Gold and subsidiary coin—
$
39.212,240
28,948,811 William IT. Truesdale, President of tho Dolawaro Lacka­
In Canada_________________
38,764,540
22,844,448
17,160,111 wanna & Western ItR .; W . W . Atterbury, Vice-President
Elsewhere_________________
22,960.228
62,056,688
46,108,952 of tho Pennsylvania R R .; E . E . Thomas, President of tho
T o t a l ................................. 01.724,768
129.818,906
92,114,482 Lohigh Valley; F . D . Underwood, President of tho Erio R R .;
Dominion notes_______________ 136,223,273
Deposit with M in. o f Finance
William G . Besler, President of the Contral R R . of Now
6,767.309
6,667,568
for security o f note circulation
6,770,645
7,850,000
3,050,000 Jersey; Theodore Voorhees of tho Philadelphia & Reading;
Deposit in central gold reserves
11,750,000
123.608.936 James H . Hustis, President of tho Boston & Maino R R ., and
124,743,396
Due from banks______________ 154,492,002
873,729,642 925,681,966
Loans and discounts__________ 885,934,489
Carl R . Gray, President of tho Wostern Maryland R I l., &c.
102,344,120
125,148,420
Bonds, securities, &c_________ 127,606,567
67,401.484 The following is the statement given out by M r. McCain
71,578,886
Call and short loans in Canada.
74,574,270
at the conclusion of tho conference:
Call and short loans elsewhere
than in Canada_____________
Other assets__________________

120,681,624
77,499,133

T o t a l................................... 1,657.256,771

135,108,412
79,439,891

137,120,167
71,209,738

1,616,241,550 1,575,307,413

L IA B IL IT IE S .

authorized...................
subscribed....................
paid u p - - . ...................
fund_______

$
188.866,666
114,422,866
113,986,106
112,752,333

$
188,866,666
114.422,566
113,984.870
113,061,008

$
192,866,066
115,434,666
114,811,775
113.368,898

C irculation................
Government deposits_________
Demand deposits____________
Time deposits________________
Due to banks...............................
Bills p a y a b le....................
Other liabilities.........................

122,782,233
35,692,802
503,278,538
701,336,850
30,629,062
6,747,070
12,896,197

105,798,618
32,468,091
487,587,051
693,339,851
29,762,393
7,270.262
13,138.471

99.138,029
44,453,738
458,067,832
663,650,230
32,420,404
20,096 365
12,656.085

Capital
Capital
Capital
Reserve

Total, not including capital
or ixserve fund__________ 1,413,362,758 1,369,362.737 1,330,488,683
N o t e .— Owing to the omission o f the cents in the official reports, the
footings in the above do not exactly agree with the totals given.
EXPORT FREIGHT EMBARGOES.

The congestion of export froight at terminals on the A t­
lantic Seaboard, growing out of tho magnitude of tho ship­
ments intended for export and the scarcity of steamers and
lighters, was the subject of a conference of railroad presi­
dents at the executive offices of tho Pennsylvania R R . in
this city on Tuesday. This conference followod the declara­
 by the Delaware Lackawanna & Western R R . of an
tion



N o v e m b e r 30 1915.
Tho situation with respect to congested condition of tho railroads,
particularly as relating to export traffic, received attention at meeting
of tho presidents of tho various roads loading to tho ports of Boston, Now
York, Philadelphia, Blatimore, Norfolk and Newport Nows, which was
held in New York to-day. Tho situation as to tho condition at each port
was reviewed.
Tho congestion at Now York was regarded as Rorious and every effort
Is to be made to relievo tho situation in tho interest of all shippers and
receivers.
It has been arranged to creato a special committee of officers of Now
York roads who will meet daily and review tho conditions of each road
and if possiblo doviso methods which may bo Immediately applied to
relievo this congestion and facilitate tho current flow of traffic as much
as possible.
.
The carriers feel that tho public should bo informed as fully as possible
of the exact situation, which is almost unprocodon tod. Tho primary
trouble is duo to the abnormal quantity of traffic offering for export and
tho inability for prompt clearanco of same by vessels, owing to tho in­
sufficient ocean servico, which has been greatly curtailed through various
causes.
It is thought that thoso daily conferences on tho subject of officials
having same in charge will lead to suggestions which may result in a more
regular flow of tho traffic and secure tho co-operation of shippers in this
direction.

M r . Smith, who presided at tho mooting, mado tho fol­
lowing statoment with regard to tho situation:
Tho difficulty in the present export situation is due to various conditions.
The principal one at the moment, in my opinion, is tho vicissitudes in
ocean shipping, which involves a great many dotails. The Now York
Central will not find it necessary to issue an ombargo to-day. It might
bo necessary to do so later on certain special commodities that accumulate
faster than they can be taken away by steamships.

Dec . 4 1915.)

THE CHRONICLE

A meeting of tlie joint railroad committee was held yester­
day, but apparently there were no new developments tending
toward the solution o f the problem of congestion. Prom
M r. M cCain it was learned that in the case of flour and
lumber for export under through export bills of lading
notices of embargo have been declared by the New \ ork
Central, the Erie, the Central R R . of N ew Jersey, the
Lackawanna, the Lehigh Valley and the Pennsylvania. M r.
M cC ain at the same time said :
One feature of the present congested conditions at New York which
s causing the carriers considerable trouble and delay is the practice of
many shippers availing o f all deliveries allowed for any single carload
o f export freight.
The railroads have had in effect for some time a rule which permits
three separate deliveries without extra charge from a carload of export
freight. Tills is what is termed “ split deliveries,” and the rule was estab­
lished to facilitate export shipments, by which a carload of freight arriving
at a New York terminal is given the privelige of distribution by lighterage
service to more than one ocean line.
It is of daily occurence with respect to many cars that an order will be
given the carrier at New York to make delivery of part thereof, while
the remainder is left in the car for long periods. Shippers loading several
cars at practically the same time will place freight in each which requires
the same delivery at destination. It would have been no inconvenience
to shipper if such shipments in the different cars had all been loaded into
the same car. If this were done the carrier would be saved the necessity
o f making soveral lighterage deliveries o f small lots to the same place,
and the delivery service would be more concentrated and expedited, to
the mutual advantage of the railroads and the shippers.

An announcement indicating the reasons which prompted
the Pennsylvania R R . to declare its embargo was issued by
the company as follows on Tuesday:
There were this morning on hand on the various d'visions of the Penn­
sylvania Railroad lines east o f Pittsburgh and Erie 6,151 cars of freight
for export and lighterage n New York. In addition to the lighterage
freight being held in cars, there have been unloaded on piers'in New York
somo 2,000 carloads of freight which is now awaiting orders. There are
on various divisions o f the railroad at the present time, exclusive of cars
o f freight for lighterago, some 7,000-odd cars o f slow freight for delivery
or movement through the New York terminal district.
There are at present stored at different points on the railroad 450 cars
of flour and 125 cars o f lumber under through bills o f lading for export
through the port o f New York.
It has also been found necessary to place embargoes at the ports of
Philadelphia and Baltimore on export grain. In addition to the 1,000,000
bushels of grain in the Girard Point elevator at Philadelphia, at 6 o ’clock
Monday evening, there are 1,778 cars— 2,600,000 bushels— of export
grain on hand to go through the elevator. Of these cars, 453 were standing
in the Girard Point district and the others aro being held at points west
o f Philadelphia until they can be taken care of. At the port of Phila­
delphia at the present time there are three boats loading grain, six waiting
to load and four others aro expected this week.
In addition to the 2,000,000 bushels o f grain in the Baltimore elevator
there aro 2,629 cars— 4,240.000 bushels— o f export grain on hand destined
to go through that elevator. Of this number, 940 are at Baltimore, while
the remainder are being held at points on the Baltimore and other divisions.

Ono of tho factors leading to the embargoes declared is
said to have boen the practico indulged in by Western ship­
pers of forwarding shipments without first engaging steamers
to carry their exports.
The Lehigh Valley R R ., which, like the various other lines,
is experiencing severe congestion, took occasion to issue
on Thursday a statement' indicating its exact situation
with regard to export and domestic freight at N ew York.
Tho figures given out show that of the freight awaiting
delivery all but a small quantity of it is intended for export
and is being hold until ships can be provided to carry it to
destination. The officials of tho road state that every
effort is boing made to handle tho situation. They point
out that there has been no difficulty with regard to the
westbound freight movement on their line, and that this
part of tho business is being handled with facility and dis­
patch. A t its Now York terminals, it is stated, the Lehigh
Valley has a total of 3,9 70 cars of freight as yet undelivered.
O f these, 3,5 80 cars aro for export. The difference repre­
sents freight for domestic consumption, delivery of which is
being mado as rapidly as possible. Of the export freight,
1,372 cars remain unloaded. The contents of 2,014 cars
aro held on piers and at warehouses, and the contents of
194 cars have been unloaded on the company’s property in
Jersey City and vicinity. In addition, the company an­
nounces, 768 cars of export freight not included in the total
given as being at New York harbor aro being held on side
tracks along the line of the Lehigh Valley west of Newark.
Prior to Tuesday’s conference, M r . M cC ain of tho Trunk
Line Association was givon a hoaring (on M onday) by the
Intor-State Commerco Commission in Washington.
At
this hoaring, wo learn from tho “ Journal of Commerce,” M r.
M cCain sought tho extension of tho privilege of charging de­
murrage upon grain not only after it has been placed in tho
elevators, but wliilo it remains in cars under certain condi­
tions. W ith tho consent of tho Commission, the ruling




58 55

could bo enforced within five days, otherwise thirty days’
notico would be required. It was stated on N o v . 27 that so
far as taking steps for relieving the congestion, the Commis­
sion is at present without authority. A n investigation of
embargoes by railroads was begun by it somo months ago, it
is understood, with a view to reaching a determination as
to what should be done in dealing with serious freight con­
gestions. Should the inquiry warrant it, Congress m ay, it
is stated, bo asked to enlarge the powers of the Commission
in that direction.
The Inter-State Commerce A ct gives the roads permission
to declare embargoes at their discretion, except where it
may be shown that they would work an injustice to or dis­
crimination against shippers. Proceedings to show that
such injustice had resulted, it is pointed out, would probably
drag for so long a time that no report would be available until
after the embargo bad been lifted in the ordinary course.

Coincident with the filing by the railroads with the Inter­
State Commerce Commission on Wednesday, of notice to
reduce, on Jan. 1, tho time allowed for free storage from
thirty to fifteen days, a meeting of representatives of local
exporters was held at the offices of the Merchants’ Associa­
tion to protest against the reduction. Tho movement is
objected to as unfair to tho shippers; it is argued that it
would seriously affect the extension of export trade; the
present congestion, it is contended, is not entirely due to
the shippers or exporters, but to conditions over which
neither they nor steamship lines have control. Tho meeting
finally resulted in the decision to appoint a committee of five,
which, with J. C . Lincoln, Manager of the Traffic Bureau
of tho Association, will confer with the Trunk Line Associa­
tion in the matter. In the event of the failure to effect an
adjustment of the differences, the committee is authorized
to recommend that the Merchants’ Association seek a hearing
before the Inter-State Commerce Commission. The ex­
porters’ side is set out as follows by S. W . Baker, representing
the exporting branch of the American Locomotive Sales
Corporation:
With regard to the proposed reduction in free time now allowed on export
car-load freight, wo object to the reduction of free time on export shipments
from Now York, as we believe it would seriously affect the extension of our
export trade. The present congestion in New York is not entirely due to
tho shippers or exporters, but to conditions over which neither shippers,
exporters nor steamship lines have any control.
Tho probable causo of congestion is due very largely to the slides in the
Panama Canal early in October, when a large amount of freight had accu­
mulated for shipment to Far East ports, and principally Vladivostock.
A large number of steamships that were en route from New York to take
cargo from hero were prevented passing through the Panama Canal and
it was necessary, therefore, for the steamship companies to send the
steamers through Magellan Straits to New York, thereby delaying their
arrival here by some two months.
Another factor which contributes to the condition now being experienced
is that tho embargo ordered by tho Greek Government at about the same
time as the slides occurred caused a requisitioning by the Greek Govern­
ment of all Greek steamers which were in New York loading or were on the
way to New York to take cargo to the Far East and Europe. If it had not
been for these two factors based on information we had from the steamship
companies tho unusual conditions would not have accumulated the hun­
dreds of cars now in New York awaiting shipment.
We are advised that within the next month most of the delayed cargo
that would ordinarily have been shipped during September and October
would leave this port, and by early or middlo January conditions will show
such Improvement that there will be no cause for the proposed reduction
of free time allowance. Furthermore, tho manufacturers and shippers
have been favorably impressed with the necessity of w thholding shipments
and making complete arrangements with the steamship companies before
shipping products from their factories to tho ports of debarkation.
e also
should take into consideration the fact that during the last months of the
year our shipment of oxports is at its height and that beginning with next
year the conditions will improve.
Wo therefore suggest and recommend that the railway carriers withhold
their decision of making any changes in the present time allowance until
next month and then see just what measures are absolutely necessary. It
should also be made very clear that if the carriers make any reduction in
free time allowance it would be with a distinct understanding that such re­
duction is mado for a period of four or five months of the year to relieve
the surplus of September, October, November and December exports, and
when the present abnormal conditions have disappeared that the present
thirty days’ free-time allowance on export be reinstated.

According to advices from Pittsburgh on the 1st inst., im­
portant exporting interests there said that the freight con­
gestion at Atlantic seaboard terminals would not seriously
affect the transportation of munitions and other materials
mado for European governments. It was pointed out that
shipments to France and Great Britain wero being made in
bottoms provided by those countries, while Great Britain is
taking care of all government freight for Russia, including
tho thousands of steel cars being made in the Pittsburgh
district. Tho interests most affected, it is added, are those
shipping to private buyers abroad, their freight, it was said,
being held until all government freight has been loaded.

1856
OSCAR

W.

THE CHRONICLE
UNDERWOOD FAVORS INQ U IRY
RAILROAD REGULATION.

INTO

If the views of Oscar W . Underwood, formerly Dem o­
cratic leader of the House of Representatives, and now a
member of the Senate, can be accepted as an indication of the
attitude of Congress as a whole, promises at the coming
session of long-desired relief in the regulation of the railroads
are held out. According to the N ew York “ Sun,” M r .
Underwood concedes that “ there is something wrong with
the present system of regulating the railroads through the
Inter-State Commerce Commission.” H e says: “ Under
present conditions of regulation the railroads are unable
to command readily the necessary financial aid to make
extensions and betterments or to provide terminal facili­
ties,” and he contends that if we do not take steps to correct
this evil we will soon find ourselves suddenly helpless for
want of transportation facilities. W h a t M r . Underwood
proposes is an investigation by a committee of Congress into
the entire question of railway regulation. His views are
set out in the “ Sun” of the 1st inst. as follows:
I believe that an Investigation by a commission authorized by Congress
la desirable. I may not introduce a resolution authorizing such an inves­
tigation, for the subject belongs to the committees o f the two Houses
charged with such matters and any legislation o f this kind should emanate
from these committees. Undoubtedly the very thorough Investigation
c onducted by the Aldrich monetary commission aided Congress in providing
a better financial system for the country.
There is something wrong with the present system o f regulating the
railroads through the Inter-State Commerce Commission. In saying this
I do not mean to reflect upon the Commission, woich is probably doing
the best it can under the circumstances which surround it and under the
powers conferred on it, but sooner or later, I am convinced, the Commission
as an agency o f the Government will fail to meet the situation and Congress
will then have to act.
When that time comes we should have the fullest information on which
to legislate. A t the present time the railroads are handicapped. We have
seen an example very recently in the congestion o f traffic for the export
business, as a result o f which carriers have been compelled to admit their
helplessness to meet an emergency.
I f we do not take steps to correct this evil we will soon find ourselves in
the midst o f a period o f great prosperity, such as preceded the panic of
1907, suddenly helpless for want o f transportation facilities. Under present
conditions o f regulation the railroads are unable to command readily the
necessary financial aid to make extensions and betterments or to provide
terminal facilities, the lack o f which is said to be responsible for the serious
congestion in export traffic.
I can remember within a few years when the railroads could command
ready capital for Improvements at reasonable rates o f interest, and it ought
to be possible now for them to get money at 4 % for improvements, but,
as a matter o f fact, I find they have difficulty in obtaining money at 6 % .
An investigation to be o f value should be open to the carriers and the
shippers alike. Every interest involved in the transportation should be
fully heard. The object o f the investigation should be solely in the inter­
ests o f the public without in any way injuriously affecting the rights o f either
carrier or shipper.

The “ Sun” also states that Chairman Newlands of the
Inter-State Commerce Committee of the Senate is quoted
as having said that, in his opinion, matters relating to rail­
way regulation would be submitted to a joint committee of
Congress for a thorough study.

C A N A D I A N GOVERNMENT SEIZES WHEAT.
A ll high-grade wheat stored in elevators in Canada, from
Fort W illiam , on Lake Superior, to the Atlantic Coast, was
commandeered by the Dominion Government on N o v . 28.
The wheat which was seized consists of all of grades 1, 2 and
3 Northern which on last Saturday night was in public
elevators at Fort W illiam , Port Arthur, M idland, Tiffin,
Port M cN ichol, Collingwood, Goderich, Kingston, Port
Colbom e, Prescott, Quebec, St.John, Montreal and Halifax.
The amount taken over by the Government is estimated at
about 17,000,000 bushels and was owned by grain shippers
and millers. According to the Montreal “ Gazette” of N o v .
29 the'grain growers in Canada still hold nearly 200,000,000
bushels^of wheat. It is said a considerable amount of the
wheat'commando9rod is the property of American grain deal­
ers. The seizure was made by the Canadian Grain Com ­
mission, acting under the special war A c t. The Canadian
Government announced on M onday that the following
prices would be paid for the grain: SI 0 4 % for N o . 1 N orth­
ern, SI 0 3 % for N o . 2 Northern and 9 3 % cents for N o . 3.
These were the closing prices on the Winnipeg Grain E x­
change on N o v . 27. It was officially announced that the
Government does not hold itself responsible for alleged losses
on the part of grain dealers. According to the N ew York
“ Tim es” of yesterday, the Canadian Government has issued
an order allowing part of the commandeered wheat which
has been contracted for to go to the contractors, provided
an undertaking is given that wheat will be returned when
requisitioned. This order, it is stated, has been made in
order to avoid hardship to some contractors, and the amount
is not sufficient to interfere with the fulfillment of the order
to Canada from the Allies’ purchasing commission. Nearly




[V ol . 101.

all of the contracts, which can now be filled, are from
American points.
A report that the Canadian Government had been re­
quested to seize the wheat by the British Government
brought forth the following statement from the official press
bureau in London on M onday:
With reference to the announcement from Ottawa on N ov. 28 that the
Canadian Government had commandeered 16,000,000 bushels o f wheat at
the request of the British Government, the Board o f Agriculture states
that the British Government has made no such request, and that at present
they have no Information on the subject.

It was semi-officially explained in Ottawa that the Brit­
ish Government had asked that the wheat be obtained but
left the method to be followed to the Canadian authorities.
It is understood that most of the grain will be shipped to
Italy. The Canadian Government will take care of the
transportation of the grain to the Atlantic seaboard and from
there its shipment will be undertaken by the British Govern­
ment. The following official statement was issued by the
Canadian Government in the matter:
The phenomenal crop o f wheat in the Canadian West has brought upon
the Government the duty o f assisting to the furthest extent possible In its
marketing. Tho supply of wheat the world over is known to have been
abundant, and the importance o f taking advantage of every opportunity
to provide for the disposing of our grain is, on that account, tho greater.
For many months the Government has been in touch with tho British
authorities, with a view to procuring orders from tho United Kingdom
and the Allied Governments, in order that the utmost share of the consuming
demand in those countries may be turned toward our Canadian surplus.
As a consequence of this, the British Government has requested the Cana­
dian Government to provide within a short time a very large sudd I v o f
1, 2 and 3 Northern wheat.
The problem o f meeting these requirements and of doing so at such prices
as would induce the repetition of orders in Canada, then confronted the
Government. The effect o f Government purchases in the open market
such as were made by different countries a year ago, is well known to the
public. Tho market rises abnormally, adding to the profits o f grain dealers
and speculators who have purchased the grain which tho Governments
require. The advance in price of the large amounts of grain in store be­
comes the loss of the purchasing Government, and the profit not of the
producer but of the owner o f the stored grain.
To secure the desired end this year tho Dominion Government determined
on Saturday to commandeer all numbers 1 ,2 and 3 Northern wheat in store
at the head of the Lakes and eastward. This involves the purchase of
anywhere from twelve to fifteen million bushels. Tho price to bo paid has
not yet been settled by the Government, but will shortly bo fixed on a fair
basis. Tho commandeering order goes no further than is stated above,
and instructions have been given that all loading now under way is to bo
continued and no delay whatever occur In the transport of the commandeered
grain from the elevators to ocean terminals. It will be observed that the
order does not apply to grain in elevators west of tho Lakes or to grain in
farmers’ hands, or In transit at the time the order takes effect or subse­
quently thereto.
There are, of course, many questions of important detail that arise and'
demand adjustment, and these will be given the fullest consideration and
the promptest decision possible.
There seems no reason why the grain markets should be radically affected
by the action taken. Obviously, it does not involve any increaso In the
world’s consumers, or indeed in tho world's consumers’ demand. It means
simply the filling of the existing demand to tho extent o f tho grain taken
by this much of the Canadian surplus instead of filling tho samo from other
surpluses. If the result should bo a rise in the Canadian prices tho beneficia
effect will largely accrue to tho grain farmers themselves and not to the
holders of grain in store. While tho holders of grain in store are entitled
to fair treatment, it has been thought desirable not to precipitate market
conditions at the expense o f the customers from whom we hope to obtain
orders in the future and who are aro our allies in the war.
Tho action taken by the British Government is based entirely on war
conditions and tho response of the Canadian Government has been dic­
tated by regard to the samo state o f facts.

A rise in wheat prices was witnessed at tho various wheat
markets on M onday as a result of the Canadian Govern­
ment’s action. In Chicago prices were 1 % to 2 % cents
higher at the start, December wheat opening at $1 05 to
$1 06, as against SI 0 3 % at the close Saturday, and M a y
wheat opening at $1 07 to $1 0 8 % , as against SI 0 6 @ $ 1 0 6 % .
Closing prices were 2 % to 2 % @ 2 % cents net higher, D e ­
cember wheat at SI 0 5 % and M a y at SI 0 8 % . M an y
theories were advanced as to the reason for the comman­
deering of the wheat, one of those who gave expression to
his views being George E . M arcy, President of the Armour
Grain C o. M r . M arcy is quoted as saying:
Evidently the action of the Canadian Government is Just a move to get
hold o f tho wheat and ship It to tho seaboard before tho prico rises and be­
fore navigation closes for the winter. The grain was held by speculators
and had to be moved out of tho eiovators to make room for winter wheat
coming in. T o permit it to lie in the elevators after Doc. 10 would moan
that it would have to be shipped out by the all-rail route. This would add
to the price o f grain and affect the market. Tho seizure may mean that
pressure is to be brought to bear in certain quarters for political reasons—
possibly in Greece.

The Winnipeg Grain Exchange, which on Sunday, N o v . 28,
adopted a resolution barring trading in wheat futures, on
the following day (Monday) agreed to resume trading in
futures on Tuesday. President Milner in making this
known stated that the Exchange Council had decided, after
a conference, to open the market for trading in everything
except November wheat. The Winnipog Grain and Pro­
duce Clearing Association posted a notice stating that the
associtaion would accept purchases in November whoat from

Dec . 4 1915.]

THE CHRONICLE

members who were short that month, as shown on Satur­
day’s clearing sheet, and accept sales in November wheat
from members who were long, such trades to be cleared at
Saturday’s closing prices.
It was also announced that the Government of Manitoba
had decided to permit loading of American boats with com­
mandeered wheat, provided the wheat is billed to the order
of the Government and with the stipulation that the grain is
loaned and must be returned from wheat unloaded at ter­
minals after the commandeering order became effective.
Bills of lading will bo held by the Lake Shippers’ Clearance
Association until such time as the wheat is returned.

TERMS OF SUBSCRIPTION TO STOCK OF A M E R IC A N
IN T E R N A T IO N A L CORPORATION.
A circular letter addressed to stockholders of the National
City Bank of New York, outlining the purposes of the re­
cently-formed American International Corporation and set­
ting forth the terms on which the shareholders of the bank
m ay subscribe to the stock of the new company, was issued
under date of N o v . 27 by Frank A . Vanderlip, President of
the bank and Chairman of the Board of the new corporation.
The letter says that “ any individual, firm or corporation
which is a shareholder of the National City Bank will be per­
mitted to subscribe to an amount of common stock in the
American International Corporation not exceeding his hold­
ing of stock in tho bank at the close of business on Dec. 1
1915, provided his subscription is made on or before D ec. 15
1915.” Each subscription must be accompanied by a check
for a sum equal to 1 0 % of the amount subscribed. An addi­
tional 1 0 % is payable on Jan. 15 1916, and the corporation
reserves the right to call for payment of any portion of the
remainder of tho subscription price at any time upon thirty
days’ notice. Tho lotter states that the management does
not intond to call for more than 20% until tho business of
tho corporation assumes proportions requiring additional
capital. As was noted in these columns last week, the new
company has been incorporated with a capital of 850,000,000
of which $ 1 ,000,000 is preferred stock to be known as man­
agers’ shares, and $49,000,000 is common stock. Of the
common stock, $25,000,000 is offered to tho stockholders of
the National City Bank, while the remaining stock will be
issued to such porsons as the directors may deem advisable.
Tho lotter sent to tho stockholders of the National City
Bank is as follows:
55 W a ll S tree t , N e w Y o r k , N o v . 27 1915.
D e a r ------ : Tho last sixteen months have wrought great changes in the
affairs of tho world. Thesechanges are bringing to the Unitod States new
responsibilites and extraordinary opportunities. It is evident, whether wo
wish it or not, that we must, as a nation, begin to think internationally.
In tho fiold of financo that is especially true. I f wo aro to meet these now
obligations and conditions and, in doing so, grasp tho now opportunities
that tho tremendous events of tho war havo laid before us, it seems neces­
sary that thcro should bo organized somo new corporate instruments for
that work.
Persons closely connected with the National City Bank have had an
unusual opportunity to observe conditions affecting our foreign commercial
and financial relations. Tho bank’s foreign business has been greatly
stimulated: tho number o f Its foreign depositors has rapidly increased: the
total o f its foreign deposits has reached $100,000,000. In the develop­
ment o f tho now foreign branches o f the National City Bank there have
been secured most valuable facilities for studying what is needod, if the
Unitod States is to develop in tho most intelligent manner its new oppor­
tunities and discharge its responsibilities.
Among tho valuable points that tho experience in branch banking has
developed is the close relation existing between a successful foreign com­
merce and foreign financing. Those countries which have contributed
capital to tho development o f other countries have reaped as a result of
those financial relations groat commercial advantages. Any nation that
has not engaged in international financing at tho samo tune that it en­
deavored to build up foreign trado has found itself under a serious handicap
in developing its foreign commerco.
There aro, perhaps, not many things in rogard to tho futuro that can bo
foretold with certainty to-day. It is at least a safe prodiction, however,
to say that for several years to come, whatover fund o f capital for inter­
national development thero may bo in tho world, must come from tho Unitod
States. Tho fountains of capital in the Old World countries have for tho
timo being ceased to flow. Thero seems little prospect that tho belligeront
nations of Europo will at any early day bo able again to turn their attention
to international financo and furnish capital for international development.
While thcro seems likely to bo a largo supply o f investment capital in
tho Unitod Statos, thoro aro obstacles in tho way o f that capital flowing
freely into investments in other countrios, no matter how socuie and prom­
ising thoso investments may bo. Financially, we havo been a provincial
people. Our banking houses and financial institutions have been thor­
oughly well organized to analyze and intelligently pass upon domestic
enterprises, but they have not been organized to investigate, appraise and
manago enterprises in foreign countries. Tho turn o f ovents, however,
is bringing inovitably to our doors thoso enterprises which would normally
havo gono to Europo for tho financing that their development makes neces­
sary. Now enterprises in foreign countries aro now appealing to American
capital. Existing enterprises are asking to bo financed that they may make
necessary extensions. And, what is moro important, perhaps, there aro
investments heretofore made by pooplo in European countries that now
represent woll-triod and profitable undertakings, but which, owing to tho
present unfortunate condition o f tho European investment markets, are
likely in somo cases to bo for salo at prices that will warrant new investors
becoming interested. Thero is, therefore, a fertile field in international




1 8 57

finance, which it is our national duty to study and our financial oppor­
tunity to cultivate. Into that field we should direct capital, technical skill
and administrative experience, if we are fully to attain the position which
s awaiting us in world affairs.
It is with these considerations in view that it was decided to organize
the American International Corporation. This corporation has been char­
tered under tho laws of the State of New York and with $50,000,000 capital.
The first board of directors will include the following:
J. Ogden Armour,
Armour & Company.
Charles A . Coffin,
General Electric Company.
William E. Corey,
Midvale Steel & Ordnance Company.
Robert Dollar,
Robert Dollar Company.
Joseph P. Grace,
W . R. Grace & Company.
James J. Hill,
Great Northern Railway Company.
Otto H. Kahn,
Ivuhn, Loeb & Company.
Robert S. Lovett,
Union Pacific Railroad Company.
Ambrose Monell,
International Nickel Company.
Henry S. Pritchett,
Carnegie Foundation.
Percy A. Rockefeller,
New York, N . Y .
John D. Ryan,
Anaconda Copper Company.
Charles II. Sabin,
Guaranty Trust Company.
William L. Saunders,
Ingersoll-Rand Company.
James A. Stillman,
The National City Bank of New York.
Charles A. Stone,
Stone & Webster.
Guy E. Tripp,
Westinghouse Electric & M fg. Company.
Theodore N. Vail,
American Telephone & Telegraph Company.
Frank A. Vanderlip,
The National City Bank o f New York.
Edwin S. Webster,
Stone & Webster.
Albert H. Wiggin,
Chase National Bank.
Beckman Winthrop,
Robert Winthrop & Company.
William Woodward,
Hanover National Bank.
A copy of the charter, which gives to the Corporation the broadest
powers, is enclosed. You will note that it provides for $49,000,000 of
common stock and $1,000,000 of preferred stock or Managers’ Shares.
The purpose of these shares is to enable the Corporation to secure men of
exceptional talent and experience for the difficult work o f managing this
enterprise. It is obvious that its success will hinge almost entirely upon
the quality of its management: and as its field will be world-wide and its
problems of the most varied character, there will bo needed a group of men
of as wide vision and as sound judgment as can be brought together in
America. These shares will be paid for at par, as will tho common stock;
and they havo no advantage over the common stock in any respect until
oarnings sufficient to warrant the payment of more than 7% dividends on
both stocks have been made. When dividends to the extent of 7% per
annum on both classes of stock havo been declared, any surplus earnings
then remaining are to be divided to the extent that dividends of such
earnings aro declared in the proportion of one-fifth to the Managers’ Shares
and four-fifths to the common stock.
M r. Charles A. Stone, tho head of the well-known firm of Stone & W eb­
ster, has been induced to take the Presidency and the active management
of the Corporation. In my opinion, there is no one who could possibly
have been secured who would bo better qualified for this important and
exacting position. The undersigned has consented to act as Chairman of
the board.
M r. Richard P. Tinsloy, tho Treasurer of tho Standard Oil Company of
New York, who in his twenty-five years of service with that company has
acquired an exceptional knowledge of foreign affairs, will be the Secretary
and Treasurer.
Thcro will bo elected several Vice-Presidents, who will be specialists in
various fields and men of wide experience and trained judgment.
Under tho powers conferred by tho Federal Reserve Act the Nationa
City Bank has, as you are aware, established branches in Argentina,
Brazil, Uruguay and the West Indies. Other branches are soon to be
established in South America and tho principal financial centers there will
soon all havo branchos of tho bank. There are plans well advanced for
the establishment of branches of the bank in Japan, China, the Philip­
pines and India, and also in some of the countries of Europe. The estab­
lishment of those branches is of great importance to American international
trado; and it has already been demonstrated that they will perform a usefu
function in increasing our commercial and financial relations with the
rest of the world. There is, however, much to be done outside of a strictly
banking function, and it is for such financial operations as have been already
indicated that tho new Corporation has been organized. It is believed that
the exercise of its powers through tho management which has been secured
will be of great advantage to the National City Bank and its branches, as
well as to the country at large. Because of this relationship between the
fields of operation of the bank and the new corporation, and inasmuch as
the project has been suggested in part by reason of tho knowledge and in­
formation gained through the business of the bank and the development
of its foreign branches, it has been determined to give all the shareholders
of tho bank an opportunity to subscribe to the stock of the American
International Corporation.
Any individual, firm or corporation which is a shareholder of the National
City Bank will be permitted to subscribe to an amount of common stock
in the American International Corporation not exceeding his holding of
stock in the bank at tho close of business on Dec. 1 1915, provided his sub­
scription is made on or before Dec. 15 1915 by the execution and delivery
of the enclosed subscription paper at 55 Wall Street, New York. Each
subscription must be accompanied by a check to the order of the American
International Corporation for an amount equal to 10% of the amount
subscribed. An additional 10% will be payable Jan. 15; and the Corpora­
tion reserves tho right to call for the payment of any portion of the remain­
der of tho subscription price at any time upon thirty days’ previous written
notice. It is not the present intention of the management, however, to
call for moro than tho 20% provided for in these first two payments until
tho business of the Corporation shall have assumed proportions where
additional capital will be needed. The permission hereinbefore given to
make this subscription is not assignable.
Tho remaining authorized capital stock of the Corporation will be issued
to such persons as the board of directors may deem advisable. It is in­
tended to place it with subscribers who represent such important interests
as will bo useful in the development of the Corporation, and such as have
an interest in international financial and commercial affairs.
It will be
tho endeavor to enlist in tho enterprise the most influential interests in the
field of international financo and commerce.
In order to offer to tho American investment market foreign securities
in a form that will bo most acceptable, it is intended that the Corporation
shall, in addition to the direct offering of foreign government or corporate
obligations, issue in due course its collateral debentures, secured by its
Investments, and tho investors will also have the additional security of the
Corporation’s largo capital.
The charter of tho Corporation expressly provides that, in case of any
future increase of capital stock, tho additional stock may be sold and dis­
posed of by tho board of directors at par or such higher price as they may

1858

THE CHRONICLE

determine, without first offering it to existing stockholders. This is for
the purpose of securing the widest interest in the company and o f giving
the directors and officers latitude and discretion in formulating the policy
of the company in the future conduct o f its business.
Yours very truly,
FR A N K A. VAN D E R LIP,
I n d iv i d u a l ly a n d on B e h a lf o f H i s A s s o c ia t e s .

NEW CURRENCY IS S U E I N MEXICO ANNOUNCED.
Financial conditions in Mexico have been disturbed by the
recent announcement of a new currency issuo, according to
advices from ^Mexico City on the 2d inst. It is stated that
an issuo of 250,000,000 pesos in new notes, which cannot
easily be counterfeited, was announced on the 2d inst., these
notes to be exchanged for legitimate outstanding issues. The
problem confronts the Treasury officials, it is said, of dis­
posing of a large amount of counterfeit money which had
been accepted by the public as good. It is reported that
several arrests have been made in Mexico City for the circu­
lation of unauthorized information concerning the new
currency issue with a view to inducing large holders of old
currency to surrender their money at a greater discount
than the Government had planned for. The Under-Secre­
tary of the Treasury announces that the Government will
begin minting gold, silver and copper coins within the next
four months.
__________________ _

COMPLAINTS A G A IN S T NEW YORK B A N K
E R IN T E N D E N T TO BE IN VE STIG A TE D .

SUP­

A n investigation of the New York State Banking Depart­
ment is to bo undertaken under orders from Governor W h it­
man. The Governor made an announcement on N o v . 30
that he had appointed Frederick J. Groehl a commissioner
under the Moreland A ct to make a thorough investigation
of the department. This action was taken by M r . W hitman
because of complaints alleging that the banking department
had not managed satisfactorily the banks now in its hands
for liquidation. The Governor’s statement said:
The Governor has received a number o f complaints in which it is alleged
that the Banking Department, by reason of its extravagance and mis­
management, has failed to act in the best interest of tho depositors of banks
now in the hands o f the Department for liquidation.
In view o f the fact that some of these complaints are serious, if true,
the Governor feels that tho matter warrants a thorough investigation and
he has therefore, appointed Frederick J. Groehl, a Commissioner under
the Moreland Act, to make a thorough investigation and report.

It is stated that the investigation is based on charges
of extravagance made against Eugene Lamb Richards,
Superintendent of Banks, by a committee of depositors of
tho failed Union Bank of Brooklyn. Depositors of other
defunct banks which are in tho hands of the department were
consulted, it is said, and the complaintsrepresent their senti­
ments as well as those of Union Bank depositors. Among the
depositors represented are those of the Borough Bank, the
Jenkins Trust C o ., the Kobre Bank, tho Kass Bank, the
Schwenck Bank and the Northern Bank of M anhattan. It is
understood that the committee which called on Governor
W hitman charged that under Superintendent Richards the
funds of the Union Bank and other banks had been used to
pay political obligations, that offices had been created which
the depositors considered usoless, and that the salaries of
these officers were paid out of the bank’s funds.
Tho depositors’ association of the Union Bank hold a
meeting in Brooklyn on the 1st inst. and named a committee
headed by Frank H . Grether to co-operate with M r. Groehl
in investigating tho liquidation of tho bank s affairs which is
being conducted by the Banking Department. It is stated
that this committee will wait on M r . Richards to demand a
statement of the bank’s condition and urge the payment of a
dividend.

R U S SIA N FIN A N C E S — THE KOLA RAILROAD AN D
THE BAGDAD RAILROAD.
M r . R . Diamant writes us under date of N o v . 26 1915:
European newspapers received in this city during tho past
few days contain a good deal of information of a financial
and economic character that should bo of interest to Ameri­
can readers. Some of it is summarized below:
THE BAGDAD RAILROAD.
In spite of the war, the construction of the Bagdad Railroad is progressing
slowly but surely. It is reported from Sofia (Bulgaria) under date of Oct.
20 that only two sections o f the road need now to be completed. Re­
cently an important part of the line, from Radju to Islahiee, was opened
for traffic. Although the length of that section is only 30 miles, it never­
theless constitutes a very important part o f the road. A tremendous via­
duct 1,000 feet long, resting on only three pillars, crosses the Heree-Deree
Valley about 240 feet above the stream. The only work still to be done
consists of tho final completion o f the Badgshee tunnel, tho line through
the Taurus Mountain range, in Asia M inor, which lino, although only 20
miles long, is one of tho most difficult pieces of construction of the entire
project, involving the boring of 70 tunnels, tho building of viaducts, &c.




(Vol. 101

The work on this part of the line is being continued with feverish haste
except in those cases where tho building materials for viaducts and bridges
will have to come from Germany. These shipments are awaiting tho estab­
lishment of direct railroad traffic between Germany and Turkey. As soon
as this has been accomplished (the invasion of Serbia has since made this
possible), direct and unhampered railroad communication will be inaugu­
rated not only between Berlin and Constantinople, but also from Ilaidarpasha, on the Bosphorus across from Stambul, to a point only 70 miles
from Mossul, on the River Tigris. A t the same time the construction of
the line from Bagdad in northerly direction is progressing, and tho roadbed
from that city to Tekrif, on the River Tigris, a distance of 100 miles, has
already been finished. It is expected that the entire Bagdad Railroad
will bo finished in the latter part of 1916, unless tho progress of the British
armies toward Bagdad and other developments of the war upset these ex­
pectations.
THE KOLA R AILROAD IN RUSSIA.
The closing of the Dardanelles and tho unsuccessful efforts thus far on
the part of tho Allies to force them open, has led to the construction of tho
Kola Railroad by Russia, running from Petrograd to the ice-free harbor of
Kola, in northwestern Russia, a distance of about 700 miles. This road
has been practically finished. A writer in tho Norwegian “ Politiken” esti­
mates the cost of construction at about $34,000,000. Great difficulties
in engineering as otherwise, were encountered, but they were all success­
fully overcome. Tho railroad runs in a straight line through virgin woods
and vast morasses. This railroad could never have been completed within so
short a time were it not for the fact that many thousands of German and
Austrian prisoners of war were set to work on its construction. As a matter
of fact, the 30,000 laborers who were constantly engaged in tho building
of tho road were gathered from all parts of the Russian Empire. It is
expected that the now railroad will draw many tourists, as it traverses vir­
gin territory, rich in rugged natural scenery and passing along a most beau­
tiful coast.
RUSSIAN FINANCES.
The Russian city of Odessa is in financial difficulties'. It owes to the
Odessa Bank of Credit and to the Agricultural Bank of Bessarabia & Taurus
about $300,000 on past-due interest. • Tho city is about $1,000,000 behind
in its payments. According to tho ‘ ‘Birchcwyja W jcdimosti,” tho banks
of Moscow and Petrograd refuse to redeem tho maturing coupons and the
drawn bonds of the city. This condition is very likely a sequence of the
closing of tho Dardanelles, from which all of tho Russian Black Sea harbors,
o f which Odessa is the principal one, have very seriously suffered. The
latest Russian domestic loan, on which the subscription is now open, is
of a 5 H % interest typo and is issued at 94% . Tho loan will bo redeemable
in 10 years and amounts to $510,000,000. Banks of Petrograd, after some
wrangling with tho Government over tho terms, reluctantly took a share of
$201,000,000 in tho underwriting; thoso of Moscow took about $100,000,­
000. The underwriting price was 90 plus 1% commission. With this
loan taken up, tho Government debt of Russia, not considering tho enor­
mous inflation of the currency, will have practically doublod slnco the out­
break of tho war.
Tho paper "R jetcli” is not satisfied with tho financial policy of tho Rus­
sian Government. It lectures the authorities on account of their succes­
sive violations of the law regulating the issue of paper money, and this, in
view of the fact that they allow the Russian State Bank to issue a larger
amount of currency than permitted under the terms of tho law. Mr.
Pierre Bark, tho Russian Minister of Finance, has justified this action in
view of “ Russian gold held abroad,” but tho “ Rjetcli” severely censures
such vagaries. The gold that has been set aside abroad for Russian ac­
count, the paper rightly remarks, is to bo used for tho liquidation of com­
mercial and other debts Incurred in the United Statos and elsowhere, and
can, thereforo, not be applied as a mystical gold covering for additional
paper money. Any such action is simply unlawful. It may be somewhat
hard on the Government to decido for tho fourth timo during the war to
Increase tho legal limit of the amount of currency in circulation, fearing as
it does a further depreciation o f the ruble exchange as a consequence, but,
so the “ R jetcb” continues, the belief that under circumstances as they are
at present a further depreciation of tho ruble exchange can bo avoided by
parading this mystical “ gold abroad” is altogether too innocent to bo of
any use. The course of the exchango depends entirely on tho country s
paper circulation, and tho Government’s policy will certainly not have the
desired effect.
__________

LAW REGULATING HOURS OF LABOR DECLARED
UNCONSTITUTIONAL.
The Massachusetts law enacted last yoar which provides
that employees in and about steam railroad stations “ shall
not be employed for more than nino hours in ten hours of
timo, the additional hour to bo allowed as a lay-off,” was
declared unconstitutional by tho Supremo Court at Boston
on N o v . 23. Tho Court rulos that tho question was gov­
erned by a docision of tho Unitod States Supromo Court,
which had held that a statute prohibiting labor for more
than ton hours a day in an ordinarily healthy occupation
was an “ illegal interference with tho rights of tho individuals,
both employers and employees, to mako contracts regarding
labor upon such terms as they think host.” Tho Boston
& Maino R R . C o. was found guilty undor tho Act of employ­
ing Victor Richards, a baggage-man, moro than nino working
hours in ten hours’ time. Tho Act was made to apply to
“ baggage men, laborers, crossing tenders and tho like.”

CLOSING OF P A N A M A -P A C IF IC EXPOSITION.
The Panama-Pacific Exposition at San Francisco, which
opened on Feb. 20, closes officially to-day, Dec. 4. W ith
its record of 288 days, tho Exposition has continued for a
longer period than any other inteiuiational exposition pre­
viously held. It is stated that it will close its gatos with a
net balance of $2,281,169, figuring tho Exposition’s gift to
the city at its cost price of $1 ,086,000. It is understood
that tho Fine Arts Building will remain open until next M a y
with .as many of tho works at present on exhibition as can
be kept.

D e c . 4 1915.]

THE CHRONICLE

BANKING, LEGISLATIVE AND FINANCIAL NEWS.
The sales of bank stocks at the Stock Exchange this week
aggregate 62 shares. N o bank or trust company stocks were
sold at auction. Extensive tables reporting bid and asked
quotations, deposits, surplus, & c., of banks and trust com­
panies in all important cities in the United States are pub­
lished monthly in the “ Bank and Quotation” Section, the
December issue of which accompanies to-day’s “ Chronicle.”
Bid and asked quotations for all New York City bank and
trust company stocks are also published weekly in another
department of this paper, and will be found to-day on page
1862.
•
S h a r e s . BANKS — N e w Y o r k .

L o w . H ig h .

28 City Bank, National_________ 470 4S1
34 Commerce, Nat. Bank o f_____ 175 178

C lo se.

with the Fifth Avenuo Bank of N ew Y ork. H e has been
active in the affairs of tho American Institute of Banking
since its inception, having been its Secretary for two years
and President for one year of the N ew York Chapter. W ith
tho opening of the new Fifth Avenue branch, the M etro­
politan Trust C o. gives evidence of its continued develop­
ment under the management of George C . Van Tuyl Jr.
Tho deposits at the beginning ofjiis presidency were $2 0,000,­
000 and at the present time amount to $5 5,000,000. The
figures of condition under the recent call of the State Banking
Department showed that its deposits during the twelve
months had increased 100% .

L a s t p r e v io u s s a le .

470
175

185i)

Nov. 1915— 486 Vi
N ov. 1915— 177

The Rhode Island State Bankers’ Association held its
first annual meeting and banquet on M onday last at the
Narragansett H otel, Providence. It was attended by about
J. P . Morgan, who underwent an operation for appendi­ 200 bankers from Rhode Island, N ew York , Boston and
citis at his Glen Cove, L . I ., home on Oct. 29, returned to other N ew England points. William P . Goodwin, President
his office on the 1 st inst., apparently fully recovered from of the Association, presided. The principal speakers at the
the effects of the attack.
banquet were Colonel Fred. E . Farnsworth, General Sec­
retary of the American Bankers’ Association, who spoke
President James K . Lynch of the American Bankers’ on “ Business and Politics,” and Henry D . Estabrook of
Association announces the appointment of the following N ew York. M r . Farnsworth’s remarks are referred to at
territorial vice-presidents: Alaska— Sidney Anderson, Cashier length on another page in to-day’ s issue of the “ Chronicle.”
Bank of Seward, Seward; Canal Zone— A . G . Clapham, M r . Estabrook made an appeal for the return of sound legis­
President Commercial National Bank of Washington, D . C ., lation based on common sense rather than on humanitarian
branch, Cristobal; Hawaii— S. M . Dam on, Bishop & C o ., theories. He announced his belief in the need of a thor­
Honolulu; Philippine Islands— D . Garcia, Cashier Bank of oughly protective tariff, and spoke against the Sherman
the Philippine Islands, Manila; and Porto Rico— Burt 0 . A c t, the income tax A ct and other laws which he believes
Clark, Manager American Colonial Bank, branch, M a ya - only hamper industry. W ith the Rhode Island State Associa­
guez.
tion definitely established, thero are now State banking asso­
ciations in the entire forty-eight States, and in addition
The thirteenth annual edition of “ Trust Companies of one in the District of Columbia, making forty-nine in all.
the United States” — a volume compiled and published E . A . H avens, Assistant Cashier of the Mechanics’ National
by the Unitod States Mortgage & Trust Company of Bank, Providence, is Secretary of the Association, and Henry
Now York— has lately made its appearance. The publica­ L . W ilcox, Cashier of the National Bank of Commerce,
tion contains the names of 2,031 institutions, and, in addi­ Providence, is Treasurer.
tion to the statements of condition of 1,777 trust companies
throughout the country, presents lists of officers and direc­
Tho Council of Administration of the Pennsylvania State
tors, together with stock quotations, dividend rates and other Bankers’ Association has decided to hold the next annual
statistics relating to the institutions. It is proper to state convention in Philadelphia. This decision was reached at a
that tho volume embodies in its compass not only institutions meeting of the Council in that city on N o v . 26. The date
which confine themselves solely to a “ trust” business, but for the convention has not been set but it will probably take
all which contain tho word “ trust” in their titles. Accord­ place early in tho spring.
ing to tho compilation, there has been a gain of over 6 1 %
in tho total resources of tho companies in the past seven
years, tho figures at 86,328,454,000 on June 30 of this year
comparing with 83,917,442,000 on Juno 30 1908. The
present resources of tho institutions included, it is stated,
are nearly 5 4 % of tho resources of tho national banks,
reported on Juno 23 as 81 1,79 5,0 00,0 00. In tho preface
John W . Flatten, President of the United States Mortgage
& Trust C o ., says:
Each succeeding year reveals a continued expansion o f the activities of
tho trust companies of tho United States, and tho growth of additional
features of usefulness which bear world-wide significance.
Each succeeding year there is added to tho available wealth of the nation
through these institutions a steadily augmenting volumo of resources, this
year's incroaso of over four hundred million dollars being a notable example.
Each succeeding year tho personal and corporate business o f tho country
shows increastxl confidence in trust companies, as evidenced in tho continu­
ous growth o f their deposits, of which this year’s gain is 8381,943,696 75.
Each succeeding year the trust companies demonstrate more clearly
their ability to care efficiently for those individual and corporate operations
which involve very large and intricate transactions.
Each succeeding year the tendency to designate an institution of this
class for tho oxocution of personal trusts and the administration of estates
is becoming more and more marked.
Each succooding year affords evidence that tho responsiveness of these
institutions in meeting local requirements has in no small measure been
perfected by reason of their knowledge of conditions peculiar to tho particu­
lar section in which oach company operates and their ability to administer
through resident control.
Each succooding yoar further progress is being achieved in standardizing
tho banking laws o f tho various States, which tends to conserve and advance
the interests of trust companies and tho communities they servo.
And, finally, each succeeding month and each succeeding year will reveal
tho fact that it is of vital importance if tho fullest development of the
nation's rosourcos Is to bo accomplished, that every step be taken calcu­
lated to co-ordinate along acceptable lines the country’s now more or less
disconnected financial units, the necessity being for further and concerted
action to secure amendments by Congress o f the Act which will render it
desirable for State institutions to become members of tho Fodcral Reserve
System.

Rogor P . Kavanagh has resigned as Examiner with the
New York Stato Banking Department to become associated
witli tho Metropolitan Trust C o. of tho City of New York
at 49 W all St. M r. Kavanagh will assume tho management
of tho now uptown office of the company upon the comple­
tion, in about six weeks, of its new building at 716 Fifth
Avo. Prior to his entry into tho Banking Department
on June 1 1908, M r. Kavanagh was for many years connected




Edward C . Wallace, a director of tho National Park Bank
of this city, died on N o v . 28. Ho was a member of the firm
of William II. Wallace & Co. and a director of tho Metropoli­
tan Life Insurance Co.
Edward R . Bacon, a director of the Farmers’ Loan & Trust
Co. of this city and First Vice-President of the Baltimore &
Ohio R R ., in the reorganization of Avhich road he was one
of the principals, died on the 2d inst. in Baltimore. M r .
Bacon was born in N ew York C ity in 1846. H e became Vice­
President of the Cincinnati Washington & Baltimore R R .
in 1881, and later served as its President, which position he
held until 1902. In that year he became Vice-President of
the Baltimore & Ohio Southwestern R R ., and continued to
occupy that post until his death. H e was a director of the
Kansas City Southern R y ., the Cincinnati Hamilton &
D ayton R y ., the Interborough Metropolitan C o. and the
Interborough Rapid Transit Co.
The Harriman National Bank Building, at the southeast
corner of Fifth Avenue and Forty-fourth Street, was sold on
N o v . 30 by tho American Real Estate C o. to R . B . D ula,
who retired a few years ago as Vice-President of the American
Tobacco C o. Tho building is an eleven-story structure
covering a plot of 65 feet on Fifth Avenue and 105 feet on
Forty-fourth Street. Tho bank occupies the first two floors
and tho basement. The building was erected in 1905 at an
estimated cost of $750,000, and in 1909 was sold to tho Amer­
ican Real Estate C o . at a valuation of $ 2 ,000,000. The
actual price paid by M r. Dula has not been disclosed, but it
is stated that tho real estato company has held the property
at $2,250,000. It is understood that M r . D ula will co-oper­
ate with tho Harriman National Bank in its plans for ex­
tensive alterations to its present quarters to afford larger
space for its expanding business. The growth of the insti­
tution is shown by tho fact that in 1911 deposits aggregated
$4,100,000, while under the last call of tho Comptroller they
were $22,600,000.
George M . Boardman and Henry F . Noyes have been
elected trustees of the Brooklyn Trust C o. of Brookljm

1860

THE CHRONICLE

[Vol. 101.

M r . Boardman was recently chosen a direotor of the Nassau
National Bank. Ho is a partner in the firm of Paterson,
Boardman & Knapp of this city.

personally to buy the fractional share on a basis of $250 per
share, or ho will sell a fraction on the same basis, which, with
the allotted fractional share, will mako one entire share.

A decision, which is regarded as an important victory for
State Superintendent of Banks Richards and the depositors
of the defunct Lafayette Trust C o. of Brooklyn, has been
handed down by the Court of Appeals in Albany. The rul­
ing was given in a suit brought against the trust company
by the First N ational Bank of Brooklyn, which involved title
to a mortgage for $265,000. The Court decided in favor of
the trust company. The proceedings concerned a second
mortgage for $300,000, secured by the building occupied by
the Long Island Storage & Warehouse C o. of Brooklyn, and
was given to John G . Jenkins by Edward T . Jenkins. Sub­
sequently the latter paid off $35,000 on the mortgage, re­
ducing it to $265,000. The First National Bank, as holder
of a subsequent assignment of the mortgage, last year insti­
tuted an action to set aside the prior assignment. This suit
was dismissed by Supreme Court Justice Crane and his action
was affirmed by the Appellate Division on appeal. The
Court of Appeals has now upheld this action. As a result
of this decision the prosecution of various suits brought by
the State Banking Department against the stockholders of
the trust company will now be permitted, and it is believed
that the pressing of these suits will result in the recovery of
additional funds with which furthor dividends to depositors
may be paid.
A s heretofore stated, the right of the Banking Depart­
ment to enforce the liability of stockholders of defunct bank­
ing institutions was upheld in April 1913 by the Court of
Appeals in a decision handed down in a test case brought
to recover from August C . Sharmann, a stockholder in the
Lafayette Trust C o ., the face valuo of his holdings in the in­
terest of creditors of the company. The Court affirmed tho
decision of the lower courts in the matter.

Seth H . Butler, who has been President of the First
National Bank of Middletown, C onn., for twenty-two years,
resigned on tho 1 st inst. from that position and was suc­
ceeded by his son, Earle C . Butler, horotoforo Vice-Presi­
dent of the institution. Seth H . Butler was elected a di­
rector of the bank in 1868. Tho newly-olected President
has been connected with tho institution sinco 1881 and was
chosen Vice-President in 1905.

Charles II. Sabin, President of tho Guaranty Trust C o. of
New York , has become identified with tho Morristown Trust
C o. of Morristown, N . J ., as a member of its board of direc­
tors and its executive committee.
The W est Jersey Trust C o. of Camden, N . J ., will send
out on D ec. 13 to the members of its Christmas Club for
1915 checks for fifty weeks’ savings plus interest. The total
distribution will amount to over $100,000.
On the 15th
the company’s Christmas Club for 1916 will begin. The
club offers several different plans of saving. The trust
company uses a patented card system in carrying the club
accounts, a record of the deposits being made by punching
holes in the card.
Elizabeth Gurley Flynn, the Industrial Workers of the
W orld agitator, was found not guilty by a jury in Paterson,
N . J ., on N o v . 30 of the chargo of inciting strikers to acts of
violence in the silk strikes in that city in February 1913.
M iss Flynn’s trial began on N o v . 29 beforo Judge Klenert
and a “ foreign jury” from Hudson County in the Court of
Quarter Sessions. She was charged with “ inciting to per­
sonal assault” by urging silk workers who were on strike to
go to the mills where there were other workers and “ get
them out” even if the use of “ extreme force” was necessary.
This is the second time that M iss Flynn has been tried on tho
charges.
On July 3 1913 a jury before whom the case had
been presented reported its inability to agree and was dis­
charged by Judge Klenert.
The name of the First National Bank of Saratoga Springs,
N . Y . , has been changed to the Saratoga National Bank.
As heretofore stated, the institution recently took over the
Citizens National Bank of that city.
The Central Bank of Rochester, N . Y . , is to increase its
capital from $250,000 to $300,000. A n extra dividend of
20% has been declared and tho stockholders of the bank
have been given the privilege of purchasing tho new stock
with this dividend. The extra dividend is payable Jan. 3
to stockholders of record D ec. 17. The shareholders are
entitled to subscribe for shares of the new stock at par to
an amount equal to one-fifth of their holdings. This action
was decided upon at a meeting of the directors on N o v . 9
and was approved by the stockholders on the 1st inst. For
the convenience of stockholders receiving fractional shares,
John H . Gregory, President of the bank, has consented




W . Atlee Burpee, a director of the M arket Street National
Bank and tho Northern Trust C o. of Philadelphia, died at
his country homo near Doylestown on N o v . 26. M r .
Burpee was head of the seed firm of W . Atlee Burpee & C o.
He was a director of tho Colgate Company, tho Wholesale
Seedsmen’s League, ex-President of tho American Seed
Trade Association, a member of tho Trades League of
Philadelphia and the Philadelphia Board of Trado, and was
connected with many other organizations.
Henry D . Hughes, senior member of the brokerage firm
of Hughes & Dier of Philadelphia, who was suspended on
Sept. 27 for ono year from the Philadelphia Stock Exchange,
was acquitted by the directors of the Chicago Board of
Trade on N o v . 30 of charges of making false reports to cus­
tomers and “ bucket-shopping trades.”
The fiftieth anniversary of the founding of the banking
firm of Robert Glendinning & C o. of Philadelphia occurred
on N o v . 30. The firm is a member of the Now York apd
Philadelphia Stock Exchanges. The present members of
the firm are Robert Glendinning, son of tho founder of the
company, Charles W . W elsh and Henry M iller W a tts.
Tho Lake Shore Banking & Trust Co. of Cleveland, Ohio,
was authorized by tho Stato Banking Department on N o v . 29
to increase its capital from $200,000 to $350,000. The new
stock was offered to shareholders pro rata at $133 33 a
share, and every share was subscribed for.
Tho stock has
been selling at $325 per share,
It is stated that tho now
stock will be paid in by the first of tho year. W ith tho in­
crease in capital and surplus, the institution will havo capital
of $350,000, surplus of $100,000 and $100,000 in contingent
funds and undivided profits.
The Meyer-Kiser Bank of Indianapolis has announced
plans for a new homo at 136-136}^ East Washington Street,
directly opposite its present location. Tho building on that
site which the bank is to occupy will undergo oxtonsivo alter­
ations and be transformed into a modern bank building. It
is stated that tho building will bo ready for occupancy by
April 1. According to Sol M eyer, President of tho bank,
lack of room in the present structure and tho demands of a
growing business necessitate tho romoval of tho institution
to new quarters. Tho remodeled structure will bo four stories
high, with a frontago of 27 foot and a depth of 195 feet.
The entire front will bo in whito glazed torracotta. The
main entrance will be provided with massive bronze doors
and the entrance lobby will bo finished in Pavanazzo marble.
Tho interior of tho bank will havo marblo countors, wainscotings with railings and cages of bronzo. M r . Moyer and
S. S. Kiser, Vice-Presidont of tho bank, bogan businoss in
1895 as M eyer & Kiser, dealers in roal estato and invest­
ments of all ldnds. Tho bank was formod in 1906 as an
outgrowth of that businoss.
William A . H eath, President of tho Livo Stock Exchange
National Bank of Chicago, was presented with a largo silvor
loving cup on N o v . 24 as a tokon of esteem and good-will
from the employees of tho bank.
Alexander Laird, who resigned last Soptombor as Gonoral
Manager of the Canadian Bank of Commorco (head office
Toronto), died on N o v . 29. M r . Laird was born in Scotland
in 1853 and came to Canada at an early ago. Ho ontorod
the employ of the Canadian Bank of Commorco in 1876 and
served in Guelph, Brantford, Collingwood, Toronto, and for
some years in Chicago. In 1886 ho becamo ono of tho bank’s
agents in Now York, and in 1903 was chosen Assistant Gen­
eral Manager. Four yoars later ho became Gonoral Managor.
M r . Laird was a director of tho National Trust C o ., L td .,
the Imperial Life Assurance C o ., tho British-Amorica Assur-

THE CHRONICLE

D eo. 4 1915.J

ance C o ., the Western Assurance C o. and the Mississippi
River Power C o. He was Chairman of the Bankers’ Sec­
tion of the Toronto Board of Trade and a member of the
N ew Y ork Chamber of Commerce.
The statement of the Standard Bank of South Africa, Ltd
(head office London), for the half-year ended June 30 ,
showed deposits of £24,76 1,2 36, as compared with £ 2 1 ,7 8 1 ,­
982 on Doc. 31 1914 and £20,900,321 at the end of 1913.
The total assets of the bank on June 30 last also exhibited a
marked advance over the figures for D ec. 31 1914; on the
former date they aggregated £3 2,84 1,5 51, while at the end
of last year they totaled £ 3 0,16 3,9 23. The directors of the
institution have declared an interim dividend of 7 % out of
profits for the half-year ended June 30, the dividends being
subject to income tax. The nominal capital of the bank is
£ 6 ,250 ,00 0; the capital subscribed (309,705 shares of £2 0
each) £ 6 ,1 9 4 ,1 0 0 , and called up, £ 5 a share, £1 ,5 4 8 ,5 2 5 .
The reserve fund is £2,000 ,00 0. W . H . Macintyre is Manager
of the N ew Y ork agency of the bank at 55 W all Street.
This
publication has lost the services of a loyal and valuable
employee in the death from typhoid on N o v . 19 of Isaac
Aaron. M r . Aaron had been educated as a lawyer and was
one of tho most efficient men on our editorial and statistical
staff. His distinctive piece of work was as chief assistant
in our department devoted to the presentation of investment
intelligence regarding railroads and industrial corporations.
H e was also chief assistant on our “ Railway & Industrial”
Supplement. M r . Aaron was exceedingly conscientious
in the discharge of his duties, and was continuously in the
employ of the paper since 1898, during all of which time he
gave the best that was in him, thus attaining the highest type
of usefulness. It will not be easy to replace him.
H e was
not yet fifty years of age.
D eath

of

a

F a it h f u l “ C h r o n ic l e ” E m p l o y e e .

C a n a d ia n B a n k C lea rin g s. — The clearings of the Cana­
dian banks for the month of November 1915 show an increase
ovor tho same months of 1914 of 3 7 .8 % , and for the eleven
months the loss reaches 8 .4 % .
E le v e n M o n t h s .

N ovem ber.

1915.
Montreal_____
T oron to.........
Winnipeg........
Vancouver___
Ottawa__ ____
Quebec_______
Halifax............
Calgary______
Hamilton
_.
St. John_____
Victoria...........
London ______
Edmonton___
Regina_______
Brandon *___
Lethbridge_
_
Saskatoon *__
Moose Jaw—
Brantford----Fort William..
New Westmln.
Medicine Hat.
Peterboro’gh*.

1914.

$

S

282,437,024 201,353,029
194,628,769 150,132,944
245,962,656 148,927,216
26,324,641 28,519,737
19,885,360 18,119,824
15,385,947 14,025,754
10,025,337 7,812,491
22,308,991 14,822,508
15,422,731 10,999,870
6,467,782 6,095,734
6,659,343 8,168,812
8,176,625 6,537,113
10,110,802 10,333,744
13,645.462 8,790,004
2,700,000 2,842,055
2,823,286 1,614,260
5,500,000 4,811,143
6,490,154 4,026,808
2,702,880 2,052,314
2,841,304 2,953,175
1,067,874 1,244,551
1,906.437 1,301,697
1,750,000 1,689,176

In c. or
D ec.

. or
D ec.

t ic

1914.

1915.

S
$
%
+ 40.3 2,328,960,879 2,433,363,124

%

— 4.3
+29.6 1,683,835,209 1,858,722,905 — 9.4
+65.2 1,269,114,539 1,255,516,376 + 1.1
— 7.7 255,872,203 396,762,145 — 35.5
+ 9.7 190,805,975 189,750,959
+ 0.6
+ 9.7 143,388,071 152,394,103 — 5.9
+ 28.3
94,085,744
91,917,071
+ 2.4
+ 50.5 146,588,288 186,679,960 — 21.5
+ 40.2 135,898,855 137,344,916 — 1.0
+ 6.1
70,983,211
71,708,723 — 1.0
— 18.5
69,884,501 114,058,859 — 38.7
+25.1
81,243,863
78,482,874 + 3.5
— 2.2
93,250,303 146,397,691 — 36.3
+55.2
74,108,201
90,284,517 — 17.9
— 5.0
21,866,982
23,849,005 — 8.3
+74.9
16,742,730
19,562,825 — 14.4
+ 14.3
40,432,640
55,010,679 — 26.5
+61.2
36,070,551
41,935,014 — 14.0
+31.7
23,890,784
26,406,659 — 9.5
— 3.8
20,896,089
36,617,860 — 42.9
— 14.2
12,274,963
17,875,097 — 31.3
+46.5
11,307,275
18,537,380 — 39.0
+ 3.6
18,334,619
9.631,782

Total Canada. 903,473,405 655,484,783 + 37.8 6,821,501,886 7,443,171,742'

— 8.4

* Not included in totals: comparison Incomplete.

The clearings for the week ending N 9V. 27, in comparison
with the samo week of 1914, show an increase in the aggre­
gate of 4 0 .9 % .
________________________
W e e k e n d in g N o v e m b e r
C le a r in g s a t —

1915.

1914.

In c. or
D ec.

Canada—
%
S
S
Montreal___________
59,188,829 45,445,581 + 30.2
Toronto_____________ 45,205,494 30,605,888 =+47.7
Winnipeg____________ 54,848,984 31,940,417 + 71.7
Vancouver__________ _ 5,734,351 6 216 613 —7.8
Ottawa______________
4,160,775 4,126]936 + 8.1
Quebec______________
3,119,887 2,887,711
+ 8.0
2,111,732 1,641,344 +28.6
Halifax
.................
5,213,916 3,114,617 + 67.4
Calgary______________
3,236,730 2,233,302 + 44.9
Hamilton____________
1,449,136 1.293,867 + 12.1
St. J o h n ....- - - - - - - - - 1,463,558 1.511,901 —3.2
Victoria . " ....................
1,642,380 1,411,395 + 16.4
T/nif)nn
__ _
2,280,731 2,292,483 —0.5
Edmonton___________
2,779,379 1,875,062 +48.2
Regina______________
837,053
537,229 + 55.8
Brandon_____________
650,337
367,589 + 77.0
Lethbridge___________
1,751,528
999,054 + 75.3
Saskatoon____________
870,199 + 62.8
1,416,640
Moose Jaw___________
498,792 + 1.7
507,218
Brantford_______
621,758 + 1.6
631,683
Fort William.................
290,421 —26.3
213,973
New Westminster__
328,487 + 49.7
491,977
Medicine Hat_________
414,295 + 4.4
432,472
Peterborough_________

27.

1913.
54,815,511
40,795,458
46,902,215
10,386,034
4,009,936
2,911,056
1,983,950
5,169,372
3,358,338
1,557,892
2,884,996
1,554,569
4,153,774
2,990,651
836,042
647,852
1,980,854
1,349,762
574,212
1,074,456
449,620
595.162

Total Canada----------- 199,368,763 141,524,941 + 40.9 190,981,712 189,682,145

P a c ific a n d O th er W estern C lea rin g s brought forward
from first page:




E le v e n M o n t h s .
C le a r in g s at —
I n c . or
D ec.

1914.

$

San Francisco.
Los Angeles__
Seattle______
Portland____
Spokane_____
Salt Lake City
Tacoma_____
Oakland_____
Sacramento__
San Diego___
Fresno______
Stockton____
Pasadena____
San Jose_____
North Yakima
Boise_______
Ogden______
R eno_______
Santa Rosa__
Long Beach.a.
Bakersfield__

,489,742 213,238,240
,074,929 85,134,849
,942,458 48,364,607
,428,739 48,568,431
,547,449 15,698,363
,619,854 32,394,181
305,239 8,901,815
,036,913 13,916,869
858,610 9,360,945
,891,730 7,164,160
,198,893 5,958,105
,141,178 4,509,227
,841,200 •3,075,468
060,665 3,372,504
234,279 1,896,796
300.000 3,134,608
000,000 5,233,414
300.000 1,162,205
041,657 1,030,104
241,819 2,112,817
675,702 1,787,755

%
+ 18.9
+ 12.8
+ 13.6
—0.3
+ 18.1
+ 16.1
—6.7
+ 22.7
+ 16.0
+ 24.1
+20.8
+ 14.0
+ 24.9
+ 20.4
+ 17.8
+ 37.2
— 4.5

+ 11.9
+ 1.1
+ 6.1
—0.7

In c. or
D ec.

1914.
1,431,747,3722, 295,353,203
946,351,2851 061,466,488
558,435,664 582,446,594
506,367,052 532,183,299
174,125,937 185,169,717
307,535,354 283,007,462
89,759,570 101,749,163
164,042,857 160,775,452
94,585,160
90,129,878
95,197,684
89,875,857
47.773.802
48,544,800
44,794,197
42,772,313
39,574,154
40,650,340
32,177,350
33,282,230
18,707,047
19,080,828
38,973,949
35,339,688
39,897,341
38,730,648
13.846.803
12,867,210
10,471,760
11,624,815
24,068,534
14,983,697
18,133,979
21,584,797

Total Pacific 590,989,237 513,902,646 + 15.05,662,721,208 5,696,411,891
Kansas City.
Minneapolis .
Omaha______
St. Paul........
Denver_____
Duluth______
St. Joseph___
Des Moines__
Sioux City___
Wichita..........
Topeka_____
Lincoln..........
Davenport__
Cedar Rapids
Fargo.............
SiouxFalls___
Colorado Spgs.
Pueblo__ __
_
Fremont____
Hastings____
Aberdeen____
Waterloo____
Helena...........
Billings..........
Joplin_______
Grand Forks..
Lawrence____
Iowa City___

394,019
154,482 ,414
90,955 ,823
79,253 ,855
56,437 ,152
55,329 ,242
34,732 ,088
24,656 ,978
15,967 ,268
19,431 ,066
7,476 ,068
10,626 ,756
6,436 ,199
8,023 ,307
13,031 ,772
6,095 ,948
3,378 ,376
1,920 ,909
1,747 ,911
1,158 ,420
4,630 ,731
8,827 ,053
7,535 ,716
3,528 ,989
5,757 ,061
3,285 ,000
958 ,006

1,200 ,000

,292,373 + 34.33 ,453,215,443
,287,315 —5.61 ,169,550,162
,609,825 +27.0 890,881,423
,861,102 +49.9 589,851,026
,461,398 + 26.9 458,595,635
,088,238 =+38.0 242,114,793
,655,926 + 9.7 347,917,705
,026,371 + 29.6 257,112,801
,259,994 + 30.2 156,051,065
,767,312 +23.2 175,982,327
,675,122 + 12.0
71,245,607
,183,345 + 15.7 107,902,578
,590,997 + 15.1
69,479,762
,890,160 + 16.5
82,990,935
,602,634 +51.5
67,215,045
,208,560 + 44.4
49.975.566
,648,058 +27.6
32,893,441
,715,201 — 48.8
21,735,593
,711,112 + 2.1
18,732,999
,032,976 + 12.2
10,347,146
,324,621 + 39.3
31,298,808
,530,544 +59.6
79,034,237
,050,720 + 24.5
54.872.566
,069,744 + 15.0
25,089,339
,517,586 + 128.7
43,520,547
,156,000 + 52.4
19,431,400
993,329 —3.5
9,266,615
,050,000 + 14.3'
12,835,022

,692,352,565
,231,317,160
804,825,691
528,321,460
417,836,291
229,450,077
327,134,108
255,891,742
157,137,708
162,027,220
74,660,104
99,263,850
77,119,604
85,260,342
52,614,191
45,087,237
29,767,154
30,856,561
18,440,419
10,207,256
27,301,159
67,599,466
54,269,006
21,009,713
29,966,756
17,975,400
10,128,884
11,702,673

%

+ 5.9

—10.8
— 4.1
—4.9

—6.0
+ 8.7

— 11.8
+2.0
— 4.7
— 5.6

— 1.6
+ 4.7

—2.6
— 3.3

—2.0

+ 10.3
+ 3.0
+ 7.6
— 9.9

—ie"o
+0.6
+ 2 8 .3
— 5.0
+ 10.7

+ 11.6
+ 9.7
+ 5.5
+ 6.4
+ 0 .5
— 0.7

+ 8.6

— 4.6
+ 8.7
— 9.8
— 2.9
+ 2 7 .7

+ 10.8
+ 10.8

— 29.5

+ 1.6
+ 1.6

+ 14.4
+ 16.6
+ 1.9
+ 19.1
+ 4 5 .4

+8.2
—8.1
+ 9 .5

Tot .oth. West 1020866,033 802,260,5631 +27.2 8,549.139,5867,569.523,797 + 12.7
a Not Included In totals; comparison incomplete.
Week ending November 27.

Clearings at—

1915.

In c . or
D ec.

1914.

1913.

1912.

S
44,808,507
18,891,311
12,410,048
10,536,670
3,856,358
6,873,795
1,647,043
3,050,173
1,888,306
1,599,247
1,142,241
893,479
826,667
518,254
460,000
320,000

S
46,698,264
23,475,251
10,889,566
9,195,072
3,860,566
5,807,076
2,866,708
3,325,731
2,046,505
2,254,995
1,153,977
* 914,663
1,080,713
690,625
464,022
292,581

109,722,099

115,016,300

47,607,269
26,076,457
15,587,944
12,412,892
9,301,209
6,429,435
6,160,643
3,752,121
2,718,338
2,805,297
1,357,803
1,706,953
1,312,134
1,350,246
511,698
575,184
656,537
283,611
159,665
308,813
1,130,017
1,128,550
552,406

50,151,310
28,676,725
15,469,444
12,843,351
8,931,106
8,912,806
5,616,613
3,553,550
2,310,858
2,981,485
1,342,143
1,412,301
1,585.035
1,401,230
442,123
612,705
671,407
225,003
162,740
325,000
1,066,654
982,521
532,804

193.401,574 __160,174,754 +20.9 _143,885,222

150,208,914

San Francisco...
Los Angeles____
Seattle________
Portland______
Spokane_______
Salt Lake City..
Tacoma_______
Oakland_______
Sacramento........
San Diego..........
Fresno...............
Stockton ---------Pasadena--------San Jose...........
North Yakima. .
R eno................
Long Beach------

S
52,760,560
18,920,824
10,768,878
9,035,120
3,450,166
8,023,705
1,656,676
3,124,638
1,816,677
1,553,990
1,302,300
981,801
840,438
750,000
450,000
250,940
449,094

Total Pacific..

116,135,807

Kansas City___
Minneapolis___
Omaha-----------St. Paul...........
Denver________
Duluth-----------St. Joseph..........
Des Moines____
Sioux City.........
Wichita.............
Topeka__ ____
Lincoln .............
Davenport..........
Cedar Rapds__
Fargo.................
Colorado Springs
Pueblo________
Frpmont
Hastings______
Aberdeen______
Waterloo---------Helena________
Billings.............

75,891,886
*30,596,723
17,510,303
15,000,000
11,957,028
11,329,221
6,466,970
4,426,928
2,747,637
3,435,648
1,347,608
1,957,681
1,117,554
1,348,942
2,177,036
674,698
409,450
309,230
216,480
1,047,981
1,402,910
1,294,077
735,583

Tot. oth. West.
S
51,121,071
41,052,822
42,096,170
14,022,672
3,692,016
3,500,373
1,807,717
5,594,050
3,600,000
1,973,315
3,808,576
1,581,649
4,931,910
2,997,832
811,711
708,547
2,958,443
1.799,531
656,754
966,986

18 6 1

S
43,955,183
16,792,034
10,167,160
9,400,000
2,877,595
6,340,137
1,624,737
2,786,297
1,703,908
1,369,969
1,187,008
973,931
672,426
676,316
391,714
209,502
431,375

%

+20.0
+ 12.7
+5.9
—3.9
+ 19.9
+ 26.5
+2.0
+ 12.1
+ 6.6
+ 13.4
+ 9.7
+0.8
+25.0
+ 10.9
+ 14.9
+ 19.8
+4.1

101,559,292 + 14.3
59,582,882
30,407,081
15,304,391
10,391,658
9,746,174
7,396,462
6,207,259
3,633,784
2,380,204
3,020,155
1,239,260
1,885,114
1,161,474
1,269,014
1,428,495
573,925
677,361
315,722
215,581
646,301
1,144,213
1,001,158
547,086

+27.4
+ 0.6
+ 14.4
+44.3
+22.7
+53.2
+ 4.2
+ 21.8
+ 15.4
+ 13.7
+8.7
+3.8
—3.8
+6.2
+ 52.4
+ 17.6
—39.6
—2.1
+ 0.4
+ 62.0
+22.6
+29.2
+ 34.5

• Owing to the consolidation the latter part of March 1915 of the First National
Bank and the Security National under the name of the First & Security Bank,
Minneapolis bank clearings are being materially reduced.

C lea rin g s b y T e le g ra p h — Sales o f S to ck s, B on d s, & c.
— The subjoined table, covering clearings for the current
week, usually appears on the first page of eadh issue, but
on account of the length of the other tables is crowded out
once a month. The figures are received by telegraph from
P er
Cent.

C learings— Returns by Telegraph.
Week ending Dec. 4.

1915.

1914.

New York__ _______ _____________
Boston___________________________
Philadelpkia______ ______ ________
Baltimore________ ______________
Chicago_______
St. Louis_________________________
New Orleans____ _________ _______

$2,620,063,141
171,412,539
206,333,120
41,484,246
318,083,566
81,426,257
28,105,451

$1,325,310,187
121,837,182
. 138,616,010
34,395,469
285,723,972
70,791,614
20,239,772

+97.7
+40.7
+48.9
+20.6
+ 11.3
+ 15.0
+38.9

Seven cities, 5 days.. ___________
Other cities, 5 days__

$3,466,908,320
689,942,468
C 1O ,0OU 4O
K Q
C4,X U O At7QO
w
779,942,341

$1,996,714,206
598,794,618
*pO 4U |0«<
1 * R 94.
C. ,O0 ;,7HOR z
484,661,594

+ 73.6
+ 15.2

Total all cities, 5 days
All cities, 1 day__________
Total all cities for week....................

9 ,9
a

+60.1
+ 60^9

$4,936,793,129 1 $3,080,370,418 1 +60.3

THE CHRONICLE

1862

Our usual monthly detailod statement of transactions on
the New York Stock Exchange is appondod. The.results
for tho eleven months of 1915 and 1914 are given below:
E
leven M
onths
1914.

E
leven M
onths
1915.
lion.

.

Actual
Value.

Par V
alue
or Q
uantity.

Actual
Value.

Par V
alue
Aver.
uantity.
P
rice. or Q

\Aver.
Price.

1
45,990,575
S tock/S h ’s.
159,446,471
IV a l. §13680,325,490 } s i 1572233386 84.6 54,023,321.369 Is3792545,143' 94.3
378,055,187 96.0
393,760,000
695,002,974 85.4;
R R . bonds
813,878,700
688.429104.3
660.100
2,018,909 100.5j
G o v ’ t bds.
2,009,000
32,926,334100.8
22,852,524 92.6!
32,663,500
Statebonds
24,683,500
535.338201.4
265.800
507,552 219.3!
Bank stks.
231,400
T o ta l____$14521,133,090 $12292,015,3451 84.7 54,450,670,769 54,204,750,43ll 94.5

The volumo of transactions in share properties on the Now
York Stock Exchange each month since Jan. 1 1915 and
1914 is indicated in the following:
SALES O F ST O C K S A T T H E N E W Y O R K ST O C K E X C H A N G E .
1914.

1915.
M
th.
Values.

N
um
ber
of
S
hares.

Actual.

Par.

S
435.534.900
380.032 735
681,471,315

Jan . 5,076,211'
4,383.44'
Feb
M ar. 7,862,30'-

N
um
ber
of
S
hares.

S

302,461,29s 10,088,895
262,372.421 6.220.056
535,476,914 5,855,260

V
alues.
Par.

Actual.

S
881,625,495
556,109.360
518,398,024

S
847,983.20$
515,947.9 is
483,147,619

lstq r 17,321,967 1,497,039,000 1,100,310,633 22,164,214 1,956.132,879 1,847,058,745
Apr . 21,022,930 1,799,436,335 1.619.407,302 7,145,284
M ay 12,581,040 1.037,762.960 958,204,713 4,757,405
June. 11,004,042 912.619,430 832.467.913 4,002,748

623,482,570
398,348,2^0
343,676,540

593,476,978
374.842.097
324,688.914

2d qr 44.608,012 3.749,818,725 3,410,139,928 15,905,437 1,365.507.350 1.293.007,989
6mos 61,929.979 5.246,857,725 4.510.450,501 38,069.651 3.321.640.229 3,140,066.734
July. 14,371,633 1,288,908,620 958,643,288 7,920,924 701.681.140
N o transactions.
A u g. 20.432.350 t .791,656,625 1,434,978,418
N o transactions.
Sept 18,399.286 1.044,499.895 1.400,247.69s

652,478.409

3d qr 53,203,269 4,725,065.140 3,793,869.404 7,920,924

652.478,409

701.681,140

0 m ’s 115133248 9.971.922.865 8.304.319.965 45,990,575 4,073.321.369 3.792.545,143
O c t . 26,678,953 2,239,956.655 1,942,410,21.31
N o v . 17,634,270 1,468,445,970 1,325,497,208

N o transactions.
NO transactions.

The following compilation covers the cloarings by months
since Jan. 1:

M O N T H L Y C L E A R IN G S

C
learings O
utside N
ew York.

C
learings, Total All.
M
onth.

1915.

1911.

$
6,190.796,165
5,426.183,783
6,278,240,930

$
6,826.078.655
5,627.982,795
6,403.915,996

— 9.3
—3.6
— 1.9

— 9.4 17,895,220,878 18.857,977,446

— 5.1

6,352,935,192
5.928.568.788
6.103,820,918

— 2.4
+ 0.9
— 0.2

2d q r . 43,749,302.354 42,014,576,544

+ 4.1 18.277.000.221 18.383,324,898

— 0.6

6 m os. 82,979.156,014 85,331,519.910

— 2.8 36,172.221.099 37.241.302.344

— 2.9

1914.

1915.

%

S
S
Jan_ 13.478,488.698 10,198,199,048 — 16.8
_
Feb . . 11,908,010.330 12.865,538.277 — 7.5
M a r .. 13,842,354,632 14,253,208.041 — 2.9
1st q r . 39,229.853,660 43,316,943,366

Apr . . 15,008,877.252 14,899,452,513 + 0 .8
M a y . 14,622,873.991 13.167,100.346 + 1 1 .1
J u n e.. 14,117.551.611 13.948.023.685 + 1 .2

J u l y - . 14,924,887.812 14.493.300.896 + 3 .0
Aug - ­ 14,267.498,178 9.032,296.349 + 4 3 .7
S e p t .. 15,759.725.270 10.028,059,866 + 57.1

6,197.212,178
5,987.717.981
6.092,070,062

6,229.474,244
5,73 ),056,007
6,135.361,992

6.312,810,275 — 1.3
5,351.095.754 + 7.1
5.399.930,423 + 13.6

18,094,892.243 17.063,848,452
3d q r. 44,952,111,260 34.453,657,111 + 3 0 .5
127931.267 274 119785,177,021 + 6.8 54.267.113 342 54.305.150.796
9 m os.
O ct . . 29.146,989,846 11.735,570,732 + 7 1 .7
N o v . . 19,382.510,816 11.0S0,625,483 + 7 4 .9

7,407,311,19!
7,553,091,081

%

+ 6.0
— 0.1

C L E A R IN G S A T

L E A D IN G

C IT IE S .
/
an 1
.

(000,000s

.18.038 10.017 12,694 14,174 155,333 130.677 142.835
O ther cities______ . 1.344 1,064 1,201 1,192 12,128 11,924 12,279
T ota l
 all______ .19,382
O utside New York . 7,553


GOLD.
Tho external movements have been heavily adverso to tho Bank of Eng­
land. The following amounts were received by the Bank:
Nov. 12—
£12.000 in bar gold.
“ 17— 684,000 in bar gold.
“ 17— 100,000 in sovereigns released on Egyptian account.
Withdrawals were made as under:
Nov. 11— £1,035,000 in sovereigns for tho U. S. A.
" 11— 300.000 in sovereigns for Spain.
12—• 960,000 in sovereigns for tho U. S. A.
12—
180.000 in sovereigns for South America.
12—
450.000 in sovereigns for Spain.
12—
34,000 in sovereigns for Canada.
13—
}n sovereigns set aside for Swiss account.
15—
580.000 in sovereigns for the U. S A
15—
200.000 in sovereigns for tho Continent.
16—
670.000 in sovereigns for the U. S. A.
During the week the not reduction amounted to £3,663,000.
Tho Transvaal production for Octobor 1915 amounted to £3,388,122, as
compared with £3,116,754 for October 1914 and £3,299.423 for September
1915. The total for October 1915 is a record for any one month’s actual
production.
SILVER.
The market for silver continued to develop strength and pricos during
the last few days have advanced with easy confidence. Attention has been
drawn in several preceding letters to tho oxcellonco of the undertone.
Home and foreign coinage orders havo roadily absorbed not only arrivals,
but also a portion of the stock held on account of China. Only a little ad­
ditional competition was nooded to give an impotus sufficient to cause tho
level of the price to rise perceptibly. This competition was providod by
an inquiry from the Indian bazaars, which sot in with some activity when
tho nows reached India that the London stock had beon reduced to about
£750,000.
Tho same announcement provoked some orders to replenish
tho recently depleted holdings on account of China. As a consoquonco.
the markot found itself in tho exceptional position of receiving buying orders
from four distinct quarters at once. The quotation roachod to-day__
24 13-16d.— is tho highest touched since Sopt. 12, whon 25d. was fixod.
President Carranza has boon oxerting pressuro upon tho banks in Moxico
in order that they should comply with tho provisions of tho Banking Law.
which ordains that 50% of their noto issues should bo covered by a reserve
in specie. Tho banks declare that an onforcomont of compliance would
forco tho majority of them into liquidation. In tho circumstances, tho domand may be waived for a time, but if rovivod wholly or partially, the ef­
fect would be to lesson that export of silvor which a restoration of tran­
quillity in Mexico might otherwise havo boon expected to onsuro.
An Indian currency return for Nov. 15 gave details as follow, in lacs of
Notes In circulation_________________________ 61,91
Reserve in silvor coin________________________ 34,72
Gold coin and bullion________________________ 7,0-1
Gold in England_____________________________ 6,15
The stock in Bombay consists of 6,000 bars, as comparod with 6,300 last
week. No shipment has been mado from San Francisco to Hongkong
during tho week. Quotations for bar silver por ounce standard:
No
5%
Bank rate_________________
24cash )
7-16
Nov. 12—
13—
24 7-16 quotation Bar gold, por oz. standard..77s. 9d.
Fronch goid coin, por oz___ Nominal
fixed
15—
24 H"
for
U. S. A. gold coin, por oz_ Nominal
_
16—
252-1“
forward
17— 24 K
“
delivery.
18— 24 13-16 “
A v. for wk.24.593 cash
The quotation to-d iy for cash is % i\ . above that fixod a wook ago
E N G L I S H F I N A N C I A L M A R K E T — PER CABL E.

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

Sat.,

Mon., Tues., W
ed.,
Thurs., Frl.,
N
ov. 29. N
on.30. Dec. 1.
Dec. 2. D
ec.3.

W
eek ending D 3.
ec.
N
ov.27.
Silver, per ounce__________d*. 27 4
-----Consols. 214 per cents______ 60H
British 4 >4 per cents........... .. 97 H
French Rentes (in Paris) . f r . 64.50
c

27 3-10 27 3-16 28 15-16 20 11-16 28 7-10
60 4$
5SK
58 M
c.r 7%
>
58
9744
97 V
»
07 V
,
07‘
4
07 >
4
64.50
64.50
64.50
64.50
64.50

Ex-dividend.

New York City Banks and Trust Companies

10 i\ov. ou1914.
1913.
1915.
1915. 1914. 1913. 1912.
8
s
$
S
S
$
S
.11.829 5,399 7,587 8,820 98,233 76.489 86.634
1.482 1,164 1,295 1,314 14,621 14,380 14.637
7.439
0,9.38
579
754
7,422
SCO
686
7,754
7,254
875
607
735
7.828
6,SO
Philadelphia_____
3,760
3.545
401
291
3,726
346
357
2,697
2.424
2.398
240
192
226
235
P ittsb u rg h ............
2.401
2,295
2,432
253
219
240
213
San Francisco-----1.808
1,717
1,625
139
173
170
158
1.198
1,188
1,235
91
111
131
101
2,606
3,453
2,692
293
250
394
246
1,163
1.142
1,389
100
88
156
92
819
862
871
09
109
97
92
1,231
1,181
1,170
146
135
143
154
M inneapolis..........
615
646
664
47
55
56
71
1,252
1,214
1,334
99
108
97
144
774
714
757
69
66
64
78
1,061
1,109
946
85
98
109
96
Los Angeles_____
369
389
378
30
37
46
42
83.3
891
805
72
77
73
91
544
550
580
45
54
52
.58
481
528
590
53
53
62
.
79
401
396
379
34
33
36
43
Indianapolis_____
438
459
418
46
44
46
.
56
379
468
378
37
37
36
64
R ichm ond.............. .
329
371
313
34
52
55
.
4G
607
5S6
54
558
48
58
.
55
232
241
322
20
31
18
34
H a rtford ............... .
. 298
283
32
303
32
36
39
S a lt Lake C ity — .
—N
ocei
nber
-----

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

W o reprint the following from tho weokly circular of
Samuel Montagu & Co. of London, written undor dato of
Novomber 18 1915:

6,126,133,754 + 20.8
5,681,184,128 + 32.8

The course of bank clearings at loading cities of tho country
for the month of November and since Jan. 1 in each of tho
last four years is shown in the subjoined statements:
BANK

[Vol. 101.

B a n ks.
N
ew Y
ork

B
id

4 sk

550
207
175
145
400
225
160
135
too
595

560
212
ISO
165

America*_
_
Amer Kxch.
Atlantic . . .
Battery Park
Bowery * —
Bronx Boro*
Bronx N a t ..
1912.
BryantPark*
s
Butch & Dr
91.935
14,020
Chase-----Chat &Phen
8.253
7 ,422 Cheslsea Ex* 124
395
Chemical —
3,660
CltlzenaCcnt 170
2,558
C i t y ----------- t47J
2,447
Coal & Iron. 165
1,778
450
Colonial* —
1,248
C olum bia*.. 300
2.463
C om m erce.. tl7 5
1,043
Corn Exch*. 328
954
Cosm opol’n* lot)
1,048
70
East R iv e r ..
660
1,027 | Fidelity * . . . 140
659 , Fifth A v e * .. 4300
1,060 | Fifth............. 250
402 ; First_______ 900
786 | G arfield____ 185
Germ-Amcr* 125
527
531 . German Ex* 375
395 | Germania *. 375
443 1 G oth am ____ 190
392 i Greenwich*. 265
625
374
Hanover . .
549
Harrlman . . 3 5
226
490
Imp & Trad
337
175
Irving______
Liberty ____ 690
147.198
L in co ln ____ 310
11,394

11,081 13.895 15,366 167,461 142.601 115.114 158,592
5,682 6,308 6,546 69,228 66,112 68,480 66,657

260
175
145
115
G10
207
135
405
ISO
t4Sl
(70
125
♦178
335
SO
155
5000
300
915
195
140
40)
450

B anks.
Manhattan *
Mark & Fult
Mech & Met
Merchants’ .
Metropolis*.
M eiropol’n *
M u t u a l___
New N eth*.
New YorkC o
New Y o rk ..
Pacific *____
Park.............
People’s * _
_
Prod Exch*.
Public *____
Seaboard. . .
Second.........
Sherman . . .
State *.........
23d W ard*.
Union Exch.
Unit States*
Wash I l’ ts*
Westch Av*
West Side*
York vine*

B
id

300
245
267
175
300
175
325
210
725
370
200
405
2.’0
200
125
410
395
125
125
100
134
500
275
160
400
475

Coney Isl’d*

Hillside * . . .
280
635
345
500
181
730
330

134
115
too

Natlon’lC lty
North Side*.
People’s ____

120
85
195
270
170
130

Flutbush_
_

•Banks marked with a f* ' ire State banks.
change this week. VEx-rights.

T ru st C o ’s.
Ask
id
N
ew Y
ork B
Ask
310
Astor ........... 3 :5
400
255
Bankers Tr
48 J
275
490
B’ way Trust 141
18 J
150
CentralTrust 1175 1210
315
185
Colum bia_
_ 528
535
. _ . Commercial
100
110
225
Empire_____ 292
300
825
Equitable Tr 445
460
385
Farm L ,t l'r 1150
Fidelity . . .
220
197
2*03"
410
>70
300
Guaranty Tr 1/395
405
235
H u d so n ___
l 0
Law fit * l'r 12)
175
Lincoln Trust M3
430
Metropolitan 110
425
M ut’ l (West
135
135
130
Chester) .
135
N Y Life Ins
135
& T r u s t .. 99 ) 1010
140
000
N Y T r u s t.. 5S5
405
T ltleG u A l’ r 395
155
Transatlan c
175
390
Unlou Trust •*70
450
U S M tg & T r 390
400
550
UnltedStates 1010 1070
Westchester
140
140
265
B
rooklyn
142
130
Brooklyn l’ r. 480
500
115
F ran k lin _
_ 250
230
90
Ham ilton_
_ 265
275
130
Kings C o _
_ 630
650
110
M anufactTs
205
143
C itizen s. . 138
280
287
P eople's____ 280
185
Queens C o . .
80
—
140
1+alo at auction or at Stock Ki

THE CHRONICLE

i>Kr, 4 1915.]

C o m m e rcial a n tllH is cell mice u s gtetus
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations.
D iv id en d s a n n o u n c ed th is week a re p r in ted i n ita lic s .
N am e o f Com pany.

Per
When
Cent. Payable.

Books Closed.
D ays Inclusive.

Railroads (Steam).
Alabama Great Southern, ordinary
2 X D ec. 29 Holders of rec. D ee. 4a
3
Feb. 23 Holders of rec. Jan. 22a
Preferred........................ ..............
Atlantic Coast Line Co., Conn. (quar.)_. $1.50 D ec. 10 D ec. 1 to D e c. 9
2 X Jan. in Holders o f rec. D e c. 20a
Atlantic Coast Line RR., common.
2 A D ec. 31 Holders of rec. N o v . 30a
Boston & Albany (quar.)------------Boston Revere Beach & Lynn (quar.) —
I X Jan. 1 Holders of rec. D e c. 15a
Jan. 15 Holders of rec. D ec. 31a
2
Buffalo & Susquehanna R R. Corp., pref.
Canadlan Puciric, com. (quar.) (No. 7 8 )..
2 X D ec. 31 Holders of rec. N o v . 30a
to
D ec. 3
75c. Dec. 4 N ov. 21
Chestnut Hill (quar.)-----------------Chicago & North Western, com. (quar.).
I X Jan. 3 Holders of rec. D e c. la
Jan. 3 Holders of rec. D ec. la
2
Preferred (quar.)........................
D ec. 10 Holders of rec. N o v. 27a
3
Cin. New Orleans & Texas Pacific, com ..
Dec. 10 Holders of rec. N o v . 27a
2X
Common (extra)____ __________
Delaware & Hudson Co. (quar.)...
2 X D ec. 20 Holders of rec. N o v . 27a
D ec. 20 Holders o f rec. D e c. 2a
Delaware Lackawanna & Western (extra) 10
Jan.
Dec.
Jan.
I X Jan.
Jan.
5
D ec.
1
I X Jan.
Jan.
2
Mobile & Birmingham, preferred............
Dec.
IX
Norfolk & Western, com (quar.)............
Phila. Germantown & Norristown (quar.) $1.50 D ec.
Dec.
1
Reading Company, 1st pref. (quar.).........
Jan.
1
Second preferred (quar.)-------------------I X Jan.
Southern Pacific Co. (quar.) (No. 37) —
Jan.
2
Union Pad Me. common (quar.).......... .
D e tr o it A M a c k i n a c , c o m . A p r e f . ..............

Erie & Pittsburgh (quar.)................ .......

I l l i n o i s C e n tr a l, le a s e d l i n e , g u a r . . . .........
I n te r b o r o u g h C o n s o lid a te d C o r p ., p f . ( q u . ) .
I n te r b o r o u g h R a p id T r a n s it ( q u a r .) --------M i c h i g a n C e n t r a l -----------------------------------M a n h a t t a n R ’ ., g u a r , ( q u a r .) -----------------J

Street and Electric Railways.
American Railways, common (quar.)-----

A r k a n s a s V a liev R y ., L . A P „ p r e f. {q u a r.)
B r a z i lia n T r a c ., L . A P . , L t d ., p r e f.{ q u a r .)

Brooklyn Rapid Transit (quar.)-----------C o n t in e n t a l P a s s e n g e r R y ., P h ila d e l p h ia ..

Frankford < Southwark. Phila. (quar.)..
fe
Indlanapolls Street Railway.- ................
I n te r -S ta t e R a ilw a y s , p r e fe r r e d -----------------

Louisville Traction, common (quar.)----Northern Ohio Trac. & Light, com. (qu.)
Third Avenue Ry. (N. Y. City) (quar.).
U n ite d G a s A E le c tr ic C o r p . f i r s t p r e fe r r e d .
U n ite d L ig h t < R a ilw a y s , f i r s t p r e f. {q u a r .)
fc
U n ite d T r a c t. A E l e c ., P r o v id e n c e { q u a r .) .
W e s t E n d S tre et R y ., p r e fe r r e d ....................

2X
IX

2

1
IX
IX
IX
S3
$4.50
3
30C.
1
IX
1
3
IX
IX
$2

Trust Companies.

G u a r a n ty { q u a r . ) . -----------------------------------E x t r a ---------------------- ---------------------------U n i o n { q u a r . ) ......... .........................................

6
2
4

D ec.
D ec.
Jan.
Jan.
D ec.
Jan.
Jan.
Jan.
Jan.
D ec.
Jan.
D ec.
Jan.
Jan.
Jan.

3 D ec. 16
to
10 Holders o f rec.
1 D ec. 12
to
3 Holders of rec.
3 Holders o f rec.
28 Holders of rec.
1 Holders o f rec.
1 D ec. 2
to
18 Holders of rec.
4 N ov. 21
to
9 Holders o f rec.
13 Holders of rec.
3 Holders o f rec.
3 Holders o f rec.

Jan.
N o v.
Jan.
D e c.
D e c.
D ec.
D e c.
Jan.
N o v.
D e c.
N ov.
D e c.
N ov.
D ec.

4
30a
4
10a
200
3
15a
2
30a
3
23a
21a
30a
la

15 Holders
15 Holders
1 Holders
1 Holders
30 Holders
1 Holders
1 D ec. 23
1 D ec. 17
1 Holders
15 Holders
1 Holders
30 Holders
1 Holders
3 D ec. 8
1 D ec. 22

N ov.
N ov.
D e c.
D ec.
N ov.
D ec.
Jan.
D e c.
D ec.
N o v.
D ec.
D e c.
D e c.
D e c.
Jan.

30a
30a
15
9a
30a
la
2
31
15
25a
15a
20
15
12
2

of
of
of
of
of
of

rec.
rec.
rec.
rec.
rec.
rec.
to
to
o f rec.
of rec.
of rec.
o f rec.
o f rec.
to
to

D ec. 31 Holders of rec. D e c. 22a
D ec. 31 Holders o f rec. D ec. 22a

Mis -elianeous

A m c r . B e e t S u g a r , p r e f . {q u a r .) { N o . 66)-A m c r l c a n B r a s s { e x t r a ) ...................... ..........
A m e r i c a n C a n , p r e fe r r e d { q u a r .) ..................
A m c r . C a r A F d r y ., c o m . (q u a r .) { N o . 63)
P r e f e r r e d {q u a r .) { N o . 67)................ .....
A m e r i c a n C i g a r , p r e fe r r e d { q u a r .) _______

IX
5
IX
X
IX
IX
American Coal Products, common (quar.)
IX
Preferred (quar.)___________________
IX
A m e r i c a n E x p r e s s { q u a r . ) _____ __________
$ 1 .5 0
A m c r . G a s < E l e c ., c o m . {q u .) { N o . 2 3 ) ..
fc
2X
C o m m o n {e x tr a , p a y a b le i n c o m m o n Stock)
2/
P r e f e r r e d {q u a r .) { N o . 30)-------------------IX
A m e r . G r a p h o p h o n c , c o m . {q u .) { N o . 43 ).
IX

A m e r ic a n L a u n d ry M a c h in e r y , c o m m o n ..
P r e fe r r e d { q u a r . ) ................- ............ ..........

Amer. Radiator, common (quar.)---------Amcr. Smelt. & Refg.. com. (quar ) . . . . .

A m e r . S m elters S e c u r itie s , p f . A { q u a r . ) . .
P r e fe r r e d B { q u a r .) .....................................
A m e r ic a n S n u ff, c o m m o n { q u a r .) ------------P r e f e r r e d { q u a r . ) ........... - - - - ........ - - - - - -

Amer. Sugar Refining, com. & pref. (qu.)

A m e r i c a n T o b a c c o , p r e fe r r e d { q u a r .) ..........
A s s o c ia te d O i l . ----------------------------------------

Atlantic Refining (quar.)..........................
Atlas Powder, common (quar.)................
Common (extra)-------------------------------Baldwin Locomotive, preferred-------------B eth leh em S teel C o r p ., p r e f . {q u a r .) ......... ..

Booth Fisheries, first preferred (quar.)..
Borden’s Condensed Milk. pref. (quar.).
Brooklyn Union Gas (quar.) (No. 5 9 )...
Extra---------------------------------------------Buckeye Pipe Line (quar.)...... ............... C a lu m et A H e c la M i n i n g { q u a r . ) . . . . . . . .
C a n a d ia n L o c o m o tiv e , p r e fe rr ed ( q u a r . ) . . .
C a s e ( J . I . ) T h r e s h in g M a c h ., p r e f . {q u a r .)

Central Leather, common..........................
Preferred (quar.)------Chesebrough Mfg. (Consolidated) (quar.)
Extra.................. - ..................................
Chicago Telephone (quar.)........ - - ...........
Childs Company, preferred (quar.)..........
Colorado Power, preferred (quar.)............
Consolidated Gas (quar.)............ — ,---Cons. Gas. El. L. A P.. Balt., com. (qu.)
Continental Oil (quar.)------------------------Copper Range Co. (No. 28)------------------Crescent Pipe Line (quar.)................ - - - ­
Crucible Steel of Amer., pf. (qu.) (No. 44)
Cuban-Amerlcan Sugar, common (quar.)
Preferred (quar ) ____ _______________
Cumberland Pipe Line________________
Diamond 'lo ir • (q u a r .).........................
Dominion Textile. Ltd., com. (q u a r.)...
Preferred (quar.)....................................
du Pont (E.l.) de Nein. & Co., com. (qu.)
Common (extra)----------------------- - - - - d u P o n t { E . l . ) d e N e m . P o w d ., c o m . ( q u . ) .
P r e f e r r e d ( q u a r .) .........................................

Eastern Steel, first preferred...... .............
Eastman Kodak, common (quar.)...........
Common (extra)------------------------------Preferred (quar.).... .............................

E l e c tr ic P r o p e r ti e s C o r p ., p r e f. ( q u a r .) -----E lk H o r n F u e l, p r e fe r r e d ........................ —
E q u ita b le I l i u m . G a s L ig h t, P h ila ., p r e f . . .

Federal Mining * Smelting, pref. (quar.)
Galena-Signal Oil. common (quar.)------Preferred (quar.)......................... .........
Gen. Chem., com.(extra) (pay. In com .).
Com. special (payable In com stock). . .
Preferred (quar.)_____ _____________
General Electric (quar.)______ ________
Globe Soap, common (No. 1)__________
First, second and special pref. (quar.).
G lo b e -W e r n t c k e , c o m m o n




( q u a r .) ...

1

IX
4
1
IX
IX
3
IX
IX
IX

1

5
IX
3X
3X
IX
IX
IX
IX
1
$2
$15
IX
IX
4
IX
6
4
2
IX
IX
IX
IX
3
S3
75c.
IX
2X
IX
5
IX
IX
IX
IX
28
IX
IX
IX
2X
12 X
m
IX
2X
3
1
3
2
5
10/
IX
2
1
IX
2

x

r

D ec.
D ec.
Jan.
Jan.
Jan.
Jan.
[Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Jan.
D ec.
Jan.
D ec.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
D ec.
Dec.
Jan.
Jan.
JitD.
D ec.
Jan.
Jan.
Dec.
Jan.
Jan.
D ec.
Jan.
D ec.
D ec.
D ec.
D ec.
D ec.
Dec.
Jan.
D ec.
Dec.
D ec.
D ec.
Jan.
Jan.
D ec.
Dec
Jan.
Jan.
Dec.
D ec.
Feb.
Feb.
Dec
Dec
Dec.
Dee.
D ec.
D ec.
D ec.
D ec.
Dec.
Dec.
Feb.
Feb.
Jan.
Jan.
D ec.
D ec.
D ec.

31 Holders o f rec. D e c. 18
20 Holders of rec. D e c. 3
1 Holders of rec. D ec. 16a
1 Holders of rec. D ec. 10a
1 Holders o f rec. D e c. 10a
3 Holders of rec. D ec. 15a
to
Jan.
1
I Dec 25
to
Jan 14
15 Jan 11
3 Holders o f rec. D ec. 11a
3 Holders o f rec. D ec. 18a
3 Holders of rec. D e c. 18a
1 Holders of rec. Jan. 20a
Holders o f rec. D e c. 15
10 1 ec. 1
to
D e c. 10
15 Ian. 6
to
Jan. 15
31 Dec 23
to
Jan. 2
15 N ov 27
to
D ec. 5
3 D ec. 18
to
D e c. 26
3 D ec. 18
to
D e c. 26
3 Holders o f rec. D e c. 14a
3 Holders of rec. D ec. 14a
3 Holders of rec. D ec. la
3 Holders o f rec. D ec. 15a
15 Holders o f rec. D ec. 31a
15 Holders o f rec. N o v. 20a
10 D ec. 1 to
D ec. 10
10 D ec. 1 to
D ec. 10
1 Holders of rec. D e c. 11a
? H i!-1 -s of rec. D ec. 16
1 Holdere of rec. D e c. 20
15 D ec. 2
to
D ec. 15
3 D ec. 16 to
Jan.
2
3
15 Holders of rec. N o v. 24
28
1 Holders o f rec. D e c. 20a
1 Holders of rec. D ec. 13
3 ) Holders o f rec. D ec. 9a
3 Holders o f rec. D ec. 10a
20 Holders o f rec. N o v. 30a
20 Holders of rec. N o v. 30a
31 Holders of rec. D ec. 30a
10 D ec. 3
to
D ec. 10
15 Holders of rec. N o v. 30a
15 Holders o f rec. N ov. 11a
3 Holders of rec. D ec. 15a
10 N ov. 27
to
D ec. 16
15 Holders of rec. N o v. 29a
15 N ov. 23
to
D ec. 15
31 Holders o f rec. D ec. 10a
3 Holders of rec. D ec. 15a
3 Holders of rec. D ec. 15a
15 Holders or rec. N o v. 30
15 Holders o f rec N ov 30a
3 Holders of rec. D ec, 15/
15 Holders of rec. D ec. 31a
15 Holders of rec. N o v. 30
15 Holders of rec. N ov. 30
1 Jan. 23
to
Feb. 1
1 Jan. 23
to
Feb. 1
15 Holders of rec. D ec. 1
31 Holders of rec. D ec. 15a
15 Holders of rec. N ov 30a
31 Holders of rec. D ec. 15a
10 Holders of rec. D ec. i
10 Holders of rec. N o v . la
15 Holders o f rec. D ec. 8
15 Holders of rec. N ov. 22a
31 Holders o f rec. N ov. 30a
31 Holders of rec. N ov. 30a
1 Holders of rec. D ec. 31a
1 Holders of rec. D ec. 31a
3 Holders of rec. D ec. 15a
15 Holders of rec. D ec. 15/
15 Dec
1 to
D ec. 15
15 D ec. 1 to
D ec. 15
10 Holders o f rec. N o v . 30

I

1863
P er

N am e o f Com pany.

Miscellaneous (Concluded).
Goodrich (B. F.) Co., preferred (quar.)..
Great Northern Ore___ _____ _________
Guggenheim Exploration (quar.) ________
Hackensack Water, com. and p r e f . ...........
Hawaiian Commercial & Sugar (monthly)
Extra_________ __________________
Helme (Geo. IP.) Co., common (quar.) ___
Common (extra)____________________
Preferred (quar.) ___________________
Ingersoll-Rand, preferred ___ __________
Ira . Harvester o f N . J . , com.(qu.) (N o. 24)

Cera.

IX

50c.
Si
3
25c.
50c.

When I
Payable. I

Books Closed.
D ays Inclusive.

1!Holders o f rec.
D ec. 2
to
D ec. 9
to
Holders o f rec.

D e c.
D ec.
D ec.
N ov.

21a
22
13
29a

2X
4

Holders of rec. D ec. 14s
Holders o f rec. D ec. 14a
Holders of rec. D ec. 14a
3
Holders o f rec. D ec. 10
114
Holders o f rec. D ec. 24a
International Salt (quar.)
to
Jan. 2
1 D ec. 16
X Jan.
E x t r a ......... ..............
1
Jan.
1 D ec. 16
to
Jan. 2
Kerr Lake Mining (quar.) (No. 41)____ 25c. D ec. 15 Holders of rec. Dec. la
Kresge (S. S.) common (quar.)________
3
Jan. 2 Holders of rec. N ov. 27 a
Preferred (quar.).______ __________
I X Jan. 2 Holders of rec. N ov. 27 a
L a Belle Iro n Works, preferred (quar.) ___
1
D ec. 22 D ec. 12
to
D ec. 22
Laclede Gas Light, common (quar.)___
to
I X D ec. 15 D ee. 2
D ec. 15
Preferred_________________________
2
D ec. 15 o e c . 2
to
D ec. 15
Liggett A M yers Tobacco, p ref. (quar.) ___
1 Holders o f rec. D ec. 15a
I X Jan.
L o rillard (P.) C o., common (quar.) ______
2 X Jan. 3 Holders of rec. D ec. 15a
Preferred (quar.) ...... ...........................
Jan. 3 Holders of rec. D ec. 15a
IX
Louisville Gas & Electric, pref. (quar.)._ I X D ec. 20
MackayCompanies.com. (quar.) (No.42) I X Jan. 3 Holders of rec. D ec. 10a
Preferred (quar.) (No. 48)___________
1
Jan. 3 Holders (if rec. D ec. 10a
M anati Sugar, preferred (q u a r .) _______
I X Jan. 3 Holders tof rec. D ec. 24
Maxwell Motor, Inc., first pref. (quar.)..
I X Jan. 3 Holders of rec. D ec. 10a
M a y Department Stores, preferred (quar.).
1 Holders of rec. D ec. 15
I X Jan.
Mergenthaler Linotype (quar.)________
2 X D ec. 31 Holders of rec. D ec. 4a
Montana Power, com. (quar.) (No. 13)..
X Jan. 3 Holders of rec. D ec. 15a
Preferred (quar.) (No. 13)________ 1.
I X Jan. 3 Holders of rec. D ec. 15a
Montreal Cottons, Ltd., common (quar.)
1
. ------------------- D ec. 5
Preferred (quar.).................................
IX
Holders of rec. D ec. 5
M uskogee Gas A Electric, pref. (quar.) ___
IX
Holders o f rec. N ov. 30a
National Biscuit, com. (quar.) (No. 70)..
IX
Holders ol rec. D ec. 28a
National Carbon, common (quar.)_____
IX
Jan.
6 to
Jan. 15
National Lead, common (quar.)_______
X
D ec. 11 to
D ec. 15
Preferred (quar.)...____ ___________
N ov. 20 to
N ov. 23
IX
National Refining, preferred (ouar.)___
2
Holders o f rec. D ec. 15a
National Sugar Refining (quar.)_______
Holders of rec. D ec. 6
IX
National Transit____________________ 50c.
Holders c f rec. N ov. 30a
New York Air Brake (quar.) (No. 52)..
Holders o f rec. D ec. la
IX
New York Transit (quar.)____________
4
Holders o f rec. Dec. 24
Niles-Bement-Pond, com. (qu.) (No. 54) I X
D ec 12
to
D ec. 20
North American Co. (quar.) (No. 47)___
Holders or rec D ec 15a
IX
Northern Pipe Line (quar.)___________
5
Holders o f rec. D ec. 13
Ohio Oil (quar.).____________________ $1.25
N o v . 28 to
D ec. 13
Extra_____ _____ ________________ $4.75
N ov. 28 to
D ec. 13
Old Dominion Co. (quar.)____________ $1.50
D ec. 16 to
D ec. 22
Extra...... ........ ............. ........... ........ 50c.
D ec. 16 to
D ec. 22
Old Dominion Copper Mining & Smelting $2
D ec. 16 to
D ec. 22
Pabst Brewing, preferred (quar.)______
D ec.
7 to
D ec. 15
IX
Packard Motor Car, pref. (quar.) (N o. 25)
D ec.
1 to
D ec. 15
IX
Penn Central Light & Power, preferred.. 1
Holders of rec. N ov. 22
Peoples N atural Gas A P ipeage ................
Holders of rec. D ec. 18
2
Pettibone-M idliken, 1st A 2d pref. (quar.)
I X ____ _ Holders of rec. D ec. 17
Philadelphia Electric (quar.)______ ____ 39 HeD ec. 15jHoIders of rec. N ov. 20a
Pittsburgh Steel, p re f.(on acct. accum 'divs.)
3 X h D ec. 2 2 'Holders o f rec. D ec. 10
Pitlsb. Term . Whse. A Transf. (m onthly)..
25c. D ec. 15;Holders o f rec. D ec. 8
Quaker Oats, common (quar.)............... . 2 X Jan. 15 Holders o f rec. D ec. 31a
Preferred (quar.)........................ ........
Feb. 29 Holders of rec. Feb. la
IX
Quincy Mining (quar.)____ __________ S3
D ec. 20 Holders o f rec. N ov. 27a
Railw ay Steel-Spring, preferred (quar.) ___
D ec. 20 D ec. 5 to
D ec. 20
IX
Realty Associates (No. 26).....................
Jan. 151
Holders of rec. Jan. 5
3
Republic Iron & Steel, pf. (qu.) (No. 49) I X Jan. ljH olders o f rec. D ec. 15a
Pref. Extra (on acct. of deferred div.).
1h Jan. 1 [Holders of rec. Dec. 15a
Reynolds (R. J . ) Tobacco, com. (quar.) ___
Jan.
1'Holders o f rec. D ec. 21
3
Common (extra) ____________________ 10
Jan. 1 Holders o f rec. D ec. 21
Preferred (quar.) ___________ _______
I X Jan. 1 ’Holders o f rec. D ec. 21
Rubber Goods M fg ., pref. (quar .) (No. 67)
D ec. 15 Holders o f rec. D ec. 10a
IX
Safety Car H ealing A Lighting (quar.) ___
D ec. 23 Holders o f rec. D ec. 13a
2
St. Joseph Lead (quar.)______________ 15c. D ec. 20 Dec 10 to D ec. 20
Extra __ ______ _________________
D ec. 20
10c. D ec. 20 D ec. 10 to
Sears, Roebuck A Co., preferred (quar.) __
1 Holders o f rec. D ec. 15a
I X Jan.
Shawinlgan Water & Power (quar.)____
Jan. 10 Holders o f rec. 1 ec. 31
IX
Solar Refining___________ ____ _______ 5
D ec. 20 D ec. 1 to
D ec. 20
South Penn Oil (quar.)_______ ______ _ 3
D ec. 31 D ec. 16 to
Jan.
2
Extra.... ............................................
D ec. 31 Dec. 16 to
Jan.
2
2
South Porto Rico Sugar, common (quar.) 5
Jan. 3 Holders of rec. D ec. 11a
Preferred (quar.).............................
2
Jan. 3 Holders o f rec. D ec. 11a
South West Pennsylvania P ip e Lines (quar.)
3
D ec. 31 Holders of rec. D ec. 15
Standard Gets A Electric, p ref. (quar.) ___
D ec. 15 Holders o f rec. N ov. 30a
1
Standard Oil (California) (quar.)______
_ X D ec.
Holders o f rec. N ov. 20
2
Standard Oil (Kansas) (ouar,)________
3
N ov. 28
to
D ec. 15
D ec.
Standard Oil (Kentucky) (quar.) _________ I 4
Jan.
D ec. 16
to
Jan. 3
E x t r a ____________________
..I 1
D ec. 16
to
Jan. 3
Jan.
Standard Oil (Nebraska)______________ 1 10
Holders o f rec. N ov. 20a
Dec.
Standard Oil of New Jersey (quar.)_____ j 5
Holders o f rec. N ov. 19a
D ec.
Standard Oil of N. Y. (ouar.)__________ j 2
D ec.
Holders of rec N ov 26
Standard OH (Ohio) (quar.)____________ t 3
Dec. 4
Jan.
to
D ec. 22
3
Extra____________________________
Dec. 4
Jan.
to
D ec. 22
Stewart Sugar........................................ . 5
D ec.
Holders of rec. Dec 14
Extra_____ _____ _______ _________ 5
Dec.
Holders o f rec. Dec. 14
Subway Realty (quar .)..........
\ X Jan.
Holders o f rec. D ec. 20a
2
Swift* Co. (quar.) (No. 11 7 )..............
ec. 11
Jan.
Jan. 6
to
Tennessee Eastern Electric, pref. (q u a r.)..
1 A D ec.
Holders o f rec. N ov. 20a
Texas Company (quar.) ...........................
2 A D ec.
Holders o f rec. D ec. 13a
Jan.
Holders o f rec. Dec. 24
Thompson-Starrett Co., common......... . 4
Dec. 16
to
D ec. 21
Tonopah-Belmont Development (quar.). 1 2 A Jan.
Jan.
Dec. 11
to
Dec. 21
Tonopah Extension Mining (quar.)____
5
Dec. 11
to
Dec. 21
Extra..........................
2 X Jan.
Jan.
Underwood Typewriter, common (quar.) 1
Iders o f rec. Dec. 20a
Preferred (quar.)__________________
I X Jan.
Holders of rec. Dec. 20a
Jan.
U nion Carbide (quar.) -----------------------2
Holders pf rec. D ec. 18
United Cigar Stores of Amer., pref. (qu.)
I X D ec.
Holders of rec Nov 30a

ij£

United Globe Mines________ ____ ____$12
U. S. Gypsum, preferred (quar.)_______
IX
Preferred (payable In common stock).. $43' ,h
Utah Consolidated Mining (quar.)_____
50c
W eyman-Brulon C o., common (quar.) ___
3
Common (extra) ____________________ 10
Preferred (quar.) ...................... ............
IX
Wtllys-Overland, preferred (quar.).........
IX
1
W isconsin Edison, I n c . ............... ............
Women's Hotel____ ____ _ ____ ____
_
2X
Woolworth (F. W.), preferred (quar.)...
IX
Y ale A Towne M fg . (quar.) (N o. 79)........
IX
5
Extra (N o. 78)............. .......................
Yukon Gold Co. (quar.) (N o . 26)............. 7 X c .

Holders o f rec
Holders o f rec
Holders of rec.
D ec.
Holders o f rec.
Jan.
Jan.
Holders of rec.
Jan.
Holders o f rec.
Jan.
Holders of rec.
Dec.
Holders o f rec.
Dec. 15 Holders of rec.
Jan. 3|Holders of rec.
Jan. 3 D ec. 19 to
D ec. 23 D ec. 19 to
to
D ec. 3 llD e c . 9

AO.'
N ov.
N ov
D ec.
D ec.
D ec.
D ec.
D ec.
Dec
Dec
Jan.
Jan.
D ec.

10
10
20
11a
11a
11a
21a
15

4

10a
2
2
13

a Transfer books not closed for this dividend, b Less British income tax. d <’ orrectlon. e Payable In stock. / Payable in com mon stock, g Payable In scrip,
ft On account of accumulated dividends, i Transfers received In London on or be­
fore Sept. 8 will be In time to be passed for payment of dividend to transferees.

National Banks.— The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury D epartm en t:
APPLICATIONS TO CONVERT APPROVED NOV. 23.
The Greybull Bank, Greybull, W yo., Into “ The First National Bank
o f Greybull.” Capital, $30,000.
VOLUNTARY LIQUIDATION.
10,064— The Federal National Bank o f Denver, Colo. Nov. 8 1915.
Liquidating committee: D. B. Simon, F. T . Henry and Edwin M .
Bosworth, all of Denver, Colo. Absorbed by the Hamilton
National Bank of Denver.

INSOLVENT NATIO N AL BANKS.
&.480— Tho First National Bank of Bristol, S. Dak., was placed in the
hands o f a receiver N ov. 17 1915.
......................
6,687— The First National Bank o f Toccoa, Ga., was placed in tho hands
o f a receiver N ov. 22 1915.
___

Auction

B y Messrs. Francis Henshaw & C o ., Boston:

Sales.— Am ong other securities, the following,

at auction in N ew York, Boston and Philadelphia :
B y Messrs. Adrian H . Muller & Sons, N ew York:
Per cent.
Ter cent. Shares. Stocks.
800 Buffalo Gas Co. com—75c. per sh. 1,000 Electrical Auto RR. Safety
Signal Co., $10 each------ S9 lot
103 Big Sandy Co. 2d pf.S5.20 per sh.
12 'A Gilchrist Co., pref........... Sll lot
77 Big Sandy Co. com ..SI.10 per sh.
12)$ Gilchrist Co., com--------Sll lot
214 Barney Dumping Boat Co. . $6 lot
20 Merida City Gas Co., S50 ea.S6 lot
3,061 Great Sierra Cons. Silver Co.,
166 2-3 Ohio Valley OH & Gas..$35 lot
$10 each________________ S3 lot
170 Ohio Zinc Co...................... $11 lot
320 N. Y. Coaling & Elev. Co—-S3 lot
100 Wilson Laboratory Co_____ S6 lot
75 Pacific Coast Co. first pref.. 71X
300 West Side Construe. Co__ $14 lot
420 Pacific Coast Co. second pref. 52 M
250 Chicago South Bend & Nor.
280 Pacific Coast Co. common.. 40 H
Ind. Ry. preferred___ S7.505 lot
3,000 Prescott Mfg. Co., S25 each.S5 lot
10 Millbrook Land & Imp. C o.$20 lot
60 Warehouse Co. of Passaic— 52-55
5 Rumson Country Club.S25 per sh.
112 Magistral Exploration C0 ..-S 8 lot
62 Fitch, Cornell & CO..S10 per sh.
600 Parrott City Gold Placer, M.
& Water Pow. Co., $25 ea.$ 6 lot S2.300 interest In Elmhurst Synd..S25
Bonds.
Per cent.
78 Geo. A. Lethwaite CO..S77 per sh.
$5,000 Lowe Mfg. Co. 1st 6 s, 1921. 50
592 6-10 Nat. Bank of the Repub­
lic of Salt Lake City.S200 per sh. $20,000 Evansv. & T. H. RR. ref.
10)$
53,1941..............
390 Internat. Educat. Pub. Co.
pref., $50 each........$3.15 per sh. $10,000 Buffalo City Gas Co.flrst 5s,
certificates of deposit................ 2 1
160 Internat. Educat. Pub. Co.
com., $50 each.........90c. per sh. $11,300 Woodstock Iron & Steel
Corp. bonds, ctfs. of dep___ S100 lot
670 Coal Lands Securities Co.,
$10 each_________40c. per sh. $1,000 Guar. & Accident, Lloyd’s.52 lot
$10,000 D. D. E. B. & B. RR. Co
20 Continental Insur. Co___ 1,102
5s, certlfs. of Indebtedness......... 15)$
50 Eastern Steel Co. first pref.. 90
$5,000 Mo.OkIa.& Gulf Ry. first 5s,
150 American Process Co______ 46
1944 (Nov. 1913 coup, attached) 5
1,300 Navaho Gold Mining Co., $10
each__________________ $ 10 lot $50,000 Chicoutimi Pulp Co. cons.
ref. 6s, 1943 (interim certlfs.)— 57)$
7,200 Goldfield Tomboy Mining
Co., SI each___________ Sll lot $5,000 Western N. Y. Farms Co.
1st 6s, 1926.............................. 92)$
250 British Guiana Consol. Co.,
Ltd., com., S5 each_____ S15 lot $7,500 Lack. Coal & Lum. Co. 6s .. 75$
$2,800 International Land Co. 6s .. 20
10 “New Yorker Staats-Zeitung”
$600 per sh. $500 Crescent Athl. Club 2d 5s,1923 6 8 )$
Stocks.

B y Messrs. Barnes &

For Week E n din g N o v . 27.

Dry Goods............ ............
General Merchandise______

P er cent.

1915.

1914.

$3,910,797
27,216,251

j

1913.

$2,237,828
13,986,536

$2,349,355
17,298,188

1912.
$2,903,851
15,373,675

Total...... ......................... $31,127,048 $16,224,364 $20,647,543 $18,277,526
1
Since J a n . 1.
Dry Goods______ _______ $109,120,966 $153,386,347 $140,650,423 $136,366,115
General Merchandise_____ 778,498,376 728,468,639 747,456,687 786,718,153
Total 47 weeks...... .......... $887,619,342 $881,854,986 $888,107,110 $923,084,268
EXPORTS FROM NEW YORK.
Week E n din g N ov. 27.

1914.

1915.

1912.

1913.

For the week..____ ______ $57,712,825 $17,284,503 $14,840,970 $14,037,222
Previously reported_______ 1579,632,248 764,674,189 771,264,631 734,676,926
Total 47 weeks_________ $1637345,073 $781,958,692 $786,105,601 $748,714,148

The gold and silver exports and imports for tho week and
since January 1 have been as follows:

Lofland, Philadelphia:

B y Messrs. R . L . D ay & C o ., Boston:
Stocks.
$ P frs h .
2 National Shawmut Bank------- 197)4
5 Boylston National Bank..........127)4
12 Merchants’ National Bank----- 293)4
2 Hampden Nat. Bk., Westfield.160
20 Massachusetts Cotton Mills— 124)4
5 Mass. Mills in Georgia............. 99
30 Pacific Mills............................ 124
10 Arlington Mills...................... - 98
10 Blgelow-Hartford Carpet, pref-107
5 Booth M ills..-........................... 80
3 Whitman M ills....................... 142)4
49 Merrimack Mfg., common-------35
10 Lyman Mills_______________ 122)4

Bonds.

$6,000 New England Nav. Co. 6 %
notes, 1917.............................
99)4

FOREIGN IMPORTS AT NEW YORK.

Stocks.

Shares.

Shares.

Imports and Exports for the Week.—The following are
the reported imports at New York for the week ending
November 27 and since the first week of January:

$ p er sh.
$ per sh. Shares. Stocks.
2 Union Passenger Ry_______ 175
15 Eighth National Bank----------405
1 J. B. Stetson Co., common__ 385)4
6 Fidelity Trust Co.....................706
10 American Dredging Co......... . 97
11 Girard Trust Co-----------------916
5 Commonwealth T. I. & T. Co_225)$ 4 Phila. Bourse, com., $50 each. 5J4
5 Belmont Driving Club_________ 50H
37 Guarantee T. & S. D. Co.l59)$-160
5 German Theatre Realty_____ 3)4
5 Philadelphia Trust Co----------- 731
1 Penn. Academy of Fine Arts— 21)4
10 Wildwood, N. J., T. & T. C o ..130
3 Fire Assoc, of Phila., $50 each.338
Bonds.
Per cent.
60 Lumbermens Ins. Co.,$25 ea.99-99)$
$2,000 Atl. City Gas 1st 5s, I960— 77)4
82 Mechanics Ins. Co., $25 each.. 60
10 People’s Nat. F. Ins., $25 each. 14)4 $100 Sun. Haz. & W.-B. Ry. 1st 5s,
1928.......................................—101)4
3 Reliance Insur. Co., $50 each.. 53)4
100 Lykens Val. RR. & C.,$20 each 15)4 $5,000 York Haven Wat. & Power
cons. 5s, 1957............... ......... — 45
1 Green & Coates Sts. Pass. Ry.120

Shares.

Slocks.
$ per sh.
12 Waltham Watch Co., pref------ 72
6 Waltham Watch C o ., com----- 10)4
10 Naumkeag S. Cotton full paid.182)4
10 Contoocook Mills, preferred.. 56)4
5 Farr Alpaca Co_____________ 140
1 Montp. & Barre L. & P., pref— 95
8 Boston Ground Rent Trust___ 102
5 Chicopee Mfg. Co-----------------65

Stocks.
S per sh.
25 Federal Trust Co___________ 138
84 Arlington Mills________
99
5 Merrimack Mfg. Co. com____ 35
5 Hamilton Mfg. C o............ .
75)4
21 Dartmouth Mfg. Corp. com__ 175
1 Boston Belting Co__________ 110
1 Union Twist Drill Co., pref... 95
5 Lyon Carpet Co____ _____ ...115
25 Benj. H. Sanborn & Co. 1st pf. 95
2 Lawrence Gas C o.____ ______ 174
1 Amherst Water Co____ _____ 125

Shares.

not usually dealt in at the Stock Exchange, were recently sold

Shares.

[Vol. 101

THE CHRONICLE

1864

Stocks.
$ per sh .
6 Lawrence Mfg________ 165)4-165)4
7 Everett Mills______________ 118
1 Bates Manufacturing..............240
10 Nashua & Lowell RR..............180
25 New River Co., preferred.......... 43
20 Haverhill Gas Lt. Co., $50 each 97)4
30 Merrimac Chem., $50 ca.. 135-135)4
1 Boston Library Society--------- 1
1 Hood Rubber Co., preferred.. 110)4
100 L. B. Securities Co., com____ 17
144 State Street Exch., dlv. on___ 65
1 W. L. Douglas Shoe, pref------ 101)4
1 E. & T. Fairbanks & C o _____ 125

Shares.

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.

Week ending N o v . 27.

Im ports.

Exports.

Since
J a n . 1.

Gold.
Week.

Week.

Since
J a n . 1.

$8,677,540 $57,542,413
11,519,880
$16,800 $14,142,138
2 2 ,0 10

97,330
Total 1915...................................
Total 1914...................................
Total 1913___________________
Silver.

922,340
1,158,830

7,540,641
69,860 1,828,414
209,713 13,898,287
960 5,636,046

$114,130 $16,245,318 $8,958,073 $97,965,681
14,972 128,224,883
230,639 8,991,817
100,000 68,996,146
393,261 24,127,486
$1,419,635 $33,599,170
3,200 2,289,275
1,255

1,770,382
3,700
287,916
12,575

Total 1915................................... $1,424,090 $37,963,018
Total 1914...................................
395)472 39,618,391
Total 1913...................................
678,581 45,008,638

$18,705
15,325
$10,282
119,052
$800

339,556
5,004,257
3,344,821
1,098,479

$130,134 $9,821,143
197,570 9,434,711
151,452 9,982,220

Of tho above exports for the week In 1915.316,800 were American gold coin.

The Federal Reserve Banks.—Following is the weekly statement issued by the Federal Reserve Board on Nov. 27:

A further increase o f about 13 million dollars in net reserve deposits, a gain of over 10 millions in combined total reserves, and an addition of about
c minion dollars to total gold reserves is indicated by tho statement. The Now York bank reports a gain of 8.4 millions in total reserve and of 4.3
millions in gold reserve- Philadelphia shows an increase in total and gold reserves of over 2 million dollars, whilo Kansas City and Cleveland each report
inf'rpT.sps o f over 1 million dollars in their gold and total reserves. Tho gold resources of tho system, including tho amounts of gold under control of
tho Wwipnl Reservo Agents, stand at present at 492.2 million dollars, compared with 482.7 millions shown at tho end of the preceding week. Tho gain
r,f D > i hv the svstem was about 59 millions for the past month, about 133 millions for tho past three months, 194 millions for tho past six months and
TU
ever 9 6 3 millions for the oast year. Tho proportion of gold held by Federal Reservo Agents either in their own vaults or in Washington has risen dur® th e n S t sbem onthsfrom slightly over 18% to about 35% of the total gold resources of the system.
* ° The*total mount of commercial and bank paper in the hands of tho banks, 48.9 million dollars, shows an Increase of 3.8 millions over tho last weekly
tntai
This gain is duo chiefly to the larger amounts of discounts held by the three Southern banks and tho considerable purchases of acceptances ronorte’d for the past week by the Boston and New York banks. Tho present week s totals for both classes of paper aro larger than for any previous week
and together constitute about 55% o f tho total earning assots. Tho three Southern banks report about b2% of the entire amount of discounts hold
G ainst about 60% the week before and about 70% three months before. The share of bankers acceptances in the total bill holdings of tho banks stands
now -it about 33%
The distribution o f tho paper by maturities Indicates considerable gains in tho holdings of bills with the longer maturities. Thus
fh^oroportion ofpaper^falling due after 30 but within 60 days from date of statement increased during the week from 35.1 to 37.4% . while tho perranJtranf naner maturing after 90 days (mostly agricultural and live-stock paper) increased from 7.4 to 7.8% of the total. A large relativo decrease
from $7.3 to ^ 2 .T %
forpaper maturing after 10 but within 30 days, whilo the percentage of paper maturing within 10 days shows an increase
o f fromi 10.2 t o 12.6%>
.
TTn,f „ i q tatcs bonds are reported by four banks. Tho amount of warrants on hand shows a dccllno of about $211
000 New'York'and^hfl^efplda^r’eporring^the^l^rgest^cr^Sis^r the week. The ratio of earning assets to capital is 163%. compared with 156% for
the preceding week, and 142% about tJbree ™ °rJth® in^°fnr tho week in not reservo deposits; Now York reports an Increase of about 7 millions, while
t ho p a , a b o u t

171 millions o f gold, $100,000 o f lawful money and 17.6 millions of paper.
thereon of 13.4 million dollars.

Tho banks report a total note circulation oi ioo .j minions ana a not liability
.
.
,
, „
.
, .

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, i he statement of i ederal Reserve
Agents’ Accounts (the third table following) gives details regarding the transactions in i ederal Reserve notes between the
Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks.

N o v . 261915. Nor. 19 1915. N ov. 121915. N ov. 5 1915. Oct. 29 1915. Oct. 22 1915. Oct. 15 1915. Oct. 8 1915. Oct. 1 1915.*
R ESO U RC ES.

$227,274 000
Gold coin and certificates in vault--------------- $245,986,000 $245,400,000 $233,430,000 $232,678,000 $218,224,000 $227,005,000 $226,956,000 $227,769,000 65,180,000
Gold settlement fund------ ---------- --------------- 73,830,000 69,345,000 62,790,000 60,810,000 61,960,000 54,670,000 58,620,000 65,850,000
1 ,2 12 ,0 0 0
1 ,202,000
1 ,222,000
1 ,2 12 ,0 0 0
1 ,2 12 ,0 0 0
1,227,000
1,227,000
1,252,000
1,232,000
Gold redemption fund with U. S. Treasurer..
$284,831,000
Total gold reserve------------------------------ $321,068,000 $315,977,000 $297,447,000 $294,715,000 $281,406,000 $282,887,000 $286,788,000 21,302,000 $283,656,000
16,493.000
Legal tender notes, silver, &c---------------------- 37,212,000, 32,173,000 31,806,000 31,567,000 37,058,000 34,626,000 19.748.000
$358,280,000 $348,150,000 $329,253,000 $326,282,000 $318,464,000 $317 513.000 $306,536,000 $306,133,000 $300,149,000
Total reserve________________________
Bills discounted and bought—
Maturities within 10 days-------------------Maturities from 11 to 30 days--------------Maturities from 31 to 60 days--------------Maturities from 61 to 90 d a y s...----------Maturities over 90 days----------------------Total.................................................

Digitized for Bank acceptances (Included in above) —
FRASER


$6,164,000
11.129.000
18.325.000
9.524.000
3.831.000

$4,603,000
12.320.000
15.835.000
9.018.000
3.373.000

$5,223,000
1 0 ,866,000
14,663,000
9.521.000
2.875.000

$5,863,000
10.436.000
15.606.000
8.498.000
2.724.000

$6,913,000
10.595.000
15.969.000
8.458.000
2 . 102.0 00

$7,263,000
11.198.000
14.094.000
8.978.000
1.789.000

$6,694,000 $5,893,000
12.939.000 •13,786,000
14.703.000 *15,257,000
8.116.000 * 9,109,000
1,320,000
1.507,000

35.765.000
12.267.000
15.790.000
9.606.000
1.452.000

$48,973,000 $45,149,000, $43,148,000 $43,127,000 $44,067,000 $43,322,000 $43,959,000 $45,365,000 $44,880,000
$16,179,000' $13,510,000l $13,138,000 $13,774,000 $13,619,000 $13,335,0)0 $14,556,000 $14,804,000 $14,846,000

Dec . 4 1915.]

THE CHRONICLE

1865

Nor.261915 Nor. 19 1915. Nor. 121915 Nor. 5 1915 Oct. 29 1915 Oct. 22 1915 Oct. 15 1915. Oct. 8 1915. Oct. 1 1915.*
R E SO U R C E S (Concluded).
Brought fo rw ard (total reserve & bills dlsc'ted) S407.253.000 5393,299,000 $372,401,000 $369,409,000 $362,531,000 $360,835,000 $350,495,000 $351,498,000 $345,029,000

Investments: U. S. bonds_________________
Municipal warrants------Federal Reserve notes—Net---------------Due from Federal Reserve banks—Net--------All other resources__________________
Total Resources.
L IA B IL IT IE S .

Capital paid In______________________
Government deposits________________
Reserve deposits—Net_______________
Federal Reserve notes—Net--------------All other liabilities___________________
Total liabilities.
Gold reserve against net liabilities (a)__
Cash reserve against net liabilities (a)__
Cash reserve against liabilities after setting
aside 40% gold reserve against net
amount of Federal Reserve notes In
circulation (a)____________________

S12.919.000 $12,674,000 $12,003,000 $10,533,000 $10,505,000 $10,480,000 $10,380,000 $9,483,000 $9,329,000
27.308.000 27.519.000 22,801,000 22.148.000 25.014.000 25.381.000 26.583.000 27.029.000 27.381.000
19.176.000 18.792.000 19.537.000 15.184.000 19.723.000 15.680.000 15.236.000 15.523.000 15.378.000
14.053.000 15.827.000 16.175.000 12.483.000
8.533.000 *12,314,000 10.160.000
7.723.000 11.194.000
3,662,000
4,633,000
3,275,000
2,962,000
3.645.000
3,162,000
3,018,000
3.124.000
3,326,000
S485.342.000 $471,773,000 $446,192,000 $432,719,000 $429,951,000 $427,880,000 S415.872.000 $414,380,000 $411,637,000
554.846.000 854.854.000 554.846.000 $54,848,000 $54,838,000 $54,834,000 $54,775,000 $54,781,000 $54,728,000
15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15.000,000 15,000,000 15,000,000
397.952.000 384.997.000 359.317.000 346,063,000 343,554,000 340,444,000 328,766,000 326,787,000 324,884,000
13,385,000 12,923,000 13,007,000 13,661,000 13,918,000 14,809,000 14,791,000 15,225,000 14,359,000
4,159,000
3.999,000
4,022,000
3,147,000
2,641,000
2,793,000
2,540,000
2,587,000
2,666,000
S4S5.342.000 $471,773,000 $446,192,000 $432,719,000 $429,951,000 $427,880,000 $415,872,000 $414,380,000 $411,637,000
77.9%
79.6%
80.1%
81.4%
77.3%
*79.0%
82.3%
81.5%
82.7%
87.7%
86.9%
90.1%
88.7%
87.5%
*88.7%
88.0%
87.6%
87.5%
88.5%

89.3%

90.5%

92.0%

(a) Less Items In transit between Federal Re­
$14,053,000 $15,827,000 $16,175,000 *$12,483,000
serve banks, viz_________________
Federal Reserve Notes—

Issued to the banks.
In hands of banks..
In circulation.

Gold and lawful money with Agent----Carried to net liabilities____________
Carried to net assets------------------------

89.4%

•90.8%

90.1%

$8,533,000 *$12,342,000 $10,160,000

89.8%

89.6%

$7,723,000 $11,194,000

S187.815.000 $183,275,000 S179.335.000 $170,310,000 $168,370,000 $159,280,000 S153.790.000 $148,590,000 $141,000,000
22,511,000 22,389,000 22,710,000 17,828,000 22,345,000 17,711,000 18,025,000 18 268,000 18,782,000
S165.304.000 S160,886,000 S156.625.000 $152,482,000 $146,025,000 5141,569,000 $135,765,000 $130,322,000 $122,218,000
$171,095,000 S166,755,000 $163,155,000 S154.005.000 $151,830,000 $142,440,000 $136,210,000 $130,620,000 $123,301,000
13.385.000 12.923.000 13.007.000 13.661.000 13.918.000 14.809.000 14.791.000 15.225.000 14,295,000
19.176.000 18.792.000 19.537.000 15.184.000 19.723.000 15.680.000 15.236.000 15.523.000 15,378 000

Federal Reserve Notes (Agents’ Accounts )-

$249,440,000 $242,980,000 $235,020,000 $218,020,000 $212,020,000 $205,460,000 $199,260,000 $190,880,000 $175,820,000
1,275,000
1,355,000
1,265,000
1,035,000
815,000
1,015,000
745,000
745,000
745,000
5248,085,000 S241.705.000 $233,755,000 S216,985,000 $211,205,000 $204,445,000 $198,515,000 $190,135,000 $175,075,000
Amount chargeable to Agent,.
60,270,000 58,430,000 54,420,000 46,675,000 42,835,000 45,165,000 44,725,000 41,545,000 34,075,000
In hands of Agent-------------------Issued to Federal Reserve banks----- S187.815.000 $183,275,000 $179,335,000 $170,310,000 $168,370,000 $159,280,000 $153,790,000 $148,590,000 $141,000,000

Received from the Comptroller—
Returned to the Comptroller--------

B o w Secured —

By gold coin and certificates----------------- S136,535,000 S132,695,000 S133.515.000 $127,495,000 $126,480,000 $119,920,000 $120,010,000 S116.630.000 $110,451,000
100,000
100,000
100,000
By lawful money-------------------------------16.720.000 16.520.000 16,180,000 16.305.000 16.540.000 16,840,000 1 * * ‘0,666 17.970.000 17.699.000
By commercial paper_________________
7 ,'5 8
580,000
580,000
570,000
Credit balances In gold redemption fund..
560,000
550,000
520,000
500,000
490,000
450,000
Credit balances with Federal Reserve B'd. 33.880.000 33.380.000 28,970,000 25.950.000 24.800.000 22,000,000 15,700,000 13.500.000 12.400.000
Total................................................ S187.815.000 S183,275,000 $179,335,000 $170,310,000 $168,370,000 $159,281,000 $153,790,000 $148,590,000 $141,000,000
Commercial paper delivered to F. R. Agent... $17,583,000 S17,240.000 $16,680,000 $16,663,000 $16,553,000 $16,989,000 $17,766,000 $18,267,000 $18,093,000
• Amended figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOV. 26 1915
Boston.

N ew York. P h ila del'a . Cleveland. Richm ond.

Atlanta.

Chicago.

St. L o u is. M in n ea p . K a n . City.

D a lla s.

San F ran

Total.

S
f
S
$
J
s
!
$
S
S
S
$
RESO U RCES.
Gold coin & ctfs. In vault 14,734,000 151,218,000 8,180,00010,640,000 6,022,000 5.982.00031.460.000 2,867,000 2,498,000 2,310,000 4,119,000 5,950,000245,986.000

9,736,0002,757,0005,297,0006,358,0009,165,0007,536,000 73,830,000
3,885,000! 3,990,000 9,170,000 9,268,000 1.409.000
375,000 245,000
35,000
30,000
107,000 341,000
21,0001,252,000
55,000;
37,000
12,213,000 19,810.00015,665,000 7,636,000 41,196,000 5,659,000 7,825,000 8,775,00013.625,00013,507,000321,068,000
Total gold reserve___ 19,999,000
Legal-ten .notes ,sllv. ,&c
33,000 29,783,000 2,909,000 1,107,000 116,000 238,000 2,457,000
139,000
19,000
176,000, 217,000
18,000; 37,212,000

Gold settlement fund__ 5,259,000
Gold redemption fund..
6,000

Total reserve_______ 20,032,000 184,941,000 15,122,000 20,917,00015,781,000 7,874,00043,653,000 5,798,000 7,844,000 8,951,000 13,842,00013,525,000 358,280,000
Bills dlscountcd&bought
182,000
282,000
180,000
Commercial paper—
Bank acceptances----- 5,118,000! 5,348,000 1,779,000

637.000 6,937,000 7,885,000 2,915,000 1,731,000 1,526,000 4,247,000 5,565,000
632.000
100,000
......... 1,457,000 520,000 370,000 329,000
..........

707,000 32.794.000
526,000 16.179.000

T ota l___________ 5,300,000| 5,630,000' 1,959,000
986,000
............1 1,973,000
Investments: U. S. bds.
Municipal warrants.. 3.416.000 10,414,000 2,944,000
Fed. Res've notes—Net. 1.077.000 13,442,000 249,000
Due from other Federal
........... I 6,649,000
Reserve banks—Net- 1,880,000
297,000
398,000; 794,000
All other resources------

1,269,000 7,037,000 7,885,000, 4,372,000 2,251,000 1,896,000 4,576,000 5,565,000 1,233,000 48,973,000
1.194.000
4,090,000! 952.000 1,188,000 1,536,000
.......... 1,000,000 12,919,000
3.474.000
69,000! 335,000 2.478.000 984.000 1.243.000 756,000
63,000 1,132,000 27,308,000
306,000
1.846.000
712,000
_____ I 1,544,000 19,176,000
2,968,000 1,544,000 1,137,000 2,410,000! 5,599,000 3.189.000 1,767,000 675.000 2,668,000al4,053,000
288,000
155,000 749,000
186,0001 296,000
64,000 792,000 496.000 118,000; 4,633,000
Total resources-------- 32,988,000214,825,00029,690,00030,416,00024,586,00017,980,00059,035,00015,880,00016,136,000 18,378,000 20,641,000 21,220,000 485,342,000
L IA B IL IT IE S .

Capital paid In............. 5,171,000, 11,060,000 5,270,000 5,931,000 3,353,000
Government deposits....................-I _ .......... -|
- - - - .................. . 5,000,000
Reserve deposits—Net.. 27,817,000 183,438,00024,420,00024,485,00010,712,000
Fed. R es've notes— N et.:
----5,354,000
16,433.000
Duo to F.R.banks—Net
---3,894,000
All other liabilities........
.....
167*666
Total liabilities.

2,417,000 6,639,000 2,780,000 2,497,000' 3,030,000! 2,756,000 3,942,000 54,846,000
5,000,000
• 5,000,000
S
..........j 15,000,000
7il99]00052,3 *,6 12,995,00013,639,00014,422,000! 9,151,00017,278,000 397,952,000
*9*6 66
3,266,000
105,000,
926,000; 3,734,000
13,385,000
98*000

4 ,1 5 9 * 6 6 6

32,988,000214,825.000 29,090.000 30,410.00024,586,00017,980,00059,035.00015,880,00016.136,00018,378.00020,641,00021,220,000485,342,000

Federal Reserve Notes —

Issued to banks------- 7.820.000 79.160,000 7,960,000 9.200,000 14,440 000 15,750,000 4,380,000 6,950,00012,500,000 9,900,00015,385,000 4,370,000187,815,000
In hands of banks----- 1,077,000, 13,592,000 249,000 306,000 2S6.000
984,000 1,846,000| 395,000 712,000 1,159,000 361,000 1,544,000 22,511,000
F. R. notes in circulation 6,743,000 65,568,000 7,711,000 8,894,00014,154,00014,766,000 2,534,000 6,555.00011,788,000 8,741,00015,024,000 2,826,000165,304,000
Gold and lawful money
with agents________ 7,820,000 79,010,000 7,960,000 9,200,000 8,800.00011,500.000 4,380,000 6,450,00012,500,000 7,815,00011,290,000 4,370,000171,095,000
Carried to net liabilities.
-----........ -| 5,354,000 3,266,000;
..........
105,000
........J 926,000! 3,734,000
..........| 13,385,000
Carried to net assets___ 1 ,0 7 7 ,6 6 6 13,4*42*666
249,000' 306,000'
..........I .......... I 1,846,000
_____ I 712,000
..........1 ..........1 1,544,000 19,176,000
a Items In transit, 1. e., total amounts due from less total amounts due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS NOV. 26 1915.
Boston.

N ew Y ork. Philadel'a Cleveland. Richmond

Atlanta.

Chicago.

St. L o u is. M in n ea p . K a n . City.

D allas.

San F ra n .

Total.

S
$
*
%
Federal Rcservo Notes—
$
s
$
S
$
$
$
S
$
Rec’d from Comptr'r 16,360,000 98,440,000 12,480,000 11,600,000 15,100,000 18,900,000 9,380,000 9,600,000 17,000,000 11,000,000 19,580,000 10,000,000 249,440,000
400,000
540,000
40,000
Returned to Comptr'r
_____
120,000
25,000 230,000 1,355,000
Chargeable to Agent.. 15,960,000 98,440,00011,940,000 11,560,000 15,100,00018,900,000 9.260.000 9,600,000 17,000,00011,000,000 19,555,000 9,770,000248,085,000
In hands of F . R . agent 8,140,000 19,280,000' 3.9S0.000 2,360,000 660,000 3,150,000 4.880.000 2,650,000 4,500,000 1,100,000 4,170,000 5,400,000 60,270,000
Issued to F. R. bank.. 7,820,000 79,160,000 7,960,000 9,200,000 14,440,00015,750,000 4,380,000 6,950,00012,500,000 9,900,000 15,385,000 4,370,000187.815,000
Held by F. R. agent—
Gold coin & certfs___ 7,820,000 79,010,000 7,960,000 8,740,000
5,450,00010,000,000 7,715,000 9,540,000
300,000
136,535,000
100,000
100,000
Credit balances.:
460,000
120,000
In Gold redemp. fund
580,000
8,800,000 11,200,000 4,260,000 1,000,000 2,500,000
With F. R. Board___
1.750.000 4,370,000 33.880.000
..........
Notes secured by com­
500,000!
.......... 2,085,000 4.095.000
mercial paper_____
150,000
5,640.000 4,250,000
16.720.000
T ota l___________ 7,820,000 79,160,000 7,960,000 9,200,00014,440,000 15,750,000 4,380,000 6,950,000,12,500,000 9,900,000 15,385,000 4,370,000187,815,000
Amount comm’l paper
delivered to F.R .agent
..........1 500,000'
.......... 1 2,087,000 4,323,000
150.0001 ........................... 5,772,000 4,751,000
.......... 17,583,000




[Vol. 101

THE CHRONICLE

1866

Statem ent of New York City Clearing-House BanksandTrustCom panies.-Thefollowing detailed statement shows
the oonditionofthe i n o w City rftanlitci Tn the case of for the week ending November end of figures are also given.
tne condition or cue New York V Clearing-House membersthe totals, actua figures at the 27 Thethe weekfor the separate
l“ o r d r ^ t f f u ^ e o m

^ f r h ^ e

t a ' L t d X T o t o of actual condftion for

each

of

the

three

groups

and

also the grand aggregates, for the four preceding weeks.
N E W Y O R K W E E K L Y C L E A R IN G -H O U S E R E T U R N ._________________ __________________
C L E A R IN G

HOUSE

MEMBERS.

W eek E n d in g
N ovem ber 27 1915
(00? omitted.)

Capital.

Loans,
Net
Profits. Discounts,
Incestm
'ts,

/N a t. B’ k s N o v . 10
/State B'ksSept.25:

M em bers o f F ederal
S
5
R eserve B a n k .
2,000.0 4.833.2
Bank of N . Y ., N .B .A 2.000,0 2.278.7
M erchants’ N at. Bank.
6.000.0 9.283.0
M eoh. & Metals N a t . . .
0
National C ity B a n k ... 25.000. a37,658,9
8.093.0
3.000.
0
Chemical N at. B a n k ...
817.7
1.000.
0
Atlantic National Bank
79,1
300.0
N at. Butchers' & D rov
4.995.3
0
Am er. Exch. N at. Bank 5.000.
25.000. 18,030,3
0
National Bank of Cora.
2.181.5
Cbatham & Phenix N at. 3.500.0
3.000. 15.484.2
0
H anover National Bank
2.550.0 2.617.1
Citizens’ Central N a t ..
1.000.0 1.976.7
M a r k e t * Fulton N a t ..
1.500.0 7.794.5
Importers' & Traders’ . .
5.000,0 15.663.2
National Park Bank—
77,0
250.0
East.River N at. B a n k ..
1,000,0 3.282.1
Second National Bank.
10.000. 23.875.5
0
First National B a n k ..
3.959.1
4.000.
0
Irving National Bank.
500.0 1.288.6
N Y . County N at. B k .
5.000. 10.042.6
0
Chase National Bank
1.000.0 1.926.2
Lincoln National Bank.
1.000,0 1.274.0
Garfield National Bank
404.7
250.0
Fifth National B a n k ...
1,000,0 2.888.0
Seaboard N at. Bank—
1,000,0 3,222.5
Liberty National Bank.
700.7
1,000,0
Coal * Iron N at. Bank.
1,000,0 1,058,1
Union Exchange N a t ..
1,000.0 1,122,0
Nassau Nat. Bank-----903.7
1.500.0
Broadway Trust C o —

ankFederal
N
at. B
anNat. B
k
R
eserve
N
otes
N
otes
B
ank
fReserve [Not
otes
ounted N
for S te C
ta
[N
ot
as
Institu­
eserve
).
R
eserve]. R
tions
I.

L
egal
Tenders.

& c.

T e
im

verage A
verage
verage. Average. A
verage A
verage Average. A
verage. Average. A
Acer age. A

$

728.0
490.0
2.992.0
5.056.0
2.897.0
107.0
38.0
1.325.0
4.451.0
786.0
1.417.0
206.0
402.0
1.160.0
1.778.0
42.0
509.0
485.0
1.312.0
142.0
4.532.0
1.030.0
317.0
140.0
620.0
740.0
176.0
286.0
85.0
241,0

S
1.275.0
1.900.0
6.228.0
4.740.0
2.411.0
452.0
264.0
2.103.0
6.027.0
2.048.0
4.022.0
1.107.0
971.0
1.117.0
6.231.0
341.0
828.0
1.846.0
3.378.0
596.0
3.143.0
484.0
1.053.0
331.0
1.717.0
1.276.0
183.0
820.0
518.0
495.0

T otals, avge. for week 115,350,0 187,811.8 1,927.359,0 266.061.0

34,600.0

1.930.512.0 267.814.0
1.922.598.0 270.535.0
1.923.603.0 282.737.0
1.903.243,0:271,060,0

31.034.0
36.777.0
33.688.0
38.608.0

48.250.0 10.128,0
5.413.0
38.413.0
1.010.0
11.007.0
258.0
5.328.0
170.0
2.219.0
1.077.0
12.130.0
7.323.0
80.172.0
292.0
3.841.0
735.0
5.775.0
1.637.0
16.087.0
533.0
3.960.0
582.0
6.225.0
1.008.0
15.290.0
308.0
4.567.0
1.740.0
12.454.0
1.428.0
21.104.0

1.272.0
1.473.0
218,0
639.0
58.0
469.0
2.089.0
33.0
270.0
471.0

1.093.0
770.0
538.0
178.0
141.0
648.0
5.499.0
63.0
53.0
1.167.0
131.0
175.0
845.0

33.702,0

$

$

2.755.0
38.731.0
1.094.0
30.267.0
121.470.0 19.919.0
339.053.0 107.961.0
4.323.0
34.698.0
771.0
11.154.0
61,0
1.938.0
8.389.0
98.011.0
225.997.0 22.401.0
3.127.0
57.228.0
126.699.0 19.706.0
1.281.0
28.275.0
528.0
9.892.0
1.459.0
34.336.0
141.242.0 10.613.0

2.021.0

101.0

1.055.0
16.065.0
178.595.0 15.510.0
6.723.0
62.458.0
331.0
9.929.0
188.820.0 23.910.0
1.601.0
16.430.0
1.133.0
8.700.0
225.0
4.415.0
3.492.0
35.652.0
4.510.0
60.721.0
814.0
8.249.0
370.0
11.374.0
352.0
9.125.0
1.507.0
17.784.0

$

$

%

53.937.0
65.105.0
58.947.0
57.106.0

4.939.0
6.118.7
1,193,9
1,000,5
438.3
1,9.35,1
6.736.7
765.7
703.7
2,240,2
795.4
999.7
2.134.0
683.4
956.9
505,6

$

57.915,0

Totals, actual condition N ov. 27
Totals, actual condition N ov. 20
Totals, actual condition N ov . 13
Totals, actual condition N ov. 6

E
xcess
N
ational
R
eserve
D
ue
B
ank
N
et
w
ith
from
N
et
C
ircula­
L
egal
R
eserve D
em
and
tion.
eposits
Deposi­ D
eposi­ D
eposits. D
taries.
taries.

2.767.0
2.139.0
10.340.0
33.084.0
2.982.0
948.0
155.0
9.084.0
17.570.0
4.466.0
10.925.0
2.534.0
774.0
2.442.0
10.937.0

$

S

A
verage Average.

*

$
798.0
1.935.0
4.961.0
1.799.0
450.0
381.0
50.0
4.905.0
2.685.0
1.491.0
305.0
1.640.0
73.0
50.0
3.558.0
50.0
674.0
4.478.0
740.0
198.0
450.0
887.0
348.0
248.0
368.0
500.0
398.0
400.0
267.0

1.198.0
13.569.0
5.510.0
715.0
16.916.0
1.276.0
898.0
388.0
4.332.0
5.873.0
597.0
816.0
590.0
1.409.0

36.537.0
29.892.0
139.121.0
422.559.0
35.905.0
11.367.0
1.982.0
99.774.0
232.110.0
50.010.0
144.107.0
25.635.0
9.771.0
31.212.0
140.107.0
2.598.0
14.070.0
172.745.0
71.076.0
9.946.0
220.728.0
17.302.0
9.755.0
4.958.0
42.119.0
66.995.0
8.469.0
11.310.0
8.430.0
18.847.0

2.727,0 165.450,0

2,101,167.0

19,620.0

35,087,0

3.050.0
2.806.0
2.646.0
2.773.0

3.0
28,0
161,0
241.0
45.0
19.0

2,106,616.0
2.105.572.0
2.120.132.0
2.084.705.0

19.605.0

35.101.0

67.0
65.0
908,0
18.0

2.0

69.0
50.0
718.0

10.0

76.0
117.0

1,0

34.0
95.0
214,0
85.0
59.0
82.0

189.0

210.0

10.0

70.0
44.0
23.0
144.0
24.0
50.0
63.0
17.0
42.0
29.0
41.0
19.0
30.0
75.0
2.416.0

89.0
447.0
13.0
87.0
109.0
90.0

" 30",6
159.0
13.0

12.0

7.0
46,0

165.102.0
160.892.0
169.031.0
164.930.0

1.648.0

2,332*6
1.251.0
"*2 *7*6

61,0
2.715.0
125,0
5.532.0

1,189,6
781,0
125.0
169.0
1,293,0
32,0
115.0
2,130,0

**’ e’.o
10.0
79.0

20.048.0 35.051.0
19.505.0 34.487.0

19.011.0 35.182.0

S ta te B anks.
Not M
em
bers of
Federal R
eserve B
an
k

Bank of Manhattan C o .
Bank of Am erica--------Greenwich Bank______
Pacific Bank___________
People’s Bank________
Metropolitan Bank____
Corn Exchange B a n k ..
Bowery Bank__________
German-Amerlcan Bank
Fifth Avenue Bank___
German Exchange Bank
Germania Bank_______
Bank of M etropolis____
West Side B a n k .______
N . Y . Produce Exch.Bk
State Bank____________

2.050.0
1.500.0
500.0
500.0

200.0
2.000.0
3.500.0
250.0
750.0

100.0
200.0
200.0
1,000.0
200.0
1,000.0

Totals, avge. for week

15.450.0

32,146,8

Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition

N ov. 27
N ov . 20
N ov. 13
N ov. 6

112.0

109.0
726.0
207.0
403.0
287.0

900.0
1,396,0

91.0
172.0
263.0
170.0
29.0
44.0
1.160.0
52.0
16.0
140.0
90.0

.......
_______

13,122.0

2.570,0

311,961.0

104.0

3.430.0
2.105.0
2.045.0
1.921.0

309.801.0
312.091.0
311.299.0
311.905.0

104.0
173.0
250.0
243.0

274,0

**25*6

200,0

*238.6 1,42*9*6
199.0

* 2*74*6

521.0
712.0

34.0
136.0
427.0

8,841,0

12.659,0

3,010.0

42,0

33.514.0
33.841.0
35.890.0
35.077.0

286,835,0

31,0
485.0
326.0

" 15 2 ",6
9,000,6
208.0

3.0
14,0

100.0
86.0

120.0

54.770.0
38.477.0
11.862.0
5.077.0
2.526.0
10.375.0
95.654.0
3.474.0
5.921.0
16.812.0
3.968.0
6.177.0
14.739.0
4.566.0
14.293.0
23.270.0

555.0

8.635.0
9.177.0
9.321.0
10.028,0

12.503.0
12.574.0
12.417.0
12.397.0

2,888.0

45.0
37.0
37.0
41 0

3.130.0
3.420.0
2.902.0

31,0
31.0

42,0

T r u s t C om p a n ies
N
ot M
em
bers of
Federal R
eserve B
ank.

39.0
23.0

1.290.0
18.774.0
10.883.0
907.0
3.649.0
21.062.0
533.0
1.291.0
3.859.0
1.490.0
7.110.0
1,790.3
774.0
3.960.0

7.882.0
23.132.0
185.122.0 25.452.0
40.579.0 14.436.0
5.642.0
23.320.0
525.0
24.113.0
292.781.0 36.316.0
233.0
7,373,0
575.0
10.534.0
58.299.0 13.865.0
921.0
17.038.0
8.625.0
45.996.0
3.371.0
14.407.0
967.0
10.999.0
6.8.58.0
42.558.0

2.328.0

699.0

40,009.0 77,972,0

802.251.0 125.688,0

7.589.0
5.274.0
9.228.0
5.208.0

2.432.0
2.316.0
2.167.0

746.0
691.0
658.0
577.0

39.876.0
40.360.0
39.314.0
38.976.0

77.686.0
80.149.0
92.489.0
88.282.0

125.802.0
125.300.0
125.043.0
125.358.0

76.324.0
— 822.0

5.338.0
— 94,0

*3,468.0 218.581.0 80.542.0
+ 51.0 + 2,025,0 -6,658,0

145.412.0
+ 1,707,0

37841.0 278.109.0 8*1.116,0
+ 307 .01+ 4.337.0 -1,138,0

145.511.0

7+5344) 213,772,0 82.254.0
3.341.0 217.572.0 94.534.0
3.391,0:213,105,0 90.203.0

I 45^521,0
144.798.0
144.615.0

3,605,6
13,594,2
4,201,8
1,339,6
12.045.5
23.186,3
1,317.7
5,090,2
7,568.2
1,438.0
11,119.2
1.105,9
541.4
6,293,9

32.575.0
205.430.0
55.141.0
28.174.0
38.211.0
301.341.0
8,789,0
23.539.0
72.799.0
17.830.0
61.234.0
17.693.0
11.829.0
49.377.0

1.409.0
18.447.0
3.130.0
2.031.0
1.917.0
42.500.0
594.0
1.205.0
4.695.0
1.195.0
4.971.0
1.257.0
614.0
4.885.0

144.0
9.0
46.0
29.0
233.0
1,209.0
69.0
339.0
345.0
74.0
40.0
52.0
97.0
649.0

693.0
114.0
795.0
198.0
168.0
1,0.34,0

1,101,0

171.0
26,0
141.0
165.0
152.0
641.0
29.0
28.0
233.0
195.0
27.0
65.0
54.0
398.0

92,447,5

923,912,0

88,880.0

3,335,0

5,750,0

2.851.0
7.207.0
6.128.0
3,232,0

Grand Aggregate, avge 175.550,0 312.406,1 3.138,208,0 388.643,0 46.776.0
+ 20,075,0 — 8.141,0 — 7,569,0
Comparison prev. week

Brooklyn Trust C o -----Bankers Trust C o -------U . S. M tg . * Trust C o .
Astor Trust C o ---------Title Guar. & Trust Co
Guaranty Trust C o -----Fidelity Trust C o .........
Lawyers T i t le * Trust.
Columbia Trust C o -----People’s Trust C o _____
New York Trust C o___
Franklin Trust C o _____
Lincoln Trust C o ______
Metropolitan Trust C o.
Totals, avge. for week

1.500.0
10.000.0
2,000,0
1.250,0
5,000,0
10.000.0
1.000,0
4.000.0
2.000.0
1.000,0
3,000.0
1.000.0
1.000.0
2.000.0
44,750.0

Totals, actual condition N ov . 27
Totals, actual condition N ov. 20
Totals, actual condition N ov . 13
Totals, actual condition N ov. 6

pl

915.270.0
921.999.0
912.509.0
905.690.0

90,138.0
91.199,0
79.135.0
87.549.0

4 -M

Grand aggregate, actual condition
Comparison prev. week
Grand Aggregate actual condition N o v .
Grand Aggregate actual condition N ov.
Grand Aggregate actual condition N o v .

122.0

118,0
611.0
255.0
55.0
180.0
306,0

1.156.0
9.256.0
2.029.0
1.060.0
"2+6
1,206.0
14,039,0
368.0
10.0
827.0
265.0
2.915.0
51.0
852.0
2.303.0
143.0
720.0
8.0
550.0
12.0
2.128.0
4,0

120,0

2.202.0

.3.133.235,0 391.466,0 +5,520,0 79.029.0 **5,320.0
1,112,0 —7,041,0 — 3,924.0 — 126,0
+ 1,772,0
29 3.1.31.463.0 395.578.0
13 3.122.711.0 397.762.0
6 3.091.071.0 393.686.0

53.161.0 ¥2.953.0 **5,446.0
5.587.0
49.137.0 80.592.0
5.104.0
51.868.0 74.711.0

— 10,0

a Includes capital set aside for Foreign Branches. 13.000.000.
S T A T E M E N T S OF R E SE R V E PO SIT IO N .
A c tu a l F igures.

A verages.
T
otal
R
C
ash R
eserve eserve In
eserve.
epositaries R
in V
ault. D

a

R
eserve
R
equired.

Inc. or D
ec.
Total
R
C
ash R
eserve eserve tn
from
S
urplus
eserve.
epositaries R
ault. D
R
eserve. PretlousW
eekIn V

b Reserve
R
equired

Inc or Det.
S
urplus
from
R
eserve. PrcvlousW
eek

i
$
$
%
S
*
%
$
%
%
%
525.8.87.000 380,171.130 145,715.870 — 7.587.770
$
M em bers Federal
144,780.940 — 10.302.500 360.785.000 165.102,000 70,671,000 55,764,180 14,906.820
— 161,800
Reserve Bank____ 358.576.000 165.450.000 524.026.000 379,245.000 15,181,020
57.540,000 13.191.000
— 73,160
142.886.000 120,031,350 22,854.650 — 2.448.050
State Banks * ---------- 58.212.000 13.122.00,1 71.3.94.000 56.152.980
— 4,642.800 103.010.000 39.876.000
Trust C om panies*.. 100.293.000 40,009,000 140.302.000 120,337.650 19.964,350
218.109.000 739.444.000 555.966.660 183.477,340 — 10,197,620
— 170,410
Total N ov. 27___ 517 081 000 218,581,000 735.662.000 555,735.690 179,926,310— 1.5.018,460 521.315.000 213.772.000 750.910.000 557.235.040 193.674,960
Total N ov. 20_ 533 707.000 216,556,000 750,261,000555,318,230 194,944,770 + 6.1 43,9 80 537.138.000 217 572.000 750.650.000 556.804,630| 193.845.379 + 4 744.870
_
Total N ov . 1 3 .. 524 .168.000217.876.000742.244.000 551.441.210 188.800.790 — :2695.050 533.078.000 213.105.000738.474.000 549.373,500 189,100.501 + 7,114,670
526 148 000212 93.8,000 379.086,000 547.590.100191.495.840 — 2.20.8,690 525,369.000
Total N ov
6

Not m em ber' of Federal Reserve Bank
a This Is the reserve required on Net Demand Deposits In the caHe ot Btate Ba“ ^
Includes also the amount of reserve required on Net Tim e Deposits, which was1as 1




•

•

p on

20, $989.GOO: N ov. 13, $967,200: Nov. 6, $057,luO.
' nles hut in the ease o f Members of the ederal Reserve Ranks




W a ll S treet , F r id a y N ig h t , D e c . 3 1915.
The Money Market and Financial Situation.—The
volume of business at the Stock Exchange has been smaller
this week than at any time since the first of July, when the
crops were undeveloped, when sales of securities for foreign
account in this market comprised a large part of the whole
and were regarded as a possible menace, and when the
military situation abroad seemed at a hopeless deadlock.
The stagnation now is from wholly different causes. The
unprecedented volume and value of our crop is now a wellknown fact. It is conceivable, moreover, that the near con­
vening of Congress and the discussion—and perhaps adop­
tion—of important measures which is sure to follow and
attract world-wide interest and comment, is already casting
a shadow of doubt in the minds of some as to the advisability
of entering into new commitments of any kind. Sales for
foreign account are still in progress but are causing no incon­
venience. On the contrary, they in part offset the enormous
export movement of merchandise, and to that extent tend to
steady the international exchange market. The deadlock
referred to has been broken and the persistent, destructive
aggression in Southeastern Europe suggests that, although
why or how, from one cause or another or in some way or
another, the war must ere long come to a finish.
The international financial situation is illustrated by a de­
cline in German exchange to the lowest price on record, and
an advance in sterling bills in this market to $4 7 0 % .
As additional evidence of the situation here, it is only
necessary to mention the facts that, in addition to the
850,000,000 British credit established last week, an offering
of 860,000,000 by the Baltimore & Ohio Ry. has been two
or three times oversubscribed this week, and in the case of
the Kennecott Copper Syndicate’s 865,000,000 issue the
applications far exceeded the amount before the specified
time for the books to close.
Foreign Exchange.—The market for sterling exchange
showed progressive firmness until near the close of the week,
when a moderate reaction occurred. The week’s importation
of gold amounted to 821,750,000.
T o - d a y ’s (F r id a y ’s) a c tu a l rates fo r ste rlin g exch a n g e w ere 4 6 7 % ©
4 6 7 % fo r s ix ty d a y s , 4 7 0 % @ 4 7 0 % fo r ch e ck s a n d 4 71 @ 4 7 1 % fo r
ca b les. C om m ercia l o n b a n k s (six ty d a ys) 4 6 5 % , a n d d o cu m e n ts fo r
p a y m e n t (s ix ty d a y s ) 4 6 5 % @ 4 6 6 . C o t t o n fo r p a y m e n t 4 7 0 , a n d grain

° T c > d a y ^ *(F r id a y ’s) a c tu a l r a te s f o r P a ris b a n k e r s ’ fra n cs w e re n o m in a l
f o r lo n g a n d 5 8 5 @ 5 87 f o r s h o r t.
G e rm a n y ba n k e rs m a rk s w e re n o m in a l
fo r lo n g a n d n o m in a l fo r s h o r t. A m s te r d a m ba n k e rs gu ild ers w e re 4 1 %
^ E x c h a n g e a t P a ris o n L o n d o n , 2 7 .6 0 % f r .; w e e k ’ s ra n g e , 2 7 .6 0 % f r .
,
A
. .,
h igh and 27.83 rr. lo w .
ig h a n d 2 7 .8 3 f r . low.

Exchange at Berlin on London, not quotable.
The range for foreign exchange for the week follows:
S te r lin g A c t u a l—

High for the week_
_
Low for the week—

C a b les.

S ix ty D a y s .

C h ecks.

4 68%
4 66%

471%
4 69%

4 72 %
4 70%

5 81
5 90

5 80
5 89

P a ris B a n k ers' F ra n cs—

High for the week—
Low for the week—

-----------------

High for the week—
Low for the week —

-----------------

G erm a n y B a n kers' M a r k s —

A m s t e r d a m B a n k e r s ' G u ild e r s —

High for the week
Low for the week

[Vol. 101.

THE CHRONICLE

1868

______
______

80%
78%

80% ,
78%

41%
41%
41%
41%

42
42
Boston, par.
St. Louis, 15c. per $1,000 discount bid and 5c. discount asked. San Fran­
cisco, 30c. per $1,000 premium. Montreal, 62% c. per $1,000 discount
Minneapolis, 20c. per $1,000 premium. Cincinnati, par. New Orleans,
sight, 50c. per $1,000 discount and brokers 50c. premium.
Domestic Exchange.— Chicago, 30c. per $1,000 discount.

State and Railroad Bonds.—Sales of State bonds at
the Board this week include 85,000 New York Canal 4J^s at
112%, 85,000 New York Canal 4%s at 106, 825,000 Virginia
6s def. trust receipts at 54% to 56% and 813,000 New York
State 4%s at 112 to 112%.
In sympathy with the trend of business in the market for
shares, sales of railway and industrial bonds fell off consid­
erably, the total being 820,221,500 as against 823,456,500
for the corresponding days last week. Prices as a whole, dospite glowing reports from all branches of industrial activity,
have declined, the movement being in most cases fractional.
Reacting from their advanco of 4 points last week, In­
spiration Copper 6s, 1922, fell off 8 points to 177%, reacting
at the close, however, to 181, while American Smelters Se­
curities 6s and Lackawanna Steel 5s 1950, dropped from 114
and 94% to 113% and 93, respectively. Hudson* Manhat­
tan 1st ref. 5s, Ser. A, resumed their decline, checked mo­
mentarily last week, with a loss of 2% points, the closing
price to-day being 76.
_
. .
Among the railway securities, a list of 15 most active issues
shows 11 declines and only 4 advances. Central RR. of
New Jersey gen. 5s added 1% points to its closing price of
115% last Friday, while Interborough-Metropolitan 4%s,
Interborough Rapid Transit 1st ref. 5s and Baltimore & Ohio
conv. 4%s advanced slightly. Probably due to the report
recently issued by the receiver, that the December interest
on certain of their bond issues would not be met, Missouri
Kansas & Texas 1st 4s fell off sharply from 83 to 78%, while
the 2d 4s lost 2% points, closing at 58.
Sales of bonds on a 5-30-F basis, representing, presumably,
sales on foreign account, have increased slightly,being $1,­
638,000 as against 81,357,500 a week ago.
United States Bonds.—Sales of Government bonds at
the Board this week include 825,000 2s reg. at 99%, 85,000
3s reg. at 101% and 87,000 Panama 3s at 102. F or to -d a y ’ s
p r ic e s on all the d iffe r e n t iss u e s an d f o r w eek ’ s ra n g e se e third

p g e FRASER
Digitizedafor fo llo w in g .


Railroad and Miscellaneous Stocks.—The stock mar­
ket has, as noted above, been decidedly dull and weak.
The daily transactions have been smaller than at any time
since early mid-summer and prices have declined an average
of about 2 points in the railway list and substantially more
in industrial issues. This decline in prices is largely due to
aggressiveness on the part of the bear element who took
advantage of a lull in speculative operations to depress the
market. To-day there has been a fractional recovery in
railway issues and more than that in some of the recently
erratic manufacturing stocks. Beth. Steel, for instance,
moved up 25 points, Gen. Motors 7, Texas Co. 5, CubanAm. Sugar 4 and others from 2 to 4. American Tobacco is
exceptional in a decline of 13 points within the week. United
Fruit is, however, 10 points lower. Cuban-Am. Sugar, on
the other hand, is 15 points higher than a week ago, General
Motors 21 and U. S. Ind. Alcohol 6%.
F or d a ily v olu m e o f b u s in ess see p a g e 1877.
The following sales have occurred this week of shares not
represented in our list on the pages which follow:________
STOCKS.

Week ending D ec. 3.

Sales
fo r
Week

Range fo r Week.
H ighest.

Range since J a n . 1.
Lowest.

H ighest.

$ per share $ per share S per share
S per share
Nov 60
Jan
200 45 Nov 27 46 Nov 29 42

P a r Shares

Amer Cities, pref__ 100
Amer Coal Products prel
115% Nov 29 115%
62 115% Nov
sub rects part paid__
125 Nov 30 83
American Express__ 100
300 122 Nov
Am Writing Paper pf 100 200 11% Dec
11% Dec 2 5
59 Nov 29 55
Associated Oil_____ 100| 1,600 55 Nov
Batopilas Mining___ 20 32,140 2% Dec
3% Nov 29
%
Brown Shoe_______ 100 300 44 Nov
45 Nov 30 23
Preferred..............100 660 95 Deo
99 Dec 3 64
Brunswick Terminal .100 500 10% Dec
11% Nov 27 4%
Buff Roch& Pitts pf. 100
52 109% Dec
109% Dec 2 109%
Butterick................. 100 100 31 Nov
31 Nov 30 27
Canada Southern... 100
20 61 Dec
61 Dec 2 54
Case (J I), pref____ 100
600 89% Nov
90 Nov 30 74%
100 12 Nov
Chicago & Alton___ 100
12 Nov 30 8
Cleveland & Pitts___ 50
150 79% Dec
79% Dec 1 78%
Cluett, Peabody & Co 100 5,950 69% Nov
75 Nov 30 55
Computlng-Tab-Rec 100 1,335 42 Dec
44 Nov 27 41%
Cons G.EL&P(Balt) 100
310 114% Dec
114% Dec 3 111%
Crex Carpet_______ 100 150 41 Dec
41 Dec 1 36
Deere & Co, pref___ 100
400 95% Nov
97 Nov 29 86
Detroit Edison........100
283 132 Nov
132% Dec 1 111%
200 69 Dec
Detroit United........100
69 Dec 2 52%
Diamond Match___ 10011,080 111% Dec
;122 Nov 30 111%
Erie & Pittsburgh___ 50
20 62% Dec
62% Dec 2 62%
Havana El Ry, L A P. 100 200 88 Nov
88% Nov 30 71
185 Dec 1 165
Helme(GW)............100 200 165 Nov
114% Nov 30 112
Preferred..............100 100 114% Nov
121 Nov 29 114
Homestake Mining. .100
6 121 Nov
Interboro-Met v t c.100 200 21% Dec 1 21% Nov 29 10%
21%
70 Nov 29 72% Deo 2 55
Int Harvester Corp.. 100 500 70
106 Nov 30 106 Nov 30 90%
Preferred..............100 100106
K C F tS A M , pref..100 100 68% Dec 3 68% Dec 3 60
68%
Keokuk & Dcs M . . . 100 100 4% Nov 30 4% Nov 30 4
4%
Kings Co El L & P .. 100
10127% Dec 3 127% Dec 30i 20%
Dec
Kresge (S S)..............100
20250 Nov 30 250 Nov 30 99
Nov
Laclede Gas (St L). . 100
300xl03%Dec 1 105 Nov 30 92%
rl03 % Dec
62%
Manhattan Shirt___ 100 500 62% Nov 29 66 Dec 1 50
May Dept Stores... 100 3,850 60 Nov 29 64% Dec 1 35
Dec 1 106 Dec 3 94%
Preferred_______ 100 500104
Morris & Essex..........50
21 82 Nov 27 82 Nov 27 80
Nat Cloak & S uit... 100 1,450 79 Nov 30 81% Dec 1 68
Preferred_______ 100 100109
Dec 2 110 Dec 2 100%
N Y Chic & St L___ 100 400 43
Dec 1 43% Nov 29 30
New York Dock___ 100 100 17
Nov 27 17 Nov 27 14
Ontario Silver M’g._ 10018,044 6 Dec 2 7% Nov 30 2
Pettlbone-Mulliken .100
100 60 Nov 29 60 Nov 29 15
Pittsburgh Steel, pf.100 1,200100% Nov 27 102% Dec 1 74
Sloss-Sheff S A I , pf.100 725 95 Nov 30 97% Dec 1 85
Sou Pacific tr rects........ 1,181118% Nov 30 119% Nov 29 94%
Texas Co full pd rects...
400 210 Dec 1 210 Dec 1 123
Tobacco Prod, pref.. 100 600101 Nov 29 102 Nov 30 95
Underw T’writcr, pf.100
20106% Nov 30 106% Nov 30 98%
Union Pacific warrants.
100 35% Nov 27 35% Nov 27 27%
U S Realty A lm p t.. 100 700 40 Nov 27 42% Dec 2 25
U S Reduc & Ref’g .. 100 400 4% Dec 2 4% Nov 27 1%
Preferred_______ 100 210 3% Dec 3 4% Dec 1 1
Virginia R y& P ow .. 100 200 47 Nov 27 47 Nov 29 45
Wells, Fargo & C o.. 100 632 130 Nov 27 131% Dec 2 77%

N ov 116
Feb 133%
July 15
Nov 68%
Feb 3%
May 45
Aug 99
Mar 13%
Dec 109%
Feb 36%
Aug 61
June 90%
Aug 15%
July 79%
Apr 79%
Nov 48
Nov 114%
Sept 49
Apr 99
Feb 134%
Apr 70
Dec rl2 2
Dec 62%
Mar 88%
Nov 185
Jan 114%
Jan 121%
Jan 25
Feb 80
Mar 114
Apr 68%
Nov 6%
Mar 130
Jan 250
Jan 106
Jan 69%
July 04%
Apr 106
Aug 90
Mar 90
Mar 111
June 45%
Nov 18%
Feb 7%
Mar 84
May 102%
May 99
Feb 119%
June 212
May 103
May 107
Feb 35%
Sept 50
Apr 10%
Apr 10%
Nov 47%
Jan 134%

Nov
Nov
Apr
Nov
Nov
Nov
Dec
Nov
Dec
Oct
Dec
Nov
Aug
Apr
Oct
Nov
Deo
May
Sept
Oct
Nov
Nov
Deo
Nov
Deo
Nov
Nov
Nov
Apr
Jan
May
Feb
Nov
Nov
Apr
Apr
Dec
Dec
May
Aug
Nov
Nov
Nov
Nov
Oct
Deo
Nov
Nov
Nov
Nov
Nov
Nov
Jan
June
June
Nov
Nov

Outside Securities.—Sales on the Broad Street curb,
as at the Stock Exchange, showed an appreciable docrease
this week. Prices, also, as a whole, declined, tho losses
being, in some cases, heavy. From 713^ American Zinc
fell to 69, while Canadian Car & Foundry com. and pref.
fell away from 95 and 113 to 94 and 111, the former gaining
at tho close to 97. Chandler Motors lost 2H points and
Driggs Seabury dropped from 170 to 165. Guantanamo
Sugar advancod from 64 to 68, but reacted at the close to 67.
Due to unofficial roports circulated by traders on the curb
and the proposed increase in stock from $500,000 to $2,­
500,000, Kathodion Bronzo advanced 12 points last
week to 29
Continuing tho movement this wook, quo­
tations reached tho high mark of 68. Evidently hooding
warnings issued by tho heads of the concern tho tido of
popularity turned. A rapid decline brought the prico
to-day down to 15, with a recovery to 18 at the close. Jewel
Tea “ when issued,” from 61 advancod to 63, the final
quotation, however, being 62. Midvale Steel dropped
from 79 to 76 K- Maxim Munitions and Subma­
rine Boat v. t. ctfs. advanced from 13% and 42 to 15
and 46%. At tho close, however, the formor declined l i
points to 14 ^ and tho latter advanced H. Among tho
Standard Oil subsidiaries values also fell away Illinois
Pipe line declined from 181 to 178; Ohio Oil from 17o to 169
and Pierce Oil from 18 M to 17. Prairio Pipe Line pushed
up from 222 to 225, reacting at the close t o 221. South
Ponn. Oil advanced one point from 374, tho final quotation
last Friday, but declined to 370 at tho close to-day. Stand­
ard Oil of California fluctuated between 348 and 341, while
Standard Oil of Indiana closed at 505, 10 points below tho
final prico of a week ago. $169,000 CerrodePasco 6s at 120­
119 and $66,025 Kennecott Copper 6s at 215-201 weroamong
tho activo bond issues dealt in at tho “curb” this week.
Outside quotations will be found on page 1877.

New York Stock Exchange— Stock Record. Daily, Weekly and Yearly
1869
O C C U P Y I N G T W O PAGES.
F o r re c o r d of sales d u r i n g t h e w e e k of stocks u s u a l l y inactive, see p r e c e d i n g p a g e .
ST O C K S— H IG H E S T A N D L O W E S T S A L E P R IC E S
Saturday
N od. 27

Tuesday
N ov. 30.

M onday
N ov. 29

Wednesday
Dec. 1

S per share
S per share
S per share
S per share
10612 107
107is 107% 106% 107% 106% 107
101% 101% 101% 101%
102% 102% 101% 102
114 114% 115 115% *113 117
*113 115
93% 94%
94
94%
94% 94%
94
94%
77% 78%
78% 78%
78% 79
79
79%
89% 90
90
9034 89% 89%
90% 90%
185% 186% 185 186% *182% 183% 183% 184
*303 320 *300 320 *300 320 *300 320
63
64
63% 63%
63
63%
63% 64
15% 15%
15% 15%
15% 15%
*15% 15%
39
39%
39%
39% 39% *39
39% 40
94% 94%
94
94%
9434 943
4 93% 94%
*13234 133% 133% 133% 133% 133% 133% 133%
134% 134% 134 135 xl33 133
134 134
170 190 *170 190 *169 179
*170 190
19% 20
19% 20%
19% 20%
19% 20%
120 120 *120 124
*121 125 *121 125
133 140 *133 140
133 140
*133 140
50
*48
50
*43
49
49
*49
50
75
75
75
75
*74
76
*75
77
36
36
36% 36%
36% 36%
*36
37%
*57
60
*57
60
*57
60
*57
59
52
49
49
*47
52
*48
*47% 52
152 152
151% 151% 15134 152 *150 152
*225 240 §239 239 *225 240
236 236
16% *15
*15% 16%
*15
16% *15
17
2734 28
28% 29
27% 27%
*27
29
43% 44%
43% 44%
43% 44%
43% 41%
58
5S%
58% 5S%
58% 58%
58
58%
51% 52%
5134 52
*50% 52
51% 52
126% 126% 126 126% 12534 126% 125% 126
50%
50
50% x49
50% 50%
50% 51%
§108% 10S% 108% 108% 10S% 108% 108% 108%

21% 22

78%
32
*63
*12
*26
82%
24
127
*130
§16
35
*123%
*131

8

17%
6%

21% 21%

78%
32
63%
*12
*25
81%
*23%
126%
130
*15%
*34
123
130%
7%
8%
17
17%
6%
7

79%
32%
63%
14
32
82%
24
128
132
16
35
125
135

102% 10234
72%
31
118%
*85%
116%
59%
*80
*91
82%
*41%
♦41
1
1
6%
11*4
*8
*21
*43%
19
41
103%
23*4
62*4
15%
62
*7%
*12
*96
140%
83%
23
41
16%
4634
29%
*32%
*45
5%
*18

74
31
118%
90
117%
59%
*80
*91

82%
43%
43%
1
1%
6%
11*4
9
23
50
19
41
103%
24
63
16
62
8%
14
98
141
84
23%
41
16%
46%
30
33%
49
5%
19
*6% 7%
42
*40

*40 '
7
I
1

6
11
8

*19
44
1S%
§41
103

62
*7%

12

*97

*45
5%

6%
24%

34%
81%
73
99%
68% 6914
*9434 95%
*102 103
198 198
62% 64%

111

82%
*117
141
*115
57%

•100
*11%

*52
27%
24%
43%
71
*103

*8

*30%
*85
*90
99%

111

*150
*106
61
118
*117%
128%
216
109
50%
*97%

6%

21% 21%

79
3134
63%
*12
*26
81%
*23
127
130%
§15%
*34%
*120
*130
7%
*16%

6%
5%

102% 102%
74%
73*4
30
31
119% ill 7 %
85*4
116*4 116
59%
59%
83 *
96
*91
82%
81*4
44
*41%
42
*40
1
%
1%
1%
7
*5i2
11
10%
*7
8
23% *20
44
*40
19%
19
41
41
103% 100*4
23%
23*4
62%
62%
1534
16
62%
01%'
8%
8*4
13
12
97
98
141
139*4
83%
83%
21%
22%
39%
41
16%
16%
46%
46*4
29%
29*4
32%
32%
*45
49
5%
513
*15
19
*6%
6%
39%
39*4

26%
10% 11
35*8
34
83
80
73
*72
*99% 100
68% 70%
94% 94%
101% 101%
199% 199%
61% 63%
111% 110% 111
81% 83
82%
117% *117 118
142% 143
141
119 *115 120
57% 57%
57%
101% 99% 99%
12
11% 11%
52% 52%
54
27%
27
28
25% 25%
24%
4234 43%
43%
70% 73%
71%
103% 103% 103%
9
9
9%
32%
32
32
86
85% *85
90% 90%
90%
100% 98% 100%
110% 111
111
155 *150 155
110% *106 110%
60% 61
61%
117% 118%
118
119 *117% 119
128% 128% 128*4
212 222
226
109% 109%
109
51%
50% 50%
98% *97% 99

2612 27
10% 11

33%
78%
*72%
99%

79%
32%
633
4
14
32
82%
25
1271
132
16%
37
123
130%
7%
17

23*4
10%
34
80*4
*72
9S*4
69%
*94
*102
*195
61%
111
81%
117%
141
*115
*57
99%
11%
51%
27%
24%
42%
71%
102
*8
33
85%
*90
98
110%
*150
*106
60%
117*4
119
128%
216
108%
50*4
*97*8

21% 22%

Thursday
Dec. 2

F rid a y
Dec. 3

S per share

• per share
S

105% 108%

105% 106%

101% 101% 101% 101%
113% 113% *113
92%
93% 93%
77%
77% 78
89%
89% 89%
181% 183% 181%
§305 305 *300
62%
62% 63%
15%
15
15
38%
38% 38%
93%
93
94%
133% 133% *132%
131% 132% 132
174
170 170
19%
19% 19%
120
*118 124
*133 140 *133
*48
*48
49
*75
*75
76
36% *35%
*36
*56%
60
*57
*47
50
50
151% 152 *150%
233
*215 230
14%
*14
16%
27%
28% 28%
42%
42% 43%
57%
57% 53
50%
*50
51%
124% 12512 124%
48%
4S
49
108% 103% 108

21% 21%

79
79%
30%
31%
63%
64%
*12
14
*25
32
80%
82
24% *23
128% 127%
132 *130
16%
37
122
123
135 §131
7
7%
16%
16%
5%
6% 6%
5%
6% 6%
25% 25%

79%
79%
31%
32
63%
64
*12
14
*25
32
81
82%
*23
25
127% 127
130% *130
15% *15%
*34%
37
123
124
135 *130
7%
7%
16%
17%

6%
5%

24%
9%
32*4
79%
72
*98%
70%
*94
*102
199%
60%
110
80%
*117%
147%
*115
57
*99
11%
51%
20*4
24
41*4
70
102
9
33
85%
90
98%
*110%
150
*106
60%
1116
1II8
128%
217
108%
*49%
97%

25%
24%
10*4
10%
34%
30*i
82
78%
72
71%
100
*9S*4
72
69%
95
*94
103 *102
19934 *185
62*4
60
110% 109%
82.%
78%
118 *117%
154
147
120 *115
57
56%
101% *98
1U4 *11
51i2 50i2
27%
26
24
23*4
4134
40%
72%
67%
102% 102
10%
10%
35
35
85% *85%
90
*89*4
100%
97%
111% *110%
150% *150
110% *106
62%
61
117*8 115%
118 *116
129
128%
214
218
108% *108
51
47^8
97% *96

21% 22%

79
79%
79%
* 30% 31%
31
63% 63%
63%
13% 14
14
29
29
32
81
81%
81%
*23
25
25
127% *127 128%
130% 130%
132
15
15
15%
*32
36
34
122% 122% 123
131 *129 133
7
7
7
17
17
16%
5%
6%
6%
5%
5%
5%

102% 101% 102% io i% 102%
74
75%
75
70%
76%
29% 30
29% 30*4
30%
117% 117% 117*4 116% 117%
92
85*4 ____ ____ *86
116% 116*4 115% 110
117
59% 59%
59% 59%
60
83
83 *
83
83
♦91
*91
96
96
90
82%
80% 81%
80% Sl%
42% 42% *41% 43%
44
*42
43
43
43% *42
1
%
*4
%
*%
1
%
1%
1%
1%
5
5%
5%
6%
518
*9
11
12
10%
*8
*0
7%
8%
*7
8%
23%
*19
22
22
23%
45
45
*45
18%
19
19
18*4
19%
40% 41
41
41
41
101*4 101 101*4 100% 101
23%
23
23% 23%
23%
03
63
63
63
63
14% 15%
15% 15*4
15%
62
61% 61%
62
01%
*8
9
9
*8
8%
*13
17
17
14% *13
97
97
*96
98
97
140*4 il38 % 139% 136% 138%
83% 83%
83% 83%
83%
22
22
22
21% 21%
40
40
38% 39*4
40*4
15% 16
16% 10%
16%
45% 46%
46% 46%
46%
29% 2934
29%
28% 29%
32*4
32% *32
32
32ls
*45
49
49
*45
49
5%
5
5
5%
5
IS
*15
18
*10
18
*512
6*4
6%
6%
6%
39
40
39
39
39
25%
10<8
34*4
82*4
73
93*4
71%
95
103
200
64
113%
82%
117%
147
120
58%
99%
11%
52%
27%
24%
42%
73%
102*4
10
33
85%
90%
99%
110%
152
110%
60%
118%
119%
129
219
108%
50*4
98

117
94
77%
90%
182%
320
63%
15%
39
94
133%
132
174
19%
124
140
49
76
36%
60
52
152
233
14%
271;
43%
58%
50%
125%
49
108

20%
11%
32%
80
71%
100
71%
95
103
200
61%
110
80%
118
150
119
57
101%
11%
52
26*4
23*4
41
70
102%
11%
36%
80%
90%
98*4
111
152
110%
62
116*4
120
128%
216
109%
49%
98

101%
74*4
*29*4
116%
♦so
115%
59
*80
*91
81
*41%
*42
%
%
4%
6%
*21
*44
*18%
*39%
99%
23%
62%
14%
61*4
*8
*12
*96
137%
82*4
*21%
39
15*4
45%
28%
31%
*45
*5
*15
5%
*39

102*4
76%
30*4
117%
92
116
59%
83
96
81*4
43
43
*4
%
5
1034
7
23%
55
19%
41%
101%
23U
62%
14%
61%
9
17
98
138%
83
21*4
39
10
46
29%
31%
49
5%
17
5%
40

25
10*4
3134
79
*71%
♦99
70%
*94
102%
*185
60%
110
78%
118
148%
*115
*56
*98
11%
52%
26*4
23%
*40%
67*4
102%
*10
34%
*85
90
97%
110%
152
*106
61
116%
*116%
128%
*214
*108%
48*4
*96

26*4
11%
33%
83%
73
100
71%
95
102%
200
01%
110
80%
118
155
119
57
102
11%
52%
26*4
23%
43
69*s
102*.
11
35*4
86
90
99%
111
152
110%
61%
117
119
128%
215
109%
48*4
98

Sales/or
the
Week
Shares

STO C K S
N E W Y O R K ST O C K
EXCHANGE

Range Since J a n . 1
On basis o f 100-share lots
Lowest

R a ilr o a d s
Par S per share
92% Feb 24
16,765 Atch Topeka &Santa F e.-lO O
96 Jan 5
Do
pref_______________ 100
2,350
98 M a r 1
802 Atlantic C oast Line R R ___100
63% Feb 25
17,047 Baltimore & O hio_________ 100
67 Feb 23
Do
pref_______________ 100
6,066
83% A ug 13
6,800 Brooklyn R apid T ra n sit..100
22.400 Canadian P a cific__________ 100 138 July23
15 Central of New Jersey____ 100 §250 Sep 1
35% July 9
10.400 Chesapeake & O hio________ 100
10% Jan 4
3,700 Chicago Great W estern___ 100
Do
pref_______________ 100
25% M ay 14
2,900
11,120 Chicago M ilw & St P a u l.. 100 77% July20
Do
pref_______________ 100 120% Sep 2
800
920 Chicago & N orthw estern..100 11S% JulylO
Do
pref_______________ 100 163 July 9
242
10% July23
8,310 Chicago R ock Isl &P a c___ 100
100 Chic St Paul M inn & O m .-lO O §114 Apr 8
Do
prof_______________ 100 124 Sep 17
100 Clev Cin Chic & St L o u is ..100 §21 Jan 18
Do
pref_______________ 100
53% Feb 17
300
24 M a r l5
400 Colorado & Southern_____ 100
45 Jan 18
Do
1st pref___________ 100
200 D o 2d pref___________ 100 35 Sep 2
800 Delaware & H udson______ 100 138% Aug 31
275 Delaware Lack & W e s te rn ..50 1 9 9 % Jan 6
4 Jan 12
200 Denver & R io Grande____ 100
6% Jan 7
Do
pref_______________ 100
300
19% Feb 24
71,520 Erie...........................................100
32% Feb 24
Do
1st pref___________ 100
14,700
27 Feb 25
Do
2d pref___________ 100
1,800
10,400 Great N orthern pref______ 100 112% Jan 2
Iron Ore properties___
26,470
25% Jan 2
2,230 Illinois Central___________ 100
99 J u ly 7
13,500 Interboro Cons Corp, v t c ____
18% JulylO
3,970
Do
pref_______________ 100
70 JulylO
4,200 Kansas C ity Southern____ 100
20% Feb 24
1,000 D o pref_______________ 100 54% Feb 24
200 Lake Erie & W estern_____ 100
5 Jan 5
100 D o pref_______________ 100 19 M ay27
9,610 Lehigh Valley______________50
64% Feb 24
100 Long Island________________ 50 15 Jan 11
900 Louisville & N ashville____109 104% July 8
200 Manhattan Elevated_____ 100 125 June25
625 Minneapolis & St Louis___100
S Sep 15
360
Do
pref_______________ 100
24 Sep 15
760 M inn St Paul & S S M ____ 100 106 Jan 4
120 D o pref_______________ 100 123 June 8
4,400 Missouri Kansas & T exa s. 100
4 Sep 28
1,000 D o pref..............
100
10% Sep 25
12,451 Missouri P a c ific __________ 100
1% July27
1,000 Trust co certlfs o f deposit.
5% D ec 2
100 N at R ys o f M ex, 1st p r e f..100 14% Aug 31
100 D o 2d pref___________ 100
4% July28
20,775 N Y Central & H ud R iver.100
81% M a r 1
35,732 N Y N H & H artford.......... 100
43 Feb 25
3,600 N Y Ontario & W estern___ 100
21% Jan 6
6,700 N orfolk &W estern________100
99% Jan 4
170
80% Sep
Do
adjustm ent p r e f .. 100
14,010 Northern Pacific__________ 100
99% Feb 24
22,845 Pennsylvania_______________ 50 5 1 % Feb 24
100 Pitts Cin Chic & St L ouis. .100 65 M a yl7
D o pref________________ 100
90 JunelO
25,900 R ea d in g___________________ 50
69% M aylO
160
1st preferred____________ 50
40% Sep 20
40 Feb 23
2d preferred______________50
3.700 Rook Island Com pany____ 100
% July 15
% June21
4,100
D o pref________________ 100
1% M ar22
2,800 St Louis & San Franclsco.-lOO
7 Aug 17
400
D o 1st preferred______ 100
3 Jan 18
800
D o 2d preferred_______ 100
200 St Louis Southwestern____ 100 11 Sep 9
200 D o pref________________ 100 29 Sep 29
1.500 Seaboard Air Line_________ 100
11% July31
750
30% July24
D o pref________________ 100
33,890 Southern Pacific C o _______100
81% Feb 5
7.000 Southern Railw ay_________ 100
12% July23
1.500 D o pref________________100 42 July23
2,300 Texas & Pacific___________ 100
8% July23
3,255 Third Avenue (New Y o r k ).100
35 Jan 2
200 Toledo St Louis & W est___ 100
1 Jan 6
400
D o pref________________100
5% May25
200 Twin C ity Rapid T ransit. .100 90 July 9
51,475 Union Pacific______________100 115% Jan 2
2,885
D o pref________________100 x79 M a r 1
2,200 United Railways Invest___ 100
8 Jan 5
1.700
D o pref________________100
21% M a rlS
8,400 Wabash C o when issued
12% O ct 16
9.500
D o pref A do
do
43% Oct 16
11,400
D o pref B do
do
25% Oct 16
1.000 Western M aryland________100
9% Jan 4
D o pref________________100
25 Jan 5
800 Wheeling & Lake Erie____ 100
% July28
2 Aug 2
D o 1st preferred______ 100
700
% Aug 10
D o 2d preferred_______ 100
500 Wisconsin C e n tr a l________ 100
2S J u ly l4
In d u s tria l & M iscella n eou s
82,100 Alaska G old M ines_________ 10
23% N ov30
37.300 Alaska Juneau G old M ining
9% D ec
21.300 Allis-Chalmers M fg v t C ..100
7% Jan 12
30,050
33 Feb 10
D o preferred v t c _____ 100
200 Amer Agricultural Chem__100 48 Jan 4
200 D o pref________________ 100 90 M ar27
33% Jan 6
61,435 American Beet Sugar_____ 100
100 D o pref________________ 100 83 Feb
87% Feb 25
400 Amer Brake Sh & F ctfs d e p ..
132% M ar25
Do
pref ctfs deposit
600
25 Feb 24
78,100 American C an____________ 100
91% Jan 5
4,600
Do
pref_______________ 100
19,170 American Car & Fou ndry. 100
40 Feb 23
Do
pref_______________ 100 lll% M a y 2 5
400
8,700 American Coal P r o d u cts .. 100
82 Jan 20
Do
pref_______________ 100 §105 Jan 7
1,200 American Cotton OH_____ 100 39 Jan 4
400
Do
pref_______________ 100
91 June25
749 American Hide & Leather. 100
4% Feb 19
19% Jan 5
1.300
Do
pref_______________ 100
205a Jan 4
3,600 American Ice Securities___ 100
7% Jan 2
1,900 American Linseed_________ 100
24 Jan 5
1.300
Do
pref_______________ 100
19 M a r 2
64,900 American Locom otive____ 100
75 M a r 6
1,500
Do
pref_______________ 100
3% Apr 14
4,125 American M alt C orp _____ 100
21% May27
Do
pref_______________ 100
3,700
78 Jan 19
225 Amer Smelters Sec pref B .1 0 0
83 O ct 6
Do
pref Ser A sta m p e d ..
860
56 Jan 2
63,270 Amer S m e ltin g* Refining. 100
Do
pref_______________ 100 100 Jan 4
1,360
400 American Snuff------------------100 144 Jan 16
Do
pref (new )________100 103 Jan 19
24% M ar
5,910 Amer Steel Found (n e w )..100
99% Feb 24
10,350 American Sugar R e fin in g .. 100
Do
pref_______________ 100 109 Feb 5
300
10,550 Amer Telephone & T e le g .,1 0 0 116 Jan
9,930 American T o b a c c o ________100 212 N ov29
Do
pref (new )________100 103% Jan
400
15% M ar 6
1,600 American W oolen_________ 100
77% Feb 27
Do
pref_______________ 100
400

Highest
S per share
111% N o v 4
102% N ov26
116 N o v 1
95% N o v 4
79^4 N ov27
93 Apr 21
194 N o v 1
325 Jan 22
6434 N o v l9
17% N o v 3
41% N o v 3
98% Apr 19
133% N ov30
135% N o v l6
i 180 N o v l l
3Ss8 Apr 15
123 N o v l l
131 Ju!y29
52 O ct 22
77 O ct 20
3S% N o v 3
60 N o v l8
52 N ov20
154% N o v 4
238 N ov23
16% N o v l6
29% N o v i 7
45% N o v l9
59% N o v l9
52% N o v l8
128% N o v 5
54 O ct 22
113 Apr 19
25% N o v 4
82 N o v 5
35% N o v 1
65% N o v 5
1434 N o v 3
33 N o v 1
83% N o v l9
27% O ct 11
130% N o v 4
13034 D e c 3
19% Feb 15
49 Feb 15
126% N o v 1
132% N o v 3
15% Apr 19
40 Apr 5
18% Apr 19
7% N o v l l
28% O ct 30
934 Oct 21
101 % N o v 4
89 O ct 11
35 Apr 20
122% N o v 3
90 Junel5
11734 N ovlO
61% N o v 3
86 N o v 5
98% June 5
85% N o v 3
45 Junel2
44 Apr 29
1% Apr 9
2% Apr 9
8 N ov 1
14% N o v 8
1084 N o v 8
23 N o v l7
45 D ec 2
20% N o v 5
4334 N o v 4
103% N o vlO
26 N o v 1
65 N o v 3
17% Apr 19
64% O ct 14
8% N ov30
14% N ov30
100 Apr 19
141% N o v l8
84% N ov22
27% O ct 1
4734 O ct 1
17% N o v 1
49% N o v 1
32% N ov 1
35% O ct 11
50% O ct 11
6% N o v 4
1934 N ov24
8% N ov23
45 N o v 1

Range fo r Previous
Y ear 1914
Lowest

Highest

%

%

89% July 100% Jan
101*4 June
x96% D ec
126 Jan
§99% D ec
98% Jan
67 D ec
83% Jan
69 D ec
94% M ar
79 July
153 D ec 220% Feb
300 July 310 Jan
68 Jan
40 D ec
15% Juna
9% July
41% June
25 July
107% Feb
S4*4 D ec
143 Feb
126 D ec
136% Feb
122 D ec
180 Jan
170 Jan
33 June
33 June
125 M ay 131% July
132 M ay 132 M ay
40 Jan
22 July
70 Feb
40 July
28% Jan
20 M ar
62 Jan
37% July
35 M ar
29 D ec
138*4 D ec
159% Feb
406*4 June
388 Jan
19% Jan
4 July
31% Feb
8 July
32% Jan
20% July
49*4 Jan
32 July
40% Jan
26% July
134*4 Feb
111% D ec
39% Jan
22% July
115 Jan
103% D ec
20% July
49% D ec
5% July
17 Apr
118 July
28 Jan
125 D ec
128 Jan
9% July
27% June
101 D ec
130 June
8% D ec
26 D ec
7 D ec

28% July
62 Jan
9 Jan
21% Jan
156% Jan
36 Feb
141% Jan
133 Feb
16% Jan
35% Jan
137 Feb
145 Feb
24 Jan
60 Jan
30 Jan

30 Jan
5 D ec
77 July
49% July
18*4 D ec
96% D ec
85 Jan
96% D ec
102% Dec
64% July
95 June
137 July
87 July
ISO D ec
% D ec
1 D ec
2 Apr
8 M ay
2% D ec
17% July
36 July
10% D ec
45*4 Jan
81 D ec
14 D ec
58 D ec
11% D eo
33 July
2 D ec
4*4 D ec
94% July
112 July
77% D ec
7% D ec
22 July

3 4 '"Feb"
14 Jan
96% Jan
78 Jan
31% Jan
105% July
90 Apr
118% Feb
115% Jan
91 Feb
101 M ar
172% Jan
89% June
93 Jane
16% Jan
25 Jan
5% Jan
17% Jan
9*4 Jan
26*4 Jan
65% Jan
22% Feb
58 Feb
99% Jan
2S% Feb
85% Feb
17*4 Apr
45*4 Jan
12% Jan
23 Jan
108% Jan
164% Jan
86 Feb
23*4 Feb
49% M ar

10*4 D ec
30 July
2% July
8% July
3 D ec
29*4 July

40% Apr 22 $19%July
13% N o v 4
49% O ct 4
6 July
83% D ec 3
32% July
74% N o v 8
47*4 Jan
1 0 1 % N o v l9
90% D ec
19 July
72 D ec 1
95 N ov24
66 M ay
80 Apr
10934 Aug 9
21934 Oct 28 129% Jan
68% O ct 4
19% July
80 July
113% N ov30
42% D ec
98 O ct 4
112 July
118 Aug 6
170% July 12 §82 Jan
120 Sep 11 §102 Jan
64 O ct 23
32 July
93% June
102% N o v 5
3% July
14% O ct 22
17 July
59% O ct 22
35 Apr 30
19% July
7% July
31% O ct 25
24 D ec
50% O ct 25
7434 O ct 23
20% July
105 N ov22
96 Jan
4% D ec
13% O ct 28
30 D ec
37 O ct 28
88*8 M ay 5
79% July
9134 N ov 19
50% July
101% N o v l2
97% Apr
113 N o v l7
165 Apr 22 148 D ec
99% Jan
110% N o v 5
27% July
74% O ct 19
97 M ar
119% N o v 5
107% M ar
119% N ov30
130% N o v 4 114 July
252% Apr 22 215 Apr
101*4 Jan
111 N ov23
12 July
57% O ct 20
72% M ar
100 O ct 4

35
58
6%
21
11
48

Jan
Jan
Jan
Jan
Jan
Feb

528% M ay
14% Feb
49 Jan
59% M ar
97% Jan
33% Deo
80 Deo
97% Feb
146% Feb
35% Jan
96 Jan
53% Feb
118% July
§86% M ar
107 July
46% Feb
97% M ar
5% Feb
25*4 Feb
32*4 Feb
11% Jan
31*4 Jan
37% Jan
102% M ar
9% Jan
50% Jan
85 Jan
71%"Feb"
105 Jan
172 Jan
106*4 July
37% Feb
109% Jan
115 Deo
124% Jan
256 M ar
109 June
20% Jan
83 Jan

•B a da edp n sa s onth day. $E -righ SL th n 1 0sh res, aE
id n sk rices; o le
is
x ts.
ess a 0 a
x-dlv. a drigh 6N stock cP r 5 5p sh re, gQ otedd rs
n
ts.
ew ,
a 2 er a
u
olla
p sh re, e F In llm t paid 1E lvld d * F ll-p .
er a
irst sta en
.
x-d en .
u aid




1870

New York Stock Record —Concluded -Page 2
F o r r e c o r d o f s a le s d u r i n g t h e w e e k o f s t o c k s u s u a l l y i n a c t i v e , s e e s e c o n d

W
IC
L
A
STOCKS--H
IGH
ESTND LO EST SALE PR \S
S
atu
r
day
N
ov.27

M
onday
N
ov.29

lues ay
d
N
ov. 30

W
ednesday T
| hursday
Dec. 1
1 Dec. 2

$

Friday
D c. 3

S
ales for
th
e
W
eek
S
hares.

-p
er share $ per share

p age p r e c e d in g .

R
ange S
ince Jan.
1
O basis of
n
100-s/iare lots

STO C K S
N E W Y O R K ST O C K
EXCHANGE

Low
est

In d u s t rlal& M isc. (C o n ).

P
ar

H
ighest

$ per share
50 Oct 20
98% N ov24
96 Oct 22
c24% Feb 24
90% N ov2 >
26% M ar 3 154% Oct 23
92 M ar 9 114 8ep 29
46% Jan 2 600 O ct 22
91 Jan 2 184 O ct 22
118 Jan 5 13834 O ct 14
SO D ec 2

5178

073 97?
881© 807*

50%

*97%
R01« on
88
1151* llftl*
113
112 112
112 ' 112 *111
448 450
460
*450 475
Ifillo Ifill© lo o t,
§162
162
134%
*134 137 §137 137
34
84
84
§84

* B a da e p s: n sa sonth day. $Lssth n1 0sh res. $E
id n sk d rice o le
is
e a 0 a
x-rlgh a E
ts.
x-div.
p sh re, t B
er a
s-s»o«kd en , xE ivid d
ivid d
x-d en .




L
ow
est

S per share

49? 1
2,20!)
soi*
400
971* *96
98 "
50
84% 87%
84% 86% 71,600 Anaconda C o p p e r ______
87*s
8812
110 112% 85,890 Baldwin L o co m o tiv e ____ 100
114% 113 116% l09% 113
Do
pref_____________ .100
500
112 112
l l l % 111% 111% 111%
112
910 Bethlehem Steel________ 100
450 475
460 *445 460 *425 455
350
Do
pref_____________ inn
160 *155 160
1601, *155 161 *155
475 Brooklyn Union G as_____ 100
134*8 134*8 *134 137
1341, 135 135
10(1
2,115
81
SI
81
701* 7178 71*4 72*8 12,785 Butte &Superior Copper. ..1 0
15,900 California Petroleum, vtc .100
24% 26
8 July26
28% N ov22
25
26%
26
27
25% 27
26*2 27 ’
26% 27%
4,250
Do
pref_____________ 100
547g 56
55
55%
30 Ju!y23
59 N ov22
58
57 ’ 57%
561, 57*4 *55
57
57^2
32% Feb 20
59% 60% 26,500 Central Leather ............. .. 100
58% 59%
61% N o v 1
59% 5978
5834 60*s
59% 60
59*2 5938
600
Do
pref_____________ inn 100*a Jan 7 110% N o v lS
110
*109 1101* 109L 1091, *10912 HOI2 110% 110% 110 110% n o
24% 25% 22,860 Chile C opper____________
24?4
24% D ec 2
26^4
53% 51% 16,100 Chino C opper___________
53%
5
3234 Jan 6
53
57*8 N o v i /
54 U 5434
53*8
5434
54*8
49
49*4 22,250 Colorado Fuel & Iron____ 100
21*4 Jan 5
06% Sep 29
48% 50
52
491* 52
52 ‘ 523a
51
51U 52%
4,070 Consolidated Gas (N Y ) . 100 11334 Jan 4 150% Oet 15
143% 144% 143 143% 142% 143
141'!J 1443,1 144 144% 143*4 144
2,600 Continental C an ________ ion
89
89
40% Jan 4 127 Oct 5
89%
.89
89% 91
89*8 90%
89*4 91l2 8812 89%
400
Do
pref_____________ 100
8812 Jan 5 109 O ct 1
108% 108% 109 109
108% 108 108
*107 108% *107 10S% *107
5,700 Corn Products R e fin in g .. 100
8 Jan 2
18% is-%
18% 18%
21% Oct 25
18% 187g
18% 19
19
19
18*4 19%
900
Do
p r e f .. .................... .100
65 Jan 5
89
89
91 O ct 25
87% 87%
87% 88
88
88
S87 88%
8
88% 8SU
1S% M aylO 1097g Sep 29
71% 73% 33,510 Crucible Steel of America 100
73% 75%
731, 76! 1 70% 73%
73% 74%
75
2,400
Do
pref_____________ 100
111
110% 110%
111
111
14,500 Cuban-American S u g a r.. 100
38 Jan 25 177 D ec 1
164 169
159 165
170 1747g 155 177
700
Do
pref_____________ .100
93 M ar 17 110 Sep 14
106% 106-% *103 109*4
*102 n o
105 106 “
105 105
*101 * 105
5% M ar 2
50% Oct 22
46% 47% 41,440 Distillers' Securities Corp 100
45
47
461* 48*4
46
48%
46
46%, 46'4 471*
29% N ov29
27^8 28-*s
27*8 28*4 18,300 Dome Mines, L td _______ .10 *16 June25
1,725 Klectrlc Storage Battery. 100
63 N ov20
78% Sep 25
70
*07 " 721.1 *68
Federal Mining &S m e lt.. 100
8 M ar24
60 Juncl2
34%
341, *26
34% *26
34% *23
*20
3412 *26 ° 34% *26
400
Do
pref_____________ 100
52
20 M a rl3
65 Juuel2
50% 50% *50
*5019 54
52
52
53
*501, 53
151 General C h e m ica l............. 100 165 Jan 26 360 O ct 8
.128U 1281, *.120 333 *326 330 *320 336 *320 330 §315 315
150
Do
pref_____________ 100 100 M ar 1 §110% N ov30
*11434 lift ' S116 116 §116 116% *115 117 §116 116 §115 115
4,400 General Electric________ 100 138 M ar 3 185% Oct 4
173 174% 173% 174
1741, 175
177 " 177
175 176
4,020 General M otors vot tr ctfs_ 100
82 Jan 2 476 N ov29
460 473
460 463
450 45fi
450 476 " 462 462
465 470
1,300
Do
pref vo t tr c t f s . .. 100
114 114
90% Jan 4 115% Sep 13
1113o 11130 ♦1131a 1147* *113% 115 *1131, 1141* 114 114
713.1 23,100 Goodrich C o (B F ) ........... 100
80% O ct 14
71
21% Jan 7
70% 71*8
72
701, 7U2] 71
71%
70% 72%
71
310
Do
pref.......................... 100
95 Jan 14 114% Oct 27
111 111 *110% 111% *110% 112
•111 1121, 5112 112
111 111
1,050
44% 44%
100
37 Oct 25
80% N ov26
45% Jan 7
707S 78
77% 78% 30,810 Guggenheim Exploration. .25
777* 79U
77*i 7S%
77% 78-%
773j 78*3
45*8 71,025 Inspiration Cons C o p p e r.. .2 0
44
16% Jan 2
47% O ct 7
45*4 46%
45
40
43% 44%
4812 46-14 46% 47
500 Internat Agricul C orp___ 100
23
23
23
5% M ar31
29% N o v 1
23*8
*2 >
26
24% 24% *22
2614 *251* 26%
2,000
Do
pref_____________ 100
55% 56%
57
57
8 M a r ls
67*8 N o v 1
*62
621,
571,
59
59
601* 01
2,000 Intern Harvester o f N J . . . 100
90 M aylO 114 June 4
*109% 1107» 109 110% 108% 109*8 109% 1091, 108% 109 *10S% 109%
100
Do
pref....... .......... ........ 100 110 Ju lyl3 120 N o v 4
118%
*11514 11812 *1151, 1183, 118 118 *115% 118% ♦ _ 118%
94,720 int Mere Marine pref ctfs den.
65% 67
ASS* GS
62 ?4 65%
7,224 Intern Nickel (The) v t c . . 100 179% D ec 3
179% 189%
185 " 185 ~ 1831*» lR-iSl 180 183
2,100 Internationa! Paper______ 100
11% 11%
8 Jan 6
12% N o v 5
11% 11%
11% 117g
n % 11%
11*4 * l l l 4 11%
* llh
Do
pref_____ _________ 100
1,100
45% 45%
33 Feb 24
40
48 N o v 5
40
46
47
45
46% *44
*46
47
83% 36,010 Lackawanna Steel________ 100
28 Jan 7
94% Sep 29
SI
80% 83%
82% 84%
8212 84
8H2 8U ,
81*4 83%
700 Liggett & Myers T ob acco. 100 207 Jan 9 259 N o v l3
217 247
217 2-19
*240 260 *242 260 *242 256 *242 254
100
Do
pref______ ________ 100 113% Jan 5 119%Sep 9
*11S12 11912 *1171, 1191, *118 119% *118 119% *118 119% 119% 119%
100 Loose-Wiles Bisc tr co ctfs 100
26%
*25
26% *25
16 Feb 17
31 Jan 11
*24
26
20
*23
27
*26% 27
26%
Do
1st preferred____ 100
98
*95
98
86 Feb 20 105% Jan 13
*95
*95
*95
9S
*91
98
98
*95
98
*
100
630 Lorlllard C o ( P ).................. 100 165%Jan 6 189 N o v lo
182l2 1821* 183* 183 *182% 190 *182% 190 *182% 190 *182% 190
Do
pref........... .............. 100 112 Sep 14 118 Jan 19
600
115U 11514 115% 115% 115% 115% *115% ____ *115% ____
*113ls
200 M ackay Com panies.......... 100
81% *79
80%
72% Jan 11
84 N o v 5
81
81
80*4 80*4 *79li 81% *80
*8012 83
400
Do
pref_______ ______ 100
05% 65%
6434 O ct 28
*65% 66
*65% 66
69% Jan 19
66
*65% 66
60I4 6.514
71% 74% 14,725 Maxwell M otor Inc tr ctfs. 100
15% Jan 6
73
71% 73
76
92 O ct 26
73*4 75%
73% 75
75
75U
4,444
98% 99%
99
99%
Do
1st pref stk tr ctfs. 100
43% Jan 2 103 Oct 26
9934 100%
99-% 9934
99*4 1001,
091* 100
4,900
52% 54%
Do
2d pref stk tr ctfs. 100
5434 56
501 j
52% 55
18 Jan 6
55
68% O ct 26
56,l4 56*4
55% 561*
90% 92%
91
92*8 5-1,000 Mexican P etroleu m ______ 100
51 Jan 9
97 Apr 28
92% 94%
92% 94%
92% 91
92l4 93*3
300
86
86
*84
87
Do
pref______________ 100
67 Jan 15
94 Apr 26
87
90
87
*S7
87
87
•87
90
33% 33%
33% 33% 11,145 Miami C opper____________
17% Jan 6
35*4 O ct 30
3-1*8
34
31%
34
313t
34% 34*4
3412
12,350 Montana P o w e r ........... .. 100
72
77
71
42 Jan 4
77 D ec 3
4 70
69% 721
67% 69
69l.i
657g 66 U
66
400
Do
prof________ _____ 100
99 Jan 29 114 N o v 8
112 112% *112 113% 112% 112% *110 116%
•112 113 * 113 113
124% 124%
450 National Biscuit_________ 100 116 Apr 3 132 Jan 22
126% 126% 126% 126% 125 125
*125 127% *125 123
341
128 120
Do
pref______________ 100 119 M ay25 120 Feb 3
125 125*8 *125 119 *125 130
§122
♦122%
3,000 Nat Enam'g & Stamp’g _ 100
29*4
28
_
271.1 28%
9*2 Jan 4
36% O ct 25
28% 2912
28% 28%
*29
31
*30
31
*94
96
94% 94%
no
Do
pref______________ 100
79 Apr 1 94% D ec 3
*94
90
96
5941* 9-1% *94
95
*93
65
64
1,300 National Lead____________ 100
64% 65
44 Jan 4
70% M ay 1
65%
65
*64% 65
«5
65
65
500
Do
pref_______ ______ 100 104% Jan 4 115 N o v lS
112 112% *110 114 *110% 114
*1101© 1121j *110>4 112% 112 112
16% 10*4
6,770 Nevada Consol Copper_ - .5
16% 16%
_
16% 16%
16% 167g
11% Feb 24
17 N o v l7
16*8 10%
1634 10%
137 137
4,800 New York Air Brake......... 100
134 137
56% Feb 26 104% Sep 23
13714 143% 137 140 Zl36% 142
*137 139
74
73
*73
73
0,700 North American C o (new ). 100
74% 7434
73% 75
04 Jan 19
81 Apr 21
73*4 75%
7312 74
33
33
2,700 Pacific M ail________ _____ 100
xS%
33%
8*4
33
38 Aug 3
/8% D ec 3
33*8 33%
33
33U
33'8 33%
42% 42%
423,i 42*4 *42% 44
42% 42%
800 Pacific T elep & T eleg......... 100
43
43
43
26% Feb 11
49% O ct 1
43
1,700 People's G L & C (C h ic ).. 100 112% MaylO 123% Apr 3
8
118U 1181.1 117*8 117*8 117% 117*8 117*8 117% 117*8 l l / 7 *117 118
44l2 443.1
3,000 Philadelphia C o (P itts b ).. .50
43
43% 44
44
44
44% 45
43*2
49 Sep 30
45
35% Apr 7
3534 36%
33% 34%
34
30%
35% 35%
35% 35%
6,680 Pittsburgh C o a l .................. 100
353s 35%
15*4 Jan 4
42% Oct 14
2,475
10834 1083.1 103 10.8*4 108% 108% 10.3% 109*8 109% 109*8 103 108%
Do
pref.................... ...... 100
81% Jan 4 114 Oct 14
65
65% 65%
63
65%
4,700 Pressed Steel Car________ 100
66
04% 66
63
63%
6512 66%
78% Oct 4
25 M ar 6
106 *104% 106
200
105% 105% *105
*105 105% *105 105% *105 106
Do
pref................. ........ 100
86 M arlO 106 O ct 20
113 113 *110 116% 115% 115%
11434 11434 *110 110% *110 114
300 Public Serv Corp o f N J _ 100 100% Aug 24 119 N o v l7
_
167 167% 167% 167%
168% 169
163 169*4 16.8*8 169
4,488 Pullman C om pany......... .. 100 150% M a rl2 170% O ct 23
168 168
*4
414
4%
4%
*3%
4
4
*3%
*3%
500 Quicksilver M ining_______ 100
4
4%
5% N o v 1
4
5
*4
5
*4
5
5
5
5
*4
5
400
6% N o v 1
Do
pref....... ................... 100
4414 44%
45
45%
47%
45
45%
45*4 46% *45
2,900
54 O ct 1
47>a
47
inn
19 M ar 0
102 102
102 102 *101
105 rl00% 100%
102
102
500
*101 105
inn
87 M ar 3 102 N ov29
25% 2512
25% 257g
25% 25% 22,022
25*4 26
25*8 25%
27% N o v l7
25*i 26
.10
15% Jan 2
50*4 51*8
48% 50%
51 %
48% 50
51
8,700
51%
51
5112 51*4
100
19 Feb 1 56% O ct 19
iU'J‘8 iuy*2 *10914 110
900
109% 1097. 109l2 1091* 110 110 *109 110
Do
pref______________ 100
72 Jan 30 110 N ov30
4
♦3
dl2
«J 2 3*2
1
4
*3%
600 Rumely C o ( M ) .................. 100
5
*3
4%
*3'i
14 Aug 13
Jan 22
12
*7
11
*6*2 11*2
100
*7
11%
*7
11
Do
pref.......................... 100
*7
18% Aug 12
1434 14-?4
*14
16
200
1512 *14*4 14*?4
141* 14% *14
11% Dec 3
3% N ovlO
*26
28
30
100
*25% ____ *26
28
*26
28
28
29 N ov24
7% Oct 23
174% 172% 175
5,600 Sears, Roebuck & C o ......... 100 sl31% M a rl7 209% Feb 1
17378 177 *171
166% 1701* 167 167% 168*4 172%
*120
*12434
*125
60
61%
61%
9,400 Sloss-Shefflcld Steel A Ir._ 100
60
62%
60
60
59
59-%
24 Jan 6
65 Sep 29
58
*581* 60
157 160
7,917 South Porto R ico Sugar_ 100
154 150
164
_
148 156
40 Feb 16 164 D ec 1
143 143
143 148
200
100
110
110 O ct 14
110 110 *108 110 ♦ lo s t, 110 *108 110
85
900 Standard M illin g _______ 100
83
*83
83
43% Feb 23
89 N ov27
85
88
85
89
87
88% 88% *85
720
84
*81% 84
Do
pref......... ............... 100
85 N ov29
§84
00 Feb 17
84
S3
84
84
*84
86
85
85
22,400 Studebaker Corp ( T h e ) ... 100
148% 152% 149 152
35% Jan 2 195 O ct 22
15234 153?8 152 1541- 151 153% 152% 156
1,400
112% 112% 111% 112%
Do
pref......... ............... 100
91 Jan 2 1191* Oct 27
1127* 113
113 113
113 113% *113 115
7,809 Tennessee C opper_______ .25
70 Sep 30
25t, Feb 24
5,r 3 57%
>4
56% 57*8
.501* 501© 58% 58*4
57% 581,
57% 58%
21,350 Texas Com pany (T h e)___ 100 120 M ay 14 220 N o v 2 l
207% 213
203 210
2121.1 215
215
20S 214I2J 205 215*4 20.3
4% Jan 4
8% N o v 4
1,800 Union Bag & Paper-------- 100
7%
7%
7%
7 .4
1
778 *7U
7%
7i4
77«
8
*7*4
7h
30% Apr 6
273.1 27%
1,600
227g J u ly l3
Do
pref. ----------------- 100
29% 29%
28
*26
28
28U 28%
23% 30
28%
6634 O ct 27
42 Jan 25
600 United Cigar M fr s .......... 100
62
62
*60
60*4 6034 61% 61%
61% 6 1 ',
61% 01% *60
230
Do
pref........................ 100 100 JunelO 110 O ct 1
105% 106
*105 110 *104 109
*105 110 §109 109
9% N ov23
10% O ct 20
.1(1
f)5g
7,595
9-1i
95S
9%
9*8
9*4
..1 0
11% Oct 14
12% N o v l(
i'33Q
1178 12
.100 139 N ovlO 163 N o v l7
15912 15,325
8 Jan 2
31% Oct 29
2,800 U S Cast I Pipe & F d y . . . 100
25*3 26%
25% 25%
25% 25%
21
25%
25
20
26
26
32% M ar 3
55% N o v 8
300
*49
54
*50
54
50
Do
pref_____________ 100
*50
54
50
*50
54
54
*50
43% D ec 2
73% M ar 9
300 U S Express-------------------- 101)
*12
46
46
46
43% 43% *43
*43
46
45% 4513 *42
15 Jan 27 129% D ec 1
U S Industrial A lc o h o l... .100
116 125
1201, 129% 116 122
116 119
*114 116
117*4 122% 39,380
70 Jan 26 107 N o v 1
1,300
102% 102% 103% 104% 104 104 *103 105
Do
pref------------------ mo
*100 106 *100 106
44 July 24
74% Apr 14
54% 551 1 16,525 United States R u b b e r ... .100
54
54%
54% 55%
54% 557g
53*4 54
54
54's
107% 107*4 107% 1077s 107% 107% 107-% 107-%
900
Do
1st preferred------ m r 101*s Feb 24 110 Apr 9
107ls 107<2 107 107
38 Feb 1
84% 86%
88*8 N o v 1
84*t 86*s 379,200 United States S te e l.......... .100
S63, 873,
861, 87%
86
87*3
87% 87*i
0,050
II.534 1157 11534 115% 115% 115% 115*8 1157S 115% 115% 115% 115%
8
Do
pref--------------------- 10( rl0 2 Feb 1 117 O ct 30
u
48% Jan 6
77% 7S*s 44,900 Utah C opper------------------81% N o v l7
79
79%
77% 78%
78% 793i
SO
S0*4
79% 80%
15 Jan 4
45% 40
52 Oct 20
40% 47%
45% 40%
4,100 Vlrglnta-Carollna C h c m .. .100
46% 46%
46% 46%
47
4714
1Of
80 Jan c 113% D ec 3
111% 113%
114 *112 114 *112 114
3011
*113
1131* 113 113 *112
60
60
36 June 9
*01
65
74 Oct 20
61
65
*60
400 Virginia Iron Coal < Coke .100
fc
61'4 61%
61
61h 61h
57 Jan 2
8731 - 88
87*4 88
88
90 N o v 4
88
87% 88
2,100 Western Union Telegraph .100
87*s 8.8
8S«4 88%
67% 68% 47,215 Westlnghouse Elec & M fg ..5 0 ! 32 Feb 24 74% Oct 26
68% 697g
6934 70-is
68*i 69%
69% 70%
67*8 68*i
*7
sn
♦77
. .5 0
58% M a r l2
*70
80
80
SO
*77
85 O ct 21
80
*77
.10<
230 232 *225 235
87 Feb 23 268 N o v 1
240 240
11 3 > 1125* 1133. 1133, *1131© 111
.* o
.10(1
300
93 Feb 13 114% N ovlO
113*2 113lo '*1131’ 113%
90% Jan f 115% N o v 1
114 ' 114% 1 m
114%
1,800 W oolworth ( F W ) .............. lOf
1137s 1141.1 113*4 113*4 113 ’ 113% 113% 114
400
123% 124
*123 124
123*8 124 *123% 124 *122 124 1*122 124 1
Do
pref_____________ .1(H 115 Jan 8 124 Aug 14
51%

R
ange for P
revious
Y
ear1914
H
ighest ‘

%

C
424%

Dec
38% Jan
102% Jan
29% Jan
6S Jan
118 D ec

%

c $38%

Feb
52% M ar
110 June
46% D ec
913g Deo
130 Jan

15% D ec
50 J uly
25% Jan
94% Jan

30% Feb
68 M ar
38% D ec
104 July

$31% Dec
20% July
112% Dec
37% June
84 July
7 July
58% July

$44 Feb
34% Feb
139% Jan
45% July
91*4 July
13% Jan
72 Jan

90
11

Dec
July

90 Deo
20%M ar

7% M ay
28*8 Dec
160 Apr
107% Feb
137% Dec
37*8 Jan
70 July
19*8 Jan
79% Jan

15 Jan
43 Jan
180 Jan
110 June
150% Feb
99 M ay
95 Feb
28% Apr
95 D eo

$40% July
$14% July
4 Jan
13 M ay
82 July
113% Jan

$57% Apr
$19% July
10% July
36 Jan
113% Jan
118% July

6*4 July
30 Dec
26% July
207% Dec
111%Jan
20 Dec

10% Feb
41 Jan
40 Jan
231 M ar
118% July
38 Jan
105 M ar

100

61 July
65% Jan
14% Dec
41% D ec
17 Dec
40% Jan
67 M ay
*16% Dee
41 Dee
101 Apr
120 July
119% Jan
9 July
80 June
40 July
105 Jan
$10% July
58 July
64% July
17% July
20 July
106 July

190 Apr
117% July
87*s Feb
70 Jan
15u i >c
t
44 Dec
(7% Dec
73% Feb
87 Feb
$24*8 Feb
5278 June
1037a June
139 Feb
128 J udc
14 Feb
8678 M ar
52 Jan
109 Feb
$16% Jan
69 Jan
79% M ar
29 Jan
31 Jan
125 Jan

15 Dee
79 Dec
26*4 Jan
97*4 Jan
107 Jan
150 Dec
% June
1% June
1934 July
88 Dec
$15 Dec
18 Dec
75 Dec
3% Dec
20*4 Apr

23% Feb
93% Feb
40 Feb
105% M ar
114 Apr
159 Jan
2% Jan
4 Jan
34% Feb
101 Feb
$22% Apr
27 Jan
91%’ M ar
18 Jan
41 Jan

170% July

197% July

July

19% July

35

Jan

32 Jan
59% Dec
20 Jan
70 Jnn
$21*4 July
112 July
3*r June
18% July
39 Dec
99 June

45 Deo
07% Dec
30% Mar
92 M ay
$36*4 Feb
149% M ar
8*4 Feb
32% Feb
50% Feb
103% Feb

7*4 June
30 July
46 Jan
15 Dec
75 Dec
44% July
05% July
48 Dec
103% Dec
$15*8 Dec
17 Dec
06 M ay
35 July
53*8 July
04 Jan
115%Jan

13% Jan
49 Feb
87 M ar
20 Apr
85% Jan
63 M ar
104% Jan
67% Jan
112*4 Jan
$59*8 June
347a M ar
107% M a r
52 M ar
667 Feb
g
79% July
124% Juno

89 July
112*4 Jan

103% Feb
118% M ar

righ 6 N stock c P r S 5 p sh re. 1Q oted d rs
ts.
ew
,
a 2 er a
u
olla

New York Stock Exchange— Bond Record. Friday. Weekly and Yearly

1871

BONUS
W. y . ST O C K E X C H A N G E
» r e « Endlas D ec. 3.
O
0
O
0

8
8
8
8
U8
0 8
U8
0 3
O8
0 8

U. S G overn m en t
is consol registered___<J1930
2: consol coupon_____ <11930
3s registered................. -*1918
8a c o u p o n ____________ *1918
4s r e g is te r e d .................. 1925
4s c o u p o n ---------------------1925
Pan Canal 10-30-yr 2 s .*1930
P n Canal 10-30-yr 2 s ._ 1938
Panama C analjls e ------1961
Philippine Island 4 s .1914-34

S3
2r
ij£

Price
Friday
Dec.3.
B
id

Ask

W
eek's
hangs or
L
ast Salt
r.ov

9 9 % ____ 99*2
99 ------- 97*4
Q - F 1 0 1 4 ____ 101*2
I01*g
Q- F
Q - F 1094 110% 10934
110 ------- 110
Q- r
93 ------- 98*4
Q F
97
Q -N
Q -M 10112 ------ 102
100
Q F ____ 100
i

■ j

fa r s lg n Q o .fr n r a r n t
9712 97*4
Anglo-French 5-year 5s (wh lss).
Arge itine — Internal as of 1909 . M - 8 t 9234 94
Jaioese (Hukuaug R y )— 5 s o f ' l l J -O t ------- 7134
97% Sale
Cuba— External debt 5s of 1904 M- 8
96 < Sale
2
Exter dt 5s oi T 4 sor A _ 1919 F - A
_
F - A 85*2 Sale
Externa! loan l t ja ............... 1949
Japanese G ov t— £ loan 4H * 1925 F - A t 82 Sale
Second series 4tfis________192.' J - J t 78*2------t 75*4 Sale
D o do "G erm an s ta m p ".
Sterling loan 4s...................1931 J - J
M exico— Exter loan £ 5s oi 1S99 G - J t ------- 79
____ 85
G old debt 4? of 1904 . . . . 1951 J
Prov of Alberta— deb 4 ^ s .. l 9 2 4 F - A
t ------783
4
Tokyo C ity— 5s loan of 1912___

F o"
H

99*2
O ct 15
101*2
N o v ' 1j
N o v '1 5
Sep 15
O ct '15
July’ 15
102
Feb 15

P

No. L
ow H
igh

25 9G«4 99*2
____ 97*4 99
0 98 10134
____ 100*2 102
____ 100 110
____ 100*2 1102
____ 97*2 98*4
—

70 10084 102
100 100

25
97i2
9734
923
4
9234 58
88 July 14
28
97
93
30
96
96*2
1
85*2
85*2
3
82
82
4
78*2
79*g
252
7434
76
79U
65
95*2
80

R
ange
Since
Jan.1.

9712 9814
80
99*4
___
93's 98
90
96%
80
88*2
737 84*2
8
708 82
70
7934

Apr '14
July 14 ____ ____ _____
Jaa ' 15 ___ 95*2 95*2
78
82
M a y '15 —

tThese are prices on the basis of

S tats a n d C ity S ecu ritie s.
ft T C ity— 4 V i s ................... .i9 6 0
4t4s Corporate s to c k ___ 1961
44$s Corporate s t o c k ____1965
4H s Corporate s to c k ___ 1963
4% Corporate s to c k ____ 1959
i% Corporate
stock ____ 1958
4% Corporate s tock ____ 1957
4% Corporate stock____ 1956
New 4 % s ......... - ................ 1957
New - 4 K s ..............................1917
444% Corporate s t o c k ... 1957
414% Assessment b on d s..1917
8 H % Corporate stock_ 3954
_
If Y State— 4s_____________ 1961
Canal Improvement 4* -.1961
Caual Improvement 4 s . . .1962
Canal Improvement 4s ..I 9 6 0
Canal Improvement 4 il«.1 9 6 4
Canal Improvement 4 4*1.1985
Highway Im prov't 4 4<s .1963
Highway Im prov't 4 % s .1965
Virginia landed debt 2-3s . .1991
9s deferred Brown Bros otfs
R a ilroad
Ann Arbor 1st g 4 s . . . . t.1995
A tab T op A 8 Fe gen g 4 s . . . 1995
Registered ______________ 1995
Adjustment gold 4s......... A1995
R eg istered .....................*1995
S ta m p ed _____________ *1995
Oonv gold 4s______________1955
Conv 4s Issue of 1909_____ 1955
Oonv 4s Issue of 1 9 1 0 ____ 1960
10-year 5 s _______________ 1917
East Okla Dlv 1st g 4s . ..1928
Trans Con Short
1st 4s. 1958
Ca!-Arl» ls tA r e f4 4 4 s ''A "1 9 6 2
8 Fe Pres A Ph 1st g 5 s . . .1942
At! Coast I. 1st gold 4s____*1952
89-year unified 4 s.............. 1959
Ala Mid 1st gu gold 5 s ___ 1928
Bruns A V 1st gu gold 4s. 1938
V
Charles A Sav 1st gold 7s. 1938
L A N coll gold 4 s _______ ol952
Sav F A 4V 1st gold 8s____1934
1st gold 5 s ......... ................1934
M 8p Oca A G gu g 4s____1918
il
Balt A Ohio prior 344s_____ 1925
Registered .....................*1925
1st 50-year gold 4s......... *1948
Registered .....................*1948
iO
-yrconv 4 44s ...................1933
Pitts Juno 1st gold 6 s......... 1922
P Juno A M Dlv 1st g 344s 1925
P L E A W Va 8ys ref 4s .1941
Bouthw Dlv 1st gold 3 443.1925
Cent Ohio R I s t o g 4 44s . 1930
01 Lor A W con let g 6 s .. 1933
Monon River 1st gu g 5 s .. 1919
Ohio River R R 1st g 5s___1936
General gold 5 a . . ............1937
Pitts Clev A Tol 1st g 8 s .. 1922
Pitts A West lit g 4 e____ 1917
8tat isl Ry 1st gu g 4 44s.. 1943
Bolivia Ry 1st 5s....... ..............1927
buffalo R A P gen g 6 s .........1937
Consol 4 l4 s .............
1957
All A West 1st g 4s g u ___ 1998
Clear A Mah 1st gu g 6 a . . 1943
Roch A Pitts 1st gold 6 s ..1921
Consol 1st g 6s ...............1922
■nada 8ou oons gu A 6a— 1962
Registered ......................1962
Oar Clinch A Ohio 1st 30-yr 6s '38
Central o f Ga 1st gold 6 s .-.p l9 4 5
Consol gold 5s..................... 1945
Chatt O lv pur money g 4s 1951
Mao A Nor Dlv 1st g 5 s .. 1948
M id G a A Atl D lv 5 a ____1947
Mobile Dlv 1st g 6 s ..........1946
Cen R R A B o f Ga col g 5s. .1937
Cant of N J gen'l gold 5s .
1937
R eg istered .....................41947
Am Dock A Imp gu 6 a . .. 1921
Leh A Hud Rlv gen gu g 5sl920
N Y A Long Br gen g 4s 1911
Cent Vermont 1st gu g 4s *1920
Chesa A O fund A Impt 5s 1929
1st consol gold 5 s ...............1939
Registered _____
1939
General gold 4 44a____I . I ' 1992
Registered------------------ 1992
Convertible 444a.............1 9 3 0
Big Sandy 1st 4s . . . ...1 9 4 4
Coal River Ry 1st gu 4 a .. 1945
Craig Valley 1st g 5s......... 1940
Potts Creek Br 1st 4 s ___1946
R A A D lv 1st con g 4 s ...1 9 8 9
2d consol gold 4s------ .1989
Greenbrier Ry 1st gu g 4s. 1940
Warm Springs V 1st g 5 a ..1941
Ohio A Alton R R ref g 3 s .-.19 49
tail troy 1st lien 344*.......... 1050
Ohle B A Q Denver D lv 4 s .. 1922
Illinois D lv 3 44s................... 1949
Illinois D lv 4s....................... 1949
Registered______________1949
Iowa Olv sink fund 6s____1919
Sinking fund 4s________1919

69
101%
101% sale 101-8
10134 25
101% 1008 1004
10534
106 -g 252,
30
106
106*4
73
98*4
98*4 Sale 97%
23
9734
98*2
98*2 Sale
97%
98-38 45
983g Sale
6
97*4
97*4____ 97*4
12
106 106*8 105*2' 10534
3
101
101 102 1"1
17
106*8
106*g Sale 105%
100 ____ 101 N o v '1 5 ____
87% 88*4 86*2 N o v 15 ____
4
101% . . . 1013 N ov ’ 15 ____
____
J - J IOD4 102*4 101*2 N ov'15 ____
101% Sep 15
J- J
10 0 4 N ov ’ 15 ____
J - J
5
J - J 112*2____ 11234 11234
5
106
106
J - J
112*2 11234 112
13
112%
M- S
105*2____ *' 5*2 N o v '1 5
86*2____ SS6 N o v '1 5
25
55
57*2 5434
56*4
Q. J
N ov
Nov

65 Sale
94!4 Sale
91*2 93 *g
87 Sale
87U Sale
106 107
106" Sale
1013g Sale
94 s ------8834 90
98
99
100*2------93*4 Sale

Q- J

105*%____
95 ____
129 135
88*4 Sale
120 ____
104*2------9 8 % -----93i4 Sale
* 9 1 % ____
91*4 Sale
87*2____
96% Sale
--------------90 ____
88 Sale
9134 Sale

7
63i2
6514
9334
95
217
93*g N o v '1 5
4
87
88*2
88 M a
3
44
87
87%
103*4
106 -8 18
09*2 M a y ’ 13 . . .
lu6
107U 103
35
101'3g
101*2
5
96
96
1
8884
8834
S9434 O ct '15 ____
103*2 Sep '15 ____
49
93
93*4
92*4 July 14 ____
105 N o v ’ 15 ____
2
9312
94i2
129% Aug 15 ____
35
88'g
8S%
118 O ct '15 ____
105 J u ly 'lo ____
98 Jun e'15 ____
90
921
2
93*4
90 J u n e'15 - - 91*8
9134 392
89 N ov'15
96*4
96% 2766
112 Jan '12
9034
903
4
1
87
88
53
91%
92*g 426
_
100 Apr '13

97*4
9734
1008
1013a
91
902
94
94
1008
100*2
1008
100*8
84
997
s
997
g
100
99*8
108*4
104
108
104*8
81
52

1008
1004
106 >
8
106*4
98*4
98*2
983s
97*2
10534
Ml. .
106*8
101*8
89
1004
101*2
101%
1004
H 2’4
10i
112%
105*2
86
61*2

55
8912
89
80*4

66*2
9534
93*8
88*2

8 0 'j 88*4
92% n o
923g
100*8
92
84*8
93
103
85

110*4
l"2
96
8«
96
103*2
94

105
89
129%
80
118
105
97*2
88*4
88*2
85
85
8212

105
94*2
129%
89
119*2
105
98
93%
90
92%
90
96%

84*2 90*4
77% 89*2
86 “ 92*4
103i2 104*2

____ __
102*4 June'12
104 ____ 102*2 O ct '15 ____ 102*2 102*2
100*g____ 9884 N o v '15 ____ 98*2 9834
93"

____

107 * : : : :
100 101
9 1*4____
J - J 103*g . . .
F - A Iu7 ____
109*2____
J
103*2 104%
A-

A
J

F

M
J
- J
J - J
J- J

J

l*l-

J -

Q

sa-N
1*

J - j
J- J
M- N
M- 8
A-O
J - J

F-A

J - J
J - J
J - J

A -O
A

96 100
106*g____
101 10134
83
84
l O l 'g ____
100*g____
____ 105
____ 97*4
116*2 Sale
114 ____
103*4 103*2
100 ------91»4 100
75
80
99 Sale
105*4 Sale
101 105
91
92*2
------- 92
87% Sale
82
85
8 2 % ____
96*4 100
__
821 86
2
82
80 ____
___
60*2 64
44*4 Sale
99*2 100
86 Sale
95*2 Sale
9334 ____
10212____
99*2____

96*4 M a r i4 ____
104*2 Sep '15
100 N ov'15
92 N o v '1 5
112 Apr '14
1063g O ct '15
107 Sep 15
10312
103*2
106 s Apr '14
97*4
97*4
107 N o v 15
101
I.UI4
83
83
10134 N o v ’ 15
100*4 M ur la
10334 M ay’ 15
97
97*4
11512
117
115 N o v ’ 15
103*2 O ct '15
100 Jun e'11
100*2 Jan '13
75 N o v '1 5
99
997
8
105*4 . 106
101 Sep *15
91*2
92
90*4 N ov'15
873g
893g
83*2 N ov'15
81% N ov'15
98 N o v '1 5
81*4 J m 13
84 N o v ’ 15
80 N o v ’ 15
90 Apr '14
113*4 Feb '15
69*8
60*2
44*4
46*2
90*2 N ov'15
86
86
95*4
95«4
94 N o v ’ 15
102%
1023s
99*g N ov'15

— ____
____

102*% ioa%
99l2 103
90
943g

____ 106*8 107*8
107 107
3 100 10534
4
____
4
3
____
—
____
25
95
—
____
___
....
....
2
10
—
25
—
251
....
....
—
....
..—
....
____
6
29
....
10
50

94
*03*2
96
83
101
*00*4
10334
86I2
111*4
U 0 l2
102*4

9734
107*2
102*2
86 '
104%
100*4
1033,,
97%
117
115
104

68
83
1013g
101
82
84
70
80
81
95

75
99%
10612
101
95*8
90%
90
83%
S83
9S

80*4 84%
77
80

52
60%
38
47*2
98% 100
8II4 87*4
91% 95*4
94
94
1 1002 102%
963j 99 %
—

ft.

RONDS
T . STOCK EX CH AN G E
Week Ending D e c. 3.

Chic Burl A Q (Con
.)—
Joint bonds. SeeGreat North
Nebraska Extension 4 a . .. 1927
1927
Registered..............
Southwestern D lv 4s_____ 1921
General 4a-------------------------1958
Chic A E III ref A Imp 4s g_.1955
1st consol gold 6s-------------- 1931
General consol lat 5s_____ 1937
Registered....... ...........
1937
Pur money 1st coal 6a____ 1942
Chic A Ind C R y 1st 5 s . . .1936
Chic Great West 1st 4s_____ 1959
Ohio Ind A Loulsv— Ref 6s. 1947
Refunding gold 6s...............1947
Refunding 4s 8erles C ____1917
Ind A Loulsv 1st gu 4s___1956
Ohio Ind A 8ou 50-year 4S..1956
Ohio r 8 A East 1st 4 44a____1969
Chicago Milwaukee A 3t Paul —
Gen'l gold 4s Series A ____ el989
Registered____________el 989
Gen A ref 8er A 4 44s____ u2014
Gen ref conv ser B 5s___a2014
Ueu'l gold 344s Ser B ____ el989
Genera! 4 44s 8er C . _____ *1989
Jo-year deben 4s_________ 1934
Convertible 4 44s_________ 1932
Chic A L Sup D lv g 6s____ 1921
Chic A M o Rlv D lv 58____ 1926
Chic A P W 1st g 5s______ 1921
C M A Puget 8d 1st gu 4a. 1949
Dak A G rt Sod gold 5 s . . .1918
Dubuque Dlv 1st s f 6 s . ..1 9 2 0
Fargo A Sou assum g 6 a ..1924
La Crosse A D 1st 5s_____ 1919
WIs A Minn D lv g 5s____1921
WlB Vail D lv 1st 6s............1920
M il A N o 1st ext 4 44s____ 1934
Cons extended 444s____ 1934
O alc A N or West Ext 4s 1886-192'.
Registered . ............ 1886-1923
General gold 344s_________ 1987
R e g is te re d ___________ 51937
General 4s________________ 1987
Stamped 4 s ___________ 1987
General 5s stam ped______ 1987
Sinking fund 6s____ 1S79-1929
Registered...............1879-1929
Sinking fund Ss_____ 1879-1929
Registered------------ 1879-1929
Debenture 5s_____________1921
Registered______________ 1921
Sinking fund deb 6s............1933
Registered______________ 1933
Frem Elk A M o V 1st 6 s ..1933
Man G B A N W 1st 3 44a. 1941
Mllw A 8 L 1st gu 3 4 4 s ...1941
M il L S A West 1stg 6 s . . .1921
Ext A Imp s f gold 5s. .1929
Ashland D lv 1st g 6 s . . . 1926
M ich D lv 1st gold 6 s . . . 1924
M il Spar A N W 1st gu 4s 1947
Northw Union 1st 7s g ._ .1 9 l7
8t L Peo A N W 1st gu 5s. 1948
W inona A 8t P 1st ext 78.1916
Chicago R ock Isl A Pao 6s..1 9 1 7
Registered______ _______ 1917
Itggeneral gold *s_________ 1988
Registered--------------------- 1988
Refunding gold 4s...............1934
20-year debenture 6s_____ 1932
Coll trust Series P 4s..........1918
R 1 Ark A Louis 1st 4 4 4 s ..1934
Bur C R A N — 1st g 6 s . . .1934
C R I F A N W 1st gu 6s...192 1
M A St L i s t gu g 7s_____ 1927
Choo Okla A G gen g 5s.ol919
Consol gold 5s.................1952
K eok A Des Moines 1st 5s 1923
St Paul A K C S h L 1st 4 44a'41
Ch!o St P M A O con 6s____1930
Cons 6s reduced to 34 4 s..1930
Debenture 5s____________ 1930
Ch St P A Minn lat g 6s .1918
North Wisconsin 1st 6 s ...1 9 3 0
St P A 8 C ity 1st g 8 s ____1919
Superior Short L 1st 5s g . 01930
O h io T H A So-east 1st 5 s . . . 1960
Chlo A ’-Vest Ind gen g 6 s ..*1932
Consol 60-year 4s_________ 1952
Cln H A D 2d gold 4 448.......... 1937
1st A refunding 4s________ 1959
1st guaranteed 4s_________ 1959
Cln D A 1 1st gu g 5s......... 1941
C Find A Ft W 1st gu 4s g . 1923
Cln I A W 1st gu g 4s____1953
D a y A M ich 1st cons 4 44s. 1931
Ind D ec A W 1st g 5s_____ 1935
1st guar gold 5 s . . ...........1935
Cleve Cln C A 8t L gon 4 s .. . 1993
20-yr deb 444 s..................... 1931
Cairo D lv 1st gold 4s......... 1939
Cln W A M Olv 1st g 4 s .. 1991
S t L D l v 1st coll tr g 4s___1990
Registered_____ ________ 1990
Spr A Col D lv 1st g 4 s ___ 1940
W W Val D lv 1st g 48____ 1940
C I St L A C consol Os___ 1920
1st gold 48
*1936
Registered...................*1936
Cln S A Cl con 1st g 5 s . . . 1923
C C C A I gen con g 6 s . . .1934
Registered .................
1934
Ind H A W 1st pref. 4 s . . . 1940
O ind A W 1st pref 5 s ...d l 9 3 8
Peo A East 1st con 4s____1940
Income 4s..........................1990
Cleve Short I. 1st gu 4 4 4 s ... 1961
Col M idland 1st g 4 s____ ..1 9 4 7
Trust C o certfs o f deposit
Colorado A Sou 1st g 4s____1929
Refund A Ext 4 44 s______ 1935
Ft W A Den C 1st g 6s. ..192 1
Conn A Pas Rivs 1st g 4 a ...1 9 4 3
Cuba R R 1st 50 yr 5s g ____1952
Del Lack A W e s t e r n M orris A Es 1st gu 3 44 s . .2000
N Y Laek A W 1st 6s------ 1921
Construction 5s------------ 1923
T e r m * Im prove 4s------1923
Warren 1st ref gu g 3 4 s . . 2000
Del A H ud 1st Pa D lv 7 s . . . 1917
R e g is te r e d _____________1917
10-yr con v deb 4s--------------1916
1st lien equip g 4 4 a ---------1922
1st A ref 4 s _______________1943
C on v 5s sub rects
Alb A Sus conv 3 4 s ---------1946
Rens A Saratoga 1st. 7s_ 1<121

Period |

J a n . 1909 the Exchange method o f quoting bonds was changed, and prices are now a ll— "a n d interest"— except fo r Income and defaulted bonds.
P rice
F rid a y
D ec. 3.
B id

•N
N
s
s

Ask Low

97*4 99

99 ___
94*4 Sale
25%____
0 104 ____
■ N . 82% Sale
n ------ 82
A
A
J 18 20
s 74 Sale
J 112%____
J 97i2 ____
i _
j _ _ 86
J
J 86 ____
D 93 ____
J

Week's
Range or
Last Sale

l i
S'*

H igh N o . Low

2
97*2
97%
95 Jtinc’15 ___
99*8 June’15 ___
94*4
94% 62
7
23
25
1
104
104
74
84 257
_
71 June'15 __
97*4 Feb '13
4
20
20%
73%
74% 10J
112% Nov'15 —
101 June'15 . . . .
95% Apr '11
86 July’ 12 ___
85*2 Nov'15 —
5
9334
9334

92*2
92% 17
J 92*2 93
89*2 Apr 15 —
J
9
4
94*2
O ------ 9 ~ 94
A IOO34 Sale 106% 107% 151
82% 26
J 82% Sale 82
48
4
103
J 102 * Sale 102
9234 41
J 92% Sale 92%
s
D SI01 * Sale 1 0 1 % 10134 191
J 103%____ 102% Aug 15 . . . .
3
J lo4% ____ 104% 104*8
J 103% Sale 103% 103% lu
91% 91 Nov'15 __
J 91
2
100*8
J 10 0 ____ 100
J 107 ____ 106*4 Nov'15 . . . .
J 109%___ 110 June’ 13 —
J 1 0 1 * 4 ____ 103 Nov'15 ___
2
J lo3% ____ 103% 103%
9
107
J 107 ____ 107
D 10 0 % ____ 100% Nov'15 —
D 1 0 1 ____ 100 Oct '15 —
A 95*8____ 94 Sep '15 . . . .
A 94 ____ 94% Nov'15 ___
26
83
N 82*2 82% 82%
78% Jan '14 ___
F *------ 82
19
9J
96% 96
96
N
4
95
N 95 95l» 95
1
N 113% 114% 114% 114%
IO9 34 ____ 105% Oct '15 —
O
O 109 ____ 105*2 Dec T3 ___
O 104%____ 104% Nov’ 15 —
O 103"8____ 102 Oct '13 . . . .
9
104
O 104 Sale 104
101 Dec 12 ___
■O *------103
■N 103%____ 104% 104% 28
1 0 1 % May'15 —-•N
•O 118%____ 117 Aug '15 —
. J
1
90*2 Sep '09
___
- J ____
- S 10734 108% i07*4 Nov'15 —
A 104%____ S02% Aug ‘ 15 —
- S 1 1 1 % ____ 113% Feb '14 —
J 1 1 0 % ____ 111% Aug ‘ 15 — 1
93
93
- 8 ------94
____
S 103%____ 107% May'14 —
- J 105 106 106 Nov'15
10234 |03 103*2 May 15 . . . .
-D
- J 102% Sale 10 2 % 10 2 % 13
- J 1 0 2 % ____ 1 0 2 % Oct '15 —
41
86*2
■ J 85 86*2 85
- J 83 ____ 81% Nov'15 —
160:
70
■O S67% Sale 67
50% 242
■ J 47 Sale 46*2
tr
94*4 June'11
■e
IX 79*8
____*74“ 85 July’13 __ _
-s
- 0 1 0 1 % ____ 101% Nov’ 15 —
99 ____ 100% Mar'14 —
0
■D
97% July'ii ___
•J
_
-N _ ______ 97% Juiy’15 —
- O 55 75 49*4 Sep '15 —
65 Apr '15
- A 71 81
1
117
-D 117 ____ 117
90 Jan '15 ___
■D 87
44
■ S 1 0 2 % 10 2 % 102*2 103
■N 116 ____ 115% Oct '15 ----. j 116 ____ 129% May’09
-O 105 105% 105% Nov'15 . . . .
-8
85 Jan '14 ___
- O ------80
■M 10634 ____ 106% Nov’ 15 —
82*2 32
J 82 82% 82%
- J 80 ____ 96 Mar '14
. j
86 % June‘ 12 ___
- J ------ 87
-N 27%___ 25 July'15 —
________ 88 M ar'i! ___
-N
.j
65 J’ly '14
- J _________ 94% Dee '14 ___ _
• _________ 65 J'ly '14 . . . .
J
_ _ 107% Dee '02
- J ____
8
82%
-D 81% 81% 81%
- J 87*2 88 % 87% Nov’ 15
84% 86*2 S85% Nov'15
- J
78 Nov'15 —
- J ____85
79 Nov’ 15 —
N 82 85
+
- N 75 80 82% Mar' 1 —
- S 85 ____ 85 Nov’ 15 ___
- J 82 84 91 Apr '12 —
-N 104 ____ 105 Nov'15 —
90%____ 91 Nov'15 —
F
-F _________ 88 % May'15
- J _________ 101 June’ 15
- J ................ 105*4 July'14 —
- J —
94 July'08
-O
-J
72% ’
-O *68 ” '72% 72''
35 40 35 Nov'15 1 __ 3
pr
' I 34
10 1
- O 100% 10034 10 0
13
S10
14% S10
-J 10
____ 16
14*2 Mar '15
92% ” n
- A S9 0 4 Sale 91*4
89*2 64
-N 89 Sale 8834
8
g
- D 104% 106 106*8 lC6 *
-O
. J - I I . 100 Ido May’ 10 —
-D
- J
-A
-N
.A
- S
- S
-D
- J
-N
-O
V

Range
Since
Ja n . 1

8534 86*2 86 % Nov'15
107% 110 108 Nov'15

1 0 1 % ____ 1004 May’ 15
95%____ 95% 8 ep *15 ___

H igh

94*4 9734
95
95
99% 99%
88 95
15 29
91 104
51% 84
52% 71
17 20%
64
74%
110 117
101 101
____
85*2 85%
92*4 94%
85 93%
89% 89%
87 95%
100% 107%
76 823g
97 103%
84% 93*8
93% 102%
102% 102%
103 104*4
IO 4 10334
IS
85% 91%
100

100*2

108 10738
102*8 103
1 0 1 % 103%

108% 107
99 101
10 0 %
92% 94%
94% 94%
78 83

100

8 £% *96*%
89
95%
199 114%
108 109*2

io'2% 1C4%
.
..
ldo’% 104
101 104%
99 101%
117 116%
105 ‘ 103%
S02% 104%
..
n i% 1 1 1 %
89% 93
.. .
102*4 106
103** 103%
lO0 g 1 0 2 %
10 1% 10 2 3
g
79 86*2
80 82l2
61
71%
39 67
' 99' * 101*4
................
‘ 9 ’% _97%
7
97*2 97%
49*4 84
65 65
114*4 117*4
90 90
99% 103
115 115*8
104% 105*4
105 106%
74% 83*4
25 *25 ‘
___ _____
___ _____
68 '

83
793g 8712
80 S85%
70 78
75% 85
-

77

85

105 ' 105%
90 91
87 88 %
10 1

10 1

...............
----- ------'59" '72*%
20 38
90% 101%
S10
17
14% 15
85 93%
78% 90
100 106%
84 86*2
107 109
101% 101*4
95% 96

85*2 102*8 Feb '03
104% 105*8
104%____ 104% Aug '15
. . . ...
149 Aug '01 __
100% Sale 100 % 10 0 % 28 99 100*4
100*2 10184 99% Sep T5 ___
99 100%
93 96*4 96
95% 42 89*2 97%
106*2 Sale 106*2 107*4 104 101*4 108%
86*2 87
86 %
87*g ss: 80% 87*g
1 1 1 % ____ 113% Jan '15 ___ 1 1133* 113%

*N p F a ; la th w . dD eA ril. eD eM 0D J n ftD
o rice rid y test is eek
u p
u ay.
ue u e
ueJuly. * D A g. 0D O p D e N f D e D s O ea
ue u
ue ct.
u ov.
u es.
ption le.




1873
BONDS
N. Y . STOCK EXCHANGE
Week Ending Dec. 3.

P r ic e
F r id a y
D e c 3.
B id

£3env 4 R G r 1st con g 4a_ 1936 J - J
_
Consol gold 4H s________ 1936 J - J
Improvement gold 5a___ 1928 J -D
1st < refunding 5a............ 1955 F - A
fc
Rio Gr June lat gu g 5a.. 1939 J - D
Rio Gr So 181 gold 4a........ 1940 J - J
Guaranteed__________ 1940 J - J
Rio Gr West lat g 4a____ 1939 J - J
Mtge <k col trust 4a A . .1949 A - O
Utah Cent 1st gu g 4a.al917 A - O
Dea Mol Un Ry lat g 5a___ 1917 M- N
Det A M a c. 1st lien g 4 a ... 1995 J -D
Gold 4 a _________________ 1995 J - D
Det RIv Tun-Ter Tun 4 Ha. 1961 M -N
Dul Mlasabe & Nor gen 53..1941 J - J
Dul A Iron Range lat 5a___ 1937 A - O
Registered______________1937 A - O
2d 6a ............................... 1916 J - J
Du So Shore A At g 5s.........1937 J - J
Elgin Jol A East lat g 5a___ 1941 M-N
Erie lat consol gold 7a______1920 M- S
N Y A Erie 1st ext g 4s_ 1947 M-N
_
2d ext gold 5a_________ 1919 M S
3d ext gold 4 Ha_______1923 M S
4th ext gold 5s________ 1920 A O
5th ext gold 4a________ 1928 J D
N Y L E A W 1st g fd 7 s..1920 M S
Erie lat con g 4a prior___ 1996 J - J
Registered___________ 1996 J - J
1st con3ol gen lien g 4s__ 1996 J - J
Registered___________ 1996 J - J
Penn coll tr g 4 a _________ 1951 F - A
50-yr couv 4a A ................. 1953 A - O
do
Series B ______1953 A - O
Buff N Y A Erie lat 7a_ 1916 J -D
_
Chic A Erie lat gold 5 s ... 1982 M -N
Clev A Mahon Val g 5s_ 1938 J - J
_
Long Dock consol g 6s . . . 1935 A - O
Coal A RR 1st cur gu 6a. . 1922 M -N
Dock A Imp lat ext 5a_ 1943 J - J
_
N Y A Green L gu g 5s__ 1946 M -N
N Y Sua A \V 1st ref 5 a.-.1937 J - J
2d gold 4 H s ................1937 F - A
General gold 5s__________ 1940 F - A
Terminal 1st gold 5s____ 1943 M-N
Mid of N J 1st ext 5s_____ 1940 A - O
Wllk A Ea 1st gu g 5a____ 1942 J -D
Ev A Ind 1st con gu g 6a____ 1926 J - J
Evana A T H 1st cons 6a____ 1921 J - J
1st genera) gold 5a............. 1942 A - O
Mt Vernon 1st gold 6a___ 1923 A - O
Bull Co Branch 1st g 5s__ 1930 A - O
Florida E Coast 1st 4 Ha...1 95 9 J -D
Fort St U D Co 1st g 4H8..1941 J - J
Ft W A Rio Gr lat g 4a.........1928 J - J
Great Northern—
C B A Q coll trust 4a_____1921 J - J
Registered h ................... 1921 Q - J
1 st A refunding 4 Ha acr A 1901 J - J
Registered___________ 1961 J - J
8 t Paul M A Man 4s.........1933 J - J
1st consol gold 6s...........1933 J - J
Registered ................. 1933 J - J
Reduced to gold 4 H 8- 1^33 J - J
R egistered_______ 1933 J - J
Mont ext 1st gold 4s_ 1937 J -D
_
Registered_________ 1937 J -D
Pacific ext guar 4s £ ____1940 J - J
E Minn Nor Div 1st g 4s. _ 1948 A - O
Minn Union 1st g 6s____ 1922 J - J
Mont C 1st gu g 6s_______ 1937 J - J
Registered_______ ...1 9 3 7 J - J
1st guar gold 5a_____1937 J - J
Registered________ 1937 J - J
Will A S Fist gold 5s ..1938 J -D
Or B A W deb ctrs “ A " ($100 par) Feb
Deben ctfs ” B'* ($100 par)___ Feb
Gulf A S I 1st ref A t g 5S..61952 J - J
Registered_____________ 61952 J - J
Hocking Val 1st cons g 4H3-1999 J - J
Registered...........................1999 J - J
Col A H V lat ext g 4a__ 194s A - O
Col A Tol 1st ext 4s.........1955 F - A
Houston Belt A Term l s t 5a .l 937| - J
J
Illinois Central lat gold 4 s ..1951 J - J
Registered...................... 1951 J - J
lat gold 3Ha....................... 1951 J - J
Registered....................... 1951 J - J
_
Extended 1st gold 3H s_ 1951 A - O
Registered____________ 1951 A - O
lat gold 3s sterling_______ 1951 M- S
Registered____________ 1951 M- S
Coll trust gold 4s________ 1952 A - O
Registered____________ 1952 A - O
1st refunding 4s_________ 1955 M- N
Purchased lines 3 Ha____ 1952 J - J
L N O A Tex gold 4a____ 1953 M- N
Registered____________ 1953 M- N
Cairo Bridge gold 4s_____1950 J - D
Litchfield Dlv 1st g 3s___ 1951 J - J
Loul8v Div A T erm g3H s.l953 J - J
Registered____________ 1953 J - J
Middle Dlv reg 5a_______ 1921 F - A
Omaha Dlv 1st gold 3s__ 1951 F - A
St Louis Dlv A Term g 3s. 1951 J - J
Gold 3H s....................... 1951 J - J
Registered__________ 1951 J - J
Sprlngf Dlv 1st g 3 Ha___ 1951 J - J
Western lines lat g 4a___ 1951 F - A
Registered....................... 1951 F - A
Bellev A Car 1st 6s.......... 1923 J -D
Carb A Shaw 1st gold 4 s..1932 M - S
Chic St L A N O gold 5a_. 1951 I -D
Registered....................... 1951 J -D
Gold 3H s....................... 1951 J -D
Registered__________ 1951 J -D
Joint lat ref 5s series A . 1963 J - D
Memph Dlv 1st g 4s_ 1951 J - D
_
Registered................... 1951 J - D
St Louis Sou 1st gu g 4 s..1931 M - S
Ind 1 1 A Iowa 1st g 4s______1950 J - J
1
Int A Great Nor 1st g 6s___ 1919 M- N
James Fran A Clear 1st 4 s .. 1959 J -D
Kansas City Sou 1st gold 38.1950 A - O
Registered.............
1950 A - O
Ref A lmpt 5a_______Apr 1950 J - J
Kansas City Term 1st 4s_ 1960 J - J
_
Lake Erie A West 1st g 5a. .1937 J - J
2d gold 5s...................... 1941 J - J
North Ohio 1st guar g 5 a . _ 1945 A - O
Leh Vail N Y 1st gu g 4H8--1940 J - J
Registered____ _________ 1940 J - J
Lehigh Vail (Pa) cons g 4 s..2003 M -N
General cons 4 Ha.........2003 M -N
Leh V Term Ry 1st gu g 5s.. 1941 A - O
Registered_______________1941 A - O
Leh Val Coal Co lat gu g 5a. 1933 J - J
Registered____ __________1933 J - J
1 st lnt reduced to 4a_____1933 J - J

W eek ’s
R a n g e or
L a st S a le

A sk L ow

R0

H ig h

R ange
S in c e
Jan. 1

N o . Low

H ig h

77% 81
23 68
80
81
82
83*2 8434 84%
85*2 29 73% 85%
385% Sale 83%
10 66
85%
85*4
37 38
63
G3
61% 62 361%
80
95
35
61% Apr ’ l l
35 N ov’ 15
35
35
I 69
75*8 Sale 75%
77
75*8
3 58
65%
. 52 Sale 62
05*2
90 Apr *14
99% 100 100 Mar* 15
ioo ioo
87
90 s87 N ov’ 15
71% 87
80
78
85
80 N ov’ 15
94 Sale 94
2 89% 95
94
103% 10434 105 N ov’ 15
101% 105%
103% —
103% Nov'15 —
98*2 103*2
106 Mar'08
94
10 1
1 1 0 % Sale
92%
10 1% ___
98% ____
102
94 —
86

Sale

376

Sale
75
87 Sale
73's Sale
85% Sale
10 1 103*8
105*8 —

122*2
99% 103
102*2 —
99

100

80
100
104
85

90

94 N ov’ 15
104 N ov’ 15
4
110% 11034
97% June’ l l
101% May’ 15 ___
98*2 June’ 15
102 N o v ’ 15
94 N ov’ 15 —
109 Oct ’ 15
97
8534
87
80 Oct ’ 15
107
76
77
77 Apr ’ 12
12
8634
87
73'8
73% 37
85%
SG 459
10234 June’ 15 ___
1
105*2 105%
101 Feb *15
122% N ov’ 15
100*8 Oct ’ 15
103% Aug *15 —
103% Aug ’ 12
99 N ov’ 15 . . . .
100*4 Dec ’06
75% N ov’ 15

106
90

lll*s
80
103
90
87%
47
99%
108
95
90*2 94*2 94%
92
67*2 71
68*2

May’ 12
Oct '15 . . . .
May’ 12
N ov’ 15
Dec ’ 13
N ov’ ll
June’ 12
2
94%
Aug '10
15
70

98% Sale s977s
98% G17
98% 98 N ov’ 15
0
98*2 1 U
98%
99% 23
9G ____ 95% N ov’ 15
34
119 12 0 % 119
1
119
118-% Apr ’ 15
10234
10 2% 10 2 % 15
10934 Apr ’ 15
96 Sale 96
1
96
92*4 Nov'15
86%
85*2 N ov’ 15 ___
88 . . . . 89% June’ 15
109
109 N ov’ 15 ___
120 —
120 Oct ’ 15 —
136*4 May'00
106% . . . . 105% July’15 . . . .
____
79%
1 2 % 13%
83% 85

105

90 IO "
O
103 105
L
0G% 1 1 1
100
93%
100
93
108%
77
79%
65

102*4
99*4
10 2 %
94
109
87%
80
77

86
88%
59
7334
63*2 86%
102*2 103%
101*2 105%
10 1 101
11934 12 2 %
100*8 100*8
102% 103%
90

99

67% 75*4
79

80

81

97

86*2 95
50

70

94% 98%
94% 98
94 101
93*4
116%
118
99%

95%
120 %
118*4
102%

91%
92%
85*2
89%
109
118%

96
92%
85*2
89%
109
12 1

105% 105%

107% June’ 15
107% 107%
75 N ov’ 15
70
77
12%
13
390 10% 14%
82 N ov’ 15 —
82
88

92*4 91% 9334
9334
3 87% 90%
9734 Jan *14
81
84 N o v ’ 15
83% 85%
83% —
86 N ov’ 15 —
86
88
93*2 Feb ’ 15
93
93*2
94
2 94% 97%
98
97%
97%
92 Aug ’ 15
92
92
82*2 . . . . 82 N ov’ 15 . . . . 7834 84
83 N ov’ 15
82
83
7934 . . . . 83 Oct ’ 15 . . . . 83
83
80

J’ly '09

89% 90% S89%
12 81
90%
95% Sep ’ 12
91 Sale 91
8 83
91%
81% 84
81 N ov’ 15 ____ 79
86% 87% 86
86% 16 79%
84 May’ 14
*88
8634 Oct '15 ___ 80_
81

....

70*4
6S%
82%
88

—

107

76% June’ 15
83 Aug ’ 12
123 May’99
73 M ar’ 15
68% Sep *15
80 Apr T5
81 N ov’ 15
78% Mar* 14
88%
88%

98*8
88% 92
97*2 Sale
90*2 92%
70
71*4

90%
92
81
87%
89

....

76*2 77%

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

68
68%
78
81

1

73
68*2
80
81

84% 88%

117*2 May* 10
94% J'ly ’ 12
107 Oct ’ 15 . . . . 1 0 1 1 3 1007a
114 Feb ’ ll
90 Oct ’09

10234 50
1 0 1 % 10 2% 102%
4
87% 893 86 Oct T5 —
98 J’ ly ’08
90 N ov’ 15
47
97%
98
91%
91%
3
71% N ov’ 15 —

98% 103"%
86
86%
82
90
96 100
88
92
66% 72

95
102 s87
95 Sale 94
96
89% 90
90 N ov’ 15 ____ 83% 93
97% 99
97
97
1 89% 98%
83
84
84
1 74
84
84
*90
98 M ar’ 14
10034 Sale 100*2 1 0034
0 98 10 1%
100 101 100 N ov’ 15
99 100%
91% 91*4 391%
2 86% 91%
91%
2 97% 101%
101*2 Sale 1 0 1 % 101*2
107% —
106% Oct '15 —
105% 108
111*8 Dec ’ l l
104%
105 N o v ’ 15
101% 105
10 2%
105 Oct *13

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




iVol. 1 0 1 .

New York Bond Record— Continued-Page 2

a Due Jan.

b Due

Feb.

d Due

BONDS
If. Y . STOCK EXCHANGE
Week Ending Dec. 3.

P r ic e
F r id a y
D e c . 3.
B id

W eek 's
R ange or
L a st S a le

A sk L ow

Si

H ig h

89
91
88% N ov’ 15
Leh A N Y 1st guar g 4s___ 1945 M - S
Registered........................... 1945 M - S
103%
Long Isld lat cons gold 5a. .61931 Q - J 103% ____ 103%
1st conaol gold 4a_______ 61931 Q - J 94 ____ 6-94 Oct 15
87%
87% Sale 87%
General gold 4a................... 1938 J - D
Ferry gold 4Ha................. 1922 M- S 96 ____ 95% M ay’ 14
99% Oct ’06
Gold 4s...............................1932 J -D
Unified gold 4a................... 1949 M - S ____ 86% 87 N ov’ 15
9934100
99%
99%
Debenture gold 5s............. 1934 J -D
87%
Guar refunding gold 4a__ 1949 M - S
87
88*8 87%
95 Jan ’ l l
Registered....................... 1949 M - S
N Y U A M B 1st con g 5s. 1935 A - O 98 ____ 100 Feb ’ 15
N Y A R B lat gold 5 s . .. 1927 M- S 10012 102 100 N ov’ 15
Nor Sh B 1st con g gu 53.01932 Q - J 100i2 - - - 101 Aug T5
Louisiana A Ark 1st g 5s___ 1927 M- S
85
911 91** Feb ’ 14
2
Loulsv A Nashv gen 6s____ 1930 J -D 112i2 113% 11378
11378
Gold 5s...............................1937 r/i-N 1 07 's____ 107 N ov’ 15
Unified gold 4s__________ 1940 J - J 94% Sale 94%
95
94 June'14
Registered.............
1940 J - J
Collateral trust gold 5a___ 1931 M- N 105 ____ 105i2
105*2
E H A Nash lat g 6s.........1919 J - D 107l4 ____ 107*2 N o v ’ 15
L Cin A Lex gold 4 Ha___ 1931 M- N 100*8____ 101 N ov’ 15
N O A M 1st gold Ca........ 1930 J - J 11434
115*2 N o v ’ 15
2d gold 6s .......................1930 J - J 107i2 110 109% May’ 15
Paducah A Mem Div 4s..1946 F - A 8 6% ____ 86*2 Oct ’ 15
St Louis Dlv 1st gold 6a__1921 M - S 10634 107 1061* Oct '15
2d gold 3s.......................1980 M - S 62 Sale 62
62
87*2 90
Atl Knox A Cin Dlv 4 s.__ 1955 M-N
88
88
Atl Knox A Nor 1st g 5s. .1945 J - D 102%
111 Jan ’ 13
Hender Bdge lat s f g 6a__l931 M- S 105*2
105 June’ 15
Kentucky Central gold 4s. 1937 J - J 88
87i2 N ov’ 15
100
L A N A M & M 1st g 4 Ha 1945 M- S 98% 99% 100
81
L A N-South M Joint 4 s.. 1952 J - J 76% 80*4 80*2
95 Feb ’05
Registered.................... 61952 Q - J
N Fla A S 1st gu g 5s___ 1937 F - A 104% r m 106 J’ly *14
97 Dec '14
N A C Bdge gen gu g 4H a. 1945 J - J
109*2
100i2
Pens A Atl 1st gu g 6s___ 1921, F - A 108*2
105*s Feb T5
S A N Ala cons gu g 5s_ 1936 F - A 105
_
102 103
10378
Gen cons gu 50-year 5a. 1963! A - O
81% 83
82*2 N ov’ 15
L A Jeff Bdge Co gu g 4s_ 1945 M- S
_
Manila RR —Sou lines 4 s...1936 M-N
Mex Internat 1st cons g 4a.. 1977 M- S —
. . . . 77 M ar‘ 10
Stamped guaranteed____ 1977 M- S
79
N ov’ 10
Midland Term— 1st s f 5s g_1925 J - D
101 Oct ’09
io7 ‘ 117 " 105 Sep *15
Minn A St L 1st gold 7a___ 1927 J -D
Pacific Ext 1st gold 03...19211A - O *102%
10278 N ov ’15
83 Sale 88
1st consol gold 5a.............. 1934 M -N
88i2
lat A refunding gold 4 s . . . 1949 M- S ____ 5534 55*2 N o v ’ 15
Dea M A Ft D 1st gu 4a.. 1935 J - J ____ 65
60 Feb *15
87*2 90
Iowa Central 1st gold 58..193S J -D
87*2
87*2
Refunding gold 4s........ 1951 M- S 52 Sale 5134
62*2
M StPASSM con g 4s lnt gu 193s J - J 92% 93% 92%
93*4
95
1st Chic Term s f 4 s ... ..1941 M -N
97*4 June’ 12
M S S A A 1st g 4s lnt gu.1926 J - J 97
98 s9634 N ov’ 15
Mississippi Central 1st 5s._.1949 J - J *92
91 ' J'ly ’ 14
Mo Kan A Tex 1st gold 4 s.. 1990 J - D 78% Sale V7M
83
58 Sale 53
2d gold 4s........................f 1990 F - A
62
lat ext gold 5s.................. 1944 M- N 66% Sale 60
66%
52
57
52
1st A refund 4 s................. 2004 M- 5
56
40
45
49
Gen sinking fund 4H a___ 1936.1 - J 45
60
St Louis Div la ref g 4a ..2001 AA O —
60% Feb ’ 15
Dal A Waco lat gu g 5 a ... 1940 M- N
99«4 Dec ’ 13
78
Kan C A Pac 1st g 4a........ 1990 F - A
78 J’ ly ’ 14
Sale 95
Mo K A E 1st gu g 5s___ 1942 A - O
95%
84
85% Mar’ 15
M K A Ok lat guar 5a___ 1942 M -N
75
70 N o v ’ 15
M K A T of T 1st gu g 5s. . 1942 M - S
95
90 May’ 13
Sher Sh A So lat gu g 5s. _ 1942 J - D
69
69
69*2
Texas A Okla 1st gu g 5a.. 1943 M- S
100%
Missouri Pac 1st cons g 6s__ 1920! M- N 100*2 Sale 100
88
85
85
Trust gold 5s stamped__ al917 M- S 85
82 Oct ’ 15
Registered .......... ..... a 1917 M- S
80*2 81
80%
let collateral gold 5a____ 1920 F - A
80-%
Registered___________ 1920 F - A
40*4 Sale 45%
46*4
40 year gold loan 4a.......... 1945 M - 8
46 Sale 45
46%
latA ref conv 5a_________ 1959 M- S
SO N ov’ 15
3d 7a extended at 4 % ___ 1938 M N 81*2
100 Feb '13
Boonv St L A S 1st 5a gu. 1951 F - A *35
60 Nov'15
Cent Br Ry 1st gu g 4s. _ . 1919 F - A *60
77% Dec ’ 13
Cent Br U P 1st g 4s........ 1948 J - D *50
110 Mar’05
Leroy A C V A L 1st g 5s. _ 1926 J - J *35
90*4 90 N ov’ 15
Pac R of Mo 1st ext g 4a. .1938 F - A 83
99
98
99
2d extended gold 5a___ 1938 J - J
10 1%
St L Ir M A S gen con g 5a 1931 A -O 100*2 Sale 100
102 J'ly ’ 14
Gen con stamp gu g 5s. . 1931 A -O
75 "76 ’ 76
77%
Unified A rer gold 4a_ 1929 J - J
_
80% Oct ' 12
Registered_________ 1929 J - J
71 Sale 71
72*2
R iv A G D iv 1st g 4 s ._ . 1933 M -N
87 Sep ’ 15
Verdi V IA W 1st g 5s___ 1926 M- S 77%
Mob A Ohio new gold 6s___ 1927 J - D 110 111 1 1 1 N ov’ 15
lat extension gold 6a------61927 Q - J 107 108*2 107 N ov’ 15
72 Mar’ 15
General gold 4s__________ 1938 M- S 72
100 June’ 15
Montgom Div 1st g 5s___ 1947 F - A 100
89*4 86*2 N ov’ 15
St Louis Dlv 5S................... 1927 J - D 89
88*2
88*4
88%
St L A Cairo guarg 4s------ 1931 J - J
105%
105*2
Nashville Ch A St L 1st 53.-1928 A - O 105%
1 1 1 Jau ’ 13
Jasper Branch 1st g 6s----- 1923 J - J ■100
M cM M W A A1 lat 6 s...1917 J - J
103*4 Jau ’ 14
113 J’ly ’ 04
T A P Branch lat 6a........... 1917 J - J
Nat Rys of Mex pr lien 4H a. 1957 J - J ------- 5234 52% N ov’ 15
Guaranteed general 4s------1977 A - O
G Oct ’ 15
8
Nat of Mex prior Hen 4H8..1926 J - J 63
96% Feb ’ 13
lat conaol 4a____________ 1951 A -O
30 Aug '15
N O Mob A Chic lat ref 5 s.. 1960 J - J
40 M ay'15
N O A N E prior lien g 6a..pl915 A - O
10 1 June’ 14
75
New Orleans Terra 1st 4s_ 1953 J - J
_
79*i May* 13
N Y Cen RR deb 0s wh Isa.. 1935 M -N 111 Sale 110*2
111%
94
Ref A Imp 4Hs " A ” ____ 2013 A - O 93*4 Sale 93%
83%
N Y Central A H R g 3H8..1997 J - J 83 Sale 82%
81%
81%
81%
Registered___________ 1997 J - J
93
Debenture gold 4a----------- 1934 M- N 391% Sale S91%
92% 91
91
Registered .............
1934 M- N
79%
Lake Shore coll g 3 Ha----- 1998 F - A 378% Sale 78%
80
78%
Registered...................1998 F - A 78
78*2
86 Sale 86
86*4
J P M A Co ctfa of dep........
78
79
78
79%
Mich Cent coll gold 3 H a .. 199S
76*8 Sale 76%
Registered------------------ 1998
70%
Battle Cr A Stur 1st gu 3a. 1989
95% 9078 95% N o v ’15
Beech Creek 1st gu g 4s— 1936
Registered____________1936
99 May’ l l
98*4 .
2d guar gold 5a---------------- 1930
Registered---------------1936
Beech Cr Ext lat g 3Ha..61951
86
88
Cart A Ad lat gu g 4a.........1981 J - D
88*2
88%
Oouv A Oswe lat gu g 5s.. 1942 J -D
8734 ____ 589 Nov'15
Moh A Mai lat gu g 4 s . ..1991 M- S
N J June R guar lat 4 a ...1986 F - A
86 Jan ’ 15
N Y A Harlem g 3 Ha----- 2000 M - N
79*2 85 June’ 16
N Y A Northern 1st g 5a. .1927 A - O 10234 .
101% Mar’ 15
N Y A Pu lat cons gu g 4s. 1993 A - O
92 N o v ’ 15
Nor A Mont 1st gu g 5 s . .. 1916 A - O
113 May’ 15
Pine Creek reg guar 6a----- 1932 J - D 11234 .
103% N ov’ 15
R W A O con lat ext 58..61922 A - O 103*4 .
100*8 Mar’ 15
Oawe A R 2d gu g 5s----- «1915 F - A
104 JuneTO
R W A O T R lat gu g 5a.. 1918 M - N 100*2
Rutland lat con g 4H 8...1941 J - J
821 8334 80 N ov’ 15
2
7(1 N ov’ 15
79
Og A L Cham lat gu 4a g 1948 J - J 73
92 June’09
Rut-Canada 1st gu g 4s. 1949 J - J
100 Oct *15
St Lawr A Adlr lat g 5 a ... 1996 J - J
119*2 Mar* 12
2d gold 6a....................... 1996 A - O
April, e Due May. g Due June, h Duo July. k Duo Aug.

R ange
S in c e
Jan. 1
Low

H ig h

84

88*2

2 102
___ $94
1 85

104%
s 94
87%

___ 82*2 8934
1 95*3 99%
1 82«4 88*2
___

100 100*8
100 100
100% 101
110 115
106*8 107
89*2 95
99% 105%
107*2 107*2
98*4 101
113*4
103 109%
86
86%
105% 107%
58% 65
83
90
105
86
98
75%

105
87%
101
81

107*2
105%
99%
74

109%
105%
IOU4
82*2

105
— -I 102
"8 1
40
60
80
35
86%

111%
102%
92%
G
O
60
90%
66
93%

93% S9634
72%
49*8
05
40
42%
60%

83
53
89
56%
74
00*8

82
96%
85% 88
657S 89
08"
92*2
78%
80
72

” 09%
101*2
96%
88%
92%

29
29
78

5334
49%
80

60

85

84
93
93

90
99
101%

73
87
105 11434
106 114
72
75
100 101%
80
86%
8612 88%
102*4 106%

5234 57*4
68
68
30
30
31% 41
386
325
133
7
157
3
32
15!
13
11
2

99%
80
76
75%
84

112
94%
84
82%
93%
01
80%
78*2
87
79%
70*8

92*2 06

88*2 88%
87 389
80
80
85
85
101% 101%
«83
92
113 113
101% 1037a
100*8 100%
80
07

85
70

100

101

New York Bond Record— Continued— Page 3

D ec . 4 1915.]
BONDS
N . Y . STOCK EXCHANGE
Week Ending Dec. 3.

P r ic e
F r id a y
D e c . 3.

W e e k 's
R ange or
L a s t S a le

• No price Friday; latest bid and asked.

a

Due Jan.

BONDS
N . Y. STOCK EXCHANGE
Week Ending Dec. 3.

P r ic e
F r id a y
D e c . 3.

Week’
s
R ange or
L a s t S a le

R ange
S in c e
Jan. 1

B id
A sk L ow
H ig h N o .
Pere Marquette (C o n .)
L o w H ig h
Flint A P M gold 6 s...1920 A - O 100%___ 100% N o v ’ 15
90 100%
73 N o v ’ 1 5 ------ 65% 73
72% ___
1st consol gold 5s______1939 M -N
Pt Huron Dlv 1st g 5s._1939 A - O ____ 70
68 July’ 1 5 ----- 65
68
Sag Tus A H 1st gu g 4s__ 1931 F - A
65 May’ 14
Philippine Ry 1st 30-yr s f 4s 1937 J - J -------65
Pitts Sh A L E 1st g 5s_____1940 A - O 104 ____ 105% N ov’ 15
105% 105*2
1st consol gold 5s________ 1943 J - J
113% NTov’ l l
131 91
Reading Co gen gold 4s____1997 J - J
95 Sale 9434
95
95*4
103 103
Registered--------------------1997 J - J
94 N o v ’ 15
90
94
104 104
95% Sale 95%
Jersey Central coll g 4s_ 1951 A - O
_
95% ■“ 3 90% 95%
85*4____
Atlantic City guar 4s g_ 1951 J - J
_
St Jcs A Gr Isl lst-g 4s.........1947 J - J
57
61
60% J’ly ’ 15
60% 73
102% 103
St Louis A San Fran gen 6s. 1931 J - J 110 Sale 110
110
105% 110
104 104
General go'd 5s_________ 1931 J - J 103 104 103
103
98% 103
79 ____ 75 J’ly ’ 14
St L A S F RR cons g 4s._ 1996 J - J
56
60
General 15-20-year 5s__1927 M -N
56
56
35
57
56 ____ 55*2
Trust Co certlfs of deposit._
56
32% 56%
79% 83%
53% Sale 53%
56%
do
Stamped..
32% 56%
90
93% 90 N o v ’ 15
Southw Dlv 1st g 58_ 1947
_
78% 88%
90
90
73
80 S7 3 N o v ’ 15
83
94%
Refunding gold 4s____ 1951
63*2 573
Registered__________ 1951
80*4 M ar’ l I
75
83%
72 N ov’ 15
Trust Co ctfs of deposit. _
60% 72
68*s Sale 68%
80
92%
69% ’ 52! 59*2 70
do
Stamped __
2 104*4 110
85% 90
109
K C Ft S A M cons g 6s_ . 1928 M -N 109 Sale
78% 79
76: 06% 80%
100 100
K C Ft S A M R y ref g 4s.1936 A - O
80
91% . .
95 M a r ’ H
K C A M R A B 1st gu 5s. 1929 A - O
94% 93
St L S W 1st g 4s bond ctfs. _ 1989 M - N 80*4 Sale 80
80%
67*4 81
65
62
S65
2d g 43 Income bond ctfs.pl989 J - J 62
52 s65
60
68
78
66
Consol gold is __________ 1932 J -D
G6%
61% 68
G3
Gray’s Pt Ter lstgu g 5s__ 1947 J -D 100 ____ 9834 Jan ’ 14
72
S A A A Pass 1st gu g 4s____ 1943 | - J 70% 7234 72
J
72*2
65
81
101*4 Sale 101
80
S F A N P 1st sk fd g 53_____ 1919 J - J
101%
99*4 101%
84
85
82*4 Seaboard Air Line g 4s......... 19501A - O
85 N ov’ 15
s83
85
83% 84% 84
8434
61*2 73
Gold 4s stamped________ 1950; A - O
8
84%
10 1
117 3 4
Registered_______________ 1950! A - O
Adjustment 5s__________o l949jF - A 70 Sale 70
71
77 59% 72%
73*2 Sale 73%
74% 32 60
Refunding 4s_____________1959A - O
74%
89%
Atl Blrm 30 yr 1st g 4s__el933 M- S 89% Sale 89*2
1 81
90
8 4 % ____ 85% M ar’ la —
Car Cent 1st con g 4s___ 1949 J - J
84% 85%
100 ____ 99*4 Sep '15 —
Fla Cent A Pen 1st g 5s. .19 IS J - J
9934100%
1st land gr ext g 5s____1930 J - J 101 ____ 101 Nov ’ 12
102J ____ 1U
1 Juiy’ 15 — 1 ioo'% f o i "
Consol gold 5s................. 1943
J102% M ar'15 — - 100% 102%
Ga A Ala Ry 1st con 5s..ol945 J - J
Ga Car A No 1st gu g 5s__ 1929 J - J 103 ____ 102*2 N ov’ 15 - - - 100% 10 2%
99% ____ 99% Aug '15 —
105 105%
Seab A Roa 1st 5s______ 1926 J - J
99% 101%
Southern Pacific Co—
8634 sale SS634
8734 17 79% 87%
Gold 4s (Cent Pac co ll).*1949 J
90 Feb ’ 14
66% 83*2
Registered____________ 119491J
89% sale 89*s
90% 530 1 79% 90%
20 year conv 4s............... 01929 M106*2 Sale 106%
20 year conv 5s................. 1934 J
107% 28S 95% 108
90% Sale 90%
91
Cent Pac 1st ref gu g 4a. .1949 F
158 83% 91%
Registered_____________1949 F
86% M ar’ 15 ----- 1 86% 86%
89% 90
55
58*2
Mort guar gold 3H8-.it 1929 J
90
90
27 84% 90%
86% 88% 88
88
Through St L 1st gu 4s. 1954 A
9 82% 88
104
G H A S A M A P 1st 5S..193I M-N 101 105 104
3 100 104
Gila V G A N lstgu g 5 s..1924 M-N ------ 100% 102*4 Apr ’ 14
74% 82%
Hous E A W T 1st g 5S.._ 1933 M-N 100 102 100% N o v ’ 15
100 103%
1st guar 5s red________ 1933 M-N ------ 101*4 101%
99*8 101
101%
102% 107
70
80
H A T C 1st g 5s lnt gu___1937 J - J 106% ____ 106%
106*8
03% ____ 94 Oct ’ 15
79
80
93
95%
Gen gold 4s Int guar_ 1921 A - O
_
109% 109%
109*2 N ov’ 15
95% 102
Waco A N W dlv 1st g 6s 1930 M -N ------ I l l
100 103%
115 118%
A A N W 1st gu g 5s------- 1941 J - J 100 ____ 103 N ov’ 15
1109 June’ 14
11634 119
Louisiana West 1st 6s___ 1921 J - J
102“ 154%
119 119
Morgan’s La A T 1st 7s. .1918 A - O 104 108 104% July’ 15
8684 94%
1st gold 6s....................... 1920 J - J 1114% 106 106% J’ly ’ 14
105*’ 105 ”
No of Cal guar g 5s...........1938 A - O 1U5 ____ 105 Oct ’ 15
102% 17 99% 102*2
85*2 92
Ore A Cal 1st guar g 5s...1927 J - J 102% ____ 102
98% 120*2
_
So Pac of Cal—Gu g 5s_ 1937 M-N 106 ____ 101% N o v ’ 13
91 ____ 91% Sep ’ 12
9934 117
So Pac Coast 1st gu 4s g._1937 J - J
85
86
85*2
86
77 77% 86%
101 120%
San Fran Terml 1st 4s_ 1950 A - O
_
96 Apr ’ 14
86% 91%
Tex A N O con gold 5 s .__ 1943 J - J
90%
83% 90%
So Pac RR 1st ref 4s.........1955 'J - J 90% Sale 89%
8434 92% Southern— 1st cons g 5s___ 1994 J - J 10234 sale 10234 103*2
96% 103%
8884 94%
98 June'15
Registered_____________1994 J - J
98
98
71% Sale 71
8884 93
Develop A gen 4s Ser A .. 1956 A - O
72*2
58% 72%
62
66%
68 Oct ’ 15
68
76
Mob A Ohio coll tr g 4s_ 1938 M- S -------78
_
01% 65%
103*2
598% 103%
Mem Dlv 1st g 4H 5s___ 1996 J - J 100% 1033s 103%
84% 85% 8434
8434
90% 9034
St Louis dlv 1st g 4s.........1951 J - J
80% 85%
100 100
Ala Cen 1st g 6s..................1918 J - J 1003s____
98
109% 111%
98% Oct ’ 15
Ala Gt Sou 1st cons A 5s. . 1943 J
98
99
109% 109%
96 “ 98% 96% Nov'15
Atl A Char A L 1st A 4Hsl944 J
93
96*4
102 102
84
85
Atl A Danv 1st g 4s........... 1948
83's Apr ’ 15
83*a 85*4
100*4 102
74*2
75% Aug ’ 15 : : : : 75% 75%
. 2d 43............................... 1948
88
90
80 ~81~ 75% Dec ’ 14
Atl A Yad 1st g guar 4 s ... 1949
88
91%
Col A Greenv 1st 6s______ 1916
110 113
103
102% Sep '15
E T Va A Ga Div g 5s___ 1930 J
102% 102%
79*2 90
i 100% 105
105
105
Con 1st gold 5s................1956 M- N 105
100
| 94
98%
100 N o v '15
97% 100
E Ten reor lien g 5s...........1938 M90
98
60
61% 60 Nov'15
60
60
Ga Midland 1st 3s............. 1946 A 102 103%
106-8 Oct '15
105 107
Ga Pac Ry 1st g 6s........... 1922 J - J 100%
95
98*2
105*2 July’ 15 ____ 105% 105*8
Knox A Ohio 1st g 6s___ 1925 J - J
99% 100%
105*2 N ov’ 12
Mob A Blr prior lien g 5s. 1945 J - J
50 96*2 100%
79 M ar’ 13
Mortgage gold 4s............1945 J - J
98 1 0 1 3 106%
4
102 102%
102 May'15
Rich A Dan deb 5sstmpd.l927 A - O
331 97 IOU4
73 Sep *12
Rich A Meek 1st g 4s___ 1948 M N
93% 96
103
103
3 100 103
So Car A Ga 1st g 5s.........1919 M -N 100*8
100*4 Mar*15
100% 100%
Virginia Mid ser C 6s____ 1916 M- S 10034
96% 99*4
1921 M- S
Series D 4-58.......
102 Dec '13
Series E 5s___________ 1926 M- 8 101%
104 M ar’ 13
Series F 5s..................... 1931 M - S 102
102% Oct ’ 15
9S34 100
102 103%
General 5s_____________1936 M -N 102%
102% N ov’ 15
98*2 102%
Va A So’ w’n 1st gu 5 s..2003 J - J 102%
993 102%
4
89%
1st cons 50-year 5s. .1958 A - O 89*2 Sale 89*2
89*2
1 81
90
99% 100
91 N ov’ 15
91
91
W O A W 1st cy gu 4s___ 1924 F - A
92
85% 85% Spokane Internat 1st g 5a_ 1955 J - J 90
88
89
89 N o v ’ 15
_
84
86
97% 99% 98 N o v ’ 15
93% 99*2
Ter A of St L 1st g 4H s___ 1939; A - O
99
»934
104
104
1st con gold 5 s . .. 1894-1944 F - A 103
10 100% 104
83
83
86
86% 86 N o v ’ 15
Gen refund 8 f g 4s_______1953 J - J
79*4 86
81
81
99 N o v ’ 15
598% 100
St L M Bridge Ter gu g 5s 1930 A - O
12 91% 98%
98
97
98
89% 94*2 Tex A Pac 1st gold 5s............ 2000 J -D
99
35 N o v ’ 15
29
30
36%
2d gold Inc 5s---------------- ?2000 M ar
35
89% 90
90 N ov’ 15
91
89*2 90
La Dlv B L 1st g 5s.............1931 J - J 90
97*4 97*4
W Min W A N W 1st gu 5s 1930 F - A
103
5 99% 103
Tol A O C 1st g 5a.................. 1935 J - J 103 Sale 103
102%
103
101
23 100 103
Western Dlv 1st g 5s........ 1935 A - O
100
General gold 5s................... 1935 J - D
86 M ar’ 15
86%
86
Kan A M 1st gu g 4s..........1990 A - O *83% 86
83*4 83*4
4 92
98*a 99
98
98*8
2d 20-year 5s................. 1927 J - J
98%
65 N o v ’ 15
62% 68
Tol P A W 1st gold 4s........... 1917 J - J 63
84
12 72% 87
86
85
86*2
Tol St L A W pr lien g 3H a. 1925 J - J
56 Sale 55%
12 42*2 58
95 100
58
50-year gold 4s__________ 1950 A -O
Coll tr 4s g Ser A _______1917 F - A
82% 87%
Tor Ham A Buff 1st g 4s. . h 1946 J - D 83% 85% 87*4 N o v ’ 15
90*4 98*o Ulster A Del 1st con g 5a.. 1928 J -D 102
102
102
i 98% 102
74
74 M ar’ 15
74
1st refund g 4s__________ 1952 A -O
98*4 98*4
97% 72 92*2 98
Union Pacific 1st g 4s______ 1947 J - J 97*2 Sale 96%
592
97
94% Oct ’ 15
98 10H2
95*2
Registered____ ________1947 J - J
94
97% 101%
93% 35 88
20-year conv 4s---------------1927 J - J 593% Sale 93*8
91% 31 84% 92%
89*2 Sale 89%
97*4 101*2
1st A ref 4s____________0200S M- S
93%
92% 93*8 92*4
92% 10 87
92*8 93*4
Ore RR A Nav con g 4s. . . 1946 J - D
1 107% 109%
90
91%
108%
108*2
Ore Short Line 1st g 6s— 1922 F - A 108*2
100*2 106
1st consol g 5s________ 1946 J - J 105 107 105% N ov’ 15
122 87*2 94%
93
Guar refund 4s............... 1929 J - D 92% Sale 92%
92*2 93*4
102 103%
104 104
Utah A Nor gold 5s____ 1926 J - J 102% 103% 102% N o v ’ 15
93% Oct ’ 15
93% 93*8
101% 102
1st extended 4s_____ 1933 J - J 93% 99
Vandalia cons g 4s Ser A . . . 1955!F - A
86
86
86 Sep ’ 15
11% 11%
Consol 4s Series B .............1957 M N
87%
Vera Crua A P 1st gu 4 H a .. 1934 J - J
88% 42% Aug ’ 15 ____ 42% 4212
99%
72
72
Virginian l 8t 5s Series A ___ 19621M N
98% 27 92
98*4 98% 98
6 Due Feb. e Due M ay. g Due June, h Due July, k Due Aug. 0 Due Oct. p Due N ov. q Due Deo.

H ig h
B id
A sk Low
N Y Cen * H It It (Con.)
97 ____ 96I4 N ov’ 15
i
Utica A Blk Iti v gu g 48_ 1922
_
8534
D 85 ------ 85
Lake Shore gold 3 H s_____ 1997
8334 ____ 81% Oct ’15
Registered..................... 1997 J - D
95%
Debenture gold 4s_____ 1928 M- S 5948a Sale 943a
93% Sale 93*2
94i2
26-year gold 4s________ 1931 M -N
91 Oct '15
Registered_________ 1931 M -N ____ 94i2
J - J
Ka A & G It 1st gu c 5s___1938
Mahon C'l RR 1st 5s..........1934 J - J 10334 . . . 107U Apr ’ 14
Pitts A L Erie 2d g 5s___al928 A -O 1041s------ 103 Jan '15
Pitts McK A Y 1st gu 6s. _ 1932 J - J 115 ____ 130ia Jan ’09
2d guaranteed 6s______ 1934 J - J 112U___ 12314 Mar’ 12
McKees A D V 1 st g 6s. 1918 J - J 1 0 1 . . .
Michigan Central 5s.........1931 r,i- s 103U____ 103 N ov’ 15
104
Registered____________1931 Q-M 104 Sale 104
93 Apt ’ 12
4s.................................... 1940 J - J 90 ___
87 Feb ’ 14
Registered.................1940 J - J
..
90 June'08
J L A S 1st gold 3H 8...1951 M- S
81
835s 835s N ov’ 15
1st gold 3 s.................. 1952 M -N
88is N ov’ 15
8Sl2 ___
20-year debenture 4s___1929 A -O
94i2
s
N Y Chic A St L 1st g 4 s.. 1937 A - O 943 Sale 9414
923 J’ly ’ 14
4
Registered..................... 1937 A - O
82
82
83i2 82
Debenture 4s_________ 1931 M -N
90%
West Shore 1st 4s guar___2361 J - J 90*2 Sale 9012
883
4
Registered .....................2361 1 - J 8834 ____ 8812
N Y C Lines eq tr 5 s.. 1915-22 M- N 10034 ___ loo M ar’ 15
99% ____ 98 J’ly *14
Equip trust 4 H S --1916-1925 J
98
98 SalcJ 97
N Y Connect 1st gu4Hfl A..1953 F N Y N H A Hartford—
813 ____ 78 Oct ’ 15
4
Non conv deben 4s_____ 1947 M70 ____ 63 Feb *15
Non-conv deben 3H s___ 1947 M72 ____ 72 N ov’ 15
Non-conv deben 3H s___ 1954 A 82 ____ 80 N ov’ 15
Non-conv deben 4s______1955 J 82
8214
80% 82
Non-conv deben 4s______1956 M -N
711
2
72
Conv debenture 3H s____ 195G J - J 72 Sale 1151$
11634
Conv debenture 6s........._ _ 1948 J - J 115 115%
Cons Ry non-conv 4s____ 1930 F - A
9112 Jan *12
Non-conv deben 4s____1954 J - J
Non- onv deben 4s____ 1955 J - J
A -O
Non-conv deben 4s____ 1955
Non-conv deben 4s____ 1956 J - J 78^2 ■
9914 N ov’ 12
Harlem R-Pt Ches 1st 4s. 1954 M -N
9912 June’ 12
B A N Y Air Line 1st 4s. .1955 F - A
81 N ov’ 15
7534 82
Cent New Eng 1st gu 4s. .1961 J - J
Hartford St Ry 1st 4s___ 1930 M - S
Housat-onlc R cons g 5s. _ . 1931 • N 10534 ____10512 May’ 15
M91 ____ i 87 J’ly ’ 14
Naugatuck RR 1st 4s___ 1954 M -N
893 ____ 88 Aug *13
4
N Y Prov A Boston 4s__ 1942 A - O
83>4 8312 821
4
8312
N YW ’chesAB 1st ser I 4Hs '46 J - J
N H A Derby cons cy 5s. _ 1918 M- N 100*2____ 107 Aug *09
Boston Terminal 1st 4s_ 1939 A - O
_
New England cons 5s___ 1945 J - J
99% M ar’ 12
Consol 4s______________1945 J - J
56 Apr ’ 15
Providence Secur deb 4s. _ 1957 M -N
99% Dec ’ 14
Prov A Springfield 1st 5s. 1922 J - J
83% Feb ’ 14
M- S
Providence Term 1 st 4s. .1956
W A Con East 1st 4H s__ 1943 J - J 91
831 S82 N ov’ 15
4
N Y O A W ref 1st g 4s___ 01992 M- 8 82
92% June’ 12
Registered 555.000 only. .01992 M- S
78
79
80 N ov’ 15
General 4s____ _________ 1955 J -D
79
80
Norfolk Sou 1st A ref A 5s. .1961 F - A ____ 80
91
98
95*2 N ov’ 15
Norf A Sou 1st gold 5s........ 1941 M -N
118%
8
Norf A West gen gold 6s . . . 1931 M- A 1187 Sale 118%
Improvement A ext g 6s .. 1934 F - A 118 ____ H 634 Sep ’ 15
New River 1st gold 6s___ 1932 A - O 119*2 120 119 Apr *15
9334
93*2 Sale 92*2
N A W Ry 1st cons g 4S..1996 A -O
94 May’ 14
Registered...................... 1990 A - O
91 Sale 90*4
91
Dlv’l 1st lien A gen g 4s. 1944 J - J
10-25-year conv 4s____ 1932 J -D 116*2 118*2 117% N ov’ 15
10-20-year conv 4s___ 1932 M- S 116*2 - - - 117 Oct ’ 15
117%
10-25-year conv 4 H a. __ 1938 M- S 116*2 119 116%
90%
_
Pocah C A C Joint 4s_ 1911 J - D 90*s 90*2 90%
O C A T 1st guar gold 5s__1922 J - J 101*4____ 10534 Jan ’ 13
92% N o v ’ 15
Sclo V A N E 1st gu g 4s. _ 1989 M« N 91*2 92
9338 Sale 93
93%
Nor Pacific prior lieu g 4s_ 1997 Q - J
_
9 1% ____ 93 N o v ’ 15
Registered.......................1997 Q - J
66%
66% Sale 66
General Hen gold 3s____ a2047 Q - F
Registered___________ a2047 Q - F 63*4 63*2 65% Oct ’ 15
4
90*8 N ov’ 15
0t Paul-Duluth Dlv g 4s.. 1996 J * D 903 93
Dul Short Line 1st gu 5s. _ 1916 M - S 100*4 - - - 100 Oct ’ 15
109%
8
Bt P A N P gen gold 6 s . ..1923 F - A 1U97 110% 169%
Registered certificates. .1923 Q - A 10434 ------ 109% Oct *15
102 Feb '15
Bt Paul A Duluth 1st 5S..1931 F - F
102
2d 5s...............................1917 A - O 101*2 102 102
1st consol gold 4s.......... 1968 J -D *90 ____ 90 N ov’ 15
88
91% 91% N ov’ 15
Wash Cent 1st gold 4s_ 1948 Q -M
_
Nor Pac Term Co 1st g 6s. .1933 i - J 110%____ 111 N o v ’ 15
87%
Oregon-Wash 1st A ref 4 s ...1961 J - J 87 Sale 86%
95 Sale 93%
95
Pacific Coast Co 1st g 5 s ...1946 J -D
98
99*2------ 98
Pennsylvania RR let g 4s. . . 1923 M -N
Consol gold 5s__________ 1919 M- S 103 ____ 103 Oct ’ 15
598*41
Consol gold 4 s............
1943 M -N S98U Sale S9S%
100 Sep T5
Convertible gold 3H s._.ol915 J -D
9934 100
99*4 100
Consol gold 4s................... 1948 M -N
105%
I960 F - A 105% Sale 105%
Consol 4 H 8 ______
101%
General 4 Ha when Issued 1965 J ■ D 100% Sale 100%
96% 98
96 N o v ’ 15
AHeg Val gen guar g I s...1942 M- 8
D It R R AB *ge 1st gu 4s g 1936 F - A 92 ____ 91 Mar* 14
9 7% ____ 99%
99%
Phlla Balt A W 1st g 4s .. 1943 M- N
102 Jan ’03
Sodus Bay A Sou 1st g 5s_2924 J - J
Bunbury A Lewis 1st g 4s_1936 J - J 90
9 9% ------ 100 N o v ’ 15
U N J RR A Can gen 4 s.. 1944 M - 8
Pennsylvania Co—
101 ____ 101%
101%
Guar 1st gold 4H8............. 1921 J - J
Registered____________ 1921 J - J 100*8------ 100 July’ 15
85% N o v ’ 15
Guar 3Hs coll trust reg A .1937 M- S 85
85 ------ 86 July’ 15
Guar 3 Ms coll trust ser B_ 1941 F - A
9934 ____ 9934 Oct '15
Trust Co ctfs gu g 3 H s .. . 1910 M-N
85 ____ 83 Feb '15
Guar 3Ha trust ctfs C____l'H2 J - D
81 Aug ’ 15
Guar.lHs trust ctfs D . . . 1944 J - D 84% . . .
9414
Guar 15-25-year gold 4s 1931 A - O 9334 ------ 9-4*4
91% ____ 92% Mav’ 14
40 year guar 4s ctfs Ser E . 1952 M- N
90 Sale 89*2 • 90
Cin Leb A Nor gu 4s g_..1942 M- N
97% ------ 9734 Aug T5
Cl A Mar 1st gu g 4H s_ 1935 M -N
_
Cl A Pgen gu g4H aser A .1942 J - J 103%____ 101% N ov’ 13
Series B...........................1912 A - O 102% ___ 10934 J’ly '09
Int reduced to 3 H s"’ l94? A - O 85 ____ 91*4 Feb '12
85 ____ 90*8 Oct ’ 12
Berles C 3Ha..........
1948 M- N
4
Series D 3 ^ a . . . ........... 1950 F - A 85 ____ 833 June’ lC
Erie A Pitts gu g 3Hs B__ 1940 J - J 85 ____ 86% May’ 14
80
89% 90*8 J’ ly ’ 12
Series C .......................... 1940 J - J
89% 97*2 N ov’ 15
Gr R A I ex 1st gu g 4H s. _ 1941 J - J 86
97% 99
93 M ay'14
Ohio Connect 1st gu 4s_ 1943 M- 5
_
Pitts Y A Ash 1st cons 5s. 1927 M- N 102%____ 109 May’ 10
99 ____ 98% Oct *15
Tol W V A O gu 4Ha A ..1931 J - J
Series B 4 Ha................. 1933 J - J 99 ____ 98*4 June’ 15
Series C 4s___________ 1942 M- S 8 0 % ____ 93*2 J’ly ’ 14
P C C A St L gu 4Ha A .. 1940 A - O 10134 ____ 100*8 N ov’ 15
101%
Series B gu ar...............1942 A - O 10134 Sale 101*4
Series C gu ar_ _
_
1942 M- N 100*4____ 97*4 July’ 15
92% Sep *15
94
96
Series D 4s g u a r...
1945 M- N
Series E 3Haguar goldl 1949 F - A 90% ____ 91 Oct '15
95*4 Jan ’ 14
series F guar 4s g o ld ... 1953 J - D
92% Aug ’ 15
Series G 4s guar___
1957 M- N
O 8 t L A P 1st cons g 5s. 1932 A - O 104%____ 104 N ov’ 15
Peoria A Pekin Un 1st g 6s ._ 1921 Q - F 101 104 102 N ov’ 15
____ 89
89 Feb '14
2d gold 4Ha...................ei921 M -N
Pere Marquette— Ref 4s___ 1955 J - J ____ 19% 11% June’ 15
40 Dec ’ 13
Refunding guar 4s.............1955 J - J
72 Aug ’ 15
Chic A West Mich 68___ .1921 J - D
72% .

Option sale.



R ange
S in c e
Jan. 1

1873

N o . L otv

"12

96
81
81
90
88*4
91

H ig h

97
86%
82
95*2
94%
91

W e e k 's
H a n o i or
L a st 8 a '4

Bid

Wabash 1st gold 5s............. .1939 M -N
3d gold oa_______________ 1939 F - A
Debenture Series B ______1939
1st lien equip s fd g 5s— 1921 hi- S
1st lien 50-yr g terra 4a .-.1954 J - J
1st ref and ext g 4s — — 1956 J - J
Cent Tr ctfs a3St paid
Do asst part paid .
Cent Tr stpd ctfs asst paid .
Do asst part paid.
Equit Tr ctfs asst paid
Do asst part p a id ...
Equit Tr stpd ctfs asst paid
Do asst part paid..
Dat& Ch Ext l3 tg o s ___ 1941 J - J
Des Moln Dlv 1st g 4s___ 1939 J - J
Om Dlv 1st g 3 H s ...........1941 A - O
Tol & Cb Dlv 1st g 4s___ 1941 81- S
wnb Pitts ' erm 1st g 4s___ 1954 J -D
Cent and Old Col Tr Co certs..
Columbia Tr Co certfa___
Col Tr ctfs for Cent Tr ctfs
2d gold 4s_______________1954 i -D
Trust Ce certfa_______
Wash Term! 1st gu 3H *____ 1945 F - A
1st 40-yr guar Is ______ 1945
West Maryland let g 4a___ 1952 A - O
West N Y A Pa 1st g 5s____ 1937 J - J
Gen gold 4s______________1943
Income 5s_____________ <11943
0
heeling & L E 1st g 5a___ 1926
Wheel Dlv 1st gold 5s___ 1928
Exten A Tnipt gold 5a___ 1930
HR 1st consol 4s................. 1949 M- S
20-year equip a f 5s______1922 J * J
WInaton-Salem S B 1st 4 s ... 1960
Wla Cent 50-yr 1st gen 4s__ 1949
Bup A Dul dlv A terra 1st 4s ’36 M-N
Str«»t Railway
Brooklyn Rapid Tran g 5a.. 1945 A - O
let refund conv gold 4a. ..2002 J - J
8-year secured notes 5s_ 1918 J - J
_
Bk City 1st con 5 s_.1916-1941 j ■ j
B t Q C o A S con gu g 6 s . .1941 M -N
Bklyn Q Co A S 1st 5s____1941
Skiyn Dn El 1st z 4-5«___ 1950 F - A
Stamped guar 4-5s_____ 1950 F - A
Kings County El 1st g 4s. 1949 F - A
Stamped guar 4s______1949 F - A
Nassau Elec guar gold 4s. 1951 J - J
F - A
Conn Ky A L 1st A ref g 4H* 1951 J - J
Stamped guar 4Ha______1951
J - J

A i l L ow

103 U Sale 103%
98% ____ 98%
93l2
68

...

H ig h

104
100

H on a t
S in c e
Jan. 1

No

L ow

55^ 97
o 86

i
93%
93%
65 Mar' 15 ___
22 Oct ’ 15 ___
3
102
103%

897*
65
12
9934

103 Sale 10 2% 1 0 1 % 78 93% 109
50
40% N ov’15 ___ 34
43
44
102% 68 91 106
9934 Sale 9934
31% 4834
41l2 42
41% N ov ’15 —
99 101
IOII4 ____ 101 N ov ’15 —
--------80 AUg '12 —
55
60%
60% July’15 ___
75
77
66
7234
6l2 Jnlv*l5
*66t2 ____ G
1
834
4 Nov'15 ___
2
5
3* 9%
1
3% 326
1 Sale
33
% 8%
1
1
1 Sale
s3 8
1%
3
1
2
% 1%
% N ov ’15 —
<
4 1
%
% 10 1
% 1%
14
i2
85
83% ____ 83%
91% 91%
91 s4 ____ 91% Aug '15 —
64i 54
76
76
75% Sale 75%
0 100% 10234
104
IO334 105 103%
3 7412 80
^
80
80
80
83
17% 17%
20
. . . 17% M ay'15 . . . .
10 96 101
10 1
100 10 1 10 1
95 ____ 95% Nov'13
92
96*4
____ 9634 9634 N ov ’15 —
49
73
73 N ov ’ 15 —
72
74
88
87
89
87%
87% 88
89% 8934 89%

88
88
S934

I
10
10

7 100% 103%
103
103
79% 85%
80% N o v ’15 —
100%
10034 45 98% 101
100% 102
100% Oct '15 —
98 Apr ’ 14

100% Sale
____102
82% 83%
82% 83
74% 75%
9 7% ____

100%
101
101% N ov’ 15
82% N ov’ 15
82 N ov’ 15
7534 N ov’ 15
96%
97%
101% June’ 12

7 98% 101%
98 101%
—
79
83%
. . . . 79
82%
—
73
78
36 9234 97%
. . . . ____. . .
54

J
J 83* 84
O 78'i4 79%
J 107 107%
9 8% ____
C
J - % ___
94
70
78
A -0
M-N
J - J 62% 70
59
60
(A -0
45% Sale
-A -0
19 J - J 90% 91

Columbus Gas 1st gold 5s!
Consol Gas conv deb 6s

Eq G I. N Y 1st cons g 5s__

J -V
M-N
l J - J

QiJ FJ M-

F
J
A
J
S

M-N
Kings Co El L A P g 5a___ 1193; A - 0
Furcbase money 6s_____ 199; ’ A O
Convertible deb 6s.............192:
M- 8
) J J Q -1
Ref and ext 1st g 5s.......... 193 A - C
-M -N
SJ - E
■J - l
i
N Y G E L II A P g o a ...
1 F -l
Purchase money g 4 s..
5J F -l
N Y A Rich Gas 1st g 5a.. 1
Pacific O A El Co Cal G A E
Corp unifying A ref 5s___ 1 7 M b
Pac Pow A Lt 1st A ref 20-yr
O F -/
9 M- :
Pat A Passaic G A El 5s . .
3 A-C
Peop Gas A C 1st cons g Oa.
7 MRefundlng goid 5s______
Registered____________ 194
7J !J- I
Mu Fuel Gas 1st gu g 5 s.. 194 7
9
2
Stand Gas A El conv s f 6a
'
Syracuse Lighting 1st g 5s.
3*raC!l«e Ltghr A Power 5.
1

82
89"
81
88
82% 8934

102% 103's
80% 8034
100% Sale
10034 102
____ 95

J J AJ A-

G as an d E lectric L ight

93%
65
34
103%

102% 102_%

102% N ov ’ 15 —

s78 8 Sale" 76*4
78%
84 Jan *14
J -D 100 ____ 100 June’ 14 ___
1
87
87
F - A ____ 87
Havana Elec consol g 6s..
77% 129
76 Sale 76
F - A
32% 580
31% Sale 30
100
100% 26
F - A * ____100
77% 295
A - O 77% Sale 76*4
99% 394
J - J 99% Sale 98%
Interboro Rap Tran 1st 5s
92% 27
92 Sale 91%
A-0
11
92%
93
93
A - O 92
Metropolitan Street Ry—
9734 100 100 N ov’ 15 ___
100 N ov’ 15 —
____ 100
1
99
M- S 98% 99% 99
80 M ar’ 14 . . . .
___
101% Aug ’ 15
F - A
9?% Feb ’ 15 ___
94
Refunding A exten 4t4s..l931 J - J 91
j - j 100 ____ 100% N ov’ 15 —
ia Inneap St 1st cons g 6s___ T
Montreal Tramways 1st A
91% Nov'15 . . . .
J - J
78 Feb '15 ___
j - J . . 78
74% 85
j - J
74 Sale 7334
249
53
A - O 52% Sale 52
86 Apr ’ 15 —
80
M- N 84
s95%
S95% S 12
M- N S95% Sale
Portland Ry 1st A ref 5 s..
_
80 Sep T5 _ F - A ____ 80
Pcrtld Ry Lt A P 1st ref 5s
100 May’ 15 . . . .
J - J
Portland Gen Elec 1st 5s

Va Ry A Pow 1st A ref 5s

H ig h

104%
100

6534 79
87
70
24%
100
73%
96%
82
85

87
797
8
33%
10 0 %
79%
99%
92%
93

97% 101
94 100
98% 9934
_
10 1 % 1 0 1 %
92% 92%
100% 100%
86
78
68
47
84
95
80
100

94%
78
74%
55%
86
« a%
80
100

100 Sep ’ 15 ___ 100" 100
84
84% 33 78
85%
7834
7934 107 75
82
107 N ov’ 15 ___ 101% 107%
1 34*4 98%
98%
98%
95% J'ly '14
87% J’ ly ’ 14
84 Oct ’08 ___
74 Oct ’ 15 ___ 65
75
60% N ov’ 15
60
63%
69% Mar’ 15
50% 69*8
52 40
45
48
65%
87%
9034 45 82
90*4

103 103
10.3 ____ 103 Sep ’ 15
10 103 115
105
105 Sale 104%
.... .
___________ 54 June’ 13
________________________ . . .
97
97
97 F e b ’ 15
90
98
120% 140 109% 120%
120 Sale 119%
911% 101
101 103 100% Nov'15
98% 98%
98% Nov'15
99 . . .
101% 103
10234 10334 103 N ov’ 15
10H% 100%
................. 100% Muy’ 15
102

1021.1 102

102%____ 102
113% 115 113
125 126
86 14____
101% Sale
loots Sale
91% 92 tj
103% . . .
103% 1041
85
861,
107 ____
101 Sale

102

1 I6l

126 Nov'15
86% Oct ’ 15
G
101
101%
22
100%
101
12
91%
92%
103% Aug ’ 15
102%
103% 21
85%
85%
8
107 Oct ’ ll
5
10 1
101
ftjif J’lv *0! ___

s96% Sale

96%

97

88

115"
88%
100%
97
90
103
101%
80
106%
99

126
88
101%
101%
92%
103%
105
8578
107%
101

01

97

88%
99%
1 110
99%
___
1021
102% Sale 102%
1 101
997*
101 ____ 100% N ov’ L

91 ____ 91 Feb ’ I,
99% Oct ’ 1.
100
114
114 Sale 114
102% 1023 102% N ov’ L

91
99*4
‘ 15
102%

• No price
 Friday: latest bid and asked, a Due Jan.


Pric*

M-N
M N

Railway Steel Spring—
Latrobe Plant 1st a f 5s
Interocean P 1st s f 5s

Stamped______________

West Electric 1st 5s D ec__
Westlnghou.se E A M s f5s

W e e k ’*
R ange or
L a st S a le

F r id a ?
D e c . 3.
Bid

AH

L ow

' J - l

1J - C
2 F- i
9 A-(
1J - .
7J - .
5J 1J Blrm Dlv 1st consol 6s— 191'7 J 7 A C
Cah C M Co 1st gu 6s----- 1 2 J - 1
!
Victor Fuel 1st s f 5s............P
Va Iron CoalACoke 1st g 5s. 1 f. M
!
Telegraph & Telephon
9J J
6 M3 M1 J -1
Cent Dist Tel 1st 30-yr 5s.
7Q- J
7n .
7J Comb T A T 1st A gen 5 s ...
5 j - j
Keystone Telephone 1st 5a..
3 M-b
I F - /

Fd and real cst g 4 Ha__

0 M- b
9 M b
7J 1J 8 J 0 M- b

Northwest Tel gu 4Hs g.

1J

-

N o.

Low

H i oh

101
90
102%
98
103%

0
82
82%
9
.18
120 %
97
92%
93
88% N ov’ 15 ___
89 N ov’ 15
10
87%
87%
.35%
138*4 390
81
8178 14
.04
104% 26
102%
103% 39
99
100
18
.77%
119
187
184% N o v ’ 15 ___
91
97
95
92%
93 1972
877g
1
877S
94%
9512 124
89
1
89
___
83 Apr 14
. ..
9434 100 J’ly ’ 14
73 ____ 75
i
75
100% ____ 101 N ov’ 15 ____
104%____
8 9% ____ 90 N ov’ 15 ____
93
95% 95 N o v ’ 15 ____
1
89
89 Sale 89
90% 100
90 Sale 897*
38
130
126 Sale 12534
92% Feb ' 14 ____
-----90
2
118 119 L20
120
— ............... 103% Jan 14 —

70
118
90%
81
84%
83
111
81%
98
102%
97
97
94*4
30%
33%
36
88*4
89

82%
150
93%
88%
90
88
141
83%
HI
105
190
100
186
90%
94%
90%
957*
89

71
100

75
10 1

89%
92%
86%
86%
103

91%
95%
90
91
137

117

125

13
101%
102
97% 31
96%
967*
13
97%
104
104% 11
2
88%
88%
134
114
112
97
97
2
119% N ov’ 15
121% Mai ’ 11
91 N ov’ 15 __
98 June’ 14 __
66 Sale 66
17
66%
106% Sale 106%
3
106%
102% 10234 102%
10
103
101% Sale 101
101% 129
100'* Sale 100%
101
245
9**2 97% Jan ’ 15 ___
98% ____ 98
2
08%
96% Sale 96%
12
07
101% Sale 101%
101% 20
71% 72
71
72% 217
101% Sale 1003*
101% 82
87% July 14
7 8% ____ 78% N ov’ 15
7
105
105 Sale 104%
917* 69
9178 Sale 91%
53
10178 Sale 101%
102
100 ____ 100 Oot 13 ___
9
102%
102% Sale 102%
10
82%
82% Sale 82
74% ____ 70 'Jov’ lO ___
69
77
74% Sale 74%
S98 Sale 98
98% 58
94% 219
93 Sale 93
111)
125
125 Sale 123%
12
102
101% 102 101%
2
123%
124%
. . 123%
101% 77
101% Sale 100 s
20
110
108% 110 108%
5
108%
107 108 108%
*
95% 9684 957 N ov’ 15 ___
83% 90
83 lune' 16 . . . .
7
101
100% Sale 100%
103% 37
103% Sale 103%

99*4
92
01%
100%
80
103%
93%
115

102%
97%
98
104%
89%
115%
97%
121%

1
100
100
95%
05
7
90%
07% 23
5
97
97
105
105% 70
79
70
5
91% Jan 'i:
75%
76%
7
2534 N o v '16 ___
103%
103% 47
10478 841
103*4
103*4
104%
18
0878 19
98
1033s 57
102*4
102
102%
6
10
105
105
34
139%
136
101%
101%
11

8 2% ____
117 120
92% Sale
88% ____
87
90
86% 88
136% Sale
81 Sale
103% 103%
102% Sale
99% Sale
181 Sale
178 180
93*4 95
93 Sale
80
88
94% Sale
------ 90

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

102 102%
97% Sale
967* Sale
104 Sale
88% Sale
11334 sale
97
98%
------ _ _ _
. . . . __
-----94

- J 9934100
95%
A O 95
A O 97 Sale
M- N 9534 98
J
J 105 Sale
J - J ________
) .1 - J
75% Sale
J - i
25*4
.1 1 103% Sale
J
O
MIS 104% Sale
M-N ____ _____
98 Sale
J c
1 A -C 103 Sale
2 J . 102% Sale.]
105 Hale
J
137 Halo
-- 101% Sale
A f
r m- 8
,
(F -A
1F A

H ig h

R ange
S in c e
Jan. 1

100% ____ 101% JuueTi ____
100 Sep '15 ____ 97%
89 M ar’ 15 ___
89
102%
102% M ar’ 15 ____ 96
____ 99
98 A u g’ 15 ___
98
1 101
103% 103% 103%
103%

J

Coal & Iron

103
101%

99% 100%
M- 8 100%____ 100% N ov’ L
F A 96 ____ 95 Oct ’ If . . . . 95 896
.................
96*4 June’ 1 —
M- 8
88
97
2 88% 95
95
95
94% 96
J r
____ ____ _
99% N ov’ L
9934100
; 1
80 ____ 85% luriH’ r . . . . 99% 99%
J

2^

Trenton U A El 1st g 5s___ 1949 M- 8
Union Elec Lt A P 1st g a s ..1932 M- S
Refunding A extension 5s. 1933 M -N
Utica Elec Lt A P 1st g 5s. .1950 J - J
Utica Gas A Elec ref 5s___ 1957 J - J
Westchester Ltg gold 5s___ 1950 J D
Miscellaneous
Adams Ex coll tr g 4s______ 1948 M- 9
Alaska Gold M deb 6s A ___ 1925 - Armour A Co 1st real est 4Hs ’39 J -D
Bush Terminal 1st 4s______ 1952 A - O
Consol 5s________________ 1955 J - J
Bldgs 5s guar lax ex______ 1960 A -O
Chile Copper !0-yearconv7s 1923 I 1 N
Y
Computing Tab-Rec s f 6 s.. 1941 J - J
GranbyConsM Sa p ccn 6s A ’ 2s M- N
Stam ped__________
1928 M N
Great Falls Pow 1st s f 5 s .. 1940 M -N
Insplr Cons Cop 1st conv 6s. 1922 M- S
5-year conv deb 6s_______ 1919 J - J
Int Mercan Marine 4H s____ 1922 A - O
Certificates of deposit_______ ____
le t Navigation 1st s f 5s____ 1929 F - A
Montana Power 1st 5s A ... 1943 J - J
Morris A Co 1st s f 4 Ha____ 1939 J - J
Mtge Bond (N Y) 4s ser 2__ 1966 A - O
10-20-yr 5s series 3 . . ......... 1932 J - i
N Y Dock 50-yr 1st g 4s____ 1951 F - A
Nlag Falls Pow 1st 5s........... 1932 J - J
Ref A gen 6 s ............... _.ol932 A - O
Nlag Lock A O Pow 1st 5 s.. 1954 M-N
Ontario Power N F 1 st 5s .1943 F - A
Ontario Transmission 5s____ 1945 M -N
Pub Serv Corp N J gen 5 s.. . 1959 A - O
Ray Cons Cop 1st conv 6 s.. 1921 J - J
Sierra A S F Power 1st 5s _ 1940 F - A
Tennessee Cop 1st conv Cs.,1925 M -N
Wash Water Pow 1st 5s____ 1939 J - J
M anufacturing & Industrial
Am A« Chem 1st c 5s............1928 A - O
Conv deben 5s_____ ____ 1921 F - A
Am Cot Oil debenture 5s ..1931 M -N
Am Hide A L 1st s f g 6s____ 1919 M - 8
Amer Ice Secur deb g 6s____ 1925 A - O
Am -’melt Securities s f 6 s.. 1926 F - A
Am Thread 1st coll tr 4s____ 1919 J - J
Am Tobacco 40-year g 6 s.. . 1944 A -O
Registered........ .................. 1944 A -O
Gold 4s............................... 1951 F - A
Registered ..................... 1951 F - A
• - J
1
Am Writ Paper 1st s f 5s__
M-N
Baldw Loco Works 1st 5 s..
J - J
M-N
lst A ref 5s uar A_____
A -O
Cent Leath 20-year g 5 s..
Consol Tobacco g 4s______ 1951 F - A
Corn Prod Ref s f g 5s______1931 M - N
1st 25-year s f 5s .............1931 M - N
iban-Am Sugar coll tr 6 s.. 1918 A - O
Distil Sec Cor conv 1st g 5 s.. 1927 A - O
E I du Pont Powder 4H s_ 193f J -D
_
General Baking 1st 25-yr 6s .193i: J - D
F- A
M- S
A -O
M-N
J - J
F -A
J - J
M- 6
Certfs of deposit. .
A -O
M- S
A -O
F-A
A-O
F- A
A-O
A- O
J -D
Nat Enam A Stpg 1st 6s..
J - J

103%

io2*4 104%
113 116

N ov’ l.r
N ov’ 15

BONDS
N. Y . STOCK EXCHANGE
Week Ending Dec. 3.

B ondi
S old

Pries
F r id a s
D e c . 3.

B ondi
S old

I n t e r eti
P e r io d

BONDS
V STOCK EXCHANGE
Week Ending Dec. 3.

Undergr of London 4 Hs.

[Vol. 1 0 1 .

New Yorfc Bond Record— Concluded— Page 4

1874

911..
85%
93%
76
20
9034

.

88
95
78
92%

92 J ’ l y ’ l l
85 Oct 'I f
95 Nov'lE
76%
761
73 M a r'b
02%
02%
09% Feb ’ 1
102% Apr ’0i
90 July’ l.
89
891.
84% N ov'K
102*4
1027
102
102
101*1
101%
101

------ 94*i
____
89 Sale
82
86%
10278 ____
1 0 1 % 1021.
101%___
____106
-75
88% Sale 88%

" 89

94

98%

5173
100*4
98%
85%
907„
97%
91*4
92
95
46%
84

70
106%
103
102%
1017*
97%
98%
97
101*4
75
104%

74
101%
827*
99

79
106
92%
102%

99*4
78*4
38
52
89
65
121*4
99%
119
95%
95%
95
92
83
05
90

102%
82%
70
"7
98%
97
125
102%
124
102
110
110
96
85
102
103%

95%
90
90%
88%
97%
76

100
95%
07*4
97
106
80

65
77%
20
30
101% 103%
997* 105
99*4 105
89
99
90% 10334
100% 102*4
897* 106*4
109% 119%
98% 101%

___
70
87
1 70

___
6
___
___

88% 92%

90
«5%
82
< 100
1 997*
1 100%
___
___
8 8‘2
r

80
95
80

90
99%
84%
103%
102%
102
90%

103 86% 91%
on
91 Sale 007,
1001
91*4 101
100 ____ 100%
1071 2/1 96 109%
107 Sale 107
1021
08% 102%
102% Sale 101%
88% June'l ___ . . . . . . . .
...........
1. . .
991
95
99%
9878 Sale 598*4
95 N o v 'l > . . . .
95
05
101% ------ 101% N o v 'l . . . . 100 101%
90*4 N ov 1L . . . .
>
97% 09*4
99 100
101% 101%
100% . . 101% June'l .
09
27. 94
9S7« Sale 98%
99
091 s 7( 94*4 99%
99% Sale 99
99 8 ll)( 90% 99%
99% Sale 98%
101
95 101
101 io n 101
051 t
95 Sale 95
88% 95%
1
101 June'l 1 . . .
90% 90%
90 . . . .1 90% M ar’ l 5 . . .

dDue April, e Due May. 0Due Juno, ft Due July, kDuo Aug. 0Due Oct. vDue Nov. 0Due Deo. * Option sale.

Dec. 4 1915.]

BOSTON STOCK EXCHANGE— Stock Record

S H A R E P R IC E S — N O T P E R C E N T U M
S a tu r d a y
N o v . 27

M on d aij

N d 29
o.

*117
*03

73*4 73*4 *7U2
100
100 100
*2 t2 2*8
2*2
*1512 16
*15*2
11S
117*4 118
11812 118*4 118
128*4 128*4 128*2
*51
51*2
97*2 97*2
6412 64i2 *64
*100
*99
33
33*4 34"
47
47*4 48
9
*9
9**
241l2 241*2 241
*17612 177*2 176*4
98
99
*98
86*4 86*4 86*2
85
85*4 85
174
*172 175
2*4 2*4 *212
*11*2
*1U2
*42
*42
*51*
132
16712
16
125
35
*29*4
*1
159*4
49>4
*28*4
87<4
115*4
13

W ed n esd a y
D ec. 1

S a les
o f th e

P R IC E S .
T h ursd a y
D ec. 2

F r id a y
D ec. 3

107
106*8 106*8 *10512 106
L a s t S ale 10U2N ov ’ 15
101*4;*101'4 102
187 187
185
187 187
80*2 81”
81*2 8U2 8 H2 80i2 81
L a s t S ale 133 N ov’ 15
133 *128 132
3414
34
3312 33i2 34
34
34
235 235
231 *230 235 *230 235
6
6
7*2 *6
712
L a s t Sale 40 N ov’ is
*40
5
5
” 5
”
L a s t S ale 45” Nov’ i5
47
47
*45
L a s t Sale 160 Scpt’ 15
157*4
157*4
104l2 IOH2 104i2 104*2
L a s t Sale
162 165 ■156 160
*72
74
74
*73
73
73
*119 -----117*8
■117*8
"8534 87
86*4 86*4 S6 I4 8 6 '4
102 102 *100 102
102 102
7
7
7*2
*0l2 7*2 *7
37
37
38
38
38*g 33
74
76*4 747g 76*4 74U 75U 75U 76
Nov’ 15
L a st S ale 95
*95
*9512
150 150
150 151
150 150 "15012 155”
Nov* 15
L a st Sale 30
30
*23
32*2 *25
L a s t S a le 140 Nov* 15
*13812 139 "13Sis 138*4
L a s t Sale 817g Nov’ 15
L a s t S ale 115 Nov’ 15
120 *117 120 *117 120 *117 120
63
63
63
63
63*8 63
63*2 62*4 63
84
84
84
84
*831; 84
84
83*2 83*2 *8312 84

107*2 *107 107*2
102l2 *I01*» 102
187 187
185
82
81
81*2
133 *128 133
33
31
34
___
230 *230
7*2
7*2 *6
*40
5
5
5
47
*45
47
*45
157*4
157*4 *
*i0334
1031*
162 165 *162 165
74
73
*71
*70
119 119 *119 ___
*85*4 87
87
*85*4
102 102
'101 102
7
7
7
40
*39
*39
40
74*4
72% 74*4 73
*94
97
*95*2
150 150
*150 . . .
32*2
*25
27*2 *23
*14012 141 *1401* 140*8
107
102
185
81*4
128
34
230
*6
*10

T u esd a y
N o v . 30

70
132
168
16
125
35
31
1*2
161
49*2
29
87*8
115*4
13*2

*50‘
132
167*2
16
125
*35

*29*2
*1
15S
49*4
29
87
IW i
12*4

106*2
101
:1S5
81
■128
33
231
*6
*40

71>2
73
98*8
100
2 l2
2*2
1512
16
1187g *11614
118*4 *117*4
1287 12812
g

7H2
72
99
99
2 l2
2*2
15*2 15*4
II6I4 116
118*4 11812
12S7 12812
8

7112
99*4
2l2
15*4
117
11812
1 287s

6412
64*2 04*4 64*4 *04
100l2 *100 101 *100 ----32*4 32<8 33
32
34
4612 47
46<4 47
48
8*4 8*4
*8*4 914
9
24 H2 24112 242
2 4 1 * 2 241
175 175
175 175
176*4
98
98's
98
98
98
87
86*2 86i2 86*4 87
85
85
85
*84
85
176 176
174*2 175
174
*2i2 3
*n2
3
* l l i 2 ___
* in 2
40
40
*42
30
30 *
*50 ~ 70”
*5 1 ’ 70
55
132*2 131*4 132U 132 13212
I68I2 169
169l2 168 168
16
10
16
16*4 16
125l2 125*8 12612 12612 1261.
3412 35lS *3412 35
35*4
*29*4 31
*291. 30
31
U2
♦
1
1 ]2 *1
1'2
158 159l2 15712 15812
161
491. 50
49'2 50
50
28*4 2914
*28*4 29
29
87*8 861. 87*8 86I4 87*8
1157g ♦115!2 116
1157, 116
12lg 12*8
13*8 12i2 13

71
71
2
*98
9914 99 > 99l»
2l2 2 i2
15l2 15l2 1512 15*2
115 117
118 118*2
11712 H 8I2
4
128*4 1287s 128 > 128*4
L a s t Sale 49>2 Nov’ 15
97*4 98
64*2 641«
7)412 65
L a s t S ale 99*2 Nov’ 15
31U 32i2 30** 31
46
45
46l2 45
9
9
8>2 9
241*2 242*2
242 242
*173 174
*98's 99
86*4 86*4 86*g 86*2
*84l2 85l4
17414 17414 174" 174
*212 3
L a s t S a le

*42
L a s t S ale

30

Nov’ 15

13212 133
133
167
166 160
1612 16*4 16*4
126*4 126 126*4
34l2
L a s t S ale 30
N ov’ l
L a s t S ale 1*8
Oct’ 15
152 157
149*2 159*8
49i2 50
50
51*4
29
29
28*4 29
84*4 86
85
86*4
116 116
115*2 115*.
117g 12*8 12*8 12*2

132i2
167
*16
126
34l2

2*4 2*8
23g
2*8
'
2*4 2*4 *2 • 2*8 *2
95
95
95
97
96 I 96
95
95
96
26*4 23*4 251s1 24*8 25*8 24*4 26's 25*4 26*8
1
1*2 1*4
1*4 1*4
1*4
1*4 *1*8
178
1*8 17g
557g 55
55*8
56
57
57
57
56*2 55
56
68*4 69*2
71*4 69*4 70*2 68*2 70*s 68*8 69
7*2 7*2
7*4 7*2
7*2 . 7*4
7*2 7*4
7*8 77g
3*4 3*2
3*4 3*8
3*4 3*4 *3*4 3*8
3*2
71
721®
74
73
75
71*4 73*4 70*2 72
68*4 68
68*4 68*2 68*4 67*® 68*2 67*2 68
565 568 z545 551
567 568
568
568
570
16*4 16*4 *16
16*2
*16*4 17
17
*16*4 17
53*4 *53*8 54
54*2 53
55. ,
8
54
f,41® 55
57*4 56I4 567
s
57*2 58*2 56
59
59*® 58*2
3
*3
3*2
3*4
3
3*4 3*2
3*8
3
1578 15*. 15*4 15*4 16*4 15*2 157g 15*2 157,
9
9*2
9*4 914
9*2 9*2
9*2 07„ *9*2 9*4
82
82*2 81
81
82*® 82
82
81
83
45*; 44*4 451.| 4434 45*8 44*2 44*4 43i2 441®
16*2 16*2 16*8 16*4
*16*2 17
17
16*2 17
29*® 29*2 *28*8 30
*297, ___ *29*® ___
*29*2
5*® 6
6
6
5*2 5*2
5*2 5*2
5*4 6*4
44
45
*42*2 44*2 44
44
43*4 45
45*4
*89
89 . 90
89*2 *89
89*2 *89
90
89*2
26*4 27
27*4 26
27*2 27*4 27
28
27
5
z 4*4
47,
4*.,
4*8 4 %
4*8 45s
4*4 5
27,
27g 27g
27g *2*4 3
*2*4 3*8 *27g 3*8
14*2 14*4 14*8 15*4
14*2 16
16*4 15*4 16
16
51® 511
5*2 5i2
•51® 6
5*2 51,
*5i2 6
*1*2 2
L a st S a te 1*4 Nov’ 15
1 2
*1*2 2
*1*2
11*4 11*4
13
11*4 12*4
11*4 11*4
13
13*» 13
4
4
4
4
4
3*4 334
4
4
4
34*2 34*4 34*4 34*8 34*8 33*2 33*8 *33*2 337g
34
2*4 2*4
2*8 2*4
2*4 2*4
2*8 2*8
*2
2*2
87
87*2 8578 87
86*8 87*4
88
89*8 87*4 88
16*4 16*4 16*2 16*2
16*8 17
161­1 16*2 *16*8 17
91g 10
*9*» 10
9*4 07g e9»4 10*2
10
10*4
11
H ’4 1 1 “ 11*4
11*4 12*4 10*4 12*4
:
i i «l 11*4
8
8*8
7%« 8
8*8
8
7*2 7*4
8*4 87g
31*2 32
30*4 31*2 31
32
32*8 31*2 32
31*8
1*2
1*2
2
*1*4 2
2*4 *2*8 2*2
1*8 2*4
2
*1*4
*1*2
*1*4
1*4
1*2
•1*4 2
1*2
3*2 *3
3
3*4
3
3*4 3*8 *3
2*4 3*4
587g 69*4 58*4 59*4 58*2 58*4 *58
61
60
5S*4
85
85
85*4 84
85
85
837* 84*2
86
1412 1514 1412 14*2 1434 15*2
14
13*4 15
85
85*2 85
86
85
*83
84
86*2 85
87*4 8714
25
26
25*8 25*4 25*8 25*4 25
25*8 25*4
*25*4 26
59
58
57
58*2 57
57
59*2 59
57
59
___
00
37,
3*2 3*8
3*8 378
3*2 3*8
3*4
3*4 3*4
*3*4 378
8
8 'At
7*4 8
8
8
8*8
8
8*8
8
8*4 8*4
37
34*8 35*2 33*8 34*2 33*4 35
36*l 37*8 35
36*. 37
5*2 5*8
6
6
5*2 5*s
5*4 57,
5*4 6
512 5*8
27*4 25*4 26*4 26
26
27*2 27L 27*4 27*2 26
*27*2 28
21® *2*4 2*2
2*
® 2*2 *2*4
2*4 2*2
2*2 212 *2*2 2*4
49?g 50
48*4 52*2 49
50*!
*52*» 53
54
53
*54
55
9*4 10*2
9
9*4
10*4 11
10*4 10*4 10*2 10*8 10*2
.35
.36
.36 .37
.35
.37 .37
.35
.40
.33 .36
46*8 47*4 46*2 47*4
48*4 47*4 47*4 47*4 48
47
47*8
48*4 49
48*4 49
48*2 49
487g 49
48*2 4 7 |
S|
49
3*2 3*2
3*4
3*2 3*2
3*2
3*2 3lg
3*2 3*2
3*8 31,
12*2 12*8
12*2 12*4 *12*2 13
13
13
13
13
12*8 13
807,
80
79*4 78*4 78*4 77*8 78*8 7734 783,
80
SO*, 79
*2*2 2*4 *2*2 3
*2*2 2*4
2*4 3
*2*4
3
*2*4 3
3*2
*3
*3*2 4
4
3*8 3*8
4
3*g 3*8 *3*2 4
58
58
58*2 59
58*2 59
58*2 58*2 *58*2 59*2 *58*2 59
1*4
lh
*1*8
* 1*8
1*4
1*4 1*4 *1*8
1*1
1*4 1*4 *1*8
•
FRASER Bid and asked price, a Ex-dlvldend and rights. 6 Ex-stock dividend,
*2
2%
*94
96
26*8 27*4
*112 134
57*2 58
71*8 72ig
7*4 77g
*3U 3i2
73*2 74*4
68*2 69*2
567 569
*17*4 17*4
*55's 55lg
621. 03
3 3
15*2 15*4
*9*4 10
83
8314
'46
461«
17 17
*29*2___
6
6
*42*8 44
*89>2 90
28
28
4 % 4*4
*278 3*g
14*4 16*8
*5*2 0
*1*4 2
1312 137g
*4
4*2
3414 34*4
*2
212
87
87*4
16*2 1612
10>4 10*4
*11 *2 12
7*8 8I4
3212 32*2
*11.
1*4
*1*4 2
*314 3*4
597g 60*2

Digitized for


W
eek.

STOCKS
BOSTON STOCK
EXCHANGE

BON U S
Sea N ext P ax*

R a n g e S in c e J a n .

1.

H ig h e s t .

S h a res

Railroads
Atch Topeka & Santa Fe._ 100
Do pref______________100
Boston & Albany________ 100
Boston Elevated_________ 100
Boston & Lowell_________ 100
Boston & M aine_________ 10 )
Boston & Providence_____ 100
Bostpn Suburban Elec Cos_
_
Do pref________________
Boston & Wore Electric C o s..
Do pref________________
Chic June Ry & U S Y ...1 0 0
Do pref._______________
Connecticut River_______ 100
Fitchburg pref___________ 100
Georgia Ry & Elec stampdlOO
Do pref---------------------100
Maine Central___________ 100
Mass Electric Cos________ 100
Do pref stamped____ 100
N Y N H & Hartford.........100
Northern New Hampshire.100
Old Colony.........................100
Rutland, pref___________ 100
Union Pacific....................... 100
Do
pref........................ 100
Verm ont* Massachusetts.100
West End Street...................50
Do
pref______________ 50

1875
R a n g e f o r P r e c io u s
Y e a r 1914.
L o w e s t.

H ig h e s t.

92*4 Feb 23
97 Jan 15
170 Mar 5
73 Junel6
109 Feb 20
20 Feb 13
225 Jan 5
6 Dec 2
40 Sep 21
5 Nov24
39 Jan 20
157 Feb 13
101 *2 July 9
140 Feb 25
51 Feb 9
114 Apr 20
84 Aug 10
92 Mar 4
47gJune 7
33 July 21
43 Feb 25
89 Oct 1
140 Aug 3
15 M arl7
116*2 Jan 4
79*4 M a rll
105 Feb 9
61 M ayl5
80 July 1

109*8 N ov 1
88*4 N ov
97*8 Jan
IOH2 N ovl9
198 Jan 12 175 N ov
77 May
96 Jan 5
138*2 Oct 27 150 Dec
30*2 July
371, Oct It
240 June26 225 May
7 Mar
10 Mar24
50 July
56 Mar23
9 Sep 1
35 July*
47 Julyl5
160 Sep 9 160 Mar
110 Apr 21 103 Dec
165 Jan 12 162 N ov
76 N ov 5
75 July'
120 Feb 6 115*2 Dec
88 M ar 3
83 Jan
907, Jan
103*2 N o v l6
10 Sep 24
9 Apr
56 Jan 6'
54 Dec
S7*4 Oct 11
497, July
9S Apr 29; 100 May
157 Apr 9' 140 July
30 Nov23
19 May
141*8 N ovl9 110*4 N ov
817, Oct 26
82 Apr
125 Apr 20 115 Jan
72*2 Jan 25
65 N ov
93*2 Feb 4 *82 Dec

100 July
101*8 Feb
195 Jan
101*4 July
179 Feb
55 Jan
255 Jan
7*2 Feb
60 Jan

Miscellaneous
_
Amer Agrlcul Chemical_ 100
48 Jan 5
Do
pref____ _____
100 87*2 Mar25
Amer Pneumatic Service.. 50
l»i M arl7
Do
pref______________ 50 14*2 Oct 14
Amer Sugar Refining____ 100 100 Feb 24
Do
pref_____________ 100 109 Feb 5
Amer Telep & Teleg______100 116 Jan 4
American Woolen________ 100 16*2 Apr 6
75 Do
pref_____________ 100 77 Feb 5
992 Amoskcag Manufacturing___
59*8 Jan 20
Do pref________________
97*2 May25
,074 Atl Gulf & W I S S Lines. 100
4 Feb 24
,599 Do
pref.........................100
97g M arl2
425 East Boston Land________ 10,
8*2 Dec 2
524 Edison Electric Ilium........ 100' 230 MaylO
152 General Electric_________ 100 138*4 Feb 26
58 McElwaln (W H) 1st pref. 100 96*2 Aug 25
442 Massachusetts Gas C o s...100
78 Apr 8
82 Do pref.............
100 84 N o v l6
83 Mergenthaler Llnotypo.-.IOO 154 Feb 8
22 Mexican Telephone...........10
*4 Apr 20
Mississippi River Pow er.. 100 10 June 4
40 Do pref......................... ioo
35 Feb 23
New Eng Cotton Yarn___ 100
20 Apr 15
5 Do pref.................
ioo
25 July 1
510 New England Telephone.. 100 z 127*4 Junel6
181 Pullman Company...........100 150 Feb 24
13S Reece Button-Hole________ 10 15 Sep 27
589 Swift & C o ........................... 100 104*4 Jan 4
37 Torrlngton....................
25 28 Mar 8
Do pref.............
25 26 Mar25
.95 Jan 18
Union Copper L & M .........25
7,830 United F ru it....................... 10.) 110 Feb 25
7,253 United Shoe Mach C orp .. 25 48 Aug 17
316
Do pref...........................25 28 Mar27
7,052 U S Steel Corporation___ 100
3S Feb 1
71 Do pref_____________ 100 102*4 Jan 2
11,441 Ventura Consol Oil Fields. 5 107g NovlO

73*4 N ov 8
47*4 Jan
101*2 Nov20
89 Dec
4*2 Oct 25
2 Dec
19*2 Jan 9
17 Jan
119*2 N ov 5
97*4 Mar
118*4 Nov2 3 108 Mar
13012 N ov 4 112 N ov
14 Mar
57*4 Oct 21)
72*4 Mar
99*2 Oct 4
67 Apr 23
57*2 Dec
101 Feb 6
97*4 June
36 N ov 4
5 Feb
49 N ov 4
13*2 May
13*4 Apr 5
9*2 Dec
260 Jan 22 234 N ov
1841J Oct 4 137 Dec
104 Mar29
98*2 N ov
94 Aug 5
76*4 Nov
92*2 Jan 2S
85 Nov
200 Jan 4 200 Dec
3 Sep 10
2*4 May
12*4 Feb 8
18 July
55 June
4612 Jan 26
20 Apr
30 Nov26
55 Dec 2
38 Dec
143 Jan 29 128 Nov
170 Oct 23 148 Dec
16 Jan
18*4 Jan 2
128 NovlO 101*2 Nov
27 Feb
35*4 Oct 29
27 Mar
30*4 Sep 8
.95 Dec
1*4 Apr 21
163 N ovl7 z ll3 Dec
65 May24
52*4 Dec
30 Aug 31
28 Jan
88*2 N ov 1
48 Dec
117*4 Oct 30 103*4 Dec
14*8 N ovl7

59U Mar
95 June
4 Jan
22 Jan
110*4 Jan
115 Deo
124 Jan
15 Mar
S3 Jan
67 Feb
100*2 June
9 Jan
16*4 Jan
14*2 Feb
265 Mar
150*2 Feb
102 Jan
94*8 Feb
96 Mar
216*4 Feb
3 Jan
38 Feb
70 Jan
30 Jan
69 Jan
141 Feb
159 Jan
20*8 July
107*4 Mar
31 May
2912 Jan
2 Feb
173 Feb
61*4 June
30*8 July
67*4 Jan
112*8 Jan

Mining
Adventure Con___________ 25
1 Jan 22
Ahm cck__________________ 25 93 NovlO
Alaska Gold_____________ 10 23*4 Nov30
Algomah Mining__________ 25
45 Feb 10
A llo u e z ..................
25 35*2 Jan 5
Amer Zinc, Lead A Smelt. 25
16*4 Jan 4
Arizona Commercial........... 5
3*4 Jan 4
Butte-Balaklava C opper.. 10
2 Jan 10
Butte A Sup Cop (L t d ) ... 10
35*4 Jan 4
Calumet & Arizona.............10
51*2 Feb 23
Calumet & Hecla...............25
350 Jan 4
Centennial________________25
15 Jan 1
Chino Copper___________ 5 3278 Jan 6
Copper Range Cons C o . . .100
30 Jan 13
20
Daly-W est..............
17s Jan 21
East Butte Copper M in ... 10
8*2 Jan 5
Franklin____ _____________ 25
4*2 Feb 5
_
Granby Consolidated_____ 100 58 Jan 7
Greene Cananca_________ 100 23*4 Feb 1
11 Jan 18
Hancock Consolidated___ 25
Hedley G o ld _____________ 10 26*2 Oct 27
2*4 Jan 21
Indiana Mining___________ 25
Island Creek Coal________ 1 41 M a rl8
Do pref_____________ 1 85*2 Jan 5
Isle Royale Copper________ 25
17*2 Jan 11
Kerr L a ke___________
5
3 Aug 3
Keweenaw Copper________ 25
1*2 Aug 23
Lake Copper C o__________ 25
5*2 Jan 27
La Salle C op per................. 25
3*s Jan 7
Mason Valley Mine______ 5
1 M a rll
Mass Consol_____________ 25
3 Jan 11
Mayflower.................
25
3 Aug 16
Miami Copper.................. I 5
16*4 Jan 2
Michigan_ _____
_
25
.60 Mar 1
Mohawk__________
25 46*4 Jan 15
11*8 Feb 24
Nevada C onsolidated!...I 5
4*2 Feb 24
New Arcadian Copper_____2
4 JulylO
New Idria Quicksilver___
5
5*8 Aug 9
Niplssing Mines_________ 5
North Butte......................... 15 22*4 Jan 2
1 Jan 28
North Lake______________ 25
.50 Mar 4
Ojlbway Mining.................. 25
2*4 Nov29
Old C olon y____ __________25
Old Dominion Co.............. - 25 38*2 Mar 8
Osceola___________________ 25 64 Jan 28
Pond Creek Coal__________ 10 12 Jan 7
Quincy.................................. 25 50 Jan 16
Ray Consolidated Copper. 10 15*4 Jan 7
St Mary’s Mineral L and.. 25 28 Jan 4
Santa Fe Gold & C opper.. 10
1 M arl7
Shannon____________
10
4 Jan 15
Shattuck-Arizona_________ 10 18*4 Jan 5
South Lake....................
2 5*4 Nov 3
Superior----------25 22*2 Jan 6
Superior A Boston Copper. 10
1 Mar 3
Tamarack________________25 25 Jan 4
T r in it y .........................— 25
2*8 Feb 11
Tuolumne Copper-----------1
.20 Jan 2
U S Smelt, Refin A M in .. 50 20 Feb 25
Do pref______________ 50 28 Jan 15
Utah-Apex Mining_______ 5
2 Jan 2
Utah Consolidated_______ 5
9*4 Feb 26
Utah Copper Co__________ 10 48*4 Jan 6
Victoria__________________25
1 Feb 26
W in on a .................................25
1*4 Jan 18
W olverine________________25 32 Jan 6
W yandott...........
25
.50 Mar 3
e Assessment paid, h Ex-rights, c Unstamped. *

47, Apr 22
2 Jan
1 Apr
103 Aug 27 239*4 Apr 300 Mar
40*4 Apr 22
19 July
28*4 May
1*4 Jan
4*4 Apr 22
*2 Dec
341* Jan
60 N ovl6
43*4 Feb
2 Jan
72*4 Nov26
12*4 N ov
C*diMar
2*2 Nov
9*2 Apr 22
1 N ov
4*4 Apr 22
4*s Feb
24 Nov80 June 4
40*4 May
53 Dec
70's Mar
78*4 Apr 26
630 Apr 22 350 Dec 460 Feb
14 Jan
19 Feb
25 Apr 22
30*4 Dec
57 N ovi 7
43*2 Feb
29 Dec
40*4 Feb
63*4 N ovl7
1*2 Nov
5*4 Apr 22
3 Feb
8 Dec
13 Jan
16*4 Dec 1
77, Apr
2 N ov
14*4 Apr 22
94*2 Apr 27
91 Feb
60 Dec
21*4 Apr
47*2 Nov23
42*8 Feb
24*2 Apr 29
22 Feb
11 Dec
29*4 Jan 19
28 July
30 Mar
3 Apr
10*2 Apr 22
6*2 Feb
52 Aug 17
50*4 June
44*2 Dec
81 June 8912 June
91*8 Apr 27
24 Feb
34 Apr 26
16 Dec
37s Mar
6*8 July
5*8 Apr 20
4% Feb
2*8 May
4*2 Apr 26
4*4 Nov
10*2 Jan
18 Apr 22
3 ‘d iDec
5*2 Feb
9 Apr 23
4 Jan
412 Apr 27
1*4 Dec
2 Mar
17 Apr 22
e5i2 May
9 Jan
3*4 June
8 Apr 22
16*4 Dec
35*4 Oct 30
24*8 Feb
3 Apr 22
.50 July
1*4 Feb
39 Apr
89*8 Nov29
49*2 Dec
17 Apr 27
10 Dec
16*8 Deo
178 Jan
14*4 June 7
7 * 2 Jan
4 June
4 June
13*2 Aug 7
S78 Nov29
5 July
8*, Feb
387g Apr 26
19*4 Dec
30*4 Feb
2*s Jan
.95 Apr
4*s Apr 23
2 Jan
*4 Apr
3*2 Apr 29
5 % Feb
2*8 N ov
7*8 Apr 22
54 Feb
44 Dec
61 Nov29
64 Dec
84 Feb
9312 Apr 22
207g Jan
12*4 Dec
19*8 Aug 13
517, Dec
95 Apr 22
68 Feb
2212 Apr
15 Dec
27*8 N ovi 7
28 Dec
40 Feb
65 Apr 23
2*4 Jan
1 Jan
5 Oct 22
7*2 Feb
4 Nov
11*4 Apr 26
29*4 Feb
18 Dec
38 N ovl7
7*4 July27
41*2 Apr 26 " 22” Nov ” 32 Feb*
2%Jan
1*4 Nov
4*2 Apr 29
43 Feb
24*2 Dec
5S*s Aug IS
5*2 Jan
2*4 Nov
15*2 Oct 13|
.85 Mar
.23 Dec
.63 Apr 14
43*2 Feb
49*2 June! 5
24*4 Dec
487S Feb
4012 Apr
49 Nov29
1*4 Nov
2*8 Feb
5*8 Junel6
14 Feb
8*4 Jan
16*8 Junel4
45*8 Novi 59 June
81*8 Nov26
1 Mar c2% M ay
412 Apr 22
47, Feb
1*8 Dec
5*s May 1
47*4 Feb
30 Dec
70 Apr 26
1*4 Jan
30 June
2*4 Apr 23
2s paid, tv Half-paid

83
594
982
66
100

5
4
35
105
5
131
3,227
110

173
55
107
226
520
165
491
139
2,475

40 Jan
163 Jan
107 June
200 Jan
93 Jan
124 May
8S78 Apr
99 Mar
14 Jan
66*2 Jan
777g Jan
112 Feb
165 Jan
30 Jan
163*4 Jan
85 Jan
130 Feb
75 Jan
95 Mar

1876

THE CHRONICLE

Outside Exchanges— Record Transactions
Boston Bond Record.— Transactions in bonds a t B o s­
ton S tock E xchange N o v . 2 7 to D e c . 3 , both inclusive:
F r id a y
W e e k ’s R ange
L a st
S a le .
H ig h .
P ric e. L ow .

Bonds—

Am Agrlc Chem 5s
_ 1928 1023*
_
5s________________ 1924
Am Tel & Tel 4s____ 1929
91
Convertible 43*s__ 1933
Atl G & W I SS L 5s_ . 1959
Ced Rap & M o Riv 7s.1916
Central Vermont 4s. .1920
C B & Q— Denv Ext 4s_
_
Chic & No Mich 5s............
Copper Range 5s_________
Gt N or-C B & Q 4 s.. 1921
K C Mem & B 4s___ 1934
Income 5s................ —
Mass Gas 43*s_______1931
43*s
.
______1929
N E Cotton Yarn 5 s.. 1929
New Eng Telep 5s__ 1932
Pond Creek Coal 6 s..1923
Swift & Co 5s_______1944
United Fruit 43*3___ 1923
43* s
________1925
West End 4s________1932
Western Tel & Tel 5s. 1932

773*

73
943*
743*
983*

99

117
1013*
9634
91
1073*
1003*
773*
101
75
993*
44
88
98
843*
73
943*
973*
743*
1013*
91
98
973*
963*
873*
983*

120
1023*
97
91
1073*
1003*
783*
101
75
993*
44
88
98
843*
73
95
973*
74 3*
102
92
983*
973*
963*
873*
993*

S a les
fo r
W eek.
S h a res.

R a n g e s in c e J a n .
L ow .

$6,800 117
10,000 9934
20,000 91
22,000 86J*
49,000 953*
1,000 1003*
47,000 60
1,000 101
8,000 68
1,000 983*
5.000 44
2.000 86
2,000 95
3,000 82
3,500 59
3,000 91
5,000
95
2,000
70
18,000 9934
7,500
91
28,500 943*
1,000 93
1,000 90
1,000 873*
14,000 943*

1.

Jan
Jan
Jan
Nov
June
Jan
Apr
Nov
Jan
May
Mar
Aug
Jan
Apr
Jan
Nov
Feb
Feb
Jan
Nov
Mar

1353*
1023*
97
913*
1083*
1003*
79
1023*
75
993*
47
88
983*
843*
75
95
973*
76
102
983*
983*
99
963*
873*
993*

July
Dec
Nov
Nov
Nov
Feb
Nov
Nov
Feb
Nov
Nov
Nov
Feb
Nov
Jan
Nov
Aug
Nov
May
Dec
Nov

Philadelphia Stock Exchange.— Record of transactions
at the Philadelphia Stock Exchange from N o v . 2 7 t o D e c . 3 ,
both inclusive, com piled from the official sales lists:

Stocks—

F r id a y
L a st W ee k ’s Range
o f P r ic e s .
S a le .
H ig h
P a r . P r ic e . L o w .

Alliance Insurance____ 10
American Gas of N J..100
American Milling........ .10
American Railways___ 50
Preferred...................100
Buff & Susq Corp v t c . 100
Preferred v t c______100
Cambria Iron_________ 50
Cambria Steel_________50
Catawissa 2d pref_____ 50
Consol Trac of N J ___ 100
Elec Storage Battery.. 100
General Asphalt.......... 100
Preferred__________ 100
Insurance Co of N A __ 10
J G Brill Co................... 100
Preferred.......... ........ 100
Keystone Telephone___ 50
Preferred____ ______ 50
Lake Superior Corp__ 100
Lehigh Navigation........ 50
Lehigh Valley_________ 50
Lehigh Val Transit____ 50
Preferred___________ 50
Penn Salt M fg_________ 50
Pennsylvania...................50
Pennsylvania Steel___ 100
Preferred__________ 100
Philadelphia Co (Pitts) .50
Preferred (5 % )______ 50
Pref (cumulative 6%) .50
Philadel Electric........ 2 2 A
Phila Rapid Transit----- 50
Voting trust rects----- 50
Philadelphia T raction..50
Reading_______________50
2d preferred_________ 50
Tono-Belmont Devel___ 1
Tonopah Mining...............1
Union Traction________ 50
United Cos of N J.........100
United Gas Impt______50
U S Steel Corporation. 100
Preferred................... 100
Warwick Iron & Steel. .10
Welsbach Co_________ 100
Western N Y & Pa........ 50
West Jersey & Sea Shore 50
Westmoreland Coal___ 50
Wm Cramp & Sons___ 100
York Railways________ 50
Preferred___________ 50
Scrip—
Cambria Steel scrip..1916
D o Scrip___ Feb 1917
Do Scrip___ Mayl917
Philadelphia co scrip. 1916
D o Scrip________ 1918
Bonds—
Amer Gas & Elec 5 s..2007
S m all................... ..2007
Baldwin Locom 1st 5s 1940
Bethlehem Steel p m 6s ’98
Consol Trac N J 1st 5s '32
Elec & Poop tr ctfs 4s. 1945
do do
small___ 1945
Eqult I Gas L 5s........ 1928
Harwood Electric 6 s.. 1942
Inter-State Rys coll 4s 1943
James F & Clear 1st 4s ’59
Keystone Teleph 1st 5s '35
Lake Superior Corp 5s 1924
Lehigh C&N cons 41*s ’54
Lehigh Vail gen cons 4s ’03
Gen consol 41*s_ 2003
_
Pennsylv R R cons 4s. 1948
Consol 4HS............. I960
General 41*s______ 1965
P W & B ctfs 4 s .-.1921
Peoples Pass tr ctfs 4s 1943
Phila Co cons & c oil tr5s’51
Phila Elec tr ctfs 5S..1948
r D o small________ 1948
P Trust ctfs 4s______ 1950
^
Do small______ 1950
Phila & Read 2d ext 5s '33
Pub Serv Corp N J 5s 1959
Reading gen 4s______ 1997
J-C collat 4s______ 1951
Spanlsh-Am Iron 6 s.. 1927
Un Rys gold tr ctfs 4s 1949
United Rys Inv 5s__ 1926
Va Ry & Pow 1st 5s______
Welsbach Co 5s______1930
Small 5s______________
W N Y & Pa gen 4 s.. 1943
z

Ex-divldend

183* 183*
1183* 122
63*
63*
z29
32 3*
953* 963*
25
2434 253*
54
54
55
45
45
78 H
693* 79 3*
53
53
53
72
74
681*
653* 713*
35
35
355*
73 1* 723* 73 3*
243* 243*
54
54
97
97
143* 14 3*
66
66
91*
93* 10
78 H
783* 793*
81X
8034 825*
1834 183*
18X
38
383*
38 A
993* 1003*
99 H
60
59
59 A
64
643*
64
823* 84
82 A
433* 453*
36
36
43
433*
273* 28
27A
19
18
19
191*
173* 193*
79
79 A
V9 3*
803* 825*
81A
42 34 423*
4H
4%, 65*.
6%
63*
75*
443* 453*
45 A
225 225
88 A
8834 89
86
84 H 873*
1153* 1153*
103* 103*
45
45
10
10
501*
503* 503*
67
67 3*
S3
853*
85
9
9A
9A
333* 34

122

6A
30A
05A

S a les
fo r
W eek.
S h a res

97
98
101
101
101
101
100
100
985* 985*

80 A

581*

102
913*
100
1053*
100J*
83
88
104




175
200
414
64
30

89 3*
883*
107
120
102
80 3*
823*
105
1003*
59
92
953*
28
102
92
1023*
100
1053*
101
98
83
89
105
1033*
823*
83
1093*
903*
95
95
102
75
74
90 3*
95
94
813*

$34,600
2,000
16,000
6,000
4,000
1,000
500
1,000
2,000
4,000
5,000
7,000
11,000
20,000
29,000
3,000
1,000
6,000
137,000
4,000
3,000
16,000
18,100
1,000
8,000
700
3,000
5,000
52,000
9,000
7,000
5,000
12,000
9,000
8,000
200
5,000

8734
87
1063*
1193*
102
803*
82
105
100
583*
92
95 3*
28
102
915*
102
100
1053*
1005*
98
83
88
1033*
10334
8234
823*
1093*
9034
943*
943*
102
75
74
8834
94
94
813*

R an ge s in c e J a n .
L ow .

10 15J*
15i 100
22(
5
1,385 24
c
94
44 C 11
1,682 36
55 41
230,927 41
59 50 A
48 70
7,130 47 A
370 24
372 60
333 21
10 29
50 88
200
13
10 61
1,542
5
885 711*
567 65
825 131*
1,300 26J*
291 80
3,848 51 J*
20 34
163 491*
401
291*
18 31
335 32
4,921
231*
295
7
23,574
71*
95 70
2,066 70
70 40
20,570
31*
3,035
5
3,644 30
11 220
972 801*
18,003 38
100 103
245
91*
100 35
100
91*
31 47
115 58
125
181*
6
350
195 281*

Pittsburgh Stock Exchange.— T h e com plete record o f
transactions a t the P ittsburgh Stock Exchange from N o v . 27
to D e e . 3 , both inclusive, com piled from the official sales
lists, is given below . Prices for stocks are all dollars per
share, not per cen t. F or bonds the quotations are per cent
of par value.

H ig h .

Jan

Jan
18A
Jan 122
Apr
61*
Sept 36
Oct 101
May
251*
July 55
May 451*
Feb 791*
Aug 53
July 74
Jan 781*
Mar
371*
Mar
741*
Jan 251*
July 721*
June1 98
Aug
16
Jan 69
Apr
13 }*
May
80
Jan 821*
191*
June
Mar 391*
Mar 108
Feb o il*
Aug 100
May
98
Mar 481*
Mar 40
Mar 46
Jan 2S5*
May
19
May
191*
July 80
May 855*
Jan 44
July
51*.
July
71*
May 455*
Mar 225
Jan 891*
Feb 881*
Jan 116
July
111*
Mar 45
Nov
10
Aug 501*
Jan 671*
Jan 91
July
91*
July 34

95
95
95
90
80

Feb
Feb
Feb
Feb
Feb

85
85
1001*
1155*
1001*
73
73
105
911*
57
861*
90
251*
971*
861*
97
97
1021*
97
97
761*
70
1001*
101
771*
79
1095*
861*
91
901*
1001*
721*
55
881*
89
90
741*

Jan
Jan
Mar
Jan
Oct
Aug
July
Nov
Sept
July
July
Jan
Aug
Jan
Aug
Feb
Sept
Aug
May
Jam
Oct
Mar
Jan
Jan
Jan
Jan
Oct
Aug
Aug
Jan
Jan
Aug
Mar
Nov
Jan
Mar
Oct

1.

H ig h .

Nov
Dec
Feb
Jan
Jan
Nov
Oct
Nov
Dec
Dec
Apr
Sept
Nov
Nov
Nov
Oct
Oct
Apr
Apr
Juno
Oct
Nov
Nov
Nov
Oct
Nov
Oct
Oct
Oct
Aug
Sept
Nov
Dec
Nov
Nov
Nov
Nov
Nov
Jan
Nov
Feb
Nov
Nov
Nov
Aug
Oct
May
Nov
Nov
Sept
Nov
Nov

1021* Oct
Oct
101
1011* Oct
109
Aug
981* Nov
891*
881*
1071*
120
1021*
83
821*
1051*
1001*
60
93
97
45
102
92
1021*
100
1061*
1011*
981*
83
89
105
1031*
83
841*
1091*
901*
951*
95
1021*
75
75
901*
95
941*
82

Dec
Nov
Nov
Dec
Feb
Nov
Nov
Oct
Nov
Apr
Nov
Nov
Jan
Dec
Nov
Dec
Dec
Nov
Nov
Juno
Jan
Nov
Dec
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Aug
Nov
Oct
Dec
Dec
Oct
Nov

[Vol. 101

Stocks—

F rid a y
S a les
L a st W eek ’s R ange
fo r
S a le
o f P r ic e s .
W eek.
P a r . P r ic e . L o w .
H i g h . S h a res.

American Sewer P ipe.. 100
17
Am Wind Glass Mach. 100 29
273*
Preferred ................1 0 0 1263* 1213*
Am Wind Glass, pref.. 100 97
963*
Caney River Gas______25
31
30
Columbia Gas & El___ 100
153*
155*
Consolidated Ice, p re f..50
35
Crucible Steel, pref___ 100
111
Harb-Walk Refrac com 100
70
Preferred__________ 100
983*
Independ Brewing, pref.50
173*
La Belle Iron Wks___ 100
49J*
49
Mfrs Light & Heat........ 50
523*
Nat Fireproofing, c o m ..50 123*
11
Preferred___________ 50 243*
223*
Ohio Fuel Oil..................... 1
153*
163*
Ohio Fuel Supply______25
40
40
Oklahoma Natural Gas 100
693*
Osage & Oklahoma C o. 100
90
Pittsburgh Brew, c o m ..50
5
Preferred___________ 50
173*
Pittsburgh Coal, com.100
34
353*
Pittsburgh Oil & G as.. 100
73*
73*
Pittsburgh Plate Glass. 100
118
Pure Oil, common...........5
17
San Toy Mining________ 1
16c.
Union Natural Gas___ 100
140
Union Switch & Signal..50
1263*
U S Glass.......................100
193*
U S Steel Corp, com__ 100
853*
West’house Air Brake..50
139
West'house Elec & M fg .50 683*
673*
Westinghouse Machine.50 35
343*
West Penn Rys, pref.. 100
75
Bonds.
Pittsburgh Coal deb 5sl931
96

173*
293*
1263*
97
31
163*
35
111
70
99
173*
533*
533*
123*
25
17
41
70
90
53*
173*
36
73*
119
183*
18c.
1403*
129
193*
875*
140
70
35
75
96

L ow .

120 15 J*
1,820
151*
1,000 751*
320 89 A
430 23
7,105
81*
10 34
10 75
120 45
90 971*
245
131*
595 27
575 46
10,710
41*
2,925
10
1.111
12
295 38
289 57
25 67}*
430
3
90 12
290 161*
49 5 41*
215 104
2,700
131*
3,300
8c.
115 1281*
735 92
40 13
465 38
383 1161*
555 321*
145 111*
10 70
SI,000

1.

R a n ge s in ce J a n .

Nov
July
May
Oct
July
Jan
Nov
Jan
Feb
Mar
Aug
Jan
May
Feb
Feb
May
Nov
Feb
Feb
Feb
July
Jan
Aug
Apr
May
Apr
Aug
Apr
Aug
Feb
Mar
Feb
Jan
Feb

90

Jan

H ig h .

24
31
1301*
123
311*
161*
40
111
70
99
221*
591*
531*
131*
26
17
45
71
90
81*
241*
421*
71*
119
181*
24c.
1401*
1301*
28
881*
144
741*
35
75

Apr
Oct
Nov
Jan
Nov
Nov
Feb
Sept
Nov
Jan
Jan
Nov
Nov
Oct
Nov

Nov
Jan
’Oct
No
Nov
Oct
June
Nov
Oct
Nov
Nov
Sept
Oct
Nov

97

Apr

Baltimore Stock Exchange.— Com plete record of the
transactions at the B altim ore Stock Exchange from N o v . 2 7
to D e c . 3 , both inclusive, com piled from the official sales
lists, is given below . Prices for stocks are all dollars per
share, not per cen t. F or bonds the quotations are per cent
of par value.

Stocks—

Par.

Alabama Co__________ 100
1st preferred_______ 100
2d preferred________ 100
Arundel Sand & Gravel-.
Atl Coast Line (Conn). 100
Balt Electric, pref..........50
Commercial Credit___ 100
Consol Gas E L & Pow. 100
Preferred__________ 100
Consolidation Coal___ 100
Cosden & Co____________
Preferred_____________
Davison Chemical, preflOO
Elkhom Fuel_________ 100
Fairmont Gas_________ 50
Houston Oil trust ctfs. . 100
Preferred trust ctfs.. 100
Industrial Bldg Corp____
Mer & Miners’ Trans..100
Northern Central______50
Pennsylv Water & Pow 100
Sapulpa Refining..............
Preferred ____________
United Ry & Elec______50
Wayland Oil & Gas______5
Bonds—
Alabama gen 6s__________
Atl Coast L RR conv 4s'39
Atl C L (So Caro) 4 s.. 1948
Balt Dry D & S B 6s_____
Balt Catonv & E M 5s 1916
Balt Elec stamped 5s. 1947
Balt Spar Pt & C 43*s 1953
Carolina Central 4 s.. 1949
C & P Tel of Va 1st 5s.
Chicago Ry 1st 5s___ 1927
Consolidated Gas 5 s.. 1939
General 43*s........... 1954
Cons Gas EL&P 4 A s . 1935
N otes.................. ...........
Consol Coal ref 43*8.-1934
Refunding 5s.......... 1950
Convertible 6s____ 1923
Cosden & Co 1st 6 s .. . 1923
Davison Chemical 6s. 1932
Elkhom Corp 6s w 1--------Iilkhorn Fuel 5s____ 1918
Small bonds....................
Fair & Clarks Tr 5 s.. 1938
Fairmont Coal 5s----- 1931
Ga Car & Nor 1st 5 s .. 1929
Ga Sou & Fla 5s------- 1945
Houston Oil dlv cfs 1923-25
Small ctfs.......................
Jacksonville Gas 5 s.. 1931
Jamison C & C-G C 5s 1930
Leh Val Tran 5s........ 1960
Lexington (Ky) St 5s. 1949
Md Electric Ry 1st 5s 1931
Monon V Trac 5s----- 1942
Mt V Mills V T notes........
N O Mobile & C 1st 5s 1960
N News & Old P 1st 5s ’38
Norf & Ports Trac 5s. 1936
Norfolk St Ry 5s........ 1944
Pcnnsyl W & P 6s----- 1940
United Ry & El 4 s ... 1949
Income 4s_________ 1949
Funding 5s________ 1936
do
small_______ 1936
Notes 5s................... 1916
Wash B & A 5s.......... 1941
West Penn Trac 5s__ 1960

F r id a y
W e e k 's R a n g e
L a st
o f P r ic e s .
S a le.
H ig h .
P r ic e . L o w .

Sa les
fo r
W eek.
S h a res.

10
40
25
05
663*
120
45
’ 45"
40
115
1141*
116
115
981*
983*
71*
71*
135
130
19
30
291*
213*
631*
653*
75
491*
503*
851*
86
72 A
4
41*
241*
25
41*
434

10
40
25
67
120
45
421*
116
116
991*
91*
81*
135
191*
30
24
67
75
55
80
73
41*
41*
25
41*

100
10,8
65
400
20
25
315
1,097
268
85
17,552
200
20
257
70
2,835
2,002
5
199
250
75
310
20
1,628
2,440

5
35
20
60
107
42
351*
1021*
1061*
92
5
51*
1001*
16
231*
10
54
65
24
82
631*
2
41*
201*
■ 21*

Sept
Nov
Nov
Nov
Sept
Sept
May
Jan
Jan
Jan
Jan
Mar
May
May
Apr
Mar
Jan
Mar
May
Aug
Aug
July
Oct
June
May

50
921*
94
971*
1001*
991*
951*
88
96
97
1061*
94
891*
1001*
921*
911*
1031*
132
102
971*
991*
991*
991*
961*
103
1021*

50
921*
94
971*
1001*
991*
95)*
88
90
97
1061*
94
891*
101
92 A
92
1031*
132
102
971*
1001*
991*
991*
961*
103
103
821*
811*
911*
881*
89
851*
96J*
93
98
481*
961*
821*
103
901*
83
64
851*
86
1001*
79
801*

SI,000
5,000
1,000
15,000
2,000
3,000
3,000
2,000
2,000
2,000
2,000
3,000
32,000
15,500
1,000
7,000
4,000
2,000
9,000
54,000
87,500
500
2,000
2,000
3,000
13,000
85,500
1,500
1,000
1,500
5,000
2,000
6,000
12,000
5,000
5,000
2,000
8,000
3,000
23,000
40,000
167,000
3,000
900
3,200
7,000
5,000

50
821*
90
971*
100
961*
93
84
94
93
103
92
851*
981*
90
861*
991*
92
97
971*
921*
931*
98 } ,
94
lot
100
721*
73
901*
79
89
85
94
91
98
33
95
75
1011*
88
791*
55
81
SOI*
100
731*
801*

Dec
Aug
June
Dec
June
Jan
Aug
Jan
Feb
June
Aug
Aug
Sept
Mar
Jan
Sept
Jan
May
Jam
Nov
Jan
Jan
July
Jan
Jan
Aug
Apr
Apr
Jan
June

1003*
"8 8 "

893*
1003*

973*
993
963*
103
813*

963*
483*
963*
903*
823*
613*
1003*

81 y i
01H
88)4
89
85 A
961*
91
98
471*
961*
821*
103
901*
821*
611*
85 A
85
101)1*
79
801*

R ange s in ce J a n .
L ow .

1.

H ig h .

12
40
25
67
122
45
168
116
116
100
93*
81*
135
22
301*
25
67
75
55
86
741*
41*
5
27
41*

Dec
Dec
Nov
Dec
Apr
Dec
Nov
Nov
Deo
Dec
Dec
Juno
Oct
Nov
Dec
Dec
[Nov
[Nov
; Oct
Oct
Oct
Mar
Nov

50
Deo
92J* Nov
94
971*
1001* Dec
991* Juno
97
Jan
88
96
Nov
97
Jan
1061* Deo
95
Juno
891* Deo
101
Deo
94
Mar
92
Dec
1031* Nov
132
Dec
102
Nov
971* Nov
1001* Deo
991* Nov
100
Feb
961* Jan
103
103
Deo
821* Deo
811* Nov
911* Mar
881* Nov
Nov
89
June 891* Mar
July 98?* Jan
Deo
93
Dec
Nov
99
Nov
Feb 481* Deo
Feb
Jan 97
Aug 841* Jan
Jan
July 103
Apr
Jan 92
June 83
Nov
June 64
Nov
June 87 1 Jan
July 871* Jan
Jan 1001* Apr
Oct
811* Feb
Nov
801* Nov

Chicago Stock Exchange.— Com plete record o f transac­
tions a t Chicago Stock Exchange from N o v . 27 t o D e c . 3 , both
Inclusive, com piled from the official sales lists, is as follow s:

Dec . 4 1915.J

THE CHRONICLE

Friday
Last W e e k 's Range
o f Prices.
Sale
H ig h .
P a r. P rice. L o w .

Stocks—

American Radiator___ 100
Preferred..................100
Amer Shipbuilding___ 100
Preferred_________ 100
Booth Fisheries, pref.,100
Cal & Chic Canal & D.100
Ch City & C Ry pt sh com
Chic Pneumatic T ool.. 100
Chic Rys part ctf "1” ___
Chic Rys part ctf “ 2” ___
Chic Rys part ctf “ 3"___
Chic Rys part ctf "4” ___
Chicago Title & Trust. 100
Commonw’th-Edison. . 100
Deere & Co, pref____ 100
Diamond Match_____ 100
Hart Shaff & Marx, pf.100
Illinois B rick .............100
Inland Steel____ _____ 100
Lindsay Light_______
Preferred...... ..........
Nat Biscuit pref......... 100
National Carbon..........100
Preferred_________ 100
Peoples’ G L & Coke.. 100
Pub Ser of N 111, com .. 100
Preferred__________100
Quaker Oats Co_____ 100
Preferred__________100
Sears-Roebuck com ... 100
Preferred__________100
Stew Warn Speed com. 100
Swift & C o ..................100
Union Carbide Co___ 100
Ward, Montg & Co, pref..
Bonds.
Armour & Co 45*s...l939
Chicago City Ry 5S..1927
Chicago Rys 5s____ 1927
Chic Rys 4s, series “ B” .
Chic Ry AdJ Inc 4s. 1927
Chicago Telephone 5s. 1923
Commonw-Edlson 5s. 1943
Dia Match con deb 6sl920
Met W Side El 1st 4s. 1938
Extension gold 4 s..1938
Morris & Co 45*8___ 1939
Ogden Gas 5s_______1945
People’s Gas L & Cok
Refunding gold 5s.. 1947
Ch Gas L & C 1st 5s 1937
Consum Gas 1st 5s. 1936
Pub Serv Co 1st ref g5sl956
South Side Elev 45*8.1924
Swift & Co 1st g 5s.. -1944
a Ex 60% stock dividend,

Sales
fo r
W eek.
Shares.

Low .

375 375
135 135
38
37
SO
80
74
7454
50
50
3
3
83
79
79
77
77
77
18
185*
5
5
15* 15*
230 235
1445* 1435* 14454
965* 97
112
1075* 1215*
1145* 11454
82'5*
825* 80
335 335
’ *6
55* 6
95* 95*
125
125 125
1545* 160
160
1205* 121
11754 118
10854 10854
101
1015* 102
310 315
106 107
174 M 168 1765*
126 126
915*
84
.87
1255* 127
164 17254
1135* 114

56 345
5 :1305*
207 26
576 675*
36 68 5*
50 49
3
100
445 45}*
35 70
605 16
3
20
25
1
182 204
42 1325*
105 88
9,125 90
6 105
949 60
10 1595*
360
35*
85*
50
10 1195*
617 1195*
250 1185*
477 113
60 75
188 935*
88 225
92 103
3,611 al315*
50 121
9,722 485*
929 1045*
4,887 1445*
187 1105*

935*
985*
97
72
35
102 5*
1025*
116
74
70
895*
955*

$1,000 91
3,000 96
30,000 93
12,000 69
500 35
25,000 995*
17,000 100
121,800 1015*
1,000 705*
3,000 65
2,000 86 M
7,000

135
37

935*
985*
965*
705*
35
102
1025*
105
74
70
895*
955*

72
HO

1.

Range sin ce J a n .

H ig h .

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

390
Jan
138 May
485* Aug
825* Nov
81
Aug
51
Sept
Apr
8
9354 Aug
93
Jan
315* Jan
55* Feb
Jan
3
235
Nov
1465* Nov
99
Sept
1215* Nov
116
Nov
83
Nov
335
Nov
6
Nov
95* Dec
125
Feb
165
Oct
125 Sept
1235* Apr
110
Nov
102
Nov
330
Nov
108
Oct
215
Jan
126
Mar
925* Nov
1275* Nov
1725* Dec
1145* Nov

Jan 935* Nov
June 99
Feb
Feb
June 97
Sept 775* Mar
July 44
Jan
Jan 1025* Nov
Jan 1025* Nov
Feb 116 Dec
Feb
Oct 77
Jan
Oct 73
Jan 895* Nov
955* Dec

1025* 1025* 13,000 995* Jan 1025* Dec
Nov
102 54 1025* 10254 5,000 10054 Oct 103
1015* 1015* 1015* 16,000 100 Sept 10154 Dec
95
955* 4,000 875* Jan 955* Nov
Oct 90
Apr
2,000 87
89
89
985* 985* 36,000 945* Jan 9854 Nov
x

Ex-dividend.

Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
State, M u n .

B on d s.

B on d s.

P ar Value.

Shares.

231,663 $17,941,020
463,477 37,603,800
434,964 37,462,925
459,297 40,911,200
674,385 58,571,100
463,553 41,376,300

Saturday.........
Monday_______
Tuesday......... .
Wednesday____
Thursday______
Friday________

$3,246,500
3.936.000
4.212.500
4.552.000
4.122.500
4.274.500

2,727,339 $233,866,345 $24,344,000

Total.............
’

R ailroad.

Stocks.

W eek ending
D e c . 3 1915.

Sales at
N e w York Stock
E xch an ge.

W eek ending D e c .

1915.

1914.

2,727,339
Stocks—No. shares__
Par value------------- $233,866,345
$6,200
Bank shares, par____
B on d s.

3.

..........

Jan.

U . S.
B on d s.

$110,000
76,000
132.000 $105,000
217.000
213,500
180.000
$928,500 $105,000
1 to

D ec.

3.
1914.

1915.

161,043,736
45,990,575
$13,821,184,090 $4,023,321,369
$231,900
$265,800

Total bonds.

$105,000
928,500
24,344,000

$12,500
168,000
6,929,000

$2,009,000
25,298,500
826,847,700

$667,600
32,827,500
398,700.500

$25,377,500

Government bonds__
State. mun.,&c.,bonds
RR. & mlsc. bonds__

$7,109,500

$854,155,200

$432,195,600

DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
B oston.
W eek ending
D e c . 3 1915.

Shares.

Bond Sales.

P hiladelphia.
Shares.

Bond Sales.

B altim ore.
Shares.

B on d Sales.

Saturday.............
Monday------------Tuesday........—
Wednesday..........
Thursday______
Friday_________

28.401
57,669
65.402
36,049
48,282
33,954

$13,000
63.500
66,000
21.500
32,200
22,700

39,473
82,323
55,445
46,618
46,742
65,290

$79,875
60,700
79,694
86,345
81,119
88,800

2,161 $126,700
6,266
130.000
6,874
64,800
9,599
190.000
3,898 : 136,600
3,466 i
80,200

Total...............

269,957

$218,900

335,891

$476,533

32,264! $728,300

Inactive and Unlisted Securities

All bond prices are “ and Interest” except where marked “ f.'
Standard Oil Stocks

Pe rShare
Par B id.

Anglo-Amer Oil new----.100
.100
..50
.100
.100
.100
..50
.100
.100
.100
.100
.100
..50
..£1
..25
.100
.100
..25
..25




As*.
*17% 18
650 660
285 295
*114 117
735 750
170 180
270 275
♦47 50
60 65
260 265
165 168
135 138
169 172
*110 113
*12% 12%
*36 37
230 235
108 112
*170 172
•66 69

Par

Pierce Oil Corp................. 25
Prairie Oil & Gas............ 100
Prairie Pipe Line---------- 100
Solar Refining------------- 100
Southern Pipe Line C o.. 100
South Penn Oil................100
Southwest Pa Pipe Lines. 100
Standard Oil (California) 100
Standard Oil (Indiana)..100
Standard Oil (Kansas) ..100
Standard Oil of KentuckylOO
Standard Oil of NebraskalOO
Standard Oil of New Jer.100
Standard Oil of New YTklOO
Standard Oil of Ohio___ 100
Swan & Finch_________ 100
Union Tank Line Co___ 100
Vacuum Oil................... 100
Washington Oil................10
Bonds.
Pierce Oil Corp conv 68.1924

Per s h a r e .
B id . | s k .
A

*17
430
220
300
233
368
138
338
500
450
355
350
502
211
525
130
87
227
*46

I 17%
435
223
310
238
372
1142
342
505
460
365
j360
501
214
535
135
90
230
50

87

88

1877

Tobacco Stocks—P er Sha re.

B id .
Railroads—
West Pac 1st 5s 1933...M-S f 37

Preferred___________ 100
Amer Machine & Fdry..l00
British-Amer Tobac ord..£l
Ordinary, bearer_____ £1
Conley Foil..................... 100
Johnson Tin Foil & M et.100
MacAndrews & Forbes.-lOO!
Preferred____ _______ 100

Street Railways

Tobacco Products com .. 100 34
United Cigar Stores com. 100 95
Preferred..................... 1()0 110
Young (J S) Co..............100 155
Preferred...................loo 105

Preferred...... ................ 50
Canada Fdys & ForglngslOO
Canadian Car & Fdry__ 100
Preferred___________ 100
Canadian Explosives comlOO
Preferred___________ 100
Carbon Steel common__ 100
1st preferred_________100
2d preferred_________100
Colt's Patent Fire Arms
M f g ...........................100
Drlggs-Seabury Ord CorplOO
duPont (E I) de Nemours
Powder com (new)__ 100
Preferred___________ 100
Electric Boat__________100
Preferred___________ 100
Hercules Powder com__ 100
Preferred.....................100
Hopkins & Allen Arms.. 100
Preferred___________ 100
Lake Torpedo Boat com ..10
Midvale Steel& Ordnance . .
Niles-Bement-Pond com.100
Preferred___________ 100
Savage Arms___________100
Scovlll Mfg ................... 100
*46% 46*2
Submarine Boat.........
Winchester Repeat Arms 100 2450 2625
Short Term Notes. Per C en t. I
Amer Locom 5s July 1916 J-J 100%'101%
5s, July 1917................J-J 100%101%
*'100%
Am T & T Sub Cos 5 s..1916 100%
Anaconda Copper 5s T7 M-S 101% 10112
Balt & Ohio 45*8 1917. J&D 101i8 101%
45*s, 1918................J&D 10U2101%
Canadian Pac 6s 1924.M&S2 10278 103%
Ches & Ohio 5s 1919 J-D 98% 98%
4
Chic Elev Ry 5s 1916... J-J 96> 97 %
Chic & West Ind 5s T7.M&S 100 100%
O
Consum Pow 6s 1917..M&N 99U IO I4
Erie RR5s, April 1916. A&O 10058 10078
55*s April 1 1917___ A-O 101%102
General Rubber 5s 1918 J&D 10 0 % 10 0 %
Hocking Valley 5s 1917.M-N 1 0 1 % 1 0 1 %
Int Harv 5s Feb 15 T8.F-A 101% 101%
Lackawanna Steel 6s’ 17 M-S 101 101%
Minn Gen El 6s 1917...J&D 101 101%
New Eng Nav 6s 1917.M-N 99% 99%
N Y N H & H 6s.May 1 1916 100% 100?8
Pub Ser Corp N J 5s '16 M&S 100% 100%
Schwarz & Sulzb 6s '16. - J-D 100% 101
Seaboard A L 5s 1916...M-S 100% 100%
Southern Ry 5s 1916...F-A 100% 100%
5s Mar 2 1917........M-S2 100% 10U78
Sulz&SonsCo6sJ’ne 1 '16M-S 10034 101
UnTypew 5s Janl5’ 16 J-J15 98% 9914
United Frult6sMay 1T7M-N 102 102%
Gold notes 5s 1918..M-N 100% 10078
U S Pub Service 6s '18 A&O 99 100
Utah Co 6s 1917..........A-O 101 101%
UtahSecurCorp 6s '22 M-S15 91% 92%
New York City Notes—
6s Sept 1916___
6s Sept 1 1917..........
i°.
Canadian Govt. Notes5s Aug 1 1916................F&A 10 0 %'10 0 %
5s Aug 1 1917................F&A 100% 100%
P erC t. Basis
B id . A s k .

4.40
4.50
4.50
4.62
4.90
4.70
4.70
7.00
6.25
6.25
4.80
4.50
4.40
6.40
4.95
4.80
4.80
4.80
4.70
4.70
4.38
4.38
4.65
4.40
4.50
6.75
6.50
4.80
4.80
4.62
4.62
4.70
4.35
4.35
4.25
4.25
6 00
7.00
4.75
4.75
4.40
4.65
4.75

58
85
12
48
21
71
11
46
50
76
83
83
81%

Elec. Gas & Power Cos

Preferred___________ 100
Amer & British Mfg___100
Preferred___________ 1001
Atlas Powder common.. 100
Preferred___________ 100

RR. Equipments—
Baltimore & Ohio 45*s____
Buff Roch & Pittsburgh 45* s
Equipment 4s_____
Canadian Pacific 45*s.
Caro Clinchf & Ohio 5s
Central of Georgia 5s. .
Equipment 45*s___
Chicago & Alton 4s__
Chicago & Eastern 1 1 5s___
1
Equipment 45*s____
Chic Ind & Louisv 45*s
Chic St L & N O 5s____
Chicago & N W 45*s..,
Chicago R I& P a c4 5*s.
Colorado & Southern 5s___
Erie 5s_____________
Equipment 45*s___
Equipment 4s_____
Hocking Valley 4s___
Equipment 5s_____
Illinois Central 5s___
4 5 *s......................
Kanawha & Michigan 45*s..
Loulsville & Nashville 5s___
Minn St P & S 8 M 45*s___
Missouri Kansas & Texas 5s.
Missouri Pacific 5s________
Mobile & Ohio 5s.................
Equipment 45*s________
New York Central Lines 5s..
Equlpment 45*s________
N Y Ontario & West 45*s__
Norfolk & Western 45*s___
Equipment 4s__________
Pennsylvania RR 45*s____
Equipment 4s............. .....
St Louis Iron Mt & Sou 5s..
St Louis & San Francisco 5s.
Seaboard Air Line 5s______
Equipment 45*s________
Southern Pacific Co 45*s__
Southern Railway 4 54s____
Toledo & Ohio Central 4s__

57
83
10
____
1')
69
10
44
46
74
81
.100 82
81

sk .

40

4.25
4.35
4.35
4.45
4.65
4.50
4.50
5.80
5.00
5.00
4.50
4.35
4.20
5.50
4.50
4.50
4.50
4.50
4.45
4.45
4.25
4.25
4.45
4.20
4.30
5.25
6.25
4.55
4.55
4.40
4.40
4.50
4.20
4.20
4%
4%
5.00
5.50
4.45
4.45
4.25
4.45
4.50

*130 132
*49 51
370 374
109 111
69 70
84 86
36 40
70 74
87 88%
75 76%
Consumers Power (Minn)
1st & ref 5s 1929..-M&N 94 97
ec Bond & Share pref..100 100
Great West Pow 5s 1946 .J&J 82 _84 ”
Indiana Lighting Co___ 100 45
4s 1958 optional___ F-A 70 '7 3 "
North’n States Pow com. 100 39 40
Preferred___________ 100 92% 93%
Pacific Gas & Elec com .. 100 58 59
1st preferred________ 100 88 90
2d pref (old pref)____100 89 92
South Calif Edison com.100 77 79
Preferred.....................100 96 99
Southwest Pow & L pref 100 97% 100
Standard Gas & El (Del). 50 *8
9
Preferred.......................50 *29% 30%
United Gas & Elec Corp.100 19% 22%
1st preferred_________100 69%
2d preferred_________100 20 *23%
Utah Securities Corp___ 100 18% 20
6% notes—See Short-Term Notes
Western Power common.100 17% *19
Preferred___________ 100 52 53
Industrial
and Miscellaneous
Adams Exp col tr g 4s’47 -D
Alliance Realty________100
Amer Bank Note com__ 50
Preferred____ ________ 50
American Brass........ ...100
American Chicle com ...1 00
Preferred..................... 100
Am Graphophone com .. 100
Preferred___________ 100
American Hardware___ 100
American Surety________50
Amer Typefounders com. 100
Preferred___________ 100
Bond & Mtge Guar____ 100
Borden’s Cond Milk com.100
Preferred___________ 100
Braden Copper Mines____ 5
Canada Copper_________ 5
Casualty Co of America. 100
Celluloid Company____ 100
City Investing Co_____ 100
Preferred___________ 100
Cramp Ship & E B ldg... 100
Emerson-Brantlngham_100
Preferred___________ 100!
Goldfield Consol Mines__ 10
Havana Tobacco Co___ 100
Preferred..................... 100
1st g 5s June 1 1922..J-D
Intercontlnen Rub com..100
Intemat Banking Co___ 100
Internat Merc Marine.-.100
Preferred..................... 100
International Salt..........100
1st g 5s 1951............A-Oi
International Silver pref. 100
1st 6s 1948................. J-D
Deb 6s 1933............... J-J|
Keily-Springfield Tire__ 100
1st preferred............... 100
New stock when iss.
Kennecott Copper___
Lanston Monotype____ 10C
La Rose Conso! Mines___ 5
Lawyers’ Mortgage C o.. 100
Lehigh Valley Coal Sales.50
Marconi Wireless of Amer.5
Mortgage Bond Co____ 10C
National Surety_______ 100
N Y Mtge & Security... 100
N Y Title Insurance C o.100
Nipissing Mines_________ 5
Otis Elevator com_____ 100
Preferred____________100
Realty Assoc (Brooklyn) .100
Remington Typewritei
Common____________100
1st preferred________ 100
2d preferred________ 100
RIker & Hege’n(Corp for stk)
Royal Baking Powd com.100
Preferred..................... 100
Safety Car Heat & Light. 100
Singer Mfg Co................100
Standard Coupler com ..100
Preferred___________ 100
Sterling Gum___________ 5
Texas & Pacific Coal___ 100
Tonopah Extension Min__ 1
Triangle Film___________ 6
United Profit Sharing.
U S Casualty__________100
U S Envelope com_____ 100
Preferred..................... 100
U S Finishing........ ......... 100
Preferred___________ 100
1st g 5s 1919........ ...J -J
Cons g 5s 1929............J-J
U S Title Gu & Indem__ 100
Westchester & Bronx Title
& Mortgage Guar____ 100
World Film ....................
Worthington (H R) Com- pany pref___________ 100
Yukon Gold-------------------5

♦Per share. 6 Basis, d Purchaser also pays accrued dividend,
/F iat price, n Nominal, x Ex-dividend, v Ex-rights

/80 81
75 85
*44 47
*50 52
258 261
72 77
84 87
128 132
138 142
121 127
120 125
40 41%
89 91
283 293
114 116
105 107
*16 16%
*178 2
105
160 165
16 19
70 80
80 84
16 20
51 55
*1% 1%
2
4
6
8
/52 55
12 13
160 163
16% 17
65% 66%
39 42
/64 68
100 102
108% 109%
294 299
97 98
73% 74%
*53% 53%
76% 79
%
178 183
*80 82
*3% 4
114 119
190 194
98 103
35 45
*7% 7%
70 72
92 94
98 103
14% 15%
62 65
40 42%
*5% 5%
140 150
101 102
115 120
208 212
25 35
100
*2% '2*%
130 160
>37„ 4
*5%! 5%
*1% 1%
190 210
128 138
104% 107
11
35
92
68
35
165 180
*4
4%
97 102
*2% 3

e New stock.

THE CHRONICLE

1878

[Vol . 101

l i i u x s t w c i x t a u tX f jU x i lx w c X f i x t e l l i p i x c e .
R A I L R O

A D

G R O S S

E A R N I N G S .

The following table shows the gross earnings of every S T E A M railroad from which regular weokly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including the latest week or month. W e add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covors some other
period. The returns o f the electric railways are brought together separately on a subsequent page.
L a te s t G ro ss W a r n in g s .
W eek or
M o n th .

ROADS.

C u rren t
Y ear.

July 1

P r e v io u s
Y ear.

Previous

ROADS.

Y ear.

Ala N O & Tex Pac§
S
N O & Nor East. O ctober..
377,372 287,705 1,255,998 1,230.117
550,896
AJa & Vicksburg. October_
_
537.669!
150,341 140,403
527,704
153,629 127,677
Vicks Shrev& Pac October_
_
532.826
J H i.
985,586
Ann Arbor________ 3cl wk Nov
989,338!
56,597
43,966
Atch Top & San Fe_ October . . 11384903 10882377 43,5061916 41.297,401
985,413;
928,627
Atlanta Birm & Atl October .
269,663 214,727
306.085
309,739
Atlanta & West P t. September
111.686
99.262
Atlantic Coast Line O ctober.. 2,572,335 2,453,687 9,126,689 9,392,150
590,203
552,587
Chariest & W Car October_
_
167,701 164,969
390.191
373,301
Lou Hend & St L September
135,553 134,646
aBaltimoro & Ohio. October.
10004431 7.955,694 37,641,860 33,585,090
590,526
569,520
B & O Ch Ter RR October .
164,445 153,083
763.642
731.148
Bangor & Aroostook September
268,353 288,452
Bessemer & L Erie. October _ . 1,152,951 922.582 4,852,343 4,371,557
323,415
290,055
71,194
Birmingham South. October
81,455
Boston & M aine_ October
_
4,429,911 4.327.533 17,164,169 17,268,861
Buff Koch & Pittsb. 3d wk Nov 273,855 174,953 4,724.747 4,157,483
510,273
519.949
140,006 134,610
Buffalo & Susq R R . October_
_
Canadian Northern. 4th wk Nov 1.139.000 657,000 11,627,300 9,878,200
Canadian Pacific . . 3 d wk Nov 2.960.000 1,729,000 49,290,992 45,820,876
Central of Georgia. October . . 1,183,276 1,055,587 4,167,859 4,228,908
Cent of New Jersey October . . 3,129,140 2,863,580 11,829,456 11,401,819
478,580 355.643 1,577,202 1,280,248
Cent New England. October . .
359.172 351,296 1,020,984 1,049,353
Central Vermont . . September
Ches & Ohio Lines. 3d wk Nov 879.602 683,181 17,993.710 15,703,522
213,609 269,419 6,390,058 6,024,128
Chicago Sc Alton_ 3d wk Nov
_
Chic Burl & Quincy September 8.906.988 8,579,305 24.428.638 25.183.260
b Chicago & East 1 1 October— 1,564,060 1,242,885 5,539,550 5,221,516
1
c Chic Great W est. 3d wk Nov 350,282 307,403 5,917,179 5,908,327
Chic Ind & Louisv. 3d wk Nov 153,815 111,930 3,022,003 2,789,435
9,515,771 8,873,521 35,281,668 34,127,916
Chic Milw & St P . l October
Chic Mil & Pug SJ
dChic & North West October .. 8,616,350 7,884,096 32,150,192 31,723,306
616,831
160,332 142,543
592,939
Chic Peoria & St L_ October _.
dChic St P M & Om October .. 1,845,334 1,751,180 6,511,876 6,762,070
793,967
223.271 198,589
756,395
Chic Terre II &S E . October__
Cin Ham & Dayton October _. 1,048,716 887.210 4,022,184 3,743.306
542,178
924.833
165,735 205.467
Colorado Midland . September
367,235 351,641 6,209,697 5,960,629
e Colorado & South 3d wk N ov
46,278
12,148
11,263
41,394
_
October_
Cornwall
115,691
26.958
148,474
37,184
_
Cornwall & Lebanon October_
391,108 277,148 1,639,755 1,317.855
October . .
Cuba Railroad . .
Delaware & Hudson September 2,072,983 2,068,596 6,248.435 6,169,416
Del Lack & Western October .. 4,446,482 4,023,331 15,641.004 15,348,078
Denv & Rio Grande 3d wk Nov 522,200 428.200 10,782,149 10,008,946
680,626 596,988 2,105,669 1,712,031
Western P acific.. September
766,350
40,200
33,732
859,761
Denver & Salt Lake 3d wk Nov
533.065
488.933
191.701 199.823
Detroit Tol & Iront September
459.700
17,164
438,868
21,156
Detroit & Mackinac 3d wk N ov
336.705
115.185 129.572
330,509
Det & Tol Shore L . September
732,835 495.643 3,356,682 2,577,228
Dul & Iron Range. October . .
56,710
46,069 1,406,896 1.250,655
Duluth So Sh & Atl 3d wk Nov
335.855
327.548
104,470 104.211
Duluth Winn & Pac September
_
Elgin Joliet & East. October_ 1,116,962 738,098 4,023.867 3,233,661
837,010 576,690 3,220.299 2,595,861
El Paso & Sou West October
6,566,943 5.538.534 24,439,503 21,953,240
October
Erie
403,893 387,343 1,438,791 1,292,907
Florida East Coast. October—
322,736
330,838
72,727
76,586
Fonds Johns & Glo October ..
747,734
703,912
278,947 241,082
Georgia R ailroad.. September
88,103 2,243,346 1,867,365
Grand Trunk P a c .. 2d wk N ov 185,472
21.249,923 21,262,959
Grand Trunk Syst. 3d wk Nov 935.884 841,607
Grand Trunk Ry 2d wk N ov 607,461 668,804 15,956,998 16,565,474
Grand Trk West. 2d wk N ov 191,092 133,896 3,146,142 2,812,276
57,945 1,205,749 1,041,322
74,126
Det Gr II & Milw 2d wk Nov
Great North System October .. 8.872,454 7.789.500 28,755,242 29,627,635
580,413
635,362
Gulf & Ship Island October . .
196,337 144,281
Hocking Valley___ October . .
698,619 684,311 2,571.545 2,597,705
Illinois Central
October . . 6,093,005 5,520,343 22,258,258 22,291,247
Internat & Grt Nor October . .
920,779 908.572 3,050,425 3,136,112
Kanawha & M ich . October . .
332.184 259,810 1,203,822 1,173,459
Kansas City South. October__
977.184 880,044 3,486,676 3,570,118
October__ 4,639,358 4,110,503 16,096,355 15,378,758
Lehigh Valley
456.697
Lehigh & Hud River September
476.376
160.884 160.217
Lehigh & New Eng . October
975,163
309,792 270,126 1,183,393
468.366
Louisiana & Ark_ :September
_
426,318
156,967 131,827
556.143
497.594
Louisiana Ry & Nav September
204.153 155.212
/Louisvillo & Nashv 3d wk Nov 1,160,855 957,595 22,490,855 21,548,752
13,276
49,390
53,590
Macon & Birm’ham October_ !
_
15,198
Maine Central_____ October __ 1,021,676 1,041,514 4,102,596 4.179,382
55,764
172.274
198,839
Maryland & Penna. October __
47,759
573,411
507,328
Midland Valley____ October
162,694 139,586
425,637
320,896
22,628
15,190
Mineral Range .
3d wk N ov
Minn & St Louis. . 1 3d wk N ov 255,922 225,171 4,277,621 4,238,990
Iowa Central___(
Minn St P & S 8 M 3d wk Nov 879,503 5S0.742 14,165,213 12,775,728
132,003
160,193
80,754
64.447
_
Mississippi Central. A u gu st_
730,572 717,692 12,762,616 13,370.198
< M o Kan & Texas. 3d wk Nov
7
h Missouri P acific.. 3d wk N ov 1,329,000 1,157,000 24,710.000 25,023,000
Nashv Chatt Sc St L October . . 1,121.133; 958,688 4,043,824 3,925,398
196,703
196,910
7,9721
7,170
Nevada-Cal-Orogon 3d wk Nov
j New York Central October . . 16140580 13609051 59,803,683 5-1,396,782
Bosto & Albany October . . 1,625,090 1,419,892 6,266,575 5,860,998
_______
599,542! .486,514 2,280,601 2,098,905
n Lako Erie & X October . .
V
Michigan Central October . . 3.464,282 3,019,610 13,099,869 12,019,993
Cleve C C & St L October _. 3.652,6273,238,046 13,992,709 13,121,473
588.938
600,664
Cincinnati North. October . .
156,360 149,734
Pitts & Lake Erie O c to b e r _ 1,989,801 1,281,928 7,368,723 5,662.914
N Y Chic & St L . O c to b e r _ 1,232,820 1,022,836 4,393,175 3,839,436
Tol & Ohio C ent. October . .
486,466, 578.382 1,730,744 2,057,614
Tot all lines above October . . 29347568 24805996 109536743 99,647.052

July 1

L a te s t G r o s s E a r n in g s .

to L a test D a te .

C u rren t
Y ear.

W eek or
M o n th .

C u rren t
Y ear.

P r e v io u s
Y ear.

to L a te s t D a t e .

C u rren t
Y ear.

P r e v io u s
Y ear.

$ ■
S
$
S
New Orl Great Nor October ._
144,044 142,928
572.051
576,775
190,353 146,360
N OM obilo& Chic. October . .
638,346­
627,308
O c to b e r _ 6,532,914 5,639,521 25,357,788 22,954,442
N Y N H & H a rtf..
N Y Ont & Western October . .
765,457 756,315 3,366,569 3,571,575
360,191 331,386 1,351,986 1,260,091
N Y Susq & W est. . October . .
Norfolk Southern.. October .
392,293 333,295 1,421,030 1,334,416
Norfolk Sc Western. October_ 4,888,127 3,525.889 18,874,591 15,374,943
_
Northern Pacific_ October ._ 7,166,395 6,649,518 25,360,697 25,251,358
_
Northwestern P a c .. September
416.063 369,457 1,335,397 1.202,701
_
Pacific Coast C o_ September
669.008 671.598 1.987.798 1,910,860
p Pennsylvania R R . October . . 19098095 16482466 71,680,085 66,320.663
92,135 106,340
Balt Ches & Atl__ October . .
579,858
502,758
Cumberland Vail. October . .
304,361 271,965 1,125,391 1,067,696
Long Island_____October . . 1,115,754 1,074,952 5.461,701 5,399,964
75,028
Mary I’d Del Sc Va October . .
79,296
383,699
410,675
N Y Phila Sc Norf October . .
365,495 294,218 1.572,926 1,400,920­
Phil Balt A Wash October __ 1,957,089 1,743,155 7,707,307 7,313,189
W Jersey & Scash October . . 525,176 472,385 3,179,879 2,978,666
Pennsylvania C o __ October ._ 6,344,042 4,862,089 24,097,466 20,828,156
Grand Rap & Ind October . .
453,807 464.730 1,912,894 2,035,764
Pitts C C & St L . October . . 4,071,180 3,461,475 15,097,827 14,242,032
V andalia_______ October . . 1,092,066 1,004,612 4,052,239 3,996,685
Total lines—
East Pitts Sc Erie October . . 24089740 21024094 93,902.706 87,758,531
West Pitts & Erie October . . 12115163 9.932,618 45,739,718 41,663,625
All East & W est. October . . 36204904 30956713 139642425 129422159
Pere Marquette_ September 1.753,585 1,743,780 4.935,607 4,747.397
_
Reading Co—
Phila & Reading. October___ 230,272 4,253.268 18,005,450 16,495,605
Coal & Iron C o .. October_ 3,598,807 2,951,883 9,515,258 10,049,559
_
Total both cos_ October___ 8,829,079 7,205,151 27,520,708 26,545,164
_
Rich Fred & Potom October_
_
902.281
908,734
224,921 218,238
Rio Grande Junc’n . A u gu st__
176.281
161.732
85.174
97,776
Rio Grande South.. 3d wk Nov
239,202
241,333
12,060
12,537
Rock Island L in os..!September 6,573,569 6.881.092 18,625,918 19,584,880
Rutland .............. . _ October_
_
346,019! 334,291 1,331,179 1,302,512
477.398
St Jos Sc Grand Isl_.September
141,983 141,119
387.635
St L Brownsv & M . October . . 237,754' 183,822
820,216
951,703
St L Iron Mtn & So September 2,515,293 2,570,190 7,555,860 8.040,720
____ ______________
St Louis Sc San Fran September 3,899,922 3,675.369' 11.203.230 11.336,308
St Louis Southwest. 4th wk Nov 352,000, 280,000 5,149,955 4,750,470
San Ped L A & S L . October . .
838,718; 815,440 3,710,842 3,250,196
Seaboard Air L in e.. October . . 1,896,410 1,712.207 6,795,615 6,811,242
Southern Pacific_ October___ 14133 303 12005 046 53,586,141 47,251.123
_
Southern R ailw ay.. 3d wk Nov 1,314,309 1,163,840 26,251,414 26,016,636
Mobile & O h io.. 3d wk Nov 225,891 194,209 4,478,205 4,524,892
Cin N O & Tex P 3d wk Nov 222,801 167,900 3,902,629 3,775,648
Ala Great South. 3d wk Nov 113,571
83,407 2,024,914 1,882,244
Georgia Sou &Fla 3d wk Nov
928,992
51,232
913,986
42,801
Spok Port & Seattle September
466.787 480.338 1,359,527 1,412,278
Tenn Ala & Georgia 2d wk Nov
29,923
29,651
1,364
1,127
Tennessee Central. September
424,829
148,578 130.051
410.666
Texas & Pacific___ 3d wk Nov
438,406 416,958 7,520,787 7,372.835
508,292
Toledo Poo & W est. 3d wk Nov
501,220
23,201
21,147
Toledo St L & West 3d wk Nov 135,328
89,186 2,144,814 1,870,202
280,257
77.827
Trinity & Brazos V . September
61,247
189,704
Union Pacific Syst. October . . 10275488 9.201,934 35,720,881 34,392.196
563,059 524,797 2,419,863 2,104,125
Virginian................ October . .
39,212
32,901
784,533
Virginia & So West. 3d wk Nov
774,025
W abash................. September 2,875.796 2,6-17.733 8,111.535 8,089,816
Western Maryland- 4th wk Nov 247,822 179,586 4,440,917 3,559,359
114,524 109,007
319.986
Western Ry of Ala. September
302,357
Wheel & Lako Erie. O ctob er... 862.813 532,265 2.841,912 2,149,627
35,758
27,371
90,412
Wrightsvilie & Tenn October . .
96,813
Yazoo & Miss Vail. October . . 1,346,001 1,106,749 4,343,210 3,763,599
C u rren t
Y ear.

P e r io d .

V a r io u s F is c a l Y e a r s .

Buffalo & Susquehanna R R -------Ian 1
Delaware Sc Hudson___________ Jan 1
E rie...................................
New York Central_____________ Jan 1
Boston & Albany____________ Jan 1
Lako Erie & w estern.n------- Jan 1
Michigan C entral___________ Jan 1
Clove Cine Chic Sc St L ou is.. Jan 1
Cincinnati N orthern............... Jan 1
Pittsburgh & Lake Erie.........Jan 1
New York Chicago & St Louis Jan 1
Toledo & Ohio Central--------- Jan l
Total all lines-------------------- Jan l
N Y Susquehanna & Western. _ Jan 1
p Pennsylvania R a ilr o a d ------------ Jan 1
Baltimore Chesap & Atlantic Jan 1
Cumberland Valley--------------- Jan l
Long Island------------------------- Jan 1
Maryland Delaw Sc Virginia. Jan 1
N Y Philadelpliia & Norfolk. Jan 1
Phila Baltimore & Washing’n Jan 1
West Jersey & Seashore_____Jan 1
Pennsylvania C o m p a n y ------------- Jan 1
Grand Rapids & Indiana------Jan 1
Pitts Cine Chic & St L ouis.. Jan 1
Vandalia.................- - - - - - - - - Jan 1
Total lines— East Pitts & Erie Jan l
— West Pitts& Erie Jan 1
— All Lines E Sc W Jan l
Rio Grande J u n ction .............
Dec 1
Rutland — ---------------------------- 'Jan I

to Oct
to Sept
to Oct
Jan1
to Oct
to Oct
to Oct
to Oct
to Oct
to Oct
to Oct
to Oct
to Oct
to Oct
to Oct
to Oct
to Oct
to Oct
to Oct
to Oct
to Oct
to Oct
to Oct
to Oct
to Oct
to Oct
to Oct
to Oct
to Oct
to Oct
to Aug
to Oct

P r e v io u s
Y ear.

31 *1,194,474 $1,192,096
30 17,029,735 16,917,460
31 54,053,542 50,390,756
31 135356666 127549084
31 14,386.082 13,919,446
31 5,046,741 4,784,167
31 29,657,923 28.282,282
31 31,034,971 29,705,318
31 1,308,144 1,226,539
31 14,406,667 13,658,491
31 10,047,881 9,402,339
31 3,802,808 4,113,503
31 245074882 232641230
31 3.355,016 3,246,157
31 159839089 158107212
989,515 1,081,200
31
___
31 2,505,592 2,776,158
31 11,514,702 11,417.812
762,373
803,051
31
31 3,439.170 3,193,982
31 17,423,924 17,132,115
31 5,958,101 5.604,997
31 49,313,687 47,089,772
31 4,379,426 4,574,433
31 33,537,437 33,409,013
31 9,209,237 9,194,997
31 206064438 204436317
31 97,757,696 95.618,056
31 304422133 300054371
31
624.507661,261
31 2.064 523 2.982.568

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly
* W eekly S u m m a r ie s .
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d

week
week
week
week
week
week
week
week
week
week

Sept
Sept
Sept
Oct
Oct
Oct
Oct
Nov
N ov
Nov

(37
(35
(37
(37
(32
(32
(36
(36
(36
(37

roads)____
roads)____
roads)____
roads)___
roads)___
roads)____
roads)___
roads)____
roads)____
roads)____

C u rren t
Y ear.

S

13,103.847
13,332,571
18,614.775
14,393.591
14,406,155
14,372.120
21,305,141
14.911.501
15,219,672
15,124,179

P r e v io u s
Y ear.

*
13,384.850
I. 3,349,783
17,922,504
13.249,948
12.873.769
12.225.873
17,501,687
12.010,570
12.176,733
II.

In crea se or
D ecrease.

$

— 276,003
— 17,212
+692.211
+ 1.143.643
+ 1.532.386
+2.146,247
+3.803.454
+2,000,931
+3,012,939
+3,322.460
801,719

%

* M o n th ly S u m m a r ie s .

C u rren t
Y ear.

*
C u r. Y r. P rey. Y r.
220,282.190
January---------------------246.9o9243.559
February___246,186 212.837 210,860,681
M a rch _____ 246.848 243.598 238,157.881
A p r il______ 247,701 215.170 237,696.378
M a y _______ 247.747 245.207 244,602,738
June_______ 210,219 235.828 248.849.710
July_______ 213.012 241.790 262.948,115
August......... 217.809 215.754 279,891,224
September-.245.132 243.463 294,241,340
83.071,129
October____ 87,083

P r e v io u s
Y ear.

I n c r e a s e or
D ecrease.

230.8'io,747
212,163,907
253,352,099
241,090,842
243.307.953
247.535.879
260,624.000
274,618,381
276,458,199
72,264,876

*
— 10.598.551
— 1,303,286
— 15,194.218
— 3.394,46-1
+ 1,324.785
+ 1.313.837
+ 2.324.115
+ 5,272.843
+ 17,783,141
+ 10,806,253

M ile a g e .

2.07
0.13
3.86
8.63
11.98
17.49
21.73
24.15
25.07
28.16

7.01
0 01
5.99
1.41
0.54
0.53
0.8?
1 93
6.43
14.95

Dodge and the Wisconsin Minnesota & Pacific, d Includes not only operating revenue, but also all other receipts, e Does not include earnings of Coloe Does not i i r„ _ _ p
, th
rado Springs & Cripple Creek District Ry. / Includes Louisville & Atlantic and the Frankfort & Cincinnati. g Includes the "exas C
a and ithe
Wichita Falls lines, h Includes the St. Louis Iron Mountain Sc Southern. ) Tho comparisons horo given are with the results
M
i r i 'i t t h
York Central & Hudson River R R ., Lake Shore & Michigan Southern R y., Chicago Indiana & Southern RR* and Dunkirk Allegheny Valu y & 1 ittsburgh
;
R R ., which have been combined for such comparative purposes only, n Includes the Northern Ohio R R . p Includes the Northern central.
we
on longer include the Mexican roads in any o f our totals.




THE CHRONICLE

N et E arn in gs M o n th ly to L a te st D a te s.— The table
following shows tho gross and net earnings of S T E A M
railroads and industrial companies reported this week:
------ G ro ss E a r n in g s -------------- N e t E a r n in g s -----R o ad s.

C u rr e n t
Y ear.
S

P r e v io u s
Y ear.
$

C u rr e n t
Y ear.
$

P re v io u s
Y ear.
$

Atlantic Coast L in e .a -.O c t 2,572,335 2,453,687
600,047
376,944
889.215
July 1 to Oct 31_______ 9,126.689 9,392,150 1,368,242
Boston & M a in e .a ............. Oct 4,429,911 4,327,533 1,248,166 1,054,394
July 1 to Oct 31_______17,164,169 17,268,861 4,928.820 3.495.276
Can North Ry System._Oct 3,678,500 2,578,300 1,257,000
719,200
Canadian Pacific.a_____ Octl3,443,214 9,282,928 6,579,434 3,321,328
July 1 to Oct 31______ 40,413,207 40,436,804 17,567,453 14,829,980
Central of Georgia.b_____ Oct 1,183,276 1,055,587
C435.257 c287,434
July 1 to Oct 3 1 ............ 4,164,859 4,228,908 c l,276,801 cl,023,304
Central of New Jersey _b-Oct 3,129,140 2,863,580 1,407,290 1,187,929
July 1 to Oct 31_______11,829,456 11,401,819 4,968,068 4,891,145
Ches & Ohio L in es.b-_.O ct 3,977,192 3,404,946 1,391.422
980,543
Jan 1 to Oct 31.......... .15,638,143 13,702,244 5,646.005 4.194.836
1:408,853 *296,582
Chicago & A lto n .a______ Oct 1,462,015 1,284,815
Jan 1 to Oct 3 1 ........... 5,440,983 5,200,669 *1,407,417 *1,34-1,432
Chicago & East I I I .b ...O c t 1,564,060 1,242.885
483,337
273,409
July 1 to Oct 31______ 5,539,550 5.221.516 1,287.105 1,450.338
Chic Great W estern.b -.O ct 1,312,239 1,306,727
369,157
333,857
July 1 to Oct 31______ 4.926,235 5,045,350 1,322,294 1,417,045
Chicago Ind & Louisv.b.Oct
681,638
596,178
233,133
162,787
July 1 to Oct 31______ 2,559,639 2,437,353
865,025
687,423
Chic Milw & St P a u l.b .-O c t 9,515,771 8,873,521 3,888,430 3,083,862
July 1 to Oct 31............ 35,281,068 34,127,916 13,934,985 12.068.036
Chic & North W e stn .a .-O c t 8,616,350 7,884,096 2,829,149 2,273,205
July 1 to Oct 31_______32,150,192 31,723.306 9,676,038 9.312,699
Chic St Paul M & O -a --O c t 1,845,334 1,751,180
650,432
553,572
July 1 to Oct 31............ 6,511,876 6.762,070 1,866.138 2,044.173
Cin n a m & D a y to n .b — -Oct 1,048.716
887,210
233,409
157,911
July 1 to Oct 31............ 4.022,184 3,743,306 1,088.408
8671429
Colorado & Southern.b-Oct 1,485,906 1,391,695
618.593
504,536
July 1 to Oct 31............ 5,171,019 4,937,116 1,754,390 1,489,687
Cuba RR
- - - ............Oct
391,108
277,148
141,955
115,862
July T to Oct 31............ 1,639,755 1.317.855
718,436
53L742
Del Lack & W e ste rn .b -O c t 4,446,482 4,023,331 2,003,015 1,656,637
July 1 to Oct 31-----------15,641,064 15,348,078 6,282,324 5,798,601
Detroit & M ackinac.a.-O ct
101.000
101,145
31,727
23,455
,L 4,907
403,813
88,723
94,732
July 1 to Oct 31---------Duluth South Sh & Atl b Oct
292,372
239,159
88.952
35,353
July 1 to Oct 31---------- 1,229,529 1,105,169
396,048
234,857
El Paso & Southw.b------ Oct
837.010
§76,690
329,820
222.695
July 1 to Oct 31---------- 3,220,299 2,595,861 1,210,739 1,029,818
Frio
Oct 6,566,943
5.538,534 2.591.266 1,376,080
K
Jan T to Oct 31............ 54,053,542 50,396,756 15,572,017 11,362,584
Fairchild & Northeast.b-Oct
2,588
3,220
256
238
July 1 to Oct 31---------9,825
11,815
def3,715
def2,512
Hocking V a l l e y .b - ------ Oct
698,619
684,311
286,217
245,008
July 1 to Oct 31---------- 2,571,545 2,597,705 1,119,400
934,676
Illinois Central a - ........... Oct 6,093,005 5,520,343 1,208,630 1,078,468
July 1 to Oct 31............ 22.258,258 22,291.247 4,190:820
Internal & Gt Nor b — Oct
920.779
908,572
285.570
242,382
July 1 to Oct 31---------- 3,050,425 3,136,112
683,143
405.633
Louisville & Nashville.b Oct 5,023,510 4,546,327 1,721,199 1,104,881
July 1 to Oct 31---------- 19,000,159 18,657,211 6,292,135 4,675,246
Maine Central.!)------------- Oct 1.021,676 1,041,514
366,238
327,498
July 1 to Oct 31............- 4,102,596 4,179,382 1,382,143 1,316,118
Minoral Uango.b_______ Oct
92,298
70,083
28,593
22,451
July 1 to Oct 31---------363,062
281.019
112.195
84,033
Mlnnoap & St Louis.a— Oct 963,329
921,108
/303.247
/240.849
July 1 to Oct 31............ 3,602,025 3.585,562 / l , 126.904 / l , 024.867
Nashv C hatt& St L .b - O c t 1,121,133
958,688
328,845
188,241
N
July 1 to Oct 31---------- 4.043.824 3,925,396 1,038,983
722,753
wAW Vork Central b ____ O ctl6 ,140,580 13,609,051 6,542,202 4,224,887
N
Jan 1 to Oct 31.......... 135,356.666 127549,084 46,191,682 32:686:772
Boston & M b a n y -b --O c t 1.625.090 1,419.892
587.268
426.173
Jan 1 to Oct 3 1 -.......... 14,386,082 13,919,446 4,574,317 3,546,501
Lake Erie & West b -Oct
599,542
486,514
200,906
87,180
Jan 1 to O c t 3 1 -— ___ 5,046.741 4,784.167 1,291.340 1,064:850
Michigan Central b Oct 3,464,282 3,019,610 1,225,945
840,621
Jan 1 to Oct h - - - -2 9 ,6 5 7 .9 2 3 28,282.282 8,645,340 7,189,496
Clev Cin Chic & StL b.Oct 3,652,627 3,238,046 1,267,542 1,082,643
I
" * Oct 3 1 - - - .3 1 .0 3 4 ,9 7 1 29.705.318 8,234,577 5.098,168




- N e t E a r n in g s -----C u rr e n t
P re v io u s
Y ear.
Y ear.
S
%

Pitts C i n C h & S t L . a . O c t 4,071,180 3,461,475 1,215,276
704,944
J a n 1 to O c t - 1- -33,537,437 33,409,013 7,267,324 3 3 ,2 9 5
3
6,5
V a n d a l i a . .a. . . . O c t 1,092,066 1,004,612
263,479
179.770
J a n 1 to O c t - 1- - 9,209,237 9.194,997 1,723,264
3
1,437,829
Total E a s t Pitts& E.a. O c t 2 4 , 08 9 , 7 4 0 21,024,094 6,506,1111 ,7 1.5
.. .
4 ,6 5 .
J a n 1 to O c t - 1- - 06,664,438 2 0 4 , 4 3 6 3 1 7 47,833,87141,090,786
3 2
Total W e s t Pitts& E.a.Octl2,115,163 9,932,618
3,699,230 1,969,762
J a n 1 to O c t - 1- - 97,757,696 95,618,056 23,018,184 18,222,386
3
Total all lines.a- - - Oct36,20 4 , 9 0 4 30,956,713 10,205,341 6,621,477
J a n 1 to O c t - 1- -304,422.133 3 0 0 0 5 4 , 3 7 1 70,852,05659,313,172
3
Reading C o m p a n y —
Phiia & R e a d i n g . b — O c t 5,230,272,2 6 8 4,253,268 4 1,446,225
4 ,2 5 3
16,495,605 2 ,1 9 8 ,7 5
July 1 to O c t 3 1.. . 18,005,450 16,4 9 5 ,6 0 5 6,7 2 1 ,2 9 6 5,2 5 3 ,8 4 2
C o a l & Iron C o . b- O c t 3,598,807 2 ,9 5 1 ,8 8 3 315,661 149,975
July 1 to O c t 3.1 . .9,515,258 10,049,559
239,776
86,699
Total b o t h c o s ._b _ _O c t 8,829,079 7 ,205,151 2 ,5 1 4 ,4 1 5 1,596,200
July 1 to O c t 3_1 _ _27,520,708 26,5 4 5 .1 6 4 6 ,807,995 5 ,4 9 3 ,6 1 8
570,770
5 47,032
R e a d i n g C o m p a n y . b . O c_t _ _
July 1 to O c t 3.1 . . . . . . . .
2,21 5 ,9 1 3
2,257,931
3,08 5 ,1 8 5 2 ,1 4 3 ,2 3 2
Total all c o s . b- - - - c t
O
_ _ _ _
July 1 to O c t 3 1 . . .. . . . . . _______ 9,06 5 ,9 2 6 7,709,531
62,195
218,238
85,021
Rich Fred & P o t o m . b . . O c t
224,921
July 1 to O c t 3-1 - 908,734 902,281 3 43,360 302,236
334,291
R u t l a n d b _ _ _ _ _ _ _ _ O c t 2 ,9 8 2 ,5 6 8 129,115 103,509
346,019
665.503
8 89,595
J a n 1 to O c t _ 1_ _ 2,964,523
3
S e a b o a r d Air L i n e _ a_ O c t 1,896,410 1,71 2 ,2 0 7 533,619 409,501
.
July 1 to O c t 3_1 _ _ 6,795,615 6 ,8 1 1 ,2 4 2 1 ,660,292 1,509,502
S o u t h e r n R a i l w a y_. b O c t 6,028,215 5,53 1 ,9 6 9 2 ,0 5 4 ,6 7 0 1,416,575
_
22,4 3 4 ,8 6 4 7 ,1 3 6 ,5 9 6 5 ,393,155
July 1 toO c t 3_1 22,168.676
M o b i l e & O h i o _ b_ _O c t 1,042,922 894,710 2 81,349 216,984
.
July 1 to O c t 3_1 _ _ 3,800,344 3 ,9 5 1 ,6 6 2 912,572 819,152
Cin N O & Tex Pac.b.Oct
899,848
820,637
243,793
185,074
July 1 to O c t 3_1 _ _ 3,268,808 3 ,256,081 932,952 749,079
A l a G r e a t S o u t h_. b_O c t 491,121 3 88,222 160,804
75,273
July 1 to O c t 3_1 _ _ 1,699,123 1 ,674,656 8 31.884 3 5 7 ,4 9 9
Georgia S o u t h & Fla b O c t
215,825
197,940
66,452
32,748
July 1 to O c t 3_1 _ _
768,989 800,589 195,882 133.262
T o l e d o St Louis & W e s t a O c t
474,365398,346 $141,559 S47.554
July 1 to O c t 3 1 . . 1,772,767 1,595,089 S507.235 $357,227
.
Virginian.a . . . . . O c t
.
563,059 524,797 236,149 2 00,080
1,104,752
2 ,1 6 4 .1 2 5
8 9 0 ,5 7 0
Ju l y 1 toO c t 3_1 2,419,863
170,182
Virginian & S o u t h w . b . . O c t
177,839
60,524
54,685
685 ,8 3 0
July 1 toO c t 3_1
653,123
212,041
221,299
W e s t e r n M a r y l a n _. b c t 9 3 5,910 7 2 5 ,0 0 0 344,499 194,676
d O
July 1 to O c t 3_1 _ _ 3,606,005 2 ,9 2 5 ,2 4 8 1,274,452 796.698
Y a z o o & M i s s V a l l e y . a . . O c t 1,346,001 6 ,7 4 9 507,274 334,615
1,10
July 1 to O c t 3_1 _ _ 4,343,210 3 ,7 6 3 ,5 9 9 1.224,837 756,476
INDUST R I A L COMPANIES.
------ G ro s s
C u rren t
Y ear

C o m p a n ie s .

$

E a r n in g s ------------- N e t E a r n in g s -----P r e v io u s
C u rren t
P r e v io u s
Y ear.
Y ear.
Y e a r ..

$

$

$

A b i n g t o n & R o c k l a n d Elect
Light & P o w e r _ _ _O c t
a
15,314
14,001
4,176
Jan 1
to O c t
129,741
31
117,583
29,679
25,
Atlantic G u l f & W I S S Lines—
Subsidiary C o-s - -Sept 1,723,856 1,348,744
453,595
235,581
J a n 1 to Sept 3-0 - -14,819,745 12,984,541 3,724,661
1.815,094
Blackstono Va l G & El a . O c t
138,308
118,160
56,435
Jan 1
to O c t
1,226,695 1,087,981
31
491,539
408.826
E d El 111 (Brockton) a . - O c t
49,186
42,276
18,832
J a n 1 to O c t . 1. .
3
444 , 7 6 5
387,252
162.019
127,5
Fall River G a s W k s a - . - O c t
51,053
50,340
19,047
J a n 1 to O c t .3 1. .
438,701
426,573
154,794
107,
Haverhill G a s Light a — . O c t
21,605
21,284
6,943
J a n 1 to O c t _ 1_ _
3
208,655
201,497
58,497
55
H o u g h t o n C o E l L t a— - O c t
31,568
26,414
16,146
Jan 1
to O c t
267,465
31
250,670
115,932
107,26
Lowell E l L t C o r p _a _O c t
46,073
38,670
15,722
Jan 1
to O c t
405,177
31
370,239
137,642
128,9
M i s s River P o w e r-a - O c t
139,033
136,603
115,529
107,
Jan 1
to O c t
1,373,034 1,318,521 1,098,433 1,063,75s
31
Pacific L t & P o w C o r p a O c t
256,523
229,490
167.427
15
2,417,657 2,193,165 1,612,246 1,329,552
Jan 1
to O c t
31
Sierra Pacific El a_ _ _O c t
42,201
44,357
23,301
Jan 1
to O c t
401,467
31
513,531
226,097
298.91
a N e t earnings here given are after deducting taxes,
b N e t earnings here given are before deducting taxes.
_

477

Total (37 r o a d s ) .............— 15,124,179 11,801,719 3.322,93
Net Increase (2 8 .1 6 % )---------- ------- ------------ 3,322,460

_

477

_

$
|
30,16t'
113,571
83,407
Alabama Great Southern--------12,63ll
43,966
56,597
Ann Arbor__________________ 98,902
174,953
273,855
Buffalo Rochester & Pittsburgh
768,900
511,500 257,400
Canadian Northern----------------Canadian Pacific-------------------- 2,960,000 1,729,000 ,231,000
879,602
683,181 196,421
Chesapeako & O h io ...--------43,190
312,609
269.419
Chicago & Alton-------------------42,879
350,282
307,403
Chicago Great Western----------41,885
111,930
153,815
Chicago Ind & Louisville--------54,901
167.900
222,801
Cin New Orl & Texas Pacific. .
15,594
351,641
367,235
Colorado & Southern T-----------94,000
522,200
428,200
Denver & Rio Grande-------------6,468
33,732
40,200
Denver & Salt Lake__________
3,992
17,164
21,156
Detroit & Mackinac---------------10,641
56,710
46,069
Duluth South Shore & Atlantic
8,431
42,801
51,232
Georgia Southern & Florida-----Grand Trunk of Canada---------'
94,277
841,607
935,884
Grand Trunk Western------Detroit Gr Ilav & M ilw-----Canada Atlantic---------------957,595 203,260
1,160,855
Louisville & Nashville----------7,438
15.190
22,628
Mineral Range---------- -----------30,751
225.171
255,922
Minneapolis & St Louis--------Iowa Central-------------------- .
580,742 298,761
879.503
Minri St Paul & S S M --------12,880
717,692
730,572
Missouri Kansas & T exas..
1,329,000 1,157,000 172,000
Missouri Pacific___________
31,682
194,209
225,891
Mobile & Ohio____________
802
7,170
7,972
Nevada-California-Oregon..
12.537
12,060
Rio Grande Southern..........
52,000
215,000
267,000
St Louis Southwestern------Southern Railway____________ 1,314,309 1,163,840 150,469
21,448
416.958
438.406
Texas & Pacific----------------2 ,054
21,147
23,201
Toledo Peoria & W estern...
46,142
89,186
135,328
Toledo St Louis & Western-----6,311
32,901
39,212
Virginia & Southwestern—
44,163
151,508
195,671
Western Maryland------------

P re v io u s
Y ear.

$
New York Central (C o n .)—
149,734
----- Oct
156,360
54,325
Cin Nor
49,134
Jan 1
L
______ 1,308,144 1,226,539
303,777
184,027
•Pittsb &
s. b-O ct 1,989,801 1,281,928 1.157,500
530,131
Jan 1
L
______ :14,406,667 13,658,491 7,047,029 4,878,086
N Y Chi
»_ Oct 1,232,820 1,022,836
_
411.150
237,844
Jan 1
i ...........:10,074,881 9,402,339 2,346,017 1,522,924
Tol & O
578,382
> _ Oct
_
486,466
176,330
178.270
Jan 1
L . . . 3,802,808 4,113,563
—
838,789
752,860
Total all
----- Oct29,347,568 24,805,996 11,623,168 7,656,883
Jan 1
L
------- 245,074,882 232641,230 79,472,888 56,923,684
N Y Susq & W estern.a.-O c t
a .-O ct
112,139
360,191
331,386
95,457
Jan 1
'L
........... 3,355,016 3,246,157 1,065,578
941,173
Norfolk &
____ _
i— Oct 4,888,127 3,525,889 2,213,967 1,147,099
July 1 to Oct 31--------- 18,874,59 15,374,943 8,116,264 5,314,249
Northern P acific.b------ Oct 7,166,395 6,649,518 3,790,408 3,000,916
July 1 to Oct 31---------- 25,360.697 25,251,358 11,798,522 10.125,252
Pennsylvania R R . a -------- Octl9,09S,095 16,482,466 5,316,127 3,759,395
Jan 1 to Oct 31---------159,839,089 158107,212 36,982,851 31,109,082
Balt Ches & A t l.a ------Oct
92,135
106,340
8,818
def7,790
Jan 1 to Oct 31--------989,515 1,081,200
148,546
81.809
Cumberland V alley.a.O ct
304,361
271,965
136,964
84,458
Jan 1 to Oct 31--------- 2.505,592 -------------2,776,158
908,972
892,523
Long Island.a______ Oct 1,115,754
_____ 1,074,952
|
i
286,248
243,493
Jan 1 to Oct 31_______ 11,514,702 11,417,812 3,109,230 3,04 2 ,5 6 3
Maryl Del & V a .a ------- Oct
75,028
79,296
4 ,935
958
Jan 1 to Oct 31_______
762,373
803,051
93,782
66,388
N Y Phiia & N o r f.a .-O c t
365,495
294,218
89,298
47,234
Jan 1 to Oct 31--------- 3,439,176 3,193,982
730,018
564,012
Phiia Balt & W a sh .a ..O ct 1,957,089 1,743,155
501,127
332,579
Jan 1 to Oct 31----------- 17,423,924 17,132,115 3,262,432 2 ,6 6 7 ,3 1 0
Phiia & Camden Fer.a.Oct
73,791
70,852
40,858
41,433
Jan 1 to Oct 31_______
690,120
628,509
331,707
3 0 8 ,7 0 5
West Jersey & Seash.a.Oct
525,176
472,385
def7,388
11,057
Jan 1 to Oct 31--------- 5,958,101 5,694,997 1,141,648 1,093,849
Pennsulvania C o .a —.O ct 6,344,042 4,862,089 2,093,920
970,016
Jan 1 to Oct 31--------- 49,313,687 47,089,772 13:051:996 9,3 1 1 ,5 2 2
Grand Rapids & Ind.a.O ct
453,807
4 6 4,730
104,384 92,639
Jan 1 to Oct 31______ 4,379,426 4,574,433
826,236
779.898

_

In c r e a s e . D e c re a s e .

C u rren t
Y ear.

-

1914.

1915.

T h ir d w eek o f N o v em b e r.

----- G ro ss E a r n in g s —
R o ad s.

.

Latest Gross Earnings by Weeks.—In tho table which
follows we sum up separately the earnings for the third week
of November. The table covers 37 roads and shows 28.16%
increase in the aggregate over the same week last year.

18 79

-

Dec . 4 1915.)

THE CHRONICLE

1880

c After allowing for uncollectible revenue and taxes, operating income
for Oct. 1915 was $379,512, agianst $242,213; and from Jan. 1 to Oct. 31
was $1,064,414 in 1915, against $823,517 last year.
/ After allowing for additional income for the month of October 1915,
total net earnings were $257,638, against $215,307 last year, and for the
period from July 1 to Oct. 31 were $1,003,396 this year, against $937,458.
k For Oct. 1915 net income after miscellaneous charges was $322,018,
against $236,691 in 1914, and from July 1 to Oct. 31 was $1,085,462, in
1915, against $1,135,524.
s After allowing for miscellaneous charges to income for the month of
Oct. 1915, total net earnings were $100,688, against $17,148 last year, and
for period from July 1 to Oct. 31 were $358,235 this year against $250,494.

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R oads.

Y ea r.

$

Y ea r.

$

Y ea r.

$

Y ea r.

3
>

Boston & Maine
_Oct
873,116
894,445
£-142,282
2224,115
jS ly 1 t o O c t M i l l ___ 3,428.952 3.550,303 i l , 779,327
1302.846
Central of New Jersey Oct
713,777
693.886
693,513
494,043
M y l t o O d 31 . - - - 2,783,604 2,736,929 2,184,464 2,154,216
Chesapeake & Oliio Lines Oct
782,276
7S(>.97-2
2586,223
2263,015
July 1 to Oct 31______ 3,135,932 3,150,897 22,528,833 21,205,132
Chicago Great Western-Oct
223.542
216,150
145,615
117,707
July 1 to Oct 31___ ___
901,723
844,885
420,671
572,160
Chicago & North W e st..O c t
906,392
925,811 1.922.757 1,347.394
July 1 to Oct 31............ 3,417,286
3,697,459 6,258,752 5,615,240
Chicago St P M & 0 — Oct
269.437
233,029
380,995
320.543
July 1 to Oct 31______ 1,000.035
939,959
866.103 1,104.214
Cuba RR
..........— Oct
72.013
70,196
69,942
45,666
July 1 to Oct 31.............
288,307
280.962
430,129
250,780
Duluth South Sh & Atl— Oct
92,877
96,930
1271 Idef57,308
July 1 to Oct 31_______
383,350
384,106
127,741
1134.486
Hocking Valley— ........... -O ct
118,164
121,286
*153,702 *160,667
July 1 to Oct 31______
473.966
482.950
1525,629
*445,537
Mineral Range.................... Oct
13,584
12,686
*15,205
*10,379
July 1 to Oct 31______
52.955
52,926
*60,377
*32,537
New York Central............Oct 3,966,477 3,948,532 *4,219.149 *1,771.041
Jan 1 to Oct 31______ 40,720.930 37,032,804*19,729.361 *9,593,902
Boston & Albany........... Oct 435,276
436,809
*185,948
*22,634
Jan 1 to Oct 31______ 4,388,928 4,576,968
*482.748*dof734,735




C u rren t
Y ea r.

s

P r ev io u s
Y ea r.
$

3.977
26,143

2,822
20.176

263,664
2,171,446
36.884
298,430
16,578
136.475
19,028
143.681
6,935
57.904
12,711
81,551
15,689
137,475
9,306
24,026
169,621
1639,683
216,529
2155,168

70,522
466.022
32.553
228.720
11,798
97,373
14,477
93,238
6,979
45,727
8,410
72,804
12,548
126,506
17.088
199,596
265.009
2435.049
217,070
2227,264

1 to
1915.
$
8,554,163
4,293,436

— J u ly

31—
1914.
$
7,834,639
3.903.816

A u g .

. 2.101.185
248,615

1,878,339
174,185

4,260,726
460,400

3,930,792
350,372

Total operating revenues. , 2,349,831
, 2,136,784

2,052,524
2,167,776

4,721,132
4.218,750

4,287,165
4,424,900

502,375 — 137,735
1.002
110
70,845
74,054

213,016
365
35,422

— 115,251
91
38,430

177,258

1915.
A d a m s E x p r e s s C o .—
$
Total from transportation . .. 3,041,197
Express privileges— D r------- . 1,498,955

— 153,773
A u g u s t—
1914.
8
2.753,255
1,481,109

Revenue from transports . 1,542,242
45,793
Oper'ns other than transp’n-

1,272,140
49,317

3,108,707
93,709

2,793.518
90,677

Total operating revenues.. 1,588,035
.
Operating expenses------------- 1,445,440

1.321,464
1,494,028

3,202,417
2,895,032

2,884,195
3,036.327

142,595 — 172,564
571
658
17,012
17,671

307.384
852
32,613

— 152,132
713
35,002

— M o n th

I n t . , R e n t a l s , & c . --------- B a l . o f N e t E a r n s .—
C u rren t
P r ev io u s
C u rren t
P r ev io u s

P r ev io u s
Y ea r.

E X P R E SS C O M P A N IE S.
— M o n th o f A u g u s t—
1915.
1914.
$
S
A m e r i c a n E x p r e s s C o .—
Total from transportation.. . 4,207,623 3,775.305
. 2,106,437 1,897.026

Operating income___

Interest Charges and Surplus.

S

s
s
Ablngton S c Rockland Elec
Light & Power_________Oct
199
796
Jan 1 to Oct 31______
3,536
5.045
Atlantic Gulf & West Indies S. S.
Lines subsidiary cos..Sopt
189,931
159,059
Jan 1 to Sept 30............ 1,553,215 1,349,071
liTackstono Vail G & E ..O c t
19,551
18,565
Jan 1 to Oct 31______
193,109
180,104
Edison Elec 111(Brockton) Oct
2,254
4,662
Jan 1 to Oct 31______
25,544
30,158
Fall River Gas Works____Oct
19
3,242
Jan 1 to Oct 3 1 ...........
11,113
13,799
Haverhill Gas Light_____ Oct
8
11
Jan 1 to Oct 31______
593
9,301
Houghton Co El L t______ Oct
3,435
3,445
Jan 1 to Oct 31............
34,381
34,457
Lowell Elec Lt Corp_____ Oct
33
230
Jan 1 to Oct 31............
167
2,399
Mississippi River Pow__Oct
106,223
89,971
864,159
Jan 1 to Oct 31______ 1,074,427
105,312
Pacific Lt & Pow Corp__Oct
106,645
Jan 1 to Oct 31______ 1,074,722 1,040,181
7,522
Sierra Pacific E l__________ Oct
7,148
75,409
Jan 1 to Oct 31______
74,689
x After allowing for other income received.

Net operating revenue____
Uncollectible rev. from trans.
Express taxes_________

H

P rev io u s
Y ea r.

$

C u rren t
Y ea r.

f, C o m p a n i e s .

S| | s
Si
. i

I *

C u rren t
Y ea r.

S

139,860
*95,343 xdof42,198
1,258,028
*265,186 xdcf75,476
754,144
*577,951
*166,453
7,393.778 *2,202.332
*712,646
784,419
*661,657
*372,448
7,905,289 *1,913.183*df1985,689
15,241
*35,978
*34,761
199,872
*121,442 *def7,787
191,368
*954,743
*439,148
1.998,005 *5,829,513 *3,667,701
205.564
*218,788
*37.797
1,915,931
*427,236*def297,099
166,988
*91,149
*136,824
I,289.267xdefl39,140xdef239,957
1,184,673 *2,886,252 *2,076,305
4,659,358 *8,338,644 *6.595,524
1_,795,277 *4,494.365 3,404,876
16.340',700*31.035',766*28',554,606
20,402 *def33,226 Idefl0,173
199,175xdofll7,015 *def37,571
16,717
*117,420
*79,692
172,662
*849,117
*850,127
352,171 Idef28,970 *def57,578
3,956,690*def 134,171 *def283,427
14,386 *dofl3,895 xdef9,159
139,918 xdef72,032 *dof43,995
20,899
*77.840
*26,710
261,836
*514,240
*350,449
259.479
*330,276
*190.792
2,720,215 *1,551,071 *1,100,327
1,080
*45,623
*45,148
10,803
*372,562
*345,849
59,619 xdef58,000 *def31,827
581,533
*655,486
*681,840
1,544,647
*735,480*defl34,702
15.026,152 *5,318,062 *3,267,602
69,390
*41,021
*26,082
684,892
*195,423 *139,989
577,064
*731,500 *177,603
5,344,148 *2,755.062 *1,712,765
147,027
*112,013
*33,971
1,418,606
*348,628
*58,221
1.240.666 1,849,269
902,565
4.962.666 4.122,260 2,746,864
IN D U S T R IA L C O M PAN IES.
______________ g
— I n t . , R e n t a l s , Ac.---------Bal. o f N e t E a r n s .—

Oper’ns other than transp’n.

Z

P r ev io u s
Y ea r.

New York Central ( C o n .)—
Lake Erie & Western. _0ct
115,781
.............
Jan 1 to Oct 31............ 1,140,532
Michigan Central______Oct 733,779
Jan 1 to Oct 31______ 7,296,051
Clevo Cln Chic & St L .O ct
684,868
Jan 1 to Oct 31______ 7,379,019
Cincinnati Northern..Oct
19,443
Jan 1 to Oct 31______
196,343
Pittsburgh & Lake E .O c t
289,791
Jan 1 to Oct 31______ 2,178.523
N Y Chic & St Louis..O ct
204.181
Jan 1 to Oct 31________2,116.641
Toledo & Ohio C ent..O ct
140,107
Jan 1 to Oct 31............ 1,526,958
Northern Pacific________ Oct 1 167 013
July 1 to Oct 31---------- 4,530,658
Pennsylvania R R ________ Oct 2,263,474
Jan 1 to Oct 31----------21,458,058
Balt Chcs & Atl_______ Oct
28,411
Jan 1 to Oct 31______
219,440
Cumberland Valley____ Oct
29,462
Jan 1 to Oct 31............
192,593
Long Island____________ Oct 371,664
Jan 1 to Oct 31______ 3,937,748
Maryland Del & Va— Oct
15,653
Jan 1 to Oct 31______
144,918
N Y Phila & N orfolk..O ct
14,838
Jan 1 to Oct 31______
264,331
Phila Balt & Wash_____ Oct 284,908
Jan 1 to Oct 31______ 2,871,941
Phila & Camden Ferry Oct
700
Jan 1 to Oct 31______
9,824
West Jersey & Seash— Oct
63,212
614,151
Jan 1 to Oct 31______
Pennsylvania C o m p a n y Oct 1,757,068
Jan 1 to Oct 31-1 5.582,070
Grand Rapids & Ind— Oct
67,692
Jan 1 to Oct 31.
679,624
Pitts Cln Chic & St L .O ct
539,865
Jan 1 to Oct 31. 5,129,463
Vandalia_____________ Oct
153,237
Jan 1 to Oct 31............ 1,446,191
Reading (all companies) .O ct 1,235,916
. July 1 to Oct 31______ 4,943,666

O" 2s 2§
o e ° =o ag

c<S
Eo “ o

R e n ta ls . & c . -------B a l. o f N e t E a m s .—

C u rren t
Y ea r.

S

•2
3

a3 I

&

— I n t ..
R oad s.

7SW” 3

•H I

[Vol. 101

Net operating revenue------ .
Uncollectible rev. from trans
Express taxes----------------------Operating income-------------

o f

125,010 — 190,895
o f A u g u s t—
1914.
$
%
325,941
291.320
147,683
170,060

-M o n th
C a n a d i a n E x p r e s s C o .—
Total from transportation—
Express privileges— D r-

1915.

430,527 — 211,900
1 t o A u g . 31—
1915.
1914.
S
8
6,140,316 5,053.778
3,031.609 2,860,260

— J u ly

273,918 — 187,848
1 t o A u g . 31—
1914.
1915.

-J u ly

$

$

633,515
327.182

610,078
310,850

Revenuo from transportsOper’ns other than transp’n -

155,880
5.370

143.636
5,494

306,333
10,632

299,228
10,636

Total operating revenues.
Operating expenses--------------

161,250
133,942

149.131
140,064

316.966
270,763

309.864
282,815

Net operating reven ue...
Uncollectible rev. from trans.

27,307
13
4.200

9.000

46,202
13
8,400

27,049

4,000

Operating Income_________

23,094

5,066

37,789

19,049

8,000

THE CHRONICLE

D ec. 4 1915.]

— M o n th o f A u g u s t — ■ J u l y 1 to A u g . 31—
—
1914.
1915.
1915.
1914.
S
$
S
S
1,119
78,447
302
Total from transportation. .
153,210
39,185
436
44
76,559
Express privileges— Dr____ .
G lobe E x p r e s s C o .—

Revenuo from transport’n..
Oper’ns other than transp’n..

257
9

39,261
803

.
Total operating revenues.
.
Operating, expenses_____

266
1,036

40.065
31,260

.
.

— 769
700

8,805
1,100

.

— 1,469

7.705

Net operating revenue.
Express taxes__________

onth o f A u g u s t ­

G rea t N o rth e r n E x p r e s s Co —
— s
_
Total from transportation_ .
326,40S
Express Privileges— Dr
.
197,723

$
320,570
194,098

Revenue from transport’n..
Oper’ns other than transp’n..

128,685
5,066

126,471
4,871

Total operating revenues..
Operating expenses______ .

133,752
89,940

131,343
93,477

Net operating revenue____.
Uncollec. revenue from trans.
Express taxes________
.

43,811
48
4,221

37,866

39,541

33,188

Operating income.

— M o n th

4,678

o f A u g u st-

Total from transportation_
_
Express privileges— D r-------

977,176
498,225

1914.
S
968,669
494,565

Revenue from transport’n .
Opcr’ns other than transp’n-

478,951
22,617

Total operating revenues.
Operating expenses________

1915.

S o u th ern E x p r e s s C o .-

682
10

2,142,749
1,093,318

474,103
22,890

994,823
44,721

1,049,431
46,370

496,994
514,410

1,039,545
984,050

1,095,801
1,050,126

— 17,416

45,675

14,803

55,494
117
26.736

3,137

Operating income________

2,030,672
1,035,849

16,127
46
12,943

Express ta x e s ____________

— 32,219

28,641

16,085

29,589

-M o n th o f A u g u s t — — J u l y 1 to A u g . 31—

1915.

1914.

1915.

1914.

124,655
57,815

99,765
53,993

246,921
114,007

207,600
111,683

Rovcnue from transport’n .
Oper’ns other than transp’n .

66,839
3,200

45,771
2,737

132,913
6,627

95,916
5,680

Total operating revenues.
Operating expenses_______

70,039
53,840

48,509
53,269

139,540
109,809

101,596
109,021

_
Net operating revenue_
Uncollectible rev. from trans.
Express taxes_____________

16,198
930

— 4,760
9
1,126

29,730
12
1,855

— 7,424
25
2,255

Operating income________

15.268

— 5.896

27.862

— 9.705

W estern E x p r e s s C o .—
Total from transportation_
_
Express privileges— Dr-------

ELECTRIC RAILWAY AND TRACTION COMPANIES
N am e of
Road.

L a test G ro ss E a r n in g s .
Week o r
M o n th .

C u rr e n t
Y ear.

P re v io u s
Y ear.

L a te s t G ro s s E a r n in g s .
W eek o r
M o n th .

Phila Rapid Transit. O ctober...
Phiia & Western____O ctober...
Port(Ore)Ry.L&P Co September
Portland (Me) R R .. September
Puget Sound Tr,L&P September
^Republic Ry & Lt__ October_
_
Rhode Island C o___ October___
Richmond Lt & R R . J u l y _____
St Jos Ry Lt H & P Co O cto b e r!!!
Santiago El Lt & T r. October_
_
Savannah Electric Co October.
Second Avenue (Rec) July
Southern Boulevard. July
Staten Isl M idland.. July
Tampa Electric C o .. October_
_
Third Avenue______ J u l y _____
T oronto Street Ry__ September
Twin City Rap Tran. 3d wk Nov
Union RyCo of NYC J u l y _____
Virginia Ry & Power. October_
_
Wash Balt & Annap. October . .
Westchester Electric. J u l y _____
Westch ester St R R .. October_
_
Yonkers Railroad_ J u l y _____
_
York Railways______ October_
_
Youngstown & Ohio. September
Youngstown & South A u g u st_
_

C u rr e n t
Y ear.

P re v io u s
Y ear.

•
S
2219.105
44,922
454.856
102.069
609,782
276,355
439,590
48,331
108,123
41.744
67.962
85,231
21.542
48.102
84,803
329,224
489,573
186,689
272.043
473.073
71.696
62.426
22,249
65.901
81,169
25.963
17.135

2097.099
34.861
483.313
95.122
683.557
251.893
440,696
47.475
107.171
38,539
67,529
89.293
21.477
43.641
83,008
341.476
525.251
177,031
268.515
446,705
77.937
66.109
22,995
67.350
70.172
27.175
16.490

Ja n .

1 to latest d a te.

C u rr e n t
Y ear.

P r e v io u s
Y ear.

19.927.048
317,514
4.753.241
692
800.621
78,251
2,358 - 61,158
6.335.603
2.500.002
— 1,665
17,093
4,524,969
1,400
221.132
2,200
1,065.751
— 3.065
386.476
14.893
701.091
526.535
—J u l y 1 to A u g . 31—
127.264
s
179.251
663,773
640,257
814,576
387,499
401,905
2,304.654
4,583,860
261,867
252,758
8,260,425
9,818
10,026
1,585.956
4.298.627
271,686
262,785
699.336
181,162
186,227
343,378
218,810
81,623
85,459
412.389
68
659,487
8,859
8,505
204.254
119.302
73,050
76,600
b Represents income from ail sources, c These figures are for consoli­
- J u l y 1 to A u g . 31—
dated company. / Earnings now given In milreis. a Includes constituent
1915.
1914.
companies.
76,650
1,601

501,568
485,440

Net operating revenue—

N am e of
Road.

1 8 81

Ja n .

1 to latest d a le.

C u rr e n t
Y ear.

P re v io u s
Y ear.

19,965.234
383,912
4.120.018
805.901
5,574.642
2.511.276
4,194,269
223.861
1,041,887
388,644
658,863
494.547
130.609
190.006
811,582
2,220.460
4.173.872
8,353,578
1.602.935
4,293.546
684,161
334.502
212,726
419.950
678,273
214.380
112.143

Electric Railway Net Earnings.— The following table
gives the return of E L E C T R IC
earnings reported this week:

railway gross and net

------ G ro ss E a r n in g s ------ ------ N e t E a r n in g s ------ R o ad s.

C u rr e n t
Y ear.

S
167,521
713,318
18,096
155,123
9.406
99,181
34,152
287,934
24,724
281,858
34,360
341,456
67,214
583,699
185.200
1,498,797
71,665
582,231
84,808
786,936
174,259
1,604.757
23,034
226,928

Aurora Elg & Chic b _ .O ct
_
July 1 to Oct 31
Baton Rouge Elec a _ .O ct
_
Jan 1 to Oct 31
Brockton & Plymouth a .O ct
Jan 1 to Oct 31
Cape Breton Elec a . . Oct
Jan 1 to Oct 3 1 ..
Cent Miss Val El Prop a Oct
Nov 1 to Oct 31
Clev Painesv & East.a .O ct
Jan 1 to Oct 3 1 ..
Columbus (Ga) Elec a -Oct
Jan 1 to Oct 31
Dallas Elect Co a __
-Oct
Jan 1 to Oct 31
Eastern Texas Elec a -Oct
Jan 1 to Oct 31
El Paso Elec a . . . . . .O ct
Jan 1 to Oct 3 1 ..
Galv-Houston Elec a . . -Oct
Jan 1 to Oct 3 1 .. ____
-Oct
Houghton Co Trac a
Jan 1 to Oct 3l__
Hudson & Manhattan (ail
sources).a _
_ .O ct
477,723
Jan 1 to Oct 3 1 .. ____ 4,537,244
Illinois Traction a . . . . .O ct
980,071
Jan 1 to Oct 3 1 -. ____ 8,791,423
Interboro Rap Trans a . .O ct 3,071,291
July 1 to Oct 31_ ____10,545,106
Jacksonville Tract a _ .O ct
_
51,338
Jan 1 to Oct 3 1 ..
508,701
Keokuk Elect a ______ .O ct
20,224
Jan 1 to Oct 3 1 ..
191,398
Key West Elect a . _____ -Oct
9,736
Jan 1 to Oct 3 1 ..
93,311
Lake Shore Elec Ry Sys a Oct
118,314
Jan 1 to Oct 3 1 ..
1,150.649
Milw Elect Ry & Lt a . . .Oct
515,984
Jan 1 to Oct 3 1 -. ____ 4,844,901
_
128,531
Milw Lt Ht & Trac a _ .Oct
Jan 1 to Oct 31_ ____ 1,238,605
North Ohio Tr & Lt a . . .Oct
339.599
Jan 1 to Oct 3 1 .. ____ 3,168,959
Northern Texas Elec a . .Oct
181,515
Jan 1 to Oct 3 1 ..
1,410,580
Paducah Tr & Lt a ___ -Oct
25.313
Jan 1 to Oct 3 1 ..
235,180
22,386
Pensacola Elect a _____ .Oct
210,591
Jan 1 to Oct 31 _
67,962
Savannah Elect a . _ .Oct
_
658.863
Jan 1 to Oct 3 1 ..
84,803
Tampa Elect a . . . . . .Oct
811.582
Jan 1 to Oct 3 1 ..
Third Ave System a _ .Oct
_
968,648
July 1 to Oct 31_ ___ 3,832.583
Twin City Rap Tran a . .Oct
806,541
Jan 1 to Oct 3 1 .. —
7,802,968

P r e v io u s
Y ear.

S
172,580
783,790
15,60S
145,991
9,825
105,626
30,751
290,055
25,859
295,988
33,346
349,419
63,890
558,393
200,503
1,842,160
56,352
560,571
88,976
861,693
189,703
2,036.595
21,226
235,558

C u rr e n t
Y ear.

S
65,121
266,272
8,426
64,220
1,550
18,837
17,261
118,922
9,128
91,255
16,837
155,915
39,079
315,908
80.375
578,990
36,472
264,981.
40,876
356,392
70,607
610.298
9,981
94,391

Y ear.

$
56,152
306,664
6,543
50,681
751
20,692
12,227
115,560
8,748
101,334
15,493
163,406
35.989
316,513
95,001
746,902
22,079
221,497
39,792
371,361
83.363
931.081
7.605
84,425

468,022
285,118
276.843
4,60S ,456 2,612,332 2,667,130
944,904
425.689
403,407
8,954.384 3,503,387 3,530.347
2,936,217 1,751,877 1,691,637
10,436.429 5.467,435 5,621,403
56,744
17,682
15,442
606,230
152,489
213,877
21.665
7,748
7,577
207,352
64,899
74,475
11,392
3,079
3,970
24.352
111,608
39,236
113,777
42.839
40,801
1,212,703
404.030
465,844
498,745
145.40S
147.335
4,969,126 1,295,803 1,363,747
118,365
41,422
43,698
1,264,319
388,401
450.157
304,413
133,350
113,425
3,032,972 1,213,978 1,178,966
184,027
85,874
90,646
1,750.967
543,784
771,124
26.099
10,024
9,976
249,215
86,265
86,703
19,818
9,360
6,278
225,874
89,185
80,940
67,529
23,470
22,144
701,091
227,782
236,881
83.008
41,865
39,781
814,576
397,573
378.753
949,429
285,314
265.9S3
3,844,275 1,227,527 1,218,875
798,732
275,871
259,290
7,735,571 2,259,513 2,459,071

.?
$
•
S
S
American Rys C o
October
465,261 464,220 4.429.242 4,604.112
Atlantic Shore R y
October
24.486
27.184
303.527
312.150
cAur Elgin & Chic Ry October_
_ 167,521 172,580 1,598.541 1,759,685
71.401
Bangor Ily & Electric September
69 099
584,206
578.251
18,096
15,608
Baton Rougo Elec Co October_
_
155,123
145,991
64.541
BeltLRyCorp(NYC). July .........
64,995
442.479
425.931
81,179
89,999
Berkshire Street R y . October—
779,959
828,448
Brazilian Trac, L & P October . . /6793000/6241170 /64250,110/61411,258
9.406|
9,825 , 99,1811
Brock & Plym St Ity. October—
105,626
Bklyn Rap Tran Syst July ------- 2624.427 2579,109 15.819,829 15.775.328
34,152 30,751
Capo Breton Eloc Co.October..
2S7.934
290,055
94.588 87.086
Chattanooga Ry & Lt September
785.034
822.928
_
34,360 33,346
Clev Painesv & East. October_
341,456
349,419
Cleve Southw & Col. October ._ 109,962 107,610 1,030.095 1,058.200
_
67,214
Columbus (Ga) El Co October_
63,890
583,699
558,393
Colum (O) Ry, P & L September 266,435 256.125 2,263 701 2.263.396
_ 1245.866 1184,386 11.650.884 11,479.781
(7 Com'w’th P Ry & L October_
_ 711,185 654,584 6,836,404 6,703.009
Connecticut C o_____ October_
Consum Pow (M ich). September 319.695 275,524 2.753.137 2,484.361
Cumb Co (Me) P & L September 249.4 IX 230.66
1.972.112 1.899.051
_ 185,200 200,503 1,498,797 1.842.160
Dallas Electric C o_ October_
_
Detroit United Linns September 1196,491 1092.677 9.707.104 9,268.192
40.508 44.257
D D E B & Bat (Roc) July .........
278.924
300.976
_ 101,900 109,474
Duluth-Superior Trac October_
947,865 1,085.240
East St Louis & Sub. September 206.405 216,514 1,786.250 1.985.315
71,665
56,352
_
582.231
Eastern Texas E lec.. October_
560,571
84,808 88,976
786,936
_
El Paso Electric C o. . October_
861,693
42d St M & St N Ave July ......... 162.751 158.347 1,123,407 1.058.978
_ 174,259 189,703 1,604,757 2,036.595
Galv-IIous Elec C o .. October_
_ 566.685 551.688 5,260.142 5,215,736
pGeorgia Ry & Power October_
868.295
100.771 108.327
Grand Rapids Ry Co September
959.482
777.532
76,356 83.955
Harrisburg Railways. October_
_
814.243
Havana El Ry, L& P September 443.5C2 443,550 4.108.935 4,013.204
384.465
Honolulu R T & Land A ugu st_
47,745 49,967
_
402.669
Houghton Co Tr C o. October_
226,928
21,226
_
23,034
235,558
b Hudson & Manhat. October_
_ 477,723 468,022 4,537,244 4,608,456
Illinois Traction.
October_
_ 980,071 944,904 8,971,423 8,954,384
a Net earnings here given are after deducting taxes,
Intcrboro Rap Tran. October_ 3071.291 2936,217 27,708,144 27,952,369
_
b Net earnings hero given are before deducting taxes.
Jacksonville Trac Co October_
_
508,701
51,338 56,744
606,230
Keokuk Electric___ October_
_
191,398
20,224 21,665
207,352
Key West Electric_ October_
_
_
93,311
9,736
11,392
111,608
Lake Shore Elec R y. October_
_ 118,315 113,778 1.150,649
Interest Charges and Surplus.
Lehigh Valley Transit October . _ 196.650 158.790 1,717.566 1.212,704
1.562.875
Lewist Aug & Waterv September
73,130
558.761
67.320
-I n f., R e n t a ls, & c .— — B a l. o f N e t E a r n s .—
520.104
Long Island Electrlc. July _____
32.437 29,813
145.004
C u rr e n t
P re v io u s
C u rr e n t
P re v io u s
140.092
Louisville Railway.. September 251,593 272.245 2.192.296 2.393.886
R o ad s.
Y ear.
Y ear.
Y ear.
Y ear.
_ 515,984 498,745 4,844.901 4,969,126
Milw El Ry & Lt C o. October_
$
S
$
S
_ 128,531 118,365 1,233,605 1,264.319
Milw Lt Ht & Tr C o. October_
Aurora Elgin & Chic____Oct
41.277
39,483
23,845
16,669
Nashville Ry & Light September 184,243 196.155 1.577.375 1.677.178
July 1 to Oct 31______
103.532
162,740
159,067
147,598
N Y City Interboro.. July . . .
58,814 57.421
399.696
379.022
_
44.552 42.386
2,058
N Y & Long Island.. J u l y _
2,204
6,222
4,485
244,740
225.717 Baton Rouge Elec______ Oct
Jan 1 to Oct 31______
16.251
20,916
21,567
42,653
29.765
N Y & North Shore. - J u l y ___
17.450
93.199
94,190
134.381 131.808
N Y & Queens C o_ July
_
789.375
781.471 Brockton & P lym outh..O ct
1,106
1,144
444
def 393
1127.093 1134.472 7.715.398 7.820.154
New York Railways. July
Jan 1 to Oct 31...........
11,278
10,857
7,559
9.835
_
28,216
27,142
N Y & Stamford R y. October_
322,942
326.704 Cape Breton Elect______ Oct
6,512
10,656
6,605
5,715
_
45,191
39,075
N Y Westches & Bost October_
394,828
344.717
Jan 1 to Oct 31______
65,994
64,283
52,928
51,277
16,859
17,074
Northampton Trac n September
133.149
140.658
_ 339,599 304,413 3,168.959 3.032.972 Cent Miss Vail El Prop._Oct
Nor Ohio Trac & L t. October_
1,879
1,816
7.231
6,932
_ 181,515 184,027 1.410,580 1,750,967
North Texas Eelctric October_
26.027
Nov 1 to Oct 31______
22,293
68,962
75,307
40.508
36.139
Northw Pennsyl R y. A ugu st_
_
236.251
241.806 Clev Painesv & East— Oct
11.083
. 11.844
5.754
4,649
32.176 34.335
Ocean Electric (L I ). July _____
81.903
88.695
Jan i to Oct 31______
109,842
110,007
46.073
53,400
26,099
Paducah Tr & Lt C o. October_
25,313
235,180
_
249,215 Columbus (Ga) Elec____ Oct
28,849
10,349
28,730
7,140
19,819
210.591
22,386
Pensacola Electric Co October_
_
225,874
287,185
267,055
28,723
49,458
Jan 1 to Oct 31...........




THE CHRONICLE

1883
— I n t . , R e n t a l s , & c .—
C u rren t
P r e v io u s
Y ea r.
Y ea r.

R oa d s.

$
Dallas E lect C o ______ .O ct
33,923
Jan 1 to Oct 31
334,632
8,716
Eastern Texas Elec_
_Oct
87,676
Jan 1 to Oct 31
4,202
E l P aso E l e c t - ________ .O c t
41,997
Jan 1 to O ct 3 1 -36,124
G alv-H ouston E lec____ -O ct
360.002
Jan 1 to O ct 3 1 -5,523
.O c t
H oughton C o Tract
55,473
E- Jan 1 to O ct 3 1 -H udson & M anhattan Call
212,502
sou rces)____________ .O ct
Jan 1 to Oct 3 1 -- ____ 2,116,726
.O ct
921,248
Interboro R ap T ra n —
July 1 to O ct 3 1 -- ____ 3,673,745
14,734
Jacksonville T ra ct_____ .O c t
Jan 1 to Oct 31__
148,435
1,859
K eokuk E lectric_____ -O ct
Jan 1 to Oct 3 1_.
18,682
2,562
KeyJW est E lect___ __ .O ct
Jan 1 to Oct 2 1 -_
25,475
36,283
Lake Shore E l R y Sys _.O c t
Jan 1 to O ct 31__
361,116
-O ct
66,068
MilwEElec R y & Lt
Jan 1 to Oct 3 1 - .
675,435
55,171
M ilw L t H t & Tract _ .O ct
559,730
Jan 1 to O ct 3 1 -54,358
-O ct
521,027
Jan 1 to O ct 3 1 -27,715
N orthern Texas E lec___ .O ct
274,616
Jan 1 to Oct 3 1 - .
7,511
Paducah T ra ct & L t ___ .O ct
76,353
Jan 1 to O ct 3 1 -7,082
Pensacola E lect_______ .O c t
71,769
Jan 1 to Oct 3 1 -23,274
_Oct
232,041
Jan 1 to Oct 3 1 -4,211
.O c t
43,661
Jan 1 to O ct 3 1 -219,606
_Oct
857,415
July 1 to O ct 3 1 -84,449
Tw in C ity R ap T ra n ___ -O ct
830.743
Jan 1 to O ct 3 1 --

— H a l. o f N e
C u rren t
Y ea r.

$
33,355
304,181
8,600
84,260
4,186
42,984
36,208
368,164
5,605
55.856

E a r n s .—
P r e v io u s
Y ea r.

S
46,452
244,358
27,756
177,305
36,674
314,395
34,483
250,296
4,458
38,918

$
61,646
442,721
13,478
137,237
35,606
328,377
47,155
562,917
2,000
28,569

65,712
72,616
211,131
2,099,244
495,606
567,885
2830,609
a:877,186
906,966
3,638,921 x l ,982,320 22,162,538
5,121
12,561
708
87,475
126,402
4,054
5,703
5,889
1,874
53,953
20,522
46,217
1,396
517
2,574
13,779
d efl.1 2 3
25,457
4,999
6,556
35,802
130,806
42,914
335,038
282,912
z82,325
68,268
2716,660
2644,648
697,818
234,284
231,378
54,532
2353,102
2279,344
547,658
62.567
78,992
50,858
672,863
692,951
506,104
58,159
64,080
26,566
269,168
509,124
262,000
2,465
2,454
7,570
9,912
10,503
76,200
7,346
2,278
d ef 1,068
72,123
17,416
8,817
23,070
196
d e f 935
228,822
def4,259
8,059
4,459
37,654
35,322
45,642
353,912
333,111
214,589
278,159
261,125
853,638
2404,174
2396,673
83,259
2175,882
2193,977
822,422 2 ,448,242 21,647,804

ANNUAL REPORTS
Annual Reports.— A n index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Satin-day of each month. This index will
not include reports in the issue of the “ Chronicle” in which
it is published. The latest index will bo found in the issue
of N o v . 27. The next will appear in that of D ec. 25.
Minneapolis & St. Louis RR.
{Report fo r Fiscal Year ending June 30 1915.)

On a subsequent page will be found the remarks of Presi­
dent Newman Erb, together with the balance sheet as of
June 30 1915. The comparative income account and statis­
tics for four years, and balance sheet for two years, were
published in last week’s issue of the “ Chronicle” on page
1800.— V . 101, p. 1800, 1714.

Pere Marquette Railroad.
{Report fo r Fiscal Year ending June 30 1915.)

Receivers Paul H . King and Dudley E . W aters, Detroit,
Oct. 1, wrote in substance:
R e s u l t s .— T he gross revenues for year wore the largest in the history o f
the com pany, S18.028.210, an increase In com parison with 1913-14 o f
$1,113,012. or 6 .5 8 % . T he freight revenues were $12,562,523. showing an
increase o f $1,127,397, or 9 .8 6 % . The revenue tons carried increased
4 .5 5 % and the revenue tons one mile— rail Unes— increased 8 .7 6 % . The
m ost im portant increases in freight traffic were in products o f agriculture
from 1,857,069 tons in 1913-14 to 2,272,569 tons in 1914-15, and in products
o f mines from 4,456,930 tons to 4,637,208 tons. Anthracite coal increased
86,969 tons; sand, stone and other like articles increased 142,535 tons; and
salt increased 37,924 tons; while sugar beets decreased 58,617 tons, and
bituminous coal decreased 112,565 tons. T ho freight and mixed-train
mileage increased 1 % and the average revenue per freight-train mile
amounted to $2.85284, an increase o f 23.976 cents, or 9 .1 8 % .
E m pty freight-car mileage increased 2 6 .1 2 % , doubtless duo to the fact
that all railroads, in an effort to reduce per diem charges, have been
unusually a ctive in getting the cars o f other lines o f f tlmir tracks. W e
reduced tho amount o f our per diem during the year b y $162,499 (21.06% )
b y sending foreign cars "h om e” at the earliest possible tim e. t h e average
revenue per ton per m ile— rail lines— during the yoar was 6.14 m ille, as

[V ol . 101.

{ equipment, $685,684; reserve for heavy car repairs, $554,060. The addii tional depreciation on equipment represents tho difference between the
| depreciation accrued from April 4 1912 to June 30 1913, at
o f 1% per
i annum, and depreciation which was accrued at the follow ing rates, viz.:
L ocom otives, 1.79% per annum: passenger cars, 2 .3 3 % p. a .; freight cars,
3-90% p. a.; work equipment, 2.79% p. a.; floating equipm ent, 1.31% p . a.
This additional charge was m ade upon instructions o f tho cou rt, in order to
make the rates in effect during tho entire receivership period conform m ore
nearly to the actual current loss from depreciation. Depreciation am ount­
ing to $666,254 was accrued during the year ended June 30 1915 at tho rates
above named, which was charged to operating expenses. This accrual on
" a?.i5.o f
rate o f ]A o f 1 % per annum would have been $112,476, m aking
a difference in the charge o f $553,778.
T he amounts charged to operating expenses on account o f equipment
retired from service during the year ended Juno 30 1915 aggrogated $37,837
for 9 locom otives and 244 cars, as com pared with $483,202 in tho provious
year, when there were retired: L ocom otivos, 42; freight cars, 1,667; passon§SLcars’
work cars, 39; floating equipment, 1. T he remainder o f the
decrease in maintenance o f equipment account o f 8154,489 reDrosonts
) ^ 103 \ re ■ tlonis ’ tbe 1fl.rscst o f those being a reduction o f $245,676 in the
cc o s t or ropainng locom otives, effected through decreases in p ay-roll, &c.
»rr£5^?spSrtation oxpenses decreased $573,934, or 7 .5 6 % , duo to greater
In1 non11 ° f f i
notwithstanding an increaso in gross revenue o f over
fi-0 0 0 ,0 0 0 . T h e greatest econom y was effected in the locom otive fuel
accou nt, the total am ount being $163,448. Taxes decreased $130,324.
balance o f earnings before deduction o f interest
accruals was $2,888,280, as com pared with a deficit o f $3,089,987 last yoar.
The general incom o account, including all interest which b y any possibility
cou ld accrue, com pounded, shows a deficit for tho year o f 8 1 41 9 ^64 as
against a deficit o f $7 152,895 for tho previous y ^ r . ^ d ^ ^ ^
630. Interest accruals on matured indebtedness increased $89,787 and
interest accruals on receivers certificates increased $148,316. Interest
charges actually paid b y the receivers during tho year amountod to $741 688
(see foot-n ote to tables below, also see “ Disposition o f Cash” ).
P r o f i t a n d L o s s .— The p rofit and loss debit was increased to $25 665 2 2 1
II
1 9 1 5 v or a net increase o f $3,105,683, due chiofly to ’ ( a )
.
$1,419,264 balance from the year s incom o account, and (ft) $ 1 4 8 1 3 1 3
representing the difference between the book value and proceeds o f sale
at auction F eb. 17 1915, $537,587 (less com m issions, & c.) o f $1,200,000
Fere M arquette R R . C o. Im pt. & R ef. Gen. M . bonds and $1,364,000
,D„- R y- G en- M . bonds, which were pledged as collateral to S l,200,000 defaulted 6 % notes (V . 100, p . 619).
r t t r l 119 total mileage operated June 30 1915 was 2,285.84, a decrease
o f 35.93 m iles, as follows:
D e c r e a s e (65.37 M i t e s ) —
| I n c r e a s e (35.93 M i l e s ) —
Essex Spur, taken up (o w n e d ).. 2.70 |
Harrison St. to B alt. Jet., B . &
M ahan B r., taken up (control’d) 4.82
O. Chic._________ ____________ 10.94
__ Term . R v
Naples B r.,taken up(con trol’d ). 2.70 - alt.Jet.toB rainordJct.,B !& 0 ' 2^30
*'
B - S ' “ O. C hic. Term . I iy ......... .33.80 B rain 'dJct.to R .I .J c t .,C .R .I& P 6.27
P . F t. W . & O. R y ......... .............21.35 R ock Isl. Jet.to P in e ,In d .,B .& 0 .9 .9 3
— X h0 tables shown throughout this roport include the opera­
tions o f Pore M arquette R R . and Lake Erie & Detroit River R y.
s e c u r e d D e b t .— During tho year tho bonded and secured debt in hands
o f p u b lic increased $2,313,074, as follows:

anu int. o f the notos sold at auction on Fob. 17 1915 b y the
? , dQ«S°nnIiy^ T ^Vst. c ^ - - , trusteo’ at 5 to 5 M % (along with
$1,364,000 C . II. & D . R y . Gen. M . bonds o f 1939, tho re­
maining collateral sold at 35 to 36— Soo V. 100, p. 619], tho
proceeds o f sale being applied toward retirement o f the notes . $ 1 .200.000
5 % Receivers certificates, "Series B 1914,” dated A ug. 1 1914
duo June 1 1915, issuod and sold to p a y bills for material and
1,689,500
suppiics purchased prior to July 1 1914___________ _______
6 % R eceivers’ Certificates, “ Series C 1914,” dated O ct. 1 1914,
duo Juno 1 1915, issued and sold to pay M ichigan State taxes
for year 1913...................
575,000
,
T o t a l ..................................................................................................... $3,464,500
Less— R eceivers’ Certificates paid during yoar: Series B 1914,
$85,000; Series C 1914. $475,000; total........................
560,000
Equipm ent obligations maturing during tho year, paid from
current funds (See plan, V. 99, p. 539, 1301): K loybolte E quip.
4 H % notes, duo Oct. 1 1914. $34,372; It. W inthrop & C o.
4>S % notes, due Oct. 1 1914, $76,000; Pullman C o. 5 % notes.
Series “ O ,” duo Sept. 15 1914, $12,584; Pullman C o. 5%
notes, due O ct. 1 1914, $132,000; 5 % equipment gold notos,
due D ec. 1 1914, $44,000; Baldwin L ocom otive C o. 6 % notos,
due m onthly July 16 1914 to June 16 1915, incl., $56,395; total $355,351
Equipm ent Obligations, matured prior to July 1 1914, but
paid during current fiscal year from current funds a s follows:
K leybolto E quip. 4 H % notes, duo April 1 1914. $34,372; It.
W inthrop & C o. 4 H % notos, due April 1 1914 (part p a ym en t),
$1,000; Pullman C o. 5% notes, Series “ C ,” due M arch 15 1914
and June 15 1914, $24,704; Pullman C o. 5 % notes, duo April 1
1914, $132,000; E quip, gold notes, duo Juno 1 1914, $ 44 ,00 0 -236,076
There also matured during the year, but not being paid, wore transferred
on the books to “ Fundod debt matured and unpaid” : K leybolto E quip.
4 H % notes, maturing April 1 1915, $34,372; Pullman C o. 5 % notes,
Series “ O ,” maturing D oc. 15 1914, M arch 15 1915 and Juno 15 1915,
$38,704; Pullman C o . 5 % notes, maturing April 1 1915, $132,000; 5 %
Equipm ent gold notes, maturing Juno 1 1915, $44,000; total, $249,075.
See plan, V. 99, p . 539, 1301.
.
I m p r o v e m e n t s , etc.— 769,069 cross ties wero used during tho yoar; 73,760
tie plates were applied; 114 miles o f track were ballasted with gravel and
36 milos with cinders; 9,833 tons o f new 90-lb. and 2,682 tons o f 85-lb.
open-hearth rail were laid on main and second main lines, aggregating 89.62
miles o f track (o f which 3.72 miles were on second main lino), releasing
5,566 tons o f rail that were used for relaying. Three new steel bridges
wero installed, one 4 0 -ft.. one 13-ft. and one 12-ft. Six pile and frame
trostlos, aggregating 726 f t ., wore rebuilt with plain tim bor; 14 pile and
frame trestles, aggregating 1,476 ft ., were rebuilt with creosotod tim ber.
A t Interlochen, M ich ., a 302-ft pile trestle was filled.
During the year nine locom otives, 18 b ox, 9 flat, 5 coal, 1 convortlblo
gondola and 3 miscellaneous work cars were written out o f sorvice Jon
account o f age and condition, and 198 cars were destroyed b y fire or acci­
dent on lines o f this com pany or on foreign linos.
S u m m a ry o f In v e stm en t in R oa d a n d E q u ip m e n t D u r in g Y e a r
D e b it.

Bridges, track, buildings, & c............................ $420,995
L ocom otives, cars, & c----------------------------------- 170,722
per passenger per m ile for 1915 was 1.972 cents, as com pared with 1.890
cents in 1914, an increase o f .082 cent per m ile, caused b y the increase in
the inter-State passenger rate from 2 cents to 2.5 cents per m ile, effective
D ec. 1 1914. The number o f passengers carried decreased 6 .4 6 % and the
number one m ile decreased 3 .5 1 % .
Switching revenue decreased $60,456, largely due to the fact that wo
switched a lessor number o f cars for connecting linos at com petitive points
during the year 1915 than we did during 1914, which indicates that we
handled m ore com petitive freight business at those points, and this is, no
d ou b t, reflected in the increased freight revenues.
O p e r a t i n g C o s t .— Operating expenses decreased $4,590,160, the operating
ratio being 7 4 .5 7 % , as com pared with 106.62% for the preceding year.
T he decrease in operating expenses is in a large measure due to more efficient
operation; while transportation expenses decreased $573,934, there was
an increase in revenues o f $1,113,012. M oreover, there were included in
the expenses for the year 1913-14, charges amounting to $2,230,804, for
which there were no corresponding charges during the late year. The
maintenance o f w ay and structures account decreased $995,836, or 3 3 .2 4 % .
O f this decrease $108,635 is duo to extraordinary items taken into account
last year, and the balance, $887,201, was due to tw o causes, viz.: (1) re­
trenchment in pay-rolls and decreased cost o f material; (2 ) the fa ct that
during 1913-14 43,332 tons o f new and second-hand rail— an abnorm al
amount— were put into the track, as against 26.033 tons, a normal am ount,
in 1914-15. The decrease in the purchase price o f rail alone, as com pared
with a five-year average, amounted to $51,566.
T he maintenance o f equipment account decreased $2,994,990, or 4 6 .1 6 % .
O f this decrease, $2,095,136 can be explained b y extraordinary expenso
items taken into account during the year ended Juno 30 1914, for which
there were no corresponding items during the late year, v iz.; H eavy repairs
to equipment at outside plants, $855,392; additlonal.£depre elation on




C red it.

1914-15.
N et.

$249,017 $171,978
x257,650
86,928

T otal road and equipm ent.................
$591,717
$506,667 $85,050
x Represents original cost o f equipment rotlrod from servlco during year
ended June 30 1915.
R e c e i v e r s ’ C e r t i f i c a t e s .— On A ug. 1 1914 and subsequently, wo Issued
$1,689,500 Series “ B ” 5 % certificates, duo Juno 1 1915, to pay bills for
material and supplies purchased prior to July 1 1914; 600 o f these certifi­
cates were purchased at par for cash b y holders o f Pere M arquette R R .
C onsol. 1st M . bonds, and the proceeds, $600,000, wore distributed among
the creditors on a pro rata basis. On account o f tho depression in the
m oney m arket, tho receivers wero not able to negotiate tho salo o f the
remaining certificates, .and, therefore, arranged with certain o f tho creditors
to accept certificates am ounting to $1,089,500 in lieu o f cash; $85,000 o f
this am ount was subsequently redeemed in cash. T he balance outstanding
Juno 1 1915 was $1,604,500. Tho receivers wero unable to redeem those
certificates at date o f m aturity, and, b y direction o f tho court, filed a
petition for the salo o f tho road in order to obtain sufficient funds to pay
them and the other obligations o f the receivership.
On O ct. 1 1914 the receivers, under an order o f the court dated Sept. 28
1914, issued and sold at par $575,000 Series “ C ” 6 % certificates, due
Juno 1 1915, in order to pay M ichigan State taxes for 1913, duo A pril l
1914. T he receivers subsequently redeemed $475,000 o f this issuo o f cer­
tificates, leaving outstanding Juno 30 1915, $100,000.
Receivers' 5 % certificates, amounting to $3,500,000, Issued during tho
fiscal year ciulod Juno 30 1913 and 1914, fell duo Juno 1 1915. T ho re­
ceivers asked for authority to renew thorn, together with other matured
certificates for one year, but the court took the position that the interests
o f certificate holders would be better served b y a sale o f the road to secure
funds to redeem tho certificates than to ronow them without probability
o f paym ent at m aturity, and directed that the petition bo filod at once.

De c . 4 1915.]

THE CHRONICLE

[Thcro are also $605,000 4 H % receivers' certificates o f 1912, duo A pril 23
1914, m aking the total certificates unpaid $5,809,500. In addition, there
are $705,000 5 % and 6 % receivers’ notes.— E d.]
Settlement with Creditors.— On July 1 1914 the receivers owed $2,590,713
to various creditors for material purchased prior to that tim e. Beginning
with July 1 1914, it was decided, for the sake o f econom y, to p ay cash for
all purchases ou t o f current receipts. T o m ake the plan possible, p ay­
ments from current funds on account o f materials and supplies purchased
prior to July 1 1914 had to be discontinued, but the am ount duo thereon
was reduced to. $593,859 as o f June 30 1915, ch iefly through issuance o f
D i s p o s i t i o n o f C a s h '.— On account o f larger gross earnings than anticipated
and a m uch lower operating ratio than was estim ated, the cash on hand and
in transit on Juno 30 1915 amounted to $1,258,864 instead o f $68,057, as
estim ated. T he cash funds were applied as follows:

Cash on hand and in transit July 1 19 4 ----------------------------------- $610,428
Balance before deduction o f interest accruals, but after
allowing for taxes, rentals and hire o f equipm ent, as
per incom e account, year ended June 30 1915----------$2,888,280
Plus accrued depreciation on equipment charged to
oper. exp. during the year ended June 30 1915-----666,254
---------------- 3,554,534
T o t a l ..................................... .................................... - ..................... -.-$ 4 ,1 6 4 ,9 6 2
P a y m e n t s M a d e D u r i n g th e Y e a r o u t o f A b o v e - N a m e d F u n d s .

Deposits to cover principal and interest on equipment
obligations under plan, leaving us in samo relative
position as regards defaulted paym ents as on
June 30 1914 (V . 99. p . 5 39)----------------------- ---------Baldwin L ocom otive C o. 6 % notes and interest - - - - Interest paid on Canadian bonds [viz.: $2,870,000 4 %
collateral bonds o f 1903, due Jan. 1 1923, secured by
pledge o f 14,000 shares o f stock o f Lake Erie & Dot.
Itivor Ity.; and S3.000.000 4 « % Lake Erie D iv .
collateral bonds o f 1903, due Aim. 1 1932, secured by
$3,000,000 1st M . bonds o f L . E . & D . R . R y .- E d j
Int. on receivers’ certifs., $258,463, and on notes and
bills payable, $70,329: tota l- - - - - - - - - - - - - - - - - - Retirem ent Series “ O ” 6 % certificates, issued to pay
M ichigan State taxes for 1 9 1 3 -.- -------------------------Advances to T oledo Terminal R R .-C o - - - -------- ---------H eavy repairs to bad order cars, $o54,060, and fences,
$55,827, charged to reserve a c c o u n t --------------------Safety appliances to equipm ent-------- --------------- Other cash paym ents for additions and b etterm en ts.N et paym ents made b y receivers out o f curront cash to
reduce sundry liabilities outstanding June 30 1 9 1 4 ..

$694,603
5 9,9 -0

249,800
328,792
-475,000
zD ,Ulo
b09,887
Ojo ,5 8 b
-13,526
128,968
---------------- 2,900,098

Cash on hand and in transit Juno 30 1915-------------------------------- $1,258,864
On July 1 1914 there were 3,030 bad order cars on hand, requiring heavy
repairs- on Juno 30 1915, 970. The total expended on bad order cars was
$889 203, o f which $554,060 was charged to reserve fund set up M a y 1914.
K a l k a s k a B r a n c h — D i s c o n t i n u a n c e o f S e r v i c e . — Service between Spencer
and Stratford, 14 miles, was discontinued A ug. 14 1915 fo r lack o f traffic.
Increase in Rates.— On A ug. 1 1914 the I.-S . C . Comm ission granted an
incroaso in freight rates In the so-called “ 5 % C ase,” and the M ichigan R R .
C om m , on O ct. 22 1914 authorized certain advances in intra-State freight,
class rates. B oth increases becam e operative O ct. 26. T ho tra ffic depart­
ment estimates that tho various increases granted b y b oth the Inter-State
and Stato com m issions will p robably n ot exceed, all told , $350,000 per year,
less than 3 % o f tho tota l freight earnings. On D ec. 1 1914 the receivers
increased tho intor-State passenger rates from 2 to 2 l cts. a m ile, filing
A
with tho I.-S . C . C om m ission tariffs covering the advance. I t is estimated
that this w ou ld result in additional passenger revenues o f $200,000 per
annum.
T ho receivers appealed to the Legislature for an amendment to the law
relative to passenger fares, asking at first for a uniform increase o f 2 1 4 cts.
per m ile; this was reduced in the Senate to practically 2M cts. per mile.
T h e House added a tw o-year lim itation which was accepted, and then the
partial roliof as limited failed entirely b y a narrow m argin o f 6 in the H ouse
(with a fa vora b le m ajority o f 7 in the S enate).
Certain holders o f securities issued prior to the passenger rate reduction
have instituted proceedings in the U . 8. D istrict C ourt at D etroit attacking
the con stitu tionality o f the present rate law on the ground o f confiscation.
Cadw alader, W ickorsham & T a ft, counsel for tho Consolidated B ondhold­
ers’ Protective C om m ittee, represent the com plainants, and we are assisting
in every w ay possible.
A p p r a i s a l s , A c .— On D e c . 31 1914 P rof. M . E . C ooley transmitted to
the M ichigan R R . C om m , his final report on the appraisal o f the Pere
M arquotto R R . System . H o reported that the total cost o f reproduction,
new, was $96,961,771, and the cost o f reproduction, less depreciation,
$78 545 241. T he appraisal was m ade under the imm ediate supervision
o f the C om m ission, and the cost, $80,808, was paid b y the receivers.
Representatives o f the I.-S . C . Comm ission began an investigation in
July 1914 to ascertain whether the road is giving adequate service and is
boing properly m anaged. T he Com m ission, in connection with tho inves­
tigation, began a physical valuation o f the system on April 19 1915. This
valuation, which is expectod to cost tho road abou t $35,000, should be
com pleted during 1915-16.
, . .
.
W a g e s . — D uring the year tho trainmen asked for an increase in wages,
and an increase o f from $55,000 to SOO.OOO per year was granted on main
lino, one-h alf payable N o v . 1 1914 and tho other half April 1 1915. T he
application o f the clerks for additional com pensation is still unsettled.
C h i c a g o T e r m i n a l . — T h e contract for the new entrance into Chicago was
consum m ated on Juno 20 1915. The Baltim ore & Ohio main line double­
track railroad is used from Pino to South C hicago, thence the double tracks
owned b y the R ock Island to Brainerd Junction, and from there the B . & O
and B . & O. C hicago Term inal tracks to tho Harrison St. Station, which
the Pere M arquette has been using for 12 years. T he passenger route is
slightly longer than tho form er one, but it is covered without extending the
train schedules. The freight rou te is abou t 4 miles shorter, and its use
will expedite tho handling o f freight trains very m aterially. T he freight
terminal is in tho com m odious yards o f the B . & O. at C hicago, and a new
freight house will bo built for our use near 12th St. Better connections can
bo m ade with other railroads in C hicago and an advantageous entrance into
the stock yards is afforded.
E x p r e s s C o n t r a c t . — T he contract for tho carrying o f express over tho lines
was awarded for the year to the Adam s Express C o ., on account o f its
Eastern and Southern connections.
.
C o n t r a c t w i t h C a n a d i a n P a c i f i c R y . C o . — E ffectiv e Jan. 10 1915, a con ­
tract was entered into for ferrying the business o f the Canadian P acific
across the D etroit R iver,
rh e I ere M arquette car ferry operates continu­
ously during tho 24 hours instead o f during the d ay only, and the inter­
change between the tw o com panies takes place at D etroit instead o f at
W indsor, Ont. T he contract provides adequate com pensation.
U n i t e d S l a t e s M a i l . — T he injustice as to weighing mail but once in four
years and tho arbitrary rule in regard to tho 105-day divisor and tho inade­
quate allow ance for parcel post m ean a serious loss in revenue.
M i l w a u k e e T e r m i n a l . — Something should bo done to relievo tho situation
at M ilwaukee. The present accom m odations are inadequate, and the ferry
slip must be repaired at considerable expense if we are to continue to use it
T o l e d o T e a l r m i n R R . — T w o new com panies were admitted to ownership
in tho T oled o Term inal R R . during the year. Tho Terminal C o. has never
had sufficient incom e to p ay its bond interest, and advances have had to be
m ade b y the proprietary lines for that purpose. T h e court authorized
you r receivers to participate in the re-distribution o f stock, but refused to
authorize any advances tow ard the d eficit, due to extensive additions and
betterm ents. Under the re-distribut on, the holdings o f the Pere M arquette
will bo reduced from 20% to 1 6.1 2% .
Arrangements are now being made
with tho Bankers Trust C o ., trustee o f the Im p t. & R ef. Gen. M tge . o f
M a rch 1 1911 with which this stock is deposited as collateral, for the
release o f the difference in the old and new holdings, 3 .8 8 % .
D e t r o i t B e l t L i n e . — Late in 1913 tho r e c e iv e r arranged to advance m oney
for tho purchase o f certain lands in Greenfield T w p., W ayne C ounty, M ich .,
in con nection with tho construction o f an industrial belt line to facilitate
sw itching in D etroit. T o date the receivers have advanced for this purpose
$83,149. It is estim ated that to com plete the transaction will cost abou t
$200,000, and the cou rt has authorized this expenditure, p rovided it can
be m ade advantageously from current receipts.
L o n d o n A P o r t S t a n l e y R y .— T h e lease having expired, operations were
discontinued on tho L ondon & P ort Stanley R y . on June 30 1915. An
agreem ent covering tho use o f a portion o f the L . & P . S. R y . for the




1883

M ichigan Central con nection at S t. T hom as, O n t., has been m ade for 10
years at a m oderate rental.
O P E R A T IO N S , E A R N IN G S , E X P E N S E S ,

A c.

1911-12.
1912-13.
1914-15.
1913-14.
Average miles operated2,314
2,324
2,331
2,330
5,569,426
Passengers carried-------- 5,209,748
5,905,044
5,666,058
Pass, carried one m ile.-19 9 ,7 3 2,40 8 207,004,350 217.655,744 224,750,787
Earns, per pass, per m ile 1.972 cts.
1.890 cts.
1.800 cts.
1.841 cts.
Earns, per pass, train m .
$1.0027
$0.9805
$0.9569
$0.9910
Revenue tons carried— 11,362,169 10,867,428 11,401,029 10.420,770
R ev. tons carr’d 1 m ile . 1966916,513 1808504,819 1979609,670 1749267,067
E arn, per rev. ton p. m . 0.614 cts.
0.606 cts.
0.603 cts.
0.643 cts.
T ons per fg t. train m ile .
464.91
430.90
335.45
419.33
Earn, per fgt. train m ._
$2.85284
$2.61308
$2.15847
S2.52957
Gross earnings per m ile .
$7,792
S7.279
$7,362
$7,728
IN C O M E

AC C O U N T.

1914-15.
1913-14.
1912-13.
1911-12.
S
$
$
$
12,562,523 11,435,126 *11,941,888 *11,255,766
F r e ig h t ______ _______
P a sse n g e r_______________
3,938,086 3,912,186 *4,007,651 *4,045,588
M a il, express, & c______
1,236,129
1,277,6661 *2,058,178 *1 ,8 5 9,’ 27
Incidental, & c_______
291,472
290,219/
T otal oper. revenue__ 18,028,210
M aint. o f way & s t r u c .. 2,000,282
M aint. o f equipm ent___ 3,492,973
T ra ffic expenses_______
379,125
Transportation expenses 7,022,741
General exp en ses______
500,859
Miscellaneous operations
53,045
T ra n s p o rts for invest’t 0 .5 ,0 1 1

,915,197
,996,118
,487,963
411,910
,596,675
478,1631
63,344/

18,007,717
*2,944,517
*2,987,156
400,347
*7.146,827
*9S5,187

17,160,481
*2,064,891
*2,804,938
423,916
*7,707,865
*966,423

T otal expenses______ 13,444,014 18,034,174 14,464,034
Per cent exp. to e a rn s ..
(74.57)
(106.62)
(80.32)
N et operating re v e n u e .. 4 ,5 S 4 ,1 9 6 d e fl,l 18,977
3,543,683
T a xes..............................
512,844
643,168
555,242
U ncollectibles__________
1,848
________

13,968,033
(81.40)
3,192,448
667,704

Operating incom e____
In t., d ivs., & c., received

4,069, 504 d e f1,762,145
194 538
185,037

2.988,441
154,845

2,524,743
157,138

T otal net incom e____ 4,264 042 d e f1,577,108
Interest on bonds______ x3.186 179 x 3 ,192,903
In t. on bills p a y ’le, &c__
x789 436
X679.10S
In t. on rec. ctfs. & notes
x331 930
X190.896
R e n t a ls ________________
766 687
741,307
Hire o f equipment— D r .
609 074
771,573

3,143,286
x3 ,370,759
x-128,221
X66.136
733,985
439,735

2,681.881
3,291,196
38,050
4.840
712,655
614,819

4,738,836
1,595,550

4,661,561
1,979,680

T otal deductions____
Balance, d e f i c i t ________

5,683 307
1,419 .265

5.575,787
7,152,895

* Com parison with 1914-15 and 1913-14 is slightly inaccurate,
x T ho total interest actually paid during the year 1914-15 was $741,688.
consisting o f full interest on Pere M arquette R R . colla t. trust bonds o f
1923, $114,800: and on Lake Erie division colla t. trust bonds o f 1903,
duo A ug. 1 1932, $135,000: int. on equipm ent obligations, $163,096: m isc.
interest, $25,563; on receivers’ certificates, matured June 1 1915, $175,000:
receivers’ certificates, series “ B ,” 1914, matured June 1 1915, $64,621;
series " O ,” 1914, m atured June 1 1915, $14,792; receivers’ certificates m a­
tured April 2$ 1914, $4,050, and on receivers’ notes, $44,766. T he interest
accrued during the year on equipment obligations aggregated $99,363. T he
unpaid m atured interest on the equipment obligations on June 30 1915
aggregated $180,359, while the unpaid m atured interest on the bonds o f
the com pany aggregated $5,400,270.
B ALAN C E

1915.

SH EET

1914.
S
91,415,247
4,465,533
819,458
199,787

Road,equlp.,&c. 91,500,297
Inv. in affil. cos. a4,544,549
Other investm’ts
1,058
Misc.phys.prop.
205,981
Dep. on mtge.
prop, s o ld _
82,834
_
86,481
Cash................... 1,258,864
610,428
Special deposits.
189,959
70,511
Loans & bills rec.
48,422
16,797
Agts. & conduc.
514,144
439,472
Material & supp 1,196,534
1.141,131
796,146
Misc. accounts.
964,058
45,485
Int. & divs. rec.
19,432
15,043
Def. deb. items.
25,310
Prepaid rent and
70,436
15,173
insurance___
497,249
694,832
Other unadj .deb
Profit & loss __b25,665,221 22,559,538

T o ta l............ 126,635,869 123,539,542

JU N E

30.

Liabilitlss—
Common stock­
ist pref. stock..
2d pref. stock..
Stk. for conv’n.
L.E.& D .R .R y.
common stock
Mtge.,bond,&c.,
debt (see “ Ry.
& Ind.” Sec.)_
Loans&bills pay.
Acc’ts & wages.
Traffic balances
Matur.int.unpd.
Matur.fund.dt.
Misc. accounts.
Accr.int.& rents
Accrued taxes..
Oper. reserves..
Def. cred. items
Accruey deprec.
Unadj. credits..

1915.
1914.
$
S
14,370,430 14,370,430
10,929,800 1 10,929,800
968,180 i.. 968,180
58,800
( i 58,800
*' M
1,400,000 5 1,400,000
75,381,239 73,081,165
725,000 CHf 725,000
1,914,476
4,412,148
250,062
346,810
7,700,644
4,110,827
8,698,741
9,121,457
1169,917
161,997
682,285 t 715,283
323,632
288,966
9,173 V 619,060
255,684
266,805
2,595,848
1,957,943
136,675
70,153

T o ta l............. 126,635,869 123,539,542

a Includes (1) stocks pledged, v iz .: F ort Street U nion D ep ot C o . (par
val. $515,800), b ook value $519,750: T oled o Term inal R R . (par va l.
$799,500), book val. $1; Lake Erie & D etroit River R y . (par v a l.), $1,400,­
000), book va l., $2,870,000; Grand R apids Kalkaska & S. E . R y . (par v a l.,
$264,000), book val., $253,212, and miscellaneous (at book value), S I39,894.
(2) Stocks unpledged, v iz .: Lake Erie C oal C o ., par and b ook v a l., $500,­
000, and miscellaneous (at book value), $10,004. (3) T oled o Terminal
R R . 4 1 4 % bonds unpledged, par and b ook value, $40,000.
b A fter crediting $15,468 sundry unrefunded side-track deposits, & c.,
and debiting $1,139,963 difference between par value and proceeds o f sale
o f $1,200,000 P . M . R R . Im pt. & R efunding M . bonds; $340,850 difference
between book value and proceeds o f sale o f $818,400 (par value, $1,364,000)
C . H . & D . R y . General M . bonds; $109,861 deprec’n on tracks and struc­
tures destroyed, rem oved or sold and not replaced; $106,866 d eprec’n prior
to July 1 1907 on equipment destroyed, rem oved or sold and n ot replaced,
and $11,790 miscellaneous.
Securities issued or assumed pledged, $7,858,000 and unpledged, $2,267, ‘
790, are not included in the above balance sheet in accordance with th e
requirements o f the Inter-State Com m erce C om m .— V . 101, p . 1800, 1553

Imperial Tobacco Co. of Canada, Ltd.
(Report fo r Fiscal Year ending Sept. 30 1915.)
1914-15.
1913-14. I
1914-15.
1913-14.
Net profits...........$2,313,425 $2,580,034 Ord’ y shares.(6)$l,620,150(7)$l,890,175
P re f. Shares ( 6 % ) . $481,800
$481,8001Balance, surplus S211,475
S208.059
Tho above figures d o not include the com p any’s proportion o f undivided
profits o f the associated com panies.
B A L A N C E S H E E T S E P T . 30.
1915.
1914.
1915.
1914.
Liabilities—
S
S
Assets—
S
Real est. & bldgs. 1,390,465 1,342,194 Preference shares. 8,030,000 8,030,000
Plant, mach’y, &c. 914,739
881,103 Ordinary shares..27,002,500 27,002,500
Prem. on pf. shares 240,836
240,836
Good-will, trademks. & patents.26,816,801 26,816,801 Bills payable____
1,200,000
386,413
Shareslnassoc.cos. 444,958
444,958 Sundry cred., &c.
470,009
_
233,279 Capital surplus_
101,579
101,579
Cash____________
520,469
Reserve funds___
754,437
620,736
Stock In trade and
803,000
leaf funds_____ 6,172,069 7,317,039 General reserve_
_
803,000
860,810
Sundry debtors,&c. 1,920,074 2,082,621 Profit and loss___
649,335

T o ta l................ 38,179,575 39,117,995
T o ta l.................38,179,575 39,117,995
T he p rofit and loss surplus Sept. 30 1915, $860,810, is shown before
deducting tho final ordinary dividend o f 1% ($270,025, included in the 6 %
in foregoing earnings statem ent). A llow ing for this dividend leaves the
surplus to be carried forw ard $590,785.— V . 100, p . 736.

THE CHRONICLE

1884

Cudahy Packing Co. (of Me.), Chicago.
(Report for Fiscal Year ending Oct. 30 1915.)

The company was re-incorporated in Maine on Oct. 13
1915 with $20,000,000 of authorized capital stock in $100
shares, of which there had been issed on Oct. 31 $3,449,500
common and $8,550,500 pref. On N o v . 26 the directors
for the purpose of a stock dividend, representing a portion
of the accumulated profits, increased the outstanding com­
mon stock from $3,449,500 to $5,449,500 and thereby reduced
the profit and loss surplus from $6,050,270 to $4,050,270.
“ C hicago H erald” N o v . 30 said: “ T he $2,000,000 new com m on stock
has all been allotted to E . A . C udahy and his son, thus placing the full
am ount o f $5,449,500 com m on stock, which controls the com pany, in their
hands. The new stock was issued against surplus. T he estate o f M ichael
C udahy has been settled with in preferred stock, o f which $8,550,500 is
outstanding.
1914-15.
1913-14.
1912-13.
1911-12.
T otal s a l e s .....................$116,162,156 $109,121,449 $104,408,789 $90,443,970
P rofits beforerepairs.& c $1,292,336 $1,923,742 $1,850,682 $1,651,686
R epairs, d eprec’n , & c_ .
568,694
521,726
521,504
522,221
N et profits for y e a r ..
Preferred dividends____
C om m on dividends____
Balance, surplus..........

$723,642 $1,402,016 $1,329,178 $1,129,465
$114,400 (6)$120,000 (6)$120.000 (6)$120,000
______
(4)400,000 (7)700,000 (4)400,000
$609,242

B A LA N C E

$882,016

SH EET

N ew C o.

O ld C o .

1915.

1914.

P lants___ ______ 8,095,929 8,045,178
Branch houses__ 2,467,346 2,301,891
Car line...... ......... 1,682,775 1,687,534
Investments____ 1,098,677
887,155
Cash.................
2,639,840 2,294,524
Bills & accts. rec.. 8,358,605 6,299,640
Inventory_______ 14,463,617 14,079,201

OCT.

$509,178

$609,465

30.
N ew C o.

O ld C o .

1915.
1914.
S
S
_
Preferred stock_ 8,550,500 2,000,000
Common stock__ 3,449,500 10,000,000
B on d s___________ 3,519,000 3,780,000
Bills and accounts
payable_______17,237,518 13,792,834
Surplus and profits 6,050,271 6,022,289
.
L ia b ilit ie s —

T o ta l_________ 38,806,789 35.595,132
T o ta l.............. .38,806,789 35,595,123
On O ct. 30 1915 there were no contingent liabilities.— V . 101,p . 1275, 1191

GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
American Railways, Philadelphia.— Tim e Extended .—

[Vol . 101.

for any tax or taxes w hich the railroad com p any or the trustees under
said m ortgage shall be required to pay or retain therefrom undor any
present or future law o f the U . S. o f A . (except any Federal Incom e T a x),
or o f any State, co u n ty or m unicipality therein.
A pplication will be m ade to list the bonds on tho N . Y . Stock Exchange.
(Tho shareholders o f the B. & O. lilt . C o. in I’ onna. will vote Jan. 18 on
increasing its m ortgage debt from $40,000,000 to $00,000,000, and the share­
holders o f the Baltimore & Philadelphia R R . will vote tho same day on
increasing its m ortgago debt from £1,000,000 or $4,866,500 to $10,000,000.
All bonds issued under these new m ortgages will be pledgod as part security
under the new Refunding & Gen. M tgo. o f tho B . & O .— E d.

Settlement with Cincinnati Ham ilton & Dayton Bondholders.

See that com pany below.

Property of Central Ohio RR. Taken Over by D eed .—
T itle was taken on O ct. 29 to tho property o f the Central Ohio R R .,
subject to its Consol. 1st m ortgago.— V. 101, p. 1806, 1720, 1709.

Bristol County Street Ry.— Sale.—
Seo T aunton & Paw tucket Street R y . below .

Brooklyn Rapid Transit Co.— Option Ends D ec. 31 to
Exchange the 5 % 6 -Y ea r Gold Notes of 1912 fo r Endorsed ls£
M . 5s of N . Y M unicipal Ry.— Holders of the $59,699,000
5 % 6-year gold notes of 1912, duo July 1 1918 (V . 101, p.
1188), are reminded by adv. on anothor page that their
option will expire with the close of business D ec. 31 to ex­
change their notes, with all unmatured coupons attached for
an equal face amount of 1st M . 5 % Sinking Fund gold bonds
of the N ew York Municipal Railway Corporation. Said
bonds are in coupon form with all unmatured coupons
attached, and bear the endorsement of the Brooklyn Rapid
Transit C o. and of the N ew York Consolidated R R . C o .,
assuming and agreeing to pay principal and int. thereof. ’
T o avail o f the aforesaid option the notes m ust bo presented, in bearer
form with all unmatured coupons attached, at the Central Trust C o ., 54
W all S t., N . i .. during business hours on a day prior to tho expiration o f
said option , to w it, Jan. 1 1916. T ho N ew Y ork M unicipal Railway C or­
poration pays tho normal incom e tax on these bonds and the corporation
has also paid tho tax on the m ortgago securing the same, so that the bonds
are exem pt from local taxation as p rovided b y the laws o f N . Y . State.
(On July i 1915 only $301,000 o f the authorized $100,000,000 N . Y .
M unicipal R y . 1st M . 5s, due Jan. 1 1966, was in hands o f the public, ali
the remaining bonds issued under the m ortgage being held for the aforesaid
exchango.]— V . 101, p . 1464, 1369.

Buffalo & Susquehanna Railroad Corporation.—
Dividend— Earnings.— Tho directors last week declared a

President J. J. Sullivan N o v . 30 announced:

dividend of 2 % on tho $4,000,000 prof, stock, payablo Jan. 15
to holders of record Dec. 31. Tho company reports:

In response to the offer o f tho N ational Properties C o ., outlined in cir­
cular dated N o v . 13 1915, sufficient stock o f tho American Railways C o.
has been deposited to warrant, in the opinion o f the board, tho statement
that the plan will becom e operative. N evertheless, it has been deemed ad­
visable to extend the tim e o f deposit with the trustee, the C ontinentalE quitable T itle & Trust C o ., P hila., until D ec. 15 1915 at 3 p . m . N o
further extension will be m ade. See V . 101, p . 1805, 1712.

S u r p l u s f o r O c t o b e r a n d 10 M o n t h s E n d i n g O c t . 31 A v a i l a b l e f o r D i v i d e n d s .
O c t . 1•/14•
O c t . 1915. 10 A Ios. *14. 10 A /p ? *15
Tnc
Surpms
$27,343
$45,893
$U 0?295
$234,664
112%
'
4 % pref. dividend for ten m onths roquiros........................ $133 333
In the ten m onths, therefore, the dividend was earned nearly 194 times.
See earnings, charges. &C” in Earnings D ept, in last w eek’s “ C hroniclo,”
p . 179o.— V • 1UI p» b'Jo.

Atlantic City & Shore RR.— Default— Committee .—
T h e com pany being unable, owing to jitney com petition, to p ay the
interest due D ec. 1 on its $950,000 1st M . 5 % bonds, the following bond­
holders’ com m ittee has been organized: G eo. Burmham J r., H arry C . Fran­
cis Frank H . Bachm an o f Philadelphia, Tilghm an Johnson o f W ilm ington
and D a vid Fitzsimm ons o f A tlantic C ity . A call for deposit o f the bonds
will p robably be m ade in a few days.
, , . . ., T .. ,
T
.
On com plaint o f H . F . Backm an & C o. o f Philadelphia the U nited States
C ourt at Trenton on N o v . 25 appointed Judge Clarence L . C ole. T he
com pany in its answer set forth that during the five years preceding 191o
Its net profits aggregated $200,000. all o f which was invested in extensions
and road betterm ents, while for the current year, as a result o f the jitney
tra ffic its gross receipts were reduced b y $100,000, so that it is confronted
w ith a deficit o f $80,000. T he C ity Commissioners refused to listen to tho
com p a n y's plea for reasonable regulation o f jitney traffic.— V . 101, p. 1806.

Baltimore & Ohio RR.— Bonds Offered.— Kuhn, Loeb &
C o. and Speyer & C o. received subscriptions this week for
the initial issue of $60,000,000 5 % Refunding and General
Mortgage Gold bonds, subject to allotment at 100 and int.
T h e allotm ent o f participations in syndicate is said to have been abou t 20 % •
D ig e s t o f L e t t e r f r o m P r e s . D a n ie l W i ll a r d , N o v . 30 1915.

P u r p o s e o f I s s u e . — In order to provide for its present and future financial
requirem ents and for tho refunding o f its funded debt, including its $40,­
000,000 notes m aturing in 1917 and 1918, the com pany is about to executo
a m ortgago to secure an issue o f bonds to be known as its Refunding &
General M ortgage bonds, as hereinafter m ore fully described, o f which
it has sold to you $60,000,000 o f Series “ A ” 5 % bonds. T he sale o f said
bonds is subject to the approval o f the issuance o f said bonds b y tho 1>. S.
Com m issions o f Ohio and M arylan d.
S e c u r i t y . — T he R efunding & General M ortg ag o will bo secured on practic­
ally the entire system o f railroads o f the com p any, com prising about 4,486
miles o f first track, about 1,257 m iles o f second track and about 3,318 miles
o f other track and upon its equipm ent or its interest therein, having a
present net value after depreciation o f over $79,000,000. It will further
cover our passenger and freight terminals in Philadelphia, Baltim ore,
P ittsburgh and C hicago and the freight terminals on Staten Island, N . Y .,
in Cincinnati and W ashington, as well as the com p a n y’s one-half stock
interest in the W ashington Terminal C om pany and its one-half ownership
o f the jo in t yards at W ashington.
,
The m ortgage will be a direct lien upon about 2,272 miles o f first track,
605 m iles o f second track and 1,761 miles o f other track o f the abovem entioned m i.eage and a lien, through the deposit o f bonds, and in m ost
cases all, and in no case less than 96% o f the capital stock, o f each o f tho
com panies owning the same upon the remaining mileage.
R e s e r v a t i o n o f B o n d s . — C o n v e r t i b l e B o n d s o f 1913 E q u a l l y S e c u r e d . — T ho
4 H % con vertible gold bonds o f 1913, amounting to $63,250,000, in accord­
ance with the term s thereof, will be secured pari passu with the bonds issued
under the new R ef. & G en. M . (V . 96, p. 134, 200, 6 5 1 ,7 1 5 , 1088, 1421.)
T he R efunding & General M ortgago will provide for tho reservation ol
bonds to retire about $282,000,000 bonds wfiich aro prior liens on various
parts o f the system and the $63,250,000 convertible gold bonds and will
provide for the issuance or reservation o f bonds for purposes to be stated
in the m ortgage, including construction, betterm ents, im provem ents, new
equipm ent and the acquisition, directly or indirectly, o f properties and
securities. Such part o f the proceeds o f the bonds now purchased by you
as m ay be necessary for suen purposes will be applied to tho acquisition
and redem ption o f the $40,000,000 notes m aturing in 1917 and 1918.
L i m i t o f I s s u e . — The m ortgage and bonds will be such that tho bonds
you have purchased shall be a legal investment for savings banks and life
insurance com panies in N . Y . State. T he authorized issue o f tho bonds
shall be limited to an am ount w hich, together with all tho prior debts of
the R ailroad C om pany, after deducting therefrom the bonds reserved
under the provisions o f the m ortgage to retire prior debts at m aturity, shall
n ot exceed three times the then outstanding capital stock o f the Railroad
C om p any, with the additional lim itation that when tho aggregate am ount
o f the bonds outstanding and the bonds reserved to retire prior debts shall
be $600,000,000, no additional am ount o f bonds shall thereafter bo issued,
except the bonds so reserved to retire prior d eb t, w ithout the further
consent o f the stockholders o f the railroad com p a n y, and such additional
bonds m ay be issued only to an am ount n ot exceeding 8 0% o f the cost
o f the work done or property acquired.
S e r i e s A B o n d s . — T he bonds secured b y said m ortgage m ay bo issued In
series. T he present issue will be known as Series “ A ” and are to maturo
D e c. 1 1995, to bear interest at the rate o f 5 % per annum payable June 1
and D ec. 1, to be redeemable in whole but n ot in part on Juno 1 1925, or
any interest day thereafter at a premium o f 5 % and accrued interest,
and to be payable in gold as to both principal and interest w ithout deduction




Butte Anaconda & Pacific Ry.— Guaranteed Bonds .—
Tho Guaranty Trust C o ., Kidder, Peabody & Co. and othor
houses offered and sold, at 9 7 j/^ and int., tho romaindor of
tho present issue of $3,000,000 1st M . 5 % sinking fund gold
bonds of 1914, duo Fob. 1 1944, but callable at 105 and int.
Guaranteed as to principal and interest b y endorsement by tho Anaconda
C opper M ining C o. A uthorized, $5,000,000; issued, $3,000,000; held in
sinking fund (1% yearly o f total bonds issuod), $31,000; outst., $2,969,000.

Earnings.— For years ending Juno 30
J u n e 30.
Y ear—

G ross
E a r n in g s .

N e t, a fte r
T a xes.

O th er
In te rest,
I n c o m e . R e n ta ls , A c .

B a la n c e ,
S u r p lu s .

1914-15..........................$1,314,547 $439,275 $26,829 $150,519 $315,585
1913-14......................... 1,495,391
459,743
16,447
181,553
294,637
3 M o s . t o S e p t . 30—
’ 9 1 5 .....................
$441,678
$182,659
............
...................................
1914 ................................
336,861 114,681 — V . 101. p . 47; V . 98, p . 837.

Canada Southern Railway.— Purchase .—
T ho shareholders will vote D ec. 30 on purchasing the lands, buildings and
street rights o f London & Southeastern R y. in London, O u t.— V .96,p . 1421

Cape Breton Coal, Iron & Railway.— Bonds .—
Bondholders aro requested to deposit their bonds for endorsement undor
tho supplemental trust deed, at tho com p a n y ’s London office. Threadneedle House, 34 Bishopsgate, E . C .— V . 100, p . 981.

Central Ohio RR.— Property Transferred .—
Seo Baltimore & Ohio R R . a bov e.— V. 99, p . 1129.

Central Pacific Ry.— Government Suit .—
Arguments in the suit o f tho Governm ent to divorce this p roporty from
tho Southern Pacific began in tho Federal Circuit C ourt at St. Louis on
1- T ho Governm ent’s case was prosentod by Edward F. M cClonnon
o f Boston.— V . 99, p. 1450.

Central Park North & East River RR., New York.—
Suit of M inority Shareholders D ism issed .—
,,
.D istrict Court at Phila. on D oc. 1 dismissed
tho $2,000,000 suit o f Richard B. K elly, a minority stockholder, against
George W . Elkins and the estates o f P. A . B. W kloner and Thom as Dolan,
for alleged neglect o f duty as directors o f tho road. Tho Court held that
recovery was barred by tho statute o f limitations. Compare V.100, p. 228.

Chesapeake & Ohio Northern Ry.— Guaranteed Bonds .—
Various houses are offering {it par and int. tho unsold portion
of $1,000,000 (closed) 1st M . 5 % gold bonds dated Oct. 1
1915 and duo Oct. 1 1945, but redeemable as a whole at
105 and int. on 60 days’ notico. Guaranteed as to principal
and intorest by endorsement by tho Chosapeako & Ohio R y.
Co. and by an agreement with tho trustee of tho mortgago]
Commercial Trust C o., Phila. Int. payablo A . & O. at
office of that company, 71 Broadway, New York City.
D ig e s t o f D a t a L a r g e ly F u r n is h e d b y F r a n k T r u m b u l l , P r e s . C . & O .

C o n t r o l . — I ho Chesapeake & Ohio R y . C o. agrees to acquire for cash at
par $3,000,000 stock o f tho Ches. & Ohio Northern R y . C o ., and such addi­
tional stock as m ay be necessary to enable tho latter com pany to com ploto
the bridge across the Ohio River and construct the road to W averiy, tho
total estimated cost o f which is $4,500,000. Total stock auth., $3,500,000.
B o n d I s s u e . — This issue o f bonds is secured by a first and closed mortgago
upon the entire proporty o f tho com pany, tho total cost o f which will bo in
excess o f $4,000,000 in cash. Com plying with tho terms o f tho mortgage,
the com pany has deposited with the trustee the sum o f $1,000,000 in cash
for the protection o f tho bondholders, to bo paid out by tho trustoo to tho
com pany at tho rato o f 25 cents on tho dollar o f construction exponsos as
evidenced by proper certificates.
w
m
P r o p e r l y C o v e r e d . — A first mortgago upon the entire property, consisting
o f 29.8 miles o f railroad extending from tho Chosapoake & Ohio R y . at
Edgington, K y ., with tho necessary bridge, approaches, viaducts, & c.,
across the Ohio R iver to a connection with the N orfolk & Western R y, C o.
at W averiy. Ohio. T he bridge over the Ohio R iver is now undor construc­
tion and will have a total length o f 3,435 ft ., consisting o f two spans o f
775 ft. each, with necessary approaches.
i (
Tho construction will bo first-class in all respects, 100-lb. rails, white
oak or creosotod ties and stone ballast, masonry for a doublo track, but at

THE CHRONICLE

Dec . 4 1915.]

present a singlo-track bridge will bo provided. M axim um grade, except for
the connection from the Chosapoako & Ohio to the end o f the bridge, will be
2-10 o f 1% northbound and 3-10 o f 1% southbound, except the connection
with the N orfolk & Western R y. at W averly, which will bo 8-10 o f 1%
"southbound.
...»
,
.
.
, , , ,
I m p o r t a n c e o f R o a d . — Tho great tra ffic from the coal mines which for­
m erly was hauled over the Kanawha & M ichigan R y. to the Great bakes
will now bo taken by the Chesapeake & Ohio on its main line and tho
Chasapoake & Ohio Northern R y ., and it is expected that when the road is
com pleted it will have an annual tonnage o f coal o f at least 4,000,000 tons.
This lino will theroby serve as a m ost important link between tho A tlantic
seaboard and the Great Lakes.
E a r n i n g s o f C h e s a p e a k e & O h i o R a i l w a y C o . f o r Y e a r e n d e d J u n e 3 0 1915.
Gross earnings..... .......... .$39,464,036 Bond interest, rentals, & c.|8.912,808
T o t. not inc., after taxes. 11,576,344] Balance--------------- --------..$ 2 ,6 6 3 ,5 3 6
For the 4 % m onths ending N ov. 21 19 5 the gross earnings o f the C . & O.
R y showed an increase o f $2,290,188 com pared with 1914. [Among the
houses interested in the issuo aro H ayden, Stone & C o. and M on tgom ery,
Clothier & T yler.]— V . 101, p. 1188.

Chesapeake & Ohio Ry.— Guaranteed Bonds .—
Soe Chesapeake & Ohio Northern R y . A b ov o.— V . 101. p . 1272, 1188.

Chicago & Eastern Illinois RR.— M ajority of Bonds
Deposited. — The bondholders’ committee, John W . Platten,
Chairman, gives notice by advertisement to holders of the
bonds of the Chicago & Eastern Illinois and affiliated com­
panies that a majority of tho total amount of bonds of the
various issues represented by the committee has been de­
posited and this majority includes over 65 % of the outstand­
ing General Consolidated and First M . 5 % bonds of 19.17.
T he final date o f deposit was O ct. 25, and hereafter deposits will be ac­
cepted on ly with the com m ittee’s consent and upon such terms as it m ay
approve. Certificate o f deposit o f the General Consol & Iurst M . fis o f
1937 and tho R efunding & Im provem ent M . 4s o f 1955 have been listed
on the N . Y . Stock Exchange. C om pare V . 101, p- 1092, 1622, 1627.

C h icago Elevated R y s .— Combined Earnings Oper. Cos.
T u n e 30
Y ear—

G ross
N et
I n c o m e . E a r n in g s .

O th er
In com e.

I n te rest,
T a xes, & c .

D iv id en d s.

B a la n c e ,
S u r p lu s .

1914-15
1913-14

S8 045 264 $4,174,958 $117,905 $2,888,652 $1,105,373 $29§,837
8 182,861 (Forth o f statement changed) 1,164,378
13,229
A b o v e ' figures were filed with 111. P. U. Com m ission.— V .1 0 0 , p. 448.

C hicago St. Paul M inneapolis & O m aha R y .—
John D Caldwell has been elected Secretary, with office at C hicago,
and C h a s .A . Leggo has been made A sst. Sec., with headquarters at H ud­
son, W ise.— V . 101. P- 1806, 945.

C in cin n a ti H a m ilto n & D ay to n R y .— Agreement as to
Sale of General Mortgage Bonds— K u h n , Loeb & Co. to A ct as
Reorganization M anagers .— The committee of holders of Gen­
eral mortgage bonds of 1909, Charles H . Sabin, Chairman,
has ontered into an agreement with Kuhn, Loeb & C o. as
reorganization managers, in respect to the sale for cash at
tho rate of $700 for each .$1,000 General Mortgage gold
bond, together with interest on such purchase price at the
rate of 4 % per annum from Jan. 1 1916 to date of payment.
The purchase is to be for tho Baltimore & Ohio R R . under
terms of a reorganization plan dated N o v . 15, which liasnot
yet been made public. Tho committee says: (see adv.)
The com m itteo strongly recomm ends that bondholders obtain tho ad
vantages o f tho said agreement b y a prom pt deposit o f their bonds and
appurtonant coupons. In order to com ply with the requirements o f the
reorganization managers, holders o f a sufficient amount o f General M o rt­
gage gold bonds must deposit tho same on or before D ec. 31 1915. The
com m ittee will continue to receivo the deposits until tho close o f business
on D ec. 31 at Guaranty Trust C o. o f N . Y ., 140 B roadw ay, N . Y . C ity,
and 33 Lom bard St., London. Bonds must be accom panied by all cou ­
pons m aturing on or after Jan. 1 1915, other than the Bankers Trust C o.
coupons, so called.
A ny depositor or certificate holder within 15 days from D ec. 1 1915,
upon tho paym ent o f his proportionate share o f tho com m ittee’s com pensa­
tion and expenses (to w it, $ 8 30 for each $1,000 bonds), m ay withdraw
from said agreement.
.
„
[Thoro aro $20,000,000 Gonoral M ortgage bonds o f 1909, o f which on
Juno 30 1915 $2,471,000 were out b y the com pany, $207,000 o f these at
last accounts being pledged as collateral for loans. Com pare V . 101,p.l548.

President Daniel Willard of the B . & O. R R . in his recent
report (V . 101, p. l ,/2 0 ) said as to the C . H . & D .:
This property is still in the hands o f receivers, and while plans for its
reorganization are now being considered, the subject has not progressed
sufficiently to justify any conclusion at this tim e as to tho ultimate effect
o f the reorganization upon your com pany; consequently, there is nothing
to add to tho full statement made In this connection in the previous annual
report, except that your com pany has made no further advances to or on
account o f tho Cincinnati C om p any other than to p ay the intorast ac­
cruing during tho year on the §7,500,000 First & R efunding M tge. 4 %
bonds outstanding and bearing the guaranty o f your co .— V . 101, p . 1548.

Cincinnati Indianapolis & Western RR.— Reorganized
Com pany .— This company, incorporated in Indiana on Oct.
30 1915 succeeded on Dec. 1 to tho properties below men­
tioned in accordance with tho plan of reorganization out­
lined in V . 100, p. 2084; V . 101, p. 47
Tho plan was approved by tho Glno P. U. Commission on
N o v . 10 1915 and by the P . U . Commission of Illinois on
N o v . 26 1915. Tlioso Commissions have authorized the
immediate issuance of $2,675,000 of First Mortgage 5 %
50-yoar bonds (out of the total authorized issue of $1 2 ,0 0 0 ,­
000); $5,350,000 non-cumulative 5 % pref. stock, and $ 5 ,­
350,000 common stock, for tho acquisition of all the property,
rights and franchises of tho Cincinnati Indianapolis & W est­
ern Railway C o. sold under foreclosure on Sept. 9 1915,
oxcept tho property known as tho Sidell & Olney Branch of
said railway company, in lieu of which branch property
all the stock of tho now corporation to be formed under the
laws of Illinois to take over said branch, will be acquired.
The now company will also receive from tho reorganiza­
tion committeo the sum of $2,675,000 in cash less foreclosure
costs, allowances and expenses, compensation and expenses
of tho committee, its counsel and experts, expenses of re­
organization, costs of incorporating the new company, & c.,
anil tho amount of prior liens to be hereinafter determined,
and loss also tho amount required to pay dissenting bond­
holders tho amounts they aro entitled to receive out of tho
purchase price.
.
Tho now stock will bo covered by a voting trust for five
years, tho voting trustees being Frederick H . Ecker, George
K . Johnson, II. F. W hitcom b, L . Edmund Zacker and J. A .
Barbey. Tho Equitable Trust Co. is agent for tho trustees
and tiie Metropolitan Trust Co. is registrar.




1885

An equipment trust will be issued to acquire new equip­
ment. Out of the new money amounts will be set aside to
purchase additional equipment, to provide working capital
and for track elevation in Indianapolis, and other improve­
ments. It is expected that the new securities will be dis­
tributed under the plan of reorganization shortly.— V . 101,
p. 1552, 1888.
Delaware Lackawanna & Western — Usual 1 0 % Extra.
The annual extra dividend o f 10% has been declared on the $42,277,000
stock, payable D ec. 20 to holders o f record D ec. 2, m aking, with the usual
2 M % quarterly, 2 0 % for the year as for m any years past.— V. 101, p. 47.

Des Moines City (Iowa) R y .— Franchise Granted.— A t the
city election of N o v . 29 the proposition to grant this company
a 25-year franchise was adopted, vote about 7,7 87 to 1,883.
L e tte r S e n t t o V o te rs b y Des M oin es C h a m b e r o f C o m m erce.
The street car franchise is a Cham ber o f C om m erce measure, drafted b y
a com m ittee o f the organization and recom m ended b y it for submission to
the voters. It received the unanimous vote o f the C ity Council after sev­
eral other measures had been defeated b y it.
It provides for placing entire control o f service in the hands o f a com m is­
sion [one member appointed b y city , the other b y tho com pany], and when
the com m ission cannot agree, arbitration is provided for. T he capital
[value o f the property as o f A ug. 1 1915] is fixed at $5,000,000 for purchase
b y the city . T he State Legislature has not yet given the city authority
to purchase or determine a m ethod for acquirem ent o f street car system s
b y cities. T h e grant provides for the sale o f six tickets for 25 cents, h a l '
fare for school children, & c. It also provides for new rolling stock, 8 miles
o f extensions in three years and $1,500,000 in three years for rehabilitation,
&c. T he “ service shall be as good as the best service in cities o f the same
size and class as Des M oin es.”
Stock can be issued only at par and when
paid for in cash, and bonds m ust be sold in the open m arket. A ll proceeds
from stock and bond sales m ust be invested in the property.
[It is provided that the city when em powered so to d o m ay purchase the
property at any tim e on 6 m onths’ notice on the basis o f $5 ,000,000 valuetion, less tho am ount o f any "bonds subject to which the purchase is m ade.
As a guarantee o f the service provided for, it is agreed that no dividends
on the outstanding stock shall be considered in determ ining the quality o f
servico the com pany is obligated to furnish, it being agreed that subject to
the paym ent o f al! costs o f operation, including taxes and interest at not
to exceed 5 % on the com p any’s indebtedness, represented b y bands, and
not to exceed 6 % on the remainder o f such indebtedness, and the setting
aside o f a depreciation fund as provided in Sec. 22 o f this ordinance, the city
is entitled to have, and the com pany is bound to render, this first-class ser­
vice as defined in this section. The indebtedness on which interest is al­
lowed as aforesaid, it is understood, is placed at §4,110,000 E d ].
D ig e st o f S ta te m e n t b y A. W . H arris. Pres. H arris T r u s t & Sav. B a n k .
[which has been protecting tho bondholders during its receivership].
This vote finally terminates negotiations extending over m any years.
During this tim e the com pany, because it had no franchise, could n ot'p rop erly finance itself, and the principal stockholders personally advanced
upwards o f $1,200,000 to p rotect the situation. In spite o f all the com pany
could d o, how ever, it was impossible to avoid a receivership to protect the
interests o f the bondholders. N ow that a reasonable franchise has been
granted, all that remains is to dissolve the receivership and raise the m oney
necessary to rehabilitate the property. This should not be hard to d o, in
view o f the excellent showing the com pany will be able to m ake as to earn­
ings and equity.
[Tho franchise provides that the com pany shall “ on or before six m onths
from tho date o f the final acceptance o f this ordinance, p ay all interest due
at the date o f such paym ent on any and all bonds secured b y lien or liens
existing A ug. 1 1915 upon its property, or any part thereof, and that it
will prom ptly pay thereafter all such interest on such bonds as it matures.
Also that it will pay or refund all bonds (except such bonds as m ay be is­
sued under tho provisions o f this ordinance) secured b y a lien or liens upon
its property, or any part thereof, at or before the m aturity o f such bonds,
and it agrees that none o f the bonds so agreed to be paid or refunded m a­
ture later than the year 1923].” — V . 101, p . 130. 1188.

Empire United Railways, Syracuse.— Co-Receiver.—
C . Loomis Allen was appointed co-receiver of the company
on N o v . 27 by Justice William S. Andrews of the Supreme
Court to act with Hendrick S. Holden, who was named re­
ceiver on petition of tho board of directors N o v . 1.
Proposed Plan .— President Clifford D . Beebe on N o v . 26
gave out substantially the following:
T he directors having given consideration to the readjustm ent o f the com ­
pa n y’s finances and particularly to the situation o f the Rochester Syracuse
& Eastern R R . C o. 1st 5s, have decided to recom m end that a proposition
be m ade to the holders o f the bonds, (a) T hat they accept a reduction in
interest from 5 % to 3 % for a period o f five years from N o v . 1 1915, in con ­
nection with settlement o f the N ov. 1 1915 coupons either in securities, or,
if possible for the com pany, in cash.
.
.
(b) T hat the holders o f the securities o f the Em pire United Railways,
In c., and its indebtedness should accept in place o f what they now have,
securities without a fixed charge or on an incom e basis.
(c) T hat there should also be further provided, w ithout calling upon the
underlying bondholders for assistance, between $300,000 and $400,000,
to bo used in taking care o f capital expenditures for the next tw o years,
particularly the forced capital expenditures in the w ay o f paving and other
requirements in the villages along the line which would affect the bondhold­
ers; also to take care o f the car trust obligations outstanding as they m ature.
(d) F'urther. to provide sufficient other funds so that the com pany would
be left free o f all other indebtedness and with no fixed charge outside o f
the underlying bonds, so that all the net incom e which the com pany might
earn on tho different divisions would be first applicable to the underlying
bonds which would insure prom pt paym ent o f the semi-annual interest
th e re o n — V . 101, p. 1627, 1553.

Fostoria (Ohio) & Fremont Ry.— Bonds .—

T h e Ohio P . U . Comm ission has authorized the com pany to issue at not
less than 8 7 H , $200,000 1st M . 5 % gold bonds, now pledged as security
for a loan m ade b y the Cleveland Trust C o . T h e proceeds to be used to
discharge a d ebt o f $165,870 and interest to the trust com pany.

Fort Wayne & Springfield Ry.— Sale.—
A t receiver’s sale the property was bid in for $75,000 b y Charles F .
W orden o f F t. W ayne. Soe V . 101, p. 845.

Freight Embargo on Export Traffic.—
See editorial department on a previous page.

Interborough Consolidated Corporation, New York.
— Retirement of Bonds, & c .— It was announced on Dec. 1 that

the company had purchased for investment with its surplus
funds $500,000 4 J ^ % Interborough Metropolitan bonds on
about a 6 % basis, and had also purchased $500,000 of the
$3,000,000 6 % notes of the Interborough Metropolitan C o .,
$300,000 for the sinking fund and the balance was retired.
The usual quarterly dividend of l ' A % has been declared,
payable Jan. 3 to stock of record D ec. 10.
T he Interborough R apid Transit C o. has declared the regular quarterly
dividend o f 5 % , payable Jan. 3 to stock o f record D ec. 20.
T he Subway R ealty C o. has declared the usual quarterly dividend o f
l } 4 % , payable Jan. 3 to stock o f record D ec. 20.
In connection with its statement o f earnings for O ctober and the four
m onths endod O ct. 31 (soe tho “ Earnings” D epartm ent), the Inter­
borough Rapid Transit C o. issued the following:
“ T ho N ovem ber earnings show an increase in gross o f $200,000. T he 3
m onths' period from O ct. 1 1915 to D ec. 31 1915 (D ecem ber estimated)
will show $ 1 ,000,000 earned in excess o f dividends at the rate o f 2 0 %
per annum .” — V. 101, p. 45.

Interborough Rapid Transit Co., N. Y . — Sale o f Bonds.
— It is understood that J. P . Morgan & Co. has purchased

1886

THE CHRONICLE

an additional §20,000,000 First and Refunding Mortgage
5 % 53-year gold bonds of the Interborough Rapid Transit
C o ., being the remainder of the §30,000,000 which the bank­
ers are pledged to take this year in connection with the agree­
ment entered into in 1913 to provide funds for the construc­
tion of the new subways and third-tracking of the elevated
railway system. In Juno last the bankers took §5,000,000
of the 1915 installment and earlier in the year an equal
amount, making the entire §30,000,000 called for under the
terms of the contract.
The present sale brings the total amount of the issue out­
standing up to §128,65 8,0 00, leaving some 25 or 30 million
to be taken by the bankers, but these cannot be taken up
until next year. It is stated that the unusually favorable
condition of the bond market prompted the bankers to take
the bonds at this time and the certificates already have been
delivered to them. It is understood that the same group of
investment houses which has placed previous bonds of the
same issue will distribute the amount just purchased.
Compare V . 94, p. 1507, 1565; Y . 96, p. 1228; V . 97, p. 450,
1024, and also annual report in V . 101, p. 941, 918.
Kansas City Mexico & Orient HR.— N ot A p proved .—
T he Kansas P. U. Comm ission on N o v . 26 inform ed the com pany that
It regarded the am ount o f securities applied for as excessive, and therefore
it w ould be necessary for them to file an amendment to the application
decreasing the securities proposed b y the tentative plan o f reorganization.
See V . 101. p . 1711, 1628.

Lake Carrier Suit.— Railroads M u st Give U p Steamship
Lines— N o Rehearing .— The I.-S . C . Commission at Washing­
ton on N o v . 30 denied the application of the trunk line rail­
roads for a rehearing of the Commission’s order under the
Panama Canal A c t, which ordered the railroads to get rid
of their steamship connections.
T he lines involved are the Pennsylvania, N orthern Central, N ow Y ork
Central, Erie, R utland, Grand Trunk, Lehigh V alley and the Delaware
Lackawanna & W estern. T he Lehigh V alley R R . has another petition
pending as to its holdings in the M u tu al Transit C o. (See Penn. R R . in
V . 100, p . 1752, 1833.)

Macon (Ga.) Terminal Co.— Guaranteed Bonds Offered .—
K ean, Taylor & C o. are offering, at par and in t.,§1,255,000
of the §1,600,000 outstanding 1st M . 5 % gold bonds dated
July 1 1915 and due July 1 1965.
Guaranteed, principal and interest, b y the Southern R y . C o ., the Central
o f Georgia R y . C o ., nearly all o f whose capital stock is owned b y the Illinois
Central R R ., and the Georgia Southern A Florida R y ., a m ajority o f whose
stock is owned b y the Southern R y . Interest J. A J. in N . Y . Denom .
c* $ l,0 0 0 ; r *$1,000, and m ultiples. Trustee, Colum bia T r. C o ., N . Y .
D ig est o f B a n k e rs ’ C ir cu la r, D a ted N ov. 1915.
P r o p e r t y .— A first lien upon about 13 acres o f land centrally located in
M a co n , G a ., and costing 3450,000, and also upon the m odern union pas­
senger station and terminal which the com pany is constructing thereon.
There has been deposited with the trustee, to be drawn upon on ly as con ­
struction progresses, sufficient funds from tho salo o f these bonds to cover
the entire estimated cost o f com pleting the terminal building and facilities.
Passenger station, 242 ft. b y 84 ft.; express building, 134 ft. b y 57ft.;
baggage building about 112 ft. b y 57 ft. T he upper floors o f the station
will be divided into offices for the Southern R y . and tho Central o f Georgia
R y . There will be eight tracks for through trains and ten tracks for local
trains, with platform s between.
T e n a n t s — G u a r a n t o r s .— T he Southern R y . C o ., the Central o f Georgia
R y . C o. and the Georgia Southern A Florida R y . C o. entered into an agree­
m ent with tho M acon Terminal C o. and the C olum bia Trust C o ., trustee,
under date o f July 1 1915, to use the com p any’s station and tracks, and no
other, for tho handling o f their passenger-train business (including trains
containing m ail, baggage and express cars) in the city o f M acon until July 1
1965, each com pany agreeing to pay its pro rata sliaro (on a car basis) o f
the total expenses o f operating the terminal property, including m ainte­
nance, renewals and depreciation, and interest on any outstanding 1st M .
bonds. These three companies own the capital stock and join tly and sever­
ally guarantee the punctual paym ent o f the principal and interest o f these
bonds b y endorsement thereon.
T he Southern R y . C o. and the Central o f Georgia R y . C o. will have to
spend a large sum o f m oney to rearrange their tracks so that they will con­
nect with the new terminal. T he terminal facilities will also be open to any
other railroad now or hereafter entering the city upon terms to be agreed
upon. T w o other railroads enter M a con , one o f w hich, the Georgia R R .
(operating about 346 miles o f ro a d ), will undoubtedly use the terminal; the
other property is tho M a con D ublin & Savannah R R . (operating 92 miles
o f ro a d ). T he five com panies entering M a con operate a total o f about
9,775 miles o f road.
B o n d s .— Authorized issue, 33,000,000; 31,600,000 outstanding; remaining
31,400,000 bonds can on ly be issued after the com pletion o f the terminal
building and facilities for any excess in the cost thereof (exclusive o f real
estate) over the sum o f $ 1 ,0 0 0 ,0 0 0 , and for additions, extensions, better­
m ents, S e e . , under carefully guarded restrictions. Principal and interest
payable without deduction for any tax or taxes (except any Federal incom e
tax) which tho com pany or the trusteo m ay be required to pay or to retain
therefrom under any present or future law o f the U. S. o f A ., or o f any
other taxing authority thereof.
M a con —
1914 (e s l .)
1910.
1900.
P op ulation___________________________57.C00
40,665
23,272
7 4.7 %
-----In crease_____________________________ 41%
M a con is an important business and railroad center.— V . 101, p. 527, 1465

Memphis Street Railway.— General Mortgage Bonds .—
A m ortgage was recently filed with tho Guaranty Trust C o. o f N . Y .,
as trustee, to secure an issue o f general m ortgage bonds to bear interest a
not over 6 % , dated N o v . 1 1915 and due N o v . 1 1935, w hereof the im m e­
diate issue o f 3492,000 (6 per cents) are pledged as part collateral for the
$1,500,000 2-year 6 % collateral notes sold last O ctober for refunding, A c.
T he total authorized issue o f general m ortgage bonds is $30,000,000, but
$10,000,000 o f this am ount is reserved to retire a like sum o f C onsol, (now
1st) M . 5s, including the $1,416,000 o f the latter pledged under the afore­
said note issue. In addition to the 2-year note issue there were sold last
O ctober (V . 101, p . 1092) $600,000 one-year 6 % guaranteed gold notes,
and it was agreed that so long as these guaranteed gold notes are outstand­
ing the com p any shall not issue its gen. m tge. bonds in an am ount to ex­
ceed a total o f $650,000, except with the consent o f tho holders o f two-thirds
o f the collateral notes and o f the holders o f three-quarters o f the guaranteed
notes, and then for only 8 0% o f the cost o f new con struction, A c.
Tho
Gen. m tge. bonds are in $1,000 and $100 pieces and are redeem able on
any interest date at 1 0 2 H -^ C o m p a re V . 101, p . 1092, 1553,

Mexico Tramways.— Bondholders' Committee to Co-operate
with Trustees, Receivers and Directors .— The London “ Finan­
cial N ews” on N o v . 19 said:
W e are inform ed that, at the request o f the holders o f large amounts o f
the bonds o f the various companies constituting the M exico Tram ways,
Light and Power group, the following gentlemen have consented to act as
a com m ittee to co-operate with the trustees, the receivers and the board
o f directors, in taking such measures from time to tim e as will best safe­
guard the interests o f the security holders: E. It. Peacock (Chairm an),
Stanley Boulter, H . F . Chamen, R obert Flem ing, II. M alcolm Hubbard
and A . F. P . R oger, with Thom as Porter as Secretary, 34 B ishopsgate,
L ondon . E . C .— V. 100, p. 2167, 982.

Michigan Central RR.— Bonds Listed .— Tho New York
Stock Exchange has listed §4,000,000 additional 1st M .



[V ol . 101.

50-yoar bonds of 1902, sold last spring, closing tho
issue at §18,000,000.
Earnings .— For nine months ending Sept. 3 0 .—
9

M o s . en d .

G ross

N e t (a fte r

S e p t . 30.
E a r n in g s .
T a x es ).
1 9 1 5 ------------ $26,193,642 $6,325,424
1914 25,262,671 5,148,579
— V . 101, p. 1714. 48.

O th er
In com e.

D ed u ctio n s .

B a la n c e ,
S u r p lu s .

$767,260 S5,468,303 $1,624,381
................................................ .............

Missouri Kansas & Texas Ry.— December Interest U n Raid .— The interest was not paid when due, D ec. 1, on the
company’s §39,999,500 1st M . 4 % bonds nor on tho §1 ,6 8 9 ,­
000 Sherman Shreveport & Southern 1st M . 5s assumed
by the Missouri Kansas & Texas system. Six months’ grace
is allowed under the mortgages securingt hese bonds also,
and it is hoped within that time to take care of the interest
on both issues. The November interest payments were also
deferred. Compare V . 101, p . 1553, 1799, 1815.
Missouri Pacific Ry.— Payment of D ec. 1 Coupons —
Receiver Bush on N o v . 30 announced:
„ Pursuant to un order o f tho courts, tho 6 m onths’ interest n.t the n.to o f
6 % per annum , will be paid D ec. 1 1915 at the Union Trust C o N . Y
C ity , upon all the [$24,845,000J outstanding secured cold n o te s 'o f the
M issouri P acific, upon surrender o f coupons then maturing on such notes
extended to June 1 1916, and upon presentation o f notes n o ts o extended for
endOTsemen^thereon)Of a notation o f such paym ents. Com pare V . 101,
[In addition to the foregoing paym ent calling for $743,190, the receiver
was authorized to pay tho $18,000 coupons due Dec. 1 on S600 000 Halin-i
Sterling A El Paso 1st M . bonds (pledged as part collateral for $ 1 4 3 7 5 000
collateral trust 5s o f 1887); also unpresonted past-due coupons a "g’re<'a’t in c
$83,305 on some 16 Issues (chiefly $38,060 on 40-year 4 % gold loan) o f the
Missouri Pacific lines and $30,647 on same account for Iron M t. lines. He
was also granted authority to m ake expenditures aggregating 3648,518 for
the upkeep o f the main and branch lines o f the system to be charged to
the “ road and equipment accou n t.”
D ec. 1 coupons on Central Branch Union P acific 4s o f 1908 remain
unpaid.

Tho “ Chronicle” is informed that to date the only bond
issues of tho system with coupons in default are the following­
Issu e—
Out
'**■'.
D e fa u lted .
Collateral Trust 5s, 1917________________________ $14,375 000
Sept. 1 1915
G old Loan 4s...................... .......................................... 37,255[000 Sept. 1 1915
First and Refunding M ortgage 5s________________ 29,806,000 Sept. 1 1915
Central Branch Union P acific 4s_________________ 2 ,500,000 D ec. 1 1915
St. Louis Iron M t. & So. First & R ef. 6s_________ 4,175,000 July 1 1915
Little R ock Junction 6s_________________________
39:L000 Oct. 1 1915
Presumably default will also occur on some o f the other issues^disturbed
b y tho plan when their next coupon period comes around.— V. 101, p.1714.

Now Orleans Ry. & Light Co.— Earnings.— Bortron,
Griscom & Co. report for the 9 months ending Sept. 30: ’
9

M o s . en d .

G ross

N e t (a fter

M is c .

B d ., & c .,

R en ew

&

B a la n c e

S e p t . 30. E a r n i n g s .
T a r e s ).
D e d u c 'n s . I n te r e s t . R e p la c e ’ts S u r n ln s
1915 ........... $5,147,362 $1,959,582 $29,574 S I,309,750 $103,315 $5 0 937
-V
io I T p '. 9 2 3 ?213.1 2 ’092’875 2 5 ’037 1 -284,372 196:220 587:246

Passenger Fares.— Increase on Eastern Roads.— Tho New
York Central R R . on Doe. 1 filed with the Now York P . S.
Commission a now tariff sheet proposing that its passonger
fares in N . Y . State be placed on Jan. 1 on a 2 J^-conts-a-milo
basis oxcept for local tickets on the main lino betvveon Albany
and Buffalo, where the charter restricts tho rate to 2 cents.
Commutation, milcago and family tickets remain unchanged.
The D . & H ., D . L . & W ., Erie, N . Y . Ont. & W ., Legigh
Valley and Buff. Roch. & Pitts, have filod similar tariffs
as to localities where the Central increase affects their fares.
The New Haven lines were put on a 2 ^ -c e n t basis about
a year ago.
L. F . Vosburgh, General Passenger Agont of tho New
York Central Lines, said:
T he ob ject o f the new tariff is to m ake our passenger business carry its
share o f the load. T ho I.-S . O. Commission in denying certain freight rate
increases about tho first o f the year said that it know o f nothing to justify
an increase in freight rates to offset losses o f income in the passengor service.
It also pointed out that the New England roads had raised their passenger
rates to m eet the dem and for better service and greater safety, and that the
public had cheerfully acquiesced.
W e are putting our passenger business on a consistent basis o f 2 H cents
a mile. H eretofore there has been a great variety o f rates, somo o f them
in effect for sixty years and ranging from 2 to 3 cents a milo. South o f
Corning on the Pennsylvania division, for example, tho rate is 2 cents a
m ilo, and north o f Corning it is 2 H cents, with no reason for the difference
— V . 90, p. 772.

Pennsylvania RR.— Freight Embargo.— SS. D ecision.—
See editorial department on a previous page Lake Carriers’ Suit a b o v e __
V . 101, p . 1807, 1629.

San Francisco Oakland Terminal Rys.— N otes .—
T o redeem m aturing notes, the com pany has asked the California R R .
Commission for authority to issue some $218,000 o f one-year 6 % notes
(secured b y General Lien M . bonds), as follows: (a) N oto for $36,569 94 to
each o f the follow ing banks: T o Central National Bank o f Oakland, Bank
o f California N . A ., Savings Union Bank & Trust C o ., Anglo & London
Paris N ational Bank and Oakland Bank o f Savings, (b) N oto for $29,520
to Central N at. Bank o f Oakland, (c) N ote for $6,089 94 to First N at.
Bank o f Oakland.— V . 101, p. 1372, 1012.

Seaboard Air Line Rj — Listing o f Stocks of Consolidated
Company on Neiv York Stock Exchange .—
T he N . Y . Stock Exchango has authorized the listing o f tem porary inter­
changeable certificates for $23,894,100 o f Four-T w o per cent preferred
stock, and for $38,919,400 com m on stock, on official notico or issuance in
exchange for $23,894,100 preferred stock o f tho Scaborad Air Lino Iiv. and
$37,019,400 com m on stock o f Seaboard Air Lino R y. and $1,900,000 of
com m on stock o f Carolina A tlantic & Western R y ., respectively, with au­
thority to substitute permanent engraved interchangeable certificates for
preferred and com m on stock to tho above-m entioned amounts on official
notice o f issuance in exchango for temporary interchangeable certificates
or for preferred or com m on stock. Tho now com pany is organized under
the laws o f V a., N . C . and S. C .
A ll tho old mortgages o f the Carolina
Atlantic & W estern are to be prom ptly canceled. (See plan, V. 101, p.
528. 1189.)

Bond Underwriting .— A syndicate headod by tho National
City Bank and tho Guaranty Trust Co. of N . Y . is being
organized to underwrite §15,000,000 30-yoar 6 % bonds,
secured by tho now First & Consol. M .— V . 101, p. 1808,1715.

Southern Public Utilities Co., Charlotte, N. C.—
Bonds Offered.— W in . Morris Imbrio & C o .,

N . Y . and
Chicago, and the Illinois Trust & Savings Bank, Chicago,
having sold a large part of the prosont issuo of §3,250,000,
are offering at 9 5 Yi and in t., to yield about 5 .3 0 % , tho unsold
part of their block of First & Refunding Mortgago 5 % gold

Deo . 4 1915.)

THE CHRONICLE

bonds dated July 1 1913 and duo July 1 1943, but redeem­
able on any interest date beginning Jan. 1 1916 at 105and
int. Interest J. & J. Denom. c* $1,000; r* $1,000 , $5,000
and multiples. Fanners’ Loan & Trust C o ., trustee.
Company agrees to pay normal Federal income tax.
See
advertisement on another page.
D ig e s t o f L e t t e r f r o m

P r e s . Z . V . T a y l o r , C h a r l o t t e , F e b . 24 1 91 5-

O r g n iz a lio n . — Incorporated in July 1913 in Maine and owns and operates
electric power and lighting plants^md lines, and also gas, water works and
electric street railway lines serving a district 300 miles by 75 miles, including
16 cities and towns in the Piedmont section o f North and South Carolina.
The territory covered is one of the most prosperous, rapidly growing and
progressive portions of the South, embracing a population of over 175,000.
Company is without competition in the utilities with which it serves the
various cities and towns.
C a p it a liz a t io n , A u t h o r iz e d a n d O u ts ta n d in g .

Common stock authorized and outstanding----------------------- .---$5,000,000
First & RefundingM . 5% bonds, auth. $30,000,000, outstanding 3,250,000
Divisional bonds (to retire these First & Ref. M . 5s are reserved) _ 1,749.000
Escrow bonds can only be issued up to 70% of cost o f additions, or prop­
erty purchased in fee, and then only when the annual net earnings, after
deducting operating expenses, taxes, insurance, maintenance and depre­
ciation are twice the interest on the entire funded debt, including the bonds
about to bo issued. N o collateral can be used as a basis for issuing bonds.
The $1,749,000 divisional bonds aro a m o rtg a g e as follows: $803,000 on
street railway and gas properties at Charlotte: $<>60,000 on Y inston-Salem
V
property, and $386,000 on property at Anderson. These issues are being
retired as fast as they are obtainable, and sufficient First & Refunding bonds
of this issue aro reserved for this purpose.
,
P ro p e r tie s C o vered . — (a) Power and light primary lines aggregating 1,644
miles and serving 16 communities; (b) four street railway systems with an
aggregate of 70 miles o f track; (c) two gas plants serving the cities of Char­
lotte and Greenville with an aggregate o f 87.5 miles of gas mains; (d) water
plant serving city o f Anderson with 26 miles o f mains; (e) electric power
plants having an aggregate capacity of 11 .500 h.p. In addition to the
above, the company also operates under a 20-year lease another hydro­
electric power plant of 3,000 h.p. capacity, and owns the entire common
stock of tho Saluda River hydro-electric plant o f 3,500 h.p., located 6 miles
from Grconvillo, S. C. Aggregate capacity of the plants operated 24,000
h.p., o f which 19,000 h.p. is hydro-electric generation. . . . . .
The physical property is valued at S10,581,000, no valuation having been
placed on franchises or good-will. This is more than twice tho amount of
all bonds outstanding or after deducting divisional bonds from the valua­
tion, shows an equity to these bonds o f more than 270%. These values
were confirmed by Westinghouse, Church, Kerr & Co.
E a r n in g s f o r Y e a r e n d in g S e p t . 30 1915 (.Net T w ic e A l l In terest C h a rg e s ).
Gross revenue__________ $1,575,2711Int. on divisional bon ds..
SS9,590
Net, after taxes_________ $556,2311 do First & Ref. 5s-----163,050
Balance___________________________________________________ $303,591
C o n tracts f o r P o w e r .— Tho Southern Power C o., which is controlled by
associated interests, has contracted to supply the company with additional
futuro power on exceptionally favorable terms until 1944.
This Power
Co. has between 300.000 and 400,000 h.p. possiblo o f developmentm ad­
dition to over 200,000 h.p. which it has already developed and is now doVClF n in c h is c s .— Efthor^unVimited in time or run beyond July 1943, except

the lighting franchise at Hickory, N . C .. which covers only about 1% of
the total net income. No burdensome restrictions.
F i e ld o f O p e ra tio n . — Tho company owns and operates: (a) The entire
electric light and power, gas and street railway business of Charlotte, N . C.,
tho largest city in the State. Population 50,000. The gas production
increased in past four years at rate of 25% per year, (b) The entire electric
light, power and street railway systems of Winston-Salem, the second largest
city in tho Stato, and one of the largest tobacco manufacturing cities in U. S.
Population of city and suburbs about 35,000. (c) The entire electric light
and power distributing systems, tho electric street railway and gas plant
in Greenville, a city o f 20.000 inhabitants (with a suburban population of
15,000) and a largo cotton manufacturing center, the suburbs containing
nine large cotton mills, (d) The power and light systems and the street
railway and tho water works of Anderson, S. C ., a propserous manufacturing
city o f about 12,000 inhabitants, (e) The power and light systems o f Hick­
ory and Thomasville, N . C., and Chester and Greer, S. C., towns of from
5,000 to 10,000 inhabitants, as well as like properties in eight smaller towns
and villagos.— V. 97, p. 180, 241.
Sp rin gfield S treet R a ilw a y.— Stock.—
Tho Mass. P. 8. Commission has authorized tho company to issue 9,472
shares of stock at SI 10 to pay In part floating debt incurred in making addi­
tions and improvements. See V. 101, p. 1372, 214.
T a u n to n & P a w tu ck et Street R y .— Foreclosure.—
Judge Wait in tho Superior Court o f Mass, has, in accordance with the
recent decision of the full bench o f the Supreme Court (V. 101, p. 1190),
entered a decree directing the foreclosure of the mortgage made by the
Bristol County Street R y. Co. to the Federal Trust Co. o f Boston, trustee,
under which $200,000 5% bonds are outstanding, with interest in default
since July 1908. Judge Wait appointed as receivers o f the property cov­
ered by the mortgage Thomas T . Robinson of Dedham, John Loyejoy of
Rockland, M e., and John A. Arnold o f Pawtucket, R . I. Joseph Dane,
Treasurer o f tho Konnebunk Savings Bank, Kenncbunk, M e., is Secretary
for tho bondholders’ committee (V. 88, p. 453, 884). \ . 101, p. 1190.
T o ro n to E astern R y . — N ew Securities .—
On Oct. 26 the company filed with tho Secretary o f State of Canada at
Ottawa a trust deed made to tho Guardian Trust C o., Ltd., as trustees,
securing an issue o f 30-year 5% debenture stock or bonds on certain lines
of railway in tho Province o f Ontario. Gerard Ruel of Toronto is Chief
Solicitor for tho company, is also Chief Solicitor of tho Canadian Northern
Ry. Co. In 1911 the Canadian Northern Ontario Ry. Co. agreed to
give tho company trackage rights. In March 1913 one mile of track had
been laid on a lino through Pickering, Whitby, Osliawa and Bowmanville,
and W II Moore, Sec. of tho Canadian Northern, was tho company’s
President. The Act o f tho Canadian Parliament incorporating tho com­
pany in 1909-10 gave it power to construct and operate a line of railway
from Toronto, easterly through W hitby, Oshawa and Bowmanville to
Cobourg, with branches to Peterboro Lindsay and Lake Ontario (from
Oshawa) and also to Markham, Stouffvillo or Uxbridge.

T o n o p a h & G old field R R . — First M . Called Bonds .—
Seventy-seven ($77,000) 1st M . 6% bonds of 1906, for payment at 102 H
on Jan. 1 1916 at Land Title & Trust C o., 1 hila. V. 101, p. 1547, 1465.
U n io n T erm in al C o ., D allas, T ex. — Bonds Offered .—
William Salomon & C o ., New York, aro offering at 9 8 Y2 and
int., by adv. on another page, the unsold portion of their
block of .$1,000,000 1st M . 5 % gold bonds, dated April 1
1912 and duo April 1 1942, but redeemable on any interest
dato after April 1 1922 at 105 and int. Interest payable in
N . Y . or Chicago, A . & O. Denom. $1,000 c*. The com­
pany’s union passongor station, included in the mortgago,
is oxpected to bo ready for uso by M a y 1 1916. It will be
used by all tho railroads entering the city under a 9 9 -year
operating agreement [which in ultimate effect makes the
contracting companies joint and several guarantors of the
principal and interest of the bonds.
D ata from P res id en t P. Q . P e ttib o n e , d a te d N o v ..25 1915.

Bonds. These bonds, of which $3,193,000 are outstanding, including
—
tho $1,000,000 present issue, aro payable principal and interest, without
deduction for any tax or taxes (except Federal income taxes) which the
company may bo required to pay thereon or retain therefrom under any
prosont or futuro law of tho United States or o f any Stato, county or mu­
nicipality therein. Tho entire issue is redeemable on any interest date
after April l 1922 at 105 and interest. Tho total amount of the bonds is
limited to $5,000,000, of which $3,193,000 aro at present authorized by the
Texas Railroad Commission. (See also V. 98, p. 1394.)




1 8 87

S e c u r it y . — Tho bonds aro secured by a first mortgage on property which
will provide practically the solo passenger terminal facilities in Dallas for
all of the railroad systems entering the city, including the following, which
represent a total of over 60% of all the railway mileage in Texas:
Atchison Topeka & Santa Fe (Gulf Colorado & Santa Fe R y .),
Southern Pacific (Houston & Texas Central R R .),
Missouri Kansas & Texas (M . K. & T. Ry. of Texas),
Texas & Pacific,
Chicago. Rock Island & Pacific (Chicago Rock Island & Gulf R y .),
St. Louis Southwestern (St. Louis Southwestern Ry. of Texas),
St. Louis & San Francisco (St. Louis San Francisco & Texas R y.).
The Texas Railroad Commission has approved a valuation for the prop­
erty which exceeds the amount of the present $3,193,000 outstanding bonds,
without making allowance for charter rights or organization expenses.
The bonds are further secured by assignment to the trustee o f a 99-year
operating agreement, entered into by these railway systems or their afore­
said Texas subsidiary companies, and also by the Trinity & Brazos Valley
Ry. Co., owmng the entire capital stock, (12 M % each.) Under this agree­
ment the companies covenant to pay each its proportionate share of the
interest and principal of tho bonds. If any company defaults thereon,
the remaining companies covenant to make up any defaulted payments.
The trustee is a party to this agreement with power to enforce its provisions.
The bonds, therefore, are in ultimate effect guaranteed jointly and sever­
ally.as to both principal and interest by the railway companies participat­
ing in the agreement. Any delinquent company mav be excluded from the
terminals. The receivers of the M . K. & T. R y. of Texas and of the St.
L. S. F. & Texas Ry. are operating trains into Dallas and are prepared to
comply with the obligations of those companies under the operating agree­
ment as they mature. The Trinity & Brazos Valley R y. Co. has discon­
tinued operating trains into Dallas, and while it is not released from any
of its obligations under the operating agreement, its obligations will, as
agreed, be discharged by the remaining companies.
P ro p e r ty . — Will embrace: (a) 10.25 acres in business district of Dallas;
(6) new union passenger station (substantially completed) thereon, covering
about 1 Vi city blocks, fire-proof construction; (c) ten parallel tracks (with
space for eight additional tracks); total trackage owned, 9.6 miles main
track, 2.8 miles depot track and 3.1 miles siding, in addition to 5 miles
leased; (d) round-house, passenger storage yards, heating plant, &c.;
(c) express building 500x50 feet.
D a lla s . — Dallas is probably the largest city in Texas, with an estimated
population of 135,000, having increased 216% since 1900, and one of the
principal railroad centers of Texas, having over 70 passenger trains in and
out of the city daily.— V. 101, p. 289.
U n ited Gas & E lectric C orp .— Dividends Resumed.—
A dividend of 3% has been declared on the $9,284,800 1st pref. stock,
payable Dec. 30 to holders of record Dec. 20. This is the first payment
since April 1914.
. Pres. George Bullock is quoted as saying: “ I have every reason to be­
lieve that with a continuation of the present prosperity of the company the
payment of current dividends from now on will be resumed on our" first
preferred stock, as the operating results of all the subsidiaries for the past
six months have been very gratifying, and substantial increases in both gross
and net are being shown by practically all the cos.” — V. 101, p. 214, 48.
U n ited L ig h t & R a ilw a ys.— N otes to Be Paid .—
It is announced that the company will on Jan. 1 redeem the $500,000
outstanding notes.— V . 101, p. 924, 450.
U n ited R ys. o f H avan a & R egia W a r e h o u se s.— Earns.
J u n e 30
G ro ss
N et
P re fe re n c e
O rd in a ry
B a la n c e ,
Y ea r—
E a r n in g s .
P r o fit s .
D iv id e n d s .
D iv id e n d s .
S u r p lu s .
1914-15-------£1,692,361 £729,858 (5%)£140,000 (5%)£328,001 £261,857
1913-14 ------- 1,611,671 592,654 (5% ) 126,766 (5%) 328,001 137,887
Surplus carried forward June 30 1915, after deducting £150,000 trans­
ferred to reserve, £100,000 to general renewals reserve, £5,000 to insur.
fund and £5,000 to pension fund, etc was £15,549. The 5% dividend recently
paid on ordinary stock from earnings of 1914-15 was paid in cash. In
1914 the 5% distribution was made in debenture stock.— V. 100, p. 142.
W a b a sh R ailw ay C o.— Officers of Neiv C om pany. — W il­

liam H. Williams, 3d Vice-Pres. of the Delaware & Hudson
Co., has been elected Chairman of the Board.

E. F. Kearney, who was receiver for the old road and elected President
of the new road some months ago, will continuo as President. W . C. M ax­
well has been elected as Vice-President in charge of traffic. The other of­
ficers are: James L. Minnis, Vice-President and General Solicitor; J. C.
Otteson, Secretary, and F. L. O’Leary, Treasurer, and Winslow S. Pierce
General Counsel. Executive committee: W. H. Williams, Chairman;
W . S. Pierce, Alvin W. Krech, J. Horace Harding and Lyman Rhoades.
Directors: William II. Williams, Alvin W. Krech, Guy E. Tripp, H. K.
Pomroy, J. Horace Harding and George W. Davison, W. V. Stuart, Robert
Goelet, E. F. Kearney, Winslow S. Pierce, Lyman Rhodes and H. R.
Winthrop.— V. 101, p. 1466, 1554.
W a b a sh -P ittsb u r g h T erm in al R y . C o .— Underwriting.

— A syndicate is being formed by Sutro Bros. & Co. and H. P .
Goldschmidt & Co. and other bankers to underwrite the un­
paid balances of the assessment offered to the bondholders
per plan in V. 101, p. 44, 48.
Earnings.—For Oct. and 4 mos. ending Oct. 31:
------ October------ In c r e a s e . 4 M o s . e n d . Oct. 31. I n c .

1915.
1914.
%
1915.
1914.
%
Total income_____ $67,660 $29,926 126.09
$200,879 $168,960
18.89
6,686 574.69
110,446
56,109
90.07
Surplus___________ 45,108
— V . 101, p. 1093.
W h e elin g & Lake Erie R R .— Sale D ec. 2 0 .— The fore­

closure sale has been postponed until D ec. 20.
The sale will take place under the General Mortgage of 1905, under
which the entire amount of bonds issued, $12,000,000, is pledged to secure
the $8,000,000 Three-year 5% notes of 1905. These notes were bid in by
a syndicate in August 1913 (V. 97, p. 367).— V. 101, p. 1629, 1184.
W orcester C on so lid a ted Street R y .— Stock.—
The Mass. P. S. Commission has authorized the company to issuo 18,140
shares of stock at par to pay the floating debt incurred in making perma­
nent improvements.— V. 101, p. 1372, 215.
Y o u n g sto w n & O hio River (Electric) R R .— Bonds .—
The Ohio P. U. Commission has authorized the company to issue $200,­
000 20-year 1st M . gold bonds to refund other securities.— V. 101, p. 450.

IN D U S T R IA L , G A S A N D M IS C E L L A N E O U S .
A lab am a C om p an y, B altim ore .— Coupons .—

W e learn that 80% of the bondholders of the Alabama Co. General M . 6s,
due Jan. 1 1918, have signed an agreement to accept notes bearing interest
at the rate of 4% per annum for their coupons due July 1 1915, Jan. 1 1916,
July 1 1916, Jan. 1 1917 and July 1 1917, and that this action on tho part
of over 50% of these bondholders makes the plan effective.— V . 101, p.1466.
Am erican Brass C o.— Extra Dividend .—
An extra dividend of 5% has been declared on the stock, payable Dec. 20
to holders of record Dec. 3, making total distributed in 1915 13% .— V. 100.
p. 1372, 289.
A m erican Express C o .— Dividend Increased .—
A dividend of $1 50 (1 M % ) has been declared on the $10,084,000 stock,
payable Jan. 3 to holders of record Dec. 11. This compares with $1 (1%)
quarterly since Sept. 1914.— V. 101, p. 372, 289.
Am erican Gas & E lectric C o., N . Y .— Common Dividend
Increased to 1 0 % Basis — 2 % Extra in Stock.—
A quarterly dividend of 2 H % on the $3,714,200 common stock, an in­
crease of H of 1% in the previous quarterly rate, has been declared, also
with an extra dividend of 2 % , payable in common stock on Jan. 3 to hold­
ers of record Dec. 18.
N ew Stock.— Both common and prof, shareholders of record

D ec. 8 are offered the right to subscribe at par ($50 a share)

1888

THE CHRONICLE

[Vol. 101

(1) The 6% convertible debentures which have been called for payment
Dec. 15 1915 are convertible until that date into stock at par. If converted
a saving in interest will be effected, but, on tho other hand, tho amount of
capital stock on which dividends will have to be paid will bo increased cor­
Subscriptions are payable on or before Dec. 24 1915, or, at the option o
the subscriber, in two installments, 25% on or before Dec. 24 1915, and respondingly. If the debentures aro not converted, but are, on the other
75% on or before Jan. 31 1916. There is now outstanding $1,683,000 of hand, presented for payment, tho net savings of tho company will approxi­
mately be equal to 2-10 of 1% on its outstanding capital.
the 6% cum. pref. stock but callable at S120.— V. 100, p. 2168, 2012.
(2) The company has not sold, negotiated for sale, manufactured, or is
contemplating the manufacture of explosive chemicals, bombs, handAm erican Locom otive C o.— Neio Suits .—
Isaac M . Cate of Baltimore has renewed his attack on the management, grenades or any munitions of war. One of the effects that tho w ar has had
charging incompetence and seeking restitution to the company o f large upon the business of tho compnay has been to compel it to purchase for
sums, including about $7,000,000 alleged to have been lost in the automo­ match manufacture large quantities of ingredients and chemicals at prices
bile department. (Compare report of committee of inquiry, V. 98, p. 994, greatly in excess of those obtaining under normal conditions, and in some
instances, at 1,000% in excess of prices obtaining before the war. This sit­
914.)— V. 101, p. 920. 1372.
uation has occasioned the management no little concern, as a heavy loss
Am erican M a ltin g C o.— Bonds Called .—
in connection with these raw materials appears inevitable when tho war
Three hundred and eighty-four ($384,000) 1st M . 6% bonds, due Dec. 1 comes to a close and normal conditions aro resumed.
1914 but extended to June 1 1917, have been called for payment on Jan. 3
(3) There is absolutely no warrant for the statement that “ as early as
1916 at par and int. at Guaranty Trust Co.— V . 101, p. 1630, 1368.
last December the company was assured of earnings for the fiscal year end­
ing Dec. 31 of at least $2,000,000 in excess of dividend requirements.”
A sso cia ted M erch an ts C o., N . Y .— Tentative Plan .—
The earnings of the company for the first ten months of tho current year
See United Dry Goods Co. below.— V. 100, p. 1255.
have been satisfactory and it is probable that tho earnings for tho year end­
1915 will
an increase over
in that
A sso cia ted Oil C o., C alifo rn ia. — Dividend Payments .— ing Dec. 31 tho board show probably deem it the preceding year, but reserve
connection
will
prudent
a
The company on N ov. 23 announced to the San Francisco Stock & Bond fund chargeable against the current year’s earnings to establish for losses
to provide
Exchange that dividends would thereafter be paid quarterly instead of that may bo sustained ultimately in connection with tho purchase of raw
semi-annually. The last dividend, paid Oct. 15, was 2% and 1% extra, materials at abnormally high prices.
and it is thought by some that the annual rate will now be made 6% .
The directors will no doubt pay tho usual extra dividend of 1% in March,
in addition to dividends at the regular rate of 6% , but there has been no
$1,500,000 to Be Used in Retiring Bonds o f Two Iss u es .—
suggestion that the regular dividend rate of 6% will bo changed.— V. 101
The company has $1,500,000 available for payment o f bonds and will
receive tenders for purchase therewith either o f its 1st M . 5s or its First p. 1094, 1016.
Refunding 5s, at office of Treasurer W . A. Sloan, Sharon Bldg., San
D riggs-Seabu ry O rdn an ce C o., Sh aron , P a.— Increase
Francisco, not later than noon Dec. 15 1915. The Los Angeles Stock Ex­
change reports $1,940,000 of the 1st 5s to be outstanding.— V. 101,p.775. o f Stock— Purchase o f Savage A rm s Co .—
The stockholders will vote Dec. 13 on increasing the auth. stock from
B in g h a m to n (N. Y .) L t ., H t. & Pow. C o.— Stock I n c . — $4,000,000 to $11,000,000, such increase of $7,000,000 to consist solely of
The company filed at Albany on Nov. 24.a certificate increasing the limit common stock and to bo used in whole or in part for tho purchase of new
of authorized capital stock from $1,000,000 to $2,000,000.— V. 93, p. 1261. and additional property, or for sale for cash for corporate purposes. Of the
B osto n W oven H ose & R u b b er C o.— 6 0 % Stock Dividend. present $4,000.00:) stock, $3,000,000 is common, $500,000 Is 7% first pref.
Common stockholders o f record Dec. 6 are offered the right to subscribe and $500,000 is 6% second pref. (V. 101, P- 696).to purchase substantially
The company, it is announced, has arranged
at par .$100 a share for 7,500 shares o f common stock in the ratio of three
capital stock of tho Savage Arms Co.
Y.
shares for each five shares now held, subscriptions to bo paid in full Dec. 20. tho entire $1,000,000 a price understood to be about $500 aof Utica, N.will
(V. 101, p. 1374), at
sharo, and
This new stock, which will increase the outstanding common to $2,000,000, issuo tho greater part of tho $7,000,000 new common stock in financing
is offered to common stockholders (other than trustees of the Boston Woven this purchase. Tho Savago Arms C o., originally organized in 1888, manu­
Hose Securities Co.) and to the holders o f the common shares o f the Securi­
revolvers, rapid-fire guns and car­
ties Company. The directors also announce an extra dividend of $60 per factures high-power repeating rifles, 200
is
be turning out
share on the common stock, payable Dec. 20 to stockholders of record tridges, and persaid to working night and Lewis machine guns and about
rifles
day. Tho
Press” says:
Dec. 6. This dividend may, if desired, be used in payment o f subscrip­ 5.000 Lewis gun week,rotary drum magazino that holds “ Utica50 cartridges,
"Th®
has a
tions as aforesaid, making the issue equivalent to a stock dividend of 60%. although the magazine can bo made to hold most any about
The gun
contrasting with a similar 25% distribution last year. The regular quar­ can be discharged with considerable accuracy at about number. per min­
600 shots
terly dividend o f 3% on common stock and the semi-annual 3% on pref. ute, being cooled by tho air which is drafted into chambers by tho passing
stock are payable Dec. 15 to holders of record Dec. 6.— V. 101, p. 1626.
of the bullet. This gun has been fired 4,700 times without becoming hot."
Compare V. 101, p. 696, 776, 1555.
B raden Copper Mines C o., N. Y . — Option.—
Tho shareholders and bondholders are asked to indicato promptly
(E. I.) du P on t de N em ours & C o.— Control .—
whether they are willing to accept cash or stock of the Kennecott Copper
to have purchased the
J
Corporation in exchange for their holdings on the basis, stated under cap­ forThe company is reported 8. Chapman, President Arlington Co. of N. o.,
about $6,500,000. II.
of tiio Arlington C
tion of the company above.— V. 101, p. 1809.
is quoted as saying that tho sale was mado upon a cash basis.— V. 101,
p. 1809, 1716.
B ritish C olu m bia C opper C orp.— Controlling Co.—
See Canada Copper Corp. in V. 101, p. 1809.— V. 100, p. 1351.
(E. I.) du P o n t de N em ours Powder C o .— Dividend .—
The dividends of 146 % on the common and 1 '4 % on the pref. stocks of
Car L ig h tin g & Power C o., N. Y .— Status.— Treasurer
tho old company are payable Fob. 1 to holders of record Jan. 22.— V. 101,
J. L . W atson in circular dated N o v . 20 says:
p. 1716.
Since the death o f Isaac L. Rice your company has been in receipt of
E lkh orn Coal C orp .— Plan Ratified— Notes Offered .—
numerous inquiries concerning its financial condition. The directors take
The plan was approved on Nov. 19 by a large majority of tho stockhold­
pleasure in presenting the enclosed general statement as o f Nov. 17 1915.
ers of the constituent properties.
The Car Lighting & Power Co. is purely a holding company owning the
A block of the $4,000,000 10-year 6% notes, part of an authorzed
majority o f stock of both the Clothel Co. and Consolidated Railway, Elec­
by tho syndicate managers.
tric Lighting & Equipment C o., and financing their operations. The busi­ $9,500,000, was offered on Dec. i at 97
ness of tho Clothel Co. has expanded very rapidly in the last six mouths, Fidelity Trust Co. and Mercantile Trust & Safe Deposit Co., both of
t '
. ,.r ■
,
-i
< nfi 4
new uses having been found for its refrigerating device, thus necessitating Baltimore. See V. 101, p. 1716.
the purchase o f a larger plant, and equipping it with improved machinery ' Federal D y e stu ff & ’C hem ical C o.— 6 % Convertible Gold
of the highest order, which insures greater and more economical production.
otes.— W hite & C o ., Now York, are offering, at par and
The increased business o f the railroads has largely added to the business AT
of the Consolidated Railway, Electric Lighting & Equipment Co., and in t., $1,000,000 6 % Convertible Gold N otes, dated N o v . 15
there are more orders on tho books and in process than for several years past.
Your company is well supplied with working capital, and there is no debt 1915 and due N o v . 15 1916, but callablo at 101 and int. on
of any kind. Our subsidiaries are in excellent condition, and their prop­ 30 days’ notice.
erties are economically and efficiently maintained. Your ditectors be­
The holder of each note has the privilege of surrendering and converting
lieve that the company is starting on a new era o f prosperity which will same into shares of the capital stock of the company to the amount of 150%
mean much to its stockholders.
of the par value of said note on M ay 10 1916, or within ten days thereafter,
or if the notes should bo called for redemption previous to M ay 10 1916
v.« S ta tu s o f C a r L ig h t in g & P o w e r C o ., N o v . 17 1915.
■
Cash_______________________________________________________
$310,076 within ten days after such call for redemption.
Di g e s t of L e t t e r f r o m T reas. Allison M . A r c h e r , N e w Y o r k ,
Bills and accounts receivable due from subsidiary companies..
4 4 7 ,4 2 2
O rg a n iz a tio n . — Incorporated in Delaware [on Oct. 4 1915] with $15,000,­
Marketable investments at cost___
_____ __ _
_
62 150
000
each. Having no bonded
Stocks of sub. cos. at par: (a) Clothel C o ., 59,500 shares at $100 5,950,000 debtof authorized capital stock in shares of $50 cash by tho sale of its notes.
pref. stock, It desires to ralso$
(b)
Con. R y. Elec. Ltg. & Equipt. C o., 150,547.44sh.atS1250 1,881,843 N o nor__In addition to being secured1,000,000
te s
by all tho assets of tho company,
Treasury stock: Car Ltg. & P . C o., 68,841.62 shares at $ 2 5 .. 1,721,040 these notes aro further secured by an assignment by tho company to White
benefit of the holders of
Total (incl. stocks o f sub. cos. and treas. stk. at Its faco val.) .$10,372,531 & Co Incforas trustee for the under an agreement by said notes, of certain
contracts
raw materials,
which tho company
Capital stock: Authorized, $8,000,000: less assessments due,
is to purchase theso raw materials from the trustee at a stipulated pr o .
$12,355; outstanding______________________________________$7,987,645
and under which agreement tho trustee is to apply the difference between
The chartered accountants, who passed on the foregoing data, state that
they “ are advised that the company has no liabilities other than that on said contract prico and tho stipulated purchase price to tho payment o ’
tho interest and principal of those notes. Tho funds thus received should
its outstanding capital stock.”
[An official statement issued N ov. 3 said: “ While the death of Isaac L. retire all tho notes before maturity.
P la n t Ac.— Tho company owns at Kingsport, Tcnn., 200 acres of land
Rice Sr. is deeply regretted by the board, the stockholders can congratulate
themselves on the fact that the policies inaugurated by him will be carried on which it is erecting suitable buildings and installing equipment for manu­
facturing its products. Wo also hold options on 300 acres adjoining. Tho
out by the two Vice-Presidents— Isaac L. Rice Jr. and A. G. Fromuth.”
An adv. on Oct. 27 said: “ It is the intention o f the company to have out­ raw materials required can bo secured within a radius of 100 miles of Kings­
standing full shares only and we are requesting our stockholders to adjust port, these materials being coal, iron, pyritos, zinc blend, salt, barytes,
their fractional holdings. Accordingly, we are prepared to buy at the rato lime, bauxlto, kaolin and other mineral products and an abundant supply
o f $15 per full sharo the fractional shares which you hold, or to sell you at of water: excellent transportation facilities are also at hand. The process
used In Germany, Switzerland, Italy,
tho same rate a sufficient amount to increase your holdings to tho extent employed has boon successfully German refinement and elaboration, has
Franco and England, and, with
o f one full share.” ] Compare V. 101, p. 1094, 775, 215.
been standardized and adapted by this company to American conditions.
Chile Copper C o.— Listed on N ew York Slock Exchange .— Littlo labor is employed, tho process being largely automatic in connection
with special patented machinery. Tho company has favorable contracts
The official statement mado to tho Now York Stock Exchange for coal, benzol, sulphuric and nitric acids and other raw materials, which
in connection with the listing of the company’s $95,000,000 already show a large profit and will supply our necessities for two years.
P ro
a n d O r d rs .— Tho company
capital stock will bo found on a subsequent pago of this issue dyes d u cts dyestuffs ecoual to about halfexpects to produco an amount of
and
that 'mported into this country
of the “ Chronicle.” This compilation gives many facts of hitherto. Other finished products ombraco pharmaceutical preparations;
barium chloride, blanc fix and satin whito, which aro largely used in tho
interest regarding the enterprise, which promises to become paint and paper industries; essential oils and chemicals used In the arts
an important factor in tho copper trade.
and sciences and high explosives. The company has booked an order for
P The $15,000,000 convertible bonds woro listed on tho Ex­ 500.000 lbs. of sulphur black, and is offered orders for other dyes and dye­
stuffs that will absorb the entire capacity of its plants for tho next 3 years.
change some weeks ago. Seo V . 101, p. 1809/ $ yj
V r * The plant should have a capacity during 1916 to manufacture and deliver
18.000 tons of picric acid, all the raw materials necessary for tho manu­
C ity W a t e r ”PowerPC o7, A u stin ” Tex™— R e c e i v e r ^
facture of which have been contracted for on favorablo terms. We aro
Judge T. S. Maxey in the U. S. District Court at Austin, Tex., on Nov. 28 now in negotiation with tho representatives of a foreign Government for
appointed Guy A. Collett of Austin receiver of tho property on tho appli­ tho salo of our entire output of picric acid for tho year 1916, tho contract
cation o f the New York Trust Co. The receivership is expected to facili­ to include an option on the output for 1917. Tho oxpectod profits aro photate the work on tho dam. The flood gates, it is stated, wore destroyed by nomenal, owing to tho oxisting war conditions.
driftwood during the September flood.— V. 94, p. 1766. • i i ■ , .
.
<
j
M a n a g e m e n t. — Dr. John C. Hebdon, as Vice-President, has charge of tho
scientific research and manufacture; Walter A. Guilo Jr., as Vico-Prosidcnt,
C levelan d -C liffs Iro n C o .— Slock I n c r e a s e d ^
of the sales, and F. I*. Summers, works manager, has immediate charge of
Stockholders on Nov. 30 authorized the increase in capital stock from tho plant. Dr. Ilebdcn’s 30 years’ experience in the manufacturing end
$5,000,000 to $10,000,000. See V. 101, p. 1809, 1630.
of the industry, 18 of which were spent abroad among tho dyestuff manu­
facturers of Germany and Switzerland, mako him particularly adapted for
C olon ial Oil Co. (of N . J .)— Liquidation .—
his position.
The stockholders voted on N ov. 24 to liquidate. Newspaper reports
[Tho listing committee of tho Now York Curb Market Association on
say that the shares have a liquidating value of between $150 and $175 Nov. 30 approved for temporary quotation and trading tho 300,000 shares
each.— V . 101. p. 1373.
authorized; par $50. They will bo trailed in when, ns and if issued.]
G reat W e ste rn Power Co. of C a lifo rn ia .— Reincorpora­
C orporation fo r R iker & H egem an S to ck .— M eetin g .—
The stockholders will vote Dec. 10 on merging tho Riker & liegeman'Co., tion— N ew Mortgage— Sale of Convertible Debentures .— The
N . Y ., and tho Unitod Drug Co., Mass.— V. 101, p. 1555, 1015.
plan, in accordance with which this company has been in­

and div. for $1,079,440 additional 6 % cum. pref. stock to the
extent of one share for every five shares held. See adv.

D iam on d M atch C o., N . Y .— Official Statement.— Sub­
stantially the following statement was issued on D ec. 1, to
correct misleading reports:




corporated in California to take ovor tho proportios of tho
present Great Western Power C o. and the City Electric of
San Francisco, and has arrangod to soli $4,500,000 10-year

O ct. 28.

1>E(\ 4 1915.]

THE CHRONICLE

6 % convertible gold debentures, subject to the approval of
the Cal. R R . Commission, is outlined below under caption
of Western Power C o. Tlieso debentures are offered pro
rata to the shareholders of the Western Power C o. and W est­
ern Power Corporation (V. 101, p. 2015) at 96 and int. and
subject to such offer have been sold to E . H . Rollins & Sons,
In c., and William P . Bonbright & C o ., Inc.
-

1889

In te r n a tio n a l Steam Pum p C o .— Receiver, & c .—
Grayson M . P. Murphy has resigned as receiver, leaving C. Philip Cole­
man sole receiver.— V. 101, p. 1717.
K e n n e c o tt C opper C orp o ration , N . Y . — N ew Slock, & c.
— The shareholders will vote D ec. 14 on—

1the number o f shares which the Corporation may issue
from 720,000 to 3,000,000 shares, without nominal or par value (see
Guggenheim Exploration Co. in V. 101, p. 1810), and the amount of
D i g e s t of S t a t e m e n t b y M o r t i m e r Fleishliacker, P r e s i d estatedGRatifying contracts and offers, all bearing dato N ov. 24 1915, to wit:
n t2. capital from $6,000,000 to $15,000,000.
reat
W e s t e r n P o w e r Co., S a n Francisco, N o v . 12.
(а) A contract with the Guggenheim Exploration Co. (see V. 101, p..
C a p it a liz a tio n o f X e io C o m p a n y —
A u th o r iz e d . O u ts ta n d in g .
1810) for tho acquisition of 404,504 shares of the capital stock of the Utah
None
Pref. stock. 7 % cumulative (par SI00)----------------$30,000,000
Common stock (par S100)---------------------------------- 30,000,000 $27,500,000 Copper Co. in consideration of the delivery by this Corporation to the
Guggenheim Exploration Co. of 606,756 shares of stock of the [“ fully paid
California Electric Generating Co. pref. stock 6%
cumulative (dividends guaranteed)..................... 2,500,030
2,500,000 and non-assessable ] stock of this Corporation, it being optional with the
Exploration Co. to accept for a substantial part of the shares of the Kenne­
First & Refunding M . bonds of Great Western
cott Copper Corporation so acquired by it, cash from tho underwriting
Power Co. of C al., due in not less than 30 years,
syndicate at SoO per share of Kennecott stock purchased.
interest not to exceed 6% . Total indeterminate, or 150,000,000
Nono
(б) An offer made to the security holders of the Braden Cooper Mines
H a n d s o f p u b lic
Great Western Power Co. 1st M . 5s, due July 1 ’46 $25,000,000 S20,855,000 Co. to purchase from them the whole or any part of the outstanding capital
City Electric Co. 1st M . 5% bonds, due July 1 '37 5,000,000
1,681,000 stock, amounting to about 1,313,900 shares (par $5), and of its convertible
bonds and convertible debentures, amounting approximately to $6,430,500,
California Electric Generating Co. 1st M . 5s,
on tno basis of delivering: (aa) o n e share of the stock of the Kennecott
Series " A ." due Sept. 1 1 0 4 8 -............. ............... 1,500,000
1,113,000
Copper Corporation for e v e r y 3M shares o f the capital stock of the Braden
Ten-year 6% convertible debentures____________
5,000,000
4,500,000
Copper Mines; and (56) 30.769 shares of the stock of the Kennecott Ccrp.
These 10-ycar 6% convertible gold debentures are dated N ov. 1 1915. for each bond or debenture of tho Braden Co. of the face value of $500 the
Due Nov. 1 1925. Redeemable at 101 and int. on 4 weeks’ notice. Prin­ interest accrued thereon to bo paid in cash; or (cc) at the option of any
cipal and interest (M . & N.) payable in N. Y. or San Fran. S100, $500 and holder, to procure the purchase by an underwriting syndicate of his shares
$1,000 coupon debentures. Issued under an agreement with Equitable bonds and debentures for cash, upon payment of $15 for each share of such
Trust Co. o f N. Y . Convertible from Nov. 1 1917 to Oct. 31 1920 incl. stock of the Braden Co., and of $1,500 and accrued interest for each of its
at 100 and int. into Great Western Power Co. of California 7 % cumulative convertible bonds or debentures of tho face value of $500
pref. stock (par value $100) at $95 per share and divs. The remaining
t,he ho>ders of the $10,000,000 1st
6%
Con­
$500,000 may be issued at any time for capital purposes o f the company, vertible Gold Bonds of the Kennecott Copper Corp. M . give Ten-Year of its
to
40 shares
subject to the approval of the California Railroad Commission.
capital stock in exchange for each o f said bonds, the interest accrued thereon
The bonds remaining unissued under the first mortgages o f the Great to be paid in cash, or, at the option of any holder, to procure the purchase
Western Power C o., the City Electric Co. and the California Electric Gen­ by tho aforesaid underwriting syndicate of his bonds upon the payment of
erating Co. may not be issued to the public. Those of the first two com­
$2,000 and interest for each of such bonds.
panies may only be issued for pledge with the trustee of the First & Refund­
A ? ° " t 1 wi^ an underwriting syndicate, of which A. Barton IIoprFi?t
;
ing M . Additional Great Western Power Co. 1st M . bonds o f $849,000
William B. Thompson are designated as syndciate managers,
and additional City Electric Co. 1st M . bonds of $1,050,000 will be in treas­ whereby such syndicate obligates itself:
ury of Western Power Co. and are ultimately to be pledged with the trustee
of the First & Refunding M . Additional Great Western Power Co. 1st M . (c) above° mako tho aforesaid cash purchases mentioned under (a), (6) and
bonds for $707,000 are deposited with trustee o f California Electric Gen­
(66) T exchange for stock of the Kennecott Corp. upon the basis menerating (to. mortgage, and $914,000 are in treasury of Great Western Power tmned inotho abovo subdivisions (6) and (c) of paragraph 2, all stock, bonds
Co. Additional City Electric Co. 1st M . bonds o f $176,000 are in the and debentures of tho Braden Co., and bonds of the Kennecott Corp. which
treasury of that company. (Compare V. 92, p. 1438.)
the syndicate may so purchase, all in consideration of tho delivery to the
O rg a n iz a tio n . — Great Western Power Co. o f California is about to acquire
control o f Great Western Power Co., and as soon as practicable is to take syndicate of 65,000 shares of stock of the Kennecott Corporation as com­
pensation; provided, however, that the syndicate shall not be obligated to
over its properties and those of City Electric Co. (subject to their liabilities), pay for such stock, bonds and debentures more than $65,000,000.
and also the equity in all of the common stock (except directors’ shares) of
(e)
A contract for the purchase from the Alaska Syndicate of 48,174
California Electric Generating Co., and assume the guaranty o f dividends
of the stock and $23,020,000 5%
on $2,500,000 California Electric Generating Co. 6% cumulative pref. stock. shares of $100 each Northwestern Ry. Co., being all of50-year gold bonds of
the
&
Its
All of tho common stock (except directors’ shares) o f Great Western Power and Copper Riverof 13,000 shares of the Alaska SS. Co. outstanding stock
bonds, and
out of its 30,000
Co. o f California will be owned by Western Power Co. o f New Jersey.
shares outstanding (per $100 each) in consideration of the delivery by this
F ir s t A R e fu n d in g M o rtg a g e . — This mortgage will provide that bonds
may only be issued for the acquisition or refunding o f the 1st M . bonds of corporation of 200,000 shares of its stock.
(Tho holders of
bonds of the Kennecott
tho Great Western Power C o., City Electric Co. and California Electric are given until and the $10,000,00021 to indicate whether theyCopper Corp.
including Dec.
will accept in
Generating Co., or for not exceeding in par value 90% o f capital expendi­ exchange for their holdings 40 shares of the company stock for each $1,000
tures, providod net earnings for the preceding 12 months are not less than bond with cash for tho accrued interest, or will sell their bonds to the under­
1 y t times the annual interest on all bonds outstanding, including underlying writing sundicato at the price of $2,000 and int. in cash for each bond,
bonds and thoso requested to be certified.
C o ven a n ts. — The company will not create, except with the written consent deliveries and payments to bo made at the Chase Nat. Bank, 61 Broadway,
of E. II. Rollins & Sons and William P. Bonbright & C o., any other new N. Y ., within ]a time to be designated by the company, but not later than
mortgago upon its present properties during the life o f these debentures Dec. 31 1915
^
O fficia l S ta te m e n t D ated a t New Y o r k , N ov. 24 1915.
without including these debentures ratably within the lien thereof; and it
The development of your property continues to give assurance of its great
will not during the life o f these debentures sell or offer to the public any
other debentures or notes unless the annual net earnings, after deducting value, its ore resorvos increasing steadily in extent. In order, however, to
interest on all mortgage indebtedness, are 2 H times the annual interest on confer an increased measure of stability, your directors believe it to be a
all debentures and notes outstanding, including those proposed to be issued. wise policy to acquire owneiship of shares of copper-mining companies
P r e f . S lo ck . — The company’s pref. stock into which the debentures will operating in other fields, whose properties have been demonstrated to con­
bo convertible as above stated, is non-assessable by specific covenant in tain oro reserves of such large tonnage as to give assurance of long life.
the articles o f incorporation, is preferred as to dividends and as to assets They also deem it advisable to acquire the ownership of all the stock and
;
in liquidation, Is entitled to cumulative dividends at the rate of 7% per bonds of the Copper River & Northwestern Ry. Co. and a substantial
annum, payable Q.-J., and is subject to call for redemption in whole or in holding of the stock of the Alaska SS. C o., referred to below. Your com­
part at 105 and divs. upon 60 days’ notice. No preferred shares, other pany will thereby not only gain protection in the enjoyment of essential
than those reserved against conversion, may be issued unless tho annual transportation facilities, but will acquire properties whose present earnings
net earnings, after deducting interest on all funded debt and guaranteed fully justify the proposed investment. See also Guggenheim Exploration
dividends, are twico tho annual pref. dividend, including shares proposed. Co. in V. 101, p. 1810.— V. 101. p. 1811.
E a r n in g s o f G reat W estern P o w e r System f o r 1 2 M o s . e n d ed S e p t . 30.
K elly -S p rin g field Tire C o., New Y o r k .— Stock.—
1913-14.
1914-15.
The stockholders
30 ratified the reduction
Gross earnings..--------- -----------------$2,684,042 $2,830,821 common shares fromon Nov. $25. See V. 101, p. 1473,in par value of the
S100 to
1192.
Not, after taxes.----------1.733.252
1,996,826
Other income and interest charged to capital______
230,282
195 3 2 9
K resge Stores C o .— Successor C om pany .—
Total income------------------------------------------------------- 1,963,534 2,192 155
This company
on Nov.
Int. on $23,649,000 bonds held by public and divs. on guar. stk. 1,332 4 5 0 000 of authorizedwas incorporated in Delawareof the S. 19 with $10,000,­
common stock as successor
S. Kresge Co. of
Int. on $4,500,000 10-year 6% convertible debentures________
2 7 0 ’000
Detroit (5 & 10-cent stores), per plan in V. 101, p. 1555, 1717. The new
company’s Delaware headquarters are with the Corporation Trust Co. of
Final surplus (over twico debenture interest)---------------$589 70” America at Wilmington.
P ro p e r tie s .— (a) Modern hydro-electric generating station at Big Bend"
on North Fork o f Feather River installed capacity 70,000 h.p. (b) Storage
(S. S .) K resge C o., D e tro it.— Successor Co .—
reservoir present capacity of 250,000 acre foot, (c) Steam generating sta­
Sco Kresgo Stores Co. below.— V. 101, p. 1717, 1555.
tion in San Francisco, installed capacity 28,000 h.p. (d) Steam generating
Lord & T a ylo r, N. Y . — Wholesale Department Sold .—
station in Oakland, installed capacity of 15,000 h.p. (e) 154 miles of steel
tower transmission lines, 8 miles of submarine cable and 800 miles of dis­
The stockholders on Nov. 30 voted to sell the company’s wholesale de­
tributing linos. Tho hydro-electric properties are estimated to bo susceii- partment, effective Jan. 1 1916. The purchasers, it is understood, are
tiblo o f ultimately producing about 500,000 additional h.p. but at a do
Pres. J. II. Emery, J. E. Beers and Wilson II. Tucker, who, it is said, will
creased cost per h.p., owing to ownership o f necessary lands &c
organize a company with $1,000,000 capital stock to do the wholesale
Does a wholesale and retail power and electric-light business in Sail Fran­ business.— V. 101, p. 1717.
cisco, Oakland, Sacramento and many other municipalities in Central Cali
M ercantile Stores C orporation , N . Y . — Official State­
fornia; on Sept. 30 1915 was serving 18,071 customers. Also conducts a
profitable business in the sale of stored water for agricultural nuroosos
ment .— Pres. Alexander N ew , in circular letter dated N o v . 9»
The gross earning capacity has increased rapidly within the past 12 months' says in substance:
and with tho bonefit of tho expenditure o f tho proceeds o f these debentures
The stores emerged from their receiverships on different dates, the last
a further substantial increase should accrue in the immediate future
bein^ June 29 1915. Being scattered over different parts of the country,
Plans havo been completed for the acquisition, subject to its indebtedness
of tho property of United Light & I owor Co., which is conducting an elec­ considerable time and much labor had to be spent in bringing them into
trical retailing business in San Francisco and Oakland, producing gross condition for the fall and winter season which began on Aug. 1 last. In
earnings of approximately $600,000 a year. (See Consolidated Electric other words, this corporation has not had the operation of these stores for
one full season, and will not have had for one full year until about Aug. 1 ’ 16.
Co. in V. 101. P- 696.)
Inventory is taken in department stores at tho close of the fall and winter
Tho immediate plans of Great Western Power Co. call for tho installation
season on Jan. 31, and at the close of the spring and summer season on
of an additional unit of a capacity o f 15,000 h.p. in the Big Bend Station
this installation being at the present time practically completed, the con­ July 31. As far as this season has progressed, we are warranted in predict­
struction o f a duplicate steel tower transmission line from Big Bend to ing that it is more than probable that the subsidiary properties will earn
Oakland, tho Installation of a third cablo under San Francisco Bay and the a substantial profit on this season’s business, but as the operation of the
addition of other distributing linos throughout the territory served but stores during tho spring and summer period is naturally still an unknown
particularly in San Francisco and Oakland. Ample provision is made bv factor, it is manifestly impossible to approximate the result of one full
this financing for all o f these improvements and it is confidently believed year’s business for any or ail of the properties.
No action whatever in the matter of the appropriation of earnings to
that tho expenditure of thoso funds will produce additional net earnings
very substantially in excess of tho additional fixed charges incident to this tho payment of interest on the notes can properly be taken until after tho
financing.— V. 101, p. 1555, 926. 44b.
precise earnings have been ascertained at the close of this season’s business.
Retail stores which yield good earnings in the fall and winter season fre­
(G oo. W .) H elm e C o. — Extra Common D ividend .—
quently barely hold their own, and in some instances lose money, during
An extra dividend of 4% has been declared on the $4,000 000 common the spring and summer period. For this reason it might possibly become
stock, in addition to the regular quarterly 2 H % , both payable Jan. 3 to advisablo to await the result of the full 12 months’ operations before taking
holders of record Dec. 14.— V . 100, p. 896.
any action in the matter of distribution of whatever available earnings
be from tho fall season
may
H o u sto n Oil Co. of T exas.—-Right o f Common Stock to there mayto tho determination of to the payment of interest. A guideearn­
bo found
this question in the amount of the
ings resulting from the business of the fall and winter season.
Portion of Oil Profits .— The following has been pi yen out:
Whatever action respecting interest the result of the season’s operations
Under tho plan of readjustment by which the prosent company’s common
stock was issued, it was provided that the common stock should receive may indicate to be most judicious, will be reported to you as promptly
25% of tho distributed profits from oil operations, which would otherwise as possible. It may be noted that the foregoing applies to the question
of the payment of interost from tho earnings of the subsidiary properties
bo used for tho redemption of the accrued dividends on the preferred stock
such 25% not exceeding in any year a dividend of 4% on the par value of whoso shares of stock are specifically pledged co the payment of definite
tho common stock. This distribution can bo mado independent of tho divi­ series of notes.
The free or unpledged assets, you will recall, are held generally by the
dends on tho preferred stock.— V . 101, p. 1717.
Mercantile Stores Corporation for the equal and pro rata benefit of all the
In te r n a tio n a l M ercantile M arine C o. — Tim e Extended. outstanding notes. These assets, while valuable and varied in character,
The time for tho deposit o f pref. stock has been extended until Jan. 3. may be slow to liquidate. It may not be out of place, at this time, to state
generally that they include shares of stock o f more than $6,000,000 at par
— V. 100, p. 1811, 1717.
of United Dry Goods Companies (see that company below); real estate
In te r n a tio n a l Salt C o., N. Y . — Extra D ividend .—
scattered through many States of the Union; five-sixths of the total shares
An extra dividend of 1% has been declared on the $6,077.E30 stock, in ! of tho H. B. Claflin Corporation (the latter company having a capitaliza­
addition to tho quarterly 'A o f 1% (paid regularly beginning April 1 1915), I tion of $6,000,000), and the capital stock of McCreery & Co. of Pittsburgh,
both]payable Jan. 1 to holders of record Dec. 15.— V. 100, p. 1922.
1
• l ’a.— V. 101. p. 452.




1890

THE CHRONICLE

M o u n t V e rn o n -W o o d b erry C o tto n D u ck C o .— Bonds.
Holders o f the 1st M . 5s not deposited under tho plan of reorganization
will receive from the proceeds of the sale of tho property $360 per bond at
the Safe Deposit & Trust C o., Baltmore.— V. 101, p. 1096, 927.
N a tio n a l Steel Car C o .— Accumulated Dividends.—
Toronto “ Globe” on N ov. 29 is quoted as saying: “ The directors have
declared a stock dividend of 14% on the pref. stock, payable in stock on
Jan. 1, together with a 7% cash dividend, to be paid quarterly during 1916,
in addition to the regular 7 % .” — V. 101, p. 286.
N a tio n a l T r a n s it C o ., Oil C ity, P a.— Stock Reduction —
Cash Distribution— N ew M anufacturing C om pany .—
The shareholders will vote Feb. 2 on reducing the capital stock from
$12,727,575 to $6,362,500 by the retirement ol' 103 shares and the reduction
of the par value of the remainder from $25 to $12 50 per share and the
payment o f 812 50 in cash to the stockholders.
The National Transit Pump & Machine Co. has been incorporated in
Pa. with a capital stock o f $2,545,000 in $25 shares, to manufacture
pumps, engines, compressors, tools, fittings and machine supplios. Most
if not all of the capital stock will be held by the National Transit Co.
— V. 100, p. 559, 646.
N ew Id ria Q uicksilver M in in g C o .— D iv. Increased.—
A dividend (No. 125) of $1 per share (par $5) has been declared on the
$500,000 stock, payable Dec. 31 to holders o f record Dec. 18. The last
previous disbursement was 50c. a share on Oct. 1.— V. 101, p. 1016.
(G eorge B.) N ew to n Coal C o.— N ew Directors.—
Robert K. Cassatt and John C. Dawson have been elected directors.—
V. 101, p. 1555, 127.
•
N ew Y o rk D ock C o.— Executive Committee Increased.—
Alexander J. Hemphill has been added to tho executive committee,
increasing the board from 4 to 5 members.
Agreement with City N ot Consummated .—
The company’s proposition to the city not having been accepted, was
withdrawn on Dec. 1. A compromised arrangement is under considera­
tion. See previous terms, V. 101, p. 1712.

O hio C ities G as C o.— Oversubscribed.—

The $900,000 common stock offered to stockholders at par, it is an­
nounced, was oversubscribed more than four times, the aggregate of sub­
scriptions reaching about $4,260,400. While President Dawes and other
directors subscribed for $911,800 of the new stock, thoy relinquished their
subscription rights so that other stockholders could receive larger allot­
ments.— V. 10i, p. 1632, 1374.
O hio Oil C o .— Extra Dividend.—
An extra dividend o f $4 75 has been declared on tho stock in addition
to the regular $1 25 payable Dec. 20 to holders of record Nov. 27, comparing
with $1 25 regular and 75c. extra june and Sept. last.— V. 101, p. 618.
P ittsb u rg h Steel C o.— Accumulated Dividends.—
The directors have declared a dividend of 346 % on the pref. stock, pay­
able Dec. 22 to holders of record Dec. 10. This is one-half of tho accumu­
lated dividends.— V . 101, p. 1185 , 698.
Poole E n g in e erin g & M achine Co. (of D e la .).— Slock
Offered.— Middendorf, Williams & C o. and Poo & Davies,

syndicate managers for a group of N ew York and Baltimore
bankers, offered this week at 95 $1,000,000 of the $3,000,000
“ full paid” stock, par value $100.

The company has taken over all of the capital stock o f the Poole Engi­
neering & Machine Co. of Maryland, subject to $500,000 1st M . bonds,
and thus controls a business established in 1843. Tho plant, located at
Woodberry, a portion of Baltimore City, is reported to bo equipped to
turn out in large quantities 3-inch, 6-inch and 12-inch shells, also onepounder rapid-fire machine guns and shells, 95% o f the new machinery
for tho increased output being also useful in tho regular business o f tho
company
Tho company, it is stated, has signed contracts amounting to
$17 785,000, which are expected to be completed by Dec. 1916. The com­
pany is also running full capacity on its regular work.
Q u in cy M in in g C o .— Dividend Increased.—
A quarterly dividend o f $3 (12%) has been declared on the stock, payable
Dec. 20 to holders o f record Nov. 27. This compares with $2 (8% ) in
June and September last.— V. 101, p. 125.
R em in g to n T ypew riter C o.— Mortgage Bonds.—
The stockholders at the meeting on Nov. 30 unanimously voted to create
a mortgage to secure S7,50J,000 6% bonds, o f which $5,500,000 are to bo
Issued immediately to redeem $4,300,000 short-term notes falling due
Jan. 15 1916, and for other purposes. The bonds will be convertible into
7% 1st pref. stock at par and are retireable at 110 on 90 days’ notice.
See plan V. 101, p. 1812. 1718.
(R . J.) R ey n old s T obacco C o .— 1 0 % Extra Dividend.—
An extra dividend of 10% has been declared on the $10,000,000 common
stock, in addition to tho regular quarterly 3 % , payable Jan. 1, to holders
of record Dec. 21.— V. 100, p. 896.
St. Joseph Lead C o.— N otes Called.—
All the $1,982,000 outstanding 6% Gold Notes dated Jan. 1 1914 have
been called for payment on Jan. 1 1916 at 101 and interest at Bankers’
Trust C o., trustee.— V . 101, p. 1718, 851.
Savage Arm s C o ., U tica, N . Y . — Control.—
See Driggs-Scabury Ordnance Co. above.— V. 101, p. 1374.
Sears, R o eb u ck & C o .— Total Sales .— In
crease.
1 9 1 5 — N o vem b er — 1914. I n c r e a s e . I 1915— 11 Mbs.— 1914.
10.21%
$12,827,154 $10,424,047 23.05% I$99,555,938 $90,329,571
— V. 101, p. 1556, 1276.

S p an ish -A m erica n Iron Co .— First M ige. Bonds Called.
One hundred and thirty-seven ($137,000) 1st M . 20-year sinking fund 6%
gold bonds, dated July 1 1907, for payment on Jan. 1 1915 at par and int.
at Girard Trust C o ., Philadelphia. Notice is also given that twenty bonds
which were called for payment on July 1 1915 remain unpaid.— V. 99, p.
1678.
Stand ard G as & Electric C o .— Cash Dividend.—
A quarterly cash dividend o f 1% has been declared on tho pref. stock,
payable Dec. 15 to holders o f record N ov. 30. Previous payments were
made in scrip. See plan, V. 101, p. 1719, 1374.
S tan d ard Oil of K e n tu c k y .— Extra Dividend.—
An extra dividend of 1% has been declared on tho $3,000,000 stock in
addition to the regular quarterly 4% , both payable Jan. 3 to holders of
record Dec. 15. The last extra was paid in July 1914.— V. 100, p. 560Su bm arin e B oa t C orp o ra tio n .— Certificates.—
The company announces that the permanent engraved certificates have
been issued and are ready for delivery and may bo exchanged at the Bank­
ers Trust C o., N. Y .— V. 101, p. 851, 777.
T h o m p so n -S ta rrett C o., N. Y . — Pref. Stock Retired.—
The shareholders on Dec. 1 voted to retiro tho outstanding $500,000 8%
pref. stock at 110. See V . 101, p. 1719.— V. 101, p. 1719.
U n ited Dry G oods C om panies, N. Y . — Tentative Plan.—
The “ Journal of Commerce & Commercial Bulletin” on Dec. 2
said in substance:
The tentative plan for the readjustment of the affairs of the United Dry
Goods Cos. proposes to change tho name of tho concern to tho Associated
Dry Goods C o., which is to be incorporated in Virginia with an authorized
capital of $50,000,C00, viz.: $20,000,000 cumulative first pref. stock,
$10,000,000 second pref. and $14,000,000 common. Approximately
$35,000,000 will be issued at the outset. The first pref. will be cumu­
lative after Jan. 1 1917.




[Vol. 101.

Present holders of 100 shares of United Dry Goods pref. stock (on which
there are about 10% of accumulated dividends) will receive 70 shares of
first pref. and 40 shares of 2d pref. in the now company, while tho holders
of the common stock will receive sliaro for share. In the case of the
Associated Merchants Co. holders of first, second and common shares
will receive share for sharo. Tho $2,748,300 2d pref. stock and tho $7,064,­
800 common stock of the Associated Company, now owned by the United
Dry Goods, will bo wiped out under tho readjustment.
Tho now corporation will mergo tho United Dry Goods Cos. and the
Associated Merchants Co. It will also own a controlling intorost in Lord
& Taylor, and will own all the securities of J. N. Adams & Co., Buffalo;
William Hengercr & C o., Buffalo; Stewart & Co., Baltimore; Stewart
p ry Goods C o., Louisville; Powers Mercantile C o., Minneapolis; Hahne
& Co., Newark, and incidentally own an interest in C. G. Gunther & Sons,
this city, and Higbee & Co., Cleve. It will also have various other assets.
I ermanent organization will bo perfected by the election of tho following
otficers: C. N. Bliss Jr., President; Lewis Stewart and Samuel W. Rayburn,
v ico-I residents, and T . S. Atwater, Treasurer. Besidos tlieso men, the
board of directors will include: Gates McGarrah, President Mechanics &
Metals Bank; Thos. Cochran Jr.. President Liberty Nat. Bank; Howland
P av,ls’ ° , Blake Brothers; Geo. F. Crane, John A. Stewart, Chairman of
the board of directors of the United States Trust Co., and Wm. M . Bar­
rett, President of the American Express Co
It is understood that the business of all the New York stores this fall has
extremely {mod and present indications point to an unusually heavy
holiday trade. Coincident with this all of the out-of-town stores report
hvement in the volume of business, with promised indications of
further progress in this direction. Compare Mercantile Stores Corp. above.
— V. 101, p. 1556.

U n ited Gas & Fuel Co. of H am ilton , L td — Earnings.
T e n M o n th s —

R es u lts f o r T e n M o n th s E n d in g Oct. 31
G ro ss.
N et.
I n t .. l i d s

Ac

H al S u r

1 9 1 5 ...------- --------------------- $427,124
$128,838
$53?776
$75 062
1914 ------------------------------- 397.465
111,723
54 754
56 969
Compare bond offering in V. 97, p. 1668.— V. 101, p. 1193.
U n ited States Steel C oo rp ora tio n .— N ew Plant in Use.
The Minnesota Steel Co. plant at Duluth was placed in operation on
Nov. 3 0 — V. 101, p. 1719, 1632.

W e llsto n Iron & Steel C o ., O h io .— Receiver.—
This company has been placed in the hands of a rocoiver. A press report
pays:
Stockholders are the only creditors, and tho action was taken to
effect a reorganization. There is $1,000.000 stock outstanding.”
W e ste rn Power C o., N. Y .— Financial Plan— Option to
Subscribe at 96 and int. fo r $4,500,000 Convertible 6 % Deben­
tures of N ew Great Western Power Co— Issue Underwritten .—
Secretary H . P . Wilson in circular dated at N . Y . , N o v . 27
1915, says in substance:
$4,000,000 C a sh f o r A d d it io n s a n d Im p ro ve m e n ts a n d to R etire $1,000,000
.
W estern P o w e r C o . N o te s .
in order to provido additional capital made necossary by tho rapidly
increasing business of tho properties, tho board of directors and officers have
completed. arrangements whereby over $4,000,000 of now monoy will bo
maao availablo foradditions, betterments and improvements to tho propcn f 9®
operating company (Groat Western Power Co.) and its sub­
sidiaries, and the retirement of tho $1,000,000 of 2-year 6% notes of
Western Power Co. now outstanding.
N e w G reat W estern P o w e r C o . o f C a lifo r n ia — N e w M o rtg a g e .

In order to carry tho plan into effect and also to provido suitable moans
tor luturo tinancing (the Great Western Power Co. 1st M . being now almost
closed). Groat Western Power Co. of California has boon incorporated in
Mjat State [on Nov. 22] with an authorized capital stock of $00,000,000 [in
■ divided into $30,000,000 of 7% cumulative prof, stock and
$30,000,000 of common stock. This now company is about to acquire
control of Great Western Power Co., and as soon thereafter as practicable
is to take over its properties together with those of City Electric Co. (sub­
ject to their liabilities) and croato a new General and Refunding Mortgage
to secure an authorized issue of bonds adequate in amount (say, $150­
000.000) to provido for tho capital requirements of tho Western Power Sys­
tem for a long poriod of time. All of tho new company’s issuod common
stock (except directors’ shares) is to be owned and hold by Wostorn Power
Co.; its preferred stock may bo issuod from timo to time hereafter when
authorized by its directors and approved by the Cal. Railroad Commission
to provido for additions, extensions, improvements, &c.
N e w G reat W estern P o w e r C o . to A u th o r iz e $5,000,000 6% C o nvert. D c b en s.
Tho new company- is to authorize at onco an issue of $5,000,000 10-vear
6% convertible gold debentures, to bo dated Nov. 1 1915, maturing Nov. 1
1925. These debentures may, at the option of tho holders at any time
between Nov. 1 1917 and Oct. 31 1920 incl., bo converted at par and int.
into tho now 7% cumulative pref. stock at $95 por sharo ($100 par value)
and divs. Tho debentures are to bo redeemable at 101 and int. at any timo
on four weeks’ published notico, but if called for redemption during tho
conversion period thoy may, at tho option of tho holders, bn converted Into
pref. stock as stated at any time boforo tho date fixed for redemption.
The debentures are to bo in coupon form, in tho denominations of $100,
$500 and $1,000. Tho not earnings of tho properties for tho past 12 months,
after deducting intorost on funded debt and guaranteed (lividond charges,
being in excess of throe times tho amount required to pay the annual intorost
upon tho $4,500,000 of debentures now to bo issued, tho attractivoncss of
tho issue from tho standpoint of tho investor is apparent. This margin
will bo substantially increased through tho uso of tho new capital providod
by the debentures.
$4,500,000 o f T h ese D eben tu res O ffered at 96 to W estern P o w e r S h a re h o ld e rs .
Western Power Co. is about to purchaso tho $4,500,000 of debentures,
and has resolved to offer them to its stockholders and also to Western
Power Corporation’s stockholders (of record at tho closo of business on
this day in oach caso)for subscription and purchaso at 96% of par and int.,
upon tho terms and conditions stated in this latter; oach stockholder to liavo
the privilege of subscribing for 8100 of debentures for oach five shares of
oither Western Power Co. or Western Power Corporation stock (whothor
preferred or common) or fraction thoroof held by him on such date.
The form of subscription must be received by Western Power Co., either
at 50 Broad St., N. Y. City, or 14 Sansomo St., San Francisco, on or before
Dec. 11 1915, and subscriptions must bo paid either (1) in full with subscrip­
tion on or beforo Dec. 11 1915 at 96 and int., being $96 67 for each $100 of
debentures taken, or (2) in three equal installments, viz., ono-third ($32
for each $100 dobenturo) with subscription on Doc. 11 1915, ono-third on
March 11 1916, and tho remaining ono-third on Juno 11 1916. Accrued
interest on the debentures will bo charged against tho subscribers to tho date
of final payment by them, and intorost will bo allowed at tho rate of 6%
por annum on all partial payments. All payments must be made to the
Equitable Trust Co., 37 Wall St., N. Y ., or Anglo-California Trust Co
San Francisco, as agents for Western Powor Co., and must bo in current
funds and free from collection charges.
The $4,500,000 par value of debentures have been underwritten by the
banking houses of E. H. Rollins & Sons and William P. Bonbright & Co..
Inc., jointly; and all debentures not subscribed for on or before Dec. 11
1915, in accordance with this letter, will bo sold to them.
The issue of tho debentures is subject to the approval of tho California
RR. Commission, and this offer is made subject to such issue and approval.

See also Great Western Powor Co. above.— V . 101, p. 446,
1506, 1915, 2091.
W o y m a n -B ru to n C o .— Extra Common Dividend —
An extra dividend of 10% has been declared in addition to tho regular
quarterly 3% on tho $4,000,000 common stock, both payable Jan. 3 to
holders of record Dec. 11. The outstanding scrip on Jan. 1 1914 and Jan. 1
1915 will bo redeemed with intorost in cash on Dec. 31 by the Farmers’
Loan & Trust Co., New York.
Offer to Subscribe fo r N ew Stock.— TToldors of common and

preferred stock of record Dec. 11 will bo given tho right to
subscribe on or before Jan. 3 at par for new common and prof,
stock to tho extent of three shares for each 20 shares then
held.— V . 100, p. 896.
Y a le & T ow n e M a n u fa c tu rin g C o . — Extra Dividend .—
An extra dividend of 5% has been doelarod on tho stock, payable Doc. 23
to holders of record Dec. 18.— V. 100, p. 1263.

Dec . 4 1915.]

THE CHRONICLE

18 91

Ijjtepxrrts and Soxmuents,
THE MINNEAPOLIS AND ST. LOUIS RAILROAD COMPANY
E X T R A C T S F R O M A N N U A L R E P O R T — F O R T H E Y E A R E N D I N G J U N E 30 1915.
N ew York, October 26th 1915.
To the Stockholders o f The M inneapolis & St. Louis Railroad
Company:
INCOM E FOR THE Y E A R .

the railway transportation standpoint, the year for your
Company was a satisfactory one. This is especially grati­
fying* as tho year’s crops raised along tho lines of the system,
while exceeding last year’s yield, were somewhat below the
average.
The gross receipts and disbursements of The Minneapolis
The lines of your Company lie within the great agricultural
& St. Louis Railroad Company and its leased lines for the
year ended June 30 1915, compared with those for the pre­ section of the M iddle W est, and therefore good crops and the
propsperity of the farming districts are relativelv of great
vious year, are as follows:
importance in maintaining the earnings of your system, as
In c r e a s e ( + ) or
are also other circumstances bearing upon the farmer’s
J u n e 30 1915. J u n e 30 1914. D e c re a s e (— ).
welfare. B ut as abundant harvests are largely dependent
Average miles o f road oper___
1,646.47
1,646.47
-----------upon weather conditions, it is not the policy of the manage­
ment to depend mainly upon the crop production to sustain
T r a n s p o r ta tio n O p era tio n s —
the earnings of the Com pany, but to diversify and extend all
Gross operating revenues------ $10,111,975 14 $9,620,675 26 + $491,299 88
avenues of traffic by encouraging the development of local
Operating expenses-------------- $6,903,594 08 $6,893,126 26 + $10,467 82 industries arid by the inauguration of through service to and
+24,656 59 from important commercial centers of the country by har­
465,177 50
440,520 91
Taxes______________________
monious relations maintained with connecting lines. This
T o ta l.................................... $7,368,771 58 37,333,647 17 +S35.124 41 policy has added materially to the through business of the
Company, and as this new business is permanent in charac­
Operating revenues over
expenses and taxes______$2,743,203 56 $2,287,028 09 + $456,175 47 ter, it will not be so susceptible to fluctuations by reason
of poor crops as is the local agricultural tonnage.
Tho 15 superheater freight locomotives of the Mikado
In c o m e Other th a n fr o m T r a n s ­
type, which were ordered last year, were received and
p o r ta tio n O p era tio n s —
The
Interest on bonds owned------$53,221 64
$53,131 6S
4-$89 96 placed in service in the early part of February 1915.
D iv id e n d s o n stocks owned—
4,144 00
14,144 00
10,00000 performance of these locomotives has been highly satis­
factory, and their use has added materially to the paying
Net rentals from lease o f road,
term in a ls and other facilities
37,067 52
38,115 80
— 1,048 28 train load, with a corresponding reduction in the cost of
train operation. Because of the excellent sendee of these
$94,433 16
$105,391 48 — 810,958 32 engines, arrangements have been made for converting
T o ta l____________________
20 of the Com pany’s present locomotives into the super­
Surplus_______________'------- $2,837,636 72 $2,392,419 57 + $445,217 15
heater type, and this work should be completed by the
end of this current year.
Fixed, a n d O ther C h a rg e s —
W hile it is expected to effect further economies in opera­
Interest on outstanding funded
d e b t_________________ ____ $2,139,649 43 S2,104,828 04 + $34,821 39 tions by the use of these superheater locomotives, in order
80,509 38
Interest, discount and exch’go
88,458 55
— 7,949 17 to obtain still greater economies, additional locomotives,
392,683 73
Hire o f equipment— balance..
321,594 96
+71,088 77 designed to meet, in so far as it is possible to build them,
Miscellaneous_______________
38,190 31
30,930 14
+7,260 17
the physical characteristics of the Com pany’s lines, should
Total fixed & other charges $2,651,032 85 $2,545,811 69 + $105,221 16 be purchased at an early date.
Likewise, a material ad­
dition should be made to the freight car equipment. W ith
Balance— Surplus___________
$186,603 87 ____________
Balance— D e ficit___________ _____________
$153,392 12
these needs in mind, your management has now under
Considering that business conditions throughout the coun­ consideration the most favorable way of providing at an
try during the fiscal year just closed continued in a state of early date the equipment necessary to meet the growing
depression, it is most gratifying to your Board of Directors demands of the Com pany’s traffic.
Reference was made in last year’s report of the intention
to bo able to present an income account for the year showing
a largo incroaso in both gross and net transportation revenues of your Com pany, in common with other carriers operat­
ing in the same territory, to file with the Inter-State Com­
over those for the preceding year.
Both the total gross revenues and the total revenue freight merce Commission an application for increases in rates
tonnage moved exceeded the earnings and tonnage for any on a limited number of commodities which did not bear
their fair share of the cost of transportation. Upon com­
year since tho Company began operations.
Of tho $491,299 88, or 5.11 per cent, increase in the gross pletion of these new tariffs they were filed with the Com ­
operating rovonues, $472,545 93, or 6.62 per cent, was in mission but by its order were made inoperative pending
receipts from freight traffic. Passenger earnings were prac­ a hearing on the reasonableness of the increases. For
tically tho same as thoso for last year, this year showing an the purpose of taking testimony the application came
up for hearing before Commissioner Daniels during March
increase of only $1,381 34.
There was a slight increase in operating expenses of $10,­ and April of this year. On August 11, this year, the Com ­
467 82, and of $24,656 59 in taxes. The net transportation mission, sitting as a body, denied the greater part of the
revenues over expenses and taxes increased $456,175 47, increases asked for by the carriers. The decision was
or 19.95 per cent, so that after the payments of all fixed not a unanimous one, however, as Commissioners Messrs.
and other charges, there remained a surplus for the year of Daniels and Harlan, in a dissenting opinion held that the
$186,603 87, as against a deficit of $153,392 12 for the carriers acted in entire good faith in making their request
and that the increases asked for should have been accorded.
preceding year.
The transportation revenuos and expenses are reviewed in Commissioner Daniels in a vigorous dissent from the major­
ity opinion said in part :
detail on succeeding pages of this report.
“ In the essential outcome of the majority’s report I am
Tho details of interest and dividends collected on bonds
and stocks owned are shown in Table N o . 2 . [Pamphlet unable to concur, believing that on the record the carriers
have in general sustained the burden of proof cast upon
Report.]
Thoro was an increase in interest on funded debt resulting them by the statute and are of right entitled to increases
in rates productive of revenuo far in excess of what they
from:
are accorded by this decision.”
Interest on Treasury Bonds sold during tho yoar_______________$52,980 20
As tho total amount of the advances allowed is so small
Interest on $2,500,000, principal o f Two-Year 6% Gold Notes
issued Feb. 1 1914___________________ ________ _____________ 87,500 00 as to afford practically no relief, the carriers requested
Interest on American Locomotive 6% Notes issued Jan. 1 1915-. 6,591 01
of the Commission time in which to prepare a formal peti­
$147,071 24 tion asking for reopening and reargument of the case in
Less—
order that they might submit proof to show that the in­
Docreaso in interest on One-Year 6% Gold Notes
creases allowed were not sufficient to afford reasonable
retired_______________________________________ $105,000 00
Decreaso in interest on Equipment Trust Notes
compensation. This request was promptly granted and
retired_______________________________________
7,249 85
---------------- 112,249 85 the carriers filed a formal petition with the Commission in
September. Although the order permitting tho filing of
Net increase in interest on funded debt.................................. $34,821 39
the petition does not assure the carriers of a rehearing, it
Tho increase of $71,088 77 in payments for hire of equip" is hoped, because of the difference of opinion in the Com ­
ment is due principally to an increase in the movement of mission, that a reopening of the case will be granted, and
through tonnage.
.
that with the presentation of additional facts all the in­
Thoro is charged to tho year’s income $33,079 74 for dis­ creases asked for by the carriers will be allowed them.
count, & c., on securities sold.
Your Company, in common with other carriers operating
in the Western territory, also filed with the Commission,
GENERAL.
during the fiscal year ended Juno 30 1915, tariffs proposing
Although business conditions throughout the country for an increase in inter-State passenger rates to a basis of two
tho year ended June 30 1915 were poor, particularly from and one-half cents per mile. These tariffs were suspended




THE CHRONICLE

1893

b y order o f tbe C om m ission , and a hearing for the purpose
of determ ining the reasonableness of the proposed increases
w as held; but at this writing the C om m ission has n ot ren­
dered a decision in the m a tte r.
In view of the C om m ission
having allowed increases in passenger rates to tho Eastern
road s, how ever, it is hoped th at the increases asked for b y
the carriers operating in the W e stern territory will also
be allow ed.
In this even t a w a y m a y be found b y which
the present low rates on in tra-S tate passenger traffic m a y
also be raised in those States in which your C o m p a n y
operates.
#
.
.
T here has recently developed a decided m an ifestation
b y the public o f a better appreciation o f tho unsatisfactory
financial condition into which the railroads o f tho country
are being forced by being com pelled on tho one hand to
p a y the increase in cost o f operation, o f higher w ages, and
o f bearing the burden o f national and Stato laws requiring
the em p loym en t of unnecessary labor, and on the other
hand being m ade to sell their service a t unrem unorative
rates forced upon them b y Federal and State C om m issions.
I t is believed, therefore, w hen these im portant questions
are m ore fu lly understood the public will look a t the com m on
sense o f the m atter and dem and th at greater justice bo
accorded the railroads in the m atter o f perm ittin g them to
ad ju st their rates in a w a y to m eet the conditions under
which th ey operate.
.
.
A t the close o f tho fiscal year the seriaj note obligations
and bills payable am ou n ted to $ 4 ,5 6 1 ,5 5 1 .
A g ain st tins
indebtedness the com p an y has available bon d s, m par
valu e, o f $ 7 ,6 1 7 ,0 0 0 .
T h ese obligations will be greatly
reduced during the ensuing fiscal year.
_
T h e D es M o in es & F o rt D od ge R ailroad (1 3 7 .6 2 m iles
in length exclusive o f side and passing tracks) has been
operated under lease b y you r C om p an y since January 1st
1905.

[Vol.

101.

Carrying o ut the policy o f the C om p an y to unify its
operated lines and bring them all under singlo m anage­
m en t and control, negotiations were begun in M a y of last
year w ith tho larger holders o f the stock o f tho D es M o in es
& F o rt D od ge Railroad C om p an y looking to the acqui­
sition o f its property b y a deed o f conveyance.
Since
the close o f the fiscal year the stockholders o f your C o m ­
pany and o f the D os M o in es & F o rt D od ge Railroad C o m ­
pany have respectively ratified and confirm ed the trans­
action which will result in the D es M o in es & F ort D od ge
R ailroad becom ing an integral part o f your C om p an y on
the term s set forth in the C o m p a n y ’s circular o f February
10th la st.
T ho earnings o f tho D es M o in es & F ort D od ge
Railroad C om p an y will cease to bo separately reported
as o f July 1st 1915, the beginning o f the now fiscal year.
Since February 1st 1912 your C om p an y has acquired the:
Iow a Central R ailw a y,
M in n eso ta D ak ota & Pacific R a ilw a y,
D es M o in es & F ort D o d g e R ailroad .
F or the fiscal year ended June 30 tli 1912 the gross revenues
o f the com bined m ileage w as $ 7 ,9 5 4 ,1 1 5 9 6 , while for tho
fiscal year onded June 30 tli 19 1 5 , tho gross rovenues aggre­
gated $ 1 0 ,1 1 1 ,9 7 5 14, an increase of $ 2 ,1 5 7 ,8 5 9 18.
T h o prospocts for the current fiscal year aro exceptionally
good .
A very large grain crop has been harvested in tho
N orth w est, and tho crops o f sm all grains in South D a k o ta ,
which are now assured, will bo the largest since 19 0 9 .
Likewise, also, oats, barley and ryo will exceed tho yield
o f a ny provious year.
T h e crops o f small grains in the
States o f Iow a and Illinois are exceptionally g o o d , and
the prospects aro favorable for a fair corn crop in all four
of the States in which the lines o f your system are located.
B y order of tho B oard o f D irectors,
NEWM AN
ERB,
P r e s id e n t.

TABLE NO. 1— ASSETS A N D L IA BILITIE S, JUNE 30 1915.

June

30 1915.

June

30 1914.

In c r e a s c ( + )o r
D e c r c a s e (— )

C A PITA L ASSETS:
$54,777,806 34 + S175.135 06
$54,952,941 40
Cost o f Road, Franchises, &c_______________________________________
$8,457,548 32
$8,677,772 40
E qu ipm ent------------------------------------------------------------------------------------582,429 85 7,875,118 47 + 147,896 52
654,757 41 8.023.014 99
Less reserve for accrued depreciation--------------------------------------------Securities Owned and Pledged:
„ .
.
, , ,
Securities o f proprietary, affiliated and controlled companies, pledged
1,771,678 29
1,771,678 30
+01
as per Table 7 [Pamphlet Report] — . ------------------------- ------------756,935 56 — 10,000 00
746,935 56
Miscellaneous securities, as per Table 7 [Pamphlet Report]-----------$65,181,538 66 + $313,031 59
$65,494,570 25
Total capital assets-----------W O R K IN G ASSETS:
$202,418 02
$203,139 53
+ $721 51
Cash in bank and on hand-----360,058 38
310,757 41
— 49,300 97
Agents and conductors---------492,487 25
474,754 63
— 17,732 62
Individuals and companies----17,225 77
16,715 58
+ 510 19
U. S. Post Office Department.
74,722 48
2,952 60
+71,769 88
Loans and bills receivable------378,193 29
358,652 22
+ 19,541 07
Material and supplies-----------1,458,793 11
1,433,284 05 +$25,509 06
( B o n d s ^ a v a i l a M e ^ o r ° s a i e ~ ,~ $ 2 , 1 1 7 ,472 32 ," a r e d e d u c t e d ' f r o m ' l i a b i l i t i e s
”
c o n tr a , s e e T a b le 7 [P a m p h le t R e p o r t ].)
D E F E R R E D ASSETS:
$111,148 51
$133,777 10
— $22,628 59
Unadjusted freight claims_________________________________________
4,084 98
3,186 30
+ 898 68
Insurance premiums paid in advance--------------------------------------------11,253 04
10,984 29
+ 268 75
Working funds and advances______________________________________
19,422 66
19,519 46
— 96 80
Operation of ballast pits--------------------------- - - --------------------------------50,000 00
50,000 00
Estimate forwarded interline freight unsettled-------------------------------195,909 19
217,467 15 — $21,557 96
Total deferred assets___________________
UNADJUSTED DEBITS:
$20,267 71
$14,884 40
+ 5,383 31
Miscellaneous deferred charges----- ------ . . .
1,314,155 79
1,362,335 80
+ 48,180 01
Unextinguished discount on securities sold.
1,382,603 51

Total unadjusted debits.
C A P IT A L L IA B IL IT IE S :
C apital S tock, E xcluding Stock in Treasury:
C o m m o n ___________________________________

Preferred________________________________

Mortgaged, Bonded and Secured Debt:
Merriam Jet. and Albert Lea, 7% , duo 1927____________
Pacific Extension, 6% , due 1921_______________________
First Consolidated, 5% , due 1934______________________
First and Refunding, 4 % , due 1949___________________ _
Equipment Trust Notes, per Table 5 [Pamphlet Report].
Refunding and Extension, 5% , duo 1962________________
Two-Year Gold Notes, 6% , duo 1916.
First Mortgage, 5% , due 1938, la. C. R y. C o—
First and Refunding, 4 % , due 1951, la. C . Ry. C o.

$950 ,000
1,382 ,000
5,282 ,000
13,244 ,000
957 ,750
11,284 ,000
2,500 ,000
7,650 ,094
7,156 ,000

00
00
00
00

and Extension, 5% Bonds, held by or for Company
as per Table 7 [Pamphlet Report]--------------------------- ---------------------

$21,038,850 00

00
00
00

91
00

$304,347 58
3,227 13

Total liabilities________________________________________________




+ $348,750 00
$63,647,412 59 + $179,810 00
+ $76,775
— 254,411
— 39,144
— 5,318
+ 163,415
+ 777
+ 188,631

98
84
40
68
24
50
36

3,406,299 44 + $130,725 16
+ $31,335 19
+ 3,114 64

$294,203 50
481,971 59
810,624 92

776,175 09
$47,351 74
2,370 22

307,574 71

+ $60 00

+ $98,750 00
+ 250,000 00

00
20
15
28
09
68
04

3,537,024 60

Total accrued liabilities_________________________________________
UNADJUSTED CREDITS:
Operating and other reserves_____________________________________
Miscellaneous deferred credits____________________________________

$21,038,790 00

7,448,472 32 42,608,622 59 + $179,750 00
$1,027,025
1,146,377
314,977
54,166
627,299
98,987
137,467

98
36
75
60
33
18
40

$325,538 69
485,086 23

L e s s : A d j u s t m e n t s r e c o m m e n d e d b y a u d it o r s to b e c h a r g e d to t h is a c c o u n t .
h e ld i n a b e y a n c e p e n d in g a p p r o v a l o f d is p o s itio n (a s r e q u ir e d ) b y I n t e r ­
S ta te C o m m e r c e C o m m is s io n , a ll o f w h ic h p e r t a in to tr a n s a c tio n s o f p r io r y e a r s

00
00
00
00
00
00
00
91
00

$63,827,222 59
$1,103,800
891,965
275,832
48,847
790,714
99,765
326.098

Total working liabilities________
ACCRUED LIABILITIES NOT DUE:
Taxes accrued____________________
Unmatured interest accrued_______

Total unadjusted credits_______________________________________
P R O FIT AN D LOSS— Balance— unappropriated surplus (Table 3)
[Pamphlet Report]__________________________________________________

$950,000
1,382,000
5,282,000
13.244.000
859,000
11.034.000
2.500.000
7,650,094
7.156.000

$50,057,094 91

7,617,472 32 42,788,372 59

T otal capital liabilities_________

W O R K IN G LIABILITIES:
Bills payable___________________
Audited vouchors.._____________
Unpaid wages__________________
Agents’ drafts__________________
Miscellaneous accounts payable..
Matured interest unpaid________
Traffic and car service— balance.

+ $53,563 32

$68,161,330 05 +$370,546 01
$15,205,620 00
5,833,170 00

$15,205,790 00
5.833,060 00

$50,405,844 91
L e s s — Refunding

1,329,040 19

$68,531,876 06

Total assets____________

+ $34,449 83
+ $256,995 84
+856 91

49,721 96 +$257,852 75

289,880 72

240,451 48

49,429 24

281,720 9 7 — $232,291 73

$68,531,876 06

$68,161,330 05 +3370,546 01

1893

THE CHRONICLE

Dec. 4 1915.)

C H IL E

COPPER

COMPANY

(A holding com p an y organized under th e law s o f D ela w a re.)

O F F IC IA L ' S T A T E M E N T

TO

THE N E W YO R K STOCK EXCH AN G E
L IS T IN G OF C A P IT A L S T O C K .

New York, November 15 19 15 .
Referring to its previous application (A -4 4 5 0 ) dated
June 11 19 1 5 , Chile C opper C om p an y hereby applies to have
listed $ 9 5 ,000,000 (of an authorized issue o f $ 1 1 0 ,0 0 0 ,0 0 0 )
o f its C ap ital S tock , consisting o f 3 ,8 0 0 ,0 0 0 shares o f the par
value o f $ 2 5 each, which has been issued and is outstanding
in the hands of the public. A ll of said stock is full paid and
non-assessable and no personal liability attaches to ownership.
Chile C opper C om p an y was incorporated under the laws
o f D elaw are April 16 1913 w ith an authorized C ap ital Stock
o f $ 9 5 ,0 0 0 ,0 0 0 consisting o f 3 ,8 0 0 ,0 0 0 shares, par value $ 2 5 .
On A p ril 23 1913 the authorized C ap ital Stock was increased
to $ 1 1 0 ,0 0 0 ,0 0 0 , consisting o f 4 ,4 0 0 ,0 0 0 shares of the par
valu e o f $ 2 5 each.
D u ration o f charter, perpetual.
T h e Chile Copper C om p an y is authorized, am ong other
thin gs, to prospect, explore, purchase or otherwise acquire,
and to sell, dispose of and deal with lands, m ines, m inerals,
ores m ining and water rights and claims and interests therein
in a n y part o f the w orld; to acquire b y purchase or otherwise,
absolu tely or conditionally, solely or jo in tly w ith others,
concessions, grants, freeholds, leases, rights, claim s, authori­
ties and other interests in and over lands, water powers or
other properties o f every description, and interests therein
and shares in the capital stock o f corporations owning or
operating the same in any part o f the w orld; to deal in, pur­
chase, sell and dispose o f, ores, m inerals, m etals, goods and
m erchandise and generally to carry on the business o f a
m ining and trading com pan y in all its branches in a n y part
o f the w orld.
.
T h e entire original authorized C ap ital Stock o f the Chile
Copper C om p an y o f D elaw are, consisting o f 3 ,8 0 0 ,0 0 0 shares,
o f the par valuo of $ 2 5 per share, aggregating S 9 5 ,0 0 0 ,0 0 0
par valu e, less nine shares which were then held b y the direc­
tors o f the C o m p a n y , w as issued and delivered to the Chile
Copper C om p an y o f M a in e , in consideration o f the transfer
and delivery b y the Chile Copper C om p an y o f M a in e to the
Chile C opper C om p an y o f D elaw are o f 1 0 ,0 0 0 shares o f the
C apital Stock o f Chilo Exploration C om p an y , o f the par value
o f $1 0 0 per share, being the entire C ap ital Stock of said C o m ­
p a n y, and o f the transfer o f the interest o f the Chile Copper
C o m p a n y o f M a in e , in certain water rights, power location,
w ater springs and salt areas and the transfer o f about $ 9 ,0 0 0
in cash.
_
$ 1 5 ,0 0 0 ,0 0 0 additional o f said stock as stated in said appli­
cation A -4 4 5 0 has been deposited w ith the G u aran ty T ru st
C om p an y o f N e w Y o r k , as T ru stee, under the Collateral
T ru st A greem ent referred to in said application A -4 4 5 0 , and
as held b y said Trustee subject solely to the right o f the hold­
ers of the Collateral T ru st Seven per C en t T e n -Y e a r C onvert­
ible B on d s referred to in said application A -4 4 5 0 to convert
the said bonds into said stock par for par.
Section 5 o f the B y -L a w s provides:
Stockholders o f record m ay v ote at any m eeting, either in person or b y

roxy in writing, which shall be filed
o the meeting
S share o f voted. heldach stockholder with the Secretaryto f onedirectors,
efore being
E
shall be entitled
vote for
each
stock
by him , except that at all elections o f

each stockholder shall be entitled to as m any votes as shall be equal to the
num ber o f his shares o f stock multiplied b y the number o f directors to be
elected, and he m ay cast all o f such votes for a single director or m ay dis­
tribu te them am ong the number to be voted for, or any tw o or m ore o f
them , as he m ay see fit. N o stockholder shall bo entitled to vote upon
any stock which has not stood in his nam e for at least tw enty (20) days
previous to the tim e o f the meeting.

T h e Chile Copper C om p an y owns the entire C ap ital Stock
o f a corporation organized under the laws o f N e w Jersey,
know n as the Chile Exploration C o m p a n y .
T h e duration
o f its chartor is perpetual. T h is C apital Stock am ounts to
$ 1 ,0 0 0 ,0 0 0 par valuo, divided into 1 0 ,0 0 0 shares o f $ 1 0 0 each,
which has been deposited as collateral for the Collateral
T r u s t Seven per C en t T o n -Y e a r Convertible B on d s o f C hile
C opper C o m p a n y , hereinbefore referred to .
T h e Chile E xploration C om p an y owns a largo part o f the
know n llam pera (or friable ore) copper district at Chuc[uicam a ta , near C a la m a , in tlio Province o f A n tofag asta, in the
Republic o f C h ile, South A m erica. T h is comprises several
groups and claim s, which have heretofore been owned b y
various com panies and individuals. T h e y have now been
com bined into one com p act grou p. T h e titles have been re­
ported b y com peten t Chilean counsel to be g oo d .
T h ese
claim s are located abou t 150 miles b y rail from A n tofag asta,
and are connected b y a branch w ith the A n tofag asta & B o li­
via R a ilw a y. T h e y are a t an altitude o f 9 ,5 0 0 fe et, in w hat
is considered to be a d ry, health y clim ate.
Engineers’ reports show in substance th a t the properties
belonging to the Chile E xploration C om p an y constitute a
large, low -grade disseminated copper deposit w ith b u t little
capping, or w aste, covering the ore. M o s t o f the ore thus
far developed can be m ined b y steam shovels.
T h e surface
mineralization is over 8 ,0 0 0 feet long and several hundred feet
in w id th . F ifty -n in e holes have been drilled in this ground,
and all havo penetrated ore of considerable thickness. T h e
average thicknoss o f the ore in the holes thus far drilled is




IN

C O N N E C T IO N

W IT H

THE

over 6 7 8 fe et, and m a n y o f the holes have n ot been drilled
deeper because o f the loss of tools in the b o tto m .
Several
o f these holes are now over 1 ,0 0 0 feet in depth and are still
in ore. Since neither the len gth , w idth nor depth o f the
deposit has y e t been proved , the actual extent o f the ore b od y
has not been definitely determ ined.
I t is, how ever, esti­
m ated th a t, as thus far developed, it contains a bou t 3 0 3 ,­
3 0 0 ,0 0 0 tons o f ore, averaging approxim ately two per cent
in copper. M r . P ope Y e a tm a n , Consulting Engineer, and
M r . E . A . Cappelen S m ith , Consulting M etallurgical E ngin­
eer, state th at up to date (N o v . 15 1915) the ore m ined has
been taken from the upper layers o f the ore b o d y , which was
and is know n to bo o f lower grade than the average o f the
m in e.
T h e w ork so far indicates th at the expectations and
estim ates o f the Engineering S ta ff o f the com p an y will be
fu lly realized, w ith the operation o f the first unit on the
average grade of the ore o f the m ine.
T h e m etallurgists report th at, because o f its peculiar
nature, the ore is easily leached w ith dilute sulphuric acid
obtainable from the ore itself, and th at an extraction o f about
nin ety per cent o f the copper contents o f the ore can be eco­
n om ically obtained.
T h e equipm ent o f the property consists o f the necessary
steam shovels, ore cars and locom otives, to handle 1 0 ,0 0 0
tons o f ore per d a y . A b o u t tw elve m iles o f railroad have
been constructed b y the com p an y , which connects the m ine
w ith the p lan t, and the plant w ith the A n tofagasta & B olivia
R a ilw a y . T h e plant itself consists o f the necessary ore bins,
a crushing plant w ith a capacity of 1 0 ,0 0 0 tons per d a y , a
leaching plant consisting of six large concrete tanks which
w ill hold 1 0 ,0 0 0 tons of ore each, an electrolytic tank house
to precipitate the copper from 1 0 ,0 0 0 tons o f ore per d a y ,
and a m elting plan t to m elt the copper and cast it into mer­
chantable shapes.
In addition there are the necessary
m achine shops, warehouses and quarters for em p loyees.
T h e com pany also has a power plant on the coast a t T o c o pilla, having a total capacity o f 4 0 ,0 0 0 kilow atts, and the
power is transm itted to C huquicam ata over a transm ission
lino about 8 5 miles long.
Labor conditions are good and there was no trouble in
obtaining sufficient for construction purposes, for which about
double the num ber o f m en were em ployed as will be needed
for the operation o f the plan t.
T h e follow ing claim s are ow ned b y the Chile E xploration
C o m p a n y a t C h u qu icam ata, C hile:
Mining claims at Chuquicamata___Nos. 1 to 285 containing 831 hectares
illcito oloimo of Chuquicamata___ ** A 1 • 563
701
•
*
Millsite claims at CViiiAiii/*orriof o
401 “* KAQ
791
Sulphur claims at Ascotan_________
250
700 “ 704
Salt claims near San Salvador______
400
705 “ 712
Lime claims near Calama__________
400
713 “ 720
Lime claims near San Salvador_____
20
723 “ 724
Lime claims near Carritos Bayos_
_
150
725 “ 727
Seven claims at Tocopilla_________
91
Five miscellaneous claims at Chu­
quicamata _____________________
11
A s the property o f the Chile Exploration C om p an y (the
o n ly subsidiary o f the Chile C opper C om p an y ) has until the
last few m onths been in the developm ent stage, and the
operations have not as y e t been brought to norm al, no in­
com e account can be furnished.
COM BINED STATEM ENT OF THE ASSETS AND LIABILITIES OF
THE CHILE COPPER COM PANY AN D THE CHILE EXPLORA­
TION COM PAN Y. NEW YO R K , ACCOUNTS AS OF OCTO­
BER 31 1915, AND THE CHILE EXPLORATION COM ­
PA N Y. CHILE OFFICE, AUGUST 31 1915.
ASSETS.
Property------------------- ------------ -------------$97,488,854 60
Construction and equipm ent________
13.108.962 80
M aterials and supplies at co st_______
859.461 91
85,644 73
A ccounts collectible__________________
C opper on hand and in transit_______
1,191.392 92
Exam ination and surveys____________
25.402 25
2.046.270 08
Deferred charges to future operations.
1.150 51
N ew Y ork furniture and fixtures_____
Suspense---------------------------------------------90.760 99
Undistributed item s in transit_______
715.559 86
C a s h ---------------------------------------------------751.398 00
$116,364.858 65
LIABILITIES.
Capital stock------------------------------------------------------------------ $95,000,000
Capital s t o c k .............................................$110,000,000 00
Less fpr conversion o f bonds................ ..
15.000,000 00
C onvertible bonds___
15,000.000
Bills payable--------------4,700.000
A ccoun ts payable------550.136
561.261
Unpaid drafts________
525,000
A ccrued bond interest.
28,460
P rofit and loss-------------

00
00
00
38
46
00
81

$116,364,858 65
Note.— October 31st 1915 was the date upon which these figures were
compiled. Statement as of that date has been made for the Chile Copper
Company and for the New York office accounts of the Chile Exploration
Company in order to show a correct cash situation for the two companies.
The latest available balance sheet of the Chile office of the Chile Explora­
tion Company is of August 31st.

1894

[Vol. 101.

THE CHRONICLE

T h e fiscal year o f the com p an y corresponds w ith the
calendar year.
T h e annual m eeting o f the stockholders o f the corpora­
tion is held a t its office, 120 B roa d w a y, N e w Y o r k C ity , on
the third T u esd ay in A p ril o f each year.
T h e transfer office o f the com p an y is 120 B roa d w a y,
N e w Y o rk C ity .
D . A . C rockett is the Transfer A g en t o f the C om p an y a t
the C o m p a n y ’s N e w Y o r k office, N o . 120 B roa d w a y, N o w
Y o r k C ity .
T h e R egistrar o f the stock is G u aran ty T ru st
Com pany of N ew Y o rk .
T h e D irectors, elected ann u ally, are: D an iel G u ggen heim ,
M o rris G u ggen h eim , Isaac G u ggen h eim , S . R . G u ggen heim ,
H o n . Sim on G uggen heim , H arry F . G uggenheim , E . A .
G uggen h eim , W m . L oeb Jr. and John N . Steel, all o f N e w
Y o r k C ity ; P ope Y e a tm a n of Philadelphia, P a ., and A lbe rt
C . B urrage, A lbert C . Burrage J r ., Russell Burrage and
Charles D . Burrage, all o f B o sto n , M a s s ., and H en ry R .
W a g n e r o f Santiago, C h ile.
T h e Officers are: D an iel G u ggen h eim , President; A lbe rt C .
Burrage and M orris G u ggen h eim , V ice-P residents; Leopold
Frederick, Treasurer; C . L . M y e r s , A ssistan t Treasurer;
C . K . L ip m a n , Secretary; G . F . H ilto n , A ssistan t Secretary.
C H IL E

By

COPPER C O M P A N Y,

D A N IE L G U G G E N H E IM ,

President.

T h is C om m ittee recom m ends th at the above-described
$ 9 5 ,0 0 0 ,0 0 0 C ap ital Stock be a d m itted to tho list.
W M . W . H E A T O N , Chairman.
A d o p te d b y the G overning C om m ittee , N o v em b er 23 19 15 .
G E O R G E W . E L Y , Secretary.

C U R R E N T N O T IC E .
— T o m eet the requirements o f those using the low sterling exchange rates
now prevailing. John W . Hartfield, N ew Y ork Produce Exchange, this city ,
has com puted and published a handbook o f sterling produce tables giving
exchange from 84 50 to 84 74 b y single points. The edition is an appendix
to M r. Ilartfield ’s original book issued in 1893, containing exchange for
84 75 to 84 89. T ho calculations in tho new edition have been figured to
tho low point o f .05 cent and 1-16 cent per lb ., and will determine the sterling
value per cw t. o f 112 lbs. to the hundredth o f a penny. T he price o f the
handbook is- 82 50.
— W ill am M orris Im brie & C o ., 61 B roadw ay, this city , and 111 W est
M on roe S t., C hicago, join tly with the Illinois Trust & Savings Bank o f
C hicago are offering and advertising in this issue 83,250,000 Southern
P ublic Utilities C o . first and refunding m ortgage 5 % bonds, due July 1
1943, at 95>4 and accrued interest, to yield abou t 5 .3 0 % . T h e general
features o f the investment are described in to -d a y ’s advertisem ent, and
further inform ation appears in our “ General Investm ent N ew s” D ep t.
— T h o new Stock E xchange firm o f Edward B . Swinney & C o. began busi­
ness this week in handsom e offices at 120 B roadw ay. The partners are
E dw ard B . Sw inney, w ho is the B oard m em ber, and George Gilchrist.
M r . Swinney was a special partner o f W arren W . Erwin & C o ., 26 Beaver
Street: M r . G ilchrist was also Identified with the same firm for the past
nine years. T h e now concern, besides doing a Stock Exchange business,
will deal in high-grade investm ent securities.
— T h e investm ent banking house o f Field, R ichards & C o ., Cincinnati
are offering to investors the unsold portion o f Long Beach (C al.) 5 % gold
sewer b on d s, dated Jan. 1 1914. m aturing from 1923 to 1952 and yielding
4 .6 0 % . T h e bonds are legal for savings banks in M a in e, N ew Hampshire
and C on n ecticu t. Circular and full inform ation m ay be had upon applica­
tion to the firm ’s offices in Cincinnati or C leveland, Ohio.
— B row n, Lisle & M arshall, 201 Turks Head Building, Providence, R . I .,
have issued an attractive pam phlet giving general inform ation in rogard to
the investment securities o f R hode Island corporations. Tho firm acts as
daalers in m unicipal, railroad and public utility bonds and short-term
notes and are specialists in tax-exem pt stocks and bonds o f R hode Island.
— T he increased demand on the A nsco C o., o f Bingham ton, N . Y .,
manufacturers o f photographic apparatus, cameras, film s, & c., has mado it
necessary to increase their cap acity, and a contract for tho engineering and
construction o f extensions and improvem ents to their power plant has
boon awarded to Tho J. G . W hite Engineering C orporation o f Now Y ork .
— As a m atter o f record on ly , the entire am ount o f the bonds having
been sold, William Salomon & C o ., 25 Broad S t., this city , and 105 South
La Salle S t., C hicago, are advertising in tho “ C hronicle” 81.000,000 Union
Terminal C o. o f Dallas, Texas, first m ortgage 5 % bonds. See to -d a y ’s
advertisement for full particulars.
— George H . Hull Jr., dealer in high grade investment securities, has
opened now offices at N o. 27 Pine Street, this city . M r. Hull recently
term inated his membership in the firm o f W hite & C o ., o f which he was
one o f the organizers in 1908. Provious to this he was identified with tho
firm o f Bertron, Griscom & C o.
— Gartenlaub & C o ., 5 Nassau S t., are offerin g , subject to prior salo
and change in price, a list o f high-grade bonds yielding from 4.22 to 4 .8 5 % .
M a n y o f these bonds are legal for savings banks in N ew Y ork , M assachu­
setts and C onnecticu t. F or further particulars see page advertisem ent.
— Redm ond & Co . 33 Pino S t., New Y ork, are offering for D ecem ber
investment an at ract re list o f high-grade railroad and municipal bonds
yielding from 4.15 o 6 .0 ' % . For further details see this firm ’s advertise­
m ent on page opposi e c le v in g house returns.
— S. C . P latt, for m any years Identified with E dw ard B . Smith & C o.
o f this city , has becom e associated with the bond departm ent o f the
N ew Y ork Stock Exchange inn o f P yn o, Hollister & Hollister, 55 W all
S t., this city .
— Coggeshall & Hicks, 128 B roadw ay, this city , have issued a new
m onthly number o f the firm ’s “ Financial Graphic and Investm ent L ist,”
which will be forwarded to inquirers upon application.
— Frederick T . Chandler Jr. has this week been adm itted as a general
partner in the firm o f Chandler B ros. & C o ., 34 Pino S t., this city .
— The firm name o f Keane & C o ., D etroit, M ich ., dealers in high-grade
nvestm ent securities, has been changed to Keane, H igble & C o.
— Bodell & C o ., Providence, are offering the capital stock and debentures,
o f Narragansett E lectric Lighting C o ., Providence.




< £ 'h e

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c s .

T e p it o m e

Friday Night, December

3 1915.
A c tiv ity in business is a lm ost universal in the U nited
States.
I t is stim ulated b y colder w eather.
T h e retail
trade feels th e spur o f a good holiday d em an d , tho general
decrease o f unem ploym ent and m ore seasonable tem pera­
tures. T h e broadening of the w holesale trade in all direc­
tions is attested b y the bank clearings showing striking
increases over those o f the last tw o years.
A ll, or m o st,
o f the big industries are a ctive .
In the iron and steel trade
the productive cap acity is severely tested b y a rem arkable
dem and for m aterial, even a t steadily rising prices. T h e
production of ingots exceeds all form er records and y e t it
hardly keeps pace w ith the trade requirem ents.
T h e de­
m and for steel is not only large from foreign buyers, but
also from the dom estic trade.
Sales are large, to o , o f tex­
tiles like cotton s, silks and woolens as well as coal, lum ber,
hardware and war m unitions.
Shoe factories are b u sy.
So are shipyards and flour m ills; also cigar factories and
stove foundries. E v e n real estate is reported to be in better
dem and. Building operations are larger.
Grain prices
have been advancing w ith a stea d y export dem and for w heat
and oats.
T h e C anadian G overnm ent has com m andeered
1 7 ,0 0 0 ,0 0 0 bushels of w h eat.
U n fortu n ately ocean freights
are scarce and advancing; cotton from N e w Orleans to
Liverpool is up to $2 per 100 lbs.
T h e war has destroyed
so m uch mercantile ocean tonnage th at this scarcity m ay
be felt for some time to com e. A lso , the railroad freight
congestion continues a t N o w Y o r k .
T h e war still casts its
evil shadow over the world and nobody has any very clear
idea when it will disappear, though peace rumors are cir­
culated from tim e to tim e.
A lso , Congress will soon be in
session and what bearing its discussions will have on the
business and politics of the country is a m atter of puro con­
jecture.
Southern Congressm en are expected to protest
vigorously against the cotton em bargo established some
tim e ago b y G reat Britain and F rance.
B u t, in tho m ain ,
the business situation is considered prom ising.
Exports
are enormous and promise a balance of trade for the fiscal
year o f alm ost fabulous size.
ST O C K S OF M E R C H A N D IS E IN N E W Y O R K .
D e c . 1 1915. N o v . 11915.
D e c . 1 1914.
b ags. 1,343,456
C offee, B razil________
1,006,399
I,
C offee, J a v a .................................m a ts . 62,071
68,170
50,678
C offee, other------------------------------ bags. 397,817
432,766
292,282
S u g a r ...........................
hogsheads.
16,280
75,998
47,265
N o . 182,698
H i d e s ..................................
317.220
37,000
C o tto n -------------bales. 298,398
301,548
41.409
Manila hem p__________________ bales.
1,040
1,592
2,825
Sisal h e m p ______________
bales.
.
15,917
Elour ____
barrels.
26,900
23,600
77,300

L A R D higher; prime W este rn 9 .7 5 c ., refined to the
C ontinent 1 0 .5 0 c ., South A m erica 1 0 .6 5 c ., Brazil I I .
Futures declined and then becam e firm er.
Leading packers,
how ever, have been selling January; hogs declined, though
advancing later. B u t stockyards interests have been good
buyers.
T o -d a y prices wero lower.
D A I L Y C L O S IN G P R IC E S O F L A R D F U T U R E S IN C H IC A G O .
S a l.

Jan. d o liv .in elov. .c t s . 9 .5 2 X
A
M a y deliv. in elev-------- 9.7714

M on.

9.50
9.75

T u es.

W ed .

9.27>4 9.4214
9.5214 9.70

T h u rs.

F r i.

9.6214
9.90

9.45
9.75

P O R K quiet; m ess $ 2 0 @ $ 2 1 , clear $ 2 0 @ $ 2 2 .
B eef,
m ess, $ 1 6 @ $ 1 7 ; extra India mess $ 2 7 @ $ 2 8 .
C u t m eats
steady; pickled h am s, 10 to 2 0 lb s ., 1 4 J ^ @ 1 5 c .; pickled
bellies, 1 2 @ 1 3 3 ^ c .
B u tter, cream ery, 2 3 @ 3 6 c .
Choeso,
State, 1 3 @ 17c.
E g g s, fresh, 2 4 @ 4 0 c .
C O F F E E quiet; R io N o . 7 7 ^ c . , N o . 4 Santos 9 h s @
9J^c. , fair to good C u cu ta l l @ l l j ^ c .
Futures advanced
on higher cables from R io and S antos, lim ited offerings hero
and some trade bu yin g.
Sp ot business, how ever, has been
sm all, receipts are large and stocks are increasing. T o -d a y
prices for futures closed practically unchanged with sales
of only 5 ,7 5 0 bags.
Prices were as follows :
Decem ber cts6.58(5)6.60
J a n u a r y ____ 6.58(5)6-60
F e b ru a ry ___6.61 (5)6-63
M a rch ______ 6.64(5)6.65

A p ril____ tsc.6.65(5)6.67 A u g u s t., cts . 6.80 (5)6.81
M a y ________ 6.67 @ 6 .6 S September _ .6 .8 5 (a 6.86
J u n o ________ 6.71(5)6.72 O ctober-------- 6.90(5)6.91
J u ly_________ 6.75<§6.76

S U G A R firm and higher; centrifugal, 96-dogroos test,
5 .2 0 c .; m olasses, 89-dogreos tost, 4 .4 3 c .; granulated, 6c . F u ­
tures advanced on tho delay in grinding in C uba and high
freights. A Paris dispatch said that the production of
sugar in France and her colonies is insufficient to supply tho
needs of tho country’s population, and that it has bocomo
necessary to im port stocks estim ated at 3 0 0 ,0 0 0 to 3 2 5 ,0 0 0
tons.
O f this am ount a largo p a rt, it is statod , has beon
bought in C uba and tho U nited S ta tes.
I t is announced that
the French G overnm ent will fix tho price at which tho sugar
is to be sold and indicate the quantities to bo consum ed.
T o -d a y futures advanced 8 to 11 points w ith sales of 8 ,3 0 0
ton s.
Closing quotations follow :
Decem ber c t s 4 .1 3 @ 4 .2 0
J a n u a r y ____ 3 .7 3 @ 3 .7 4
F e b r u a r y ___3.4 3 © 3 .4 4
M a rch ............3 .4 2 @ 3 .4 3

A pril___ c ts . 3.42 @ 3 .4 3 A ugust. .c ts . 3 .55 © 3.57
M a y .............3.43(5)3.44 September ..3.58 (5 )3 .6 0
J u n e _______ 3.47 (5)3.49 O ctober......... 3.60 @ 3 .6 2
J u iy_________3.53 @ 3 .5 5

138,262

65 c.

1895

THE CHRONICLE

Deo. 4 1915.)

6 6 c .:

C a lc u tta .

80c.

L ard ,

prim e,

92@ 96c.

seed, w inter, 8 .3 0 c .; sum m er w h ite, 8 .3 0 c .

D ecem ber

3.

T h is
W eek.

C oco an u t,

C o ch in , 1 5 M @ 1 6 c .; C ey lo n , 1 3 @ 1 3 M c C orn 7 .7 5 @ 7 .8 0 c .
P a lm , L a go s, 8 J ^ @ 9 c .
C o d , dom estic, 5 8 @ 5 9 c .
C o tto n
Spirits o f tur­

pentine, 5 7 c .; strained rosin, com m on to g o o d , $ 6 .

C losing

qu otation s were as follow s::
Pennsylvania dark $2 10 N orth Lim a_______ SI 28 Illinois, above 30
degrees_________$1 42
C abell--------------------- 1 65 South Lim a________ 1 28 Kansas and Okla­
I n d ia n a ____________ 1 13
M ercer black-------- 1 60
hom a __________ 1 0 0
Princeton___________ 1 42
N ew C astle----------1 60
Somerset, 32 d e g . . 1 5 0 C addo, 38 deg. and
C o rn in g ----------------1 6 0
a b o v e __________ ICO
R a g lan d __________ 70c.
W ooster__________ 1 4 5

P E T R O L E U M in active dem and; refined in barrels,
,
$ 8 1 5 @ 8 9 15;
bulk 8 4 5 0 @ $ 5 5 0 ; cases 8 1 0 2 5 @ $ 1 1 2 5 .
N a p h th a , 73 to 7 6 degrees, in 106-gallon drum s, 2 6 M c .;
drum s $ 8 5 0 extra.
G asoline, 8 6 degrees, 3 2 c .; 73 to 7 6 de­
grees, 2 7 @ 2 9 c .; 6 8 to 7 0 degrees, 2 4 © 2 6 c . _ A d vices from
A rkansas C ity , K a n ., said: “ D evelopm en ts in K a y C o u n ty
and the A u gu sta and E l D orado developm ents in B utler
C o u n ty , K a n ., during the past week show th at during the
n ext few m onths som e of the m ost interesting work in th at
portion of the m id -C on tin en t field will take place. B la ck ­
w ell, the pool in O klah om a, is attractm g considerable a t-

1914.

1915.

O I L S .— Linseed in fair dem and and firm er; c ity , raw
A m erican seed, 6 3 @ 6 5 c .; city b oiled, A m erican seed, 6 4 ©

G alveston----------T exas C ity --------P ort A rthur_____
Aransas Pass, & c.
N ew Orleans____
M o b i l e __________
Pensacola_______
Jacksonville, & c.
Savannah_______
B run sw ick______
Charleston---------G eorgetow n-------W ilm ington-------N orfolk..............
N ’port N ews, & c.
N ew Y o r k ______
B o s t o n --------------Baltim ore_______
P h ila d elp h ia -----T otals________

S in c e A u g

1 1915.

1 1914.

,797
,047

69,740 1,063 510
159 205
14,616
8 5 13
54 334
1*324
57,252 570 ■156
3,082
46 228
22 650
l",245
23 575
22,935 559 935
41 000
2,000
5,245
166 939
45
6,079
127 586
20,315 *257 691
984
10 830
659
3 440
1,801
5 690
14 525
1,577
30
710

S to ck .

S in c e A u g

T h is
W eek .

,000
,578

125,754
400
10,402
426.161
62.887
4,066
19,642
518.000
37,308
145,914

i339
,107
,786
,356
907
,211
244

68,955
140,331
46.433
2,100
5,121
20,506
646

582
,466

,779
640
,362

1914.

1915.
289,862
24,932

30,992

6,126
346,620
22,482

"7*323
239,474
41,230

3,015
202,434
8,500
94,510

217.245
18,000
94,242

45*579
111,113

46,664
54.649

298,954
8,221
4,802
2,428

80,998
5,802
4.700
4,506

'T w o

208,884 3,136,890 331,201 3,021,359 1,469,578 1,254,768

* 24,612 bales added as correction since A ug. 1.

In order th at com parison m a y be m a d e w ith other years,
we give below tho totals a t leading ports fo r six seasons :
R e c e i p t s a t—

Galveston —
TexasCity,&c.
N ew Orleans.
M o b i l e _____
Savannah ___
Brunswick___
Charleston,&c
W ilm in g to n ..
N orfolk
N ’port N..&C.
A ll others____

1915.
69.740
15 940
57,252
3 082
22,935
2,000
5,2 5
6,079
20.315
,984
5,312

1914.

1913.

1912.

1911.

100,797
8,629
80,466
6,779
67,362
9,000
17,578
7,339
16,107
10.786
6.358

116,919
35,963
70,683
11,771
50,943
3,700
16,017
14,927
25,369
3.497
9,134

164,075
58,626
80,606
9,406
49,150
1,900
10,683
18,197
24,*54
2,307
17,406

136,411' 121,418
42,856
17,192
7 7.9 77 1 84.025
18,197
17.325
79,249
67.628
13.318!
17.800
12,776
16,136
18,689
10.416
30,485
36.013
782
289
27.954
12,751

| 1910.

tG T O B A C C O .— There has been a fair dem and for binder.
W isconsin and C onnecticut have been preferred. A lso there
has been a very fair trade in Ohio and Pennsylvania filler.
Packers and m anufacturers have bought 1915 crop to a fanexten t.
C uban leaf has been firm b u t n ot a t all active.
M an u factu rers have been taking a certain a m ou n t or Sum atra
on contracts.
Lancaster, P a ., reports a surprising dem and T otal this w k. 208,884 331,301 358,923 437,010 458.694 400,593
where half the crop is already sold a t 10 cents and fillers at Since A ug. 1 . 3,136,890 3,021,35915,903,993 6.049,227 6,077,576 5,088,163
3 cen ts, which are 1 to 2 cents higher than was expected.
T h e exports for the week ending this evening reach a total
Som e extra fine crops there brought 12 to 13c.
C O P P E R somewhat less active; lake 19 % ® 2 0 c . , electro- of 12 2 ,2 3 3 bales, o f which 6 6 ,0 5 8 were to G reat B ritain ,
Ivtic 1 9 ^ i @ 2 0 c .
It is rumored th at G erm an y is to b u y 1 3 ,3 8 6 to France and 4 2 ,7 8 9 to the rest o f the C on tin en t.
heavily o f copper to be held in the U n ited States until after E xports for the week and since A u g . 1 1915 are as follow s :
tho war
T in dull and declined on the spot to 3 8 M e .
L on­
F r o m A u g . 1 1915 to D e c . 3 1915.
W e e k e n d in g D e c . 3 1915.
don declined rather sharply.
Spelter declined to 17 M e . here,
E x p o r te d to —
E x p o r te d to —
w ith less dem an d. Lead on the spot here firm a t 5 .2 2 3^c.,
E x p o r ts
G r ea t
i
i C o n t lG rea t I
i C o n llfro m —
b u t q u iet.
London declined. Pig iron in good dem and and
I r ita in .'F r a n c e . n e t u d ie . T o ta l. B r ila in . I F r a n c e . \ n e n t d ie . T o ta l.
B
again higher. N o . 2 P h ila. $ 1 8 2 5 @ $ 1 8 7 5 , N o . 2 Southern
10,827 45,174 330,82l! 93,523 211,872 636,216
$ 1 4 @ $ 1 4 5 0 Birm in gh am . M an u factu red steel continues Galveston.. 34,347
31,206
7,322| 138.674
900 16,685 100,146
6,282 9,503
active and advancing.
E xport sales have been m ade a t Texas City163
163
Port Arthur
23,595
*13*873 ’ *9*722
$ 4 2 Liverpool. F or wire rods export bids have been $ 4 0 to Ar. Pass, &c
34,131 { 126,454) 307,970
8,762 18,774 1*4*7*385
10,012
$ 4 5 , bu t sales to the dom estic trade cannot be m ade on this NewOrleans
5,419
5,419
M obile----23,326
1,338
7,000,
14,988
basis. T h o extreme firmness of prices has interfered w ith Pensacola..
74,765; 165,953
46,581
44,607
3*880 15,389
now export business; also the railroad em bargo in this coun­ Savannah.. 11*509
22,420
4,soo:
17.620
Brunswick .
17’ 656 39,450
22,400
try and the scarcity and dearness o f ocean freights. Europe Charleston.
67,912 108,113
*4*0*261)
has boon bidding $ 2 a ton or moro above dom estic figures. Wilmington
1,550
*1*550
Norfolk----15,691
34*104 161*498 211,293
I t is stated on orders for over 5 0 ,0 0 0 tons on plates, shapes New York. 1,290 3,883 12,500 17,673
2,142;
4,826
2,684
...........I
668
151
517
and bars 2 .1 0 c . Pittsburgh w as refused. T h e steel plants Boston__ .
31,629
11,400;
500! 43.529
2,101
Baltimore. . 2,101
in the country aro still unable to supply tho greatly expanded Phlladel’a. .
700'
5,700
5,000
29,382! 29,382
dom estic dem and. France is now trying to bu y shell steel San Fran..
51,713
51.713!
1,969 1,969
Seattle___
for delivery as far ahead as N ov em b er 19 16 , and nearly 5 0 ,0 0 0 T acom a__
35,395
35,395
3,800 3,800
1,761
1,761!
tons of steel bars for British shells have been sold a t C le y e- Pembina__
lan d. N ov em b er bookings are expected to show a big in­
Total . . . 66,058 13,386 42,789,122,233 740,103 316,819. 799,5261,856,448
crease over shipm ents. M anufacturers are hard put to it
76,1471 698.2641.474.726
to get m aterials to fill their orders, although this country is Total 1914. 114,492| 11,600 93,732 219,824 700,325 656.792 2,066.7264,294,998
Total 1913. 104,428 40,128143,407287,9631,571,480
now producing, it is estim ated , some 4 0 ,0 0 0 ,0 0 0 tons of
N o t e . — New York exports since Aug. 1 Include 1,048 bales Peruvian and 285
in gots, or nearly 2 5 % m ore than the previous high record.
West Indian to Liverpool and 1,010 bales Peruvian to Genoa.

In addition to above exports, our telegram s to-night also
give us the follow ing am ounts o f cotton on shipboard, not
cleared, a t the ports nam ed. W e add similar figures for
N ew Y ork .

COTTON
Friday Night, Dec.

3

O n S h ip b o a r d , N o t C lea r ed fa r —

1915.

T H E M O V E M E N T O F T H E C R O P , as indicated b y our
telegram s from the South to-n ig h t, is given below .

F o r the

week ending this evening the total receipts h ave reached
2 0 8 ,8 8 4 bales, against 1 7 1 ,9 4 8 bales last week and 1 8 6 ,3 4 6
bales the previous w eek, m aking the total receipts since
A u g . 1 1915 3 ,1 3 6 ,8 9 0 bales, against 3 ,0 2 1 ,3 5 9 bales for the
sam e period o f 19 14 , showing an increase since A u g . 1 1915
of

1 1 5 ,5 3 1

bales.

_________________________
'

W ed .

T h u rs.

M on.

T u es.

11.408
6,102

17.812

10,020
5,788

10,377

11*253 23', 037
292
633

4*846
560

6,445
177

2*647

5*388

2 ,n i

3,542

*975

*692

*529

*646

*647

*676
3,301

L146
4,263

*731
3,295

*978
2,132

1*598
3,974

*150
147

"7 2
121

*150
254
1,151

*175
457

'* 6 2
586

**30

III!

52,639

28,543

27,408

S a t.

G a lveston ______
Texas C it y -------P ort A rthur____
Aransas Pass, & c.
N ew Orleans-----M ob ile _______
P en sa cola ---------Jacksonville, & c.
Savannah ______
B ru n sw ick -------C h a rleston _____
G eorg etow n -----W ilm in g to n -----N orfolk
_____
N ew p ’t News, &c
N ew York
___
B oston _ _ _____
B a ltim ore ______
Philadelphia____

10,759
2,726

T ota ls this w eek.

31,893

0*957
1,172
5*636

—

____

38,337

1

F r i.

9,364

| T o ta l.
69,740
14.616

1*3241 1*324
4,714 57.252
2 48( 3,082
1*245
1*245
3,417 22.935
2,000
2,000
1.756, 5.245
*950
3,350

9
i|

236
426

6*079
20,315
984
659
1,801
1,577
30

30,064 208.884

T h e follow ing shows tho w eek’s total receipts, the total
since A u g . 1 1915 and the stocks to-n ig h t, com pared w ith
last year :




D ec.

3

a t—

G a lv e s to n ____
N ew O rlea n s..
Savannah -----Charleston-----M o b ile ________
N o r fo lk ______
N ew Y o r k -----Other p orts—

G rea t
B r ita in . F r a n c e .

33.861
4,608

—

4,578
*166

1*065
*500
2,500

Total 1 91 5 -- 42,534
Total 1 9 1 4 .. 124,289
T otal 1 9 1 3 .. 95,943

G er­
m any.

2*,500

O th er
C o n t.

C a o stw ise .

24,397
27,843

21,757
788
2,100

3*656
4*666
5.000

*175
980

T o ta l.

80,015
37,817
2,100
3,000
1,340
980
7,000
7,500

L ea v in g
S to ck .

209,847
308,803
200,334
91.510
21,142
110.133
291,954
96.103

100 64,240 25,8001139,752 1,329,826
7.078
7.331 122,565 31,258 301,004 953,764
15,561
47,292 102,893 78,249 24,349 348,726 702,787

Speculation in cotton for future delivery has been m oder­
ately active a t som e advance, owing to covering of shorts in
and o u t o f W a ll S treet, buying b y large spot houses, some
buying b y E u rop e, a ctivity and strength a t Liverpool and
M a n ch ester, reports of firm spot m arkets a t the S o u th , and
finally the a ctivity of cotton goods on this side of the water
at rising prices coincident with very high prices for silk and
flax. A lso the continued abundance and cheapness o f m oney
a t the South has been a factor.
O f course it enables the
South to hold cotton to better advan tage.
In addition, pre­
dictions are rife of a small crop next season, owing to the con­
tinued scarcity and prohibitive dearness of p otash and picric
acid , suggesting the im possibility o f adequately fertilizing
the
great
cotton
lands
of
the
South
lying
east o f the M ississippi R iver. A n d w ith it all there
has been tho constant suggestion th at peace m a y com e a t
alm ost any tim e to E urop e.
Such an even t, it is assum ed,
b y not a few , would be the signal for buying of cotton on a
gigantic scale a t rapidly m ounting prices. B o th the English

1896

THE CHRONICLE

and the G erm an press have latterly been discussing the ques­
tion o f peace with a candor and boldness which suggests
th at their utterances cannot be w holly disagreeable to their
respective G overn m en ts.
F in ally, the general business ac­
tiv ity in this country has also been a factor on which the be­
lievers in higher prices for cotton have laid no little stress in
conjunction w ith prediction o f bullish reports b y the G overn­
m ent on D e c . 8 concerning the ginning and on D e c . 10 re­
garding the size of the crop.
On W ed n esd ay last there were
various and rather wild rumors afloat concerning the ginning
figures of the N a tion a l G inners’ Association for the period
from N o v . 13 to N o v . 3 0 .
B u t as the rum or com m ittee on
this su bject em itted such w idely divergent figures for the
period n am ed as 8 9 2 ,0 0 0 , 1 ,0 0 0 ,0 0 0 , and fin ally 1 ,2 0 0 ,0 0 0
bales, everybody fin ally gave it up and concluded to aw ait
the figures o f the Census Bureau on next W e d n e sd a y ,
w hich will suggest no such sliding scale. Still the rumors
a b o ve m entioned u n dou bted ly did cause a good deal of cov ­
ering for a tim e b y W a ll Street sh orts and appeared to
h a v e encouraged the U p to w n , or W a ld o r f-A sto r ia , ele­
m en t to take the long side for a turn. A n o th e r factor
has been the recent rise in silver, which it is believed will
inure directly or indirectly to the adva n ta ge o f the
A m erican c o tto n grower.
Such a rise in the w hite
m etal b y increasing the b u yin g pow er o f the F a r E a st
ought to help M a n ch ester and so help A m erica .
On
the
other
h an d ,
h ow ever,
the
crop
estim ate
of
the N e w Orleans “ T im es-P icay u n e” w as larger than expected,
i. e ., 1 1 ,9 9 0 ,0 0 0 bales, exclusive o f linters. F o r a tim e it
rather dam pened the ardor o f the b u lls, as suggesting that
the G overn m en t crop estim ato o f D e c . 10 m igh t after all
not be so sm all as they had expected. M o reo v er, exports
have continued light.
T h u s far this season th ey aro some
2 ,5 0 0 ,0 0 0 bales smaller than for a like period two years ago,
in a norm al season. A lso the short interest on this side of
the w ater has been greatly reduced in m an y quarters, w hat­
ever m a y be said abou t the largo bear straddle interest liore
for Liverpool account. Believers in lower prices think that
present quotations aro entirely unwarranted b y any logical
consideration of tho facts of supply and dem an d. T o -d a y
prices advanced 10 points on active buying b y L iverpool and
spot houses, bu t reacted later.
W o r ld ’s spinners’ takings
were sm all and so were the exports. N ”
ew Orleans spot
prices closed easy, w ith the freight rate from N ow Orleans
to Liverpool 8 2 per 100 lbs.
Spot c otton closed hero a t
1 2 .4 5 c . for m iddling uplands, a rise for tho week o f 15 points;
sales reported hero o f 0 ,8 0 0 bales.
T h e follow ing averages o f tho differences botween grades,
as figured from tho D e c . 2 quotations of tho eleven m arkots,
designated b y tho Secretary o f Agriculture, are tho differ­
ences established for deliveries in the N e w Y o rk m arket on
D ecem b er 9 .

[Vol . 101.

T H E V I S I B L E S U P P L Y O F C O T T O N to -n ig h t, as m ado
up b y cable and telegraph, is as follow s.
Foreign stocks,
as well as the a flo at, aro this w eek’s returns, and consequently
all foreign figures aro brought down to T h u rsd ay evening.
B u t to m ak e the total the com pleto figures for to-night
(F rid a y), we add the item o f exports from the U n ited S tates,
including in it tho exports o f F rid ay o n ly.
D e c e m b e r 3—
Stock at L iverpool--------------bales.
Stock at L o n d o n --------- -------------Stock at M anchester-------------------

1915.
1914.
875,000
737,000
67,000
26,000
60,000
42,000

-Total G reat B ritain.....................1,032,000
Stock at H am burg---------------------*1,000
*1,000
Stock at B re m e n _______________
Stock at H a v r e -------------------------- 254!000
Stock at M a rseilles--------------------2,000
Stock at B a r ce lo n a ___________ __
34 000
211 000
Stock at G e n o a _____________ H "
Stock at T rieste-----------*1,000
T otal Continental stocks..........

504.000

805.000
*8.000
*85 000
ISSioOO
3 000
20 000
25 000
*7,C00
331,000

1913. 1 9 1 2
770 000 1 035 cion
5,000
6 000
97.000
50,000
872.000 1,091 000
15,000
4 000
39 7 non
A r n non
334 000
291 000
9 000 2 9 'n/ln
1 9 ’nnn i c ’nnn
34 onn
9 c ’nn2
o io o o
.
733,000

746,000

T otal E uropean s t o c k s ------------ 1,536,000 1,136,000 1,605 000 1 837 non
Indm cotton afloat for E u r o p e ...
47,000
89,000
101 000 31 non
A m er. cotton afloat for E u r o p e ..
389,975 529,746 1 012 842 1 099 9 in
E gy pt,B ra zil,& c.,afloa tforE u r’po
57,000
54,000
93 000 1 1 4 non
Stock ;n Alexandria. E g y p t.......... 250,000
* 1 :1 0 .0 0 0
353 000 283 000
Stock in B om b a y, India-------------- 437,000
450,000 476 000 3 2 7 onn
Stock in U . S. p o r t s ....... ............. 1469.578 1.254:768 1.05L513 1,36.3 413
Stock in U . S. interior tow ns____ 1284,821 1,206,758
895,978 774 268
U. S. exports to -d a y -------------------19,643
46.275
37,644
62i098
T otal visible su p p ly------------------- 5,491,017 4,896,547 5,625,977 5,814.075
O f the a b o v e , totals o f Am erican and other descriptions are as follow s'

A m er ica n —

Liverpool stock .................... b ales.
647,000
459,000
586,000 911,000
M anchester stock ---------------72.000
30.000
64,000
30,000
Continental stock ---------------*403,000
*238,000
685,000 725,000
American afloat for E u rop e-------- 389.975
529,746 1,012,842 1,022,296
U.
S. port s.ocks .... .........
1469.578 1,254,768 1,051,513 1,36.3.413
U .S . interior s t o c k s ....................... 1284.821 1,206,758 895.978 774,268
U. S. exports t o - d a y .......................
19.643
46.275
37,644
62,098
T otal A m e r ic a n ___________
E a s t I n d i a n , B r a z i l , & c .—
L iverpool s t o c k _______
_ .
L ondon stock ________________
M anchester stock ____________
Continental s t o c k ___________
India afloat for E u rop e.
E gy p t, Brazil, & c., a flo a t .. .
Stock in Alexandria, E g y p t ..
Stock in B om b a y, In d ia _____

.4,286,017 3,764,547 4,332.977 4,888.075
225.000
67.000
18.000
*101,000
47.000
57.000
250.000
437.000

278.000
26,000
12.000
*93,000
89.000
54,000
*130.000
450,000

184.000
5,000
33.000
48.000
101.000
93.000
353.000
476.000

124.000
6.000
20.000
21,000
31,000
114,000
28.3.000
327,000

T otal East India, S e e ................1,205,000 1.1.32,000 1,293,000
926.000
T otal A m e r ic a n ....................... 4,286,017 3,764,547 4,332,977 4,888,075
T otal visible su p p ly___________ 5,491,017 4,896,547 5,625,977 5,814,075
M iddlin g U pland, L iverpool____
7.50d.
4.35d.
7.33d.
6.99d.
M id d lin g U pland, N ew Y ork ____
12.45c.
7.50c.
13.50c.
12.75c.
E g y p t, G o o d B rown, L iv e r p o o l..
10.20d.
7.40d.
10.70d.
10.50d.
Peruvian, Kough G o o d , L iverpool ll.O O d.
8.75d.
9.25d.
10.25d.
B roach, Fine, L iverpool_________
7.15d.
4 .1 5 d. 6 15-16d.
6% d.
T innovelly, G o o d , L iverpool____
7.27d.
4.00d.
7d. 6 9-16d.
* Estim ated.

Continental im ports for past week have been 0 1 ,0 0 0 bales.

Middling fair___________________1.05on Good middling “ yellow'’ tinged.0.01 on
Strict middling “ yellow” tinged.0.22 off
Strict good middling______________ 0.76on
Middling "yellow” tinged______ 0.50 off
Good middling____________________ 0 .5 1 on
Strict low mid. “ yellow” tinged.1.02 off
Strict middling___________________ 0.25on
Low middling "yellow” tin ged ..1.63 off
Strict low middling________________0.46off
Middling “ blue” tinged________ 0.84 off
Low middling_____________________ 0.99off
Strict good ordinary____________ 1.56 off Strict low mkl. “ blue" tinged___ 1.26 off
Good ordinary.........................
2.12 off Low middling “ blue” tinged___ 1.81 off
Strict good mic. "yelfow" tlnged.0.29 on Middling "stained"_____________1.09 off

T ho abovo figures for 1915 show an inereaso ovor last weok
o f 1 9 0 ,6 5 2 bales, a gain o f 5 9 4 ,4 7 0 bales over 1 9 1 3 ,a decrease
of 1 3 4 ,9 0 0 bales from 1913 and a loss o f 3 2 3 ,0 5 8 bales from

T h e official qu otation for m iddling upland cotton in the
N e w Y o rk m arket each d a y for the past week has been :

A T T H E I N T E R I O R T O W N S tho m ovem ont— that is
the receipts for the week since A u g . 1, the shipm ents for
tho week and the stocks to-n ig h t, and tho sam e item s for the
corresponding period o f tho previous year— is sot o ut in de­
tail below .

N o v . 27 t o D e c . 3—
S a t. M on . T u e s . W e d . T h u r s . Fri.
M id d lin g u p la n d s .....................1 2 .4 5 12.50 12.40 12.55 12.40 12.45

N E W Y O R K Q U O T A T IO N S F O R 32 Y E A R S .
T h e quotations for m iddlin g upland a t N e w Y o r k
D e c . 3 for each o f the past 3 2 years have been as follow s :
1915.C_ ..1 2 .4 5
_
1914......... . . 7.50
1913......... -.1 3 .5 0
1912_____ ..1 2 .8 5
1911_____ . . 9.25
1910____ ..1 5 .0 5
1909------ ...1 4 .7 5
1908------ . . . 9.35

1 9 0 7 -C -. ..1 1 .7 0
1906_____ ..1 1 .0 0
1905_____ -.1 1 .6 5
1904____ . . 8.60
1903____ ..1 2 .4 5
1902_____ . . 8.50
1901_____ . . 8.31
1900------ ...1 0 .1 9

189 9 .c . . . . .
1898_____ . .
1897_____ . .
1896_____ . .
1895-------- . .
1894.......... . .
1893_____ . .
1892_____ . .

7.75
5.62
5.81
7.69
8.50
5.81
8.06
9.62

on

1 89 1 .c ____ . 8.06
1890............ . 9.44
1889______ .1 0 .2 5
1888______ . 9.88
188 7 ........... .10.56
1886______ . 9.25
1885............ . 9.44
1884---------- .10 .5 6

F U T U R E S .— T h e highest, lowest and closing prices at
N e w Y o r k for the past week have been as follow s :
S a tu r d a y ,
N o v . 27.

M onday
N o v . 29

T u esd a y
N o v . 30

W e d 'd a y
D e c . 1.

T h u rsd ’y
D e o . 2.

F r id a y ,
D t c . 3.

W eek.

D ecem b er—

Range........ 12.26-.37 12.15- .32 12.10-.22 12.30-.44 12.20-.37 12.18. 25 12.10-.44
Closing___ 12.32-.34 12.18-.19 12.19-.22 12.29-.32 12.20-.2] 12.25. 27 --- --- ---

Ja n u a ry—

Range____ 12.35-.50 12.24-.45 12.17-.34 12.28-.56 12.30-.49 12.30-.4C 12.17-.56
Closing___ 12.45- .46 12.31-.32 12.30-.31 12.41-.42 12.30-.32 12.36-.37 --- --- ---

F ebru a ry—

Range........
Closing___ 12.58 — 12.44 — 12.43 — 12.54 — 12.43 — 12.49 — --- --- ---

M a rch —

Range........ 12.65-.79 12.54-.75 12.49-.63 12.56-.84 12.60-.79 12.59-.69 12.49-.84
Closing___ 12.74-.75 12.61-.62 12.60-.61 12.70-.72 12.60-.61 12.65-.66 -------- —

A p r il—

Closing___ 12.83 — 12.69 — 12.68 — 12.78 — 12.68 — 12.73 — --- --- ---

M ay—

Range____ 12.83-.00 12.72-.95 12.72-.85 12.78-.04 12.78-.98 12.78-.89 12.72-.04
Closing___ 12.94-.96 12.80-.82 12.82-.83 12.91-.93 12.79-.80 12.86-.87 --- --- --J u n e—
Range____
Closing___ 12.96 — 12.82 — 12.83 — 12.92 — 12.80 — 12.87 — ________

J u ly —

Range____
Closing___
A u g u st—
Range........
Closing___
S ep te m b er —

12.92-.06 12.81-.05 12.85-.93 12.86-.il 12.87-.07
13.01-.06 12.91-.92 12.89-.90 12.99-.01 12.87-.89
12.85-.91 12.68-.74 -------- ---- —
12.96 —
12.92-.94 12.78-.80 12.77-.79 12.87-.89 12.74-.76

W eek.

3 1 9 15 .

| S h ip -

S tocks

| S e a s o n . |W e e k .

3. '

R e c e ip ts .

M o v e m e n t to D e c .
R e c e ip ts .

,

4 1914.

S h ip ----- ------------------- m e n t s .
W eek . | S ea son . \ W eek .

S tocks
D ec.

4.

Montgomery.
Selma
Ark., Helena..
Little R ock ..
Ga., Albany_
_
Athens
Atlanta______
Augusta_____
Colum bus_
_
Macon
Rome .
La.. Shreveport
Mis8.,Columbus
Greenville_
_
Greenwood . .
M eridian___
Natchez
Vicksburg_
_
Yazoo C ity ..
M o., St. Louis.
N.
C., Italelgh.
O.
, Cincinnati.
Okla., Hugo_
_
S.C., Greenw’d
Tenn.,Memphis
Nashville___
Tex., Brcnham
Clarksville..
Dallas______
Honey Grove
Paris.

12.87-.96 12.81-.il
12.93-.94

Total, 33 towns 257.2663,133,766 199.4101284821267,6703,408,302 220,3021206758

12.80-.81 12.68-.96
12.80-.81

T h e abo ve totals show that the intorior stocks have in­
the week 5 7 ,8 5 6 bales and aro to-night 7 8 ,0 0 3
bales more than a t the same tim e last y ea r. T ho receipts a t
all towns have been 1 0 ,4 0 4 bales loss than tho sam e weok

Closing___ 12.87-.89 12.62-.64 12.56-.58 12.56-.59 12.46-.50 12.50-.54 ________

O cto b er —

Range____ 12.82-.92 12.66-.81 12.58-.66 12.54-.80 12.51-.68 12.48-.58 12.48-.92
Closing___ 12.90-.92 12.66-.67 12.60-.61 12.60-.61 12.50-.52 12.54-.55




M o v e m e n t to D e c .
T ow n s.

creased during

last

year.

THE CHRONICLE

D eo . 4 1915.)

O VERLAN D M O V E M E N T FOR TH E W E E K A N D
S I N C E A U G . 1 .— W e give below a statem en t showing the
overland m ovem en t for the week and since A u g . 1, as m ade
up from telegraphic reports F riday n igh t. T h e results for the
week an d since A u g . 1 in the last two years are as follow s :
-------- 1915--------------- 1914-------D e c . 3—
S in c e
S in c e
S h ip p e d —
W eek.
A u g . 1.
W eek.
A u g . 1.
Via St. Louis
33,442
188,333
24,089 172,476
Via Cairo
...1 2 ,7 6 6
142,654
10,882
93.784
Via R o c k 'is la n d ........................
232
711
239
1.390
Via Louisville....................
5,148
45,285
7.386
40,511
Via C incinnati_________________ 5,000
43,173
5,016
23.997
Via Virginia points______________ 6,061
31,260 5
6,749
46.223
Via othlr routes. &c_______
12,013
123,657
13.946 123,207
.74,662

575,073

68.307

501.588

. 4,067
. 3,286
.18,978

D e d u c t S h ip m e n ts —

24,363
25.768
70,568

E 5.718
12.100
4.247

28.373
50,022
55.297

.26,331

120,699

22.065

133.692

Leaving total net overland*_______ 48,331

454,374

46,242

367,896

L.

* Including movement by rail to Canada.

T h o foregoing shows the w eek’s net overland m ovem ent
this year has been 4 8 ,3 3 1 bales, against 4 6 ,2 4 2 bales for the
week last year, and th at for the season to date the aggregate
net overland exhibits an increase over a year ago o f 8 6 ,4 7 8
bales.
----------1915-------------------1914
S in c e
S in c e
In S i g h t a n d S p i n n e r s '
W eek.
A u g . 1.
A u g . 1.
T a k in g s .
W eek .
3,136,890 331.201 3.021,359
Receipts at ports to Dec. 3--------- 208,884
46.242
454,374
367,896
Net overland to Dec. 3 ---------------- 48-331
60.000 1,050,000
Southern consumption to Dec. 3 . 70,000 1,181,000
Total marketed______ . . . .. ...3 2 7 .2 1 5
Interior stocks in excess______ . . . 57,856
Came Into sight during week..385,071
Total in sight Dec. 3 _________ _____

4,772,264 437.443 4,439.255
838,859
41,368 1,086,619
-------5.611.123

478.811
---------

-------­
5,525,874

Nor. spinners’ takings to Dec. 3.106,176 1,019,656
70,215
914,029
M o v e m e n t into sight in previous years :
S i n c e S e p t . 1—
B a le s .
W eek —
B a tes .
1913— Dec. 5........................... §-*0.627 1913— Dec. 5 . . ................... 8.253,593
1912— Dec. 6 . . . .................... 590.175 1912— Dec. 6 ......... ..8,205.851
8,105,462
1911— Dec. 8__________ — .624,314 1911— Dec. 8 _____
~ Q U O T A T IO N S F O R M ID D L IN G C O T T O N A T O T H E R
M A R K E T S .— Below aro the closing quotations o f m iddling
cotton a t Southern and other principal cotton m arkets for
each d ay o f the w eek.

1897

Fort Worth, Tex.— D r y all the w eek. T h e therm om eter
has ranged from 2 8 to 6 8 , averaging 4 8 .
Palestine, Tex.— I t has been dry all the w eek. A verage
therm om eter 4 9 , highest 6 4 , low est 3 4 .
San Antonio, Tex.— T here has been no rain during the
past w eek. T h e therm om eter has averaged 5 5 , the highest
being 72 and the low est 3 8 .
Taylor, Tex.— W e have had no rain during the w eek.
M in im u m therm om eter 3 0 .
New Orleans, La.— W e have had rain on one day during
the w eek, to the extent o f ten hundredths o f an inch. T h e
therm om eter has averaged 5 5 .
Shreveport, La.— W e have had rain on one d ay during the
w eek, the rainfall being one hundredth o f an inch. A v e r ­
age therm om eter 5 0 , highest 6 6 , low est 3 4 .
Vicksburg, Miss.— There has been rain on one d a y during
the w eek, the rainfall being fifteen hundredths of an inch.
T h e therm om eter has ranged from 3 0 to 6 3 , averaging 4 5 .
Mobile, Ala.— W e have had rain on one d ay during the
w eek, to the extent of sev en ty-tw o hundredths o f an inch.
T h e thermom eter has averaged 5 2 , ranging from 3 4 to 7 0 .
Selma, Ala.— W e have had rain on two days during the
w eek, the rainfall being one inch and th irty-five hundredths.
A verage therm om eter 4 2 , highest 6 3 , low est 2 5 .
Madison, Fla.— W e have had rain on one d ay during the
w eek, the rainfall reaching sixty-five hundredths o f an inch.
M in im u m therm om eter 3 6 , m axim um 7 5 , m ean 4 9 .
Savannah, Ga.— W e e k ’s rainfall tw o hundredths o f an inch
on three d a ys. A v erag e therm om eter 5 5 , highest 7 5 , low ­
est 3 5 .
Charleston, S. C.— D r y all the w eek. M in im u m therm om ­
eter 3 5 , m axim um 7 2 , m ean 5 4 .
Charlotte, N . C.— I t has rained on tw o days o f the w eek ,
the rainfall reaching th irty-tw o hundredths o f an inch.
M in im u m therm om eter 3 0 , m axim u m 6 4 , m ean 4 7 .
Memphis, Tenn.— T here has been rain on two d ays o f
the w eek, the rainfall being one inch and fifty -six hun­
dredths.
T h e therm om eter has averaged 4 4 , ranging from
3 2 to 5 9 .
M A R K E T A N D SALES A T N E W Y O R K .
T h e total sales o f cotton on the spot each day during the
w eek a t N e w Y o r k are indicated in the follow ing statem en t.
F or the convenience o f the reader w e also add colum ns which
show a t a glance how the m arket for spot and futures closed
on sam e d a y s.

C lo s in g Q u o ta tio n s f o r M i d d lin g C o tto n o n —
D ecem ber

3.

Galveston_____
New Orleans_
_
M obile________
Savannah _____
Charleston___
Wilmington___
N orfolk_______
Baltimore_____
P hiladelphia...
Augusta----------Memphis--------St. Louis______
H ou ston ______
Little Rock____

S a tu r d a y . M o n d a y .

12.30
11.94
11.75
12 %
12
11%

12.00

11%

12.70
12.13
11.75
11%

12.25
11.62

12.40
12.00
11.75
12 %
12
11%

11.88
12
12.75
12.0011.75
11%

12.25
11.88

T u e s d a y . W e d ’ d a y . T h u r s d 'y .

12.40
12.00
11.75

12.50
12.00
11.88

12.50
12.00
11.88

12.50
12.00
11.88

12%
12
11%

12%
12
11%
1 2 .0 0
12

12%

12%
12
11%
12
12%

12.00
12
12.65
12.00
11.75
11%

12.25
11.88

12.80
12.13
11.75
11%

12.50
11.88

12
11H
12.00
12%

12.65
12.07
12.00
11%

12.40
12.00

12.70
12.00
12.00
12%

12.40
12.00

N E W O R L E A N S C O N T R A C T M A R K E T .— T h e high­
est, lowest and closing quotations for leading contracts in the
N e w Orleans cotton m arket for the past w eek h ave been as
fo llo w s :
___________

F u tu re s
M a rk et
C lo sed .

S pot M a rk et
C lo sed .

F r id a y .

_
_
Saturday_ Steady, 15 pts. adv. Very steady_
M on d a y _
_
T uesday_
_
Wednesday. Steady, 15 pts. adv. E a s y .................
Thursday . . Quiet, 15 pts. d e c .. Barely steady..
T otal____

October—

12.15-.30 12.03-.21 1 2 .0 2 -.il 12.06-.31 12.13-.27 12.13-.20
12.18-.20 1 2 .0 8 -.il 12.07-.09 12.23-.25 12.11-.13 12.15-.17
12.31-.50 12.17-.37 12.06-.25 12.20-.44 12.2412.35-.36 12.23-. 24 12.21-.22 12.35-.36 12.24-

.44
12.21-.35
.25
12.28-.29

12.61-.75 12.44-.66 12.36-.55 12.49-.74 12.5312.64-.65 12.51-.52 12.50-.51 12.64-.65 12.53-

.73
12.52-.65
.54
12.57-.58

12.82-.93 12.60-.87 12.58-.76 12.70-.95 12.7512.84-.85 12.71- 72 12.71-.72 12.85-.87 12.75-

.94
12.72-.86
.76
12.78-.79

12.9412.95-

12.70-.97 12.76-.86 12.81-.05 12.86-.04 12.84-.96
.05
12.83-.84 12.81-.82 12.96-.97 12.85-.86 12.89-.90
.96

12.58-.59 12.50.71
12.46R an ge-----------.51
12.47Closing______ 12.66 — l2 .5 8-.7 2 12.55 — 12.69-.75 12.50Tone—
Steady
Steady
Steady
Firm
Steady
E asy
S p o t _________
Steady
Steady
Steady
Steady i Steady
O p tio n s _____ Steady

W E A T H E R R E P O R T S B Y T E L E G R A P H .— Our a d ­
vices from tho South this evening b y telegraph denote th at,
on the w hole, the woather during the week has favored the
gathering and m arketing o f co tto n . H e a v y and killing
frosts aro reported in T exas the latter part o f the w eek, but
they have n ot been general.
.
Galveston, Ter.— Precipitation has been h ea vy to exces­
sive in tho southwestern part o f tho S ta te .
H e a v y and
killing frosts occurred during the latter part o f the week
b u t liavo n ot been general. W o have had rain on tw o days
during tho w eek, the rainfall boing th irty-tw o hundredths
o f an inch. A verage thermom eter 5 8 , highest 6 8 , lowest 4 8 .
Abilene, Tex.— W e have had no rain during the w eek.
T ho thorm om oter has averaged 4 5 , the highost being 68
and the low est 2 2 .
Dallas, Tex.— T here has been no rain during the w eek.
M in im u m therm om eter 3 0 .




T o ta l.

2 , 000

2",666
50C
19'.606 19,600
600
600
6800
6800
500

9,300 20,200 29,500

“ W O R L D S S U P P L Y ~ A N D " T A K I N G S O F C O T T O N .' “

Cotton Takings.
Week and Season.

1915.
W eek.

t. R ange_______
“ C lo a n g ---------January—
R ange-----------Closing............
March—
R ange-----------Closing---------M ay —
R an ge.,---------Closing______
July—
R ange-----------Closing----------

C o n t r ’c t

— T h e “ Chronicle” is indebted to theG eneral T rad ing C o .,
I n c ., o f this city for a v ery useful and instructive cotton
m ap o f the U n ited S tates.
T h e m ap n ot only shows the
counties in the various S ta te s, b u t very com plete statistics
o f production, ginning, & c ., com piled from official G overn­
m ent reports b y M r . T h o m a s Sinclair. ________________ > ■

Saturday, Monday. Tuesday, Wed’day, Thursd’y, Friday,
Nov. 27. Nov. 29. Nov. 30. Dec. 1. Dec. 2. Dec. 3.
December—

SALES.
S p o t.

1914.

\ S ea son .

W eek.

S ea son .

Visible supply Nov. 26_______ 5,294',365
4.699.604
Visible supply Aug. 1________
_____ ! 4,633,210
American in sight to Dec. 3___ 385.071 5.611,123 478,811
Bombay receipts to Dec. 2____ 528.000
551,000 27.000
Other India ship'ts to Dec. 2__
64,000
73,000
3.000
Alexandria receipts to Dec. 1__ 643.000 346,000 42.000
Other supply to Dec. I*..-.___
62,000,
36,000
3.000
Total supply______________ 5,756,436 11,250,333 5.253,415
D ed u ct—
Visible supply Dec. 3________ 5,491.017, 5,491.017 4,896,547
Total takings to Dec. 3a______ 265.419 5,759,316 356.868
Of which American________ 254.419 4.548,316 284.868
Of which other____________
11,000 1,211.000 72,000

176.816
5,525.874
113.000
50.000
232.000
64.000
9,161,690
4,896,547
4.265.143
3.441.143
824,000
5.

.51
.49♦Embraces receipts in Europe from Brazil, Symrna, West Indies, &c.
a This total embraces the total estimated consumption by Southern mills,
1,181,000 bales in 1915 and 1,050,000 bales in 1914— takings not being avail­
able— and aggregate amounts taken by Northern and foreign spinners,
4,578.316 bales in 1915 and 3,215,143 bales in 1914, of which 3,367,316
bales and 2,391,143 bales American.
.
-<
A L E X A N D R IA R E C E IP T S A N D S H IP M E N T S “ OF
C O T T O N .— T h e follow ing are the receipts and shipm ents for
the week ending N o v . 10 and for the corresponding week
o f the two previous years :
A lex a n d ria , E g y p t.
N o v . 10.

(cantars)—
This week_____________
Since Aug. 1------------------

- 1915.

1914.

276.980
1.738,949

231,751
824,086

1913.

R e ceip ts

E x p o rts

To
To
To
To

(bales)—

L iverpool---------------Manchester-------------Continent & India_
_
America____________

430,000
3,515,433

T h is
S in c e
W e e k . A u g . 1.

S in c e
T h is
W e e k . A u g . 1.

T h is
S in c e
W e e k . A u g . 1.

7,042
4,996
9,013
7,726

2.308 14,687
9,266
7,362 26,671
3.736 15,720

6.250 71,590
8,000 59,426
9.250 108.823
800 6,074

52.668
34.230
45,311
43,008

Total exports............ 28,777 175,217 13,406 66.3441 24,300 245,913
N o t e .— A

cantar is 99 lbs.

Egyptian bales weigh about 750 lbs.

I N D I A C O T T O N M O V E M E N T .— T h e receipts o f India
cotton a t B o m b a y and the shipm ents for the week
ending N o v . 11 and for the season, from A u g . 1 for three
years h ave been as follow s :

S in c e
A u g . 1.

W eek.

Bombay---------- ----------------

29,000

S in c e
A u g . 1.

W eek.

S in c e A u g u s t

Bombay—
1915-----1914
1913
Calcutta—
1915
1914
1913
Madras—
1915
1914
l o l u .- —
All others —
1915___
1914___
1913___

Japan
& C h in a T o ta l.

1,000

Total a l l 1 9 1 5 .--­
1914___
1913___

i",66o

1,000 34.000 35.000
21.000 21.000
71666 22,000 30.000

296.000
92,000
157.000

362.000
136.000
383.000

4.000
1.000
9.000

1,000

7.000
1.000
12,000

2.000

3,000

131666
1,000

60,000
38.000
222,000

1,000

— -

6,000
6,000
4.000

2,000

— ■
-

____________
im
im
____________

in :

T o ta l.

2.000

34.000 34.000
____________ 21.000 21.000
i',66o 71666 22,000 30,000
____________
____________
____________
____________

303,000

1.

Japan
& C h in a .

C o n ti­
n e n t.

G rea t
B r it a in .

S in c e
A u g . 1.

W eek.

60,0001 46,000

433,000 __2,000

F o r th e W e e k .
C one
G rea t
B rita in . n e n t.

1913.

1914.

1915.
N o v . 11.
R e c e ip ts a t —

E x p o rts
fr o m —

131666

1,000

7.000
8.000
5,000

13.000
26.000
38,000

30.000
2,000
12.000

50.000
36.000
55.000

16.000
14.000
11.000

79.000
65.000
282,000

327.000
94,000
170.000

422.000
173.000
463.000

M A N C H E S T E R M A R K E T — Our report received b y
cable to-night from M an ch ester states th at the dem and for
staples for the E a st is disappointing, b u t there is im prove­
m en t in grays for C h in a.
A steady trade in printers’ whites
and finishing cloths is reported for hom e use and export.
W e give prices for to-d a y below and leave those for previous
______
weeks of this and last year for com parison.
1914.

1915.
lb s . S h irtin g s co m m o n
to f i n e s t .

32s

C op
T w is t.

d.
1054
1054
1014

@
@
@

d. s .
1154 7
1154 7
1154

@8
©8
@8
@8
C 8
a
@8
@8

6.91
3
7.01
3
7.06
3
454 7.28

6

@8

7

1054

@
@

UK

@

125416

10H

@
On

d.
s. d. d
7 23
6
7 12
9
754 7.02

d.
3
3
6

1154 7 3
115i 6 3
11*4, 6 3
115416 3

1014
104

C o t’ n
M id .
U pVs

7.50

T h e tone o f the Liverpool m arket for spots and futures
each d ay of the past week and the daily closing prices of
spot cotton have been as follow s :

854

lb s . S h ir tin g s , c o m m o n
to f i n e s t .

32s

C op
T w is t .

d. 8. d
No quo tatlons
No quo tatlons
No quo tatlons
No
No
No
No

quo
quo
quo
quo

tatlons
tatlons
tatlons
tatlons

' No quo tatlons

S H IP P IN G N E W S .— Shipments in d e ta il:

s. d.

Market,
12:15
P. M .

1

Quiet.

T u esd ay.

W ed n esd ay.

T h u rsd a y.

F r id a y .

Good
demand.

Fair
business
doing.

Good
demand.

Good
demand.

Quieter.

7.58

7.55

7.45

7.45

7.55

7.50

6,000
500

10,000
1,000

8,000
500

10,000
1,000

10,000
1,000

8,000
800

Irregular Barely st’y Steady
F u tu res.
Firm
Market 1 10© 12 pts. 254 @4 pts. 6@ 7 pts.
unch. to
opened / advance.
decline.
decline.
1 pt. adv.
Market,

Quiet
unch. to
1 pt. dec.

Irregular,
1 to 3 pts.
decline.

Firm
f Strong Barely st’y Steady
Easy
Barely st’y,
19@2354 7@854 Pts. 1@3 pts. 554@6 pts. 354 @ 7 pts. 1 p t.d ec.to
advance.
decline.
decline. 154pts.adv.
decline.
| pts. adv.

T h e prices o f futures a t Liverpool for each d a y are given
below . Prices are on the basis o f upland, good ordinary
clause, unless otherwise stated .
The prices are given in pence and 100ths. Thus: 7 41 means 7 41-100d.
Nov. 27 Saturday. Monday. Tuesday. Wed’day. Thursday. Friday.
to
Dec. 3. \2M 12H 12 y*. 4 12X 4 12 X 4 12 M 4 12X 4
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m . p.m. p.m.
November
December
Jan.-Feb .
Mar.-Apr.
May-June
July-AugO ct.-N ov.

d
5 30
6.05
4.85

4.35

\

M onday.

Mid.Upl’ds

C o t’ n
M id .
VpVs

4.64
4.58
3 44
4.46

S a tu r d a y .

(

Rales
_
Spec.&exp.

* .M .

.According to m e ioregom g, c u m u a j
com pared w ith last year, in the week s receipts of
2 7 .0 0 0 bales.
E xports from all India ports record a gain of
1 4 .0 0 0 bales during the w eek and since A u g . 1 show an in­
crease o f 2 4 9 ,0 0 0 bales.

854

L I V E R P O O L .— B y cable from Liverpool we have the
following statem ent o f the week' s sales, stocks, & c ., a t
that port :
Nov. 12. Nov. 19. Nov. 26.
Dec. 3.
56.000
62,000
Salas of the week_______________
55,000
5.000
Of which speculators took_____
2,000
5.000
Of which exporters t o o k ______
2,000
m
Sales, A m e r i c a_n _ _ _ _ _ _ _ 44.000 46.000 53,000
9,000
1,000
11,000
Actual export__________________
7,000
90.000
89.000
84,000
Forwarded_____________________
66,000
892.00 ) 885,0 0 875.000
871.000
Total stock_________
603,000 647,000
686,000
Of which American__________ 661,000
83.000
119,000
86,000
Total imports of the week_______
28,000
46,000
104.000
54,000
Of which American__________
27,000
186.000
212.000
Amount afloat_________________ 267,000
125,000
135,000
Of which American__________ 194,000

S p o t.

crease,

Oct.
15
22
29
N ov
5
12
19
26
Dec.
3

[Vol. 101.

THE CHRONICLE

J898

d.
d.
d.
- — ■ 4154 37
7
------ 7 3554 30
7 3254 27
------ 7 2954 24
------ 7 2354 19
------ 6 9354 88

d.
d.
33 54
24
27 22
24
1854
21
15
16 0954
8654 79

d.

d.

d.

d.

2854
26
2254
1954
13
8354

27
2454
21
1754
1154
8254

3454
3154
28
25
1854
89

3654
3354
30
27
20
8754

d.

d.

31 32
28 2854
2454 25
2154,2154
15 15
82 '82

d.
30
28
2454
2154
1454
8354

BREADSTUFFS
Friday Night, December 3
Flour has been firm .

19 15 .

T h e scarcity here continues and

is exciting m ore and m ore com m en t.

Freight conditions

here are reported about as bad as ever.

Spring-w heat m ills

find it difficult, or im possible, to promise deliveries this
m on th .
Total bales.

N E W Y O R K — T o Liverpool— N o v . 27— Etonian, 290------------------290
T o Manchester— N ov. 27— Holbein, 1,000-------------------------------- 1,000
T o Havre— N ov . 29— Belgier. 1,714; Oreland, 1,094___D ec. 1
— Ardgair, 1,075______ ____ _________ ________________________ 3,883
T o Genoa— N ov . 29— Giuseppi Verdi, 100___D ec. 2— P orto di
Alesandretta, 1 ,7 0 0 ---------------------- ------------------ --------------------1,800
T O V ladivostock— N ov . 26— Indo M aru. 3.389___N o v . 27—
Prom etheus, 2 .1 8 1 . .N o v . 29— Kanagawa M aru. 5,130------ 10.700
G A L V E S T O N .—T o J iv c r p o o l— N ov . 27— C ustodian, 24,787______ 24,787
T o M anchester— D ec. 2— Ventura de Larrinaga, 9,560_______
9,560
3,789
T o Barcelona— N ov . 27— Oonde W ilfredo, 3,7 89_____________
T o Genoa— N o v . 29— San G iovanni, 7,038___________________
7.038
T E X A S C I T Y — T o Liverpool— D ec. 2— Professor, 6.282__________ 6,282
T o i l a vre— N o v . 30— A genoria, 9,503......... .................................. .. 9,503
T o M exico— N ov . 29— C ity o f M exico, 900___________________
900
N E W O R L E A N S — T o Liverpool— N o v . 27— Dram atist, 6,453___
D ec. 1— C olonial, 3 ,5 5 9 .. --------— -------- ■ - - - - ----------10,012
T o Genoa— N o v . 27— Posilhpo, 4,874---- D ec. 1— Venelro,
3 ,3 8 8 ...................................... ................................................................. 8,262
T o Naples— N o v . 27— Posillipo. 5 0 0 . ------ -----------------------. . £00
S A V A N N A H — T o L iverpool— Dec. 1— Burnholme 11,509
------ 11,509
T o Barcelona— N ov . 30— M arta, 3 .6 5 0 ---D e c .
1— Burnholm e 230
____________________- ____________ o.ooU
B O S T O N — T o Liverpool— N ov .'Y O ^ Q u eb ra , 511....... ........................
511
T o M anchester— N ov . 25— M em phian, 6 . . . . -------- -----------------°
T o Yarm outh— N ov . 28— Prince G eorge, 1 5 1 ....... ........................
12}
B A L T IM O R E — T o Liverpool— N ov . 30— Vedamore, 2 ,1 0 1 - - - —
A1U1
S E A T T L E — T o V ladivostock— N ov . 24— Unkai M aru. 1 ,0 0 4 .- N o v . 27— Keishin M aru, 9 6 5 .- .................. ................... ...............
T A C O M A — T o Japan— N ov. 26— M anila M aru, 3,1 90------------------- 3,190
T o China— N ov . 26— M anila M aru, 450....... ...................................
?50
T o V ladivostock— N o v . 27— Keishin M aru, 160---------------------*60

I t is even said th at w inter-w heat m ills are n ot

a t all anxious to enter into such engagem ents. M ean w h ile, it

is announced, that N orthw estern m ills aro doing everything
in thoir powor to keep N e w Y o rk suppliod.
In the last
9 0 days shipm ents have been 6 ,4 0 0 ,0 0 0 barrols, or the
largest total on record. T h e total for the corresponding
period last year w as only 5 ,0 7 9 ,0 0 0 barrels. M eanw hile
there is a fair dom and and prices look firm , a t least for the
tim e being, under the present artificial conditions. One
encouraging circum stance was a report o f notew orthy export
sales of flour a t S t. Louis and of a record-breaking flour
shipm ent a t M in n eap olis. T h e total production last week
a t M in n eap olis, D u lu th and M ilw auk ee was 5 2 4 ,2 9 5 barrels,
against 5 2 9 ,1 0 5 barrels in the provious weok and 3 9 8 ,2 3 0
barrels last year.
W h e a t ad vanced.
One of the striking features o f the week
was announced last M o n d a y when the Canadian G overnm ent
com m andeered 1 7 ,0 0 0 ,0 0 0 bushels a t F ort W illia m , P o rt
Arthur and Eastern Canadian ports for the British G overn­
m en t, a t the same tim e closing the W in n ip eg m arket for
that d a y .
T h e Chicago m arkot was m uch excited b y this
even t.
B ulls construed it as helping the Canadian farmers
to get a good price for their w heat.
On that day prices in
Chicago opened 2 H e - higher, and though fluctuations were
122.233 rather sharp, m uch of the advance Avas held a t the close.
Total .
T h e particulars of the foregoing shipm ents for the w eek, There was a good deal o f buying b y com m ission houses
and shorts covered freely.
One effect o f the com m an­
arranged in our usual fo rm , are as follow s :
deering
of
the
w heat
was
the
buying
of
w heat
H o t- - Oth E u r o p e — V l a d .,
—
G rea t F r e n c h
Total. a t
A c . Ja p a n .
B r i t a in . P o rts . la n d . N o r t h . S o u th .
the
G u lf
to
replace
the
seized
w heat.
___ 1.80010,700 ___ 17.673 One story was that the com m andeering had necessitated the
1,290 3,883 ___
New York__
___
___ 10.827 ................ 45,174
Galveston__ ..34.347 ___
___
___
900 ___ 16,685 rem oval o f hedges on a bou t 5 ,0 0 0 ,0 0 0 bushels, tho remainder
Texas City__ . . 6,282 9,503 ___
___ 8,762 ................ 18.774
___
New Orleans- -.10,012 ___
___
___ 3,880 ................ 15.389 having been held outright. H ow ever this m ay b e, tho sub­
Savannah __ ..11.509 ___
668 sequent drift of prices was for a tim e dow nw ard.
Som e are
___
----- 151 ___
Boston_____ -- 517 __ _ ___
___
___ ___ ___
2,101 inclined to believe th at the ultim ate effect of the action o f the
Baltimore__ - . 2,101 __ _ ___
___
___
___
1,969
----- 1,969 ___
Seattle_____
----- 610 3,190 3.800 Canadian G overnm ent will be rather bearish than otherw ise.
—
—
—
Tacoma____ II ----C on ceivably it would reduce the future export dem and to a
___ 25.26914.330 3.190
Total____ -.66.058 13.386 ___
certain ex ten t. In any case, m an y h av efelt them selves handi­
A UU DA pV/i V VV
O
capped b y the uncertainty as to ju st w hat the ultim ate effect
from Pacific ports.
will b e.
On the other hand , som e reports claim th at the
C O T T O N F R E I G H T S .— Current rates for cotton from w inter-w heat acreage has been reduced 2 0 to 2 5 % and that
N e w Y o rk are as follow s, quotations being in cents per pound: the condition of the crop in som e of the leading States is be­
low norm al.
It is asserted that only 7 5 4 ,0 0 0 ,0 0 0 bushels
Liverpool, 1.25c. asked; Manchester, 1.25c. asked: Havre, 2.50c.; Rot­
terdam, 2.25c.; Genoa. 1.50c.; Naples, 1.50c.; Leghorn, 1.50c.; Marseilles, o f the A m erican crop are suitable for m illing, as contrasted
2.50c.; Piraeus, 3.50c. nom.; Japan, 2.00c. asked; Shanghai, 2.00c.; Bom­ w ith the G overnm ent estim ate o f 1 ,0 0 2 ,0 0 0 ,0 0 0 bushels.
bay, 2.00c.; Vladivostock, 2.00c.




THE CHRONICLE

Dec . 4 1915.]

O n th e first in stan t the deliveries on D ecem b er con tracts
a t Chicago were 1 ,7 4 5 ,0 0 0 bushels and a t K an sas C ity 5 0 0 ,­
0 0 0 bushels. A t Chicago the w heat passed into a strong
h an d , w ith large bu yin g of D ecem ber and selling of M a y b y
elevator interests. B u yin g o f D ecem ber b y houses which
usually act for the seaboard was persistent. A t K an sas C ity
the deliveries passed into the hands o f the exporters. B o th
K an sas C ity and S t. Louis report a good export business.
In R ussia the weather has been very cold , w ith a lack of snow
covering over a wide area, and dam age to winter w heat is
feared.
T h e interior crop m ovem en t in R ussia is sm all.
In In dia th e P u n jab reports drough t. In Ita ly h eavy recent
rains have considerably reduced the acreage and foreign pur­
chases continue. A report was received early in the week
from
W ash in gton
th at the Italian G overnm ent has
bought 8 1 2 ,0 0 0 ,0 0 0
to
8 1 5 ,0 0 0 ,0 0 0
w orth
of w heat
in
Chicago
and
cannot
finance
the
exchange.
B u t exporters in C hicago den y this statem en t, saying that
there has n ot been m ore than 5 ,0 0 0 ,0 0 0 bushels o f A m erican
wheat sold to Ita ly in the last four m on th s. L a tte rly , ex­
po rters h ave been free buyers o f D ecem ber a t D u lu th and
W in n ip e g . B usiness was resumed a t W in n ipeg on T u e sd a y ,
N o v . 3 0 , having been discontinued fo r o n ly one d ay— N o v .2 9 .
O f la te , w h a t looked like h ea vy European buying has im ­
parted a firm tone to the m arket. Believers in higher prices
were encouraged b y reports from W in n ip eg that requisitionw heat was being loaned b y the Canadian G overnm ent to
shippers to fill con tracts, and th at the quantities were to be
returned as q u ick lv as possible. R ep orts o f export business
flour in S t. Louis also had a m ore or less bracing effect.
On the other h an d , available supply in the world increased
last week approxim ately 8 ,4 0 0 ,0 0 0 bushels as- against a de­
crease in the sam e week last year of 1 1 8 ,0 0 0 bushels.
So
th at th e w orld’ s supply is now actually larger, as an interest­
ing n o v e lty , than it was a year ago or a t this tim e in 19 1 3 .
T h is is a distinctly new and suggestive feature.
I t will be
recalled th at in the very recent past the w orld’ s stock w as as
m uch as 5 0 ,0 0 0 ,0 0 0 bushels smaller than a t the corresponding
date last year. B u t now it is 2 1 0 ,1 0 0 ,0 0 0 bushels, against
1 9 5 ,4 3 0 ,0 0 0 bushels a year ago and 2 0 3 ,4 2 0 ,0 0 0 a t this tim e
in 19 13 .
In the U n ited K in gd om offerings are larger and
cou n try prices are easing.
In France n ative offerings are
increasing, with the weather m ore favorable.
T h e acreage
in G erm an y is reported large. In A ustralia the w eather is
favorable.
T o -d a y prices advanced on big trading.
The
talk is th at the winter-w heat crop was rather overestim ated .
C ables were higher from Liverpool, A rgentina and In d ia ,
w ith ocean freights in A rgentina r e m a r k a b ly jiig h .________ _

1899

D A I L Y C L O S I N G PRICES O F O A T S F U T U R E S IN C
S a t.
M o n . T u es.
W ed . T h u rs. F r i.
D eac ye mdelivery in elevator
b e r delivery in elevator.cts- 3 9 k
41k 41k 42k
43 k
M
. . . .42k
44k 43k 44k
45k
T h e follow ing are closing quotations :

GRAIN.
W h e a t , per bushel— f. o. b.
C o r n , per bushel—
N . Spring, N o . 1, n e_w _ SI 2 5 k
o
i x e_
d
f.
_
N . Spring, N o . 2 _ _ _ _ _ _ _ N _o . 22m yellow_ _ _ _.o.i.b. n 8o m .k
N .
_
c f.
2
R e d winter. N o . 2, n e_w 1 3 2 k
N o . 3 yellow_ _ _ _ _ _ _ _ _ _
H a r d winter. N o . _ _ _ 1_3 2 k
2
Argentina in b a g_s _ _ _ _ _ _
Oats, per bushel, n e w —
cts. bushel—
S t a n d a r-d - - - - - - - N -o m R.yNe , wper Y o _ k_ _ _ _ _ $1 03
r
_ _
N o . 2, w h ite_ _ _ _ _ _ _ N_o m . e
_
N o . 3, w h i t- - - - - 4 6@ 4 7 M aWets t e r n , _N o_ . _2, _n e w_ 7 _3 @_7 6_c ._
e
l . . ._
i
_ _
FLOUR.
Winter, l o w grades _ § 4 30(
_
K a n s a s straights, sacks.$ 5 2 5 ® $ 5 60
W i n t e r patents _ _ _ 5 80(i
_
_
K a n s a s clears, sacks 4 7 5 @ 5 0 0
_
W i n t e r straights _ _ 5 3 5 (
C i t y patents _ _ _ _ _ _ _ _ _
_
W i n t e r clears _ _ _ _5 0 0(
_
R y e flour_ _ _ _ _ _ _ 5 3 5 @ 6
Spring p a t e n t _ _ _ _ 56 0i(
s
R u c k w h e a t flour- - - - - - Spring straights _ _ _ 54 0 (
_
G r a h a m flour _ _ _ _4 3 5 @ 4 75
_
Spring clears_ _ _ _ _ 5_
00(
T h e statem ent o f the m ov em en t o f breadstuffs to m arket
indicated below are prepared b y us from figures collected b y
the N e w Y o r k Produce E xch an ge.
T h e receipts a t W estern
lake and river ports for the w eek ending last Saturday and
since A u g . 1 for each o f the last three years have been:
R e c e ip ts a t —

Chicago____
Minneapolis.
Duluth........
Milwaukee..
Toledo_____
Detroit____
Cleveland . .
St. Louis_
_
P eoria_____
Kansas City.
Omaha.........
T otal wk.15
Same wk. ’ 14
Same wk. ’ 13

F lo u r .

W h e a t.

60 lb s.
1.340.000
5.306.000
5.744.000
286,000
193.000
76.000
16.000
1.061.000
70.000
2,646.000
638.000

b b ls .1 9 6 bs. b u sh .

201,000

128,000
6,656
5,000
101,000
44,000

C om .

O a ts.

B a r le y .

79.000
73.000
134.000
62.000
269.000
533.000
571.000
153.000
3.611.000
7.028.000
3.974.000

485.000 17.376.000
421.000 13.717.000
417.000 8,275,000

5.654.000 2.768.000
4.890.000 3.103.000
3.094.000 2.422.000

b u sh .

F lo u r ,
b bls.

R e c e ip ts a t —
New Y o r k ______
B oston_________
Portland, Me___
Philadelphia____
Baltimore_______
Newport N ew s..
Norfolk................
M ob ile................
New Orleans *_
_
Galveston_______
M ontreal_______

W h ea t,
b u sh .

C om ,
b u sh .

O a ts ,
bu sh .

1,182,000
58,000

49,000
75,000

" 2’,666
5 a I L Y C L O S I N G P R I C E S ' O F W H E A T F U T U R E S I N N E W Y O R K . ' 6,000
S a t.
M o n . T u es.
W ed . T h u rs. F n .
158,000
N o 2 red
- -_ _ c t s . N o m . N o m . N o m . N o m . N o m . N o r n .
______
D e c e m b e r delivery” elevator- - 110% 112H 112 113k 1 1 6 k 1 1 8 k
in
39,000
D A I L Y C L O S I N G P R I C E S O F W H E A T F U T U R E S I week 1915.C A 438,000
N CHI
GO.
Total

384,666
456,000
50,000

1,000
775,000
673,000
420,000

25,000
421,000
91,000
2,000

3*81666

M on.

T u es.

W ed . T h u rs.

F r i.

Indian corn advanced to the highest prices of the seaso n
F or the receipts have b y no m eans com e up to the expect a
tions, in spite of good weather for curing the crop.
At
C h icago, too, houses with seaboard connections were good
buyers and shorts were m uch disturbed b y the fact that there
were practically no deliveries a t Chicago on D ecem ber con ­
tracts.
R eports as to the disappointing qu ality o f som e of
the present crop are still rife and have caused firmness in
L iverp ool. In the U nited K in gd om the dem and for consum p­
tion is g oo d , owing to the scarcity o f other feeding stu ffs.
T ru e, Liverpool looks for fair shipm ents from A rgentina this
m o n th , and shipm ents also very shortly from our G u lf ports.
M ean w h ile A rgentina reports freights one shilling higher,
and prices for w heat also higher. R iver P late offerings are
n ot plentiful.
T o -d a y prices advanced and then reacted
on p rofit-tak in g.
T h e weather was good and country offer­
ings increased.

S a t.

M on.

T u es.

W ed . T h u rs.

64
68k

65k
69k

66 k
69k

67 k
70k

O ats advanced on good bu yin g o f D ecem ber b y cash houses
and also on excellent export dem and.
T h e recipts, m orovoer,
are disappointingly sm all. T h e prim ary shipm ents have
been exceeding the roceipts. T h e D ecem ber deliveries on
on contracts a t Chicago were 8 3 5 ,0 0 0 bushels, which
were takon b y cash housos. C ountry offerings have
been rather sm all.
M ean w h ile export sales have been a t
least 2 0 0 ,0 0 0 to 4 0 0 ,0 0 0 bushels a d a y . A lso Am erican ava il­
able stocks are still on ly 3 2 ,2 5 0 ,0 0 0 bushels, or 1 0 ,5 0 0 ,0 0 0
bushels less than a year a g o , and 1 4 ,0 0 0 ,0 0 0 smaller than
in 1913.
On the other hand, the available supply increased
last week 1 ,6 4 8 ,0 0 0 bushels, against a decrease in the sam e
week last year of 6 1 ,0 0 0 bu sh els, and now and then som e
weakness in corn has been reflected in oats as Chicago trad­
ers sold o u t. B u t W in n ipeg prices have been firm and rumors
of large export sales have had an effect.
T h e y were said to
havo reached 1 ,2 0 0 ,0 0 0 bushels in the fore part of the w eek.
T o -d a y prices advanced and then receded w ith corn . C ou n ­
try offerings were larger. On the decline the buying in­
creased, how ever.

70.000
17.000

117*,666
69*,665
268,000 308,000
.....

1,079*666

.........

so",666

.........

T h e exports from the several seaboard ports for the w eek
ending N o v . 2 7 are shown in the annexed statem ent:
W h e a l,

C orn ,
bush .

F lo u r ,
b b ls.

O a ts ,
bu sh .

R y e,
b u sh .

B a r le y ,
bush .

E x p o r ts f r o m —■
b u sh .
New York____ .2,770.733
_
Portland, M e_ . 241.000
Boston________
627,076
Philadelphia . . . .1,304,000
Baltimore______
434,151
Norfolk...............
Newport News. r m i ”
Pensacola______
M obile________ 1 " 1I666
New Orleans_ .
_
81,000
Montreal______ .1,365,000

3,762 106,932 1,156,343
150,583
______
______
_____
200
9,113
206,657
9.000 437,666 76.666 121,000
8,048 354,907 171,429
2.000
56I666
—
—
...........
—
—
--------251666
e’.ooo
232,000 34,000
*3*,666 _____
14,000
4*
2,666

Total week___ 6,823,960
Week 1914......... 4,670.653

260,962 189,093 2,001,250 241,429 520,240
812,468 356,194 1,769,304 693,076 542,454

P ea s,
bu sh .

6.062

-

-

.........
—
_
_
6,062
22,662

T h e destination o f these exports for the week and since
Ju ly 1 1915 is as below :
N N E W Y O R K-------- Flour--------------------Wheat---------- -------- Com----------.
S in c e
J u ly 1

F r i.

64k
68k

R ye,
b u sh .

274,000
51,000

7,847,000
679,000 3,247,000 796,000 464,000
Since Jan. 1 1915.24,323,000 182683,000 48,207,000 136738,000 13319000 13557000
534,000 5,668,000 1,068,000 2,240,000 298.000 512,000
Week 1914_____
Since Jan. 1 1914.21,669,000 226287,000 25,680,000 68,416,000 13880000 7057,000
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.

D A I L Y C L O S I N G P R I C E S O F N O . 2M I X E D C O R N I
S a t.
M o n . T u es.
W d . T h u rs. F r i.
82k
82k
N o . 2 y e l l o w ..........................._ .c t s . 7 9 k 7 9 k 8 0 k 81
W eek.
D A I L Y C L O S I N G P R I C E S O F C O R N F U T U R E S I E xspiC rcts fJIurlyw eekGa n d .N o v .b ls.
N on H o C A to — b 27.
O
e
1
December delivery In elevator.cts. 6 3 k
M a y delivery In elevator___________ 6 7 k

695.000
761.000
277.000

B a r le y ,
b u sh .

14,000
2,000

1 0 5 k 105
1 0 6 k 109 k 1 1 1 k
1 0 8 k 1 0 7 k 109
112k 113k

24,000

T o ta l receipts o f flour and grain a t the seaboard ports for
the w eek ended N o v . 2 7 19 15 follow :
3,123,000
600,000
241,000
1,427,000
587,000

S a t.

56 lb s.
2 11,0 0 0
294.000
166.000

bu.

Since Aug. 1
1915........ 6 ,866,000 232.974.000 57.743.000 110.737.000 45.577.000 122110 0 0
1914......... 7.511.000 227.443.000 63.924.000 128.210.000 43.995.000 11344000
1913........ 6.864.000 153.901.000 61.633.000 I 95,440,000 46.264.000 7,352,000

79,000
40,000
______
79,000
35,000

Decem ber delivery In elov a tor.cts. 103k
M a y delivery In elevator--------------- 106

R ye.

32 lb s. b u s h A S lb s .
2.474.000
831.000
1.219.000 1,256,000
79.000
624.000
595.000
297.000
101.000
75.000
296.000
57,000
131.000
171.000
216.000

56 lb s.
1,665,000
72.000

b u sh .

United K ingdom ...
Continent................
Sou. & Cent. Amer.
West Indies.............
Brit. Nor. Am. Cols.
Other Countries___

1915.
b b ls .

W eek.
N o v . 27.
b u sh .

49,323 2,085,555 4,110,283
32,812 1,097,956 2,683,409
63,155 1,045,580
5,836
32,095 601,639
2,035
3,282
30,545
.
8,426
138,983
22,397

S in c e
J u ly 1

1915.

b u sh .

4,044,438
4,200,300
462,550
4,147
______
...........

W eek.
N o v . 27.
bu sh .

155,000
______
62,379
43,383
200
......

S in c e
J u ly 1

1915.

b u sh .

471,917
1,804,142
1,488,480
1,156,591
6,275
11,734

Total.................... 189,093 5,000,258 6,823,960 8,711,435 260,962 4,939,139
Total 1914............. 356,194 5,625,585 4,670,653 134843,588 4,670,653 134843,588

T h e w orld’s shipm ent o f w heat and c o m for the week
ending N o v . 2 7 1915 and since Ju ly 1 19 15 and 1914 are
shown in the follow ing:
W h e a t.

1915.

E x p o rts.

C om .

•

1914.

W eek
N o v . 27.

S in c e
J u ly 1.

S in c e
J u ly 1.

B u s h e ls .

B u s h e ls .

B u s h e ls .

1915.
W eek
I
N o v . 27.
B u sh els.

|

1914.

S in c e
J u ly 1.

S in c e
J u l y 1.

B u s h e ls .

B u s h e ls .

North Amer. 10556000 180,288.000 179,986,000 167,000 4,267,000 3.106.000
Russia____
4,058,000 12.074.000
4.813.000
Danube___
2.347.000
9.431.000
Argentina . .
3*8*8*,666 8,854,666 3.939.000 2.34V.666 103',’l’9*0',666 69,489,000
Australia___
8.800.000
In d ia ______
11,652,000 15.040.000
Oth.countr’s 286,000 5,006,000 4,009,000 117,000 2*,69*7.666

D A I L Y C L O S I N G P R I C E S O F O A T S I N N E W T oYtaOl___K 11230000 209,658.000 226,195,000!2,625,000 109,554,000 86,839,000
R .
S a t.
M o n . T u es.
W ed . T h u rs. F r i.
North
prohibited the
. . .
N* o m
S t a n d a r d.s . . . . . . c t s . N o m . N o m . N o m . N o m . N o m . Issuance. of America.— The Canadian Government has officiallyThis Is effective
N o . 2 w h i t_e _ _ _ _ _ _ _ _ o_m . N o m . N o m . N o m . N o m . duringm the continuance of the war.
N _
N o . both manifests and exports until after ten days.



T h e qu an tity o f w heat and c o m afloat for E urope on dates
m entioned was as follow s:
C orn .

W h ea t.
U n ite d
K in g d o m .

C o n tin e n t

J

T o ta l.

U n ite d
K in g d o m .

T o t a l.

C o n tin e n t.

B u s h e ls . | B u s h e ls .
B u s h e ls .
________ 37,496,000
Nov. 27 1915..
. . 39,944,000
Nov. 20 1915..
___ 34,352,000
Nov. 28 1914..
Nov. 29 1913.. 13,640,000 18,608,000 32,248,000 5,534,000 5,202,000
B u s h e ls .

B u s h e ls .

B u s h e ls .

27.574.000
24.039.000
24.540.000
10.736.000

T h e visible supply o f grain, com prising the stocks in
granary a t principal poin ts o f accum ulation at lake and
seaboard ports N o v . 2 7 1915 w as as follow s:
GRAIN STOCKS.
W h e a t.
b u sh .

U n ite d S ta tes —

New York_________
B oston------------------Philadelphia----------Baltimore--------------Newport News------New Orleans_______
G alveston_________
B u ffa lo ___________
Toledo,____________
“
afloat--------Detroit ___________
C hicago___________
Milwaukee_________
Duluth ___________
Minneapolis-----------St. Louis--------------Kansas City-----------Peoria_____________
Indianapolis-----------Omaha-----------------On Lakes__________
On Canal and River.

___ 2.956.000
____
123,000
____
845,000
___
831,000
___
188,000
____ 2,361,000
____ 1,130,000
___ 3,602,000
. . 1,078,000
____
75,000
____
295,000
____ 4,545,000
..
97,000
____ 10,238,000
____ 3,990,000
____ 1,869,000
____ 3,798,000
____
12,000
___
314,000
___
885,000
____ 7,441,000
...
147,000

C orn .
b u sh .

300.000
62,000
211.000
380.000
339.000
69,000
110.000
72,000
1,767,000
69,000
15,000
158,000
69,000
68,000
215,000
160,000
103,000

R ye.
b u sh .

O a ts.
b u sh .

B a r le y .
bush .

113,000
1.203.000
88,000
11,000
71,000
376.000
1.331.000 1,073,000
5,000
500.000
134.000

469.000
89.000
49.000
307.000

1,983,000
460,000

154,000
11,000

544,000

317,000
6,318,000
631,000
507,000
3,303,000
498,000
519,000
630,000
626,000
965,000
447,000
169,000

63,000
110,000
102,000
119,000
65,000
222,000 1,572,000
305,000 432,000
31,000
8,000
15,000
34,000
83,000
112,000 1,494,000

Total Nov. 27 1915----- .46,820,000 4.167.000 20,928,000 2,490,000 5,250,000
Total Nov. 20 1915------ .40,647,000 3.752.000 19,756,000 1,976,000 4,850,000
Total Nov. 28 1914------ .74.086,000 3.382.000 32,471,000 1,941,000 5,983,000
Total N ov. 29 1913------ .58,868,000 2.026.000 29,663,000 2,299,000 5,549,000
r e N o t e __Bonded grain not Included above: Wheat, 4,805,000 bushels at New York,
550 000 Baltimore, 257,000 Philadelphia, 458,000 Boston, 69,000 Duluth, 4,029,000
Ruffalo 264 000 Toledo: total, 10,432,000 bushels, against 2,332,000 bushels in
1914* Oats-’265,000 bushels at Buffalo, 199,000 New York, 115,000 Duluth: total,
356 000 bushels, against 277,000 In 1914; and barley, 49,000 bushels at Philadelphia,
60,000 New York, 5,000 Philadelphia, 760,000 Baltimore, 130,000 Duluth; total,
271,000, against 207,000 In 1914.
M ontreal-------------------------- 1,548,000
Fort William & Port Arthur 18,045,000
Other Canadian__________ 7,580,000
.27,173,000
Nov. 27 1915.
.27,467,000
Nov. 20 1915.
.14,693,000
Nov. 28 1914.
.18,441,000
Nov. 29 1913.
S u m m a ry—
American ______ ............ 46,820,000
Canadian ______ .............27,173,000
Total
Total
Total
Total

Total
Total
Total
Total

Nov.
Nov.
Nov.
Nov.

[Vol. 101.

THE CHRONICLE

1900

27
20
28
29

1915.
1915.
1914.
1913.

.73,993,000
.68,114,000
.88,779,000
.77,309,000

6,000
.........
.........

1,378,000
4,074,000
1,313,000

6,000 6,765,000
10.000 7,008,000
22.000 3,868,000
47.000 10,638,000

16,000
5,000
.............................
.............................
16.000
15.000
........ ..
22.000

5,000
79.000
184,000
508,000

4,167,000 20,928,000 2,490,000 5,250,000
6,000 6,765,000
16,000
5,000
4.173.000
3 762,000
3.404.000
2.073.000

27,693,000
26,764,000
36,339,000
40,301,000

2,506,000
1,991,000
1,941,000
2,321,000

5,255,000
4,929,000
6,167,000
6,057,000

THE DRY GOODS TRADE
New York, Friday Night, Dec.

3

1915.

T h e dry goods trade has entered the new m on th under
very satisfactory conditions.
W h ile during the past week
or ten days a quieter tone was noticeable in prim ary quarters,
retail and job bin g business has been very active in prepara­
tion for the h olidays.
T h e sales for the m on th of N o v em b er
are reported b y m ost houses well in excess of those for the
sam e m on th last y ea r, while it is expected that as g ood , if
n ot a b ette r, showing will be m ade during D ecem ber.
In
the cotton goods trade first hands are firm in their price
schedules and inclined to caution in accepting forward
business. B u yers are n ot bidding so actively tor future
delivery as they are p retty well covered ahead, b u t a good
inquiry covering lines for next spring is reported.
The
rally in cotton futures had no effect beyond reassuring
m anufacturers in their opinion th at the recent decline was
purely speculative and n ot due to any change in the basic
value of the staple.
R eports from m anufacturing centers
state th at m ills are operating a t full cap acity and in m ost
cases are behind on deliveries. M anufacturers are being
urged to m ake prom p t shipm ent of all goods under order
and in m an y cases to anticipate shipping dates when possible.
M u c h difficulty is experienced in getting goods started
from the m ills when read y, owing to the congested con­
dition of railroad traffic. Jobbers are kept busy m eeting
the active dem and from retailers for prom p t and future
shipm ent of all classes of m erchandise. M a il orders are
received in large volu m e and there is a steady attendance
of buyers in the m ark et.
A s a result of the im provem ent
in trade throughout the country and easy m oney conditions,
retailers are prepared to lay in larger stocks than had been
expected.
In the w oolen and worsted trade, dem and is
im proving and prices show a strong upward ten den cy.
B uyers are enlarging upon their original purchases for next
spring, and m aking inquiries concerning goods for fall
19 1 6 .
E xp ort trade in cotton goods shows little change.
There is a steady increase in sales for E u ropean , Canadian
and L atin -A m erican accou n t, b u t no inquiry from India,
China and the Far E a s t.
E xports of duck to G reat B ritain
and the C on tin en t continue at record levels. N e w business
is expected soon w ith R ed Sea m erchants, as stocks of
A m erican goods at A d en are reported to be m ovin g out
rap id ly.




D O M E S T I C C O T T O N G O O D S .— T h e com pilation o f the
w eekly returns o f exports of cotton goods has been tem ­
porarily discontinued b y the N e w Y o rk C u sto m H ou se.
Staple cotton goods are fairly active and firm with com ­
mission houses and selling agents reporting a steady call
for all lines. W h ile buyers continue to seek concessions
on business in large volum e they are m eeting w ith little
success and m ost of the business placed is a t full asking
prices. Further advances nam ed on w eaving yarns during
the week have had a stim ulating effect upon finished goods
prices. Buyers are experiencing m uch difficulty in getting
prom pt deliveries and are more concerned in this direction
than any other.
M a n y mills have been com pelled to tem ­
porarily w ithdraw from the m ark et, owing to their sold-up
condition.
Print cloths and goods in the gray are de­
cidedly firm and business is being closed a t prices an eighth
to a quarter cent higher than buyers were willing to con­
sider a week ago.
In sheetings and brown goods new
business is quieter, owing to the inability of mills to promise
deliveries.
T h is class of goods is now sold ahead well into
next year. A m uch better dem and is reported for spring
wash fabrics and jobbers and distributors are beginning
to realize that their requirements will be greater than they
had expected.
Colored goods are m oving freely, where
the fastness of shades can be guaranteed, b u t on other lines
little is being done. W h ile stocks o f colored goods are
large, buyers are very discrim inating, buying freely only
of such goods as m eet
their approval and passing over
others.
G ra y goods, 38-in ch standard, are quoted 4 % c .
W O O L E N G O O D S .— Business is active in b oth m en ’s
wear and dress goods. Sales o f staple dress lines for next
spring havo been very largo during the past week and
several lines which have been sold up aro tem porarily w ith­
drawn from the m arket.
R etail sales have im proved to
such a degree th at heads of departm ents are being com ­
pelled to enlarge upon their original purchases. Prices are
showing a strong upw ard tendency w ith the result that
m an y inquiries are being received for quotations on fall
1916 lines. A great m an y buyers w ould like to cover their
requirements for next fall a t current values for spring goods,
feeling that m uch higher prices will rule after tho first of
the year. T h e y aro not m eeting w ith m uch encourage­
m e n t, how ever, as m ills cannot figure on business that far
ahead. M u c h difficulty is also experienced in obtaining
dyestuffs.
It is reported that large stocks o f goods in the
gray could be placed on the m arket if suitable dyes could
be secured for finishing.
F O R E I G N D R Y G O O D S .— T h o dem and for linons shows
no signs o f a bating and as buyers are fully alivo to tho scarcity
o f supplies there is a rush to cover forward requirements.
Local houses are bad ly in need o f further supplies from
abroad in order to m eet the dem ands m ade upon th em .
D a m ask s, napkins, tow elling, handkerchief and fine em ­
broidered linens o f genuine quality are becom ing very hard to
obtain , w ith the result that an ever increasing business is
being done in cotton substitutes. A d vices received from
foreign m anufacturers are not encouraging, as it is reported
they aro sold up entirely through next year.
E v en where
the goods are available for shipm ent m uch difficulty and
delay is experienced in m aking arrangements and obtaining
shipping facilities. A fair quantity o f B elgium linens is
reported to bo on the w a y here from R otterdam b u t the
volum e is n ot sufficient to m ak e any change in conditions.
Burlaps are firm w ith sellers tem porarily withdrawn from
the m arkot, owing to report that one o f tho cargoes on the
w ay hero from C alcutta had been sunk. L ight weights are
nom inally quoted a t 5 .6 5 c . and heavy weights a t 8 .3 5 o . .

Im p o r ta tio n s & W a reh ou se W ith d ra w a ls o f D ry G o o d s.
T h o im portations and warehouse withdrawals o f dry goods
a t this port for the weok ending N o v . 27 1915 and since
Jan. 1 1 9 15 , and for tho correpsonding periods of last year,
were as follow s :

ImDorts Entered for Consumption for the Week and Since Jan. 1.
W eek
N ov.
P kgs.

E n d in g

27 1915.
V a lu e .

S i n c e J a n . 1 1915.
P k gs.
V a lu e .
%

M iscellaneou s--------------------------- 1.726

$
352.712
1,076,200
389,830
281,232
905,011

30,585
100,570
50,765
49,542
96,718

. 9,508
T otal 1915------T otal 1914------- " " " _____ 6,163

3,004,985
1,670,050

328,180 84,496,435
669,384 116,333,473

M anufactures o f—
,
W o o l.................. - ............................1 >278
C o t t o n __________________________ Y’n7 o

ft ;;::;;;:;;:;::::::::::: 5 ®

8,097,193
26,833,138
22,893,143
10,983,631
15,689,330

Warehouse Withdrawals Thrown Upon the Market.

M anufactures o f—•
W o o l____________
C o t t o n __________
S ilk .........................
F l a x ____________
Miscellaneous —

355
644
534
1,461
310

131,037
241,916
165,757
120,470
147,167

16,840
24,926
16,685
30,952
57,006

5,277.628
7,850,266
6,173,995
5,179,680
5,395,681

806,367 146,409
T otal w ith d ra w a ls.............. 3.304
Entered for consum ption__________ 9,508 3,001,985 328,180

29.877,250
84,496,435

T otal m arketed 1 91 5 ..............12,812
T otal marketed 1914---------------- 8,<71 2,172,587

474,589 114,373,685
644,360 148,464,415

Imports Entered for Warehouse During Same Period
Manufactures o f - ..........................

161,104

7.10
536
825
322

3 1 9 .3 1 9
188,011
6 2,440
174,938

11,295
19,385
13,579
25,615
54.081

3,723,217
6,309,495
5,069,551
4,557.813
4,964,455

T otal...................
2,829
Entered for consum ption----------------9,508
1

406

c o u o n i : : : : : .......................— silk
F i a x : : : : : : : .....................- ..........
M iscellaneou s__________________

905,812
3,004,985

123,955
328,180

24,624,531
84,496,435

T otal imnorts 1915.................. 12,337
T otal Imports 1914— . : . . . . 8 > 4 7

3,910,797
2.237.828

452,135 109,120,966
622,988 153.386.347

g T jV T E

j\T3B

Q lTY
(& \ x x o n x t lt >
PUBLISHED WEEKLY.

T e r m s o f S u b s c r ip tio n — P a y a b le in A d v a n c e
F or One Year ..................................................................................................
For S ix M onths............... --••••-............. - - - - - .............................................
00
European Subscription (including p ostage)............................................. 1.100
European Subscription six months (including postage)........................ 7 50
Annual Subscription in London (including postage).............................£ 2 14s.
Six Months Subscription in London (including postage)...................... £ 1 ll-s .
Canadian Subscription (including p o s ta g e )............................................. $11 50
S u b sc rip tio n in c lu d e s fo llo w in g S u p p le m e n ts —

B m 'K and Q uotation (monthly) I RAILWAY and INDUSTRIAL (3 times yearly)
s
R ailw a y E arnings (monthly)
E lectric R ailw a y (3 times yearly)
S tate and c it y (semi-annually) |B an kers ’ C onvention (yearly)

T e r m s o f A d v e r t is in g — P e r I n c h S p a c e
Transient m atter per inch space (14 agate lin es).......................................
( T w o Months
(8 tim es)............................
c.
-n
) Three Months (13 tim es)............................
Standing Business Cards < ^ix Months
(26 tim es)............................
(. T w elve Months (52 tim es)..............................
C hicago O ffice —39 Sontli La Salle Street, Telephone Randolph 7396.
L ondon O ffice —E dwards & Smith, 1 Drapers’ Gardens, E. C.
W I L L I A M B . D A N A C O M P A N Y , P u b lis h e r s ,

$4
22
29
50
87

20
00
00
00
00

F r o n t . P i n e a n d D e p e y s t e r Sts., N e w Y o r k .
M U N IC IP A L BOND SA LES IN

NOVEMBER.

Our records show th at during the m on th ju st closed a total
o f $ 2 4 ,6 3 9 ,3 8 5 municipal bonds w as placed on the m ark et,
m aking tho aggregate for the eleven m onths $ 4 4 7 ,9 6 4 ,6 5 9 .
L ast year the N o v em b er outpu t w as $ 2 1 ,6 9 1 ,1 2 6 and for the
eleven m on th s $ 4 4 4 ,S 6 2 ,9 1 6 .
In addition to the $ 2 4 ,6 3 9 ,3 8 5 perm anent bonds sold last
m on th , $ 1 3 ,9 2 4 ,5 8 4 tem porary loans were negotiated (in­
cluding $ 1 1 ,5 0 3 ,6 7 7 revenue bonds and corporate stock
notes issued b y N ow Y o rk C i t y ) . A n oth er item not included
in the totals given is the “ general fu n d ” bonds of N e w Y o r k
C ity , o f which $ 8 ,5 0 0 ,0 0 0 were issued in N ov em b er.
In C anada the total sales for N o v e m b e r, including the
$ 5 0 ,0 0 0 ,0 0 0 D om in ion G overn m en t lo an , were $ 5 9 ,7 7 8 ,2 9 4 .
T h is total also includes $ 3 ,1 3 0 ,0 0 0 bonds of the Province of
British C olu m b ia, $ 1 ,5 0 0 ,0 0 0 Province o f Saskatchew an,
$ 7 0 6 ,0 0 0 Province o f N ow Brunsw ick, $ 2 ,0 0 0 ,0 0 0 C ity of
C a lg a ry , A l t a ., and $ 1 ,0 0 0 ,0 0 0 C ity o f M o n trea l, Q ue,
In the follow ing wo furnish a com parison o f all tho various
form s o f obligations put o u t in N o v em b er during the last
fivo years:
1915.

1914.

s

s

1913.

s

1912.

s

1911.

$

Permanent loans (U.S.) 24,639,385 21,691,126 30,708,685 13,021,999 19,738,613
•Temporary I’ns (U. S.) 13,924,584 9,188,325 56,728,048 16.278,883 19,002,937
Canadianl’ns (perm’t ). 59,778,294 2.737,198 13,229,748 7,588.624 3.352,740
Gen.fund bds.(N.Y.C.) 8,500,000
None
None
5,000,000
Nono
General fund bonds
(Baltimore, M d.)..........................
300,000
300,000
300,000
None
T o t a l........................ 106,842,263 33,916,649 100,966,481 42,189,506 42.094,290
* Includes temporary securities Issued by New York City, Sll,503,677 In 1915,
11,471,900 In 1914 and $54,983,733 In 1913.

T h e num ber o f municipalities em itting bonds and the num ­
ber o f soparato issues m ade during N o v em b er 1915 were 22 4
and 3 2 9 , respectively. T h is contrasts w ith 3 8 7 and 5 0 4 for
O ctober 1 9 15 , and w ith 381 and 5 3 5 for N o v e m b e r 19 14 .
For com parative purposes w e add the follow ing table,
showing tho aggregate o f perm anent loans for N ov em b er
and tho eloven m onths for a series o f years:
M o n th
N o v e m b er.

1915____
1914___
1913___
1912___
1911___
1910___
1909___
1908___
1907____
1906___
1905___
1904___

...S24.639.385
. . . 21,691,126
. . . 30,708,685
. . . 13,021,999
. . . 19,738,613
. . . 24,456,351
. . . 18,906,555
. . . 28,427,304
. . . 4.408,381
. . . 12,511,550
. . . 25,888,207
. . . 32,597,509

F o r th e
E lev en M o s .

S447.964.659
444,862,916
358,611,490
358,893.919
360,830.804
283,414,600
307.073,842
285.747,250
213,924,703
180,483,172
174.825,430
240,819,161

M o n th
N ovem b er.

1903. ---------- S14.846.375
1902. ---------- 13,728,493
1901. ---------- 6,989,144
1900. ---------- 9,956,685
1899. ---------- 8,790,489
1898. ............. 7,721,284
1897. ............ 6,868,775
1896. _______34,913,S94
1895. _______ 6,524,901
1894. ............ 4,549,580
1S93. ............ 7,300,770
1892. _______ 5,176,012

S138.789.253
136,895.772
116,092,342
123,572,311
113,131,780
95,778.450
120,128,531
95,831,773
105,475,829
103.6S9.851
60,114,709
80,526,266

Owing to tho crowded condition of our colum ns, wo are
obligod to om it this week tho custom ary table showing the
m o n th ’s bond salos in detail.
I t will be given later.

News Items.
B a ltim ore, M d. — Special Paving Tax Upheld by U. S.

Supreme Court.— Tho decision rendered M a y 13 1913 b y
Judgo John P . Briscoo o f tho C ou rt o f A p peals holding con­
stitutional Chapter 68 8 o f tho A c ts o f 19 12 , which levied a
special paving tax on property in the C ity o f B altim ore
specially benefited b y im proved paving (see V . 9 6 , p . 1 5 0 7 ),
was sustained b y tho U . S . Supreme C ou rt in an opinion
handed dow n M o n d a y (N o v . 2 9 ) .
f- B illin g s,

Y e llo w s to n e

C o u n ty ,

Form of Government Defeated.—

M o n t.— Commission

T h e question o f establishing
the com m ission form of governm ent failed to carry a t tho
election hold N o v . 2 2 .— V . 101, p . 1033.
T h o v o te was
5 7 9 “ fo r” and 9 6 8 “ a ga in st.”




1901

THE CHRONICLE

Dec . 4 1915.]

C a n a d a (D o m in io n o f) . — War Loan Oversubscribed'.—
T h e D om in ion o f C an a d a ’s $ 5 0 ,0 0 0 ,0 0 0 5 % war loan , lists
for which closed T u esd a y (N o v . 3 0 ) , was subscribed for m ore
than twice o ver.
I t was announced on T hursday (D e c. 2)
that there were 2 6 ,0 0 0 separate subscribers for a grand total
of $ 1 1 0 ,0 0 0 ,0 0 0 b on d s. A ll applicants for sm all am ounts are
being allotted bonds for the full am ount o f their subscrip­
tions. Canadian bankers are advocating the increase o f
allotm ents to large subscribers, even to the extent o f exceed­
ing the $ 5 0 ,0 0 0 ,0 0 0 lim it. M inister o f Finance W . T . W h ite
said ju st after the subscription lists closed:
W hile it is im possible to m ake an accurate statem ent until the returns
are com plete, wo are able to announce that the total subscription will ex­
ceed considerably 8100,000,000. The num ber o f individual applications
will reach at least 25,000 and prob a bly m ore. A ll sections o f Canada have
participated, and the issue has been popular in the truest and widest sense
o f the loan.
There will b e no financial disturbance o f business b y reason o f the loan.
A ll tho m oney received on a ccou n t o f subscriptions will be left on deposit
for the credit o f the M inister o f Finance until required with the several
banks from which they are withdrawn b y the depositors.
T he installment paym ents are spread over six m onths, and the total
am ount raised b y the loan will be spent in C anada in raising, equipping
and sending forw ard Canadian troops.
It is not generally know n that 8 0% at least o f all Canadian war expendi­
tures to date has been spent in C anada. T he successful flotation o f the
war loan will enable the M inister o f Finance to accept to a still greater
extent the tem porary financing o f the Shell C om m ittee fo r the Imperial
Treasury.
T o date the Canadian G overnm ent has advanced a total o f 857,772,000
in tem porary advances to the Im perial G overnm ent to p a y for orders placed
b y the Shell C om m ittee in C anada. These advances nave been from time
t o tim e repaid b y the Im perial T reasury, b u t the adverse rate o f exchange
has m ade these paym ents higher than they otherwise w ould have been. In
the future it is believed the D om inion will establish a credit on behalf o f
Great Britain fo r shell contracts placed here and that a far wider system
o f financing will be established in C anada.

Particulars o f the loan will be found in last w eek’s “ Chron­
ic le ,” page 18 25 .
G e o r g ia .— Special Session of Legislature Ends.— T h e
G eorgia Legislature, w hich has been in special session since
N o v . 3 (V . 101, p . 1 2 0 7 ), adjourned N o v . 2 5 .
T h e m ore
im portant legislation enacted b y the extra session is a s follow *:
T he Stovall basic prohibition b ill, abolishing locker clubs, beer saloons
and brow-erics in Georgia, effective M a y 1 1916.
T ho Stovall anti-shipping bill, effective M a y 1, prohibiting the ship­
m ent into this State o f liquor, p roviding, how ever, that each person o f
age m ay receive every thirty days one-h alf gallon o f whiskey, or one gallon
o f wine or forty-eig h t pints o f beer, upon com pliance w ith certain regu­
lations.
T he M angham anti-advertising b ill, effective M a y 1, prohibiting the
sale in Georgia o f newspapers or periodicals which publish liquor adver­
tisem ents.
The fish and game law , protecting the shrim p, sprawn and oyster indus­
tries o f the coast counties, w hich measure, it is s ta ted , will bring to the State
a material increase in revenue.
T he Jones autom obile license tax, providing a graduated scale o f license
taxes for m otor vehicles and a license tax fo r chauffeurs.
T he W estern and A tlantic Com m ission bill, creating a com m ission,
giving it full pow er to a ct in re-leasing the W estern & A tlantic R R .

T h e only m easure included in the G overnor’s call which
w as n ot enacted a t the extra session was the State W arehouse
bill. A com m ittee from both H ouses was appointed to go
into the m atter and prepare a bill which will harm onize all
ideas and present this bill a t the regular session.

I llin o is . — Special Session of Legislature.— T h e special
session o f the Legislature m ade necessary b y the Supreme
C ourt decisions invalidating certain appropriations m ade b y
the last Legislature and the Chicago C ity Council (V . 101,
p . 1644) began N o v . 2 2 .
K e n tu c k y . — Vote on Constitutional Amendment.— A s al­
ready stated in these colum ns (V . 10 1, p . 1 7 3 3 ), the voters
on N o v . 2 adop ted two proposed am endm ents to the State
C on stitu tion .
O n N o v . 2 7 G overnor M c C re a ry received
from the Secretary o f State a certificate giving tho v ote as
certified to him b y the Election B oa rd , as follow s: N o . 1 al­
low ing the em p loym en t o f convict labor upon public roads
and bridges— 8 1 ,7 3 9 “ for” and 3 7 ,8 5 5 “ a ga in st.”
N o . 2,
concerning taxation— 6 7 ,4 4 9 “ fo r” and 3 5 ,4 6 7 “ a g a in st.”
M a ssa ch u se tts. — Official Vote on Constitutional Amend­

ments.—

T ho official canvass shows th at the follow ing v ote
was cast N o v . 2 on the three proposed constitutional am end­
m ents— V . 10 1, p . 1 5 6 9 , also p . 1733:
F or.

A g a in st

T o provide hom es for citizens__________________________ 284,568
T o enable wom en to v o te _______________________________ 162,615
R elative to taxation o f incom e___________________________269,748

95,14
295,70
98,09

New Y o r k C ity . — Population.— T h e police census taken
at the request o f tho B oard of H ealth has ju st been com ­
pleted and shows the population o f G reater N e w Y o r k , ex­
clusive o f persons living on Blackw ell’s, W a r d ’ s, H a r t’sJ
G overnor’s, R a n d all’s or R iker’s Islands, as 5 ,2 5 3 ,8 8 5
against the total o f 5 ,0 0 9 ,1 1 2 reported a t the com pletion of
the State Census in J u ly.
T he population b y boroughs,
according to police and State statistics, is as follows:
B orou gh s—
S ta te C e n s u s . P o l i c e C e n s u s .
M a n h attan __________________________________________ 2,103,206
2,295,761
K ings___________________
1,803,191
1,825.534
B r o n x ________
612,493
649,726
R ichm ond ___________________________________________
94,571
93,631
Q u e e n s ...............
395,651
389,233

T o t a l.................................................................... ............ 5,009,112

5,253,885

Corporate Stock Admitted to Stock Exchange List.—

In ac­
cordance w ith authority previously granted the $ 4 6 ,0 0 0 ,0 0 0
4 Yi% 50-y ea r corporate stock (for the supply o f w ater,
docks and rapid transit) and $ 2 5 ,0 0 0 ,0 0 0 4 J ^ % 15-year
serial corporate stock (for various m unicipal purposes) s >ld
a t public sale b y the city on June 2 9 (V . 101, p . 6 5 ) , was
form ally adm itted this week to the stock list o f the N e w
Y o rk Stock E xchange.

N u eces C o u n ty D ra in a g e D is tr ic t N o. 2 (P. O. R o b s t o w n ), T ex. — Injunction Denied.— According to a news­
paper dispatch from Corpus C hristi, D istrict Judge W . B .

THE CHRONICLE

1902

H op kin s on N o v . 2 6 refused the application o f J . G . D a v id
o f R o bstow n for an injunction to restrain C o u n ty Judge
W a lte r F . T im on from selling the $ 1 5 8 ,4 2 9 2 5 5 % coupon
drainage-system bonds offered N o v . 10 (V . 1 0 1 , p . 1572)
a t 9 3 % c . on the dollar. T h e decision was b ase d , it is said,
on an A c t o f the last Legislature w hich, after citing th at there
is no m arket for such bonds a t pa r, provides for the sale of
them a t less, fixing a lim it in discount a t 9 0 c . on the dollar.
N o tice o f appeal w as given b y attorn eys for the petitioner.
Nashville, Term.— Corrected Debt Statement.— T h e fol­
lowing corrected statem en t o f the c ity ’ s d e b t, assessed valu­
ation , & c ., was received too late for use in our “ State and
C ity S e ctio n ,” issued last Saturday (N o v . 2 7 ):

NASHVILLE.

Nashville Is the capital o f the State
and the cou n ty seat o f Davidson
C ounty. Incorp. In 1806. All bonds
are exem pt from city taxes.
V ia d u c t B o n d s.
4s
J-J $100 .0 0 0 c___0 ct 1 1918
4s
J-J
60.0 0 0 c . .. Jan 1 1921
E le c tr ic -L ig h t { R e d . a f t . J u l y ’ 16).
4s
J-J $150,000c& r.July
1931
R e fu n d in g B o n d s.
„
3H s
J-J $ 70,0 0 0 c ... July 1 1920
F u n d in g B o n d s.
„ , _____ _
4H s
J-J $110.000c— July 1 1926
4s
J-J 150,000c— .J u ly
1918
S ew er B o n d s .
„
4^s
A -O $400.000c— .A p r 1 1923
4s
J-J 300.000c-July 1 ’26-’28
4s
J-J
50.000.......... July 1929
4 H s ’ 10 J-J 500,000____ Jan 1 1940
N a sh v ille & C la rk sv ille R R . B ds
(n o w T e n n e ss e e C e n tra l R R .)
4s ’04 M -N S 1 ,000 .OOOc.May 1 ’24
H a y-M a rk et B o n d s .
„„„„
5s
M -S $50,000c— M a r
1922
H ig h -S c h o o l B o n d s.
,
4J4s’ 10 J-J $300.000____Jan 1 1940
H igh & G ram m ar S c h . B o n d s.
5s ’ 15 J-D $625,000c-June 1 ’ 16-’45
P e a b o d y C o lle g e B o n d s.
4s
J-J $200,000______ Jan 1935
S tr e e t B o n d s.
4K s
$ 1 6 0 ,000c — -J u ly 1 1922
4 ^ s ’05 J-J 500,000------ July 1 1935
4s
J-J 200,0 0 0 c ...J u ly '2 6 -2 7
4s
J-J
50,000c____ July 1928
4 ^ s ’07 J-J 1 5 0 ,0 0 0 c...J u ly 1 1937
4 H s ’08 M -S 50,000____ Sept 1 1928
4>^s’ 13 J-J 150,000____ July 1 1943
5s ’ 14 M -S 615 ,00 0 --M a r 1 ’ 16-’34
5s T 5 A-O 4 30 ,0 0 0 --A p r 1 T 6 -’35
W a te r B o n d s.
5s g
J-D $150.000c____ June 1921
4M s
J-J 300,000c_____ July 1918
4H s
A -O
47,000c------ July 1920
4H s
M -N 100.000C-------- July 1922
4s
J-J
300.000c____ July 1919
4s 08 J-J 200.000____ Jan 1 1928

J-J

I

R eserv oir B o n d s .
5s ’ 13 M -S $200.000c_M a r 1 1933
F u n d in g W a te r B o n d s.
4s
J-J $25,0 0 0 c -..J u ly 1 1919
E le c tr ic -L ig h t-E x te n . B o n d s.
5s ’ 13 M -S $10,000c— .M a r 1 1933
Perm . Im pt. R e im b u rs e m 't B ds.
5s ’ 15 M -S $ 97 8 .0 0 0.-M a r 1 ’ 16-’35
(Part yearly.)
T O T . B D . D T . N ov.24 '15 $ 8 ,760,000
W ater debt (included)___ 1,322,000
E lectric-light debt (in c l.).
250,000
Street & sidewalk ( i n c l .) ..
600,000
Floating debt (additional)
250.000
Sinking fund N o v . 1 1915506,932
Value city property______ 14,638,873
Assessed valuation, real &
personal, 1915________ *79.118,654
C ity tax rate (per $1,000) 1915S15.00
•In addition to the valuations
given above, the State Board of
Assessors in 1915 assessed railway
and light properties at $6,790,856.
Merchants’ tax in 1915, which is not
assessed by the State Board o f Assesssors, amounted to $6,909,982.
IN T . on street bonds due 1927,
1928, 1935 and 1937 and sewer bonds
due 1927, 1928 and 1940 Is payable
In Nashville and N . Y . at N at. Park
Bank; on bonds dated 1913 at N at.
C ity Bank, N . Y .: on bonds o f 1914
at C ity Treas. office or N a t. C ity
Bank, N . Y . C ity; other bonds at
M erch .N a t.B k ., N . Y . , and in N ash­
ville. All coupons are tax receivable
W A T E R W O R K S .— T he munici­
pal water-works earned a net cash
profit forth ey ea r 1914 o f $84,287.17,
after paying $66,815.95 Interest upon
water bonds, $92,661.63 for im pts.
and extensions, and in addition fur­
nished free water for municipal pur­
poses the value o f which is estimated
at $69,401.12.
P O P U L A T IO N .— In 1915 (city
directory), 137,234; 1910 (Census),
110.364; 1900 (Census), 80,865.

South Dakota.— “ Blue Sky” Act Declared Unconslititr-

tional.—

T h e Federal C ou rt for the D istrict o f Sou th D a k o ta ,
Southern D iv isio n , Judges W a lte r H . Sanborn, T h o m a s C .
H unger and Jam es D . E llio tt, sitting a t Sioux F a lls, has held
the 1915 B lu e S k y A c t unconstitutional. T h ere seems to
have been no opinion, b u t the decision recites th at “ in the
opinion o f the C o u rt, chapter 2 7 5 o f the Session Law s of
South D a k o ta for the year 19 15 , is violative o f the C on sti­
tution o f the U n ited S tates, and this opinion is confirm ed b y
the decisions in A la b a m a , & c ., T ransportation C o . v s . D o y le ,
2 1 0 F e d ., 173; W m . R . C om p to n C o . v s . A llen et a l., 21 6
F e d ., 5 3 7 , and B racey v s . D a w s t, 2 1 8 F e d ., 4 8 2 .”
The
cases referred to are the former decisions on the M ich iga n ,
Iow a and W e s t Virginia A c ts of 1913.
In answer to a request for a statem ent relative to this de­
cision, R obert R . R eed o f R eed & M c C o o k , Counsel for the
In vestm en t B an k ers’ A ssociation o f A m erica, who argued
tho original M ich igan and Iow a cases for the Association
and has recently argued the new case on the 1915 M ich igan
A c t before the Federal C ou rt a t G rand R a p id s, which is now
awaiting decision, said:

T ho im portance o f this decision lies in the fact that it applies tho decisions
on the 1913 A cts o f the original Kansas typ e o f law, to the 1915 A cts o f
the revised M ichigan type o f law. The South D akota 1915 A ct is substan­
tially the same as that o f M ichigan and Arkansas. T h e im portant prin­
ciple underlying all these decisions is that o f the freedom o f private business
from executive con trol.

[VOL. 101

genuineness o f the signatures o f the city officials and o f the city seal.
T he legality o f the bonds will be examined b y Caldwell, Masslich & R eed,
o f New Y ork, whose approving opinion will be furnished to the purchasers
without charge. Bids are desired on blank form s which will be furnished
b y the city.

ASHTABULA SCHOOL DISTRICT (P. O. Ashtabula), Ashtabula

County, Ohio. — B O N D O F F E R I N G .— Bids addressed to Chas. C . Peck,
Clerk B d . o f E d ., will be considered until 12 m . D e c. 21 for the $40,000 5 %
14-year average school bonds voted N o v . 2. V . 101, P- 1645. A uth.
Secs. 7625-7627 in cl., G en. C ode. D enom . S I,000. D ate D ec. 21 1915.
In t. A . & O . D u e $1,000 each six m onths from A pr. 1 1920 to O ct. 1 1939
incl. An unqualified certified check on a national bank for $2,000 required.
All bids m ust be unconditional.
ATTICA INDEPENDENT SCHOOL DISTRICT (P. O. Attica),

M a rion County, Iowa.— D E S C R I P T I O N O F B O N D S . — T he $25,000 5%
building bonds awarded on M a y 26 to G eo. M . Bechtel & C o . o f Davenport
at par (V . 101, p . 1733) are in the denom . o f $1,000 and dated Juno 1 1915.
Int. J. & D . D ue on D ec. 1 as follows: $1,000 yrlv. from 1917 to 1924
incl., $2,000 1925 and $3,000 yrly. from 1926 to 1930 incl.
AUBURN, C a y u g a C o u n t y , N. Y.— B O N D O F F E R I N G . — Bids will be
received until 12 m . D ec. 10 b y M aurice D . Richards, C ity C om p t., for the
$29,940 86 4 H % 10J4-year aver. Franklin St. paving bonds authorized
b y the Council on N o v . 5. See V. 101, p. 1645. Denom . 1 for $1,440 8 6 ,
19 for $1,500. D ate D e c. 10 1915. Int. payable semi-ann. at office o f
C ity Treas., or upon request o f registered holder will be remitted by mall
in N . Y . exchange. D ue $1,440 86 D ec. 10 1916 and $1,500 yearly on
D ec. 10 from 1917 to 1935 incl. Cert, check for $500, payable to “ C ity o f
A u b u rn ," required. Bonds to be deilvered and paid for at o ffice o f u . S.
M tge. & T r. C o. in N . Y . at 11 a. m . D ec. 13, unless a subsequent date
shall bo m utually agreed upon. Purchaser to pay accrued interest and sub­
m it bids on forms furnished b y the city . T he bonds will be prepared under
the supervision o f the above trust com pany, who will certify as to tho gen­
uineness o f the signatures o f the city officials signing the bonds and the seal
impressed thereon. Said bonds will be examined as to legality b y C aldw ell.
Masslich & Reed o f New Y ork , whose favorable opinion, or duplicate there­
of, will be delivered to tho purchaser. T otal bonded debt (excl. this issue),
$1,218,172: water bonds, included, $255,000. T otal assess, va l., $22,006,­
710, consisting o f $20,368,079 real estate, $833,530 special franchises and
$805,101 personal property.
AVERYVILLE (P. O. P e o ria ), P e o ria C o u n ty , Ills.— B O N D E L E C ­
T I O N . — The election to vote on the question o f issuing $4,000 Galena
road-im pt. bonds will be held D ec. 24, it is stated.
BAD AXE, Huron County, M ich .— B O N D S V O T E D . — This city has
voted 257 to 27 in favor o f the issuance o f the $50,000 sewer bonds m en­
tioned in V . 1 0 1 , p . 1033.

BAKERSFIELD SCHOOL DISTRICT (P. O. Bakersfield), Kern

County, Calif.— B O N D E L E C T I O N . — T h e question o f issuing $75,000
b ldg, bonds will be subm itted to the voters, it is stated, on D ec. 14.
1
BALLSTON SPA, Saratoga County, N. Y .—

BOND

S A L E .— O n

N o v . 1 an issue o f $4,000 4 ' A % serial refunding bonds was awarded to
the Ballston Spa N a t. Bank o f llallston Spa at par. D enom . $500. D ate
N o v . 1 1915. Int. ann. on N o v . 1.
i
• |
BARBERTON, Summit County, Ohio.— B O N D O F F E R I N G .— Bi'tTs
will be received until 12 m . D ec. 20 b y G eo. M . Korns, C ity A uditor, for
$10,000 5 % 5 H -year average fire-apparatus-purchaso and equip, bonds.
A uth. Sec. 3939, G en. C od e. Denom . $500. Date Jan. 3 1916. Int.
J. & J. D uo $1,000 yearly on Jan. 3 from 1917 to 1926 incl. Certified
check for $100, payable to C ity Treasurer, required. Bonds to be delivered
and paid for within 20 days from tim e o f award. Purchaser to pay ac­
crued interest.
BARNWELL COUNTY, So. Caro .— B O N D O F F E R I N G .— Proposals
will be received until D ec. 15 b y Jas. M . Patterson (I». O. Allendale) fo r
$30 000 5 % 2 0 -4 0 y r . (o p t.) road-im pt. bonds o f Allendale, B aldor and
Bull Pond T w ps. In t. semi-annual at banks selected b y purchaser. Cert,
check for 2 % required. Those townships have no bonded debt. Assess
val. 1914, $1,538,380; total value o f property, $2,500,000.
,
i 4

BAXTER SPRINGS (P. O. Baxter), Stone County, Mo.— B O N D S

V O T E D . — T he proposition to issue $13,000 interurban line building bonds,
it is stated^ carried at an election held N o v . 12.
i

BEAUREGARD PARISH (P. O. DeRidder), La.— B O N D

E L E C T IO N

P R O P O S E D .—

R eports state that an election will p rob a bly b e called to vo te
on tho proposition to issue $700,000 road bonds.

BEDFORD VILLAGE SCHOOL DISTRICT (P. O. Bedford), Cuya­
hoga County, Ohio.— B O N D O F F E R I N G Proposals will bo received

until 6:30 p. m . D ec. 21 b y Ella F. Senter, Clerk o f Board o f Education,
fo r the $5,000 5 % 3 K -y e a r average cou p, school bonds voted N o v . 2—
V . 101, p. 1208. A uth. Secs. 7625 to 7627 incl., Gen. C od e. D enom .
$1,000. D ate day o f sale. Prin. and semi-ann. int.— A . & O .— payable
at Cleveland Trust C o ., Cleveland. D ue $1,000 yearly on O ct. 1 from
1917 to 1921 incl. C ertified check on a bank other than the one making
the b id, for 10% o f bonds b id for, payable to District Treasurer, required.
Bonds to be delivered and paid for within 10 days from tim e o f award.
Purchaser to pay accrued interest.

BELLINGHAM, Whatcom County, Wash.— B O N D

E L E C T I O N .—

A n election will be held D e c. 7, it is stated, to vo te on the questions o f Is­
suing $14,500 Sehome Hill tract purchase $50,000 W hatcom l alls park and
cem etery tract purchaso, $ 8 ,20 0 city-hall-addition, $17,500 public water­
front establishment and $16,000 public com fort station bonds.
'
BELTON, Bell County, Tex.— B O N D S V O T E D . — B y a v o to o f 324 to
124, tho question o f issuing $40,000 sewer-system -constr. bonds carried,
it is stated, at an election held N o v . 23.
1

BELTRAMI COUNTY (P. O. Bemidji), Minn.— B O N D

S A L E .— O n

N o v . 24 $399,000 6 % 10-year highway bonds were awarded to John N u veen & C o . o f C hicago. D en om . $1,000. D ate Juno 15 1915. I n t .J .& D .

BERGEN COUNTY (P. O. Hackensack), N.

3 .— B O N D O F F E R IN G .

— Proposals will bo received until 12 m . D ec. 6 b y I I . A . Shuart, Clerk B d. o f
Chosen Freeholders, for $76,000 4M % road bonds, it is reported. In t. semiann. Cert, check for $300 required.

BOLIVAR SPECIAL ROAD DISTRICT (P. O. Bolivar), Polk

Bond Proposals and N e g o t ia t io n s tshi wee’<
have been as follows:
ANGELINA COUNTY (P. O. Lufkin), T e x . —

BOND

E L E C T IO N

P R O P O S E D .—

Judge Guinn in the D istrict Court on N o v . 27 granted a
writ o f mandamus ordering the C ounty Comm issions to call an election
in Lufkin Precinct to vote on the proposition to issue $200,000 road bonds.
ANNISTON, Calhoun County, A la .— B O N D O F F E R I N G — Proposals
will be received until 12 m . D ec. 15 b y J. L . W ilkinson, M a y or, it is stated,
for the $35,000 5 % 20-year school-building and refunding bonds authorized
b y v o te o f 422 to 22 at an election held N o v . 22.

APPLETON HIGHWAY DISTRICT (P. O. Jerome), Lincoln
County, Idaho.— B O N D S A L E . — On N o v . 19 the $25,000 6 % 10 - 20-year

(o p t.) highway bonds (V . 101, p . 1645) were awarded to Keeler Bros, o f
D en ver.
ARKANSAS CITY, Cowley County, Kan3.— B O N D E L E C T I O N .—
R eports state that a v ote will be taken on D ec. 14 on the question o f issuing
$200 ,0 0 0 m unicipal-gas-plant bonds.

ARMA SCHOOL DISTRICT (P. O. Arma), Crawford County, Kan.

— B O N D E L E C T I O N .—

R eports state that an election will be held D ec. 14
to vo te on the question o f issuing $15,000 high-school-bldg, bonds.
ARNA, P in e C o u n ty , Minn.— B O N D O F F E R I N G .— Proposals will be
received until 1 p. in. D ec. 10 b y the T ow n Supervisors at M arkvillo for
$10,000 6 % cou pon road and bridge bonds. A uth. C hap. 64, Gen. Laws
1905. D enom . $1,000. D ate D ec. 1 1915. Int. J. & D . at M arkville
State B ank, M arkville. D ue $1,000 y rly. D ec. 1 from 1925 to 1934 incl.
Cert, check fo r $2,000, payable to W m . N elson, T ow n T reas., required.
B onded d eb t, $2,000. Floating d eb t, $2,700. Assess, va l., $120,000.
W . S. M artin is Tow n Clerk.
ASHEVILLE, Buncombe County, No. Caro.— B O N D O F F E R I N G . —
Proposals will be received until 12 m . D ec. 20 b y F . L . C onder, Sec.-Treas.,
fo r the $200,000 5% 30-yr. school bonds voted N o v . 9.— V . 101, p. 1733.
D enom . $1,000. D ate D ec. 1 1915. Principal and semi-annual int.,
payable at the office o f the U . S. M tge. & T r. C o ., N ew Y ork . C ert, check
on a reputable bank fo r $2,000 required. These bonds will be prepared
under the supervision o f the above trust com p any, who will certify as to tho




C o u n ty , Mo.— B O N D S V O T E D . — B y a vote o f 434 to 31 the proposition
to issue $25,000 road-im provem ent bonds at not exceeding 6 % int. (V . 1 0 1 ,
p . 1737), carried at the election held N o v . 24. Due in 15 years, subject
to call part after 2 years. E . C . M ankin is D istrict Clerk.

BRAZORIA COUNTY (P. O. Angloton),

T e x . — B O N D O F F E R I N G .—

Proposals will be received until 12 m . D ec. 14 b y A . It. Rucks, C ounty
Judge, for $80,000 5 % Drainage District N o . 1 bonds. D enom . $1,000.
D ato April 10 1915. Int. A . A O . D ue part yearly. A similar issue
was awarded to E . J. H odges o f Angleton (V . 101, p . 789.)
BRIDGEWATER, Plymouth County, Mass.— B O N D S A L E . — It Is
stated that II. O . G rafton Jr. o f B oston recently purchased at 101.14 an
issue o f $9,000 4 % cou p , bonds. D u o $3,000 on D e c. 11916,1917 and 1918
BROCKTON, Mass.— B I D S . — T ho other bids received for tho loan of
$250,000 maturing $150,000 April 27 1916 and $100,000 Juno 27 1916,
awarded to Blake B ros. & C o . o f Boston on N o v . 26 (V . 101, p . 1826),
were as follows:
A pril
Maturity.

June
M a tu rity .

2.98%
Lee, Higginson & C o ., B o sto n ------------------------------------ *2.18%
2.24%
Loring, T olm an & T u p p er, B oston -------------------------2'.50%
H . C . G rafton & C o ., B o s t o n . . . ----------------------------2 .4 9 % Curtis & Sanger, B oston.
* Pius 50 cents prem ium .
BUCKNER, Franklin County, Ills.— B O N D S V O T E D . — A t the elec­
tion held N ov. 17 the question o f issuing m unlclpal-lighting-plant bonds
carried, it is stated, b y a vote o f 107 to 74.
BUFFALO, N. Y . — B O N D S A L E S .— During the month o f N ovem ber
tho following 4 % bonds aggregating $93,597 19 wero purchased at par b y
the C ity C om pt. for the various sinking funds:
$5,000 00 refunding water bonds. Date N ov. 1 1915. Duo N ov. 1 1940.
8,000 00 sowor-im pt. bonds dated N o v . 1 1915 and maturing July 1 1916.
10,000 00 Law D ept, bonds. Date N ov. 1 1915. D u e July 1 1916.
2,653 15 Law D ept, bonds. Date N o v . 15 1915. Due July 1 1916.
51,595 00 police-dept. im pt. bonds. Dato N o v . 18 191.). Due Ju lyl 191b
16,349 44 D ept, o f Public W orks bonds. D ate N o v . 15 1915. D ue N o v . 15­
1916.

CALIPATRIA SCHOOL DISTRICT, Imperial County, Calif.—
BOND

SA LE

.— On N o v . 2 the $38,000 6% building bonds wero awarded

Dec. 4 1915.)

to the Security Com m ercial & Sav. Bank o f El C entro for $38,050 (100.131)
and int.— V. 101, p. 865. D enom . $500. D ate July 19 1915. In t. ann.
in A ugust. D ue A ug. 16 1935.
C A N A L W IN C H E S T E R , F ra n k lin C o u n ty , O h i p . - — B O N D O F F E R I N G .— Proposals will bo received until 12 m . D ec. 30 b y G eo. M . H erbst,
Village Clerk, for $12,000 5% 9 H -year average water-works-construction
bonds. A uth. election held M a y 25 and Secs. 3939 and 3941, G en. C ode.
D en om . $750. Date D ec. 1 1915. In t. J. & D . D ue $ /5 0 yearly on
D e c. 1 from 1917 to 1932 incl. Certified check for 3 % o f bonds bid for,
payable to Village Treasurer, required. Bonds to be delivered and paid
fo r within 10 days from tim e o f award. Purchaser to pay accrued interest.
C APE G IR A R D E A U , C ape G ira rd e a u C o u n t y , M o.— B O N D S
V O T E D __B y a vote o f 435 to 189 the question o f issuing $40,000 fairgrounds-purchaso and city-ow nod-property-im provem ent bonds carried.
Ft is stated, at an election held N o v . 16.
C A R B O N C O U N T Y S C H O O L D I S T R I C T N O . 3 (P. O. R a w lin s ),
W y o .— B O N D S A L E . — On O ct. 25 $40,000 5 % building bonds were
awarded to the State o f W yom ing at 102.66. D enom . $1,000. D ate
Jan. 1 1916. Int. ann. Jan. Due D ec. 31 1940, op t. after 1931- These
bonds take the place o f the $35,000 bonds awarded to the State o f W yom ­
ing on July 12.— V . 101, p. 308.
C E D A R S P R IN G S S C H O O L D I S T R I C T (P. O. C ed a r S p r in g s ),
K e n t C o u n ty , M ich .— B O N D S V O T E D . — A t a recent election the ques­
tion o f issuing bonds to purchase property and for school im provem ents
carried, it is stated.
C H IC A G O S A N IT A R Y D I S T R I C T (P. O. C h ica g o ), 111.— B O N D
O F F E R I N G . — Bids will be received until 12 m . D ec. 9, it is stated, b y the
Board o f Trustees, for the $2,000,000 4 % sanitary-im provem ent.bonds.
Authorized by the above Board on O ct. 21, see V. 101, p . 1734. D enom .
$1,000. Date D ec. 1 1915. Prin. and semi-ann. int.— J . & U.— payable
at the office o f the Treasurer o f the D istrict. D ue $200,000 D ec. 1 1917
and $100,000 yearly on D oc. 1 from 1918 to 1935 inclusive. Bonds m ay
be registered as to principal.
C H IP P E W A C O U N T Y (P. O. S a u lt S te. M arie), M ich .— B O N D
O F F E R I N G . — Herbert L . Parsille, C ounty Clerk, will receive bids until
3 p . m . Jan. 13 1916 for S100.000 4 f i % 15-year road bonds. Da^e July 1
1915. In t. J . & J.
T h e o f f i c i a l n o t i c e o f t h i s b o n d o f f e r i n g w i l l b e f o u n d a m o n g th e a d v e r t i s e ­
m en ts

elsew h ere i n

CHOUTEAU

th is D e p a r tm e n t.

COUNTY

(P. O . F o r t B e n t o n ), M o n t.— B O N D S
B Y B A N K E R S . — Field, Richards & C o. o f Cincinnati are
offering to investors $105,000 5 % 16-20-year op t. funding bonds at a price
to yield 4 .5 0 % . D ate July 1 1915. Int. J . & J . at N ew Y ork. Bonded
debt $267,000. Assessed valuation 1915, $9,105,442.
C IN C IN N A T I, O h io .— B O N D S A U T H O R I Z E D . — T he C ity C ouncil
on N o v . 23 passod ordinances providing for the issuance o f the following
OFFERED

S iV t o OOlTpa’r k, playground and boulevard-im pt. bonds. D ate F eb. 1
1916. D uo in 50 yrs., subject to call after 25 years.
40.500 strect-iinpt. c it y ’s portion bonds. D ate D ec. 31 1915. D ue
in 20 years.
24.500 street-im pt. city ’s portion bonds. D ate D ec. 31 1915. D ue
in 20 years.
D en om . $100 or m ultiples thereof. Int. payable semi-annually.
C LEV E LAN D , O h io .— B O N D S A L E . — During the m onth o f N ovem ber
the Sinking Fund purchased at par an issue o f $200,000 4 H % Clark A ve.
bridge bonds. D ate O ct. 1 1914. D u e $19,000 yearly on O ct. 1.
C O A L G R O V E , L a w r e n c e C o u n t y , O h io .— B O N D O F F E R I N G . —
Bids will bo received until 12 m . D oc. 24 b y Ii. A . Gregory, Vil. Clerk, for
$1,000 5 % 10-year refunding bonds. A u th . Sec. 3916, Gen. C ode. D e ­
nom . $500. D a te Jan. 1 1916. In t. J. & J. Purchaser to pay accrued
interest.
C O H O E S , A lb a n y C o u n t y , N . Y .— C E R T I F I C A T E S A L E — On N o v .
27 the $44,110 4 ' A % 4-m ontlis certificates o f indebtedness were awarded
to Bond & G oodw in o f N . Y . for $44,385 (100.623) and in t., a basis o f
about 2 .6 2 9% . V . 101, p. 1734. Other bidders were:
B a s is . |
B a s is .
Farm ers’ L. & T r. C o ., N . Y - . 3 } 4 % [N at. B ank, C ohoes___________ 44$ %
J. R . Stevens J r., C oh oes____ *3>$% M a n u fac’rs’ B k ., C ohoes______44$%
* Plus $1 prem ium .
IM anufac’rs’ B ank, T ro y ______ 44$%
COLERIDGE, Cedar County, N e b .— B O N D O F F E R I N G .— Proposals
will bo received until 7 p . m . D oc. 16 b y II. B . W are, Village Clerk, for
$10 000 5% 5-20-yr. (op t.) coupon electric-light bonds. D enom . $1,000.
D a te N ov . 5 1915. C ert, check for 5 % , payable to the “ Village” required.
B onded debt, including this issue. $18,500. N o floating debt. Assess,
val. (1-5 actual) $131,641.
C O N C O R D , D ix o n C o u n t y , N e b .— B O N D E L E C T I O N . — Reports
state that an election will bo held D ec. 7 to vote on the question o f issuing
$2,500 electric-light bonds.
C O O L ID G E , T h o m a s C o u n t y , G a .— B O N D O F F E R I N G . — Bids will
bo received at any tim e for the S15.000 5 % public-school-bldg., waterworks-system and clectric-Ilght-plant-ext. bonds authorized b y vote o f
51 to 8 at tho election held A ug. 16. V . 101, p . 790. D enom . $500.
D ue $500 yearly.
C O R IN N E D R A IN A G E D I S T R I C T (P. O. C o r in n e ), B o x e ld e r
C o u n ty , U ta h .— B O N D S A L E . — On N ov . 27 the $175,000 6 % landdrainago bonds were awarded, it is stated, to Chapin A . D a y at par.
(V . 101, P- 1645.)
C O R W IT H , H a n c o c k C o u n ty , I o w a .— D E S C R I P T I O N O F B O N D S . —
T ho $9,000 54$% electric-light bonds awarded to G eo. M . Bechtel Sc C o .
o f Davenport at par on Sept. 16 (V . 101, p. 1734) are in the denom ination o f
$500 and dated O ct. 1 1915. In t. A . & O. D u e $500 yearly from 1918 to
1935 inclusive.
C O V IN G T O N , K e n to n C o u n t y , K y .— B O N D O F F E R I N G . — Proposals
w|H be received until 4 p . m . D ec. 27 b y W . A . Shore, Business D irector,
for $165,000 44$% school-im provem ent bonds. D enom . (130) $500,
(100) $1 000. D ate Jan. 2 1916. Principal and semi-annual in t., payable
at the depository o f Board o f Education in C ovington . Bonds will bo
free from State, cou nty and city taxes in K en tu cky. D ue $5,000 in 5 yrs.
and $8,000 yrly. from 6 to 25 yrs., in d . Bids will bo received as follows:
Plan " A , ’ ’ for all o f tho bonds, to be delivered and paid for as soon as
prepared: Plan “ B ,” for all o f the bonds, but som o to bo delivered and paid
for as follows: $40,000 as soon as prepared, and remainder in six blocks
o f $25,000 each every threo m onths thereafter. Bids to bo m ade separ­
ately for each plan. C ert, check for $3,000, payable to the B oard o f
E ducation, required.
T h e o f f i c i a l n o t ic e o f th is b o n d o f f e r i n g w i l l b e f o u n d a m o n g th e a d v e r tis e ­
m e n ts els e w h e r e in th is D e p a r tm e n t.

C R O W L E Y , A ca d ia P a rish , L a .— B O N D O F F E R I N G . — Proposals will
be received until D oc. 14 by R . J. Boudreaux, C ity Clerk, for $35,000 elec­
tric-light and water-works bonds.
C U S T E R C O U N T Y (P. O. C h a llis ), I d a h o .— B O N D S A L E . — James
N . W right & C o. o f Denver wore awarded on July 14 the $35,000 highway
bonds (V. 100, p . 2100).
D A L L A S, G r e g o ry C o u n t y , S o. D a k — BOND S ALE .— C. O. Kalm an
Sc Cn o f St Pual have boen awarded tho $12,000 6 % 20-year coupon water­
works bonds voted Sept. 21. D enom . $1,000. D ate D ec. 1 1915. Prin.
and semi-ann. int. (J. A D .) payable at tho hirst N at. Bank o f St. Paul.
D A L L A S S C H O O L D I S T R I C T N O . 69 (P. O. D a lla s), G re g o ry
C o u n ty , So. D a k .— B O N D S V O T E D . — T ho question o f issuing $16,500
6 % funding bonds carried, it is stated, at a recent election. Int. A . & O.
D u o $3,300 in 1918, 1921, 1924, 1927 and 1930.
D A R IE N , F a irfie ld C o u n ty , C o n n .— B O N D O F F E R I N G . — Bids will
bo n reived until 12 m . D ec. 16 b y tho Board o f Finance, for $30,000 44$ %
2-yoai’ average highway, sidewalk and bridge bonds. D ate Jan. 1 1916.
D uo $10,000 on Jan. 1 1917, 1918 and 1919. Cert, check for 2 % o f bonds
bid fo r , requirod.
T h e o f f i c i a l n o t i c e o f th is b o n d o f f e r i n g w ill b e f o u n d a m o n g th e a d v e r tis e ­
m e n ts e ls e w h e r e in th is D e p a r tm e n t.




1903

THE CHRONICLE

DECATUR COUNTY (P. O. G r e e n s b u r g ), I n d .— BOA'D S A L E . —
On D ec. 1 the tw o issues o f 44$% 64$-yr. average highway-im pt. bonds,
aggregating $13,280, were disposed o f, it is stated.— V . 101, p. 1827.
DECATUR SCHOOL CITY (P. O. Decatur), Adams County, Ind,

— B O N D S A L E . — R eports sta te that tho $10,000 school bonds mentioned
in V. 101, p. 1491, have been disposed o f at 100.58 and int. to an Indianap­
olis firm .

DELAWARE COUNTY (P. O. Muncie), Ind.— B O N D

S A L E .—

On

N o v . 29 the $4,880 44$ % 6 1-3-year aver. cou p. H oober road im pt. bonds
were awarded to G avin L. P ayne & C o. o f Indianapolis for $4,963 (101.70)
and in t., a basis o f abou t 4 .2 1 % . V . 101, p . 1734. Other bidders were:
M erchants’ N ational B ank, M u n cie______________________________ $4,958 35
Fletcher-Am erican N ational B ank, Indianapolis________________ 4,955 75
M iller & C o ., Indianapolis________________________________________ 4,952 00
J. F . W ild & C o ., Indianapolis___________________________________ 4,950 77
B reed, E lliott & H arrison, Indianapolis_________________________ 4,945 00
Delaware C ou n ty N a tion a l B ank, M u n cie_______________________ 4,941 50
E . M . C am pbell’s Sons & C o ., Indianapolis_____________________4,919 00
B O N D O F F E R I N G . — Bids will be received until 10 a. m . D ec. 13 by
G . G . Williamson, C ounty Treasurer, for $11,800 44$% 64$ year average
Curtis V . Rector et al highway im provem ent bonds in L iberty T w p.
D enom . $590. D ate O ct. 15 1915. In t. M . & N . D u e $590 each six
months from M a y 15 1917 to N o v . 15 1926 inclusive.

DELAWARE COUNTY (P. O. Delaware), Ohio.— B O N D

OFFER­

I N G . — In addition to tho $52,400 5% 5 1 4 -year average road bonds adver­
tised to be sold on D ec. 7, an issue o f $17,000 5 % 2 % -y ca r average d itch
bonds will also be offered. V . 101, p. 1827. D enom . 30 for $500 and
10 for $200. D ate Sept. 1 1915. Prin. and semi-ann. int. (Al. & S.)
payable at C ounty Treas. office . D ue $1,700 each six m onths from M ar. 1
1916 to Sept. 1 1920 incl. C ert, check o n a D elaw are C ou n ty bank (or
cash) for $500, paybale to C ou n ty A u d ., required. Bonds to be delivered
and paid for witliin 5 days from d ay o f sale. Purchaser to pay accrued int.

DENNISON VILLAGE SCHOOL DISTRICT (P. O. Dennison),

Tuscarawas County, Ohio.— B O N D O F F E R I N G . — Proposals will be
received until 12 m . D ec. 30 by G . W . M etca lf, Clerk B d. o f E d ., for $7,000
5 % 84$-yr. aver. cou p, school-im pt. bonds. A uth. Sec. 5656, Gen. C ode.
D enom . $500. D a te Jan. 20 1916. Int. J. & J. D u e $1,000 yearly on
Jan. 20 from 1921 to 1927 incl. Cert, check for 1 % o f bonds bid for, paya­
ble to above clerk, required. Bonds to be delivered and paid for on or
before Jan. 20. Purchaser to p ay accrued int. Bids must be un condition al
DETROIT, Mich.— B O N D S A L E . — On N o v . 29 the tw o issues o f 4%
30-year cou p, or reg. (to suit purchaser) tax-free bonds aggregating $700,000
were awarded to the P eop le's State Bank o f D etroit at 100.42 and int.
V . 101, p. 1827. In t. J. & D .
DOWNEY, Bannock County, Idaho.— B O N D S A L E . — K idder, Pea­
b od y & C o. o f B oston were awarded on A ug. 4 at par the S22.500 6 % bonds
to purchase the plant o f the D ow n ey W ater C o. (V . 101, p. 388). D en om .
$1,000. D a te F eb. 2 1915. In t. J. & J. D u e in 10 and 20 yrs.
DURHAM, Durham County, No. Car.— B O N D E L E C T I O N . — Local
papers state that the question o f issuing the $75,000 school-bldg, bonds
(V . 101, p . 1302) will be subm itted to a vote on D ec. 14.
DUVAL COUNTY (P. O. Jacksonville), Fla.— B O N D

E L E C T IO N

P R O P O S E D .—

Local papers state that an election will probably be called to
vote on the proposition to issue $125,000 hospital-construction and equip­
m ent bonds.
EAST AURORA, Erie County, N. Y — B O N D S A L E . — On N o v . 30
the three issues o f reg. bonds, aggregating $40,700, were awarded to the
First N at. Bank o f East Aurora for $40,744 50 (100.109) for 44$s. V . 101,
p . 1734. Other bidders were:
P r ic e .

In ter es t.

J. S. Bache & C o ., N ew Y o r k ....... .......................................*$40,765 00 4 .2 5 %
Hornblower & W eeks. New Y o r k -------- --------------------------- 40,732 56 4.2 5 %
A . B. Leach & C o ., New Y o r k --------------------------------------- 40,713 00 4 .25%
Farson, Son & C o ., N ew Y o r k ....... .............. - ................. .. 4 0 .(3 / 00 4 .3 5 %
4.4 0 %
G oo. B . Gibbons & C o ., N ew Y o r k --------------------------------40.^28 90
Isaac W . Sherrill C o ., P o u g h k eep sie...................... ........... 40,712 21 4.4 5 %
Fidelity Trust C o ., B u ffa lo------------------------------------------- 40.891 ? r f'x n c?
II. A. ivahler & C o ., N ew Y o r k . . . ................................... i n - t - S ™ i ' f 9 %
Bond & Goodw in, New Y o r k ----------------------------------------- 40,/.>6 ™
Bankers’ Trust C o ., B uffalo------------------------------------------- 40,730 00 4.5 0 %
Farmers’ Loan Sc Trust C o ., N ew Y o r k ________________ 4 0 ,(0 0 00 4 .625%
H anchett Bond C o ., C hicago__________________________ 41,067 00 5 %
Harris, Forbes & C o ., New Y ork _______________________ 40,936 47 5 %
* This bid appears to bo higher than that o f the purchasers, but is so
given b y the Village Clerk.
E A ST D E E R T O W N S H IP (P. O. T a re n tu m ), A lle g h e n y C o u n ty ,
P a .— B O N D S A L E .— Reports state that L yon , Singer & C o . o f Pittsburgh
have been awarded an issue o f $24,000 4 4$% tax-free school bonds.
E A S T H A M B U R G (T O W N ) U N IO N F R E E S C H O O L D I S T R I C T
N O . 1 (P. O. O r ch a rd P a rk ), E rie C o u n t y , |N. Y . — B O N D S A L E .— On
N o v . 29 tho $50,000 5% 13-year aver. reg. school bonds (V . 101, p. 1827)
were awarded to Isaac W . Sherrill C o. o f Poughkeepsie at 106.03 and in t.,
a basis o f abou t 4 .3 8 5 % . Other bidders were:
.
„
___
Farson, Son & C o ., N . Y ____ $52,9481 H ornblower & W eeks, N . Y_$52,013
G eo. B . G ibbons & C o ., N . Y . 52,639 Bankers Trust C o .. B u ffa lo .. 51,700
H . A . Kahler & C o ., N . Y _ 52,539] Harris, Forbes & C o ., N . Y . . 50,895
Bonds are dated D e c . 1 1915. Int. ann. on D e c. 1.
E A S T P A L E S T IN E , C o lu m b ia n a C o u n t y , O h io .— B O N D O F F E R I N G .
— Bids will bo received until 12 m. D ec. 27 b y O. L. B utts. V illage C lerk,
for $3 ,0 0 0 5 % 314-year average coupon electric-light-transnussion bonds.
D enom . $500. D ate June 1 1915. Int. J. & D . D ue $500 yearly on
Juno 1 from 1916 to 1921 incl. Cert, check for 2 % o f bonds bid for paya­
ble to Village Treasurer, required. B onds to be delivered and paid tor
within 10 days from tim e o f award. Purchaser to p ay accrued m t.
EAU C L A IR E C O U N T Y (P. O . E au C la ire ), W ise .— BOND E L E C ­
T I O N .— T he election to v o te on the question o f issuing the $85,000 publicauditorium -erection and site-purchase bonds (V . 101, p. 1/34) will b e h e ld
D ec. 7.
.
E L D O R A IN D E P E N D E N T S C H O O L D I S T R I C T (P . O. E ld o r a ).
H a rd in C o u n t y , I o w a . — B O N D S V O T E D .— T h e question o f issuing $93,­
000 building bonds carried, it is stated, b y a v o te o f 479 to 204 at an elec­
tion held N o v . 23.
E L W O O D , D o n ip h a n C o u n t y , K a n s . — B O N D E L E C T I O N .— An
election will be held D ec. 7, it is stated, to v o te on the question o f issuing
$ 7 ,0 0 0 town-hall-erection bonds.
E L W O O D T O W N S H IP (P. O. R id g e fa rm ), V e rm ilio n C o u n t y , Ills .
__ B O N D S V O T E D .— A t an election held N ov. 20 this township voted in
fa vor o f the proposition to issue $38,000 road bonds, it is st ated.
E L Y , S t. L o u is C o u n ty , M in n .— B O N D S A L E .— On N ov. 30 the
$40 000 5 % coupon refunding bonds (V . 101, p. 1571) were awarded to
Sidney Spitzer & C o . o f T oledo at 100.83. D enom . $1,000. D ate Jan. 1
1916. Interest semi-annual. D ue Jan. 1 1931, subject to call at any
interest period after 5 years.
E R IE , P a . — B O N D O F F E R I N G .— Bids will bo received until 10 a. m .
D ec 17 b y T . H anlon, C ity Clerk, for $100,000 grade-crossing-elim mation
and $50,000 flood-em ergency 4 4$% 20-30-year optional cou p, tax-free
bonds. D en om . $500. D a te Jan. 1 1916. Prin. and semi-ann. int.
( J . & J . ) payable at office o f C ity Treas. Bonds m ay be registered as to
principal only. C ert, check or certificate o f deposit on a well-known re­
sponsible banking house for 2 % o f bonds bid for. payable to C ity T rea s.,
required. Bonds to be delivered and paid for on or before D ec. 31. G la ­
cial circular states that there is no litigation pending or threatened affect­
ing tho corporate existence o f the city or the boundaries thereof, or the title
o f its present officers to their respective offices, or the valid ity o f the pro­
posed issue, or o f any other city bonds.
E S S E X C O U N T Y (P. O. S alem ), M ass . — T E M P O R A R Y L O A N .— On
N o v . 29 a loan o f $40,000, dated D ec. 10 1915, m aturing A pr. 10 1916, and
issued for the Lawrence and M ethuen highw ay, was awarded to the Glou­
cester Safe D ep . & Trust C o . at 2.25% d iscount. D en om . $10,000. Other
bidders were:

Discount.

Discount.

Van V oorhis, W ilson & C o ----- 2.25% N aum kcag T r. C o ., Salem ------ 2.60%
C ape A nn N a t. B k .,G lo u _ ..* 2 .2 8 % C ropley, M cG aragle& C o.,B os.2.67%
Gloucester N at. Bank, G lo u ..2 .3 7 % M erchants’ N a t. B k ., Salem __3%
Central N at. B an k---------------- 2 .48%
* Plus $1 50 prem ium .

1904

THE CHRONICLE

[Vol . 101

FALL RIVER, Mass.— B O N D S A L E . — On N o v . 27 $50,000 1-30-yea*;
w ater and $30,000 1 - 5-year highw ay 4 % bonds were aw arded, report8
state, to W . L . R aym on d & C o. o f B oston a t 102.135.

United B kg. & Savs. C o - .- $ 9 ,5 9 5 OOlTillotson & W o lco tt C o . . . $9,557 95
H ayden, M ille r & C o ., C lev. 9.564 0 0 | O tis & C o ., C leveland_____ 9,500 00
IA N B A
DR
A
IS
I
NO
(P. O. E n g la d ),
FARMERSVILLE, Montgomery County, Ohio.— B O N D O F F E R I N G . L oIN D e C o u n tY O U r k .—A INS CG E P D I O T RO C T O N D. S2— Tho $45,000 n6 %
nok
y, A
D E
R I T
N
F B
.
— T his village will offer for sale on F eb. 1 1916 the $16,000 5 % 1743-yr. drainage-system -im provem ent bonds awarded on O ct. 14 to Francis, B ro.
average coupon water-works bonds which were offered without success & C o. o f St. L ouis at 99.11 are cou pon in form and in the denom . o f $1,000.
on Sept. 14.— V . 101, p . 1035. D enom . $500. D a te Feb. 1 1916. Int. D a te N o v . 1 1915. In t. F . & A ., payable at the M ississippi Valley Trust
F . & A ., at the Citizens Bank, Farmersville. D ue S500 yearly on F eb. 1
St. Louis. D
on A
$500 1916, $1,000 from
from 1918 t o 1949, incl. Cert, check for 5 % , payable to the Vil. Clerk, C o. o fto 1923 incl., ue yearly from u g. 1 as follows: c l., $2,060 from 1929 to
1917
$1,5C0
1924 to 1928 in
required. N o bonded or floating debt. Assess, val. $420,130. A . F .
1933 in cl.. $2,500 1934, 1935 and 1936, $3,000 1 937,1938 and 1939 and
G ilbert is V il. Clerk.
and $3,500 1940. T ho purchasers are now offering these bonds to investors.
F e n t o n (TOWN), Broome County, N. Y . — B O N D O F F E R I N G . —
IT S A O U N T
.— O N D A L
Proposals will b o received until 10 a. m . D ec. 10 b y Henry Kales, T ow n N o v .A22CtheC$75,000 Y (P. O. G r a n d R a p id s ), M in nand Bbridge S5% E . — On
funding and $75,000 highway
coupon
Supervisor, care o f C ounty Treasurer (P. O . B ingham ton), fo r $4,500
101, p.
t. Bank
5 % bonds. D en om . (3) $100, (1) $400, (6) $500, (1) $800. D a te D ec. 1 bonds (V . follows: 1647) were awarded to the First N ain t., and o f Grand
Rapids as
F or funding, $77,410 (103.213) and
for high­
19 5. Interest annually on M arch 1 at the C ounty Treasurer's office
w ay and bridge, $77,350 (103.133) and int. Other bids were:
D u e on M arch 1 as follows: $500 1919, $ ,000 1920, 1921, 1922 and 1923
A . B . Leach & C o ., C hicago— Prem ium o f $4,890.
C ertified check fo r 10% o f bid required. B onds to be delivered and paid
M inneapolis T ru st C o ., M inneapolis— Premium o f $4,505.
for D e c . 13.
M innesota Loan & T rust C o ., M inneapolis— Premium o f $4,525.
FLOYD COUNTY (P. O. New Albany), In d .— B O N D O F F E R I N G . —
B olger, M osser & W illam an, Chicago-—Premium o f $4,350.
C laude A . Sittason, C ou n ty T reas., will receive bids until 10 a. m . D e c. 9
J- O ' M a yer & C o -> C incinnati— Premium o f $3,465.
for an issue o f $13,200 443% Perry N . Curl et al. road bonds in N ew A l­
W ells & D ick ey C o ., M inn eapolis— Premium o f $2,977.
ban y T wp.__D en om . $330. D a te D e c . 9 1915. In t. M . & N .
C oop er M yers & C o ., D uluth— Premium o f $1,785.
C . O. Kalm an & C o ., St. Paul— Prem ium o f $300; retiro at par after
B O N D S A ^ E ^ O n N o v . 27 the $10,160 443% highw ay-im ptT bonds'w ero
Interest date 1921.
awarded to th e M utual T r. & D ep . C o. o f N ew A lb a n y for $10,336 75
P roviden t Sav. Bank & T rust C o .. C in e.— P ar for 443s, less $750.
equal to 101.739, it is reported.— V . 101, p . 1734.
JACKSQN, H in d s County, M iss. — B O N D E L E C T I O N . — Reports
(^FORT EDWARD (Town), Washington County, N. Y.— B O N D
state that an election will be held D ec. 11 to determ ine whether or not this
S A L E . — Farson, Son & C o. o f N . Y . were recently awarded at 106.208
an issue o f $25,000 5 % 1343-yr. average cou pon bridge bonds, a basis city shall issue $30,000 G% 20-year Livingstone Park property purchase
bonds,
**
fi*itefife ter tfc.
fane •
*
o f about 4 .3 8 5 % . D enom . $1,000. D ate Sept. 1 1915. Prin. and
semi-ann. in t., M . & S ., payable at Fort Edward N at. B ank, F ort E dward.
JAMESTOWN, Newport County, R. I.— B O N D S A L E . — On N o v . 29
D u e $1,000 yrly. on M ar. 1 from 1917 to 1941, incl. Total bonded debt
the $48,000 443% 19 4-5-yr. average coupon refunding bonds (V . 101,
lncl. this issue $45,000. Assess, val. $2,109,112.
p . 1828) were awarded to C ropley, M cG araglo & C o . o f Boston at 101.279
GALVESTON, Galveston County, T e x . — B O N D E L E C T I O N . — L oca and in t ., a basis o f about 4.41 % . Other bids were :
B lodgett & C o ., B oston_____ 100.65IN . W . Harris & C o .. B ost
97.52
papers state that the propositions to issue $250,000 street-im pt., $200,000
M errill. Oldham & C o .. B ost- 99.091
water-m ain-repairing, $300,000 street, avenue, alley and sidewalk im pt.
and $125,000 funding bonds will be subm itted to a v ote on Jan. 18 1916.
JEFFERSON COUNTY (P. O. Hillsboro), Mo.— B O N D S D E F E A T E D
GARFIELD SCHOOL DISTRICT (P. O. Garfield), Bergen County
— T h e election held N o v . 6 resulted in the defeat o f tho propositions to
issue the $500,000 road and bridge-building and $25,000 county-hospitalN. J.— B O N D O F F E R I N G . — Proposals will bo received until 8:30 p. m
erection bonds (V . 101, p . 1210.)
D ec. 16 b y Eugene H ill, D istrict C lerk, for $31,234 5 % cou p, (w ith priv,
JOPLIN SCHOOL DISTRICT (P. O. Joplin), Jasper County, Mo.
o f reg .) school bonds. D en om . 1 fo r $900, 1 fo r S I,334 and 29 for $1,000.
D a te Jan. 1 1916. Prin. and sem i-ann. int.— J. & J .— p ayable at First — B O N D S V O T E D . — Local papers state that the election held N o v . 23
(not N o v . 16 as first reported) resulted in favor o f tho question o f issuing
N a t. B ank, G arfield. D u e yearly on July 1 as follow s: S I ,000 1917, 1919, $300,000 site-purchase, high-school-bldg, and equipment and $50,000
1924 to 1933 incl. and 1940 to 1944 in ch , $900 in 1918, $1,334 in 1923 and gradc-school-bldg. im pt. 443% 10-20-yr. op t. bonds.— V . 101, p . 1571.
$2,000 from 1934 to 1939 incl. C ertified check on an incorporated bank or
KALISPELL, Flathead County, Mont.— BOND O F F E R I N G . —DIstrust com p a n y for $1,000, payable to John Stew art, C ustodian o f School patches state that R . E . R ollins, C ity C lerk, will receive sealed bids until
D ec. 20 for $20,000 6 % refunding bonds. C ert, check for $500 required, h
M on eys, required. Purchaser to p a y accrued interest. B ids must bo made
KANE COUNTY SCHOOL DISTRICT NO. 129, Ills.— B O N D S A L E .
on form s furnished b y the d istrict. T h e U . S. M tg e. & Trust C o . will
certify as to the genuineness o f the signatures o f the district officials signing — On N o v . 8 an issue o f $30,000 443 % school bldg, bonds was awarded to
N• »;
CP- o f C hicago. D en om . $500. D ate N o v . 1 1915.
the bonds and the seal impressed thereon and the valid ity o f these bonds Int. M . & N . Due $5,000 yearly on N o v . 1 from 1930 to 1935 incl.
t- i
will be approved b y H awkins, D elafield & L on g fd low o f N . Y ., whoso
KANKAKEE COUNTY (P. O. Kankakee), Ills.— B O N D E L E C T I O N
opinion will bo furnished purchaser. B onded d ebt $129,000. Assessed P R O I O S L D . — Reports state that there is talk o f holding an election to sub­
valuation, real estate, $5,081,593; personal, $782,781.
Bids m ust bo m it to tho voters the question o f issuing $750,000 road bonds.
KENNETT, Shasta County, Calif.— B O N D S A L E . — T h o following
unconditional.
bids were received, it is stated, for the $5,000 6 % bridge bonds offorod on
T h e o f f i c i a l n o t ic e o f th is b o n d o ffe r in g w ill b e f o u n d a m o n g th e a d v e r tis e
N o v . 8 (V . 101, p. 1303):
m e n ts e ls e w h e r e i n th is D e p a r tm e n t.
State Board o f C ontrol, Sacram ento, $5,057 and interest.
GENEVA, O n ta r io C o u n ty , N. Y.— B O N D S A L E . — On N o v . 5 issues V ictor E . W arrens, K ennet, $5,001 and interest.
o f $18,500 fire-apparatus and $1,500 park 5% bonds were awarded to the
KINSTON, Lenoir County, No. Caro.— B O N D S O F F E R E D B Y
G eneva Savings Bank o f Geneva at 101. D en om . $500 and $1,000. D ate B A N K E R S . — Bolger, M osser & W illam an o f C hicago is offering to investors
O ct. 1 1915. Int. A . & O. D u e on A p ril 1 from 1916 to 1934. j . ^ ___
$25,000 5 % water, street and sower bonds. D en om . $ 1 ,0 0 0 . D ato
GEORGETOWN SCHOOL DISTRICT (P. O. Georgetown), Brown O ct. 1 1915. Principal and semi-ann. int.— A . & O .— payable at tho
County, Ohio.— B O N D S D E F E A T E D . — A t the election held N o v . 23 H anover N a t. Bank or New Y o rk . D u e $5,000 yearly O ct. 1 from 1921 to
1925 Incl. T otal bonded d eb t, including this issue, $412,000. Assessed
the p roposition to issue the $30,000 school bonds was defeated b y a vote
v a l., 1915, $4,052,779; actual va l., est., $10,000,000. Legality approved
of 128 “ fo r’ - to 151 “ against.” — V. 101, p. 1735.
« i > -1
GREAT BEND SCHOOL DISTRICT (P. O. Great Bend), Barton b y Storey, T horndike, Palm er & D o d g e o f B oston.
LACEY CONSOLIDATED SCHOOL DISTRICT (P. O. LaceyL
County, Kans.— B O N D E L E C T I O N . — Local papers state that an elec­
Mahaska County, Iowa.— D E S C R I P T I O N O F B O N D S . — T ho $4,000
tion will be held D e c . 14 to v ote on the question o f issuing bldg, bonds.
5 % additional building bonds awarded on Aug. 21 to G eo. M . Bechtel &
GREGORY COUNTY (P. O. Fairfax), So. Dak.— B O N D E L E C T I O N . C o.
aro
tho
— An election will be held D ec. 14, it is stated, to vote on the proposition and o f D avenport at par (V . 101, .p. 1735) D uoin1925.denom ination o f $1,000
dated O ct. 1 1915. Int. A & O .
to issue $80,000 funding bonds.

GROSSE POINTS PARK, Wayne County, Mich.— B O N D

OFFER

Bids will be opened at 8 p. m . D ec. 13 b y E dm ond F . Poupard.
Vil. Clerk (P. O . 4075 Jefferson A ve. E ast, Grosso Pointe Park) for $15,000
443 % 30-year electric-light-system -installation bonds recently v o te d .
D enom . $1,000. C ert, check for $1,000, payable to V il. T reas., required.
Separate bids on form s furnished b y the above Clerk are required as follows:
F or delivery o f bonds on or about Jan. 1 and June 1 1916.
HADDONFIELD, Camden County, N. J.— B O N D S A L E . — R eports
state that the $62,000 5 % 30-yr. cou pon street-im pt. and park bonds men­
tioned in V . 101, p . 1646 have been awarded to M . M . Freeman & C o. o f
Phila. at 103.518, a basis o f about 4 .7 7 % .
HELENA, Lewis and Clark County, Mont.— B O N D O F F E R I N G .—
M artin D o ty , C ity C lerk, will sell at public auction at 12 m . Jan. 3 1916 tho
$120,000 5 % refunding bonds, Series “ I . ” V . 101, p. 1827. D enom .
$500. D a te Jan. 1 1916. Int. J . & J .at the C ity Treas. office, or at option
o f holder a fs o m e bank to be designated b y the C ity Treas. in N ew York
C ity . D uo as follows:
I N G .—

LAFAYETTE COUNTY (P. O. Lexington), Mo.— B O N D S

V O T E D .—

T he proposition to issue $49,000 road bonds In W averly D lst. carried by a
v o te o f 461 to 68 at the election held N o v . 24.— V . 101, p. 1735.
•

LAKE COUNTY (P. O. Crown Point), Ind.— B O N D

S A L E .—

On

N o v . 23 the three issues o f 443% highw ay-im provem ent bonds, aggroating $29,200, were awarded to the First N a t. Bank o f Crown Point for
29,640 (101.506) and int.— V . 101, p. 1735.
.

LAKE LARGO CROSS BAYOU DRAINAGE DISTRICT (P. O,

Largo), F la .— B O N D S A L E . — T ho $120,000 6 % 10 end 20-year coupon
bonds offered on N o v . 1 wore awardod to tho M adison B ond C o . at 95 and
Interest.— V . 101, p. 1210.
at
LAKE WORTH, Palm Beach County, Fla.— B O N D

O F F E R I N G .—

Proposals will b e received until D e c. 7 b y K . L. Ilifner, T ow n C lerk, it is
stated, for $20,000 1554-year (aver.) water-works and $15,000 15-year
electric-light 6 % bonds.
j
LANCASTER, Lancaster County, Pa .— B O N D S A L E . — T h o follow ­
ing bids were received for tho $145,000 4 % cou p, (with priv. o f reg.) tax-free
A m o u n t.
D u e D a te .
O p t. D a l e .
A m o u n t.
D u e D a te .
O p t.
D a te .
w ator-works-imp t . and fire-apparatus purchaso bonds dated Jan. 1 1916,
$ 1 0 ,0 0 0 ..-Jan . 1 1917 D ec. 1 1916 $ 1 0 ,0 0 0 -..Jan. 1 1923 July 1 1922 offered on N o v . 30 (V . 101. p. 1647):
10.000
____________Jan. 1 1918 D10.0001917 ____________Jan. 1 1924 July 1 1923 N at. B k ., L a n 'r_ * l0 1 .06 J. B . L ong & C o ____________ 100.490
ec. 1
Conestoga
..J a n . 1 1925 Jan. 1 1924
10.000—
-Jan . 1 1919 O ct. 1 19181 0 .0 0 0 .
Harris, Forbes & C o ., N . Y . .100.862 Lancaster T r. C o ., L anc’r ___100.291
____________Jan. 1 1926 Jan. 1 1925
10.000
Jan. 1 1920 O ct. 1 1919 10.000
R eilly, B rock & C o ., P h ila ..100.78 U nion T r . C o . , L a n c a s te r ___100 .262
--J a n . 1 1927 Jan. 1 1926 artin & C o .. Phila________ 100.77
10.000
Jan. 1 1921 O ct. 1 1920 1 0 . 0 0 0 .
M
M ellon N at. Ilk ., P ittsb____100.241
..J a n . 1 1928 Jan. 1 1927 ownsend, W helan& C o.,P hill00.76 W urtz, D u lle s t C o ., P h ila .. 100.17
1 0 .0 0 0 - ..J a n . 1 1922 July 1 1921 1 0 .0 0 0 .
T
A n unconditional certified check for $5,000, payable to the C ity Treas­ A . B . Leach & C o ., P hila____100.71
Girard T r. C o ., P hila_______ 100.00
* W e were advised that this bank was to bo form ally awarded tho bonds
urer, required.
..... A
HERKIMER COUNTY (P. O. Herkimer), N. Y . — B O N D S A L E . — On on D ec. 2.
LAPORTE COUNTY (P. O. Laporte), I n d .— B O N D S A L E . — On
N o v . 19 an issue o f $330,000 443% 5-26-year serial highway bonds was
awarded to H . A . Kahler & C o. o f N . Y . at 100.32, a basis o f about 4 .4 7 3 % . N o v . 29 the $13,000 4 43% 543-year average Jones road-im pt. bonds were
awardod, reports state, to tho Merchants N at. Bank o f M uncto for $13,216,
D en om . $1,000. D ate N o v . 1 1915. In t. M . & N .
HETTINGER, A d a m 3 County, N o. D a k .— B O N D S N O T T O B E equal to 101.661; a basis o f about 4 .1 6 % .— V . 101, p. 1828.
LEES SUMMIT, Jackson County, Mo.— B O N D S V O T E D . — B y a vot®
I S S U E D . — The Village Clerk advises us that the $7,500 6 % 20-yr. watorworks-system bonds offered on June 25 have been withdrawn, becauso if o f 381 to 24 tho question o f issuing tne $28,000 5% 20-vear water-system "
the same were issued tho constitutional limitation debt would bo exceeded constr. bonds (V . 101, p. 1736) carried at the election held N o v . 23. A . O.
M iller is C ity Clerk.
1 ’
(V . 101, p. 62.)
LOCKLAND, Hamilton County, Ohio.— B O N D O F F E R I N G ’. — Bids
HOWLAND TOWNSHIP RURAL SCHOOL DISTRICT, Trumbull
County, Obio.— B O N D O F F E R I N G . — Bids will be received until 12 m . will be received until 12 m . D e c. 20 by R ay M iley, Vil. Clerk, for $7,000
D ec. 18 b y C . A . H aible, Clerk o f B oard o f E ducation (P. O. W arren,
5% 20-year M ill St. (village’s portion) bonds. D enom . $500. D ate
R ou te 5 ), fo r the $40,000 5 % 6-year .average school bonds voted N o v . 2—
Sept. 1 1915. In t. M . & S. C ert, check for $100, payable to abovo Clerk,
V . 101, p . 1647. A u th ority Secs. 7625 to 7628 incl., Gen. Code. D enom . required. Bonds to bo delivered and paid for within 10 days from tim o o f
$500. D a te D ec. 18 1915. Prin. and semi-ann. in t.— A . & O.— payable award. Purchaser to p a y accrued interest.
_ _ ___
at W estern R eserve N a t. B ank, W arren. D u e $2,000 each six m onths
LONSDALE (P. O. Knoxville), Knox County, T erm .— D E S C R I P ­
from A pril 1 1917 to O ct. 1 1926 incl. C ertified check for $500, payable
T I O N O F B O N D S . — T he $30,000 funding, street-im pt. and school-bldg,
to Treasurer o f D istrict, required.
^
^ ». He* < bonds awarded on N o v . 19 to M . II. Cutter & C o. o f Chicago for $30,500
HUGHES COUNTY (P. O. H o ld e n v illa ), O k la .— B O N D O F F E R I N G . (101.666) bear int. at the rate o f 543% and are datod M a y 20 1915 (V . 101,
— Proposals will be received until D ec. 8 b y A . J. Johnson, C ounty Clerk, p . 1828). D enom . $1,000. Int. M a y & N o v . 20. Duo M a y 20 1945.
it is stated, for the $100,000 5% 25-year court-house and .jail-construction
LOS ANGELES SCHOOL DISTRICTS, Calif.— BOArD S A L E . — On
bonds voted N o v . 17 (V . 101, p . 1492). Interest semi-annual.
N o v . 15 the Board o f Supervisors awarded the following 443 % school bonds
HURON COUNTY (P. O. Norwalk), Ohio.— B O N D S A L E . — O n to N . W . Halsey & C o . o f San Francisco at 100.33 and interest :
N o v . 23 the .tw o issues o f 5% highway-im provem ent bonds, aggregating $859,000 city high-school bonds dated July 1 1914 and maturing serially
$8,850, were awarded to D avies-Bertram C o. o f Cincinnati at 101.278
from July 1 1918 to 1953, incl. Price: par, accrued interest
and interest.— V . 101, p . 1571.
and $2,834 70 premium.
D avies-B ertram C o ., C in e .$8,963 OOlSldney Spitzer & C o ., Tol_$8.917 26
792.000 city school district bonds dated July 1 1914 and m aturing serially
P rov . S. B . & T . C o ., Cin_ 8,960 63 H a y d e n ,M ille r & C o .,C le v . 8,913 75
July 1 1921 to 1948 Incl. Price: par, accrued int. and $2,613 60
T illotson& W olcott C o ------ 8,951 6 2 1C itizens’ Banking C o ., N orprem ium .
Spitzer, R orick & C o .. T o l . 8,948 50) w a l k ___________________ 8,902 59
LYONS, Fulton County, Ohio.— B O N D O F F E R I N G . — F loyd C arpen­
H oehler,C u m m ings& Pru dOtis & C o ., C leveland_____ 8,895 00 ter, V il. Clerk, will receive bids until 12 m . D ec. 7 for $22,467 5 % 6 43-yr.
t den, T o l e d o ____________ 8,923 0 0 1
-4
average street-im pt. assess, bonds. D enom . 10 for $1,000, $500, $377 43
" INDEPENDENCE, Cuyahoga County, Ohio.— B O N D T S A L E .— On and $369 27. D ato O ct. 1 1915. Prin. and soml-ann. int. (A . & O .)
N o v . 27 the $9,500 5 % 543-year average cou p. Brecksvillo road-im prove­ payable at Lyons Comm ercial B ank. Duo $2,246 70 yearly on A p r. 1
m ent bonds were aw arded to the H anchett B ond C o. o f C hicago for $9,­ from 1917 to 1926 incl. Cert, check on a T oled o or a Lyons bank for $1,000
607 50 (101.131) and in t., a basis o f about 4 .7 7 % — V . 101, p. 1571. Other required. B onds to bo delivered and paid for within 10 days fro m tlme.of
bids were:
.
_ _
...j award,
u&
i
.— , — —
— — .utfl
-J




D eo. 4 1915.]

THE CHRONICLE

MC MINN COUNTY (P. O. Athens), Tenn. —
PROPOSED

BOND

E L E C T IO N

.— R eports state that this county proposes to call an election

to vote on the proposition to issue $100,000 road bonds.
MAHONING COUNTY (P. O. Youngstown), Ohio.— B O N D

OFFER­

I N G .—

Bids will be received until 12 m . D ec. 21 by Frank H . Vogan, Clerk
B oard o f C ounty C om m rs., for the following 5 % tuberculosis hospital
(cou nty’s share) bonds:
$6,900 m aintenance bonds. D enom . 6 for $1,000, 1 for $900. D ue
$1,000 yearly on Sept. 1 from 1916 to 1921 incl. and $900 Sept. 1 ’22.
3,100 im provem ent bonds. D enom . 5 for $500, 1 for $600. D ue $500
yearly on Sept. 1 from 1916 to 1920 incl. and $600 Sept. 1 1921.
A utk. Secs. 2434 and 3152, Gen. C ode. D ate Jan. 1 1916. Prin. and
semi-ann. int. (M . & S.) payable at C ounty Treasury. C ert, checks for
$300 and $200 respectively, payable at the C ounty T reas., required. Pur­
chaser to pay accrued lnt. Bids must be unconditional.

MANHATTAN, Riley County, Kan .—

P R IC E P A I D

F O R B O N D S .—

T he price paid for the $33,500 5 % paving bonds awarded on N o v . 9 to the
Shawnee Investm ent C o. o f T op ek a (V . 101, p. 1736) was par and int.
D en om . (60) $500, (10) $350. D a te N o v . 1 1915. In t. M . & N . D u e
$3,350 yearly from 1916 to 1925 incl.

MARIANNA, J a c k s o n C o u n t y , F la .— B O N D S D E F E A T E D . — T he
proposition to issue $30,000 m unicipal-ice-plant-bldg, bonds failed to carry,
it is stated, at an election held N o v . 23.
MARIN MUNICIPAL WATER DISTRICT (P. O. San Rafael), Calif
— B O N D O F F E R I N G . — Proposals will be received until 7:30 p . m . D ec. 21
b y O. S. W hitaker, Sec. B oard o f D irectors, for $600,000 5% water bonds.
D en om . $1,000. In t. A pr. 1 and O ct. 1. D u e yearly on O ct. 1 as follows:
$20,000 from 1926 to 1930 incl.; $40,000 from 1931 to 1935 in cl., and
$80,000 from 1936 to 1939 incl. D elivery o f bonds as follows: $300,000
Jan. 1916 and $300,000 A pril 1916, unless the tim e for such delivery be
altered by mutual consent o f the purchaser and the B oard o f Directors.
C ert, check for 5 % o f am ount o f the bid, payable to the “ W ater D is trict,”
required. Bids m ay be for the whole issue or any portion thereof. Those
bonds are part o f the $3,000,000 issue voted A ug. 28 to purchase the plant
o f the N orth C oast W ater C o. See V . 101, p . 867.
T h e o f f i c i a l n o t i c e o f t h i s b o n d o f f e r i n g w i l l b e fo u n d s a m o n g t h e a d v e r t i s e ­

1905

MORGAN COUNTY (P. O. McConnollsville), Ohio.— B O N D

MOUNT DIABLO BOULEVARD DISTRICT (P. O. Alamo), Contra

C o sta C o u n ty , C a lif.— B O N D E L E C T I O N . — Reports state that an elec­
tion will be held D ec. 18 to v o te on the question o f issuing $90,000 roadconstruction bonds.

MUSSELSHELL COUNTY SCHOOL DISTRICT NO. 49 (P. O.

Carpenter Creek), Mont.— B O N D O F F E R I N G . — Proposals will be re­
ceived until 4 p .m . D e c. 23 b y Fred F . R olp h , Clerk B oard o f School Trus­
tees, for $3,000 6 % 10-20-year (o p t.) coupon building bonds. D en om .
$500. Int. payable annually at the C ou n ty Treas. o ffice. R oundup. All
bids other than such as m ay be subm itted b y or on behalf o f th e State Board
o f Land Commissioners o f M on tana must be accom panied by certified check
on som e bank in M on tana for 10% o f am ou nt bid for, such check to be m ade
payable to the C ou n ty Treasurer.
N EV A D A , V e rn o n C o u n t y , M o.— B O N D S D E F E A T E D . — The~pr<>
position to issue $35,000 bonds failed to carry at an election held N o v . 16.
T h e vote was 183 “ for” and 364 “ against."

NORTH HEMPSTEAD (P. O. Manhasset), Nassau County, N. Y.

— B O N D S A L E . — W e are advised that the $30,000 C arle Place W ater D ist.
bonds recently refused b y Farson, Son & C o . o f N . Y . (V . 101, p . 1572)
have been resold.

(jhMS'i'EAD TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Olm-

s te a d F a lls), C u y a h o g a C o u n t y , O h io .— B O N D O F F E R I N G .— Bids will
be received until 1 p . m . D ec. 18 b y F . R . Gallagher, Clerk B d . o f E d .,
fo r $65,000 5% cou p, site-purchase and constr. bonds. A u th . Secs. 7625.
7626 and 7627, Gen. C ode. D enom . $500. D ate day o f sale. Prin. and
semi-ann. int. (A . & O .) payable at the Bank o f Berea C om pany, Olmstead
Falls. D ue yearly on A p r. 1 and O ct. 1 as follow s: O ct. 1 m aturities,
$500, 1917 to 1923 incl., $1,000 1924 to 1933 incl., $1,500 1934 to 1939 incl.,
and $2,000 1940 to 1946 incl. April 1 maturities: $500 1921 to 1929 incl.,
$1,000 1930 to 1937 in cl., $1,500 1938 to 1941 incl. and $2,000 1942 to 1946
incl. Cert, check on a bank other than the one m aking the bid for 10% o f
bonds bid for, payable to D ist. T reas., required. B onds to be delivered and
paid for within 10 days from tim e o f award. Purchaser to pay accrued int.

ONEIDA COUNTY (P. O. Rhinelander), Wise.— B O N D S

m e n ts e ls e w h e r e i n th is D e p a r tm e n t.

MARION COUNTY (P. O. Indianapolis), Ind . — B O N D S A L E . — On
N o v . 26 the tw o issues o f 414% highw ay-im pt. bonds aggregating $8,780
were awarded as follow s (V . 101, P- 1736):
$6,040 W oodcock road bonds to G avin L . P ayn e & C o . o f Indianapolis for
$6,140 (101.655) and in t.
2,740 W neatcroft road bonds to the Flotcher-A m er. N a t. Bank o f In ­
dianapolis for $2,777 25 (101.359) and int.
Other bids were:
$6,040
$2,740
R oad.

R oad.

G avin L. Payne & C o ., Indianapolis---------------------------------- $2,770 00
Fletcher-Am erican National B ank, Indianapolis_____ $6,134 15
______
B reed, E lliott & Harrison. Indianapolis_____________ 6,131 00
2.775 00
E . M . C am pbell’s Sons & C o ., Indianapolis_________ 6,125 00
2,753 00
Starr Piano C o .. R ich m on d------------------------------------------------2.755 00
MIAMI, Dade C o u n ty , Fla.— B O N D O F F E R I N G . — A ttention is called
to the corrected official advertisement elsewhere in this departm ent o f
the offering o f three issues o f 5 H % gold coupon bonds, aggregating $450,­
000. T he legality o f these bonds will be approved b y Caldwell, M asslich
& Reed and not Caldwell & Masslich as at first reported. F or details and
terms o f offering see V . 101, p . 1829.
MIDDLEPORT, Meigs County, Ohio.— B O N D O F F E R I N G . — Bids
will be received b y Fred M . Sisson, Vil. Clerk, for $3,500 5 % 7-year aver,
cou p, street and sidewalk im pt. (village’s share) bonds. A uth. Sec. 3939,
G en. C ode. D ate D ec. 31 1915. In t. J. & D . D ue one bond every other
year on D ec. 31 from 1916 to 1928 incl. Cert, check for 10% o f bonds bid
for, payable to V il. T reas., required. B onds to be delivered and paid for
within 10 days from tim e o f award. Purchaser to p ay accrued interest.
MILFORD, New Haven County, Conn .— B O N D O F F E R I N G . — P ro­
posals will be received until 8 p. m. D ec. 22 b y Sanford Hawkins, T ow n
T reas., for $114,200 4 ^ % municipal building erection bonds. D enom .
114 for $1,000, 1 for $200. D ate Jan. 1 1916. Prin. and semi-ann. int.
(J. & J .) payable at M ilford Trust C o ., M ilford . D u e $5,000 yearly be­
ginning Jan. 1 1917. T otal bonded debt, incl. this issue, $315,200: no
floating debt. Grand List O ct. 1914, $9,979,004; value o f town property
$201,564.

The official notice of this bond offering will be found among the advertise­
ments elsewhere in this Department.

SALE.

— On N o v . 27 the three issues o f 5 % cou pon highw ay bonds, aggregating
$8,000, were awarded to E . M . Stanberg o f M cC onnellsville at 100.20 ana
in t. V . 101, p. 1829. Other bidders were:
Seasongood & M a yer, C in ------ $8,112|Otis & C o ., C le v e la n d -........... $8,082
___________
B oth these bids were con dition a l.

AU TH O R­

I Z E D .—

Local papers state that the B oard o f Supervisors has authorized
the issuance o f $21,500 road-constr. and im pt. bonds. D en om . (80) $250
(10) $150. D ate July 1 1916. D u e serially until July 1 1926.
’
PAINESVILLE, Lake County, Ohio.— B O N D O F F E R I N G . — Bids
will be received until 12 m . D e c. 27 b y Frank L . K elly, C ity C lerk, fo r
nine issues o f 5 % cou pon im pt. bonds, aggregating $74,500. Denom.
$500. D ate O ct. 1 1915. P rin. and semi-ann. in t., A . & O ., payable
at C ity Treas. office. D u e on O ct. 1 as follows: $7,000, 1917 and 1918:
$9,500. 1919: $10,000, 1920; $8,000. 1921; $4,500, 1922; S2.500, 1923 and
1924; $8,000, 1925; $2,500, 1926; $1,000 y rly. from 1927 to 1934, incl.;
$4,000, 1935 and $1,000, 1936. C ert, check on a Lake C ou n ty bank fo r
$2,500, payable to C ity Treas., required with all bids fo r the total am ount.
B onds to be delivered and paid fo r within 10 days from tim e o f award.
Purchaser to pay accrued interest.

PALMYRA TOWNSHIP SCHOOL DISTRICT (P. O. Diamond),

Portage County, Ohio.— B O N D O F F E R I N G . — It is stated that Jos. W ill­
iam s, D ist. C lerk, will receive bids until 1 p . m . D ec. 10 for $30,000 5 %
semi-ann. school bonds. C ert, check fo r $200 required.
kicking County, Ohio.— B O N D

S A L E .—

On Nov. 29

the $20,000 5% 103^-year aver, town-hall site-purchase and constr. bonds
were awarded to the Ohio N a t. Bank o f C olum bus at 102.659— a basis of
a b o u t4 .6 7 5 % . V . 101, p . 1830. Other bidders were:
T illotson & W olcott C o ., Clev$20,376 H anchett B ond C o ., C hic. 20,223 50
Pataskala B kg. C o ., P a ta sk . 20,327 W eil, R oth & C o ., C in c.-$ 2 0 ,2 1 8 00
H ayden, M iller & C o ., C ie v . 20,325 B reed, E lliott & Harrison,
Seasongood & M a yer, C in e .- 20.305
Cincinnati .................... 20,212 00
Security Sav. Bank & Trust
Stacy & Braun, T o le d o — 20,160 00
C o ., T o le d o _______ _______ 20,282 C ity N a t. B ank, Colum bus 20,155 00
H oehler, Cum mings & P rudOtis & C o ., C levelan d____ 20,150 00
den, T o le d o _______ _______ 20,234 Newark Trust C o ., N ew ’k 20,102 25
Spitzer, R orick& C o., T o l- 20,027 50
P E A P A C K -G L A D S T O N E , S om erset C o u n t y , N . J .— B O N D S P R O ­
P O S E D .— A ccording to reports this borough is contem plating the issuance
o f $55,000 5 % cou p, serial water-plant bonds.
P I T T S F IE L D , B e rk sh ire C o u n t y , M a ss. — B O N D S A L E .— On N o v .
29 the $20,000 4 % 3-year average sidewalk bonds were awarded to M errill,
Oldham & C o . o f B oston at 101.32, a basis o f abou t 3 .5 2 % . V . 101, p.
1830. Other bids were:
E . H . Rollins & Sons, B o st-.1 0 1 .2 9 8 G eo. A . Fernald & C o ., B o s . 101.07
B lake B ros. & C o ., B o s t o n .-101.27 E stabrook& C o ., B o sto n ____101.06
A dam s & C o ., B oston ______ 101.19
C urtis & Sanger, B o sto n ____101.033
R . L . D ay & C o ., B o sto n ____ 101.159 Van V oorhis, W ilson& C o - - .1 0 1 .0 0
E . O. P otter& C o ., B o s t o n ..101.132 R . M . Grant & C o ., B o sto n . 101.909
H . C . G rafton J r.. B o s t o n ..*101.12 Clem ent Parker & C o ., B os.-lO O .7 3
W orcester N o rth Savs. In­
C rop ley, M cG aragle & C o _ 100.714
_
stitution, F itchburg----------101.10
F . C . Peach, P ittsfield------- 100.55
D en om . $1,0 00 . D a te D e c. 1 1915. In t. J . & D . D u e $4,000 yearly
from 1916 to 1920 incl.
L O A N O F F E R I N G . — Bids will be received until 11 a. m . to -d a y (D ec. 4)
fo r a loan at discount o f $150,000 dated D e c. 6 1915 and m aturing A pril 7
1916, it is stated.

MINNESOTA.— B O N D S P U R C H A S E D B Y S T A T E . — D u r i n g the m onth
o f O ctober the following forty-one issues o f 4 % bonds, aggregating $408.802
w ere purchased by the State o f M innesota at par:
A m o u n t.
P la ce—
______ . „
„„
P u rp ose.
D a le o f B on d s.
$13,712 Aitkin C ounty C o. D itch N o . 2 5 - - ............D itch
O ct. 22 1915
15.000 Anoka C ounty Ind. Sch. D ist. N o . 1---- Building
O ct. 25 1915
10.000 Becker C ounty C o . D itch N o. 13----------- D itch
O ct. 23 1915
3,190 Benton C ounty C o. D itch N o. 12----------- D itch
O ct. 23 1915
3,000 Brown C ounty C o. Ditch N o. 16----------- D itch
O ct. 6 1915
19.000 Brown C ou n ty C o. D itch N o. 16----------- D itch
O ct. 25 1915
20.000 Brown C ounty Ind. Sch. D ist. N o . 1---- Building
O ct. 23 1915
9,500 Carlton C ounty Ind. Sch. D ist. N o. 9___Building
O ct. 23 1915
PLAQUEMINES PARISH (P. O. Points la Hache), La.— B O N D S
O ct.
1 1915 A U T H O R I Z E D .— Reports state that the Police Jury recently authorized
O ct. 23 1915 the issuance o f $15,000 5 % court-house-com pletion bonds.
------ ------------------- ---------- Building
O ct. 23 1915
PLEASANT HILL, M iam i County, Ohio.— B O N D S A L E . — On Nov.
16,100 D odge C ounty Ind. Sch. D ist. N o . 6 9 ___Building
O ct. 23 1915
16,000 Douglas C ounty C onsol. Sch. D . N o. 2 -.B u ild in g
O ct. 23 1915 27 the two issues o f 5 % street and water bonds, aggregating $2,000, were
awarded to T illotson & W o lco tt C o . o f Cleveland at 100.76 and int.—
3,500 Faribault C ounty Sch. D ist. N o. 102------ Building
V . 101, P- 1649. A bid was also received from the Pleasant Hill Bkg. Co.
3 !8 0 0 Forreston, JVlille'Lacs C ou n ty-------- ---------M unicipal O ct! 23 1915
7.000 Hayfield, D odge C ounty - - - - - - M unicipal O ct. 23 1915
POMONA, Loa Angeles County, C a lif.— B O N D E L E C T I O N . — The
12.000 Hennepin-Carver C o. Ind. S. D . N o . 5 8 .-B uildin g
O ct. 25 1915 proposition to issue the $50,000 street and park-im pt. bonds (V . 101, p.
15 .0 0 0 Jackson C ounty Consol. Sch. D ist. N o. 4 -B u ild ing
"
O ct. 23 1915 1038) will be subm itted to a vo te , it is stated, on Jan. 11 1916.
11,500 Kanabec C ounty Jud. D itch N o. 3 - . . . . Ditch
O ct. 25 1915
PORTSMOUTH, Scioto County, Ohio.— B O N D O F F E R I N G . — Bids
12.000 Le Seuer C ounty Ind. Sch. D ist. N o. 9 1 --B u i ding
O ct. 25 1915
25.000 M artin C ounty Ind. Sch. D ist. N o. 1------ Building
-----O ct. 23 1915 will be received until 1 p. m . D e c. 10 b y G eo. L . Gablem an, C ity A uditor,
4.000 M inneota, Lyon C ou n ty---------- ---------------- M unicipal O ct.
1 1915 fo r the following 5 % sinking fund bonds, aggregating $32,500 :
25.000 M orrison C ou n ty __________
M unicipal O ct. 23 1915 $5,0 00 sewer-constr. bonds. D a te N o v . 1 1913. D u e N o v . 1 1920.
10.000 sewer-constr. bonds. D a te M a r. 1 1915. D u e M a r. 1 1925.
20.000 New Ulm, Brown C ou n ty...............
M unicipal O ct. 25 1915
15.000 sewer-constr. bonds. D a te Sept. 1 1915. D u e Sept. 1 1925.
6.000 N orthfield, R ice C ou n ty........................... ..M u n ic ip a l O ct. 25 1915
2,500 street-im pt. c it y ’s p ortion b onds. D a te A ug. 1 1915. D ue
5.000 Pine C ounty School D ist. N o. 8 8 ______ Building
O ct. 23 1915
A ug. 1 1925.
8,200 Polk C ounty C o. D itch N o. 9 2 .............. ... D itch
O ct. 25 1915
D en om . $500. In t. sem i-ann. C ert, check fo r 2 % o f bonds bid for.
1.400 Polk C ounty School D ist. N o. 28______ Building
O ct. 26 1915
Payable to C ity A u d ., required. B ids m ust be unconditional. Purchaser
7.000 P ope C ounty Ind. School D ist. N o. 8 ____ Building
O ct. 23 1915
12.000 St. Louis C ou n ty Ind. Sch. D ist. N o . 1 . . Building
O ct. 23 1915 to p a y accrued interest.
4,300 Sherburne C ou n ty
C o . D itch N o. 4 . . . .
Ditch 23 1915 as These bonds are n ot new issues b u t securities held in the Sinking Fund
O ct.
investments.
3,600 Sherburne C ounty C o. D itch N o. 13 . . D itch
O ct. 23 1915
3.400 Sherburne C ou n ty C o. D itch N o. 14 . . D itch
PROVIDENCE, R. I.— B O N D S A L E . — T h e $300,000 highw ay, $250,­
O ct. 23 1915
2,700 Sherburne C ou n ty C o. D itch N o. 15.........Ditch
Oct. 23 1915 000 harbor and $500,000 school 4 % 30-yr. gold bonds authorized b y the
15.000 Steele C ounty Jud. D itch N_____________________
o. 2 __________ D itch
______
.
O ct. 25 1915 C ity Council on N o v . 15 (V . 101, p. 1737) will be issued to the Sinking
5.000 T aylor Falls, Chisago C ou n ty ___________M unicipal O ct. 25 1915 Fund Commissioners at par. D a te Jan. 3 1916. In t. J . & J. Due
8.000 T od d C ounty Ind. Sch. Dist. N o. 7 8 ----- Building
O ct. 23 1915 Jan. 1 1946.
17,000 Traverse C ounty Ind. Sch. D ist. N o . 3 2 -.B u iId in g
O ct. 23 1915
RICHFIELD TOWNSHIP SCHOOL DISTRICT (P. O. West Rich­
6.000 Wadena C ounty School D ist. N o . 5 _____ Building
O ct. 23 1915
field), Summit County, Ohio.— B O N D O F F E R I N G .— Bids will be re­
3.000 W olverton, W ilkin C ou n ty----------------------- M unicipal O ct. 23 1915
ceived until 12 m . D ec. 27 b y R . E . Parker, Clerk o f B d . o f E d ., fo r the
6.000 Wright C ounty Ind. Sch. D ist. N o . 2 3 --B u ild in g
O ct. 25 1915 $40,000 5 % school bonds recently voted . V . 101, p . 1830. A uth. Secs.
7625 to 7628 incl., G en. C ode. D en om . $1,000. Date D e c. 27 1915.
M O N R O E T O W N S H IP R U R A L S C H O O L D I S T R I C T , P ick a w a y
C o u n t y , O h io . — B O N D S A L E . — On N o v . 22 the $4,000 5% 5M -year In t. A . & O. at Central Savs. & T r. C o ., A kron. D ue yearly on A pr. 1
aver. cou p. Im pt. bonds were awarded to D avies-Bertram C o . o f Cincm nati as follows: $1,000 1917 to 1920 incl., $2,000 in od d years and $1,000 in
for $4,030 50 (100.762) and in t., a basis o f about 4 .8 4 % . V . 101, p . 1737. even years from 1921 to 1927 incl., $2,000 from 1928 to 1938 incl., and
$3,CK)0 in 1939. Cert, check or a go o d sufficient surety bond fo r 10% o f
Other bidders were:
T illotson & W olcott C o . -$4,029 6 0 1Seasongood & M a yer, C ln.$4,017 00 bonds required.
RICHLAND SCHOOL DISTRICT (P. O. Wheeling), Ohio County *
Security Savings Bank &
Stacy & Braun, T o le d o ____ 4,007 61
T rust C o ., T o le d o ______ 4,021 0 0 | O tis & C o ., C leveland_____ 4,003 00 W. Va.— B O N D S V O T E D . — T he election held N o v . 30 resulted in favor o f
the question o f Issuing $85,000 5 % coupon building and equipm ent b an d s
M O R G A N C O U N T Y (P. O. M a rtin sv ille), I n d .— B O N D O F F E R ­
(V . 101, p . 1830). T he vote was 228 to 6 6 . D enom . $500. D ate Jan. 1
I N G . — Dispatches state that W alter
Rosenbalm , C ounty Treasurer,
1916. Prin. and annual int. (Jan. 1) payable at the Bank o f W arw ood,
will receive bids until 12 in. D ec. 11 for $2,900 4 % highw ay-im pt. bonds, W arw ood . D u e $25,000 Jan. 1 1926 and $2,500 yearly Jan. 1 from 1927




THE CHRONICLE

1906

[Vol . 101.

B O N D O F F E R I N G . — 'T ho C ity Treasurer is offering for sale
over the
counter” at par and interest $2,112,000 4 A % water bonds due from 1921
to 1964, and 91 4 A % hospital-jail bonds duo from 1929 to 1932,, incl.
RILEY TOWNSHIP, Sandusky County, Ohio.— B O N D S A L E . On T o ta l outstanding debt o f c it y S42,482,700. Assess, roll o f 1915-16,
N o v 27 the $ 1 0 000 5 % 7-year aver. cou p, highw ay-im pt. bonds were non-operative property $538,692,750: op erative property liable for bonds
awarded to the Frem ont SavS Bank o f Frem ont at 101.25 and ta t., a basis sold prior to N o v . 8 1910 $67,284,344: other operative prop erty $50,700,238.
y
nf about 4 7 7%
V 101. p . 1649. Other bids were:
Q
O
SAN L E A N D R O S C H O O L D I S T R I C T (P . O. S an L e a n d ro ), A lam ed
rnnrf N at Bank F re m o n t--101.23 IOtis & C o ., C leveland----------- 100.88
C o u n t y , C a lif.— B O N D S V O T E D . — T h e election held N o v . 20 resulted,
H anchett B ond C o .. C hicago 101-075 Stacy & Braun, T oled o------ .-lO O .u ll
it is stated, in a vote o f 447 to 139 in favor o f the proposition to issue the
Colonial Savs. B k .. Frem ont 101-0061
_
$125,000 building and equipment bonds (V . 101, p. 1573).
c n iu 7 iiT<! ^rnnOT, DISTRICT (P. O. Roberts), Ford County>
S A N T A C R U Z C O U N T Y (P. O . N o g a le s ), A r iz . — B O N D O F F E R I N G .
H l3 __ B O N D S V O T E D .— T h e questions o f issuing $12,000 and $25,000
Proposals will be received until 10 a. m . D ec. 14 b y Lula R eddock W ood,
school bonds carried, reports sta te, a t the election N o v . 13 b y a vote o f
Clerk B oard o f Supers., for $150,000 5 % 2 0 -4 0 -y e a r-(o p t.) road bonds.
49 t o 2 and 61 to 3 respectively.
ROCHESTER N. Y. — B O N D S A U T H O R I Z E D .— T he Com m on Council D en om . $1,000. D a te D e c. 14 1915. In t. J. & D . C ert, check for 5%
o n N o v 30 authorized the issuance o f 4 t f % 3 0-yr. funding bonds, aggre- o f am ount o f bid required.
S A V A N N A H , G a .— B O N D S V A L I D A T E D . — T he $400,000 4 1 4 % 25^ N O T f ' o F F E R W G - B i d s i v i l l be received until 2 p . m . D e c. 7, it is
year houso-drainage and storm-sewerago-system-ext. bonds votod O ct. 12
r e p S . b y T s O sb orie, C ity C om ptroller, for S100.000 school notes
(V. 101, p . 1399) were validated, reports state, before Judge W alter G .
Charlton in the Superior C ourt on N o v . 27.
m aturing in 1 m onth.
_ . .
.
R O Y A L O A K S C H O O L D I S T R I C T (P. O. R o y a l Oak), Oakland
SE N E Y S C H O O L D IS T R IC T (P. O. S o n e y ), S c h o o lc r a ft C o u n t y ,
C o u n t y , Mich!— BOND E L E C T I O N P R O P O S E D . — 'This district Is con­
M ic h .— B O N D S A L E . — This district has sold an issuo o f $5,000 building
tem plating calling an election to decide whether or not bonds shall be is­
bonds.
sued to provide additional school facilities, it is stated.
SHAR
IL
C oun
.—
RUMFORD, Oxford County, M a i n e . — B O N D O F F E R I N G . — Bids received O N VtheL E , H a m ilto n1-10-yr.t y , O h iocouB I D S . — T ho other bids
for
$3,200
%
pon
bonds
will be ODened on D ec. 18 b y J. II. M a rtin , F . W . D a v is and J. B . Tardif, awarded to Seasongood & 6M a yer at 107serial int. on N opublic-hall 101, p.
and
v . 22 (V .
Selectmen, for $75,000 m unicipal-building and court-house-constr. bonds.
1830) were as follow s :
D a te Jan. 1 1916.
,
_
Secur. S. B . & T . C o ., T o l.$ 3 ,3 1 5 001 R . K leybolte C o ., C in ..............$3,280
tjtt't t t e r f o r d SCHOOL DISTRICT (P. O. Rutherford), Bergen
Breed, E lliott & H a r., C in . 3,283 20 Spitzer, R orick & C o ., T o l._ 3,265
Countv^ N J.— B O N D S D E F E A T E D — T h e voters o f this district on Stacy & B raun, T o l ---------- 3,281 3 0 1Sharonville 13k., Sharonville. 3,200
N o v . 29*decided against the issuance o f the $69,000 bonds for school impts.
S H E L B Y C O U N T Y (P . O . S h e lb y v ille ), I n d .— B O N D S A L E . — T h e
$6,120 4 %
ST. JOSEPH, Buchanan County, Mo.— B O N D OFFFB7 iYG.—Pro- follow ing bids were received for tho . 101, p. A17386 :M-year average AVeinantz
road bonds offered on N o v . 27.-—V
T .B .K ennedy, Shelbyville.*$6,221 00 J. F. AVild & C o .. I n d p ls ..$6,204 00
F.
trollerJit*is^stated,V
for $85l o o ? 4™ % 5^20-year (op t.) fin d in g bonds. Int. Flet. A m . N a t. B k., In d p ls. 6,214 00 E . M . C am pbell’s Sons &
sem i-ann. C ert, check for 2 % required.
S. P. M cC rea , Shelbyville. 6,211 00 C o ., Indianapolis______ 6,196 00
nm p f t t ’ R ^ R U R G S C H O O L D I S T R I C T (P. O. S t. P e te r s o u r g ),
M iller & C o ., Indpls---------- 6,207 50 H anchett B ond C o ., C h i c .. 6,157 50
P in J lla ^ EC m ^ t v F la .— BOND E L E C T I O N P R O P O S E D .— R eports state
that an election will probably be called to v ote on the question o f issuing
♦Reports state this bid was accepted.
* '0,000 funding and school-bldg, equipm ent bonds.
SNOHOMISH COUNTY (P. O. Everett), Wash.— B O N D E L E C T I O N .
OAT p m M a s s __ L O A N O F F E R I N G .— It is stated that bids will be
— Local papers state that the election to vote on tho proposition to issuo
recS f^ J untU lO a. m D ec° 7 for purchase and discount o f a temporary $1,813,800 road construction bonds will be held on D ec. 28.
e
loan o f $ 1 0 0 ,0 0 0 , maturing April 4 1916.
mv
SOUTH BEND, St. Joseph County, Ind. — B O N D S P R O P O S E D .—
SAN FRANCISCO, C a lif.— B O N D R E S O L U T I O N V E T O E D . T ho A ccording to reports this c it y is contem plating the issuanco o f $25,000
Clerk B oard o f Supervisors inform s us th a t the M a y o r vetoed the resolu­ water-works refunding bonds.
tion passed by th e B oard on O ct. 25 a u th o riz in g th e s a le o n D c o . 6 o f the
SPENCER SCHOOL TOWNSHIP (P. O. De Pauw), Harrison
43 287 000 4 A % H etch-H etchy w ater-system bonds (V . 101, P- to<>Drp to N o v . 23 the B oard had taken no action , but we arc advised that tho County, Ind.— B O N D S A L E .— On N o v . 25 tho $1,477 4 A % 3 K -y e a r
average building bonds wero awarded to AVillard R osenbarger, for $1,478,
M a y o r’s v e to will un doubtedly be sustained.

to 1950 incl. T he district has no indebtedness.
district, $5,404,470.

Taxable

property

in

t

NEW LOANS.

NEW LOANS
$

C I T Y

O F

1

, 3

3

N E W

P A V IN G

4

, 0

0

0

. 0

$ 1 1 4 ,2 0 0

0

O R L E A N S ,

L A .,

4 y 2% COUPON BONDS

C E R T IF IC A T E S

D E P A R T M E N T OF P U B L IC F IN A N C E S , A C C O U N T IN G D IV IS IO N .
N E W O R L E A N S , LA .
C ity H all, N ovem ber 14th, 1915.

Sealed bids will be received by
the Toivn Treasurer for the above
issue of bonds until 8 P. M .,
DECEMBER 22, 1915.

P U B L IC N O T IC E .
T h o C ity o f N ew Orleans will sell b y alternate sealed proposals at 11 o ’clock a. m ., W E D N E S D A Y ,
DF CF MR FH 15TH 1915 in the office o f the D eputy Commissioner o f Public Finances. Accounting
Division in the cl tv o f N ew Orleans, one m illion three hundred and thirty-four thousand ($1,334,­
000 00) dollars o f Paving C ertificates. Issued by the C ity o f New Orleans, under and by authority o f
A ct N o 23 o f the General Assembly o f the State o f Louisiana, Session o f 1914, and ordinances N os.
ISO) and 2895 Comm ission C ouncil Series o f said C ity o f N ew Orleans
N o proposals shall be con ­
sidered for a price less than N inety five per cent (.95 per cent) o f its value (par value as used herein
meaning principal and Interest accrued from date o f issue to date o f delivery).
Said Paving C ertificates are o f the denom inations o f One Thousand l i v e H undred and One
Hundred Dollars each, and bearing interest at the rate o f fiv e (5 P ^ c n O per;annum .ev,^ enh
te^ ’ ,y
Interest coupons attached, payable semi-annually on the first d ay o f J a M a w M d July ^ c h year,
respectively. Said certificates are by law exem pt from taxation. State, p a r i s h ; e r a l
are acceptable for deposit with the Treasurer o f the State o f Louisiana under A ct N o . 71 o f the General
Assembly o f the State o f Louisiana, Session o f 1904.
, . . „
.
.
fri w if.
Said certificates shall m ature and be m ade payable in annual installments as follow s, to w it.
$133,400 on the first day o f January, 1918.
$133,400 on the first day o f January, 1923.
S133.400 on the first day o f January, 1919.
$133,400 on the first day o f January, 1924.
$133,400 on the first, day o f January, 1920.
$133,400 on tho first day o f January. 1 J-u$133,400 on the first day o f January, 1921.
$133,400 on the first day o f January, 1926.
$133,400 on the first day o f January, 1922.
$133,400 on the first day o f January. 19-7.
B ut the C ity o f N ew Orleans m ay on said dates redeem a greater amount o f said certificat es
nrovided notice o f its intention so to d o shall have been published in the official journal o f the Citv
tw ice a week for two (2) weeks during the m onth o f the preceding N ovem ber, in which event, the addi­
tion a l^ certifica tessh a llb e redeemed in the order o f the date or dates o f the succeeding m aturity or

Febraary *•

d Three hundred and thirty-three thousand five hundred
00) D o l l ^ . OT N o v r a b e r 1.
1916; bids, however, for these several deliveries will be consideretl separately, but no adjudication ii.
be made for a lot deliverable on any o f the hereinbefore prescribed dates unless adjudication at. the
same tim e be made for all o f the several bids. If a bidder will bid for one lot or morei tharnone lot,
but not all the lots, he shall state in his bid the date of_the maturitiesi he w ish e sto be fixwi for the
certificates o f the lot or lots for which he bids; should a bidder fail so to do and the < ^ J h e maturities
^
decides to adjudicate the sale o f the several lots to the various bJddCT^ then t h e ^ ^ o r
for the certificates o f each lot shall be governed by and fixed in the order o f the date o f delivery
bef° 'T h a t? n o b W ‘will be eligible for consideration and a c c e p t a n c e b y t h e C o ^ M o n C o u n c l l ^ t a c h
is not accom panied by a certified check on some chartered bank in the C ity o f New
L ^ tlm ord L
equal to three (3 per cent) o f the am ount o f the bid, which check shall be made p a y a b le t o t he ord cr
o f the Commissioner o f Public Finances; the check or checks o f unsuccessful^bidders shaH*
ately returned to them and the checks o f the successful bidder shall be cashed ^y the 1
com m Ii^loner
o f Public Finances and by him deposited with the Fiscal Agents o f the C ity o f N °w 9 ri ? s n Vi^in J
account so designated, and whatever interest the said deposit shall earn from tne tim e or so being
deposited to the time o f release shall accrue to the successful bidder.
The am ount so
be for the purpose o f guaranteeing that the bidder will in all respects com ply with the provisions
governing the sale o f the Paving Certificates herein described, and the Comm issioner or I ubllc
Finances shall retain the said deposit and not return the same to the purchaser o f these
until all o f the said certificates have been delivered to and accepted by the purchaser. Should tne suc­
cessful bidder fail to com ply with the provisions o f this ordinance, the amount deposited by him . as
described herein, shall ipso facto, be forfeited to the C ity o f New Orleans, not as a penalty but as
acknowledged liquidated damages and without recourse to judicial proceedings
, .. . . .
The Commission Council shall have the right and reserves the right to reject any and all bids
T h e approving opinion o f Messrs. W ood & Oakley, bond attorneys, o f Chicago, as to the validity or
these certificates will be furnished the successful bidder.
Further particulars and inform ation will bo furnished upon application to A . G . r ic k s , Gom Issioner o f Public Finances, R oom N o. 1, C ity Hall, N ew Orleans. LaT5T_ T a
-




TOWN OF MILFORD, CONN.

Com issioner of l’ubllc Finances
m

One hundred and fourteen are
for $1,000 and one for $200.
Bonds are dated January 1st,
1916, payable $5,000 per annum
on the 1st day of January in each
year thereafter, commencing Jan­
uary 1st, 1917, Avith interest at
43d>% per annum, payable semi­
annually on the 1st day of July
and January in each year, both
principal and interest payable at
the Milford Trust Co. of the ToAvn
of Milford.
The right is reserved to reject
any or all bids.
For further particulars inquire of
SANFORD H AW KIN S,
Town Treasurer.

$ 3 0 ,0 0 0
TOW N OF DARIEN.

C ONN.

Highway, Sidewalk & Bridge Bonds
Proposals will bo received b y tho Board o f
Finance o f tho T ow n o f Darien, C on n ., until
twelve o'clo ck noon, DECEM BER 16, 1915, for
purchase o f $30,000 Highway. Sidewalk and
Bridgo 4 A % bonds dated January 1st. 1916,
duo $10,000 January 1917-1919. Bids will be
scaled and accom panied b y cortifiod check for
T w o Per Cent (2 % ) o f bonds bid for. N o bid
for less than par and accrued intorost will be
considered. T ne right is reserved to rojoct any
and all bids. B Q A K D o p F1N A N C E i

D
arlon, Conn.

THE CHRONICLE

Dec . 4 1915.1

equal to 100.067, a basis o f abou t 4 .4 8 % .— V . 101, p . 1738. T here were
no other bidders.
S P R IN G F IE L D , C la rk C o u n ty , O h io . — B O N D S A L E .— On N o v . 29
the $13,500 5 % 7-year aver. cou p. M ill R un w ater-im pt. bonds were
awarded to A . E . A ub & C o. o f Cincinnati for $14,010, equal to 103.777—
a basis o f about 4 .3 7 % . V . 101, p . 1573. Other bidders were:
— eil, R oth & C o ., C in e ..$14,007 50 J. C . M a yer & C o ., Cinc_$14,933 20
—
- ---------W
F ield, Richards& C o.,Cine. 14,001 00 Otis & C o ., C leveland____ 14,932 00
Seasongood & M a yer, C in e.14,980 00 Ohio N a t. B k ., Colum bus 14,921 25
R . L . D ay & C o ., B oston . 14,965 61 G eo. B . G ib b on s& C o.,N .Y . 14,917 15
T illotson & W olcott C o .,
_____ Davies-Bertram C o ., C in . 14,914 00
C le v e la n d _____________ 14,460 35 Stacy & B raun, T o le d o — 14,896 43
Hoehler, Cum mings &
____ P rov. S. B . & T . C o ., C in. 14,895 55
Prudden, T oled o---------- 14,957 00 Spitzer, R orick & C o., T o l . 14.843 50
H ayden, M iller & C o ., .
Breed, E lliott & Harrison,
C lev ela n d _____________ 14,810 00
C in c in n a t i____________ 14,945 50
S T A M F O R D , F a ir fie ld C o u n t y , C o n n . — B O N D S A L E .— B ids re­
ceived for the $30,000 4 H % 1 5 K -y ea r average public-im provem ent bonds
1
offered on N o v . 29 (V . 101, p. 1738) were as follows:
R . M . Grant & C o ., B o s t o n .*104.638 Frisbie & C o ________________103.74
H arris, Forbes & C o ., N . Y . 104.428 M errill, O idham & C o ., B o st. 103.64
Farson, Son & C o ., N . Y ____ 104.298 Spitzer, R orick Sc C o ., N . Y . 103.57
Kissel, K in n icu tt& C o ., N .Y . 104.28 i f . A . K abler & C o .,N . Y . _ . 103.47
R . L . D a y & C o ., B oston ____ 104.159 P. M . C h a n d le r* C o ., N . Y . 103.21
C urtis & Sanger, B oston ------ 104.039 E stabrook & C o ., H a rtfo rd -.10 3 .1 6
A . B . L each& C o ., N . Y ____ 104.017 C ropley, M cG aragle & C o .,
B o s t o n ___________________ 102.324
E . H . R ollins & Sons, B o s t . . 103.889
W . N . C oler & C o ., N . Y . . . 103.88 C itizen sN a t.B k .,F rost'g,M d . 100.72
* T h is bid was successful.
STEPHENSON C O U N T Y (P. O. Freeport), 111.— BONDS PROPOSED.
— A ccord in g to a local newspaper, this cou n ty has under consideration the
issuance o f road bonds.
STONEHAM , M iddlesex C ounty, M ass. — BOND SALE.— A n issue of
$12,000 4 % cou p , bonds was, it is stated, recently awarded to H . C . G rafton
Jr. o f B oston at 100.387. D u e $3,000 yearly on N ov. I from 1916 to 1919
Inclusive.
SUMNER SCH OOL D IS T R IC T (P. O. Sum ner), Bremer County,
I o w a . — BOND SALE.— T h e $10,000 5% 10-year building bonds (V . 101,
D 393) were awarded on Sept. 15 to the First N a t. Bank o f Sumner for
G eo. M . Bechtel & C o. o f D avenport at 102.15. D en om . $500. D ate
O ct. 1 1915. In t. A . & O.
SUMTER, Sumter County, So. Caro.— BOND SALE.— On N o v . 23
the $225,000 5% lO M -yr. (aver.) street and sidewalk im pt. bonds ( V . 101,
p 1494) were awarded, it is stated, to the Palm etto N at. Bank, P alm etto,
for $226,807 (100.803) and int.— a basis o f about 4 .9 0 % .
SW AM PSCOTT, Essex County, M ass.— TEMPORARY LOAN.—
On N o v . 26 a loan o f $35,000 m aturing A pril 10 1916 was negotiated with
H C . G rafton, J r., o f B oston at 2 .3 5 % discount. O ther bids were :
Central N ational B ank. L yn n ., 2.51% discount.
L oring Tolm an & T upper, B oston, 2 .5 8 % discount.
C ropley, M cG aragle & C o ., B oston, 2 .9 6 % discount.
T AUNTON, Mass.— TEMPORARY LOANS.— It is stated that this city
recently awarded tem porary loans as follows:
„ „
$50,000 maturing in 5 m onths to the Old C olon y T r. C o. o f B oston at
2.13% discount.
50,000 maturing in 6 months to the Sinking Fund C om m rs. at 2 .2 5 % dis­
count.

1907

T IF F IN , S e n e ca C o u n t y , O h io . — B O N D O F F E R I N G .— Proposals will
be received until 12 m . D ec. 23 b y Albert J. H afley, C ity A uditor, fo r the
$40,000 5 % river-im provem ent bonds m entioned in V . 101, p. 1738.
D enom . $1,000. D ate D ec. 31 1915. Prin. and semi-ann. int.— M . & S . —
payable at o ffice o f Sinking Fund Trustees. D u e on Sept. 1 as follow s:
$3,000 1933, $12,000 1934, 1935 and 1936 and $1,000 in 1937. Certified
check on a T iffin bank for n ot less than 2 % o f bonds bid fo r, required.
B onds to be paid fo r on o r before 10 days after award. Purchaser to pay
accrued interest. B ids must b e unconditional.
T IP T O N , C e d a r C o u n t y , I o w a . — D E S C R I P T I O N O F B O N D S .— 'The
$23,000 5 % m unicipal-lighting-plant bonds awarded on O ct. 15 to G eo. M .
Bechtel & C o . o f D avenport (V . 101, p. 1738) are in the denom ination o f
$500 and dated N o v . 1 1915. In t. M . & N . D ue $1,000 1918, 1919 and
1920: $1,500 yearly from 1921 to 1926 incl.; $2,000 1927, 1928 and 1929,
and $5,000 1930.
T O L E D O , O h io . — B O N D S A L E S .— Since June 25 and up to Sept. 30
1915 the follow ing 5 % assessment bond s, aggregating $102,472 40, wera
purchased b y th e S inking Fund a t par :
B o n d s p u r c h a s e d J u n e 25 a n d d a t e d J u n e 25 1915 ($77,073 54)
1,785 56 A lle y Im p t. N o . 57.
$15,658 93 St. Clair St. N o . 6.
436 37 A lley Im p t. N o . 58.
3,212 84 Central A v e . N o . 4.
2,702 09 B axter St. N o . 1.
1,376 33 C lin ton St. N o . 1.
2,376 56 Baden St. N o . 1.
20,878 65 C herry St. N o . 4.
2,690 48 Sewer N o . 1184.
3 ,033 18 H o ra ce St. N o . 1.
1,097 25 Sewer N o . 1188.
5,927 77 K etch am A v e . N o . 1.
1,048 50 Sewer N o . 1194.
2,570 60 L indsay A ve . N o . 1.
270 30 Sewer N o . 1208.
5,030 22 Palm er S t. N o . 3.
3,724 73 Sewer N o . 1209.
3,243 18 V ictor St. N o . 1.
P u r c h a s e d J u l y 25 a n d d a t e d J u l y 25 1915 ($14,596 92.)
$3,974 22 G rand A ve . N o . 4.
I$5,135 24 W aite A ve . N o . 3.
5,352 90 Peoria S t. N o . 1.
|
134 56 Sewer N o . 1198.
B o n d s p u r c h a s e d S e p t . 25 a n d d a t e d S e p t . 25 1915 ($10,801 94).
$7,035 75 Sewer N o . 1192.
I$1,461 92 Sewer N o . 1227.
229 53 Sewer N o . 1171.
813 04 Sewer N o . 1223.
334 02 Sewer N o . 1197.
| 927 68 Sewer N o . 1225.
T h e a b o v e bonds m ature p a rt each six m onths beginning M a r. 1 1916.
„ T h e follow ing tw o issues o f 4 1 4 % general city bonds, aggregating $100,­
0 0 0 , were also purchased a t par b y th e Sinking Fund :
$ 5 0 ,0 0 0 refunding, d a ted July 1 1915 a n d m aturing July 1 1916. Pur­
chased Ju ly 1.
50,000 water, d a ted July 1 1915 and m atu rin g $ 10,000 yea rly July 1 from
1916 to 1920, incl. Purchased $ 1 0 ,0 0 0 July 17 and $40,000
Sept. 1.
T R E N T O N , N . J . — B O N D O F F E R I N G .— Proposals will be received
until 2 p. m . D e c. 14 b y II. E . E vans, C ity T reasurer, fo r th e follow ing
433% reg. bonds:
$160,000 school b onds. D u e Jan . 1 1946. C ert, check fo r $3,200.
50,000 school bon d s. D u e Jan. 1 1946. C ert, check fo r 81.000.
27,500 fire and police-telegraph bond s, D u e Jan. 1 1936. Cert.
check fo r §550
20,700 fire a n d police-telegraph bonds, D u e Jan. 1 1936. Cert.
check fo r $400.
4,600 crem a tory bonds. D u e Jan. 1 1926. C ert, check fo r $90.
D enom . $100 or m ultiples thereof to suit purchaser. D a te Jan. 1 1916.
In t. sem i-ann. C ert, checks, on national banks, fo r th e a bov e am ounts,
payable to C ity Treasurer, required.
T O P E K A , K a n s . — B O N D S A L E .— Local investors have been awarded
at par and int. $41,000 ($30,000 in O ct. and $11,000 in N o v .)

NEW LO S.
AN

NEW LO S
AN

$ 4 7 5 ,0 0 0

$ 6 0 0 ,0 0 0

KANSAS CITY, M
ISSOURI, BO D
N S
NOTICE OF SALE

-

Sealed proposals will be received b y the unders'gned, the M a yor and the C ity C om ptroller o f
Kansas C ity , M issouri, until D E C EM BER 13.
1915, at 10 o ’clock A . M ., for the purchase of
all or any part o f the following named bonds
o f the city o f Kansas C ity , M issouri, in the
following named a m ou n ts:
S ta tio n Park G r a d in g b o n d s .$100.000
G en era l H osp ita l B o n d s 125,000
Fire P r o te c tio n B o n d s, T h ird
Issu e_________________ 125,000
P o lice D ep a rtm en t a n d M u n ­
icip a l C o u rt B o n d s - 125,000
T h e Station Park Grading Bonds and the Gener­
al Hospital Bonds bear interest at the rate o f Four
Per Cent per annum: the Fire Protection Bonds
and Police Departm ent and M unicipal Court
bonds bear interest at the rate o f four and onehalf per cent per annum.
Station Park Grading B onds, General Hospital
B onds, Fire Protection Bonds, and Police Depart­
m ent and M unicipal Court Bonds, numbered from
1 to 100, inclusive, are in denominations o f one
thousand dollars each: Police Departm ent and
M unicipal C ourt Bonds, numbered from 101 to
350, inclusive, are in denomination o f one hun­
dred dollars each. All said bonds are dated
July 1, 1915, and mature July 1, 1935. Interest
Is payable at the office o f the C ity Treasurer
o f Kansas C ity, Missouri, or at the Chase N a­
tional Bank o f New Y ork, in the C ity and State
o f New York, at the option o f the holder.
N o bid will be received which is in whole or
in part loss than par. The legality o f the bonds
will bo approved b y the firm o f Dillon, Thom son
& C lay o f Now Y ork C ity, whose opinion, or
duplicate thereof, as to the legality o f said bonds,
will bo delivered to the purchaser or purchasers
o f said bonds.
,
,, ,
Each bid must be m ade on a blank form fur­
nished by the city, and must be accom panied
by a d uly certified chock on a solvent bank or
trust com pany doing business in Kansas C ity,
Missouri, payable to the order o f the C ity C om p­
troller o f Kansas C ity, Missouri, for T w o Per
C ent o f the par value o f the bonds bid for. The
right is reserved to reject any and ail bids.
Bids will be received at the office o f the M a yor,
C ity Hall. Kansas C ity. M issouri, but no bid
w ill bo entitled to consideration unless so re­
ceived b y or before the hour above specified for
receiving bids.
D elivery o f the bonds will be m ade D ecem ber
20 1915. at 10 o ’clock A . M ., at the office o f
tho C ity Com ptroller, C ity H ail, Kansas C ity,
Missouri.
.
. , ,
j .. .
Printed circulars containing m ore definite
and dotailod information with reference to said
bonds, and blank form s for bids, can be had on
application to the C ity C om ptroller. Kansas
C ity , M issouri, or to Messrs. D illon, Thom son
& C lay, Equitable Building, 120 B roadw ay,
N ew Y ork C ity.
H E N R Y L . JO ST,
M a yor o f Kansas C ity . M issouri.
M . A. FLYN N ,
C om ptroller o f Kansas C ity, Missouri.




MARI N ( C AL I F ORNI A) MUNI C I P A L W A T E R

DISTRICT

5% BONDS
N otice is hereby given that the Board o f Directors or the M arin M unicipal W ater D istrict does
hereby call for bids for the sale o f six hundred (600) serial water bonds o f said Marin M unicipal W ater
District o f the denom ination o f One Thousand ($1,000) Dollars each, plus accrued interest from
O ctober 1st, 1915, bearing interest at the rate o f five (5) per cent per annum, payable sem i-annually
on the first day o f O ctober and the first d a y o f April in each year. Said bonds are the first to be
issued o f said series and shall be numbered from one (1) to six hundred (600), inclusive, and are p a y­
able as follow s :
T w en ty (20) o f said bonds are payable on O ctober
1st,
1926.
T w en ty (20) o f said bonds are payable on O ctober 1st, 1927.
T w en ty (20) o f said bonds are payable on O ctober 1st, 1928.
T w en ty (20) o f said bonds are payable on O ctober 1st, 1929.
T w en ty (20) o f said bonds are payable on O ctober 1st, 19-30.
F orty
(40) o f said bonds are payable on O ctober 1st, 1931.
.
F orty
(40) o f said bonds are payable on October 1st, 19.32.
F orty
(40) o f said bonds are payable on O ctober 1st, 19,33.
F orty
(40) o f said bonds are payable on O ctober 1st, 1934.
•
F orty
(40) o f said bonds are payable on October 1st, 1935.
E ighty (80) o f said bonds are payable on O ctober 1st, 1936.
E ighty (80) o f said bonds are payable on O ctober 1st, 1937.
E ighty (80) o f said bonds are payable on O ctober 1st, 1938.
Sixty
(60) o f said bonds are payable on October 1st, 1939.
Said bonds will be issued in accordance with the provisions o f Resolution N o . 104 o f the B oard
o f Directors o f tho M arin M unicipal W ater District and in accordance with the vote o f the electors
o f said M arin M unicipal W ater District authorizing the issuance o f said bonds at the Special election
held in said D istrict on the 28th d ay o f A ugust, 1915, to which said resolution N o. 1 0 1, reference is
hereby m ade for a m ore particular description o f said bonds. Three hundred o f said bonds to be
delivered in January, 1916, and three hundred o f said bonds to be delivered in A pril, 1916, unloss the
tim e for such delivery be altered b y m utual consent o f the purchaser and o f the B oard o f Directors
o f the M arin M unicipal W ater District.
Bids m ay be fo r the whole amount o f said six hundred bonds or for any part or portion thereof.
All bids for said bonds shall be sealed and delivered to the Secretary o f the B oard o f Director*
o f the M arin M unicipal W ater District at or before the hour o f 7.30 o ’clock P . M ., on the 21S T
1915, and shall be for cash in lawful m oney o f the United States and shall be accom ­
panied b y a certified check for five (5) per cent o f the am ount o f the bid, which said check shall be
payable to the M arin M unicipal W ater D istrict and be deposited as an evidence o f go o d faith and
as security to cover any expense or damage which m ay accrue to said D istrict b y reason o f the failure
or refusal o f the bidder to com ply with the terms o f his bid after the same shall have been a ccepted,
and shall be in case o f tho successful bidder retained b y said D istrict and paid on a ccou nt o f the pur­
chase price o f said bonds.
A ny bidder who shall request the same m ay be furnished with a certified transcript o f the pro­
ceedings for tho form ation o f the M arin M unicipal W ater D istrict, and o f the proceedings authorizing
the issuance o f said bonds, which said transcript shall remain the property o f the D istrict and be
returned to the D istrict in case the bid be not accepted. The D irectors reserve the right to reject
any or all bids or to accept any bid conditional or dependent upon the neglect or refusal o f the success­
ful bidder to accept said bonds.
D ated this 18th day o f N ovem ber, 1915.
San R afael, California.
B y order o f the Board o f D irectors.
O. S. W H I T A K E R ,
Secretary o f the Board o f D irectors o f the
M arin M unicipal W ater D istrict.

D A Y

OF DECEMBER,

Acts as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.
Interest allowed
on deposits.

G ir a r d

T ru st

Com pany

PHILADELPHIA
Chartered 1836
C A P I T A L

a n d

S U R P L U S , $ 1 0 ,0 0 0 ,0 0 0

E B. Morris, President.
L

THE CHRONICLE

1908

1-10-year (ser.) sewer-constr. bonds. D en om . $500. D a te O ct. 1 1915.
In t. A . & O.
T h e $81,000 (unsold portion o f an issue o f $136,000) 4 H % 1-10-year
serial coupon tax-free paving bonds (V . 101, p . 393) were awarded to local
investors at par and int. during A ug. and Sept.
T U S C A L O O S A , T u s c a lo o s a C o u n t y , A la . — B O N D S A L E .— A n issue
o f $4,000 sidew alk-im provem ent bonds has been awarded to the con tractor
In paym ent for work.
T W IN T O W N S H IP (P. O. A rca n u m ), D a rk e C o u n ty , O h io .— B O N D
S A L E .— On D ec. 1 the $1,300 5 1 4 % sidewalk-construction bonds were
awarded to the First N at. Bank o f Arcanum for $1,311 (100.846) and in t.
— V . 101. p. 1738. In t. J. & D . Other bids were:
C ity N a t. Bank. C olum bus $1,301 50|Levi Creeger, Ith aca---------- $1,301 50
■ U N IO N C O U N T Y (P. O. M a ry sv ille), O h io . — B O N D S A L E .— On
■
D e c. 1 the tw o issues o f 5 % bonds, aggregating $12,330, were awarded as
follow s (V . 101, p. 1738):
$10,200 road bonds to Seasongood & M ayer o f Cincinnati at 101.33 and int.
2,130 ditch bonds to Stacy & Braun o f T oled o for $2,145 50 (100.727)
and int.
T h e other bids were:
P r e m iu m .

P r e m iu m .

P rov . S. B . & T r. C o ., C in ..$ 1 3 9 37 Fifth-Third N a t. B k ., C in e ...$ 9 7 .1 5
F ield, Richards & C o ., C i n .. 122 00 A . E . A ub & C o ., C in cin____ 90 00
Ohio N a t. Bank, C o lu m b u s .. 101 75 Otis & C o ., C leveland________ 75 00
P L. D ollings& C o.,H am ilton 100 00
V A N D E R B U R G H C O U N T Y (P. O . E va n sv ille), I n d . — B O N D S A L E .
— On D ec. 1 the $9,000 4 ) 4 % road-im pt. bonds were awarded to the C ity
N a t. Bank o f E vansville for $9,159 (101.766) and int. V . 101, p. 1650.
Other bidders were:
J. F . W ild & C o ., I n d ia n a p o lis .................. .........................................$9,158 40
E . M . C am pbell’s Sons & C o ., Indianapolis---------------------------------- 9,148 00
G avin L . Payne & C o ., Indianapolis----------------------------------------------- 9,141 00
M iller & C o ., Indianapolis-------------------------------------------------------------- 9,140 00
B reed, E lliott & Harrison, Indianapolis---------------------------------------- 9,136 00
Starr Plano C o ., R ichm on d ______________________________________9 ,110 00

WACOUSTA TOWNSHIP CONSOLIDATED SCHOOL DISTRICT

(P. O. Ottosen), Humboldt County, Iowa.— B O N D O F F E R I N G .—
B id s will be received until D ec. 15 b y L . J. C lave, Pres, o f School B oard,
at the Farm ers’ Sav. B an k, O ttosen, for the $45,000 building bonds
v o te d N o v . 22.
W A LT O N C O U N T Y SPECIAL T A X SCHOOL D IST R IC T NO. 16
(Santa Rosa), F la .— B O N D S A L E . — On N o v . 29 the $10,000 6 % 2 0 -year
cou pon taxable building bonds were awarded to W . W . Flournoy at 100.75
and int.— V . 101, p . 1832. G . L . M iller & C o. o f M iam i bid par.
r W A L T Z SCHOOL T O W N SH IP , W abash County, In d .— B O N D O F ­
F E R I N G . — Proposals will be received until 10 a. m . D ec. 29 b y Jacob A .
Semans, Tow n sh ip Tru stee (P . O. W abash, R . F. D . N o . 10), for $15,000
4 H %
school bonds. D enom . $1,000. D a te Jan. 1 1916. Prln. and
sem l-ann. in t.— J. & J .— p a ya b le at the W abash C o . Loan & T r. C o .,
W abash. D u e $1,000 yearly on July 1. C ertified check for $500, payable
to a bove Trustee, required. Successful bidder to furnish at own expense
the necessary blank engraved bonds for execution.
WASHINGTON COUNTY (P. O. Abington), Va.—

NO

BONDS

TO

B E I S S U E D .—

T h e C ounty Clerk advises us under date o f D ec. 2 that the
reports stating that this cou nty is contem plating the issuance o f $100,000
road and bridge building bonds (V . 101, p . 393), are erroneous.

[Vol. 101

W A T E R V L IE T , A lb a n y C o u n t y , N . Y .— B O N D S A L E .— On D e c. 1
the tw o issues o f 4 M % reg. tax-free water bonds, aggregating $625,000;
were awarded to Harris, Forbes & C o . o f N . Y . at 102.844— V . 101, p . 1739.
Other bids were:
I. W . Sherrill C o ., Pough­
Curtis & Sanger Syndi­
k e e p s ie ---------------------- $642,312 50
cate, N ew Y o r k - ..........$637,812 50
Bankers T r. C o ., Buffalo 639,500 00 M a n ’frs’ N a t. B k .. T r o y . 636.856 25
Geo. B . G ibbons & C o .,
N . Y . State N at. Bank,
New Y ork ...................... 638,037 00
A lbany, for syn d ica te. 632,818 75
W EBSTER G R OVES, St. Louis C ounty, M o.— BOND ELECTION
PROPOSED. — A ccord ing to reports an election will be called in the near
future to v o te on the question o f issuing $25,000 fire-departm ent-equip­
m ent bonds.
W EED SPO R T (Village), Cayuga C ounty, N . Y .— BOND SALE.—
Isaac W . Sherrill C o. o f Poughkeepsie was awarded on D ec. 1 at 100.276
th« $15,600 8 > f-yr. average paving bonds offered on N o v . 30.—
V . 101. p . 1832. Other bids were :
H . A . Kahler & C o .. N . Y
inrwiQ
G eo. B . G ibbons & C o /. N . Y r . Z Z Z Z Z Z Z Z Z Z Z Z Z Z V J i V . ^ A 3
4 5ol
John J. H art, A lb a n y____________________
inn
Farson, Son & C o ., N .
100
068 4 55s
N a t. Bank o f Auburn, A uburn________________
i0 0 00 5 00s
D enom . 1 for $600, 15 for $1,000. D a te D e c T Y 1915. In t. ann. in D e c.
o „ ^ ? iST FIELD V H a51I?£e£ C 0 oJat7> M ass.— LOAN VOTED.— At a
U
™ a o ?Y n n n ?etl- s
n
N o v . 30 the T ow n T rea s., was authorized to
borrow 514,000 for im provem ents to the m unicipal-light-plant, it is reported.
W IB A U X C O U N T Y SCHOOL D ISTR ICT NO. 6 8 (P. O. W ibaux).
M on t. BOND SALE.— T he $1,000 6 % 5-year coupon b ldg, bon d s offered
on June 30 have been awarded to the State o f M ontana at p a r.— V . 100,
W IC H IT A C O U N T Y (P. O. W ic h it a F alls), T ex.— BONDS VOTED.—
The proposition to issue the $225,000 5% 10-40-yr. (op t.) court-house
construction bonds subm itted to the voters on N o v . 2 0 , carried (V . 101
p . 1650.)
W ILD W O O D , Cape M ay, N. J .— BOND OFFERING. — D ispa tches
state that bids will be received until 2 p. m . D ec. 9 b y James E . W hitesell.
C ity Clerk, fo r $100,000 5 % 40-yr. semi-ami. school bonds. C ert, ch eck
for $1,000 required.
W ILKES B AR R E, Luzerne C ounty, Pa .— BOND OFFERING.— P ro­
posals will bo received until 12 m . D e c. 10, reports state, b y F. II. Gates,
er* ^or $140,000 4 ) 4 % sem i-ann. lm pt. bonds. Certified check
£’
for 2 % required.
'r X ? £ ? ;IA]£ ? B U R G ’ James City C ounty, Va .— NO ACTION YET
1 r r * l r N • *' e are advised that no action has yet been taken tow a rd s the
“
oirering o f the $30,000 water-works and sewerago bonds recently voted
— V. 101, p. 1496.
W IN TH R O P, Mass.— BOND OFFERING.— The Town Treas. will re^hool'bonds ’ 4 1 1 2
Dcc‘ 8 ’ lfc ls statcd- for $70,000 4 % 1-14-yr. high~
bonc/s*0 ^

0

^

SCH O O L D IS T R IC T (P. O. Fresno), Fresno County,
ELEC!IO N PROPOSED .— Reports state that an election
to vote on the question of issuing $ 1 2 , 0 0 0 building

W
P°P.SPALE’

o h I° County, W . Va .— BOND OFFERING.— Pro
posals will be received until 12 m. Dec. 10 by J. N . Dowler, M ayor (P. O

NEW LO S.
AN
$ 1 6 5 ,0 0 0

CITY O COVINGTON, KY.
F

$ 3 1 ,2 3 4
T h e

B o r o u g h

o f

$ 4 4 9 ,0 0 0
G a r fie ld ,

Bergen County, N. J.

SCHOOL INPROVEMENT

SCHOOL BONDS

BONDS

N O T IC E IS H E R E B Y G IV E N that T he
Board o f Education o f the Borough o f Garfield
in the C ounty o f Borgou, N . J ., will roceive scaled
proposals at the Council Chamber o f the Borough
Hall in said Borough on DECEM BER 16, 1915,
a t 8:30 o ’ c lo c k P. M ., for the issue o f bonds in
the aggregate principal sum o f $31,234, dated
January 1, 1916, bearing interest at the rate o f
five per centum per annum, payable on the first
days o f January and July in each year, one o f said
bonds o f the denom ination o f $1,000 being paya­
blo July 1, 1917, one o f said bonds o f the denom i­
nation o f $900 being payable July 1, 1918, ono o f
said bonds o f the denomination o f $1,000 being
payablo July 1, 1919, one o f said bonds o f the
denom ination o f $1,334 being payable July 1. 1923,
one o f said bonds o f tho denom ination o f $1,000
each being payable on July 1 in each o f tho years
1924 to 1933, inclusive, and 1940 to 1944, in­
clusive, and two o f said bonds o f the denom ina­
tion o f $1,000 each being payable on July 1st in
each o f the years 1934 to 1939, inclusive, both
principal and Interest o f said bonds being payablo
in lawful m onoy o f tho United States o f America
at The First N ational Bank o f G arfield, Gar­
field, N . J. Said bonds will be coupon bonds
with the privilege to tho holder o f having the samo
registered as to principal on ly, or as to b oth prin­
cipal and Interest.
A ll bids shall provide for tho paym ent o f ac­
crued interest from the date o f the bonds to the
date o f their delivery, and must be accom panied
b y a certified check on an Incorporated bank or
trust com pany to the order o f John Stewart,
as "C u stodian o f School M on eys o f the School
D istrict o f the Borough o f G a rfie ld .” in the sum
o f $1,000. Checks o f unsuccessful bidders will
be returned upon the award o f the bonds. N o in­
terest will be allowed on the am ount o f checks
o f successful bidders, and such checks will be re­
tained as liquidated damagas in case o f failure to
take up and pay for the bonds in accordance with
the terms o f the bid.
,
The validity o f said bonds will also be approved
b y Messrs. Hawkins, Delafield & L ongfellow , at­
torneys, o f Now Y ork C ity , whose opinion will
be furnished to the successful bidder and tho bonds
will be prepared under the supervision o f the
U N ITE D S T A T E S M O R T G A G E & T R U S T
C O M P A N Y . N EW Y O R K C IT Y , who will cer­
tify as to the genuineness o f the signatures o f tho
district officials signing the bonds and the seal
impressed thereon.
The Board o f E ducation reserves the right to
reject any or all bids and no conditional proposals
will be accepted or fot less than par and accrued
interest to date o f delivery.
D ated N ovem ber 18, 1915.
T H E B O A R D OF E D U C A T IO N OF
T H E B O R O U G H OF G A R F IE L D ,
in the C ounty o f Bergen, N ew Jersey.
B y E U G E N E H IL L ,,D istrict Clerk. ,

S E A L E D P R O P O S A L S will be received at the
o ffice o f the Board o f E ducation , C ovington,
K en tu cky, until 4 P . M . o f M O N D A Y , DECEM­
B E R 2 7T H . 1915, for the purchase o f $165,000 o f
“ School Im provem ent B ond s” o f the C ity o f
C ovington , K en tu ck y, to be issued to provide
funds for a new High School under Section 28 o f
C hapter 137 o f A ct o f M arch 19, 1912, and b y
virtue o f Ordinance o f the Board o f Comm is­
sioners o f said C ity passed M a y 20, 1915.
Said bonds will be divided into 130 bonds o f
500 each and 100 bonds o f $1,000 each, and
numbered con secu tively from 1 to 230. 10 bonds
o f $500 each ($5,000) will m ature at 5 years;
5 bonds o f $1,000 each and 6 bonds o f $500 each
($8,000) will m ature each year thereafter for 20
years, will be dated January 2, 1916, will bear
4 ) 4 % interest per annum , payable semi-annually,
will be free from State, C ounty and C ity Taxes
anywhere in K en tu cky, and the interest and prin­
cipal will be payable at the D epository o f said
B oard o f E ducation in C ovington , K en tu cky.
Bids for their sale will be received In tw o ways—
Plan A — For all o f the B on d s, to bo delivered
and paid for as soon as prepared;
Plan B — F or all o f the B onds, but same to be
delivered and paid for as follow s, v iz.:
$40,000 as soon as prepared, and re­
m ainder in six blocks o f $25,000 each
every three m onths thereafter.
M u st be sold at not less than par and accrued
interest to date o f delivery, to the highest and best
bidder under the plan producing the m ost m oney.
R ight is reserved to reject any and all bids. Pay­
m ent and delivery to be at the B oard’s o ffico in
C ity H all, C ovington , K y ., allowing a reasonable
tim e after acceptance o f bid for their preparation
and execution.
E ach proposal shall state the price that will be
paid for the entire issue o f $165,000 o f said bonds
b y Plans A and B separately: m ust bo accom panied
b y a C ertified Check payablo to the Board o f
E ducation o f C ovin gton , K en tu cky, for $3,000 as
evidence o f good faith; m ust be sealed and en­
dorsed ‘ ‘ Bid for School Im provem ent B on d s,”
and should be addressed to W . A . Shore, Businoss
D irector, C ovin gton , K y .
Checks o f unsuccessful bidders will be returned
at onco. A ccep ted bidders’ check will be de­
posited in a special accou nt, and the proceeds,
with such interest as it earns in the m eantim e, will
be returned to him when he has received and paid
for the last o f the bonds: but will bo retained by
the B oard o f E ducation as acknowledged liqu i­
dated damages if he fails to com p ly with his bid.
B O A R D O F E D U C A T IO N ,
B y W . A . SH O R E ,
Business D irector.




ATLAN TIC

CITY

N . J.

BONDS FOR SALE
EXEMPT FROM T A X A T IO N
INCLUDING FEDERAL INCOME T A X
$25,000 m aturing In 1 7 ) 4 y e a rs: $114,000
maturing in 28H1 years; $45,000 m aturing in
2 7 H years; $30,000 maturing in 28 y e a rs ;
3235,000 maturing in 29 years, all bearing
interest at the rate o f 4 M per cent per
annum .
The C ity Com ptroller will receive bids for
these bonds until 12 o ’clock noon, o f
W ED N ESD AY, DECEMBER 15, 1915,
reserving, how ever, the right to reject any or
all bids, and subject to tho approval o f the Board
o f Commissioners.
Interest and principal payable at the H anover
N ational Bank, New Y ork . Legality o f bonds
will be approved by Dillon, T hom son & C lay
before delivery, at expense o f the city. The
bonds will be engraved b y the United States
M ortgage & Trust C om pany and C olum bia Trust
Com pany o f N ew Y ork.
Circular letter containing blank form o f pro­
posal will be forwarded on application; said
circular giving full particulars as to these bonds
and the financial conditions o f Atlantic C ity.
N o proposal will be received except on the
orricial form , and bids must be accom panied by
cash or certified check in the sum o f $10,000.
B . M . T O W N S E N D , C om ptroller.

$ 1 0 0 ,0 0 0
C h ip p e w a

C o u n t y ,

M ic h .

ROAD BONDS
Sealed bids will bo receivod at tho o ffice o f the
C ounty Clerk o f Chippewa C ou n ty, M ichigan,
up ‘ o three o c lo c k n m „ on J A N U A R Y 13T H .
A . U. 1916, for tho nurchaso o f $100,000 00
Chippewa C ounty Road Bonds, dated July 1st,
J io !. t
#
a^tor date, boaring interest at
° r n i ^ % I)0,r annum ’ payablo semiannu.ally. The Board o f Supervisors reserve
the right to reject any or all bids.
I'or further inform ation, address
H E R B E R T L . P A R S IL L E ,
„
„
C o u n ty Clerk.
Sault Ste. M arie, M ichigan.

GEO. B. EDWARDS
BROKER
Tribune Building, N EW Y O R K , N . Y .
FOR SALE.— Timber, Coal. Iron, Ranch and
other properties.
Confidential N egotiations, Investigations!
Settlem ents, Purchases of Property. •
United States, West Indies, Oanada, Mexico

O'ifi4Kfls

D eo. 4 1915.]

THE CHRONICLE

W heeling) for $6,500 5 % 10-34-yr. fire-departm ent bonds. D en om . $500.
D a te June 1 1914. Principal and annu al int. (June 1). p a y a b le a t the
D olla r S av . & T rust C o ., W h eeling.
pti""\^OOSTER, W a y n e C o u n t y , O h io .— B O N D O F F E R I N G . — B ids will
b e received until 12 m . D e c . 29 by Fred E . F a b er, C ity A u d ., fo r the follow ­
ing 5 % bonds :
$2,604 street-im pt. c it y ’s portion bonds. D en om . 8 for $250: 2 for $302.
D a te A ug. 20 1915. D u e $250 y rly. on A ug. 20 from 1916 to
1923, in cl., and $302 on A ug. 20 1924 and 1925.
1.462 street-im pt. assess, bonds. D en om . 5 for $250 and 1 for $212.
D a te O ct. 15 1915. D u e $250 yea rly on O ct. 15 from 1917 to
1920, in cl.. and $712. O ct. 15 1921.
6.000 fire-apparatus-purchase bonds. D en om . $250. D a te O ct. 15
1915. Due $500 yrly. on O ct. 15 from 1917 to 1928, Incl. '
5.453 street-im pt. assess, bonds. D en om . 1 for $453 and 20 for $250.
D a te O ct. 15 1915. D u e S953 O ct. 15 1916 and $500 yrly. on
O ct. 15 from 1917 to 1925, incl.
Prin. and seml-ann. in t., p a ya b le a t office o f C ity T reas. Cert, check
for $200, payable to C ity T rea s., required w ith each issue. Purchaser
to p ay accrued interest.
W R I G H T C O U N T Y (P. O . B u ffa lo ), M in n .— B O N D O F F E R I N G . —
Proposals will be received until 1.30 p. m . D ec. 14 b y John A . Berg. C o.
A u d ., for the follow ing 5 % cou pon drainage bonds :
$7,000 (3 issues) bonds d a ted Jan. 1 1916. D u e on July 1 as follows:
$500. 1917 and 1918: $ 1,000, 1919: $500. 1920: $1,000, 1921;
$500. 1922; $1,000, 1923 $500, 1924: $1,000. 1925 and $500. 1926.
10,000 bonds dated M arch 1 1916. D u e $1,000 yearly M a r. 1 from 1917
to 1926, in cl.
D en om . $500. Int. sem i-annual.
Y O R K , Y o r k C o u n t y , N e b .— B O N D S A L E . — On N o v . 23 the $25,000
6-20-yr. op t. coupon intersection paving bonds were awarded to the
H anch ett Bond C o. o f C hicago at 100.508 and int. for 5s.— V. 101, P. 1401.
Harris T r. & Sav. B k .. C h ic .$25,135 N . W . Halsey & C o .. C h i c ..$25,026
Kissel, K in n icu tt& C o ., Chic. 25.130 Chas. I I . C offin , C h ic------ . . . 25.025
M c C o y & C o ., C h ica g o-------- 25.091 Prescott & Snyder, K an. C y. 25.005
P rov . Sav. B k ., C o __________ 25,051 First State Sav. B k ------------- 25,000
H . T . Iioltz & C o ., C h ica g o. 25,051 Provident Sav. Bank & Trust
C o ., C incinnati___________ _
25,000
R . H . M orrison____________ 25,050
ZA N E T O W N S H IP R U R A L S C H O O L D IS T R IC T (P. O. M id d le b u r g ) L o g a n C o u n ty , O h io .— B O N D O F F E R I A G .— Bids will be re­
ceived until 12 m. D ec. 15 by L. L. Irwin, Clerk o f Board o f Education
for $2 500 5 W % equipment and com pletion bonds. Auth. Sec. *629. <ien.
C od e. D enom . $500. D ate day o f sale. Int. semi-ann. Due $500 each
six m onths from M arch 1 1917 to M arch 1 1919 incl. Certified check for
6 % o f bonds bid for, payable to Board o f E ducation, required. Bonds to
be delivered and paid for within 10 days from tim e o f award. Purchaser
to p ay accrued interest.

Canada, its Provinces anj* Municipalities.
BAR TO N T O W N SH IP , O n t.— D E B E N T U R E S A L E . — G . A. Stimson
& C o. o f T oron to have been awarded an issue o f $6,728 5 H % debentures.
It Is stated.
BERLIN, O n t. — D E B E N T U R E S A L E . — R eports state that an issue
of $13 000 5 M % 3-installm ent debentures Issued Tor p atriotic purposes
was recently awarded to R . C . M atth ew s & C o. o f T oron to at 99.03— a
basis o f approxim ately 6 % .

NEW L A S*
ON

1909

B R IT ISH COLUM BIA (P r o v in c e o t ) . — D E B E N T U R E S O F F E R E D
B A N K E R S . — An issue o f $3,130,000 4 M % 10-yr. gold debentures la
being offered to investors b y W o o d , G u ndy & C o . o f T oron to, .he D o­
minion Securities Corn. L t d ., o f T oron to and Perry C offin & Burr o f
B oston. T h e proceeds o f this issue will be used to retire outstanding
treasury bills. D en om . $500 and $1,000. D a te D ec. 1 1915. Prin. and
semi-ann. int.— J. & D .— payable at the Canadian Bank o f C om m erce,
in T o ro n to , M on treal, V ictoria or N . Y ., at holder's op tion . Due D ec.
1 1925. T his issue m ay be registered. Legal opinion o f M alone, M alone
& Long o f T o ro n to . T otal funded debt, incl. this issue, $21,153,146:
sinking fund, $2,773,871; net indebtedness, $18,379,275.
CANADA (D o m in io n o f ) . — W A R L O A N O V E R S U B S C R I B E D . — S e e
news item on a preceding page.
D UNCAN, B. C .— D E B E N T U R E S A L E . — It is stated that an issue of
$1,000 local im pt. debentures has been awarded to a local investor at 95.
B Y

EN N ISK ILLEN , O nt . — D E B E N T U R E S A U T H O R I Z E D . — Dispatches
state that the Council has passed a by-law providing for the borrowing o f
$10,000 for drainage purposes.
FERGUS, O n t.— D E B E N T U R E S A L E . — On N o v . 25 the $25,060 6 %
20-instailm ent coupon bonus debentures dated D ec. 23 1915 were awarded
to James B eattie o f Fergus at 100.24.— V . 101, p. 1740. Other bids were :
A . E . A m e s * C o ., T o r . ..........$ 2 4 .7 6 8 1W o o d , G undy & C o ., T o r .$24.505 00
G raham , M cD on a ld & C o . . . 24,7521 Kerr. B e ll* Fleming, T or. 24,457 50
W . A . M a ck e n zie * C o ., T o r. 24,7001 Ii.C .M a tth e w s * C o., Tor. 24,225 00
A . H. M a r t e n s * C o .. T o r . . . 24.657 IGoidm an & C o ., T o r . 24.180 00
C . H. Burgess & C o .. T o r . . . 24,513 | anada B d . C o rp ., T o r
C
23.885 00
Im perial Bk. o f C an ad a _____ 24,5051
• P E T E R B O R O U G H , O n t . — D E B E N T U R E S A L E . — T he C ity T rust
Commission has been awarded an issue o f $21,523 5 K % debentures it Is
stated.
R E N F R E W , O n t.— D E B E N T U R E O F F E R I N G . — Proposals will ba
received until 5 p. m . D ec. 8 by J. A . D evenny, C lerk-Treas., for $14,­
374 93 6% coupon locai-im pt. road and walk debentures. Int. payable
at Merchants Bank in Renfrew. D ue in 20 equal annual installments
o f principal and interest.
S A S K A T O O N , S ask. D E B E N T U R E S A L E . — Reports state that this
city has sold an issue o f $12,000 debentures through its fiscal agents.
D E B E N T U R E E L E C T I O N . — On D ec. 13 the proposition to issue $11 000
Collegiate Institute im pt. debentures will be subm itted to a vote reports
state.
SO U TH D O R CH E STER , O n t.— D E B E N T U R E S A U T H O R I Z E D .—
T he C ouncil has passed a by-law providing for the issuance o f $6,000 school
debentures, reports state.
TIM MINS, O n t.— D E B E N T U R E S A L E . — It is stated that an Issue of
S47.443 debentures has been purchased b y a local investor.
TRANSCO N A, M an.— D E B E N T U R E E L E C T I O N .— T he question of
issuing $25,000 sch ool-b id g. debentures will, it is stated, be subm itted to
a vote on D ec. 21.
W ATROUS,
Sask.— D E B E N T U R E S
A U T H O R I Z E D . — 'The
T ow n
Council on N o v . 15 passed a by-la w , it is stated, providing for the issuance
o f $49,400 w ater-w orks-system -constr. debentures.
Y O R K T O W N S H IP (P. O. T oronto), O n t.— D E B E N T U R E S A L E .—
On N o v . 25 an issue o f $12,000 6 H % 20-installment debenture* wa*
aw arded, reports state, to Aemilius Jarvis & C o. o f T oron to at 98.61.

M
ISCELLANEOUS.

[C O R R E C T E D N O T IC E .]

$ 4 5 0 ,0 0 0
MIAMI,

FLORIDA

Municipal Improvement
Gold Bonds
Sealod bids will bo received by the C ity Council
in care o f tho undersigned until 7:30 o ’clock p. m.
D E C E M B E R 16, 1915. for the purchase o f all
or any part o f the above bonds dated January 1,
1916, principal and semi-annual Interest payablo
at the United States M ortgage & Trust C om any, New York C ity. In gold coin o f tho United
tates o f the present standard o f weight and fine­
ness. denomination $1,000. purposes and ma­
turities as follows:
,
„
. .
,
$40,000 for a municipal railway, maturing In
equal Installments 11 and 12 years
from date.
$360,000 for a municipal ship channel, m atur­
ing $5,000 annually 13 and 14 years,
$10,000 annually 15 and 16 years,
$20,000 annually 17 to 20 years, and
$25,000 annually 21 to 30 years,
from date.
$50,000 to pay the city ’s share o f the cost o f
constructing sanitary sewers, m a­
turing $5,000 annually 28 and 29
years from date, and $40,000 30
years from date.
A certified check on a solvent bank or trust
com pany, payable to the order o f the C ity Treas­
urer, for 2 % o f the par value o f bonds bid for.
must accom pany each bid. The bonds will be
prepared under the supervision o f the United
States M ortgage & Trust C om pany, who will
certify as to genuineness o f the signatures o f the
city officials and the seal impressed thereon.
The bonds will be examined as to legality by
Messrs. Caldwell, Masslich & Reed o f New Y ork
C ity , whose favorable opinion as to legality will be
delivered to the purchaser. All proposals must
bo made upon a printod form which will bo furhlshed by the undersigned or said trust com pany,
and must be enclosed in sealed envelopes marked
“ Bids for B onds.” Bonds will be delivered at the
offico o f tho United States M ortgage & Trust
C om pany, 55 Cedar Street, New York C ity , on
January 3. 1916. at 11 o ’clock a. m ., unless
another time and place shall be m utually agreed
upon. The right is reserved to reject any or
all bids.
W . B . M O O R E , C ity Clerk.
M iam i, Florida. N ovem ber 26. 1915.

S

lU m o is T V u s t& S a v in g s B a n k
CHICAGO

Capital, Surp an U d ed Profits
lus d n ivid

•

$15,700,000

Pay* Interest on Time
Ha* on band at all time* a variety of ex­
Deposit*. Current and Reierre
sellent Seourltle*. Buy* and *ell»
\ouount*. Deal* In Foreign Ex*
Government. MunlolpaJ and
change. Transact* a General Tru»t Bnalne**.
Corpora tint Bond*

C H R O N I C L E ’S I '™ ,™ B I N D E R

$ 3 2 5 ,0 0 0
School District of St. Joseph, Mo.
4 y 2 % BUILDING BONDS
F Bids for $325,000 4 M % building bonds o f the
School District o f St. Joseph, M o ., serial 10, 15.
20 years, will be received at 2 p. m . Decem ber 10.
1915.

Also $25,000

L ib r a r y issue o f the sam e, 4 H % . 15-year, $ 10 0

denom ination.
Certified prospectus on application.
A . L . L O V IN G , Secretary,
.
St Joseph, M o .




The “ Chronicle” recommends to its subscribers a new binder of the
sectional expansive type and far superior to the old style binders used for
many years. These file covers can be readily adjusted to hold a single
copy or a complete volume, and are a marvel of simplicity and convenience.
In order to introduce this new cover the “ Chronicle” offers them at
Si 50, the cost price. Orders will be received by the

WILLIAM B. DANA CO.,
138 Front Street,

New York

THE CHRONICLE

1910

(Vol. 101

Jf manual

e n g in e e r s

ATLANTIC MUTUAL INSURANCE COMPANY
New York, January 26th, 1915.

H. M. Byllesby & Co.

T h e T r u s t e e s , i n a m f o r m V " w it h th e C h a r te r o f th e C o m p a n y , s u b m it th e f o llo w in g s t a tem en t o f i t s a f fa ir s o n th s
31s t o f D e c e m b e r , 1914.
T h e C o m p a n y 's b u s i n e s s h a s b e e n c o n fin e d to m a r in e a n d in la n d t r a n s p o r ta t io n i n s u r a n c e .

Incorporated

Total Prem ium s... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,681,244 45

NEW Y O R K
CH ICAG O
TACOMA
Trinity Bldg. Cont. & Comm. W ashington
Bank Bldg.

■premiums on such risks from the 1st January, 1914, to the 31st December, 1 9 1 4 ................ 6.026.461 19
Premiums on Policies not marked off 1st January, 1914-------------- ----------------- -----------------654.783 26

premiums marked off from January 1st, 1914, to December 31st, 1914_________ ____ _____ _
Interest od the Investments of the Company received during the year 330,262 43
Interest on Deposits in Banks and Trust Companies, etc__________ 42,065 85
Rent received less Taxes and Expenses................................ ................ 141,088,74

4,687,279 32

_____
613,417 02

Losses paid during the year.............................. ..................... ................................ . 2.253,324 69
Less: Salvages......................... ........... 242,315 69
R e - i n s u r a n c e s ............._ 372,200 31
614,51600
?'

1,638,80869

Returns o f Premiums______________________________________________________
Expenses. Including officers’ salaries and clerks’ compensation, stationery, advertisements.etc... . . . . . . . . . . . . . . . . . . _____. . .
.............
—-

138,873 43

Purchase, Finance, Construct and
Operate Electric Light, Gas, Street
Railway and Water Power Prop­
erties.
Examinations and Reports
Utility Securities Bought and Sold

562,724 57

A dividend o f Interest o f Six per cent on the outstanding certificates of profits will be paid to the
holders thereof, or their legal representatives, on and after Tuesday the second of February next.
The outstanding certificates of the issue of 1909 will be redeemed and paid to the holders thcreol, or
their legal representatives, on and after Tuesday the second of February next, from which date all
Interest thereon will cease. The certificates to be produced at the time of payment, and canceled.
A dividend of Forty per cent Is declared on the earned premiums of the Company for the year ending
31st December, 1914. wldch are entitled to participate in dividend, for which, upon application, certificates
Will be issued on and after Tuesday the fou rth of May next.
__
____ , _ „
By order o f th e Board,
G . STANTON FLOYD-JONES, Secretary,

THE

J -G -W H U E C O M P A N IE S

TRUSTEES.

EDMUND L. BAYL1ES,
JOHN N BEACH.
NICHOLAS BIDDLE.
ERNEST C. BLISS,
JAMES BROW N,
JOHN CLAFLIN . __
GEORGE C. CLARK, _
CLEVELAND H. DODGER
CORNELIUS E LDLRTR IC H A R D H EW A R T.
PH ILIP A S. FRANKLIN*
HERBERT L. GRIGGS,

CHARLES M . PRATT,
ANSON W . HARD.
DALLAS B. PRATT,
SAMUEL T . HUBBARD,
THOMAS H. HUBBARD,
ANTON A. RAVEN.
JOHN J. R IK E R,
LEWIS CASS LEDYARD.
DOUGLAS ROBINSON,
W ILLIAM H. LEFFERTS,
WILLIAM JAY SCIIIEFFELIN,,
CHARLES D. LEVERICH,
GEORGE H. MACY,
SAMUEL SLOAN,
WILLIAM SLOANE,
NICHOLAS F. PALMER,
HENRY PARISH.
LOUIS STERN,
WILLIAM A . STREET,
ADOLF PAVENSTEDT,
GEORGE E. TURNURE,
CHARLES A. PEABODY.
RICHARD H . WILLIAMS.
JAM E3 H . POST,
A . A. RAVEN, P r e s id e n t.
CORNELIUS feLDERT, V ic e -P r e s id e n t.
W ALTER WOOD PARSONS, 2 d V ic e -P r e s id e n t.
CHARLES E . F A Y , 3 d V ic e -P r e s id e n t.

A8SE TS.

L IA B IL IT IE S .

^

Estimated Losses, and Losses UnsetUnited States and State of New York
tied in process of Adjustment------- 2,162,711 0G
B onds.................................. .............
670,000 00
Premiums on Unterminated Risks—
993,965 13
New York City, New York Trust
Companies and Bank Stocks._ _ 1,783,700 00 Certificates of Profits and Interest
_
277,510 45
U npaid______________ __________
Stocks and Bonds of Railroads______ 2,723,912 00
104,976 64
Other Securities.........- --------------------357,095 00 Return Premiums Unpaid------. . . . . .
47,993 70
Reserve for Taxes________ _________
Special Deposits in Banks and Trust
209,323 59
Companies _________
600,000 00 Re-insurance Premiums----- . . . -------Claims not Settled, Including ComReal Estate cor. Wall and William
122,813 07
pensation.ete_____________ . . . . . .
Streets and Exchange Place, contalning offices_______
4,299,426 04 Certificates of Profits Ordered R e­
deemed, Withheld for Unpaid Pre­
Real Estate on Staten Island (held
22.556 64
miums______________________
.
under provisions of Chapter 481,
1,264 40
Laws of 1887)..................................
S2 Income Tax Withheld at the Source..
Premium Notes_______ . . . . . . . . . . . .
§41,068 28 Certificates of Profits Outstanding... 6.986,620 90
Bills Receivable____________________
775,688 06
Cash in hands of European Bankers

,

........... ‘ -’ ISloiSS
o

14,101,674 46

10,929.734 62

Thus leaving a balance of_________________ _____________. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,171,939 84
Accrued Interest on the 31st day of December, 1914, amounted to.......................................
36,725 45
Rents due and accrued on the 31st day of December, 1914, amounted t o . . . ----------28.122 35
Be-insurance due or accrued, in companies authorized In New York, on the 31st day of
December, 1914, amounted to______________________________________ _______ _______ _
158,649 70
Unexplred re-insurance premiums on the 3lst day of December, 1914, amounted to-----------33,421 71
Note: The Insurance Department has estimated the value of the Real Estate comer Wall and
William Streets and Exchange Place In excess of the Book Value given above a t . . .
450,57396
And the property at Staten Island in excess of the Book Value, at______________ —
63.700 00
The Insurance Department’s valuation of Stocks, Bonds and other Securities exceeds the
Company's valuation by________________________ ___. . . . . . . . . . . . . . . . . . . . . . . . . ____ 1,439,952 10
On the basis of these Increased valuations the balance would b e . . ___. . . . . . . . . . . . . ________ 5,383,085 11

The Union Trust Company of New York (established in 1864)
has for many years made a specialty of Personal Trusts—under
Will or under Agreement— and maintains a carefully organized
department for handling them.
Many millions of dollars worth of property— real and personal
— have been entrusted to the company by conservative people,
residents not only of New York State but of other States in which
the Union Trust Company is authorized to transact business.
Correspondence or interviews with persons considering the
formation of trusts of any kind— for themselves or for others
— are solicited.
UNION TRUST CO., 80 Broadway
CAPITAL AND SURPLUS - $7,800,000

M E L L O N N A T IO N A L B A N K
PITTSBURGH, PA.

ST A T E M E N T OF C O N D IT IO N A T T H E CLOSE OF B U SIN E SS N O V. 10, 1916
R ESO U R CES

Loans and Investment Securities------------------------$53,012,014 32
O verdrafts_________________________________________
11 23
Due from Banks___________________________________ 14,183,494 38
Cash________________________________________________
5,656,637 56
$72,852,157 94
L IA B IL IT IE S

C a p ita l_______________________ ■■____________________ $6,000,000 00
Surplus and Undivided Profits----------------------------- 3,116,327 03
Reserved for Depreciation, & c----------------------------120,921 69
Circulating Notes_________________________________
3,426,397 50
D eposits____________________________________________ 60,188,511 27
$72,852,157 49




Purchasers
Contractors
Manager*

of Public Utility and Industrial
Properties
REPORTS— VALU ATIO N S— E ST IM A TE S

43 E XCH ANGE PLACE, NEW Y O R K
LONDON

SAN F R A N C ISC O

C H IC A G O

W
ILLARD CA & CO PA Y
SE
M N
C O N S U L T IN G

EN G IN EER S

CO N STR U CTIO N
OF IN D U STR IAL PLANTS
REPORTS
ON O PER ATIN G CO N D ITIO N S
VALU ATIO N S
OF M AN U FACTU R IN G PROPERTIES

}« .« • § »

fssu*

Financiers
Engineers
Operators

17 B A T T E R Y PLACE

NEW Y O R K

^ R S T O IV ^
INCORPORATED

^

\

C O N S U L T I N G and
•
C O N S T R U C T I O N E N G IN E E R S
P U B L IC S E R V I C E P R O P E R T I E S
F I N A N C E D an d M A N A G E D
GO P ine S tr e e t

W I L L I A M

N ew Y ork

E .

W IL L IA M S

CONSULTING ENGINEER
EXPERT IN PATENT CAUSES
28 EAST JACKSON B L V D ..

C H IC A Q O .

Development work in machinery, methods of
manufacture. Inventions and patents.
Reports on commercial values of inventions, pat­
ents and investments founded thereon.
Term service in watching and reporting develop­
ment of certain lines of manufacturing.

Alfred E . Foretal!

Charles D . Robison

F O R S T A L L

A N D

R O B IS O N

ENGINEERS
Investigations and Appraisals of Gas and
Electric Properties for Owners or Financial
Institutions.
84 William S t.,
NEW Y O R K C IT Y

Alex. C . Humphreys

Alten 8. Miller

H U M P H R E Y S * M I L L E R , Inc.
ENG IN EERS
P o w e r —
166 B R O AD W AY

L ig h t — G a s
NEW YO RK