Full text of Commercial and Financial Chronicle : December 9, 1916, Vol. 103, No. 2685

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VOL. 103

DECEMBER 9 1916

NO.2685

P u b l is h e d e v e r y S a t u r d a y m o r n i n g b y W I L L I A M B . D A N A C O M P A N Y i
J a c o b S e ib e r t J r . , P r e s i d e n t a n d T r e a a .; G e o r g e S . D a n a a n d A r n o ld Q . D a n a *
V i c e -P r e s id e n t s ; A r n o ld G . D a n a . S e c . A d d r e s s e s o l a l l . O f f i c e o f t b e C o m p a n y .

C L E A R I N G S — FOR N O V E M B E R , S I N C E J A N U A R Y
November.

Clearings at—

1, A N D FOR W E E K E N D I N G D E C E M B E R 2
Week ending December 2.

Eleven Months.
Inc. or
Dec.

Inc. or
Dec.

1916.

1f2,0 45,041,339 98,233,252,319
N o w Y o r k _____________ 1 6 ,6 5 3 ,3 7 1 ,6 4 4
1 ,2 7 3 ,7 8 9 ,8 7 3
11.731,472,177
7,828,015,960
P h il a d e lp h ia . .
3 0 9 ,5 3 4 ,4 6 2
3.073,138,091.
2,397,531,715
P i t t s b u r g h _____
1 9 1 ,7 4 5 ,2 0 5
2.004,509,362
1,625,015,893
B a l t i m o r e _____
7 2 ,9 8 5 ,4 1 1
717,542,581
549,956,112
B u f f a l o ................
2 1 ,9 0 3 ,3 6 2
A l b a n y _________
233,906,510
256,938,930
4 2 ,3 6 2 ,1 5 5
W a s h in g to n —
431,229,002
370.115,971
28,905,692
R o c h e s t e r _____
284,038,802
230,152,032
1 4 ,2 7 5 ,3 8 6
S c r a n t o n ______
148.585,496
149,741,841
1 6 ,0 9 6 ,8 8 8
S y r a c u s e ______
102,663,750
142.987,104
1 0 ,0 0 1 ,2 9 7
R e a d i n g _______
100,620,378
86,232,589
1 2 ,0 2 7 ,4 0 9
W i l m i n g t o n ___
134,164,202
95,300,247
8 ,4 8 0 ,3 5 4
W l lk c s - B a r r o __________
84.204,538
78,724,226
1 6 ,1 0 3 ,2 6 3
W h e e l i n g ______
138,158,481
90,257,573
9 ,5 1 4 ,2 7 0
104,249,930
88,903,084
T r e n t o n ________
8 .5 0 0 .0 0 0
H a r r i s b u r g ___
90,667,948
79,388,246
4 ,7 8 5 ,7 8 7
48,711,847
43,311,510
Y o r k ...... ...............
64,590,841
47,939.371
6 .7 4 1 .7 9 2
E r i e ____________
40,242,021
33,099,056
3 ,1 2 7 ,9 5 6
G r e o n s b u r g .............. .......
55,941,109
35,423,848
5 ,4 7 3 ,3 9 5
C h e s t e r ........................
39,868,300
32,917,800
3 ,7 1 9 ,8 0 0
B i n g h a m t o n ________
2 ,6 6 8 ,1 8 8
28,535,885
24,872,632
A l t o o n a _____________
18,326,341
11,591,164
2 ,1 7 8 ,5 4 0
F r a n k l i n ____________
1 ,8 4 9 ,5 6 8
18,713,527
16,647,657
F r e d e r ic k ......................
2 ,7 3 7 ,3 4 3
30,133,992
25,224,766
B eaver C ou n ty , P a ..
7 ,6 9 3 ,4 3 9
90,799,121
78,186,557
L a n c a s t e r _____
2 ,4 4 3 ,0 0 8
N o r r i s t o w n ____
20,773,077
23,117,001
2 ,2 2 3 ,8 1 2
M o n t c l a i r _____
20,851,750
19,686,912
3 ,4 4 2 ,2 5 0
O r a n g e s ________
30,683,420
37,219,901
T o t a . M i d d l e ______ 1 8 , 7 3 8 ,6 8 4 ,5 4 9
162,610,426,818! 112,737,8T2T677
B o s t o n __________
+ 2 8 .3
8 5 9 ,0 4 0 ,7 5 3
1 ,1 0 3 ,2 9 4 ,3 7 7
9 ,7 1 7 ,3 0 5 ,1 4 4
7 ,4 2 2 ,1 1 7 ,1 9 4
4 6 ,9 3 6 ,9 0 0
P r o v l d e n c o ____
+ 1 0 .5
4 2 ,4 5 6 ,6 0 0
4 6 6 ,0 9 1 ,1 0 0
3 7 7 ,6 6 0 ,3 0 0
H a r t f o r d ........... .
4 3 ,3 4 7 ,8 6 1
2 9 ,7 2 8 ,3 9 0
+ 4 5 .8
3 9 2 ,0 9 7 ,7 8 9
3 1 8 ,2 1 2 ,9 6 2
N o w H a v e n ____
2 1 ,8 3 4 ,9 7 6
1 6 ,8 1 7 ,6 2 3
+ 2 9 .8
2 1 1 ,5 2 1 .9 1 3
1 7 7 ,8 3 3 ,0 5 8
1 3 ,9 4 1 ,9 7 4
S p r in g f i e ld _____
1 4 ,0 5 2 ,4 9 8
— 4 .8
1 8 5 .4 3 9 .9 9 8
1 3 9 ,0 8 0 ,4 6 8
P o r t l a n d ...........
1 1 ,2 5 2 ,4 3 1
— 3 .8
1 1 ,0 9 5 ,3 5 6
1 1 5 ,0 4 1 ,5 7 6
9 7 ,1 3 4 ,9 2 1
W o r c e s t e r _____________
1 3 .5 6 0 .5 5 4
1 7 ,2 8 2 ,0 9 7
+ 2 7 .3
1 7 6 ,3 3 8 ,5 0 7
1 2 8 ,2 5 0 ,0 4 8
F a l l R i v e r _____________
9 ,4 8 8 ,3 2 5
+ 4 0 .3
6 ,7 6 2 ,1 7 9
7 7 ,7 7 3 ,2 1 0
5 8 ,0 7 6 ,6 9 0
+ 12.1
8 ,3 6 3 ,6 7 3
N e w B e d fo r d ..
7 .4 5 8 .0 0 9
6 8 ,5 6 0 ,9 8 6
5 4 ,1 4 0 ,1 7 8
L o w e l l ................
+ 2 9 .0
3 ,9 8 9 ,6 4 5
5 ,1 4 5 ,4 5 9
4 7 .2 4 1 .7 3 7
3 8 ,7 9 5 ,3 2 0
H o l y o k o ........... ..
4 5 ,4 2 0 ,4 3 4
+ 1 9 .0
3 ,5 5 2 ,5 3 7
4 ,2 2 9 ,5 3 9
35,004,027
B a n g o r ........................
3 1 ,0 2 3 ,6 6 8
+ 4 7 .7
2 ,1 7 4 ,5 5 3
2 0 ,0 9 6 ,3 5 2
3 ,2 1 2 ,6 5 6
9 4 ,0 7 9 ,3 0 0
+ 18.7
0 ,0 9 9 ,7 0 0
6 0 ,0 7 8 ,9 0 0
9 , 9 5 0 ,1 0 0
W a t c r b u r y .....................
8 .9 2 8 ,2 8 6 ,4 1 8
1^019^00^97 + 2 7 .4 ”1 + 0 2 8 ,5 4 1 ,4 2 2
1 ^ 9 8 ,2 3 0 ,3 6 8
T o t a l N o w E n g la n d
+ 3 0 .4
1 8 ,4 8 1 ,6 1 5 ,0 0 9 1 4 ,0 2 1 ,3 7 8 ,6 8 3
1 ,4 8 1 ,5 3 7 ,7 9 0
1 ,9 3 2 ,1 5 1 ,6 2 2
C h i c a g o ________________
1 ,5 8 5 ,7 4 0 ,9 6 0
+ 2 3 .0
1 .2 3 5 ,1 9 3 ,8 5 0
1 3 1 ,2 9 2 ,7 5 0
1 6 2 .2 7 1 .1 1 0
C i n c i n n a t i _____________
2 ,1 9 0 ,0 8 1 ,7 4 9
+ 7 0 .8
1 5 5 ,5 4 7 ,3 3 4
1 ,3 8 8 ,9 0 5 ,3 3 6
C l e v e l a n d _____________
2 7 5 .0 0 2 .1 1 0
+ 5 8 .3
2 ,0 2 5 ,6 9 3 ,8 7 5
1 4 3 ,5 1 1 ,0 5 2
D e t r o i t _________________
1 ,3 3 4 ,0 5 9 ,8 3 3
2 2 7 ,1 2 7 ,9 3 0
+ 3 4 .7
9 4 2 ,1 4 3 ,5 6 1
7 7 ,9 4 3 ,5 7 2
M i l w a u k e e ____
1 0 5 ,0 5 0 ,5 8 0
7 5 0 .5 3 2 ,1 0 9
+ 2 4 .2
4 3 .0 0 7 .7 0 4
I n d i a n a p o l is . . .
5 0 4 ,5 6 9 ,8 1 4
5 3 ,4 0 4 ,6 4 2
4 0 1 ,0 1 1 ,6 5 0
+ 1 3 .7
3 3 .4 1 8 .0 0 0
C o l u m b u s ..........
4 4 2 ,5 3 2 ,2 0 0
38,010,100
3 1 4 ,7 1 7 ,9 0 0
+ 4 5 .5
3 0 ,3 5 8 ,0 4 0
44,107,044
T o l e d o __________________
4 2 9 ,4 0 9 ,6 8 7
2 9 8 ,9 2 2 ,0 0 1
+ 2 8 .9
19,071,112
1 5 ,2 5 8 ,2 3 5
P e o r i a __________
1 8 1 ,8 2 3 ,0 9 9
1 4 4 ,1 8 1 ,7 3 8
1 4 ,9 4 1 ,1 5 4
2 1 .9 5 0 .0 0 0
+ 4 6 .9
G ra n d R a p id s ..
2 0 4 ,2 0 9 ,4 7 2
1 5 9 ,0 2 2 ,7 0 4
1 4 ,9 2 0 ,0 7 3
D a y t o n ________
+ 3 9 .2
1 0 ,7 2 1 ,7 3 8
1 5 1 ,8 8 3 .9 6 9
1 0 2 ,7 4 4 ,0 3 7
E v a n s v i l l e ______
_
+ 7 .1
9 ,0 1 4 ,5 0 5
8 ,4 1 4 ,4 3 3
8 7 ,6 0 0 ,9 0 7
0 5 .8 0 7 .8 6 3
0 ,2 6 5 ,7 1 4
S p r in g fie ld . I l l ________
+ 2 9 .5
4 ,8 3 6 ,9 5 0
7 0 ,1 8 7 ,5 5 2
5 4 ,5 9 0 ,3 9 1
F ort W ayn e . . .
+ 2 4 .2
5 ,6 0 4 ,4 0 2
6 ,9 6 0 ,8 7 1
7 0 ,9 0 3 ,4 0 8
6 0 ,7 0 2 ,8 2 7
A k r o n ___________
+ 7 2 .4
2 0 .1 0 7 .0 0 0
1 1 .0 0 4 .0 0 0
1 8 7 ,3 5 9 ,0 0 0
9 7 ,5 4 2 ,0 0 0
L e x i n g t o n _____________
3 ,2 9 0 ,5 1 3 — 1 3 .7
2 .8 4 4 .7 9 3
3 5 ,2 6 6 ,3 1 7
3 5 ,8 0 5 ,0 2 9
+ 66.0
8 ,5 2 7 ,0 9 5
1 4 ,2 0 4 ,3 8 2
Y o u n g s t o w n ...................
1 2 9 ,1 6 2 ,1 6 0
7 3 ,4 5 2 ,5 4 9
+ 3 .9
4 ,1 1 4 ,3 4 9
R o c k f o r d _____________
5 4 ,9 8 5 ,5 4 7
5 ,7 1 7 ,3 3 5
4 4 ,2 3 7 ,6 0 8
C a n t o n ................... ..........
8 ,1 5 0 ,4 4 2 + 1 1 4 .5
1 7 ,4 8 0 ,4 5 2
1 2 8 ,8 2 3 ,0 2 3
8 0 ,5 7 3 ,4 7 1
+ 2 4 .2
Q u i n c y ______ __________
3 ,5 7 2 ,1 8 8
4 ,4 3 8 ,1 1 1
4 0 ,1 9 9 ,6 5 8
3 7 ,5 2 3 ,6 3 0
+ 2 0 .4
3 ,5 2 8 ,2 7 7
4 ,2 4 8 ,3 8 1
S p r in g f i e ld , O h i o . . .
4 8 ,1 9 2 ,1 5 8
3 7 ,0 4 1 ,4 9 9
+ 3 .1
S o u t h B e n d __________
3 .8 8 6 .0 0 9
4 ,0 0 7 ,5 9 3
4 1 .1 9 3 .7 3 8
3 4 ,5 0 2 ,2 3 5
+ 1 8 .5
B l o o m i n g t o n ................
3 ,1 7 0 ,9 9 8
3 ,7 6 5 ,5 2 6
4 1 ,1 9 9 ,3 7 3
3 4 .9 4 0 .8 6 3
+ 3 1 .3
M a n s f i e l d ...... ...............
2 .4 9 8 .7 0 1
3 ,2 8 0 ,5 1 8
2 0 ,2 8 6 ,9 6 0
3 2 ,3 7 9 ,3 6 9
D e c a t u r ...........................
+ 3 7 .4
3 1 ,4 0 4 ,4 9 2
2 ,2 1 1 ,4 3 8
3 ,0 3 8 ,4 0 3
2 2 ,9 8 6 ,2 1 9
J a c k s o n ...........................
3 ,0 3 1 ,6 2 4
4 ,0 1 7 ,9 0 1
+ 3 2 .5
4 2 .2 1 4 .1 3 7
2 8 ,2 9 9 2 62
D a n v l l l o _____________
+ 2 .4
2 1 35 701
2 ,0 8 4 ,9 5 2
2 7 ,9 5 1 ,8 5 7
2 4 ,1 2 3 ,2 6 3
L i m a ................................
+ 3 3 .7
3 4 .0 3 5 .1 3 7
2 .4 1 1 .2 0 2
3 ,2 2 4 ,1 8 9
2 3 ,0 8 3 ,9 4 5
L a n s i n g ..........................
+ 3 7 .0
4 0 ,5 6 0 ,7 5 3
3 ,5 0 4 ,8 4 8
4 ,8 2 3 ,0 4 0
2 9 ,3 1 9 ,5 3 8
+ 3 4 .1
1 ,2 3 0 ,0 4 1
1 6 ,7 8 9 ,0 7 2
J a c k s o n v il le , H I_____
1 .6 4 9 .2 2 0
1 3 ,4 5 1 ,8 4 1
+ 1 9 .2
A n n A r b o r ____________
1 ,3 5 1 ,0 5 9
1 ,0 1 0 ,5 9 5
1 5 ,7 5 8 ,7 2 8
1 1 ,7 2 9 ,8 3 4
A d r i a n ________________
+ 5 2 .1
412,904
2 8 4 ,9 9 0
3 ,7 1 6 ,1 5 1
2 ,8 7 1 ,0 3 3
O w e n s b o r o __________
+ 2 3 .1
1 ,6 8 4 ,3 8 9
1 ,3 0 0 ,2 9 3
1 7 ,9 1 2 ,7 9 2
1 6 ,2 0 1 ,9 1 5
F l i n t .................................. .
6 .5 0 0 .0 0 0
+ 7 0 .8
3 ,8 1 0 ,7 5 8
5 4 ,0 8 2 ,1 6 5
3 0 ,4 0 8 ,1 4 6
L o r a i n _________________
7 1 0 ,7 9 3
+ 5 0 .0
4 7 4 ,8 2 1
6 ,6 0 2 ,3 3 3
5 ,1 1 6 ,2 8 0 .
G a r y ........................ ...........
3 ,0 0 0 ,2 3 1
+ 8 0 .4
1 .7 0 0 .0 0 0
2 7 ,1 1 8 .2 3 4
1 4 .7 6 4 ,5 7 3
N e w A l b a n y ................
6 1 4 ,2 4 2
+ 3 5 .0
5 2 9 ,2 3 9
6 ,2 1 6 ,7 3 5
6 ,4 3 0 ,6 2 7 !
P a d u c a h ........................ .
+ 56*0
3 ,0 3 5 * 8 9 6
4 3 ,2 7 8 ,0 8 6
3 7 ,3 0 0 .9 3 5
T o t a l M U ld lo W e s t . 3 ,0 3 4 ,3 5 0 ,6 0 4 2 ,2 3 5 ,8 3 6 ,2 1 7
+ 35.7 2 8 ,4 8 7 .4 6 2 ,9 9 7 2 1 ,7 1 2 ,3 8 4 ,2 7 3
D e t a i ls o f P a c t flo a n d O t h e r W e s to rn o n p a g e 2 1 3 3 .
8 2 4 ,0 3 8 ,2 3 0
T o t a l P a c i f i c ........... + 38.9 7 .1 9 9 ,3 2 3 ,8 8 5
5 9 3 ,4 6 4 ,6 0 3
5 ,6 8 7 ,0 2 3 ,2 8 9
1 ,2 3 0 ,8 4 3 ,6 0 7 1 ,0 2 0 ,8 9 5 ,1 4 4
T o ta l O th er W e s t ..
+21.2 1 0 ,7 3 0 ,5 8 5 ,9 3 6
8 ,5 4 9 ,1 6 8 ,6 9 7
5 3 7 ,0 4 0 ,7 0 5
S t . L o u i s .............
+ 33.9 4 ,8 1 5 ,0 3 0 ,3 8 1
4 0 1 ,0 0 9 ,9 8 2
3 ,7 2 0 ,1 0 9 ,1 7 5
1 6 4 ,9 0 5 ,0 4 1
N e w O r l e a n s ___
+ 70.0 1 ,2 0 6 ,3 4 1 ,9 1 8
9 7 .0 2 4 .7 0 5
8 6 2 ,4 4 0 ,1 4 6
7 8 ,5 1 0 ,3 0 8
7 1 ,0 1 5 ,1 8 5
+ 10.0
L o u l s v i l l o ...........
8 4 8 ,0 9 1 ,9 0 1
6 8 3 ,8 5 4 ,9 3 0
6 0 ,5 0 1 ,9 9 3
+ 19.7
6 0 ,5 5 7 ,1 9 2
H o u s t o n .............
5 1 1 .0 4 7 .9 9 9
4 0 1 ,9 6 1 ,5 2 8
3 1 ,3 5 2 ,7 0 9
2 0 ,7 3 1 ,8 2 2
+ 51.2
G a l v e s t o n ______
2 1 4 ,3 4 3 ,3 6 5
2 1 0 ,6 1 4 ,3 8 6
6 8 ,1 4 3 ,5 0 9
+ 40.7
4 0 ,4 0 4 ,9 3 0
M e m p h i s _______
3 1 2 ,6 7 8 ,2 2 2
4 1 3 ,9 9 3 ,1 9 0
5 5 ,5 2 2 ,3 1 7
4 7 ,4 9 2 ,0 3 5
+ 16.9
F o r t W o r t h ____
4 3 5 ,2 0 7 ,1 0 6
3 8 3 ,6 8 3 ,2 1 9
1 0 3 ,3 2 3 ,1 3 4
+ 02.1
0 3 .7 3 0 .0 0 0
R i c h m o n d _____________
8 2 0 ,8 9 9 ,0 7 1
4 6 7 ,8 8 0 ,5 7 5
A t l a n t a _________ _
8 7 ,0 0 3 ,3 5 9
1 3 0 ,0 4 1 ,7 8 7
+ 50.0
8 9 0 ,0 2 3 ,5 0 9
6 5 2 ,6 7 0 ,2 1 1
S a v a n n a h _____
2 4 ,2 1 0 ,8 4 8
+ 65.0
3 9 ,9 0 8 ,7 0 2
3 0 0 ,5 8 6 ,2 0 6
2 2 8 ,2 0 0 ,0 2 7
N a s h v i l l e _____"
+ 30.4
3 2 ,2 8 1 ,3 4 3
4 2 ,1 0 3 ,5 0 2
3 6 6 .4 1 2 ,0 9 6
2 8 7 ,6 5 5 ,7 9 5
N o r f o l k ______ I
+ 32.1
2 1 ,0 5 1 ,7 4 3
2 8 ,5 9 9 ,2 4 0
2 2 4 .6 3 9 .8 4 0
1 8 7 ,1 7 3 .9 3 5
B i r m i n g h a m _____
+ 1.8
1 2 ,8 5 0 ,3 0 0
1 2 9 ,9 6 9 ,1 5 3
1 3 ,0 7 8 ,8 6 0
1 1 0 ,7 8 5 .7 7 8
A u g u s t a ......................
+ 44.3
1 0 ,8 3 5 ,5 9 4
1 0 3 ,6 6 8 ,1 1 6
1 5 ,0 3 1 ,1 2 8
8 1 ,6 0 6 ,6 4 7
J a c k s o n v il le * _______ I
1 2 ,5 8 9 ,6 0 5 — 84.0
* 2 ,0 1 0 ,4 3 2
1 2 7 ,4 4 7 ,9 4 4
1 4 9 ,7 3 0 ,4 6 5
K n o x v i l l e ........... ............
+ 12.4
8 ,3 0 0 ,8 2 5
1 0 2 ,0 0 5 ,7 2 8
9 ,3 9 9 ,5 6 0
8 0 ,9 6 6 ,5 6 5
L i t t l e R o c k .....................
+ 49.1
1 3 ,0 0 5 ,9 3 6
1 0 0 ,7 8 8 ,1 2 2
1 3 5 ,0 7 9 ,9 7 5
2 0 ,2 8 5 ,8 9 7
C h a t t a n o o g a __________
+ 53.4
1 1 ,6 7 5 ,5 0 1
1 3 5 ,1 3 8 ,3 1 5
1 7 ,9 1 2 ,9 3 8
1 0 8 ,2 9 7 ,4 1 7
C h a r l e s t o n _____________
+ 38.5
9 ,5 4 7 ,4 2 0
1 3 ,2 2 1 ,7 3 7
1 0 8 ,8 0 3 ,3 0 0
9 0 ,9 1 9 ,5 9 9
M o b i l e _________________
+ 21.3
4 ,4 3 7 ,8 1 0
5 .3 8 4 .2 2 0
5 3 ,1 3 3 ,9 1 9
5 0 ,5 5 3 ,8 6 9
O k l a h o m a _____________
+ 82.0
2 5 .7 0 2 .7 4 5
1 4 .1 1 0 .0 0 0
2 0 1 ,8 8 7 ,5 7 9
1 1 9 ,1 2 6 ,9 8 1
M a c o n ............................. ..
+ 38.1
2 5 ,1 0 1 ,1 2 2
1 8 ,2 2 0 ,5 4 4
2 0 7 ,3 5 5 ,9 0 9
1 4 2 ,0 3 1 ,1 4 5
C o l u m b i a ___
. ..
+ 35.9
6 ,8 3 1 ,0 4 7
4 1 ,6 9 4 ,6 7 0
5 0 ,6 2 5 ,9 8 0
5 ,0 2 0 ,3 1 7
A u s t i n ...............................
1 2 ,0 1 8 ,0 8 2
+ 40.4
1 2 1 ,1 8 8 ,7 3 6
1 5 2 ,3 8 1 .0 0 7
8 ,5 0 0 ,7 1 5
B ea u m on t. .
4 ,3 6 0 ,5 9 2
+ 13.7
4 1 ,9 7 9 ,8 6 8
3 3 ,7 4 1 ,2 0 2
3 ,8 3 3 ,0 8 0
W ilm in g to n , N . ' c I I I
3 ,0 1 3 ,9 7 0
+ 35.9
2 4 ,8 0 9 ,8 9 2
2 0 ,1 5 4 ,4 8 1
2 ,2 1 7 ,6 7 0
C o lu m b u s , G a . .
3 ,0 0 9 ,2 3 1
+ 40.4
2 3 ,0 8 8 ,5 0 1
1 9 ,0 9 7 ,7 1 3
2 ,0 4 9 ,5 8 9
V i c k s b u r g ...................
1 ,0 1 3 ,8 3 0
+ 16.4
1 2 ,7 7 9 ,0 0 5
1 2 ,4 0 5 ,3 9 3
1 .3 8 0 .0 0 0
J a c k s o n _____________ " I
2 .8 3 8 .0 0 0
+ 38.2
2 7 ,5 3 2 ,8 7 0
1 8 ,8 6 4 ,0 3 7
2 ,0 5 3 ,3 4 8
M u s k o g e e _________
8 ,0 7 4 ,3 2 2
+ 41.1
6 3 ,4 3 5 ,2 6 5
3 8 ,9 8 5 ,0 5 1
0 ,1 4 9 ,0 8 4
T u l s a ..................................
2 3 ,8 8 0 ,9 5 1
6 7 ,2 6 1 ,6 0 7
1 0 8 .8 1 8 .8 4 0
8 ,5 2 1 ,5 0 0 + 180.3
E l P a s o ________________
1 5 ,5 0 3 ,0 3 0
+ 39.4
1 1 ,1 2 1 ,9 8 9
1 3 4 ,2 8 8 ,9 9 6
1 0 2 ,1 7 8 .4 6 8
M e r i d i a n _______________
1 9 ,2 5 8 ,7 0 0
1 .4 7 0 ,8 0 0
-—2.3
1 3 ,2 6 4 ,5 0 7
T o ta l S o u t h e r n ....
1 ,5 7 1 ,7 7 4 ,7 2 9 1 ,1 3 1 ,8 7 2 ,3 7 1 + 3 0
13,099,720,037
9 ,8 9 2 ,3 4 2 .0 8 1
T o t a l a l l _____________ 2 0 ,7 0 4 ,5 7 2 ,1 5 3 1 9 ,3 8 4 ,9 9 8 ,4 0 0
+ 37.8 2 3 3 ,7 5 0 ,0 6 1 .0 9 5 1 6 7 ,5 0 6 ,9 9 7 ,4 3 5
O u t s ld o N e w Y o r k . 1 0 ,0 5 1 ,1 9 7 ^ 5 0 9 7 .5 5 5 .5 7 8 .0 6 5
+33.0 9 1 ,1 1 1 .0 2 0 ,3 5 0 09,273,745,110

1.436.000

C learin gs by T elegra p h an d C a n ad ian C learin gs o n page 21.12.
b a n k s n o w cle a r d ir e c t.




1915.

1

$
S
3 ,0 3 0 ,4 2 3 ,5 9 2 3 ,0 7 4 .9 5 1 ,25£
2 4 4 ,9 2 6 ,27£
2 7 2 ,4 2 1 ,3 2
6 5 ,5 0 0 ,3 0 2
6 9 ,8 0 9 ,85£
5 8 ,3 8 0 ,8 4 £
4 4 ,9 6 2 ,2 1 1
1 6 ,7 0 9 ,5 8
1 4 ,5 3 0 ,4 4 1
5 ,6 6 7 ,7 5 1
4 ,8 0 4 ,8 1 "
9 .5 5 9 .1 5 C
9 .1 9 8 ,2 7 !
6 ,8 1 9 ,4 2 5
6 ,1 9 0 ,5 8 C
2 ,5 8 7 ,0 0 1
3 ,3 6 9 ,6 1 :
3 ,4 5 8 ,2 2 2
3 ,5 5 8 ,2 9 :
2 ,3 9 4 ,9 0 :
2 .1 8 4 ,0 9 2
2 ,6 2 7 ,2 0 2
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3 ,2 2 2 ,6 0 c
1
1 ,4 6 5 ,1 3 1
1 ,9 0 5 ,4 7 5
3 ,7 4 0 ,1 8 7
2 ,8 9 1 ,3 3 5
2 ,7 1 2 .0 6 9
2 ,7 6 2 ,7 0 7

1 1 ,8 2 9 ,4 1 9 ,7 3 5
+ 4 0 .8
+ 4 5 .5
8 7 5 ,4 5 9 ,2 3 8
2 4 0 ,0 0 7 ,9 4 8
+ 2 8 .5
1 6 9 ,8 1 7 ,0 5 3
+ 12.0
5 8 ,1 0 2 .8 8 9
+ 2 5 .6
2 4 ,3 3 3 ,4 0 3 — 10.0
3 7 ,4 9 6 ,0 4 4
+ 1 3 .0
+ 1 8 .4
2 4 ,4 1 8 ,0 1 0
1 3 ,3 0 6 ,1 9 9
+ 6.8
1 3 ,7 8 7 ,0 7 1
+ 1 6 .7
+ 10.2
8 ,0 0 7 ,0 6 9
+ 9 .9
1 0 .9 4 3 .7 0 3
+ 7 .4
7 ,8 9 6 ,9 9 2
1 1 .0 4 1 .5 5 4
+ 3 8 .3
— 0 .4
9 ,5 5 3 ,7 1 3
+ 9 .4
7 ,7 7 3 ,4 8 9
+ 1 4 .8
4 ,1 6 9 ,1 8 5
+ 3 9 .0
4 ,8 2 9 ,9 9 5
+ 1 3 .3
2 ,7 6 1 ,1 1 4
+ 3 9 .3
3 ,9 3 0 ,7 4 8
+ 10.6
3 .3 0 3 .7 0 0
2 .2 3 3 .2 0 2
+ 1 9 .5
1 ,1 3 0 ,2 3 2
+ 9 1 .7
+ 1 1 .4
1 ,6 6 0 ,3 7 2
+22.6
2 ,2 3 3 ,9 4 5
7 ,2 9 7 ,3 1 4
+ 5 .3
+ 6.0
2 ,2 9 1 ,5 2 8
1 ,8 8 8 ,2 8 8
+ 1 7 .7
3 ,2 4 8 ,0 1 2
+ 0.0
1 3 .3 8 3 .7 2 9 .0 6 5 ”+ 4 0 . 0

4,782.180

1910.

Inc. or
Dec.

1914.

|

1913.

S
S
%
+ 1 8 . 1 ,5 8 0 ,4 6 6 ,59£ 2 .0 3 7 ,0 5 4 , 1 7 4
1 6 3 ,1 4 9 .8 1 7
+ 11.2
1 9 2 ,2 2 0 ,6 5 0
4 7 ,5 6 1 ,8 6
+ 6.1
5 6 .8 0 0 .6 5 6
4 0 ,8 0 1 .2 1 2
4 0 .9 0 7 .7 5 4
— 7 .:
1 2 ,7 4 8 ,7 9 7
— 13.C
1 5 ,6 8 1 .1 0 1
6 ,7 9 6 ,1 9 :
7 ,0 0 5 ,4 8 2
— 15.2
9 ,2 0 2 ,0 9 7
9 ,2 1 3 , 9 9 9
— 3.S
4 ,9 6 3 ,5 0 6
6 ,5 9 8 ,2 2 4
+ 10.2
4 ,0 6 9 ,3 7 :
4 ,4 7 4 , 5 3 6
— 2 3.2
3 ,4 2 0 ,8 2 2
3 ,4 3 2 , 2 6 7
+ 2.C
1 .8 2 4 .2 7 C
2 ,0 4 1 ,3 5 5
+ 9.1
1 ,8 0 1 ,5 2 6
2 ,2 2 2 , 5 3 5
+ 2 2 .S
1 ,9 4 6 ,1 1 5
1 ,9 7 5 ,2 6 1
— 2 3 .:
2 ,5 3 5 ,4 1 8
+29 C
2 ,3 1 1 ,8 0 1
2 ,4 0 4 ,3 6 4
2 ,5 2 3 , 1 5 4
— 1.8

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

+ 7 7 .8 ;
+ 2 9 .0 :
+ 8 3 .7 !
— 3 .3

9 4 6 ,6 3 5
1 ,0 2 4 ,6 0 1
9 3 0 ,5 2 1
6 1 8 ,5 0 6
6 4 1.20C
6 0 1 ,5 8 4

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

1 ,6 4 3 ,4 3 9

— 0 .2

1 ,3 6 6 ,7 2 5

1 ,5 7 9 ,2 3 8

5 2 9 ,1 3 2
5 4 8 ,8 3 5
........... ..
4 ,0 8 0 ,5 4 1 ,6 8 9 3 ,4 9 8 ,6 5 4 ,1 5 8
2 2 0 ,0 1 8 ,1 7 4
2 0 6 ,4 8 4 ,5 6 3
9 .4 9 6 .7 0 C
9 .4 2 3 .0 0 C
7 , 955.73C
6 .9 S 9 .1 8 J
4 ,3 0 6 ,8 7 2
4 ,3 1 6 ,5 9 1
4 ,1 5 7 ,1 4 1
3 .7 9 0 .6 5 C
1 ,9 4 1 ,2 7 1
3 .0 0 0 .0 0 C
3 ,5 8 4 ,3 2 2
3 ,6 3 5 ,0 1 5
1 ,6 4 5 ,6 8 5
1 ,4 7 6 ,53C
1 ,3 0 0 ,6 3 2
1 ,8 2 5 ,0 5 4
9 4 9 ,1 0 4
1 ,0 0 9 ,4 6 2
8 8 1 ,5 6 9
1 ,0 0 2 ,0 0 5
5 5 0 ,0 0 0
4 2 8 ,6 3 0

+ 10.0

+ 2 5 .7
+ 2 7 .5
— 17.C
+ 1 6 .c
— 31 .S
+ 5 .8

1 ,6 3 9 ,9 8 8

+ 3 0 .2
+ 2 6 .4
+ 2 8 .4
+ 5 7 .7
+ 5 1 .8
+ 2 4 .5
+ 2 5 .8
+ 4 0 .6
+ 4 3 .7
+ 2 6 .1
+ 2 8 .4
+ 4 7 .8
+ 33
+ 2 8 .6
+ 1 6 .8
+ 9 2 .1
— 1 .5
+ 7 5 .8
+ 2 4 .3
+ 4 8 .8
+ 2 3 .1
+ 3 0 .1
+ 1 9 .4
+ 1 7 .9
+ 2 3 .2 |
+ 3 6 .6
+ 49.2|
+ 1 5 .9
+ 4 3 .7 .
+ 5 8 .8 !
+ 2 4 .8
+ 3 4 .3
+ 2 9 .4

9 6 5 ,2 0 2
1 ,0 0 5 ,3 0 1
937,52-1
9 9 4 ,0 5 4
8 67 .90 C
5 6 7 ,1 3 3

+ 3 .7

4 5 7 ,5 7 8

4 7 6 ,3 4 3

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

+ 1 6 .6 1 ,8 9 0 ,0 5 5 ,4 8 9 2 ,3 9 1 ,8 2 2 , 5 7 3
1 6 8 ,1 4 1 ,4 7 2
+ 6 .6
1 4 3 ,8 6 1 ,6 0 0
8 .1 0 8 .9 0 C
9 ,5 7 7 ,6 0 0
— O .f
4 ,7 9 1 ,8 1 1
5 ,2 2 7 , 5 6 6
+ 1 3 .8
3 ,4 7 3 ,7 6 5
+ 0 .2
3 ,3 9 2 , 5 1 9
2 ,8 1 1 ,9 1 2
+ 1 0 .2
2 ,9 4 0 , 3 2 8
2 ,0 0 4 ,2 9 6
2 ,2 1 6 . 5 9 3
— 35.5
2 .4 5 3 .8 0 C
2 ,5 6 9 , 5 6 0
— 1.4
1 ,4 .3 6 ,4 8 2
+ 11.4
1 ,2 5 9 ,0 5 6
+ 4 0.5
1 ,0 9 5 ,68C
1 ,4 4 8 ,2 5 8
8 3 7 .2 9 S
— 5.£
8 6 0 ,8 6 5
7 8 8 ,3 6 2
+ 1 3 .7
8 6 5 ,5 8 1
+ 2 8 .5
4 4 5 ,1 6 0
5 0 2 ,7 5 4

2 4 2 ,7 9 9 ,8 1 5
3 7 4 ,0 7 3 ,9 0 7
3 2 ,3 8 5 ,4 5 0
3 7 ,1 2 3 ,3 0 5
3 5 ,0 4 3 ,0 5 4
1 9 ,4 2 9 ,4 0 0
9 ,5 1 3 ,5 1 2
8 ,9 6 5 ,7 0 0
0 ,8 3 1 ,0 9 4
4 .0 9 5 ,4 0 1
3 ,5 9 3 ,6 3 0
2 ,4 0 8 ,3 4 7
1 ,8 5 1 ,0 7 4
1 ,2 6 6 ,2 4 0
1 ,3 7 0 ,6 1 8
3 ,0 3 1 ,0 0 0
7 9 3 ,0 0 0
2 ,1 4 0 ,2 5 9
8 1 2 .1 8 8
2,1 0 0 ,0 0 0
8 6 1 ,7 3 7
9 1 7 ,9 7 1
8 6 4 ,S91
8 5 5 ,7 8 0
6 1 4 ,2 9 5
6 0 3 ,3 5 2
4 8 1 ,6 7 0
4 5 8 ,3 1 0
0 2 8 ,7 1 1
7 4 4 ,7 8 5
2 8 5 ,7 4 3
2 4 5 ,0 0 0
5 0 ,5 9 4
3 7 3 ,4 1 3

+ 6 .0
+ 1 4 .3
— 1 .7
+ 4 5 .4
+ 3 5 .1
+ 1 1 .4
+ 2 0 .7
— 2 6 .4
+ 1 1.1
+ 1 7 .2
+ 2 4 .7
+ 4 .6
+ 6 .1
— 2 .1
— 0 .2
+ 3 2 .4
— 3 0 .6
+ 5 7 .7
+ 5 4 .2
+ 2 6 .7
+ 6 .5
+ 1 4 .4
+ 4 .0
— 1 3 .3
— 6 .9
+ 2 4 .7
+ 2 4 .6
+ 4 .9
— 4 .0
+ 3 9 .0

+ 7.7

+ 1 0 .2
— 2 .0
+ 1 4 .2

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

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

: : :: : : :

+ 16.0I
+31.2I

0 4 6 ,7 9 3 ,6 1 5

5 5 4 ,2 1 9 ,4 9 7

+ 1 6 .7

4 6 9 ,2 8 9 ,4 4 4

4 9 0 ,4 8 0 , 5 8 3

+26.6

1 7 9 ,7 9 0 ,1 4 1

1 4 8 ,5 0 8 ,6 2 1

+ 2 1 .1

1 3 1 ,0 1 7 ,1 2 5

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

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

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

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

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

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

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

+ 1 3 .1
— 1.4
+ 1 8 .7
+ 3 8 .8
+ 2 8 .6
+ 5 8 .0
+ 3 7 .6

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

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

2 ,5 0 0 ,0 0 0

2 ,9 8 5 ,4 3 7

+ 1 6 .3

2 ,2 3 8 ,3 6 0

2 ,7 2 5 , 0 0 0

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

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

—
—
+
+

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

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

2 1 0 ,4 4 1 ,7 0 2

2 5 1 ,7 0 4 ,4 3 4

+25.5
+29.2
+39.9
+ 29.3
+ 27.3
+ 1.8
+ 32.4
+ 13.4
+ 76.7
+ 36.4
+ 31.7
+ 27.4
+ 20.0
+ 11.3
+ 27.0
+ 17.5
+ 26.1
+ 34.0
+ 24.8
+ 19.7
+ 5.1
+ 69.5
+40.0
+ 21.4
+ 25.7
+ 24.0
+ 23.9
+ 20.9
+ 3.0
+ 45.9
+ 62.7
+ 151.0
+ 31.4
+ 4 5 .2

+ 32+1

+ 39.6
+ 3 1 .5

______

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

* D e c r e a s e d u e t o r e s ig n a tio n o f f o u r b a n k s fr o m

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

” 20
+

+ 1 6 .1 3 ,0 7 6 ,6 9 7 ,5 2 5 :3 ,6 5 3 ,5 4 7 , 2 2 0
+ 1 2 .8 1 ,4 9 6 ,1 3 0 ,9 3 0 ,1 ,6 1 0 ,4 9 3 , 0 4 6
c le a r in g h o u s e : m e m b e r a n d n o n - m e m b e r

2100

THE CHRONICLE

TH E F IN A N C IA L S IT U A T IO N .

The pinch in money at this centre the present week,
under which rates for call money on Monday touched
15% and reached maximum figures of 10% on Tues­
day and 7% on Wednesday (normal conditions not
being restored until Thursday), demonstrates anew
that the Federal Reserve system, upon which the
whole country has been placing so much dependence,
has not solved our monetary problems. If, prior to
the experience of this week, any one had ventured
to suggest that such high rates were possible with the
Federal Reserve system in full operation and at a
time when the country is literally flooded with cur­
rency in one form or another, he would have been
deemed lacking in perfect faith and denominated a
hopeless skeptic. These high rates, too, have come
at a time when the gold stream to these shores from
foreign countries has been flowing with such strength
and volume that many good people have been hold­
ing up their hands and saying that we were getting
too much of the metal and that the movement ought
to be stopped. As it happens, the easing of the
monetary tension here which came towards the end
of the week was due entirely to the resumption of
gold imports on a large scale, and it is evident that
whatever may be the situation elsewhere in the
United States, New York has been badly in need
of extra supplies of gold.
It may seem paradoxical and certainly is anomalous
that while the country is literally swimming in gold,
as the result of the enormous importations of the
metal which have occurred since the beginning of
1916, the New York Clearing House banks and trust
companies should be steadily drained of their
supplies of the metal, and of their money holdings
generally, yet the fact itself cannot be gainsaid.
And it is a striking commentary upon the working
of the Federal Reserve system that this should be so.
Secretary of the Treasury M cAdoo in his annual
report the present month is loud in his praises of the
Federal Reserve system and of the benefits it has
conferred upon the community, but in view of this
week’s happenings his flattering tribute would appear
somewhat premature.
The Secretary avers that the country’s present
“ great prosperity could not exist without it [the
Federal Reserve system].” This is perhaps pardon­
able exaggeration, but has no basis in the facts. Nor
is there warrant for the contention that “ the useful­
ness of the system has been broadened recently by
the amendatory Act of Sept. 7 1916.” On the
contrary, through these amendments and the methods
pursued in the administration of the law, nearly all
of which have tended to promote the inflation
possibilities of the law, there has been a distinct
departure from the conservatism that marked the
statute as originally drafted and the law has lost
some of its most potent elements for good.
Certainly the Reserve Act must be held responsible
for the depleted state of the Clearing House institu­
tions at this centre. For it is the reduction in the
money holdings and surplus reserves of these Clear­
ing House institutions that accounts for the twist
money; and the possibility of such a flurry in
money rates as has now occurred would have been
sooner recognized except for the implicit faith felt
in the efficacy of the Reserve system, which has made
the ordinary man inclined to neglect his customary
study of monetary currents. It has been argued



[Vol. 10S.

that business activity, together with high prices
and Stock Exchange speculation, necessarily create
an active demand for loan accommodation. That
of course is in considerable measure true, but the
predicament in which the Clearing House banks found
themselves this week was not due to loan expansion
but followed directly from a severe loss in money
holdings. The existence of the Federal Reserve
Bank at this centre has not served to relieve the situa­
tion and there is no telling what might have hap­
pened except for the opportune arrival of some more
gold from abroad.
Since the beginning of November the Clearing
House banks have been losing heavily in money and
surplus reserves in each and every week, with the
result that last Saturday their stock of gold amounted
to only $277,685,000, as against $349,548,000 Nov. 4,
while total money holdings in the same four weeks
were reduced from $474,675,000 to $389,593,000.
In the same four weeks surplus-reserves fell from
$124,107,040 to $41,001,310. In tabular form the
story is as follows:
M O N E Y H O L D IN G S A N D SURPLU S R E S E R V E S OP N E W Y O R K
C L E A R IN G HOUSE B A N K S .

Gold
H old in g s.

Total M o n e y
H o ld in g s.

S u rp lu s
R eserves.

N o v . 4 ___________ .$349,548,000 $474,675,000 $124,107,040
N o v . 11____________ 344,717,000 466,724,000
98,868,250
N o v . 18..................... 321,200,000 433,942,000
79,897,080
N o v . 2 5 ................
285,133,000
398,087,000
58,647,240
Dec. 1____________ 277,685,000 389,593,000
41,001,310

The Clearing House return to be issued to-day
promises to make a greatly improved showing in these
respects by reason of the renewed gold influx, but
obviously tension in money rates here was a fore­
gone conclusion with the reserve strength of the banks
so seriously impaired. We have stated that no
relief came from the Federal Reserve system. As a
matter of fact the Federal Reserve Bank of New
York was actually the instrumentality through which
the Clearing House institutions were drained of their
supplies of money. Day after day since the early
part of November the Federal Reserve Bank has been
a creditor at the Clearing House for enormous
amounts and these balances of course had to be settled
for by the paying over of correspondingly large
amounts of money. As indicating the magnitude
of these amounts we may note that for the week
ending Friday, Nov. 11th, the Federal Reserve
Bank at this centre had net credit balances in its
favor of $19,668,000. In the week ending Friday,
November 18, there was a further accrual of credit
balances in the net amount of $31,472,000. In the
week ending Friday, November 24, the net aggre­
gate of credit balances reached an almost equally
large sum at $28,774,000, while in the week ending
last Friday (December 1) the net amount of these
credit balances was $8,733,000. Combining the
four weeks the net credit balances in favor of the
Reserve Bank of New York reached the huge sum
of $88,647,000. We give the figures now in tabular
form:
D A IL Y C R E D I T OR D E B IT B A L A N C E S OF N E W Y O R K R E S E R V E
B A N K A T C L E A R IN G H OU SE.

D eb it.

W eek ending N o v . 11—
Saturday---------M o n d a y _______
Tuesday (Election D ay )—
W ednesday-----T h u rsd ay -------- $1,789,000
Friday_________
796,000

C red it.

N e t C redit B a l­
a n ce f o r W e e k .

$2,059,000
10,803,000
9,391,000

Total week__ $2,585,000 $22,253,000 N ot $19,668,000

THE

Dec . 9 1916.]
D e b it .
W eek ending N o v . 18—
Saturday — . . .
M o n d a y ---------T u esd a y ---------- $1,026,000
Wednesday____
T h u rsd ay _____
Friday_________

C red it.

CHRONICLE

N e t C redit B al­
a n ce f o r W eek,

$5,848,000
15,720,000
2.786.000
3.075.000
5.069.000

Total w e ek .- $1,026,000 $32,498,000 N et $31,472,000
W eek ending N o v . 25—•
Saturday---------$8,356,000
M o n d a y _______
18,655,000
T u esd a y ---------$178,000
1,187,000
Wednesday____
T h u rsd ay _____
8,305,000
Friday...................
5,177,000
Total w e e k .. $6,542,000 $35,316,000 N et $28,774,000
W eek ending D ec. 1—
Saturday_______
M o n d a y _______
T u e sd a y _______$1,890,000
Wednesday------ 11,918,000
Thursday (Thanksgiving)
Friday--------------

$ 6 , 0 1 2 ,0 0 0

8,662,000

7,867,000

Total w eek ..$13,80 8,00 0 $22,541,000 N et

$8,733,000

Grand total, four weeks____________ N et $88,647,000

It is thus evident how and in what manner the
lowering of money holdings and surplus reserves of
the Clearing House institutions at this centre was
brought about. Money holdings, as shown by the
first table above, were reduced in amount of $85,082,­
000, while no less than $88,647,000 went to meet the
net credit balances of the Federal Reserve Bank.
The member banks of the Federal Reserve system
were obliged in November to pay the final install­
ment of reserves and it would appear that this was
effected by transferring the money for the purpose
through the new Clearing House arrangement of the
Reserve banks, the country banks calling upon their
correspondent banks here to supply the necessary
funds for the purpose. It was estimated that in the
aggregate $68,000,000 would be required for this
final installment, and the sum is fully covered in the
New York Reserve Bank’s net credit balances for
the four weeks of $88,647,000.
If this be the correct explanation, then the final
burden for meeting requirements of this sort still
rests upon the banking institutions at this centre,
notwithstanding the Federal Reserve Hoard has been
engaged in building up extensive funds at other
centres. It is noteworthy that the large credit bal­
ances of the Federal Reserve Bank of New York
did not serve to swell the Reserve Bank’s own money
holdings, showing that the money must have been
transferred to other points by the Reserve Bank
through the Reserve clearing house system. As a
matter of fact, the New York Reserve Bank’s money
holdings, after being heavily enlarged in the week
ending Nov. 17 (when the total of gold and legal
tender mounted from $170,660,757 to $192,852,297),
were in the succeeding two weeks reduced to $156,­
408,741, at which figure the total was the smallest
of any week since June 2 last. In other words, the
Federal Reserve Bank of New York drew enormous
amounts out of the Clearing House institutions and
could not retain the money, but transferred it, as
already stated, to other points.
Though on the present occasion the moneys re­
quired for the payment of the final installment of
reserves may have served to cause the shrinkage in
money holdings, the same thing has happened many
times before when there was no such circumstance
to explain the drain from the Clearing House banks
into the Federal Reserve Bank. Last Saturday’s




2101

surplus reserves of the Clearing House banks at
$41,001,310 was the smallest shown in any weekly
return since the inauguration of the Federal Reserve
system— this notwithstanding gold imports into the
United States of $700,000,000. In some inexplica­
ble way huge supplies of money pass away from the
Clearing House banks into the Reserve Bank and
then disappear, never to return.
On the former occasions, as in the present instance,
when money holdings and surplus reserves dropped
to a low figure, renewal of gold imports came in to
retrieve the situation, but it is obvious that the
Clearing House banks at this centre are still called
upon to bear the old burden, while being deprived
of their control over the currency movements ow­
ing to the interposition of the Reserve banks. This
is not a state of things that makes for the best re­
sults, and it is conceivable that sooner or later it
might involve grave menace.
It will be contended that relief can always be
secured by availing of the discount facilities of the
Federal Reserve Bank, but that is only a palliative
at best, for we have shown that what was needed was
not additional credit, but a restoration of depleted
reserves— a return of the money which the Reserve
Bank took from the Clearing House institutions, and
that is a requirement which it is beyond the ability
of the Reserve Bank to fulfill. There is no need of
asking whether the Reserve Bank could pay back
the $88,647,000 which it took from the Clearing
House banks, for it obviously could not.
Whatever the Federal Reserve system may have
done for other parts of the country— and by enforcing
a low level of interest rates it has served to remove
the restraints, existing in the past, upon unsound
business endeavors— it has created new problems
and a perplexing situation for the banks at this centre,
while removing none of the old ones.
The exhibit of bank clearings for the United States
for November 1916 is a decidedly favorable one,
continuing as it does a series of record-breaking
totals. It is not usual, as we remarked at this time
a year ago, in referring to the new high mark then
set, for record totals in clearings to be established in
November, but this year again proves to be an
exception, the aggregate now presented for the whole
country standing as the heaviest for a monthly period
in our history, with average per business day close
to 1,100 million dollars, against about 1,000 millions
in October and 900 millions in September. In the
making of this new record New York stands out
conspicuously with a gain over the previous month
of nearly 950 million dollars, and among the other
42 cities that in November furnished totals of (for
them) unprecedented magnitude, may be mentioned
Philadelphia, Boston, Hartford, New Haven, Waterbury, Cincinnati, Cleveland, Detroit, Milwaukee,
Indianapolis, Grand Rapids, San Francisco, Los
Angeles, Salt Lake City, Sacramento, Fresno, New
Orleans, Memphis, Richmond, Norfolk, Chatta­
nooga, Galveston and El Paso. Moreover, many
additional cities present figures that approach very
close to previous high-water marks, and no less than
142 of the 162 municipalities that are included in our
compilation set new records for November, and as
regards the current year’s eleven months aggregate,
the same is true of 157 cities. Unfortunately it has
to be admitted that the present era of prosperity had
its inception in the upheaval in Europe, and its

2102

THE CHRONICLE

continuance in all probability hinges upon the pro­
longation of that struggle. Furthermore, although
wage advances have been extended of late, there are
too many whose only share in the prosperity is the
increased cost of living to them, their incomes having
in no degree increased.
Clearings at New York for November exhibit a
gain of 40.8% over 1915, and for the eleven months
the increase reaches 45.2% . Contrasted with 1914
the augmentation for the month is 208.4% and for
the longer period 86.5% . Collectively, the 161
cities outside of New York give an aggregate 33%
larger than for November 1915, with the increase for
the eleven months 31.5% , while contrasted with
1914 the gains are 76.8% and 37.8% , respectively.
As indicating how phenomenally large has been the
augmentation in clearings in some cities during the
elapsed portion of the current year, we note that
gains over 1915 in excess of 40% (and in some cases
running very much higher than that figure) are to
be found at no less than 29 cities, including such
centres of trade and industry as Philadelphia, Cleve­
land, Detroit, Toledo, Columbus, Akron, Youngs­
town, Dayton, Canton, Richmond, Salt Lake City,
Joplin, Macon, Oklahoma, Muskogee and Tulsa.
The result for the United States as a whole, in the
month of 1916 at $26,704,572,153, exceeds 1915 by
37.8% and 1914 by 141%, and for the period since
Jan. 1 at $233,756,061,695, shows augmentation
of 39.6% and 63.9% .
Operations on the New York Stock Exchange in
November 1916 were not only greater than in any
previous month of the year and of volume never
before equaled during the particular period covered,
but also in excess of any month of any year since
January 1906. So called “ war stocks” predominated
in the dealings, of course, but the leading railroad
shares were in no sense neglected. The transactions
in stocks during November this year aggregated
34,552,860 shares, against 17,634,270 shares in 1915,
and nil in 1914 (the Stock Exchange resumed trading
on N ov. 28, but at first it was restricted to bonds).
For the eleven months the totals are 201,576,319
shares, 159,446,471 shares and 45,990,575 shares,
respectively. Bonds were in satisfactory demand
during the month, with Anglo-French, AmericanForeign, United Kingdom and Canadian issues
prominent features in the dealings, in fact accounting
for about 20% of the total, which was $122,426,000
par value, against $130,088,500 in 1915. For the
eleven months the aggregate at 1,054 million dollars,
contrasts with 840)^ millions a year ago,' 427 millions
in 1914 and the 1909 record of 1,200 millions. At
Boston trading in stocks covered 1,850,540 shares
for the month, and 11,726,079 shares for the period
since Jan. 1, against 1,454,360 shares and 11,441,144
shares, respectively, a year ago.
Canadian clearings for November indicate a con­
tinuation of the marked improvement in the general
situation in the Dominion, which returns for recent
previous months have reflected, with the showing
most notably favorable at Montreal, Toronto,
Hamilton and Brantford in the East, and Calgary,
Regina, Saskatoon, Lethbridge and Medicine Hat
in the Western Provinces. For the 23 cities covered
by our compilation the month’s aggregate exhibits
an improvement of 28% over 1915 and some 70%
over 1914, while for the eleven months the gain over
last year is 3.81% , over 1914 reaches 25% , with a
small increase over the former record total of 1913.




[Vol. 103.

Activity in speculation is to be noted in Canada, the
month’s sales on the Montreal Stock Exchange having
reached 481,707 shares and at Toronto 246,204
shares, or much above the average dealings.
Mr. Asquith, the British Premier, announced in
the House of Commons on M onday last that King
George had approved the reconstruction of the
Government. The Premier himself handed the res­
ignation of his Cabinet to the King who at once asked
Mr. Bonar Law the Unionist leader to form a Min­
istry. The latter, to quote the Court Circular inti­
mated “ that he was unable to form an administra­
tion. Thereupon the King summoned Mr. Lloyd
George, who at His M ajesty’s request undertook
to endeavor to form an administration.” Yester­
day’s dispatches from London indicate that
Lloyd George has succeeded in his task, and while
at this writing no official announcement has been
made of the names in the Cabinet, it seems quite
generally accepted in London that they will include
among others the following:
Premier, Lloyd George; Secretary for War, Lord
Derby; First Lord of the Admiralty, A. Bonar Law;
Secretary for Foreign Affairs, Sir Edward Carson;
Minister of Pensions, Arthur Henderson.
The change in Government, far from being an
indication of a weakening in war policy, seems to bear
the entirely reverse interpretation. The split in
the recent Government was based wholly, it is under­
stood, upon the new Premier’s demand for a more
forceful prosecution of the war. He demanded a
smaller council of control with virtually unlimited
power in order that there might be effective initiative.
Therefore his appointment as Premier may be
interpreted to mean that a change on these lines will
at once be instituted.
So far as the French Government is concerned
advices cabled from Paris have suggested the re­
tirement of Gen. Joffre in the interest of a stronger
and firmer conduct of military operations. The
House of Deputies has been in secret session for more
than a week discussing the many problems of the
war. On Thursday, however, a resolution was
adopted expressing confidence in the Government.
Before the vote was taken the Premier, M . Briand
told the Deputies that such a vote would be unaccep­
table to the Government unless it implied confidence
in the Government’s prosecution of the war. The
resolution was adopted by a vote of344tol60. While
there is to be no change in the French Cabinet,
there is nevertheless to be a new organization of the
General Staff and a concentration of the war’s con­
duct under restricted direction. “ Organization”
“ Concentration” and “ Restricted Direction” are
among the words used in the resolution referred to.
It is assumed that the Deputies found satisfaction
in certain promises of reforms looking to more ener­
getic conduct of the war by the Government. A
number of deputies bitterly assailed “ stationary
warfare” and demanded a “ speeding up” on France’s
part.
In Russia, too, there has been a continuance of
strain among Government leaders. Michael Rodzianko, President of the Russian Duma, has resigned
after being insulted by the leader of the extreme
right, M . Markoff,and has appointed seconds to wait
on M . Markoff and demand satisfaction, according

Deo. 9 1916.]

THE CHRONICLE

to a Reuter dispatch from Petrograd. M . Markoff,
at a session of the Duma, called President Rodzianko
a “ babbling blackguard/’ and explained that he was
deliberately insulting the Duma in the person of its
President. M . Rodzianko was immediately re­
elected President. The Progressive party in the
Duma is continuing attacks on the Government.
After a debate on a statement by the administration
regarding Cabinet changes, the Progressives moved
that as the reconstitution of the Cabinet was in­
complete, and a change in individuals rather than
in administration, the Duma declares that all irre­
sponsible influences must be removed. The res­
olution adds that the Duma will aim at the formation
of a Cabinet united on a thorough appreciation of
existing problems and prepared to base its activity
on the support of the Duma and carry out the pro­
gram of the majority of that body.
In the Duma on Saturday the Russian Premier
formally announced that an agreement concluded in
1915 and subsequently adhered to by Italy, the Allies
established definitely Russia’s right to Constanti­
nople and the Dardanelles. The existence of this
agreement has been for a long time alleged but until
now* has not been publicly and formally admitted.
The new Premier, Alexander Trepoff, when he mount­
ed the tribune in the Duma, delivered an address out­
lining existing conditions and concluded with the
following significant paragraph. “ But the Govern­
ment’s immediate program must be directed to
winning a complete and conclusive victory, cost
what it may. The war must continue until German
militarism is destroyed beyond all possibility of
recrudescence in the early future. The war must be
crowned by victory, not only over the enemy with­
out, but the enemy within. The war has opened the
eyes of the people, and they realize now that Russian
industry, education, science and art have been
under the yoke of Germanism.”
In Italy Premier Boselli in his report on the war de­
livered before the Chamber of Deputies on Tuesday,
reiterated the unshakable determination of Italy to
maintain the war with her allies and employ all her
energies until the restoration of Belgium, Serbia and
Montenegro was accomplished. He termed this “ the
noble and essential object of the war.” At the close
of his speech he sent a message of greeting to “ our
valorous Latin sister, Rumania,” trusting for her
final success. The Premier’s speech was very long,
and in it he recapitulated the whole history of Italy’s
participation in the war and enumerated the reasons
.which induced King Victor to enter into the struggle.
As a proof that Italy was prepared to push her ope­
rations vigorously, the Premier announced that there
were now 2,100 factories working on war material,
the workers being one-fifth women, whose parti­
cipation both in industries and agriculture was
increasing daily. The premier declared that victory
would insure the equilibrium on the Eastern Medi­
terranean, which he termed one of the chief founda­
tions of Italian policy. He said that Avlona would
be Italy’s strategic post on the Adriatic, from which
would radiate her future commercial expansion.
Germany has apparently succeeded in “ smashing
Rumania,” Bucharest, its capital, having capitulated
without a struggle or defense on Wednesday, exactly
100 days after the declaration of war by Rumania
against the Teutonic allies. One-half of the king­




2103

dom extending from the Transylvania Alps north­
west of the capital to the Danube south of it, and a
large part of the Dobrudja are in the hands of the
Germans and their allies. Announcement, too, is
made of the capture of the important railroad junc­
tion of Ploechti, north of the capital, which places in
the hands of the invaders the last railroad in the
west, besides giving to them the head of the line
running northward to Jassy, which has been made the
new capital of Rumania: The fall of Ploechti gives
access to the Rumanian oil fields. The Germans
claim to have captured altogether 100,000 of the
Rumanian troops. The main Rumanian army is
said to be still intact, and with reorganization and
re-equipment may again become a formidable force.
Presumably, quoting London dispatches, the Ru­
manian forces which evacuated the capital and other
cities in the territory taken by the Germans are
planning their reorganization northward in that part
of Rumania just below Moldavia. Rumania nar­
rows in this part and the flank of such an army
would be well protected by natural obstacles against
an enemy. Moreover, the Rumanians established
here would be closer to their sources of supply in
Russia, and better able to draw reinforcements in
men from the Czar’s legions. A renewal of bitter
fighting in Dobrudja is looked for as the first immedi­
ate result of the Rumanian retirement.
On the other battle fronts very little activity is
being shown. Berlin reports that the Bulgarians
have forced back the British in Struma river low­
lands near Seres in Macedonia, and that Bulgarians
and Germans have compelled the evacuation by the
Serbs of positions the latter had previously captured
near Srnovo in the Cerna River sector.
West of
Lutsk, in Volhynia, the Teutonic allies have captured
Russian positions and successfully withstood counter
attacks. The Vienna War Office reports that the
Italians, after a vigorous bombardment, launched
two attacks on the Carso front of the Austro-Italian
theatre, but both of them were repulsed. Artillery
duels and exploits by raiding parties continue on the
fronts in Belgium and France. The Germans have
resumed operations against Verdun and succeeded in
reaching the summit of Hill 304 northwest of the
fortress, but were subsequently driven off according
to the French reports, though this is denied by
Germany.
James W . Gerard, the United States Ambassador
to Germany, returned to his post on the steamer
Frederick V III on Tuesday. The Ambassador de­
nied that he was taking with him a proposal of peace
mediation between Germany and her enemies or that
he contemplated taking any steps toward ending the
war. Count Reventlow, according to an Amsterdam
dispatch, had asserted in the “ Tageszeitung” that
Ambassador Gerard would bring a peace proposal,
“ the main points of which have been already agreed
upon by Washington and London.” “ I am carrying
no peace proposals; those, it seems to me, must come
from Great Britain,” said Ambassador Gerard.
A formal blockade of Greece by the Entente Powers
aegan at 8 o’clock yesterday morning. This is a
punitive measure, a response to the recent attacks on
British and French troops in the streets of Athens, in
which King Constantine’s hand was believed to
lave been seen. In response to the demand of the
Entente for an explanation of the movements fo

2104

THE CHRONICLE

Greek troops, the Government has declared that
these movements have ceased. A dispatch from
Switzerland, as forwarded from Rome, says Germany
and Austria have offered their services to Greece in
opening land communications if Greece declares
war on the Entente. The health of King Constan­
tine is again causing anxiety, according to news
from German sources, says a Zurich dispatch to the
“ M atin.” The old wound in the King’s side con­
tinues to suppurate, the dispatch says, and has kept
constantly open. The King’s condition is said to
be very weak.

[Vol. 103.

exchange situation has been the announcement that
about $50,000,000 is to come here by way of Japan
from London, 100,000,000 yen in British three-year
Exchequer bonds having been forwarded to Japan in
consideration of an undertaking by the Japanese
bankers to place the proceeds in dollars to the credit
of the British Government in New York. This is an
arrangement by which it is intended to offset the effect
of the Japanese sinking fund purchases of Japanese
bonds in London, these bonds having been deposited
under the Treasury scheme to provide collateral for
dollar credits.
An adjustment has been made of the Welsh miners’
strike, the Government having granted a 15%
increase in wages, and the collieries have been brought
under State control. The revenue of the United
Kingdom, as reported for the week ending Dec. 6,
was £12,348,000, and the expenditures £55,469,000,
including interest on war loans. The amount of
outstanding Treasury bills increased £23,414,000
last week and the sales of Exchequer bonds were
£12,212,000. The Government has ordered an in­
crease in railroad rates for the purpose of curtailing
unnecessary traveling. This restriction on travel
had an unsettling influence on railroad shares, not­
withstanding the maintenance of the Government’s
guarantee as to profits.
Food and other prices in England cpntinue to rise
with spectacular bounds. The London “ Econo­
mist’s” N ov. 30 index number to be published to-day
is 4779— an increase of 183 points over the end-ofOctober figure, which in turn was 173 points higher
than that of September. The advances in November
(except for minerals) were general. The column for
cereals and meat at 1177% is 53 higher on the month,
other foodstuffs (tea, sugar, &c.) at 558 is 15 points
higher, textiles at 1091 is 101% points higher, min­
erals at 850% is unchanged (this comparing with an
8-point decline for the previous month), and heavy
goods, such as timber and leather, at 1102 are 15
points higher. The basic price of the “ Econo­
mist’s” compilation is 2200, representing the aver­
age price level for the five-year period 1901-05.
On this basis the Nov. 30 price is 217.1%, against
204.3% at the end of October and 200.1% at the
close of September.
British trade continues to bound upward, both the
imports and exports as reported by the Board of
Trade reaching new high levels. The imports regis­
ter an increase of £17,300,600 and the exports an
increase of £6,849,000 over October. The principal
increases in imports were £7,000,000 in food and
£11,000,000 in raw materials, the latter including
£6,000,000 in cotton from the United States and
£1,500,000 from Egypt. The most noteworthy gains
in exports were in manufactured articles, of which
cotton textiles were represented by £2,500,000.
Cotton goods exported in November aggregated
340,500,000 yards, compared with 348,847,000 yards
in November 1915. The following are comparisons
of the trade of the United Kingdom in November
and for the eleven months ending with November
compared with the same period in 1915:

The British Government crisis has not affected
in a large way English security markets. British
consols closed at 54 against 55% a week ago and
55% a fortnight ago, and the British 4 % per cents
finished at 95% against 95% . London correspon­
dents seem to agree that the real influence of the
warning of the American Federal Reserve Board
against our banks locking up their funds in unse­
cured foreign treasury bills has been exaggerated.
It was not the intention to sell large amounts of these
bills in America; the feeling in London is that it is
better to rely upon placing loans for England in the
American public’s hands, thereby avoiding the
hazards alike of inflation, of money stringency,
or of spasm in Wall Street. “ Nevertheless” to quote
the London correspondent of th cN ow Y ork “ Evening
Post” “ the feeling is equally strong that the manner
of the Reserve Board’s- action was unfortunate,
especially coming at the moment when your ablest
banker swere endeavoring to erect the machinery for
making America permanently a great world money
centre. To us it seems a striking contrast that,
in 1907, when, although our affluence was not due
to your purchases, the Bank of England flatly re­
fused to encourage suspicion of American credit and
openly avowed its own readiness to take the bills
of firms whose names had been discussed. By doing
so the severity of your crisis was mitigated and
incidentally London’s financial prestige increased.
It may be necessary that your authorities should
determine once for all whether the country is pre­
pared to take a large, scientific and far-seeing view
of the situation.” The London “ Morning Post”
described the Federal Board’s action as well intentioned but crude— even amateurish. It holds
that it is imprudent for any money market, suddenly
and without warning, to curtail the credit of the
country’s chief customers.
Nothing further has been heard of the proposed
5% long-term British war loan which, it is supposed,
will be issued early in January, and into which the
old 4 % % loan is to be convertible, pound for pound.
It is suggested that the flurry in the American money
market may be responsible for some measure of the
delay in view of the necessity of preserving a proper
balance in order that American funds shall not
be withdrawn from London banks, by the more
advantageous rental rates available for them at
home. Within the current week it is reported that
close to $100,000,000 has been withdrawn from
-----------November----------- -------Jan. 1 to Nov. 30------London. This not improbably is an exaggeration,
1910.
1915.
1916.
1915.
since the opportunities for utilizing the funds for Im ports.........................£98,110,100 £71,622,271 £893,510,812 £783,533,805
E x p o rts ......................... 51,563,905 35,639.106 475,600,930 350,351,817
fixed maturities at home have not correspondingly
followed the increase in demand loan rates. We
Excess o f im p o rts ..£16,552.411 £35,983,108 £417,903,8S2 £433,278,018
discuss this matter in greater detail in a sub­
Advices from Paris indicate an unsettled situation
sequent paragraph in our remarks on the sterling
exchange situation. An interesting feature of the on the Bourse. The Rumanian defeat, the month



Deo. 9 1916.]

THE CHRONICLE

end settlement and the reports of political differences,
internal as well as in Great Britain and Russia, all
were factors adversely affecting the market. A
better tone developed at the extreme close, fol­
lowing the vote of confidence in the Government
by the Deputies. The war loan has ruled firm
throughout the week. M . Ribot, the Minister of
Finance, announces that any modification of the
income tax is impracticable before 1918. Yves
Guyot, cabling to the New York “ Tribune” states
an examination of the financial demands on France
after the war, in view of interest on the national debt,
pensions, rebuilding, &c., indicates that the annual
budget will have to be not less than 10,000,000,000
francs, which will mean an increase of about 5,­
000,000,000 francs to be raised by new taxes.
There is, he says, no doubt of the country being
able to support this burden if industry and com­
merce develop properly. In fact, it is only necessary
to double all existing taxes to raise this increased
revenue, though there are, of course, some sources
of income, such as customs duties, which cannot
be doubled and others which would cripple industry
if doubled. Thus, it will become necessary to
create some new taxes while increasing others al­
ready existing and to put an end to exemptions
which now reduce revenue to help the political
ambitions of certain Deputies. A question attract­
ing much attention, the correspondent says, is the
future of the French mercantile marine. For thirty
years France has been trying by artificial means to
increase her mercantile marine, and now there is
strong agitation that within eighteen months after
the war has ended at least 160,000,000 francs be
advanced by the Government to steamship com­
panies to rebuild their fleets, not less than 60,000,000
of this sum to be used on ships already built, and the
remainder to be used for new construction. How­
ever, 160,000,000 francs would go only a very little
way toward the rehabilitation of the French mer­
chant service, the correspondent claims, and especi­
ally while nothing is done to remedy the onerous
laws under which ship owners operate. These are
comparable in severity to the demands placed on
American owners by United States laws.
The Reichstag, on Saturday last, adopted the
compulsory civilian service bill, the vote being 235
to 19, several members not voting. The bill, as
passed, was not changed after the second reading.
In the course of debate a Socialist proposal that
permanent workmen's committees should be ap­
pointed in connection with industrial workshops
and railways was defeated by 1 vote. The Socialists
took advantage of the debate to condemn the action
of the Government in deporting Belgian workers.
Dr. Karl Helfferich, Vice-Chancellor, in replying,
declared that he deplored deeply that the discussion
should have arisen, “ thereby promoting the business
of our enemies.”
Turning to Deputy Haase, the
dispatches say, the Vice-Chancellor said: “ The
setting of the unemployed Belgians to work is
thoroughly consistent with international law. They
are not given work, which, according to international
law, they should not perform. We are only making
use of our undoubted rights.”
The report of the German Steel Syndicate regard­
ing shipments of steel for the fiscal year 1915-16 states
thatjof the total shipments 87% were for home con­
sumption, as against 81% the preceding year. The




2105

total steel production of Germany for the same period
is given as 14,700,000 tons, as compared with 11,­
700,000 tons the preceding year.
Official rates at the leading European centres
have remained at 5 % in Paris, Vienna and Copen­
hagen; 5J^% in Italy, Sweden and Portugal; 6 %
in London and Petrograd, and 4 ^ % in Switzerland,
Holland and Spain. The rate on Norway was ad­
vanced from 43^% to 53^% on N ov. 9, but not
reported by cable. In London the private bank rate
continues to be quoted at 5 } /2 @ 5 % % for sixty-day
and ninety-day bills. Cables from Berlin report
as heretofore 4^$% as the nominal private bank
rate at that centre. No reports have been received
by cable of open market rates at other European
centres so far as we have been able to discover.
Money on call in London is still quoted at 4 % % .
The Bank of England this week registered a still
further decrease in its gold item of £100,312. Note
circulation increased £202,000; hence the total
reserve showed a reduction of £302,000, while the
proportion of reserve to liabilities declined to 21.79% ,
against 22.26% a week ago and 24.27% at this date
last year. Public deposits again increased £2,480,­
000, although other deposits were reduced £322,000.
Government securities remained unchanged. Loans
(other securities) increased £2,479,000. The Bank’s
gold holdings now stand at £55,942,730, against
£50,272,748 in 1915 and £71,452,773 in the previous
year. Reserves total £36,534,000. This compares
with £34,567,388 a year ago and £54,151,403 in
1914. Loans aggregate £106,749,000, which com­
pares with £92,910,363 and £117,600,464 one and
two years ago, respectively. The Bank reports as
of Dec. 2 the amount of currency notes outstanding
as £122,022,217, against £121,248,274 last week.
The amount of gold held for the redemption of such
notes remains at £28,500,000. Our special corres­
pondent is no longer able to give details by cable of
the gold movement into and out of the Bank for the
Bank week, inasmuch as the Bank has discontinued
such reports. We append a tabular statement of
comparisons:
BANK OF ENGLAND’S COMPARATIVE STATEMENT.
1916.
1914.
1915.
1913.
1912.
Dec. 6.
Dec. 9.
Dec. 8.
Dec. 10.
Dec. 11.
£
£
£
£
£
Circulation.......... - - 37,858,000 34,155,360 35,751,370 28,579,520 28,373,630
Public deposits.. - - 58,716,000 52,443,879 45,002,331
7,889,286 11,217,543
Other deposits... -.108,946,000 90,018,941 120,904,048 39,514,766 39,337,862
Gov’t securities.. - - 42,187,000 32,840,075 11,959,187 11,184,993 13,034.576
Other securities.. -.106,749,000 92,910,363 117,600,464 27,514,454 30,985,460
Rese.venotes*coin 36,534.000 34,567,388 54,151,403 26,490,364 24,321,926
Coin and bullion ... 55,942,730 50,272,748 71,452,773 36,619,884 34,245,556
Proportion of reserve
to liabilities— 32.63%
24.26%
21.79%
55.87%
48.13%
Bank rate____ _ 5%
5%
5%
6%
5%

The Bank of France the past week transferred
104,264,325 francs more gold abroad, raising the total
amount of gold transferred abroad from 1,280,921,­
625 francs to 1,385,185,950 francs. As a result the
amount of gold held by the Bank itself was again
heavily reduced, viz., from 3,764,625,500 francs to
3,669,587,175 francs, a decrease of 95,038,325 francs,
the net change for the week in the Bank’s total gold
holdings (both at home and abroad) being a gain of
9,226,000 francs, or from 5,045,547,125 francs to
5,054,773,125 francs. Last year at this time the
total gold held (all in vault) amounted to 4,940,025,­
348 francs, and in 1914 to 4,141,350,000 francs.
The Bank first began to report the amount of gold
held abroad on June 8 1916, when 69,182,975 francs

THE CHRONICLE

3106

were so held. This has been increased from time to
time until the amount now stands at 1,385,185,950
francs, as already stated. During the same period
the amount of the metal held in the vaults of the in­
stitution has fallen from 4,676,061,938 francs to
3,669,587,175 francs, a decrease of 1,006,474,763
francs. Combining the two items, we have a net
gain in the grand total for the six months from June 8
1916 to Dec. 7 1916 of 309,528,212 francs, or from
4,745,244,913 francs to 5,054,773,125 francs. In
the following table we show the changes week by week
in the gold reserve of the Bank from June 8 1916 to
date:
G O LD R E S E R V E OF T IIE B A N K OF F R A N C E .

Week ending-—

In Bank.
Francs.

Abroad.
Francs.

June 8______ ..4,676,061,938 69,182,975
15______ .4,580,401,022 170,107,636
22______ ..4,586,811,159 170,107,636
29______ ..4,492,201,097 271,055,668
July 6______ ..4,498,645,443 271,055,668
13______ ..4,504,487,355 271,055,668
20______ ..4,509,222,283 271,055,668
27______ ..4,515,457,548 271,055,668
Aug. 3______ ..4,522,135,934 271,055,668
10______ ..4,426,380,856 371,965,271
17______ ..4,430,175,672 371,965,271
24______ ..4,335,172,029 472,885,788
31______ ..4,238,958,193 573,773,871
Sept.. 7______ ..4,243,545,828 573,773,871
14______ ..4,247,825,666 573,773,871
21______ ..4,152,170,201 674,553,075
28______ ..4,158,198,210 674,553,075
Oot. 5______ ..4,165,888,287 674,558,075
12______ 4,181,975,850 674,558,075
19______ ..4,211,226,617 674,558,075
26______ 4,247,421,247 674,558,075
Nov., 2______ 4,115,807,288 876,212,957
9______ ..4,133,179,615 876,219,957
16......... 3,944,965,6021,078,038,626
,079,072,906
23______..3,957,016,5781L
30______ 3,764,625,5001,280,921,625
Dec. 7_____ 3,669,587,175:1,385,185,950

Total.
Francs.

4,745,244,913
4,750,508,658
4,756,918,795
4,763,256,765
4,769,701,111
4,775,543,023
4,780,277,951
4,786,513,216
4,793,191,602
4,798,346,127
4,802,140,943
4,808,057,817
4,812,732,064
4,817,319,699
4,821,599,537
5,826,723,276
4,832,751,285
4,840,446,362
4,856,533,925
4,885,784,692
4,921,979,322
4,992,020,245
5,009,399,572
5,023,004,228
5,036,089,484
5,045,547,125
5,054,773,125

The silver item increased 2,829,000 francs during
the week, and the total of that metal now on hand
amounts to 316,668,000 francs, against 356,499,623
francs in 1915 and 625,325,000 francs two years
ago. Note circulation recorded the substantial in­
crease of 178,511,000 francs. General deposits ex­
panded 36,075,000 francs. Bills discounted were re­
duced 87,132,000 francs. Treasury deposits gained
13.337.000 francs and the Bank’s advances increased
4.563.000 francs. Note circulation is now 16,298,­
006,000 francs. A year ago it aggregated 14,070,­
471,390 francs and in 1914 6,683,175,000 francs.
General deposits amount to 1,952,913,000 francs, as
against 2,940,454,354 francs and 947,575,000 francs,
one and two years ago, respectively. Bills discoun­
ted now stand at 557,984,000 francs, against 317,­
054,483 francs in 1915, and advances total 1,350,­
214,000 francs as compared with 630,246,492 francs
last year. In 1914 bills discounted and advances
combined aggregated 3,202,975,000 francs. Treas­
ury deposits are 68,370,000 francs. Last year they
amounted to 155,849,134 francs, and in 1914 to
382.575.000 francs. The figures here given for 1914
are those for the week ending July 30, the Bank
having discontinued the publication of weekly re­
turns with the outbreak of the war.
The statement of the Imperial Bank of Germany,
issued N ov. 30, records the following changes:
Total coin and bullion increased 428,000 marks,
gold increased 257,000 marks, Treasury notes ex­
panded 33,984,000 marks; notes of other banks were



[Vol. 103.

reduced 10,095,000 marks; bills discounted showed
the enormous reduction of 307,882,000 marks;
advances increased 1,682,000 marks; investments
increased 3,691,000 marks; other securities de­
creased 6,970,000 marks; notes in circulation were
increased 206,644,000 marks; deposits were reduced
by the huge amount of 511,949,000 marks, while
other liabilities increased 20,143,000 marks. The
total holdings of gold now stand at 2,518,487,000
marks, against 2,435,254,000 marks in 1915 and
1,991,254,000 marks the preceding year.
The week has witnessed a severe flurry in money
on the local market. On Monday demand loans on
the New York Stock Exchange were made as high as
15%, though this figure was not repeated during the
later days, while at the close yesterday the situation
seemed to have returned to a very nearly normal
aasis, the highest rate of the day being 4 % . An ade­
quate explanation of the strain in the situation is
found in the fact that bank reserves in New York
have been heavily drawn down as a result chiefly of
the operations of the Federal Reserve Bank. It is
possible, also, that the warning issued last week by
the Federal Reserve Board has been responsible for a
decision of some lenders to place their houses in order.
In any event, there is an inducement when the money
situation is giving evidence of strain to call in loans
and advance rates. A concerted movement of this
character not unnaturally produces temporarily a
greater degree of strain than real conditions appear to
justify. The firmness was in the face of a movement
of gold by the British Treasury to this centre designed
to check the hardening tendency. There is excel­
lent basis for the statement that whereas $50,000,000
was expected to be the full amount of the current
movement of gold from Canada to New York, the
total has been raised to $100,000,000. Advices
from responsible quarters in London state that
whatever further amounts of gold the American situa­
tion may require are available for immediate trans­
portation. There have been some more or less vague
statements in local banking circles that the spec­
tacular advance in rates has covered a definite situa­
tion of necessitous borrowing. We have, however,
been unable to discover any tangible basis for this
report. One feature that has developed as a result
of the flurry has been the decision of several leading
New York banks to take advantage of the redis­
counting facilities of the Federal Reserve Bank at
this centre. Among the banks who have availed
themselves of these facilities are the National Bank of
Commerce, the American Exchange National, the
Liberty National, the Seaboard National and the Na­
tional City. In a formal announcement the Federal
Reserve Bank expressed satisfaction with the new
attitude of the banks, though they state that it is
apparent that the rediscounting had been undei taken
not so much because there was any necessity for it,
but rather to inaugurate the practice “ which, while
already commonplace at most of the other Federal
Reserve banks, has not heretofore become an estab­
lished procedure in New York.”
Referring specifically to money rates, call loans
this week fluctuated erratically, having touched 15%
for the first time since the inauguration of the Federal
Reserve system and the highest rate reached since
December of 1913. Subsequently, however, rates
receded and closed at almost normal figures. The
range was 3 @ 1 5 % . Monday the high was 15%,

Deo. 9 1916.]

THE CHRONICLE

with 6% the low and ruling figure. On Tuesday the
maximum declined to 10%; 8% % was the basis for
renewals and G% was still the low. On Wednesday
the maximum did not exceed 7%, while the low
dropped back to 3% and renewals to 6%. Thurs­
day the range was 3@5%, and 4% % the renewal
basis. On Friday 4% was the high and ruling quo­
tation and 3%% the minimum. Fixed maturities
shared in the general strength and in the earlier days
of the week sharp advances were recorded—sixty
days being quoted as high as 4@ 4% % . With the
lowering of call rates an easier tone developed and the
closing was at 4% for sixty days (unchanged for the
week); 4% for ninety days, against 4@ 4% % , anc
4@4 % % for four, five and six months' money (un­
changed). A year ago sixty days was quoted at
2)4%, ninety days at 2%%, four months at 2%@,
2%% and five and six months at 2%%. Mercantile
paper was firm, and actual quotations were advanced
to 4% for sixty and ninety days’ endorsed bills re­
ceivable and six months’ names of choice character,
but the closing range was 3% @ 4% —without
net change for the week. Names not so well known
still require 4@ 4% % . Banks’ and bankers’ accep­
tances are quoted as follows:
------------------------------ Spot Delivery-----------------------------Ninety
Sixty
Thirty
Days.
Days.
Days.
Eligible m em berbks.2 13-10@2 11-10 2 X1-1602 9-16 2 9-16© 2 7-16
Ellglblo non-member
b i ll s .........................
3U 03
2 15-16©2J£
2 13-1602*$
Ineligible bills---------4 © 3U
4©3U
4@3Xi

Delivery
within
30 Days.
3Xi@2X6
3 J i© 3
4h@3X6

The rate of the Boston Federal Reserve Bank on
. commodity paper has been increased from 3% % to
4%; the rate on promissory notes of member banks
has likewise been increased at that centre from 3%%
to 4%. The discount rates of the different Reserve
banks for the various classes of paper are shown in
the following:

Commercial Paper—
to 10 days m aturity_____
to 15
“
**
----11 to 30
“
*
•
.........
15 to 30
"
"
.........
31 to 60
“
”
.........
61 to 90
"
"
.........
Agricultural and
Live-Stock P a p erH days to 6 months maturity
X
Promissory Notes of Member
Banks—
1 to 16 days m aturity.........

1
1

|
25

1

$

A

I

1

£

3X6
—
4
4

—
4
4
4

3X6
___
4
4
4

5

5

4X6 6

4

3

3X6 3X6 3X6 3X6 3X6 3

l

3
3X6
...
4
4X6
4X6

San Francisco.

§

a
a
s

Dallas.

i

Chicago.

I
Boston.

CLASSES
OF
DISCOUNTS AN D LOANS

Richmond.

D IS C O U N T R A T E S O F F E D E R A L R E S E R V E B A N K S .

q
0

4
4
___
4
4
4
4
4
4

q
O73 O

A

4 " 4"
4
4
4X6 4

3X6
4 ” 4X6 4 "
4
i”
4X6 4
4X6 4X6 4
4X6

4X6 5

5

4X6 B
4

A

6

4X6 5X6

4

3X6 4

Trade Acceptances—
1 to 30 days m aturity......... 3X6 3X6 3X6 3
3X6 3X6 3X6 3
3X6 4
31 to 60
M
"
......... 3X6 3X6 3X6 3X6 3X6 3X6 3X6 3
3X6 4
......... 3X6 3X6 3X6 4
61 to 90
“
“
3X6 3X6 3X6 3X6 3X6 4
Commodity Paper—
4
1 to 30 days m aturity_____
3X6
3
3X6 3
3X6 4
4 — 3X6 ___ 3X6 3
31 to 60
“
"
.........
3
3X6 4
4
61 to 90
“
"
.........
3X6 — 3X6 3
... 3
3X6 4
61 days to 6 months maturity

3X6 3
3X6 3
3X6 3%
3

3%

3

4H
5

3

4

O PE N M A R K E T D IS C O U N T A N D P U R C H A SE R A T E S O F F E D E R A L
R E S E R V E B A N K S.
Bankers Acceptances. Authorized dlsoount rate lor all Federal Reserve banks;
minimum, 2 % ; maximum, 4 % .
Trade Acceptances.— Bills with maturities o l 90 days or less, purchased In open
market without member bank endorsement, b y N ew Orleans branch o l Atlanta
Federal Reservo Bank; 3}i to 4 % .
Commercial Paper.— Bills purohased In open market b y Dallas Federal Reserve

u&DKi o

tO 6 % .

Bank!V)4 to C } 4 % : ~ BI118 purohased ln open market b y Atlanta Federal Reserve
6
Bills With or Without Member Bank Endorsement.— Bills with maturities ol 90 dav«
or less pure as d in open market by St. Louis
K
to 4 % .

Last Saturday’s bank statement of New York
Clearing House members, which will be found in more
copmlete form on a later page of this issue, recorded
some startling changes. The loan item, as a result
of a widespread policy of calling in of loans, decreased
$45,424,000, while net demand deposits showed the
large reduction of $74,960,000. Net time deposits,
however, were increased $2,453,000. Reserves in



3107

“ own vaults” were reduced $8,494,000, to $389,­
593,000, of which $326,430,000 is specie. At this
date last year the amount in own vaults was $519,­
221,000, including $463,275,000 in specie. Re­
serves in Federal Reserve vaults decreased $19,352,­
000, to $162,059,000, compared with $160,429,000 in
1915. Reserves in other depositories declined $2,­
089,000, to $54,149,000, against $55,004,000 last
year. Note circulation was decreased $476,000.
The aggregate reserve showed a reduction of $29,­
935,000, to $605,801,000. This compares with
$734,654,000 held at this time last year. Reserve
requirementsdecreased$12,289,070, and the surplus re­
serve again declined, this*time $17,645,930, bringing
the total excess reserve down to $41,001,310,
against $179,310,030 the year preceding, which re­
presents a decline of more than $138,000,000 from
that total and about $183,000,000 from the high re­
cord figure of $224,122,990 established Sept. 11
1915.
In sterling exchange circles the week has demon­
strated clearly how absolute and arbitrary is the
control of the situation by the British Treasury.
The rise in call money rates to 15% in New York
and its subsequent modified but still high level dur­
ing the greater part of the week, was responsible for
considerable selling pressure in sterling exchange
circles. It necessarily required active purchases of
cable transfers by bankers representing the British
Treasury to offset the situation. How successful
were these efforts may be judged from the fact that
the rate for demand bills did not get below 4 75%,
which compares with 4 75% a week ago, and at the
close last evening a substantial recovery had taken
place, the final quotation being 4 75%@4 75 9-16.
It is reported in some circles that the higher rates for
money here have been responsible for large with­
drawals of American funds from London, some esti­
mates naming $100,000,000 as having been brought
back. There have undoubtedly been some with­
drawals, but we think such a figure is an overstate­
ment, since there has not been sufficient opportunity
presented to re-employ the funds on this side of the
Atlantic in any fixed form, time money rates not
having advanced commensurately with those for
demand loans. The Bank of England rate is 6%
and private discounts are only % @ % % below that
figure in Lombard Street. Hence, it seems fair to
assume that a promise of something like a fairly
permanent 6% rate on our side would be necessary
to cause any wholesale movement of funds in this
direction. American funds in London are chiefly
in the form of deposits in London banks. Of course
a substantial advance in money rates here would
act as distinct encouragement for an immediate
transfer of these funds back to our own country.
The method of withdrawal would be by sales of
sterling bills in this market. In order to purchase
these buyers would have to borrow extensively to
obtain the purchase funds here.
On the other
hand, these funds in due course would become avail­
able for re-employment in the local money mar­
ket and automatically tend to check the advances in
rates that the original borrowing aided in developing.
This, of course, is the exact procedure that is indi­
cated by the course of the local money market, but,
as we have said, we believe the real volume of
withdrawals has been overestimated. The gold
movement for the week has included importations

2108

THE CHRONICLE

[Vol. 103.

aggregating^^,900,000 from Canada, all at New and commercial sixty days at 5 90, against 5 90 last
York except $14,000,000 to Philadelphia. Exports week. Rubles finished at 29.35, comparing with
have amounted to $9,610,000, comprising $7,550,000 29.60 a week ago. Lire closed at 6 85% for bankers’
to Argentina, $500,000 to Canada and $660,000 to sight and 6 79% for cables. This compares with
6 74% and 6 73% the previous close.
Spain.
The neutral exchanges continue to move more or
Comparing with Friday of a week ago, sterling ex­
change on Saturday was easier and demand and cable .less irregularly. Spanish pesetas again constituted
transfers registered fractional declines to?4 75% and the chief feature of the week’s operations and moved
4 7640, respectively, although sixty days was not up to 20.90, the highest point for the current upward
changed from 4 71%. Increased weakness devel­ swing. Active buying by a large international banker
oped on Monday, chiefly as a result of the sharp seems to have been largely responsible for the rise,
flurry in call money and demand billsjdeclined to indicating a further outflow of gold from New York
4 75%@4 75 7-16; cable transfers, however, re­ to Spain (by an inadvertence this was mentioned
ceived support and ranged between 4 7640@4 76 7-16 last week as Paris). Swiss exchange continues
and sixty days remained at 4 713^2J trading was strong, but without specific activity; Scandinavian
quiet. On Tuesday sterling continued to reflect the rates were slightly higher and guilders were slightly
tightening in money and the arrival of a large con­ higher. Bankers’ sight on Amsterdam finished at
signment of gold from Canada failed to produce any 40 13-16, against 40%; cables at 40%, against
appreciable effect; cable transfers again ruled at 40 13-16; commercial sight at 40 11-16, against
4 7640@4 76 7-16, while demand did not go above 40%, and commercial sixty days at 40 9-16, against
4 75%; sixty days was still pegged at 4 71%. A 40%, all unchanged. Swiss exchange closed at
firmer tone became evident on Wednesday as a result 5 12% for bankers’ sight and 5 11% for cables,
of the easing up in the money situation and addition­ against 5 17% and 5 17 a week ago. Greek exchange
al gold imports, and cable transfers moved up to (which must still be considered neutral) is normal at
4 76 7-16, demand to 4 75 7-16 and sixty days to 5 12. Copenhagen checks finished at 27.05,compared
4 71%@4 71 9-16. Dulness marked Thursday’s deal­ with 26.95. Checks on Norway closed at 27.80 against
ings, but the tone was firm, with demand up 1-16, 27.69, and checks on Sweden finished at 28.90,
to 4 75 7-16@4 75%, and sixty days to 4 71 9-16; against 28.35 on Friday of the week preceding.
cable transfers continued at 4 76 7-16. On Friday Spanish pesetas closed at 20.35. This compares .
the market ruled quiet but firm, reflecting the return with 20.56 a week ago.
of easier money conditions. Closing quotations
The New York Clearing House banks, in their
were 4 71% for sixty days, 4 75%@4 75 9-16 for
operations with interior banking institutions, have
demand and 4 76 7-16 for cable transfers. Commer­ lost $3,773,000 net in cash as a result of the currency
cial sight finished at 4 75 7-16, sixty days at 4 70%, movements for the week ending Dec. 8. Their re­
ninety days at 4 68%, documents for payment at ceipts from the interior have aggregated $7,478,000,
4 70%, and seven-day grain bills at 4 74%. Cotton while the shipments have reached $11,251,000.
Adding the Sub-Treasury-and Federal Reserve op­
and grain for payment finished at 4 75 7-16.
erations and the gold imports, which together oc­
casioned a gain of $21,404,000, the combined result
In the Continental exchanges this week the mo­ of the flow of money into and out of the New York
mentous events occurring on the Eastern war front banks for the week appears to have been a gain of
have been reflected by sudden and sharp fluctuations $17,631,000, as follows:_________________________
in rates as well as increased nervous tension and ex­
Out of
Net Change in
Into
Banks.
Banks.
Bank Holdings.
Week ending Dec. 8.
citement. Reichsmarks suffered a further break
Loss $3,773,000
37.478.000
Banks’ Interior
. -----------during the initial transactions, when sight bills Sub-Trcas. & F. movementgold Impts. 47.008.000 SI 1,251,000 Gain 21,404,000
25,004,000
It. oper.it
touched another new low point, namely 65 13-16. T o t a l .......................... ......................... $54,48(5,000 *36,855,000 Gain $17,031,000
Later in the week, however, supporting orders were
The following table indicates the amount of bullion
received from important banking interests with Ger­ in the principal European banks:________________
man connections, and a partial rally took place.
Dec. 9 1915.
Dec. 7 1016.
The taking of Bucharest and further defeat of the Banks of Gold.
Silver.
Total.
Silver.
Total.
a old.
Rumanian army also exercised a sustaining influ­
£
£
£
£
£
£
55,942,730 50,272,74 h
50,272,748
55,042,730
ence. On the other hand francs were adversely E n gla nad.. 146,083,487 12,440,300 150,123,847 197.601.000 14.260.000 211,801,000
France . .
1,796,050
821,805
affected by the less favorable outlook and consider­ G erm any.. 125,024,350 10,202,000 126,740,155 121,809,850 2.855.000 123,605,900
103,373,000
100,082,000 160.518.000
Russia * . 155,880,000
12.140.000
12.140.000
able declines resulted. Kronen, following the Aus-Hun.c 51.578.000 29.840.000 63.718.000 51.578.000 30.114.000 63.718.000
63.852.000
77.896.000 33.738.000
Spa in ____ 48.050.000
49.678.000
course of German exchange, shared in the general Italy......... 36.647.000 2,908,000 39.555.000 45.251.000 4.427.000 35,047,200
291,200
500,400 49,276,400 34.756.000
Netherl’ds 48.710.000
600,000 15.980.000
600,000 15.980.000 15.380.000
N at.B el.h 15.380.000
weakness, but evidently failed to participate in the Swltz’land 12,342,900
12,342,900 9,902,300
9,902,300
ensuing support tendered to reichsmarks and the close Sweden . . 10.131.000 108,000 10.131.000 6.298.000 247,000 6.298.000
5.917.000
0,164,000
8.508.000
8.340.000
D enm ark.
3.753.000
6.069.000 3.753.000
was at the lowest for the week, which also constituted N o r w a y .. 6.069.000
T o t. week. 721,084,467 60,680,565 791,371,032 736,774,898 60,730,250 803,505,148
another new low record. Both lire and rubles Prev.week 724,803.662 70,864,420 795.758,082 734,065,069 66,219,000 800,884,129
a old holdings o f the Bank of France this year arc exclusive of £55,407,438
shared in the general depression—the former under heldGabroad.
*
c f the Bank o f
both ycarsHn tho'shovo
heavy selling pressure declining to a still further new haveThe gold holdings eliminating tho Russia forgold balanco held.abroad,statement
been revised by
so-called
low level. Demand bills on Berlin finished at 66% c July 30 1014 In both years, h Aug. 6 1914 In both years.
and cables at 66 7-16, against 66 11-16 and 66% a
THE NEW BRITISH PREMIER.
week ago. Kronen closed at 11.25, which compares
The disruption of the British Cabinet, the resig­
with 11.55 on Friday of last week. The sterling
check rate on Paris, after declining to 27.81 on nation of Mr. Asquith, tho refusal of Bonar Law to
Monday and Tuesday, advanced %c. and finished form a Ministry, and the appointment of Lloyd
at 27.81%, the same as on the previous week. In George to the Premiership with a widely reconstruc­
New York sight bills on the French centre closed at ted Cabinet—all these events arc undoubtedly the
5 85%, against 5 84%; [cables at 5 85, against direct result of the catastrophe to the Allied cam­
5 83%; commercial sight at 5 85%, against 5 85%, paign involved in the defeat of Rumania and tho



Dec. 9 1916.]

THE CHRONICLE

capture of Bucharest. The inside history of the
whole Rumanian episode is still too little known to
make it possible to say how far the rapid collapse of
the Balkan kingdom, under the German attack, was
due to the fault either of the ministries or high mili­
tary command at London or at Paris. But the
nature of politics is such that, even if no responsi­
bility had been legitimately incurred, the people
would have demanded a scapegoat; and in this case
the responsibility, if not direct, is at least indirect.
The fall of Rumania was certainly due in part to the
miscarriage of the Saloniki campaign, and for that
the responsible political leaders of Western Europe
cannot rightly escape their share of blame.
The situation is not wdiolly unlike that which arose
in the United States in 1804. The political tact of
Lincoln had smoothed over personal quarrels in his
Cabinet and had for the most part kept his Cabinet
intact, in the face of public criticism. But popular
discontent over Grant’s seemingly inconclusive Vir­
ginia campaign, with its enormous losses of men, at
a time when inflation of the currency and the high
cost of living were pressing cruelly on people at home,
was very great; and the resultant political sentiment
came to a head in the Presidential campaign of that
year. Nicolay and Hay told in their Lincoln his­
tory, many years afterward, of the identical sealed
note handed by Mr. Lincoln in August to each mem­
ber of his Cabinet, declaring his own belief that he
would not be re-elected, and pledging co-operation
with his successor. As it happened, Sherman cap­
tured Atlanta and Sheridan routed the enemy at
Winchester and Cedar Creek between August and
the November vote, and Lincoln was re-elected. Yet
the incident of midsummer and Lincoln’s judgment
of the situation fully demonstrated the underlying
political principle.
Eight different Premiers and eight different minis­
ters successively held power in England during the
eighteen years of the Napoleonic wars. It is a some­
what striking fact that the resignation of Pitt in
1797 and of Grenville in 1807, both at the head of
able Ministries, was immediately caused by internal
political disputes, affecting not the war but Ireland.
But even so, the fact of unsuccessful campaigns
against the military prowess of Napoleon was prob­
ably the fundamental cause. The Addington Minis­
try resigned in 1804 when England was threatened
with invasion from Boulogne. Grenville resigned in
1807 after the defeat and capture of Prussia by
Napoleon—an episode strikingly similar to the
recent experience of Rumania. Portland retired in
1809 after the military fiasco at Walcheren and the
defeat of Austria at Wagram.
There is nothing new, therefore, in the downfall
of a Cabinet after such an episode as Rumania. It
is the less remarkable from the fact, to which all
English history testifies, that “ Coalition Cabinets”
are always politically unpopular. It would appear
that real and patriotic willingness to co-operate on
any terms to help the country in its emergency are in
time largely offset by the restlessness of eminent
public men at holding Cabinet posts under the chief­
tainship of a political rival. This has certainly in­
tensified feeling at the present juncture—more es­
pecially since the existing House of Commons has
already outlived by more than twelve months the
statutory limit for the life of a single Parliament. A
new general election would have been held long
before this, but for the general agreement to post­




2109

pone such home political agitation, in view of the
war. It is impossible to ignore these influences on
the present reconstruction of the British Ministry;
any more than the violent and unremitting newspaper
attacks on the Asquith Ministry and the various
members of it, particularly .by that important part of
the British press controlled by Lord Northcliffe.
But the larger question necessarily is what bearing
the new Ministry under Lloyd George will have on
the conduct of the war. One fact seems to stand
out unmistakabty—that the demand for a change in
Government is not based, as it was in the opposition
Presidential platform in the United States during
1864, on assertion that the war had been a failure
and that “ immediate efforts” should “ be made for
a cessation of hostilities.” All cables from London
during the present week have reported the commun­
ity as a whole to be bent on more vigorous prosecu­
tion of the war, and as desiring a change in the
Ministry chiefly because of a belief that the Asquith
Government had failed in that respect.
What assurance have we that this will actually be
the result of the change in Ministry? Outside
critics have no sure means of judging how far, in
such incidents as those of Saloniki and Rumania,
the political or military authorities of England chose
the wrong course of action or neglected properly
to pursue the right one, and how far they were them­
selves confronted with obstacles beyond their
power to remove. It may be said, however, that
Germany herself was the first to make a radical
change in commanding personnel, with a view to
change in the character of the war. With the super­
seding of Falkenhayn by Hindenburg, as head of
the General Staff, the fruitless campaign at Verdun
was abandoned and all aggressive efforts converged
on the brilliant Balkan campaign. In other words,
the change of the governing authority brought about
a radical change in military policy, and with for­
tunate results for Germany. But even if this sug­
gests possible similar results on the side of the
Allies, the fact would remain thatGermany had stolen
a march on her antagonists, and that a good part of
the mischief from the Allied point of view has been
already done. Furthermore, it has yet to be dis­
covered how far the several Allied Governments have
been acting, or are likely hereafter to act, as a unit
in such questions of military policy.
In view of the gravity of the situation, a radical
and important change in the nature of the Allies’
military program is possible. The changes actually
made in the Board of Naval Control have already
indicated that the efficiency of the British fleet may
have been handicapped by the reviews of the older
bureau chiefs on land. As for Lloyd George him­
self, it is impossible to deny that his is the one out­
standing figure in English political life during the
present war, and that he alone, since Kitchener’s
death, has to his personal credit a record of immense
energy and real achievement in conducting his im­
portant governmental departments during the war.
In this respect his assumption of the political leader­
ship must to a large extent appeal to the popular
imagination as Hindenburg’s appointment did to
that of the German people. But beyond this, every­
thing is necessarily conjecture. Back of all immedi­
ate considerations stands the question of the economic
ability and the continued public willingness, in any or
all of the belligerent States, to conduct for another
year or more a war on such a scale as this, and with

2110

THE CHRONICLE

[Vol . 103.

such consequences to the life and prosperity of the some effectual manner with the concerted and organ­
ized action which alone perverts the natural freedom
people as this war has already brought.
of contract into a menace to the life of society.
THE PRESIDENTS MESSAGE.
As a dernier resort, Mr. Wilson would have the
Mr. Wilson’s address in person, which takes the Executive empowered to take possession of needed
place, with him, of what used to be called “ the roads, “ as a military necessity,” and draft into ser­
Message” annually sent to Congress for an often vice all needed employees. There may be no ob­
perfunctory reading and listening, is remarkable jection to expressly granting such authority, but it
both for its extreme brevity and for being confined probably exists already. It is undeniable, however,
to a few of the most embarrassing problems now that transportation normally stops barely short of
confronting the country. Probably the most pro­ being “ military” in the degree of its necessity, and
vocative of public attention just now, if not the most how is the strike to be held back until investigation
difficult also, of the measures he urges, relate to and reconciliation haye failed?
There is absolutely no recourse but to retake the
untying somewhat the bands' which have been put
upon business and to relief from the intolerable ground yielded in last August. It is not practicable
situation presented by the events of last August to enjoin and imprison large numbers of men, but
it is practicable to deal summarily with the few lead­
and aggravated by those events.
He desires an increase in the membership of the ers. When the brotherhood chiefs made their
Inter-State Commerce Commission and “ its facilities demand and one of them likened the strike order
or performing its manifold duties.” As to this, which he had with him to dynamite carried in the
if new demands are to be made upon that body, pocket, they took the attitude of defiant conspirators
already overladen with some which are really beyond and should have been dealt with as such. Instead,
the powers of any mere man, an increase of mem­ a hasty surrender to them was ordered and effected.
bership and some practical subdivision and co­ The apparent path of least resistance was taken.
ordination of work seem too obvious to need urging. The wind was sown, and the whirlwind must be
The proposition to reaffirm the Commission’s power resisted or else the country must once more fly before
to grant an increase of rates is not renewed, because it.
Organized labor is still defiant, even citing the
that power “ is indisputably clear” and any expression
upon it by Congress might seem to question the thirteenth amendment and giving notice that “ any
power or the inclination of that body “ to do justice, proposition to enforce involuntary servitude or com­
pulsory labor except as a punishment for crime will
when there is no reason to doubt either.”
The main recommendation is that an amendment be opposed by every honorable means at our com­
to existing laws shall provide that in such industrial mand.” Those “ means” have been so long used that
disputes as are now pressing “ a full public investiga­ no doubt of their nature remains, but both the state­
tion of the merits of every such dispute shall be in­ ment and the attitude are wrong. “ This amounts to
stituted and completed before a strike or lockout an act of rebellion,” said Mr. Taft recently in an
may lawfully be attempted.” A law to prevent address in Providence, and “ the American Federa­
or even forbid “ the individual workman to leave his tion of Labor needs to be told that we cannot have
work before receiving the approval of society in a republic without obedience to organized restraint,”
doing so would be to adopt a new principle” for which by which he of course means the will and safety of
Mr. Wilson thinks the country is not ready, but he the nation as put into law.
While the attitude of labor has been growing more
discovers, or at least he announces, that concerted
and organized abandonment of work “ is not to pro­ defiant, until we are now told that no provision for
pose any such principle.” He puts this into two investigation and agreement shall be permitted to
sentences upon which there can be no honest and lessen the power of the strike as a weapon, capital
and employers have been steadily trying to find a
intelligent dissent anywhere:
“ It is based upon the very different principle that common ground of mutual interest, as shown by the
the concerted action of powerful bodies of men shall unbroken line of concessions, many of which can­
not be permitted to stop the industrial processes of not by any stretch of reason be deemed other than
the nation, at any rate before the nation shall have voluntary. In the latest of these announced a
had an opportunity to acquaint itself with the mer­ prominent railway is included, and probably the
its of the case as between employee and employer, number of instances of “ welfare” steps taken by
time to form its opinion upon an impartial state­ employers for the benefit of employees during the last
ment of the merits, and opportunity to consider all five years would mount into thousands if they could
practicable means of conciliation or arbitration. only be discovered and listed. An instance in the
I can see nothing in that proposition but the justi­ same direction is the formation of the National
fiable safeguarding, by society, of the necessary Industrial Conference Board, which is an associating
of employers distinctly not for opposing a more
processes of its very life.”
We shall all admit that, until society becomes solid front of resistance to the demands of labor, but
reorganized upon quite different lines from the pre­ for educational and helpful work in elucidating the
sent, the right of the individual to undertake work whole subject and bringing both ends of the indus­
or to leave work, for any reason, must be main­ trial structure together and into harmony. It may
tained, as one half of the fundamental right of per­ be said in general, without either exaggeration or
sonal liberty of contract. The army and navy unfriendliness, that the attitude of dogged insis­
form an exception; entry into either, whether vol­ tence upon aggressive demand and refusal to so much
untarily or by compulsion in emergency, is for a as discuss differences is to-day with labor, and that
specific term of public service. Unless we come to the attitude of seeking a just and reasonable ground
the stage where transportation and a few other lines of peace and cooperation is with employers.
After all is said, the one question remaining is what
fof public service are put on the same ground of a
ixed enlistment, we shall be compelled to dea/ in can and shall be done? As the situation is now,



Dec. 9 1916.]

THE CHRONICLE

organized labor has steadily and all too successfully
used its doubtless exaggerated voting power towards
creating itself, step by step, a privileged class, a
power above and beyond the law; the loading case
of the Danbury hatters and Mr. Gompers’s own de­
fiance of the power of courts to punish for contempt
as committed by disobedience to their orders are
evidence of this deliberate intention. The courts
have not accepted this situation, and the various
“ exemption” clauses tucked into the statutes have not
yet been judicially passed upon; on the other hand,
the politicians have continued their evasions, and
the public have not given the subject serious consider­
ation.
Review and criticism of the past are helpful only
as they show us how to attain industrial peace with­
out awaiting the slow establishment of the princi­
ple of industrial cooperation. Compulsory arbitra­
tion in lieu of strike may bo put into statute, but it
cannot be made compulsory without holding labor
leaders to the personal accountability they have
thus far evaded. Arbitration, conciliation, consider­
ation and adjustment of differences, reasoning to­
gether and then acting accordingly— nothing of this
is possible until we have settled finally that no man
and no class is privileged, but that the law is supreme
over all. Passing more statutes in the vague hope
that they will enforce themselves or that somehow
the issue may be avoided rather than grappled with, will
be to go on in the imagined path of least rcsistanc and
easy escape which has led us to where we now are.
We cannot go back in time, even to the middle of
last summer, and we cannot regain, without a genuine
struggle, the ground lost by successive surrenders.
But the question for the country remains as before,
only with greater menace and urgency. Are we
ready now to take the first step of putting an end
to the dominance of organized coercion, so that,
when that solid “ line” is broken, we may reach
the ground of reasoning together, and therefore of
agreeing ?
______________________
R O U T IN G C A N A D I A N E X P O R T S T H R O U G H
U N I T E D S T A T E S PORTS.
Ottawa, Can. Dec. 4 1916.
Some remarkable facts regarding the routing of
Canada’s exports throuugh United States channels
have just been announced by Mr. Sanford Evans,
Chairman of the Georgian Bay Canal Commission.
Two-thirds of the Canadian export wheat in 1913
passed through United States ports. When it is
remembered that the grain movement is the dominat­
ing factor in the development of Canadian railways,
canals, and ports, such facts have set on foot semi­
public inquiries which may have far-reaching effects.
Mr. Evans states that at no time have the Montreal
elevators been full nor have they be inadequate to
handle all demands. There has been ample railway
and canal accomodation and the cost of shipping
goods to Montreal instead of eastern United States
ports has been constantly less. There is no lack
of Canadian lake tonnage and the freight rates as
between carriers of the two countries are practically
the same. Nor are the tramp steamships responsible
for the diverting of Canadian wheat to American
ports, for they had very little of the wheat carrying
trade. The Georgian Bay Canal Commission does
not pretend to go beyond the evident facts in the
case to seek reasons which might impress the domi­
nant Canadian school of high protective tariffs.




2111

The fact remains that while hundreds of millions
of dollars are being handed out from the Dominion
Treasury for transcontinental railways and canals,
like the fifty-million-dollar new Welland canal, and
terminals such as the thirty-million-dollar works at
Halifax, these costly capital investments are not
having the effect for which they were designed.
In some ways these expenditures have made the sit­
uation more complex, for the enormous expenditures
on transportation facilities must impose heavy
charges not only on the community but to a degree
on the railway and shipping interests as well.
Were the Georgian Bay Canal Commission free
to announce its full conclusions, or were an investi­
gation instituted by the Federal Government it would
probably be found that the real reason for the divert­
ing of Canadian grain cargoes to United States ports
is to be found in the better United States facilities
for shipment overseas. Just as the ratio of British
imports to American imports into Canada has fallen
steadily with each addition to the tariff imposts
against British goods, the number of ocean-going
cargo vessels calling at Canadian ports has also
fallen. To the British ship owner there is no longer
a keen inducement to send a British steamer to
Canada with a cargo, for the reason that the 25 per
cent average tariff on British goods has been quite
sufficient to discourage trade in a great many lines
of British goods. Since several years before the
war there has been a noticeable transfer of British
tramp shipping from Canadian to United States
ports, with a consequent increase in the facilities for
overseas shipment from such ports as New York,
Boston, Philadelphia and Baltimore.
CA N A D I A N

W OO D P U L P RE SO U R CES.

Ottawa, Canada, Dec. 8 1916.
The extent of spruce and balsam raw materials
on which Canadian and American pulp and paper
mills can draw has always been a matter largely of •
guesswork. Just as Canada’s early estimates of the
total area growing merchantable timber has fallen
from 800 million acres to between 400 and 500 million
acres, so the speculations on pulp wood resources
have shrunk in the face of more detailed information.
That Ontario and Quebec, particularly the latter,
possess enormous areas of spruce and balsam is un­
doubted, but the trouble is that the quoting of vague
and unsubstantiated totals has obscured facts of con­
sumption and accessibility fully as important.
A special report on the forest resources of Quebec,
prepared at the request of the Dominion’s Royal
Commission, during the recent visit of that body to
Canada, has been made available to your corres­
pondent. The author, Mr. Ellwood Wilson, Chief
Forester of the Laurentide Co., paper manufactur­
ers, is singularly qualified to express conclusions.
Mr. Wilson estimates the total area of merchant­
able timber in Quebec, north of the St. Lawrence
River, at 303,855 square miles, of which 147,247
square miles are at present accessible to points of
consumption by water or rail. The total of avail­
able standing timber, spruce and balsam, in this
major portion of Quebec, he places at about 450,­
000,000 stacked cords. The total consumption of
spruce and balsam in 1915 was 3,050,281 cords, so
that at the present rate there should be enough
material in Quebec forests for 150 years.
Mr. Wilson finds, however, that in the St. Maurice
valley of Quebec where paper-making operations are

2112

THE CHRONICLE

particularly active, wood consumption has increased
290% in seven years, and he reckons that, by allow­
ing only 10% per annum as a rate of increase for the
future, at the end of 55 years all the timber available
will be used up. In the St. Maurice district, the
crease in pulp wood cut has been 28% per annum
in six years.
Mr. Wilson specified several imperative measures
for the maintenance of Quebec’s pulp wood supply
on a basis of perpetual yield; effective fire protec­
tion over the whole provincial area; close utilization
of the cut; abandonment of the fixed diameter limit
for cutting operations so that skilled officers shall
make detailed selection of trees to be felled; replant­
ing areas where natural regeneration is handicapped.

R A IL R O A D GROSS E A R N I N G S FOR N O V E M B E R .

Railroad gross earnings continue very satisfactory,
all things considered. Gains are no longer so large
as they were some- months ago and decreases are
occasionally met with, but comparison is now with
extremely heavy earnings a year ago, and as for the
roads showing decreases, that is natural in the case
of those located in the spring wheat districts of the
Northwest where the wheat crop the present season
was almost a complete failure.
The development of most moment in connection
with the revenue returns has reference to the expenses
where the high cost of materials and supplies is now
proving an important factor, so much so that the
augmentation in expenses in many cases outruns the
gain in gross, as witness the October statements of
such conspicuous railroad systems as the Pennsyl­
vania, the New York Central and the New York
New Haven & Hartford.
Our review to-day has to do with the preliminary
results as to gross for the month of November, and
.comprises merely the roads which make it a practice
to furnish estimates of the gross soon after the close
o f the month, consisting mainly of Western grain
carrying and Southern cotton carrying lines. The
statement also includes the three great Canadian
systems, namely the Canadian Pacific, the Grand
Trunk Railway of Canada and the Canadian North­
ern. Altogether only 37 roads are represented,
operating 84,452 miles, which is barely equal to onethird the miles of road in the country. However,
these early figures have always furnished a pretty
reliable guide to the general results when compiled
several weeks later.
The increase for the month on the roads con­
tributing returns is $4,304,162, or 5.59% . As
already stated, comparison is with heavy totals, as
will appear when we say that our early statement for
November 1915 registered an increase in the large
sum of $19,544,753, or 29.07%. On the other hand,
last year comparison was with very poor returns,
and small totals in the year preceding (1914), when
the shrinkage, according to our early tables, reached
$16,107,653, or 19.77%. The significance of the
unfavorable exhibit at that time was accentuated by
the fact that we were also comparing with poor or
indifferent returns the year before. In our review
for November 1913 we noted that, owing to trade
•reaction, small crops and other unfavorable in­
fluences, decreases were almost as numerous, and
much more prominent, than the increases. For the
whole body of roads combined, there was then an
increase for a trifling amount ($13,001), but the



[VOL. 103.

Canadian roads were at the time showing large gains,
and with these exluded there was for the distinctly
United States roads a decrease in amount of $1,106,­
724, or 1.73%.
After making due allowance for these antecedent
losses, the fact remains that the gain for 1916 and
1915 combined far exceeds the aggregate loss for the
two preceding years. Prior to 1913 the returns were
good. Thus, for November 1912 our early state­
ment recorded a gain in the sum of $8,441,331, or
11.88%. For November 1911 our early statement
also showed an increase, though it was only moderate,
reaching but $1,247,559. Previous to that our
preliminary statements for November had recorded
improved results for every year back to 1896, with
the single exception of 1908, the year following the
panic. This will appear from the following, showing
the aggregates back to the year named.
Mileage.

iff
l/Cl ■
Year
Given.

Gloss Earnings.

Year
In­
Preced. crease

Year
Given.

Year. Roads Miles. Miles.
S
%
1896____ 122
89,936 89,214 0.81 39,415,623
1897____ 126
96,391 95,103 1.35 50,213,481
1898____ 114
89,367 88,235 1.28 47,777,989
98,684 90,967 1.77 59,800,183
1899____ 117
97,494 94,059 3.65 59,169,448
1900____ 105
1901____ 100 103,453 101,924 1.50 68,960,766
1902____
74
90,106 88,251 2.10 62,023,087
86,742 84,573 2.56 60,220,508
1903____
70
1904____
84,002 82,427 1.91 63,536,601
68
1905____
55
83,677 81,709 2.41 71,044,232
69
97,240 94,861 2.51 87,119,750
1906____
1907____
56
74,439 73,168 1.74 54,770,493
1908____
51
79,108 77,518 2.05 59,940,539
1909____
45
81,218 79,588 2.05 65,522,732
87,809 85,221 3.04 69,828,448
1910____
45
1911____
90,287 88,685 1.77 73,469,030
51
1912____
46
86,371 84,098 2.70 79,457,311
47
91,093 89,750 1.50 83,073,462
1913____
89,275 87,724 1.78 65,353,898
1914____
45
44
95,689 91,328 1.45 80,734,797
1915____
1916____
37
84,452 82.5S3 2.26 81,367,951
Jan. 1 to No v. 30.
1896____ 116
88,629
95,150
1897____ 119
89,367
1898____ 114
96,867
1899____ 110
1900____ 103
96,630
93 102,492
1901____
1902____
74
90,106
1903____
70
86,742
1904____
67
83,968
1905____
55
83,677
69
1906____
97,240
1907____
55
74,037
78,706
1908____
50
1909____
44
81,008
87,809
1910____
45
1911____
90,287
51
1912____
46
86,371
1913____
47
91,093
1914____
45
89,275
1915____
44
95,689
1910____
37 BS4.452

87,907
93,873
88,235
95,172
93,195
100,995
88,251
84,573
82,393
81,709
94,861
72,766
77,116
79,378
85,221
88,685
84,098
89,750
87,724
94,328
82,583

0.82 411,624,390
1.36 460,682,396
1.28 461,937,617
1.77 559,918,434
3.68 595.4S7.645
1.48 077,212,805
2.10 623,776,463
2.56 639,338,998
1.91 613,553,405
2.41 073,611,217
2.51.900,355,234
1.74 590,965,575
2.06 575,231,037
2.06:618,292,490
3.041717,209,180
1.77|739,426,368
2.70 775,171,527
1.50 849,023,311
1.78:754,009,473
1.45i775,773,845
2.26 802,350,502

Year
Preceding.

Increase ( + )
or Decrease (— ) .

8
S
%
44,188,179 — 4,772,556 10.79
41,517,497 + 8,695,984 20.94
45,833,778 + 1,944,211 4.24
54,149,899 + 5,650,284 10.43
57,853,427 + 1,316,021 2.28
61,200,137 + 7,700,029 12.58
57,983,250 + 4,039,837 6.96
57,887,073 + 2,333,435 4.03
57,818,885 + 5,717,716 9.88
65,109,098 + 5,935,134 9.11
83,250,084 + 3,869,666 4.65
53,425.317 + 1,345,170 2.52
61,744,772 — 1,804,233 2.92
58,007,375 + 7,515,357 12.91
68,138,393 + 1,690,055 2.48
72,221,471 + 1,247,559 1.73
71,015,980 + 8,441,331 11.88
83,060,401
+ 13,001 0.01
81,461,551 — 16,107,053 19.77
67,190,014 + 19,544,753 29.07
77,063,789 + 4,304,162 5.59
404,636,777
433,915,117
424,007,183
511,496,013
542,700,820
009,239,714
576,882,954
576,573,058
606,552,863
626,496,472
794,728,647
540,238,902
662,099,137
551,266,144
044,249,456
724,138,841
712,244,329
797,080,367
S24,911,415
786,846,192
670,718,045

+ 6,987,613
+ 20,767,279
+ 37,930.434
+ 48,422,421
+ 52,780,825
+ 67,973.091
+ 46,893,509
+ 02,765,940
+ 7,000,542
+ 47,114,745
+ 105626 587
+ 50,726,673
— 80,867,500
+ 67,026,346
+ 72,959,724
+ 15,287,527
+ 62,927,198
+ 51,942,944
— 70,241,942
— 11,072,347
+ 131632457

1.72
6.09
8.64
9.46
9.72
11.15
8.12
10.88
1.15
7.52
13.39
9.39
13.12
12.16
11.32
2.11
8.83
6.52
8.51
1.45
19.63

Note.— Neither the earnings o f the M exican roads nor the mining operations of
the anthracite coal roads are included In this tablo.

As far as the separate roads are concerned, the
heaviest gains come from Southern and Southwestern
roads, though it is the Grand Trunk of Canada that
heads the list for amount of gain. The increase in
its case reaches $1,152,782. The Canadian Pacific,
reflecting conspicuously the reduced wheat yield the
present season in Western Canada, has merely a
nominal increase this time ($43,000), and the im­
provement on the Canadian Northern is also quite
moderate, being $187,100.
In all these cases
comparison is with heavily augmented totals in 1915
— the gain then in the Canadian Pacific case being
only a recovery (and not a full recovery at that) of
the large loss sustained in 1914. The Southern
Railway has added $855,239 to its total of last year,
the Louisville & Nashville $805,729, the Missouri
Kansas & Texas $454,096 and the St. Louis South­
western $254,000. There are only two striking
losses, namely that of the Great Northern Railway
for $858,401 and that of the “ Soo” road for $888,­
706. The explanation, of course, in both instances
is the short spring wheat yield in that part of the
country. In the following we show all changes for
the separate roads for amounts in excess of $30,000,
whether increases or decreases.

Dec. 9 1916.)

THE CHRONICLE

P K IN O IP A L C H A N G E S IN G R O S S E A R N IN G S IN N O V E M B E R .
Increases.
Increases.
G ra n d T r u n k (4 r o a d s ) . . $ 1 , 152,782 D u lu th S o u th S h o re & A t l
$ 6 7 ,7 2 3
S ou th ern R a ilw a y ------------8 5 5 ,2 3 9 C h ic a g o In d A L o u ls v ___
65,1 1 7
L o u is v ille A N a s h v ille —
8 0 5 ,7 2 9 A tla n ta B ir m & A t la n t ic .
«4 9 ,7 0 4
4 5 4 ,5 2 5 C a n a d ia n P a c ific ____________
Illin ois C e n t r a l.................
43,0 0 0
M is s o u ri K ansas & T e x a s .
4 5 4 ,0 9 0 M o b ile & O h io _______________
3 3 ,707
Y a z o o A M iss V a ll e y ____
331 ,684 G e o rg ia S o u th A F lo r id a .
3 2 ,0 7 6
St L o u is S ou th W e s t e r n ..
2 54 ,000 A la b a m a G re a t S o u t h e r n .
3 1 ,347
C h esa p ea k e & O h io _______
189,962
C a n a d ia n N o r t h e r n _______
187,100
R e p re s e n tin g 27 road s
D e n v e r & R io G ra n d e ____
185,300
in o u r c o m p ila t io n ___S 6 ,006.631
W es tern M a r y la n d _______
180,555
T e x a s & P a c ific ___________
151,253
Decreases.
C in e N e w O rl A T ex a s P a c
126,383 M in n St P a u l & S S M . . . $ 8 8 8 ,7 0 6
P ero M a r q u e t t e ___________
123,551 G re a t N o r t h e r n _________
858,401
C h ic a g o G rea t W e s t e r n ..
8 8 ,8 9 0
B u ffa lo Ito ch A P l t t s b . . .
7 2 ,4 4 5
R e p re se n tin g 2 ro a d s In
M in n e a p o lis A S t L o u i s . .
70,4 6 3
o u r c o m p ila t io n _____ $ 1 ,7 4 7 ,1 0 7
a T h e so fig u res are fo r th re o w eek s o n ly .

2113

R E C E IP T S O F C O T T O N A T S O U T H E R N P O R T 3 IN N O V E M B E R A N D
FR O M JA N U A R Y 1 T O N O V E M B E R 30 1916, 1915 A N D 1914.
November.

Since January 1.

Ports.
1916.

1914.

1915.

Galveston _____ bales
Texas City, A c ...........
New Orleans________
M ob ile_______ _____ _
Pensacola, A c _______
Savannah ___________
Brunswick___________
C h arleston ......... ........

387,360
87,068
276,287
11,138
20,816
133,037
16,500
34,142

275,518
57,311
231,565
12,208
23,101
110,457
5,600
27,393

W ilm ington_________
N o rfo lk _____________
Newport News, & c___

11,475
93,814
2,841

26,397
102,928
8,293

Total — .................. 1,074,478

1916.

1914.

1915.

650,10S 2,493,769 3,104,646 2,588,478
61,950 389,880 613,260 349,044
238,824 1,486,907 1,750,151 1,230,854
•25,137 158,404 122,607 188,027
11,704 108,183
132,332
80,589
220,813 993,026 1,482,174 904,880
20,000
151,632
193,700
96,208
1S5.282 348,479
67,947
175,019
1,902
101
32,120
156,721
133,676
291,037
70,022
616,703 639,529 347,040
25,360
142,734
60,775
91,517

880,771 1,429,985 6.801,383 8,771,334 6,236,549

The diminution in tonnage occasioned by the
To complete our analysis we annex the following
smaller crops of the current year becomes evident
six year comparison of the earnings of leading roads
when we examine the figures of the Western grain
movement. Of wheat the receipts at the Western arranged in groups:
E A R N IN G S OF SO U T H E R N G R O U P .
primary markets for the four weeks ending Nov. 25,
1914.
November.
1916.
1915.
1913.
1912.
1911.
the present year, were only 39,797,000 bushels, as
S
S
$
S
S
S
against 72,381,000 bushels in the corresponding four Ala G t S o u th .. 528,457 497,210 386,837 500,224 456,278
424,618
T P
weeks of 1915. Of oats the receipts were 26,625,000 Ala NO*&N E .- <1317,345 317,345 270,069 341,143 334,617 342,307
N O
120,024
Ala A Vicks.
<1152,049
152,049
179,393
161,186
165,704
bushels, against 31,221,000; of barley, 13,381,000,
Vicks Sh A P a156,458
115,574
156,458
167,004
161,844
148,134
Ches A O hlo.c 4,1S4,507 3,994,545 2,881,000 3,075,059 2,931,315 2,651,817
against 14,468,000 bushels, and of rye, 3,379,000, Cin N O A T P 1,065,035 938,652 752,366 960,837 891,707 790,316
Lou A
against 3,907,000 bushels. Adding the corn receipts, M obileNAash.b. 5,916,075 5,110,346 4,050,145 5,337,128 5,154,110 4,853,988
Ohio 1,077,871 1,044,164
SI 0,352 1,148,964 1,052,155 1,033,841
Southern Ry__
which were somewluit heavier than a year ago, it is Yazoo A M V . 6,975,869 6,120,630 5,046.463 6,312,772 6,044,147 5,426,464
1,672,372 1,340,688 1,124,273 1,348,316 1,168,920 1,081,291
found that aggregate receipts of the five cereals were
T o t a l ............ 22,046,038 19.672.0S7 15,557,103 19,370,840^ 18,356,279 16,918,480
only 98,578,000 bushels, against 136,219,000 bushels
a M onth not yet reported; taken same as last year.
b Includes the Louisville & Atlantic and the Frankfort & Cincinnati.
c Includes Chesapeake* AiO hio o f Indiana.
in the four weeks of 1915 and 113,516,000 bushels in
the four weeks of 1914, but comparing with only
E A R N IN G S O F SO U T H W E ST E R N G R O U P .
77,025,000 bushels in 1913. Below we give the
November.
1914.
1916.
1915.
1913.
1912.
1911.
details of the Western grain movements in our usual
S
?
$
S
3
$
Colo A South. 1,604,798 1,583,473 1,449,378 1,174,888 1,514,629 1,338,153
form.
D env A R G - . 2.397.000 2,211,700 1,875,121 2,231,822 2,322,695 2,090,417

W E S T E R N FLO U R A N D G R A IN R E C E IP T S .
F ou r w eeks
Wheat.
en d in g
Flour.
Corn.
Oats.
Parley.
(bush.)
N ov. 25.
(bush.)
(.bbls.)
(bush.)
(bush.)
Chicago—
6,231,000
1916-----799,000
7,270,000 12,067,000 3,540,000
6,126,000
6,770,000 15,415,000 3,476,000
1915____
853,000
Milwaukee220,000
1,503,000
937,000
1916____
3,225,000 2,508,000
1,279,000
1915____
508,000
720,000
2,520,000 1,846,000
St. Louts—
3,182,000
1916____
408,000
1,010,000
1,620,000
260,000
1915____
5,348,000
413,000
1,745,000
251,000
977,000
Toledo—
1916____
403,000
143,000
305,000
1915____
1,575,000
- .........
700,000
...........
241,000
Detroit—
1910____
27,000
241,000
208,000
257,000
244,000
1915____
25,000
284,000
516,000
Cleveland—■
152,000
1916____
71,000
166,000
440,000
3,000
128,000
1915____
40,000
65,000
500,000
Peoria—
150,000
164,000
2,528,000
1,113,000
1916____
339,000
558,000
2,575,000
1915____
152,000
749,000
231,000
Duluth—
3,725,000
21,000
1916____
49,000
495,000 1,671,000
1915____
21,728,000
046,000 3,665,000
Minneapolis—
1916____
14,262,000
748,000
5,139,000 5,054,000
1915____
22,591,000
335,000
6,703,000 4,999,000
Kansas Cltu—
899,000
1916____
6,823,000
794,000
1915____
______
______
470,000
1,383,000
9,779,000
Omaha—•
•______
1910____
1,276,000
3,111,000
1,360,000
1 9 1 5 ....
3,088,000
829,000
1,251,000
............
Total of All1910____ 1,724,000
1915------ 1,991,000

39,797,000
72,381,000

15,396,000
14.242,000

26,625,000 13,381,000
31,221,000 14,468,000

M o Kan A T . a 3,480,434
St L So W est. 1.439.000
Texas A P a c .. 2,097,903

(bush.)
752,000
865,000
555,000
666,000
73,000
95,000
............

9,953,16ll 9,112,718

3,106,635 3,293,224
1,268,453 1,234,168
1,905,SOS 1,953,760

2,691,768
1,220,600
1,825,502

9,747,606 10,318,4761 9,166,440

a Includes Texas Central In all the years and W ichita Falls line from |Nov. 1 1912.
E A R N IN G S OF N O R T H W E S T E R N A N D N O R T H P A C IF IC G R O U P .
November.

1916.

1915.

s

5
13,114,000
1,330,932
242,872
9,015,636
948,150
3,718,123

Canadian P ac. 13,157,000
Chic G t W est* 1,419,822
Dul So Sh A A t
310,595
Great N o rth .. 8,187,235
M inn A St. La 1,018,613
M St P A 8 SM 2,829,417

!

1914.

1913.

1912.

1911.

S
S
$
$
8,057,359 13,407,015 12,362,666 10,570,694
1,157,911 1,176,990 1,176,762 1,079,290
197,043
262,285
264,787
244,589
6,056,762 7,644,204 7,921,727 6,224,730
858,559
811,450
861,159
648,352
2,422,899 2,822,021 2,926,275 2,303,491

T o t a l........... 26,922,682 28,399,713118,750,523 26,123,965 25,513,376 21,071,146
56,000
1,000
79,000
43,000
450,000
865,000
1,414,000
1,372,000
*
___

3,379,000
3,907,000

At the South the cotton movement ran very much
heavier than the diminutive movement of the pre­
ceding year, and the extraordinarily high price
prevailing for the staple (the quotation for cotton here
throughout the month ruling in the vicinity of 20c.)
brought prosperity to every nook and corner of the
South, giving Southern and Southwestern roads
an unusually heavy tonnage in merchandise and
general freight. The shipments of cotton overland
were 515,651 bales for November this year, against
278,310 bales in November 1915, 258,334 bales in
1914 and 313,866 bales in 1913, and the cotton
receipts at the Southern outports were 1,074,478
bales, against 880,771 bales in November 1915, but
comparing with 1,429,985 bales in 1914 and no less
than 1,917,962 bales in November 1913. A summary
of the movement at the separate ports is furnished
in the following:



T o t a l ............ 11,019,135

3,033,044
970,252
1.784,923

3,026,338
1,185,000
1,946,650

* Includes M ason C ity & Fort D odge and the W isconsin M innesota & Pacific.
a Includes Iowa Central.
E A R N IN G S
November.
Buff Roch A P
Chic Ind A L .
Grand Trunk]
Grd Trk W )
D etG H A M I
Canada Atl)
Illinois C en t.c
Pore M arq-----T ol Peo A W ._
T ol St L A W .
Western M d . .

OF

M ID D L E

AND

M ID D L E

W ESTERN

GROUP.

1914.

1913.

1912.

1911.

8
1.0S5.617
038,922

5
693,393
496,029

S
917,313
596,322

$
918,611
5S8.531

$
753,104
515,733

5,343,653

4,190,871

3,770,406

4,543,633

4,622,508

4,101,244

6,135,805
2,029,293
al02,726
519,625
1,027,141

5.981,280
1,905.742
102,726
506,368
846,586

5,077,115
1,484,421
94,178
352,419
634,111

5,798,011
1,478,980
106,709
402,599
652,820

5,539,957
1,548,917
111,598
371,243
640,128

4,932,306
1,527,864
103,315
335,199
570,629

1916.

1915.

S
1,158,062
704,039

T o t a l ______ 17,320,344 15,258,112i 12,602,072 T 4,496,417 14,341,493 12,839,394
a M onth not yet reported; taken same as last year.
c Includes earnings of Indianapolis Southern.

Wc now insert our detailed statement for the
month, comprising all the roads that have thus far
furnished figures for November. In a second table
we present comparisons of the results for the same
roads for the eleven months ending with November.
G RO SS E A R N IN G S A N D M IL E A G E IN N O V E M B E R .
Gross Darnings.

Mileage.

Name o f Road.
1916.
A la b a m a G re a t S o u th .
A n n A r b o r _______
..
A tla n ta B irm & A t l . .
B u ffa lo R o c h & P it t s .
C a n a d ia n N o r t h e r n .
C a n a d ia n P a c i f ic ____
C lie sa p e a k o & O h i o . .
C h ic a g o G re a t W e s t ..
C lilc In d & L o u is v ___
C in N O rl & T e x I’ a c .
C o lo r a d o A S ou th ern
D e n v e r A R i o G ra n d e .
D e n v e r A Salt L a k e ..
D e tr o it A M a c k in a c . ..
D u lu th So Sh A A t l . .
G e o rg ia S ou th n A F la.

S
528 ,457
1/176,834
1/239,298
1,158,062
3 ,7 2 2 .3 0 0
13,157,000
4,1 8 4 ,5 0 7
1,419,822
704 ,0 3 9
1 ,065,035
1.604.79S
2 ,3 9 7 ,0 0 0
1/125,500
99,066
310 ,5 9 5
245 ,178

1915.
S
497 ,2 1 0
1/174,720
y 189.594
1 ,085,617
3 ,5 3 5 ,2 0 0
13.1 1 4 .0 0 0
3 ,9 9 4 ,5 1 5
1,330,932
638,922
938 ,652
1 ,583,473
2 ,2 1 1 ,7 0 0
1/131,152
95,7 9 6
242 .872
213 ,102

Inc. ( + ') or
Dec. (— ).

1916.

1915.

$
+ 31,247
309
309
+ 2 ,1 1 4
293
293
+ 49,704
640
638
+ 72,4 4 5
586
586
+ 187 ,100 9 ,2 9 6 7,761
+ 4 3 ,0 0 0 12,993 12,921
+ 189,962 2,381 2 ,3 7 4
+ 8 8 ,890 1,496 1.427
622
+ 6 5 117
622
337
• + 1 2 6 ,3 8 3
337
+ 2 1 ,3 2 5 1,812 1,798
+ 185,300 2,5 7 6 2 .5 7 6
— 5,652
255
255
+ 3,270
382
392
+ 67,723
601
627
+ 3 2 ,0 7 6
395
395

THE CHRONICLE

3114
Gross Earnings.

Mileage.

N am e of Road.
1916.

1915.

$

G ra n d T r u n k o f C a n —
G ra n d T r u n k W e s t . 1 5 ,3 4 3 ,6 5 3
D e t G r H a v & M ilw
C a n a d a A t l a n t i c ___
G rea t N o r t h e r n . ____
8 ,1 8 7 ,2 3 5
Illin ois C e n tr a l___
6 ,4 3 5 ,8 0 5
L o u is v illo & N a s h v illo
5 ,9 1 6 ,0 7 5
93,675
M in e ra l R a n g o _____
M in n e a p & S t L ou is— | 1 ,018,613
Io w a C e n t r a l_______
M in n St R aul & S S M
2 ,8 2 9 ,4 1 7
M is s o u r i ICans & T ex a
3 ,4 8 0 ,4 3 4
M o b ilo & O h io ________
1,077,871
N e v a d a -C a l-O r e g o n . .
?/26,369
2,0 2 9 ,2 9 3
R oro M a r q u e t t o _____
60,110
R io G ra n d o S o u th e r n .
St L o u is S o u th w e s t___
1 ,439,000
0,9 7 5 ,8 6 9
S ou th ern R a ilw a y ____
2,0 9 7 ,9 0 3
T e x a s & P a c i f ic _______
T o l St L o u is & W e s t . .
519 ,625
W e s te rn M a r y la n d ___
1,027,141
Y a z o o & M is s V a lle y .
1,672.372
T o t a l (37 r o a d s ) . . .
N e t Increase ( 5 .5 9 % ) .

8 1,367,951

Inc. ( + ) or
Dec. (— ) .

$

1916.

1915.

$

4,1 9 0 ,8 7 1

+ 1,152,782

4,5 3 3

4,5 3 3

9 ,0 4 5 ,6 3 6
5 ,9 8 1 ,2 8 0
5 ,1 1 0 ,3 4 0
91,9 4 0
948 ,1 5 0

— 858,401
+ 4 5 4 ,5 2 5
+ 805 ,729
+ 1,735
+ 7 0 ,4 6 3

8 ,1 8 8
4,767
5,071
119
1,646

8 ,1 0 2
4 .7 6 7
5,037
120
1,646

3 ,7 1 8 ,1 2 3
3 ,0 2 6 ,3 3 8
1,044.164
f/23,361
1 ,905,742
54,429
1,185,000
6 ,1 2 0 ,6 3 0
1 ,946,650
506 ,308
846 ,5 8 6
1 .340,688

— 888 ,7 0 6
+ 4 5 4 ,0 9 6
+ 3 3 ,7 0 7
+ 3,0 0 8
+ 123,551
+ 5,681
+ 2 5 4 ,0 0 0
+ 855 ,239
+ 151,253
+ 13,257
+ 180,555
+ 3 3 1 ,6 8 4

4 ,2 2 7
3 ,8 6 5
1,160
275
2 ,2 4 8
180
1 ,753
0,982
1,944
450
688
1,382

4 ,1 9 0
3 ,8 6 5
1,122
272
2,262
180
1,753
6,9 8 6
1,944
450
661
1,382

7 7 ,0 6 3 ,7 8 9

+ 4 ,3 0 4 ,1 6 2 84,452 82,583

a In clu d es T e x a s C e n tra l in b o t h y e a rs.
V T h e se fig u res are fo r th ree w eeks o n ly .
G R O S S E A R N I N G S F R O M J A N U A R Y 1 T O N O V E M B E R 30.
1016.

1915.

$
5 ,4 2 3 .2 7 0
1/2,522,578
i/2,8 6 5 ,5 0 5
11,816,162
3 4 ,2 1 0 ,5 0 0
127 ,057 ,87 4
4 5 ,5 7 0 ,2 4 4
1 4,659,247
7 ,4 8 9 ,2 4 0
1 0,865,600
14,657,082
2 3 ,2 3 0 ,6 8 0
y 1,698,503
1,146,628
3 ,4 4 8 ,2 6 4
2,359,591

S

Nam e of Road.

A la b a m a G rea t S ou th ern
A n n A r b o r ________ ______
A t la n t a B irm & A tla n tic
B u ffa lo R o c h & P l t t s b . .
C a n a d la n N o r t h e r n _____
C a n a d ia n P a c if ic ________
C h esa p oa k e & O h io _____
C h ic a g o G roa t W e s t e r n .
C h ic a g o In d & L o u is v ille
C ln N e w O rl & T e x I’ a c .
C o lo r a d o & S o u th e r n ___
D o n v o r & R io G r a n d e ___
D e n v e r & Salt L a k e ____
D e tr o it & M a c k in a c ........
D u lu th S o S h ore it A t l _ .
G e o rg ia S o u th & F la ____
G ra n d T r u n k o f C a n a d a ]
G ra n d T r u n k W e s t . .
5 4 ,9 8 8 ,3 4 4
D e t G r H a v & M il w . !
■
C a n a d a A t la n t ic ____ )
G ro a t N o r t h e r n _________
76,121,441
Illin o is C e n tr a l___________ 66,8 1 3 .5 7 2
L o u ls v illo it N a s h v ille ___ 58,9 5 3 ,8 6 3
M in e ra l R a n g o ................ _
I ,005,102
M in n e a p o lis & S t Louis). 10,074,653
Io w a C e n tr a l_________ f
M in n e a p St P aul & S S M 30,7 4 6 ,7 9 5
M is s o u ri K a n & T e x a s . . 032 ,8 8 2 ,9 6 3
M o b llo & O h io _____ _____
11,099,028
1/350 049
N o v a d a -C a llfo r n la -O r e ._
P ere M a r q u e t t e ________
2 0 ,6 4 6 ,6 2 0
R i o G rancle S o u t h e r n ..
529 ,370
S t L ou is S o u th w e s t____
12,307,866
S ou th ern R a ilw a y _____
68,3 5 0 ,9 0 9
T e x a s & P a c i f ic ________
18,581,041
T o le d o St L o u is & W e s t
5,430,511
W estern M a r y la n d _____
'0 ,9 1 8 ,5 2 3
Y a z o o Q M iss V a lle y ____
13,410,886

Increase.

4 .5 2 7 ,1 6 5
J/2,092,042
y ‘ .453 ,835
2
9 ,4 8 4 ,2 0 4
2 4 ,3 0 6 ,0 0 0
9 6 ,4 5 4 ,2 8 8
3 0 ,5 7 7 ,2 3 8
1 2 ,792,435
6 ,3 5 0 ,8 1 2
8 ,8 6 7 ,0 1 4
13,106,601
2 1 ,0 8 0 ,7 1 5
yl ,547,978
092 ,8 4 6
2 ,9 0 9 ,2 4 4
2 ,0 0 5 ,6 5 7

$
806 ,114
43C .536
4 11 ,670
2 ,3 3 1 .9 5 8
9 ,9 1 3 ,5 0 0
3 0 ,6 0 3 ,5 8 6
6 ,0 0 2 ,0 0 6
1,866,812
1,138,428
1,098,676
1,461,381
2 ,1 5 8 ,9 6 5
150,525
153,782
539 ,0 2 0
3 5 3 ,9 3 4

4 5 ,7 2 1 ,1 7 5

9 ,2 6 7 ,1 6 9

6 4 ,7 6 7 ,2 3 0
5 7 ,7 2 7 ,2 5 7
48,872,241
905 .647
9 ,3 4 5 ,2 5 7

11,354,211
9 ,0 8 6 ,3 1 5
10,081,622
99,455
729 ,396

27,0 6 2 ,4 2 3
2 9 ,4 6 6 ,4 7 4
10,185,894
1/350 348
17,331,772
5 0 9 ,4 6 8
10,134,197
5 8 ,1 2 0 ,7 0 0
16,552,274
4 ,6 2 3 ,2 2 2
8 ,9 3 5 ,8 5 2
1 1,468,550

3,0,84,372
3 ,4 1 6 ,4 7 0
913 ,134
3 ,3 1 4 ,8 4 8
19,021
2 ,2 6 3 ,6 6 9
10,230,209
2 ,0 2 8 ,7 6 7
807 ,289
1 ,9 8 2 ,6 7 !
1.942,336

T o t a l (37 r o a d s )_______ 80 2 ,3 5 0 ,5 0 2 67 0 ,7 1 8 ,0 4 5 131 ,632 ,75 6
N o t increaso ( 1 9 . 6 3 % ) . .
............. ..
.................. 131,632,457

299

a In clu d es th e T e x a s C en tra l In b o th yoa rs.
y T h ese fig u res are d o w n t o th e en d o f th e th ird w eak o f N o v . o n ly .

BO O K N O T IC E S .
o f
T he W a r .
B y Alexander Dana
N oyes. Author of “ Forty Years of American Finance.”
Charles Scribner’s Sons, Now York, 1910. Price
SI 25 net.
It will at once be noted by reference to the title of this book
that its author has not undertaken to write a financial
history of the great war. This must come later, when the
full significance of the economic conditions and fiscal measures
of the past two years may be more fully appraised in the light
of their aftermath; and when more direct and inside data
as to financial crises and credit expedients are available in and
from tho warring countries themselves. Ho has chosen
rather to strip the subject of technicalities and details, and
by well selected “ chapters” to recount the principal effects
produced by the sudden interruption of tho orderly procedure
of international affairs, and the heroic means adopted to
keep the business of the world going and to provent the
widespread collapse of credit.
Perhaps no financial writer in this country is better
equipped for the task of such a review than M r . N oyes. He
is enabled by extended and intimate study of international
commerce and finance to cloarly visualize the conditions, to
measure the vast sweep of these movements, to sot precedent
against prediction and policy against practice, and to relate,
in an analytical way, tho methods of relief to tho urgency of
the need. It is an illuminating story, and fascinating to the
student of affairs, told with compelling interest in tho two
hundred and forty three pages of the text, which covers
all tho important phases of the greatest military contest and
the most severe financial strain that ever befell tho history of
man. And a careful reading of the recital as the author
delineates the moving panorama must servo to awaken the
hope that the financial geniuses which were able to meet the

F

in a n c ia l

C

h a p t e r s




[Vol. 103

peril of these unprecedented times will by tho same power be
able to provide, in the futuro, ways and means of readjust­
ment that will tend to lessen the burdens that must inevitably
follow.
In his narrative the author is less a theorist than a historian,
more of an expounder than a dogmatist, and uses only such
major statistics as will serve to explain tho principles enunci­
ated. And while he shows throughout how the pressuro of
war upon tho intricate and finely adjusted mechanism of
international and national credits and commerce affects the
prices and movements of securities, tho equilibrium of
industrial effort, the rise and fall of foreign exchange, and the
flow of gold, in the various countries, ho brings clearly to
view the devices of governments and banking systems to allay
panic and alleviate stress, to conserve capital and strengthen
values, to provide immediate means to meet tho enormous
cost of the war and to feed tho people at homo, and to pre­
serve, as far as may be, tho status quo of production and
trade that their former momentum may bo the sooner re­
gained when peace shall finally come.
.
To one statement in tho book wo find ourselves obliged to
take exception. Speaking of tho authority to issue Federal
Reserve notes, the author says (page 156): “ Under the
law, a Reservo bank is allowed to issuo notes, either secured
with commercial paper, pledged by individual banks in the
district, o r s e c u r e d , d o lla r , f o r d o lla r , w ith g o ld c o i n . ”
There
is no authority to i s s u e Federal Reserve notes against gold
and the Federal Reserve officials claim none. W hat is more,
the Reserve Board sought to obtain such authority at the
session of Congress which adjourned in September, and tho
House of Representatives refused to givo its consent to tho
incorporation of a provision to that effect in tho amendments
made in the law. Tho notes can only bo issued against
deposits of commercial paper. Tho law is clear and oxplicit
on that point. Sec. 16 of tho Reservo A ct, says: “ Fedoral
Reserve notes, to bo issued at tho discretion of tho Federal
Reserve Board for the purposo of making advances to
Fedoral Reserve banks through tho Federal Resorvo agents
as hereafter set forth a n d f o r n o o th er p u r p o s e , are horoby
authorized.
* * * A ny Federal Reservo bank may
mako application to tho local Fedoral Reservo agont for
such amount of the Fedoral Rcservo notes hereinbeforo pro­
vided for as it may require. Such application shall bo
accompanied with a tender to the local Federal Reservo agent
of collateral in amount equal to tho sum of tho Fedoral
Reserve notes thus applied for and issued pursuant to
such application.” Tho collateral security is then minutely
described.
The process by which notes are put out against gold is just
the reverse of that implied in the statement which we have
quoted from tho book. The gold is deposited for the nominal
r e tir e m e n t of the notes.
W o say the “ nominal” retirement,
for thero is not tho romotest intontion of carrying out tho
retirement process. N o notes are ever issued except against
deposits of commercial paper in tho first instanco, thus com­
plying with tho requirement of tho law, but no sooner have
tho notes been issued than gold is deposited for their retire­
ment and then the notes are immediately put in circulation,
and kept in circulation, the Federal Reserve agent meanwhile
retaining tho gold. W ith tho deposit of tho gold tho paper
used in the first instanco is released and is promptly used
for repeating tho operation and a now supply of notos ob­
tained, which aro again “ rotirod” by depositing gold for
their redemption, and this supply of notes also forced into
circulation and kept in circulation. And this arrangement
can be kept up as long as gold remains available for tho
purposo. A t the time tho Federal Resorvo Bank of Now
York was so actively engaged in pushing out notes in tho
latter half of 1915 and had only a very limited supply of the
right kind of commercial paper for tho purposo, tho same
batch of papor must havo dono duty several times a day
in getting notes.
Whatever may bo thought of tho motive and policy in
thus, by indirection, getting notes in circulation against tho
placing of gold with tho Fedoral Reserve agont, it is obviously
an utter perversion of the spirit, if not also a violation of the
letter of the law. Tho law contemplated that notes should
only be issued as thorb was commercial need for them. This
practice of tho Resorvo banks forces tho notos out irrespective
of commercial needs. Tho law contemplated that tho notes
should have only a limited lifo., and for this purposo provides
that “ N o Fedoral Reserve bank shall pay out notos issued
through another under ponalty of a tax of ton per contum upon
tho face value of notos so paid o u t.” Tho practice of tho Re­
serve banks, on the other hand, gives tho notes an indefinite

THE CHRONICLE

Du,c. 9 1916.1

period of existence. Lastly the statute contemplated that
the retirement process, when undertaken, should bo genuine
and entered upon in good faith, whereas under the practice
referred to it is put to inverted use and made the vehicle
for getting the notes out, instead of retiring them.
In discussing the question whether there has been currency
inflation in this country during the present war period, M r.
Noyes takes the total of bank currency onN o vem b erl 1914,
just before the Reserve banks began operations, at $1 ,1 2 1 ,­
000,000, and compares it with the total of $985,400,000 on
Jan. 1 1916, and $929,300,000 on July 1 1916.
B ut an
immense volume of emergency currency was put out im­
mediately following the declaration of war, and had not been
retired by N o v . 1 1914, and if we take the volume of bank
note currency outstanding before he outbreak of war, say
the amount July 1 1914, namely, $750,600,000, the com­
parison takes on a different aspect, though in comparing
this with the total of $985,400,000 on Jan. 1 1916 and $929,­
300,000 July 1 1916, it is only proper to say that these totals
included respectively $214,125,000 and $176,168,450 of
Federal Reserve notes, the bulk of which are secured by the
exact equivalent in gold. It is quite true, as M r . Noyes
says, that such inflation as has occurred is gold inflation, but
to say this is simply to indicate that the Federal Reserve
system has not served to correct the defects of our currency
system, for under any true currency system the arrival of
such a mass of foreign gold must have forced a largo part,
at least, of tho paper currency issues into retirement. In
considering, too, the part played by the Reserve system in
the country’s affairs, is it not necessary also to take into
account tho inflation caused by the reduction in the reserve
requirements of the banks by the Reserve A ct. Tho im­
portance of this change will be evident when we say that on
N o v . 14 1914, before the reduction in reserve requirements,
the N ew York Clearing House banks reported surplus re­
serves of only $7,413,900, whereas the next week ( N o v .21)
after the provision regarding tho reduced requirements had
gone into effect, the surplus was no less than $137,890,540.

2115

years’ experience in connection with the promotion, construc­
tion, reconstruction, operation and valuation of railroads, as
an engineer in the service of railroad corporations; of bank­
ing institutions, financing or investigating their operation,
organization or physical property; of local communities and
of industrial or mining corporations seeking to better exist­
ing or procuring new transportation facilities; of a traffic
association in special freight rate work.”
It is safe to say that out of his experience and comparative
studies M r . W ym ond has produced a valuable addition to
the literature of one of the most important financial and
State problems of the time, namely the proper method of
valuation of railroad properties as a basis for determining
reasonable rates.
Taking as a basis of his examination the Federal Valuation
A ct, and questions propounded to the corporations by the
Interstate Commerce Commission, thereunder, in its effort
to arrive at a proper interpretation of the provisions of that
act, the author discusses in detail the various items re­
quired to be considered in the ascertainment of the three
costs involved:
F irs t, w h a t it has c o s t t o p r o d u c e th e ra ilro a d as it n o w e xists.
S e c o n d , w h a t it w o u ld c o s t , a t th e tim e o f th e v a lu a tio n , t o r e p r o d u c e
th o r a ilr o a d n o w , i f it w ere n o n -e x iste n t.
T h ir d , w h a t it w o u ld c o s t , a t th e tim e o f v a lu a tio n , t o r e p r o d u c e th e
ra ilro a d less th e a m o u n t o f d e p re cia tio n o f its p r o p e r t y e xistin g a t the tim e
o f th o v a lu a tio n . T h a t is, d e p re cia tio n m u s t b e d e fin ite ly d e te rm in ed
an d assign ed a v a lu e in dolla rs a n d cen ts.
I n a d d itio n , th ere are ce rta in elem en ts o f va lu e w h ic h an in v e n to r y o f th e
p h y s ic a l p r o p e r t y w ill n o t d isclo se , s u ch as th e expen se o f p r o m o t io n , o r­
g a n iz a tio n , en gin eerin g an d th e v a lu e o f th e business as a g o in g c o n c e r n ,
w h ich m u st b e a sce rta in e d .

Considering the fact that there are “ in round numbers,”
“ 250,000 miles of railroad line in the United States,” and
that “ the amount of property to be valued under this pro­
vision of the law is somewhere between ten and fifteen bil­
lion dollars” (“ this does not include the value of real estate” ),
the writer avers that “ ascertaining the value is the biggest
job of its land ever undertaken, and the valuation of all
railroad properties will hardly be determined finally within
the coming ten years.”
W hen one places the complications and intricacies of this
T h e P o l i t i c a l E c o n o m y o f W a r , by F . W . Hirst. Pages
problem, as disclosed by the author’s analysis and discussion
'328; price 5 shillings net. London and Toronto: J . M .
of its essential elements, over against the weight and influ­
Dent & Sons, L td ., 1915.
ence of railroad securities in our credit system, the benefits
M r. F . W . Hirst, lately editor of the London “ Economist,”
of transportation lines to the people in their daily commerce,
has issued a second edition of his book on “ The Political
the desirability of legitimate taxation for the maintenance
Economy of W a r ,” which was considered, at some length,
of government, and the necessity of operating the roads
in the “ Chronicle” of N o v . 27,1915, page 1755. Ho explains
under conditions and laws which will render them free to
that so far as he has been able to learn no formal treatise on
meet the exigencies of an advancing progress in all lines of
this subject is in existence, and we have learned of none;
human endeavor, it is perceived that self-satisfied and un­
political economy has had much attention, but nobody has
informed political solutions of the proper relations of rail­
undertaken to treat of that broad and somewhat infelici­
roads to the people are beside the mark, and that undue
tously-named science with reference to the destructveness
governmental interference must in most cases prove dis­
of human conflicts, their effects upon finance and industry,
astrous to the interests of both.
tKeir re-casting of governments and their changing of bound­
W ithout commenting on M r . W ym ond’s conclusions as to
ary lines. This second edition contains many incidental
Valuation, we quote them in full, as a very comprehensive
corrections and modifications which the lapse of another
contribution to the study of this subject: See page 208:
year has enabled the author to make; the chapters on war
B a sed o n th e discu ssion s c o n ta in e d in this c h a p te r , th e fo llo w in g are fa ir
debts and the finance of the present war have been entirely co n clu s io n s as t o the item s w h ich are t o b e in c lu d e d a n d th e m e th o d s t o
revised, and one brief chapter on the debts of Turkey and b o e m p lo y e d in e v a lu a tin g railroad p r o p e r ty :
(1) T h a t as t o all p h y sica l stru ctu res— su ch as t r a c k , bu ild in g s o f a ll
tho Balkan States has been written and inserted. Following
ld n d s, w a te r a n d fu e l s ta tio n s, fe n ce s , e x c a v a tio n s , e m b a n k m e n ts a n d all
a work issued a year ago on “ Nationalism and W ar in the ro llin g s to c k — engines an d cars— m a ch in e ry , to o ls a n d all e q u ip m e n t o f
Near E a st,” M r. Hirst calls that war of these States aginst a n y k in d essential t o th e o p e ra tio n a n d m a in te n a n ce o f th e ra ilro a d , th e
Turkey in 1912 the war of coalition, and the fratricidal c o s t o f r e p r o d u c tio n new is th o fa ir v a lu e o f th e p h y sica l p r o p e r ty a t th e
tim e o f v a lu a tio n .
war of 1913 which despoiled Bulgaria of the fruits of victory,
(2 ) T h a t d e te rio ra tio n in a sim p le c o m p o n e n t p a rt o f a ra ilro a d is d ep re­
tho war of partition. The first was about as much as theso cia tio n in that particular part, b u t is n o t , n ece ssa rily , d e p r e c ia tio n in th e
States could manage, and the second went quite beyond property or plant as a whole.
I f th o s im p le p a rts o f a ra ilro a d are m a in ta in e d a t th e sta n d a rd re q u ired
their capacity and credit. B y joining Germany, in October fo r e c o n o m ic a l o p e ra tio n a n d w o rn p arts are r e p la co d w h en th e y h a v e c o m e
of last year, Turkey relieved herself of over two-thirds of her t o th o e n d o f th eir useful life , there is n o d e p r e c ia tio n o f th e ra ilro a d as
debt charge, and her armies have doubtless beon largely a w h o le .
I f p ro p e r m a in te n a n ce is n o t a p p lie d t o th e s im p le p a rts o f a ra ilro a d an d
financed by Germany and Austria, while “ so far Rumania r e p la ce m e n t o f w o rn p arts m a d e w hen d u e , th ere is d e p re cia tio n in th e p r o p ­
has successfully outwitted all her neighbors and rivals,” the e r ty as a w h o le , an d th e c o s t o f m a k in g g o o d th e d e fe rre d m a in ten a n ce a n d
chapter and book having been published before her entry a p p ly in g th o rep lacem en ts d u e is th e m easu re o f th e d e p re cia tio n in th e
ra ilroa d as a w h o le .
into the present war.
(3) T h e c o s t o f m a in tain in g a n d r e p la cin g t h e sim p le c o m p o n e n t p a rts
W e find no occasion to modify the favorable opinion o f a ra ilroa d is a p a rt o f th e cu rre n t expen se o f op e r a tin g it, an d has n o c o n ­
n e c tio n w ith th e ca p ita l a c c o u n t o r th o p resen t t im e v a lu e o f th e p r o p e r t y ,
already expressed of M r. Hirst’s labors in this untrodden s o lo n g as th e ra ilro a d as a w h o le is p r o p e r ly m a in ta in e d fo r e c o n o m ic a l
field of research, and his later work in the second edition o p e r a tio n .
I n c o n s e q u e n c e , i f th e c o s t o f re sto rin g t h a t p o r tio n o f d e p r e c ia tio n w h icn
enhances its value.
by M ark W ym on d.
Publishers: W ym ond & Clark, Chicago.
1916. 344
pages.
Price $1 50.
Avorring that, "n o one man can, from his own experience,
speak with final authority on all of the many sides of rail­
road affairs,” the author yet pleads for some contact and
participation which shall entitle a writer to bo heard, and
offers as justification for his present volume, “ some thirty
R a il r o a d

V a l u a t io n




and

R ates,

is p r o p e rly t o b e o v e r c o m e b y e x p e n d itu re fo r o p e r a tin g exp en se is d e d u cte d
fr o m th e c a p ita l o r th e presen t tru e v a lu e o f t h e ra ilr o a d , s u ch d e d u ctio n
c o n fis c a te s th o p r o p e r ty o f its o w n e r if su ch a lleg ed tru e v a lu e Is used as a
basis fo r d eterm in in g th e ju s tic e o f rates.
(4) T h a t th e fa c to r s if n e ce ssity as t o tim e an d lo c a tio n m u s t b e c o n ­
sidered in establish in g th e v a lu e o f ra ilro a d real e sta te , a n d th e c o s t o f
a cq u is itio n m u s t b o in clu d e d th e re in , as w ell as th e orig in a l a m o u n t a c ­
tu a lly p a id (o r estim a ted ) fo r d a m a g e t o a d ja c e n t land a n d im p ro v e m e n ts ,
i f th e ow n ers o f th e r a ilro a d la n d are t o b e p la c e d o n a p a r ity w ith o th e r
la n d o w n ers.
I f the c o s t o f r e p r o d u c tio n n ew o f the la n d Is t o b e fo u n d , c o n s id e ra tio n
m u s t b e g iv e n t o th e a d ju s tm e n t o f th e b o u n d a rie s o f a b u ttin g la n d t o th e

2116

THE CHRONICLE

la n d s o f th e r a ilroa d w h ich has o c c u r re d sin ce th e tim e o f orig in a l c o n s tr u c ­
t io n .
W h e r e th e lin e o f th e p r o p o s e d r e p r o d u c e d r a ilro a d w o u ld d iv id e th e
p a rcel o r tr a c k o f lan d o f a n y o w n e r , co n s e q u e n tia l d a m a g e t o la n d an d
im p ro v e m e n ts n o t ta k en m u s t b o c o n s id e r e d an d a llo w e d as a p a r t o f th e
c o s t o f re p r o d u c tio n .
(5) T h a t ce r ta in p ercen ta ge s— t o b e d e te rm in e d as fa r as p o s s ib le fro m
t h e a v a ila b le re co rd s o f th e railro a d u n d er v a lu a tio n , s u p p le m e n te d b y
gen era l e x p erien ce, w h ore such re co rd s are in c o m p le te — b e a d d e d fo r o v e r ­
h e a d ch a rg e s , v i z ., en gineering and general e xp en d itu res.
(6) T h a t a p e rce n ta g e b e ad d e d fo r co n tin g e n cie s , th o a m o u n t t o b e d e te r­
m in e d b y th e ch a ra cter o f th o w o rk b e in g v a lu e d .
(7) T h a t an a m o u n t b o ad d e d fo r in terest d u rin g c o n s tr u c tio n , e qu a l t o
th e in terest o n th e w h o le c o s t o f all ite m s , e x c e p t e q u ip m e n t, fo r a p e rio d
o f tim e req u ired fo r co n s tr u c tio n , a t th e a v e ra g e ra te w h ich th o p a rticu la r
r a ilr o a d u n d er co n s id e r a tio n has p a id fo r c a p ita l o r b o r r o w e d m o n e y , d u rin g
th o te n -y e a r p e r io d p reced in g v a lu a tio n — o r d u rin g tho fir s t h a lf o f th o
decad e.
(8) T h a t an a m o u n t b e ad d e d fo r g o o d -w ill an d g o in g v a lu e , th o m in im u m
b e in g th o a g g reg a te o f all d e ficits in o p e r a tin g expen ses and fix e d ch arges
a n d la c k o f p r o fit s occ u r rin g b etw een th o c o m p le tio n o f th o r a ilr o a d an d
th e tim e a t w h ich it retu rn ed a p r o fit o n th o a ctu a l v a lu e o f th e p r o p e r ty .
T h is m in im u m is t o b e d ete rm in e d fro m th e re co rd s o f th e c o r p o r a tio n ,
w h en theso aro a v a ila b le , o r e stim a te d o n th o basis o f th o r e c o rd e d ex p e ri­
e n ce o f ro a d s sim ila rly s itu a te d w h ere th e y are n o t.
T h a t oth er elem en ts o f g o in g v a lu e b e co n sid e re d o n ea ch sy s te m p a r tic u ­
la r ly .
(9) T h a t fo r th o em b a n k m e n ts , e x c a v a tio n s , m a s o n r y , p e rm a n e n t c u l­
v e r ts a n d o th e r n o n -r e m o v a b le , p e rm a n e n t stru ctu re s o n a b a n d o n e d lin es,
th eir c o s t b o a d d e d t o th o va lu e o f th o e x istin g o p e r a te d lines as a d e v e l­
o p m e n t c o s t.
(10) A s a c o r o lla r y o f (8) an d ( 9 ) , th o to ta l commercial value o f a railro a d
d o e s n o t n ecessa rily bea r a d ire ct re la tio n t o th e c o s t o f r e p r o d u c in g its
p h y s ic a l p r o p e r t y o r th e a m o u n t o f its ca p ita liz a tio n .
(11) T h a t th o F ed era l v a lu a tio n , n o w b e in g m a d e , w ill a ffe c t th e cre d it
o f th o r a ilroa d s a d v a n ta g e o u s ly , i f b a se d o n th o sa m o p rin cip le s as aro
a p p lie d in d e te rm in in g o th e r co m m e r c ia l va lu e s.
C u rren t d e p r e c ia tio n is a n in e v ita b le a c c o m p a n im e n t o f r a ilro a d o p e r a ­
tio n .
I f it is t o b o d e d u cte d fro m c a p ita l o r p resen t v a lu e (th o in v e s t­
m e n t b e in g im p a ir e d ), an in v o sto r in ra ilro a d se cu rities is a ssu red , in a d ­
v a n c e , o f a la rg e sh rin k age in th e v a lu o o f ids in v e s tm e n t.
I f d e p re cia tio n
(o th e r th an d eferred m a in ten a n ce ) is d e d u cte d fro m r e p r o d u c tio n c o s t , to
d e te rm in e p resen t v a lu e o f railroad p r o p e r ty , an d th o p u b lic c o m e to r e ­
ga rd su ch v a lu o as th e Intrinsic w o rth o f th o p r o p e r ty , and. the amount on
which railroads will he allowed to earn a fair return, railro a d b o r r o w in g fo r
th e p u rp os e o f p r o v id in g exten sion s a n d b e tte rm e n ts o f existin g railroad s
w ill d o p r a c tic a lly b a rred .
.

The italics in tho quotation are tho author’s. B u t, as ho
goes on to show in a succeeding minute analysis and expo­
sition, when Valuation has been ascertained by an equitable
method, but one of the essential elements nocessary to rate
determination has been secured. There is yet the actual
operation in tho midst of shifting curronts of production
which in the nature of things lie largely outside the control
of the road and which compel on its part constant readjust­
ment of its policies, charges and upkeep. Tho book con­
tains 339 pages with an outline index.
O r g a n iz a t io n
and
M anagem ent,
by James
Peabody, late Statistician, Atchison Topeka & Santa Fe
Railway. Publishers: La Salle Extension University,
Chicago.
A book on this subject by a competent writer has long
been needed. M r . Peabody’s position as Chief Statistician
of the vast Santa Fe system gave him unique opportunities
for collecting material, and he proved himself capable for
the task when (shortly before his death) he wroto “ Railway
Organization and Managem ent.” “ It is not surprising,” he
remarks in the Introduction, “ that tho railroad organization
to tho uninitiated seems to be bound round and round with
an endless amount of red tape, exhausting patienco and try­
ing and expensive; whereas if the organization wero properly
understood and the activities of each department borno in
mind, this seeming over-complexity would disappear.
“ Railway administration involves so many and such widely
varied subjects as to require for its successful conduct the
largest possiblo survey as to commercial conditions, coupled
with a knowledge of detail that takes into account all the
varied operations incidental to the servico. Properly to
manage such an undertaking necessitates the employment
of many men of many minds, and the plan by which homogenity and efficiency are attained is known as railway or­
ganization.” The various departments are taken up in o r d e r administration, engineering, operation, traffic, accounting,
& c.— and the work of each and tho arrangements for perform­
ing that work aro clearly set forth. The publishers claim that
no such complete list and description of railway positions has
been put into any previous work. Elaborate charts show
the relations of the officials to each other and guido tho reader
through tho almost infinito complexities of tho organiza­
tion. Tho book also discusses such vital topics as Govern­
ment regulation, valuation, education of apprentices,
pensions, staff versus lino control, reports, statistics, adver­
tising, competition, track elevation, electrification, traffic
associations, rate-making, inter-lino billing, tho manage­
ment of great terminal stations. The book is issued by tho
La Salle Extension University, Chicago, and forms part of
the material of its course in inter-State commerce.
R a il w a y




[Vol . 103.

C O M M E N T S O C C A S IO N E D B Y T H E R E S E R V E B O A R D 'S
W A R N I N G C O N C E R N IN G IN V E S T M E N T S
FO R E IG N T R E A S U R Y B ILLS.

IN

Last week’s warning of the Federal Reserve Board, which
occasioned the withdrawal by the British and French G ov­
ernments of tho Treasury bills which wero to liavo been offered
through J. P . Morgan & C o ., has been the subject of more or
less comment in the English papers. Tho London “ Econ­
omist,” alluding to the matter prior to tho withdrawal
of the notes, took occasion to state that the Reserve Board’s
action would undoubtedly “ make our financing in New York
more difficult, and we must at once set about meeting this
difficulty. Since America wants gold we and our allies
must find and ship it, and we must also bo prepared to ship
securities of the kind tho Federal Reserve Board recommends
to investors. Above all, wo must increase production and
reduce consumption, so that we shall have to import less from
America.”
In its issue of Sunday last, the London “ Tim es” contained
tho following respecting tho Board’s pronouncement:
T lio in c id e n t is n o t p le a sa n t, b u t thevo aro so ve ra l c o n s o la tio n s t o be
d ra w n fr o m it. F ir s t ly , it c a m o a t th o rig h t tim e a n d n o t a fte r th o in cu rrin g
o f a c o n s id e ra b le v o lu m e o f s h o rt-te rm lia b ility b y o u r G o v e rn m e n t in th o
N e w Y o r k m a rk e t. A ls o it c a n n o t b u t c o n d u c o t o a gro a te r e c o n o m y in
o u r pu rch ases o f A m e rica n p r o d u c ts and tim e p r o b a b ly w ill s h o w th a t in
m a n y d ire ctio n s a b ility t o b u y gre a tly has increased th o n eed.
F u rth o r, it is t o o u r a d v a n ta g e in d e fin ite ly t o ex p a n d o u r fo re ig n -h e ld
d e b t a n d t o re s trict th o sh ip m e n t o f g o ld a n d sale o f o u r re m a in in g A m e r i­
ca n se cu rities t o th e u tm o s t e x te n t o f o u r p o w o r is th o m o r e e c o n o m ic a l
co u rs e . P erh a ps th o m o s t g r a tify in g o f all is th o fu r th e r expression o f
p r a c tic a l g o o d w ill w h ich th o in c id e n t has o v o k e d fr o m o u r a lly , Ja p a n .

W.
P . G . Harding, Governor of tho Board, who received
telegraphic advices from J. P. Morgan & Co. of tho action
of the British and French governments was quoted to the
following effect in tho New York “ Herald” of last Saturday
concerning the Board’s position:
O f co u rse it is u n n ecessary fo r m o t o ca ll a tte n tio n a gain t o th o fa c t
th a t th o p o r tio n o f th o R e s e r v e B o a rd s ta te m e n t w a rn in g a g ain st su ch
b ills in to n d e d in n o w a y to slig h t th o fin a n cia l statu s o f a n y fo re ig n c o u n tr y
o r t o r e fle c t o n a n y A m e rica n b a n k in g fir m . T h o s ta te m e n t w as issued
m e re ly t o p r e v e n t th o co n fu s io n o f tho d is c o u n t an d th o in v e stm e n t m a r­
k ets.
T h o e ffo c t , I b o lio v o , w ill m o a n th a t fo re ig n g o v e r n m e n t p a p e r w ill b o
e n tire ly o f th o in v e s tm e n t c h a ra cte r, w h ich it s h o u ld b o .
O f co u rse tho
R e s e rv o B o a rd has n o a u th o r ity t o g iv e a d v ic e as to in v e s tm e n ts , b u t it is
o n ly fa ir t o re co m m e n d t o pu rch asers o f fo re ig n secu rities th a t all fa c ts
a b o u t th em sh o u ld b e co n sid e re d .
T h o R e se rv e B o a rd n a tu ra lly has an e y e t o th o fu tu re . N o t all b a n k in g
co n ce rn s aro as carefu l an d s o u n d as J. 1’ . M o r g a n & C o ., a n d n o t all parts
o f th e c o u n t r y aro as w ell vorsod in th o s u b je c t o f fo re ig n se cu rities as
N e w Y o r k , B o s t o n , C h ic a g o an d o th e r largo c itie s . I t m ig h t, unless s o m e
a n n o u n ce m e n t w ero m a d o and so m e w a rn in g g iv e n , d e v e lo p in to bad
business fo r in v e sto rs t o bo a b lo t o b u y th o se cu rities o f a n y c o u n t r y w h ich
w a n te d a loan .

The State Department has taken occasion to declare that
the Board’s action was merely a matter of public concern.
It is said that Secretary Lansing consulted several times with
the Board before the issuance of its warning to American
bankers to avoid locking up their funds in foreign treasury
bills likely to involve long-term obligations, and advised the
members that their action could not be considered in the
slightest degree unneutral or unfriendly. Nevertheless, as
it affected foreign securities, great caro was taken to point
out in the Board’s statement that tho reasons wero purely
domestic and tho warning was not intended as a reflection
upon tho financial standing of any country.
It was stated officially that no government had approached
the State Department in any way concerning tho notes,
either before or after the Roservo Board’s announcement.
Under the caption “ Bureaucratic Control,” tho “ W all
Street Journal” of tho 1st inst. had tho following editorial
bearing on the Reserve Board’s edict concerning investments
in foreign Treasury bills:
T h e re is an ele m e n t in th e re co n t a c tio n o f th o F ed era l R e s e rv e B o a rd in
th e m a tte r o f b an k d is co u n tin g o f th o A llle s's T re a s u ry bills, w h ich m u st
n o t b o o v e r lo o k e d .
Io is o n o o f m o s t v ita l in terest to o v e r y o n e w h o be­
lieves in th o C o n s titu tio n o f tills c o u n tr y . E v e n as y o u c a n n o t e a t y o u r
c a k o an d h a v e it, s o C on gress c a n n o t d e le g a te its po w e rs and k e e p th e m .
It has ch o se n t o d e le g a te im m on so po w e rs t o a n u m b e r o f bureau s In
W a s h in g to n , w ith little o r n o foresigh t as t o th o e ffoct o f th o irrespon sible
exercise o f th o se p ow ers.
In e ffe c t th o F ed era l R e s e rv o B o a rd has fire d th o firs t g u n in w h a t
m a y b o a tra d e w ar o f th o fir s t m a g n itu d e . It lias c o m m u te d a d e lib e r­
a te ly u n frie n d ly a c t , s o far as o u r in tern ationa l rolatior.s aro c o n c e r n e d , b y
im p u g n in g th o cr e d it c f P ow ers frien d ly t o us, o ven i f on gag ed in w ar.
It
has even taken a ste p in th o d ir e ctio n o f in v o lv in g us u p o n th e sid e o f th e
E u rop ean c o n flic t co n d e m n e d b y th o o v e rw h e lm in g m a jo r ity o f o u r cR iz o n sh ip .
P e n d in g discu ssio n in C o n gre ss o f th o w isd o m o f an e m b a rg o u p o n f o o d ­
s tu ffs , th e F ed era l R e s e r v o B oa rd has p la c e d an e m b a rg o u p o n e v e r y th in g
sh ip p e d t o tho A llies.
AVe h a v e m o r o g o ld th an w o k n o w w h a t t o d o w ith
a n d n a tu ra lly th e y p a y in c r e d it, t o tho en tire s a tisfa ctio n o f th o A in e ilca n
in v e s to r w h o beh oves in th o u ltim a te s e cu rity o f th o loan s o f such P o w e rs
as R u ssia , F ra n ce an d G re a t B rita in .
W ith o u t tho a ctio n o f th o P residen t

Dec . 9 1916.]

THE CHRONICLE

o r C on g ress, this co u n tr y is n o w c o m m it t e d t o a tra d o p o lic y w h ich m a y
b rin g fo rth reprisals o f th e m o s t seriou s k in d . I f th o A llies c h o o s e t o lay
em b a rgoes u p on certa in raw m a te ria ls, th e y ca n p u t s o m o o f o u r p rin cip a l
indu stries o u t o f business.
I f th o Federal R e s e r v e B o a r d , a c tin g w ith in its p r o v in c e , h a d g iv e n a
p riv a te i r n t t o ban k s u n d er its ju r is d ic tio n t h a t T r e a s u r y n o te s w ere u n ­
desira b le, and th a t th ey sh o u ld b e c a re fu l in a c c e p tin g th em fo r d is c o u n t, it
w o u ld iia v e fu lfille d e v e r y necessary p u r p o s e . B u t li. ch o s e t o g iv o o u t a
s ta te m e n t t o th o n ew spapers b e fo re th a t sta te m e n t w as c o m m u n ic a te d
t o th o b a n k s , c o v e r in g issues w h ich c o u ld n o t p o s s ib ly h a v o been c o n ­
te m p la te d w hen it rece iv e d its po w e rs fr o m C on gress.
E v e r y b o d y k n ow s w h a t b u re a u cra tic re g u la tio n has d o n o t o railro a d
c r e d it. T h e re are o th e r bureau s in W a s h in g to n , as, fo r in sta n ce , th o P o s t
O ffic e an d th e C u s tom s D e p a r tm e n t o f th o T r e a s u r y , w h ic h h a v o assu m ed
pow ers a lm os t o f life an d d e a th o v e r p r iv a to in d u s try an d e n te rp rise .
So
fa r as th o F ed eral R e s e rv e B o a rd is c o n c e r n e d , th o m is c h io f h as be e n d o n o .
B u t it is tim e for us t o realizo h o w this m u ltip ly in g o f bu reau s is ta k in g th e
m o s t vita l fu n ctio n s o f g o v e r n m e n t o u t o f th e han ds o f th o p e o p le . I t is
th o v e r y an tith esis o f d e m o c r a c y .

The warning of the Board was published in our issue of
Saturday last, on page 2028. In its “ Bulletin” for Decem­
ber the Board, in going further into the subject, says:

3117

a lo n g c u s to m a r y lines b e tw e e n th e ba n k s a n d th is c o m p a n y , b u t w ith th e
b a c k in g o f th o B ritish G o v e rn m e n t. I t is u n d e rs to o d th a t a sim ila r c o m ­
p a n y w ill b e fo rm e d h e re , b u t th e d eta ils in th a t c o n n e c tio n are a p p a re n tly
n o t s e ttle d .
T h e c r e d it w d l p r o v id e fu n d s fo r th e p u rch a se a n d sh ip m e n t o f w h eat
b o u g h t h ero fo r th e Im p e ria l a u th o r itie s , a n d , p r o b a b ly , fo r its sto r a g e o v e r
th o w in te r m o n th s , i f an d w h en n e ce ssa ry.
O b v io u s ly , w ith w h ea t a t its
present h ig h p r ice an d th e Im p e ria l a u th o ritie s u n d e r th e n ecessity o f fu lly
p r o te c tin g their fu tu r e re q u ire m e n ts, th e t w o c re d its , C a n a d ia n an d A m e r i­
c a n , will fu rn ish im p o rta n t r e lie f t o th e B ritish G o v e rn m e n t in fin a n cin g
c o m m itm e n ts in th e g rain m ark ets o f th e c o n tin e n t. S im ila rly , th e p ro d u c e r
be n e fits. A w o rld -w id e s h ortage has fo rc e d w arrin g E u ro p e t o p a y an
u n p re ce d e n te d p rice fo r C a n a d ia n w h e a t. B u t n ecessities, h o w e v e r g r e a t,
can o n ly b e fille d w h en m e a n s o f p a y m e n t c a n b e f o u n d , s o th e cred its
assist th e p r o d u c e r ’s m a r k e t w h ile r e lie v in g th e b u y e r ’s fin a n c in g p r o b le m s .

E.

C. M c D O U G A L A S S E R T S F O R E I G N I N V E S T M E N T S
W O U L D BE SAFEG U ARD R ATH E R T H A N D AN G E R.

Elliott C . M cD ougal, President of the Bank of Buffalo at
Buffalo, New York, who admits that his contentions regard­
ing the action of the Federal Reserve Board in warning
member banks against investing in short-term Treasury notes
of foreign countries may sound “ radical and dogmatic,”
insists that they are, however, sound. A t the special
meeting of the Association of the State Banks of the State
of New York, held at Syracuse on Tuesday of this week, M r .
M cDougal gave his reasons for differing with the views of the
Resorve Board, whose pronouncement, as noted in these
columns last week, ho declares to bo “ theoretically sound but
practically unsound.” In his remarks at Syracuse this week
M r. M cD ougal pointed out that there is an over-supply of
credit, and what is needed to-day is contraction of credit.
Absorption of a part of this over-supply by a round amount of
foreign credits, he argued, would not be a danger, but a safe­
guard. The real danger which faces us, said M r. M cD ougal,
“ arises from the speculation now under way in this country,
plus the desire of excessive quick and easy profits in legitimate
business, both encouraged by an over-supply of credit and
the growing discontent with normal profits and hard work.”
W e give the following extracts from his address:

T h e ou ts ta n d in g featu re o f th e m o n th o f N o v e m b e r , as d u r in g O cto b e r ,
b o th in resp ect t o foreig n tra d e an d d o m e s tic b a n k in g c o n d itio n s , lias been
th e c o n tin u e d d e v e lo p m e n t o f a largo e x p o r t b a la n ce in fa v o r o f th o U n ite d
S ta te s , a n d the d iscu ssion o f m ean s fo r th o c o n tr o l o f th o c o m p e n s a tin g
Inw ard m o v e m e n t o f g o ld . W h a t th e o ffo c t o f th is m o v e m e n t w ill b e u p o n
c r e d it c o n d itio n s , d o m e s tic p rice s, a n d o th e r fu n d a m e n ta l fa c to r s in th o
im m ed ia te e c o n o m ic s itu a tio n , is p r o v in g a m a tte r o f p r im a r y in terest; and
c lo s e ly allied t o it is th o q u e stio n in w hat fo rm th o U n ite d S ta te s s h o u ld
a c c o p t p a y m e n t fo r th o g o o d s it co n tin u e s t o sen d t o fo re ig n c o u n trie s .
T h is w h ole q u estion c o n s titu te d , a m o n g o th e r to p ic s o f in te re st, a basis
o f discu ssion a t th e m e e tin g o f th e F ed era l A d v is o r y C o u n c il w h ic h clo se d
its regu lar q u a rterly session a t W a s h in g to n o n N o v . 21, an d w h ic h d e v o te d
its a tte n tio n t o a s u rv e y o f business co n d itio n s th ro u g h o u t th o c o u n t r y , to
reserve co n d itio n s in th o several d istricts, a n d , in th is c o n n e c t io n , to a
c on sid era tion o f th o situ a tio n p ro d u c e d b y th o largo an d c o n tin u e d im p orts
o f g o ld .
I t w as agreed th a t th o fir s t and m o s t o b v io u s ste p to w a rd g o ld
c o n t r o l to b o taken in th o near fu tu re sh o u ld bo th a t o f re q u e stin g C o n gre ss
a t its a p p ro a ch in g session t o a m e n d th o F ed era l R c s e r v o A c t s o as t o p r o ­
v id e th a t th o fin a l step s s p e c ifie d in th o A c t b o ta k e n ea rly in th e y e a r
1917 instead o f In N o v e m b e r o f th a t y e a r as n o w p r o v id o d , so th a t ba la n ce s
w ith R e s e rv e agents sh o u ld cease t o b o c o u n te d as reservo a fte r F e b ru a ry
o r M a r c h 1917. T h is ch a n g e w o u ld r e d u ce m a te r ia lly th e p re se n t excess
reserves, an d th e s o -ca lle d ‘ ‘reserves” n o w k e p t b y c o u n t r y b a n k s w ith
c o r re s p o n d e n t ban ks w o u ld h e n ce fo rth b o c o n s id e re d p r o p e r ly as b a n k
b alan ces o n ly . T h is is a ch an ge w h ic h , u n d e r th o la w , m u s t b o m a d o n o t
later th an N o v . 16 1917. In th o o p in io n o f th o F e d e ra l A d v is o r y C o u n c il
T h e se fo re ig n go v e rn m e n ts are n o t a sk in g fr o m us p e rm a n e n t c a p ita l.
a n d o f th o Federal R e s e r v o B o a r d , it co u ld b o e ffe c te d n o w o r in th o noar
T h e y aro ask in g o n ly c r e d it fo r g o o d s pu rch a se d fro m as a t v e r y p r o fita b le
fu tu r o w ith o u t in c on v en ie n co a n d t o th o real b e n e fit o f th o c o u n t r y . B o th
prices. M essrs. J . P . M o r g a n & C o . tell us th a t t h e y e x p e c te d t o p a y , w hen
b o d ie s agreed th a t it w o u ld b o h ig h ly d e sira b le t o m a k o th is ch a n g e a t a d u o , th e T r e a s u r y bills r e c e n tly o ffe r e d an d w ith d ra w n . T h e se cre d its are
p e r fe ctly le g itim a te an d are ju s t as liq u id In th e o r y an d p r a c tic e as th o g reat
tim o w h en it w ou ld cau se n o s h o c k , an d w h en th o in croa so o f real reserves
b u lk o f th e cr e d its g ra n te d t o its c a s to m e rs b y a n y co m m e rcia l b a n k .
Y ou
w ith th e F od eral R c s e r v o ban ks w o u ld b o e ffe c t iv e in stre n g th e n in g th o
ban kers k n o w th a t th e n o te s g iv e n b y y o u r cu sto m e rs w h ich y o u h o ld are
c o n t r o l o f th o c o u n t r y ’s g o ld s u p p ly , an d w o u ld a t th o sa m e tim o m in im iz e
liq u id n o t in th e sense th a t as a m a tte r o f d a lly p r a c tic e th e y are p a id w hen
a n y app reh en sion s th a t m ig h t b o fe lt b cca u s o o f its in crea sin g v o lu m e .
M e m b e r s o f tho B oa rd an d o f th o C o u n c il expressed th o vie w th a t th ere d u e — o n ly a sm all p r o p o r tio n o f th em is s o p a id — b u t b e ca u se , i f loan s are
aro n o dan gers necessarily inh oren t in fu rth e r Im p o rta tio n s o f g o ld in
c a re fu llly m a d e , p a y m e n t can b o e n fo rce d i f n ecessary.
s e ttle m e n t o f ou r h e a v y trade b a la n ce s, p ro v id e d p r o p e r m e th o d s b o e m ­
N o t o n ly is it tru o th a t w o d o n o t n eed g o ld , w e aro b e tte r o f f w ith o u t
p lo y e d t o c o n tr o l th o g o ld a n d t o p r e v e n t u n d u e exp a n sio n . T h o consen su s
it. A t p resen t, there is t o o m u ch In flation o f h o m o c r e d it , d u e p a rtly t o ou r
o f o p in io n w as th at a general a d h eren co t o a p o lic y o f p ru d e n co an d c o n ­
unusual im p o rts o f g o ld , an d p a r tly t o th e exp a n sio n in sep a ra b le fr o m th e
serv a tism is d esirable a t th is tim o .
in a u g u ra tio n o f th e F ed era l R e s e r v e sy ste m an d th o c h e a p cre d its w h ich it
W h ile all m em bers o f th o C o u n cil r e p o rte d e x ce lle n t business c o n d itio n s
in d u c e d . N o th in g is m o r e d an gerou s th a n cr e d it w h ich is t o o ch e a p .
in th eir d istricts, sta te m e n ts w oro m a d e th a t hero a n d th c r o s o m o in d ica ­
W ith o r w ith o u t this u n u su al e x p a n sio n , w h ic h is b e y o n d re ason able
tio n s o f increasing d em a n d fo r c r e d it fa cilitie s are t o b o n o t e d , as w ell as a
b o u n d s , th ere w ill b e a p e r io d o f re a d ju s tm e n t a fte r th o w a r.
H o w v io le n t
t o n d o n c y o n th e p a r t o f so m o ban ks to w a rd o v e r -in v e s tm e n t o f fu n d s . Such
th a t rea d ju stm e n t w ill b e , n o o n e k n o w s . N o o n e co n d it io n w ill d o m o r e to
o v e r -in v e s tm e n t is a p p a re n tly m a n ife stin g its e lf m o s t d e c id e d ly in c o n n e c ­ sta b ilize cre d its a t th a t tim e a n d t o p r e v e n t v io le n t flu c tu a tio n s in foreign
tio n w ith foreign o b lig a tio n s o f v a rio u s k in d s . T h e re a p p ears t o b e a
e xch an g e w ith co n s e q u e n t in e v ita b le d is tu r b a n c e t o d o m e s tic business than
d a n g e r th a t su ch u n secu red fo re ig n d e b ts m a y b o t o o la rg e ly assu m ed b y
an a d e q u a te s u p p ly o f fo re ig n T r e a s u r y bills o r o th e r s h o r t-tim e securities
A m e rica n ban ks t o th e d e tr im e n t o f th eir liq u id c o n d it io n , and th a t s h o u ld ’ in th e h a n d s o f o u r ba n k e rs. T h e re is c r e d it e n o u g h in th is c o u n t r y fo r all
su c h o v o r -in v e s tm e n t b o t o o lo n g co n tin u e d it w o u ld ten d t o p la c e th e
o f o u r le g itim a te n e e d s, in clu d in g e v e n th e e n o rm o u s needs o f o u r ra ilroa d s,
b a n k in g a n d cred it sy ste m o f th e U n ite d S tates in a p o s itio n a n a lo g o u s to
fo r cred its t o all fo re ig n pu rch asers o f o u r g o o d s , an d fo r a re a so n a b le a m ou n t
th a t o f s u n d ry foreign co u n trie s. S pecial d a n ger w o u ld seem to lio in th o
o f c r e d it in a d d itio n . I n fa c t , th ere is an o v e r -s u p p ly o f c r e d it. C o n tr a c ­
a b s o r p tio n o f s ecu rities w h ich app ear t o b o o f a s e lf-liq u id a tin g n a tu re , b u t
tio n o f c r e d it is needed t o -d a y . W o aro b lin d to t h a t n e e d . F o r these
w h ich a c tu a lly aro n o t s o . In th is c o n n e c tio n th o A d v is o r y C o u n c il a n ­ reasons, i f fo r n o o th e r , a b s o r p tio n o f p a rt o f th is o v e r -s u p p ly b y a rou n d
n o u n ce d its e lf as in on tiro a c c o r d w ith th o v io w s e xp ressed b y th o B o a rd
a m o u n t o f fo re ign cr e d its w o u ld b e n o t a d a n g e r, b u t a sa fe g u a rd .
p rior t o th is m eetin g , su gge stin g ca u tio n an d m o d e r a tio n in th o use o f
W h a t I h a v e said Is u n im p o r ta n t as c o m p a r e d w ith a real d a n g e r w h ich
th os o cred its w h ic h , b e in g o p e n fo r a lo n g p e r io d o f ren e w a ls, loso their
fa ce s u s, a b o u t w h ich th e F ed era l R e se rv e B o a rd sa y s n o th in g . T h a t d an ger
ch a r a c te r as essen tia lly se lf-liq u id a tin g tra n s a ctio n s o f s h o r t m a tu r ity .
arises fro m th e sp e cu la tio n n ow u nd er w a y in th is c o u n t r y , p lu s th e desire
o f e x cessivo q u ic k an d easy p r o fits in le g itim a te bu siness, b o th en co u ra ged
b y an o v e r -s u p p ly o f cre d it; an d th o g r o w in g d is c o n te n t w ith n orm al
p r o fits a n d h a rd w o rk . T h o co u n tr y has g o n e c r a z y .
I t w o u ld b e better
C A N A D I A N C R E D I T FOR F I N A N C I N G O F B R I T I S H
fo r us t o s u p p ly e v e n perm an en t c a p ita l fo r le g itim a te p u rp oses t o foreign
W H E A T PURCHASED.
cou n tries th a n t o e n cou rage sp e cu la tio n an d in fla tio n at h o m e .
In o u r a m ateu rish , th eoretical d iscu ssion s n o t o n ly h a v o w e co n sid ered
Announcement that a syndicate of Canadian banks had
completed arrangements to extend a revolving credit for o n ly o n e v e r y sm all p a rt o f a c o m p le te w h o le , b u t h a v e b e e n b lin d t o a real
dan ger. A s P re sid e n t C le ve la n d o n c e sa id — “ I t is a c o n d it io n an d n o t a
six months to the extent of $20,000,000 to tho Royal Wheat th e o r y th a t c o n fro n ts u s . " O u r h o m o exp a n sio n t o -d a y is m o s t dan gerou s.
Commission of Great Britain for the purchase of wheat in U nless c h e c k e d , it p rom ises greater d a n g e rs. T h is a ctu a l d a n g e r, rath er
th an a th e o re tica l o n e , s h o u ld co m m a n d th e a tte n tio n o f b an k ers t o -d a y .

Canada was mado by E . L . Pease as President of tho Cana­
dian Bankers’ Association on N o v . 24. Tho Montreal
“ Gazotto” in making this known said:

NEW

T h e a n n ou n cem en t fo llo w s c lo s e ly o n th e re p o r t o f a w eek a g o th a t th e
C a n a d ia n banks w ero con sid e rin g a p r o p o s a l fo r a c r e d it o f $ 3 0 ,0 0 0 ,0 0 0
t o th o Im p eria l a u th orities fo r th e sa m e p u rp o s o . S u b se q u e n tly it b e ca m o
k n o w n th a t th o p lan w as n o t lik e ly t o g o th ro u g h , a t least in th e fo rm firs t
su ggested . T h a t fo r m , it is u n d e rs to o d , in clu d e d a n a rra n ge m e n t fo r th o
d is trib u tio n o f tho loa n a m o n g ail th o d iffe r e n t b a n k s, s o m e w h a t a lon gjth o
lines o f d istrib u tion fo llo w e d in cre d its g ra n te d t o th o Im p erial a u th orities
fo r th o pu rch aso o f m u n itio n s a n d o th e r su pplies in C a n a d a .
O th er plans w ero th en ta k e n u p . O n W e d n e s d a y last an n o u n ce m e n t
w as m a d o a t N ew Y o r k th a t th e C o r n E x ch a n g e B a n k o f th a t c it y h ad ar­
ra n ged , In a ssocia tion w ith o th e r b a n k in g In stitu tion s o f N o w Y o r k , t o
loan $ 2 5 ,0 0 0 ,0 0 0 t o th e W h e a t E x p o r t C o ., rep resen tin g th o B ritish grain
a g en ts, fo r th o p u rch ase o f w h e a t in C a n a d a an d th o U n ito d S ta te s, b u t
c h ie fly in C a n a d a . A t th o tim o it w as In tim ated th a t a sim ilar loan w o u ld
p re s e n tly bo arranged se p a ra te ly b y th o C a n a d ia n ban k s. T h a t in tim a ­
tio n is n ow follow od b y tho o ffic ia l a n n o u n ce m e n t th a t i h o C a n a d ia n c re d it
is t o b o fo r $ 2 0 ,0 0 0 ,0 0 0 , w ith a sm all g r o u p o f C a n a d ia n ba n k s p a r ticip a tin g .
Ift^To fa c ilita te th o N ow Y o r k tra n s a ctio n a c o m p a n y k n o w n as th e W h e a t
E x p o r t C o . w as organ ized w ith a n om in a l ca p ita l b y th o agen ts o f th o R o y a l
W h eat C o m m is s io n . T h o c r e d it thus b e c o m e s a co m m e r c ia l tra n sa ctio n

Tho use of the rediscount privileges of tho Federal Reserve
Bank was availed of for the first time this week by several of
tho local banks. While the practice is new to the banks of
this city, the up-State banks are said to havo made use of
the rediscount facilities of the Reserve system ever since
the opening of the Reserve Bank. So far as the New York
institutions are concerned, the New York Federal Reserve
Bank is said to have taken the initiative in suggesting that
they adopt the practice of rediscounting through it. It is
explained that their action in resorting to tho Reserve dis­
counting privileges was not the result of any apparent
strain of tho money market, but to inaugurate this feature
of the system and demonstrate its workability. It is stated
that tho total amount of paper rediscounted was not large.




YO R K C I T Y B A N K S A V A I L OF R E D IS C O U N T
PR IV ILE G E S OF RESERVE B A N K .

2118

THE

The announcement concerning the action of the local banks
in the matter was made by the New York Federal Reserve
Bank, in the following statement issued on Wednesday:
D u r in g th o cou rse o f th e d a y a n u m b e r o f N e w Y o r k C it y b a n k s, in c lu d ­
in g a m o n g oth ers th e A m e rica n E x ch a n g e N a t io n a l-B a n k , N a tio n a l C it y
B a n k , L ib e r t y N a tio n a l B a n k an d N a tio n a l B a n k o f C o m m e r c e , m a d e use
o f th o r e d is co u n t fa c ilitie s o f th e F e d e ra l R e s e r v o B a n k o f N e w Y o r k .
W h ile th o a m ou n ts o f th o r e d isco u n ts w ere n o t la rgo , th e f a c ility and
p r o m p tn e s s w ith w h ich th o cre d its w ere o b ta in e d serves to illu stra te in
a p r a c tic a l w a y , fo r th e fir s t tim e in th o h is t o r y o f th o b a n k , th o readiness
o f th e F ed era l R e s e rv e sy s te m t o m e e t th e calls m a d e u p o n it. T h e
o ffic e r s o f th e R e s e r v e B a n k expressed th em selves as m u c h g ra tifie d w ith
th e a ttitu d e o f the m e m b e r ban k s in m a k in g use o f th eir fa cilitie s , It be in g
a p p a re n t th a t th o re d is co u n tin g h ad been u n d erta k en n o t so m u c h b eca u se
there w as a n y n ecessity fo r i t , b u t ra th e r t o in au gu rate th o p r a c tic e w h ic h ,
w h ile a lre a d y c o m m o n p la c e a t m o s t o f th e o th e r F ed era l R e s e r v e ban k s,
h ad n o t h e r e to fo r e b e c o m e an establish ed p r o c e d u r e in N e w Y o r k .

E U G E N E L A M B R IC H A R D S A G A I N URGES B A N K E R S
TO G E T T O G E T H E R .

An address in which the bankers, not only of New York
State, but of the nation, were urged to get together “ and
prepare for the keen international competition which is bound
to follow tho termination of tho European war,’ ’ was de­
livered on Tuesday by State Superintendent of Banks
Eugeno Lamb Richards before tho Association of State
Banks of tho State of New York at Syracuse. Superinten­
dent Richards’ remarks, which were along lines similar
to those contained in addresses mado by him on Oct. 7
and N o v . 12, alsoldealt with the^need of safety and profit
to depositors in savings banks and safety to depositors
and profits to stockholders in commercial savings banks.
Besides declaring that it was tho duty of bankers and business
men to use their ingenuity and initiative so as to bo in a
position to meet the problems that confront us, he suggested
the organization of a State reservo association with a view
to bringing about increased co-operation among bankers and
at the same time give additional protection to depositors.
In part ho said:
In a dd ressin g s u ch A s s ocia tio n s as y o u rs o r a n y a sso cia tio n o f business
m en en ga g ed in a c o m m o n p u r p o s e , th o th o u g h ts th a t aro u p p e rm o st in m y
m in d aro: fir s t th e d e fe c ts in th is c o u n t r y ’s e c o n o m ic system ; a n d se co n d ,
tho d u t y o f s u ch A ssocia tion s as y o u rs an d o f all associa tion s o f business
m en t o ta k e cou n sel tog eth er a n d th en d o s om eth in g t o h otter th a t system .
W e aro c o n s ta n tly to ld th a t a fte r th o w ar E u ro p e w ill b o m ore e ffe c tiv e ly
organ ized than ov e r, an d th a t c o m b in a tio n an d c o -o r d in a tio n o f all Industry
a n d fin a n ce o v e r there w ill s u b je c t us t o a keener in tern ationa l c o m p e titio n
th a n w e h a v e over k n o w n . Y e t hero in th is c o u n t r y th e w h o le tren d o f th o
e c o n o m ic w o rld is in th e op p o s ito d irection — to th o v e r y lim it o f in divid u al
co m p e titio n .
T h e sam e d em a gogu es an d th eorists w h o insist th a t all o u r business
c o m b in a tio n s b e d es tr o y e d , aro co n s ta n tly p ictu rin g tho h ig h ly organ ized
system s o f E u rop e; s o th a t on th eir ow n statem en ts o u r industrial ca m p a ign
w ill b e th a t o f a m o b o f u n train ed , u n o ffice re d m e n , each figh tin g fo r him self
a n d s om etim es fig h tin g on e an o th e r, o p p o s e d b y a train ed, discip lin e d a rm y
u n d er th e generalship o f th o fo re ign g o v e rn m e n ts th em selves. It w ill
b o d isorgan ized a n d c o m p e tin g A m e rica n s, against organ ized a n d c o ­
op era tin g E u rop ean s.
H o w lon g shall w o rem ain in this darkn ess o f c o m p u ls o ry c o m p e t it io n ?
H as n o t th o business an d fin a n cial w o rld su ffered e n ou gh fo r th o sins o f a
fe w ? A r o w o fo ro v e r t o b o pen a lized b y a fix e d m a n d a te th a t all c o m b in a ­
tion s m u st b o d e s tr o y e d ? C e rta in ly th e tim o is a t h an d t o d o so m e th in g
if an y th in g is to b e d on e. L o t ban kers an d business m en use their in gen u ity
an d in itia tiv e o n som eth in g m o re than m ero m o n o y m a k in g. L e t th e m
b e lik e th o fin a n ciers and g ov ern m e n ts o f E u ro p o w h o aro to geth er dream in g
th in gs and m ak in g their d ream s c o m e true.
C erta in ly th o prob lem s th a t w e aro t o fa c o aro b e c o m in g tre m e n d o u s.
G iv en a con tin u a n ce o f su ch m o n e y co n d itio n s as now p rovail, an d then
g iv en a su dden s top p a g o o f at least p art o f th o foreign trade w ith E u rop o
w h ich w e aro n ow e n jo y in g , and it d o e s n o t requiro m u ch im a gin ation fo r
ban k ers to seo th a t a c o n d itio n w ill ariso d e m a n d in g preparedn ess alo n g tho
h igh est lines o f c o -o p e ra tio n .
W ith this c o n d itio n co n fro n tin g u s, an d w itli this o ver-p ressin g m o n a co ,
w h a t m u st ban kers o f this S tate an d th o ban kers o f a n y o th er S tate d o ?
M y answ er is th a t th ey m u st co m b in o . T liy o m u st c o -o p e ra te .
T h oy
m u st fo rm th em selves in to associa tion s n o m a tte r w h a t nam es th e y m a y bo
ca lle d , w heth er a clea rin g hou so asso cia tio n , o r perhap s be tte r t o express
m y idea— a S tate reserve a ssocia tion e m b o d y in g a sy ste m o f c o m p le te c o ­
o p era tion b otw een tho ban kers an d th o S tate.
O n m y m in d on o th o u g h t has been in d e lib ly im pressed b y tho e v e n ts o f
these strenuous years follow in g tho E u ro p e a n ca ta c ly sm . I t is m oro than
a th o u g h t. It is a c o n v ic tio n — tho c o n v ic tio n th a t so m o w a y m u st soon
b o devised t o satisfy th e d ep o sito rs in e v e ry b an k o f this S tate th a t their
m o n e y is safo as a d e p o s it in th o U n ited S tates T re a su ry . A n d o u r w iso
m en m a y b o w illing t o a c c e p t th o plan I h a vo a lre a d y suggested o f v o lu n ta ry
co n tr ib u tio n s b y m em bers o f a reserve asso cia tio n t o a sinking fu n d to
insure th a t a n y d ep ositor shall re ce ive his m o n o y if a n y m em ber b an k
closes. Such an associa tion can c o n tr o l its m em bersh ip s an d ca n exam ine,
i f necessary, a n y m em b er, as th o N e w Y o r k C learing H ou so d o e s. I a m
n o t at all sure th a t w ith th e F ed eral R e se rv e system an d th o N o w Y o r k
C it y C learing H ouso there is a n y d e m a n d th at su ch a S tate reserve system
sh ou ld clear ch eck s b u t as a w h o le , su ch a p lan represents sou n d fin a n ce .
T h o increased c o n fid e n ce o f d ep ositors w ill a d d m illion s to de p o sits, w ith
th e c o s t o f th o p la n p aid fo r m a n y tim es o v e r . P r o te c tio n t o d e p o sito rs
an d p ro fits t o th o ban kers w ill g o h an d in h an d. S a fe ty is a b e tte r s o licito r
fo r d ep osits than p a y m e n t o f largo interest.
A ban k is n o t an eleem osyn a ry in stitu tio n . It is organ ized an d op erated
as a business p ure and sim p lo, and th o S tato auth orizes it u p o n th at basis
a lon e. A n d there is n o differe n ce in this a sp e ct b otw een a co m m e rcia l
ban k an d a savin gs b a n k . B a n k in g is a business ch a rg e d w ith a great
p u b lic interest, an d fo r th a t reason tho S tato Insists th a t th o ban ks shall
b e sa fe, h on est an d fa ir, and legislates a c c o r d in g ly . S o w o h a v e t w o m a jo r
essentials t o a successful an d usoful b an k in g in stitu tion — sa fe ty and p r o fit—
s a fe ty and p r o fit t o th e dep o sito rs in a savin gs b a n k , an d sa fe ty t o tho
d ep ositors an d p r o fit t o s tock h o ld e rs in co m m e rcia l In s titu tio n s .a /T h e cru x




[Vol. 103.

CHRONICLE

o f th e w h o le p r o b le m o f m a n a g e m e n t, su p e rvisio n a n d je g i s la t l o n is t o
k e e p these t w o fa c to r s in th o rig h t b a la n c e , s o th a t pro flt_ sh a ll n o t im p air
s a fe ty , an d th a t sa fe ty shall n o t u n fa irly Injure p r o fit . I
|
I t is d o u b ly im p o rta n t th a t w o sh o u ld fa c o these p ro b le m s hero a n d n o w ,
a n d n o t t o p u t o f f th e d a y o f s o lu tio n . W ith th o c o n s t a n t ly increasing
w e a lth o f th is c o u n t r y , a n d w ith th o c o n tin u in g im p o rta n ce o f its ban k in g
p o s itio n in tho w o rld w o sh o u ld tak e s to c k now jtof o u r b a n k in g co n d itio n s
a n d m e th o d s , and p rep are t o m eet th e resp o n sib ilitie s, w h ich b o th th e
presen t co n tin u a n c e a n d th o fu tu re d is c o n t in u a n c e jo f th o w a r w ill n eces­
sa rily in v o lv e .

M O V E M E N T FOR O R G A N I Z A T I O N O F S T A T E R E S E R V E
A S S O C I A T I O N PROPOSED B Y E. L. R I C H A R D S .

A movement for the organization of a State Reserve Asso­
ciation, along the lines urged by State Superintendent of
Banks Eugene Lamb Richards, was inaugurated at tho
meeting of the Association of the Stato Banks of New York
at Syracuse on Tuesday last. Superintendent Richards
in his address at the meeting, given elsewhere in to-day’s
issue of our paper, suggested tho organization of a State
Reservo Association with a view to bringing about increased
co-operation among bankers and at tho same timo giving
increased protection to depositors. While M r. Richards’s
plan would have embraced tho trust companies, tho Syra­
cuse “ Post” states that tho action taken at tho meeting was
not as broad as that; this action consisted simply in tho
adoption of a resolution calling upon tho Executivo Com­
mittee to consider proposed amendments to tho constitution
of tho Association, giving tho organization powers ordinarily
vested in a Clearing Houso Association. According to tho
Syracuse “ P ost,” tho proposed constitutional amendments
making the Association of State Banks a clearing house for
members havo already been roughly drafted. After tho
Executivo Committee, of which Arthur N . Ellis of Syracuse
is Chairman, has put them in form for submission, thoy will
bo sent to member banks for thirty days’ consideration.
An association meeting will thon bo callod and final action
taken. Superintendent Richards is said to bo hopeful that
tho proposed association will eventually includo tho trust
companies.
S T A T E B A N K S , A C C O R D I N G TO E . C. M c D O U G A L , S E E
NO A D V A N T A G E I N J O IN IN G RESERVE S Y S T E M .

W ith respect to tho attitudo of Stato banks towards tho
Federal Reserve system, Elliott C . M cD ougal, President of
the Bank of Buffalo, at Buffalo, N . Y . , in addressing tho
Association of the Stato Banks of tho Stato of Now York this
week, said :
S ta to ban kers s h o u ld n o t b o a n ta g o n is tic t o , n o r e n d e a v o r in a n y w ay t o
ln tcrfe ro w ith th o o p e ra tio n s o f th o F ed era l R e s e rv e s y s te m .
B u t w o ca n n o t sh u t o u r eyes to th o fa c t th a t It is s u b je c t t o p o litica l in flu ­
e n ce . F o r th a t a n d fo r o th e r g o o d an d s u ffic ie n t rea son s, S ta to ban kers
all o v e r this c o u n tr y h a v e d e cid e d th a t it is n o t t o th eir a d v a n ta g e t o jo in
th o sy ste m .
C le a rin g-h o u se o rg a n iz a tio n s h a v e been p r o v e n b y e x p erien ce t o b o th e
b e st an d m o s t s a tis fa c to r y o rg a n iz a tio n s fo r th o m e e tin g o f fin a n cia l
e m ergen cies.
H ead an d sh ou ld ers a b o v o th e m all is th o N ew Y o r k C le a r­
in g H o u se A s s o c ia tio n , w ith its gran d r e c o rd o f s e rv ice t o th o bu sin ess
interests o f this c o u n t r y . T h o exerciso o f cle a rin g h o u so fu n c tio n s b y
th is a sso cia tio n w o u ld b o n o new e x p o rim o n t, it s im p ly w ill b o th o a d a p ta ­
tio n t o th e on tire S ta to o f w ell trie d m e th o d s .

NEW

YORK

RESERVE

BANK

ELE CTIO N S.

The New York Federal Reserve Bank announces the re­
election of William Woodward as Class A director by Group I
of the banks in tho New York Reservo District and of Henry
R . Towne as Class B director. The statement issued by tho
bank announcing this says:
I t w as an n o u n ce d a t tho F ed eral R eserve B a n k o f N o w Y o r k t o -d a y th a t
th e e lection o f a C la ss A d ir e cto r and a C lass B d ir e cto r o f the ban k fo r
the ye a r 1917 b y g r o u p N o . 1 o f th e ban ks in this d is tric t has resu lted as
fo llo w s:
F or C lass A d ir e cto r , W illia m W o o d w a r d o f N o w Y o r k C it y re ce iv e d
120 v o te s o u t o f 120 ca st.
F o r C lass B d ir e cto r , H e n ry R . T o w n e o f N o w Y o r k C it y rece iv e d 74
v o te s o u t o f 123 ca s t.
E a ch o f the a b o v e n am ed d ire cto rs w as re-o le cte d t o fill th e v a c a n c y
ca u se d b y the e xp iration o f his origin a l term o f tw o years w h ich co m m e n ce d
at the tim e o f tho org a n iza tio n o f the ban k in 1914. T h e re were t w o
ca n d id a te s n om in a te d fo r tho C lass A p o s itio n an d fou r fo r the C lass B .

Besides M r . Woodward, J. M . Carpenter, of Wellsvillo,
N . Y . , was a candidate for class A director; tho candidates
for Class B director in addition to M r . Towne were N ew ­
comb Carlton of Now York; J. M . Carpenter of Wellsvillo,
and Eugonius H . Outerbridgo. M r. Woodward received
120 votes out of 123 cast, while M r. Towne received 74
votes out of 123 cast.
C O M P U L S O R Y C O L L E C T I O N C H A R G E R U L E RE ­
P E A L E D B Y B A L T IM O R E CLE AR IN G HOUSE.

Tho regulation requiring compulsory collection of exchange
charges on out-of-town checks and drafts has been repealed
by the Baltimore Clearing Houso Association. After Jan. 1
the matter of charging exchange will bo discretionary.
The rule has been in existence sinco 1897. The announce-

THE CHRONICLE

Dec . 9 1916.]

ment made by the Clearing House relative to its repeal
follows:
T he member banks o f the Baltimore Clearing H ouse have repealed the
regulation requi lng com pulsory collection o f exchango charges on o u t-o f­
town checks and drafts, to take effect Jan. 1 1917. Thereafter the schedule
o f charges will becom o discretionary In the application by tho members.
This does not moan, necessarily, free collection, but that m ember banks
m ay exercise their discretion in making or not m aking the schedule charges
on out-of-tow n items, according to circum stances. T he collection system
Inaugurated b y tho Federal Reserve Board aims to lower tho cost o f collec­
tion o f checks, drafts, & c., throughout tho cou ntry, and in consequence
thereof numerous changes have been effected in this particular function o f
banking, causing a revision o f exchango charges and just at this tim e,
when Baltimore C ity is entering upon a new and greater plane o f industrial
a ctivity, the Clearing House Banks desire to offer every advantage and en­
courage the old and now enterprises o f the city b y the adoption o f this m ore
liberal p olicy in respect to exchango charges where consistent with sound
banking.
M E M B E R BANKS:
National Bank o f Baltimore,
National Union Bank o f M arylan d,
Citizens’ National Bank
Western National Bank,
National Bank o f C om m erce,
National Exchango Bank,
Old Tow n National Bank,
Second National Bank,
German-Am erican Bank,
Farmers’ & M erchants' N at. Bank,
D rovers’ & M echanics’ N at. Bank,
National M arino Bank,
M erchants’-M echanlcs’ First N a t.
German Bank.
Bank.
Baltim ore, M d ., D ec. 5 1916.

BOSTON

CLE AR IN G H OUSE CHARGES
T O W N C O LLECTIO N S.

ON

O U T -O F­

The “ W all Street Journal” reports that at a special meet­
ing of the Boston Clearing House Association the following
addition to the rules and regulations governing collections
outside the city of Boston were unanimously adopted, to
become effective on and after M onday, Dec. 11 1916:
Each m em ber bank shall collect from any non-m em ber bank or trust
com pany, which clears through tho Boston Clearing House, a servico charge
equal to that now m ade b y tho Federal Reserve Bank o f B oston upon all
items payable outside the C ity o f Boston and deposited by such non-m em ber
banks or trust com pany with a member o f tho Clearing House Association.
This charge shall in no case bo discretionary with the m em ber banks.

PH IL A D E L P H IA

RESERVE B A N K

E LE C TIO N S.

Alba B . Johnson has been re-elected a Class B director
of the Federal Reserve Bank of Philadelphia by the member
banks composing Group 1 and M . J. Murphy has been re­
elected a Class A director by the member banks composing
Group 3. The terms of both these directors will be until
Dec. 31 1919.
____________________________
BOSTON F E D E R A L RESERVE ELECTIO N S.

Chairman Curtis of the Federal Reserve Bank of Boston
announces the election of Thomas W . Farnam, Vice-President
of New Haven Bank, N . B . A . of New H aven, C onn., as
Class A director and tho re-election of Edmund R . Morse,
Proctor, V t ., as Class B director. Tho terms of these di­
rectors will be until D ec. 3 1 19 19.
B U S IN E SS C O N D IT IO N S I N P H IL A D E L P H IA RESERVE
D IST R IC T .

In its report to tho Federal Reserve Board on the 1st inst.
the Federal Roserve Bank of Philadelphia states that manu­
facturing operations in practically all lines continue extremely
active, and difficulty is still experienced in making satis­
factory deliveries of goods. Tho report sets out that “ manu­
facturing plants under construction to-day are being erected
at abnormally high costs, which would only bo done pro­
vided the owners had in prospect abnormal profits to justify
such unusual expenditures.” Concerning the coal situation
and the scarcity of cars, the Bank says:
During tho past m onth or so adverse conditions have affected tho coal
situation, and It is reported that as m uch as $7 50 a ton has been paid for
spot bitum inous coal. This price does not affect tho delivery o f coal under
contract, and, as m ost consumers have contracts for a yearly supply at
fair pricos, the price o f spot coal does not affect them . W hat Is causing
embarrassment, how ever, is tho scarcity o f cars. Thoro is sufficient de­
mand for coal to use tho maximum allotm ent o f a m ine's cars, but tho rail­
roads are not furnishing ovor 60',' o f tho allotm ent, and som e days very
m uch less than that. As tho mines can only bo worked to the capacity
o f the cars furnished eaeli day, tho shortage o f cars is curtailing the output
o f the mines, is reponsiblo for much o f tho deficiency in the coal supply and
is interfering very m uch with tho earnings o f tho miners. As long as tho
present dem and for coal exists, relief will only bo secured by an incroaso in
the supply o f cars.
_____________________

I L L U M I N A T I O N OF L I B E R T Y S T A T U E — P R E S I D E N T
W IL S O N SEES P E A C E W I T H L IB E R T Y .

The celebration incident to the illumination last Saturday
of the Statue of Liberty was brought to a close with a dinner
given at the Waldorf-Astoria in President W ilson’s honor by
tho M ayor’s Committeo of Two Hundred, which had charge
of the ceremonies. Tho now lighting system of tho Statuo
inaugurated a week ago was made possible through a fund
collected through public subscription by the New York




2119

“ W orld.” President Wilson who arrived in N ew York last
Saturday afternoon to participate in the ceremonies, gave
the wireless signal on the deck of the Mayflower at five
minutes of six which transformed both the statue and Bedloe’s Island from its semi-darkness into a blaze of light. The
dinner in the evening was attended by a notable gathering of
men and women to the number of twelve hundred. It was
thirty years ago that the statue was presented to the United
States by the French Government, and in recognition of
the French Government’s interest in the proceedings, Jules
J. Jusserand, the French Ambassador, was accorded equal
honors with President Wilson at the dinner. Gaston Libert,
the French Consul General, Secretary of the N avy Daniels,
Secretary of Commerce William C . Redfield, Ambassador
James W . Gerard, officers of the United States and French
armies and navies and M ayor M itchel were some of those
in attendance. The evening was marked by the reading of
a cablegram received by Ambassador Jusserand from Presi­
dent Poincare of France, which said:
In offering thirty years ago. to the Governm ent and people o f the United
States the statue which welcomes and lights those w ho land in A m erica,
France had wished to honor liberty and the heroes fallen in her cause.
It is for that sacred cause that the French people battle and suffer to-day:
they feel sure that they can always count on those friends o f theirs in
America, from whom they have already received so m any tokens o f sym ­
pathy who and havo shown the world that they are still enamoured o f the
same ideal
.
P O IN C A R E .

M r. Jusserand also addressed the gathering, saying:
N o t to a man, not to a nation, the statue was raised. It was raised to an
idea— an idea greater than any man or any nation, greater than France or
the United States— the idea o f liberty.
Still bleeding from recent wounds, France, then a R epublic, thought o f
the other R epublic on the opposite shore, and said: “ Sister, let us raise an
em blem to what. In tho midst o f the con flict o f appetites, desires, and
passions, is upperm ost in our minds, liberty. I am the older cou ntry, you
are tho older R epublic. W e were friends from the earliest days; we fought
together for independence. L et us raise a memorial to what has caused
our friendship to endure; that is, our com m on love o f liberty.”
T o different men the same words mean different things; but to you and
to us this word has the same meaning, tho one it had in tho ancient republics
o f the early days, so well defined b y our fam ous author and theologian,
Bossuet: " B y liberty the Romans and tho Greeks understood a State
where people were subject to nothing but tho law, and where the law was
m ore powerful than m en.” So d o we; so d o you.
On the other side o f the ocean our Republic has been for over tw o years
shedding her best heart’s b lood. I was asked som e time ago why she did
so, w hy she persisted.
M y answer, I said, is the same as the inscription
under one o f the drawings presented to Am erica b y French artists as a
token o f their gratitude for their American brethren's sym pathy, and now
preserved in the National Museum at W ashington. In the foreground,
tall and erect, her cap o f freedom wreathed with laurel, the French R opublic
is seen fighting. In the dim distance, across the waters, is discovered a
pale outline c f the subject o f this gathering, the Statue o f Liberty. The
Inscription is, and m y answer was: “ T hat Liberty m ay continue to light
the w orld.”

Ralph Pulitzer, representing the “ W o rld ,” made a brief
address in which he said:
It is true that just thirty years ago “ The W orld ” under m y father was
the instrument o f the American people in contributing the pedestal to that
Statue o f Liberty which the people c f France, with such characteristic
imagination and generosity, had given to the United States. And so it Is
perhaps not inappropriate that “ The W orld ” to -d a y should have th e
privilege o f acting as the medium through which over one hundred thousand
Americans from all over the United States gave tho contributions which have
made possible the Statue’s illumination. But it would be very inappropriate
if I did not take this opportunity o f expressing m y oarnest thanks to the man
who first conceived the idea o f lighting the Statue and presented that con ­
ception to “ The W orld ” — George Williams.
T hirty years ago the President o f the United States, Grover Cleveland,
in dedicating the Statue o f L iberty, used words which now are heavy with
prophetic truth. Ho said:
“ W o are not here to-d ay to bow before the representation o f a fierce and
warlike god , filled with wrath and vengeance. * * * Instead o f
grasping in her hand thunderbolts o f terror and o f death she holds aloft the
light which illumines the way to man’s enfranchisem ent.”
H itherto L iberty’s Statue has stood apparent to the gaze o f all throughout
tho peaceful brightness o f daylight. But in the hours o f troubled darkness
men havo seen but a flickering torch and could only guess and hope that
it was indeed Liberty which was beckoning them on.
H enceforth in tho blackest hour before the dawn tho Goddess o f Liberty
herself will be the beacon to those who would steer out o f storm y seas into
a peaceful anchorage.
U nhappily there are other goddesses than ours who tem pt with dazzling
torches. There is the Goddess o f Vainglory, there is the Goddess o f Ven­
geance, who stand far beyond the appointed port and lure men on into
unsounded waters.
But there Is, to o , the Goddess o f M ock M e rcy who tempts the captains
in their hours o f weariness to drop anchor long before the port is reached,
only to drift on into fresh gathered tempests.
B u t our own Goddess, the gift o f our glorious sister, France, will now
stand waiting, radiant b y night and da y, waiting with patient eagerness
for the fitting hour when the world will know that the Goddess o f Liberty
is the Goddess o f Peace.

President Wilson, in referring in his speech to M r. Pulitzer’s
closing remarks to the effect that there would come a day
when it was perceived that tho Goddess of Liberty was also
the Goddess of Peace, essayed that, “ throughout the last
two years there has come more and more into m y heart the
conviction that peace is going to come to the world with
Liberty.” “ W ith all due and sincere respect for those who
I represent other forms of government than ours,” he added,
j “ perhaps I may be permitted to say that peace cannot com©

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3120

so long as the destinies of men are determined by small groups
who make selfish choices of their own.”
The President’s
speech follows:
M r. Toastmaster, Ladies and Gentlemen.— Those who conceived and
arranged this interesting program o f to-d ay were generous enough to
relieve me o f the responsibility o f making a spoech, but they gavo me the
privilege o f com ing here to accept in the name o f the Governm ent o f the
U nited States tho lighting plant from which has proceeded the illumination
thrown upon the Statue. I w ould certainly be lacking in feeling if I did
not express some o f the things that have com e into m y thoughts as I have
taken part in these ceremonies. There are m any m oving circumstances
connected with this da y, connected with the things it recalls, connected
with the things that It suggests. I was reflecting, as we saw the light
stream upon that beautiful statue, that its source was outside the statue;
that it did not proceed from Liberty, but proceeded from tho light we wero
throwing upon L iberty, and it occurred to me that after all it was a proper
sym bol o f our life, because wo can take to ourselves the dignity o f Liberty
on ly as we illustrate the fact and the true spirit o f L ib erty, and the only
light that we can contribute to tho illumination o f the world is tho light
that will shine out o f our life as a nation upon that conception and upon
that image.
There is a great responsibility in having adopted Liberty as our ideal,
becauso wo m ust illustrate it in what we d o. I was struck b y the closing
phrase o f M r. Pulitzer’s admirable little speech.
He said that there
w ould com e a day when it was perceived that tho Goddess o f Liberty was
also the Goddess o f Peaco, and throughout tho last tw o years there has
com e m ore and m ore into m y heart the conviction that peace is going to
com e to the world only with Liberty.
W ith all due and sincere respect for those who represent other form s o f
governm ent than ours, perhaps I m ay be perm itted to say that peace
cannot com e so long as the destinies o f men are determined b y small groups
who mako selfish choices o f their own.
It is very true, as m ore than one o f tho speakers this evening have either
said or intim ated, that our long-standing and delightful friendship with tho
people o f Franco has com o from a com m unity o f ideals and identity o f
purposo. One republic must love another republic just as one b od y o f
human beings m ust understand and sym pathize with another b od y o f
human beings. There is a com m on pulso in us all; there is a com m on con­
tact with life; thero is a com m on b od y o f hope; there is a com m on stock
o f resolutions. A ll the world over tho life o f tho individual means the
same thing to him . It means opportunity not only, but it also means his
relationship to others, and he com es to his full dignity only when ho stands
upon the same level with others, and looking in his neighbors' eye knows
that ho belongs with him to a com m on, free com m unity o f purposo and
thought and action. Tho peaco o f tho world is not going to bo assured b y
tho com pact o f nations, but b y tho sympathies o f mon.
I was present once at a very interesting littlo conference on foreign
missions. T ho conference was tho m ost interesting o f the kind I have over
attended, because the purpose o f it was to wipe out the lino between Chris­
tian churches in the work in foreign fields, and, forgetting denominational
differences, unite in a com m on enterprise o f enlightening tho world with the
spirit o f Christ, and I could not help saying that, while I entirely sym pa­
thized with tho purposo o f the conference, and hoped it might bo realized,
I hoped that those who were converted b y these kindly united influences in
foreign fields would not com o and look at us, because, while wo were united
for their benefit, we were divided for our disadvantage. And so, sometimes
when I see tho Statue o f Liberty and think o f tho thrill that must com o into
some hopeful heart as for tho first time an immigrant sees that statue and
thinks that he knows what it means, I wonder if, after ho lands, ho finds
the spirit o f liberty truly represented b y us? I wonder if we aro w orthy o f
that sym bol; I wonder if we aro sufficiently stirred b y tho history o f it, by
the history o f what it means; I wonder if wo remember tho sacrifices, tho
mutual concessions, tho righteous yielding o f selfish right that is signified
b y the word and the conception o f Liberty ?
I wonder if we all wish to accord eciual rights to all mon, and so it Is
profitable that occasions like this should be frequently repeated, and that wo
should remind ourselves o f what sort o f image we have promised to be; for
tho world is enlightened, m y fellow-citizens, b y ideals, b y ideas,.
Tho
spirit o f tho world rises with the sacrifices o f men, tho spirit o f tho world
rises as men forget to be selfish and unito to be great. This, to repeat that
beautiful phrase o f Lincoln in his Gettysburg address, is not a time for selfadultation, but a time for rededication. Let us determine that tho life
that shines out o f our lives upon tho uplifted imago o f Liberty shall be a
light puro and without reproach.

Other speakers of the evening were M ayor Mitchel,
Chauncey M . Depew, who was ono of tho orators at the
dedication exercises of tho statue, and Henry L . Doherty,
President of the Society for Electrical Development.
R E C O N V E N I N G OF CONGRESS.

The opening of the second session of tho Sixty-fourth
Congress occurred on M onday. The President’s annual
Message to Congress, containing his legislative recommen­
dations, delivered at a joint session of tho two Houses on
Tuesday, is given in another column in to-day’s issue of our
paper. The opening of the House was marked by the
introduction of 250 bills, of which between 50 and 60 aro
said to be public in character. A number of measures had
to do with the high cost of living. A speed-up program
was advocated at tho outset by Speaker Clark, M ajority
Leader Kitchin joining with the Speaker in declaring that
the usual long Christmas holiday should bo dispensed with,
and an earlier meeting hour set. On tho 1st inst. Speaker
Clark was quoted as saying that if Congress wanted to clean
the legislative slato and go home on March 4 next, ho would
gladly join in a movement to eliminate useless oratory by
cutting down gallery space, and abolishing the ‘ ‘Congressional
Record” and to introduce voting machines. Ho declared:
It isn’ t d ifficult to seo that tho galleries and the “ R ecord” cause an awful
waste o f tim e and m oney. A ny tim e that tho galleries aro full orators on
tho floor are posing and wasting tim e. And everybody knows there are
any number o f Congressmen who talk for the “ R ecord " a great deal m oro
than is necessary.
T no “ R ecord ” isn't necessary. T he English IIouso o f Com m ons has
none. A journal is kept. D r. Johnson used to write it after the d a y ’ s




[Vol. 103.

proceedings wero over. H e sim ply recorded who spoko and which side
they were on.
I haven’t m uch hope, though, that I ’d receive m uch support if I started
to make a fight for small galleries and no “ R ecord ” , so I w on’t start it.
B ut there is hope that tho present m ethod o f taking roll calls will bo abol­
ished. I t is archaic and a tim e waster.

The Speaker also favors reducing the House from 435 to
300 Members.
Among the bills and resolutions introduced was a joint
resolution by Representative Hilliard of Colorado, proposing
government seizure, ownership and operation of railroads
that do not discontinue by D ec. 20 their suits relative to the
Adamson Act and providing that courts that delay action
on suits longer than is necessary to order their dismissal,
shall be abolished.
Estimates of the expenses of all branches of the Govern­
ment for the fiscal year 1918, for which the present Congress
must appropriate funds, total $1,268,715,834. This sum
is exclusive of $325,355,820 to bo appropriated for the Postal
Service, which is expected to be returned to the Treasury
by postal revenue and a sinking fund appropriation of $6 0 ,­
748,000 toward the public debt. The total appropriations
for the fiscal year 1917 ending next June, exclusive of these
two items, were $1,184,157,517.
TH E P R E S ID E N T ’ S M ESSAGE

TO C O N G R E S S .

President W ilson’s annual messago to Congress, delivered
in person before a joint session of tho House of Representa­
tives and tho Sonate on Tuesday, following tho opening on
M onday of tho second session of the Sixty-fourth Congress,
was devoted chiefly to his program of railroad legislation,
recommended at the dose of tho last session. Of tho six
recommendations made at that timo, two of tho proposals
were enacted beforo tho adjournment of Congress, namely,
the establishment of tho eight-hour day as tho legal basis of
work and wages in train service, and tho authorization for the
appointment of a commission to observo and report upon the
practical results of tho working of tho eight-hour day. Ac­
tion upon all but ono of the other recommendations previ­
ously outlined by the President is urged upon Congress, tho
one upon which ho deems thoro is now no neod to legislate
having to do with his suggestion that Congress givo explicit
approval to consideration by tho Inter-State Commerce
Commission of an increase in freight rates to meet such addi­
tional expenditures by the railroads as may have been ren­
dered necessary by tho adoption of tho eight-hour day. In
explanation of tho abandonment of this recommendation, the
President states that ‘‘ the power of the Inter-Stato Com ­
merce Commission to grant an increaso of rates on tho ground
referred to is indisputably clear, and a recommendation by
tho Congress with regard to such a mattor might seem to
draw in question tho scope of tho Commission’s authority or
its inclination to do justice when thoro is no reason to doubt
either.” Among tho recommendations which ho renews, tho
President lays particular stress upon tho necessity of perventing a recurrence of a threatened nation-wido strike such
as confronted tho country in tho railroad controversy last
August, and insists upon tho passago of an amendment to
the oxisting legislation providing for tho mediation, concilia­
tion and arbitration of such controversies so as to provide
that ‘ ‘in case tho mothods of accommodation now provided
should fail, a full public investigation of tho merits of ovory
such dispute shall bo instituted and completed boforo a strike
or lockout may lawfully bo attem pted.” In his mossage the
President states that “ tho country cannot and should not
consent to remain any longer exposed to profound industrial
disturbances for lack of additional means of arbitration and
conciliation Avhich tho Congress can easily and promptly
supply.” The other suggestions bearing on tho railroad
problems which the President urges Congross to act upon at
this session deal with tho onlargoment and administrative
reorganization of tho Inter-State Commerce Commission
and tho lodgment in tho hands of tho President of power, in
case of military necessity, to take control and operate the
railways. Besides tho recommendations indicated abovo, tho
President’s messago calls for action on tho W obb Bill to per­
mit the formation of co-operative soiling agoncies among
American exporters for tho promotion of foreign trade; the
corrupt practices bill, tho bill for tho proposod amendment of
the organic law of Porto Rico, and tho bill, passed by tho Son­
ate at tho last session of Congress, providing for tho promo­
tion of vocational and industrial education. Tho enactment
of the last-named bill was urged by Samuel Gompers and a
Committee of tho American Federation of Labor at a confer­
ence had with President Wilson on M onday. It had beon
expected that the food situation would bo]2fgiven at-

dec. 9 1916.]

THE CHRONICLE

tention in the message, but the President made no mention
o f the subject. The reading of the messago was disturbed
by the unfurling of a banner from the gallery by a small
group of suffragists; the banner, which boro the inscription
“ M r. President, what will you do for woman suffrage ?” was
hauled down by an attendant and boyond bringing a smile
from the President, did not serve to interrupt his reading.
The messago in full is as follows:

2121

operation o f the railways o f the country shall not be stopped or interrupted
by the concerted action o f organized bodies o f men until a public Investi­
gation shall havo been instituted which shall m ake the whole question at
issue plain for the judgm ent o f the opinion o f the nation is not to propose
any such principle.
It is based upon tho very different principle that the concerted action o f
powerful bodies o f men shall not be perm itted to stop the industrial processes
o f the nation, at any rate before the nation shall have had an opportunity to
acquaint itself with tho merits o f the case as between em ployee and em ployer,
time to form its opinion upon an impartial statement o f the merits, and op ­
portunity to consider all practicable means o f conciliation or arbitration.
I can see nothing in that proposition but the justifiable safeguarding by
society o f tho necessary processes o f its very life. There is nothing arbitrary
or unjust In it unless it be arbitrarily and unjustly done. I t can and should
be done with a full and scrupulous regard for the interests and liberties o f all
concerned as well as for the permanent interests o f society itself.
Three matters o f capital im portance await tho action o f the Senate
which have already been acted upon b y the House o f Representatives: the
bill which seeks to extend greater freedom o f com bination to those engaged
in prom oting the foreign com m erce o f the country than is now thought by
som e to be legal under the terms o f the laws against m onopoly; the bill
amending the present organic law o f P orto R ico; and the bill proposing a
m ore thorough and system atic regulation o f tho expenditure o f m oney in
elections, com m only called tho Corrupt Practices A ct. I need not labor m y
advice that these measures bo enacted into law. T heir urgency lies in
the m anifest circumstances which render their adoption at this tim o not only
opportune but necessary. E ven delay w ould seriously jeopard the interests
o f the country and o f tho G overnm ent.
Im m ediate passage o f the bill to regulate the expenditure o f m oney in
elections m ay seem to bo less necessary than the immediate enactment o f
the other measures to which I refer, because at least tw o years will elapse
before another election in which Federal offices are to be filled; but it would
greatly relieve the public mind if this im portant m atter were dealt with
while the circumstances and tho dangers to the public morals o f the present
m ethod o f obtaining and spending cam paign funds stand clear under recent
observation, and the m ethods o f expenditure can be frankly studied in the
light o f present experience; and a delay would have the further very serious
disadvantage o f postponing action until another election was at hand and
some special object connected with it m ight be thought to be in tho mind
o f those who urged it. A ction can be taken now with facts for guidance and
without suspicion o f partisan purpose.
I shall not argue at length the desirability o f giving a freer hand in the
m atter o f com bined and concerted effort to those who shall undertake the
essential enterprise o f building up our export trade. T h a t enterprise will
presently, will im m ediately, assume, has indeed already assumed, a magni­
tude unprecedented in our experience. W e have not the necessary instru­
mentalities for its prosecution; it is deemed to be doubtful whether they
could be created upon an adequate scale under our present laws. W e
should clear away all legal obstacles and create a basis o f undoubted law for
it which will give freedom without perm itting unregulated license. The
thing must bo done now , because tho opportunity is here and m ay escape
us if we hesitate or delay.
The argument for the proposed amendments o f tho organic law o f P orto
R ico is brief and conclusive. T he present laws governing the island and
regulating the rights and privileges o f its people are not just. W e have
created expectations o f extended privilege which we havo not satisfied.
There is uneasiness among the people o f the island and even a suspicious
doubt with regard to our intentions concerning them which the adoption
o f the pending measure would happily rem ove. W o d o not doubt what we
wish to d o in any essential particular. W e ought to d o it at once.
A t the last session o f Congress a bill was passed b y tho Senate which pro­
vides for the prom otion o f vocational and industrial education, which is o f
vital importance to the whole country because it concerns a matter, too long
neglected, upon which the thorough industrial preparation o f tho country
for the critical years o f econom ic developm ent imm ediately ahead o f us in
very large measure depends.
M a y I not urge its early and favorable consideration b y the H o i W o f
Representatives and its early enactm ent into law ? It contains plans which
affect all interests and all parts o f the country, and I am sure that there is
no legislation now pending before the Congress whose passago the country
awaits with m ore thoughtful approval or greater impatience to see a great
and admirable thing set in the w ay o f being done.
There are other matters already advanced to the stage o f conference b e­
tween the tw o houses o f which it is not necessary that I should speak.
Some practical basis o f agreement concerning them will no doubt be found
and action taken upon them .
Inasmuch as this is, gentlemen, probably tho last occasion I shall havo
to address tho Sixty-fourth Congress, I hope that you will permit me to say
with what genuine pleasure and satisfaction I have co-operated with you in
tho m any measures o f constructive policy with which you have enriched the
legislative annals o f tho country. It has been a privilege to labor in such
com pany. I take tho liberty o f congratulating you upon the com pletion of
a record o f rare serviceableness and distinction.

Gentlemen of the Congress:
In fulfilling at this tim e the d u ty laid upon m e b y tho C onstitution o f
com m unicating to you from tim e to tim e inform ation o f tho state o f tho
Union and recom m ending to your consideration such legislative measures
as m ay bo judged necessary and expedient I shall continue the practice,
■which I hope has been acceptable to you , o f leaving to tho reports o f tho
sovoral heads o f the executive departm ents the elaboration o f tho detailed
needs o f tho public servico and confino m yself to those matters o f m ore
general public p olicy with which it seems necessary and foasiblo to deal
at the present session o f tho Congress.
I realize tho limitations o f tim e under which you will necessarily act at
this session and shall m ake m y suggestions as few as possiblo; but there
wore som e things left undone at the last session which thero will now bo
tim e to com plete and Which it seems necessary in tho interest o f tho public
to do at once.
In tho first place it seems to me imperatively necessary that tho earliest
possiblo consideration and action should bo accorded tho remaining m eas­
ures o f the program o f settlement and regulation which I had occasion to
recomm end to you at tho close o f your last session in view o f the public
dangers disclosed b y tho unaccom m odated difficulties which then existed,
and which still unhappily continue to exist, between tho railroads o f the
country and their locom otive engineers, conductors and trainmen.
I then recommended :
First, imm ediate provision for the enlargement and adm inistrative re­
organization o f the Inter-State Com m erco Comm ission along tho lines
enbodied in tho bill recently passed by tho House o f Representatives and
now awaiting action b y tho Senate; in order that tho Com m ission m ay be
enabled to deal with tho m any great and various duties now devolving
upon it with a promptness and thoroughness which aro, with its present
constitution and moans o f action, practically impossible.
Second, the establishment o f an eight-hour day as tho legal basis alike o f
work and o f wages in the em ploym ent o f all railway em ployees who are
actually engaged in tho work o f operating trains in inter-Stato transporta­
tion.
T h ird , tho authorization o f tho appointm ent by the President o f a small
body o f men to observo the actual results in experience o f tho adoption o f the
eight-hour day in railway transportation alike for tho m en and for the rail­
roads.
Fourth, explicit approval b y tho Congress o f tho consideration by the
Inter-State Com m erce Comm ission o f an increaso o f freight rates to meet
such additional expenditures b y tho railroads as m ay have been rendered
necessary b y the adoption o f tho eight-hour d ay and which have not been
offset b y administrative readjustments and economies, should tho facts
disclosed justify tho increaso.
. F ifth , an amendment o f tho existing Federal statute which provides for
the m ediation, conciliation and arbitration o f such controversies as tho
present b y adding to it a provision that, in case tho methods o f accom m o­
dation now provided for should fail, a full public investigation o f the merits
o f every such dispute shall bo instituted and com pleted before a striko
or lockout m ay lawfully bo attem pted.
A nd, sixth, tho lodgm ent in the hands o f the Executive o f tho power, in
case o f military necessity, to take control o f such portions and such rolling
stock o f the railways o f tho country as m ay be required for m ilitary uso
and to operate them for military purposes, with authority to draft into tho
m ilitary servico o f the United States such train crews and administrative
officials as the circumstances require for their safo and efficient uso.
The second and third o f those recommendations tho Congress imm ediately
acted on: It established the eight-hour day as tho legal basis o f work and
wages in train service and it authorized tho appointm ent o f a commission
to observe and roport upon the practical results, deeming these tho measures
m ost immediately needed; but it postponed action upon tho other sugges­
tions until an opportunity should be offered for a more deliberate considera­
tion o f them . The fourth recomm endation I d o not deem it necessary to
renow. The power o f the Inter-State Comm erce Commission to grant
an increaso o f rates on the ground referred to is indisputably*clear and a
recomm endation by the Congress with regard to such a m atter might seem
to draw In question tho scope o f tho Comm ission's authority or its Inclina­
tion to do justico when there is no reason to doubt either.
T ho other suggestions— the increase in the Inter-State Com m erco C om ­
mission’s membership and in its facilities for perform ing its m anifold duties,
tho provision for full public investigation and assessment o f industrial dis­
putes, and the grant to tho Executive o f tho power to control and operate
tho railways when necessary in timo o f war or other like public necessity—
I now very earnestly renew.
Tho necessity for such legislation is manifest and pressing. Those who
PR O CEED IN G S I N E IG H T -H O U R S U IT S .
havo entrusted us with tho responsibility o f serving and safeguarding them
John W . Davis, Solicitor-General of the United States,
in such matters would find it hard, I believe, to excuse a failure to act
upon these grave matters or any unnecessary postponem ent o f action upon made a motion in tho U . S. Supreme Court, Dec. 4, to ad­
them.
N ot only does the Inter-Stato Comm erco Commission now find it prac­ vance the appeal of Francis M . Wilson, United States District
tically impossible, with its present membership and organization, to per­ Attorney for the Western District of Missouri, against Alex­
form its great functions prom ptly and thoroughly, but it is not unlikely ander New and Henry C . Ferriss, receivers of the Missouri
that it m ay presently bo found advisable to add to its duties still others
equally heavy and exacting. It must first bo perfected as an administrative Oklahoma & Gulf R R ., which involves the constitutionality
instrument.
of tho Adamson Eight-Hour Law. This case is the one in
T ho country cannot and should not consent to remain any longer exposed which Federal Judge Hook recently declared tho law uncon­
to profound industrial disturbances for lack o f additional moans o f arbitra­
stitutional. The Solicitor-General urged that hearing of
tion and conciliation which tho Congress can easily and prom ptly supply.
And all will agreo that there must bo no doubt as to tho power o f tho argument be set for a day, “ as early as may suit the con­
Executive to make Immediate and uninterrupted uso o f tho railroads for tho
venience of the court.” M r . Davis explained in his motion
concentration o f tho military forces o f the nation wherever thoy aro needed
that tho decision of the court will apply to many other suits
and whenever thoy are needed.
This is a program o f regulation, prevention and adm inistrative effi­ attacking the constitutionality of the law.
H e explained
ciency which argues its own case in the mere statem ent o f it. W ith regard
further than the case is one of such general interest and im­
to one o f its items, tho increase in tho efficiency o f tho Inter-State Comm erco
portance that all parties aro anxious for an early disposition.
Com m ission, tho IIouso o f Representatives has already acted; its action
needs only tho concurrence o f the Scnato.
Tho motion also set forth a stipulation between attorneys for
I would hositatoto recomm end, and I daresay the Congress would hesitate
tho Government ahd counsel for the railroads in which both
to act upon the suggestion should I m ake it, that any m an in any occup a­
tion should bo obliged by law to continue in an em ploym ent which ho d e­ sides agreed to hasten the case and make no objection to the
sired to leavo. T o pass a law which forbado or prevented tho Individual presentation of all necessary evidence to make it cover the
workman to leavo his work before receiving tho approval o f society in doing
The Department of Justice agreed not
so would be to adopt a new principle into our jurisprudence which I take it entire controversy.
to institute prosecutions to enforce the Adamson law unti
for granted wo aro not prepared to introduce. Hut tho proposal that tho




2122

THE CHRONICLE

the Supreme Court’s decision was announced, and the rail­
roads agreed to keep their accounts on the eight-hour-day
basis, pending the finding of tl e court. The compact was
signed by Assistant Attorney-Generals G . Carroll Todd and
E . Marvin Underwood, and Special Assistant AttorneyGeneral Frank Hagerman, for the Government, and by
Walker D . Hines,Chairman of the committee of railroad
counsel, and Arthur M iller, attorney for the Missouri
Oklahoma & Gulf R R . The Supreme Court’s decision is
hoped for by Jan. 1, when the law is supposed to go into
effect.
A t Chicago D ec. 4 Federal Judge Carpenter deferred ruling
on the petition of Receiver Jackson of the Chicago & Eastern
Illinois R R . relative to the Adamson law, pending the deci­
sion of the U . S. Supreme Court. On the same date Federal
Judge W addill, of Richmond, V a ., directed the railroad com­
panies to operate under the law as it stands pending a deci­
sion of the eight-hour case. The railroads agreed to keep
records, and if the final ruling is against them they will
settle with their employees in accordance with the decroo.
All proceedings in tho suit of the New York Ontario & W est­
ern Railway C o. against the Government were adjourned by
Judge Learnod[Haiul, of the Federal District Court at New
York on Dec. 1. This was consented to by tho railroad
companies and the Government, pending the decision of the
Supreme Court. U . S. District Attorney Marshall filed
motions in tho U . S. District Court at New York on the same
date asking that the suits begun by tho New York Central
and the Erie railroads bo dismissed. A motion was filed in
the U . S. District Court at Boston on the 2d inst., asking for
the ismissal of the suit of the New York Now Haven &
Hartfor R R . against U . S. District Attorney George W .
Anderson and certain officers of tho railroad brotherhoods,
seeking to have the Adamson eight-hour law declared uncon­
stitutional. It was filed by Assistant District Attorney Shea
and bore the signatures of Attorney-General Gregory,
Assistant Attorney-General Underwood and Special Assist­
ant Attorney-General Frank Hagerman. A t Philadelphia
on the 5th inst., Judge Dickinson entered an order to keep
the suits of the Pennsylvania, Reading and Lohigh Valley
railroads in abeyance, until the Supreme Court renders its
decision on the stipulation of tho Government and railroads.
Similar agreements have been filed in other jurisdictions
where railroads have attacked tho constitutionality of the
eight-hour law.
LABOR’S D E C LA R A T IO N
A G A I N S T P R O P O S A L FOR
COM PULSORY A R B IT R A T IO N OF D ISPU TE S.

W ith regard to President W ilson’s recommendation in his
annual message for the enactment of legislation for the com ­
pulsory arbitration of disputes, Samuel Gompers, President
of the American Federation of Labor, in indicating that any
such move would be resisted, was quoted on the 4th inst.
as saying:
A ny proposition to enforce involuntary servitude or com pulsory labor
except as a punishment for crim e will be opposed with every honorable
means at our com m and.

The New York “ Sun” of tho 7th inst. credited him with
the following further declarations on the subject:
••If the fight is to bo m ade to tako from tho m en, women and children o f
our tim e tho advantages which we havo secured, then those employers and
corporations had better look ou t. W e are not going to bo forced back.
T h e men and wom en o f labor will resist to the u tm ost."
M r. Gompers assorted that it was his purposo to prevent another civil
war like that o f 1861.
‘ ‘I t took four years o f sanguinary war, costing hundreds o f thousands o f
lives and untold treasure to reverse tho decision in the Dred Scott case.
I t is m y purposo to prevent another such revolution. It is m y purposo to
prevent any such legislation and possible decision o f tho court.
“ I understand tho intent o f the suggestion. It is to stay the men from
acting in concert until a com m ission has m ade its investigation. In tho
m eantim e a concerted quitting o f work would bo unlawful and punishable.
Involuntary service cannot bo enforced under tho Constitution o f tho United
States.”
M r. Gompers then declared that even w ith tho law on the statute books
the Governm ent would be powerless to avert strikes.
" Y o u m ay m ake strikes illegal and m ay m ake them crim inal,” ho con­
tinued, "b u t you are not going to avert strikes when strikes are necessary
in order to express tho needs o f Am erica's workers for a higher and better
consideration o f their rights. T ho experience o f countries that have tried
com pulsory arbitration and tho enforcement o f a com pulsory award and
the experience o f countries in which com pulsory investigation and a stay
o f the workers from quitting their em ploym ent has been all to tho detriment
o f the principle.”

Warren S. Stono, Grand Chief of tho Brotherhood of
Locomotive Engineers, in expressing opposition to tho pro­
posal on tho 1st inst. said:
T he railroad men are opposed to com pulsory arbitration because it is
unconstitutional. Y ou cannot com pel a man to work if he does not wish
to while his wago troubles aro being arbitrated. In the first place, I d o not
believe such a law will be passed: in tho second place, if it is passed, I cannot
see how it could bo held constitutional.




[Vol. 103.

GEORGE E. E D W A R D S ON I N T E R E S T OF C O N N E C T I­
CU T B A N K E R I N N E W L A N D S H E A R IN G .

That there is no State in tho country whoso savings banks
are relatively more heavily interested than Counectieut in
the railroad investigation which is now under way by the
Newlands Committee in Washington, was tho assertion
mado this week by George E . Edwards, President of tho
Savings Bank Section of tho American Bankers’ Association
and of the Dollar Savings Bank of N ew York. M r. Edwards
made the above comment in an address on “ The Part the
Savings Banker Plays in Current Events,” delivered by
him in Hartford before tho annual meeting of tho Savings
Bank Association of Connecticut at tho Hartford Club on
the 7th inst. The speaker urged co-operation on the part
of tho banker to further the best interests of tho nation, the
State, the city and the institutions. Ho pointed out that
“ there aro so many changes occurring at the presont time in
our social and economic life; there aro so many plans and
schemes being created presumably by sky-soarers; eminent,
pre-eminent and otherwise, which havo a tendency in many
respects to revolutionize customs, laws and even private
habits, that aggregations with particular interests deem it
quite necessary to find representation in the halls of Con­
gress and within tho walls of Stato legislatures to protect
those interests.” “ In part,” he added, “ this is tho justifica­
tion for the existence of such associations as the excellent
organization which you gentlemen represent hero to-day
as well as tho American Bankers’ Association. In tho main,
it means co-oporation. Through co-operation great diffi­
culties may be overcomo, not alone in legislation, but in
better methods of administering our banks, of obtaining
the good will of tho public, of greater proficiency in the
selection of securities.” He continued:
T ho business o f savings banking becom es exceedingly interesting if a
thorough stu dy is m ado o f its various functions. T ho inducement is
measurably increased through meeting with othor savings bankers, not
only in your own Stato, but those o f tho W est, South and M iddlo W est.
M eeting, I m ean, m oro in co-opcration to further nationally the aims o f
tho savings banker.
■
T he next docado will test tho stamina o f our men o f affairs. N ever
before in tho history o f tho country has thero boon greater nood for team
w ork. Individually, wo aro weak, colloctivoly wo aro strong, influential,
well ablo to cope with current problom s. N o banker is sufficient unto
him solf. Ilen co, I contond, gontlonion, that wo must co-opcrato to further
the best interests o f our nation, o f our State, o f our city , and o f our insti­
tutions.
I recognize C onnecticut as a m ost im portant factor In tho progress o f
our endeavors. W ith ovor $338,000,000 o f total resources, you r 82 banks
mean power and influence. A lm ost 700,000 peoplo, about 6 3% o f C on­
necticut’s total population, interested in your institutions. So much
interested that in tho event o f crisis, industrial or financial, much worrim ont would ensue.
Hut, consider what a wide field o f genuine good m ay bo accom plished
through tho servico o f your institutions. H ow splendid and laudable m ay
be tho efforts o f the savings banker, if ho will but opon ids eyes and recognlzo the good that m ay bo done. Sovon hundred thousand peoplo from
tho border o f N ew Y ork to tho boundary lino o f tho Stato o f Ithode Island,
interested in institutions which you gentlemen represent. I do not hesi­
tate to stato that if we gave m oro o f our time to thinking how wo m ay
further *ho interest o f our depositors, how wo could bo o f groater service
to thorn, to alleviate their suffering, their hardships, how to engender in
them a desiro for success, how to croato in them now am bitions, how to
inculcate in their minds In a m ore definito way the profitable habit o f thrift,
wo would at loast bo living up to tho high standard set b y those stalwart
characters, who, one hundred years ago, successfully labored to establish
tho savings institution in this country. Thus, l would suggest to you the
courso o f undertaking in your com m unities tho prom otion o f tho N ation­
wide Thrift Cam paign, which tho Savings Dank Section is directing through­
out tho country. N ot necessarily adopting tho particular plan o f action
offered b y us, but som o plan o f your own.
It is interesting to noto tho growth o f tho Connecticut savings banks In
surplus from 1890 to 1915. and tho margin o f safety which determines
strongth that has been m aintained. In 1890 you had deposits o f $110,­
000,000, about tho same amount as your presont holdings in railway secur­
ities. T ho percentage o f surplus and undivided profits to deposits for
1890 being 5 .6 % ; in 1900 it was 5 .9 % , and had grown to 6 .8 % in 1915.
This is the figuro in which m ost interest is evinced b y tho savings banker.
He has securities— rails, m unicipal ajul industrials, tho m arket valuo o f
which holds his constant attention. In a few cases, how ever, savings
bankers porhaps d o not notlco market valuo, they aro only interested in
the ability o f tho corporation to pay at m aturity. I f thoro is an inclina­
tion in that direction, caro and bettor understanding should rem ove such
inclination.
Thero is no Stato In tho country whoso savings banks aro relatively m oro
heavily interested in tho railroad investigation which is at this time being
carried on b y tho Joint Sub-com m itteo o f Congress at W ashington. T h irtytw o and fivo-tonths per cont o f tho total assets o f Connecticut savings
banks is invostod in railway securities. Out o f total assots o f $338,000,000
$110,000,000 is invested in railway securities. Out o f 82 o f your savings
banks, 12 havo 4 0% or m oro o f total assets invostod in rails; 39 havo 30%
or m oro. I f these securities had to bo liquidated at present market prices,
thero is indication that som o embarrassment on tho part o f tho banks
would ensue. H ence, each o f us Is vitally interested in tho aforem entioned
investigation. In tho Savings Bank Section, American Bankers’ A sso­
ciation, wo aro preparing to present an argument to tho Nowlands C om ­
m ittee, sotting forth tho interost o f tho peoplo through mutual savings
banks in tho $818,000,000 o f their m onoy, invested in railway securities.
W o aro putting our organization to work in a m ost efficient manner to
convincingly present at tho hearing tho sido o f savings banks in the rail­
roads situation; m oro in tho light o f boing o f assistance to tho Nowlands
Com m itteo in its investigation. T he railroads wish Federal incorporation
o f railroads, thus eliminating the costly and conflicting supervision and

deo.

9 1916.]

THE CHRONICLE

regulation b y 49 Stato and Federal com m issions. T ho regulation o f rail­
roads, intra-State as woll as intor-State, it Is proposed should bo in tho
hands o f tho Inter-State C om m erco C om m ission, with tw olvo regional
commissions sltuato in proper points In tho United States. W o believe
that such inefficient regulation has impaired tho crodit o f tho railroads
and honco has depreciated tho value o f railroad securities, thereby seriously
affocting tho security holdings o f savings banks. As the Federal Iieserve
A ct has provided machinery for m eeting future financial crises, so should
tho G overnm ent provide machinery for proper regulation o f the railroads.

2123

e m b o d i e d in t a r i f f s t a x e d t o e x p i r e b y l i m i t a t i o n M a y 1 1 9 1 7 ;
fifth , a n d

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ADVANCES IN WAGES.
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C h ic a g o

a m o n g its e m p lo y e e s , E . P . R ip l o y , P r e s id e n t s a id :
In tho last two years, especially since tho influence o f tho European war
has been fully folt, our railway system has enjoyed what appears to bo an
abnorm al prosperity. Tho samo factors which have produced this pros­
perity have made substantial increases— which it Is hoped will bo temporary
— In tho cost o f living.
In recognition o f those conditions our Board o f Directors to-day author­
ized us to m ake in a lump sum a distribution o f additional com pensation
equal to 10% o f a yoar’s pay to all em ployees who have boon in tho service
o f tho Atchison Topeka & Santa Fo system for at loast tw o years and whoso
annual com pensation does not exceed $2,500, and whoso com pensation is
not paid according to present or form er contract schedules.
Tho paym ents o f tho amounts thus authorized will bo inado as soon as tho
necessary com putations can bo com pleted. It is estimated that tho
am ount thus to bo distributed will bo approxim ately $2,750,000.
I t is s a i d t h a t n o n e o f t h o $ 2 , 7 5 0 , 0 0 0 w ill g o t o t h o m e m b e r s

A is h t o n ,

fo u r b ro th e rh o o d s .

P r e s id e n t R ip le y e x p r e s s ly s tip ­

none of

“ w h o se c o m p e n s a tio n

th e

is n o t

f o r m e r c o n t r a c t s c h e d u l e s .”
roads

have

in c r e a s e

p a id
The

is

to

a c c o r d in g

go

to

th ose

to p resen t

b roth erh ood s

and

of

a n o th e r ra ilro a d ’s

becom e

e ffe c tiv e

d em u rra ge

ch arges.

s i­
In

r a t e m ig h t w o r k n o in ju s t ic e

com p osed

B u r lin g to n

of

H . E . B yra m ,

&
&

C h ic a g o

Q u in c y
N orth

R a ilr o a d ;
W estern

V ic e

R.

H.

R a ilw a y ;

W . J . H a r a h a n , P r e s id e n t S e a b o a r d A ir L in e R a ilw a y , a n d
G.

L . P e c k , V i c e P r e s i d e n t P e n n s y l v a n i a l in e s w e s t o f P i t t s ­

b u rg h .

The

A s s o c ia tio n

has

a ls o

m ado

ch an ges

in i t s c a r

s e r v ic e c o m m is s io n a n d a c c o r d e d it fu ll p o w e r t o c o - o p e r a t e
w ith

th e

In te rs ta te

a ffe c t in g

ca r

C om m erce

s e r v ic e .

T h is

C o m m is s io n

c o m m is s io n

in

a ll m a t t e r s

now

c o n s is ts

of

I a ir fa x H a r r is o n , P r e s id e n t o f t h o S o u t h e r n
R a ilw a y ,
c h a ir m a n ; G e o r g e H o d g e s , s e c r e t a r y ; E . J . P e a r s o n , V ic e
P r e s id e n t

of

th e

N ew

Y ork

N ow

H aven

and

H a rtfo rd ;

W . L . P a r k , V ic e P r e s id e n t o f t h e I llin o is C e n t r a l; C . M .
S h e a ffe r, G e n e ra l S u p e r in te n d e n t

o f T r a n s p o r ta tio n o f th e

P e n n s y lv a n ia , a n d B . A . W o r t h in g t o n , V ic e -P r e s id e n t a n d
a s s is ta n t t o C h a ir m a n o f th o S o u t h e r n P a c if ic .
In

or

r a il­

in c r e a s e d

be

P r e s id e n t

th e

u se

t a k e c a r e o f a n y s p e c ia l c a s e s t h a t m a y a ris e .

c o m m it t e e

P r e s id e n t

u la te s a b o v o t h a t

th o

t e r m in a l r a i l r o a d s , a c o m m i t t e e o n a p p e a l s h a s b e e n a p ­

& S a n t a F e R y . h a d a r r a n g e d t o d i s t r i b u t e $ 2 , 7 5 0 ,0 0 0 e x t r a

of

fo r

o r d e r th a t th e n e w p e r d ie m

A tc h is o n

&

day

ce n ts to 75 ce n ts , to

m u lta n e o u s ly

la r g e s t in c r e a s e s J r e c o r d e d ith is w e e k a re t h o s e m a d e b y t h e
T opeka

ea ch

45

fu r th e r a n c e

of

th e

e ffo r ts

fr e ig h t c o n d it io n s , a g e n ts

of

to

th e

r e lie v e

ra ilr o a d s

th e
in

co n g e s te d

N ew

J ersey

n o t ifie d s h ip p e r s a n d r e c e iv e r s o n N o v e m b e r 2 7 t h a t fr e ig h t

w a g e c o n t r a c t s o n a ll li n e s .

le ft o n ca r s f o r te n d a y s w o u ld b e s u m m a r ily r e m o v e d b y th e
T h e W e s te r n U n io n d e c id e d o n th o 6 th in s t. to d is tr ib u te

r a ilr o a d s a n d

s to re d

at

th e

s h ip p e r s ’ o r

c o n s ig n e e s ’ ris k .

a b o n u s o f a p p r o x im a te ly 6 %

o f a y o a r ’s s a la r y t o a ll e m ­

I t w a s s t a t e d a t t h o t im e o f t h e i s s u a n c e o f t h is n o t i c e t h a t

p lo y e e s e a r n in g $ 2 ,0 0 0 o r le s s .

T h o b o n u s w ill a p p ly in th e

it w a s e s tim a t e d th a t m o r o t h a n 3 0 0 - fr e ig h t ca r s h a d b e e n

c a s e o f e m p l o y e e s r e c e i v i n g a c o m p e n s a t i o n o f $ 2 , 0 0 0 o r le s s
per annum
e x c e p tin g

c o n t i n u o u s l y i n t h o s e r v i c e s in c e J a n .
su ch

c a b le

e m p lo y e e s

p a y m e n t s d u r in g th o y o a r .

as

have

r e c e iv e d

1 1916,
s p e c ia l

C o n c e r n in g th e s a m o P r e s id e n t

C a r lt o n s a id :
T ho payments will bo mado as soon as posslblo in con form ity with rules
and regulations established b y tho board, but in a general way mossengers
will recoivo $25 each; em ployees receiving lass than $1,200 per annum 7%
o f thoir annual wages, and em ployees receiving from $1,200 to $2,000 per
annum , both Incluslvo, 6 % o f thoir annual wage.

t ie d

up

in

th a t

d is tr ic t

fo r

o v e r ten

days.

The

a c t io n

o f t h e a g e n t s is u n d e r s t o o d t o h a v e r e s u l t e d f r o m a d e c i s i o n
in W a s h i n g t o n o f t h e C o n f e r e n c e C o m m i t t e e o f C a r E f f i ­
c ie n c y ,

a p p o in te d

by

th e

A m e r ic a n

R a ilw a y

A s s o cia tio n

t o ta k e u p th o fr e ig h t c o n g e s t io n q u e s tio n ; t h a t c o m m it t e e
i s s u e d i n s t r u c t i o n s t o a ll t h e r a i l r o a d s t o r e t u r n “ a t o n c e ”
to

t h e r o a d s a ll o f t h e i r o p e n

lo a d e d o r e m p t y .”
r e a liz in g

th e

top

fr e ig h t c a r s ,

“ w h e th e r

T h is n o tic e s et fo r t h th a t th e je o m m itte e ,

s e r io u s n e s s

of

th o

tr a n s p o r ta tio n

p ro b le m s ,

fo u n d t h a t th is m u s t b e a r b it r a r y , a n d n o t ifie d ]t h e ]r a ilr o a d s
A n o t h e r l a r g o i n c r e a s e , a n n o u n c e d o n t h o 5 t h i n s t . , is t h a t
o f th e B e th le h e m S te e l C o . , a f f e c t in g 4 0 ,0 0 0 m e n e m p lo y e d
in t h o c o m p a n y ’ s p l a n t s a t S o u t h B e t h l e h e m , S t e e l t o n , P e n n . ,
and

S p a r r o w ’s P o i n t ,

M d.

The

in c r e a s e , w h ic h

t h a t t h e c o m m i t t e e w a s in d a i l y c o n f e r e n c e in W a s h i n g t o n
w ith C o m m is s io n e r M c C h o r d
C o m m is s io n .

o f th e

In te rsta te C o m m e rc e

w ill a p ­

T h e N o w Y o r k N e w H a v e n & H a r t fo r d R . R . a ls o ]m a d e

M a n y m o r e in ­

p r o x im a t e 1 0 % , g o e s in t o o ffe c t D e c . 1 6 .

k n o w n t h is w e e k t h a t i t w o u l d u n l o a d a n d p l a c o j i n s t o r a g e

cre a s e s h a v e b e e n m a d o in th o p a s t w e e k , a n d m a n y m o r e

a ll g o o d s n o t u n l o a d e d b y

a r e s t ill e x p e c t e d .

a fte r ca rs h a d b e e n p la c e d fo r d e liv e r y o n th e p u b lic te a m

p rosp ects

b r ig h t

E s p e c i a l l y in W a l l S t r e e t c i r c l e s ’ a r o t h e
fo r

th ose

e m p lo y e d

th ere.

M e n tio n

of

tra ck s o f th e r o a d .

th e c o n s ig n e e s w it h in ft e n

days

T h i s a c t i o n is s a i d t o h a v e j b e e n b a s e d

t li o s o a n n o u n c e d t h is w e e k b y f i n a n c i a l i n s t i t u t i o n s w ill b o

o n a p r o v i s i o n t o t h is e f f e c t in a n e w t a r i f f p u b l i s h e d b y t h e

fo u n d u n d e r th o
F in a n c ia l N o w s .”

c o lu m n

r o a d o p e r a t iv e

ADJUSTMENT

OF DEMURRAGE RATES=NOTICES
OF EMBARGOES.

headed

“ B a n k in g ,

L e g is la tiv e

&

on

T uesday,

o f th e B o s t o n C h a m b e r

F o llo w in g

th o a n n o u n c e m e n t t h a t th o

In te r -S ta te C o m ­

m e r c o C o m m i s s i o n h a d s u s p e n d e d o n N o v o m b e r 2 0 “ a ll t h e
ta r iffs w h ic h h a v o b e e n file d b y r a ilr o a d s r e c e n t ly p r o v id in g
fo r

a

g ra d u a ted

s c a lo

of

in c r e a s e d

d em u rrage

c h a r g e s ,”

it w a s m a d o k n o w n o n N o v o m b e r 2 9 th a t, as a n e m e rg e n cy
m e a s u r o t o r e lie v o th o fr e ig h t c a r s h o r t a g e , th o C o m m is s io n
h a d a u t h o r iz e d th o r a ilr o a d s t o e s ta b lis h a n d m a in ta in u n til
M a y 1 1 91 7 a n o w p r o g r e s s iv e d o m u r r a g o s c a lo h ig h e r th a n
th o p re s o n t fla t r a te o f $1 a d a y .
F orm a l an n ou n cem en t
o f th e a d ju s t m e n t o f th o d o m u r r a g o r a t e s w a s m a d o o n t h o
1 st in s t.
d ia te ly
and

T h o o r d e r w h ic h d ir e c t e d th o r a ilr o a d s t o im m e ­
c a n c e l a ll d e m u r r a g e

w h ic h

s li i p p o r s

th o

C o m m is s io n

p rotests

a u th o r iz e d

s c h e d u le s r e c e n t ly
had su sp en d ed
th o

filin g

of

on
now

s u b m itte d
a ccou n t

of

s ch e d u le s :

“ f i r s t m a k i n g n o c h a n g o 'i n t h o p r e s e n t e f f e c t i v e f o r m o f t h o
w e a t h e r r u le o r a v e r a g o a g r e e m e n t ; s e c o n d ,

p r o v id in g fo r

t w o d a y s f r e e t i m e , e x c l u s i v e o f S u n d a y s o r le g a l h o l i d a y s ,
and
t im o :

fo llo w in g

ra tes

o f d em u rra ge

a fte r

e x p ir a tio n

o f fr o e

$1 f o r th o firs t d a y , $ 2 f o r th o s e c o n d d a y , $ 3 f o r th o

th ir d d a y a n d $ 5 fo r th e fo u r th a n d e a c h s u c c e e d in g d a y ;
t h i r d , p r o v i d e d t r a c k s t o r a g o c h a r g e s s h a ll r e m a i n i n e f f o c t
a s a t p r e s e n t e x c e p t w h e r e t h o d o m u r r a g o r a t o is $ 3 p e r d a y
o r m o r o ; fo u r t h , p r o v id e d fu r th e r t h a t




D ecem ber 26.

In

e x p la in in g

t h is t a r i f f , W . I I . C h a n d l e r , m a n a g e r o f t h e T r a f f i c B u r e a u

th o s e p r o v is o n s b o

of

C om m erco,

s ta te d

t h a t it w a s

a p p l i c a b l e t o b o t h c a r l o a d a n d le s s t h a n c a r l o a d f r e i g h t .
On

N ovem ber

th rou gh

its

28

th e

A m e r ic a n

C o n fe re n c e

C o m m itte e

R a ilw a y
on

A s s o c ia tio n

C ar

E ffic ie n c y ,

a n n o u n c e d t h a t th e ra ilr o a d s o f th e N o r t h w e s t h a d a g re e d
t o a id t h e c a m p a ig n f o r th e r e lie f o f t h e c o u n t r y - w id e c a r
s h o r t a g e b y p u t t i n g a b o u t 1 6 ,5 0 0 o f t h e i r o r e c a r s i n ] t h e c o a l
c a r r y in g s e r v ic e .

I t w a s s ta t e d th a t th e o r e ca rs w o u ld b e

u s e d o n t h o C h i c a g o & N o r t h w e s t e r n a n d t h e S o o l in e s a n d
t h e ir im m e d ia t e c o n n e c t io n s , r e le a s in g a la r g o n u m b e r o f
r e g u l a r c o a l c a r s n o w in t h is t e r r i t o r y f o r g e n e r a l c o m m e r c i a l
use.

A t t h o s a m e t im e t h e c o m m i t t e e m a d o p u b l i c a s t a t e ­

m ent o f b ox
excesses

on

P e n n s y lv a n ia

c a r lo c a tio n s o n
som e

roa d s

headed

and

th o

m o r e ca r s t h a n it o w n s .

lis t

N ovem ber
d e fic ie n c ie s
of

th e

1, s h o w in g la rg e
on

fo r m e r

oth ers.
w ith

The
3 0 ,9 6 3

T h e s ta t e m e n t w h ic h w a s s e n t t o

e v e r y t r a f f i c o f f i c i a l in t h e i n t e r e s t o f r e l i e f f r o m t h e p r e s e n t
c a r s h o r t a g e p l a c e d t h e v a r i o u s l in e s in g r o u p s .

W it h fe w

e x c e p t i o n s i t is s t a t e d

show n

havo on

th a t E a stern roa d s w ere

t h e i r l in e s c a r s g r e a t l y in e x c e s s o f

to

1 0 0 % o f th e ir

t o ta l o w n e r s h ip .
T h e s e ro a d s w ere u rg e d b y th e co n fe r e n c e
c o m m i t t e e t o r e t u r n c a r s a s r a p i d l y a s p o s s i b l e t o l in e s
s h o w i n g d e f i c i e n c i e s , in o r d e r t o c o m p l y w i t h t h e r u le
is s u e d b y I n t e r - S t a t e C o m m e r c o C o m m i s s i o n e r M c C h o r d
a t L o u is v ille .
C o n c e r n in g th e c o m m it t e e ’ s s h o w in g o f
ox cosses a n d d e fic ie n c ie s ,
N o v e m b e r 2 9 s a id :

th e

P h ila d e lp h ia

“ L ed ger”

of

[Vol. 103.

THE CHRONICLE

2124:

N ext to the Pennsylvania, the B oston & M aine has the greatest number,
exceeding 100% o f its ownership, having on N o v . 1 an excess o f 11,118
cars.
T he roads in the so-called group N o . 2, em bracing m ostly the roads
reaching the N ew Y ork , Philadelphia and other Eastern terminals, had
the greater number on their lines in excess o f actual ownership, according
to the statement, the total being 73,263. The Baltim ore & Ohio had
7,111, the Erie 6,239, the N ew Y ork Central 9,732 and the Reading 6,054.
R oads reaching seaboard terminals south o f the metropolitan sections
showed an excess o f 10,430 over their total ownership, the Chesapeake &
Ohio with 6,566 and the Southern R y . with 8,496 leading in this group.
Central Western roads reported slight excesses or deficiencies, the net
total for the group being 720 less than the total ownership. T he Cincin­
nati H amilton & D a yton reported an excess o f 1,318, the Vandalla an
excess o f 2,055 and the W heeling & Lake Erie an excess o f 1,630. D e­
ficiencies were reported as follows: Big Four,, 1,405: Pittsburgh & Lake
Erie, 1,459 and H ocking Valley, 953.
The statement upon reaching the Southern roads shows consistent de­
ficiencies, the largest number being as follows: Illionois Central, 7,038:
Louisville & N ashville, 5,890; M ob ile & O hio, 3,683; N ashville Chatta­
nooga & St. Louis, 4,083; C . N . O. & T . P ., 2,961, and the Central o f
G eorgia, 1,773. T h e net deficiency for the Southern lines was 27,243 cars.
A m ong the roads operating in the territory centring about Chicago and
the Missouri R iver, C hicago Burlington & Quincy reported a deficiency o f
3,513. In the W estern lines the Southern P acific reported a shortage o f
6,224 and all other lines reported deficiencies, the total for the tw o Western
groups being 15,757 cars.
.
. .
O n th e 7 th in s t. th e C a r S e r v ic e C o m m is s io n a n n o u n c e d
fu r th e r p la n s t o r e lie v e th e c o n g e s t io n .

On account o f embargoes placed b y com peting lines resulting in a largo
volum e o f eastbound business being forwarded via tho B oston & A lbany
R R . and to prevent accum ulation, embargo Is placed b y this com pany,
effective m idnight, Tuosday, D ec. 5 1916, on all freight, carloads and less,
com ing from connecting lines via A lbany, W est A lbany Transfer, Rensse­
laer and H udson, N . Y ., for points on or via the B oston & A lbany R R ., ex­
cept live stock, perishable, coal, news print paper, freight for the United
Statos Governm ent, foodstuffs for.hum an consum ption, feod for livestock,
material and supplies for use o f tho B oston & A lbany R R .
E m b a r g o o r d e r s , w h ic h p r a c t ic a lly b a r th e W e s t f r o m
s h ip m e n t o f c o m m o d it ie s f o r e x p o r t fr o m

A tla n tic p o rts o r

fo r E a s te rn co n s u m p tio n , w e n t in to e ffe c t o n th e P e n n s y l­
v a n i a l in e s a n d t h e E r i e R R . e a s t o f C h i c a g o y e s t e r d a y .

The

o rd e rs b a r v ir tu a lly e v e r y c o m m o d it y , th e u su a l e x c e p tio n s
b e in g m a d e , h o w e v e r , f o r p e r is h a b le fr e ig h t in t r a n s it a n d
fo r U n ite d S ta te s G o v e r n m e n t s h ip m e n ts .

H . C . S nyder,

A s s is t a n t G e n e r a l F r e ig h t A g e n t o f th e E r ie , e x p la in e d t h a t
t h o o r d e r o f h is r o a d “ e v e n a p p lie s t o liv e s t o c k t o t h e e x t e n t
th a t w e n o lo n g e r a c c e p t liv e s to c k fr o m
N o l i m i t is s e t o n
a ttr ib u te d

to

c o n n e c t in g lin e s .”

t h e d u r a t i o n o f t h e e m b a r g o , w h i c h is

th e c o n g e s tio n

o f lo a d e d

fr e ig h t ca rs

in

th e

y a rd s o n th e A tla n tic s e a b o a rd .

JOHN D. ARCH BOLD DEAD.

A ll r a ilr o a d s in th e

E a s te r n , S o u th e r n , C e n tr a l a n d W e s te r n S ta te s h a v e b e e n

J o h n D . A r c h b o l d , P r e s id e n t o f t h e S t a n d a r d O il C o . o f

in s tr u c t e d t o tu r n o v e r t o th e ir S o u th e r n a n d W e s t e r n c o n ­

N ew

n e c t io n s a p e r c e n t a g e o f b o x c a r s , lo a d e d o r e m p t y , in e x c e s s

in d u s t r ia l w o r ld , d ie d o n D e c . 5 a t h is h o m e in T a r r y t o w n ,

o f th e n u m b e r r e c e iv e d , as fo llo w s :
Railroads in N ow England which have on their lines m ore box cars than
they themselves own will turn over to their Southern and W estern connec­
tions 30% m ore b ox cars than they receive from those linos.
Railroads in what is known as trunk line and central freight territory,
regardless o f tho number o f box cars on their linos, will deliver to their
Southern and W estern connections 2 0% m ore b ox cars than received from
them .
Southern and W estern roads, regardless o f tho number o f b ox cars on
their lines, will deliver to their Southern and W estern connections 10%
m ore b ox cars than they receive, while lines in tho Central W est must
deliver 2 0% m ore box cars to their Southern and W estern connections
than received rom them .
. .
. ,
T h is a c t io n , th e C a r S e r v ic e C o m m is s io n b e lie v e s , w ill

N . Y .

f o r c e a la r g e n u m b e r o f b o x c a r s t o t h e W e s t , t h e N o r t h w e s t ,
S o u t h a n d S o u t h w e s t , w h e r e t h e r e is u r g e n t n e e d f o r t h e m .
T h e A m e r ic a n R a i l w a y A s s o c ia t io n , t h r o u g h its C o m m is ­
s io n o n C a r S e r v ic e , d ir e c t e d o n t h e 7 th in s t . t h a t a s p e c ia l
s t u d y b e m a d e o f t h e s it u a t io n t h a t e x is ts a t D e t r o i t , w h e r e
rep orts

in d ic a te

a p p r o x im a te ly

2 5 ,0 0 0

ca rs

are

s ta n d in g

J e r s e y a n d o n e o f th e m o s t im p o r t a n t fig u r e s in t h e
M r . A r c h b o ld w a s 6 8 y ea rs o ld .

ground

fo llo w in g

resorted
a

to,

r e la p s e .

o p e r a tio n ,

a fte r

M r.

S ta n d a rd

th e

but

a

b r ie f

A r c h b o ld

w as

b lo o d

as

O il i n t e r e s t s a s J o h n

c lo s e ly

D .

v ie w

to

w as

s u ffe re d

a s s o c ia te d

R o c k e fe lle r ,

w ith

w hom

he

s u c c e e d e d a s P r e s i d e n t o f t h e S t a n d a r d O il C o . o f N e w J e r s e y ,
th e

p a re n t c o r p o r a tio n ,

in

D ec.

1911.

He

had

a cted

as

p r i n c i p a l s p o k e s m a n f o r t h e S t a n d a r d O il i n t e r e s t s d u r i n g t h e
m a n y le g a l a n d p o lit ic a l c a m p a ig n s a g a in s t t h e c o r p o r a t io n ,
and

show ed

a ffa ir s .
1848.

r e m a r k a b le

a b ility

in

h a n d lin g its

im p o r ta n t

M r . A r c h b o ld w a s b o r n in L e e s b u r g , O h io , J u ly

26

H e b e c a m e i d e n t i f i e d w i t h t h e o i l i n d u s t r y w h i l e s t ill

a y o u n g m a n a n d in th e e a r ly d a y s w a s a n a c t iv e o p p o n e n t
o f J o h n D . R o c k e f e l l e r a n d h is a s s o c i a t e s , w h o l a t e r o r g a n i z e d
th e S ou th ern Im p r o v e m e n t C o .

H e becam e

a n d in 1 8 6 4 b e c a m e its P r e s id e n t .
a

tr a n s fu s io n

im p r o v e m e n t h e

a

rep resen ta ­

t i v e a n d s t o c k h o l d e r o f t h e A c m e O il C o . o f P e n n s y l v a n i a ,

a w a itin g u n lo a d in g .
W ith

H e w as op e ra te d

o n fo r a p p e n d ic itis o n N o v . 2 3 ; w h e n h e c o n t in u e d t o lo s e

a v e r tin g

an

im p e n d in g

c o a l fa m in e

C h i c a g o , t h e S t a t e P u b l i c U t ilit ie s C o m m is s io n o f

in

I llin o is

I n t h e fa ll o f 1 8 7 5 M r .

A r c h b o ld , p r e v io u s ly o n e o f th e o p p o s in g fo r c e s o f t h e S ta n d ­
a r d O il, b e c a m e o n e o f its d ir e c t o r s .

H i s r is e i n t h e S t a n d a r d

Issu ed a n o r d e r o n th e 1 st in s t w h ic h p r o v id e s t h a t a p r o g r e s ­

O il C o . w a s r a p i d .

s i v e d e m u r r a g e r u le s h a ll b e c o m e o p e r a t i v e i n t h e S t a t e o n

c o m p a n y , w ith

a ll r a ilr o a d s r e la t iv e t o c o a l a n d c o k e ca r s b e g in n in g D e c e m ­

1911

ber 6.

A r c h b o l d w a s c h o s e n a s h is s u c c e s s o r .

C a r s h e l d i n y a r d s o r o n s id i n g s f o r a d a y b e y o n d

a s a c t iv e

A ft e r s e r v in g a s a V ic e -P r e s id e n t o f th e

th e r e t ir e m e n t
head

of

of John

th e N e w

D .

J ersey

R o c k e f e l l e r in

co r p o r a tio n , M r .

M r . A r c h b o l d , u n li k e

“ f r e e t i m e ” s h a ll p a y $ 1 p e n a l t y ; t w o d a y s $ 2 ; t h r e e d a y s $ 3

o t h e r d i r e c t o r s o f t h e S t a n d a r d O i l , w a s n e v e r a d i r e c t o r in

and

m any

$5

fo r

each

s u c c e e d in g

day.

The

ord er,

w h ic h

w ill

r e m a i n i n f o r c e u n t i l M a y 1 , 1 9 1 7 , is s a i d t o b e f o u n d e d o n

co r p o r a tio n s , b u t d e v o te d

b u s in e s s l i n e t o h i s o i l i n t e r e s t s .
in

v a r io u s

h i s s o le a t t e n t i o n

in

th e

H e w a s , h o w e v e r , a lw a y s

a n a g r e e m e n t r e a c h e d b e t w e e n t h e r a ilr o a d s a n d c o a l d e a le r s .

in te re s te d

T h e C h ic a g o “ T r ib u n e ” o f N o v e m b e r 2 8 s ta te d th a t “ a c t io n

U n iv e r s it y , in w h ic h h e w a s m o s t a c t iv e ly

p h ila n th r o p ic

e n te r p r is e s .

S yracu se

t o b r e a k u p a n a lle g e d c o n s p ir a c y w h e r e b y th e p r ic e o f c o a l

h a d s e r v e d a s P r e s id e n t o f

is b e i n g “ b o o s t e d ” b y c o a l s p e c u l a t o r s a n d a n u m b e r o f r a i l r o a d s

r e c i p i e n t o f c o n s i d e r a b l e o f h is c h a r i t a b l e c o n t r i b u t i o n s .

in te r e s te d a n d

its B o a r d o f T r u s t e e s , w a s th e

in c a u s in g h u n d r e d s o f c a r s o f th e fu e l t o b e h e ld in C h ic a g o r a il­
r o a d y a r d s , w a s b e g u n o n N o v . 2 7 b y t h e s ta t e p u b lic u t ilit ie s
c o m m is s io n .

I n a n o r d e r c h a r a c t e r iz in g t h e a c t io n o f th e

r a ilr o a d s in “ d e t a in in g a n d u s in g c o a l c a r s b e lo n g in g s t o o t h e r
c a r r ie r s ”

is

“ w r o n g fu l

and

u n la w fu l,”

th e

c o m m is s io n

d ir e c te d th e r o a d s c o n c e r n e d to “ p r o m p tly r e tu r n to th e ir
o w n e r s a ll c o a l c a r s r e c e i v e d . ”
I t w a s s ta te d th a t th e
C h a ir m a n o f t h e C o m m is s io n , W illia m L . O ’ C o n n e ll, m a d e
k n o w n a t t h a t tim e t h a t o n e o f t w o m e a n s o f fo r c in g t h e r a il­
r o a d s t o r e lie v e th e c a r s h o r ta g e w o u ld b e p u r s u e d b y th e
n e w o r d e r , n a m e ly a n in cr e a s e in th e d e m u r r a g e c h a r g e s o n
a ll c a r s h e l d a f t e r a p e r i o d o f t w o d a y s , o r t h e l i m i t i n g o f t h e
n u m b e r o f r e c o n s ig n m e n ts b y

w h ic h

a

c o a l c a r m ig h t b e

h e ld in d e fin it e ly in a r a ilr o a d y a r d .
T h e o r d e r w ith r e g a r d t o e m p ty c o a l ca rs r e a d as fo llo w s :
It having com e to the attention o f the Com m ission that the present
shortage o f bituminous coal within Illinois is largely brought about b y the
failure o f railroad com panies to return prom ptly to coal originating railroads
the coal cars belonging to such originating railroad com panies, used in the
transportation o f inter-Stato traffic within the State o f Illinois; that said
other railroad com panies are now wrongfully and unlawfully detaining and
using coal cars belonging to other carriers.
I t is therefore ordered b y tho State Public Utilities Comm ission o f Illinois
that every railroad, com pany, or receiver thereof, operating a railroad in
the State o f Illinois, shall prom ptly return to their owners all coal cars
received b y any such railroad com pany, or receiver, in Inter-State com m erce
after said car has been unloaded and m ade em pty; said cars to be returned
prom ptly either loaded or em pty; if said coal cars cannot be im m ediately
loaded and roturned to tho owner lino, then said cars should be imm ediately
returned em pty.
T h e B o s t o n & A lb a n y R R . o n
fo llo w in g e m b a r g o n o tic e :




t h e 5 t h in s t . is s u e d t h e

DEATH OF GEORGE C. BOLDT.
G eorge

C . B o ld t ,

w e ll k n o w n

as

th e

p r o p r ie to r

W a ld o r f - A s t o r ia H o t e l o f th is c i t y , d ie d o n N o v . 5 .

of

th e

H o w as

in h is s i x t y - f i f t h y e a r , a n d h a d b y h i s o w n a b i l i t y a n d i n t e g r i t y
r e a c h e d th e h ig h p o s it io n a tt a in e d b y h im a m o n g A m e r ic a n
h o te l-m e n .
B o r n o n t h o I s la n d o f R u g o n , a P r u s s ia n p o s ­
s e s s io n i n t h e B a l t i c S e a , o n A p r i l 2 5 1 8 5 1 , h e e m i g r a t e d t o
th is c o u n t r y a t t h e a g e o f t h ir t e e n .
H i s s m a l l b e g i n n i n g in
t h e h o t e l l i n e e v e n t u a l l y l e d t o t h o o p e n i n g b y h i m a s s o le
p r o p r ie t o r o f t h e W a l d o r f in 1 8 9 3 ,

th a t h o te l th en

ran k as

th e w o r ld .

th e

m ost

m a g n ific e n t

in

w a s la te r e n la r g e d b y th e e r e c t io n o n

t a k in g

The

h otel

a d jo in in g p r o p e r t y o f

th e A s t o r ia , th e t w o b o in g m e r g e d u n d e r th e n a m e o f th e
W a ld o r f-A s to r ia .

M r.

B o ld t

a ls o

ow ned

th e

B o lle v u e -

S t r a t f o r d H o t e l in P h i l a d e l p h i a , a h o s t e l r y t h a t is t o P h i l a ­
d e lp h ia w h a t t h e W a ld o r f-A s t o r ia h a s lo n g b e e n t o N e w Y o r k .
H e h a d b e e n g r e a t ly in t e r e s te d in t h e u p b u ild in g o f C o r n e ll
U n i v e r s i t y a n d g a v e t o i t $ 1 0 0 ,0 0 0 , b e s i d e s r a i s i n g m o r e f o r
i t s d e v e l o p m e n t , i t is s a i d ,

th a n

any

oth er

one

m an.

B e­

s id e s h is h o t e l a c t i v i t i e s , M r . B o l d t w a s c o n n e c t e d w i t h
n u m e r o u s e n te r p r is e s .
H e w a s V ic e -P r e s id e n t a n d d ir e c t o r
o f th e A p o llin a r is A g e n c y C o ., d ir e c t o r o f t h o C o m m o n w e a lt h
T r u s t C o . , T r u s t e e a n d A c t in g C h a ir m a n
T ru stees

of

C o r n o ll U n iv e r s it y ,

L i b r a r y , o f A le x a n d r ia B a y ;

P r e s id e n t

o f th o B o a r d o f
of

th e

H o lla n d

d ire cto r o f th e L in c o ln T ru s t

C o ., d ir e c to r o f th e N o r t h B r itis h & M e r c a n t ile In s u ra n c e
C o . , o f N e w Y o r k , E d in b u r g h a n d L o n d o n ;

P r e s id e n t o f th e

THE CHRONICLE

Dec. 9 1916.]

S t. L a w r e n c e R iv e r R e a l E s ta te A s s o c ia tio n , d ir e c to r o f th e
W a ld o r f-A s to r ia S e g a r C o ., L t d .;
t li o

W a ld o r f

I m p o r ta tio n

C o .,

P r e s id e n t a n d d ir e c t o r o f
T ru stee

of

th e

H o s p ita l

S a tu r d a y a n d S u n d a y A s s o c ia tio n a n d T ru s te e o f th e E q u it ­
a b le L ife A s s u r a n c e S o c ie t y .

INQUIRY BY N E W LANDS COMMITTEE INTO RAIL­
ROAD A N D GOVERNMENT UTILITIES.
A n o u tlin e o f a p la n fo r th e r e g u la tio n o f th e r a ilr o a d s ,
p r o p o s e d b y th e la t t e r , m a r k e d th e h e a r in g w h ic h h a s b e e n
u n d e r w a y in W a s h i n g t o n

s in c e N o v . 2 0

b e fo re th e N e w -

la n d s J o in t C o m m it t e e o n I n t c r - S t a t o C o m m e r c e a u t h o r iz e d
to

in v e s t ig a te

r e g u la tio n .

th e

The

p r o b le m s
scop e

and

o f r a ilr o a d
ch a ra cte r

and
of

p u b lic

th e

w ork

u t ilit y
d e le ­

g a t e d t o t h e C o m m i s s i o n w a s s o t o u t in a s t a t e m e n t m a d e
by

S e n a to r

N e w la n d s

w ith

th e

o p e n in g

of

th e

in q u ir y ,

w h ic h s a id :
U pon the initiative o f President W ilson, a Congressional join t com m ittee,
com posed o f five Senators and five Congressmen, was authorized to inves­
tigate all problems relating to transportation and to m ake a new survey
not only o f tho defects o f the existing system , if there are an y, but o f im ­
provem ents that m ay bo made in that system .
W o want represented at this investigation economists and publicists o f
note, representatives o f tho Inler-Stato Com m erce Com m ission, State
Railroad Commissions, chambers o f com m erce, boards o f trade, railroad
executives, railroad em ployees, farmers and shippers generally, so that the
expression will be representative o f every class, organization and interest
connected with the subject o f transportation.
Tho inquiry will bo a very wide one. It will relate to every phase o f tho
transportation question, the rail carriers, river carriers and ocean carriers,
that will meet tho demand o f intcr-Stato as well as o f foreign com m erce,
and it will also relate to telegraph and telephone lines, express com ­
panies and other public utilities.
It will em brace not only tho subjoct o f Governm ent control and regula­
tion o f those utilities, but also tho wisdom and tho feasibility o f G overn­
ment ownership and the com parative worth and efficiency o f Governm ent
regulation and control, as com pared with Governm ent ownership and
operation.
In tills connection the question will bo considered as to wliother the
Inter-State Com m erce Commission is now overloaded and if so whether
this difficu lty should bo m et b y relieving it o f m any o f tho supervising and
administrative duties which it now exercises or b y enlarging and sub­
dividing it so as to onablo it to meet the strain o f its various duties.
Another question o f im portance that will com o up will be tho question
o f tho control o f railway and other public utility securities. A s it is, m ost
o f the State public utility com m issions aro regulating tho issue o f securities
upon tho railroads within the boundaries o f tho State over which each has
Jurisdiction.
It is com plained that this com plexity o f con trol, which affects not only
tho securities but the rates, restrains tho activities o f tho corporations them ­
selves, makes their methods o f obtaining m oney for needed improvem ents
and developm ents very com plicated, and frequently defeats their purpose
o f securing favorablo markets, tho approval o f tho securities sometimes being
given whon the favorablo opportunity has passed by.
It is suggested that tho United Statos Governm ent b y reason o f its
power over Inter-State com m erce should creato a tribunal for that pur­
pose or givo such control to the Inter-Stato Com m erce Com m ission. The
question then arises whether tho regulating com m ission shall bo sim ply
a co-ordinating body acting in addition to tho torty-oight public utility
commissions created b y tho various Statos, or whether its action shall be
that o f an over-lord, dom inating and controlling, where con tradictory, the
action o f lesser sovereignties. So the question o f Stato rights will be
involved In this m ost interesting subject.
There will also com e up tho question as to whether tho nation or the
States should creato tho great organizations that servo the purposes o f intcrStato com m erco. Thus far wo have been content to allow Hie States to
create these corporations, theso railroad com panies. B ut as inter-State
com m erce increased and these systems wero brought together in a co-ordinatod service over the entiro country in inter-Stato com m erco, it has been
claimed that wo have not m ot tho econom ic requirements o f tho tim e by
creating national organizations under which great railway system s could lie
incorporated as broad in their operation as the national power o f inter-State
com m erce. There again tho question o f State rights will com e up.
A m ong others will bo tho question o f taxation, as to whether tho Statos
will Insist each upon its sovereign right to tax the corporation and its prop­
erty doing business within tho boundaries o f that State or whether tho na­
tional Governm ent, as In tho case o f national bank corporations, shall
declaro a uniform rule as in tho case o f tho banks, under which taxes shall
bo levied.
Then in connection with that will com o tho question o f hours and wages
o f em ployes. 1 lie burdens v, hich constitute tho operation expenses o f thes j
corporations aro in tiino transferred to the shippers. T hey cannot long rest
upon the investors, for if they rest upon them too heavily thero will bo a de­
cline in the securities, and a consequent difficu lty in securing the m onoy for
im provem ents and extensions, and thus the public demands themselves will
not bo m et.
R ailw ay corporations havo to ralso their entire revenue from tho public in
the shape o f rates for freight and passengers. T hat revonuo goes to tho oper­
ating expenses, wages o fs o m o 1,800,000 em ployees, tho supplies to the rail­
ways, the taxes and tho interest upon tho stocks and bonds issued. So
that the public itself, tho ultim ate bearer o f this ontiro burden, is m ost pro­
foundly interested in perfecting a system which will establish the credit o f
tho carriers themselves in such a way as to enablo them to obtain m oney
at tho lowest rates and yet maintain the valuo o f their securities
A d if­
ference o f 1% paid to tho investors on the $16,000,000,000 o f bonds and
stocks issued by the railway corporations o f this country makes an additional
chargo o f $160,000,000 annually upon tho shippers o f tho cou ntry. Hero
tlie question o f receiverships and railway reorganizations will also com o up
for consideration.
As to wages and the hours o f labor, it is very evident that under present
conditions tho only ultimate m ethod o f settling a difficu lty between a rail­
road and its employees is a resort to force. A nd tho question is whether a
nation pretending to some degree o f civilization, which has eliminated the
doctrine o f forco from application to controversies between man and man,
and which furnishes judicial tribunals for tho settlement o f those contro­
versies, and which is now and has been for years endeavoring internationally
to secure a system under which tho nations o f tho eartli will creato similar
tribunals for tho adjustment o f international disputes w ithout resort to




2125

force— whether such a civilized nation can be content to perpetuate tho ex­
isting condition o f things.
This is a subject o f profound thought. I t will require the best and the
m ost humane consideration o f com m unities and State and o f the nation
itself.
In addition to this question o f regulation and control o f these great pub­
lic utilities, there is intrusted to this com m ittee the stu dy o f the question o f
Governm ent ownership. It is a question that m ast be faced. Other na­
tions far advanced in civilization havo adopted the system . R ecently,
under the stress o f war, alm ost all European Governm ents have taken over
the railways. W hether that will be a permanent taking over or only a tem ­
porary one, it demonstrates that in conditions o f great crises, when auto­
cratic powers must be given to tho G overnm ent, all intelligent Governm ents
drift toward absolute and com plete operation o f tho roads as the only solu­
tion o f the question.
I f we pursue the exercise and tho study o f Governm ent regulation wisely,
persistently and energetically, we m ay create such a system o f regulation as
will m eet every requirem ent, both in time o f peace and o f war, and in ex­
igency o f crisis. But it seems to be a wise thing for the Governm ent o f the
United States to ascertain now the history o f the countries that have adopted
Governm ent ownership and operation o f railways, and to watch the experi
ences o f tho European countries in this great war in this regard.
In this connection, will com o tho question o f the m ethod o f taking over
tho railroads. Shall It bo accom plished b y an actual valuation o f the rail­
ways and a condem nation o f them , or shall they be taken over by the easier
m ethod o f taking over tho stock and tho bonds at their m arket value, thus
at one step having the national Governm ent take tho position o f stockholder
and security holder in these great corporations?
These aro a few o f tho questions which we have before us. It will not
be possible for us to com e to a speedy conclusion regarding all, but that
conclusion will be m ore quickly arrived at if wo have the sym pathetic aid
o f practical men who for years havo been conversant with the practical side
o f tho transportation question, o f tho econom ists and publicists, and na­
tional Stato regulating commissions o f railway executives and workers
com m ercial bodies, farmers and manufacturers and shippers generally.
AVe want the best thought o f the country in tho consideration o f these
im portant questions.
T h e r e g u la tiv e
s u b m itte d

on

prop osal a d va n ced

N ov.

25

by

A.

P.

by

th o r a ilr o a d s

Thom ,

R a ilw a y E x e c u tiv e s ’ A d v is o r y C o m m itte e ,

cou n sel
avIio

w as

fo r

th e

o u tlin e d th e

s u g g e s t i o n s o f t h e r a i l r o a d s a s t o t h e p r i n c i p l e s t v h ic h t h e y
b e l i e v e s h o u l d b e i n c o r p o r a t e d in a n y j u s t s y s t e m o f r e g u l a ­
t i o n , i n p a r t , a s fo llo A v s :
1. Tho entire power and d u ty o f regulation should be in the hands o f the
national Governm ent except as to matters so essentially local and incidental
that they cannot bo used to interfere with tho efficiency o f the service or the
just rights o f the carriers.
2. As one o f the means o f accom plishing this a system o f Federal in­
corporation should be adopted which should cover all railroad corporations
engaged In inter-State or foreign com m erco, such system to be com pulsory,
not elective, and preserve to corporations reincorporating under it not only
all their contract rights and other assets o f all sorts but also their existing
charter powers except as to any feature contrary to an A ct o f C ongiess,
and should also confer upon them general powers conferred upon all corpora­
tions b y the Federal A cts.
3. The Inter-State C om m erce Com m ission, with different functions, is
inconsistent and violative o f the principle that the legislative, executive and
Judicial departments should be kept separate. T o reduce the pressure
upon tho Inter-State Com m erco Comm ission and to separate these incon­
sistent functions the Comm ission should bo relieved o f all duties except the
power over rates and routes and powers affecting the revenues.
4. T ho Inter-State C om m erce Comm ission should be authorized to
prescribe m inimum rates in addition to its present pow er to prescribe
m aximum rates.
5. T he Inter-State Com m erce Commission should be required. In ascerainlng and determining wnat is a reasonable rate for any service, to take into
account and consider value o f tho service, rights o f passengers, shippers and
owners o f the property transported, expenses incident to maintenances and
operation o f the carrier property, rights and interests o f stockholders and
creditors o f the corporations, the necessity for maintenance in public service
o f efficient means o f transportation and for the establishment from tim e to
time o f additional fachities and im proved service, and in addition thereto
any other consideration pertinent to be considered in arriving at a just
conclusion.
T ho power o f the Commission to suspend rates should be confined to
sixty days from the date tho tariff is filed, as heretofore described.
6. Tho Inter-State Com m erco Comm ission should have power and the
duty to prescribe, upon the application o f the Postm aster-General or o f any
interested carrier, reasonable rates for all services arid facilides connected
with the carrying o f mails.
7. The Federal Governm ent should have the exclusive power to supervise
issues o f stock and bonds b y railroad carriers.
8. T he law should recognize the essential difference between things
which restrain trade in tho case o f ordinary mercantile concerns and those
which restrain trade in the case o f com m on carriers.
9. T ho law should expressly provide for tho m eeting and agreement o f
traffic or other officers o f railroads in respect o f rates or practices.
T h e a b o v e s u g g e s tio n s w e r e p r e s e n te d
C o m m itte e
w h ic h

he

by

M r.

o u tlin e d

T hom

a fte r a

a t le n g th

t lie

th ree
t r o u b le s

to

th e N e w la n d s

d a y s ’ h e a r i n g , in
of

th e ro a d s

in

q u e s t i o n s o f f i n a n c i n g a i d in p r o v i d i n g a d e q u a t o f a c i l it i e s
f o r t h e n a t i o n ’ s b u s in e s s .

H e e m p h a s iz e d p a r t ic u la r ly th e

d i f f i c u l t i e s o f o p e r a t i o n u n d e r t h e e x i s t i n g s y s t e m o f s im u l ­
ta n e o u s F e d e ra l a n d S ta te r e g u la tio n , a n d a ss e rte d th a t th e
i n t e r e s t a n d t h e a i m o f t h e r o a d s is t o d o n o t h i n g t h a t is n o t
in t h e p u b l i c i n t e r e s t .

M r . T h o m in d i s c l o s i n g t h a t a t t h is

t im e r a i l r o a d s w o u l d n o t i n t r o d u c e t h e s u b j e c t o f t h e i r r e ­
l a t i o n s Avith l a b o r , s a i d :
It m ay be that Congress will have to confront and deal with these ques­
tions either before this com m ittee or some other com m ittee, but it ought to
be m et when it arises and not at present.
M r . T h o m r e a d a m e m o r a n d u m fr o m R ic h a r d O ln e y ,
S e c r e ta r y o f S ta te u n d e r P r e s id e n t C le v e la n d , fa v o r in g th e
p r in c ip le o f F e d e r a l in c o r p o r a t io n o f t h e r a ilr o a d s a n d o u t ­
l i n i n g Iioav M r . O l n e y t h o u g h t it c o u l d b e b e s t a c c o m p l i s h e d .
M r.

O ln e y ’s

b r ie f

s a id

a

F ed era l

in c o r p o r a tio n

m easure

3126

THE CHRONICLE

s h o u ld p r o v id e f o r th e in c o r p o r a tio n o f c e r ta in
p erson s

to

a c q u ir e ,

h o ld

and

m anage

a ll

d e s ig n a te d

fr a n c h is e s

p r o p e r tie s o f S ta te c o r p o r a tio n s ta k e n o v e r .

and

T he am ount

o f th e c a p it a l s t o c k w o u ld b e d is c r e tio n a r y w it h s u c h p e r ­
s o n s , d e b t s a n d o b lig a t io n s o f th e o l d t o b e a s s u m e d in e a c h
ca s e b y th e n e w c o m p a n y a n d s to c k h o ld e r s o f th e o ld t o b e
o ffe r e d

sto ck

in

th e n e w .

n o t o b ta in a b le b y

S h a res

of

th e

o ld

c o r p o r a tio n

e x c h a n g e o r p u r c h a s e w o u ld b e s e c u r e d

b y e m in e n t d o m a in p r o c e e d in g s .

T h e o r g a n iz e r s o f a n e w

c o r p o r a t i o n w o u l d o p e r a t e t h e r o a d c o n c e r n e d w i t h a ll t h e
p o w e r s o f r e c e iv e r s u n t il a m a jo r i t y o f t h e n e w c a p it a l s t o c k
w a s is s u e d , a n d t h e n c o n t r o l a n d o p e r a t io n w o u ld b e ta k e n
o v e r b y th e s to c k h o ld e r s .
M r . O ln e y ’ s s ta t e m e n t in p a r t w a s a s fo llo w s :
1. For all the purposes and functions o f com m erce between the States
o f the United States, between such States and the Territories o f the United
States, and between such States and Territorise on the one hand and for­
eign nations on the other, the United States Is one country, with com plete
and exclusive jurisdiction over the whole subject— and State lines and juris­
dictions are without significance.
2. Comm erce, in the Constitutional sense, covers transportation and
Intercourse in all form s and whether existing when the Constitution was
adopted or since introduced and practiced.
3. T he national com m erce power, being o f such extent and exclusiveness,
necessarily subjects to national regulation and control all the agencies and
instrumentalities b y which national com m erce Is carried on.
4. It cannot be doubted that a railroad corporation created b y a national
charter is an apt instrument for the carrying on o f national transportation
and that the organization o f such a corporation with all appropriate powers
and duties is a fit subject for treatment under the commerce power.
5. N or is to be doubted— because ample experience has shown— th a t,
in this matter o f national transportation b y railroads, public policy and the
public welfare are at one with the law o f the country. T hey imperatively
require that the subject should be dealt with in all its phases b y a single
authority which can be no other than the nation itself. The mixed juris­
diction over the subject now prevailing— the States exercising a part,
m ostly through State charters, and the United States a part, m ostly through
the com m erce power— Is thoroughly archaic, originated before the true
scope o f the com m erce power was generally understood, and has resulted
in a serious waste and inefficiency In railroad operation which is at once
matter o f public notoriety and public scandal.
6. In view o f the settled law o f the land as respects the national com ­
m erce power— as b y virtue o f it the United States practically undertakes
to exercise the pow er for the benefit o f the several States and o f all the
people— and as transportation b y railroad Is within that power and is to­
d a y in a condition m ost unsatisfactory to the private owners o f railroads as
well as seriously prejudicial to the national Interests— the question is o f
the rem edy for that condition.
It m ay be claimed that Governm ent ownership o f all national railroads is
the only true and adequate solution, a claim which tim e and sufficient ex­
periment m ay show to bo well founded. Y et Governm ent ownership would
have political bearings o f such pith and m om ent as ought to prevent its
consideration until and unless it Is established that there is no other way
ou t. It is best to assume in the first instance, therefore, that there is some
other w ay out: that the question is essentially adm inistrative rather than
political; that it concerns our national house-keeping rather than the struc­
ture and stability o f the house itself.
7. I f the correctness o f the foregoing premises be assumed, and if it
be also con ced ed , as apparently it must be, that national control o f n a ­
tional transportation b y railroad can be secured in the m ost sim ple, direct
and effective manner b y requiring all parties who undertake it to take out
national corporate charters, the real and practical question is one o f pro­
cedure.
8. T he practical situation is com plicated and difficult because as a whole
the Inter-State com m erce railroads o f the country are to-day owned and o p ­
erated b y State corporations under Stato charters. Thus (apart from the
general p u b lic), the parties interested in the displacem ent o f State railroad
corporations now doing a national com m erce business b y national corpora­
tions are, first, the States granting the existing charters and, second the
stockholders and creditors o f such State corporations. I f the assent o f
these several parties could be counted upon, the change from the present
status to absolute national control o f national transportation b y railroads
through the m edium o f railroad corporations with national charters would
bo easy. But such assent for obvious reasons is not to be taken for granted,
and the question is how shall the Unitod States proceed to accom plish the
desired result w ithout such assent.
M r . O l n e y i n h is s t a t e m e n t t h e n a d v a n c e d t h e a r g u m e n t
t h a t S ta t e fr a n c h is e s w o u ld b e c o m e v o i d w h e n e v e r th e n a ­
t io n a l G o v e r n m e n t s h o u ld a c t u p o n
n e it h e r

th e

a g g r ie v e d ”

S ta te

nor

th e

in th a t c a s e .

th e

c o r p o r a tio n

s u b je c t a n d
w o u ld

bo

th a t

“ le g a lly

H e h o l d s , m o r e o v e r , t h a t “ i t is

(Vol. 103

under the power o f eminent dom ain at a price fixed by a court o f com petent
jurisdiction or b y such court and a jury at the election o f the stockholder.
Seventh. T he organizers to operate the national railroad concerned with
all the powers o f receivers o f an insolvent railroad until a m ajority o f tho
capital stock o f the new corporation shall havo been Issued as hereinbefore
authorized. Upon that taking place, the organizers shall call a meeting
o f stockholders for the election o f directors, w ho, in addition to the powers
o f railroad directors generally, shall havo tho special powers o f the organiz­
ers so far as the exercise o f the same is necessary to fu lly accom plish the pur­
poses o f the charter.
S p e a k in g o f th e r a ilr o a d s a s a p a r t o f a s y s te m o f n a tio n a l
d e fe n s e , M r . T h o m s a id :
The day o f the small and defenseless State has passed. This Is the day
o f great nations, with all their resources available and organized, a neces­
sity o f m odern civilization. Can you organize the American nation except
on a basis o f transportation 7 Tho fundam ental thing in national prepared­
ness is adequate transportation. T he Governm ent is charged with the duty
o f national defense.
There must be a standard o f facilities in tim e o f
peace to bear a proper proportion to needs in tim e o f war. The same
agency charged with the national defense is the only one to have charge
o f the elements o f preparation.
Federal incorporation must be com pulsory. It would be unfair to give
railroads which have favorable Stato charters tho right to retain them and
mako Federal incorporation a refuge for railroads less favorably situated.
T he logic o f com pulsory incorporation, how ever, goes to the Constitution
itself. Federal incorporation will be upheld b y tho courts as an exercise o f
the right to “ regulate” Inter-State com m erco. I f railroads are left a choice
in the m atter o f incorporation, there would bo no “ regulation.” T he C on­
stitutional provision for post roads and for tho national dofense are other
grounds on which Federal incorporation o f the railroads m ight be based.
R e s p e c t in g th e p r o p o s e d r e g io n a l c o m m is s io n s , M r . T h o m
s a id t h a t e x c lu s iv e F e d e r a l c o n t r o l o f r a te s w o u ld p r o v id e
a d d e d re a s o n s fo r b r in g in g r e g u la tio n s a s c lo s e h o m e t o th e
p e o p le

a ffe cte d

as

p o s s ib le .

Ho

th a t he

ex p e cte d

a

S ta te

C om m erce

C o m m is s io n

have

a u th o r ity

to

su spen d

p r o p o s e d ra te ch a n g e s f o r s ix ty d a y s o n ly , b u t th a t a n u n ­
d e r s ta n d in g o f t h e p r o p o s a l m u s t r e s u lt in its a c c e p t a n c e .
I f a t th e e n d o f te n m o n th s , fo r e x a m p le , th o C o m m is s io n
s h o u ld fin d a s u s p e n d e d r a t e t o h a v e b e e n ju s t ifie d , th e r a il­
r o a d ca n n e v e r c o lle c t w h a t it h a s lo s t .

I f , h o w e v e r , th e

i n c r e a s e is m a d e e f f e c t i v e s u b j e c t t o i n v e s t i g a t i o n , t h e r a i l ­
roa d

can

rep a y

t h e s h i p p e r i f t h e i n c r e a s e is h e l d n o t

to

h a v e b e e n ju s t ifie d .
H a v i n g c o m p l e t e d h is o p e n i n g s t a t e m e n t b e f o r e t h e C o m ­
m it t e e o n N o v . 2 5 , M r . T h o m

a p p e a re d b e fo r e th e C o m ­

m it t e e o n N o v . 2 7 a n d w a s q u e s t io n e d b y C h a ir m a n N e w la n d s
and

V ic e -C h a ir m a n

A dam son

c o n c e r n in g

v a r io u s

a s t o s u b j e c t s d i s c u s s e d i n h is d i r e c t s t a t e m e n t .

d e ta ils

In a n sw er

t o q u e s tio n s b y t h e C h a ir m a n , M r . T h o m s a id t h a t it w a s h is
id e a , in ca s e th e p la n o f F e d e r a l in c o r p o r a t io n w ere a d o p t e d ,
t h a t th e r ig h t o f t a x a tio n a n d th e e x e r c is e o f p o lic e p o w e r
w o u l d r e m a in w i t h t h o S t a t e s a n d t h a t C o n g r e s s s h o u l d t a k e
o v e r o n l y t h o s e p o w e r s w h ic h i t is e s s e n t ia l f o r t h e n a t i o n a l
G overn m en t

to

e x e r c is e

in

ord er

to

preven t

in te rfe re n ce

w it h th e r ig h t s o f th e S ta te s o r w it h in t e r -S ta t e c o m m e r c e .
O n th e s u b je c t o f ta x a tio n h e p o in t e d o u t t h a t th e c a p ita l
s t o c k t a x im p o s e d in s o m e S ta te s r e s u lts in d o u b le t a x a t io n
a n d i l l u s t r a t e d h is p o i n t b y s a y i n g t h a t a c o m p a r a b l e c a s e
w o u ld b e t h e t a x a t io n o f t h e la n d c o m p r is in g a fa r m a n d a ls o
t h o d e e d w h ic h r e p r e s e n t s t h e t it le t o t h e p r o p e r t y .
S ta t e c o n t r o l o f r a t e s , h e s a id , re s u lts in p la c in g a n u n d u e
b u r d e n o n th e c o m m e r c e o f o th e r S ta te s a n d o n in te r -S ta te
com m erce.

C h a ir m a n N e w la n d s a s k e d w h e th e r it w o u ld b e

w is e t o lim it t h e d iv id e n d s p a id b y r a ilr o a d s t o 6 %
a llo w a n c e o f 3 %

f o r s u r p lu s .

w ith a n

M r . T h o m r e p lie d t h a t d iv i­

d e n d s s h o u l d n o t b e l i m i t e d u n le s s t h e G o v e r n m e n t w e r e
w illin g t o g u a r a n te e t h e m ; o t h e r w is e th e in v e s t o r w o u ld b e
t a k in g th e c h a n c e o f lo s in g e v e r y t h in g w it h o u t a n o f f s e t t in g
o p p o r tu n ity
6%

o f e a r n in g m o r e

th a n

6% ,

and

w o u ld

p re fe r

fa rm m o r tg a g e s t o s u ch an in v e s tm e n t.

R a ilw a y e x e c u t iv e s h a v e o n l y r e c e n t ly a c c e p t e d t h e id e a

n o t o n ly th e r ig h t b u t th e d u t y o f th e U n ite d S ta te s to e x e r­

o f F e d e r a l in c o r p o r a t io n w ith

c is e th e p o w e r i f th e n a t io n a l w e lfa r e d e m a n d s i t . ”

ca u se

T u r n in g t o t h e m e t h o d b y w h ic h n a t io n a l in c o r p o r a t io n

s a id

d iffe r e n c e o f o p in io n c o n c e r n in g th e p r o p o s a l th a t th e I n t e r ­

som e

of

th em

th a t

fa v o r , M r .

o p era te

under

c h a r te r s w e r e r e lu c ta n t to g iv e th e m u p .

T hom

s a id , b e ­

fa v o r a b le

S ta te

B u t ho th ou g h t

c o u ld b e b r o u g h t a b o u t , M r . O ln e y o u tlin e d th e fo llo w in g

th a t

a s th e p r in c ip a l p o in t s t o b e c o v e r e d :
First. Incorporation o f certain designated persons with powers to acquire,
hold and m anage all the franchises and property o f the old corporation and
with pow er to dispose o f the capital stock o f the new corporation as herein­
after indicated.
Second. A m ou nt o f capital stock to be same as that o f old corporation,
except that the organizers in their discretion m ay m ake the am ount larger
or smaller.
T hird. D ebts and obligatloas o f old corporation to be assumed b y the
now with recognition o f any liens and priorities o f creditors already acquired
as against assets o f the old.
Fourth. Stockholders o f the old corporation, com m on or preferred, to
bo offered com m on or preferred shares or such other interests in the new cor­
poration as, in the judgm ent o f the organizers, will make their Interests In
the new equivalent to their interests in the old .
F ifth. Shares in the old corporation to be purchased for tho new corpora­
tion b y tho organizers o n terms which they m ay deem fair and not injuri­
ous to other parties to tho proposed organization— In the event o f any such
purchase shares o f the now corporation to be sold b y the organizers to an
am ount sufficient to enable them to pay the agreed price.
Sixth. Shares o f the old corporation not obtainable b y exchange or
purchase as above provided to be taken b y the now corporation at its option

r a t h e r t h a n t h a t r o a d s s h o u ld b e a llo w e d t o c h o o s e b e t w e e n




F ed era l

in c o r p o r a tio n

s h o u ld

S ta te a n d F e d e ra l ch a rte rs.

be

m ade

c o m p u ls o ry

A s k e d w h e th e r it w a s t h o u g h t

t h a t a p l a n o f F e d e r a l i n c o r p o r a t i o n w o u ld f a c i l i t a t e t h e t a k ­
in g

over

of

th e

roads

by

th e

G ov ern m en t,

he

s a id

th a t

n o t h in g w a s n e e d e d t o fa c ilit a t e s u ch a n o p e r a t io n if s u c h a
s te p w e r e d e c id e d u p o n .
C h a ir m a n N e w la n d s in s e r te d in th e r e c o r d a t t h e o p e n in g
o f t h e s e s s io n c o p i e s o f v a r i o u s b i ll s p r o v i d i n g f o r F e d e r a l
in c o r p o r a tio n

w h ic h

ho

has

1905.
Q u e s tio n in g o f M r . T h o m

in tr o d u c e d

in

C on gress

s in c e

b y m e m b e rs o f th e N e w la n d s

C o m m it t e e w a s c o n t in u e d a t th e h e a r in g N o v . 2 8 .

In r e p ly

t o q u e s t i o n s b y R e p r e s e n t a t i v e S im s , M r . T h o m

s a id t h a t

in h is o p i n i o n , u n le s s s o m e t h i n g is d o n e t o s t r e n g t h e n r a i l ­
r o a d c r e d it a n d t o ca u s e th e p u b lic t o r o g a r d r a ilr o a d s a s
s a fe

in v e s t m e n ts ,

G overn m en t

o w n e r s h ip

is

in e v it a b le

in

Dec. 9 1916.]

THE CHRONICLE

a short time. For this reason, he said, the question of
States’ rights has no place in this investigation, “ because, if
something is not done to stabilize the present system and to
bring the necessary amount of money into it, then Govern­
ment ownership will come and State control of all sorts
will go.” Mr. Sims supplemented this discussion of Gov­
ernment ownership by expressing a doubt whether the large
sums of money needed for railroad development can be ob­
tained from private sources free to invest money where the
most attractive offer is made. “ The future of the country,”
said Mr. Sims, “ should not be conditional upon the sweet
will of men who are free to put their money where they wish.
Some kind of Government guarantee seems necessary. It
seems almost as if the Government must guarantee mini­
mum dividends, or put its faith back of bonds, or, in some
way, get behind the railroads.” Mr. Thom replied that he
did not think public opinion was yet ready to sanction a
Governmental guarantee of dividends or bonds and that the
railroads, having accepted this as the present state of public
opinion, had endeavored therefore to suggest plans for an
improvement of existing conditions of private ownership.
“ We don’t think the country is ready to guarantee these
things,” said Mr. Thom. “ Our minds therefore went nat­
urally to the improvement of present conditions.” Rep­
resentative Adamson asked Mr. Thom what legal reason
existed for divesting States of control over rates and yet
reserving to the States the right of taxation.
“ Congress would have the power to control taxation,” said
Mr. Thom. “ The preservation in the States of their power
of taxation would bo a matter of policy, not of law. The
Federal Government could impose a tax on gross earnings.”
Mr. Adamson asked what, in the event of Federal incorpora­
tion of railroads, would be done with roads having capital
stock in excess of the investment in the property. “ I be­
lieve you must recognize the things that have happened,”
said Mr. Thom. “ You would not get rid of differences
about capitalization unless under the Federal system you
issued stock without par value. Par value really means
nothing.”
Mr. Adamson said that the people of the country do not
take kindly to tho present system under which the Inter­
State Commerce Commission sends young men as examiners
to hold hearings on rate disputes. He asked if an enlarge­
ment of the Inter-State Commerce Commission and its
division into groups would not solve this trouble.
“ That would not be enough,” said Mr. Thom. “ The
Inter-State Commerce Commission says that extra members
are needed in any event. I think the people would prefer
resident regional commissioners. So far as the selfish inter­
ests of the railroads are concerned they would be served
equally well by a commission in Washington. My idea is
that you must regard the needs, sensibilities and views of
the people. The Government must not be a stranger to
them. This idea of regional commissions is to bring these
commissions into touch with the people.”
Mr. Adamson objected that this suggestion was not con­
sistent with Mr. Thom’s statement that Federal control of
rates is necessary.
“ If you will put the two ideas together you will find they
look like brothers,” said Mr. Thom. “ It is necessary that
commerce be handled without State limits. People do not
do business along State lines. Yet it is essential that the
needs of tho people be understood and that these commis­
sions come into close touch with them.”
Mr. Adamson asked where, if regional commissions ap­
pointed by the President were named, communities would
get redress for local wrongs.
“ The regional commission would be a local body, but not
like a State commission because a State commission is based
on the idea that commerce should be bounded by State
lines. Many railroad men take your view,” said Mr. Thom.
“ They believe strangers would have a more independent
view of local matters. I think we must take the risk of that.
It is desirable from every standpoint to put the regional com­
mission close to the people by making these commissioners
live among them.”
In response to another question, Mr. Thom made this
statement: “Not one cent of revenue is to come to tho rail­
roads from this investigation. This is not a rato hearing.
This is a question of whether you are to allow a reorganiza­
tion that will allow us to meet unprosperous years as well
as the prosperous. We ought not to wait for a time of
disaster to seek a method of relief from disaster.”
Senator Robinson asked if Mr. Thom, in accounting for
the decline in railway credit, had given due prominence to



2127

the mistakes and mismanagement in the past on the part of
the railway managers and financiers.
“ I have no doubt it had a marked cumulative effect,”
said Mr. Thom, “ but the charges about that did not affect
10% of the mileage of the country.” He said that regu­
lation was largely the result of former abuses on the part of
the railroads but that “ the time must come when the char­
acter of the men in charge of these properties must be
recognized as being as high as in any other business or the
system of private ownership and private management must
go.” “ And when that time does come,” he added, “ and I
say it has come now—we think that the time has come for
you, while retaining all of your corrective powers and pro­
cesses, to add the constructive and helpful features to this
system of regulation, which will insure for the future the
sufficiency of these facilities. Granting all that can be said
about abuses existing in the past, detecting them and pun­
ishing them will not provide what the public needs in the
future. Our proposition is that the great mass of these
abuses have been removed; that if they exist at all it is only
in sporadic cases, but certainly as to those that are not re­
moved the retention of your corrective powers will be suf­
ficient to deal with them, and when they are all removed
there aro still conditions of incapacity created which will
prevent the railroads from being able to do their real func­
tion for the public. We are asking you to see to it that
when you get rid of them all you do not leave an anaemic
and incapacitated system of transportation, but that you
will deal in a comprehensive and helpful way with the needs
of the future.”
“ Was the Sherman Anti-Trust Act regarded as a railroad
Act when it was passed?” asked Senator Robinson.
“ It was not,” said Mr. Thom.
"The public interest would not be injured if the Anti-Trust
Act were made inapplicable to railroads?” asked Mr. Robin­
son.
“ I do not think it would,” said Mr. Thom, who recalled
that the Inter-State Commerce Commission has given its
endorsement to a proposed law allowing traffic agreements
which Congress has not passed.
Senator Robinson produced an advertisement of a Rail­
way Investors’ League indicating an impression that the
interests of railroad security holders are not to be repre­
sented in the hearings. Chairman Newlands said that
bankers were included in the original invitation to the
hearings and that any organization of investors would be
welcomed.
The hearing before the Committee on Nov. 29 was de­
voted principally to a discussion between Representative
Sims and Mr. Thom on the subject of Government ownership
of railroads. While Mr. Sims did not directly advocate Gov­
ernment ownership, he argued that the plan of greater Federal
control proposed by the railways was “ a political and practical
impossibility,” on the ground that the people would never
consent to have the States deprived of their present x owers
of regulation, and that as present conditions demonstrated
that something must be done the discussion might as well
proceed to the inevitable question of Government ownershi . Mr. Thom replied that Government ownership would
transfer power from the States to the Federal Government
to an even greater degree than the plan proposed by the rail­
ways, but that he thought that when the people understand
that the proposal of the railways is in the public interest
they will approve it. “ You propose to take more from the
States than I do,” he said. “ In either event the authority
of the States over these transportation facilities will disappear
and be merged in the national Government that acts on be­
half of all the States.”
Mr. Sims said he agreed that a situation exists that calls
for relief and that without relief progress would be paralyzed,
but that as a practical matter members of Congress are
influenced by “ a circumscribed local conception” rather
than by a comprehensive and national view of the situation
and that it would be impossible to get them to pass such
legislation as the railroads propose.
“ If we are going to have men in Congress who can never
get outside of their local situation,” said Mr. Thom, “ we
are in a bad way.”
Mr. Sims said that it was time the railroad owners and execu­
tives gave some consideration to “ the inevitable question,”
and asked whether they would be willing to sell. Mr. Thom
replied that he was not advised on that point but that“ if
the present system is persisted in it may not be long before
tho principal advocates of Government ownership are the
railroad owners themselves.” The discussion was devoted

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THE CHRONICLE

chiefly to an analysis of conditions which, in Mr. Sims’s
opinion, are tending toward Government onwership of rail­
roads. He insisted that the system of private ownership
is “ breaking down.” “ I think it will break down unless
you improve conditions,” said Mr. Thom. He said that the
majority of railroad people are hopeful and expect proper
results from improved regulation, that they believe the time
has come for their hands to be upheld by sympathetic and
helpful regulation.
Mr. Sims began his questioning by agreeing with Mr.
Thom that the present condition of the railroad business is
serious and that something ought to be done to improve it.
He said that the statement that less than 1,000 miles of new
railroad was built last year was one of the “ saddest examples
of arrested development” he had ever heard of. He then
suggested the possibility of a Government guarantee of a
minimum dividend of 4%, giving the investor the oppor­
tunity of receiving more if the property could earn more
under Government regulation. He said that any loss sus­
tained by the Government under such a guarantee should be
secured by a first lien on the property. Mr. Thom said
that the railroads had not considered a Government guaran­
tee as within the range of possibility and had merely asked
that the Government perfect the system of regulation to
give them the help and encouragement necessary to give
the system of private ownership a fair test. If private
ownership then fails, he said, it will be time to consider
Government ownership.
Questioning of Mr. Thom by Representative Cullop of
Indiana and Senator Cummins of Iowa occupied the hear­
ing before the Joint Committee on Dec. 1. At the opening
of the hearing Mr. Thom stated that he desired to clear
up an apparent misunderstanding as to the proposal of the
railroads. He said that they had not suggested eliminating
all authority of the States over railroads but that although
they had not undertaken to draw any exact line of separation
between State and Federal authority they advocated the
principle that in matters where the exercise of authority
by a State extends beyond the borders of the State and
affects the affairs of other States or substantially affects
inter-State commerce the national authority should be para­
mount. He said that the fixing of a rate for purely intra­
state traffic not only affects inter-State commerce by meas­
uring the contribution of the intra-State traffic toward the
upkeep of the railroad, but’ that it also had a direct effect
on inter-State rates. In reply to a question by Representa­
tive Cullop, Mr. Thom said that the railroads do not pro­
pose that litigation against railroads shall be removed from
State to Federal courts in case a plan of Federal incorpora­
tion is adopted. He said that the statute could provide
for that. He also thought that the States should reserve
their police powers over such matters as the construction of
depots, grade crossings, &e. “ My conception of the con­
stitutional limitation is one thing, my belief as to the proper
policy is another,” he said. “ My belief is that the Federal
Government could take entire charge of the instrumentality
of inter-State commerce in all its relationships. I do not
think it is wise that that full authority should be exercised
at the present time.”
Mr. Cullop asked if railroad credit had not been affected
by the public distrust caused by “ manipulation” of railroad
securities. Mr, Thom replied that there was no doubt
that there had been such an effect, but that the same thing
applied to other kinds of business, and that there was much
less fluctuation in railroad securities than in others. He
said he had not lost sight of the fact that there had been ob­
jectionable practices in railroad finance as in other businesses
but that the abuses constitute but one of many reasons for
the lack of confidence in railroad investments and that the
principal difficulties in the present situation of the railroads
would exist without them.
Mr. Cullop asked if the confidence of investors would not
be increased by giving the Inter-State Commerce Commis­
sion authority to pass upon railroad securities issues. “ That
is but one of the things that wo think ought to be done,”
said Mr. Thom. “ You have also got to convince the in­
vestor that there is going to be a proper return on the se­
curity.” In reply to a question whether higher rates would
not reduce the volume of traffic, Mr. Thom said that the
increase of rate up to a reasonable point would not do so
and that the farmer’s interest is not in low rates alone but
that he is vastly more interested in having adequate service
and facilities. Mr. Cullop asked if the two-cent fare laws
in a number of States had not materially increased the reve­
nues of the railroads. Mr. Thom replied that while the



[Vol. 103.

general concensus of opinion is that they induced some addi­
tional travel they reduced passenger rates to so low a point
that the passenger business was not contributing its part to
the upkeep of the railroad facilities and that a burden was
placed on the shippers of freight to such an extent that the
Inter-State Commerce Commission has allowed passenger
fares to be increased. When Mr. Thom referred to increases
in operating expenses Mr. Cullop said: “ Now we are getting
to where I wanted to get. Have not the increases come in
high-salaried officers? Do you think any railroad presi­
dent in this country is worth $100,000 a year ? Could he get
that at anything else that he would be employed in, and does
he not get his position through favoritism?”
“ I do not suppose you have at all investigated that mat­
ter, if you ask such a question,” roplied Mr. Thom. “ If
every one of those officers worked for nothing it would not
affect this problem at all because the percentage of all the
expenses of a railroad is so small. As to whether there is
any railroad president in the United States getting $100,000
a year, I do not know; perhaps you do. I have never
heard of any.”
“ I do not know,” said Mr. Cullop, “ I have understood so.”
Mr. Thom said that the railroad presidents have been
selected because of the belief on the part of the people that
selected them that they were the best men for the job and
that “ you cannot get a man that is too big for the responsi­
bilities of trying to make a success of the facilities which he
is using in the public service.”
In response to questions Mr. Thom said that the European
war had induced an abnormal traffic for the railroads but
that the economic situation after the war is a matter of un­
certainty. He said that any disposition to take a war basis
of business as a basis for policies of railroad control would be
shortsighted.
Mr. Cullop suggested that the States would oppose Fed­
eral incorporation because it would take from many of them
large incorporation tax revenues.
“ Is that a proper charge for one State to impose upon the
general public or other States?” asked Mr.Thom. “ Such
charges are paid by the public either in increased rates or
impaired facilities.”
Senator Cummins asked Mr. Thom a number of questions
regarding railway earnings and capitalization, in the effort
to show that a large part of railroad stocks represent “ water”
and that “ the situation is not as bad as we have been led
to believe.” Mr. Thom said that a great deal of stock has
been issued at par but that witnesses would appear before
the Committee on statistical matters.
Cross-examination of Mr. Thom was continued at the
hearing on the 2d inst. At the opening of the session Mr.
Thom read into the record statistics of the percentage
earned on railway capitalization in recent years, in reply to
questions asked by Senator Cummins on the day before.
For the five years from 1911 to 1915 the not income was
.4.56% of the net capitalization, and for the five years from
1905 to 1910 it was 5.25%. The total earnings on the
stock, computed by adding to the net operating income the
income from securities owned and deducting bond interest
were for 1910, 7.09%; 1911, 6.17%; 1912, 4.97%; 1913,
5.94%; 1914, 4.06%; 1915, 3.44%. Mr. Thom said that
Halford Erickson, formerly Chairman of the Wisconsin
Railroad Commission, would take the stand later to give
statistical testimony. Senator Cummins asked if there was
anything hostile to the carriers in the action of Congress
committing to the Inter-State Commerce Commission the
authority to determine reasonable rates. Mr. Thom said
that was a very proper regulation but that the question of a
reasonable return to the railways has been influenced by
other conditions. For example, he had been informod that
in ono State the State commission, if it increased a rate,
would be met with a bill in the Legislature to abolish the
commission, and the Inter-State Commerce Commission
had been attacked in Congress for its decision in the 5% rate
case. In discussing the powers of Congress to direct the
Inter-State Commerce Commission what elements to con­
sider in fixing rates Senator Cummins asked if Congress
could say that the Commission must not tako into con­
sideration the advance in tho value of railway right of way.
“ No,” replied Mr. Thom, “ because that is property, and
it would be forbidden by the Constitution.”
“ We have the right, then, to prescribe any element that^
will tend to increase the rates but we cannot withdraw any
element that will tend to decrease the rates?”
“ Yes, you can,” replied Mr. Thom; “ the very elements
that I refer to might tend to decrease the rate.”

Dec. 9 1916.]

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Senator Cummins asked if there was not an inconsistency
in saying that railways ought to be allowed to earn enough
to pay 6% on the stock and 3% for a surplus, for lean years,
and also to say that rates should be adjusted to the value of
the service. Mr. Thom said it was undoubtedly inconsistent,
but that he had said that the percentages he had named
represented what was necessary to make stock salable at
par to attract the investor and that while he thought the
value of service was the proper measure of rates the courts
had given more weight to the idea of a fair return on the
value of the property. Ho said that the percentages men­
tioned should apply to average conditions and that the sur­
plus would be used in part to pay dividends in “ lean years,”
and in part to build up the property. Senator Cummins
expressed the opinion that it would not be fair to expect
the public to pay rates that would give a return on invested
surplus. “ I do not expect that the rates that will be per­
mitted will allow an undue accumulation,” said Mr. Thom.
Senator Cummins asked what should be done in a situa­
tion where one railroad earns 25% on its stock and another
earns nothing for its stock on the same rates. Mr. Thom
said that if no wrong is done to the public in the rates which
make the large earnings for one road, the fact that its earn­
ings are great ought not to be objected to. Senator Cummins
asked questions indicating the opinion that in case a plan of
Federal incorporation should be adopted, the new Federal
corporations would take over the property of the present com­
panies by condemnation at a fair value and “ establish a
capitalization that represented the real value.” Mr. Thom
said ho thought that would create too great an upheaval and
that the wisest plan would be not to disturb the present
capitalization, unless a plan of issuing stock without par
value, to be exchanged share for share for the present stock,
were adopted. “ Such a plan,” Senator Cummins said,
“ simply deludes the country,” and “ avoids realization of the
fact that the value of the property is less than the capitaliza­
tion.” To this Mr. Thom replied that the criterion of rate­
fixing is value, not capitalization, but that to attempt to
make capitalization correspond exactly with a valuation
“ would disturb the financial confidence of the world.” “ I
believe that it would be a very healthful but somewhat
painful surgical operation and the sooner it is performed
tho sooner the patient will recover,” said the Sonator. “ I
havo a great deal of sympathy with your general plan, but
when you base it upon tho perpetuation of all the securities
that are now outstanding, I think you have raised an obstacle
which you will never be able to overcome.”
In reply to questions b} Representative Esch of Wiscon­
sin, Mr. Thom said that the proposed plan of regional com­
missions subordinate to tho Inter-State Commerce Com­
mission would greatly expedite the handling of rate cases,
because the Inter-State Commerce Commission would not
be bothered with the preparation of the record or the con­
duct of hearings, and it would only be necessary for it to
consider and pass upon the controverted points in a case,
as to which exception had been taken by one or more of tho
parties. Mr. Esch asked Mr. Thom what ho thought of
tho plan suggested by Chairman Moyer of the Inter-State
Commerce Commission for co-operation between the State
and Federal Commissions in cases of a conflict of jurisdic­
tion. Mr. Thom said he thought tho plan was impractical.
In reply to Senator Brandegeo, Mr. Thom said that tho
' Railway Executives’ Advisory Committee represents rail­
roads having about 90% of the gross earnings of the railroads
of the country. Mr. Thom is Chairman of the Law Com­
mittee, which also includes E. G. Buckland, Vice-President
and general counsel of tho New York New Haven & Hart­
ford; A. H. Harris, general counsel, New York Central;
W. C. Noyes, general counsel, Delawaro & Hudson; Francis
I. Gowen, general counsel, Pennsylvania Railroad; Gardiner
Lathrop, general solicitor, Atchison Topeka & Santa Fe;
Burton Hanson, general counsel, Chicago Milwaukee &
St. Paul; N. II. Loomis, general solicitor, Union Pacific;
Joseph M. Bryson, general counsel, Missouri Kansas &
Texas; C. W. Bunn, goneral counsol, Northern Pacific,
and Chester M. Dawes, general counsel, Chicago Burling­
ton & Quincy.

road jurisdiction over intrastate as well as interstate rates
and could vest in the United States the sole taxing power
over such a road. Mr. Thelan contended Federal super­
vision of securities would be best accomplished by putting
in charge of the Interstate Commerce Commission. H®
said:

How State Railroad Commissioners view Federal incor­
poration and other plans of the roads to solve present day
problems, was outlined on tho Gth inst. to the Newlands
Investigating Committee by Max Thelan, of California,
President of the National Association of Railway .Commis­
sioners. Mr. Thelan declared the Supremo j.Court had
clearly indicated that Congress could give a Federahchartered

Following its usual custom at the Christmas period, the
Fulton Trust Co. of this city, has sent a vest pocket size
leather bound, 1917 diary, to the depositors of the institution.




W o agree with the railroads that it is necessary that they secure a large
amount o f new capital, but when they claim that their credit is hope­
lessly im paired, we distinctly disagree.

He read statistics to show that railroad revenues are at
high-water mark, and that many roads had no difficulty
in financing themselves.
William J. Bryan, who appeared before the Newlands
Committee on Thursday at his own request, expressed his
opposition to the centralization of power in the Federal
Government in connection with suggestions for the Federal
incorporation of the railroads, and the proposal to lessen the
power of the State Railroad Commissions by lodging greater
power of regulation with the Inter-State Commerce Com­
mission .
Mr. Bryan declared his opposition was based on the belief
that to transfer regulatory power to Washington would
impose an impossible burden on the authorities there.
Inject a tremendous political force into national affairs which
would enter into elections to Congress and would be a most
decided step in centralization of government. “ Personally
said Mr. Bryan” I cannot say that I desire government
ownership, and I believe it is desirable only when competition
is possible or so expensive as to mean the same thing. I
would favor government ownership only on the condition
that efficient regulation would be possible.” As a counter­
proposal Mr. Bryan suggested that existing law be amended
to give the national Government full power to regulate
railroads and still permit the States to exercise their regula­
tory powers.
Speaking of Government ownership, Mr. Bryan said he
had for a number of years believed it inevitable and “ only
because the railroads will never consent to effective regula­
tion.” He spoke for Federal supervision of security issues
and believed there should be legislation to insure dividends
sufficient to keep stocks at par and provide a surplus fund for
lean years. Before such a measure was passed, however,
he said capitalization should be reduced “ to an honest basis
where it represents the actual physical property.” In some
financial operations, Mr. Bryan said, the railroads had been
guilty of things “ discreditable to an ordinary highway
robbery.”
Chairman Newlands of the Commission announced on
the 3rd that it would not be possible to complete the inves­
tigation within the time called for—Jan. 8, and that Congress
would be asked to extend the time one year.
B A N K IN G ,

L E G IS L A T IV E

AND

F IN A N C IA L

NEW S.

The sales of bank stocks at the Stock Exchange this week
aggregate 30 shares. No sales of bank or trust company
stocks were made at auction.
Shares. B A N K S — New York.
Low.
10 N ational C ity B an k________ 532
20 N a t. Bank o f Com m erce_____ 190

High. Close.
532
532
. 193H 193 X
A

Last previous sale.
N o v . 1916— 540
N o v . 1916— 190

Two N. Y. Stock Exchange memberships were posted for
transfer this week, the consideration being $75,000 and
$76,000, respectively.
J.
P. Morgan returned from London yesterday on the
American liner Finland, after a stay of over two months.
While in England he was accorded an audience with King
George. Mr. Morgan sailed for England on Sept. 30, as
noted in our issue of Oct. 7, and while there ,was joined by
his partner, Henry P. Davison, and A. M. Anderson, head
of the firm’s bond department, both of whom have since
returned.
A meeting of the executive committee of the Trust Com­
pany Section of the American Bankers’ Association was held
on Tuesday at the instance of John W.Platten, Chairman of
the committee. No information concerning the deliberations
has been given out.

In addition to those heretofore mentioned by us, several
other financial institutions have indicated their intention to
make special provision for their employees on account of the

2

1
30

THE CHRONICLE

present cost of living. The officers of the Equitable Trust
Co., of this city, announced on Dec. 1 that they will recom­
mend to the Board of Trustees at its next regular meeting,
certain relief measures in the way of extra compensation to
clerical employees to cover the increased cost of living.
The company will pay each month, or until rescinded by the
board, an amount in addition to the regular salaries equal
to 25% of the monthly salary amount. This shall not be
considered as an increase in salary and is to be understoo d
as entirely a temporary measure, which will be discontinued
or decreased according to prevailing conditions. A separate
account shall be set up from which these funds shall be paid.
The officers of the Equitable feel that the increased costs
for necessities has doubtless worked a severe hardship on a
great many of the employees. The recommendation makes
the payments retroactive to include the months of October
and November. About 350 employees are affected.
The Guaranty Trust Co., of this city, on Dec. 6 announced
that the sum of 8300,000 would be distributed to its employees
on Dec. 31. The bonus will concern all of the 1,000 employees
of the institution, who will in addition receive the usual
substantial increases in salary which have been given for the
past several years, in accordance with position and service.
The directors of the company also declared to stockholders of
record of Dec. 22 a special extra cash dividend of 12J^%.
The quarterly dividend of 4% and the extra dividend of
1% which have been paid during the past year were combined
in a straight quarterly dividend of 5%.
The Metropolitan Trust Company of this city at a meeting
of its Executive Committee yesterday decided to give a
Christmas bonus to employees of 10% of yearly salaries.
This is an increase over the usual 6% bonus of previous
years.
The First National Bank of Brooklyn has voted to its
employees a bonus of 10% of their annual salary, to be
paid prior to Christmas. Last year a bonus of 5% was
paid.
On Nov. 30 the directors of the Essex County National
Bank, of Newark, N. J., voted a 10% bonus to the employees
based on salaries for the present year. The action of the
board, it was stated, was the result of a prosperous year for
the bank, and its recognition of the high cost of living.
The Plainfield Trust Co., of Plainfield, N. J., on Dec. 6
made known its intention of giving to its employees a bonus
of 10% in recognition of faithful services.
The First National Bank, of Boston, Mass., on Nov.
29 distributed as an extra salary, 15% in cash to all its
employees and officers because of the generally higher cost
of living.
The Guardian Savings & Trust Co., of Cleveland, Ohio,
has granted to all its employees and officers, who have been
with the institution three months or more, a straight advance
of 10% in their salaries, because of the rise in commodity
prices. About 200 employees and officers benefit by the
increase.
The Fidelity Trust Co., of Baltimore, Md., on Dec. 8
announced through its President, Edwin Warfield, that all
employees receiving a salary of less than $5,000 a year
would get a bonus equal to 4% of the amount which the
company has paid in dividends on the stock during the current
year. The directors of the company have declared, in addi­
tion to the regular semi-annual dividend of 5%, an interem
dividend of $50,000 equivalent to $5 a share on the stock,
to holders of record of Dec. 16.

[Vol. 103.

authorized, is to be distributed pro rata to stockholders at
$200 a share. It is planned to distribute the stock on the
basis of four shares of new stock for each share now owned.
The Corn Exchange Bank, of this city, has leased the prop­
erty at 12 West 28th St., where it will, in the near future,
move its “ 28th Street Branch,” now located at Broadway
and 28th St. Extensive alterations, it is understood, are to
be made on the property. The “28th Street Branch” was
opened in 1902 and is under the management of Thomas
Clark.
The application of the Guaranty Trust Co. of New York
for permission to establish a branch in Paris, France, referred
to in these columns last week, has been approved by the
State Superintendent of Banking. The statement of the
Guaranty Trust Co. as of Nov. 29, just issued in response
to the call of the State Superintendent of Banks, exhibits
deposits of more than $458,000,000, as compared with de­
posits of $418,549,861 one year ago. The total resources are
$569,090,444, a gain of $63,354,341 over the figures of
December 1915.
On Lee. 1 Morris J. Dumont was appointed an Assistant
Secretary of the Guaranty Trust Co. Mr. Dumont,
who is thirty-five years old, has been connected with
the company for sixteen years, starting as messenger
and working up through various departments of the insti­
tution. For the past five years he has been in charge of the
bond department of the Fifth Avenue office.
Ernest Stauffen Jr. was elected a Vice-President and direc­
tor of the Liberty National Bank of this city, at a regular
meeting of the directors oh Dec. 7.
The plan to increase the capital of the Columbia Trust Co.,
of this city, from $2,000,000 to $5,000,000 has been approved
by the State Superintendent of Banking. Stockholders of
the company at a meeting on Dec. 4 ratified the proposition.
The directors of the company, as noted in our issue of Nov.
18, voted on Nov. 16 to declare a special cash dividend of
$2,000,000, payable out of surplus. Deposits of the com­
pany are reported at over $85,000,000.
At a meeting of the directors of the National City Co.
of this city on Dec. 6 the directorate was increased from seven
to ten members by the election of Percy Rockefeller, James
A. Stillman and C. E. Mitchell. Other directors of the
company who will continue on the board are: Samuel McRoberts, James Stillman, Frank A. Vanderlip, C. V. Rich,
John Sterling, Eric P. Swenson and Cleveland H. Dodge.
The National City Bank of Now York announces the ap­
pointment of Frank C. Mortimer as Pacific Coast repre­
sentative, with offices at 610 Insurance Exchange, San
Francisco.

Carroll Ragan, for a number of years engaged in adver­
tising and publicity work in New York, has accepted the
post of publicity manager for the United States Mortgage &
Trust Co., succeeding L. A. Mershon, recently appointed
Secretary of the Trust Company Section of the American
Bankers’ Association. Before coming to New York Mr..
Ragan was a newspaper reporter and editor in the Middle
West. During the past year he has been active in the
nationwide thrift campaign which is being conducted by
Robert M. Lowitz this week celebrated the twenty-fifth the American Bankers’ Association through the Savings
anniversary of his connection with the banking house of Bank Section.
Speyer & Co. Mr. Lowitz began his career with the firm as
The Cayuga County National Bank of Auburn, N. Y.,
a young man. He holds an important and confidential posi­ announces the death of its President, George H. Nye, on
tion with it.
Thursday, Nov. 23.

A special meeting of the stockholders of the Farmers’ Loan
& Trust Co., of this city, has been called for Dec. 22. The
object of the meeting is “ to authorize the reduction in the
number of shares of the capital stock of the company from
40,000 shares of the par value of $25 each, to 10,000 shares
of the par value of $100 each; and to take such other action
as may properly come before the meeting in relation to the
proposed reduction in the number of shares of the capital
stock of the institution.”
Following the approval of the proposed changes, another
meeting of the stockholders will bo held for the purpose of
acting on the question of increasing the capital from $1,­
000,000 to $5,000,000. The new stock of $4,000,000, if



Hugh H. Davis, President of the Monongahela Tube Co.
of Pittsburgh, Pa., was elected to the directorate of the
Keystone National Bank of Pittsburgh at a directors’ meet­
ing on Dec. 4. He succeeds the late W. C. Baldwin.
The First National Bank of San Francisco, Calif., is
distributing a folder dealing with the workings and advan­
tages of its collection service. Helpful instructions are
given in the folder regarding the proper method to be em­
ployed in drawing up notes, drafts, bills of lading, &c. In­
formation is also furnished concerning the handling of collec­
tions for the guidance of those unfamiliar with the subject.

Dec . 9 1916.]

2131

THE CHRONICLE

William F . Stone, heretofore Assistant to President Charles
E . Rieman, of the Western National Bank, of Baltimore,
lias been made active Vice-President and a diroctor of the
bank. M r . Stono succeeds tho lato John Black on the
board of directors and Walter B . Brooks Sr., as activo Vice­
President. M r . Brooks was Vice-President of tho bank for
many years, but held the title only nominally. Owing to
the rapidly growing business of the bank, it was found that
another active executive was meeded to assist President
Niemans in tho management of the bank’s affairs. M r.
Stono, previous to his becoming Assistant to tho President
of tho Western National, was Collector of Customs for tho
port of Baltimore. Tho Western National Bank has a capi­
tal of $500,000 and deposits of over $3,500,000.

advices from the head office in London announcing that new
branches of the bank have been opened at Nairobi and
M om basa, British East Africa, and at Tanga and Dar-esSalaam, East Africa.
The New York agency of the Standard Bank of South
Africa, L td ., 55 W all S t., W . H . Macintyre, agent, has
received a telegram from the head office in London announc­
ing the opening on Dec. 1 of a branch at Daressalaam, in
the territory formerly designated as German East Africa,
which has since been occupied by the British.
T H E E N G L I S H GOLD A N D SILVER M A R K E T S .

W o reprint the following from the weekly circular of
Samuel M ontagu & Co. of London, written under date of
November 16 1916:
C.
Bradley H ays, Assistant Cashier of the MorchantsGOLD.
T h e B a n k o f E n g la n d reserve o f g o ld again st its n o t e issues sh ow s a s lig h t
Mechanics First National Bank of Baltimore, M d ., has been
re d u c tio n o f £ 6 0 ,0 2 5 , as c o m p a r e d w ith last w e e k ’s retu rn .
elected Cashier of the Citizens National Bank of Baltimore,
T h e T ra n sv a a l g o ld o u t p u t fo r O c t . 1916 a m o u n te d t o £ 3 ,3 6 5 ,6 4 2 as
effective Dec. 15, to succeed Albert D . Graham, who will c o m p a r e d w ith £ 3 ,3 8 8 ,1 2 2 in O c t . 1915, a n d £ 3 ,2 7 7 ,4 0 8 in S e p t. 1916.
S IL V E R .
devote his time to the duties of Vice-President. M r . Hays
T h o u n d e rto n e has re m a in e d g o o d , a lth o u g h p rice s h a v e n o t been m a in ­
has been long identified with the banking affairs, having been
ta in e d a t th e h igh est p o in t w h ich th e y h a d re a ch e d last w e e k . T h e q u o t a ­
for tho past sixteen years connected with the Merchants’ tio n fell fr o m 3 4 % d . t o 34 1 -lC d . o n th e 11th In s t., re c o v e r e d t o 34 3 -1 6 d .
n ext d a y , a n d re v e rte d t o 34 l -1 6 d . y e s te r d a y . T o - d a y a fu rth er f a ll
and the several mergers in which that bank has been con­
t o o k p la c e t o 34d .
cerned.
S uch m o v e m e n ts are b u t th e natu ral r e a c tio n s o f a h e a lth y m a r k e t,

The Foreman Bros. Banking Co. of Chicago, 111., has
announced its intention of increasing its capital from $1 ,­
000,000 to $1,500,000. Formal action in tho matter, it is
said, will bo taken at tho shareholders meeting on Jan. 9.
Tho new issue of stock, it is stated, will bo subscribed for
and paid by tho present stockholders. The Foreman Bros.
Banking Co. was established in 1862 as a private banking
institution: it was incorporated in 1897 as a State bank. Its
capital was raised from $500,000 to $1,000,000 in July 1909.
Tho bank now has surplus and profits of over $500,000 and
deposits aggregating more than $15,000,000.
. Clive Runnells, Assistant to President John S. Runnells,
of the Pullman Company, has been chosen a director of the
First National Bank of Chicago, 111.
Shareholders of tho Quebec Bank (head office Quobec) at
a meeting on N ov . 28 ratified tho agreement onterod into by
their directors whereby the Royal Bank of Canada (head
office, Montreal) will tako over, effective Jan. 1, 1917, the
assets of tho Quebec Bank. Tho Royal Bank of Canada,
as noted in our issuo of Oct. 21, agrees to give to tho stock­
holders of the Quebec Bank one share of Royal Bank stock
plus $75 cash for every three shares of Quebec Bank stock.
The official notice of the agreement says:
T h o R o y a l B a n k o f C a n a d a agrees t o a llo t an d issu o t o th o Q u o b c c B a n k ,
o r t o its n om in ees, 9 ,1 1 7 fu lly p a id shares o f th o ca p ita l s to c k o f th o R o y a l
B a n k o f C a n a d a o f th e p ar v a lu o o f $10 0 e a c h , an d a m o u n tin g j n all t o th e
p a r v a lu o o f $91 1 ,7 0 0 and to p a y t o th o Q u o b c c B a n k th o su m o f $ 6 8 3 ,7 7 5
in ca sh , and w h ereb y th o R o y a l B a n k o f C a n a d a u n d erta k es t o a ssu m e,
p a y , d isch a rg e, p erform an d c a rry o u t all th o d e b ts , lia b ilitie s , c o n tr a c ts
an d o b lig a tio n s o f th o Q u o b e c B a n k (In clu d in g n o te s issued an d in to n d o d
fo r cir c u la tio n o u ts ta n d in g a n d in cir c u la tio n an d lea se h o ld o b lig a tio n s .)

Under tho terms of tho agreement three Quebec Bank
directors will be added to the board of tho Royal Bank.
Tho Royal Bank, it is said, will rank second highest among
tho banks of Canada, in point of resources, following tho
absorption of tho Quebec Bank. In its last annual report,
on Aug. 31 1916, tho Quobec Bank reported assets of $22,­
250,037, which, when added to those reported by tho Royal
Bank on tho same date of $228,411,224, gives combined
assets of $260,661,261. The Royal Bank on Sept. 30 re­
ported deposits of $192,421,139, while tlioso of tho Quebec
Bank were $14,798,602.

w h ic h de riv e s its s tre n g th , n o t m e re ly fr o m E u ro p e a n an d In d ia n cu r r e n c y
d e m a n d , b u t also fro m th e firm n e ss o f th o C h in a e x ch a n g e s. T e le g r a p h ic
a d v ic e s fro m th e F a r E a st assert th a t a sh o rta g e o f s y c e e is b e in g r e a lly fe lt.
O rigin a lly fo rw a rd ex ch a n g o rates w e re a p p re c ia b ly lo w e r th a n th o s o f o r
p r o m p t , b u t th e fa llin g o f f in th e rates ru lin g fo r th e la tte r has n o t b een
a c c o m p a n ie d b y c o r re s p o n d in g w eakness in th o s o fo r fo rw a r d d e lv e r y .
T h is seem s t o su ggest t h a t, as tim e progresses, th o firm n e s s o f ex ch a n g e m a y
b o c o n tin u e d , as lo n g as C h in e se e x p o rt business k eep s a c t iv e .
W ith a
p o s s ib ility , th e r e fo r e , o f an In qu iry fo r sliver o n th o p a rt o f C h in a in th is
an d o th e r c e n tre s , t h e m a rk e t m a y b e e x p e c te d t o sh o w a g o o d t e n d e n c y ,
e sp e cia lly as th e I n d ia n cu r r e n c y fig u re s g iv e n b e lo w re c o rd a w ith d raw n
In o n e w e e k o f n o less th a n 140 la cs o f silver c o in .
T h o last th ree I n d ia n c u r r e n c y returns r e c e iv e d b y c a b lo g iv e d eta ils
in la cs o f ru p ees as fo llo w :
N o v. 7 .
Oct. 22. Oct. 31.
7 3 ,6 5
73,30
N o te s in c ir c u la t io n ______________________ _________ 71,99
2 4 ,2 3
R e s e rv e in silve r c o in an d b u llio n _______ ..................25 ,9 9
25 ,6 3
G o ld c o in a n d b u llio n ---------------- ----------- _________ 11,02
12,48
12,55
11,92
G o ld in E n g la n d _________________ _________ _________ 11,92
11,92
T h e s t o c k in B o m b a y co n sists o f 4 ,0 0 0 b a rs, as c o m p a r e d w ith 3 ,9 0 0 b ars
last w eok . T h e s t o c k in S hanghai o n N o v . 11 1916 c o n s iste d o f a b o u t 2 0 ,­
0 0 0 ,0 0 0 ou n ce s in s y c e o an d 1 6 ,5 0 0 ,0 0 0 d o lla rs , as c o m p a r e d w ith a b o u t
2 3 ,0 0 0 ,0 0 0 o u n ce s in s y c e o a n d 16,5 0 0 ,0 0 0 d olla rs o n N o v . 4 1916.
Q u o ta tio n s fo r b a r s ilv e r p e r o u n c e sta n d a rd :
N ov.
“
“
“
“
“

1 0— 3 4 %
11— 34 1-16
13— 34 3-16
14— 34 3-16
15— 34 1-16
16— 34

ca s h ]
No
“ | q u o ta tio n
“ \
fix e d
“
fo r
“ | fo rw a r d
“ J d e liv e ry

B a n k r a t e ___________________________ 6 %
B ar g o ld per o u n c e s ta n d a r d _____ 77-9

A v e ra g e fo r th e w e e k 3 4 .1 2 6 .
T h e q u o ta tio n t o -d a y fo r cash d e liv e ry is % p o in t
a w eek a g o .

b e lo w

th at

fix e d

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

The daily closing quotations for securities, & c., at London,
as reported by cable, have been as follows the past week:
London,
D ec. 2 .
Week ending Dec. 8 .
Sat.
S ilv e r , p e r o z ................ ............ d . 3 4
C o n s o ls , 2 % p e r c e n t s _______c 5 4 %
B r it is h 4 % p e r c e n t s ........... .................
F r e n c h R e n t e s (i n P a r i s ) . . tc. 6 1 .1 0
F re n ch W a r L o a n (o ld ) 5 %
(in P a r i s ) ......................_ . _ f r _ 8 7 .9 0

D ec. 4 .
M on.

D ec. 5 .
Tue.i.

3 5 1 3 -1 6
54%
91%
0 1 .1 0

3 0 1 -1 6
5 4%
94%
6 1 .1 0

8 7 .9 5

D ec. 6 .
Wed.

Dec. 7.
Thurs.

D ec. 8 .
Fri.

36%
54%
95
6 1 .1 0

36%
54%
9 4 ,%
6 1 .1 0

3 5 1 5 -1 6
54
95
6 1 .1 0

8 8 .0 0

8 8 .0 0

8 7 .9 5

8 8 .0 0

The price of silver in New York on the same days has been:
S ilv e r in N . Y . , p e r o z - . c t s .

c E x -c o u p o n .

75%

75

75%

75%

75%

75%

____________________________________________

C an adian B an k C learings.— The clearings of the Cana­
dian banks for the month of November 1916 show an increase
over the same months of 1915 of 2 8 .0 % , and for the eleven
months the gain reaches 3 8 .1 % .
Eleven Months.
Clearings at—
1916.

1915.

Inc. or
Dec.

1916.

1915.

Inc. or
Dec.

D.
M . Finnie, for many years Assistant General Manager
S
S
397.168,404 2S2.437.024
of tho Bank of Ottawa (head office Ottawa), has been pro­
266,237,746 194,628,76!)
W nn p
moted to tho offico of Goneral Manager to succeed George V ai n c oi u e g ____ !270,171,996 245,962,656
31,158,064 26,324,641
v e r ___
Burn, who retires to privato life, but will retain his con­ O t t a w a _______ 1 24,781,653 19,885,360
19,495,762 15,385,947
nection with tho bank as a director. M r. Burn, who re­
11,898,271 10,025,337
! 31,104,342
cently resigned as President of tho Canadian Bankers’ Asso­ H a m i l t o n ........... I1 20,793,631 22,308,991
15,422,731
7,845,603 6,467,782
ciation, because of ill health, had been General Manager of
6,823.248 6,659,343
tho Bank of Ottawa since 1880. IIo is one of the most ex­ L o n d o n ............. 1 9,246,609 8,176,625
12,101,256 10,110,802
E d m o n t o n ___
perienced and highly respected Canadian bankers. M r. Fin­ R e g i n a _________ | 17.431,034 13,645,462
! 3,061,658 4,081,203
B ran d on
nic, his successor, has been connected with tho Bank of L e t h b r i d g e ___ I 4,508,386 2,823,2S6
Ottawa for many years, his first position with tho bank hav­ S a s k a t o o n _____ [ 9,976,514 8,129,148
7,125,673 6,490,154
M o o s e J a w ___
ing been as Manager of tho Arnprior branch. M r. Burn, B r a n t f o r d ___
3,734,978 2,702,880
2,928,392 2,841,304
F o r t W i ll ia m .
it is said, will be elected to tho directorate of tho bank at its N e w W e s t m i n J 1,286,976 1,067,874
3,323,682
1,906,437
M e d ic in e H a t .
annual mooting on Dec. 20.
R . E . Saunders, New York agent (at 10 W all Street) of
the National Bank of South Africa, L td ., has received cablo




P ete rb o ro u g h .
S h e r b r o o k e ___
K i t c h e n e r _____ !

Dec.
S
S
%
+ 40.8 3,359,306,483 2,328,960,876 + 44.2
+ 36.8 2,311,395,976 1,683,835,206 + 37.3
+ 9.8 1,854,094,105 1,269,114,536 + 46.0
+ 18.4 291,567,134 255,872,203 + 14.0
+ 24.6 235,842,572 190,805,975 + 23.6
+ 26.7 173,125,791 143.388,071 + 20.7
94,085,743 + 21.2
+ 18.7 114,062,826
+ 39.4 205,585,991 146,588,288 + 4 0 .2
+ 34.8 180,249,995 135,898,855 + 32.6
+ 21.3
81,921,370
70,983,341 + 15.4
73,042,768
69,884,541
+ 2.5
+ 4.5
90,435,750
81,243,863 + 11.3
+ 13.1
+ 19.7 101,944,794
93,250,303
+ 9.3
+ 27.7 109,452,259
74,108,202 + 47.7
— 25.0
25,718,775
23,248,185 + 10.6
27,196,263
+ 59.6
16,742,730 + 62.4
+ 22.7
59,666,882
43,061,788 + 38.6
+ 9.8
46,850,687
36,070,551 + 29.9
+ 38.2
30,873,118
23,890,784 + 29.2
+ 3.1
24.690,120
20,896,089 + 18.2
+ 20.5
12,674,143
12,274,962
+ 3.3
+ 74.3
18,873,755
11,307,2/5 + 66.9
2,440,995 2,097,648 + 16.4
18,682,267 + 29.8
24,255,307
2,541,474 N ot include d in tot
20,588,381 Not included in total
2,367,553 N ot Include d in tot
17,666,878 Not Included in total

1164642 873909,581,404

+ 28.0 9,452,826.864 6844,,194,513

+ 38.1

THE CHRONICLE

2132

The clearings for the week ending D ec. 2, in comparison
with the same week of 1915, show an increase in the aggre­
gate of 2 1 .9 % . It will be noted that almost all of the cities
share in the increase over last year, with a number of the
percentages of striking proportions.
Week ending December 2 .
Clearings at—

C a n ada —
M o n t r e a l ..................................
T o r o n t o .....................................
W i n n i p e g _________________
V a n c o u v e r .......................... ..
O t t a w a __________ __________
Q u e b e c ____________________
H a l i f a x __________ __________
C a l g a r y .................................. ..
S t . J o h n ...... ............................
H a m i l t o n ______ ___________
L o n d o n ........................ .............
V i c t o r i a ............................... ..
E d m o n t o n .......................... ..
R e g i n a . ........................ ............
B r a n d o n ________________ _
L e t h b r i d g e .............................
S a s k a t o o n ........... ....................
M o o s e J a w _________ _______
B r a n t f o r d ...............................
F o r t W i ll ia m ........................
N e w W e s t m i n s t e r ..............
M e d i c i n e H a t ........................
S h e r b r o o k e ........... ..................
K i t c h e n e r ............................. ..

1914.

1913.

S
$
S
%
8 5 ,3 3 9 ,7 2 5 6 5 ,1 3 5 ,9 2 2
+ 3 1 .0 4 6 ,3 6 9 ,7 3 0
5 6 ,6 3 4 ,1 4 5 4 5 ,9 3 3 ,9 6 6
+ 2 3 .3 3 9 ,8 3 9 ,2 2 7
6 3 ,9 5 0 ,0 2 3 6 9 ,8 4 4 ,8 4 2
+ 6 8 . 6 3 5 ,1 5 9 ,4 9 0
7 ,3 7 8 ,7 5 3
6 ,8 4 6 ,7 5 3
+ 2 6 .2
6 ,7 6 6 ,1 9 0
5 ,1 1 9 ,3 4 4
4 ,6 9 0 ,8 8 7
5 ,2 5 4 ,5 1 2
+ 2 .6
3 ,5 3 7 ,1 3 9
+ 1 7 .6
3 ,5 5 6 ,2 8 7
4 ,1 6 0 ,4 8 3
1 ,8 2 9 ,3 4 3
+ 1 3 .4
2 ,8 2 1 ,2 5 5
2 ,4 8 8 ,8 1 7
+ 3 9 .4
3 ,6 0 1 ,6 2 7
7 ,4 0 9 ,8 4 9
5 ,3 1 3 ,4 2 7
1 ,4 1 2 ,1 9 2
1 ,7 7 9 ,7 3 2
+ 1 7 .0
1 ,6 5 2 ,3 6 0
3 ,5 2 9 ,1 4 9
+ 2 9 .4
2 ,8 3 7 ,2 0 2
4 ,5 6 8 ,3 9 9
1 ,5 7 4 ,2 7 2
1 ,9 1 2 ,6 6 0
1 ,8 0 3 ,4 5 3
+ 6 .0
1 ,6 9 2 ,7 2 6
1 ,4 8 7 ,6 1 4
+ 1 3 .8
1 ,9 0 2 ,5 3 5
+ 3 6 .2
2 ,9 5 2 ,6 5 3
2 ,8 4 9 .6 3 9
3 ,1 4 5 ,1 1 7
2 ,0 5 9 ,0 2 9
3 ,8 9 7 ,0 3 2
3 ,1 6 9 ,7 8 4
+ 2 3 .0
8 7 5 ,3 3 3 — 2 8 .9
6 0 0 ,8 1 9
6 2 2 ,0 4 0
3 3 8 ,2 6 2
6 1 0 ,8 6 6
+ 8 1 .4
1 ,1 0 7 ,5 5 8
+ 3 7 .9
2 ,3 0 0 ,4 1 7
1 ,6 6 8 ,6 9 6
1 ,0 6 1 ,2 0 1
1 ,5 8 3 ,2 0 2
1 ,5 1 7 ,0 8 7
+ 4 .4
9 5 5 ,2 4 0
5 9 0 ,7 3 2
4 7 7 ,1 0 8
6 4 8 ,4 5 2
+ 9 .8
— 1 .9
6 2 8 ,1 6 5
6 5 7 ,7 5 2
6 7 0 ,2 7 1
+ 9 .2
2 5 4 ,3 7 4
2 3 2 ,8 8 0
2 6 7 ,6 4 4
4 2 5 ,5 5 1
+ 5 7 .6
7 7 0 ,1 0 9
2 6 5 ,5 8 8
5 1 2 ,7 4 6
6 0 2 ,5 5 8 — 1 4 .9
3 8 9 ,8 4 0
5 3 6 ,6 4 9 N o t I n c lu d e d In t o t a l
4 8 3 ,2 0 5 N o t I n c lu d e d In t o t a l

T o t a l C a n a d a ................... 2 5 8 ,0 8 1 ,2 2 5 2 1 1 ,6 6 6 ,0 1 5

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

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

Per
Cent.

1916.

1915.

83,379,728,482
197,993,809
253,713,667
40,944,640
421,508,629
109,027,134
44,935,215

52,092,084,125
145,368,742
170,041,567
34,305,970
. 306,710,602
78,017,388
23,762,133

+
+
+
+
+
+
+

Seven cities, five days______________
Other cities, five days_____ ___________

54,447,851,576
995,432,681

52,850,290,527
695,946,278

+ 54.6
+ 43.0

T otal all cities, five days......................
All cities, one day.......................................

$5,443,284,257
1,127,692,418

83,546,236,805
735,037,363

+ 53.5
+ 43.4

Total all cities for week_____________

$6,570,976,675

54,281,274,168

+ 53.5

N ew Y ork ____________________________
Philadelphia......................
St. Louis........... ....................... ...................

61.5
36.2
49.2
19.3
37.4
39.7
89.1

Our usual monthly detailed statement of transactions on
the N ew York Stock Exchange is appended. The results
for the eleven months of 1916 and 1915 are given below:

Descriplion.

Actual
Value.

Actual
Value.

Aver.
Par Value
Price. or Quantity.

The volume of transactions in share properties on the
N ew York Stock Exchange each month since Jan. 1 in 1916
and 1915 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 .
1916.

1915.

Values.
Par.

Actual.

Number
of
Shares.

$
Jan . 15,956,944 1,427,403,335 1,301,244,816 5,076,210
F o b . 12,126,205 1,025,902,910 962,417,409 4,383,449
M ar. 15,197.585 1,331,870,900 1.264,214,208 7,862,308

Values.
Par.
•:$
435,534,900
380,032,785
081,471,315

Actual.
S
302,461,298
262,372,421
635,470,914

Istqr 43,280,734 3,785,177.145 3,527,876,433 17,321,967 1,497,039,000 1,100,310,633
Apr. 12,523,507 1,118,264,050 1,061,472,487 21,022,930 1,799,436,335 1,619,407,302
M ay 16,427,576 1,421,290,750 1,322,476,934 12,581.040 1,037,762,960 958,264,713
June 12,823,833 1,071,814,645 1,014,902,417 11,004,042 912,619,430 832,407.913
2d qr 41,774,916 3,611,369,445 3,398,851,838 44,608,012 3,749,818,725 3,410,139,928
6 mos 85,055,650 7,396,546,590j6.926,728,271 61,929,979 5,240,857,725 4,510,450,501
July. 9,187,868 802,658,015 754,216,904 14,371,633 1,288,908.620 958,643.288
A u g. 14,628,082 1,266.413,175 1,118,942,473 20,432,350 1,791.650,625 1,434,978,418
Sept. 29,992,582 2.500,892,725 2,404,488,976 18,399,286 1,644,499,895 1,400,247,698
3d qr 53,806,532 4,569,963,915 4,277,648,353 53,203,269 4,725,005,140 3,793,869,404
9 ms. 138862182 11966,510,505 11204,376,624 115133248 9,971,922,805 8,304,319,965
O c t . 28,161,277 2,499,772,22512.352,948,447 20,678,953 2,239,956,655 1,942,416,213
N ov . 34.552,860 2,888,279,47012,712,098,475 17,634,270 1,468,445,970 1,325,497,208

The following compilation covers the clearings by months
since Jan. 1 1916 and 1915:




1918.

1915.

S
7.743,292,698
7,129,512,488
8.131,801,038

April . 19,315,241,747 15,013,083,834 + 28.6 7,692,625,092
M ay . 20,657,279,666 14,626,775,839 + 41.2 8.096,352,324
J u n e .. 20,597,706,945 14,122,200.044 + 45.9 8,044,195,053

%

S
6,195,741,340 + 25.0
5,430,346,110 + 31.3
6,283,286,462 + 29.4

6,201,418,760 + 24.0
5,991,630,329 + 35.1
6,096,718,495 + 32.0

2d q r. 60,570,228,358 43,762,059,717 + 38.4 23,833.172,469 18.289.767,584 + 30.3
6 moa. 119556248587 83,006,076,411 + 44.0 46,837,778,693 36,199,141.496 + 29.4
J u l y .. 19,366,856,923 14,929,402,551 + 2 9 .7
A u g . . 19,752,395,063 14,271,230,069 + 38.4
S e p t.. 22,762,601,513 15,763,585,903 + 44.4

7.928,114,051
7,985,078.254
8,406,660,328

6,233,988,983 + 27.2
5,733,787,898 + 39.2
6,139,222,625 + 30.9

3d q r. 61,881,853,499 44,964,218,523 + 37.6 24,319,852,633 18,108,999,506 + 34.3
9 m os. 181438102,086 127970.294,934 + 41.8 71,157,631,326 54,306,141,002 + 3 1 .0
Oct 1. 25,613,387,456 20,151,704,101 + 27.1 9,902,191,521
N o v .. 26,704,572,153 19,384,998,400 + 37.8 10,051,197,509

7,412,025,449 + 33.6
7,555,578,665 + 33.0

The course of bank clearings at leading cities of the country
for the month of November and since Jan. 1 in each of the
last four years is shown in the subjoined statements:
■November— ---------- ------------ Jan. 1 to Nov. 301916.
1915.
1914.
1913.
(000,000s
1916. 1915. 1914. 1913.
omitted.)
5
5
5
S
S
S
$
$
New Y o rk _____ ..1 6 ,6 5 3 11,829 5,399 7,587 142,645 98,233 76,489 86,634
18,482 14,621 14,380 14,637
Chicago........... .. . . 1,932 1,482 1,164 1,295
7,422
686
9,717
6,938
7,439
860
579
Boston________ . . 1,103
7,254
607
680
11,731
7,828
7,754
875
P h iladelph ia... . . 1,274
3,545
3,726
291
346
4,816
3,760
401
St. Louis______ . .
537
2,424
2,697
2,398
240
192
226
3,073
P ittsbu rgh ____ . .
310
2,432
2,295
2,401
253
213
219
3,123
301
San Fran cisco.. . .
1,717
1,825
1,808
192
170
139
2005
158
B altim ore_____ . .
1,235
1,188
1,198
1,586
162
131
91
Cincinnati......... . .
101
4,433
3,453
2,692
2,606
394
293
246
Kansas C i t y . .. . .
326
1,142
2,191
1,389
1,163
92
156
88
Cleveland-------- . .
275
1,206
69
92
862
819
871
97
New Orleans___ . .
165
135
1,324
146
1,170
154
1,231
1,181
M inneapolis_ . .
_
165
47
55
848
71
664
615
646
79
Lou isville_____ . .
99
144
108
2,026
1,334
1,252
1,214
D e tr o it......... .. . .
227
69
78
66
942
757
774
714
105
M ilw aukee____ . .
85
96
98
1,109
118
1,155
946
1,061
Los Angeles___ . .
42
37
47
30
466
369
378
389
Providence____ . .
91
124
72
77
1,154
891
805
O m a h a _______ . .
833
58
45
B u ffa lo _______ . .
73
54
718
550
580
514
714
590
79
79
53
53
528
481
St. Paul............. . .
505
401
396
34
379
Indianapolis___ . .
43
33
53
613
459
418
438
46
56
44
D e n v e r ........... .. . .
72
827
379
37
37
468
378
64
Richm ond......... . .
103
414
313
329
34
52
371
46
Memphis______
713
558
586
55
48
58
607
83
Seattle________ . .
392
322
241
232
20
34
18
43
H artford........... - 2S3
449
308
298
39
32
E36
59
Salt Lake C ity . . .
T o ta l............. ..2 4 ,9 8 8 18,038 10,017 12,694
Other cities____ . . 1,716 1,347 1,064 1,201

218,268 155,333 130,677 142,835
15.488 12,174 11,924 12,279

T *tal all____ ..2 6 ,7 0 4 19,385 11,081 13,895
Outside New Yorkl0.051 7,556 5,682 6,308

233,756 167,507 142,601 115,114
91,111 69,274 66,112 68,480

Pacific an d O ther W e ste rn C learings brought forward
from first page.
Clearings at—

T o t a l . .. 518408,890,050517259,761,252 93.8 $14521,133,090 512292,615,345 84.7

Number
of
Shares.

5
1
$
Jan . . 20,070,094,925 13,483,433,873 + 4 8 .8
Feb . . 18,236,249,765 11,912,182,657 + 53.1
M a r .. 20,679,675,539 13,848,400.164 + 49.3

Aver.
Price.

Stock/Sh s.
201,576,319
159,446,471
jV a l. 517354,562,200 }$16269423540 93.7 813680,325,490 } s i 1572233386 84.6
R R . bonds
695,002,974 85.4
773.903.500
720,635.872 93.1
813,878,700
G ov t bds.
2,018,909 100.5
786,219 103.7
2,009,000
757,950
State bonds
22,852,524 9.6
268,358,682 96.0
279.395.500
24,688,500
Bank stks.
507,552 219.3
271,500
556,933 205.1
<231,400

Mth .

Clearings Outside New York.
%

Eleven Months.

Eleven Months 1915,

Eleven Months 1916.
Par Value \
or Quantity. 1

Clearings, Total All.
1 1UTUft.-----------------------------------------------V
|
1916.
|
1915.

B A N K C L E A R IN G S A T L E A D IN G C IT IE S .

C learings b y T elegraph — Sales of Stock s, B on d s, & c.
— The subjoined table, covering clearings for the current
week, usually appears on the first page of each issue, but
on account of the length of the other tables is crowded out
once a month. The figures are received by telegraph from
other leading cities.
Clearings— Returns by Telegraph.
Week ending Dec. 9.

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

1st q r . 58,986,020,229 39,244,016,694 + 5 J .3 23,004,606,224 17,909,373,912 + 28.4

Inc. or
Dec.

1915.

1916.

[Vol . 108

Inc. or

Inc. or

Dec.

1915.

Dec.

$
,489,742
,074,929
,942,458
,428,739
,547,449
,619,854
,305,239
,036,913
,858,611
891,730
198.893
141,178
841,200
,060,665
234,279
068,584
,418,769
,346,193
041.657
,241,819
,675,702

$
S
%
+ 42.2 3.123,033,460 2,431,747,372
+ 23.0 1,154,753,902 946,351,285
+ 51.7 713,210,560 558,435,064
+ 40.9 591,218,416 506,367,052
+ 51.3 228,182,130 174,125,937
+ 52.6 449,220,210 307,535,354
+ 20.2 104,262,447
89,759,570
+ 17.9 200,00 (,751 164,042,857
90,129,879
+ 19.8 112,928,080
89,875,857
+ 3.8 102,676,059
47,773,802
61,313,363
+ 54.4
63,966,090
44,794,197
+ 65.8
44,088,882
+ 17.4
39,574,154
39,785.665
+ 33.7
32.177,350
+ 52.0
23,075,930
18,707,047
+ 3 5 .2
48,503,565
38,742,533
+ 39.4
54,731,468
40,310,110
+ 54.5
18,581,451
13,892,990
10,471,700
+ 30.1
11,002,436
24,068,534
+ 21.1
27,783,491
18,133,979
+ 62.2
25,321,126

%
+ 28.4
+ 22.0
+ 27.7
+ 10.8
+ 31.0
+ 40.1
+ 16.2
+ 22.2
+ 25.3
+ 14.2
+ 28.3
+ 42.8
+ 13.7
+ 23.0
+ 23.3
+ 25.2
+ 35.8
+ 33.8
+ 5.0
+ 15.4
+ 39.8

Total Pacific824.638,23': 593,464,603

+ 38.9 7.199,323,885 5,687,023,289

+ 26.6

Kansas C i t y .. 526,486 ,069 394 ,019,925
Minneapolis . . 165,275 ,048 154 ,482,414
O maha........... - 124,461 108 90 ,955,823
St. Paul........... 78,800 ,804 79 ,253.855
Denver............. 71,967 ,993 56 .437,152
D uluth............. 45,376 ,185 55 ,329,242
St. Joseph------ 45,354 ,171 34 ,732,088
Des M o in e s ... 28,899 ,193 24 ,656,978
Sioux C ity____ 20,811 ,381 15 ,967,268
W ich ita ........... 23,338 ,176 19 ,431,066
9,612 957 7 ,476,068
T o p e k a --------Lincoln ........... 13,718 ,872 10 ,626,756
8,592 979| 6 ,436,199
D avenport-----7,387 313
023,307
Cedar Raplds.
9,536 ,995: 13 ,031,772
Fargo..... ..........
7,123 ,357 6 095,948
Sioux Falls . . .
378,376
4,747 ,164
Colorado Spgs.
,902,909
2,409 .004:
P ueblo............
2,402 ,319
,747,911
F r e m o n t_____
,158,420
1,822 ,751
H astin gs.........
,630,732
4,656 ,318
Aberdeen_____
7,993 ,224
,827,053
W aterloo_____
,535,716
9,187 ,0131
H elena..............
,528,989
B illin g s...........
4,805 ,010|
6,080 ,974
,757,061
Joplin................
3,463 ,000
Grand F o rk s..
,285,000
1,254 ,840'
958,005
Lawrence-------1,279 ,300!
,229,111
Iowa C ity____

+ 33.6 4,432,990,914 3.453,215,443
+ 7.0 1,323,858,030 1,1.69,550,102
+ 36.8 1,153,725,642 890,881,423
— 0.3 714,244,763 589,851,020
+ 27.9 612,957,301 458,595,035
— 18.0 274,052,333 242,114,793
+ 30.6 457,623,395 347,917,705
+ 17.4 303,524,710 257,112,801
+ 30.3 204,799,220 150,051,005
+ 20.1 230,946,860 175,982,327
80,192,547
71,245,007
+ 28.6
+ 29.1 142,449,155 107,902,578
69,479.702
+ 33.5
89,450,831
82,990,935
— 7.9
84,941,394
67,215,045
82,941,474
— 26.8
49,975,506
+ 10.9
63,504,440
32,803,141
+ 40.5
40,973,820
21,735,593
+ 26.6
24,342,311
23,777,110
18,732,999
+ 37.5
17,334,700
10,347,140
+ 57.3
41,119,051
+ 0.6
31,298,808
97,785,720
79,034,237
— 11.7
71,178,055
54,872,500
+ 21.9
+ 36.2 | 34,518,568
25,089,389
43,520,547
+ 5.6 i 08,592,190
19,431,400
+ 5.4
20,912,500
9,200,615
+ 30.9 !
11,508,104
| 12,864,133
+ 4.1 | 14,294,3 48

+ 28.3
+ 13.2
+ 29.5
+ 21.1
+ 33.7
+ 13.2
+ 31.5
+ 18.1
+ 31.2
+ 31.2
+ 21.0
+ 32.0
+ 28.8
+ 2.4
+ 23.4
+ 27.8
+ 2 4.6
+ 12.0
+ 20.9
+ 07.5
+ 31.3
+ 23.7
+ 29.7
+ 37.0
+ 57.4
+ 38.5
+ 24.8
+ 11.1

1916.
San Francisco Los Angeles_
_
Seattle............
P o rtla n d .........
Spokane...........
Salt Lake City.
T a co m a ...........
Oakland...........
Sacramento —
San D iego____
F resn o.............
S to c k to n _____
Pasadena.........
San Jose...........
North Yakima.
B o is e ________
O g d e n ......... ..
R e n o ________
Santa Rosa—
Long Beach___
Bakersfield —

S
360,537,
118,218
83,334
68,234
28,153,
58,946,
9,980,
20,091,
13,008,
9,233,
11,120,
8,522,
4,510,
5,423,
3,396,
5,500.
7,552,
2,080,
1,355,
2,713
2,717

Tot.O th.W es 1236843607 10208951(4

1916.

1915.

+ 21.2 10730.585.930'8.549.108.097 1 + 2 5 .5

THE CHRONICLE

Deo. 9 1916.]
Week ending December 2.
1916.

1915.

Inc. or
Dec.

1914.

1913.

S
%
06,927,731 + 21.4
24,098,000 + 14.8
13,782,954 + 25.8
4,824,000 + 17.(1
10,705,907 + 49.4
10,698,834 + 18.7
1,923,168
+ 7.0
4,152,081 + 12.2
3,062,591 — 19.0
2,029,938 + 10.5
. 1,442,743 + 33.4
815,418 + 31.2
1,592,198 + 2 5 .4
968,321 + 29.5
580,000 + 15.7
287,723 + 56.3
617,014
+ 4.8

S
55,679,888
20,953,991
12,879,851
5,014,920
8,968,026
11,500,000
2,200,531
4,086,805
2,678,071
1,580,133
1,471,848
842,532
1,544,926
842,734
504,708
268,148
661,827

S
60,475,093
26,581,805
14,469,803
5,199,451
10,000,340
12,321,687
2,450,992
4,240,349
2,557,609
2,595,361
1,122,759
732,192
1,503,002
987,998
550,000
331,390

S to c k to n _______
San Jose------------F resn o............. ..
Pasadena........... N orth Y a k im a..
l t e u o ___________
Long B each_____

5
81,221,978
27,667,000
17,339,047
5,645,525
16,000,000
12,720,357
2,057,598
4,660,575
2,480,087
2,243,125
1,924,089
1,069,119
1,997,083
996,738
671,307
450,000
646,513

Total P a cific ..

179,790,141

148,508,621

+ 21.1

131,017,125

146,120,611

Kansas C ity ____
M in n eapolis____
O m aha_________
St. Paul................
D e n v e r ................
D u lu th .. ...........

107,048,564
36,977,944
26,945,769
14,297,683
15,183,358
9,864,210
9,714,723
5,453,686
4,000,000
4,454,190
2,991,672
1,812,274
1,816,700
1,866,043
1,856,784
600,000
450,073
588,786
1,775,775
1,750,000
828,055
909,142
422,988

88,959,880
40,430,176
20,755,380
20,211,683
12,530,230
14,010,133
7,869,995
6,971,265
3,600,000
4,484,382
2,548,194
1,360,832
1,779,259
1,961,250
2,964,913
480,400
387,160
600,000
2,109,781
1,810,132
997,469
793,927
312,364

+ 20.3
— 8.5
+ 29.8
— 29.3

75,306,275
39,211,960
16,552,102
14,476,188
10,361,993
8,701,174
8,816,426
5,882,918
3,264,974
4,085,850
2,548,648
1,503,332
1,962,614
1,831,185
1,949,781
629,306
709,208
633,392
1,451,142
1,520,887
800,958
655,992
203,980

57,903,717
34,202.010
18,972,640
12,090,251
8,719,953
8,308,736
7,645,380
5,593,612
3,794,887
3,621,414
2,309,789
1,073,001
1,825,000
1,845,584
735,853
548,613
743,351
436,012
1,540,870
1,347,626
503,367
637,834
250,000

San Francisco_
_
Los Angeles_____
Seattle_________
Spokane................
Salt Lako C it y ..
P o r tla n d _______
Tacom a - ..............
O ak lan d --......... Sacramento_____

+ 2 1 .1

2133

-.November1910.
1915.
Tons.
Port—
Tons.
Escanaba_____ — 772,417
696,346
M arquette------ . . 273,801
263,386
451,020
Ashland......... .. . . 665,339
958,465
Superior--------- ..1,132,642
D uluth......... .. ..1,982,872 1,328,848
747,064
Tw o H arbors. . . 888,381

To Dec. 1­
1914.
1910.
1914.
1915.
Tons.
Tons.
Tons.
Tons.
222,048 7,279,890 5,636,427 3,663,040
104,147 3,820,452 3,099,589 1,755,726
133,673 7,935,185 5,146,772 3,363,419
389,279 12,620,473 8,307,381 11,309,748
121,248 21,455,345 15,437,419 6,318,291
98,286 10,530,944 8,633,980 5,610,262

T o t a l ................5,715,452 4,445,129 1,068,681 63,648,298 46,261,568 32,020,486

# flm m c r c ta i a n&WL is eeliaixeuixs g tetos
D IV ID E N D S .

Tho following shows all the dividends announced for the
future by large or important corporations:
D i v i d e n d s a n n o u n c e d th is w eek a re p r i n t e d

Name of Company.

Per
When
Cent. Payable.

in

ita lic s .

Books Closed.
Days Inclusive.

R a ilro a d s (Steam ).
2 >2 D ec. 29 Holders of rec. D e c. 2a
Alabama Great Southern, ordinary
Ordinary (extra)_______________
1
D ec. 29 Holders of rec. D ec. 2a
Preferred_______________________
3
Feb. 23 Holders of rec. Jan. 22a
Sioux C ity............
Preferred (extra)______________
4$ Feb. 23 Holders of rec. Jan. 22a
— 0.7
W ich ita ................
Albany <(; Susquehanna___________
to
Jan. 1
+ 17.4
44$ Jan. 2 D ec. 16
Atchison Topeka & Santa Fe, preferred___
2 'A Feb. 1 Holders of rec. D ec. 29a
+ 33.2
T o p e k a ________
Atlantic Coast Line Com pany (q u a r .)..
51.50 Deo. 11 N o v . 30
to
D ec. 10
+ 2 .1
D a v e n p o r t _____
Atlantio Coast Line U ll., com m on_____
31$ Jan. 10 Holders o f rec. D ec. 19a
— 3.8
Cedar Rapids_
_
Boston A Albany (qu ar.)______________
24$ D eo. 30 Holders o f rec. N ov . 30a
— 47.4
F a rgo...................
Boston Revero Beach & Lynn (quar.)___
Jan. 1 Holders of rec. D ec. 15a
U$
+ 25.0
Colorado Springs
Buffalo & Susquehanna, com m on______
3
D ec. 30 Holders o f rec. D ec. 12a
+ 10.3
P u eblo__________
Preferred____________________________
2
D ec. 30 Holders o f rec. D ec. 12a
— 1.9
F r e m o n t..............
Canadian Pacific, com . (quar.) (N o. 82)
24$ Jan. 2 Holders o f reo. D eo. la
— 15.4
W aterloo_______
Chesapeake A O hio______ ______________
2
D ec. 30 Holders o f rec. D ec. 8a
— 3 .3
H elena..................
2
Chicago Burlington < Quincy (quar.)____
fc
D ec. 26 Holders o f rec. D ec. 19a
— 17.0
Aberdeen_______
Chic. Indianap. & Louise., common_____
iy* D ec. 29 Holders o f rec. D oc. 19a
+ 14.5
B illin g s................
Preferred....... .......... ............................. ..
2
D ec. 29 H oldeis of rec. D ec. 19a
+ 35.4
H astin gs......... ..
Chicago A North Western, com . (quar.)
l 5$ Jan. 2 Holders o f rec. D eo. la
Preferred (quar.).....................................
2
Jan. 2 Holders o f reo. D ec. la
+ 6.1 .203,300,285
175,233,436
T o t. oth. West 251,628,452 237,046,805
Cln. N . O. A T ex. Pacific, com m on_____
3
D ec. 12 D ec. 2
to
D ec. 11
Common (extra)_____________
D eo. 11
34$ D ec. 12 D ec. 2 to
Delaware .It Hudson C o. (quar.)
2 4$ D ec. 20 Holders of rec. N ov . 27a
Delaware Lackawanna A Western (extra)
S5
D ec. 20 Holders of rec. D ec. 2a
Detroit A M ackinac, com . and prof
24$ Jan. 2 Holders of reo. D ec. 15a
Erie A Pittsburgh (quar.)......... .......
87 y$c. D ec. 9 Holders of rec. N ov . 30a
Fonda Johnstown & Glocersv., pref. (quar.)
14$ D ec. 15 Holders of rec. D ec. 9a
Ask
B anks.
Bid
Bnnks-IV .Y. Bid
Ask T r u s t C o ’s. Bid
Ask
Greene IlK _______ _____ _
3
D ec. 19 Holders of rec. D ec. 14a
580
Manhattan * 335
A m erica*___ 565
345
New York
Hooking V a lle y ___________
2
D ec. 30 Holders of rec. D ec. 15a
Amer E xch . 240
245
M ark A Fult 270
280
A s t o r ______ 475
490
to
Jan. 4
2
Jan. 2 D ec. 12
Illinois Central leased lines
180
185
305
310
Interborough Consolidated Corp., pf. (qu.).
14$ Jan. 2 Holders of rec. D ec. 11a
Battery Park 175
185
Merchants . 250
260
B ’way Trust 155
100
Interborough Rapid Transit (quar.).........
5
Jan. 2 Holders o f rec. D ec. 20a
____ M etropolis*. 290
B ow ery*_
_ 400
795
CcntralTrust 780
Kansas City Southern, pref. (quar.).........
1
Jan. 15 Holders of rec. D ec. 30a
Bronx Boro* 200
M otropol’ u * 182
187
305
Colum biat . (300
Lackawanna UR. of N . ./. (quar.)----------1
Jan. 2|Holders of rec. D ec. 7a
2:
Bronx N a t ..
ISO IM u tu al*___ 375
Com m ercial. n o
Little Schuylkill Nav., HR. A Coal---------to
Jan. 15
SI 25 Jan. 15 D ec. 12
BryantPark* 160
225
170 |Ncw N cth *. 215
305
E m p ir e ____ 290
Manhattan Ry. (quar.)--------------------------1 Holders o f rec. D ec. 15a
IK Jan.
Butch A D r. 105
725
115 i Yew YorkC o
555
Equitable Tr 545
M obile & Birmingham, preferred______
2
to
Jan. 1
Jan. 1 D ec. 2
Chase........... 370
375 'N ew Y o r k .. 400
415
Farm L A Tr 1850 1900
Morris & Essex_________________________
SI 75 Jan. 2 Holders of rec. D eo. 9a
215
Chat A Phen 238
Pacific *____ 270
F id elity____ 208
242
New York Lackaicanna A; Western (quar.)
14$ Jan. 2 Holders o f rec. D ec. 15a
300
Chelsea Ex*
125
P a rk . . ____ 550
575
F u lto n _____ 285
Now Y ork Phlla. & N orfolk, com . (q u .).
15$ Deo. 19 Holders o f rec. N ov.30a
505 3
3 Northern Central...........................................
Chem ical___ 397
402
235
Guaranty Tr 495
People’s * _
_ 220
S2
Jan. 15 Holders o f rec. D ec. 30
150
190
Hudson ___ 140
CltlzcnsCcnt 185
193
Prod Exch*.
Plttsb. Ft. W a y n e * Chic. reg.gu.(quar.)
I K Jan. 2
141
Law T it A T r 137
C ity .............. t532
Public * ____ 230
Special guaranteed (quar.). _.
IK Jan. 2
115
Coal A Tron. 190
435
200
Lincoln T r . . 110
Seaboard _
_ 420
Reading C o. first pref. (q u a r .) ________
50o. Deo. 14 Holders of rec. N ov. 28a
425
C olonial*_
_ 450
410
Metropolitan 418
S econd_____ 395
Reading C om pany, 2d preferred (qu ar.).
50c. Jan. 11
s o f rec. D ec. 19a
Columbia* - 310
325 [Sherm an_
137
M u t’l (W est_
120
Rennsalaer A Saratoga______
4
6
to
Jan. 1
Jan. 2
115
105
Chester) . . 125
C om m erce.. 1190 tl931 2 State *_ .
_
Southern Pacific C o. (quar.) (N o. 4 1 ) . . .
14$ Jan. 2
355
135
Corn Exch*. 345
23d W ard*. 100
N Y Life Ins
Union Paclflo, com mon (quar.)________
2
Jan. 2
Cosm opol’n*
85
160
100
Union E xch . 150
A T r u s t.. 975 1000
Valley RR. (N . Y .)......... ................................
24$ Jan. 2
East R iv e r..
75
Unit States* 500
N Y T r u s t .. 605
015
S tre e t an d E le c tr ic R a ilw a ys.
____ Wash Il'ts * . 275
___ Title Gu ATT 397
Fidelity * . . . 150
403
American Railways, com m on____________ SI
D ec. 15
175
Westch A v * 100
Fifth A v e * .. 4300 4800
Transatlan’c
155
Arkansas Valley lty ., L. & P ., pref. (q u .).
IK D ec. 15
275
West Side*.
365
v i f t h ______ 250
Union Trust 425
Brooklyn Rapid Transit (quar.)________
14$ Jan. 2
Yorkvlllo* . . 525
F i r s t ........... 1050 1100
U S M t g A T r 450
458
Cities Service, com mon (m onthly)...........
4$ Jan. 1
Brooklyn
190
G arfield____ ISO
UnltedStatea 1015 1035
Preferred (m on th ly;.................... ............
Jan. 1
4$
Coney Isl’d* 130
140
145
Germ-Amer* 135
W estchester. 130
140
Cleveland Ry. (quar.)_____________ I _____
14$ Jan. 1
First............. 255
270
German Ex* 390
Eastern Power A Light., pref. (auar.)____
IK D ec. 15
Flatbush . . . 170
Germania * . 415
El Paso Electric Co., com. (quar.) (No. 21)
f rec. D ec. 5a
24$ D ec. 15
Greenpolnt . 150
165
G oth am ------ 200
Brooklyn
3
Jan. 8
Preferred (No. 2 9 ) ............ .......................
f rec. D ec. 18a
Hillside * . . . 110
120
Greenwich*. 315
Brooklyn T r 600
015
Frankford & Southwark, Phlla. (qu ar.). 54.50 Jan. 1
f rec. D ec. la
Homestead * ____ 115
725
H anover___ 700
Franklin . . . 255
265
3
Jan. 1
Indianapolis Street l t y . ...............................
to
Jan. 1
M echanics*. 128
430
138
Hurrlman - - 420
Hamilton_
_ 265
275
Iowa Railway A Light, preferred (quar.).
to
D ec. 31
1K D ec. 31
M o n ta u k * ..
90
105
525
I m p A T rad . 510
Kings C o . . . 040
060
Louisville Traction, common (quar.)____
1
Jan. 1
to
D ec. 15
205
Nassau-------- 200
225
217
Manila Elec. RR. A Ltg. Corp. (quar.)____
14$ D ec. 30
275
N atlon’lC lty 265
L ib erty ____ 850
People’s . .
285
Northern Ohio T rac. A L ., com . (q u a r .)..
14$ D ec. 15
210
340
North Side*. 175
Lincoln ------- 330
Queens C o . .
80
70
S3
Second A Third Streets Phils, (quar.). . .
Jan. 1
14
People’s ____ 130
Springfteld(Mo.)Ry. A L., pf.(qu.)(No.8).
1K Jan. 2
Toronto Ry. (quar.).........................................
2
Jan. 2
• Hanks marked with a (*) arc State banks, t Salo at auction or at Stock Ex1
Tri-City Ry. A Light, common (quar.)____
Jan. 1
Preferred (quar.)______________________
1
15$ Jan.
ohango tills week, t New stock, v Ex-rlghts.
Twin City Rap. Tran., Minneap.,com.(qu.)
IK Jan. 2
Preferred (quar. ) . _ .....................................
14$ Jan. 2
Union Traction, Philadelphia____________ SI 50 Jan.
1
1
United Light A R y s., corn, (qu.) (N o. 8 ).
Jan. 2 :
First preferred (quar.) (N o. 25)...........
14$ ! Ian. 2 i
United Traction A Elec., Prov. (quar.)___
to
D eo. 17
1K Jan. 2 (
Ask
Bid
Bid
.4 sit
West End St., Boston, preferred_________
to Jan. 2
S2
Jan. 2|l
Ask
80
Lawyers M tg 165
70
Alliance R ’ ty
170
T r u s t C om panies.
Realty Assoc
M tge Bon d. 110
155
Amer Surety 150
115
Guaranty (quar.)...........................................
5
D ec. 30jHolders of reo. D ec. 22a
39 I
(Brooklyn) 100
103
297
Nat Surety. 267
275
Bond & M G 292
Special______________ _____________ _
124$ ;Dec. 30 Holders of reo. Deo. 22a
I
U S Casualty 200
N Y Title A
Casualty Co
Union (quar.)__________________________
4
Jan.
1 Holders o f reo. D ec. 23a
I
U S T ltleG A I
05
*70"
M t g e -----90
22
18
97
C ity Invest g
M iscella n eou s
Wes & Bronx
67
60
P referred..
Ajax Rubber (quar.)...................................
S1.25 D ec. 15 I
T itle &M G
180
Alloucz Mining (quar.)________________
S3
Jan. 3 1
American Bank N ote, pref. (qu ar.)____
14$ Jan. 2 1
American Beet Sugar, pref. (qu.) (No. 70)
14$ D ec. 30 1
T R A D E A N D T R A F F IC M O V E M E N TS.
American Brass (extra)________________
5
Deo. 20 1
American Can, preferred (quar.)............. ..
ran. 2 1
1K
LAKE SUPERIOR IRON ORE SHIPMENTS.— The Amer. Car A Fdy., com. (quar.) (No. 57)
1
Tan. 1 1
Common (extra)______ _____ ___ _____ _
1
Tan. 1 l
shipments of Lake Superior iron ore during November
Preferred (quar.) (No. 71)........................
fan.
11
1K
Chicle, preferred (quar.)
14$ ran. 2 I
amounted to 5,715,452 tons, against 4,445,129 tons in American Cigar, preferred (quar.)..
American
14$ ran. 2 1
51.50 ran. 2 I
Novombor 1915. For the sgason to Dec. 1 tho movement American Express (quar.)..............
52
Special dividend________________
i of rec. N ov. 29a
Jan, 2 1
aggregated 63,048,298 tons, an increase of 17,386,730 tons Amer. Graphophonc, com . (qu.) (N o. 47) I K ;J a n .
Holders of rec. D eo. 15a
American International
co m m
Holders
15
over the same period last year and of 14,577,820 tons over Amer. Iron A Steel M fg Corp., .A p f.(qo n .. 75o. |Deo. 30 H olders of rec. D ec. 20a
., c o m
u .).
I
of rec. D ec.
1K
Jan.
the tonnage for the entire season of 1913, the previous Amer. Laundry Machinery, com m on____ 1 D ec. 10|Dec. 1 to D ec. 10
American Linseed, preferred (N o. 7 )____ *14$ Jan. 1 (Holders of rec. D eo. 15a
record year, when 49,070,478 tons were shipped. Tho American Locom otive, common (q u a r .).. I K Jan. 3 Holders of rec. D ec. 18a
Preferred (quar.)___________________ _
Jan. 22 Holders of rec. Jan. 5a
m
“ Iron Trado Review” under dato of Dec. 5 says:
American Oil Fields_________ ___________
54c.
American Public Utilities, pref. (quar.)___
l 4$ Jan. 1 Holders of rec. D ec. 20a
Tho weather during tho past low days has been very favorable for ore loading
American Radiator, com mon (quar.)____
4
Deo. 30 D ec. 22
to
D ec. 30
and leading Independents expect to continue loading up to D ec. 12. It Is believed
Amcrloan Sewer P ipe_______ ______ _____
to D ec. 19
t'4$ Deo. 20 D eo.10
that tho Steel Corporation will do little, If any more loading this year, but the
American Smelters Secur., pref. A (quar.)
D ec. 25
14$ Jan. 2 D eo. 16
Preferred B (quar.)____________________
D ec. 25
144 Jan. 2 Den. 16
movement for December may reach 1,000,000 tons and tho all-rail shipment for tho
Amer. Smelting A Refining, com . (quar.)
N ov . 26
14$ D ec. 15 N ov. 25
year Is likely to be fully 1,000,000 tons. Hence It will not be surprising If the entire
American Snuff, common (quar.)........... ..
Jan. 2 Holders of rec. D ec. 15a
3
movement for tho season amounts to 60,000,000 tons.
Preferred (quar.).........................................
14$ Jan. 2 Holders o f rec. D ec. 15a
American Steel Foundries_______________
D ec.
Holders o f
ec.
Below wo givo the shipments from the various ports for Amer. Sugar R cfg ., com . A pref. (qu ar.). 144 Jan. 31 Holders of rec. D eo. 16
2
rec. D
la
144
American Thread, preferred...................... i 24$ Jan. 1 N ov. 15
to
N ov. 30
November 1916, 1915 and 1914, and for tho season to Dec. 1:
— 29.6
+ 23.4

— 1 0 .2
+ 1F+

New York City Banks and Trust Companies

New York City Realty and Surety Companies




Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

M iscella n eou s (Continued).
American Tobacco, preferred (quar.)_____
I X Jan. 2 Holders of rec. D eo. 15a
D ec. 27
American W oolen, com m on (quar.).........
I X Jan. 15 D ec. 12 to
D ec. 27
I X Jan. 15 D ec. 12 to
Preferred (quar.)............... ........................
19 to
Jan. 1
2 X Jan. 1 D ec.
Ansco Company (quar.).................................
Associated Oil (quar.)_____ _______________
I X Jan. 15 Holders of rec. D eo. 13a
Feb. 1 Holders of rec. D ec. 29a
5
Atlantic Gulf & W . I. S. S. Lines, c o m .. .
I X Jan. 2 Holders of rec. D eo. 15a
Preferred (qu ar.)................................ —
Dec. 15 Holders of rec. N ov. 20
Atlantlo Refining (quar.).............................
2 to
Deo. 10
2
Deo. 11 Deo.
Atlas Powder, common (quar.)------------2 to
D eo. 10
8
Deo. 11 Deo.
Common (extra)......... ............................. 1 Holders of rec. D eo. 9a
3 X Jan.
Baldwin Locom otive Works, pref..............
Baltimore Electric________________ _______ S I.25 Jan. 2 Holders of rec. D ec. 15
Baltimore Tube, Inc., com. A pref. (quar.).
I X Jan. 2 Holders of rec. D eo. 20
Barrett Company, common (quar.).-.........
IX Jan. 2 Holders of rec. D ec. 20a
Jan. 25 Holders of rec. D ec. 20a
Common (extra)............................................ 10
Preferred (quar.).......................................
I X Jan. 15 Holders of rec. Jan. 5a
7X Jan. 2 Holders of rec. D ec. 15a
Bethlehem Steel, com mon (quar.)...........
I X Jan. 2 Holders of rec. D ec. 15a
Preferred (quar.)..... ....................... ..........
Booth Fisheries, pref. (quar.)....................
I X Jan. d2 Holders of reo. Deo. 21a
2 to
D eo. 15
Borden's Condensed M llk,pf.(qu.) (No.60)
I X D ec. 15 D ec.
Brooklyn Union Gas (q u a r j (N o. 63) —
I X Jan. 2 Holders of rec. D eo. 14a
Jan. 2 Holders of reo. Deo. 14a
1
E x tr a ......................................... — .......... S2
Deo. 15 Holders of reo. N ov. 24
Buckeye Pipe Line (qu ar.)........................
I X D ec. 30 Holders of rec. D ec. 20
Buffalo General Elec, (quar.) (No. 8 9 )-----Butte-Superior Mining (quar.)----------------- S I.25 D ec. 30 Holders of rec. D ec. 15a
D ec. 30 Holders of rec. D ec. 15a
S5
Extra---------------- ---------------------------------Dec. 20 Holders of rec. D ec. 2a
Calumet A Hecla M ining (quar.)................ $25
7 to
D ec. 10
$2
Dee. 20 D ec.
Calumet & Arizona M ining........................
7 to
D ec. 10
Dec. 20 D ec.
$1
E xtra.......................................................—
Canadian Consol. Rubber, pref. (quar.) —
I X D ec. 30 Holders of roc. D ec. 22
Canadian Gen.El., Ltd.,com .(qu.) (No.70)
2 X Jan. 1 Holders of rec. D ec. 15a
D ec. 30 Holders of rec. D ec. 15a
2
Celluloid Company (quar.)....... ...................
2
Dec. 30 Holders of rec. Deo. 15a
Extra_________________________________
2
D ec. 30 Holders of reo. D eo. la
Central Leather, com mon (extra)----------I X Jan. 2 Holders of reo. D eo. 9a
Preferred (qu ar.)_____________________
Central States Elec. Corp., pf. (qu.) (No. 18)
I X D ec. 30 Holders of roc. D ec. 9
Jan. 2 Holders of rec. D eo. 18
2
Chandler Motor Car (quar.)..........................
Jan. 2 Holders of rec. D ec. 18
1
Extra_______________ _________________
20c. Jan. 31 Holders of reo. Jan. 15
Charcoal Iron Co. of America-----------------lOo. D ec. 30 Holders of rec. D eo. 15
Charcoal Iron Co. of A m ., preferred-------Deo. 20 Holders of reo. N ov. 29a
3
Chesebrough Manufacturing (quar.)-----50c. Dec. 20 Holders of rec. N ov. 29a
E x tra ...................... ............................. 2
Deo. 30 Holders of reo. D eo. 29a
Chicago Telephone (quar.)..................
to
D eo. 11
1
Deo. 11 Deo. 2
Childs C o ., common (qu ar.)................
to
Deo. 11
X Deo. 11 Deo. 2
Common (extra)..................— . —
to
Deo. 11
I X D ec. 11 Dec. 2
Preferred (qu ar.)__________________
S I.50 Dec. 30 Holders of reo. D ec. 15a
Chino Copper (quar.)...............................
Dee. 30 Holders of rec. D ec. 15a
•si
Extra . . .........................................................
Dec. 29 Holders of rec. D ec. 15a
2
Cleve. A Sandusky Browing, com m on—
Dec. 29 Holders of reo. Deo. 15a
2
Clev. & Sandusky Brew ., pref. (q u a r .)..
I X Jan. 2 Holders of reo. D ec. 20a
Cluelt, Peabody A Co., Inc., pref. (quar.).
Dec. 22 Holders of rec. D ec. 12
Colorado Fuel A Iron, preferred................ 530
X Jan. 15 Holders of rec. D ec. 30a
Colorado Power, common (quar.).............
I X Deo. 15 Holders of reo. N ov. d29a
Colorado Power, preferred (quar.) ____
I X Deo. 15 Holders of reo. N ov . 10a
Consolidated Gas (quar.).............................
I X Jan. 2 Holders o f rec. D ec. 15a
Cons. Gas, E l. L. A P., Balt., com . (q u .).
I X Jan. 2 Holders of rec. D ec. 18a
Consumers’ Power (M ich .), pref.(qu ar.).
I X Jan. 1 Holders of reo. D eo. 20a
Continental Can, Inc., common (quar.) —
I X Jan. 1 Holders of reo. D ec. 20a
Preferred (quar.)..________ ___________
to
Deo. 16
Deo. 16 N ov. 26
3
Continental Oil (quar.).......................... —
Deo. 15 Holders of reo. N ov . 25
Copper Rango C o. (qu ar.)........... ............ ..
Dec. 15 Holders of reo. N ov. 25
$1
E x tra
............................................... —
Deo. 15 Holdcis of reo. N ov. 25
$1
Special..........................................................
Cosden Oil A Gas, com . (qu ar.)................ 12Xo. Deo. 20 Holders of reo. D eo. 11
5c
Deo. 20 Holders cf reo. D eo. 11
Common (extra).......................... ...............
to
D ec. 15
75c. Dec. 15 N ov. 22
Crescent Pipe Lino (qu ar.)......... ...............
10c. Deo. 10 Holders of rec. N ov. 29
Crcsson Cons.G.M .A M .(m thly.) (N o. 50)
15c. D ec. 10 Holders of rec. N ov. 29
E xtra.................... ............ ................ ..........
I X Dec. 21 Holders of rec. D ec. 7a
Crucible Steel, pref. (quar.) (N o. 50)-----Preferred (account accumulated d lv s .). />1X Deo. 21 Holders of reo. D eo. 7a
Cuba Cane Sugar, preferred (quar.).........
I X Jan. 2 Holders of rec. D ec. 15a
Cuban-Amerlcan Sugar, com . (quar.) —
2 X Jan. 2 Holders of rec. Deo. 15a
I X Jan. 2 Holders of reo. D eo. 15a
Preferred (qu ar.)................................... ..
5
Dec. 18 Holders of rec. D ec. 1
Cumberland Pipe Line....... ....................... ..
I X Jan. 1 Holders of reo. D eo. 20a
Dayton Power A Light, preferred (quar.)..
I X Deo. 15 Holders of reo. N ov. 29a
Diam ond M atch (q u a r .)..............................
I X Jan. 15 Holders of rec. D ec. 18a
Distillers' Securities Corporation (quar.)..
Dominion Glass, Ltd., pref. (quar.)-----I X Jan. 1 Holders of rec. D ec. 12
to
Dee. 15
2
Dec. 15 N ov. 30
D ominion Power A Trans., com m o n ..
I X Jan. 2 Holders of reo. Deo. 15
D ominion Textile, L td ., com . (quar.)___
I X Dec. 15 Holders o f rec. N ov. 30a
■ Drlggs-Seabury Ordnance,1st pref.(quar.)
I X Dec 15 Holders o f rec. N ov. 30a
Second preferred (quar.)........................
du Pont (E . I.) de Nera.A Co.,com .(quar.)
I X Deo 15 Holders of reo. N ov. 29a
24 M Deo. 15 Holders of reo. N ov . 29a
Com m on (special)___________________
I X Feb. 1 Holders of reo. Jan. 22a
du Pont (E. I.) de N em.Powd.,com .(qu.)
Holders of rec. Jan. 22a
I X Feb.
Preferred (quar.)...................................
I X Deo. 15 Holders of reo. D eo. 1
Eastern Steel, first preferred (quar.) —
Deo. 15 Holders o f reo. Deo. 1
First preferred (accrued dlvs. to d a te). h28
Holders of rec. N ov. 30a
2H Jan.
Eastman K odak, com mon (quar.).........
Holders of rec. N ov . 30a
I X Jan.
Preferred (quar.)____________________
1 'A Deo. 11 Holders of reo. D eo. 1
Electric Properties Corp., com m on-----D ec. 11 Holders of reo. Deo. 1
IX
Preferred (quar.).....................................
Holders of reo. D ec. 18a
Jan.
1
Elec. Storage Battery, com. A pref. (quar.)
Deo. 15 Holders of rec. Deo. la
3
Elk Horn Coal Corp., preferred_______
3
Deo. 15 Holders o f reo. D ec. 6
Equitable III. Gas L ., Phlla., pref.........
Federal M ining A Sm elt., pref. (q u a r .)..
I X Deo. 15 Holders of rec. N ov. 22a
Deo. 30 Holders of reo. N ov. 29a
3
Galena-Signal OH, com . (qu ar.)..................
D ec. 30 Holders of reo. N ov. 29a
2
Preferred (qu ar.).......................................
M ar. 1 Holders of reo. Feb. 2la
2
General Chemical, com mon (qu ar.)-------Feb. 1 Holders of rec. D ec. 30a
5
Com m on (e x t r a )_____________________
Feb. 1 Holders of reo. D ec. 30a
Com m on (special)____________________ 15
I X Jan. 2 Holders of rec. D ec. 18a
Preferred (qu ar.).......................................
2
Jan. 15 Holders of reo. Deo. lfla
General Electric (quar.)--------- ---------------I X Jan. 2 Holders of rec. D eo. 19
General Ry. Signal, com. A pref. (quar.) —
to
D eo. 15
I X Deo. 15 N ov. 30
G lobe Soap. com . (quar.).............................
I X Deo. 15 N ov. 30 to D ec. 15
1st, 2d and special pref. stocks ( q t t r .) .
Deo. 10 Holders of reo. N ov. 30a
2
G lobe Wernicke, common ( q u a r . '^ . . . .
1
Feb. 15 Holders of reo. Feb. 2a
G oodrich (B. F.) C o., com mon (q u a r .)..
I X Jan. 2 Holders of rec. D eo. 21a
Preferred (q u a r .)......................................
2
to
D ec. 22
Dec. 22 Dec. 12
Great Lakes Steamship (quar.)................
to
D ec. 22
D ec. 22 Dec. 12
2
E xtra_________________________________
to
Jan. 2
Great Lakes Tow ing, pref. (quar.)...........
I X Jan. 2 Deo. 16
to
D eo. 20
750 Deo. 20 Deo. 3
Great Northern Iron Ore Properties.........
Holders of reo. D eo. 15a
Jan.
2
G ulf States Steel, common (N o. 1 )...........
Holders o f reo. D eo. 15a
G ulf States Steel, 1st preferred (q u a r .)..
I X Jan.
Holders o f reo. Jan. 15a
I X Feb.
G ulf States Steel, 2d pref. (quar.)..............
Holders o f rec. Jan. 10a
Harblson-Walker R efrac., pref. (q u a r .)..
I X Jan.
D ec. 15 Holders of rec. D ec. 11a
2
Harrison Bros. A C o., Inc., com . (qu ar.).
H art, Schaffner A M arx, pref. (quar.)___
I X Dec. 30 Holders of reo. Deo. 20a
Jan. 2 Holders of reo. D eo. 15a
Haskell A Barker Car (N o. 1 ) . . . .............. 75o
Helme (George IV.) Co., common (quar.)___
2 X Jan. 2 Holders o f roc. Deo. 16a
4
Jan. 2 Holders o f reo. D eo. 16a
Common (extra)_______________________
Preferred (quar.)______________________
I X Jan. 2 Holders o f rec. D eo. 16a
to
D ec. 22
2
D ec. 23 D ec. 16
Hercules Powder, common (quar.)________
Deo. 22
D ec. 23 Deo. 16 to
Common (extra)............................................
D ec. 22
Common (pay. in Anglo-French bonds).. m i7X D ec. 23 Deo. 16 to
2
Deo. 20 Holders of reo. D eo. 9
Illinois Brick (extra)______ _____ ________
Dec. IS Holders of rec. N ov . 20
Illinois Pipe Line....... ..................................- 12
to
D eo. 14
25o. Deo. 15 D ec. 7
Independent Brewing, com m on__________
Jan. 2 Holders of reo. D ec. 15a
3
lngersoll-Rand, preferred________________
to
Jan. 1
1
Dec. 30 D ec. 16
International Salt (quar.).............................
to
Jan. 1
1
D ec. 30 D ec. 16
E xtra_____ ______________ ____________
Jan. 1
International Silver, preferred (quar.)___
I X Jan. 2 Dec. 17d to
Jewell Tea, Inc., pref. (quar.)....................
IX Jan. 2 Holders of rec. D eo. 20a
Kelly-Springfield Tire, 6% pref. (quar.)..
I X Jan. 2 Holders o f rec. D ec. 16
to
D eo. 25
Kennecott Copper Corp. (quar.) (No. 4) — $1.50 D ec. 30 Deo. 16
Kerr Lake M ining (quar.) (N o. 4 5 )------ 25o. D ec. 15 Holders of reo. D eo. la
Kress (S. II.) A C o ., pref. (qu ar.)_______
I X Jan. 2 Holders of reo. Deo. 20a
1
Jan. 31 Holders of rec. Jan. 20
La Bello Iron Works, com m on__________
D ec. 21 Holders of rec. D ec. 9
2
Preferred (quar.).......................................
Preferred (account accumulated d lvs.). h2X D ec. 21 Holders of rec. D ec. 9




[Vol . 103

THE CHRONICLE

2134

ax

Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

M iscella n eou s (Continued).
of reo. D ec. 15a
Lackawanna Steel, com mon (quar.).........
I X D ec. 30 I
Dec. 30 I
o f reo. D ec. 15a
3
Com m on (extra)..................- ...............—
D ec. 15
Dec. 15 1
to
Laclede Gas Light, com mon (qu ar.).........
IX
Dec. 15 1
D ec. 15
to
Preferred......................................................
2X
1I
of rec. D ec. 15a
Liggett A M eyers T obacco, pref. (q u a r.).
I X Jan.
of ice. D ec. 23
Dec. 30 I
Lone Star Gas (quar.)____________________
IX
of rec. D ec. 23
Dec. 30 I
Extra_____________ __________ _________
X
,of rec. Dec.18a
Jan. 1 I
Loose-Wiles Biscuit, l.tf pref. (qr.)No. 19).
ix
of rec. D ec. 15a
Jan. 2 I
3
Lorlllard (P.) Co., common (quar.)..............
of rec. D ec. 15a
Jan. 2 I
Preferred (quar.)______________________
ix
of rec. D ec. 9a
M ackay Companies, com . (qu.) (N o. 4 6 ).
I X Jan. 2 I
1
of rec. D ec. 9a
Jan. 2 I
Preferred (quar.) (N o. 52)____________
50c.
of rec. D ec. 8
Dec. 30 I
M agm a Copper C o. (q u a r .)................... ..
of rec. D eo. 23
Manatl Sugar, pref. (quar.)......................
i x Jan. 2 1
o f rec. D ec. 18
Manhattan Shirt, pref. (quar.)....... ............
I X Jan. 2 I
of rec. D ec. 1 la
2X Jim. 2 I
Maxwell M otor, In c., com . (qu ar.)-------of iec. D ee. I la
First preferred (quar.).................... ........
IX Jan. 2 1
2 I
of rec. D ec. 11a
Second preferred (quar.)........................
I X Jan
of rec. D ec. 2a
Mergenthaler Linotype (quar.)__________
2X D ec. 30 I
o f rec. D ec. 2a
E x tra ..................................... .......................
2 X D ec. 30 1
2
Jan. 2 I
of rcc. D ec. 15a
Mexican Petroleum, Ltd., pref. (quar.)-----of rec. D ec. 15
M ichigan Light, preferred (quar.)..............
IX Jan. 2 I
Jan. 20 I
of rec. Jan.
2c.
1
Midwest Oil, pref...........................................
of reo. D ec. 15a
1
Jan. 21
M ontana Power, com . (quar.) (N o. 1 7 )-of reo. D ec. 15a
IX Jan. 2 l
Preferred (quar.) (N o. 17)--------of rec. D ec. 20
1l
Montgomery, Ward A Co., pref. (quar.) —
i x Jan.
of rec. D ec. 5a
1
D ec. 15 l
Montreal Cottons, L td., com mon (quar.)
of rcc. D ec. 5a
Preferred (quar.)_____________________
I X Dec. 15 i
of rec. N ov. 29
Muskogee Gas A E lec., prof, (quar.)-----I X D ec. 15 I
of rcc. D ec. 28a
National Biscuit, com . (quar.) (N o. 7 4 ).
i x Jan. 15 I
2
Jan. 15 .
National Carbon, com mon (quar.)............
2
Jan. 15 .
Com m on (extra)______________________
Jan.
1
Jan.
11
Nat. Gas, Elec. L. A Pow., com. (quar.) —
Jan.
1I
Preferred (quar.)______________________
I X Jan.
1
Dec. 30 I
National Lead, com mon (quar.)................
Dec. 15 I
IX
National Lead, preferred (quar.)________
2
Jan.
11
National Refining, pref. (quar.)................
National Sugar Retlnlng (quar.)________
IX Jan. 2 i
Jan. 2 I
3
National Surety (qu ar.)........................ —
50c. Deo. 15 I
National Transit................................... ........
Nevada Consolidated Copper (quar.)........... 50c. D ec. 30 1
Dec. 30 1
SI
Extra_____ ___________ ________________
5
Dec. 11 1
New Jersey ’/ In c (extra)..............................
12 X Deo. 22 l
New York Air Brake (quar.) (N o. 56)-----E x tia .............................................................
12 X Deo. 22 1
4
Jan. 15 1
New York Transit (quar.)..........................
D ec. 23
2
Jan. 15 1
E x tra ................................... .............. ...........
D ec. 20
Dec. 20 1
2X
Nlles-Bement-Pond, com . (qu.) (N o. 5 8 ).
D ec. 15a
North American Co. (quar.) (No. 51) —
I X Jan. 2 i
5
Jan. 3 ;
Northern Pipe Line...................................
50c. D ec. 23 :
Ohio Fuel Oil (quar.)___________________
S I.25 Deo. 20
to
D ec. 13
Ohio Oil (quar.)..........................................
to
D eo. 13
$3.75 Dec. 20
E x tr a ______ ______ _________________
12X c. D ec. 23
rec. D ec. 11
Oklahoma Prod. A Refg. (quar.)...........
to
D eo. 21
S3.50 Deo. 29 :
Old Dominion Co. of Maine (quar.)_____
to
D ec. 21
Old Dominion Cop. M in. A Smelt, (quar.). $3.50 D ec. 28
75o.
Jan. 1
50o.
Jan.
1
Com m on (e x tra )______________
Preferred (quar.)...........................
I X Jan. 1
7
to
D eo. 15
Pabst Brewing, pref. (quar.)--------I X Deo. 15 !
Packard M otor Car, pref. (quar.).
I X Dec. 15 1
Pan-Amer. Petrol. & Transp., pref. (qu.)..
I X Jan. 2 1
Pcnnsylvanta Water A Pow. (qu.) (N o .12)
IX Jan. 2 1
50c. Dec. 23 ]
People's Nat.Gas A Plpeago (quar.)
Pettlbono-Mulllken Co..first prcf.(quar.).
1X Jan. 2 1
Second preferred (quar.)_______
IX Jan. 2 1
39 54c. Dec. 15 1
Philadelphia Electric (qu ar.).........
Producers OH (q u a r .).......... ..........
2 X Deo. 31 1
2X Jan. 15 i
Quaker Oats, common (qu ar.)____
IX Feb. 28 !
Preferred (quar.)...................... ..
Deo. 18 :
$5
Quincy M ining (quar.)....................
I X Deo. 30 ;
Railway Steel-Spring, com . (quar.)
IX Deo. 20 '
Preferred (qu ar.)..... .....................
75o. D ec. 30
Ray Consolidated Copper (quar.)_
_
25o. Deo. 30
Extra..................................... ..........
Jan. 15
3
Realty Associates (N o. 28)______
1
Republic Iron A Steel, pref (qu.) (N o. 53)
IX Jan.
hi
Jan. 1
3
Jan.
1
Jan.
1
5
Common (extra).
1
Preferred (quar.).
IX Jan.
IX Deo. 15
D ec. 20
25o. D ec. 20
St. Joseph Lead C o. (quar.)-----------------Dec. 20
D eo. 20
SI
Extra (from reserve for am ortization).
Deo. 23
2
Safety Car Heat. A Llg. (quar.)________
to
D ec. 29
l X D ec. 30
1
Sears, Roebuck A C o ., pref. (quar.).
I X Jan.
50c. Jan. 20
Shattuck Arizona Copper (quar.)_____
75o. Jan. 20
Extra............................................... ..
Shawlnlgan W ater A Power (quar.) .
I X Jan. 10
IX Jan. 2
D ec. 20
5
D ec. 20
Solar R e fin in g ...............
Jan. 1
5
D ec. 30
South Penn Oil (quar.).
Jan.
1
6
D ec. 30
E xtra.............................
D ec. 15a
5
Jan. 2
2
Jan. 2
Preferred (quar.)________________
Dec. 30
3
South W est Pa. Pipe Lines (q u a r.)..
Jan.
Standard Coupler, common_________
IX D ec. 23
Deo. 23
4
Jan.
Preferred.............................................
I X D ec. 15
Standard Gas A Elec., pref. (quar.).
2 X Deo. 15
3
D ec. 15
1 to
D ec. 15
Standard Oil (Kansas) (quar.) (N o. 4 0 ) ..
2
1 to
D ec. 15
D ec. 15
E x t r a .................................................
4
16 to
Jan.
1
Jan. 2
Standard OH (Kentucky) ( q u a r .)...
l
16
to
Jan. 1
Jan. 2
E xtra____________________________
10
Dec. 20
Standard Oil (Nebraska)---------------5
D ec. 15
Standard OH of N . J. (qu ar.)----------2
D oc. 15
Standard Oil of New York (quar.)..
to
Deo. 20
3
Jan. 1 D eo. 2
Standard Oil (Ohio) (quar.)-----------to
D eo. 20
l
Jan. 1 Deo. 2
E x tra ..................................................
Jan. 1 Holders of rcc. D e c. 16
4
Steel C o. of Canada, Ltd., common
$1.25 Jan. 2 Holders of rcc. D ec. 15
Stutz M otor Car of America........... .
IX Jan. 2 Holders o f reo. D eo. 20a
Subway Really (quar.)....... ...................
Jan. 3
Jan.
1 D ec. 10 to
2
Swift A Co. (quar.) (N o. 122)...........
.
2X Dec. 31 Holders of rcc. N ov. 29a
Texas Com pany (quar.)..................
)
1X Jan. 2 Holders o f rec. D eo. 18a
$1.75 Dec.f!22 Holders of rcc. D ec. r/9a
Todd Shipyards Corporation (quar.)___
1 Dec. 16
12J4c Jan.
to
D ec. 21
Tonopah Belmont D evelop, (quar.)
5c Jan.
1 Holders of rec. D ec. 11
10c Jan. 1 Holders of rcc. D ec. 11
E xtra...............................
1 Holders of rec. D ec. 22
.
3 X Jan.
Torrlngton Co., preferred.
)
I X Jan. 1 Holders of rec. D ec. 20a
I X Jan. 1 Holders of rec. D ec. 20a
Preferred (quar.).
rs of roc. D ec. 5a
Deo. 15
ix
2
17
to
Jan. 2
Jan. 3
Union Carbide (quar.).............
0
to
D ec. 20
I X Deo. 20
Union OH o f California (quar.).
I X Dec. 15 Holders of rec. N ov. 29a
1 1-6 Jan. 2 Holders of roc. D ec. 14a
United Dyewood Corp., pref. (No. 1).
$22
D ec. 21
Deo. 28 D eo. 15 to
United Globe Mines................................
to
Jan. 14
i x Jan. 15 Deo. 31
Deo. 22
IX D oc. 30 Deo. 15 to
U . S. Gypsum, preferred (qu ar.).
U. S. Industrial A lcohol,pf.(qu .)
)
I X Jan. 15 Holders of rec. D ec. 30a
10c Deo. 30 Holders of reo. D ec. 16
U . S. Steamship......... .....................
to
D eo. 10
15* Deo. 30 D eo. 2
to
D eo. 10
D eo. 30 Deo. 2
.
1
Common (extra)...............................
. $1.50 Deo. 20 Holders of roc. N o v . 25
Utah Consolidated Mining (quar.).
. S2.5G D ec. 30 Holders of rcc. D ec. 15a
Utah Copper (guar.) (No. 34)...........
D ec. 30 Holders of reo. D ec. 15a
.
SI
Extra (No. 4 )____________________
.
$2
Deo. 30 Holders of reo. D eo. 23a
Western Electric, Inc., com. (quar.).
.
15* D ec. 30 Holders o f reo. D ec. 23a
Preferred (quar.)...............................

THE CHRONICLE

Dec . 9 1910.)
P er
C e n t.

N a m e o f C om pany.

W h en
P a y a b le .

B y Messrs. R . L . D ay & C o., Boston:

B o o k s C lo s e d .
D a y s I n c lu s iv e .

3
4
124
$1
124
124
124
124
$1
724c.

W hite M otor (quar.)....... ....................... —

W illy s -O v e r la n d , p r e f . ( q u a r .) ......................

W oolworth (F. W .) C o., pref. ( q u a r .)...
W orthington Pump & M ach.,prof.A .(qu.)
Yale & Tovvne M fg Co. (quar.) (N o. 8 7 ).
Y u k o n - A l a s k a T r u s t ( q u a r .) -------------------Yukon Gold, (quar.)............... .....................

Jan. 2
Jan. 2
Jan. 2
D ec. 31
Jan. 2
Jan. 2
Jan. 2
Jan. 2
D ec. 30
D cc.d30

37
10
10
6
4
100
10
5
5

Holders of roc. D oc. 10a
Holders o f rec. D ec. 16a
Holders of rec. D ec. 10a
Holders of rec. D ec. 15a
Holders of rec. D ec. 20
Holders o f rcc. D ec. 9a
Holders of rcc. D ec. tf21a
Holders of rec. D ec. 22
D ec. 9
to
D eo. 10
D ec. 9
to
D ec. 13

Im ports and Exports for th e W e e k .— The following are
the reported imports of merchandise at New York for the
week ending Dec. 2 and since the first week of January:

a Transfer books not closed for this dividend,
b Less British Income tax.
d Cor­
rection. e Payable In stock. /P a y a b le In com m on stock, Q Payable In scrip,
ft On account of accumulated dividends. i Declared 1% , payable one-half D ec.
20 and one-half March 20 1917. k Declared 3 % , 1 > A % payable as above and 1 X %
A
July 1 1917 to holders of record June 15 1917. I D eclared 122$% regular and 12)3%
extra, payable In Quarterly Installments of 5 % each on D ec. 22 1910, M ar. 23,
June 22, Sept. 21 and D ec. 21 1917, to holders o f record D ec. 1 1916, M ar. 1, June 1,
Sept. 4 and D ec. 4 1917, respectively, m Payable In Anglo-French 5% bonds at
95 flat.

FO R E IG N IM P O R T S A T N E W Y O R K .

A u c tio n Sales.— Among other securities, the following,

S lo ck s.

P e r c e n t.

S h a r es.

S tock s.

1913.

1914.
$17,118,099
881,854,986

$23,326,889
888,107,110

$911,485,342)

$898,973,085

$911,433,999

EXPORTS FROM N EW YORK FOR TH E W EEK.
P e r c e n t.

20 Crescent Pipe Line, S50 each.
S422S per sh.
11 S. W . Pennsyl. Pipe Lines____1122S
13 Buckeye Pipe Line, 350 e a c h .. 109
15 Standard Oil of California------370
8 Standard Oil of In dian a.......... 842 2$
13 Pralrlo Pipe Line......... .............. 334)3
5 First M ortgage Guaranty------- 90

$62,749,811
2,607,646,217

1913.

S20.061,744
781,958,692

$16,769,428
786,105,601

$802,020,436

5802,875,029

$63,713,174
1,637,345,073

Total 48 weeks___ S2,670,396,028 $1,701,058,247i

E X P O R T S A N D IM P O R T S OF SP E C IE A T N E W Y O R K .

Shares. Stocks.
S per sh.
15 Falrmount Savings Trust--------100
5 Hamilton Trust (new sto ck ). . . 100
15 Fire Assoc, o f Phlla., 350 e a ch .345>4
27 Phlla. Life Insur., 310 e a c h ... 11
9 N or. Liberties Gas, 325 e a c h .. 44
40 American Pipe & Construction. 31 23
10 Keystone W atch Case_______ 80
4 Phlla. Bourse, coin., 350 each. 7 X
57 East Pennsylvania R R ......... .. 65 %
2 2d & 3d Streets Pass. R y ......... 242 'A
B onds.

1914.

1915.

1916.
For the week_______
Previously reported.

B y Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh.
5 Pennsylvania Fire In su ran ce..400
38 Central National Bank............. 41523
1 Farmers & M ech. N at. B a n k ..13323
9 Heal Estate Trust, preferred.. 9623
3 Penn. Acad, of Fine A rts......... 28 'A
5 German Theatre Ilealty.310 ca. 5
160 Heading Traction, 350 each— 2 7 X
200 Pratt Food, SI each...................2.40
32 First National Bank, Phlln------ 209M
68 Fourth Street National Bank. .285)3
1 Philadelphia National B a n k .-.4 9 7
8 Penn. C o. for Insur., & c. .72523-726
5 Girard Trust................................. 900
18 Commercial Trust.......................410
30 Real Estate Trust, com m on____ 41 X
20 Excelsior Tr. & Sav.F.,S50 each 65
0 Guarantee Trust & Safo D e p .. 16023

|

$23,866,000
887,619,342

20,205,116
1,142,348,567

Total 48 weeks___ $1,162,553,683

at auction in New York, Boston and Philadelphia:
B y Messrs. Adrian H . Muller & Sons, New York:
00 G . M . Thurnauer C o .,In c., pf.
31,400 lot
40 G . M . T hurnauerC o.,Inc.,com .
3100 lot
150 Tuscaloosa Mills of Cottondale,
A la......... ............ ....................... S2 lot
8 Standard Oil C o. of N . Y ......... 271 '4
3 Cumberland Pipe Lino............. 133M

1915.

1916.

F or W eek .

For the w eek_______
Previously reported.

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

S h a res.

S per sh .
S to ck s.
s p e r s h . S h a r es. S lo ck s.
National Shawmut Bank_____ 19724
4 Cordis M ills.................................121M
Commonwealth Trust C o _____ 170
5 Hamilton M fg . C o ____________ 8724
Manchester (Mass.) Trust C o . 125
10 Congress Street Assoclates.93 & int.
D artm outh M fg . C o. co m m o n .208
35 M errlmac Chemical C o. $ 5 0 e a .l3 6
Great Falls M fg. C o __________197
33 Plym outh Cordage C o . .191)4-19224
Nashawena M ills................l l l - l i l ) 4 254 Rights New B edford Gas & Edi­
Blgelow-H artf. Carpet C o ., p f. 106)4
son Light C o ___________7 1-16-7)4
Pacific M ills______ ______
18124
5 Adirondack E l. Pow . Corp. p f . 8424
H oosac C otton M ills, pref____102
7 Cambridge Gas Light C o _____ 215

S h a r es.

M iscella n eou s (C o n c lu d e d ).
W c y m a n - B r u l o n C o . , c o m m o n ( g u a r .) .........
C o m m o n ( e x t r a ) ........... .......... .....................
P r e f e r r e d ( g u a r . ) ______________________

2135

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

2.

E x p o r ts .

C o ld .
W eek .

866,008

All other countries........... ...................

P er cen t.

33.000 Penn. C o. 323s, Ser. B , 1941 87
31.000 Sprlngf. C on s.W at.lst5s,’58 80
31,500 N . Spring.W at.1st 5s, 1928. 84)3
$4,000 Atlantic Elec. Lt. k Pow.
1st 5s, 1934.................... ..................103

Im p o rts.

S in ce
J a n . 1.

4,500,000
395,000

W eek .

$6,900,086
33,400

S in c e
J a n . 1.

8120 $37,131,627
3,420
40,795

28,070,691
751,500
19,771,653
15,263,825

17,570
274,056
83,259

9,844,740
3,411,707
9,065,171
2.478,736

Total 1916......................................... $4,961,008 S70,791,155 $378,425 S61,972,776
101,433i 16,346,751 17,174,645 115,140,326
Total 1915..........................................
100.000 128.324.883.
197.180
.......................... ..............
T otal 1914
9,188,997
Silver.
1
SI .722.487 S47.080.396
$47,152
$2,794
12,828
2,856
23,000
539,600
________
207,526
498
857,365
8,324,573
29,517
5,809,366
120,064
1,534,603
1,554,592
53,435
10,300

B y Messrs. F-ancis Honshaw & C o ., Boston:
S to ck s.
3 p e r s h . S h a r es. S to ck s.
S p er sh .
15 Old Colony Trust C o .................. 24523 125 Technicolor M otion Picture
64 Hamilton M fg . C o ......................... S 5'A
Corp., 31 each........................ 1523
42 Farr Alpaca C o ........................... 105)4
10 H ood Rubber C o ., preferred._ 112
60 Draper Corporation................... 150?3
2 Warren Bros. Co. 2d pref., $50
1 Cabot M anufacturing C o .......... 123)4
each ...................... ..................... 32 X
10 Library Bureau, pref., Ser. A . . 120
8 U. S. Envelope, prof...................11523
15 Eastern Leather C o., pref_____ 99)4
B onds.
P e r ce n t.
1 Plym outh Cordage C o _________ 191)4
51,000 Pere M ara. H R- deb. 6s,
1 57-100 Thomas G. Plant C o.,
1912, receipts................................... 5 %
preferred___________________ 103

S h a res.

SI .745 4S7 ssn 051 7S1
Total 1916_________ _________ _
Total 1915.......................................... 1,815,169 39)778)187
Total 1914......... .......... ............ ........
619,671 40,238,062

$179,647 $15,956,037
229,878 10,051,021
483.270
9.917,981

O f the above exports for tho week In 1916 $4,959,000 were American gold coin.

The Federal Reserve Banks.— Following is the weekly statement issued by the Federal Reserve Board on D ec. 2:
T h e statem en t Indicates co n s id e ra b le decreases in not m e m b e r b a n k d e p o s its , a lso in g o ld and cash reserves. T h ese d ecreases are d u e in p a r t t o th e
large a m ou n ts o f transit ite m s, in clu d in g exch an g es fo r lo ca l cle a rin g hou ses re p o rte d b y th e ba n k s an d tre a te d as d e d u ctio n s fr o m gross b a n k d e p o s its .
Those item s are e sp ecia lly h e a v y o n th e fir s t o f the m o n th , and ca u se a te m p o ra ry d e clin e in net d e p o s its .
E a rn in g assets o f th e ba n k s fo r th e fir s t tim e
exceed 200 m illio n s, th e to ta l b ein g 5 .4 m illio n s larger th an th e w eek b e fo r e . O ver 10 m iliion s o f g o ld w ere transferred d u rin g th e w eek t o th e a g en ts
against n otes issued t o th e ban ks.
A g g reg a te g old reserves o f th e ban ks d e clin e d 20 .7 m illio n s, N o w Y o r k , San F ra n cis co and B o s to n r e p o rtin g th e largest decreases.
In th e case o f the
t w o E a stern ban ks th e declin es in g o ld roserve are a c c o m p a n ie d b y r e d u ctio n s in net b a n k d e p o sits, increased in vestm en ts and transfers o f g o ld t o agen ts.
In the case o f San F ra n cisco , th e loss in g o ld sh ow n hi m o r e than o ffs e t b y an increa se in th o a m o u n t d u o fro m oth er F ed era l R eserve b a n k s . T h e to ta l
g o ld h old in gs o f the system show a d e c lin e o f o v e r 10 m illio n s, fro m 701 .5 t o 69 1 .2 m illio n s. T o t a l cash reserves o f th o ban ks decreased 2 7 .9 m illio n s,
th o larger decrease in cash reserve representin g m a in ly th o loss in th e to ta i a m o u n t o f le ga l-te n d e r n otes b y th e N e w Y o r k ban k .
D is c o u n te d p ap er on hand increased a b o u t 1.2 m illio n 5, B o s to n le a d in g all o th e r ban ks in the a m o u n t o f d isco u n ts h e ld . T h e gains in d isco u n ts sh ow n
b y oth er ba n k s is represented c h ie fly b y increases in am ou n ts a d v a n c e d jto m em ber ba n k s u p o n th eir o w n secu red notes. Such a d v a n ce s a rc r e p orted b y
9 R eserv e ban ks a n d to ta le d $ 4 ,3 8 0 ,0 0 0 , as again st $ 2 ,3 8 4 ,0 0 0 th o w eek b e fo r e . A c c e p ta n c e s o n h an d sh o w an increase o f a b o u t 4 .3 m illio n s, th e B o s to n
an d N ew Y o r k ban ks re p o rtin g la rg o o p e n -m a rk e t pu rch ases d u rin g th o w eek . O f th o t o t a l— in clu d in g acce p ta n ce s— o n h a n d , 3 7 .7 % m a tu re w ith in
30 d a y s , and 3 9 .3 % a fte r 30 b u t w ith in 60 d a y s .
•
T ra n sa ctio n s in U nited S tates b o n d s aro r e p o rte d b y 0 ban k s, resu ltin g in an increase o f $78 8 ,0 0 0 in th o total h o ld . N o ch an ges are re p o rted in the
a m ou n ts o f 1-year T rea su ry n otes o n h a n d . T o t a l h o ld in g s o f m u n icip a l w arrants d e clin e d $ 9 1 2 ,0 0 0 , an increase o f a b o u t 1.5 m id io n s rep o rte d b y th e
N e w Y o r k ban k b ein g in oro than o ffs e t b y liq u id a tio n on a large sca le o f w arrants held b y th e C le v e la n d an d W estern b a n k s. T o t a l earn in g assets c o n s t i­
t u t e a t present 3 6 0 % o f th e b a n k s ’ p a id -in -c a p ita l, c o m p a r e d w ith 3 5 1 % sh o w n th e w eek b e fo r e . O f th e t o t a l— 5 3 % is represen ted b y a cce p ta n ces; 2 0 %
b y U n ited S tates b o n d s; 1 0 .8 % b y d isco u n ts; 1 0 .0 % b y w arrants; and 5 .6 % b y T re a su ry notes.
N o m a teria l ch a n g e is in d ica te d in th o to ta l G o v e rn m e n t d e p o s its . N o w Y o r k b e in g th o o n ly b a n k t o report con sid e ra b le n et w ith d ra w a ls o f G o v e r n ­
m en t fu n d s. N o t m e m b e r ban k d e p o sits s h o w a d ecrease fo r th o w eek o f a b o u t 2324 m illio n d o lla rs . N e w Y o r k alon e re p o r tin g a net r e d u c tio n o f ov er
21.1 m illio n s. T h o b a n k s ’ liab ilities on F ed eral R eserve ban k n o te s in c ircu la tio n h a v e been p r a c t ic a lly w ip e d o u t d u rin g th o w eek b y th e d e p o s it w ith
th o T rea su rci o f tho U n ited S tates o f 1 m illio n d o lla rs .
, . . f e d e r a l R es erv e a gen ts re p o rt a to t a l o f $ 2 6 8 ,2 7 0 ,0 0 0 , n e t, issued t o th e b an k s, an in crea se fo r th e w eek o f $ 1 0 ,1 8 9 ,0 0 0 . A g a in st th is to ta l th e a g e n ts
h o ld $ 1 6 ,5 5 6 ,0 0 0 o f p a p e r an d $ 2 5 2 ,0 5 7 ,0 0 0 o f g o ld . T h e b a n k s sh ow a to ta l o f $ 2 4 7 ,1 3 9 ,0 0 0 o f F ed era l R e s e rv o n o te s in c ir c u la tio n , a n d a g g r e g a te
lia b ilities o f $ 1 3 ,3 8 3 ,0 0 0 u p o n n o te s issu ed b y th e a g e n ts.

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

o m b in e d

R

e s o u r c e s

a n d

L

ia b il it ie s

D ec.

o f

t h e

F

e d e r a l

R

e s e r v e

B

a n k s

a t

t h e

C

lo s e

o f

B

u s in e s s

D

e c

.

1, 1916.

I 1910. N o v . 24 1916. N o v . 17 1916. N o v . 10 1016 Nor. 3 1916. O ct. 27 1916. O ct. 20 1916. O ct. 13 1916. O ct. 6 1916.

RESOURCES.

8261,917,000 $283,730,000
G eld redemption fund with U. S. T reasurer..

1)470)000

1,404,000

1,383,000

1,368,000

1,394.000

$274,001,000
122,587,000
1,391,000

1,418,000

1,687,000

1,910,000

Total gold reserve.................................
Legal tender notes, sliver, A c ......................
Total reserve.................................................. 8450,010,000 $477,909,000 $452,225,000 $414,148,000 $414,076,000 $407,955,000 $394,845,000 $405,725,000 $400,968,000
5% redemption fund ag’st F. R . bank notes
420,000
420,000
370,000
470,000
470,000
420,000
420,000
450,000
500,000
Bills discounted and bought—
Maturities within 10 days..................
Maturities from 11 to 30 days..................
Maturities from 31 to 60 days....................

28.526.000
50.346.000
28.342.000

’

One-year U. S. Treasury n o te s ..

’
I
$40,215,000
11.167.000
21.254.000

50J51,000

45!082,000

23.278.000
41.473.000
26.719.000
1,263,000

20.513.000
39.062.000
29.620.000

35)928)000
28,147,000

$104,763,000

11.167.000
22.160.000

11.107.000
18.597.000

11.347.000
20.694.000

$104,057,000

$85,081,000

’

Total earning assets______________ _______ $200,747,000 $195,353,000 $186,372,000




45,511,000

27.175.000
33.591.000
23.986.000

32,112^000

$82,692,000

$40,540,000
11.367.000
24.100.000

ll)435)000
29,890,000

11)697)000
32,543,000

$99,486,000 $101,094,000

10)444)000
31,542,000

8)763)000
29,085,000

181,187,000 $180,770,000 $189,010,000 $189,632,000 $184,114,000 $183,312,000

2 136

THE CHRONICLE

(Vol. 103

D ec. I 1916. Nov. 24 1916. Nov. 17 1916. Nov. 10 1910 Nov. 3 1910. Oct. 27 1916. Oct. 20 1916. Ocf. 13 1910. Oct. 6 1916.
RESOURCES (Concluded) .
Brought forward (total reservo & earn'g assets) S651.177.000 $573,732,000 $639,007,000
318.301,000
3.8,188,000
2,495,000

Federal Reserve notes— N et....... ..........................
D u e from Federal Reserve banks— N et............
All other resources.......................... .........................

$15,414,000
43,263,000
2,651,000

595,785,000 $595,266,000 $597,385,000 $584,897,000 $590,209,000 $584,780,000
17.013.000
35.005.000
2,483,000

$14,250,000
59,773,000
0.121.000

$17,749,000
34,778,000
3,071,000

$16,846,000
33,197,000
3,708.000

$15,181,000
30,604,000
2,030,000

$15,280,000
30,089,000
2,675,000

$14,894,000
26,232,000
3,045,000

Total resources______________________ S710,101,000 $735,000,000 $719,217,000 $650,940,000 $050,804,000 $651,136,000 $633,312,000 $638,253,000 $628,951,000
L IA B IL IT IE S .
Capital paid In........... ...............................................
Government deposits..............................................
M em ber bank deposits— N et.................................
Federal Reserve notes— N et__________________
Federal Reserve bank notes In circulation____
All other liabilities________ _____ ______________

$55,737,000
26.777.000
013,530,000
13.383.000
28,000
700,000

555.711.000
20.319.000
637.072.000
14.296.000
1,028,000
634,000

$55,704,000
25.171.000
022,254,000
14.408.000
1,030,000
590,000

Total liabilities......................................... S710,161.000 $735,060,000 $719,217,000

555.682.000 $55,6S2,000
26,116,000 + 26,515,000
538.102.000 + 542243 000
12,310,000
11,890,000
1,033,000
1,032,000
464,000
484,000

$55,084,000
33.971.000
520,019,000
11.782.000
1,033,000
402,000

050,946,000 $050,,864,000 $651,130,000 $633,312,000 $638,253,000 $628,951,000

72.5%
75.3%

72.3%
75.1%

72.3%
74.1%

72.9%
74.1%

71.0%
72.8%

70.4%
72.4%

73.8%

76.1%

76.0%

75.0%

74.9%

73.5%

73.1%

73.4%

74.2%

§38,188,000

(a) Less Items In transit between Federal Reserve banks, viz__________________________

In hands of banks________________________

$55,703,000
29.982.000
551,918,000
11.966.000
1,031,000
536,000

71.4%
73.1%

G old reserve ag’st net dep. & note liabilities (a)
Cash reserve ag’st net dep. & note liabilities (a)
Cash reserve against net deposit liabilities after
setting aside 40% gold reserve against ag­
gregate net liabilities on F. R . notes in
circulation ( a )___________________________

Federal Reserve Notes —

55.710.000 $55,709,000
28,680,000
23.339.000
550,462,000 552,386,000
12,027,000
13.886.000
1,031,000
1,030,000
425,000
519,000

$43,263 000

559,773,000

$35,005,000

$33,197,000

$30,604,000

$30,089,000

$20,232,000

$34,778,000

71.0%
73.0 ,J
/o

70.9%
73.5%

S208,270,000 $258,081,000 $255,702,000 S247.873.000 $240,534,000 $234,876,000 $230,803,000 $225,882,000 $220,490,000
18.758,000
19,120,000
20,596,000
20,254,000
17,032,000
20,261,000
18,759,000
17,033,000
21,131,000

In circulation_______________ ____________ $247,139,000 $240,448,000 $23.8,670,000 $227,612,000 $219,938,000 $214,622,000 $212,044,000 $207,124,000 $201,304,000
Gold and lawful money with Agent------------- - $252,057,000 $241,560,000 $238,458,000 S231,339,000 $225,080,000 $219,502,000 $215,329,000 $210,088,000 $204,470,000
14,894,000
15,280,000
17.749,000
17,613,000
16,846,000
15,181,000
15,414,000
14,256,000
18,301,000
Carried to net assets................................................
11,782,000
12,310,000
12,027,000
11,960,000
11,890,000
14,408,000
13,886,000
14,290,000
13,383,000
Carried to net liabilities......... ................................
Federal Reserve Notes (Agents' Accounts) —
Received from the Com ptroller— ......... .. S412,2,80,000 $400,320,000 $393,220,000
84,938,000
89,109.000
90,300,000
Returned to tho Comptroller_____________

389,580,009 $380,200,000 $378,700,000 $374,000,000 $368,100,000 $361,140,000
78,710,000
77,588,000
79,838,000
82,730,000
81,194,000
83,937,000

Amount chargeable to A gent................ S321,9.80,000 $311,151,000 $308,282,000
53,070,000
53,710,000
52,580,000
In hands of Agent............................................

305,043,000 $297,524,000 $297,566,000 $294,762,000 $289,384,000 $288,552,000
(5(3,002,000
03,502.000
03,959,000
56,990,000
02,090.000
57.770,000

Issued to Federal Reserve banks_____ 5263.270,000 $258,081,000 S255.702.000

247,873.000 $240,534,000 $234,870,000 $230,803,000 S225.882.000 $220,490,000

How Secured—
By gold coin and certificates........................ S145.31S.000 $144,777,000 $140,157,000

143,439,000 $140,740,000 $137,9.80,000 $134,850,000 $132,243,000 $130,128,000

By commercial paper.............................. —
Credit balances In gold redemption fu n d ..
Credit balances with Federal Rcscrvo B ’d .

16,213,000
14,309,000
92,370,000

10,515,666
■10,739,000
80,050,000

17,244,000
9,891,000
82,410,000

16,534,000
10,350,000
77,550,000

15,474,000
10,730,000
73,590,000

15,374,666
10,392,000
71,130,000

15,794,000
11,880,000
65,900,000

15,474,000
11,289,000
69,190,000

16,014,000
11,918,000
02,430,000

T o t a l ________________________________ $208,270,000 $258,031,000 $255,702,000 $247,873,000 $240,534,000 S234,876,000 $230,803,000 $225,882,000 S220.490.000
Commercial paper delivered to F. R . A g e n t..

S16,555,000

$10,848,000

•Including bankers and trade acceptances bought In the open market,

$17,833,000

$16,735,000

$16,065,000

$15,817,000

$16,338,000

$16,290,000

$16,220,00

t Amended figures.

W E E K L Y S TATE M EN T O F RE SO U R CE S AN D L IA B IL IT IE S O F E A CH O F T H E 12 FE D E RA L RESERVE BA N K S A T CLOSE O F BU SIN ESS DEC. I 1916.
Boston.

|New York. PlWadel’ a. Cleveland. Richmond.

Atlanta.

Chicago.

St. Louis. M lnneap. K an. City.

Dallas.

San Fran.

Total.

8
;
§
$
$
$
$
$
$
S
I S
$
RESOURCES.
S
!
S
G old coin & ctfs. In vault 12,317,000141,908,000 10.050.00016.404.000 4,549,000 4,876,000 29,254,000 8.602.000 7,677.000 4,718,000 4,537,00010,305,000 201,917,000
23,118.000
22,870,000 8,332,000 27,803,000 7.736.000 9,197,000 17,932,000 14,952,000 5.038,000 175,781,000
Gold settlement fund_ 15,73 4,000 7,171,000 15.838.000
_
47,000
30,000
118,000
154,000
10,000
1,476,000
245,000
207,000
200,000
G old redemption fu n d ..
50,000
55,000
50,000
250,000
Total gold reserve____ 28,101,000 149,329,000 32,538,000 39,389,000 27,912,000 13,475,00057,317,000 16,385,000 16,904,00022,768,00019,643,000 15,413,000 439,174,000
181,000
34,000
279,000j
76,000^ 10,836,000
40,000
180,000
384,000 1,15G,000
209,000 1,009,000
142,000 7,080,000
Legal-ten.notes ,sllv.,& c.
Total reserve________ 28,243,000156.409,000 32,807,000 40,398,000 27,958,000 13,655.000 57,701,000 17,541,000 17.085,00022,802,000 19,922,000 15,489,000450,010,000
5% redemp. fund— F .R .

420,000
320.000
100,000
Bills:
311,000 21,732,000
705.000 1,293,000
652,000 2,219,000
246,000 2.418.000 2.364.000 3.610.000 2.805.000 1,082,000
Discounted—Members 4,021,000
Bought in open m k t .. 14,232,000 36,680,000 13,336,000 7,205,000 1.250.000 4.835.000 6.547.000 5.541.000 2,957,000 1,810,000 1,006,000 10,920,000 100,379,000
_
Total bills on hand_ 18,253,000 37,332.000 15,555,000 7,451,000 3,668,000 7,199,00010,103,000 8,346,000 4,039,000 2,515,000 2,359,000 11,231,000 128,111,000
Investments: U. S. bds. 1.380.000
One-yr. U.S. T r. notes 1,000,000
Municipal w arrants.. 1.157.000

294,000 1,210,000 7,508,000 2,268,000 2,466,000 9,106,000 4,270,000 2.034.000 40.215.000
195,000 1,670,000' 7,154,000
500,000 11.167.000
824,000 1,517,000
891,000
700,000
903,000
70'5,000
618,000 1,070,000
1,205,000 1,174,000!
01,000
404,000 2,126,000
592,000
646,000
343,000
77.000 1.855.000 21.254.000
9,920,000 1,505,000! 2.56S.000

Total earning assets.. 21,790,000 48,652,000; 19,904,000 17,791,000 5,093,000 9,037,000 21,314,000 12,097,000 7,851,000 12,9S7.000 7,411,000 10,220,000 200,747,000
625,000
Fed. R es’ve notes— Net 1.159.000 10,071,000 1,300,000
D uo from other Federal
Reserve Banks— N et. 2.473.000 0,399,000 ................ 2,587,000
57,000
163,000
13,000
202,000
All other resources_____

________
793.000
121.000

1,549,000

................! 2,532,000

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

447.00011.126.000 6,166.000 2,577,000 3,354,000
371,000
25,000!
158,000
285.000
280,000

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

1.065.000 18,301,000

707,000 7.330.000 a3S,188,000
279,000 2,495,000
541,000

Total resources........... 53.078,000 221,733,000 54,008,000 01,504,000 33,905,000 24,024,00091,970,000,36,175,00030,070,000 39,621,00028,1
L IA B IL IT IE S .
5,007.000 11,913,000 5,228,000 5,993,000 3,346,000 2,4.80,000 0.085,000 2,798,000 2,009,000 3,058,000 2.005,000 3,925,000 55,737,000
5.007.000 11,913,000 5,228,000 5,993,000 3,340,000 2,480,000 6,685,000 2,79,8,000 2,009,000
Capital paid In..............
------------------------------- 2,138,000
----------2.546.000
1,860,000 1 3,759,000 1,502,000' 3,034,000 3,603,000 2,853,0001 -------------- 1 849,0001 137,000 1,684.000 2,692,000 20,777 000
Government d ep osits..
M em ber bk deposlts-N ct 45,890,000 207,829,000 39,145,000 54,009,000 25,511,000 13,788,000 82,397,000 20.193,000 20,005,000 35 302.000 23,142,000,33,719,000 013,530, 000
2,044,000, 4,037.000 ________ 5,0-10,000 ................ 1 090.000 1,100,000 ................ 13,383 000
Fed. Res’ ve notes— Net
28,000
28,'000
F.H .bank notes In clrc'n
D ue to F.R.banks— Net
5,771,000
47,000
’70 o’666
,
56,000
35,000
165,000
All other liabilities
131,000
Federal Reserve Notes—
Issued to banks........... 12,187,000 90,733,000 14,121,000 8,703.000 19,187,000 24,513,000 4,142,000 10,702,00020,380.000 20,499,000 24,825,000 12,218,000208,270,000
625,000,
840,000
834,000 1,549,000
301,000 2,532,000
544,000
255,000 1,065,000 21,131,000
In hands of banks____ 1.159,000 10,071,000 1,300,000
F .R . notes In circulation 11,028,000 80,662,000 12,821.000 8,138,000 18,341,000 23,629,000
G old and lawful money
with agent.................... 12,187,000 90,733,000 14,121.000 8,763,000 10,297,000 19,592,000
025,000 ______ _
________
Carried to net assets____ 1,159,000 10,071,000. 1,300,000
________ 1 2,044,000 4,037,000
Carried to net liabilities.

2,593,000 16,401,000 17,848,000 19,955,00024,570,000 11,153.000 247,139,000
4,142.000 11,355,00020,380,000 18,859,000 23,410,000 12,218,000 252,057,000
1,549,000 ............... 2,532,000 - .............. - .............. 1,065,000 18,301,000
.............. - 5,046,000 _________ 1,096,000 1,160,000 ................1 13,383.000

a Items In transit, 1. e., total amounts duo from , less total amounts duo to. other Federal Reserve banks,

b Overdraft.

STATE M EN T O F FE DE RA L RESERVE A G E N T S ’ AC CO U N T S DEC. I 1916.
Boston.

New York. Phtladel’ a. Cleveland. Richmond. Atlanta. | Chicago.

St. Louis. M inneap. K an. City.

Dallas.

San Fran.

Total.

S
S
S
S
$
S
S
1
S
Federal Reserve Notes—
$
S
S
S
$
R ec’d from Comptrolr 24,880,000 158,400 000 19,880,000 15,100,000 28,000,000 33,280,000 10,380,000 22,540,000 24,500,000 24,220.000 35,320,000 15,720,000 412,280.000
800,000 1,908,000 4,154,000 1,002,000 90,300,000
Returned to Comptrol 6,913,000 52,147,000 5,759,000 3,497,000 6,103,000 3,642,000 1,357,000 2,298,000
Chargeable to A g e n t ... 17,967,000 106,253,000 14,121,000 11,663,000 21,837,000 29,038,000. 9,023,0G0 20,242,000 23,700,000 22,252,000 31,160,000 14,118,000 321,980,000
In hands of F.R .A gent 5,780,000 15,520,000

2.900,000 2,650,000 5,125,000) 4,881,000) 3,540,000 3,320,000

1,753,000 0,341,000

1,900,000 53,710,000

r Issued to F. R . bank. 12,187,000 90,733,000 14,121,000 8,763,000 19,187,00024,513,000 4,142,000 10,702,000 20,380,000 20,499,000 24,825,000 12,218,000 208,270,000
Held by F. R . Agent—
3,460,000! ................ 5.165.000 13,030,000 4.270.000 10.310.000 ................ 145,318,000
Gold coin & certfs____ 11,100,000 85,853,000 3.820.000 8,280,000
* *
"•
Credit balances:
518,000 14.369.000
192,000
880,000 1,100,000 1.229.000 1.240.000
797,000 1,162,000
In gold redemption I'd 1,087,000 4.880,000
483,000
801,000
15,500,000 14,970,000 3,950,000 5.310.000 0,250,000 13,360,000 11.830.000 11,700,000 92.370.000
W ith F. R . B oard____
9.500.000
it
N otes secured by com 16.213.000
1.040.000 1.415.000
2,890,000 4,921.000, ................ 5.347.000
morclal p ap er.............

^ "" T o t a l ........................ 12,187,000 90,733,000 14,121,000 8,763,000 19,187,000 24,513,000 4,142,000 16,702,000 20.380,000 20,499.000 24.825,000 12,218,000 268,270,000
M
Amount of com m ’ l paper
1,042,000 1,525,000
10.555.000
3,112,000 4,929,000 ............... 5,347,000
delivered to F .R .A g ’ t J ........




3137

THE CHRONICLE

Dec . 9 1916.]

Sta tem en t of New Y o rk C ity C learing H ou se B anks and T r u st C om p an ies.— The following detailed statement
shows the condition of the Now York City Clearing House members for the week ending Deo. 2. The figures for the
separato banks are the averages of the daily results. In the case of the totals, actual figures at end of the week are also
given. In order to furnish a comparison, wo have inserted the totals of actual condition for each of the three groups and
also the grand aggregates for the three preceding weeks.
N E W Y O R K W E E K L Y C L E A R IN G H O U SE R E T U R N .
C L E A R IN G HOUSE
M EM BERS.
W eek E n d in g
D ec. 2 1916.
(00s omitted.)

Capital.

Net
Profits.

Loans,
Discounts,
Investm'ts,
[Nat. B'ks N o v .171
&c.
[StateB’ks Sept.20j

824,7
70,9
5,106,6
18,565,8
2,090,5
16,147,4

2.046,7
7,086,8
.
5,000,0 16,008,4
National Park B a n k ...
79,2
250,0
3,456,3
1,000.0
Second National B ank.
10,000,0 25,301,4
4,208,6
4,000,0
Irving National B a n k ..
1,211,7
500,0
N . Y . County N at. B k .
Chaso National B a n k .. 10,000,0 11,814,1
1,973,7
Lincoln National Bank.
1,000,0
1,280,0
1,000,0
Fifth National B a n k ...

M arket & Fulton N a t ..
Corn Exchange B a n k ..

1,000,0
3,500,0

1,000,0;

Broadway Trust C o . . .

3,699,1

1,500,0

957,8

Totals, avge. for week 123,850,0 206,308,1 2,117,716,0 174,343,0
D ec.
2
Totals, actual condition N ov. 25
Totals, actual condition N ov. 18
Totals, actual condition N ov. 11
S ta te B anks.
Not Members of
Federal Reserve Bank.

2,106,197,0
2,124,988,0
2,164,413,0
........... 2,180,160,0

State Bank____________

2,050,0
1,500,0
500,0;
500,01
200,0
2,000,0
250,0
750,0.
100,0
200,0
200,0
1,000,0
200,(1
1.000,0
1,500,0,

5,165,5
6,383,9
1,244,3
1,019,6
457,5
2,035,7
799,0
797,1
2,267,6
858,9
1,082,5
2,184,9
529,9
1,123,6
695,7

Totals, avge. for week.

11,950,0

Silver.

Nat.Bank Nat .Bank Federal
Reserve
Notes
Notes
Bank
lNot
[Reserve
Notes
for State Counted
[Not
as
Institu­
Reserve]. Reserve].
tions] .

175,898,0
179,253,0
218,637,0
240,901,0

45,859,0

42,557,0

44,530,0 38,941,0
42,864,0 42,457,0
41,397,0 40,603,0
39,688,0 40,594,0

—

2,186,0

2,240,0 169,928,0

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

2,134,0
2,388,0
1,911,0
2,135,0

1,794,0
2,615,0
2,592,0
2,219,0

17,C

2,460,0

075 tO
549,0
754 n
io o !o
163,0
800)0
60,C
34,0
920,0
107,0
187,0
313.0
111,0
469,0
547,0

117 0
60 '.0
207 0
158;o
3,0
43,0
26,0
11,0
42,0
130,0
80,0
49,0
34,0
78,0
181,0

23,453,0

6,610,0

5,789,0

1,219,0

24,596,0
23,150,0
20,758, C
22,610,0

7.445,0
7,431,0
8,981,0
7,038,0

5,802,0
6,889,0
7,185,0

1,197,0
1,272,0
1,233,0

36,581,0
194,653 0
66,916,0
31,925,0
44,151,0
371,192,0

1,957*,C
16,854,C
4,464,0
2,509,(
2.543.C
26,035,(

322,0
378,0
26,0
10,0
181,0
2,264,0

640,0
147,C
247,0
1533
118,0
696,0

27’,758',0

1,587!()

3623)

56,0

74!832|0
20,583, C
13,760,0
60,155,0

5,42+ 0
1,429,(
902,0
3,632^0

331,0
249, C
!l!i)
770,0

47,0
261,C
112,0

187,0
21,0
162,0
12,0
123,0
1,176,0
33,0
22,0
143, C
75,0
27,0
47,C
67,0
372,0

Totals, avge. for week. 54,750,o| 106,891,2 1,063,540,0

76,050,0

5,410,0

3,805,0

2,467,0

77,191,0
82,730,(
81,805,(
81,206,0

7,590,0
6,824,0
5,673,0
16,379,0

3,946,0
3,733,0
5,421,0
7,467,0

Grand Aggregate, avge. 190,550,0 339,845,0 3,394,106,0 273,8163) 57,879,0
Comparison prev. week
............ — 52,450,0 -23,379,0 + 4,620,0

7,253,0
4|290;0
990, C
302,0
235,0
1,197,0
339,C
843 ,C
2.192.C
442,(
642, C
878,C
279,C
1.387.C
2,184,0

26,645,7

212,850,0

D ec.
2
Totals, actual condition N ov. 25
Totals, actual condition N ov. 18
Totals, actual condition N ov. 11
............
—
T r u s t C om p a n ies.
Not Members of
Federal Reserve Bank.
4,031,4
1,500,0
Brooklyn Trust C o ____
in onn n lfi 4On 0
4,547,1
2d)00,0
U. S. M tgc. & Trust Co
1,092.9
1.250.0
Astor Trust C o .............
5.000.0! 12,542,4
Title Guar. < Trust C o .
fc
Guaranty Trust C o ____ 20,000, ( . 32.149.4
Fidelity Trust C o .........
4,000,0 ! 5,571,0

214,78S,0
211,956,0
214,008,0
213,265,0

Pacific Bank....................
M etropolitan Bank-----Gcrman-Amerlcan Bank

Now York Trust C o ___
M etropolitan Trust C o .

3.'000.'0

1+40<L9

2,000,0

Addii'al
Deposits
with
Legal
Deposi­
taries.

548,1
5,454,2

...........
.
______

20,C

National
Net
Bank
Circular
Time
Deposits.
tion.

Average.
Average. Average.
$
5
S
28,566,0
1,676,0
778,0
22,906,0
1,769,0
. . . . --125,894,0
4,146,0
4,257,0
419,310,0
1,788,0
5,963,0
31,287,0
450,0
13,701,0
150,0
542,0
2,583,0
--------48,0
82,114,0
4,323,0
4,754,0
230,106,0
1,165,0
155,0
69,382,0
5,603,0
1,739,0
140,378,0
—
130,0
26,425,0
1,001,0
1,258,0
10,697,0
131,0
102,681,0
—
. . . . --33,867,0
51,0
141,100,0
3,515,0
1,964,0
2,781,0
______
50,0
15,579,0
694,0
______
3,957,0
163,067,0
411,0
84,455,0
640,0
387,0
11,354,0
______
196,0
207,254.0 15,411,0
450,0
19.024,0
880,0
42,0
9,627,0
______
399,0
5,680,0
240,0
244,0
48,420,0
70,0
52,480,0
3,849,0
497,0
10,547,0
224,0
413,0
11,990,0
27,0
398,0
9,300,0
18,0
50,0
23,649,0
462,0
2,156,204,0

47,822,0

29,543,0

48,386,0
45,762,0
45,177,0
41,023,0

29,676,0
30,152,0
30,056,0
3+067,0

4 7 ,ISO,0
31,459,0
13,002,0
6,150,0
2,978,0
14,333,0
3,655,0
6,495,0
18+ 23,0
4,933,0
6,646.0
13,500,0
4,824,0
17,743,0
28,210,0

900,0

—

1,126,0

608,0
3,C
25,0

Net
Demand
Deposits.

2,136,979,0
2,188,261,0
2,253,266,0
- ......... 2,283,285,0

162,059,0
181,411,0
179,879,0
170,870,0

935,0
1,695,0
235 1
)
636’,0
79,0
577,0
47,0
130,0
284,0
97,0
68,0
443,0
229,0
428,0
727,0

42,638,0
32,824,0
12,650,0
• 6,727,0
2,493,0
15,834|0
4,052,C
6,437,0
17,399,(1
4,977,0
6,597,0
14,156,0
4,576,0
16,268,0
25,222,0

Bank of America............

Reserve
with
Legal
Deposi­
taries.

Average. Average. Average. Average. Average. Average. Average. Average.
Average.
S
$
S
$
S
$
S
S
S
2,249,0 —
2,0
4,0
991,0
663,0
2,064,0
32,299,0
1.99S.0 —
55,0
30,0
429,0
1,784.0
601,0
24,077,0
9,230,0 ______
104,0
71,0
5,416,0
8,360,0
4,910,0
121,528,0
______
850,0 32,689,0 ---- ----117,0
4,250,0
6,484,0
403,056,0 46,023,0
•i7 7
n
2,426,0
31,0
1,218,0 . . . . . .
16,0
14,0
170,0
964,0
167,0
13,553,0
174,0 . . . . . .
3,0
41,0
191,0
2,790,0
74,0
____
7,938.0 _____
119,0
79,0
1,818,0
84,444,0
1,928,0
4,851,0
55,0 18,659,0 ______
3,556,0
227,777,0 14,475,0
4,564,0
5,791,0 ______
417,0
233,0
1,895,0
0,8,712,0
1,276,0
3,951,0
9,126,0 ______
49,0
31,0
127,191,0 21,230,0
626,0
1,298,0
2 fi0f)r0
10 0
851,0 ______
23,0
lo io e o io
60,0
482,0
732,0
752,0
______
7,492,0 ______
93,323,0
479,0
7,317,0
3,828,0
1,314,0
2,628,0
36,737,0
|r646 ()
103,0
_____
140,800,0
9,609,0
143,0 12,343,0
69,0
1,691,0
2,855,0
2,070,0
236,0
130,0
4,0
6,0
37,0
247,0
______
18,377,0
1.102,0
1,134,0
51,0
31,0
214,0
462,0
12,764,0
171,465,0 12,123,0
28,0
2,822,0
1,823,0
6,442,0
71,0
6,386,0
76,587,0
8.0
1,477,0
2,433,0
478,0
864,0 ______
17,0
11,189,0
128,0
162,0
358,0
16,027,0
87,0 15,127,0 ______
71,0
203,514,0
3,394,0
6,658,0
1,486,0
24,0
1,468,0 ______
233,0
153,0
18,735,0
543,0
945,0 ______
1,072,0
106,0
14,0
9,385,0
423,0
238,0
129,0
10,0
431,0
326,0
156,0
4,272,0
23,0
38,6
3,342,0
1,326,0
2,217^6
4,516,0 ______
2,551,0
12,0
26,0
714,0
50,882,0
2,3953)
895,0
615,0
220,0
6,0
80,0
10,465,0
112,0
978,0
357,0
16,0
12,148,0
654,0
7,0
26 + 0
609,0
0,909,0
409,0
121 jo
408,0
21,0
22,054,0
1,951,0
156;o
530;o
1,885,0 —
79,0
37,0

M em bers o f Federal
R eserve B ank.
S
S
Bank of N . Y ., N .B .A . 2,000,0
5,007,2
Merchants’ N at. Bank 2,000,0
2,477,9
M cch . & Metals N a t ..
6,000.0
9.694.5
National City B a n k ... 25.000.0 a42.319.7
Atlantic National Bank
1,000,0
N at. Butchers’ «fc D rov.
300,0
Am er. Exch. N at. Bank 5,000,0
National Bank of C om . 25,000,0
Chetham * Phenix Nat. 3,500,0
Hanover National Bank 3,000,0

aold.

Legal
Tenders.

179,0

221,6

219,0
226,0
______
296,0
318,0
810,0
255,0
1,046,0
1,692,0

104,6
______
______
769,0
______
1,936,0
______
275,0
168,0

1,0
...........
______
______
......
—
______
______
______

______
______
______
......
—
___. . .
—
_____ _
______
______

25,0

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

65.0

8,109,0 4,599,0

219,831,0

926,0

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

...........

85,0
56,0
56,0
55,0

8 fi25,0 3,345,0
8,640,0 5 + 15,0
8,245,0 5,272,0
8,458.0 4,447,0

223,959,0
219,886,0
222,008,0
221,675,0

926,0
1,05+ 0
+05+0
+ 026,0

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

______
______
______

1,506,0 1,034,0
27,0
934,0
47,C 8,656,0
2,423.0 3,240,0
24,0
536,0
______
1,246,0
463,0
1,460.0
28,0
______ 17,048,0 —
346,0
421,0
8,(
313,0
1,035,0
32,0
299,0
109 C 3,650,0
448,0
1,147,0
50 f0
296,0
3+ 52,0
95,0
664,0
924 ,C
7,(
377,0
683.0
14,0
488,0
2,756,0
38,0

30,116,0
5,802,0
173,112,0 24,143,0
48,458,0 18,760,0
26,291,0
6,496,0
29,190,0
1,364,0
345,563,0 28,362,0
8,428,0
91+0
20,741,0
775,0
72,997,0 18,694,0
22,924,0
967,0
62,207,0
7,111,0
18,480,0
2,731,0
13,662,0
662,0
55,125,0
5,273,0

______
......... ..
______
—
......
............
______
............

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

569.0

46,107,0

9,438,0

927,294,0 122,051,0

2,422,0
2,646,C
2,506,0
2,423,0

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

589,0
619,(
551,(
594,0

45,524,0
47,598,0
47,288,0
47,155,0

13,033,0
15,895,0
10,592,0
25,352,0

916,077,0 122,136,0
951,828,0 + 22 + 82,0
944,325,0 117,867,0
942,632,0 128,592,0

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

52,151,0
+ 10,0

3,686,0
— 86,0

2,186,0
— 168.0

2,874.0 224,144,0 14,037,0 3,303,329,0 170,799,0
— 259,0 -20,027,0 -5,7 35,0 — 84,238.0 + 3,942,0

29,543,0
— 604,0

2 3,370,098,0 277,685,0 59,565,0 48,745,0
Grand Aggregate,actua condition D e c.
Comparison prev. week
............ — 45,424,0 — 7,448,0 + 2,446,0 — 3,247,0

3,598,0
— 245,0

2,134,0
— 254,0

2,468,0 216,208,0 16,378,0 3,277,015,0 17+448,0
— 822,0 -21,441,0 -4,632,0 — 74,960.0 + 2,453,0

29,676,0
— 476,0

3,843,0
3,778,0
3,656,0

2,388,0
1.911,0
2,135,0

3,290,0 237,649,0 21,010,0 3,351,975,0 168,995,0
3,199.0 235,412,0 21,864,0 3,419,599,( 164,095,0
2,868,0 226,483,0 29,799.0 3,447,592,0 170,641.0

30,152,0
30,056,0
31,067,0

Totals,
Totals,
Totals,
Totals,

actual
actual
actual
actual

condition
condition
condition
condition

D ec.
2
N ov. 25
N ov. IS
N ov. 11

1,049,113,0
1,078,578,0
1,069,700,0
........... 1,061,398,0

Grand Aggregate actua condition N ov. 25
Grand Aggregate actua condition N ov. 18
■Grand Aggregate actua condition N ov. 11
a Includes capital set aside for Foreign

3,415,522,0 285,133,0 57,1 19,1 "5+992,0
3.448,121,0 321.200.0 56,051,0 52,9133
3.454,823.0 344,717,0 63,105,0 55,246,0
Branches. S3.000.Q0Q.

A c t u a l F igu res.

A vera ges.
Cash Reserve Reserve in
in Vault. Depositaries

Total
Reserve.

a Reserve
Required.

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

Surplus
Reserve.

Inc. or Dec:,
Cash Reserve Reserve in 1 Total
from
Previous Week in Vault. 'Depositaries^ Reserve.

b Reserve
Required.

Surplus
Reserve.

In c. or D ec.
from
PrtviousWeek

5
S
$
$
$
$
$
M embers Federal
S
$
s
$
S
Reserve Bank------ 262,759,000 169,928,000 432.687.000 390,507,820 42,179,180 — 5,877,710 259,369,000162,059,000 42+428,000 387,075,520 34,352,480 —16.S97.440
+ 746,860
State Banks*.............. 37,07+000 8,109,000 45,180,000 39,569,580 5,610,420 — 2,478.080 39,075,000, 8,625,000 47,700,000 40,312,620 7,387,380
Trust Companies* - - 87,732,000 46+07,000 133.839.000 139,094+00 5,255+00 — 0,079,850 9 + 149,000 45.524,000 136,673,000 137,411,550 def738,550 — 1,495,350
Total
Total
Total
Total

D ec. 2 ------ 387.562.000 224,144,000 61+706,000 569 + 7+ 500 ! 42,534,500 i'— 14,435.040
—
N ov. 25------ 406.397.000 234,17+000! 640.568.000 583,597,860 56,970,140 1 27,797,740
24,96+430
N ov . 18------ 440.206.000 236.413,000. 676.019.000 59+ 85+ 120 84,767,880
N ov. 11------ 468 + 57.000 227.32+OOo! 695.478.000 1585,748,690 109,729.310 1 — 2,638.630

• nuu

u iu m u u ia

---- .

:

..

. ..

_ _

389.593.000 216,208,00(^605,80+000 564,799,690 41,001,310 —17,645,930
398.087.000237.649.0001635.736.000 577,088,760 58,647,240 —21,249,84n
589.456,920 79,897,080
433.942.000
235,412,000 669,354.000 —18.971+ 7 o
466.724.000 226.483,000'693,207,000 1594,338.750 98,868,250 —25,238,79 n

a This is the reserve required on N et Demand Deposits in the case o f Stato Banks and Trust Companies, but In the case o f Members o f the Federal
Includes also the amount of reserve required on Net Tim e D eposits, which was as follows: D ec. 2, $2,391,100: N ov. 25, $2,267,850; N ov. 18,82,121,050: N o v.
•«i v, i, This Is the reserve required on Net Demand Deposits In tho cuso of State Banks and Trust Companies, but In tho case o f Members o f the Federal
Includes also tho amount of reserve required on N et Tlm o Deposits, which was as follows: Deo. 2, $2,419,300; N o v. 25, $2,288,100: N o v. 18, $2,258,850: N ov.




Reserve Banks
11, $2,038,600.
Reserve Banks
11, $2,051,150.

2138

THE CHRONICLE

The State Banking
showing the condition
in New York City n ot
shown in the following

Department reports weekly figures,
of State banks and trust companies
in the C learin g H o u s e , and these are
tablo:

S U M M A R Y O F S T A T E B A N K 3 A N D T R U S T C O M P A N IE S IN G R E A T E R
N E W Y O R K , N O T IN C L U D E D IN C L E A R IN G HOUSE S T A T E M E N T .
(Figures Furnished by State Banking Department.)
Differences from
previous week.
Dec. 2
Loans and Investments....................................................... .>762,178,400 In c.$11,483,300
G o l d ...........................................................
61,703,400 Inc.
96,100
Currency and bank notes...............................
10,482,800 Inc.
130,000
Total d e p o s it s .......................................................
937,033,500 8,220,300
D ec.
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust com ­
panies In N ew York City, and exchanges..............
811,081,300 Inc. 7,701,800
Reserve on deposits_________________________________ 194,038,000 D ec. 13,999,100
Percentage of reserve, 2 6 .1 % .
RESERVE.
------- -State Banks-------— Trust Companies----Cash In vaults....................................... $13,555,700 10.77%
$58,630,500
9.52%
Deposits In banks and trust cos____ 17,682,500 14.06%
104,169,300 16.89%
Total

.$31,238,200

24.83%

3162,799,800

26.41%

[Vol. 103.

In addition to the returns of “ State banks and trust com­
panies in New York City not in the C learin g H o u s e ,” furnished
by tho Stato Banking Department, the Department also
presents a statement covering all the institutions of this class
in tho whole State. The figures are compiled so as to distin­
guish between tho results for New York City (Greater Now
York) and those for the rest of the Stato, as per tho following:
For definitions and rules under which the various items
are made up, see “ Chronicle,” V . 98, p. 1661.
The provisions of the law governing tho reserve require­
ments of State banking institutions were published in the
“ Chronicle” March 28 1914 (V . 98, p. 968). Tho regula­
tions relating to calculating the amount of deposits and what
deductions are permitted in the computation of tho resorves
were given in the “ Chronicle” April 4 1914 (V . 98, p. 1045).
S T A T E B A N K S A N D T R U S T C O M P A N IE S.

The averages of the New York City Clearing House banks
and trust companies, com bin ed with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past:
C O M B IN E D

Week ended—

Sept. 23_____
Sept. 30_____
O ot. 7_____
Oct. 14.........
Oot. 21.........
Oot. 28.........
N ov. 4 _____
N ov. 11_____
N ov. 18_____
N ov. 25.........
D ec. 2 .........

R E SU LT S O F B A N K S A N D T R U S T C O M P A N IE S
G REATER NEW YORK.
We omit ciphers in all these figures.

Loans and
Investments

Demand
Deposits.

Specie.

Other
Money.

$
4.032.632.9
4.028.996.0
4.028.792.5
4.059.932.9
4.068.917.0
4.070.418.5
4,052,003,8
4.038.408.1
4.080.815.3
4.138.263.5
4.203.603.3
4.197.251.1
4.156.284.4

$
4,006,621,1
4,005,139,9
4,038,274,9
4.067.109.0
4.068.969.4
4.055.441.7
4.041.662.1
4.056.792.1
4.115.131.8
4,182,989,7
4,229,468,0
4.190.946.5
4,114,410,3

$
413.564.9
411.874.2
431.118.0
433.820.9
426.466.0
414.560.1
409.552.6
436.941.7
453.886.5
461.025.3
442.854.6
410.973.3
387.700.4

$
60.542.4
69,334,1
75.822.4
72.725.7
72.038.9
71.244.9
75,817,3
78.566.6
78.019.6
74,591,0
08.277.9
67.383.8
72.047.8

IN

$
821.018.7
833,730,4
875.570.3
877,445,1
855.865.7
840.263.4
835.547.5
877.385.6
910,437,9
918.457.7
896.342.0
848.605.1
805,744,0

Loans and Investm ents..
Change from last w eek.

$
11,783,000

$
14,900,000

$
23,450,000

S
75,550,000

40,068,500

173,239,300

14,654,000

14,381,600

413,067,500 1,713,366,400
+ 1,445,300
— 263,100

163,851,100
+ 1,030,200

201,433,800
+ 1,744,300

Capital as of Juno 30____
Surplus as of June 30____

Total
Entire
Money
Reserve on
Holdings. Deposits.
480.107.3
481.208.3
506.939.0
506,546,6
498.505.5
485.805.0
485,309,9
515.508.3
531.906.1
538.610.3
511.132.5
478.357.1
459.748.2

State Banks
Trust Cos.
State Banks
Trust Cos.
outside of
in
in
outside of
Greater N . Y. Greater N . Y. Greater N. Y. Greater N . Y.

Week ended Dec. 2.

G old .....................................

43,553,500
— 623,500

133,213,100
— 7,042,500

20,010,800
— 1,745,200

15,977,500
— 693,000

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

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

D eposits_________________
576,366,500 2,031,522,900
Chango from last week. — 18,845,000 — 23,503,700

177,842,000
— 183,000

275,397,400
+ 1,267,200

108,441,200 323.292,500
— 4,801,100 — 25,240,300

31,722,300
— 1,471,200

37,703,700
— 1,037,200

20.9%
22.0%

17.1%
17.6%

Change from last w eek.

Reservo on deposits_____
Change from last week.
P . c. o f reserve to deposits
Percentage last w e e k ..

25.4%
26.2%

+ Increase over last week.

20.5%
21.7%

— Decrease from last week.

N on-M em ber B an ks an d T ru st C om p an ies.— Following is the report made to the Clearing House by clearing
non-member institutions which are not included in tho “ Clearing House return” on the preceding page:
RETURN
C L E A R IN G
N O N -M E M B E R S .

Capital.

OF N O N -M E M B E R

Loans,
Discounts,
/N a t. bks. N ov. 17\
Invest­
(State bks. Sept. 20/ ments, &c.

W eek E n d in g
D e c . 2 1916.
M em bers o f

$
400.000
300.000
300.000
400.000
250.000
220.000
125,000

Hudson C o. N.

T o t a l ____________ 1,995,000

IN S T IT U T IO N S OF N E W

Net
Profits.

353,800
684,400
606,300
1,287,900
770,100
622,200
316,900

Legal
Tenders.

Gold.

Silver.

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

Y O R K C L E A R IN G H O U SE .

Nat .Bank Federal
Notes[Not Reserve
Counted
Bank
as
Notes[Not
Reserve.] Reserve]

Reserve
with
Legal
Depos­
itaries.

Average. Average. Average. Average. Average. Average. Average. Average.
$
1
$
S
$
$
$
$
5.469.000 403.000
89.000
108,000
4.000
9.000 307.000
5.378.000
182.000
42.000
124.000
8.000
55.000 473.000
5.873.000
161,000
69.000
141.000
9.000 735.000
8,000
::::::
4.974.000
194.000 340,000
73.000
15.000 522.000
9.000
5.011.000
172.000
18.000
76.000
61,000
3.000 497.000
6.174.000
169.000
13.000
56.000
12.000 433.000
11,000
............
4.940.000
46,000
34.000
117.000
3.000
3.000 320.000

4,641,600 37,819,000 1,327,000

605.000

695,000

13.000
168.000
15.000
11.000
14.000
53.000
46.000
85.000
142,000
58.000

61,000
424.000
323.000
25.000
34.000
266.000
199.000
273.000
875.000
103.000

21,000
98.000
87.000
13.000
2,000
53.000
22.000
103.000
150.000
16,000

605,000 2,583,000

565,000

104,000

106,000 3,287,000

Additional
Deposits
with Legal
Net
Depos­
Demand
itaries.
Deposits.

Net
Time
Deposits.

National
Bank
Circu­
lation.

Average.
S

Average. Average.
Average.
g
$
8
5.627.000
238.000
192.000
363.000 4.899.000
148.000 290.000
240.000 5.891.000
47,000
118.000
128.000 4.351.000
389.000
761.000 4.144.000
194.000
516.000 2.739.000 3.132.000 214.000
381.000 2.669.000 2.251.000
97,000

2,389,000 30,320,000

5,816,000 1,494,000

S ta te Banks.
100,000
Colonial Bank.........
400.000
Columbia B a n k ...
300.000
Fidelity Bank_____
200.000
International Bank
500.000
M utual Bank.........
200.000
200,000
New N eth erlan d ...
100,000
Yorkvllle Bank____
M ecnanlcs’ , Bklyn.. 1,600,000
200,000
3,800,000

420,600
895.000
682,300
191.900
126.900
487,100
233.900
589,400
874.000
195,200

2.259.000
8.918.000
8.623.000
1.631.000
4.027.000
7.573.000
4.262.000
6.492.000
20,190,000
4.913.000

4,696,300 68,894,000 4,636,000

500.000
200.000

1,116,100
298,700

700,000

T o t a l __________
Grand aggregate...
Comparison, prev.w
Excess reserve,
Grand aggr’teNov.2
Grand a ggr'toN ov.i
Grand oggr’teN ov .l
Grand aggr’ teNov.

149.000
658.000
752.000
97,000
456.000
635.000
225.000
474.000
883.000
307.000

1,414,800 14.811,000

8.694.000
6.117.000

6,495,000 10,752,700 121524 000
+ 2663 000
$592,710 decreaso
6.495.000 10.691.000 118861000
0,495,000 10.691.000 119221000
6.495.000 10.691.000 118323 000
0.495,000 10.691.000 117992 000
0,295,000 10,317,500 117032 000

D ec. 2.
$
N at. bank. 390,523,0
Trust COS- - 155,950,0
Total . . .
N ov. 2 5 . - N ov. 1 8 . ..
N ov. 1 1 . ..
N ov. 4 . . .
Oot. 2 8 . . .
" 2 1 ...
. »• 1 4 . ..
7 ...
Sept. 3 0 . . .

546,473,0
547,195,0
541,896,0
540,172,0
538,433,0
538.069,0
537,802,0
532,230.0
526,818,0
522,799,0

Indtvld'l.

178,078,0
178,702,0
184,682,0
185,328,0
182,546,0
180,877,0
188,211,0
188,904,0
183,118,0
175,527,0

473,960,0
477,617,0
479,469,0
477,681,0
465,748,0
457,923,0
464,473,0
469,480,0
460,022,0
451,640,0

4,577,000 73,547,000

1,078,000

15,000
102,000

346.000
152.000

515.000
571.000

6.921.000
3.035.000

635,000

113,000

58,000

83,000

117,000

498,000

1,086,000

9,956,000

......... ..

985,000
2,970,000
3,955,000

6,598,000 1,323,000 3,336,000 648,000 272,000 252,000 8,137,000 8,052,000 113823000 10,849,000 1,494,000
+ 44,000 — 139,000 —127,000 + 80,000 —100,000 + 117000 —225,000 + 367,000 + 1368 000 + 110,000 + 15,000
6.554.000
6.549.000
0.387,000
6.354.000
0,434,000

1.462.000
1.341.000
1.444.000
1.339.000
1.360.000

3.403.000
3.201.000
3.253.000
3.120.000
3.181.000

Total.

652,038,0
656,319,0
664,151,0
663,009,0
648,294,0
638,800,0
652,684,0
658,384,0
643,140,0
027,173.0

Reserve
Held.

Excess
Reserve.

S
75,169,0
24,484,0

S
15,210,0
3,696,0

99,653,0 18,906,0
106,705,0 24,600,0
114,054,0 31,986,0
113,843,0 31,388,0
107.561,0 20,147,0
104,684,0 23,918,0
109,720,0 28,482,0
120.019,0 37,978,0
119,456,0 38,465,0
111,684,0 32,568,0

Note.— National bank note circulation D ec. 2, $9,000,000: exchanges for Clear­
ing House (Included In “ Bank D eposits” ) , banks, $23,312,000: trust companies,
$3,230,000: total, $26,542,000. Capital and surplus at latest dates: Banks, $04,­
175,600: trust companies, $41,295,200; total, $105,470,800.




29,000 4,352,000

65,000
400,000

43.000
40.000

S
$
S
S
80,772,0 174,236,0 329,579,0 503,815,0
6,400,0
3,842,0 144,381,0 148,223,0
87,172,0
85,324,0
90,601,0
87,160,0
83,158,0
81,260,0
88,470,0
87,624,0
81,270,0
79,252,0

168,000

119.000
402.000
92,000

20,000
38,000

Deposits.
Bank.

168,000

1.852.000
9.688.000
9.333.000
1.520.000
4.058.000
7.952.000
4.530.000
8.073.000
21,782,000
4.759.000

60,000
53,000

We omit two ciphers (00) in all these figures.
Due
from
Banks.

18,000
285.000
441.000
65,000
1.230.000
120.000
118,000
559.000
1.439.000
302.000

554,000
81,000

P h iladelph ia B a n k s.— Summary of weokly totals of
Clearing House banks and trust companies of Philadelphia:
Loans,
Dlsc'ls &
Invest'is.

105.000
581.000
560.000
76,000
6,000 243.000
499.000
5,000 271.000
424.000
............ 1,307,000
280.000
18,000

668,000
788.000
740.000
792.000
857.000

372.000
226.000
290.000
239.000
174.000

135.000
121.000
113.000
104.000
103.000

8.362.000
8.394.000
8.435.000
8.220.000
8,142,000

7.685.000
8.978.000
9.209.000
9.368.000
9.456.000

112455000
111398000
110068 000
109410000
107879000

10.733.000
10.685.000
10.872.000
10.900.000
10.898.000

1.479.000
1.477.000
1.492.000
1.508.000
1.513.000

B o sto n C learing H ou se B a n k s.— W o give below a
summary showing tho totals for all tho itoms in tho Boston
Clearing House weekly statement for a series of weeks:
BO STON C L E A R IN G HOUSE M E M B E R S .
Dec. 2
1916.

Nov. 25
1916.

Nov. 18
1916.

Circulation...................... .......... $6,373,000 D eo.
853.000
Loans, dlsc'ts & Investments. 449.294.000 Inc.
887,000
Individual deposits, Incl.U.S. 358.841.000 Inc.
232,000
491,000
D ue to banks............................. 133.708.000 D eo.
TImo deposits________ _____ 30.169.000 Inc.
905,000
Exchanges for Clear. H ouse. 22.809.000 Inc. 2,979,000
Duo from other b a n k s ............ 40.734.000 D ec.
742,000
Cash reserve............................ 23.564.000 D ec. 2,105,000
Reserve In Fed. Res’ vo Banks 29.618.000 Deo.
63,000
Reserve with other banks_
_ 31.790.000 D ec. 1,698,000
Reserve excess In bank......... ..
1,628,000 Deo. 2,135,000
Excess with Reserve A g e n t.. 19.200.000 D ec. 1,683,000
33,000
Excess with Fed. R cs’ ve B k .
4,426,000 D ec.

$6,426,000
448.407.000
358.009.000
134.199.000
29.264.000
19.830.000
41.470.000
25.729.000
29.081.000
33.494.000
507,000
20.883.000
4,459,000

$0,423,000
455.402.000
369.095.000
143.312.000
28.951.000
22.017.000
46.713.000
26.070.000
29.238.000
36.357.000
53,000
19.009.000
7,553,000

Im ports an d Exports for th e W eek
preceding.

—Soo third page

Change from
previous week.

D e c . 9 1916.]

THE CHRONICLE

% < trti\ zx s7

F o r d a ily volu m e o f b u sin ess see pa ge 2148.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:

(g a z e tte *

Wall Street, Friday Night, Dec. 8 1916.
The M oney M arket an d F in an cial S itu a tio n .— The
money market has again been the dominant factor in Stock
Exchange operations. Call loan rates reached 15 per cent
and during a period of two or three days ruled exceptionally
high. The banking situation which mado such a rate pos­
sible is purely local, however, and evidently the result of
a policy entirely new in our financial history. Although the
lovol reached was the highest in recent years very little if any
liquidation was forced and security prices liavo held rela­
tively firm throughout the week. The latter is doubtless
partially due to the enormous amount of gold received for
foreign account and to the good impression created by the
President’s message, which is regarded as in some particulars
favorable to the railroads. A broad view of the general
situation, including both industrial and financial, tends to
foster a spirit of optimism despite the fact that the daily
news from Southeastern Europe indicates that an end of
the war is more remote than recently seemed probable.
Every one is, of course, greatly interested in the British
Cabinet changes and hopes are entertained that good re­
sults may follow.
Foreign E xch an ge.— Sterling exchange rates were vir­
tually maintained throughout the entiro period of the money
stringency that was such a feature of local circles during the
early part of the week. Continental exchanges as a rule weak.
T o-d a y ’s (Friday’s) actual rates for storling exchange wero 4 71% for
sixty days, 4 7 5 % @ 4 75 9-16 for cheques and 4 76 7-16 for cables. C om ­
mercial on banks, sight, 4 75 7-16, sixty days 4 7 0 % , ninety days 4 6 8 % ,
and docum ents for paym ent (sixty days) 4 7 0 % . C otton for paym ent
4 75 7-16 and grain for paym ent 4 75 7-16.
______
T o-d a y ’s (Friday’s) actual rates for Paris bankers francs wero 5 9 0 ©
5 90% for long and 5 8 5 © 5 85% for short. Germany bankers’ marks
wore 66% for sight, nominal for long and nominal for short. Amsterdam
bankers’ guilders were 40 11-16 for short.
Exchange at Paris on London, 27.81% fr.; week’s range, 27.81 fr. high
an'l'ho"range for foreign exchange for the week follows:
Sterling Actual—

High for the w eek—
Low for the w eek—
H igh for the w eek—
L ow for the w eek___

Cheques.

4 71 %
4 71%

4 7o 9-16
4 755

4 76 7-16
4 7640

5 84%
5 86

5 83%
5 8o

5 89%
5 91

Germany Bankers' Marks—

High for the w eek---L ow for the w eek___

Cables.

Sixty Days.

Paris Bankers’ Francs—

-----____

Amsterdam Bankers’ Guilders—

66%
65 13-16

66 9-16
65%

High for the w e e k .. .
40%
40 13-16
40%
40 13-16
Low for the w eek
4 0%
40%
D om e s tic E x ch a n g e .— C hicago, 15c. per S I,000 discount. B oston, par.
St. Louis, 10c. por $1,000 discount bid and 5c. discount asked. San
Francisco, 10c. per $1,000 premium. M ontreal, .46875c. per $1,000 pre­
mium. M inneapolis, 30c. per $1,000 premium. Cincinnati, par.

State and Railroad Bonds.— Sales of State bonds at the
Board this week are limited to $10,000 Virginia 6s trust eo.
repts. at 57 and $3,000 New York State4}^s at 115M to 116.
Tho volume of business in the market for railway and
industrial bonds has been slightly larger than that of a week
ago, and from a list of 25 most active issues 9 advanced and
16 declined, the movement in most cases, however, being frac­
tional. Chili Copper 7s, noted in weeks past for the
violence of its movement, fell from 146 to 1 3 6 % . Green
Bay & Western deb. ctfs. Ser. B . moved up from 14 % to 17.
Rock Island ref. 4s and deb. 5s were, as usual, spectacular
and moved in sympathy with their last week’s record. The
former fell away from 7 8 % to 77, while the latter gained a
point to 7 9 % , the last price being 7 8 % .
Tho securities of foreign governments such as AngloFronch 5s, American Foreign Securities Corp. 5s and Great
Britain and Ireland5s, fell away on heavy sales, the movement
no doubt, being caused by the warning issued by the Federal
Reservo Board concerning the treasury bills of foreign govern­
ments. The Great Britian 3 and 5-year 5 % s have been less
in dem nd on the “ curb.”
N o sales on a s-20-f basis have been reported this week.
United States Bonds.— Sales of Government bonds at
the Board are limited to $3,500 2s coup, at 9 9 % and $1,000
3s reg. at 1 0 1 % . F or to-d a y's p r ic e s an d f o r the w eek’ s ra n g e
see third p a ge fo llo w in g .

Railway and Miscellaneous Stocks.— Tho use by a
member of the city banks of the rediscount privilege granted
by tho Fedoral Reservo system, and further receipts of gold
from Canada combined to speed the downward tendency of
call money which has been under way since tho maximum
rato of 1 5 % was reached in tho early part of the week.
This fact although favorable to stock Exchango activities
was offset in part by dispatches putting in a serious light
our future relations with Germany over the Arabic caso.
The market was irregular with advances and declines evenly
distributed throughout both railway and industrial lists.
Atchison, Baltimore & Ohio and Canadian Pacific declined
but Chesapeake & Ohio advanced from 6 8 % to 7 0 % closing
at 6 7 % and Rock Island moved up 1 % points for tho week.
Now York, Now Haven & Hartford covered a range of 3 %
points, closing at 5 7 % . Amer. Car & Foundry, Amer. Loco­
motive and American Steel Foundries added 1 % , 2 % and 4 %
points respectively to their closing prices of 76, 9 0 % and
6 6 % a week ago. The copper shares were weak and Amer­
ican Writing Paper pf. Continuing its movement of a week
ago, declined slightly. Butte & Superior moved up from
6 8 % to 7 3 % the last price, however, being 7 2 % . Cruciblo
Steel and Lackawana Steel advanced, but Republic Iron &
Steel and United States Steel declined.




2139

STOC KS.
Week ending Dec. 8.

Sales
for
Week.

Range for Week.
Lowest.

Highest.

I

Range since Jan. 1.

j

Lowest.

j Highest.

Par. Shares $ per share. S per share. !$ per share .'IS per share.
Acm e Tea tem c t fs .. 10(1> 500 68
D eo £i 68% D eo 2 51
Aug 69% N ov
1st prel tem ctfs.-lOO i
500 98
!
D eo 6 93% Septl 9S% N ov
D eo S 98
Am BrakeSAF pf ctfslOOi
100 199
D eo j1199
D eo 4 165
N ov
Feb;209
American Express_ 100 i
_
300 135
D ec ’ 135% D ec 71123
Ju n e l4 0 % Jan
Am M alt Corp ctfs d e p .
200 10
D ec
D ec 10% D ec
1 10% D eo 8: io
Amer Teles A Cable. 100
375 64% D ec i! 64% D ec 6 60% Jul\1 69% Apr
Amer Tel A Tel rig h ts.. 16,400 2
D eo f» 2% D ec 7 1 15-16NOV- 2% N ov
Associated Oil--------- 100 2,000 69% D eo S 72% D ec 6! 62
!
Jan! 77
Jan
Atlanta Blrm A Atl.100 1,400 16% D eo ti 18% D ec 7 , 11% Septj 18% D eo
Hatopilas M ining____20
400 1% D eo 4i 1% D ec 5
1% June] 3% Jan
Brooklyn Union G as. 100
100 133% D ec 4! 133% Deo 4 126
April33% Oct
Brown S h o e ........... .100
100 73
D eo 5 73
D ec 5 50% Jani 76
N ov
Brunswick Term inal. 100 1,600 8% D eo 71 10% D ec 7
July 14
6
Jan
Burns B r o s .............. .100
700 85% D eo 2 87
D ec 4 66
Aug 87
Jan
P referred................100
200 105
D ec 5105
D ec 5 104
Jan; 109
Jan
B u tterlck.................... 100 S 200 19% D ec 6, 20
D ec 7 16% N ov 31
Jan
Car Clinchfield & 0 .1 0 0
300 30
D ec 2 31
D ec 2 30
D ec 31
D eo
Case (J I) pref........... 100,
300 87% D ec 2 89% D eo 7j 82
Oct: 90
M ay
Central o f New Jers.100
550 300
D eo 4310
D ec 4 290
Jan;310
M ay
C en t& So A m T eleg_100
10 152% D eo 6152% D ec 6 134
Julyll52% D eo
Chicago & A lton ____100 l 4,400 19% D eo 4 23% D ec 5
Feb 23% D ec
8
P referred________ 100 S 300! 32
D eo 5 33
D ec 5 18
Sept 33
D ec
Chic & E III pf tr r e c .100
300
D eo 4
1
D eo 4, 1
Dec] 1
1
D eo
Chic St P M & Om__100!
1001115
D ec 5115
D ec 5 115
Dec]123
M ay
Cluett, PeabodyA C o 100: 500 71% D eo 2; 72
D ec 7 68
Apr 76
Jan
Cons G E L A P (Balt) 100 6,330126% D ec 7129% D ec 2 108% Mar|l30
D ec
Cons Interstate C a ll.. 10 6,900 24% D eo 8 26
D eo 7 18
Aug] 28 4 N ov
Continental Ins......... .25 ! 2,300 62
Deo 7 64% D eo 2 54
June 68
N ov
800 97
Deere & C o pref____100;
D ec 4 98
D eo 8 89
M ay 98% Feb
D etroit Edison......... 100
60149
D ec 2 149
D eo 2 131
Mar] 149
N ov
D etroit U nited......... 100
430119
D eo 2120
D eo 4 70
Jan 121
N ov
Duluth S S < A tl___100 3,5001 7
fc
D eo 6; 9
D ec 7
9
4% Mar
D eo
P referred................100! 1,750 13% D eo 4I 16
D ec 7 10
Jan! 16
D eo
Eleo Storage Battery 100
200, 70
D eo 7 72% D eo 2 58
Apr] 72% N ov
Gaston, W A W lg .n o par 1,970 40
D eo 51 43
Deo 8, 40
D ec 51% O ct
Homestake M in in g .. 100
138,133
D ec 4133
D eo 4 126
Jan 135% Oct
600 80
_
D ec 8! 83% D ec 5 68% Mari 87
Int Harvest C orp_ 100
N ov
P referred...............100
600112% D eo 7 114
D eo 8 104% Apr 114
D eo
Int Harv N J p r e f.. 100
500121
D ec 7 121% D eo 7 114
Feb 122
Oct
Int M erc M arlne____100
200! 47% D eo 8 47% D ec 8 47% D ec 47% D eo
P referred________ 100
100118% D eo 6 118% D ec 6 118% D ec 118% D ec
100107
D eo 5 107
Int Nickel pref v t c.1 00
D ec 5 105
Aug 111% Feb
Iowa Central..............100 1,650 7
D eo 6 9% D eo 7
2
July 9% D eo
Preferred ............... 100
3001 15
D eo 6 15% D ec 6
9
M ay 15% D eo
400109
D ec 4 109
Deo 4 104
Jewel Tea pref______ 100
July 113
Apr
Kayser (Julius; A Co 100
970 99
Deo 2 110
D ec 7 80% M ar 110
D eo
D eo 4 111% Jan 118
1st preferred......... 100
100116
D ec 4 116
Aug
Kelly-Springfleld, pf 100
150 97% D ec 8 97% D eo 8 95% July 101
Sept
6
D ec 4
3
Mar 6
Keokuk & Des M ...1 0 0
200 6
D eo 4
D ec
200121% D eo 8 121% D eo 8 121% Dec 131
Kings Co Elec I. & P 100
Feb
200112
D ec 4 112% D eo 4 |103% Mar 118% N ov
Laclede G as________ 100
Mar 125
Liggett A M yers pref 100
400 123% D eo 4 125
Deo 7 118
D ec
Loose-W iles Biscuit. 100
200 22% D eo 5 23
D eo 5 14
Sept 34
O ct
225 89
M ar 91% Jan
1st preferred_____100
Deo 8 89% D eo 6 78
100 45
D ec 7 45
D ec 7 45
2d preferred........... 100
D ec 65
O ct
Lorlllard (P) pref. ..1 0 0
196121% D eo 5 121% D eo ■ 115% Jan 122% Sept
r
»
M anhattan Shirt____100 1,350| 68
D eo 5 74% D eo 5 55
Feb 74% D eo
M ay D ept S t o r e s ... 100 1,400 65% D eo 4 68
D eo 5 50% Jan 72% N ov
Preferred ............... 100
107% D eo 8 102% Jan 109
200106
D eo 6
M ay
Mlohigan C en tral...1 0 0
D eo 5 105
Apr 130
126
D eo 5 126
Jan
Minneap A St Louis. 100
4
M ar 15% Jan
60! 6% Deo 2 6% D eo 4
M inn A St L (.new).. 100 15,600 30
Oct 36
D eo 2 34% D eo 7 26
Oct
N at Cloak & Suit p f. 100
D eo 7 106
M ay 113
255110% Deo 7 111
Feb
National Surety____100
D ec 8 269
10269
D ec 8 269
D ec 269
D ec
N Y C A S t . L 2 d pf.100
D ec 8 50
Apr 67
200 62% Deo 5 63
June
New Y ork D o ck ____100
900 19% D eo 6 20% D ec 2
9% M ay 24% N ov
P referred________ 100
Deo 4 25
Apr 50% N ov
100 48
Deo 4 48
Norfolk S o u th e rn ... 100 1.800 26
Apr 31% D eo
D eo 4 31% D ec 8 20
N ova Scotia S & C ..1 0 0 1.800144
D ec 7 142
D eo 4 149
N ov 156
N ov
Owens B o ttle -M a ch ..2 5 12,500! 95
D eo 6 83
Sept 105
D eo 2 105
D eo
P referred________ 100
Deo- 5 116
100117
D eo 5 117
Oct 118
N ov
Pabst Brewing p r e f.. 100
100, 92% D ec 2 92% D eo 2 82% Sept 92% D eo
800 34% D ec 7 37
Deo 8 32% Apr 44
Pacific T el A T e l .-.1 0 0
Jan
P referred................100
100 97% D eo 7 97% D eo 7 93% Jan 98
1
Sept
Pan-Am er P A T pf.100 5.900100
D eo 2 101% D ec 4 97% N ov 101% D eo
601 85
D ec 4 85
1
Pottlbone-M ull 1st pflOO
D ec ■ 85
D ec 92% Feb
Peoria A Eastern____100 3,000 15% D eo 6 16% D eo 7
8
M ar 17% N ov
D eo 5 93% Feb 106
200103
D eo 6 104
Pittsburgh Steel pref 100
O ct
Quicksilver M in in g .. 100 3,400 3
2
Deo 5 3% D ec 6
N ov 6% Jan
Rutland pref..............100
D eo 2 35% D ec 2 25
Feb 35% D ec
425 35
St Louis A S F (new) pref 1.600, 46
Deo 2 50% Deo 6 45% N ov 50% D eo
Seaboard A L ctfs d e p ..
200; 14 D ec 6 17 D eo 7 14
D ec 17
D ec
Preferred ctfs dep____
300 35
D eo 6 39% D eo 7 35
D ec 39% D ec
Sears, Roebuck, p f .. l 0 0
June 127% D ec
100127% D eo 8 127% D ec 8 125
Standard M illin g ... 100
M ar 107% Oct
300103
D eo 7 103% D ec 7 86
Preferred ............... 100
Aug 94% Oct
100! 90% D eo 5 90% D ec 5 85
Texas Co rights........... .... 18,680 25% Deo 4 26% D ec 2 25% N ov 27
N ov
Toledo St L A W est. 100 10,300 9% Deo 5 13% D ec 7
5
Apr 13% D eo
Deo 5 12
D ec 7
Trust receipts.............
700| 9
5
M ay 12
D eo
18% Deo 5 24% D eo 7 10
P referred................100 1,800]
Feb 24% Deo
100 19% D eo 7 19% D ec 7
Feb 19% D ec
8
Pref trust rects......... ..
D eo 4 48
United Cigar M frs-.IOO
700! 47
D eo 6 46
Oct 64
M ar
100108
D eo 8 108
D ec 8 106
P referred................100
Feb 111
M ay
D ec 7 75% D ec 5 75
United D ru g ............. 100
5001 75
N ov 80
N ov
200 53% D eo 5 53% D eo 7 52% N ov 53% N ov
1st preferred........... 50
200 22% D eo 5 23
D eo 5 22% D ec 49% Apr
U S Express................100
D eo 2 39
D eo 7] 25
U S R ealty A Im pt-.lO O 5,700 32
June 49
Feb
D eo 2
1
U S Reduo A R efg--1 00 5,400: 1% D eo 2 2
June 3% Jan
1% D ec 2 2
D eo 2
P referred................100 5.100
Jan
% Aug 4
Wells, Fargo Expr.-lO O 3,100139% D eo 2 142% D eo 5 123% M ay 142% D ec
Wheel A L E (new) w 1. 80,166 24% D ec 8 27% D eo 7 24% D ec 27% D eo
Preferred w 1............... 11,100 54% D ec 8 58% Deo 7 54% D ec 58% D eo
2
Wheel A L E ctfs d e p .. 70,575] 2 % Deo 2 11% D eo 7
N ov 11% D eo
Deo 2 14% D ec 7
1st preferred ctfs dep. 9,800i 5
3% N ov 14% D ec
2
2d preferred ctfs dep. 27,212, 2% D eo 2 11% D ec 7
N ov 11% D ec
D eo 7 54% D ec 2 53
W hito M otor (new). 100 4.9001 53
D ec 59% Oct

Outside Securities.ySales of securities on the Broad
Street “ curb” were considerably larger than those of a week
ago. Prices have, in sympathy with other securities markets,
and for reasons mentioned above, been irregular. Butterworth-Judson fluctuated between 6 8 % and 7 1 % , and Car­
bon Steel between 122 and 127, both closing well above the
low figures. Marlin Arms moved between 47 and 5 4 % , the
final figure being 53, and the preferred stock of the same
company moved up from 60 to 6 2 % .
The Standard Oil subsidiaries were very active. Buckeye
Pipo Line moved up from 107 to 108. Illinois Pipe Line,
after gaining from 223 to 246, closed at the latter, and Stand­
ard Oil of New York fluctuated between 267 and 282. Stand­
ard Oil of New Jersey moved from 680 to 699, the final fig­
ure being 692, and Prairie Oil & Gas covered a range of 45
points. Tho other oil issues, most of which sell at “ cents a
share,” were active and showed a general advance in values.
A complete list of “ curb” transactions for the week will be
found on page 2148.

2 140

New York Stock Exchange— Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G T W O PAGES.

For record of sales during the week of stocks usually Inactive, see preceding page.
HIGH AND LOW SALE PRICES— PER SHARE, NOT PER CENT.
Saturday
Dec. 2

ivi onuay
Dec. 4

Dec. 5

Dec. 6

Dec. 7

Friday
Dec. 8

Sales for
the
Week
Shares

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

PER SHARE
Range Since Jan. 1
On basis of 100-s/iare tots
Lowest

Highest

PER SHARE
Ranoe for Previous
Year 1915
Lowest

Highest

t per share
$ per share $ per share
S per share
R a ilro a d s
Par $ per share
92% Feb 111% N o v
’e
105% 105% 17,900 Atch Topeka & Santa F . .l 0 0 100% Apr 22 1087g Oot 5
106% 106%
96
Jan 102% N o v
3,000
D o . pref......... .................100
98% Aug 30 102 Feb 24
100% 100%
100% 100%
98 M a r 116 N o v
2,700 Atlantic Coast Line R R ...1 0 0 106% Apr 19 126 N ov22
122 122%
*1221.1 125
96 Deo
90 Jan 4
63*4 Feb
10,900 Baltimore & O h io ..............100
80
82% Apr 24
85*4
80% 87%
79*4 N o v
80 Jan 15
67
Feb
1,000
74% 74%
Do
pref______________ 100
72% Aug 30
74%
93
Apr
83% Aug
2,100 Brooklyn Rapid Translt-.IOO
88% June 6
z84% 84%
83*3 N ov23
85
85
7,500 Canadian P acific................100 1 162% M a r 1 183*4 Jan 3 138 July 194 N o v
167 108
167 168
64*4 N o v
35% J u ly
58 Apr 24
71 Oot 19
Z(5738 08% 48,900 Chesapeake A Ohio______ 100
69% 69%
17% N ov
10% Jan
17,300 Chicago Great W estern___100
11*4 Apr 24
15% 10
16% Deo 7
14% 15
33 Apr 24
25% M ay
47% Oot 27
43*4 41% 10,500
Do
pref______________ 100
45
91 Apr 22 102% Jan 3
77*i July 101% Deo
93% 93% 11,700 Chicago Mtlw A St P a u l.. 100
93% 94
Deo
1,300
*125 125%
Do
pref______________ 100 124% Septl.'S 13618 Jan 5 1207# Sep 135
125% 125%
1,100 Chicago A N orthw estern..100 124 Sept 8 134*8 Jan 3 118% July 135% N o v
125% 125%
125% 126
J165 Apr 13 175 Jan 1 1 163 July }180 N o v
*175 185
38% Apr
10% July
15% Apr 22
40*4 D ec 7
39
40 117,700 Chicago R ock Isl A P a c___100
40
38
39%
38
37% 38%
37% 39
52
Oct
Jan
57
000 Clev Cin Chic A St L o u is .. 100
38 Apr 27
62% Oct 27 521
57
58*8 59
*56% 60
*5fii2 60
58%
86 J u n e ll
77
Oct
53% Feb
400
70 Feb 2
*83
84%
Do
pref............... .......... 100
84%
84% 84%
83% 83% *83
83% 83%
38% N o v
37 Oct 27
24 M a r
34
34
900 Colorado A Southern_____ 100
24*4 Apr 24
35
34
*33
34
*33
35
34
34
60 N o v
45
Jan
200
62% Oct 18
*59% 01
46 Apr 1
D o 1st pref............. ......100
61
59
59% *59
01
*59*2 61
52 N ov
57*4 JunelO
35
Sep
*45
55
D o 2d pref- ________ 100
40 M a r l3
*45
+45
* 15
*150 152
500 Delaware A Hudson........... 100 149% Apr 20 156 Oct 4 138% Aug 154% N o v
153
151% 151% 151% 151% *150 153 *150
*229 240
Delaware Lack A W e s te rn ..50 216 M a rl8 242 N ov 6 1 9 9 % Jan 238 N o v
*229 240 *229 239% *229 240 *229 240
16% N ov
4
Jan
1,200 Denver A R io Grande____100
23% Oct 25
*19% 20%
S*8Mar30
21
20
20
20
20
18% 19% *19
29% N o v
45
7,900
52% Oct 25
6% Jan
40
Do
pref......... ............ ..1 0 0
15 M a r 8
46
47%
46% 47%
46% 47%
45
46%
45% N o v
19% F’eb
37% 38*4 120,020 Erie......................................... 100
43% Jan 3
32 Apr 22
37% 37%
37% 37%
37% 38%
38% 38%
59% N o v
52% 53%
691 Jan 3
8
7,300
32*1 Feb
48 Apr 22
52% 52%
52% 52%
D o 1st pref....................100
53% 53%
52% 53%
54% Dec
42% 42%
3,700
54% Jan 3
27
Feb
42% 42%
41 Apr 22
42% 43
D o 2d pref___________100
42% 44
43% 43%
4,700 Great Northern pref______ 100 116% Aug 30 127% Jan 4
112*4 Jan 128% N o v
117% 117%
117% 117%
117% 118 *117% 118
118 118
54
Oct
44% 15,200
44
50*4 Jan 3
25% Jan
33% June26
43% 45
43% 44%
Iron Ore properties..iVo par
44% 44%
43*2 44
Apr
11,100 Illinois Central...................100
99 July 113
107% 108
99*4 Apr 17 109*8 Oot 5
107
107%
106% 107
105% 100% 106 107
25% N o v
18% 10,090 Interbor Con Corp, vtc No par
21% Jan 3
1878 July
1734 18
IS
15% Feb 15
18
18
17% 18
*18
18%
82 N o v
8,500
77% Jan 3
75% 76%
70 July
Do
pref........................ .100
71 Feb 15
74% 74%
71% 74%
7412 74%
74% 74%
35% N o v
27% 27% 11,500 Kansas City Southern____100
32% Jan 4
20% Feb
23% Apr 28
26% 27*4
27% 28
27
27%
26% 27%
65% N ov
5478 Feb
800
59% 09%
6478 Jan 3
00
*59
60
Do
pref______________ 100
58 Aug 18
60
59% 59%
*58% 60
10% D ec
27% 27%
7,400 Lake Erie A W estern_____ 100
5
Jan
30 D ec 7
10 M ay 2
24% 24%
24% 26%
20% 29%
24% 24%
41% Dec
1,100
32 Apr 20
55% N o v 2
19 M ay
54% 54%
Do
pref......... .................100
51
53% 55
*50
51
51
51
*48
83% N ov
87% Oct 5
64% Feb
74% Jan 31
82% 83
81*4 82% 12,500 Lehigh Valley....... .................50
823,t 831.|
82% 83%
82% 83%
41% Junel2
27% Oct
32
32
15
Jan
400 Long Isla n d........................... 50
20 Jan 31
33
*32
33
35
*132% 135
600 Louisville A Nashvlllo____100 121% M ar 1 140 Oct 5 104% July 130% N ov
134 134% 134 134 *133
135
*134 135
Dee
*130
132
400 Manhattan Elevated......... 100 128 Apr 28 132 O ct 27 125 June 132
130 130 *130 130% *126 135
131
*129
Jan 126% N ov
400 M inn St Paul A S S M ____100 116% Apr 24 130 Oot 4 106
*119 120%
119% 119% *118% 121 *118 120%
120 120
Dec
*128 135
133 *128 133
128l2 3opt26 137 Jan 15 123 June 136
15% Apr
4
Sep
12*4 Deo 7
3% Sept 6
10 n % 11% 12*4 11*8 12% 86,900 Missouri Kansas A Texas. 100
9% 10%
9% 10
— it's "io%
40
Apr
24 O ct 26
10% Sop
2134 22% 12,319
22% 24
Do
pref_____ _____ ___ 100
10 Apr 3
21 24
20
21%
20
21
19
21
18% Apr
1*4 July
19
20% 12,600 Missouri P acific..................100
17% 18%
3% Sopt 1 22 D ec 7
20*4 22
17% 18%
18% 21%
15-% 17%
7% N ov
3
Dec
19
20*1 22%
20*4 70,800
Trust co etfs of deposit____
3% Sept 1 22% Dec 7
17% 19%
17% 18%
18% 21%
14% 17%
37 14 187,000
3819 Deo 6
fi37„ 16,400
R
.a
fi31o fi47o
81% M ar 110% Dec
1083.1 109
108% 109% 108 108% 10734 108% 107*4 108% 107% 108% 22;i00 N Y Central A Hud R iver. 100 100% Apr 22 114% Oot 5
46% D ec
42
*40
42
*40
too N Y Chic A St L o u is.......... 100
45*t N o v 11
30 June
42
33 Apr 17
*41
43
*40
43
*40
42
42
89
Oct
77% Jan 10
43
Feb
57% 58
57% 57%
4,800 N Y N II A H artford......... 100
50 N o v 15
57% 57%
57% 58
57% 59
58% 58%
35
Apr
32
32% 22,900 N Y Ontario A Western___100
2134 Jan
34% D eo 2
32
33%
32% 33
32
32%
26 M ay 5
32% 34
33% 34%
10,200 Norfolk A Western_______ 100 114 M at 1 147% Oot 16
99% Jnn 122% Dec
140 141% 140 140
141 141*4 140 142% 140 141% 140% 142
90 June
89% M ay22
600
85%
80% Sop
D o adjustment pref_ 100
_
84% Feb 25
85% 86
85% 85% *85% 85% *85
*85% 88
85*2 *85
8,800 Northern Pacific.................. 100 108% Sept 2 1187s Jan 4
99% Feb 118% Dec
111% 111% 111*4 i n
111% 111 111% 110*4 111%
111% 111% l i t
61% N ov
60 Oot 4 5 1 % Feb
56% 56% 11,650 Pennsylvania.................. ......50
55 8 e p tl2
56*i 57
50% 57%
56%
56% 57
50*4
57
57%
86 N ov
88 June 6
700 Pitts Cln Chic A St L o u is .. 100
65 M ay
85% 85% *83
78 Feb 17
80*4
85% 85% *82*2 85%
86
86
*84
85%
98% June
98*4 Jan 13
93
200
94
93
90 Juno
*93
Do
pref.......................... 100
88 Jan 26
94
94
*93
*93
94
94
*93
91
85% N ov
75% Jan 31 115% Sept27
69% M ay
110 112% 110% 111% 110% 111% 110% 112% 110% 111% 233,300 R ea d in g...................... ............ 50
112% 112%
900
45 June
45*2
46 Feb 29
45% 45% *44
41?s Feb 19
45
45
45
45
44% 44%
1st preferred................... .5 0
40% Sep
*44
45
44
Apr
200
52 M ay 19
46
46
46%
40
F'eb
46% 40% *45
46% *45
2d preferred............. ........5 0
41% Fob 21
46% *45
*45
46%
2714 30
28*4 24,900
15to M ay IK 30 D ec fi
2fii t
28
27
2818 293.1
23 N ov
2,000 St Louis Southwestern____100
29
30
30 D ec 6
11
Sep
16 M ay 4
29
29
29 ' 30
28*4 28*4
29
29
29*8 *28
45i2 D ec
55
55%
2,100
55% Deo 8
29
Sep
54
55
51% 54*4
Do
pref..........................100
*47% 54
51
51
5(*2Sept I
*48
51
20% N ov
18'sJan 13
11% July
17
8,400 8eaboard Air Line............. .100
17% 18%
14 Apr 22
17%
17
17%
17% 17% *17
17*4
163.1 16%
43*4 N ov
42% Oot 10
39% 39*4
6,000
30% July
39% 40%
Do
pref______________ 100
34% Apr 24
39
39
39
39%
38*2 39%
38% 38%
99% 99% 20,900 Southern Pacific C o ........... 100
94% Apr 22 104% Jan 4
81% Feb 104% Dec
99% 100%
99*1 100%
100 100% 100% 100% 100 100%
26 N ov
32% Deo 7
12% July
32%
31% 32% 190,800 Southern Railway................100
18 Apr 24
31
29% 30%
29% 29%
29% 30
29*2 30%
08% 09%
68*4 69*i 68 69% 68*4 69*i 68% 70% 69*4 70% 10,500 D o pref.......................... 100 56 Apr 24 72 Oot 10 42 July 65 N ov
17*8 Apr
21% Deo 7
8% July
19% 21%
19% 20% 30,800 Texas A Pacific......... .......... 100
6% Feb 14
18% 20%
19% 20%
19*4 20%
18
18%
64% Oct
68% June22
52
6,700 Third Avenue (New York) 100
50% 52
52%
35
Jan
50
49
49% 49%
48 N ov22
49
50*4
*48% 49%
Apr
*94% 90
99 Juno 8
90 July 100
100 Twin City Rapid T ra n sit.. 100
94 M ar 24
95
*94
*94
96
95
96
*94% 95%
51,200 Union P a c ific ......................100 129*4 Apr 22 153% Oot 24
115*4 Jan 141% N ov
146% 148% 146*4 147*8 146% 147% 145*i 147% 145*4 147
147% 148
84% N ov
83% 84
1,000
Do
pref______________ 100 z80 Sept 1 84% Sopt29 *79 M ar
83% 83%
83*i 83*4 *83% 84
82
82
83*4 84
27% Oct
8
Jan
12%
21% Jan 4
12
2,700 United Railways Invest___100
7*i M ay 9
12% 13%
14
14
13% 13*4
13% 13%
14
14
47*4 Oct
21% M ar
39*4 Jan 3
24.2 25%
24% 25
1,100
25
17 SeptlO
25% 26%
25
Do
pref.......................... 100
27
27
*27
28
17% N ov
12% Oct
17 Jan 3
23,900 Wabash .................................100
16% 17
16
17
15% 16*4
13% S optl3
15% 16%
1512 16
15*4 15%
49% N ov
43% Oct
59
59*t
58% 59% 38,800
41% M ar 1 60% D ec -4
D o pref A . ................. .100
58% 59%
58% 59%
59% 60%
58*4 60%
32% N ov
25% Oct
31% 32% 47,900
32% Deo 4
3134 32%
32*4
31%
25 Apr 22
D o pref B d o ________ 100
31% 32%
31*4 32%
31*4 32%
35% Oct
34% M ar 27
9% Jan
30% 32
30% 31%
30
301.1 31% 36,100 Western M aryland_______ 100
31%
24% F’eb 28
31
28
30% 32%
50% Oct
25
Jan
*45
1,500
55 Oot 16
49
46
46
48
49
*46
Do
pref............... .......... 100
40 M ar 7
49
49
*47
46*4 48%
6% N ov
% July
11*4 D oc 7
10
8%
4%
6%
11*4
*9*4 10% 21,100 Wheeling A Lake Erie___ 100
6%
6
1% N ov28
2%
7*4
19*4 N ov
2 Aug
18% July 5
*12% 13%
834 11
12% 14
2,600
D o 1st preferred........... 100
9% 10%
2*4 N ov25
5%
8%
8%
7
8% N ov
11% D ec 7
% Aug
1,900
11
11% *10*4 11%
9
5
D o 2d preferred........... 100
5
6%
8I.|
2 N o v lS
4
6*4
2%
45 N ov
56% July20
28 July
G.300 Wisconsin C e n tr a l........... 100
53*i 55
54*i 54*4 *52% 54
33 Apr 19
51% 54
51% 51%
51
*49
In d u stria l & M iscellaneous
21
2012 2012 12,300
20t2 2 n 2 20
43 Apr 28
391.1 3912 40!8 *39 " 39i2
700
37% 40
7112 73
74
7512 75% 81
81 Deo 8
11,200
63 July31
13% 13.% 13
13%
9,200 Alaska Gold M ines________ 10 11% Aug 30 26% Jan 7 21% Dec 40% Apr
13% 13*4
13% 14
14
14% ’ 135S 14%
13% N ov
10% Jan 7
3,900 Alaska Juneau Gold M ln’g.10
8
9*t Dec
8%
8%
8%
8%
8
8
6*4 Oct 9
8
8%
8%
8
Sis
7*4 Jan 49% Oct
34*i 35%
34% 35*4
34
35% 22,000 Allls-Chalmers M fg v t C..100
38 N ov25
34% 36
19 July 19
34% 35%
35
35*4
33
Feb
85*8 Dec
2,000
90% 90%
90% 91
92 N o v 9
91
91
70% July 18
89% 90%
Do preferred v t o ____100
89% 90
*89*4 90%
74% N ov
48
Jan
97
1,450 Amer Agricultural Chem ._100
95
95
94
63 Apr 22 102 N ov25
9534 9534
97
95
95*4
95*i 95*4 *94
90 M ar 1011,8 N ov
103 103% 103 103
1,400
103% 103% 103 103
Do
pref................. ........ 100
90 M ar 23 103% Deo 1
103 103 *102% 104
33% Jan
7278 Dec
29,800 American Beet Sugar......... 100
104% 106% 106% 107% 105% 107*t 105% 107
6 l*i Fob 1 10812 N ov22
104 106*4 103% 107
95 N ov
83
Feb
500
100 100% *99*4 101
Do
p re f.................. ...... 100
93 Apr 24 102 June22
100 100 *100 100% *99 100% 100 100
68% Sept29
25
Feb
68% Oct
62% 03%
62% 62% 15,880 American Can...................... 100
62
62% 63%
62% 84
62%
50% June27
62% 63%
114% 114% *114 115
100
91% Jan 113% N ov
115
Do
pref........... ...............100 108% July 13 115% Sopt30
*114
115 *114 115 *114 115 *114
98
Oct
70*4 77*i 118,250 American Car A Foundry. 100
78% Deo 4
77
40
Feb
75% 78%
76% 78%
77% 78%
52 July 8
78*1
75
76%
900
111% M ay 118 Aug
118 118 *11.8% 119% 118% 118% 119 119 *117 119%
Do
pref......... .................100 115% Aug 9 119% Mar 11
113 118
64
Oct
52^4 52*4
54
54
58% Oot 23
53
54%
2,600 American Cotton OH_____ 100
50% Apr 22
39
Jan
53% 53% *52% 53*2 *52*4 53
102% N ov
102 M ar 15
*98 102
*98 101*4 *98% 101% *98'.i 101%
102
*98 102
14% Oct
4% F’eb
10% 17
16% 16% 15,100 American Hide A Leather. 100
8 Juno 3 20% Oot 17
*4
17
17%
16% 17%
16% 18%
17% 18%
59% Oct
19*4 Jan
79% 46,400
78%. 81%
78
45 M ar 1 84*8 Dec 4
84%
80% 82
78% 81
Do
pref..........................100
81
78% 84%
35
Apr
20% Jan
31% Feb 19
29% 30*4 16,500 American Ice Securities___100
28
25 Jan 20
2,8%
28% 29%
27% 28%
28
28
27% 27%
31% Oct
22% 23% *22% 23
7% Jan
22*i 23%
10,500 American L in se e d ........... .100
2778 N OV10
22%
22% 23%
17% July 14
22% 22% *22
50% Oct
24
Jan
52% 52%
54
54%
54
4,200
53% 55%
54
Do
prof. ................... .100
38% M ar 1 62*i N o v i 3
52% 53
53% 54%
19 M ar
74*4 Oct
90% 94
57,650 American Locom otive____100
98% N o v 9
89% 90%
89*4 91%
58 July 14
88% 91%
90% 91
88% 90
75 Mar 105 N ov
107% 107%
400
99% July 13 109 N o v 9
Do
pref.......................... 100
*107% 108% 107*1 107% 107% 107% *107% 108 *107% 108
13% Oct
3% Apr
12% O ct 19
10% 11
10
10
10
10%
2,300 American M alt C orp_____ 100
*10
11
10
10
5% June 3
11
11%
37% Deo
21% M ay
51*4 Deo 1
51
49
49%
2,800
49% 49%
Do
p r e f .. ............. ........ 100 z31%Jan 14
50
49*4 50*4 *48*4 50
51
51%
88% M ay
78
Jan
97% N ov27
96*4 96*4
96
96%
1,100 Amer Smelters Sec pref B .100
84% July 13
*9634 97%
96% 96%
96% 90%
96*4 90*4
92
D ec
86
Oct
99% 99%
99% 100
98% 98%
1,500
99% 100
*99% 100
91*4 July 11 102 N o v lS
D o prof Ser A stam ped..
*100 101
66
Jan 108*8 Deo
115% 117% 116% 117% 115*i 118
88% Apr 22 122% N ov22
115*4 110% 70,465 Amer Smelting A Refining. 100
116 118% 116 119
100
Jan 113 N ov
110%
116% 116% *116 117
116% 116% n o
1,100
Do
pref.......................... 100 109% Apr 22 118% Oot 21
116% 116% 117 117
Apr
Jan 165
144 150
1,400 American Snuff....................100 130 M ar 23 151 Deo 8 144
150 151
*140 145 *140 145 *140 145 *140 145
Jan 110% N ov
109 109 *105 109 *105 109
100
Do
p r e f......................... 100 106% M ar22 110 Jan 27 103
*105 109 *105 109 *105 109
74% Oct
73 Deo 7
24% M ar
72
69
67
70% 72%
68% 73
69
36,500 Am Steel Foundry..............100
67
68
44 Apr 24
67% 67%
99% F eb 119*8 N ov
’
4,370 American Sugar R efin in g.. 100 105% Apr 22 125% Oct 25
116% 117% 116 116
116% 117% 115% 110% 115% 115%
116% 117
Feb 119% N ov
122
120% 120% 121% 121% 121 121% 121% 121% *121
800
123
*121
Do
pref______ ________100 115% M ay 5 123% Oct 24 109
116
Jan 130% N ov
14,200 Amer Telephone A T e le g .,1 0 0 126% Feb 1 Xl34% Sopt29
127% 127% 127*8 127% 127% 127% 1273g 127% 127*s 128% 127% 128
220 220 *217 223
400 American T o b a cco_______ 100 188 Feb 16 22978 N o v 3 195% Dec 252% Apr
219% 222% *218 223 *217 223
*216 220
109% 109%
1,100
110 110 *108 110% 5110 n o
*108% n o
no
D o pref (new)................100 105% Apr 24 113 Sept23 103% Jan 111 N ov
*108
46 N ov
50
Oct
54
55*4 56% 27,400 Am Woolen of M ass______ 100
42 Jan 11
58% N o v 8
56%
56% 57%
53% 54
56*8 57%
53% 54
95
Dec
98% N ov
98% 99
*98% 99 % 98*i 98*4 *98% 99%
1,600
92 Jan 10 102 Mar 10
9.8%
98% 98%
Do
pref______________ 100
*98
5 July
15
Apr
65
65
66
64% 66
64
04*i 11,150 Am Writing Paper pref. .100
76% N ov20
64% 67%
66
11 Jan 8
66% 66%
07% Dec
71% Doc
60*i 63%
60% 01% 23,400 Am Zinc Lead A 8 ......... ......25
97*s Apr 10
60
60% 61*4
01%
29% July 10
57% 58 '4 58% 61*4
so
sn
sn
8U.1
59% JillV I 1 87 N ov 1
80% 8OI4 80
79*2 791700
80*4
99
99% 98% 99% 98 ' 98% 129,000 Anaconda Copper__________50 77 "A p r 22 105% N ov20 c24*4 Feb 91% N ov
98% 99%
98% 101%
99% 101
125 132
130*i 137% 137% 147*i 79.S00 Atl Gulf A W I SS Lino ctfs 100
56 July 12 147*4 Deo 8
121% 122% 121 122% 120% 127
71 14 72
711? 73
3 rfi0fl
70
70
70h 713.1
75% 77% 70% 78*4 78% 81*4 113,000 Baldwin L ocom otive......... 100 65% July 14 118% Jan 3 26% M ar 1541s Oct
76% 78
77%
74% 78
76
Sep
92 M ar 114
106% 107
106% 107% xl04% 104%
1,500
107% 107% 106% 107
Do
pref.......................... 100 104 Juno2C 110 M ay24
1f>412 102 10312 1631» 1671* 183U 165*. 164 165% 1651- lflftSo
5,600
167D Deo 5
O ct
46% Jan 600
010 610
610 610 *605 625
*610 625
018 649
805 Bethlehem Steel..................100 415 Jan 11 700 " N ov l8
O ot
160 160 *155
91
Jan 184
165 *155 105
100
—
— *160 165 *155 165
Do
pref...................... ...100 126 J u ly 21 186 N o v l7
* Bid and asked prices: no sales on this ay. t Ex-rlghts. 3 Less than 100 shares, a E x-dlv. and rights. 6 Now stock, s Par $25 por sharo. e First Installment
paid. a Ex-dlvidcnd. s Full paid.
r
S ver share S per share S per share
106 106% 105% 106% 105*4 106%
100% 100% 100% 100% 100% 100%
123 123% 122% 122% 122% 123%
86% 86%
86% 87%
86%
74% 74% *74
74%
74% 74%
85
85
85
85
84% 85
166% 168% 166% 167% 166% 167
70%
70
70%
69*8 70%
1434 15%
15
15%
15
15%
44% 44%
44% 45%
44% 44%
93*, 94%
93% 94%
93% 95
125 125% 125% 125% 125% 125%
125% 125% 124*4 12434
125% 126




5 per share
105% 100%
100% 100%
122% 123
86
86*i
74%
*74
85
85%
167 168*4
70% 71
15% 16%
44% 45%
93% 94*8
125% 125%
125 125%
*175 185
39% 40*4
*57 60
83% 83%
35
35
*59
61
55
*150 151
*229 240
20
20%
46% 48
37*i 39%
52% 54
43
43%
117% 117%
43% 44%
107% 108%
17% 18%
74*4 76%
27% 28%
60
60
30
28
54*4 55
82% 83%
34% 34%
132% 135
130% 130*i
119% 119%

New York Stock Record—Concluded—Page 2

3 U 1

For record of sales during the week of stocks usually Inactive, see second page preceding.
m a n a n d l o w s a l s p r ic e s — p m
S a tu r d a y
D ec. 2

M ond ay
D ec. 4

T u esd a y
D ec. 5

sh a r e , n o t per c e n t .

W ed n esd a y
D ec. 6

T hu rsd ay
D e c . 7.

F rid a y
D e c . 8.

S a le sfo r
the
W eek
S hares

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

PER SHARE
Range Since Jan. 1
On basis of l00-»ftare lots
Lowest

Highest

PER SHARE
Range for Previous
Year 1915
Highest

$ per share $ per short
$ per share
In d u s tr la l& M ls c .(C o n .) Par $ per share
$ p e r sh a re $ p e r sh a re $ p e r sh a re $ p e r sh a re
% p e r sh a re $ p e r sh a r e
79*sJune
56% Aug
60% July 11 l0 5 % M a r 9
72% 73% 55.300 Butte & Superior C opper— 10
71% 73%
71% 7338
71
723.i
69% 72%
68ls 09
38% Deo
8 July
42% Jan 3
15 June27
California Petroleum, vtc.10 0
27*4 29%
26% 28% 35.300
27% 2934
27*8 28%
20l.| 2734
20
2034
81
Deo
30 July
80% Jan 3
40 June29
Do
pref_______________ 100
20.500
59
62
61% 63%
60
63%
59
61
56% 5934
55
56V
61% N ov
32% Feb
49 Apr 22 123 N o v lO
61,400 Central Leather----------------100
110% H l'2 108% 111% 108 109% 108% 10934 108% 110% 108% 110*4
100% Jan 110% N ov
117% N ovlO
Do
pref_______________ 100 108% Jan 3
1,150
113% 116
116 117
115% 11534 115% 116
•115 116 §110 110
88% A pr 24 131 June 5
6,800 Chandler M otor C ar_____ 100
112 112% 110*4 H2% 111% 112%
111 114%
26% N ov
23% D ec
39% N o v l8
19% July 14
2934 33
28% 30% 186.300 Chile Copper---------------------- 25
32% 33*4
33
34% '32% 33%
"33" 34%
57% N ov
32% Jan
74 N o v lS
46% July H
28,100 Chino Copper-------------------- 5
68
69
673.4 69%
68% 69%
68*8 69%
68% 70%
66% Sep
6S'.i 70
21% Jan
63% Sept30
38% Apr 22
56% 56% 16.500 Colorado Fuel & Iron_____ 100
56% 57*4
57
5738
56% 57%
56
58%
57
58 >i
53*8 D ec 5
30% Sopt28
4934 51 *4 146.300 Columbia Gas & E l e c ____100
52% 53*4
52% 53%
52*8 53%
5134 54%
49% Dee
49% 51*8
41% N ov
52% Jan 22
40% July24
49% 49*4
2,300 Com puting-Tab-Record ..1 0 0
49
50%
48% 49
49
49
*49
•'93.1
3,500 Consolidated Gaa (N Y )._ 1 0 0 130% M ar 1 144*4 Jan 8 113% Jan 150% Oct
135 135
134% 135% 135 136
135% 130
135' 2 135% 135% 137
Oct
40% Jan 127
75% Jan 31 z l l l Sept20
1,200 Continental Can__________ 100
98% 98%
99*8 100*8
99% 99*8
99
9934 *98 100%
100 100
88% JaD 109% Deo
400
Do
pref_______________ 100 106 Feb 1 114 N ov27
113 113 *112 115 *112 115 *112 115 *112 115
*113 115
21% Oct
8
Jan
29*4 D eo 8
28% 29*4 190,800 Corn Products Refining___100
13% Aug 8
28% 29%
27% 28%
27% 29%
26% 27 '4 20% 28%
96% D eo
65
Jan
Do
pref_______________ 100
85 June26 113 % D ec 8
111% 113*8 112% 113% 15,900
110*4 110*2 110% 111% 110% 111% 111 112
99% M ar 16
18% M ay 109*8 Sep
8434 86% 98,600 Crucible 8teel of Am erica. 100
5234 Jan 12
85
87
85% 87*8
8334 86%
84'.i 87*4
83% 85%
84 M ay 112% Sep
124*8 D ec 5
121 121*4
2,750
Do
pref______________ 100 108% Jan 11
122
123 124% 124% 124% 124% 124% 1122
124 124
76% O ct 30
48,209 Cuba Cane Sugar_____ No par
66% 68
52% Aug 3
67
68%
6734 69%
07% 68%
67% 69%
OOli 69%
99% 99% 14,260
Do
pref______________ 100
93 July 14 100% O ct 28
98% 99*8
98% 99%
98% 99%
9834 99%
9834 99
Deo
38
Jan 177
220 222
1,800 Cuban-American Sugar___100 152 Jan 5 269*8 Sept26
215 215
216 220
220 220 *216 240
*216 230
Sep
93 M ar 110
Do
pref______________ 100 104*4 Feb 1 110 June 8
*101 112 *104 104%
*104 112 *104 112 *104 112 *104 112
50% Oct
5% M ar
43
43% 14,500 Distillers’ Securities C orp.100
54% Apr 29
43% 44%
41 July 10
44% 45%
43% 45*4
4334
43
30% Deo
43% 44%
2 J 0 0 D om e M ines, L td __________ 10
22. 22
21 N ov29
21-2 22
29*2Feb 8 J16 June
22
22%
21% 22
22
22
*21% 22
200 Drlggs-Seabury O rd______ 100
75% 75%
79% 79%
69 N o v l7 119*4 Sept 18
*74
80
*70
80
80
*71
*74
80
60 June
100 Federal Mining & Sm elt___100
23
8 M ar
35 Jan 7
17
22% *16
12% July 13
20
20
*10
23
23
*16
23
*10
400
Do
pref______________ 100
57% Jan 7 20 M ar 65 June
48%
48% *44
*44
35% Apr 24
48
48
48
48
48
48
*44
Oct
43%
100 General Chemical_________ 100 §265 Jan 5 350 M ar 18 165
312% 312%
Jan 360
315 315 *310 320
*315 325 *315 325 *310 320 *115 117 §116 116
192
Do
pref______________ 100 §113 Jan 5
117 117
106 M ar 0116% N ov
115%
*116 116% ■115% 119 §115% 179'.i 179*4 180% 180 183
7.500 General Electric__________ 100 159 Apr 22 187% Oct 20
138 M ar 185% O ct
180 18134
179
179 179
Deo
179% 180
82
Jan 558
100 General M otors___________100 405 Apr 24 850 O ct 25
750 750 *520 800
*700 790
Deo
90% Jan 136
1.500
Do
pref______________ 100 108 July 14 128% Sept 6
117 120% 120 120% 120" 120 ’
120 120
120% 120% 120" 1201
80% Oct
24% Jan
80 Aur 10
9,000 Goodrich C o (B F )...............100
68*4 69%
68*4 69%
67*4 Jan 31
68% 69%
6S*4 69%
09% 70%
69% 70%
95
Jan 114% Oct
300
Do
pref______________ 100 11034 Feb 1 116*4 M ar 16
11338 ____ 114
*113 113% 113 113 *112% 113% *112% 113% 113*8 107% 105% 106%
91 June
79% Apr
5,440 Granby Cons M S * P ____ 100
80 July 12 120 N o v l8
108 108% 105
108% 110% 108 108
107% H I
52% Deo
37
Oct
56% N ov20
51% 52
52*4
2,540 Greene Cananea C o p p e r .. 100
34 June26
52
52% 53
52% 53
52% 53
*52
521.1
165 168
2,700 Gulf States Steel tr ctfs ___100
166 166
71 M ay 4 193 N o vlO
168 169%
168 170
170 175
173 173
109 110
440
D o 1st pref tr ctfs_____ 100
*109 110
87 M ay 4 115 N o v2 5
109 109
175
D o 2d pref tr ctfs_____ 100
*162
72 M ay 5 190 N o v l6
*102 175
47% Oct
16% Jan
74*4 N o v l8
69% 70%
68*4 69% 56,490 Inspiration Cons C opper___20
42% Apr 22
69*4 70%
69% 70
69% 72
70% 71%
29% N ov
5% M ar
21% 22
600 Internat Agrlcul C orp ____100
22% 22%
29*8 Jan 5
11 Aug 30
*21
23
23
24% 243.J *243i 21% *21
71% Deo
8 M ar
74 Jan 5
600
Do
pref______________ 100
54
51% 51% *50
38% July 14
52
52
5234 52% *51% 53
52% 52%
90 M ay 114 June
1,600 Intern Harvester of N J ___100 108% Jan 7 126*8 N ov29
124 125
122 123'
1233.1 124
123% 124
124 124
20% Deo
18
Dec
50*8 S e p tl4
4638 48% 111,780 Int M erc Marine ctfs of d e p ..
13*8 Feb 15
46% 48%
44
44% "44% 47*4
44
4538
44% 443,1
77% Deo
55% N ov
116 1173.1 115% 118*4 74,500
D o pref ctfs of d e p . .
61% M ar 1 125% S ep tU
1143s HO3 114 11534 114% 118
!
115% 116
44.600 Intern Nickel (The) v t o___25
47% 48
39% Aug 22 5 6 % Jan 17 179% D ec 223% Oct
47*8 483S 47% 49
47% 48%
46% 48
40% 46%
12*8 Deo
8
Jan
75% N ovlO
63
65% 45,100 International Paper______ 100
64
66%
9*2 M ar 1
65
66%
65
67%
04
67%
6534 07%
50% D ec
33
Feb
Do
pref_______________100
105% 106% 105*4 107% 17.600
105%
42% Feb 1 107% O ct 31
105 105% 104 105% 104% 106*4 *83 106% *83
100 Jewel T ea, In c____________ 100
96 Apr 4
*84
86
85
86
67 M ar 9
*84
80
84
84
2,400 Kelly-Springfleld T ire_____ 25
73*4 7434
73% 73%
74
74
66 July 18
74
75%
'7434 "75
74% 75
56% 57 130,300 Kennecott C opper___No par
56% 58
44% Aug 2
57% 58
56*8 571.1
57% 59
57% 59
94% Sep
28
Jan
104 105% 26.600 Lackawanna Steel_________ 100
1033i 104% 101 105
64 M ay 5
102% IO334 103 104% 103 104
31% 3234 12,625 Lee Rubber & T ire___No par
32% 35
32% 36%
37%
31% D ec 8
36% 36%
37
37
37%
Deo
207
Jan 260
Liggett & Myers T o b a c c o .100 240 Apr 14
*290 300 *290 298 *280 297 *280 299 *280 299 *280 297
165% Jan 189 N ov
500 Lorlllard C o (P )...................100 179%Jan 19
232 234
235 235 *225 239
235 235
*230 235
84 N ov
72% Jan
800 M ackay Com panies______ 100
78 Apr 14
84*4 85
'84% 84% *83% 84
85
85
85
*84
85
85
69% Jan
64% Oct
1,550
D o p r e f_______________ 100
2-65
65
65 N ov23
66
66
66
66
6538 6538
65% 05%
65% 65%
92
Oct
15% Jan
57% M ar 3
74
75% 14,700 Maxwell M otor Inc tr ctfs. 100
74% 75%
73% 76
73
74
73% 74%
73% 74%
43% Jan 103*4 Deo
93 Jan
D o 1st pref stk tr ctfs. 100
2,100
78 Apr 22
81% 82%
82% 82%
81% 82
81% 81%
8134 82
8134 813.1
68% Oct
18
Jan
700
D o 2d pref stk tr ctfs. 100
42% M ar 2
50
50
50
50'
50% 50%
50%
*49
50% *49
*48% 50%
51
Jan 124% Deo
23,100 Mexican Petroleum______ 100
88% June28 129% Jan
106% 107% 107% 109% 107 1081.1 1073.J 109% 108% 109*i 107% 109
67
Jan 104% Deo
700
D o pref_______________ 100
*97
99
89% June28 105% Jan
99% 991
99
99%
99
99%
*97
99%
36% Dec
17% Jan
33 Aug 3
46
46*8 20,500 Miami Copper_______________5
45*1 47
46% 47
"45% 46%
46% 47%
46% 47
79% Deo
42
Jan
5,700 M ontana Power__________ 100
68% M ar 1 1147s D ec 1
108% n o
110 111% 110 111% 110% 110%
109 112
111 114
99
Jan 120 D ec
D o pref_______________ 100 109 Jan 3
117%
*117 118 *117 118 *117 118 *117 118 *117 118 *117 122
Jan
116
Apr 132
500 National Biscuit__________ 100 118 Sept 9
121% 121% 122
121% 121% *120*2 123
*121 123
119 M ay 127% D ec
100
D o pref_______________ 100 124 June30
126% 1201 *125% 129 *125% 128 *125% 126
90
Aug
400 Nat Cloak & S u it................100
68 M ar
71 M ay 9
83
83
821,1 83%
83% 83%
36% Oct
9% Jan
34*4 36% 40,800 Nat Enam’g & Stamp’g ___100
33% 35'
19*4 Apr 22
32% 33% '3314 34
32*4 33%
33% 33%
97
Deo
99% 99%
110
79
Apr
D o pref_______________ 100
92 Jan 19
*98 100% §100% 100% *98 100% *98 100'2 *9.8 100%
70% M ay
69
*67
68
69
44
Jan
2,200 National Lead____________ 100
68% 68*4
60% Apr 22
08% 70
68
68%
69% 091;
104% Jan 115 N ov
D o pref_______________ 100 112 Feb 9 117% Oct
*111% 1143., *111% 114% *113 114*4 *113 114% *113 114% '112 114%
17 N ov
11% Feb
31% 32
30*4 31*8
30*4 3 17s
42,900 Nevada Consol Copper_____ 5
30% 31%
30% 32
15 Jan 31
30% 31%
172 172
170 171*4 170 171
56% Feb 164% Sep
2,200 New York Air Brake_____ 100 118 July 14
*173 176% 173 175
81
Apr
64
JaD
74% 75
72% 75
74% 75%
75*8 Deo
74*3 75*8
15,500
73% 75
65% Apr 26
72% 74
109 117
61,825
116% 120% 116% 120% 116% 119
116 124
75 Oct 9 124% Deo
118% 124
12% Deo
11*8 Jan
2
Feb
0%
6%
6%
6%
2,900
6*8
6%
6%
6%
6%
6
5*4 N ov27
6%
6%
38 Aug
z8% Dec
26
27
26% 26%
20
28% 16,500
11*4 Jan 3
25% 26
*25% 26%
106% Dec 123% Apr
1,600
108 108% 107 108*8 106% 107 *106 109
100% M ay 5
*108% 110
49
Sep
45% 47
35^2 Apr
46% 47%
44*8 45% 25,600
48 D ec
elpbla C o (P lttsb)___50
38 Junel5
46% 47%
46% 48
46 % 46%
54^ 58%
58*4 D ec
53
57%
54% 56 132,150 Pittsburgh Coal ctfs d e p . 100
25% July28
53% 571;
57
583t
Do
pref ctfs d e p o s it..100 100% Aug 25 115% Deo
2.000
114% 115 *114 115
115 115% 114 114
115 115
114% 115
25 M ar
78% Oct
esj-ed Steel C a r ________100
15,730
88% N ov20
8278 84%
42% July 14
82% 84
84% 85%
83% 84%
82% 84
833t 85
86 M ar 106
Oct
D o p r e f ......................... .100
300
106% 100%
97 July 18 108 N ov21
106% 107% *106% 108 *106 107
"
*106 107% *106 108
600
114
an 31 137 8ept27 100% Aug 120 D eo
134 131 *133 134%
134 134
134 134
133 134
*133 134
550 Pullman Com pany......... ..1 0 0 159% M aylO 177 8ept30 150% M ar 170% Oct
550;
165 165
165 165 *165 166
166 166
*166 166*4
54
O ct
19 M ar
61% N ov27
32 Apr 22
8,000
58% 59%
58% 59%
58% 58*8
58*8
59%
59
87 M ar 102 N ov
Do
pref...........................100
700
95% M ar 9 103% N ov28
101% 102 *100 101%
*101% 103% 101*8 102
*103 104
27% N ov
15% Jan
37 N ov20
32% 33% 53,050 Ray Consolidated C o p p e r .. 10
34%
20 June23
33
33% 34%
34
33
33% 33%
57% Deo
19
Feb
93 N ov20
89%
87% 88*8 79,500 Republic Iron & Steel_____ 100
42 June26
87
88
89%
86*8 88%
88% 89%
72
Jan 112% Deo
115% 116
Do
pref...........................100 106% June26 117 N ov20
1,200
116 116
115% 115% *115% 116
115% 116
8434 Sept 19
_
*77
78% *77
78%
200 ixon M otor Car C orp _
78
75 N o v 10
78%
*77
78
*75
78
*7 5 ' 78"
230% 230% 230 230
1,000 Sears. Roebuck & C o ......... 100 168% M ar 1 233 N o v 9 8131*4 M ar 209% Feb
230*8 230*8 *230 232
230 230
33
33%
32% 33
40% Feb 14
32% 33%
6,500 Shattuck Arlz Copper_____ 10
24 July 11
33%
33
33
33*8
66*8 Deo
24
Jan
83
83%
84
93% N ovlO
SI
81% 83
37 July 14
5,000 Sloss-Sheffield Steel & I r .,1 0 0
81
*83
84
85
85
85%
40
Feb 164 D ec
215 215 *215 220 *215 220
100 South Porto R ico Sugar...1 0 0 146 Jan 29 240 JunelO
*217 222 *217% 220 *217% 220
Oct
35*4 Jan 195
119% 1211 117% 119% 118% 122% 119% 121% 1201.1 121% 40,600 Studebakcr Corp (T h e)___100 117% D ec 5 167 Jan 3
120 120*4
91
Jan 119% Oct
Do
pref_______________100 108% Sept26 114 M ar 14
100
110 110 *109% 112 *109% 111 *109% 110 *109% 110
*109% 110
63
63%
64
64%
63
64
79%Sept25
1,600 Stutz M otor of Am In o.N o par
63 N ov29
63% 61
64
64
70
Sep
25% Feb
*20
66% Jan 5
24
23
24*8 24% *21
1,000 Tennessee C opper__________ 25
21% Oct 11
241
24
24% *24
D ec
120 M ay 237
204% 206
205% 206% 205 200% 204 205% 11,200 Texas Com pany (T h e )____100 177% June27 241% N ov21
207 207%
501 57%
4
59% O ct 5
56
57
48% Sept 7
56*2 58%
56*2 57% 33,810 Tobacco Products Corp ..1 0 0
53% 54
____ *102
95 M ay 103 N ov
—
99 July 14 109% M ar 16
103% 103 103% *102
103%
600
Do
pref______________ 100
*102 103%
97
Oct
55
Feb
1,050 Underwood Typewriter___100
86 Jan 12 110 Oot 24
105% 105% 104% 104% 107% 107',i 106 106
104 105 *103 108
9% Deo
13% 13%
13% 13*4
4% Jan
18% O ct 19
4% M ay 9
14
8,100 Union Bag & Paper______ 100
14%
14% 15
13% 14
13% 14*8
31% Deo
*75
22*8 July
92 N o v lS
84
28 Jan 27
*77
85 *
90
400
Do
pref_____ ________ 100
90% *80
*80
82
2,400 Union Bag < Paper (n e w ).100
fc
113 113%
87%Oot 16 129 N o v l5
i *111% 112% 112% 112% 112% 113
113 116
99% 100
69
Dec 610% Oct
69 Feb 9 105*4 Aug 9
99%
3,700 United Cigar Stores______ 100
< 99*8 100
100 100
99
*98% 99*4
*118
120
Do
pref______________ 100 611% Feb 10 120 Aug 9 611% Oct 612% N ov
*11.8 120
*118% 120 *119 120
160 162% 160 162% 160% 163% 12,700 United Fruit_____________ 100 136% Jan 31 169% June 8 139 N ov 163 N ov
159 160
158% 160
31*8 Oct
8
Jan
26
28% N o v l7
26*8
15%Jan 31
27
9,500 U S Cast I Pipe & F d y____100
20% 28%
27%
8 25% 25%
25% 25%
55% N ov
32% Mar
65
66
67% N o v l7
66
48% Feb 5
67
700
65
*63
Do
pref....................
100
*64
66
67
*65
64
64
15
Jan 131*4 Deo
97 July 13 170% Apr 6
29,100 U S Industrial Alcohol____100
132% 135% 133% 135% 134% 130% 134 137
135*4 137% 135 137
70
Jan 107 N ov
105 *102 105
99% July 11 114 Jan 13
105 105
500
Do
pref______________ 100
104 104% *103
*103 105
*103 105
74*4 Apr
44 July
66% 68*8
47*4 Mar 1 70*4 Deo 7
67% 09% 105,500 United States R ubber___100
64% 66%
68% 70%
65
67
66*8 67
Apr
115 115
115 115
115 115% 114 115%
4,900
D o 1st preferred______ 100 106% Feb 5 115% D ec 8 101*8 Feb 110
114% 115
113*4 114
76% 77
81% N ov21
76%
75% 76%
62% June27
75% 7618
5,700 U 8 Smelting Ref & M _____ 50
76% 771.1
75%
76
76%
52
52% *52
*51*4 52
53% June 9
50 June20
*51*8 52
52% 52%
300
Do
pref_______________ 60
52%
*51% 52
89% Dec
38
Feb
l 124 126
125% 126% 125% 127% 125 126% 704,600 United States Steel________100 z79% M ar 1 129*4 N ov27
125*4 126%
Oct
Feb 117
121% 121*8 121% 122
121% 121*8
121% 122
7,510
Do
pref______________ 100 115 M ay 3 123 N o v 2 i 102
121% 121% 121% 122
81*4 Deo
l 124 126% 125 126*8 123% 126% 123 124% 121,500 Utah Copper_______________10
48% Jan
7434 July 14 130 N o v l8
123 127%
S 24% 25*2
25% 25%
27*8 D eo 2
24% 25% 32,200 Utah Securities v t c ______ 100
16% June 9
24*8 25%
25% 273s
52
Oct
8 47
47
15
Jan
47%
51 Jan 17
36 Apr 24
48
49% 50%
49% 50% 10,100 Vlrglnla-Carollna Chem___100
483 49
4
*112 114
80
Jan 113*8 Deo
114 114% 113% 114% *112
114
Do
pref______________ 100 108 Apr 22 114% D eo 6
1,000
114 114 *113
74
Oct
1 60*4 62%
63% 65
36 June
72*4 N ov20
*62% 65
63
41 July27
1,200 Virginia Iron C < C _______100
fc
64%
61
*64
66
90 N ov
l 102 103
67
Jan
102% 103*8 102% 103% 102% 102%
6,600 Western Union T elegraph.100
87 M ar 1 105% O ct 18
101 % 101%
74*8 Oct
62% 63%
32
Feb
6234 631,,
71% M ar 15
52*4 July 14
62*8 64%
61% 62% 46,500 Westinghouse Elec 4 M fg ..6 0
63
63%
85
Oct
74
73
75
58% M ar
79 M ar 15
75
*73
*70
76
300
70 Apr 19
70
D o 1st preferred_______ 50
37
Feb 0268 N ov
( 35% 36%
38%
37% 38%
35% D eo 5 n325 June 6 n87
37% 38% 47,740 Wlllys-Overland (T h e )____25
36
36*4
,
98% 98% ____ ____
97% N ov21 117 June 5
99% 99%
500
D o pref Sub recta full pd 100
99
99
139% 139% *139 140
90% Jan 120% D oc
139 139
139% 139%
900 Woolworth (F W ) .................100 118 Jan 5 141*4 Oot
140 HO
*139 140
*125%
Jan 124 Aug
*125%
*125
Do
pref______________ 100 123 June29 126 N o v l5 115
* 1 2 5 % ____
*34% 35%
34
34
36% Septl4
25 Julyl3
34% 35
34% 34%
W orthington P A M v t C --100
1,700
34% 34% " 3 5 ' 35
*97 100
*96% 100
95 Julyl3 100 Septl6
100
98% 9.8% *97 100
D o pref A v t o ________100
♦96% 100
*96% 100
*58% 61
*59
61
61
66% S eptl4
52% Julyl4
*58% 60
D o pref B v t c _____ „ 1 0 0
*59
200
60
60
61
61
* Bid and asked prices; no sales on this day. g Less than 100 shares. § Ex-rights, a Ex-dlv. and rights. 6 New stock, c Par $25 per share, s Ex-stock dividend.
z Ex-dividend, n Par $100 per share.




2 1 4 :2

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

BONUS
I». Y . ST O C K E X C H A N G E
Week Ending D eo. 8.
U. S. G ovorn m en t.
2s oonaol registered__ dl930 Q - J
28 consol coupon____ dl930 Q - J
3s registered_________ *1918 Q - F
3s c o u p o n .....................*1918 Q - F
4a registered__________ 1925 Q - F
4a coupon_____________ 1925 Q - F
Pan Canal 10-30-yr 2a.*1936 Q - F
Pan Canal 10-30-yr 2 s ..1938 Q - N
Panama Canal 3s g ____1901 Q -M
Philippine Island 4s. 1914-3 4 Q - F
F oreign G overn m en t.
Amer Foreign Secur 5s (w 1) 19
Anglo-French 5-yr 5s Exter loan. A - O
Argentine— Internal 5s of 190 9.. M - S
Chinese (Hukuang R y )— 5s o f ' l l J - D
Cuba— External debt 5s o f 1904. M - S
Exter dt 5s of T 4 ser A . ..1 9 4 9 F - A
External loan 4 4$8_______ 1949 F - A
Dominion of Canada g 5s w 11921 A - O
Do
do
1926 A - O
Do
do
1931 A - O
Japanese G ovt— £ loan 4 « s . 1925 F - A
Second series 4 )^s..............1925 J - J
D o do “ German stam p” .
Sterling loan 4s..................1931 J
M exico— Exter loan £ 5s of 1899 y - j
Gold debt 4s of 1904......... 1954 J - D
Paris, C ity of, 5-year Os____1921 A - O
Prov of Alberta— deb 4>$s--1924 F - A
T ok yo City— 5s loan of 1912____ M - S
0 K o f G t Hrlt & I 2-yr 5 s ..1918
XThese are prices on the basis of $510 £
S ta te a n d C ity S ecu rities.
H Y City— 4J4s C o rp stock . 1960 M - S
4 H s Corporate stock_____ 1964 M - S
Aha Corporate stock ____1906 A - O
434s Serial corp stock . 1917-31 A - O
434s Corporate stock......... 1905 J - D
1
4348 Corporate stock_____ 1963 IY - S
4% Corporate stock_____ 1959 M -N
4% Corporate stock _____ 1958 M - N
4% Corporate stock......... 1957 IYI-N
4% Corporate stock......... 1956 M -N
New 434s..............................1957 M - N
New 434s..............................1917 M - N
434% Corporate s t o c k ...1 9 5 7 M -N
434% Assessment b o n d s..1917 M -N
334% Corporate stock___1954 M -N
W Y State— 4s....... ..................1981 M - S
Canal Improvement 4s___1961 J - J
Canal Improvement 4 s ...1 9 6 2 J - J
Canal Improvement 4s___1960 J - J
Canal Improvement 4 3 4 s.1964 J - J
Canal Improvement 4348.1965 J - J
Highway Im prov’t 434S..1963 M - S
Highway Im prov’ t 43I8..1965 M - S
Virginia funded debt 2 - 3 s . . - 1991 J - J
6s deferred Brown Bros ctfs
R ailroad
Ann Arbor 1st g 4s................ A1995 Q - J
Atch T op A S Fo gen g 4 s .. . 1995 A - O
R e g is te re d ........................ 1995 A - O
Adjustment gold 4s......... 51995 N ov
R eg istered .....................51995 N ov
S tam ped......................... 51995 M -N
Conv gold 4s........... .......... 1955 J - D
Conv 4s Issue of 1910.......... 1960 J - D
10-year 5s____________
1917 J - D
East Okla D lv 1st g 4s____1928 M - S
R ocky M tn D lv 1st 4s____1965 J - J
Trans Con Short L 1st 43.1958 J - J
C al-A rl‘ 1st * ref 434s"A ” 1962 M - S
8 Fe Pres & Ph 1st g 5 s . . .1942 M- S
Atl Coast L 1st gold 4s____51952 M - S
Gen unified 434s.................1964 J - D
Ala M id 1st gu gold 5s____1928 M-N
Bruns A W 1st gu gold 4s. 1938 J - J
Charles A Sav 1st gold 73.1936 J - J
L A N coll gold 4s_______ ol952 M-N
Sav F A W 1st gold 6s____1934 A - O
1st gold 5s......................... 1934 A - O
8113p Oca A G gu g 4s____1918 J - J
Balt A Ohio prior 334s.......... 1925 J - J
R eg istered .....................51925 Q - J
1st 50-year gold 4s............51948 A - O
R e g is te re d .....................51948 Q - J
10-yr conv 434 s................... 1933
Refund A gen 5s Series A . 1995 j ' - D
Pitts June 1st gold 6s____1922 J - J
P June A M D lv 1st g 3 34s 1925 M - N
P L E A W Va Sys ref 4s. .1941 M - N
Southw D lv 1st gold 3 34s. 1925 J - J
Cent Ohio R 1st c g 4 34s. . 1930 M - S
Cl Lor A W con 1st g 5s___1933 A -O
M onon River 1st gu g 5 s .. 1919 F -A
Ohio River R R 1st g 5 s .-.1 9 3 6 J - D
General gold 5s_____ .1937 A - O
Pitts Clev A T ol 1st g 6S..1922 A -O
Pitts A West 1st g 4 s .____ 1917 J - J
Buffalo R A P gen g 5s......... 1937 M - S
Consol 434s......................... 1957 M -N
All A W est 1st g 4s gu____1998 A - O
Clear A M ah 1st gu g 5 s .. 1943 J - J
R och A Pitts 1st gold 6 s . . 1921 F -A
Consol 1st g 6s_________ 1922 J - D
Canada Sou cons gu a 5 s ___1962 A - O
Oar Clinch A Ohio 1st 30-yr 5s ’38 J - D
Central of Ga 1st gold 5 s ...p l9 4 5 F - A
Consol gold 5s..................... 1945 M - N
Chatt D lv pur money g 4s 1951 J - D
M ac A N or D lv 1st g 6 s .. 1946 J - J
M id G a A Atl D lv 5s......... 1947 J - J
M obile Dlv 1st g 5s............ 1940 J - J
Cen R R A B of G a col g 5s. .1937 M -N
Cent o f N J gen’ l gold 5s____1987 J - J
Registered ___________ 51987 Q - J
Am D ock A Imp gu 5s____1921 J - J
Leh A nudR Ivgen gu g 5s. 1920 J - J
N Y A Long Br gen g 4 s .. 1941 M - S
Cent Vermont 1st gu g 4s._el920 Q - F
Chesa A O fund A Impt 5S..1929 J - J
1st consol gold 5s_________ 1939 M -N
R e g is te re d ..............
1939 M -N
General gold 434 s..............1992 M - S
R e g is te re d ..............
1992 M - S
20-year convertible 4 3 4 s ..1930 F - A
30-year conv secured 5 s .. 1946 A - O
Big Sandy 1st 4s_________ 1944 J - D
D
Coal River R y 1st gu 4 s . . 1945
Craig Valley 1st g 5s......... 1940 J - J
J
Potts Creek Br 1st 4s____1946
R A A D lv 1st con g 4s___1989 J - J
J
2d consol gold 4s......... .1989
Greenbrier R y 1st gu g 48.1940 M - N
Warm Springs V 1st g 5 s .. 1941 M - S
Chic A Alton R R ref g 3 s . . . 1949 A -O
J
Railway 1st lien 334s.......... 1950
Chic B A Q Denver D lv 4 s . . 1922 F - A
Illinois D lv 3 34s.................. 1949 J - J
* N o price Friday; latest this week,
0
U
U
U
0
0
0
U
U
0

S
8
S
S
8
0
S
S
S
8




Price
Friday
Dec. 8.
Bid
Ask
9 9 * t ____
9934____
1 0 0 % ____
100 % ____
110 ____
1 1 0 % ____
99-%____
99*4 . .
102 ____
100 ____

Week's
Range or
Last Sale

Bonds
Sold

In Jan. 1909 the Exchange method oj quoting bonds teat changed, and prices are now all— " and Intereel"— except lor Income and defaulted bonde.
Range
Since
Jan. 1

Low
High No Low High
99% Oct ’ ll
99
99%
99%
99%
Z 99% 100%
101%
101%
1 99% 102%
100% Oct '16
100 102%
110% o c t ye
109*4 U l%
110% D ec '16
110 112%
98% Oct ’ 15
97 July’ 15
103 Oct TO
io 1% 103%
100 Fob ’ 15 —
..............

BO N DS
N . Y . ST O C K E X C H A N G E .
Week Ending D ec. 8.
Chic Burl & Q (Con.)-

T
3
£

Price
Friday
Dec. 8.

Week’s
Range or
Last Sale

fa
I 'S

Range
Since
Jan. 1

Bid
Ask Low
High No. Cow High
96
90% 97 N o v ’ 16
j
93% 97
Iowa D lv sink fund 5s____1919 A w 10212____ 102% N o v 10
102% 103%
Sinking fund 4s..............1919 A - O
9934 Oct ’ 16
99% 99%
99% 102
Joint bonds. See Great North
98% Sale
98%
99
Nebraska Extension 4 s . . . 1927 M -N
97*4 100
97 ____ 98
R e g is te re d ....................... 1927 M -N
July’ 16
96
98
9 9 % ____ 99% June’ 15
Southwestern D lv 4s_____ 1921 M - S
94 ig Salo
General 4s............................. 1958 M - S
92 * 91 *
4
933S
94%
Chic A E III ref & Imp Is g _ . 1955 J - J
35 ____ 36%
36%
21% 30%
30
3534 32%
0 S M tg A T r C o ctfs of dep____
32%
20
35%
1st consol gold 0s.................1934 A w 1 0 4 % ____ 107% Aug '16
101 107%
97*4 Sale
General consol 1st 5s_____ 1937 M - N
97%
98% 377 97% 99%
9012 93
75
93
90% N o v ’ 16
93%
95 3187 93% 96%
93*8 Salo
R e g is te r e d ....................1 9 3 7 M - N
82 M a y ’ 10
82
82
91% 93
92
93
89
91
0 S M tg A T r C o ctfs of dep
6 89% 95*8
91 N o v ’ 10
75
91
X 71
72% 72%
72%
Guar T r C o ctfs of dep_____
85
91
5 69
78%
91 N o v ’ 16
74
91
98% 99% 98*8 N o v ’ 16
96% 100%
Pur money 1st coal 5s____1942 F - A
9734 Feb '13
96% 96% 96*8
25 ____ 25% N o v ’ 16
Chic A Ind C R y 1st 5 s . . .1930 J - J
96*8
2 94% 97
2 1 * '2 6 *
86% ._
7334 Salo
7334
74%
86% N o v ’ 16
Chic Great West 1st 4s......... 1959 .. - S
81% 87
M
09
75
9934 Sale
99%
100
09 98% 100% Chic Ind A Loulsv— Ref 6s. 1947 J
114
J 114 ____ 114
111 % 116
9938 Sale
99%
99%
Refunding gold 5s________1947 J - J 10034 ____ 10034 Oct ’ 16
81 97% 101%
100 101
99% salo
99%
100
Refunding 4s Series C ____1917 J - J 85 ____ 85 Oct '16
178 96% 102%
83
85
t 88% .
88%
88%
70
76
70 N o v ’ lo
Ind A Loulsv 1st gu 4s___1956 J - J
8 82% 88*4
70
70
t 88*g Salo
89%
89%
88%
88*8
J 89 . . .
18 78% 88% Chic Ind A Sou 50-yr 4s____1956
88 91%
92
963g 90% N gv ’ 10
80% Sale
80%
80%
84% Chic L S A East 1st 4 34s____ 1969
90% 9734
D
63 73
_
t 72% 73
72 N o v ’ 16 _
63
72% Chicago M ilwaukee A St Paul—
923g____ 92
t ------- 46% 47 N o v ’ 16
92%
Q en’l gold 4s Series A ___el989 J - J
89% 94
45
60
35
40
92% Fob ’ 10
39 Aug '16
R e g is te r e d ___________ el989 Q - J
92% 92%
27% 50
96 Salo
95%
95%
97
Permanent 4s......... ............. 1925
92
95%
390 95% 99%
D "9434 " 95% 95
951 Sale
2
94%
95%
l ---------------- 95*2 Jan •15
Gen A ref Ser A 434s____ a2014 A - O
91% 96%
g
t 78
78% 78%
105%
78%
Gen ref conv ser B 5s____a 2 0 14 F - A 105 > Sale 105
12 74
80%
105 110
80'4 Salo 80%
98*8 Sale 08 Me
G en’ l gold 334s Ser B ____el989 J - J
80%
99 1569 98 101
78
81%
102
102
100% 104
General 434s Ser C ............el989
J -------102
92%
93
25-year deben 4s_________ 1934 J - J 93 Sale
90
93%
103% Salo 103%
103%
10034
16 101 104%
99%
Convertible 434s_________ 1932 J -D 100*8 Sate
99% 103*4
104% 105 104% N o v ’ 16
Chic A L Sup D lv g 5s____1921 J - J 10334 ____ 103 July' 16
103 103%
101 104%
10638 ____ 10534 N o v ’ 16
104% sale 104%
104%
37 104% 195%
Chic A M o RIv D lv 5 s . . . 1926 J - J
104% 106%
103%
Chic A P W 1st g 5s......... 1921 J - J 10312 10418 103%
102 104%
110 Sale n o
92
92*2 92 N o v ’ 16
IIo%
6 iod% i u %
C M A Puget Sd 1st gu 4s. 1949 J - J
89% 93%
10534 ____ 100 N o v ’ 16
110 Sale 109%
110
28 105% 110%
Dubuque D lv 1st s f 6 s . . . 1920 J - J
106 107*8
101% 102 101% 102% 10 97% 102%
Fargo A Sou assum g 6s. .1924 J - J UOI4 ____ 110 June' 13
101% Sale 101%
101%
2 98 102%
102% Oot ’ 16
La Crosse A D 1st 5s......... 1919 J - J 10134 . .
102 102*4
101% Sale 101%
102
10 97% 102-2
WIs A Minn D lv g 5s_____ 1921 J - J 104 ____ 103% N o v ’ 16
102*4 105
101*8
97% Jan T6
107 S ept'16
WIs Vail D lv 1st 6s........... 1920 J - J 107 . .
97% 97%
100% 107%
109% 109% 109%
109*8
12 105% 110%
M il A N o 1st ext 434s____ 1934 J -D 10312____ 102% N o v ’ 10
101% 101%
-------100% 100% N o v ’ 16
100% 101
Cons extended 434s____ 1934 J -D 10212 . . . . 102% N o v ’ 16
101 102%
109*8 109% 109%
95 ____ 98% N o v ’ 10
109%
14 108 110
Chic A Nor W estExt 431886-1920 F - A
95% 98%
------- 100% 100% Juno’ lG
9712 - - ­
97 Apr TO
97
Registered ............ 1886-1920 F - A
100% 100%
97
93*8 94
94
94
83% 84
9 88% 94
83*8
8334
84
General gold 334s...............1987 M - N
80
105% 106 105% N o v ’ 16
81% Oot TO
R e g iste re d ....... .............pl987 Q - F
102% 105%
81% 81%
105%
105% O ct T6 ____ 102 105%
94% 9434 94%
94%
General 4s........................... .1987 M - N
93% 95%
105% _ .
104% N o v ’ 16 ____ 102% 104%
94%
Stamped 4s......... ............. 1987 M - N ____ 9434 94%
93% 90
105% 100% 105*8 O ct TO ____ 102% 100
General 5s stam ped______ 1987 M - N 114% U S ' s 115 N o v ’ 16
112% 1 1 0 * 4
115*8 115% 115*8 N o v ’ 16
111
Sinking fund Gs_____ 1879-1929 A - O 110 ____ 111
113 117
111 112%
109% 110% 109% Sept’ lG
Registered ............ 1879-1929 A - O 109 ____ 109% Apr TO
100% 109%
109% 109%
115*8 115% 115%
116
3 112% 116
Sinking fund 5s......... 1879-1929 A - O 10134 105% 104% D eo TO
104 105%
109% 110% 109% N o v ’ 16 ____ 107 109*4
103% Apr T6
Registered ............ 1879-1929 A - O 104% . . .
103% 104
------- 88
85 A u g ’ 16 ____ 84% 88%
Debenture 5s____________ 1921 A - O 102*2 10334 103 N o v ’ 16
101% 103%
57 ____ 57
57
10 50
102% Oot T6
R e g iste re d ....................1 9 2 1 A - O
69
102% 102%
Sinking fund deb 5s______ 1933 M -N 103% 105% 10334 Oot T6
103% 105
73 Salo
72%
73
11 63
Registered ....................... 1933 M -N 102% 103 104% June’ 16
73
104% 104%
94% Sale
94%
94% 116 92% 95%
From Elk A M o V 1st 6 s .. 1933 A - O 1 2 1 % ____ 121% N o v ’ 16
120% 121%
92% 93% 92% N ov'1 6 . . .
90% S cp t’09
M an G B A N W 1st 3348.1941 J - J
91% 93%
84*s 86
84%
84%
4 83% 88%
M llw A S L 1st gu 334s___1941 J - J
81
85
85% N o v ’ 16
81
86%
MU L S A West 1st g Os___1921 M - S 100% 109 10738 Oot TO
107% 109
85
86% 85%
80%
28 83% 88%
Ext A imp s f gold 5 s .. .1929 F - A 1 0 7 * 4 _____ 106% Oct T6
106 107%
105 100 105%
105%
6 100% 108%
Ashland D lv 1st g 6 s . . . 1925 M - S 112 ____ 111% D eo T 5
105 106 105%
106% 171 101% 108%
M ich D lv 1st gold 6s___1924 J - J IU I 4 ____ 111% N ov ’ 18
111 112%
100% 100% 100%
100%
02% 9 3 % 93%
93%
7 100% 101%
M il Spar A N W 1st gu 4s. 1947 M - S
91
94%
97*8 Sale
97%
97*8
6 95% 97%
Northw Dnlon 1st 7s g ___1917 M - S 1 0 1 % ____ 1073a M ay' 14
85% 87
86% N o v ’ 16
107%
84
89
St L Peo A N W 1st gu 58.1948 J - J 107% Salo 107%
105 109
90% 91% 92 N o v ’ 16
102% D ec '15
W inona A St P 1st ext 7s. 1916 J - D
89
92%
97% 98% 98
98
1 96% 99
i d i " 102%
Chicago Rock Isl A Pac 6 s ..1917 J - J 1 0 1 % ____ 10234 N o v ’ 16
106 106% 106*8 N o v ’ 16 ____ 102% 106%
101 Hept'16
R e g iste re d ....... ............... 1917 J - J
101 102
93% Sale
93*8
93%
31 91
87% Sale
88
87
94%
Ry general gold 4s...............1988 J - J
82
88%
93% 93% 93*8
93%
39 89
94
Registered .................. 1988 J - J *85 ____ 80 N o v ’ 16
83
86
106% 107% 107*8 Oot '16 ____ 106% 107%
77 Salo
78%
77
Refunding gold 4s________1934 „ - O
63*4 7934
A ^
9 4 % __
93% Oot '16 ____ 93% 95
78*2 Salo
79%
77%
41% 80
30-year debenture 5s......... 1932 J - j
134% .
0734 98% 98 N o v ’ 16
129% Aug T5
Coll trust Series P 4s......... 1918 M -N
95
98
------- 87% 87%
87%
10 83% 88’ %
71% 73% 74 D eo TO
R I Ark A Louis 1st 4 34s.. 1934 M - S
54
75*4
120*8____ 119% July'10 ____ 119% *122
Bur C R A N — 1st g 5 s . . . 1931 A - O 101% 103 102 N o v ’ 16
07*4 1°2
1 07 % ____ 105 July 15
C R I F A N W I s t g u 5 s ._ 1921 A - O 100 ____ 100% M ar’ 14
99% __
99% Fob TO ____ 99% 99%
M A St L 1st gu g 7s......... 1927 J - D
94 Salo
0934 ------- 99«4 Oot TO
9312
94% 358 92% 94%
98% 99%
C hoc Okla A G gen g 5S..01919 J - J
92
99
92% 95% 93% N ov'16 ____ 91% 94
97% July’ 16
Consol gold 5s.................1952 M -N
91% Sale
91%
92
75 89% 92*4
65
55
K eok A Des M oines 1st 5s 1923 A - O ____ 62% 63 N o v ’ 16
72% 75
15 65
90% N o v ’ 16 ____ 89% 91%
75
75
76*4
St Paul A ICC Sh L 1st 434 s’ 41 F
96 Salo
95%
96
118% U834 118% N o v ’ 16
183 93% 98% Chic St P M A O con 0s____1930 J „
117% 118%
100% Salo 100
8734 Fob TO
100% 104 99% 101*4
9 1 % _____
Cons 6s reduced to 3 34s.. 1930 J - D
87*4 87*4
108 109 112 Jan '12
102
Debenture 5s____________ 1930 M S 101% Salo 101%
~
100 103
1734------- 118
92% 93
92*8
92%
1 91
118
117% 118%
93
Ch St P A M inn 1st g 6 s .. 1918 M -N
86% 87% 86%
87%
17 85% 90
118 118
North Wisconsin 1st 6s___ 1930 J - J 11734 ____ 118 N ov'16
91% 91% 91*8
91%
35 89% 92%
104 105%
St P A S C ity 1st g 6s____1919 A - O 103% 104% 104% N o v ’ 16
100 ____ 101% N o v ’ 16 ____ 101% 101%
Superior Short L 1st 5s g .p l9 30 M - S 105 ____ 105% N ov'16
104% 105%
107% 108% 106% Oot '16 ____ 106% 107% C h lo T H A So-east 1st 5 s . . . 1960 J - D ____ 82
83 N o v ’ 16
85
08
1 0 1 % ____ 101% N o v ’ 16 ____ 100% 101% Chic A West Ind g e n g 6 s.?1 9 3 2 Q -M 107 108 107
108
100 108
____ 106% 107%
100*8____ 107 July’ 16
77
70% 77
75%
Consol 50-year 4s.........
1952 J - J
75% 81%
107 108 107% N o v ’ 16 ____ 105 108
91 N o v ’ 16
CIn H A D 2d gold 434s____ 1937 J - J 01
86% 91
107 ____ 113% Feb 12 ____
70
1st A refunding 4s_____
1959 J - J
78 Aug TO
9 9 * s____ 99% Sept’ 16 ____ 99% 99%
78
78
1st guaranteed 4s.................1959 J - J
1 10 % ____ 109% N o v ’ 16
26 Juiy’ 15
107% 110%
Cln D A I 1st gu g 5s____ 1941 M -N
101% 104% 101% N o v ’ 16 ____ 101% 103
88 M ar’ l l
C Find A Ft 3V 1st gu 4s g 1923 M - N
9 3 % ____ 97 N o v ’ 16 ____ 92% 97
65 July’ 14
Cln I A W 1st gu g 4s____1953 J - J
106% . . . 103% Feb T6 ___ 103% 103%
94% D oc T4
D ay A M ich ls tco n s 4 3 4 s .l9 3 1 J - J
106 107 108% N o v ’ 16 ___ 107% 109%
65 July’ 14
Ind Deo A W 1st g 5s_____ 1935 J - J
1 0 8 % ____ 109 Oot T 6 ____ 107% 110%
107% Deo ’02
1st guar gold 5s.............. 1935 J - J
7934 Salo 7934 7934
103 104 103
103%
11 101% 104% Clove Cln C A St L geu 4s. .1993 J - D
77% 81
85% 87% 87% Oot TO
------- 93*4 92 N o v ’ 16 —
83% 90%
92
95%
20-yr deb 434s___________ 1931 J - J
1 0 8 % ____ 108% N o v ’ 16 ____ 107% 108%
09% 100% 10()34 N ov ' 16
99% 101
Gen 5s Series B .............. ..1 9 9 3 J - D
1013 Sale 101%
4
6 100 103
85
86% 86% N o v '1 6
101%
82
87
Cairo D lv 1st gold 4s_____ 1939 J - J
—
82% 87% 84% M ay’ 10
75% 80
83% 84%
Cln W A M D lv 1st g 4 s ..1991 J - J 77% 79% 79 N o v ’ 16
80% N ov’ 16
84
1 03 % ____ 103% Oot TO ___ 101% 103%
79
84%
8 t L D lv 1st coll tr g 4 s .. . 1990 M - N 81
1 03 % ____ 100% M a r ’ 15
82% M ar’ 14
R e g is te re d ______ ______ 1990 M - N
8 3 % ------- 83 Sept’ 16
1 0 3 % ____ 104 O ct T 6 ____ 102% 104
83
86%
Spr A Col D lv 1st g 4s____1940 M - S
96% 97
84 N o v 16
96% N o v ’ 16 ___ 94
84
84*4
97
W W Val D lv 1st g 4s____1940 J - J 83% 86
117% 117% 117%
117%
105 10534
25 115*4 118%
C I St L A C consol 6s____1920 M -N 105% 10534 105 Juno’ 16
92J4 Oct T6
117 117*8 117 D ec T6 ____ 115 117%
91% 9234
1st gold 4s......... .............*1936 Q - F 97% - 88% M a y ’ 15
103% 104 103% N o v ’ 16 —
103% 103%
R e g is te r e d ................ *1936 Q - F
102%
102 1027s
Cln S A Cl con 1st g 5s___1923 J - J sl02% Salo 102%
90*8____ 100% Jan '13
116% 116%
C C C A I gen con g 6s___1934 J - J 116% 120 116% Juno’ 16
79% 80
79 ------- 94 July'08
79%
79%
7 79
83
Ind B A W 1st pref 4s____1940 A - O
94% 96% 94*4 N ov'1 6 ____ 94% 98
O Ind A 3V 1st pref 6s__ d 1938 Q - J
7234 7334 72%
105% 106 105%
63
77
106
72%
7 104% 107%
Peo A East 1st con 4s____1940 A - O
____ 105
104% N o v 16 ____ 103 104%
36% 40
36 N o v ’ 10
23
40
Incom e 4s______________1990 Apr
101%
99*4 102%
92*8 Salo
45 89
92%
92%
93% Cleve Short L 1st gu 434s___ 1961 A - O 101 Salo 101
1934 Halo 10%
♦90% 92
91 Oot '16 ___ 90% 91
20%
7
20%
Col Midland 1st g 4 s ............. 1947 J - J
85% Sale
20 Salo
85%
85%
30 83% 89
16
20
6
20
Trust C o certfs o f deposit.........
93% 9334 93%
95*8 Salo
93%
90
94
95^2
96^8 897 92% 99% Colorado A Sou 1st g 4s____1929 F - A
84% 85
85
85
84% Salo
8434
84%
5 83% 85
82% 87%
Refund A Ext 434s_______1935 M -N
____ 82% 85%
83% 84% 85% N o v ’ 16
104*4 106%
Ft W A Den C 1st g O s ...1921 J -D 105% 105% 105% N o v ’ 16
92% 100
90% Fob TO ____ 96% 96% Conn A Pas Rlvs 1st g 4s___1943 A - O
95
94 Feb T 6
84*4 Jan T 3 ___
94
94
05
Cuba R R 1st 50-yr 5s g ____1952 J - J
8758 88% 88% N ov'1 6 ____ 84% 88% Del Lack A Western—
82% 82% 82% Oot '16 —
87
8034 87% 87
85*4 87
81% 83%
M orris A Es 1st gu 3 3 4 s..2000
106% 109%
88% S ept’ 16 ____ 88% 88%
107% 108 107% N o v ’ 16
N Y Lack A W 1st 6s____1921 _
102% 104
9 2 % ____ 113% Feb T5
1 03 % ------- 103*4 Oot T 6
Construction 5s________1923 F 60
60% 01%
61%
98
98*4
1 57
98% 98% 98*4 Oot TO
62
Terra A Im prove 4s____1923 M 2 43
____ 54
84
86 102% Feb ’03
54
54%
57%
Warren 1st rof gu g 3 3 4 s..2000 F 1 102 104%
99% 102% 99% N o v ’ 16 ___ 99 100
102
101% - - - 102
Del A Hud 1st Pa D lv 7 s . . . 1917 M 86
86% 80%
86%
104% Feb TO
104% 104%
5 83% 87
R e g ls te re d _____________1917 M d D uo April, e D uo M a y . g D ue June, h Duo July. * Duo Aug. 0 D uo O ct. v D uo N o v . q D uo D ec. * Option salo

Dec. 9 1916.
S.

P r ic e
F r id a y
D ec. 8 .

BONDS
Y . STOCK EXCH AN GE
W e e k E n d in g D e o . 8 .

W e e k 's
R a n g e or
L a s t S ale

R ange
S in ce
Jan. 1

B id
H ig h
L ow
H ig h
A s k L ow
D e la w a r e A H u d s o n (C o n i) —
1003s 102
. 102 N o v ’ 16
1 st lie n e q u ip g 4 M b ------------1922 J - J 101
937s S a le
9 0 U 99*2
97*4
9 9 is
1 s t A r e f 4 s ----------------1943 M - N
A - O 105*4 S a le 105*4
105
108
106
2 0 - y e a r c o n v 5 s ..............— 1 93 5
37*8
87*2 8 8 *s 8 7 i 2
85*4 8 8 *g
A lb A S u sq c o n v
-------- 1 94 6 A - O
1 12>8 112*2 1123s N o v ' 16
112*8 113
R e n s s A S a r a t o g a 1 st 7s . -1 9 2 1 M - N
J - J
8 0 7g
8 1 12
81*4 S a le
76
83*8
D e n y A R G r 1 st c o n g 4 a _ _ 1 9 3 6
N o v ’ 16
8 8 l2 8 9 U 8 9
83
89
C o n s o l g o l d 4 > $ s -----------------1 9 3 6 J - J
88
S a le
88
89
78*4 9 0
I m p r o v e m e n t g o ld 5 s ------- 1 9 2 8 J - D
O8 I4 S a le
55*2 73*2
68*4
6878
1 st A r e f u n d i n g 5 s ................. 1 95 5 F - A
87*4 9 5
87*4 N o v ’ 16
86*8 88
R i o G r J u n e 1 st g u g 5 s . - 1 9 3 9 J - D
3 4 i 2 --------- 01*2 A p r ' 1 1
R i o G r S o u 1 st g o ld 4 s — 1 94 0 J - J
35
J u u e '1 6
50
35’
35*4
G u a r a n t e e d ----------------------1 9 4 0 J - J _____
N o v ’ 10
73
80*2
79
79*8 8 0
R i o G r W e s t 1 s t g 4 s ........... 1 9 3 9 J - J
61
72
GS S a lo
M t g e A c o l l t r u s t 4 s A . .1 9 4 9 A - O
68
68
95
_____
90
A p r '1 4
U t a h C e n t 1 st g u g 4 s . a l 9 1 7 A - O
9 8 l 2 _____
99
S e p t ’ 16
99
99
D e s M o in e s U n l t y 1st g 5 3 -1 9 1 7 M - N
90
J a n '1 0
81
85
90
90
D e t A M a c k — 1 s t lie n g 4 s . . 1 99 5 J - D
75
J u ly '1 6
G o l d 4 s ........................................ 1 99 5 J - D
75
85
80*2 35
10 9 0 -2 9 4
D e t R IV T u n — T e r T u n 4 > $ s l 9 6 l M - N
92
92*4
90*2 9 3
1 0 4 . 105*4
D u l M I s s a b e A N o r g e n 5 s . _ 1941 J - J 10412 _____ IO 4 I4 N o v ’ 16
102*4
D u l A I r o n R a n g e 1 s t 5 s _____1 9 3 7 A - O
101*2 103*4
102*4 S a lo 102*4
106
M a r '0 8
R e g i s t e r e d __________________ 1 9 3 7 A - O
9 d *2 N o v ’ 10
921* 96*2
*93
95
D u l S o S h o r e A A t l g 5 s _____1 9 3 7 i - J
104U O c t TO
1 03
104*4
10314 105
E l g i n J o ll o t A E a s t 1 st g 5 s . 1 94 1 M - N
108*8
108*8 1113s
E r ie 1 st c o n s o l g o l d 7 s ______ 1 9 2 0 M - S
103*8 110*4 108*8
9 5 v« S e p t ’ 10
96
_ ..
95*2 96*2
N Y A E r ie 1 s t e x t g 4 s ___ 1 9 4 7 M - N
— — - -------101
J u n e ’ 16
101*4 . . .
1017s 102*4
2 d e x t g o l d 5 s ..................... 1919 M - S
100i2 A u g TO
100
1 00
3 d e x t g o ld 4 J ^ s _________ 1923 M - S 100*2 . . .
101*4 N o v ’ 10
10112 I 0 2 is
4 t h e x t g o l d 5 s __________ 1 92 0 A - O 101*4 103
94
N o v '1 5
91
5 t h e x t g o l d 4 s __________ 1 92 8 J - D
108
111
N Y L E A W l s t g f d 7 8 . - 1 9 2 0 M - S 103*8 10S12 108*8 D e o T O
85
8 5 14 85<s
8614
83
86*2
E r ie 1 st c o n g 4 s p r i o r _____1 99 6 J - J
80
O ct T 5
83
84
R e g i s t e r e d ------------------------1 99 6 J - J
73*2
74
71
77
7-3*4 7 4
1 s t c o n s o l g e n H en g 4 s . . . 1 99 6 J - J
73*4 J u n e ’ 16
7 2 l 2 7612
R e g i s t e r e d _______________ 1 99 6 J - J
90
N o v ’ 16
90
92
88*4 90*2
P e n n c o l l t r u s t g o ld 4 s _____1951 F - A
68
S a le
68
68*2
67*4 7234
6 0 - y e a r c o n v 4 s S e r ie s A . .1 9 5 3 A - O
71
71*8
70
84
7 1 1.1 S a lo
do
S c r ie s B ________1953 A - O
85
85*4
85>4 S a le
84
88*8
G e n c o n v 4 s S e r ie s D ______ 1952 A - O
1 0 7 's
105*4 107*8
1071a 107*4 1 0 7 '8
C h i c A E r ie 1 st g o l d 5 s ___ 1 932 M - N
F e b ’ 15
1 0 6 * 8 _____ 10 !
C l o v A M a h o n V a il g 5 s . . 1 933 J - J
A
- - 1 2 U 2 123*4
1 2 3 * 8 _____ 122*4 O c t T O
L o n g D o c k con sol g 6s .
1935 m - O
m
102
M a r ’ 10
— 1102
102
101*8 1 0 4
C o a l A R R 1 st c u r g u O s .. 1 9 2 2 M N
106
A u g TO
— 102*8 1 0 6
D o c k A I m p 1 st e x t 5 s ___ 1943 J - J IO014 - - 103*2 A u g T 2
99
101
N Y A G r e e n L g u g 5 s ____ 1946 M - N
98
D o o T fl
96*2 9 9
98
.. .
N Y S u s q A W 1 st r e f 5 8 — 1 93 7 J - J
100*4 D e o '0 6
2 d g o l d 4 H s ......................... 193< F - A
72
81
A _____ 73*2 7 4 N o v ’ 10
G e n e r a l g o l d 5 s _________ 1 940 F
105*2 N o v ’ 10
105*2 105*2
T e r m in a l 1 s t g o ld 5 s ______ 1 943 M - N '1 05*2 - 104
S e p t ’ 16
104
104
10412 - M i d o f N J 1st e x t 5 s _______1940 A - O
813s 9 0
_____
8 H i 81*2
81*2
W l lk A E a s 1 st g u g 5s - - . 1 9 4 2 J - D
100
M a y ’ 12
25
35
fCv A I n d 1 st c o n g u g 6 s _____1926 J - J
101
1 00
iOO
90
102
E v a n s v A T H 1 st c o n s 6 s . .1 9 2 1 J - J 1 0 0
63
M a y 'l G
58
_____
63
63
1 st g e n o r a l g o l d 5 s ................ 1942 A - O
N ov’ ll
108
M t V e r n o n 1 st g o l d 6 s _____ 1 9 2 3 A - O
J u n e ’ 12
95
S u ll C o B r a n c h 1 st g 5 s ___ 1 9 3 0 A - O
F lo r id a E C o a s t 1 st 4 H 3 - . . 1 9 5 9
95
94*4 S a le
91*2 95*4
94*4
92
A ug TO
8 2 * 4 _____
F o r t S t U D C o 1 st g 4 K 8 - - 1 9 4 1
F t W A R i o G r 1 st g 4 s ........... 1 92 8
--------- 70*8 O o t T O j
70
6 1* 4 70*8
G rea t N orth ern —
J 93*8 S a le
97*8 99*4
98*8
98*8 2 4 2
C B A Q c o l l t r u s t 4 s _______1921
7
J
97*2 98*4
98*4
93
9 3 14 98*8
R e g is t e r e d h ......................... 1921
100*4 31 98*4 100*4
J 100*4 100*4 100*8
1 st A r e f 4 # s S e r ie s A ___ 1991
96
J u n o ’ Hi
J
R e g i s t e r e d _______________ 1961
90
9 7* 2
J 97*2 102
97*2
97*2
f i t P a u l M A M a n 4 s ______ 1 93 3
12 0 * 4 1 2 3 78
J 121*8___ 121*8 12l's
1 s t c o n s o l g o l d 6 s _______ 1933
119*4 A u g 16
119 * 4 1 2 1 * 2
J
R e g i s t e r e d ____________ 1 93 3
1013g 10334
103*2 N o v ’ 10
J 103*4 R e d u c e d t o g o ld 4 3 ^ 8 .1 9 3 3
102*2 1 0 2 l 2
102*2 M a y * 1 6
J
R e g i s t e r e d __________1 033
9 5*8 97*4
96*8
D
96*8 9634 96*8
M o n t e x t 1 st g o l d 4 s ___ 1 93 7
95*2 M a r ’ 16
96*2 9 6 12
D
R e g i s t e r e d ____________ 1 93 7
86*2 N o v ’ 15
J
P a c i f i c e x t g u a r Is £ ____ 1910
94*2 N o v ' 1 6
O
9214 9 4 i 2
9 4 * 8 _____
E M i n n N o r D I v 1 st g 4 8 .1 9 4 8
J 103*2 1093s 109*« J u n e ’ 16
109*8 1093s
M i n n U n io n 1 st g 6 s ______ 1 92 2
J 1 2 4 _____ 1 24 N o v ’ 16
M o n t C 1 st g u g 6 a ________1 93 7
120*8 1 2 4
J
136*4 M a y ’ 0 6
R e g i s t e r e d ...... ................1 93 7
J 110*8___ 110*8
110*8
1 st g u a r g o l d 5 s ........... 1937
109*4 110*4
R e g i s t e r e d _________ 1937 J - J
110*8___ 109*4 A u g T fl
W i l l A S F 1 st g o l d 5 8 . - 1 0 3 8 J - D
109*4 1107s
79
7934 75*4
16! 7 4
7934
79*4
G r e e n B a y A W d e b c t f s “ A ” _____ F e b
17
S a le
1458
18*4 1 2 0 3
D e b e n t u r e c t f s " B ” .............. .......... F e b
11
18*4
5
87*2
85*2 89*2 8 7
G u lf A 3 I 1 st r e f A t g 5 s . . 6 1952 J - J
84*8 88*2
1 0 90*4 9 6
93*2 S a le
93*2
93*2
H o c k i n g V a l 1 st c o n s g 4 W 8 .1 9 9 9 J - J
9734 J a n T 4
R e g i s t e r e d .................................1 99 9 J - J
87
88
88*8____ 87*8 S e p t ’ 10
C o l A I I V 1 st e x t g 4 s . . . 1 9 4 8 A - O
88 ____ 8 8 N o v T O
86
88
C o l A T o l 1 st e x t 4 s ........... 1 9 5 5 F - A
94*2 F e b T 6
87
_____
H o u s t o n B e l t A T e r m 1 st 5s . 1 9 3 7 J - J
9 83s
98*8
96*2 98*8
I ll in o i s C e n t r a l 1 s t g o ld 4 s . _ 1951 J - J
98*8 S a le
92
A u g ‘ 15
R e g i s t e r e d ................................. 1 95 1 J - J
83
80
1 s t g o l d 3 ^ 8 ...............................1951 J - J
86*8 86*4 8 6 N o v ‘ 16
83
N ovT O
__
R e g i s t e r e d _______________ 1951 J - J ♦ 8 4
8 5 l2
85*2
8 4*2 865 8
85*2 . .
E x t e n d e d 1 s t g o ld 3 M b ___ 1951 A - O
R e g i s t e r e d _______________ 1951 A - O
8 3*2 —
80
J ’ly ’09
1 s t g o ld 3 s s t e r li n g __________1 951
R e g i s t e r e d _______________ 1951 M - S
90
C o l l t r u s t g o ld 4 s ___________ 1 95 2 A - O
89*8 90*2 9 0
83
9 1 ij
95*4 S e p T 2
R e g i s t e r e d ........... ................ 1 95 2 A - O
91*8 9178 91*4
9178
1 st r e f u n d in g 4 s ____________ 1 95 5 M - N
87*4 92*2
81*a 84*2 8 2
N o v ’ 16
P u r c h a s e d lin e s 3 H s ............ 1952 J - J
8 0*4 8 3
87
S a lo
L N O A T e x n s g o ld 4 s ____ 1953 M - N
87
87*2
8 4*4 88*4
R e g i s t e r e d _______________ 1 95 3 M - N
8 2 * 2 _____
84
M a y ’ 14
C a i r o B r ld g o g o ld 4 s ______ 1950 J - D
93*2 N o v T O
9 0 * 2 -------90
93*2
L it c h f ie l d D I v 1 st g 3 s _____1951 J - J
74
F eb T 4
L o u ls v D I v A T e r m g 3 M s 1 95 3 J - J --------- 8 2
82
N o v ’ 16
78*4 8 2
J -J
R e g is t e r e d ..............
1 95 3
83
A u g ’ 12
M i d d l e D I v r e g 5 s --------------- 1921 F - A
100*2____ 1 0 2 J u u e ’ lO
101*4 1 0 2
O m a h a D I v 1 st g o ld 3 s . ._ 1 9 5 1 F - A
A u g TO
7 2 l2 7 0
70
71
J - J
62
S t L o u is D I v A T e r m g 3 s . 1951
77
08*2 S e p T 5
82
G o l d 3 H s .............................. 1951 J - J
81*8 J a n T O
81*8 81*8
79
R e g i s t e r e d ____________ 1951 J - J
80
J u n o ’ 16
80
80
79
S p r ln g f D I v 1 st g 3 M 8 — 1951 J - J
8 0 58 N o v T O
78*4 8058
90*2 —
W e s t e r n lin e s 1 s t g 4 s _____1951 F - A
9 1*s
91*s
89
91*8
R e g i s t e r e d ----------------1951 F - A
92
92
92
N ovT O
_____ 108*2 117*2 M a y ’ 10
B e l le v A C a r 1 st 6 s ..............1923 J - D
86
C a r b A S h a w 1 st g o ld 4 s . .1 9 3 2 M - S
94*2 J ’ l y T 2
107*4
C h i c S t L A N O g o ld 5 s . .1 9 5 1 J - D
107*8 O o t T O
106*4 109
—
R e g i s t e r e d _______________ 1951 J - D
F e b ’ll
107*4 1 1 4
G o l d 3 H a .............................. 1951 J - D
90
O c t ’ 09
R e g i s t e r e d ____________ 1951 J - D
J o i n t 1 st r e f 5 s S e r ie s A . 1963 J - D 101*4 102
102
102
10 0
10 3 * 8
M e m p h D I v 1 st g 4 s . . . 1951 J - D
88*8 89*4 8678 D e c T 5
R e g i s t e r e d ....................... 1951 J - D
S t L o u is S o u 1 st g u g I s . . 1 9 3 1 M - S --------- 95*2 9 8
J u I y ’OS
I n d 111 A I o w a 1 st g 4 s . . . . _ 1 9 5 0 J - J
92
92
N o v ’ 10
90
92*2
I n t A G r e a t N o r l s t g 6 s ------- 1919 M - N
99
lO O L 1 0 0
D e o T fl
95
100*4
J a m e s F ra n k A C le a r 1 st 4 s_ 1 9 5 9 J - D
91*2 9 4
93
N o v ’ lfj
89*2 9 3
K a n s a s C i t y S o u 1 st g o l d 3 s . 1 95 0 A - O
69*4 S a le
69*4
69*4
66*4 71
R e g i s t e r e d .................................J £ 5 0 A - O
63
O c t '0 0
R e f A J m p t 5 s _________ A p r 1 95 0 J - J
90*8 S a le
893s 9 4
90*2
90*8
J - J
K a n s a s C i t y T e r m 1 st 4 s . - - I 9 6 0
88
S a lo
8 7 '3
88*4
85*4 89*8
L a k e E r ie A W e s t 1 st K 6 s „ 1937 J - J
98*2 S a lo * 98*2
99
96*4 101*4
82*8 83*2 8 3
2 d g o l d 5 s .............................. 1041 J - J
N o v ’ 16
75
83*2
92
_____
N o r t h O h io 1 st g u a r g 5 8 - 1 9 4 5 A - O
92
92
92
92
L o h V a il N Y 1 st g u g 4 M 0 - - 1 949 J - J 10178
10178 D e c TO
100*8 1 0 3
J -J
99
101*8 1 01
101
R e g i s t e r e d __________________ 1 9 4 0
100
102
90*2 . . .
L e h ig h V a l l ( P a ) c o n s g 4 8 - 2 0 0 3 M - N
91*2
9 llj
89
92*4
100*4 101 IOOI2
10034
G e n e r a l c o n s 4 ^ 8 ---------- 2 0 0 3 M - N
99*4 101*4
1 1 2 * 4 _____ 112*2 N o v ’ 10
L t h V T e r m R y 1 s t g u g 6s . . 1941 A - O
110 113
111*2____ 111*2 J u n e T Q
R e g i s t e r e d ................................... 1941 A - O
111*2 1111*

rv s
t-

♦ No prtoo Friday; latest bid and asked this week,
q Duo Nov. s Option salo.




2143

New York Bond Record—Continued—Page 2

a Duo Jan.

5 Due Feb.

BONDS
Y . STOCK EXCH AN G E.
W e e k E n d in g D e c . 8 .

11

P r ic e
F r id a y
D ec. 8 .

W eek’s
R ange or
L a s t S a le

2

j
|

§
*

R anos
S in e *
Jan. 1

H ig h
H ig h N o . L ow
B id
A sk L ow
106*4
L e u V a l C o a l C o 1st KU g 5 8 - 1 9 3 3 J - J 1 0 5 * 4 _____ 105*2 N o v ’ 1 6 1------- j 104
105
O c t T 3 -------------------R e g is t e r e d ------------------------------- 1 9 3 3 J - J
92
1 s t In t r e d u c e d t o 4 s ----------- 1 9 3 3 J - J
89*4 J u I y ’ l G j ------89*4 9 0
89
90
L e h A N Y 1 st g u a r g 4 s --------- 1 9 4 5 M - S
R e g is t e r e d ------------------------------- 1 9 4 5 M - S
L o n g I s ld 1st c o n s g o l d 5 s — A1931 Q - J 1 0 6 * 4 _____ 106*4 N o v ’ 1 6 1------- 1047s 106*8
94*4 J u n e ’ 16|-------94*4 96*4
9 4 * 4 _____
1 st c o n s o l g o l d 4 s __________ M 9 3 1 Q - J
897a N o v ’ 1 6 1--------1 8 5
90
8 8 * 2 _____
G e n e r a l g o l d 4 s . ...................... 1 9 3 8 J - D
O o t T f l ! ------97
99*4
97
98*4 9 7
F e r r y g o l d 4 H 9 _____________ 1 9 2 2 M - S
99*4 O c t ’ 0 6 ----G o l d I s . . . ..................................1 9 3 2 J - D
8 4 l2 86
84*2 85*2 84*2 N o v ’ 1 6 ' —
U n ifie d g o l d 4 s ..........................1 9 4 9 M - S
96
97*2
96*8 98*2 97*2 N o v ’ 1 6 1.
D e b e n t u r e g o l d 5 s __________ 1 9 3 4 J - D
20 86*4 90*4
88*2 89*4 88*4
89*4
G u a r r e f u n d in g g o l d 4 s ___ 1919 M - S
95
Jan T 1
R e g is t e r e d ________________1 9 4 9 M - S
101*2 1 0 5
102*8 1 04
104*4 O c t T 6
N Y B A M B 1 st c o n g 5 8 .1 9 3 5 A - O
102*4 1 0 3
_____ 103
103
N Y A R B 1 st g o l d 5 8 — .1 9 2 7 M - S 1 0 3
997$ 1 0 2
100*8____ 100 A u g T 6
N o r S h B 1 st c o n g g u 5 s . o l 9 3 2 Q - J
83
97*2
95
S a le
95
95
L o u is ia n a A A r k 1st g 5 s ____ 1927 M - S
113
S a le
111*4 113*8
113
113*8
L o u ls v A N a s b v g e n 6 s .......... 1 9 3 0 ;J - D
110*8____ 109 A u g T O
108*8 110*2
G o l d 5 s ........... ............................1 93 7 M - N
957g
92*8 96*a
J 9553 S a lo 95^8
U n ifi e d g o l d 4 s ........................ 1940
93
95*4
95*4
95*4
J 93
R e g is t e r e d ........... ................. 1 91 0
1037a 106*2
106
106*2 1 06
106*2
C o l la t e r a l t r u s t g o l d 5 s ___ 1931 M - N
1 0 7 * 4 _____ 107*4 N o v ’ 16 -------- 107*4 107*4
E I I A N a s h 1 st g 6 s .......... 1919 J - D
100*4 1 0 2
102*8____ 101*4 N o v ’ 16
L C i n A L e x g o l d 4 M b ____ 1931 M - N
113*4 116*2
1 1 4 7 s _____ 115
N o v ’ 16
N O A M 1 st g o l d C s______1 930 J - J
109*4 1097s M a y ’ 15
2 d g o l d 6 s .............................. 1 93 0 J - J 1 0 7
88*2 90*8
89*4 N o v ’ 16
_____
89
P a d u c a h A M e m D Iv 4 s . .1 9 4 6 F - A
107
108*4
108
A p r T fl
S t L o u is D i v 1st g o ld 6 s . .1 9 2 1 M - S 1 0 6
61
64
62*4
62*4 6234 62*4
2 d g o ld 3 s ....................
1 98 0 M - S
85*2 9 0
8 8 *s 9 0
8 S *4
88*4
A t l K n o x A C in D i v 4 s . . . 1 95 5 M - N
107*2 1 1 0
108*3
HO
D 108*8 —
A tl K n o x A N o r 1 st g 5 s . .1 9 4 6 J
105*4 1 0 7
1 0 6 U J u n e ’ 16
H e n d e r B d g e 1st s f g 0 s . _ 1931 M - S
87*4 S 9 i8
8 8 i 2 S e p t ’ 16
K e n t u c k y C e n t r a l g o l d 4 s . 1 98 7 J - J
100
1 03
1 03
102*4 S a le 102*4
L e x A E a s t 1st 5 0 - j t 5 s g u .1 9 6 5 A - O
997 101
8
O c t T fl
M - S 1 0 0 * 4 _____ 101
L A N A M A M 1st g 4 M s 1 9 4 5
77*2 8 2
81
’ 81*2 81*2
81*2
L A N - S o u t h M J o in t 4 s . . 1 9 5 2 J - J
95
F e b 05
R e g is t e r e d _______________h i 952 Q - J
105*4 107*4
1 0 6 * 8 _____ 105*4 S e p t ’ 1 6
N F la A S 1st g u g 5 s _____1 93 7 F - A
975g 975a
97*8 M a y ’ lG
N A C B d g e g e n g u g 4 H a - 1 94 5 J - J
99>2
108*8 108*4
P e n s a c A A t l 1 st g u g 6s . _ 1921 F - A
108*2 l 0 9 l 2 108*4 N o v ’ 16
105*4 10S*8
10734 N o v ’ 16
108*4 - S A N A l a c o n s g u g 5 s ___ 1 9 3 6 ]F - A
4 3 TOO
1 0 3 7s
102 102*2 102*8
G e n c o n s g u 6 0 - y e a r 5 3 .1 9 6 3 A - O
102*8
81*3 A p r T O j -------80
._
80*a 82*2
L A J e f f B d g e C o g u g 4 s . _ .1 9 4 5 M - 8
M a n i la R R — S o u lin e s 4 s . . . 1 9 3 6 M - N
77 M&r’ l O ...... .....................
M e x I n t e r n a t 1 st c o n s g 4 s . . 1 9 7 7 M - S
79 N ovT O ___ ___________
S t a m p e d g u a r a n t e e d ........... 1 97 7; M - S
101 Oct 09|----- 1!........... ......
M i d l a n d T e r m — 1 s t s f g 5 s . 1 92 5 J - D
11358 _____ 113*8
113*8' 1 1
113
115
M i n n A S t L 1 st g o l d 7 s _____1 9 2 7 J - D
102*2 103*8 103*8 Oct T f l ------ 102*2 103*8
P a c i f i c E x t 1st g o l d G s_____1921 A - O
90
S a le
90
90*s 19 ! 86
92
1 s t c o n s o l g o ld 5 s ................... 1 9 3 4 M - N
36 I 52*4 66
62*4 S a le
60
62*4
1 st A r e f u n d in g g o l d 4 s . . . 1 9 4 9 M - S
- - 50
66
62
66
61*4 N O V ’ 16
R e f A e x t 5 0 - y r 5 s S e r A . . 1 96 2 Q - F
60
F eb T 5
_____
60
D e s M A F t D 1st g u 4 s . . 1935 J - J
86
91*4
90
N ovT O
90*8 91
I o w a C e n t r a l 1 st g o ld 5 s . . 1 9 3 8 J - D
61
S a lo
51*2 63*4
59*2
61*2
R e f u n d i n g g o l d 4 s .......... 1951 M - S
9 4*s S a le
91*4 94*8
04*a
94*8
M S tP A S S M c o n g 4 s In t g u . 1938 J - J
85
_____
97*4 J u n e ’ 12
1st C h i c T e r m s f 4 s ........... 1941 M - N
97
98*4 9 9
98*4 N o v ’ 16
99*2
M S S A A 1st g 4 s I n t g u . 1 9 2 6 J - J
90
95
_____
943s N o v ’ 16
94*8
M i s s i s s ip p i C e n t r a l 1 st 5 s ___ 1 9 4 9 J - J
77*4 S a lo
70*2 79*a
77*2
M o K a n A T e x 1st g o l d 4 8 — 1 9 9 0 J - D
77*4
40
57
56*2 S a le
57
2 d g o l d 4 s . .............................g l 9 9 0 F - A
52*4
45
S a le
45
40
37*4 52*a
1 st e x t g o ld 5 s ........................ 1 9 4 4 M - N
66
51
05
6 6 * 4 _____
G6
1 s t A r e f u n d i n g 4 s ................ 2 0 0 4 M - S
49
4 6 ------ 4 9
36
49
44*4
G e n s i n k in g fu n d 4 H s _ _ . 1 9 3 6 J - J|
37
N o v ’ 16
40
46
S t L o u is D i v 1st r e f g 4 s _ _ 2 0 0 1 A A O | --------- 3 7
69
N o v ’ 16
70
_____
69
69
D a l i A W a c o 1 st g u g 5 s . . 1 9 4 0 M - N
J u l y ’ 16
60
70
--------72
72
K a n C i t y A P a c 1 st g 4 s . . 1 9 9 0 F - A
74
84
S a le
84
8 4 l2
89*4
M o K A E 1 s t g u g 5 s _____1 94 2 A - O
14 | 5 0
85
84*2 8 7
85
83*4
M K A O k l a 1 st g u a r 5 s . .1 9 4 2 M - N
18
80
48
80
S a le
76
80
M K A T o f T 1s t g u g 5 8 .1 9 4 2 M - S
51
50
_____
51
51
6
S h c r S h A S o 1 st g u g 5 s . . 1 9 4 2 J - D •51
20
49
50*4 6 1
50
50*8
63
T e x a s A O k l a 1 st g u g 5 s . .1 9 4 3 M - S
M i s s o u r i P a c i f i c (r e o r g C o )
94
985a
98*4 S a le
98*4
99
1 s t A r e f u n d i n g 5 s w h Iss 1 9 2 3 ______
3 3 6 6 | 63*2
69
S a le
67*4
G e n e r a l 4 s w h e n I s s u e d ................. .........
104
104*4 10334 D e o T G
100
103*4
M i s s o u r i P a c 1 st c o n s g 6 s . . . 1 9 2 0 M - N
100*8 D e c T G
89*4 100*8
T r u s t g o ld 5 s s t a m p e d
n l 9 1 7 M - S 106*8 1 0 8
82
O ct T 5
R e g is t e r e d ......................... a l 9 1 7 M - S
83*a 100*8
101*8____ 100*8 N o v ’ 16
l e t c o l la t e r a l g o l d 5 s ........... 1 9 2 0 F - A
101*8-----R e g is t e r e d ............................. 1 9 2 0 : F - A
6338 S a le
39*8 6 4
63*8
64
4 0 - y e a r g o ld l o a n 4 s ________1 9 4 5 M - S
6 3 7a S a le
6378
6 3 78
40
6378
1 s t A r e f c o n v 5 s ...................1 95 9 M - S
82
N o v ’ 16
82
85
3 d 7s e x ten d ed a t 4 % . .
1 93 8 M - N
--------- 1 0 0
50
F eb T 3
B o o n v 8 t L A 8 1 st 5 a g u . 1951 F - A
67
A u g T fl
50
67
C e n t B r R y 1 st g u g 4 s . . . 1 91 9 F - A
77*2 D e c *13
C e n t B r U P 1 st g 4 s ............1 9 4 8 J - D
62
--------- 1 1 0
M a r *05
L e r o y A C V A L 1st g 5 s . _ 1 92 6 J - J
92*2 S a le
9 2 l2
93
89
93
P a c R o f M o 1 st e x t g 4 s . . 1 9 3 8 F - A
101
_____ 100*2 J u l y ’ 16
100
100
2 d e x t e n d e d g o l d 5 s _____1 9 3 8 J - J
102
S a le 102
102*8
99*4 103*2
S t L I r M A S g e n c o n g 5 s . 1931 A - O
102
J’ T 4
ly
G e n c o n sta m p g u g 5s
1931 A - O
84
8 4*2 83*2
74*2 8 5
83*2
U n ifi e d A r e f g o l d 4 s . . .1 9 2 9 J - J
8 0 78 O c t *12
1929 J - J
R e g is t e r e d ...................
23 6 8
79
S a le
82
78*2
80
R i v A G D i v 1 st g 4 s ___ 1 9 3 3 M - N
85
-------87
S e p t ’ 15
V e r d i V I A W 1 st g 5 s . — 1 9 2 6 M - S
11434 113*4 O o t T f l --------111*4 1 1 5
M o b A O h io n e w g o l d 6s . .
1927 J - D 1 1 4
109
F e b T f l --------, 1 0 2
____ 111
109
1s t e x t e n s io n g o l d 6 s ____ A 1 92 7 Q - J
77
. . .
1
77*a
77
O c t T fl --------1 7 5
G e n e r a l g o l d 4 s ........................1 9 3 8 M - S
101
O o t T fl --------; 99*4 1 0 2
99*8 102
M o n t g o m e r y D i v 1 st g 5 3 - 1 9 4 7 F - A
89
D ec T 5
91*4 . . .
S t L o u is D i v 5 s ......................... 1 92 7 J - D
88
90
88*2 O c t T f l
S t L A C a ir o g u a r g 4 s _____1931 J - J
107
N o v ’ 16 -------- 103*4 1 0 7 i2
1 0 6 78 108
N a s h v C h a tt A S t L 1st 5 s . 1928 A - O
1 0 7 * 4 _____ 110*4 M a r ’ 16 --------110*4 110*4
J a s p e r B r a n c h l s t g 6 s _____1 92 3 J - J
100
100*4 J u l y ’ 16 ------- 100*4 101*2
M c M M W A A I 1st 6s — _ 1 91 7 J - J
J u ly ’04
100
_____ 1 1 3
T A P B r a n c h 1 st 6 s ........... 1 9 1 7 J - J
30
50
30*4 A u g T O
s; 3 0
N a t R y s o f M e x p r lie n 4 ^ 8 - 1 9 5 7 J - J
30*4
35
A u g TO .— I I 3 5
35
G u a r a n t e e d g e n e r a l 4 s _____1 9 7 7 A - O
9678 F e b T 3
N a t o f M e x p r io r lie n 4 H 8 - - 1 9 2 6 J - J
30
O ct T 6
1s t c o n s o l 4 a _______________ 1951 A - O
59
40
M a y ’ 15
N O M o b A C h i c 1 s t r e f 5 a _ .1 9 6 0 J - J
2
72*2 73*2 7212
69
74*4
7278
N e w O r le a n s T e r m 1 st 4 s . . . 1 95 3 J - J
1 1234 S a le 112*2
113*4 3 3 5 1107s 1177s
N Y C e n t R R c o n v d e b 6 s . .1 9 3 5 M - N
51
86*2 S a le
81*2 8 6 78
85*4
86*8
C o n s o l 4 s S e r ie s A .................1 9 9 8 F - A
96
S a le
917g 96*2
96
96*2 1 5 6
R e f A I m p 4 > 4 s “ A ” ______ 2 0 1 3 A - O
41
8 5 78 S a le
85
8 5 78
81*2 86*3
N Y C e n tr a l A H R g 3 H 8— 1997 J - J
807a 84*4
84*4 N o v T O
8 3 5 a _____
R e g i s t e r e d . ....................
1 99 7 J - J
9278
92*2 92*8 925S
89*4 937a
D e b e n t u r e g o l d 4 s _________ 1 93 4 M - N
J u n e ’ 16
90
90
93*2 9 0
R e g i s t e r e d . ............................1 93 4 M - N * -------74
78
S a le
77*2
78
79*4
L a k e S h o r e c o l l g 3 > ^ 8 ____1 99 8 F - A
76*2 O c t T f l
7 6 i2 79
73*4 7 8
R e g i s t e r e d . . ........... ............. 1 99 8 F - A
75
80*4
78*8
77*2 78*8 77*4
M i c h C e n t c o l l g o l d 3 M b . .1 9 9 8 F - A
74
78
O o t T fl
78
75
—
R e g i s t e r e d ________________ 1 9 9 8 F - A
B a t t l e C r A S t u r I s t g u 3 8 .1 9 8 9 J - D
63*4 —
95
J u l y ’ 16
94*2 96*2
9 6 * 2 _____
B e e c h C r e e k 1st g u g 4 s . . 1936. J - J
93*4 95*4
94
96*2 95*4 N o v ’ 16
R e g i s t e r e d . . .........................1 9 3 6 J - J
M a y ’ lO
104
104
103
_____ 104
2 d g u a r g o l d 5 s — 1 _____ 1 9 3 6 J - J
R e g i s t e r e d .........................1 9 3 6 J - J
B e e ch C r E x t I s t g S M s . . 61951! A - O
89
N o v ’ 16
88
89
89
..
C a r t A A d I s t g u g 4 s ........... 1981 J - D
104
G o u v A O s jv e 1 st g u g 5 8 — 1 9 4 2 ! J - D
94
94
94
..
94
M a r ’ 16
M o h A M a i 1 st g u g 4 s ___ 1 99 1 M - S
8 9 U F e b T fl
89*4 89*4
8 7 * a _____
N J J u n e R g u a r 1 st 4 s ___ 1 9 8 6 F - A
J u n e ’ 15
81
--------- 8 5
N Y A H a r le m g 3 ^ 8 _____2 0 0 0 M - N
1 0 6 * 4 --------- 106*4 S e p t ’ 16
105*2 106*2
N Y A N o r t h e r n 1 st g 5 s . 1 9 2 3 A - O
88
92
9158
91*3 O H * 91*8
N Y A P u 1 st c o n s g u g 4 s 1 99 3 A - O
113
M a y ’ 16
117
. . .
P in e C r e e k r e g g u a r 6 s _____1 9 3 2 J - D
104
104
104
. . .
2 103*8 10412
R W A O c o n 1 s t e x t 5 s _ .A 1 9 2 2 A - O
R W A O T R 1s t g u g 5 a - . 1 9 1 $ M - N
102 ____ 1 0 4 J u n e ’ 10

68*4

e
ll

------i 88*2 88*4

d D u e A p r il,

e Due M ay!

g D uo Juno.

A D u e J u ly ,

k D ue A ug.

0D u e

O ct.

S

Y C e n t A H R R R ( C o n .) —
R u t l a n d 1 st c o n g 4*28 . . . 1 9 4 1
O g A L C h a m 1st g u 4s g l9 4 8
R u t - C a n a d a 1s t g u g 4 s . 1945
B t L a w r A A d l r 1 st g 5 s ___ 1996
2 d g o l d ( i s . ...........................1 9 9 9
U t i c a A B l k R l v g u g 4 s ___ 1 9 2 2
L a k e S h o r e g o l d 312s ______ 1 9 9 7
R e g i s t e r e d ................... ....... 1 9 9 7
D e b e n t u r e g o l d 4 s ........... 192S
2 5 - y e a r g o l d 4 s ...................193 1
R e g i s t e r e d ____________193 1
M a h o n C 'l R R 1 s t 5 s ........... 1 9 3 4
P i t t s A L E r ie 2 d g 5 s . . . 0 1 9 2 8
P i t t s M c K A Y 1 st g u 6 S .. 1 9 3 2

M i c h i g a n C e n t r a l 5 s ........... 193 1
R e g i s t e r e d ...........................193 1
4 a ___ _______ . .
194 0

1 s t g o l d 3 M a _____________ 1 95 2
2 0 - y e a r d e b e n t u r e 4 s ___ 1 9 2 9
N Y C h i c A S t L 1 st g 4 s . . 1 9 3 7
R e g is t e r e d .......................... 1 9 3 7
193 1
D e b e n t u r e 4 s ................
W e s t S h o r e 1 s t 4 s g u a r ___ 2 3 6 1
R e g i s t e r e d .......................... 2 3 6 1
N Y C L in e s e q t r 5 s . . 1 9 1 6 - 2 2
E q u ip t r u s t 4 J 4 s . . 1 9 1 7 - 1 9 2 5
N Y C o n n e c t 1 st g u 4 M s A . . 1953
N Y N 11 A H a r t f o r d —
N o n - c o n v d e b e n 4 s ______ 1 9 4 7
N o n - c o n v d e b e n 3 M s _____1 9 4 7
N o n - c o n v d e b e n 3 M s _____1 9 5 4
N o n - c o n v d e b e n 4 s _______ 1 9 5 5
N o n - c o n v d e b e n 4 s ..............1 9 5 6
C o n v d e b e n t u r e 3 M s ........... 1 9 5 6
C o n v d e b e n t u r e 6 s ................ 1 9 4 8

N o n - c o n v d e b e n 4 a ____ 1 9 5 5
N o n - c o n v d e b e n 4 s ___ 1 95 6
H a r l e m R - P t C h e s 1 s t 4 s . 1 95 4
B A N Y A i r L in e 1 st 4 s . . 1 9 5 5
C e n t N e w E n g 1 s t g u 4 s . . 196 1
H a r tfo r d S t R y 1st 4s
193 0
H o u s a t o n l c R c o n s g 5 s . . . 1 93 7
N a u g a t u c k R R 1 s t 4 s . . . 1 95 4
N Y W c h e s A B 1 st s e r 1 4 M s ’ 4 6
B o s t o n T e r m in a l 1st 4 s
1 93 9
N e w E n g la n d c o n s 5 s
1 94 5
C o n s o l 4 s . . ...........
1945
P r o v ld e n c o S e cu r d e b 4 s . .i 9 5 7
P r o v A S p r in g fie ld 1 st 5 s 192 2
P r o v i d e n c e T e r m 1s t 4 s
1956
W A C o n E a s t 1 st 4 M s . . . 1 9 4 3
N Y O A W r e f 1 s t g 4 s ____ 0 1 9 9 2
R e g is t e r e d § 5 ,0 0 0 o n l y
01992
G e n e r a l 4 s . ................... ' 1 9 5 5
N o r f o l k S o u 1 s t A r e f A 5 s . . 1961
N o r f A S o u 1st g o ld 5 s ........... 1941
N o r f A W e s t g e n g o l d 6 s _____1931
I m p r o v e m e n t A e x t g 6 s . . 193 4
N o w R i v e r 1 st g o ld 6 s ____ 1 93 2
N A W l t y 1 st c o n s g 4 s . . . 199 6
.1 9 9 6
R e g i s t e r e d _________
D I v ’ 1 1 s t lie n A g e n g 4 s . 194 4
1 0 -2 .5 -y e a r c o n v 4 s ______ 193 2
1 0 -2 0 -y c n r c o n v 4 s . . .
1932
1 0 -2 5 - y e a r c o n v 4 M 8 . . . 1 9 3 8
P o c a h C A C J o in t 4 s . . . 1941
C C A T 1 st g u a r g o ld 5 s . . 1 9 2 2
B c lo V A N E 1 st g u g 4 S .. 1 9 8 9
N o r P a c i f i c p r io r lie n g 4 s . . . 1 99 7
R e g is t e r e d ................
199 7
G e n e r a l lie n g o l d 3 s ........... a 2 0 4 7
R e g is t e r e d ..................... o 2 0 1 7
S t P a u l - D u l u t h D l v g 4 s . .1 9 9 6
S t P A N P g e n g o ld 6 s . . .1 9 2 3
R e g is t e r e d c e r t if i c a t e s
1923
B t P a u l A D u lu t h 1 st 5 S .. 1 9 3 1
2 d 5 s ______ ______________ 1 9 1 7
1 st c o n s o l g o ld 4 s ............. 1 9 6 8
W a s h C e n t 1 st g o l d 4 s ____ 1 9 4 8
N o r P a c T e r m C o 1 st g 6 s . . . 193 3
O r e g o n - W a s h 1 st A r e f 4 s . . . 1961
P a c lf l o C o a s t C o 1 s t g 5 s ____ 194 6
P a d u c a h A I lls 1 st s f 4 i j s . . l 9 5 5
P e n n s y lv a n ia R R 1 st g 4 s . . .1 9 2 3
C o n s o l g o ld 5 s . .............
1919
C o n s o l g o l d 4 s ...........
1943
C o n s o l g o ld 4 s ................
1948
C o n s o l 4 > j s ................................i9 6 0
G e n e r a l 4 M s w h e n I s s u e d . 19 6 5
A l le g V a l g e n g u a r g 4 s . . . 1 9 4 2
D It R R A B 'g e 1 st g u 4 s g . 19 3 6
P b l la B a l t A W 1 st g 4 s . 194 3
S o d 1 a H a y A S o u 1st g 5 s . 2 9 2 4
1
S u n b u r y A L e w is 1 st g 4 s . 1 93 6
U N J R R A C a n g e n 4 s . 1944
P e n n s y lv a n ia C o —
G u a r 1 st g o l d 4 M h ................ 1921
R e g i s t e r e d ...................
1921
G u a r 3 M s c o ll tru st reg A . 1937
G u a r 3 M s c o l l t r u s t s e r B . 1941
T r u s t C o c t f s g u g 3 M s . . . 1916
G u a r 3 M s t r u s t c t f s C ____ 1 9 4 2
G u a r 3 M s t r u s t c t f s D _____1 9 4 4
G u a r 1 5 - 2 5 - y e a r g o l d 4 S .. 1 9 3 1
4 0 -y e a r g u a r 4s c t fs S er E .1 9 5 2
C l n L e b A N o r g u 4 s g . .1 9 4 2
C l A M a r 1 st g u g 4 M S . . . 1 9 3 5
Cl A P g e n g u 4 M a s e r A . . 1 9 4 2
S e r ie s B ____________
1 94 2
I n t r e d u c e d t o 3 M s . . 1942
S c r ie s C 3 M s ........................1 9 4 8
S e r ie s D 3 M s ____________1 9 5 0
E r ie A P it t a g u g 3 M s B . . 1 9 4 0
S c r ie s C ........... ..................
1 91 0
O r R A I e x 1st gu g 4M 8 19 41
O h io C o n n e c t 1 st g u 4 s . .1 9 4 3
P i t t s Y A A s h 1 s t c o n s 6 8 .1 9 2 7
T o l W V A O gu 4 M s A . ..1 9 3 1
S e r ie s B 4 M s . . ................ 1 9 3 3
S e r ie s C 4 s ...........................1 9 4 2
P C C A Bt L gu 4 M s A . ..1 9 4 0
S e r ie s B g u a r __________ 1 94 2
S e r ie s C g u a r . . . ..............1 9 4 2
S e r ie s D 4 s g u a r ................ 1 9 4 5
S e r ie s E 3 M s g u a r g o l d . 1 9 4 9
S e r ie s F g u a r 4 s g o l d . . . 195 3
S e r ie s O 4 s g u a r .................1 9 5 7
S e r ie s I c o n s g u 4 M S . . . 1 9 6 3
C S t I. A P 1st c o n s g 6s
1932

J - J
J - J
J - J
J - J
A - 0
J - J
J -D
J -D
M - S
M -N
M -N
J - J
J - J
A -O
J - J
J - J
J - J
M - S
Q -M
J - J
J - J
M - S
M -N
A -O
A - O
A - 0
M -N
J - J
J - J
M- N
J - J
F - A
M - S
M - S
A - O
J - J
M -N
J - J
J - J
F - A
j . j
j - j
A - O
J - J
M -N
F - A
J - J
M - S
M -N
M -N
A -O
j - j
M -N
A -O
J - J
j - j
M -N
J - J
M - 8
j - j
M - S
M- 9
J -D
F - A
M -N
M - A
F - A
A -O
A - O
A -O
j - j
J -D
M- S
M- S
J -D
J - J
M - N
Q - J
Q - J
Q - F
Q - F
J - D
F - A
Q - A
F - F
A - O
J -I)
Q -M
J - J
J - J
J -D
J - J
M -N
M- S
M -N
M -N
F- A
J -I)
M- S
F - A
M- N
J - J
J - J
M- 8

J - J
J- J

M - S
F - A
M - N
J - D
J- D
A -O
M -N
M- N
M -N
J - J
A -O
A -O
M - N
F- A
J - J
J - J
J - J
M - S
M - N
J - J
J - J
M - S
A - O
A -O
M - N
M- N
F - A
J - D
M - N
F- A
A - O

P r ic e
E r ld a y
D ec. 8 .

B id
A tk L ow
8134
8 5 3 4 _____
_____
70
70
67
_____
92
98
_____ 101
103
9 8 % _____
9 7 i2
85% 8 6 % 8 6 U
8 4 i3
8 4 l 2 _____
9 0 's S a le
9 6 is
9534 S a le

R ange
S in ce
Jan. 1

H ig h N o . L o w
H ig h
D ec T5
N o v ’ 16
68*4 7 0
J u n e ’ 09 —
N o v ’ 16 —
97*2 101
N o v ’ 16
1103
1 03
J u ly ’ lb
9 7 i 2 97*2
6
8 0 i2
83*2 8 6 l 2
4
8412
83
80
20
9 6 i4
94*8 90*2
60
9334 9 6
94
95

BONDS
N . Y . STOCK E X CH AN G E
W e e k E n d in g D e o . 8 .

2 d g o l d 4 M s ............. .............6 1921
P e r e M a r q u e t t e — R e f 4 s _____1955
R e f u n d i n g g u a r 4 s ................ 1 95 5
C h ic A W e s t M ich 5 s
1091
F li n t A P M g o l d 6 s _____1 92 0
1 s t c o n s o l g o ld 5 s ..............193 9
P t H u r o n D l v 1 s t g 5 s . . 193 9
P h il ip p i n e R y 1 st 3 0 - y r s f 4 s 193 7

Q
M
J
J
J
A
A
J
A
J

- F
-N
- .
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J
A
J
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P r ic e
F r id a y
D ec. 8 .

W e e k '*
R a n g e or
L a t t S al*

B id
A tk L o w
100
_____
87
_____
3 0 * 2 _____
31
37
_____
31*2
1 0 6 G 1 09
116 ~ _____ 115*2
9 1 * 2 _____
78
_____
51
63*4
40
49
50

- J
-O
- J
- J

m

iV . 103 .
ol

U ig !

■5 2

11

R ange
S in c e
J an . 1.

No
—

D eo ’ If
351.1

52

115*;
O ot ’ It —
N o v ’ lC
A p r 'It! —

87
14
14

87 J
31 1
35%

101
1 15 %
74
78 '
40
53*4
50
61
100% 106%

128
1 0 6 1 4 _____
103
_____
1 1 5 % _____
1 1 3 % _____

10412
1 03
130>8
123U

D e c '1 5
J u ly 16
J a n ’ 01
M a r ’ 12

1 0 6 * 4 _____ 1 0 6 U
1 0 6 l g _____ 1 05
91
____
98
87
90
8 2 % 88
8 2 ia
8 8 U S a lo
88U
9434 9 5 % 9 4
91
9431 9034
81
8 H 2 81
9 1 34 _____
9U 2
9038 91
90%
100
_____ 10034
9934
O O U _____
9 8 % S a le
9 8 78

A u g ’ 16
J u l y ’ 16
A p t ’ 12
F eb T 4
J u n e ’0 8
S e p t ’ 16
8 8 I4
94
A u g ’ 1C
N o v ’ 16
92%
90%
O o t ’ It
J u ly ’ l t
9914

793s
7 9 1 2 _____
71
68
6 8 i2 68
77
7 7 i2 7 7 i2
_____
77
7712
691a
_____
6 9%
112
S a lo 1 12
7 9 1 2 _____
. . .
8 0 <8 9 1 %
7 9 ia
_____
80
91
9134
8 9 ' a -------_____
82
107
_____
91 > 4 _____
9012 _____
7 5 is S a lo
1 0 0 U _____
108
88
62

_____
_____
69%

86
81

_____
S a lo

S e p t '1 0
N o v ’ 16
N o v ’ lG
7 7 i2
N o v ’ lG
N o v ’ lG
112i2

1 02

—
—

100*4 106*4
1 05
1 05

82*2 8 5
86*4 90*2
91
95*2
90*4 93*4
_____
77*2 8 4 * i
9 87*4 9 3
1 8 6 7s 91
100*8 102
—
9934 100*8
14
97*2 100*8
6,
2

—
79*8 81*4
-- -71
73
—
68
72
2
77*4 81*2
—
77*4 8 2
—
68*4 77*2
35 1 10
110

79*4

3

M a y ’ 15 ____
J 'l y ’ 14
A u g '1 3
9
7 5%
A u g ’ 09

991
2
6 9 i4
0 9 78
833s
81

79*2

91*2
89
79*2

93
89
83

95*2
93
79*2
70*4
88
81*4
68*8

J
P r i o r L l e u s c r A 4 .s L _ _ 7 _ . T 9 5 0 J
P r i o r lie n s e r B 5 s ................... 195 0 J - J

G e n e r a l g o l d 5 s _________ 1931
G e n e r a l 1 5 - 2 0 -y r 5 s _____1 92 7

S o u t h w D l v 1 st g 5 s _____1947
R e f u n d i n g g o l d 4 s ______ 1951

72

82

M a r ’ 12
S e p t ’ 16 _____
D e c ’ 14
F e b ’ 14

69*4

70

7

7 7 78

84

8 H2
A p r TO
N o v ’ 10
N o v '1 0
O ot T 6
N o v '1 6
N o v ’ 16
96
D eo T 6
913s
1 4 0 's

_____
70
79
....
78
85
....
97
101
. . . . 1 1 8 78 1 20
_____ 120*2 1 22
—
119
122
31
91*2 9 0
1 8834 9 2
4 1131? 1401*

10 100*2
1 02
_____ 1 0 1 78
1021
8
A u g T O . . . . 1 00
1003s 10034 1 00
_ 86%
8 6 i2 J a n T O _
8 7 l2 _____
8 0 % 8 8 I2 8 7 >8 D e c '1 6 _____
85
100*8 J a n T O ___
99%
8 7 14 8712 86*8 J u l y ’ 16 . . . .
86*8
8 6 I4 8 7 12 8634 D e c T O
85
9 5 * 4 _____
9 5 78 N o v ’ 16 _____
94*2
6
93*4
93*4
9 3 U _____
42
91
N o v ’ 16
91
_____
90*4
N o v ’ 16 . . . .
9934 IOOI4 1 0 0
99
104
_____ 1 03 78 O o t T O - - - - 1 03 78
104
_____ 1 04
D eo T 5
9 1 U F e b '1 2
88
_____
89
_____
90*8 O c t T 2
89
_____
8 9 % S e p t ’ 16
88
_____
8 8 *s O o t T O ___
8 8 *s
88
9018 J ’ l y *12
N o v ’ 10
9914 1 0 0 % 1 0 0
95*2
93
M ay’ll
9 4 % _____
M a y '1 0
1 0 4 % _____ 109
100
_____ 100*4 O o t ’ 16 . . . . 100*4
1 00
_____ 100*4 O o t '1 6 - - - - 100*4
94
A p r '1 6 ____
9OI4 _____
93*2
11 101
1C258 8 a le 102*2
102*8
3 101*4
10234
1025S S a lo 102*2
97*4 J u l y ’ 16
10212
94*4
95*4 O o t T O
96% 97
95*4 O o t T 6 ___
0 5 1 4 _____
92
95*4 J a n T 4
9 5 78 _____
95*8 O o t T O
9 5 78 _____
95*8
1 03
_____ 101
A u g '1 6 . . . . 101
10712 _____ 107** S e p t ’ lfl
107*.
5 D u e F eu.

1021S
101*8
86D
8 7%
100*8
8618
88
90
93*4
91
1 00
105*2

9 0 '

100*4
100*4
94
102*8
1 0 2 3i

84*2 S a lo
K C F t S A M c o n s g 6 s_ _ 1928 M - N
K C F t S A M R y r e f g I s . 193 6 A - O
A - O
S t L S W j l s t g 4 s b o n d c t f s . . 1989 M - N
2d g 4s In com e b o n d c t fs .p l9 8 9 J - J
C o n s o l g o l d 4 s — ................ 193 2 J - D
1 s t t e r m l A u n lf 5 s .................195 2 J - J
J - D

S e a b o a r d A i r L in o g 4 s ______ 1 95 0

- D
- D
- S

M o r t g u a r g o ld 3 M s . . * 1 9 2 9 J - o
G H A S A M A P 1st 5 s . . 1931 M - N
J - J
M -N
H o u s E A W T 1 st g 5 s . . . 1933 M - N
1st g u a r 5 s r e d ...................193 3 M - N
I I A T C 1st g 5s In t g u . . . 1937 J - J
G e n g o l d 4 s Int g u a r . . . 1 9 2 1 A - O
A A N W 1 s t g u g 5 s . _ _ " . .1 9 4 1 J - J
J - J

O r o A C a l 1 st g u a r g 5 s ___ 192 7
S o P a c o f C a l— G u g 5 s . . . 1937
S o P a c C o a s t 1 st g u 4 s g . . 193 7
S a n F r a n T e r m l 1 s t 4 s . . . 195 0
T e x A N O c o n g o ld 5 s . . . 194 3
S o P a c R R 1 s t r e f 4 s ........... 195 5
S o u t h e r n — 1 st c o n s g 5s _____1994
R e g i s t e r e d _______________199 4
M o b A O h io c o ll tr g 4 s ___ 1938
M e m D lv 1st g 4 M 8 -5 s . .1 9 9 6
S t L o u is d l v 1st g 4 s ........... 1951
A l a C e n 1 st g 6 s ........... ..
191 8
A la G t S o u 1 st c o n s A 5 s . . 1943
A t l A C h a r A L 1 st A 4 M b 194 4
1st 3 0 - y r 5 s s e r B _____1944
A t l A D a n v 1st g 4 s ..............194 8
2 d 4 s ..................... .. ...............194 8

J - J
A -O
J - J
M- N
J - J
A -O
J - J
J - J
J - J
J - J
M
J
J
J
J
J
J
J
J
A

-

S
J
J
J
D
J
J
- J
- J

-O

j - j
E T V a A G a D lv g 5 s ___ 193 0
C o n 1st g o l d 5 s ................ 1956 M - N
E T e n r e o r lien g 5 s ........... 1 93 8
M- S
G a M i d l a n d 1 st 3 s ______
194 0 A - O
G a P a o R y 1 st g 6 s ................ 1922 J - J
K n o x A O h io 1 st g 6 s ___ 1925 J - J
M o b A B lr p r io r lie n g 5 S .1 9 4 5 J - J
J - J

S o C a r A G a 1st g 5 s ______ 1 91 9
V i r g in ia M i d s e r D 4 - 5 S . . . 1 9 2 1
S e r ie s E 5 s ........................ 192 6
G e n e r a l 5 s . .......................... 193 6
V a A S o ’ w ’ n 1st g u 5 s . . 200 3
1 st c o n s 5 0 - y e a r 5 s . . . 1 95 8
W O A W 1 st c y g u 4 s ____ 1924
S p o k a n e I n t e r n a t 1 st g 5 s . . . 1 9 5 5
T e r A o f 8 t L 1 st g 4 M s ______ 193 9
1 st c o n g o l d 5 s ______ 1 8 9 4 -1 9 4 4
G e n r e fu n d s f g 4 s ................ 1953
S t I. M B r id g e T e r g u g 5 s . 1930

T o l A O C 1 st g 5 s ................... . 1 9 3 5
G e n e r a l g o l d 5 s .............. ....... 193 5
2(1 2 0 - v e a r 5 s
_ _
1 92 7
T o l P A W 1 st g o ld 4 s ..............1917
T o l S t L A W p r lie n g 3 M s . 192 5
5 0 - y e a r g o l d 4 s . ..................... 1 95 0
C o l l t r 4 s g S e r A . ................ 1917
T o r H a m A B u f f 1 s t g 4 S ..A 1 9 4 6
1 s t r e f u n d g 4 s ........................ 195 2
U n io n P a c i f i c 1 st g 4 s ..............1 94 7

9 5 7g
1 0 2 *j
107*1

2 0 - y e a r c o n v 4 s ......................1 92 7
1 st A r e f 4 s .............................0 2 0 0 8
O r e R R A N a V COD g 4 S .. 1 9 4 6

M ay.

- J
- J

A -O
M- N
M -N
M- S
M- 8
M- S
M -N
J- J
A -O
F- A
J - J
A - O
F- A
J -J
A -O
J -D

g D ue June,

h D u o J u ly .

- J
F - A
j - j
A - O
J -D
A -O
J - J
j - j
j - j
A -O
F- A
J - D
J -D
A - O
J - J
J - J
1 - J
M- 8
J -D

713s
89*4

82

594
101

67%
83%

73*2
90%

464

70*8
875S

97*4

59

39

65 “

22

80

2 1 00 % 103*4
68*2 78
45*4 82*a
6
13
4 3 U 79
78
S e p t ’ 10
89 ' 93
O o t T 6 _____
67*4 83*4
M a r’ ll
2
02% 86%
84*2
6 D 4 75*2
7 109*4 111*4
111*8
12
77
75
79%
J u n e ’ 10
90
90
1
79
76% 80%
62
70
15
70
601* 7 2
21
69
60
72

103*4
103*4
78
M a y ’ 10
80
N o v ’ 16
77*8
92*2
83*4
803,(
84*2

4

66

81
83
81*2 82*3
60*4 S a l e '
69*8 S a le
85
87
8 8 * 4 _____

A -O

G a C a r A N o 1st g u g 5 s . . 192 9 }
J
S o u th e rn P a c ific C o —
J
J
2 0 - y e a r c o n v 4 s ..................... 0 1 9 2 9 M

94%
79"

111
S a le i 111
• 76*3 77*4 76*4
89
_____
00
78*2 79
79
65
68*4
66*4 7 0
69
08*4 6 9
69

R e f u n d i n g 4 s ................
1959 A - O
A t l B lr m 3 0 - y r 1 st g 4 s . _ e l 9 3 3 M - 8
C a r C e n t 1 st c o n g 4 s ........... 194 9 J - J

9 5 i2
95*4

e Duo

S a le
S a le
S a le
S a le

77*2 S a le
9 3 * 2 _____
84*2 8 7

A -O
J - J
J - J

J

1 00

96*4
..
80

103*2 1 04
80*2 81
80*4 81

J - J
J - J
M -N

J - J

138
N o v ’ 16
11512 1 45
5 88
90%
91
9 0 l 2 91
91
1 0 4 * 4 _____ 1 03
S e p t ’ 16 —
103
103*2
2
9 3 14 9 5
9314
9 3U
91*2 94*4
9138 S a lo
94
9 4 58 193
91*8 94*8
_____
9312 9234 N o v ’ 16 . . . .
90*2 93*2
55
67
073S
67
S a le
65*8 67*8
6 5 % -------6 5 78 N o v 16 . . . .
03*2 6 5 78
9 1 7a _____
91*2 S e p t ’ 10 —
91*8 91*2
110
113
llO U O c t TO —
109*8 1 13
l b 0>2 O c t T 5
107
_____ 107
O c t T 6 _____ 107
107
1 0 0 % N o v ’ 16 . . . . 100*2 101*8
IOOI4 101
9 D 2 S e p t ’ 16 . . . .
8 S l2 _____
90
91*2
8 7 iS 8812 90** F o b TO . . . .
90
90*2
1 1 0 % 1 1 2 t2 1 1 1*2 S e p t ’ lB . . . . H I
111*2
35
86
S a le
85*4
86
83*4 8 8
3
99
1 00
99*2
9912
93
101
10
9938
98
993S 9 9 %
98
9 9 78
9 9 3 s ______ 9914 N o v ’ 16 . . . .
98*4 99*2
1 02
1 03
N o v ’ 10
1021* 10314
1 98*4 99*8
9 9 l4
9 9 U 99*8 9914
16
9 9 l2 9958 9912
100
98
100*4
91 104*2 10038
1 0 5 78 S a le 1 0 5 34
1001
8
10238 1 64 100*4 103*2
102 >8 S a le 1 0 1 78
9734
9734
5
9 7 % _____
90*4 97*4
9 4 % S o p t ’ 10 . . . .
0 5 * 8 _____
94*2 9 0
99
9 9 78 99>2 N o v ’ 16 . . . .
98*2 99*2
1 02
J a n ’ 03
93
_____
99% O ct TO
9 9 78 _____
99*8 1 00

a D ue Jan.

J e r s e y C e n t r a l c o l l g 4 s ___ 1951

_____
J a n 12
A p r '1 6 —

lO SM
87
88
75
107

79
79
85
85
_____ 1 0 1
_____ 1 20
122
1 22
_____ 1 2 0 <
3
96
9514
93%
915s
9 5 1 s _____
1 40

1 04

—

9 1 % N o v ’ 16 —
89
N o v ’ 16 —
81
81

77
83
1 01
120
1213s
1 19
9 5 38

• N o p r ic e F r i d a y ; l a t e s t b i d a n d a s k e d .
s O p t i o n s a lo .




W e e k '*
R a n g e or
L a n S a le

im e r e ti
P erio d

BONDS
Y . STOCK EXCH AN G E
W e e k E n d in g D e c . 8 .

B ond*
S old

N.

New York Bond Record— Continued— Page 3
I n u r e it
P erio d

214:4:

1 0 2 * 8 _____
1 0 3 * 4 _____
103*4 _ _
1 0 2 3 s _____
102
_____
86
87
-------87*2
87*2 S a lo
104*2 S a le

81*2 N o v '1 0 _____
1
91
17
69%
70*8
86*4 N o v ' 1 6 _____
88
J u n o 'l G _____
101

74 “

84*2

65*2
82
88

72
87%
88

D eo T 5
102*3 1 0 3 %

102*8 N o v '1 6
99*4 A u g T 5

1 0 1 % 103
. . . .
“
17

87*2

87*4

91
S a lo
91
91*4
_____
84
1023s 104*2 101*2 O c t T O
99*2 . .
100
O ct T 6
100*4 J a n T O
1 01
S a le 1 01
101
101
102*2 1 00
O c t TO
1 0 6 * 2 _____ 106*2
100*2
9 6 * 8 _____
90
O o t TO

1 59
86*4 8 9 %
147 1 0 2 % 107 %
22

___
_____
___ .
1
___ _
1
_____

101*2 1023s 101*2 D e o '1 6 _____
1 0 5 * 8 _____
---------105*8

8 U4

91%

1 02
99
100*4
101
100
1 00
94*4

1 02
100
100*4
102*4
103%
107*4
90

101*2 1 0 1 %

105
1 0 6 * 4 _____
1 01
102*4
107*8 . .
95
96*8
86
8 G%
93
96
92*8 S a le
101*2 S a le
-------- 102*8

105
102*4
107*2
96
86*2
95
92
101
100*4

O ot TO
N o v ’ 10
S o p t ’ lO _ _ .
O ot T 6
9
87
N o v ’ 16 _____
55
92*8
98
101*2
A u g T 6 ____
108
76*2 77*2 76*2
n
77 “
---------10O *4T00*8 N o v ’ 16
84
8 4 % 8 4 % N o v ’ 16
1025 s 1 04
1 0 2 % S e p t ’ 10
_
_____
99
9 9% O ot TO _
93*2 94*4 04*2 O c t T O _____
6
1 03
S a lo 102*4
103
8 1 7s 82*2 8 1 78
3
8 1 78
--------- 82
81*2 M a r ’ 16 ____
75
_____
105
_____ 105*2
3
105 %
107*2 S a lo 107*8
6
107%
100*4 101*2 1 0 1 % O o t T O
60*2 60
60
N o v ’ 16 _____
10634 107*4 1 0 6 78 O c t T O _____
1 08
_____ 108*2 N O V ’ 16 . . . .
105
_____ 106
S o p t ’ lG _____

____

1 0 3 3 4 _____
101
io u 2
1 0 1 * 2 _____
1 0 3 * 2 _____
1 0 4 * 2 _____
1 0 0 3 s _____
104*2 1 05
90*4 91
94
_____
93
1 00
99*2 10034
104
1 05
85*2 8 6
1 0 1 * 2 _____
100*8 S a le
65
80
______89*4
_____
95
10434 S a to
99
100*4
85*8 9 3
82
83*2
97
98
55
60
83*2 8 5
61*2 6 2
24
60
83
87
100*2 101*4
--------- 7 8 '
98*4 S a lo
98
99*2
93*8 93*4
91*2 S a lo
93*4 S a le

* Duo A ug.

73
101
102*2
103*8
104
107*4
104*4
91
94
91%
100*4
1 04
85*2
100*4
100
70
88
106*2
10434

S o p '1 2
N o v ’ 16
J u n o ’ 10
Aug T0
M a r ’ 13
N o v ’ 16
10434
N o v ’ 16
94
O c t TO
N o v ’ 10
104
N o v ’ 16
N o v ’ 16
100*4
70 '
O ot T 6
N o v ’04
1043.1

90
82*i
97*2
65
83*2
60*4
18%
83
1 00 %
74
98*2
99
93%
91%
93%

N o v ’ 10
82*2
N o v ’ 16
N o v ’ 10
N o v '1 6
62
M a r ’ 10
A p r TO
N o v ’ 10
M a r ’ 16
99*4
N o v '1 6
93%
91*2
93%

o D u o O o t.

v

_____
____
20

105

1 00 %
1 07 %
94*3
82*3
95
89*2
100
100*4

102%
1 07 %
97
92*4
95
92%
103*8
100*4

76
78*
100
104
80
847s
1 02 % 103*4
98*2 9 9 %
94*4 90
100*4 103*4
81*3 85*8
79*8 81*3
103*2
105*4
99*2
67
106 %
1 08
105*2
7134

100*2 102
102
102*3
102
1 03 %

102%
10213
89
12
91
_____
91%
_____
98*2
2 103%
___
84%
___ 99*2
6
5
35
88

___

105*2
107%
IO H 3
60
1 07 %
11013
1 06
71«4

107*4
105*4
91
94%
93
100%
107*4
88
101*4
70
90

2 1 03
105*4
101
10213
90
94
1 82
84*4
97
99
_____
60
61
_____
7 8 % 83*2
S 54
'
63
____
1 8% 18%
_____
83
80
0 9 ia 1011#
70
55
99
14

Duo N ov.

9 5 % 1 00
95
99
92*3 9 0
8 9% 92%
91*8 9 3 %
QD uo D eo.

F
J
J
J
J
F

-

A
J
D
J
J
A

M -N
IY1-N
F - A
J - J
M- S

99%
105*4
1 00
80
97

L ow
107*2
106
91
102
90
90%
91

H ig h
109
107 %
94%
1 02
95%
91%
91*2

30
99
99*2
S a le
97%
18 1 03
S a le 105*8
105%
5
99%
1 00
S a le
98
O o t TO . . . . 105
_____ 1 05
M a y '1 0 ___ _
______ 100
96*a

99%
106
100*2
1 05
1 00

105
82%
73%
85%
____
1%
_____
_____
_____
_
85%
94%
74%
1 04 %
80
37
100

C e n t a n d O ld C o l T r C o c e r t a .
C o l u m b i a T r C o c e r t f a _______
C o l T r c t f a f o r C e n t T r c t f a ___
T ru s t C o c e r tfs F -A
F - A
J - J
A - O
A - O
r _ j
F
M
J
J
J
M

- A
- S
- J
- J
- J
-N

S t r e e t R a ilw a y

2 103
_____ 1 05
105%
105*8
80
A u g '1 2 _____
_____
N o v ’ 16 _____
72
74
76*2 7 4
86
J u n c '1 6 _____
82
87
86
1*2 O o t '1 6 _____
3*4
%
4%
1% D e o '1 6 —
*2
3%
2
2
O c t '1 6 —
3
*2
3*2
1*2 N o v ’ 16 —
*2
3%
2*2
*4 A u g T 6 . . . .
*4
*4
%
*4 J u l y '1 6 _____
*4
*8
%
15
85%
85%
83*2 8534
S a lo
95*2 91*2 A u g '1 5 _____
6
75
75%
75
71
76*'>
13 10334 1 0 5 %
1 01 %
S a lo 1 04 %
0 81*a 8 6
86
86
S a le
37
O c t '1 8 - - - -------37
37
N o v ' 16 ___ _
98
1 02
-------- 1 00
99*2 O o t T O
99% D e c T 6
9 9 % _____
97
99%
40
78%
78*4 7 8% 78*8
68
80
80
S e p t '1 6 —
80
80
9 8 * 4 _____
84*2 8 8
86*4 88*4 86*2 N o v ’ 16 —
5
87*2
87*4 8 7 % 87*2
84
88*2
N o v '1 6 —
85
905s
_____
88*2 8 8
100%
74%
100*4
102
94*2
101
100%
1 01 %
85*s
85
74
96%
101*2
101*8
82*8
84
94%
09*4
25*2
100*2
72%
98%
93
92*2

101
75*2
100%
N o v ’ 16
N o v ’ 16
M a y ’ 13
101%
N o v '1 6
85*8
N o v ’ 16
N o v ’ 16
97*4
O ot TO
101*2
83%
J a n '1 4
S o p t '1 6
70*2
2 6%
100*2
73*8
98%
93
93

19 1 00 % 1 03 %
8, 7 4 % 81
71 100
101*8
_____ 10012 102 %
....
93% 94%

99i*> 99*2
997
i 99%
99% 100
30
102*4
93
9 2 * 4 _____
1 0 0 * 4 _____ 101
93*2 9 6% 9 4
83%
_____
85
99
1 00
_____
74
S a le
74
4 9 % S a lo
49*2
88
S a lo
86
_____
91
88*3
78%
_____
78
1 00
96
9 5 % _____
1 0 1 * 2 _____ 1 0 2 %
81
8 1 % 81
7G34 S a le
75 7
8
107*4 S a le 107*4
100*2 S a lo 100*2
_ 93
72
69
80
84
fi2
85
76
76*4 7 6
61*4
60
75
53
51*2 61
36*2
3 6 % S a lo
90
9 0 % S a lo

N o v ’ 16
N o v ’ 16
N o v '1 6
M a r ’ 14
O o t ’ IF.
N o v ' 16
A u g '1 6
N o v ’ 16
A u g '1 6
S o p t '1 0
74%
50
88
N o v ’ 10
J u l y ’ 16
M a y ’ 15
M a y ’ 16
O o t TO
8 1%
7 0 34
107*4
101

_____
_____
....

1 0 1 * 4 _____
1 0 7 % -------1 9 * 4 -------100*2 101
89
_____
1 2 5 % 126*2
---------106*2
101*2 102
1 01
...
1 0 4 * 2 _____
-------- 1 01 %

103
1 07
54
101
97
125*2
100*4
101*2
101*2
104*4
1 01 %

8 o p t ’ 15
N o v ’ 16
June’ lf
O o t TO
F o b '1 5
125*2
100*2
N o v ’ K)
O o t ’ It
104*2
101%

1 00
1 03
90%
105*4
1 17
120

*0(1
F eb T 3
1 03 % N o v ' 16

A - O
J - J

1 0 0 % 101
74% 77

J - J
M -N

1 0 1 % _____
_____
95*2

F
F
F
F
J
r
j

1 00 % S a le
100*2 101*2
85% 86
85% 86
73% 71
9 6 % 97*4
1 0 1 * 4 _____
1 0 1 * 2 _____
82*3 S a lo

- A
- A
- A
- A
- J
- a
- j
j - j
J - j
M - S
F -A
F -A
J — ..
F - A
A - O
J - J

M e t r o p o l it a n S t r e e t l t y —

J -

8 t L o u is T r a n s i t g u 5 a .
V a l t y & P o w 1 st
r e f 5 s . . 19
G a * a n d E le c t r ic L ig h t

M i lw a u k e e G a s L 1st 4 s . . .

P a c ific G < E l C o C a l G & E
fe
C o r p u n ify in g A r e f 5 a . . . 1

D

J - J
j - j
j - j
j - j
j - j
j - j
A - O
M- N
M -N
F - A
- J
M -N

M l n n e a p S t 1 st c o n s g 5 s . .

T h i r d A v e 1 st r e f 4 a .

9
1)
7
1
3
8
r)
6
l
|
7
4

J - J
J - .1
A -C
J - J
A -O
J - J
_____
A - O
M -N
J - J
A - O
A -O
J - J

7 J -D
\ M -N
7 A - 0
6 A - O
l J - J
) Q - F
[ M - N
i J - J
S F - A
3 J - J
[) M - S
jM -fi
) J -D
) M -N
.’ A - O
7 A - O
7 A - 0
5 M- S
) J - J
) Q - F
1 A -O
7 M -N
[ J - D
J
D
) F - A
'> J - J
) F - A

94
95
69*4 S a lo
2 5 % S a lo
1 0 0 * 2 _____
73*8 S a lo
9 8 % S a lo
92
9212

99
98
99*4

_
.
..
1 05 %
118
1 25

1 0 1 % S a lo
1 0 2 % _____
9 3 % _____
103*2 . . .
104*4 1 05
86*3 S a lo
108*4 S a lo
1 0 0 * 8 _____

7 M -N
2 J - J

9912 S a lo
9 2 % S la o

) F - A
9 M- S
l A - O
7 M- S
7M- S
7 J - J
J -D
M- N
M- N
)F -A
M -N
iJ - D
J -D

--------- 9 5
1 0 0 * 2 _____
1 1 4 % 1 15
1 01 % 101%
-------99%
1 0 1 * 2 _____
1 02
_____
90*2 9 1%
1 0 0 % -------9 8 % _____
9 2 % S a lo
101*4 101*2
102
103*4

5 100
1 02
_____ 100*8 102*8
2
82*2 86*2
_____
8212 86*2
_____
73
77*4
15
95% 98%
___ _
99*2 102
3 0 101 % 101*2
8
74*8 8 5 %
87
94*4
191
08*2 7 5%
09
25*s 31*4
3 100*2 1 02
1 01
72*2 76*2
333
97*2 99*2
2
88*2 93*2
16
89
9334
93*4 100%
98
100%
99
101

101
102*2
_____
93
93
. . . . 100*4 101
....
92
95
___ _
80
80
_____
99
99
8
73*2 7 9
33
49*2 6 3 %
11
83
88*2
_____
88*2 94*2
_____
78*2 8 0
_____
95
98
. . . . 1 02 % 1 0 2 %
35
81
83%
45
75% 84%
7 108
108 %
16 9 8 % 100 %

N o v ’ 16
O ct ’08
76
16
N o v ’ K _____
N o v ’ l t _____
28
37
91
11

68

72

6 f
59*2
53
30
87

77
02
59%
46%
923*

1 05

1 05

101

101

2 1 20
15 106*4
101
101*2
11 102*4
1 100*4
103

127
108*2
102*8
101*2
104 %
102*8

1 03 %

105*4
"105*4
117
1 17
128
O ot T 6
S 8 * j S e p t ’ 16
101%
102
102*4
1 02 %
93%
93%

1 1 04
8 1147,
1 26 '
88
2 7 100%
4 100%
12
91%

86
86*2
108*4
108*4
1 00 % A u g T O

8 103
105^4
12
83% 87
6 108
1 09
100*8 101%

99%
92

9 9%
93

34
20

IO f.%
lisij
1 28 "
88*4
105
10234
93%

97% 100
92
93%

P a o P o w A L t la t A r e f 2 0 - y r
P a t A P a s s a ic G A E l 5 a . .

M u F u e l G a a 1st g u g 5 a .

92
99*2
1 15
102%
99
103*4
IO II4
91
1 00 %
99*4
92%
1 01 %
102*4

O ot T 5
S o p t ’ 10
N o v ’ lf
S e p t ’ lS
N o v ’ 10
N o v ’ 16
91
M a r ’ 10
N o v ’ 16
93%
1 01 *i
N o v ’ 16

1 00 %
101
86
1 00 %
*90*4
88
18
2
98%
99%

S y r a c u s e L ig h t & P o w e r 5 8 . . 1 95 4
T r e n t o n G & E l 1 st g 5 s _____1 94 9
U n io n E l e c L t < s P 1 st g 5 s . .1 9 3 2
S
R e f u n d i n g f t e x t e n s io n 5 s . 1 93 3
U n it e d F u e l G a s 1 st s f 6 s . 193 6
U ta h P o w e r & L t 1 st 5 s _____1 9 4 4

J - Jj
M - S
M - S
M -N
J - J
F - A
J - J
J - J
W e s t c h e s t e r L t g g o l d 5 s _____1 9 5 0 J - D
M is c e lla n e o u s
A d a m s E x c o l l t r g 4 s _______ 194 8 M - S
A la s k a G o l d M d e b 6 s A _____1 92 5 M - S
C o n v d e b 6 s s e r ie s B ........... 192 6 M - S
J -D
B o o t h F is h e r ie s d e b s f 6c1 . . 1 9 2 6 A - O
B r a d e n C o p M c o l l t r s f 6 s . 1931 F - A
B u s h T e r m in a l 1 s t 4 s ..............195 2 A - O
C o n s o l 5 s ______ ______________1 95 5 J - J
B l d g s 5 s g u a r t a x e x ........... 1 96 0 A - O
C h i c U n S t a t ’ n l s t g u 4 H » A. 1 96 3 J - J
C h ile C o p p e r 1 0 - y r c o n v 7 s . 192 3 M - N
C o m p u t i n g T a b - R e c s f 6 s . . 1 94 1 J - J
G r a n b y C o n s M S * P e o n 6 s A '2 8 M - N
S t a m p e d _________ __________. 1 9 2 8 M - N
G r e a t F a lls P o w 1 st 8 f 5 s . . 1 9 4 0 M - N
I n t M e r c a n M a r i n o 4 ^ s _____192 2 A - O
N e w 1 st & c o l l t r s f 6 s . . 1 9 4 1
I n t N a v ig a t io n 1 st s f 5 s _____192 9
M o n t a n a P o w e r 1 st 5 s A ___ 1 ° 4 3
M o r r i s * C o l s t s f 4 H s _____1939

A
F
J
J

N Y D o c k 5 0 - y r 1st g 4 s ___ 1951
N i a g a r a F a lls P o w e r 1 st 5 s . 1932
R e f & g e n 6 s ........... ...............a l 9 3 2
N la g L o c k & O P o w 1 st 5 s . . 1 9 5 4
O n t a r io P o w e r N F 1 st 5 s . . 194 3
O n t a r io T r a n s m is s io n 5 s _____1 94 5
P u b S e r v C o r p N J g e n 5 S .. 1 9 5 9
T e n n e s s e e C o p 1st c o n v 6 s . . 1 92 5

J - J
F - A
J - J
A - O
M- N
F - A
M -N
A - O
M- N
J - J

103*4
101*2
91
1 00 %
99*4
94
102%
102*4

-

O
A
J
J

M a n u fa c t u r in g & I n d u s t r ia l
A m A g C h e m 1st c 5 s ________1 92 8 A - O
F -A
A m C o t O il d e b e n t u r e 5 s ___ 1931 M - N
A m H i d e * L l s t s f g 6 s _____1 91 9 M - S
A m e r I c e S e c u r d e b g 6 s _____1 92 5 A - O
A m S m e lt S e c u r it ie s s f 6 s . . 1 92 6 F - A
A m T h r e a d 1st c o l l t r 4 s _____1 91 9 J - J
A m T o b a c c o 4 0 -y e a r g 6 s . .1 9 4 4 A - O
G o l d 4 s ................ .....................1 9 5 1 F - A
A m W r i t P a p e r 1st s f 5 s . . . 1 9 1 9 J - J
B a ld w L o c o W o r k s 1 s t 5 s ___ 191 0 M - N
J - J
1st & r e f 5 s g u a r A ________1942 M - N
C e n t L e a t h e r 2 0 - y e a r g 5 s . . 1925 A - O
C o n s o l T o b a c c o g 4 s _________ 1951 F - A
C o r n P r o d R e f s f g 5 s ........... 1931 M - N
1 s t 2 5 - y e a r s f 5 s _________ 193 4 M - N
C u b a n - A m S u g a r c o l l t r 6 s . . 191 8 A - O
D is t i l S e c C o r c o n v 1 st g 5 s . 192 7 A - O
E I d u P o n t P o w d e r 4 4 4 s ___ 193 6 J - D
G e n e r a l B a k in g 1st 2 .5 -y r 6 3 .1 9 3 6 J - D
G e n E l e c t r i c d e b g 3 > $ 3 _____1942 F - A
D e b e n t u r e 5 s _______________1 952 M - S
111 s t e e l d e b 4 4 i s __________
194 0 A - O
I n d i a n a S t e e l 1st 5 s . ...........
1952 M - N
I n g e r s o l l-R a n d 1 st 5 s
m as J - J
I n t A g r l c u l C o r p 1 st 2 0 - y r 5 s 193 2 M - N
I n t P a p e r C o 1 st c o n g 6 s . . . 1 91 8 F - A
C o n s o l c o n v s f g 5 s ________1 93 5 J - J
L a c k a w S t e e l 1 st g 5 s ..............1 92 3 A - O
1st c o n s 5 s S e r ie s A ______ 1 9 5 0 M - S
L i g g e t t & M y e r s T o b a c 7 s . . 194 4 A - O
5 s .................................................... 1951 F - A
L o r l ll a r d C o ( P ) 7 s ................... 194 4 A - O
5 s ....................................................1951 F - A
M e x i c a n P e t r o l L t d c o n 69 A 1921 A - O
N a t E n a m * S t p g 1 st 5 s . . . 1 92 9
N a t S t a r c h 2 0 - y r d e b 5 s _____1 9 3 0
N a t i o n a l T u b e 1 st 5 s _____. 1 9 5 2
N Y A ir B r a k e 1 st c o n v 6 s . . 1 9 2 8
R a il w a y S t e e l S p r in g —
L a t r o b e P la n t 1st s f 5 s . . 1 9 2 1
I n t e r o c c a n P 1 st s f 5 s . . . 193 1
R e p u b I A 8 1 0 - 3 0 -y r 5 s s f . 1 9 4 0
S t a n d a r d M i ll in g 1 st 5 s . . . 1 93 0
T h e T e x a s C o c o n v d e b 6 s . 1931
U n io n B a g & P a p e r 1 st 5 s .1 9 3 0
S t a m p e d _________ ___________ 1 93 0
U S R e a lt y * I c o n v d e b g 5 s 1 9 2 4
U S R e d & R e f g 1 st g 6 s _____1931
U S R u b b e r 1 0 - y r c o l t r 6 s . . 1 91 8
U S S t e e l C o r p — \ c o u p ____ <11963
S f 1 0 - 6 0 -y r 5 s ( r e g ........... d l 9 6 3
V a - C a r C h e m 1st 1 5 - y r 5 s . . . l 9 2 3
C on v deb 6 s .. .
e l9 2 4
W e st E le c tr ic 1st 5s D e c ..1 9 2 2
W e s t l n g h ’ s o E * M n o t e s 5 s . 191 7
C oal &
Iron
B u f f A S u s q I r o n s f 5 s ______ 1932
D e b e n t u r e 5 s _____________ 0 1 9 2 6
C o l F & I C o g e n s f 5 s _____1 94 3
C o l I n d u s 1st & c o l l 5 s g u ___ 1934
C o n s I n d C o a l M e 1 st 5 s . . 1 9 3 5
C o n s C o a l o f M d I s t A r e f 5 s . 195 0
G r R l v C o a l & C 1 st g 6 S ..A 1 9 1 9
P o c a h C o n C o l li e r 1 st s f 5 s . 1957
S t L R o c k M t A P 5 s s t m p d . 1955
T e n n C o a l g e n 5 s .......................1 9 5 1
B lr m D l v 1 st c o n s o l 6 s ___ 191 7
T e n n D l v 1 st g 6 s ..............a l 9 1 7

V a I r o n C o a l A C o k e 1 st g 5 s . 1949
T e le g r a p h & T e le p h o n e
A m T e l e p A T e l c o l l t r 4 s ___ 192 9
C o n v e n t ! ) e 4 s _____________ 1936
2 0 - y r c o n v e r t i b le 4 4 4 s ____ 193 3
C e n t IJlst T e l 1st 3 0 - y r 5 s . . 1943
C o m m e r c ia l C a b l e 1st g 4 s . . 2 3 9 7

93*2

1 14 % 115*2
100 % 1 02 %

3

BONDS
N . Y . STOCK EX CH AN G E
W e e k E n d in g D e o . 8 .

C l im b T A T 1st A » e n 5 s ___ 1937
K e y s t o n e T e l e p h o n e 1 st 5 s . . 193 5
M o t r o p o l T e l A T e l l s t s f 5 s 1918
M i c h S t a t o T e l e p 1st 5 s _____1924
N Y A N J T e l e p h o n e 5s g . 1 9 2 0
N Y T e l e p 1st A g e n s f 4 4 4 s . 193 9
P a c T e l A T e l 1 st 5 s _________ 1937
S o u t h B e ll T e l A T l s t s f 5 8 .1 9 4 1
W e s t U n io n c o l l tr c u r 5 s ___ 1 9 3 8
F d a n d re a l c s t a 4 44s _____1 950
M u t U n T e l g u e x t 5 s _____1941
N o r t h w e s t T e l g u 4 44s g . . ! 9 3 4

P r ic e
F r id a y
D ec. 8.

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

B on d s
S old

R ange
S in ce
Jan. 1

H ig h N o .
Bid
A s k L ow
22
108
S a le 108
108*8
6,
107%
107%
1 0 7 % S a le
42
93*4
93%
93>2 S a lo
M a r '1 6 _____
1 0 1 * 3 _____ 102
90
A p r '1 6
9 2 % 1 00
9 1 % O o t '1 6 _____
9 1 % _____

J - J
J - J
A - O
IV1- s
J -D

la t lie n e q u i p s fd g 5 a . . .

W eek '*
R ange or
L a it S a le

In te r e s t
P e r io d

P r ic e
F r id a y
D ec. 8.

B ondt
S old

I n te r e s t
P e r io d

BONDS
If. Y . S T O C K E X C H A N G E
W e e k E n d in g D e c . 8 .
U n io n P a c if i c ( C o n ) —
O r e S h o r t L in o 1 st g 6 8 ----- 1 9 2 2
1 s t c o n s o l g 6 a ___________ 194 6
G u a r r e f u n d 4 a ___________ 192 9
U t a h & N o r g o l d 5 a -------- 192 6
la t e x t e n d e d 4 a ________1 9 3 3
V a n d a lt a c o n s g 4a S e r A _____ 1 9 5 5

2145

New York Bond Record—Concluded-—Page 4

D eg. 9 1916.1

H ig h N o .
B id
A sk L o w
8512 J u n e ’ 12
86
_____
1 0 1 * 8 _____ 101*2 J u n e ’ 14 —
1
1 0 1 % _____ 1 0 1 %
101*8
1 01 % N o v ’ 16 . . . .
41
1 01 %
101
100
101
71
95*4
96
S a le
96*4
1(121* M a r '1 ft
1001,
98
10012
1 0 5 % _____
1 0 5 % 106% 105 %
85*4 S a le
86
88
85*2 8 7
9 3 % 94
9 3 % 94*2
9 8 % 99
8 7 % _____
9 1 % 92%
8 9 % S a le
100
100%
136*4 S a le
8712 88
1 09
116
109
111
1 0 1 % 102
109*4
9512
n o
99%
93

111
S a le
_____
S a le
93%

7334
101
105*2
95
93%
--------92%
92

78
102
108
S a lo
93*4
95
S a le
94%

1 0 3 i2 S a le
1 04
S a le
96
97
104
1 04 %
95
S a lo
116
S a le
9 8 % 99*8
_____ 1 20
82*2 8 5
8 7 34 S a le
1 0 4 % 105
1 0 3 % 103*4
-------- 102
103
S a le
8 1 % _____
99
1 00
97%
98%
1 02
S a le
72
73
101
102
--------- 9 5
80
81
1 06
S a lo
9 3 % S a le
1 03 % S a le

85
87
86
94
92%
99
88
91%
88%
100*8
1 35
87*8
112
112
101%
in
109*4
95*2
110%
99*2
93%
83
94
73%
102
105%
94
93*2
86
92%
93

85*4
87
87*4
94%
N o v ’ 16
99
88
91%
89%
100*2
147*2
88
113
112
101%
O ot T 6
N o v ’ 16
96*2
N o v ’ 16
1 00
N o v ’ 16

103*8
103%
95
104
87%
115*2
99
120
82%
87*2
103
103 %
102
102%
84%
99
98
101%
72
101*8
85
80*2
1 05 %
93%
103 %
100
79
101
99*2
101
103*2
127*8
101
127
101 %
112
1 1 2*->
101
85*2
101
1 05 %

103%
104*2
96
104%
95*8
1 18 %
N o v ’ 16
N o v ’ 16
N o v ’ 16
88*4
N o v ’ 16
103%
1 02 %
103*8
O ct T 6
99
98
1 02 %
73
N o v ’ 16
M a r ’ 16
80*2
106
93%
103%
O c t '1 3
79%
101*2
1 00 %
101%
1 05 %
127*2
102
1 27
101*8
112*2

R a n ge
S in c e
Jan. 1
L ow

H ig h

- - 1 0 0 % 101*8
101*8 101*8
9 9 % 101%
93*2 9 6 %

104 % 1 0 5 %

23
82
2
85
9
85
124
93
_____
90
44
97*2
4
86*2
3
86%
30
86
51
99*8
1 78 120*2
16
81
101&8
2 103
3
99%
----- -95
_____
95*8
178
96%
....
91%
40
95*8
92%
----

86%
117
105
95
92%
99%
89
92%
91
102*8
154
88
117
115
101%
111
111
99%
110*2
100*8
93*8

94%
94
i
71
75*2
73%
4 1 0 0 % 102*2
102
O o t '1 6 . . . . 105*2 1 0 5 %
20
96
92
95
9
92
95%
93*2
86
S e p t ’ 16
90*2
18
8 9 % 93*8
92%
9
88
125
94
22
113
7|
23
73
125
_____
_____
___ _
69
---19
19
244
_____
1

101%
9634
95%
103*8
94
106 %
97%
118
82*2
65*2
104*2
102*2
99%
100 %
82%
98%
95%
101*2
69*8
101
85
78
103%
89%
101*8

103%
108*2
97%
104%
95%
122%
99%
120
89%
94
105
104%
103%
103%
84%
100%
99%
103
78
107%
85
8312
108*8
94%
105

74%
101 %
81
97%
90
1 23 %
100 %
122 %
100%
106*8
1 05
96%
N o v ’ 16
A u g '1 6 _____
85*2
10
99%
101*8
19 101
1 06

81%
102%
100*8
101%
109
128
103%
1 2 7 l2
102%
128
125%
102
88*2
102%
106*2

33
_____
....
1
11
1 19
27
2
32
40
53
292
13
5
6
18
20
1

J -D
JJ
M -N
M -N

79" S a le
1 01 % 1 01 %
100
S a le
101*2 S a lo
103*4 S a le
127
129
1 02
S a le
1 2 6 % 127
101*2 102
112
115*2
112
H 5 ij
100
101"
91
92
_____ 101
1 0 5 % S a le

J - J
A - O
A -O
M - N
J - J
J - J
J - J
J - J
J - J
J -D
F - A
M -N
M -N
J - D
A - O
J - J
A -O

_____ 1 00 %
100%
3
101
23
98
98% 98
98
101%
179
100 % 101
101%
2
99
9 9 % 99*2 9 8 %
35
1 05 % S a le 1 0 5 %
1 06
_____
93*2 9 3 34 D e c ’ 16 _____
N o v ’ 16
-------93% 94
159
69
70
S a le
70%
2 5 % N o v ’ 16
40
1 01 % S a lo 1 0 1 %
1 02
17
1 1 1 * - S a lo 111
112
1 90
106 % S a le 106*8
1 07
4
105%
106*2
31
9 9 % S a le
9 9%
99*2
89
1 03 % S a le 102*2
103 %
16
1 0 1 % 1 02 % 102*2
102*2
18
100 % S a le 1 00 %
1 00 %

J -D
M- S
F- A
F - A
J -D
J - D
F -A
A -O
J - J
j - J
J - J
J - J
J - J
A - O
J - D
J - J
M- S

2
96%
96%
96*4 S a le
96*4 9 9
99
90
99
9 3 % 96
N o v ’ 16 _____
5
92% 98%
97
97
9 5 % 97
79
7
74*8 8 2
78
79
78%
M a r ’ 14
73
20
_____
94%
7
90
94
93
94
94*8
35
94% 9 4 %
_____
9 5 % 94*4 M a r ’ 16
99
J l l l v 'l f t
4 6 lo
94%
89
9 4 % N o v ’ 16
9 4 % _____
88*2
87
N o v ’ 16
81
85
86
1 1C0*8 103*8
101*2
101*2
101*2 102
102
1 100
1 00
100
_____ 100%
102
N o v ’ 16 ___ _ 100
100
_____ 101
101
_ 85
A p r *14
73
82% 9 0%
3
' 87*2
87
87*2 87*2

J
M
M
J
Q

90%
91
S a le
100
1 06
107*8 106
102*2 103 % 1 0 2 %
73
73
77
71
100
100 % 1 00
98
1 00 %
1 0 0 % 101
1 0 1 % S a le 100%
1 0 1 % _____ 101*2
99
S a le
98%
1 00 % S a le 1 00
1 00 % S a le 100 %
100%
100*2 102
97
9 7%
97%
9 9 % _____ 1 0 1 %
94
94
_____

- J
- S
- S

-D

- j
J
J
J - J
M -N
F -A
M -N
M- N
J - J
J-J
J-J
M -N
M -N
J - J

QJ -

91*8 2 1 8
1 00 %
7
35
1 06
N o v 16
N o v ’ 16
M a y ’ 16
17
100*2
A p r ' 16
N o v ’ 16
2
101*8
N o v ’ 16
99*2 130
47
101*8
Id
1 00 %
24
1 02
1
97*4
A p r '1 6 _____
N o v ’ 16 —

99%
94%
95%
95%
104
80*g
82%
68
10*2
101 %
109
103 %
103*8
96%
1 00
101%
100*4

90*2
100
105 %
101*2
73
71
99*4
98
100 %
99%
100*4
97*2
99*2
99*8
100
94%
101 %
94

101%
98
102%
100
1 06
94
94*2
73
25%
103%
115%
107%
107%
100
103%
103%
101%

93%
105%
113%
103%
73
71
101%
98
101%
101*2
101%
99%
1 02
102%
102%
97%
101%
95

♦No prlco Friday: latest bid and aaked. a Due Jan. d Duo April. e Duo May. g Duo June, h Due July. A Due Aug. o Due Oct. p Due Nov. j Due Dec. s Option sale
:




3146

BOSTON STOCK EXCHANGE—Stock Record

SHARE PRICES—NOT PER CENTUM PRICES.
Saturday
Dec. 2.
*176%
80
126*4
45
*215
*4*2
*44*2
*150
*105
*148
75
•130*2
*91
*99
4%
29
58*4
*101
*___
”33*2
*112
56
75

Monday
Dec. 4.

177*2 176*2 176*2 175*2
80
79*2 79l2 80*2
122
126*4 *122 125
45*2
45*2 45*2 46
215 215 *215
4
” 4"
39
39
5
*412
*4*2 5
47
44*2
*44l2 47
154 *150 154 *150
107*2 107*2 *106*2
153 *148 153 •148
75
*74
76
75
*131
*130*2
*91
*91
*99
100
100
*4
478 *434
29
29
29
29
5733
58*4 5773 58
104 *101 104 *100
141 141 *
142
’ 35"
35
35*2
112
114 * I l2 ' 114
56
50
56
56
*75
75
75
75

*95
97
*95
103
103 103
15s *158
1*3
*11*2 12*4 *11*2
♦116*2 117*2 *116*2
120
120 120
127*2 12734 12733
53*4 53*4 *53*4
98*4 98*4 98*2
77
77
77
*98
98
98
121*8
122 122
70
*70
71
*22*2 23*2 22*2
*8*2 9
*8*2
228
228 228
•179 180
*100 101
io i"
9712 99*8 98
81
82
*81
174
•171 174
*.99
1*2 *.99
♦10
*10
45 " *40
*40
32
*27
32
60
60
60
*12412 125*8 125
160
*159 161
*142 145 *142
166*4
5034 51
15*2
*15*2 16
148 151 2 150*2
67
66
67
*32
*32
159 159*4 160
5734 58
58
2978
29% 30
1257 126
g
125
•12H2 12178 122*4
958 934
9*a

"so’

5
119%
14*4
U»
79
56%
80
16%
2*4

Tuesday
Dec. 5.

I Wednesday | Thursday
Dec. 6. 1 Dec. 7

S ales

Friday
Dec. 8

176*2 176*2
80*2 79*2
122 1*122
45121 45*2
*215
4
39
5
*4%
47
*441
2
154 ■150
1063
4
107
153 ■148
75
*75
13 1% 130*2
92
100
100
5
4%
29
28
57*2 57*4
105 ■100
141
140
35
*32*2
112 ■112
56*2 *56
*75

176*2 176*2 176*; 176*2 176*2
80
79
79
79
81
122 122
125
122 122
49*4 46
48
45
46
*215 ___
" 4"
1
Last Sale 4 V "May" 16
Last Sale 39 May’ 16
39
5
Last Sale 4*2 Nov’ 16
47
Last Sale 45 Sept’ 10
154
Last Sale 150 Oct'lG
106*4 *106*2 107*2
153
Last Sale 156 " N ov'Ie
*75 . . .
77
1313a *131*2 132 *131% 132*2
93
*93 . . .
*99 100
100
5
5
5
*4*2 5*4
27% 28
28
28*8 28
57*4 57*4 57*4 57%
58
105
Last Sale 100 N ov’10
140 *----- 140
35
"32*2 32*2
*32*2 35
113 *112 114
56
"56*8 57*4
57*4 56
*75
70
76
76*4

95
95
*95
103*4 104
102*2
1*2
*15S Ui
11
11 | 11
116*4 116*2 *110
120 120
12073
127*4 127*2 127*2
56
56
56*2
98*2 9834 98*2
77
77
77
98
98*2 *98
122 " 120*4 127*4 125
70
71
70*2 70
23
22*2 22*4 22
9
*8*2 9
*8*2
228
228*2 *229 230
179*4 179*4 *180
101 101*4 *101
101
9834 97
96*4
98
80*2 81
82
80
170 170
174
16912
1% *.99
1*2 *.99
10
10
*11*4
*40
45
*40
*27
*27
60
60
*60
60
125*2 124*2 125*2 124
160 160
160
160
145 *143 145
14734
166*4
51*8 51*2 52
52*2
1512 *15*3
15*2 *15
155*2 155 15934 1 6 0
60
67
6 6 34
66*2
*32 ____ * 3 2
ie o " 159*4 160*4 1 6 0
58*4 57% 58
57*8
297
8 2973 30
*2973
1263S 124*4 12534 12534
122l4 121 121
122*4
97S 10*8 10
10*4

*95
97
95
95
102*2 103*8 102*2 103*2
1*2 1% * l a t 1%
A
11
11
*11
12
116*2 116*2
121" 12*1*2
1203.1 121
127% 128
127*2 128
*55
56
*50*4 57
983 99
4
9834 99
*75
77
76*2 76*2
*98
99*2
132 138
137*2 147%
72
72
72
72
2234 23
22% 2212
*8% 9
8*2
8*2
228 228
228 230
180 182% 180*2 180*2
*101*4 101% 101% 101*4
97
977S 97
97*2
81
81
81
81%
172 172
Last Sale 1
N o v ’ if l
♦11*4
Last Sale 35” Nov* 16
30
30
*27 . . .
*60 . . .
124*2 124*2 124*2 124" 124*2
160% 160 160*2 161 164
14734

97
103*2
134
12*4
117*4
120
127%
54
987
8
77

5
5%
119% 119 119
14% 13% 14*4
1%
1%
79
79
79
58*4 61%
68*4
80
81% 81%
16% 17
1V'4
21a V j
2*4
70
68*2 68*2
VIJ4
92% 94%
93*2 94
606 610
607 610
23*4 23% 23% 23%
*69*4 69% 70
70
78*4 79*4 78*2 80%
*3
8*4 *3
3'4
18% 18% 18
18%
*11
11%
11*4 11%
107 n o
110 n o
*52
52
53
52%
19% 21 % 21
22%
*4% 5
5
5
G5
70*4 69*2 70*4
93
93*2 93
93*2
40
40% 40
40*2
4% 4%
5
5
5*8 b's
6i4 5*4
15
16
16
16
5%
512
534
5'a
*7
7*4 *7
712
17% 17*2
17*2 18
*3% 4
3?s
3's
4% 4*4 *4*4 4*2
*102 103
102 103%
*31
31*2 29% 30
6% 6*2
6-i4 6%
•15% 16
16
16
29
30
29% 29*4
88% 89% 88% 90
9
9
9%
U
‘4
27% 28
27*2 28
2% 2in *2% 2=2
*17S 2*2
1*2
1%
3% 3'»
3
3
79
79
78*2 80
100% 101
102% 102*2
19
19
20*4
20%
99
99
98*4 99
33% 33% 34
34
105 106%
106*2 10/
23
4
2*2 2%
10% n
10*2 11
*33
33% *33
33*2
6
♦6*4 7
6*4
*18% 19*2 19
19
*7%
7<2
75s
714
44
47
45
4V
7>4 7u
7>2 754
.90
1
.96
l
76
76% 75*2 77
52
51*2 62
52*4
3% 378
s
37
S 37
22*4 23
21% 22%
126*2 126% 126% 127
7*8 8
7>s 7%
*6*2 7
6%
7
6%
6I2 7
6*2
*55
55% 55
55*2
*2
2*4 2*4
2*4
•Bid and asked prices,

96*2
103
1®
8
11*2
116%
121
12734
56*2
99
77
99*2
132
70%
22*2
9
230*4
180*4
1013s
98
81
169*2
1*2

52
52
15
15*2 15*2 15
158 163*2 zl55 158
67*2 67% 67*4 67*4
Last Sale 32 Nov’ 16
160*2 162*2 160 163%
58*2 59*4 58*2 59
2978 2973 2934 30
125% 125*2
125*2 127
121% 121%
"16" 10*2
10%
10*4 11

53*2
15*2
165
67
_____
16234
59*2
30
126*2
122*t

su
119
13%
1%
77
60%
79*2
16%

su
5%
su
si4 li7
5*2
S
119
119
118 118*2 *118 119
14
13% 13% 13*2 13% 13%
1%
n 2 ii*
* 1%
1%
1%
78
78
79
78
78% 77
61% 61
61*2 60% 63*4 60*2
80
.
80
80
80
80
16% 16% 17
16
16% 15
2*2
VS
*2 % 3
2%
2*2
2*2
71% 72*4 72% 73*2 72
73
72%
93
95
91
91% 90% 91
89
600 600
600 600
604 605
598
23% 23% 23
23
23
23
*23
*68*2 69
68
69*4 69% *68 % 69
79*4 80
79
80% 77% 79% 77*2
3
Ml
3%
3l«
3%
*7,
Ms
17% 18% 18*4 18*2 18% 18% 18
11*4 11*2 11
11%
11
U ‘4 10*2
108 108 *106 n o
104% 108 *105
*52
53
*52
53
52
52*2 *52
21
21% 20*2 21*2 20
21
20
*4% 6
4% 434 *4*2 5
*4*2
68% 69% 69
72% 71
73% 72
93
93
93
92*2 93
93
93
39
40
38%
39% 40
39*2 40
5
5
*4%
5
*4%
5
414
5% 5*4
5%
su
su
li>
4
5%
15*2 15*2 16
16
16*2 16% 15*4
5
5*2 *5%
i>'4 *5% 5*2 *5%
7
7%
7U
714
7'4
7*4
7»4
17
17
17
1714 17
17*2 17
3%
3% *3*2 3%
3% 3%
3%
*4% 4*o *4
4
4
4
4*4
102 103% 103*2 106
103 106
103*2
*30% 31
31
31
31
31% 31%
6% 6% *6%
6% 6%
7
6*2
16*2 16 >
2 16% 17
16*2 16% 16*2
29*4 29% 28% 29*2 28% 28% 28
88*4 90%
89% 90% 89*4 89*4 89
9
9
9
9*4 9*4
9%
0'4
27% 27% 27% 28
27
27% 27
2%
2% 2%
2% 2%
214
2's
2
2
2% 2%
2'8 2'.s
3
2% 2%
254
2 .1 *2*2
5
79
80% 79
80% 79
79% 78
99% 101% 102 102
101 102
101
20*4 20% 20*2 22*4 22% 23
21%
98% 99
97*2 98*2 99 100
99*2
33% 33% *33*4 33% *32% 33% *33*4
105 105
103
104*2 104*2 105 105
*2*2 2%
2% 2%
2% 2*2
2*2
10*2 10% 10% 1034 10% 10% 10%
*33
33% *33
33% 32% 32% 33
6
6
6
6*4 6%
6U 6*4
19
19
18
18
18
18% 18
7 Mi 7*4
7
7
7 Mi 7%
7>r
45
45
45
45% 44% 45
44
' 71, 7*4 *7u
7
7*4
7's
7*1
2
1
2
1% 2
2%
15S
75*2 76% 76*2 77
76*i 77% 75*2
52
52*4 52
52% 52*4 52% 52
3%
4
4
4
31s
37
8 4
21% 22% 22
22% 22
22% 21%
125 125
126 126% *123% 124
124
7
7
7
7
7
7
7m
6%
7
7
7is
71, Vis
7%
6
6*2 6*2
6%
6*2 6%
6*4
56
56
66
56% 56*2 55
54*2
2*4
*2% 23g
2 Mi 2%
2u
2*4
a Ex-dividend and rights.




of the
Week
Shares

STOCKS
BOSTON STOCK
EXCHANGE

Range Since Jan. 1

[Vol. 103
Range for Preeione
Year 1915

Highest

Railroads
11 Boston A Albany________ 100
459 Boston Elevated_________ 100
32 Boston & Lowell_________ 166
2,280 Boston < Maine_________ 100
&
10 Boston & Providence____ 100
Boston Suburban Elea Cos.
Do prel._.................... ..
Boston & Woro EIcctrlo Cos
Do pref________________
Cblo Juno Ry A U S Y ...1 0 0
Do p re f______________
Connecticut River_______ 100
8 Fitchburg pref___________ 100
12 Georgia Ry & Eleo stampdlOO
44 Do pref_____________ 100
40 Maine Central.....................100
360 Mass EIcctrlo Cos________ 100
556 Do pref stamped_______ 100
423 N Y N H A Hartford.........100
Northern New Hampshire. 100
40 Old Colony_____________ 100
389 Rutland, pref___________ 100
10 Vermont A Massachusetts. 100
134 West End Street__________ 50
74 Do pref........................ 100
Miscellaneous
15 Amer Agrioul Chomloal— 100
716 Do
pref_____________ 100
230 Amor Pneumatio Service.. 50
168 Do
pref______________ 50
45 Amer Sugar Refining____ 100
228 Do
pref_____________ 100
3,943 Amer Telep A Teleg______100
111 American Woolon of Mass.100
646 Do
pref_____________ 100
132 Amoskeag Manufacturing —
72 D o pref________________
23,008 Atl Gulf A W I S S Lines.. 100
647 Do p r e f ...____ ______ 100
1,615 Cuban Port C em ent...$15 pd
10 East Boston Land_________ 10
197 Edison Electric Ilium_ ..100
_
138 General Electric_________ 100
105 MoElwain (W H) 1st prof. 100
3,011 Massachusetts Gas C os...100
148 Do pref______________100
236 Mergenthaler Linotype_ 100
_
Mexican Telephone__ . . . 10
Mississippi River Power. .100
Do pref______________100
9 New Eng Cotton Yarn----- 100
30 D o pref__________
100
267 New England Telephone. .100
431 Nlpe Bay Company______100
20 Nova Scotia Steel A C___ 100
6 Pullman C om p a n y ...___ 100
1,580 Punta Allegre Sugar.........50
110 Reece Button-Hole________ 10
6,851 Swift A C o...........................100
609 Torrlngton_______________ 25
Do pref______________ 25
3,953 United Fruit____________ 100
2,181 United Shoe Mach C orp .. 25
1,066 Do pref________________ 25
3,854 U S Steel Corporation___ 100
42 Do pref_____________ 100
22,294 Ventura Consol Oil Fields. 5

5% 3,125
119
115
13% 2,745
410
1%
501
77i2
61% 24,536

S ™ $ Bl
eX
g

Mining
Adventure Con................ .
Ahmeek____ ___________

Lowest

Highest

174i2Sept25
65% Apr 24
122 Septl4
34 Aug 29
200 Aug 4
4*2 Feb 29
39 M ayl9
4 M arlS
42 Feb 28
150 Oct 25
102% Apr 26
123 Sept 1
69*4 Sept27
122 Jau 3
z8G Jan 10
98 Septl9
4% N ov 9
27% Deo 8
56*2 N ovl5
97 Jan 3
135 Scpt21
20 May 1
100% Aug 29
x55 8ept21
69 Julyl3

198 Feb 16
88% Jan 19
145 Feb 11
52 Feb 14
235*2 May29
5 Jan 8
40% Feb 29
5*2 Jan 5
45% Julyl8
154 July2 6
110 Julyl4
162 Feb 19
87 Feb 14
131% N ov28
93 N ov 3
102 Jan 17
8% Aug 30
44 Aug 9
77% Jan 3
107 Septl4
157 Feb 26
35*2 Deo 2
125 M ar 1
67*2 Jan 19
86 Feb 25

170 M ar
73 Juno
109 Feb
20 Feb
225 Jan
5 Dec
40 Sep
5 N ov
39 Jan
157 Feb
101% July
140 Feb
51 Feb
114 Apr
84 Aug
92 Mar
4% Juno
33 July
43 Feb
89 Oct
140 Aug
15 Mar
105 Feb
61 May
80 July

198 Jan
96 Jan
138% Oct
37% Oct
240 June
10 M ar
56 Mar
9 Sop
47 July
160 Sep
110 Apr
165 Jan
76 N ov
120 Feb
88 Mar
103% N ov
10 Sep
56 Jan
87% Oct
98 Apr
157 Apr
30 N ov
125 Apr
72% Jan
93% Feb

64 Apr 24
95%Mar23
1*2 July 8
11 Oot 5
106 Apr 22
114*2 M ar 1
126% Jan 31
42 Aug 5
92 Jan 11
66 Jan 3
98 July24
27 Jan 14
42 Jan 15
u\8*a Apr 28
8% Aug 16
228 Deo 2
159*4 Apr 22
05 June 8
79 Sept21
78 Septl4
155 May 4
*4 N ov22
10 Deo 5
35 N ov 9
23% JulylS
50 Jan 24
124 Deo 6
102*8 Jan 11
117 MaylO
158*2 Apr 28
50 N ov25
15 Feb 3
125 Feb 6
35 Jan 14
28 Jan 14
136*2 Jan 31
50 June23
28*2 Jan 3
79% Mar 1
115*4 Feb 5
6% Sept 18

102 Nov25
48 Jan
87% Mar
105 Deo 1
1% Mar
3% Apr 12
13 Dec
16 May 4
125*4 Oct 25 100 Feb
124 Oct 25 109 Feb
134*2 Sept30 116 Jan
16% Apr
56% N O 8
V
101% M arl4
77 Feb
79 N ov 8
59*8 Jan
101% Feb 10
97% May
147% Deo 8
4 Feb
72% N ov 1
9% Mar
25% July20
13% Jan 19
8*2 Deo
250 M ar 7 230 May
186 Oot 20 138*4 Feb
102% Sopt 8
96% Aug
78 Apr
100% N ovl7
89 Feb 14
84 N ov
181 N ov20 154 Feb
*4 Apr
2% Jan 15
10 Juno
19 Apr 10
44 Feb 8
35 Feb
20 Apr
32*4 Deo 1
65 N ov 14
25 July
140 M arl7 *127*4 Juno
165 NovlO
155*4 Novl7
175 Oct 5 150 Feb
59 Oot 28
16% May23
15 Sep
177 Oot 9 104% Jan
28 Mar
70 N ov 3
33 Mar 2
26 Mar
168% Aug 21 110 Feb
48 Aug
63*2 Mayl2
31 Scptl8
28 Mar
38 Feb
129% N ov27
122%N ov 3 102*4 Jan
13 Jan 3
10% Dec

73% N ov
101% N ov
4% Oct
19*2 Jan
119*2 N ov
119 Deo
130% N ov
57% Oct
99% Oct
67 Apr
101 Feb
36 N ov
49 N ov
13*4 Apr
260 Jan
184% Oct
104 Mar
94 Aug
92% Jan
200 Jan
3 Sep
16% Deo
46% Jan
30 N ov
55 Deo
143 Jan
170 Oct
18*4 Jan
128 N ov
36*2 Deo
30*4 Sep
163 N ov
65 May
30 Aug
89*2 Deo
117*4 Oot
14% Nov

47g Apr
5% Deo 7
4 Jan
125% N o v i 8
92% Dec 103 Aug
26% Jan 7
40% Apr
21*2 Deo
Algomah Mining_________
2% N ov20
4% Apr
.45 Feb
Allouez_________________
66 Deo
35*2 Jan
83*2 N ov21
Amer Zinc, Lead & Smelt.
97% Apr 10
16% Jan
72*4 N ov
200
Do pref.......... .............
86% N ov 1
16
6,445 Arizona Commercial........ ..
18 N ov20
3% Jan
9% Apr
668 Butte-Balaklava Copper..
6% Feb 5
2 Jan
4% Apr
73
1,810 Butte A Sup Cop (Ltd)_
_
105*4 M ar 9
80 June
35% Jan
90% 4,501 Calumet A Arizona............
101 Nov20
78% Apr
61% Feb
121
604
640 N ov20 350 Jan 630 Apr
24
145
25 Apr
15 Jan
27 Nov20
68
125 Chino Copper.................. ..
73% N ov20
32% Jan
57 N ov
78
6,763 Copper Range Cons C o_
_
30 Jan
87% N ov21
65 Deo
3% M arl7
1% Jan
5% Apr
3*4 3,130 Daly-West........................
_
8*2 Jan
18*2 6,915 East Butte Copper Min_
20 N ov!8
16% Deo
625 Franklin___________ _____ 25
11
4% Feb
13*4 N ov20
14*4 Apr
6 June23
210 Granby Consolidated____ 100 79 Julyl4 120 Nov20
107
58 Jan
94% Apr
52
100 Greene Cananea.......... ..... 100 3434 June2G 55*4 N ov 18
23% Feb
52% Dec
20*2 2,004 Hancock Consolidated___ 25
10% June28 23*a N ov20
11 Jan
24*2 Apr
5
300
25
2 JulylO
6*2 N ov21
2% Jan
10% Apr
71% 4,476 Island Creek Coal________ 1 42 Scpt27
73% l)co 6
41 Mar
52 Aug
93
229
1 88 Jaii 29
85*2 Jan
91% Apr
93% Dec 2
39*2 2,111 Isle Royale Copper_______ 25 25 Julyl3
34 Apr
17% Jan
43 N ov20
5
165 Kerr Lake............ ............. b
5% Apr
3*2 Mar 4
5% May 3
3 Aus
455 Keweenaw Copper___ . . . 25
5*4
8 Apr 6
1*2 Aug
4% Apr
234 Feb 11
16*4 1,595 Lake Copper Co.............. .. 25
19% Deo
6 % Jan
9% July 14 19% Feb 10
266 La Salle Copper........ ......... 25
0 % N ov 20
3*8 Jan
3*4 JulylS
9 Apr
M,
595 Mason Valley Mine.......... 5
9 N o v l8
1 Mar
5 Deo
7*2
1% Aug 3
19% N ov20
3 Jan
17*4 1,275 Mass C onsol............ ....... 25 10 Julyl3
17 Apr
450 Mayflower______________ 25
S Feb 10
2 July 6
3 Aug
8 Apr
3%
205
1*2 Jan 5
1
25
4 < N ov 6
%
3 Apr
.60 Mar
2,654 Mohawk________________ 25 77% J u lyll 108 N ov20
104
46*4 Jan
08 Deo
31%
165 Nevada Consolidated------- 6 15 Jan 28 33% N ov20
17 Apr
11% Feb
785 New Arcadian Copper----- 25
6%
434 July 14
14% June
10*4 Jan 4
4*2 Feb
920 New Idrla Quicksilver___
5
4 July
13% Aug
16*2
9 JulylO
2434 Jan 19
28*4 3,072 New River Company------- 100 22*2 Nov 9 31% Nov20
89*4 3,625
Do pref_____________
79 Nov 9 93*4 Nov20
543 Nlplsslng Mines.......... ..... 5
8% Nov
9*4
9%Nov21
5*8 Aug
0 M ar 1
22% Jan
38% Apr
27*2 4,008 North Butte____________ 15 20 Julyl3
32% Nov20
707 North Lake............ ........... 25
4%Jan 3
1 Jan
2*4
.50 June 2
4*3 Apr
810 OJIbway Mining_________ 25
.50 Mar
2% Apr 6
3% Apr
1% JulylS
3
600 Old Colony_____________ 25
2% N ov
1*4 Julyl4
4 Jan 3
7% Apr
79% 3,393 Old Dominion Co________ 25 60 Julyl4
38% Mar
83 N ov21
01 Deo
714
101*2
64 Jan
25 70 Julyl4 105 N ov2(>
93% Apr
22% 31,184 Pond Creek Coal_________ 10
12 Jan
23 Dec 7
11*2 M ar 7
19% Aug
665 Quincy..... ........................... 25 81 Julyl2 109*2 N ov2l
99*2
50 Jan
95 Apr
34
273 Itay Consolidated Copper. 10 2034 June22 36% N ov20
15*4 Jan
27% N ov
105
372
25 6 U2 Jan 31 110 N ov20
28 Jan
65% Deo
2*oj
195 Santa Fo Gold A Copper.. 10
3% Jan 8
1*4 July28
5 Oct
1 Mar
10% 2,827 Shannon________________ 10
12% Feb 14
7 July 13
11% Apr
4 Jan
33
40 Shattuck-Arlzona............... 10 24% July 11 40% Feb 14
38 N ov
18s4 Jan
6%
785 South Lake_____________ 25
7% July
4 Aug 4
8*2 Jan 4
5*4 Nov
18
412 Superior__________ ______ 25 12% JulylS
28*2 Jan 3
41*2 Apr
22*2 Jan
7% 4,529 Superior A Boston Copper. 10
l%Jan 13
1 Mar
S’ lOct 31
4% Apr
47*2 2,453
25 Jan
25 35 Aug 5 56*4 Jan 14
68 % Aug
736 Trinity................................ 25
4% July 12
2 % Feb
7'4
ivnunn 3
15*2 Oot
.15 Jan 26
.20 Jan
V i 20,895 Tuolumne Copper________ 1
2*2 Deo 7
.03 Apr
75% 5,160 US Smelt Refln A M in ... 60 54*8 Jan 3 8 l% N o v 21
20 Feb
54 Deo
52*2
948 Do pref.......... ........... .. 60 49 Feb 1 5334 Apr 11
28 Jan
60*2 Deo
4
3,650
fi's Apr 10
2 Jan
5% June
5 3 Mi Feb 11
22% 2,698 Utah Consolidated_______
12*2 Jan 15
16% June
30*2 N ov2l
9*4 Feb
124*4
358 Utah Copper Co.......... ..... 10 75 Junc27 127% N ov20
483 Jan
4
81% Deo
4,135 Utah Metal A Tunnel......... 1
714
lli,M a r l3
6*2 J u lyl 8
4% Apr
71, 1,650 Victoria________________ 25
234Jan 3
8 i2N ovlS
1 Feb
6
5*8 May
920 Winona______ __________ 25
334 Mar27
I 84 Jan
8*4 N ov20
54*2
261 Wolverine______________ 25 45 Oot 0 67*2 Feb 10
32 Jan
70 Apr
2% 1,925 Wyandott........................... 25
.60 Mar
284 Feb 14
1% Aug 12
2% Apr
5 Ex-stock dividend, c Assessment paid. AEz-rlghta. x Rx-dlvldend. z Ex-Tamarack stock,
to Half-paid,
l% Feb 17
91 Aug 1
11% Sept 2
% M ay 3
58 Julyl7
29% July 11
60 Julyl 1
7% July29
1*2 Aug 2
60% JulylO
66 June28
515 Julyl4
14 Julyl7
46 J ulyll
54*2 J u lyll
2 Julyl3

to
o

5

Outside Stock Exchanges
Boston Bond Record.— Transactions in bonds at Bos­
ton Stock Exchange D ec. 2 to D ec. 8, both inclusive:
Friday
Last Week’s Range Sales
Sale.
of Prices.
for
Price. Low.
High. Week.

B on d s—
Am Tel & T el coll 4 s .. 1029
Convertible 446s___ 1933
A tl G & W I SS L 5s. . 1959
Chic J u n c & U S Y 5 s . 1940
4 s ....... ........................1940
Copper Range 5s......... 1949
Dominion Coal 5s------1940
G t N or-C B & Q 4 s . . . 1921
K C M em & B 4s......... 1934
Income 5s--------------- 1934
Mass Gas 446 s ------------ 1929
4 4 6 s ..........
1931
Miss River Power 5S..1951
N E Cotton Yarn 5s. .1929
N E Telephone 5s____1932
New River 5s--------------1934
Pond Creek|Coal Cs.,1923
Punta Alegre Sug Os. .1931
S w ift * Co 1st5s......... 1944
United Fruit 446 s------1923
4 4 6 s _________
1925
Western Tel & Tel 5s. 1932

91
88
90
8346

7646
8146
10546
10146
100

9046
10556
8746
10146
87
90
94
9856
8346
92
9846
9546
7646
95
101
8146
101
96
10146
9846
9756
9956

91
$52,000
3,600
10646
88
43,000
10146 39,000
87
1,000
91
22,000
94
2,000
4,000
9856
8346
1,000
93
7,500
4,000
9846
9546 14,000
9,000
7646
1,000
95
6,000
10146
9,000
8146
39,000
107
1,000
96
10146 43,000
5,000
9846
4,000
9746
100
7,000

Range since Jan. 1.
Low.
N ov
M ar
Jan
M ay
M ar
M ar
Feb
July
Oct
Feb
M ar
M ar
Dec
Jan
N ov
Jan
Feb
Dec
Jan
Jan
Jan
Jan

9046
10556
74
10046
85
85
9346
9746
80
6746
9646
93
7646
75
101
75
87
96
9856
9746
97
99

High.
93
11346
8946
102
91
91
9646
99
92
95
9946
96
81
92
104
8156
107
102
10246
10046
98
10246

Apr
Oct
N ov
Aug
Jan
Jan
Feb
Feb
M ar
N ov
Jan
Jan
Jan
N ov
M ay
N ov
Dec
N ov
Oct
July
N ov
O ct

Chicago Stock Exchange.— Rrecord of transactions at
Chicago Deo. 2 to Deo. 8, compiled from official sales lists:
Friday
Last Week’s Range
Par. Price. Low.

S tock s—

American Radiator____100
Am cr Shipbuilding____100
P referred.....................100
Amor Straw B oard____100
Booth Fisheries, c o m .. 100
P referred___________ 100
Chic C 'y & C R y pt sh com
P referred....................
Chicago El R y , c o m .. .
P referred..................
Chlo Pneumatic T o o l .. 100
Chic R ys part ctf " 2 ’ ’. .
Chlc Rys part ctf " 3 ” . .
Chlo Ilys part ctf " 4 '' . .
C om ’wcalth Edison___100
D e e r e * C o, prof______ 100
Diam ond M atch______ 100
Hartman C orp_______
Hart Shaft & Marx.comlOO
Illinois Brick...................100
. Linde Air Prod C o com
Lindsay Light_________
Preferred ....................
National Carbon........... 100
Preferred ............
100
N o Amer P & Paper, com
Ox weld Acetylene C o ____
Pacific Gas & Elec C o . .100
Pago W oven Wire Fence 20
People's Gas Lt & C ___100
Prest-O-Llto C o, I n o ..
P u bS crv o f N o 111, com 100
Preferred___________ 100
Quaker Oats C o ________100
Preferred___________ 100
Scars-Roebuck com ___100
Stew War Speed c o m .. 100
Stover M fg * Eng Co pfd.
S w if t * C o . . ...................100
Union Carbldo C o _____ 100
United Paper Bd c om . .100
Preferred.....................100
W ard, M ont & Co pref____
B on ds—•
Booth Fisheries s f 6 s.l92 6
Chicago City R y 5 s .. .1927
Chlo City A Con R y 5s '27
Chic Pneu T ool 1st 5s. 1921
Chicago Rys 5s........... 1927
Chic Rys 5s series “ A ” . .
Chic Rys 4s scries " B ” . .
Chic R y pr 1 M g 4 s. 1927
Chic R y adj Inc I s .. 1927
Chicago Tclep 5 s.........1923
Commonw-Edlson 5s. 1943
M otr W Side El 1st 4s 1938
Extension g 4s_____ 1938
N W G L & Coke Co 5s ’28
Ogden Gas 5 s................ 1945
Paducah * 111 R R 446s ’55
Peoples Gas L & Coke—
Chic Gas L A C 1st 5s ’37
Pub Scrv Co 1st ref g 5s '56
Swift & C o 1st g 5s— 1914
x Ex-dlvIdcnd.

Sales
for

IHffh. Shares.

Low.

425
72
9646
52
6346
88
646
41
13
72
79
2746
446
146
147
98
14246
8746
91
100
315
25
1146
301
133
1046
170
67
18
118
147
11846
104
363
115
23446
119
102
175
215
40
78
11746

N ov
N ov
Deo
Deo
D ec
Oct
N ov
N ov
N ov
Jan
M ar
Oct
Oct
Oct
Sept
Feb
D ec
D ec
Sept
N ov
N ov
Aug
Aug
N ov
Oct
N ov
D ec
Deo
N ov
Oct
N ov
Sept
Feb
Jan
Oct
N ov
Aug
N ov
Oct
Sept
N ov
D ec
Oct

83
9846
6946
97
90
8646
6546
60
3346
10146
10146
70
6546
10146
9546
9846

M ar
Apr
Sept
Apr
M ay
Aug
July
Oct
June
Apr
July
Deo
Dec
Dec
Jan
Aug

9346
100
8246
9946
9846
9246
75
70
41
10246
103
7346
6846
10146
98
99 46

N ov
Feb
N ov
M ar
Feb
Feb
Jan
Jan
Oct
N ov
N ov
Jan
M ar
Dec
N ov
July

111
230
109
100
155 46
210
35 46
77
1164*

111
229
102
100
147 46
19546
3546
7646
116

9346

9346
9946
8146
9846
9646
8846
7146
60
41
10246
10246
70
0546
10146
9746
9946

9346 $15,000
9946 16,000
8246 190.500
4.000
9846
19.000
97
6.000
8946
7146 10.000
3.000
60
2.000
41
10246 15.000
5.000
10246
1.000
70
2,000
0546
2,000
10146
9.000
9746
9946 25.000

8846
7146
60

6546
9946
103
9646
10146

340

103
103
96
9646
10146 10146

a Ex-dlv. 2 % , stock dlv. 4 0 % .

1.000
16.000
22.500

High.

Jan
Jan
Jan
M ay
Jan
Jan
July
July
M ay
Apr
M ar
Apr
July
June
June
M ay
M ar
Sept
Aug
Jan
D ec
Jan
M ar
July
Feb
D ec
D ec
Oct
Oct
Deo
Oct
Jan
Apr
Jan
Jan
M ar
Apr
D eo
Jan
Sept
June
June
June

385

—
30
420
33
1,250
68
160
7546
9646
12
. 491
52
25
1,218
63
66
10
8746
3,165
246
546
15
7,267
4046
5
10
11
219
25
39
1,320
6646
7546
13
235
23
70
346
246
1
1
5
454 13946
14346
89
16
07
7,106 102
14246
3,188
72
8746
100
86
8846
298
9746
7646
305
40 300
4,510
2446
046
250
11
946
300
685 167
88 12046
133
2,795
1546
1246
170
40 170
200
5646
67
6
5
1246
448 106
10846
885 11446
14246
126 107
H346
45 100
102
60 309
340
97 107
112
1,670 169
23246
11346 11,448
8246
10 100
100
29,590 12646
105
5,825 a 155
213
1,727
1346
3846
196
78
5146
50 11246
11646

420
65
90
45
61
87
5
3746
11
39
.75 IS
74
2146
2146
3
3
1
141
97
137
130
80
8046
88
95
300
23
20
11
1046
300
290
133
14
170
6046
1246
107
100
139
13746
11346
1 1 3 )S
102
102
6646
96
52
62
8746
546
39

1

Range since Jan.

102
M ay
94
Jan
9846 Jan

6 E x-dlv., ex-rts.

103
N ov
9646 Sept
10246 Oct
c Ex-rlghts.

Pittsburgh Stock Exchange.— Following sales wore re­

S to ck s —

Friday
Last
of Prices.
Sale.
High
Par. Price. Low.

American Sewer P ip e .. 100
Am W ind Glass M ach-100
Preferred___________ 100
Cable Consol M ining____l
Caney River G a s ............ 25
Columbia Gas * E le c .. 100
Consolidated Ico c o m .. 50
P referred.......................50
Crucible Steel pref------100
Ilarb-W alker R e fr a c t.. 100
Independent B r e w in g ...50
P referred.......................SO
La Belle Iron W o r k s ...100
P referred___________ 100
Lone Star G as_________100
M frs' Light & H eat____50
M t Shasta...........
Ohio Fuel OH.

.50
..1
.25
100
100
.50

Plttsb Con M M * T .

..1

P l t t s b u r g h - I d a h o ...........
P I t t s b u r g h - J c r o m o . ___

..1
1




Sales
for
Week.
Shares.

Range since Jan. 1.
Low.

1746
19
1,155
15
June
63
3,550
3446 June
123
118
625 116
N ov
6o
8o
7o
10,700
3o
Apr
51
45
60
775
1456 M ar
63
50
2,020
5046
1456 M ar
446
446
446
320
3
July
29
29
20
Oct
22
124
124
50 10946 Jan
125
125
60
7146 Jan
346
*346
446
1,770
256 M ar
.1646
1646 1846
1.150
1546 M ar
9046
8846 9046
June
915
49
133
133
Jan
50 123
9846
9846 99
Aug
160
87
65
64
06
870
4956 Apr
94o
146
1.30 222,250
87c N ov
8
846
2.595
656 July
18
18
1956
790
1546 July
17
18 K
1846
2,232
14
Aug
57
3,002
5746
59 46
38
Feb
97
100
100
85
70
Jan
123
125
145
125
98
M ar
5
955
546
446 M ar
19
20
445
10.46 Feb
12o
9C
19,650
5c Sept
12c
1.50 1.75
1,300
1.75
1.10 Sept
1.10 1.45 21,790
1.10 Deo
1.18

6446
123

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

Pittsb OH & G as_____ .100
Plttsb Plate Glass____ .100
Pure Oil com m on____ . . . 5
Ross Mining & Milling . . . 1
San T o y M ining_____ . . . 1
Union Switch & Signal -.5 0
-.5 0
U S Glass...................... .100
U S Steel Corp c o m .. . .100
W est’housc Air Brake ..5 0
W est’house Elec & M fg .50
W est Penn Rys p r e f.. .100
W estPennTr& W Pcom lO O
B on ds—
Cent Dlst Telep 5s_ 1943
_
Independent Brew 6s. 1955
Plttsb Brewing 6s____ 1949
Pittsb Coal deb 5s____ 1931

1056
2246
32c
115
3946
16646
6146

103

1,000
1146
110
13246
22 46 11.978
35c
22,900
3,900
18c
183
123
330
11546
131
10
41
1,162
126 46
25
2,695
16646
64
2,575
75
98
25
225

103
103
54
55
70
70
9946 9946

S I,000
14,000
2.000
3,500

Low.

High.

M ar
Jan
M ay
Apr
June
Apr
M ay
Oct
June
Jan
Apr
July!
June
Jan

646
115
Z1746
5c
14c
14156
109
118
2546
8046
13346
5346
73
17

10146 Jan
M ar
49
64
M ar
9646 M ay

1346
13146
2246
450
25C
183
126
131
4646
12946
166
7146
75
26

Oct
ID eo
Deo
Oct
Jan
Jan
Deo
Oct
N ov
N ov
M ar
Juno
N ov

103 46 M ar
62
Aug
7546 Oct
100
N ov

Baltimore Stock Exchange.— Record of transactions at
Baltimore Stock Exchange from D ec. 2 to Dec. 8, incl.:

S to c k s —

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

Arundel Sand & Gravel 100
Baltimore T u be_______ lot
Chalmers OH & G as_____ 5
Commercial Credit......... 25
Preferred B __________25
Consol Gas E L * P o w . 100
Consolidation C oal____10C
Cosden & C o . . ..................5
Cosden G as......... .............. 5
P referred_______ _____ 5
Davison Chem lcal.no par
Elkhorn Coal C orp_____ 50
P referred....... .......... ........
Houston Oil trust ctfs. . 100
Preferred trust c t fs .. 100
Int & G t Northern C o r p ..
M er & M in Trans new . 100
M onon Vail T ra c......... 100
M t V -W ’b ’y M ills v t r 100
Preferred v t r ______ 100
Pennsyl W at & Pow er. 100
Sapulpa Producing..............
Preferred......................
Sapulpa Refining..............5
United R y & Elec______ 50
Virginia L e a d * Z in c .........
Wash Balt & Annap, pf_50
Wayland Oil & G as........... 5
B on ds—
Ala Co gen 6s small bds '33
Atlan & Char 1st 5 s .. 1944
Atlantic C Line (Conn)—
Certificates 5-20 4s small
_
Boston Sand & Grav 6s_
Canton Co 5s......... ..............
Chicago R y 1st 5s____1927
Coal & Coke 1st 5s_ 1919
_
Consolidated Gas 5s. .1939
General 446 s ........... 1954
Cons Gas E L & P 446s '35
N o te s ....................
Consolidation Coal—
Refunding 5s........... 1950
Convertible 6s......... 1923
Cosden & C o 6s___________
Cosden Gas 6s......................
Elkhorn Coal Corpn 6s '25
Elkhorn Fuel 5 s .......... 1918
Small bonds____________
Fair & Clarks Trac 5 s. 1938
Frederick * M Iddlet 5s___
Georgia & Ala cons 5 s. 1945
G-B-S Brewing 2d Inc 5s’51
G t Southern I-umb 6s. 1918
K irby Lumb Contr 6s. 1923
Maryland Dredge 6s______
Mcrch * M in Trans 6s_
_
Mllw El R y & L t 4M s 1931
Minn St * St P C Jt 5s '28
M t V -W ’ b ’y notes 6s. 1918
N O M obile * C 1st 5s 1960
N orf & Ports Trac 5s. 1936
N orfolk St R y 5s_____ 1944
Pennsyl W at & P 5s. .1940
United E L * P 4 4 6 s.. 1929
United R y & E 4s____1949
Income 4 s............... .1949
Funding 5s________ 1939
do
sm all_____ 1936
Wash B & A 5s______ 1941

Range since Jan. 1
Low.

High.

Aug
Jan

42
Feb
13346 N ov
109
N ov
Jan
8
Feb
50

i27
11346
1746
15
546
4846
23
46
2346
6646
66
74
86
14
1146
35
546
4056
546

101
9146
93
10546
10946
107
10746
9946

10046
8646
96
8446
90

39
12846
10846
6
47
2646
12646
113
1746
14 46
5
4746
23
45
23
6646
10
75
65
20
74
85
14
1446
1056
3446
446
40
456

3956
12946
10846
7
47
2646
12946
11646
18
1556
546
4956
24
46
24
68
10
75
66
21
75
8646
1446
15
1146
36
556
4056
5 56

724
3546
63
275
10
8246
655
346
40
4C
716
2646
1,771 107
903
96
5,442
1346
21,771
6
17,159
446
1,190
3546
857
15
373
31
6,560
1346
1,154
57
10
10
4
5046
57
75
183
10
69
06
72
1,049
21
346
5
37
53
746
2,597
2546
6,620
446
72
3746
5,720
346

87
86
103

3946

87
87
103

$2,000
400
3,000

7646 Jan
58
Jan
10246 July

89
87
103

9 1 46
90
101
97
9046
106
9546
93
10556

100
9 146
6,000
9046
3,000
101
7,000
9746
8,000
9146
106
1,000
9546 14.000
94
94.000
10756 289.300

9146 Jan
90
9946 Apr
96
M ay
Jan
85
105
Oct
9246 M ay
8646 Aug
10246 Oct

92
July
9046
101
D ec
9946 Feb
9146 Deo
107
Feb
9546
94
N ov
109
N ov

9346
109
105
10446
9946
108
10946
10046
94
104 46
246
9956
100
100
10356
93
10256
10046
58
8646
105
96
95 56
8446
67
8956
8946
8446

9346
111
10746
10756
100
10946
10946
10046
94
104 46
246
9956
100
100
10356
93
10256
101
58
8646
105
96
96
85
6746
8946
90
8546

91
1,000
141,500 10246
379,500 10146
450,000 100
32,000
9646
65,500
99 46
1,500
9946
1,000
9846
1,000
94
2,000 102
2,000
46
1,000
9946
11,000
9846
56,000
9946
4,000 101
3,000
9046
2,000 101
35,000
98
1,000
49
8,000
8146
1,000 103
14,000
90
6,000
9346
37,000
82
95.000
1,000
8446
3,300
8346
84
15,000

Sept
M ar
Feb
Aug
Apr
Apr
Aug
Aug
Aug
Aug
July
Feb
June
M ar
N ov
M ar
Jan
Jan
Aug
Jan
Dec
N ov
Aug

July
Sept
Oct
Aug
Aug
Aug
Aug
N ov

130
11846
2646
1846
646
7146
2446
48
24
68
10
80
66
2146
76
8646
18
17
1646
3646
546
4046
946

9446
112
10746
120
100
11146
10946
10146
94
Apr 10446
4
Apr
Dec
9946
Jan 100
July 100
104
Jan
94
Aug 10246
Mar 10246
Apr
5946
Jan
86 46
106
Jan
9646
Jan
96
July
8546
6946
90
M ay
9046
Jam 87

N ov
N ov
June
June
June
Jan
N ov
N ov
Deo
Jan
June
D eo
N ov
N ov
N ov
Feb
Feb
Feb
N ov
D eo
Deo
Feb
D ec
M ar

N ov
N ov
D ec
June
N ov
D ec
Feb
N ov
N ov
Deo
N ov
Apr
N ov
Oct
N ov
D ec
Aug
Oct
D ec
Oct
N ov
Jan

Philadelphia Stock Exchange.— Record of transactions
at Philadelphia Dec. 2 to Dec. 8, both inclusive.:
S to ck s—

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

American Gas of N J ..1 0 0
American Railways, p f. 100
9646
Baldwin L o co m o tiv e .. 100
81
2046 Oct
Preferred_____ ____100 10346
60
Oct
B uff * Susq Corp v t c.1 00
Apr
155
Preferred v t c ______ 100
13c
Oct
5946
Cambria I r o n ..................50
50
D ec
Cambria Steel....... .......... 50
53
Deo
5
M ar I Consol Trac o f N J ____100
Elec Storage B a tte ry .. 100
Jan
70
35
124
General Asphalt, p r e f.. 100
D ec
Insurance C o of N A _ 10
_
27
127
N ov
Keystone Telephone____50 _____
7
Sept
Lake Superior C orp _ 100
_
23
Sept
2746
Lehigh N avigation_____50
8846
9446 N ov
Lehigh V a lle y ............... 50
82
134
Sept
Lehigh Valley Transit. .50
99
N ov
P referred..................... 50
68
N ov
Lit Brothers______ _____ 10
1.30 D ec
Little Schuylkill_______ 50
12
Jan
Mlnehlll & S I I ........... .50
24J6 Jan
Northern Central______ 50
19
Jan
North Pennsylvania____50
5946 N ov
Pcnnsyiv Salt M fg ......... 50
97
D ec
Pennsylvania....................50
125
D ec
5746
Phlla Co (P lttsb)......... .50
646 Aug
Pref (cumulative 6% ).5 0
26
O ct
150
Philadelphia Elcctrtc.22t6
Oct
2946
Phlla Rapid Transit____50
1.75 Deo
Voting trust receipts..5 0
1.45 Deo
2746
High.

1046
131
2156
30c
17c
177
115
131
3946
12646
16346
6146
75
2446

Range since Jan. 1.

x Ex-dlvidend.

ported Dec. 2 to Dec. 8, both inclusive:

S to ck s —

2147

THE CHRONICLE

Dec . 9 1916.]

118
9646
7546
10346
6946
5946
4446
130
7446
70
7146
2646
13
2746
8546
82
2246
43
20
54
5746
89
94
9846
5646
46
4246
2946
2746
2646

Range since Jan. 1.
Low.

|

High.

120
15 118
Dec 123
Feb
98
115
M ar
9346 Feb 100
81
July 11546 Feb
250
69
107
80 10346 Dec 10946 M ar
72
222
Jan
72
38
Deo
60
54
143
July
6246 Jan
44
370
Jan
47
Feb
4446
130
Oct
1
70J6 Jan 145
200
M ar
70
74 46
7446 N ov
72
3,077
5846 Apr
7246 Apr
72
12
Aug
69
7346 M ar
Jan
27
25
533
2746 Oct
400
15
M ar
1246 Oct
1346
31
24.784
3346 N ov
846 Jan
74
9,403
M ay
9046
9046 D ec
336
87
Oct
7446 Jan
8346
50
18
Jan
22 46
2346 M ar
Jan
363
38
4346
4446 M ar
19
M ar
20
20
70
Feb
53
Aug
55
16
55
Deo
22
56
Feb
5746
5846 June
89
1
85
Sept
90
Jan
94
2
95
Sept
9246 M ar
100
July 10246 Feb
460
97
2,239
60
O ct
57 46
5546 Aug
271
4746
3846 Sept
4746 Deo
Apr
355
45
43
3946 July
M ar
2,918
27
3046 N ov
2946
1,000
17
M ay
2746 N ov
27 46
17
M ay! 28
D eo
28
31,568

S tock s— (Con.)

Sales
Friday
Last Week's Range
w °T
'
of Prices.
Sale.
Par. Price. Low. High. Shares.

Philadelphia T r a c t io n ..50
1

110J4
5

Union T raction............. .50
United Gas Im p t........... 50
U S Steel Corporation. 100

*48
91 X
125X

_
Tono-B elm ont D evel_

W arwick Iron A S teel.. 10
W Jersey & Sea Shore. .50
W m C r a m p * Sons------100

96

P referred____________ 50
B on ds.
Allegheny Vail gen 4s. 1942
Amor Gas & Elec 5s. .2007

36 X
97 X
96X

Baldwin Locom 1st 5 s.1940
Edis El stk tr ctf 5S..1910
Elec * Peop tr ctfs 4s. 1915
Eqult 1 Gas Lt 5 s . . .1928 .1 0 5 X
11
Keystone T clep 1st 5s. 1935
52
Lake Super Corp 5s. .1924
L e lT c * N reg 4 X S ..1 9 2 4
Leh * New Eng 5s___1954
Leh Vail gen cons I s . . 2003
Gen consol 4 X s ____2003
Leh Vail Coal 1st 5 s .. 1933
LW Tran ref& lm p5s..l9G0

91)4
100X

99 X

P W & B ctfs 4s____1921
Pa * M d Steel cons 6s. 1925
Phila Elec tr ctfs 5S-.1948
Reading general 4s— 1997
_
J-C collateral 4s_ 1951
Spanlsh-Amor Iron 6s. 1927
United R ys gold tr ctf 4s’4fl
United R ys Inv 5 s .-.1 9 2 6
W elsbach C o 5s........... 1930

95 X

76

W NJY & Pa gen 4s. .1943
Y ork Railways 1st 5s. 1937 ............

80
8054
112 54
110
5
554
6 '4
654
47 X 4854
92
91 M
124 X 12754
12154 12154
m
934
44
44
50 X 5054
92
9754
14
14)4
36)4 3654
9754
96 '4
96
104)4
111
82)4
83
105 54
97)4
52
5354
10134
103
104)4
91
10034
10534
9254
08
68
102
106
9954
10754
9254
10654
105
90
95)4
95
102
72
76
9954
99
8554
9854

9754
96 54
9654
104 54
111
S3
83
10554
9754
53
5354
10154
103
10454
9134
10054
10534
9254
OS
68
10254
10634
9954
10754
9354
10654
105
90
95 54
95
102
72
7614
9954
99
8654
9834

S to ck s—

High.

Low.
75
7554
4
554
4154
8754
7934
11534
954
41
4834
70
854
3454

M ay
Jan
M ar
Aug
Jan
M ay
M ar
M ay
Aug
July
Sept
M ar
Feb
Jan

8054 D ec
11534 Sept
57-16M ay
Jan
7
4854 D ec
9354 Oct
12934 N ov
12134 Sept
11)4 June
Feb
45
Jan
51
9754 D ec
16 }/£ June
M ar
39

88,000
9654
36,000
8954
2,100
8954
1,000 104
3,000 105
17,000
7954
76
800
7,000 10554
96
7,000
28,000
2054
500
2754
1,000 10134
17,000 101
12,000 103
17,000
89
33,000
9954
5,000 104
3,000
91
1,000
6754
1,100
65
13,000 10034
5,000 10454
7,000
99
24,000 104
69,000
87
3,000 10354
600 103
2,000
8154
58,000
9354
1,000
95
8,000 101)4
70
11,000
46,000
6754
8,000
9454
500
9654
7,000
8154
92 H
19,000

Sept
Jan
Jan
M ay
M ar
M ay
Apr
Sept
Jan
Jan
Feb
Dec
Aug
Jan
Sept
Aug
Aug
Aug
July
June
Jan
July
Jan
Jan
Aug
Jan
Jan
M ay
M ay
Jan
M ay
Aug
Apr
Jan
Jan
Jan
Jan

9754
9? H
97
106
111
83
83
10654
100
55
5354
10234
10334
10454
94
10334
106
93
70 H
7054
103
10634
9954
10754
94
10654
106
9854
9654
97
10234
75 54
7654
9934
99 54
8654
9834

32
2,648
7,640
730
3,699
1,927
31,657
27
310
20
10
4,670
150
128

D ec
N ov
N ov
M ar
D ec
D ec
Jan
Jan
Feb
N ov
D ec
Jan
Feb
D ec
Feb
Feb
Jan
Feb
Apr
Apr
Feb
Fob
Feb
D ec
Feb
N ov
N ov
N ov
Jan
June
Oct
Jan
N ov
Sept
Oct
D eo
D ec

T R A N S A C T IO N 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
D A IL Y , W E E K L Y A N D Y E A R L Y .
State, Mun.
A Foreign
Bonds.

Shares.

Par Value.

Railroad,
A c.,
Bonds.

684,244
1,369,643
908,912
1,035,125
1,399,652
999,257

356,712,900
116,857,300
79.663.200
94,659,500
121,212,200
86.703.200

$2,685,000
4.375.500
3.597.000
4.496.000
4.512.500
3.032.500

972.000
659.000
1,805,500
1,075,000
875.000
687,500

0,396,833 3555,808,300' 322,698,500

36,074,000

St ocks.

Week ending
Dec. 8 1916.
Saturday.................... ..
M on day_____________
Tuesday........................
W ednesday..................
Thursday____________
Friday ............. ............
T o t a l ........................

1915.

1916.

Stocks— N o. shares—
Bank shares, par.........
Bonds.
Government bonds_
_
Stato, mun., A c.,bonds
R R . and misc. bonds.
Total bonds........... ..

U. S.
Bonds.

Jan. 1 to Dec.

Week ending Dec. 8.

Sales at
New York Stock
Exchange.

SI3,500
1,000
314,500
8.

1915.

1916.

164,294,306
3,250,570
209,037,708
6,396,833
3555,808,300 3284,023,360 318,002,381,925 314,105,207,450
3242,900
3274,500
SI 1,000
33,000
314,500
6,074,000
22,698,500

31.013.000
3,043,000
24.869.000

3772,450
286,821,000
799,989,500

33,022,000
28,341,500
851,716,700

328,786,000

$28,925,000

31,087,582,950

5883,080,200

D A IL Y T R A N S A C T IO N S A T T H E BO STON , P H IL A D E L P H IA A N D
B A L T IM O R E E X C H A N G E S .
Baltimore.

Philadelphia.

Boston.
Shares. Bond Sales.

Shares.

Bond Sales.

F rid a y ....................

27,880
49,628
47,102
92,480
97,178
50,486

336,000
34,600
75.000
32,580
57,500
61.000

12,274
39,765
19,400
23,521
25,637
23,741

364,7541

$296,680

144,338

11,864
16,972
12,891
10,445
17,470
8,099

346.500
112.500
78,800
120.500
52,500
78,000

■ T o t a l ....... ..........

Shares.

3488,800

Saturday________

Bond Sales.
3174,500
360.000
298,700
331.000
386,600
196,400

77,741 31,747,200

New York “ Curb” Market.— Below we give a record of
the transactions in the outside security market from Dec. 2
to Dec. 8, both inclusive. It covers the week ending Fri­
day afternoon.___________________________________________ _
Week ending Dec.
S tock s—

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

8.

Aetna E x p loe.r— (no par)
Alliance Tire & Rubber rlO

9X
8X

Am cr Druggist Synd r.100
Amer Sumatra T o b ____100
Am Writ Paper com ..1 0 0

12X
25
6)4

Brlt-Amer T ob ord’y ___£1
Ordinary bearer......... £1
Butler C h em lcal.r......... .5
Butterw orth-Judson.r ( t ) .
Calif Packing C o r p .r ..( t )
Canadian Natural G a s .. . 1
Carbon Steel, c o m .r _ 100
_
Carwen Steel T o o l .r _ 10
_
Central Foundry com r 100
P referred........................ ..
Chalmers M ot Corp r w l ( t )
Charcoal Iron C o of A m .10
Chevrolet M o to r........... 100
Cramp (W m) & Sons Ship
& Eng Bldg r ......... .. .100
Emerson M otors, Ino r.1 0




3X
71)4
33
X
16)4
29
47 X
34 X
8X
180
96 X

9)4
8X
9
5)*
8 )4
8X
12X 13 X
20 X 25
7
6X
129
129
20 X 20)4
20 X 20 X
3
3)4
68 X 71 X
32 X 34)4
X
%
122
127
3%
3)4
16
18)4
21)4 29
44
49
34)4 35
8
8)4
7)4
7)4
182
167
95)4
2)4

98
3

17,000
12,900
1,200
600
6,950
3,000
50
200
300
4,485
4,100
3,050
800
660
900
23,600
19,800
5,700
2,100
2,600
100
1,800
2,600
1,100

Range since Jan. 1.
High.

Low

Fob
Deo
Deo
Jan
Oot
Oot
N ov
N ov
N ov
Apr
Oot
Oct
Jan
N ov
Apr
D ec
Deo
D ec
N ov
N ov

Jan

25
9
8)4
14)4
26
11)4
130
20)4
21)4
7)4
76
38
2)4
133
7)4
18)4
29
49
39)4
8)4
7)4
278

Feb
73
1)4 N ov

98
5)4

D ec
Aug

7
5
8)4
11)4
19)4
2
55
16
15)4
2)4
60
32
)4
55
3)4
w7 )4
11
20
33
5)4
5)4
115

July
Nov
June
Oot
M ar
Jan
M ay
Mar
Sept
N ov
N ov
Feb
Aug
Jan
Jan
Jan
N ov
Aug

Friday
Sales
Last Week's Range ^for

1

Range since Jan.

Volume of Business at Stock Exchanges

Week ending
Dec. 8 1916.

[Vol . 103

THE CHRONICLE

2148

June

Par. Price. Low.

High. Shares.

11
10)4 11 X
Emerson Phonograph____5
53
*48
50
Federal Dyest & Ghent (t)
40
40
Fisher Body Corp r(n o par)
56
56
C.cnl Amer Tank Car r (t)
155
*135
General M o to rs .r .w 1.100
8
8
Grant M otor Car C orp. 10
10
10
Hall Switch & Signal r.100
Hart-Bell r ______ _______5
3)4
3)4
3)4
79
S3
1lartman Corporation. 100
Haskell & Barkuarino oar)
44
43)4 47)4
H olly Sugar Corp, pref. 100
103
103
im p Carbon C h aser.r_ 1
_
X
)4 7-16
24
24)4
Int Arms & Fuze Sec___25
24
Joplin Oro & S p e lte r .r .o .l
44 c
40c
48c
Kelsey Wheel, com r_.100
52
52
Keystone Tiro & R u b b . .1 0
15)4
15)4 16)4
Lake Torpedo B o a t.r -.1 0
9)4
9)4 11)4
105
105
Loft, Ino
- - _____ 100
36)4
Manhattan Elco Supply 100
35)4 3 6 )(
97
97
97)4
Preferred ........... ........ 100
X
Manhattan Transit------20 ______
•)4
3)4
3)4
3X
Marconi Wlrel T el o f A m .5
47
54)4
Marlin Arms v t c (no par).
60
02)4
Pref v tc one-third pd 100
62)4
6
6)4
Maxim M u n ltlon s.r------10
96)4 96)4
M cCrory Stores, p r e f.. 100 _____
20
20
68)4 71)4
69
54
57
Mitchell M otors.r (no par)
56
M otor Products r (no par)
56)4
*38
36
47)4 48)4
N Y Shipbuilding r ......... .
47)4
N Y Transportation____10
14)4 15)4
14)4
North Am Pulp & Paper (t)
13)4 15)4
13)4
29
33
Pere M arquette r . . . 100
32
60
60
60
Preferred ....................100
72
Prior preferred- . .100
73
72
Pierce-Arrow M ot Car r (t)
85)4 .56
GBH
97
9!
Poole Eng & M ach r _ 100
_
72
72
Republic M o t Truck r . . (t)
0
Rlker & Heg (Corp f o r ) . . 5
5)4
41 X 45)4
R ock Island w l . r ------ 100
44)4
92)4 94)4
Preferred A w l . r _ 100
_
93)4
77)4 79 X
Preferred B w l . r ___100
78)4
21
21)4
31)4 33
St L Ilk y M & Pac r --1 0 0
42
*41
Smith (A O ) Corp (no par)
96)4 97
Smith M otor 'I'ru ck .r_ 5
_
6)4
5)4
5>
4
Smith A T crry Transp pf 10
10
10
10)4
46)4 46)4
100 X 100 X
Springfield Body C orp . 100
87
90
87
Steel Alloys C o r p .r _____ 5
5)4
6)4
6)4
34)4 41
Submarine B o a t..(n o par)
36
91
Todd Shipyards.r(no par)
92)4
Transuo & Williams Steel
45
Forging Corp r .(n o par)
48 X
48)4
Triangle Film Corp v t c .5
3)4
3)4
3)4
United Alloys Steel Corp rt
53 X 56
55)4
66
United D yew ood r w 1.100
73)4
66
99)4 100
58)4 61)4
United M o t o r s .r .(n o par)
60 X
1
15-16
United Profit Sharing— 1
2
2)4
U S Lt & H t C o r p . r .. . 10
2)4
U S Steamship________ 10
7)4
6)4
6)4
Vocaphone C o rp .r w 1___1
ix
1)4
1)4
25
W ab Pitts Term R y r . . 100
23
23)4
54
*58
Western Pacific R R r . . 100
21)4 25)4
24)4
48)4 51
Preferred r _________ 100
50 X
18
25)4
(Wheel A L Erio r w ..1 0 0
53
57
58
57
Wilson A C o, In c .(n o pat)
1
1
W rlght-M artln A l r .r . - ( t )
23)4 25)4
23)4
Preferred . r ......... — 100
72)4 76
73
4
Zinc C on centrating.r_ 10
_
4X
4)4
R igh ts—
H
N Y Central_____________
H
Tennessee Copper..... ..........
1)4
2)4
2)4
Form er S tan d ard O il
S u b sidiaries
108
108
Buckoye Pipe Line......... 50
194
194
222
246
246
19
19)4
National Transit------12.50
119
119
Northern Pipe Line___100
375
400
Ohio O il............................ 25 396
605
650
Prairie Oil A G as........... 100
345
331
Prairie Pipe Lino______ 100 345
219
215
Southern Pipe Line____100 219
586
550
116
116
S W Pa Pipe Lines____100
370
382
Standard OH ( C a l i f) ... 100
680
699
Standard Oil of N J ._ 106
266
282
Standard Oil of N . Y ..10C 280
O th er Oil S to ck s
3
Barnett Oil A G a s .r ____1
3)4
3)4
Conshl M ex Oil Corp i___1
1)4
1)4
1)4
Cosden A C o . r ........... . . . 5
17)4 18
17)4
Cosdcn OH A G a s .r ......... 5
14)4 15)4
15
5
5)4
6)4
7)4
Federal O ll.r ......... ............ 5
7)4
)4
)4
22)4 24)4
24
Houston Oil, com r — 100
It
Internat Petroleum r . . . £ l
11)4
3-16 11-16
Kenova OH (prospect). . . 1 9-16
5
M etropolitan Petroleum .5
8)4
5
42c
45c
44o
83)4 83 )4
M idwest Refining r ------50
70o
73c
750
1
1
N Y-Oklahoma O ll.r ------1
9c I2)4c
Oklahoma Oil c o m .r ------ 1
Ho
1
1)4
1X
11)4 13)4
Oklahoma Prod A R e fg -,6
13)4
55c
45c
50c
Omar OH A G as— ......... 1
)4 i 7-ie
Pennsylvania Gasoline r . 1
1)4
70)4 74
71)4
10)4 l l X
Sapulpa R efining_____ r .5
11
*12)4 13
2
1)4
Sequoyah OH A R ef......... 1
2
66
61
Sinclair OH A Ref r(no par)
65)4
8)4
7
Southern OH A Transp't 10
United Western O l l . r . . . !
X 13-16 15-16
71c
59c
Utah Petrol (prospect) ..1
64c
1)4 1 7-16
Vacuum G asAO .Ltd r.4.1 1 5-16
1)4
1)4 1 11-16
4)4
5)4
Wayland Oil A G as,com .5
5)4
45c
70c
70c
West End Oil A Gas r ___1
2)4
2)4
W yom ing Petroleum r _ 1
_
2)4
M in ing S tock s—
1)4
Alaska-Brlt Col M etals 1 1
1)4
1)4
90c
93c
92c
Alaska Mines C o r p ......... 1
31o
26c
27c
Alaska Standard C op r . . l
55c
55c
Alaska W estover C o p .r .l
9)4C
8c
So
American Commander_
_
53c
46o
48c
D4
Arizona C op perflelds.r..]
J4
1)4
Arkansas Arizona r _____1
)4 65c
7)4o 11c
Atlanta M in e s .r ...............
10c

Range since Jan. 1.
Low.

High.

Oct
14)4 Jan
D eo
53
D ec
Aug
42)4 Oct
Oct
61
Dec
Oct
Sept 172
Juno
Apr
14
Aug
21)4 Jan
Oct
4 X N ov
July
83
Deo
July
54 X Jan
July 103
D ec
530 Sept
Aug
26 V Jan
x
July
Aug
Sept o61o
D ec *63)4 July
Sept
19 X Oot
July
14)4 Oct
N ov
Sept 107
Oct
40
Oct
D ec
98
N ov
Oct
2)4 Jan
Apr
4)4 Jan
Oot
June
83
D ec
Deo
63
M ar
Jan
13
N ov
96 X D ec
Sept
20 X N ov
Apr
77 X Jan
D ec
73)4 Sept
Juno
Dec
87
Dec
44 X N ov
D ec
48 X Deo
Feb
16)4 Mar
15X N ov
Oct
Deo
33
D ec
D ec
60
D ec
D ec
72
D ec
N ov
65
N ov
Jan
Sept 150
Sept
77
Aug
Mar
6)4 Feb
N ov
4 5 X D eo
N ov
94)4 Deo
N ov
N ov
80
22
N ov
July
M ar
40
Sept
45
N ov
Dec
Oot
98
N ov
N ov
6)4 N ov
Aug
11X Sept
48 H -NOV
N ov
Oct
Oct 104
Apr 101X N o v
Sept
6 X DCO
July
45 X Oot
95
N ov
July

1,000
2,850
100
100
2,500
600
100
1,500
1,700
7,250
30
4,750
500
31,066
100
900
15,500
55
800
1,000
350
1,050
2,300
1,600
800
100
200
29,500
1,855
800
550
2,800
200
47,000
20,000
100
400
5,450
125
100
1,736
25,500
2,850
8,700
700
1,700
280
510
19,100
1,100
500
100
100
11,500
50,000
784

8)4
*48
37)4
56
124
7
5
3X
68 X
33)4
93 M
25C
7
o35o
52
12
6)4
105
32
94)4
X
3
23
48
4
94
17)4
57
54
56
36
47)4
12)4
11)4
29
60
72
42
86)4
54
4X
36)4
83
68
14
30
*41
96
5)4
9)4
46)4
100)4
51
2 )4
31)4
73)4

11,350
2,875
38,600
1.750
300
12,500
1,600
4,550
11,600
2,805
4,000
1,300
9,000
2,200
37,000
9,500
3,100
3,000
45,000
2,600
6,100

42)4
1)4
47
50
99
57
)4
1)4
4
1)4
17«
46
12
36
17)4
49
•56

Deo
Jan
Deo
Deo
N ov
June
Jan
Jan
Sept
N ov
Deo
Deo
D ec
Deo
D ec
Deo
N ov
Jan
Sept
N ov
Apr

V
s

Oct 1 1-16 N ov
Oct
3 X Oct

N ov
48X
N ov
6X
66
N ov
N ov
73)4
N ov 101
94
Aug
M ay 2 1-16
N ov
4X
Apr
8
N ov
1
25
Feb
Jan *58
Sept
25)4
51
Sept
25)4
N ov
Oct
57
N ov
COX
3
X July
22
36
Oct
80
7’ H D ec
2
6)4
3)4 Aug

100
5,500

1

10
30
206
40
13
645
282
405
40
250
4
190
210
895

90
151
155
m 15
95
189
359
205
ISO
325
106
2234
495
200

June 111
Feb 206
June 246
Aug n34
Aug 119
Jan 400
Aug 650
Apr 345
July 226
Mar 586
Apr 118
Apr 387
Apr 700
M ar 282

Jan
N ov
Deo
Jan
Deo
Deo
Deo
D eo
Jan
Deo
Feb
N ov
N ov
N ov

5,600
10,100
3,500
31,700
2,800
187,500
1,300
8,800
1,400
115,500
2,700
23,000
150
36,100
1,450
112,500
13,800
91,000
9,200
24,500
3,000
3,450
351
58,200
3G.100
2,500
4,400
56,500
178,000
24,400
12,100
111,700
6,100

2)4
1
13
6)4
3)4
X
)4
12
9)4
3-16
5
38o
53
730
70o
7c
X
5)4
45o
%
70)4
7)4
9)4
1)4
35)4
7
54o
35o
28c
1
3)4
300
2

Jan
4
M ay
N ov
I X N ov
Aug
27
June
Apr
18 X June
July
OX Feb
Feb
7 X Deo
Aug 1 1-16 Sept
Aug
24 X Deo
June
13 X Jan
93o Juno
Sept
M ay
IJCC 25
Aug
850
Feb
Feb
85
N ov
76o
D ec
Deo
June
I X Aug
Mur
21o June
Aug
1 via N ov
Aug
13)4 Deo
95o
N ov
Aug
Aug
1%. D ec
Dec
74
Deo
Aug
10)4 Fob
Mar
11)4 M ay
Doo
2
Sept
60
Doo
Aug
Dec
OX N ov
Mar
2 X June
74c
Sept
Doo
Sept
1/16 N o v
Mar
2)4 Jan
Aug
9)4 Feb
D eo
Oot
70o
N ov
3)4 N ov

17,000
38,900
69,000
1,000
16,780
42,550
33,80(
1,300
70,500

250
59o
260
X
8c
30o
350
X
70

N ov
2
Oct
Deo
930
Sepi
D eo
310
Deo
70o July
Oct
140
Jan
Jan
530
Oot
Deo
July
3 X 8ept
INov 15-10 N ov
N OV 2 3 h < Jan
)

THE CHRONICLE

D ec . 9 1916.]
M in ing S tock s
(Concl.)

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

Big J i m . . . ......... .......... 10c
Big Ledge Copper C o ------1
Bingham M ines------------- 10
BIsbee Cop M A D e v ____1
Bitter Creek Cop r ............1
B o o t h .r ......... ..................1
Boston A M ontana D e v ..5
Buffalo Mines, L td______ 1
Butte Copper A Z inc____1
Butte-Detrolt C opA Zinc. 1
Butte A N Y Copper____1
Calaveras C op p er.r ------- 5
Caledonia M in in g .............1
Calif-Tread well M ____i 1
Calumet A Jerome Cop r . 1
Canada Copper......... ........ 6
Cash B o y _______________ 1
Oerro de Pasco C op(no par)
Cerro G ordo M ines______ 1
Consol Aria Smelt_______ 5
Consol Copper M ines____ 5
C on sol-H om estead., r . l
Cresson Con Gold M A M 1
Dundee Arizona C o p p .f .l
Emma C o p p er.r................ 1
First National Copper___5
Goldfield Cons’d _______ 10
Goldllehl Merger r ______ 1
Grand Canyon Gold r _ 1
_
Greon M onster M in in g .r .l
Grizzly Flats Gold M ____I
Hargraves M ining______ 1
Hecla M ining_________ 25c
H owe Sound------------------ 1
Independence L ea d .r— 1
InspirationNeedlesCoprl I
International M in e s .r _ 1
_
Iron B lossom .r_______ 10c
Jerome Verde C op p er.1 ..1
Jerome Victor E x te n .r .f .1
Jim B u tler.r____________ 1
Jumbo Exten sion.......... .1
K e w a n u s .r ......... ............ .1
La Rose Cons'd M ines_ 5
_
Loma Prleta Mines i ____1
Loon Lake r . _ _____ 25c
Louisiana Consolidated 10c
M agma Copper_________ 6
Marsh Mining r -------- 1
Marysvillo Gold M ining. 1
_
____5
M ason Valley_
M oK Inloy-D arragh-Sav.-l
Miami Consol Mines 1..1
M ich Gold Min A Mill r . l
M ojave T u ngsten.r......... 2
M onitor 811 L A Z M A M 1
M onster Chief r _______ 1
M ontana Gold M ln e s .r ..l
M other L o d e .r ......... ........ 1
N ancy Hanks M ontana r 1
Nevada Utah Blngh'in 2.50
Newray Mines, L t d .r ____1
N.Y.AIIonduras Rosarlo.lC
N lplsslng....... ..................... 5
Ohio C o p p e r.....................5
Ohio Copper new w l . r . , 1
Old Emma Leasing r.lO c

14*
I X 1 5-16
7
44*
43*
10
10
10
14*
14*
IX
5-10
7-16
4*
8c 144*o
14c
74c
79o
74o
14*
14*
14*
174* 19 4*
184*
1 5-10
14*
14*
2
24*
53*
54*
47c
55c
51o
78c
78o
3 4*
2 9-16
24*
2 1-16 2 1-10
24*
5c
7c
6c
42 X
424* 44
24*
24*
2 4*
2 5-10
24* 2 13-10
34*
34*
4* 1 5-10
X
74*
74*
84*
14*
24*
24*
14* 29-10
2 9-16
44*
44*
44*
680 48c 90c
9c
50
7 4*c
10c
100
10c
34*
2?-*
34*
1
1
14*
19
21
20
8
74*
84*
84*
8 45
84*
22c
174*c 27c
1
4* 1 1-10
lOe
10c
14*
14*
14*
14* 1 9-10 1 15-10
14*
24*
89o
87c
1
40c
34c
23c
28c
20c
9C
4*
X
4*
14*
14*
14*
45c
40o
45c
1
1
90o
49
49
50
130
12o
13c
14*
14* *2 4*
6T*
74*
74*
00c
65c
39c
38c
52c
00c
69C
24*
2 4*
24*
14*
14*
145
7-10 9-16
4*
88c
85o
89c
39 4* c
30o
40c
91c
90c
95c
15-10 15-10
1
14*
14*
14*
17
104* 17
9
94*
94*
7-1 1 .* -1
1
24*
14*
78o
78o
63c

Peabody Cons'd C op p er.5
Peerless Jen n ie.r. .
1
Plttsburgh-Idalio C o,L td 1
Plttsb Jerorno C o p p e r .!. 1
Progress Mining A M111..1 11-10
Ray H ercules.r ________ 6
5%
Rex C onsolidated.r_____ 1
(ilo
Rochester M ines________ 1
74o
Round M ountain r ______ 1
37c
Baoramento Val C o p . . r . l
Santa Rita D e v e lo p .r _ 1
_
4*
San T o y M ining. . . . . . 1
Scratch Gravel G old M .. 1
72o
Section 30 M ining_____ 10
13
Silver King of Arizona___1
4*
Silver King Cons of Utah 1
Silver Pick C on sol.r___ 1
31c
Standard Silver-Lead____1 1 5-10
Success M in in g .r............. 1
50c
Superstition M in in g .!_ 1
_
32c
Teck Hughes r (prospect) 1
Tenn Cop A Chcm r te.(t)
18
Tom m y Burns Gold M Df 1
14*
Tonopali B elm on t.r_____ 1
5
Tonopah Extension_____ 1 4 15-10
Tonopali M ining.........
1
Tortllllta Copper r _____
3
Trl-Bulllon HA 1 ) _______ 5
T roy Arlz Copper Co r . _. 1 81c
Tuolum ne r.
|
2»*
United Lantern________ 5
54*
United Mines of Arizona rl 2 1-10
U S C ontlnental.r_ __ 1 U 4*c
_
United Verde Con C op r . .
4*
United Verde E xten.r.50c
41
Unity Gold M ines_______ 5
54*
Virginia Lead A Zinc r _ 5
_
54*
67c
West End Consolidated- .1
W liltoCaps M ining. r . . l 0 o
White Cross Copper r ____1
4*
White Oaka Mines Cons r 5
44*
42c
Yerrlngton M t C op _____ 1
Yusenran C on sol.r______ 5
4*
lion <I.s—
Amer Tel A Tel new 5s r . .
984*
Brit G ovt (Unit'd K IngG t
Brit A Irel'd) 5>*s-1919
984*
n
r — - ..............1921
974*
Consol Arlz Smelt 5s 1930
Cosden A ( !o 6s
1ooe.
French Municipals 5 K s’ 7 o 97
Metropolitan Petroleum 0s
M idvale St A Ord 5s.r.l93o
97
Russian G ovt 6 5 * s --------99
New 54*8........... — 1921
944*
Sinclair O " A Ref 6s.r.l926 118
Todd Shipyards 6 s ............
Western Pao new 5s 1946 ...........

21,050
45,000
000
59,500
12,400
19,700
40,700
5,800
39,500
39,300
2,300
1,100
17,700
1,000
149,100
14,100
29,700
3,400
23,100
70,000
5,800
8,000
14,500
4,520
86,100
1,900
23,900
35,800
33,850
112,000
19,000
30,000
13,300
9,285
460,000
36,700
2,500
5,450
45,000
2,300
8,100
52,025
07,900
100
19,700
5,400
143,000
0,550
15,300
11,035
21,500
8,700
54,700
43,590
3,900
0,450
108,000
3,500
109,000
14,800
15,300
3S.000
50C
13,101
51.50C
72,000
110,95(1
12,000
1,000
2
24*
1,400
77c
75c
14* 13* 5,500
0,500
1%
1H
37,100
*4
7,000
54*
5X
72,000
01 c
70c
44,350
72c
78c
835
37c
38c
14*
14* 12,100
12,200
H
0,150
X
14*
18c
10,750
10c
20,900
07c
75c
2,4,87
134*
4*
14* 17,000
9,700
5
54*
22,600
27c
32c
4,200
14*
14*
54c
6O0 29,100
35,100
30c
30c
40,000
50c
82c
100
18
18
89o
14* 95,715
1,390
44*
5 4*
8,050
44* 4 15-10
200
3,700
3
33*
1,000
78e‘ 94c
64,600
IX
24* 33,000
54* 10,340
44*
14*
24* 130,100
33,000
104*C 10c
8,800
1
4*
40 4* 42
10,600
44*
9,050
1
1,400
44*
0,500
53*
07c
72c
0,000
34c
39c
14,500
9,000
4*
3*
44*
2,000
44*
37c
44c 220,000
2,300
4*
V
s
98 4*

99

99
99
63 4*
107
i
904* 97 V
1024* 1023*
07
973*
99 100
9444 943*
1104* 119
984*
974*
60

90

1175000

1X50000
941,000
2,000
20,000
550,000
20,000
93,000
108,000
239,000
965000
5 000
904* 15,000

Range since Jan. 1.
Low.

High.

I X Feb
I X Oct
Oct
1 7-10 Feb
8
OX N ov
15X M ay
80o N ov
2
N ov
X Nov
X N ov
44c
Jan
7o N ov
60c M ar
2 H June
X Feb
I X M ay
20
N ov
4 X June
91o Oct
13* D ec
43* M ar
I X Oet
OX Sept
23* Jan
1 5-32 Apr
40c N ov
80o
70o N ov
Oct
3% , N o v
I X Aug
1 3-16 M ar
2 J* M ay
Feb 91*0 M ay
35*0
47 <* N ov
32 J* July
23* D ec
2 X Dec
3
N ov
1 Y July
s
5
N ov
I X Feb
15* N o v
X July
Oot
6
8J* N ov
3
Oct
11* June
17H c Jan
35* Oct
3 July
85* Jan
48o N ov
1 3-16 Jan
50 N ov
21o
Jan
10o
Oct
15o N ov
1
Aug
OX N ov
51o
Oot
15* Deo
19
D ec
21
D ec
95* Oot
3 J* D ec
o x N ov
June
lOo
Oct
28o
Oot
60o July
15* Oct
10c M ar
31c
Apr
Jan
1
25* Apr
25* M ay
I X July
I X June
35* Sept
Slo July 1 3-16 Jan
21o N ov
15* Jan
8 X 0 July
28c
Dec
1
M ay
X N ov
1
N ov
I X N ov
40c
D ec
45c
D ec
1
120 M ay
N ov
July
69
13
N ov
7o N ov
41o M ar
1
Aug
*2 5* Deo
July
2
85* N ov
38c M ar
72o M ay
38o
Deo
1
N ov
42o
Aug
70o
Aug
8
M ay
2 X N ov
X Apr
25* M ay
Vs Dec
5* N ov
64o June
1
Aug
20o
Jan
43o Apr.
8O0 N ov 95o D ec
V N ov
s
53* Jan
34c June
15* Deo
18
N ov
14 X Oet
95* Dec
OX Feb
3-16 Feb
15*9
I X N ov
25* Deo
Oct
12c
Aug
83c
Jan
6c
2!4
M ar
4
2 X Apr
Oct
770
Oct
75o
1 1-10 Sept
13* Deo
85o July
25* N ov
X Oct
X N ov
2 X Mar
65* N ov
10c
Aug
75o N ov
6O0 Sept 84o
34o Sept
78o
1 1-16 Sept
2
H
2
X Deo
X
13
60c
4 J*
3c
1
30o
22o
40c
18
02o
4
3 15-ie
514
3
H
70o
X
3X
55o
4o
X
ox
IX

June
Nov
Nov
N ov
1Feb
July
Aug
Oot
Sept
Dec
Sept
June
Jan
Nov

4

Jan
July
Nov
Aug
Dec
Jan
Apr

98 X N ov

81

N ov
Deo
Deo
N ov
Jan
Feb
N ov
D ec
N ov
N ov
M ay
M ay
M jiv
N ov

94o
25*
55*
25*
18o'
13*
45
55*

■IX Dec
05o 8ent
22KcJune
% Oct
3% Aug
180 Nov
H July

08X
98
25
100
96 J*
92 J*
04
99
94
94 H

13*
155*
15*
55*
34o
2
950
72o
82c
195*
92o
65*
7 5*
7U

55*
15* Juno
62c
Oct
1
Oet
165* M ay
44o
Dec
15* M ay
100

N ov

Dec
N ov

995* N ov
99
70

July
Dec
Sept

98
1045*
100
Feb
102 5* Sopt
943*
119
Deo

Sept

905* N ov

* Odd lots, t N o par value, i Listed as a prospect. I Listed on the Stock Ex­
change this week, where additional transactions will be found, m New stock, par
value $12 SO. n Old stock, par value $25. o New stock, r Unlisted, s Ex-100%
stock dividend. <350 paid, u Ex-cash and stock dividends, v $10 paid. w W h cn
Issued, x Ex-dlvidcnd. y Ex-rights.
lEx-stock dividend.

New York City Banks and Trust Companies
And Realty and Surety Companies u su ally given here, see page 2133
.




3149

Quotations for Sundry Securities
All bond prices are “ and Interest” except where marked
S tan d ard OH S to ck s Per Share
Par Bid. Ask.
Anglo-Amer Oil new____ £1 *1612
17
Atlantic Refining________100 995 1010
Borne-Scrymser C o _____ 100 500 520
Buckeye Pipe Line C o ___50*114
117
Chesebrough M fg new___100 480 500
Colonial Oil......................... 100 50 ' 70
Continental Oil_________ 100 570 580
Crescent Pipe Line C o ____60 *42
44
Cumberland Pipe L i n e ..100 150 160
Eureka Pipe Line C o ____100 235 240
Galena-Signal Oil com ___100 192 195
Preferred_____________ 100 140 145
Illinois Pipe Line.............. 100 235 240
Indiana Pipe Line C o ____50 112 115
Internat Petroleum______ £1 *1114 11%
National Transit C o . .12.50 *19
20
New York Transit C o .--1 0 0 230 235
Northern Pipe Line C o . . 100 115 120
Ohio Oil C o ...................... ..2 5 * 3 9 3 398
Penn-Mex Fuel C o _______ 25 *62
65
Pierce OH C orp .................... 25 *16i2 17
Prairie Oil & G as.............. 100 645 650
Prairie Pipe Line________100 340 343
Solar Refining__________ 100 375 ,385
Southern Pipe Line C o . .100 213 218
South Penn Oil__________ 100 595 600
Southwest Pa Pipe Lines. 100 113 118
Standard OH (California) 100 380 385
Standard Oil (In d ia n a)..100 850 860
Standard Oil (Kansas) ..1 0 0 555 565
Standard Oil (Kentucky) 100 700 715
Standard Oil (Nebraska).100 575 585
Standard Oil of New Jer.100 695 700
Standard Oil of N ew Y'rklOO 275 280
Standard Oil (Ohio)......... 100 440 450
Swan A Finch___________ 100 130 135
Union Tank Line C o ____100
98 100
Vacuum O il_____________ 100 395 400
Washington Oil__________ 10 *42
47
B o n d s.
Per Cent.
Pierce Oil Corp conv 6s. 1924 85
87
O rd n a n ce S to ck s— Per S hare.
Aetna Explosives pref___100
48
Amer A British M fg _____ 100
10
Preferred______________100 20
Atlas Powder com m on. .100 168
Preferred_____________ 100 99
Babcock A W ilcox______ 100 124
Bliss (E W ) C o c o m m o n ..50 *690
Preterred_______________50 *78
Canada Fdys & Forgings 100 220
Preferred______________100 90
Canadian Car A F d ry___100
40
Preferred______________100 75
Canadian Explosives comlOO 400
Preferred_____________ 100 100
_
Carbon Steel com m on_ 100 124
1st preferred__________ 100 100
2d preferred__________ 100 70
C olt's Patent Fire Arms
M fg _________
100 900
Crocker-Wheeler Co com . 100 94
duPont ( E I ) de Nemours
265
A C o, com m on______ 100
Debenture stock____100
103
Electric B oat___________ 100 360
Preferred........... ............. 100 360
Hercules Powder com _ 100 390
_
Preferred_____________ 100 116
Hopkins A Allen A rm s..100
15
Preferred_____________ 100 40
International Arms______ 25 *22
Lake Torpedo Boat c o m .. 10 *9
M idvale Steel A Ordnance 50 *69
NIles-Bement-Pond com . 100 207
Preferred_____________ 100 105
ScovllI M fg ......................... 100 800
Submarine B oat___(no par.) *36
Winchester Repeat Arms 100 1100

52
20
40
173
102
127
715
85
228
100
50
85
500
110
127
104
75
930
98

"l"

R R . E q u ip m en ts— PerCt Basis
Bid.
4.35
Ba tlmore A Ohio 45*s_____
Buff R och A Pittsburgh 45*s 4.40
Equipment 4s____________
4.40
Canadian Pacific 4 i* s ______
4.55
Caro Cllnchf A Ohio 5s_____
4.75
Central of Georgia 5s_______
4.50
Equipment 45*s_________
4.80
5.40
Chicago A Alton 4s________
5.50
Chicago A Eastern 111 53*e-5.50
Equipment 45*s_________
4.70
Chic Ind A Loulsv 43*8_____
4.55
Chic St L A N O 5s.................
4.25
Chicago A N W 4 X 8 ........... .
5.20
Chicago R I A Pac 45*8_____
Colorado A Southern 6s___
4.70
Erie 5s_____________________
4.60
Equipment 45*8_________
4.60
Equipment 4s____________
4.60
Hocking Valley 4s_________
4.55
Equipment 5s____________
4.55
Illinois Central 5s__________
4.30
Equipment 4>*s_________
4.30
Kanawha A Michigan 45*s.
4.60
4 30
Loulsville A Nashville 5s___
4.40
M inn S t P A S S M 4 3*8___
5.50
Missouri Kansas A Texas 6s
5.50
Missouri Pacific 6s_________
M obile A Ohio 5 s ..................
4.70
4.70
Equipment 4 )* s _________
4.50
New York Central Lines 6s..
4.50
Equipment 4X a_________
N Y Ontario A W est 45*8_
_
4.55
4.30
Norfolk A Western 43*s____
4^30
Equipment 4s____________
4.25
Pennsylvania R R 4 M s____
Equipment 4s____________
4.25
St Louis Iron M t A Sou 5s..
5.40
St Louis A San Francisco 5s.
5.30
Seaboard Air Line 5s_______
4.60
Equipment 45*s_________
4.60
Southern Pacific C o 4 X b. . .
4.30
Southern Railway 4 M s____
4.55
Toledo A Ohio Central 4 s ..
4.75

Ask.
4.20
4.20
4.20
4.30
4.40
4.00
4 50
5 00
5.25
5.25
4.45
4.26
4.12
4.90
4.45
4.40
4.40
4.40
4.35
4.35
4.15
4.15
4.37
4.15
4.20
5 00
5.00
4.45
4.45
4.30
4.30
4.35
4.15
4 15
4.12
4.12
5.00
5.00
4.40
4.40
4.16
4.35
4.50

T o b a c c o S to c k s — Per Sha re.
Par Bid.
American Cigar commonlOO 112
Preferred......................... 100 98
Amer M achine A F d r y ..100
80
Brltlsh-Amer T ob a c o r d ..£ L *20
Ordinary, bearer______ £1 *20i2
Conley Foil.........................100 300
Johnson Tin Foil A M e t .100, 100
M acAndrews A F orbes. .100 202
Preferred_____________ 10C' 100
Porto RIcan-Amer T o b .. 100 250
Reynolds (R J) T o b a cco . 100 610
Preferred_____________ 100 123
Young ( J S ) C o .................100 145
Preferred______________100 105

116
100
90
21
21
350
150
210
102
260
640
125
155
110

A sk.

S h o r t T erm N o te s. Per Cent.

Am Cot Oil 5s 1917_ M A N
_
272
Amer Locom 6s. July '17.J-J
Am T A T 4MS 1918.............
105
370
Anaconda Copper 5s '17 M-S
370
Canadian Pac 6s 1 92 4.MAS2
Chic A West Ind 5s '1 7 .M AS
395
Erlo R R 5M s 1917____A-O
119
General Rubber 5s 1918 JAD
25
Hocking Valley 5s 1917.M -N
60
Int Ilarv 6s Feb 15 *18.F-A
26
K C Rys 5 M b 1918____JAJ
10
K C Term R y 4M s '1 8 .M A N
70
4M s 1921........... ........ JAJ
210
110
Laclede Gas L 5s 1919.FAA
M organAW rlght 5s D e c.1,18
810
New Eng N av 6s 1917.M-N
37
1300 N Y N H A H 4Me M ay 1917
Penn C o 4M s 1921..JA D 16
P u b lic U tilities—
Pub Ser Corp N J 5s '19 MAS
Am Gas A Elec com ______ 50 *152 165
Rem Ams U .M .C .5s'19F A A
Preferred______________ 60 *5012 51
Southern R y 6s 1 9 1 7 ..M-S2
Am Lt A Trac c o m m o n .. 100 380 382
United Fruit 5s 1 9 1 8 .. M-N
Preferred______________100 112 113
UtahSecurCorp 6s’22 M-S15
Amer Power A Lt com ___100
Winches RepArms5sT8M &8
79
81
Preferred........... ............. 100
New Y o r k C ity N otes—
87
89
Amer Public UUlltles comlOO 40
6s Sept 1 1917..........................
43
Preferred_____________ 100 72
C a n adian G o v t. N otes—
75
Cities Service C o c o m .. . 100 326 327
5s Aug 1 1917.................. FAA
Preferred..
100 93
94
C om ’w’lth Pow R y A L ..1 0 0
In d u s tria l
59% 61
Preferred______________100 83
84%
an d M iscella n eou s
Dayton Pow A Lt pref___100
98
95
Elcc Bond A Share p r e f.. 100 100 10U2 American Brass_________ 100
Federal Light A TractlonlOO
American Chicle co m ____100
19
17
Preferred______________100 55
Preferred_____________ 100
58
Great West Pow 5s 1946.JAJ
90l4 91
Am Graphophone c o m ..100
Indiana Lighting C o ____100
Preferred.................
100
85
4s 1958
F-A
American Hardware____100
82
80
North'n States Pow com . 100 107 1C9
Amer Typefounders c o m .100
P re fe rre d .......................100 9912 100
Preferred.................
100
1st A ref 5s 1941____AAO
Borden's C ond M ilk com . 100
98
97
Pacific Gas A Elec c o m .. 100 65l2 66l2
Preferred______________100
1st preferred__________ 100 91l2 P212 Celluloid Com pany_____ 100
Republic R y A Light___ 100,
Havana T ob acco C o____100
56
55
Preferred......... ............... 100 78
Preferred______________100
79
South Calif Edison c o m ..100
95
97
1st g 5s June 1 1922..J -D
P re fe rre d ........... ...........100 107 109
Intercontlnen Rub c o m .. 100
Southwest Pow A L pref. 100 9712 100
Internat Banking C o____100
Standard Gas A El (D e l). 66 *16
International Salt______ 100
17
Preferred___________
60 *43
1st g 5s 1951.............. A-O
44
Tennessee R y L A P comlOO
International Silver pref.100
11
10
Preferred......................... 100 48
Lehigh Valley Coal Sales. 50
50
United Gas A Elec C o rp . 100
Otis Elevator com ______ 100
13
10
1st preferred__________ ICO 74l2 78
Preferred_____________ 100
2d preferred__________ 100 12I2 15
Remington Typewriter—
United Lt A Rys com ___100
C om m on_____ ________ 100
51
50
1st preferred__________ 100 7812 80
1st preferred__________ 100
Western Power com m on. 100 20
2d p referred ........... -.1 0 0
21
Preferred______________100 69i2 70*2 Royal Baking Powd c o m .100
Preferred______________100
* Per share. 6 Basis, d Purchaser also pays accrued dividend,
/ F l a t price, n Nominal, z Ex-dividend, y Ex-rights.

100% 100%
100 % 100%
100l2 10034
100 100%
102l2 102%
100% 100%
100% 100%
100l4 10034
100% 100%
101% 10134
100% 101%
100 100%
99% 100%
10012 101%
99% 100%
99% 100
99% 100
100% 101%
100% 101%
90
89
100 100%
100% 101
96% 97%
97% 98
101% 101%
100

1003s

395
62
75
181
182
136
41
92
109
105%
190
1
4
/52
14%
160
55
/7 9
103
•96
64
92

405
65
80
185

‘ 58’
80%
108
98
66
94

16%
82
46
150
102%

17%
85
48
160
1031*

138'
44
96
110%
106%
195
2
6
57
15%

e New stock

C U R R E N T N O T IC E .
— W illiam P . Bonbright & C o ., In c., 14 W all S t., this city , have sold
a now issue o f $2,000,000 Electric B ond & Share C o. 6 % cum ulative pre­
ferred stock. Price 100 and dividend. See to -d a y ’s m atter-of-record
advertisem ent.
— Warren A . T . H unt, form erly with the M aine Savings Bank o f P ort­
land, represents C . E . Denison & C o. in M aine beginning D oc. 1, with an
o ffico at 314 M asonic Building, Portland.

THE CHRONICLE

2150

(Vol . 103

ta x e s lm m t <mtl IjhxxIimtT lix M I ip ix c e .
RAILROAD

GROSS

EARNINGS.

The following table shows the gross earnings of every S T E A M railroad from which regular weekly 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 ee add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.

Latest Gross Earnings.

J u ly 1 to Latest Date.

ROADS.

J u l y 1 to Latest Date.

R O A D S.
Week or
M onth.

A la N O S T e x P a c N O & N o r E a s t. O c t o b e r ___
A la & V ic k s b u r g . O c t o b e r ___
V ic k s S h rev & P_ O c t o b e r ___
A n n A r b o r __________ 3 d w k N o v
A t la n t a B ir m & A tl 3 d w k N o v
A tla n ta & W e s t P t . S ep tem b e r
A tla n tic C o a s t L in e O c t o b e r ___
C h ariest & XV C a r O c t o b e r ___
L o u H e n d & St L O c t o b e r ___
a B a ltlm o r e & O h io . O c t o b e r ___
B & O C h T e r R R O c t o b e r ___
B a n g or & A r o o s t o o k O c t o b e r ___
B essem er & L E r ie . O c t o b e r ___
B ir m in g h a m S o u t h . O c t o b e r ___
B o s to n & M a in e ___ O c t o b e r ___
B u f f R o c h & P i t t s b . 4th w k N o v
B u ffa lo & Su sa R R O c t o b e r ___
C a n a d ia n N o r S y s t . 1th w k N o v
C a n a d ia n P a c i f i c . . 4 th w k N o v
C e n tra l o f G e o r g ia . O c t o b e r ___
C en t o f N o w Jersey O c t o b e r ___
C e n t N o w E n g la n d - O c t o b e r ___
C en tra l V e r m o n t - . S ep tem b e r
C h es & O h io L ln e s . 4th w k N o v
C h ic a g o & A l t o n ___ O c t o b e r ___
C h ic B u rl & Q u in cy O c t o b e r ___
b C h ic a g o & E a st 111 O c t o b e r ___
c C h i c G re a t W e s t . 4 th w k N o v
C h ic I n d & L o u is v . 1th w k N o v
C h ic M ilw & St I’ l O c t o b e r ___
C h ic M il & P u g SI
d C h lc & N o r t h W est O c t o b e r ___
C h ic P e o r ia & S t L . O c t o b e r ___
C h ic R o c k Is l & P a c O c t o b e r ___
C h ic R I & G u l f . . O c t o b e r ___
d C h ic S t P M & Om O c t o b e r ___
C h ic T e r r o It & S E O c t o b e r ___
C in H a m & D a y to n O c t o b e r ___
C o lo r a d o M id la n d . O c t o b e r ___
e C o lo r a d o & S o u t h . Ith w k N o v
C o r n w a l l ___________ O c t o b e r . . .
C orn w a ll & L eb a n on S ep tem b e r
C u b a R a i l r o a d ____ S ep tem b e r
D e la w a re & H u d son O c t o b e r ___
D e la w L a ck & W e s t O c t o b e r ___
D e n v & R io G ra n d e 4 th w k N o v
W estern P a c if ic . _ O c t o b e r ___
D e n v e r & S alt L a k e 3d w k N o v
D e tr o it T o l & Iron t O c t o b e r ___
D e tr o it & M a c k in a c 4 th w k N o v
D e t & T o l S h ore L . S ep tem ber
D u l & Iro n R a n g e .. O c t o b e r ___
D u l M is s a b e & N o r O c t o b e r ___
D u l S ou S h ore & A tl,4 tn w k N o v
D u lu th W in n & P a c O c t o b e r ___
E lg in J o lie t & E a s t . O cto b e r . .
E l P a so & S ou W e s t O cto b e r . .
E r i e -------------------------O cto b e r . .
F lo rid a E a st C o a s t - O c t o b e r ___
F o n d a J oh n s & G lo v O c t o b e r ___
G eorg ia R a i l r o a d . . O c t o b e r ___
G ra n d T r u n k P a c . . 2d w k N o v
G ra n d T r u n k S y s t . 4 th w k N o v
G ra n d T r u n k R y 2d w k N o v
G ra n d T r k W e s t . 2d w k N o v
D e t G r II & M ilw 2d w k N o v
G rea t N o r t h S y stem N o v e m b e r
G u lf & Ship I s la n d . O c t o b e r . . .
H o ck in g V a lle y ____ O c t o b e r ____
Illin o is C e n tr a l____ N o v e m b e r
In tern a t & G rt N o r !O c t o b e r ___
K a n sa s C it y S o u t h . | c t o b e r ___
O
L eh igh & H u d R iv e r O c t o b e r ___
L eh ig h & N e w E n g J O c t o b e r —
L e h ig h V a llo y ______O c t o b e r ____
L o s A n geles & S L . . 'O c t o b e r ___
L o u is ia n a & A rlca n . O c t o b e r ___
L ou isian a R y & N a v O c t o b e r ___
/ L o u is v ille & N a s h . 4th w k N o v
M a in e C e n tr a l.......... O c t o b e r ___
M a r y la n d & P e n n .. O c t o b e r ___
M id la n d V a lle y ____ O c t o b e r ___
M in e ra l R a n g e ____ 4tli w k N o v
M in n e a p & S t L ou is 4th w k N o v
M in n St P & S S M . 4th w k N o v
M ississip p i C e n tr a l. O c t o b e r ___
a M o ICan & T e x a s . 4 th w k N o v
h M issou ri P a c i f i c . . O c t o b e r ___
N a s h v C h a t t & St L O cto b e r . .
j.N e w Y o r k C en tral O c t o b e r ___
B o s to n & A lb a n y O c t o b e r ___
n L a k o E rie & VV. O c t o b e r ___
M ic h ig a n C en tral O c t o b e r ___
C lo v e C C & St L O c t o b e r ___
C in c in n a ti N o rth . O c t o b e r ___
P itts & L a k e E rie O c t o b e r ___
T o l & O h io C e n t. O c t o b e r ___
K a n a w h a & M ic h O c t o b e r ___
T o t all lines a b o v e O c t o b e r ___

Week or
M onth.

Previous
Year.

Current
Year.

Previous
Year.

Current
Year.

35 9 ,1 9 0
187,097
193,045
58,765
77,521
131,048
3 ,0 8 8 ,7 2 5
21 8 ,8 7 4
151,754
10657 534
167,996
3 99 ,883
1,09 2 ,7 5 2
9 3 ,109
4 ,8 5 7 ,5 7 3
3 63 ,782
142,807
1 ,1 5 9 ,2 0 0
4 ,0 8 6 ,0 0 0
1,411,781
2 ,9 5 8 ,2 0 7
46 0 ,4 7 4
37 6 ,4 9 8
1 ,4 88,925
1,717,163
1 05 86316
1,53 3 ,7 6 0
34 3 ,2 4 2
209,281
105 7 5 2 4 0

37 7 ,3 7 2
150,341
153,629
5 6 ,9 3 5
6 4 ,8 9 5
111,686
2 ,5 7 2 ,3 3 5
167,701
134.899
10004431
164,445
35 5 ,0 4 3
1,152,951
8 1 ,4 5 5
4 ,4 29,911
32 5 ,6 8 5
140,007
1,139.000
4 ,1 0 4 ,0 0 0
1,18 3 ,2 7 6
2 ,9 3 9 ,9 3 7
47 8 ,5 8 0
3 59 ,172
1 ,385,618
1 ,462,015
9 ,4 9 3 ,9 2 8
1,522,354
3 21 ,323
182,469
9 ,5 1 5 ,7 7 1

8
1,350 624
619 136
620 ,682
1,160 ,902
1,386 ,842
351 ,495
11.045 ,229
652 119
588 213
4 1 ,877 ,521
630 ,643
1,224 ,991
4 ,9 9 9 ,044
368 642
19,670 481
5 ,8 2 3 156
578 029
18,146 100
6 4.046 154
4,8 8 7 or,5
12,045 486
1,928 890
I . 130 668
2 0,976 523
6,471 016
3 9 ,455 ,112
5,731 ,936
7 ,1 7 5 or, i
3,6 1 9 ,319
3 9 ,980 ,101

9 ,7 8 8 ,2 0 2
171,169
7 ,5 2 6 ,7 9 3
3 28 ,438
2 ,1 2 9 ,0 2 6
2 68 ,493
94 0 ,3 4 7
179,177
5 04 ,112
22,351
4 5 ,1 8 0
52 2 ,4 4 4
2 ,3 2 3 ,8 1 4
4 ,5 3 7 ,2 1 8
70 6 ,8 0 0
80 0 ,5 3 2
4 0 ,4 0 0
21 6 ,0 9 0
2 9 ,0 8 0
142,898
881 ,681
1 ,9 8 5 ,5 4 3
108,310
147,268
1,28 2 ,4 1 4
1,208,655
6,66 4 ,3 3 1
7 5 9 ,7 9 4
8 4 ,0 7 0
350 ,037
140,763
1 ,6 1 2 ,5 0 2
739 ,221
181,194
6 8,598
8 ,1 8 7 ,2 3 5
171,463
7 91 ,069
6 ,4 3 5 ,8 0 5
1,208,901
1.09 3 ,0 4 0
194,425
28 6 ,1 4 3
4 ,4 3 4 ,8 5 2
94 9 ,1 8 6
12.1,294
199,981
1 ,7 8 3 ,7 4 5
1,204,694
50,621
2 22 ,022
3 1 ,953
23 9 ,9 3 8
8 18 ,633
7 7 ,430
1,046,165
6,832,081
1,269,904
1 78 51688
1,935,437
687 ,711
4 ,2 6 1 .1 8 9
4,312,711
181,838
2 ,1 8 5 .3 4 3
58 1 ,3 3 4
2 6 6 ,8 0 4
32264055

8 ,5 8 3 ,2 1 4 3 6 ,916 009 3 2 ,1 8 8 ,9 5 0
160,332
5 92 ,939
635 744
6 ,3 3 0 ,7 5 8 2 8 ,342 203 2 4 ,2 3 0 ,9 3 2
2 93 ,935 1,240 399 1 ,0 1 9 ,6 8 0
1,84 5 ,3 3 4 7,6 4 9 960 6 ,5 1 1 ,8 7 6
75 6 ,3 9 5
971 . 464
223,271
1 ,0 4 8 ,7 1 6 3 ,8 6 6 , 161 4 ,0 2 2 ,1 8 4
571,471
146,637
674, 298
5 0 3 ,9 8 2 7 ,3 6 3 213 6,75 4 ,4 9 1
4 1 ,3 9 4
12,148
91, 136
112,295
146, 142
35,994
41 1 ,9 2 3 1,652, 262 1,248,647
2 ,2 7 5 ,5 5 7 9 ,2 1 2 , 342 8 ,5 2 3 ,9 9 2
4 ,4 4 6 ,4 8 2 17,806 484 15,641,064
65 6 ,0 0 0 11,862 ,519 11.454.841
68 7 ,1 9 4 3,2 1 3 ,680 2 ,7 9 2 ,8 6 4
8 61 ,996
881 ,5S;>
40.351
2 1 6 ,0 6 4
7 04 ,497
821 ,923
47 0 ,7 0 2
546 ,885
26,457
390 ,490
3 30 ,509
115,185
7 3 2 ,8 3 5 3,7 9 2 ,914 3 ,3 5 6 ,6 8 2
1 ,3 7 1 ,8 0 6 8 ,1 2 6 ,772 5,93 8 ,1 8 1
7 1 ,793 1,712 ,424 1,472,401
45 0 ,0 5 2
122,503
562 ,591
,116,962 4.76S ,133 4 ,0 2 3 ,8 6 7
83 7 ,0 1 0 4,614 ,621 3 ,2 2 0 ,2 9 9
6 ,5 6 6 ,9 4 3 26,063 ,283 24,439.501
40 3 ,8 9 3 2,4 3 8 ,737 1,438,791
3 22 ,736
7 6,586
361 ,025
95 5 ,7 7 9
29 1 ,8 6 7 1,235 ,433
185,472 1,950 ,450 2 ,3 0 5 ,0 4 3
1,29 6 ,5 0 7 27,708 ,537 2 2 ,5 4 6 ,4 3 0
706,461 19,795 ,815 15,956,999
191,092 3 ,543 ,078 3 ,1 3 1 .4 0 7
7 3,826 1,273 ,471 1,20 8 ,3 5 6
9 ,0 4 5 ,6 3 6 10,246 ,448 3 7 ,9 1 4 ,0 0 4
63 5 .3 6 2
678.,279
196,337
69 8 ,6 1 9 3,199.,057 2 .5 7 1 ,5 4 5
4 ,9 8 1 ,2 8 0 3 2,052 ,591 2 8 ,2 3 9 ,5 3 8
92 0 ,7 7 9 4,003,,418 3 ,0 5 0 ,4 2 5
97 7 .1 8 4 3,956,,415 3 ,4 8 6 ,6 7 6
21 5 ,7 5 0
69 2 ,1 2 6
794,,416
3 09 ,792 1,021,,122 1 ,1 8 3 ,3 9 2
4 ;6 3 9 ,3 5 8 17,486 ,956 16,09 6 ,3 5 5
83 8 ,7 1 8 3,934,,107 3 .7 1 0 ,8 4 2
589 ,847
163.528
512,,043
76 5 ,7 7 7
2 09 ,634
736 ,538
1,569,361 27,001 ,113 2 4 ,1 1 0 ,5 0 5
1,02 1 ,6 7 6 4,661,,506 4 ,1 0 2 .5 9 6
172.275
180 ,472
4 7 ,759
573 ,411
162,694
772 ,254
4 55 ,002
482 ,535
2 8 ,6 7 3
2 26 ,180 4.8 7 7 .2 6 } 4 .5 5 0 ,1 7 6
1 ,025,460 15,456 ,442 15,350,011
270 ,922
7 5 ,355
303 ,451
9 66 ,926 17,154 ,366 13,769,931
5 ,7 0 5 ,2 6 8 2 4 ,925 ,733 2 0 ,8 0 7 ,6 3 2
1,121,133 4,6 8 2 .751 4 ,0 4 3 .8 2 4
162 1 9 4 4 3 7 0 ,946 .123 6 0 ,1 1 8 ,8 7 6
1,625,090 7,5 3 6 ,435 6 ,2 6 6 ,5 7 5
5 99 ,542 2,671 ,378 2.2S0.001
3 .4 6 4 ,2 8 2 16,288 ,721 1 3 ,099,870
3 ,6 5 2 ,6 2 7 16,541 ,082 13,992,710
6 00 .664
712 ,084
156,360
1,989,801 8,6 0 2 .846 7 ,3 6 8 ,7 2 3
48 6 ,4 6 6 2,343 r !3 1 ,7 3 0 ,7 4 4
33 2 .1 8 4 1,179 4 83 1,20 3 ,8 2 2
2 8 5 2 5 7 9 5 126821 696 106662 590

S
.255,998
5 37 ,669
5 32 ,826
99 6 ,1 7 2
,175,006
3 09 ,739
,126,689
5 52 ,587
50 8 ,2 0 0
,641,860
5 69 ,520
,093.735
,852,343
2 90 ,055
,16 4 ,1 6 9
,062,183
5 19 ,950
,916,000
,527,207
164,859
,144,759
577 ,202
0 20 ,985
,632.688
,440,983
,922,566
,393,774
,257,167
,198,562
,281,667

N e v a d a -C a l-O r e g o n
N e w O rl G re a t N o r .
N O M o b ile & C h ic .
N Y C h ic & S t L ou is
N Y N H & H a rtf. .
N Y O n t & W ostern
N Y Susq & W e s t . .
N o r fo lk S o u t h e r n ..
N o r fo lk & W e s te r n .
N o rth e r n P a c i f ic ___
N o rth w e ste rn P a c .
P a c ific C o a s t C o ___
p P e n n sy lv a n ia R R.
B a it C h es & A t l . .
C u m b e rla n d V a il.
L o n g Is la n d _____
M a r y ’d D e l & V a
N Y P h ila & N o r f
P h il B a lt & W ash
W Jersey & Seash
P e n n sy lv a n ia Co___
G ra n d R a p & In d
P itts C C & S t L .
V a n d a l i a ________
T o t a l lines—
E a st P itts & E r ie
W e s t P itts & E rie
A ll E a st & W e s t .
P e ro M a r q u e t t e ___
R e a d in g C o —
P h ila & R e a d in g .
C o a l & Iro n C o . .
T o t a l b o t h c o s ___
R ic h F red & P o to m
R io G ra n d e J u n e ___
R io G ra n d o S o u t h ..
R u tla n d ____________
St Jos & G ra n d I s l.
S t L B ro w n s v & M .
S t L Iro n M t n & So
St L o u is & San F ran
S t L o u is S o u th w e s t.
S e a b o a rd A ir L i n e . .
S ou thern P a c ific ___
S o u ta e rn R a i l w a y . .
M o b ile * O h io ...
C in N O & T e x P
A la G re a t S o u th .
G e o rg ia S o & F la .
S p o k P o r t & Seattle
T e n n A la & G e o rg ia
T e n n essee C e n tr a l.
T e x a s & P a c if ic ____
T o le d o P e o r & W est
T o le d o St L & W e s t
T r in ity & B razos V .
U n ion P a c ific S y s t .
V ir g in ia n ___________
W a b a s h ......................
W e ste rn M a r y la n d .
W estern R y o f A la .
W h eel & L a k o E r ie .
Y a z o o & M is s V a ll.

Current
Year.

3d w k N ov
O c t o b e r ___
O c t o b e r ___
O c t o b e r ___
O c t o b e r ___
O c t o b e r ___
O cto b e r _ .
O c t o b e r ___
O ctob er. _ .
O cto b o r . .
O c t o b e r ___
S e p te m b e r
O c t o b e r ___
O c t o b e r ___
O c t o b e r ___
O c t o b e r ___
O c t o b e r ___
O c t o b e r ___
O c t o b e r ___
O c t o b e r ___
O c t o b e r ___
O c t o b e r ___
O c t o b e r ___
O ctob er—

$
6,491
136.284
164,149
1,425,861
7 ,0 8 7 ,4 5 6
634 .209
2 75 ,235
4 56 ,369
5 ,2 6 6 ,2 4 4
7 ,6 8 3 ,0 6 8
40 7 ,4 0 9
7 56 ,737
20311486
118,892
3 66 ,882
1,26 9 ,9 5 3
94,571
46 3 ,0 7 5
2 ,2 4 7 ,7 8 9
5 70 ,224
6,82 6 ,1 3 1
5 16 ,825
4 ,5 5 0 ,8 9 9
1,23 9 ,1 1 7

Current
Year.

Previous
Year.
8 .
7,787
144,044
190,353
1,233,820
6 ,5 3 2 ,9 1 4
7 65 ,457
360,191
392 ,293
4 ,8 8 8 ,1 2 7
7 ,1 6 6 ,3 9 5
42 0 ,9 4 8
66 9 ,0 0 8
190 9 8 0 9 5
9 2 ,135
304,361
1 ,1 15,755
7 5,028
3 65 ,495
1.95 7 ,0 8 9
525 ,176
6 ,3 4 4 ,0 4 2
45 3 ,8 0 8
4 ,0 7 1 ,1 8 0
1,092,066

S
2 12 ,293
6 00 ,545
6 68 ,115
3 04 ,146
3 10 ,169
362,613
161,616
,68 8 ,2 0 6
,576,560
,032,834
,909,812
,265,792
,585,771
5 88 .940
271 .964
0 16 .020
41 1 ,9 2 0
88 6 ,8 6 8
966,061
46 2 ,8 6 0
974 ,104
152,779
797 ,439
627 ,973

Previous
Year.
$
194 ,803
5 76 ,775
62 7 ,3 0 8
4 ,3 9 3 ,1 7 5
2 5 ,3 5 7 ,7 8 8
3 .3 6 6 ,5 6 9
1 .3 5 1.986
1,42 1 ,0 3 0
18,874,591
2 5 ,3 6 0 ,6 9 8
1 ,7 5 6 ,3 4 5
1,98 7 .7 9 8
7 1 ,6 8 0 ,0 8 4
50 2 ,7 5 8
1,125,391
5 ,4 6 1 ,7 0 2
3 8 3 ,6 9 9
1 ,5 7 2 ,9 2 6
7 ,7 0 7 ,3 0 7
3 .1 7 9 ,8 7 9
2 4 ,0 9 7 ,4 6 6
1,912,895
15,098,827
4 ,0 5 2 ,2 4 0

O c t o b e r ___ 2 5 8 0 6 4 8 0 238 5 6 6 1 1 104 678591 9 2 ,8 9 1 ,2 6 9
O c t o b e r ___ 13285 224 121 15162 53 ,1 8 0 ,5 8 5 4 5 ,7 3 9 ,7 1 6
O c t o b e r ___ 3 9 0 9 1 7 0 4 3 5 9 7 1 7 7 3 157859 176 138 63 0 9 8 5
61 8 ,1 8 3
5 87 ,068 9 ,9 4 8 ,9 4 0 8 ,6 5 4 ,2 7 0
4th w k N o v
O cto b e r - ­
O cto b e r _ .
O cto b e r . .
O c t o b e r ___
A u g u s t ___
4th w k N o v
O c t o b e r ___
O c t o b e r ___
O c t o b e r ___
O c t o b e r ___
S op tem bor
4 th w k N o v
O c t o b e r ___
O c t o b e r ___
1th w k N o v
ith w k N o v
4th w k N o v
Ith w k N o v
Ith w k N o v
O c t o b e r ___
3d w k N o v
O c t o b e r ___
4th w k N o v
O c t o b e r ___
4 th w k N o v
O c t o b e r ___
O cto b o r . .
O c t o b e r ___
O c t o b e r ___
4th w k N o v
O c t o b e r ___
O cto b e r . .
N ovem ber

5 ,6 0 0 ,7 6 0
4 ,7 8 8 ,7 5 0
10389510
29 5 ,6 7 5
96,406
16,933
3 52 ,235
222,131
4 5 2 ,3 8 3
3 ,6 7 0 ,1 4 9
4,681,417
4 10 ,000
2 ,2 9 2 ,7 9 7
1 56 92153
2 ,0 6 9 ,5 4 3
34 8 ,4 2 0
35 0 ,3 6 9
191,183
7 4 ,764
512 ,448
2,123
158,135
625 ,777
121,284
107,428
141,048
11984870
87 7 ,3 1 0
3 ,5 5 7 ,4 0 9
3 06 ,859
135,875
913 ,509
1 ,6 7 2 ,3 7 2

Various Fiscal Years.

,00 5 ,4 5 0
,755,686
,51 5 ,2 5 8
,118,040
,52 0 ,7 0 8
,873,726
9 08 ,734
,177,402
161,732
182,535
25 5 ,2 5 4
26 9 ,7 3 6
,33 1 ,1 7 9
4 03 ,552
558 ,491
80 1 ,7 4 9
95 1 ,7 0 3
8 72 ,404
84 4 ,9 6 3 10 ,379,130
,203,230
9 71 ,610
,139.771
4 49 ,880
,057,784
9 92 ,949
,586.141
299 .173
,686,768
7 30 ,028
.844,508
086 ,967
,207,459
9 99 ,668
,196,332
492 ,502
98 2 ,0 9 0
127.033
,842,933
0 03 ,354
3 3 ,0 4 4
4 9 ,4 1 8
55 0 .8 3 0
6 05 ,482
,142,199
510 ,359
4 33 ,014
4 29 ,417
,279,135
,601,847
30 0 ,3 0 5
3 87 ,995
,720,882
,991,267
,419,863
,114,623
,096,315
,141,972
,452,591
,393,492
42 4 ,1 2 6
4 54 ,697
,841,912
,764,176
,683,898
,911.198

5 ,2 3 0 ,2 7 2
3 ,5 9 8 ,8 0 7
8 ,8 2 9 ,0 7 9
242,921
8 5 ,1 7 4
15,248
34 6 ,0 1 9
170,856
23 7 ,7 5 4
2 ,8 2 3 ,2 7 0
3 ,8 9 9 ,9 2 2
3 50 ,000
1,974,095
141 33363
1,877,204
3 10 ,588
304,931
171.419
6 4 ,9 2 3
4 83 ,405
1,619
140,164
563,721
118.419
106,858
110,601
10275489
5 63 ,059
2 ,9 8 4 ,7 7 9
2 39 .083
121,769
8 62 ,814
1,34 0 ,6 8 8

Current
Year.

Preoivus
Year.

81 .4 0 1 ,1 5 4
2 2 ,182,944
6 2 .1 7 6 ,8 3 3
168628982
17,899,337
6 ,1 3 9 ,2 2 5
38 ,1 9 0 ,7 0 2
3 8 ,6 9 7 ,2 5 8
1,607,294
20 ,0 7 9 ,8 7 9
5 ,0 9 7 ,1 7 4
3 ,0 0 2 ,5 9 6
299 34 2 4 4 7
12,828,084
3 .3 5 0 .5 2 6
192 229964
1,049,201
3 ,0 5 0 ,9 1 5
12,72 3 ,3 6 0
7 76 ,617
4 ,3 6 2 ,8 7 0
21.052,411
6 ,8 0 2 ,5 5 6
6 3 ,588,314
4 ,9 2 0 ,3 8 6
42 ,1 6 0 ,5 1 3
10,845,344
245436 123
123 028104
36 8 4 6 4 2 2 7
706,460
3 ,3 6 2 ,4 0 2

8 1 ,1 9 4 ,4 7 4
19,305,289
5 4 .0 5 3 ,5 4 2
1 36 077865
14,38 6 ,0 8 2
5 ,0 4 6 ,7 4 1
2 9 .6 5 7 .9 2 3
3 1 ,0 3 4 ,9 7 0
1 ,3 0 8 ,1 4 4
14,406,667
3 .S 0 2 .8 0 8
2 ,5 2 9 ,6 4 0
23 8 2 5 0 8 4 0
10,075,880
3 ,3 5 5 ,0 1 6
159839089
9 88 ,515
2 ,5 1 7 .3 7 9
11,514,702
762 ,373
3 ,4 3 9 ,1 7 7
17.423.924
5,958,101
4 9 ,3 1 3 .6 8 8
4 ,3 7 9 ,4 2 5
3 3 ,5 3 7 ,4 3 7
9 ,2 0 9 ,2 3 7
205163 060
97 ,7 5 7 ,6 9 6
302920755
6 24 ,507
2,96 4 .5 2 1

Period.

B u ffa lo & Susq u eh an n a R R ____ Jan 1 t o O ct
D e law are & H u d s o n _____________ Jan 1 t o O ct
E r i e _______________________________ Jan 1 t o O ct
N o w Y o r k C e n tr a l.^ _____________ Jan 1 t o O ct
B o s to n S A lb a n y ...........................Jan 1 t o O c t
c
t o O ct
L a k e E rie & W e st era _ n _____ Jan 1
M ic h ig a n C e n t r a l _____________ Jan 1 t o O ct
C lo v e C in e C h ic & St L o u i s . . Jan 1 t o O ct
C in cin n a ti N o r th e r n __________ Jan 1 t o O ct
t o O ct
P itts b u rg h & L a k o E r io _____ Jan 1
t o O ct
T o le d o & O h io C e n tr a l_____ Jan 1
K a n a w h a * M i c h i g a n . . .......... Jan 1
t o O ct
T o t a l all lin e s_______________ Jan 1 t o O ct
N e w Y o r k C h ic a g o & St L o u is . Jan 1 t o O ct
N Y Susq u eh an n a & W e s t e r n .. J a n 1 t o O ct
p P e n n sy lv a n ia Railroad_________ Jan 1 to O ct
B a ltim o re C h cs a p & A tla n tic Jan 1 t o O ct
C u m b e rla n d V a lle y ____________J a n 1 t o O ct
L o n g Is la n d ___________________ J a n 1 t o O ct
M a r y la n d D elaw & V ir g in ia . Jan 1 t o O ct
N Y P h iladelph ia & N o r f o l k . Jan 1 to O ct
P h ila B a ltim o re & W a s h in g ’n J a n 1 t o O ct
W e s t Jersey & S ea sh ore_____ Jan 1
t o O ct
P e n n s y lv a n ia Company__________ Jan 1 t o O ct
t o O ct
G ra n d R a p id s & In d ia n a ____ J a n 1
P it t s b C in e C h ic & St L o u is . Jan 1 t o O ct
V a n d a lia ________________________Jan 1 t o O ct
T o t a l lines— E a st P itts & E rie Jan 1 to O ct
— W e s t P lt t s & E r ie Jan 1 t o O ct
— A ll lines E & W . IJan 1 t o O ct
R io G ra n d e J u n c t io n _____________ D e c 1 t o A u g
to
R u t l a n d ____ _______________
!Jan l O ct

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

Current
Year.

Previous
Year.

Increase or
Decrease.

%

* M onthly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

s
8
M ileage.
Cur. Y r. Prev. Yr.
8
$
S
F e b ru a ry — .2 4 5 ,5 4 1 24 4 ,8 0 9 2 6 7 ,5 7 9 ,8 1 4 209 ,573 ,96 3 + 5 8 ,0 0 5 .8 5 1 27.6 8
13,523,400 12,145,079 + 1 ,378,321 11.34
w eek S ep t (30 r o a d s )____
----------- ---------- ------------- -----------------------------------23 8 .0 9 8 .8 4 3 + 58,73 1 .5 6 3 20.47
M a r c h ...........2 47 .363
24 6 ,5 4 8 2 9 6 ,8 3 0 ,4 0 6
19,509,961 17,444,023 + 2 ,0 6 5 .9 3 8 11.27
w eek S ep t (35 r o a d s )____
A p r i l ............. 2 4 6 .6 1 5 2 45 ,773 2 8 8 ,4 5 3 ,7 0 0 2 3 7 ,5 1 2 ,6 4 8 + 6 0 .9 4 1 ,0 5 2 21.4 5
14,736,262 13,401,187 + 1,335,075 9.96
w eek O ct (3 5 r o a d s )____
------------M a y ................2 4 8 .0 0 6 2 4 7 ,1 8 9 3 0 8 ,0 2 9 ,0 9 6 2 4 4 ,6 8 0 .6 8 5 + 63.44 8 .4 1 1 25.94
w eek O c t <34 r o a d s )____
15.149,575 1 3 ,697,795 + 1,451,780 10.60
14.681.626 13,566,014
J u n o ________ 22 6 ,7 5 2 225 ,803 2 8 5 ,1 4 9 ,7 4 6 237 ,6 1 2 ,9 6 7 + 4 7 ,5 3 6 ,7 7 9 20.01
w eek O ct (33 r o a d s )____
+ 1,115.612 8 .2 2
J u l y ................2 44 ,249 2 43 ,563 30,3,010,791 2 6 3 .9 1 4 .6 4 9 + 4 4 ,0 9 6 .1 4 2 16.70
w eek O ct (33 r o a d s )____ 2 0 ,9 0 0 ,3 2 2 19,576,954 + 1 ,3 2 3 ,3 6 8 6 .7 4
2 44 ,765 3 3 3 ,4 6 0 ,4 5 7 278 ,787,021 + 54.67 3 ,4 3 6 19.61
14,980,342 13,953,871 + 1,026,471 7 .3 6
A u g u s t .......... 24 5 ,5 1 6
w eek N o v (34 r o a d s )____
S e p te m b e r . .2 4 8 ,1 5 6
2 47 ,466 3 3 2 ,8 8 8 ,9 9 0 294 ,3 3 3 ,4 4 9 + 3 8 .5 5 5 ,5 4 1 13.10
w e e k N o v (33 r o a d s )------- 1 5 ,284,527 1 4 ,186,330 + 1 ,098,197 7.0 4
81,851 82 ,1 5 8 ,2 7 3 77,309,581 + 4 ,8 1 8 .6 9 2 6.27
O c t o b o r ___ 8 3 ,598
w eek N o v (29 r o a d s )____
1 4 ,430,383 1 3 ,451,824
+ 9 7 8 ,5 5 9 7.2 7
N o v e m b e r .. 8 4 ,4 5 2
8 2 ,5 8 3 81 ,3 6 7 ,9 5 1 7 7 ,0 8 3 ,7 8 9 + 4 ,3 0 4 ,1 6 2 5.5 9
w eek N o v (30 r o a d s ) ____
19,651,127 1 8 ,420,477 + 1 ,2 3 0 .6 5 0 6.7 3
a I n clu d e s C lev ela n d O o ra in & W h e e lin g R y . b In clu d e s E v a n s v illo & T e r r e H a u te ,
c In clu d e s M a s o n C it y & l o r t D o d g o an d t.io W isco n s in
M in n e s o ta & P a c ific , d In clu d e s n o t o n ly o p e r a tin g re v e n u e , b u t also all o tn e r r e c e ip ts , c D o e s n o t ln c lu d o earnings o f C o lo r a d o Springs & C rip p lo
C reek D is t r ic t R y . / In clu d es L o u is v ille & A tla n t ic a n d th e F r a n k fo r t & C in c in n a ti, g In clu d e s t h e T e x a s C e n tra l an d th e W ic .iit a I'alls lines, h In ­
clu d es th e S t. L o u is Iro n M o u n ta in & S o u th e rn , j In c lu d e s th e L a k e S h ore & M ic h ig a n S ou th ern R y ., C h ic a g o In d ia n a & Sou th ern R R . and D u n k irk
A lle g h e n y V a lle y & P itts b u r g h R R . n In clu d e s th e N o rth e r n O h io R R .
p I h clu d e s th e N o rth e r n C e n tr a l.
* W e n o lo n g e r in clu d e th e M e x ica n road s
In a n y o f o u r to ta ls .

3d
4 th
1st
2d
3d
4 th
1st
2d
3d
4 th




THE

Dec . 9 1916.]

L a te st G ross E arn in gs b y W e ek s.— In the table which
follows we sum up separately the earnings for tho fourth
week of November. Tho table covers 30 roads and shows
Increase. Decrease.
1915.
8
s
s
19,764
171,419
38,097
325,685
1,139,000 20,200
18,000
4,101.000
1,385,618 103,307
21,919
321,323
182,400 26,812
45,438
304,931
130
503,982
656,000 50,800
2,623
26,457
71,793 36,517
9,841
64,923
1,296,307 315,995

1916.

Fourth week of November

191,183
A labam a Great Southern-------363,782
B uffalo Rochester & Pittsburgh
1,159,200
Canadian N orthern--------------4,086,000
Canadian P acific-----------------1,488,925
Chesapoako & O h io-------------343,242
C hicago Great W estern------209,281
C hicago Ind & Loulsvlllo—
350,369
C ine Now Orl & Texas P a cific. .
C olorado & Southern............
Donver & R io G rande............
D etroit & M ackinac_______
D uluth South Shore & A tlantic
Georgia Southern & F lo rid a ..
Grand Trunk o f C anada------1,612,502
Grand Trunk W estern----D etroit Gr II & M ilw ____
Canada A tla n tic. .............
1.669,361
Louisville & N ashville----------28,673
M ineral R ange______________
226,180
M inneapolis & St Louts--------Iow a C entral-------------------1.025,460
M inneap St P & S S M --------966,926
M issouri Kansas & Texas----310,588
M ob ilo & O h i o . .....................
587,068
Pero M arquette-------------------15,248
R io Grando S o u th e rn .......... 350.00C
St Louts S ou th w estern ...........
1,877,201
Southern Railway..................
563,721
Texas & P acific------------------1 100,858
T olod o St Louis & W estern.
239,083
W estern M arylan d-------------19,651,127

T otal (30 roa d s)-----N ot increaso (6 -7 3 % )-

E a r n in g s .

9

206,827

Oct '16
•15
4 mos T6
'15

R oa d s.

--------Gross Earnings—
Current
Previous
Year.
Year.

S
Bangor & Aroostook—
Oct ’ 10
399,883
’ 15
355,013
4 mos ’ 10 1,224,991
’ 15 1,093,735
Delaware & Hudson—
3 \Sep30’ 10 6,888,527
mos/
’ 15 0,248,435
Duluth So Sh & Atl—
Oct ’ 10
358,238
•15
292.372
4 mos '10 1,401.829
*15 1,229,529




N et
E a r n in g s

S

224,827
_

I*
ts § i
is

o!

C h a rg es
& T axes.

S

$

14,110
13,584
54,956
52,955

8,779
15,205
34.925
60,378

257
140
725
688

20,953
15,862
62,048
47,996

7,362
7,449
29,454
28,887

13,591
8,413
32,594
19.109

G ro s s
In com e.

Balance,
Surplus

F ix e d
C h a rges.

S

O th er
In com e.

£•< s

So

S-

i

:? r

S

$

S»

__

g a
** ?
V o C* W 1 © £
O—
~
ho
a & toco (SU *JO S O
• J 4aw coco
> cO
«jo

528,690
321,210
1,149,696
447,032

Balance,
Surplus.

Fixed
Charges.

Net, after
Taxes.

S J S

. .<
.

S

.,3

. .

_ 3 , ■-

~~ .
w
% S h S r SR* :- *

S"

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$

zo 3 on <
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W
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3

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c ‘
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I t M4- to ©
—
ra—©»—C 4 ■
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4a 4a ►G to to 0 © ©CO 1 ©
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to© 14aOto © to 0,00 CC ©1 »O-* 0 0 ©4a 0 -S “0“ CG 1
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7 c V c lta to© ©© 7-03 c ’10 c,b toa h —© a- ©H to
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g i->© MO H« Srh O * —3 OM S00 W ij ©W S(S MH (fl©
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3O n
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j o 3 — 3 5 0 a o3
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T
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-to cow to-s

• n o “0 © bC

©h- © H
©
—
C H to to ©-W 4a► © 4a ©co
S— *
J
a 00©
M 4a© H 4 W M
rfa
OO
O
*©© Cl © ©to C C. ©CO 1 to
“4 r—• W to M to H M4a © o
4 s 4a© H ©
*
* H C 1-*©
-4 M03
—l
_
H
—
©
© —© © H ©
—
— w©
© O H 4a-4 8 8 -1 -4 H © H C 1
a
©w w w
© M 0_4a 4 4a — O
00
'©© 00© © w i i
*4
*© -to W a
© © *©w '► OM
H 103 4a©
-Cl
c<©
00 w w
*
© o -4 03 M© aj© i s © 4 •41 ©M 004-

11 - w
WH ©
’*-•©
00w
03 r
fa

SH
V*©
©©

M
©© ©©
»a© >»H
r *
1

to
t-w
© H Vow
—
©03 00©
©© MW
©
W
C0
it;©
O©

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—
h
© -* C o ©
► ^)©
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- n
to 03

I ©w toh WO H 0 ©W -SO © >* "S
* O -0
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H
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f” — H t)

Sc* 00

z

S

?

184,946
154,812
432,506
328,454

30,499
14,491
122,109
65,905

215,445
169,303
554,615
394,359

2,211,453
2,599,176

250,086
492,261

2,461,539
3,091,437

1,479,521
1,448,558

982,018
1.G42.87S

;

104,197
88,951
448,580
396,048

5,437
4,196
19,899
15,042

109,034
93,147
468,479
411,090

112,664
92,876
414,825
383,349

def3,03C
271
53,054
27,741

g£ «

-4 ^
©$5
Cn©
2§S ©oo
*a©
MW

©H- © tO
C10? M — ,
J
H
O
l
4
Vjw o7co © to©

—
i

H-MajM7aW

3 5 SS SS •

r r r s iiir ir r r s r ii

325 S — 2 -, sss SS Ss
cJ
II ii

§S

®M 00© » S -4^
1
j-*
©to

H

3a 3S 3

goo S S

s i l i Is II ss

0t
0.
S“
C©
O

w to MM
►
—
© H ©4a © w s O
w
M ©C
^4
tO4a "©> '*©© © ©
*—
©*© Vo©
a ©4
a
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03© ©-W H tO © ► ©Ci H © © “
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||
“0 ► O h
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g © o © ©oo g 7- ©7- © o
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B a la n c e t
S u r p lu s .

98,573
52,864
87,604
dcfG8,924

9,251
1,803
6,959
def23,778

* 5 g * £< g ? s !

-a

-o r9 r2 !
o : o *o

gi

$

116,872
116,439
467,011
463,283

g f

-s .

o o o o7i o _
on o go
go s ? Sff sp 3n
C I W* 1
O

8 a

2,509,226
1,922,757
8,984,122
6,258,752
10,638
31,167
41,556
75,612
493,749
310,696
811,780
238,063

B a la n c e ,
S u rp lu s

T o ta l
In com e.

_• <g s

T

475,894
693,513
2,305,067
2,184,463

S

22,889
28,789
89,881
113,333

$
St Louis R ock y M t & Pac—
85,200
174.765
4 m os O ct 31 1916907,063
259,965
a N et earnings here given are after deducting taxes,
b N et earnings here given are before deducting taxes,
s A fter allowing fo r miscellaneous charges to incom e fo r the m onth or
O ct. 1916, total net earnings were 8129,393. against 8100,688 last year, and
for the period from July 1 to O ct. 31 were 8517,760 this year against $358,235.
Z
E Z ^ Z W S J O Z E Z Z O ^

Balance,
Surplus.

S
558,173
524,574
2,224,763
2,098,908

O ther
In com e

398
196
1,611
1,138

$

9,444
28.633
12,611
53,627
3.601
8.513

G ro s s
E a r n in g s .

S
1,034,067
1,218,087
4,529,830
4,283,371

208,053
153.702
811,008
525,629

23,249
92,797
27,435
31,680

Cent o f N ew Jersey.O ct ’ 16
’ 15
4 m os ’ 16
’ 15

Net
Fixed Chgs.
Earnings. «£ Taxes.

$
2,958.207
2,939,937
12,045,486
11,144,759

145,952
149,687
578.756
602,619

$

28
119

Gross
Earnings.

886,109
873,257
3,506,551
3,456,044
22,997
2.8,183
93,512
108.854
601,911
594,024
2,364,970
2.401,008

354,005
303,389
1,389,764
1,128,248

$

819
,3S0

C hic & N o r U W cs t.O ct '10 9,788,202 3,395,335
15 0,000,si 14 2,796,014
4 m os ’ 16 36,916,009 12,490.673
’ 15 32,188,950 9,714.796
129,294
33,635
Louisiana & A rk------ Oct 16
163,528
15
62,350
512,043
135.068
4 m os ’ 16
589,847
184,466
’ 15
M issouri Kan & T c x .O c t *16 3,898,917 1,095,660
904,720
15 2.946.147
4 m os ’ 16 13,673,932 3,176,750
*15 10,743.593 2,C39,v>71

S

51,080
17,172
163,696
8,848

Gross
Earnings.

— Net Earnings-----Current
Previous
Year.
Year.

Fixed
Charges.

2,764,425 4,069,883
2,420.598 3,064,767
8,250,245 10,577,551
7,749,068 7,064.851

N e t a fter
T axes.

178
726
59
223
23
106

Net, after
Taxes.

6,834,308
5,485,365

S
$
Rio Grande Southern—
16,563
25,814
135
25,679
Oct ’ 16
62,529
17,433
19,236
100
19,130
’ 15
57,287
65,618
72,577
802
71,775
4 mos ’ 16
209,626
69,141
45,363
877
44,486
’ 15
200,825
St Louis Southwestern—
266,589
795,279
126,276
669,003
Oct T6 1,533,682
269,605
590,815
77,671
513,144
*15 1,221,816
498,019 2,227,77G 1,078,080
4 mos *16 5,010,880 1,729,757
295,704 1,522,201 1,075,169
1,226,497
’ 15 3.954,771
IN D U S T R IA L C O M P A N IE S .

8
$
$
882,568
600,048
A tlantic Coast L in e .a --O c t 3,088,725 2,572,335
9,126,6o9 2,483,960 1,368,243
July 1 to Oct 3 1 ______ 11,045,229
C hic Burl & Q u in c y .b .-O c t lO ,586,316 9,493,928 4,705,621 4.382,900
July 1 to Oct 31 — ____39,455,112 33,922,566 16.877,668 13,498,944
233,134
681.639
261,632
_
731,945
C hic Ind & L o u ls v .b _ O ct
865,025
2,559,640 1,065.207
. July 1 to Oct 3 1 ----------2,915,281
473,554
376,422
Chicago & East Illin ois.b.O ct 1,533,760 1,522,354
1,234,612 1,271,003
July 1 to Oct 31---------- 5,731,936 5,393,774
6,330,758 2,648,437 1,594,259
C hic R I & P a c ific -b _ .-O c t 7,526,793
9,619,110 6,628,208
July 1 to Oct 3 1 ______ 28,342,203 24,230,932
108,276
132,059
C hic R I & G u lf.b ------Oct
328.438
293,935
270,415
466,280
July 1 to Oct 3 1 ______ 1,240,399 1,019,680
233.409
304,083
C ine Ilam & D a y to n .b -O c t
940,347 1,048,716
July 1 to Oct 3 1 ............ 3,806,161 4,022,184 1,339.508 1,088,408
978,807
794,315
Delawaro & H u d son .b __O ct 2,323,814 2,275,557
Jan 1 to Oct 3 1 ______ 22,182,944 19,305,289 7,211,133 7,200,414
1,079,834
977,418
D enver & R io Grando n .O ct 2,574,170 2,553,892
July 1 to Oct 3 1 ---------- 9,405,519 9,243,141 3,634,001 3,258,615
343,354
241,186
W estern P a c lfic .b ____Oct 800,532
687,194
July 1 to Oct 3 1 ............ 3,213,680 2,792,804 1,392,772 1,067,099
Great N o rth e rn .b ----------Oct 8,353,673 8,985,580 4.X769.913 5,276,015
...................
July 1 to Oct 31______ 32,059,213 28,808,368 15,429,766 15,506,926
Intern & Grt N o r .b ____Occ l,2 0 8 ,9 d l
02„,770
510,993
285,570
July 1 t o Oct 3 1 ______ 4,003,418 3,050,425 1,396,354
683,143
Louisville & N a s h v .b .- .O c t 5,841,790 5,023,510 2,193,838 1,721,199
July 1 t o Oct 3 1 ............21:985,038 19.0u0.159 7,633,213 6,292.135
M o P & St h I M & S o.a.O ct 6,832,081 5.705,268 2,109,220 1,355,079
July 1 t o Oct 3 1 .:.....2 4 :9 2 5 :7 3 3 20:807:632 6,494.729 4,664,496
Fore M a rn u etto.a _______ O ct 2,121,108 1,812,922
762.006
596,640
July 1 to Oct 3 1 ______ 7,919,647 6,748,529 2,658,801 ,2,071,251
R utland b
...........
O ct
352,235
346,019
129,633
129,115
Jan 1 to O ct 3 1 . .......... 3,302,402 2,964.521 1,082,928
899,594
St Louis Iron M t & S o.a .O ct 3,670,149 2.823,270 1,449,202
742,131
July 1 to Oct 3 1 ______ 12,844,963 10,379,130 4,025,374 2,600,369
St Louis & S Fr U R .b .- O c t 4,910,579 4,019,472 1,954,333 1.491,053
July 1 to Oct 31............ 18,295,531 14,714,395 6,370,250 5,010,896
T o led o St L & W est a . . . O c t
563,581
474,365
S169.054
*141,559
July 1 to Oct 31............ 2,082,222 1,772,767
S652.024
*507,235
V irgin ia n , a ................
Oct
877,310
563,059
459,719
236,149
July 1 to Oct 31............ 3,114,623 2,419,863 1,506,205 1,104,752

Gross
Earnings.

$

1,717,567
1,206,054
3,890,203
3,507,808

20,696
15,722
61,323
47,308

56,124
46,469
185,924
171,442
G ro s s
E a r n in g s .

N et E arn in gs M o n th ly to L a test D a tes.— Tho table
following shows tho gross and not earnings with oharges and
surplus of S T E A M railroads and industrial companies re­
ported this week:

$

Charges.
cfe Taxes.
%

5

Delaware Lack & West—
3 \Sep30’16 13269,266 5,116,741
mos/
’ 15 11194,582 4,279,310
14,937,593
9 \Sep30’ 16 38198,594 1
11,306,111
mos/
’ 15 31574,900 1
Hocking Valley—
302.925
O c t ’ 16
791,069
286,217
*15
698.619
4 mos ’ 16 3,199,057 1,226,068
’ 15 2,571.545 1,119,400
Mineral Range—
22,491
Oct T6
103,337
28,593
•15
92,298
88,270
4 mos *16
388,860
112,195
•15
363,062
N e v a d a - C a l- O r e g o n —

Balance,
Surplus.

Total
Income.

O
ther
Income.

Net
Earnings.
.

Gross

214,384
3,280
13,758

79,239
37,832
31,115
1,685
60.00C
192,333
62,056
570
67,776
18,420,477 1,455,477
1,230,650

3151

C H R O N IC L E

«• I s !

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O - So. 3 S - S I s

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H
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i i i i

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i i

m in

i i

r§ is ii

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s i

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S 3

S a

S 3

3 3

S

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i i

s ! ,

a-L “ w S 3

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.

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I I s i I s s l S3 I s I I s s I I I I B

■

3152

THE

C H R O N IC L E

E X P R E S S C O M P A N IE S .
— M o n t h o f A u g u s t --------- J u l y 1 t o A u g . 3 1 —
1916.
1915.
1916.
1915.
A d a m s E x p r e s s C o .—
v
s
s
s
T o t a l fro m t r a n s p o r t a t io n .. 3 .8 4 6 ,2 8 5 3 ,0 4 1 ,1 9 7 7 .5 4 6 ,9 3 6 6 ,1 4 0 ,3 1 6
E x p ress priv ileg es— D r ______ 1,885,748
1,49 8 ,9 5 5 3 ,6 5 8 ,5 9 6 3 ,0 3 1 ,6 0 9
■***JV u m u C cllispurtcfctiun. 1,960,536
.
l
O p er. oth er th a n tr a n s p o r t’n
5 0,410

1,542,242
4 5 ,7 9 3

3 ,8 8 8 ,3 4 0
103,791

3 ,1 0 8 ,7 0 7
9 3 ,7 0 9

2 ,9 1 0 ,9 4 7
1,90 4 ,2 3 8

1 ,5 8 8 ,0 3 5
1 .4 45,440

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

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

106 ,708
613
2 2 ,9 8 8

142,595
571
17,012

2 23 ,261
873
4 2 ,7 8 2

3 0 7 ,3 8 4
852
3 2 ,6 1 3

179.605

N e t op e r a tin g r e v e n u e ____
U n c o lle c tib le r e v . fro m trails.
E x p ress ta x e s _________
O p eratin g in c o m e .

8 3 ,105

125,010

1916.
s
5 ,5 5 5 ,7 6 9
2 ,7 1 2 ,7 2 2

1915.
1916.
s
S
4 ,2 0 7 ,6 2 3 10.687,441
2 ,1 0 6 ,4 3 7 5 ,2 7 8 ,2 2 0

2 7 3 ,9 1 8
—
1915.
s
8 ,5 5 4 ,1 6 3
4 ,2 9 3 ,4 3 6

2 ,8 4 3 ,0 4 7
2 37 ,391

2 ,1 0 1 ,1 8 5
24 8 ,4 5 3

5,40 9 ,2 2 1
4 75 ,232

4 ,2 6 0 ,7 2 6
4 6 0 ,4 0 6

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

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

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

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

3 9 1 ,4 5 0
1,148
4 5 ,5 5 7

21 3 ,0 4 6
365
3 5 ,4 2 2

5 93 ,813
2,043
8 4 ,8 9 2

5 0 2 ,3 7 5
1,002
7 0 ,8 4 5

o u i y i iv n u g .
A m e r i c a n E x p r e s s C o .—

N e t op e r a tin g r e v en u e ____
U n c o lle c . r ev . fr o m t r a i l s ___
E x p ress ta x e s_________

3 4 4 ,7 4 4

177,258

5 06 ,644

T o t a l fro m tr a n s p o r ta tio n ___
E x p ress p riv ileg es— D r ______

1916.
$
35 7 ,1 0 4
2 1 7 ,1 6 5

"1 9 1 5 .
$
3 26 ,408
197,723

1916.
S
7 03 ,522
42 7 ,1 2 3

4 3 0 .5 2 7
31—
1915.
S
6 4 0 ,3 5 7
3 8 7 ,4 9 9

R e v e n u e fro m tr a n s p o r ta ’n
O p e r.o th e r th an tr a n s p o r ta ’n

139,938
6,041

128 ,685
5,0 6 6

27 6 ,3 9 9
12,394

2 5 2 ,7 5 8
10,026

T o t a l op e r a tin g r e v e n u e s .
O p era tln g ex p en ses..................

145,980
101,173

133 ,752
8 9 ,9 4 0

288 ,793
198,099

2 6 2 ,7 8 5
181 ,162

N e t o p e ra tin g r e v e n u e ____
U n c o lle c . r e v . fr o m tr a n s ___
E x p ress ta x e s..............................

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

4 3,811
48
4,221

9 0 ,694
9
19,401

8 1 ,6 2 3
68
8 ,5 0 5

G rea t N o r th e rn E x p res s C o .

O p era tin g i n c o m e . .

-

3 9 ,6 5 2

3 9 ,541

Aug.

'$ '
1 ,2 9 7 ,2 7 5
66 5 ,5 3 4

19s J '
9 77 ,176
49 8 ,2 2 5

7 1 ,2 8 4
7 3 ,0 5 0
1 t o A u g . 31—
1916.
1915.
$
$
2 ,4 9 6 ,4 4 5 2 ,o 3 0 ,6 7 2
1 ,2 6 9 ,2 6 0 1 ,0 3 5 ,8 4 9

6 31 ,740
2 7 ,873

478,951
2 2 ,617

1 ,2 2 7 ,1 8 4
4 8 ,4 6 8

99 4 ,8 2 3
44,721

6 59 ,614
558,101

5 01 ,568
48 5 ,4 4 0

1,27 5 ,6 5 2
1 ,102,349

1 ,0 3 9 ,5 4 5
98 4 ,0 5 0

101,512
65
14,768

16,127
46
12,943

173,302
119
2 9 ,0 9 0

5 5 ,4 9 4
117
2 6 ,7 3 6

— M o n th
S o u t h e r n E x p r e s s C o .—
T o t a l fro m t r a n s p o r t a t io n ..
E x p ress p rivileges— D r ..............

T o t a l op e r a tin g reven u es

UCLUUID rev. lie
E x p ress ta x e s _______
O p era tin g In c o m e .

of

8 6 ,6 7 8
— M o n th

of

A u g u s t—

3 ,1 3 7
A u g u s t—

— J u ly

144,092
28,641
1 t o A u g . 31—
1916.
1915.
$
8
8 ,5 7 8 .9 2 1
6 ,8 3 3 ,0 8 2
4 ,4 0 3 ,0 7 3 3 .5 3 9 ,6 1 2

— J u ly

1916.
•
S
4 ,3 3 9 ,7 0 1
2 ,2 3 1 ,8 6 3

1915.
$
3 ,3 5 5 ,6 1 9
1,73 3 ,3 1 8

awvuuuu iiu iu tran sp ort n 2 .1 0 7 ,8 3 8
O per. o th e r th a n tr a n s p o r t’n
109,739

1,622,301
9 0 ,2 2 8

4 ,1 7 5 ,8 4 8
204,351

3 ,2 9 3 ,4 6 9
182 .862

2 ,2 1 7 ,5 7 7
1,86 7 ,1 3 6

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

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

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

350,441
1,300
4 2 ,4 6 4

156,201
1,307
3 4 ,9 4 4

7 04 ,412
2 .8 9 2
8 0 ,4 3 4

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

W e l l s , F a r g o & C o .—

N et operating revenue____
Uncollectible rev. from trans.
Express taxes_________

3 0 6 ,6 7 6

119.949

— M o n t h o f A u g u s t—

62 1 ,0 8 5
27 1 ,8 9 2
1 t o A u g . 31—
1916.
1915.
$
8
3 0 4 ,8 4 0
246,921
147,032
114 ,007

— J u ly

191 6.
<
5
155 ,064
74,671

1915.
©
1 24 ,655
5 7 ,8 1 5

R e v e n u e fro m t r a n s p o r t’n ___
O p e r . o th o r th an tr a n s p o r t’n .

8 0 ,392
3 .7 0 4

6 6 ,839
3 ,2 0 0

157,808
7,4 3 2

132 ,913
6 ,6 2 7

T o t a l o p e r a tin g r e v e n u e s ..
O p era tin g e x p en ses_________

8 4 .0 9 6
61,341

7 0 ,039
5 3 ,840

165,240
123,126

139 ,540
109.S09

N o t o p e ra tin g re v o n u e ____
U n c o lle c tib le r e v . fr o m tran s.
E x p ress ta x o s ............... ..............

2 2 ,7 5 5
2
1,066

16,198
930

4 2 ,1 1 4
12
2 ,133

2 9 ,7 3 0
12
1 ,8 5 5

2 1 ,6 8 5

15,268

3 9 .9 6 9

2 7 ,8 6 2

rr ( otp/ it, xujuyi uao y ju t n y u n y — T o t a l fro m t r a n s p o r ta tio n ___
E x p ress p riv ile g e s — D r ______

O p era tin g I n c o m e -

(Vol. 103
L a test G ross E a r n in g s .

N am e of
R oad.

W eek or
M o n th .

P rev io u s
Y ea r.

$

S

A t la n t ic S h ore R y ___
cA u r E lgin & C h ic R y
B a n g o r R y & E le c tr ic
B a to n R o u g e E le c C o
B e lt L R y C o r p ( N Y O )
B erk sh ire S treet R y .
B razilian T r a c , L & P
B r o c k & P ly m St R y .
B k ly n R a p T r a n S yst
C a p e B r e to n E le c C o
C e n t M is s V E l P r o p .
C h a tta n o o g a R y & Lt
C itie s S ervice C o ____
C le v e P a in esv & E a st
C lo v e S ou th w & C o l .
(/C olu m b ia G as& E Iec.
C o lu m b u s (G a ) E l C o
C o lu m (O ) R y , P Q L
g C o m ’ w ’ th P . l t y & L
C o n n e c tic u t C o ______
C o n s u m P o w (M ic h )
C u m b C o (M e ) P & I,
D a lla s E le c tr ic C o r p .
D a y t o n P o w & L ig h t
(/D e tro it E d is o n ...........
D o tr o it U n ited L ines
D D E B & B a t t (R o c )
D u lu th -S u p e r io r T r a c
E a s t S t L o u is & S u b .
E a stern T e x a s E l e c . .
(/El P a so E le c tr ic C o




Jan.

1 to la tes t d a le .

P rev io u s
Y ear.

6 R ep resen ts Incom e fro m a ll so u rce s, c T h e so figu re s are fo r c o n s o li­
d a te d c o m p a n y . / E a rn ings n o w g iv e n In m ilre ls. g In clu d e s c o n s titu e n t
c o m p a n ie s .

Electric R ailw ay and O ther P u blic U tility N et E arn ­
in g s.— The following table gives the returns of E L E C T R IC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
--------G r o s s E a r n i n g s ----------------- N e t E a r n i n g s --------„
C o m p a n ie s .

C u rren t
Y ea r.

S
A m e r T e l & T e l -------------- O ct 2,.547,001
Jan 1 t o O ct 3 1 ---------- 2 2 ,7 8 0 ,0 5 9
C h ic a g o T e le p h o n o
O ct 1 ,6 6 8 ,4 9 7
Jan 1 t o O ct 3 1 -----------1 6 ,2 2 9 ,9 8 7
M ic h ig a n S ta te T e l ---------O ct
6 43 ,952
Jan 1 to O ct 3 1 ----------- 6 .0 7 1 ,9 5 9
M t n S tates T e l & T e l . . . O c t
76 9 ,0 4 4
Jan 1 t o O ct 3 1 ............. 7,01 8 ,7 8 1
N e w E n g la n d T e l & T e l . O c t 1 ,7 8 4 ,1 4 7
Ton 1 I a H ot 91
1 1or* a fro
Jan 1 t o O ct 3 1 . - I — 17,126,876
W e ste rn L t & P o w . a
O ct
5 0 ,3 6 9
N o v 1 t o O ct 3 1 _______
5 64 ,073

$

or C om pany.

1 t o la t e s t d a t e .

C u rren t
Y ea r.

42(1 St M & St N A v e S ep tem ber
7 7 ,855 167,708 1,345,393 1 ,4 4 8 ,8 9 9
G a lv -I I o u s E le c C o . . O c t o b e r ___ 171,761 174 ,259 1,598,199 1 ,6 0 4 ,7 5 6
G ra n d R a p id s R y C o O c t o b e r ___ 103,659
97,125 1,075,481
9 6 5 ,4 2 0
G rea t W e s t P o w Syst O c t o b e r ___ 3 20 .252 29 5 ,4 7 2 3,052.059
2 .4 2 4 ,1 1 7
H arrisbu rg R a ilw a y s . S ep tem ber
83,038
7 4,248
747,887
6 86 ,369
H a v a n a E l R y , L & P O c t o b e r ___ 5 32 ,358 46 3 ,3 8 5 1,939,812
4 ,5 7 2 ,3 2 1
H o n o lu lu R T Q L and O c t o b e r ___
5 7 ,4 5 0
5 3 ,3 5 3
540,181
4 8 4 ,2 7 4
TTo u rrVifnn C a T r C a .
H 1g h to n P o HV P o O c t o b e r ___
25,956
2 3 ,0 3 4
270 ,531
22 6 ,9 2 8
b H u dson & M a n h a t . O c t o b e r ___
513 ,465 47 7 ,7 2 3 1,845,318
Iliin o is T r a c t io n ____ O c t o b e r ___ 1073,370 980,071 L 8 7 3 .1 5 0 4 ,5 3 7 ,2 4 4
8 ,9 7 1 ,4 2 3
In t o r b o r o R a p T r a n . O cto b e r _ . 3546,933 3071,291
1.005.513 2 7 ,7 0 8 ,1 4 6
J a ck s o n v ille T r a c C o . Septem ber
50,147
4 6 ,9 4 2
46 6 ,8 7 0
4 5 7 ,3 5 9
K e o k u k E le c t r ic ____ O c t o b e r ___
20,591
2 0 ,2 2 4
198,729
191 ,398
K e y W e s t E le c t r ic ___ O c t o b e r ___
6,7 1 2
9 ,7 3 7
9 3,558
93,312
L a k e S hore E le c R y . O c t o b e r ___ 136,113 118,315 1,343,126 1,15 0 ,6 4 9
L eh igh V a lle y T ra n sit O c t o b e r ___ 218 ,346 196,651
1,078,887 1 ,7 1 7 ,5 6 9
L e w ist A u g & W a t e r v O v t u b e r . . .
u c , o r a ___
72,302
6 3 ,932
6 78 ,519
6 2 2 ,6 9 3
L o n g Isla n d E le c t r ic . S ep tem ber
24,568
2 6 ,1 0 7
192,340
2 0 0 .9 6 6
L o u is v ille R a i l w a y . . ! O cto b e r . . 26 0 .5 5 8 25 2 ,6 6 9 5,557,993 2 ,4 4 4 ,9 6 5
M ilw E l R y & L t C o . October . . 599 ,992 5 15 ,984 >,673,804
4 ,8 4 4 ,9 0 1
M ilw L t , Ht & T r C o October . .
160,691 128,531
1.520,919 1.23 3 ,6 0 5
M o n o n g a h e ia Vail T r September
123,673
8 7 .8 1 2
1.100,121
7 08 ,792
N a s h v ille R y & L ig h t O ctober___ 20 5 ,9 9 9 189,636
.,966 ,14 6 1,754,279
N o w p N & H R y G & E . O ctober___
8 7 .2 5 2
8 0 ,8 9 0
868 ,077
7 61 ,538
N Y C it y I n t o r b o r o .. September
2 4 ,0 2 8
60,321
4 91 ,496
5 15 ,523
N Y & L o n g I s la n d .. September
4 1,043
4 2 ,2 7 6
313 ,327
3 28 .967
N Y & N o r t h S h o r e .. September
14,947
16,305
121,367
125,296
N Y & Q ueens C o ___ September
103,809 123.082
,070,800 1 ,0 38,300
N ow Y o r k R a ilw a y s . September
5 64 ,502 1175,441
1.598.490 10,02 7 ,7 7 0
N Y & Stam ford. R y . O ctober___
24,461
2 8,216
3 09 ,868
3 2 2 ,8 4 2
N Y S ta te R a ilw a y s . O ctober___ 692,841 631 ,802
,910,119 6 ,0 6 6 ,3 1 7
N Y W o s tch o s & B o s . O ctober___
60,133
45,191
4 63 ,082
3 94 ,837
N o rth a m p to n T r a c . September
17,394
16,859
149,642
133,149
N o r O h io T r a c A L t September
446 .667 340 ,918
.780,743 2 ,8 2 9 ,3 6 0
N o r t h T e x a s E le c tr ic O ctober___ 205,491 181,515
,584,034 1,41 0 ,5 8 1
O cea n E le c tr ic (L I ) . September
19,207
18,121
133.790
133,114
P a c ific G as & E le c ___ September 1563.418 1558.689
,791,628 13,723 761
P a c L t & P o w C o r p . . O ctober___ 27 0 .3 8 2 256 .523
.703,013 2 .4 1 7 ,6 5 8
(/P adu cah T r & L t C o O ctober___
2 6 ,4 3 7
2 5,313
2 56 ,578
23 5 ,1 8 0
P e n sa co la E le c tr ic C o O ctober___
2 1 ,4 4 0
2 2,386
232 .105
21 0 ,5 9 0
P h ila R a p id T r a n s it . October . . 2417,096 221 9,10 5
,430,289 19,965,233
P h ila & W estorn R y October . .
4 7 ,434
4 4 ,922
4 27 ,718
383,911
P o r t ( O r o ) R y , L & P O o O ctober___ 45 9 ,7 2 0 45 3 ,2 2 5
,491,148 4 ,5 7 3 ,2 4 3
g P u ge t Sd T r , L & P September
6 90 .475 6 09 ,782
,871,027 5 .5 7 4 ,6 4 2
g R o p u b llc R y & L t . . O ctober___ 33 8 ,6 1 3 276 ,355
,269,262 2 ,5 1 1 ,2 7 7
R h o d o Isla n d C o ____ O ctober___ 4 7 8 ,5 2 2 43 9 ,5 9 0
,879,604 4 ,1 9 4 ,2 6 9
R ic h m o n d L t & R R . September
3 6 ,8 7 3
3 9 ,172
3 10 ,159
30 8 ,8 7 2
S t Jos R y . L , H & P . October . . 11 3 ,2 9 7 108,123
,110,853 1,04 1 ,8 8 3
S an tiago E le c L t & T r August . . .
4 5 ,1 9 9
3 9 ,182
356 .513
3 07 ,718
S avannah E le c tr ic C o O ctober___
7 2 ,2 4 6
67,962
671,203
65 8 ,8 6 4
S econ d A v e n u o (R o c ) September
4 3 .9 5 6
8 3 ,075
626 .565
6 6 1 ,1 4 5
S ou thorn B o u le v a r d . September
6 ,5 5 3
20,166
148,166
171,364
S ou thern C a l E d is o n . O ctober___ 389 ,190 415,793
1,089 ,042 3 .9 8 5 ,7 6 2
S taten I s l’d M id la n d . September
3 2 .5 2 7
3 3,939
258 ,329
2 68 ,082
T a m p a E le c tr ic C o . . O ctober___
8 2 ,4 5 8
84,803
794,863
8 1 1 ,5 8 2
T h ir d A v e n u e _______ September
1 67 ,852 3 28 ,190
1,839,764 2 ,8 7 5 ,7 0 8
T w in C it y R a p T r a n . 3d wk N ov 19 7 .4 4 0 186.689
',030 ,599 8 ,3 7 3 ,0 5 0
U n io n R y C o o f N Y C September
106 ,109 245 ,296
,018,249 2 .0 9 9 ,6 5 5
V irgin ia R y & P o w e r . O ctober___ 502,261 473 ,072
,828,787 4 .2 9 3 ,5 4 9
W a sh B a lt & A n n a p . October . .
79,203
71,696
684 ,161
756 ,699
W e stch o ste r E le c t r ic . September
17,416
3 74 .106
5 2 .519
44 4 ,3 1 2
W estch oster St R R
O ctober___
15,799
2 2 ,249
196,906
21 2 ,7 2 6
a W e st Penn T r a c C o October . .
5 55 ,787 4 57 .523
,137,359 4 ,1 4 4 ,4 0 9
Y o n k e rs R a ilr o a d ___ September
2 0 ,782
63,921
5 09 .490
544 ,997
Y o r k R a ilw a y s _______ O ctober___
89,351
8 1,170
799 ,508
6 78 ,563
Y o u n g s to w n A O h io . October . .
2 8 ,8 2 5
2 4 ,5 1 7
27 9 ,9 0 9
2 3 8 ,9 0 0
Y o u n g s to w n & S ou th A u g u s t ___
17.534
17.1351
126,937
112,143

G ross
E a r n in g s .

N am e o f R oa d

Jan.

C u rren t
Y ear.

A b ’n & R o c k E L & P . O c t '1 6
18,412
’ 15
15,315
10 m o s ’ 16
155,861
’ 15
129,744
A u ro r a E lg in & C h .O c t ’ 16
173,987
’ 15
167,521
4 m o s '16
7 64 ,826
’ 15
7 13 .317
B a n g o r R y & E l e c . . O c t ’ 16
7 7 ,173
’ 15
7 1 .6 1 0
10 m o s ’ 16
6 82 ,948
’ 15
65 5 ,8 1 4
B a to n R o u g e E l e c . . O c t ’ 16
18,509
’ 15
18,097
10 m o s ’ 16
172,807
’ 15
155,123
B la c k s t V a l G & E . _ O c t ’ 16
154.023
’ 15
138,308
10 m o s ’ 16 1,42 5 ,3 7 5
’ 15 1,22 6 ,6 9 5
B r o c k to n & P l y m .. O c t ’ 16
9 ,964
’ 15
9 ,4 0 6
10 m o s ’ 16
105.318
'1 5
9 9 ,1 8 0
C a p e B r e to n E le c ___ O ct ’ 16
3 6 ,4 6 6
’ 15
34,152
10 m o s '1 6
31 8 ,4 7 6
'1 5
2 87 ,934
C e n t M is s V E l P r o p s .O c t ’ 16
2 5,438
'1 5
2 4 ,7 2 4
10 m o s '1 6
242 ,717
’ 15
2 31 ,062
C h a tt R y & L t ____ O ct ’ 16
109.024
'1 5
9 8,155
10 m o s '1 6 1 ,021,328
’ 15
883 ,189

P rev io u s
Y ear.

8

C u rren t
Y ea r.

$

P rev io u s
Y ear.

S

2 ,1 1 8 ,3 3 5 1 ,4 5 0 .9 2 3
1 263 091
19 ,2 5 8 ,7 2 0 1 3 ,0 3 1 ,6 4 0 10,’8 6 8 !902
1,493,991
35 9 ,1 3 3 33 8 ,1 0 5
1 4 ,4 7 0 ,2 3 7 ----------------------3 ,6 6 3 ,7 5 4 3,325,126
5 55 ,448
7 8,132
108,595
5.310,031
9 71 ,860 1,064,269
665 ,233
195,695
196.561
6 ,2 4 8 ,5 6 5
1,93 4 ,6 3 5
1,936,601
1,622.394
3 56 ,719
395.189
-- •
15,422,’019 3 ,7 9 6 .1 1 1
3,490,081
4 4 ,6 0 3
18.896
17,524
2 08 ,546
51 5 ,9 6 0
191,824
N e t. a fter
T a xes.

$

5,154
4 ,1 7 6
3 8,274
29,681
5 8,103
6 1 ,213
2 69 ,280
2 5 0 ,6 5 8
36,693
36,023
3 05 ,207
32 3 ,1 3 6
10,191
8 ,4 2 6
87,562
64,222
62,016
56,435
585 ,870
4 91 ,538
659
1,550
15,161
18,838
18,261
17,261
128,641
118,922
8 ,324
9 ,1 2 8
79,391
74,151
2 6,827
3 5,620
3 60 ,617
280,831

F ix e d
C h a rg es.

$

P a la n c e .
S u r p lu s .

183
4,971
199
3,977
1,898
36,376
3 ,5 3 8
26,143
3 5 ,810
22,284
3 7 ,3 6 8
23,845
143,805
125,475
147,126
103,532
18,131
18,562
17,613
18,410
177,851
127,356
177,261
145,875
3 ,532
6,659
2 ,2 0 4
6.222
3 4,908
52,654
2 1,569
42.653
2 0 .325
41,691
19,551
36,884
381,394
2 04 ,476
298,430
193,108
d ef 471
1,130
1,106
444
11,050
4 .1 1 1
11,279
7,559
6,5 6 7
11,694
6,605
10,656
65,291
63,350
65,994
52,928
2.0 4 3
6,281
1,897
7,231
59,679
19,712
18,664
55.487
2 9 ,925
dof3,098
3 0 ,2 4 0
5,380
2 96 ,428
04.189
29 8 ,3 5 6 d ef 17,525

THE

D ec. 9 1916.]
Gross
Earnings.
C lov Painesv & E a st.O ct 16
'15
10 m os '16
'15
Clove Southw & C o l.O c t '16
’ 15
10 m os ’q6
'15
Connecticut Pow C o .O c t '16
15
12 mos '16
’ 15
O ct '16
'15
Consumers Pow
(M ic h )............ 10 m os '16
'15
O ct |
16
15
Columbus (Ga)
16
E le c tr ic _____ 10 m os |
15
O ct |
16
15
Columbus (O)
16
R y P & l i t ___ 10 m os |
15
O ct ; 16
15
Cum berland C o
(M e) P & L _ . 10 m o s ’t16
15
O ct ; 16
15
East St T Ou Is &
j
Suburban---------- 10 m os ’ 16
l
' 15
O ct ’ 16
15
Eastern Texas .
E le c tr ic ..........U 0 m os ’ 16
15
l
E l Paso E lec C o ___Oct 1 6
15
• 10 mos 1 6
15
f
Oct 1 6
15
Edison E lec 111
(Brockton) _-•( 10 mos 1 5
15
Fall R iver G as W k s .O c t 1 6
15
10 m os 1 6
15
G alv-IIouston E le c ..O c t 1 6
15
10 mos 1 6
15

S
38,571
36,284
300.147
358,405
113,461
100,062
1,107,461
1,030,004
73,676
54,557
716,049
547,479
418,910
342,666
3,701,594
3,095,804
84,786
67,215
709,949
583.700
307,437
272,152
2.883,975
2,535,853
251,683
226,793

2 .3 0 1 ,1 0 5

2.198,904
271,636
222,456
2,452,655
2,008,706
72,131
71,665
676,982
582,231
104,990
84,808
893,491
786,936
54,760
49,186
515,389
444,766
54,862
51,053
455,420
438.701
171,761
174,259
1,598,199
1,604,756

103,659
Grand Rapids R y ___O ct ’ 16
97,125
'15
10 mos '16 1,075,481
’ 15
965.420
O ct '16
532,358
463,385
•15
H avana E lec R y
L t & P o w e r .. 10 mos '16 4,939,812
'15 4,572,321
25,964
Haverhill Gas L igh t. O ct '16
21,605
'15
232,242
10 m os '16
208,655
•15
34,706
H oughton C o El L t .O c t ’ 10
31,568
310,507
10 mos '16
267.464
'15
25,956
Houghton C o T r a c ..O c t ’ 16
23,034
270,531
10 mos '16
226,928
'15
H untington D ov & Gas—
186,362
5 mos O ct '16
Interboro R ap T r__O ct 16 3,546,933
15 3,071,291
4 mos 16 11,937,021
15 10,545,106
20,591
Keokuk E lec C o ____ Oct •16
'15
20,224
198,729
10 mos '16
’ 15
191.398
6,712
K ey W est E lect..........Oct '16
9,737
'15
93,558
10 mos '16
93.312
•15
136,113
Lako Sh El R y S yst.O ct '16
118,315
'15
10 mos '16 1,343,126
•15 1,150,649
72,302
Lowlst Aug & W a t -.O c t ’ 16
’ 15
63,932
678.519
10 mos '16
622,693
’ 15
54,121
Lowell E l L t C o rp -.O c t '16
46,073
'15
522,129
10 mos ’ 16
405,177
•15
149,768
M iss River Pow C o .O c t '16
139,033
’ 15
10 mos '16 1,436,203
1.373.034
'15
205.999
N ashvillo R y & L t ..O c t ’ 16
189,636
'15
10 m os '16 1,966,146
’ 15 1,754,279
205,491
Northern Texas E l..O c t '16
181,515
'15
10 mos ’ 16 1.684.034
'15 1,410,581
26,437
Paducah T rac & L t .O c t '16
25.313
’ 15
256,578
10 mos '16
235,180
'15
21,440
Pensacola E le ctric..O ct '16
22,386
’ 15
232,105
10 mos ’ 16
210,590
•15
459,720
P ortl (Oro) R y L & P .O ct '16
453,225
'15
•16 4,491,148
10 mos
•15 4.573.243
113,297
St Jos R y .L .I I & P .O c t •16
•15
108,123
10 mos •16 1,110,853
’ 15 1,041,883




Net, after
Taxes.

Fixed
Charges.

Balance,
Surplus.

S
14,926
17.672
169,677
163,390
33,152
32,703
398,781
333,340
34,835
28,304
358,515
262,759
197,360
200,449
2,060,005
1,844,833
54,382
39,079
420,784
315,909
119,967
116,238
1.163.953
1,008,902
96,566
90,420
933,818
962,426
111,224
97,184
984,752
803,940
34,269
30,472
310,632
264.981
49,414
40,870
350,233
356,394
21,098
18,832
186,497
162,020
27,879
19,047
182,262
154,794
64,749
70,607
578,834
610,299
33,080
25,533
377,032
272,961
335,153
274,565
3,049,981
2,699,602
10,145
6,943
75,637
58,497
17,472
17,415
145,349
120,775
10,201
9,981
113,020
94,391

8
S
3,436
11,490
0,588
11,084
55,635
114,042
53,548
109,842
27,497
*5,733
*5,319
27,520
*122,919
270,814
274,987
*59,319
18,407
16,428
15,905
12,399
102,538
195,977
129,130
133,629
120,778
76,582
128,438
72,011
749,890 1,310,115
721,659 •1.123,174
28,572
25,810
28,730
10,349
286,520
134,258
287,185
28,723
42,863
7 7,1 04
40,189
76,0 49
429,947
734,00 6
396,897
615,005
69,144
27,422
05,507
30,913
674,074
259,744
000,544
301,882
63,665
47.559
03,051
34,133
627,009
357,143
630.656
173,284
8,760
25,509
8,710
27,756
88,451
222,181
87.076
177,305
5,285
44,129
4,202
30,674
48,523
301,710
42,000
314,394
19,682
1,416
10,577
2,255
172,411
14,080
130,474
25,546
27,873
6
19
19,028
40
182,222
11,113
143,681
27,891
36,858
34,483
30,124
365,311
213,523
360,003
250,296
17,085
15,995
11,472
14,061
225,177
151,855
134,472
138,489
*213,622
132,545
*182,480
107,108
1,287,201 *1,873,723
*1,707.328
1,084,335
10,139
6
6,935
8
75,035
582
57,904
593
6,013
11,459
4,705
12,710
49,654
95,095
39,225
81,550
7,124
3,077
5,523
4,458
64,305
49,315
55.473
38,918

100,065

69,238
30,827
974,005 *1,032,194
900,100
*892,274
3,907,047 *2,327,542
3,602,825 *2,053,260
4,667
2,032
5,890
1 ,858
46,165
19,519
40,218
18,682
d of 1,208
2,525
517
2,562
4,945
25,172
25,477
d ef 1,125
36,521
14,714
30,283
6,556
303,827
141,292
361,110
42,914
15,106
7,241
15,951
7,912
157,125
00,209
157,940
70,888
629
21,012
33
15,089
3,431
202,919
166
137,477
106,817
13,221
100,223
9,300
75,587
1,007,104
24,027
1,074,424
37,430
41,474
25,407
43,141
424,529
333,111
245,155
424,738
73,415
29,442
58,159
27,715
289,11 l
331,292
274,615
209,170
7,241
1,806
2,405
7,511
12,667
70,856
10,817
75,448
1,407
7,714
2,278
7,082
25,839
77,284
17,415
71.709
30,033
181,280
182,700
13,213
1,813,058
140,101
1.843,165
162,419
20,004
23,716
20,833
27,827
208,101
277,155
208,330
257,275

1,966,580
1,751,877
0,074,323
5,467,435
6,699
7,748
65,684
64,900
1,317
3,079
30,117
24,352
51,236
42,839
505,119
404,030
22,407
23,863
223,394
228,828
21,641
15,722
200,350
137,643
120,038
115,529
1,142,691
1,098,451
78,904
08,548
757,040
669.893
102,857
85,874
620,403
543,785
9,047
9,976
83,523
86,265
9,121
9,360
103,123
89,184
211,313
195,979
1,953,159
2,005,584
46,320
48,000
487,256
465,605

2153

C H R O N IC L E
Net, after
Taxes.

Gross
Earnings.

S
72,246
Savannah Elect C o .-O c t "16
’ 15
67,962
671,203
10 mos '16
'15
658,864
54,619
Sierra P acific E l e c t . O c t ’ 16
"15
42,201
10 mos '16
472.934
’ 15
401,467
82,458
Tam pa Elect C o — Oct '16
84,803
"15
794,863
10 m os ’ 16
811,582
’ 15
159,059
Tennessee Power___Oct ’ 16
101,985
15
10 mos ’ 16 1,343.096
93,141
U S Public S e rv ice ..O ct ’ 16
81,712
"15
12 mos '16 1,055,016
901,357
'15
U nited Lt & R ys C o (sub cos)
12 m os to Oct 31 ’ 10 6,793,SS6
’ 15 6,195,813

Gross
Earnings.
D etroit Unit L in o s .O c t ’ 16
'15
. 10 m os ’ 16
’ 15
Honolulu R ap T r & L .O c t ’ 16
’ 15
10 m os '16
15

S
1,416,987
1,188,900
13,272,833
10,896,005
57,450
53,353
540,181
484,274

Fixed
Charges.
$

Balance,
Surplus.

23,831
23,273
235,064
232,040
7,210
7,148
70,989
74,688
4,263
4,211
43,583
43,658
39,020
39,622
374,880
13,394
12,877
157,818
153,589

S
d o f 653
197
d e f 21,877
def4,258
27,348
*16,529
192,729
*155,168
34,433
37,654
313,093
353,914
*13,063
*18,356
*310,448
25,012
25,786
306,163
228,053

1,402,460
1,367,051

1,274,742
1,035,604

Fixed Chgs.
Net
Earnings. & Taxes.

Balance,
Surplus.

S
23,178
23,470
213,187
227.7S2
34,558
23,301
263,718
226,096
38,696
41,865
356,676
397,572
45,127
51,678
617,188
38,406
38,663
463,981
381,642

2,677,202
2,402,655

S
393,853
349,306
3,982,428
3,214.558
29,489
24,806
245,540
194,874

$
S
*234,142
193,552
*189,440
180.725
1,911,694 *2,356,281
1,859,979 *1,586,397
21,857
7,632
18,518
6,288
*183,858
73,746
*143,094
62,886

a N et earnings hero given are after deducting taxes,
b N et oarnlngs hero given are beforo deducting taxes.

x A fter allowing for other Income received.

A N N U A L

R E P O R T S

A n n u a l R e p o rts.— An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the “ Chronicle” in which
it is published. The latest index will be found in the issue
of N o v . 25. The next will appear in that of D ec. 30.
T h e M inneapolis & St. Lou is R ailroad.

(Report for Fiscal Year ending June 30 1916.)
The romarks of President Newman Erb, with the income
account and balance sheet for the fiscal year ended June 30
1916, will bo found on subsequent pages (see also V . 103, p.
2073).
On July 1 1916 the consolidation of the company with its
subsidiary, the Iowa Central & Western R y ., became effec­
tive. The new consolidated company, the Minneapolis &
St. Louis R R . C o ., having an authorized capital stock of
$26,000,000, all of one class, of which $25,792,600 was issuablo forthwith (see plan, V . 102, p. 522, 529; V . 103, p. 145).
The money raised as provided in the Consolidation Agree­
ment has since been applied to the retirement of the $ 2 ,500 ,­
000 2-year gold notes, and also, it is stated, for the retirement
of all outstanding bills payable and the reduction of the out•
standing accounts payable to a normal condition, leaving a
balance of about $500,000 for working capital.
M r. Erb adds: “ The new company enters upon operation
with bright prospects. B y the discharge of the gold notes and
bills payable, fixed charges in the way of interest have been
reduced more than $200,000 per annum, and it is confidently
hoped that an era of financial prosperity is at hand. The
business prospects for the current fiscal year are exceptionally
good, and while there will be a very heavy decrease in the
tonnago of wheat harvested along your lines, this should bo
offset by the increased yield in the corn crop harvested.”
r o l l i n g s t o c k o w n e d — BRIDGES,

No.

1915-16......... .2 2 2
1914-15......... .223

BALLAST, RAILS, JU N E 30.
-Freight Equip’tWork
■Locom
otives-------- Pass.
No. Cap. (tons).
Tractive Power. Equip.
6,296,430 lbs.
6,112,470 lbs.

Bridges, &c. (ft. ) .
Steel. Trestles

•15-’ 16-14,405
•14-’ 15.14,588

1§9
141

7,590
7,269

239.090
223,880

EU
9 j&

319

■Ballast (miles) —
-Rails (miles)G r a v e l . Cind. S o i l . 8 5 - l b . 8 0 - l b .70-/6.66-16.60-16.

86,181 1.091
85,956 1,091

59
59

380
380

142
103

315
322

685
701

33
33

244
250

&c.
129
139

CLASSIFICATION OF FREIGHT — PRODUCTS OF (TONS).
Argiculture. Animals. Mines.
Forests. Man'f'res. Misc.

1915-16_____ 1,942,276
1914-15_____ 2,170.694
V . 103, p . 2073.

286,022
247.587

1,889.674
1,610,939

362,618
325,480

844,693
781.833

869,049
765,242

C h icago E levated R ailw ays C ollateral T ru st.

{Report for Cal. Year 1915— Oper. Cos. to June 30 1916.)
Samuel Insull, Chairman
D ec. 1 1916, wrote:

Executive Committee, as of

During the year the trustees acquired the following securities w hich are
included among the current assets o f the financial statement In the item
designated “ Other Investm ents” :
$73,000 Joint 5 % Equipm ent trust certificates, series B , Issued b y M e tro ­
politan, Northwestern and South Side companies, dated A ug. 1 '14.
254,000 R eceiver’s Certificates, issued b y receiver o f Chicago & Oak P ark
Elevated R R .
16,000 6 % Equipm ent notes o f Chicago & Oak Park E levated R R .
5,363 5 % mortgage note secured b y mortgage on property o f C h ica go
& Oak Park Elevated R R .
TIio com bined not earnings o f the three controlled com panies (N orth ­
western Elovatod R R ., South Side Elevated R R . and the M etropolitan
W est SIdo Elovatod liy .) for the year 1915 show a decrease o f $252,344,
as com pared with 1914. For the first ten months o f 1916. how ever, the
com bined gross earnings o f those companies show an Increase o f from 9 %
to 10% as com parod with the corresponding period o f 1915, and it is ex­
pected that the net earnings for 1916 w ilishow an increase o f from 8 to
9 % over 1915.

2 1 5 4

THE

:

CHIC. ELEV. RYS. COLL. TRUST— INCOM E ACCT. FOR CAL. YRS.
1915.
1914.
1915.
1914.
Dividends............51,027,045 $1,109,798 Int. on notes, & o.$ l,120,000 $1,310,000
Interest................
125,585
718,251 General expenso..
26,213
33,351
Dlvs. on pref. par­
ticipation shares
______
480,000
Gross Incom e..$1,152,630 $1,828,049

Surplus Income.

$6,417

$4,698

During a period o f world-w ide shortage o f tonnage your com pany has boen
fortunate in the ownership o f a largo porportion o f the ships roqulred in its
buslnoss, which has perm itted tho continuance o f its tra ffic business without
greatly Increased expense at a tim e when ships to roplaco tho fleet could
not have been obtained, oxcept at prohibitive rates, had it beon necessary
to charter In tho open market. Under other conditions it would have beon
Impossible to obtain such satisfactory results from our traffic business, or to
m aintain steadily our steamship service.

CHICAGO ELEV. RYS. COLL. TRUST BALANCE SHEET DEC. 31.
Assets—■

1915.

S

1914.
S

Capital stock, bonds,
&c., pledged____ —See x below—
Cash...............
718,451
744,535
Bills receivable........ 315,000 683,000
Other Invest, (cost). 1,574,626 1,239,942
Accounts receivable.
4,290 19,897
Accrued Interest___
28,991
32,903

T o ta l.................... 2,641,358 2,720,276

1915.
1914.
$
$
4,090,090 2-yr.5%secur. notes
7,000,000 10-yr. 6% debens
160.000 Pref. partlc. shares.
250.000 Com. partlc. shares
Accounts payable__
5
80,037
Accrued Interest___ 560,000 560,000
Reserves--------------77,302
83,510
Excess current assets
over cur’t llabll's.2,004,050 1,996,729

LOCATION A N D BOOK VALUE OF PROPERTY OWNED.
-Total Acreage----------- —Plants and Equipm
ent. Book Cost

Liabilities—

T o ta l.....................2,641,358 2,720,276

x Capital stock, bonds, & c., pledged (see text) are as follows:
Name of Com
pany—■
Pledged.
Pledged.
Metrop. \V. S. Elev. R y., pref.58,707,500 Investment In securities of and
do
do
common____ 7,462,800
claims against Chic. & Oak
Northw. Elev. R R „ pref......... 4,944,400
Park equip, notes (not incl.
do
do
common____ 4,946,400
5887,363 face value of re­
do
do
1st mtge. 53.12,500,000
ceiver’s certfs. and equip,
South Side Elev. R R . stock .. 10,231,400
notes carried among current
assets In “ other Invest.” ) . . $1,709,373
COMBINED INCOM E ACCOUNT FOR YEARS ENDED JUNE 30.
(Inch M et. W est Side E lev. B y ., Northwestern E lev. R R . and South Side
E lov. R R .), as filed with the Illinois Public Utilities Commission.
1915-16.
1914-15.
1915-16.
1914-15.
_
Gross oper. rev_ 58,435,008 $8,045,265 Net oper. revenue.$4,099,947 $4,174,959
163,679 Taxes, &c............
Way and struct’s.
184,837
722,115
700,243
Equipment........ ..
459,679
334,928
Power....................
991,533
911,093
Oper. income.-S3,377,831 $3,474,716
Conduct, transp.. 2,270,081 2,042,388 Non-oper. income *135,694 *117,905
Traffic.......... .......
20,610
6,480
General & mlsccl.
408,321
411,737
Gross Income..83,513,525 $3,592,621
Interest & rents*.$2,247,406 52,188,410
Dividends............ 1,135,543 1,105,373
Total oper. exp.$4,335,061 53,870,305
Net oper. revenue $4,099,947 54,174,959
Surplus............ 5130,576 $298,838
♦Inter-com pany rentals deducted.

COMBINED BALANCE SHEET JUNE 30.
(Inch M e t. W est Side E lev . R y ., N . W . E lev . R R . and S. S. E lev. R R .)
1916.
1915.
1916.
1915.
Assets—
$
s
Liabilities—
S
5
Investments—
Capital s tock ----- 36 292,500 36,292,500
Road & equip’ t.96,079,455 94,776,909 Funded debt____ 55 573,000 54,789,000
Other bonds, &c
35,362
573,459 Acct.wIthCh.El.Rys. 331,892
473,592
Current assets___ 1,075,747
953,042 Current liabilities. 2 192,710 1,694,271
Deferred assets__
2,026
................. liabilities. 549,004
Accrued
486,541
Unadjusted debits
39,248
46,759 Unadjusted credits 430,684
322,150
Corporate surplus. 1 ,862,048 2,292,115
T o ta l_________97,231,838 98,350,169
— V . 103, p . 578, 320.

[Vol. 103.

C H R O N IC L E

T o ta l................ 97,231,838 96,350,169

U n ited F ru it C om pany.

{Report for Fiscal Year ending Sept. 30 1916.)
Pres. Andrew W . Preston, N o v . 28, wrote in substance
Income Account.— T otal net earnings from bananas and miscellaneous

tropical products. Including profits from transportation, merchandise busi­
ness and miscellaneous incom e,aggregated $8,584,952 [against $5,022,054
In 1914-15], while from the sugar business, including incom e from invest­
ments In other sugar com panies, thoy wero $4,758X 35 [against $2,592,5161.
T he total incom e was, therefore, $13,342,986 [comparing with $7,614,570).
D edu ct Interest charges and dividends o f 2 % each and thero is a balanco,
surplus, for fiscal year o f $8,527,683 [contrasted with $2,972,978 In 1914-15].
T he surplus account stands as follows: B rought forw ard, 1915, $14,­
039,687; surplus, year 1915-16, $8,527,683; t o t a l ...................... $22,567,370
Special net chargo to readjust values o f tropical
lands, cultivations, railways and miscellaneous
equipment ............
$3,029,900
Premium on $12,000,000 6 % notes retired__________
120,000

Costa Rica . .
Guatemala . .

1916.
240,588
127,107
139,993
39,161

Republic
of
82,554
Colombia..
Republic
of
Panama_
_ 124,227
Honduras . . . 163,137
_ 170,882
Nicaragua_
Canary Islds.

1915.
241,553
127,140
141,189
36,504

1914.
251,963
127,470
141,189
36,505

10,158,693
4,751,288
3,528,387

8.385,748
4,949,041
3,276,281

8,473.789
4,970,325
3,369,845

84,626

84,642

2,849,498

3,744,454

3,843,432

123,700
105,886
170,882

111,300
61,606
193,000
646,630

616,392

322,694

1916.

1915.

1914.

T otal-----x l,087,649 1,031,480 1,007,675 $50,765,234 $52,045,344 $54,091,945
x A lso leases 5,281 acres in Costa R ica, 23,020 in Jamaica, 67,392 acres
In Guatemala and 17,108 acres in Honduras, total. Sept. 30 1916 112 801
acres, against 110,942 acres in 1915 and 110,785 acres in 1914.
’

BOOK COST OF COM PANY'S LANDS, &c.
—

,
1915-16.
1915.
1914.
L ands.................................................. ...$ 1 5 ,8 1 8 ,9 3 1 $17,394,441 $18,926,547
Houses and b u ild in g s ........................... 4,767,482
4,817,933
4,236,488
C ultivations........ ..................................... 9,039,432
--------------------7,828,338
9,873,180
L ive s to ck ___________________________ 1,051,259
1,090,416
1,053,303
Tools and m achinery
860,628
732,355
516,419
Railways ................................... ............... 13,480,412 13,651,249 12,289,182
T ra m w a y s___________________________
540,424
862,450
1,193,531
T e le p h o n e s _________________________
312,434
292,583
165,920
W harves, lighters, & c________________
838,650
1,003,592
1,143,426
M erchandise (stores)________________
1,478,963
1,215,814
1,286,392
M aterial on hand..... .......... ................... 1,614,119
1,689,480
1.952,452
Sugar m ill.............................................. ..
962,500
1,436,691
1,455,107
T o t a l ....... .......... ................... ............ .$50,765,234 $52,045,344 $54,091,945
lo ta l head o f cattle Sept. 30 1916, 18,039, against 19,450 In 1915 and
19,789 in 1914; horses and mules, 6,009, against 0,072 in 1915 and 6,237 in
1914; miscellaneous 457, against 329 in 1915 and 297 in 1914. Railways
owned, 1,267 miles, against 1,320 miles in 1915; also operatos C osta Rica
R y ., 188 miles, against 189 miles in 1915.
INCOM E ACCOUNT FOR YEARS E NDING SEPT. 30.
1915-16.
N et earns, from tropical
fruits, & c...................... $8,584,952
Sugar business_________ 4,758,034

$5,022,0541 $3,742,247
2,592,516/

1914-15.

1913-14.

$6,197,876

1912-13.

T otal Income_____ -..$ 1 3 ,3 4 2 ,9 8 6
Deduct—
Interest on bonds___
$1,399,835
Dividends (8 % ) ____ — - 3,415,468

$7,614,570

$3,742,247

$6,197,876

$1,714,048
2,927,544

$1,477,336
2,927,544

$882,245
2,927,544

, Total d e d u ctio n s .. $4,815,303 $4,641,592 $4,404,880 $3,809,789
B aI.,sur.,or def. for yr. sr.$8,527,683 sr$2,972,978 def$662,633 sr$2,388,087
Surplus previous y e a r s .. 14,039,687 13,592,405 16,284,212 16,645,853
Total su rp lu s.............. $22,567,370 $16,565,383 $15,621,578 $19,033,940
Extra d iv ...........................
............
............
(2)731,886
............
Balance, surplus-------- $22,567,370 $16,565,383 $14,889,692 $19,033,940
Direct charges to p rofit
& loss (Soe te x t)-----1,000,000
2,525,696
1,297,287
2,749,728

Surp. as per bal. s h e e t ..$21,567,370 $14,039,687 $13,592,405 $16,284,212
CONSOLIDATED BALANCE SHEET SEPT. 30.
Assets—
1910.
1915.
Liabilities—
1916.
1915.
Plantations&equlp.— S
$
Capital stock—
S
S
Tropical d lvis..50,765,234 52,045,344
UnitedFruitCo.48.792,400 36,594,300
Domestic &for’n 957,706
622,259
Sub. co. stk. not
Investments—
heldbyU F.Co. 275,000
25,000
Agric. (bananas)
95,970
643,585 S .f.d eb .4 ^ s, 1923 2,975,000 3,400,000
Agrio. and mfg.
do
do 1925 3,600,000 4,000,000
(sugar).......... 2,057,998 2,484,539 Serial 5% debens.
320,000
480,000
Tropical r y s ... 1,351,436 1,733,186 6% coup.notes,’ 17 ............ 12,000,000
Miscellaneous..
396,955
332,738 5% coup.notes, ’ 1810,000,000 10,000,000
Steamships.......... 15,187,600 16,146,173 Bonds and debs.
T o t a l ............................................................................ $3,149,900
Insur.fd.nctassets 1,009,689
919,552
(subsld. c o s .).. 2,892,626 3,479,168
Less— Prem ium received from the sale o f the com ­
Cash____________ 14,145,968 8,006,863 Notes* dobs.mat’d
pa n y’s capital stock ____________________________________________ 2,149,900 1,000,000
Ninety-day sterling
or drawn for red. *314,222
11,000
treasury bills_ 1,985,479
_
SS. constr’ n res’vo 470,289
T otal surplus Sept. 30 1916........................................................... $21,567,370
Acots. collectible. 7,229.390 3,936,114 Uncl’d dlvs., A c ..
62,790
21,657
62,790
Depreciation.— Before arriving at the not earnings as stated thero was Sugar stk. on hand 587,390
739,933 Costa Rica Ry.
charged out in operating expenses the sum o f $3,912,259 54, representing Loans to planters. 825,319
947,449
material a cct..
243,125 243,125
depreciation on plantations, railways and steamships.
Notes receivable..
16,500
_
17,191 Accts. payable_ 3,601,606 3,030,985
Owing to changes incident to properties located In tho tropics there are Coupon, dlv. and
Notes pay.(sub.cos.) 900,000 600,000
from tim e to tim o losses w hich cannot bo forosoen and provided for through
trustee accts__ 1,036,376
975,848 731,888
690,649 Dlv. pity. In O ct..
the ordinary operating charges for depreciation. It is our Intention to doal Charters, wharfage
Drafts p ayabio...
602,058 676,399
with such losses as they devoiop through tho m edium o f conservative annual
& SS. supplies..
376,100
307,703 625,087
650,745 Int. accr. (not duo)
inventories, and it has accordingly boon doom ed advisabio to make a further
Rentsaccr.(notdue)
59,012
58,02 8
not chargo to past Incom e o f $3,029,900, against tho values o f tropical
Income acct.(sur.)21,567,370 14,039,687
lands, cultivations, railways and miscellaneous equipm ent.
Stock & Debt.— Tho authorized capital stock having been increased from
T o ta l................ 98,025,109 89,916,321
T o ta l................ 98,025,109 89,916,321
$45,000,000 to $75,000,000, 121,981 now shares wero sold to stockholders _______
under the torms o f circular datod Jan. 21 1916 (at $120 a share.— V . 102,
* These notes and debentures had not been presented for paym ent.
p . 1442, V. 101, p. 2150, 2078]. T ho procoeds wore usod primarily to pay — V . 103, p . 2084, 1987.
tho $12,000,000 4-year 6 % coupon gold notes o f 1913, which wero called
for prior paym ent on M a y 1 1916.
G oodyear Tire & R u b ber C o., A k ron , O h io.
Notes and debentures, aggregating $13,571,542, wore retired through
the operation o f sinking funds and redem ptions as follows:
{Annual Report for Fiscal Year ended October 31 1916.)
6 % coupon notes_______ $12,000,0001Tropical Fruit SS. C o .,
Pres. F . A . Seiberling, Akron, O ., N ov . 24, says insubst.:
Sink, fund 4>£% debenI 6 % debentures_______
136,150
t u r e s _________________
825,0001Elders & F yffes, L td .,
T ho past year’s business has boen tho m ost successful in volum e and
Serial 5% debentures due
I d eb en tu res___________
450,392 profits o f any yoar In our history, sales being $63,950,399, against $36,­
June 1 1 9 1 6 .......... ........
160,0001 T o t a l.............. ................ $13,571,542
490,652 for 1914-15, and tho not profits $7,003,330, against $5,189,528.
Fruit Investment.— Throughout the year tho banana market in tho United This rosult was attained notwithstanding tho advorso effects o f rising costs
States has been unusually steady. W hllo at no tim e have such extreme and extraordinary difficulties in obtaining adoquato supplies o f both raw
prices prevailed as in som o o f the previous years, tho steady continuance materials and labor.
T o moot tho growing demand for our products, your directors deemed it
o f moeferatoly high prlcos has produced m ore satisfactory results than the
high and low limits o f form er seasons. T h e English business, although advisable to largely expand the plant and equipment (which expansion is
seriously affected b y a shortago o f tonnago, occasioned b y tho chartering still under w a y ), necessitating tho introduction o f m ore flxod capital, which
o f a part o f the fleet b y the A dm iralty, as stated in our last report, has boon was provided for b y the sale o f $17,500,000 o f prof, stock, having provlously
retired $6,650,000 o f pref. stock then outstanding. A stock dividend o f
vory satisfactory and com pares favorably with previous years.
Sugar Investment.— T h e output o f tho mill at Banes, C uba, is larger than 100% out o f accumulated surplus was distributed, after paying tho regular
evor heretofore reported and for tho fiscal year amounted to 167,387,329 cash dividends, 7 % on pref. and 12% on com m on stock.
D ue to the extraordinary conditions growing out o f tho war, tho directors
pounds o f sugar and 3,322,858 gallons o f molassos. T ho output for the
previous year was 126,103,080 pounds o f sugar and 3,460,063 gallons o f have deemed it prudent to fortify against advorso contingencies b y carrying
molasses. This largo Increase in out put was due largoly to favorable a large supply o f raw materials, which is rofloctod in tho flguros shown in
' woather conditions. T h o high prices for raw sugar which prevailed through­ the inventory.
W ith 59,000 custom ers’ accounts on our books, tho not loss on collections
out the year resulted in a p rofit from the salo o f sugar o f $4,277,305, as
has boen less than 1-10 o f 1 % .
. . . . .
com pared to $2,303,704 tho previous yoar.
E xtra cts o f S ta te m e n t M ade b y T h e A u d it C o . o f N. Y ., N ov. 21.
T he weather conditions prevailing at tho N ipo B ay C om pany’s properties
Increases to plant have been carefully rovlowed. T he reservo for depre­
wore not so favorable and tho output for tho fiscal period o f fifteen months
ended Sept. 30 1916, was 146,262,400jpounds o f sugar and 3,232,906 gallons ciation, amounting to $2,298,000, is equivalent to 29.29% o f tho plant value
o f $7,846,207, as o f O ct. 31 1915. An appraisal o f tho plant and equip­
o f molasses, as com pared to 120,247,960 pounds o f sugar and 3,114,041
ment was mado b y tho American Appraisal C o. o f M ilwaukee as o f Sopt. 15
gallons o f molassos for the previous fiscal period o f twelve m onths.
Steamships.— Our American fleet comprises 23 ships in a ctivo sorvico; 1916 and adjustod to O ct.31 1916 shows an oxcoss over tho book figures o f
four ships aro still under construction in British yards for dellvory after $4,277,997, after deducting from tho latter the reservo for depreciation.
On M a y 20 1916 the authorized prof, stock was Increased from $7,000,000
the war, and flvo ships are in procoss o f construction in American yards,
tw o o f which aro to bo delivered during the fiscal yoar 1917. Our British to $25,000,000, and that portion o f tho old prof, stock then outstanding
fleet consists o f 19 ships, seven o f which have beon taken under charter was olthor redeemed at $120 per share or exchanged for tho now prof, stock
on the same basis o f $120 per share for tho old stock and $105 por share
b y tho A dm iralty.
Traffic.— T ra ffic earnings during tho year were exceptionally large, duo for tho now. During tho yoar thero was declarod and paid 12% in cash
to increased business, both passenger and freight, at remunerative rates. dividends on tho com m on stock, am ounting to $1,261,332, a 100% stock




dividend on the com m on stock, amounting to $8,427,000, and the usual
7 % cash dividend on the prof, stock.
,
T h e net Income for the year am ounted to $7,003,330. Additional crodlts
not applicable to tho operations for tho current year amounted to $13,420,
and additional charges not applicable to tho current year $1,342,952.
There remains an unappropriated surplus o f $2,253,167.
RESULTS FOR YEAR ENDING OCT. 31.
1915-16.
1914-15.
1913-14.
1912-13.
Gross business................ $63,950,400 $36,490,652 $31,056,129 $32,998,827
N ot incom e____________ $7,003,330 $5,137,083 $3,391,165 $2,041,268
Preferred divs. ( 7 % ) . $764,239
$469,583
$431,667
$350,000
x Cash C om . d lv s ._ (1 2 % )l,2 6 1 ,332(21)1686,151 (12)604,056 (12)603,192
Balance, surplus..........$4,977,759
$2,981,349 $2,355,442 $1,088,076
x In A pril 1916 the authorized capital stock was increased to $50,000,000
b y an increase o f pref. stock to $25,000,000, tho $6,650,000 old prof, being
retired and $17,500,000 new 7 % cum . pref. issued, o f which $10,378,000 was
offered to the public (V . 102, p . 1629). On or about M a y 1 1916 tho ou t­
standing com m on stock was increased from $8,427,000 to $17,500,000 in
connection with a 100% stock dividend, calling for $8,427,000 (V . 100. p.
1922, 1676, 1596). Annual sinking fund o f 2 X % . or $437,500 (after 5
A
yoars, 5 % ) will begin O ct. 1 1917, to retire tho p ref. shares. Also a 20%
com m on stock dividend, $1,006,620, was paid about M ar. 1 1914.
BALANCE SHEET OCT. 31.
1916.
1915.
1916.
1915.
Liabilities—
S
S
$
S
6,791,120 3,883,946 Pref. stock, 7 %
cumulativo--- 17,500,000 6,650,000
5,894,936 3,962,261
1 C o m m o n stock__ .7,500,000 8,377,200
Pats.,tr.marks,Ac.
1
809,327 Notes payable--- 6,660,000
Securities owned.. 1,111,317
258,459 Purchase accounts
Pref. stk. in troas.
payable------ 1,889,478 1,565,706
Sundry other acto employees__ *663,600
counts payable.
618,495
378,894
Notes reo. for co.’
s
1,006,378 1,045,816 Reserves—
16,913,077 7,763,189
Doubtful acc’
ts
2,194,592 1,047,662
(current)___
231,445
231,445
3,444,812 1,766,352
Suspended ac’
ts 237,208
327,512
10,013,971 4,759,246
Doprcc. of plant 2,298,000 1,717,230
280,403
278,070
Insur. on branch
626,821
371,529
30,000
stocks______
243,765
334,068 Surplus........ a2,253,167 7,031,940
49,217,794 26,279,927
Total... .... 49,217,794 20,279,927
Thero is also a contingent liability for notes receivable discounted,
amounting to $1,642,161, and guarantee o f loans b y Canadian bankers to
tho G oodyear Tiro & Rubber C o. o f Canada, L td ., amounting to $300,000.
x C om m on stock (6,636 shares) issuod and hold by trusteo for sale to
employees under service contracts.
.
,
a A fter crediting amounts not applicable to the operations for tho current
year, $13,420, and deducting amounts not applicable t«p current earnings,
$1,342,953 — V. 102, p . 1629, 1543.

H a rb ison -W alk er R efractories C o ., P ittsb u rg h , Pa.
(14 th A n n u a l R eport— Y e a r en d in g S ep t. 30 1916.)
Pres. H . W . Croft, Pittsburgh, N o v . 17, says in substance:
T ho increased profits during tho six m onths ending Sept. 30 1915, duo to
tho rapid revival o f tho stool business during that period, not only continued
during the past year, but havo further increased. Our earnings for 1915-16
are gratifying, although conditions on the whole havo been abnorm al; so
long, however, as such conditions continue, our earnings should be equally
satisfactory.
PROFIT A N D LOSS ACCOUNT FOR YEAR ENDING SEPT. 30.
1913-14.
1912-13.
1915-16.
1914-15.
N et p rofits.................... .. $4,305,450 $1,673,791 $1,376,130 $1,723,464
Deduct—
$118,155
E x tra o r.e x p .im p ts .,& c.
$675,614
$108,334
$176,962
Charged o ff for deprecia­
tion o f mining, & c___
40,810
37,118
59,511
47,592
Charged o ff for depiction
o f clay, coal and ganistor xiroperties______
29,721
29,450
33,334
31,752
T otal deductions-----$764,846
N ot p r o f i t s . .....................$3,540,604
______
Interest on bonds______
D ivs. on pref. stk. (6 % )
576,000
D ivs. on com . s t o c k ._ (7 % ) 1,260,000

$174,902
$1,498,889

$251,142
$1,124,988

576.000
(2)360,000

576)000
(2)360.000

$197,499
S I,525,965
39,375
576,000
(2)360,000

Surplus for year..........$1,704,604
$562,889
$188,988
$550,589
N ot profits aro shown after deducting expenses ($685,783 In 1915-16,
against $286,330 in 1914-15 and $358,564 in 1913-14) for all ordinary re­
pairs and maintenance, which covers depreciation o f plants.
BALANCE SHEET SEPT. 30.
1916.
1910.
1915.
1915.
Assets—
$
Liabilities—
$
$
S
Prop. & franch. ot
C o m m o n stock...18 ,000,000 18,000,000
constituent cos.28,194,009 28,490,325 Preferred stock__ 9 ,600,000 9,000,000
Bctt’ completed. 1,653,872 1,644,155 Clay, coal & Ban­
ts
Bet’ uncomplet'd 437,845
s
120,418
ister properties
Deferred chgs. to
200,104
depletion fund.. 221,191
future opera’
ns. x413,191
398,202 Pay-rolls_______
109,315
168,554
Inventory at cost. 1,432,968 1,396,524 Accounts pay’
Ie.z 479.038
219,196
Cash........... 1,502,197
472,936 Bills payable____
450,000
y Accts. receiv'lo. 3,138,896 2,335,597 Sundry reserves.. 1,038",985
469,908
Bills receivable--.
10,895
18.168 Surplus________ 8 ,547,258 6,842,653
Invest, of reserves 761,680
372,034
Other securities.. 510,067
642,818
T o h d ........ 38,055,625 35.891,176
Total........ 38,055,625 35,891,176
x Includes clay and ganistcr outfits ($101,537), advanced royalties,
stripping, prospecting, uncom pleted extraordinary repairs, &c. y Liabili­
ties or constituent cos. against each other om itted, z A ccou n ts o f con­
stituent cos. duo each other om itted.— V . 103, p. 1795, 582.

(T h e) A m erican Brake Shoe & F ou n d ry Co. (of D el.),
New Y ork .
{A d v a n ce R ep ort f o r Y e a r en d in g J u n e 30 1916.)
An advance roport, signed by Chairman Otis H . Cutler
and Pros. William G . Pearce, dated N ov . 27, says in subst.:

a' tcr giving effoct to tho purchase by this com pany
above referred to and tho distribution on dissolution o f tho N ow Jersey
com pany o f tho purchaso price.
A s tho t^pldwaro com pany has been doing businoss loss than tw o m onths
a roport o f its operations for a year cannot bo mado at thistim o.
INCOME ACCOUNT YEARS ENDING SEPT. 30.
1915-16.
1014-15
1013-14.
1019-13
N ot p ro fits. — ............. *$1,661,619 *$1,180,613 *$1,059,745 $1,316,579
Interest on bonds........... ...........34,312
35,226
36,173
36,992
N ot p rofits___________ $1,627,307
D ivs. paid— Proferrod-(8% )400,000
Com m on (7 % ) ............
322,000

$1,145,387
(8)400 000
322.000

$905,307

$423,387

Balance o f profits------

$1,023,572 $1,279,
(8 )4 0 0 ,0 0 0(7 ^ )3 70 ,
322,000
304,
$301,572

$605,087

* Includos earnings from operation o f plants, after deducting m anufac­
turing, administrative and selling expenses and depreciation, and Including
other lncom o and earnings o f subsidiary com panies.




2155

THE CHRONICLE

DEC. 9 1916.]

BALANCE SHEET SEPT. 30.
[After giving effect to dissolution of the New Jersey Company.]
1916.
1915.
1916.
1915.
Liabilities—
S
S
Plants, pat., Ac.112,773,656 /8,246,229 Preferred stocks.. 4,964,500 5,000,000
Invest.lnsub.co's/
\3,514,802 C o m m o n stocks.. 4,562,100 4,600,000
672,000
691,000
715,518
904,645 First mtge. bonds.
Cash___________
563,874 1,128,750
Accts. & bills rec-- 1,723,526 1,461,671 Reserve funds___
Accounts payable- 921,068
381,426
Marketable loans,
2,800
2,879
& investments-. 290,967
997,480 Accrued bond lnt.
150,000
----Inventories_____ al,964,287 1,345,534 Bills payable____
Surplus________ 5,631,612 4,726,306
Total....... .17,467,954 16,530,361
— V . 103, p . 1793, 1509.

GENERAL

Total........ 17,467,954 16,530,361

IN V E S T M E N T

NEW S

R A IL R O A D S , IN C L U D IN G E L E C T R IC R O A D S .
A tc h iso n Topek a & S a n ta Fe R y .— W a g e B o n u s . — Presi­
dent E . P . Ripley, in announcing on D ec. 5 a bonus to em­
ployees other than conductors, enginemen, brakemen and
firemen, said in part:
In recognition o f these conditions (the com pany’s prosperity and increase
in tho cost o f liv in g ), our directors to-day authorized us to make in a lump
sum a distribution o f additional com pensation equal to 1 0 % o f a year s
p ay to all em ployees who have been in the servico for at least tw o years and
whoso annual com pensation does not exceed $2,500 and whoso com pensa­
tion is not paid according to present or form er contract schedules.
The payments o f tho amounts thus authorized will be mado as soon as the
necessary com putations can bo com pleted. It is estimated that the amount
thus to bo distributed will bo approxim ately $2,750,000.— V . 103, p . 1792.

Bay State Street R y .— N o te s . —

T he Mass. P. S. Comm ission has authorized the issue o f $2,500,000 6 %
serial notes, maturing in from one to seven years. T he proceeds to be used
for betterments, & c.— V . 103, p . 1209, 1117.

C en tral B ran ch U n io n Pacific R y .— In terest P a y m en t. —
The Dec. 1 1916 interest on the $2,500,000 outstanding First
M tge. 4 % bonds due 1948 is being paid on and after the date
due.— V . 103, p. 937.
C hicago A n am osa & N o rth e rn R R .— S old . —
T h is com pany’s equipm ent was sold at receiver’s sale at C edar Rapids,
Iow a, on N ov. 28 for $70,000 to Herman Sonken, Kansas C ity , dealer in
scrap.— V . 103, p .,4 9 3 .

C h icago E levated R ailw ays.— N e w D ir e c to r . —
Gilbert K . Porter lias been elected a director, succeeding H enry A . Blair,
resigned. See under “ Annual R e p o rts" a b o v e .— V . 103, p. 578, 320.

C hicago In d ia n ap olis & L ouisville R y .— D iv id en d . —
A quarterly dividend of
has been declared on the
$10,500,000 common stock, along with the regular semi­
annual 2 % on the preferred, payable D ec. 29 to holders of
record Dec. 19. This is the first payment since the 3 } 4 %
distribution June last, when common dividends were re­
sumed after a lapse of 2 years.— V . 103, p. 1408, 1210.
C hicago R ock Isla n d & P acific R y .— T im e E xten d ed to
J a n . 5 .— The principal of tho $20,000,000 debentures having
been declared due and more than a majority of the debentures
and a large amount of stock having been deposited under
the plan (including debentures on deposit with the Deben­
ture Committee), the Joint Reorganization Committee,
Seward Prosser, Chairman, have agreed to accept further
deposits of stock and debentures until and including Jan. 5
1917. After that date further deposits will be accepted
only on such terms as the committee may prescribe. See
adv. pages and compare V . 103, p. 1887, 1980, 2078.
Right to R edeem P r e f. S h ares. — Formal notice is given that
the Joint Reorganization Committee has modified the plan
of reorganization dated N o v . 14 by inserting the following:
The charter o f the new com pany shall provide that tho whole, but not a
part, o f the 7 % preferred stock outstanding m ay at any tim e be purchased
or redeemed on any dividend paym ent date by tho new com pany at $105
per share, plus tho amount o f all cum ulative dividends accrued thereon;
and that, either independently or contem poraneously, tho whole, but not
a part, o f the 6 % preferred stock outstanding m ay be likewise purchased
or redeemed by the now com pany at any tim e on any dividend paym ent
date at $102 per share, plus the amount o f all cum ulative dividends accrued
thereon. T ho charter shall also provide, in such form as the Joint R e ­
organization C om m ittee shall approve, for the notice to be given o f any
such redem ption and all the other conditions and provisions for such
redem ption. See plan, V . 103, p . 1887, 1980, 2078.

C hicago T u n n e l C o.— S old . —
This com pany, all o f whose stock is ow’ned b y the Chicago Utilities C o .,
was on D ec. 4 sold for $59,923 taxes b y C ounty Treasurer H enry Stuckart
to J. R . C link, representing the real estate firm o f John W . Becker & C o .

C hicago U tilities C o .— Sub. C o. S a le. —
See C hicago Tunnel C o . above.— V . 103, p. 1301, 1121.

C leveland C in . C hic. & St. Louis R R .— P u r c h a s e . —
T he stockholders o f this com pany on D ec. 4 voted to purchase the Saline
Valley R y . and the Evansville M t. Carmel & N orthern R y . See V . 103,
p . 1888, 1031.

H o u sto n & Brazos V alley R R .— F o r eclo s u re. —
T he M ercantile Trust C o ., St. Louis, has brought suit in the U . S. D is­
trict Court o f South Texas to foreclose the first m ortgage.— V . 102. p . 1250.

In terb o ro u g h -C o n so lid a ted C orp o ration .— S u it. — Cer­
tain preferred stockholders of the Interborough Metropolitan
C o. on Dec. 4 filed a suit in the Supreme Court of N . Y . State
for a receiver of the old company as constituted on June 1
1915, claiming dissatisfaction with provisions made for their
interest in the merger with the Interborough-Consolidated
Corp. W e are informed that tho unexchanged shares aggre­
gating barely 2 % of the total, and further that all legal m at­
ters pertaining to the consolidation were taken care of when
the merger was consummated.— V . 103, p. 1301.
In tern a tio n a l & G reat N orth ern R y .— C om m ittee .—
W . W . Lanahan & C o ., Baltim ore, will, it is stated, head a protective
com m ittee representing local stockholders.— V . 103, p. 1506 , 239.

K an sas C ity C lay C o u n ty & S t. Joseph R y.

C o .—

A press report to the Kansas C ity “ Star” on N o v . 28 states that the
Supreme C ourt at Jefferson C ity , M o . on N o v . 28 approved the $3,000,000
appeal bond from a judgm ent entered against it in the Kansas C ity C ircu t
Court for $1,500,000 in favor o f the Interstate Railway C o .
T he Cou
also, it is stated, dissolved the receivership, assuming jurisdiction and set
the case for hearing at the April term .— V . 101, p . 288.

2156

THE CHRONICLE

L eh igh & New E n g lan d R R .— N eg o tia tio n s Off.—
T ho “ Philadelphia Nows Bureau” understands that formal notification
has been sent to tho Lehigh Coal & N avigation C o. o f the breaking o f f o f
the negotiations o f the purchaso b y the Pennsylvania R R . o f a one-half
Interest in the Lehigh & N ew England R R . It is thought possiblo that ne­
gotiations m ay be resumed later on provided concessions as to price, & c.,
are granted.— V . 103, p. 2078, 1405.

L eh igh V alley R R .— N e w T e r m in a l .—
T he com pany has acquired title to a largo property under water at tho
foot o f Chapel St., Jersey C ity , where it is understood an extensive term i­
nal will be built, to cost $5,000,000 or m ore. The propertv lies south
o f Black T om and runs 3,600 feet along tho shore.— V . 103, p . 1118, 574.

M cC on n ellsb u rg & F ort L o u d en R R .—
Construction o f this lino in Fulton C ounty, Pa., has been stopped w ith
tho seizuro by tho Sheriff o f tho tools and equipment o f the contractor fo l­
lowing his abdication and the closing o f tho Lemaster (P a.) N ational
Bank, through which the contractor obtained funds.— V. 103, p . 1980.

M ich igan C en tral R R .— N e w M o r tg a g e . — Tho stockhold­
ers will vote Feb. 7 on authorizing a Refunding and Improve­
ment mortgage upon such of the company’s property as tho
board of directors may determine, to secure its bonds to an
amount not exceeding .$100,000,000, and provide for the
“
refunding of the bonded debt of the company at or bofore ma­
turity, for additions and improvements to tho company’s
property and for other corporate purposes.
D ig e s t

of

O ffic ia l

S ta te m e n t

to

S to c k h o ld e r s

D a ted

D ec.

8 1916.

' W ith your approval, the com pany has recently taken conveyances o f tho
railroads o f certain o f its subsidiaries, nam ely, those o f tho Detroit & Bay
C ity , the K alam azoo & South Haven, tho M ichigan Air Lino, the Jackson
Lansing & Saginaw, the T oled o Canada Southern & Detroit, tho Grand
R iver Valley, the B ay C ity & Battle Creek, tho D etroit Belt lane, the De­
troit & Charlevoix and tho D etroit D e lra y * Dearborn railroad com panies.
T he mileage thus acquired aggregates over 900 miles, Increasing tho owned
mileage from about 270 miles to something over 1,200 miles.
T he bonded debt o f the M ichigan C entral, including that secured b y m ort­
gages upon its form er subsidiaries a bove named, and which b y the terms o f
tho conveyances tho com pany has agreed to pa y, aggregates approxim ately
$40,000,000.
In order to provide m oneys required for futuro additions and im prove­
ments and for other capital purposes, and also to provide for tho refunding
o f bonds which aro or m ay hereafter bo secured by liens on property subject
to the m ortgage (but not tho bonds o f tho Canada Southern R y. C o. or o f
the Detroit River Tunnel C o .), it is proposed that tho com pany shall exocuto a Refunding and Im provem ent mortgago under which bonds to an
am ount not exceeding $100,000,000 m ay be issued. T ho debentures o f
1909 will bo secured b y such m ortgage on a parity with all bonds to bo is­
sued thereunder.
.
T he new bonds will be Issued in series, each series to bear such a rate of
interest, mature on such date and bo redeemable before m aturity at such
price as tho board in regard to that particular series m ay determine. T he
m ortgago will cover the com p any’s owned lines o f railroad and such lease­
holds and other property as the directors shall determine and as shall bo
described therein; and, by supplemental indenture, the lien thereof m ay bo
extended so as to include other properties. A fter $10,000,000 o f such bonds
shall have been issued for other than refunding purposes, bonds tbereafter
issued thereunder for additions and betterments or tho acquisition o f prop­
erty shall bo limited to 70% o f the cost thereof.
T ho Canada Southern R y . and the property o f tho D etroit River Tunnel
C o . aro leased to tho com pany for long terms. These leaseholds will be su b ­
je ct to tho new m ortgage, but as tho Canada Southern now has $17,500,000
o f its own bonds unissued, and as the Detroit R iver Tunnel C o. has $12,­
0 0 0 ,0 0 0 o f its own bonds unissued, it will be provided in tho mortgages that
expenditures on those leased properties m ay bo taken care o f out o f the p ro­
ceeds o f their unissued bonds and that tho proceeds o f refunding and im­
provem ent m ortgage bonds shall not be used for that purpose.— V. 103, p.

M issouri & Illin o is Bridge & B elt R R . C o.— E a r n in g s .
— This company, which operates tho Alton Bridge, reports
to Whitaker & C o.:
Years ended June 30— 1911-12. 1912-13. 1913-14. 1914-15. 1915-16.
Gross oper. rev ., rent., &c.$ 164,541 $154,136 $131,618 $118,258 $130,697
N et, aft. op. exp., tax.,&c. 134,439 124,230 100,123
90,012 100,630
In t. on St. Clair M adison
& St. L . Belt 1st 4s____ 30,340
30,340
30,340
30,340
30,280
In t. on M . & I. B . & B . 4s 31,600
31,600
31,277
30,400
30,000
Surplus above fixed chgs. $72,499
— V . 8 8 , p . 1128.

$62,290

$38,506

$29,272

$40,350

M issouri Pacific R y .— Sub. Co. In terest P a y m en t .—
See Central Branch Union P acific R y . above.— V . 103, p . 2079, 1792.

New O rleans F t. Jackson & G rand Isle R y .— N ew C o .—
This com pany, which was recently sold under foreclosure, has been reor­
ganized and taken over b y the N ew Orleans & Low er Coast R y . Soo V .
103, p . 1302, 939.

N ew O rleans & Lower C oast R y .— S u ccessor C o .—
See N ow Orloans F t. Jackson & Grand Isle R y . abovo.

New O rleans Texas & Mexico R y .— F irst M tg e . B onds
S old. — William Salomon & C o. and G . II. Walker & C o.,
St. Louis, have sold at 99 and int. their large block of this
company’s First M tge. 6 % gold bonds, boing part of the
original issue of $5,870,000, but an advertisement for record
purposes only appears on another page. These bonds, the
bonds of the reorganized company (see plan, V . 101, p. 774),
are dated M ar. 1 1916 and due Oct. 1 1925, but callable at
105 and int. on any interest dato upon 60 days’ notice. A u­
thorized , $15,000,000; outstanding, $5,870,000. Trustee,
Columbia Trust C o ., N . Y . For descriptive data relative
to the property, earnings, & c., see V . 103, p. 1593, 1787.
New Y o rk C en tral R R .— Sub. C o. B o n d s. —
See M ichigan Central R R . abovo.— V . 103, p . 1981, 1805.

New Y o rk C hicago & St. Louis R y .— N e w C o m p a n y .—
See N ickel Plate Securities C orp . below.— V . 103, p . 2079, 1032.

N ew Y o rk N ew H aven & H artford R R .— E a r n in g s , & c.
— Edward G . Riggs, Executive Assistant, under date of
D ec. 4 , reports in substance :
Results for 4 Months ended Oct. 31 1916 (including Central New Eng. Ry.)
T otal oper. rovenues.'
$30,239,058 Total opor. incom e_____ $9,915,366
T otal oper. expenses____ 19,220,939 N on-operating incom o
664,400
N ot revonue____________ $11,018,119 Gross incom o___________ $10,579,766
Taxes, & c........................... 1,102,753 D eductions, interest, & c. 6,994,473
T otal oper. incom e— $9,915,366
N ot I n c o m e .................. $3,585,293
R atio o f expenses to revenuo, 6 3.5 5% ; transport, expenses 3 5.4 9% .
These figures indicate a gross business at tho rate o f $90,000,000 a year
on 2,306 miles o f railroad, or at the rate o f $39,000 per m ilo, much o f which
Is earned on tho heavy main linos. This great volum o o f business also
indicates the need o f added facilities on these main linos, and at tho im­
portant terminals. Tho business is so donso that it is d ifficu lt at a number
o f places to get satisfactory train and terminal m ovem ents. In spite o f
the over-taxing o f facilities, tho ratio o f revenuo to oxponso o f 63.55 com ­
pares favorably with m any other roads. (As for instance, 6 8.0 1% on
B oston & M aine and 63)4% on Boston & A lbany.— E d.]




fVoi. 10&

The tendency o f expenses and chargos against income to increaso rapidly,
duo to higher wages and prices for all kinds o f materials is shown very
clearly in tho reports for September and O ctober. T he increaso in ex­
penses and charges seems to bo greater in those districts where there is
intense m anufacturing a ctivity. For examplo: the B. * O. with $653,000
increaso in revenuo has an increase in expenses o f $753,000. T ho N orth­
ern P acific, with an increaso in revenuo o f $516,000, has an increaso in
expenses o f $569,000. T he N . Y . Central R R ., with an increaso in revonue
o f $1,632,000, has a decrease in net incom o o f $343,000. Tho M aine
Central does better bocauso with an increaso o f $183,000 in revenuo tho
expenses increased $91,000 and tho Boston * M aine, with an increaso o f
$428,000 in revonue. shows an increase in final balanco after charges o f
$68,000. The Now Haven, with an increase o f $554,542, shows a decroaso
in net incom e, after chargos o f $127,735.
In September this year tho New Haven handled 847,238, tons o f coal
and last year 590,157 tons, an increase o f 257,081 tons, or 4 3 .6 % . For
tho seven months ending O ct. 31 (October estim ated) tho commercial
coal handled b y the Now Haven for tho years m entioned was: 1914, 3,133,­
902 tons; 1915, 3,044,068 tons; 1916, 3,765,481 tons.
In an effort to meet tho situation existing on connecting lines, tho Now
Haven C om pany has been able in tho last two weeks to reduco tho cars
on tho line from slightly over 51,000 to 44,000 and consignees are helping
to expedito tho release o f cars under load. C om . V . 1 03 ,p. 1587, 1593,1981

N ickel Plate Securities C orp o ration . — N e w C om p a n y.

T his com pany was incorporated in D over, D el., on D ec. 4 with $15,000,­
000 capital stock, presum ably to hold tho control o f tho N . Y . Chicago &
St. L ouis R y . (known as the N ickel Plate ro a d ), which was recently acquired
b y now interests (V . 103, p. 1461. T ho Incorporators Include'Delawaro
men, among them Clem ent M . Egner.

Pere M arqu ette R R .— D e p o s its — T im e E xte n d ed .— In
view of the largo deposits under tho plan, and to afford all
classes of security holders full opportunity to obtain tho bene­
fits thereof, tho Reorganization Managers have oxtendod
the time for deposits, for making payments and for delivery
of application certificates under tho plan until tho close of
business on Dec. 16 1916, and tho timo for filing application
forms and making the required paymorits in respect thereof
until tho close of D ec. 29.
See plan V . 103, p. 1692, 1687.
A n n o u n c e m e n t as t o A p p ro x im a te A m o u n ts o f S e cu ritie s S u b je c t e d
to th e P la n — P er C e n t o f t h e A m o u n t O u ts ta n d in g .
$3,765,000 Flint & Poro M arquetto 6 s, boing ov e r_____________________94%
983.000 Flint & Poro M arquetto 4s, being over_____________________98%
359.000 Flint & Pero M a rq . T oled o D iv . 5s, boing ov e r____________ 90%
3.003.000 Flint & Pero M arq. Port Huron D iv . 5 s, boing over______ 90%
2.797.000 Flint & Pero M arq. Consolidated 5s, boing over__________ 98%
5.477.000 C hicago & W est M ichigan 5s, boing over_________________ 95%
1.594.000 C hicago & N orth M ichigan 5s. boing o v e r________________95%
5.114.000 D otroit Grand Rapids & Western 4s, boing ovor_________95%
638.000 Pero M&rquotte o f Indiana 4s, boing over________________94%
1,000,000 Saginaw Tuscola & Huron 4s, boing tho ontlro___________ 100%
12.774.000 Poro M arquetto R ofunding 4s, boing ovor________________ 91%
1.200.000 Pero M arquetto Short Term 6 % N otes, boing tho ontiro__100%
7.44.3.000 Pero M arquotto 6 % Collateral Trust N otes, being ovor___93%
3.296.000 Pero M arquotto 6 % Fivo-Y ear Debentures, boing ovor___65%
18.209.000 Pero M arquotto Preferred and Com m on stocks, boing ovor 69%
T ho tim o for holders o f certificates o f doposit for Pere Marquette Consoli­
dated Mortgage 4 % Bonds to dissent from tho plan has not yot oxplrod, but
thero aro on deposit $8,213,000 o f said bonds, m oro than 98% o f tho amount
outstanding, in respect o f which no such dissont has boon filed. It being
tho desiro o f tho com m ittee representing this issue, W illiam W . Crapo,
Chairman, that opportunity bo afforded to tho holders o f all undopositod
C onsol. M tge. bonds to participate in tho plan, tho timo for deposits thoroof
at tho Farmors’ Loan & Trust C o ., as d epositary, under agreement o f Juno 3
1912, has been extended without penalty to and including D oc. 16.
As under tho plan tho only benefit accruing to dopositors o f collateral
trust notes, debentures and stock is tho right to purchaso now stock (v .t.c .),
tho holders o f such securities aro notified that their right to participate
ceases at tho close o f business on D oc. 16 1916.
Attention is called to tho provision whereby tho now Prior Preforenco
stock (v. t. c.) and com m on stock (v . t. c.) offered to dopositors (in respect
o f which subscription warrants shall not have boon issued), must bo allotted
to holders o f application certificates making application therofor; after such
allotm ent it will bo impossible to permit depositors o f Rofunding bonds,
collateral trust notes, dobontures and stock to obtain subscription warrants.
T ho com m ittee o f holders o f R ofunding M ortgago 4 % bonds. Frederick
Strauss, Chairman, calls attention to tho fact that at prevailing market
prices tho minimum right o f purchaso accorded under tho plan to depositors
o f these bonds has a considerable cash valuo, and thereioro to tho extent
that holders do not avail themselves o f such rights they should dispose o f
tno same in the market beforo they becom e valueless, through tho oxpiration o f tho tim o within which suen rights m ay bo exercised.— V . 103, p.
1880, 1687.

Seaboard Air Line R y . — B on ds O ffere d .— Tho Guaranty
Trust C o. and the National C ity C o ., each of Now York, aro
offering by advertisement on another pago, at 9 9 )^ and int.,
a block of First & Consolidated Mortgago gold bonds, Series
A , 6 % , dated Sept. 1 1915, duo Sept. 1 1945. Int. M . & S.
Authorized issue, $300,000,000; presently to be outstanding,
Series A , $26,909,500.
These bonds aro diroct obligations o f tho com pany and a first m ortgago
upon about 416 miles o f road, including tho lino oxtondlug from Hamlet,
N . C ., to Charleston, S. C .; other lines in S. O. and a lino under construc­
tion o f about 86 miles from Charleston to Savannah. G a. Com pletion o f
this lino (which is expectod b y tho end o f tho yoar) will provklo a now nortliand-soutb main lino through Charleston, thus in offoct giving to tlio systom
a doublo track botweon Hamlet and Savannah. T hoy aro also collaterally
socured on 3,047 miles o f road, boing tho remaining mileage owned, through
pledgo o f a m ajority ($24,607,000 out o f $44,671,000 outstanding) o f R ofdg.
M tge. bonds. T ho Refunding bonds havo a lion on this mileago prior to tho
lion o f $25,000,000 Adjustm ent M tgo. (Incomo) bonds.
T ho outstanding mortgago debt o f tho systom (excluding Adjustm ent
b o n d s), after giving effect to tho present issuo, will bo at tho rato or $27,850
por m ilo o f road ownod. For full description soo V. 103, p . 1981, 1707.

Th e Slate B elt Electric S treet R ailw ay, Pen A rgyl,
P a.— B ondholders' C om m ittee .— A circular dated N o v . 10
1916, addressed to tho 2nd M tge. bondholders’ says in subst.:
In Jan. 1912 whon tho present Second M ortgago bonds were distributed
undor tho plan o f reorganization as then w orked out, sufficient 1st M .
bonds were provided to provldo not on ly working capital, but for necossary
repairs and now equipment. There woro also in tho treasury tho securities
o f tho Pen Argyl Elec. L .t & I’ ow . C o ., likowiso available for those purposes.
In 1912 a syndicate was form ed o f partios then not financially interested
in tho Slate Belt C om pany, and .agreed to purchaso tho $75,000 1st M .
bonds, at tho samo timo .assuming control o f tho operation o f tho road.
T ho proceeds o f tho bonds woro to go to tho rehabilitation o f tho road.
In consideration o f tho syndicate’s promises, a numbor o f your bondholders
who ownod tho m ajority interest in tho capital stock, presontod their
stock to tho syndicate.
After four years, it is apparent that tho syndicate has boon and is unablo
to make good its promises. T ho interest on tho Second M ortgago bonds
has boon defaulted; tho roadbed is in a deplorable condition; tho ontiro
physical condition o f tho property is likowiso unsatisfactory, and a largo
sum is needed for track improvem ents, betterments to rolling stock, and
tho overhead wiring systom . An examination o f tho books, so far as thoy
aro Intelligible, shows a wretched condition o f tho com pany’s affairs.
T ho undersigned havo consented to act as a bondholders' protective
com m ittee, for tho Second M ortgago bondholders who shall deposit. Tho
N ow Y ork Trust C o ., 26 Broad S t., N . Y . C ity , has beon .asked to act as
depositary under a doposit agreomont, which will pormlt tho com m ittee
either to instituto proceedings in foreclosure, or to soil tho bonds provided
a purchaser at a satisfactory prico can bo found. Substantially 75% o f
tho bonds, wo aro assured, will bo deposited with tho com m ittee.
C om m ittee : George K . M osser, Allontow n, Fa.; Alan C . Dodson,
Bethlohom, F a.; W . W . D oughton, Brown Bros. Building, Philadelphia. P a.;

Dec. 9 1916)

THE CHRONICLE

Thom as A . K eck, Falm outh, M ass.; Frank M . H orn, Catasauqua, P a .;
Hubert E . Rogers, Secy. & Counsel, 60 W all S t., N .Y .C .

S o u th ern Pacific C o.— Sub. C o. C o n tro l .—
A ccording to agreement, this property was taken over on D ec. 1 b y the
Southern Pacific C o ., tho Atchison T opeka & Santa Fe R R . having com ­
pleted its five-year operation o f tho ro a d . Tho Southern P acific will operate
tho^line u n tH ^ D e c.^ 1921, when the Santa Fe will again take it over.—

Su n set R R .— T ra n sfer o f C o n tro l .—
See Southern P a cific C o. above.— V . 92, p . 120.

T oled o & O hio C en tral R y .— Car T r u s ts .—
T he Ohio P . U . Commission has authorized the com pany to issue $1 -

2 0 0 ,0 0 0 car trust certificates to purchase 1,0 0 0 steel hopper coal cars.

— V . 103, p. 1302.

W a b a sh -P ittsb u r g h Term in al R y .— O p p o sitio n to P la n .
Chas. Fearon & C o ., Phila., who represent minority stock­
holders in opposition to tho plan, write as follows :
'ta tte r stands, it would appear that tho holders o f about $18,­

0 00 ,000 o f bonds have assented to tho plan, and tho holders o f about $ 1 2 ,­
00 0 ,0 0 0 have not assented.
The am ount o f cash, therefore, which the

underwriting syndicate will contribute, is approxim ately $2,500,000,
m aking allowance for its $500,000 com m ission. For this contribution tho
syndicate will receive $3,000,000 preferred stock and $10,000,000 conunon
stock In the new com pany, or in other words, will com o into possession
and ownership o f tho equity in tho property, which non-assenting bond­
holders have boon unable to save becauso o f being, in tho m ain, without
ability to pay tho assessment o f $300 on each $1,000 bond.
T ho Fearon Com m ittee has appealed from tho decree confirm ing the
foreclosure sale at $3,000,000, and argument on this appeal was recent!v
hoard b y tho U. S. C ourt o f Appeals for the Third Circuit, sitting In Phila­
delphia. I f tho appeal should be sustained, tho salo will probably bo sot
asido and a re-sale ordered.
Notw ithstanding the pending appeal, tho Reorganization com m ittee has
proceeded witli the organization o f tho now com pany known as tho Pitts­
burgh & West V irginia R ailway C o ., and has applied to the Pennsylvania
P ublic S ervice Comm ission for approval o f the organization. T ho C om ­
mission has not yet acted on tho application, and tho question was raised
at tho hearing whether or not anything should bo done until the Court
o f Appeals had rendered its opinion.—-V. 103, p. 2080, 1093.

•Western M aryland R y .— Coal C o. I n c o r p o r a tio n .—
Seo M onongalia Coal Lands C orp. under “ Industrials” below .— V . 103,
p . 1982, 1890.

W e ste rn P acific R y .— B on ds O versubscribed .—
T he syndicate, headod by fi. II. Rollins & Sons and Hayden, Stone &
C o ., announce that the $10,000,000 1st M tgo. bonds o f this com pany
recently offered by them have been largely oversubscribed. Compare
V . 103, p . 2080, 1594.

in d u s t r ia l

and

m is c e l l a n e o u s

.

A b itib i Power & Paper C o. — I n itia l D iv id e n d .—
A n Initial quarterly dividend o f I H % has been declared on the pref.
stock, payable Jan. 2 to holders o f record D ec. 20. It is stated that there
are accumulations o f 1 9> i% on this stock.— V . 102, p . 1250.

Acm e Tea C o ., P h ila d elp h ia.— N o v em b er, & c .. S a les.—

1916 November— 1915
1916—
$1,591,388
$1,266,592
— V . 103, p . 1793. 1120.

Increase. 11916 -4 M as. to Nov .3 0 -1 91 5 Increase
$324,7961$7,790,755 $6,627,979 $1,162,776

Am erican Car & F o u n d ry C o.— E xtra D iv id e n d . — An
extra dividend of 1 % has been declared on the $30,000,000
common stock along with the dividend of 1 % payable Jan. 1,
to holders of record Dec. 13.
Dividend.—
11901-02. ’03. ’04. ’05. ’06. '07. ’08. ’09-16. 1917.
On com m on % ----------J 2 y ’rly 4
1
0
0
3
3 2 y ’rly 2 ,__
The regular 1% % on tho pref. stock was also declared payable Jan. 1
1917.— V . 103, p . 408. 146.

Am erican C h ain C o ., In c .— C ap ital I n c r e a s e .—
The shareholders will vote D ec. 22 on a proposition to increase the au­
thorized capital stock from $4,000,000 to $10,000,000 by increasing the nref
stock from 20,000 shares, par $100, to 50,000 shares, par $100. and bv in­
creasing the com m on stock from 2 0 ,000 shares to 50,000 shares, par $100
N o doubt a part at least o f this new stock is to be used in connection with
tho acquisition o f tho Standard Chain C o ., which owns and operates 7
plants in Y ork, Carlisle and B raddock, P a ., Colum bus, St. M a ry ’s and
M ansfield, Ohio, and M arion, In d ., and having an estimated production
o f 30,000 tons.— V . 103, p. 1793.
V

Am erican C o tto n Oil C o.— N e w P r esid en t .—
J. D . Lewis, Vice-President o f N . K . Fairbanks C o ., o f C hicago, has been
elected President o f this com pany, succeeding 11. F. M unro, rosigned.
M r. M unro retains his membership on the board and M r. Lewis was elected
a director to fill a vacancy.— V . 103, p . 1895, 1883.

Am erican H ide & L eath er C o .— S tatu s. —
It is understood that the officials o f tho com pany do not view with favor
any o f tho plans that have been suggested for recapitalization, including tho
discharge o f the accumulated pref. dividends and tho refunding o f the out­
standing 1st M tgo. 6 s, which carry a heavy sinking fund. It seems quite
possible that action regarding tho m atter m ay bo deferred until the bonds
aro about to mature, as they will do in 1919.
Tho management, it is said, is disposed to view conservatively the
m ateriaM m provem ent o f earnings within tho past quarter.— V. 103, p.

Am erican In te r n a tio n a l C orp.— P r elim in a ry R e p o r t. —
Tho company has issued a preliminary report by President
Charles A . Stone, dated Dec. 0 19,10, with facts regarding
the various enterprises in which the company is interested.
The estimated surplus earned in excess o f organization and operating
expenses to D ec. 1 1916 is shown to be $2,231,495, without including appre­
ciation accrued from investments in stocks and bonds. Dividends or 75
cents per sharo on b oth pref. and com m on stocks will bo paid D ec. 30.
T he report shows that the corporation is now interested in the Pacific
M ail SS. C o ., the Allied M achinery C o. o f America, Latin-Amorican C o r­
poration, Rosin & Turpentine Export C o ., International M ercantile
M arino C o., United Fruit Corp. the American International Terminals

took the contract to construct Water-works and sewerage systems in Uriig u a /. in A ug. l j i o the com pany was represented In Russia b v a wellnfent — V^103r P ^ lO S ^ T so'o now being taken on for the R u s sia /G o v e rn ,

Am erican Iron & Steel M fg. C o.— Sale.—
See Bethlehem Steel C o. below .— v . 103, p . 240.

Am erican Steel F oundries C o .— D ivid en d s R esu m ed .—
A quarterly dividend of 1 ) 4 % has been declared on the
$17,184,000 stock, payablo Dec. 31 to holders of record
D ec. 10. This is the first dividend since Dec. 1914, wlion
H of 1 % was paid.— V . 103, p. 1689, 495.
Am erican T elep hon e & T elegraph C o.— C ollateral T ru st
5 % B on ds O versubscribed .— A syndicate composed of J. P.
Morgan & C o ., Kuhn, Loeb & C o., Kidder, Peabody & Co.,'
National City C o ., First National Bank, New York; Lee




2157

Higginson & Co. and Harris, Forbes & C o ., has sold at 98
and int. the new issue of $80,000,000 30-year 5 % Collateral
Trust gold bonds dated D ec. 1 1916 and due Dec. 1 1946.
An advertisement for record purposes only appears on an­
other page. Subscriptions for the bonds were more than
twice the amount offered. T h e bonds are redeemable all or
part at 105 and interest on any interest date upon sixty days’
notice. A description of the issue will be found in V . 103,
p. 2081, 1982.
Am erican W o o len C o., B o sto n .— S ta tu s .—
Pres. W m . M . W ood is quoted as saying: “ Prospects were never brighter
than now. M ost o f our mills are sold well ahead and there is $25,000,000
unfilled orders on our books. One thousand new stockholders have been
added to the list o f the com p a n y’s stockholders in the past thirty d a ys.”
— V . 103, p . 580, 62.
.

A rizon a Copper C o .— C o p p er P r o d u ctio n in P o u n d s . —
1916— November— 1915.
4.3S0.000 Plant closed
— V. 100, p . 2012.

Increase. |1916 (11 mos. to Nov. 30) 1915. Incr.
4,380,000 43,424.840 30,304,000 13,120,840

A ssociated Oil C o.— D ivid en d I n c r e a s e d .—
A quarterly dividend o f 1 % has been declared on the $39,757,404 stock,
payable Jan. 15 to holders o f record D ec. 13. In 1915 1% quarterly was
paid.— V. 103, p . 495.

A u toca r C o ., Ardm ore, P a .— D iv id e n d .—
A dividend o f 7 f i% has been declared on the $2,000,000 outstanding
stock payable D ec. 20 to holders o f record D ec. 1. In June last a cash
dividend o f 5 % and a stock dividend o f 2 0% was paid. See V . 103, p. 1304.

B arrett C om p an y, N . Y .— 1 0 % E xtra (C ash ) D ivid en d —
1 0 % N e w S tock. — An extra dividend of 1 0 % has been de­
clared on the common stock, payable Jan. 25 1917 to holders
of record D ec. 20. The regular quarterly 1 % % on common
was also declared, payable Jan. 2 to holders of record Dec. 20.
Com m on stockholders o f record D ec. 20 also have the right to subscribe at
par for 10% new stock till and including Jan. 20.-— V . 103, p. 495, 241.

B eth leh em Steel C o. — N e w B on ds O ffered C overing P r o p ­
erties o f F orm er P en n sylv a n ia Steel C o . an d M a ry la n d Steel
C o ., & c . — Brown Brothers & C o ., Clark, Dodge & C o ., E . W .
Clark & C o. and E . Lowber Stokes, having sold the greater
part, are offering at 100 H a n d in t., to yield about 4 .9 6 % , the
balance of $16,000,000 Purchase M oney & Improvement
Mortgage 5 % 20-year Sinking Fund Gold Bonds, dated
-July 1 1916, due July 1 1936, callable at 105 and int. Int.
J. & J . Authorized, $60,000,000; outstanding, $31,942,000.
Free of Penna. State tax. (See also advertisement.)
Security for Bonds— Direct Obligations of Bethlehem Steel Co.
[Whose entire capital stock is owned b y Bethlehem Steel C orporation.)
(1) A first mortgage on 430 acres o f land at Steelton, P a ., on which are
located the bridge shop, the frog and switch shop, the Sem et-Solvay coke
oven plant, the general o ffice building, and the limestone quarries from
which the Steelton plant obtains its supply o f this essential raw material.
(2) A first mortgage on about 660 a eras o f land at Sparrow's P oint, M d „
adjoining the Sparrow’s Point steel plant and shipyard.
These properties are owned b y the Penn M a ry Steel C o ., substantially
ah th ° stock o f which is owned b y the Bethlehem Steel C o.
(3) A direct m ortgage, subject to $16,949,000 underlying bonds and
bonds o f subsidiary com panies, o f which $9,854,000 mature In 1927 or
earlier, and $5,550,000 m aturo in 1932, on all other plants and real estate
o f the I enn M a ry Steel C o ., including the remainder o f tho Sparrow’s Point
and Steelton plants and the Lebanon (Pa.) plant, and a 54.16% interest In
Cornwall Ore B anks, and b y pledge o f $2,644,290 capital stock o f subsidiary
companies, am ong which are Spanish-American Ir o n tC o ., owning valua­
ble ore lands in C uba, and P enn-M ary Coal C o ., owning 16,000
acres o f bituminous coal measures in Indiana and Cam bria counties, Penna.
An annual sinking fund to becom e operative July 1 1919 is provided in
the m ortgage, equal to 2 ^ % o f the outstanding bonds, for the retirement
Of bonds at not exceeding 105 and interest.
A bout $60,000,000, it Is announced, will be spent within the next four
years in extending these plants and diversifying their products. A ll o f
these extensions will be covered b y the Purchase M on ey & Im pt. M tge.
Application will be m ade to list the bonds on the N ew Y ork Stock E xch,
A full and exhaustive description o f the properties, underlying m ortgages,
& c., will be found in V . 103. p . 1793. 2081.

P u rch ase P e n d in g . — A report from Lebanon, Deo. 2, said
The report o f the ponding purchase b y Charles M . Schwab for Betlilehem
Steel C o. o f tho controlling interest In tho American Iron & Steel M fg . C o .’s
Lebanon and Reading plants was confirm ed here to-d ay. The local
holders o f the preferred and com m on stock were asked to sign options for
the sale o f their holdings at figures which are being carefully guarded.
M r. Schwab is said to have fixed the amount o f the capital stock, $5,500,­
000, as the purchase price o f the entire holdings. B y this purchase ho wo uld
obtain control o f a modern twin bolt and nut m anufacturing plant second
to none in the country, and he will, as tho result, be able to abandon his
contemplated erection o f a $3,000,000 bolt and nut plant in connection with
his South Bethlehem works. T he American plants also turn out large
quantities o f car forgings and car and railroad materials, and include a
ew electrically operated steel m ill. (V . 103, p . 240, 208, 1793.)

C aliforn ia Packing C orp o ration . — Syn dicate C losed " —
, W illiam Salom on & C o ., managers o f tho underwriting syndicate for
the 20 0 .0 0 0 shares o f stock, announce that the entire amount has been sold
and the syndicate closed. Checks have been mailed to participants. See
offering, V . 103. p . 1 12 0 , 1982, 1689.

C an adian G eneral Electric C o., L td .— D iv id e n d .—
A dividend o f 2 H % has been declared on the com m on stock payable Jan. 1
to holders o f record D ec. 15. This is an addition o f 1% to the regular
quarterly dividend o f 1 % % , and makes In all 8 % p . a. on the com m on stock
for the current year. The same amount was paid in Jan. 1913 and 1914.—
V . 103, p . 144.

C h an d ler M otor Car C o.— E xtra D iv id en d .—
Tills com pany has declarod an extra dividend o f 1 % . along with a regular
quarterly distribution o f 2 % . on tho $7,000,000 outstanding stock, both
payable Jan. 2 to stock o f record D e c. 18. A like am ount was paid in O ct.
D ig e st o f S ta te m e n t b y P res. F. C . C h a n d le r, D e c. 4 191G.
Production.— Our earnings this year will bo about $1,715,000, or $24.50
per share. Shipments o f cars for 1916 aro 115% greater than in 1915, and
orders now actually signed up amount to 20,381 cars. Present facilities
are such that we can turn out 25,000 cars and improvem ents and additions
which will bo finished b y Jan. 15 will bring capacity to about 30,000 cars.
/•mancial Position.— On tho basis o f orders now on hand, we should earn
considerably over $40 a share, or over $2,800,000, next year. Our cash
balance at present is S I,900,000, which is considerably larger than a year
aim- W e have added $1,000,000 to our surplus fund and paid out $700,000
in dividends, which amounts to about 1 0 % on the stock, leaving a com forta­
ble margin for other purposes.
Our position with respect to raw materials Is com fortable, contracts cover­
ing us for the good part o f next year. Owing to the Increase in the cost o f
m anufacture, raw products, & c., wo have increased the price o f our car
$100, which becam e effective D ec. 1.
Shipments.— These In O ctober were 414 times larger than a year ago, four
times greater in N o v . and will be six times greater in D ec.
The outlook for the m otor Industry is bright and earnings o f all companies
should im prove in the future.— V . 103, p . 940.

C hicago J u n ctio n R ys. & U n io n Stock Yard s C o.—
G uaran teed B on ds O ffere d . — The First Trust & Savings Bank,

2158

[Vol. 103.

THE CHRONICLE

Chicago, the trustee for the issue, is offering at prices)
ranging from 100.25 to 103.50 and interest, according to ma­
turity, the unsold portion of an additional $1,000,000 Cen­
tral Manufacturing District First M tgo. 5 % gold bonds,
guaranteed principal and int. by endorsement by the Chicago
Junction R ys. & Union Stock Yards Co.
Tho bonds are dated M arch 1 1916. due $40,000 M a r. 1 1917 to 1941,
b oth inclusive. D enom . S I,0 0 0 c* . Int. M . & S. Callable at 105 and
int. Authorized. 810,000,000; issued and outstanding, $4,000,000. Issued
b y J. A . Spoor, Arthur G . Leonard and Eugene V . It. T hayer, as trustees,
and secured b y a first mortgage on tho real estate and property o f the
Central M anufacturing District now owned or hereafter acquired, com pris­
ing about 262 acres o f land with valuable improvem ents and buildings.
Annual sinking fim d 2% o f the aggregate o f bonds outstanding is provided.
R ecently announcement was m ade o f a 25-year lease in tho district b y
M on tgom ery, W ard & C o ., which called for the erection o f a large rein­
forced concrete warehouse to be used b y that com pany (V . 103, p. 1980).
T his building will cost $1,750,000. Another building being erected by
the Central M anufacturing D istrict Trustees, to cost $500,000, will have
a total floor space o f 350,000 sq. ft. This building is leased to the Chicago
Junction Building C o ., which in turn has leased ISO,000 sq. ft. to the Great
A tlantic & Pacific. Tea C o. For additional data see V. 102, p . 8 8 8 , and
V . 103. p . 1980.

C hile Copper C o .— C o p p er P ro d u ctio n in L b s. (000 om itted )
Jan. Feb. Alar. April. May. June. July. Aug. Sept. Oct. Nov.
2,067 3,144 3,537 3 ./0 2 3,664 3,610 3,574 3,020 4,038 4,542 4,098
T he total copper production, 11 m onths to N o v . 30 1916, was 38,996,385
lb s.— V . 103, p. 581.

C h in o C opper C o .— D ivid en d I n c r e a s e d . —

A quarterly dividend o f $1 50 and an extra o f $1 per share has been de­
clared on tho stock, payable D ec. 30 to holders o f record D ec. 15. In
Sept, last a regular quarterly dividend o f .$1 25 and tho $1 extra was paid.
— V . 103, p . 1794, 940.

C on so lid a te d G as Electric L ig h t & Power Co. of
B a lto .— B on ds O ffere d . — The bankers named below aro offer­
ing at 93 and interest $4,800,000 General M tge. 4 3 ^ % gold
bonds, due Feb. 14 1935, making tho amount held by public,
including bonds now offered, $13,845,000; deposited as col­
lateral under other issues of the company’s system, $ 1 ,155 ,­
000, the total auth. issue (closed m tge.) being $15,000,000.

o f reorganization (V . 103, p . 1691) will go forward as rapidly as possible],
— V . 103, p . 1983, 1691.

E lectric B on d & Share C o .— P r e f. Stock S old. — William
P . Bonbright C o ., Inc., have sold at par and div. the unsubscribed-for portion of $2,000,000 6 % cumulative pref. stock
(par $100), but an advertisement for purposes of record only
appears on another page.
T he stock is callablo upon 90 days’ notice on any d iv. date at 110 and d iv.
Dividends Q .-F . Free from normal Federal incom o tax. Tax-exem pt in
N . Y ., N . H . and Conn.
Capitalization Authorized and Outstanding.
Preferred stock 6 % cum ulative, redeemable at 110% o f p a r------ $8,000,000
Com m on stock __________________________________________________ 8,000,000
T ho com pany has had a remarkable record for growth o f incom o, & c.,
and a very favorable dividend record, as shown in V. 103, p . 1595, 973.

(T he) F. & D. C om p an y.— F oreclosu re S a le. —
T ho N ew Y ork L ife Insurance C o ., plaintiff in tho foreclosure proceed­
ings against this com pany, owners o f the M adison Square Garden, yester­
day purchased this property for $2,000,000. Seo V. 103, p. 1891.

Federal D y e stu ff & C hem ical C orporation (P lant a t
K in g sp o rt, T e n n .), N. Y . C ity .— Stock O ffered in N ew
E n te r p r is e .— W hite & Co. are offering at $50 a share on
behalf of tho owners (see adv. on another page) a limited
amount of the 300,000 shares of the common stock (no par
value) of this New York corporation, which has an ex­
tensive dye and chemical plant at Kingsport, Tenn. An
issue of $3,000,000 pref. stock has been authorized, but not
issued, for tho retirement of $2,000,000 6 % notes due
Juno 1 1918, for contemplated additions to plant and other
corporate purposes as and when required.

D ig e st o f O ffic ia l S ta te m e n ts as t o P ro p e rty a n d O u tp u t.
Plant.— W ork was begun on tho construction o f tho plant at Kingsport,
T enn ., in N o v . 1915. T his plant is located on a tract o f 200 acres and now
consists o f 29 buildings o f m odern and permanent construction, tho m ajority
being built o f brick and some o f them nearly 1,000 ft. long. T hey include a
power liouso and buildings for the production o f chlorino com pounds and
m uriatic and nitric acids, dyestuffs and dye intermediates, nitrobonzol,
analine and similar products, caustic soda, & c., &c. Raw materials aro
T he bankers m aking this offering are A lex. Brown & Sons, Brown Bros. found close at hand, a fine quality o f coal in tho Clinchfield district, less
than 50 miles away, salt within 50 miles; sulphuric acid is manufactured in
& C o ., Jackson & C urtis and Leo, lligginson & C o.
These bonds aro followed b y $8,500,000 5 % C onvertible N otes and largo quantities In Eastern Tennessee; sulphur-bearing minerals a few miles
$14,385,734 com m on stock, now paying 7 % dividends. A t present away. W e also have cheap labor, a low rate for electric power and an
m arket prices the equity behind these bonds has a value o f over ample supply o f water.
Properties and Output.— T he dyestuff processes arc thoso successfully em­
$27,000,000.
For further data see V . 8 8 , p . 233; V. 103, p . 1794, 1689.
ployed in Europe. W e aro producing dyestuffs directly from the raw m a­
T hom pson, Shonnard & C o., N . Y . and B alto., report:
terials making our own intermediates.
Output Nov. 1916.
Increase. | Income Nov. 1916.
Increase.
(а) Products now being made: Chlorbenzol, caustic soda, orthodlchlorGas (cubic fe e t)-445,818,000 11.7% I G a s . . . .........................$316,204
2%
benzol, dinitrophonol, nitrobenzol, dinitrobenzol, paranitrotoluol, analine
E lectric ( k .w .h . ) 21,717,686
43% | E lectric...................- . 417.259 22%
oil, toluldino, metaphenylenediamine, inetatoluylenediamine, acid yellows
In N ovem ber 1916 the com pany’s offices wero m oved to thoir own 20(w ool), acid orange (w ool), m uriatic acid, paradichlorbenzol, paranltrostory o ffice building, the tallest in Baltim ore.— V . 103, p. 1794, 1689.
chlorbonzol, sulphur black, sulphur browns, orthonitrotoluol, dinitrltoluol,
C orn P rod u cts R efin in g C o.— R eport 1906-1916.— Pres. trinitrotoluol, orthonitrochiorbenzol, bismarck brown, chrysoidine, direct
brown (cotton) direct yellows (cotton) and acid scarlets (w ool).
(б ) Products to be m ade.— Apparatus is now being installed for the manu­
E . T . Bedford has issued a statement to shareholders cover­
o f alizarin
alizarin blue, alizarin
alizarin
ing the operations of the property from 1906 to 1916. This facture red), acid black, (w ool), acid violets (wbrown,developingred (for
turkey
blues
ool),
blacks
statement estimates the net profits for tho cal. year 1916 at (cotton ), betanaphthol, paranitraniline, direct blacks (cotton ), direct
blues (cotton ), acid blacks (w ool), fast cotton blues (indigo substitutes),
$5,000,000. Further particulars follow:
N icholson blue, fuchslno. T he corporation Is also about ready to offer fast
T he properties earned during this period, 1916 partly estim ated, colors on wool for blacks, blues, browns and other shades for producing
$47,097,994, and a not o f $30,510,667. The surplus for this period, after fast colors b y tho well-known “ after-chrom ing” dyeing m ethods; and other
paying $16,274,849 in preferred dividends, amounts to $14,235,818. chemicals, Including pharmaceutical products, aro being developed and aro
There havo been $1,023,332 expondod for stocks o f corporations that have nearly ready for m anufacture. T he production o f chemicals is very im­
been dissolved or m erged, and $3,205,567 for reduction o f bonded dobt.
portant although little mention o f this has been m ado.
Slnco M arch 1 1906 there has been expended for the construction and
Although the corporation is only a little over a year old, it has already
equipment o f new plants and the reconstruction o f old plants tho sum o f sold largo quantities o f various products, its total production to date being
$14,817,365, o f which tho Corn Products Refining C o. charged against over 1,000,000 pounds. Inside o f seven m onths tho first solid carload o f
earnings tho sum o f $4,730,126 and tho N ational Starch C o. $1,109,407. sulphur black was consigned to tho largest hosiery manufacturer o f tho
O f tho balanco o f $8,977,832, representing the construction o f tho now United States. T ho daily production o f dyestuffs and chemicals has
plant at A rgo, new can plants, & c., $6,000,000 was obtained b y issuing first reached 50,000 pounds o f miscellaneous products, and apparatus now being
mortgage 5% bonds; the remainder was takon from surplus.
installed, or soon to bo installed, will shortly incroaso this output to m ore
In M arch 1906 tho total bonded debt o f the various companies controlled than 100,000 pounds per day.
(including N ational Starch C o.) was $9,571,360. Tho com pany later
Tho U. S. Census Bureau has estimated that tho annual consum ption o f
issued $6,000,000 1st M . 5% bonds for the construction o f tho new plant at colors in this country amounts to 60,000,000 pounds. Tho corporation is
A rgo, 111., increasing tho total bonded dobt to $15,571,360. Thoro has now making a substantial proportion o f tho colors required b y American
sinco been redeemed and canceled $4,931,180, leaving the indebtedness as manufacturers, and will soon bo producing a still larger proportion.
o f date, $10,640,180.— V . 103, p. 1891, 1689.
Protective Tariff.— T ho last Congress passed a bill placing a tariff on all
coal tar dyes.
,
„
Crow ell & T h u rlow SS. C o ., B o s to n .— E xtra D iv .—
Voting Trust.— All the com m on stock Is deposited in a voting trust until
An extra dividend o f 10% has been declared on the capital stock along Juno 1 1919. V oting trustees; George A . C oulton, M ark W . P otter and
w ith the regular quarterly 2 '/• % , b oth payable D ec. 30 to holders o f record
George C . Van T uyl Jr.
D ec. 14. See V. 100, p . 1835.
Earnings.— The earnings from the present daily capacity o f 50,000 pounds
o f product are estimated at over $ 2 ,0 00 ,000 per annum, boing tho equiva­
C uba D istillin g C o.— G u a ra n ty . —
lent o f over 1 2 % on the entire com m on stock at tho offering prlco after
See Distillers’ Securities C orp. below .
providing for all prior charges. See also advertisement and V . 103, p . 1794.

D istillers Securities C orp o ration .— T o Be M a d e an
O p era tin g C o m p a n y . — E c o n o m ie s — A s s u m p tio n o f G u a ra n ties.
— President Julius Kessler in circular letter to the preferred
stockholders of U . S. Industrial Alcohol C o. and Cuba Dis­
tilling C o ., dated at New York, Dec. 6, says in substance:
T ho Distilling C o. o f America has outstanding .311,235 >2 preferred and
402,462}^ com m on shares, o f which tho Distillers’ Securities Corporation
owns 311,003 H and 459,022 H , respectively, or a total o f 99>3 % o f tho total
outstanding stock. Tho Distilling C om pany o f America is purely a holding
com pany, the assets consisting o f the shares o f stock o f underlying and sub­
sidiary com panies. T ho Distillers Securities Corporation is also only a
holding com pany, but it is planned to mako it an operating com pany. N o
advantage is subserved by keeping tho Distilling Com pany o f America alivo.
U pon tho basis o f tho 1916 earnings, it is estimated that tho taxes which tho
Distilling Com pany o f America, if not dissolved, would bo required to pay
w ould oxceed $100,000 per annum. In order to savo that large outlay, and
also administrative expenses, we have deomed it advisable to dissolve tho
D istilling C om pany o f America.
It Is tho plan o f the Distillers Securities Corporation that provision shall
be made b y which tho purchaser o f tho assets o f tho Distilling C o. o f America
shall im m ediately assume the existing guaranties o f the Distilling C o. o f
Am erica for tho paym ent o f tho dividends on tho preferred stock o f tho
U . S. Industrial A lcohol C o. and Cuba Distilling C o. The dividends on
said preferred stocks havo always been fully earned, and prom ptly paid b y
thoso respective com panies. Each o f them has a large undivided surplus
and the net earnings o f each are m any times tho amount o f said dividend
requirements.
[At last accounts the Cuba Distilling C o. had outstanding $2,500,000
p ref. stock and $12,500,000 com m on stock; o f tho com m on, the U. S. Indus­
trial A lcohol C o. in 1915 acquired $6,250,100 from tho Distilling C o. o f
Am erica, the remainder o f the stock, it Is understood, being held b y the
public.]— V . 103, p. 2081, 1510.

(E. I.) du P o n t de N em ours & C o.— S p ecia l D iv id en d . —
A special cash dividend of 2 4 > £ % has been declared on the
$58,854,200 common stock along with the regular 1
both payable D ec. 15 to holders of record N o v . 29. The
regular l l % was also declared on debenture stock, payable
A
Jan. 25 to holders of record Jan. 10.— V . 103, p. 846.
E ast B ay W a te r C o., O ak lan d , C al.— S u ccessor C o . —
A ttorn oy E . S. Holler on behalf o f tho com pany on N o v . 29 bid in tho
property o f tho People’s W ater C o. for $12,697,400. T ho reorganization
com m itteo, John L. Dunn, Chairman, gives notice that tho sale having been
consum m ated, (ho distribution o f new securities according to tho final plan




Federal Oil C o.— N ew D ir e c to r s .—

T he com pany has increased its directorate from eight to eloven b y tho
election o f J. I. Lam precht, Pres, o f tho National Refining C o ., Cleveland;
Sheppard G . Scherm erhom, V icc-I’ res. United Fruit C o ., and Edgar D .
P ouch, o f Pouch & C o.

F in ch School Property, N. Y . C ity .— B o n d s .—
S. W . Straus & C o ., Now York, are offering
1st M . 6 % serial bonds o f tho Finch School,
school located at 52-4 East 78th St. and 61-3
T he bonds aro tho direct obligation o f John
Jessica G . Cosgravo.

at par and interest $275,000
tho widely known finishing
East 77th S t., N . Y . C ity.
O ’ Hara Cosgravo and M rs.

H aw aiian Sugar C o .— E xtra D iv id en d . -

An extra dividend o f 50 conts por share has boon declared on tho stock
along with tho regular m onthly 30 conts. both payable D ec. 15 to holders o f
record D ec. 9. In Sept, last an extra o f $1 20 was paid.— V . 103, p . 847.

(G . W .) Helm e C o.— E xtra C om m on D iv id e n d . — An extra
dividend of 4 % has been deelarod on tho $4,000,000 common
stock along with tho regular quarterly 2 l % on tho common
A
and 1 3 % on the pref., all payablo Jan. 2 to holders of record
A
Dec. 16.— V . 102, p. 970.
H ercules Powder C o.— E xtra D iv id en d s . — Extra dividends
of 5 A % in cash and 4 7 A % in Anglo-French bonds at 95
havo been declared on the $7,150,000 common stock along
with the regular quarterly 2 % , all payablo Doc. 23 to holders
of record Dec. 22. In June and Sopt. last extras of 1 3 %
were paid.— V . 103, p. 1790, 663.
In te r n a tio n a l M ercantile Marine C o.— D e fin itiv e B on ds.
T ho N ow Y ork Trust C o ., as trusteo under the now First M ortgago and
Collateral Trust indenture, gives notice that it will bo prepared to dollvor
on and after D ec. 12 definitive engraved bonds with coupons duo A pril 1
1917 attached.— V . 103, p. 1985, 1979.

In te r n a t. M illing C o., New P rague, M in n .— E a r n in g s .
1915-16. 1914-15.
Aug. 31 Yrs. 1915-16. 1914-15.
$70,357
Trading p ro fits. $661,915 $411,199 Prof. dlvs. (7 % ) $70,357
B ond Interest___
42,515
44,000 C o m . (cash). (31) 297,600 (28)280.000
$16,842
‘
'
',4
Balance, urplus$171 4 3
W ar taxes______
80,000
In 1914-15 tho com pany paid a com m on stock dividend o f 1 5 % , am ount­
ing to $120,000, from profit and loss account.— V . 102, p . 151.

THE CHRONICLE

Dec. 9 1916.]

Jones Bros. Tea Co.— C o n s o li d a t i o n C o . — M e rrill, Lynch
& Co. and associates aro arranging a merger of tea, coffee and
grocery stores under tho title of this New Y o rk corpora­
tion, including also, it is understood, the Grand Union Tea
Co., Globe Grocery Stores and tho Anchor P ottery Co. The
consolidated company, it is said, w ill operate a chain of about
256 stores.
Shareholders o f tho Jones B ros. C o. will voto on Increasing tho auth.
capital stock from $ 10 ,0 0 0 ,0 0 0 to $14,000,000, the new stock to consist
o f 7 % cum . prof, stock, preferred on dissolution to $ 100 , and d iv .; having
no voting rights unless quarterly dividends are passed, to the extent to bo
determ ined, in which event it shall have equal voting rights, or solo voting
rights, until all accrued and unpaid dividends shall have been paid; redeem ­
able on any d iv. date at $110 and dlvs.; with a sinking fund beginning
Jan. 1 1920, equal to 2% o f the total authorized preferred stock.

(Julius) Kaysor & Co. (Glove Mfrs.), N. Y .— E a r n i n g s .

-

B o n d s .—

H arper & Turner, P hila., have purchased from too com pany and re­
sold to investors about $100,000 o f its 1st m tge. o% gold bonds.— V.
103, p . 1035, 405.

(S. H.)Kress & Co. — S a les f o r N o v . a n d 11 M o s . e n d . N o v . 30.
Increase.\ 1916— 11 M os.— 1915.
Increase.
1916— November— 1915.
$175,9611$12,488,997 $10,204,613 $2,284,384
$1,330,520
$1,154,565
— V. 103, p. 1795, 1035.
Lee Rubber & Tire Co.— N e w O f f i c e r . —
John Kearns has been chosen Gen. M g r. o f this com pany. Tie recently
resigned as Vicc-Pres. o f tho Fisk R ubber C o. o f Chicopee Falls, M ass.—
V . 103, p . 1892.
Lone Star Gas Co., Fort Worth, Tex.— E x t r a

D i v i d e n d .-

An extra dividend o f 14 o f 1 % has been declared on the stock along with
the regular quarterly 1 % , both payablo D ec. 30 to holders o f record D ec.
23.— V . 102, p. 1900.

Los Angeles Gas & Elec. Corp.— C o m p a n y

W i t h d r a w s .—

This com pany on N ov . 24 gave formal notico that it w oidd no longer
consider tho sale o f its local electric distributing system to the city o f Los
Angeles. Vice-Pros. William Baufhyto wroto in part:
I his corporation
and its predecessors over since 1883 have lighted tho streets o f this city,
and yet ponding these negotiations and at a time when the city is generating
no electric power itself, it attempts to injure tho business o f this corporation
b y seeking to withdraw a considerable portion o f the territory lighted by
this corporation and making arrangements to light it with curront pur­
chased not from this corporation or any local corporation, but from a neigh­
boring city [Pasadena] and without advertising for bids or seeking to
patronlzo tho homo Industries o f tho city o f Los Angeles. By tho expendi­
ture o f very largo sums o f tho pcoplo’s m onoy tho c it y ’s representatives aro
already paralleling tho dom estic lines o f tho corporation, taking their con­
sumers and contracting for tho expenditure o f yet larger sums in tho pur­
chase o f material lor further duplication o f tho existing systems. T hey
have in such paralleling, despite earnest protestations, deliberately and
repeatedly and unlawfully Removed poles o f this corporation and seized
upon tho best locations alroady lawfully occu n ied b y this corporation.''
Com pare South. C al. Edison C o. below .— V . 103, p . 1795.

McCrory Stores Corporation.— N o v e m b e r ,
1916— November— 1915.
$604,188
$464,299
— V . 103, p. 1892, 1415.

& c . , S a l e s .—

Increase.\ 1916— l l A / o s .— 1915.
$139,S89|$5,559,894
$4,687,240

Marlin Arms Corporation.— E n g l i s h

Increase.
$872,654

C o n tr a c t. —

This corporation has com pleted deliveries on two-thirds o f its order from
Groat Britain and will, wo aro inform ed, till tho ontiro order jtrior to tho
specified final delivery date. A t an exhibition tost at tho Larchm ont
Y ach t Club on N o v . 30, a four barrelled typo rapid fire gun o f tho typo
designed for tho Russian Governm ent was shown capablo, it is stated, o f
firing 1,500 shots a minute up to 3,000 yards. T ho gun, it is claim ed, is
somowhat lighter than other machine guns and capablo o f being sot up in
six minutes. A . F. Rockwell is President; Ldgar Park o f N . Y ., vlcoProsldont; Thom as W . Farnam o f Now Haven. Treasurer; Krrol Kerr,
Secretary; N . Y . office, 15 Wail Street. Com pare V . 103, p. 2082.

Maxim Munitions Corporation.— N e w

D i r e c t o r s .—

Charles E . Sclioff, form erly Treas. & Gen. M gr. o f the Robin H ood
Am m unition C o ., and J. Gregory Smith, form erly its technical engineer,
have been elected directors o f this corporation and will take an active part
In tho management o f tho business.— V. 103, p . 1511, 148.

Merrimac Chemical Co.— A c q u i s i t i o n — N e w

S to c k . —

This com pany, having purchased tho entiro p la n t, assets, & c.. o f tho
Cochrano Cnemlcal C o. o f Everett. M ass., lias asked its stockholders to
v o te D ec. 12 on: (1) Authorizing an increaso in the capital stock from
$1,200,000, par $50, to $4,000,000. par $50; and ( 2 ) authorizing a stock divi­
dend o f 50% upon tho stock now issued. Gilbert E liott & C o ., N ow Y ork ,
specialize in tho stock.— V . 102, p . 715.

Midvale Steel & Ordnance Co.— N e w

Monongalia Coal Lands Company.— I n c o r p o r a t e d . —

In accordance with tho financial plan o f tho Western M aryland R y. (V .
103. p. 1700), this com pany has boon incorporated in W est Va. with an au­
thorized capital stock o f $4,500,000, to bo owner o f a coal roservo o f 22,549
acres valued at $5,637,250, formerly owned b y tho W est Virginia Central &
Pittsburgh R y .
, ,
, . .. _
.. , _
„
T ho plan further provided for tho transfer to the now Goal C,o. o f $400.00.
First M tgo. 5 % bonds o f tho Four States Coal & Coke C o ., now owned by
tho W estern M aryland B y ., the annual inte.
than sufficient to p a y taxes on the coal “
all,identified w ith Western M aryland R y

-

C a ll.

D ata fro m L e tte r o f G e o . J. B a ld w in , V .-P res. o f A m erican I n te r ­
n a tio n a l C o r p o r a t io n , D ated N ov. 29 1916, a n d o t h e r S o u rce s .
Organization.— T his now com panv (incorporated in N . Y . State N o v . 28
1916) will take over the entire assets, Business and good-will o f tho i>resent
N ew Y ork Shipouilding C o. o f N . .T. There will be forthwith invested in
tno property $3,000,000 cash, o f which Sl.800.000 will be available for new
construction.
Capitalization of New Company—
Authorized.
To Be Issued.
First Mortgage 5 % bonds, due 1 9 4 6 .. ........... 525,000,000
$7,500,000
C apital stock (no par va lu e)_________________ 200,000 shares 200,000 shares
Control— Business.— T ho new com panv wiU be controlled b y the American
International C orp ., the International M ercantile M arine C o ., W . R . Grace
& C o. and the P acific M ail Steamship C o ., which concerns control directly
or indirectly the American Line, tnc A tlantic Transport C o. o f W est V a.,
tho P acific M ail and the W . R . Grace & C o. steamers.
It is intended that these steamship lines enter Into contracts w ith the
new' corporation for the construction o f vessels on a cost basis, plus a fixed
percentage o f p rofit; it is expected, however, that the com pany will reserve
m ore than 50% o f its capacity for making contracts In tne open market,
including naval w ork. Present contracts call for the construction o f the
oattlesnip Idaho, one mine planter, 10 oil tank steamers, 8 steel cargo steam­
ers, 10 steel car floats and ono collier, and in addition boilers and engines.
^ . cRHFletAd c o n ta c t s on the books A ug. 31 1916, amounted to over
$13,000,000. New contracts secured sinco that date together with awards
for battleships recently m ade b y the United States Governm ent aggre­
gate about $23,000,000 additional.
Property.— 'I no plant is one o f tue largest and m ost efficient in this coun­
try- It is located on tho Delaware River at Cam den, N . J ., and has a
water frontage o f about 4,700 ft. and comprises about 163 V acres. T o ­
>
gether with a largo fitting-out berth, it includes five twin shipbuilding ways,
each equipped for tho construction o f two vessels o f m oderate size or one o f
tho sizo o f the largest battleships. Less than ono-half o f the property is
occupied, allowing 1 0 0 % extension.
T o take care o f the G overnm ent work and the demand for merchant ves­
sels, it is intended to increase the capacity o f the yard from 25% to 5 0 % ,
tho land and funds for which aro already providea.
Business Prospects.— The present U. S. Governm ent naval program , which
calls for an expenditure o f about $588,000,000, the contracts in connection
with which are all to bo let before July 1 1919, and tne demand from both
foreign and dom estic merchant marine, coupled with tho specific require­
ments o f the International M ercantile M arine C o ., W . It. Grace & C o. and
P acific M ail SS. C o ., assure the corporation o f all the business it can handle
for at least tho next five years.
Stevenson T aylor, Pres, o f the American Society o f Naval Architects and
Engineers, estimates that there has been already destroyed during the
war at least 4,000,000 tons o f merchant snipping, in addition to about
768,000 tons o f war vessels.
T he shipyards o f belligerents are largely
engaged in the construction o f war vessels; in the United K ingdom , it
appears, the tonnage o f vessels launched, excluding warships, decreased
from 1,083,553 tons in 1914 to 650,919 tons in 1915; while the w orld’ s
total tonnage launched this year, excluding Germany and Austria, was
only 1,201,638 tons. It is evident, therefore, that the construction will
not for years bo sufficient to offsot said losses, to say nothing o f any in­
creased demand duo to developm ent o f com m erce. (V . 103, p. 1982.).
Approximajte Balance Sheet of the New Company.
P r o p e r t y and p l a n t ......... $10,000,303
Liabilities—
C on tra cts,
le a s e s ,
p a t­
Capital, 200,000 shares,
t e r n s , &c
..................
934,737
no par value___________ $7,500,000
M a te r ia ls a n d s u p p lie s ..
825,758 Sinking fund 5s, due 1946 7,500,000
A d v a n c e paym ents..........
11,906 Payments on uncom ­
A V o r k in p r o g r e s s ________
8.409,046
pleted w ork __________ 8,447,968
N o t e s & a c c ’ts r e c e iv a b le
1,521,823 A ccounts payable______
987,876
S e c u r it ie s h e ld f o r i n v e s t .
101,625
C a s h ..............................
2,630,646
T otal each side..............$24,435,844
Foreign Competition. L abor costs in England now nearly equal those in
T T
, ..........
tho u • a ., and it is not expected that a return to normal conditions will
greatly m odify tho present situation for many years to com e.
Earnings.— T ho net incom e available for interest for tho year ended A ug.
31 1916 amounted to $1,466,344, which, after allowing for interest on the
bonds o f tho now corporation, would show a balance equal to over $5 45
per share on tho outstanding capital stock o f tho corporation. It is esti­
mated that, based on tho contracts on hand, m ost o f which will bo com pleted
b y A u g.31 1917, tho earnings for tho fiscal year will bo in excess o f 1915-16,
and that the earnings for tho ensuing years will show material Increases.

are announced as follows:

Norfolk County Water Co.— P u r c h a s e

R e c o m m e n d e d .—

See N orfolk, ‘ ‘State and C ity ” D e p t., on another page.— V .]100, p.2172

Old Dominion Co. of Maine.— D i v i d e n d s

I n c r e a s e d .—

A quarterly dividend o f $3 50 a share has been declared on tne $8,750,000
stock, payable D ec. 29 to holders o f record D ec. 14. In Sept. $3 was paid.
3
he Old Dom inion C opper M ining & Smelting C o . has declared a divideiid or $3 50 per sharo on tho stocK (par $25), payaole D ec. 28, com paring
with $3 three months ago.
T he United Globe M ines, all o f whose 23,000 outstanding shares are
owned bv the Old D om inion C o . o f M aine, has declared a dividend o f $22
per share, payable D ec. 28, com paring with $18 last June and Sept.
— V. 103, p . 683.

N a tio n a l Acme Co.— S tock O f f e r e d — Hayden, Stone & Co.
and Eastman, D illo n & Co., are receiving subscriptions at
$40 per share to 240,000 shares (all one class) of capital stock,
par $50. T otal authorized, $500,000. The company has
no bonds and no pref. stock. The bankers report:
Organization.— Organized in Ohio to take over the business o f tho National
Acm e M fg . C o. After examination and audit by Messrs. Ernst & Ernst,
pubile accountants, and an appraisal by the American Appraisal C o ., wo
havo purchased join tly with others 240.000 shares,
I ho people who have
built up tho business retain substantially a ,>0 % interest in it. C om pany
manufactures and sells autom atic multiple and single spindle scrow m ach­
ines and screw-machine products o f all kinds, it has threo largo plants—
at Cleveland, O ., W indsor, V t., and M ontreal, Can.
Earnings.— In 1915 theso wero equal to about $6 70 pe.r sharo, based on
present capitalization. Earnings for 1916, for 10 m onths for account o f
tho Manufacturing com pany, and for 2 m os. for the new com pany, will
am ount to about $12 per share, based on tho capital o f the now com pany;
less than one-sixth o f present business can be traced to war orders.
Management.— Virtually unchanged for 10 years, and will so continue,
with the addition o f three members to represent new banking interests.
M ore com plete data will appear in another week.




New York Shipbuilding Co.— B o n d

T he $2,300,000 outstanding 1st M tge. 20-year bonds havo been called
for paym ent at 102 ]4 and interest on Jan. 1 at Union Trust C o ., Pittsburgh,
trustee.— V . 103, p. 1986. 2083.

O f fi c e r s a n d D i r e c t o r s . — Those

O f f i c e r .—

N a tio n a l Acme M a n u fa c tu rin g Co.— S u c c e e d e d . —

D i v i d e n d .—

Officers.— S. M . K n ox, President; II. A . M agoun, 1st V .-P res.; N . do
Taubo, 2d V .-P res.; J . T . W lckersham, Treas. and Asst. Sec.; C ecil Page,
Secretary, and A . G . Connell. Asst. Treas.
Directors.— (a) M em bers o f E xocutivo Com m ittee: George J. Baldwin,
President o f P acific M ail SS. C o .; P. A . S. Franklin, President International
Mercantile Marino; Lawrence II. Shearman, V .-Pres. W . R . Grace & C o.
(b) Other directors: Joseph I’ . Grace o f W . It. Grace & C o .; R obert F .
Herrick, o f Herrick, Smith, Donald & Farley; W . S. K ies, Vice-Pros. Amer­
ican International C orp .; S. M . K nox. Pros. N ow Y ork Shipbuilding C o.;
Ambroso M on ell, Pros. International N ickel C o .; W illiam Finlay M organ,
capitalist; Perlcy II. N oyes, James II. Perkins. Vico-Pres. N ational C ity
Bank; Charles A . Stono, President American international Corporation;
E • P . Swenson, o f S. M . Swenson & C o .; Henry It. W ehrhanc o f Ilallgarten & C o ., and James A . Bennett.— V . 103, p. 2082, 1986.

D B . Gehly, Hoc. & Treas. o f the Cam bria Stool C o ., has been chosen
Sec. & Treas. o f this com pany, succeeding I I . M . Deom er, S ec., and W . G .
M acFarland, T reas., respectively.— V . 103, p. 2082, 1090.

See N ational Acm e C o. above.— V . 103, p . 1596.

Nevada Consolidated Copper Co.— E x tr a

An extra dividend o f $1 per share has been declared on the stock, along
with the regular quarterly 50c., both payable D ec. 30 to holders o f record
D ec. 15. This compares with 50c. regular and 50c. extra in Sept.— V . 103,
p. 1795, 941.

New York Shipbuilding Corp.— C a p ita l S to c k . — H allgarten & Co., Chas. D . Barney & Co. and M ontgom ery,
C lothier & T yle r offered this week at $47 50 per share a
lim ited amount of the capital stock of this new corporation,
formed by im portant interests as successor of the well-known
New Y o rk Shipbuilding Co. Subsequently it was announced
th a t all tho stock had been over-subscribed.

-----'
------ '
8 M os. to
Year end.
8 Mos. to Year end.
Divs.—
/lt/0.31 ’ 16. D cc.3 1 ’ 15.
Period— Aug. 31 ’ 16. Dec.3 1 ’ 15.
N et art. d cp ’n $1,467,658 $1,444,847 1st p ref_.(4 2-3)$ 104,606(7)$169,990
2 d prof------ (4 2-3)32,433
(7)48.650
Redem ption o f
prof, s to c k .
100,000
150,000 C o n u n o h ------ (3)180,000 (6)360,000
Special reservo
254,138
B al., s u r p ..$1,029,810
$455,977
Miscellaneous
20.80S
6,092
Total surplus.$2,792,294 $1,702,484
— V . 1 0 2 , p . 520.

Keystone Telephone Company^

2159

Onomea Sugar Co., Hawaii.— E x tr a

D i v i d e n d .—

An extra dividend o f 12% ($2 40) has been declared on the stock, along
with tho regular m onthly 2 % (4 0c.), payablo D oc. 20.— V . 102, p . 1544.

Pacific Telephone & Telegraph Co.— M e r g e r . —
See Santa Barbara Telephone C o . below.— V . 103, p . 1986, 941.

Paige-Detroit Motor Car Co.— Stock P u r c h a s e d . —
Chandler & Co. aro offering $1,000,000 7% cumulative
preferred stock, par $10, T o ta l authorized, $1,500,000;
issued, $1,000,000.

.

Stock.— T ho com pany has an auth. $2,000,000 com m on stock, par $10,
o f wnich $1,500,000 is issued. It will rodeom the preferred stock at par and
dividends at tho rate o f $100,000 annually, beginning Jan. 1 1918, until
Jan. 1 1927.
Earnings.— Pros. II. M . Jewett states that for the 13 m onths ended D e c.
31 1915 net Income available for dividends was $609,755; for the ten m ontbg

2160

ended O ct. 31 1916, $964,442. Ten m ontns’ operations show net earnings
o f m ore than 13 tim es the annual preferred dividend requirements.
Balance Sheet.— On O ct. 31 1916 tho net tangible assets. Including pro­
ceeds o f the present issue o f 81,000,000 pref. stock, aggregated $2,856,997.
N et quick assets are $2,553,457. On O ct. 31 1916 the com pany had on hand
cash or its equivalent o f over $1,700,000. Com m on stock has present m ar­
ket value o f 3 90 % .
Output.— T ho output has increased from 267 cars in 1910 to 12,456 cars
for 1916 up to N ov . 25.
Preferred Stock.— T h e com pany has no m ortgage debt, and while the pre­
ferred stock is outstanding will make no m ortgage w ithout consent o f 7 5%
o f the pref. outstanding. N o increase in present authorized preferred stock
will be m ade w ithout 75% consent o f the shares. Reserve o f $500,000
preferred not now issued can only be issued under proper restrictions.
George de B . Keim o f Chandler & C o ., In c., has been elected a director.
— V . 103, p. 2083, 1986.

Penn Seaboard Steel Corporation.— N o t e O f f e r i n g .—
Frazier & Co. are offering a t 99 l i and in t., to yield 5 % % ,
/
an issue of $500,000 one-year 5% gold notes, Series “ B .”
D ated D ec. 15 1916; due D ec. 15 1917; int. J. & D . 15. D enom . $1,000;
cou pon form s c* . W est E nd Trust C o ., P hila., trustee. There are also out­
standing 60,000 shares o f capital stock and $500,000 1-year 5% notes, due
A ug. 1 1917.
T he net earnings for the year ending N o v . 30 1916 applicable to note
Literest were in excess o f $300,000, or over 6 times the interest requirements
o f both note issues. I t is stated that the net profits to be realized during
the com ing year will exceed $2,000,000.— V . 103, p . 498.
Orders for about $10,000,000 o f steel ingots have been recently received
and have necessitated an increase o f working capital, to provide for which
these notes are issued. T he com pany is paying quarterly dividends o f $1
per share on the 600,000 shares o f no par value.— V . 103, p . 498.

People’s Water Co. of Oakland, Cal.— S o l d .—
-

See East B ay W ater C o. above.— V . 103, p. 1986, 1691.

Plymouth (Mass.) Electric Light Co.—

S tock I n c r e a s e .—

The M ass. Gas & E lectric Light Commission has been asked to sanction
an increase o f the capital stock from $270,000 to $400,000, on account o f
extensions, & c.— V . 99, p . 203.

Premier Motor Corporation, Indianapolis, Ind.—
Duquesne Bond Corporation, in conjunc­
tion w ith Megargel & Co., as syndicate managers, are offer­
ing, at 96 and in t., by advertisement on another page, the
unsold portion of $1,000,000 5-year 6% convertible Secured
Gold notes dated N o v. 1 1916, and due N o v. 1 1921. P ur­
chasers of the notes have the privilege of subscribing to the
common stock at $30 per share on a basis of 5 shares fo r each
share purchased. In t. M . & N . Authorized and outstand­
ing, $1,000,000. Denom. $1,000. Trustee, Equitable Tru st
Co., N . Y . A n authoritative statement says:
N o t e s O f f e r e d .— The

This new corporation, incorporated in N . Y ., has taken over the business
o f the corporation o f similar name, having acquired over 9 5% o f the latter’s
outstanding capital stock b y the issue o f its own shares in exchange.
N either com pany will have any funded debt or lien indebtedness other than
the gold notes.
The balance sheet o f the now com pany shows an equity for the com m on
stock after the issue o f the gold notes and allowance for tho pref. stock at
par, o f over $30 per share. T he surplus o f assets over current liabilities
and gold notes is $1,776,402.
T he com pany makes a pleasure car, which sells under $2,000, equipped
with a six-cylinder aluminum m otor and the Cutler-Ham m er m agnetic
gear shift. Orders on the books for this year’s delivery are for approxi­
m ately 3,000 cars. W ith the new financing from this issue o f notes, the
capacity o f their now plant will be increased to 10,000 cars, and it is expec­
ted in the year 19l7 to m anufacture and deliver not less than 7,500 cars.
T he Premier car has been on the market for 14 years, and form erly sold
at a much higher prico. For full description, see V . 103, p. 2083, 1893.

Ray Consolidated Copper Co.—

D i v i d e n d I n c r e a s e d .—

A quarterly dividend o f 75 cents per share and an extra o f 25 cents per
sharo has been declared on the stock, payable D ec. 30 to holders o f record
D e c. 15. In Sept, last 50 cents regular and 25 cents extra was paid.— V .
103. p . 1796.

Remington Arms— Union Metallic Cartridge Co.—
of the large increase in the
company’s business and the unprecedented conditions th a t it
has had to meet, necessitating the bringing in of additional
men to meet tho new demands, a managing committee has
been appointed fo r tho company. Marcellus H artley Dodge,
has retired as President, though retaining, i t is stated,
v irtu a lly all of his stock.
M a n a g i n g C o m m i t t e e .—Because

M anaging C om m ittee consists o f Samuel P . P ryor, G . M -P . M u rp hy,
James II. Perkins and W . E . S. Griswold. M r. Pryor, who has been VlcePres. o f the com pany, has been olected Chairman o f this com m ittee,
Henry S. K im ball, President o f the American Zinc, Lead & Smelting C o .,
has been elected President. C . S. Hawley, form erly President o f tho
Laconia Car C o ., has becom e Treasurer. M essrs. Perkins and M u rphy aro
Vice-Presidents, respectively, o f National C ity Bank and Guaranty
Trust C o.
It is announced that with these additional men and with the managing
com m ittee co-operating with the executive officers, the problem o f handling
tho groat volum e o f business has been successfully m ot. W ith these in­
creases in the executive organization and with certain adjustments in exist­
ing contracts, it is stated, the affairs o f the com pany are now considered
satisfactory. C om paro V. 103, p . 2083, 762.

Royal

Dutch Company.— S tock P u r c h a s e d — S u b s c r i p ­
Loeb & Co. announce th a t they have pur­
chased from the Royal D utch Company fo r the w orking of
petroleum wells, & c., a block of the shares of th a t company
for introduction on the New Y o rk market. Eugene M eyer
Jr. & Co. w ill manage the sales fo r account of tho syndicate
now formed fo r this purchase and i t is understood
received subscriptions at about $69 per share fo r the Am eri­
can shares, three of which, w ith no par value, w ill be issued
for each D utch share of 100 guilders par value (one D utch
guilder being w orth about $0,402). I t was announced yes­
terday th a t the issue was over-subscribed.
t i o n s . — K uhn,

T he R oyal D utch Com pany with its affiliated concorns is tho Iargost and
’ m ost important oil com pany in Europo, controlling and owning extensive
oil fields, pipe lines, h e., in the Dutch Indies, tho United States, Russia,
E gypt, Persia, Rum ania, Panama, Venezuela and M exico. Tho com pany
also owns or controls through its subsidiaries a fleet o f 292,970 tons. It
has no funded debt and no fixed charges.
The shares are quoted in Amsterdam, and sinco 1913 In L ondon, where
they wore introduced b y Messrs. N . M . Rothschild & Sons. The com pany
has paid large dividends uninterruptedly since 1902, the rato o f distribu­
tion for tho past four years having been as follows: 1912. 4 1 % ; 1913, 4 8 % ;
1914, 4 9 % ; 1915, 4 9 % .
The American Interests predom inate in tho R oxana Petroleum C o. o f
Okla. and the Shell C o. o f C al., whose issued capital stock is $5,000,000
and $ 3 3 ,5 3 5 ,5 7 5 , respectively. ’F urther particulars another week.

Sears, Roebuck & Co.—

T o ta l S a l e s . —

T
-J<p

1916— November— 1915. Increase. I 1916— 11 Mos.— 1915. w Increase.
$17,680,999 $12,827,154 $4,853,845 [$128,599,297 $99,555,938$29,043,359
— V. 103, p. 1691. 1305.




[Vol. 103.

THE CHRONICLE

S h a ttu c k -A riz o n a C opper Co.— C o p p er , & c . — D i v i . —
Production—
Copper, lbs.
Lead, lbs.
Silver, oz, Gold, oz.
M on th o f N ovem ber 1 9 1 6 .. 1,536.723
458,153
22,531
282
11 m os. to N o v . 30 1 9 1 6 -..16,743,424
3,128,041
298,566
4,471
An extra dividend o f 75 cents has been declared on the stock, along with
the regular quarterly 50 cents, both payable Jan. 20 to holders o f record
D ec. 30. T ho same am ount was paid in A pril, July and Oct. last.— V .
103, p . 1796. 1305.
S hell Co. o f C a lifo rn ia .— C on trol .—
See R o ya l D utch C o. above.— V . 102, p . 1442.
S h e rw in -W illia m s Co. o f C anada, L td .— E a r n in g s .—
Aug. 31.
Net
Year—
Earnings.
1915-16_____ $846,944
1914-15......... 577.304
— V . 101, p . 2078.

DepreciaBond
tion.
Interest.
$76,710 $136,470
53.485
139,322

Pref. Div. Patriotic Balance,
(3 % ).
Fund, Ac. Surphis.
$210,583 $49,807 $373,374
210,000 15,337
159,158

S hredded W h e a t Co.— E xtra D ivid en d .
A n extra dividend o f 1 % has been declared on tho com m on stock along
w ith the regular quarterly 1 J 4% , both payable Jan. 1.— V . 102, p. 716.
S m ith M o to r T ru c k Co.— Stock Sold.— Michaelis &
Co., New Y o rk , and A . M . Andrews, Chicago, have sold
(See advertisement on another page) a t par ($100), w ith the
option to purchaso four shares of common stock at $3 50
per share, par $10, $1,400,000 convertible 8% cumulative
pref. stock. A circular shows:
The stock is preferred both as to assets and dividends, and in the event
o f voluntary liquidation is entitled to 120% and dividends. R ed. at $120
per share; divs. Q .-J. 15. T he pref. stock m ay be converted into com m on
at any tim e after June 30 1917, and prior to Jan. 1 1920 at the rate o f 10
shares o f com m on for one sharo o f pref. A sinking fund o f at least 5 % o f
the m aximum am ount o f pref. stock at any tim e outstanding shall be estabished beginning Jan. 1 1920.
D ata fro m L e tte r o f P re sid e n t A. D. S m ith , N ew Y o rk , N ov. 15 1916
Organization.— Organized in V a. to acquire, b y direct conveyance or
stock ownership, the business and property o f tho Smith Form -A -T ruck C o.
(D ela .), which com pany began business in Chicago in Aug. 1915. It
manufactures a truck unit, selling at retail for $350, b y which Ford, D odge,
M axwell and similar cars aro converted into one-ton trucks, with an over­
load capacity o f 100% . Am ong some o f the prom inent users aro tho fol­
low ing: Arm our & C o ., Butler Bros., Standard Oil C o ., M ontgom ery W ard
& C o ., U. S. M ail Service, The Texas C o ., Pabst Brewing C o ., Firestone
Tire & R ubber C o ., Fieischmann Yeast C o.
Property— Business.— Occupies under lease, with option to purchaso at
cost, a new plant o f brick, concrete and steel covering 1 >£ acres at Clearing,
111., near Chicago. C apacity is about 200 truck units per day.
The com pany has purchased material for 15,000 truck units and is pro­
tected for the remaining material necessary for a total o f 30,000 truck units
in 1917. N ow has contracts for about 6,000 units for 1917, and new con­
tracts aro com ing in at rate o f about 100 truck units per day. Shipments
for N ov. should average about 40 per day and for D ec. over 50 per day.
Capitalization (No Mtge. or Funded Debt Out)—• Authorized.
Issuable.
Preferred, 8 % cumulative stock, par $100................ $2,000,000 $1,400,000
Com m on stock, par $10_____________________ _____ 12,000,000
10,000,000
Earnings.— On Sept. 30 1916, according to public accountants and ap­
praisers, the com pany had a surplus, including as a deferred charge adver­
tising amounting to S187.197, o f $649,340. O f this about $470,000 had
been earned since M ar. 31 1916, showing average earnings from that date
in excess o f $78,000 per m onth, or at rate o f about $940,000 per annum.
Tho rate o f production expected b y Jan. 1 1917, 100 trucks per da y, if
continued through 1917, should insure a net p rofit o f about $3,000,000.
Net Assets (with $830,000 Cash Additional Being Furnished to Neio Corp.)
Property account ($114,192) and Investments ($82,601)---------- $196,793
Current assets: Cash, $852,224; cash deposit on material con­
tracts, $51,510; accounts and notes receivable, $224,659;
Inventory, $515,670; Oct. and N ov. earnings cst., $ 156,000-- 1,800,062
Deferred charges: Advertising expenditure carried forw ard,
$187,197; insurance paid in advance, $1,011__________________
188,208
Less current liabilities o f $437,641...................................................$1,747,421
Pref. Stock.— Holders o f pref. stock will vote only when 4 consecutive
prof, dividends aro in arrears.
So long as tho pref. stock m ay vote tho
directors shall be divided into two classes (A and B ) , and the com m on stock
to elect threo directors. Class A , and the holders o f pref. stock four directors.
Class B; Class B always to bo a m ajority.
With pref. stock outstanding, the com pany shall declare no com m on
dividend which will reduce net quick assets below $105 for each sharo o f
pref. stock then outstanding. Additional pref. stock or m ortgage indebted­
ness Issuable only with consent o f 75% o f pref. outstanding.
Management.— Will bo the same as o f the predecessor com pany. For
further data see V . 103, p. 2083, 1893.

Southern California Edison Co., Los Angeles.— P r o ­
M e r g e r .— The Southern California Edison Co. and
the Pacific L ig h t & Power Corporation on Dec. 1 filed applica­
tion w ith the California State Railroad Commission to
consolidate under the name of Southern California Edison
Company. A n official statement follows:
p o sed

T he consolidated com pany will be the fifth in size o f electric operating
companies in th 9 United States, having a value in excess o f $75,000,000.
It wfll have 5 steam and 13 hydro-generating plants o f 130,000 and 150,000
h. p. capacity, respectively, or a total capacity o f nearly 300,000 h . p ..
which Includes the wonderful hydro-electric developm ent at Big (ireok. In
addition, undeveloped hydro-electric devolopm onts capable o f generating
about 400,000 adnltionai h. p. aro owned. These enormous quantities o f
olectric energy aro now transmitted over 1,380 miles o f transmission linos
to 103 sub-stations and carried over 3,700 miles o f distributing linos to
supply tho larger portion o f southern California, embracing l50 cities and
towns and surrounding territory. Suitable additions will bo m ade to.tills
vast network o f lines as the undeveloped hydraulic properties, now owned
aro brought into use. T ho tw o companies now tiavo a total o f 165,000
consumers. Considerable power now generated b y steam will bo supplied
by tho hydro-electric plants o f tho consolidated com pany.
[Tho consolidation at this critical period in tho negotiations betweon tho
city and the com panies for the purchase b y tho city o f Los Angelos dis­
tributing systems is taken to moan that tho Edison-Pacific interests are
preparing the way for the acceptance o f the city ’s offer. B y consolidating
all the operation within the city under one ownership, 1. e., tho city o f
Los Angeles, and all o f the business outside o f tho city under tho Southern
California Edison C o ., the lines o f ownership will bo so distinctly drawn
that it m ay reasonably be expected the city and the Edison C om pany will
bo able to harmonize on all matters and co-operate toward the ona o f build­
ing up one o f the greatest electric systems in America.]
D ig est o f S ta te m e n t b y P re sid e n t J o h n B. M iller.
The consolidation w ilip orm it o f efficiencies in operation and economies
heretofore impossible. The effect will undoubtedly bo to roduco tho cost
o f current, but the greatest benefit will bo through the interconnecting
o f the m any hydro-electric and steam plants operated by these companies
so as to insure absolute continuity o f service.
From the investor’s standpoint, the com bination is highly desirablo as
the size o f tho consolidated systems, tho variety o f territory served and the
great diversity In the location and characteristics o f tho consumers sup­
plied enforces a stability to the com pany’s business which should make
its securities a very attractive investment. Its financial position will also
bo particularly strong.
M any times in the past ten years negotiations towards tho consolidation
o f these properties have been taken up, but only recontly have I been able
to work out a satisfactory basis for the merger. Under the new arrange­
m ent, M r. H . E . H untington, while parting with the direct ownership or
tho Pacific Light & Power Corporation, becom es tho largest stockholder o f
tho Southern California Edison C o.
C it y O f fe r f o r L o c a l D i s t r i b u t i n g L i n e s .— The c ity authori­
ties of Los Angeles on N ov. 29 made a formal offer fo r the
purchase of the distributing systems of the Pacific L ig h t &

THE CHRONICLE

Dec. 9 1916.1

Power Corporation and the Southern C alifornia Edison Co.
in the c ity of Los Angeles (the Los Angeles Gas & E lectric
Corporation having definitely w ithdraw n from the negotia­
tions). This offer, i t is understood, is acceptable to both
power companies, although some tim e w ill probably be occu­
pied in working out the final details.
D ig est o f C it y 's O ffe r t o P u r ch a se L oca l D is tr ib u t in g S ystem s.
(1) T hat the city pay therefor a sum based upon the award to the
Southern California Edison C o. by the State Railroad Commission in the
condem nation proceedings. [On this basis, It is said, the price for both
properties w ould bo §8,270,000 and $1,145,000 for the severance damages,
a total o f $9,415,000. Compare V. 103, p . 946.— E d. “ C hronicle.'']
(2) That severance damages bo paid upon tho same basis, the same to
be absorbed b y the contract for the purchase o f power from said cos.
(3) T hat the city contract with said corporations to purchase such power
as it m ay need, in addition to tho power generated b y it, for a period o f
ten years, tho prlco to bo tho actual cost to tho com pany plus a sufficient
additional am ount to cover the severance damages.
(4) Also for an additional period, to be specified, said corporations shall
bind themselves to sell the city such power as it m ay need, upon terms to
be determined b y negotiations and Incorporated in such contract.
(5) T ho cl tv to tako such proceedings as m ay bo necessary for tho issu­
ance and sale" o f bonds for the paym ent o f the amount o f tho purchaso
price o f such electrical properties.
[The “ Los Angelos T im es'' on N ov . 30 said: “ It was estimated last
night that the roquired bond issue would be approxim ately § 12 ,0 0 0 ,0 0 0 .
but the statement was made that the incom e from the systems It is proposed
to take over would p ay the interest and sinking iund, so that the property
owners would be sim ply lending tho credit o f the city to the scheme, and
that they would not actually have to pay any direct taxes for the bonds.
Tho city still lias about S3 .0 00 .000 loft o f tho last power bond Issue, avail­
able for tho work o f com pleting its power plant and making such changes
as m ay bo necessary in the com bination o f tho three systems.
S ta te m e n t b y P re s id e n t Del V alle o f t h e P u b lic S ervice C om m .
It is for the best Interests o f the city to purchaso these tw o systems In­
stead o f undertaking to parallel them . T ho city will take from the power
com panies 50% o f the amount o f power required to run the com bined sys­
tems during tho first year, and each year thereafter will gradually reduco
tho amount o f power taken from tho power com panies until b y the tenth
year it will lie roducod to approxim ately 2 0 % . After that tim e tho now
contract will, o f course, bo based on tho requirements o f that period.
S ta te m e n t b y J o h n B. M iller, P res. S o u th e rn C a lifo rn ia E dison C o .
I am just in recolpt o f tho com m unication and have not as yet had tim e
to digest it thoroughly, but I believe tho directors will accept the contract.
Tho consent o f tho trustees o f our bond issues will, o f course, have to be
secured to release tho property, but I believe that their consent will be
secured.— V . 103, p. 1986, 1215.

Southern Hotel Building, Baltimore, Md.— B o n d s
S. W . Straus & Co., In c., are offering, at par and
interest, $725,000 F irst M tgo. Real Estato 6% Serial Coupon
bonds issued under the Straus plan. A circular shows:
O f fe r e d .—

Tho bonds aro dated N ov . 15 1916 and duo serially as follows: $30,000
N o v . 15 1918-19, $40,000 1920-21, $45,000 1922-23, $50,000 1924-25, and
$395,000 in 1920. D cnom . $1,000, $500, $100 c*. Int. M . & N . 15 at tho
offico o f S. W . Straus & O o., In c., N . Y . and C hicago. R ed. at 102 l and
A
int. in roverso o f their numerical ordor on any int. dato after N ov . 1 1918
on 60 days’ notico. Trustee, S. W-. Straus. Norm al Fed. inc. tax p a id .
Building.— Fireproof 14-story, basement and sub-basement hotel o f
brick, steel and stone construction, containing 400 room s: also dining­
room s, grill room s, banquet room s, &c. Also a fu lly equipped generating
plant for ice, steam and electricity. Full fire insurance is carried.
Tho plot fronts about 148 ft. on German St. and 92 ft. on Light S t., and
also on Grant St. It is in tho heart o f the financial and wholesale districts.
Valuation.— Property is appraised as follows: Land, $200,000: building,
$1,000,000: furnishing, $150,000; total, $1,350,000.
Income.—E stim ated as follows: Total gross incom o, $275,000; total not
incom e, after taxes, $ 2 0 0 ,0 0 0 , excluding any profits from restaurant.
Security.— A direct first mortgage on tho building and land in feo, also
furnishings and fittings, including tho power plant. The building is now
under courso o f construction and its com pletion is unconditionally guaran­
teed b y 8 . W . Straus & C o ., Inc.
.
Management.— The hotel is under the management o f F. W . Bergm an,
a man o f wide hotel experience.
.
„
Directors.— Joseph Casteiberg, A . J. Fink, M ervillo H . Carter, Henry H .
H ead, Roland It. M archant, Henry M orton , Addison L . M u llikin, Eugene
H . Ober. Edm und J. W achtcr, Samuel L . W illard, Otto G . Simonson.

Spanish-American Iron Co.— F i r s t

M t g e . B o n d s C a lle d . —

Ono hundred and thirty-sovon ($137,000) 1st M . 20 -year sinking fund 6 %
gold bonds, dated July 1 1907, for paym ent on Jan. 1 1915 at par and int.
at Girard Trust C o ., Philadelphia. N otico is also g ven that twelve bonds
which were called for paym ent in 1915 remain unpaid.— V . 103, p. 1796.

Standard Chain Co.— S o l d . —
See Am erican Chain C o. abovo.— V . 103, p . 1796.

Standard Oil Co. of N. J. —

D e a th o f P r-e s id e n t. —

Tho death o f Pros. John D . A rchbold on the 5th inst. is noted in our
editorial colum ns on a precoding pago.— V. 102, p. 980.
Standard Parts Co.— P r e f . S tock O f fe r e d . — Borton &

Borton and associates are offering the unsold balance of $4,­
000,000 7% cum. pref. stock at 102 and div., yielding 6.87%.
A circular shows:
T he stock is tax free in Ohio. Par $100. Dividends Q .-M . Preferred
as to both assets and dividends. R od. all or In part on any d iv. dato at
$110 and divs. During tho year beginning July 1 1917 and each year
thereafter the com pany shall redeem , retiro and cancel 5 % o f tho largest
amount o f preferred stock at any ono time outstanding.
Capitalization (No Bonds) — ----------------- To Be Authorized. To Be Issued.
7 % cumulative pref. stock ------------- ---------$5,000,000
C om m on s t o c k ______________ __________ 25,000,000
8.000.000
Pref. Stock— Provisions.— N o m ortgage without the consent o f 75% o f
tho pref. stock outstanding. In case o f liquidation pref. holders will re­
ceive 110 and d ivs. Prof, stockholders, as a class, shall vote equally with
tho com m on os a class In event o f (a) failure to maintain not quick assets
o f 100 % and total net assets o f 2 0 0 % o f the prof, outstanding (b) failure
to make annual retirement o f shares through sinking fund, (c) default o f
any dividend. N o dividends shall do paid on tho com m on, unless (a) all
o f prof, dividends are paid, (I)) tho required pref. stock shall have been
redeemed, (c) not assets, as aforesaid, will not b e reduced below the required
amounts by the paym ent o f such dividend. Additional prof, stock cannot
be issued unless the net earnings are three times the annual pref.,dividends,
including the proposod additional issue, nor unless the total not assets and
tho net quick assets, respectively, exceed 2 0 0 % and 1 0 0 % o f the pref.
stock outstanding and proposed.
. .»
^
Organization.—-Recently organized to acquire the assets o f Tho Standard
W elding C o. ami The Perfection Spring C o., both o f Cleveland, Ohio.
The Perfection Spring Co.— Incorporated in Fob. 1906, is now tho largest
manufacturer o f autom obile springs In tho world, having among Its cus­
tomers over 30 prominent autom obile manufacturers. [Early In 1916 the
Perfection <'o. liad $1,259,000 com m on stock and $1,000,000 7% cum . pref.
stock, the latter including a recent offering of $250,000. in connection with
which the not earnings for the nine months ended M arch 31 1916 were
reportod as $282,811, and tho total not assets as $2,130,520. Ed.]
The Standard Welding Co.— Incorporated July 1 1899 in Ohio, is the
world's largest producer o f light gauge steel tubing, autom obilo and m otor
truck rims, bands and bases for solid tiros, automobilo tubular parts, &c.
Last year tho com pany fabricated more than 60,000 tons or stool, from which
woro m ade m ore than 40,000,000 feet oi stool tubing, ,>,000,000 tubular
parts, ovor 5 ,0 0 0 ,0 0 0 autom obile, bicycle, m otorcycle and m otor truck
rims, and in addition ovor 3,000,000 miscellaneous parts.
Standard Parts Co.— Tho new com pany will start with an annual gross
business which Is running about $ 11 ,0 0 0 ,0 0 0 - Employees will number
about 4,000. Plants occu p y ovor 14 acres and over 550,000 sq. ft. o f
floor space. T ho dem ountable rim business for the last sovoral yoars has
boen operated practically without profit, owing to ruinous com petition
and conflicting claims ,as to tho scope o f various patents. T ho new com ­
pany has secured a favorablo contract from The Perlman Rim Corporation




2161

(V . 102, p . 1441, 1901) for tho m anufacture o f dem ountable rims under the
Perlman patents, which have been finally sustained as basic. From this
tim e on, therefore, rims should be m ade at a fair m anufacturing profit.
Assets & Earnings.—-Net assets will bo about $12,150,000. o f which over
$6,500,000 will bo in quick assets. T he earnings o f tho constituent com ­
panies during the last sevoral m onths have been on the basis o f considerably
over $1,500,000 per annum. Last year they were over $1,000,060.
Net Sales for Years ended June 30.
1911-12. 1912-13.
1913-14.
1914-15.
1915-16.
P erfec. S p r ln g O o .. $543,324 $907,384 $1,038,103 $1,608,960 3,1 4 2,58 7
Stand. W eld. C o . , not stated 2,680,333 2,783,518 3,012,785 5,123,722
F or further d a ta , see V . 103, p . 1987.

Stewart-Warner Speedometer Corp.— A v p li c a li o n t o L is t .
This com pany has applied to the N ew Y ork Stock Exchange for authority
to list $10,000,000 stock.— V. 103. p. 499, 417.
Supplee Milk Co., Philadelphia. — Slock O ffered .—
Frazier & Co., Phila., have sold, “ when, as and if issued,”
the entire present issue of 8500,000 7% cum. pref. stock of
this Pennsylvaina corporation. The price to investors was
9 7 K - Par $100 per share. Callable all or pa rt a t 107
and d iv. Dividends payable Q .-M .
D a ta from L e tte r o f Pres. C . H en d erson S u p p le e , P h ila ., N ov. 24 1916
Capitalization—
Authorized. Outsland’g.
Preferred stock_____________________________________ $l,5 0o,00 0
$500,000
C om m on stock ______________________________________ 1,500,000 1,000,000
N o bonds can bo issued without consent o f 66 3 -3% o f preferred stock.

o f real estate, buildings, equipment and other tangible assets, $1,186,885,
less real estato mortgages, $177,900; net, $1,008,985, without including
any valuation for milk routes and other intangibles, which in m y opinion
have a valuo in liquidation o f m ore than $500,000 additional.
Operations—
1912.
1913.
1914.
1915. 9 Mos. ’ 16.
S a le s ....... ............. $1,415,906 $1,693,921 $1,769,440 $2,219,174 $2,192,368
N ot earnings-----$73,297
$91,247
$117,367
$143,897
$173,326
R atio to pref.div.2.09 times 2.60 times 3.35 times 4.11 times 6.60 times
T ransue & W illia m s Steel F o rg in g s C orp.— E a r n s .—
The net earnings for O ct. 1916 were $128,000 and for N ov. $142,000, or
at tho rate o f $17 per annum for each share. T he directors will meet D ec.
I ) .a t whicn tim e, according to a press report, an initial dividend at tho rate
o f $4 a year will be declared.— V. 103, p. 1797, 1691.

U n io n Bag & Paper C o rp o ra tio n ,

N.

Y .— Acquisition.—

This corporation is understood to have acquired the properties o f the
Sheboygan (M ich .) Paper C o ., the consideration, it is said, including an
exchange o f stock o n b a s i s , and (or possibly as an alternative offer)
a cash paym ent o f $550,000, and also a guaranty o f $1,000,000 bonds.
T he Sheboygan com pany is said to have a daily capacity o f 70 tons o f
paper, 50 tons o f sulphite and 10 tons o f wood pu lp .— V . 103, p. 1894, 1416
U n io n Sugar Co., San F ra n cisco .— D iv id en d In c re a sed .
A m onthly dividend o f 50 cents per share has been declared on the stock,
payable D oc. 5 to holders o f record N o v . 29. This compares with 35 cents
m onthly slnco Sept. last.— V . 103, p . 849.

U n ite d D yewood C orp., N. Y — In itia l D iv id e n d .—
A dividend or (N o. 1) o f 1 1-6% has been doclared on the pref. stock
(being at tho rate o f 7 % per annum from N o v . 1 1916. the dato o f issue,
to D ec. 31 1916), payable Jan. 2 1917, to stockholders o f record D ec. 14.—
U n ite d F u e l Gas Co.— B on d s O ffered .— A . B . Leach &
Co. are offering by adv. on another page at 101 and inter­
est an additional block of this company’s Series A F irst
Mortgage 6% 20-year Sinking Fund gold bonds of 1916,
due Jan. 1 1936, b u t callable all or part on any interest day
upon 30 days’ prior notice a t 105 and in t., making the total
amount outstanding $8,460,000.
D ata fro m L e tte r o f P res. F. W . C ra w fo rd . C h a rle sto n , W . V a., N ov. 4.
Capitalization—
Authorized. Oatstand'g.
— _________________________ $10,000,000
$9,000,000
1st M . 6 s (balance for extensions to 80% o f c o s t). 15,000,000
8,460,000
The bonds are a first m ortgage upon the entire properties, naving an ag­
gregate book value o f over $18,000,000 and an actual value far in excess
thereof. An annual sinking fund, beginning M arch 1 1922, will retire all
outstanding oonds at or before m aturity.
~~£r°PertK~.T.yoUs gas rights under lease or in fee covering m ore than 800,­
000 acres in W est V a., K entucky and Ohio, in about 400,000 acres o f which
it owns also the oil fig h ts. Has 541 gas wells with an initial open flow vol­
ume estimated at over 800 m illion cu. ft. per day, and there are also in oper­
ation 105 oil wells, yielding the best quality o f Pennsylvania crude, and five
plants for the extraction o f gasoline, with m ore building. The total length
o f trunk and field lines and mains o f tne local distriouting systems, & c., is
about 1,275 m iles. T o date only about 6 % o f the gas holdings haxe been
utilized.

gas used in Cincinnati and adjoining com m unities), tho Ohio Fuel Supply
O o. (whicn sells all the gas used In Columbus, Springfield, &cJ, the Louisvlllo Gas & E lectric C o ., the Central Kentucky Natural Gas C o. o f Lexing­
ton, & c., ICy., and the Portsmouth (O.) Gas C o . These companies serve
in all a population in excess o f 1,900,000.
Earnings for Calendar Year—
1914.
1915.
9 M o s . 1916.
Gross earnings......... ............................__ $3,107,532 $3,235,813 $2,946,946
N ot earnings,.........................
$1,327,815
$1,388,388 $1,668,537
Interest cnarges......................................
443,256
430,993
348,652
Surplus............................
$884,559
$957,395 $1,319,885
The net earnings shown for tho first nine months o f 1916 are at the rate
o f close to five times the entire interest charges, and each succeeding m onth
is showing a further large gain. Gasoline is a new source o f incom o.
Only recently tho com pany closed a ten-year contract for a large quantity
o f gas at wholesale for tho Pittsburgh D istrict. This contract becomes oper­
ative about D ec. 1 , when the necessary pipe line, now under construction, is
finished, and will yield imm ediately an additional gross revenue o f about
$1,500,000 annually. For full official data see V . 102, p. 1816; V . 103, p.
417, 1133.
United State3 Rubber Co.— P r i c e s , & c . — Pres. Colonel

Samuel P. C olt is quoted as follows, in brief:

A substantial advance in the prices o f rubber footwear will be m ade as
o f Jan. 1. T ho new schedulo will be fully justified. E verything that
enters into tho m anufacture o f rubber boots and shoes is 2 0 % higher than
a year ago. N ot only is crude rubber selling at 78c. a lb ., against 55c.
not long since, but fabric o f every kind has increased tremendously. Labor
is also higaer.
The directors o f tne U . S. T ire C o. will probaoly next m onth take up
tho question o f higher prices for tires, all the materials for these being
20 and 25% higher than a year ago.
W hile tho balance tnis fiscal year applicable to dividends on the com m on
stock will not bo equivalent to 15 or 1 6% , as recently rum ored, it will be
larger than last year, when wo earned about 1 0 % .
The report could not be confirm ed that the com pany is sooxi to authorize
new securities witn which to tako up short-term obligations and bank
loans and with wnich to finance its requirements over a long period o f
years.— V . 103, p. 1709. 948.
United States Steel Corporation.— Price o f R a ils. —
This corporation on N o v . 15 advanced tho price o f rails $5 per ton, this
being the second advance since A pril last, each being the same amount o f
increase. T ho now prico ruling is now $38 per ton for Bessemer rails and
$40 per ton for open-hearth rails. The Lackawanna Steel C o. and other
com panies have adopted the same rate.— V . 103, p . 1987, 1797.
F or o t h e r in v e stm e n t new s see p a ge 2164.

[Vol. 103

THE CHBj
ONICLE

£162

Izpoxts anil Qocxxmznts.
T H E M I N N E A P O L I S A ND ST . LOUIS R A I L R O A D C O M P A N Y
E X T R A C T S F R O M A N N U A L R EP O R T— FOR T H E Y E A R E N D E D JU N E 30 1916.
N ew

Y o r k , O cto b e r

T o th e S to ck h o ld er s o f T h e M i n n e a p o l i s &
C om pa n y:

30 1916.

S t . L o u i s R a ilr o a d

IN C O M E F O R T H E Y E A R .

The gross receipts and disbursements of The Minneapolis
& St. Louis Railroad Company and its leased lines for the
year ended Juno 30 1916, compared w ith those for the pre­
vious year, are as follows:
A ver, miles o f road operated.

June 30 1916. June 30 1915.
1.646.47
1,646.47

Inc. ( + ) or
Dec. (— ).

Gross operating rovenues.$10,721,512 51 $10,111,975 14 +$609,537 37
Operating expenses______ $7,022,098 47
T a xes_________ ___________
469,902 94

$6,903,594 08 + $118,504 39
465,177 50
+ 4 ,7 2 5 44

T o t a l .............. ................... $7,492,001 41

$7,368,771 58 + $123,229 83

Operating rovenues over ex­
penses and taxes__________ $3,229,511 10

$2,743,203 56 + 8486,307 54

Incom o Other than from
Transportation Operations:
Interest on bonds ow n ed . .
Dividends on stocks owned
N et rentals from lease o f
road, terminals and other
facilities_______________
T o t a l ______________ ___

$30,022 32
24,144 00

$53,221 64
4,144 00

43,836 02

37,067 52

+ 6,768 50

$98,002 34

$94,433 16

+ $ 3 ,56 9 18

S u rp lu s _____________________ $3,327,513 44

$2,837,636 72 + $489,876 72

Fixed and Other Charges:
Interest on outstanding
funded d eb t___________ $2,149,928 43 $2,139,649 43
Interest, discount and ex­
change________________
61,827 23
80,509 38
Iliro o f equipment— bal­
anco ___________________
354,480 71
392,683 73
A m ortization o f discount
on funded d e b t_________
100,237 04
33,079 74
M iscellaneous____________
8,794 59
5,110 57
T otal fixed and other
charges_______________ $2,675,268 00
Balanco, Surplus___________

— $23,199 32
+ 2 0 ,0 0 0 00

$652,245 44

$2,651,032 85

C A P IT A L S T O C K .
T ho stocks o f tho com pany outstanding at tho beginning o f the year were:
C om m on ............
$15,370,200 00
P re fe rre d .....................
5,917,500 00
------------------------$21,287,700 00
Issued during tho year In exchange for Des M oines & F ort
D odge Railroad C om pany capital stock:
C o m m o n _________________________________ $2,141,550 00
P referred ______________
381,750 00
2,523,300 00
A m ount o f stock outstanding Juno 30th 1916:
C o m m o n _______________________________ $17,511,750 00
P re fe rre d _______________________________ 6,299,250 00
------------------------$23,811,000 00

On June 30th 1916 there wore hold in the treasury of tho
company $1,126,249 40 par valuo.of common, and $34,479 02
par value, of preferred stock, constituting a free asset of the
company.
FUNDED DEBT.

.

Tho changes in tho funded debt of the Company during
the year wero as follows, viz.:
Bonds, Equipm ent Trust N otes and T w o-Y ear Six Per C ont
Gold N otes, including Funded D eb t o f Iowa Central
Railway assumed by this C om pany, outstanding on
Juno 36 1915................ .......... ........................................................ $44,905,844
Issued during tho year:
Refunding and Extension Five Per Cont Gold Bonds:
F or additions and betterm ents___________ SI 11,000 00
For retirement o f Equipm ent Trust Notes
125,000 00
For D . M . & F t. D . R R . Second M ortgago
Bonds, deposited under R efunding and
Extension M o rtg a g o ___________________
100,000 00— 336,000
Equipm ent Trust Notes Series " D ” :
For purchaso o f fivo hundred box cars__________________
400,000
Assumed during tho year:
D . M . & F t. D . R R . C o. First M . b o n d s.$ 3 ,072,000 00
D . M . & Ft. D . R R . C o. Second M . bonds
600,000 00
3,672,000

+ 81 0 ,2 7 9 00
— 18,682 15
— 38,203 02
+ 67,157 30
+ 3 ,6 8 4 02
+ $24,235 15

Retired during tho year:
Minneapolis & St. Louis Railroad C o .:
Equipm ent Trust N otes, Series " A ” ____
Equipm ent Trust N otes, Series “ B ” ____
Equipm ent Trust N otes, Serios “ C ” -----Amorlcan L ocom otivo C om pany N o t e s ..
D . M . & Ft. I). R R . C o. Second M . bonds
Iow a Central Railway:
Equipm ent Trust N otes, Series “ A ” ____
Equipm ent Trust N otes, Series " B ” ____

91

00
00

00

$49,313,844 91
560.000
18,000
19.000
25.000
600.000

00
00

00
00
00

$32,000 00
15.000 00

$186,603 87 +$465,641 57

769,000 00

$48,544,844 91
The total gross revenues and the to ta l freight tonnage
Cont G old Bonds
moved during the year were tho largest in tho history of tho Less: Refunding and Extension F ivo Per ___________________ 2,034,194 12
held in Treasury as a freo asset_______
Company.
Am ount o f funded and other fixed Interest-bearing debt,
____
Tho total operating revenues fo r tho year increased
outstanding Juno 30 1916____ __________________________$46,510,650 79
$609,537 37, being 6.03 per cent, of which $551,011 81, or
The total amount of bonds outstanding and the annual
7.24 per cent, was in the receipts from freight tra ffic; all interest accruing thereon are shown in Tablo N o. 5 [pamphlet
other revenues increased $58,525 56, or 2.34 per cent.
Tho operating expenses increased $118,504 39, being 1.72 roport], and tho amount of bonds owned by tho Company
per cent; taxes increased $4,725 44, or 1.02 psr cent. The in Tablo N o. 7 [pamphlet report].
T R A N S P O R T A T IO N O P E R A T IO N S .
net operating revenues over expenses and taxes increased
$486,307 54, or 17.73 per cent.
Tho transportation revenues, operating expenses and prin­
Tho surplus for the year after payment of interest on cipal tra ffic statistics, in detail, for the year comparo as
funded debt and all other fixed charges amounted to $652,­ follows w ith those of last year:
June 30
June 30
Inc. ( + ) or Per
245 44, an increaso of $465,641 57 as compared w ith the
Cent.
1916.
1915.
Dec. (— ).
preceding year.
Averago miles o f road op ­
erated___________ ,____
1,646.47
1,646.47
.............................
Tho transportation revenues and expenses are reviewed in
detail in table below.
Operating Revenues:
$
$
S
8,166,056 20 7,615,044 39 + 551,011 81 7.24
Tho details of interest and dividends collected on bonds
1,951,087 71 1,921,654 44 + 29,433 27 1.53
and stocks owned, are shown in Table N o. 2 [of pamphlet
.64
387,223 58
+ 2,451 13
384,772 45
+ 26,641 16 13.98
report] •
217,145 02
Miscellaneous
190,503 86
There was an increaso in interest on funded debt resulting
10,721,512 51 10,111,975 14 + 60 9 ,5 3 7 37 6.03
from :
Interest on Treasury Bonds sold during tho year_____________ $15,905 52
Interest on Equipm ent Trust N otes, Series “ D , " issued N o­
vem ber 1st 1915....... ....................... ......................... ............ ............
13,733 33
Interest on American Locom otivo 6 Per Cent N otes issued
January 1st 1915...................... ........ ............ ....................................
7,127 71

Operating Expenses:
Maintenance o f way

r
$36,766 56
Less—
Decrease In interest on Equipm ent Trust N otes
r e t ir e d ................................................................... .............$7,2 1 2 56
Decrease In Interest on D . M . & F t. D . R R . C o.
Second M ortgago Bonds canceled Decem ber 1st
1915................................. .................................... .............. 19,275 00 26,487 56

Miscollaneous oper.Dining car se rv ice ..

Maintenance o f equip-

1,525,268 23
212,151 28
. 3,896,217 18




931 20
271,265 11

1,167,392 63

— 51.127 16

4.38

1,383,528 81 + 141,739 42 10.24
— 1,906 26
.89
214,057 54
+ 9 ,2 7 5 47
.24
3,886,941 71
817 71
250,855 68

+ 113 49 13.88
+ 20,409 43 8.14
1.72

7,022,098 47
Rovenues over operating

N et increase in interest on funded d eb t__________________ $10,279 00

Thoro was a decrease of $38,203 02, being 9.73 per cent,
in tho hire of equipment balanco resulting from an increased
number of homo cars having been loaded to foreign lines
during the year, which condition was aided m aterially by tho
purchase of 500 new box cars in November 1915, and by rea­
son of lesser detention of foreign cars on your lino during
tho year.
Thero is charged to tho year’s incomo $100,237 04 for dis­
count, etc., on securities.
D uring the year tho acquisition of tho railroad and other
property of tho Des Moines & F o rt Dodge Railroad Com­
pany, to which reference was mado in the last annual report,
was consummated, and in accordance w ith tho terms of tho
contract of purchase, thero was issued to the Des Moines &
F o rt Dodge Railroad Company, $2,141,550 00 par value,
common stock, and $381,750 00 par value, preferred stock.
As a result of this purchase, there was an increase in tho
capital stock issuo of your company; however, tho consoli­
dation resulted in a decreaso in tho to ta l capitalization of the
two companies of $2,523,300 00.

1,116,265 47

Freight Traffic:
Tons o f revenue freight
ca rr ie d _____________ '
Tons o f rovenuo freight

6,903.594 08 + 118,504 39

3.699,414 04

3,208,381 06 + 491,032 98 15.30

6,194,332
1,023,687.789

T on miles per mile o f
621.747
r o a d ________________
Rovenuo from freight
$4,959 74
per mile o f road_____
Revenue from freight
2 77
per revenue train mile
Averago rovenuo per ton
.798 cents
per m ile______
1 165.26 miles
Passenger T raffic:
Passengers carried-------Passengers carriod ono

5,901,775

+ 292,557

957,544,100 + 66,143,689

4.96
6.91

581,574

+40.173

6.91

$4,625 07

+ $334 67

7.24

2 46
.795 conts
162.25 miles

+ .31 12.60
.38

+ .003 conts
+ 3.0 1 miles

1.86

2,544,856

2,574,797

— 29.941

1.16

92.672,422

93,386,570

— 714.148

.76

♦Rovenuo from passen
ger trains per milo o f
$1,470 60
+ $19 63
$1,490 23
road
Revenue from passonger
trains per revenue
1 00
+ . 0 2 cents
1 02
train mile___________
Averago revonuo per
2.105 cents
2.058 cents + .0 4 7 cents
passenger per m ile—
36.42 miles 36.27 miles
+ . 1 5 miles
Averago distance carried
♦Exclusive o f distance between Oskaloosa and Des M oines.

1.33
2 .0 0

2.28
.41

2163

THE CHRONICLE

Dec 9 1916.]
GENERAL.

The gross revenues for tho yoar were $10,721,512 51,
being an increase of 6.03 per cent as compared with the pre­
ceding year, and were the largest in the history of tho com­
pany. After deducting operating expenses, taxes and fixed
charges there remained a net income of $652,245 44.
Tho general business conditions in tho territory served
by your Company for tho year ended June 30 1916 were
much better than tho previous year and with the exception
of a partial failure of the corn crop tho grain crops were much
better. The partial failure of tho corn crop resulted in a de­
crease in tonnage, loaded on the lino, which, howover, was
moro than offset by a heavy increase in traffic received from
connecting lines. Tho through traffic via tho Peoria Gateway
showed a very material increase and there was also an in­
crease in tonnage received from all principal connections.
During the year 5 new superheater Mikado freight loco­
motives and 500 new steel frame box cars of 40-ton capacity
wore added to the equipment. 19 consolidation type loco­
motives were provided with suporhoaters. 107 locomotives
received heavy repairs and improvements and 2,157 freight
cars received general overhauling and improvements.
As compared with tho previous year there was a decrease
of $30,434 95 in payment of freight claims for loss and dam­
age charged to operations; this reflects the result of centraliz­
ing and strengthening tho freight claims bureau, thus in­
creasing its supervision and efficiency for tho application
of corrective measures to transportation defects.
Notwithstanding that there was an increase in freight
revenue of $551,011 81, thero was a decrease in hire of equip­
ment net payments for tho year of $38,203 02; this resulted
from an increase in tho number of homo cars loaded to
foreign lines, aided materially by tho addition of 500 now
box cars to your equipment and tho lossor detention of for­
eign cars on your lino.
.
.
During the year tho Company reduced its serial note
obligations and bills payable $62,301 00, and at tho close
of the fiscal year these obligations amounted to $ 4 ,499 ,-

250 00, against which the Company had available bonds in
par value of $7,534,000 00.
In pursuance of the authority duly conferred by vote of
its shareholders, your Company entered into an agreement
of consolidation with Iowa Central & Western Railway
Company to become effective with the close of the fiscal
year as of July 1 1916, when your Company ceased its exist­
ence as an operating Company.
The money raised as provided in the Consolidation Agree­
ment has been applied since the close of the fiscal year to
the retirement of the $2,500,000 00 of Tw o-Year Gold
Notes of the Company, and also for the retirement of all
outstanding bills payable and the reduction of the outstand­
ing accounts payable to a normal condition, leaving a
balance of approximately $500,000 for working capital.
Your management is especially pleased with tho hearty
approval which was given the Consolidation Plan, the
holders of more than 9 0 % of both tho preferred and com­
mon stock having given their approval thereto, and at the
stockholders’ meeting only 200 shares having been voted
against it.
The new Company enters upon its operation with bright
prospects. B y the discharge of the Gold Notes and bills
payable, fixed charges in the way of interest have been re­
duced more than $200,000 00 per annum, and it is confi­
dently hoped that an era of financial prosperity is at hand.
The business prospects for the current fiscal year are
exceptionally good and while thero will be a very heavy
decrease in tho tonnage of wheat harvested along your
lines, this should be offset by the increased yield in the corn
crop harvested.
The following tables are submitted, showing the financial
condition and transactions of the Company for the year.
The thanks of tho Board are due to the officers and enployees of the Company for their faithful services rendered
during the year just closed.
B y order of tho Board of Directors,
N E W M A N E R B , P resid en t.
June 30 1916.

C A P IT A L ASSETS:
Cost o f R oad, Franchises, & c__________
Equipm ent --------------------------------------------Less roservo for accrued depreciation.

S9.330.525 09
725,299 05

Securities Owned and Pledged:
Securities of propriotary, affiliated and controlled com panies, pledged.
Miscellaneous securities...................................................................................
Total capital assots.................. ................... ....
W O R K IN G ASSETS:
Cash in bank and on hand............ .......................................................................
Agents and conductors------------------------------------------------------------------- _ _
Individuals and com panios..... .................................................... _
.
U. S. Post O ffice D epartm ent......................................................................_I.
Loans and bills receivable____________________________________
~
Material and suppllos-----------------------------------------------------------------------I I I *
Deposit with Empire Trust C o ., Trustoo, for purchase o f other property!
T ra ffic and Car Servico— Balanco_______________________________

$58,110,228 88
8,605,226 04

Total deferred assots__________________________________________________
U N A D JU S T E D D E B IT S :
Miscellaneous deferred charges__________________________________________
Unextinguislicd discount on securities sold ______________ j ______________

91
22
24
82
00

$111,148
4,084
11,253
19,422
50,000

+ S295.708 77

— $29,508
— 580
— 3,066
+ 2 ,3 3 6
+ 5 ,0 0 0

51
98
04
66
00
195,909 19

68
44
58
88
33
53
80
55

60
76
80
16
00

— $25,820 00
+ 8 ,4 7 7 05
+ 2.7 00 ,7 1 4 00

$20,267 71
1,362,335 SO
4,074,840 46

1.382,603 51 + S 2 ,692,236 95

S74.096.546 46

$68,635,225 47 + $5,46 1 ,3 2 0 99

$16,385,500 60
6,264,770 98

$15,205,790 00
5.833.060 00
S22.650.271 58

$950 .000
1.382 ,000
5,282 .000
13,244 .000
1,188 ,750
11.620 ,000
2,500 ,000
7,650 ,094
7,156 .000
3,072 000

$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
00
00
00
91
00
00

$50,405,844 91
46.510.650 79 7,617,472 32

$320,403 11
484,221 66

______
T otal accrued liabilities____
U N A D JU S T E D C R E D IT S :
.......................
..........
Operating and other reserves-----------------------------------------Miscellaneous deferred credits................ H I ...........................................

$269,797 82
2,458 80

+$231,000 00
+ 336,000 00

+ 3,0 72 .0 0 0 00
+ $3 ,639,000 00
42,788,372 59 +$3,722,278 20
$63,827,222 59 +$5,333,699 78

$1,103,800
891,965
275.832
48,847
790,714
99,765
429,447

00
77
62
45
58
18
86

$21,038,850 00 + $1,611,421 58

00
00
00
00
00
00
00
91
00

$69,160,922 37
*810,500
1,233,214
327,421
62.208
263,947
131,176
371.703

Total working liabilities
A C C R U E D L IA B IL IT IE S N O T D U E :
Taxes accrued______ _______________
Unmaturcd interest a c c r u e d .I I I I




1,562,142 52

170.089 19

$54,044,S44 91
Less— Refunding and Extension 5 % Bonds hold b y or for Com pany
7.534.194 12

Total liabilities.

+582,211 05

— $36,719
+ 87,441
+ 1,178
+497
— 4,937
+ 108,383
+ 113,780
+ 2 6 .08 3

53
41
63
77
48
29

1,857,851 29

T otal unadjusted debits.

T otal unadjusted credits.........................................................................
P R O F IT A N D LOSS— Balanco— unappropriated surplus.............................
Less: Adjustments recommended by auditors to be charged to this ac­
count, held in abeyance pending approval of disposition (as required) by
Inter-State Commerce Commission, all of tohich pertain to transactions
of prior years_______________________________________________________

8,023,014 99

103,349 41

$11,790 66
4,063,049 80

Total capital liabilities.
W O IIK IN G L IA B IL IT IE S :
Bills payablo_______________________
Audited vouchers___________________
Unpaid w a g o s..
______
Agents’ dra fts_____ I _ I _ _ _ _ ________
M iscellaneous accounts payablo____
M atured interest unpaid
_
T ra ffic and car service—'b a la n c o l..

$54,952,941 40 +$3,157,287 48

$65,494,570 25 + $2,499,195 27
$203,139
310,757
474.754
17,225
74,722
378.193

85
85
21
65.
15
82
80
96

+ Increase or
— Decrease.

1,771,678 30 — 1,113,078 26
— 127,225 00
746,935 56

$67,993,765 52
$166,419
398,198
475,933
17.723
69,785
486,576
113,780
129.432

$81,639
3,504
8.1S6
21.758
55.000

M ortgaged, Bonded and Secured D obt:
M erriam Junction & A lbort Lea, 7 % , duo 1927___________________
Pacific Extension. 6 % , duo 1921__________________________________
First Consolidated, 5 % , duo 1934___________________________ . . . . .
First and Refunding, 4 % , duo 1949....................................... *________
Equipm ent Trust N otes___________________________________________
Refunding and Extension, 5 % , duo 1962_________ ____
..
T w o-Y ear G old N otes, 6 % , duo 1916.....................................................
First M ortgage, 5 % . duo 1938, Iow a C ity Ity. C o _______________
First and R efunding, 4 % , duo 1951, Iowa C ity R y . C o __________
First M ortgage, 4 % , duo 1935, D . M . & F t. I). ItR . C o ..................

,677,772 40
654,757 41

658,600 04
619,710 56

Total working assots___________________________________
(Bonds available for sale, $2,034,194 12. are deducted from'liabilities'
contra, see Table 7, Pamphlet Report.)
D E F E R R E D ASSETS:
Unadjusted freight claim s_______________________________________________
Insurance premiums paid in advanco______________________________ I I I "
W orking funds and advances__________________________________________ II
Operation o f ballast pits_________________________________________________
Estim ato forwarded interline freight unsettled_________________________

Total assets_____________________________
C A P IT A L L IA B IL IT IE S :
Capital Stock, Excluding Stock in Treasury:
C om m on___________________________________
P re fe r r e d __________________________________

June 30 1915.

98
36
75
60
33
18
81

3.200,172 46

— $293,300
+ 341,249
+ 5 1 .5 8 8
+ 13,360
— 526,766
+ 31,411
— 57,743
3.640.374 01

810,624 92

272,256 62

658,570 24
$74,096,546 46

-S6.000 15
— $34,549 76
— 768 33

$304,347 58
3,227 13

658,570 24

— $440,201 55
— S5.135 58
— 864 57

$325,538 69
485,086 23
804,624 77

98
41
87
85
75
00
95

307,574 71

— $35,318 09

49,429 24

+$609,141 00

289,880 72

240,451 48

$68,635,225 47 +$5.461.320 99

216*

THE CHRONICLE

(Vol 103.

U. S. Industrial Alcohol Co.— G u a r a n t y .—

Cxmiiiievdal

See Distillers’ Securities C orp. above.— V . 103, p. 417.

Utah Copper Co.— D i v i d e n d

I n c r e a s e d .—■

A quarterly dividend o f 25% has been declared on tho $16,244,900 stock
along w ith an extra div. o f 10% , both payable D ec. 30 to holders o f record
D ec. 15. In June and Sept, last $1 50 regular and $1 50 extra was paid.
— V. 103, p. 1797, 584.

Valentine & Co., New York.— C a p ita l

I n c r e a s e .—

T he shareholders will vote D ec. 18 upon a proposition to increase tho
capital stock from 81,250,000, consisting o f 12,500 shares, par $100, to
$1,750,000, consisting o f 17,500 shares, par 8100.
N . T . Pulsifer is President and A . L . Phillips is Secretary.

Velie Motor Corporation.— S u c c e s s o r

C o m p a n y .—

A press report says that tho Velio M otor Vehicle C o. and tho Voile
Engineering C o ., Chicago, havo been consolidated, form ing the Velie M otor
C orporation, with a capitalization o f $2,000,000.

Westinghouse Electric & Mfg. Co.— A d d i t i o n s — F i n a n c ­
i n g .—

Chairman Guy E . Tripp has authorized the following:

A m eeting o f tho directors will be held soon for the purpose o f determin­
ing tho advisability o f imm ediately beginning the construction and equip­
ment o f additional works at Esslngton, Pa. This has been under consid­
eration for a long tim e, and it is posslblo they will also approvo a plan for
perm anently financing tho expenditure. A statement in the daily press
that the com pany contem plates an issue o f $5,000,000 could not be con­
firm ed.— V . 103, p. 1797, 1216.

Weyman-Bruton Co.— E x tr a C o m m o n D i v i d e n d . — An
extra dividend of 4 % has been declared on the $4,600,000
common stock along with the regular quarterly 3 % on the
common and l % % on the pref., all payable Jan. 2 to holders
of record D ec. 16. In 1916 extra payments of 1 0 % and 4 %
were made in Jan. and July.— V . 102, p. 2172.
(F. W.) Woolworth Co., New York.— T o ta l

S a l e s .—

1916—-November— 1915.
Increase.1 1916-11 Months-1015.
Increase.
$7,671,904
$6,746,441
8025,463(873,449.946 863,778,130 $9,671,807
During tho year tho com pany opened 117 additional stores; total to
dato, 925 stores; tho largest number o f stores opened in ono year.
T he old stores show a gain o f $526,014 for N ovem ber and $5,725,218 for
11 m onths ondlng N ov . 30 1916.— V. 103, p. 1797, 1432.

Wright-Martin Aircraft Corp.— S y n d ic a te

D i s s o l v e d .—

The managers o f tho syndicate which underwrote tho stock of this
com pany give notice that tho syndicate has been dissolved. Seo V . 103,
1987, 1894.
C U R R E N T NOTICE.
— P . Victor M organ, Vice-President o f the East San D iego Stato B ank,
o f San D iego, C al., has becom e associated with tho investment banking
concern o f Stephens & C o. o f S a n D io g o , as Secretary and General M ana­
ger, M r. M organ, previous to organizing tho East San Diego Stato Bank,
was Assistant Cashier o f tho Southern Trust & Savings Bank o f San D iego.
As Vice-President o f tho East San Dlogo State Bank ho will retain his
Interest in tho institution. Tho headquarters o f Stephens & C o. in tho
Union Building, San D iego, havo recently undergone oxtensive im prove­
ments. Negotiations havo rccontly been closed b y tho com pany for the
opening o f a branch office in Las A.ngeles. Branch offices are now in opera­
tion at San Francisco and H otel del C oronado. G . C . Stephens is Presi­
dent o f tho com pany, which doos a general investment business in tho pur­
chase and sale o f bonds and also conducts a brokerage dopartm ont, with
private telegraph wires to the principal Eastern financial centres.
— In their regular weekly page advertisement the firm o f John Nickerson
Jr. o f N ow Y ork , St. Louis and B oston, emphasizes tho market standing o f
P acific Gas & E lectric C o. com m on stock which yields at|presont market
quotation about 7.40 on tho investment. T ho bankers stato that this
com pany has over S19.000.000 gross earnings, an averago annual increase
In gross in an eight-year period o f ovor $950,000, its customers aro over
400,000. It is tho opinion o f the firm that the stock o f a com pany having
such a stablo business, operating in a very prosperous territory, should
havo a largo future before it. W rito John Nickerson J r., for series o f
letters describing various phasos o f this com pany’s business.
— H aving sold the greater part o f $16,000,000 Bethlehem Steol C o.
Purchaso M on oy and Im provem ent M ortgage 5 % 20-year Sinking Fund
bonds, Clark, D odge & C o ., Brown Brothers & C o ., E . \V. Clark & C o.
and E . Lowber Stokes aro join tly offering b y advertisement on anothor
page the balance at 100 H and interest, to yield about 4 .9 6 % .
— In our advertising columns to-day W hite & C o .. 11 Pino S t., this city ,
aro offering for salo a limited amount o f Federal D yestu ff & Chomical
Corporation com m on stock (voting trust certificates) at $50 per share.
For full particulars o f this property refer to tho banker’s advertisement
and our General Investment Nows Departm ent.
— A ll tho bonds having been sold. W illiam Salomon & C o. o f this city
and Chicago, and G . H . W alker & C o. o f St. Louis, aro advertising in tho
"C h roniclo” as a matter o f record only, their joint offering o f $1,500,000
N ow Orleans Texas & M exico R y . C o. first m ortgago 6 % bonds, duo
O ct. 1 1925 at 99 and interest.
— S. W . Straus & C o., In c., are offering a block o f $125,000 First M tgo.
6 % serial bonds o f tho Kaufmann Departm ent Stores’ (Pittsburgh), matureIng D ec. 1924-25, at 101 and in t., to net about 5 7 % . Those bonds aro
A
part o f an issue o f $1,500,000 underwritten and sold by S. W . Straus & Co.
in 1913. Seo V. 97, p. 1737.
— Am ong our page advertisements this weok A . B . Leach & C o. aro
offering to the invostor United Fuel Gas C o. First M ortgage 6 % 20-year
sinking fund bonds, duo Jan. 1 1936 at 101 and accrued interest, yielding
5 .9 0 % . T he attractive features o f this offering aro fully described in tho
advertisement.
— For record purposes on ly , M ichaeiis & C o ., 61 B roadway, this city,
and W idener B ld g., Philadelphia, aro publishing in the "C h roniclo” tho
particulars o f the preferred stock offering o f Smith M otor Truck C orpora­
tion for which they received subscriptions this week.
— A t 96 and interest, to yield about 7 % , tho Duquosno Bond Corporation
and M egargle & C o. aro offering for investment $1,000,000 Premier M otor
Corporation 5-year 6 % convertible secured notes, duo N ov . 1 1921. See
to -d a y ’s advertisement for dotaiis.
— Tho N ational C ity Com pany and Guaranty Trust C o. o f this city
aro advertising in this issue their join t offering o f Seaboard Air Lino Rail­
w ay C o. first and Consolidated 6 % mortgago bonds, Series A , due Sopt. 1
1945, at 99H .and interest.
— Joseph & W iener, 25 Broad S t., Now Y ork , beg to announce that
Louis Lovonson, form erly o f John J. Levenson, is now associated with them
as Manager o f their Bond Department.
— Earle A . M iller & C o. have m oved their offices from 40 W all St. to
111 B roadway.




C O M M E R C IA L E P IT O M E
F r id a y N i g h t , D e c . 8 1916.
Trade is still on a scale that taxes the productive'rosources
of the country. The holiday business is noticeably large.
The demand for steel continues enormous. Europe is buy­
ing all kinds of steel material on an unexampled scale. Ship­
yards aro pushed with orders, many of them for 1918 deliv­
ery. W ool is higher, with a pressing demand the world over,
and the Australian supply requisitioned by the British G ov­
ernment. Lumber is in good demand and the trade would
be larger if the scarcity of railroad transportation wero not
a bar. The boot and shoo trade is very active, despite the
higher prices due to scarcity of leather. Jobbers and whole­
salers are doing a phenomenal trade in an endless list of arti­
cles at very profitable prices. On tho other hand, mild
weather still unfavorably affects retail trade at tho YVest
and North. Boycotts in some parts of tho country have been
aimed at eggs, butter, poultry and sugar. Official investi­
gations of food prices are also under way bore and there.
Railroad embargoes east of Chicago naturally retard tho
movoment of merchandise, especially of heavy goods and raw
materials. The car shortage is still severe. Textiles in
some parts of the country aro selling rather loss I’eadily.
The high cost of living is a matter of genoral complaint, and
it may sooner or later cause lessenod purchases of somo kinds
of merchandise. Some interior dealers are heavily stocked
with goods. Finally, rates for monoy havo advanced. A
declino of over 810 a bale within ton days has occurred in
cotton. The ministerial crisis in England and higher rates
for money, as well as the revival of tho “ Arabia” case, have
had more or less effect on some commodities, not to spoak
of tho railroad embargoes, high ocean freights, advancing
marine risks, and the fear of submarines. Novortholoss, the
general feeling in this country continues to be optimistic.

STOC KS OF M E R C H A N D IS E IN N E W Y O R K .
Dec. 1 1916. Nov. 1 1916. Dec. 1 1915.
C offoo, Brazil________ ................bags. 1,270,234
986,906
1,343,456
C offeo, Java_________ ________ m ats.
27,416
29,276
62,071
C offeo, other________ _________bags. 604,290
397,817
636,460
S u ga r..
................hh ds.
15,456
17,053
16,280
H id e s..
............... . N o .
22,700
18,000
182,098
C otton .
________ bales. 143,842
109,453
298,398
Manila hem p________
5,813
3,662
1,040
................b b ls.
F lo u r ..
42,700
53,800
26,900

L A R D lower; prime Western, 16.90c.; rofinod to tho Conti­
nent, 18c.; South America, 18.50c.; Brazil, 19.50c. Futures
advanced on good buying by commission houses and higher
prices for hogs. Some time sinco the Bolgium Committee
bought some 15,000,000 lbs., which was not reported until
last M onday. Exports of lard for the weok aro notably
large. To-day prices declined and the final not changes for
the week are slight. Closing quotations wore as follows:
D A IL Y C L O S IN G P R IC E S
Sat.
Docomber d e liv e ry .cts. 16.70
January delivery............16.12
M a y delivery...................15.87

OF L A R D F U T U R E S IN C H IC A G O .
Mon.
Tues.
Wed.
Thurs.
Fri.
16.72
16.75 16.77
16.37
16.27
16.10
16.20 16.45
16.07
15.95
15.85
16.02 16.37
16.10
15.92

P O R K steady; mess, 831 5 0 @ 8 3 2 ; clear, 8 3 0 @ 8 3 2 . Beef
products steady; mess, 8 2 3 @ 8 2 3 50; extra India moss, 8 3 8 @
840. Cut meats quiet; pickled hams, 10 to 20 lbs., 17
18J4c.; pickled bellies, 15 3^ @ 16c. Butter creamery, 3 4 @
4 0 x 2d. Cheese, State, 2 0 3 ^ @ 2 5 )^c. Eggs, fresh, 2 7 @ 5 0 c .
/
C O FFEE dull; N o . 7 Rio, 9J4c.; N o . 4 Santos, 10
lO ^ c .; fair to good Cuouta, 11 l @ 1 1 Me. Futures have
A
fluctuated within very narrow limits advancing and thon
sagging. Europe has beon buying and thoro is more peace
talk both in Berlin and in London. Cotton Exchango houses
buy from time to time on peace possibilities and tho conse­
quent oponing up of business with thoContral Empires. But
the trado has beon selling against purchases in Brazil. Also
tho visible supply gained 492,164 bags in November, against
a decrease in the same month last year of 32,319 bags. The
total, it is true, is only 10,111,401 bags, against 10,619,237
a year ago, but trade is dull. To-day prices ended 6 to 9
points lower, and thoro is a net decline for tho week. Brazil­
ian advices were not stimulating. Pricos follow:
Decombercts .7.93 (
J a n u a ry ____ 8.021
F e b ru a ry ___8.110
M arch______ 8.200

>7.96
)8.03
>8.12
>8.21

Ap r il.. . cts.8 .2 8@ 8 .2 9 I August . . cts8.58 @ 8 .59
Ap
Ma y _______8 .3 5 @ 8 .3 0 1Septem ber __8 .6 4 @ 8 .6 5
a
J u n e .............8 .4 4 @ 8 .4 5 O ctober........... 8.69058.70
July............... 8 .5 2 @ 8 .5 3 I N ovom bor___ 8 .7 4 @ 8 .7 5

SU G A R dull, with granulated lower; centrifugal, 96 de­
grees test, 5.64c.; molasses, 89 degrees tost, 4.87c.; granulated
7.20c. Futures advanced slightly and thon recoded. Granu­
lated has declined and refiners have beon but sparing pur­
chasers of raw.
On the other hand, thoro has boen some
export demand, stocks in Cuba aro small, and tho Atlantio
ports hold only 82,788 tons, against 106,254 tons in 1914.
But tho slowness of trade in granulated has offset anything
bullish in the situation. To-day pricos advanced and the
ending was close to the final quotations of a week ago, dospite
reports of large sales of March against actual sugar. Prices
were as follows:
D ocem b ercts.4 .7 3 @ 4 .7 5 ! A p ril____ eta.4.05 @ 4.07
J a n u a ry ____ 4 .3 3 @ 4 .3 t ! M a y _______ 4 .0 8 @ 4 .10
F e b ru a ry ___4 .0 8 @ 4 .1 0 J u n o _______ 4.11 @ 4.13
M arch______ 4.03 @ 4 .0 5 1Ju ly_________4.15 @ 4 .1 7

August -.c t s 4 .1 8 @ 4 20
Soptomber _ _ 4 .2 0 @ 4 .2 2
O ctob er......... 4 22 @ 4 24
N ovom bor___4.23 @ 4 .2 5

O IL S.— Linseed quiet and lower early in tho week; later
in better demand and higher, due to an advance in flaxseed
at Duluth, only to become quiet again dospito higher Argontine cables. City, raw, American seed, 9 5 @ 9 8 o .; city,
boiled, American seed, 9 6 @ 9 9 c .; Calcutta, 81 15. Lard,
prime, 81 3 0 @ 8 1 35. Cocoanut, Cochin, 1 6 @ 1 7 c .; Ceylon

Dec. 9 1916.)

Corn, 12 3^ @ 13c .; Palm, Lagos, 1 2 H @ 1 2 % c .
Soya bean higher at 12@ 12J^c. Pish oils firm; Cod domes­
tic, 75@7Gc. Spirits of turpentine, 53c. Strained rosin,
common to good, $6 70. Cottonseed oil on the spot, 12.60c.
To-day cottonseed oil futures closed as follows :
D ec_ cts 12.70@ 12.74 I M a rch .cts. 12.50( 12 52 June . . c t s . l 2 .5 9 @ 1 2 .6 2
_
January .. 1 2 .6 0 @ 12.61 A p r il..........12.52C. 12.55 J u ly ............12.6 2 @ 12.63
F eb ru a ry ..12.54@ 12.56 I M a y -------- 12.58 @ 12.59

P E T R O L E U M stronger; refined in barrels, $8 6 5 @ $ 9 65;
bulk, $4 5 0 @ $ 5 50; cases, $10 7 5 @ $ 1 1 75. Naphtha, 73 to
76 degrees, in 100-gallon drums, and over, 4 0 ^ o . Gasoline
continues in active demand; motor gasoline in steel barrels
to garages, 22c., to consumers 24c.; gasoline, gas machine,
steel, 37c.; 73 to 76 degrees, steel and wood, 3 1 @ 3 4 c .;
68 to 70 degrees, 2 8 @ 3 1 c . Pennsylvania crude oil advanced
15 cents a barrel to a new high level. Other Eastern well
prices have been advanced 10 cents except Ragland, which
was advanced 5 cents. Texas crude has also advanced.
Machine gasoline in steel barrels advanced three cents.
Gasolino is reported to have been advanced one cent at the
W est. It is said that California’s oil production this year
will reach 93,000,000 barrels, or more than 2,000,000 barrels
over last year. Refined potroleum for export has advanced.
Field work has been active, especially in Kentucky. New
production has shown little gain. Closing prices wero as
follows:
Pennsylvania dark $2 75 N orth Lim a----------$1 48
Cabell
2 17 South Lim a______ 1 48
In d ia n a ........... 1 33
Mercer ---- '
black-------- 2 " 20
Now Gastlo______ 2 20 Princeton_________ 1 52
C o rn in g ___________ 2 10 Somerset, 32 d e g .. 2 20
05
W ooster__________ 1 70 Ragland__________
T hrall...................... 1 00 Electra___________ l 0 1
___________________ 1 00
M o r a n ______ 1 0C
Strawn___________ _
D o S oto__________
901 Plym outh_________ 1 08

Illinois, a bove 30
degrees................. $1 52
Kansas and Okla­
hom a.................... 1 00
Caddo L a ., lig h t .. 1 00
Caddo L a ., h e a v y .
75
Canada----------------- 1 88
California oil____ 7 3@ 8 2
Henrietta_________ 1 00

T O B A C C O as a rule has been quiot but at the same time
it has continued firm. For it is conceded that the consump­
tion is largo and supplies far from burdensome. In such
circumstances there are not wanting those who boliovo that
prices must move to a higher level. Sumatra meets with an
uninterrupted demand and the actual business would be
larger but for the fact that supplies hero aro as a rulo not of
a very attractive quality. Cuban leaf is in brisk demand
and firm.
C O P P E R strong, with a steady domestic demand. Lake
hero on the spot 35c.; electrolytic, 35c.; for future delivery
3 0 J ^ @ 3 1 H c . Standard at London advanced early but has
latterly declined. Tin quiet and lower on the spot at 4 3 ^gc.,
due to an increase in the visible supply. The demand from
consumers has been very small. The total visible supply on
D ec. 1 was 21,186 tons, against 17,415 tons on N ov . 1, show­
ing an increase of 3,771 tons. A leading factor was the ship­
ments of Banka tin amounting to 4,276 tons, in Novoinber,
against 2,194 tons in October. London and Singapore have
declined. The arrivals thus far this month aro 215 tons;
afloat, 6,553 tons. Spelter weak and lower on the spot at
1 1 M @ 1 1 K c . Second hands have beon good sobers. There
has been considerable liquidation by speculative interests.
London has latterly declined. Lead higher and scarce on the
spot at 7 .7 5 @ 8 c .
There is a coal strike in Australia. If it is
protracted it is feared it may endanger England’s supply of
lead and compel her to buy in this market. Pig iron in
good demand and strong. Europe has been inquiring for
Bessemer iron. The domestic demand is not quito so ur­
gent. Little Southern iron can bo had for the first half of
1917. M ost of the business in foundry iron is for the last
half of 1917. N o. 2 Northern, $28 5 0 @ $ 2 9 50; N o . 2 South­
ern, $ 2 3 @ $ 2 5 , Birmingham. Steel continues in sharp de­
mand with prices tending upward. Oil country goods are
$4 a ton higher. The demand for rails is brisk. Some re­
ports say that the mail orders in this month may reach a
total of 1,000,000 tons. The call for locomotives is unabated,
partly from Russia. American plate millsaro receiving large
orders for shipbuilding. Iron bars aro $5 a ton higher. The
Allies aro still giving out very largo orders for 1917.

The following shows the week’s total receipts, the tota
since Aug. 1 1916 and tho stocks to-night, compared with
last year:

COTTON
F rid a y N ig h t, D e c . 8 1916.

T H E M O V E M E N T OF T IIE C R O P , as indicated by our
telegrams from tho South to-night, is given below. For the
week ending this evening tho total receipts have reached
242,504 bales, against 239,911 bales last week and 240,082
bales tho previous week, making the total receipts since
Aug. 1 1916 4,126,678 bales, against 3,402,627 balos for tho
satno period of 19115, showing an increase since Aug. 1 1916
of 724,051 bales.

G alveston.
Texas C ity -------P ort Arthur-----Aransas Pass,&c.
N ow Orleans
M obilo__________
P en sa cola ______
Jacksonville, &c_
Savannah ..
1
Charleston .
W ilm ington
N o rfolk _________
N ’port News, &c.
New Y ork ______
B oston__________
Haltlm oro_______
Philadelphia____

21,721

AIon.
8,903

Tues.

Wed.

Thurs.

Fri.

Total.

21,857
6,965

15,961

11,640

13,081

93,163
6,965

—

11,313
503

8', 760
263

18',571
1,550

4', 131
866

4,247
504

91803
2,168
255
1,714

4,653
1,352
272
3,711

5JH3
1,441
202
2,630

6,391
772
229
3.247

2,050
1,117
175
5.021

*702
131

"200
536

” 738
100

4,417

288
1,005

48,310

28,650

59,667

36,014

26,707

______

—

5,341
4,377
370

5l34 l
51,399
4,056

1,800
l'.SOO
5,835 34,945
4,500
4,500
1.136
7,986
233
1,366
3,696 20,019
193
2,121
348
6,597
2,246
2.246

______




43,156^242,504

1916.

G a lv e s to n ______
Texas C ity ______
Port A rthur_____
Aransas Pass, & c.
New Orleans____
M o b ile --------------Pensacola_______
Jacksonville, &c.
Savannah_______
B run sw ick______
Charleston______
G eorgetown_____
W ilm ington_____
N o r f o l k ________
N ’port News, &c.
New Y o rk ______
B o s t o n __________
B altim ore_______
P h ila d elp h ia ____

1915.

This Since Aug
Week.
1 1916.

Receipts to
Dec. 8.

This Since Aug
Week.
1 1915.

1916.

1915.

430,218
49,970

137,381
21,035

445,690
21,132

” 5*327
374,714
24,395

7,512
219,561
6,000
80,620

' 2“ 96 2
227,589
9,500
100,034

46,898
101,513

47'516
124,028

142,510
8,274
8,505
1,604

93,163 1,562,008 94,814 1,158,324
6.965
184,853
166,692
7,487
19,591
8,000
16,543
5',341
27,406
923
55,257
51,399 907.777 54,372 624,828
4,056
64,556
3,813
50,041
16,670
4,757
27,407
l'.SOO
1,140
38,485
24,715
34,945 645.777 33,919 593,854
3,000
4.500
69,000
44,000
7,856
7.986
123,005
174,795
45
74,024
5,196
132,782
1,366
20,019 310.570 25,283
282,974
22,475
8,786 11,645
272
3,712
17,535
2 'l 2 i
2,070
37,177
7,760
6,597
1,182
15,705
2,246
18,058
8
1.400
718

303', 162
10,483
7,433
2,596

T o ta ls................ 242,504 4,126,678 265,737 3,402,627 1,570,007 1,578,149

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at—•

1915.

1916.

G a lv e s to n ___
Texas CIty,&c
N ow Orleans _

93,163
12,306
51,399
4,056
34,945
4,500
7.986
1.366
20,019

1914.

1913.

1912.

1911.

126,679
11,013
68,854
7.328
84,528
9,000
19,549
6,857
19,955
9,468
7,227

36,418
15,362
81,171
19,103
52,983
4,500
16,424
14,802
28,808
4,589
17,170

155,494
36,671
64,780
6,992
41,210
8,500
9,257
9,945
19,879
4,923
22,551

126,569
35,510
76,248
17,966
75.719
750
16,872
28,633
29,515
3.104
24,271

370,458

291,330

380,202

435,157

Savannah ___
B runswick___
Charleston,&c
W ilm in g to n ..
N o r fo lk _____
N ’port N .,& c.
All others____

"l2". 764

94,814
16,410
54,372
3,813
33,919
3,000
7,856
5,196
25,283
11,645
9,429

T otal this wk.

242,504

265,737

Since A ug. 1. 4,126,678 3,402,627 3,391,817 6,195,323 6,429,429 6,512,733

The exports for the week ending this evening reach a total
of 128,923 bales, of which 69,265 wero to Great Britain,
6,816 to France and 52,842 to the rest of the Continent.
Exports for the week and since Aug. 1 1916 are as follows:

Exports
from—

Week ending Dec. 1 1916.
Exported to—
Great
Britain. France. Other.

Galveston.. 15,594
----3,500
Texas City.
___ j ____
Port Arthur
NcwOrleans 23,639 6,106 13,681
___
M obile___
_ „ __I
Pensacola..
Savannah.. 3,922;
----800
Brunswick . 7,754
___ | ____
Charleston.
Wilmington
--------9,850
Norfolk___
___
710
___
N'p’t News.
New York. 8,418
----5,694
Boston___
4,709
----128
Baltimore..
1,189
— ; ----Phlladel’a .. 4,040
----300
San Fran..
.................... 18,889
Seattle___
___
___
___
T acom a__
Total___

69,265

Total.
19,094
43,426
4,722
7,754
9,850
710
14,112
4,837
1,189
4,340
18,889
___
—

From Aug. 1 1916 to Dec. 8 1916.
Exported to—
Great
Britain.
525,865
34,840
19,522
280,509
34,700
21,908
76,481
58,944
4,505
5,000
26,627
63
108,977
21,963
71,608
17,992

6,816 52,842 128,923 1,309,570

Total 1915. 45,620 14,326 43,561 103,507
Total 1914. 128,949' 5,809129,586 264,344

785,726
829,274

France.
63,637
79.51C
88,257
59,939
19,355
16,816
61,840

Other.

Total.

211,5661 801,068
23,625 137,975
19,522
119,912 488,678
400
35,106
21,968
58,866! 195,220
58,944
1 ,666:
5,505
56,381
80,736
44,743
1,300
63
155,922 326,937
914
22,877
1,000
72,608
2,440
20,432
100,628 100,628
118,576 118,576
54,829
54,829

389,354

907,2932,606,217

331,145
81,956

844,4871,961,358
827,9871,739,217

Note.— Exports from New York Include 60 bales Peruvian to Havre and 895 bales
West Indian to Liverpool.

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. W e add similar figures for
Now York.
On Shipboard, Not Cleared for—
Dec.8 at —

Sat.

2165

THE CHRONICLE

Now O rlea n s..
Galveston . .
Savannah _.
Charleston___
M o b ilo ______
N orfolk . . .
New Y o r k . .
Other p orts___

Ger
Great
Britain. France. many.
4,869
66.785
3,500
11,597
1,500
0,000

T otal 1910 . 94,251
T otal 1915.. 48,798
T otal 1914. - 114,142

—

30,023
9,970
34,781

—

Coast­
wise.

11,861
25,438
1,700
2,000

3.967
2G.056

Other
ConVt.

825 21,522
15,000 133,279
4,200
9,400
____
2,000
____ 11,597
1,068
1,068
...
5,500
-----88,00

4,000
2,000

46,999
100 55,642
1 ,268 130,903

Total.

Leaving
Stock.
424,168
296,939
210,161
7S.620
9,535
101,445
137,010
120,763

21,093 192,366 1.377,641
21,943 139,453 1,438,696
31,869 322.951 982.751

Speculation in cotton for future delivery was less active
for a time, but to-day reached large proportions at decidedly
lower prices. To-day’s ginning report and a big drop in
Liverpool were the chief factors. The ginning was larger
than expected. A t one time during the week prices declined
owing to a sudden rise in money rates. Talk to the effect
that there might be a severance of diplomatic relations with
Germany growing out of the sinking of the Arabia also had
somo effect. Furthermore, the disturbed state of English
politics, rumors of political or military changes impending in
France, and rumors also that German submarines were off
tho American coast, all had a more or less depressing influ­
ence. There might be no truth whatever about submarines
being near the American coast, but the market for all that
was more or less nervous. Marine war risks, moreover, have
latterly advanced. New Orleans has been selling here freely.
So havo Texas and the Atlantic States. Also there has been

[Vol 103.

THE CHRONICLE

a tendency to increase the crop estimates to the neighborhood
of 11,300,000 to 11,500,000 bales, exclusive of linters, or
nearly 1,000,000 more than some of the estimates current
at the height of the bullish excitement some time ago. From
parts of Alabama, too, reports have been received of less
activity in spot trade and some depression in prices. New
Orleans on Thursday reported a noticeable falling off in the
demand for spot cotton. Liverpool of late has been a heavy
seller here. This selling is based largely, it is understood, on
the expectation of much wider differences between the two
markets. A t times W all Street and the W est as well as the
South have sold heavily here. Some large operators
recently sold out their holdings and have since been touching
the market rather gingerly. In other words, there has been
distinctly less snap in bull speculation despite the fact that
supporting orders have been put in daily by some wellknown interests. And there is no doubt that many are
still convinced that th olatest set-back of over 2 cents per
pound is only a lull in the bull campaign. Talk of 25 cents
ultimately has by no means altogether died out. And on
Thursday low crop ideas received some encouragement from
a Chicago crop estimate of only 10,689,000 bales exclusive
of linters. An estimate on the linters was added of only
900,000 bales, whereas some recent guesses on the subject
suggested 1,000,000 to 1,200,000 bales. Spot houses from
time to time have been buyers on at least a fair scale. M any
reports from various parts of the South stated that spot prices
were not following declines in futures. There has been a
general expectation too of a light ginning total in to-day’s
report by the Census Bureau and also of a small crop esti­
mate by the Government on M onday, D ec. 11. Further­
more, after a drop of 230 points in about 10 days, many be­
lieve that at least a temporary rally is due. The short inter­
est had increased and the technical position was supposed to
have improved after drastic liquidation. Still, the recent en­
thusiasm on the bull side has not been renewed. Three or
four big declines in one season have dampened the bullish
ardor of a good many, though, as already intimated, there are
not wanting those who believe that sooner or later the
market will overtop the best prices thus far seen. To-day
prices broke wide open— over 100 points— on the ginning
figures of 10,359,346 bales up to N o v . 30, against 9,704,000
for the same time last year, 13,073,000 in 1914, 12,088,000
in 19 13 ,1 1,8 55,0 00 in 1912 and 10,139,712 in 1910, when the
crop was 12,075,000 bales. The ginning for the latest period
from N o v . 14 to D ec. 1 had been estimated in some quarters
at 650,000 bales, but it turned out to be 740,290 bales,
against 992,767 for the last poriod, 932,337 last year, 1,405,­
146 in 1 9 14 ,1 ,64 3,88 3 in 1913 and 1,359,279 in 1910. On the
decline spot interests were good buyers. There was some
talk to the effect that the bales havo recently been lighter.
It is also said that banks are not calling loans on cotton at
the South. Some of them are, it is reported. Spinners’
takings of late have made a good showing. But the ending
was unsettled at not much above the lowest prices of the week.
Spot cotton closed at 19.15c. for middling uplands, showing
a decline for the week of 115 points.
The following averages of the differences between grades,
as figured from the D ec. 7 quotations of the eleven markets,
designated by the Secretary of Agriculture, are the differ­
ences from middling established for deliveries in the N ew
York market on D ec. 14:

F U T U R E S .— The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday, Tuesday, Wed’day, Thursd’y, Friday,
Dec. 2. Dec. 4. Dec. fi. Dec. 6. Dec. 7. Dec. 8.
December—
Range____
Closing___
January—
Range........
Closing___
February—
Range____
Closing___
March—•
Range........
Closing___
April—
Range____
Closing___
May—
Range........
Closing___
June—
Range........
Closing___
July—
Range____
Closing___
August—
Range........
Closing----September—
Range____
Closing___
October—
Range........
Closing-----

Week.

i

19.98-.05 19.75-.89 19.50-.76 19.90-.00 19.S3-.00 18.95-.57 18.95/.05
19.96-.98 19.91-.95 19.70-.73 19.99-.00 19.77-.79 18.90-.93 --------—.
20.04-.19 19.86*.07 19.60-.92
20.09-.10 20.06-.07 19.85-.86
1
20.19 — !20.15 — 19.95 —
1
20.26-.43 20.06-.30 19.82-.14
20.32-.34 20.28-.29 20.08-.09

20.00-.15 19.90-.18 1S.90-.71 18.90/. 19
20.14-.15 19.90-.92 19.01-.03 —. --------20.25 — 20.02 — 19.13 — — --------.
20.25^.40 20.16-.44 19.10-.93 19.10/.44
20.38-.39 20.16-.18 19.25-.26 — — —

20.41 — 20.38 — 20.19 — 20.47 — 20.26 — 19.34 — -------- —
20.46-.63 20.27-.51 20.04-.35 20.47-.60 20.37-.65 19.34-.17 19.34/.65
20.54-.55 20.50-.51 20.30-.31 20.59-.60 20.37-.39 19.46-.4S —
20.57 — 20.55 — 20.35 — 20.63 — 20.41 — 19.52 — —
20.47-.62 20.27-.53 20.05-.38 20.50-.64 20.40-.65 19.35*.19 19.35/.65
20.52-.54 20.52-.53 20.32-.34 20.63-.64 20.40-.41 19.50-.54 —
— — __ ________ ________ —
19.94-.06 19.58 — 19.58-.06
20.05-.10 20.00-.05 19.85-.90 20.08-.15 19.88-.90 18:95 — —
—
18.75 — 17.90-.53 17.90-.75
18.52-.7o 18.49-.60 —
18.78 — 18.70 — 18.55 — 18.75 — 18.56-.60 17.83 — —
18.50-.60 18.39-.55 18.20-.44 18.48-.60 18..37-.60 17.61-.32 17.61-.60
18.58-.59 18.54-.55 18.37-.38 18.59-.60 18.39-.42 17.65-.70 i-------------

/2 0 c .

T H E V IS IB L E SU P P L Y OF C O T T O N to-night, as made
up by cable and telegraph, is as follows. Foroign stocks,
as well as the afloat, are this week’s returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures f<pr to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Dec. 8 —
Stock at L iverpool________ bales.
Stock at L o n d o n ________________
Stock at M anchester____________

1916.
701,000
29,000
66,000

T otal Great B ritain....................
Stock at H am burg----------------------Stock at B re m e n -----------------------Stock at H a v r e _________________
Stock at M a rse ille s_____________
Stock at B a r ce lo n a _____________
Stock at G e n o a _________________
Stock at T rieste_________________

796,000 1,012,000
*1,000
*1.000
*1,000
*1-900
219,000 265,000
5,000
2,000
47,000
a67,000
225.000 225,000
*1,000
*1,000

T otal Continental stocks______

499,000

1915.
859,000
66,000
87,000

562,000

1914.
694,000
20.000
63.000

1913.
808,000
5,000
92,000

777.000
*8,000
*105,000
175,000

905,000

18,000
25.000
*10,000

14,000
34.000
14,000

343,000

794,000

345,000
370,000

T otal European stocks________ 1,295,000 1.574,000 1,120,000 1,699,000
--------—
119,000
81.000
53.000
India cotton afloat for E u rop e___
52,000
947.251
695,169
362,987
A m er. cotton afloat for E u r o p e .. 600,170
95,000
70.000
50,000
E gypt,Brazll,& c..afloat forE urope
81,000
369.000
234.000 *165,000
Stock in Alexandria, E g y p t-------- 250,000
526.000
445,000
459.000
Stock In B om bay, India------------- 331.000
984,720
Stock In U. S. p orts--------------------- 1,570,007 1 ,578,149 1,305,705
941,508
Stock in U. S. Interior tow ns------ 1,350,749 1 ,468,597 1,258,039
60,224
32,530 ____27,133 _________ _
U . S. exports to -d a y --------------------25,431
_______
-

2166

T otal visible su p p ly . ..................5^555357 5,832,263 5,147,046 5.741.703
O f the above, totals o f American and other descriptions are as follows:
Liverpool s t o c k ___________ bales. 558,000
618,000
423,000
M ancnester s to ck -----------55,000
68,000 *o51’nno
Continental s to ck ---------------------------*407,000 *463,000 *248,000
American afloat for E uropo......... 600,170
362,987
695,169
U . S. port stocks__________________ 1,570,007 1,578,149 1,305,705
U . S. interior stocks.......................... 1,350,749 1,468,597 1,258.039
U . S. exports to -d a y ______________
25,431
32,530
27,133

616,000
-tsq’ cSR
743,000
947,251
984,720
941,508
60,224

Strict middling "yellow” tlnged.0.22 off
Middling lair...................................... 0.76on
Strlot good middling____________0.54 on Middling "yellow” tinged.......... ..0.43 off
Good middling................................0.34 on Strict low mid. “ yellow” tin ged..0.77 off
Strlot middling_________________ 0.18 on Low middling "yellow” tlnged--1.17 off
Strict low middling........................0.27 off Good middling "yellow” stained.0.50 off
Strict middling “ yellow" stalned.0.71off
Low middling_____________________ 0.68oft
Middling "yellow” stained........... 0.95 off
Strict good ordinary-----------------------1.11off
Good ordinary.............- ......... — 1.57 off Good middling "blue" sta in ed ...0.53 off
Strict good mid. “ yellow” tinged.0.21 on Strict middling “ blue” stained...0.82 off
Good middling "yellow" tinged.0.01 off Middling "blue” stained________ 1.15 off

T otal A m erican_______________4,566,357 4,591,263 3,995,046 4,348,703
East Indian, tirazil, A c .—
,,
_______
192.000
Liverpool stock __________________ 143,000
241,000 271,000
5,000
London s to ck _______________
29,000
20,000
36.000
M anchester s to ck -----------11,000
19,000
25,000
51.000
Continental s to c k __________
*92,000
*99,000 *95,000
119.000
India afloat for Europe__________
52,000
53,000
81,000
95.000
E gypt, Brazil. See., a floa t_______
81,000
70,000
56,QQO
369.000
Stock in Alexandria, E g y p t_____ 250,000
234,000 *165.000
526.000
Stock In B om bay, India________
331,000
459,000 445,000

The official quotation for middling upland cotton in the
N ew York market each day for the past week has been:

T otal East India, &c ---------------- 989,009 1,241.000 1,152,000 1,393,000
T otal A m e r ic a n ................
4,566,357 4,591,263 3,995,046 3,348,703

Dec. 2 fo Dec. 8—
S a t. M on . T u e s . W ed . T h u r s .
M iddling uplands........................ 20.15 20.10 19.90 20.15 20.05

Frl.
19.15

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 .
The quotations for middling upland at N ew York on
D ec. 8 for each of the past 32 years have been as follows:
1916-C
. — 19.15
1915............1 2 .7 0
1914.......... . . 7.50
1913_____...1 3 .4 0
1912____ - . 1 2 . 7 5
1911____ . . . 9.20
1910____ ...1 4 .8 0
1909------- ...1 4 .9 5

1908.c __ . . . 9.25
1907............1 2 .1 5
1906____ ...1 0 .9 5
1905____ ...1 2 .6 0
1904------- — . 8.00
1903------- ...1 2 .5 0
1902-------. . . 8.50
1901------ . . . 8.38

190 0 .c. ...1 0 .1 2
1899.......... . . 7.69
1898.......... . . 5.75
1897.......... . . 5.88
1896____ . . . 7.44
1895____ . . . 8.38
1894____ . . . 5.75
1893------- . . . 7.81

. . . 9.75
189 2 .c
1891......... . . . 8.06
1890......... . . . 9.38
1889------- ...1 0 .2 5
1888------- . . . 9.88
1887............1 0 .5 0
1886------- . . . 9.44
1885------- . . . 9.38

M A R K E T A N D SA LES A T N E W Y O R K .
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot Market
Closed.
Saturday___
M o n d a y ___
T u e s d a y ___
W ednesday.
Thursday . .
Friday

Quiet,
Quiet,
Quiet,
Quiet,
Quiet,
Quiet,

15 pts. d ec—
5 pts. d ec___
20 pts. d e c ..
25 pts. adv .
10 pts. d e c . .
90 pts. d e c . .

T o ta l.




Futures
Market
Closed.
Steady_________
Steady................
Steady................
Very steady___
E a s y __________
U n settled--------

SALES.
Spot.

Contr 'cl Total.

::::

7",700
500
600
500

7,7 66
500
600
500

—

9,300

9,300

T ota visible s u p p ly ...............- 5 ,5 5 5 .3 5 7 5,832,263 5,147,046 5,741,703
M iddling Upland, L iverpool--------12.05 1.
7.66d.
4.28d.
7.26d.
7.25c."
13.40c.
12.50c.
M iddling Upland. New Y o r k ------19.15c.
10 Kn-'
nO
K
la Ann
7.15d.
10.55d.
10.20d.
E gy p t, G ood Brown, L iv e r p o o l.- 21.55d.
8.75d.
9.00d.
11.25d.
Peruvian, Bough G ood , Liverpool 17.00d.
4.15d. 6 13-16d.
11.45d.
B roach, Fine, L iverpool— .........
7.25d.
4.00d.
674d.
7.37d.
11.57d.
Tinnlvelly, G ood , L iv e rp o o l-----* E stim ated, a Revised.
C o n t in e n t a l im p o r ts fo r p a s t w e e k h a v o b e e n 6 4 ,0 0 0 b a le s .

The above figures for 1916 show an increase ovor last week
of 220,50S bales, a loss of 276,906 bales from 1915. an excess
of 408,311 bales over 1914 and a loss of 186,346 bales from
1913.
Q U O T A T IO N S FO R M ID D L I N G C O T T O N A T O T H E R
M A R K E T S .— Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
Closing Quotations for Middling Cotton onWeek ending
Dec. 8.
G a lv e sto n -------N ew Orleans—
M o b ile ................
Savannah _____
Charleston.........
W ilm ington-----N o r fo lk _______
B a ltim o r e -------Philadelphia —
A ugusta..............
M em p h is.
H ouston. .

Saturday. Monday. Tuesday. Wed'day. Thursd’y. Friday.
20.25
19.88
20.00
20 74
2074
19.63
20.15
20.40
2,,.13
20.50
20.05
20.50

20.25
19.88
19.87
20 74
20
1974.
19.50
2>).00
20.35
2 .0 .)
20.25
19.90
20.50

20.00
19.63
19.62
20 74
1974
1974
19.25
19.85
20.15
19.88
20.00
19.75
20.50

20.00
19.63
19.62
2074
1974
1974
19.50
19.85
20.40
19.88
20.00
20.00
20.00

20.00
19.63
19.62
2074
19M
19-74
19.63
19.85
20.3 j
19.88
20.00
19.80
20.00

19.50
19.63
19.25
20
1974
1974.,
19.13
19.75
19.40
19.63
19.75
19.05
120.00

D e c . 9 1916.]

A T T H E IN T E R IO R T O W N S the movement— that is,
the receipts for the and week since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periodiof the previous year— is set out m
detail below.
_____________
M o v e m e n t to D e c e m b e r 8 1 9 1G.
R e c e i p ts .
W e e k . | S ea son .

S h ip ­
m en ts.
W eek.

1G8

M o v e m e n t to

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

755
5 01

D ec e m b e r

W eek.
6 01
4 ,7 2 0
2 ,1 8 5
3 ,1 1 5
1 1 ,9 6 9
8 ,3 8 3
442
5 .0 2 9
6 .0 3 0
1 9 ,2 6 8
1 ,0 6 4
1 ,5 3 1
4 ,3 1 1
5 ,2 8 4
1 ,4 9 4
3 ,0 0 0
7 ,9 3 1
2 ,0 3 5
500
1 ,1 6 8
2 ,0 3 9
2 4 ,6 8 3
2 ,7 3 3
776
7 ,6 8 7
4 ,2 5 7
6 ,2 9 0

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

1,010
1,222

10

35.742
4 4 ,5 2 9
9 0 .8 8 7
9 ,3 6 4
5 3 ,2 0 6
7 8 ,8 6 1
2 0 ,3 6 8
2 0 ,7 0 4
1 9 .7 4 3
2 3 ,8 0 2 ,
2 0 8 ,8 3 6
3 7 ,1 2 0
7 ,6 5 3
8 3 ,4 8 2
2 9 ,8 5 8
3 3 ,4 0 4
8 ,5 5 6
1 1 ,2 9 2
6 3 ,0 7 0
1 4 ,5 9 5
5 3 0 ,5 6 7
5 ,3 0 3
4 0 ,6 8 4
1 3 ,5 2 8

5 ,4 6 9
725
4 3 ,8 2 4
1 ,3 8 8
2 ,8 0 7
507
21,010
2 ,4 4 0
5 0 ,1 7 8
2 ,7 3 7
2 1 ,1 7 4
2 ,0 7 8
8 9 ,6 1 1 1 ,2 1 7 ,7 4 0
5 9 ,8 7 9
6 ,7 1 2
4 1 ,9 0 3
1,020

1915.
S to ck s
D ec.

S h ip ­
m en ts.
W eek .

R e c e ip t s .

S tock s
D ec.

75
9 ,5 6 3
2 ,1 5 4
3 3 ,3 8 4
8 01
1 9 ,4 5 3
1 ,3 9 0 20,000
3 8 .7 2 1
1,200
8 ,0 7 1 5 6 ,0 3 2
1 6 6 ,7 8 5
7 ,9 8 7
5 ,0 0 0 4 2 .0 0 0
1 0 0 ,9 4 7
5 .0 0 0
2 ,7 0 5
180
2 0 ,0 9 2
291
3 ,9 0 0 4 0 ,6 3 4
8 7 ,1 0 0
3 ,6 8 5
1 9 8 ,5 3 9 1 2 ,0 6 0 8 1 ,0 7 5
1 4 ,4 8 1
6 ,9 9 5 1 4 6 ,4 3 3
2 9 4 ,5 9 1
1 1 ,1 3 1
3 ,1 8 0 1 2 ,8 7 3
4 0 ,4 6 3
2 ,4 7 7
5 ,3 2 4 2 5 ,0 0 4
1 1 3 .7 2 1
4 ,6 7 6
9 ,5 9 3
1 ,4 9 6
4 6 ,2 5 0
2 ,6 0 3
5 ,1 9 0 3 4 ,7 5 5
1 2 4 ,0 2 0
4 ,9 8 9
2 ,8 1 4
408
4 ,6 8 1
502
1 ,8 0 0 2 4 .0 0 0
4 7 ,4 4 8
2.000
3 ,2 7 7 3 2 ,1 0 9
8 9 ,5 2 9
4 ,4 7 6
7S 5 1 0 ,1 4 3
1 4 ,6 7 0
1 ,0 7 1
4 7 9 1 2 ,7 8 1
3 1 ,9 7 5
1 ,4 3 8
5 ,9 4 8
248
1 1 ,9 2 8
496
8 0 6 10,200
1 7 ,0 6 0
500
4 9 6 ,6 1 7 5 1 ,3 0 3 2 9 ,8 0 5
5 6 ,8 4 6
4 ,0 0 5
N.
C.,Gr’nsboro 4 4 ,3 9 0 1 ,7 4 0 9 ,0 6 5
427
500
8 ,1 3 0
435
R a l e i g h ..............
3 ,7 4 9 2 4 ,2 1 2
O .
, C i n1 6 n n a t i . 8 9 .3 5 5
c i ,3 0 9
1 ,8 4 1 1 1 ,1 3 6
4 7 ,3 0 0
2 ,2 6 1
O k la ., A r d m o re
9 ,0 0 0
1 ,8 0 0
4 3 ,1 0 2
1 ,8 0 0
C h lc k a s h a ..
4 ,3 2 9
1 ,0 6 2
2 2 ,3 7 9
594
H u g o _______
4 ,3 0 5
6 82
2 7 ,2 7 4
941
O k la h o m a —
4 ,9 8 2 3 9 ,6 7 2
8 1 ,5 4 3
6 ,0 9 8
S .C .,G r e e n v ille
5 ,6 8 4
910
1 2 ,3 2 9
965
G r e e n w o o d ___
7 3 0 ,8 8 2 3 6 ,5 2 0 2 7 7 ,7 3 0
T c n n . , M e m p h is 5 0 ,3 9 9
—
365
67
N a s h v i ll e —
3 ,6 2 1
2 ,4 4 5
67', 9 5 5
1 ,6 6 0
T e x . . A b ile n e .
2 ,2 3 1
610
2 2 ,8 7 5
4 41
B r e n h a m ------6 ,2 5 0
458
3 9 ,9 3 8
692
C l a r k s v il le ___
3 ,1 1 3 1 1 ,6 2 5
7 5 ,1 5 5
2 ,7 7 3
D a l l a s _________
3 ,0 2 3
1 ,4 4 0
3 8 ,1 6 1
375
H on ey G rove.
2 8 3 ,0 4 8
H o u s t o n ---------- 9 7 ,3 0 5 1 ,8 0 4 ,5 8 7 9 3 ,2 3 9
5 ,8 4 7
5 ,7 6 8
1 0 1 ,7 8 9
3 ,3 1 1
P a r i s ---------------2 ,2 1 6
610
3 6 .3 5 5
726
S an A n t o n io ..

A la ., E u fa u la ..
M o n t g o m e r y ..
S e l m a ................
A r k ., H e le n a ..
L it t l e R o c k . .
P in e B l u f f . . .
G a ., A l b a n y ...
A t l i e n s ..............
A t l a n t a -----------A u g u s t a ...........
C o l u m b u s _____
M a c o n .............
R o m e ................
L a ., S h rev ep ort
M i s s .,C o l u m b u s
G r e e n v i l l e ___
G r e e n w o o d ___
M e r i d i a n _____
N a t c h e z ------V ick s b u r g . .
Y a z o o C ity M o . , S t. L o u is .

10.

6 0 5 1 2 ,3 1 8
4 ,1 0 4 8 2 ,2 0 2
3 .2 3 6 3 3 ,1 7 6
1 ,8 3 6 2 3 ,4 8 7
5 ,8 7 1 4 3 ,5 3 9
2 ,9 6 0 4 7 ,8 2 8
1 ,5 6 8
9 ,3 7 4
2 ,1 4 8 4 4 ,8 8 8
4 ,1 1 5 2 9 ,9 6 0
1 1 ,0 8 1 2 0 0 ,5 7 1
1 ,0 0 0 4 9 ,2 1 1
2 ,8 5 2 1 4 ,5 4 0
3 ,3 3 7 1 5 ,5 9 7
2 ,1 7 6 5 3 ,4 7 6
996
7 ,9 9 8
2 ,5 0 0 2 9 ,1 0 8
6.Q 41 3 4 ,9 8 8
6 1 4 1 3 ,2 3 8
3 74 , 1 3 ,6 0 0
9 0 0 1 1 ,6 1 8
7 5 5 1 7 ,8 0 9
2 4 ,4 5 9 1 3 ,8 8 8
2 ,5 4 2
7 ,3 1 7
750
543
4 ,1 8 3 1 6 ,6 1 3
2 .2 3 7
9 ,7 4 0
4 ,8 1 2 1 0 ,9 0 4
1 ,1 0 3
2 ,6 8 8
1 ,1 2 5
5 ,0 7 0
4 ,6 9 3 2 4 ,8 5 7
5 9 9 1 2 ,2 6 9
2 2 ,6 5 3 3 1 6 ,8 6 9
1 34
2 ,9 2 1
1 ,7 6 3
6 ,7 2 8
1 ,0 3 4
3 ,7 6 6
1 ,6 8 9
9 ,1 8 9
2 ,5 5 6
5 .8 9 3
2 ,9 1 4
2 ,0 7 0
7 6 ,3 0 8 2 1 7 ,4 6 4
6 ,0 2 5
7 ,3 2 8
821
3 ,1 1 0

T o t a l , 4 1 t o w n s .3 1 8 ,2 6 3 5 ,2 9 1 .1 3 8 2 7 6 ,4 6 4 1 3 5 0 ,7 4 9 3 0 0 ,0 7 5 3 ,7 3 7 ,8 1 7 2 2 0 6 3 5 1 4 6 8 ,5 9 7
N o t e .— O u r I n t e r i o r T o w n s T a b l e h a s b e e n e x t e n d e d b y t h e a d d i t io n o f 8 t o w n s .
T h i s h a s m a d e n e c e s s a r y t h e r e v i s io n o f t h e V i s ib l e S u p p l y T a b l e a n d a n u m b e r
o f o th e r ta b le s.

O VER LA N D M O V E M E N T FOR T H E W E E K A N D
S IN C E A U G . 1.— W e give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Aug. 1 in the last two years are as follows:
Dec. 8 —
Shipped—
Week.
Via St. Louis.......................................51,303
V ia M ounds, & c__________________ 5,724
V ia R ock Island_________________
365
V ia L o u is v ille _____________________ 4,398
V ia C incinnati_____________________7,341

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 ad­
vices from the South this evening by telegraph denote that
the weather during the week has favored the gathering of
cotton, which has been completed in most sections. M arket­
ing is fairly liberal.
G alveston, T e x . — There has been rain on one day of the
past week, to the extent of twenty-eight hundredths of an
inch. The thermometer has averaged 65, ranging from
56 to 74.
,
,
.
,
. .
A b ile n e , T ex . — There has been rain on one day during the
week, the precipitation being two hundredths of an inch.
The thermometer has ranged from 30 to 78, averaging 54.
Fort W o r th , T ex . — Rain has fallen on one day during the
week, the rainfall reaching two hundredths of an inch.
Average thermometer 58, highest 82, lowest 34.
P a lestin e, T ex . — The week’s rainfall has been thirty-eight
hundredths of an inch on one day. The thermometer has
averaged 62, the highest being 80 and the lowest 44.
San A n to n io , T e x .— There has been ram on two days of
the week, the precipitation reaching two hundredths of an
inch. The thermometer has averaged 62, ranging from
46 to 78.
T a ylor, T ex . — Rain has fallen on one day during the week,
to an inappreciable extent. Minimum thermometer 42.
N e w O rlea n s, L a . — W e have had rain on one day of the
past week, the precipitation reaching six hundredths of
an inch. Average thermometer 66.
.
S h reveport, L a . — It has rained on one day during the week,
to the extent of thirty-one hundredths of an inch. The
thermometer has ranged from 38 to 71.
V ick sb u rg , M i s s . — Rain has fallen on one day during the
week, the rainfall being twenty hundredths of an inch. The
thermometer has ranged from 40 to 77, averaging 63.
M o b ile , A la . — Rain has fallen on one day of the week.
The rainfall reached ninety-nine hundredths of an inch.
Average thermometer 61, highest 77, lowest 41.
S elm a, A la .— It has rained on three days during the week,
to an inappreciable extent. The thermometer has averaged
55, the highest being 71 and the lowest 30.
.
M a d is o n , F la . — W e have had rain on one day during the
week, to an inappreciable extent. The thermometer has
ranged from 40 to 74, averaging 60.
__
S a vannah, G a — It has been dry all the week. The ther­
mometer has averaged 60 , the highest being 73 and the
lowest 42.
,
C h arleston , S. C . — D ry all the week. The thermometer
has ranged from 43 to 73, averaging 58.
C harlotte, N . C — Rainfall for the week seventeen hun­
dredths of an inch. Average thermometer 48, highest 66,
lowest 39.
M e m p h is , T e n n . — Weather favorable for gathering the
crop. Dry all the week. The thermometer has averaged 60,
the highest being 74 and the lowest 41.
.
.
T h e fo llo w in g s ta t e m e n t w e h a v e a ls o r e c e iv e d b y t e le ­
g r a p h , s h o w in g th o h e ig h t o f th o r iv e r s a t th e p o in t s n a m e d

v i a V i r g i n i a p o i n t s -------------------------------

Via other routes, & c_____________ 32,019
71,828

646,901

3,532
10,413
8,519

27,895
36,181
79,087

285,011

22,464

143,163

Leaving total net overlan d*------------85,894
851,503
•Including m ovem ent b y rail to Canada.

49^364

503,738

Total gross overland___________ 109,398 1,136.514
Deduct Shipments—
.
Overland to N . Y ., B oston, & c . . . 10,964
74,170
Between interior tow ns...................... 3,284
52,979
Inland, & c.f from South--------------- 9,256 157,862
T otal to be deducted-----------------23,504

The foregoing shows the week’s net overland movement
has been 85,894 bales, against 49,364 bales for the week last
year, and that for the season to date tho aggregate net over­
land exhibits an increase over a year ago of 347,765 bales.
-1915-

-1916In Sight and Spinners’
Aug. 1.
Takings.
Week.
Receipts at ports to D oc. 8 _______242,504 4,126,678
851,503
N ot overland to D ec. 8 __________ 85,894
Southern consum ption to D oc. 8 - 80,000 1,466,000

Week.
265.737
49,364
70,000

Since
Aug. 1.
3,402.627
503.738
1,251,000

T otal m arketed________________ 408,398
Interior stocks in excess------------------41,799

385,101
79,440

5,157,365
991.420

6,444,181
997,015
7,441,196

N orth spin, takings to D ec. 8 ----- 111 ,247

1.301,461

464,541
105,078

6,148,785
1,124,734

Movement into sight in previous yoars:
Week—
Bales. I .Since Aug. I—
Bales.
1914— Dec. 11..........................517,59811914— Dec. 11........................ 6,043.472
1913— D ec! 12........... ...............450,984 1913— D ec. 12........................ 8,714,577
1912— D ec. 13......................... 519,488| 1912— D oc. 13.................... ..8 ,7 2 5 ,3 3 9

NEW

ORLEANS C O N TR A CT

MARKET.

Saturday. Monday, Tuesday, Wed’day, Thursd'y, Friday,
Dec. 8 .
Dec. 5.
Dec. 6 . Dec. 7.
Dec. 2.
Dec. 4.
December—
Range ---------Closing---------January—
Range ---------Closing____- March—
Range ...........
Closing______
May—
Range ______
Closing______
July—
Range ______
Closing______

19.4 5-. 50 19.31-.43 19.02-.29 19.47-.49 19.4 6 -. 55 18.45-.09
19..50-. 52 19.42-.44 19.26-.28 19.53-. 56 19.34-37 18.16-50
19.56-.73 19.38-. 57 19.09-39 19.51—65 19.45-.07 18.42-.35
19.62-.61 19.53-.55 19.35—37 19.64-.05 19.45-46 18.53-.55
19.85-.03 19.69-. 87 19.39-.69 19.S2-.96 19.75-.98 1 8.65-50
19.93-.94 19.83-.85 19.65-.67 19.94—96 19.76-.78 18.84-87
20.08-.25 19.89-. 0.8 19.62-.91 20.06-.21 19.99-.22 1 8-88-76
20.15-.16 20.06-.07 19.88-.90 20.19-. 21 2 0 .0 0 —02 19.10-12
2 0 .20 -.35 20.03-.20 19.76-. 04 20.20-.32 20.13-.33 19 0 4 -9 1

20.24-.26 20.17-.18 20.01—03 20.32—33 20.17—18 1 9-25-27

18.31-.33 IS.07-.22 17.84—
08
Closing______ 18.27-.28 18.18-.19 18.05- .07
Tone Quiet.
Quiet.
Quiet.
Spot
O p tio n s _____ Steady. Steady. Steady.




2167

THE CHRONICLE

18.16-.30 18.08-.28 17.3 2-9 7
18.30 — 18.10-12 17.54-.35
N om .
Steady. Stoady.
Steady. iBa ly s y Unsettled

a t 8 a . m . o f th o d a te s g iv e n :
N ew Orleans................. A bove
M em phis _ ......................A bove
N ash v llle_____________ A bove
Shreveport____________ A bove
Vicksburg......................... A bove
* B elow .

zero
zero
zero
zero
zero

of
of
of
of
of

gauge .
gauge.
gauge.
gauge.
gauge.

D ec. „
Feet.
4 .0
5.7
7.9
*3.5
4.9

I0 19I5.
Feet.
9.8
15.4
9.9
1.9
26.2

C E N S U S B U R E A U ’S R E P O R T O N C O T T O N G IN ­
N I N G .— Tho Division of Manufactures in the Census Bu­
reau completed and issued on Dec. 8 its report on the amount
of cotton ginned up to Dec. 1 the present season, and we
give it below, comparison being made with the returns for
the like period of tho two preceding years:
Alabam a.......................................... ..
Arkansas ............................................
C alifornia______________
F lo rid a ___________________________
Georgia___________________________
Louisiana________________________
M ississippi..........................................
M issouri..............................................
N orth Carolina----------- ---------------Oklahoma - ........................................
South C arolina__________________
Tennessee________________________
T e x a s ____________________________
V ir g in ia ....... ......................
All other States__________________

-Counting Round as Half Bales- —
1914.
1915.
1916_
1,439,556
939,959
591 •714
840.295
655,145
9? o ’ spq
17,688
13,699
19.868
72,962
50,270
46,099
2.285,924
1,768.270
* ’694,398
3S2.093
319.756
420,575
987.031
801,133
<26,20.)
61,108
37.514
51.073
674,340
612,703
5vZ’«>!*§
1,018,796
445,316
743,8 <5
1,230.168
1,021,843
832,141
291,183
238,821
3,746.578
2,781,283
3,404,344
16,814
13,126
23,161
8,850
4,774
<. 5 8 7 __________ _____ ___________

United States............................................................. 10,359,346
9.703.612 13,073.386
T he number o f round bales included this year is 177.662 contrasted with
93 361 in 1015 and 39.682 in 1914. and the number o f Sea Island bales in
19 i 6 U 101 >,20 against 77,165 in 1915 and 63.024 in 1914.
T he distribution o f Sea Island cotton in 1916 b y s t » tS n !i:, E
d '
32,452 bales; Georgia, 67,578 bales, and South Carolina, 1,500 bales.

C A R D -R O O M

WAGE

D IS P U T E

IN

E N G L A N D .—

W a r A c t A p p l i e d . — Cables advices of date of Dec. 6 are to

the effect that tho Government is applying the Munitions
W ar Act to the cotton card-room wages dispute. This makes
a strike or lockout illegal unless the dispute is reported to
the Board of Trade. Then, if not otherwise settled within
21 days after date of such report, arbitration under Govern­
ment provisions is compulsory.
M E M P H IS C O T T O N C R O P E S T I M A T E — The usual
annual estimate of the cotton crop was made by members
123 in number, of the Memphis Cotton Exchange on N o v .
27th. The highest was 12,500,000 bales, the lowest 10,­
375,325 bales and the average 11,111,110.

3168

THE CHRONICLE

W O R L D ’S SU P P L Y A N D T A K I N G S OF C O T T O N .—
The following brief but comprehensive statement indicates
at a glance the world’s supply of cotton for the week and
S £ ? e Aiig-. 1 for the last two seasons, from all sources from
1
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
C o tt o n T a k in g s .
W eek a n d S ea son .

1916.
Week.

1915.

1 Season.

Week.

Season.
Visiblo supply D ec. 1___
5,334,849 .
5,618,343
Visible supply A ug. 1__ .
---------- 1 3,198,251
4,664,410
American in sight to D ec. 8 ____
450,197, 7,441,196 464,541 6.148,785
B om bay receipts to D ec. 7
665.000
372,000
82,000
625.000
Other India ship’ts to D ec. 7___
65.000
65,0 0
13.000
131.000
Alexandria receipts to D ec. 6 . .
650.000
452,000
32.000
362.000
Other supply to D ec. 6 *.
64.000
47,000
3.000
39,000
T otal Supply________________ 5,909,046 11,575,447 6,212,884
11,970,195
Deduct—
Visiblo supply D ec. 8 ______
5,555,357! 5,555,357 5,832,263 5,832,263
T otal takings to D ec. 8 a____
353.689 6,020,090 380.621 6,137,932
O f which American . . . .
320.689 4,963,090 286.621 4 ,SI 1,932
Other which other___
33,000 1,057,000
94,000 1.326,000
* Embraces receipts in Europe from Brazil. Smyrna, W est Indies, & c.
ft In is total
since A ug. 1 the total estimated consum ption by
Southern nulls 1,466,000 bales in 1916 and 1,251,000 bales in 1915— takings
not being available— and the aggregate amounts taken by Northern and
foreign spinners, 4,554,090 bales in 1916 and 4,671,932 bales in 1915 o f
, 3,497,090 bales and 3,345,932 bales in American.
'
b Estimated.

IN D I A C O T T O N M O V E M E N T .— The receipts of India
cotton at Bombay and the shipments from all India ports
for the week ending N ov . 16 and for the season from Aug.
for three years have been as follows:
1916.
Receipts at—
Week.
Bombay............................

43,000

1915.

Since
Aug. 1.

Week.

254,000

Week.

455,000

For the Week.
from—

1914.

Since
Aug. 1.

Since
Aug. 1.

8,000

68,000

Since August 1 .

Great Conti­ Japan
Britain nent. AChlna Total.

Great
Britain.

Conti­
nent.

Calcutta—

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

4 ,0 0 0

1 9 1 6 ____
1 9 1 5 _____
1 9 1 4 ____

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

Total.

4 3 .0 0 0
7 1 .0 0 0
4 3 .0 0 0

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

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

9 nnn
2 000
1 ,0 0 0

1 2 ,0 0 0

2] 000

8 i0 0 0
1 0 ,0 0 0
1,0 0 0

1,0 0 0

Madras—

1 9 1 6 _____
1 9 1 5 _____
1 9 1 4 ____
All others—
1 9 1 0 ____
1 9 1 5 ____
1 9 1 4 _____

1,0 0 0
7 ,0 0 0
3 6 ,0 0 0

1,0 0 0

2 ,0 0 0

2 ,0 0 0

2 ,0 0 0
4 .0 0 0
1.0 0 0

2 ,0 0 0
1 ,0 0 0

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

3 .0 0 0
8 .0 0 0
3 7 ,0 0 0

2 ,0 0 0

2 ,0 0 0

4 .0 0 0
5 .0 0 0
3 .0 0 0

3 ,0 0 0

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

3 .0 0 0
7 .0 0 0

1 ,0 0 0

3 .0 0 0
8 .0 0 0

1 0 ,0 0 0

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

3 5 .0 0 0
3 0 .0 0 0
2 ,0 0 0

4 6 .0 0 0
8 4 .0 0 0
3 9 .0 0 0

7 ,0 0 0
2 1 ,0 0 0
2 0 ,0 0 0

5 9 .0 0 0
13 0 ,0 0 0
7 2 .0 0 0

3 8 3 .0 0 0
3 6 7 .0 0 0
1 3 1 .0 0 0

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

Total all—
1 9 1 6 _____
1 9 1 5 ____
1 9 1 4 _____

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

6,666

According to the foregoing, Bombay appears to show an in ­
crea se, compared with last year, in the week's receipts of
21.000 bales. Exports from all India ports record a loss of
15.000 bales furing the week and since Aug. 1 show a de­
crease of 69,000 bales.
A L E X A N D R I A 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 .— The following are the receipts and shipments for
the week ending N ov. 15 and for the corresponding week
of the two previous years:
Alexandria, Egypt.
Nob. 15.
Receipts (cant rs) —
This week .......................
Since A ug. 1.......................

1915.

1914.

353.465
2.382,556

261,867
2.000,816

277,820
1,101,906

Since
Week. Aug. 1.

Since
Week. Aug, 1.

58,410 11,525 26,212
34,230 14,365 23,631
2",075 47,386 3,622 30,293
4,250 47,258 5,262 20,982

T otal exports_________ 28,339 161,921

101,118

o r T ll i;s-statcnl0nt shows that the receipts for tho week ending N ov. 15 wero
,
853,46o cantars and tho foreign shipments 28,339 bales.

M A N C H E S T E R M A R K E T .— Our report received by
cable to-night from Manchester states that the market is
quieter, awaiting developments in tho matter of labor and
shipping. W e give prices for to-day below and leave those
1910

3 15%
10 16%
17 1 1 y*
24 18
Dec.
1 18
8 18H

1915

8 % 'bs. Shirt- Cot’n
ings common M id.
to finest
Up’s.

8 X lbs. Shirti nos. common M id.
to fines
Up'S.

32S Cop
Twist

©
©

d. s. d.
. d. d.
d.
16% 9 3 © n 1% 10.57 1 0 %
16% 9 5 © a 6 11.14 1 0 %

©
@

©
©
©
©

16%
17%
18%
19%

10%
10%
10%
10%

©
©
©
@

11%
11
11%
11%
11%
11%

©

19% 9
19% 9

6 @11 10% 12.21 11%
6 @ 12 1% 12.05 11%

©
©

9
9
9
9

6 © 11 6
6 w i i 7%
9 © 11 10%
6 @ n 10%




Great French
IIol---- Oth.Europe— Vlad.,
Britain. Ports, land. North. South.
Ac. Javan
N ew Y o rk ___8,418
...................... 3,000 2,594
100
___
G a lv e s to n ___15,594
----------- 3,500
.................................. .
N ew O rleans.23,639 6,106
...................... 13,681
____
S a v a n n a h ___3,922
-----800
.....................................
Brunswick___7,754
W ilm in g to n .. ____
9,850
N o r fo lk _____ .
710
B o sto n ______ 4,709
128
B a ltim o r e ___1,189
Philadelphia . 4,040
300
San Francisco ____
3,196 15,693

11.13
11.42
12.08
11.90

d.
3 @8
6 @8

(1
9
7%

7
7

3
3
3
3

@8
@8
@8
@8

3
3

12% 6
12% 6

6
9

@8 7
@8 10

s.
7
7
7
7

3

4%

7.12
7 .0 2
6 .9 1

7.01
7.06
7.28
7.66

6,816

800

6.500 26,425

Total.
14,112
19,094
43,426
4,722
7,754
9,850
710
4,837
1,189
4,340
18,889

3,424 15,693 128,923

The exports to Japan since Aug. 1 have been 212,462 bales
from Pacific ports.
C O T T O N F R E IG H T S .'— Current rates for cotton from
New York are as follows, quotations being in cents per pound:
, ^ v o r p o o l , 2.00c.; M anchester 2.00c.; H avre. 2 .0 0 @ 2 .2 5 c.; R otterdam ,
Genoa, 2.00c. asked: Naples, 2.00c. asked; Leghorn, 2.60c.;
Christiania. 3.2:>c.; Bergen, 3.25c.; Stockholm , 3 .25c.; Malmo 3.25c.
O n «rrnb 9 r7 fi 3 -0 0 © 3 \2;>c.; Barcelona, 2 .0 0 @ 2 25c.;
L isbon, 2 .00 c.;
O porto, 2.70c ; Marseilles 2.50c asked; Japan, 3.00c. asked; Shanghai.
3.00c. asked; B om bay. 3.00c.; V ladivostok, 2.50c.

L IV E R P O O L .— B y cable from Liverpool wo have tho fol­
lowing statement of the week’s sales, stocks, &c., at that port:
„ ,
, .
,
Nov. 17.
Sales ° f the w e e k ......... .................
41,000
O f which speculators to o k .........
3,000
O f which exporters to o k ............
3.000
Sales, Am erican...............................
29,000
A ctual export................................
2,000
F o rw a r d e d ....... ................................
74,0 0 0
rotM stock . . . . ........................... 635.000
O f which A m erican. ..........
499,000
84,000
Total imports o f the week..............
O f which Am erican....................
70.000
A m o u n t a flo a t
. .......................
383,000
O f which A m e rica n .................... 318,000

Nov. 24.
37,000
3,000
3,000
27,000
2,000
110,000
672,000
543,000
149,000
140,000
323,000
261,000

Dec. 1.
34,000

Dec. 8.
38,000

1,000
1,000

27,000
3,000
77.000
712.000
581,000
121,000
96.000
319.000
265.000

29.000
2,0 0 0

90.000
701.000
588.000
81.000
49.000
............

The tone of the Liverpool market for spots and futures
each day of the past week and tho daily closing prices of
spot cotton have been as follows:
Spot.
Market,
12:15
P. M .

Saturday.

Monday.

Tuesday.

Moderate
demand.

(
1
(

Quiet

Wednesday. Thursday.
Moderate
demand.

Friday.

Harden­
ing.

Quiet

11.99
HOLI­
DAY.

11.71

11.95

12.19

12.05

9,000
500

6,000

7,000
500

8,000

6,000

500

800

Futures.
Market 1
opened
/

Irreg. at Quiet,unch. Quiet at
Irreg. at
12@10
to 2 pts. 1 pt. dec.to 7© 10 pts.
pts. dec.
decline.
1 pt. adv.
decline.

Market
closed

Steady at
15@24
pts. dec.

f
|

5/742

uitua wuign auuuc CPU IDS.

-----

Oct. d.
20 15%
27 15%

Total - - .............- ................................................................ 128,923
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:

Sales........
Spec.&exp.

L iv e r p o o l_________
5,220 64,770
M anchester__________
------ 40,823
Continent and Ind ia. 11,972 31,997
America_______ _
11.147 24,331

6ZS (J p
O
Tunsi

. 2 ,Y rmu
,9 ~ o th

Mid.Upl'ds

; Since
Week. Aug. 1 .

Exports (bales)—
To
To
To
To

1916.

S H IP P IN G N E W S .— Shipments in detail:
N E W Y O R K — T o Liverpool— D ec. 2— Lapland, 3 7 1 .. D ec. 4— Ul baUs'
St. JGeorge, 3,074— D ec. 6 — Laconia, 1,233___D ec. 7—
Celtic, 980; Rigel, 2,434______________________________ _
7 709
626
T o Manchester— D ec. 6— Camoens, 626______ Z'-IZZZ
To Gothenburg— D ec. 1— Stockholm, 3,000______ I I I I
3 nno
T ° S en? a— ? .e c - 2 — Cretic, 1,494; Duca d ’A osta, 500
1 994
l o Naples— D ec. 2— Cretic, 6 0 0 ......... ........................
""
’nno
. _T o Venezuela— D e c . 7— M aracaibo, 100.........................I I I I I " " "
100
G A L V E S IO N — T o Manchester— D ec. 1— Ram on de Larrinaga,
7,708— D ec. 2— Telesfora, 7,886_________________
15 504
To Gothenburg— Dec. 7— Losna. 3.500
. .
..........
5nn
N E W O R L E A N S— T o Liverpool— D ec. 4— Baron Ogilvy" 4*188111
’
_ D ec. 6— Engineer, 10,312; M ercian, 9,139__________________ 23.639
T o Havre— D ec. 7— Caroline, 6,106___________________________ 6 106
T o Barcelona— D ec. 2— Barcelona, 1,600_____
’
""
1,600
< \ vA ^S°A nt°ra - ^De?-<
5
H avo, 11,581; M onginovro, 500.................. 12,081
S A V A N N A H — T o Liverpool— Dec. 6 — Penichi, 400...........................
400
To M anchester— Dec. 6 — Penichi, 3,522
3 522
____T o R otterdam — D ec. 7— N orfolk, 800____
_
"
’800
llJJPifJXXJSS-'— T o Liverpool— D ec. 6 — Antillian, 7,754.................. 7,754
N o V A ^ iT T o Brest— D a” ,De!V
T
o f W ilmington, 9 ,8 5 0. 9,850
NORI<OLK—%NY T o , GeT ec. 4— Helga, 710______
710
B O STO N — T o Liverpool— D ec. 2— B ay Stato, 2,666-riD ec~~4—
Etonian, 1,066______________________________
'
o m- m
T o Manchester— N o v . 30— N inian, 1,639_____ I " "
i ’ aqo
’ l28
_ T
— N o v . 30— Prince Arthur, 128_________1 X 1 " " "
D A L I I M O R E — T o L iverpool— N o v . 29— Com ber Range, 1,18911 1,189
1 H IL A D E L P H IA — T o L iverpool— D ec. 1— Georgic, 4,040 .
4 040
„ , . T o Genoa— N ov. 27— Jonancy, 300_______________
'•mo
SAN I'R A N C IS C O — T o Japan— N o v . 30— Kinkasan M aru. 10,625
m
2— Kw anto Maru.* 5,068................................................... 15,693
T o Vladivostok— N o v . 29— Suki M aru, 3,196...............................
3,196

T o t a l ..........69,265

Japan
& China

Bombay—
1 9 1 6 ____
1 9 1 5 ____
1 9 1 4 _____

(Vol. 1 3
0

Steady at
7 to 14
pts. dec.

600
Steady r
i
3 to 6 pts.
dec.

Steady at St’ y, 1 pt.
Easy
25 @34
adv. to 8 29@33 pts.
pts. adv.
pts. dec.
decrease.

The prices of futures at Liverpool for each day are given
below. Prices are on tho basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and lOOths. Thus, 1183 means 1183-100d.
D ec. 2
to
D ec. 8 .

D e c _____
Jan.-Feb..
M a r-A p r _
M a y-J u n .
July-A ug.
Oct.-Nov_

Saturday.

Monday.

12 % 12 %

12%

p.m. p.m.
d.

d.

HOLTDAY.

p.m.
d.
11 83

d.
73
78
12 05 95
12 10 09
12 19 09
11 18 10
1 1 88

Tuesday.

Wed'day. Thursday.

Friday.

4
12% 4
12% 4
12 % 4
12 % 5
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
d.
53
60
77
91
91
01

d.
61
67
82
95
95
03

d.
d.
17
95
83
01
95 113
08
24
08
24
12 128

d.
90
01
12
20
10

19

d.
96
Of.
10

18

IS

20

a.
d.
85
63
89 ji7
02
79
12
12

14

88
88

89

BREADSTUFFS
^
F rid a y N ig h t, D e c . 8 1916.
Flour has beon rather quiet so far as domestic business is
concerned, but prices as a rule have beon firm, in sympathy
with a riso in wheat. And although there may not have boon
a general export demand, tho Greek Government bought
8,000 tons. Flour stocks on Doc. 1 at the principal dis­
tributing centres outside of Minneapolis are said to have
beon only 495,000 barrels, against 927,000 on N ov . 1. A
year ago they wero 457,000 barrels. Tho decrease in W est-

D e c . 9 1916.]

ern stocks is said to bo duo to a hurrying of supplies eastward
bofore the close of navigation. Recently France bought to
a fair extent. B ut, take it for all and all, buyers, both do­
mestic and foreign, havo been restricting their purchases as
much as possible. The total output last week at Minneap­
olis, Duluth and Milwaukee was 411,000 barrels, against
425,000 in the previous week and 538,000 last year. Total
since Sept. 1, 5,345,000, against 6,923,000 in 1915.
>
W heat advanced on a good demand from Europe. It is
still a case of a world’s shortage in the wheat crops and a
demand in American markets to make it good. Export
sales this week have ranged from 500,000 to 2,000,000 bush­
els a day. Foreign news has been bullish. The French crop
is 110,000,000 bushels smaller than the last one. The
weather in Australia has been bad for harvesting. Crop
reports from Argentina have been bad and Buenos Aires
prices in a single day advanced 7 cents on wheat and 3 % to
6 cents on corn. The Rosario Exchange has decided to put
a minimum price on spot wheat of equal to $1 38 % per bush­
el. This is certainly of decided interest with ocean freights
scarce the world over. Bad weather in Europe is also a
feature. It has been wet and cold in the United Kingdom
and the crop prospects are not good. W hat is more, the
English acreage has been reduced. Native offerings of
wheat at Liverpool are small and foreign arrivals are only
moderate. In France, too, the outlook is unsatisfactory.
Bad weather and the scarcity of labor have combined to cut
down the acreage. France will have to import on a large
scale. In the Balkan States, too, the weather has been wet
and cold and the crop outlook is not ravorablo. Owing to
the big military operations, a reduction in the acreage is
expected.
The invading armies have captured largo sup­
plies of grain in Rumania. In Greece stocks of grain are
small. Harvesting in Italy has been delayed by bad weather
and the scarcity of labor. Italy will havo to import
considerable wheat.
Drought is complained
of in
Spain.
Portugal
will
be
obliged
to
import
on
a liboral scale as its crop is short. Excessive rains and
hailstorms have done harm in New South W ales. In Vic­
toria there has been a good doal of rain just as harvesting
was about to begin. The world’s shipments of wheat last
week were only 9,395,000 bushels, against 12,200,000 in the
same week last year. The Argentina crop is said to be only
8,000,000 bushels above the domestic requirements. Ru­
mors from Washington are that the Administration is averse
to an embargo on the exportation of foodstuffs from this
country. On the other hand, there have been reports of
an embargo by some of the Southwestern railroads against
Galveston. Loss demand from Greeco is reported, though
it was a heavy buyer of flour at one time. On Thursday
prices turned downward after an early advanco. It was
understood that adverse rumors from Washington in regard
to Germany’s note on the subject of the sinking of the
Arabia had some effect. Also at 1:30 o’clock on Thurs­
day morning a British cruiser off Sandy Hook is said to
have sent broadcast by wiroless telegraphy: “ German sub­
marines may be mot anywhere in the Atlantic, especially
west of 60 degrees west. Keep good lookouts. Show no
unnecessary lights. Avoid all trade routes and converging
points.” Nobody seemed to know anything about the matter
in New York shipping circles but such talk naturally caused
more or less apprehension. In any case M a y wheat which
went up to 1 8 2 % , or 20 cents above the low point last M o n ­
day, fell later to 1 7 3 % . Still it is maintained that Europe
will have to buy largely in this country as the shortage of
supply across the water is greater than most people realize.
Early in the week there was a decline owing to a sudden
rise in rates for money. This caused heavy W all Street
selling. Besides ocean freight room has been scarce and
high. Railroad embargoes are still in forco to the seaboard.
To-day prices declined and the net advanco for the week is
only moderate. It was reported that Argentina is offering
wheat in this country and that the shipments to Greece from
the United States may bo held up by the Allies.
D A I L Y C LO S IN G P R IC E S OP W H E A T F U T U R E S IN N EW Y O R K .
Sat.
Mon. Tues. Wed. Thurs. Fri.
N o . 2 rod........................ - ............ cts.181
ISOM 184 'A 189
18734 180
D A I L Y C LO S IN G P R IC E S OP W H E A T FU T U R E S IN C H IC A G O .
Sat.
Mon. Tues. Wed. Thurs. Fri.
Docom bor delivery in e lev a tor.cts. 106
162 M 100 34 109 168
10334
M a y delivery in elovator---------------173
17234 170% 180J4 17834 174%
July delivery in clovator---------------14134 141% 146
150% 14834 14734

Indian corn advanced sharply, partly in sympathy with a
rise in wheat. Liverpool takes the ground that the general
statistical position favors holders. Though the crop out­
look in Argentina has latterly improved somowhat, it is
taken for granted that the yield will bo much smaller than
the last ono. Cold weather in England has been stimulating
the consumption and Argentina has been offering sparingly.
American offerings in the English market havo also been at
firm prices. The Rosario Exchange has fixed a minimum
price on spot corn. That is regarded in this country as a
bullish factor. It is also worthy of note that thoro has been
some covering of late in Chicago by interior dealers who had
corn sold for November shipment. The interior movement
of corn has been somowhat retarded at times by bad weather
at the W est. Moreover, there aro rumors from Washing­
ton that the Administration does not favor an embargo on
the exports of foodstuffs from this country. The corn crop
in Argentina does not promise well, and latterly Liverpool
prices have been especially strong with arrivals light and
stocks inadequate to meet a growing consumption. On the




2169

THE CHRONICLE

other hand, it is well to bear in mind that the car shortage
is a more or less serious factor in the situation. It has caused
railroad embargoes, which naturally tend to restrict export
business. Besides there is a scarcity of oeeaji freight room.
Finally there is persistent talk to the effect that attempts will
be made at the present sessions of Congress to have an em­
bargo put on exports of foodstuffs from this country. Latter­
ly, beneficial rains have fallen in Argentina and country
offerings have increased at our Western markets. To-day
prices fell in sympathy with those for wheat and also because
the interior movement was large.
D A IL Y C L O S IN G P R IC E S OF N O . 2 M I X E D C O R N IN N EW Y O R K .
Sat.
Mon. Tues. Wed. Thurs. Fri.
N o . 2 yellow ................................. cts.1 0 2 % 104
10534 108% 108% 103%
D A IL Y C L O S IN G P R IC E S OF C O R N F U T U R E S IN C H IC A G O .
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in e le v a to r.cts . 86%
8754 9034 9334
9234 8934
M a y delivery in elevator__________ 90
9034 9234 9534
9334 9134
July delivery in elevator__________ 8934
9034 9234 95
9334 9134

Oats advanced on a good demand, a strong Liverpool
market, and no very large receipts in this country. A t
Liverpool, too, the arrivals have been moderate, and the
Continent is a free buyer. Argentina has been shipping very
little and the same is the case with this country. Chilian
oats have been strong in Liverpool. A t the same time there
has been a rather large export inquiry here. Last Tuesday
the sales to Europe were about 600,000 bushels. Farmers
have not been disposed to sell freely, and the visible supply
has fallen off. Liverpool reports the market firm with a
good demand and arrivals light. A t one time, however,
prices were weak, partly owing to a railroad congestion which
interfered with export business. Besides, it is not forgotten
that supplies are very large. Receipts of late, it is true, have
not been large, but this fact is attributed to a shortage of
cars rather than to anything else. To-day prices declined
and the net advance for the week almost disappeared.
Exporters took 100,000 bushels of barley during the week.
D A I L Y C L O S IN G P R IC E S OF O A TS IN N EW Y O R K .
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Standards .cts .58 34-58 34 59-5934 5934-60 6134-6134 6134-6134 5 93 4 -6 0,
N o . 2 w h it e ..5834-5934 5934-60 60-6034 6134-6234 6134-6234 6 0 -6 0 3*
D A I L Y C L O S IN G P R IC E S OF O A T S F U T U R E S IN C H I C A G
.
Sat.
Mon. Tues. Wed. Thurs. Fri.
Decem ber delivery in e le v a to r.cts. 52
5134 5234 54
5334 5234
M a y delivery in elevator__________ 5534
5534 57 34 5834
5734 5634
5234 5434 5534
5434 5334
July delivery in elevator___________ 53

The following are closing quotations:
W inter, low grades_____36 60(
W inter patents_________ 8 60 (
W inter straign ts_______ 8 35<j
W inter clears__________ 7 85 (
Spring patents_________ 9 20 (
Spring straights________ 8 850
Spring clears____________ 7 95 (

FLOUR.
Spring, low g r a d e s ____$5 85 @ 3 6 60
Kansas straights, sacks. 8 8 5 @ 9 10
Kansas clears, sacks___ 7 3 5 @ 8 10
C ity patents___________
10 40
R ye H o u r_____________ 7 7 5 @ 8 10
Buckwheat flo u r______ 4 7 0 @ 5 00
Graham flou r__________ 6 40 @ 7 65

G R A IN .
C orn, per bushel—
W heat, per bushel— f. o . b .—
N o . 2 m ixed_______ f. o . b .
____
N . Spring, N o. 1, now ____SI 99
N o . 2 yellow _______ c. i. f.
____
N . Spring, N o. 2 ___________ _____
N o. 2 yellow kiln dried___ 1 0634
Red winter, N o. 2, new ___1 80
Argentina in bags_________ N om .
Hard winter. N o. 2 ______ 1 8834
R ye, per bushel—
Oats, per bushel, new—
cts.
New Y o r k ________ c. i. f. SI 57
S tandard_____________ 59 34 @ 6 0
W estern___________c. 1. f. SI 57
N o. 2, w hite.................60 @ 6 0 34
N o. 3, w hite.................59
@5934 Barley, m alting______ 31 3 8 @ 1 45
Barley, feeding______
1 09_
N o . 4, w hite.................5834 @ 5 9

T;The statement of the movement of > readstuffs to m i i £ 7 1
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
R e c e ip ts a t—

B a r le y .

W h ea t.

F lo u r .

b bls.1 9 6 lb s. b u sh . 6 0 lbs b u sh . 56
2 ,5 3 7 , 000
C h i c a g o .................j 127.000J
9 9 0 ,0 0 0
5 5 9 , 000
M i n n e a p o l is
___________
3 ,5 4 4 ,0 0 0
D u l u t h ..............
.................J
1 ,2 9 5 ,0 0 0
6 0 4 , 000
M i lw a u k e e
..
4 1 ,0 0 0 ,
3 6 3 ,0 0 0
135, 000
.1
4 2 ,0 0 0
T o l e d o __________ 1
125, 000
D e t r o i t ...................!
5 ,0 0 0 :
3 9 ,0 0 0
2 6 , 000
C le v e l a n d . . . !
3 ,0 0 0 !
1 2 ,0 0 0
3 9 8 , 000
S t . L o u i s ------------!
8 7 ,0 0 0 !
6 2 4 ,0 0 0
9 0 4 , 000
P e o r i a ..............
3 8 ,0 0 0 ;
2 2 ,0 0 0
4 0 2 , 000
K a n s a s C i t y . j ...................
1 ,6 8 3 ,0 0 0
5 4 2 , 000,
O m a h a ..............
...................
7 1 8 ,0 0 0
T o t a l w k .1 9 1 6
S a m e w k . 1 91 5
S a m e w k . 1914

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

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

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

2 ,4 7 0
845
4 41
7 94
18
55
73
316

R ye.

lb s. b u sh .4 8 lb s. b u s h .5 6 lb s .
000!
6 5 1 ,0 0 0
2 1 2 ,0 0 0
------ 1 8 0 6 ,0 0 0
2 7 3 ,0 0 0
4 1 4 ,0 0 0 ;
6 5 ,0 0 0
5 9 3 ,0 0 0
1 1 5 ,0 0 0

211

6 4 .0 0 0
7 3 .0 0 0

1 3 .0 0 0
1 3 .0 0 0
1 6 .0 0 0

94
302
5 ,6 1 9 ,0 0 0
2 ,6 6 1 ,0 0 0
5 ,0 7 8 ,0 0 0 [ 4 ,3 8 1 ,0 0 0 ;
6 ,6 8 4 .0 0 0 ! 3 ,1 5 9 ,0 0 0 1

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

S in c e A u g . 1— !
;,0
1 9 1 6 .............. 6 ,8 6 0 ,0 0 0 1 9 4 ,0 1 5 , 0 0 6 5 ,3 4 2 0 0 0 1 3 5 ,0 6 9 ,0 0 0 4 8 ,3 1 5 ,0 0 0 1 3 ,2 3 3 ,0 0 0
:,000! 6 2 ,5 2 1 0 0 0 1 1 5 ,8 1 5 ,0 0 0 4 9 ,9 5 8 ,0 0 0 1 3 ,1 1 4 ,0 0 0
1 9 1 5 .............. 7 ,3 3 2 ,0 0 0 2 5 1 .6 1 3 ,
1 9 1 4 _______ 1 7 ,9 6 5 ,0 0 0 2 3 8 ,8 5 5 ,0 0 0 ! 7 5 ,2 6 3 0 0 0 13 4 ,8 9 4 ,0 0 0 4 7 ,1 5 4 ,0 0 0 1 2 .1 6 9 .0 0 0

Total receipts of flour'and grain at the seaboard ports for
he week ended Dec. 2 1916 follow:
----- ----------------- R e c e ip ts a t—

F lo u r ,
B a r r e ls .
1 3 3 .0 0 0

N e w Y o r k ___
P o r t la n d , M e .
P h ila d e lp h ia . ' " " 3 1 , 6 6 6
1 0 2 .0 0 0
B a l t i m o r e ___ !
N ’p o rr N e w s .1
1 1 ,0 0 0
M o b i l e ........... ..
3 5 .0 0 0
N e w O r le a n s *
G a lv e s to n . . .
M o n t r e a l _____ j " " 20 ",666
4 6 .0 0 0
B o s t o n .............. !

j

W h ea t.
B u s h e ls .
2 ,1 6 7 ,0 0 0
2 2 9 .0 0 0
5 2 8 .0 0 0
5 2 6 .0 0 0

8 0 9 ,6 6 6
2 0 0 ,0 0 0
4 4 8 .0 0 0
2 2 9 .0 0 0

C orn.

O a ts.

B a rle y .

B u s h e ls .
4 9 .0 0 0
7 8 .0 0 0
2 0 .0 0 0
9 1 ,0 0 0

B u s h e ls .
4 3 8 .0 0 0
1 8 4 .0 0 0
1 5 2 .0 0 0
5 7 6 .0 0 0

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

4 ,0 0 0
5 0 ,0 0 0

B u s h els .
1 7 2 ,0 0 0
6 ,0 0 0
1 ,0 0 0
4 6 ,0 0 0
...................
...................
...................

3 0 .0 0 0
7 8 .0 0 0

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

R ye.
B u s h e ls .
1 0 4 .0 0 0

3 2 ,0 0 0
6 ,0 0 0

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

4 5 3 ,0 0 0
1 ,8 8 6 ,0 0 0
2 6 3 ,0 0 0
2 1 5 ,0 0 0
T o t a l w k .1 9 1 6
3 7 8 ,0 0 0
5 .1 3 6 ,0 0 0 !
S in c e J a n .P 1 5 2 3 .9 2 0 ,0 0 0 3 5 8 ,8 3 3 ,0 0 0 5 5 ,1 6 1 ,0 0 0 1 7 0 ,4 7 4 ,0 0 0 2 6 ,1 6 9 ,0 0 0 1 5 ,3 9 0 ,0 0 0
8 6 0 ,0 0 0 !
4 ,6 4 5 ,0 0 0
6 4 8 ,0 0 0
4 5 1 ,0 0 0
W eek 1 9 1 5 ...
6 9 0 ,0 0 0 1 0 ,0 1 5 ,0 0 0 !
S in c e J a n .1 '1 5 2 5 , 0 1 3 ,0 0 0 2 9 2 ,6 9 8 ,0 0 0 5 1 ,0 6 7 ,0 0 0 4 4 1 ,4 0 2 ,0 0 0 1 3 ,9 0 9 .0 0 0 1 4 ,0 0 8 ,0 0 0
* R e c e i p t s d o n o t I n c lu d e g r a in p a s s in g t h r o u g h N e w O r le a n s f o r f o r e ig n p o r t s
o n t h r o u g h b ills o f la d in g .

3170

THE CHRONICLE

The exports from the several seaboard ports for the week
ending D ec. 2 are shown in the annexed statement:
Wheat.
bushels.

Exports from—

Corn.
bushels.

New Y o r k .,.......... 2,189,637
279.000
Portland, M e........
Boston___________
143,558
Philadelphia______ 634.000
170,400
Mobile....................
New Orleans______
Galveston..............

732.000
446.000
941.000
48,000

St.John, N. B ___

5,583,595
Week 1915.......... . 9,791,186

Flour.
Oats.
Rye. Barley. \ Peas,
barrels. bushels. bushels. bushels, bushels.

2,540 33,997
68,286 46,281
8,000
185,542
1,470
2,000
26,000 11,000
42,000 97,000
282,000

10,313

150,363

622,995 70,857 21,557
4,000
15,000

65,000

27,000 244,000

606,368 264,748 752,308 97,857 415,920
314,796 337,706 2,359,915 252,940 733,118

726

The destination of these exports for the week and since
July 1 1916 is as below:
Flour.

Exports for Week
and, Since
July 1 to

Week
Dec. 2
1916.

United Kingdom.
Continent_______
So. & Cent. Amer.
West Indies____
Brit.No. Am.Cols.
Other Countries..

Since
July 1
1916.

Wheat.
Week
Dec. 2
1916.

Corn.

Since
July 1
1916.

Week
Dec. 2
1916.

Since
July 1
1916.

Bushels.
Barrels. Barrels.
Bushels.
Bushels. 1 Bushels.
93,148 2,200,447 2,429,075 54,688,190 350,286 12.014,877
68,767 2,450,584 3,153,520 77,455,962 185,542; 7,130,367
38,925
722,359
1,000
138,031
21,540
503,157
60,438
888,849
6,785
48,052! 1,161,035
310
7,740
3,160
109,313
5,660
948|
15^482

T otal................ 264,748 6,379,292 5,583,595 132,294,028
Total 1915........... 337,706 5,337,964 9,791,186 131,807,449

606,368 20,832,628
314,7961 5,253,935

The world’s shipment of wheat and corn for the week
ending D ec. 2 1916 and since July 1 1916 and 1915 are
shown in the following:
Wheat.
1916.

Exports.
Week
Dec. 2.

Corn.
01915.

Since
July 1.

Since
July 1.

1916.
Week
Dec. 2.

al915.

Since
July 1.

Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
NorthAmer* 7,587,000 172,703,000 173,092,000
509,000 21,062,000
5,942,000 3,288,000
281,000
Argentina . .

1,160,000 28.723.000
400.000 16.632.000
88,000 16.288.000
Oth. countr’e
160.000 3,383,000
T o ta l___

Since
July 1.
Bushels.
3,403,000

6,608,000 2,567,000 63,827,000 101,699,000
184,000
8,608,000
3,912,000
16,000 2,469,000 3,011,000

9,395,000 243,671,000 195,692,000 3,092,000 87,639,000 108,113,000

a Revised.
* North America.—The Canadian Government has officially prohibited the
Issuance of both manifests and exports until after ten days. This Is effective
during the continuance of the war.

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
. Wheat.
United
Kingdom. Continent.
Dec.
Nov.
Dec.
Dec

2 1916..
25 1916..
4 1015.5 1914..

Bushels.

Bushels.

Corn.
Total.
Bushels.
39.984.000
38.244.000
37.192.000
34.960.000

United
Kingdom. Continent.
Bushels.

Bushels.

Total.
Bushels.
21.803.000
23.921.000
21.385.000
25.704.000

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Dec. 2 1916 was as follows:
GRAIN STOCKS.
Oats.
W h ea t,
Corn.
b u sh .
bush.
bush.
4 ,1 9 9 ,0 0 0
151,000 1,787,000
2 5 9 ,0 0 0
89,000
810,000
31,000
467,000
1 ,9 8 4 ,0 0 0
2 ,9 1 1 ,0 0 0
73,000
669.000
4 6 ,0 0 0
717.000
3 ,2 8 8 ,0 0 0
51.000
190.000
2 ,6 2 8 ,0 0 0
16.000
3 , 6 2 1 ,0 0 0
13,000 2,973,000
66,000
605,000
1 ,7 4 3 ,0 0 0
299,000
5 5 6 ,0 0 0
79,000
5 ,2 9 3 ,0 0 0
847.000 20,979,000
376.000
27,000 1,398,000
M i l w a u k e e ____________________. 1 ,0 4 3 ,0 0 0
D u l u t h ........................................ .. . 6 ,7 1 0 ,0 0 0
1,081,000
18,000 7,038,000
M i n n e a p o l i s ................... ............... 1 0 , 6 5 6 ,0 0 0
S t . L o u i s _____________________ . 2 ,2 2 0 ,0 0 0
63,000
950,000
K a n s a s C i t y ................................ . 1 1 , 6 1 7 ,0 0 0
86,000 3,864,000
856,000
P e o r i a _________________________ .
1 4 ,0 0 0
62,000
2 8 3 ,0 0 0
299,000
920,000
I n d i a n a p o l is __________________ .
229,000 1,559,000
O m a h a ________________________ . 1 ,5 8 9 ,0 0 0
101,000
266,000
O n L a k e s ....................................... 1 ,3 6 6 ,0 0 0
30,000
On Canal and River.

U n it e d S ta te s —
N e w Y o r k __________ ________ _.
B o s t o n ________________________ .
P h i l a d e l p h i a ______ __________ .
B a l t i m o r e _______ _____________ .
N e w p o r t N e w s ........................ ..
N e w O r l e a n s ...... .........................
G a l v e s t o n ........... ...........................
B u f f a l o .......................................... ..
T o l e d o .......................................... ..
D e t r o i t ............................................
C h i c a g o .................................... .. .

Rye.
bush.
207,000
88,000
33,000
436,000
3,000

Barley.
bush.
589,000

[VoL. 1 3
0.

THE DRY GOODS TRADE
N e w Y o rk , F rid a y N ig h t, D e c . 8 1916.
The quiet undertone noted in the markets for dry goods a
week ago appears to have become more general as there has
been a further decrease in the volume of business. Primary
markets havo also boen less active than thoy have been for
several months past, and while the lull is welcomed by both
merchants and manufacturers there has been more or less
uneasiness in some quarters as it is believed that the high
prices are exerting a restraining influence on consumption.
Values, however, so far have not displayed any signs of weak­
ening, but instead are firmly maintained and in some in­
stances have been advanced. Manufacturers are not press­
ing sales and continue to discourage the placing of forward
contracts, as they are well sold ahead. They still complain
of the high cost of production and see no indications of any
relief in that direction within the near future. M ills likewise
are sold ahead and in somo cases have their output sold well
into next summer at very satisfactory prices. During the
past week attention has been given largely to securing de­
liveries on old contracts, which continue to be very back­
ward, and merchants aro especially interested in obtaining
goods for distribution during the early part of the new yoar.
There has been little accumulation of supplies as retailors
aro moving goods into consumption on a more liberal scale
than usual at this time of the year, and many classes of goods
are becoming very scarce. In somo quarters there havo boon
freer offerings of unfinished goods, due to a desiro of holders
to reduce stocks beforo taking inventories at the ond of the
year. Retail business throughout continues active and tho
coming holiday trade is expected to be record-breaking. A
moderato demand is noted for goods for export and a more
cheerful feeling prevails in this division of tho market.
Fair purchases of drills for shipment to India havo been made
during tho past week.

D O M E S T IC C O T T O N G O O D S .— Although a quieter
undertone prevails in tho market for staple cottons, pricos
remain firm with no disposition to offer concessions in
order to move goods. Jobbers continue to do a fair trade
while distribution in retail centres continues on a scale
never beforo witnessed at this time of tho year. Dospito
the fact that bleached cottons rule quiet, prices display
a hardening tendency, owing to the fact that thero aro
many old orders still unfilled. Manufacturers of fine goods
complain that present values for goods aro too low when com­
pared with tho high cost of production and raw material, and
state that tho outlook is for further advances on somo lines.
Dress ginghams and printed goods are in activo demand, and
thero aro many complaints on the part of merchants about
tho inability to secure sufficient quantities to meet their re­
quirements. Merchants are also finding it difficult to place
additional orders for various lines of wash fabrics as supplies
aro light and mills well sold ahead. Gray goods, 38-inch
standard, aro quoted at 8 % c .

W O O L E N G O O D S .— Tho markets for woolens and wors­
teds continuo to rule very firm with the demand activo, as
merchants aro endeavoring to cover thoir requirements as far
98,000
ahead as possible in anticipation of still further advances.
85,000 808,000
Tho raw material situation continues to grow more sorious
5,000
47,000
55,000 244,000 and there is little prospect for any improvement within the
near future. In the men’s wear division of the market
88,000 555,000
92,000 993,000 prices rulo particularly firm with sharp advances notod on all
673,000 590,000
Buyers, however, appear to
11,000
19,000 re-orders for spring delivery.
39,000
bo eager to place orders as their supplies aro light and thoy
aro desirous of securing sufficient goods to carry thorn into
97,000
12,000
Jobbers report that spot goods have beon pretty
637,000 next year.
well cleaned up. As regards dress goods, mills aro roportod
Total Dec.
2 191G......... 62.020,000 2.677,000 47.458,000 1,959,000 4,742,000 to be so well sold ahead that they aro unable to accopt addi­
Total Nov. 25 1916_____ 63,362,000 1,696,000 47,844,000 2,072,000 4,222,000
Total Dec.
4 1915......... 48,79G,000 4,344,000 19,597,000 2,622,000 5,616,000 tional orders for spring.
Thero is also said to bo a good
Total Dec.
5 1914_____ 72.374.000 6,153.000 31.463.000 1,683,000 5.077,000
Note.— Bonded grain not included above: Wheat, 2,777,000 bushels at New York, inquiry for men’s wear serges for fall 1917 delivery, although
27,000 Baltimore, 154,000 Philadelphia, 472,000 Boston, 5,122,000 Buffalo, 800,000
.
Duluth: total, 9,412,000 bushels, against 11,942,000 bushels in 1915. Oats, 222,000 tho season has not as yet been opened.
New York, 11,000 Baltimore, 67,000 Duluth, 1,447.000 Buffalo; total, 1,747,000
F O R E IG N D R Y G O O D S .— Trade in linens continues
bushels, against 775,000 In 1915; and barley, 295,000 New York, 29,000 Duluth;
fairly active, although supplies are becoming scarce and more
total, 324,000, against 40,000 In 1915.
C a n n d ia n — •
difficult to obtain. While pricos rule very firm, various
M ontreal.............................. 1,363,000
4,000 5,281,000
...........
81,000
substitutes and mixtures aro also advancing, owing to the
Ft. William & Pt. Arthur.. 12,520,000
........... 6,219,000
.............................
Othor Canadian *................ 11,800,000
........... 7,300,000
.............................
high cost of raw material. M any buyers would prefer to pay
the slight difference for pure linens, but aro obliged to take
Total Deo.
2 1916*____25,683,000
4.000 18,860,000
81,000
Total Nov. 25 1916*____25,849,000
Recent
47,000 17,201,000
1,000
81,000 tho substitutes, owing to tho scarcity of tho former.
5.000 10,624,000
18,000
7,000 arrivals of linens havo been small, and many interests report
Total Dec.
4 1915........ 21,988,000
Total Deo. 5 1914........ 13,542,000
117,000 5,120,000
192,000
that their orders have been only partly filled. Labor con­
S u m m ary—
American________________ 62,026,000 2,677,000 47,458,000 1,959,0004,742,000 ditions abroad continuo to grow worse with little indication
Canadian________________ 25,683,000
4.000 18,860.000
81,000
of improvement, and as a result tho output of mills is greatly
Total Dec.
2 1916......... 87,709,000 2,681,000 66,318,000 1,959,000 4,823,000 curtailed.
Little change is noted in tho market for burlaps,
Total Nov. 25 1916......... 89,211,000 1,743,000 65,105,000 2,073,000 4,303,000
Total Dec.
4 1915......... 70,784,000 4,349,000 30,221,000 2,640,000 5,623,000 which continue to rule quiet, owing to the scarcity of supplies.
Total Dec.
5 1914......... 85,916,000 6,270,000 30,583,000 1,683,000 5,269,000 Light weights are quoted at 8.75c. and heavy weights at 10c.
to 10.25c.
* Including Canadian at Buffalo and Duluth.




11,000
124,000

D . 9 1 1 .1
ec
96
state

C»ty

m e

% hz

* B tV r w m n n G

(fr lc w n itlt.

P U B L IS H E D W E E K L Y .

Terms of Subscription—Payable in Advance
F o r O n o Y e a r ................. ...................................................................................... $ 1 0 0 0
F o r S ix M o n th s ..........................................................................................................
G 00
E u rop ea n S u b s crip tio n (In clu din g p o s t a g e ).................................................. 13 0 0
E u rop ea n S u b s crip tio n six m on th s (in c lu d in g p o s t a g e )..........................
7 60
A n n u a l S u b s crip tio n in L on d on (In clu d in g p o s t a g e )............................... £ 2 1 4 8 .
S ix M on th s S u b s cr ip tio n in L on d on (in c lu d in g p o s t a g e )........................ £ 1 1 1 s .
C anadian S u b s cr ip tio n (in c lu d in g p o s t a g e ! ................................................. $ 1 1 5 0

Subscription includes follow in g Supplements—
B ink and quotation (monthly) I R ailway and I ndustrial (3 times y e a r ly )
railway E arnings (monthly)
E lectric R ailway (3 times yearly)

S tate and City (semi-annually) |B ankers’ Convention (yearly)

Terms of Advertising—Per Inch Space
Transient matter per inch space (14 agate linos)................................... $4 20
( T w o M on th s (8 t im e s )......................................... 2 2 0 0
Sfandlntr Ttnslnpss P ir d s ) T h re e M on th s
(13 tim e s )............................. 2 9 0 0
btan u in g B u s in e s s c a r d s < 81s M o n th s
(2 0 t im e s )............................. 5 0 0 0
(. T w e lv e M on th s (52 t im e s )............................... 8 7 00
Chicago Office—39 S ou th L a S alle S tr e e t, T e le p h o n e R a n d o lp h 7396.
L o n d o n Office—E d w a rd s & S m ith , 1 D ra p e rs’ G a rd e n s, E. C.

W I L L I A M B . D A N A C O M PAN Y, P u b lish ers,
Front. Fine anil Dcpeyster Sts.. Now Y ork .
M U N IC IP A L

BOND

SALES IN

NOVEM BER.

Municipal bonds placed on the market during the month
of November aggregated 815,136,378, making the total for
the eleven months 8410,607,988. A year ago in November
tho output reached 828,815,595, and for the eleven months
was 8463,644,631. There were also negotiated in November
811,668,517 of temporary loans, including 89,504,900 reve­
nue bonds and corporate stock notes issued’ by N ew York
C ity.
The total sales in Canada during November were 88 ,955 ,­
526, including 83,800,000 5 % bonds of Montreal, Que., and
81,500,000 4J^s and 82,594,000 5s (6 issues) of Toronto, Ont.
In the following we furnish a comparison of all the various
forms of obligations put out in November during the last five
years:
1916.

1915.

S

S

1914.

1913.

1912.

s

S

s

Permanent loans (U.S.) 15,136,378 28,815,595 21,691,126 30,708,685 13,021,999
*Temporaryl'n3(U.S.) 11,668,517 14,569,879 9,188,325 56,728,048 16,278.883
Canadian l'ns (p erm 't). 8,955,526/109,865,549
G en .fu n d b d 8 .(N .Y .C .) 12,500,000 8,500,000
General fund bonds
(Baltimore, M d .) .................................................

2,737,198
Nono
300,000

13,229,748 7,588,624
N one
5,000,000
300,000

300,000

T o t a l ......... .............. .48,260,421 161,751,023 33,910,649 100,960,481 42,189,506
* Includes temporary securities Issued b y New Y ork C ity, $9,504,900 in 1916,
$11,503,677 in 1015, S I,471,900 in 1914, $54,983,733 in 1913 and $13,086,421 in 1912.
x Includes $100,000,000 loan made by Dominion Government.

The number of municipalities emitting bonds and the num­
ber of separate issues made during November 1916 were 217
and 323, respectively. This contrasts with 373 and 516 for
October 1916 and with 378 and 519 for November 1915.
For comparative purposes, we add the following table,
showing the aggregate of permanent loans for November and
the eleven months for a series of years:
Month
November.
1916................ $15,136,378
1915________ 28,815,595
1 9 1 4 .. . ......... 21,691,126
1913................ 30,708,685
1912................ 13,021,999
1911......... ..
19,738,613
1910......... ..
24,456,351
1909________ 18,906,555
1908................ 28,427,301
1907...............
4,408,381
1906................ 12,511,550
1905................ 25,888,207
1904................ 32,597,509

For the
Eleven Mos.
$410,607,988
403,644,631
■tit, 862,910
358,611,490
358,893,919
360,830,801
283,414,600
307,673,842
285,747,250
213,924,703
180,483,172
174,825,430
240,819,161

Month
November.

For the
Eleven M os.

1903................ $f4,840,375
1902................ 13,728,493
1901................ 6,989,144
1900................ 9,950,685
1899................ 8,790,489
1898................ 7,721,284
1897................ 6,868,775
1896................ 31,913,891
1895................ 6,524,901
1894................ 4,549,580
1893................ 7,300,770
1892................ 5,176,012

$138,789,253
136,895,772
116,092,342
123,572,311
113,131,780
95,778,450
120,128,531
95,831,773
105,475,829
103,689,851
00,114,709
80,526,266

Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month’s bond sales in detail. It will bo given later.

N ew s Item s.
A lab am a.— Results at G eneral E le c tio n . — The following
measures were submitted at the general election on N ov . 7:
A m en d m en t N o
1, p r o v id in g th a t th o fo llo w in g s h a ll bo
a d o p te d as A r tic le X I X o f th o C o n s titu tio n :
T ll° s,eY°raI c o u n tlcs In th e S ta te sh all h a v e p o w e r t o l e v y
and
a sp ecial ta x n o t e xce e d in g 0. ce n ts o n ea ch $10 0 w o rth o f
ta x a b le P rop ertyJ in su ch c o u n tie s in a d d itio n t o th a t n o w a u th o riz e d o r
th a t m a y h^ roafter b o au th o rize d fo r p u b lic sc h o o l p u rp o se s; p r o v id e d , th a t
th o ra te
is t o co n tin u e and th o p u rp o s e t h e r e o f s h all
h a v e been fir s t s u b m itted t o th o v o t e o f th o q u a lifie d ele cto rs o f the c o u n t y ,
an d v o te d fo r b y a m a jo rity o f th o se v o t in g a t su ch e le ctio n .
S ection 2. T h o soveral s c h o o l d istricts o f a n y c o u n t y iu th o S ta to s h a ll
h a v ° I?oAcr t o l ov7 . a” d coU ect a sp e cia l ta x n o t e xceed in g 3 0 ce n ts o n
ea ch $10 0 w orth o f ta xa b le p r o p e r ty in su ch d is tric t fo r p u b lic s c h o o l
P u rp oses; p r o v id e d , t h a t a sc h o o l d is trict u n d er th o m o an in g o f th is s e c tio n
sh all in clu d e in corp ora ted citie s o r to w n s, o r a n y sc h o o l d is tric t o f w h ic h
an in co rp o ra te d c it y o r to w n Is a p a r t, o r su ch o th e r d is tric t n o w e xistin g
o r h erea fter fo rm e d , as m a y b o a p p ro v e d b y th e c o u n t y b o a rd o f ed u c a tio n ;
p r o v id e d , fu r th e r, th a t th e ra te o f su ch ta x , th o tim e it is t o co n tin u e an d
th e p u rp ose th e r e o f sh all h a v e been fir s t s u b m itte d t o th o v o t e o f th e
q u a lifie d electors o f th e d istrict and v o t e d fo r b y a m a jo rity o f th o s e
v o t in g at su ch ele ctio n ; p ro v id e d , fu rth e r, th a t n o d is trict ta x shall b e
v o t e d , lev ied o r co lle c te d e x ce p t In su ch c o u n tie s as are le v y in g and c o lle c t ­
in g a t least a th ree-m ill special c o u n t y sc h o o l ta x .
S ection 3. T h o fu n d s arising fro m th o sp ecial s c h o o l ta x le vie d an d c o l ­
le cte d b y a n y c o u n t y shall b o a p p o rtio n e d an d e x p e n d e d as th e law m a y




2171

THE CHRONICLE

d ir e ct; an d th e fu n d s arising fr o m th e s p e cia l s c h o o l ta x le v ie d in an d
d is trict w h ic h v o te s th e sam e in d e p e n d e n tly o f th e c o u n t y sh all b e e x p e n d y e
fo r th e e x clu s iv e b e n e fit o f th e d is trict as th e law m a y d ire ct.
P ro p o s e d A m e n d m e n t N o . 2 , p r o v id in g th a t th e co n s titu tio n b o a m en d ed
s o th a t th o Ju d g e o f P r o b a te , S h e riff, T a x A ssessor a n d T a x C o lle c to r o f
M o n t g o m e r y C o u n t y w ill b e p la c e d o n a sa la ry an d re q u ire d t o c o v e r th e
fees c o lle c te d b y th e m in to th o tre a su ry o f M o n t g o m e r y C o u n ty .
P ro p o s e d A m e n d m e n t N o . 3 , p r o v id in g th a t S e ctio n 250 o f A r tic le 13 b e
strick en fro m th o c o n s titu tio n , w h ich s e c tio n Is as fo llo w s : “ H o ld ers o f
b a n k n o te s, an d d e p o s ito rs w h o h a v e n o t stip u la te d fo r in te re st, sh all fo r
su ch n o te s a n d d e p o s its , b e e n title d In case o f in s o lv e n cy t o p re fe ren ce o f
p a y m e n t o v e r a ll o th e r cre d ito rs; p r o v id e d th is s e c tio n sh all a p p ly t o a ll
b a n k s w h eth er In co rp o ra te d o r n o t . ”
P ro p o s e d A m e n d m e n t N o . 4 , p r o v id in g th a t th e c o n s t it u t io n b e ch a n ged
s o th a t th e c it y o f Solm a sh all b e em p o w e re d t o le v y an d c o lle c t a n n u a lly
an a d d itio n a l ta x o f tw o -te n th s o f 1 % u p o n th e v a lu e o f p r o p e r t y therein
as fix e d fo r S tate ta x a tio n , t o b o a p p lio d e x c lu s iv e ly t o th e m a in te n a n ce o f
p u b lic sc h o o ls th erein , an d le v y an d c o lle c t a n n u a lly a fu rth e r a d d ition a l
ta x o f on e -te n th o f 1 % u p o n th e v a lu e o f th e p r o p e r ty therein as fix e d fo r
S tate ta x a tio n , t o b e a p p lie d e x c lu s iv e ly t o p u b lic s c h o o l bu ild in g s therein
and im p ro v e m e n ts an d repairs th e re o n , o r t o th e p a y m e n t o f in debtedn ess
c o n tr a c te d fo r th e sam e b y th e c it y o f S elm a; p r o v id e d th a t th ese taxes
shall b e In lieu o f a ll o th e r c it y taxes re q u ire d t o b e le v ie d o r a p p ro p ria te d
b y th o c it y o f Selm a fo r th e s u p p o r t o f s ch o o ls o r fo r s c h o o l p u rp oses.
P ro p o s e d A m e n d m e n t N o . 5 , p r o v id in g th a t th e C o n s titu tio n b e a m en d ed
s o th a t th e L egislatu re sh all m e e t b ie n n ia lly a t th e c a p it o l, a n d sh all n o t
rem ain In session lon ger th an f i f t y d a y s .
P r o p o s e d A m e n d m e n t N o . 6 , p r o v id e s th a t th o co n s titu tio n b e a m en d ed
s o th a t c itie s, to w n s a n d villa ges an d o th e r m u n icip a litie s, o th e r th an th e
citie s o f B irm in g h a m , an d M o n t g o m e r y , D e ca tu r, N e w D e ca tu r, an d a ll
m u n icip a litie s lo ca te d w ith in th o c o u n tie s o f G e n e v a , P ick e n s, S u m ter,
B a ld w in , D a le , E s ca m b ia , M o n r o e , H e n r y , H o u s to n , M a r e n g o , W ilc o x ,
T a lla d e g a , D e K a lb , J a ck so n an d M a r s h a ll sh all b e a u th o rize d t o le v y an d
c o lle c t a n n u a lly a ta x fo r general p u rp oses n o t ex ce e d in g M o f 1 % o f th e
v a lu e o f th e p r o p e r ty th erein assessed fo r S ta te ta x a tio n d u rin g th e cu rren t
y e a r in a d d itio n t o th e ta x a tio n p e r m itte d b y S e ctio n 216 o f th e C o n s titu ­
tio n o f 1901 w h en au th o riz e d s o t o d o b y th e q u a lifie d v o te rs th e re o f; p r o ­
v id e d th a t th e g o v e rn in g b o a r d o f a n y m u n ic ip a lity m a y su b m it th e sam e
t o an e le ctio n n o t m o r e th a n o n c e ea ch fis c a l y e a r.

W e are advised that measures N os. 1, 2, 3 and 4 were
successful.
C alifo rn ia.— O fficia l Vote o n C o n stitu tion a l
— Official returns from the general election on
that of the seven propositions submitted to the
received their approval. The questions which
ful are reported as follows:

A m en d m en ts.

N o v . 7 show
people, three
were success­

S tate H ig h w a y A c t , p r o v id in g fo r t h e issu ance o f S 1 5 .0 0 0 .0 0 0 b o n d s —
fo r , 542 ,2 3 9 ; aga in st, 137 .107 .
In e lig ib ility t o o f fi c e , in itia tiv e m easu re a m e n d in g S e ctio n 19 o f A r tic le
I V . o f th e c o n s titu tio n — fo r , 4 1 4 ,2 0 8 ; again st. 2 3 0 ,3 6 0 .
A m e n d in g S e ctio n 8 o f S ta te H ig h w a y A c t re lie v in g c o u n tie s o f th e bu rd en
o f p a y in g in terest o n h ig h w a y b o n d s— fo r , 483 ,1 5 1 ; a g a in st, 1 52 ,910 .

The measures which follow were all defeated:
P ro h ib itio n , in itia tiv e m easu re, a d d in g A r tic le X X I V . t o c o n s titu tio n ,
re strictin g r ig id ly th e sale a n d u se o f s tro n g d rin k — fo r , 4 3 6 ,6 3 9 ; a gain st
538 ,2 0 0 .
P r o h ib itio n , in itia tiv e m easure a d d in g A r tic le X X I V a . t o c o n s titu tio n ,
p r o v id in g fo r a b s o lu te p r o h ib itio n — fo r , 4 6 1 ,0 3 9 ; a g a in s t, 5 0 5 .7 8 3 .
D ir e c t p rim a ry la w , referen d u m — f o r , 3 1 9 .5 5 9 ; aga in st. 3 4 9 ,7 2 3 .
Single ta x In itiative m easure— f o r , 2 6 0 ,3 3 2 ; a g a in st, 5 7 6 ,5 3 3 .

A description of all these amendments voted upon will be
found in the “ Chronicle” of Oct. 14, page 1442.
D allas, T ex .— ,S pring E lection H eld to be L egal by C ivil
D istrict G ourts.— It is stated in local papers that by a decision
concurred in on the 4th by each of the Judges of the three
Civil District Courts of Dallas C ounty, who sat en banc,
the election held in thi? city on April 4 and all the proposi­
tions favorably voted at that time, were declared legal.
A t the election referred to, propositions to issue 4 ) ^ %
40-year serial bonds, aggregating $1,050,000, received the
following vote: $500,000 for the erection of an electric-light
plant, 3,926 “ for” to 3,859 “ against;” $250,000 for the
purchase of the block in front of the new union depot for
parking purposes, 4,295 “ for” to 3,527 “ against;” $300,000
for the construction of storm sewers and culverts, 4,714 “ for”
to 3,045 “ against.” The voters also adopted the following
franchise amendments:
1. A u th o riz in g th o c it y t o n e g o tia te in d e te rm in a te fra n ch ises; p e rm ittin g
franchises e ith er u p o n a 4 % gro ss r e d u ctio n ta x basis o r fo r s e r v ic e a t c o s t,
and au th o riz in g th e c it y t o b u y th e p r o p e rtie s a fte r te n y ears o r req u ire
th eir sale t o a n o th e r lice n se e . V o t e . 6 .2 0 8 t o 6 ,1 2 7 .
2 . P e r m ittin g th e co n s o lid a tio n o f all stre e t r a ilw a y sy s te m s in D a lla s .
V o t e , 6 ,5 5 8 t o 5 .6 1 1 .
3- A p p r o v a l o f m o d e l s e r v lc o -a t-co s t fra n ch ise , w h ic h c i t y w ill n e g o tia te
w ith stre e t r a ilw a y c o m p a n y . V o t e , 5 ,8 1 4 t o 5 ,3 0 7 .
4.
A p p r o v a l o f s o r v ic e -a t-co s t fra n ch is e fo r e le ctr ic lig h tin g c o m p a n y .
V o t e . 5 ,8 0 3 t o 5 ,3 5 8 -

An amendment to the city charter providing for an in­
crease in the bonded debt for park purposes from $500,000 to
$750,000, carried by a vote of 6,557 to 6,047, while a proposed
amendment to increase the city general bonded debt limit
from $8,000,000 to $9,000,000 was defeated, receiving a vote
of 5,900 to 6,3 06.— V . 102, p. 1461.
G eorgia.— F ou r P r op osed A m e n d m e n ts A d o p te d Out o f F ive
Subm itted at G en eral E lectio n . — The following proposed
amendments to the constitution were adopted by the voters
on N o v . 7:
A m e n d m e n t t o P a ra gra p h 2 , S e c tio n 1 , A r t ic le I I o f t h e C o n s titu tio n ,
a u th o rizin g B a co n C o u n t y (P . O . A lm a ) t o Issue $ 1 0 0 ,0 0 0 p u b lic im p r o v e ­
m en t b o n d s.
A m e n d m e n t t o S e ctio n 2 , A r tic le 6 , o f th e c o n s t it u t io n , a lte rin g th e A p ­
p e lla te C o u rt s y s te m o f th e S ta te .
A m e n d m e n t t o P a ra gra p h 1, S e c tio n 13, A r t ic le 6 , o f th e c o n s titu tio n ,
p r o v id in g fo r a d d itio n a l co m p e n s a tio n f o r th e S u p e rio r C o u r t Jud ges in
C la r k e , F lo y d , S u m ter a n d M u s c o g e e S u p erior C o u rts .
A m e n d m e n t t o P a ra gra p h 2 , S e c tio n 13, A r tic le 6 , o f t h e c o n s titu tio n ,
a b o lis h in g foes o f S o llcito rs -G e n e ra l.

A proposed amendment to Article 7, Section 2, Paragraph 2
of the constitution, authorizing the General Assembly to
exempt from taxation ships and vessels engaged exclusively
in foreign commerce, owned and operated by Georgia citi­
zens or Georgia corporations, was defeated.
Los A n geles, C a lif .— C ity O ffer f o r L oca l E lectrica l D is ­
trib u tin g L in e s . — See reference on a preceding page of this
week’s issue among our “ General Investment News” items.
L o u isia n a .— R esult o f V ote o n C on stitu tion a l A m e n d m e n ts .—
The official vote, as reported to us by the Secretary of State
polled “ for” and “ against” the eighteen proposed amend­
ments to the constitution submitted at the general election
on November. 7 (V . 103, p. 1239) was as follows:

*172

THE CHRONICLE

1. A m e n d m e n t t o A r tic le 129 re la tiv e t o a u th o riz in g salaries f o r sh e riffs,
clerk s a n d o th e r o ffic ia ls . V o t o , 3 9 ,6 5 5 " f o r ” t o 16,340 “ a g a in s t.” Carried.
2 . A m e n d m e n t t o A r tic le 3 0 3 , re la tiv e t o p en sion s fo r c o n fe d e r a te s o l­
d ie rs .
V o te , 4 9 ,0 8 1 “ f o r ” t o 11,215 “ a g a in s t.”
Carried.
3 . A m e n d m e n t, a m en d in g a n d re -e n a ctin g A r t ic le 287, r e la tiv e t o fre e
passes fo r e m p lo y e e s o f th e a gricu ltu ra l d e p a rtm e n ts . V o t e , 3 0 ,4 2 6 " f o r ”
t o 15,847 “ a g a in s t .”
Carried.
4 . A m e n d m e n t t o A r tic le 270 , r e la tiv e t o v o t in g a n d le v y in g o f sp ecial
ta x es in a id o f p u b lic im p ro v e m e n ts .
V o t e , 3 0 ,2 3 2 " f o r ” t o 15,274
“ a g a in s t .”
Carried.
5. A m e n d m e n t t o A r tic le 210 , r e la tiv e t o w o m e n h o ld in g o f fi c e . V o t e ,
17,636 “ f o r ” t o 3 3 ,1 3 2 “ a g a in s t.”
Defeated.
6. A m e n d m e n t t o A r tic le 118, o n th e s u b je c t o f ju v e n ile c o u r ts . V o t e ,
2 9 .7 6 4 “ f o r ” t o 15,026 “ a g a in s t .”
Carried.
.
7 . A m e n d m e n t p r o v id in g fo r th e fu n d in g o f ce rta in d e b ts o f th e c it y o f
S h re v e p o rt.
V o t e , 3 1 .6 1 2 “ f o r ” t o 15,268 “ a g a in s t.”
Carried.
8 . A m e n d m e n t t o A r t ic le 273 , re la tiv e t o p u b lic s e r v ic e c o r p o r a tio n s .
V o t e , 3 0 ,3 3 8 “ f o r ” t o 15,694 “ a g a in s t.”
Carried.
9. A m e n d m e n t t o A rticle s 225 and 226, re la tiv e t o assessm ent an d ta x ­
a tio n , a n d a b olis h in g th e B o a rd o f A p p ra is e rs . V o t e , 3 4 ,0 1 2 “ f o r ” t o
2 0 ,9 0 9 “ a g a in s t .”
Carried.
10. A m e n d m e n t a u th o riz in g m u n icip a l c o r p o r a tio n s , p arishes a n d w ards
t o v o t e certa in ta x es o n p r o p e r ty fo r th e a q u is itiio n a n d su p p o r t o f m u n icip a l
c o r p o r a tio n , parish a n d w ard fa irs, an d th e P a rish o f C a d d o a n d C it y o f
S h ro v e p o rt fo r th e S ta te F a ir o f L o u is ia n a , a t S h re v e p o rt. V o t e 3 1 ,7 7 8
" f o r ” t o 15,948 “ a g a in s t.”
Carried.
11. A m e n d m e n t p r o v id in g fo r th e fu n d in g o f ce rta in d e b ts o f th e c it y
o f N e w O rleans an d th e B o a rd o f D ir e c to rs o f th e P u b lic S c h o o ls , P a rish
o f O rlean s.
V o te 3 1 ,7 6 7 “ f o r ” t o 17,098 “ a g a in s t ." Carried.
12. A m e n d m e n t g ra n tin g c it y o f N e w O rloans p o w e r t o c o n s tr u c t,
e q u ip , m a in ta in a n d op e r a te brid g e s o r tu n n els acro ss th e M ississip p i
R iv e r at o r n ea r N e w O rlean s. V o t e , 3 3 ,4 2 0 “ f o r ” t o 14,421 “ a g a in s t.”
Carried.
13. A m e n d m e n t t o A r tic le 148, re la tiv e t o th e D is tr ic t A t t o r n e y o f
O rleans P a ris h , ids e le ctio n , q u a lific a tio n s , term o f o ffic e , c o m p e n s a tio n ,
assistants a n d o ffic e fo r c e .
V o te , 2 9 ,1 7 6 " f o r ” t o 14,753 “ a g a in s t .”
Carried.
14. A m e n d m e n t a u th oriz in g th e B o a rd o f L e v e e C o m m issio n e rs o f
O rloans L e v e e D is t r ic t t o m a k e ce rta in c o n s tr u c tio n s a lo n g L a k e P o n tc h a rtra in a n d elsow h ere.
V o te , 3 0 ,4 4 6 “ fo r ” t o 16,157 “ a g a in s t.”
Carried.
15. A m e n d m e n t t o A r t ic le 133, re la tiv e t o th e D is tr ic t C o u rt o f O rleans
P a rish .
V o te , 2 8 ,7 6 8 “ f o r ” t o 15,340 " a g a in s t .”
Carried.
16. A m e n d m e n t e x e m p tin g fro m ta x a tio n sh ip s a n d o ce a n g o in g tu g s,
t o w -b o a t s an d barges en gag ed in o v e r-se a trade an d c o m m e r c e a n d d o m i­
c ile d in a L ou isia n a p o r t.
V o te , 3 1 ,2 7 9 “ f o r ” t o 15,507 “ a g a in s t.” Carried.
17. A m e n d m e n t fu n d in g th e d e b t o f th o P e n ite n tia r y B o a r d .
V ote,
30,501 “ f o r ” t o 15,032 “ a g a in s t.”
Carried.
18. A m e n d m e n t t o A r tic le 4 8 , re la tiv e t o lim ita tio n o f le g is la tiv e p o w e rs
b y th e In clu sion o f r iv er im p ro v e m e n t, h a rb o r im p ro v e m e n t a n d n a v ig a tio n
d is tric ts in th e p r o v is o , an d e x e m p tin g m u n icip a l c o r p o r a tio n s h a v in g a
p o p u la tio n o f n o t less th a n 2 ,5 0 0 in h a b ita n ts , lo v e o d is tricts a n d parishes
fr o m th e p r o v is io n s o f said A r t ic le 4 8 , p r o v id in g fo r " c r e a tin g c o r p o r a tio n s ,
o r a m en d in g , r en ew in g , e x ten d in g o r e x p lain in g th e ch a rte rs t h e r e o f.”
3 1 ,1 3 9 “ f o r ” t o 14,113 “ a g a in s t.”
Carried.

M a ssach u setts.— P r o p o s itio n s Subm itted at G en eral E lec­
tio n C a rried . — Propositions providing for the holding of a
constitutional convention, for the revision of the primary
laws and making N ew Year’s D ay a legal holiday, submitted
to tho voters of all the cities and towns throughout the
State on N o v . 7, were adopted. The official vote as an­
nounced on the 6th inst. was as follows:

For.
C o n s titu tio n a l C o n v e n t io n _________________________________ 2 17 ,293
R e v is io n o f p r im a ry l a w s . ________________________________20 9 ,6 2 4
M a k in g N e w Y e a r ’s D a y a logal h o lid a y -------------------------- 31 2 ,6 7 8

Against.
12 0 ,9 7 9
15 0 ,0 5 0
11 3 ,1 4 2

The voters of all cities also approved an Act passed by the
1916 Legislature authorizing cities to maintain schools of
agriculture and horticulture.— V . 103, p. 958.
T hree C ities Vote A g a in s t Is s u a n c e o f L iq u or L ic e n s e s . — A t
tho municipal elections held in 15 cities on the 5th the cities
of Fall River, Leominster and Haverhill by large majorities
voted, it is said, against the continuance of the issuance of
liquor licenses, while the cities of Holyoke and Springfield
voted in favor of the same.
N ew H am p sh ire. — Q u estio n o f H o ld in g C o n stitu tio n a l Con­
F a vorably Voted at G en eral E lectio n . — The question
of holding a convention to suggest revision of the State
constitution was favorably voted at the election on N o v . 7.
— V . 103, p. 772.

v en tion

New Jersey. — O fficia l Vote on C rea ting H ig h w a y C om ­
m is s io n . — W e are advised by the Secretary of State that the
official vote polled “ for” and “ against” Chapter 285, Laws
of 1916, providing for the creation of a highway commission
and for the issuance of 87,000,000 4 % road-reconstruction
and improvement bonds, was 188,888 to 99,638, majority
in favor being 89,250.— Y . 103, p. 1808.
N orfolk , V a . — P u rch a se o f N o rfo lk C ou n ty W a te r C o.
R ecom m en d ed . — The American Appraisal C o. transmitted
to the C ty Council on the 5th, according to local papers, its
report placing the value of the Norfolk County W ater Co.
at 81,142,882 05, and recommending that it be purchased
by the city at that figure. Below is the report of the com­
pany’s appraisal of the physical and intangible value of prop­
erty:

|V

o l

.

108.

In defining “ intangible property,” commonly known as
“ going value,” the appraisal company has the following to say:
A u t ilit y c o m p a n y o f th is n atu re c a n n o t fro m th e b e g in n in g earn a re tu rn .
I t u su a lly ta k es a n u m b e r o f yea rs b e fo re th e businoss o f a w atrow ork s
c o m p a n y is establish ed o n a p r o fita b le basis, a n d th e loss w h ic h th e in ve sto rs
in cu r d u rin g th e e a rly y ears o f o p e r a tio n is alw a ys a v e r y necessary elem en t
in co n sid e rin g th e c o s t o f d e v e lo p in g su ch a business a n d th o fin a l to ta l
c o s t o f o p e ra tin g a w ater c o m p a n y .
In re ce n t cases th e co u rts h a v e be e n s p e c ific in d e fin in g “ g o in g v a lu e ” as
in clu d in g th o s e losses su stain ed d u rin g tn e e a rly y oars o f o p e ra tio n an d th e
expenses d u e t o d e v e lo p in g an d esta b lish in g a u tilit y bu sin ess, and th a t th e y
m u s t be a c c o u n te d fo r in th e v a lu a tio n o f p u b lic u t ilit y p ro p e rtie s , th e fo l­
lo w in g q u o ta tio n s fro m d e cisio n s c le a rly sh ow .
In a rriv in g a t th e In tan gible, o r g o in g v a lu e rep resen ted in th is ca se, w e
h a v e ta k e n i n t o c o n s id e ra tio n all rea son a b le elem en ts e ffe c tin g its v a lu e ,
d e te rm in in g th e sam e o n th e basis o f th e to ta l in v e stm e n t necessary t o th e
business o f th e c o m p a n y as a u n it.
W o h a v e e stablish ed th e " g o in g v a lu e ” represen ted In th e h old in gs o f
th e N o r fo lk C o u n t y W a te r C o . on th e a ctu a l o p e ra tio n s o f th e p ro p e rtie s:
co n s id e r in g th e o p e r a tin g d e fic its accru in g th r o u g h th e en tire d e v e lo p m e n t
o f th e ir business up t o th e present t im e , allow in g fo r reason able o p e ra tin g
expen ses, m a in te n a n ce , fix e d c n e rg e s , d e p r e c ia tio n an d a r e a so n a o le ra te
o f in te re st o n t h e in v e s tm e n t.

Concerning the finances of the Norfolk County W ater Co.
the report contains the following:
T h e co m p a n y is in co rp o ra te d fo r $1 0 0 ,0 0 0 , all o f w h ic h has b een issu ed.
T h e b o n d e d in debtedn ess co n sists o f a firs t m o r tg a g e o f $ 50 0,00 0, d a te d
N o v . 1, 1929, a n d a gen eral m o r tg a g e o f an a u th o r iz a tio n o f $ 2 .0 9 0 ,0 0 j, o f
w h ic h $ 60 3,00 0 has been issu ed, d a te d M a y 1 1915, an d d u e M a y 1 1918.
T h e C o lu m b ia A v e n u e T r u s t C o . o f P h ila d e lp h ia , P a ., is th o tru ste e o f
th e se m o rtg a g e issues.
In a d d itio n t o th e firs t an d general m o rtg a ge s there Is an issuo o f th re e y e a r 6 % colla tera l n o te s, a m o u n tin g t o $2 7 0 ,0 0 0 , d u e M a y 1 1918.

Speaking of the Suffolk lakes, including Lake Philips and
Burnt Mills Lake, the purchase of the rights of which the
city has had under consideration for some time, and to which
we roforred in these columns on Aug. 29 1914, page 621, the
appraisers’ report says:
T h e re are a n u m b e r o f seriou s o b s ta c le s t o th e a cq u is itio n o f th e S u ffo lk
lakes b y th e c it y o f N o r fo lk as so u rce s o f fu tu re s u p p ly .
T h o P o rts m o u tn W a te r C o . ow n s th o se lak es. T tio y have a lrea d y u n d er
d e v e lo p m e n t L a k e K 'l b y an d L a k e C a h o o n , a n d h o ld in reserve L a k e
P h ilip s a n d l.a k o B u rn t M ills . I f a .iy o f th ose lakes aro le g a lly ava ila b le
it w o u ld b o L a k e P h ilip s an d L a k e B u rn t M ills .
In th is co n n e c tio n th e
P o rts m o u th c o m p a n y u n d o u b te d ly c o u ld sh ow th a t these tw o lakes aro
necessary fo r th em t o fu lfil th e ir c o n tr a c ts t o s u p p ly th e te rrito ry w ith
w a te r a n d t o m e e t th e a n ticip a te d d e m a n d s w ith in th e estim a te d life o f
th e ir p ro p e rtie s a n d h oldin gs. T n is c o n te n tio n le g a lly e stablish ed w o u ld
o b lig o th e c it y o f N o rfo lk t o co n d e m n th e e n tire p ro p e rtie s, rig h ts and h o ld ­
ings o f th o P o rts m o u th W a te r C o . t o secu re th e w a te r rig h ts o f these lakes
fo r Its o w n m u n icip a l pu rp o se s.

S o u th C arolin a. — C on stitu tion a l A m en d m en ts A d o p t e d .—
All of the five proposed amendments to the constitution
referred to in the “ Chronicle” of Sept. 30, page 1240, were
adopted at the general election on N o v . 7. Two of these
amendments aro to Section 7 of Article V I I I , and provide
that the limitations imposed by that section and Soction 5
of Article X shall not apply to (1) to the bonded indebtedness
incurred by the city of Anderson in Anderson County, but,
in addition to the powers now possessed, said city may in­
crease its bonded indebtedness to an amount not exceeding
1 5 % of the taxable property therein, where the proceeds of
the bonds are applied to the payment of past indebtedness,
to the expenses and liabilities incurred or to be incurred in
the improvement of streets, sidewalks or other public places,
or the purchase, establishment, maintenance, operation or
increase of a city market or a public park or paries, or any
corporate purpose. (2) To the bonded indebtedness in­
curred by School District N o . 1 of Kershaw County, when
the proceeds of said bonds are applied exclusively to erecting,
or making additions to, school buildings in said district,
and where tho question of incurring such indebtedness is
submitted to the qualified electors of such district.
Amendment to Section 5, Article X , provides that the
limitations imposed by this section shall not apply to tho
Charleston School District, comprised within the present
limits of the city of Charleston, such school district being
hereby expressly authorized to vote building bonds not ex­
ceeding 8250,000.
Amendments to Article X by adding Sections 15 and 18,
empowers the towns of Clinton and Mullins and the city of
Easley to assess abutting property for permanent improve­
ments.
W e st V irgin ia. — P rop osed C on stitu tion a l A m en d m en ts D e ­
fe a te d . — The proposed amendment to Section 23, Article 8,
of the constitution, rolating to tho county courts and to
Section 1 of Article 4 , providing for equal suffrage, wore
defeated, we are advised, at tho general olection on N o v . 7.
— V . 103, p. 1808.

T h e A m e r ic a n A p p ra isa l C o . , a c o r p o r a tio n d u ly in c o rp o ra te d u n d er th e
law s o f W isc o n s in , h e r e b y c e r tifie s th a t it has m a d e an ap p ra isal as o f th e
d a te o f Jun e 1 1916, o f tn e p r o p e rtie s o f t h e N o r fo lk C o u n t y W a t e r C o .,
S ta te o f V ir g in ia , a n d fin d s th e a p p ra ised s o u n d v alu es t o b e as fo llo w s :
L a n d .....................
$ 19 5,98 2 6 8 1E q u ip m e n t .......... ..............
$5 8 ,8 2 4 25
R e s e r v o ir ____________________4 6 ,9 2 8 1 9 1F o r c e m a i n s _
2 9 2 ,4 8 6
81
B irm ingham , A la .— Bond C a ll .— The following bonds
R ig h t s o f w a y __________
7 7 ,9 1 7 75 D is tr ib u tio n s y s te m ___
27 0 ,0 0 6 81
were called for redemption at the Dec. 1 interest period:
W e l l s ___________________
3 5 ,8 2 2 14 T o t a l o f p h y sica l p r o p .
9 2 5 ,9 1 4 17
B u ild in g s ...........................
17,946 0 6 1In ta n g ib le p r o p e r t y —
2 1 6 ,9 6 7 88
F u n d in g b o n d s issued D e c . 1 1886, m a tu r in g D o c . 1 1916, 7 % — N o s . 1
t o 6 0 , in c l., $ 6 0 ,0 0 0 .
,
J
G ra n d t o t a l ............... ............. .......................................... - .....................$ 1 ,1 4 2 ,8 8 2 05
N o r t h B irm in gh a m 6 % p u b lic -im p r o v e m e n t b o n d s — N o s . 21 a n d 22 o f
Series o f D e c . 1 1909.
„
„ , „ ,
,
T h e se va lu es are th e resu lt o f a th o r o u g h in s p e ctio n a n d in v e s tig a tio n o f
N o r t h H a v e n 8 % p u b llc -lm p t. b o n d — N o . 6 o f Series o f D e c . 1 1910.
th e p h y sica l p ro p e r tie s an d a tta c h e d business v alu es as o f Ju n o 1 1916.
C it y P u b lic I m p t . b o n d s — N o . 11 o f Sorios 6 5 1 , N o s . 13 a n d 14 o f Series
Continuing, the report says:
654, N o . 6 o f Series 664 , N o . I o f S eries 695 , N o s . 3 an d 4 o f Sorios 710
N o . 1 o f Series 715 , N o s . 28 t o 41 o f Series 4 4 7 , an d N o s . 1 t o b Incl. o
In su m m a rizin g th o d iscu ssion o n th is p o in t o f e xte n t an d v a lu e o f th o
N o r fo lk C o u n t y W a te r C o . ’s p r o p e r t y , w e are o f th e o p in io n t h a t th e e v i­
Series 831 .
d e n c e retu rn ed in th e app ra isal p r o p e r , a n d th e au th o ritie s r e c ite d in th is
r e p o r t, esta b lish b e y o n d q u estio n th e fo llo w in g p o in ts:
San A n to n io , T ex .— B on d C all. — This city has called
1. T h a t t h e fa ir rep la cem en t c o s t o f th o p h y sica l p ro p e rtie s a n d m is­
the following bonds for redemption, and all holders thereof
cellan eou s assets o f th o N o r fo lk C o u n t y W a te r C o . is $1,06 8 ,4 5 1 67.
are notified to present the same for final payment of all
2 . T h a t th e estim a te o f th e in ta n g ib le p r o p e r ty o r g o in g v a lu e in brin gin g
th e p h y s ica l p r o p e r ty in t o its presen t o p e r a tin g c o n d itio n Is co n s e r v a tiv e ,
principal and interest due thereon, on the dates “ to bo paid,”
fa ir an d rea son a b le a t $216,967 88.
either at the Treasury of said city or at the National Bank
3 . T h a t th e t o t a l rep la cem en t c o s t o f ta n g ib le an d In ta n gib le p r o p e r t y Is
$ 1 ,2 8 5 ,4 1 9 55.
of Commerce of New York C ity, which is designated as the
4 . T h a t th e s o u n d v a lu e o f th e p h y s ica l p r o p e rtie s an d m iscella n eou s
New York fiscal agency of tho city for the payment of said
assets o f th o N o r fo lk C o u n t y W a te r C o . is $92 5,91 4 17.
5. T h a t th e su m o f th e s ou n d values o f th e ta n g ib le and in ta n g ib le p r o p e r ­
bonds; and from and after the respective dates fixed for
ties represents th e a m ou n t o f m o n e y th o p ro p e rtie s o f th e N o r fo lk C o u n t y
the redemption of the bonds interest is to cease.
W a te r C o . are w o rth $1 ,1 4 2 ,8 8 2 05.




B o n d C a lls a n d R e d e m p t io n s .

Dec. 9 1 1 .)
90
Issue.
Aug
1
J u ly
1
J u ly
1
J u ly
1
S ep t. 15
S ep t. 15
. S ep t. 15
S ep t. 15
S ep t. 15
S o p t. 15

THE CHRONICLE

Purpose.
Amount.
188 7.............P u b lic I m p r o v e m e n ts ,& c. $1.50,000 00
1889---------- P u b lic Im p r o v e m e n ts
.
5 0 ,0 0 0 00
1889---------- S treet Im p ro v e m e n ts
2 2 5 .0 0 0 00
188 9---------- S idew alk I m p r o v e m e n ts
189 0---------- C o n s tru ctio n B ridges
1 8 9 0 ---------- P r o p e r ty C o n d e m n e d
75.0 0 0 00
189 0---------- S id ew alk I m p r o v e m e n ts
189 0---------- S treet I m p r o v e m e n ts
5 0 .0 0 0 00
18 9 0 ---------- E le c tr ic Eire A larm
1 89 0______ S ch o o l B u ild in gs
4 1 ,0 0 0 00

10,000 00
100.000 00
10.000 00
12.000 00

To be Paid.
F eb.
1 1917
Jan.
1 1917
Jan.
1 1017
Jan.
1 1917
M a r . 15 1917
M a r . 15 1917
M a r . 15 1917
S op t. 15 1917
S ep t. 15 1917
S op t. 15 1917

B U F F A L O , H a r p e r C o u n t y , O k la .— P U R C H A S E R OF BO N DS.—
T h e p u rchaser o f th e $10 0 ,0 0 0 (n o t $ 5 5 ,0 0 0 as fir s t r e p o rte d ) 5 % 1 0 -2 5 -y r.
(o p t .) w ater-w ork s, e le ctr ic -lig h t a n d se w e ra g e -sy ste m b o n d s r e c e n tly sold
a t p a r ( V . 103, p . 2092) w as G e o . W . & J . E . P iersol o f O k la h om a C it y .
C A N B Y C O N S O L I D A T E D S C H O O L D I S T R I C T N O . 30 (P . O .
C a n b y ) , Y e l l o w M e d i c i n e C o u n t y , M in n .— BOND E L E C T IO N .—
R e p o rts s ta te th a t an e le ctio n w ill b e h eld D e c . 19 t o v o t e o n th e Q uestion
o f issuing t o th e S tate o f M in n e s o ta $ 3 0 ,0 0 0 4 % s c h o o l-b ld g , a n d eq u ip ­
m e n t b o n d s.

The above bonds are payable in 30 years, and redeemable
at the option of the city after 20 years, and are in denomin­
ations of $1,000 each, bearing 5 % interest, excepting public
improvements issuo of 1889, which are for $500 each and
bear 6 % interest.

B o n d P r o p o s a l s a n d N e d o tia tio n sth isw eek
have been as follows:
A K R O N C I T Y S C H O O L D I S T R I C T (P . O . A k r o n ) , O h i o .— PON D
S A L E .— O n D e c . 4 th e $45 ,0 0 0 444% 2 2-yoar s ch o o l b o n d s — V . 108, p .
1910— w ere a w a rd ed t o A . B . L ea ch & C o ., o f C h ic a g o , a t 1 0 6 .5 4 , a basis
o f a b o u t 4 .0 4 9 % . T h e o th e r b id d ers w ere:
Premium.
T h e S ecu rity Savings & T ru s t C o ., T o l e d o . ............................................$2,8 7 5 50
T h e F cib el-E lis ch a k C o ., C in c in n a ti........................... ................ .............. 2 ,8 3 5 00
S ea son good & M a y e r , C in c in n a ti---------------- ------------- ----------------------- 2 ,7 2 0 00
T h e P r o v id e n t Savings & T r u s t C o ., C in c in n a ti.......... ..................... ..
2 ,5 2 9 00
F ield , R ich a rd s & C o ., C in c in n a ti.................................... .......................... 2 ,5 2 5 00
T h o F ifth -T h ir d N a tion a l B a n k , C in c in n a ti________________________ 2 ,4 9 7 50
C u m m in g s, P ru d d on & C o ., T o l e d o _________________________________ 2 ,4 8 9 00
W illia m R . C o m p to n In vestm en t C o . , S t. L o u is __________________ 2 ,4 5 6 00
C h an n er & S aw yer, C in c in n a ti___________________________________
2 484 no
W e il, R o th & C o ., C in c in n a ti_______________________________________ 2 401 00
T h e T illo ts o n & W o lc o t t , C le v e la n d _________________________________ 2 398 50
B reed , E llio tt & H arrison , C in c in n a ti______________________________ 2(3 8 5 00
B o lg e r , M osser & W illia m a n , C h ic a g o ______________________________ 2 !0 4 7 50
T h e F . L . F u ller C o ., C le v e la n d _____________________________________ 2 ,0 2 9 50
S p itzer, R o r ic k C o . , T o le d o __________________________________________ 1,941 00
W . L . S la y ton & C o ., T o l e d o _______________________ ______ _________ 1,939 50
A ll b id s p r o v id e d fo r p a y m e n t o f a ccru ed in terest.
A L B A N Y (P . O . B e r k e l y ) , A la m e d a C o u n t y , C a l i f .— BOND ELEC­
T IO N .— L o ca l pap ers sta te th at an election w ill be h eld t o -d a y (D e c . 9) to
v o t e o n th o qu estion o f issuing $25 ,0 0 0 street im p ro v e m e n t b o n d s.________
A L P A U G H I R R I G A T I O N D I S T R I C T (P . O . A l p a u g h ) , T u l a r e
C o u n t y , C a l i f .— BOND O FFER IN G .— P ro p o sa ls w ill bo re ce ive d u n til
10 a . m . D e c . 15 b y W . T . I lo lt o n , S e cy . B d . o f D ir e c to rs , fo r th e $283 000
6%
10-30-yr. w a ter-system -p u rch a so b o n d s. I n t. sem i-an n u al
C e rt
s s s , srA ‘ ° S t o iv T f6 3 .

m r ° d ' c l" M

,,y

A M A R I L L A I N 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 A m a r illa l
P o t t e r C o u n t y , I o w a .— PRICE P A I D FOR B O N D S.— T h e p rice p a id fo r
th o $ 50 ,000 5% 1 0 -40-yr. (o p t .) c o u p o n b ld g , b o n d s re c e n tly so ld t o a
K an sas C it y fir m (V . 103, p.|20fl2) w as 105.06 a n d i n t c r ^ t .
A M H E R S T , L o r a i n C o u n t y , O h i o .— BONDS V O T ED .— L o c a l new s­
p a p er rep orts s ta te th a t th e q u e stio n o f Issuing $ 3 ,5 0 0 sew e ra g e -syste m
b on d s carriod a t th o electio n held N o v . 22.
A R L I N G T O N S C H O O L D I S T R I C T (P . O . A r l i n g t o n ) , H a n c o c k
C o u n t y , O h i o .— BONDS V O T E D .— T h o q u e stio n o f issuing th e $60 ,000
b u ild in g b on d s — V . 103, p . 2092— ca rried a t th o e le ctio n D e c . 6 , it is
r e p o r te d .
A U B U R N , C a y u g a C o u n t y , N . Y — BONDS A U T H O R IZ E D .— A t a
m eetin g o f th o C o m m o n C o u n cil held D e c . 5 $1,8 6 6 90 sow er and $ 3 ,943 24
street flu sh in g assess, b o n d s w ore a u th o riz e d , it is s ta te d .
B E N D , C r o o k C o u n t y , O r e .— BOND S A L E .— O n D o c . 2 th e $ 3 5 000
1 0 -30-year o p t . r a ilroa d b on d s— V . 103, p . 2005— w e ro a w a rd e d to" lCoolnr
B r o s , o f D e n v e r a t p ar an d in t.
(In t. ra te n o t re p o r te d .)
B E V E R L Y , E s s ex C o u n t y , M a s s .— T E M P O R A R Y L O A N — On
V o ™ * • ,1,0 0 '000, m atu rin g A p ril 5 1917 w as a w a rd e d t o P a rk in so n
5
a t 3 .2 5 % d is co u n t p lu s 65 ce n ts p re m iu m . O th er b id s w ereDiscount. I
‘
O ld C o lo n y T r u s t C o ................. 3 .4 0 % B la k e B r o s . & C o .
F . S . M o s e le y & C o ....................3 .5 5 % |

D ec 4
& B u rr
utT
3 5 fi”/ ’
o-ob/o

B I G H O R N C O U N T Y (P . O . B a s in ) , W y o .— BO N D O F F E R T N r__
S caled bid s will b o receiv e d u n til 5 p . m . D e c . 15 b y Z e la M u r n h v O n
C le r k , fo r $ 60 ,000 5% 10-20-year ( o p t .) r e g . co u p o n co u r t-h o u s e and’ ja ilc o n s tr u c tio n b o n d s.
D o n o m . $ 1 ,0 0 0 , $50 0, o r $10 0.
J
B O N N E V I L L E C O U N T Y (P . O . I d a h o F a ll s ), I d a h o ___BOND
O FF ER IN G .— P rop osa ls w ill b o re c e iv e d u n til 2 p . m . D e c 12 b v F li T
S im m on s, C h a irm a n o f C o u n t y C o m m issio n e rs, it is sta te d fo r th e " w
000 14 4 4 -yr. (a v e r .) b rid g e b u ild in g b o n d s v o te d N o v . 7 (V 103 p 2Q'V>)
r e q u ir e d 0 006 t 0 cx c e e d G % ) I>ayabIo sem i-a n n u a l. C e r t, ch e ck fo r 5 %
B O S T O N , M a s s . -BO N D S A L E .— T h o S in k in g F u n d s pu rch a se d a t p ar
d u rin g N o v e m b e r an issue o f $ 50 0 ,0 0 0 ,344% 1 0 4 * -y r. a v e r 1 h ig w a v b o n d «
£ ? , te_ £ ? v - 1 1910. D u o $25 ,0 0 0 y r l y . i n N o v e m b e r f r o m l W t o 1936
in clu sive.
B U F F A L O , N . Y . — BOND SA LE S.
BOND SA LE S. On D e c . 5 th o nin o issues o f
r eg . ta x -free b on d s, a ggregatin g $ 1 ,2 2 3 ,0 0 0 — V . 103
n
vnnr 1(*. /o
aw ard ed t o H orn b low er & W e e k s, A . ______ a c h & C o a n r i^ r a 5^
,
B. L e
1ro
& C o . o f N . Y . , o n their jo in t h.rt ’ n f 1 04 .189 . T h e b o n d s o ffe r e d ' w ero as
eir m in t b id o t 104.189"
follow s:
L ot
1______$15 0,00 0 w ater
L o t 6 -----------p a rk
L ot
2 .......... 28,000 park
75,0 0 0 B ird Isla n d
7 .............
Lot
3 ............ 1 8 0 , 0 0 0 b r i d g e
q.............3 9 o ’ nn° m u n i ’pal b ld g .
L ot
4 _____ 2 0 0 ,0 0 0 gra d e crossin g
L ot
5 _____ 150.000 riv e r im p r o v ’ t lj0 t 9 ............. 4 0 ,0 0 0 tru n k sew er
T h e bid d ers w ere :
H o rn b lo w e r & W eek s, N e w Y o r k -----------A . B . L ea ch & C o ., N e w Y o r k ---------------[jo in t ly all or
104 .189
I I . A . K a h ler & C o .. N ew Y o r k
L ot 1
105.37
G u a ra n ty T r u s t C o ., N e w Y o r k Lot 2
B a n k ers T r u s t C o . , B u ffa lo _____________ ^ join tly L o ts 3 4 6 8 &
9, 103.03
L ot 5 ' ’ ^
104.07
103 .57
B a n k o f B u ffa lo , B u ff a lo ............................. )
lj0 t 7
J . S. B a ch e & C o ., N e w Y o r k ________ fjo in t ly ! all ni- „ „ „ „
103 .823
F a rson , Son & C o ., N o w Y o r k
J
" au o r n o n o
H arris, F orb es & C o .. N ew Y o r k _______
„ ii n_ „ „ „ „
103.812
W h ite , W eld & C o ., N o w Y o r k . ............... 1J o in tly all nr
103.701
O ’ B rian & P o tte r , I n c ., B u ffa lo .
'
y
1 or n one
lte m ic k , H od ges & C o . , N e w Y o r k ---------( jo i n t ly all o r nnnn
103 .623
E s ta b ro o k & C o ., N e w Y o r k ___________ /
y a " or none
C itizen s C om m ercia l T ru s t C o . , B u ffa lo
a ll o r nnnn
103.554
E rie F in an ce C o r p o r a tio n , B u ffa lo _____
a °E ° r °
102.234
G eorg e B . G ib b o n s & C o .. N e w Y o r k . .
a |, °{!
102.346
j
Lot l
103.83
G o cr g o B . G ib b o n s & C o . , N o w Y o r k . . ]j j o in t l y ~',ots 3 , 4, 6 . 8 & 9, 102- 03
j - ’ ■* L o t 2
.

102.01

Lot 5
D ot 7
J . C . D a n n & C o ., B u ffa lo -------. . .
D ot 1
F id e lity T ru s t C o m p a n y , B u ffa lo .
D ot 1
F id e lity T ru s t C o m p a n y , B u ffa lo .
D ot 2
D u r in g N o v e m b e r th e C o m p tr o lle r o f th e c it y pu rchased
a c c o u n t o f th o v a riou s S inking F u n d s, th e folIo Z g i T o
b on d s a ggregatin g $26 ,8 7 5 60:
K
°
$ 8 ,2 5 8 24 g ra d e b on d s. D a te N o v . 15 1916. D u o N o v .

102.77
102.37
106.30
103.42
i o i 13
^
f
Lsuas 0 / 4 *
1881108 o f
15 fr o m 1917

18.617 36 b o m h f o r w ork ord ered b y D e p t , o f P u b lic W o r k s .




D a te N o v .

2173

C A R N E G I E , A l l e g h e n y C o u n t y , P a .— BOND OFFERIN G .— P r o ­
p osals w ill b o r e c e iv e d u n til 7:30 p . m . D e c . 18 b y J . L . W r ig h t, C h airm an
o f F in a n ce C o m m itte e , fo r $10 0 ,0 0 0 15-year a v e r , stre e t; $ 1 5 ,0 0 0 1 -3 -y r.
serial fu n d in g an d 8 1 0 ,0 0 0 4 -5 -y e a r serial m u n icip a l 41^ % sem i-a n n . b on d s
re p o rts s ta te . C e r t, c h e c k fo r 8 2 ,5 0 0 re q u ire d .
tt,9 A R , £ O L L C O U N T Y (P . O . D e l p h i ) , I n d .— BO N D
B id s w ill b e re ce iv e d u n til 2 p . m . D e c . 20 b y W . I I . L esh ,
$ 4 ,5 0 0 \ Vt% 6-y e a r a v e r. J o h n N ic h te r e t al r o a d b o n d s in
D e n o m . $ 22 5. D a te D e c . 5 1916. I n t . M . & N .
D uo
m o n th s fr o m M a y 15 1918 t o N o v . 15 1927, in cl.

OFFERIN G.—
C o . T rea s fo r
M a d is o n T wd
$225 e a ch six

C A S S C O U N T Y (P . O . F a r g o ) , N o . D a k .— BOND O F F E R IN G — P r o ­
posals w ill b e re ce iv e d u n til 2 p . m . D e c . 13 b y W . R . T u c k e r . C o . A u d
to r $30 ,871 18 K in y o n D ra in N o . 1 9 -B , $31 ,2 2 4 40 W ilson D ra in N o . 3 l ’
an d $30 ,5 7 2 57 M o o r e D ra in N o . 32 d itch c o n s tr . b o n d s.
In te re st rate to
b o n a m e d in b id .
„ » C £ AJ H A M A N D C A N A A N C O M M O N S C H O O L D I S T R I C T N O . 6
n n n 9 o r ^ l 8t- i i h a
t
N- Y . — BOND S A L E .— O n D e c . 1 an issu e o f $ 1 2 ,­
000 5% b u ild in g b o n d s w as aw ard ed t o Is a a c W . Sherrill C o . o f P o u g h ­
keepsie a t 107.151. O th er b id d e rs w ere:
C ra n d e ll,. --------- ---------------------- 106.61
S h ep pard & C o
„
H o rn b lo w e r & W e e k s ________105.134
H a n c h e tt B o n d C o . _ .............*106 .058 J . J . H a r t, A lb a n y _________ 104.96
G e o . B . G ib b o n s & C o _____ 106.04
F a rso n , S on & C o . . . ...............103.09
I I . A . K a h le r & C o ___________ 105.768
D e n o m . $ 30 0.
D a te A u g . 1 1916
I n t . a n n . o n J a n . 1. D u e $600
y e a r ly b e g in n in g J a n . 1 1917.
C L IN T O N S C H O O L T O W N S H IP , La P orte C o u n ty , In d — W AR­
R A N T O F F E R IN G .— P ro p o sa ls w ill be re ce iv e d b etw een 1 an d 2 p . m .
D e c . 18 b y Justin C . L o o m is , T w p . T ru ste e , fo r $ 2 ,5 0 0 444% s c h o o l-

J S F f c J f i S f c f l i ! in?iat° D C 18 1916‘
O’

DU0 $500 yearly°on

C O L L IN G S W O R T H C O U N T Y (P . O . W e llin g t o n )
Tex — B o n n
SALE.
D • J a rra tt & C o . o f Sani A n to n io w ere a w a rd e d on N o v . 3 an
issue o f $10 0 ,0 0 0 5 % 2 0 -4 0 -y r. ( o p t .) r o a d b o n d s.
D e n o m . $ 2 ,5 0 0 . D a te
N o v . 14 1916. I n t . sem i-an n u al.
C O L U M B I A N A C O U N T Y (P . O . L i s b o n ) , O h i o . — BO N D O FFER IN G
— P rop osa ls w ill b e rece iv e d until 1 p . m . D e c . 20 b y th e C o u n t y C o m m re
g .D ic k e y , C le rk , fo r th e fo llo w in g 444% r o a d -im p t. b o n d s:
'
$ 9 ,5 0 0 b o n d s.
D e n o m . $500 D e c . 9 fo r $ 1 ,0 0 0 , 1 fo r $50 0. D u e $1 000
ln
y r ly ; o n N o v . 16 fro m 1917 t o 1925 Incl. an d $50 0 N o v . 16 1926
10,200 b o n d s
D e n o m . 10 fo r $ 1 ,0 0 0 . 1 fo r $200.
D u o $ 1 ,0 0 0 j r l y . o n
N o v . 16 fro m 1917 t o 1925 Incl. an d $ 1 ,2 0 0 N o v . 16 1926.
D a t e N o v . 16 1916. P rin . an d sem i-a n n . in t .— M . & N . — p a y a b le at
C o - T re a s. o ffic e . C e r t, c h e c k fo r $500. p a y a b le t o th o C o . T r e a s .. req u lr e a w ith each Issue. B o n d s t o b o d e liv e re d an d p a id fo r o n D e c 27
P u rch a ser t o p a y a ccru e d in terest.
C O L U S A S C H O O L D I S T R I C T , C o l u s a C o u n t y , C a l.__ B O N D T O
BE OFFERED SH O R T LY .— B id s will p r o b a b ly b e asked f o r a b o u t D ec 21
b y th e C o u n t y C lerk (I>. O . C olu sa) fo r $ 8 5 ,0 0 0 5% co u p o n t a x - fr e e b id g
b o n d s. D e n o m . $ 1 ,0 0 0 . D a te J a n . 2 1917. I n t . J . & J . a t th e C o T r e a l
o ffic e .
D u e $ 3 ,000 y r ly . Ja n . 1 fro m 1918 t o 1937 in cl. an d S2 000 v r l v '
th e re a fte r. B o n d e d d e b t , in clu d in g th is issu o, N o v . 29 S93 000 y N o
$1°5 508 d 0 b t ‘ A 85* 38' v a L 1916, 5 2 ,2 0 0 ,0 0 0 . T o t a l ta x ra te (per $ 1 ,0 0 0 )!
C R A W F O R D C O U N T Y (P . O . E n g l i s h ) , I n d . — BOND O F F E R IN G __
P rop osa ls add ressed t o A . I I . F lan igan , C o . T r e a s ., w ill b e re ce ive d until
2 I> -m . D e c . 20 fo r an issue o f $ 3 ,300 4 J 4 % 6-y e a r G e o . W . E a s tr id g e e t a
r o a d b o n d s in S terlin g T w p .
D e n o m . $16 5. D a te D e c . 29 1916
In t
in c l*
^ Ue 5 * 6 5 e a ch six m o n th s fro m M a y 15 1918 t o N o v . 15 1 9 2 7 '
D A M A S C U S , E a r ly C o u n t y , G a .— BO N D O FF ER IN G .— P rop osa ls
w ill b e re ce iv e d until f l a . m . D e c . 15 b y J . D . H a d d o c k , M a y o r
B la k e ly ), fo r $10 ,0 0 0 5 % g o ld ele ctric-lig h t and w a te r-p la n t-e re ctio n and
e q u ip m e n t b o n d s. A u th . A c ts o f G a . fo r 1900, p a g e 303 , S e c. 440 e t sea
wnnV S
7o i 7 ateT ? y Jud8m,ent o f th e S u p erior C o u r t . D e n o m !
d
P at® Ja n * 1 1917. I n t . a n n u a lly on J a n . 1 in N . Y C it v
Duo
f2 0 0 y r ly . J a n . 1 fro m 1918 t o 1922 in c l.. $400 y r ly . J a n . 1 f r o m i 9 2 3 t o
J927
5600 y r ly . Jan . 1 fro m 1928 t o 1932 in c l. an d $80 0 y r lv Jan 1
fro m 1933 t o 1937 in cl. A c e r t, ch e ck fo r 10% o f th e a m o u n t o ^ 'b id re­
q u ire d . B o n d s t o be p aid fo r o n o r b e fo re F o b . 1 1917. P u rch a ser t o m v
accru e d Int. an d fu rn ish p rin ted b o n d s. T h e t o w n has rio n F l te d n e ^ f
T o ta l assess, v a l. 1916, $ 1 6 0 ,9 3 7 . O fficia l cir c u la r s ta te s th a t th ere i ^ n o
litigation o r co n tr o v e r s y p e n d in g o r threaten ed co n c e r n in g th e v a h d itv o f

o r X K p e c t i v e o f f i c ^ ! 08 ° f th° munlclpalIty or the « « e s o f the o f f i c i a l
D A N V I L L E , B o y le C o u n t y , K y .— BONDS V OTED .— The qu estion o f

election h e H N o v 0 25^% sitc-purchase and bId-

bonds c a r rie ^ a tth e

C O U N T Y (P . O . L a w r e n c e b u r g ) , I n d . — BOND
TF
—
& C o . o f In d ia n a p o lis w ere aw ard ed o n N o v . 9 at 104 102 the' e i r
000 444% road b o n d s o ffe r e d o n th a t d a y — V . 103, p . 1719
D enom m V
D a te O c t . 14 1916. I n t . M . & N . D u e p a rt e a V s i x m o n th s
3° 7 5 *
D E L L R A P I D S , M in n e h a h a C o u n t y , S o . D a k .__ ROND<z i m r p n
T h e q u e stio n o f issuing the $32 ,000 e le ctric-lig h t-p la n t-co n s tru ctin n

s s r s t S s s s

$ 7 ,0 0 0 h ig h -s ch o o l-b ld g .-e q u ip , b o n d s carried a t an e le ctio n h e ld N o v 2 7

O s S S S S S t S S a w i * {jf

• o ® ? :
S S S S W

. Wl S e

B « * »f S &

S itg i

E A S T F O R K I R R I G A T I O N D I S T R I C T (P . O . H o o d R iv e r ) O re
BOND S A L E .— On O ct. 3 th o $15 ,000 6 % 11-20-yr serial i m n r o r o m e ^
b o n d s ( V . 103, p . 1241) w ere aw arded t o th o F irst N a t . B a n k o f I lo o d R iv e r
a t 9 7 .2 5 . D e n o m . $ 1 ,0 0 0 . D a te J a n . 1 1916. I n t . J . & J .
d i{lv e r

E R S K I N E , P o l k C o u n t y , M in n .— BO N D S A L E __ On N o v no n ,e
$5,0 0 0 5% e le ctric-lig h t and p o w e r-p la n t b o n d s (V 103 n i s i n ? 9,®-!™
aw ard ed t o Sch an k o & C o . o f M a s o n C it y a t 100.70
D cn o ’mP S r>on° S
D ec. 11916.
I n t. a n n . o n D e c . 1. D u e $500 y r ly . ft^ m m ' l t o 1930 t a d .
F A m M O N T , M a r io n C o u n t y , W . V a . - BONDS V OTED .— T h o eleotio n held D o c . 5 resulted in a v o t e o f 1.779 t o 398 in fa v o r o f th e r l L t i l
o f issu in g $76 0,00 0 4 4 4 % c o u p o n general im p ro v e m e n t an d refu n din g
b o n d s ( V . 103, p . 162 2 ). D e n o m . $ 1 ,0 0 0 .
D a te Ja n . 1 1916
Prin8
an d ann u al in t. (J a n . 1) p a y a b le a t th e C it y C le rk ’s o ffic e o r a t th e N a tion a l
D jty B a n k , N . Y . , a t o p t io n o f h o ld e r. D u e y e a rly on Jan 1 as follow s*
$ 9 ,0 0 0 1918: $ 12 ,000 1919 an d 1920; $ 1 3 ,0 0 0 1921 a n d 1922- *14 m n i o 5 ! :
S 15 .00 0 1924; $16 ,0 0 0 1925, 1926 and 1927; $ 20 ,000 l W
$21 000 S
193 5;°$2 9!0 00

1940! i e

000

„ F A I R P O R T , L a k e C o u n t y , O h i o . — BO N DS D E F E A T F D __Tinritr
E L E C T IO N ^ i t is re p orted th a t th e p ro p o s itio n t o issuo th e $10 000
d e fic ie n c y b o n d s w as d e fe a te d a t th e e le ctio n h eld N o v . 7— V 103 n VJwo
A n ow e le ctio n has been ca lle d fo r D e c . 1 9 .
v . tu d , p . 1529.
F O R E S T C I T Y , W i n n e b a g o C o u n t y , I o w a .— BO N D E l ECTTm\r
R e p o rts sta te th a t an ele ctio n w ill b e h e ld D e c . 11 t o v o t e o n th e Q uestion
o f Issuing $ 1 5 ,0 0 0 w a t e r-p la n t-im p r o v e m e n t b o n d s
q u e stion

2174

THE CHRONICLE

F R A N K L I N C O U N T Y (P . O . B r o o k v i l l e ) , I n d — BOND S A L E .—
O n D e c . 4 th e $ 6 ,4 7 0 W i % 6 K -y e a r a v e r , roacl b o n d s — V . 103, p . 2006—
w ere a w a rd ed t o th e F letch er A m e r . N a t . B a n k o f In d ia n a p o lis fo r $ 6 ,6 9 3 ,
e q u a l t o 1 03 .448 . O th er b id d ers w ere:
F a rm ers’ S ta te B a n k ---------- $ 6 ,6 8 8 25 N a tio n a l B r o o k v ille B a n k .$ 6 ,6 5 5 00
M e y e r -K is e r B a n k ________ 6 ,6 8 6 85 M ille r & C o m p a n y ________ 6 ,6 3 5 00
F ran k lin C o . N a t . B a n k - - 6,681 55 It. L . D o llin g s C o ___________ 6 ,6 1 5 15
B r e e d , E llio t & H a r r is o n -. 6 ,6 5 8 00
F R E M O N T , S a n d u s k y C o u n t y , O h i o . — BOND S A L E .— O n D e c . 4
th e $ 2 ,8 0 0 4
3 M- y e a r a v e r , w a te r b o n d s — V . 103, p . 1911— w ere
a w a r d e d , r e p o rts s ta te , t o th o F r e m o n t S a v s. B a n k fo r $ 2 ,8 2 0 , equa l
t o 1 00 .714 .
G R E A T B A R R I N G T O N F I R E D I S T R I C T (P . O . G r e a t B a r r i n g t o n ) ,
B e r k s h ir e C o u n t y , M a s s .— BOND S A L E .— O n D e c . 4 an issue o f $16 ,000
4 % 4 -y e a r a v er, fire b on d s w as aw ard ed t o B lo d g e t & C o . o f B o sto n at
1 0 0 .5 5 . D e n o m . $ 2 ,0 0 0 .
D a te D e c . 15 1916. I n t . J . & D .
D u e $2,0 0 0
y e a r ly o n D e c . 15 fro m 1917 t o 1924, in ch
G R E E N E C O U N T Y (P . O . B l o o m f i e l d ) , I n d . — BOND OFFERIN G .—
P rop osa ls w ill b e re ce iv e d u n til 2 p . m . D e c . 16 b y Joh n J . Joh n son , C o .
T r e a s ., fo r $9,0 0 0 ‘U 4 % co u p o n C h a s. C . L in d et al ro a d b o n d s in S ta ffo rd
Tw p.
D e n o m . $ 45 0. D a te O ct. 15 1916. I n t . M . & N . D u o $450
ea ch six m on th s fro m M a y 15 1918 t o N o v . 15 1927, in cl.
G R E E N S B U R G , W e s t m o r e l a n d C o u n t y , P a .— BOND OFFERIN G .—
P rop osa ls w ill b o r e c e iv e d u n til 8 p . m . D e c . 18 b y J . F . B e a tty , S e c y , o f
B o r o . C o u n c il, fo r an issue o f $ 5 0 ,0 0 0 4 % 164 3-yr. a v e r, b o n d s, it is s ta te d .
I n t . sem i-an n u al.
G R E E N V I L L E , G r e e n v il l e C o u n t y , S o . C a r o .— BOND S A L E .— T h e
threo issues o f 5% 3 0 -y r . c o u p o n b o n d s, aggregatin g $ 1 9 0 ,0 0 0 , o ffe re d on
N o v . 8 (V . 103, p . 1719) w ero aw ard ed o n th a t d a y t o H arris, F o rb e s &
C o . , o f N e w Y o r k , a t 1 08 .592 .
H A R T F O R D , V a n B u r e n C o u n t y , M ic h .— BONDS V O T E D .— A t th e
e le ctio n N o v . 23 th e q u estion o f issu in g $ 1 0 ,0 0 0 iv illa g e -p riso n -sito -p u rch a se
a n d c o n s tr u c tio n b o n d s ca r r ie d , it is s ta te d , b y a v o t e o f 251 t o 35.
H E L E N A , L e w is a n d C la r k C o u n t y , M o n t .— BO N D O FF ER IN G .—
M a r tin D o t y , C it y C lerk , w ill sell a t p u b lic a u ctio n a t 12 m . Jan . 2 1917
$25 0 ,0 0 0 4 >£% refu n d in g w ater b o n d s, Serias “ J . "
D e n o m . $ 1 ,0 0 0 . D a te
J a n . 1 1917.
I n t. J. & J . a t th o C it y T re a s. o ffic e , or a t o p tio n o f h older
a t som e b a n k t o be d esign a ted b y th e C it y T r e a s . in N e w Y o r k C it y . D u o
as fo llo w s „
_
„
„
Amount.
Due Date. _ Opt. Date. Amount.
Due Date. _ Opt. Date.
1923
$ 2 5 ,0 0 0 ____ J a n . 1 1918 D e c . 1 1917 S 2 5 .0 0 0 -- .J a n . 1 1924 Jan .
1924
2 5 ,0 0 0 — -J a n . 1 1925 Jan .
2 5 .0 0 0
J a n . 1 1919 D e c . 1 1918
2 5 , 0 0 0 . . . Jan . 1 1926 Jan .
1925
2 5 .0 0 0
J a n . 1 1920 O c t . 1 1919
1926
2 5 ,0 0 0 ___ Jan . 1 1927 Jan .
2 5 .0 0 0
J an. 1 1921 O c t . 1 1920
2 5 .0 0 0
J a n . 1 1922 J u ly 1 1921
2 5 .0 0 0
J a n . 1 1923 J u ly 1 1922
,
,
m
A n u n con d ition a l ce rtifie d c h e ck for $ 5 ,0 0 0 , p a y a b lo to th o C it y T r e a s ­
urer, req u ired . T h e c it y reserves the rig h t t o r e je c t a n y o r all bids m a d e ,
and t o sell th e said b on d s a t p riv a te sale o r e x ch an g e th em fo r an e q u a l
a m o u n t o f ou ts ta n d in g b o n d s t o p r o v id e fo r th e r e d e m p tio n o f w h ich these
b o n d s aro issu ed, if th ey d eem It fo r th e best interests o f said c it y so t o d o .

[Vol. 1 3
0.

L E W I S T O N ( T o w n ) , N ia g a r a C o u n t y , N . Y .— BOND O FF E R IN G .—
P rop osa ls w ill b o re ce iv e d until 12 m . D e c . 9 b y A . G . B row n , T o w n C le rk ,
fo r $5,0 0 0 5 % rog. w ater b o n d s.
D e n o m . $50 0. I n t. an n . o n D e c . 31,
p a y a b le t o registered h o ld e r in N . Y . exch a n g e , p rin cipa l is p a y a b lo at
N ia g a ra F alls T r u s t C o ., N ia g a ra F a lls. D u o $ 1 ,0 0 0 ye a rly fro m 5 t o 9
years a fte r d a to . C e r t, ch e ck fo r $50 0, p a y a b le t o A . J. N ic h o ls , T o w n
S u p erv isor, re q u ire d . B id d ers m u st agree t o take u p an d p a y fo r b o n d s
n o t later than D e c . 3 1 . B o n d e d d e b t o x c l. th is issu e, $ 7 7 ,5 0 0 . A ssess,
v a l. 1915, $ 1 ,9 2 2 ,2 3 7 .
L I B E R T Y U N IO N V I L L A G E S C H O O l. D I S T R I C T (P . O . B a s il ),
F a ir f ie l d C o u n t y , O h i o . — BONDS R E F U S E D .— W e learn th a t th e $ 0 0 ,­
000 5 % co u p o n s c h o o l b o n d s w h ich w ere aw ard ed o n O c t . 11 t o C u m m in g s,
P ru d d en & C o . o f T o le d o at 106.68 an d in t.— V . 103, p . 1531— h a v e n o t
be e n a cc e p te d b e ca u se o f p e n d in g litig a tio n .
LOCKPORT,
N ia g a r a C o u n t y , N . Y . — BOND
R ESO LU T IO N
A D O P T E D .— R e p o rts s ta te th a t the B o a rd o f Fire C om m ission ers a d o p te d
a re so lu tio n o n N o v . 24 a sk in g th e C o m m o n C o u n cil t o issue the $ 1 2 ,0 0 0
fir e -d e p a r tm e n t b o n d s w h ich w ero v o t e d a t the N o v . 7 e le ctio n .— V . 103,
p . 1811.
L O N D O N , M a d is o n C o u n t y , O h i o . — BOND S A L E .— O n D e c . 5 th e
$25 ,0 0 0 5% , o le ctr ic -lig h t-p la n t-im p t. b o n d s— V . 103, p . 2007— w ere
a w a rd e d t o F ie ld , R ich a rd s & C o . o f C in c in . a t 105.632 an d Int
O th er
b id d e rs w ere :
F irst N a tio n a l B a n k _____ $ 2 6 ,3 8 7 50 O h io N a tio n a l B a n k _____ $26 ,116 15
F ifth -T h ir d N a t . B a n k - . . 2 6 ,3 8 5 00 T i U o t s o n * W o lc o t t C o . - . 2 6 ,1 0 5 00
Ila n c h e t t B o n d C o _______ 26,3 1 7 75 F . C . H oeh lor, T o le d o ____ 2 0 ,0 4 5 00
B re e d , E llio tt & H a r ris o n . 26,2 8 2 50 D u r fe e , N iles & C o ______ 2 6 ,014 Oo
S e a so n go o d & M a y e r ____ 2 6 ,2 6 5 00 F irst N a tio n a l B a n k _____ 2 6 ,012 40
S ta c y & B ra u n ____________ 2 6 ,2 3 2 15 H a y d e n , M ille r & C o ____ 2 6 ,0 0 8 00
W . L . S la yto n & C o _______ 26,227 75 F . L. F u ller & C o . . . .......... 25 907 00
B o lg e r, M o s s e r & W il’m an 26,2 0 5 00 S p itzer, R o r ic k & C o --------- 2 5 ,7 5 7 00
P r o v . S a v . B k . & T r . C o . 2 6 ,1 3 0 00
L O S A N G E L E S M U N IC IP A L IM P R O V E M E N T D IS T R IC T N O . 2,
C a li f .— BOND S A L E .— O n N o v . 17 tho $ 3 9 0,00 0 5 % 3 0 -yo a r M issio n
L a n d s D is t . w ater d istrib u tin g -sy ste m -im sta lla tio n b o n d s ( V . 103, p . 1531)
w ero aw arded t o the San F ern a n d o V a lley L a n d & Im p t . C o . o f L os A n gelos
at p a r a n d in t. D e n o m . S I ,00 0 . D a t o Jun e 1 1916. I n t. J. & D .

_ _

_ _

_

L O S A N G E L E S M U N IC IP A L IM P R O V E M E N T D IS T R IC T N O . 3
( P . O . L o s A n g e le s ) , C a l i f . — BOND OFFERT N G .— P ro p o sa ls w ill b o re­
c e iv e d until 10 a . m . D e c . 13 b y C h as. L . W ild e , C it y C le rk , fo r $10 0,00 0
o f th e $20 0,00 0 5 % B a ird sto w n D is t . w a te r-im p t. b o n d s v o t e d S ep t. 15
( V . 103. p . 1811.)
L O W E L L V I L L E , M a h o n i n g C o u n t y , O h i o . — BOND O FFER IN G .—
J. F . L ash , V illa ge C le rk , w ill re ce ive bids until 12 m . D e c . 11 fo r $25 ,000
% c o u p o n w a te r-w o rk s b o n d s. A u th . S ec. 391 2, & c ., G en . C o d e . D e n o m .
$ 50 0. D a te D e c . 15 1916. I n t. J. & D . a t o ffic e o f V il. T r e a s . D u e
$500 e a ch six m on th s fro m D e c . 15 1919 t o Jun e 15 1944, in cl. C e rtifie d
c h e c k fo r $30 0, p a y a b le t o the V illa ge T reasu rer, re q u ire d . B o n d s t o be
d e liv e re d an d p aid fo r w ith in fo u r d a y s fro m tim e or a w a rd .
1 urchaser
t o p a y a ccru e d in t.
B o n d e d d e b t D e c . 6 1 9 1 6 , e x c L th is issu e, $ 8 2 ,7 0 0 .
S inking fu n d , $ 6 ,2 3 1 . A ssess, v a l. 1916, $ 3 ,3 8 4 ,8 9 0 .
“ H E N R Y C O U N T Y (P . O . N a p o l e o n ) , O h i o . — BO N D S A L E .— O n
M A L D E N , M id d le s e x C o u n t y , M ass.— L O A N O FFER IN G .— R e p o rts
D e c . 5 th o three issues o f 4
'-iki-yr. a v e r , road b o n d s , a ggre ga tin g
s ta te th a t b ids w ill bo rece iv e d until 7 p. m . D e c . 11 b y th e C it y Treasurer,
$ 1 1 , 6 4 0 — v. 103, p. 2006— w ere aw ard ed t o the P r o v id e n t S av s. B a n k &
fo r a loan o f $35 0,00 0 m atu rin g in six m o n th s an d issued in an ticip a tio n
T r u s t C o . o f C in cin n a ti for $ 1 1 ,7 1 6 82. equ a l t o 100 .66. T h o o th e r bid d ers
o f reven u e.
w ere
T iU otson & W o lc o t t C o ___ $ 11 ,712 17 S p itze r, R o r ic k & C o _____ $11 ,6 6 8 00
M A N G U M , G r e e r C o u n t y , O k la .— BONDS D E F E A T E D .— 1 h e ques­
T
U n ion N a t . B k ., C l e v e . . . 11,700 10 B re e d , E llio tt & H a r ris o n . 11,668 00
tion s o f issuing th o $ 5 ,000 m o to r fire -tru ck and $ 15 ,000 reservoir b o n d s
N e w F irst N a t . B k ., C o l . 11,693 55 H a y d e n , M ille r & C o ____ 11,6 5 7 00
fa ile d t o c a r r y , it is s ta te d , a t th o e le ctio n held N o v . 29.
C u m m in g s , P ru d d cn & C o . 11,692 00 A . E . A u b & C o ___________ 11,646 00
M A N S T O N , J u n e a u C o u n t y , W i s .— BONDS A U T H O R IZ E D .— R e ­
D u r fe o , N iles & C o _______ 11,674 83 C o m m e rcia l S tate B a n k ,
p o r ts sta te th a t th e C o m m o n C o u n c il has a u th o riz e d tlio Issuance o f
N a p o l e o n _______________ 11,640 00
S ea son good & M a y e r ____ 11,670 00
$ 2 5 ,0 0 0 p u b lic -im p r o v e m e n t b o n d s.
H E N R Y E T T A S C H O O L D I S T R I C T (P . O . H e n r y e t t a ) , O k m u lg e e
M A R I C O P A C O U N T Y S C H O O L D I S T R I C T N O . 57, A r iz .
BON D
C o u n t y , O k la .— BOND E L E C T IO N PROPOSED.— R e p o rts sta te th a t an
S A L E .— O n N o v . 27 th e $12 ,000 6 % 2 0-year g o ld slto -p u rch a se am i b ld g ,
e le ctio n w ill p r o b a b ly b o c a lle d s o o n t o v o t e o n th o q u e stio n o f issuing
b o n d s (V . 103, p . 1912) w ere aw ard od t o P ow ell, G arard & C o . o f C h ic a g o
$ 3 5 ,0 0 0 s c h o o l-b u ild in g b o n d s.
at 102.31, in t. and b lan k b o n d s. B o n d s t o b e d e liv e re d in P h o e n ix .
H E R K I M E R ( V i ll a g e ) , H e r k im e r C o u n t y , N . Y .— BOND S A L E .—
M A R I N M U N I C I P A L W A T E R D I S T R I C T (P . O . S a n R a f a e l ) ,
T h e F irst N a tio n a l B a n k o f H erk im er w as a w a rd e d on N o v . 9, on th eir
M a rin ^ C o u n t y , C a li f .— D E S C R I P T IO N OF B O N D S .— T h e ^ 0 0 0 , 0 0 0
b id fo r 4M % b o n d s , th e t w o issues o f fir e -tru ck b o n d s , a ggre ga tin g $ 9 ,5 0 0 ,
5 % g o ld w a te r-p la n t-p u rch a s e and im p t. b o n d s s o ld o n S e p t. 29— V . 103,
w iiicli w ero o ffe r e d on th a t d a y .— V . 103, p . 1720.
p . 1 8 1 1 — are in th e d e n o m . o f $ 1 ,0 0 0 an d d a te d O c t . 1 1015. P r in . an d
H I G H L A N D P A R K , W a y n e C o u n t y , M ic h .— BOND E L E C T IO N
sem i-an n u al i n t — A. & O .— p a y a b le a t th e fisca l a g e n c y o f th e D is t r ic t in
T h o q u estion s o f issuing $ 2 5 0,00 0 h o sp ita l an d $50 ,0 0 0 p o lic e -s t a t io n b o n d s
N e w Y o r k C it y , o r in .Sail R a fa e l, a t o p tio n o f h o ld e r.
D u e y e a r ly o n O c t . 1
w ill be s u b m itte d t o a v o te on D e c . 18.
as fo llo w s : $ 2 0 ,0 0 0 fro m 1926 t o 1930. in c l.; $ 4 0 ,0 0 0 fro m 1931 t o 1935,
in cl : $ 8 0 ,0 0 O f ro m 1936 t o 1940, in c l.: $12 0 ,0 0 0 fro m 1941 t o 1945. in c l.;
H O L M E S C O U N T Y (P . O . L e x i n g t o n ) , M is s .— BONDS OFFERED
$ 1 6 0,00 0 fro m 1946 t o 1950, In ch , an d $18 0 ,0 0 0 fro m 1951 t o 1 9o5 , inclB Y B A N K E R S .— K a u ffm a n , S m ith , E m e rt In v e s t. C o . o f S t. L o u is is
B o n d e d d e b t , th is issu e, $ 3 ,0 0 0 ,0 0 0 . A ssess, v a l. 1916, $ 1 5 ,7 0 1 ,6 0 0 ,
o ffe r in g t o in v estors th e fo llo w in g 5 M % r o a d -c o n s tru ctio n b o n d s:
$ 2 0 0 ,0 0 0 S u p erv isors D is t. N o . 1 b o n d s.
D u e $ 5 ,0 0 0 y e a rly N o v . 1 fro m
estim a te d tru e v a lu e , $ 3 5 ,0 0 0 ,0 0 0 .
1927 t o 1945 in cl. an d $ 1 0 5 ,0 0 0 N o v . I 1946.
B onded d eb t,
M A R S H A L L C O U N T Y (P . O . H o ll y S p r i n g s ) , M is s .— D0J ? P ?
th is issue, $ 2 0 0 ,0 0 0 . A ssessed v a lu a tio n $ 2 ,1 0 1 ,5 2 4 20: est.
FE R ED B Y B A N K E R S .— W h ita k e r & C o . o f S t. L ouis are offerin g t o
v a lu e , $ 6 ,5 0 0 ,0 0 0 .
in vestors $ 23 ,500 5 H % W a te r fo r d D ist.
100,000 S u p erv isors’ D ist. N o . 5 b o n d s . D u e $ 2 ,0 0 0 y e a r ly N o v . 1 fro m $500- D a te A u g . 1 1916. P n n . and sem i-an n u al b R ., p a y a b le at the S t.
1927 t o 1945 in c l. an d $ 6 2 ,0 0 0 N o v . 1 1946. B o n d e d d e b t , th is
L ou is U n ion T r u s t C o ., S t. L ou is.
D u o $2,5 0 0 A u g . 1 1929, and $ l ,o 0 0
issu e, $ 1 0 0 ,0 0 0 . A ssessed v a lu a tio n , $ 1 ,2 7 5 ,0 8 1 ; est. v a lu e ,
ve a rlv A u g 1 fro m 1927 t o 1940, incl.
B o n d e d d e b t o f D is t. this issue,
$ 4 ,5 0 0 ,0 0 0 .
„ ,
,
,
. . .
I S
o
A s l e S val o f d is t. 1915, $ 2 3 6 ,1 7 1 . E st. real va lu e , $70 0 ,0 0 0 .
D e n o m . $ 1 ,0 0 0 .
D a t e N o v . 1 1916.
P r in . an d sem i-an n u al in t.
B id s w ill b e
M . & N . — p a y a b le at th o C o u n t y T re a su re r’s o ffic o , o r th o c o u n t y d e p o s i­
t o r y in L e x in g to n , o r in N e w Y o r k C it y , a t th e o p t io n o f h old er. T h e se
recei
b o n d s aro ta x -e x e m p t. S im ilar issues o f b o n d s w ere r e p o rte d so ld on
fo r $
J u ly 6 t o th o B a n k o f L e x in g to n .— V . 103. p . 34 0 .
fo r $ _
Duo $520 April .
a t S ta te S av s. B a n k , M a u m e e .
H O L S T E I N S C H O O L D I S T R I C T (P . O . H o l s t e i n . I d a C o u n t y ,
Cert, check on a Toledo or Maumee bank for
1919, 1920, 1921 an d 1922. C e
I o w a . — PRICE P A I D FOR BO N DS.— T h o p rice paid fo r th e $ 8 ,0 0 0 4
d. Bonds to be delivered and
$ 2 0 0 . p a y a b lo t o th e V illa g e T r e a s ., re q u ire d ,
b ld g , and e q u ip m e n t b on d s rece n tly so ld t o Sch an k e & C o . o f M a s o n C it y
Bids must be unconditional.
3
D
N" v
" o n o m . $ 1 ,0 0 0 . D a te 1 To - . 1 p a id fo r w ith in 10 d a y s fro m tim e o f a w a r d . 1
nnn
V
(V 103, p . 2093) w as p ar an d .accrued int,
M E L L E T T E C O U N T Y (P . O . W h i t e R iv e r ) , S o . D a k .— B O N D OF­
In t. M . & N .
D u o M a y 1936.
1916
FE R IN G .— Sealed b id s w ill b o re ce iv e d until 2 p . m . Jan . 4 1917 b y O . W .
H U N T I N G T O N C O U N T Y (P . O . H u n t i n g t o n ) , I n d . -BO ND S A L E .
— O n N o v . 27 th o $ 8 ,6 0 0 4 H % ro a d b o n d s— V . 103, p . 2093— w ere
K erlin , C o . Au<l., fo r th o $80 ,0 0 0 5 % fu n d in g b o n d s a u th o rize d b y v o t o
a w a r d e d , rep orts s ta te , t o th e M e y e r -K is e r B a n k o f In d ia n a p o lis fo r
o f 471 t o 179 at th o ele ctio n h eld N o v . 7 .
D o n o m . $50 0. D a to J a n . 1
$ 8 , 8 8 6 5 2 , equa l t o 103.331.
1917. D u o Jan . 1 1937. A d o p o s it o f $ 2 ,500 requ ired .
I N D I A N A P O L I S , I n d . — BONDS PROPOSED.— T h o C it y C o u n c il has
The official notice of this bond offering will be found among the advertise­
u n d er c o n te m p la tio n an issue o f $ 1 1 6 ,4 6 0 b o n d s fo r flo o d p re v e n tio n .
ments elseichere in this Department.
K E N D A L L (P . O . T u l s a ) , O k la .— BOND E L E C T IO N .— R e p o rts state
M E N A S H A , W i n n e b a g o C o u n t y , W i s .— BOND S A L E .— T h e $ 15 ,000
th a t an election w ill b e held D e c . 28 t o v o te on the qu estions o f issuing
sch o o l-b ld g ” b on d s v o t e d N o v . 7 (V . 103, p . 1912) h a v o been disp osed o f.
$ 4 5 ,0 0 0 w ater-w ork s, $50 ,0 0 0 sew erag e-system , $15 ,000 park and $15 ,000
fire -s ta tio n -e re ctio n and eq u ip m e n t b o n d s. T h e se b o n d s h a ve been sold
M E R I G O L D , B o liv a r C o u n t y , M i ss .— B O N D S OFF ERIN) B Y n ^ N K t o G eo. W . & J . E . P iersol o f O k la h om a C it y , s u b je c t t o th e result o f the
a b o v e ele ctio n .
K E N O S H A C O U N T Y (P . O . K e n o s h a ) , W i s .— BONDS A U T H O ­
R IZ E D .— O n N o v . 22 th e B o a rd o f C o u n ty S u p erv isors a u th o riz e d th e issu­
M e m p h is .
B o n d e d d e b t.
a n ce o f $ 4 5 ,0 0 0 4 H % P leasan t P rairie T w p . h ig h w a y -im p r o v e m e n t
E s t. a ctu al v a l. $ 80 0,00 0.
( c o u n t y ’s p o r tio n ) b o n d s . D a t o A p ril 1 1917.
In t. s e m i-a n n u a l.
.These
M I L W A U K E E , W i s .— BOND S A L E .— O n D e c . 6 th e $ 5 6 0 ,0 0 0 4 )4 %
b o n d s aro n o n -ta x a b le .
Ru ssell II. Jo n e s is C o u n ty C le rk .
1-2 0 -y e a r serial co u p o n ta x -fre e sew erag e-system b o n d s — V . 103, p . 209 4—
L A K E C O U N T Y (P . O . C r o w n P o i n t ) , I n d . — BOND S A L E .— O n
w ere aw arded t o K issel, K iu u icu tt & C o . o f C h ic a g o fo r $58 7 ,5 1 3 — 104.913
D e c . 4 th o S 10 .00 0 4 H % ro a d b o n d s — V . 103. p . 209 3— w ere aw ard ed
O th er b id s w ero:
•a basis o f a b o u t 3 .9 2 5 % .
Premium.
Rate Price.
t o th o F irst N a tio n a l B a n k o f C r o w n P o in t at p ar an d in t. 'I h e r o w ero
104.911
n o oth er b id s re ce iv e d .
F a rso n , S on & C o ., N e w Y o r k ......................................... ^ n ’ nqn nn
104 .766
A . B . Leach & C o ., C h ic a g o ,.
.................................. 9 no! 2n
L A P O R T E C O U N T Y (P . O . L a P o r t e ) , I n d . — BOND SA LE .— O n
104 .648
H arris T r u s t & Savings B a n k , C h ic a g o .......... - ........... 2 b ,029 80
D e c . I th o tw o Issues o f 4 H % r o a d b o n d s, aggregatin g $41 ,6 0 0 , w ere
104.607
R . M . G ra n t & C o .. C h ic a g o ------ - - - - - - - - - 2 5 ,8 0 0 00
d isp osed o f as follow s:
^ ,
■
_— ,
104.59
H a ls e y ,S tu a r t& C o ..C h ic.,a n d N a t .C t y C o . , N • . - , 2 o ,7 0 4 00
Y
$ 2 8 ,8 0 0 M a r q u a r d t roa d b on d s o f Prairie T w p . t o F le tch e r A m e r. N a t .
C o lg a te . Parker & C o ., N . Y . , an d M ississip pi V alley
’
B a n k o f In d ian ap olis fo r $ 2 9 ,7 8 8 , equ a l t o 103.43.
104.58
T r u s t C o .. St. L o u is .................................... ................- - - 2 5 .6 5 0
12,800 B racken road b on d s o f L in co ln T w p . t o J . F . W ild & C o . o f
101.58
E s ta b ro o k & C o .. C h ic a g o
- - - - - - ............................. o x ’ nns 8 )
In d ian ap olis fo r $13,241 50, equa l t o 1 03 .449 .
104.573
R e m i c k , H odges & C o ., N e w Y o r k ................................ 2 5 . 6 0 8 8 0
T h e oth er b id d ers w ere:
„„„„„„
104.52
H o rn b lo w e r & W eek s. N e w Y o r k - - - - - - - - - - - - - - - - 2 5 ,3 1 2 <)()
$ 2 8 ,8 0 0
$12 ,8 0 0
104.51
M c C o y * C o . . C h ic ., and Y a r d , Otis 1* T a y lo r C h ic . 25,2.)6 00
Iloail.
Road.
H em p h ill W h ite & C h a m b erla in , N e w Y o r k , and
J . F . W ild & C o m p a n y ........ ..................................................$29 ,7 8 6 44
-----­
101 .48
S id n ey, S pitzer & C o .. N ew Y o r k ................................2. ,088 00
F letch er A m erican N a t . B a n k ............................................
-----*}U
104 .46
W isco n sin T ru s t C o ., M ilw a u k e e
- - - - - - - - - - - - - 1 ,9 7 6 00
M e y e r -K ise r B a n k ___________________________________ 2 9 ,7 5 5 75
13,225 75
M arsh a ll & U sley Bank and First N a t. B a n k .M ilw ,,
B reed . E llio tt & H a rrison ..................................................... 2 9 .693 00
13,197 00
104 .32
an d W in . R . C o m p to n C o ., C h ic a g o ---------- ----------24 -0 1 00
R . L . D ollin g s C o m p a n y .. ............... ......... ..
- - - - - - .n ,1? ’ 18.1 9°
104.302
C u rtis & Sanger, C h ic a g o .............- - - - - - - - - - - ........... - - L U J I
D e n o m s. $ 1 ,440 an d $610 r e s p e ctfu lly .
D a te N o v . 15 1916.
I n t.
E . H . R ollin s & Sons, C h ic a g o , and P a rk in son and
M . & N.
D u e on e b o n d o f each issue ea ch six m o n th s fro m M a y 15 1918 1
104.189
B u rr, N o w Y o r k ................. ....................................................’ o n ? no
t o N o v . 15 1927. Incl.
104 .144
m
& C
T o le d o ................................o o n t
L E E C O U N T Y (P . O . F o r t M y e r s ), F la .— BONDS VOTED .— R e p o r t s I C u m ryin gs, P ru d den k w o oo ., C h ic a g o .............................. o ’2 ,9 0 400
101.09
E m e , P eck & R o c
d.
2
OO
sta te th a t th e election recen tly held in S pecial R o a d D is t . N o . 5 resu lted
104.07
G e o . B . G ib b o n s & C o ., N ow Y o r k ................................ 2 2 ,792 U
U
n fa v o r o f the p r o p o s itio n t o issue $ 1 9 0,00 0 ro a d b o n d s.




5

Dko. 9 1 9 1 6 .]
r J U ^ n n v n ^ fr f.CH° ° k

D IS T R IC T , N o rth a m p to n C o u n t y , N o .

SA£ E* r 7 P n
£ S 3,000 6% s c h o o l b o n d s w ere a w a rd e d
« n J i n n ^ ,;!.iG a r? [ d & 9 °r, ° i ° h ica f?o fo r $ 3 ,0 5 5 , equ a l t o 1 0 1 .8 3 3 . I n t .
s em i-a n n u a l. D u e seria lly fr o m 1920 t o 1920 in clu s iv e .
M
^ p i r v ? < UNX Y
° ‘ C r a i 8)» C o lo .— BON DS ■TO BE OFFERED
b o u n t y C Icrk advises us th a t th e $ 40 ,000 c o u r tM a t e b ATr= t m ?'1
7 ,'vi11 .n o * b o o ffe r e d fo r sale u n til n e x t A p ril o r
M a y . M r s . L illie O . H a u g h e y Is C o . C lerk an d R e c o r d e r .
w,!y 9 ^ p O V I

B u ffa lo C o u n t y , W i s .— -BOND E L E C T IO N .— A n e le ctio n

^ r u c t io n * b o n d s ?

1 1 B . T 4 c e ° i s C i^ 0 c t e r k .1 ° f ISSUing $ 4 0 *
000 r° a d - COn-

M O N R O E C O U N T Y (P. O . B lo o m in g to n ), I n d .— BON D S A L E .—
v i ? Q C* 1 o n n ^ t0u r issues
ro a d b o n d s, a ggregatin g * 3 1 ,5 5 0 ,—
V . 103, p . 2007— w ere aw arded as follow s:
5»999 A issue t o b r e e d , E llio tt & H arrison o f In d ia n a p o lis a t 1 0 3 .1 0 .
15,550 g t o t o ^ e^ 2e 97\m er^
can ^ a t * b a n k o f In d ia n a p o lis fo r $ 1 6 ,T h e o tlier b idders w ere :

2175

THE CHRONICLE

’

$ 16 ,000
Road.
___ 4 90 .00
,- - - 4 8 1 .0 0
...4 4 6 .2 5
F a rm ers B a n k , R o c k p o r t ....................432..00
--.4 3 2 0 0
F irst N a t . B a n k , B lo o m in g to n ____
____
B reed . E llio t t & H a r r i s o n . ; ____

—
Premiums Offered—
$ 5,750
$ 5 ,0 0 0
Road.
Road.
167166
161.50

$ 4 ,800
Road.

9 hi/° i7 7 BONP- , £ L . C T W N -— T b e qu e stio n o f w hether o r n o t
£
n Shai 1
nIs?i1? $7 0 ,0 0 0 s c h o o l-b ld g , b o n d s w ill b e s u b m itte d t o th e
v o te r s o n D e c . 19, it is re p o r te d .

120'.00
1 25 .00

—

N EW V IE N N A S C H O O L D IS T R IC T (P . O . N ew V ie n n a ), C lin to n

I.34Z50
1 34 .25

145.30
137 .50
140.00
125.00

145160
172.50

N EW R O C H E L L E , W e stch e s te r C o u n t y , N . Y . — BOND O FFER IN G .
— P ro p o sa ls w ill b e r e ce iv e d u n til 11 a . m . D e c . 15 b y H a rry A . A r c h ib a ld ,
C it y C o m p tr o lle r , fo r th e fo llo w in g 4 M % r e g . b o n d s:
$ 1 7 9 ,2 5 0 m u n icip a l im p t. b o n d s.
D u e $2 5 ,0 0 0 y r ly . o n M a y 1 fr o m 1919
to^ 19? a in c l. a n d $ 4 ,2 5 0 M a y 1 1926.
3 0 ,0 0 0 s ch o o l b o n d s.
D u e $ 2 ,0 0 0 M a y 1 fro m 1921 t o 1935 in cl.
2 3 ,5 0 0 refu se d e s tr u c to r b o n d s . D u o $ 2 ,0 0 0 y r ly . o n M a y 1 fro m 1921
t o 1931 in cl. a n d $ 1 ,5 0 0 M a y 1 1932.
D a t e D e c . 1 1916. P rin . an d sem i-an n u al in t.— M . & N .— p a y a b le at
o ffic e o f C it y T re a s. o r u p o n re q u e st w ill b e re m itte d b v m ail in N e w Y o r k
^ ch a n ge.
D e liv e r y is t o b e m a d e a t the o ffic e o f the U n ited S tates M t g e .
& T r u s t C o . o f N e w Y o r k o n D e c . 2 2 , o r as so o n th ereafter as ca n b e preEPm ™ ’
v ^ *° £ , or ce r tifie d ch e ck on a s o lv e n t b a n k in g c o r p o ­
ra tio n o f N e w Y o r k S ta te o r u p o n a n y n a tion al ban k fo r 2% o f b o n d s bid
fo r , p a y a b le t o th e C i t y o f N e w R o c h e lle , req u ired . T h e b o n d s w ill be
P£^p aJx5 u n d e r th e su p ervision o f th e a b o v e tru st c o m p a n y , w h o w ill c e r tify
as t o the genuineness o f th e signatures o f th e c it y o ffic ia ls sign in g th e b o n d s
bnpiressed thCTeon. Said b o n d s w ill b e exam in ed as t o le g a lity
nrfii
* M a s d ic h o f N e w Y o r k , w hose o p in io n , o r d u p lica te th e r e o f.
f A ^ br,,< i l <r. r L t o . i h c / 1 c ^ a se r' 4,1 P roposals m ust b e u p o n the p rin ted
iS
?Ar
1
m rm fu rn ish e d b y th e C it y C o m p tr o lle r . P u rch a ser t o p a y accru e d in ter­

.NEW

.. M O N R O E C O U N T Y (P . O . A ib ia ), Io w a .— BON D S A L E .— O n D o c 1
th o $4 0 ,0 0 0 5 % c o u p o n tax-free fu n d in g b o n d s w ere a w a rd e d t o Ila ls e v
S tu art & C o . o f C h ica g o at 106.30. O th er b id s w ere:
SCyA - B . L e a c h * C o ., C h ic ------ $ 4 2 ,5 1 6 1J.
N.
C a sa d y
J r.
C o.
W eils & D ic k e y C o ., M ln p ls - 4 2 ,4 8 4
C o u n cil B lu ffs _______
$42 000
Y a rd , O tis & T a y lor, C h icago. 42,0081 Joh n N u v e e n & C o ., C h ic a g o 41
D e n o m . $1 000. D a te D e c . 1 1916. P rin . an d se m i-a n n . in t. (J . & D )
P a yable a t the C o T rea s. o ffic e . D u o $1 0 ,0 0 0 D e c . 1 1924. 1925 1926
rfAht1 « 4n' nnn0ndA d c b t ‘ i| lP ding th is issue, N o v . 25 $ 6 5 ,0 0 0 . F lo a tin g
Cd
lc
( p e r ' !i° d 0 0 )° ; $25?eSS'
1916, 5 5 ,5 3 6 ,2 0 6 - s t a t e an d c o u n t y ta x r a t i

7!™ 9 ) ^ n Y ™ SCnt|O O L D IS T R IC T , Los A n g eles C o u n t y , C a lif.—
1

h.°, q u estion ° f issuing $3 0 ,0 0 0 b u ild in g b o n d s ca rrie d ,
it Is s ta te d , a t an election held N o v . 2 9 .

M O U N TA IN P A R K , K iow a C o u n t y , O k la . — BO N DS V O T E D __ T h e
p r o p o s itio n t o issue m u n icip a l e le ctric-lig h t-p la n t-in s ta lla tio n 'b o n d s
c a r r ie d , it is sta te d , a t a recen t e le ctio n .

Y O R K C I T Y .;— T E M P O R A R Y L O A N S .— T h e fo llo w in g s h o r tfH68* agK,regatin S $ 9 ,5 0 4 ,9 0 0 , co n sistin g o f s p ecial r e v e n u e b o n d s
a n d c o r p o r a te s to c k n o te s w ere issued d u rin g N o v e m b e r :
Revenue Bonds o f 1916—
Int
Maturity.
Am ount.
S p e c i a l ---------------------------- ------------------------- 3 ^ %
N o v . 7 1917
$ 4 ,9 0 0
A p r . 20 1917
............................................ - ................ 3 y»%
..
2 5 0 .0 0 0
/o n o r a fte rl
...................................- ..........................3%
5 0 0 .0 0 0
t J a n . 2 1 91 7/
A p r . 2 0 1917
-3 K %
5 0 .000
T o t a l r e v e n u e b o n d s (s p e c ia l)____
« sfM non
Corporate Stock Notes—
.............
* u l* U
U
V a rio u s M u n ic ip a l P u r p o s e s ____
3K %
A p r . 2 1917
5 0 0 .0 0 0
..
“
- .............. 3 1-5%
A p r . 16 1917
4 5 0 .0 0 0
..................3 %
° /o n o r b e fo r e /
50 0 .0 0 0
/J u n e 3 0 1 9 1 7 /
D ock .
A p r . 10 1917
2 5 0 .0 0 0
R a p id T ra n sit
A p r . 2 1917
1 .5 0 0 .0 0 0
A p r . 16 1917
5 0 0 .0 0 0
/ o n o r b e fo r e /
4 .5 0 0 .0 0 0
/J u n e 3 0 1 9 1 7 /
W a te r S u p p l y ________ _________________ 3%
A p r . 10 1917
2 5 0 .0 0 0
-----------------------------------------2%
Ju n e 30 1917
2 5 0 .0 0 0
T o t a l c o r p o r a te s to c k n o t e s ________________________
$8 700 000
‘ ‘g?ne?L T f^ nrT "n^ e4 there^
tal5?n
th e S in k in g'F u n d ' S?2’,5 0 0 ,0 0 0 ’.3%
w k h ;U a w nassenTnd % n 9 r r % N o v * 1 1930, an d issu ed, in a c c o r d a n c e
4
o f th o sin k in v fnnrl Af1
?b-° Pu n>ose o f releasing th e surplus re ve n u e
f
01 iiiG sin g in g fu n d o f th e o ld C it y o f N e w Y o r k In O ctoh p r
nnn non
th e S in kin g F u n d b u t w ere i n ld v e k e m ly o m M f r o m ’ th e
list o f O cto b e r sales r e p o rte d b y us in th e “ C h ro n ic le ” o f N o v . 1 8 T p a g e l8 1 1

N O R F O L K , V a. BON D S A L E .— O n D e c . 4 th e fo u r issues o f 4 ^
™ l‘ P ™ o r registered b o n d s a g g re g a tin g $ 5 8 2 ,0 0 0 ( V 103 p 200S) w ere
a ^ ar(le d t o R . M . G ra n t & C o o f N e w Y o r k a t 9 9 .1 7 . O th e r b id s were®
$ 2 6 1 ,0 0 0 serial a p p ro p ria tio n b o n d s.
D u o $ 1 2 ,0 0 0 y r ly . D e c . 1 fro m 1917
N EW B E D F O R D , B ristol C o u n t y , Mass.__ B O N D S A T E __ On Tinr» r
_ . . . . t o 1937, in c lu s iv e a n d $ 9 ,0 0 0 D e c . 1 1938.
$50,000 1-17-year police and $28,00? 1-10-year highway 4% bond? w ore
3 4 .0 0 0 a p p ro p ria tio n b o n d s . Series “ A . ”
D u e D e c . 1 1951
a p p ro p ria tio n b o n d s . Series “ B . ”
D u e D e c . 1 1036
A t e V e o
° Br0S* & C ° ,n ? f ^ ° f n T P P Z ' A
1 90 ,000 P a rk P la c e W a r d b o n d s. D u e D e c . 1 1936.
ArSSm" P e rcy 1* 3C o Z ZZ ZZ Z Z ZZ 101 .333 1 M c G a r a g , e * o S I l l l g ®
Rate
Amount
Bidder—
jah
p or
Price Bid.
* C g o d w in , N e w Y o r k -------------------------- 99.06 $5S 2,0 00
$ 5 7 6 ,5 2 9 20
th Nf K
e
^
M e ld , R i c h a r d s * C o ., S e a so n g o o d & M a y e r
C in II . A . ICahler & C o . N . Y . C i t y ______9 7.7 3
58 2 .0 0 0
EstIbarookd | ?
M ' G r a n t l 0 C ^ # OSt? n a t 1 P 0.85 5, OuVc'r Cids w ere:
&0
56S .80 6 00
A ie x a n d e r B ro w n & S o n s, B a ltim o re ________ 97.71
H arris, F o rb e s & C o ................ -1 0 0 .3 2 1
5 82 .000
5 6 8 ,6 7 2 20
M e rrill O ldh am & C o . . ” I I 1001589 C u rtis & S an ger_____________ 100.32
I . E . N o lt i n g & C o ., R ic h m o n d , V a ________ (9 7 .8877 3 2 1 .0 0 0
7
B lo d g e t & C o . _______________ 100.548 E . H . R ollin s & S o n s ____ __ 100 278
97.4 6
2 6 1 .0 0 0
H o rn b lo w e r & W e e k s _________100.51
Average bid.
C u m m in gs P ru d den & C o . . 100.154
9 7 .697
56 7 ,2 1 7 20
F a rson , S on & C o _____
100 41
S idn ey S pitzer & C o __________ 100.109
9 8 .3 7 7 2 6 1 ,0 0 0
2 5 6 ,7 6 3 97
R . L . D a y & C o --------------------- 100.389 C r o p le y , M c G a r a g lo & C o . .1 0 0 .0 3 7
9 6 .787
3 4 .0 0 0
3 2 ,9 0 7 58
H a rris, F o rb e s & C o . , N e w Y o r k C i t y ........... 96.787
N E W B U R Y P O R T , Essex C o u n t y , M a s s .— T E M P O R A R Y I O A N —
9 7 .0 0 0
9 3 ,8 8 3 39
9 6.787
O n D e c . 4 a loa n o f $75 000 , m a tu rin g A p ril 2 1917, w as n e g o tia te d w ith ihn
190 .000
1 83 ,895 3 0
Average bid____________
97.5 0
5 8 2 .0 0 0
5 6 7 ,4 5 0 24
'T M o
R
O? n 0 f B ° St0n a t 3 % d ls «
„ P th er bi<Wers w ere?th th e
M e r ca n tile T r u s t & D e p o s it ~ ’ CoZ,’ " R o b t
C a rr e tt & S on s, N e ls o n , C o o k & C o .
B ia k e B?o.? & C o ? . 111111 3/58 % d isco u n t % d ‘ SC° Unt P ' US 51 26
T o w n s e n d , S c o t t & C o .. B a ltim o re ............... 9 7 .3 3 6
5 6 6 .4 9 5 52
N E W F O L D E N , M a r s h a ll C o u n t y , M in n .— BO N D S A L E .— O n N o v 30 W e il, R o t h & C o . , C in c in n a ti___
97 221 58 2 .0 0 0
58 2 .0 0 0
56 5 ,8 2 7 06
th o $ 3 ,5 0 0 5 % c o u p o n electr ic -lig h t-p la n t b o n d s— V . 103 p ‘>007— worn
97.81
2 6 1 .0 0 0
2 5 5 ,2 8 4 10
96.
3 4 .0 0 0
3 2 ,6 4 0 00
D M r i l9 I6
6
° f ChlCag° fOT S 3 ‘ 5 0 5 ‘ cq u a l t o 100.143
D a te
G e o . B . G ib b o n s & C o ., N e w Y o r k C i t y . . . 96.81
9 7 .0 0 0
9 3 ,9 0 6 70
96.81
1 90 .000
183,9.39 00
Average bid...........................
__in ?* '}? 14Ai TiEGcR9r!',yiJla8:e1’ D n e *d“ C o u n t y , N. Y . — BON D SA L E .
E
97.211
58 2 .0 0 0
56 5 ,7 6 8 80
n 9 n n ? ° C' 1 tb o $ 4 4 " 8-y e a r av e r, fire -tru ck -p u rch a se b o n d s__ V 103
S id n ey S p itzer & C o ., N e w Y o r k C ityZZZ ZZ.9 7 .1 7
5 8 2 .0 0 0
565 .531 0 0
H a m ilto n & C o ., B a ltim o re , W m . R . C o m p ­
^ here9 w ere six « f d
$ £ A' ^
& C °* o f k
Y * at W ®
to n & C o ., K isse l, K in n lc u tt & C o ., N e w
l 2 I ka£U
Z
- . - r ---------------------------- 9 6 .8 3 7 5 8 2 .0 0 0
56.3.591 34
B a k e r W a t t s & C o . , B a ltim o re . .
9 7 .2 9
2 6 1 .0 0 0
2 5 3 .9 2 6 90
H o rn b lo w e r & W e e k s , B o s to n . .
9 5 .2 2
.34.000
3 2,374 8 0
A . B . L e a ch & C o . , N e w Y o r k C i t y ...........ZZ 96.31
9 7 .0 0 0
9.3,420 70
96.31
j S f c bIdgfi an n dsi'nf D e n o m .'o O for•$ l“ p00,‘ 20 fo r $800? D ato' A u g . 1 p/ ir
1 90 .000
182 ,989 00
Average bid__________________ ______ _______ OR fiSR
5 8 2 .0 0 0
562,711 4 0
o n " r e r ^ ^ w d ' l ' r K t e d tn N ° ^ c h a n g e * d W
^ I ’^
^
E s ta b ro o k & C o ., N e w Y o r k C i t y ___________ 96 334 58 2 .0 0 0
56 0 .6 6 3 8 8
N o v . 1 fr o m 1917 t o 1936, in cl. C e r t, c h e c k o n 'a / mt i onal ’
°,n
"96.421 2 6 1 .0 0 0
2 5 1 ,5 5 8 75
or tru st c o m p a n y fo r 1 % o f b o n d s b id fo r , p a y a b le t o J o s H n n w ortu m banlc
9.3.25
3 4 .0 0 0
3 1 ,7 0 5 00
R u d o lp h K le y b o lt e & C o ., C in c in n a ti_____ 9 5 .5 0
a b o v e t r e a s u r e r -musfc b ° - c o n d i t i o n a l
I^ h e
9 7 .0 0 0
92,6.35 0 0
9 5 .5 0
190 .000
181 ,450 00
Average bid.
95.72
58 2 .0 0 0
55 7 ,3 4 8 75
N a tio n a l C it y C o .. N e w Y o r k CityZZZ
95 637 58 2 .0 0 0
l 9 i 7 _bB^Jules S / s ^ i T
propos"als C u m m in g s , P ru d d e n & C o . , T o le d o , O h i o 'Z ' 94.881
5 5 6 ,6 0 7 3 4
5 8 2 .0 0 0
552,211 4 0
96.01
2 6 1 .0 0 0
2 5 0 ,5 8 6 10
su it
9 0.32
.34,000
3 0 ,7 0 8 8 0
M o t t u & C o . . N o r fo lk , V a _______ ______ _____ 94.8 6
$3,C
9 7 .0 0 0
92,014 20
190.000
1 80 ,215 00
Average bid-------------------------------0 5 ?=
58 2 .0 0 0
55 3 .5 2 4 10
s v . n r E S f t . i S M S g f % S o ndltS L V &
F a rson . S on & C o ., N e w Y o r k C it y .Z
90 o r
26 1 .0 0 0
in clu d in g this issue (D e c . 4 191 6), $ 7 8 ,0 0 0 . N o flo a tin g £
d 'Bd. d e b t ’
2 4 0 ,7 7 2 50
G l o v e r * M c G r e g o r , P it t s b u r g h _______.IZ Z Z 9 6 .2 5
v a l. $ 2 ,3 0 5 ,0 0 0 . T o t a l ta x rate (per $ 1 ,0 0 0 ) , $3775 o a t ng d o b *
;‘ Assess.
3 4 .0 0 0
3 2 .7 2 5 00

on tho question o f issuing $60,000 street bonds.

y

t0 vote

N EW O R L E A N S , La .- D E L I V E R Y OF BO N D S— In an o ffic ia l a d v e r­
tisem en t on a su bsequ en t p a ge th e B o a rd o f L iq u id a tio n C it v D e b t
a n n ou n ces con cern in g th e sale o f $ 4 ,2 5 0 ,0 0 0 t o $5 000 000 4
sold
c o u p o n b o n d s, for w h ich p rop osa ls h a v e been in v ite d t o b e r e c e S on or
b e fo r e D e c . 14 (V 103. p . 2 0 9 4 ). th a t all b o n d s m atu rin g in h e T e a r s l 9?9
t o 1925 b o t h in c l., w ill b o d e liv ered t o th e s u c c e ^ f u T b i d d S o r bidders
a t th e sale, tog eth er w ith such o th e r m atu rities as w ill o n th e w h o le a v e r
ago as near as p ra ctica b le 3 3 M years.
w n o io a v e r
N E W P O R T N EW S, W a rw ick C o u n t y , V a __ P D A t n ca

r re

a

n

-

N O R T H P L A IN F IE L D (P . O . P la in fie ld ), N. J .— BOND O FFERIN G
— Jam 9s K . A rn o ld , B o ro . C o lle c to r , will re ce ive bids u n t i l S n m r w
n
fo r an issue o f 4 H % g o ld c o u p o n (w ith p riv o f ,reg9“NoPntAewe'ravo svstem
b o n d s n o t to ex ce e d $20 ,0 0 0 . D e n o m . | l.0 0 0 . D a te N o v l ToTfi ^ l ^
D u e *!“ 000 yeaH y on^STov?*i 1 ^ ^ 9 1 8 U l S ^ I n ^ ^ C ^ r t ^ c h S i ^

Xn

th o $ 1 3 0,00 0 4 H % 4 0 -yea r c o u p o n s c h o o l b o tlds tV i n 3 n , _I n o 4 7
aw arded t o H orn b low er & W eek s o f N e w Y o r k at i n s 1 r A k ‘
, cro
w
4 .2 3 3 % . O th er bids w ere as fo llo w s?
k fc 105>15‘ a basls o f a b o u t
G e o . B . G ib b o n s & C o ., N o w Y o r k . .
sirt^ r.oc^ n o
F fth -T h ir d N ation a l B a n k , C in c in n a ti........................ ®136 699 nn
F ield , R ich ard s & C o ., C i n c i n n a t i ...
..................—
K . I I . R ollin s & Sons, B o s t o n ............... 1 ............................ 195*577 nn
_______ i t s ’nnn nn
S chm elz B r o s ., N e w p o r t N e w s_________
W e il, R o th & C o ., C in cin n a ti________ I ” ........... ........... 134 775 nn
T illo ts o n & W o lc o t t C o ., C le v e la n d ........ .... ...................I 94 fi9s n n
S eason good & M a y e r , C in cin n a ti-------- ------------------ 194 6s n nn
C u m m in g s, P ru d den & C o .. N e w Y o r k ...........
134 907 on
M o t t u & C o ., N o r fo lk _________ _________. . . Z ” ........... 133 939 00
C . E . D en ison & C o ., C le v e la n d _________
i 99'fi 7 o n n
T o w n s e n d , S c o tt & C o ., B a lt im o r e ................................ 133 082 60
F irst N a tio n a l B a n k , N e w p o r t N e w s ........................... Z . 130 !500 00




Rale Bid.
105.02
104 .64
104 .30
104.29
104.8.3
10.3.67
10.3.56
10.3.60
103.38
10.3.0.3
102.83
102.37
100.38

$ 5 2 ,8 0 0 .

l o t a i B onded d e b t e x cl. th is issue, $221 000
A ssess, v a l. real p r o p e r ty , 1915. $ 4 ,5 1 7 ,6 0 0 . '

F lo a tin g d e b t .

OFFFR7)VrO I n i i r - 5?ii JPa Vt o p ) » M o n tg o m e ry C o u n t y , O h io .— BOND
'b o n d s ; m ' D e c * 26 b y G e o * E * “
2

U r.

1 000 p H 3 £ l 9Awa “n 1 ®1‘0 9 °e y e S 'iy 9o n ° D ^ : T 5 ° f r L f T 9 l 8 t o 'l9 2 6 Ui n d 650
<
e
S a t?M nn Ave.- se/vor b o n d - F*ue D e c . 15 1926.
0 , 35O F a r .H llls P a v in g b o n d s . D e n o m . 1 fo r $ 35 0, 6 fo r $ 1 ,0 0 0 .
D ue
in clu sive? 15 1917
d 5 1 ,0 0 0 y e a rly o n D ec* 15 fro m 1918 t o 1923

3176

THE CHRONICLE

3 ,3 0 0 F a r H ills p a v in g b o n d s . , D o n o m . 1 fo r $ 3 0 0 , 3 fo r $ 1 ,0 0 0 . D u o
$300 D e c . 15 1917 a n d $ 1 ,0 0 0 D e c . 15 1920, 1923 a n d 1926.
D a t e D e c . 15 1916. I n t . se m i-a n n . C e r tifie d c h e c k fo r 5 % o f b o n d s
b id f o r , p a y a b le t o th e a b o v e C le r k , re q u ir e d . P u rch a se r t o p a y accru e d
in te re s t. S ep a ra te b id s m u s t b o m a d e fo r e a ch issu e.
O L D H A M C O U N T Y (P . O . L a g r a n g e ) , K y .— BO N D O FF E R IN G .—
P r o p o s a ls w ill b e re ce iv e d u n til D e c . 15 b y W . D . P in k s to n , C le rk o f F iscal
C o u r t, fo r $ 5 0 ,0 0 0 5 % ro a d a n d b r id g e b u ild in g b o n d s .
T h e se b o n d s are
p a r t o f an issu e o f $ 1 0 0 ,0 0 0 o f w h ic h $ 3 5 ,0 0 0 h as a lr e a d y be e n d is p o s e d o f .
P E R R Y C O U N T Y (P . O . C a n n e l t o n ) , I n d .— BOND O FFER IN G .—
L a w ren ce P . K e lly , C o u n t y T r e a s ., w ill re ce iv e b id s until 1 p . m . D e c . 20
fo r an issue o f $10 ,6 7 6 4 ^ % H u gh J u d g e e t a l. r o a d b o n d s in O il T w p.
D e n o m . $533 8 0 .
D a te D e c . 20 1916. I n t. M . & N . D u e $533 80 each
six m o n th s fr o m M a y 15 1918 t o N o v . 15 1927 in cl.
P I K E C O U N T Y (P . O . B o w l i n g G r e e n ) , M o .— BOND O FF E R IN G .—
P r o p o s a ls w ill b e r e c e iv e d u n til 2 p . m . J a n . 9 1917 b y A . J . L a d le y , C o u n ty
T re a s u re r, fo r th e $ 1 0 0 ,0 0 0 4 % 5 -2 0 -y e a r o p t . ta x -fr e e co u r t-h o u s e -b u ild in g
b o n d s — V . 103, p . 2 09 5. D e n o m . $ 5 0 0 . D a t e F e b . 1 1917. P rin cip a l
a n d sem i-a n n u a l in terest p a y a b le a t th e C o u n t y T re a s u re r’s o f fic e . C e r ti­
f ie d c h e c k fo r $ 2 ,0 0 0 r e q u ired . B o n d e d d e b t , in clu d in g th is issu e, 8 1 0 0 ,0 0 0 .
F lo a tin g d e b t , n o n e . A ssessed v a lu o 1916, e q u a liz e d , $ 1 1 ,1 3 7 ,2 3 2 82;
e s tim a ted a ctu a l v a lu e , $ 3 0 ,0 0 0 ,0 0 0 . O ffic ia l c ircu la r states th a t there is
n o c o n t r o v e r s y o r litig a tio n a ffe c tin g th e c o r p o r a te existe n ce o r b ou n daries
o f th e m u n ic ip a lity o r th e t itle o f its o ffic ia ls t o th e ir o ffic e s o r th e v a lid ity
o f these b o n d s an d th a t n o p r e v io u s issu e h a s e v e r been co n te s te d ; also th at
all p rin c ip a l a n d in terest h as be e n p r o m p t ly p a id a t m a tu r ity . T h e se
b o n d s w ore p r e v io u s ly o ffe r e d a n d s o ld o n A p ril 17, b u t o n a c c o u n t o f a
te c h n ica lity a n o th e r e le ctio n w a s c a lle d . S eo V . 102, p . 258 .
P I O N E E R , W i ll ia m s C o u n t y , O h i o . — BO N D S A L E .— O n N o v . 25 th e
$1 600 6 % 2 M -y o a r a v e r , c o u p o n b rid g e b o n d s — V . 103, p . 1722— w ere
a w a rd ed t o th e F a rm ers’ N a t . B a n k a t 100 .625 a n d in t. O th er b id s w ere:
D u r fe e , N ile s & C o ________ $ 1 ,6 2 5 3 7 1F irst N a t . B a n k , B a rn e sT illo t s o n & W o lc o t t C o . . - 1,621 0 0 1 v i l l o -------------------------------- $1,6 1 6 64
T h o a b o v e oth er b id s all a p p ea r h igh e r th a n th a t o f th e p u rch a se r, b u t
th e y aro s o re p o r te d t o us b y th e V illa g o C le r k .
P O R T E R C O U N T Y (P . O . V a l p a r a i s o ) , I n d .— BOND S A L E .— On
N o v . 2 8 , $ 6 1 ,7 7 9 19 5 % 1 -5 -y r . d itch b o n d s w ere a w a rd e d t o th o F letch er
A m e r . N a t . B a n k o f In d ia n a p olis a t p a r . D e n o m . $ 1 ,0 0 9 19 a n d $ 1 ,0 3 0 .
D a t e M a y 16 1916. I n t . M . & N .
T h e s e b o n d s w ere o ffe r e d b u t n o t so ld o n A u g . 2 4 .— V . 103, p . 86 8 .
R A W S O N S C H O O L D IS T R I C T (P . O . R a w s o n ), H a n c o c k C o u n t y ,
O h i o .— BONDS VOTED .— L o c a l n ew sp ap er re p o rts sta te th a t a fa v o r a b le
v o t e w as c a s t a t th e e le ctio n D e c . 6 in fa v o r o f th e q u e stio n o f issuing th o
$ 6 0 ,0 0 0 5 % 20-year s c h o o l b ld g , b o n d s . V . 103, p . 209 5.
R O C H E S T E R , O a k l a n d C o u n t y , M ic h .— BON'D S A L E .— T h o $ 2 0 ,0 0 0
6 % s tr e e t-p a v in g b on d s w h ich w e ro o ffe r e d o n Ju n o 26— V . 102, p . 2366—
h a v e been a w a rd ed t o Y a r d , O tis & T a y lo r o f C h ic a g o a t 102 .38 a n d in t.
M a t t h e w F in n o f D e tr o it b id $ 2 0 ,0 1 0 25.
R O C H E S T E R , N . Y .— N O T E S A L E .— O n D e c . 7 th e $10 0 ,0 0 0 w ater
an d 8 1 0 0,00 0 riv er-d eep en in g n otes— V . 103, p . 209 5— w ere aw ard ed t o
th e F a rm ers' L o a n & T r u s t C o . o f N . Y . a t 3 .7 5 % in t . O th er b id s w ere:
Interest.
Premium.
^7 00
B o n d & G o o d w in ------------------------------ ------------------------------- 4 % .^
G o ld m a n , Sachs & C o ---------------------- - ...................................4
---F a rs o n , Son & C o ________________________________________ 5 . 7 o ^
1 00
R O C K Y R I V E R V I L L A G E S C H O O L D I S T R I C T (P . O . R o c k y
R i v e r ) , C u y a h o g a C o u n t y , O h i o . — BOND O FFER IN G .-— P r o p o sa ls w ill
b e re c e iv e d until / p . m . D e c . 28 b y C . I I . D e a n , C le rk B d . o f L d ., fo r th e
$75 000 444 % c o u p , s ite -p u rch a s e a n d c o n s tr . b o n d s v o t e d N o v . 7 .
v . 103,
p . 1913. A u th . S ecs. 7 62 5. 7626 a n d 762 7, G e n . C o d o , an d a b o v e e le ctio n .
D e n o m $1 000 . I n t . A . & O . D u o e a ch six m o n th s as fo llo w s ; $ 1 ,000
A p r . 1 1920 t o O c t . 1 1924 in c l., $ 1 ,0 0 0 A p r . 1 a n d $ 2 ,0 0 0 O c t . 1 fro m A p r. 1
1925 t o O c t . 1 1929 in c l., $ 2 ,0 0 0 A p r . 1 1930 t o O c t . 1 1934 in c l., a n d $ 2 ,000
A p r . 1 a n d $ 3 ,0 0 0 O c t . 1 fro m A p r . 1 1935 t o O c t . 1 1940 in c l. C e r t, ch e ck
fo r $ 5 0 0 , p a y a b le t o th e D is t . T r e a s ., r e q u ire d . B o n d s t o b e d e liv e re d .and
p a id fo r w ith in 10 d a y s fro m tim e o f a w a rd . P u rch a ser t o p a y a c c r u e d in t.
B o n d e d d e b t , in c l. th is issu e, D e c . 4 1916, $ 92 ,000 ; assess, v a l ., $ 3 ,0 0 0 ,0 0 0
R O U N D V A L L E Y S C H O O L D I S T R I C T , I n y o C o u n t y , C a li f .—
BOND S A L E .— T h e S ta te B o a rd o f C o n tr o l h a s b e e n a w a rd e d , r c p o r ts s t a t e ,
th o $ 9 ,0 0 0 6 % b u ild in g b o n d s o ffe r e d o n N o v . 14.— V . 103, p . 1812.
S A M P S O N C O U N T Y (P . O . C l i n t o n ) , N o . C a r o .— BOND O FFER IN G .
— F u rth er d e ta ils aro a t h a n d r e la tiv o t o th e o ffe r in g o n D e c . 11 o f th e
$20 000 5 % 2 0 -yea r c o u p o n ro a d -c o n s tru ctio n b o n d s — V . 103, p . 2 0 9 o .—
J It P e te r s o n , C h a irm a n o f B o a rd o f C o u n t y C o m m is s io n e rs , w ill sell
th e s e 'b o n d s a t p u b lic a u ctio n a t 12 m . o n th a t d a y . A u th . b y C h a p . 200,
P u b lic L a w s o f 1907, an d C h a p . 4 5 1 , P u b lic L o c a l L a w s o f 1913.
D enom .
$ 50 0. D a t e J a n . 1 1917. P rin . a n d s e m i-a n n . in t .— J- & J .— p a y a b le at
C lin t o n . C e r tifie d c h e c k o r cash fo r $40 0 r e q u ire d . B o n d e d d e b t , in c lu d ­
in g th is issu e, $ 1 2 7 ,5 0 0 . C a sh on h a n d , $ 4 ,2 6 0 . A ssessed v a lu a tio n 1915,
$ 8 ,7 4 2 ,4 6 7 ; a ctu a l v a lu o , $ 2 5 ,0 0 0 ,0 0 0 . T a x r a t e , p er $ 1 ,0 0 0 , $8 96.
S A N A N G E L O , T o m G r e e n C o u n t y , T e x a s .— BONDS PROPOSED.—
T h is c it y is con sid erin g th o issu an ce o f $ 2 5 ,0 0 0 p a v in g b o n d s . It. L ,
W e lls J r . is C it y M a n a g e r .
S A N B O I S T O W N S H I P , H a s k e ll C o u n t y , O k l a .— BONDS OFFERED
B Y B A N K E R S .— W m . It. C o m p t o n C o . o f S t. L o u is is o ffe r in g t o in vestors
$30 000 6 % b o n d s.
D e n o m . $ 1 ,0 0 0 . I n t . J . & J . in N . Y . C it y . D u o
J u ly 20 1941. B o n d e d d e b t , th is issu e, $ 3 0 ,0 0 0 . A ssessed v a lu a tio n ,
191 6, $ 1 ,1 6 9 ,4 9 8 .
S A N J A C I N T O , R i v e r s i d e C o u n t y , C a l i f .— BO N DS V O T ED .— B y a
v o t e o f 298 t o 33 th o q u e s tio n o f issu in g $ 2 8 ,0 0 0 stre e t inapt, b o n d s carried
a t th e ele ctio n h eld N o v . 2 1 . a c c o r d in g t o re p o rts
S A U K C E N T R E , S t e a r n s C o u n t y , M i n n .— BOND E L E C T IO N .— A n
e le ctio n w ill b o held D e c . 18 t o v o t e o n th e q u e s tio n o f issu in g t o th o S tate
o f M in n e s o ta $ 5 0 ,0 0 0 4 % e le ctric lig h t a n d p o w e r p la n t e re ctio n b o n d s
J . F . C o o p e r is C it y C le r k .
S C O T L A N D N E C K , H a li f a x C o u n t y , N o . C a r o .— BO N D OFFERING
__ P rop osa ls w ill b o re c e iv e d u n til 11 a . m . D e c . 22 b y H e n r y T . C lark
T o w n C le r k , fo r $ 8 0 ,0 0 0 5 % c o u p , w a te r-w o rk s an d sew erage b o n d s. D o ­
n o m $1 00 0 . D a te D e c . 15 1916. P r in . an d s e m i-a n n . in t . p a y a b le at th e
N a tio n a l C it y B a n k , N e w Y o r k . D u e $ 3 0 ,0 0 0 D e c . 15 1926 an d $ 25 ,000
D e c 15 1036 an d 1946. C e r t , c h e c k on an in c o rp o ra te d ban k fo r $500
r e q u ired . B o n d e d d e b t , in c l. th is issu e, $ 9 5 ,5 0 0 . A ssess, v a l. 1915, $ 1 ,­
268 000- est. a ctu a l v a lu e , $ 2 ,0 0 0 ,0 0 0 . T h e s e b o n d s w ere re p o r te d sold on
S e p t. 26 t o th e G a te C it y T r u s t C o .— V . 103, p . 1342
S E A T T L E . W a s h .— BOND S A L E .— D u rin g th e m o n th o f N o v e m b e r
th o fo llo w in g 6 % special im p ro v e m e n t b o n d s , ag g re g a tin g $ 2 3 4,68 3 95
w ero so ld b y th is c it y a t par:
D ue.
Am ount. D ist. N o. Purpose.
Date.
’Walks*"_______________________N o v . 8 1916 N o v . 8 1928
$ 3 ,3 3 0 11 2967
W a t e r m a in s ________________ N o v . 8 1916 N o v . 8 1928
6 ,7 0 7 63 2978
P a v i n g ____________
N o v . 17 1916 N o v . 17 1928
2 5 ,3 3 4 04 2914
P a v in g _____________
N o v . 20 1916 N o v . 20 1928
3 6 ,1 1 9 99 2930
P a v in l _ _ ______
. . . N o v . 20 1916 N o v . 20 1928
4 9 ,8 5 6 27 2974
6 ,6 3 4 87 2695 C u rb & w a lk s .......................... N o v . 23 1916 N o v . 23 1926
N o v . 23 1916 N o v . 23 1926
6 ,3 5 4 39 269 6 G r a d i n g _________
3 ,2 1 3 78 2952 W a lk s ................. - ........... . . . N o v . 23 1916 N o v . 23 1928
2959 Sew er ..........................................N o v . 23 1916 N o v . 23 1928
2 ,1 6 0 18
5 ,7 2 3 49 2984 G r a d i n g .......... ....................... . N o v . 23 1916 N o v . 23 1928
2 2 ,8 9 5 90 3010 C o n d e m n a t io n ______________ N o v . 24 1916 N o v . 24 1928
„ „ „ 30 2926 S e w e r ...........................................N o v . 20 1916 N o v . 20 1928
6 6 ,3 2 3 „ „
A ll o f th e a b o v e b o n d s aro s u b je c t t o call p a r t y e a r ly .
S H E L B Y C O U N T Y (P . O . C e n t e r ) , T e x . — W A R R A N T O FFER IN G .—
Sealed b id s w ill be r e c e iv e d a b o u t D e c . 12 b y T . I I . P o s t e d , C o u n t y J u d go
fo r 8120 000 6 % ro a d im p t. w arra n ts;
.
.
_
„
S 15 .00 0 w a rra n ts, d e n o m . $750 a n d d u o $ 1 ,5 0 0 y r ly . fro m 1917 t o 1926
25 000 w arra n ts! d o n o m . $ 1 ,0 0 0 an d d u o $ 4 ,0 0 0 y r ly . b e g in n in g 1926.
3 0 !o OO w arra n ts, d e n o m . $ 1 ,5 0 0 an d d u o $ 6 ,0 0 0 y r ly . fro m 1932 t o
40 000 w a r r a n t s ,Ude^fom . $ 2 ,0 0 0 a n d d u e $ 8 ,0 0 0 y r ly . fr o m 1937 t o
’
1941, in clu s iv e .
C e r t , c h e c k fo r 5 % o f a m o u n t o f b id re q u ire d .
S O U T H P A S A D E N A , L o s A n g e le s C o u n t y , C a l i f . — BO N D S A L E .—
B ly t h , W itt e r & C o . , o f San F r a n cis c o , w e ro aw ard ed o n N o v . 2 7 , re p o rts




[Vol . 103.

s ta te , $ 1 9 ,0 0 0 5 % 1 6 -y r . (a v e r .) sew er im p t. b o n d s fo r $ 2 0 ,5 4 7 , equal t o
1 08 .131 . D e n o m . $ 50 0. I n t . J . & J. B o n d e d d e b t , in clu d in g th is
issu e, $ 2 6 1 ,5 0 0 . A ssess, v a l. 1915, $ 6 ,4 8 5 ,2 0 5 .
SP E N C E R , C la y C o u n t y , Io w a . — BOND S A L E .— O n D e c . 1 G e o . M .
B e ch te l & C o . o f D a v o n p o r t w ero a w a rd e d $ 5 0 ,0 0 0 c o u p o n ta x -fr e o e le ctr ic lig h t-p la n t-re b u ild in g b o n d s d u e M a y 1 1936— V . 103, p . 2009— a t 100.92
a n d in t. fo r 444 s. T h e r e w ere fo u r o th e r b id d e rs.
SP O K A N E , W a s h . — BOND S A L E .— D u r in g th o m o n t h o f N o v e m b e r
th is c it y issued $ 1 3 ,6 7 3 D is t . N o . 1105 p a v in g a n d $ 4 ,2 0 0 D is t. N o . 1109
sew er 6 % b o n d s .
D a te N o v . 1 1916. D u o 1928, s u b je c t t o call a t a n y
in te re s t-p a y in g d a te .
S P R IN G F IE L D , C la rk C o u n t y , O h io . — BOND S A L E .— O n D e c . 4
th e $ 1 5 ,5 0 0 444 % c o u p , s treet im p t. c i t y ’s p o r tio n b o n d s — V . 103, p . 1812—
w ere a w a rd e d , it is s ta te d , t o th e F e ib e l-E lis c h a k C o . o f C in c in . fo r $ 1 5 ,­
840 , equa l t o 102 .193 .

S T A N D IN G PIN E D R A IN A G E D IS T R IC T N O . I , L ea k e C o u n t y ,
M iss.— BOND O FFER IN G .— P ro p o s a ls w ill b e re c e iv e d u n til D e c . 11 b y
M . F . W a lla c e , C h a n c e r y C le rk ( P . O . C a rth a g e ), fo r $ 1 0 ,0 0 0 d ra in a ge
b on d s.

S T E U B E N V IL L E S C H O O L D I S T R I C T (P. O . S te u b e n v ille ),
J e ffe r s o n C o u n t y , O h io . — BOND E L E C T IO N .— T h o e le ctio n t o v o t e on
th e p r o p o s itio n t o issu o th e $ 3 5 ,0 0 0 b o n d s fo r va rio u s s c h o o l im p ro v e m e n ts
h a s been set fo r D e c . 2 8 .
.
.
,
,
„
,
_
^ „„
A s s ta te d in last w e e k ’s “ C h ro n ic le , th ese b o n d s w e ro o ffe r e d o n S e p t. 18,
b u t n o sale w as m a d e on th a t d a y as th e m a tte r o f , “ w h eth er th o B o a rd o f
E d u c a tio n c o u ld le g o ’ iv issuo th e b o n d s w ith o u t a v o t e o f th o p o o p lo ow in g
t o th o lim ita tio n s o f t h e S n ith o n o -p e r -c e n t la w ,” w as taken t o th o C o m m o n
P le a s C o u rt fo r its d e c is io n . J u d g e C a rl I I . S m ith o f th is C o u rt h an d ed
d o w n a d e c is io n o n N o v . 1 th a t th o b o n d s h a d t o b o s u b m itte d t o th o v o te r s .
Seo V . 103, p . 2 09 5.
T A C O M A , W a s h . — BOND S A L E .— D u r in g th o m o n th o f N o v e m b e r
$803 55 6 % D is t . N o . 967 sid e w a lk b o n d s w ero d is p o s e d o f . D a t e N o v . 17
;,916 . D u e N o v . 17 192 1, s u b je c t t o ca ll p a rt y e a r ly .
T E X A S .— BONDS R EG ISTE RE D .— T h e fo llo w in g 5%
b o n d s w ero
registered b y th e S tate C o m p tr o lle r :
Date Reg.
Amount. Place and Purpose of Issue
Due.
N o v . 27
$ 1 ,0 0 0 T o m G reen C o . C . S . D . 7 . - . 1 0 - 2 0-years ( o p t .)
N o v . 27
1,200 T o m G reen C o . C . S. D . 1 4 ..1 0 -2 0 years ( o p t .)
N o v . 27
5 ,0 0 0 B a y lo r C o . C . S. D . 14-------- 40 years
N o v . 28
2 7 ,5 0 0 C it y W e llin g to n w ater w o r k s .1 0 -4 0 years (o p t .)
7 .5 0 0 W h a r to n C o . ro a d d i s t r i c t .- - ( $ 2 5 0 ov o ry y r . t o 1927 in cl,
($500 ev e ry y r . th ereafter
N o v . 29
2 0 .0 0 0 P o ly te c h . n g t s . I n d . S . D . . . 1 0 - 4 0 years o p t . )
N o v . 29
D ec. 1
135,000 F a n n in C o . ro a d d is t. 3 ------ 10-40-years ( o p t .)
D ec. 1
1.500 M o t le y C o . brid g e re p a ir-------10-40 years ( o p t .)
D ec. 1
1.500 M o t le y C o . brid g e re p a ir-------10-40 years ( o p t .)
D ec. 1
1.500 M o t le y C o . b rid g e re p a ir-------10-40 years ( o p t .)
D ec. 1
3 5 .0 0 0 F annin C o . ro a d d is t. 12-------10-40 years (o p t .)
D ec. 1
2 5 .0 0 0 F annin C o . road d is t. 14____ 10-40 years ( o p t .)

T H IE F R IV E R F A L L S S C H O O L D I S T R IC T (P . O . T h ie f R iv e r

F a lls ), P e n n in g t o n C o u n t y , M in n . — BOND E L E C T IO N .— R e p o rts
sta te th a t an e le ctio n w ill bo h eld D e c . 19 t o v o t o o n th o q u e s tio n o f issuing
$ 4 5 ,0 0 0 g r a d e -s c h o o l-b u ild in g b o n d s.
T W IN F A L L S C O U N T Y S C H O O L D IS T R IC T N O . 59, I d a h o .—
BO N D S A L E .— A n issuo o f $ 4 ,0 0 0 6 % 8 -2 0 -y e a r serial b u ild in g a n d e q u ip ­
m e n t b o n d s w as pu rch a se d at par o n J u ly 19 b y th o L u m b e rm e n ’s T r u s t
C o . o f P o rtla n d .
D e n o m . (12) $ 30 0, (1) $400. D a t e A u g . 15 1916. I n t .
F . & A . T h is salo w as e rro n e o u sly re p o r te d in la st w e e k ’s ‘ C h ro n ic le ,
p a g e 209 6, u n d e r th o h ead o f T w in F a lls C o u n t y S c h o o l D is t r ic t N o .
59, Wash.

U N D E R W O O D IR R IG A T IO N D IS T R IC T (P . O . H o o d R iv er, O r e .),
W a s h .— BOND S A L E .— On N o v . 23 $ 8 ,0 0 0 irrig a tio n -sy ste m -co n stru ctio n
b o n d s w ere a w a rd e d , ifc is s ta te d , t o th e B u tler B a n k in g C o . o f H o o d K ive r
as fo llo w s : !$ 5 ,0 0 0 a t p ar an d $ 3 ,0 0 0 at 9 7 .
U N IO N C O U N T Y (P . O . E l i z a b e t h ) , N. J .— BOND O FFER IN G . —
P r o p o sa ls w ill b o re ce iv e d u n til 11 a . m . D e c . 21 b y N a th a n R . L e a v itt,
C o u n t y C o lle c to r , fo r an issuo o f 4 % g o ld co u p o n o r registered (pu rch aser’s
o p tio n ) h o sp ita l b o n d s n o t t o ex ce e d $ 3 7 ,0 0 0 . T h is issue tak es th o p la ce
o f th e $ 2 4 ,0 0 0 issue fo r w h ic h bid s w ero t o h a ve be e n re ce iv e d on D e c . 7 .
b u t th e o ffe r in g w as later rescin d ed t o increase th e a m o u n t.— V . 103, p .
2 0 0 9 . D e n o m . $ 1 ,0 0 0 . D a t e D e c . 1 1916. P rin cip a l an d sem i-ann ual
in te re s t— J . & D . — p a y a b lo a t N a tio n a l S tate B a n k , E liz a b e th . D u e
$ 1 ,0 0 0 D e c . 1 1933 an d $ 3 ,0 0 0 y r ly . o n D e c . 1 fro m 1934 t o 1945 incl.
C e r tifie d c h e c k o n an in co rp o ra te d b a n k o r tru st c o m p a n y fo r 2 % o f b o n d s
b id fo r , p a y a b lo t o th o “ B o a rd o f C h osen F re e h o ld e r s ," re q u ire d . T h e
U . S . M o r tg a g e & T r u s t C o . w ill c e r tify as t o th o genuineness o f th e sign a­
tures o f th e o ffic ia ls sign in g th o b o n d s and th o seal im p ressed th ereon and
th e purch aser w ill b o fu rn ish ed w ith th o o p in io n o f H a w k in s, D e la flcld &
L o n g fe llo w .

The official notice o f this bond offering will be found among the advertise­
ments elsewhere in this Department.
BO N DS A W A R D E D I N P A R T .— T h e a b o v e b o n d s , ad v e rtise d fo r sa le ,
are th e u n so ld p o r tio n o f a n issuo o f $8 7 ,0 0 0 4 % b o n d s , o f w h ich th o Sinking
F u n d has pu rch a se d $ 5 0 ,0 0 0 .
_ .
,
_
,
T h is sale ta k e s th e p la ce o f th e $50 ,0 0 0 4 4 i % b o n d s o f a n issue o f $74 ,000
o r ig in a lly p u rch ased b y th o Sinking F u n d . Seo V . 103, p. 200 9.
U N IO N C O U N T Y (P . O . M a ry sv ille), O h io .— BOND S A L E .— On
D e c . 1 th o 9 issues o f 5 % b o n d s , a ggre ga tin g $ 3 3 ,3 3 0 , w o re a w a rd e d as
fo llo w s — V . 103, p . 200 9:
.
„
,
.
$ 2 9 ,4 0 0 th re o issues o f ro a d b o n d s t o H a y d e n , M ille r & C o . o f C le v e la n d
fo r $ 30,060— 102.207— a n d Interest.
3 ,9 3 0 six issues o f d it c h b o n d s t o T illo t s o n & W o l c o t t C o . o f C le v e la n d
fo r $ 3 ,9 5 0 43— 100.519— an d in terest.
T h o o th e r b id s , all o f w h ich w ere fo r th e r o a d b o n d s , w ero as fo llo w s :
S o a s o n g o o d & M a y e r ____ $ 2 9 ,9 6 0 00 1T illotson & W o lc o t t C o .- $ 2 9 ,9 5 0 95
P r o v id e n t S. B . & T r . C o . 2 9 ,9 5 3 7 7 1W e ll, R o t h & C o --------------- 2 9 ,839 50
U T IC A , O n e id a C o u n t y , N. Y . — BOND S A L E .— O n D e c . 1 th o $4,5 0 0
4 % 1044-year a v e r . r e g . ta x -fr e o p u b lic -im p t . bon d s— V . 103, p . 2 0 0 0 —
w ere a w a rd e d t o th o U tica M u tu a l C o m p e n s a tio n In su ra n ce C o r p . fo r
$4 518 26— -100.405— a n d in t. T h e C itize n s ’ T r u s t C o . a n d th o U tica
C it y N a t . B a n k , b o th o f U tic a , ea ch b id p a r .
V E R M IL L IO N C O U N T Y (P . O . N e w p o rt), I n d . BO N D OFFERIN G.
— P r o p o sa ls w ill b e re ce iv e d u n til 10 a . m . D e c . 23 b y J* C la rk S m ith , C o .
T r e a s ., fo r $ 3 ,500 444 % P e te r A lk m a n o t al. ro a d b o n d s in H o lt l w p .
D e n o m . $17 5. I n t . M . & N . D u e $175 ea ch six m o n th s fro m M a y 15
1918 t o N o v . 15 1927 in cl.

W A R M S P R IN G S IR R IG A T IO N D I S T R IC T (P . O . V a le ), M a lh eu r

C o u n t y , O r e .— BOND O FFER IN G .— P rop osa lsi w ill b o r e c e iv e d until
2 p . m Ja n . 5 1917 b y J o h n R ig b y , S e c y . B d . o f D ir e c to rs it is s ta te d , fo r
$75 0 ,0 0 0 6 % g o ld c o u p o n irriga tio n sy s te m b o n d s v o t e d A u g . 15 1916.
I n t . p a y a b lo s e m i-a n n u a lly . C e r t , c h e c k fo r 1 % re q u ir e d . O n O c t . 2
$ 3 9 0 ,0 0 0 o f th ese b o n d s w ere o ffe r e d w ith o u t s u cce ss.— V . 103, p . 1448.
W A S H IN G T O N C O U N T Y (P . O . G r e e n v ille ), M iss.— BOND OFFER­
IN G — T h e B o a rd o f S u p erv isors w ill o ffe r fo r sale a t p u b lic a u c tio n a t
10 a . m . D e c . 20 $9 5 0 ,0 0 0 road b o n d s a t n o t e xceed in g 5% in t- D e n o m .
$1 000 . D a te N o v . 6 1916.
P rincip al an d sem i-an n u al interest ( M . & N .)
p a y a b le a t th e N a tio n a l P a rk B a n k , N e w Y o r k . D u e on N o v . 6 as fo llo w s :
$20 000 1918. $ 2 1 ,0 0 0
1919, $22 ,0 0 0 1920, $ 2 3 ,0 0 0
1921, $ 2 4 ,0 0 0 1922,
$ 25 !000 1923, $27 ,0 0 0
1924, $ 2 8 ,0 0 0 1925, $ 2 9 ,0 0 0
1926, f^l.O O O 1927,
$32 000 1928, $ 3 4 ,0 0 0
1929, $ 3 6 ,0 0 0 1930, $ 3 8 ,0 0 0
1931, f 'i ^ ’000 1932.
$ 47 ,000 1933, $49 ,0 0 0
1934, $ 5 1 ,0 0 0 1935, $ 5 4 ,0 0 0
1930, $ o 7 ,000 1937,
$ 6 0 ,0 0 0 1938, $62 ,0 0 0 1939, $ 6 6 ,0 0 0 1940 and $ 7 0 ,0 0 0 1911.
C e rtifie d o r ca sh ie r’s c h e ck fo r $ 2 ,5 0 0 , p a y a b lo t o L . J . P a rn ell, P res, or
H ig h w a y C om m issio n e rs, re q u ire d . T o t a l b o n d e d d e b t , in c lu d in g this
issu e, $ 1 ,2 5 0 ,0 0 0 ; flo a tin g d e b t , $ 1 1 3 ,0 0 0 . S inking fu n d , $ 6 0 ,0 0 0 . A s ­
sessed v a lu a tio n 1915, $ 9 ,6 3 2 ,6 2 1 ; a ctu a l va lu e (e s t .), $ 4 0 ,0 0 0 ,0 0 0 .
rh o
H ig h w a y C o m m ission ers will furnish tho a p p ro v in g o p in io n o f D illo n , T h o m ­
son & C la y , a tto r n e y s , o f N o w Y o r k C it y . T h e p u rchaser shall agree t o fu r­
nish bla n k b o n d s re a d y fo r tho pro p e r signatures and seal. L e g a lity o f th e
p ro ce e d in g s u nd er w h ich tlieso b o n d s aro Issued lias been uph eld b y a recen t
d e cisio n o f the M ississip pi S tate S up rem o C o u r t. A ll b id s m u st b e m a d e
s u b je c t t o n o o th er c o n d itio n than th e a p p ro v a l as t o le g a lity o f tho a b o v e -

Dec. 9 1916.]

THE CHRONICLE

n am ed fir m o f a tto r n e y s . T h e p u rch aser o f th e b o n d s shall b e p re p a re d
to a c c e p t d e liv e ry as so o n as th e b o n d s ca n b e ex e cu te d b y th e p ro p e r o f f i ­
cia ls, and th e purch aser fu rth e r shall agree t o h a v e th e bla n k bo n d s r e a d y
fo r th e p ro p e r signatures an d seal w ith in th irty d a y s fro m th e d a y o f p u r ­
ch a se. T h e com m ission ers w ill agree t o de liv e r th e b o n d s a t C h ic a g o ,
S t. L ou is o r N e w Y o r k , as th o pu rch aser m a y ch o o s e . T h e b o n d s s h a ll bo
p aid fo r in S t. L ou is , C h ic a g o o r N e w Y o r k e xch a n g e.

W A S H IN G T O N C O U N T Y (P . O . W est B e n d ), W is .— BON D ELEC­
T IO N PROPOSED.— L o c a l pap ers sta te th a t th e p r o p o s itio n t o issue
$50 0 ,0 0 0 r o a d -im p r o v e m e n t b o n d s w ill b e s u b m itte d t o a v o t e a t n e x t
sp rin g ’s ele ctio n .
W A S H IN G T O N C O U R T H O U SE , F a y e tte C o u n t y , O h io .— BON D
O FFER IN G .— Joh n N . M c F a d d e n , C it y A u d ., w ill re ce iv e bids u n til
12 m . D e c . 18 fo r $ 18 ,500 5 % s t r e e t-im p t. assess, b o n d s . A u th . S ecs. 3812
a n d 381 7, G e n . C o d e .
D e n o m . $ 50 0. D a t e D e c . 1 1910. I n t . J . & D ,
D u o $2,000 y r ly . on D e c . 1 fro m 1917 t o 1923 in cl. an d $1,500 D e c . 1 1924
1925 an d 1926. C e r t, c h o c k fo r $20 0, p a y a b le t o th e C it y T r e a s ., re q u ire d .
B on d s t o b e d eliv ered an d p aid fo r w ith in 10 d a y s fro m tim e o f a w a rd .
P u rcha ser t o p a y a ccru e d in terest.
W A T E R T O W N , M ass.— L O A N O FFERIN G .— R e p o rts sta te th a t th e
T reasurer w ill receiv e p ro p o sa ls u n til 3:3 0 p . m . D e c . 14 fo r a lo a n o f
$ 5 0 ,0 0 0 , m a tu rin g A p ril 23 1917.
W A U K E S H A , W a u k esh a C o u n t y , W is.— BOND SA L E . — On D e c . 1
$22 0,00 0 4 % c o u p o n s c h o o l b o n d s w ore aw arded t o th o H arris T r u s t &
Savings B a n k o f C h ic a g o at p a r. D e n o m . $ 1 ,0 0 0 . D a te A u g . 1 1916.
I n t . F . & A . at th o C it y T reasu rer's o ffic e . D u e seria lly o n A u g . 1 fr o m
1917 t o 1936, in clu siv e . B o n d e d d e b t , in clu d in g th is Issue, $ 4 3 4 ,0 0 0 .
Assessed v a lu a tio n 1916, $ 8 ,9 7 8 ,7 9 2 .
W E S T F IE L D , H am p d en C o u n ty , M a s s . - BOND S A L E .— O n D e c . 4
tho $ 15 ,000 4 % 8 -y r . aver, bridge b o n d s— V . 103, p . 2097— w ere a w a rd e d
t o G e o A F ern a ld & C o . o f B o s to n a t 102.704. O th er bid d e rs w ere:
A d a m s & C o . _____ ___________ 1 0 2 .6 5 1B lodget & C o ................................. 102 .26
M errill, O ldh am & C o ------------102.51 IE . C . P o tte r & C o . . . ------------ 101.642
F . S. M o s e le y & C o .................... 102.26 | C ropley, M c G a r a g lo & C o . . 1 01 .079
D e n o m . $ 1 ,0 0 0 . D a te D e c . 1 1916. I n t . J . & D .
D u e D e c . 1 fr o m
1917 t o 1931.

W E S T U N IO N S C H O O L D IS T R IC T , S an M ateo C o u n t y , C a lif.—
BOND S A L E .— O n N o v . 27 th e $ 15 ,000 5 % 3 -1 7 -y e a r serial bu ild in g b o n d s
(V . 103, p . 200 9) w ere aw arded t o th e B a n k o f I t a ly a t 106 .90 a n d in t.
O th er b id s w ere:
B ly t h , W itt e r & C o ., S. F _ $ 1 6 ,0 1 2 00 F . M . B ro w n & C o . , S . F .$ 1 5 ,8 9 1 00
W m . It. S taats C o . , S . F . 1 5,855 00
T o r r a n c o , M a rs h a ll & C o .,
L o s A n g e le s ____________ 15,958 00 E . H . R o llin s & S on s, S . F . 1 5,836 00
L u m b e rm p n ’s T r . C o . , S . F . 15,936 00 H a n c h e tt B o n d C o . , C h i c . 1 5 ,3 2 9 95
B y rn e & M c D o n n e ll, S. F . 15,925 0 0 1
W H I T L E Y C O U N T Y (P . O . W i ll ia m s b u r g ), K y .— B O N D S A L E .—
O n D e c . 1 th o $ 10 0,00 0 5 % co u p o n ta x -fr e e ro a d a n d b r id g e b o n d s ( V . 103,

N E W

O R L E A N S ,

p . 2009) w ere a w a rd e d . It is sta te d , t o E . I I . R o llin s & Sons o f C h ic a g o at
1 05 .25 a n d in te re st.

W IL D W O O D , C ap e M a y C o u n t y , N . J .— BO N D S A L E POSTPO N ED .
— T h e sale o f th e issue o f 4 H % c o u p o n (w ith p r iv ile g e o f registration ) fu n d ­
in g b o n d s n o t e xce e d in g $ 4 2 ,0 0 0 w h ich w as t o h a v e ta k e n p la ce D e c . 1 has
b e e n p o s tp o n e d u n til D e c . 18— V . 103, p . 2 00 9.
, •W I N C H E S T E R , C la rk C o u n t y , K y .— BOND O F F E R IN G — S ealed
bid-s wiH b e re c e iv e d u n til 7:30 p .m . Jan . 5 1917 b y S . B . T r a c y , C i t y C le rk ,
fo r $ 1 8 0 ,0 0 0 5 % 3 0 -y r . w a te r-w o rk s-p u rch a se o r c o n s tr . b o n d s . A u th S ec. 157 -8-9, K y . C o n s t., S e c. 3 49 0, S u b . S ec. 34 o f K y . S ta t. o f 1909; also
v o t e o f 1,307 t o 206 a t th e N o v . 7 e le ctio n .
D e n o m . S I ,000 . P rin . an d
sem i-an n . in t. p a y a b le a t th e W in ch e ste r B a n k .
C e rt, c h e c k fo r 2 %
R , « SRh a r ’ O ity T r e a s ., re q u ire d . T o t a l b o n d e d d e b t , in
elu d in g th is issue, $2 8 0 ,0 0 0 .
S pecial assessm ent d e b t , a d d itio n a l, $ 5 4 ,1 7 1 .
(/M a y 31
$1 2 ,9 7 0 8 2 . Sinking fu n d ( M a y 31 1916)
$1 4 ,6 9 6 20. T o t a l assess, v a l. 1916, $ 5 ,8 0 4 ,6 7 3 . S u it p e n d in g as t o leg a lity
o f this issue in C ircu it C o u rt a t W in ch e ste r w ill b o d e c id e d in C o u rt o f A p ­
peals b e fo r e d a y o f sale.
„
C°C N TY
O - Q u itm a n ), T e x .— BO N D O FFER IN G .—
Sealed b id s w ill b e re c e iv e d u n til D e c . 11 b y R . E . B o z e m a n , C o u n t y
is s ta te d , fo r $6 8 ,0 0 0 5% 1-4 0 -y e a r r o a d -im p r o v e m e n t b o n d s.
C e rtifie d c h e c k fo r 2 % re q u ire d .
W OODLAN D SCHOOL

T . W O L F E , J R .,
S e cre ta ry .

Z O L F O S P E C IA L D R A IN A G E D IS T R IC T N O . 10 (P . O . A r c a d ia ),

De S o to C o u n t y , F la .— BON D S A L E . — O n D e c . 4 th e $1 8 ,0 0 0 6 % 10-vr.
d; a ' r' aKe b o n d s ( V . 103, p . 2011) w ere a w a rd e d t o t h e H a n c h e tt B o n d C o .
o f C h ic a g o a t 9 6 .1 6 6 an d in terest.
Y O N K E R S , N . Y .— BO N D OFFER IN G . — P ro p o s a ls w ill b e re c e iv e d
u n til 12 m . D e c . 14 b y J o s . M ille r , C it y C o m p t ., fo r th e fo llo w in g 4 %
registered b o n d s:
6
/0
$2 0 ,0 0 0 p u b lic b u ild in g b o n d s . D u e $ 1 ,0 0 0 y r ly . o n D e c . 1 fr o m 1917 t o
1936 in clu sive.
19.000 pity-h all b o n d s. D u e $500 y r ly . o n D e c . 1 fr o m 1917 t o 1936 in cl.
9 6 .0 0 0 lo ca l im p t. b o n d s. D u o $ 6 ,0 0 0 y r ly . o n D e c . 1 fr o m 1917 t o
1932 in clu sive.

o f

N e w

OF

SALE

OF

O rle a n s,

L o u isia n a ,

(P a r t of New

59, 000,000

Issue)

O F F IC E O F B O A R D O F L IQ U ID A T IO N . C I T Y D E B T .
R O O M 206 C I T Y H A L L A N N E X .
o f t h e ° S t a t e fo P iqo u tsian a Vorlt^ P s b t ^ aCt,1fg iQ ?d er a u th o r l ^ o f A c t N o ! 4^0?\ h o G eneral A ssem b ly
& M I . U . 1 ™ % I S ? a S K S r ta?lstoeS ° a nt
S£l
a p p ro v a l o f tw o -th ird s o f th e m em b ers o f th e C o m m issio n C o u n c il o f th e C i t y o f N e w O rleans w ill

v a lu o

P T 0 C F M R F R fI^ , ^
F
F
n e w

o f N £w O r l ^ n s T o u ^

’o b I r a n ? s e k ia T

o o l d

iFo n

I ? S " 'a u th o r iz e d

e n tire issue shall b o p a y a b le a c c o r d in g t o th e fo llo w in g ta b le o f n m t iiit ie s . t ^ w i "

C IT Y

O F

T Y L E R , T E X A S

5% SCHOOL BONDS
F . I I . M o r rill J r ., P resid e n t B o a rd o f E d u c a tio n ,
w ill r e c e iv e u p to 10 A . M . D E C E M B E R 2 0 T H ,
1916, a t T y lo r , T e x a s , soalod bids fo r C it y o f
T y le r 5 % 4 0 -y o a r serial 1-40 sc h o o l b o n d s t o
th e a m o u n t o f $ 8 5 ,0 0 0 : b o n d s t o b o d a to d J a n u ­
a ry 1st, 1917, o f $ 1 ,0 0 0 d e n o m in a tio n , ln torest
p a y a b le som i-a n n u a lly In N e w Y o r k C it y , A u s tin ,
o r T y le r , T e x a s , a t h olders o p t io n .
B o n d e d d e b t , in c lu d in g th is Issue____ $55 5 ,0 0 0
W a tor W o r k s d e b t , in clu d e d in a b o v e .
2 50 ,000
Assessed v a lu a tio n , 1 91 6_______________ 6 ,3 0 0 ,0 0 0
A c tu a l v a lu a tio n o f ta x a b le p r o p e r t y ..1 2 ,0 0 0 000
T a x r a te p er $ 1 ,0 0 0 ........ ................ .............
18.50
B id d e r w ill in clu d e c e r tifie d c h o c k fo r $ 1 ,0 0 0
a n d p a y c o s t o f p rin tin g b o n d s; d e liv e ry o f bond s
t o b o m a d o in J a n u a ry, 1917. T h e rig h t is r e ­
serv ed t o r o jo c t a n y an d all b id s .

$ 13,0 0 0
C ity

of

C on rad,

5% BONDS

M o n ta n a

C o u n t y , N o.

4*4% Serial Gold B on d s

^ ir ^ Y %

$8 5 ,0 00

N o rth a m p to n

W O O D W A R D , W o o d w a rd C o u n t y , O k la .— B O N D O FFER IN G —
P roposals w ill b e re ce ive d u n til 8 p . m . D e c . 18 (d a te c h a n g e d fro m D e c . 4)
b y I I . H . A le xa n d e r. C it y C le rk , it is sta te d , fo r t h e $ 5 0 ,0 0 0 5 % 2 5 -y ea r
£ ° W o n city -h a ll a n d a u d ito r iu m -e r e c tio n b o n d s a u th o riz e d a t th e e le ctio n
T
vrNoVv 7 / ' r « n 0 3 , &'v,2010w ’ ,D c n o m - 5 1 .0 0 0 .
In te re s t se m i-a n n u a lly
a " N e w Y o r k C it y . T h e se b o n d s are e x e m p t fr o m ta x a tio n . C e rtifie d
c h e c k fo r $1 ,0 0 0 , p a y a b le t o t h e “ C it y o f W o o d w a r d ," r e q u ire d . B o n d e d
d e b t , in clu d in g this issue ( D e c . 2 ) , $ 2 5 3 ,0 0 0 . F lo a tin g d e b t , $1 ,0 0 0 .
(p e r $ F 0 0 0 )d ’$ 3 1l650 0 0 ' A ssessed v a lu a <4°“ . $ 2 ,2 8 5 ,0 0 0 . T o t a l ta x ra te

N O T IC E

C ity

D IS T R IC T ,

p arJ?'
^ ^ b “ O n D e c . 4 $ 10 ,000 6 % s c h o o l b o n d s w ere aw arded
1°
N ile s & C o . o f T o le d o a t 105 .< 6. I n t . sem i-an n u al. D u e
seria lly f r o m 1922 t o 1929 in clu siv e .

L A .

N e w O rlean s, L a ., D e c . 4 , 1916.
T H E B O A R D O F L IQ U ID A T IO N , C I T Y
D E B T , a n n ou n ces c o n ce rn in g th e sale o f $ 4 ,2 5 0 ,­
000 t o $ 5 ,0 0 0 ,0 0 0 in fa c e va lu e o r C I T Y O F N E W
O R L E A N S \ % % S E R I A L G O L D B O N D S fo r
w h ich p rop osa ls h a v e b een in v ite d t o b e r e ce iv e d
o n o r b e fo r e DECEM BER 14, 1916 :
R otorrin g t o th e ta b le o f m atu rities ap p earin g
In th e a d v ertisem en t n o w ru n n in g, all bon d s
m a tu rin g In th o yea rs 1919 t o 1925, b o th in clu siv e ,
w ill b o d e liv e re d t o th o successfu l b id d e r o r b id dors a t sa id salo tog eth e r w ith su ch o th o r m a tu ri­
ties as w ill o n th o w h ole avo ra g o as noar as p r a c ­
tica b le th irty -th r e e a n d th re e -fo u rth s years.

2177

S 5 W

&

S 3

’

L IS T O F M A T U R I T I E S O F $ 9 ,0 0 0 ,0 0 0 C I T Y O F N E W O R L E A N S S E R I A L 4 X % G O L D B O N D S
D A T E D J A N U A R Y 1. 1917.
°
J a n . 1, 1918_
SO
J a n . 1, 1 94 3----------------------------------$15 5 ,0 0 0
“
i. l o i n . . .:...:.::::
5 5 .0 0 0
J. }9 4 4 --------------------------------- 165,000
“
1, 1 92 0________________
5 5 .0 0 0
.. J ’
--------------------------------- i 7 o ,o o o
“
1. 1 9 2 1 ................ ............. ”
6 0 .000
“
1 . 1 92 2__________________ : :
6 0 ,0 0 0
I------------------------------------- 185,000
“
1, 1 92 3_____________________
6 5 ,0 0 0
1- }9 4 8 --------------------------------- 195,000
“
1. 1 92 4--------------------6 5 ,000
J’
------------------------------------- 2 05 ,000
1. 1 92 5-------------------------------7 0 ,000
b
----------------------------------------21 5 ,0 0 0
“
1, 1 92 6............... .......................
7 5 .000
..
--------------------------------- 2 20 ,000
“
1, 192 7_____________________ 7 5 .000
“
1, 192 8_____________________
8 0 .000
}■ }9 £ 3 --------------------------------- 24 5 .0 0 0
“
1, 1 92 9_____________________
8 5.000
“
1, 1 93 0__________________
90.000
.. J ’
------------------------------------- 26 5 ,0 0 0
“
1. 193 1_____________________
9 0 .000
.. } ’ 1 2 5 3 --------------------------------- 2 80 .000
“
1. 1 9 3 2 _____________________
9 5.000
.. M S f Z - -------------------------------- 2 90 .000
1, 1 93 3_____________________ 100,000
• }’
------------------------------------- 30 5 ,0 0 0
I , 1 9 3 4 . . _____ ______ ________________
105,000
„ 1 - 1 9 5 9 ---------------------------------- 31 5 ,0 0 0
,
J . 193 5-------------110,000
33 5 ,0 0 0
J. I 9 6 0 --------------------J .
1 9 3 6 - ..........
115.0C0
.. b
..............
34 5 ,0 0 0
1. 1 93 7-------------------------------- 120,000
.. 1- 196 2..............
36 5 ,0 0 0
1. 193 8-------------------------------- 125,000
}’
.........................- ............ 38 0 ,0 0 0
1, 193 9_____________________ 130.000
}’
------------------------------------ 39 5 ,0 0 0
1, 1 91 0______
135,000
„
J - 196 5---------------------4 1 5 .0 0 0
“
1, 194 1_____________________ 145.000
.. 1- } 9 6 6 ----------------4 3 5 ,0 0 0
‘
1, 1 9 4 2 . . . -----------150.000
1. 196 7................
195 ,000
J4oo! ^
b o n d s are o f th o d e n o m in a tio n o f $ 1,000 ea ch , e x ce p t (1) th e b o n d s m a tu r in g in th e
yea rs 1927. 1937 an d 1957, re s p e c tiv e ly , w h ich shall be o f th e d e n o m in a tio n o f $500 e a ch , an d (2) th e
each18 m a tu rin g in t h o years 1947 an d 1967, re s p e c tiv e ly , w h ich shall b e o f t h e d e n o m in a tio n o f $100
Said b o n d s shall bear Interest a t th e rate o f 4 H per c e n t p er a n n u m e v id e n c e d b y in terest c o u p o n s
a tta ch e d p a y a b le in Jan u ary an d J u ly r e s p e ctiv e ly In each ye a r.
?i'\kU ’.rop,? sal3.,sh ^lJ
re ce iv e d u n d er and s u b je c t t o th e fo llo w in g a d d itio n a l c o n d itio n s , to -w lt:
n f .JJh
* 'm ard o f L iq u id a tio n , C it y D e b t , w ill d eliv er t o th e successfu l b id d e r o r bid d e rs b on d s
® 9c£ m atu rities as w ill a p p ro a ch as nearly as pra ctica b le th e av e ra g e m a tu r ity o f t h irty -th r e e an d
re e -fo u rth s years a cc o r d in g t o th e fo re g o in g table; th e B oa rd reservin g t o itse lf th e rig h t t o d e term in e
the bo n d s t o be d e liv ered t o th e su ccessfu l b id d e r o r bid d e rs s o lo n g as said a v e ra g e m a tu r ity is m ain ­
tained as n early as p ra ctica b le .
h m ,ii ? V J m z .b.o n d s ,shn ll. b e d e l*v cr, d ^ so o n as p r a c tic a b le a fte r J an u ary 1, 191 7, an d th e su ccessfu l
c
d a te o f d e liv e r CrS sh ^U b e r e q u ,rcd t0 Pa y - in a d d itio n t o th e p r ice b id , in te re st a ccru e d u p t o th e

N o tic o is h ereb y given th a t th e C ity o f C o n ra d
M o n ta n a , w ill soli at p u b lic au ctio n fo r ca sh , at,
th e C ity C ou n cil C h am bors in th o C it y o f C on ra d
M o n ta n a , T e to n C o u n ty , on th e 16TH D A Y O F
DECEM BER, 1916. at 8 o ’c lo c k P . M . . o f said
d a y , C ity H a ll B on ds t o th e a m o u n t o f $ 13 ,000
said b on d s being describ ed as fo llo w s: Said bo n d s
(3) E a ch fo d d e r shall in d ica te th e a m o u n t o f b o n d s fo r w h ic h th e b id Is m a d e an d n o b id snail
t o b e issued in d en om in ation s o f $ 1 ,0 0 0 each and I b o r e ce iv e d o r co n sid e re d unless a c co m p a n ie d b y a c e r tifie d c h e c k m a d e p a y a b le t o o rd e r o f B o a rd o f
num borod from on e t o th irteen , said b o n d s t o b ea r ! L iq u id a tio n , C it y D e b t , u p o n s o m e ch artered ban k In th e C it y o f N e w O rleans fo r an a m o u n t e q u iv a ­
Interest at th e rate o f 5 % p er an n u m , in terest ’ len t t o three per c e n t o f th o said bid.
p a y a b le sem i-an n u ally on tho 1st d a y o r J an u ary 1
T h e c h e c k o r ch e c k s o f th e su ccessful b id d e r o r b idders w ill b e cash ed an d t h e p ro ce e d s retain ed
aud th e 1st d a y o f Ju ly in oach y ear until the Dy B oa rd o f L iq u id a tio n , C it y D e b t , as a guaran tee th a t th e bid d e r o r bid d ers w ill c o m p ly w ith his
principa l sum shall be paid; said bo n d s t o bo o r th e ir bid . In terra t w ill be a llow ed o n th e pro ce e d s o f said c e r tifie d ch e ck o r ch e ck s at three an d
issued fo r tw en ty years and redeem able as fo llo w s
o n e -n a ir per c e n t (3 H % ) p e r a n n u m . In ca se o f neglect o r refusal t o c o m p ly w ith a n y b id , th e n roceed s
$ 1 ,000 at th o expiration o f ten years, and $ 1 ,0 0 0 o f said b id d e r s c h e c k an d Interest a ccru ed w ill be fo rfe ite d to th e C it y o r N e w O rleans
each and o v ory year thereafter until th o tw en tieth
T h e B o a rd o f L iq u id a tio n , C it y D e b t , reserves th o rig h t t o r e je c t a n y an d all b id s .
y ea r when th o balan ce shall b e redeem able.
(.>) M a r k all b id s P rop osal fo r th e p u rch ase o f C it y o f N e w O rleans Serial G o ld B o n d s .”
B y order o f the C ity C o u n cil and d a to d at
1- u rth er pa rticu la rs a n d in fo rm a tio n w ill be furnish ed u p o n a p p lica tio n t o
C on ra d this 6 th d a y o f N o v e m b e r , 1916.
T . W O L F E , J R ., S e cre ta ry,
K . L . JO H N ST O N E .
B o a rd o f L iq u id a tio n , C it y D e b t .
C it y C lerk.
R o o m 206 C it y H all A n n e x , N e w O rlean s, L a .




THE CHRONICLE

2178

9 0 ,0 0 0 assessm ent b o n d s. D u o $ 9 ,0 0 0 y r ly . o n D e c . 1 fr o m 1917 t o
1926 In clu sive.
.
100 ,000 ta x salo b o n d s. D u o $ 1 0 ,0 0 0 y r ly . o n D e c . 1 fro m 1917 t o 1926
in clu sive.
,,
D a t o D e c . 1 1916. P rin . an d sem i-a n n . in t. ( A . & O .) p a y a b le a t o ffic e
o f C it y T r e a s . In N . Y . exch a n g e . C e r t, c h e ck fo r 2 % o f b o n d s b id f o r ,
p a y a b le t o the C it y C o m p t ., re q u ire d . B o n d s w ill b e re a d y fo r d e liv e ry on
D e c . 2 1 . P u rchaser t o p a y a ccru e d in t. T h o le g a lity o f these b o n d s will
bo a p p ro v e d b y H aw k in s, D e la fie ld & L o n g fe llo w o f N . Y . an d a d u p lic a te
orig in a l o f their op in io n w ill b e fu rn ish ed p u rch aser.

C a n a d a ,

its

P r o v in c e s

a n d

M

u n ic ip a lit ie s .

A L B E R T A S C H O O L D I S T R I C T S .— D E B E N T U R E SA R E .— T h o fo l­
low in g 7 % s c h o o l d is trict d eb e n tu re s a ggre ga tin g $ 7 ,1 0 0 w ero a w a rd e d as
fo llo w s — V . 103, p . 2011:
„ „ •_
t .
$ 2 ,1 0 0 d eb en tu res con sistin g o f $1,2 0 0 K e rn S. D . N o . 3380; $600 W a t e r lo o
S. D . N o . 598 and $600 P o p la r Itid go S. D . N o . 772 , t o W . U . A lg e r
& C o . at 102 .25. A ll d u o Ja n . 15 1923.
1 000 F o x C o u le e S . D . N o . 2317 d e b e n tu re s t o K e rr ; F le m in g & C o . at
103.468. D u o Ja n . 15 1927.
,
2 ,6 0 0 d eb en tu res con sistin g o f $1,4 0 0 C o ld L a k e S. D . N o . 3307 an u
$ 1 ,200 C h ip L a ke S. D . N o . 3 3 4 5 t o K e rr , F le m in g & C o . a t 103 .1 1 6 .
A ll m atu re Ja n . 15 1927.
_
1 400 L y n c o t S. D . N o . 3370 d e b e n tu re s t o K e rr , F le m in g & C o . a t
106.333
D u o Jan . 15 1937.
^ „„„
D E B E N T U R E S R E -A W A R D E D .— W o learn th a t th o issue o f $ 1 ,6 0 0 7 %
S t. P a u l S. D . N o . 2228 d eb e n tu re s aw ard ed o n N o v . 1 t o th o A lb e r ta
S ch ool S u p p ly C o . has boon a w a rd e d t o K e rr , F le m in g & C o . o n a c c o u n t
o f th o fo rm e r c o m p a n y d efa u ltin g in m a k in g p a y m e n t— V . 103, p . 1915.
B E A C O N S F I E L D , Q u e .— D E B E N T U R E S A L E .— T h is t o w n r e c e n tly
aw arded t o A . E . A m es & C o . o f T o r o n t o an issue o f $ 9 0 ,0 0 0 6 % 4 0 -y e a r
d eb en tu res, rep orts s ta te .
H A L I F A X , N . S .— D E B E N T U R E S A L E .— O n D e c . 4 R . M . G ra n t &
C o . o f B o s to n w ere a w a rd ed $ 2 6 5,00 0 5 % r e fu n d in g d eben tu res a t 9 8 .5 9 6 .
D u e Jan . 1 1951.
T h e o th e r b id d ers w ere:
,
Amount.
Price.
R . C . M a tth e w s & C o . . T o r o n t o .............................................. $ 1 3 5 ,0 0 0
96 .8 5
B r e n t, N o x o n & C o . , T o r o n t o ........ ............................ - ............ 2 6 5 ,0 0 0 96.8 6
A . E . A m e s & C o . an d J . C . M a c K in t o s h & C o . , H a lifa x . 2 6 5 ,0 0 0 97 .1 3
H arris, F o rb e s & C o . , B o s t o n ..................................................... 2 6 5 ,0 0 0 9 7 .645
Eastern S ecu rities C o . , H a lifa x ------------------------------------------- 2 6 5 ,0 0 0
_
F. B . M c C u r d y & C o . , H a lifa x ------------------------------------------ 265 ,0 0 0 98.1 0 2 5
N o v a S c o tia T r u s t C o . , H a lifa x ...................... ...................—
135,0001 os, 9R
N o v a S co tia T r u s t C o . , H a lifa x .............................................. o r 1 3 0 .0 0 0 /
A om eliu s Jarvis & C o . , T o r o n t o ............... ............................. .. 2 6 5 ,0 0 0 9 8 .3 2 7
A . I I . M a r tin s & C o . , T o r o n t o . ................................................ 130,000 98.57
N e s b itt, T h o m s o n & C o . , M o n t r e a l.--------------------------------- 130,000 9 8 .7 7 9

N E W

LOANS

N E W

Notice of Sale of Not Exceeding

$ 3 7 ,0 0 0
4 % Tuberculosis Hospital Bonds

P E T E R B O R O , O n t . — D E B E N T U R E S TO BE SOLD L O C A L L Y .—
A c c o r d in g t o ro p o rts, th e $5,000 5 % d eben tu res au th o riz e d o n O c t . 31 fo r
th o B ritish R e d C ross F u n d (V . 103, p . 2011) w ill bo d isp osed o f t o loca l
in v e s to rs .
P O R T C R E D I T , O n t .— D E B E N T U R E S A U T H O R IZ E D .— R e p o rts
sta te th a t th e C o u n c il passed a b y -la w o n N o v . 27 p r o v id in g fo r th o issu­
an ce o f d e b e n tu re s t o p u rch a se th e e le ctric p la n t o f th o P o r t C re d it L a n d C o .
S A S K A T C H E W A N .— D E B E N T U R E S A LE S.— T h e fo llo w in g 17 issues
o f d e b e n tu re s, agg re g a tin g $ 4 2 ,9 5 0 , issued b y va rio u s d istricts and villa ge s
in th e P ro v in co , are re p o r te d as be in g r e c e n tly so ld b y th o L o c a l G o v e rn ­
m en t B o a rd :
$ 1 ,200 H azel D e ll S. D . l $ l ,2 0 0 M o o s e P la in s S .D $ l,3 0 0 * O r io le 'S . D .
2 .5 0 0 S p r in g b r o o k S .D .
1,400 O k la S. D .
1,400 M ild r e d S. D
1,250 Speers (V illa g e ).
1,700 E y re S. D .
400 Sibel P lain s S .D .
800 L e a m in g to n S .D . 16,000 O x b o w (V illa g e ).
1,200 D e v o n s h ire S. D .
6 .5 0 0 R a d v illo (V ill.)
2,0 0 0 Speers S. D .
1,600 W abash S. D .
1,000 M e u s a tz S. D .
1,500 S u n n ysido S. D .
S A S K A T O O N , S a s k .— D E B E N T U R E E L E C T IO N .— A n e le ctio n w ill bo
h eld D e c . 11 t o v o to o n th e qu estion o f issuing $10 0 ,0 0 0 5 % ^ 3 0 -y ca r d e b e n ­
tures t o p u rch ase th o Y . M . C . A . p r o p e r ty , it is sa id .
S T R A T F O R D , O n t . — D E B E N T U R E S A L E .— A e m iliu s J arvis & ” C o .,
o f T o r o n t o , r e c e n tly pu rch ased at p riv a te salo $ 30 ,000 lo ca l im p ro v e m e n t
a n d $ 3 0 ,0 0 0 p a tr io tic p u rp o s e 5 1 4 % 2 0 -y e a r de b e n tu re s, it is s a id . - '* - 4
T A R A , O n t .— D E B E N T U R E O FFER IN G .— P rbp osa ls w ill b o re ce iv e d
u n til D e c . 15 b y Jam es A . M c D o n a ld , V illa go T reasu rer, re p o rts s ta te , for
an issue o f $ 7 ,5 0 0 6 % 2 0 -in stallm en t h y d r o -e le ctr ic d e b e n tu re s.
W E S T L O R N E , O n t . — D E B E N T U R E S A L E .— L o c a l n e w s p a p e r 'r e ­
p o r ts s ta te th a t tills v illa g e re ce n tly a w a rd e d an issuo o f $ 8 ,000 6 % 30in sta llm e n t d e b e n tu re s t o th e C a n a d a B o n d C o r p o r a tio n a t 104.06.
j

LOAN S.

E N G IN E E R S -

THE

M
ellette County, South D
akota

OF TH E




H I B B A R T T O W N S H I P , O n t .— D E B E N T U R E S A L E .— T h o C a n ada
B o n d C o r p o r a tio n has .been aw arded a t 98 .2 9 an issuo o f $ 6 ,0 9 6 5 % 5 and
1 0-yoar d e b e n tu re s , it»is s ta te d .
L O N D O N , O n t . — D E B E N T U R E E L E C T IO N .— N e w sp a p e r re p o rts
sta te th a t th o q u e stio n o f issuing $ 2 5 ,0 0 0 sa n ita ry d e b e n tu re s w ill b e s u b ­
m itte d t o th e v o te r s a t th o J an u ary e le ctio n .
H A M I L T O N , O n t .— D E B E N T U R E S A U T H O R IZ E D .— I t is re p orted
th a t o n N o v . 28 th e C o u n cil passed b y -la w s p ro v id in g fo r th o issu ance o f
$14 5 ,0 0 0 s c h o o l a n d $18 0 ,0 0 0 h y d r o d e b e n tu re s.
O N T A R IO
(P r o v in c e o
f D E B E N T U R E OFFERIN G .— P rop osals
w ill bo re ce iv e d u n til 12 m . D e c . 12 b y T . W . M c G a r y , P ro v in cia l T re a s.
(P . O . T o r o n t o ) , fo r an issue o f $ 2 ,0 0 0 ,0 0 0 5 % 10-yr. g o ld c o u p , (s u b je c t
t o registration as t o prin cipa l) d e b e n tu re s. D o n o m . S i ,000 or m u ltiples
th e r e o f. D a t e D e c . 1 1916. P rin . a n d sem i-a n n . im — . & D .— p a y a b lo
J
a t o ffic e o f a b o v e T reasu rer in T o r o n t o o r a t B a n k o f M o n tr e a l in N . Y .
D u o D e c . 1 1926. D e liv e r y an d p a y m e n t fo r d e b e n tu re s w ith a ccru ed
in terest t o d a te o f p a y m e n t to bo m a d e o n o r b e fo re D e c . 2 7 . B id s m u st
b e all o r n o n e .

$ 80 ,0 0 0
5 % BO N D S

BADO COE FEHLESO TE ,
OR F HSN REODR F H
M o llo tte
COT O UI N N J
ONY F N , . .
O
$ 8 0 ,0 0 0 In

S oalod p rop osa ls w ill b o re ce iv e d b y th o C o u n ty
C o lle c to r o f th o C o u n t y o f U nion in th e F ree­
h o ld e r s ’ R o o m in th o C o u n t y C o u r t
H ou se,
E liz a b e th , N . J . , o n th e 2 1 S T D A Y O F D E C E M *
B E R . 1916, A T 11:00 A . AL, fo r th e p urchase
o f T u b e r cu lo s is H osp ita l B on d s o f th o B o a rd o f
C h oson F reeh olders o f th o C o u n t y o f U n ion in an
a g g reg a te a m ou n t n o t ex cee d in g $3 7 ,0 0 0 - A n
Issue o f $ 8 7 ,0 0 0 o f s u ch b on d s has been a u th o r­
iz e d , o f w h ich $ 5 0 ,0 0 0 o f b o n d s h a vo been
a w a rd ed t o th o S in k in g F u n d o f th o C o u n ty .
O f th o rem ain ing $ 3 7 ,0 0 0 o f b o n d s , n o w o ffe r e d
fo r sa le, n o m o r o b o n d s w ill b o so ld th an w ill
p r o d u c o a sum equa l t o $ 3 7 ,0 0 0 a n d an a d d i­
tion a l su m o f loss th a n o n o th o u s a n d dolla rs;
a n d If all aro n o t s o ld , th o b o n d s s o ld w ill b o
th ose o f th o earlier m a tu rities. T h o b o n d s n ow
o ffe r e d fo r salo w ill b o o f th o d e n o m in a tio n o f
$ 1 ,0 0 0 ea ch , w ill b o d a te d D e ce m b e r 1st, 1916,
w ill bea r Interest a t th o ra to o f fo u r p er ce n tu m
( 4 % ) p er a n n u m , p a y a b lo sem i-a n n u a lly o n th o
fir s t d a y s o f Ju n o an d D e ce m b e r in ea ch y o a r,
an d w ill m atu re as fo llo w s : O n o b o n d o r tho
d en om in a tion o f O n o T h o u s a n d D o lla r s , d u o
D e ce m b e r 1st, 1933, an d $3,0 0 0 o f b o n d s o n th o
fir s t d a y o f D e ce m b e r in each o f th e years 1934
t o 1945, in clu sive. T h o p rin cip a l and lnterost
w ill b o p a y a b lo at T h o N a tio n a l S ta to B a n k ,
E liz a b e th , N . J . T h o b on d s w ill b o c o u p o n
b o n d s, roglsterablo a t th e o p t io n o f th o h old er
as t o p rin cip a l o n ly o r as t o b o t h p rin cip a l and
in terest.
.
T h e sum o f $ 3 7 ,0 0 0 is requ ired t o b o o b ta in e d
b y this salo.
U nless all bills aro r o jo c to d th o
b o n d s w ill bo s o ld t o th o b id d e r o r b id d e rs c o m ­
p ly in g w ith th o term s o f salo an d o ffe r in g t o p a y
n o t less than said su m an d t o ta k o th e re fo r tho
least a m ou n t o f b o n d s (sta te d In a m u ltip le o f
$ 1 ,0 0 0 ), co m m e n cin g w ith th o fir s t m a tu r ity ,
an d it'Tw o or m oro b id d ers o ffe r t o ta k o th o sam e
a m o u n t o f su ch b o n d s, th on t o th o b id d e r o r
b id d ers offo r ln g t o p a y th erofo r th o high est a d d i­
tion a l p rlco (such a d d ition a l su m being less than
$ 1 ,0 0 0 ).
In a d d ition t o th o p rico b id , th o p u r­
ch aser m u st p ... ..ccru ed in terest fro m th o d a te
o f th o b on d s t o th o d a to o f d o liv e ry .
T h o rig h t is roserved t o r o jc c t all b id s , an d a n y
b id n o t c o m p ly in g w ith th o p ro v is io n s o f this
n o t lc o w ill bo r e je c te d .
B idders m u st a t th o tlm o o f m a k in g th eir bills
d e p o s it a c e r tifie d ch e ck fo r t w o p er c e n t o f th o
fa c e a m ou n t o f b on d s b id fo r , d raw n u p o n an in ­
c o r p o r a te d ban k o r tru st c o m p a n y t o th o ord er
o f th e B oa rd o f C h osen Freeholders o f th o C o u n ty
o f U n ion , to secu re th o B o a rd again st a n y loss
arising from th o failuro o f th o b id d e r t o c o m p ly
w ith tlio term s o f Ids b ill. C h e ck s o f u n success­
fu l bid d ers w ill b o retu rn od u p o n th o aw ard o f th o
b o n d s . N o Interest w ill b o a llo w e d o n th o a m o u n t
o f tlio ch eck o f a su ccessfu l bid d e r.
T h o su ccessfu l blild or o r b id d e rs w ill b o fu r ­
n ish ed w ith th o o p in io n o f M e ssrs. H aw k ins
D eiaflelil & L o n g fe llo w , a t t o m o y s , o f N o w Y o r k
C it y , th a t th o b on d s aro b in d in g an d legal o b lig a ­
tion s o f th o B oa rd o f C h osen F reeholders o f th o
C o u n t y o f U n ion .
T h o b on ils w ill b e p rep a re d u n d er th o s u p e r­
v is io n o f th o U n ited S tates M o r tg a g o & T ru s t
C o m p a n y , o f N e w Y o r k C it y , w h ich w ill c e r tify
as to th o gonulnoness o f th o signatures o f th e
c o u n t y o ffic ia ls an d th o seal Im pressed th ereon .
B y ord er o f th o B oa rd o f C h o se n F rooh old crs
o f th o C o u n ty o f U n ion .
D a te d D e ce m b e r 7 th , 1916.
N . R . L E A V IT T ,
C o u n t y " C o lle c t o r .

[Yol. 103.

D e c . 1st, 1916.
C o u n t y , S o u th D a k o t a , w ill issuo
2 0 -y o a r b o n d s . In d e n o m in a tio n s o f
$500 oa ch , d ra w in g f iv o p e r ce n t in terest.
B onds
w ill b e so ld J A N U A R Y 4 T H , 1917, b o sealed b id s .
$ 2 ,5 0 0 d o p o s it r e q u ire d .
Full in fo rm a tio n a n d fin a n c ia l s ta te m e n t fu r n lshod u p o n a p p lic a tio n t o
C . W . K E R L I N , C o u n t y A u d it o r ,
W h it o R iv e r , S o . D a k .

J O -W H IT E

C O M P A N IE S

F in a n ciers
E n g in eers
O p era tors

P u rch a sers
C o n tra cto rs
M anagers

o f P u b lic U tility a n d In d u s tria l
P rop erties
R E P O R T S — V A L U A T IO N S — E ST IM A T E S

43 EXCHANGE PLACE, NEW YORK
LON D ON
BOND

O F F IC E B O A R D O F L IQ U ID A T IO N . C I T Y
D E B T . 206 C I T Y H A L L A N N E X .

N E W

O R L E A N S, L A .

T h o B o a rd o f L iq u id a tio n , C it y D e b t , w ill
r e ce iv e pro p o sa ls fo r th o surrender, at P a r and
A c c r u e d In te re st, o f C I T Y O F N E W O R L E A N S
P U B L IC IM P R O V E M E N T C E R T IF IC A T E S
I S S U E D U N D E R A C T N O . 56 O F 1908 A N D
T H E A C TS A M E N D A T O R Y T H E R E O F , pay­
ab le o u t o f th o b u d g o ts o f 1918 t o 1929, in clu sive .
P r o p o sa ls w ill b o receivod u p t o 12 O ’ C L O C K
N O O N . D ECE A1B ER 13, 1916, an d a ll c e r t ifi­
cates a cco p te d w ill b o p aid in cash u p o n presen­
tation at th o I lib o m ia B a n k & T r u s t C o m p a n y ,
N o w O rleans.
T . W O L F E J R .. S ecre ta ry .

R A Y M O N D

SAN F R A N C IS C O

M . H U D SO N

ATTORNEY AT
BON D B U IL D IN G

LAW

W A S H IN G T O N . D . C

P ra ctice b e fo re U . 8 . S up rem e C o u r t . U . 8 . C o u rt
o f C la im s, D . O . C o u rt o f A p p e a ls, D . O . Suprem e
C o u r t, V a. and M d . C o u rts , E x e cu tiv e D ep art
m en ts. C on gre ssion a l C o m m it te e s . F ederal R *
serve B o a rd , Federal T r a d e C o m m is s io n , Inter
state C o m m e r c e C o m m is s io n . C a b le " R a y h u d .

W ILLARD

CASE

C O N S U L T IN G

&

CO M PAN Y

E N G IN E E R S

C O N S T R U C T IO N
O F IN D U S T R IA L P L A N T S
REPORTS
ON O P E R A T IN G C O N D IT IO N S
V A L U A T IO N S
OF M A N U F A C T U R IN G P R O P E R T IE S
17 B A T T E R Y P L A C E

W IL L IA M

E.

NEW Y O R K

W IL L IA M S

C O N S U L T IN G EN G IN E E R
E X P E R T IN P A T E N T CAUSES
S p e cia l w o rk in o r ig in a t in g a n d
d e v e lo p in g n ew m a c h in e ry , m eth od a
o f m a n u fa c tu r e
and
in v e n tio n * .
R e p o rta o n th e co m m e rcia l v a lu e o f
in v e n tio n * a n d p a te n t* .

28 East J a ck s o n B ou lev ard
P h on e H arrison 5717
C H IC A G O
A le x . O . H u m p h re y s

GEO a

C H IC A G O

C A LL .

ED W AR D S
BROKER

T r ib u n e B u ild in g , N E W Y O R K , N . Y a
S A L E .— T i m b e r , C o a l, I r o n , R a n c h ffltffid
o t h e r p r o p e r t ie s .
3 i « u f l d o n t l a l N e g o t i a t i o n s , I n v e s t ig a t io n s .
S e ttle m e n ts , P u rc h a s e s o f P r o p e r ty . >
t
Jmted Btatev,, W e s t I n d ie s ,
l
M
exSeu'

A lto n 8 . M iller

HUM
PHREYS&M
ILLER, Inc.
E N G IN E E R S

P o w er— L ig h t— G a s
165 B R O A D W A Y

N EW Y O R K

DANIEL W . M EAD
H .

A M Y

&

C O .

M em bers N. Y . S to c k E x ch a n g e
44 A N D 4 6 W A L L S T .,

Tranaac*- a G en e ra l In v e stm e n t a n d S to c k
E xch an r-j B usin er j

> C o n s u lt in g

F .W .S C H E ID E N H E L M

< E n g in e e r s

IN V E S T IG A T IO N S .
REPORTS,
D E S IG N !
A N D C O N S T R U C T IO N .

H y d r a u lic a n d e le c t r ic d e v e lo p m e n t* , w atar
• up p ly, flo o d c o n tr o l a n d re cla m a tio n
w ork *.
120 B R O A D W A Y ,
N EW Y O R K