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financial
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1
IN C L U D IN G
Bank & Quotation Section
Railway Earnings Section
V O L .
102
Railway & Industrial Section
Bankers' Convention Section
S A T U R D A Y ,
if t *
F E B R U A R Y
© fr a m ic l* .
C le a r in g s a t —
PUBLISHED WEEKLY.
T e r m s o f S u b s c r ip t io n — P a y a b le in A d v a n c e
F or Ono Year ..........................................................................................
*10 00
F or S ir M onths........................................................................
6 00
European Subscription (including postage)............
............... 13 00
" "
7 60
European Subscription six months (including p ostage)..........
Animal Subscription in London (including p ostage)............................ £ 2 1 4s.
Six Months Subscription in London (including postage)...................... £ 1 l l s .
Canadian Subscription (Including p o s t a g e )............................................. $ 1 1 60
S u b sc rip tio n in clu d e s fo llo w in g
Chicago___
Cincinnati..
Cleveland . .
D e tro it___
Milwaukee .
Indianapolis . . .
Columbus . .
Toledo_______
P eoria........
Grand Rapids..
D a y ton _______
Evansville..
Springfield, 1 1 1 .
Lexington_____
Fort W ayno__
Youngstown__
Rockford_____
Bloomington__
Quincy____
A k ro n ____
C an ton___ __
Springfield, Ohl
Decatur........ ..
South Bend___
Mansfield_____
D anville_____
Jacksonville, 111
Jackson _______
L im a ........ .......
Ann Arbor........
Lansing............
Owensboro___
Adrian..............
Tot.MId.West
S u p p lem e n ts —
B ank an d Quotation (monthly) I r a il w a y an d I ndustrial (3 tim es yearly)
R a il w a y E arnings (monthly)
electric R a ilw a y (3 times yearly)
S t a t e and Cit y (semi-annually) |B ankers ’ Convention (yearly)
T e r m s o f A d v e r tis in g — P e r I n c h S p a c e
Transient matter per inch space (14 agate lin es)...................................... # 4
( T w o Months
(8 tim es)............................ 22
Rtondlnff Business
nmdnetis Cards
Months (13
29
standing
Cards )/ Three
g lx M ont,w
(20 tim
tlm es)............................
es)............................ 5()
L T w elve Months (52 tim es)............................ 87
C hicago O ffice —39 South L a Sallo Street, Telephone R andolph7396.
L ondon office —E dwards <&Smith, 1 Drapers’ Gardens, E. C.
20
00
00
00
00
W I L L I A M II. D A N A C O M P A N Y , P u b lis h e r s ,
F r o n t , P in o n n d D e p e y s t o r S t s ., N e w Y o r k .
Published every Saturday morning by WILLIAM B. DANA COMPANY,
Jacob Seibert Jr., President and Treasurer. George S. Dana and Arnold Q. Dana,
Vice-Presidents; Arnold G. Dana, Sec. Addresses of all. Office of the Cnmnanv.
CLEARING-HOUSE RETURNS.
T he following table, m ade up b y telegraph, & c.. Indicates that the total
bank clearings o f all the clearing houses o f the United States for tho woek
^ i ln£ w % la/o £ o o n bA cn *3,952,977,660. against 35,024,826.548 last week
C l e a r i n g s — R e tu r n s b y T e le g r a p h .
W e e k e n d in g F e b . 20.
P er
C e n t.
San Francisco...
Los Angeles____
Seattle________
Portland______
Salt Lako City ..
Spokane........
1910.
1915.
New Y o r k ......................................
B oston................................ .........
Philadelphia.................................
Baltimore.................... _............... .
Chicago.........................................
St. Louis .......................................
New Orleans___ _____ _________
31,950,341,073
136,990,106
102,191,007
31,171,089
200,013,870
03,824,247
22,304,240
$1,122,730,031
90,821,480
98,111,327
22,590,045
222,533,794
62,731,144
16,905,713
+ 74.3
+41.5
+65.3
+38.0
+ 15.0
+ 2 1.0
+31.4
;
;
1
j
Soven cities, 5 days............................
Other cities, 5 days................................
$2,638,830,298
578,224,381
$1,032,433,134
491,072,309
+61.8
+ 17.7
1
:
Total all cities, 6 days............ ...........
All cities, 1 day................................ .......
$3,217,000,679
735,916,081
$2,123,505,503
629,075,380
+51.5
+ 39.1
}
_ T o ta l all cities for week............
$3,952,977,000 $2,652,580,889
+49.0
«««,»«, wm uo given next
Saturday. W o cannot furnish thorn to-d ay, clearings being mado up b y tho
clearing houses at noon on Saturday, and henco In the above the last day
o f the week has to be In all cases estim ated, as we go to press Friday night
W e present below dotailed figures for the week ending with Saturday
noon, Fobruary 19, for four years:
y
W e e k en d in g F e b .
C le a r in g s a t —
1916.
NewjYork______
Philadelphia___
Pittsburgh..........
Baltimore______
B u ffa lo...............
Washington___
Albany................
Rochester______
Scranton............
Syracuso............
Reading..............
Wilmington.........
Wlikes-Barro__
Wheeling............
Trenton..............
Y o r k ..................
E rio ....................
Chester________
Binghamton___
Greensburg........
Altoona ..............
Lancaster..........
M ontclair______
1915.
19.
1014.
1013.
$
$
%
$
3,122,590,143 1,801,653,571 + 73.3! 1,703,504,220 1,173,835,729
290,087,245 103,893,947’ +77.0 i 173,394,917 142,509,134
60,051,945
47,983,777 +38.0 1
48,110,865
48,858,241
33,309,074 +34.2
44,090,347
34,065,125
34,310,495
14,021,917
10,052,202 +39.5
12,813,476
13,825.028
8,560,063
7,023,203
7,089,990 + 20.8
0,078,857
6,705,215
5,400,119
+ 5.4
0,694,652
5,587,245
6,030,248
4,012,178 + 30.7
4,799,001
4,228,288
2,983,940
2,701,699 + 10.4
3,191,980
3,492,818
3,703,883
2,958.605 +25.2
2,822,575
2,359,025
2,350,210
1,740,084 +35.1
1,520,079
1,515,308
2,697,408
1,549,000 + 74.1
1,844,034
1,381,210
1,493,150
1,474,089
+ 1.3
1,307,231
1,033,304
2,578,822
1,917,313 +34.5
2,147,914
2,173,838
1,807,740 +49.9
2,708,417
1,955,721
1,471,573
011,450 + 17.8
1,073,421
770,415
707,380
1,218,435
910,405 + 32.5
1,058,990
935,422
070,300 + 05.8
1,111,339
727,164
583,379
007,200 + 14.4
703,800
699,500
747,000
700,210
73.3,287
+ 7.8
507,195
589.311
000,951
657,715
+ 8.8
500,082
479,492
2,178,249
1,501,244 +45.1
1,268,653
1,431,777
422,023
421,871
+ 0.2
405,938
403,438
Total M iddle.. 3,585,090,098 2,094,487,035
Boston................
Providence........
H artford............
Now Haven........
Springfield........
Portland............
Worcester ..........
Fall River...........
New Bedford . . .
Holyoke________
Lowell_________
Bangor................
In c. or
D ec.
217,128,678
9,078,000
7,480,102
4,547,550
3,710,500
1,950,000
3,387,471
1,293,801
1,452,927
802.000
903,773
090,605
143,427,087
7,080,000
9,200,321
3,938,153
2,690,275
1,035,074
2,358,024
1,220,090
907,031
711,827
758,199
332,510
+ 71.2 2,101,361,841 2,049,205,104
+ 51.4
+ 30.6
— 19.2
+ 15.5
+37.9
+ 19.3
+43.0
+ 5.5
+ 60.2
+ 12.7
+ 27.0
+ 107.8
161,015,270
7,803,000
4,603,907
2,786,705
2,554,082
1,788,251
2,509,504
1,163,775
1,129,359
056,552
038,103
390,818
109,022,684
7,230,400
3,892.479
2.483,185
2,477,213
1,515,076
2,472,705
1,141,452
913,659
497,351
439,048
374,615
TotalNewEng, 1 253,092,082 174.308.6911 +45,11 177,040,040 192,400,907
Canadian clearings sco “ Commercial and Miscellaneous News.”
• Owing to tho consolidation tho latter part of March 1915 of the First National
Bank nnd tho Security National under tho nnmo of the First A Security Bank
Minneapolis bank clearings aro being materially reduced.
N o t e . — For
]
Total Pacific..
Minneapolis___
Omaha................
St. Paul..............
D en ver________
St. Joseph______
Des Moines........
Sioux C ity ..........
Duluth_________
Wichita___
Lincoln ____
T op eka ..............
Davenport ..
Cedar R ap id s...
Colorado Springs
Pueblo................
F a rg o ................
Frem ont_______
Waterloo_______
Helena................
Billings........
Hastings___
Aberdeen___
Tot. oth. West
St. Louis______
New Orleans___
Louisville__
H ouston___
Galveston__
Richmond__
Atlanta.........
Memphis___
Savannah _____
Nashville............
Fort W orth..
N orfolk...........
Birmingham___
Augusta..............
K noxville...........
Little R o ck ........
Jacksonville___
Mobile................
Chattanooga___
Charleston........
Oklahoma...........
M acon................
Austin_________
Vicksburg..........
Jackson..............
Muskogee..........
Tulsa..................
Total Southern
Total all..........
Outside N. Y .
2 6
1916
Electric Railway Section
State and City Section
N O .
2 6 4 4
73 6
THE CHRONICLE
(Vol. 102.
ordinary Reserve requirement of 40% . I he I ed
eral Reserve Board, in referring to the matter,
THE F INANCI AL SITUATION.
There should be no misunderstanding of the pur offers the following justification for what is pro
port and significance of the amendment to the Fed posed:
eral Reserve Act which the Federal Reserve Board
While the gold pledged with the Federal Reserve
is seeking with reference to the issuance of 1' ederal agents represents a very valuable protection in case
Reserve notes, or what the granting of the authority there should be substantial demands for gold, it
sought would involve. In the last analysis the effect must be observed that the process is an expensive
of such an amendment, in the broad way designed one without, at the same time, giving to the Federal
Reserve banks that additional strength and lending
by the Federal Reserve Board, would be simply to
power which they would secure in case the law were
invite at critical periods in the future a repetition of so amended that the Federal Reserve banks would
some of the most disturbing experiences of the past. remain liable for the outstanding notes, but would,
It would pave the way for setting again in operation on the other hand, retain property title in the gold
the endless chain, of which the country gained such deposited with the Federal Reserve agents, which,
painful knowledge at the time of the Bryan silver in that case, would not be paid in for extinguishing
crusade, when doubt arose as to the stability of our the liability upon the notes but deposited as collateral
for the security of the same.
.
monetary standard.
This
sounds
plausible
enough,
but
consider
the
There are at present about two hundred million
dollars of Reserve notes outstanding in a way not effect upon the process of redeeming the notes, which
contemplated by the statute. In other words, last redemption process the Reserve managers are so
Saturday’s return showed altogether $206,978,000 sedulously engaged in defeating, but which would
of notes outstanding, of which only$11,273,000 were come into active operations, despite the best en
out against commercial paper, the sole basis pro deavors of the Reserve authorities, at times of fear
vided under the law for issuing the notes. The or disturbance. That it will be possible to issue
other $195,705,000 of notes would not be out at all considerable additional amount of notes against
if the managers of the Reserve banks observed the different forms of mercantile paper, even if very
spirit and intent of the law. They represent notes little rediscounting is done, there can be no doubt,
that have been brought into forced existence by the for under the amendment proposed the Reserve
application of a process of segregating gold from banks would be empowered to accept as security for
among the receipts of the banks and then depositing Reserve notes not merely paper discounted under
said gold for the nominal retirement of the notes, Section 13 of the Law, but paper acquired in open
which retirement, however, there is no intention of market operations under Section 14 of the Law.
But the more notes there were out the more serious
carrying out, the purpose, indeed, being to keep the
notes indefinitely afloat. That is how the Reserve the menace would become. At present when the
banks have been able to add so enormously to the notes issued against segregated gold are presented,
total of the notes at a time when the rediscounting gold is on hand to the full amount to redeem them.
facilities which furnish the foundation for the notes With the law amended and the Reserve banks allowed
— the sole and only foundation— have been scarcely to put out huge additional amounts of notes with
no added gold, the situation would be entirely
called into employment at all.
changed. In that state of things, in times of crises,
The amendment proposed would have a two-i
effect with reference to the large mass of notes put or even in periods of ordinary stress, the Reserve
out against segregated gold by extra legal means. banks might be seriously embarrassed in providing
And it must not be forgotten that if the Federal the gold to redeem the notes, which would then come
Reserve authorities have their way there will be in in an endless stream for the purpose of getting the
other hundreds of millions of notes put out in the gold for which they are exchangeable.
The framers of the law recognized the possibility
same manner. In the first place, it would have the
effect of legalizing the proceedings. The legalizing that the notes might be used as a means for obtaining
process would, in our estimation, be quite objection gold, and therefore provided that the notes should
able, but at least it would not be highly dangerous if be issued only in a limited way and under carefully
guarded restrictions. Not only that, but the law
the amendment went no further than this.
With the amendment in force there would be contains provisions intended to insure the speedy
good legal foundation for what the Reserve banks retirement of the notes the moment they are no
are now doing in that regard. The amendment, longer needed in furtherance of the trade require
however, goes far beyond this, and it is these further ments which called them into being. Under such an
alterations that contain the menace of which we active process of retirement the notes never can
speak. At present there is a gold cover of full be in redundant supply.
But under the methods adopted by the Reserve
100%
against the notes that have been issued
authorities
it is purposed in the first place to issue
against segregated gold, for the notes have been
issued for the express purpose of impounding the the notes to unlimited amounts (this is evident from
gold. It is proposed under the amendment asked the fact that the Board has been steadily augmenting
for by the Reserve Board to allow this hundred per the volume of the notes since the system has been
cent of cover to be reduced to the same basis as the established) and in the second place, it is de
gold cover required for the Reserve notes issued signed to keep the notes out indefinitely. Had the
against mercantile paper. This would be accom framers of the law contemplated anything of the
plished by the issuance of other Reserve notes with kind and undertaken to give legal sanction to
out the requirement of any additional gold. That the scheme, they would undoubtedly have fixed
is, huge additional amounts of Reserve notes could the Reserve requirement considerably higher than
.
be put out against “ notes, drafts, bills of exchange 40% .
The Reserve notes at present are not out in the
and bankers’ acceptances” without the banks being
under any obligation to collect gold to meet the natural way. They are in forced circulation.
F eb . 26 1916.]
THE CHRONICLE
737
Nearly $207,000,000 are afloat when there should will happen when gold for one reason or another shall
be only about $ 1 1 ,0 0 0 ,0 0 0 , and, as already stated, be in active demand. Will not.the Reserve notes
the amount will be increased by many hundreds of which the Reserve authorities are planning to put
millions if the Reserve authorities have their way. out in such huge amounts and then place on a Re
In these circumstances, consider what will happen in serve basis of 40% , become the means of draining
case a keen demand for gold arises. The Reserve
the Reserve banks in endless measure of their sup
notes are redeemable in gold on demand at the plies of gold?
Treasury Department in Washington or in gold or
Our banks and bankers should be alive to the dan
lawful money at any Federal Reserve bank. At
ger that threatens and make their influence felt to
present the notes are paid out freely over the coun
defeat the measure. Another point is worth making.
ters of the banks and thus pass current in the
The Reserve notes are “ obligations of the United
daily channels of business. The banks have no use
States.” The Reserve Board has issued $195,000,
for them since they cannot count them as part of
000 of them against 1 0 0 % of gold and now asks to be
their reserve. Let, however, an active demand for allowed to reduce the percentage to only 40%. How
gold arise and the banks would no longer pay them long will it be before some zealous Congressman will
out, but retain them and present them for redemption
suggest that 25% reserve is sufficient and ask that
in gold. Not only would the national banks do the Reserve Board put out a few hundred millions
this, but the State banks, the trust companies and more of notes on stored cotton or grain or on ware
financial institutions generally would do the same house receipts of other kinds? How long, indeed,
thing, all eager to convert these pieces of paper into will it be before the country will be confronted with
gold or gold certificates.
another movement on the part of paper money fan
The legal-tender notes, of which $346,681,016 are atics claiming that these Reserve notes need no gold
out (secured, however, by a gold reserve of $152, cover of any kind, that as “ obligations of the United
979,023, or much in excess of 40% ), have long been
States” the credit of the Government is behind them
recognized as a menace to the stability of our mone
and should at all times be sufficient to keep them on
tary system, and just at the moment many carefu' a parity with gold?
students are again urging that they be eliminated,
thus removing the menace. Now comes the Reserve
Continued heavy exports constituted the salient
Board and seriously proposes fastening a new men
feature of our foreign commerce in January 1916,
ace upon the country in the shape of a huge volume
the total outflow of merchandise for the month
of Reserve notes, involving infinitely greater dangers having been much in excess even of the exception
than the greenbacks, since the amount of the latter ally large figures a year ago and approximating
is fixed, while the volume of Reserve notes would
closely the record aggregates established in the
be without limit even in normal times.
closing months of 1915. Concurrent with the heavy
If anyone thinks that we are becoming unduly
outflow, however, imports of merchandise also
alarmed, or that our fears are imaginary, we invite
showed marked augmentation compared with the
his attention once more to certain highly significant
corresponding month of all earlier years, with the
remarks contained in the annual report of the Federal
increase over last year especially large. In fact,
Reserve Bank of New York and to which wc referred
a new monthly high mark was established. The
last week. In connection with the check collection
net balance on merchandise account was, of course,
system of the Reserve banks a Gold Settlement
heavier than ever before recorded in January and*
Fund has been set up at Washington (we can find
as a lcsult, the export balance for the elapsed portion
no warrant for it in the law) for the purpose of
of the current fiscal year is far and away the greatest
settling balances between the different Reserve
in magnitude in our history, exceeding the previous
banks. This seems to be nothing but a clever device
high mark of 1913-14 by 630 million dollars and
for supplying the Reserve banks in the remoter
1907-08 by 652 millions— the latter the period when,
districts with gold at the expense of the Reserve bank
due to depression existing here, there was a notable
of New York and yet one would hardly imagine
contraction of imports. The expansion noted in
that this gold settling process at Washington would
exports, needless to say, is largely due to the filling
make much of an impress upon affairs in such a
of orders in hand from the nations at war in Europe.
period of gold redundancy as the country has wit
This is clearly indicated by the enormous increase in
nessed during the last twelve months, when the net
the shipments of firearms and explosives, auto
gold imports into the United States reached $420 528,000.
’ mobiles, horses and mules, boots and shoes and
quite a list of less important articles.
Nevertheless, the Federal Reserve Agent of the
Of the articles for which advance information is
Bank of New York in his annual report complains
officially announced, provisions and mineral oils
that the Reserve Bank here “has been unable to
alone show any mentionable increase in the value
secure an offset to the large volume of New York
of the shipments, and that is very much more than
exchange deposited with it by other Reserve banks,
offset by a large decrease in the outflow of wheat.
and it has been obliged to settle for it through the
Specifically, the wheat exports in January 1916 (in
gold settlement fund in gold, although in collecting
cluding flour reduced to wheat) were less than 2 1
such exchange through the Clearing House it has
million bushels, against over 31% millions in 1915,
been paid largely in silver certificates or legal tender
and the value of all breadstuffs sent out was, of
notes.” At one time, he says, through these ex
course, considerably less than a year ago, $36,928,699
change operations of the other Reserve banks, the
comparing with $55,287,391. The 1914 total, how
New York Reserve Bank had an accumulation of
ever, was but $11,042,318. Exports of cotton, too,
$30,252,000 of silver and $13,502,000 of legal tender
were notably smaller in quantity than in the month
notes, making together no less than $4 3 , 7 5 4 ,0 0 0 .
last year (832,760 bales or over 60% less), scarcity
If this is the result at a time when the country is
of freight room and high rates being largely respon
literally swimming in gold, what may we expect
sible, but much higher prices served to offset the
738
THE CHRONICLE
[Vol. 102.
Announcement was made from Washington on
loss to some extent; nevertheless, the aggregate
Saturday
last that the Alabama Representative, in
value of the cotton outflow was only $3 4 ,0 4 0 ,5 9 4 ,
continuation
of his campaign against the Exchange,
against $59,898,921, or a decline of 43% . Pro
had
attempted
to enlist the support of the Depart
visions contributed a gain of nearly 3 million dollars
to the January 1916 total, there having been a ment of Justice, and it was intimated that Congress
conspicuous increase in the outflow of a number will be asked to authorize the Attorney-General, Mr.
of pork products. Altogether, the aggregate covered Gregory, to proceed against the persons who are
by the advance statement, which includes cotton “ bearing” cotton if Mr. Heflin’s charges are substan
seed oil and cattle, sheep and hogs as well as the tiated. It is significant that on the same day (Sat
articles already mentioned, reaches $106,017,710, urday) 600 members of the Alabama Co-operative
against $144,549,334 in 1915 and $106,205,564 two Cotton Association are reported to have passed reso
years ago. For the seven months of the current lutions highly condemnatory of Cotton Exchange
fiscal year (July 1 1915 to Jan. 31 1916 inclusive) methods and calling for punishment of market manip
the value of these articles exceeds to a moderate extent ulators.
It is not too much to say that the U. S. Cotton
the result for the like period of 1914-15— $655,800,992
Futures
Act of 1914, which required the Exchange to
contrasting with $637,699,046. Against the decline
adjust
its
business methods to conform to specifica
in leading articles noted above there was in other
commodities for January a gain of 106 million dollars tions therein laid down, and to regulations issued by
($229,527,592, comparing with $123,329,979). Final the Secretary of Agriculture, has been fully lived up
ly, the total merchandise exports for January this to. In fact, arduous restrictions have been submitted
year reached $335,535,303, as contrasted with $267, to with scarcely the semblance of a protest. Conse
879,313 last year and $204,066,603 in 1914, while quently, there is a pronounced opinion among mem
for the seven months since July 1 1915 the aggregate bers of the Exchange that an investigation by the
at $2,181,312,322, exceeds 1914-15 by 846 million Department of Justice would be productive of good,
as an official inquiry conducted intelligently and
dollars and 1913-14 by 620 millions.
without
bias would almost inevitably result in a fa
Imports of merchandise for January, as noted
above, were of record volume, reaching $184,192,299, vorable report.
a total 62 million dollars in excess of 1915 and 21
Taking advantage of the opportunity created by
millions above the former January record aggregate
a
speech
which Philip Snowden of the Independent
of 1913. For the seven months ended Jan. 31 1916,
Labor
Party
injected into the debate on the Consoli
moreover, the inflow of merchandise at $1,096,
dated
Fund
Bill,
Mr. Asquith in the House of Com
979,173 ran 166 millions ahead of 1914-15 and was
slightly in excess of the 1912-13 high mark. The mons on Wednesday took occasion to reiterate the
net result of the foreign trade of January this year determination of the British Government to continue
was an export balance of $151,343,004, this contrast the war to the end. There had, he said, been not the
ing with $145,730,996 a year ago, and for the period slightest modification since the early days of the
since July 1 the balance on the same side of the struggle. The Prime Minister concluded with the
account reached $1,084,333,149, against 404 millions following specific declaration:
last year and the 1913-14 high record of 454 mil
“ I have stated in clear, direct, explicit and em
phatic language what are the terms upon which we
lions.
The month witnessed only a moderate gain in gold in this country are prepared to make peace. I will
from abroad.
The net influx in fact was but repeat them. They are familiar to our Allies and
well known to the German Chancellor.
$4,794,715. Exports reached $10,213,517,mainly to
“ What I said Nov. 9 1914 I repeat now: ‘We shall
the West Indies and South America, against which never sheathe the sword which we have not lightly
there was an inflow of $15,008,232, the arrivals from drawn until Belgium— and, I will add, Serbia—-re
Great Britain having been some 6 millions, the cover in full measure all and more than they have
West Indies 6 millions and from the Far East through sacrificed; until France is adequately secured against
San Francisco, nearly 1)^ millions. For the seven aggression; until the rights of the small nations of
Europe are based upon an unassailable foundation,
months the net inflow was $287,981,478, this com
and until the military domination of Prussia is wholly
paring with an export balance of $105,792,413 in and finally destroyed.’
.
1914-15 and net imports of $11,259,560 in 1913-14.
“ What is there wanting in clearness and directness
in that ? I ask Mr. Trevelyan and the German Chan
The New York Cotton Exchange apparently be cellor how I can make it fuller and more intelligible?
comes a mark for criticism and attack by dema How can I do more to convince him and all our ene
gogues whenever the price of the staple suffers any mies that not until a peace based upon these founda
appreciable decline, without regard to the operating tions is within sight of attainment, and not until
then, shall we or any of our Allies abate by one jot
cause. The latest demand for an investigation,
our prosecution of this war?”
based, of course, upon the drop in prices, comes from
Representative Heflin of Alabama, the instigator of
A Royal Proclamation was posted on Monday
similar moves in the past. To him, as unfortunately
to some others, any decline in the price of the staple calling to the colors the recruits of Class 1 under the
must necessarily be the result of a conspiracy (in Military Service Act. They are to report before
other words, the engineering of a bear raid) and not March 31. This class comprises the youngest of the
due to market conditions and to the working of the recruits available, namely, the bachelors who had
law of supply and demand. The fact that restricted attained the age of eighteen on Aug. 15 last. Jliis
exports, partly the result of high ocean freight rates, summons completes the calling of single men. A
and large supplies stored at the South and elsewhere statement that all the married men who attested
have been responsible for a change of position on the under the enlistment of Lord Derby will be called
part of many traders and factorsco,unts for nothing out by July, while unofficial, seems to be quite
generally accepted as accurate. Private hints, it is
in the estimation of such an one.
Feb . 26 1916.]
THE CHRONICLE
reported, have been given to banks and other large
institutions to enable them to make timely provision
for the replacing of such employees as will be called
to the colors. A London dispatch says that, begin
ning April 29, with the younger groups, men of 24
to 33 years of age will be called out, and subsequently
the men will be summoned as follows: May 1 2 ,
those of 34 to 36 years; May 27, those from 3 7 to 39
years; June 10, those of 40 to 42 years; and June 27,
those 43 to 45 years. The oldest group, those 46
years of age, will be called on July 8 . Official an
nouncement was made on Tuesday that King
George had completely recovered his health and that
his medical advisers had given him permission to
resume his visits to the troops in training. The
British Government, through the Marquis of Lansdowne, announced in the House of Commons on
J ucsday night that it had decided to turn over all
matters connected with the blockade of Germany to
one man who would rank as a Cabinet Minister,
t is expected that the new post will be occupied by
Lord Robert Cecil, who, since the formation of the
Coalition Government, has been Under Secretary for
loreign Affairs, which post he will retain, joining
the Cabinet with the official title of Blockade Minis
ter. Lord Derby s acceptance of the chairmanship
of a joint naval and military board to control the
British air service was announced in the House of
Commons on Thursday by the Premier. This posi
tion is not a salaried one.
739
gion of Kermanchah, occupying and fortifying two
mountain passes, but have now been dislodged from
these strong positions. British official statements
speak of artillery activity in the neighborhood of La
Bassee Canal. “North and east of Ypres," it said,
our guns did considerable damage to the enemy’s
positions, and on our extreme left we shelled working
parties on Tuesday night and in grenade fighting in
a mine crater dispersed a party of enemy grenadiers.”
io Italians, after weeks of attack on Austrian po
sitions, report that they have captured the moun
tainous region of Callo in the Sugana Valley, and also
have occupied the towns of Moncegno and Ronchi.
By the acquisition of Terrain, the Italians are now
almost within striking distance of one of their chief
objectives of the war— the City of Trent— which lies
protected on the north, east and south by a line of
forts 15 miles west of the captured region.
A crisis in the relations between the President and
Congress developed suddenly on Wednesday and
brought surprise and apprehension to the Adminis
tration leaders. It resulted from agitation in Con
gress for action warning Americans off armed ships
ol the European belligerents. President Wilson let it
be known that he was unalterably opposed to any
such action by Congress and believed that he
would be embarrassed thereby in the negotiations
with Germany. On Thursday night the President
wrote Senator Stone, Chairman of the Senate Foreign
Relations Committee, that he could not consent to
any abridgment of the rights of American citizens in
any respect.
This letter was in reply to one to
the President received earlier in the day. The text
of each letter appears on a subsequent page. The
immediate crisis appears to have been successfully
surmounted. Reports that were current last week
arc being reiterated that at the suggestion of the
German Ambassador to Washington, Baron von
ernstorff, operation of the new order to sink armed
merchantmen without notice, that has been proposed
by both Germany and Austria, will be delayed until
April 1 .
The German offensive in the west, which began last
week, has developed into one of the most sanguinary,
stubborn and widespread contests of the war. The
battle is centering, apparently, around the fortress
of Verdun, attack having succeeded attack against
the Trench line after bombardments incessant and
terrific had continued several days. The German
troops were led by Crown Prince Frederick William.
The Kaiser was present near the front to add to the
enthusiasm. It is estimated by some dispatches
that 750,000 German troops were actively engaged
m the drive. While they were not able to break the
French line, nevertheless the French on the right and
left wing were compelled to withdraw their lines re
Very little interest has been taken this week in
spectively to the south of Ornes and behind the town
stock market transactions on the London Exchange.
of Samogneux, six miles north of the fortress. The
I ress correspondents all agree on this point. One
center also has been forced to fall back. The
influence, especially during the closing days of the
casualties on either side are appalling. Yesterday's
week, was the occurrence of a severe storm of snow and
reports from Paris announce that the offensive showed
sleet, which seems to have demoralized completely
signs of slackening, no attacks having been made dur
the telephone and telegraph system throughout the
ing the night, while the artillery fighting is less vio
United Kingdom. A further influence was the ex
lent. French artillery, it is said, is now holding its
pectation of the announcement of the pending new
own along the 25-mile front and there is every indi
Avar loan. It is reported by usually Avell informed
cation that the German offensive, temporarily at
correspondents that this new loan will not be issued
least, has been checked. The French under the
until April, as revenue collections and sales of Ex
command of General Humbert, however, are organ
chequer notes are providing sufficient revenue at the
izing new positions behind Beaumont and on the
moment. It has, too, been stated that the British
heights east of Champ Neuville, south of Samogneux
home loan has been postponed with the object of
and soutli of Ornes. Paris dispatches agree that the
first issuing a “ dollar” loan. This latter feature
struggle in the Meuse woods marks the beginning of
likewise remains unconfirmed. Expectation of ad
the Germans' greatest offensive blow since the drive
ditional taxation is another feature that has added to
on Paris was defeated at the Marne early in the war.
the general indisposition to transact business. Some
O n th e R u ssia n fro n t fro m th e R ig a region to E a s t
buying of the old Avar loans has been attributed to
G alicia there h a v e been en g ag em en ts a t v ariou s
preparations for conversion into the next loan, as it
p o in ts, b u t w ith o u t m a jo r resu lts.
In the C a u c a su s,
is expected that the British Treasury will consider
accord in g to rep o rts fr o m P e tro g ra d , th e R u ssian s
it necessary to name a favorable basis for such con
con tin u e to su ccessfu lly press b a ck th e T u r k s .
A fte r
version. Latest revenue returns suggest that fthe
a series o f b attles in P e rsia , th e rem ain s o f the en e m y
revenues of the Government for the year ending
tro o p s w ere reorgan ized an d con cen trated in th e re
March 31 will total £350,000,000 (81,750,000 000)
74 0
THE CHRONICLE
against £305,000,000 ($1,525,000,000) estimated in
the Budget. This difference in connection with
intimations that the daily cost of the war has been
over-stated, seems the real basis of the belief that the
war loan will be postponed. The British treasury
has announced the operation of the part of the mo
bilization plan that has thus far been deferred, namely
of borrowing securities from those holders who either
cannot or feel indisposed to sell. It is understood
that this plan does not include shares, merely bonds.
Russian securities in London have been helped by
buying, especially from Paris, encouraged by the suc
cesses of the Czar’s troops. Indian Government
stocks have been unfavorably influenced by reports
of a deficit of £3,000,000 in Indian finances for the
fiscal year, subsequently becoming firmer on the
news that the foreign trade of India showed decided
growth. Nicaraguan securities were firm, influ
enced by the treaty with the United States pro
viding for the payment of an indemnity of $3 ,00 0 ,0 0 0
for canal rights, which has encouraged the hope that
Interest arrears will be paid. Old Treasury bills to
the amount of £10,000,000 mature to-day (Saturday).
The British Parliament on Monday night passed
new votes of credit amounting to £420,000,000
($2 , 1 0 0 ,0 0 0 ,000 ) by which it is expected the war can
be financed up to the end of May. This brings the
total sum appropriated by the means of votes of
credit since the outbreak of the war to £2,082,
000,000 ($10,410,000,000)— a sum, according to
Premier Asquith, “ not only beyond precedent, but
actually beyond the imagination of any financier
of this or any other country.” The Premier laid
stress upon the point that the Government, by
careful economy and safeguards, had succeeded in
holding down the expenditure well below £5 ,0 0 0,000
a day, which figure, he thought, would not be ex
ceeded at any time. Referring to the loans to
England’s Allies, Mr. Asquith said that the amount
had now grown to nearly £169,000,000, to which
must be added loans to the Allies by the Bank of
England at the request of the British Government.
The amount of this latter item was not stated defin
itely, but the Premier promised that the provision in
the September Budget, allotting £423,000,000 for
loans to the Allies, should not be exceeded. The
first vote of credit was on the supplementary estimate
for the current fiscal year, bringing up the total war
expenditures to £1,420,000,000 ($7,100,000,000).
This appropriation is for £120,000,000 ($600,000,
000). The second vote, to provide funds for the
first part of the financial year beginning April 1,
was £300,000,000 ($1,500,000,000). Mr. Asquith
told the House that the daily expenditure from
April 1 to July 17 last year was £2,800,000; from
July 18 to Sept. 11, £3,500,000; from Sept. 1 2 to
Nov. 6 , £4,350,000, and from Nov. 7 to Feb. 19
1916 between £4,300,000 and £4,400,000. Muni
tions for the army and navy from April 1 last to
Feb. 19 had, he said, cost £834,800,000. The war,
concluded the Premier, was being conducted under
conditions which prevented any money voted by
Parliament from being devoted to any other purpose
than the vigorous prosecution of the war. The
Government still was confident of the justice of its
cause and that the just cause would prevail. The
Finance Committee of the Cabinet, the Prime
Minister explained, had appointed a special commit
tee of business men to outline a program that will
[Vol . 102.
combine both economy and efficiency, but he did
not think that the present system could be improved
upon.
Advices from Paris indicate that little business of
importance is passing on the Bourse, but that quota
tions as a rule are about maintained. The income
and war profits tax bills continue to receive criticism
in their latest form; the latter bill increases the tax
to 4 5 % from 25% on excess profits exceeding 1 ,0 0 0 ,
000 francs. The Paris correspondent of the “ Even
ing Post” states that figures, not necessarily exact,
indicate $30,000,000 as the amount of American se
curities already sold back to New York from France.
He quotes one authority as estimating the total
amount of American securities owned in France at
the beginning of the war at $160,000,000; but says
that a Swiss authority reduces this to $80,000,000.
The correspondent concludes that there still is an
extensive margin for the return of American securi
ties to New York. So far the Government has
taken no official steps and has not directly appealed
to French investors for help in keeping down ex
change; but it is acting through the banks. Nego
tiations are in progress for a $2 0 0 ,0 0 0,000 French
loan to be placed in New York. It will, if current
plans are successfully completed, take the form of
5 % three-year bonds secured by the deposits of
American securities, Japanese bonds, French securi
ties and bonds of neutral countries, especially of
South American republics.
The German Privy Councillor, Herr Fehrnauer,
writing in the “ Hamburger Nachrichten,” estimates
that the next ordinary Budget of the Empire will
reach the sum of 5,500,000,000 marks ($1,375,000,
000). The Budget for the year 1913-14, which was
the highest in the history of the German Empire,
was 3,500,000,000 marks. The 5,500,000,000-mark
Budget will include 2,000,000,000 marks interest on
war loans. The Privy Councillor believes that in the
financial year beginning on April 1, 3,000,000,000
marks ($750,000,000) of new revenue will be needed
for current expenses, outside the war, on account of
the great reduction in customs and other revenues.
According to the “ Berliner Tageblatt,” the income
tax is to be ?r creased 35% in Berlin. The output of
pig iron in Germany in January is reported to have
been 1,077,046 metric tons, against 1,029,144 tons
during December. Hugo Schmidt, a director of the
Deutsche Bank, now in New York, states that the
recent reports of German bank failures were “ma
licious falsehoods designed to injure the German
cause.” These reports were contained in dispatches
from Switzerland to London newspapers, and were
to the effect that institutions in Dresden and Frank
fort were in serious difficulties owing to the with
drawal of the support of the Deutsche Bank. Mr.
Schmidt pointed out that if German banks were un
stable the crisis would have come long ago. Ac
cording to the “Frankfurter Zeitung,” the new Ger
man war loan will include two types of securities,
first, the customary loan at 5% , and second, a 43^%
Exchequer loan to be offered below par and redeemed
in series at par. War profits loom large in the re
ports of several German manufacturing companies
which have just been published. One gas apparatus
and casting concern at Mayence, a small establish
ment, has announced a dividend of 125%, as com
pared with 6 % the previous year, after setting aside
THE CHRONICLE
Feb . 26 1916.]
nearly 2 ,0 0 0 ,0 0 0 marks (approaching $600,000) for
extra war tax. The capital of the concern is only
1,080,000
marks (about $270,000). An artillery
factory earned a gross amount of 61,300,000 marks
($15,325,000), as compared with 7,700,000 marks
($1,925,000), and reserved 5,300,000 marks ($1,325,
000 ) for extra war tax.
There still is no change to note in European official
Bank rates, quotations remaining at 5% in London,
Paris, Berlin, Vienna and Copenhagen, 5 X
A % in
Italy, Norway, Sweden and Portugal, 6% in Russia,
and 4)^% in Switzerland, Holland and Spain. A
private bank rate of 4)4 % still is quoted from
Berlin. Discounts in London are quiet in the open
market, but the rate has not been changed from 5)4%
for both sixty and ninety-day bills, though it is
reported that this figure is being fractionally shaded.
Money on call in London is still quoted at 4 @ 4 )4 % .
The feature of the English Bank’s statement this
week is a further curtailment of £1,816,000 in the
loan item, bringing the total down to £93,336,000,
which compares with £102,931,679 one year ago, but
with £37,986,182 in the pre-war period of 1914. The
comparatively small increase of £167,761 was re
corded in the gold item, and, with a decrease of
£58,000 in the note circulation, the reserve showed
an increase of £226,000, the proportion to liabilities
now being 27.46%, against 27.01% last week, 30.09%
one year ago and 51.38% in 1914. Public deposits
representing revenue collections as well as sales of
treasury bills and other treasury obligations in excess
of distributions increased £1,105,000; other deposits
decreased £2,762,000. The Bank’s gold aggregates
£54,987,493; one year ago it was £63,871,540, and
in 1914 £42,705,040. Public deposits are £52,619,
000, against £26,924,591 and £20,636,505 one and
two years ago, respectively. Other deposits are £96,
383,000, against £132,808,891 in 1915 and £43,438,
437 in 1914. The Bank reports as of Feb. 19 the
amount of currency notes outstanding at £93,157,317,
comparing with £92,906,663 the preceding week.
The amount of gold held for the redemption of such
notes remains at £28,500,000. Our special corres
pondent furnishes the following details of the gold
movement into and out of the Bank for the Bank
week: Inflow, £1,064,000 (of which £914,000 bar
gold bought in the open market and £150,000
released by Egypt); outflow, £896,000 (of which
£ 10 ,0 0 0 exported to the United States, £20 0 ,0 0 0 to
Spain, £25,000 to other Continent, £5,000 to India
and £29,000 bar gold sold, and £627,000 net sent
to the interior of Great Britain). We add a tabular
statement comparing for the last five years the
different items in the Bank of England return:
HANK or ENGLAND’S COMPARATIVE STATEMENT.
1916.
1915.
1914.
1913.
1912.
23.
24.
25.
20.
28.
Feb.
Feb.
Feb.
Feb.
£
£
£
£
Circulation.............. 32,507,000
Public deposits___ 52,619,000
Other deposits........ 9 6 ,3 8 3 ,0 0 0
Government sccurs. 32,839,000
Other securities___ 93,336,000
Reserve notes&coln. 40,929,000
Coin and bullion... 54,987,493
Proportion of reserve
to liabilities____
27.46%
Hank rate................
5%
Feb.
£
34,222,880
26,924,591
132,868,891
26,924,284
102,931,679
48,098,660
63,871,540
28,210,060
20,636,505
43,438,437
11,252,858
37,986,182
32,944,980
42,705,040
27,707,990
23,548,493
41,667,026
13,034,146
41,869,871
28,455,017
37,713,007
27,988,795
21,570,536
44,829,649
15,116,036
38,860,739
30,532,328
40,071,123
30.09%
5%
51.38%
3%
43.63%
5%
46%
3H %
The Bank of France reports an increase of 4,769,000
francs for the week in gold and of 1,339,000 francs in
its silver holdings. A further expansion of 91,824,000
francs in note circulation is to be noted, and of 1 2 ,
741
549.000 francs in general deposits. There were re
ductions of 12,317,000 francs in bills discounted, of
45.582.000 francs in Treasury deposits, and of 6 ,
674,000 francs in the Bank’s advances. The Bank’s
gold is once again at a new high level, amounting to
5.035.824.000 francs, which compares with 4,238,
900,000 francs at this date one year ago and 3,598,
325,000 francs in 1914. The silver stock aggregates
360.194.000 francs, against 376,775,000 francs and
646.025.000 francs one and two years ago, respec
tively. Note circulation has reached the unexampled
total of 14,295,251,000 francs; one year ago at this
date it was 10,961,975,000 francs and in 1914, 5,763,
450,000 francs. General deposits are 2,213,288,000
francs, against only 69,800,000 in 1915, at this date,
and 200,050,000 francs in 1914. Combining dis
counts and advances, we have a total of 3,172,479,
000 francs, against 1,046,125,000 francs one year ago
and 2,280,875,000 francs in the year preceding.
It seems impossible to vary the monotony of our
remarks on the local money situation from week to
week, as so few new features enter into the situation.
Funds not alone at New York but throughout the
country are more than abundant. Banks at this
center are experiencing some improvement in direct
business with the West, which they attribute to the
fact that Western lenders are not yet used to the low
rates that are current here and seem to be holding
their own funds back for higher figures. Bankers
are not inclined to advise railroad and other clients
to test the capital market with new issues of securi
ties at the moment. They realize that in the last
year or so there has been one of the most active qf
investment periods yet experienced in our own coun
try. We refer, of course, to the huge volume of
American stocks and bonds that, as a result of the
exigencies of war finance, have been returned to our
shores. These securities have been absorbed in
large measure on a rising market. The continued
homeward movement, however, seems to be at last
testing the investment ability that still remains.
This is evidenced by the reaction that has taken
place in the general price level of the New York mar
kets for securities. There still are large amounts to
be forwarded to this country by the British Treas
ury, in furtherance of its plan for mobilizing American
securities. They are not, according to British Treas
ury officials, to be unloaded upon American investors
in a way calculated to cause demoralization or sub
stantial weakness in Stock Exchange prices. Never
theless, they undoubtedly are to be sold if they have
been purchased outright under the Treasury’s plan,
and probably are to be utilized as collateral for bank
credits if they are to be merely borrowed under the
Treasury’s alternate plan. But the important point
which our bankers are taking into consideration,
when advising against new capital issues to compete
with these offerings, is that they represent in large
measure senior securities, first mortgage bonds, &c.,
in addition to the highest grade of investment stocks.
Hence, they would prove so attractive in a compara
tive sense to issues of what must be junior securities,
that times are certainly not propitious to warrant
attempts to sell the latter. In other words, there
is still in sight a period of liquidation of the highest
grades of American securities which must be com
pleted before the field will be open to newer classes
of securities. This is a factor we may mention en
passant, that has significance for our railroad au-
[Vol . 102.
THE CHRONICLE
Reserve Bank on trade acceptances maturing within
ninety days. The rate previously had been 33^j%
for the several maturities— 1 to 10 days, 31 to 60
days and 61 to 90 days.
3
4
4
4
345
4
4
445
__ __ 345
1 4
4
4
4
4
4
4
445
445
5
5
345
4
4
4
6
5
5
S an F r a n c is c o .
__
4
4
445
D a lla s .
3
4
4
4
S t. L o u i s .
A tla n ta .
C h ic a g o .
i
R ic h m o n d .
j
K a n s a s C ity .
3
10 days maturity------- 3
30 "
“
........ 345 4
4
60 “
“
........ 4
4
........ 4
1)0 “
"
!
M in n ea p o lis.
C o m m er cia l P a p e r —
1 to
11 to
31 to
61 to
1o
15
C le v e la n d .
CLASS
OF
R E D IS C O U N T S .
N ew Y ork .
FEDERAL RESERVE BANK DISCOUNT RATES.
B o s to n .
thorities. It is true that railroad revenues are re
flecting a fortunate combination of overwhelming
traffic and of extraordinary revenues. The trans
portation lines have been passing through a pro
tracted period of financial starvation, however.
They need large quantities of equipment, of steel
rails and construction material for improvements
and extensions. But such important amounts as
are required for these various forms of improvements
cannot be provided out of improved earnings. The
latter must, as a broad proposition, be regarded
merely as the index of prosperity which will convince
investors that the securities of the various lines are
obligations of prosperous concerns, whose new se
curities should thus prove attractive as investments.
What has happened thus far, speaking broadly, is
that the excellent returns of the railroads have con
vinced American investors that the enormous vol
ume of first-grade securities that has been and is to
be returned are attractive investments. Securities
that have been really unpurchaseable in anything
like important amounts, because they have been held
in lock-boxes abroad, now are available. It follows,
therefore, that our bankers are showing a proper
grasp of the situation when they advise against is
sues of new securities which would have to enter into
competition with well-known, tested and£seasoned
stocks and bonds that are so freely cominglback to
us. Thus we have slight encouragement to expect
for the present very important new applications upon
the capital market.
Last Saturday’s bank statement, which appears in
more complete form on a subsequent page'lfof this
issue, showed an expansion of $12,622,000 in loans and
of $988,000 in demand deposits. There was a re
duction of $3,103,000 in time deposits^and $217,000
in note circulation. A decrease of $14,287,000 took
place in reserves in “ own vaults,” bringing the total
to $512,807,000, including $443,553, OOOfspecie; re
serves in Federal Reserve banks decreased’$2,959,000
to $168,100,000; reserves in other depositaries in
creased $511,000 to $59,082,000. Thus^the decrease
in the aggregate reserve was $16,735,000. Reserve
requirements increased $79,410, making the surplus
above requirements register a decrease of $16,814,410
and bringing the surplus down to $152,008,540,
which compares with $137,174,450 a year ago.
Referring to money rates in greater detail, demand
loans have remained pegged, as was][the case last
week, at 1 ^ @ 2 % , which have been the lowest and
highest rates, respectively, each day, while the ruling
rate has not been altered from 1 % % . Time money
rates remain substantially as they were a week ago,
though the slight indication of firmness that was then
noted seems to have completely disappeared, the old
range of 2 % @ 3 % being again restored for maturities
of five and six months, comparing with a single 3%
rate on Friday of last week. Sixty-day funds re
main without change from 2 ^ @ 2 % % , ninety days
at 2 % % and four months at 2 % @ 3 % . A year ago
sixty and ninety day maturities were quoted 2 % @
3 % , four months at 3 @ 3 ^ % and five and six months
at S}4% - Commercial paper is in better demand
than supply and best names are passing at 3 % for
sixty and ninety days’ endorsed bills receivable and
for six-months’ single names of choice character. A
range of 3 @ 3 ^ % should still be quoted, however,
while names that are not so well known require 33^%.
The Federal Reserve Board approved on the 19th
inst. a rediscount rate of 3 % for the Boston Federal
__ 3
4
345
4
4
4
445
A g r ic u ltu r a l a n d
L iv e-S to ck P a p e r —
91 days to 6 months maturity 5
T ra d e A c c e p ta n c e s —
1 to 10 days maturity------- 3
31 to 60 “
"
........ 3
61 to 90 "
”
........ 3
5
34* ! 3
3 45 3
3 45 3
C o m m o d ity P a p e r —
1 to 30 days maturity........ 345 __ 3
3
31 to 60 "
”
........ 345
3
........ 345
61 to 90 ”
”
1
91 days to 6 months maturity
6
5
6*4
345 345 345 __ 345 — 345 345 3
345 345 345 __ 345. __ 345 345 3
3^
4
4
345 - - - 345 . . . 345 4
__ 3
__ 3
__ 3
3
3
3
__ 3
__ 3
__ 3
3
3
3
3
3
3
3
3
3
345
4
445
6
Authorized rate for discount of bankers’ acceptances. 2 to 4% .
A rate of 34i to 4% on purchases of trado acceptances by the New Orleans branch
of the Atlanta Federal Reserve Bank In the open market, without the endorsement
of any bank, was approved Deo. 16.
Sterling exchange, taken as a whole, has been
well maintained, but has ruled very quiet, few fea
tures coming to the surface. Securities continue to
arrive from London, though there has been a notice
able curtailment of this movement. These create
confidence that the situation is well under con
trol. The Commissionser of the Anglo-French
Loan on Thursday called from the depositary
banks in which the proceeds of the loan had been
lodged the final 15% of the proceeds, thus ex
hausting, except so far as there remains a balance
on hand, the proceeds of the issue of last autumn.
It is understood, too, that the $50,000,000 credit
which was arranged between New York and Lon
don banks has likewise been utilized, so that
conditions are present suggesting that new arrange
ments of a formal character should soon be un
dertaken. Cabled advices received from London
suggest that a new dollar loan is to be issued before
the new British war loan, the latter, according to
some accounts, being quite likely to be delayed
until April. There recently have been suggestions
that the dollar loan might be based upon deposits
of securities that have been acquired by the British
Treasury under its mobilization scheme. There is,
however, nothing at all definite that we can find in
connection with loan negotiations of this character.
It must be conceded that with the virtual cessation
of gold importations, American securities that have
been and are to be returned from abroad must con
stitute the basis of whatever further accommodations
are to be availed of by Great Britain from American
lenders. The week’s gold importations have aggre
gated only $320,000, which arrived on the steamer
New York on Tuesday. Gold coin to the amount of
$100,000 has been withdrawn from the Sub-Treasury
for shipment to Mexico. That the British Treasury
has accepted 4 76 as the par of demand sterling is
suggested by the following extract from the state
ment of the Chancellor of the Exchequer in the
House of Commons regarding the condition of British
credit. Mr. McKenna said:
“ Criticism has been made that we are not taking
proper steps to maintain our credit, particularly with
reference to American exchange. I merely ask the
House to compare our American exchange with that
of any of the other belligerents. At the present time
the rate is 4 76, and the Government does^not
Fkb . 26 1916.]
THE CHRONICLE
wish it higher than that. It is still ten cents below
normal, but we do not wish it to go either up to or
above normal, for the simple reason that we are dis
couraging imports by keeping the exchange a little
below par and checking the export of gold to America.
It is an absolute marvel that, after eighteen months
of war, we are still almost the only open gold country
in the world. Our paper can be exchanged for gold
at the bank. Every sovereign in paper money has
gold back of it. It would never have been believed
two years ago that British credit could stand the
extraordinary test to which it has been subjected.”
743
completed in London, and to reports of negotiations
for a loan in New York which, it is expected, will
soon be announced.
Advices received from Vienna by way of London
report that Austria-Hungary has initiated measures
centralizing and regulating foreign exchange opera
tions on the same lines as those adopted by Germany.
Banks are required to place all incoming exchange at
the disposal of central institutions, while requests for
foreign drafts are only granted on proof that their
purchase is necessary and advantageous to the gen
Compared with Friday of last week, sterling ex eral interest.
change on Saturday was firmer and demand advanced
to 4 7 6 % @ 4 76% , cable transfers to 4 76 13-16@
The New York Clearing House banks, in their op
4 77 1-16 and sixty days to 4 7 2 % @ 4 72% . M on
erations with interior banking institutions, have
day’s market was essentially a pre-holiday one; the
gained $3,396,000 net in cash as a result of the cur
volume of transactions was small and extreme dulrency movements for the week ending Feb. 25.
ness prevailed, although the tone continued firm at
Their receipts from the interior have aggregated
4 76 7-16@ 4 76% for demand, 4 77@ 4 77 1-16 for
$8,122,000, while the shipments have reached $4,
cable transfers and 4 7 2 % @ 4 72% for sixty days.
726,000. Adding the Sub-Treasury operations and
Tuesday was a holiday. On Wednesday an easier
the gold imports, which together occasioned a loss of
tone was evident and trading was still very dull; de
$6,886,000, the combined result of the flow of money
mand bills ruled all day at 4 76 7-16, while cable
into and out of the New York banks for the week ap
transfers declined fractionally to 4 76 15-16@4 77
and sixty days to 4 7 2 % @ 4 72% ; the fact that no pears to have been a loss of $3,490,000, as follows:
mail facilities were scheduled before the end of the
W e e k e n d in g F e b . 25.
In to
Out o f
N e t C h an ge in
B a n ks.
B a tik s.
B a n k H o ld in g s.
week also served to restrict operations. An increase
Banks' interior movement___
$8,122,000
$4,726,000 'Gain $3,396,000
in the supply of commercial bills as well as short sell Sub-Treas.
oper. and gold imports..
11,082,000
17,968,000 |Loss 6,886,000
ing produced further weakness on Thursday, with de
T o ta l..................
$19,204,0001 $22,694,000 Loss $3,490,000
clines to 4 7 6 % @ 4 76% for demand, 4 76 13-16@
The following table indicates the amount of bullion
4 76% for cable transfers and 4 7 2 % @ 4 72% for
in the principal European banks:
sixty days; business was not active. On Friday the
F e b . 24 1916.
F e b . 25 1915.
market ruled slightly firmer, with demand at B a n k s o f
C o ld .
S ilv er.
T o ta l.
G o ld .
S ilv e r.
T o ta l.
4 7 6 % @ 4 76% , cable transfers at 4 7 6 % @ 4 76%
£
£
£
£
£
£
and sixty days at 4 7 2 % @ 4 72% . Closing quota England.. 54,987,493
54,987,493 63,871,540
63,871,540
France__ 201,435,160 14,408,360 215,843,520 169,556,040 15,071,400 184,627,440
tions were 4 72% for sixty days, 4 76% for demand Germany.
122,788,600 2,000,000 124.788.600 112,714,050 2,435,400 115,149,450
. . . 236,156,000 4.399.000 243,555,000 171,196,000 4.598.000
and 4 77 1-16 for cable transfers. Commercial on Russia
Aus. Hunc 51.578.000 12.140.000 63.718.000 51.578.000 12.140.000 175,794,000
63.718.000
36.374.000 30.198.000 66.572.000 23.470.000 28.919.000
banks (sixty days) closed at 4 71% , documents for Spain___
Italy____ 42,893,003 4.157.000 47.050.000 49.205.000 2.700.000 52.389.000
51.905.000
40.438.000
421,600 40.359.600 20.855.000
120,100 20,975,100
payment (sixty days) finished at 4 72, and seven- Netheri’ds
Nat.Bclgh 15.380.000
600,000 15.930.000 15.380.000
600,000 15.980.000
8 witz'land 10,119,800
10,119,800 9,543,300
9,543,300
day grain bills at 4 76% . Cotton for payment Sweden . . 8.904.000
8.904.000 6.033.000
6.033.000
Denmark. 6.184.000 "lVa.ooo 6.356.000 5.826.000
270,000 6.096.000
closed at 4 76@ 4 76% ; grain for payment at 4 76 @ N orw ay.. 3.540.000
3.540.000 2.509.000
2.509.000
4 76% .
Tot. week 830,778,053 68,495,960 899,274,013 701,736,930 66,853,900 768,590,830
Prev. week 828,596,032 68,489,600! 897,085,632! 703,699,252 66,479,820i 770,179,072
In the Continental exchanges the feature of last
c July 30 1914 In both years, h Aug. 6 1914 In both years.
week has been repeated, namely, weakness in ex
change on Berlin and Vienna. Demand bills on the
former on Friday touched 73, which is within a
THE GOVERNMENT A N D THE N EW
shade of the low rate that was reached before the
SUBMARINE ORDER.
Bundesrath created a monopoly under the auspices
Alike in the European land campaign itself and in
of the Reichsbank for buying and selling foreign ex the relations of the United States to Germany, a new
change. The closing price for demand bills (4 and very uncertain situation has arisen, and it has
marks) was 73 3-16, which compares with 74% last arisen at precisely the moment when most observers
week, while cable transfers, which touched 73% on of the course of events had settled down to belief
Friday, closed at that rate, against 74% a week ago. that no change would occur during this winter
Meanwhile Austrian kronen, in sympathy, declined season. In the matter of our own diplomatic rela
as low as 12 70 and closed at that figure, which tions, the new turn of events coincided almost exactly
compares with 13 10 a week ago and 15 25, the with the seeming conclusion of our negotiations over
recent high figure. The London check rate in the Lusitania. At just that moment, the German
Paris closed yesterday at 28 03 francs, against 28 06 and Austrian Foreign Offices communicated to the
francs last week. In New York demand bills on neutral Governments, including our own, a memo
the French center finished at 5 8 6 % , and cable randum declaring that since “ the British Admiralty
transfers at 5 86, which compares with 5 88% and in the course of the year 1913 caused a number of
5 87% a week ago. Swiss exchange finished 5 23% large British liners to be armed,” since “ experience
for sight and 5 23 for cables, against 5 23% and gained in the present war shows that a considerable
5 22% last week. Italian lire are 6 70 for sight and number of British merchantmen used the guns in
6 69 for cables, against 6 69 and 6 68 a week ago. stalled aboard against hostile warships,” and since,
Copenhagen checks are 27 90, against 27 95, and as the German Government further alleges, “ instruc
sight drafts on Norway and Sweden are 28 20, tions have been found aboard British steamers which
against 28 25. Russian rubles finished at 31% , prove that the British Government itself incited its
against 31% a week ago, in response to reports merchantmen to illegal acts,” therefore a formal
of arrangements for commercial bills having been warning is given to neutral Governments that the
74 4
THE CHRONICLE
German and Austrian naval forces have been ordered
to treat such ships as combatants. Neutral Powers,
it was further added, must take notice of the danger
to which their citizens “ will expose themselves if
they entrust their persons or property to armed
merchantmen” of States at war with Germany or
Austria. This was evidently equivalent to an
nouncing that merchant ships of the allied States
would be subject to attack without warning by Ger
man and Austrian submarines.
This announcement, made on Feb. 10, necessarily
created great perplexity at Washington. This was
so, in the first place, because our State Department
had on Jan. 27 proposed a modus vivendi to the bel
ligerent Powers, whereby they should voluntarily
cease to arm their merchant ships; and because this
had led to the inference, in many quarters, that our
Government was itself leaning to the policy of classi
fying armed merchantmen as warships. That in
ference proved incorrect, and the Allied Powers had
not accepted the suggestions. The German conten
tion was nevertheless pressed, to the effect that the
introduction of warfare by submarines— frail vessels
and vulnerable to attack by small arms— had changed
the situation existing when the rule of the sea was
adopted and recognized, which authorized merchant
men to carry arms purely for defense.
But however much the abstract logic of this con
tention might commend itself on general principles,
three facts prevented our Government from accept
ing it. The first was the declaration of our own State
Department, last year, that “ a merchant vessel of
belligerent nationality may carry an armament and
munition for the sole purpose of defense, without
acquiring the character of a ship of war” ; this state
ment being limited by the proviso that the guns car
ried shall be small in calibre, few in number, and not
mounted on the forward part of the vessel. The sec
ond consideration standing in the way of our Govern
ment’s recognition of the new contention, was the
note delivered to our State Department by Ambassa
dor von Bernstorff on Sept. 1, announcing that the
German Government had answered the American
note by specifically pledging that “ liners will not be
sunk by our submarines without warning and with
out safety of the lives of non-combatants, provided
that the linersdo not try to escape oroffer resistance.”
There is here no direct reference to the carrying of
mounted guns, but on the other hand, freedom from
attack is conditioned upon there being no offer of
resistance, and it is difficult to see how there could be
effective resistance except with mounted guns. But
at any rate the present new instructions regarding
armed merchantmen have appeared to make no ex
ception whatever in their application to passenger
liners, and accordingly the new declaration seemed,
in form at least, like a withdrawal from a previous
pledge. This made necessary the suspension of the
Lusitania negotiations until that - point should be
cleared up. Beyond even these considerations, how
ever, the debatable question was raised by the dec
laration, made by Foreign Minister von Jagow at
Berlin and cabled to the United States, this week, to
the following effect:
“ If the reason for a law ceases to exist, the law it
self falls. The principle was laid down ages ago by
the early lawmakers, and is one of the most important
fundamentals of the Roman system upon which the
modern system of jurisprudence is based, and is
known to every jurist.”
[Vol . 102.
But this very presentation of underlying princi
ples brought up the serious question whether, even
under the circumstances described, a law could be
abrogated by only one of the parties to the original
contract or agreement without the assent of the
others.
Our Administration’s attitude, in view of these
several considerations, was that our State Depart
ment could neither accept the new German conten
tion as it stood, nor continue the Lusitania negotia
tions with this change from the previous attitude of
Berlin towards ocean liners. This cautious and re
served position of our Government, however, led this
week to a demonstration on the part of Congress,
which brought the whole matter sharply to a head.
In the ranks of the Administration party itself, an
aggressive movement started to head off the possi
bility of a breach with Germany, on this question,
through preventing American citizens from embark
ing on such steamers as were proscribed by the Ger
man and Austrian instructions. Several bills were
in fact introduced with a view to such restraint— pro
viding, for example, the withholding of passports in
those cases.
.
The President’s response, after full discussion of
the matter with the committee chairmen, was ex
pressed in a letter of Thursday to Senator Stone.
Premising that the Administration’s purpose was to
keep the United States from war, he pointed out
that the apparent meaning of the new German
instructions was “ so manifestly inconsistent with
explicit assurances recently given us by those Powers
with regard to their treatment of merchant vessels
on the high seas that I must believe that explanations
will presently ensue which will put a different aspect
upon it.” Furthermore, “ no nation, no group of
nations, has the right while war is in progress to alter
or disregard the principles which all nations have
agreed upon in mitigation of the horrors and suffer
ings of war,” and our Government “ cannot consent
to any abridgement of the rights of American citizens
in any respect,” because “ the honor and self-respect
of the nation are involved.” Thus the matter
stands, in this first formidable clash between the
President and his party associates in Congress.
We imagine this phase of a difficult situation will
have to clear itself up within the next few days,
either through a very plain declaration of our Govern
ment’s intention or through modification of its own
orders by the German Foriegn Office. It is a striking
and perhaps not accidental fact that this episode
of the new submarine warning has occurred simul
taneously with revival of activity on an important
scale, on both the military fronts of the Continent.
Last week’s news of the capture of the very import
ant Armenian city of Erzerum, some distance beyond
Russia’s southern border, indicated unexpected
strength and vitality in the Russian army under the
Grand Duke; and, although apparently no large
Turkish army was captured, the fact that one of
the most powerfully fortified strongholds in that
region had fallen, not only set at rest rumors of a
Turkish demonstration on the Suez and in Egypt,
but foreshadowed the necessity of converging the
Teutonic and Turkish armies on a new front.
Yet, notwithstanding this turn in the Eastern situa
tion, the present week witnessed an attack of excep
tional violence by the German army on the French
trenches around Verdun— an attack in which the gain
of territory or prisoners was apparently slight, in com-
Feb . 26 1916.]
THE CHRONICLE
parison with the losses of the Germans themselves
in the assault. It is, perhaps, too early to under
stand clearly the purport of this demonstration,
which was not only contrary to current expectations
of a pause in large operations of an aggressive sort
during the winter, but which has seemed to have
no relation whatever to events elsewhere in the
Continental campaigns. Possibly, the strategic
meaning was merely to show that Germany is still
ready to continue the aggressive, regardless of the
sacrifice; perhaps it was intended to forestall a
similar attack, projected by the French themselves.
Unhappily, the movement does at least seem to
foreshadow (as does the new submarine order itself)
the probability of far more violent and vindictive
warfare, during the current year.
STATE CONTROL OF BUSINESS.
A year or more ago, when the accomplished Eng
lish economist, Archdeacon Cunningham, was in
this country, he delivered an address in New York
in which he gave fresh and interesting information
as to the origin of fluid capital, of which we made
report. In a book he has just issued* we find an
interesting account of the changes through which
the function of the State as related to private enter
prise has gone. As that is a matter uppermost
with us to-day, and Congress and State legislatures
are in session, with the usual flood of new legislation,
the information he gives is as timely as it is in
structive.
W ith the action of the authorities of Geneva, under
the lead of John Calvin, in the time of the Great
Reformation, justifying the payment of interest and
the consequent freeing of commerce, modern forms
of business were inaugurated. D r. Cunningham now
points out that at that time and up to the beginning
of the 18th century it was generally held that the
man who thought only of his private interest was a
positive danger to the community. It was current
opinion that the State might properly guide and
control self-interest so as to see that it worked for
the common good. But in the course of a century
it came to be more and more recognized that State
interference was not really as necessary as had been
supposed for the promotion of the public welfare.
Adam Smith, as a result of his practical experience
in connection with the industries and business of
Glasgow, and the French economists, on the basis of
what they regarded as a philosophical principle,
taught that the State can do most for the material
prosperity of the country by leaving private interests
alone. This principle of “ laissez-faire,” falling as it
did into line with private interests, was quickly
adopted and came to prevail in the chief industrial
communities. Parliament under its influence abol
ished restrictions which had been imposed in less
enlightened times. The old means of securing in
dustrial apprenticeship and for regulating the rates
of wages were swept away as anachronisms and ab
surdities.
A reaction naturally arose in the second quarter
of the 19th century; philanthropists became conscious
that their efforts to relieve distress were spasmodic
and irregular. Philanthropic sentiment could not
secure a change of system unless it was supported
by the strong arm of the law. The facts brought out
by the Committee of the House of Commons in 1830
* “ChristianityandPolitics,” by WilliamCunningham, F.B.A. Hough
ton, Mifflin & Co.
745
and the Royal Commission in 1833 revealed a state
of affairs in the factory districts of England which
convinced the public that State interference with
some of the large industries was necessary. Hitherto
the public had either been ignorant of the conditions
6f labor or had been unwilling to pay attention to
what it believed to be only individual suffering.
The agitation led to the great advance in 1842, with
the establishment of factory inspectors and the State
concerning itself with the employment of children
and women in mines and other dangerous occupa
tions. A system was then inaugurated which has
continued effectively to the present time. The effort
of the authorities, both civil and ecclesiastical, in the
17th century, and the attempts of James I and
Charles I to direct private capital into channels into
which it could best serve the public, had entirely
failed; but the great industrial revolution which had
now begun forced a conviction upon the public mind
that capital could not be entrusted with irresponsible
power. State interference was, however, still re
garded as exceptional, and any interference with
“ laissez-faire” had to be justified by those who
advocated restriction.
Great reinforcement came to the new movement
through the doctors as a result of the outbreak of
cholera and the serious ravages of this disease and
typhoid fever in the Black Country and in the manu
facturing districts around Glasgow and Manchester.
It was discovered that preventable causes of disease
could be removed, and in 1848 administrative ma
chinery for dealing with the public health was
started. Though the measures taken at first were
largely tentative, the growth of scientific knowledge
has made them permanent and greatly widened their
scope. Interest in such regulation of the public
health had only an indirect bearing on the main
question and on the freedom of the capitalist to
conduct his business in his own way. The trade
unions which in the first quarter of the 19th cen
tury were generally held to be mischievous because
they interfered with the freedom of the capitalist,
grew and gained influence as it was seen that they
were able to secure public assistance in carrying out
the limitation of hours and protecting women and
children, which philanthropists had been trying to
bring about. The right of collective bargaining
began to be recognized, and trade unions have now
been placed in a privileged position by the Trade
Disputes Act. The growing tendency to adopt and
enforce the principle of a minimum wage goes to
show that the doctrine of “ laissez-faire” in regard to
the employment of capital and industry is, in at
least this relation, absolutely abandoned.
Up to 1880 there was a general impression that
State interference, while at times it might be a neces
sary evil, was so inconsistent with popular liberty
that resort to it should not be had until all other
methods of remedy had been tried. Fear of in
fringement of individual liberty from State inter
ference had been controlling. There was besides
in many circles a feeling that government work was
badly done; that officials were apt to be the slaves of
routine and that work was carried on more effi
ciently by private persons than by the State.
Toward the close of the century, however, a great
impression was created by the success which had
attended the remedial legislation in regard to the
conditions of work in factories and mines and the
conditions of life of the working classes. The de-
746
THE CHRONICLE
velopment of limited liability companies was going
on so rapidly that private enterprise commenced to
feel crowded and to look about for help. A sudden
change of view occurred. The public began to be
enthusiastic for the interference of the State as the
only practical method of introducing real improve
ment. This led to the resort to political power, of
which the trade unions had discovered the value,
and which has now become a settled policy with
them. In this they are in line with a developing
public opinion that leads groups of people of every
class to appeal to the legislature for whatever of
change they desire in their condition.
In this way the circle is completed, and we have
returned through the period of complete “ laissezfaire” to an almost autocratic control of private
enterprise on the part of the State; or, at least, to a
public demand that the State shall in behalf of one
or another interest exercise such control. Dr. Cun
ningham points out that there is danger in forgetting
that this is only a rough and ready instrument, often
disappointing in its working and sure to have in
jurious side influences. No improvement in material
conditions will benefit all citizens alike, therefore,
whenever the State is induced to take action in the
interest of any class, it is always in danger of doing
wide injustice. In one of the most obvious cases,
public holidays, for example, may be much enjoyed
by those who are in qomfortable circumstances, while
the casual laborer cannot afford the luxury of being
idle in working hours, and may feel it a hardship to
have over-much leisure imposed upon him. Even
where the State, as it doubtless does in many cases,
deals with legitimate grievances for which it must
provide on such terms as it can, any pretence on its
part to coerce men for their own good is likely to be
more or less resented among people in whom the sense
of personal liberty is strong. With the best inten
tion those who are responsible for action by the State
can only determine probable results, but no human
legislature or body of legislators is sufficiently wise
to guard against the unanticipated limitations which
attend all human action. Social relations are pe
culiarly liable to have these incidental and unex
pected results.
Furthermore, experience shows that schemes which
work well as a means of facing temporary difficul
ties throw no light on the accumulated results they
may have if they come to be regarded as a permanent
institution. The system of granting allowances in
addition to wages, which has often been introduced
to stave off temporary distress, notably in England
at the time of the Stockinger riots, and in France in
the days of the Revolution, not only did not commend
itself as a wise policy, but resulted in widespread
pauperization.
No hard and fast line can be drawn between the
preventing of evil and the promoting of good, and no
clear line laid down as to methods in regard to which
the State ought or ought not to interfere. Such
interference is sure to diminish the sense of personal
responsibility and to impair the acceptance of per
sonal duty. The State can only enforce minimum
standards, and these are everywhere apt to be ac
cepted as marking the limit of requirement for in
dividual attainment or service. This is apparent
in the education of children where the State requires
attendance at school up to a certain age, and the
parents are so ready to be content with their children
reaching that age, regardless whether they ought
[Vol . 102.
to have further instruction; as it is in the trades,
where the ability to earn a minimum wage is so readily
accepted as a sufficient mastery of the particular
craft.
The payment of old-age pensions by the State
apparently has been an enormous boon to many of
the aged, but already it appears to have diminished
a sense of duty on the part of the grown-up children
to do anything whatever for the benefit of the par
ents. It is tending to loosen, if not to destroy,
the bonds which hitherto have been regarded as
most sacred and permanent in the life of the family.
Even the employer or capitalist who carries out the
conditions that are required by the law usually
feels that he is discharged from any further consid
eration for the conditions under which his employees
live and work. Meanwhile it is abundantly clear
that no increased sense of responsibility has grown
up among the working classes with the increase of
their political power; there is now manifest a loss of
loyalty even to their own leaders, which does not
promise favorably for the future.
The State, powerful as it is, is never inspiring and
cannot do more than bring up laggards to a pre
scribed level, which is even then only with diffi
culty maintained. It is a crude instrument for se
curing a physical boon. The present tendency to
resort to it serves to make it clear that other means
for arousing higher ideals are increasingly neces
sary.
We have thus far condensed Dr. Cunningham’s
statements and given largely his own words. It is
increasingly evident that individual ambition, readi
ness to accept training, patient perparation that often
involves continual sacrifice, and personal effort in
spired by conditions in which individuality has its
freest play, can alone establish the conditions under
which the community can prosper or the individual
attain to his best. This must always go beyond
what any casual public opinion demands. It ob
tains results and produces a type of character which
the State is not only sure to recognize, but upon
which the State must in fact depend if it is to be
what, according to our American ideal, we regard
representative of the broadest intelligence, and the
general good sense and mutual desire for helpfulness
of the community.
A PROPOSED SUBSTITUTE FOR THE SHIPPING
BILL.
A substitute for the pending shipping bill has
been sent to Congress by a committee of the New
York Chamber of Commerce and has been referred
to the House Committee on Merchant Marine and
Fisheries, the same which has before it the Admin
istration's bill. Sections 1 and 2 of the offered
substitute relate to contracts for mails-carrying
and payment therefor. Section 3 creates a Shipping
Board of seven, and Section 4 assigns to this the
duty of gathering and compiling information of the
difference in shipbuilding costs and operation be
tween this and foreign countries, also of making
regulations. Section 5 provides that at any time
before the close of 1936 any American citizen or
corporation which, “ with the approval of the
Board,” causes a vessel to be built and registered
here shall be entitled to receive from this country
the money difference between the actual cost of
building such vessel here and what would have been
Feb . 26 1916.
THE CHRONICLE
the cost to build a like vessel “in a foreign country
the aggregate tonnage of which, employed in foreign
trade, equals or exceeds the tonnage of the United
States employed at the same time in foreign trade.”
But the plans and contract for such vessel must have
been approved by the Board in advance of building,
and the difference in cost for which compensation
is to be made from the Treasury must bo established
to the Board’s satisfaction before registry is obtained
for the vessel.
Section 6 provides that until the close of 1926
any American citizen or corporation owning a vessel
actually employed in foreign trade with this country
and registered here with the Board’s approval may
apply for and (if the application is approved) may
receive, semi-annually for twenty years, a sum equal
to the difference in cost of operation under our nav
igation laws and the lawful .regulations thereunder
and the largest sum it would have cost in the same
term to operate under the laws and regulations of
any other country whose aggregate tonnage equals
or exceeds our own. Proof of the difference is to be
furnished, as of the difference in costs of building;
the Board may investigate independently also, and
the finding of a majority shall be conclusive.
This bill avoids the worst features of the other:
the commitment of the country to a governmental
entry into the business of building and operating
ships and undertaking, by a scheme of licensing, to
control all foreign trade with this country, whether
in domestic or foreign bottoms, yet the differences
are in the degree of mischief attempted, not in the
principles involved. A communication sent with
the substitute bill, signed by President Low as for
the Chamber, deprecates as unwise any attempt
to regulate carrying rates through the medium of a
Board, expresses belief that competition by the world
is ordinarily a safe check upon rates, and that any
attempt to regulate them artificially will prove
an additional disadvantage to American commerce.
No licensing scheme, says this letter, should be
enacted “without more careful study and a more
complete estimate of the probable consequences to
the trade of this country.” The belief is expressed
that “when a demand has been created for Americanbuilt vessels, the capacity of American yards in
creased, and the type standardized, the cost of
constructing vessels in this country will be no greater
than in Europe.” The abundance of ore and coal
here and the proved resources of American inge
nuity and enterprise are cited as reason for this be
lief; yet “until construction is equalized by natural
conditions some artificial basis of equalization must
be established if vessels are to be constructed, under
normal conditions, in this country for foreign trade;
under present war conditions, no equalization of
construction costs is necessary.” Further, the be
lief is expressed that a subsidy assuring a profit
to owners is neither necessary nor according to the
wish of the people, yet “ that the spirit of the people
in this country will agree with the principle of
Government aid to equalize construction and op
erating conditions to a point which will merely place
the American vessel-owner upon an equal basis with
his foreign competitors.”
“The Chamber is in accord,” further says this
letter, “with the principle of creating a Government
Board to study and control the maritime laws and
policies of the United States, provided the authority
vested in such a Board looks to the development of
747
American shipping by the encouragement of American
enterprise.” But this resembles a counsel of des
peration. Aside from the likeness between such
“study and control” of ocean cariying to the control
of land carrying which we already have by com
mission and with not encouraging results, this
is an apparent yielding to the pending shipping bill
by an attempt to make it somewhat less bad in de
tails; the inherent vice of intervention remains.
• Why not meet that by an unqualified opposition
instead? American enterprise, lauded in the same
breath in which governmental boosting is urged, will
develop American shipping as soon and as rapidly as
the situation and the forecast of the future promise
a sufficiently attractive reward. It is certainly un
businesslike to persistently leave unremoved the
burdens which our antiquated laws impose on this
American industry, and, instead, lay on more bur
dens as by the Seamen’s Law, and then to propose
making up at the public cost, openly and after a
demonstration which must of itself be quite diffi
cult to determine exactly, the unfavorable differences
between home and foreign industry in this par
ticular line. Business men who perceive the funda
mental errors of the whole scheme of ostensibly
helpful intervention will do better to take the whole
some attitude of opposing it in toto; and as for the
shipping bill as offered, an energetic protest may be
trusted to again defeat it.
AN ENFORCED CONFESSION BY UNIONISM.
Some recent action, not attracting much public
attention among more exciting topics, recalls to mind
the long eleven years’ fight in the Danbury Hatters’
case, which we editorially reviewed about a year
ago, and not then for the first time. The second
and evidently unalterable decision of the Supreme
Court had closed the legal struggle, leaving only
enforcement of the confirmed judgment against the
individual defendants. They remained obdurate,
and the Loewe firm had to give notice that the fore
closures against the homes must proceed, since they
were themselves “in the hands of our creditors,” un
less some definite progress towards settlement were
made by the end of last May.
The matter dragged along without any such prog
ress, and on Jan. 19 the Loewe attorneys successfully
moved the Federal Court in New Haven for an order
of foreclosure, directed to some 140 of the individual
judgment debtors and as many pieces of property,
in nearly all instances homes, in Danbury, Norwalk
and Bethel, Conn. The men had received some as
surances that their union associates would come to
their aid. The May meeting of the United Hatters
(for which the foreclosure action waited) did resolve
that they would never contribute a dollar towards
the judgments but would levy a 1% assessment on
weekly earnings of the members, to be used in relief
of the sufferers according to the methods deemed
best by the officers. Delay continued, but lately
the Federation of Labor asked members of all or
ganizations affiliated with it to voluntarily contribute
the proceeds of one hour’s work to this relief fund
on Jan. 27, which was the sixty-sixth birthday of
Mr. Samuel Gompers. On the 28th it was given
out that the offering amounted to $350,000, although
later reports made it considerably short of the sum
required; but the unionists gained one mooted point
by the decision of Judge Thomas of theJ.Federal
748
THE CHRONICLE
[Vol . 102.
output in Africa and the United States. In Africa,
for instance, with the working force in the Transvaal
(Rand and outside districts combined) fully recov
ered from the disorganization which followed the
strike in June of 1913 and the further labor troubles
of January 1914 (starting with railway employees
that time) there has been a very satisfactory gain in
production over 1914, and the record yield of 1912 is
almost equaled. The mines of the United States,
too, show an increase in product for 1915, according
to the preliminary estimate of Mr. R. W. Woolley,
Director of the Mint, carrying the year’s result very
close to the high-water mark of 1909. Russian
mines, moreover, did very well in the late year, as
far as can be judged from such information as is at
hand, the utilization of prisoners of war in the work
ings materially assisting. The loss in Australasia is,
as we stated last year, merely the oft-told story
of poorer grade ores in the lower levels of the
mines and the retrogression in Mexico simply reflects
the unsettled conditions there. A feature of the
year, second only in importance to the actual yield
of gold itself, has been the extremely large gain in
the visible stock of the metal in the world— a gain
far transcending the total product of the various
fields.
In the United States the result reported is above
all years except 1909, which it, however, very
closely approximates, and may even be found
to exceed when the final figures are compiled some
months hence. All the leading producing States
apparently increased their output in the late year,
but the gain was in greatest degree contributed by
California, Colorado and Montana.
Little is to be said of the Transvaal except that,
as intimated above, with normal conditions practi
cally restored, the mines are being systematically
developed. Almost every month during the year
witnessed accessions to the working force in the
mines, the number of laborers increasing from
164,650 at the close of 1914 to 184,155 at the end
of the half-year and 208,438 on Dec. 31 1915. The
fact that the force could be so measurably augmented
in the face of the unsettlcment caused by the necessity
of carrying on war with the Germans in Africa is a
decidedly favorable feature of the situation. As re
gards the other African fields, suffice it to say that
Rhodesia and West Africa, &c., further increased
their production in the late year, so that, outside
the Transvaal, a moderate addition to the aggregate
yield is to be noted for 1915. For the whole of
Africa the output at 10,598,411 fine ounces is anew
high record, exhibiting as it does a gain of 789,471
GOLD AND SILVER PRODUCTION AND
fine ounces over 1914 and of 303,757 fine ounces
MOVEMENT IN 1915.
over the 1912 mark.
An augmentation of the gold production of Canada
The striking feature in the history of the world’s
gold production in 1915 is that, notwithstanding the in 1915 is indicated by the preliminary approxima
tremendous conflict going on in Europe, involving tion of Mr. John McLeish of the Department of
not only all the leading nations of the Continent, Mines of the Dominion, the addition coming mainly
but Great Britain and her Colonies, the aggregate from British Columbia, which of late years has made
of the precious metal produced has been of very noticeable advancement as a producer of the precious
satisfactory proportions. In fact a new high record metal, actually outstripping the Yukon each year
has been made. This has been possible simply since 1907, only excepting 1912. The Colar field of
because the amount of gold obtained from mines in India, on the other hand, made a reduced contribu
the countries engaged in the war is a negligible tion to the world’s aggregate new supply in 1915,
quantity except from Russia, and the gold fields of practically every working sharing in the shrinkage in
that country are well removed from the disturbed production, and in Australasia the history of the late
area. The year actually witnessed a noteworthy year is simply a continuation of that of every year
expansion in the amount of gold mined, an outcome since 1905—decreasing yield in about every Province.
to be ascribed most largely to augmentation of I It is difficult to realize, as we intimated last year,
District Court that some $30,000 of interest on the
savings bank deposits, which had been claimed and
attached by the plaintiffs, belongs to the defendants.
Undoubtedly this is a case of individual hardship.
But the attack upon the open shop and the right to
work, exemplified in the effort to coerce the Loewe
concern, as in all the long line of like attempts since
organized labor began its acts of coercion, was
brutally harsh and deserves no pity from either
the law or public opinion. It has been throughout
identical in substance with the doctrine of militarism
which is now drenching the world with blood: that
force can make things right, that a system or a
unified body can demand unlimited submission,and
that no individual suffering is to be considered as
against the assumed and alleged good of the whole.
No pity was bestowed upon cither employer or em
ployee when in the path of the organized machine,
and those who are now in the path of slow-moving
justice are not entitled to any plea in abatement
because they must be hurt. Vicarious suffering,
and suffering not distributed with exact fairness
according to the respective fault of those who are to
blame, is a part of the law of creation.
These unfortunate hatters who trusted too much
in the potency and protection of the union now
have the most valuable lesson upon the unwisdom
of timid surrender of personal rights to any organi
zation. Nothing could so effectually work as an
antidote to unionism as the pain and educative
effect of this personal punishment; and although the
sufferers are partly relieved by the keeping of the
promise of aid on which they relied, the lesson will
be spread still farther by the redemption of the
pledge. Indeed, the asking of a voluntary contri
bution of an hour’s work (or any other form of con
tribution) is a damaging fact for union tyranny,
since it amounts to a reluctantly-wrung confession.
A cause founded on fundamental right can bear
incidental reverses and even gain strength by them;
an unrighteous cause needs uninterrupted triumphs.
Having force as its only basis, organized labor must
claim infallibility and invulnerability and must be
able to make good the claim. The Danbury case
resembles a Waterloo for it. It has been obliged to
make an exhibition of its wound to the rank and file
of its own followers who had implicitly accepted its
professions of ability to protect them. Tediously
slow though the struggle with it has been, its inner
citadel has gone when it confesses to its dupes that
it staked all on one case and has lost.
THE CHRONICLE
Feb . 26 1916.]
that Australasia at one time stood at the head as a
gold producer of the world—in fact, as late as 1904and much was expected of its mines. But poorer
grade ore began to be run into in 1906 as the lower
levels were reached, and since then output has
steadily declined until in 1915 it reached only a little
over 2 million fine ounces, against
millions ten
years earlier, a reduction of nearly one-half.
Very little information is at hand from other goldproducing localities, but such as has been received
seems to warrant the conclusion that the results,
when made public, will show that a greater quantity
of the metal was mined in South America and Japan
and some less prominent producers in 1915 than in
1914. Russia (including Siberia) likewise, and for
the reasons already stated, doubtless will exhibit
expansion in yield when the figures are available, but
it is obvious that in France and Austria, the only
other countries in Europe from which any mentionable amount of gold is secured, a further contrac
tion in output was the outcome of 1915. No data,
however, have been obtainable, and consequently
such estimates as have been given out since the year
closed for any of the countries at war, including those
incorporated in our compilation, may be considered
to be off-hand estimates, subject to more or less
change. Conditions in Mexico have been such as to
materially interfere with mining operations, and a
further decrease in yield there is entirely probable.
The following detailed compilation of the gold
product will enable the reader to trace the growth
of the contribution from the various sources of supply
since 1880. Corresponding information from 1871 to
1881 will be found in Volume 70 of the “Chronicle,”
page 256, and from 1851 to 1871 in Volume 54, page
141, or in 1887 issue of the “Financial Review.”
G O L D .— P R O D U C T IO N IN T H E W O R LD — O U N CE S A N D
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•Forfigures from 1851 to 1881 see Vol. 70. pages 250 to 260.
“
“
“ 1851 to 1871 see Vol. 54, p. 141 to 144 or 1887 Financial R ev.
The ounces In the foregoing table for any of the countries given may be turned
Into dollars by multiplying by 20.0718. The value In pounds sterling may also be
ascertained by multiplying the ounces by 4.2478. Thus, according to the above,
the product In Africa in 1915, stated In dollars, Is $283,168,345, and In sterling
£45,019,929.
74 9
As summarized above, the gold production of the
world in 1915 was approximately 23,063,673 fine
ounces, valued at $476,767,636, or an increase of
1,023,115 fine ounces, or $21,149,629, over the pre
vious year, and a gain of 497,976 fine ounces, or
$10,294,061, over 1912, the previous high record year.
In the last decade the annual yield of gold has risen
from 18,290,567 fine ounces to 23,063,673 fine
ounces, or a gain of 4,773,106 fine ounces. The ad
vance in Africa during the same period, however, has
been from 5,494,473 fine ounces to 10,598,411 fine
ounces, or an augmentation of 5,103,938 fine ounces.
It is clear, therefore, that outside of Africa there has
been a decrease in the ten years of 330,832 fine ounces.
In tracing the annual production of gold in the
world to its place of ultimate lodgment, which we
have made a feature of this review for some years
past, considerable difficulty has been encountered
the last two years on account of the situation in
Europe. Under normal conditions our investigations
have, within certain limits, met with very satisfactory
results, but with many of the leading nations of the
world engaged in a bitter war, and all anxious to in
crease their holdings of the precious metal, an
anomalous situation is disclosed. In other words, a
very large amount of privately hoarded gold has been
brought into visible channels. In the first place it is
to be noted that with practically no source of new
supply from within and virtually no inward move
ment from abroad, the gold holdings of both the
Bank of France and the Bank of Germany increased
largely in 1915, following very extensive gains in
1914. In the first instance the addition to the gold
stock, which totals 150 million dollars, can be ac
counted for by the popular exchange of the metal for
the Government’s paper obligations and the making
of payments in gold of subscriptions to the various
internal war loans that have been issued. As re
gards Germany, too, the gain of 92 million dollars is
evidently explainable in a similar manner.
Other European banks, too, have materially added
to their holdings of the metal; the Netherlands to
the extent of 88 million dollars and practically
doubling its gold stock within the year. Spain, fur
thermore, held 58 million dollars more at the close
than at the opening of the year, of which imports
from Great Britain accounts for about 38 millions;
Russia gained 55 millions, and Sweden, Norway,
Denmark and Switzerland collectively report 19
millions more on hand on Dec. 31 than on Jan. 1.
The aggregate gain here disclosed is 462 million
dollars. On the other hand, the Bank of England
lost 90 million dollars, which is more than explained
by direct net exports from Great Britain (of which
the greater part to the United States), and the
amount sent from Canada to the United States for
account of the hank and included in its weekly state
ments. A diminution of 18 millions in the gold stock
of the Italian Bank brings the sum of the losses up
to 108 millions, leaving the net accumulations for
the year of all the European banks 354 millions, this
following an enlargement of 690 million dollars in
1914. In addition to the large gain in gold by the
European banks, it is to he stated that the visible
stock in the United States as compiled by the
Treasury Department increased 497 million dollars
in 1915. The general stock of gold coin and bullion
in the country at the close of the year being reported
at $2,312,444,489 against $1,815,976,319 on Jan. 1.
We have, therefore, for the European institu-
tions and the United States, an augmentation in
gold holdings of 85.1 million dollars, from which
should be deducted^the 8 millions net received in
Great Britain from India, Egypt, South America,
&c., leaving, net, 843 million!,dollars. This, it will
be noted, is 367[- million dollars greater than the
year’s production of new gold, without making any
allowance for the amount of gold used in the arts,
&c., in the world, whic^.for-G913^was estimated' by
the United States Bureau of the Mint at 166 million
dollars. That figure,! of| course, under prevailing
conditions, is apt to be very much over the mark,
but its inclusion either in full or in part in this analysis
is not necessary in order to indicate how largely the
war has brought out the privately hoarded gold.
O fficial D etails from G old -P rodu cin g C ou n tries.
From the returns we have obtained from the mines,
mint bureaus and other official and semi-official
sources respecting gold-mining in 1915, we are able
to deduce the following:
United States .— An appreciable augmentation in tho yield
of gold from the mines of the United States is denoted by
the preliminary estimate issued jointly by the Bureau of tho
M in t and the Geological Survoy, tho output being put at
210,881 fine ounces moro than in 1914 and only 37,852 fino
ounces less than the record of 1909. The increase in 1915is
contributed in greatest measure by California, Colorado and
M ontana, where thero were gains of 84,845 fine ounces,
110,720 fine ounces and 29,969 fino ounces, respectively.
The Philippines, moreover, show very satisfactory increases,
and production also advanced in U tah, Alaska, Oregon,
South Dakota and New Mexico. Arizona, on the other
hand, showed a decline, and results in N evada, Washington
and Idaho fell below those of the previous year. The ounces
and values as estimated for each State in 1915 contrast as
follows, with tho final figures for 1914 and 1913:
G O LD P R O D U C T IO N IN U N IT E D ST ATE S
Cold ------------ 1915------------ ------------- 1914------------- ---------------- 1913-Value.
Value. Pine ozs.
Production. Pine ozs. Value. Pine ozs.
876,057 S18,109,700
-
962,779 S19,902,400
Colorado . . . 1,073,499 522,191,200
California . . 1,112,906 23,005,800 1,028,061 21,251,900
S00.471 16,547,200
Alaska ______
804,317 16,626,700
South D akota 357,850
7,397,400
354,782
7,334,000
200,446
4,143,600
M on tan a ____ 230,415
4,763,100
A riz on a _____ 198,695
4,107,400
221,020
4,568,900
163,362
3,377,000
Utah................ 169,061
3,494,800
558,064 11,536,200
N e v a d a ......... 547,349 11,314,700
Id a h o_______
57,431
50,726
1,048,600
1,187,200
Oregon______
84,144
1,739,400
76,887
1,589,400
58,974
1,219,100
New M exico.
69,176
1,430,000
W ashington..
12,926
267,200
28,435
587,800
9,534
197,100
South. States.
8,616
178,100
63,259
53,648
1,109,000
Other States.
1,307,700
879,174
735,364
348,988
160,647
198,406
172,711
579,408
60,193
71,495
43,149
31,806
7,253
35,133
20,241,300
15,201,300
7,214,200
3,320,900
4,101,400
3,570,300
11,977,400
1,244,300
1,477,900
892,000
657,500
149,900
720,300
Totals ....4 ,7 8 3 ,8 5 7 $98,891,100 4,572,976 $94,531,800 4,299,784 $88,884,400
A fric a .— A satisfactory gain in the volume of gold obtained
from the mines of Africa in 1915 is indicated by tho returns
at hand, a not unnatural result following the settlement of
tho labor troubles in tho Transvaal. Each month of the year
gave a better return from tho Rand workings than in tho
corresponding period of the previous year, and from Juno on
to tho close new high records were mado in each period. In
the first six months the loss in output as compared with 1912
was 104,196 fine ounces, but for tho last half of tho year tho
gain was 123,547 fino ounces. For tho twelve months,
therefore, the augmentation over the provious high-water
mark was 19,351 fine ounces. The output of the Rand
monthly for the last seven years is subjoined:
Ounces.
January..
February.
M arch __
Ap 11____
M ay_____
June.........
J u ly .........
August . .
September
O cto b e r ..
Novem ber
D ecem ber
[Vol . 102.
THE CHRONICLE
75 0
W IT W A T E R S R A N D
1909.
591,976
550,645
592,415
587,626
603,411
596,216
599,078
590,924
585,736
581,132
576,768,
583,209
1910.
579,743
550,422
581,899
594,339
606,724
598,339
610,664
623,129
621,311
627,445
617,905
616,668
D IS T R IC T — F IN E
1911.
625,826
585,863
649,247
638,421
658,196
657,023
679,881
682,405
669,773
677,923
691,462
680,782
1912.
709,280
674,960
796,755
706,763
746,948
722,588
735,941
732,197
716,495
738,082
727,699
745,860
1914.
021,902
597,545
657,708
655.607
689,259
688,232
703,136
684.607
677,063
703.9S5
685,450
669,075
1915.
689,817
653,213
727,167
717,225
737,752
727,924
742,510
749,572
749,235
769,798
753,605
755,101
Totals .7,039,136 7,228,588 7,896,802 8,753.568 8,430,998 8,033,569 8,772,919
Districts of tho Transvaal outsido the Rand did hardly as
well as a year earlier, but a better showing was mado by
Rhodesia, where production increased from 854,538 fino
ounces to 915,028 fine ounces, and from W est Africa, M o
zambique, Madagascar, & c., tho collective contribution to
the world’s new supply was but nominally less than in 1914,
according to the preliminary figures. Finally, the yield of
the whole of Africa was 789,471 fino ounces moro than in
1914 and 303,757 fine ounces greater than in 1912, tho former
A F R IC A ’S G O LD P R O D U C T IO N — F IN E O UN CES.
---Year.
Witwatersrand-----
Ounces.
1887(partyr)
1888_______
1 8 9 0 ..........
1895_______
1898 _____
1899 _____
1900 _____
1901 _____
1902 _____
1903 ........ 1905_______
1911
...
1912
.
1913
...
1914
1915
.
----------
£
Other----------
Ounces.
£
-----------
Total-----------
Ounces.
28,754
122,140
- ............................
28,754
190,266
SOS,210
50,000
212,390
240,266
407,750
1,732,041
71,552
303,939
479,302
1,845,138
7,837,779 270,000 1,146,906 2,115,138
3,562,813 15,134,115 341,908 1,452,357 3,904,721
3,360,091 14,273,018
305,784 1,298,909 3,665,875
395,385
1,679,518
166,922
709,051
562,307
238,995
1,015,203
235,701 1,001,211
474,696
1,691,525
7,185,260
307,286 1,305,299 1,998,811
2,859,479 12,146,494
458,183 1,946,290 3,317,662
4,706,433 19,991,658
788,040 3,347,436 5,494,473
7,896,802 33,544,036 1,469,199 6,240,863 9,366,001
8,753,568 37,182,795 1,541,086 6,546,225 10,294,654
8,430,998 35,812,605 1,609,420 0,837,083 10,040,418
8,033,569 34,124,434 1,775,371 7,541,421 9,808,940
8,772,919 37,265,005 1,825,492 7,754,324 10,598,411
£
122,140
1,020,600
2,035,980
8,984,685
16,586,472
15,571,927
2,388,569
2,016,414
8,490,559
14,092,784
23,339,094
39,784,899
43,729,020
42,049,688
41,665,855
45,019,929
Australasia .— The declining tendency in production in
Australasia, which has been an annual featuro sinco 1905
(due largely to the poorer grade ores in the lower levels as
well as to some extent to exhaustion) continued in 1915, the
latest year’s yield being only a little moro than half of that
of ten years earlier. The subjoined table indicates the pro
duct of. each colony and tho total of all, year by year, sinco
1899.
P R O D U C T OF G OLD IN A U ST R A LA S IA N CO LO N IE S— F IN E O UN CES.
NewSo. Queens- Western New South Tasma- TotalAusYears. Victoria. Wales, land. Australia. Zealand.Australla. nla, Ac. tralasta.
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
...7 2 6 ,6 6 6
...7 1 1 ,0 4 6
...7 2 8 ,3 8 0
...7 6 7 ,3 5 1
...7 7 1 ,2 9 8
...8 1 0 ,0 5 0
...7 8 6 ,0 5 4
...7 1 0 ,2 6 9
...6 7 6 ,0 0 1
...6 6 4 ,2 2 2
._ .502,914
...4 8 0 ,1 3 1
...4 3 4 ,9 3 2
...4 1 3 ,2 1 2
...3 2 9 ,0 6 5
281,209
216,884
254,432
258.4S8
269,817
274,263
253,987
247,363
224,788
204,709
189,214
177,418
165,283
149,657
124,507
132,304
855,959
733,975
653,362
686,469
624,917
577,559
493,120
457,596
452,451
455,577
440,784
359,999
317,946
265,735
248,395
229,172
1,438,659 335,300 26,458 05,710
1,616,933 412,SOS 29,668 70,990
1,769,176 459,408 23,662 60,974
2,064,798 479,73,8 24,401 30,678
1,985,230 467,647 17,913 60,000
1,955,316 520,010 20,547 74,316
1,794,542 532,922 14,078 50,888
1,698,553 477,303 11,870 65,354
1,648,505 474,415 14,500 60,453
1,595,269 472,464 20,052 44,777
7,108 40,434
1,470,632 450,433
1,371,848 426,813 20,000 52,418
1,282,654 310,962
6,592 43,310
1,314,043 343,595
6,556 54,793
1,232,973 187,243
6,258 47,049
1,210,676*185,000 *17,000 *49,524
3,729,961
3,792,364
3,949,394
4,317,923
4,196,822
4,232,091
3,925,597
3,608,308
3,551,113
3,447,070
3,177,465
2,911,410
2,606,878
2,569,311
2,259,637
2,152,741
♦Partly estimated.
Canada .— Continued development of mining in British
Columbia and better results in tho Yukon district account
for the increasing production of gold in Canada this year.
As regards the 1915 yield of the mines, M r . John McLeish,
Chief of tho Division of Mineral Resources and Statistics,
Department of Mines of Canada, on such information as is
available, estimates the output at 819,900,000, or 962,664
fine ounces. This is the best result since 1902. Tho exhibit
for tho last fifteen years is as follows:
cine.
Canada’? production In 1900--------------------------------------$27,910,752
••
•
1901 ............ ............................... 24,462,222
20,741,245
••
‘
1102 ......................
•
1903............................................... 18,834,500
”
’’
1904............................................... 16,400,000
“
’’
1005............................................... 14,480,800
’•
’
1906............................................... 12,023,932
’’
’’
1907................................
8,3S2,780
"
’’
1908........................................
9,842,100
’’
’’
1909............................................... 9,790,000
10,205,835
’’
"
1910.........................................
’’
’
1 9 1 1 .........................................
9,7.81,077
12,648,794
”
”
1912__________
“
"
1913.................
10,598,923
"
"
1 9 1 4 ................
15,983,007
“
“
1915...........................................
19,900,000
Ounces.
1,350,475
1,183,362
1,003,359
911,118
793,350
700,800
581,660
405,553
470,112
473,592
493,708
473,159
6 1 1.385
802,973
773,178
902,664
In d ia .— Tho returns from tho Colar field, from which
very much the greater part of the East Indian gold product
is obtained, denote that tho yield of the country in 1915 was
less than in the preceding year, tho declino being shared in
by all districts except North Anantapur. Tho details for
the last seven years are appended.
EAST IN D IA — G O LD PR O D U C T IO N P R IN C IP A L M IN E S .
1915.
1914.
1913.
1912.
1911.
1910.
1099.
Ounces. Ounces. Ounces. Ounces. Ounces. Ounces. Ounces.
Champion R e e f . . . . . . . 127,488
.................... 86,643
Ooregum
__________ 207,981
Mysore
Nundydroog .................. 76,063
nalaghot ........................ 16,083
North Anantapur.0 — 15,570
Iluttt, A c _______ _____ 26,768
137,255 133,375 132,338 123,195 118,351 113.877
96,261 05,235 92,177 94,034 93,767 92,003
230,665 232,100 231,687 230,135 228,727 228,249
79,924 80,379 86,995 90,173 89,229 80,606
17,403 17,495 17,379 17,027 15,997 21,203
13,350 10,780
7,271
5,282
159
2,009
27,045 19,745 16,991 13,723 ............................
T ota ls.......................... 556,596 601,903 589,109 584,838 573,569 546,230 544,007
aM ysore West and Wynaad for 1909 and
O UN CES.
1913.
760,981
702,394
760,324
755,858
761,349
716,267
625,107
697,686
676,411
687,515
644,320
642,786
record year. The subjoined compilation, which covers the
progress in goldmining in all districts of Africa sinco 1886,
requires no further explanatory comment.
1910.
Russia .— But very little early information of a reliable na
ture is obtainable from Russia in a normal year, and under
existing conditions it is to bo inferred that virtually no data
as regards gold-mining operations in 1915 are available at
this time. The situation, however, as explained above, is
such that a small gain in production may havo occurred in
1915. W e therefore hazard a tentative estimate of $29,
000,000, or 1,403,000 fine ounces, as the output of tho Rus
sian mines in tho late year, or abour 20,103 fino ounces moro
than in 1914. Details for tho last thirteen years aro ap
pended.
Value.
Russia’s prod ctlon In 1902.................................................. $22,739,013
24,032,200
”
"
1903...............................
’’
’’
1904 .................................................... 24,803,200
“
’’
1905....................
22,201,600
’’
’*
1 9 0 6 ..............
19,494,700
•*
“
19C7..................
26,684,000
"
’
190S ................................................... 28,052.200
’’
"
1909................................................... 32,381,300
"
’’
1910................................................... 35,579,600
“
”
1911 ................................................... 32.151,600
"
“
1912................................................... 22,199,000
"
"
1 9 1 3 .................................................. 26,507,800
*•
"
1914.................................................... 28,587,000
"
“
1915................................................... 29,000,000
Ounces.
1,100,000
1,191,580
1,199,857
1,078,356
943,056
1,290,840
1,357,027
1,566,448
1,721,163
1,555,333
1,073,875
1,282,313
1,382,897
1,403,000
Ee b . 26 1916.
THE CHRONICLE
751
.—It is not to bo expected that with the
restrictions the war has placed upon the sources of informa not long be exiled from its accustomed courses.
tion and means of communication in Europe, that from other Probably it was all to the good that disillusionment
sections of the Continent, as well as from Russia, reliable data was gradual, as it conduced to the preservation of
as to gold .production can be secured now. France and an even, and comparatively contented, mind. Per
Austria are tho only countries to bo credited with a mention- haps there was too much serenity but it must be
able yield, but with both involved in the war it must havo owned that this quality enabled the business world
decreased quito materially. In Mexico, too, it is to bo
assumed, a furthor falling off in output has occurred under of Great Britain, from time to time, to accept and
the conditions existing. South and Central America and act upon the frequently belated requirements of the
Japan and China, on tho other hand, seem to have con Government. One of the most competent of minor
tributed a littlo more largely to the world’s new stock of
gold in 1915 than in 1914. But “Other Countries” collec Ministers of the Crown has drawn attention to the
tively, and not including Mexico, which appears separately disadvantage under which British industrial enter
in our compilation, havo apparently decreased their produc prise has labored, owing to the lack of adventurous
tion by about 30,000 fino ounces.
spirit in our banks, but that has been part of the
Silver Production of the World.
salvation of the country. Banking adventures in
Wo can merely repeat that tho difficulties that beset us in peace are apt to spell lock-ups in war, and our banks
investigating tho course of gold mining in 1915 are as nothing were happily free to follow their traditional, if nar
compared with thoso encountered in following up silver pro
duction. The estimato of tho Bureau of tho Mint covering row, policy of making advances to customers of good
tho result in tho United States is available as usual, and it credit and furnished with ample security. If, and
shows a decreaso of about fivo million ounces from 1914 when, a list is published of the establishments that
Idaho and Nevada measurably decreasing their output. I have done their part in supplying munitions of war
Canada Mr. McLeish puts tho silver yield at 26,900,000 it
will be seen that not only have the most diverse and
ounces, or 1 ^ million ounces less than in 1914. This com
prises nearly all tho really authentic information wo have at unexpected industries volunteered or been enlisted
hand regarding 1915, but there is reason to beliovo that in in the national service but that through their diversity
Mexico and Australasia production has declined. Tho prico and multiplicity the banking resources of the king
of silver in London fluctuated injwider limits during tho year dom have been fully and directly applied with cumu
than in 1914, tho close having been at 26^d., against
22 9-16d.at the opening, with tho highest prico 27 3-16d.,tho lative force to fulfilling the call of the hour.
lowest 22 9-10d. and the average 23%d. In 1914 tho The first linancial opisodo of last year was the reoponing
averagewas25 5-16d.,or 1 ll-16d. higher, and the averages in of tho London Stock Exchange under rigid restrictions which
earlier years wero 27 9-lGd. in 1913, 28 l-32d. in 1912 put all transactions on a cash basis, required all sales to bo
24 19-32d. in 1911, 24 11-lGd. in 1910 and 23 ll-IGd. in 1909. accompanied by particulars of the stocks or shares offered,
Wo now present a statement of silver production covering insisted on proof that no securities dealt in should come out
each year since 1890. Seo “Chronicle” of Feb. 11 1899 of onomy ownership, and fixed minimum prices for invest
ment securities. Formidable and laborious forms necessar
pago 258, for rosults back to 1871.
ily accompanied thoso restrictions and a once free and
SILVER.—WORLD’S PRODUCTION IN OUNCES AND STERLING
United
responsivo market lumbered along clumsily under tho re
P in e
States.
M exico.
straints, which havo been lightened from time to time.
Ounces
Ounces.
Ounces.
£u
1891------ 68,330.000 36.719.237 10.000.000 33.016.175 137.965.412 25.000.270
The Stock Exchange community, lodged in expensive officos,
1892
63.600.000
39.604.800 13.439.011 36.496.175 152.039.986 25.370.513
1893
60.000.000
44 370.717 20.501,497 41,228,063 166,100,277 24.655.510
with concomitant rates and taxes, in a narrow district, whore
1894
49,500.000
47.038.381 18.073,440 53.140,696 167.752.517 20.226.410
a
fow feet of frontago with no great depth had been computed
1895
55.726,945
40,902.738 12.507.335 53.083.231 169,180.249 21.059,416
T o t a l ---------------in millions sterling, suffered as severely as any class tlirough
91 -95.287.056.945 213.595.873 74.521.283 218.764.340 703.938.441 117.212.123
1896
-------------------- 58 834.800
45 718.98240.268,888 157.061.370 19.059.882
12,238.700
tho war. At the beginning of last year its numbers had
1897
-------------------- 53.860 000
53.003.180
11.878
000 44.431.992 164.073.172
1898
54.438.000 56.738.000 10.401.100 51,500.764 173.227.864
been
much reduced by enlistment among thoso of military
1899
54.764.500 65.612.09012.686.653 44.161.000 167.224.243
ago
while
others had flocked to the Navy or Army pay de
1900
57.647.000 57.437.S08 13.340.263 44 413.802 172.838.873
Total
partments or *to fill the places of younger men in banks,
•96-00.279.544.300 269.410.060 60.634.716 224.836.446 834,425.522
1901
55.214.000 57,656.549 10.230.046 49.010.688 173 011.283
insurance offices and tho like. Nobody who has watched
1902
55.500.000 60.176.604 8.026,037 39.060 842 162.763.483
1903
64.300.000 70.499.942 9.682.856 33.206.394 167.689.192
tho city and its ways since tho war began can bo indifferent
1904
57.682.800 60,808.978 14.558.892 31.144.596 164.195.266
to tho manner in which nearly every individual has sought
1905
66.101.600 65.040.865 12.561.600 35.884.774 169.588.830
T o t a l ---------------------------------a niche into which ho could fit and clear the way for a younger
•01-05.278.798.400 314.182.938 55.059.431 189.207.294 837.248,063
190!)
56,517,900 65.225.268 14.237.246 39.660.226 165.640.640
man to go fighting. Hero it may bo suitable to say how
1907
66.514.700 61,147.20319.083,031 48,269.689 185.014,623
well
women havo adapted themselves to banking work, in
1908 ____ 52.440.800 73.664,027 17.175.099 59.906,444 203.186,370
54.721,500 73.949,432 16.359.284 66.185.417 211.215 633
1909
which they had virtually no part until the past year. With
1910
57.137,900 71,372,974 21,545,828 72.822.660 222,879,362
T o t a l ---------------------------------all its disabilities and sufferings the Stock Exchange plodded
'06-10.277.332.800 335,358.904 88.400,488 286.844.436 087,936.628 108 989 652
1911
60.399.400 79,032.440 10.578.421 60.362,583 225,372,844 23 094 847 along loyally; somo of its members with connections result
1912
63,766,800 74.640,300 14.737.944 71.165.610 224,310,654 26‘ l98 751
1913
66.801,600 70,703,828 18,128,577 68,273,038 223,907,843 25 714 416 ing from generations of work did well but the majority
1914
72,455,100 70,703,828 3,520,274 64,424,175 211,103,377 22 264 809
had a poor and variablo existence. The number of trans
1915
67,485,600 65,000.000 3,500,000 60,000,000 195.985,600 19>08!999
_______
actions
marked novor quite reached 4,000 on any one day
Values o f silver In tills tablo nro
values and are computed on the
average price each year o f sliver ns given by Messrs. Pixlcy & Abell, London
V i in and tho liveliest weeks were those in which American railroad
of
In this table $4.8665
.
shares, ono after another, attained the prices of the end of
July
1914, which enabled suspended bull positions in thorn
BUSINESS IN ENGLAND IN 1915.
bo liquidated. This meant a tremendous relief, and
London, January 24 1916.
hero was tho first occasion when tho city liad to be thankful
A coherent account of anything so essentially that tho United States was neutral and prosperous. There
hand-to-mouth and makeshift as business in Great was no falso inodosty about liquidating tho account and
tho solving of position in American securities contributed
Britain last year is hardly to be attained. After greatly to tho total of about 80 per cent of hung-up Stock
the sharp jolt caused by the war everybody sought Exchange commitments that is estimated to havo been
to settle down as was best possible to new and cleared off in the course of the year.
In tho Rovenuo Return for tho nine months to the end of
narrowed conditions. In the autumn of 1914 the
more urgent problems presented by the riving asun 1915 appear somo startling figures; two of them arrest atten
tion, not so much because of their magnitude, but because
der of normal European relations had been dealt of their originality in such a place. On one side are “Re
with, but none of them had been, or could be, solved payments to tho Bank of England, £100,427,023.” This,
outright and many difficulties were tided over by of courso, represents tho making good by the Government
free resort to the expedient of suspense accounts. of its guaranty of bills rediscounted “without recourso.”
In spite of categorical warnings from the military It is not tho measure of tho ultimate loss we may bo sure,
but just as • tho rediscounting privilege was extondod to
authorities and of the stark logic of the stricken field, proservo tho status of tho commercial bill drawn on London
British conservatism retained the belief that it could and to roliovo thoso who found themselves locked up in’what
Other C o u n tr ie s
All O
ther
Producers.
Ounces.
Total
Ounces
Total.
Values
- - - -
-
-
-
_
_ _ _ - -
-
-
-
- - .
-
Australla.
Ounces.
a
£
com
m
ercial
v uul
752
[Vol . 102.
THE CHRONICLE
BANK OF ENGLAND IN 1915— (00.0003
should have been an absolutely liquid and negotiable secu rity,
so the G overnm ent repaym ent was to set the B an k free
for the pursuit of its more normal and indispensable prac
1915.
tice. T h e second entry of unusual im port in the R evenue
R eturn w as “ b y Am erican Loan £ 3 5 ,3 2 9 ,0 0 0 ,” roughly,
one-third of the credit established on behalf o f G reat Britain Jan. 6 ..........
13..........
and France in the U n ited States.
Criticism has been m ade
20
27--------on the terms on which this loan of $ 5 0 0 ,0 0 0 ,0 0 0 was granted
Feb. 3
.
— criticism applied equally to the assum ed incapacity of
17
the negotiators on our behalf and to the assum ed rapacity
24_____
.
of those who lent the m on ey.
T h e answer to all such carp
.
ing is to be discovered in the profound concern aroused in
.
the city b y the violent diversion of the exchanges to the
.
.
Apr.
prejudice of E u rop e.
Those who were best aware that the
.
solvency o f B ritain was n ot in doubt were m ost distressed
28.
.
over the tem porary depreciation of the sterling unit where
and when its integrity was of supreme im portance. T h e anx
19.
.
iety took som e tim e to infect G overnm ent circles bu t it cap
.
.
tured th em , resulting in the dispatch of Lord R eading’ s
.
.
C om m ission and later in the organization b y which private
.
holdings o f Am erican securities in the British Isles are being July 7.
.
.
14.
put at the disposal o f the Treasury either b y sale outright
2 1.
.
or b y deposit for use as collateral for loans in the U nited
Aug. 4.
States.
T h o u g h G overnm ent purchases of supplies have
11.
.
produced the intense dislocation of the exchanges the ordin
25.
.
ary m achinery has been thrown out of gear b y the fall in our
.
.
exports, and bankers have established credits independent
22.
o f the G overnm ent measures. T h e p lay of the exchanges
.
29.
0.
is still keenly w atched, b y some in the pure interest o f the Oct. 13.
.
.
20.
inviolability of the sovereign, bu t b y m ost in a more prac
.
27.
.
tical sense and w ith a due understanding that our ability Nov. 3.
.
10 .
to rem it bears on your volum e of export so that interest is
.
n ot w holly one-sided.
If only on account of their m agnitude the war borrowings
o f the year could hardly be side-tracked into a paragraph
about new issues. T h e m ain war loan w as o f unspecified
am ou n t, as in order to attract subscriptions holders of
older British securities— Consols, annuities and the war
loan o f 1914— were given privileges of conversion into the
new typ e, conditional on the possession of certain am ounts
o f the now issue.
It w as soon found im possible to m ain
tain this rigid restriction of the right of conversion.
In
practice there was nothing to prevent arrangements between
subscribers to the new loan who owned no convertible
securities a n d holders of the latter who could n ot acquire
the requisite privilege. A regular traffic sprung up with
the connivance o f the authorities, com bination deals in
which holders o f new loan bought Consols or old war loan
which th ey could convert and then conveyed to the sellers
the new loan scrip minus the talon which conveyed the
conversion privilege, becam e com m on .
W h e n the conver
sion period expired it was found that some 7 0 per cent of the
available rights had been em ployed bu t that under 4 0 per
cent each o f the outstanding Consols and 3 A per cent war
loan had been transformed into the new typ e.
T h e m oder
ate proportion o f Consols converted was understandable,
as huge' sum s were held b y G overnm ent departm ents and
in trusts which could n ot bo interfered w ith , but that £ 2 1 5 ,
0 0 0 ,0 0 0 of £ 3 5 0 ,0 0 0 ,0 0 0 of the 1914 loan should be left on
the 3 A
l per cent basis when a paym ent of £ 5 per cent in cash
could have turned it into a 4 A per cent was less compre
hensible. A t the end of the year the revenue return showed
£ 5 8 6 ,3 1 0 ,0 0 0 received on account of the new war loan, so
that the total fell short of the £ 6 0 0 ,0 0 0 ,0 0 0 aim ed a t.
But
all of this sum was cash.
From the appended table showing the situation of the
B an k of England from week to week it is possible to gather
some inkling of the varying characteristics of the year.
The
B an k rate did n ot change at all.
T h e note circulation
reached its m axim a a t the usual tim es, the end of each
quarter, b u t throughout the year the outstanding Treasury
notes gradually increased.
Bullion holdings fell as the
effort was m ade to satisfy the ever widening discrepancy
in the exchange between this country and yours.
In the
early autu m n the public was persuaded to surrender its gold
pocket m on e y, but the accretion soon ebbed aw a y.
Public
deposits rose and fell according as installm ents of loans
m atured and exceeded current disbursem ents, until the
inauguration in April o f the system, of soiling Treasury bills
daily at fixed rates kept a more even level of G overnm ent
credits. T h e last return o f July m arks an epoch, for then
we find “ other” deposits cut into by war loan subscriptions
and m uch o f the m oney em ployed to relievo the B an k o f the
bills rediscounted w ithout recourse, for which the G overn
m ent now assum ed direct responsibility :
8l
15.
22.
.
.
.
.
.
.
S e c u r itie s .
D e p o s its .
N o te
C ir
c u la
tio n .
£
35,8
35,1
34,7
34,7
34,8
34,4
34,1
34,2
34,5
34,2
32,6
34,1
35,1
34,9
34,5
34,3
34,6
34,9
35,0
34,0
32,9
33,5
33,1
32,9
33,1
34,6
35,0
34,4
33,7
33,5
33,4
32,4
31,9
31,8
32,3
31,7
31,5
31,6
32,7
32,8
32,5
32,5
32,7
33,4
33,1
33,0
33,3
34,2
34,1
34,2
35,0
35,3
B u llion
in
B oth
D e p 'r t - P u b lic . O th er.
m en ts.
£
68,8
69,3
69,9
69,1
67,6
67,2
65,5
63,8
59,9
59,8
59,4
57,2
53,8
53,7
55,3
55,6
55,3
56,3
63,6
61,7
61,7
58,6
59,3
56,5
54,1
52,0
53,2
53,1
59,4
60,9
62,2
65,7
67,1
67,3
68,4
67,4
63,7
62,9
61,5
61,2
59,9
58,8
56,2
56,6
55,3
53,5
52,4
51,2
50,2
50,2
51,0
51,4
£
23,8
44,8
37,5
47,3
38,6
46,4
40,3
26,9
51,8
50,1
70,9
92,0
113,6
105,2
104,1
125,4
132,0
134,1
127,8
130,3
132,0
131,7
123,3
113,0
99,5
81,5
67,8
52,9
109,2
177,6
147,0
142,6
102,6
134,0
137,9
129,5
121,5
108,7
116,2
81,3
70,8
46,1
39,8
45,5
48,9
50,1
52,1
50,3
52,4
52,1
53,1
49,6
£
G ov
ern
m e n t.
133,3
116,0
126,2
117,5
123,9
115,8
117,6
132,8
118,8
129,7
100,4
93,0
89,7
97,6
102,9
88,7
87,0
85,1
95,6
94,0
87,7
84,0
91,4
101,7
109,5
140,6
139,8
157,9
134,6
95,5
84,2
85,0
124,6
89,4
87,9
85,9
90,1
89,6
76,6
98,3
97,9
98,3
99,6
95,7
90,4
91,6
84,6
93,5
90,0
94,1
98,7
111,9
£
14,8
18,0
18,0
21,3
21.3
24,5
24,5
26,9
26,9
27,1
30,0
35,3
44,6
44,6
47,8
47,8
51,0
51,0
51,0
51,0
51,0
51,0
51,0
51,0
51,0
51,0
51,0
51,7
53,1
53,1
46,8
45,9
45,6
45,6
44,4
34,4
34,4
31,3
31,2
31,2
25,9
18,8
18,8
18,8
18,8
18,8
18,8
29,8
32,8
32,8
32,8
32,8
O th er.
£
108,9
108,2
110 ,2
108,8
108,0
104,6
101,7
102,9
118,1
127,0
115,7
126,5
140,0
138,7
137,8
144,3
146,6
146,1
143,0
145,5
139,2
138,8
136,8
139,4
136,3
152,9
137,9
140,0
164,5
192,1
155,2
148,1
146,1
142,1
145,1
145,2
144,9
135,6
132,3
119,2
114,7
98,6
96,5
98,5
97,6
101,7
98,1
96,4
92,9
96,8
102,4
112 ,0
o m it t e d ).
R eserv e
of
N o tes
and
C o in .
£
A
B ank
R a te.
51,4
52,6
53,6
52,9
51,2
51,2
49,8
48,0
43,9
44,0
43,8
41,5
37,1
37,2
39,1
39,7
39,0
39,8
47,0
46,1
47,2
43,5
44,6
42,0
39,4
35,9
36,6
37,0
44,1
45,8
47,1
51,7
53,6
53,9
54,5
54,1
50,6
49,7
47,6
46,8
45,8
44,7
41,8
41,6
40,6
39,0
37,6
35,4
34,5
34,4
34,4
34,6 '
3
%’
5
--------__
---------_
___
__
__
--,
---__
---------__
__
__
--
Bank
B ills .
%
2%
2 %-U
1%
l%-*4
1%
lu -m
lK i-« 2
1%
l% -% >
1 >*
2%-%
21.1-%
2%-%
3-3%
3-
2% -3
2% -%
2%
2% -%
2% -%
2 % -%
2% -%
2% -%
2%
44%
4% r's
5-5%
4%
4%-%
4%-5
4%-5
4%-%
4-V %
4%-%
4% -%
4% -%
4-V %
4%-»4
434
4% -%
4% -%
4%
5%
5%
5%
5%-Mi
5%
5%-%,
5%,-'4
M o n e y was never scarce throughout the y ear, for alm ost
as fast as the G overnm ent gathered it in it w as disbursed.
A llow ing freely for the gold which left hoards and sovereign
cases for the B ank the circulation o f actual cash was far
beyond the usual.
O nly in the C ity was the turnover of
credit instruments less than the severely reduced total of
the preceding year.
In London outside the city limits the
bank clearings, which had shown a trifling rise in 19 14 , went
ahead very w e ll.
In the country check clearings the increase
was more than ten times as great as the decreaso in 1914.
A ll the industrial and shipping centers returned greatly
enlarged clearings. N ew castle more than m ade good on
naval and other arm am ents w hat it m ust have suffered
through interruption of the N o rth Sea trade.
Sheffield
and Birm ingham did not exceed Leeds and Leicester in the
extent of their expansion, for clothing and boots wear out
more quickly than guns, and m unitions have been m ade in
all sorts of places besides the norm al homes of their m anu
facture.
If and when a list of the firm s contributing to the
service of the artillery and bom bing arm s is published the
British people will wonder w h y it was not fran kly told that
such and such articles were scarce and dear because the
manufacturers were otherwise engaged.
It w ould scarcely
have benefited the enem y and it m ight have heartened the
British people to know a little m ore of the concentration
of our industrial powers on war work.
O f course, the enem y
m ight have been too hard, and our own people too easy,
to persuade of the earnestness of our effort.
H ere are the
figures of the London and the principal provincial bank
clearings in compan
comparison with those of the preceding year :
1914.
I n c . ( + ) , o r D e c . (— ).
1915.
£
£
%
London—
£
T o w n ..................... 10,911,090,000 12,434,322,000 — 1,523,232,000 — 12.2
860 262 000
+ 68,802.000
+ 7 .9
M etrop olita n ___________________ 929,064,000
1,370 464 000 + 197.107,000
+ 1 4 .3
C o u n t r y .............. 1,567,571,000
1,257,323,000
— 8.5
T otal___________ 13^407,725,000 14,665,048.000
It is superfluous to give the usual comparisons for Stock
Exchange pay days and Consols settling days as settlem ents
have been effected from day to day under existing conditions.
E ven the comparisons for Fourths o f M o n th s need hardly
be given, but the total for such dates was £o37,247,0(J0, a
decline of £ 7 5 ,2 7 9 ,0 0 0 , or 1 2 .2 % .
T h e leading provincial
clearing houses show these changes :
19 15 .
B irm in gh a m ____
B r is t o l....... ..........
Leeds ....................
L e ice s te r .............
L iv e rp o o l_______
M a n ch ester-------N e w ca s tle ............
N ottingham .........
S heffield.
89 999.333
39 734 000
32 860 355
20 610 309
292 700 925
351,705 431
77 991 900
18 976 754
31 083.231
955.662.238
1914.
76,889,874
36,216,000
25,864,645
16,269,869
228,827,051
322,694,286
58.147,300
17.976.008
24,862.999
+13,109,459
+3,518.000
+ 6,995,710
+4,340,440
+63,873,874
+29,011,145
+ 19,844,600
+1,000,746
+6.220,232
(— ).
%
+ 17.0
+ 9.71
+ 27.1
+ 2 6 .8
+ 27.9
+ 9 .0
+ 33.1
+ 5 .5
+ 2 5 .0
807.748,032
+ 147.914,206
+ 18 .3
In c. (+ ),o r D e c .
3% ,
4%
Feb. 26 1916.]
THE CHRONICLE
Owing to the raising of about £ 4 4 0 ,0 0 0 ,0 0 0 for war pur
poses in tho closing quarter of 1914 the record o f the London
capital m arket for that year exceeded all previous records
b y well over £ 2 0 0 ,0 0 0 ,0 0 0 , although the advances to local
com panies, British Colonies and foreign countries, were
m aterially reduced.
In the past year subscriptions in the
latter directions were quickly restristed, owing to the regula
tion which places in the hands of the Treasury the right of
refusing or sanctioning every projected issue o f new capital,
including those required for existing undertakings; but the
restriction in this direction has been m uch m ore than counter
balanced b y further borrowings for prosecuting tho Avar
and for financing tho Allies Avho have needed that kind of
assistance.
Tho British G overnm ent 4 }/%% Avar loan and
the net am ount of Exchequer bond issue of M a rch last
represent together abou t £ 0 2 1 ,1 4 0 ,0 0 0 , com paring Avith £ 3 6 4 ,
4 2 0 ,0 0 0 in 1914 and under £ 3 6 ,0 0 0 ,0 0 0 in 1913.
L ondon
also subscribed £ 2 4 ,0 0 0 ,0 0 0 of the recently issued war loan.
In February the Russian G overnm ent raised £ 1 0 ,0 0 0 ,0 0 0 of
one-year T reasury bills at 9 5 and in M a y Argentina placed
£ 5 ,0 0 0 ,0 0 0 6 % five-year T reasury bonds a t 9 9 .
For tho
E a st Indian R y . £ 3 ,5 0 0 ,0 0 0 Avas obtained on 4 ^ % deben
tures and 5}4% five-year notes for £ 5 0 0 ,0 0 0 were subscribed
for tho G rand T ru n k R y ., Avhile £ 3 ,0 0 0 ,0 0 0 Avas raised by
the Central Argentine & Buenos Aires W estern R y s.
A p art
from the Avar issues tho feature o f the year in connection Avith
now capital issues has been the popularity of short-dated
securities.
In the folIoAving table tho total capital subscrip
tions in tho U n ited K in gd om are shoAvn for the past two
years Avith the increases or decreases in 1915, as com pared
Avith 1914:
T O T A L C A P IT A L S U B S C R IP T IO N S OF T H E U N IT E D K IN G D O M
D U R IN G 1915 A N D 1914.
1915.
1914.
I n c . ( + ) o r D e c . (— ) .
£
£
£
%
621.140.000 364.420,400 +256,719,600
+ 7 0 .2
British C olonies______
3,721,200
18,568,200
41,912,300
6,150,200
74,790,000
67,162,000
— 2,429,000
— 56,221,800
— 25,249,700
— 68.2
— 72.5
— 26.8
64,201,700
148,102,200
— 83,900,500
— 56.7
512.522,600 + 172,819,100
+ 3 3 .7
that o f the preceding year, Avhile, as com pared Avith 1 9 13 ,
the reduction Avas £ 1 4 0 ,5 9 8 ,0 0 0 , or 2 6 .5 % .
T h e latter
decline is, o f course, a very serious one; but it has to be
rem em bered that 1913 Avas the “ banner” year, so far as
British exports are concerned, the total o f £ 5 2 5 ,2 4 5 ,0 0 0
contrasts Avith £ 2 9 0 ,8 0 0 ,0 0 0 a decade previously.
In ten
years, therefore, the value of the exports had nearly doubled,
so that a m oderate reaction Avould not have been very sur
prising in a n y circum stances.
T h a t the actu al shrinkage
should not have been greater bears striking testim ony to
the thoroughness Avith Avhich Britain still “ rules the Avaves,”
Avhile G erm a n y ’s boasted sea poAver practically exists only
as a pirate force.
T h e re-exports of foreign and colonial
merchandise increased last year b y £ 3 ,3 2 3 ,0 0 0 , or 3 .4 8 %
to £ 9 8 ,7 9 7 ,0 0 0 , though there Avas a decrease of £ 1 0 ,7 7 8 ,0 0 0 ,
compared Avith the 1913 aggregate.
OAving to the stoppage
o f shipm ents to G erm an y, Austria and Belgium and smaller
sales to South Am erica the exports of coal fell o ff to the
extent of £ 3 ,3 7 8 ,0 0 0 ; m achinery exhibits a falling o ff o f
£ 1 2 ,1 7 1 ,0 0 0 and there Avas a drop of £ 1 7 ,3 4 0 ,0 0 0 in the
exports o f cotton goods.
France Avas a m uch larger pur
chaser, both o f cotton yarns and piece goods; but the in
creaso in this direction Avas far from m aking good the cessation
of shipm ents to enem y countries and the lessened sales to
others.
W o olen goods rose to the extent o f £ 1 ,3 8 8 ,0 0 0 ,
entirely in consequence o f larger French purchases; chemicals
rose £ 2 ,5 5 0 ,0 0 0 and oil seeds, & c ., m ainly owing to bigger
shipm ents to H ollan d , accounted for an expansion of £ 1 ,
4 2 5 ,0 0 0 .
D educting the re-exports from the im ports, the
excess of im ports for the year am ou n ted to £ 3 7 0 ,3 1 2 ,0 0 0 ,
as against an excess o f £ 1 7 0 ,3 4 0 ,0 0 0 and £ 1 3 3 ,9 1 5 ,0 0 0 in
1914 and 1913 respectively.
T h e Board of T rad e figures for imvard and outAvard trade
com e o ut as beloAv. T h e totals do not alw ays coincide
Avith tho sum of the m onthly figures, as adjustm ents are
m ade from time to tim e :
Total Indian, colonial
Grand tota l____
685,341,700
W h e n tho circumstances of the period, at home and abroad,
are fully considered tho British trade statistics for the year
m ake a better showing than could have been reasonably
expected and it is satisfactory to bo able to add that tho
D eoem ber results Avero b y far the best of tho tAvelvo m on th s,
for Avhilo tho increaso in tho im ports Avas no more than
£ 3 ,6 2 1 ,0 0 0 , British exports rose to the extent of £ 7 ,6 6 9 ,0 0 0
and thero Avas a gain o f £ 1 ,8 3 1 ,0 0 0 in the re-exports.
The
total valuo of tho im ports for the year Avas £ 8 5 3 ,7 5 6 ,2 7 9 , an
am ou n t largely in oxcess o f any previous tAvelvo m onths.
A s compared Avith 1914 tho increase am ounted to £ 5 7 ,1 2 1 ,0 0 0
or 2 2 .5 5 % , Avhilo in contrast Avith 1913, tho augm entation
Avas £ 8 5 ,0 2 1 ,0 0 0 .
Tho increase Avas chiefly duo to the
higher prices ruling for nearly all the leading com m odities,
cotton being the on ly im portant exception.
Foodstuffs
and tobacco rose £ 8 4 ,0 0 0 ,0 0 0 over tho 1914 total and £ 9 1 ,
0 0 0 ,0 0 0 over that of 1913, though Avith the exceptions of
tea, coffee and cocoa, tho quantities im ported Avere rather
smaller.
T akin g Avheat as an instance, £ 5 7 ,3 1 3 ,0 0 0 Avas
paid for 8 8 ,6 8 1 ,0 0 0 cAvts. last year, as against £ 4 4 ,7 0 0 ,0 0 0
for 1 0 3 ,9 0 0 ,(X)0 CAvts. in 1914.
T ho im ports o f sugar Avero
abou t 1 0 ,0 0 0 ,0 0 0 CAvts. smaller than in either of tho tAvo
preceding years; bu t tho price rose from £ 2 3 ,0 0 0 ,0 0 0 in 1913
to nearly £ 3 2 ,0 0 0 ,0 0 0 last year.
A p art from m oderate in
creases in tho purchaso of bacon and h am s, tho m eat im ports
Avero bu t littlo changed; b u t there Avas an addition o f £ 2 3 ,
7 2 6 ,0 0 0 to cost.
For nvw materials generally nearly £ 5 l| 0 0 0 ,0 0 0 inoro Avas paid in 1915 than in tho preceding year.
W o o d cost £ 7 ,4 0 0 ,0 0 0 more for abou t the samo q u an tity
received; about £ 1 0 ,0 0 0 ,0 0 0 additional Avas paid for a rather
largor q u an tity o f avoo I, but while an extra £ 9 ,3 2 2 ,0 0 0 Avas
paid for raAv cotton , tho sum purchased 2 6 ,4 7 6 ,0 0 0 centals
against 1 8 ,6 4 1 ,0 0 0 centals in 1914 and 2 1 ,7 4 1 ,0 0 0 centals
in 1913.
I f, therefore, tho Lancashire cotton industry has
felt tho pinch of Avar, as it undoubtedly has, it has not been
because of dear raAv m aterial.
Oil seeds, & o ., liavo risen
over £ 8 ,0 0 0 ,0 0 0 (partly oAving to a further advance in petro
leum ) in spito o f a reduction o f 5 0 ,0 0 0 ,0 0 0 gallons in tho
supplies.
M an u factu red articles im ported increased by over
£ 2 1 ,0 0 0 ,0 0 0 , chiefly in leather, chemicals and m etals other
than iron and steel, n otably in copper, lead and spelter.
W it h an increase of 3 5 0 ,0 0 0 centals in the qu an tity of rubber
received tho cost advanced b y about £ 4 ,5 0 0 ,0 0 0 .
T ho aggregate value o f exports o f British com m odities
less than
Avas £ 3 8 4 ,6 4 7 ,0 0 0 , being £ 4 6 ,0 7 4 ,0 0 0 , or 1 0 .6 9 %
753
January...............................
F eb ru a ry .-------- -------------M a r c h ................................
A p r i l . . .................
M a y .......................
Juno..............................
J u l y .-----------------------------A u g u s t ...............................
S e p te m b e r.........................
O ctob er-------------------------N ovem ber----------------------D ecem b er...............
IM P O R T S .
1915.
1914.
£
£
67.401,006
68,005,009
65,268,814
62,053,651
75,590,918
66.947,315
73,678,288
61,626,830
71,644,966
59,099,290
76,117,797
58,281,653
75,548,147
59,376,484
69,496,695
42,342,707
70,292,919
45,006,607
67,792,557
51,379,435
71,647,160
55,518,130
70,938,394
67,316,898
( + ) , o r D e c . (— ).
£
%
— 604 .003
— 0.8
+ 3 ,2 1 5 ,163
+ 5 .1
+ 8,643 ,603 + 12.9
+ 12.051 ,458 + 19.5
+ 12,545 ,676 + 2 1 .2
+ 17,836 144 + 3 0 .6
+ 16,171 663
+ 27.2
+ 27,153, 988
+ 64.1
+ 25,286 312
+ 56.2
+ 16,413, 12 2
+ 3 1 .9
+ 16,129, 030 + 29.0
+ 3,621, 496
+ 5 .3
In c.
+ 2 2 .5
Y c a r ............................... 853.756,279 696,635.113 +157,121,166
,
B R IT IS H E X P O R T S .
1915.
1914.
I n c . ( + ) , o r D e c . (— ).
£
£
%
J an u a ry .............................. 28,247,592
47,806,165 — 19,558 ,573 — 40.9
February............................. 26,176,937
41,261,797 — 15,084 ,860 — 36.5
M a rc h .......................
30,176,066
44,518,661 — 14,342 ,595 — 32.2
A p r il.....................
32,169,733
39,946,822
— 7,777 089 — 19.4
M a y.................
33,618,992
42,051,190
— 8,432 ,198 — 20.0
June................................
33,233,568
39,872,976
— 6,639 ,408 — 16.6
J u ly ..................................
34,721,511
44,405,380
— 9,683 ,869 — 2 1 .8
A u g u s t ............................... 32,438,855
24,211,271
+ 8,2 27 ,584 + 3 3 .9
S e p te m b e r......................... 32,308,432
26,674,101
+ 5 ,6 3 4 ,331
+ 2 1.1
O ctob er...................
31,968,965
28,601,815
+ 3,3 67 ,150
+ 11.7
N o v e m b e r.......................... 35,639,166
24,601,619
+ 11,037 ,547 + 4 4 .8
D ecem b er........................... 33,947,519
26,278,928
+ 7,6 68 ,591
+ 2 9 .1
Y e a r ............................... 384,647,336
430,721,357
— 46,074,021
— 10.6
F O R E IG N A N D C O L O N IA L E X P O R T S .
1915.
1914.
I n c . (+ _ ), o r D e c . (— ) .
£
£
%
January.................................. 6,895,465
9,596,943
— 2,701,478 — 28.1
February................................ 6,809,710 10,228,981
— 3,419,271 — 32.4
M a r c h .................................
8,067,133
9,536,295
— 1.469,162 — 15.4
A p r il................................
9,957,05410,789,244
— 832,190
— 7.7
M a y .......................
10,243,319
10,371,519
— 128,200
— 1 .2
June........................................ 9,350.339
8,753,434
+ 596,905
+ 6.8
J u ly....................................
9,408,790 7,825,916
+ 1,582,874 + 20.2
A u g u s t ----------------------------- 7,323,749
4,419,833
+ 2,903.916
+ 65.7
S e p te m b e r......................
7,564,327 5,274,041
+ 2,290,286
+ 4 3 .4
O c to b e r .............................
7.162,633 7,179,857
— 17,224
— 0.2
N ovem ber________________ 8,312,703
5,642,977
+ 2,669.726
+ 47.3
7,701,901 5,870,546
D ecem b er........................
+ 1,831,355 + 51.2
Y ear ............................... 98.797,123
95,474,166
+ 3,3 22 ,9 5 7
+ 3 .4
A bnorm al conditions prevailed throughout the textile
industries generally and in tho cotton trade, more especially,
employers Avere harrassed b y numerous difficulties.
The
general experience Avas not Avorse, hoAvever, than had been
expected. Spinners o f yarn did better, on the Avhole, than
manufacturers o f cloth, Avhilo m an y m erchants had a de
cidedly reduced turnover. Special features Avero the sub
stantial rise in prices and the shortage o f labor, OAving to the
heavy enlistm ents in the a rm y .
A t the com m encem ent of
tho year m iddling A m erican cotton on the spot in Liverpool
Avas a t 4 .7 1 d . and With com paratively small change, 5.G 6d.
Avas reached a t the close o f A p ril, Avhile the first half o f the
year closed Avith the com m odity a t 5 .2 2 d .
There Avas not
m uch change in J u ly, but b y A u g . 3 0 the rate Avas 5 .7 3 d .,
and a m onth later 6 .8 5 d . Avas ruling. T ho advance Avent
on pretty steadily and on D ec. 31 the price Avas tho highest
of tho year a t 7 .9 2 d .
T h e E gyp tian groAvth for last
754
THE CHRONICLE
season am ounted to 6 ,3 4 6 ,7 6 8 cantars, contrasting w ith
7 ,6 8 4 ,1 7 2 cantars in 1 9 1 3 -1 4 .
T h e yiohl for this season is
expected to bo abo u t 4 ,7 5 0 ,0 0 0 cantars. A featuro o f in
terest a t tho com m encem ent of the year was the a ctiv ity and
strength of coarse A m erican yarn s, owing to tho dem and
for h eavy cloths for war purposes, and throughout tho period
producers of such counts have dono w ell. Fino num bers
continued in rather poor request, but tow ards the close of
Juno the scarcity of operatives becam e pronounced, and
gradually m ills were forced to stop m achinery and place
less yarn upon tho m arket.
“ A littlo la te ,” as M r . F . W .
T attersall writes in his annual review, ‘ ‘users began to bo
alarm ed a t the courso o f events and in Septem ber an im port
ant buying m ovem en t began.
E xclusive contracts were
placed in anticipation of futuro w ants and certain counts
and qualities, especially in w efts, began to get decidedly
scarce. Since th at tim e thero has continued a healthy
dem and for quick delivery. N o checks o f any m om ent in
first hands can be m et w ith and production o f tho m ills is
being well cleared.”
A lth ough standing charges o f weavers
have considerably advanced, spinners have lately been
receiving moro rem unerative prices than for a good while
previously, and stock taking results in tho near futuro are
likely to show fairly satisfactory profits. A featuro of
export trado, which has been m odorately good , has been tho
active bu yin g on French accou n t.
India has also dono
better and producers have healthy engagem ents, while tho
loss of trade w ith G erm an y has been m ade u p b y larger
exports to other countries.
In dealing w ith tho prospocts
of the cotton industry M r . T attersall says th at “ A lth ough
tho m arket is now rather quieter, a considerable business
has been done during the last few w eeks, and tho prospects
for 1916 m a y bo described as moro encouraging. T h o m uch
smaller takings in piece goods b y several o f our outlets
abroad during tho past tw elve m on th s m u st result in freor
buying soonor or later, and , although pricos a t tho present
m om ent are on a distinctly high lovol, there are indications
that our custom ers w ant supplies of certain descriptions,
M anu factu rers, therefore, should do better this year than
last
Spinners of y a m are now in a position to dem and
profitable prices, and as there is no probability o f overproduction in the near fu tu re, trado should continue m oro
rem unerative. A distinct im provem ent has recently occurred
in E gyp tian yarn s.
Thero are bound to bo m an y difficulties
in connection w ith transport, and as tho groups under Lord
D e r b y ’s scheme are called u p , tho scarcity o f operatives will
becom e moro pronounced than over. Prices in raw cotton
at tho m om ent are rather artificial, and thero aro rumors
o f G overn m en t intervention w ith regard to the freight
question. A t tho m om ont there is n ot m uch fear o f a slum p,
b u t if increased facilities for im porting from the U nited
States aro available it is not unreasonable to anticipate some
[Vo l . 102.
the case, but the difficulty arose in handling and trans
portation, dem and, w ith one or two sot backs, having steadily
increased throughout tho year, as tho pricos finished 1915
a t tho highest point and in m an y cases a t a record lovel.
E arly in the year tho G overnm ent perm itted tho exports
of merinos to tho U n ited States and other neutral conn trios
under satisfactory guarantees, such as woro approved b y tho
T extile Alliance in Am erica and tho N etherland s Oversea
T ru st in H ollan d .
T h e hom e dem and for morino w ool, too ,
was m uch greater than had been a t all anticipated, and the
placing of G overnm ent orders in tho U nitod States helped
to creato a dem and from this quarter beyond all precedent
and sent prices up to unexpected heights.
In reference
to cross-breeds tho huge a rm y orders placed in Y orkshire
and lator on in tho U nited States, forced values up again,
whilo in tho autum n tho G overnm ent’s permission for the
shipm ent o f a lim ited quantity o f cross-breed to Am erica
and other neutral countries further stim ulated tho dom and
for this class,w ith tho result that the “ record” lovol of D ecem
ber 1914 has since been left a long w ay behind.
A t tho
closo of tho year M e ssrs. Schw artz, Buchanan & C o .
state merinos are fully 5 0 % and cross-breods abou t 3 0 %
dearer than a t tho closo of tho previous year.
T h o y add
that “ perhaps tho m ost striking result of this enormous
dom and for our own troops and those of our Allios has boon
tho absorption of practically tho wholo Colonial clip, in spito
o f tho total cessation o f tho norm ally hugo deliveries to
G orm an y, A ustria, Belgium and tho great toxtilo districts
of N orthern France, a t present in onoiny hands.
T h o hom e
trade has actually taken 7 2 % o f tho wholo supplies, as
com pared w ith its ordinary norm al share o f abou t 3 5 % .
T ho Australian clip showed a docroaso o f nearly 2 0 0 ,0 0 0
bales, b u t owing to delayed shipments a t tho end o f 1914
and tho im proved facilities for stopping in tho prosont yoar
tho actual exports from Australia are 1 1 5 ,0 0 0 halos loss.
B u t 6 0 ,0 0 0 bales moro havo gono to Japan, so that tho im ports into Europo and Am orica show a decroaso o f 1 7 5 ,0 0 0
bales. F rom the Capo there has boon an increase o f about
2 0 ,0 0 0 bales.
T ho River P lato, too, lias shown a small
increase, b u t some 3 0 ,0 0 0 halos (equal to about 7 2 ,0 0 0
Colonial bales) havo been hold back for account o f spocu| lators awaiting the end of tho w ar. T h o actual supplies
to tho trado, therefore, havo boon about 2 2 7 ,0 0 0 bales less
than in the preceding y o a r.”
In no directions has tho influence of tho war boon so marked
as in tho coal, iron and steel industries.
In tho first twolvo
m onths o f tho ever-widening hostilities tho production of
fa ll in v a lu e s.”
T h o quantities and values o f textilo oxports from G reat
B rita in for the past three years aro given in tho appended
coal fell off b y nearly 3 0 ,0 0 0 ,0 0 0 tons, or about 1 1 % , as
com pared w ith tho yoar to tho ond of July 1 9 14 , though in
tho three m onths to tho end o f October (tho latest dato at
presont available) thero was a recovory of about 1 ,5 0 0 ,0 0 0
tons.
It is remarkable that tho docroaso in tho outp u t
was not m uch groator, in view o f tho steady depletion of
labor, owing to enlistm ent and to tho attractions o f muni
tion w ork.
It is estim ated that tho num bor o f colliery
I
1
1
••
1 i T f* .
• ll. i*!.... iha
workers who joined the forces in tho first thirteon m onths
table
of
tho
war
exceeded
2
5
0
,0
0
0
,
or
about
2
2
.
5
%
o
f
tho
total
e x p o r t s op t e x t il e f a b r ic s .
num bor em p loyed . A s a rule, tho pits during tho last few
1913.
1914.
1915.
Y e a r ’s E x p o rts.
m onths were worked moro regularly than during tho pre
war period, and tho m on shortened thoir holidays.
A bsentee
Q u a n titie s .
210.175.500
178.527.800
188,178,700
C otton ya rn ------------------------- lbs.
7,075,558.400 ism romained about tho samo as during tho first soven
P iece good s______________ yd s. 4,748,904,600 5,735,854,700
41.974.500
34.753.100
36.733,100
Jute ya rn -----------------------------ibs.
134.738.800 172,386.000 m onths of tho w ar, or about 9 . 8 % , b u t tho C oal M in in g
109,153,600
Pieco good s--------------------- yd s.
16,337.300
12.464.100
6,417,800
Linen yarns------------------------- lbs193.695.500 Organization Com m issioner points out that “ woro thoro no
178,892,100
128,824,100
Pieco good s--------------------- yd s.
54.727.500
avoidable absenteeism tho output would bo increased b y
33.341.100
12,628,300
W ooien yarn----------------------- lbs.
105,957,100
81,996.700
92.445,900
W oolen tissues-------------------yd s.
62,511,900 from 1 3 ,0 0 0 ,0 0 0 to 1 4 ,0 0 0 ,0 0 0 tons por a n n u m .”
Lack
70,304,400
55,590,800
W orsted tissues----------------- yd s.
£
£
£
V a lu e s .
15,007,017 o f tonnage, at tho South W alos ports moro particularly,
11,973,056
10.312,934
C otton yarn-----------------------97,820,623 and extremely high freights havo adversely affocted coal
79.182,753
64,702,574
Piece good s----------------------781,125
674,077
774,967
Jute yarn---------------------------3,065,062 shipm ents.
D enm ark, N orw a y and particularly Franco,
2,555,288
2,542,835
Piece good s----------------------1,215,446
886,714
535,244
Linon ya rn -------------------------5,967,766 havo increased thoir coal im ports from G reat B ritain; while
5,481,373
4,937,327
Piece good s----------------------5,461.797
3,419,569
1,988.472
W oolen yarn------------------------14,466,625 decreased quantities havo boon shipped to Spain, Ita ly ,
11,598,063
16,491.463
W oolen tissues--------------------6.187,789 E g y p t and particularly South Am erica and tho islands of
6.205,372
6,100,124
W orsted tissues------------------tho Pacific. H ow tho coal output of tho first year o f the
F rom this table it will bo seen th at despite the increased war> aT1q in. tho preceding twolvo m on th s, was disposod of is
cost of raw materials m ost of tho textilo oxports yielded | S]10WU below :
A u g . 1914 t o
A u g . 1913 t o
smaller returns; b u t when the circumstances of tho poriod
J u l y 1915.
J u l y 1914.
T on s.
T on s.
are borne in m ind tho m atter for surpriso is th at tho shrinking Ontnufc
250,357,000
.................. 281,076,000
in values has n ot been greater.
T h e past year was a poriod o f alm ost extraordinary activ
ity in the w oolen trado of G reat B ritain .
D uring the wholo
tim e tho m arket was m ainly dom inated b y tho war and the
requirements which rose in connection w ith it.
A t tho
closo o f 1 9 14 , whilo cross-breeds wore in keen dom and,
merinos were a dull and dragging m arkot, and it then looked
as if it would be a difficult m atter to deal w ith all supplies
as th ey cam e forw ard. In some measure this provod to bo
F ^ e C b U n k ^ : : : : : : : : : : : : : . .......................2 1 ,16 2 ,0 0 0
Balance for hom e uso and A d m ira lty .-.- - 1 8 3 ,8 4 9 ,000
46.458.000
14.934.000
____________
188,965,000
T h o Organization C om m ittee havo reason to boliovo that
tho dem and is now no loss than it was during tho pre-war
poriod, for though collieries havo been hold up for w ant of
transport facilities, thoy havo heard o f no instance o f a
colliory standing idle for lack o f orders. W h ilst tho domand
for coal in some directions m a y bo loss, in othors it is u n -
Feb 26 1916.1
THE CHRONICLE
dou btedly greater than usual.
For the whole o f tho past
year the coal exports am ounted to 4 5 ,7 7 0 ,0 0 0 tons o f tho
valuo o f £ 3 8 ,8 2 3 ,0 0 0 , comparing w ith 6 1 ,8 3 0 ,0 0 0 tons and
£ 4 2 ,2 0 2 ,0 0 0 in tho preceding year and 7 6 ,6 8 8 ,0 0 0 tons in
qu an tity and £ 5 3 ,6 6 0 ,0 0 0 in value in 1913; whlie the am ount
o f coal shipped for the use of steam ers, tho valuo o f w hich
is not included in tho exports was 1 3 ,6 3 0 ,9 6 4 tons, against
1 8 ,5 3 5 ,6 1 6 tons in 1914 and 2 1 ,0 3 1 ,5 5 0 tons in 1 9 1 3 . & T ho
latter falling o ff has been m ain ly due to tho shortage of
ships, the tonnage available in C ardiff having a t tim es been
so inadequate as alm ost to bring export to a standstill and
p artly to reduce the price o f steam coal.
E von in a greater degree than its im m ediate predecessor
the past yoar has been an eventful one in tho iron and steel
trades.
In connection w ith them tho persistent and unpre
cedented dem and has been coincident w ith absolutely
abnorm al conditions, such as dislocated railw ay a nd ship
ping facilities, labor shortage and tho deficient supplies o f
certain raw m aterials.
In October 1914 the valuo o f R ubio
oro was 18s. 6d . per ton , whereas ju st a year later it was
31 s. 6d . and has since risen to 3 5 s. W ith such an advance
and m uch dearer coal and labor it is n ot a t all surprising
that m a n y descriptions o f m anufactured iron and steel havo
risen from 3 0 to 4 0 % .
N o r is there a n y prospect o f any
im portant decrease so long as the dem and for war material
continues. A point o f groat intorest to exporters w as the
a ttitu d e, probably induced b y forco o f circum stances, taken
b y the railw ay companies in connection with shipping. Tho
com panies felt bound to adopt tho arbitrary but protective
policy o f refusing to carry goods to seaports until th ey re
ceived a definite undertaking that a certain vessel was
proparod to roceivo thorn on their arrival.
T his is o n ly ono
o f tho m an y difficulties w ith which iron and steel m anu
facturers havo had to contend. N o t since tho yoar 18 72 ,
as tho result of tho F ranco-G erm an W a r , have such prices
provailecl, and in some cases thoy are higher now than at
755
vessels o f 100 tons and over and actu ally begun, show that
a t the end o f the year 4 2 0 ships o f 1 ,3 6 3 ,5 9 0 gross tons were
in course o f construction, being a bou t 1 7 3 ,0 0 0 tons less than
a t the close o f Septem ber, or 2 4 0 ,0 0 0 tons short o f the
D e c . 1914 total; but as the return states “ it will be under
stood that the rate o f progress in m erchant ship construction
continues to be very m uch reduced in the present circum
stances and that the im m ediate o utp u t will be considerably
less than that which w ould be obtained under norm al con
d ition s.”
In this connection the inform ation com piled b y
tho G lasgow “ H erald” m a y be very usefully referred to
pending the publication o f the fuller details b y L lo y d ’s
Register.
T h e figures given showing the vessels launched
m tho follow ing table represent b u t little m ore than half
the new m ercantile tonnage o f 19 14 , but that is because the
shipyards have been so largely em ployed upon G overnm ent
orders :
1915.
E ngland................ ...............
Scotland ________
Ireland___________
N os.
298
207
12
United Kingdom tota ls.
Dom inions_____
F o r e ig n ____ __
T o t a l s _______
1914.
T on s.
N os.
381,417
233,501
31.418
T on s.
817
454
23
517
183
955
649.336
32.937
989.337
1,294
271
liUUO
1,655
1,671,610
3,165
966,839
508,945
246,370
1.722,154
67,994
i
3.484,171
tt
T h ° biggest liner launched in the past year w as the
“ A o tc a ro a ,” a vessel o f 1 5 ,0 0 0 tons, intended for the N e w
Zealand trade. T h is is m uch below tho records o f recent
years; while the G erm an builders who had been constantly
striving to outdo G reat Britain and reached 5 6 ,0 0 0 tons
with the “ B ism a rc k ,” did not get beyond
1 4 ,0 0 0
tons last
year. In spite o f the absence from the British statistics of war
ship figures, which constitute the real measure of tho y ear’s
w o rk , tho U nited K ingd om still occupied the leading position
in the m atter o f o u tp u t.
T h e C ly d e was again in the fore
that period.
There was a large reduction o f iron and steel front w ith an output o f 2 1 5 ,0 0 0 tons, and it is to a Scottish
exports to all countries excopt France, Ita ly , P ortugal and firm , M e ssrs. Russell & C o . o f Port G lasgow that the credit
E g y p t.
In the caso o f France the increase was from belongs o f heading the m erchant tonnage outpu t list with
13 8 ,5 0 0
tons to 6 2 6 ,6 0 0 tons, and this tonnago does not a total o f 4 8 ,3 3 0 ton s. M essrs. Sw an, H unter & W ig an s,
include the shipm ents mado b y tho British G overnm ent to R ich ard so n , came third with 4 3 ,4 0 0 tons and M e ssrs.G r a y
Franco for war purposes. B u t notw ithstanding all tho & C o . fourth w ith 3 8 ,0 1 2 tons, the second place being held
difficulties which have had to bo encountered, tho falling b y a G erm an yard.
T h e fifth place is held b y an Am erican
o ff in the oxports only am ounted to 6 8 5 ,0 0 0 ton s, or about com pany and the sixth and seventh b y D anish and D u tch
1 7 ^ % , whilo tho valuo fell off to the extent o f £ 1 ,2 4 6 ,0 0 0 . shipyards respectively.
In the follow ing table our Scottish
T h is points to a considerable advance in prices, and in
contem porary gives the output o f m ercantile shipping in
point of fa ct, tho appreciation varied from 5 0 to 1 0 0 % .
tho leading British centers in comparison w ith tho more
T h e production of rails has naturally boon affected b y tho
im portant foreign com petitors in tho shipbuilding industry:
war to a very considerable oxtent, m an y o f tho largo rolling
mills having, for the tim e being, a t least, relinquished this
1915.
1914.
m anufacture in favor o f more urgent and moro profitable
T on s.
T
on s.
C l y d e _________
215,060
w ork. Prices havo advancod very considerably and tho T y n e ________
460,258
124,300
250.600
W
e
a
r
_________
fow works that aro still rolling aro asking £ 1 1 to £ 1 2 per ton,
111,250
278,540
United States.
270,100
270,900
according to specification, and oven at those rates aro not H ollan d______
217,600
279.600
G erm any_____
179,800
505.600
keen in accepting orders. T h o dom and for tin plate has Japan________
98,213
136,300
o rw a y ______
61,480
been good throughout tho year, for although tho export N
54,100
D enm ark_____
51.400
33,500
decreased 6 6 ,8 0 0 tons, tho hom e trade has increased. A llow F rance_______
41.400
196,500
S w e d e n ............
26,000
14,600
ing for the cessation of our trade w ith G erm an y and B olgium , I t a l y _________
20 ,20 0
41,800
which in 1913 am ounted together to 4 8 ,1 0 0 tons, tho falling
British shipbuilders have been placed a t a considerable
off in tho shipments to tho U n ited Statos and R um ania
disadvantage b y the high cost o f m aterials and tho dearness
w ould alono account for the whole o f last year’s loss.
Tho and scarcity of labor. Before tho war the costs o f construc
prico o f I . C . coko plate has ju st abou t doubled in tho tion for cargo steamers were from £ 7 to £ 8 per ton dead
twelvo m onths from 13s. to 26s. per box Swansea
In w eight, but the basis of recent contracts for new m erchant
tho follow ing tablo is shown tho shipm ents o f iron from Groat tonnago, of which early delivery could be prom ised, is about
£ 1 8 per ton. , T h .e requirements
in connection wwith
thewar
war
-------- --------connection
ith the
Britain for tho past two decades:
*
contm uo to dom inate the whole o f the shipping industry
and the m atter for surprise is not so m uch a t the fall which
iuis actually taken place in the construction o f new inerO th er
P ig I r o n .
R a lls .
cantilo tonnage, but that it has not been very m uch moro
Descriptions.
T o ta l.
pronounced.
T ho value o f the new ships delivered in the
T on s.
T on s.
T on s.
T on s.
1915....................................
613,190
242,289
2,343,642
3,199,121 past year am ounted to £ 1 ,6 8 7 ,0 0 0 , com paring w ith £ 6 ,9 3 2 ,
1914....................................
782,319
433,507
3,208,717
3,884,513 00 0 tor tho preceding year and £ 1 1 ,0 2 6 ,0 0 0 in 1913 repre
1913....................................
1,129,048
500,117
3.106,53!)
4.933.704
1912................................ ...
1,267,188
411,625
3,128,715
4.807,528 senting a shrinkage of £ 9 ,3 3 9 ,0 0 0 , or about 8 5 % in two years.
1911....................................
1910....................................
1909 ..................................
1908 ...................... ............
1907 ....................................
1906....................................
1905 ....................................
1904 ..........................
1903............................
1902 ............................
1901............................
1900..................................
1899....................................
1898....................................
1897..................................
1896....................................
1,209,113
1,210,728
1,140,695
1,296,521
1,943,939
1,665,809
982,876
810,934
1.065,380
1,102,506
839,182
1,427,525
1,380,342
1,042,853
1,201,104
1,060,165
375,296
482,327
580,215
452,521
429.161
460,328
546,569
525,371
604.076
716,210
572,724
463,731
690,667
609,403
782,045
747,602
2,931,496
2.894,054
2.489,889
2.347.479
2,779,127
2.556,063
2,191,937
1.927.171
1,895,145
1.759,248
1,485,813
1,649,433
1.746.171
1,592,094
1,702,957
1.782,571
4,515,905
4,588,009
4,210.799
4.096,521
5,152,227
4,682,200
3,721.382
3,262,842
3,564,601
3.579,104
2,897,719
3.540,689
3.717,180
3,244,350
3.686,106
3,550,398
In consoquenco of the war tho usual annual statem ent
of L lo y d ’s
Rogister regarding tho shipbuilding industry
of tho world has n ot y e t been published; b u t tho latest
quarterly returns, excluding war ships and taking into account
PRICE OF SILVER FOR THREE YEARS
1915.
H ig h .
|
Low .
1914.
|
A cer.
H ig h .
Low .
1913.
A cer.
H ig h .
Low .
A ver.
d.
d.
d.
d.
d.
d.
d.
d.
d.
Jan 22 15-16 22 9-16 22 11-16 26 X
26 7-16 26.4
28 5-16 28 31-32
2 94
Feb 23 1-16 22 4
22 21-32 26 11-16 2 64
2 64
;28 13-16 27 1-16 28 11-32
Me 24 5-16 123 X
23 23-32 27
26 11-16 2 6 4
;27 7-16 26 1-16 26 21-32
Apr 23 15-16 ,23 X
23 11-16 27 X
20 13-16 27
|28 1-16 26 7-16 27 13-32
M’y 23 11-16 23 5-16 23 9-16 2 7 3-16 25 15-16 2 64
28 3-16 2 74
27 13-16
J'ne 2 3 4
23 9-32 26 X
22 X
25 11-1625 15-16 ;27 11-16 2 64
27 3-16
July 22 15-16 2 2 5-16 22 9-16 2 a x
234
(25 3-16 1274
26
13-16
27
1-16
Aug 23 1-16 2 2 X
22 9-16 27 X
2 34
,25 31-32 J27 9-16 27 3-16 27 11-32
8ep 23 4
23 3-16 !23 19-32 25 3-16 23 9-16 ,244
28 11-16 27 7-16 27 31-32
Oct 2 4 X
23 13-16 23 15-18! 24 X
22 3-16 23 3-16 28 7-16 2 74
28 3-32
Nov 27 3-16 24 4
i25 1-32 23
224
‘22 11-16 27 11-16 26 7-16 2 74
Dec 27 1-16 2 5 4
26 X
23 X
224
|224
25 15-16 26 23-32
274
Y ’r 27 3-16 2 2 6-16 |234
27 X
224
'25 5-16 > 9 4
25 15-16 27 19-32
R e la tio n to T o ta l R e s o u r c e s o f -
B A N K O F E N G L A N D R A T E O F D IS C O U N T .
R a te
%
Y ea r.
1905.
lo M ar.
to Sept.
to Sept.
to D ec.
Jan.
I
M a i. 9
Sept. 7
S e p t.28
8.
6.
27.
31.
Year’s average.
Jan
April
M ay
June
Sept.
O ct.
O ct.
1
6
4
22
14
12
20
19C6.
to April
to M ay
to June
to Sept.
to O ct.
to O ct.
to D ec.
1
14
1
7
14
21
9
3
2 'A
3
4
67
182
21
95
3
365 days J
J
J
J
J
F
1908.
to Jan.
to Jan.
to Jan.
to M ar.
to M ar.
to M ay
to D ec.
2.
1623.
5.
192831.
1909.
to Jan.
to M ar.
to O ct.
to O ct.
to O ct.
to D ec.
to D ec.
95
28
49
84
28
8
73
1
6
20
10
17
2
9
29
1910.
to Jan.
to Jan.
to Feb.
to M ar.
to June
to June
to Sept.
to O ct.
5 days
14 days
21 days
35 days
77 days
7 days
12 days
21 days
42 days
31 days
5.
19.
9.
16.
1.
8.
28.
19.
days C
days I
days
Year’s average.
days
days
1911.
days
1 to Jan. 25.
days J
3.72 365 days
25
21
21
196
102
16 to M ar. 8 .
9 to Sept. 20.
S
6
5
4)4
4
4)4
5)4
. 6
. 7
17 days [
84 days
14 days
112 days
77 days
4 days
3 days
54 days
days
days
days
days
days
1912.
1 to Feb. 7
8 to M ay 8
9 to Aug. 28
29 to O ct. 16
G roup—
366 days
.
.
.
.
.
.
7
6
5
4
3)4
3
2)4
106 days
168 days
91 days
.
3.01
.
.
.
.
2)4
3
2)4
3
4
5
.
A'A
..
Year’s average..............
3.1
365 days
5
4)4
4
3
4
8
10
6
7 days
14 days
7 days
182 days
1 day
1 day
5 days
2 days
146 days
46.68%
48.23%
47.95%
50.48%
44.21%
52.98%
55.54%
1 1 .1 2 %
18.18%
20.94%
23.96%
24.48%
16.89%
9.0 1 %
20.09%
19.36%
16.57%
14.24%
12.82%
16.38%
10.14%
A v e r a g e c a p i t a l R e la t io n to T o ta l C a p it a l o f S u r p lu s & U n
T im e
D em an d
d iv id ed P r o fits
D e p o sits.
D e p o sits.
p er B ank.
$26,784
34,207
51,0 5 0
------------------ ------------------ -----------------76,967
..................... ..................... .....................
168,341
.............................. .
971,865
..................... ..................... .....................
12,207.560
3
4
5
6
T h e division of the deposits between dem and and time is
set out in still another table, this em phasizing again the far
greater a ctivity of the larger banks; it is noted incidentally
that tho banks in N e w Y o rk C ity alm ost w ithout exception
take no savings accounts; the follow ing is the table reforred
to:
4.03 365 days
A v e r a g e T o ta l
D e p o s its
p er B ank.
G roup-
365 days
$34,406
107,588
175,296
280,202
656,111
4,816,866
99,841,084
C O N T IN E N T A L D IS C O U N T R A T E S .
at
E lig ib le
P aper.
of their deposits:
38 days
-------------------91 days
3)4 ____________
112 days
3
49 days
4
1 ................ ..................................
76 days
5
2 ....................................- ............
Year’s average—
1913.
2 days
an. 1 to April 16.
14 days April 17 to O ct. 17 days O ct. 2 to D ec. 3 1 .
42 days
14 days
Year’s average----70 days
1914.
217 days Jan.
1 to Jan. 7Jan. 8 to Jan. 21.
366 days Jan. 22 to Jan. 28.
Jan. 29 to July 29.
13 days July 30........................
77 days July 31........................
189 days Aug. 1 to Aug. 5 .
7 days Aug. 6 to Aug. 7 .
7 days Aug. 8 to D ec. 31.
49 days
Year’s average—
23 days
1915.
365 days Jan. 1 to D ec. 31-
B onds and
s e c u r itie s ,
n o t in c lu d
in g U n ite d
S ta te s B o n d s .
showing the relation of the capital, surplus and undivided
profits to dem and deposits and tim e deposits, this indicating
clearly the greater extent to which the larger banks are able
to expand their liabilities, as well as the m ore active nature
4
4.92 365 days
1 3 ..
3 1 -6 ..
1 3 .2 0 ..
8 -
3 1 ..
7 I . _ _____________ . '
L oans
and
D is co u n ts.
$60,846
162,399
254,702
387,849
917,732
6,089,073
116,342,950
3.47 375 days
Year’s average.
.
Year’s average.
Jan.
Jan.
Aprll
O ct.
O ct.
O ct.
D ec.
days
days
days
days
%
Y ea r.
4.27 365 days 1
J
Year’s averagc.
1
3
17
24
6
20
29
'
A v e r a g e T o ta l
R esou rces
p er B ank.
G rou p-
N u m b er
o f da ys.
R a te
s
1907.
1 to Jan. 1718 to April 11.
12 to April 25.
26 to Aug. 15.
16 to O ct. 31.
1 to N ov . 4 .
5 to N ov . 7 .
8 to D ec. 31.
Jan.
Jan.
Jan.
Jan.
M ar.
M ar.
M ay
N u m b er
o f d ays.
4
3 'A
4
3)4
4
5
6
5.
3.
21.
13.
11.
19.
31.
Year’s average----Jan.
Jan.
April
April
A ug.
N ov.
N ov .
N ov .
[Vol . 102
THE CHRONICLE
756
J a n . ? e b . M a r A p r . M a y June J u ly A u g . Sept. O c t
l
1
1
1
1
1
l
1
1
1
\ov. D ec. D ec.
1
1
31
R e la tio n to T o ta l
D e p o sits o f —
D em an d
D e p o sits.
T im e
D e p o s its .
91.08%
80.64%
77.25%
72.78%
69.72%
88.85%
98.96%
8.9 2 %
19.36%
22.75%
27.22%
30.28%
11.15%
1.04%
One of the m ost interesting of tho tabulations is that deal
ing w ith the receipts from exchange, and showing tho net
5
5
5
earnings and dividends of the banks in tho respective groups;
5
5
5
5
5
5
5
5
5
5
A'A A'A A 'A
3 y» 3 % - __ 4 'A
tho results are averaged from the figures roportod for 1912,
Hamburg—
5
5
5
5
5
5
5
5
5
5
5
5
5
1913 and 1914, but as the figures of total capital and total
Bank rate.
Open market
resources for those years are not available, the figuios of
Frankfort—
5
5
5
5
5
5
5
5
5
5
5
5
5
Bank rate.
N o v . 10 1915 are used.
For that reason, it is pointod o ut,
Open market
Amsterdam—
the
averages
o
f
figures
are
not correct, being smaller than
A
'A
A
'A
4)4
4)4
4)4
4)4
5
5
4)4
5
5
5
5
Bank r a te ..
they actually should be, but they are, nevertheless, suffi
Open market
Brussels—
5
5
5
5
5
5
ciently accurate, it is added, for purposes of com parison
5
5
5
5
5
5
5
Bank rate.
Open market
between tho larger and the smaller banks.
In presenting
Vienna—
5
5
5
5
5
5
5
5
5 'A 5)4 5)4 5 'A 5
Bank rate.
this tablo M r . Jay takes occasion to note that tho greater
Open market
resources of the larger banks do not result in earnings pro
Petrograd—
6
6
6
6
6
6
6
6
6
6
6
6
6
Bank rate.
portionately larger, since a very considerable part of tho loans
Open market
M adrid—
of tho smaller banks run at a steady 6 % rate,w hile the loans
4)4 A 'A
4)4 4 'A 4)4 4)4 A'A 4)4 4)4 4)4 4)4 A 'A 4 'A
Bank rate.
Open market
of the larger banks, particularly in N o w Y o rk C ity , are
Copenhagen—
5
5
5
5
5
5
subject to the m oney m arket rates, which seldom reach (5 /06
5)4 5)4 5H 5)4 5)4 5
Bank rate.
Furtherm ore, ho continues, tho m ore activo nature of the
deposits of the city banks requires the m aintenance of larger
* Occasional rate reported during m onth.
reserves not only of cash but of readily convertible paper
and loans. M r . Jay observes that the larger proportion of
their earnings paid out in dividends than in tho caso of tho
banks w ith resources under $ 3 0 0 ,0 0 0 , is due probably to the
T H E M E M B E R B A N K S OF T H E F E D E R A L RESERVE
fact that tho latter class of banks aro largely new institutions
B A N K OF N E W YORK.
which consider it necessary to accum ulate a substantial sur
T h e annual report o f the Federal Reserve B an k of N ow
plus beforo paying normal dividends.
T ho table portraying
Y o r k , tho general remarks from which we quoted at length in
tho percentage o f receipts from exchange, net earnings and
our issue of last w eek, also contains some interesting statistics
dividends
is annexed herewith.
and com pilations dealing with the m em ber banks o f the
W o w ould call particular attention to the fact that tho
N e w Y o rk institution.
For the purpose of analysis M r . Jay smaller the banks the more im portant tho part played b y the
divides the m em ber banks of the D istrict into the follow ing receipts from exchange in their prosperity and success.
seven groups on the basis of their total resources, and
Dividends.
R e e l s , f r o m E x c h 'g e \
N e t E a r n in g s .
presents certain figures from their reports of Sep t. 2 and
Paris—
Bank rate.
Open market .
Berlin—
Bank rate.
5
5
5
5
5
5
5
5
5
5
5
5
5
N o v . 10 1915:
Group
G roup
Group
Group
Group
Group
Group
G rou p—
1 Banks with total resources under $100,000.
between $100,000 and $ 2 0 0 ,0 0 0 --- 33
2
.$200,000 and $ 3 0 0 ,0 0 0 --- 62
3
$300,000 and $ 5 0 0 ,0 0 0 --.1 0 6
4
$500,000 and $2,500,000-304
5
$2,500,000 & $2 0 ,00 0 ,0 0 0 - 80
6
over $ 2 0 ,0 0 0,000 ......... ........................ 2 5
7
T h e first table presented by him shows tho percentage of
*
P e r C en t
P er C en t
o fC a p ila l
o fC a p ila l
P e r C en t S u r p lu s ,
S u r p lu s
A U n d i o f T o ta l A U n d i
v id ed
R e
v id e d
P r o fits .
sou rces.
P r o fits .
1.16
.90
.73
.45
.39
.14
0.25
.18
.15
.08
.06
.02
4.84
6.04
6.45
6.39
6.39
6.91
P e r C en t
o f T o ta l
R e
sou rces.
P e r C en t
o fC a p ila l
S u r p lu s ,
& U n d i
v id ed
P r o fits .
P er C en t
o f T o ta l
R e
sou rces.
Y .o i
1 .2 1
1.28
1.17
1.0 1
1 .1 0
1.49
2.57
3.58
4.11
4.88
4.79
0‘.31
.52
.71
.75
.78
.77
the total resources invested in loans and discounts, in bonds
and
securities
eligible paper.
other
than
U nited
States
bonds,
and in
T h is tabulation, it is pointed o u t, appears
to show no results of especial significance except the rela
tively small percentage of bonds and securities held b y the
larger banks.
yt T h u s in the case of G roup 2 , com posed of banks w ith
total resources running between $ 1 0 0 ,0 9 0 and $ 2 0 0 ,0 0 0 , the
net earnings aro 4 .8 4 %
of capital, surplus and undivided
profits, and tho dividends 1 .4 9 % , out of which
1 .1 0 % m
Feb . 26 1916.]
THE CHRONICLE
each caso has como from oxchango.
On tho other hand , in
the case of Group 7 , at tho othor en d of tho line, com posod
o f banks w ith over $ 2 0 ,0 0 0 ,0 0 0 resources, receipts from ox
chango form only 14-100ths o f 1 % out o f not oarnings of
G .9 1 % , and dividends of 4 . 7 9 % .
T ho rotation o f tho directors’ liabilities, direct and indirect,
and of the eligible paper, to loans and discounts, is show n in
another com pilation.
It appears, says M r . J a y , that tho
smaller tho bank the moro, proportionately, aro its directors
indebted to it; also tho greater tho proportion it holds of
paper oligiblo for rediscount w ith tho Federal Rosorvo bank.
I t is stated that tho figures relating to eligiblo paper aro
very approxim ate, sinco thoy represent m erely estim ates
presented b y each bank according to the ju d gm ent of its
officers. T ho following is tho table roferrod to:
G rou p—
6 ........
7____
A v e ra g e
Loans and
D isc o u n ts.
D ire c to rs '
L ia b ilit y ,
D ire c t.
D ire c to rs ’
L i a b i li t y ,
I n d ir e c t .
$28,405
78,327
122,276
195,813
405,748
3,226,332
64,574.549
27.86%
6.17%
5.28%
5.45%
5.81%
4.41%
1.69%
19.57%
13.70%
9.40%
8.25%
6.01%
1.4 0 %
•17%
E lig ib le
P a p er.
43.40%
40.15%
34.52%
28.21%
29.00%
30.92%
17.90%
M r . J ay , w ith respect to tho above analysis, says:
Tho various analyses above presented indicate clearly tho advantages
which tho larger banks have over tho smaller banks in respect of ability to
do a larger volumo of business. Yet, except in tho caso o f tho very small
banks, the amount earned, net, on tho total capital contribution does not
vary greatly. Thero seems to bo no indication in theso figures that
small banks in a favorable location cannot, if well managed, become firmly
established, pay reasonable dividends, and servo well their communities.
But to roach and maintain a satisfactorily strong position, much service
must bo given without compensation by the sonior officers, and groat
economy practiced at all times. Tho nine now national banks established
during tho period under review, with $25,000 capital each, indicates that
tho experience o f other small banks in recent years has not been altogether
discouraging. It is dcslrablo, howover, that in this district, already well
provided with banking capital, careful investigation should bo mado of
applications to establish small banks, in order that thoy may not be
authorized in communities unlikely to bo able to support them or already
well supplied with banking facilities.
For perhaps tho most important study o f banking condition tho Comp
troller’s reports do not present tho necessary data, namely, tho naturo
of tho loans and discounts of tho banks. While those reports show whether
tho loans and discounts aro on demand or timo, and aro secured or unse
cured, thoy do not indicato what proportion o f them is temporary and
what proportion is practically permanent. Tho relative liquidity of tho
various groups of banks cannot, therefore, bo presented. Naturally, an
analysis o f loans and discounts with this object in view would bo difficult,
and at best only approximate, but it is behoved that if some satisfactory
basis for tho preparation of figures can bo arrived at, it would bo o f tho
greatest value, not only as a contribution to the study o f banking conditions
but as a guido to tho Kescrvo bank in extending credit to its members.
JOHN
HAYS
IIA M M O N D
ON
“ BIG B U S IN E S S .”
John H a y s H am m on d had much o f interest to say on
“ B ig Business” and other m atters a t tho annual dinnor of
tho R o ck y M o u n ta in Club at tho H otel Biltm oro on tho 22nd
in st.
In his remarks concerning ‘ ‘B ig B usiness,” ho said :
Thero has boon much unintolligont projudico in this country, partly
inspired for political purposes, against what wo call “ Big Businoss,” but
I behove tho pooplo should, by this timo, bo convinced that unless our
industries can bo developed on “ largo scalo” production— as is tho practico
of our great European trado rivals— wo shall bo seriously handicapped in
our quests for foreign markots.
England pormits, France oncourages, and Germany somotimos evon
compels combinations in tho intorosts of tho industry involved and of tho
general public. For oxamplo :
Government intervention was o f groat advantage to tho potash industry in
Germany; and tho moro recent intervention of that Government to proven
cut-throat competition between tho Hamburg-Ainerican and tho North
Gorman Lloyd linos was undoubtedly most bonoficial to Gorman stock
holders. In short, tho policy of Gormany has boon to promoto tho pros
perity o f its industries, not to involco tho technicalities of laws formulated
by unpractical theorists in political economy as is tho practico in this
country.
In tho enforcement of tho Sherman law, which carried out by strict
constructionists would paralizo our Industrial development, our govern
ment should remove, as far as possible, ovory obstacle to tho cheap pro
duction of commodities for our export trado; so as to placo our country at
loast at no disadvantage compared with othor competitors.
Co-operation combinations and tho fixing of prices for products oxported
should bo legalized to onablo tho smaller industries to moro advantageously
oxploit foreign fields.
An American merchant marino would bo most valuablo in tho develop
ment of our foreign trade. To-day only about 10% o f our foreign com
merce is carried in Ainerlcan-ownod vessels; 90% being carried in vosscls
for tho most part owned and controlled by our trade rivals.
While wo appreciate tho inostimablo valuo of an American merchant
marino in tho development of trado relations, but fow of us approvo of
stoamsldp linos being ownod or controlled by tho Government, as that
would obviously dotor privato investment in linos which would bo subject
o competition by government-owned vosscls. If tho government is to
tcontrol a part o f our merchant marino, It must bo prepared, oventually to
nationalize tho entire merchant marino scrvico.
But far moro important than a merchant marine is tho extension of
banking facilities in foreign countries. This is now mado posslblo by tho
Fodoral Hosorvo Law; and tho National City Bank of tho city o f Now York
is to bo commended for its ontorpriso in establishing branch banks in South
Amorica, while Pan-American Congresses are still abstractly expatiating
upon tho desirability of promoting trado relations. Tho investment of a
nation’s capital abroad is o f inestimable advantage in oxpansion of its
commorco. It is, indued, tho "opon sesame" to that nation’s export tr^do.
757
Speaking of his proposal for the creation of a Pan-A m erican
Supremo C ou rt, and concluding with a reference to the
protection of A m erican life in M e x ic o , M r . H am m on d had
the following to say :
To win tho confidence of investors in Pan-American investments, I have
recommended to tho Pan-American Congress the creation o f a Pan-American
Supremo Court to deal specifically with disputes as to foreign investments
and as to commercial transactions between Pan-American citizens; such a
court to bo composed of the leading jurists of our own and o f Latin-American
nations, and to sit in neutral territory. If inspired by self-interest only,
it would obviously bo the aim of such a tribunal to establish confidence in
Latin-American investments generally, and, at the same time, to reassure
our Latin-American customers of fair treatment in their business trans
actions with tho exporters of the United States.
Such a court might well become of final resort. In any event, it should
try cases and endeavor to adjudicate them before appeal through diplo
matic channels, which almost inevitably results in friction, and often
indeed, in extreme tension.
In order to stimulate the investment of American capital in foreign lands,
it is prerequisite that tho investor bo assured of tho protection of his govern
ment against any unfair interference or discrimination on the part of foreign
governments where these investments are made. It will not bo necessary
for our Government to assume a truculent attitude towards the smaller
nations, where investments may bo less securely established than in other
countries. Nothing would bo more prejudicial in tho long run, than such
a policy. Nor is it expected that our Government should in any way
guarantoo tho success of commercial enterprises, for business men are willing
to assumo legitimate risks in their investments. But it is, as I have said,
nevertheless, imperative that our Government demand and secure the
fair treatment of its citizens who have invested their capital in legitimate
industries under laws obtaining in the country when theso investments
wero made. Certain it is that laws resulting in the confiscation o f property
legally acquired do not justify a great nation in repudiating its obligation
to obtain the redress of the legitimate grievances o f its citizens; and certain it
is, also, that our nation, if it hope to compete with other great nations in
tho development of foreign markets, must at least secure for its citizens
the samo guarantee of protection of life and property as is assured the
nationals of our competitors in commerce in those countries.
But there is a higher, a moral aspect of this question: i. e., tho obligation
of our nation to protect the lives o f its citizens, irrespective of any other
consideration. This, our Government must recognize as a supreme duty
if it is to maintain loyalty and patriotism of its citizens, and the respect
of tho other nations of the world.
I have in mind, as you may have opined, tho tragedy of Mexico; and in
this presonco I am prompted to speak frankly, if somewhat feelingly on
this subject.
But few— and I say this without egotism—know tho conditions of Mexico
better than I, based on experience of many years, living in remote parts
of that country as a young engineer; supplemented by many trips in every
State of tho Republic, and by the investment of large sums of the capital
of my clients in the development of its natural resources. And I repudiate
tho assertions that liavo been made in places of high authority that tho
groat majority of foreign investors in Mexico have gone there to recklessly
and selfishly exploit tho country. I have seen the beneficial results to tho
people of Mexico of the investment of foreign capital and ability— at times
under tho hazardous conditions—and surely under the conduct of selfabnegating captains of industry.
To tho pluck, tho ability and indefatigable industry of American en
gineers, many of whom aro honored members of this club— two o f whom
recently wore foully murdered in the tragedy of Santa Ysabel— Mexico
owes her remarkable progress, carried out under tho protecting aegis of
that beneficent despot— if you will— the martyred Diaz.
The history of tho fatuous policy pursued by our Government in its
dealings with Mexico is too well known to you to require recital, nor is the
occasion opportune to mako an indictment o f that policy, beyond the pro
test that irresistibly forces Itself upon my mind against tho pusillaminity
which has resulted in our great Republic inviting the Latin-American
republics to share with us tho responsibility, and, by implication, to deter
mine tho course of action of our Government in respect of tho protection
of American life and property in Mexico.
Ilavo wo reached the degree of infamy where we are willing to await the
sanction of Mexico— for example— before sending a relief expedition into
one of tho little South American republics?
What has become of the virile statesmanship of tho Southern Senator
who proposed tho resolution directing the President of the United States
to take immediate steps for tho apprehension and execution of Zelaya after
a fair and impartial trial?
If we wero actuated in thus compromising the dignity and the honor
of our nation with tho hopo of placating and of reassuring our hypersen
sitive Latin-American friends of integrity of purpose in our Mexican relations
— and in that way to facilitate the development of our Latin-American trade
— our action was contomptiblo, degrading beyond expression, for wo have,
at least, by so doing forfeited not only our own self-respect as a nation,
but that high regard of tho South American States themselves, without
which there could bo no enduring friendship, international comity, or even
the realization of our sordid commercial aspirations.
COURSE OF PR IC E S OF G O V E R N M E N T S E C U R IT IE S O N
P A R I S BOURSE.
[From L'Economisto Francais,
3%
Russian 4 %, 181
Consolidated
3% Gold, 18!
5% , 1906___
Norwegian 31^
Swiss 3>4%, It
J5 %
Japanese 4°/
Jan. 15 1916.]
D e c . 31
D e c . 31
1913.
. 85.37
. 89.50
. 72.25
. 77.05
. 89.20
. 92.20
. 75.90
.103.10
. 98.75
. 90.80
. 77.00
. 88.00
. 91.75
. 83.52
.101.40
. 85.80
.504.00
.502.00
. 90.95
D e c . 31
1914.
72.10
78.50
68.50
62.00
75.80
77.00
63.00
93.15
84.10
88.00
68.75
82.50
82.00
67.25
87.75
62.25
448.00
455.00
75.50
*1915.
63.75
72.35
58 %
62.25
71.25
70.10
59.95
86.00
78.60
87.70
84.15
82.50
86.55
60.70
83.00
60.00
440.00
479.50
79.50
* Or tho prico nearest to that date.
** For the E n g lis h C o n so ls 2H % . tho prices are those quoted at London,
THE CHRONICLE
758
A U S T R IA N
MOVEMENT
TO R E G U L A T E
EXCHANGE.
FOREIGN
[Vol. 102.
L A B O R ’ S C O N T R I B U T I O N TO D A N B U R Y H A T T E R S ’
F U N D F A I L S TO M E E T E X P E C T A T I O N S .
I t was roported on tho lGth in st. that tho fund raised b y
tho labor organizations on behalf o f tho D an bu ry H atters
had reached a total o f b u t $ 4 2 ,6 8 4 up to tho 11th inst.
Im
m ediately following the day (Jan. 27 ) set aside for the con
tribution b y m em bers of the A m erican Federation o f L abor,
of one hour’s wages toward tho D an b u ry rolief fu n d , it was
stated that it was expected that a t least $ 3 5 0 ,0 0 0 w ould be
realized; tho am ount needed to satisfy the judgm ent is $ 2 5 2 ,
the general interest.___________________________
1 3 1 . A decision undor which it is held that interest am ount
ing to $ 3 0 ,0 0 0 on the attached savings bank deposits o f the
B R ITISH B A N K S A S K E D
TO S E C U R E A M E R I C A N
defendants in tho H atters’ caso belongs to the defendants
S E C U R IT IE S FROM CUSTOM ERS.
A nnouncem ent th at an appeal had been sent to the banks was filed in the U nited States D istrict Court a t H artford on
In his decision Judge T h o m a s said:
throughout G reat Britain b y R eginald M c K e n n a , Chancellor tho 8th inst.
Clearly, in tho light of the authorities cited, tho attaching creditors ac
o f the Exchequer, asking th at they urge their custom ers to quired no more or greater rights than tho depositors held at tho timo of tho
offer all available securities to the British Treasury was m ade attachments. If, through defalcation or unfortunate investments or de
on the 18th inst.
T h e follow ing is M r . M c K e n n a ’s state preciation of securities, the assets of a savings bank becomo so impaired
that the trustees could not legally declaro tho dividends, tho depositors
m en t:
would sharo in tho loss, and would have no remedy either in law or equity
You aro acquainted with the Government’s schomo for acquiring Ameri to compel tho payments of dividends, and if in such esao thoy would bo
can dollar securities in order to maintain a stable oxchango with the United without remedy, I fail to see how the attaching creditors acquire any rights
States. While expressing cordial thanks to those banks which already by virtuo of these attachments. Tho liability to pay tho dividend was
have urged customers holding suitable securities to offer thorn to the clearly subject to a condition precedent.
Treasury, I invito all banks to take similar action forthwith and to impress
M y conclusion, therefore, is that all interest accruing after tho attach
upon customers the paramount duty o f assisting their country and her ments belongs to tho assignee by virtuo of tho assignments, and not to tho
allies by offering to the Treasury such securities either for salo or as a attaching creditors. _______________________________
deposit on loans, whether or not they are included in tho published lists
of tho Treasury.
IN S T A L M E N T
ON
A N G L O -F R E N C H
LOAN
At an. early date opportunity will be afforded for depositing securities F I N A L
C A L L E D FOR.
on loans upon terms already published. Emphasize tho fact that by
offering their dollar securities to the Government at this Juncture they
T h e banks acting as depositaries for tho $ 5 0 0 ,0 0 0 ,0 0 0
will be performing a patriotic service in helping pay for munitions and
other supplies bought in America, and at tho same timo obtain tho full prico A n glo-F ren ch loans have been called upon to p ay in tho final
instalm ent of 1 5 % on M a rch 6 .
T h e last previous paym ent
for the securities sold.
was m ad e on Jan. 3 1 ; it am ounted to 1 0 % and brought the
According to a cable to the “ Journal of C om m erce” on total up to 8 5 % .
the 24 th in st., the British T reasury expects to havo in full
operation abou t M a r ch 1 th at part o f its m obilization plan A N T H R A C I T E C O A L T A X S U I T S T E R M I N A T E D — A P
for A m erican securities which provides for borrowing those
P O I N T M E N T OF I N V E S T I G A T I N G C O M M IS S IO N .
securities from holders who cannot or do n ot desire to sell.
On Jan. 2 6 suits brought against 3 8 coal companies b y the
I t is stated th at system atic work has been undertaken am ong State of Pennsylvania to recover a tax o f 2 j /£ % on all an
all holders of A m erican securities to encourage them either thracite coal prepared for m arket woro term inated, whon,
to loan or sell their property. T h e banks in particular aro under tho direction of tho D auphin C ou n ty C ourt a t Harris
urging their clients in th is respect in response to the letter burg, a special jury rendered vordicts in all the cases in favor
According to advicos from Vionna, undor date o f F e b . 2 3 ,
A ustria-H u n gary has initiated measures centralizing and
regulating foreign exchange operations on the sam e linos as
those adoptod b y G erm a n y. B an k s are roquirod to place
all incom ing exchange at the disposal of the central institu
tion , while requests for foreign drafts are on ly granted on
proof th at their purchase is necessary and advan tageous to
o f Sir R eginald M c K e n n a .
of tho coal com panies. T h o law , passed in 1913, was de
clared unconstitutional for “ inequality o f taxation” b y the
G R O W T H OF N A T I O N A L B A N K I N G S Y S T E M U N D E R State Supreme C ourt last Ootobor. A now measure (the
C A L L OF D E C E IB E R 31.
D aw son b ill), intendod to cover tho points m ado against the
T h e figures of condition of the national banks a t the 1913 la w , was enacted last year, and this latest A c t was not
close o f the year broke all records, according to a statem ent affected b y tho decision.
issued b y Com ptroller o f the Currency John Skelton W illiam s
On Jan. 11 G o v . B rum baugh announced the appointm ent
under date of tho 21st in st.
T h o C om ptroller said:
o f tho com m ission authorized to m ako an investigation into
Their resources aggregated 13,467 million dollars, an incroaso sinco the cause o f the advance in tho price o f anthracite coal.
Dec. 31 1914 of 2,110 million dollars, and an increaso over tho Nov. 10
T h o inquiry was callod for under a resolution passod b y tho
1915 call o f 231 million dollars.
Tho increaso in deposits during tho twelve months period was 2,163 Pennsylvania Legislature on Juno 15 1915, follow ing the
million dollars; tho incroaso between Nov. 10 and Dec. 31 1915 was 223
million dollars. Total deposits, including balances duo banks and bankers, enactm ent o f the D aw son bill, which places a 2 J ^ % ad val
orem tax on all anthracito coal m ined in Pennsylvania and
were 10,379 million dollars.
Loans and discounts increased, as compared with Dec. 31 1914. 1,010 prepared for m arket in tho Sta te.
T h o com m ission is to
million dollars, and as compared with Nov. 10 1915, 123 million dollars.
Bills payablo and rediscounts amounted to 98 million dollars, a decrease serve w ithout com pensation and is to inquiro as to whether
as compared with Dec. 31 1914 o f 34 million and a decreaso as compared the price-raising was justified or n o t, and whether it was dono
with N ov. 10 1915 of 5 million dollars.
as a result of any illogal com bination or confodoration upon
United States bonds held decreased during tho year 20 million dollars,
whilo tho holdings o f other bonds and securities increased during tho year tho part of the operators or dealors, and to investigate and
report all other facts and circumstancos in roforonco thereto.
104 million dollars.
Tho national banks increased their holdings o f specie during the 12 I t is required to report to tho Logislaturo Jan. 1 19 17 . T h e
months 154 million dollars, notwithstanding tho increaso during tho same
commissioners aro: T h om as M artindalo o f Philadelphia,
period of gold holdings by tho Federal Reservo banks.
Tho number o f reporting national banks on Dec. 31 1915 was 7,607, former Judge R . S . G aw throp o f W o st Chostor, and John
against 7,581 on Dec. 31 1914.
Langdon o f H untingd on.
Com ptroller W illia m s’s statem ent is accom panied b y tho
follow ing table showing the ohangos in tho principal item s of
P H I L I P P I N E IS L A N D S S E L F -G O V E R N M E N T BILL .
resources and liabilities o f national banks on D e c . 31 1915 as
T ho U . S . Senate on F o b. 4 passod b y a vote of 5 2 to 24
com pared w ith tho roturns on N o v . 10 1915 and D e c . 31 19 14 .
the bill conferring solf-govornmont upon tho Philippines.
A m o u n t.
S in c e N o v . 10’15 S in c e D e c . 31 1914.
Section 3 4 of tho A c t , givon below , authorizes and directs
Ite m s —
D e c . 31 1915.
In c . or D ec.
In c . or D ec.
s
s
s
the President o f tho U nitod States to grant absoluto inde
Loans and discounts.7,357,731,688 Inc. 123,802,714 Inc. 1,010,095,177
United States bon ds.. 774,638,707 Dec. 3,126,126 Dec.
20,440,225 pendence to the Philippines in not loss than two nor more
Other bonds, &c_____1,375,149.240 Inc. 31,327,737 Inc. 104,706,066 than four years from tho passage o f tho A c t .
Sec. 34. Tho President is horeby authorized and diroctod to withdraw
Duo from banks and
bankers................... 1,937,297,824 Dec. 32,110,671 Inc. 516,848,470 and surrender all right of possession, supervision, jurisdiction, control.or
S p ccio-........................ 689,762,311 Dec. 42,034,507 Inc. 154,905,198 sovereignty now existing and exercised by tiro United States in and over tho
Legal tender notes__ 118,117,267 Inc. 3,138,858 Dec.
10,253,707 territory and peoplo of the Philippines, and ho shall on bohalf of tho United
Capital s t o c k _______ 1,068,049,439 Dec.
599,400 Inc.
2,097.934 States fully rccognizo the independence of tho said Philippines as a sepa
Surp. & other prof its. 1,019,820,935 Dec. 20,292,444 Inc.
10,960,512 rate and self-governing nation and acknowledge tho authority and control
over tho samo of tho government instituted by tho peoplo thoroof, and full
Circulation outstand
ing ........................... 713,313,729 Dec.
152,802 Dec. 135,493,044 power to tako tho several stops necessary to institute such government is
horeby conferred upon the said Philippines acting by and through govern
Duo to banks & bank
mental agencies created by this Act. This transfer of possession, sov
ers.............................. 2,738,431,675 Inc. 28,758,292
Inc.868,660,023
Demand deposits____ 6,223,842,105 Inc. 153,623,097 Inc. 1,048,702,072 ereignty and governmental control shall bo completed and bccomo absoluto
not less than two years nor moro than four years from tho dato of tho ap
Timo deposits________ 1,417,417,446 Inc. 41,461,216
Inc.246,195,228
proval of this Act, under tho terms and in tho mannor herolnaftor pre
Bills payablo and re
scribed: P ro v id e d , That if tho President, prior to tho expiration of tho said
discounts..................
98,415,575 Dec. 5,038,787
Dec.34,026,782
Total resources...........13,467,887,223 Inc. 231,555,852 Inc. 2,110,801,205 period of four years, shall find that tho condition of tho internal or external
Total number banks reporting on Dec. 31 1915, 7,607; Dec. 31 1914, affairs of said Philippines in respect to tho stability or efficiency of tho
7,581; Increase, 26.
proposed government thoreof is such as to warrant him in so doing, hojis
Fee. 26 1916.]
THE CHRONICLE
hereby furthor authorized, by proclamation duly made and published, to
extond the.said time to and including the date o f tho final adjournment
o f tho session o f Congress which shall convono next after tho date of the
expiration of tho said poriod of four years, and thus afford tho Congress
an opportunity in its discretion to furthor consider the situation in tho said
Philippines; but any such extension of time by tho President shall not other
wise suspend or nullify tho operative force o f this Act, unless tho Congress
shall hereafter so direct. For tho purposo o f a comploto and prompt com
pliance with this direction, the President is hereby invested with full
power and authority to make such orders and regulations and to enter into
nto such negotiations with tho authorities o f said Philippines or others as
may bo nocossary to finally settlo and adjust all property rights and other
relations as botween tho United States and tho said Philippines, and to
cause to bo acknowledged, respected and safeguarded all o f tho personal and
property rights of citizens or corporations of tho United States and of other
countries resident or engaged in business in said Philippines or having
property interests therein. In any such settlement or adjustment so made
in respect to tho rights and proporty of tho United States as against tho
said Philippines the President may reservo or acquire such lands and rights
and privileges appurtenant thoroto as may, in his judgment, bo required
by tho United States for naval bases and coaling stations within tho terri
tory o f said Philippines.
T h o bill was introduced in the Houso o f Representatives
on F o b. 8 and referred to tho C om m ittee on Insular A ffairs.
PU B LIC
S E R V IC E
CO M M IS SIO N
A PPO IN T M E N T S .
T h o ro-appointm ont o f F ran k Irvino as a m em ber of tho
u p -S tate Public Service C om m ission was confirm ed b y tho
Senate at A lb a n y on tho 23rd in st. A roport this week o f
tho likolihood o f tho withdraw al b y G ovornor W h itm a n of
the nom inations o f T ravis I I . W h itn e y and Charles S.
H orvoy as mombors of tho P u blic Sorvico Com m ission for
the First D istrict m et with the issuanco of a donial from the
G overnors’ offico on tho 23rd .
T ho appointm ents o f M ossrs.
W h itn e y and Ilorvoy were forwardod to the Sonato b y tho
Govornor on tho 7th in st., on which date M r . Irvino was
nam od for reappointm ont. M r . W h itn e y is nam ed as succes
sor to J. Sorgoant C ram , whose term oxpirod F o b. 1, and M r .
Ilo rvo y has been choson to succeed George V . S . W illiam s,
who tondered his res ignation on D ocom ber 27 to tako effect
January 3 1 , a year boforo his term would have oxpirod.
T h o nom inations o f Oscar S . Straus and Ilo n ry W . Ilo d g o
as mombors o f tho C om m ission for tho First D istrict wore
confirmed b y tho Senate on Fobruary 3 .
M r . Straus was
appointed on D ecem ber 9 as C hairm an o f tho C om m ission,
succeeding E dw ard E . M c C a ll, w h o w as rom oved from offico
b y tho Govornor on D ecem ber 6 ; M r . Ilo d g o w as appointed
last m on th as successor to R obert C olgate W o o d , who tondorod his resignation to tho G overnor on Jan. 3 .
T R A IN M E N 'S
DEMANDS
FOR
E IG IIT -IIO U R
DAY.
Sovoral statem ents indicating tho offeot o f tho country
wide m ovem ont o f the engineers, firem en, conductors and
trainmen for an oight-hour d ay h ave been issued during the
m on th at Chicago b y tho E xecutive C om m ittee of tho
Association o f W estern R ailw ays. Roforenco to th o 'm o v e
m en t o f tho trainmen was m ade in our issuo o f Jan . 2 9 .
In
a statem ent given out on tho 1st in st. the C om m itteo said:
Tho employees do nofc moan an oight-hour day, as thoy represent. They
do moan, though, an incroaso o f approximately 25% over presont wages,
fixed by arbitration, for tho samo amount of work. They mean an increase
o f 87 V i% as compared with tho present rates for overtime.
T o allow the increase would add $100,000,000 a year to tho operating
oxponsos of all tho roads in tho country for tho benefit of men whoso average
pay per day w.as increased from 30 to 42% from 1903 to 1914, while tho
wages of Western engineers and firemen wore furthor increased in 1915.
A real oight-hour day has been established in some branches o f industry,
and the p ublic, unless correctly inform ed, will naturally assumo that tho
railway employees aro asking for tho samo thing— that thoy all now work
ton hours for a d a y ’s p a y, and want to work only eight hours. Hut the
proposed oight-hour basis o f paym ent in railway service and tho eight-hour
day as com m only understood aro tw o different things.
In a factory it is posslblo to decide on an eight or nine-hour day. In
railway sorvico tho working d ay is governed in road service b y tho length
o f tim e required to run a train from ono terminal to another. As tho
em ployees only proposo to chango tho rato o f p a y, it Is ovidont that'thoy
d o not expect to work any shorter hours.
A statem ent to tho effect th at 8 1 ,2 5 3 a yoar was tho
average wago paid to the m en who aro m aking tho
demands was contained in an announcom ont of the C om
m ittee given out on tho 17th in st, and from which wo quoto
tho following:
Twelve hundred and fifty-three dollars a year was tho average wago
paid to tho engineers, firemen, conductors and trainmen who aro now
voting to authorize their officers to present demands upon tho railways for
a 25% Increase in wages, according to tho latest statistics o f tho Inter-State
Railway Commission for tho yoar 1914.
When over 300,000 men unite to demand an increase in wages amounting
to $100,000,000 a year, and threaten to strike unless thoy get it, the wages
thoy aro now receiving in comparison with those o f other workers becomes
a point of expeclal interest, particularly in view o f tho effect a strilco
would iiavo on the millions who are earning less than $1,253. Tho engineers
and tho conductors aro the highest paid classes o f railway employees. In
1914 tho averago daily compensation o f tho 01,3(35 engineers as reported
by tho.Commission was S5 24, and o f tho 47,621 conductors, $4 47. Tho
64,335 firemen averaged $3 22 a day and tho 135.852 other trainmen
759
averaged S3 09 a day, these two classes being exceeded only by the engin
eers, tho conductors and the machinists, the machinists averaging S3 27 a
day.
The average daily compensation of the 15,215 general and other officers
was $8 94 a day, and of all other classes of railway employees the average
daily compensation was reported by the Commission as follows: All em
ployees, $2 53; general office clerks, S2 54; station agents, $2 33; other
station men, $1 98; carpenters, $2 66; other shopmen, $2 36; section
foremen, 32 20; other trackmen, $1 59; switch-tenders, crossing tenders
and watchmen, SI 71; telegraph operators and dispatchers, S2 56; all other
employees and laborers, $2 21.
While constituting 18% of the number of railway employees, the engin
eers, firemen, conductors and trainmen received 28% of the total pay-roll of
the railways in 1914. Moreover, the average compensation per day
had increased in ten years by from 27 to 37 % , while that of all employees
had increased only 23% . The total wages paid to the 309,000 engineers,
firemen and conductors and trainmen in 1914 aggregated 3387,000,000.
This is an average of 31.253 37 per year for each of the employees now
demanding a 25% advance, which would be 3305 a year.
The railroads estimate that to grant the 25% increases asked by the
engine and trainmen would add $100,000,000 a year to their operating
expenses. The total wages and salaries paid in 1914 by the railways of the
United States amounted to 31,373,422,472, of which $44,401,464 was paid
to the 15,215 general and other officers, many of whom actually received less
than many engineers, firemen and conductors. This leaves 31,829,018,008
paid to 1,680,278 employees. T o allow a 25% advance in wages to all of
tho employees, therefore, would mean a total increase in wages of $322,
264,502.
Tlio first official statem ent regarding the dem ands of the
trainmen was issued on the 9th inst. over the signature of
W . S . Stone, G rand Chief Engineer of the Brotherhood of
L ocom otive E ngineers; W . S . C arter, President of the
Brotherhood of L ocom otive Firem en and Engineers; L . E .
Sheppard, A ctin g President of the Order o f R ailw ay C on
ductors, and W . G . L ee, President of the Brotherhood of
R ailroad T rainm en.
T hese organizations claim to represent
approxim ately 4 0 0 ,0 0 0 em ployees on 5 2 8 lines o f railroad.
W e quote from the statem ent as follow s:
The eight-hour day movement is based wholly upon the Justice of a
work day of reasonable hours that will permit tho men furthor to separate
tho dead line between work and wages. Tho railroads say in effect that
men who have put in a few years of railroad service have worked themselves
out and will not be accepted if thoy lose their positions. I f men are
worked out in a few years under present service conditions, as the railroads
in effect declare, tho demand to extend their wage-earning years is fully
justified.
Overtime in road service is due almost wholly to tho practice of railroads
overloading trains so that thoy cannot make their mileage within their
time limits. Tho railroads aro doing this for profit; they do not deny it,
and if they propose to demand extra service at the sacrifice of tho health
and future earning ability of the men, thoy shoud pay extra for it. The
payment of overtime applies with particular force to yards where the
companies can regulato their work so that no overtime neod be made. If
thoy exact extra service, it is to their own interest and tho men have a
perfect right to demand timo and one-half time for that service.
Tho railroads contend that the men aro not sincere in their demand for
tho shorter workday; they declare they want a wage increase rather than
a timo decrease, and refer to a small number of tho men who prefer the
extra-hour jobs to prove it.
If tho companies desire to test tho sincerity of tho men, let them prove
their belief in what they say and establish the eight-hour day so that the
men do not have to mako a minute of overtime. Tho shorter workday is
the only proposition on which the men are voting.
Tho statement has been mado that tho payment of overtime is an incen
tive to delay work during tho regular working timo. It does not apply to
Railroad service. Both tho employers and tho men know that if delays
aro mado without reason, tho men are called to account for it; if at fault,
thoy aro disciplined and the companies have it within their power to deter
mine whether or not delays are unnecessary.
"Forty-fivo per cent of tho earnings of the railway companies are paid in
wages” affords the opportunity to show the sum total of tho wages paid.
What interests tho railroad employee is not the bulk sum paid to all of the
railway employees, but tho individual amount that goes to each man, and
it is only on this basis that the figures of tho railway companies interest him.
That there is not so much justification for the contention of the railroads
that tho eight-hour day is impossible is proven by the fact that at the
j)rosent timo there are seven roads in the Southeastern and one in the
Western territory that pay overtimo on an eleven miles per hour basis.
Six roads in tho Southeastern and five in the Westernt erritory pay overtime
on a twolve and one-half miles per hour speed basis. There is only one
road in tho United States o f which wo have knowledge that works more
than the ten-hour workday, namely, the Monongahela.
This question has been asked: “ Whothcr tho railroads, in responding
to tho present demand of tho four brotherhoods, should reduce wages of
other classes?” Certainly not. Tho effect of wage increases to the four
brothorhoods in tho past has been to encourago increases in wages to all
other employees whether or not thoy were organized. It is true that in the
last two years the railroad companies have attempted to show that tho in
creased pay secured by tho employees who were organized prevented them
from increasing the pay o f employees who were not organized. The pur
poso of this contention has been merely to becloud tho main issue. The
fact stands in evidence that no wage increases were given to the organized
employees until they exerted every pressure at their command.
Another question has been asked: ‘ ‘ Whether they should reduce interest
and dividend payments?” So far as railway employees are concerned,
that is a matter with which they have nothing to do.
Tho next question asked is, “ Whether they should cut down expenditures
for so-called non-productive improvements” ? That is a matter entirely
within the judgment of the railroad companies themselves, governed
largely, however, by the demands of the communities for buildings and
terminals that will meet tho requirements established by civic pride and
business demand. I f a railway company, in complying with public
demand, expends 320.000,000 for a passenger station that will not increase
its revenue, it can hardly bo expected that the employees alone should
assumo the cost of the unproductive investment. It bears the same relation
to their wages as so much watered stock.
We are asked, “ Whether they (the railroads) should seek another in
crease in rates” ? This is askod on tho assumption that wages are,to be in
creased. The men are not asking for more money. They are asking for
760
THE CHRONICLE
a shorter workday. I f tho railways insist on a longer day, then it will
mean increased pay. If tho railways need revonuos to meet their increased
cost of operation, yes. There is no other business in the United States
that is not at perfect liberty to adjust its revenuos to meot the cost of
operation.
Tho fact that tho railway companies must first secure tho authority from
the Inter-State Commerce Commission to raiso rates, places them in a
different position entirely from tho remainder o f tho business in the country.
This, however, is not tho fault o f the employees, and it is wholly unfair to
expect that approximately 8,000,000 railway employees and thoir depend
ents must sacrifice their interest to tho general betterment and welfare
of the remainder of the population. W hy should not tho railway companies
bo permitted to increase rates to meet legitimate costs, tho like o f which
have to bo met in the same way by every other industry?
W o are asked, “ Whethor they (tho railways) should refuse tho present
demand and risk a strike, should arbitration be refused by tho employees?”
This is a question that at this time is not a part of the discussion. Whethor
arbitration will even bo suggested or whether it will be agreeable to either
sldo of tho subject cannot bo guessed at this time.
Tho position o f the railroad organizations in regard to arbitration is
about the same, and might bo expressed in general terms as follows: They
are not opposed to arbitration, neither are they pledged to accept it. Thoy
are practically pledged to peace, but that does not mean peaco at any
price. It means peace with honor, and not peaco at the sacrifice o f justice.
The organizations do not desire to take issue with the public: thoy havo no
disposition to take undue advantage o f it in any senso; thoy accept every
public responsibility. They challenge oven the inference that thoy havo
not always boon fair to tho public, and they ask only of the public, that
which the public holds fast as its absoluto right, namely, the liberty to
make its own terms o f service so far as it has the power.
[Vol . 102.
are for paym ent on a m ine-run basis, that is, before the result
o f the m iner’s toil has been screened; a 1 0 % increase in
“ y a rd a ge ,” 2 0 % in day labor, and an eight-hour d a y . T h e
conference in M o b ile w as suspended on the 17th inst. after
an unsuccessful effort to reach a settlem ent following the
discussion o f the m atter for o ver a w eek, or since the 8tli in st.;
the present soft coal contracts in the four States expire on
M a r c h 3 1 . J . C . K o sle m , an operator o f Terre H a u te , I n d .,
was elected C hairm an o f the conference which opened in
N e w Y o r k on T h u rsd ay. A t the suggestion of the operators
the m iners held a caucus yesterday. I t is stated th at the
operators have proposed th at the m ine workers surround the
“ m ine run” proposition w ith all the checks and safeguards
that are provided in Ohio and Illinois, where the system is
in operation; this, being taken as a concession on the
part of the operators.
B A N K C O M P E T IT IO N A N D T H E C U S T O M OF P A Y I N G
IN T E R E S T O N D E PO SITS.
T ho effect o f the com petition engendered b y tho custom
of paying interest on all classes o f deposits, coupled w ith
the tender o f free services form erly a source of incom e, was
discussed b y H ervey Schum acher, Cashier of tho P eople’s
N ation a l B an k of Pittsburgh in his address as Chairm an of
J O I N T C O M M I T T E E N A M E D TO C O N S I D E R D E M A N D S
G roup V I I I o f the P ennsylvania B ankers’ Association at the
OF A N T H R A C I T E M IN E R S .
annual m eeting o f the G roup in Pittsburgh on the 21st inst.
N egotiation s between tho anthracite coal operators and
W it h the com petition for deposits said M r . Schumacher, the
miners w ith regard to the dem ands of the latter were opened
public becam e educated to the idea that banks were in tho
in this city on M o n d a y a t the H o tel M c A lp in .
T h e joint
nature of public institutions, if n ot indeed, altruistic institu
conference was attended b y representatives of the operators
tions, and dem anded “ m ore and m ore free service, in this
and tho U n ited M in e W orkers of A m erica, and the indica
respect assum ing an attitude toward banks that it has as
tions were th at b oth sides to the controversy intend to con
sum ed toward railroads.”
M r . Schumachor addod that
sider their differences in a friendly spirit; the m eeting
“ in addition to the changes noted in conditions to-d a y and
resulted in the appointm ent of a join t su b-com m ittee which
a score of years ago when the use o f deposits was paid for in
will take up the dem ands of the miners and report to the
service, instead o f as now in 2 to 4 % interest, thero has been
conference next M o n d a y . A s an indication of the harm oni
an increase in the am ount and kinds o f tax im posed b y city ,
ous spirit which prevailed at tho conference, it is pointed
State and nation. A t the same tim e thore has been a declino
out that it was the first tim e in tho history of the miners
in the average rate realized on loans and on the highost grade
that their dem ands were n ot m et w ith a prom p t rejection.
o f investm ents. T ho effect is th at o f a two-edgod sword,
John P . W h ite , President of the U n ited M in e W o rk ers,
cutting b oth w a y s .”
T o M r . Schum acher’s m in d , tho sug
form ally presented the dem ands of the m iners, which were
gested rem edy and the only one which seems to bo available,
set out in our issue of F e b . 5 , and the principal features
is reform in tho custom of paying interest on doposits. M r .
of which are a 2 0 % increase in the wages of the anthracite
Schum acher’s address also bore upon tho decrease in the
m iners, an eight-hour day and the recognition o f the union
num ber of banking institutions in Pittsburgh and B oston
b y the operators.
In pointing out that no strike is
during recent y ears. W o quote his remarks in detail below :
planned b y the miners pending the adju stm en t of the
In common with many predecessors In this offico, no doubt, your retiring
differences, M r . W h ite on M o n d a y said:
Chairman looked up somo of the old records to see what they said and did
Tho public can bank on this: there will be no stoppage o f work in tho on similar occasions. Ho did not find anything in the way of “ acceptances,”
anthracite fields, due to tho action o f the miners, so long as the operators nor anything that would be available for “ rediscounts."
show any disposition to reach an agreement. The members o f the United
But thero was on e thing he did find which was in the nature of a surpriso,
Mine Workers are pledged against any stoppage o f work pending negotia and which may interest you. Ho found that in less than a score of years
tions. W e are hoping and expecting an early agreement that will bo more than forty banks and trust companies in tho city of Pittsburgh alone
satisfactory to all concerned. But if an agreement is delayed for any had retired from the field of active business. Some of these retirements
reason, we are prepared to continue negotiations while there is the slightest were duo to mergors, some to voluntary liquidation, and somo to an in
hope of coming together. I f thero has been any talk of a strike or cessation ability to survive competition. It is gratifying to know, however, that
o f work this spring, it has not come from the United Mino Workers. We despite the decrease in number, there has boon a steady increase in aggre
havo talked peace and believed in peaco, and we expect nothing else.
gate resources of the remaining institutions, and that tho last official state
S.
D . W arrin er, President of the Lehigh C oal & N a v ig a ments
show new high totals representing volume and strength.
Figures are not available for other towns and cities embraced in Group 8,
tion C o ., and Chairm an of the Conference C om m ittee of tho
but the tendency has probably been in tho same direction. This showing
operators, on behalf of the latter said:
renders all tho moro conspicuous the present numerical standing of Group 8,
The operators are glad to go Into the demands In detail In the effort to and tho interest maintained in its affairs.
arrive at a solution satisfactory to all. Tho operators are willing to look
In connection with tho decrease noted in tho number of banks doing
at the demands from every possible light and are willing to stand for business in this district, it may be remarked that a similar movement has
reasonable conditions o f labor and pay, and to go beyond this and to give been in progress in other parts o f tho country. For example, in a letter
consideration to the opportunities for social and physical betterment of tho from the financial editor of tho “ Boston Transcript” I learn that Boston
miners. In doing this tho operators must bo alive to thoir own business began the year 1916 with only fourteen national banks, against seventeen
conditions and have regard for their responsibility to tho public. Every last year and fifty-seven eighteen years ago. In 1898 Boston had nearly
element o f tho miners’ demands will receive tho fullest consideration.
$50 000,000 capital stock invested in national banks on which tho averago
T h e su b-com m ittee nam ed to consider tho dem ands of the rate of dividend paid was 2.3% ; now the capital Is $26,300,000 and tho
miners consists of the follow ing representatives o f the opera average dividend is above 10%.
Speaking now Informally, thero Is one point in this connection to which
tors: W . L . Con n ell, President of the Green R idge C oal C o .; I would like to ask a moment’s attention.
These forty-odd banks and trust companies which have retired from
W . J . R ichards, President of the Philadelphia & Reading
business were induced to start because Pittsburgh had the reputation—
C oal & Iron C o .; S . D . W arriner, President o f the Lehigh and rightfully, too— of being tho most profitable field, and ono of tho
C oal & N av ig a tion C o .; and M orris W illiam s, President of safest fn tho country. Tho shares of old established banks sold on a basis
the Susquehanna C oal C o . T h e representatives o f the miners of Government bonds, and seldom changed hands because of tho tenacity
of holders.
are: President W h ite of tho U nited M in e W o rk ers; T h o m a s
The chief factor in changing the situation from one of reasonable, If not
K en n e d y , President of D istrict N o . 7 ; Jam es M a tth e w s, generous profit to ono of a struggle for the survival of tho fittest, was tho
introduction
of the custom of paying interest on all kinds of deposits,
President of D istrict N o . 9 ; and John D e m p se y , President
coupled with the tender of freo services formerly a sourco of legitimate
of D istrict N o . 1.
incomo. Over-competition in this rospect Imposed its inevitable penalty.
In order to earn the rental on deposits, and at tho same time meet tho
demands of stockholders for dividends, it was necessary—or some bank
CONFERENCE ON B IT U M IN O U S M IN E R S ’ D E M A N D S .
managers thought it was necessary— to keep funds employed to tho out
Follow ing the inability of bitum inous miners and operators side limit of legal reserve requirements. Somo of them wont farther and
engaged in underwritings that had not been thoroughly investigated.
to reach an agreem ent regarding wage dem ands a t the recent
Bad loans and unprofitable underwritings were an inevitable consequence.
conference a t M o b ile , the conferees took up the m atter anew Conservative bankers, who held fast to old principles, naturally lost busi
in N e w Y o r k , a t the H o te l M c A lp in on the 2 4 th inst. T h e ness for a time and were classified as back numbers; but thero Is some
m eeting was attended b y eight representatives o f the op compensation in the fact that they aro still doing business at the old stands,
and aro a recognized haven o f refugo in storm and stress.
erators and an equal num ber o f representatives o f soft coal
Now, while competition for deposit totals was increasing In sovcrlty,
miners from the States o f O h io, In d ian a, Illinois and W e s t other developments were in progress which wero In effect burning the
ern P en nsylvan ia. T h e principal dem ands of the miners candle at the other end. The public became educated to tho Idea that
26 1916.]
THE CHRONICLE
banks were in the naturo o f public institutions, if not indeed altruistic
institutions; and that bankers were in tho business for their health, inas
much as they reported at 10 a. m. and knocked off at 2 p. m. for the golf
links. Fostering this idea, tho public demanded moro and more free
servico, in this rospoct assuming an attitude toward banks that it has
assumed toward railroads.
In addition to tho changes noted in conditions to-day and a score o f
years ago when tho uso of deposits was paid for in service, instead of as
now in 2 to 4% interest, there has been an increase in tho amount and
kinds o f tax imposed by city, State and nation. At the same timo thero
has been a doclino in tho average rate realized on loans and on tho highest
grado o f investments. Tho effect is that o f a two-edged sword, cutting
both ways.
These aro facts familiar to bank managers responsible for results. Tho
suggested remedy, and the only one which scomS to be available, Is reform
in tho custom o f paying interest on deposits. It is a difficult matter for
banks themselves to inaugurate such reform. Legislation seems neces
sary, and for this reason I feel that the suggestion of tho Comptroller of tho
Currency in his rccont annual report should receivo tho earnest support
o f ail classes o f bankers.
It also seems to me that this Group could properly indorse tho amend
ments proposed in tho annual report o f tho Federal Reserve Board to tho
now banking system. Tho latter has been in existence a little moro than a
year and a half, during which period conditions throughout tho world of
finance havo been entirely abnormal. Wliilo there aro differences of
opinion concerning this Act entertained by State and National bankers,
there is virtual unanimity that it has already accomplished much good,
chief o f which has beon a removal of all fear of currency famines, and
second that it will ovcntually provido central reservoirs o f gold roservo
which will bo invaluable in time o f need. No one will contend, however,
that tho Act is perfect, and experience will undoubtedly result in amend
ments that will rondor it all tho moro useful in conducting tho complicated
business of finance and commerce.
761
started by M r. Forgan and his associates above referred to, started
another institution owned and operated by the same people.
Under tho Clayton Act, Mr. Forgan will bo required to retire from the
boards of both of these banks, notwithstanding that thoy aro several mile
removed from tho center of tho city and can in no wise bo in competition
with the First National Bank.
E LLIO T T
C.
M cD O U G A L’ S
V IE W S
R E G A R D IN G
FED
ERAL RESERVE S Y S T E M .
Speaking on “ Tho Relation o f Stato B anks to the Federal
Resorvo Association” before G roup V of tho N ow Y o rk
Stato Bankors Association a t A lb a n y on tho 19th in s t.,
E lliott C . M c D o u g a l, President o f the B a n k of B u ffa lo ,
a t B u ffaio, N . Y . , declared that “ until Sta te bankers can
bo shown that it is very m uch to their m aterial interests
to join the Federal Reserve system thoy will not jo in .”
He
also asserted that “ if tho N a tion a l G overnm ent persists in
its policy o f m aking business conform to rules and require
m en ts, m an y of them absolutely theoretical and bureau
cratic, and if the State o f N e w Y o rk pursues its present wise
polioy o f adjusting its banking m achinery to the needs of
trade and com m erce, constantly increasing the ability of
tho banks under its control to servo tho public, it will have
a banking system o f such m agnitude th at it will not suffer
b y comparison even w ith the entire banking systom o f the
U nited S ta te s.”
W ith reference to the office o f tho C om p
B A N K E R S S E E K M O D I F I C A T I O N O F I N T E R L O C K I N G troller o f tho Currency, which he contended becam e super
P R O V IS IO N OF A N T I -T R U S T L A W .
fluous w ith tho inauguration o f tho Federal Reserve system ,
Tho bankors of S t. Louis and Chicago havo intorostod M r . M c D o u g a l said: “ N o t only is it superfluous, but its
thomseivos in a m ovom ont to socuro an am endm ent to tho continuance will bo harm ful.
D u a l supervision and control
C layton A n ti-T ru st Law so as to m od ify tho provisions b y tho Com ptroller o f tho Currency and tho Federal Reserve
concerning interlocking directorates w ith a viow to perm itting B oard m u st, in the nature of things, lead to divided responsi
a banker to sorvo as an officer or director in moro than ono bility and to conflict.
It w ould bo m ost beneficial to the
banking institution where sucli institutions aro n ot com p eti banking system o f this country wero tho office o f the C om p
tive. A n am ondm ont, drawn up b y Festus J . W a d e , B reck - troller of tho Currency a t once abolished and all his duties
inridgo Jonos, J. It. C ooko, F ran k H . H ou ston , A . J . Siegol and powers transferred to tho Fedoral Reserve B o a r d .”
and othor S t. Louis bankers, has boon subm itted to Secretary Tho follow ing is also taken from M r . M c D o u g a l’s remarks:
There .should be no Government ex-officio members'on ^the Federal
o f tho Treasury M c A d o o b y R epresentative lg oo o f S t.
Resorvo Board. Governments are always In politics. An ex-officio
Louis; tho toxt o f this am en dm en t, wo learn from tho member of tho Board must, necessarily, bo subject to political pressure.
S t. Louis “ G lob e -D em ocra t” , is as follows:
Good as is tho general record of the present Federal Reserve Board, it has
And provldod further, tin t nothin? in this Act shall prohibit any office not been ontirely free from political influence. Tho credits and other
director or o nployoc or any me nber bank, who shall first procure the facilities which are furnishod by banks to the public are the life-blood of
consent o f tho Federal Btnervo Board, which is hereby authorized at its business. If political interference be harmful to the best interests of any
discretion to grant, withhold or revoke such consont, from being an officer, business and of tho public which it serves, banking is that business. An
director or oiuployeo of one or more other banks, banking associations or amendment providing that the ex-officio Directors on tho Federal Reserve
trust companies, whothor organized uu lor the laws o f tho United States Board bo abolished would meet with tho heary approval of an overwhelming
or any Stato, if such othor bank, banking association or trust company is majority of tho business men of this country.
not in substantial competition with such member bank.
Tho Federal Reserve Board recommends that national banks bo per
A similar am ondm ont, proposod b y Chicago bankers, is mitted to establish branch offices in any city or county in which they aro
located. I havo always been an advocate of tho theory of branch banking.
given as follows in the Chicago “ H erald” of tho 14th in st.:
In looking at its practical operation, I find somo disadvantages. Tho ex
And provided furthor, that nothing in this Act shall prohibit any officer, cessive competition amongst banks in tho city of Toronto, which has come
director or oinployoc of any member bank, or a Class A director of a Federal under my observation, lias led to tho establishment of too many branches,
Roservo bank who shall first procure the consent of tho Fcdoral Reserve and, what is even less desirable, to the building of too many expensive bank
Board, which Board is hereby authorized at its discretion to grant, withhold buildlpgs to house theso branches, thus locking up in real estate quick re
or rovoko such consent, from being an officer, director or employeo of ono sources which should bo available for live loans. I am inclined to believe
or more other banks, banking associations or trust companies, whothor that* this competition may load to a system just as expensive in its adminis
organized under tho laws of the United States or any Stato, if such other tration as our systom of separate banks with their separate boards of direc
bank, banking association or trust company is not in substantial competi tors and officors drawing larger salaries than managers of branches prob
tion wich such momber bank.
ably would receivo. Another advantage which our system has over the
Tho Chicago paper also credits A rthu r D . W e lto n , oditor branch banking system is that a local board of directors usually will bettor
o f tho “ Journal of tho A m erican Bankers A sso cia tio n ,” w ith understand tho ncods of tho locality in which a bank is located than will
the board or tho manager at tho head offico in a large city some distance
quoting George M . R oyn olds, President of tho Continental & away. In branch banking tho abler and more experienced men are natur
Com m ercial N ation al B an k as follows in support o f tho ally sent to tho larger communities. Tho manager sent to a small com
munity would not bo much moro than a head clerk. lie would not have
proposed am ondm ont:
much influence with the manager and tho board of directors at tho head
I want to preface what I shall say by assuring you that I am heartily in
office. Iiis branch undoubtedly would not serve tho community so well
sympathy with tho theory and was probably ono of the first in tho country
as a local bank. This has been proved in practice. But, even were the
to suggest tho prevention of interlocking directors as tho basis for correcting
branch banking system preferable, providing wo had no banks and were
too great a centralization of control in monoy and credit, as is ovidonccd
building a new system, its introduction now would tend to disrupt a sys
by my testimony before tho Pujo Oommittco, which was taking testimony in
tem
which wo havo built up and which is admirably serving our needs.
investigating tho so-callod mythical “ money trust.”
Wliilo in this, as in everything else, bankers should be willing to do what is
I do not believe, lor oxamplo, that any coterie o f men in any city should
best for tho public, no such change should be mado without most careful
bo directors in a string of banks which aro potentially competing with oacli consideration.
other, nor, indeed, do I beliovo that tho same men should bo interested in
It is only fair to say that tho Foderal Reservo systom has not yet had a
a largo number of banks of tho same character, and kind, doing tho samo
fair trial. Although tho Government had months in which to create It
kind of business in several cities.
beforo tho war broke out, which was moro than ample time, the delay in
I do not believe that M r. Forgan of tho First National Bank of Chicago; separable from political and Governmental control mado tho installation of
and Mr. Mitchell, of tho Illinois Trust & Savings Bank of Chicago, and
the system too iato to bo of any uso during tho most extraordinary strin
mysolf should bo directors in our three respective banks nor do I believe gency of August 1914, brought on by tho European war. The Federal
that wo should be directors oven in our own banks in Chicago and directors,
Resorvo system was not ready and mi.sscd its golden opportunity. On
for oxamplo, in the First or National City Banks of New York
the whole, that may havo been for the best. Otherwise wo would not have
Now, tho passage of that portion of the Clayton Law that refers to banks
had tho experience of 1914, which proved that there is plenty of banking
had for its purpose tho doing away of those so-called actual interlocking capital in tho country without tho Federal Reserve system, that there was
directors in banks, but in tho passage o f tho bill, in effect, it went much an abundance of credit facilities to meet a crisis, which, in somo rospects,
furthor than t am inclined to beliovo evon;thc framers or tho bill meant to was tho most extraordinary crisis this country ever lias faced, and that the
have it go. By this I mean that it soems to mo tho crux of the whole
only thing which the Foderal Roservo system could have supplied that wo
bill In this particular should be tho question of tho potentiality of the
actually needed was tho sudden demand for currency which was mot most
competition botween tho institutions in which an individual seeks to bo a admirably by tho currency associations provided for in tho Aldrich-Vrecland
director.
Bill. That currency came into being promptly when needed and promptly
In Chicago some years ago a ’ bank in the foreign district of tho city disappeared wlion not needed. It is seriously doubted by many bankers
presided over by a man by tho name of Stonsland failed as a result of tho as to whether tho Federal Reserve system is not too expensive a method
bank having been looted, and several hundred pooplo of that community of insurance against dangers which, during tho last generation, havo oc
potitionod Jamos II. Forgan, President of the First National Bank of this curred, on the average, not as often as once in every five years. It has been
city, to start a bank in that neighborhood in ordor that the pooplo might urged that thero is no necessity for paying in more capital towards tho Fed
know that they would havo a safo depository for thoir'funds.
eral Reserve system, and that a system based mainly on the same principle;
IWjTho result was_that M r.'Forganfaiid{his assochatesJstarted that"bank“. but without oxponsivo offices and salary lists, which could bo instantly
aL1d„w*1 tJs,j'.Lajniburban district, thoy now havo about frLOTQdioo'iii
called into existence in an emergency as were tho currency associations
doposlts. Lator on, the locality attracted many oonor new hanks, and to and as quickly dissolved when the emergency had passed, would be a more
protect their territory tho Socurity Bank, which was tho name of tho bank economical and a better system.
763
[Vol . 102
THE CHRONICLE
Since the stringency of 1914, the pendulum has swung tho other way.
Wo have a plethora of gold. There has not been a minute since the
Federal Reserve system was inaugurated during which wo could not have
gotten along without It. Trial under such conditions is not quite fair to
the Federal Reserve system. Tho present extraordinary ease in the money
market is abnormal. At the end of tho war a violent reaction may follow.
It may bo that then the Federal Reserve system will demonstrate its real
usefulness. In tho meantime, and this is most imperative, it should use its
best efforts to check inflation and to simplify our most extraordinary cur
rency system. The mere establishment of the Federal Reserve system
has not dono this. If thero bo a superabundance o f circulating medium,
the poorer money always drives out the better. If wo have too much
paper currency when the war ends, gold will leave our shores by tho hun
dreds o f millions. If, upon tho basis of the present abnormal supply of
gold, we build up a credit structure of obligations of merchants, manu
facturers and corporations, and of largely inflated currency Issues, we must
suffer a contraction with its consequent lack of confidence that may be
most embarrassing. Of tho different kinds of inflation, currency infla
tion is tho most dangerous. If our Federal Reserve Board can guard
against that, we can face with equanimity a contraction in mercantile
and manufacturing credits, knowing that our monetary system Is sound.
Public sentiment and tho necessity for concerted action for the common
good will bring together in panics and other crises all classes o f bankers,
but during tho intervening years, when business is normal, self-interest
and sound business reasons govern and always will govern tho affiliations
o f bankers. Until State bankors can be shown that it is very much to their
material interests to join tho Federal Reserve system, they will not join.
In duty to their stockholders, what other course can bank officers take?
It is not fair to chargo tho Federal Reservo system with all tho eccen
tricities o f a Comptroller o f tho currency whom every well-posted banker
knew before his appointment was unfitted for his position. This does not
mean that, in many cases, ho has not been right, but that ho has shown a
lack o f business grasp and broad general judgment that are absolutely
necessary to tho equipment o f any man holding so important a position.
It is most unfortunate that there is dissension betweon tho national banks
and the Comptroller of tho Currency. Tho public must not think that
this is simply tho dissatisfaction o f poor bankers who aro boing disciplined
by the Comptroller o f tho Currency. The great majority o f the best and
most conservative national bankers in this country thoroughly disapprove
o f many o f his official acts. Most fortunately, in the banking system of
the Stato o f Now York, thero is complete harmony botween the Superin
tendent o f Banks and the Stato banks and trust companies under his
supervision. All are working together for tho botterment o f the system,
for tho extension of its facilities which enable it properly to serve tho
public— always bearing in mind this one fundamental principle, that banks
are merely instriunonts for tho sorvico o f tho public, that a banker's first
duty is not to its stockholders or to its board o f directors, but to Its de
positors. Such a courso doos not sacrifice tho interests of tho stockholders
but promotes them. Banks cannot prosper unless tho public prospors.
Tho better tho banks servo the public tho better for their stockholders.
It is not proper that wo should endeavor to tear down tho Federal Re
serve system. Wo should endeavor to maintain it and perfect it, but it
never will be right until it is free from political influence and until it fully
recognizes tho principle that business cannot artificially bo driven into
unnatural channels, that it must not be|forced to adjust itself to tho systom
but the system must adjust itself to business. If the National Govern
ment persists in its policy o f making business conform to rules and re
quirements, many o f them absolutely theoretical and buroaucratlc, and if
tho Stato of New York pursues its present wise policy o f adjusting its bank
ing machinery to tho needs o f trade and commerce, constantly increasing
tho ability o f tho banks under its control to serve the public, it will havo a
banking system o f such magnitude that it will not suffer by compaiison
even with tho entire banking system o f the United States.
tho banking of those other nations the samo way. Tho leadership in ocean
shipping is another element of groat importance. Tho profits of hundreds
of years of manufacturing and trading have made England the greatest
reservoir of capital in tho world.
Wo aro still a developing nation and need most of our capital at homo.
Wo havo reached tho time when wo can furnish a certain amount of capital
for outside investments, but tho volume is still comparatively small. Few
of our manufacturers know about foreign trade or how to got and hold it.
Wo havo practically no facilities for establishing banks for foreign trade.
Our national banks havo not sufficient strength to maintain their home
business and at tho same time conduct an extensive foreign businoss.
Tho proper way to handle this business is for our laws to bo so as to
permit our banks to combino in tho ownership of foreign trade banks of
most liberal charters and very large capital. These foroign trade banks,
having a considerable number of banks in this country behind them, would
havo a largo volume of business fed to them by those banks and, by means
of branches, stock ownership in local banks in foreign countries, or recip
rocal arrangements with banks throughout tho world, would be in a position
to control a large and profitable businoss. Thoy would naturally swing this
business to this country whenever possiblo. I feel that wo can look with
confidence toward tho future, but we must not bo led by ovorconfidonco
into a falso position. Our unscientific curroncy system prevents our con
trolling as fully as wo should tho flow of gold and tho oxpansion of credits.
If conditions continue as they are, will not Europe after the war sell
heavily to us and thus command our gold? Our protection is primarily a
revision of currency system and a care not to over-expand our credits.
CHARLES
N.
FOWLER
IN
C R IT IC IS M
RESERVE B A N K I N G
OF
FEDERAL
SYSTEM.
Ex-Congressman Charles N. Fowler, who has novor been
a friendly critic of tho Federal Resorvo Banking systom, has
addressed a letter to tho Philadelphia “Lodgor,” in which
ho animadverts strongly against that systom. Tho lottor
was printed in last Monday’s issue of that paper, and wo
give it herewith :
.
T o the E d ito r o f “ P u b lic L e d g e r " :
S i r .— There havo been throe distinct evolutionary periods in our banking
experience which have left us a completo structure of tho most perfect
banking system in tho world If we would only rccognizo and follow tho
lessons history has taught us.
Tho first period demonstrated and verified tho soundness of the principles
of the interconvertibility of bank book credits, bank noto credits and tho
standard of valuo—gold.
Tho second period was during tho Civil War legislation, which established
another important principle, that of a bank noto of uniform appoaranco
and of universal value throughout tho United States.
Tho third period was that following the war or tho development of the
American cloaring house. Combined, thoso threo contributions of our
banking history furnish all tho essentials of a truly Amorican banking
system.
The most striking illustration of the interferonco of astounding ignorance
with and destroying the great advantages, indeed, incalculable advantages,
of tho most marvelous banking mochanism that has over been ovolvod
through tho experience of banking, was tho passago of tho Federal Roserve
Bank Act.
Tho American clearing houso had been purely tho product of evolution.
It had grown up step by step through tho procoss of elimination, without
tho aid of a singlo statute in a single State, or a singlo statute of the National
Government, and, indeod, in actual defianco of a hoavy and ruinous fine
of 10% upon all bank credit used as cash. T o tho observing man and
student of the history of banking economcs It was evident that if allowed
C A S H I E R V A N D E U S E N O N T H E D E F E C T S OF O U R to develop without interruption or interforonco this most marvelous econo
mic organization in all tho history of banking, tho American Cloaring
CURRENCY SYSTEM .
House, with its board of managers, its own bank examiners, its own central
reservo for mutual protection, and its issuance, even in defianco of law,
of cash credits, would havo produced tho most natural, tho simplest, tho
soundest and the most scientific banking system that has ovor oxistod in
tho world.
Under tho existing circumstances, at tho timo that the Federal Resorvo
Act was passed, tho work of the statesman who was familiar with banking
economics and the fundamental principles involved was comparatively
simplo and easy, as all that was necessary was to co-ordinato and unify
tho Amorican clearing houses which wero located at tho economic centers
of tho United States, each economic conter with tho territory naturally
tributary to it constituting a commercial zono by itsolf. There aro about
50 of such economic centers in the country. This co-ordination and unifi
cation of our clearing houses into a national systom would havo given us
a united central gold reservo ranging from $1,250,000,000 to $1,500,000,000.
Tho convenience, the protection to every bank, tho advantages to every
bank through this simplo, natural, and evolutionary result would havo
been such that not a single bank in tho United States could havo afforded
Through tremendous purchases of foodstuffs and supplies by foreign na to remain outside of tho system, becauso each bank, whother it will or no,
tions they havo borrowed heavily In this country, have sold back to us our is an economic unit in our banking business, and this plan would have
securities in large amounts and havo shipped us great amounts of gold. completely comprehended tho banking business of tire United States.
The injection of this amount of gold into our circulation, without any cor Then wo should havo had a truly national banking system, a perfect system,
responding contraction in another direction, has brought us to a condition purely tho product of our banking exporioncos during tho past 125 years.
Our bank notes shoidd havo been set froo to tho extent of tho require
which is fraught with possibilities of grave danger. A plethora of money
almost inevitably means an over-expansion of credits, which, when tho al ments of trade, as deposits aro froo, by returning tho United States bonds
to
the banks to which they belonged, and then by sending tho notes to
ways following contraction comes, means panic. Then, again, a largo
tho clearing houses daily for redemption, precisely as bank notes aro now
volume of money and credit means high prices.
The excess of monoy and credit in this country has resulted in higher redeemed in Canada, Scotland and Franco. Every commercial zono or
central clearing house in it would havo furnished tho complete machinery
prices already, and thoy aro rapidly advancing. Tho large emissions of
for redemption and tho amount of our curroncy could not possibly bo too
paper money In Europo have caused prices thero to riso to very high
great nor too small, but would necessarily always havo boon just equal to
figures.
Our banking and currency laws should bo drawn so that wo can auto tho current demands of trade, as overy bank would immediately havo
sent the bank credit curroncy received by it homo for redemption, with
matically correct a situation where thero is either too much or too little
currency in circulation. The Federal Reserve Act claims in its titlo to bo the checks and drafts and got in exchango for both gold or its equivalent,
designed, among other things, to furnish an elastic currency. But it docs which it could then uso for resorves if it desired to do so. I hen our bank
book credits, bank noto credits and gold would havo been interchangeable
not do so. Our currency is only elastic in one way and that is in expanding.
at about 50 economic centers of tho United States in accordance with that
Thero is no contraction. Tho greatest drawback in the way of a propor
fundamental principle of banking economies laid down by Alexander
currency in this country is the dead weight of tho greenbacks.
Tho present is a most opportuno time to get the greenbacks out of tho Hamilton.
It must bo perfectly obvious to any ono that by tho co-ordination and
way. Monoy is superabundant, and their elimination will not bo noticed.
Many statements aro made that Now York is and will remain tho finan unification of our clearing-houses as suggested wo would havo had the
most
natural, tho most simplo and at tho samo tlmo tho most scientific
cial center of the world. It seems impossible that tho position of financial
supremacy so long held by London can be taken from her. England is a banking system In tho world. Moreover, it would havo saved the Ameri
country that produces comparatively little; sho imports raw material, can people $100,000,000 overy year more than tho Fcdoral Roservo Bank
manufactures it and then exports tho product. This alono, dono on tho Act will cost them. Think of it, a dollar for ovory man, woman and child,
scalo she does it, is enough to give hor a commanding financial position. certainly a most expensive experiment, ovon if it wero sound, which It Is
These imports and exports from and to all parts of tho world naturally turn not.
Declaring that tho Federal Reserve Act is elastic in only
one way—in expanding—Walter M. Van Deusen, Cashier
of tho National Newark Banking Co. of Newark, N. J.,
maintains that “tho greatest drawback in tho way of a
proper currency in this country is tho dead weight of tho
greenbacks.” Tho present is considered by Mr. Van Deuson
as a most opportuno time to got the greenbacks out of tho
way. He also assorts that our protection against tho heavy
selling to us by Europe after tho war is primarily in a re
vision of tho currency and tho taking of caro not to over
expand our credits. His remarks, addressed to tho Traffic
Club at Newark, on tho 7th inst., are given in tho Nowark
“Nows” as follows:
Feb . 26 1916.]
THE CHRONICLE
All students o f history know that Anglo-Saxon civilization is the crystallzation Into statute o f the triod and approved practices of the people.
But the authors of the Federal Reserve bank reversed tho traditions of
moro than a thousand years and attempted to superlmposo upon conditions
that were the offspring of our peculiar necessities, an alion banking scheme
uttoriy unsuited and wholly without adaptation to our particular require
ments, with tho following unfortunate and untoward consequences:
First, where there was comparative harmony between the Stato and
national banks in all parts of the country there have now grown up bitter
differences everywhere throughout the length and breadth of the land.
State banks are not Joining this un-American, this alion device, as only
17 out o f 20,000 have yet gone into it. while thousands of national banks
are contemplating and planning to leave it. Let us not deceive ourselves—
a hot discussion is already on. It is known to every one that if it were
not for the enforced losses imposed by statute tho Federal Reserve Bank
Act would not last 30 days, except as a relic of barbarism to mar the statute
books which it now encumbers.
Nor will it endure much longer, for the universal dissatisfaction will soon
find a spokesman among tho many bankers who are muttering their dis
content and threatening their vongeanco. They are only wondering
whether they dare speak and escape the condign punishment which tho
Administration has been trying to visit upon some o f the banks of tho
country.
Second, there is already coming in the wake o f this overgrown, expensive,
foreign, political monster an inflation so rapid and wild that its record must
be a disastrous one, even from its current operation.
Third. Thero is not the slightest difference between the effect o f tho
presence o f the Federal Reserve bank notes, upon which there is tho slight
est profit, and an ever increasing quantity of a depreciated metal. Both
o f them will sot Grosham’s law (by which the pooror money always drives
out the better) into operation, and ultimately have identically the same
effect upon our gold— the foundation o f our credit.
Because of tho passage o f tho Federal Reservo Bank Act wo are now
traveling over identically the same road wo traveled over from 1879 down
to 1893, when wo repealed the silver purchaso Act; the same road Ger
many travoled over to tho day when, because o f this subtle but Irresistiblo
force, Gresham’s law, as powerful and as certain In Its operation as the law
of gravitation, she was compelled to make the Imperial Bank notes legal
tender; the same road England traveled from 1810 to 1844.
No honest, intelligent and courageous man ever compromises a principle.
N o honest, intelligent and courageous man ever rofusos to compromise
a detail that does not involve a fundamental principle. How could any
honest, intelligent and courageous man compromise the gold standard?
How could any honest, intelligent and courageous man compromise a bank
credit currency and approve a Government— Federal— Roservo bank noto,
when ho knew it involved tho operation of Gresham’s law, and also know
that the Act necessarily Involved a loss to the American people of more than
$100,000,000 every yoar, than a right banking system would.
Haste, ignorance and cowardly compromises have cursed this country a
thousand times moro often than delay, intelligence and courageous oppo
sition to a compromise of principles.
We have a splendid illustration in the resignation o f Secretary of War
Garrison, o f a truly patriotic man, who would not compromise a principle
when ho knew that such compromise involved tho welfare and safety of
this country— tho vital interests o f the American people.
This great question should never have been disposed o f until there had
been a countrywide discussion through which all obvious errors would havo
been eliminated. Nor will it now be settled right on account of tho “ politi
cal impossibility” until it is subjected to a verdict o f the people, after such
a discussion as we had In 1896 over tho gold standard.
Let that discussion take place during the coming campaign. A sound
banking system is the first and most Important step to bo taken in true
national preparedness; therefore, lot thero bo no dolay about the discussion,
in order that error may be eliminated and our country saved from the
overwhelming cataclysm that is bound to overtake us, as certainly as the
Federal Reserve Bank Act remains upon our statute books.
CHARLES N . FOW LER.
763
We trust that the fact that we are required by law to call for such credit
information before accepting paper, the eligibility of which we cannot
otherwise determine, has enabled member banks to build up their credit
files to their own advantage and protection.
I m p r o v e m e n t N e e d e d i n C h a r a cte r o f C r e d it S ta t e m e n t s .
Our own experience, and that of all others who have studied the subject,
has made it clear that there is urgent and growing need of improvement in
tho character o f statements commonly furnished to banks and others for the
purpose of obtaining credit.
The American Bankers Association has for years had standard forms,
devised by a special committee, very similar in detail and completeness
to those now presented to you, which were urgently recommended to you
for use, and which the Association has been prepared to furnish. That
Association also has felt the need of revision to meet changes in banking
and credit practices and very recently appointed another committee, which
is at present engaged in the preparation of new forms.
With the object o f being of service to our members we have for some time
had under study the various forms of statements now in general use by
firms, corporations and individuals when asking credit, embodying informa
tion called for by accountants of the best standing when certifying to the
condition of any concern whoso books they had audited.
A large number of forms have been carefully studied and bankers, business
men and public accountants have been freely and extensively consulted.
Combining to the best of our ability and Judgment the most valuable
features o f these forms, and adding others as the result of our own experi
ence and the exchange of opinion, as above outlined, we have prepared
three forms designed to bring out only information of a practical nature
tending to show the full extent to which the maker of tho statement is en
titled to credit and to which the bank can freely and safely grant it. We
recommend these forms to member banks for use with their customers.
E x p la n a tio n o f F o r m s .
W o have departed from the usual method of classification. Instead of
providing forms for (1) corporations, (2) partnerships, (2) individuals, we
have adapted the forms to the use of
1. Manufacturers,
2. Merchants,
3. Persons not manufacturers or merchants,
for the reason that from an accounting standpoint there is less difference
between the statements of two manufacturers, however dissimilar their
business, than there is between the statements of a manufacturer and a
merchant, whether corporation, partnership or individual, in either case.
In order to avoid the necessity of complicating the statements of assets
and liabilities by the insertion of memoranda, and to facilitate both the
making out and the study of the complete statement, we have numbered
each item, using odd numbers for the assets, and even numbers for the
liabilities.
On the Inside of the statement sheet will be found questions with refer
ence to assets and liabilities and general questions to be answered by the
applicant for a loan or line of credit.
Tho number used in connection with each group of questions Indicates
to which item of the statement the questions refer.
It must bo taken into account that no statement form can fully provide
for or bo applicable in all its features to every class of business.
In constructing these forms, we have endeavored to suggest only those
questions which can be answered readily by anyone using a proper system
of accounting, and to cover only those points upon which it is desirable
that a banker have information when asked to grant credit.
The forms are not only applicable to those having extensive credit deal
ings with banks, but in all cases when credit is asked for.
We realize that for a time some borrowers may be unable to furnish fully
and accurately all the information askod for, but we feel that the state
ment blanks themselves unquestionably offer valuable suggestive matter
to such borrowers along the lines of approved and desirable accounting
methods, and that if they will put themsolves in position to furnish such
statements they will be acting wholly in their own interests; they will be
able to command greater credit by establishing a firmer basis o f credit.
Im p o r t a n c e o f C r e d it S ta te m e n ts i n E q u a liz in g D i s c o u n t R a t e s .
FORMS
OF
C R E D IT
STATEM ENTS
R IC H M O N D
PREPARED
BY
If discount rates are to be equalized or more nearly equalized the country
over; if the small manufacturer, merchant or other borrower doing a thor
oughly sound business, desires to be placed on a credit basis equal to that
enjoyed by more wealthy borrowers, relatively no better able to meet their
obligations, it cannot be done except by standardizing credits by the aid
of proper credit statements, warehouse receipts for merchandise, &c. The
growing complexity of business necessitates this more and more every
day.
Our own efforts and the efforts of credit associations all over the country
are therefore being directed to the improvement o f credit statements for
tho good of the borrower as well as tho lender, and it can be brought about
only by the co-operation of business men with the banks.
RESERVE B A N K .
Following a recommendation by the Federal Reserve
Board made at tho time of the issuance (in January 1915)
of its regulation on commercial paper, that “every member
bank maintain a file which shall contain original signed
statements of tho financial condition of borrowers or true
copies thereof,” the Federal Resorvo Bank of Richmond has
proparod several forms designed to bring out information
of a practical nature tending to show tho full extent to which
tho maker of a statement is entitled to credit and to which
the bank can frooly and safoly grant it. Tho following is
the oircular which the Richmond Bank has issued to mombers
concerning its action in the matter :
F ebru a ry
T o M e m b e r s o f th e F e d e r a l R es er v e B a n k o f R ic h m o n d :
Form s
16 1916.
The Federal Rosorve Board In Its regulation on commercial paper accom
panying Circular N o. 3, dated Jan. 25 1915, recommended that "overy
member bank maintain a filo which shall contain original signed statements
o f tho financial condition of borrowers or true copies thereof.”
In fo r m a tio n D e sir e d .
In tho appondlx to this regulation tho information desired in credit files
was specified as follows :
"Tho credit files of member banks, referred to in tho above regulation
should include information concerning tho following matters :
(a) The nature of tho business or occupation o f tho borrower;
(b) If an individual, information as to his indebtedness and his financial
responsibility;
(c) If a firm or corporation, a balance sheet showing quick assets, slow
nssets, permanent or fixed assets, curront liabilities and accounts, short-term
loans, long term loans, capital and surplus;
(d) All contingent liabilities, such as indorsements, guaranties, &c.;
(e) Particulars respecting any mortgage debt and whether thero is any
lien on current assets;
(f) Such other information as may bo necessary to determine whether
tho borrower is entitled to credit in the form of short-term loans.”
This bank desires to tonder thanks to members for promptly furnishing
credit information asked for with respect to paper offered.
Tho statements sont us have been necessary in aiding us to determine
eligibility o f paper under tho provisions of tho Act and the regulations of
the Board.
}
;
'
!
C o n str u c te d
fo r
B e n e fit
of
M em ber
B a n k s.
Wo wish it to be fully understood that the forms submitted have been
designed primarily for tho benefit of member banks, and to promote better
credit practices, and that we are not making it a requirement that these
particular forms be used, or that all tho information when furnished to
members be always passed on to us.
It is not intended to ask our members at present to make any change in
thoir methods of dealing with us.
We do ask, however, that gradually, as you may be able, and whenever
practicable, the form of balance sheet shown on the statement forms be
used when you send us credit statements. If the information as to certain
items cannot bo obtained, use the form and omit answers to such items, or
givo answers in the best form practicable to meet the questions.
This form of balance sheet is designed to show separately at a glance
tho totals o f quick assets and current liabilities, and will greatly facilitate
our work in examining statements to determine eligibility.
Members will find out for themselves the advantages of the new forms
from the same point o f view.
W e earnestly advise the use o f the forms In their entirety, whenever
practicable. Borrowers entitled to credit cannot fail to profit by the use
of approved crodit forms. Lenders being furnished with accurate and full
information upon which to base their own judgment,can deal more liberally
and freely with borrowers with a greater sense o f security—but the use of
such forms will accomplish a greater good— it will tend to promote the
growth of that spirit of frankness and confidence between banks and cus
tomers which is the foundation o f credit.
Crodit statements should be renewed at least annually.
All credit statements submitted to this bank are for the confidential use
of its officers only and are carefully guarded.
Respectfully,
GEO. J. SEAY, Governor.
Copies of this circular will be supplied to members upon application, for
distribution to customers.
[Vol . 102.
THE CHRONICLE
764
lished in tho “Chroniclo” of Aug. 1 1914, page 310. The
ruling just issued affects that portion of tho earlier decision
which stated that “in prorating, fractional parts of years
In a circular letter issued on tho 3d inst. to member banks will not bo considered,” tho new regulation changing the pro
Tho Federal Reserve Bank of San Francisco makes known rating from tho yearly to a monthly basis. Tho following
that the following paragraph relativo to protest instructions is tho text of tho new decision:
applies to all out-of-town items handled by tho San Francisco
(T. D. 2291.)
TREASURY D E PA RTM E N T,
Bank and is added to and made a part of the rules and
Offico of Commissioner of Internal Rovonuo.
requirements of the Intra-District Collection System:
W a sh in g to n , D . C . , J a n . 29 1916.
IN S T R U C T IO N S R E G A R D IN G PROTESTS IS S U E D
R ESERVE B A N K OF S A N FR A N C IS C O .
BY
All out-of-town items are forwarded by Federal Reservo Bank of San
Francisco with the following general protest instructions:
Return all unpaid items to this Bank.
Wiro direct to this bank non-payment of all items of .$100 or over, naming
endorsement immediately preceding that o f this bank.
Protest instructions to California banks:
Items $500 or over: protest in all cases.
(Those bearing other than California
Items under $500: protest only! endorsements (if abovo $25).
(Those drawn at points outside Cali( fornia (if abovo $25).
Protest instructions to out-of-California banks:
Protest all items o f $25 or over.
Federal Roservo Bank cannot undertake to follow special instructions
on out-of-town items. These general instructions are intended to specify
which checks should or should not bo protested, in such manner as to
protect tho interests of all concerned, without tho unnecessary protesting
of any items.
Items requiring special instructions should bo forwarder! direct to tho
drawee banks with instructions to remit proceeds to Federal Reserve
Bank of San Francisco for your credit.
T o C ollectors o f I n t e r n a l R even u e:
Tho provision in T . D. 2005, viz.: “ In prorating, fractional parts of
years will not bo considered,” is hereby amended to read as follows:
“ In prorating, tho actual timo proporty has boon hold will bo ascertained
in months, a fractional part of a month in tho actual timo boing counted
as a wholo month whon tho fraction is 15 days or more and discarded when
tho fraction is less than 15 days.”
For tho purpose of ascertaining tho amount of gain or loss to bo shown
in roturnsof incomo, arising inconnection with proporty which was acquired
prior to March 1 1913, in tho caso of individuals, or prior to Jan. 1 1909,
tho caso of corporations, tho total gain or loss will be ascertained as pro
vided by tho rule set forth in T . D. 2005. This total gain or loss will bo
divided by tho actual timo (ascertained as herein set forth) tho proporty
was held, and this quotiont will be multiplied by tho timo in months sub
sequent to March 1 1913, in tho caso of individuals, and subsequent to
Jan. 1 1909, in tho caso of corporations. Tho fractional part of a month
within tho tax period will bo treated as a wholo month when tho fraction is
15 days or more and discarded when tho fraction Is loss than 15 days.
W . JI. OSBORN, C o m m is sio n er o f I n t e r n a l R ev e n u e.
Approved: \V. G. M cADOO, S ecreta ry o f the T r e a s u r y .
STATE
MYRON
T. H E R R I C K T H I N K S P E N D I N G R U R A L
C R E D IT B ILL U N S O U N D .
“Tho Relations Between Businoss and Government”
formed tho theme of an address delivered by ox-Govenior
Myron T. Herrick of Ohio beforo tho Commercial Club of
Cincinnati on the 19th inst. Mr. Herrick declarod that
business and Government ought to work in absoluto harmony
and understanding, and in this world upheaval, ho added,
it is absolutely essential that thoy do. "With us in the
United States,” ho said, “business has been the stronger
organization ever since the Civil War. The coveted prizes
of life wero in business, and naturally it attracted a prepon
derance of tho best talent. But business cannot stand alono,
any more than government. Behind and above all business
activity must ever be tho force of government, regulating
and directing in tho public interest, vitalized and stimulated
by the best talent from the business world.” He pointed
out that “tho influence of the Federated Chambers of Com
merce was very important in bringing the Administration to
the Tariff Commission idea,” and advanced tho opinion that
“it may be equally valuable as to the merchant marino, rural
credit legislation and in other important subjects of general
interest.” Speaking adversely with regard to the pending
rural credit bill in Congress, and referring to tho need of
giving it carofid consideration, Mr. Herrick said:
There is now pending in Congress, with strong probability o f passage,
a rural credit measure committing the United States to a system of Stateaided, Government-managcd-and-directed rural credit banks. Tho passago
of this bill would determine a question most vital to the nation, commit
ting it to a policy on a subject which tho great agricultural and business in
terests have hardly begun to study and understand. Tho measure in its
present form Is unsound and should wait at least to another session, but
political expediency is likely to determine tho fate o f the measure rather than
economic soundness. It is a matter that should have the consideration of
such bodies as this, which can establish their rural credit committees, study
tho subject with relation to the needs o f each community, and report their
findings.
IN C O M E T A X A S A F F E C T IN G B A N K STOCK.
The following letter regarding tho deduction to be made
under the income tax law has been issued to the stockholders
of tho Merchants’ National Bank by Joseph Byrne, Vice
President and Cashier:
We beg to advise you that under the laws of tho State of New York, bank
shares are taxed 1% per annum on their valuo as o f Juno 1 o f each year,
which tax this bank pays on behalf of its shareholders.
On June 1 1915 tho value o f each sharo of this bank was $101.0573 and
the tax paid for tho year 1915 was $1 01 per share, the shares being of tho
par valuo o f $50 each.
Under tho income tax law shareholders, in making up their income tax
returns, may include this State tax as a deduction under tho heading
of “ taxes paid” (Lino 31).
This payment by tho bank on behalf o f tho shareholder is considered as an
additional dividend, and if tho shareholder is subject to tho additional or
supertax it should also bo included in the amount o f “ dividends received”
(Lino 25).
_ _ _ _ _________________________
IN C O M E
TAX
D E C ISIO N
C H A N G IN G
PR O R A T IN G
F R O M Y E A R L Y TO M O N T H L Y B A S I S .
An amendment to the incomo tax ruling setting out what
constitutes loss in determining deductions allowed to indi
viduals and corporations was announced by tho Treasury
Department Jan. 29. The decision which the presont edict
am°rds wrvs
iinriop rlptp of .Tu'y 8 1914 and was nub
TAX
UPON
IN C O M E S URGED
CO M M IT T E E .
BY
M IL LS
The report of the joint legislative committee of which
Senator Ogden L. Mills is Chairman, was made public on
Fob. 14. Tho question which tho Legislature asked tho
Mills Committeo to dccido was, “How can tho Stato most
equitably and effectually reach all proporty which should
bo subjected to taxation and avoid conflict and duplica
tion of taxation on tho same proporty?” Tho committeo
says that its investigations tend to show that tho end sought
will bo accomplished best by: (1) Tho abolition of tho pres
ent tax on personal property; (2) tho withdrawal of gonoral
business coi’porations from tho provisions of section 182 of
tho Tax Law; and (3) tho imposition of an incomo tax on
individuals and general business corporations, including
manufacturing corporations.
Tho features of tho proposed incomo tax are incorpo
rated in a bill which is attached to this report. Tho bill
fixes tho tax for corporations at 3% on their entire taxablo
income and a sliding scale upon not incomes of individuals
exceeding $1,500, with a special deduction of $1,800 for
married men living with their wives, and an additional
deduction of $100 for each child under eighteen. Tho total
exemption for husband, wife and children under eighteen,
living together as a family, however, must in no instanco
exceed $2,000. In computing tho exemption the incomo of
the wife and of each child under eighteen must be combined
with that of the head of the family.
Tho following is tho scale proposed for tho individual
incomo tax, tho amounts being those abovo tho amount of
income deduced under the exemptions defined above:
A m o u n t.
l a x . A m o u n t.
T a x . A m o u n t.
T ax. Am ount
T ax.
$14 00
$200...................SI00 $ 7 0 0 -- - .S3 50 $1,200 - - - - - $ 7 00 $1,700.
8 00 1,800.
. 16 00
300.................. 150 8 0 0 . . . - 4 00 1,300 - 4 50 1,400 - - -- 9 00 1,900 . 18 00
9 0 0 --400.........
2 00
00 1 ,5 0 0 -- .- - 1 0 00 2,000.
. 20 00
500-................ 250 1 ,0 0 0 - - 600.................. 300 1 ,1 0 0 - - - - - 6 00 1,600 - - - - .1 2 00
$20 p lu s 2 % u p o n a n d w ith respect to a ll taxable in co m e in excess o f $2,000.
Provision is made for employers to withhold tho tax on salaries of non
residents, which are assessed at tho rato of onc-half of 1% for amounts
between $1,500 and $2,400, at the rate of 1% on salaries exceeding $2,400
but less than $3,000, and 2% on all salaries exceeding that amount, or in
cases where tho rate reckoned on a yearly basis Is uncertain or unknown.
Exemption from tho provisions of tho proposed law are provided on in
comes derivod from United States pensions, compensation received for
injury or incapacity under tho compensation law or any Stato or of tho
United States, on salaries or wages or any other form of compensation re
ceived from the United States Government, on iucomos derived from
interest on United States bonds or the securities of the Stato of any of its
political subdivisions.
Incomes of any corporations or associations organized exclusively for
charitable or religious purposes or for the moral or mental improvement of
men and women are exempt, as arc also the incomes of organizations, such
as labor unions, Chambers of Commerce, trade and civic leagues, not con
ducted for profit. Interest received during tho five years’ exemption
period provided for by a law enacted last year, on secured debts which have
been recorded and taxed under tho Secured Debts Act, is also exempt from
tho provisions of tho proposed law.
Another important recommendation made by tho committeo urges tho
withdrawal of all general business corporations from the operations of
Section 182 of tho present tax law. Under this section manufacturing cor
porations aro practically exempt from all taxation in this Stato. Tho law
provides, namely, that any manufacturing corporation which has at least
40% of its assets invested in manufacturing in this Stato shall pay no tax
for tho right of exercising its franchise. And such corporations of courso,
cannot be taxod on any part of their capital stock employed in other States.
Other recommendations mado by tho committeo in its report havo refer
ence to tho Inheritance Tax Law. Tho Stato Comptroller informod tho
t*w , wbil" fair and equitable, the present law was a dlsap-
Feb . 26 1916.]
THE CHRONICLE
polntmcnt from a revenue standpoint. While revenue of $12,000,000 to
$14,000,000 annually should flow into the State Treasury from this source,
only $7,000,000 to $9,000,000 rovenuo Is produced by it.
This is less than the rovenuo received prior to the amendment of tho law
in 1911, when tho provision for taxing tho intangiblo property of non-resi
dents was ropealed. The Comptroller believes that this provision of tho
law should be restored and lie also urges that tho tax bo levied against
amounts bequeathed to educational and charitablo institutions in other
States. Such bequests, in common with bequests to similar institutions
in this Stato, are now exempt.
Tho committee docs not agree with either o f theso recommendations,
pointing out with rcferenco to tho first that to restore the provision taxing
tho intangible property o f non-residents would result in tho withdrawal of
millions of dollars of investment and deposits from this Stato. Tho second
recommendation was rejected as contrary to public policy.
Tho Coinmittco agrees with the Comptroller whon ho urges a readjust
ment in tho grading o f rates on bequests so as to lower tho point at which
tho higher rates are applicable. Under the general plan applied in tho
Inheritance Tax Law, small bequests to near kin pay at a low rate, and largo
bequests to distant kin or non-relatives a proportionately higher rate,
in accordance with a graduated scale embodied in the law.
The report with its appendices covers 295 printed pages.
Wholo chapters are devoted to demonstrating the short
comings of the present methods of taxation, as well as the
results of improved systems which have been adopted in
other States.
The minority report of tho Mills Committee was submitted
to the Legislature on Feb. 1 and referred to in the “Chroniclo” of Feb. 5, page 475.
SECRETARY
L A N E ON IN C R E A S E D
G A S O LIN E .
P R IC E OF
Certain information as to tiio production, consumption,
and price of gasoline was furnished to tho Senate on the
3d inst. by Secrotary of tho Interior Franklin K. Lano, in
responso to tho resolution of Sonator McCumbor, adopted
by tho Senate on Jan. 5. Secrotary Lane finds that tho
greatly increased prico of gasolino is causod by shortage of
supply and an increase in exports and in consumption in tho
United States. On this point wo quoto from his report in
part as follows:
(а) Increased consumption o f gasolino within tho United States. Various
trade journals estimato that tho consumption o f gasolino in tho United
States during 1915 was 25% greater than in 1914, and that there, will bo
a like Increase in 1916.
(б) Increase in exports.
(c) Tho depletion o f gasolino stocks duo to incroascd domestic and export
demands. On Jan. 1 1915 refiners had stocks o f gasolino in storago
amounting to at least 2,000,000 barrels. Inquiry to-day indicates that
thcro is little gasoline in storago.
(d) Decreased production o f crudo containing a largo percentage of
gasolino, as in tho Cushing pool o f Oklahoma, tho daily production of which
declined from moro than 300,000 barrels in April 1915 to less than 100,000
barrels in January 1916. Tho declino in tho Cushing pool was partially
compensated for by an increased production o f crudo from other pools, tho
gasolino content of which production, however, was from 5 to 7% loss
than that o f tho Cushing crudo.
765
general condition of prosperity, and the general upward trend of the stock
market, but for tho fact that during tho last quarter of 1915 the oil company
stocks did not riso and fall with the market. More striking, however, is
tho fact that during November, when tho stock market was falling, the
oil stocks were rapidly rising, and that during December the rise of oil
stocks was many times more rapid than that of tho general market. It
would be noted that tho stocks o f tho three typical largo independent
companies have risen much moro rapidly than those o f the Standard group.
He further says:
A conclusion justified by a review of the year’s record in tho oil industry
is that tho selling price o f gasoline is fairly responsive to tho supply and
demand for gasoline, but is loss directly related to the actual supply o f
crudo oil. Attention has also been directed to tho possibility of other
contributing factors, with the result that the evidence at least suggests
that increasing profits to the larger refining corporations have accompanied
tho upward trend of gasolino prices.
Tho obvious fact is that tho refining and transporting companies that are
strongest in business foresight and financial backing take advantage of
both tho falling and tho rising markets in crudo oil to strengthen an already
strong position by purchasing both stocks o f crudo and producing proper
ties. Under these conditions a market shortage o f crude may develop
which is not wholly warranted by facts of actual production, yet it no less
surely leads to higher prices in both crudo and refined products. This
furnishes the opportunity for the well-supplied refiners to sell at the higher
prico gasoline which is derived from crude oil purchased in a lower market.
The net result of this clearly indicated business policy is that the consumer
of gasoline pays a price which in the case of the companies controlling the
larger stocks o f crude oil is not necessarily determined by tho price paid
to tho producer for the oil from which tho gasoline is obtained. The
smaller refiners, on the contrary, less favored with transportation and
storago facilities and ready capital, may be so dependent for crude upon the
current market that their cost of gasolino production is directly related to
the current price of crude, if, indeed, they do not have to pay a premium
whenever a shortage is threatened. This advantage of larger profits to the
stronger companies is, perhaps, inherent in tho competitive system, and
must be recognized in any analysis of costs and prices.
Mr. Lano also says:
Looking to the futuro benzol must bo considered as a substitute for
gasoline, and oil shale as a substitute source of gasolinQ. Benzol, a hydro
carbon not greatly different from gasolino, is recovered as a by-product in
tho manufacture of coke. Tho oil shales in Colorado and Utah constitute
an undeveloped reserve of potroloum in reserve. Tho development of this
enormous reserve simply awaits tho time when tho price of gasoline or the
demand for other distillation products warrants tho utilization of this
substitute source. This may happen in tho near future.
THE N E W
YORK CURB M A R K E T .
A report has been in circulation this week that the New
York Curb Market Association will move from its present
outdoor location on Broad St. to some building within a
block of the present meeting place. It is reported in the
“Evening Sun” that a special committee has been ap
pointed having the matter in charge, of which the members
aro: E. R. McCormick, Chairman, who is also Chairman
of the Curb Market Association; George Schmidt, of Schmidt
& Gallatin; Spencer Koch; Louis M. Tischman, Chairman
of tho Curb Listing Committee, and Arthur Gwynne, of
Gwynne Bros. The “Evening Sun” further states that
Mr. Lano sots out that “authorities agreo that tho automo when asked just what tho committee would do Mr. Mc
said:
bile and other intornal combustion onginos are primarily Cormick
This special committee has been appointed to eradicate the great many
responsible for the increased consumption of gasolino.” As ovils
that have existed on the curb which previously tho association has been
bearing on the part playod by tho automobile in tho increased unable,
through force of circumstances, to prevent. The committee will
into reorganization plans on a scale and basis greater than ever before
uso of gasolino, it is pointed out that while thoro woro about go
10,000 automobilos in uso in tho Unitod Statos in 1899, in attempted.
is further stated that the New York Stock Exchange
1910 thoro were 2,225,000, according to tho host available hasIt appointed
a committee headed by William C. Van
statistics. As a means of affording somo immediate rolief, Antwerp to co-operate
with the Curb Association Com
Mr. Lano suggests:
mittee in the reorganization of tho “Curb” market.
(a) Tho use o f hoavior distillates approaching kerosono in internal com
bustion engines.
(b) An acceptable kerosene carburetor would at onco go a long way
toward relieving tho present shortage o f gasolino.
(c) General uso of cracking processes whereby gasolino is mado from
kerosono and other loss valuable potroloum oils. Such cracking processes
aro being rapidly developed and promiso near relief. It is practicable to
produco gasoline from kerosono, gas oil, fuel oil, residuums and heavy
crudes by prosont-day cracking processes, and no oil should bo usod for
fuel that has not been so treated.
(d) Increasing tho production o f crudo to furnish tho nccossary supplies
o f gasolino, but this is not to bo recommended if it increases tho output
o f distillates for which thoro is no market.
Thoro aro, says Mr. Lano, no oxact figuros available for
gasolino consumption, but ho adds: “An indication of tho
domostio consumption may bo found by deducting tho
amount exported from tho amount produced,” and tho
following tablo is presented:
Y ear.
1899
1904
1009
1014
1015
P ro d u c tio n .
E x p o r te d .
D iffe r e n c e
...............................................
6,680.000
...........
6,920,000
................................................... 12,900,000
.......................
34,915,000
. .................................................. 41,600,000
297,000
594,000
1,640,000
5,000,000
6,500,000
6,383,000
6,326,000
11,260,000
29,915,000
35,100,000
In pointing out that tho rapid increase in tho prico of
gasolino has beon accompanied by a rapid riso in tho market
quotations of oil company shares, Mr. Lano says:
Tho rocont rapid increases in tho pricos o f crudo oil and gasolino have
beon accompanied by rapid increases in market quotations o f oil company
shares. The market values of capital stocks o f 38 corporations, of which
35 aro in tho Standard Oil group and 3 aro typical largo independent
companies, liavo increased remarkably in tho last six months. Tho stocks
o f other oil companies probably show a similar riso, but tho quotations aro
not at hand. Tho 38 companies selected aro believed to roprosent all
phases of tho oil industry. Theso rapid increases might bo ascribed to tho
B ORROW IN G
BY
A U S T R A L IA N
STATES.
Tho following article on tho above subject, received from
Commercial Attache William C. Downs, at Melbourne,
under dato of Jan. 10, is given in tho Fob. 23d issue of
Commerce Reports, gotten out by the Bureau of Foreign and
Domostic Commerce, and wo reprint it because of tho inter
esting facts it contains:
Tho arrangements entered into by tho Commonwealth of Australia and
tho separate States to cover tho loan requirements o f tho latter for 1916
aro well summarized by the Australian Insurance and Banking Itecord
of Dec. 21 1915, as follows:
Tho States and the Commonwealth Government have been partially
successful in forming an agreement by which the borrowing requirements
of tho States for tho coining twelve months aro to bo provided for through
tho medium of the Commonwealth Government. Tho agreement is a
partial ono, as tho New South Wales Government decided not to join
with tho other States which have accepted it. Under tho agreement the
Commonwealth Government undertook to borrow £12,000,000 ($58,398,
000) for tho States during 1916, and afterwards at tho rate of £10,000,000
($48,665,000) per annum until one year after the end of tho war. Setting
asido tho amount of £3,060,000 ($14,891,490) allocated to New South
Wales, tho total for 1916 is reduced to £8,940,000 ($43,506,510). In addi
tion to tho £12,000,000 to be borrowed overseas by the Commonwealth,
tho agreement enables tho States to borrow locally after tho Common
wealth has obtained its requirements for war purposes, to a total extent
of £5,000,000 ($24,332,500), of which £1,390,000 ($6,764,435) was allocated
to Now South Wales, the rate of interest on local borrowings not being
higher than tho equivalent rate of the Commonwealth war loan. The
arrangements do not apply to conversion requirements.
Tho reason given by the Premier of New South Wales for not entering into
tho agreement Is that he felt that ho could not limit tho financial operations
of the State as would bo required by the arrangement. According to the
estimato of expenditure for public works and other services that has just
beon presented to the Parliament o f New South Wales the funds for which
must bo provided for by loan, a total of £7,768,850 ($37,807,100) must bo
raised. Some o f the principal items included in the estimato are: State
fisheries (trawlers, depot, vehicles, wharf accommodations, & c.), $94,900;
purchase and resumption o f land, erection o f buildings, &c., under the
Housing Act, $243,320; harbors, rivers and bridges, $4,103,920; railways
(rolling stock and equipment, $3,221,620; additions to lines, stations, and
buildings, $1,980,660; construction, $14,614,100); tramways (additions
to lines, workshops, buildings, &c., and construction), $1,289,620; purchase
o f stores for railways and tramways, $973,300; water supply and sewage,
$5 615 940; purchase of material for destruction o f rabbits and advances
to settlers, $194,660; public buildings, $656,980; industrial undertakings
(State bakery, metal quarries, meat works. State mines, and motor garage),
$1,383,300; promotion o f agriculture, $571,810; and water conservation
and irrigation, $1,646,340.
R E -C O IN A G E OF S ILV E R I N
URUGUAY.
From the issue of “Commerce Reports” of the 16th inst.
we take the following regarding the re-coinage of silver in
Uruguay.
A law authorizing the National Bank o f Uruguay to recoin old silver
pieces to the value o f 5,000,000 pesos ($5,170,000) was promulgated
Jan. 10 1916 in the Diario Official [see proposed law in "Commerce Reports”
for Dec. 21 1915]. The new coins will be o f one peso ($1,034) and one-half
peso, and the Bank Is authorized to coin smaller denominations also if it
considers this necessary. Silver pieces o f the coinages o f 1877, 1893 and
1895 are to bo retired from circulation within three months, and at the end
of this period they will no longer be considered legal tender, though they
will bo accepted in exchange for new coins for three months more. The
profits on the coinage are to be used by the Uruguayan Government in
making now roads, in the construction o f Jails, police stations and a tax
office.
J A P A N ' S F O R E I G N T R A D E I N 1915.
The weekly bulletin of the Department of Trade and Com
merce of Canada quotes in its issue of Feb. 7 an extract from
the Japanese Chamber of Commerce “Journal” showing
a remarkable development in Japan’s foreign trade in 1915—
a conspicuous expansion of merchandise exports. The ex
tract is as follows:
Japan’s foreign trade for last year presented a feature unprecedented
In Japaneso trade annals— a big balance in favor o f exports. Tho figures
from Jan. 1 to Dec. 10 last year showed that imports amounted to $250.
959,000 and exports to $329,171,000, as compared with imports valued at
$296,676,000 in 1914 and $363,257,000 in 1913, and exports valued at
$294,369,000 in 1914 and $314,965,000 in 1913. The trade balance for
1915 is estimated at $80,000,000. If other exports not included in the
trade returns, such as exports o f Goyernment-owned goods to belligerent
countries, bo taken Into account, tho trade balance in favor o f exports for
tho year amounted to about $100,000,000.
THE
[Vol . 102.
THE CHRONICLE
766
A G IT A T IO N
A M E R IC A N S
TO
C O N C E R N IN G
TRAVEL
ON
THE
ARMED
R IG H T
OF
VESSELS.
The question as to the right of American citizens to travel
on armed merchantmen reached an acute stage in Washing
ton this week, the issue resulting in considerable agitation
in Congress, and forming the subjects of conferences between
President Wilson and leaders of Congress. In opposition
to the views of the President members of Congress on
Wednesday evinced a determination to enact legislation
warning Americans from traveling on armed vessels; reso
lutions to this end were introduced in both the Senate and
House during the week, but their supporters were temporarily
held in check. On Thursday the Administration took occa
sion to make public a letter addressed by President Wilson
to Senator William J. Stone, Chairman of the Committee
on Foreign Relations, clearly indicating the President’s
stand in tho matter. In setting out his position, tho Presi
dent declares that “I cannot consent to any abridgment of
the rights of American citizens in any respect. The honor
and self-respect of the Nation are involved. Wo covet
peace, and shall preserve it at any cost but the loss of honor.
To forbid our people to exercise their rights for fear we might
be called upon to vindicate them would be a deep humilia
tion indeed.” The following is the letter in full:
T h e W h ite H o u s e .
W a sh in g to n . F e b . 24 1916.
M g D e a r S en a to r :— I very warmly appreciate your kind and frank letter
of to-day and feel that it calls for an equally frank reply.
You are right in assuming that I shall do everything In my power to
keep the United States out of war. I think tho country will feel no un
easiness about my courso in that respect. Through many anxious months
I have striven for that object, amidst difficulties more manifold than can
have been apparent upon the surface, and so far I have succeeded. I do
not doubt that I shall continue to succeed. The courso which tho Central
European Powers have announced their Intention o f following In the future
with regard to undersea warfare seems for the moment to threaten Insuper
able obstacles, but its apparent meaning Is so manifestly inconsistent with
explicit assurances recently given us by those Powers with regard to their
treatment of merchant vessels on the high seas that I must believe that
explanations will presently ensue which will put a different aspect upon it.
We have had no reason to question their good faith or their fidelity to their
promises in the past, and I, for one, feel confident that we shall have none
In the future.
But, in any event, our duty Is clear. No nation, no group of nations,
has the right whilo war Is in progress to alter or disregard the principles
which all nations have agreed upon In mitigation o f the horrors and suffer
ings of war, and if tho clear rights of American citizens should ever unhap
pily bo abridged or denied by any such action we should, it seems to mo,
have In honor nolcholce asjto what our own course should be.
For my own part, I cannot consent to any abridgment of the rights of
American citizens in any respect. The honor and self-respect of tho Nation
are involved. We covet peace and shall preserve it at any cost but tho loss
of honor. T o forbid our peoplo to exercise their rights for fear wo might
bo called upon to vindicate them would bo a deep humilitation indeed. It
would be an implicit, all but an explicit, acquiescence in tho violation of
the rights of mankind everywhere and of whatever nation or allegiance.
It would be a deliberate abdication of our hitherto proud position as spokes
men, even amidst the turmoil of war, for the law and tho right. It would
make everything this Government has attempted and everything that it
has achieved during this terrible struggle of nations meaningless and futilo.
It is important to reflect that if in this instance wo allowed expediency
to take the placo of principle, tho door would inevitably be opened to still
further concessions. Once accept a single abatement of right and many
other hiunilitations would certainly follow, and the whole fine fabric of
international law might crumble under our hands piece by pieco. What
we are contending for in this matter is of tho very essenco of the things that
have made America a sovereign Nation. She cannot yield them without
conceding her own impotency as a Nation and making virtual surrender
of her independent position among the nations of tho world.
I am speaking, my dear Senator, in deep solemnity, without heat, with
a clear consciousness of the high responsibilities of my office, and as your
sincero and devoted friend. If we should unhappily differ, wo shall differ
as friends, but where issues so momentous as theso are involved we must,
just because we are friends, speak our minds without reservation.
Faithfully yours,
WOODROW WILSON.
To H on.
W illia m
J . S to n e , U n i t e d S ta tes S e n a to r .
The communication which came to the President from Sen
ator Stone, occasioning the above reply, was as follows:
U.
S . S e n a te , W a s h i n g t o n , F e b . 24.
D e a r M r . P r e s i d e n t . — Since Senator Kern, Mr. Flood, and I talked with
you on Monday ovening, I am more troubled than I have been for many
a day. I have not felt authorized to repeat our conversation, but I have
attempted, in responso to numerous inquiries from my colleagues, to state
to them, within the confidence that they should observe, my general un
derstanding of your attitude. I have stated my understanding o f your
attitude to be substantially as follows:
That while you would deeply regret the rejection by Great Britain of
M r. Lansing’s proposal for tho disarmament o f merchant vessels o f the
Allies, with the understanding that Germany and her allies would not fire
upon a merchant ship if she hauled to when summoned, not attempting to
escape, and that tho German warships would only exercise the admitted
right of visitation and capture, and woidd not destroy the captured ship
except in circumstances that reasonably assured the safety of passengers
and crow, you were of tho opinion that if Great Britain and her allies
rejected the proposal and insisted upon arming her merchant ships she
would bo within her right under International law.
Also that you would feel disposed to allow armed vessels to bo cleared
from our ports. Also that you' are not favorably disposed to tho Idea
o f this Government taking any definite stops toward preventing American
citizens from embarking upon armed merchant vessels. Furthermore,
that you would consider it your duty If a German warship should firo upon
an armed merchant vessel of the enemy upon which American citizens
were passengers to hold Germany to strict account.
Numerous members o f the Senato and the House have called to discuss
this subject with mo. I have felt that the members of the two houses who
are to deal with this grave question were entitled to know the situation
wo are confronting as I understand it to be.
I think I should say to you that tho members of both houses feel deeply
concerned and disturbed by what they read and hoar. I have hoard of
some talk to the effect that some are saying that after alt it may bo possible
that the program of preparedness, so called, has some relation to just
such a situation as wo are now called upon to meet.
I have counseled all who have talked with me to keep cool; that this
wholo business is still the subject o f diplomacy, and that you aro striving
to the utmost to bring about some peaceable adjustment, and that in the
meantime Congress should be careful not to "ball up" a diplomatic situa
tion by any kind of hasty and ill-considered action. Ilowevor, tho situa
tion in Congress is such as to excite a senso of deep concern in the minds
o f careful and thoughtful men.
I have felt that it is due to you to say this much. I think you understand
my personal attitudo with respect to this subject. As much and deeply
as I would hate to radically disagree with you, I find it difficult from my
sonso o f duty and responsibility to consent to plungo this nation Into the
vortex of this world war because of the unreasonable obstinacy o f any
of tho Powers, upon the one hand, or, on the other hand, of foolhardiness,
amounting to a sort of moral treason against tho Republic, of our people
recklessly risking their lives on armed belligerent ships. I cannot escape
the conviction that such would bo so monstrous as to be indefensible.
I want to be with you and to stand by you, and I moan to do so up to
tho last limit; and I want to talk with you and Secretary Lansing with tho
utmost frankness—to confer with you and havo your judgment and
counsel— and I want to be kept advised as to the courso o f events, as It
seems to me I am entitled to be.
In the meantime I am striving to prevont anything boing done by any
Senator or Member calculated to embarrass your diplomatic negotiations.
Up to tho last you should bo left free to act diplomatically as you think for
the best to settle tho questions involved. I need hardly say that my
wish is to help, not to hinder, you.
With the highest regard and most sympathetic consideration, I have
the honor, Mr. President, to be,
Very sincerely yours,
W. J. STONE.
The President.
As indicated in Senator Stone’s lotter, a conference be
tween President Wilson, Senator Stone, Senator Kern,
Democratic leader of the Senato, and Representative Flood,
Chairman of the House Committoo on Foreign Affairs, was
held at the White House on Monday night, tho President
then making known his intention to oppose any legislation
designed to prohibit the exercise by Americans of their rights
of travel. On Wednesday immediate action was sought on
a resolution of Representative McLemoro of Toxas, directing
that a warning bo issued to American citizens not to take
passage on armed bolligeront morchant vessels; whilo it was
• stated that the Democratic members of the House Committee
on Foreign Affairs favored tho passago of tho resolution,
through the efforts of SpoakerJClark and Representative
r
Feb . 26 1916.]
THE CHRONICLE
K itch in , tho D em ocratic floor leader, it was decided to defer
a ction .
On T h u rsday, nothing was dono to push tho resolution
beyon d attem pting to obtain a com m itteo roport.
Chair
m an F lood was told that a strong sentim ent for the resolution
existed in tho H ou se, but ho stood steadfastly against re
porting it. A fter a longthy argum ent it was decided that a
canvass of tho H ouse should be takon, and the Chairm en of
tho H ou se and Senato C om m ittees, R epresentative F lood
and Sonator Stono, should roport th at sentim ent to tho
P residen t. Representative F lood w as quoted as stating
that “ neither tho M cL om oro resolution nor a ny other of
similar naturo will be roportod out o f this C om m ittee , nor
will it be possiblo to got such a resolution on tho floor except
through tho C o m m ittee .”
In the Senate on T h u rsday Sonator G ore m ado an unsuc
cessful effort to introduce a bill requiring Am ericans in
procuring passports to take an oath that they w ould not
travel on arm ed vessels, and also a concurrent resolution
expressing it as tho sense o f Congress that Am ericans should
n ot travel on arm ed m erchantm en.
In the H ouse, Repre
sentative M o n d o ll, of W y o m in g , R epublican, introduced a
bill similar to tho Gore passport ineasuro, which w as roferred
to the C om m itteo on Foreign A ffa irs.
Representative
H illiard , D em ocrat, o f C olorado, also introduced a resolu
tion .
Those will bo considered b y tho C om m ittoo, together
w ith tho M cL om oro resolution.
A lth ough Sonator] Stono had been roportod as unwilling
to oppose action if it becam e apparent that a m ajority o f
Congress would insist upon it, it was stated on T hursday
th at ho strongly counseled against a n y h asty stop that m ight
disturb diplom atic negotiations. H o conforerd w ith m any
Sonators on tho subject and later stated:
“ I thing it would bo unwise for Congress to tako any action whiio tho
President and Stato Departm ent aro conducting diplom atic negotiations
with Germany over the submarine issue. I f Congress is to tako action,
nothing should bo dono until diplom atic efforts have been exhausted.’ ’ '
A further conference took placo yesterday|botweon Presi
dent W ilso n , Speakor C h am p C lark , m ajority loador o f tho
H ou se Claudo K itch in , and R epresentative F lo od .
A t its
conclusion Speakor C lark m ado tho follow ing statem ent:
767
formation was passed b y the Senato on Jan. 6 and w as printed
in our issuo o f Jan. 15. Secretary Lansing’s report, in the
form o f a letter, was accom panied b y a m ass o f data including
a list o f all Am ericans killed in M exico and along the border
during tho last six years.
T hrough Secretary Lansing the
President declined, how ever, on tho ground that it w as not
com patible w ith tho public intorest, to transm it to tho Sen
a te , as called for b y tho resolution, tho correspondence be
tween tho D epartm en t o f Stato and the representatives of
tho U nited States in M e x ic o , or that between the State D e
partm ent and representatives o f the do facto G overnm ent of
M o xico .
“ M u c h o f this correspondence,” Secretary Lansing
stated , “ is o f a highly confidential nature, subm itted by the
consular officers o f the U nited States, b y diplom atic or con
sular officers o f other governm ents, which have graciously
consented that their officers m ight supply this G overnm ent
w ith information during tho necessary absence of Am erican
representatives, and b y other persons residing in M e x ic o .”
In respect to tho evidence in the possession o f the U nited
States of tho ability o f tho do facto G overnm ent o f M exico
to fulfill its promises and obligations relative to protecting
Am erican lives and property in M o xico , Secretary Lansing
sots out that “ the D ep a rtm en t’s inform ation indicates that
tho do facto G overnm ent is now in control o f all b u t a few
sections of M e x ico , and th at, bearing in m ind that the na
tion is ju st emerging from years o f dom estic strife, it m a y be
said that within tho territory which it controls it is affording
in all the circumstances reasonably adequate protection to
tho lives and property o f Am erican citizens, and it is taking
stops to extond its authority over and to restore order in
sections now in tho hands o f the hostile factions. T h e data
disclosed that 7 6 Am ericans were killed in M exico in tho years
1913, 1914 and 1915, as comparod w ith 4 7 in tho three years
preceding, and that 2 0 civilian Am ericans and 16 soldiers
were killed on Am erican soil in the last three years as a result
o f M exican troubles.
M r . Lansing’s letter bears date F e b . 12.
low in full as folloYvs:
W o give it be
T ho resolution adopted b y tho U nited States Senato on Jan. 6 1916,
requesting to bo furnished, if not incom patible with the public interest,
with docum ents, letters, reports, orders, & c., relating to the M exican
situation, having boen referred b y you to tho Departm ent o f State for re
port, I have tho honor to stato, after earnest consideration o f the request in
the light o f such study as tho Departm ent has given this subject for a
period o f several years, that I believe it to be incom patible with tho public
intorost to transmit to tho Senato at the present tim o tho volum inous cor
respondence, called for b y tho resolution, between tho Departm ent o f State
and tho representatives o f the United States in M ex ico, or that between this
Departm ent and representatives o f the de fa cto G overnm ent o f M exico, o f
which General V . Carranza is tho C hief E xecutive.
In rosponso, how ever, to tho inquiries mado in the resolution, I have had
proparod tho follow ing concise statem ent, together with copies o f certain
pertinent docum ents, which aro hereto appended:
First— T he Governm ent at present existing in M exico is a de fa cto G ov
ernment, established b y a m ilitary power, which has definitely com m itted
itself to tho holding o f popular elections upon tho restoration o f peace.
Second— This do fa cto Governm ent o f M exico, o f which General V . Car
ranza is the C hief E xecutive, was recognized b y the G overnm ent o f the
United States on O ct. 19 1915, and a cop y o f the letter to M r. E . A rre
d ondo, the representative o f tho do fa cto Governm ent at this capital, In
form ing him o f such recognition, is hereto appended.
Tho said do fa cto Governm ent has since been recognized b y substantially
A resolution expressing it as tho sonso o f tho Sonato that all tho countries o f Latin-Am erica; also b y Great B ritain, Franco, Ita ly ,
a n y issuo affecting national honor should bo roferred, boforo Russia, Japan, Austria-H ungary, Germany and Spain, and soveral other
decision, to Congross, and that no u ltim atu m should bo sent countrios havo recently announced their intention o f extending recognition,
T ho said do facto G overnm ent is at present m aintained at Querotaro, near
to a foroign Pow er, nor severance o f diplom atic relations bo M oxico C ity .
It cannot be said that tho de fa cto Governm ent o f M oxico Is a constitu
porm ittod, without referonco to Congross, was introduced
yesterday b y Sonator Jonos, R epublican, o f W a sh in g ton . tional G overnm ent. T ho de facto G overnm ent, like tho m ajority o f revo
lutionary governm ents. Is o f a m ilitary character, but, as already stated,
Senator Stono requested that it lio on tho tablo and action that Governm ent has com m itted itself to tho holding o f elections, and it is
on Sonator G oro’s resolution, which again camo up for dis confidently expected that tho present Governm ent will within a reasonable
timo bo merged in or succeeded b y a Governm ent organized under the con
cussion, was also hold in aboyanco a t tho same tim o.
stitution and laws o f M exico.
Kvidonco of W illiam Jonnings B ry a n ’s interest in tho agi
T hird— A fter July 1914 the revolutionary party became divided into fac
tation was given in a tologram from h im , m ado public b y tions, thereby delaying tho pacification o f tho cou ntry. M eanw hile, this
Governm ent took no action, hoping that these factions w ould, b y reunion,
R epresentative B ailoy, in which M r . B ryan said in part:
bo able to restore order. A s this desirable result had not been achieved
I honestly liopo that Congross will speedily announco legislation refusing
up to June 2 1915, the President’s statement o f that date, containing a
passports to Americans traveling on belligerent ships; or, still better,
warning to tho leaders o f the factions, was telegraphed to the American con
refusing clearance to belligerent ships carrying American passengers.
’ sular officers in M exico for circulation. A co p y o f this statement is ap
pended hereto,
Soveral weeks after the statement was issued, as tho factional diflerences
G orm an y, in hor latost representations, is understood to
seemed to be no nearer to a settlement, the G overnm ent sounded the six
havo asked tho U n ited States to dofino dofonsivo arm am ents. ranking diplom atic representatives o f Latin-Am erica as to whether they
would confer and advise with this Governm ent in regard to form ulating
somo practicable plan, if possible, for the solution o f the M exican problem .
P RESID E N T WILSON’S RESPONSE TO RESOLUTION Under instructions from their respective Governm ents, these representa
tives signified their desire to co-operate with this Governm ent, and tho first
CALLING FOR DATA CONCERNING MEXICO.
conference with the representatives was held on A ug. 5 last.
As a result o f that conference, the Ambassadors o f Argentina, Brazil and
In rosponso to tho resolution o f Sonator F a ll, requesting
C hili, tho M inisters o f B olivia, Uruguay and Guatem ala, and the Secre
President W ilson to supply tho Senato w ith data boaring on tary o f State o f the United States, acting severally, signed an appeal to the
tho recognition b y tho U n ited States of tho do facto G overn civil and m ilitary leaders o f tho revolutionary factions in M exico, suggest
m en t o f M e x ico , hoaded b y General Vonustiano Carranza, ing that the latter hold a conference to discuss a peaceful settlement o f their
differences and offered to act as intermediaries to arrange the tim e, place
the President on the 17th inst. subm itted to the Sonato with and other details o f such conference. Identical com m unications in this
his approval a roport in tho m atter prepared b y Secretary sensowere under date o f A ug. 13 and 14 last sent b y telegraph to all Generals,
Governors and other leaders known to bo exercising civil or m ilitary author
o f State R obert Lansing.‘J IT Ir r e s o lu tio n calling for tho in ity in M exico. A co p y o f this com m unication is appended.
T he sum and substance o f tho conference, outsido o f an explanation mado
as to tho tem per o f the IIouso regarding tho diplom atic situation, is fully
sot out in Sonator Stone's letter to tho President and tho President’s letter
to Sonator Stono.
W o explained to tho President how tho IIouso felt, in our judgm ent. W o
told him that tho warning resolution would carry tw o to ono if wo ever got
a chanco to vote. Somo enthusiastic gentlem en, I said, thought it would
carry threo to ono.
O f course thoro was a great deal o f talk about international law regarding
tho rights o f Americans on tho seas, and precedents. A t tho conclusion
o f tho conference it was very clear to all that tho President stands on
his letter to Senator Stono.
B ut thero aro rumors that Germ any m ay postpono enforcement o f
the now admiralty order to sink armed ships from M arch 1 either to April
1 or tho m iddle o f M arch. I think tho chances aro that Germ any will
postpono this threatened perform ance. This will give m ore tim e fo r con
sideration o f this m atter.
.
AY o told tho President that in tho ovent o f such a postponem ent all
action in Congress certainly would be postponed. M eantim e those resolu
tions would remain in statu quo.
768
THE CHRONICLE
[Vol. 102.
T he attem pt to bring the factions together for a conference failed. Sub with a viow to settling tho d ifficu lty , b ut owing to tho refusal o f Goneral
Iluerta to com ply with Adm iral A la y o ’s dem and for a saluto, tho negotia
stantially all the com m anders and others in authority who were associated
w it h General Villa replied diroctly and independently in varied language, tions wero suspended. T ho Am erican consuls in M oxico wore inform ed b y
accepting the suggestion for a conference. On the other hand, all tho com telegraph on April 20 that tho negotiations had been suspended and that
manders and others in authority who were affiliated with Gonoral Car tho President would lay tho m atter before tho Congress on that date, with
ranza replied briefly to tho effect that tho appeal had been referred to Gen a viow to taking such action as m ight bo necessary to obtain reparation for
eral Carranza, whoso superior authority they acknow ledged and who would tho offenso agianst tho flag and tho navy o f tho U nited Statos, and thoy woro
instructed to advise Americans to withdraw from Aloxican territory.
m ake such reply as ho doom ed proper.
On Sept. 15 1914, at 7 p. m ., the Departm ent o f Stato dispatchod a tole
T h e inference to be drawn was plain. On tho one hand thero seemed
to be no central organization am ong tho Villista forces whilo on tho other gram to tho M inister o f Brazil at M exico C ity , tem porarily in chargo o f
Am
erican interests, for delivery b y him to Vice-Consul Sllllman, in which
hand submission to a central authority was evidenced in tho replies o f the
Carranzistas. T he unity and loya lty o f tho Carranzistas appeared to indi tho latter was instructed to say to Gonoral Carranza that tho President was
cate the ultim ate trium ph o f that fa ction , especially as tho Carranzlsta arranging to withdraw tho American troops from Vorz Cruz and that ho
forces were then in control o f approxim ately 75% o f the territory o f M ex ico. dosired that som o responsible authority bo named to whom tho custom houso
A ccord ingly, the conferrees, after careful and impartial consideration o f cou ld bo turned over, and that officials bo designated to whom authority in
all tho circum stances, decided unanim ously to recom m end severally to tho city cou ld bo delivered. On Sopt. 22 1914 a rolegram w as sont to tho
their respective Governm ents that in their opinion tho G overnm ent o f which Alinister o f Brazil, in which tho Carranza Govornm ont was requested to
General Carranza was tho leader should bo recognized as tho do fa cto give certain assurances in regard to tho paym ent o f taxos, troatm ont o f
refugees at Vera Cruz and other m atters. A cop y o f this tolegram is in
G overnm ent o f M ex ico.
Fourth— Thero is appended hereto a cop y o f a letter from Eliseo A rre closed herewith.
On N o v . 10 1914 tho M inister o f Brazil at M oxico C ity telegraphed
don d o. tho local representative o f General Carranza in W ashington, datod
O ct. 7 1915, transmitting sovcral docum ents setting forth tho programm e o f General Carranza’s roply to tho assurance roquosted on Sopt. 22. A cop y
th ed e fa cto G overnm ent, with respect to tho protection o f tho lives and prop o f this telegram is inclosed herewith.
I havo also tho honor to append a list, inclosuro N o . 12, o f tho citizens o f
erty o f foreigners in M ex ico, the settlement o f claims arising from dis
turbed conditions, and other m atters appertaining to tho restoration o f tho Unitod Statos w ho, from various causes, havo lost their llvos in A loxico
during tho yoars 1913, 1914 and 1915. T ho total is 76. From tho latter
order.
A s to tho ability o f tho do fa cto G ovornm ont to fu lfill its promises to part o f F ebruary, 1913, when tho m ilitary operations against General
p rotect lives and properties along the border, tho undersigned has tho honor H uerta bogan, to tho closo o f tho year 1915, a period o f thirty-four m onths,
to call you r attention to tho fact that sinco assurancos in this respect wore a great portion o f tho territory o f A lexico was tho socno o f dom ostlc strife.
given to this G overnm ent b y tho do fa cto G overnm ent, tho disturbances Y et it m ay be noted that during tho yoars 1910, 1911 and 1912, when a
along tho border havo, in a large moasuro, ceased. In this connection a m uch smaller area was disturbed b y war, forty-sovon Americans lost their
co p y o f a lettor from tho Secretary o f W ar, datod Feb. 10 1916, and copies lives in M ex ico, and this was at a tim o when tho country was assumed to bo
o f weekly reports for tho woeks ending Jan. 1 and Jan. 15 1916, prepared at poace, since tho M ad cro revolution, which bogan on N o v . 20 1910, lasted
b y tho W ar Dopartm ont, concerning gonoral conditions along tho border, on ly six m onths.
W hilo soventy-six Americans lost their livos in tho entire territory o f
aro hereto apponded. It will be seen front thoso reports that conditions
M oxico during tho years 1913, 1914 and 1915, in tho samo period thero woro
along tho border aro practically normal.
In rospoct to tho evidonce in tho possession o f this G ovornm ont o f tho tw enty civilian Americans and sixteen Am erican soldiers killed on Am orican
ability o f tho do fa cto Governm ent o f M exico to fulfill its promises and obli soil adjacont to tho international boundary, and during thoso yoars thero
gations rolativo to protecting Am erican lives and property in M ex ico, tho wero approxim ately ninety-tw o M oxicans killed In tho samo aroa. Thoso
D epartm ent’s Inform ation indicates that the do fa cto Govornm ont is now figures indicate that a condition o f lawlessness prevailed along tho bordor,
in control o f all but a few sections o f M exico and that, boaring in m ind that duo in a largo moasuro to factional con flict in M oxican territory for ports
tho nation is just emerging from yoars o f dom estic strife, it m ay bo said o f entry and to the unfriendly porsonal relations existing between the Am er
that within tho territory which it controls it is affording, in all tho circum ican and Aloxican residents in that region. T ho D opartm ont, how over, has
stances, reasonably adequato protection to tho lives and property o f Am or- no roliablo inform ation as to tho number o f Aloxicans killed on tho Aloxican
lean citizons, and it is taking steps to extond its authority ovor and to re sklo o f tho boundary and its immediate vicinity as a consequence o f this
stato o f disorder.
store order in sections now in tho bauds o f tho hostile factions.
In this connection, how over, it should bo stated that the lawloss con di
tions which havo long continued throughout a largo part o f tho territory
M E X IC A N F IN A N C IA L A F F A IR S.
o f M oxico aro not easy to rem edy, and that tho groat num ber o f bandits
who havo infested certain districts and devastated property in such terri
According
to
a statem ent em anating from Consul Andreas
tory cannot bo suppressed Im mediately, but that their suppression will requiro som o tim e for its accom plishm ent, pending which it m ay bo expected
Garcia a t E l Paso on tho 20 th in st., M e x ico has com plotod
that thoy will com m it sporadic outrages upon lives and p roperty.
plans for its financing. M r . Garcia is quoted in tho N ow
Fifth— W ith referonco to the protection o f tho lives and property o f
Y o rk “ Sun” as saying :
American citizens, on or near tho M exican border, there is inclosed herewith
I am not acquainted w ith them , but I am certain that tho First C hief has
an extract from a letter on tho subject from tho Secretary o f W ar, dated
enough funds in sight, for to-day I received a telegram from his headquarters
Jan. 26 1916.
.
rejecting
an offer o f C hicago banks to m ako a big loan to tho country.
* Sixth— W ith rogard to tho settlement o f Am erican claims against the
Our Governm ent Is in need o f m onoy and tho plan o f tho Chicago banks
M oxica n R epublic for injuries to tho lives or property o f Am erican citizons,
tho undorsigned has tho honor to direct you r attention to tho cop y o f a to underwrite a big loan was entirely feasible. Tho fact that it was rojectod
. letter from M r. A rredondo, dated O ct. 7 1915, and its inclosuro horcto- leads m o to beliovo that Carranza has plans matured.
. fore referred to, and hereto appended.
T h e M e x ica n M inister o f Finance was yostorday said to
Seventh— W ith reference to tho assurancos given b y tho M exican G o v
havo denied roports that tho Carranza G ovornm ont is
ernment concerning the protection o f foreigners and citizens, particularly
According to tho news
respecting tiro free exorcise o f religion, tho undorsigned inclosed a letter on seeking a loan in tho U nited States.
tho subject from M r. A rredondo datod O ct. 8 1915.
papers, offors of loans secured by liens on custom s rocoipts
Eighth— A s heretofore stated, it is not considered com patible with tho aro said to havo been declined b y Carranza.
public interest to transmit to the Senate at tho present tim e tho correspon
On the 21st inst. it was reported that tho plan for a now
dence regarding political conditions in M ox ico. M u ch o f this correspon
dence is o f a highly confidential nature, subm itted b y tho consular officers currency systom in M oxico including tho creation o f a national
o f tho United States, b y diplom atic or consular officers o f other G overn
m ents, which havo graciously consented that tliolr officers m ight supply bank to bo established under conditions similar to tho Eodoral
. this Governm ent with inform ation during tho necessary absonco o f American Roservo systom , has boon presented Gonoral Carranza by
representatives, and b y other porsons rosiding in M ox ico. T o rovoal tho his financial advisers.
T h o now systom , it is stated , would
contents o f tho reports subm itted b y tho representatives o f tho United
States and b y tho representatives o f other Governm ents would bo Incom bo based upon m etal resorves said to bo hold in M oxican
T h o present Carranza currency w oidd bo retired
patible with public interest, as it w ould tend to impair tho usefulness o f bank s.
thoso officia ls to their respective Governm ents; and to make public tho gradually, a m oratorium having been suggested b y tho
personal and tho frequently confidential statements subm itted from tim o
do facto G overn m en t’s financial advisers to provont tho
to tim o b y civilians m ight seriously embarrass them.
liquidation o f debts in tho presont fiat m on oy, ponding tho
' I t m ay bo added that tho papers requested b y tho Sonato resolution
com prise thousands o f docum ents, tho greater part o f which set forth indi establishm ent of tho now issuo of notos as logal tondor.
vidual opinion and suggestions from different points o f viow , and tlieroforo
contain a mass o f divergent and con tradictory m atter, incapable o f roduc- T ho b a n k , which would bo known as tho B an k of M o xico ,
tion to a harmonious statement o f fact regarding tho situation in M oxico w ould havo a capital stock o f 2 5 0 ,0 0 0 ,0 0 0 pesos.
T ho
or o f tho plans proposed for its im provem ent.
G overnm ent would subscribo ono-third and tho m om bor
N inth— W ith referonco to tho roquost for data, lotters and roports re
banks tho remaining tw o-thirds.
T ho lattor would bo re
lating to tho closing o f tho port o f El Faso and rooponing tho samo to im
quired to subscribo in proportion to thoir prosont rosorvos
portations o f m eat from Juarez, tho undersigned has tho honor to stato
that tho port o f El Faso has not been closed during this Adm inistration to
o f m otal m onoy.
T ho G ovornm ont, according to tho finan
tho im portation o f moats from Juarez. I f moats from Juaroz wero at any
cial advisers, would p ay its assessments “ as far as practic
tim o prohibited entry into tho U nited States, it was bocauso such moat
were not properly prepared to pass tho inspection maintained under tho able” in m etal m onoy, and would guarantee tho romainder
regulations o f tho Dopartm ont o f Agriculturo o f this G ovornm ont, and not b y pledging half o f all oxport duties on precious m etals and
becauso tho port o f El Faso was closed to any particular class o f imports.
taxes on oils, which aro to bo paid in gold .
T ho G ovornm ont
W ith respect to tho revocation o f tho mining decree issued b y General
• Villa, tho undorsigned incloses an oxtract from a dispatch from the Am eri w ould control tho B an k of M e x ic o , which w ould havo tho
can Consul at Chihuahua, dated July 31 1915, and a cop y o f tho Depart solo right to issue currency.
T h is new issuo would bo
m ent’s roply thereto, dated A ug. 1 L 1915. There is also inclosed a co p y o f
guaranteed b y tho m etal roservo and further supported b y
a telegram in regard to this m atter from tho Aline and Sinoltors Operators
A ssociation, dated at El l ’ aso, T o x ., A ug. 6 1915, together with a co p y o f bonds of tho Dopartm ont o f tho Interior, bearing 3 % intorost.
an undated telegram from A ir. Georgo C . Carothers, tho Dopartm ont s
special agent, received by tho Departm ent on A ug. 12 1915, stating that
! General V illa’s mining decree w ould not be enforced.
A n announcem ent from W ash ington on tho 13th inst.
T enth— Concerning tho occupation and evacuation o f V eraCruz b y United
stated that 4 ,0 0 0 ,0 0 0 new bank notes m ade in tho U nited
States land and naval forces, tho undorsigned has tho honor to inclose a
States had boon placed in tho M e xican Treasury and that
cop y o f Admiral Flotcher’s tolegram to tho Secretary o f tho N a v y , dated
April 9 1914, quoting tho arrest at T am pico o f tho paym aster and a boat s several m ore m illion w ould follow thorn as rapidly as thoy
crew o f tho U . S. S. D olphin; a cop y o f tho letter from tho Secretary o f tho
coidd be engraved.
T h o order w as placed somo m onths
N a v y , dated Jan. 9 1916, and an extract from a lettor from tho Secretary
o f W ar, datod Jan. 26 1916, horoinboforo mentioned as inclosuro N o . 6, ago b y Luis C abrora, M in istor of Finance in M o xico , and is
in which reference is m ade to border conditions.
understood to havo boon for 2 5 0 ,0 0 0 ,0 0 0 posos; it w as statod
W hen tho arrest o f tho men m ontionod was reported to tho Departm ent
o State, inform al negotiations were begun with tho Iluerta G overnm ent at tho timo that tho now notos w ould bo oxchangod for
Feb. 26 1916.1
THE CHRONICLE
various issues already in circulation in M e xico which have
beon declared illogal.
gives guarantees to observe tho laws o f the Constitution
and o f hum an ity O axaca, which only declared herself neutral
foi self-preservation and which did n ot participate in the
partisan fratricidal warfare, will lend its efforts to re-establish
peace, reassuming her place am ong tho S ta tes.
B u t if the
Adm inistration fails in this regard Oaxaca will resist to the
la st, continuing to defend its institutions and sovereignty
until constitutional order shall havo been reestablished.
T h o N ow Y o r k “ T im es” in its issue o f tho 7th inst. printed
an articlo to tho effect that “ well inform ed financiers who
have gono into M e x ic o w ith capital for developm ent work
profess to seo no hope for tho Carranza G overnm ent so long
as tho U nited States m aintains its present attitudo o f w ellwisliing aloofness.
Som e o f tho furthor com m ents m ado
b y tho “ T im es” in tho m atter were as follows :
SEN A T E CONFIRM S NOMINA TION OF II. P. FLETCHER
A S AMBASSOR TO MEXICO.
Hankers and their custom ers have lost so m uch m oney on their M exican
ventures that no inducement unsupported b y an official plcdgo o f the
U nited States G overnm ent has any attraction for them.
riio present stato o f M e x ico ’s finances is appalling. N o obligation o f
any kind has been m ot sinco tho end o f 1914. Tho various Governm ents
i at liavo enjoyed briof periods o f power havo ruinod tho cou n try’s credit
almost boyond repair. Tho M exican paper dollar, normally worth nearly
oO cents in American m on oy , is now selling at 5 cents. Fiat m oney and
various issues put out w ith ou t a proper basis havo mado people skeptical
or any currency but gold . Tho natural sources o f rovonuo, through tho
custom s and other forms o f taxation, havo beon drained, and the people
generally liavo lost thoir means o f livelihood because o f tho absence o f
protection necessary to tho con du ct o f business.
M exican Government obligations now in default aro tho followin'- •
I h ° nom ination o f H en ry P . Floteher as A m bassador to
M oxico was favorably reported to the Senate on tho 23d in st.
>y tho Senato C om m ittee on Foreign R elations, and yester
day (tho 25 th in st.) the nom ination was confirm ed b y the
Sem ato. M r . Fletcher was nam ed for tho post b y President
W ilso n on D e c . 17.
T h e com m ittee vote was 12 to 2 ,
Senators B orah o f Idaho and W illiam Aldon Sm ith of
M ich iga n , Republicans, being tho only m em bers voting
negatively, and Senator L odge, ranking Republican m em ber,
joining w ith those favoring confirm ation.
Senators Borah
and Sm ith in com m ittee opposed tho rocomm ondation on
tho ground that tho U nited States Senato should not partici
pate in tho recognition o f General Carranza by confirming
<an A m b assad or.
M r . Fletcher is a t present A m bassador to
C luli.
T ho nom ination was ratified b y tho Senato b v a
voto o f 49 to 16.
due J u n edgan0m ? 4 eT .aV l % d ° b t ’ $4,2>915’0 00’ on whicl‘ « » « interest was
duo Juno 30 1914, and has accum ulated subsequently; 5% consolidated
T rnrn o T lt h
lT f ‘ G ,y n ' MUte’ Curric & C o .; in L on d on . $90,J33.000 with tho interest duo on and sinco A pril 1 1914- 5 % external consoiidatod gold loan o f 1899. issued t h r o u g h M o r g a n . G r e L n & o i
in
L on d on , 548,000,000, with interest duo sinco the m iddle o f 1914; 4 % gold
bonds o f 1904, sold through Speyer B ros., in London, 337,037,000, with the
cou pon s since Juno 1 1914; 4 % external loan o f 1910 to convert or redeem
the loan o f 1899, 355,500,000, with interest sinco July 1 1914; 6 % ten-year
treasury bonds o f 1913. 330,000,000, interest unpaid.
Unpaid interest on these loans amounts approxim ately to 325,000 000
to dato, and there is little prospoct o f any settlement. Then thero is tho
unpaid interest on securities issued b y tho National Railways o f M e x ico
and guaranteed b y tho Governm ent. These include 384,820 000 4 'V<y
prior lions, 350,748,000 general mortgage 4s, 323,000,000 prior lion 4 £cs°
324,710,000 first consolidated 4s and 326,730,000 tw o-year 6 % n otes’
w hich bccam o duo Juno 1 1915. Interest and principal on tho railways’’
account amount to about 339,000,000. making 364,000,000 that tho G overn
m ent is in arrears.
Bankors who havo been active in M exican affairs say th a t, oven If tho
present Governm ent woro strongly Intrenched, it could obtain no funds
a b roa d , owing to its Inability to obtain revenues to moot current oxponsos
A solution o f the doplorablo situation, in tho opinion o f som o Am erican
bankers, could bo reached if tho M exican peoplo wero to invito this G overn
m ent to send a commission to take charge o f tho collection and disburse
m ent o f Governm ent revenues until tho defaulted obligations aro redeem ed.
A statem ent regarding General C arranza’s circular of
January 15 prohibiting foreigners from acquiring property in
tho R opublic, was issued a t M e x ico C ity b y R oquo E strada
M in istor of Justico on tho 1st in t.
T h o statem ent is as
follows :
769
NICA RAGUA N TREATY R A T IF IE D B Y U. S. SEN ATE.
B y a voto o f 5 5 to 18 the U n ited States Senate on F e b . 18
ratified tho proposed treaty w ith N icaragua granting to this
country exclusive rights for tho construction o f an inter
oceanic canal over N icaraguan territory and a lease o f the
islands called G reat Corn and Littlo C orn, as well as tho priv
ilege to establish a naval baso on tho m ainland in Fonseca
‘T a
.tIieso Privileges, tho U nited States agrees to p ay
•M,00 0 0 0 0 in gold , w ith the proviso that tho m on ey is to be
oxpondod b y N icaragua upon its indebtedness or for other
public purposes, with tho approval o f the Secretary o f Stato.
of the United States, “ or such person as I10 m a y designate.”
PIio naval baso and the islands aro to bo subject exclusively
to tho laws and sovereignty o f the U nited States.
In viow o f tho protests against tho treaty m ade b y C osta
Rica, Salvador and H onduras, becauso o f the fear that it
m ight impair somo o f their oxisting rights, tho resolution o f
ratification contains a stipulation to tho effect that “ nothing
in said convention is intended to affect a ny existing right o f
Tho First C ldof, taking into consideration diverso accidental circum
stances which I will enumerate, has dictated, with very good Judemont
that foreigners witlm ut exception whatever m ay not acquiro property in’
the R ep ublic, the reasons being as follows: Our paper m oney, which is onlv
currency circulating throughout tho cou ntry, has depreciated v ery m uch
. ^ l°
nanied S ta te s.”
F ive D em ocratic Senators
owing to unavoidable ecnom ic laws and artificial and reprehensible p ro and tlurteon Republicans voted against tho treaty; tho D e m o
ceedings b y thousands o f speculators who live and accumulate wealth T v
crats opposing it woro Cham berlain, M a rtin o , Clarke o f A r
immoderate and immoral traffic in tho currency o f tho nation
^
E vents which have disturbed our country for five years have brought kansas, T h o m a s and V ard am an; tho R epublicans who voted
suffering upon tho greater part o f M exicans. Owners o f r e a lT t a t e and m tho negative woro B orah, C lap p , C u m m in s, G ronna,
m ore especially owners o f rural properties, aro financially pressed and Hi
m any cases in desperate straits, and therefore havo to dispose o f t h e i r Jones, K e n y o n , L a F ollette, M c C u m b e r , N elso n , N orris,
properties in order to m eet obligations. N ow , since persons holding Sm ith o f M ich iga n , Sm oot and W a rre n .
Fifteen R epublican
real intrinsic valuos aro m ostly foreigners, who dispose o f m oney from
Senators joined the A dm inistration forces in support o f the
their own countries which tlioy convert into our currency at great advantage
treaty, n am oly, Brandogeo, C o lt, D illingham , du P on t, F a ll,
sinco for relatively insignificant sums thoy acquire a groat amount o f'th e
latter, it is natural that such M exicans as are in bad straits go to them
G allm ger, H arding, L ip p itt, L odge, M c L e a n , Pago, P o in who havo m onoy for financial operation s.
dextor, Sutherland, W adsw orth and W e e k s.
T h o treaty
It is to lie supposod, on the other hand, that speculators interested in
acquiring the currency o f tho Administration at the lowest possible m i e n was subm itted to tho Sonate more than tw o years ago b y the
to invest the same in real estate, which they can get for a song, are authors then Secrotary o f S tato, W illiam Jennings B rya n .
A s an
n h w T r Wh,C^ aro faIse and only based upon selfishness, having for their argument for its early ratification, soveral Sonators on the
Ja . T i 10 constan,t an<1 unjustified depreciation o f our m oney.
14th inst. indicated that thoy had beon informod during the
nrm „° thlM I 0? 80" for tllc prohibition Is that the G overnm ent is trying to
ETLsasssrz
ssrs
s s s z s l
2-rrrr,°
their properties to foreigners.
Personal interests and givin g over
W hen once M exican values arc n orm iiiv
„
,
established and m onetary problems being solved' f ™ i° ° f oxchanKe holnK
it w as stated on the 8th inst. th at the first Constitutional
Congress under tho Carranzista Adm inistration is slated to
go into its initial session Sopt. 10, w ith elections throughout
M exico on July 3 .
T h o first business o f tho now Congress
as planned, is to perfect a now Constitution for tho M exican
nation.
F o b. 5 1917, it is roported, has beon sot asido as
tho dato for tho formal tendering o f it to tho M exican people*.
A dispatch to tho N ow Y o rk “ Su n ” from M oxico C ity
on tho 4th inst. roported that tho Legislature o f O axaca had
issued a m anifesto reiterating tho statem ent that recog
nition of tho Carranza G overnm ent b y foreign nations can
not constitute for M oxicans a reason for their submission
to tho G overn m en t, as this would derogato from tho dignity
of national soveriegnty.
H ow ever, tho m anifesto added
according to the “ Su n ” , if the recognized adm inistration
course o f tho debate that G erm any had long sought an option
on tho canal route; that efforts first wero m ade soon after
I ranee undertook construction o f a canal, and had beon re
newed moro recently.
M em bers o f the Foreign R elations
C om m it too dom ed reports that thero was a ny docum entary
ovidonco in possession o f tho com m ittee on tho subject
Senator Stone, Chairm an o f tho C om m ittee , was quotod on
tho 14th as saying:
O f course, wo havo heard reports that Germany sought to obtain tho
S o r o o o n n T d o " " V t W h0w er^he offercd *9.000.000 or 312.000.000or
®
00.000, I do not know. H e have no means o f knowing. T hat Ger
m any was actuated b y tho same m otives in seeking this canal routo that
1-ranee had in the original Panama enterprise is apparent to every one
i Z X Z A 1 r
k 1 1 ^ 0Uld b0
the great P °liticaI disadvantage o f the
lited States for any European Governm ent to have control o f the canal
routo across tho Pan-American isthmus.
U° Cana
T h e follow ing is tho text o f the treaty after including re
visions m ado b y tho Sonate:
Tho Governm ent o f the U nited States o f America and tho Governm ent o f
Nicaragua, being animated b y tho desire to strengthen their ancient and
cordial friendship by the m ost sincere co-operation for all p u r p L T o f t h eJ
mutual advantage and interest and to provide for tho possible futuro con
struction o f an interoceanic ship canal b y way o f the San Juan River and
the G ieat L ake o f N icaragua, or b y any route over Nicaraguan torritorv
whenever the construction o f such canal shall be deemed b ^ t h e S r m *
m ent o f the United States conducive to the Interests o f both countries, and
wishing to facilitate in o ^ r y w ay possible
toS
i p
3
K
i PS 2 u S t S ShtSesl;letheP2 o n . W illiam Jennings B ryan.
IHsSSbsJrjssskstasrss
MONEY ORDER SERVICE TO GREECE RESUMED
S ET T L EM E N T OF CLAIM S.
T h e im m ediate resum ption of the postal m oney order
service to Greece was announced b y the P ost Office D epar m ent at W a sh ing ton on the 13th in st. M o n e y order ex
changes between the U n ited States and Greece were sus
pended in O ctober.
I t was stated a t the tim e that tho
action resulted from tho refusal of Greece to accept French
exchange in paym ent of m oney order balances. T h e m oney
order convention between this country and Greece provides
for paym ent in gold b y exchange on P a n s , and the Greo v
G overnm ent accordingly dem anded paym ent in
lon(' 1
„o ld which the U n ited States found it im possible to obtain
on account of the w ar.
T h e resum ption of the m oney order
ninCn ? 0f ‘tho United States the islands in exchanges has been brought about b y the agreem ent ot
“ ^ArUcio I — T ho G overnm ent o f Nicaragua grants in perpetuity to the
Governm ent o f the U nited States, forover freo from all taxation or other
tem platcd herein, *h®
o f ninety-nine years to the G ov®r" “ e“ t
Island and Little Corn Island;
the Caribbean Sea ‘^ N l c L a ' m a furttier grants to tho Governm ent o f
and the Governm ent o f N Cc „
.
.
years the right to ostabthe United States for a like period o f n ln ety ^ ta e years *no »
Greece to take L ondon exchange tem porarily.
T h e G reek G overnm ent in D ecem ber presented a claim
lish. operate and maintain a
Governm ent o f the
N icaragua bordering on the G
Jr° m ent o f tho U nited States shall
U nited States m ay se
.
. er term 0f ninoty-nine years the above
have the option o f renewing ^ f u r t h ^ ^
rospoctlve term s, it being
to the U nited States for losses on international m oney orders
which it alleged had been suffered on account of the decline
According to a statem ent m ade b y P ost
leases and gra“ ts . ^ ° ^
J ltory Ucroby leasod and the naval base which in exchange rates.
expressly agreed that the t e r t t o v f
..foresaid shall be subject exclusively m aster General Burleson on D ecem ber 3 the differences n
■ « -* ■ « “ —
° r tho m atter betw een the two countries grew out of the refusal
i
nf nn(i nf nriv renewal or renewals thereof*
^ I n consideration o f tho foregoing stipulations and for the of Greece to accept paym en t of the m oney order balance
b v any exchange other than francs, gold , cheeked on 1 aris.
“ .Icm cU U kI W tM .
M r Burleston stated that ho had offered to settle accounts
&
K
3 ?
“L
f S
S
-
“ r e t r a c t io n or thla Convent-tore.
y in n r H p fo ft h e Governm ent o f N icaragua in such bank or banks or
to the order o f tne u o v e ™ ‘“ ° J' . oov a m m e n t o f the United States m ay
with such banking c°*P °ra Nicaragua upon its indebtedness or other pu b determ ine, to bo applied b y N
^
f Nicaragua in a manner
Uc Purposes for the
disbursements
in full b y practicable m ethod s, b u t Greece had insisted upon
paym ent in gold through the Paris exchange, an im possi
b ility , since France placed a prohibition against tho export
of gold during the w ar.
There w as, he said, no disagree
m ent as to tho am ount due G reece, and the Postm aster
General explained that the postal m onoy order convention
which had been in force from 1894 until its recent suspension,
expressly stated that any difference arising over m oney
order exchanges between the U n ited States and G reece,
would not be subject to international arbitration.
On the
S S S S ^ r*
„sssSSCAiSSiiaSi -—
“
A J S S S S S ^ 1't h T S p e S plenipotentiaries have signed the pres
ent treaty and havo affixed thereunto t e r s ^ s ^
tecn>
Spanish lan-
W IL L IA M J E N N IN G S B R Y A N [seal.l
E M IL IA N O C H A M O R R O [seal.]
W o also give th at part of tho Senate resolution of ratifica
tion (as adopted on tho 18th in st.) deahng w ith tho protest
5th inst. it was reported from A th en s, G reece, that the
A m erican M in ister to that country, G arrett D ropp ers, had
reached an agreem ent with tho Greek authorities for the
im m ediate paym en t of 8 ,0 0 0 ,0 0 0 drachmas in settlem ent
of tho claim s. H enceforth, it is stated , paym ents will be
m ado a t a fixed rate of exchange. It was reported in D e ce m
ber that the am ount claimed b y Greece was 1 ,2 5 0 ,0 0 0 francs
o f C osta R ica , Syf l v a d ^
a
n
d
Honduras have p ro
T h a t, whereas C osta R ica, Salvador a
or bellef that
tested against the ratification o sa c.° ^ existing rights o f said States;
said Convention m ight.insom e respect.im pair
* 8 d consenting t o
($ 2 5 0 ,0 0 0 ).
___________________ ___________
P r o v id e d ,
SECRETARY D A N IE L S ’ S PROPOSAL TO MODI I Y
WIRELESS CENSORSHIP.
A n n o u n c e m e n t t h a t h e w o u ld a u th o r iz e a m o d ific a t io n o f
r ^ r n f o 7 ° j ^ o or
s
“ “
“ doa t0
t h e r e g u l a t i o n s u n d e r w h i c h w i r e le s s d i s p a t c h e s a r e c e n s o r e d
hv
m ediately after the Senate had acted th at ho
r f
expected
early
ratification of tho convention b y his G overn m e n t.
m Sal
The
A nnouncem ent to the effect th at the U n ited States G o v
ernm ent on tho 18th in st. had dispatched a form al protest
to T u rk ey against a continuance of atrocities against the
£
£
£
w as contained in tho Chicago “ T ribu n e” of the
The
trib u n e
s a y® '
.
i 000 000 Armenians have
as
to
and
p e r m it,
announcem ent
B e rn sto rff,
o p e r a tio n s
w as
th e G e rm a n
w hen
no
v io la tio n
m ade
of
b e llig e r e n t s h ip s , w a s
D a n ie ls o n
s h o r tly
th e
a fte r
A m b assador, had
« a
to .h o Ottom an
1 6 th in s t.
Count
ask ed
von
th o S t a t e
D o n a r t m e n t fo r a n e x p la n a t io n o f th e r e je c tio n b y th e A m e r
i c a n ' n a v a l c e n s o r s a t S a y v i l l o , L . I . , o f w i r e le s s d i s p a t c h e s
fro m
B e r lin ,
c o n ta in in g
o ffic ia l
a n n o u n c e m e n ts
fr o m
th e
A d m ir a lt y , w h ic h th e B r itis h c en so rs h a d p a s s e d fo r p u b lic a
T h e s p e c if io i n s t a n c e c o m p l a i n e d o f w a s
t h e s u p p r e s s io n o f th e o ffic ia l a n n o u n c e m e n t o f th o G o r m a n
A d m ir a lt y o f th e r e p o r te d s in k in g in th e N o r t h
er
of
th e p a s s a g e o f m e s s a g e s r e fe r r in g
S e c re ta ry o f th e N a v y
tio n in E n g la n d .
19th in st.
so
w a s in v o lv e d ,
v e s s e ls
m ade by
U S PROTEST A G A IN ST TU RK ISH ATROCITIES.
o ffic e r s
n e u t r a lit y
B r i t i s h c r u is e r A r a b i s o n F e b r u a r y 1 1 .
S e a o f th o
N o w s r e p o r tin g th e
l o s s o f t h o A r a b i s r e a c h e d t h e U n i t e d S t a t e s f r o m B o r in v i a
by
**
r“ ‘ °
“ “ Chr'S‘
L o n d o n , p a s s in g t h r o u g h th e B r it i s h c e n s o r s h ip .
M r.
»
* ? £
responsible ror Hitherto u n w a lM e d
o n t w S S “ p r e m p S t o ° w i e r e to the Turkish Governm ent the
-JKsssf.
conndenco t h a t th0
s r e t r e ° S u e t e d ” by n° S l l y (lllilnterootcd do-
D a n i e l s e x p la in e d
th a t th o ce n so rs h a d a c te
a fte r an
o f r a d io c e n s o r
e x h a u s tiv e s t u d y
o f t h e q u e s t io n
t i l l . c o u n tiy
President’s protest to the Porto
of
T h e o b je c t o f th e r e g u la tio n ,
h o s a id , w a s to p r e v e n t v io la t io n s o f n e u tr a lity
o f a more drastic character.
lc c i s
a n y m e s s a g e r e fe r r in g t o “ m o v e m e n t s o r lo c a tio n o f w a r o r
o t h e r v e s s e ls o f b e l l i g e r e n t s .”
S S S r e o t ' S Z S . Governm ent will bo com pelled to take action
o
er
o
s h ip , a n d p r o h ib it in g th o tr a n s m is s io n in t o
nava
tin
t h e e x is tin g r e g u la tio n s d r a ft e d b y a b o a it
m i s s io n o f d i s p a t c h e s c o n t a i n i n g i n f o r m a t i o n
v a lu e w h ic h m ig h t b o u se d b y a g e n t s o f a
by
of a
t h o adh
n u ll t o w
belligerent n a t i o n
c" A ™ « l e t tm S r e c,re . the Admlnletretton also advised
German Am bassador, received a com m unlca-
“
t o
avow
M y
c o m p lic a t io n s in th o p r o p o s e d m o d ific a t io n
o f th o c e n so rsh ip o n m e ssa g e s a t S a y v iU e , S e c r e ta r y D a n ie ls
r S
» /S
7
o
c 'o ^
K
r
Thin -
done because Germ any I.
Feb . 26 1916.]
THE CHRONICLE
on the 17th appointed a board of naval officers, headed by
Captain W. H. G. Bullard, Chief of the Radio Service, to
consider whether the revision should permit the passage into
the United States of radio messages referring to naval vessels
of the countries at war.
771
Bank o f Brooklyn” has not been sustained, and there is no evidence before
your Commissioner o f any mismanagement o f tho affairs of the Banking
Department with respect to the Union Bank and liquidation. He therefore
recommends that their complaint be dismissed.
Commissioner Weiss in his report points out that he held
several hearings and took voluminous testimony; that from
the inception of the inquiry the chairman of the so-called
I N D I C T M E N T S A T S A N F R A N C I S C O O N C H A R G E S depositors’ committee had free and unlimited access to all
OF V IO L A T IN G N E U T R A L IT Y L A W S .
books, papers and information which were placed at the
The Department of Justice at Washington announced on disposal of the Commissioner, and that every opportunity
the 8th inst. the handing down of indictments by the Federal was given to the chairman of this committee to co-operate in
Grand Jury at San Francisco against Franz Bopp, German facilitating the work of the investigation; that the Commis
Consul-General at San Francisco; Baron E. H. von Schack, sioner not alone examined into the written complaint as filed
Vice-Consul for Germany; H. W . E. Kaufman, Chancellor with 4 he Governor, but in addition thereto such supplemen
for the German Consulate; Maurice Hall, Consul for Turkey, tal and incidental matters as were brought to his attention.
and others, on charges of conspiring to violate the neutrality One of the specifications in the complaint, it is stated,
laws of the United States. One indictment, it is understood, alleged that the State Banking Department unwisely entered
charges conspiracy to interfere with commerce under tho into a lease of the properties of the Union Bank which
Sherman Anti-Trust Act and for conspiracy to organize a are located in the Borough of Manhattan. Commissioner
military expedition, and involves, it is said, Consul-General Weiss points out that under the old arrangement of taking
Bopp, Vice-Consul General von Schack, Baron George Wil care of this property, the net return upon this property for
helm von Brincken, attache; Johannes Henrykus van Kool- the year 1914 amounted to $5,209 99, while under the lease
bergen, alleged German agent; Charles C. Crowley, detec the net annual return will be approximately $21,000, result
tive, employed by German Consulate; Mrs. Margaret W
ing in a substantial increase. Another item in the complaint
Cornell, assistant to Crowley. All of these, it is stated, are criticised the settlement of certain claims, particularly one
also involved in alleged plots to blow up Canadian tunnels upon a promissory note made by certain directors of the
and American powder mills. Baron von Brincken, Mrs. Union Bank for $150,000 for which the Union Bank settled
Cornell and Crowley were indicted in December by the for $125,000. This case was carried to the Court of Appeals,
Federal Grand Jury at San Francisco on charges alleging con tho Union Bank losing both at the Trial Term and in the
spiracy to interfere with and destroy commerce with the Al Appellate Division, but being successful in the highest
lies, and with the use of the mails to incite arson, assassina Court. Commissioner Weiss points out that there were a
tion and murder.
number of legal questions involved which made it a question
Henry W . E. Kauffman, Chancellor of the German Con as to whether or not the bank could ultimately recover
sulate-General; Maurice Hall, Consul-General for Turkey- full amount or in fact a major portion of it. He brings out
Baron Eckhardt H. von Schack and Robert Capelle, San the fact that the question of settlement was placed before
Francisco, agent for the North German Lloyd SS. Co., are the Court and approved by the Court.
said to bo indicted with a number of others on a charge of
The report states that, “ taking into consideration, among
conspiracy to defraud the Government in alleged shipping other things, the risk of litigation, the possible insolvency
plots involving the steamships Retriever, Sacramento, of the defendants, the fact that the chief witness for the
Mazattlan, the Olson and the Mahony.
plaintiff (the Union Bank) had been convicted of a felony,
the substantial amount paid and the prospects of protracted
A list of seventy-one individuals and four corporations litigation, your Commissioner is convinced that it was a
Indicted “ in the Federal Courts in connection with criminal reasonable and proper settlement.” “ It was also alleged,”
plots affecting the neutrality of our Government, so far as says the report, “ that other claims were settled at a sacrifice
it relates to tho European war,” was sent to Chairman Webb to the depositors. With reference to this, your Commis
of the House Judiciary Committee by United States Attor sioner finds, after careful reading of the papers, that the
ney-General Gregory on Jan. 21. Tho communication was settlements were just and. proper under the varying circum
transmitted in response to a resolution of Representative stances of each case.”
Commissioner Weiss dismisses the
Bennett, which askod for the names of all persons arrested complaint of the depositors that they failed to receive a
for such offenses. In stating that he could not furnish a dividend by declaring that it is necessary to keep on hand
list of those arrosted, tho Attorney-General said:
at all times a sufficient amount of money to protect the
Such a list would not includo persons who have been Indicted but never
largo real estate holdings of the bank, and says that the
bav.lng become fugitives from justice; It would also not ihcludo
matter of paying dividends to depositors of defunct institu
the C o u ^ n H Vw be°n .ln? C,tCd but novcr arrosted- having surrendered to
A 0"
' and would include persons arrested but not further proceeded tions is one of “ discretion on the part of the superintendent
Wo with T h n illaS Pf rS°^S arf 0stcd and not indicted. It appears incompati- and should not be interfered with.” Several recommenda
bio with tho interests o f Justice to furnish a list of all persons arrosted.
PIio Attorney-General stated that he had no information tions of a technical nature, designed to improve the effi
enabling him to reply to that part of the resolution asking ciency in tho methods of liquidating defunct banks, are
for the nationality of the persons involved in anti-neutrality offered in the report.
plots. In submitting the list Mr. Gregory also stated that
the steamship Odenwald was libeled under the provisions of
a joint resolution passed on March 4 1915.
CHARGES A G A IN S T N E W YORK B A N K IN G D EPART
M E N T F O U N D TO B E W I T H O U T F O U N D A T I O N .
The investigation of complaints against the New York
Stato Banking Department, undertaken under orders of
Governor Whitman, has resulted in the recommendation
that tho chargos bo dismissed, the complaints being hold to
bo without foundation. Frederick J. Groohl, who was an
Assistant of Mr. Whitman (then District Attorney) in the
prosecution of the Becker case, was named by the Governor
on Nov. 30 as a commissioner undor the Shorman-Moreland
Act, to investigate the complaints lodged against tho Banking
Dopartmont, tho .inquiry, it was stated, being based on
charges of extravaganco mado against Eugene Lamb Rich
ards, Superintendent of Banks, by,a committee of depositors
of tho failod Union Bank of Brooklyn. The investigation
was begun by Mr. Groehl on Deo. 4; with Mr. Groehl’s
appointment by Mayor Mitchol as a Magistrate of tho
City of New York, John J. Weiss, a law partner of Mr.
Groehl, was designated by Governor Whitman on Jan. 14 to
continue tho investigation. In submitting his findings,
Commissioner Weiss says:
.
After careful consideration, your Commissioner Is firmlyrof the opinion
that the complaint o f tho “ Association o f the Depositors o f tho Union
NEW
P H IL IP P IN E B A N K
TO B E O R G A N I Z E D
II. P A R K E R W IL L IS .
BY
H.
Parker Willis, Secretary of the Federal Reserve Board,
has received a six months’ leave of absence from the Board
to go to the Philippines to organize the proposed Insular
Bank, the creation of which is provided for under a bill
passed by the Philippine Legislature before its adjournment
on Feb. 5. According to reports from Manila on the 19th
inst., Mr. Willis has been selected by the Philippine Com
mission for the Presidency of the institution. The author
ized capital of the bank is $10,000,000. It is stated that
under tho Government’s plan for raising the capital a
million dollars advanced from the Philippine Treasury, half
a million dollars obtained by the calling of loans in the
hands of sugar planters-and half a million dollars secured
through insurance and a sinking fund combination will make
up tho Philippine Government’s half of the 60% of the
capital needed immediately ,jthe public taking the other half.
The remainder of the capital to be subscribed will be paid
in at the rate of 10% annually, beginning in 1918.
The new institution, it is understood, will loan money on
farms and other real estate and do a general banking busi
ness. It is expected to begin operations about July 1.
Tho President will receive a salary of $12,000. Samuel
Ferguson, former Secretary to Governor-General Harrison,
has been named as Vice-President and Executive Secretary
772
[Vol. 102.
THE CHRONICLE
of the bank, with a salary of $6,000. M r . W illis, who is
forty-one years old and a native of W eym outh, M a ss., has
made a study of the Philippines, and is an economist. Dur
ing the framing of the Underwood Tariff Bill he was con
sulted as an expert by the House W ays a n d Means Com
mittee, and later served in a similar capacity with the House
Banking and Currency Committee, while the now banking
law was being fram ed.______________________
FARM ERS’ G R A IN
D EALERS’ ASSO CIA TIO N
MENDS
COMPTROLLER W I L L I A M S .
are now receiving $60,000,000 annually for carrying tko
mails, and tkat $64,000,000 would bo allowed tkem under
tke proposed space plan. Ho added tkat the roads not
only seek an increased rate, but want tke weigkt system
retained.
.
A protest (in tke form of a telegram) against tko proposed
legislation was sent by tko officers of seven Westorn roads
to Representative M ann, Republican leader of the House,
this week, as follows :
COM
The Comptroller of the Currency has received from the
Farmers’ Grain Dealers’ Association of Iowa notification of
the adoption at the convention of that association in Dos
Moines, Iowa, on the 17th inst., of the following resolution:
Be It resolved, by the Farmers’ Grain Dealers’ Association o f Iowa, rep
resenting forty thousand members, as follows:
That we are as much opposed to bank discrimination in interest rates as
to railroad discrimination in freight rates.
W e oppose private control o f the public currency.
That we strongly commend the Comptroller of the Currency for h s
courageous exposure o f bank usury; and wo unalterably oppose the efforts
of the guilty parties to abolish his offico.
B R O A D E N I N G OF P O W E R S OF S E C R E T A R Y OF P E N N
S Y L V A N IA B A N K E R S ’ A SSO C IA T IO N .
A resolution looking toward the broadening and enlarg
ing of the duties of the Secretary of the Pennsylvania Bank
ers’ Association was adoptod at a meeting of Group III ot
the Association held at Wilkes-Barre on the 21st inst.
I ho
resolution, adopted by Frank Hummler, Vico-Prosident of
the First National Bank of Scranton, is as follows:
Western railroads, without exception, protest against tho proposea
legislation by tho House of Representatives changing tho system of rail
road mail pay from weight to spaco basis, as now ombodied in the bill
reported from the House Post Offico Committee, for the following reasons:
Because as a rider to the Appropriation Bill, no adequato consideration
by tho House of tho merits of this important proposition is possible. B e
cause some of its provisions are unpractical and will work unjustly against
the railroads. Because under it railroad companies can be compelled to
perform important services for the Government without sufficient com
pensation, and Post Office Department may conduct a freight business
on our passengor trains in actlvo competition with us at ruinously low
rates, arbitrarily fixed by the Department.
.
Tko roads are the Chicago Burlington & Quincy, tho
Illinois Central, the Chicago Groat Western, tke Chicago,
Milwaukee & St. Paul, tke Minneapolis & St. Louis, the
Rock Island Lines and tko Chicago & North Western.
A t a hoaring before the House Committee on January 24
M r . Peters suggested that as the Inter-Stato Commorce
Commission is empowered to adjust disputos botwoon ship
pers and railways in the matter of rates tho samo agency
should bo employed to determine whether tho Government,
in tho administration of the postal service, is doaling fairly
with the carriers.
.
R AIL R O A D
_______________
V A L U A T IO N H E A R IN G .
A hoaring was accorded on Jan. 26 to representatives of
R e s o l v e d . That in the opinion of Group III o f the Pennsylvania Bankers
Association, definite action should be taken at the next annual meeting or the Stato Railway Commissioners on questions involving tho
the Pennsylvania Bankers’ Association looking to the broadening and
enlarging of the duties of the Secretary of that organization, it being the physical valuation of tho railroads. Tho hearing was had
It is reported
opinion of the members of Group III that the Secretary should devote his beforo tho Inter-State Commerce Commission.
entire time to the Interests and welfare o f the Association, should have a that the State Commissions are anxious that tho Fodoral
permanent office, presumably in Philadelphia, with Its appropriate records
accessible to all member banks, and specifically should be required and ox- Commission shall adopt a valuation systom which shall not
differ materially from the valuation methods already in force
pected to perform the following duties:
(a) T o report to all member banks and trust companies any and all by the State Commissions. Tho carriers, in replying to tho
proposed legislation, both Federal and State.
(b) T o report to all member banks and trust companies any and all de briefs filed by tho State Commissions, stato that “ cortain
cisions o f the Common Pleas, Orphans’ and Appellato Courts that have of tho Stato briefs appear to objoct to any practical co
especial bearing upon either banking or trust business.
operation between tho carriors and tho Govornmont in
(c) T o consult or correspond with all departments, both State and le d
carrying on the work of valuation, and they furtkor contend
oral, having supervision or jurisdiction of any kind over e it h e c Banks
trust companies, for the purpose, as far as practicable o f adjusting in de
that the carriers should only be heard in the matter aftor the
tail all forms o f statements demanded by said departments with existing
promulgation of a tentative valuation by the Commission.
and generally accepted forms of accounting as used by said banks and trust
In their reply pointing out the necessity of co-operation, the
C°(d^ T o seek to develop, as far as practicable, a standardization of both
carriers say:
methods and forms, asking for and compiling the opinions o f member banks
1 The Valuation Act expressly requires such co-operation.
and trust companies, both as to practice and forms.
2* It is only through co-operation and by using the knowledge of the
(e)
T o perform such duties sis might naturally fall to the Secretary ofpersons who are engaged day by day in doaling with tho properties of the
the organization, and specifically whatever shall bo recommended by the
carriers that tho Government will be able to ascertain all tho facts with
Pennsylvania Bankers’ Association, and prior to the annual meeting of said
Association ho shall submit to all member banks and trust companies any respect to such properties.
3. As tho Inter-State Commerce Commission itself pointod out on
and all recommendations of individual groups.
M ay 28 1913, “ numberless controversies that would otherwise arise and
Tko following are the newly elected officers of tho Group:
needless duplication of work will bo avoided and expedition and economy in
Chairman, E. W . Mulligan, Cashier o f the Second National Bank, tho work will be secured by such co-operation in the prosecution of the
Wilkes-Barre, Pa.; Secretary and Treasurer, D . R. Atherton .Vice-President physical work involved.”
of the Traders’ National Bank, Scranton, Pa.; Chairman o f ‘ jj0 ®xec“ *'™
4. If the carriers aro only to bo hoard aftor tho promulgation by the
Committee, W . M . Ruth. Cashier of the County Savings Bank, Scran Commission of a tentative valuation, such tentative valuations will be
loaded down with thousands of exceptions, the sottlomont of wh ch
ton, Pa.
-will involve labor and oxponso which would have boon materially reduced if
there had boon co-operation In tho ascertainment o f the facts, and a method
.
THE R A IL W A Y M A IL P A Y .
adoptod for the settlement of any remaining disputos either in the field
The Post Office Appropriation Bill, providing for the or by taking testimony prior to the promulgation of the tentative valua-
payment of railway mail transportation on tho basis of
space measurement instead of by weight, was takon up for tl0Tho briefs filed by the States namod abovo discuss at some length the
Question of value, and its measuro In rate cases, and contond that the
consideration in the House on the 8th inst. That tho bill Valuation Act does not require, and that tho Commission should not, in
has not beon changed so as to meet tho objections of the the pending valuation proceedings, ascertain tho value of tho proporty of
railroads was indicated by Ralph Peters, Chairman of the the carriers, but should ascertain and report only the cost data and other
details specified in tho Valuation Act.
Committee on Railway M ail Pay, representing tho Railroads
The carriers are of tho opinion that tho completion o f the inventory, and
of the United States, in the following communication ad tho ascertainment of all the data required by tho Act, should precede the
discussion of tho principles on which the value is to bo determined. Tho
dressed to Champ Clark, Speaker of the House, on the carriers do not at tho present timo discuss valuo, although stating their
5<DearSSir.— In tho face o f protests from every railroad in the country,
from the smallest to the largest, the House o f Representatives Post Office
Committee has again made the Moon Railway Mail Pay Bill a rider on the
Post Office Appropriation Bill.
It has been brought to our attention that the effort is now being mado in
Washington to circulate the grossly false impression that tho Moon BlU
has been changed to meet tho objections o f tho railroads and that those
objections have been withdrawn.
....................
....
This cannot be too emphatically denied. The Moon Bill Is not now,
and never was and never can be acceptable to men with any practical
understanding o f railroad operation and rate construction. Ih is is be
cause it is inherently and essentially and fundamentally unjust, and econom
ically wrong. The changes that have been mado in it are o f minor consequenco. The only way to eliminate its errors is to eliminate tho bill.
I will not attempt to explain its demerits hero, but on behalf of the
railroads o f tho country I appeal to you and to tho House of Representatives
for prompt action which will separato tho Moon BlU from the Post Office
Appropriation Bill and allow its free and fair discussion on the Boor-
dissent from certain views expressed in the briefs of the States.
Tho carriers will be glad to file a brief on tho principles of valuo, its de
termination, and discuss the samo at any time by oral argument bofore tho
Commission, if such bo the desire or the Commission. Tho carriors think
that such discussion should be had.
Those represented at the argument includod tho National
Association of Railway Commissioners, tho Minnesota Rail
road & Warehouse Commission, the Railroad Commission of
California, tho Public Sorvico Commission of Oregon, and the
Public Utilities Commission of Kansas.
LIB E L
PR O C E E D IN G S
A G A IN S T
STEAMER
APPAM.
Following tho institution of libel proceedings on behalf
of the British owners of the steamer Appam, which was
brought into Hampton Roads by a British prize crow on the
, 1st inst., the liner was seized on tho 19th inst. by U. S.
Chairman M oon , on tho House Committee on Post Office
Deputy Marshal J. E . W est of Norfolk under a Avrit of libel
and Post Roads, in presenting the bill to tho House on the
issued "by Judge Edmund Waddill of tho U . S. District Court
8th inst. stated that under the weight system the railroads
I<'EB. 26 1916.]
THE CHRONICLE
at Norfolk. Papers in tho action upon which the Appam.
was seized wero filed in the Norfolk court on the 16th inst.
The writ was sworn oiut by the African Steam Navigation
C o ., L td ., of Liverpool, owners of the Appam , which is
ropresonted by Frederic R . Coudert and Ralph James M .
Bullowa of New York. It is stated that the bill of complaint
alleges that the ship is the property of the Liverpool company,
that she is illegally held in American waters as a prizo by
tiie Gormans and that under international usages tho Appam
should be turned over to tho British owners and tho Gorman
prize crow interned. Tho action is in lino with the British
Em bassy’s contention that under the provisions of The
Hague Convention the liner should bo turned ovor to the
rightful owners.
W ith tho issuance of tho writ Doputy Marshal W est
notified Norman Hamilton, Collector of tho Port at Norfolk,
and requested tho latter to accompany him to tho steamer,
and introduce him to Lieutenant Berg. M r . Hamilton, it is
stated, declined to do so and asked that action bo deferred
until ho could hear from Washington. Collector Hamilton
wirod the Treasury Department that a ropi’esontativo of
the United States Marshal’s Department had informed him
that he had a Federal court writ to servo on tho Appam .
According to tho “ Virginian-Pilot” of Norfolk, instructions
woro recoived from Assistant Secretai-y Peters of the Treas
ury not to interfere with tho Doputy M arshal. W ith two
special doputios, Allen Shores and George Hickman, Doputy
W est boarded tho Appam and served the papers, and dospite
tho objections of Lieutenant Borg tacked tho court notices
on tho mast polo. After accomplishing his purposo, M r.
W est departed, leaving tho two special deputies in charge.
A protest against tho presence of tho deputies on tho Appam
was filed with tho Stato Department by Princo von H atzfeldt, counsellor of tho German Em bassy, on tho 21st inst
Acting on the protest Counsellor Polk of tho Stato Depart
ment conferred with officials of tho Department of Justice
to loarn whether some other means could bo found of kooping
tho vessel in tho jurisdiction of tho court at Noi*folk, which
would onablo tho doputios to be withdrawn. It was roportod
on Thursday that tho State Department’s reply to Ger
m any’s request for a ruling on tho status of tho vessel would
probably bo delivered within throo or four days. Counsellor
Polk is said to havo so advised counsol for tho German
Embassy and the British owners of tho steamship when they
called at tho Stato Department to ask that a decision bo
hastened.
On the 4th inst. Sir Cecil Spring-Ilico, tho British A m
bassador, in tho namo of tho British owners of tho Appam ,
lodged a formal requost with the Stato Dopartmont that the
ship bo turned over to tho British Consul under the terms
of tho Haguo Convention. Count von Bornstorff, in a note
to Secrotary Lansing, took tho position that tho Appam was
brought into Hampton Boads under tho Prussian treaties
which guarantees her to hor captors. Germany contends
that tho vessel is entitled undor tho Prussian treaties to re
main indefinitely, and in support of her position Count
von Bornstorff, on tho 8th inst., presented to Secrotary
Lansing a formal communication on bohalf of tho Borlin
Foreign Office.
Shortly after tho vessel was brought into
port, counsel for tho German Embassy yielded to tho demand
of Collector Hamilton that tho first class mail on board bo
surrendered unopened to tho Unitod Statos postal officials.
Tho Germans, however, claimod tho right to retain tho
parcel post packages on tho Appam.
I N Q U I R Y IN T O CONTROL OF S I S A L P R IC E S .
Charges that tho International Harvester Co. had fur
nished money for arms and ammunition for tho OrtozArgimodo revolution against tho Carranza Government in
Yucatan, Mexico, wero made boforo a sub-committeo of tho
Senate Committee on Agriculture and Forestry on the 18th
inst. by Levy Mayer of Chicago during a hearing in accord
ance with tho resolution of Senator Ransdell, calling for
an investigation into an alleged monopoly for control of the
sisal market. M r. Mayer appeared as the representative
of tho American interests who financod tho Yucatan sisal
planters. A statement donying tho chargos was issued
as follows by Cyrus II. McCormick, President of tho com
pany on tho same dato :
773
000 sent by the company to a sisal buyer in Yucatan was
paid to a New York arms purchasing concern.
W alter L . Fisher, formerly Secretary of the Interior,
counsel for the Harvester Company, displayed to the Com
mittee a bundle of bills, part of 3,500,000 pesos issued by
tho Yucatan Commission, formed for controlling the sisal
crop. Ho was undertaking to oxplain that tho bills had
come into the possession of tho Harvester Company from a
draft for 8480,000 gold issued to Angelino M ontes, a sisal
purchaser, who tho Yucatan planters assert represented
solely the Harvester Company, when ho was interrupted by
M ayer, who charged that tho money was raised to stir up
a revolution.
M r . Fisher insisted that the money from
tho draft was given the Yucatan Government for the Com
mission’s money in order to have currency to pay the sisal
planters.
It was decided on the 19 th inst. to call before tho committee
M r. McCormick, of the International Harvester Co. and Arthur
Reynolds, Vice-President of the Continental & Commercial
National Bank of Chicago and to request the bank to submit
a record of the balance maintained by the Harvester Com
pany during tho last tliree years, tho investigation having
been broadened to include an inquiry into whether the
International Harvester Company had sought by intimidat
ing American bankers to provent sisal planters obtaining
monoy to market their crops. A telegram was read into
the record from tho Continental & Commercial Bank denying
that the Harvester Company had withdrawn its account. M r .
M ayer, counsel for tho Pan-American Commission Corpora
tion, who made the original charges that the company had
attempted to influence tho banks, read tho message and simi
lar denials wero made in a message from tho Harvester Com
pany read by its counsel, M r . Fisher. On tho 19th inst, the
Committee hoard testimony given by Dr. Victor A . Rendon,
head of a commission created by tho Yucatan Government
to market tho sisal crop, and Sol. Wexler, formerly of New
Orleans but now located in New York, President of tho Pan
American Commission Corporation, organized in this coun
try to finance tho Yucatan planters. M r. Woxler, whose
corporation guaranteed to loan the planters 810,000,000
a year for five years, testified that ho had been told by
George M . Reynolds, President of the Continental & Com
mercial Bank, and James Perkins, a Vice-President of the
National City Bank of New York, that tho Harvester Com
pany was unwilling for them to loan money to the PanAmorican Corporation, but that neither bank had been in
fluenced by the threats.
Ono of the terms on which the corporation agreed to loan
monoy to the planters, it was brought out, according to the
daily papers, provided a commission of 5 % on sisal sold in
addition to tho regular rate of interest on monoy loaned.
In response to a question by Senator Ransdell, M r . Wexler
said that in view of the war times, disturbed conditions in
Mexico and tho bonus of 8200,000, tho corporation would
havo to pay, it was not prepared to loan tho Yucatan organ
ization up to 810,000,000. The method of forming such a
corporation to finance marketing, tho witness said, was
derived from tho old custom of factors being rotained to
handlo tho crops of Southern cotton planters.
Arthur Reynolds, Vice-President of the Continental &
Commercial National Bank, in questioning the authority
of tho Committee to domand the bank’s books, said :
Wo question tho authority and jurisdiction o f tho Senate committee, and
we will refuse to open our books to the committee until so directed by a
competent court. For a long period tho International Harvester Co. has
carried a considerable balance with us, and there has been no marked
decrease in the amount of the deposit. I do not consider that the bank
has been “ disciplined" in any manner by the Harvester Company.
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
The public sales of bank stocks this week aggregate 21
shares, of which 10 shares were sold at the Stock Exchange and
11 shares at auction. One lot of 68 shares of trust com
pany stock was also sold at auction.
BANK — N e w Y o rk .
Low .
*10 Commerce, Nat. Bank of . . . 174
0 Corn Exchange Bank___ . . . . 320
5 Hanover Nat. Bank____ ----- 606
TRUST COM PANY— N e w Y o r k .
68 Bankers Trust C o_______ . . . . 440
S h a res.
H ig h . C lo se.
L a st p re v io u s s a le .
174
320
COO
174
320
606
Feb. 1910— 174
Jan. 1916— 335
July 1914— 025
442
442
Jan. 1916— 463
* Sold at the Stock Exchange.
The statement before a sub-committee o f tho Senate at Washington,
as reported in this afternoon’s dispatches, that the International Har
vester Company furnished money for a Yucatan revolution is utterly un
true. It never, directly or indirectly, lias had any connection with political
conditions in Yucatan or anywhere else in Mexico.
.
Two New York Stock Exchange memberships were posted
for transfer this week, tho consideration in each case being
865,000. The last provious transfer was for 871,000.
M r. Mayor is said to have stated at tho hearing that ho
would produco invoices and bills showing that part of 8480,_
The Guaranty Trust Co. of this city has just published in
pamphlet form a revised edition of its “ Synopsis of the Fed
77 4
THE CHRONICLE
eral W ar Tax L aw ,” recently extended by Congress to D ec. 31
1916. All commodities and other items taxable under this
law are scheduled in alphabetical order, with tho specific
tax in each case distinctly indicated, so that the exact tax
on every article affected by the law can be quickly ascer
tained. All definitions of technical terms contained in the
law are arranged in a special section, as are also penalties
for violations of the law, and dates when the tax on each of
the schedules became effective. Copies of this synopsis
may be had upon application to the company.
The annual dinner of the trust companies of the United
States, members of the Trust Company Section of the
American Bankers’ Association, was held last night at the
Waldorf-Astoria. Over seven hundred guests sat down to
the banquet, the majority of them being trust company
officials, bankers and representative men from all parts of
the country. The grand ball-room was beautifully decora
ted with flags and flowers and a large orchestra played during
the serving of the courses. John H . M ason, Vice-President
of the Commercial Trust C o. of Philadelphia, and President
of the Trust Company Section, presided and delivered the
toasts. Howard Elliott, President of the N ew York N ew
Haven & Hartford R R ., and D r. Nicholas Murray Butler,
President of Columbia University, were the principal speak
ers of the evening.
Edward R . Stettinius, of J. P . Morgan & C o ., sailed for
Europe last Saturday on the St. Paul. As head of the export
department of the firm, M r . Stettinius has had charge of the
purchase of munitions and supplies for the Allies. In addi
tion to J. P . M organ, Arthur Anderson, head of the firm’s
bond department, is at present in Europe. M r . Anderson,
it is stated, will return shortly after the arrival abroad of
M r . Stettinius.
[Vol. 102.
Charles W . Alston and George Zimmerman have been
elected Assistant Cashiers of the Farmers’ Deposit Savings
Bank of Pittsburgh. Both men have served the bank for
many years, the latter as manager of the foreign department
T.
Garland Tinsley, Vice-President and Treasurer of the
incorporated banking firm of Middendorf, Williams & C o.
of Baltimore, has sold his interest in that company to J. S.
Cosden. A t a special election on the 19th M r . Cosden was
made a director and Vice-President. The interest of Frank
A . Munsey in the firm has been acquired by B . Lancaster
W illiam s, President, whose holdings, with M r . Cosden’s,
constitute about 9 8 % of the stock. It is statod that the
capital and surplus of the firm is now over $900,000. M r .
Cosden is the founder and head of Cosden & C o ., one of
the largest independent oil refining companies in the coun
try, and ho was recently elected President of the newly
organized Cosden Oil & Gas C o. He is also a director of
the Equitable Trust Co. of Baltimore.
A n amendment to the by-laws of the Baltimore Trust C o.
of Baltimore abolishing the position of Chairman of the
Board and Chairman of the Executive Committee, was
adopted by the directors at a special meeting on tho 10th.
William Ingle, who was elected President on the 2nd (as we
stated in our issue of the 5th) will in the future preside at
all meetings. M r . Ingle takes up his duties as President
to-day, the 19th inst. He was formerly Chairman of tho
Board of the Richmond Federal Reserve Bank.
The banking and brokerage firm of Heyward & C o. of
Baltimore, conducted by Wilson F . Heyward, will liquidate,
according to an announcement made at the Baltimore Stock
Exchange on the 9th inst. A committee composed of John
B . Ram say, Chairman; A . W . Jacobson, of M artin Gillot
& C o ., and Benjamin Rosenheim, who is acting for some of
the creditors, was named to take charge of the firm’s affairs
W . H . M acintyre, agent of the Standard Bank of South and conduct the liquidation. Application for a receiver,
Africa, L td ., 55 W all Street, has received a cable from the according to the Baltimore “ Sun,” was made by Tilghman
head office of the bank in London, as follows :
Johnston of Delaware; it was alleged in the bill of complaint
The directors have resolved, subject to audit, to recommend to the
shareholders at tho meeting on 26th April next, a dividend for last half that on Feb. 8 1912 M r. Johnston lent M r . Heyward $10,000,
year at the rate o f 14% per annum, less Income tax; to appropriate seventy- payable on demand, with interest. Payment of the note
ono thousand pounds (£71,000) towards writing down investments, includ was refused, it was also alleged, and it was claimed that
ing war loan, to prices ruling Dec. 31 last; to appropriate fifteen thousand
In his answer to the bill,
pounds (£15,000) towards writing down bank premises account and a M r . Heyward was insolvent.
further twenty thousand pounds (£20,000) towards the bank’s pension filed through his attorney, M r . Heyward admitted the
fund. Thero will bo carried forward to the next accounts a balance of allegations and consented to the receivership.
M r . Hey
net profit amounting to eighty-seven thousand pounds (£87,000).
ward, prior to the founding of the firm about fourteen
years ago, was associated with Alexander Brown & Sons.
A t a meeting of the directors of the United States Mortgage
& Trust Co. of this city yesterday, Joseph Adam s, Treasurer,
The annual statement of the Fidelity Trust Co. of B alti
was elected Vice-President to succeed Carl G . Rasmus, re
more shows an expansion of business during the last oalendar
signed. C . H . Murphey, heretofore an Assistant Treasurer,
year. Its deposits reached $11,582,030 on Deo. 31 1915 and
replaces M r . Adams as Treasurer, and Henry H . Thom as,
aggregate resources were $13,834,201. Tho company’s sur
manager of the company’s 125th St. branch, was elected an
plus and undivided profits are $1,252,172, in addition to
Assistant Treasurer.
$1,000,000 capital. Edwin Warfield, ex-Govornor|of M ary
land, is President; Van Lear Black, Vice-President; W . Bla
The Commonwealth Trust C o . of Buffalo, N . Y . , control
den Lowndes, Vice-President and Treasurer; Samuel M .
of which was acquired by the Bank of Buffalo in April 1915,
H ann, Vice-President; J. H . Beatson, Secretary and Assistant
is to change its name on April 1 to the City Trust C o . W e
Treasurer; Henry D . Harlan, General Counsel; George L .
noted in our issue of the 12th that the change had been ap
Mahler, Asst.
Sec. and A sst.
Treas.; F .
Howard
proved by Superintendent Eugene Lamb Richards.
Warfield, Trust Officer, and C . T . Williams, Manager of
Investments.
Charles E . Smith, Secretary and Treasurer of the Chester
Savings Bank & Trust Co. of Chester, C onn., has been elected
In accordance with a recommendation of tho directors of
Cashier of the Southington National Bank of Southington,
tho W ayne County & Home Savings Bank of Detroit, the
Conn., to succeed the late Louis K . Curtis, who committed
stockholders of that institution at a special meeting on March
suicide just prior to the disclosure of irregularities in his
8th will vote on the question of increasing the capital from
accounts in January.
$2,500,000 to $3,000,000. It is planned to offer the new
Henry A . Carpenter was elected a director of the Union stock to the stockholders at $250 per share; $100 of this will
go to capital, $100 to surplus and $50 to undivided profits,
Trust C o. of Providence on the 21st inst.
raising the capital to $3,000,000 and surplus and undivided
Following his election as Vice President of the Philadelphia profits to over $1,000,000.
National Bank of Philadelphia, last week, Charles P . Blinn
Jr., has resigned as Vice-President and director of the Nation
al Union Bank of Boston. W illiam S. B . Stevens, hereto
fore Cashier, has been elected to succeed him asVice-President
of the National Union Bank, and E . Sohier takes his place
on the board. Arthur E . Fitch, formerly Assistant Cashier,
has been made Cashier of the National Union and John W .
M arno, Assistant Cashier.
Ernest M . Foster, heretofore in charge of the department
of new accounts, with the Mellon National Bank of Pitts
burgh, has been appointed an Assistant Cashier.
The plan for the merger of the Peoples State National
Bank and the Anderson Banking C o ., both of Anderson,
In d ., having been formally ratified by tho stockholders of
both institutions, the Peoplos State National Bank was
absorbed on Feb. 21. Tho Anderson Banking C o. was
recently reorganized with $250,000 capital and $50,000
surplus. The $100,000 stock of the Peoples State National
Bank was recently acquired by Jesse L . Vermillion, President
of the Anderson Banking C o ., who was then elected Presi
dent of the Peoples State National Bank, as reported in our
issue of the 5th.
Feb. 26 1916.]
THE CHRONICLE
775
of the bank for the year ending D ec. 31 1915, submitted at
O.
C . Rodiok, who was elected President of tho C ity Trust
Co. of Omaha in April 1915, has increased his stock holdings tho meeting, showed net profits of $220,266, or 2 2 .0 2 % on
in that institution and, it is reported, now holds a conti*olling tho $1,000,000 capital, as against $235,632, or 2 3 .5 6 % , the
preceding year. Tho usual dividends at tho annual rate of
interest.
1 6 % , amounting to $160,000, were distributed and the sum
A recent issue of tho “ Official Daily Court Record” of of $3,500 was donated to various patriotic and relief funds.
Louisiana contained facts bearing on tho history of the In addition to its paid-in capital of $1,000,000, the bank
Citizens Bank & Trust C o. of New Orleans— one of the has’a reserve fund of $1,350,000 and a profit and loss account
oldest institutions in the South. Tho career of tho institu of $121,552. Its deposits on Dec. 31 last totaled $2 9 ,0 7 8 ,
tion was outlined in these columns on N o v . 15 1913, and not 393, while its assets on that date aggregated $32,039,825.
tho least interesting of the features which are linked with
its history and which we noted at tho time, concerns the
Tho annual report of the Provincial Bank of Canada (La
origin of the name “ Dixie Land,” tho term now applied Ban quo P rovincial) (head office Montreal) for the year
to all tho Southern States. P riori to tho Civil W ar the ending December 31 1915 shows tho largest earnings in the
institution, then the Citizens Bank, having tho power to issue bank’s history. The profits (after deducting management
paper money notes, put out several millions of bills in do- expenses, interest, & c .,) amounted to $196,356. From this
nominations of $10 and $20. Tho $10 bills were engraved $70,000, or 7 % , was paid in dividends, $10,000 was appro
with tho French word “ D ix” prominently featured on the priated for war tax on circulation, $14,553 for taxes, $9,664
back and became known as “ Dixies;” tho popularity of tho was written off bank promises, & c., and $90,000 was set
currency resulting in Louisiana being referred to as tho “ Land aside for contingencies. Gross deposits now stand at $10,
of tho Dixies,” or “ Dixio Land,” and the term eventually 609,290, while tho assets total $14,369,492. Branch offices
being appliod to all the Southern States. Tho institution, were opened during the year at Quebec and at St. John, N . B .
which was founded in 1833, has nevor suspended payment.
Its latest statement shows capital of $400,000; surplus and
The pamphlet report of the proceedings of the annual
undivided profits of roughly $180,000 and deposits of $2 ,
general meeting of the London City & Midland Bank, L td .,
590,000. Charles J. Theard is President and H . C . Grenier
of London, on Jan. 28 has just come to hand. Reference
is Cashier.
to tho remarks of Sir Edward II. Holden, Chairman and
E . O. Tenison, former Rosorvo Agont and Chairman of the
Board of the Federal Reserve Bank of Dallas, T ex ., on tho
15th formally opened tho private banking Iiouso of E . O.
Tenison & Sons. The now institution, which is unincor
porated, is under the direct management of M r . Tonison;
his two sons, James C . and Edward II. Tenison, aro asso
ciated with him in tho enterprise. The now organization
will specialize in approved collateral loans, mortgages on
seleotod property, tho purchase and sale of municipal,
county, Stato and Government bonds, and othor high-grade
securities. A general commercial and investment banking
business will be transacted and doposits subject to check will
bo accoptod. M r . Tonison has had many years of banking
experience, having served in almost every position with tho
City National Bank of Dallas, with which ho became asso
ciated in 1879, whon it was known as tho City Bank. lie
was President of that institution for sixteen years, but re
signed in 1913 becauso of impaired health although ho still
maintained his connection with the bank through tho me
dium of an active Vice-Presidency, the position ho* hold
when appointed Reserve Agont in 1914.
W . A . Purington, a director, has been elooted Prosidont
of tho First National Bank of Rivorsido, C a l., to succood the
late E . S . M oulton.
Managing Director, was made in our article on the financial
situation during the week of tho meeting. For the year
ending Deo. 31 1915 the bank reports profits of £1 ,130 ,97 6,
against £1 ,106 ,80 8 last year. W ith regard thereto Sir
Edward said : “ In dealing with our profits, wo have this year,
as hitherto, transferred to inside funds substantial amounts
for the purpose of strengthening tho whole framework of
tho institution. To these profits we add our balance brought
forward, amounting to £421,285, making £ 1 ,552 ,26 1. Out
of this wo pay in dividends £745,803, being at the rate of
1 8 % per annum, we transfer to investment account £6 42,860,
writing down all securities to the prices ruling on the 31st
of Dec. 1915, except war loans which aro taken at cost; we
transfer to bank premises Redemption Fund £30,000 and to
Officers’ Pension Fund £20,00 0, carrying foward to next
account £113,597. The deposits of tho bank in D ec. 1915
wero £147,750,000, comparing with £142,388,000 in June
1915 and £125,732,000 in Deo. 1914. Tho cash on D ec. 31
1915 was £30,881,000; tho investments amount about to
£ 3 9 ,0 0 0 ,0 0 0 .” Pointing out that the bank is passing through
a period when securities are depreciating, Sir Edward added:
It is therefore our duty to provide for such depreciations and we have
accordingly written off this year, partly from profits and partly from our
carry forward, the sum of £640,000. We have taken our war loans at cost,
but unless they appreciate in value, we shall write them down next year.
We subscribed for £21,000,000 of the last war loan. Under ordinary cir
cumstances we should not have taken such a large amount.
Tho report also says :
Tho First National Bank and tho Citizens’ National Bank
both of Redlands, C al., havo beon consolidated undor the
name of tho First National Bank. Edward M . Cope, for
merly a Vico-Prosident of tho First National Bank, is Presi
dent of the consolidated institution. D r. M . J. Sweeney
has boon chosen Vice-Prosident and General Manager and
F . P . Morrison, heretofore President of tho First National
Bank, is a Vico-Prosidont of tho onlargod bank.
Duncan Coulson, President of tho Bank of Toronto, of
Toronto, Canada, and a well-known Canadian financier,
died on tho the 19th. H e was seventy-sovon years of age.
M r . Coulson had spent many yoars in tho sorvice of tho
Bank of Toronto, having enterod the institution as a clerk
in 1857 (about two years after the bank’s inception). Ho
advancod rapidly, being placed in charge of tho Cobourg
branch of tho bank aftor five years and a year later was
made Manager of tho Montreal branch. Ho sorvod that
branch about ten yoars and was thon choson as General
Manager, a position ho held for thirty-four yoars. He was
olocted President in 1911.
A t tho annual meeting of tho Montreal City & District
Savings Bank of Montroal, Canada, on tho 14th, J. Aldrio
Ouimot rotirod from the Presidency becauso of ill health
and Senator Raoul Dandurand was elected to succeed him.
Tho Vico-Presidont, Sonator Robert M ackay, had boon pro
posed for tho Prosidonoy, but declined the nomination.
Clarence F . Smith was eleotod a director to fill tho vacanoy
caused by the doath of Robert Archor. The annual roport
Eight of the largest Joint Stock Banks in London arranged with a com
mittee of American bankers that the latter would place in New York to
the credit of the former a sum in dollars equivalent to about £10 millions
sterling, which sum was to be used to steady the American Exchange and
thus protect our nation’s gold. In pursuance of this arrangement we have
deposited £1,100,000 of war loan with the Bank of England under a
Treasury minute, whereby the Government guarantees this bank from any
loss whatsoever.
T H E E N G L IS H GOLD A N D S IL V E R M A R K E T S .
W o reprint the following from the weekly circular of
Samuol Montagu & C o. of London, written under date of
Feb. 3 1916:
GOLD.
Tho external movements have been adverse to the Bank of England.
The following amounts were received by the Bank:
Feb. 2— £720,000 in bar gold.
Jan. 27— £5,000 in bar gold.
“
“ — 300,000 in sovereigns re
28— 12,000 in bar gold.
leased on miscellaneous account.
29— 7,000 in bar gold.
Feb. 1— 65,000 in bar gold.
Withdrawals were made as under:
Jan. 27— £5.000 in bar gold.
** " — 100,000 in sovereigns for Spain.
"
“ — 15,000 in sovereigns for Canada.
“
" — 400,000 in sovereigns set aside on miscellaneous account.
" 28— 31,000 in bar gold.
“
“ — 200,000 in sovereigns for the Continent.
"
“ — 100,000 in sovereigns for Spain.
“
“ — 93,000 in sovereigns for the U. S. A.
“
“ — 50,000 in sovereigns for South America.
“
“ — 100,000 in sovereigns set aside on Egyptian account.
“ 29— 200,000 In sovereigns set aside on miscellaneous account.
“ 31— 9,000 in sovereigns for the Continent.
Fob. 2— 8,000 In sovereigns for the U. S. A.
“ — 100,000 in sovereigns set asido on Egyptian account.
During tho week the net reduction amounted to £302,000. Notwith
standing this, tho gold reserves of the Bank of England have increased by
over half a million pounds sterling during the same period. The West
African output for December 1915 was £158,323, compared with £147,699
for December 1914 and £122,138 for November 1915.
^3 . _ , . u . j
_3SILVER
S^The undertone has been good and tho movomont of tho prico has kept
within a narrow compass. American operators maintain a ‘ 'bullish” ten
dency, while the Indian Bazaars are chary of buying, owing to the dearness
776
THE CHRONICLE
of money in Bombay and Calcutta. The reducod stock in Bombay points
to tho necessity o f some fresh purchases, either from London or China. In
either case tho operation would have a sustaining influence upon London
prices. The Continent continues to be a more or less active buyer. Tho
fitful way in which orders come to hand is tho cause of the oscillations in
the price, which are limited in extent, and tho price has been recently swing
ing to and fro liko a pendulum. The stock in Bombay consists of <1,500
bars, as compared with 6,700 last week. Tho reduction is owing to pur
chases for coinage by a native Stato. The stock in Shanghai on Jan. 7
1916 consisted of 584 bars and about 50,500,000 oz. in syceo, as compared
with 1,031 bars and 51,500,000 oz. syceo on Dec. 21 1915; this is a further
considerable decrease. No shipment was raado from San Francisco to
Hong Kong during tho week.
Statistics for tho month o f January are
appended: Highest prico for cash, 27 5-16; lowest price for cash, 26 11-16;
average prico for cash, 26.96.
Quotations for bar silver per ounce standard:
Jan. 28—
No
27cash
'A
5%
Bank rate_________________
29— 27
‘
quotation Bar gold per oz. std________ 77s. 9d.
31— 27 >6
'
fixed
Fronch gold coin per oz std.Nominal
Feb. 1— 27
"
for
U.S.A. gold coin, per oz std.Nominal
o__OT
*
forward
“
3— 26 15-16 ‘
delivery.
Av. for week-27.031 cash
The quotation to-day for cash is tho same as that fixed a week ago.
E N G L IS H F I N A N C I A L M A R K E T S — PER C A B L E .
The daily closing quotations for securities, & c., at London,
as reported by cablo, havo been as follows tho past week:
London,
WeekendingFeb. 25.
Sat. Mon. Tues. Wed. Thurs. Fri.
Feb. 19. Feb. 21. Feb. 22. Feb. 23. Feb. 24. Feb. 25.
Silver, per o z ...................... d.26J$
Consols, 2 H per cents............58}$
British, 4)$ per cents______ 973$
French war loan, 5 % ................ .
French rentes (In Paris)-.tr.61.00
26 15-10
58}$
973$
.......
61.00
27
___
___
.......
01.15
27 1-16 27 1-16 27 1-16
581$
583$
583$
971$
973$
973$
843$
___
___
61.25
61.40
___
The price of silver in Now York on tho same days has been:
Silver in N. Y ., per oz-.cts.563$
563$
Holiday 57
57
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Balance held by the
Settlement
warrants,
Treasurer of the United
coupons and checks
States as per dally
outstanding:
Treasury statement for
Treasury warrants___ $3,159,950
Jan. 31 1916_________5111,176,813 65
Matured coupons___
529,901
Add— Net excess of re
Interest checks............
323,991
ceipts over payments .
Disbursing o ffic e r s ’
in January reports sub
checks.................... . 10,335,369
sequently received___
2,889,731 03 Balance.......................... - 99,717,331
93
79
74
01
21
$114,060,544 68
Revised balance________$114,066,544 68
PUBLIC DEBT BEARING NO INTEREST.
(Payable on presentation.)
Obligations required to be reissued when redeemed:
United States notes_________________________________________ $346,681,016 00
Less gold reserve_________________________________________ . 152,979,023 21
Excess of notes over reserve_______________ _______________$193,701,992 79
Obligations that will be retired on presentation;
Old demand notes___ ^................... ............... ...................................
$53,152 50
National bank notes assumed by the United States on deposit of
lawful money for their retirement................................................ 32,559,173 00
Fractional currency.......................... .............. ......................... .........
6,849,059 90
T o ta l................................................................................................ $233,163,378
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
(Payable on presentation.)
Funded loan of 1891, continued at 2% , called for redemption May 18
1900: interest ceased Aug. 18 1900.............. ....................................
S4.000
Funded loan of 1891, matured Sept. 2 1891..........................................
22,950
Loan of 1904, matured Feb. 2 1904........ .............................................
13,050
Funded loan of 1907, matured July 2 1907........ ................... .............
535,500
Refunding certificates, matured July 1 1907-............ - ............. .......
12,230
Old debt matured at various dates prior to Jan. 1 1861 and other
items of debt matured at various dates subsequent to Jan. 1 1861.
901,470
Interest
OutstandingJanuary
Payable. Amt. Issued. Registered. Coupon.
S
8
$
Liabilities
Total
502,438,092 00
502,438,092 00
Total
GENERAL FUND.
Assets—
Liabilities—
Avail, gold (see above).
Available silver dollars
(See above)............
United States notes___
Federal Reserve notes..
National bank notes__
Cert, checks on banks..
Subsidiary sliver coin ..
Fractional currency___
Minor coin___________
Silver bullion (available
for subsidiary coinage)
Unclassified (unsorted
currency, A c.)........ .
Deposits In Federal
Reserve banks______
Deposits In national
banks:
To credit of Treasury,
United States____
To credit of other
Govcrnm’t offlcers.
Deposlts in Philippine
treasury:
T o credit of Treas
urer, United States
To credit of other
Governm’ t officers.
$
32.512,121 04 Treasurer's checks out
standing......................
19,559,884 00 Deposits of Government
7,865,973 00
officers:
13,040,330 00
Post Office Dept___
30,479,827 37
Board of trustees,
17,806 51
Postal Savings Sys
21,415,958 51
tem (5% reserve). .
22 00
Comptroller of tho
1,130,786 69
Currency, agent for
creditors of insol
5,663,964 60
vent banks_______
Postmasters, clerks of
courts, A c............ ..
1,217,975 95
Deposits for:
Redemption of Fed
27,159,666 32
eral Rcscrvo notes
(5% fund)..............
Redemption of Fed
eral Reserve bank
31,589,857 81
notes (5% fund)__
Redemption of na
5,287,457 68
tional bank notes
(5% fund)________
Retirement of addi
4,035,353 23
tional
circulating
notes, Act May 30
2,709,183 88
1908........................
Exchanges of cur
rency, coin, A c___
2,079,145 11
11,832,858 91
3,224,156 20
1,774,094 47
18,922,174 46
3,836,212 36
50,000 00
22,098,664 77
14,943,155 00
13,148,893 66
92,509,354 04
bNet balance, including
The following statements of tho public debt and Treasury
cash holdings of tho United States aro as officially issued as
of Jan. 31 1916. For explanations o f the changes in the state
ments, see issue of N ov. 27 1915, page 1781.
Titleof Loan
SILVER DOLLARS.
$
I
—
$
502,438,092 00 Silver ctfs. outstanding. 480,719,356 00
Treasury notes of 1890
2,158,852 00
outstanding_________
Available silver dollars
in general fund______
19,559,884 00
Assets
—
Sliver dollars.
57
F I N A N C I A L S T A T E M E N T OF U . S. J A N . 31 1916.
{Formerly Issued as “ Statement of the Public D ebt.” )
T o ta l.................................................................................................
INTEREST-BEARING DEBT.
(Payable on or after specified future dates.)
31
—
[Vol. 102
19
00
00
00
00
00
26
$1,489,200 26
Total.
S
2s, Consols of 1930............ Q.-J. 646,250,150 643,386,650 2,863,500 646,250,150
3s, Loan of 1908-18........... Q.-F. al98,792,660 47,156,520 16,788,940 63,945,460
4s, Loan of 1925 ...............Q.-F. 5162,315,400 101,294,200 17,195,700 118,489,900
Panama Canal Loan:
2s, Series 1906 ...............Q.-F.
54,631,980 54,616,520
15,400 54,631,980
2s, Series 1908 ________ Q.-F.
30,000,000 29,737,520
262,480 30,000,000
3s, Series 1911-...........-Q.-M .
50,000,000 40,864,800 9,135,200 50,000,000
2)$s, Post.Sav.bds.’ 11-15-J.-J.
7,307,100
6,525,740
781,360
7,307,100
2}$s, Post. Sav. bds. 1916.J.-J.
938,000
855,800
82,200
938,000
Aggregate o f int.-bearing debt 1,150,235,290 924,437,750 47,124,840 971,562,590
$55,484,153 84 to cred
it of dlsburs'g officers 111,176,813 65
Total
203,686,168 59
Total
203,686,168 59
All reports from Treasury offices received before 11a.m . are proved on the same
day. All reports from depositary banks are proved on the day of receipt or the day
following.
Tiie balance stated is the amount available to pay Treasury warrants, disbursing
officers’ checks and matured public debt obligations. Included In such obligations
Is S32,525,373 of outstanding national bank notes that have been assumed by the
United States on deposit of lawful money for their retirement (see Act of July 14
1890), which by law Is part of the public debt of the United States and Is included
in the public debt statement. Prior to July 1 1913 the amount of this fund was
included as a part of the public debt and not as a liability In the general fund. On
July 1 1913 the form of the dally statement was changed and the retirement fund was
removed from the general fund balance and set up as a general fund liability. The
Act of July 14 1890 provides, however, that this fund shall be Included as a part of
tho public debt. The above statement restores it to the balanco and makes It a
part of tho public debt as required by law.
b
N e w Y o r k C ity B a n k s a n d T r u s t C o m p a n ie s
Banks.
Bid Ask Trust Co's.
Bid A ft
Banks.
305
NewYork BM A t k
Manhattan • 295
NewYork
Astor..........
America*__ 540
Amer Exch. 206
Atlantic___ 175
Battery Park 145
Bowery * . . . 390
Bronx Boro* 140
Bronx N a t.. 160
BryantPark* 135
Butch A Dr.
95
Chase.......... 625
202
Cheslsea Ex* 123
Chemical__ 397
CitlzensCent 177
C ity............ 412
Coal A Iron. 172
Colonial*.. . 450
Columbia*.. 325
Commerce.. 1171
Corn Exch*. t320
Cosmopol'n* 100
East River..
70
Fidelity * ..
160
Fifth Ave*.. 4100
F ifth ......... 250
First............ 900
G arfield.... 185
Germ-Amer* 135
German Ex* 350
Germania *. 375
Gotham___ 200
Greenwich*. 265
Hanover . . . t606
Uarrlman . . 340
Imp A Trad. 495
Irving____
181
I.lberty
715
Lincoln . . .
310
550
210
180
165
175
145
105
635
200
128
402
182
452
___
___
335
___
80
165
4810
275
Mark A Fult
Mech A Met
Merchants’ .
Metropolis*.
Metropol'n •
M utual___
New Nctli*.
New York Co
New York..
Pacific *___
175
450
550
Coney Isl’d*
First............
Flatbush . . .
Greenpolnt.
Hillside
Homestead •
Mechanics*.
Montauk*..
Nassau____
Natlon’lClty
North Side*.
People’s -----
140
265
142
130
115
90
145
no
205
280
185
140
Brooklyn
195
145
390
450
280
505
190
330
255
134
115
100
___
130
85
195
270
170
130
•Banks marked with a (•) are State banks
change this week
255
275
182
305
180
___
225
825
385
__ _
425
235
210
175
410
410
135
125
135
140
245
270
175
295
174
325
215
725
378
275
420
People’s * . . . 220
Prod Exch*. 200
Public •___ 125
Seaboard. . . 415
Second........ 395
Sherman . . . 125
State *........ 100
23d Ward*. 100
Union Exch. 135
Unit States* 500
Wash H’ts*. 275
We8tcb Av* 160
West Side*. 400
Yorkvllle*.. 475
» Ex-rights
Bankers Tr.
B’way Trust
CentralTrust
Columbia...
Commercial.
Empire____
Equitable Tr
Farm L A Tr
Fidelity___
Guaranty Tr
Hudson___
Law Tit A Tr
LlncolnTrust
Metropolitan
Mut’l (WestChester). .
N Y Life rns
A T rust..
N Y T rust..
TltleGuATr
Transatlan ’c
Union Trust
U SM tgA T r
UnltedStates
Westchester
415
1440
146
1140
540
110
290
440
1275
205
280
417
145
122
120
420
430
t442
150
1155
550
300
450
210
300
423
127
125
430
130
135
990
600
390
370
395
1020
130
1010
010
400
155
380
405
1050
140
510
254
265
630
520
260
275
050
140
280
...
145
287
85
Brooklyn
BrooklynTr.
Frauklln . . .
H amilton...
Kings C o ...
Manufaot’ rs
Citizens.
People’s ___
Queens C o ..
fSale at auotlon or at Stock Ex
aOf
this original amount Issued $132,449,900 havo been refunded into tho 2%
consols of 1930, and $2,396,800 havo been purchased for tho sinking fund and can
celled, and $500 havo otherwise been purchased and cancelled.
5 Of this original amount issued $43,825,500 have been purchased for the sinking
fund and cancelled.
GROSS DEBT.
NET DEBT.
Debt bearing no Interest $233,163,378 19 Gross debt (oppostte)-$l,200,215,16S 45
Debt on which interest
Deduct— Balance avail
has ceased.......... .......
1,489,200 26
able to pay maturing
Interest-bearing d eb t.. 971,562,590 00
obligat’ us (sec above)
99,717,331 21
Aggregate................ $1,206,215,168 45 i
Net debt................ .$1,106,497,837 24
T R E A S U R Y CASH A N D C U R R E N T L IA B IL IT IE S
The cash holdings of tho Government as tho itoms stood
Jan. 31 aro set out in tho following. Tho figures aro taken
entirely from tho daily statement of tho U . S. Treasury for
Jan. 31.
CURRENT ASSETS AND LIABILITIES.
GOLD.
z*l
__
S
'
__
S
Gold coin......................... 1,041,309,598 48 Gold ctfs. outstanding..1,517,533,186 00
Gold bullion................... 661,714,731 77
Gold reserve
152,979,02321
Available gold in gen. fd. 32,512,121 04
ssels
Liabilities
T o ta l........................... 1,703,024,330 25 ! T o ta l................................ 1,703,024,33025
.— Reserved against $346,681,016 of U. S. notes and $2,158,852 of Treasury
notes of 1890 outstanding. Treasury notes are also secured by silver dollars in
tho Treasury.
Note
f& m u m c rc ta l a u c lIH is c e lla u c o u s
F O R E IG N T R A D E OF N E W Y O R K — M O N T H L Y
S T A T E M E N T .— In addition to tho othor tablos givon in
this department, mado up from wooltly roturns, wo give the
following figuros for tho full months, also issuod by our
Now York Custom House.
Month.
Merchandise Movement toNewYork.
Imports.
Exports.
1915-16.
July.........
A ugust...
September
October . .
November
December
January..
$
75,812,949
76,200,845
85,617,505
77,121,468
97,660,815
94,197,777
99,988,117
1914-15.
1915-16.
1914-15.
$
$
S
84,561,785 156,746,121 59,218,363
63,804,412 144,117,486 33.659,424
70,118,541 163,608,127 61,895,606
77,153,765 173,607,700 88,109,144
73,767,970 192,992,355 86,702,017
66,021,283 191,26,8,097 98,394.625
70,992,107 175,656,877 104,025,265
Customs Receipts
at NewYork.
1915-10.
3
11,112.048
10,873,044
11,030,703
12,035,880
13,708,875
11,924,418
11,068,270
1915-10.
3
15,914,374
12,803,086
12,143,093
11,622,465
12,420,479
10,977,254
12,028,863
Total . . 606,671,476512,419,863 1198056763 532,055,044' 82,353,238 87,915,014
Imports and exports of gold and silver for tho 7 months:
Feb . 26 1916.
THE CHRONICLE
G
old M
ovement at New York.
M
onth.
Imports.
1915-16.
$
July..........
5,301,292
A u g u s t ...
2,281,541
September 8,992,572
October . . 28,000,374
Novem ber 49,836,918
D ecem ber 30,371,277
J a n u a ry .. 13,025,093
Total . . 143,809,067i
|
Silver—New York.
Exports.
1914-15.
1915-10.
S
732,964
973,114
905,196
712,573
1,946,760
1,072,523
2,082,618
S
S
2,064,670 32,732,361
1,032,670
949,341
1,817,500
766,499
2,824,000
244,637
1,127,370
190,398
3,054,228
4,100
6,220,132
639,000
1914-15.
Imports.
Exports.
1915-10.
1915-10.
S
1,768,120
2,718,817
1.581.174
2,340,388
2,169,706
1,730,680
749,381
$
2,694,349
2,824,995
3,104,667
4,560,514
4,433,662
5,535,810
4,130,010
8,425,748 18,140,570 33,526,336 13,058,266 27,284,013
rhrough the courtesy of the Secretary of the Troasury, wo
are enabled to place before our readers to-day the details of
Government receipts and disbursements for January 1916
and 1915 and for the seven months of the fiscal years 1915-16
and 1914-15.
R e c c lp ts Ordlnary—
C u s to m s_____
Jan. 1910.
Jan. 1915.
7 Mos. ’ 15-’ 10. 7 Mos. ’ 14-’ 15.
S
$
S
s
.15,543,838 23 16,558,193 00 112,614,797 66 124,291,1^6 53
.31,673,472 18 27,096,155 42 221,824,697 92 191 |643j324 79
1,556,937 05
667,773 90 16,593,150 14
9,905^215 50
5,419,883 99 5,953,527 98 26,873,722 08 40,478,493 45
54,194,131 45 50,275,650 30 377,906,367 80 366,318,160 27
Panam
a Canal—
Tolls, A c ........................
29,186 65
436,970 IS
2,066,040 41
1,481,024 94
Public Debt—
Sale of Pan. Can. bonds
Sale o f Post.Sav. bonds
038,000 00
D eposits for retirement
of nat. bank notes
( A c t o f July 14 1890) 7,266,845 00
933,5.40 00
1,803,500"66
"""933*,540*66
3,838,192 50
18,461,555 00
10,804,105 00
T o t a l ........................... 8,204,845 00
4,771,732 50
20,265,055 00.
11,737,705 00
777
B A N K N O T E S — C H A N G E S IN T O T A L S O F, A N D IN
D E P O S IT E D B O N D S , & c.— W e give below tables which
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit.
1915-16.
Bonds and Legal Tenders
on Depositfor—
Bonds.
Jan.
D ec.
N ov.
O ct.
Sept.
Aug.
July
June
M ay
April
M ar.
Feb.
Jan.
31
31
30
30
30
31
31
30
31
30
31
27
30
191 6..
1915..
1915.
1915..
1915..
1915..
1915..
191 5..
1915..
1915..
191 5..
1915..
1915..
Circulation Afloat Under—
Legal
Tenders.
Legal
Tenders.
Bonds.
The following shows the amount of each class of bonds
held against national bank circulation and to secure public
moneys in national bank depositaries on Jan. 31.
IJ. S. Bonds Ifeld Jan.
T o t a l .......................... 5 9 ,190,383 89 57,857,054 00 430,009,663 13 430,660,681 64
Panam
a Canal—
Checks paid (less bal
ances repaid, A c . ) . . 1,234,581 45
Public Debt—
Bonds, interest-bearing
notes&certlfs.rctlred.
1,050 00
N at. bank notes retired
(A c t o f July 14 1890) 1,501,307 50
Totil1 ..........................
1,502,357 50
3,505,549 00
10,846,999 72
2,580 00
19,240 00
37,145 00
5,426,527 50
8,986,825 50
2,072,977 50
5,445,767 50
9,023,970 50
Grand total dlsburs’ t s .01,933,322 84 03,435.580 50 447,202,430 35 455,849,263 40
Excess total receipts
over total disburses.
494,840 20
Excess total disburses
over total receipts..........................
7,951,221 52
46,964,967 14
76,311,773 19
• ST 9 ? K P F M O N E Y IN T H E C O U N T R Y .— Tho follow
ing table shows tho general stock of money in tho countrv,
as well as tho holdings by tho Treasury and tho amount in
circulation on tho dates given:
-Stock o f M oney F eb. 1 ’ 16--------M oney in Circulation
$ S ' I!e ld in T rea s-a F e b - 1
Gold coin and bullion.2,328.421,835 185,491,144
620,503,717
Gold certificates.b ............................
’
Standard silver dollars___ 568,271 655 19,559,884 1,315,723,180
65,833,563
Silver certificates.b ............ ........ '
480,719,356
Subsidiary silver__ 189,"09*9*‘"’ OS
21,415,065
167,683,249
Treasury notes of 1890.6................ ’
2,158,852
•United States notes. 346,68V,016
7,805,973
338,815,043
Federal Reserve notes. 218,370,000
13,040,330
205,329,670
Federal Reservo bank notes
1,000,000
1,000,000
National bank notes. 766,392,068
30,479,827
735,912,241
Fet>-
TREASURY CURRENCY HOLDINGS.—Tho following
compilation, also made up from tho daily Government state
ments, shows the currency holdings of the Treasury at tho
boginning of business on tho first of November Docoinber
1915 January and February 1916:
„ u
m s' u"
:::::’ i a S
Net.Unlted States Treas. notes.. 5,911,978
Net national bank notes*............ 33,019,944
Netlsubsldlary silver.................... 22,482,129
Minor coin, Ac.............................. 2,532,099
i 1M' - M
J m e -r a .im e
!S :S :S
“ «
«
5,876,890 o 'l 64 5 84
7 865 0 7 3
34,108,197 35 049 2 5 8 4 3 5 2 0 1 5 7
20.752,006 19,149 756 21 415 959
2,218,6932 ,0 2 7 i2 4 1
2!366|691
Total cash In Sub-Treasurlcs.299,792,719 3001,444,618 297,724,868x285
Less gold reserve fund.................. 152,983,112 1521,979,015 152,979,021 152 ,883,673
,979,023
______ __
Cash balance In Sub-Treasuries. 146,809,607 147 ,465,603 144,745,847 132,904,650
Cash In national banks—
To credit Treasurer of U. S_. 58,600,829 58 ,006,938 5 2 ,6 1 5 'll2 c58 ,749,52
l_o credit disbursing officers.. 5,660,415
4 ,988,109
6,063,512
5 ,287,45
^ T,o t.n I- - - - - - - ............................... 04,261,244 62 ,995,047
Cash In Philippine Islands...........
0,338,199 6 ,030,982
58,678,624
0,344,300
,030,982
,744,537
Net cash In banks, Sub-Trcas.217,409,050 217,097,032 209,768 777 203 686 16 0
Deduct current liabilities.............. 05,159,954 100,359;i30 99,086,804 92,50 9,355
Available cash balance..............122,249,090 116,738,490 110,681,973 111,170,814
a Chiefly disbursing officers' balances,
x Includes In December 85 663 961 on
n iT in n o W '11 “ " t
mlnor c°ln . A° ' not included In statement ’?Stock
of M oney.
c Ineludlng *27,169,606 In Federal Reserve banks.
Including *13,040,330 Federal Reserve notes on Jan. 1.
to Secure—
Total
Held.
1
2% ,
3% ,
4% ,
2% ,
2% ,
U.
U.
U.
U.
U.
S.
8.
8.
8.
8.
$
1,120,000
Consols of 1930____
Loan o f 1908-1918.
Loan of 1925______
Panama of 1 9 3 6 ...
Panama of 1 9 3 8 ...
$
594,773,200
20,100,820
27,761,900
52,882,940
28,675,480
$
595,893,200
20,100,820
27,761,900
52,882,940
28,825,480
1,270,000 1 724,194,340
725,464,340
: : ................
150,000
lh o following shows the amount of national bank notes
afloat and tho amount of legal-tender deposits Jan. 1 and
le b . 1 and their increase or decrease during the month of
January •
National Bank Notes—Total Afloat—
Am ount afloat Jan. 1 1916__________________________________________ $771 337 208
4,945,140
N et amount retired during January__________________________________
Am ount of bank notes afloat Feb. 1 1916....................
$766 392 068
Legal-Tender Notes—
Am ount on deposit to redeem national bank notes Jan. 1 1916......... .. $51,765,450
N et amount o f bank notes retired In January________________________
4,296,872
Am ount on deposit to redeem national bank notes Feb. 1 1916 . .
$47,468 578
N IC A R A G U A C U S T O M S R E C E IP T S .— W o append a
statement showing the Nicaraguan customs receipts for the
first eloven months of 1915, compared with 1914:
January .
February
M arch___
.
.
.
M ay
Juno
.
.
.
.
879,497,881
Note
31
O
n deposit to O
n deposit to
secure Federal j
secure
Reserve Bank National Bank
Notes.
I
Notes.
1 1915.
623,050,364
958,448,039
67,621,922
452.613,274
160,334,776
2,321,968
319,711,226
20,530,725
Fotal----- . . . . . — ------4,418,235,782 277,853 117 3 0 3 3 678 8 7 7 3 4 8 t 1 3 0
p e f cSp!to!°538fflC
70nt,“ ental UnUCd StalCS cstlm“ tc<1 « 101.719,000. ’ Circulation
a This statement of money held In the Treasury as assets of tho Government
does not Include deposits of public money In Federal Reservo banks and In national
bank depositaries to tho credit of the Treasurer o th T United Stk es amounting
to 158.749,624 13. 6 For redemption of outstanding c e r t l f l ™ ^
of 1890 an exact equivalent In amount of tho appropriate kinds of monev is held
G ov ern m en t^ ’
‘8 not IUClU,lt'<1 the aeco,““ of ^ n e ^ h e V ' ^ a S o A h o
.— On Feb. 1 1916 Federal Reservo banks and Federal Reserve airents hold
aga nst Federal Reserve notes 84,893.788 gold coin ami b u X n an^S201 810 000
gold certificates— a total of 5206,703,788, against *202 35W 13 oS Jan 1 ’
’ °
h m u
Bonds on Deposit
Jan. 31 1916.
16,164,611 26
2,070,397 50
$
766,392,068
771,337,208
776.365,651
779,917.683
7S6,736,461
793.786,800
804,601,377
819,273.593
840.287,940
867,793,061
899,547,986
938.030.443
982.206.133
e Of which $67,307,165 miscellaneous securities. A ct o f M ay 30 1908.
/ Of which S31,133,734 miscellaneous securities, A ct o f M ay 30 1908.
0" Of which S lo ,154,695 miscellaneous securities, A ct of M ay 30 1908.
h Of which
$6,582,5S1 miscellaneous securities, A ct of M ay 30 1908.
k Of which
$2,508,940 miscellaneous securities. A ct of M ay 30 1908.
1 Of which
$719,561 miscellaneous securities. A ct o f M ay 30 1908.
mOf which
$185,245 miscellaneous securities, A ct o f M ay 30 1908.
n Of which
$181,778 miscellaneous securities. A ct of M ay 30 1908.
o Of which
$172,203 miscellaneous securities. Act of M ay 30 190S.
x Of which
*171,203 miscellaneous securities, A c t o f M ay 30 1908.
a Of which
$55,492 miscellaneous securities, A ct o f M ay 30 1908.
Grand total rccclpts.6 2,428,163 10 55,484,358 98 400,237,463 21 379,537,490 21
D isbursem ents—
Ordinary—
Checks & warrants paid
(leas bals. repaid,Ac.)55,855,001 65 54,520,980 77 416,110,643 59 415 894 540 50
Int. on public debt paid 3,341,382 24 3,330,073 23 14,799,019 54 14[766|l35 14
Total.
S
$
S
%
724,194,340 47,468,578
718,923,490 47,468,578
730,337,740 51,765,450
719,571,758 51,765,450
731.552,032 55,677,100 a720,688,553 55.677,100
735,146,743 56,991,554 z722,926,127 56,991,554
735,793,393 63,794,876 0722.941,584 63,794,876
735.698.S0S 70,626,198 n723,160,609 70,626,198
735,682,530 80.798,814 Pi723,S02,559 80,798.814
736,743,751 93,240,891
(726,032,702 93,240,891
738,666,230 112.101.038 *728,1S6,909 112,101,038
742,687,871 139,016,678 *728,770,389 139,016,678
751.2S9.635' 165,409,147 (7734,138,833 165,409,147
770,139,524' 190,078.639 /747.951.S02 190,078,639
810,508.055! 191,724,115 e790,482,018 191,724,115
July............
A u g u s t___
September
1915.
$45,064,68
59,460 45
67,607 88
$172,133
*68,627
81,187
65,773
01
96
68
53
1914.
$158,251 36
156,910 64
118,220 40
Increase ( + )
Decrease (— ).
— $113,180 68
— 97,450 19
— 50,612 52
*433,382
*115,087
118,306
108,549
— $261,249
— $46,459
— 37,118
— 42,775
40
24
40
52
39
28
72
99
. $215,589 17
$341,943 16
— *126,353 99
.
.
.
.
$775,325
95,973
84,532
82,531
— $387,603
— 25,929
— 30,912
— 9,829
$387,722
70,044
53,619
72,701
18
50
67
77
56
52
52
38
38
02
85
61
$190,365 94
$263,037 42
— $66,671 48
. *584,088 12
63,800 24
62,762 25
$1,038,362 98
77,998 19
55,406 78
— *454,274 86
— 14,197 95
+ 7,355 47
D IV ID E N D S .
Tho following shows all tho dividends announced for the
future by largo or important corporations:
Dividends announced this xceek are ■printed in italics.
Railroads (Steam).
Atch. Top. & 8. F „ com. (qu.) (No. 4 3 ) „
IK M ar.
$1.50 M ar.
2K M ar.
2
M ar.
2
M ar.
2 K Apr.
2
Apr.
75c. M ar.
2K M ar.
3 K M ar.
Apr.
2
Apr.
C ln . N . O. <fc Tex. P a c., pref. (quar .)___
IK M ar.
C incinnati Northern ...............................
3
M ar.
Cleveland A Pittsburgh, reg. guar. (qu.).
IK M ar.
Special guaranteed (quar.)..............
1
M ar.
Crlpplo Creek Central, com. (qu.)(No.26)
1
M ar.
Common ( e x t r a ) _______________
10
M ar.
Preferred (quar.) (No. 4 1 ).1111111111
1
M ar.
Delaware A Hudson Co. (quar.)..............
2 K M ar.
Erie A Pittsburgh (quar.)_____________
M ar.
Grand Trunk guaranteed stock___
’
2 .K
Illinois Central (No. 122).......... ..............
2K M ar.
Maine Central, preferred (No. 1)_____ I
M ar.
Minn. 8t. Paul A 8. 8. M ., com. A pref..
3 K April
N. Y. Chicago A 8t. Louis, 1st preferred.
5
M ar.
Norfolk A Western, common (quar.)___
M ar.
Atlantic Coast L in e Co. {Conn.) (guar.) __
Baltimore & Ohio, common____________
Preferred___________________________
Boston A Albany (quar.)._........ .....
.
Canadian Pacific, com. (quar.) (No. 79).
Preferrcd........................ ........... .............
Chestnut Illll (quar.).......... ....... I I I II I I
Chicago Milwaukee A St. Paul, common.
Preferred.................... .............................
Chicago A North Western, com. (quar.).
Preferred (quar.)...................................
1K
IK
IK
IK
Holders o f rec. Jan. 31a
M ar. 1 to
M ar. 9
Holders of rec. Jan. 24a
Holders of rec. Jan. 24a
Holders of rec. Feb. 29a
Holders of rec. M ar. la
Holders of rec. M ar. 1
Feb. 20
to
M ar. 3
Holders of rec. Feb. 9a
Holders of rec. Feb. 9a
Holders o f rec. M ar. la
Holders o f rec. M ar. la
Holders o f rec. Feb. 24a
Holders o f rec. Feb. 28
Holders of rec. Feb. 10a
Holders o f rec. Feb. 10a
Holders of rec. Feb. 15a
Holders of rec. Feb. 15a
Holders o f rec. Feb. 15a
Holders o f rec. Feb. 26a
10! Holders o f rec. Feb. 29a
1
1
15
1
18
Holders
Holders
Holders
Holders
Holders
of
of
of
of
of
rec.
rec.
rec.
rec.
rec.
Feb.
Feb.
M ar.
Feb.
Feb.
7a
15
24a
18a
29a
N am e o f Com pany.
[Vol. 102
THE CHRONICLE
778
Per
Cent.
When
Payable.
Books Closed.
D ays Inclusive.
N am e o f Company.
When
Per
Cent. Payable.
Books Closed.
D ays Inclusive.
Miscellaneous (Concluded).
Feb. 29 nolders of rcc. Feb. 19a
2
Lindsay Light, common (quar.)----------I X Feb. 29 Holders of rcc. Feb. 19a
Preferred (quar.)__________________
Holders of rec. Mar. 10a
Mackay Companies, com. (qu.) (No. 43) I X April
April 1 Holders of rec. Mar. 10a
1
Preferred (quar.) (No. 49)__________
X Mar. 1 Holders of rec. F’eb. 24a
Manhattan Shirt, com. (quar.) (No. 4 )..
April 1 Holders of rcc. Mar. 10a
Maxwell Motor, Inc., 1st pref. (quar.)..
IX
May Department Stores, common (quar.)
X Mar. 1 Holders of rcc. Feb. 15a
2 X Mar. 31 Holders of rec. Mar. 4a
Mergenthaler Linotype (quar.)-----------Middle West Utilities, pref. (quar.)........
I X Mar. 1 Holders of rec. Feb. 15
April 2
M ilw aukee A Chicago Breweries, Ltd -------- b 3 X April 1 Mar. 3 to
Moline
Plow,
first
preferred
(quar.)........
I
X Mar. 1 Holders of rcc. Feb. 16a
Mar.
1
1
Holders of rec. Mar. 14
April
1
M
ontana
Power,
com.
(qu.)
(N
o.
14)-----X
Mar. 1
IX
April 1 Holders of rec. Mar. 14
Preferred (quar.) (N o. 14) — ...............
IX
Mar. 1
IX
Mar. 15 Holders of rcc. M ar.; 6
1
Montreal Cottons, Ltd., com. (quar.) —
6 to Mar. 16
Mar. 30
2
Mar.
15 Holders of rcc. Mar. 6
I
X
Preferred (quar.).... ............................
X Mar. 1
National Biscuit, com. (quar.) (No. 71) I X Apr. 15 Holders of rec. Mar. 28a
Mar. 1
IX
Holders of rcc. Feb. 16a
Feb.
29
I
X
Preferred
(quar.)
(No.
72)--------------April 1
1
National Candy, 1st & 2d pref. (No. 27) 3 X Mar. 15 Feb. 23 to Feb. 29
April 1
1
April 15 Holders of rcc. April 5
2
N ational Carbon, com. (quar.) -------------April
1
2X
Mar. 1 Holders of rec. Feb. 18a
IX
National Cloak & Suit, pref. (quar.)----Mar. 15
IX
Nat. Enam. & Stamping, pref. (quar.).. ax Mar. 31 Mar. 12 to Mar. 31
Mar. 1
1
Mar. 31 Mar. 11 to Mar. 15
1
National
Lead,
common
(quar.).............
Mar. 1
3
Mar. 15 Feb. 19 to Feb. 22
ix Apr.
National Lead, preferred (quar.)-----2 X Mar. 1
3 Holders of rcc. Mar. 6
IX
National
Sugar
Refining
(quar.(........
Mar.
1
IX
Feb. 29 Feb. 22 to Feb. 29
4
National
Zinc
&
Lead........................
Mar. 1 Feb. 20 to Mar. 1
3
Holders of rec. Mar. 2a
Mar.
23
2
New York Air Brake (quar.) (No. 53)..
Mar. 1 Holders of rec. Feb. 14
IX
Mar. 1 Holders of rcc. Feb. 25a
1
N. Y. & Queens Elec. L. & P., pref. (qu.)
Mar. 1 Holders of rec. Feb. 14
IX
Mar. 21 Mar. 8 to Mar. 20
IX
Nllcs-Bement-Pond, common (quar.) —
April 1 Holders of rec. Mar. 16a
IX
North Amer. Co. (quar.) (No. 48) —
$1 50 Mar. 1 Feb. 15 to Feb. 29
Holders of rcc. Feb. 21
Mar.
IX
Ogilvto Flour Mills, Ltd., pref. (quar.)..
81 25 Mar. 15 Holders of rec. Feb. 28
Holders of rco. Feb. 15a
Mar.
I
X
1>4 April 1 Holders of rec. Mar. 16a Ohio Cities Gas. common (quar.)-------- $1.25 Mar. 20 Feb. 22 to Mar. 14
Mar. 1 Holders of rec. Feb. 29a Ohio OH (quar.)........- -------- ------------- $4.75 Mar. 20 Feb. 22 to Mar. 14
3
Extra..................................
.........
.
Holders
of
rec.
Feb.
29a
Mar. 1
2
April 1 Holders of rco. Mar. 20
IX
Mar. 1 Holders of rec. Feb. 15a Ottawa Light, Ile a l A Power, com. (quar.)
1
I X April 1 Holders of rec. Mar. 20
Common (on account o f deferred dividend)
SI.50 Apr. 1 Holders of rec. Feb. 29a Pennsylvania
April
1 Holders of rcc. Mar. 17
1
Water
A
Pow.
(quar.)
(;Vo.9)
Holders
of
rec.
Feb.
16a
Mar. 1
2
Philadelphia Electric (quar.).................. 39Xo. Mar. 15 Holders or rec. Feb. 19a
Mar. 17
SI.75 Mar. 31 Mar. 12 to
I X Mar. 1 Holders of reo. Feb. 17a
Pittsburgh Steel, preferred (quar.).........
Mar. 17
75c. Mar. 31 Mar. 12 to
Mar. 2 Feb. 16 to Mar. 2
Porto Rlcan-American Tobacco (quar.). 4
Mar. 1 Holders of rec. Feb. 23
1
Mar. 15
Pure Oil, common ________ ____ - .......... 30c. Mar. 15 Mar. 8 to
Mar. 31
Mar. 31 Mar. 23 to
4
Mar. 15
Common (extra) ____________________ S2.50 Mar. 15 Mar. 8 to
Mar. 5
Mar. 15 Feb. 26 to
1
Holders of reo. April la
April
15
2
X
Quaker
Oats,
common
(quar.)-------------Feb. 12 to
Feb. 20
Mar.
IX
Holders
of
rec.
May
la
May
31
IX
Preferred (quar.)..-------- ---------------Holders of rec. Mar. la
I X Apr.
Feb. 29 Holders of rcc. Feb. la
IX
Holders of rec. Mar. la Quaker Oats, pref. (quar.)-----------------Apr.
IX
Holders
of
rec.
Feb.
29a
Mar.
27
$3
Quincy
Mining
(quar.)...........................
Feb. 25 to
Mar. 1
3 X Mar.
I X Mar. 20 Holders of rcc. Mar. 4
Holders of rec. Feb. 29a Railw ay Steel-Spring, pref. (quar.) ...........
Mar.
IX
April 1 Mar. 21 to April 19
IX
Republic Iron & Steel, pref. (qu.) (No.50)
Mar. 1 F’eb. 15 to Mar. 15
6
1h April 1 Mar. 21 to April 19
Preferred (extra)........- -------- ---------1M April 1 Feb. 15 to Mar. 15
25c. Mar. 20 Mar. 10 to Mar. 20
St.
Joseph
Lead
(quar.)
...........................
Feb.
29
to
Feb.
22
Mar.
1
3X
Mar. 1
I X Mar. 1 Feb. 20 to
Sapulpa Refining, com. (mthly.) (No. 3).
I X April 15
April 1 Holders of rcc. Mar. 16a
IX
Sears, Roebuck A Co., pref. (quar.) ---------I X April 15
Holders of reo. Feb. 16
Mar.
1
6
Southern
Plpo
Line
(quar.)----------------Holders
of
rec.
Jan.
22a
$1 60 Feb. 28
Mar. 31 Mar. 15 to Mar. 31
5
South Penn Oil (quar.)........... ...............
Mar. 15 Holders of rec. Feb. 19
6
April 1 Holders of rec. Mar.2la
5
South Porto Rico Sugar, common (q u a r.)..
Mar. 10 Mar. 1 to Mar. 10
2
April 1 Holders of rcc. Mar. 11a
2
Preferred
(quar.)
.............................
—
Mar. 10 Mar. I to Mar. 10
3
Mar. 1 Holders of rco. Feb. 21
IX
Southwestern Pow. & Lt., pref. (quar.)..
7 X k April 1 Holders of rec. Mar. 15
Mar. 15 Holders of rco. Feb. 9
2
X
Standard
Oil
(California)
(quar.)----------Holders
of
rec.
Mar.
15
April
1
1X k
Apr.
15 Holders of reo. Mar. 4
50e
Stock
dividend____________________
Mar. 1 Holders of rec. Feb. 21a
2
Blackslone Valley 0. A E„ com. (quar.)...
April 1 Mar. 16 to Mar. 31
1
Standard Oil Cloth, In c ., common .............
Mar. 15 Mar. 2 to Mar. 15
IX
Borden's Condensed Milk, pf.(au.) (No.57)
April
1 Mar. 16 to Mar. 31
Preferred
Classes
A
and
B
(quar.)
-------I
X
Mar.
21
to
April
2
April 1
IX
Brier Hill Steel, common (quar.)...........
Feb. 29 Feb. 1 to Feb. 29
Standard Oil (Indiana) (quar.)...... ......... 3
See noto (o)
2 X Mar. 31
British-American Tobacco, Ltd., ordinary
Feb. 29 Feb. 12 to Feb. 29
3
Standard
Oil
(Kansas)
(quar.)...............
Mar.
16
to
Mar.
31
April
1
IX
Brooklyn Union Gas (quar.) (N o. 60) —
Mar. 15 Holders of reo. Feb. 18a
Standard Oil of New Jersey (quar.)........ 5
Mar. 15 Holders of rec. Feb. 23
82
Buckeye Pipe Line (quar.)-----------Mar. 15 Holders of reo. Feb. 25a
Holders of rec. Feb. 15a Standard OH of New York (quar.).......... 2
75c. Mar.
Butterlck Com pany (quar.)----------Mar. 4 to Mar. 22
April
3
Standard
OH
(Ohio)
quar.)----------------Holders
of
rec.
Mar.
l*'a
April
IX
Central Leather, pref. (quar.)--------Mar. 4 to Mar. 22
April
3
Extra
......................-------------------Holders of rec. Mar. 23
2 X April
Central Petroleum, preferred____
Holders of reo. Feb. 19a
Mar.
I
X
Studebaker Corp.. com. (quar.).............
Holders of rec. Feb. 21
Mar.
Cerro do Pasco C opp. Corp. (qu.) (N o. 1) 81
Holders of rco. Feb. 19a
Mar.
1
Common
(extra)--------------------------Holders
of
rec.
Mar.
7
April
IX
Chandler M otor Car (quar.) (N o. 1)-----Mar.
Holders of reo. Feb. 19a
I
X
Preferred
(quar.)------------------------Mar. 18 Holders of rec. Mar. la
a
Chesebrough M fg . Cons. (quar.)..
April
Holders of roc. Mar. 10
2
w ift A Co. (quar.) (N o. 118)...................
Mar. 18 Holders of rec. Mar. la STonopah-Belmont
4
E x tra ________________________ Mar. 16 to Mar. 21
1 2 X 0 April
----Development
(quar.)
Mar.
30
Holders
of
rec.
Mar! 31
2
Chicago Telephone (quar.)................
Holders of rcc. Mar. 11
5c. April
Tonopah Extension Mining (quar.)----Mar. 10
X Mar. 10 Mar. 3 to
Childs Com
pany, com
m
on (quar.)..
Holders of rec. Mar. 11
5c. April
Mar.
10
to
Mar.
3
Mar.
10
I
X
........................
..............
..
Preferred (quar.)
Holders of rcc. Mar. 20a
April
1
Underwood Typew riter, common (q u a r.)..
Mar. 27 Mar. 12 to Mar. 27
5
Citizens Gas of Indianapolis (N o. 13) —
Holders of rcc. Mar. 20a
April
IX
Preferred (quar.) --------------------------April 15 April 1 to April 15
I
Colorado Power, com
m
on (No. 1 )----------$2.50 Mar. 25 Holders of rcc. Mar. 3
Union
Tank
Line----------------------
Mar.
15
Mar.
to
1
Mar.
15
IX
Preferred (quar.)............................ .......... Feb. 16 to Mar. 2
Mar
I
X
United
Cigar
Mfrs.,
preferred
(quar.).
1v April 10 Holders of rec. Mar. 25a Un. Cigar Stores of Am.,pf.(qu.) (No. 14) I X Mar. 16 Holders of reo. Feb. 29a
Com
puting-Tabulatlng-Recordlng Co. (qu.).
Holders of rec. Feb. 21a
Mar.
IX
Connecticut Power, pref. (qu.) (N o. 12).
Holders of reo. Feb. 15
U.S. Envelope, common and preferred.. 3 X Mar
Holders
of
rec.
Mar.
15
April
IX
Consol. Gas, Elec. L. A P., Balt., com. (qu.)
Mar. 31 Mar. 16 to Mar. 19
u ! S. Gypsum, preferred (quar.).............
\x Mar.
Holders of rec. Mar. 15
April
3
Preferred..................................... .................
30 Mar. 2 to Mar. 9
United States Steel Corp., com. (quar.)..
IX
I X Mar. 15 Holders of rec. Feb. 10a
Consolidated Gas, New York (quar.)-----Feb. 28 Feb. 1 to Feb. 22
IX
Preferred (quar.)-------------------------Holders of rec. Mar. 20a
I X April
Continental Can, Inc., com. (quar.)---------Holders of rcc. Feb. 15
Mar.
IX
Holders of rec. Mar. 20a White (J.G.) Co., pref. (quar.) (No. 51)
I X April
Preferred (quar.).........................................
Holders of reo. Feb. 15
n X Mar.
Feb.
26
to
Mar.
15
Mar.
16
3
Continental Oil....................................... ........
Holders of rcc. Feb. 15
Mar.
White
(J*.
GO’
Engineering
Corp.,pf.
(qu.)
I
X
Holders
of
rec.
Feb.
25
Copper Range C o. (quar.) (N o. 29)-------- $1.50 Mar. 15
Holders of rco. Feb. 18
White (J. G.) Manag’t Corp., pref. (qu.)
I X Mar.
75c. Mar. 15 Feb. 22 to Mar. 15
Crescent Plpo Line (quar.) — ..................
Feb. 19 to Feb. 29
Mar.
3
Wilmington
Gas,
preferred...........
.........
Holders
of
rec.
F
’eb.
18
Mar.
1
2
Crocker-W heeler C o., com mon (e x tra )..
Holders of rcc. Feb. 10a
Mar.
Woolworth
(F.
W.),
com.(quar.)(No.
15)
I
X
Holders
of
rcc.
Mar.
15a
2 X April 1
Cuban-Amerlcan Sugar, com . ( q u a r .)...
Holders of rcc. Mar. 10a
April
IX
Apr. 1 Holders of rec. Mar. 15a Woolworth (F. IF.), pref. (quar.) .............
IX
Preferred (quar.)................................... ..
Mar. 24 to Mar. 31
April
Yale
A
Towne
M
fg
.
(quar.)
(N
o.
80)-----I
X
Holders
of
rcc.
Feb.
15a
Mar.
1
IX
Deere & C o., pref. (quar.).........................Mar. 15 Holders of rec. Feb. 29a
IX
D iam ond M atch (quar.)-------------------------a Transfer books not closed for this dividend, b Less British lncomo tax. d Cor
Holders
of
rec.
Feb.
29a
Mar.
15
1
E x tra ....... ...................- -------------------------e Payable In stock. / Payablo In common
»^
3 X Mar. 1 Holders of rec. Feb. 19a rection.
Dlllman Bakery, In c., preferred________
h On account of accumulated dividends. 1 Dec ared 7% Payable m quarterly In
50c. Mar. 1 Feb. 18 to Feb. 25
D om e Mines, L td ______________________
stalmcnts beginning with March 31. * Declared 30% on tho common and 7 /„ on
Holders
of
rec.
Mar.
11
April
1
IX
Dominion Glass, Ltd., pref. (quar.)---------the pref payable In quarterly Instalments of 7 X % ana
/o , respectively.
I X April 1 Holders of rec. Mar. 15
Dominion Textile, Ltd., com. (quar.).........
l AHn l W navnbie
Anglo-French
at 95.
m Declared
X % on
ayabie In
in Angm
eren^^5%
n bonds
ft Extra
(llvl(lond
due to 3chango
Inprof.,
fiscal
2 X Mar. 15 Holders of rec. Mar. 1
Drlggs-Seabury Ordnance, com . (qu ar.).
Mar.
15
Holders
of
rec.
Mar.
1
3X
First preferred------------------------oTransfers
receivedIn
order
in
London
on
or
beforo
Mar.
13
will
be
In tlma
Mar. 15 Holders of rcc. Mar. 1
3
Second preferred______________
to
bo
passed
for?
payment
of
dividend
to
transferees.
P Declared 4% payablo In
Mar. 15 Holders of rcc. Feb. 29
IX
du Pont (E. I.) de Nemours A Co., com
.(qu)
quarterly Instalments.
Mar. 15 Holders of rcc. Feb. 29
15
Com
m
on (special)---------------------I X April 25 Holders of rec. April 10
Debenture stock (quar.)_________
May
1
IX
du Pont (E. I.) de Nemours Powd.,com
.(qu.)
C an adian B an k C learings.— Tho clearings for tho week
1X Mar. 15 Holders of rcc. Mar. 1
Eastern Steel, first preferred (quar.) —
ending Fob. 19 at Canadian cities, in comparison with tho
Holders of rec. Feb. 15
Mar.
Eastman K odnk, com mon (extra)______ 10
Holders
of
rec.
Mar.
4a
April
2X
Eastm
an Kodak, com
m
on (quar.)..
Holders of rec. Mar. 4a samo wook in 1915, show an incroaso in tho aggregate of
2 X April
Com
m
on (extra)________________
Holders of rec. Mar. 4a 2 2 . 8 % .
I X April
Preferred (quar.)............................
Feb. 25 to Mar. 1
Mar.
2
Empire Steel & Iron, preferred...
Mar. 15 Holders of reo. Feb. 23a
1
Federal Mining & Smelting, pref. (quar.)
Week ending February 19.
Holders of rec. Feb. 23
Mar
IX
Freeport Gas, pref. (quar.).................... ..
Clearings at—
Mar. 31 Holders of rco. Feb. 29
3
Galena-Signal Oil, com
m
on (quar.)-----In c . or
Mar. 31 Holders of rcc. F'cb. 29
2
Pre'erred (quar.)___________________
1914.
D ec.
1916.
Mar. 1 Holders of rec. Feb. 15a
IX
General Asphalt, pref. (quar.) (N o. 3 5 ) ..
General Chemical, com mon (quar.)
I X Mar. 1 Holders of rec. Feb. 23a
%
Canada—
I X April 1 Holders of rco. Mar. 17a M ontreal------------------Preferred (quar.)...........................
55,851,704 41,252,650 + 35.4 60,437,430 55.540,709
Mar. 1 Holders of rco. Feb. 19a
IX
General Developm ent (quar.)----------------42,024,541 33,340.904 + 27.8 39,174,970 37,924,671
Apr. 15 Holders of rcc. Mar. 15a T oronto_____________
2
27,755,826
General Electric (quar.).................
22,908,272 21,703,056 + 5.5 20,432.284
W in n ip e g ......... ..........
Mar. 15 Holders of rcc. Mar. 1
1
G
lobe Soap, com
m
on (quar.).............
4,761,771 4,487,010 + 0.1 8,223,913 11,002,755
V
a
n
co
u
v
e
r__________
Holders
of
rec.
Mar.
1
I X Mar. 15
lsf, 2 dand special pref. stocks (quar.)..
3,744.028 3,752,736
+
0.6
3,800,150
4,114,532
_____________
O
tta
w
a
April 1 Holders of rec. Mar. 21a
Goodrich (B. F\) C o., pref. (quar.)......... m i x
2,787,788 2,100,224 + 31.4 2,697,440 3,075,836
u e b e c -------------------I X Mar. 1 Holders of rec. Feb. 29a Q
G
reat Northern Paper (quar.)------1,529,370 1,965.557
2,081,921 1,559,591 + 33.5 2,738,354
Feb. 28 Holders of rec. Feb. 11a H a lifa x ........................
1
Greene Cananea Copper-------------3,200,504
2,505,057 + 35.8
3,403,787
H
a
m
ilto
n
______
____
I X Apr. 1 Holders of rec. Mar. 15a St. John____________
G ulf States Steel, first pref. (quar.)-----1,256,750 +3.4 1,211,200 1,655,744
1,299,864
Holders
of
reo.
Feb.
18
Mar.
1
1
Harblson-Walker Refrac., com . (quar.).
—7.6 1,577,550 1,876,547
1,678,128
1,550,432
L
o
n
d
o
n
________
____
Feb. 29 Holders of rco. Feb. 18a
1
Hart, Schaffner & M arx, Inc., com . (qu.)
3,161,557 2,698,000 + 17.2 3,301,170 4.571.539
Calgary........... ............
Feb. 29 Holders of rec. Feb. 19
IX
Independent Brewing, Plttsb., pref. (qu.)
1,299,625 1,051,617 —21.3 2,034,011 3,038,998
Holders of rcc. Feb. 10a Victoria_____ ___________
Mar.
2
Inland Steel (quar.)------ -------- ----------------1,745,718 2,092,275 —16.0 3,300,411 4,940,641
I
k
lm
o
n
to
n
__________
Holders of reo. Feb. 10a
I X Mar.
Inter. H arv. of N . J ., pref. (qu.) (N o. 36)
1,529,848 1,095,956 + 39.0 1,710,185 1,932,131
Holders of rec. Feb. 10a Regina---------------------I X Mar.
Inter. Harv. C orp., pref. (qu.) (N o. 12).
561,103
388,050
384,379 + 14.1
438,386
Holders of rco. Feb. 15a B ran don ____________
Mar.
5
International Nickel, com . (quar.)
650,297
393,733
241,866 + 48.4
358,969
Lethbridge__________
Feb. 24 to April 1
April
IX
International Sliver, pref. (quar.).
745,323 + 28.1 1,143,530 1,047,203
054,799
Saskatoon___________
Holders
of
rco.
F
’eb.
20
Mar.
IX
Interstate Electric C orp., pref. (q u a r .)..
505,559
+ 9.9
576,862
476,011
623,210
B
ran
tford___________
Mar. 31 Mar. 11 to Mar. 19
Kennecott Copper Corp. (qu.) (N o. 1 ) . . $1
834.286 1,331,964
501,819 + 35.8
762.620
25c. Mar. 15 Holders of reo. Mar. la M oose Jaw __________
Kerr Lake M ining (quar.) (N o. 42)............
704,288
783,688
351,397 + 19.4
419,736
F
’ort
W
illiam
..............
Feb.
11
to
Feb.
28
Mar. 1
2
Kings Co. El. Lt. & P. (qu.) (N o. 6 4 ) . . .
360,159
538,402
241,088 —27.8
174,470
New Westminster___
Mar.
Laclede G
as Light, com. (quar.) —
IX
200,558 + 48.0
480.287
296,441
M
edicine
H
a
t
..
.........
—
Holders
of
rec.
Feb.
25
Mar.
2
Lake of the Woods Milling, Ltd., com. (qu.)
423,872 —9.0
385,874
Peterborough___________
Holders of rcc. F’eb. 25
1?( Mar.
Preferred (quar.).......................................
Feb. 29 Holders of rco. Jan. 31a
$1
Lehigh Coal & N av. (quar.) (N o. 149) —
124,921,013 + 22.8 147,644,818 160,423,613
Total
Canada__
_
Jl53,415,865
F
’eb.
19
to
Mar.
13
Mar.
1
Liggett & M yers T ob a cco, common(qu.)| 3
R a ilroa d s (Steam ) C o n clu d e d .
Pennsylvania Railroad (quar.)--------------Phlla. Germantown & Norristown (quar.)
Plttsb. Youngs. & Ashtabula, pref. (qu.)
Reading Com pany, first preferred (quar.)
Second preferred ( q u a r .)..-----------------Southern Pacific (quar.) (N o. 3 8 )----------Union Pacific, com m on (quar.)..................
Preferred--------------------------------------------Wisconsin Central, preferred......................
S treet a n d E lectric R a ilw a ys.
Brazilian T rac., L. & P ., L td ., ordinary.
Cent. Arkansas R .& L ., pf. (qu.) (N o. 12)
Central Miss. Val. Elec. Prop., pref. (qu.)
Chicago City Ry. (guar.)....... .....................
Cities Service C o., preferred (m o n th ly ).D etroit United R y . (quar.)........................
Duluth-Superior T rac., pref. (quar.)-----Louisville Traction, com. (quar.)--------------Preferred . .........................- --------------------Northern Ohio T rac. & L t., com . (quar.)
N or. Texas Elec. C o ., com . (qu.) (N o. 26)
Preferred (N o. 2 1 )------------------------------Philadelphia C o ., 6% preferred................
Rochester Ry. A Light, pref. (quar.)............
Terre Haute Traction & Light, pref-------Washington (D .C .) R y .& E l., com . (qu.)
Preferred (quar.)........................ ...............
M iscella n eou s.
Adams Express (quar.)--------------------------Ajax Rubber (quar.) (N o. 1)------------------Am cr. Beet Sugar, pref. (qu.) (N o. 6 7 ) ..
American Coal__________________________
E x tra .............................................................
Am er. Cotton OH, com . (quar.)--------------American Express (quar.)-----------------------American Gas (quar.)...................................
Amer. Pneumatic Service, 1st p r e f -------Second preferred--------------------------------Am er. Power & L t., com . (qu.) (N o. 13).
Am er. Radiator, com . (quar.)-------Am er. Smelt. & R efg., com . (quar.)
Preferred (quar.)-------------------- - Am er. Sugar R efg., com . (qu.) (N o. 08)
Preferred (quar.) (N o. 0 7 )--------American Sum
atra Tobacco, pref—
American Telegraph &Cablo (quar.)-----Amer. Tobacco, com m on (q u a r .)..
Preferred (quar.)------------- -------- ---------American W indow Glass C o., pref---------American Woolen, com. (qu.) (No. 1)-----Preferred (quar.)........... .............. .............
Anaconda Copper Mining (quar.)............
Atlantic Refining (quar.).............................
Atlas Powder, com
m
on (quar.)----------------Extra.......................................................—
Bethlehem Steel Corporation, com . (qu.)
Preferred (quar.)--------------- ---------- -------
75c. F’eb. 29
SI.50 Mar. 4
Mar. 1
IX
Mar. 9
1
Apr. 13
1
Apr. 1
IX
Apr. 1
2
Apr. 1
2
April 1
2
to
Mar.
Feb . 26 1916.]
THE CHRONICLE
N a tio n a l B a n k s.— Tho following information regarding
national banks is from the office of tho Comptroller of the
Curroncy, Treasury Department:
CHARTER ISSUED TO NATIONAL BANK AVEEK E N D. FEB. 18.
C o n versio n o f State B a n k .
Tho First National Bank of Avon Park, Fla.; capital, $25,000.
version o f tho Bank of Avon Park.
INCREASES OF CAPITAL APPROVED.
Con
$ 5 0 000 Ft o '$ m ooooaI Bank 0f Mandan’ N - D ’ : capital increased from
u f o o . O o T t c feooT oO O
° f C,ovoland- 0h io=
iQcreased from
LIQUIDATIONS.
fa n k of Callaway Nob.; capital, $25,000. Succeeded
Tyson ScS?awayeyS Stato Bank of Callaway. Liquidating agent, William
INSOLVENT N ATION AL BANKS.
Tho Fourth National Bank of Fayetteville, N . O., was placed In tho hands
o f a receiver Feb. 14 1916.
A u c tio n Sales.— Among othor soouritios, tho following,
not usually dealt in at the Stock Exchange, wore rocontly sold
at auction in Now York, Boston and Philadelphia:
B y Mossrs. Adrian H . Muller & Sons, New York:
Shares.
Stocks.
P er cent. Shares.
68 Bankers Trust C o.. ___ 440-442.
500 Kuenzcl’s Process Smelter Co., 1
SI each.................... ............. >$5 i0t
200 Central Fdy., pref., old stock.
100 Second Avc. RR. Co............. $23 lot
6 Corn Exchango Bank.............320
50 Western Devcl. Co. rights,
$20 per right
460 Downing A Lawrcnco Dry
Dock.................................... $25 lot
Slocks.
Per cent.
5 Hanover Nat. Bank_________ 600
Bonds.
Per cent.
$5,000 Second Avo. RR. C o . 1st
cons. 5s, 1948, Aug. 1908 coup.
on; certf. deposit........... ........... 6K
$1,000 Ovcrmcyer & Llebmann)
Realty Corp. deben. 4s, 1952.. I
$3,000 Obermoycr & Llebmann >$3,150
5s, 1954................................. 1
35 shs. Kings Co. Mtge. Co. j
B y Mossrs. Franois Henshaw & C o ., Boston:
$ per sh.
1 Mass. Cotton Mills......... ........ 130
IK Nashua Mfg. Co., $500 each.800
5 Draper Co., common_______ 272X
3 Lancaster Mills___________ 90-90K
1 Manomet Mills, right________ 4K
12 Central Vermont R y ............... 3
11 Old Colony Gas, prof_____ ..105
I Boston Library Soc., $10 par__ 6
Shares.
Stocks.
Shares. Stocks.
S per sh.
15 Marblehead Bldg. Assoc., $5
each_______________________ 4
2 Salem Gas Light.......................I200
60 Western R. E. Trustee__
138
50 Central Trust Co.,Cambridge. 1200
Bonds.
p er cent.
$5,000 Fargo Real Estate 4s, 1931. 98
B y Mossrs. R . L . D ay & C o ., Boston:
Stocks.
$ per sh. Shares. Stocks.
$ per sh.
3 Nat. Mt. Wollaston Bank,
7 Naumkeag Steam Cotton........ 19 5
Quincy..................................... 124
10 Blgclow-IIart. Carpet Corp.,
44 Manomet Mills, rights______ 4K
common............................... . 8614
2 Wamsutta Mills......................12 5
5 Homo Insurance Co________ 410
2 Merrimack Mfg. Co., com.^
15 William Carter Co, pref........ 101K
cx-dlv............................................43% 15 Saco-Lowell Shops, common.. 125U
3 Granite Mills......................... 9 2 K
15 Hood Rubber Co, pref______116
3 SagamoreMfg. C o ...................225
14 Cote Plano Co, pref________ 98
8 Pocassctt Mfg. Co.....................90K
2 Lewis Wharf Co, $1,000 each,
3 Stafford Mills.......................... 74
.
1225 flat
K Nashua Mfg. Co. ($250 par),
107 Mcrrlmac Client Co, rights. 18-18K
$392 lot
5 Draper Co, common.............. 272
5 Berkshire CottonMfg............ 204
10 Sullivan Machinery Co___
128
25 Waltham Bleach. & Dyo Wks.,
60 Boston Personal Prop Trust
ex-dlv_____________________ 105
10 2 & div
Shares.
B y Messrs. Samuol T . Frooman & C o ., Philadelphia:
Per cent. IBonds.
Bonds.
$900 Garrettson Hospital 20-yr. 6s. 51
PeT rpn,
131,100 Tcmplo College 20-yr. 5 s . . . 45
Tho Fedoral Reserve B an k s.
779
B y Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh. Shares. Slocks.
$ per sh.
3 Girard Trust Co____________ 923
2 Belmont Trust Co, $50 each___ 39 k
20 Frankford & So’wark Pass. Ry.345K
5 Fidelity Trust Co____ _______ 720
45 Columbus (N J) Water Co, $10
14 Pennsyl Co for Ins, & c _710-711
each______________________ j
20 Wayne Title & Trust Co_____ 125K
6 Fourth Street Nat Bank._29(F290K
0 United Traction (Pitts), pref,
14 Girard Nat Bank_____ _____ _361
$50 each___________________ 7 ^
10 Guarantee Tr & S D Co.._16(M60K 10 Citizens’ Pass Ry____ ____ -.275
73 Lumbermen’s Ins Co, $25 each 102
12 Phila & Camden Ferry, $50
6 Phila Bourse, com, S50 each__ 6
each......................................... 1 1 5
5 Farmers & Meehan Nat Bank. 131K 20 People’s Nat Fire Ins________ 1 7
10 Sixth Nat Bank_______ 202K-203K Bonds.
p er cent.
145 Atlantic Title Co, Atlantic City 105
SI,100 Union Pass Ry ext 4s, 1960. 87K
Im ports an d Exports for th e W e e k .— The following are
the reported imports at New York for the week ending
February 19 and since the first week of January:
FOREIGN IMPORTS AT NEW YORK.
For Week ending Feb. 19.
1916.
1915.
1914.
1913.
Dry Goods_____ ____ ___\ 319.000,000 / $3,789,452 $4,751,233 $3,572,830
General Merchandise_____ /
1 17,404,469 20,009,814 18,290,971
Total____ _____ ______ $19,000,000 $21,193,921 $24,761,047 $21,863,801
Since Ja n . 1.
Dry Goods............. .......... 1 5149,327,442 /$18,321,644 S29.817.425 $23,785,070
General Merchandise_____ /
1100,520,823 107,186,277 119,721,054
Total 7 weeks__________ $149,327,442 $118,842,467 $137,003,702 $143,506,124
EXPORTS FROM NEW YORK.
Week ending Feb. 19.
For tho week.....................
Previously reported_______
1916.
1915.
1914.
1913.
$31,656,904 $26,267,195 $18,252,991 S17.437.649
291,871,130 152,301,417 123,322,181 126,742,304
Total 7 weeks__________ $323,528,034 $178,568,612 $141,575,172 $144,179,953
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
W eek ending F eb .
19.
E x p o rts.
Gold.
W eek.
Great Britain......................
Franco........ .........
Germany.................
West Indies.................
Mexico........... .......
South America____
All other countries...........
Im p o rts .
Since
J a n . 1.
W eek .
Since
J a n . 1.
9,762
490,799
7,563,358
128,571
1,346,378
173,960
$1,251,120
$1,002,000
3,031,650
1,025,000
1,300
5,018,363
520,352
Total 1916................................. $2,028,300 $9,821,485
$16,177,239
Total 1915..........................
38,700 1,121,700
2,550,981
Total 1914...............................
2,209,167 13,465,867
195,513 2,282,599
Silver.
Great Britain____ _______ _____
$4,737,419
France_____________________
Germany...................................
West Indies...............................
381,521
$13,204
Mexico___________________
561.297 1,389,344
South America.............................
$375
95,269
727,939
All other countries..........................
2,610
2,610
4M75
178,673
Total 1916...................................
$2,985 $5,216,819 $166,210 $2,309,160
Total 1915...............................
1,104,377 5,865,413
726,027
Total 1914.................................
874,718 5,643,624
187,853 1,765,183
Of tho above exports for the week in 1916, $1,027,000 were American gold coin.
Following is the weekly statement Issued by the Federal Reserve Board on Feb. 18:
an Iiicroaso^^about^^m
lnf^m lHtho^^uR'o/^dm
ona^bmid^nurrdm
srw nnd increased holdings
Pm ?^S" of7 acceptances
he total earning
assets
held by tho banks show
The combined cold reserves
of fcim hanirc
b^-sos
by tho
banks,
gold reserves of the Now York, Atlanta and San Francisco banks slmw’
U r S lr iim
an^
reporting the largest decreases, while tho
about 1 million dollars, New York and San Francisco
r i° total cash reserves of tho banks Increased
delphla, Richmond and Cliicago banks.
porting largo gains o f cash, offset in part by net cash withdrawals, mainly from tho Pliilathan at tho end 1 of tho preceding1 week.^°Agafnst ^ h l s ° d « T e ^ ? * a c c m mosJi active in the discount field reporting smaller figures
and Chicago reporting increased holdings o f this class o f ninm- a° n f
? n lncruase o f ove[ l million dollars, Boston, New York
36% of tho paper hold matures with 30 days and 3 4 ? % after ^ 0 but
acceptances constitute at present about 55.2%. Over
Government securities among their assets. Tlio aggregato of^varr a n t ^ * h o l o w»y s i J t S
op nr
V°n a ^iiiV10 ^a^ ks,excepA New York reporting
tho Boston, New York, Philadelphia and Minneapolis ILanks
Total earn hi ir
Rh
i
* % ? loss f^ w ^ n g the holdings of
and are 190% o f tho paid-in capital, as against 150 and 127% aboul^hrSS
a of about 0.6 millions since tho preceding week
dollars during tho week. Net member bant deposits d e cre a s cA 4 m illion sth e
T J it ,^ ^ S US ^ 2 ^ 2 f 1 0 »ti.d.ep08 ,fs »“ CTeased over 2 million
Federal Iieserve Agents report a decrease for tho wonk- nf a 7 Abiham . « Vi
Now York bank reporting net withdrawals of 4.8 millions.
o f redemption o f notes by the Agents and tho Treasurer o f tho Un twl fitates &A» Mnst >1
"sm®8 ou^ ta'ldlng' maln1/ as the result
hold 195.7 millions o f gold and 14 millions o f paper. Tho banks ronort a tofal nf g™ o
mi111Ioi?s.? f noto? outstanding the Agents
thoroon o f 0.1 million dollars.
P
0 , n s r°l)0rt a total of 176.2 nilliona of notes in circulation and aggregate net liabilities
f
l
consolidated statement for tho system as a wholo are given in the following table, and in addition
I ! ! I r R ! l c i ! r° 3 3 ? r °.a?b -°^ t ie eigb!; P/ecedmg woeks, thus furnishing a useful comparison. In tho second table we
Auonts’ Accounts8fth? ^f.bl ltl0.s
for each of the twolvo Fedoral Rosorve banks. The statement of Federal Reserve
Comptrol l era n d t l m '
taAb ° ffollowl,n,g) glves Jetiuls regarding the transactions in Federal Reserve notes between the
comptroller and tho Roserve Agents and botwoon tho lattor and tho Foderal Reserve banks.
W
C o m b in e d R e s o u r c e s a n d L ia b il it ie s o 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 l o s e
R E SO U R C E S .
of
b u s in e s s
F ebruary
18 1 9 1 6 .
Feb. 18 1916. Feb. 11 1916. Feb. 4 1910. J a n . 28 1916. Ja n . 211916. J a n . 141916
J a n . 7 1916. Dec. 30 1915 Dec. 23 1915.
Gold coin and certificates in vault______
$255,369,000 $255,284,000 $255,469,000 $263,865,000 $259,106,000 $260,855,000 $272,018,000 $266,546,000
Gold settlement fund.......................
81,648,000 83,938,000 85,368,000 84,850,000 81,620,000 85,630,000 81,150,000 77,293,000 $276,197,000
Gold redemption fund with U. 8. Treasurer..
69.960,000
1.300,000
1,120,000
1,167,000
1,146,000
1,062,000
1,215,000
1,250,000
1,124,000
1,224,000
$338,317,000 $340,342,000 $342,004,000 $349,861,000 $341,788,000 $347,700,000 $354,418,000 $344,963,000
Legal tender notes, silver, &c..........................
18,274,000 15,248,000 14,637,000 15,496,000 14,132,000 14,283,000, 12,888,000 13,525,000 $347,381,000
9,673,000
$356,591,000 $355,590,000 $356,641,000 $365,357,000 $355,920,000 $361,983,000 $367,306,000
$358,488,000 $357,054,000
Bills discounted and bought—
Maturities within 10 days........................ $5,987,000
$6,002,000 $7,744,000 $7,517,000 $7,399,000
$6,467,000 $6,133,000
Maturities from 11 to 30 days................... 13.115.000 $5,028,000
12.543.000 11.353.0(H) 11.259.000 12,790,000 13.291.000 $6,605,000
14.074.000 14.278.000 13.524.000
Maturities from 31 to 60 days..................
18.224.000 18.944.000 20.740.000 18.518.000 18,838,000 16.961.000
Maturities from 61 to 90 days..................
13.060.000 12.617.000 10.391.000 12.185.000 13,115,000 14.195.000 17.715.000 16.859.000 17.861.000
13.247.000 13.696.000 12.830.000
Maturities over 90 days ________ _____
2,428,000
2,696,000
2,837,000
3,509,000
3,608,000
3.910.000
3,938,000
4,081,000
4,073.000
Total ~m
m
m
m
m
m
m
m
m
m
m
m
m
m
m
m
m
m
m
m
m
m
m
m
m
m
m$52,814,000 $52,728,000 $51,323,000 $53,215,000 $55,868,000 $55,756,000 $55,579,000 $55,381,000
$54,421,000
•Acceptances (included In above)
$29,136,000 $28,074,000 $26,279,000 $26,314,000 $27,910,000 $26,258,000
$25,048,000 $23,013,000 $21,759,000
Investments: U. 8. bonds...... ........................ $20,422,000 $25,304,000
$24,341,000 $21,372,000 $20,242,000
$16,734,000 $15,797,000 $15,060,000
Municipal wurrants___________
24,964,000 25,577,000 20,856,000 20,602,000 20,624,000 $17,613,000
19,484,000 17,097.000 12.220.000 14,094,000
Tstal earning assets. .
$104,200,000 $103,609,000 $96,520,000 $95,189,000 $96,734,000 $92,853,000 $89,410,000
$83,398,000 $83,575,000
[Vol . 102
THE CHRONICLE
780
Ja n . 141910. Ja n . 7 1916. Dec. 30 1915. Dec. 23 1915.
Feb. 18 1910. Feb. 11 1916. Feb. 4 1916. Ja n . 28 1918. Ja n .H I 1916.
R E S O U R C E S {Concluded).
Brought forw ard (total reserve & eam’g
$460,546,000 $452,654,000 $456,716,000 $441,886,000 $440,629,000 $442,084,000
$460,791,000 $459,199,000 $453,101,000
$21,008,000
$36,469,000 $34,895,000 $29,943,000 $24,156,000 $21,910,000
$33,710,000
$28,576,000 $28,344,000
12,995,000 11,137,000 20,767.000 24,977,000
12,255,000 12.964.000 15.223.000 10,761,000 13.089.000
4,194,000
6,547,000
7,078,000
9.S05.000
10.688.000
9,994,000
11.903.000
12.889.000
7,929,000
$490,808,000
$499,087,000
$491,110,000
$507,579,000
$509,551,000 $513,396,000 $513,997,000 $517,770,000 $511,326,000
Federal Reserve notes—Net--------------Due from Federal Reserve banks—Net..
All other resources----------------------------Total resources---------
$54,915,000 $54,901,000
L IA B IL IT IE S .
$54,907,000 $54,892,000 $54,889,000 $54,899,000 $54,895,000
15,000,000
Capital paid In----------------------------------------- $54,886,000 $54,890,000
28.073.000 26.879.000 23.841.000 tl5,101,000 398,603,000
28,946,000 26,881,000 29,850,000 27.760.000 416,656,000
400,012,000
407,244,000
Government deposits--------------------------------413,719,000
424,664,000
419,137,000
t421,907,000
416,490,000
14,670,000
13,486,000
Reserve deposits—Net------------------------------9,966,000 10.313.000 11.571.000 11.948.000 12.982.000
9,089,000 t9,577,000
7,634,000
7,590,000
Federal Reserve notes—Net----------- -----------125,000
134,000
137,000
141,000
137,000
141,000
140,000
All other liabilities------------------------------------$491,110,000 $490,808,000
$507,579,000
$499,087,000
$511,326,000
$517,770,000
$513,997,000
$509,551,000 $513,396,000
Total liabilities86.1%
84.6%
81.9%
79.1%
77.1%
77.4%
77.1%
70.4%
70.5%
88.5%
87.9%
Gold reserve ag'st net dep. & note liabilities (a)
84.8%
82.4%
80.3%
80.8%
80.4%
79.8%
80.1%
Cash reserve ag’st net dep. & note liabilities (a)
Cash reserve against net deposit liabilities alter
90.4%
89.6%
setting aside 40% gold reserve against ag
86.2%
83.5%
81.4%
81.8%
gregate net liabilities on F. R. notes In
81.3%
80.7%
81.5%
circulation (a)------------------------------------(a) Less Items In transit between Federal Re
$10,761,000 $13,089,000 $12,995,000 $11,137,000 $20,767,000 $24,977,000
serve banks, viz---------------------------------- $12,255,000 $12,964,000 $15,223,000
Federal Reserve Notes —
$219,030,000 $215,525,000 $214,125,000 $211,735,000
$206,978,000 $211,661,000 $217,177,000 $218,945,000 $220,380,000
Issued to the banks.
"'75,000 32,860,000 27,009,000 25,099.000 23,673,000
30,760,000 30,459,000 30,409.000 39,721,000
In hands of banks..
$189,026,000 $188,062,000
$176,218,000 $181,202,000 $181,368,000 $179,224,000 $18-. )5,000 $186,164,0.00 $188,516,000
In circulation.
$197,450,000 $194,400,000
$204,159,000
$199,690,000
$205,380,000 $200,029,000
12.982.000 13.480.000 14.670.000
Gold and lawful money with Agent................ $195,705,000 $199,989,000 205.112.000
9,966,000 10.313.000 11.571.000 11.948.000 24.150.000
9,557,000
9,089,000
21.910.000 21.008.000
Carried to net liabilities---------------------------29.943.000
34.895.000
36.409.000
28,576,000 28,344,000 33.710.000
Carried to net assets--------------------------------Federal Reserve Notes (Agents' Accounts )-
Received from the Comptroller----Returned to the Comptroller--------Amount chargeable to Agent.
In hands of Agent--------------------
Issued to Federal Reservo banks----How Secured —
By gold coin and certificates....................
By lawful money.................................
By commercial paper..........................
Credit balances In gold redemption fund..
Credit balances with Federal Reserve B’d
Total...........................................
Commercial paper delivered to F. R. Agent..
$275,420,000 $275,420,000 $267,640,000 $263,640,000 $263,640,000
$275,420 ,000 $275 ,420,000 $275,120,000 $275,420,000
1,631,000
1,631,000
1,631,000
1,671,000
1,691,000
1,756,000
2,240,000
7,526,000
11,851,000
$262,009,000
$262,009,000
$266,009,000
$273,749,000
$273,729,000
$263,569,000 $267,894,000 $273,174,000 $273,664,000
50,484,000 47,884,000 50,274,000
56,591,000 56,233,000 55,397,000 54,719,000 53,349,000 54,719,000
$214,125,000 $211,735,000
$215,525,000
$211,661,000 $217,777,000 $218,945,000 $220,380,000 $219,030,000
$145,029,000 $142,580,000 $139,940,000 $137,040,000
$127,700,000 $132,900,000 $144,040,000 $144,529,000
15.835.000 16,675,000 17,335,000
11.672.000 12,665,566 13.565.000 14.351.000 14.871.000
650,000
650,000
650,000
650,000
650,000
2,840,000
16.919.000 16.532.000
50,860,000 56,710,000
50.460.000
58.480.000
60.850.000
55,350,000 55,370,000 55.680.000 58.500.000
$219,030,000 $215,525,000 $214,125,000 $211,735,000
$206,978,000 $211,661,000 $217,777,000 $218,945,000 $220,380,000
$1 4 ,005,000 $13,819,000 $14,897,OOol $14,790,000 $15.144,000 $15.572,000 $16,190,000 $16,740 ,0001 $17,451,000
•Including bankers' and trade acceptances bought In the open market.
Boston.
tAmended figures.
N ew York. Ph lladel'a . Cleveland. Richmond.
Atlanta.
Chicago.
St. Louis. M ln n ea p . K a n . Cltg.
D allas.
San Fran .
Total.
$
$
$
$
s
s
s
R E SO U R C E S.
3,638.000 3,013,000 8.740.000 4,017,000 3.935.000 255,369,000
156,198,000 10,402,000 JO.356,000 4,651,000 £-762,000 30.970.000
4.089.000 8,848,000 6.496.000 81,648,000
Gold coin & ctfs. In vault 13,687,000
11.951.000
2,566,000
4,023,000
1,300,000
103,000 245,000
Gold settlement fund — 3,753,000; 8,505,000 2,971,000 11,498,000 10,9JJ,000 b,J4J,000
19,000
28,000
332,000 334,uuu
3,000
236,000 ..............................
Gold redemption fund-
338,317,000
10,431,000
12,932,00013,110,000
42,921,000
6,223,000
7,064,000
15,982,000 12,045,000
23,000 18,274,000
Total gold reserve----- 17,443,000 164,939,000 13,373,000 21,854,000
101,000 223,000 804,000 150,000 268,000 236,000 830,000
208,000 8,745,000 5,165,000. 1,521,000
Legal-ten .notes ,sllv., Ac
350,591,000
10,454,000
43
725,000
6.373,000
7,332,00013,168,000
13,940,000
17,051,000 173,684,000 18,538,00023,375,000 16,083,00012,268,000
1---------------------- -—— --------------------- ------- —
2 105 000 871,000 932,000 2,360,000 4,624,000 427.000 23.678.000
Bills discounted:
217,000
169,000 221,000 260,000 6,755,000 4,737,000 L819.000 824,000 475,000 423,000
50,000 700.000 29.136.000
Members__________
165,000 296,000
Bought In open mkt- 9,030.000 12,823,000 1,585,000 946,000
0 247 000 12 902.000 1.800.000 1.200.000 0,020.000 5,033,000 3.024,000 1.095.000 1,407.0(0 2.783.0001 4.074.00^ 1.127W 52,814,000
Total bills on hand--.
26.422.000
«
non *1 411 000 536,000
43,000 6,252,000 3,339,000 1,797,000 2,363,000 1,295,000 3.035.000
986,000 ............. 2,987,000 l w l ’ 006
Investments: U. S. bds.
470,000 _______ 1.222.000 24.964.000
82,000 — — ~| 2,347,000
743,000 1,192,000
Munlclpal warrants-. 3,359,000 9,629,000
104 200.000
Total earning asse
5,419,000 28,576,000
1,799,000
1,318,000
866,000
----163,000 757,000
1,130,000 a 12,255,000
Duo from other Federal
804.000 1,638,000 539.000 5,182,000 1,518,000 4,425,000 1,264,000 286,000
147,000 7,929,000
Reserve Banks—Net. 1,627,000, ----------- 5,222,000
119,000, 683,000
35,000 783.000 410,000 3,962,000
331,000
395,000 300,000 478.000
All other resources-----22,534,000 509,551,000
63,639,000
18,948.000
17.138,000
20,731,000
20,195,000
34,464,000213,691,00032,381,000 32,964,00025,294,00018,666,000
Total resources-------3,941,000 54.886.000
L IA B IL IT IE S .
11,092,000 5,257,000 5.945,000 3,3o4,000 2,416,000 ^ 382 000 i ’S f t g S 2 325.000
819,000 28.946.000
Capital paid in............. 5,162,000
K w f f lj
895,000 6,120,000 317,000 588,000 6,237,000 5.874,000 56,014,000
14| 158,000 14,259,000^10,510,000 10,218,000 17,774,000 416,490,000
Government deposits—
9,089,000
Reserve deposits—Net. - 28,407,000 185,445,00026,807,00026,431,000 10,9|1,000 8,880,000
------ I I I I " " " " ! " I l l l l l j
...........j
60,000
Fed. Res’ve notes—Net.
140,000
11,034,000
Duo to F.R.banks—Net
40,000
Another liabilities-----22,534,000 509.551,000
................. ...........
Federal Reserve Notes—
14,194,00016,838,000 4.379.000 8,938,000 13,200,000 10,345,000 13,020,00011,070,000206,978,000
190,000 5,419,000| 30,760,000
866,000 332,000
Issued to banks-------- 9.995.000 85.065.000 8,134,00011,200,000
163,000 757,000 388,000. 1,274,000 1.799.000 1,318,000
In handB of banks----- 1.263.000 10.991.000
2,580,000 7,620,000 12,334,000 10,013,000 13,430,00o! 5,651,0001176,218,000
13,800,000
15,564,000
F.R. notes In circulation 8,732,000 68,074,000 7,971,00010,443,000
|
1
Gold and lawful money
9.124.00014.168.000 4.379.000 8,938,00013,200,000 9,000,000 11,432,00011,070,000.195,705,000
1,998,000 ----------- 9,089,000
with agent........... — 9,995,000 85,065,000^ 8,134,00011,200,000 4.682.000
1,396,000
5,419,000 28,576,000
Carried to net liabilities.
1.709.000 1,318,000 866,000 _______
103,666
757.666
Carried to net assets----- 1,263’,666 i6,99il666
a Items In transit, 1. e., total amounts due from less total amounts duo to other Federal Reserve ba
STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS FEB. 18 1916.
Boston.
N ew York. \phlladeVa. Cleveland. Richmond.: Atlanta.
Chicago.
St. Louis. M ln n ea p . K an .C U v.
___
D allas. |<San Fran .
_
Total.
$
1
$
$
$
1
s
$
$
1
$
*
$
$
1
s
$
Federal Reserve Notes—
17 000,00020,400,000 9,380,000 9,600,000 19,000,000^13,000,000 19 580,00011,360,000275,420,000
286,000
290,000
11,851,000
Rec’d from Comptrol’r 19,380,000 108,240,000 15,480,000 13,000,000 ’
i .............
120,000
640,000 9,175,000 1,140,000| 200,000
Returned to ComptrT
10 904.000 11.070.000 263.569.000
In hands of F.R.agent
8,745,000 14,000,000 6,200,000 l,600,OOo| 2 ,800 ,000 ! 3,562,000 4,881,000,
« n f l « n n t i ] n 184 nnn'l 1 .2 0 0 .0 0 0 1 4 .1 9 4 ,0 0 0 1 0 ,8 3 8 ,0 0 0
4 ,3 7 0 ,0 0 0
602.000;,5,800,000, 2,655^000, 5,674.000 ............. 56,591,000
8 .9 3 8 .0 0 0 ;i 3 .2 0 0 ,0 0 0 1 0 .3 4 5 .0 r o i1 3 ; 6 2 0 ^ ^ 0 7 0 ,0 0 0 |2 0 0 .0 7 8 _.0 0 0
Issued to F. R. bank
3,950,00010,200,000 2,000,000 9,540,000 ----------- 123,258,000
Reid by F. R. agent—
Gold coin A certfs----- 9.410,000 73,958,000^ 3,560.00010,640,000
...
718 000^ 619 00ft 428 000 650 000 500,000 702,000 290,000 17,097,000
Credit balances:
585,000 11,107.000 474,000, 560,000 8,66o!oOO13,450!000 S.T&OOO! 4,lio;oo8l 2,350,000 6,500,0.^ 1,190,00010,780.000 55,350,000
In gold redemption f'd
............. 4,100,000; ........
With F .R . Board----Notes secured by com
5,.07o’,OOo| 2.670,000 .............|
1’345’°Q° 2’ 188’°0° ............. 1 11’273’000
mercial paper...........
9 995.000! S5.065.000! S .lS l.O O O 'll^ O O .O O O )!.^ !"^ ^ ^ "^ 4,379,000! 8.938.00Q1
,13,200,000 10.345,000 13,020.000 ll,070.000l|200.078,000
T otal________
|
___ | ............. I 1,381,000 4,253,000 ............. 1 14,005,000
Amount commer'l paper
5,701,0001 2,670,000
delivered to F.R.agent
Feb . 26 1916.]
THE CHRONICLE
781
S tatem en t of New Y o rk City C learing-H ou se B an k s and T ru st C om p an ies.— The following detailed statement
shows tho condition of tho Now York City Clearing-House members for the week ending February 19.
The figures for the
separate banks are tho avoragos of the daily rosults. In the case of the totals, actual figuros at the end of the week are also
given. In order to furnish a comparison, we have insertod the totals of actual condition for each of the three groups and
also the grand aggregates, for tho threo preceding weeks.
*
N E W Y O R K W E E K L Y C L E A R IN G -H O U S E R E T U R N .
CLEARING-HOUSE
MEMBERS.
A d d it’a
Deposits
with
Legal
Deposi
taries.
Week Ending
February 19 1916
(001 omitted.)
Members of Federal
Reserve Bank.
Bank of N. Y.. N.B.A
Merchants' Nat. Bank
Mecli. * Metals Nat..
National City Bank..
Chemical Nat. Bank..
Atlantic National Bank
Nat. Butchers’ A Drov.
Amer. Exch. Nat. Bank
National Bank of Com.
Chatham a Phenlx Nat.
Hanover National Bank
Citizens’ Central Nat..
Market & Fulton Nat..
Importers' A Traders'. .
National Park Bank__
East River Nat. Bank
8econd National Bank
First National Bank..
Irving National Bank.
N. Y. County Nat. Bk
Chase National Bank..
Lincoln National Ban£.
Garfield National Bank
Fifth National Bank__
Seaboard Nat. Bank...
Liberty National Bank.
Coal A Iron Nat. Bank.
Union Exchange Nat..
Nassau Nat. Bank__
Broadway Trust Co__
Averag
S
..........
________
_____
_____
..........
____
_______
___
_____
_____
_____
_____
_
_ ...
________
_____
_____
_____
_____
_____
..............
Totals, avgo. for week
Net
Tim e
Deposits
N ation *!
Bank
Circula
tion
Average.
Average.
A verage ,
*
s
32,364, (
9SS,(
31,806,1
148,103,1 2,475,(
482,503,1 1,433,1
31,051,C
12,985,0
125,1
1,698,0
80,094,0 3,151,C
240,925,0
145,C
55,817,0 5,191,0
149,421,0
26,192,0 1,144,0
10,504,0
32,335]0
155,625.0 1,356,0
2,453,0
15,621,0
168,592,0
125,0
75,266,0
123,0
10,489,0
223,148,0 1,440,0
17,745,0
47,0
9,734,0
4,826,0
119,0
45,904,0
58,602]0 2,250.0
8,902,0
200,0
11,071,0
12,0
8,997,0
19,S07]0
93,0
t
797,0
1,878,0
4,942,0
1,799,0
450,0
370,0
47,0
4,562,0
2,105,0
1,773,0
130,0
1,633,0
51,0
3,557,0
50,0
695,0
4,122,0
740,0
450,0
892,0
397,0
248,0
500,0
412,0
395,0
..............
2,173,180,0 20,417,0 33,973,0
..............
2,180,349,0
2,175,050,0
2,159,081,0
2,166,849,0
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
State Banks.
Net
Demand
D eposits.
20,137,0
20,248,0
20,339,0
19,646,0
33,865,0
34.082,0
34.053,0
34,427,0
Not Members o f
Federal Reserve Rank.
Bank of Manhattan Co.
Bank of America_____
Greenwich Bank____
Pacific Bank________
People's Bank.........
Metropolitan Bank...
Corn Exchange Bank.
Bowery B ank.............
German-Amerlcan Bank
Fifth Avenue Bank___
German Exchange Bank
Germania Bank______
Bank of Metropolis___
West Side Bank______
N. Y. Produce Exch.Bk
State Bank_________
015,0
_____
103,0
0,086,0
101,0
430,0
___ _
73.8,0
83,0
2,757,0
379,0
Totals, avge. for week
55,363,0
35,642,0
11,746,0
4,088,0
2,665,0
10,746,0
95,928,0
3,367,0
5,964,0
18,071,0
4,367,0
G,0S5,0
14,354.0
4,650,0;
14,060,0]
24,690,0
1 ,0
12,0
15,0
100,0
31,0
............-
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
Trust Companies
Not Members o f
Federal Reserve Rank
Brooklyn Trust Co___
Bankers Trust C o ____
U. 8. Mtg. A Trust Co.
As tor Trust Co...........
Title Guar. A Trust Co
Guaranty Trust Co___
Fidelity Trust Co
Lawyers Title A Trust
Columbia Trust Co__
People's Trust Co___
New York Trust C o..
Franklin Trust Co___
Lincoln Trust Co.......
Metropolitan Trust Co
Totals, avge. for week
Totals, actual condition Feb
Totals, actual condition
Totals, actual condition
Totals, actual condition
Grand Aggregate, avge.
Comparison prev week
Grand Aggregate, actual
Comparison prev. week
Grand Aggregate actual condition Feb
Grand Aggregate actual.condltlon Feb
Grand Aggregate actual {condition Jan
CashReserve Reserve in
In Vault. [Depositaries
Inc. or Dec.'
from
CashReserve Reserve In
PretiousWeek! <n Vault. Depositaries
Members Federal
t
I s
$
S
Reserve B a n k ... 301.383.000109.347.000 530,730,000 392,193.250
J
$
State Banks*______ 50,047.000 12,290,000 02,337,000 50,230.500 138,530,750' —2,921,130 30S,492,000 108,100,000530,592,000 394,549,070142,042,330 +2,554,810
—2.578,520 47,040,000 13,002,000 00,702,000 55,195,740] 5,500,200 —3,786.820
Trust C om panies*.I 103.820.000
40,290,000150,110,000138,912,750
-
Total
Total
Total
Total
Fob.
Foo.
Fob.
Jan .
_
___l--------- _
11,203,250]
—0,015,200
90,075,000 40,020,000142,095,000
,------- —n.uio.guu
■■m,b75,U
OU 40,020,000142,095.000138,235.050]
4,459,950—15.582,400
138,235,050 4,459,950,-15.582.400
19____
11____
23.041.000
i : ^ ^ : ^ 0 0 230,593,000
2 3 0 :6 9 3 :0 M 7
753,034,000
5 3 :0 3 4 :0 0 0 585,072.710ll67
s I I i o l ^ T l o l l O ^ . 'i961'290
o 1 .'2905
6 ____ M
521.990.000 234,039,000 750,035,000583,233.020l172'801 *980
29
"iln'Snn
^ 7,182,000 739,9,89,000 587,980,460152,008,540.•840.690 527.094.000229.030.000750.724,000,587,901,050 108,822,950,' —1;582;»20
2,207,720 521,079,000 231,447,000 752,520,000.5.82,120,130170 405 870 _7 395 870
52.3.753.000 2.32.0 II.000 755.794.000 580.724.300'I75’009 700 + 2,109,640 525,749.000 232.138.000 757,837.000580.085.260 177:80+740 —I j l l i ^ O
,t}em*>er8 of Federal Reserve Bank.
-------------------------------------------------------------- --
In clu de also the amount o f r e a ^ e r e q u I r e d ^ i ^ T l ^ D ^
F e V n ^ I i m ', fJ ]I.e™bera.of
* } 1 hJ8 ,8 *,ie rc8cr*e required on Net Demand Deposits In the case of State Banks and Trust Tornn
hti t’ i
n
*
J
a
Includes also the amount of reserve required on Net Tim e Deposits, which was as f o U o ^ F e b . T s , $ ~ 8 ? 0 ;
, i
n
Federal Reserve Banka
.
29. $993,800.
[Vol . 102
THE CHRONICLE
782
The State Banking
showing the condition
in New York City not
shown in the following
Department reports weekly figures
of State banks and trust companies
in the Clearing-House , and these aro
table:
8 U M M ARY
OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING-HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
D ifferences from
February 18.
Vreviousweek :
Loans and Investments------------------------------------------ *864,090,900 Inc. $5,121,700
760.000
G o l d _______________
oo,o84,7U U Inc.
402.000
Dec.
Currency and bank n otes..------- ---------------------------4,726,800
Inc.
Total deposits_________________________________ 865,118,200
Deposits, eliminating amounts due from reserve de
positaries and from other banks and trust companics In Now York City, and exchanges............ 699,077,800 Inc. 6,864,400
198,000
Reserve on deposits______________________________ 224,388,400 Dec.
Percentage of reserve, 31.9%.
___
RESERVE.
— Trust Companies ----
------- State Banks ------Cash In vaults-----------------------------S11.505,700
Deposits In banks and trust cos------18,615,100
11.05%
17.73%
S53.904.200
140,273,400
9.02%
23.47%
T o ta l.............................................. $30,210,800
28.78%
$194,177,600
32.49%
In addition to the returns of “ State banks and trust com
panics in New York City not in the Clearing House furnished
by the State Banking Department, tho Department also
presents a statement covering all the institutions of this class
in the whole State. The figures aro compiled so as to distin
guish botween the results for New York City (Greater Now
York) and those for the rest of the State, as per tho following:
For definitions and rules under which the various itoms
aro made up, see “ Chronicle,” V . 98, p. 1661.
_
The provisions of the law governing the reserve require
ments of State banking institutions wore published in the
“ Chronicle” March 28 1914 (V . 98, p. 96 8). Tha regula
tions relating to calculating tho amount of doposits and what
deductions aro permitted in tho computation of tho resorves
wore givon in the “ Chroniclo” April 4 1914 (V . 98, p. 1045).
STATE BANKS AND TRUST COMPANIES.
The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing-House,compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Week ended Feb. 18.
Stale Banks
Trust Cos.
in
in
Greater N . Y .G re a te r N . Y
14.050.000
Capital aa of Dec. 31------
23,350,000
65.550.000
11,613,000
Surplus as of Dec. 31------
38,833,300
163,857,800
14,966,300
12.887.000
Loans and Investments-Change from last week-
372,290,200 1,624,724,000
— 1,841,300 + 18,086,000
149,793,000
+ 526,100
213,407,600
+ 780,100
We omit ciphers in all these figures.
Week ended-
Loans and
Investments
D em and
D eposits.
Specie.
G o ld .............................. ..
Change from last week.
40,428,500
— 2,510,400
141,841,000
— 5,059,500
3.753.798.0
3.750.386.9
3.769.648.5
3,799,286,4
3.834.525.9
3.885.457.0
3.894.605.2
3.919.527.2
3.923.580.8
3.933.590.6
3.950.998.9
3.974.792.2
3.997.810.9
3.858.048.5
3.863.672.1
3,870,658,9
3.887.606.2
3.922.901.2
3.965.801.4
3.983.842.6
4.027.009.7
4,044,949,6
4,059,083.1
4,076,781,0
4.092.492.4
4.110.734.8
$
Nov.
Deo.
Dec.
Deo.
Deo.
Dec.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
517.556.8
516.027.9
515.147.8
500.809.0
485.603.5
467.747.8
470.414,4
487.114.6
500.667.9
501.605.1
502.332.6
504.583.7
501.067.7
Curroncy and bank notes.
Change from last week.
21,215,400
— 556,000
18.289.000
+ 114,800
27___
4 ___
11___
18___
24-----31___
8 ___
15___
22___
29___
5___
11___
18-----
Trust Cos.
State Banks
outside o f
outside o f
Greater N . Y . Greater N . Y .
Deposits-----------------------Chango from last week.
509,389,600 1,977,894,900
+ 3,632,900 + 1,827,200
161,564,800
+ 1,420,700
231,344,500
+ 572,900
Reserve on deposit—
Chango from last week.
112,439,900 430,318,500
— 4,692,000 — 14,980,400
29,760,100
+ 076,200
36,303,800
+ 18,800
21.5%
19.2%
19.3%
P. c. of reserve to deposits
Percentage last wcek..
+ Increase over last week.
27.4%
28.1%
26.7%
27.8%
2 1 .1 %
— Decrease from last week.
Non-Member Banks and Trust Companies.— Following is the report made to tho Clearing-House by oloaring non
member institutions which are not included in the “ Clearing-House return” on tho preceding page:
R E T U R N OF N O N -M E M B E R IN S T IT U T IO N S OF N E W Y O R K C L E A R IN G -H O U S E .
CLEARING
N ON -M E M B ER S.
Week Ending
Feb. 19 1916.
!>»•? Members of
Fed’l Reserve Bank
Battery Park Nat—
First Nat., Brooklyn
National City, Bklyn
First Nat., Jcrs. City
Hudson Co. N .,J.C .
First Nat., Hoboken
Second Nat., Hobok.
T o ta l....................
State Banks.
Not M em bers o f the
Federal Reserve Bank
Bank of Wash. Hgts
Colonial Bank_____
Columbia Bank----Fidelity Bank-------Mutual Bank-------New Netherland----Yorkvillo Bank-----Mechanics’ , Bklyn.
North Side, Bklyn.
T o ta l___________
Trust Companies.
N ot M em bers o f the
Federal Reserve Bank
MamlltonTrust ,Bkln
Hechanlcs’ , Bayonne
T o ta l..............
Grand aggregate----Comparison, prev wk
Excess reserve,
Grand aggr’ to Feb 1
Grand aggr’ te Feb
Grand aggr’ te Jan 29
Grand aggr’te Jan 22
Grand aggr’te Jan 15
Philadelphia Banks.— Summary of weekly totals of
Clearing-House banks and trust companies of Philadelphia:
Boston Clearing-House Banks.— W o givo bolow a
summary showing tho totals for all tho items in tho Boston
Clearing-House weekly statement for a sorios of weeks:
We omit two ciphers (00) in all these fig u res.
Deo.11.................
D eo.18................
Deo.24_________
Deo.31_________
Jan. 8 _________
J an .15_________
Jan.22_________
Jan.29_________
Feb. 5................
F eb .11_________
F e b .19................
Capital
and
Su rp lu s.
Loans.
Reserve.
Deposits.
Circula
tion.
S
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
$
470.812.0
472.704.0
475.715.0
474.890.0
472.705.0
471.990.0
473.454.0
477.748.0
482.190.0
481.708.0
478.243.0
$
102.328.0
99.030.0
91.042.0
95.802.0
115.972.0
123.009.0
121.739.0
111.788.0
110.009.0
109.242.0
130.945.0
$
554.778.0
558.687.0
556.534.0
565.845.0
588.453.0
593.907.0
592.806.0
582.743.0
585.686.0
586.063.0
617.461.0
S
10.536.0
10.519.0
10.518.0
10.517.0
10.589.0
11.043.0
10.975.0
10.960.0
10.966.0
10.575.0
10.508.0
a
$
220.831.6
240.192.4
188.429.4
219.124.2
319.992.0
232.607.7
222.977.1
207.825.7
239.873.4
195.426.3
290.101.8
a Includes Government deposits and tho Item duo to otner vanits u i * / ,
S1S0,573,000); also “ Exchanges for Clearing-House" (Feb. 19, $26,262,000). Duo
from banks Feb. 19, $85,077,000.
Feb. 19.
Clearings
1910.
Loans, dlsc’ts & Investmcnts.
Indlvldual deposits, incl. U.S.
Due to banks______________
Time deposits_____________
Exchanges for Clearing-House
Due from other banks______
Cash reserve______________
Reserve In Fed. Res’ ve Bank
Reserve with other banks__
Reserve excess In bank_____
Excess with reservo agent—
Excess with Fed. Res've B’k.
Change from
previous week.
$8,232,000 Inc.
101.104.000 Inc.
352.871.000 Inc.
132.031.000 Inc.
16.830.000 Inc.
18.511.000 Inc.
41.428.000 Inc.
25.333.000 Dec.
17.248.000 Inc.
74.193.000 Inc.
2.586.000 Deo.
55.238.000 Inc.
2.084.000 Inc.
Feb. 11.
1916.
5.
1916.
Feb.
$30,000 $8 ,2 0 2 ,0 0 0 $8 ,2 0 1 ,0 0 0
3,584,000 397.580.000 395.767.000
16,123,000 336.748.000 335.077.000
1,658,000 130.373.000 133.488.000
219.000 10.587.000 16,282,000
1,755,000 16.756.000 16.293.000
4,308,000 37.120.000 30.860.000
341,000 25.074.000 25.921.000
1,108,000 10.140.000 15.902.000
6.174,000 68.019.000 70.054.000
699,000 3.285.000 3,531,000
6,874,000 49.304.000 51.394.000
974,000
868,000
1.216.000
Imports and Exports for the Week.— See third page
preceding.
Feb. 26 1916.]
i $nnkgx$f
THE CHRONICLE
The amount of sales reported “ s-20-f” are again smaller i
$215,000 against $375,000 last week.
d to e ite .
Wall Street, Friday Night, Feb. 25 1916.
T h e M oney M arket and Fin an cial S itu a tio n .— The
security markets havo been exceptionally inactive throughout
the week, owing to a lack of interest on tho part of both bu yors and sellers. This is duo in somo moasuro, doubtless, to
tho usual holiday on tho 22d, but moro largoly to a steadily
increasing tondoncy to caution in financial circles, growing
out of the demands of the labor oloment at homo, tho inter
national diplomatic situation, of which it has beon officially
said within tho week that “ it was nover moro grave.” From
whatever cause, tho result has beon tho smallest volume
of business in many months and a corresponding doclino in
values.
Except for tho existing unrest in labor circlos referred to,
domestic affairs are in a most promising condition. Rail
way traffic appears to bo limited only by equipment and ter
minal facilities. There has boon a furthor advance this week
in iion and steel prices, and it is roportod that contracts for
copper motal havo boon made at pricos ranging from 27 to 28
cents per pound, while the cost of production is presumably
tho samo as when tho market price was around 13 cents.
Tho situation in another industry is illustrated by tho an
nouncement of a 1 9 % dividend to du Pont Powder stock
holders. Tho lattor is payablo in Anglo-French bonds, howovor, and if taken at par by tho shareholders, tho dividend,
at tho present market prico of tho bonds, will bo a little loss
than $18 per share.
Tho unusual business activity noted above has, of courso,
called for a largo expansion of bank loans throughout tho
country, but tho latost Government roport on tho condition
of tho banks shows that this expansion is amply safeguarded
by tho reserves hold. Another Government roport given out
this week, that of our foroign trado for January, is also inter
esting. It shows oxports amounting to $335,535,000 and,
notwithstanding tho fact that tho imports woro the largest
evor recorded in January, amounting to $184,192,000, indi
cates a balanco in our favor of $151,343,000. Tho fact that
sterling exchango has not declinod undor theso conditions
shows how successful havo beon tho measuros adopted to
protect it.
Foreign E xch an ge.— The marlcot for sterling oxchange
has ruled firm throughout tho week. Francs also havo beon
firm, but exchango on Berlin and Vienna has doclinod in tho
absence of buying power.
To-day’s (Friday’s) actual rates for sterling oxchange woro
4 7 2 % @ 4 7 2 % for sixty days, 4 7 6 % @ 4 7 6 % for checks
and 4 76 1 5 -1 6 @ 4 77 1-16 for cablos. Commercial on banks
(sixty days) 4 7 1 % @ 4 7 1 % and documents for payment
(sixty days) 4 71 % @ 4 72. Cotton for payment 4 7 6 ®
4 7 6 % and grain for paymont 4 76 @ 4 7 6 % .
1 horo woro no rates posted for sterling by prominent
bankers this week.
To-d ay’s (Friday’s) actual rates for Paris bankers’ francs
were nominal for long and 5 8 7 % for short. Gormany
bankers’ marks woro nominal. Amsterdam bankers’ guilders
were 4 2 % for short.
Exchange at Paris on London, 28.03fr.; week’s range,
28.03fr. high and 28.06fr. low. Exchango at Berlin on
London not quotablo.
Tho range for foroign exchango for tho wook follows:
S te r lin g . A c t u a l — S ix t y D a y s .
C h ecks.
C a b le s.
High for tho week___4 7214
Low for tho w eek___4 72*4
4 70 A
4 76*4
4 77 1-10
4 76 13-10
High for tho w eek___
Low for tho w eek.
5 86 A
5 88
5 80
5 87 X
/ ’arts H an k ers’ F r a n c s —•
____
G e rm a n y H an k ers’ M a r k s —
High tor the w eek.
L ow for tho week
"
A m s te rd a m H an k ers’ G u ild e rs —
High for tho week___
Low for tho week___
.
74*4
73
74*4
73*4
42*4
42 A
42*4
42*4
— ym cago, i u c . por $ 1 ,UUU discoun
Boston, par. St. Louis, 5c. por $1,000 premium bid ar
10c. premium askod. San Francisco, 30c. por $1,000 pron
m m . Montreal, $7 8125 per $1,000 premium. M inn
apolis, 15c. por $1,000 premium. Cincinnati, par
No
Orleans, sight, 50c. por $1,000 discount and brokors 50,
premium.
S tate and R ailroad B on d s.— Sales of Stato bonds at
tho Board ineludo $14,000 Now York 4 % s at 11 4% - $6 000
N . Y . Canal 4 % s at 1 1 4 % to 115, and $27,000 Virginia 6s
doforred trust recoipts at 51 % to 52.
Tho marlcot for railway and industrial bonds has been somowhat less activo than of lato, and pricos havo shown a ton
doncy to doclino. Of a list of 20 activo issuos, 13 aro lower
and 3 unchanged. Among tho exceptional foaturos Consoli
dated Gas 6s and Southern R y . gon. 4s aro conspicuous for a
doclino of 2 points. On tho othor hand, U . S. ltubbor 5s
havo advancod 2 % points. Othor changes aro fractional and
unimportant. Among tho notably activo issuos aro, of
courso, tho Anglo-Fronch 5s, which have fluctuated botwoon
94 and 95 on sales of botwoon $290,000 and $300,000 par
valuo; Atchison, Balt. & Ohio, In tor.-M . M ., Now York
Contral, N . Y . Railways and Southorn Pacifies.
783
U n ited States B o n d s.— N o sales of Government bonds
have been reported at the Board this week. For to-day’s
prices of all the different issues and for the week’s range, see
third page following.
R ailroad an d M iscellan eou s S to ck s.— Business in
stocks at tho Exchange has steadily increased in volume from
tho unusually small total of 281,000 shares on M onday,
although the aggregate for the week is the smallest in many
months. From sheer lack of interest on the part of traders
and others prices drifted downward both before and after
the holiday and on Thursday the movement was accelerated
by the reports of friction in Congressional circles at W ash
ington. This influence proved, however, of short duration
and a reaction from the low prices then recorded followed.
T o -d a y ’s market has been irregular but generally strong,
as only 2 of a list of 30 active issues do not close higher
than last night. Only 5 of the same list have, however,
made a net gain for the week. Am ong the latter are Lehigh
Valley and Reading, which, with other coal stocks, have
been relatively strong all the week on hopes of a peaceful
outcome of the labor agitation.
The manufacturing stocks have been less irregular than
usual. Pacific M ail is exceptional in an advance of over
6 points and Gen. M otors is 2 points higher than last week.
On the other hand, U . S. Ind. Alco. has declined 3 % points
and A m . Zinc nearly as much.
.
For daily volume of business see page 792.
The following sales havo occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
ales
Rangefor Week.
RangesinceJan. 1.
WeekendingFeb. 25. Sfor
Week Lowest.
Highest.
Lowest. I Highest.
ParShares $ per share $ per share S pershare\S pershareJ
Adams Express____ 100
100 136
Feb 24
136
Feb 24 13514 Feb 15414
Jan 8
Jan 77
Feb 314
Jan 5314
Jan 9914
Jan 14
Feb 94
Jan 109
Jan 1 2 1
Feb 5814
Feb 8814
Feb 1014
Feb 76
Jan 6214
Feb 4214
Feb 9814
Jan 14114
Feb 2014
Feb 78
Jan 11114
Jan 131
Jan 10714
Jan 62
Jan 105
Feb 83
Feb 81
Jan 113
Feb 45
Feb 9014
Jan 1114
25 96 Feb 25 9314 Jan 96
23 9514 Feb 23 ) 9 3 14 Feb 10014
25 10114 Feb 19 100
Jan 105
23 814 Feb 23 8
Feb 9
21 30 Feb 21 2214 Jan 30
19 6014 Feb 19 6014 Feb 71
19; 49 Feb 23 3814 Feb 40
21! 114 Feb
Jan 314
1A
24; 2 Feb 24
1
Jan 4
24; 1814 Feb 21 18 A Feb 2014
25; 5014 Feb 25 50
Feb 6214
23 12614 Feb 24 125
Feb 135
241139 Feb 24 139
Feb 139
Assets Realization.. 100 » 100 6 A Feb 23 6 A Feb 23 6
Associated Oil_____ 100 5,400 66 Feb 21 73 Feb 24 62
Batopllas Mining___ 20
900 214 Feb 19 2 A Feb 23 2
Brown Shoe_______ 100 100 53 A Feb 23; 53 A Feb 23 5014
Fnh 23
09 CMklS
V aK O
O 9514
Preferred_______ 100 10 0 96*4 Feb
9614 Feb
23
Brunswick Terminal. 100 100 10*4 Feb 19 1014 Feb 19 914
Buff Roch & Pitts.. . 100
15 94 Feb 21 94 Feb 21 93
Bums Bros, pref___ 100
20 105
Feb 23 105 Feb 23 104
Bush Terminal........100
400 115*4 Feb 25 11614 Feb 23 96
Canada Southern... 100
2 57
Feb 21 57 Feb 21 57
Case (J I), pref____ 100
100 85
Feb 24 85 Feb 24 85
Chicago & Alton... 100 100 8 Feb 23 8 Feb 23 8
Cluett, Peabody&Co 100 1.300 70 Feb 23 72 Feb 19 70
Comp-Tab-Record . . 100 330 47*4 Feb 21 4814 Feb 24 44
Crex Carpet_______ 100 100 41 Feb 19 41 Feb 19 41
Deere & Co, pref___ 100
300 95 Feb 24 95 Feb 24 95
Detroit Edison____ 100
180 137 Feb 24 13814 Feb 23 13214
Interboro-Met v t c.100
100 18
Feb 23 18 Feb 23 17
Int Harvest Corp__ 100
500 69 Feb 23 70 Feb 19 69
Int Nickel, pref v t c.100
100 111*4 Feb 23 11114 Feb 23 10914
Kings Co El L & P..100
200 1 2 0 A Feb 21 1 2 9 1 4 Feb 21 12814
Laclede Gas............. loo
300 105 A Feb 25 106 Feb 23; 10414
May Dept Stores...100; 200 51 A Feb 24 53 Feb 23 50 A
Preferred_______ looi 100-10214 Feb 23 10214 Feb 23 10214
Morris & Essex......... S0|
T\ 81
Feb 21 81 Feb 21 81
Nat Cloak & Suit.-.100! 125 75 A Feb 21 7514 Feb 21 75
Preferred ........... _ioo!
100 l l l l f Feb 24 111 14 Feb 24 11014
N Y Chic & St L___ 100
350 35 Feb 24 3814 Feb 21 35
1st preferred____ 100!
100 8414 Feb 19 8414 Feb 19; 8414
Ontario Silver Min.. 100, 3,400 6 J4 Feb 24 8 Feb 19 614
Pacific Tel&Tel, pref 100
35 96 Feb
Pitts Steel, pref........ 100
800 95 Feb
Tobacco Prod, pref..100
600 1 0 1 A Feb
Tol St L & W pf tr rets..
100 814 Feb
United Dry G oods.. 100
108 30 Feb
Preferred________ 100
50 6014 Feb
U S Realty Impt-.lOO 4,500 3814 Feb
U 8 Reduc & Refg__ 100
100
114 Feb
Preferred............... 10 0
100
Feb
Utah Secure v t c ___ 100;
700 1814 Feb
Virginia Iron C & C.100;
200: 50 Feb
Wells, Fargo ExpresslOO
30012514 Feb
West'house Air Brake 50
2139 Feb
&
2
A
A
21
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
O utside M arket.— Thero was a further diminution in
“ curb” trading this wook, tho market apparently following
tho Stock Exchango. Tho tone was weak and prices aro
generally lower at the close. Aetna Explosives, now stock,
was a feature and on heavy dealings advanced from 21 % to
25, reacted to 22 and to-day sold up to 243^, with the close
at 24. Midvale Steel, after early advance from 7 0 ^ to 71,
was traded in down to 6 6 % , ox-rights, and ends the week at
b o % . Tobacco Products, com ., was active and at the outset
unproved about 2 points to 45, but thereafter declined to 38,
with tho close to-day at 4 3 % . United Cigar Stores, “ w. i . , ”
was up at the opening from 9 6 % to 1 0 0 % , reacted to 9 6 %
and finished to-day at 9734. Chevrolet M otor gained 5
points to 136, dropped to 132 and sold to-day at 134. Cuba
Cane Sugar, com ., receded from 5 2 % to 4 9 % and recovered
finally to 5 0 % . Driggs-Soabury lost some 6 points to 138,
and Kathodion Bronze, pref., 4 points to 18. Submarine
Boat improved from 37 to 3 7 % , then broko to 35, recovered
and to-day reached 3 9 % , with the close at 39. There was
unusual activity in tho low-priced oil issues. Cosden & C o.
fell from 2 4 % to 20 and recovered finally to 2 2 % . Midwest
Refg. gained somo 4 points to 63, reacted and finished to
day at 62. Sapulpa Oil & Refg. moved down from 1 4 % to
1 0 % and-ends the week at 1 1 % . Wayland Oil & Gas lost
almost 3 points to 6 % and closed to-day at 7 % . Standard
Oil stocks were dull. Ohio Oil, after a recession of 8 points
to 226, sold up to 242 and closed to-day at 236. Standard
Oil (Cal.) was traded in to-day between 257 and 264, ex the
5 0 % stock dividend. Standard Oil of N . J. lost 11 points
to 501. Copper shares were less active. Bonds were fairly
active, with changes of little consequence.
Outside quotations will be found on page 792.
784
N ew
Y ork
S to ck
E x ch a n g e — S to ck
1
R ecord .
D a ily .
W eek
y
and
Y e a r ly
O C C U P Y IN G T W O P A G E S._______
PER SHARE.
Range Since Jan. 1
Salesfor NEW STOCKS
HIGHANDLOWSALEPRICES—PERSHARE, NOTPERCENT.
On basis of 100-share lots
YORK STOCK
the
EXCHANGE
hursday Friday Wee\
Highest
uesday Wednesday T
Saturday Monday T
Lowest
Feb. 24 Feb. 25 Shares
Feb23
Feb. 22
Feb21
Feb19
$
per share
S
p
er
sh
a
re
Railroads
P
a
r
4
S ver share $ per share $ pershare $ per share $ per share S per share
5,900 Atch Topeka <fc Santa F e ..l0 0 rlO'1% Jan 31 108%Jan
PER SHARE.
Rangefor Previous
Year 1915
H ighest
$
$
per share
92b Feb 111% Nov
96
Jan 102% Nov
103 103b 103 103% 103 103b
103 103%
98% Jan 4 102 Feb 24
103 103
1,230 Do pref__________
102 102
102 102
10134 102
98 Mar 116 Nov
115 Jan 3
111%
Feb
8
101% IOUs *101 101%
*108
112
96 Deo
*110
112
63*4
Feb
*108*4
112
4
96
Jan
*110
*110 113%
113%
86% Feb 24
67 Feb 79*4 Nov
86b 86% 86 % 86 % 86% 87% 5,850
87
75% Feb 24 80 Jan 5
87
87% 87
75*4 75*4 75% 75% 75% 75% 3,420 Do prof.
83% Aug 93 Apr
88
Jan
17
84%
Feb
15
7.5^4 76% 75% 76
8534 85% 1 ,0 10
85% 86
July 194 Nov
86b 86b
1
*857g 86 7g 86% 86%
166 Jan 31 183% Jan 3
168% 169
167% 168b 168*4 169% 9,860
Sep 325 Jan
290 Jan 3 290 Jan 3 §2
1687s 16914 168% 169%
*270 310 *270 310 *270 210
35% July 6434 Nov
66%
Jan
5
6018
Jan
31
*270 310 *270 320
3,250
61
62
61b
61b 61b 61
10% Jan
17b Nov
12% Jan 26
61*4 62
15*8 Jan 3
61b 61%
800
12b 12%
*1234 13% 12b 12b
34 Jan 31
25b May 41b Nov
39% Jan 4
12*4 1234 *12*4 13
500 Do pref.
*343| 35% 35
35b *343t 35
77% July 1 0 1 % Dec
35
93% Feb 24 102% Jan 3
35
*35
36
Ihlcago Milv
2,650
94
94%
9434
95
135
Deo
93b
94%
128 Feb 16 136% Jan 5 1
*9434 95*2 95% 95%
600 Do pref.
135% Nov
128b 128b *128 129 *128 128b
126% Feb 24 134% Jan 3
1
128b 12812 128% 128%
1,850
126%
127
12612
128
§180
Nov
*128
129
July
174% Jan 4 175 Jan 11 1
128% 128% 128% 129
Do prcf.
100
170 180 *170 175
*170 180
3S38 Apr
16% Jan IS 20*8 Feb 7
175 175
10b July
*172 180
8,600
18% 1834 18% 19
18% 19
Apr 123 Nov
120 Jan 19 120 Jan 19 §1
1934 1978 18% 19%
123
*115
115
125
*115
125
Sep 135 Deo
§135 Jan 14 136 Jan 27 1
*115 125 *115 125
Do
pref.
141
*130
141
132% 111 *t32%
Oct
Jan 52
39 Feb 10 47% Jan 11 §
*132% 141 *132% 141
4ev Cln Chl<
43
*40
46
*40
46
*40
Oct
53% Feb 77
46
*40
44
*40
70 Feb 2 76 Jan 17
Do pref.
75
*72
75
*72
75
*72
24 Mar
38b Nov
32% Jan 8
75
*72
*72
27%Jan 31
75
28
*27
28
*27
28
60 Nov
*27
45
Jan
3
28
55
Jan
*27
*27
28
51
Jan
24
Do
52
*47
50
52
*47
*47
35
Sep 52 Nov
52
*47
52
*47
48 Jan 11 48 Jan 11
Do
50
*40
50
*40
50
*40
154% Nov
50
*40
50
*40
150 Jan 27 154% Jan 19 1
500
151 151 *151 152% .rl50% 150%
238 Nov
150% 151%
6
19
225
Jan
*150 151
220
Feb
23
500
220 220 *214 225 *213% 219%
16b Nov
4
Jan
222 223
3
14
Jan
*223 225
9
Feb
19
700
9
9
9
9
9%
*8
9
9
9
6b Jan 29*s Nov
9
1^*4 Feb 18 24 Jan 3
DO pref.
*15
*12
19
19b
20
*16
45% Nov
20
19%
Feb
*15
Jun
31
3
20
*15
43*8
Jan
20,1,80 E rie..
35% 36% 35% 37
36% 37
59b Nov
3214 Feb
50% Jan 31
59% Jan 3
37
37*8 36% 37
2,500 Do
51
52b
52% 52% 51% 52
27 Feb 54% Deo
45 Feb 24 54% Jan 3
*53
53lt *52% 53
Do
1 ,1 0 0
45%
45
45
45
46
46
40%
119% Jan 21 127% Jan 4 1112*4 Jan 128% Nov
*46
47
*46
3,468
12 0 % 1 2 1
12 0 % 12 0 % 12 0 % 12 0 b
25% Jan 54 Oct
42% Jan 31 50*4 Jan 3
1203t 12034 120% 12034
Iron Ore properties---------44% 43% 43% 12,820
43
44% 45
99 July 113 Apr
102% Feb 24 109% Jan 3
4434 45b
*45U 46
Central.................. 10'
18% July 25b Nov
103b 103b 102% 103 *102 103% 1,025 Illinois
3
21%
Jan
1534
Feb
15
10334 1033i *103b 104b
16% 17% 8,200 Interboro Cons Corp, vtc—
17% 17% 16% 17
70 July 82 Nov
71 Feb 15 77% Jan 3
17% 1734 17% 17%
Do
pret_____________
10
1
3,700
74%
73%
74% 73% 74
74
20%
Feb 35% Nov
4
32i.t
Jan
25
Feb
24
*74l2 75% 74% 75
3,300 Kaasas City Southern----- 10
25% 25% 26
54% Feb 65b Nov
25b 25% 25
60 Feb 17 64% Jan 3
26% 26% 2534 26
10
Do prel...............
*60
61
*60
61
16% Deo
*60
61
Jan
1 6 % Jan 3
61
12
Jan
26
*60
*60
61
Lako
Erie
&
Western.......
10
*11% 14
14
*11% 14
*11
41b Dec
19 May
* 1 1 % 14
35 Feb 22 41 Jan 3
14
* 11
Do pref_____________ 10'
*32
39
39
*32
39
83%
Nov
*32
64%
Feb
4
*32
39
74% Jan 31 83 Jan
*32
39
2 ,10 0
77% 76% 76% 77% 78b
77
15 Jan 27*s Oct
22% Jan 17
I 20 Jan 31
77b 77% 77b 77b
500
23
*20b
2
1
21
*20b
23%
130b
Nov
13
130*8
Jan
l2l%
F
cb
25
23
21b
21b
*21b
400
121b 122
25 June 132 Deo
*121b 124b 121b 124
129% Feb 15 131*8 Jan 28
* 12 2
124b * 12 2 124b
100
19*8 Feb
8
Sep
15b Jan 4
*129b 132 ♦129b 131b 130 130
5
Jan
31
*129 132 *129b 132
600
5b
5'
6
6
*5b
6b
24
Sep 49 Feb
4
15% Feb 2 3 3 12 Jan 0
6 % 6%
553s 5%
600 Do prcf.
17
17
17b 17b
06
Jan 126b Nov
17b 17b
> 120 Jan 27 125 Jan 3
*17
19
17
17
115 122 *118 122
* 12 0
12 2
: 23 June 136 Deo
4 135 Jan 13 137 Jan 15
123 *120 123
* 12 0
Do pref-------------15% Apr
135*4 13534 *133b 137 *133b 137b " 1 6 6
4 Sep
1
5 Feb 25
7% Jan [3
*133 138b ♦133b 138b
Te
5
5% 1,20 0 Missouri Kansas
5% 5b
*5b
6
p 14 Feb 2 16% Jan 4
10% Sep 40 Apr
6
5b
5b
*5b
400 Do pref........ .......
14
14
14%
14%
14%
14%
18%
Apr
13
4
July
D
4
Jan
3
14%
6*8
Jan
1
7
14%
•14b 14%
600
4% 5
*434
5
7 % Nov
5
4 Jan 3
6% Jan 15
3 Dec
5
■5
5
100
5
5
*434
5
*4%
28b
Oct
*434 5
0
23%Jan
21
*434
24
Feb
18
14b
Aug
5
Nat Rys of Mex, 1st pref.
___
23b
28
934 Oct
*23b 24b ___
434 July
0
7% Jan 20
9*4 Jan 12
*23
24b
24b *23
Do 2d p r e f..............
♦6% 8
*6-% 8
110% Deo
*7b
8
0
103%
Jan
31
81%
Mar
19
*7b
8
111%Jan
>6b 8
12,400
103% 104% 104 101%
104% 105
Oct
43 Feb 89
1053s 105% 104% 105b
0 65% Jan 31 77% Jan 10
6634 67% 6,800
67
67*s 65% 67
35 Apr
2 1* 4 Jan
0 26% Jan 31 31 Jan 3
68b 68*4 67% 68%
400
29
29*4 29*4 27b 27% *27
122% Deo
4
*27% 283t *27% 29b
122*8
Jan
99b
Jan
0
114%
Jan
31
2,900
116*4 116*4 116 116b 116b 117
80b Sep 90 June
117% 117b 117b 117b
0 84% Feb 25 88*4 Jan 7
400
84% 84% 84% 84%
*84
85
99% Feb 118*8 Deo
*84
85
*83
85
0 111% Jan 31 118%Jan 4
3,400
61b Nov
112b 113' 1 1 2 % 1 1 2 % 112*8 113
4
59*4
Jan
113 113% 112% 113
0
55*8
Feb
4
57
57% 15,591
57
57%
56%
57%
65 May 86 Nov
13
82%
Jan
57%
57b
0 78 Feb 17
57% 57%
*70
79
*70
79
*70
90 June 9Si2 June
9834 Jan 13
79
*70
*70
79
0
88 Jan 26
Do
pref.
*88
90
*8 8
90
8538 Nov
*88
69*b May
90
*88
90
*88
0 75% Jan 31 84% Jan 4
17,800
78% 7734
77
78% 78b
40*s Sep 45 June
78
78%
0 41% Feb 19 43% Jan 28
78% 78b
400
43
43
*42% 43
*42% 43
40 Feb 44 Apr
42%
44 Jan 15
41% 41% *42
0
41%
Feb
21
600
42%
42
*41% 43
*41% 43
1% Apr
% July
78 Feb 21
0
*8 Jan 4
*41% 4134 41% 41%
*%
% 1,000 Rock Island Company..
%
*1
%
2 ' 2 Apr
i4 June
*4
% Jan 18
%
34
0
b Feb 1
*%
%
900 Do pref.................. %
%
8
Nov
%
%
%
134 Mar
%
6 Jan 7
0
3%
Jan
31
%
%
34
St
Louis
A
San
Francisco
200
5% *4%
5%
14b Nov
7 Aug
*4% 5% *4%
10 Jan 7
0
834 Jan 11
5b
5b
5b
5b
Do 1st preferred__
9% *8 % 9% *8 % 9%
10% Nov
*8
3 Jan
8 Jan 7
*8% 10
n
6 % Feb 15
*8 1 4
9b
Do
2d
preferred-----*
6
%
7b
7% *6 % 7b
*6%
11 Sep 23 Nov
19 Jan 17
n 19 Jan 17
*6% 7b
*6%
7b
*__
St I.ouls Southwestern..
*__
20
20
20
29
Sep 4512 Dec
20
0
44 Jan 28 45 Jan 14
20
Do pref.......... .........
45 *
45 * __ 45
1878Jan 13
11% July 20% Nov
m 16 Jan 31
45
45
Seaboard
Air
Line..........
450
4334 Nov
§ 16*4 16% 16% 16% *16% 16%
42
Jan
13
0
36%Jan
31
30%
July
*16b 17% 16*4 16*4
500 Do pref----------------37% 36b 36%
36b 36% *36
0 98 Jau 31 104% Jan 4
37
81% Feb 104% Deo
37
*36b 37b
99% 99% 99% 12,800
26 Nov
99b 99% 99
K) 20 Jan 31 24% Jan 4
12%
July
99% 100% 99% 99%
6 ,10 0
20%
20
20
20%
20% 2 0 b
0 58 Feb 24 65 Jan 13
42 July 65 Nov
20 % 20 % 2 0 b 20 %
500 Do pref.
58
58% 58
58
17% Apr
*58% 59
K)
6 % Feb 14
10 Jan 3
*58b 60
8 b July
*58% 59
2,200
7%
8
7% 7% *6 %
7
7
35 Jan 64b Oct
0 59%Jan 31 021.1 Jan 15
*6b
7b
*6 b
220
60%
*60
60
60%
60
8% Nov
60%
1
Jan
*60
61
0
6 % Jan 7
6 % Jan 7
*60
61
Toledo St Louis & IVc
7
*5
7
*5
7
*5
14b Nov
8
5b May
*5
H> 10 Feb 15 10*8 Jan 8
7
*5
Do pref..............
12
*8
12
12
*8
100
Apr
*8
12
90
July
*8
12
1
1
0
95
Jan
27
96%
Jan
*8
125
96
*95
90
*94
96
*94
115% Jan 141b Nov
*95
96
95
*95
0 131%Jan 31 140% Jan 4
133 133% 133% 134% 14,600 Union Pacific_______
133% 134
84%
Nov
133% 134% 133% 134
179
Mar
84
Jan
28
)0
82%
Feb
19
Do
pref________
600
83%
82% 82b *82% 83% *83
8
Jan 27b Oct
8234 82% 82% 83
21% Jan 4
X) 12*8 Feb 24
4,050 United Railways Inve
1 2 % 14
15
15b
15% 15*4
21% Mar 4734 Oct
*15
17
10 28% Feb 25 39*4 Jan 3
300 Do pref.............. .
32
29b 29% 28% 29b
*30
17b Nov
12%
Oct
3
*31
17
Jan
32b *30b 32b
0
13*4
Feb
21
2,300
13% 14
13% 14
14 . 14
14%
43% Oct 49% Nov
14
*14
48% Jan 5
14b
0 42% Feb 24
43
43b 42b 42% 4234 43% 3,850
32b Nov
4434
4334 43*4 44
15
25b
Oct
32%
Jan
0
26
Feb
24
4,400
Do
pref
II
d
o___
26%
26b 26
26% 26% 26
9% Jan 35' 2 Oct
26% 27
31% Jan 4
27
27b
X) 25% Jan 31
26% 25% 25% 25*4 26b 2 ,10 0 Western Maryland.
26
25
Jan 50% Oct
*27% 27% 27% 27%
10 43% Jan (
45^2 Jftn
43
Do pref_______
*39
43
*39
6 % Nov
42
5
*39
b July
4%
Jan
42
♦•39
)0
2%
Jan
2(
200
*2 % 3b
*2 % 3b
193,4 Nov
" 3 * ” 3”
2
Aug
8
3
15
Jan
*3
3%
X) 11 Jan 11
15
200
Do
12b 1 2 b * 10
8 % Nov
11 b l i b
% Aug
15
4% Jan 17
* 10
15
* 11
TO
3% Jan If
4
4
200
Do
4
*3
4
*3
28 July 45 Nov
4
*3
4
*3
X) 36 Feb 16 38 Jan 15
*35% 36%
*35*4 36% *35b 37
*3534 36*4 *35*4 36*4
JS
21% Dec 40% Apr
10
22 Feb 11 20% Jan 7
22% 2 2 b
4,000
22b 2 2 % 2 2 % 2 2 b
13% Nov
10% Jan 7
9% Dec
9 Feb 15
22*4 22*4 22b 22%
1,950
9%
9%
9%
9b
9':
9b
33%
Feb
9
7% Jan 49b Oct
D
O
25
Jan
1
1
9%
9%
9% 9%
29% 5.100 Allls-Cbalmers MfR v t c . BO 75% Jan 2
29
30% 30% 28*4 30
83 Jan 3
33 Feb 85% Deo
30% 30*4
30b 30b
Do
preferred
v
t
c
—
2
.10
0
80% 80b
81
81% 81% 80
72% Jan 3
48 Jan 74b Nov
X) 67 Jan 1
81b 81b 81b 82
67% 68 % 1,20 0
69
69*4 70% 69
99% Jan 5
90 Mar 101% Nov
*70
71
66
90% Feb
70b 70b
115 Do pref.
99
*97% 98%
98% 98% *97
97
71*4 Feb 10
§97
99
00
61%
Fel)
33% Jan 72% Deo
*97
.merlcan
Bei
12,2
0
0
69%
70% 67% 69% 69
70
70% 71% 70*4 7134
60
94
Jan
•
96%
Feb
8
83 Feb 95 Nov
Do prof.
96
*94
96
96
*94
*94
*94
96
96
. . 101% Feb r 103% Jan 28
*94
87% Feb 109*4 Aug
1
0
1
%
1
0
2
%
*
1
0
0
*
1
0
0
*99% 1 0 2 %
10 2 % *99% 102%
*10 1
.
.
165
Feb
2195%
Jan
3
132b
Mar 219*4 Oct
Do
pref
200
165 165
175
165 165
*170 185 *164b 190
043.1
Jan
25 Feb 08% Oct
X)
59%
Jan
17
61% 64% 61% 62% 70,550 merlcan Ca
62% 64
62% 6234
62
26
00
109%
Feb
1.
113%Jan
91b
Jan 113'2 Nov
62b
Do
pref.
500
1
1
1
-%
*
1
1
0
%
110 % 110 %
110 % 11 1
*110 1 1 1
112
40 Feb 98 Oct
* 110
)0 63*4 Jan 3
78 Jan 3
8,125
70
6 8 % 69%
70% 68
69
69*4 70% 69% 69*4
11 l b May 118 Aug
118% Jan 1 2
00 117 Feb
Do pref.
100
118%
*117
118%
*117
119%
*117
82 Jan 1 7 0 b July
118 118
00 154% Jan 1 175%Jan 19
*117b HO
1,320 merlcan Co
165 16534 161% 161% *162 165
166 167%
169 171
00 115 Jan 2 1 116% Feb 15 105 Jan 120 Sep
Do pref.
*115 116% *115 116% *115% 1161
39 Jan 64 Oct
57% Jan 17
*115 116b *115 117
00
51%
Jan
3
200
54
*52%
54
55
*52%
*53
91 Juno 102% Nov
54*4 5434 *531_ 55
00 98 Jan i 100 Feb 7
Do pref.
*99 103
*99 103% *99 10 2
14% Oct
4s8 Feb
3j
99b 103%
*99 105
>
12
Jan
60
9% Jan 2
700 merlcan Hl<
9% 10
10 % 10 %
9% 9%
1934 Jan 59b Oct
10
10
* 10
; 57 Jat IS
10b
00
48
Jan
3
Do
pref.
1,000
50
*48
50% 50% 49% 49%
20% Jan 35 Apr
50*4 51
50b
)
3H2Fe*>
00
25
Jan
2
7,500
28*4 29b
30
30
30% 29
7% Jan 31% Oct
25% Jan 26
30% 31b
30b
00 21*8 Jan 1
22 % 7,000
22
23
23
22% 22%
24
Jan 50% Oct
23% 23
23
43% Jai 15
00 39% Jan 1
2,400
Do pref.
41
42b
42
42
40% 41
7434 Oct
19
Mar
42
[
70
Fob
23
43
00 60*4 Jan 1
67% 69% 53,950 merlcan Lo
65% 70
6 6 % 69*8
75 Mar 105 Nov
66
66% 65% 66%
00 rlOO's Jan r> 103 Jai 27
1,930 Do pref.
1
0
1
'
1013s
10
2
103
10
2
10
2
13% Oct
3% Apr
102% 102%
j
9*4 Jai 25
*102 103
00
8
%
Jan
1
9
*7
9
*7
9
*8
2 li 2 May 37% Deo
9
10
*8
*8
OO i 3 1% Jan 1 l 34% Jai 25
Do pref.
100
33
*32
33
33
*32% 35
78 Jan 88*8 May
35
0 87% Jan 25
*33
*32
36
00
85%
Jan
1
mer
Smelte
87%
*
86
%
*8 6 % 87% *8 6 % 87%
86
Oct 92 Deo
*86% 87% *86% 87%
92 Jan j 93*4 Jar 7
773 Do pref
93'
93% 93% 93% 93% *93
56 Jan 108*8 Deo
93% 93% 93% 93%
66
96% Jan 3 1 113*8 Jan 4
99 1 0 0 % x99 10 0 % 07,600
10 0 % 10 2
Jan 113 Nov
5 114*8 Feb 3 100
100% 103% 102 103%
00
11
l
b
Feb
1
Do
pref.
805
112 %
112
112
112
112
112
§112% 112% 112% 112%
00 148% Jan I ) 148% Jan 10 144 Jan 165 Apr
merlcan Sni
*140 149 *140 149 *140 149
103 Jan 110*8 NOV
7 110 Jan 27
*140 149 *140 149
00
108
Jan
1
Do
prcf.
109
*106
109
*106 109 *106
74b Oct
24% Mar
*106 110 *106 109
00
53 Jan 27 61%Jan 4
54% 54% 53 % 54% 53% 53% 2,000
99% Feb 119*8 NOV
54% 54% 54*1 55%
00 110*8 Jan i 1 116% Jan 8
1,400
1 1 2 % 1 1 2 % 1 1 2 '.
11 2 % 112 % 112
113 113%
109 Feb 119b Nov
113 113
5
118*4
Jan
4
00
HO
Feb
1
125
Do
pref.
117% 117% *116 118
§118 118
*117 118 *116 118
00 120% Feb 1 128% Jan 15 116 Jan 130% Nov
4,225
127*8 127% 127% 127% 127%
127% 127% 127b 127*4
00 188 Feb 16 209*1 Feb 3 195b Dec 252% Apr
1 ,1 0 0 American T obacco__
193 194% 195
*193 199
191% 194%
194 196
00 105*8 Feb 2 1 10.8% Feb 8 103% Jan l i t Nov
333
Do
pref
(new)__
106 106 *105% 107 ♦105%
105% 105%
*105% 103
56
Oct
46 Nov
It
42 Jan 1 I 53*4 Feb 25
52% 53% 43,650
47% 49% 48% 52
48% 49% 48b 50
95 Dec 98% Nov
it.
92 Jan 0 99 Feb 25
3,020
Do
99
98*4
98b
98% 98% .. 98%
98% 9834 98b 93b
First
Installment
Par *25 ner slid
Ex-rlghts. § Less than 100 shares,
Ex-dlv.
* Bid and asked prices; no sales on this day.
i|-l. r Ex-dlvHe-vl.
Full-paH.
So
&
12,
2
s
t
a
e
N e w Y o r k S t o c k R e c o r d — C o n c l u d e d — P a tre 2
Por record of sales during the week of stocks usually Inactive, see second page p r e c e d in g .
PER SHARE.
HIGHAND LOW SALEPRICES—PER SHARE, NOT PER CENT. Salesfor
S T nrirs
Range SinceJan. 1
NEW YORK STOCK
the
O
n
b
a
sis of 100-sftare lots
Saturday
y | Tuesday
Wednesday Thursday Friday W
eek
EXCHANGE
Feb. 19
Feb. 23
1 j Feb. 22
Feb. 24
Feb. 25 Shares.
Lowest
Highest
%pershare
re $ per share S pershare $ pershare $ pershare
IndustrIal&Mlsc.(Con). Par tpershaie
S
per share
82
83* 1 78*8 81*i 7934 82
14-*8
1
8U2 8434 82
51,600 Amer Zinc Lead A S .......... 25
8934 90Sg
o*8
19*2
IO8 I4
*108
470
*130
10934
110
479*2
140 *130
*7934 86*8 *80
9212 94*2
3034 31
62
6212
55
23->8 21 *8
59*4 60
45
4512
1341s 1345s
8034 8034
*106 108
2Us 2112
4634 473g
5
5*8
0*4
§
!
;
4
1
5
5
:
!
|
2*8
8
1*2
6*4
0*2
9018 96l8
80
81*2
195
107
:
!
4*2
0*2
5534
11314 11314
!
:
0
0
0
6
*109*8 H0l8
195
*101
:
!
:
314
9
7
7*8
5*2
1, 2
41
5
5*4
X34
195
101
2512 26's
*28
32
*53
55
5290 290
114t2 114i2
170l2 171
171
478 478
478
*113 115
723< 7314
*11314 114
93'8 93IS
*48ls 49
21*4 21*4
46*8 47i8
2212 24
63
65l2
110*4 llOh
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16*4 1712
697g 72l8
47*8 48*4
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1*4
1*4
7712 78
5238 53
25212 25212 *252
*120 . . . *120
* 1712 19
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95
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59 *
*___
197l2 198' s *153'
* 11818 - - - *118
*80l2 82
*67l2 68
65*8 6658
87
87h
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50l8 51
1*8
10618 10712
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36*8
37
3714
4
73
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*11314 - - - *113*2
*121 12412 *121
*121 127*4 120
'2
^4
2612 2612 26
*96
98
*96
68
68*4 69
*110 115 *110
16*8 16l2 16*2
*8
144 :
145 145
*70
72
*70
17l2 19
*36ii 42
*36*4 40
104 104 *103 106
4234 42*4 42*2 42
31 >8 3412 32*8 35
107*3 110*2 *108 1 1 1
56*2 56*2 55
56
*102 103 *102 103
*116 117 *116 117
163*2 163i2 '163*2 165
5®8 5*8 *5
5 *4
7*4 7*4 *7
7 2
*40l2 41
40*2 40 2
♦98 100
*98 100
253g 25*8 2534 26
5278 53*8 52*2 53*4
1
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*178*4 180
*120*2 . . .
127 127
38*4 39*4 385g 39*4
57
57 <8 07*8 57
164 164
1
*107 108*4
*8 8
91
*86>12 87*2
2
146*2 14758 145 147
*108 113*2 108 114
58*4 58*8
208*8 2081s
*7lt 734
7*2 7
*28
31
28
30
*5934 63
*59
61
*105 110 *105 111
934 10
934 9
*1158 12
145 146*4
18*8 18*8
*47
50
*42
45
152*2 153*2
*106 107
52*4 525a
106*8 106*8
83*s 84*8
117 117
85*4 8634
*47*4 47*2
109i2 110
18
*49
*42
148
106
121
*123
§
!
!
•
!
I
18
8858 885a
210
!
*11*2 12
6fl38 67
*76
79
*104
:
;
:
:
:
•
:
105
:
!
126
!
:
210
121
dond.1 “ nExMdWIdePnrtdC.°a; “ ° 8aIca
785
PER SHARE.
RangeJotPrevious
Year 1915
Lowest Highest
$ pershare $ pershare
6534 Jan 31
8434 Feb 18
67*4 Dec
71*2 Deo
83,725 Anaconda Copper________ 50 82*2 Jan 31
92*8 Feb 14 c2434 Feb
915g Nov
54,200 Baldwin Locom otive_____ 100 103*8 Jan 12 1185g Jan 3
26*8 Mar 154*2 Oct
210 Do pref______________ 100 107*2 Jan 3 109*2 Feb 23
92 Mar 114
Sep
1,525 Bethlehem Steel_________100 415 Jan 11 493 Jan 18
46*4 Jan 600 Oct
Do p ref......................... 100 130 Jan 24 145 Jan 6
91
Jan 184 Oct
200 Burns Brothers__________ 100 82 Feb 24 87 Jan 3
79*2 Dec
94*8 Oct
31,150 Butte A Superior Copper__ 10
71 Jan 3 94*8 Feb 18
56*2 Aug 79*8 June
4,900 California Petroleum, vtc.100
27i2 Feb 1 4258Jan 3
8 July
38%
Dec
2.500 Do pref______________ 100 575gJan 31 80*8 Jan 3
30 July 81 Dec
20,300 Central Leather_________ 100 51i2 Jan 31 56*8 Jan 18
325g Feb
6 U4 Nov
300 Do pref................
100 108*8 Jan 3 1 1 0 *2 Jan 27 100*8 Jan 11 0 * 2 Nov
1,450 Chandler M o t o r c a r _____ 100 91 Feb 25 93 Feb 24
12,100 Chile Copper_____________ 25
22*2 Feb 1
25*8 Jan
• 23*8 Dec
26*8 Nov
38,320 Chino Copper_____________ 6 5134Jan 31 60 Feb 19
3 23 4 Jan
573g Nov
7,800 Colorado Fuel A Iron_____ 100 42*4 Jan 31 53 Jan
66*2 Sep
1,200 Consolidated Gas (N Y )..1 0 0 133 Feb 17 14434 Jan 8 11231*3 44 Jan
Jan 150*2 Oct
8.500 Continental Can_________ 100 75*4 Jan 31 86*2 Jan
40*4 Jan 127 Oct
200 Do pref.........................100 106 Feb 1 108 Jan
88*2 Jan 109*2 Dec
15,200 Corn Products Refining__ 100
19*4 Jan 6
25*4 Jan 25
8
Jan 21i2 Oct
1,600 Do pref..........................100 93 Jan 5 IOU2 Jan 14
65
Jan 96*4 Dec
73,400 Crucible Steel of America. 100 5234jan 12 8 6 i2 Feb
18*4 May 1097g Sep
625 Do pref______________ 100 108*4 Jan 11 117l2 Feb 4
84 May 112i2 Sep
1,400 Cuban-Amerlcan Sugar...10 0 152 Jan 5 206 Feb
38
Jan 177 Dec
Do pref______________ 100 10434 Feb 1 10934 Feb 4
93 Mar 110 Sep
13,150 Distillers’ Securities Corp.100 41*2 Jan 31 50% Feb
5*2 Mar
Oct
8,200 Dome Mines, Ltd...............1 0 23 Feb 23 29l2 Feb 8 116 June 50*2
30*4 Deo
Federal Mining & Smelt__ 100
30 Jan 11 35 Jan
*
8
Mar
60
June
400 Do pref______________ 100 51*8 Jan 27 57*2 Jan
20 Mar 65 June
15 General Chemical________ 100 §265 Jan 5 §305 Jan 13
Jan 360 Oct
413 Do pref______________ 100 §113 Jan 5 116 Jan 27 165
106 Mar §116*2 Nov
1,150 General Electric_________ 100 168 Jan 31 178*2 Jan 17 138 Mar
185l2 Oct
2,215 General Motors vot tr ctfa.100 415 Jan 7 495 Jan
Jan 558 Deo
600 Do pref vot tr ctfs.-.lOO 110 * 4 Feb 4 116i2Jan
905g Jan 136 Dec
11,700 Goodrich Co (B F )_______ 100 67*4 Jan 31 76*8 Jan _
24*2 Jan 80*4 Oct
200 Do pref........... .............. 100 110 Jan 24 114*4 Feb 24
95
Jan 114*4 Oct
2,500 Granby Cons M S * P ...1 0 0
85 Jan 13 99 Feb 10
7914 Apr
91 June
1,200 Greene Cananea Copper.. 100 46 Feb 24 51 Jan
523 g Dec
37
Oct
5,350 Guggenheim Exploration...25 21 Feb 14 2418 Jan
z22 Dec
83
Dec
33,100 Inspiration Cons Copper__ 20
43 Jan 31 47*8 Jan 13
16*8 Jan 47i2 Oct
1,000 Internat Agrlcul Corp____ 100 20*8 Jan 13 29*8 Jan
29*4 Nov
5 i2 Mar
2,900 Do pref........... .............. 100 56*8 Jan 13 74 Jan 5
8 Mar 71*4 Dec
1,000 Intern Harvester of N J__ 100 108*2 Jan
1123g Feb 1
90 May 114 June
Do pref______________ 100 116 Jan 21 119*2 Jan 4 110 July 120 Nov
32,600 Int Merc Marine ctfs of dep.
13*8 Feb 15 23*2 Jan 18
IS Dec 20i2 Deo
94,375 Do pref ctfs of dep...........
65*2 Feb 15 85*4 Jan 17
5512 N ov
77*2 Dec
25,300 Intern Nickel (The) v t 0 . . 25 46 Feb 16 227*4 Jan 17 17934
Dec 223*2 Oct
10*2 1 1
101.1 10*8
10*4 10*8 2,800 International Paper_____ 100
10 Jan 31
12*4 Jan
127g Deo
8 Jan
46*i 47*8 *46
47*2 *46
47
700 Do pref______________ 100 42i2 Feb
503
4
Jan
33 Feb 50*4 Deo
___ ___
54
5534 5434 553s 33,050 Kcnnecott Copper..................
54 Feb 24 55*4 Feb 24
76*8 78
76*i 8 OI4'
7734 78*4 8,660 Lackawanna Steel________ 100 7534 Feb
8 6 Jan
28
Jan 94*4 Sep
52
5234 50*8 51*2 5038 513g 11,750 Leo
Rubber
A
Tire
50 Feb 14 53 Feb 19
*252 260 *252 254
200 Liggett A Myers Tobacco. 100 252*2 Feb 19 265
Jan
207
Jan
*12 0
12 2
12 0
12 0
100 Do p re f........................100 119 Jan 12 12114 Feb 14 11334 Jan 260 Dec
120 Dec
*17
19
*17
19
*17
19
Looso-Wlles Blsc tr co ctfs. 100 19*8 Feb
21 Jan 18
31 Jan
16 Feb
*90
95
*90
95
>90
95
Do 1st preferred_____ 100 90 Feb 15 9U 2 Jan 13
86
Feb 105*8 Jan
*------ 59 *___
59
59
Do 2d preferred______ 100 55 Jan
56 Jan 25
55 Dec 67 Oct
198 198 *196 198
550 Lorillard Co (P )................. 100 179*4 Jan 19 198*8 Feb 19
198
165*2 Jan 189 Nov
*118 12 0
118 118
100 Do pref..................
10 0 115i2Jan 6 1185s Feb 4
112
Sep 118 Jan
80*4 81
81
81
*80
83
525 Mackay Companies______100
79 Jan
91 Feb 10
725 g Jan
84 Nov
67*2 07*2 *66*2 68
100
*66*2 68
Do pref................... ...1 0 0
65i2Jan 20 67*2 Feb 10
64*4
Oct
69*4 Jan
65
66*4
638g 05*2 64*2 653s 11,950 Maxwell Motor Inc tr ctfs. 100 63*2 Jan 20 75*4 Jan
15*4 Jan 92 Oct
85*4 86
85
85*2 85*2 85*2 1,500 Do
1st
pref
stk
tr
ctfs.
100
Feb 24 93 Jan
43*4 Jan 103*4 Dec
50*2 50*8 48*2 50*2 48*2 49*2 2,100 Do 2d pref stk tr ctfs. 100 85
48*2 Feb 24
57 Jan
18 Jan 68*2 Oct
105*8 106*8 102*2 105*4 103*8 105
34,050 Mexican Petroleum______100
99 Jan 31 1295g Jan
51
Jan 124*2 Dec
*96
9S*2 *95 100
'95
9812
Do pref_____________ 100 97 Jan 26 1055s Jan
67
Jan 10 4 12 Dec
36*4 37
35*8 36*8 36
36*8 10,750 Miami Copper_____________ 5 35i2 Feb 1 39 Jan
17*4 Jan 36*8 Dec
72
72
*71
73*2 70*2 71*4
500 Montana Power_________ 100 70*2 Feb 25 77*2 Jan 17
42 Jan
7934 Deo
114*8 114*2 *113 114*4 113
~ 113
400 Do pref_____________ 100 109 Jan 3 114*2 Feb 23
99 Jan 120 Deo
*121 124*2 § 1 2 1 1 2 1 * 20 124*2
50 National Biscuit_________ 100 12012 Jan 19 125 Jan 11
116 Apr 132 Jan
* 12 1
126*4 * 1 2 1 126*4 * 2 1 126*4
125
Jan
3
Do
pref.......................100
129 Feb 8 119 May 127*2 Dec
26
20
25
25*8 24*4 25
1,300 Nat Enam’g A Stamp’g . ..l 0 0
22i2 Feb 1 29*4 Jan
9*2 Jan
*95
98
36*8 Oct
*95
98
*95
98
Do pref____ _________100 92 Jan 19
Feb 18
79 Apr 97 Dec
675g 0S*2 66
67*i
6634 67*4 8,100 National Lead___________ 100 65*4 Jan 3 97*2
737gJan 19
44
Jan 70*4 May
*110 115 *110 115 * 11 1 ) 115
Do pref_____________ 100 112 Feb 9 115 Jan 22
Jan 115 Nov
16*8 16*4 16
16*2
16*8 9.100 Nevada Consol Copper____ 5 15 Jan 31 1634 Feb 23 104*4
11*4 Feb
17 Nov
144 144*2 IIU 4 144*1 42 143
2.100 New York Air Brake_____ 100 139*4 Jan 3 153i2Jan 15
164*4 Sep
56*2
Feb
*69
72
70
70
69
72
200 North American Co______ 100 69 Jan 31 75 Jan 3
64 Jan 81 Apr
18*8 1912
18
18
1812 2312 15,100 Pacific M all....................... 5 11*4 Jan 3 23i2 Feb 25
zS*4 Dec
38 Aug
36*2 36*2 *36*4 39*4
100 Pacific Telep A Teleg_____ 100 36*2 Feb 23 44 Jan 15
26*8 Feb 49*2 Oct
104 104
103 104*2
103*4
1,300
G L A C (C hic)..100 100i2 Feb 9 1117g Jan 3 106*2 Dec 12312 Apr
425g 42*4 41
41*2 415g 417g 1,100 People’s
Philadelphia Co (Pittsb)___50 41 Jan 31 46 Jan 17
35*2 Apr
49 Sep
30*2 327g 30*4 31*4 “
31*4 16,800 Pittsburgh C o a l_________ 100 29i2Jan 31 3634 Jan 17
15*4 Jan 42*2 Oct
*105 109 *104 109 *
109
10434 Jan 31 111*4 Jan 13
Do pref..................... 100
815g Jan 114 Oct
55*2 55*8 53*4 5512 5334 ,555s J.200 Pressed
Steel Car______ 100
53*4 Jan 31
65*8 Jan
25 Mar 78*4 Oct
*102 103 *101 103 *
103
..........
Do
pref____ _____ ...1 0 0 100 Feb
104*8 Jan
80 Mar 106 Oct
*116 117 *116 117 *
117
- - - - - - Public Serv Corp of N J ...1 0 0 114 Jan 31 117 Feb 18 10 0 *2 Aug 120 Dec
163*2 163*8 162*2 163*2 §
l,8o0 Pullman Company_______ 100 162i2 Feb 24 17 1* 4 Jan 17 150*8 Mar 170*4 Oct
4*8 4*8 *4*4 512
*41,
5
365
Quicksilver
Mining_______
100
4
Jan
11
6*4 Jan 19
*4 Mar
5*4 Nov
*5*i 7
6*8
7
*534
7
600 Do pref..................... 100
5 Jan
8*4 Jan 26
*4 Mar
67g Nov
40
40
38*2 4012 40
40*2 2,lo0 Railway Steel Spring____ 100
37*8 Jan 12 4414 Feb 11
19 Mar
54 Oct
*98 100
*98 100
100
Do pref............................100 98 Feb 17 100 Jan
87 Mar 102 Nov
255g 25*8 2434 25*8 247g 253g 3 1 >075 Ray
Consolidated Copper.. 10 2234 Jan 31 26 Feb 21
15*4 Jan 27i2 Nov
52*.| 52*i 50*8 52*8 513g 52*4 11,775 Republic
Iron A Steel___ 100
48*4 Jan 31 55*4 Jan
19 Feb
57*4 Deo
111
111* 2 1 1 1
111
' 110
x,300 Do
pref........................100 108 Jan 21 111 Feb 18
72
Jan 1125g Dec
*12
14
*12
14
*
14
!00 Rumely Co (M) ctfs of deposit
11 Jan 24
13*4 Jan 10
3*2 Nov
14*4 Dec
♦23
28
*23
28
27
Do
pref
ccrtlfs
of
deposit.
24
Jan
21
26 Jan
7*4 Oct
29 Nov
178 178*4 177 17912
177
2,080 Sears, Roebuck A Co_____ 100 175 Feb 25 188 Jan
*131*4
Mar
209*2
Feb
>126*8___ >128*2___ *1
200 Do p r e f .............. ......... 100
Jan 8 127 Feb 18 121*8 Jan 126 Dec
383g 39
37*4 38*2 37*4 38*2 22,325 Shattuck Arlz Copper____ 10 125*8
33*2 Feb 9
40*4 Feb 14
*56
60
55*.1 56
56
56
625 Sloss-Sheffleld Steel A Ir__100 555gJan 31 63*4
Jan
24
Jan 66*8 Dec
171*4 17334 171 173*2 1
173*2 2,800 South Porto Rico Sugar___ 100 146 Jan 29 17334 Feb 23
40 Feb 164 Dec
108 1 1 0
109*2 109*2 §1
110
330 Do pref______ ________ 100 106 Feb
1091O Feb 24
89*8 Feb 110 Oct
*8 8
91
*8 8
91
*
89
- - - - - - Standard M illing............ 10 0
90*8 Feb 16 96 Jan 22
43*2 Feb
*86*2 88
96 Dec
*86*2 87*2 86*2- 86*2
100 Do
pref..... ............
100 8 6 Jan 18 87*4 Feb 9
145 147*4 143*2 146
66
Feb 85 Nov
1 ' 146
18.000 Studebaker Corp (The)__ 100 1417g Jan 31 167 Jan
108 114
35*4 Jan 195
Oct
108 114
1
110
. *"0
do
pref....................... 10 0 110 Jan 22
58*4 5812 56*4 58
91
Jan 1 1 9 1 2 Oct
573s 0 ,0 0 0 Tennessee Copper_________ 25 53*8 Jan 31 11358Jan
66*2 Jan
205 207
25*2 Feb 70
Sep
202
20 1*4 2
°>°00 Texas Company (The)____ 100 190 Jan 31 235*2 Jan
120 May 237 Dec
7*4 8 *s
7*2 7*2
7*2 7*8 3’O00 union Bag A Paper........... 100
6*4 Jan 31
83g Feb 23
29*2 30*i *29
4*8 Jan
36*2 ♦
9*8 Deo
30*2
500
Do
pref....................... 100 28 Jan 27 3034 Feb 23
*59*1 63
22*8 July 3 U2 Dec
59*8 59*8 *
6 li*00 United Cigar Mfrs________100 5934 Feb 17 637g Jan 20
105 110 * 1 0 1 1 1 1 * 1
42
Jan 66*4 Oct
110 - - - - - - Do P r e f........................100 109*2 Jan
110
Jan
3
95g 9*8
95g 934
100 June 110
Oct
95g 934 28.000 United Cigar S tores........... 10
9 Feb 9 10 Feb 19
*11 * 1 12
* 11* 4 1 2
*
9 Dec
10i2 Oct
12 --------- Do pref_______________ 1 0
1 1 * 2 Feb 10
11*8 Jan 8
14358 145
12*8 Nov
11*2 Oct
141*4 143*2 1
145
6.000
United
Fruit
................
100
136*8
Jan
31
150i2 Feb 11 139 Nov 163 Nov
*18
20
17*8 18
17
1.000 u S Cast I Pipe A Fdy___ 100
15*8 Jan 31 25 Jan 3
*49
49*2 *47
8
Jan 317g Oct
49
*
49
— j;:
D°
pref....................... 10 0
48*2 Feb 5 51*4 Jan 4
*42
45
32i2 Mar 55*2 Nov
45
45
*■
49
„
„
40J)
U
8
Express.........................
10
0
45
Feb
16
47 Jan 6
145*4 149*4 145*4 148
43*4 Dec
73*4 Mar
1
2
^ 8 Industrial Alcohol____ 100 126*4 Jan 11 169 Jan 21
106 106 * 103 108 *1(
15 Jan 131*4 Dec
200 Do
pref______________ 100 106 Feb 15 114 Jan 13
52*4 52*4 50*8 52
70 Jan 107 Nov
3,300
United
States
Rubber___
100
49 Jan 31 58*2 Jan 3
44 July 74*4 Apr
1(
* 10612 107 * 1065g 107
107 , , r ; S 9
106*8 Feb 5 110 Jan 12 1 0 1 3 g Feb 110 Apr
1 st preferred........ 10 0
83*8 84
823g 83*4
Ho.675 United States S teel.......... 10 0
79*8 Jan 31 89 Jan 3
116*4 116*8 116*2 116*4 1
38 Feb 89i2 Deo
D ° Pref.......................... 100 z l 15*2 Jan 31 118*2 Jan 25 zl02
85
85*8 83*4 85
Feb 117
Oct
53.000 Utah Copper_____________ 1 0
77 Jan 31 8634 Feb 19
47
47*2 46
48*2 Jan 81*4 Dec
46*8 4
46*2 2,500 VIrginla-CarollnaChemllllOO 45 Feb 25 51
Jan 17
15 Jan 52
* 108*2 HO * 08*2 1 1 1
Oct
1<
109
300 Do
pref.......................... 10 0 109 Jan 29 112 Jan 3
>88*2 89
80 Jan 113*8 Dec
8 8 *g 88*8
8
Wesleni Union Telegraph. 100 87*2 Jan 31 92 Jan 15
57 Jan 90 Nov
6578 66*2
6134 66*4
f
65*8 on'r^X
-000 Westlnghouse Elec A Mfg_.60 63 Jan 31 69i2 Jan 3
76
79
32 Feb 74*8 Oct
76
76
*7
78
300 Do
1st preferred______ 50 75 Jan 31
78 Jan 3
58*2 Mar 85
Oct
07 208
21
*s 08 2 2 0
1
Wlllys-Overland
(The)____
100
199*4
Jan
31
235 Jan 4
87 Feb 268 Nov
04 104*8 03 103*4 *10
MOO Do pref Sub recta full pd. 10 0 103 Feb 24 106 Feb 7
* 2 0 12 2
20
12 0
12
1,100
Woolworth
(F
W
)________100
118
Jan
5
125*2
Feb
9
90*4 Jan 12 0 *2 Deo
24*2 12412 24*2 124*2 *12
550 Do
pref______________ 10 0 123*2 Jan 4 124i2 Feb 18 115 Jan 124
Aug
0“ *'llS day- 5 1x38 tUan 100 8,larc8Ex-rights,
Ex-dlv. and rights. 6 New Stock,
Par *25 per share. * Ex-stock
89*8 8684 8 8 *s 87*2 8834
10958 105l2 108*i 10634 108*s
109*2*109 n o
109*2 109*2
475
464 470 *450 470
160 1*130 145 *130 135
87
82
82
*80
90
94
89
93
90
92*8
3012 28*8 30
29*4 30
64
60
6 U4
62
62*4
5558 52*8 54*2 53*8 53*8
110*2 109*8 109*4 *10934 110*4
_
92
93
91
9134
23* 1 22*2 23*8 227g 2334
59
563s 57*8
5638 58
45
43
44*8 4334 4434
1345 134 134*2 *13312 135
833 1 7912 81*4 80
80
106 *104 108
104 108
2 1* 2 2 2 *
21*4 223g 2112 225g
95*2 96
95*2 95*8 9634 9734
78*4 80*
76*4 79*i 77*4 79*8
115 1153 113 113
113*2 113*2
195 195
190 190 *185 199
*101 109 * 1 0 1 n o
101 107
465g 47
41*i 47
45*2 46*4
23
24
23*8 25
24
24
*27
31
*27
30
*27
31
z53
.53
52
52
*51
55
*287 290 *285 290 *280 290
*114 116* *114 116
116 116
170 170
169*8 169*8 170 170
479 480
476 481
47734 478
1135g 1135 113*2 114*2 114 114
71
72
70*2 71*2 71
7134
*113 114
114*4 114L *11312 115
92
92*
89
91*j *89*4 91
47*t 48
46
47
46
46*8
*21*2 217s 2 1*8 2 1*8
21*4 2138
46
46*a 44*2 4573 45*8 4534
*21
24
*21*2 23*2 *215g 24
64*8 64*a 62*4 63*4 63
63*4
110*1 110*4 109*4 110*4 10934 10934
*114*1 119*2 *114*4 119*2 >114*4 119*2
16*2 175g 157g 16*8 16*8 165s
68*4 72*2
66*4 69
6 8 *s 697g
48*8 49*1 46*2 48*4 4734 48*2
88*8
107*8
109*2
470
*130
*78
93*4
30*i
*61
54*2
*109*4
___
23
58*2
44
134*2
81*4
106
t
a
c
7 S fi
N ew
Y ork
S to ck
E xch an ge— B on d
R ecord ,
F r id a y , W e e k ly
an d
Y e a r ly
J a n . 1909 th» Exchange method o f gaoling bond, w a , changed, and price* a n not» a ll~ ''a n d Inter e ,t " - e x c e y t fo r income and\ defaulted b o nd ,.
BONDS
Y. STOCK EXCHANGE
Week Ending Feb. 25.
Price
Frid ay
Feb. 25.
Week’s
Range or
Last Sale
SO3CQ
Range
Since
J a n . 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ending Feb. 25.
Price
F rid a y
Feb. 25.
Week's
Range or
Last Sale
Range
Since
Ja n . 1.
Low H igh
H ig h
Ask Low
B id
Ohio Bnrl A Q (Co*.)—
i
Joint bonds. B n Great North
9734 995s
OS's
Nebraska Extension 4s__ 1927 M-N 98'8 9814 98*8
90 96
96 Jan TO
Registered________ ...1927 M-N
Southwestern Dlv 4s____ 1921 M- S 99%____ 99*8 Juno’ 15
102U 1023s
9234 943g
8
94
Qeneral 4s_____________ 1958 M- S 94 Salo 937
10934 111
25 251,
23 25*2 25 Feb TO
11014 11012 Ohio A E 111 ref A Imp 4s g..l955 J - J 104*4
104*4
105
105
Feb
'16
10534
1st consol gold 0s____ ...1934 A -O
80 825s
82 Feb '16
General consol 1st 5 s .....1937 M- N ___ 80
71
June’
15
____
82
MN
Registered----------------- 1937
1017s 103
9734 Feb '13
Pur money 1st coal 6s----- 1942 F - A
24 24
24 Jan T6
Ohio A Ind C Ry 1st 63...1938 J - J 15 21
72 74
72
72*2
72
Salo
Chic Great West 1st 4s........1959 M- S
111*2 113*8
113is 114 113*8 113*8
Farelgn Government
J
J
Ohio
Ind
A
Louiav—Ref
08.1947
3731
94
96
95
100
100
ICO
Feb
'16
100
10U2
Anglo-French 5-yr 5a Exter loan. A - O 94>4 Sale 94
J
J
Refunding gold 5s______ 1947
90 953s
90
95*8 Apr 'l l
Argentine—Internal 5s ol 1909. - M- 8 t ____ 89% 90
Refunding 4s Series C----- 1917 J - J 81 85
09 78
78
65
Dec
'15
____
70
Chinese (Hukuang Ry)—5s o f 'l l J - D t 75 7934 74
J
J
Ind
A
Louisv
1st
gu
4s—
1950
96U 100>s
90 91*2
Cuba—External debt 5%of 1904. M- 8 100 Sale 9934 100t8
91i2 91*2 Feb '16
94U 95l2 Ohio Ind A Sou 60-year 4S..1958 J - J 901,
Exter dt 6s of T4 ser A . . . 1949 F - A 94i8 95i2 95*2 Feb TO
9734 ___ 903s Deo '16
8 H2 83l2 Ohio r 8 A East 1st 4)4 s----- 1909 J -D
81>2 Feb '15
84 85
External loan4Hs..........1949 F - A
Chicago
Milwaukee
A
St
Paul—
82U 85's
85's
Sale 847s
9214 94
93*2
Japanese Govt— £ loan 4)48 1925 F - A tt 80
Gen’I gold 4s Series A .._<1989 J - J 92<2 93U 93
7812 8312
8312
Sale 83
925g 02S8
9258 Fob TO
Second series 4)48______ 1925 J - J 1 8312
Registered_______ _ . .< 1989 Q - J
73 773(
7Gi8 Sale 76's
7734
93*2 94*2
94*2
94*2
Do do "German stamp” .
93
94U
A
-O
Gen A ref Ser A 4)4s___ <*2014
64% 0412
64*2
58 68 7s 0412
1065
8 110
1063
8
107-%
107
Salo
Sterling loan 4s________ 1931 J - J 1
Gen ref conv ser B 5a__ a2014 F -A
60 00
Feb TO
80*2 81*2
79
8034 805s
805a
Mexico— Exter loan £ 6s of 1899 Q- J t 40 5934 60
J
J
Gen’l
gold
3Hs
Ser
B___
<1989
50
50
50
Feb
TO
. . . 85
102*2 104
103*8
103*2
Oold debt 4s of 1904........1954 J - D
103*4
Sale
J
J
General 4 Ha Scr C____ .<1989
92 9312
92
923s
Frov of Alberta—deb 4)48—1924 F -A t................ 9512 Jan T5 89 74 80
86-year deben 4a_______ 1931 J - J 92 Salo
78*2
100*2 10334
10034 100*2 101
Tokyo City—6s loan of 1912-----M- S t 7734 Sale 7734
Convertible 4Hs_______ 1932 J -D 10058
___
10334
1037
8 10378
1037
8
Feb
T6
tT h eie are vrlcet on the bat <i o l *5fo£
Ohio A L Sup Dlv g 58___ 1921 J - J 10534 ____
105*4 105*2
105*2 Feb TO
Ohio A Mo Rlv Dlv 5s___ 1920 J - J
103*4 10378
1037
8
1037
i
1037
8
Sale
•tats and City Sacurltlav
J
J
Chic
A
P
W
1st
g
5s..........1921
101
102l2
Sale 102t8 102U
91 9134
91
913,
■ Y City—4J4*...................1800 M- 8 102i8
C M A Puget Sd 1st gu 48.1949 J - J ____91*2 1073S
101 10212
Sale 102t8 102l8
107*8 1073s
TO
4ks Corporate stock___ 1964 1*1- S 102i8
Dubuque Dlv 1st a f 0s__ 1920 J - J 1O012 107*2 110 Feb
106% 108
Sale 107i2 10778
June’
13
IID
2
____
4)48 Corporate stock___ 1905 J -D 10712
J
J
Fargo
A
Sou
assum
g
0s..
1924
1057s 1075s
10712
Sale 107
1025s 10234
1023s 10234
4)4* Corporate stock___ 1903 M- 8 10714 Salo
La Crosso A D 1st 5 s .....1919 J - J 102*2____
9778 99
98*8
9834
103*2 104
104
4% Corporate stock____ 1959 M-N 985a
WlsAMlnn Dlv g 5s........1921 J - J 10334 104 104
98 99
9834 Feb T 6
107*4 107*4
107*4
107*4
106*2
107*2
4% Corporate stock____ 1958 M- N 9858 9834 9834
J
J
Wls Vail Div 1st 6s..........1920
98ls
991
8
987
8
983s
99i2
100*2
Nov’
15
N
101
4% Corporate stock____ 1957
Mil A No 1st ext 4Ms___ 1934 J -D
97T 97U
97U Jan TO
101 101
101
101 ------ 101
4% Corporate stock____ 1950 M-N 98 987s 107
J
-D
Cons
extended
4Hs___
1934
10534
107i2
107i8
Salo
96*8
0638
95*s 9738
.
New 4Ms........................ 1957 M-N 107*8
Chic A Nor West Ext 4sl886-1926 F - A 00
Deo T5
94*2 Nov’15
.
New 4Hs........................ 1917 M-N 100 102 1013s
Registered........... 1880-1928 F - A 94
106 107i2
108 10714 Feb TO
82i2
84
82*2
8234
82*4
82*2
4)4% Corporate stock...1957 IH-N 105*8
MN
General gold 3He_______ 1987
s Deo T5
82*2 78*2 Jan '14
4)4% Assessment bonds.. 1917 M-N 100% 101 1007
Registered_________ pl987 Q - F ____
883s 8884
88*4 8834 8884 Feb '16
94*2
95
04*2 9512
04*2 95
M-N
8)4% Corporate stock... 1954 M-N 1045
General
4s_____________
1987
10
2
12
1055
s
104% 1053s Feb '16
94 96
94*4
94 94
m Y State—4s.................... 1901 M- S ____s 1053s
Stamped 4s__________ 1987 M- N 03*88 116*2
102 10 2
102 Jan TO
116
110
114*8 116*4
Canal Improvement 4s__ 1901 J - J
General 5s stamped_____ 1987 M- N 1157
10214 1 0 2 U
112 ____ 112*2 Jan TO
11212 112*2
J ____105U 102U Jan TO
A
-O
Canal Improvement 4s__ 1902
Sinking
fund
0s___
1879-1929
10 2 12 1 0 2 I2
102i2 Jan TO
106*, Deo T3
Canal Improvement 4s__ 1900 J - J 115 Sale 114i2
Registered______ 1879-1929 A -O
113 115
115
10434 Jan TO
104*4 104*4
J
Canal Improvement 4)48.1904
Sinking fund 68__ ..1879-1929 A -O 10434 . . . 104
___ 109i2 107*4 Feb TO
104 104
Feb TO
1035S
____
A
-O
Canal Improvement 4148.1905 J - J 114i2
Registered______
1879-1929
14 112*2 115
1147
8
1147
s
115
103 103
103
103
103
104*2
MS
Highway Improv’t 4)4*..1963
Debenture 6a----------------1921 A -O
Nov’ 15
101 Deo '12
A
-O
Highway Improv’ t 414S..1905 M- S 105U____ 105l2
___
1921
Registered___________
104 10478
104
104*2
10-4
104
J ____ 89t2 88>4 Jan TO 27 88*8 8 8 *a
M-N
Virginia funded debt 2-3s__ 1991
Sinking fund deb 6s_____ 1933
51*2 50
502 52 51i2
52
----- 10438 101*2 May'15
0* deferred Brown Bros ctfs
Registered___________ 1933 M-N 12034
____
117
Aug'16
Rallraad.
A
-O
Frem
Elk
A
Mo
V
1st
0s.
.1933
9
64
65*4
64
J 62*4 05 64
4 an Arbor 1st g 4s_____ *.1995
Man G B A N W 1st 3MS.1941 J - J *75 ____ 90‘, Sep '09
947a 81 94 95*8
o 947s Sale 94i2
itch Top A S Fe gen g 4s__ 1995
Mllw A S L 1st gu 3MS...1941 J - J 83 ____
93
93
9312___ 93 Jan TO
108*4 109
Beglstered____________ 1995 A - O ___
___
Mil L S A West 1st g 6 s ...1921 M- S 108 109 1083s Feb '16
87
88
88 Feb TO
88
1003s lO03g
Adjustment gold 4s____ *1995 Nov
___ 84*2 86*2
Ext A Imp s f gold 5s__ 1929 F - A 107*4____ 1003s Jan '16
86*2
Jan
TO
85
80
Nov
11234 . . . l l l 7s Deo '15
Registered_________ *1995
M8
1
0
Ashland
Dlv
1st
g
6s__
1926
87
88*4
8712
88
873s 88 I4
112*2 112*2
112*2
Feb
TO
Stamped___________ *1995 M-N 103
112*8____
J
Mich
Dlv
1st
gold
6
s
...1024
2
103*4 107*8
104 103U 10314
917s 94
92*4
92*4
Conv gold 4s___________ 1956 J -D
MU Spar A N W 1st gu 48.1047 M- S 91 92's 1073s
991s May'13
May’ 14
1033s____
Conv 4s Issue of 1909____ 1955 J -D 104 Sale 10312
MS
23
1917
Northw
Union
1st
7s
g__
103*2
107*4
104
1003s
109
169
109
1O
03
8
1083i
Conv 4s Issue ol 1910___ I960 J -D 101i2 Sale lOllj
J
J
15
St L Peo A N W 1st gu 58.1948
101*2 101*4
1015s
102*2 Deo '15
-
10-year 6s_____________ 1917 J -D
Winona A St P 1st ext 7s. 1910 J - D 102*1
96*2
___ O6 I2 Feb TO __ _5 90
10U2 10278
1023s 102*2 102*2 102*2
(Cast Okla Dlv 1st g 4s___ 1928 M- S 90is
J
J
Chicago
Rock
Isl
A
Pao
6s..1917
80
89
88 ls
88 lS
10134 Jan TO
10112 101*4
Rocky Mtn Dlv 1st 4s__ 1905 J - J 86 88
2 89
Registered___________ 1917 J - J ____103
91*8
907s
9078
907s 91
88
8414 87
Trans Con Short 1st 4a. 1958 J - J ____98
Mu general gold 4s_______ 1988 J - J 85*2 Salo 85*s
98
99
983g Feb TO —
83 84
___ 86*4 84 Feb TO
Cal-Arls 1st Aref 4Ms"A"1962 M- 8 102l2 105 1031,
J
J
1988
Registered___________
'16
03*4 691,
67*4
676s
67*2
Sale
B Fe Pres A Ph 1st g 6 s...1942 M- S 9134 Sale 9134 sep 923
A
-O
14 01~34 9438
Refunding gold 4s______ 1934
8
47*2
8 47*8 4678
41*2 49
AU Coast L 1st gold 4s___ *1952 M- S ____92%
30-year debenture 6s____ 1932 J - J 463
923s Feb '16 ___ 91*8 92*8
9434 June'll
79
____
Gen unified 4*28_______ 1904 J - D 106i2 Sale 100i
M-N
3
1918
Coll trust Series P 4s____
106*4 107*8
2
1073s
53
69
68
68
55 65*8
M-N
Ala Mid 1st gu gold 6s___ 1928
R1 Ark A Louis 1st 4 Ha—1934 M- S 1 0 0 IOII4 100 Feb TO
033.1 95
9334 Feb TO —
94
9934 100
Bruns A W 1st gu gold 4s. 1938 J - J 9314 ___
Bur C R A N—1st g 6 s...1934 A - O 99 ____ 10078 Mar’ 14
1297s Aug '15
A
O
Charles A 8av 1st gold 78.1936 J • J 134
” 49 '86**4 87**2
OR IF AN W ist gu 58— 1921
86U
8012
86
I
4
Sale
M-N
L A N coll gold 4s........... 01962
1 12 1
M A St L ist gu g 78.........1927 J -D
*12 2
121
____ 121
.
98*8 Jan TO
98*8 98*8
•av F A W 1st gold 0s------1934 A -O 122
Ohoo Okla A G gen g 6s.ol919 J - J 99
4 ____ 105 July'15
.
9758 July’ 15
1st gold 6s____________1934 A -O 1083
___ 99*8 99**8
Consol gold 6s_______ 1962 M-N 90
99
99i
8
Feb
TO
60*8___
68 68
58 Jan '10
A -O
Bll Sp Oca A G gu g 4s___ 1918 J - J 93 Safe" 92*4
Keok
A
Dee
Moines
1st
6s
1923
05
92*4
9334
93
00 71
71 71
71 Jan TO
Balt A Ohio prior 3 He........ 1925 J - J
St Paul A K C 8h L 1st 4MS ’41 F -A
. Q3 92U Feb TO ___ 92*4 92*4
118*2___
118*4
118*8
1185a
Jan
TO
J
-D
Q
Beglstered__________ *1926
65 91*2 92*2 Ohio St P M A O con 6s-----1030
92
89 . . .
87*4 87*4
8734 Feb '17
J
-D
1st 60-year gold 4 s .....*1048 A -O "9134 Sale 91i2
Cons
0s
reduced
to
3
H
s..1930
2
89*2 91*4
91
102i2
103
102i2
1027
8
102*2
102*2
M8
Registered_________ *1948 Q - J 91 Sale 90i2
Debenture
5s__________
1930
190 96*2 98*8
97
97% Sale 96*2
20-yr conv 4H»________ 1933
Cb St P A Minn 1st g 6a..1918 M-N 118*< 118*4 110 Doe '16
___ 112, Jan T
1293s
May’O
W
118U____
J
J
Pitts Juno 1st gold 6s____ 1922 j " - 'i 105
North
Wisconsin
1st
6s...1930
91s4
91
9134 9234 91*4 Jan TO
105 105*8
105
P Juno A M Dlv 1st g 3)4 s 1025 M-N 88*4
StP AS City 1st g 0s___ 1919 A -O 105 105*2 106
8878
88U 90
Sale 8834
P LE A W VaSys ref 4S..1941 M-N
Superior Short L 1st 6a g .01930 M- 8
9138 9212
9138
915s
Bouthw Dlv 1st gold 3)48.1925 J - J 91U 915s 100
OhloT
H
A
80
-east
1st
6
S__
1960
J
D
Apr '13
9914
107*8 IOOI2 Feb TO ___ 100*2 107*8
Cent Ohio R 1st 0 g 4HS..1930 M5 107**4 107% Chic A West Ind gen g 6s..(1932 Q-M 106*2
1077s
80 ___ 79*2 81%
Cl Lor A W con 1st g 5S..1933 A -O 107T____ 107T
Consol 60-year 4s_______ 1062 • J 7934 Salo 79*2
10138 ____ 101 Deo '15
80*2 80*2
80*2 Jan TO —
Monon River 1st gu g 5s.. 1919 F -A 106
85
____
J
Cln H A D 2d gold 4Hs........1937
1021,
Oct
'15
.
.
.
J
-D
85
Ohio River RR 1st g 6S__ 1930
’ 1st A refunding 4s______ 1959 J - J ____
98*4 Nov’ 15
80U
June’
12
General gold 5s_______ 1937 A -O 104 . . . 1131,
____87
J
J
1st
guaranteed
4s_______
1059
Feb '12
t -----Pitts Clev A Tol 1st g 0s. .1922 A -O 105l2 ____ 99 Deo
Cln DA I 1st gu g 5s____ 1941 M-N
'15
09U____
88 Mar’ ll
Pitts A West 1st g 4s........1917 J
.
C Find A Ft W 1st gu 4s g -1923 M- N
05 J'ly T4
Btat 1st Ry 1st gu g 4)48.-1943 J -D 01*2____ 91 June'12
J- J
Cln
I
A
W
1st
gu
g
4s___
1953
943s Dec T4
Bolivia Ry 1st 5s__________1927 J
Day A Mich 1st cons 4Hs. 1931 J - J
107*2 109*8
109 ____ 109is Jan T —
65 J'ly T4
Baffalo R A P gen g 6s____ 1937 M- S 103
J
4
102
103
Ind
Dec
A
W
1st
g
5s____
1935
103
103
107*2
Dec *02
Consol 4)4s____________ 1967 M-N 9212 Salo
J
J
1st guar gold 6s_______1935
92 Nov’ l
77*2
703
8
79*4 Fob TO ___
78*2 81
All A West 1st g 4s gu___ 1998 A -O 104 ____
-D
—
103*8 103*8 Cleve Cln C A St L gen 4s.. -1903 J
85*2 80*2 87 Jan TO __ _ 85*2 87
Clear A Mah 1st gu g 5s.. 1943 J - J 10734 ____
J
J
—
20-yr
deb
4
Ha_________
1931
107% 108*4
84
84*4
87
Jan
TO
86
87
Roch A Pitts 1st gold 0s..1921 F - A llO’s ____
J
J
Cairo Dlv 1st gold 4s-------1939
10734 110*8
11031 10734
79
77 Feb TO ___ 77 77
Consol 1st g 0s_______ 1922 J -D
Cln W A M Dlv 1st g 4 s .. 1991 J - J 76
\ 103% 10-138
6 79
79*4
M-N 79*4 80 79*4
84*2
Canada Son cons gu A 6s. . .19 0 2 A- O ____ 10434 104
Bt
L
Dlv
1st
coll
tr
g
4
s_..1990
____
80 82U Mar* 14
Beglstered___________ 1902 A -O
Registered—...............1990 M- N ____
94*4
M- S 84 ___ 85 Deo '15
Car Clinch A Ohio 1st 30-yr 5s ’38 J -D 91 Sale
Bpr
A
Col
Dlv
1st
g4s----1940
1071,
107*2
107*2
Central of Ga let gold 6s__ pl945 V - A 107*2
W W Val Dlv 1st g 4s___ 1940 J - J 8312 ___ 84*4 Jan TO . . . . 84*4 84*4
i 100*4 102
1
Sale 101
Consol gold 5s_________ 1946 M-N 1 08334
C I St L A C consol 68------1920 M-N 105 ____ 105 Nov’ 15
—
83*2 83*2
91 ____ 91*8 Feb TO — - 91*8 91*8
Chatt Dlv pur money g 4s 1951 J -D
1st gold 4s__________ *1936 Q-F
5
___
Mao A Nor Dlv 1st g 6S--1940 J - J 102*4 ____
9078 ____ 88 ‘, May’ lfi
Registered________ *1936 QF
____
1 10 2 12 102*2
Mid Ga A Atl Dlv 5S........1947 J - J 10 1* 8
J - J 102*2 Salo 102*2 102*2
Cln
8
A
Cl
con
1st
g
5s__
1923
3
—
102U
Jan
102*4
102*4
10234
115
117 105*4 July'14
Mobile Dlv 1st g 6s..........1940 J - J ___
J
J
1934
C
C
C
A
I
gen
con
g
0s__
1
95 97
95
90*4 95
Cen RR A B of Ga col g 6S..1937 M-N
J
J
Registered___________1934
3 110 118*4
J 11734 Salo 11734 118
80 ____ 04 July'08
Cent of N J gen’l gold 5s___ 1987
Ind B A W 1st pref. 4s__ 1940 A -O
115*4 117
3 —
Registered_________ *1987 Q - J 117 117*2
O Ind A W 1st prof 5s__ <11938 Q-J
103*4 103*4
3 —
6 6634 70
00*4
05*2 093i 66*4
Am Dock A Imp gu 5s__ 1921 J - J 103*8 104
Peo A East 1st con 4s___ 1940 A -O
1
0
2
100
.
2 29
30
J
30 Salo 30
30
Leh A Hud Klv gen gu g 5sl920
Income 4s....................1990 Apr
3 ___
001 , .
6 100*4 101*2
1003
4
Salo
1003
4
101
N Y A Long Br gen g 4s..1941 M- S 98 1 0 0
A
-O
Clove Short L 1st gu 4)48__ 1901
12 80*s 83
2
8
10
9
9
Cent Vermont 1st gu g 4 s ..<1920 Q - F 81 Salo 897OI4 :
0
93
8
Col Midland 1st g 4s____..1947 J - J
96 98
3 —
97
7
8
8 Jan 'If
Cbesa A O fund A Impt 6s.. 1929 J - J
____ 10
Trust Co certfs of deposit
1
H 105*2 1073s
105i2
4
913j
91
84
91*s
93*4
0134
Salo
1st consol gold 6S_______ 1939 M-N 105*4 Salo
3 ___
Colorado A Sou 1st g 4a___ 1929 F -A
853i 19 85 87*s
85 Salo 85
Registered__________ 1939 M-N 103 . . . . 10 5 :
M-N
Refund
A
Ext
4Ms..........1036
91
93*4
2
17
Salo
92*8
105*2 105*4
General gold 4)4s__
1992 M- 8 92*8
Ft W A Den C 1st g 6 s... 1921 J -D 10512___ 105*2 Feb 'It
90*2 ---------------91
3
Registered----------------- 1992 M- S ____ 91*2 9oi2 :
8 7 ' 95
Conn A Pas IIIvs 1st g 4s__ 1943 A -O
, 80 86*4 89
87*2 Salo 86 I2
04 Feb TO
04 04
Convertible 4)4s... . . . . . 1930 F -A
J
J
Cuba
RR
1st
50
yr
5s
g___
1952
85
85
i
----85
85
Big Bandy 1st 4s..............1944 J -D
8434 Del Lack A Western—
10 84
84
84
84
3 86*4 87*2
87*2
87*2
Coal River Ry 1st gu 4s. -1945 J -D 83
J -D 87*2 ” 88
Morris
A
Es
1st
gu
3M
b
.
.2000
06*4
96*4
6
----903
4
99
108*8 109
109 110 109 Fob 'If
Craig Valley 1st g 6s........1940 J - J
N Y Lack A W 1st 6s___ 1921 J - J 103*2----84% Jan ’
1041a Feb '16
104*2 104*2
Potts Creek Br 1st 4s___ 1940 J - J
Construction 5s______ 1923 F - A 9834 ----- 065s Sep '15
8534 Feb 1 6 ----- 84*2 85*4
B A A Dlv 1st con g 4s. ..1989 J - J 85*8 88
M-N
Term
A
Improve
4s___
1023
82
83*s
8 8
83*8 8318
1
102*8
Feb
'
0:
84
-----2d consol gold 4s_____ 1989 J - J
F
A
Warren 1st ref gu g 3 MS..2 0 0 0
1043g Deo '15
Greenbrier Ry 1st gu g 48.1940 M-N 81*2 ____ 90 Apr
Del A Hud 1st Pa Dlv 78 . —1917 M- S 1045s------ 104*2 Feb 'If ___ 104*2 104*2
113U Feb
Warm Springs V 1st g 5s.. 1941 M- S 90*2
Registered___________1917 M- S 10038 100*2 160*8 10 0 3; 1 1 1003s 100%
59*2
59
2
1 1 57
68*4 00
Ohio A Alton Kit ref g 3s__ 1949 A -O
J
-D
58 43 47
10-yr conv deb 4s_______ 1916
47
47 Salo 45
Hallway 1st lien 3)4s____ 1950 J - J
IOI84 101*2
1 0 11
1 1100*2 101*4
*4 13 99 100
1st lien equip g 4)4s—___1922 J - J 101*2
15 90*4 97*4
Ohio B A Q Denver Dlv 4S..1922 F - A 9934 ____ 9934
97
90*2 salo 90*2
1st A ref 4s____________ 1943 M-N 100*4
4 17 85*8 87
85*8 Sale 855s
Illinois Dlv 3)4s................1949 J - J
106 108
Sale
61
100
166*
4
16 94% 90
Conv 5s sub roots___
Illinois Dlv 4s___ _______ 1949 J - J 95 95*2 95
873
21 85*4 87*4
4 877f 87*8
Alb A Bus conv 3Ha-------1946 A -O 1 187’
Registered___________ 1949 J - J
113 113
113
Feb
'If
___
2
*
2
----M-N
Rens A Saratoga lat 7s— 1921
7s
1 102*2 10 2 %
Iowa Dlv sink fund 6s___ 1919 A -O 10278 Salo 1027s
0 ----- 99*8 99*4
9912 9978
_ _ Sinking fund 4s______ 1919 A -O
• No price Friday; latest this week. d Duo April. e Duo May. 0 Due June. A Due Juiv. * Due Aug. 0 Due Oot. V Due Nov. g Due Dee. « Option sale.
Ask\Loio
H igh
B id
U. S. Government.
U 8 2s consol registered__<11930 Q - J 99^4____ 997s Jan TO
97*4 Oct '15
O 8 2s consol coupon____<11930 Q - J 9934 ------ 10134
T5
0 8 8s registered________*1918 Q - F 102 102*2 10258 Deo
Feb TO
O 8 3s coupon_________ *1918 Q - F 102 ____
s Feb T6
0 8 4s registered________1925 Q - F 11034 ____ 1107
Jan TO
O 8 4s c o u p o d _________ 1925 Q - F IID 4 112 110*4
U Oct T5
O 8 Pan Canal 10-3O-yr 2e.*1938 Q - F 99 ____ 98
97 July'15
0 S P n Canal 10-30-yr 2 a ..1938 Q - N
Feb TO
0 8 Panama Canal 3s g----- 1901 Q-M 10 2 12 10 3 12
Feb T5
0 8 Philippine Island 4a.l914-34 Q - F ____100
Low
H igh
997s 997s
F eb . 26 1916.]
BONDS
N . Y . STOCK EXCHANGE
Week Ending Feb. 25.
New York Bond Record—Continued—Page 2
P r ic e
F r id a y
F e b . 25.
B id
W eek ’s
R ange or
L a s t S a le
A sk L ow
H ig h
R ange
S in c e
J a n . 1.
N o . L ow
BONDS
N . Y . STOCK EXCHANGE.
Week Ending Feb. 25.
Is
II
P r ic e
F r id a y
F e b . 25.
787
W e e k ’s
R an ge or
L a s t S a le
R ange
S in c e
Jan. 1 .
H ig h
A sk L ow
H ig h
Denv A R Gr 1st con g 48— 1938 J - J 78% Sale 78
L o w H ig h
78*2 33 76% 79*2 Leh A N Y 1st guar g 4 s....1 9 4 5 M - S B id
90% ____ 89 Dec T5
Consol gold 4Ms............... 1936 J - J 83>s 83% 83 Feb TO
83
85
Registered...........................1945 M - S
79
80*2 80 Feb T 6
Improvement gold 5s____ 1928 J -D
80
82% Long Isid 1st cons gold 5s..ft1931 Q - J 104% " "
106%
106%
1st A refunding 5s............. 1955 F - A 57% 8ale 57*2
104% 106%
98 55*2 58%
58
1st consol gold 4s_______ *1931 Q - J 95% ____ S94 Oct T5
Rio Or June 1st gu g 6 s . .1939 J - D 85% 86>a 109 Deo ’ 12
General gold 4s................... 1938 J -D
85 ____ 90 Feb T6
86
Rio Or So 1st gold 4s____ 1940 J - J 33
35>4 6U3 Apr ’ l l
90
Ferry
gold
4*4
s.................
1922
MS
99%
99%
99%
99%
Guaranteed_________ 1940 J - J 35 ____ 35 N o v ’15
99% 99%
Gold 4s---------------1932 J -D
99%
Oct
’06
Rio Or West 1st g 4s....... 1939 J - J 75
75is 75
75%
78*2
Unified
gold
4s...................
1949
MS
85%
86%
85%
■
85%
Mtge A col trust 4s A .. 1919 A -O ------ 65
851* 86
64 Feb T 6
65
Debenture gold os......... ..1934 J -D ------- 96% 97 Jan T6
Utah Cent 1st gu g 4a.al917 A - O
97
97
90 Apr T4
Guar refunding gold 4 s . ..1949 M - S 85
88
87
87%
14 87
Des Mol Un Ry 1st g 5s___ 1917 M -N
9 9 ij____ 100 M ar’ 15
88
1949
M
S
Registered.......................
95
Jan
’
l
l
Det Sc M ao. 1st lien g 4s__ 1995 J -D
87
89i2 90 Jan T 6
90
N Y B A M B 1st con g 5s. 1935 A - O 101 ____ 101% Jan T6
Gold 4 s ............................. 1995 J -D
80
90
85 Jan T 6
101% 101%
85
N Y A R B 1st gold 5 s . .. 1927 M- S 103 103% 103 Feb T6
Det Rlv Tun-Ter Tun 4 H e. 1961 M -N
8978 9312 93% Feb T 6
102% 103
93%
Nor Sh B 1st con g gu 5s.cl932 Q - J 102 ____ 102 Feb T6
Dul MIssabe A Nor gen 5 s.. 1941 J - J 104 106 10434 Deo T5
102
102
Louisiana A Ark 1st g 5s___ 1927 M - S
86*4 90
97*2 Jan T6
Dul A Iron Range 1st 5s____ 1937 A -O 102*4 104 103% Fob T 6
07*2 97%
103*8 103*4 Loulsv A Nashv gen 6s.........1930 J - D 111% 112
Registered....................... 1937 A -O
111%
111%
100 M ar’08
111% 112%
go
ld
5s................................1937
m
-N
109%____ 108% Jan T6
Du So Shore A At g 5s........1937 J - J 92
95
93% Jan T 6
!08% 108%
93% 95%
Unified gold 4s.................... 1940 J - J 95*8 Sale 95%
95%
Elgin Jol A East 1 st g 5s .. 1941 M -N 104 104% 10-4 Feb T 6
94% 93
103 104
Registered........ .............. 1940 J - J 95 ____ 94 June’ 14
Erie 1st consol gold 7 s..
1920 M- S 110% 111 110%
111
110% 111%
Collateral trust gold 5 s . . . 1931 M- N 105*8 105% 105 Feb T6
N Y A Erie 1st ext g 4a .. 1947 M -N
95*8____ 97*2 June’ 14
105
" 105”
E H A Nash 1st g 6s.........1919 J - D 107% 112 107% Deo T5
2d ext gold 5s................ 1919 M S 101% 102*2 101% Feb TO
101% 101%
L C In A Lex gold 4)4s___ 1931 M -N 101%____ 101*2 101%
3d ext gold 4H s.......... 1923 M 8 99% ____ 98*2 June’ 15
100%
1 0 1%
N O A M 1st gold 6s_____ 1930 J - J 115% 115% 115%
4th ext gold 5s............... 1920 A O 102%____ 102*8 Feb TO
115%
115% l i e
102% 102%
2d gold 6s.......................1930 J - J 109 ____ 109% May'15
6th ext gold 4s............... 1928 J D 94% ____ 94 N ov’ 15
Paducah
A
Mem
Dlv
4
s
..
1946
F
A
89
90
N Y L E A W 1st g fd 7s.. 1920 M S 110% 110% 110% Feb T 6
90
90
90
90%
110% 111
St Louis Dlv 1st gold 6 s .. 1921 M - 8 107%____ 108% 108%
Erie 1st con g 4s prior___ 1998 J - J 85% Sale 85%
86%
108% 108%
85% 86*2
2d gold 3s...................... 1980 M- 8
62% ____ 62*3 Feb T6
Registered.................. 1990 J - J
80 Oot T5
61
62%
Atl
Knox
A
Cin
Dlv
4
s...1955
M
-N
88*4 90
1st consol gen Hen g 4s. 1996 J - J 75*8 Salo 75
89 Feb T6
87% 90
76
75
77
Atl Knox A Nor 1st g 5 s.. 1946 J - D 108%____ 111 Jan T3
Registered..............
1996 J - J
76*2 Jan T 6
76*2 78%
Hender
Bdge
1st
s
f
g
6s.
.1931
MS
105%
____
Penn coll tr g 4s................. 1951 F - A
105
June'15
89% 90
89%
89*4
88% 90
Kentucky Central gold 4s. 1987 J - J
87% 89% 88% Feb '16
60-yr conv 4s A _________ 1953 A -O
72 Sale 71*3
88% 89
72*2
71% 72%
L A N A M A M 1st g 4>4s 1945 M- S 100%____ 100% Feb T6
do
Series B........... 1953 A -O
79*8 Sale 78*2
79%
99% 100%
78*2 84
L A N-South M Joint 4 s.. 1952 J - J 76*2 85
80% Feb TO
Bull N Y A Erie 1st 7 s ... 1916 J -D 101 . . . . 102% Juno’ 15
80
82
Registered....................A1952 Q - j
95 Feb ’05
Ohio A Erie 1st gold 5s
1982 M -N 106% 107 106%
106%
105% 107
N
Fla
A
8
1st
gu
g
5s___
1937
F
A
106%____
106%
Feb
T6
Clev A Mahon Val g 5 s ... 1938 J - J 103% 104*2 101 Fob T5
10 6 % 1 0 6 %
N
A
C
Bdge
gen
gu
g
4>4s.l945
J
J
9 7 % ____ 97 Dec '14
Long Dock consol g 6s . . . 1935 A -O 122%____ 122% Feb T 6
121% 122%
Pens A Atl 1st gu g 6s___ 1921 F - A 108% Sale 108% 108%
Coal A RR 1st cur gu 6s .. 1922 M -N 100*8 104 100‘s Oot T5
108% 108%
S A N Ala cons gu g 5 s . . . 1936 F - A 107 ____ 108 Jan T6
Dock A Imp 1st ext 5 s ... 1943 .1 - J 104*2____ 102% Jan T 6
105% 108
102% 102%
Gen
cons
gu
50-year
5s.
1963
A
O
102% 103% 103 Feb T6
N Y A Green L gu g 5 s ... 1946 M -N 100%____ 103*2 Aug T2
10 2 % 10 3 %
L A Jeff Bdge Co gu g 4 s . .. 1945 M- 8 8 1% ____ 81 Feb T6
N Y 8us A W 1 st rof 6s . . . 1937 J - J 97*2 98*2 98*2 Feb T 6
81
81
98'% '98'% Manila RR —Sou lines 4s
1936
M
-N
2d gold 4>*s................... 1937 F - A
100*4 Deo ’06
Mex Internat 1st cons g 4s. . 1977 M- S
80
83% 88 Deo T5
77"" Mar'10
General gold 5s..............
1940 F - A
Stamped guaranteed........1977 M- S
79 N ov’ 10
Terminal 1st gold 5 s ... 1943 M -N 105%____ 102 Jan T4
Midland Term— 1st s f 5s g.1925 J - D
101 Oct ’09
Mid of N J 1st ext 5s___ 1940 A -O 104 ____ 111** May’ 12
Minn A St L 1st gold 7s___ 1927 J -D 111 115 105 Sep '15
Wllk A Ea 1st gu g 5s____ 1942 J -D
89*2 Salo 89*2
89%
86% 90
Pacific Ext 1st gold 6 s...1921 A - O
Ev St Ind 1st con gu g 6s____ 1926 J - J
102% N o v ’ 15
100 May’ 12
1st
consol
gold
5s..............
1934
M
N
89*2 Sale 89%
9 0% ____ 90 Jan TO
Evans A T H 1st cons 6s___ 1921 J - J
89*2
88% 90
90
90
1st A refunding gold 4 s ... 1949 M- 8 60*8 Sale 60
60 ____ 99% Deo 13
1st general gold 6s............. 1942 A -O
63*2
52% 64*2
Des M A Ft D 1st gu 4 s . .1935 J - J 60 ____ 60 Feb ’ IB
Mt Vernon 1st gold 6s____1923 A -O
108 N ov ’ l l
Iowa Central 1st gold 5 s.. 1938 J -D
87
89
Bull Co Branch 1st g 5 s ... 1930 A -O
89% Feb T6
95 June’ 12
87*2 89%
Refunding gold 4s........1951 M- 8
67*4
Sale
Florida E Coast 1st 4M s. 1959 J -D ____ 93*2 93% Feb TO
57
57%
51% 60
92
93% M StPASSM con g 4s Int gu.1938 J - J
93% Sale 93*2
Fort 8 t U D Co 1st g 4>is__ 1941 J - J
93%
92 Aug TO
93% 93%
1st Chic Term s f 4s.......... 1941 M -N
Ft W A Rio Gr 1st g 4s......... 1928 J - J H U "64*2 66% Jan TO
97% June’ 12
66*4 6 6 %
M S S A A 1st g 4s Int gu.1926 J - J 97% 97% 97%
Great Northern—
97%
97% 99
Mississippi Central 1st 5 ...1 9 4 9 J - J 91% 93
O B A Q coll trust 4s.........1921 J - J 98% Sale 98%
91 Jan T6
99
91
91
97% 99
Mo Kan A Tex 1st gold 4 s.. 1990 J -D
76 Sale 76
1921 Q - J *98% 99*4 98%
Registered 6 ___
77%
98%
76
97% 98%
78%
..................
g
1990
F
A
2d
gold
4
s
.
.
.
46
46%
46
1st A refunding 4 %s ser A 1961
46%
99*2 Sale 99%
99%
46
50%
99 100*8
1st ext gold 5s................... 1944 M- N 52
54
51%
Registered..................... 1981 J - J
52
96 June’ 13
51
52
1st A refund 4s...................2004 M- S 51 Sale 51
8 t Paul M A Man 4 s..
1933 J - J 97*4____ 97% Feb T 6
52*4
51
53**
97*8 97%
Gen sinking fund 4)4s____1930 J - J
40
39
1st consol gold 6s ..
1933 J - J 121% 122 121%
39
121%
38*4 42%
121% 122
8t Louis Dlv Is ref g 4s ..2001 AA O -------61
51 Deo T5
Registered................. 1933 J - J ------ 121*2 118% Apr 15
Dal A Waco 1st gu g 5s. . . 1940 M - N
99% Dec '13
Reduced to gold 4J4s. 1933 J - J 103% Salo 103%
103%
101% 103%
Kan C A Pac 1st g 4s____ 1990 F - A
61 ____ 61 Feb T6
Registered............. 1933 J - J
10934 Apr T5
61
61
Mo K A E 1st gu g 5s___ 1942 A - O
89*s Sale 89%
89%
Mont ext 1st gold 4 s ... 1937 J -D
9 6% ____ 90%
00%
87% 89%
95% 96%
M K A Ok 1st guar 5s___ 1942 M -N ------ 61
61
61
Registered........................ 1937 J-D 95
96*2 92% N ov’ 16
61
66
M K A T of T 1st gu g 5s. . 1942 M- S 49% 60
50
50
„ PAclflcextguar4s£____ 1940 J - J 89 ____ 85% N ov’ l
50
66%
8her Sh A So 1st gu g 5 s.. 1942 J - D ------ 57
96 May' 13
92 ____ 89*4 June‘ 15
K Minn Nor Dlv 1st g 4 s.. 1948 A -O
Texas A Okia 1st gug 5 s.. 1943 M- S ------- 62% 63
63
Minn Union 1st g 6s......... 1922 J - J 109 ____ 109 N ov’ 15
63
63
Missouri Pac 1st cons g 6 s . .. 1920 M- N 100*2 Sale 100%
100*2 32 100 101
M ontO 1st gug 6s............. 1937 J - J 123%____ 120*4 Deo T5
Trust gold 5s stamped__ al917 M- 8
8 9% ____ 91 Feb T6
Registered____ _____ 1937 J - J
136*4 May’06
89% 91
Registered...................a l917 M- 8
82 Oct T5
1st guar gold 5s......... 1937 J - J 110% 111*4 108% Deo T5
1st collateral gold 5s____ 1920 F - A
"88% '89
Registered............... 1937 J - J
88%
89
83% 89
Registered..................... 1920 F - A
Will A 8 Fist gold 5s ..1938 J -D fio% m i 109% Deo T5
40 year gold loan 4s______1945 M - 8 "4 0 " *41% 4 1 "
Gr B A Wdeb otfs “ A " (J100 par) Feb ____ 80
"42"
75 Jan T 6
41 ' "46"%
74
75
IstA ref conv 5s................. 1959 M- S 41
42
Debon otfs ” B " (f 100 par)___ Feb
11
11*2 11% Feb T 6
41%
42
11% 14%
41% 46%
3d
7s extended at 4 % ____1938 M N 8 1% ____ 82 Jan T6
Gulf A 8 I 1st rof A t g 5 s ..61952 J - J 83% 85
85 Jan TO
82
82
85
85
Boonv St L A 8 1st 5s gu.1951 F - A
Registered................
61952 J - J
100 Feb '13
Cent Br Ry 1st gu g 4 s . .. 1919 F - A
50
59
Hooking Val 1st cons g 4Hs 1999 J - J 95*4 96
50 Feb T6
95
95% 17 ’93*4 95%
50
50
Cent
Br
U
P
1st
g
4s.........1948
J
-D
Registered.............. .
1999 J - j
50%
55
77% Dec T3
97»4 Jan T 4
L e r o y A C V A L ls tg 5 s ._ 1926 J - J 35 ____ 110 Mar’05
Col A H V 1st ext g 4 s ...1948 A - O 8 4% ____ 84 Nov'15
Pac R of Mo 1st ext g 4 s ..1938 F - A 90*2 Sale 90%
Col A Tol 1st ext 4s.........1955 F - A
83
86
90%
86
86
89
90%
86
86
2d
extended
gold
5s___
1938
J
J
100% Sale 100%
Houston Belt A Term 1st 5s. 1937 J - J
100%
93% Fob ' 15
100 1001*
8t L Ir M A 8 gen con g 5s 1931 A - O 102% Sale) 102%
Illinois Central 1st gold 4s 1951 J - J . . . . 97% 97
102%
97
10 2
10 2 1*
97
97%
Gen
con
stamp
gug
5
s..
1931
A
O
Registered..................
1951 J - J
102
J’ly
'14
92 Aug 15
Unified A ref gold 4 s ...1929 J - J 80% Sale 80%
1st gold 3J*s................
1951 J - J 85
80%
86% 86% Feb TO
74% 81
83
86%
Registered..................1929 j - j
Registered.................. 1951 j - j
80% Oct T 2
83 ____ 83 N ov ’ 15
„ R l y A Q Dlv 1st g 4 s...1933 M -N
73*2 Sale 73*2
Extonded 1st gold 3 M s...l9 5 1 A -O
73*2
85
86% 83 Oct T5
70
74**
Verdi V I A W 1st g 5s___ 1926 M- S
77 ____ 87 8ep ’ 15
Registered.................. 1951 A -O
83% ____
Mob A Ohio new gold 6s____ 1927 J - D 113 ____ 114 Feb T6
1st gold 3s sterling...........'1 9 5 1 M- 8
80 ____ 80 J’ ly ’09
112 114
1st
extension
gold
6s____
ft
1927
Q
J
109 Sale 109
Registered................
1951 m - a *------ 83
109
108 109
General gold 4s....................1933 m - S 72% ____ 76
Coll trust gold 4s........
1952 A - O 90% Sale 90%
76
90%
76
76
88
91%
Montgom Dlv 1st g 5s___ 1947 F - A
102 Feb T6
Registered............
1952 A -O
88 ____ 95*4 Sop ’ l;i
102
102
8t Louis Dlv 5s.................... 1927 J - D “90 " ' 92% 89 Dec T5
1st refunding 4 s ... .
1955 M- N 89% Salo 89%
89%
16 89
91%
8t L A Cairo guar g 4s_____1931 J - J 88% ____ 88% Feb T6
Purchased lines 3>Ss___ Il952 J - J
82
82% 83 Jan T 6
88% 88%
83
83
Nashville Ch A St L 1st 5 s.. 1928 A - O 107% 107% 107% Feb .T6
80% Sale 86%
L N O A Tex gold 4s.........1953 M - N
86%
106% 107**
85% 87%
Jasper Branch 1st g 6s___ 1923 J - J 109% 113 111 Jan '13
Registered.......................1953 M- N ____ 86% 84 May’ 14
M
cM
M
W
A
A
l
1st
6
s
.
..1917
J
J
101%
____
101% 101%
Cairo Bridge gold 4s........ 1950 J - D
92 ____ 91% Feb TO
101% 101%
90 " *92’ %
T A P B ran ch lst6 s______1917 J - J 101% ____ 113 J’ly ’ 04
Litchfield Dlv 1st g 3s___ 1951 J - J
71% 74
74 Feb T4
Nat Rys of Mex pr lien 4)48.1957 J - J 25
50
52% Deo T5
n Sv; ? , v A Term g 3^8.1953 J - J 81 ____ 81% Feb T 6
81%
8134
Guaranteed
general
4s___
1977
A
O
Kssktered.......................1953 j . j
68 Oct T5
83 Aug T2
Nat of Mex prior Hen 4)4s .. 1926 J - J
5JV ™g 5s............. 1921 F - A
96% Feb T3
123 May'99
» consol 4s....................... 1951 A - O
9 “ aha, Dlv 1st gold 3 s ...1951 F - A 69% 72*2 71 Jan TO
30 Aug T5
71
71
N
O
Mob
A
Chic
1st
ref
5
s..
1960
J
J
BtLoulsDIv A Term g 3s. 1951 J - J 69
40 May’ 15
76*2 68*3 Sep '15
N O A N E prior Hen g 6s..pl915 A - O
Qo*d ?H s ....................... 1951 j - j
8 1 % ____ 81% Jan T 6
101 June'14
"81% "81*8 Now Orleans Term 1st 4 s...1953 J - J -------72
Registered..............
1951 J - J
72 Deo T5
81 N ov’ 15
N Y C e n R R c o n v deb 6s ..1935 M -N 114*8 Sale 114%
Spring! Dlv 1st g 3H s._ 1951 J - j ’ 7834 m i 78*4 Jan T 6
115 1445 113 117%
78%
78%
Consol 4s series A .............1998 F - A
Western lines 1st g 4 s ... 1951 P - A 88 ____ 89*2
86% Sale 86%
86%
8 86% 86%
89*2
89% 89*2
Ref A Imp 4)4s “ A” ........ 2013 A - O
Roglsterod.................
1951 F - A
95*4 Sale 95
95% 110 94% 95%
N
Y
Central
A
H
R
g
3
)4
s..l9
9
7
J
J
Bellev A Car 1st 6s........ 1923 J -D 104% ____ 17% May’ 10
83 Sale 83
83% 10 0 82% 83%
Registered__________ 1997 j - j
Carb A Shaw 1st gold 4 s .. 1932 M- 8 80
81% 82% 81%
81%
1
94% j ’ly T2
81% 81%
Debenture gold 4s............. 1934 M- N
92% Sale 92*2
Chic 8 t L A N O gold 5s 1951 I -D 108 109 108*2
92%
3 3 92% 93%
108*2
108 109
Registered..................... 1934 m - N
Registered................
1951 J -D
91% Deo T5
114 Feb ’ l l
Lake Shore coll g 3)4s____1998 F - A
76---Sale 76
Gold 3V4s.................... 1951 J -D
78*8
22 76
90 Oot ’09
79%
Registered..................... 199s F - A ------ 77
Registered.................. 1951 J -D
78 Feb T6
78
78
J P M A Co otfs of dep.
86*4 Sale 86%
Joint 1st ref 5s serlo3 A . 1963 J - D ____ 102%
87
84% 88
102 103*8
Mich Cent coll gold 3*4s..l998 F -"a
78% 80
Meraph Dlv 1st g 4 s...1951 J - D 88% 89% 86% Deo T 6
79
79
77
80*4
Registered.....................
1998
f
A
77
79
Registered................. 1951 J - D
77% Jan T6
76
77%
Battle Cr A Stur 1st gu 3s. 1989 J - D
St Louis Sou 1st gu g 4 s..1931 M- S '8 8 " "95% "98 " J’ ly "’08
Beech Creek 1st gu g 4 s ... 1936 J - J 96% 97
Ind III A Iowa 1st g 4s.......... 1950 J - J
91 ____ 92*2 Jan T 6
96% Feb T6
96% 96%
90
92%
Registered.....................
1936
J
J
Int A Groat Nor 1st g 63____ 1919 M- N 97% Salo 97%
99 M ay’ l l
97%
97
98
2d guar gold 5s............... 1936 J - J 99 ____
James Fran A Clear 1st 4 s .. 1959 J -D
92
92% 92*2 Feb TO
92% 92*2
Registered................. 1935 J - J
Kansas City 8ou 1st gold 3s. 1950 A -O
70% 71% 70*s Feb T 6
70
70*2
Beech Cr Ext 1st g 3 )4 s .. 61951 A - O
98% ____
Registered........................ 1950 A -O
63 oot ’00
Cart A Ad 1st gug 4s........ 1981 J - D
89
91
Ref A Impt 5s............ Apr 1950 J - J
92 Sale 92
88% N ov’ 15
92
92
94
Gouv A Oswe 1st gu g 5s. . 1942 J - D 104%____
Kansas City Torm 1st 4s .1960 J - J 88*2 88% 88%
88%
8534 89
Moh A Mai 1st gu g 4s__ 1991 M- S
9 3% ____ 92% Dec T5
Lake Erie A West 1st g 5s .. 1937 J - J 9934 Sale 9934
99%
98 100
N J June R guar 1st 4S...19S6 F - A
91 ____ 89% Feb T6
2d gold 5s...... .........
1941 J - J 8 3% ____ 83% Jan T 6
89% 89%
83% 83%
N Y A Harlem g 3)48----- 2000 M -N
81 ____ 85 June’ 15
. North Ohio 1st guar g 6s .. 1945 A - O
98 M ar'14
N Y A Northern 1st g 5 s.. 1927 A - O 105
101% Mar'15
Leh Vail N Y 1 st gug 4 >4s 1940 J - J 101% 102 101*2 Feb TO
101%
103
N
Y
A
Pu
1st
cons
gu
g
4s.
1993
A
O
89
89% 89%
Registered................ ..
1940 J - J *100 ____ 100*2 Feb T 6
89%
89% 91%
100% 100*2
Nor A Mont 1st gu g 5 s . .. 1916 A - O
99
Lehigh Vail (Pa) cons g 4sl"2003 M -N
92*4____ 90% Feb TO
00% 02*4
Pine Creek reg guar 6s___ 1932 J - D 114%____ 113 May’ 15
r k ,9?“ eral con3 4 ^ 8 ......... 2003 M -N 101%------ 101% Jan T 6
101*4
101*4
R
W
A
O
con
1st
ext
5s..ftl922
A
O
104l2 Salo 104% 104*2
Leh V rerm Ity 1st gu g 6s . . 1941 A - O 110% 112% 110 Jan TO
103% 104%
110 110
R W A O T R 1st gu g 5 s.. 1918 M -N 101 ____ 104 June’ lo
Registered----------------1941 a - O 110 ____ 111*8 Deo ’ l l
Rutland 1st con g 4 )4 s ...l9 4 1 J - J 83 ____ 81% Deo T5
Leh Val Coal Co 1st gu g 5sll933 J - J 105%____ 106% Fob T 6
105*2
106%
Og A L Cham 1st gu 4s gl948 J - J ------ 76
Registered...........................4933 j . j 100 ____ 105 Oot '13
75 Dec T5
Rut-Canada 1st gug 4s. 1949 jJ - J
1st Int reduced to 4s........ 1933 J - J
92 June’09
90*4____
St Lawr A Adlr 1st g 5s__ 1996 jJ - J
98 ____ 100 Oct T5
2d gold 6s____________ 1090 A - O 103
119% Mar’ 12
102'% io'2%
* No price Friday; latest bid and asked this week."
Nor. t Option sale.
V Due
a
Due Jan. ft Due Feb.
d
Due April,
e
Due May.
g
Due June, ft Due July, ft Due Aug. ~ o D~ue~Oct~.~~
lx
Bonds
Sold
BONDS
N . Y . STOCK EXCHANGE
Week Ending Feb. 25.
Range
Price
Week’i
since
Rangeor
Friday
Jan. 1
Feb. 25. Last Sale
Bid AskLow High No. Low High
N Y Cen A H RR (Con.)
Utica A Blk Rlv gu g 48___ 1922
Lake Shore gold 3H s------- 1997 J -D
Registered------------------ 1997
Debenture gold 4s------- 1928 M- S
25-year gold 4a________ 1931 M -N
Registered_________ 1931
Ka A A G R 1st gu C 5a__ 1938
Mahon C'l RR 1st 5s.........1934
Pitts A L Erie 2d g 5s__ U1928 A -O
Pitta McK A Y 1st g u 6 a._ 1932
2d guaranteed 6 a---------1934
McKees A B V 1st g 6 s. 1918
Michigan Central 5s____ 1931 M- S
Registered____________1931 Q M
i s ......................................1940
Registered_________ 1940
J L A 9 1st gold 3>$s___1951 M- S
1st gold 3Ha__________ 1952 M-N
20-year debenture 4s__ 1929 A - O
N Y Chic A St L 1st g 4s. _ 1937 A - O
Registered____________1937
Debenture 4 s............ __1931 M -N
West Shore 1st 4a guar__ 2301 J - J
Registered..................... 2361 J - J
N Y C Lines eq tr 5a.. 1916-22 M- N
Equip trust 4HH--1916-1925
N Y Connect 1st gu 4H a A . _ 1953 F - A
N Y N H A Hartford—
Non conv deben 4s______1947 M- 8
Non-conv deben 3Ha___ 1947 M- 8
Non-conv deben 3H s___ 1954 A O
Non-conv deben 4s_____ 1955 J J
Non-conv deben 4a_____ 1956 M -N
Oonv debenture 3H s____ 1956 J - J
Ccnv debenture Os___ ___ 1948 J - J
Cons Ry non-conv 4a___ 1930
Non-conv deben 4a___ 1954
Non- onv deben 4s___ 1955
Non-conv deben 4s___ 1955
Non-conv deben 4s___ 1956
Harlem It-Pt Chea 1st 4a. 1954 M N
B A N Y Air Line 1st 4a.. 1955
Cent New Eng 1st gu 4s. .1961 J - J
Hartford St Ry 1st 4s___ 1930 M- S
Housatonlc R cons g 5a__ 193 7 M -N
Naugatuck MR 1st 4s___ 1954 M -N
N Y Prov A Boston 4a__ 1942 A -O
NYW ’chesAB 1st ser I 4Ha '46
- J
N H A Derby cons cy 5 s.. 1918 M- N
Boston Terminal 1st 4s__ 1939 A - 0|
New England cons 5s___ 1945 - J
Consol 4s......................... 1945 J Providence Secur deb 4a.. 1957 M-N
Prov A Springfield 1st 5 s. 1922 J Providence Terra 1 st 4a.. 1956 M- 8
W A Con East 1st 4 H a ... 1943 J - J
N Y O A W ref 1st g 4s___ 01992 M- 8
Registered $5,000 on ly ..01992 MGeneral4s._...................... 1955 J -D
Norfolk Sou 1st A ref A 53..1961 F - A
Norf A Sou 1st gold 6 a____ 1941 M-N
Norf A West gen gold 6 a__ 1931 61- A
Improvement A ext g 6 s. .1934 F - A
New River 1st gold 6 a___ 1932 A - O
N A W Ry lat cona g 4a.. 1996 A - O
Registered...............
1996 A - O
Dlv’l 1st lien A gen g ls.1944 J - J
10-25-year conv 4a........ 1932 J - D
10-20-year conv 4a____ 1932 M- S
10-25-year conv 4 H a .._ 1938 M- S
PocahC A C Joint 4 s ... 1941
C C A T lat guar gold 5s_. 1922 J - J
Sclo V A N E lat gu g 4a. . 1989 M- N
Nor Pacific prior Hen g 4a__ 1997 Q - J
Registered____________ 1997 Q - J
General Hen gold 3s____ a2047 Q - F
Registered.................... a2047 Q - F
St Paul-Dulutb Dlv g 4a.. 1996 -D
Dul Short Line 1st gu 5 s.. 1916 M- S
8 t P A N P gen gold 6 s. ..1923 F - A
Registered certificates.. 1923 Q - A
0t Paul A Duluth 1st 5S..1931 F - F
1917 A - O
2d 5s.............
1st consol gold 4s.......... 1968 J - D'
Wash Cent lat gold 4s__ 1948 Q -61
Nor Pao Term Co 1st g 68 . . 1933
Oregon-Wash 1st A ref 4 s . . . 1961 J - Jj
Pacific Coast Co lat g 5 s . .. 1946 J -D
Pennsylvania RR 1st g 4s__ 1923 M -N
Consol gold 6 s__________1919 M- S
Consol gold 4s. ................ 1943 61-N
Consol gold 4a__________ 1948 61-N
Consol 4Ha ......................I960 F - A
General 4Ha when Issued 1965 J * D
Alleg Val gen guar g 4a...1942 61- S
D R RR AB ’ge lat gu 4s g 1936 F - A
Phlla Balt A W lat g 4a.. 1943 M- N
Sodua Bay A Sou 1st g 5 s.2924 J - J
Sunbury A Lewis 1st g 4a. 1936 J - J
U N J RR A Can gen 4a.. 1944 61 • S
Pennsylvania Co—
Guar lat gold 4Ha_______1921 J - J
Registered____________ 1921 J - J
Guar 3H a coll trust reg A .1937 M- S
Guar 3Ha cod trust ser B.1941 F - A
Trust Co ctfs gu g 3Ha__ 1916 M- N
Guar 3Hs trust otfs C____1942 J - D
Guar3Hs trust ctfaD ___ 1944 J - D
Guar 15-25-year gold 4a..1931 A - O
40 year guar 4s ctfa Ser E. 1952 61- N
Cln Leb A Nor gu 4a g __ 1942 M- N
CIA Mar lat g u g 4 H a ... 1935 61-N
Cl A Pgen gug4H aser A . 1942 J - J
Serlca B........................... 1942 A - O
Int reduced to 3Ha._ 1942 A - o
8 erles C 3Ha................. 1948 M- N
Series D 3Ha................. 1950 F - A
Erie A Pitta gu g 3Hs B__ 1940 J - J
Series C.......................... 1940 J - J
Gr R A I ex lat gu g 4H8..1941 J - J
Ohio Connect lat gu 4a__ 1943 M- S
Pitta Y A Aah 1st cons os 1927 M- N
To I W V A O gu 4Hs A .. 1931 J - J
Series B 4 Ha................. 1933 J - J
Series C 4s..................... 1942 M- S
P C C A St L gu 4Ha A .. 1940 A - O
Series B gu ar................. 1942 A - O
Series C guar................. 1942 M- N
Series D 48 guar............. 1945 M- N
Series E 3Ha guar gold. 1949 F - A
'’ erles F guar 4 s g o ld ... 1953 J - D
Series G 4s guar............ 1957 M- N
O 8 t L A P 1st cons g 5 s.. 1932 A - O
Peoria A Pekin Un 1st g 6 a_. 1921 Q - F
2d gold 4Ha.....................61921 M -N
Pere Marquette— Ref 4s___ 1955 J - J
Refunding guar 4s______ 1955 J - J
Chic A West Mich 6 a.........1921 J - D
J
J
J
J
J D
J
J- J
99*4____ 96U N ov’ 16
S5*s
85*4 85*8 85*2
81*4 Oct To
95*8
9478 Sale 947s
95
9478 Sale 91*8
94*8 Feb '16
106*4____
100 ____
115 ____
112*4____
29
84*4 86
80
74
94*2 95*4
94*4 95*4
91
94*8
104*2 Deo T5
103 Jan T5
130*8 Jan '09
123*4 Mar* 13
5 .................
105*4------ 104*2 Dec T5
1047,------ 104 Deo '15
90*8____ 98 Apt T2
87 Feb ’ l l
___ j
83*4
81*8____ 83*4 Feb '16
89
90
90*4
90*4 ‘ " 5 88*a
1°: 93
94*4
94*2 94*4 94*2
92*4 J’ly T4
83
84*2 83*2 Feb '16
83
91*4 " 5 2 ! 91*4
91*2 Sale 9112
89
89*2
89*2 Sale 89*2
100*2____ 100 Mar’ 15 11
100*8____ 98 J’ ly T4
99
99*2 99*2
99*2 10 97*4
80*2____
73*2 75
71*2 72
80
80*2
80*2 Sale
70*4 Sale
114*4 Sale
8 U4
Feb TO . . . . 81*4
73 Feb ’ l l
73
72 Jan TO
72
80*2
80*2 ” " 5 80*2
42 80*2
80*2 . 81
2
70*4
71*4
70*4
24 114*2
114*4
HO
85
90*2
95*2
83*8
93
90
100
81*4
73
72
81*2
82
73
116
91*2 Jan T2
------ 99*4 N ov ’ 1 2
99*i June’ 12
82
81*8 82*2 82
8 6 78
10
106*2------ 105*2 May’ 15
91*4____ 87 J’ly T4
88
Aug T3
10012____ 107
100
641a ____
.................
Aug 09
99** M ar’ 12
66
Apr *15
9978 Deo *14
835a Feb ’ 14
85
82 U 83
82
82
92 ij June’ 12
77*s Feb ’ 16
76
77
83 Dec ’ 15
80
91
97 Jan '16
9612 101
1195s
1195s Sale 119*2
121*2 122 12134 Feb ’ 16
1 2 0 's
120is 12012 1 2 0 is
9358
93*4 9312 9314
92i2 ____ 93 U Dec ’ 15
91
907s Sale 00i2
116
115 118 116
115 118 116 3 4 Feb '16
115 118 110 > 2 Feb '16
8934
89i2 Sale 89l2
103 U ____ 10312 Jan '16
9234
923s 92*1 9234
94
937s Sale 035s
92U 93
92*2 Feb '16
6634
s6 6 *i Sale 66'4
63i2 66
64*2 Deo '15
90 . . . . 901s Nov'15
1 0 0 * 8 ___ 100i| Jan '16
1 1 0 ' s ------ 110 Jau *16
10 9 12 Oct '15
1065s------ 102 Feb '1.5
l()l7s ------ 102 Dec '15
90 ____ 00 Feb '1(5
00i2 Feb *16
90
02
1103s l l l i 2 H i's Feb 'l l
85i2 Sale j 85*2
86*4
943s 95
Oils
94's
98
93*4 Feb TO
103'a____ 103 Oct '15
98*8 99*a 9812
98l2
9834 993s 99*2
9934
1067s Sale 105*4
106U
102>s Sale 102
10238
" ' 965s 92*t Feb '16
96ia
9 4U ____ 96 Jau ’ 16
99U Nov'15
99
102 Jan '03
0 2 is
99
09'4 99'a Feb TO
102
102*4 102
1001s Dec T5
85 ____ 86*2 Jan TO
85 Jan T 6
85 ___
997s . . . 100's Jan TO
85 ____ 83 Fob T5
85 Jan TO
85 . .
05
9434 98*2 95
9312 ------ 923s May’ 14
9 0 's ----- 90 Dec T5
9734 Aug T5
99 . . .
10478 105i2 105*2 Feb T6
1047a . . . 104 Deo T5
85 . . .
91U Feb T2
91 . . .
90's Oct T2
8334 June’ 15
85'a . . .
8 7 'a ------ 86*4 M a y 'll
87' a ____ 90's J'ly T2
9812 Sale 98*2
98*2
92 U ____ 93 May’ l l
109 May TO
1 0 2 ia . . .
99 ___
9812 Oct T5
99 ___
98*4 June’ 15
93 ------ 93'aJan T 6
102*2 Sale 102*2
102*2
102*a____ 1017s Feb TO
1 0 2 * 2 ------ 9714 July’ 15
9412____ 95*2 Jan TO
92 Feb TO
93 ___
94l2 ____ 95U Jan T4
925s Aug '15
94i2 —
105 108*2 1<H Nov'16
102 N ov’ 15
85 Deo '15
____ 14*s 111* June’ 15
14'a Sale 14is
14>8
72
83
75 Deo T5
102
81*4 83
1 807s 84
~77% 77*$
— ! 97
97
1 1 119*2 1 2 0
— ;i20i2 122
1|j120 120U
52 93i4 94
24 897s 91
19 113*2 121U
— i 1161s 119*2
----*115*2 12212
"
8 9 '2 0 0 i4
10312 10312
9 1 78 9 4
9234 9 4 U
9212 9 3 i2
6 5 i2 6 7
100i2 100*2
110 110
90
90
111* 8
16 85*2
2 93
98*4
I
98*2
993s
90
0 0 '2
1113s
83
96
98*4
98*2
100
105*2 1063,
10034 10278
92*2 96*4
96
96
99*s 99*s
101
102
86*2 86*2
85
85
99»4 100's
85
85
94*2 95's
Range
since
Jan. 1.
Low High
Week's
Price
Rangeor
Friday
Feb. 25. Last Sale
Bid AskLow High
BONDS
N . Y . STOCK EXCHANGE.
Week Ending Feb. 25.
(Con.)
Pore Marquette
Flint A P M gold 6 a . . . 1920 A - O 100*4 105 101 Dec T 6
75
75 Sale 75
1st conaol gold 5a______1939 M -N
08 July’ 15
Pt Huron Dlv 1st g 5a..1939 A - O ____ 60
Sag Tus A H 1st gu g 4 3 . . 1931 F - A
50 Jan T 6
Philippine Ry lat 30 yr a f la 1937 J - J 50 55
Pitta Sb A L E lat g 5s........ 1940 A - O 106*8 108*4 105 Deo T5
113U
N ovT l
lat conaol gold 5a..............1943 J J
95'i Sale 95
95*2
Reading Co gen gold 4a----- 1997
94 Jan TO
____ 95
Registered------------------- 1997
----- 96*s 95*s Feb T 6
Jersey Central coll g 4a— 1951
94 ____
Atlantic City guar 4a g___1951
59 Feb T 6
59 60
St Job A Gr Jal lat g la.........1947
109*2 HO 109*8
109*8
St Louis A San Fran gen Oa. 1931
102*4 104 102*4 Feb TO
General gohl 6 a_________ 1931
75 J’ly T4
____ 70
St L A S F RR cona g 4s. .1996
47 50
47
47
Genera! 15-20-year 5a__1927
46*4 50
50
50
Trust Co certlfa of deposit..
46*2 Sale 44
48*2
do
Stamped..
90 N ov’ 15
iJouthw Dlv lat g 5a— 1947
69i2
69*2
69*s - - Refunding gold 4a........ 1951
8034 Mar’ l l
Registered................... 1951
03*8
68*4____ 63*8
Trust Co ctfs of doposit..
64*8
64*8 64i2 64*8
do
Stamped..
110*2
K C Ft 8 A M cons g 6 a .. 192S M - N 110 * 4 Sale 1101s
76 Sale 76
76*2
K C F t S A M Ry ref g 43.1936 A -O
K C A M R A B lat gu 5a. 1929 A O 90 ____ 91*2 Dec '15
78*4
St L 8 W 1st g 4s bond ctfs . _ 1980 M- N 78*4 Sale 78i2
62 Feb TO
2d g 4s Income bond ctfs.p i989 J - J 62*4 69
63
65
04
64*8
Conaol gold 4a.............. 19-32 -D
68*2 69
67 Jan TO
1st terml A unlf 5s_____ 1952 J - J
98*4 Jan '14
Gray’s Pt Ter 1st gug 6 a. .1947 J -D 100
66*4 Sale
G0i«
67
8 A A A Pass 1st gu g 4s___ 1943 J - J
8 F A N P 1st sk fd g 5s____ 1910 J
J 101*8____ 1015s Feb T 6
82's 82*4 82*2
82*2
Seaboard Air Line g 4s____ 1950 A - O
82*2
Gold 4s stamped________ 1950 A - O 82*s 82*4 82'8
Registered_______________1950 A - O
67
Adjustment 5a— ...........ol940 F - A 66*2 Sale 66*2
70*4
Refunding la..................... 1950 A - O 70U Sale 70*4
89*2 Deo T5
Atl Blrra 30 yr 1st g 4s__el933 M- 8 ____ 87*2
87*4____ 85>4 Mar T 5
Car Cent 1st con g 4s___ 1940 J - J
Fla Cent A Pen 1st g 5n.. 1918 J - J 10 0 ------ 99*4 Sep T6
1st land gr ext g 5a___ 1930 - J 1 0 1 . . . 1 0 1 D eo'15
103
Consol gold 5s________ 1943 J - J 103 ____ 103
Ga A Ala Ry 1st con 5s._ol945 J - J 103*2 104*2 103*4 Jan TO
101 *s___ 103 Jan T 6
Ga Car A No 1st gu g 58.. 1929, J
1926 J - J,*101*8------ 99*4 Aug T 6
Seab A Roa lat 5s,
Southern Paclflo Co—
,
.
87*8
Gold 4a (Cent Pac coll) .A194U JJ " D 87*2 Sale 87*2
85*2 90 Feh T4
Registered....................*1949 J " D 85
88*8
88*8
8
8
's
Sale
20 year conv 4a________ 0 1 9 2 9 1 M -8
IOSI4
20 year conv 5s_________19341J -D 104>8 Sale 104
90*4
Cent Pac 1st ref gu g 4 s .. 1949|F - A 90*2 Sale 90*2
86*4 Mar TO
19 4 9 F - A
Registered_______
s90 Sale 89*2
90
Mort guar gold 3H8--*1929 J 85
86*4 86*4 Jan TO
Through St L 1st gu 4a. 1954! A - O
G H A S A M & P 1st 58.. 1931 M-N 101 104 104 Dec '15
Gila V G A N 1st gu g 5s. .1921 M-N 100*2____ 100U Jan T 6
Houa E A W T 1st g 5 s . .. 1933 M-N 1017s ____ 102U Feb T 6
102
1st guar 5s red________ 1933 M-N 102 Salo 102
H A T O 1st g 5s Int g u ... 1937 J - J 105 ____ 1061a Dec T5
Gon gold 4s Int guar— 1921 A - O 95*8____ 95*8 Feb TO
109*2 N ov’ 15
Waco A N W dlv 1st g 6a 1930 M - N ------ 110
10 0
____ 103 Nov'15
A A N W 1st gu g 5 8 . . . . . 1941
109 June* 14
Louisiana West 1st Os----- 1921 J - J
104*4
Morgan's La A T 1st 7s..1918 A - O 103*2 105*2 104*4
1st gold 6s....................... 1920 J - J ------ 105*4 105 Jan TO
No of Cal guar g 6s_......... 1938 A - O ------ -------- 1 105 Oct T 6
1 0 1* 2 102*41102
102*8
Ore A Cal 1st guar g 5 s...1927
So Pac of Cal—Gu g 5s__ 1937 M- N 107*4____ 10 1* 2 Nov'13
So Pac Coast 1st gu 4a g._1937] J - J 92 ____ 91*2 Sep T*2
85*2
San Fran Terml lat 4 a ... 1950 A - O 85*2 Sale 85*8
96 Apr '14
Tex A N O con gold 5 a ...1943 J * J ____ 97
90*4 Sale 90
90*4
So Pac RR 1st ref 4a........ 1955 J - J
102'a
Southern— 1st cona g 5s___ 1991 J - J 10 2*4 Sale 102*4
Registered____________ 1994 J - J 100 103l2 98 June’ 15
72*2
Develop A gen is Ser A._1956 A - O 71 Sale 71
77
Mob A Ohio coll tr g I s .. . 1938 M- S 76 ____ 77
Mem Div 1st g 4 H 5s____ 1996 J - J 102*4 103*4 1 0 1 Feb TO
82*4 83
83 Jan TO
St Louis dlv 1st g 4s-------- 1951 J - J
Ala Con 1st g 6a--------------- 1918 - J 101*2____ 102*2 Feb TO
99*4 99 Feb TO
Ala Gt Sou 1st cons A 5 s.. 1943 J * D 99
96*2 96 Feb TO
Atl A Char A L 1st A 4 Vis1944 J • J 96
84
84*4 84 D e o ’ 15
Atl A Danv 1st g 4s---------1948 J - J
81*2 Feb TO
2d 4s ...........................1948 J * J 80 . . .
76
81
75*4 Doc T4
At l AYa d 1st g guar 4 s .-.1949 A - 0
100*8 J'ly ’ 14
Col A Greenv 1st 6s______ 1916 J - J
E T Va A Ga Dlv g 5s____ 1930 J - J 1037s 105 103*2 Jan TO
106
Con 1st gold 5s________1956 M- N 100 Sale 105*8
101
E Ten reor lion g 5s.......... 1 9 3 8 :M - 8 100*4 101*2 101
00 Feb TO
Ga Midland 1st 3s............ 1940 A - O ------ 60
Ga Pac Ry 1st g 6s.......... 1922 J J 107*8 108 107*2 Feb TO
110*2
Knox A Ohio lat g 6s___ 1925 J - J 109*2 11 0 * 2 110*2
Mob A Bir prior Hen g 5s .1945 J - J 100*4____ 105*2 NOV’ 12
79 MarTM
68*2 72
Mortgage goUJ 4s______1945 J - J
Rich A I)an deb 5s stmpd. 1927 A - O 103 ____ 10 1* 2 Deo TO
68
------ 73 Hep *12
Rich A Meek 1st g 4s___ 1948 M N
102*8------ 102 Feb TO
So Car A Ga 1st g 5a........ 1919 M-N
104*8 103*4 N ov’ 12
Virginia Mid scr Dl-5s ..1921 M- S 101*8
Series E 5s___________ 1926 M- S 10134 . . . 102 Deo *13
Series F 5s..................... 1 9 3 1 M -S 104*a . . . 104 Mar* 13
General 5s____________ 1936 M-N 104*8___ 104*4 Jan TO
Va A So'w’ n 1st gu 5s__2003 J - J 1025a 103 103 Feb TO
1st cons 50-year 5S..1958 A - O 89 91*2 89*4 Feb TO
03 . . .
93 Deo '15
W O A W 1st cy gu 4s----- 1924 F - A
93 Jan TO
Spokane Internat lstg 5s— 1955 J - J 00 96
Ter A of St L 1st g 4Ha___ 1939 A - O 10 0 . . .
99*4 Jan TO
105 108 100*4 Feb T 6
1st con gold 5s__ 1894-1941 F - A
Gen refund s f g 4 s _______ 1953 J - J ------ 87*4
87*8
87*8
St L M Bridge Ter gu g 5s 1930 A - O 10 0 *2 10 1* 2 99 Nov'16
96 Salo 90
90
Tex A Pac 1st gold 5s______2000 J - D
35 36
35*8 Jau '16
2d gold Inc 6s.................. 1 2000 M ar
90 Jan TO
La Dlv B L 1st g 5s_______ 1931 - J ------ 88
106*2 N ov’OI
W Min W A N W 1st gu 5s 1930 F - A ------ 96
103 ____ 103*4 Fob TO
Tol A O C 1st g 5s. _ . : .......... 1935 J 102*4
Western Dlv 1st g 5s---------1935 A - O 102 103 102*4
101*2 Apr ’ I
General gold 5s___________ 1935 J - D ____ 95
84
84
84 87
Kan A M 1st gu g 4s........ 1990 A - O
09
2d 20-year 5a................. 1927 J - J OH*4 98*4 99
56 Sale 56
50
Tol P A W 1st gold 4s.......... 1917 J - J
83 Jan '16
Tol St L A W pr lien g 3Ha. 1925 J - J ____ 81
69
50-year gold 4s----------------1950 A - O 59 Sale 58*4
18*8____ 43 Juno’ 14
Coll tr 4s g Ser A............. 1917 F - A
84 Jan TO
Tor Ham A Buff 1st g 4S..M946 J - D 82 83
101
Ulster A Del 1st coo g 5a. .1928 J -D 100*2 102 101
1st refund g 4s................... 1952 A - O 80 ----- 74 MarTfi
9778
97*8
97*8
Sale
Union Pacific 1st g 4s.......... 1947 J - J
07
97
Registered.......................1917 J - J
94
20-year conv 4s................. 1927 J - J 93*2 Sale 93*2
90*2
1st A ref 4s...................... 02008 M- S 90*.j Sale 90*4
92
92 Sale 01*8
Ore R R A Nav con g 4a__ 1946 J -D
109
108*4------ 109
Ore Short Line 1st g 6s__ 1922 F - A
106*8
1st consol g 5s________ 1946 J - J 106*4 107 106*8
03*4
Guar refund 4s............... 1929 J - D 93*2 Sale 93*4
Utah A Nor gold 5s___ 1926 J - J 102*4------ 102 Deo T 6
95
95*4 93*8 Oct
1st extended 4s_____1933 J - J
91 ____ 93 Apr
Vandalla cons g 4s Ser A .. 1955 F - A
91 ____ 86 Sep T5
Consol 4a Series B_______ 1957 M
42*2 A uP T5
Vera Crui A P 1st gu 4 H 8- -1934 J - J ____ 87
98*4
98*2 Sale 98*2
Virginian 1st 5s Series A ___ 1962 M N
74
75
50
50
94*2 90*a
92*4 94
95
95*8
59
109
102
C912 72*2
02*4
02*8
109*2
76
95*2 9878
93*2 93*2
101*8 102*2
101*8 10178
95*2
92
14
14is
62
64
06
08*8
82*8
82
7034
82*2
83*4
103 103
103*4 103*4
103 103
86
88
88*a 80*8
104 1077a
90
91
89*4 00*4
80*4 80*4
100*4 1 0 0 U
102
102*4
102
103*2
94*4 95*i
100*4 100*4
104*2 104*4
105 105
101*4 102*2
86
80
90 ’ o f "
102*4 103*2
7 1" 73*4
76
78
103 104
82*2 84*2
102*2 102*2
99
99
95*8 96
J
79*2 81*2
103*2
105*8
99*2
57
107*4
108
103*2
I00
101*2
60
107*8
11 0 * 2
102
102
103*2 101*4
10212 103
89*2 90*2
9 3"
9812
103*2
86
93""
997s
100*4
88
97
35*8
00
J
v
70
00*4 70
70
72
J- J
Due Aug.
G378
66*4
101*8 101*8
J
0
70
00*2
1!0*4
77
33 78*2 80
J
104*8 105*2
00
HO
103*4
46*8 62
40*2 61*4
43*4 48*4
J
* No price Friday; latest bid and asked. a Due Jan. 6Due Feb. cDue May. jD ue June. A Due July. * Due Aug.
* Option sale.
[Vol. 102.
flew York Bond Record—Continued—Page 3
788
103
102
84
98*8
50
83
58
84
101
103*4
102*2
84
99
01
83
00
84
101
97*4
97
93*8
90*a
91*8
107*4
98*8
97*8
94*8
91*2
92*2
109
10 0
10678
92*4 94
50
97*8 98*4
Due Nov. q Duo Deo.
W eek’s
R ange or
L a st S a le
P r ic e
F rid a y
F e b . 25.
B id
W*Daah 1st gold 6a...............193'J M -N
Id gold 5a.......................... 1939 F - A
Debenture Serlea B______1939 J - J
1st Hen equip a fd g 6a— 1921 M- 8
lat lien 60-yr g term 4a . . . 1954 J - J
lat ref and ext g 4a_______1950 J - J
Cent Tr ctf8 aaat paid------Do aaat part paid . . .
Cent Tr stpd ctfa aaat paid .
Do aaat part p a i d . ------Eqult Tr ctfa aast paid___
Do aaat part paid---------Eqult Tr atpd ctfa aaat paid
Do aaat part paid_______
Det A Ch Ext lat g 5a___ 1941 J - J
Dea Moln Dlv let g 4a___ 1939 J - J
Om Dlv latg 3Ha............. 1941 A -O
Tol * Ch Dlv lat g 4a___ 1941 m - s
Wab Pitta Term 1st g 4a___ 1954 J -D
Cent and Old Col Tr Co certa..
Columbia Tr Co certfa______
Col Tr ctf8 for Cent Tr ctfa . . .
2d gold 4a........................... 1954 J -D
Truat Co certfa
Waah Terral lat gu 3Ha____1945 F - A
let 40-yr guar 48 ______ 1945 F - A
Weet Maryland lat g 4s____ 1952 A -O
Weet N Y A Pa 1st g 6a..........1937 J - J
Gen gold 4s_______
1943 A -O
Income 5a_____________ <11943 Nov
Wheeling A L E lat g 5a___ 1926 A -O
Wheel Dlv 1st gold 5a____ 1928 J - J
Exten A Impt gold 5s____ 1930 * - A
RR 1st consol 4a_________ 1949 M- S
20-year equip a f 5a........... 1922 J - J
Wlnaton-8alem S B lat 4 s.. . 1960 J - J
Wla Cent 60-yr lat gen 4a.. . 1949 J - J
8 up A Dul dlv A term lat 4a '36 M -N
Street Railway
Brooklyn Rapid Tran g 5«..J045 A -O
lat refund oonv gold 4a._.2002 J - J
8-year secured notea 5a.-.1918 J - J
Bk City lat con 6a .. 1916-1941 J - J
-N
Bk Q Co A B con gu g 6a..1941
Bklyn Q Co A S lat 5a___ 1941 J - J
Bklyn Un El lat g 4-5a...l950 F - A
Stamped guar 4-5a_____ 1950 F - A
Kings County El lat g 4a. 1949 F - A
Stamped guar 4a...........1949 F - A
Nassau Elec guar gold 4s. 1951 J - J
Chloago Rys lat 6s .............. 1927 F - A
Conn Ry A L lat A ref g 4 Ha 1951 J - J
Stamped guar 4 H b.......... 1951 J - J
Det United 1st cons g 4H«--1932 J - J
Ft Smith Lt A Tr lat g 5 s . .. 1936 M - 8
Grand Rapids Ry latig 5 s ... 1916 J -D
Havana Eleo consol g 5s___ 1952 F - A
Hud A Manhat 6s Ser A ___ 1957 F - A
Adjust Income 5s________ 1957
N Y A Jersey lat 5s______1932 F - A
Lnterboro-Metrop coll 4X8.1956 A - O
Interboro Rap Tran lat 5 s._I960 J - J
klauhat Ry (N Y) cons g 4a. 1990 A -O
Stamped tax-exempt_____1990 A -O
Metropolitan Street Ry—
Bway A 7th Av lat o g 5a.1943; J - D
Col A 9th Av lat g u g 5 s ..l9 9 3 M- S
Lex Av A P F lat gu g 6a. 1993 M- S
Met W 8 El (Chic) lat g 4 s.. 1938 F - A
Mllw Eleo Ry A Lt cons g 6a 1926 jF - A
Refunding A exten 4X8..1931 J - J
Mlnneap St lat cone g 5s___ 1919 J - J
Montreal Tramways lat A ref
80-year 6a Ser A _________ 1941 J - J
New Orl Ry A Lt gen 4 Ha. .19351J - J
W Y Rya lat R E A ref 4a.. 1942 J - J
30-year adj Inc 5a............ a 1942 A - O
N Y State Rya lat cons 4 Xa_ 1962 M- N
Portland Ry lat A ref 5a___ 1930 M- N
Poa-tld Ry Lt A P lat ref 5a. 1942 F - A
Portland Gen Elec 1st 6a. 1935 J - J
4t Jos Ry. L. H A P lat g 6a. 1937 M- N
lit Paul City Cab cons g 5a. .1937 J - J
Third Ave lat ref 4a.............. 1960 J - J
Adj Ino 5a.........................«1960 A -O
Third Ave Ry 1st g 5a........... 1937 J - J
Trl-CIty Ry A Lt lat a f 5a.. 1923 A -O
Undergr of London 4 H a ... 1933 J - J
Income 6a ................
194*$
Onion Kiev (Chic) lat g 5a’ 11949 A“ ~0
United Rya Inv 5a Pitta las. 1926 M -N
United Rya St L lat g 4a___ 1934 J - J
St Louis Transit gu 5a__ 1924 A - O
United RRa San Fr a f 4a__ 1927 A -O
7a Ry A Pow lat A ref 5a__ 1934 J - J
Gai and Electric Light
Atlanta G L Co 1st g 5a___ 1947..J -D
_
Bklyn Un Oas lat cons g 5s. 19451 M -N
Buffalo City Gaa lat g 5a___ 19471A - O
Columbus Gaa lat gold 6s__ 1932 J - J
Consol Gaa conv deb 6a .__192 o!q - F
Detroit City Gaa gold 5a___ 1923 J
Detroit Gaa Co cona lat g 6a. 1918 F
Detroit Edison lat coll tr 5a. 1933 J
Eq G L N Y lat cona g 5a__ 1932 M •
Gaa A Eleo Berg Co c g 5a.. 1949 J
Hudson Co Gaa lat g 6a___ 1949 M -N
Kan City (Mo) Gaa lat g 6a. 1922 A - O
Kings Co El L A P g 6a.........1937 A - O
Purchase money 6a_____ 1997 A -O
Convertible deb 6a_______ 1922 M- 8
Convertible dob 6a............. 1925 M- S
Ed El III Bkn lat con g 4a. 1939 J - J
Lao Gaa L of St L lat g 6a..el919 Q - F
Ref and ext lat g 5a---------1934 A -O
Milwaukee Gaa L lat 4a___ 1927 M-N
Newark Con Gas g 5a---------1948 J - D
N Y G E L H A P g S a .......... 1948 J - D
Purchase money g 4s------- 1949 F - A
Ed El III lat cona g 5a----- 1995 J - J
N Y A Q E 1 L A P lat con g 5s. 1930 F - A
N Y A Rich Gaa I8tg5a----- 1921 M -N
Pacific G A El Co Cal G A E
Corp unifying A rof 5a----- 1937j M- N
Pao Pow A Lt lat A ref 20-yr
5a luternat Series________1930 F - A
Pat A Passaic G A El 6a___ 1049 M- S
Peop Gaa A C lat cons g (is . . 19431A - O
Refunding gold 5 a ............. 1947 M- S
Registered.......................1947 M- S
Ch G-L A Cke lat gu g 5a. 1937;J - J
Oon G Co of Chi lstgug 5:jI930]J - D
Ind Nat Gaa A Oil 30-yr 6a 1936; M- N
Mu Fuel Gaa lat gu g 6 s.. 1947 M- N
Philadelphia Co conv 5a___ 19 19 F - A
Conv doben gold 5s...........1922 M- N
Brand Oas A El conv a f ec.. 1926 J - D
Syracuse Lighting lat g 5s..1961 J -D
Syracuse Light A Power 5s i p m Ij - j
A sk L ow
H io h
104X Sale 1041.1
104*8
98
99
98
99
90 June’ 12
70 110
96*8____ 96*8 Jan ’ 16
70 ____ 65 Dec *15
22 Oct *15
102 Deo ’ 15
R ange
S in c e
J a n . 1.
N o.
Low
H ig h
59; 103*2 105
10 98 100
96>* 96**
102*f N ov’ 15
107 Jan ’ 16
46*2 Jan ’ 16
104U Jan *16
45*2 Jan *16
103
103 Jan ’ 16
80 Aug *12
70 —
72
75
76*i Deo '16
87 Feb ’ 16
71U 87
1*2 2*4 1*2 Feb ’ 10
1
1*2
1^4 1*8
2 Feb ’ 16
2
3
1
1
1 Sale
3s
*8 Sale
*4 Feb ’ 16
*8
*4
83*4 Jan *16
83*4 . . .
93
9H* Aug *15
72l2
72
72*4 72
10478
10478 Sale 10478
84
84 Sale 84
30
20 Deo ’ 15
OOU 100*2 100 Feb 16
____ 98*2 99*4 Jan ’ 16
94?a____ 96 Deo *15
69
70
70
70
90 Apr *14
86*2 87*4 86*2 Jan ’ 16
87*4
87
87*4 87
8934 Feb ’ 16
89*4 90
107 107
46*2 46*2
104*4 104*4
45*2 48
103 103
103
103
7978
7978
100?8
101
10178 Jan *16
98 Apr *14
101 May’ 13
102
1017*____ 102
102
101*4 - - - 10178
84*2 Feb '16
846s 87
85 Feb ’ 16
846* 85
76
70*£ 75*4 Feb ’ 16
9834 Sale 98*4
98*4
100*8____ 99*2 Jan ’ 16
96*4 June’ 14
77 Sale 76*2
77
84 Jan ’ 14
l o o " " 7 . 100 June* 14
87 ____ 91 Feb ’ 16
74*s Hale 74*8
75*4
31*8
30*8 Sale 305s
101 ____ 102 Jan ’ 16
73*8 Sale 73*8
74*2
99*2
99*2 Salo 99*8
92*4
92*4 Sale 91*4
93
923.i Sale 92*2
103
797g
100*2
101*2
9978 100*8 9978 Feb '16
100 100*2 100 Jan ’ 16
100*2 10 1 101 Feb ’ 16
80 M ar’ 14
101*8
101»8 ____ 101*8
____ 93*2 92*8 Feb ’ 15
100*4____ 100*2 N ov’ 16
98*4 100*4
100 100
99*4 101
102i2 103
____ 7978
101 Sale
101*2___
____ 96
93*2 95
____ 84
76"8 8ale
61*8 Salo
805s 87*4
94*2 Sale
____ 80
♦99 ____
821a N278
83
83*2
107 . .
100 100i2
____ 94
____ 84
70*2 73
62
____ 57
43 Sale
90*2 91*4
*8
83*2 83*4
71
72*4
103*4 105
81*2 84
98 102
99*4 99*4
69
72
8 6 *2
8 6 *2
86*2 87*4
89*2 90*8
103X
81
101*8
101*8
100 102
100*8 102
8312 85
83
85
75
76*4
97
98*4
99*2 99*2
74*8 78
87
73*8
30*2
102
73*8
99*4
91
92
101
91
75*i
31*4
102
76*2
99*4
92*4
93
101*8
91*8 N ov’ 16
78 Deo ’ 15
7678
77*4 34 73*2 78*4
61 *8
61*4 335! 55
637s
13 85*4 88*2
86*4
88*2
2 94*2 94*2
94*2
94*2
80 Sep '16
100 May’ 15
98 N ov’08
100 8ep ’ 15
8234 . 827s
82*2 835s
83*2
837*
80
84*4
107 Feb ’ 16
106 107*8
100
100*2
98*4 100*2
95*2 J’ly ’ 14
69 Jan *10
"68 ’ ’ 69’
84 Oct *08
74
74
"74” *74
04 Dec *15
57
57*8
57 597s
43
43*2
43
46*4
9034
9034
90*4 92
103
106
____ 103 Sep '15
106
Hale 105*2
54 June* 13
.
I 97 Feb '15
*91
123*2
120*2 122*8 121
101 101*8 102*2 Jan '10
98*2 Nov'15
98*2 - - 103*4 . . . 103 <8 104*8
100*j May’ 16
100 Feb '13
100*2
103 103*2 102*2 Deo ’ 15
91 Jan ’ 16
. . . 92
105
103 104*2 105
1105s
116*2 120*2 110*2
118 ____ 122*2 Dec 12
126 ____ 128 Feb ’ 16
88
88
88
88*2
lOlSg
101*2 102 1015s
101*4 Salo 101*2
101*4
9278
9278
0278 93
103*8____ 103** Aug ’ 16
105 Hale 105
105*2
80*4 Salo 80*4 87
108 ____ 107 Oct ’ 15
100*8____ 101*4
101*1
92*2 July’09
98
87
87
1*2 4*4
3*4
3*2
37«
98*8 98
08*8
105
106
121
101
126*2
102*2
103*4 104*8
91
105
91
105
11478 1165s
128
88
101*8
1007s
91*4
128
88*2
102
102
93
101*2 105*2
85
87
101*4 101*4
9758 98*2
*____ 03*2 93 Feb ’ 10
93
93*2
100*4_____ 99*2
Oct ’ 151
11478 ____ 115 Jan ’ 16
115 115
101*4 Sale 101*4 101*4
101*8 102*8
..................I 99 Sep *13
102*8 1025s
102*2____ 102*8
102*8
101*8_____ 101*8 Feb ’ 10
101 101*8
.....................93 Mar ’ 12
100*1_____ 100*8 Feb *16
100*8 100*8
98
90*4
Jan '10
s96*4 s96*4
93 94 93*2
93*2
92*2 93*2
99*2 Sale 99*2
99*2|
98*2 101*2
100*8_____100's Jan ’ 10
09*4 100*8
84 ____ I 85*s June’ 121
BONDS
N . Y . STOCK EXCHANGE.
Week Ending Feb. 25.
Price
Friday
Feb. 25.
789
Week's
Range or
Last Sale
Bonds
Sold
BONDS
N . Y. STOCK EXCHANGE.
Week Ending Feb. 25.
Interest
Period
New York Boad Record—Conclude! —Page i
Feb . 26 1916.]
Range
Since
Jan. 1.
Bid
Ask Low
High No. Low High
M- S 1 0 1 * 2 ____
M S
100
Sep ’ 15
89 Mar* 15
M -N
Utica Elec Lt A P lat g 5a.. 1950 J - J 102*4____ 102U Mar* 15
98 Aug '15
J *J
1 104*2 105
105
Westchester Ltg gold 5a___ 1950 J D 104*2____ 105
Miscellaneous
84*4 Sale 84*4
3 84
Adama Ex coll tr g 4a..........1948 M- 8
847s
85*«
____ 1 1 0
110
2 0 110
Alaska Gold M deb 8 a A ___ 1925
110
117
947« Sale 9434
17 93*2 95
Armour A Co 1st real est 4 Ha ’39 J -D
95
4 86*2 89
89 Sale 89
89
Bush Terminal lat 4a.......... 1952 A - O
92
92 Feb ’ 16 ___
Consol 5s............................ 1955 J - J 91
87*2 92
7 87*2 91
Bldgs 5s guar tax ex...........I960 A - O
88*2 89*s 89*4
89*2
Chile Copper 10-year conv 7s 1923 M -N 131*2 Sale 130*2
133*4 126 130*2 135U
11
Computing Tab-Reo a f 6«__1941 J - J 83 Sale 83
83
81
85
106*4 11 104*2 109*4
GranbyCons M SAP con 6 s A ’28 M- N 106*4 Hale 106*4
Stam ped............................ 1928 M -N 106*4 107*2 108 Feb ’ 16
103*4 109
100
5 99*4 100*8
Great Falls Pow lat a f 5a.. 1940 M -N 100*2 101 1 00
Insplr Cona Cop 1st conv 6 s. 1922 M- 8 182*8 Hale 181
182*8 30 174 191*2
180
5
ISO
J - J
97
98
Int Mercan Marine 4Ha___ 1922 A - 0
97*4
97*4 29 96*2 102*8
697 95*8 102*8
99
97*2 8 ale
Certificates of deposit________
97*8
98
95
10 91*4 99*2
95
Int Navigation 1st s f 5s___ 1929 F - A 94
30 95*8 97
97
Montana Power lat Sa A . . . 1943 J - J 97 8 ale 96*4
J - J 91*8____ 89 N ov’ 15
83
95*2 94 Feb ’ 16
94
94*i
10-20-yr 5s series 3...........11932 J - J 94
75*a Jan *16 ___ 75*2 75*8
N Y Dock 60-yr lat g 4s___ 1951 F - A ____ 75
Nlag Falls Pow 1st 5s.......... 1932 J - J 1 0 1 * 8 ____ 101*8 Feb ’ 16 . . . . 100*4 101*8
A -O 106*2____
Nlag Lock A O Pow 1st 5 s ..1954 M- N ____ 937s 92*8
92*8 10 92*8 92*8
95*8 95*4
Ontario Power N F 1st 5s . . 1943 F - A 95
95*2 40 94
95*2
85 ____ 89 Dec '15
M -N
90*4 13 897s 90*2
Pub Serv Corp N J gen 5 a ... 1959 A - O 90 Sale 90
127 Den '15
92U Feb '14
F - A ____ 92
Sale 120
5 119*2 125
Tennessee Cop lat conv 6 a. .1925 M -N 120
120*2
103*2 Jan ’14
M anufacturing & Industrial
Am Ag Chem lat o 5a.......... 1928 A -O 102*8 Sale 102*2
102*8
3 102
103
9 97*2 98*8
98
Conv deben 5s.................. 1924 F - A 97*2 9778 98
97*4 97*4 97*4
2
97*4
Am Cot Oil debenture 5 s . .. 1931 M -N
96*4 97*4
104
Sale
104
19
104
Am Hide A L 1st s f g 6 s___ 1919 M- 8
103*8 104*8
85
88*2 85
8
Amer Ice Secur deb g 6 s___ 1925 A - O
87*4
85
88*2
53 1 1 0 118
112
Am Smelt Securities s f 6 s .. 1926 F - A 111 Sale 110*4
3 977s 98*2
98*2
Am Thread lat coll tr 4a___ 1919 J - J 98*8 Hale 98*8
Am Tobacco 40-year g 6 s...1944 A -O 118 ____ 119*2 Dec ’ 15
121*4 May’ 14
A - O ____ _
94
F - A ____ 94
98
7 68
70*2
Am Writ Paper lat a 1 5a___ 1919 J - J 70 Sale 70
71
M-N ____ 100*4 106 Dec '15
Beth Steel 1st ext s f 5s____ 1926 J - J 104*8 Sale 103*4
104*8 33 102*2 104*8
83 10178 103*8
lat A rel 5a uar A _______1942 M-N 101*4 102*8 102*2
1 0 2 7s
51 100*4 102*8
Cent Leath 20-year g 5s___ 1925 A -O 101*4 Sale 10134
102*8
___
F - A ____ 98*2 97*4
9978 ____ 997s
9978
1 99
Corn Prod Rel a f g 5a.......... 1931 M-N
100*8
99
99*2 Sale
lat 25-year a 15a ............ 1934 M-N
99*2 13 96*4 99*2
102*4 82 101*2 102*4
Cuban-Am Sugar coll tr 6 s. .1918 A -O 102*2 Hale 102*8
72*2 59 69*8 73*2
Distil Sec Cor conv 1st g 5s. .1927 A - O 71*4 Sale 71
105
2 0 102U 107*2
E I du Pont Powder 4H e ... 1938 J -D 105 107 105
87** July’ 14
J -D ------ 85
81
79*2
3’ 78
80
Gen Electric deb g 3He........ 1942 F - A 80
80
4 103*4 105
104*4
Debenture 5s.................... 1952 M- 8 11141. 1043t 104*4
917« Sale 9D8
92*8 29 90*4 92*4
111 Steel deb 4 X 8 --.............. 1940 A -O
Indiana Steel 1st 5s.............. 1952 M -N 102*4 Salo 1023J
103*2 21 101*4 103*2
1 00
Oct 13
J - J
79" Sale 79
79
1 77?* 79
Int Agrlcul Corp lat 20-yr 53.1932 M -N
Int Paper Co 1st con g 6 s . . . 1918 F - A 1 0 2 102*8 1 02 Feb ’ 16 . . . . 1 0 2 102*8
Consol conv a f g 5s...........1935 J - J 83 Hale 83
83*4
« 81
83*4
78*8 Jan ’ 16
Int St Pump 1st 8 f 5s______1929 M- S 76 .
75
78*8
70*2 77
77 Feb ‘ 16
99*2
99*2 Salo
Lackaw 8 teel 1st g 5 s..........1923 A -O
99*8
97*2 100*8
93 Sale 93
94*4 29 9H2 977s
1st con5s Series A _______1950 M- 8
9 124*4 127
127
Liggett A Myers Tobac 7a. .1944 A -O 127 126H 126*2
103*8 131 1011. 1031?
5s ...................................... 1951 F - A 102*4 Sale 102*4
4 1 2 2 *« 126**
Lorlilard Co (P) 7s________1944 A - 0 126*2 12678 126
126*4
5s........................................ 19.51 F - A I01*i Sale 101*4
102*4
K 1001 . 1021 .
111
5 107*2 128
Mexican Petrol Ltd con 6 s A 1921 A - 0 108*4 110 111
112
58 109 125*2
1st lien A ref 6 sseries C ..1921 A -O 110 Sale 109
97
9778 97*2
Nat Enam A Stpg 1st 6 s ...1 9 2 9 ;J - D
98*2 10 96*2 98*2
85
90
83 June’ 16
Nat Starch 20-yr deb 6 s___ 1930 J - J
National Tube 1st 5s............ 1952 M -N 101 Sale 101
11 1 0 0
101*4
101*8
N Y Air Brake 1st conv 0a..l928[M -N 103*8 10412 10378
10478 2 2 103*2 105*2
Railway Steel Spring—
1
0
0
_
9978 Jan ’ 15
Latrobe Plant lat a f 5a. . . 1921 j - j
99*4 100
95*4 95
17 94*2 95*2
Interocean P 1st s f 5s . . . 1931 A - O 95
95*8
99*4 254 95*4 99*4
Repub I A 8 10-30-yr 6 s s f . . 1940 A - O 99*2 Sale 99
97*4 Hale
Standard Milling 1st 5s........ 1930 M- N
98
18| 957» 08
97*4
The Texas Co conv deb 6 s .. 1931 J - J 105*4 Salo 105
105*4
19,1105 108
Union Hag 4 Paper lat 5a.. 1930 J - J 80*2____ 60*2 Feb ’ 16
80*8 80*2
80*4____ 91*4 Jan ’ 13
Stamped .............. ............. 1930 J - J
70
U S RealtyA I conv deb g 5s 1924! J - J 70*4 73
72*2 85 70
73
23 Dec ’ 15
U 8 Red A Refg 1st g Bs___ 1931 J J ------ 2 0
U 8 Rubber 10-yr coll t r 6 s._ 1918 J -D 103 Sale 103
103*4 54 103 1031*
105
U S Steel Corp— Jcou p___ d 19631M- N 104*4 Sale 104*4
329 1103*. 105
104*8 Sale 104*8
2 ! 103*8 105*4
8 f 10-60-yr S a lrc*.........dl963 M -N
105*4
Va-Car Chem lat 15-yr 5a.. 1923 J - D 99 Sale 99
99*2 26 98*8 99*8
102
<8
Sale
10 102
Conv deb 6 s.................... el924 A - O
1 0 2 “s
103*4
103*4
West Electric 1st 5s Dec___ 1922 J - J 103*8 Sale 103*8
103*8 42 1017S 103*8
134
27 130*2 138*2
Westlngh’se E A M conv 5s. 1931 J - J 129 132U 131*2
27 101*8 10lh
10-year coll tr notes 5s___ 1917 A -O 101*8 101*4 1 0 1 *«
101*8
Coal & Iron
95 ____ 92 July’ 14
Buff A 8 usq Iron s f 5s____ 1932 J -D
93 ____ 93 Feb ’ 16
Debenture 5s____ _____ al926 M- 8
90
93
93*8 93
Col F & I Co gen &f g 5s___ 1943 F - A 93
93
1 92*4 95
76
70
Col Indus 1st A coll 5s gu._1934 F - A 75*2 70
7\ 7412 77
J -D
73 M ar‘ 14
93 Jan *16
Cons Coal o( Md lstAref 5a. 1950 J -D ------ 94
91
93
F - A _______
99*8 Feb ’ 14
Or Rlv Coal 4 C 1st g 6S..A1919 A - O ____ W4»4 102*8 Apr ’06
90 July'15
Kan A 11 C A C 1st s f g 5s. 1951 J - J
89*2 89
Pocah Con Collier 1st s f 5s. 1957 J - J 89
89*2 2 2 89
90
88*2 8 8
•88
St L Rock Mt A P 5s 8 tmpd. 19551J - J 8 8
8
84
88*2
103*8 Jan ’ 16
Tenn Coal gen 5a.................. 1951 iJ - J 103*2 . . .
101*2 103*8
1 0 1 -x ____ 102
Tenn Dlv 1st g 6 s........._al9l7! A - 0 1 0 1 7s ____ 102 Feb ’ 16
101*4 102
Cab C M Co lat gu 6 s___ 1922 J - D 105 106 101 Dec ’ 14
73
Victor Fuel 1st 8 f 5s............ 1953 J - J ____ 75
89 Feb ’ 16
Va Iron CoalACoke 1st g 5a. 1949 M- 8
88*8 89
Telegraph & Telcphon
Am Telep A Tel coll tr 4 s . .. 1929 J - J 92*s Sale 917«
92*8 33 90*2 9212
Convertible 4s.................. 1936 M- 8 1 0 0 ____ 100*4
101*8 198 1 0 0
101*8
20-yr convertible 4 Hs___ 1933 M- H 100*2 Sale 106*8
106*2 77j 106 108 ~
5 102
Cent Dlst Tel 1st 30-yr 5s. .1943 J - D 1 0 2 * 8 ____ 102*8
1023s
102*8
Commercial Cable 1st g 4 s..2397 Q - J ____ 77
88*4 J u n el 4
Registered .............. ...... 2397 Q - J ____ 84
79 Apr *14
14 99*4 100
Cumb T 4 T lat 4 gen 5 s ... 1937 J - J 99*4 Sale 9934
99*4
Keystone Telephone 1st 5s. .1935 J - J 98 ____ 95
Metropol Tel A Tel lat a f 5s 1918 M -N 100 ____ 101*2 N ov’ 16
Mich State Telep 1st 5s___ 1924 F - A 101 Sale 10 1
5 100 16 1
10 1
N Y A N J Telephone 5a g.,1920 M -N 101*4____ 1 0 1** June’ 15
N Y Telep 1st A gen s f 4 H 8 .1939 M- N 987s Sale 987*
99*2 36 9S*8 9912
Pao Tel 4 Tel lat 5a.............. 1937 J - J 100*8 Sale 100*2
10 1
49 100 101*8
South Bell Tel A T 1st s f 5a. 1941 J - J 100*8 101 100*2
10 1
8 99*8 101*8
West Unlou coll tr cur 5 s ...1938 J - J 101*8 101*4 101*4
101*4
5 10 1 10 17a
95*2 96 1 95*8
90
Fd and real eat g 4 Ha___ 195C M -N
9 94*8 96*2
Mut Un Tel gu ext 5s___ 1941 M -N ____ 10134:101
June'll
Northwest Tel gu 4Hs ft - .1934 J - J 93 ____ 90*i M a r'15'___
•No price Friday; latest bid and asked, a Due Jan. d Due April, e Duo May. 0 Duo Juno, h Due July. A:Due Aug. 0 Duo Oct. v Due Nov. q Due Dec. s Option sale.
BOSTON STOCK EXCHANGE--S lock Record , J i rctu'
790
S H A R E P R IC E S — N O T P E R C E N T U M
S a tu rd a y
F e b . 19
21
F eb .
*102*2
*101*2
197
198
85
85
145
148
45*2 44*8
235 *232
*4*4
5
*40
*5
102i2 103
197
85
145
45
232
*4*4
*40
*5
106
162
83
124*2
*87*2
101*2
V'l
*36
*68
105
156
*25
133*5?
163
1534
12678
46
*30*2
1*2
14534
54*4
29
84
116*2
9*4
163*4
16
127
47*2
32
1*2
146*2
55
29
84*4
116*2
9*2
30
136*2
21*
2*2
103 103
22*2 22&s
1
1
*7234 7
815s >4*2
9*4 958
•4*s 4*2
9273 94*8
74*2 75
580 585
17
17
59*4 60
66
67*2
*234 3*4
14*4 14*4
10
10*4
93
93*2
*4734 483.J
*16*2 17*4
25*2 25*2
*5*8 5*2
46
46
*89*2 91
295s 30
*4*4 4*?
*3
3*8
18
18*4
*45« 5
*3*3
3*4
13*2 14*8
37S 37,8
37
3 7-*8
17s
*1*4
95*8 96
*16*4 165s
9*2 9*2
19
19
6*4 634
29*4 2934
* 1*8 2
* 1*2 2
*3*4 3*4
70*2 71*4
94
95
13*4 13*4
95*2 96
2512 26
70
72
3^8
12
12*4
38*2 38*4
*634 7*4
21*2
35a 358
52
53*2
934 10
.1 /
.17
6234 63*2
50*2 5078
43s 4 VU
1538 15*2
85*2 865s
4*4 4*2
434 478
66
66*2
__ 2*2
*103
197*2
83*2
145
44
232
*434
*40
*5
___
27
134
126
66
8434
*120
65*2
*84
70
70
97*2 98
*2*8
2*2
13*2 13*2
112*4 113*2
117 117*4
127*2 127*4
49
*48
98
98*2
*69
70*2
100 100
31
31
47
48*2
10 78 1 1
248 248*2
171 171*4
*100*2 102
86
86
87*2 87*2
170
* 1*2 2
*17
*43 ___
*------ 30
*55 ____
136*2 136*2
*129 130*2
163*2 161
1534 16
126 127
47
46
30*2 30*2
*1*4
1**4
144*2 145*2
54*2 55
2S34 29
8338 84
117 117
9*4 9%
*68*2
97*2
2
13*2
112*2
117
127*2
123 126 *120
*65
66
66
8434 8434 *84
70*2
98
2*2
13*2
113
117*2
1277«
49*2
98*2
71
10 1
30
48
11*2
248
170*8
102
86*2
87
170
2
____
103
102
198
85
145
45*4
235
5
W ed nesd a y
F e b . 23
*155
105*2
161
8134
126
87*2
*101*4
*6^
*36
6678
*105
156
*25
*133*2
1 10 *106
162 *160
83
*82*4
124*2
126
89
8778
10134 *101*2
7*4 *6*8
*36
37
68*4 67*8
*105
*156
*25
27
134 *133*2
70*2
975a
*2
13*2
11234
117
127*2
*485s
98
*69*2
*9931
297,,
46
* 11
248
170
100*2
86
8G34
165
* 1*2
*17
*43
__
*55
136
T u esd a y
F e b . 22
108
162
S3
124*2
8 7 7s
102
7h
37
68
K
A
O
2*2 258
1023s 104
22*2 22*4
1*8
1*8
7234 74*2
82
84*2
9*4 9*2
4*2 434
93*4
74*i 75
580 585
1634 1678
5938 59*2
67*2
*234
3*4
13*2 14*4
*9'8
93
93
48*2
16
*25*2 26
5*8 5*8
46
46
*8934 91
29*2 30
4*4 438
3
3
18
18
*438 5
3*2 3*2
13*8 14*4
334 334
37
37*8
1®4 2*4
94*4 953s
16*2 16*2
0*4 9*4
19
19*2
6 M« 6<4
28'2 2yi2
1*2
1*2
1*2 2*8
*3*4
3*2
70*2 71
94
94*2
13
13
9734
96
2534
/1
*3*8 3*2
11*4
38*4 39
7
/
O
A
3*2 3*8
*52
63
. 18 .19
63*8 6334
50*2 507s
438 4*2
1434 15*2
4*2 4*2
434 478
66*4 66*2
2*4 2*4
■ uld and asked price,
a
98*2
*69
*99
30
48
*10*4
248
*169*2
*100*2
86*4
87
*165
*1*2
*17
*43
*__
*55
136*2
129
163
*16
127
45
*30*2
1*4
144
5434
285$
83*2
*116*2
9
P R IC E S .
T h u rsd a y
F e b 24 ■
103*2
L a s t Sale
F r id a y
F eb 25
*68
97*2
*2*8
*13*2
1 12
117*2
1273s
50
98*2
*69
♦ 100
29
47
103|
247
169
102
86
87
136*4
129
162*2
* 1578
127
*
*30*2
2
15a
144*4 141
55
54*2
*2834
29
84*8 83*2
117 *116*4
84
9*4
25s 3
10278 103
22-% 225g
Us
Us
7278 73*2
82*4 83-%
9
»>4
43s 4*2
93*4 94
7434
741.1
583 584
17
17
583s 59
66*2 67*4
278 27«
12*2 13*2
*9*2 934
91*4 92
47*2 47*2
*1634 IVs
26
26
*5*8
54
*45*2 47*2
*89*2 91
30
29
4*4 4 %
3
3
17*4 17*2
5
5
2*2 3
14
15
*3*2 44
*36i2 37
2
2*8
93
95
16*2 16*2
*9
9*2
19
19
6*2 64
2934
28*4
2
*1*2
2
2*8
3*2
3's
70
70*2
9434
94
12*2 125s
97
9 /J4
257g 2578
71
71*2
34
314
i u 2 12
39
39
7
7
19*2 20
3*2 3*2
52
52
934 10*2
.19
.18
6334
63
50*2 503i
4*4 4%i
14*2 143.1
85*4 8534
4*2 458
478 478
65*2 66*2
*2*4
2*2
b
27
377
95
1,473
2
10
2h
25S
102 103
22*4 22*2
*1
l*a
72
72
7938 S2*a
9
9*s
4*8 4*8
90*2 92
72
7312
575 580
*16*2 17
5634 577s
z 64*2 65*4
*2*4 3
13
133a
9*2 9*2
89 *a 91
*46*a 47
16
16*2
25
25
5
5*a
*45*2 47*2
89*2 90
28
28
4*8 4*a
*3
3*i
17*2 173.1
♦45s 5
*2*4 3*4
14*4 14»a
*3*2 4*2
*36
36*2
2
2
93*2 94*4
*16
16*2
9*4 9*4
___
6*2 6*2
29*4 31*8
*U2 2
*134 2*4
3*8 3*8
69
70
92
94
12*4 12*4
96
97
25
25*s
70
70
*3*a 3*4
10*2 1078
38*a 38*a
6-*s 6.*4
19*2 20
.3*a 3*2
*51*4 51*8
9*2 10*8
.19
.19
61»4CL62*2
50*2 ii51
4
4%j
it
84 £.85
4*4 iuJ*8
478 . 47a
65 *<*.65
*2 3 ,‘ .23a
E.t-atook illvlilonil.
R a n g e S in c e J a n .
L o w e st.
Boston
Boston
Boston
Boston
Boston
Boston
Boston A Wore Electric C os..
Do pref......................
Connecticut River______ 100
Fitchburg pref.................... 100
Georgia Ry A Elec stampdlOfl
Do pref_____________ KM]
Maine Central----------------- 100
Mass Electric Cos________ 100
Do pref stamped___ 100
N Y N 11 A Hartford___ 10(1
Northern New Hampshire. 100
15 Old Colony_____________ 100
30
304
150
195
248
427
2,276
245
578
100
6
2,930
6,092
215
282
40
15
356
387
Miscellaneous
Amer Agrlcul Chemical__ 100
Do pref........................ 100
Amer Pneumatic Service.. 50
Do p re f............ ......... 50
Amer Sugar Refining____ 100
Do pref............ ........... 100
Amer Telop A Teleg.......... 100
American Woolen tr ctfs
Do preferred tr ctfs
Amoskoag Manufacturing.
Do pref_____________
Atl Gulf A W I S S Lines. 100
Do pref................ ....... 100
East Boston Land............ 10
100
100
McElwaln (W II) 1st pref. 100
100
100
Mergenthaler Linotype__ 100
Mexican Telephone______ 10
Mississippi River Power.. 100
100
305
35
129
12 1
718
1,020
65
500
1,833
1,312
251
1,415
20
5,116
Now England Telephone.. 100
100
Pullman Company______ 100
Reece Button-Hole_______ 10
100
Torrlngton______________ 25
Do pref_____________ 25
25
United Fruit ................ ..... 100
25
Do pref_____________ 25
U 8 Steel Corporation----- 100
100
Ventura Consol Oil Fields. 5
68*2 Jan
93*4 Feb
2 Jan
13*2 Jan
110*4 Jan
116*2 Feb
126*8 Jan
43 Jan
92 Jan
66 Jan
99*2 Jan
27 Jan
42 Jan
10 Jan
242 Jan
168*4 Jan
100 Jan
84*2 Jan
85 Jan
162 Feb
2*4 Jan
15 Jan
44 Feb
30 Jan
50 Jan
131*4 Jan
102*8 Jan
162*2 Feb
15 Feb
125 Feb
35 Jan
28 Jan
1 Jan
136*2 Jan
51 Jan
28*2 Jan
80 Jan
115*4 Feb
8 Feb
R a n g e f o r P re v io u s
Y e a r 1915.
L o w e s t.
H ig h e s t.
108 Jan
100*2 Feb
198 Feb
88*2 Jan
145 Feb
52 Feb
233 Jan
5 Jau
40*8 Jan
5*2 Jan
3
7
16
19
11
14
18
8
6
5
170 Mar 198 Jan
73 June 96 Jun
109 Feb 138*2 Oct
37*2 Oct
20 Feb
225 Jan 240 June
10 Mar
5 Dec
31
5
4
3
IQ
4
3
25
31
3
13
18
2
3
10
26
11
106l2 Feb
162 Fcg
87 Feb
126*2 Feb
88 Feb
102 Jan
8 Feb
40 Feb
7734 Jan
105 Feb
156 Jan
30 Jan
138*8 Jan
83* i Jan
122 Fob
67*2 Jan
86 Feb
23
19
14
7
2
17
14
11
3
14
18
3
6
3
2
19
25
110 Apr
165 Jan
76 Nov
120 Feb
88 Mar
92 Mar 103*2 Nov
10 Sep
47* June
">0 Jan
33 July
43 Feb
87*4 Oct
98 Apr
89 Oct
140 Aug 157 Apr
30 Nov
141*s Nov
817a Oct
105 Feb 125 Apr
72*2 Jan
61 May
93*2 Feh
80 July
21
8
18
5
31
2
31
11
11
3
20
14
15
4
14
31
4
26
3
4
15
18
8
7
24
11
11
24
3
5
14
14
14
31
3
3
31
5
16
717$ Feb
99 Jan
2*8 Feb
14i4 Jan
116*2 Jan
118*2 Jan
128*2 Jan
53*4 Jan
99 Feb
70 Feb
101U Feb
31*4 Jan
49 *4 Feb
13*8 Jan
249 Feb
178 Jan
102 Feb
86*2 Jan
89 Feb
172 Jan
2*4 Jan
18 Feb
44 Feb
30 Jan
58 Jan
137 Feb
133*2 Feb
171 Jan
16*4 Jan
128 Feb
4978 Feb
31*i Feb
2 Feb
150*8 Feb
56*2 Jan
29*4 Feb
8878 Jan
118*2 Jan
13 Jan
11
3
15
10
8
13
15
22
23
10
10
17
23
19
16
17
24
5
14
19
15
3
8
7
7
11
10
17
12
25
14
25
23
11
11
11
3
25
3
73*4 N ov
101*2 N ov
4*2 Oct
19*2 Jan
119*2 Nov
119 Dec
130*2 Nov
67*4 Oct
99*2 Oct
67 Apr
101 Feb
30 Nov
49 Nov
13U Apr
8*2 Dec
260 Jan
13S*4 Feb I8 D2 Oct
96*2 Aug 104 Mar
94 Aug
78 Apr
92*j Jan
84 N ov
154 Fob 200 Jan
3 Sop
U Apr
10 June
16*8 Dec
35 Feb
20 Apr
30 N ov
14
5
3
14
4
28
6
26
18
5*2 Jan 5
3
100
1.
H ig h e s t
102*4 Feb
99 Jan
A Albany________ 100 190 Jan
Elevated................ 100 82 Feb
A Lowell................ 100 129 Jan
35 Jan
A M aine_________ H »
A Providence____ 100 230 Jan
4*4 Jan
Suburban Elec Cos . . .
104*2 Jan
150 Jan
76 Jan
122 Jan
zS6 Jan
100*2 Jan
6 Feb
34 Jan
65*4 Jan
97 Jau
151 Jan
24 Feb
134 Feb
83*4 Jan
Vermont A Massachusetts. 100 118 Jan
115 West End Street_________ 50 65 Jan
94 Do p r e f ...__________ 50 80 Jan
11
14
545
15
60
18
50
4
545
S ale
S ale
S ale
Sale
S ale
S ale
24
2 ?s
100 102*4
22*4 22*2
l 'l
14
70*2 7234
78*4 82
9
9*8
4*4 4%
93
5?,
71*2 74
575 580
17
17
5634 57
65
66*2
2*4 2'%
13
13*4
9*2 95a
88*2 91*4
*45*2 46*2
1611 163.1
2512 25l2
*5*8 5*4
*45*2 47
*89*2 91
28*4 28*2
*4
4*a
*3
3*4
1 7 4 1734
5
5
3
3
133.1 15
*3*2 4*2
30>3a aijis
*2
2 l/in
92*2 93*2
1634 1634
9
9
18*2 1834
64
6*2
29*2
29
14
1*2
2
2
*3
3*2
69
68
93
91
12
12*2
95
96
253g
25
*70
71
3*a 3*4
10*4 n u
37*2 387s
6*4 7
19*2 20
3*2 3*2
52
*51
9*2 10
*.17
.18
60->8 63
50*2 51
4
4*8
14
14*4
84
84
43s
ii2
458 473
“ 2, i i ? “ ,*
2*4l»'2U
Ei-aivldend and rights,
*67*2 68*2
97*2 98
*2 *a 2 l2
14
14
1 12 112
117 117*2
127*2 12778
*53*4 53*2
*98*4 99
70
70
___ ___ _
30
30
47*4 48
. . . . ___
248 249
170 170
8534 86
*87 ___
165 Feb’ 16
2*4 Jan’ 16
17 Feb’ 16
44 Feb’ 16
30
Jan’ 16
55 Feb’ 16
136*2 136 136*4
129
163*4
16*2 16*4 16*4
127*4 127*2 128
45
45
45
31*4 31*4 31*4
__
Us
143*2 142*4 145
55
54*2 55
___ __ _
29
83*2 823,i 82*4
117
9
8*2 8*4
L a st
L a st
L a st
L a st
L a st
L a st
30
136*2
129
163*2
16*2
127
46
70
97*2
2*8
14
112*2
1173t
127%
51.’»
99
70*2
10 1
2934
48
It
248
170
102
8G*2
87*2
STOCKS
BOSTON 8TOCK
EXCHANGE
Railroads
Atch Topeka & Santa Fe_. 100
102*4 Feb’ 16
197 197
198
197 197*2
84
84*4 83
83
83*2
145
145 145
143 143
46
45*2 46
44*2 44
232 *232 235
Jan’ 16
5
L a s t S ale 4*4
40 Feb’ 16
L a st S ale 5*2
Jan’ 16
44
44
160 Sept’ 15
157
106*2 *105*2
162 *158*2 161
81
82
83
8 U4 81*4
126 *125 126
87*2 *87*2 89
1013,1 * 10 1 101*2 101*2 10 112
7*2 *65s
7*2
*36
37
36
36
38
68
67*4 67
67*2 66
L a s t Sale 105 Feb’ 16
156 156
156
156 156
25 Feb’ 16
27
134
134*8 Feb’ 16
83*i Jan’ 16
126
L a s t S ale 121 Feb’ 16
66
66
66*2
65*2 65
8434 8434 843.1 86
86
71
98
2
13*2
113*4
117*2
128
___
99
70*2
10 1
31*2
4934
11*8
248
170*2
10 1
86*2
87
170
2
S a les
o f the
W eek
S h a res
[V o l . 102.
92*4 Feb
5
N ov
109*8 Nov
9 Sep
47 July
101*2 July
140 Feb
51 Feb
114 Apr
48 Jan
87*2 Mar
1*4 Mar
13 Dec
100 Feb
109 Feb
116 Jan
16*2 Apr
77 Feb
5‘J'a Jan
97*2 May
143 Jan
150 Feb
28 Mar
20 Mar
.95 Jan
111) Fob
48 Aug
28 Mar
38 Feb
102*4 Jan
10*8 Dec
170 Oot
18*4 Jau
128 N ov
36*2 Dec
30*4 Sep
1*4 Apr
103 Nov
65 May
30 Aug
89*2 Dec
117*4 Oct
14*8 Nov
47a Apr
1*4 Feb 17
3 Feb 23
Adventure Con__________ 25
1 Jan
Ah meek________________ 25 95 Jan 15 104 Feb 11
92*2 Dec 103 Aug
10 22 Feb 11 26*2 Jan 7
2 1*-> Dec
17* Jan 3
.90 Feb 8
Algomah Mining_________ 25
4*4 Apr
.45 Feb
Allouez____ ____________ 25 6478 Jan 14 7412 Feb 21
66 Dec
72*4 Nov
Amer Zinc, Lead A Smelt. 25 66 Jan 31 8H2 Feb 18
10*4 Jan
10 Feb 14
8*4 Jan 31
9*2 Apr
Arizona Commercial______ 5
3*4 Jan
5U Feb 5
3 Jan 15
4*.j Apr
Butte-Balaklava Copper.. 10
2 Jan
71*2 Jan 3 94*4 Feb 18
80 Juue
Butte A Sup Cop (Ltd)__ 10
35*4 Jan
78*4 Apr
67*2 Jan 31 75 Feb 10
10
61*2 Feb
25 550 Jan 20 586 Feb 14 350 Jan 630 Apr
19 Jan 6
25 Apr
25 16 Feb 1
57 Nov
Chino Copper.......... ......... 5 51*4 Jan 31 60 Feb 19
3278 Jan
Copper Range Cons Co__ 100 61*2 Jan 31 67*2 Feb 19
65 Dec
30 Jan
2 % Feb 17
3*4 Jan 5
5*4 Apr
Daly-West.................... ..... 20
East Butte Copper Min__ 10
12*2 Feb 23 16*4 Jan 3
8*2 Jan
16*2 Dec
10*.j Jan 8
Franklin.............................. 25
9 Feb 1
14*4 Apr
4*2 Feb
94*2 Apr
100 84 *8 Jan 1 1 98*4 Feb 10
52*8 Deo
111 Greene Cananea.......... ...... 100 46 Jan 20 51*4 Jan 3
23*4 Feb
21*2 Apr
19*2 Jan 4
11 Jan
25 16 Feb 8
160 Hedley G o ld ____________ 10 25 Feb 25 27% Jan 26
29*4 Jan
26*2 Oct
115 Indiana Mining__________ 25
6 Jan 3
2*i Jan
1012 Apr
5 Jan 19
45
41 Mar 62 Aug
1 45*2 Feb 14 49* i Jan 4
5 Do pref................ ....... 1
85*2 Jan
88 Jan 29 91 Jan 6
91*8 Apr
875 Isle Royale Copper........ .. 25 26*4 Jan 31 31*4 Jan 6
34 Apr
17*2 Jan
465
4*4 Jan 3
4*s Feb 25
5
125 Keweenaw Copper______ 25
3*2 Jan 3
2*4 Feb 11
1*2 Aug
4*2 Apr
080 Lake Copper C o________ 25
16 Jan 31
19*2 Feb 10
1978 Deo
5*2 Jan
300 La Salle Copper------------- 25
5*4 Jan 3
4% Feb 16
3*8 Jan
9 Apr
1,470 Mason Valley Mine_____
4*4 Jan 4
2i2 Feb 23
6
1 Mar
5 Dec
14,523
15 Feb 23
25 11*4 Feb 1
40 Mayflower______________ 25
3*2 Feb 18
5 Feb 10
8 Apr
3 Aug
38 Miami Copper................... 5 35 Jan 3 39 Jan 4
30*8 Deo
16*4 Jan
520
1*2 Jan 5
2*4 Feb 21
25
.00 Mar
1,788 Mohawk_____________
89 Jan 31 081, Jan 3
98 Deo
85 Nevada Consolidated------- 5 15 Jan 28
16*4 Feb 24
11*8 Feb
17 Apr
340 New Arcadian Copper----- 25
834 Feb 5 10*4 Jan 4
14*4 June
4*2 Feb
465 New Idrla Quicksilver----- 5 10*4 Jan 3 24*4 Jan 19
13*2 Aug
1,025 Nlplsslng Mines------------878 N ov
6
6*8 Feb 24
778Jan 3
9,670 North Butte...................... 15 27*4 Feb 1 32 Jan 3
387« Apr
5 North Lake_____________ 25
4*8 Apr
4
4*2 Jan 3
000 OJibway M in in g ...,____ 25
2*4 Jan 18
.50 Mar
3*2 Apr
15
425 Old C olony........................ 25
4 Jan 3
2*4 Nov
7*8 Apr
20
2,750 Old Dominion Co.............. 25 62 Jan 31 72 Feb 10
38*2 Mar 64 Deo
1,174 Osceola...... ........... ........... 25
93*2 Apr
20 96 Feb 10
690 Pond Creek Coal____
157* Jan 3
12 Jan
196s Aug
10
11*4 Feb 9
999 Quincy............ .........
95 Apr
50 Jan
25 87 Jan 20 97*i Feb 21
418 Ray Consolidated Copper. 10 23*2 Jan 31 26 Fob 14
15*4 Jan
2758 Nov
511 St Mary’s Mineral Land.. 25
65*2 Dec
28 Jan
31 72 Feb 19
850 Santa Fe Gold A Copper. 10
1 Mar
5 Oct
378 Jan 8
13
7,100 Shannon__________
4 Jan
ID4 Apr
1212 I'cb 14
8*« Jan 5
10
720 Shattuck-Arlaona____
18*4 Jan
38 Nov
10 315$ Jan 31 40*8 Feb 14
330 South Lake................
5*4 Nov
8*2 Jail 4
7*4 July'
6*i Feb 24
25
413 Superior..................
22*2 Jan
41*2 Apr
25 19 Feb 4 28l2 Jan :l
320 Superior A Boston Copper. 10
4 Feb 11
l Mar
13
4*2 Apr
180 Tamarack__________
25 Jan
25 49 Feb 7 56*4 Jan 14
1,281 Trinity......................
12*t Jan 3
2*8 Fob
31
15*2 Oct
25
2,300
.39 Jan 3
.20 Jan
1
26
16,971
20 Feb
54 Dee
3 03*4 Feb 14
50
1,880
51 Jan 8
28 Jan
60*2 Deo
50 49 Feb 1
5,522
4*2 Fob 17
2 Jan
5 3 Feb 11
9*4 Feb
16*8 June
5 12*2 Jan 15 15*4 Feb 11
385
48*4 Jan
10 77 Jan 31 86*i Feb 21
8l*t Dec
3,885 Victoria___ _________
47„ Fob 14
l Feb
25
2*i Jan 3
845
5 Jan 17
25:
4 Jan 4
600
3 67*2 Feb 10
25
70 Apr
305 W yandott_____________
2*4 Feb 14
.50 Mar
25
1*4 Jan 3
A Dr
c AaM M unnwt paid.
4 Es-rishn. • Unstamped, t 2» paid. » IltfM atd.
2,865
978
1,550
345
1,000
33,800
3,495
1,735
11,690
3,369
161
140
835
12,193
15
10,985
496
Fkij. 2G 1916.1
THE CHRONICLE
791
Outside Exchanges—Record Transactions
Stocks (C o n c l .)—
Boston Bond Record.— Transactions in bonds a t B o s
ton Stock Exchango Feb.. 19 to F ob. 2 5 , botlx inclusive:
F r id a y
W e e k 's R a n g e
L a st
S a le.
P ric e. L ow .
H ig h .
Bonds—
92
Am Tel A Tel coll tr 4s '29
Convertible 4 !$s__ 1933
94.'$
Anglo-French 5-year 5s—
Atl G A W I SS I, 5 s .. 1959 78 J$
Cuinberl'd Tel A Tel 5s '37 100
Dominion Coal 1st 5s. 1940 964$
Gt Nor-C B A Q 4 s ..1921
K C Mem A Birm Is. 1934
N li Cotton Yarn 5 s.. 1929
N E Telephone 5s___ 1932 1024$
5s________________ 1910
Seattle Electric 5s___ 1930
Swift A Co 1st 5s___ 1944
United Fruit 44$s___ 1925
Western Tel A Tel 5s. 1932 994$
92
106 4$
94.'$
784$
994$
934$
984$
83
804$
102
1004$
1004$
994$
974$
994$
S a les
fo r
W eek.
S h a r es.
R an ge s in ce J a n .
Low .
924$ S12.000 904$
8,200 106
1064$
944$
8,000 944$
784$ 83.500 74
100
4,000 99
3,000 934$
964$
3,000 984$
984$
83
5,500 83
80 4$ 3,000 75
1024$ 11,000 1014$
1004$
2,000 1004$
1004$
2,000 1004$
994$ 14,500 984$
97 4$ 2,000 97
100
19,000 99
1
H ig h
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
924$
1074$
954$
784$
100
964$
99
834$
804$
1024$
1004$
1004$
100
974$
100
Jan
Feb
Feb
Jan
Baltimore Stock Exchange.— Com ploto rocord o f the
transactions at the Baltim ore Stock Exchango from F eb . 19
to F ob. 2 5 , both inclusive, com piled from the official sales
lists, is given below .
Prices for stocks aro all dollars per
sharo, not per cen t.
For bonds tho quotations aro per cent
o f par value.
Stocks-
F r id a y
L a st
W eek ’s R ange
S a le.
o f P r ic e s .
P a r. P r ic e . L ow .
Ilig
S a les
fo r
S h a res
Alabama Co................... 100
184$ 19
200
Arundel Sand & Gravel__
2,974
Preferred_____________
95
96
5C
Balt Tin Plate when Issued
96
96
1C
Baltimore Tube__________ 108 4$ 1084* 110
1,992
Preferred...................... ..
90 4$ 90
91
781
Commercial Credit___ 100
35
Consol Gas E L A Pow. 100
111
112
1C
Preferred---------------- 100
114
114
25
Consolidation Coal____100
847
Cosdon & C o_________
224$
43,265
Cosdcn Gas__________
10 4$
47,964
Preferred__________
67,282
4 4*
Davison Chemical___
64 4$ 64
896
Elkhorn Fuel_________ 100
525
Houston Oil trust ctfs-. 100 "lb"
510
Preferred trust ctfs.. 100
31
Mcr A Miners Trans new.
0.8
Mt V-Wood Mills v t c . .
13 4$
19
Preferred v t c ________
534$
222
Northern Central...........50
88
88
511
Pennsyl Wut & Power. 100
74
170
744$
Pub Servlco Bldg pref___
100
100
50
Sapulpa Refining..............
104$ 144$ 2,364
Preferred........................
114$ 12
221
R ig h ts............................
300
4$ 1
T II Symington pref..........
102 102
20
United Ity A Electric__ 50
274$
274$ 274$
1,545
Wayland Oil AGas_____ 5
7
94$ 26,656
74$
Bonds—
Balt Dry Dock A S B 6 s ...
100 100
S3,500
Balt Spar P A C 4> js. 1953
97
97
4,000
C A I’ Tel of Va 5s small. .
90
96
500
Chicago Ity 1st 5 s . i . . 1927
984$ 994$ 12,000
Consolidated Gas 5 s..1939
107 107
5,000
Goneral 44$s______ 1954 94
934$ 94
12,000
Consol Gas E L A P 4 4$s ’35 89 4$ 894$ 90
18,000
Consol Coal conv 6 s.. 1923
104
1044$ 10,000
Cosden A Co 6s new_____ 1254$ 118
137 217,500
Davison Chemical 6s. 1932
1054$ 1054$ 4,000
Elkhorn Corp 6s................ "b s"
974$ 98
14,000
Elkhorn Fuel 5s........ 1918
1004$ 1004$ 10,000
Fair A Clarks Trac 5s. 1938
1004$ 1004$
1,000
Georgia A Ala cons 5s. 1945
1034$ 1034$ 10,000
Georgia Pacific 1st 63.1922
1074$ 1074$
1,000
Md Electric Ry 1st 5s 1931 974$
974$ 974$
1,000
Mer A Miners' Trans 6s__ 10 14 $ 1014$ 1014$ 34,000
MllwEl Ry A Lt 44$s_1931
924$ 924$
2,000
M St A St 1‘ C Joint 5s 1928
1024$ 1024$
1,000
N O Mobile A C 1st 5s I960
514$ 52
9,000
Nor Ry A Lt 5s_____ 1949
96 J$ 964$ 904$ 5,000
United E I, A P 44$s._ 1929
934$ 934$ 10,000
United Ry A E 4s___ 1949
83 4$ 834$ 834$ 20,000
Incomo 4s_________ 1949 62
014$ 02
32,000
Funding 5s............... 1936
804$ 87
3,000
Sm all................... 1936 874$
804$ 874$
2,400
Notes 58 when Issued—
994$ 994$ 11,000
994$
80
Wash B A A 5s.......... 1941
80
1,000
x Ex-divldcnd A rights.
Stocks-
P a r.
American Radiator___ 100
Preferred__________ 100
Amcr Shipbuilding___ 100
Preferred................... 100
Avery, prof................... 100
Booth Fisheries, com .. 100
Preferred................... 100
Chic Cy A C Ry pt ctf p f.
Chic Pneumatic Tool.-. 100
Chic Rys part ctf “ 2” ___
Chicago Title A Trust. 100
Common w’ th-Ed Ison. . 100
Diamond Match.......... 100
General Roofing, pref.. 100
Hart, Shaff A Marx,pf. 100
Illinois Brick................. 100
Kan City Ry A Et.com ctf.
Preferred certificates. . .
Iindsay Light....................
Preferred.............. .........
National Carbon.IIIIZI66
Preferred.............. loo
People's Gas Lt A Coke 100
Pub Serv of N HI, com. 100
Preferred__________ iqo
Quaker Oats Co____
loo
Preferred ............ ..IlOO
F r id a y
L a st
S a le.
P r ic e .
73
174$
69
230
143
106
10
i8 i‘
1034$
1034$
S cars R o e b u c k c o m ..
10 0 176
Preferred .............
ioo
Stow Warn Speed com. 100 *864$
R an ge s in ce J a n .
Low .
1.
H ig h .
184$
364$
95
90
63
824$
46
111
111
90
144$
84$
44$
64
18
19
63
504$
12
52
874$
724$
100
9
94$
4$
100
254$
44$
Feb
20
Jan 42
Feb
96
Feb 98
Jan 115
Jan 924$
Jan 50
Feb 1154$
Fob 1154$
Feb 103
Jan 26
Feb
104$
Feb
6
Feb
714$
Jan
19
Feb 234$
Feb 68
Feb 504$
Feb
164$
Jan 544$
Feb 90
Jan 774$
Jan 102
Jan
164$
Jan
16.'$
Feb
24$
Jan 105
Jan 29
Jan
94$
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jail
Jan
Jan
Feb
Feb
Feb
Jan
Jail
Jan
Jan
Feb
Jail
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
100
954$
96
974$
1064$
934$
894$
1034$
1014$
105
974$
100
994$
1034$
1074$
904$
101
904$
10 14 $
51
95
934$
834$
604$
844$
85
99
84
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
100
97
96
994$
107
944$
904$
105
1384$
1054$
984$
1004$
1004$
1034$
1074$
98
1014$
924$
1024$
524$
964$
934$
85
624$
87
874$
994$
87
Feb
Feb
Jan
Jan
Feb
Feb
Fcl>
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
F r id a y
L a st
W e e k 's R a n g e
S a le.
o f P r ic e s .
P r ic e . L o w .
H ig h .
Swift A Co.....................100 128
1264$
Union Carbide Co___ 100 173
173
Ward, Montg A Co, pref..
1144$
Bonds.
Chicago Rys 5s.......... 1927
984$
Chic Rys 5s, Series "A ”
924$
924$
Chic Rys 4s, Series “ B”
70
694$
Cldc Ry adj Inc 4s. .1927
354$
Commonw-Edlson 5s. 1943
1024$
Met W Side El 1st 4s. 1938
724$
Morris A Co 44$s____ 1939 93
93
Ogden Gas 5s........ ..1945
964$
Pub Serv Co 1st ref g 5s.'56
94 4$
Swift A Co 1st g 5s. . . 1944 994$
994$
Union Station 44$s w 1___ 1004$ 1004$
x
Feb
P a r.
S a les
fo r
W eek.
S h a r es.
1.
R a n ge s in ce J a n .
Low .
128
1754$
116
547 1264$
213 173
175 1124$
984$
924$
70 4$
354$
1024$
73
93
96 4$
944$
100
1004$
*5,000 974$
27,000 904$
31,000 694$
10,000 35
24,000 102 4$
5,000 724$
12,000 894$
3,000 954$
7,000 94
14,000 984$
10,000 1004$
H ig h .
Jan 128
Jan 179
Jan 116
Feb
Jan
Feb
Jan 984$ Feb
Feb 924$ Feb
Feb 75
Jan
Feb 38
Jan
Jan 1024$ Jan
Jan 734$ Jan
Jan 93
Feb
Jan 964$ Feb
Jan 944$ Feb
Jan 1(M)
Feb
Feb 1004$ Feb
Ex-dlvldend.
Pittsburgh Stock Exchange.— T ho com plete record of
transactions a t the Pittsburgh Stock Exchange from F eb . 19
to F eb . 25 , both inclusive, com piled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds tho quotations aro per cent
o f par value.
Stocks—
P a r.
F rid a y
L a st
W e e k 's R a n g e
S a le.
o f P r ic e s .
P r ic e . L o w .
H ig h .
Ain Wind Glass Mach. 100 46
Preferred...................100 1414$
Am Wind Glass pref__ 100
Caney River Gas_____ 25
384$
Columbia Gas A E lec.. 100 144$
Consolidated Ice com__ 50
44$
Preferred.....................50 344$
Ilarb-Walk R efract__ 100
Preferred............... ..100
Independent Brew com .50
34$
Preferred.....................50
164$
La Belle Iron Works__ 100
50
Preferred................... 100
Lone Star Gas............... 100
Mfrs Light A Heat____ 50
51
Nat Fireproofing com__ 50
104$
Preferred.....................50 21
Ohio Fuel Oil.............
i
174$
Ohio Fuel Supply......... 25
Oklahoma Natural Gas. 100
PIttsb Brewing com___ 50
5
Preferred.....................50
i7
Pittsburgh Coal co m .. 100 314$
Preferred............
loo 108
Pittsburgh Oil A G as.. 100
PIttsb Plate Glass____ 100
Pure Oil common_______ 5 204$
San Toy Mining........ ..... l
17c.
Union Natural Gas___ 100
Union Switch A Signal..50 120
Preferred................... .50
U S Steel Corp com__ 100
Wcst'house Air B rake..50 1384$
West’house 101 A Mfg._ .50 —
W Penn Tr A Wat Pow. 100
Bonds.
Indep Brewing 6s___ 1955
Philadelphia Co 5s__ 1949
West Penn Rys 5s__ 19311 100
46
48
140
1414$
100
105
384$ 394$
144$ 154$
4 4$ 44$
344$ 34 4$
83
834$
102
102
3
3 4$
154$ 164$
50
51
124
1274$
904$ 90 4$
504$ 51
10
104$
21
224$
174$ 18
40
40
71
72
44$
54$
164$ 17
304$ 35
108
108
74$
74$
116
116
204$ 214$
17c. 17c.
145 145
120
120
125 125
824$ 834$
1384$ 1394$
65
664$
174$ 174$
Sa les
fo r
W eek.
S h a res
155
105
65
55
665
205
75
35
115
84C
7C
145
325
13
656
1,855
530
300
145
20
400
225
832
15
10
105
7,224
1,700
10
60
120
80
239
180
100
1.
R ange s in c e J a n .
L ow .
344$
132
100
384$
144$
34$
344$
714$
100
3
154$
50
123
90
504$
10
21
174$
38
70
44$
17
30
1064$
74$
115
184$
17c.
1424$
118
125
804$
1344$
634$
17
56
56
*3,000 56
1014$ 1014$ 11,000 1014$
100
100
10,000 100
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
H ig h .
49 J$
143
105
424$
154$
44$
35
84
102
3 J$
19
54
1274$
93
514$
12
24 4$
19
40
74
64$
214$
364$
108
94$
116
214$
25c.
145
126
130
88
1404$
694$
184$
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb 60
Feb 1014$
Jan 1004$
Jan
Philadelphia Stock Exchange.— T h e com plete record
of transactions at tho Philadelphia Stock E xchange from
F e b . 19 to F eb . 2 5 , both inclusive, com p iled from the
official sales lists, is given below.
Prices for stocks aro all
dollars per share, not per cent. For bonds tho quotations
aro per cent of par value.
Stocks
P a r.
Alliance Insurance____ 10
American Gas of N J..10O
American Railways___ 50
Preferred................... 100
Baldwin Locomotive.. 100
Buff A Susq pref v t c . . 100
Cambria Ir o n .................50
Cambria Steel........... ...5 0
Elec Storage Battery.. 100
General Asphalt.......... 100
Preferred............ ...... 100
Co of N A . . . 10
mploto record of transac- JInsurance
G Brill C o____ _____ 100
tn E eb. 19 to F eb . 2 5 , both Keystone Telephone___ 50
Preferred...... ..............50
sales lists, is as follow s:
Lake Superior Corp__ 100
Lehigh Navigation____ 50
S a les
Lehigh Valley................ 50
W e e k 's R a n g e
fo r
R a n g e s i n c e J a n . 1.
Lehigh Valley Transit..50
o f P r ic e s .
W eek.
Preferred.....................50
Low .
H ig h . S h a r es.
Low .
H ig h .
Lit Brothers________
10
Mlnchlll A S II...............50
395 395
3 385
Jan 400
Jan Norristown_____ _____ 50
134 134
23 134
Feb 1364$ Feb Northern Central_____ 50
38
40
1,347 33
Jan 40
Fob North Pennsylvania___ 50
82
854$
595 754$ Jan 854$ Feb Penn Sait M fg............... .50
1084$ 1084$
15 1064$ Feb 1084$ Fob Pennsylvania...................50
27
27
215 25
Jan 29
Jan Pennsylvania Steel___ 100
73
744$
150 66
Jan 744$ Feb
Preferred................... 100
174$ 174$
100 174$ Jan
184$ Feb Plilla Co (PIttsb)_____ 50
684$ 724$
91 684$ Feb 764$ Jan
Preferred (5 % )........... 50
17
17
165
17
Jan
184$ Jan
Pref (cumulative 6%).50
230 230
55 229
Feb 232
Jan Philadelphia Electric.224$
1424$ 143
163 142
Feb 140
Feb Phila R T vot tr rects..50
106 1064$
312 1044$ Jan 108
Jan Phi ladcl phla Traction. . 50
1034$ 1034$
70 1014$ Jan 1034$ Feb Reading.......................... 5 0
1154$ 1154$
1 1144$ Jan 1164$ Jan
2d preferred.......... ...5 0
794$ 80
225 764$ Jan 834$ Jan Tonop-Bclmont D evel-,.1
25
26
174 22
Feb 28
Feb Tonopah Mining............... 1
594$ 60
60 55
Jan 60
Feb Union Traction............. .50
94$ 104$
2,095
64$ Jan
104$ Feb United Cos of N J____ 100
10
10
500 10
Jan
Feb
United Gas Improv't__ 50
104$
180 183
345 170
Jan 185
Feb U S Steel Corporation. 100
1224$ 1224$
100 11204$ Feb 1224$ Feb Warwick Iron A Steel.. 10
1034$ 1044$
175 1004$ Feb 1124$ Jan Wclsbach Co................. 100
114 115
227 107
Jan 1154$ Fob West Jcr A Sea S hore..50
1034$ 1034$
45 101
Jan 104
Feb Wm Cramp A Sons___ 100
350 350
10 309
Jan 363
Jan York Railways________ 50
5 107
1084$ 1084$
Jan 1084$ Jan
Preferred.....................50
175 1794$
830 175
Feb 188
Bonds.
Jan
127 127
21 125
Jan 127
Feb Amer Gas A Elec 5s. .2007
85
874$ 2,142 85
Fob 904$ Jan
do small.................2007
Sa les
W e e k 's R a n g e 1 f o r
o f P r ic e s ,
j W eek.
Low .
H ig h . S h a r es.
R ange s in ce J a n .
20
123
31
964$
1154$
624$
47
814$
664$
36
734$
27
484$
144$
70
124$
794$
824$
224$
44
20
564$
142
90
944$
1024$
594$
904$
994$
454$
364$
444$
284$
93
93
934$ *11.000
934$
2,100
1.
H ig h .
894$
894$
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jap
Feb
Feb
Jan
Feb
Feb
Jan
934$ Jan
934$ Jan
[Vol . 102
THE CHRONICLE
792
Sales
Friday
for
eek's Range
Last W
W
eek.
of Prices.
Sale.
High. Shares.
Price. Low.
Range since Jan.
T ob a cco Stocks —
1.
P e r Sha r t .
Par
R a ilro a d s—
B id
W est Pao 1st 6s 1 93 3.. .M - S / 24
A ik
25
American Cigar common 100
Preferred____________ 100
S tre e t Railways—
Par
Amer Machine A F dry..l00
63
C om ’w ’lth Pow R y 4 L ..1 0 0
61
Feb
Jan 120M
Brltlsh-Amer Tobae o rd ..£ l
1,000 120
120M 120M
Beth Steel p m 6s------1998
86%
Preferred______________100 85
Ordinary, bearer______£1
2,000 105M Feb 105M Feb
105M 105M
First A refunding 5s 1942
14%
Federal
Light
4
Traction
100
13
Jan
Jan
102
Conley
Foil____________
100
1,000
101M
Consol Trac N J 1st 5s 1932 101M 101H 101 %
52
Preferred____________
-100
50
Feb
170
81 H
Johnson Tin Foil A M e t.100
81M 81J-S 8,000 805i Jan
Elec & Pcop tr ctfs 4 s. 1945
81M
22
Republlo R y 4 L i g h t ..-.1 0 0
21
Jan
83
150
Feb
MacAndrews A Forbes. .100
900 80
82
82 M
do sm all____- _____ 1945
Preferred______________100 66% 68
Jan
101
Jan 103
13,000 101
Preferred____________ 100
H arwood Electric 6s - - 1942 102 M 102M 103
10%
Jan
Tennessee R y L 4 P com 100 10
58
225
6,000 57 M Jan
Porto Rlcan-Amer Tob-.lOO
58
58
Inter-State R y scoll 4s 1943
Preferred____________
100 44% 45%
Jan
59
470
I*'eb
500
58
M
Reynolds
(R
J)
Tobacco.
100
58
X
58
H
58 H
Do
small.................1943
51
United
Lt
4
R
ys
c
o
m
.
.
.
100
50
Feb
122
100
Jan
4,000 96
Preferred____________ 100
99
98 M 99
K eystone Telep 1st 58.1935
1st preferred________..1 0 0
74% 75%
Feb
39
35
8,000 20M Jan
Tobacco Products co m .. 100
32
32
Lake Super Corp 5S--1924
88
Wash R y A El C o ........... 100 *85
100
Jan
97 H Feb United Cigar Stores com. 100
97M 97M 2,000 97
Leh C & N fd A Imp 4sl948
82
Feb
Preferred_______
_____
100
*81
130
Preferred____________ 100
Consolidated 4M » .1954 102 H 102M 103M 19,000 101 H Jan 103M Feb
94
170
4s 1951........................... J-D
8OI2 80%
17,000 91M Jan
Young (J 8) C o............... 100
94
93 M 94
Leh Val gen consol 4s.2003
110
Preferred____________ 100
102M 102K 16,000 101M Jan 103 U Feb
Gen consol 4M s___2003
Jan
6,000 105M Jan 106
Ordnance Stocks — P e r 3
106
106
Leh Val Coal 1st 5s. .1933
E le c . G a s A P o w e r C o s —
Feb
Jan
93
4,000
Aetna
Explosives
com—
100
91M
92 M 92 M
L Val T r ref A Imp 5s. 1960
137
Feb
A m G a s 4 E l e c c o m _________5 0 * 1 3 1
92
Jan
5,000 91
Preferred____________ 100
92
92
First 4s..... ..................1935
61
P r e f e r r e d ____________________ 5 0 * 5 0
Jan
97 X Feb Amer A British M fg------100
97 M 97 M 5,000 95
M arket St Elev 1st 4 s. 1955
375
A m L t 4 T ra c c o m m o n .. 100 372
Feb
Feb
6,000
99
M
99
M
Preferred___________
-100
99 M 99 M
Pennsylv consol 4s___1943
114
P r e f e r r e d ___________________ 1 0 0 1 1 2
106M 106M 21,000 105M Jan 106 % Feb Atlas Powder common. .100
Consol 4 M s...............1960
64% 66%
A m e r P o w e r 4 L t c o m ____ 1 0 0
F'eb
Preferred____________ 100
General 4M s______ 1965 102M 102M 102 M 45,000 100 M Jan 103
86
87
P r e f e r r e d ___________________ 1 0 0
Jan
1,000 99
99 M Feb Babcock A Wilcox..........100
99 M 99 M
P VV * B ctfs 4 s ...1 9 2 1
45
46
A m e r P u b lt o U t i lit i e s c o m lO O
Feb
Jan 106
21,000 104
Bliss (E W) Co com m on..60
Pa A M d Steel cons 6s.1925 105M 105M 106
72
75
P r e f e r r e d ___________________ 1 0 0
Jan
Jan
2,000
101
101M
Preferred_____________
60
101
X
101M
Phlla C o 1st 5s......... .1949
115
117
C
i
t
i
e
s
S
e
r
v
i
c
e
C
o
c
o
m
—
1
0
0
Feb
Jan
94
46,000 90
94
Canada Fdys A ForglngslOO
92 M 94
Cons A coll trust 5s. 1951
75 76
Jan
P r e f e r r e d _________________ . 1 0 0
1,000 103M Jan 105
104M 104 H
Canadian Car A Fdry__ 100
Phlla Elec tr ctfs 5 s .. 1948
C o n s u m e rs P o w e r (M in n )
Jan
Jan 104
500 103
103 103
Preferred_________ ;___100
Do
sm all_________ 1948 103
102 104
1st 4 re f 5s 1 9 2 9 .- - M 4 N
84 M Feb Canadian Explosives comlOO
84
84 X 29,000 82 M Jan
84
Trust certlflcats 4 s .1950
100
E le c B o n d 4 S h a re p r e f . . l 0 0
50(1 82 M Jan
84 M Feb
84
84 M
Preferred____________ 100
do
small_____ 1950
85
87
Jan
G
r
e
a
t
W
e
s
t
P
o
w
5
s
1
9
4
6
.
J
4
J
Jan
23,000
96M
95
M
95
M
94
M
Carbon Steel common— 100
95M
Reading general 4s— 1997
85
I n d i a n a L i g h t i n g C o ---------1 0 0
Jan
95
95 H F'eb
1st preferred_________ 100
95 M 95 M 95 M 26,00(1
J-C collateral 4s— 1951
79
81
48
1 9 5 8 o p t i o n a l ______ F - A
Jan 102M F'eb
102M 102M 2,000 102
2d preferred_________ 100
Spanlsh-Amer Iron 6s. 1927
46l4 46%
N o r th ’ n S ta tes P o w c o m . 100
98 H Jan 101M Jan Colt's Patent Fire Arms
99 M 1 99 M 99 H 16.00C
Standard G A El 6s. .1926
03
92
P r e f e r r e d ____________________ 1 0 0
74
Jan
6,00(1
75 M Jan
75
75
M fg ...............................100 845 8 5 5
United R ys g tr ctf 4s. 1949
63
62
P a c ific G a s A E le o c o m . . 10 0
73 M Jan Crocker-Wheeler Co com .100 104 1 0 7
20.00C
71M Feb
72 M 72 M 73
United Rys Invest 5s. 1926
93
91
1
4
0
1
s
t
p
r
e
f
e
r
r
e
d
_______________
1
0
0
F
’eb
84
137
Jan
I
1,00C
83
84
81M
Drlggs^eabury Ord Corp 100
84
West N Y& Pa gen 4s. 1943
91
93
2 d p r e f ( o l d p r e f ) ______ 1 0 0
5,000
92 H Jan 95 M Jan duPont (E I) de Nemours
95
95
York Railways 1st 5s. 1937
88 90
S o u th C a lif E d is o n c o m . 100
Powder com (new)— 100 71370 3 8 0
102 105
1
0
8
P
r
e
f
e
r
r
e
d
___________________
1
0
0
100
Preferred____________ 100
x E x -d iv id e n d .
98 100
S ou th w est P o w 4 L p ref 100
Electrlo Boat__________ 100 350 3 7 0
•8
9
S ta n d a rd G a s A E l ( D e l) . 60
Preferred____________ 100 350 3 7 0
31%
*31
4
0
5
P
r
e
f
e
r
r
e
d
____________________
6
0
Hercules Powder com__ 100 395
C U R R E N T N O T IC E .
19 22
U n it e d G a s 4 E le o C o r p . 1 0 0
Preferred____________ 100 114 1 2 0
77
74
70
1 s t p r e f e r r e d ________________1 0 0
Hopkins A Allen Arms..100 60
__ T h e 4 9 th e d itio n o f P o o r 's M a n u a l o f R a ilr o a d s , co v e r in g t h e U n ite d
20
23
98
2 d p r e f e r r e d _______________1 0 0
Preferred.....................100 93
16
16%
S ta tes, M e x ic o a n d C a n a d a , h as ju s t been issu ed. T h is v a lu a b le referen ce
20
W estern P ow er c o m m o n .100
17
International Arms
67%
68%
11
P
r
e
f
e
r
r
e
d
____________________1
0
0
*10
w o rk presen ts th is y ea r fo r th e fir s t tim e th e m a rgin o f s a fe ty o n in d ivid u a l
Lake Torpedo Boat co m .. 10
34
Marlin Arms com-------------- *32
b o n d s an d s to ck s in t h e fo rm o f p e rce n ta g e o f to t a l n e t earnings rem ain in g
80%
79
P refe rre d ..--------------100
a fte r in terest o r d iv id e n d s .
I n d u s tr ia l
Midvale Steel A Ordnance . . *655s 6 5 %
a n d M is c e lla n e o u s
— M e ssrs. R . M . G ra n t & C o ., N e w Y o r k , B o s to n a n d C h ic a g o a rc
Nllcs-Bement-Pond com .100 105 1 7 0
82%
/82
1
0
5
A
d
a
m
s
E
x p c o l tr g 4 s ’4 7 J -D
100
Preferred____________ 100
o ffe r in g b y a d v ertis em en t o n a n oth er p a g e , $8 0 0 ,0 0 0 C it y o f San A n to n io
80
70
A l l i a n c e R e a l t y ____________ 1 0 0
Savage Arms-----------------100 495
T e x a s , 5 % S ch o o l D is tr ic t b o n d s a t p rice t o yie ld 4 .2 5 % t o o p tio n a l m a tu r
48
*45
4
8
5
A
m
e
r
B
a
n
k
N
o
t
e
c
o
m
—
6
0
ScovlII M f g ....................100|/4 o?
•51
62
i t y an d 5 % th erea fter. F o r fu rth er p a rticu la rs reg a rd in g this o ffe r in g , see
3
7
P
r
e
f
e
r
r
e
d
_____________________
6
0
Submarine Boat.......... ......... I *35
Winchester Repeat Arms 1002450 2 5 2 5 A m e r i c a n B r a s s --------------------1 0 0 255 258
a d v ertis in g p a ges.
68
71
A m e r ic a n C h ic le c o m — 1 0 0
Short Term Notes. P er Cen1
— N a th a n iel F . C.lidden Jr. an d W illia m D . L y o n h a v e fo rm e d a c o
89
86
P r e f e r r e d ____________________1 0 0
Amer Locom 5s July 1916 J-J 100% 1 0 1 %
124
pa rtn ersh ip fo r th e p u rp o s e o f d ealin g in general in v e s tm e n t secu rities
5s, July 1917................ J-J 100% 1 0 1 % A m G r a p h o p h o n e c o m . . 1 0 0 119
124
130
____________________1
0
0
1
0
0
%
P
r
e
f
e
r
r
e
d
u n d er th e firm n a m e o f G lid d e n , L y o n & C o ., w ith o ffic e s at 5 N assau St.
Am T A T Sub Cos 5 s.. 1916 100%
123 125
1 0 0 % 1 0 0 % A m e r i c a n H a r d w a r e --------- 1 0 0
4Ms 1918
N e w Y o r k , an d 252 G en esee S t ., U tica , N . Y .
105 112
1 0 1 % A m e r i c a n S u r e t y --------------------6 0
Anaconda Copper 5s '17 M-8 11 00 10 %
42
44
% 10U .S A m e r T y p e f o u n d e r s c o m . 1 0 0
Balt A Ohio 4Ms 1 9 1 7 . JAD
93
96
P r e f e r r e d ____________________ 1 0 0
4>(8, 1918.................JAD 11 00123%s 11 00 13 %
287 295
100
Canadian Pac 6s 1924.MAS2 0 9 % 1 0 0 % BB oo nr dd e nA 's MC tognod GMu ial kr .............
113%
c o m . 1 0 0 112
Ches A Ohio 5s 1919..-J -D
108
P r e f e r r e d ___________________ 1 0 0 107
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
Chic Elev Ry 5s 1916----- J-J 9 4 1 9 6
*1% Us
Chic A West Ind 5s'1 7 .MAS 1 0 0 3 s 1 0 0 % C a n a d a C o p p e r ------------------------ 6
D A IL Y , W E E K L Y A N D Y E A R L Y .
9
9
3
4
1
0
0
%
C
a
s
u
a
l
t
y
C
o
o
f
A
m
e
r
i
c
a
.
.
7
6
Consum Pow 6s 1917..MAN
149
Erie RR5s. April 1916. AAO 1 0 0 1 0 0 % C e l l u l o i d C o m p a n y -----------1 0 0 140
19 22
S ta te, M u n .
R a ilr o a d ,
W e e k e n d in g
51(s April 1 1917___ A-O 1 0 1 % 1 0 1 % c i t y I n v e s t i n g C o ------------- 1 0 0
73
78
U . S.
tfe
F
o
r
e
ig
n
1
0
0
%
'1
0
1
%
P
r
e
f
e
r
r
e
d
____________________1
0
0
d
e
c.,
General Rubber 5s 1918 JAD
F e b . 25 1916.
B on d s.
72
76
B onds.
B o n d i.
P a r V a lu e .
Hocking Valley 5s 1917.M-N 1 0 1 % 1 0 1 % C r a m p S h i p A E B l d g . . . 1 0 0
18
20
1
0
2
%
E
m
e
r
s
o
n
B
r
a
n
t
l
n
g
h
a
m
.
1
0
0
10U8
Int Harv 5s Feb 15 '18.F-A
60
67
$243,500
$1,436,000
P r e f e r r e d . . .............. ............... 1 0 0
261,548 518,574,550
Saturday. .
Lackawanna Steel 6s’ 17 M-S IOU4 1 0 1 %
04
699.000
^069,500
22,578,200,
G o l d f i e l d C o n s o l M i n e s . . . 1 0 *92
280,961
M onday —
Minn Gen El 6s 1 9 1 7 ...JAD IOU2 1 0 2
3
1
H
O
L
ID
A
Y
1
0
0
%
H
a
v
a
n
a
T
o
b
a
c
c
o
C
o
-------1
0
0
99
%
Tuesday—
New Eng Nav 6s 1917-M-N
958,500
2,191,500
2% 5
25,960,800!
P r e f e r r e d ___________________ 1 0 0
303,708
lOOU 1 0 0 %
Wednesday
N
Y
N
II
A
H
5s.May
1
1916
/60
55
2.495.000
1,766,500
49,107,200'
1
0
0
%
1
s
t
g
5
s
J
u
n
e
1
1
9
2
2
.
.
J
D
582,496
100
T h ursd ay-.
Pub Ser Corp N J 5s '16 MAS
19%
19
584.000
2.432.000
29,680,550|
342,178
F r id a y -----Schwarz A Sulzb 6s T 6 ..J -D 100 1 0 0 % H o u s t o n O H c o m -----------------1 0 0
13
12
Seaboard A L 5s 1916__ M-S 100 1 0 0 % i n t e r c o n t l n c n R u b c o m . . 1 0 0 160 163
$4,252,000
5145,901,300
510,624,000
1
0
1
%
I
n
t
e
r
n
a
t
B
a
n
k
i
n
g
C
o
---------1
0
0
101
1,770,891
Total . . .
Southern Ry 5s 1917..M-S2
16% 17%
SulzASonsCoOsJ'ne 1 '16M-S 100 1 0 0 % i n t e r n a t M e r o M a r i n e — 1 0 0
P r e f e r r e d .....................
100
United FrultOsMay 1T7M-N 101% 1 0 1 %
J a n . 1 to F e b . 25.
39
40
W e e k e n d in g F e b . 25.
S a les at
Gold notes 5s 1918..M-N 101 % 1 0 1 38 I n t e r n a t i o n a l S a l t _________1 0 0 /73
75
N e w Y o r k S tock
101%
1 s t g 5 s 1 9 5 1 ..................... A - O
101*4
Utah
Co
6s
1917.............
A
O
1915.
1916.
1915.
1916.
95
00
E xch an ge.
9
6
i
n
t
e
r
n
a
t
i
o
n
a
l
S
l
i
v
e
r
p
r
e
f
.
1
0
0
95
UtahSecurCorp 6s '22 M-S 15
108% 109%
1 s t 6 s 1 9 4 8 ............................ J - D
New
York
City
Notes—
9,369,374
26,488,942
906,450
1,770,891
Stocks— N o. shares.
.
10 1%
D e b 6 s 1 9 3 3 ............................ J - J
101%
6s
Sept
1916
§807,478,635
§145,901,300 §78,117,250 §2,319,123,795
■9 5 ' ~ w
Par value................6s sept M 9 n : : : : : : : : : : : : : | 10354103% K e l l y - S p r l n g f T i r e 1 s t p f . 1 0 0 *70
79,900
51,000
72
1,000
N o w s t o c k w h e n l a s _____ 2 5
Bank shares, par—
C a n a d ia n G o v t. N o te s— .
I. m
69
67
Bonds.
L a n s t o n M o n o t y p e -----------1 0 0
5s
Aug
11916...................FAA
10054
101
$238,500
.5
§55,500
§17,000
Government bonds.
L a R o s e C o n s o l M i n e s -------- 5
101%
101%
6s Aug 1 1917...................FAA P er C t.lB a s is L a w y e r s ’ M o r t g a g e C o . . 1 0 0 170 176
3,580,500
32,048,500
351,500
54.252.000
Stato bonds----------95,976,500
161,736,000
9,635,000
*77
80
10.624.000
L e h ig h V a lle y C o a l S a l e s .5 0
B id . As*
R R . and mlsc. bond s.
R R. Equipments—
*3% 3%
4 .2 5 4 .0 0 M a r c o n i W i r e l e s s o f A m e r . 6
Baltimore A Ohio 4Ms
$99,795,500
§193,840,000
63
•61
§14,876,000 §10,003,500
M i d w e s t R e f i n i n g ....................6 0
Total bonds.
Buff Roch A Pittsburgh 4M» 4 .3 8 4 .2 0 M
114 119
o r t g a g e B o n d C o -----------1 0 0
4 .3 8 4 .2 0
Equipment 4s__________
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
213
215
N
a
t
i
o
n
a
l
S
u
r
e
t
y
.....................
1
0
0
4 .4 5 4 .3 0
Canadian Pacific 4M*------B A L T IM O R E E X C H A N G E S .
96
90
4 .6 0 4 .38 N Y M t g e A S e c u r i t y . . . 1 0 0
Caro Cllnchf A Ohio 5s-----45 60
4.10! 2 90 N Y T i t l e I n s u r a n c e C o . 1 0 0
Central of Georgia 5s--------*6% 6%
4 .1 0 2 90 N l p l s s l n g M i n e s _______________ 5
B a ltim o r e .
P h ila d e lp h ia .
B o ito n .
Equipment 4M»-----------63% 64%
6 .0 0 5 .0 0 O t i s E l e v a t o r c o m _________1 0 0
IVfet e n d in g
Chicago A Alton 4s----------93
94
5 .6 0 5.00
P r e f e r r e d _______ ___________ 1 0 0
S h a r e s . B on d Sa les. S h a r es. B on d S a le s . S h a r es. B o n d S a les.
F e b . 25 1916.
Chicago A Eastern III 6 s ...
96 100
5 .6 0 5.00 R e a l t y A s s o c ( B r o o k l y n ) . 1 0 0
Equlpment 4 Ms------------$61,000
4
.6
0
4.40
35,664
S71,000
R
e
m
i
n
g
t
o
n
T
y
p
e
w
r
i
t
e
r
—
5,292
§8,900
40,840
Chic
Ind
A
Loulsv
4Ms----S aturday------------14% 15%
90,900
4 .3 5 4.12
78.800
64,708
C o m m o n ___________________ 1 0 0
26,000
10,939
41,515
Chic St L A N O S s ..............
M onday................
76
74
4 20 4 .00
1 s t p r e f e r r e d ______________ 1 0 0
IIOLI D A Y
Chicago A N W 4 M 8 --------T u esd ay-............. 116,300
42ls
40
84,500
39,283
6
.60
4
90
10,858
2
d
p
r
e
f
e
r
r
e
d
______________
1
0
0
61.500
46,034
Chicago
R
I
A
Pac
4
Ms-----Wednesday
-----105,100
6%
31,913
82.800
12,453
4 .65 4.35 R l k e r A I I e g e ’ n ( C o r p f o r s t k )
63.500
51,148
Colorado A Southern 6s----Thursday................
107,000
29,104
101,200
4 .4 5 4.30 R o y a l B a k i n g P o w d c o m . 1 0 0 140 145
8,795
37.500
34,762
F'rlday----------------Erie 5s____ _______
102
100%
P
r
e
f
e
r
r
e
d
___________________
1
0
0
4
.45
4
.3
0
Equipment 4MS-§418,300 201,672! $480,300
214,299| S197.4001 48,337
4.45' 4 .3 0 S a f e t y C a r H e a t A L i g h t . 1 0 0 105 107%
Equipment 4s___
T o t a l --------- . . .
12%
4 .3 8 4 .20 S a p u l p a R e f i n i n g --------------------- 6 *12
Hocking Valley 4s..
4 .3 8 4 .20 S i n g e r M f g C o ----------------------1 0 0 221 224
Equipment 5s___
20
30
4 .2 5 4 .0 0 S t a n d a r d C o u p l e r c o m . . 1 0 0
Illinois Central 6s..
__
P r e f e r r e d ___________________ 1 0 0 102
4 .2 5 4 .0 0
4M s.....................
*U8 2
All b o n d prices are “ and In te r e s t" ex ce p t w here m arked “ f . "
Kanawha A Michigan 4M s.. 4 .5 0 4 .25 S t e r l i n g G u m .............................- . 6 150 . . . .
P e r iri a r e .
4 .2 0 4 .0 0 T e x a s A P a c l l l o C o a l --------- 1 0 0
Louisville A Nashville 5s___
*4*8 4%
A sk.
P a r B id
4 .3 5 4.12 T r i a n g l e F i l m .................................. 5
P e rS h are
Minn S t P A S S M 4Ms___
•1%
A sk
Pierce Oil C orp................ ..2 5 *15% 15*4
P a r B id.
Missouri Kansas A Texas 5s. 5 .6 0 5 20 U n i t e d P r o f i t S h a r i n g .............. 1) 185 2001%
U S C a s u a l t y ..............................J 0 0
5
.9
0
6
.0
0
.100 410 415
*15% 15%
Missouri Pacific 5s_________
)
125
135
U
S
E
n
v
e
l
o
p
e
c
o
m
-------------1
0
0
Prairie Pipe Line______ .100 227 231
Mobile A Ohio 5s__________ 4 .6 0 4 .40
Atlantic Refining---------- .100 655 660
P r e f e r r e d ----------------------------- 1 0 01 108 111
4 .6 0 4 .4 0
Solar Refining................ .100 290 300
Borne-Scrymser C o ------ .100 305 315
Equipment 4Ms.......... ..
)
12%
16%
U
S
F
i
n
i
s
h
i
n
g
.............................1
0
0
210
205
4.50;
4.1
.100
Southern
Pipe
Line
C
o
.
103
New York Central Lines 5 s..
Buckeye Pipe Line C o . . ..5 0 *100
40 43%
P r e f e r r e d ----------- ------------------1 0 0)
South Penn Oil________ .100 355 360
Chescbrough M fg Cons. .100 735 750
Equipment 4Ms_________ 4 .5 0 4.1
96 . . . .
1 s t g 6 s 1 9 1 9 .......................J - J
Southwest Pa Pipe Lines .100 110 115
.100 160 180
N Y Ontario A West 4 M s ... 4 .5 0 4 . 2 5
82
76
C o n s g 5 s 1 9 2 9 ....................J - J
4.20 4 . 0 0
Standard Oil (California) 100 1257 260
Norfolk A Western 4Ms___
Continental O il----------- .100 280 285
60
4.20 4 . 0 0 U S T i t l e G u A I n d e m — l i 4 50
Standard Oil (Indiana). .100 515 520
47
Crescent Pipe Line C o . . ..5 0 *44
Equipment 4s_______. . .
3 .9 0 W e s tc h e s te r A B r o n x T it le
4.15
Standard Oil (Kansas) . .100 445 450
65
70
Cumberland Pipe Line. .100
Pennsylvania RR 4Ms____
175
[)
167
3
.
9
0
A
M
o
r
t
g
a
g
o
G
u
a
r
...................1
0
0
4.15
Standard OU (Kentucky) 100 355 365
Eureka Pipe Lino C o ___ .100 220 230
Equipment 4s____ _____
5.50 4 . 7 5 W o r l d F i l m ..................................... 55 *15S 1%
Standard Oil (Nebraska). 100 355 365
Galena-Signal Oil c o m .. .100 *150 153
St Louis Iron Mt A Sou 5s.
6.00 5 . 0 0 W o r t h i n g t o n ( H R ) C o m
Standard OH o f New Jcr .100 504 507
.100 *133 136
St Louis A San Francisco 6s
107
p o n y p r e f ----------------------------- 1 0 00 103
4.50 4 . 2 5
Standard Oil of New Y ’ rklOO *210 213
Illinois Pipe Line---------- .100 186 189
Seaboard Air Line 5s___ _
4.50 4.25 Y u k o n G o l d ------------------------------- 55 *2% 2%
Standard Oil (O b lo ) ___ .100 545 555
Indiana Pipe Line C o . . ..5 0 •105 107
Equipment 4Ms..............
4.00
4.25
.100 130 135
£1 •121* 13
Southern Pacific Co 4 M s.4.45 4.20
84
86
Union Tank Lino C o ___ .100
National Transit C o ___ ..2 5 * * 2 0 _ 22
Southern Railway 4M®-----4.76 4.20
Vacuum O il----------------- .100 225 230
New York Transit C o . . .100 195 205
Toledo A Ohio Central 4 s..
B on d s
(Concl.)-
Low.
High.
Volume of Business at Stock Exchanges
Inactive and Unlisted Securities
Northern Pipe Line C o . .100 100
Ohio Oil C o ...................... . 25 *234
Penn-M ex Fuel C o_____ 25 *62
103
237
64
Washington Oil.............. -.1 0
B on ds.
Pierce Oil Corp conv 6s. 1924
*48
63
83
85
• Per Share
ft Basis
d Purchaser also pays accrued dividend,
e New stock.
/ F
l a t h ETTpeclal «Jsh dlv. of 5% and 10% in Anglo-French bonds,
x Ex-dlvidend.
y Ex-rights.
f Ex 50';: stock dividends, n Nominal
Feb. 26 1916.]
THE CHRONICLE
793
imrjcstwmt anxl ^foultwct
R
A
I L
R
O
A
D
G
R
O
S S
E
A R
N
I N
G
S
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returna
oan be obtained. The first two oolumns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
atatemont to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The retu rn s o f the electric ra ilw a y s are brought together sep a ra tely on a su bsequen t p a g e.
L a test G ross E a r n in g s .
ROADS.
W eek o r
M o n th .
C u rren t
Y ea r.
J u ly 1
P r e v io u s
Y ear.
to L a te s t D a te .
C u rren t
Y ea r.
ROADS.
Y ear.
Ala N O & Tex P a c$
N O & N or E ast. January . .
310,214 297.298 2,236,252 2,093,404
Ala & Vicksburg. January . .
147,178
923,812
997,805
117,152
Vlclcs Shrov & P . January . .
861,375
983,315
99,061
135,767
Ann A rb or_________ 2d wk Feb
40,989 1,630,008 1,476,509
45,827
A tch T op & San F e, January . . 9,653,671 8,822,427 76,633,450 69,923,480
Atlanta llirin & Atl 2d wk Feb
52,360 1,939,180 1,690,147
61,546
Atlanta & W est P t. Decem ber
121.924
97,604
671,574
604,787
Atlantic Coast Lino December 3,392,451 3.073,852 15,407,985 15,007,498
Chariest * VV Car Decem ber
186,446
150,555
894,939
905,900
Lou Ilond & St L Decomber
136.883
106,434
781,613
730.967
aBaltim oro & O hio. January . 8,444,287 6,486,271 64,484,591 53,624,706
I l & O C l i Ter ItR December
143,838
111,389
874,875
821.616
Bangor & Aroostook December
310,960 274,457 1,679,601 1,703,881
Bessemer & L E rie. Docembor
638.801 315,333 6,443,286 5,232,441
Birmingham South. January . .
85.962
514,515
539,924
64,766
Boston & M aine___ December 4,260,093 3.589 025 25,634,304 24.603,734
B u ff Koch * l’ ittsb. 3d wk Feb 250,050
172,610 7,793,860 6,308,410
Buffalo & Susq R R January . .
112,412 1,017,112
155,775
882,790
Canadian Nor Syst 3d wk Feb 559,000 418,200
Canadian Pacific _ 3d wk Feb 2,093,000 1,614,000 80,73V, 164 66,534", 125
Central o f Georgia December 1.181.721 1,102,462 6.479,350 6.333,382
Cent o f N ow Jorsey Decombor 3,016.151 2,944,326 18,059,044 16,870.326
Cent N ew England December
388,438 296,724 2,476,093 1.887,028
Central Verm ont. December
343,669 291,930 2.078,770 1,988,251
Chos & Ohio Lines. 2d wk Feb 873,114 743,459 29,340.541 24,036,282
Chicago & A lton___ Decombor 1,322,575 1,166,643 8,153,310 7,546,618
C hic Burl & Quincy December 8,926,717 7,729,151 52.258,878 49,794,216
b Chicago & East 111 December
1,543,795 1.229.861 8,589.0201 7.594,870
2d wk Feb 346,654 301.411 9,384,911 9,038,654
c Chic Great West
C hic Ind & Louisv. 2a wk Fob
110.411 4.078.377 4,080,938
137.835
C h l c M l l w & S t P . l Decomber 9,212,150 7,282,244 54.402,746 48,790,069
Chic M il & Pug S
dChic & N orth Wost December 7,524,109 6,713,187 47,846,972 44,772.034
C hic Peoria & St L . December
143,632
127.843
886,559!
875.279
dChic St P M & Om N ovem ber 1,889,106 1,493.061 8.400.982 8.255.130
Chic Torre II & S E December
270,227
196.297 1,242.130 1,164,522
Gin Ham & Dayton Docembor
799,204 653.435 5.867,01 ll 5,170,413
C olorado Midland Docomber
125,662
127,382
842,614 1.045,410
e Colorado & South. 2d wk Feb
283,280 269,022 10,110,429 9,469,850
C o rn w a ll____
Docembor
17,376
9.680
73,537,
66,801
Cornwall & Lebanon December
37,060
20,675
220,5261 156,217
C uba Railroad____ Decom bor
513,370 403,378 2,540.299 2,006,459
D e la w a re * Hudson December 2,240,002 1,807.869 12,952,067 11,920,644
Del Lack & Western Docembor 4,222,198 3.562,409 24.406,412 22,664,386
Denv Sc Rio Grande 3d wk Feb 437,300 331,900 16,478,721'14,671.160
Western P a cific.. December
491,817 388,035 3,918,716 3,087,222
Denver & Salt Lake 2d wk Feb
34.700
25,635 '1,285,041 1,127,646
D etroit Tol & Iront December
185.937
131,106 1,090,619 1.046.688
D etroit * M ackinac 2d wk Feb
20,401
18,885
692,221
670,287
D ot & Tol Shore L_ Docomber
175,690
137.184
785,869
737.350
D u l& Iron R a n g e .. December
67.852 3,873.188 2,730.862
09.526
Did South Sh * Atl 2d wk Feb
59,958
52,185 2,143,850 1,829,626
Duluth Winn & Pac Decombor
99,044
129,986
690.715
646.357
Elgin Joliet Sc E ast. Docomber 1.103.178 505,590 6.258,160 4.249,402
_
El Paso & Sou Wost December
842,065 612.885 4,973,780, 3.780.490
Erie__________
Docembor 6.062,091 4.548,252 36.822,680 31.216.707
Plorida East C oast. December
621,858 446.298 2,529,334 2,109.621
Fonda Johns & Glov December
75.215
63,514
471,551
459,943
Georgia R ailroa d .. Docomber
289.210 244.778 1.578,837 1,512,878
Grand Trunk P a c .. 1th wk Jan
85,324
66,476 3,762,797 2,524,346
Grand Trunk Sys . 2d wk Fob 957,195 817,255 33,518,102 31,526,334
Grand Trunk Ry 1th wk Jan 1,160,709 869,381 24,631,746 24,026,718
Grand T rk W est. 1th wk Jan 222,215
162,956 5,082,153 1,307,979
-------------D et Gr II * Milw 1th wk Jan
76,530
59,346 1,898,713 1,580,414
Groat N orth System January . . 4,711,693 3,746,129 50,069.791 44,026.205
G u lf Sc Ship Island. December
174,006
131,189
978.311
836,112
H ocking Valley____ December
559.318 414.792 3.799.943 3.539,651
Illinois Contral____ January . . 5,627,071 5,279,315 39,943,432 37,903,149
Internat & Grt N or December
907.920 807,965 4,832,731 4.823.456
Kanawha Sc Mich
December
296,620 205,029 1,813,286 1.585.596
Kansas C ity South. January . .
778,445 788,351 6,107,295 6,076,927
January . . 3,532,979 3,003,716 27,774,195 25.120,742
Lehigh Valley
Lehigh & Hud R iv . Docomber
177,008
135,695 1.094.789
901.945
Lehigh Sc New Eng Docomber
297,077
184.867 1.796.458 1,368.850
149.175
Louisiana * A rkan. December
140.184
899.269
808,659
205.210
Louisiana R y Sc Nav December
179.462 1.204,234
999.497
/L ou isville & Nashv 2d wk Feb 1.176,740 969,445 36,613,537 32,877,069
13,331
M acon & Blrm'ham Decombor
11.405
76,989
77,485
M aino C entral_____ December
924,340 797.004 5,985,105 5,910,393
Maryland & Penna. December
34,840
36.558
279.940
248.349
M idland Valioy____ December
120.549
175,634
918,892!
760.171
Mineral R ange____ 2d wk Fob
18,722
16,629
657,690
490,433
M inn * St L o u is .. \ 2d wk Feb 230,283 208,344 6,803,289 6,545,679
Iowa Contral__ i
M inn St P & S S M 2d wk Feb 502,733 501,936 22,075,558 18,310,196
Mississippi Central. Docembor
63,445
66,076
411.504
409,479
g M o Kail Sc Texas. 2d wk Fob
717,913 20,326.587 21,445,040
579,731
h Missouri P a cific.. December
5,793,149 4,740.651 32.520.256 31,228,160
Nashv Chatt Sc St L Decombor 1.089.028 844.405 6.268,211 5,664,900
N evada-Cal-Oregon 2d wk Fob
4,258
3,627
234,709
249,414
j N ew York Central December
15854818 12018601 91,681,635
Boston Sc Albany Decombor 1.664.32311,284,979 9.576,359 78.509,497
8,432,993
n Lake Erlo Sc W . December
„ « l ? . 644 396.017 3.473,506 2,917,509
M ichigan Central December 3.531,230 2,656,591 19,982,610 17,202,680
Cleve G O Sc St L December 3,767,949 2,901,172
____ 21,321,825 18,781,845
Cincinnati North. Docomber
155,146
-114,736
- - -
921,161
833,872
Pitts Sc Lako Erlo December 1,821.670 934.762,11,158,124 7.601.788
N Y C hic Sc St L . December 1.231,209 960,113 6,854,674 5,732.067
Tol Sc Ohio G ent. December
JH H
434,171 _____
362.384 „2,650,289
2.874,676
T o t all linos above Docom bor 29074 160 21629385 167620182 142886 926
J u ly 1
L a test G ross E a r n in g s .
Precious
W eek or
M o n th .
C u rren t
Y ea r,
i
i
to L a te s t D a te .
C u rren t
Y ea r.
P r e v io u s
Y ea r.
P r e v io u s
Y ear.
%
%
$
$
Now Orl Great N or Decem ber
154 930; 127,830
876 ,018
817,541
N O M ob ile & C hic D ecem ber
180 492
988 .344
143,988
918,526
N Y N H & H a r t f.. Decem ber 6.057 554 5.015.072 37,822 615
095.293
N Y Ont & Western Decem ber
705 .024 673,103 4,792 ,443
939.635
N Y Susq & W e s t .. Decem ber
377 ,348) 358.332 2,104 005
906,029
N orfolk S ou th ern .. Decem ber
407 ,515 329,212 2,223 309
,963,838
N orfolk Sc W estern. December 4,715 ,143 3.026,715 28.162 ,529
.481,321
Northern P acific___ January . . 5,457, 000 4.054,000 44,857 653
,633,876
Northwestern P a c. Decem ber
284, ,600 227,689 2,386, 216
047,129
Pacific Coast C o ___ December
589, 0641 432,589 3,847, 832
.447,013
p Pennsylvania R R December 18171 676 14366 256 108469 165
.512,202
B alt Ghos Sc A t l .. December
80, 426
82,841
667. 665
748,903
Cum berland Vail. December
293,,116 210,549 1,699,,227
518,591
L ong Island_____ December
995,,481 899,885 7,500,,779
265,082
M a ry l'd Del & Va Decem ber
75,159
525,,481
74,,012
556,910
N Y Phila & N orf Decem ber
353,,890 268,020 2.288.,735 1 950,209
Phil Balt Sc Wash December 1.979,,228 1,583,957 11,594. 520 10 538,637
W Jersey & Seasb December
490,,300 383,905 4.164,,2631 3 756,268
Pennsylvania C o ___ Decem ber 5.398, 053 3,551.308 35,641,,455 28 436,709
Grand Rap & Ind Decem ber
482, 531 395,816 2,864. 3971 2 849,216
P lu s O O & St L . Decem ber 3,984. 624 2,856.153 23.006 079 19 972,419
V a n d a lla _______ Decem ber 1.143, 743 925,466 6,269 272, 5 815.887
T otal lines—
East Pitts & Erie December 22804 442 18159633 140037083 124889 513
W est Pitts & Erie December 11150 065 7,839,635 68,652,018 57.863.981
All East Sc W est. Decem ber 33951507 25999 268 208689102 182753 495
Pore M arquette___ December 1.876.147 1.421.699 10.530.418 9.350,708
Roadlng C o—
Phtla Sc R eading. Decem ber 5.057,851 3,745,437 28.146,793 24,225,085
Coal & Iron C o . . Decem ber 3,905.102 2,949,665 17.036,956 .5,953,693
T otal both c o s ___ December 8.962,953 6,695,102 45,183,749 40,178,778
Rich Fred & P otom December
226,703 1,421,849 1.347,731
273,343
R io Grande June___N ovem ber
93,207
103.204
475.783
541,518
Rio Grande S o u t h .. 2d wk Feb
355,024
359.518
9,924
9,818
R ock Island L in e s .. Decem ber 6,675,681 5.88,8.205 38,585,828 38.234,557
R u tla n d ___________ December
274,722
253,802 1,916,247 1,846.044
St Jos Sc Grand Isl. December
116,021
164,569
892,317
850.456
St L Brownsv & M . December
158,832 1.362,993 1.149.258
201.267
St L Iron M tn Sc So December 3,088.744 2.497,925 16,597,757 15.809.345
St Louis * San Fran December 4.328,894 3,546.862 24,031.722
22.489.741
St Louis Southw est. 3d wk Feb 259,000 223,0001 7,816,778 7,097,615
San Pod L A Sc S L . December
718,187 5.534.647 4.673,088
929,106
Soaboard Air L in o .. December 2.278.108 1.878.159111.451,879 10,563.456
Southern P acific___ January . . 9.837.972 9,263.829 89,935.284 76,758,910
Southern R a ilw a y .. 2d w'k Feb 1,312.346 1,137,690:42.412,477 39,679,426
M obile & O h io__ 2d wk Feb 202.236 206,376 7,177,119 6,877,524
Cin N O * T ex P . 2d wk Feb 210,453
177.133 6,534.017 5.886,009
Ala Great S outh. 2d wk Feb
97,994
86,745 3,352,498 2.895.209
Georgia So Sc F la . 1st wk Feb
38,021 1.460,646 1,405,931
45.985
Virginia Sc So W . 2d wk Feb
38.516
31,689 1,215,268 1.184,788
Spok Port & Seattle December
405.341
343,557 2,667,602 2.532.210
'I’enn Ala & Georgia 2d wk Feb
1,252
57,211
2,284
44,030
Tennessee C ontral. December
134.237
110.848
766.732
815.867
Texas & P acific____ 3d wk Feb 375.622 362.163 12.674.323 12,168,956
T oledo Peor Sc West 2d wk Feb
22.707
22,978
772.789
773,587
T oledo St L Sc West 2d wk Feb
126,698
125,480 3,442,554 2,898,713
T r in it y * Brazos V . December
109,706
90.241
504,614
587,116
Union Pacific S yst. January . . 7 . 401,021 5.895,419 61,424,050 54,921,499
V irginian__________ December
506.242 434.864 3.487.677 3.053,619
W a b a sh ___________ 2d wk Feb 653,158 545,636 21,040,810 18,600,152
Western M arylan d. 3d wk Feb
182.460
143,464
437
Wostorn R y o f A la . December
115,400
101.423
661.471
633.145
Wheel & Lako E rie. January ._
692,324 313,142 5,095,966 3,180,974
Yazoo & Miss V ail. January . . 1.078.893 992.329 8.131.633 7.044.659
V a r io u s F isc a l Y e a r s .
C u rren t
Y ea r.
P r e v io u s
Y ea r.
$155,775
14.177,60!)
23,733,366
66.436.718
167234 618
17.695,865
6.239.646
36,540,665
38,364,087
1.628.610
18.196.068
12,536,380
4,722.352
303158321
4.107,036
196628170
1.154,423
3.091,214
13.553.780
904.155
4.154.985
21,311.137
6.942,485
50,857.677
5,330.928
41,445.690
11.426.270
252810601
120669996
373480597
938,558
3.549,591
$112,417
9,189,000
22,668,688
59,660.224
151661799
16,491,441
5.602.771
33,464,968
35,365.691
1,471,472
15.597.365
11,294,971
4,930,620
275881 104
3,892,095
187251852
1,247.711
3,227.053
13,282,930
947,983
3,743,272
20,357,562
6.472,599
54.698.327
5,387.884
39.139.400
11.006.672
241516560
111810884
353327444
1.026,497
3.526.095
P e r io d .
Buffalo & Susquehanna R R ____
Canadian Northern System ____
Delaware * H udson___________
E r lo _______________________
Now York C e n tra l.!______
Boston & A lbany_______
Jan
Oct
Jan
Jan
Jan
Jan
Jan
Jan
Olevo Cine Chic & St L o u is .. Jan
Jan
'Jan
.Jan
T oledo & Ohio Central_____ Jan
Total all lines____________ Jan
N Y Susquehanna & W estern. Jan
p Pennsylvania R a i l r o a d _______ Jan
Baltimore Chesap & Atlantic Jan
Cumberland V alley____
Jan
Long Island_________________ Jan
M aryland Dolaw * V irgin ia .. Jan
N Y Philadelphia & N orfolk . Jan
Phlla Baltimore & Washing'n Jan
West Jorsoy & Seashore_____ Jan
PonnsylvanI i C o m p a n y _________ Jan
Grand Rapids Sc Indiana____ Jan
Pitts Cine Ghic & St Louis___ Jan
V an d alla___________________ _ [Jan
Total lines— East P i t t s * Erie ^Jan
— Wost P it ts * Erie Jan
— All Lines E & W Jan
Rio Grande Junction___________ Dec
R u t la n d _______________________ Jan
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
I
1
l
1
1
1
1
1
I
I
1
1
1
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Jan
Feb
Dec
Doc
D ec
Dec
Doc
Dec
Dec
Dec
Dec
D ec
Dec
Dec
Dec
D ec
Dec
D ec
Dec
Doc
Dec
Dec
Dec
Dec
Dec
Doc
Dec
Dec
Dec
Dec
N ov
Dec
31
21
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
30
31
AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
• W e e k ly S u m m a r ie s .
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d
week
week
week
week
week
week
week
weok
weok
weok
D oc (38 r o a d s )..
D oc (38 r o a d s ).Doc (37 road s)____
D oc (39 road s)____
Jan (38 road s)____
Jan (37 r o a d s ) . ...
Jan (30 roa d s)____
Jan (30 roads)____
Feb (37 roads)
Fob (37 roads)
C u rren t
Y ea r.
13,980,658
14,254,799
13,822,654
21.419.603
11,492.211
11.484.225
11,600,209
17,439.353
11,093.160
11.724,704
P r e v io u s
Y ea r.
10,797,962
10.679.744
10.351,984
16.177,341
9,197,838
9.653.327
9,890,313
14.037,388
0,790,336
10.369.744
In crea se or
D ecrease.
+3,182,690
+3,575,055
+ 3.4 70 ,6 7 0
+ 5 242,202
+2.294,373
+ 1,830.898
+ 1.709,890
+ 3,401,965
+ 1,302.824
+ 1.351.900
n
C u rren t
Y ea r.
M o n th ly S u m m a r ie s .
M ilea g e.
29.48
33.48
34.34
32.41
24.94
18.97
17.28
24.23
13.31
13.05
R R ., which have been com bined for such com parative purposes only,
no longer include the Mexican roads In any o f our totals
•
%
C u r. Y r.
P rev. Y r.
A p r i l ........... 247.701
M a y .............. 247.747
June________240,219
J u l y . . ..........243,042
A ugust_____ 247,809
S e p te m b e r..245.132
O c to b e r ____248.072
N ovom bor ..2 4 6 ,9 1 0
Docembor ..2 4 8 ,4 3 7
.Tamiftpv
OH KfiO
245.170
245.207
235,828
241,796
245.754
243.463
247.009
245,858
247.673
89,183
P r e v io u s
Y ear.
237.696.378 241.090.842
244.692.738 243.367.953
248.849,716 247.535.879
262.948.1151260.624.000
279.891,2241274.618,381
294.241.340 276.458.199
311.179.375 274,091,434
306.733,317 240.422.695
295.202,018232.763.070
0 7,490,760 56,014.873
Includes the Northern Ohio R R .
In crea se or
D ecrea se.
— 3,394.464 1.41
+ 1.324.785 0.54
+ 1.313,837 0.53
+ 2.324.115 0 .8 f
+ 5.272.843 1 93
+ 17.783 141 6.43
+37.087.941 13.57
+60.310.622 27.58
+62.438.948126.82
+ 11.475.887120.46
C ity & Fort
i earnings o f C oloCentral and the
o f the New
P
_ . .
Pittsburgh
p Includes the Northern Central. ‘ We
THE CHRONICLE
7 9 4
Latest Gross Earnings by Weeks.— In tho tablo which
follows wo sum up separately tho earnings for tho second week
of February. The tablo covers 37 roads and shows 1 3 .0 5 %
increase in the aggregate over tho same week last year.
1915.
1916.
S econ d W eek o f F eb ru a ry.
In crea se.
S
S
86,745
97,994
52,360
61,546
40,989
45,827
172,610
254,686
380,500
453.100
1,912,000 1,634,000
743,459
873.114
301,411
346,654
110,411
137,835
177,133
210,453
269,022
283,280
348,500
451,00!)
34,700
25,635
20,401
18,885
59,958
52,185
Alabam a Great Southern______
Atlanta Birmingham & Atlantic
A nn A rb or_____________________
B uffalo Rochester A Pittsburgh
Canadian N orthern____________
Canadian P a cific_______________
Chesapeake A O h io------------------C hicago Great W estern_______
Chicago Ind A Louisville______
Cine N ew Orl & Texas P a c ific ..
C olorado A Southern__________
Denver A R io G rande__________
D enver & Salt L ake___________
D etroit A M a ck in a c__________
D uluth South Shore A A tlantic
Grand Trunk o f C anada-------Grand Trunk W estern-------D etroit Gr Uav & M ilw ____
Canada A tla n tic___________
M ineral R an ge__________
M inneapolis & St L ou is,
iow a C entral_________
M issouri Kansas A T exas.
M ob ile & O h io____________
N evada-Cal ifornia-Oregon .
R io Grande Southern_____
St Louis Southwestern____
Southern R a ilw a y .......... ..
Tennessee A labam a A G eo
Texas & P a cific___________
T oled o Peoria A W estern.
957,195
817,255
139,940
1,176,740
IK 7 9 ?
230,283
969,445
10 (i‘20
208,344
207,295
2 093
21,939
502,733
579,731
202,236
3,627
0 924
102,000
1,312,346
2,284
301,034
22,707
501,936
717,913
206,376
4,258
9,818
129,000
1,137,690
1,252
366,736
22,978
\9rt 4K0
3L 689
545,636
143,464
797
38,516
653,158
181,022
W abash____________
W estern M a rylan d.
S
11,249
9,186
4,838
82,076
72,600
278,000
129,655
45,243
27,424
33,320
14,258
103.100
9,065
1,516
7,773
106
174.656
1,032
1,218
6,827
107,522
37,558
11,724,704 10,369,744 1,530,286
.............. 1,354,960
(1 3 .0 5 % ).
D ecrea se.
S
______
______
______
138,1,82
4,140
631
27,000
5,102
271
______
______
175,326
______
N et E arn in gs M o n th ly to L a te st D a tes. — The tablo
follow ing shows tho gross and not earnings of S T E A M
railroads and industrial companies reported this week:
------- G r o s s
C u rren t
Y ea r.
R oa d s.
E a r n i n g s --------------- N e t E a r n i n g s -------P r e v io u s
C u rren t
P r e v io u s
Y ea r.
Y ea r.
LWir.
A tch T op A Santa F e .b .J a n 9,663,671 8,822,427 J 2 , 910,509 j 2,728,748
July 1 to Jan 3 1 ______ 76,633,450 69,923,480 j 2 S , 615, 7 5 7 j 2 o , 147,857
Baltim ore A O h lo .b ______ Jan 8,444,287 6.486.271 2,048,976 1.532,477
July 1 to Jan 3 1 ________ 64,484,591 53,624,706 20,250,878 14,559,604
B uffalo & S u s q .a _________ Jan
155,775
112,417
48,748
9,344
Kansas C ity Southern.b .Jan
778,445
788,351
249,563
265,381
July 1 to Jan 3 1 .............. 6,107,295 6,076,927 2,458,710 2,161,389
Lehigh V a llo y .b _________Jan 3,532,979 3,003,716
869,399
613,613
July 1 to Jan 3 1 ............27,774.195 25,120,742 8,368,416 7,184,149
N orthern P a c lfic .a ........... Jan 5,457,000 4,051,000 2,031,000
1,032,000
Southorn P a c ific .a ______Jan 9,837,972 9,263,829 1,345,091
1.715,674
July 1 to Jan 3 1 ............89,935,284 76,758,910 29,091,928 21,623,677
1,484,649
U nion P acific a . . . .......... Jan 7,404,021 5,895,419 2,249,070
July 1 to Jan 3 1 ............... 61,424,050 54,921,499 24,397,741 20,653,121
W heel A Lake E r ie .b ____ Jan
692,324
313,142
236,658
7,790
July 1 to Jan 31............... 5,095,906 3,180,974 1,976,470
835,705
IN D U S T R IA L
C o m p a n ie s .
C O M P A N IE S .
P re v io u s
Y ear.
C u rren t
Y ea r
$
663,543
138,474
.Jan
159,886
.Jan
255,702
1,757,339
419,088
.Jan
$
425,900
97,702
103,666
191,611
1,341,902
396,365
— — N e t E a r n i n g s ----P re c io u s
C u rren t
Y e a r ..
Y ear.
$
645,328
69.173
110,359
122,410
858,931
226,668
412,972
48,668
55,420
94,797
659,275
214,121
a N ot earnings hero given are after deducting taxos.
b N ot earnings hero given are beforo deducting taxes.
...
F or Jan. taxes and uncollectible railway revenue amounted to $527,510,
against $165,084 in 1915: after deducting which net for Jan. 1916 was
$2,382,999, against $2,263,665 last year. From July 1 to Jan. 31 taxes,
& c.. were $3,550,237 in 1916, against $3,146,925 in 1915.
j
.
Interest Charges and Surplus.
I n t . , R e n t a l s , Ac.--------- P a l . o f N e t E a r n s . C u rren t
P r e v io u s
C u rren t
P re v io u s
Y ea r.
Y ear.
Y ea r.
Y ear
—
R oa d s.
$
24,981
740,000
B uffalo & Susquehanna.Jan
$
$
£67,668
26,701
741,000 £1,620,000
$
£14,895
£636,000
T R IA L C O M P A N IE S
— I n t . . R e n t a l s . A c . ----- —P a l .
C u rren t
Y ear.
C o m p a n ie s .
$
42,966
17,759
47,397
77,716
563,309
85,500
Cities Servico C o _______ Jan
D ayton Pow & L t C o ___Jan
N ew England C o S yst___Jan
N ew Y ork D ock C o --------Jan
Southern C alif E dison___Jan
x
P re v io u s
Y ear.
$
40,833
17.822
30,145
81,628
557,031
82,986
o f N e t E a r n s .—
P r e v io u s
C u rren t
Y ear.
Y ea r.
$
602,362
£51,595
62,962
44,694
295,622
£145,561
$
372,139
£31.636
25,274
13,169
102,244
£137,879
A fter allowing for other incom e received.
EXPRESS
C O M P A N IE S .
— M o n th o f N o v e m le r —
1 t o N o v . 30—
1914.
1915.
$
S
1,685,781 1,439,028
861,594 . 726,355
— J u ly
C a n a d i a n E x p r e s s C o .—
T otal from transportation..
Express privileges— D r --------
1915.
$
326,397
171,778
1914.
$
252,264
124,940
Revenue from transpor’ 11.
Oper. other than transpor'n
154,619
6,763
127,324
4,827
824,186
27,890
712,673
26,216
T otal operating revenues.
161,382
135,533
132,151
128,240
852,076
689,337
738,890
675,248
25.848
32
4,200
3,910
4,000
162,739
144
21,000
63,642
______
20,000
21.616
1«
141.59
43.642
N et operating revenue____ .
U ncollectiblo rev. from trans..
.
Express taxes_______ _
Operating ncome
IV o l .
102 .
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Jan.
L a test G ross E a r n in g s .
N a m e o<
R oad.
W eek or
M o n th .
C u rren t
Y ear.
P r e v io u s
Y ear.
1
to
C u rren t
Y ea r.
la tes t
d a te.
P re v io u s
Y ear.
$
$
508.830 480,710 5,436.895 5,559.534
American R ys C l . . December
21,900
23.288
21,900
23,288
Atlantic Shore R y _ . January . .
148,860
144,145
rAur Elgin A Chic R y January . . 148,860 144,145
777,752
788,832
65,509
67,306
Bangor Ky A Electric December
178.825
190,852
17,128
18,056
Baton Rouge Elec C o December
681,158
709.229
62,627
66,940
B eltL ItyC orp (N Y C ) N ovem ber
977.152
925,919
76,638
73.105
Berkshire Street l t y . December
Brazilian T ra c, L & P December /6 5 2 7 0 0 0 /6 0 10490 /7 7 1 13.110 Z73.351,478
121.756
115,207
8.071
8,145
Brock A Plym St R y . December
Bklyn Rap Tran Syst N ovem ber 2238,674 2105,114 25,199,758 25,154,491
349,894
357,214
29,794
Cape Breton Elec C o Docom bcr
36,268
89,012 1,087.344 1,085,096
105,343
C hattanooga R y & Lt|December
378.612
373,319
29.191
31,862
C love l ’ainesv A East N ovem ber
96,900 1.240,832 1,255,284
105.903
Clove Southw A C o l.i December
681.606
721,217
59,937
70,227
Columbus (Ga) El C o December
300,315 278,561 3,113,175 3,066,298
Colum (O) Ry P A L . December
1,407,552 1,241,902
g C o m ’w ’th P R y & L January _ . 1407,552 1241,902
704.552 630.642 7,220,857 7,995.452
Connecticut C o _____ December
328,920
399,658
C onsum P ow (M ich ). January . . 399,658 328,920
224,254 203,510 2,636,364 2,513,620
Clim b C o (M o) P & L December
2,208,879
1,828,489
186,415
168,164
Dallas Eloctric C o ___December
Detroit United Lines December 1194,185 979,890 13.235,551 12,240,004
469,563
442,372
41,554
40.077
D D E B A Bat (R ec) N ovem ber
105.257 103,564 1,053.121 1.188,805
Dulut h-Superior T rac Novem ber
238.667 213,997 2,466,969 2,623,827
East St Louis A S u b . December
673,095
723,091
55,656
69,454
Eastern Texas E le c .. December
981,889 1,041,793
88.387
101,469
El Paso Electric C o . . December
164,776 158,058 1,789,025 1,714,440
42(1 St M A St N A vo N ovem ber
560,305
596,517
596,517 560,305
g Georgia lty A P o w . January . .
163,213 192,136 1.936.228 2,424.119
Galv-IIous Elec C o . . December
112.010 125,913 1,176,450 1,286,568
Grand Rapids R y C o December
79,373
86,317
79,373
86,317
Harrisburg Railways January . .
487.667 457,284 5,542,303 5,396,714
Havana El R y L & P Decem ber
602.841
586,588
52,437
55.077
Honolulu It T A Land December
276.601
276.633
21,486
26.888
H oughton C o T r C o . Decem ber
477.688 458,574 5.014,932 5,067,030
b Hudson A M anh at. N ovem ber
987.178 920.741 9.958.601 9.875.125
Illinois T ra ction ____Novem ber
Interboro Rap T ra n . January . . 3183,744 2878,732 3,183,744 2,878,732
715,255
611,568
56,142
53.618
Jacksonville I n c C o December
249,062
232,593
20.432
21,069
Keokuk E lectric____Decem ber
132,252
112,800
10,026
9,505
K ey W est E le c t r ic ... December
123,812 110,1 10 1,387,143 1,427,957
Lako Shore Flee l t y . . December
150,720
185,576
185,576 150,720
Lehigh Valley Transit January ..
737.850
676,922
57,929
50.073
Lowist Aug A W aterv December
229,540
235,846
16.676
16,240
Long Island E lectric. N ovem ber
243,391
243,661 243,391
243,661
Louisville R ailw a y -. January .
536,479
603,830
603,830 536,479
M ilw El R y & L t C o . January .
114,566
129,057
M ilw Lt l i t A T r C o . January . . 129,057 114,566
Nashville Ry & Light December
204,364 197,278 2,143,903 2,240,308
608,396
637,959
56,145
N Y C it y I n te rb o ro .. Novem ber
59,144
384,577
347.230
33,313
N Y & Long I sla n d .. N ovem ber
32,247
153,582
153,435
N Y & N orth S h o ro .. N ovem ber
13,265
13,285
N Y & Queons C o — Novem ber
112,640 106,442 1.272.281 1,254,496
New York Railways. Novem ber 1134,595 1061,863 12,383.957 12-365,915
376.136
371.584
24,465
N Y & Stam ford R y . December
23.649
420,609
481,888
38. 43
42.795
N Y W cstches A Bost December
183,624
180,400
13,690
16,104
Northam pton T r a c .. December
280,838
367,141
N or Ohio T rac & L t. January . . 367,14" 280.838
156.941 162,561 1,713,213 2,071,098
North Texas Electric December
361,701
361.965
30,962
33,181
N orthw Pennsyl R y . D ecem ber.
145.585
155,556
5,515
5,462
Ocean Electric (L I ) . N ovem ber
289,156
303,514
29,461
28.945
Paducah T r & Lt C o . December
258,042
264,840
20.107
23,936
Pensacola Electric C o Decomber
Phila Rapid T ransit- January . . 2153,920 1998,395 2,153,920 1,998,395
31,702
36,066
31,702
36,066
Phila A W estern------ January . .
482,938 514.493 5,511,346 6,273,171
(’ort(O re )R y , L A P C o December
699,702 717,550 7,559,583 8,450,974
Puget Sd T r, I, & P - - December
289.151 241 ,625 2,800,428 2,741,626
(jRepubllo lty A L t . . Novem ber
440,663 411.510 5,052.381 5,333,495
Rhode Island_______ December
363,819
28,301
368,415
27.116
Richm ond L t & R R - Novem ber
124,578 119,892 1.275.282 1.294.125
St Jos Ry Lt H & P C o December
43.239
431.883
423.593
37.117
Santiago El Lt & T r N ovem ber
842,639
68.903
71,678
794,214
Savannah Electric C o December
849.632
Second Avenue (Rec) N ovem ber
68,420
809,110
68,773
206,371
Southern B oulevard- Novem ber
210,374
18,828
17,686
301,768
Staten Isl M id la n d -. N ovem ber
316,350
20,781
22,391
981,000
981,049
Tam pa E lectn c C o . . December
85.501
85.770
Third A venue______ Novem ber
320,226 310.511 3,536,010 3,613,013
T oronto Street R y . . December
501,958 497,424 5,610,291 6.034.508
942,311
Twin C ity Rap T ra n . 1st wk Feb 200,943 179,776 1,022,020
Union R y C o ofN Y C j Novem ber
226,079 216,444 2,567,951 2,644,638
436,196
488,780
Virginia Ry & P ow er. IJanuary . . 488,780 436.196
816,939
845,683
62,434
Wash Balt A A nnap., December
65,047
559,510
535,898
44,707
Westchester E lectric. N ovem ber
43,360
256.982
250.086
18,420
Westchester St R R ..]D e c e m b e r
17,513
661,287
673,648
58,721
62,158
Yonkers Railroad___[November
66,510
80,240
66,510
80.240
York Railways______ January
290.371
279,666
22.914
26,482
Youngstown Ac O h io. December
173,453
177,421
13,262
Youngstown Ac South December
b Represents incom e from all sources,
c I hose figures are for consoli
dated com pany. / Earnings now given in mtlrois. g Includes constituent
14.73S
_____________
C°E Plectric Railway Net Earnings.— Tho following tablo
gives tho
railway gross and not
returns of ELECTRIC
earnings reported this week:
R oa d s.
— n r o s s E a r n i n g s ------ - — — N e t E a r n i n g s
C u rren t
P re c io u s
C u rren t
Y ear.
Y ea r.
Y ear.
$
S
148,860
144,145
51,768
426,138
July 1 to Jan 3 1 ---------- 1,173,181 1,241,521
Comm onwealth Pow , R y Ac Lt
and constituent c o s .b .J a n 1,407,552 1,241,902
752,975
656,216
Georgia R y Ac Power (inel
228,987
266,081
constituent c o s ) .a --------Jan 596,517
560,305
12,653
52,513
Harrisburg R ailw ays------- Jan 86,317
79,373
1,551,296
1,762,335
Interboro Rap Trans a ..J a n 3,183,744 2,878,732
July 1 to Jan 3 1 .......... 20,016,779 19,119,437 10,776,601 10,417,823
64,233
78,239
150,720
Lehigh Valloy T ra n sit.b .J a n
185,576
118,430
124,049
243,391
Louisville R a ilw a y .a ------ Jan
243,661
177.383
154,822
536,479
M ilw Elec R y & L t .a — Jan 603,830
38,128
33,222
114,566
M ilw L t, lit A T r a c .a .-J a n
129,057
155,536
98,860
280,838
N orth Ohio T r A L t .a .- J a n
367,141
8,936
30.962
1.565
Northwestern P e n n a .b .D e c
33,181
107,661
361,701
83,145
Jan 1 to D ec 3 1 ______
361,965
Philadelphia C o—•
907,520
693,468
612,461
N at Gas A Oil D epts._Jan 1,001,150
A pr 1 to Jan 3 1 ______ 6,261,586 5,1)33,62 i 3,451,317 2,732,629
17,443
d ef 139
del'2,100
Consol Gas C o (P itts).J a n
12,464
120,367 d cfl2 ,7 60 def 14,432
A pr 1 to Jan 3 1 ______
99,731
472,790
289,231
239,645
Duquesno L ight______ Jan
542,213
A pr 1 to Jan 3 1 ______ 4,323,388 4,070,070 2,143,006 1,779,419
20,227
10,334
7,474
Penna Light A Pow er.Jan
20,625
168,061
57,824
57,367
Anr 1 to Jan 3 1 ---------156,376
924,811
376,554
313,779
3,792,128 3,004,885
9,777
7,034
99.991
82,826
953.383
824,637
Phila
6.410,419 5,871,040
July l to Jan 31----------i 4 ,0YU,wz 10,1
14,713
18,671
Phila A W e ste rn .b _____ Jan
3b,066
31,702
a Net earnings hero given are after deducting taxes,
b N et earnings hero given are beforo deducting taxos
Aurora Elgin Ac C h ic_b _-Jan
Fee. 26 llilti.J
THE CHK0N1CLE
Interest Charges and Surplus.
'a l s , A c .—
P r e v io u s
Y ea r.
C u rren t
Y ea r.
R oa d s.
$
Aurora Elgin & C h ic ___ Jan
40,725
July 1 to Jan 3 1 ______
282,824
C om m onw ealth P o w ,R y & Lt
and Its constituent co s . Jan
483,291
Intorboro Hap Trans____Jan
919,139
July 1 to Jan 3 V .V _ ._ - 0,458,290
Lehigh VTalloy Transit___Jan
58,344
75,812
Louisville H allw ay_______Tan
M ilw E le c R y & Light___Jan
07,424
M ilw L t, lit & T ra c____Jan
58,081
N orth Ohio Trac & Light Jan
53,580
Phila Rapid Transit____Jan
816,777
July 1 to Jan 31----------5,712,570
Phila & W estern_________ Jan
12,541
x
— B a l.
o f N e t E a r n s .—
C u rren t
P r e v io u s
Y ea r.
Y ea r.
•S
11.043
143,314
39,802
279,387
425,661
912,571
6,372,390
62,400
73,260
69,098
56,745
50,251
812,413
5,660,369
12,465
3
8,046
180,775
269,684
230,555
1855,566
£686,354
,655,537 £4,376,309
£30,008
£11,696
£57,707
£56,275
£114,436
£86,196
£24,861
£20,900
101,956
48,609
136,606
12 ,221
697,849
210,671
6,130
2,248
xi
A fter allowing for other incom e received.
N ew Y ork S tr e e t R a ilw a y s.
------- G r o s s E a r n i n g s ------ N e t E a r n i n g s ------C u rren t
~
'
C u rren t
P r e v io u s
R oa d s.
Y ea r.
Y ea r.
Y ear.
-
-
-
-
-
$
S
$
Hudson & M anh attan _a.N ov
328,505
C182 940
C173.580
Jan 1 to N ov 30______ 3,368,970
1,805,584 1,860,865
Interboro It T ( S u b ).a .-N o v 1,677,642 i,o.v> wu/ 1.079,681 1,018,851
Jan 1 to N ov 30----------16,453,725 18.265J40 10,108,053 10,316,495
Interboro It T (E lo v ).a .N o v 1,373,264 1 297 003
662,558
591,103
Jan 1 to N ov 3 0 ----------14.305,323 14,521! 139
6.593,538 0,832,295
T otal Interboro It T a N ov 3,050,906 2,833 911 1.742,240 1,609,955
Jan
1 to N ov
30-3 0,759.050 30,786,280 16,701,593 17,148,791
B rooklyn R ap T ra n s .a -N o v 2,238,674 2,105,114
776,027
677,792
Jan
l to N ov
3 0 2 5,199,758 25,154,491 8,725,046 8,983,557
N ew Y ork R ailw a y s.a . . N ov 1,134,595 1.061,863
350,760
291,717
Jan
1 to N ov
30-12.383,957 12,365,915 3,656,250 3,375,849
Belt L in o .a .......................N ov
00,940
62,627
21,955
15,515
Jan 1 to N ov 3 0 ---------709.229
681,158
166,377
128,483
Second A v e n u e .a _______ N ov
68,420
68,773
14,662
14,179
Jan 1 to N o v 3 0 ---------809,110
849,632
221,637
196,286
Third Avenue . a ------------- N ov
320,226
310 511
134,161
98,541
Jan 1 to N ov 3 0 ---------- 3,536,010 3,613,013 1,280,289 1,350,591
D D E B & B a t t .a --------N ov
40,077
41,554
7,137
4,711
Jan 1 to N ov
30
442,372
469,563
66,405
45,556
42d St M &St N A v o .-a _ .N o v
164,776
158 058
73,445
65,491
Jan 1 to N ov
3 0 1,789,025 1,714,440
752,555
673,880
N Y C ity In terb oro.a .- N o v
59,144
55 145
17,559
17,126
Jan 1 to N ov
30
637,959
6 08’,396
204,335
182,059
Southern B oulevard .a .- N o v
18,828
17 686
7,892
3,705
Jan 1 to N ov 3 0---------210,374
206’,371
71,295
51,970
Union Ity o f N Y C . a . - N o v
226,079
216 444
60,928
51,997
Jan 1 to N ov 3 0 ............ 2,567,951 2,614,'638
559,842
505,010
W estchester E le c tr ic .a -N o v
43,360
44 707
3,211
6,250
535,898
559.510
Jan l
to N ov
30
96,827
93,624
Y on kers It It . a ..................N ov
62,158
58,721
18,552
14,839
Jan 1 to N ov 3 0 ............
673,648
661,287
124,568
122,140
Long Island E le c tr ic .a -N o v
16,240
16676 d ef 1,340
d ef 1,825
Jan 1 to N ov 3 0 ---------235,846
229,540
29,587
10,703
N Y & Long Isl T r a c .a .N o v
32,247
3 3 31 3
4,886
6,312
Jan 1 to N ov 3 0 ...........
397,230
384,577
85,578
71,528
N Y & N orth S lio r e .a .-N o v
13.285
13265
3,748
3,222
Jan 1 to N ov 3 0 ---------153,435
153,582
44,487
39,436
N Y & Queens C o .a — N ov
112,640
106 442
1,358
d e f 1,113
Jan l to N ov 30............ 1,272,281
1,254,496
def4,171
84,786
Ocean Electric (L I ) .a .N o v
5,642
5515 def939
d ef 791
Jan 1 to N ov 3 0 ............
145,585
155,556
64,993
67,043
Richm ond Lt & l t l t . a . . N o v
28,301
27116
4,372
5,411
368,415
363,819
Jan 1 to N ov 3 0 ---------90,584
9,723
Staten Island M ld l’d .a - N o v
22,391
20 78 1
2,612
4,722
Jan 1 to N ov 3 0 ............
316,350
3 0 l ’,768
39,277
71,475
a N et earnings here given aro after deducting taxes
c Other incom e amounted to $84,001 in N ov. 1915, agst. $91,358 In 1914
Annual Reports.— Tho following is an index to all annual
reports of street railway companies which have been pub
lished since Jan. 29.
This index, which is given monthly, does not include roports hi to-day’s “ Chronicle.” The reports of substantially
r
a
-road and miscellaneous companies published sinco
Jan. ZJ will bo found indexed under tho companies’ state
ments m our “ Railway & Industrial Section,” out to-dav
E le c tr ic R a ilw a y s —
Pane
E le c tr ic R a ilw a y s
(C o n clu d ed )—
rage
Public Service Corporation of N . J. 438
Toronto Hailway________ __________ 5 2 3
Twin City Rapid Transit Co.............438
United Power & Transportation Co 523
Washington (D. C.) Ity. & Elec. C o .438
West Jersey & Seashore R R _________623
523
York (Pa.) Hallways________
Youngstown & Ohio River HR
523
The Delaware Lackawanna & Western RR. Co.
31 1915 )
Pros. William H . Truesdale, N . Y . , says in substance:
(Report for Fiscal Year ending Dec
E a r n i n g s .— For the last six months o f tho year tho facilities o f # h „r,u
ways were taxed to tho utm ost. The o u tco m e fo rth o V o a r was m ost S S t "
tying, so far as this com pany is concerned. T h o earlier lo s s .V io t e o w l ,
than recovered, as the figures o f gross earnings show i h n i - i o i . T. 15° , '1<i)ro
the largest in its history. They1were S2.24o!Vft2 M r 5th ™ l n T o i T * 1” 8
transportation o f coal shows a reduction o f $692 67 7 fro,,, l o t s ' ,i..„
chiefly to less coal being mined. Passenger o i r f f i ’ i^ S S S S w ^ m -lr k S S
decrease $322,999, caused, as in 1914, to the almost c o m p l^ e lu s M n s i^
ot travel between this country and Europe in both directions
t i,
was no tourist or pleasure travel abroad as ordinarily, and scarcely 1 t e n t h
part o f tho usual immigrant tra ffic. T he outlook for tho pa.^m gor b2£i
ness how ever, is decidedly m ore promising for the com ing1year
US1
llto earnings from the transportation o f merchandise fre ig h t‘show the
phenomenal increase o f $3,069,530. In great measure this was duo to the
war conditions in Europe and tho largo dem and for foodstuffs war muniions and supplies, m otor trucks and cars, railway cars, rails and othcT matu ia ls for railway construction and maintenance, and m achinery o f ever v
kind
In short it has seemed that everything produced in^thisrountrv
(Ycm-.no fTH" ’n 1r<V,n 1,10 soil Hr manufactured, has been in large and urgent
a,"
countries at war. This, together with the bountiful
n ?i
T
during tiio past year and tho high prices realized by tho
°f
alul the fu ll em ploym ent at high wages o f all classes o f
t'liis o m i n t V v 111 .CH" d it 1ons such as wo have never before enjoyed in
. . bbuntry, and lias inaugurated a period o f great prosperity which from
present, prospects, seems likely to continue for som e tim e, certainly until
tho end o f tho war still raging throughout E urope.
y u,uu
t / ^ . inc.roa.ses a llo w ed b y th e I. S. C . C o m m issio n in fre ig h t ra tes referred
shtantially
ta n tia llv to
t ow
w aard
lS ^th
h en ^in
ncrea
‘a m esee f in
f e c tiv
carly ln 1915, a n d c o n t r ib u te d s u b o u re gross
re ven u es.
91ie c o n g e s te d c o n d itio n at th e P o r t o f N e w Y o r k , re s u ltin g fro m th e u n
p r e c e d e n te d e x p o r t m o v e m e n t an d th e ex tre m e sh o rta g e o f o c e a n ton n a ge
a d « anue ;s o a c u to th a t f in a ll y , in o rd e r t o a ffo r d re lie f a n d p r e v e n t a b lo c k e ne^ ssal;.v * ° p la c o arl e m b a r g o on p r a c t ic a lly a ll e x p o r t
u n til a TOnsiderable p o r tio n o f th o a c c u m u la tio n h a d be en d isp osed
condiT ions im ore°m !aH ^H )re\M l!>rOVed &S " r ° SUlt ° f Ulis aC tion an d n ° ™ al
O p e r a t i n g E x p e n s e s . — T h e increa se in th e gross earnings fo r th e v ea r w as
s
° f $ 1 0 0 ’ ° 7 7 i n c o s ‘ « f o p e r a tio n s . Thfs^slfowdng
reV sm ? h - , f
id 1 g
a
Ts t o v a rio u s ite m s o f c o s t , fo r th o
riiiu --ivsh t« \ V f™ <ft V0 J u y A i.914, th e I . S. C . C o m m is s io n requ ired th e
a d o p t an a m e n d e d sy ste m o f a c c o u n tin g , w h ich in som e renar?stondw H h ‘i o irt w
fro.m th a t P rescrib ed fo r th e m in 1907. N o c o m 1 M a in tm w o
b e e n a tte m p te d herem e x c e p tin g in a m o s t g eneral w a y .
3 1 4 ‘ m ade
V
si ru ctu re s shoJ f s th o >arge re d u c tio n o f $ 4 9 9 ,C(isi
,
b>. th o h e a v y ex p e n d itu re s o f p re v io u s y ea rs. T h e
r
"
e q u ip m e n t w as p r a c t ic a lly th e sam e as in 1914, b u t this
S i S t
!
, : ; : , ' ? ? o f m a in te n a n ce an d d e p r e c ia tio n o f flo a tin g
in “ o a te id e o n e r a t i o n « ^ r® p r e v io u s sy ste m o f a c c o u n tin g w as e m b ra ced
1 495 b o x
w hh s f« .i
e x p e n d itu re s w ere co n tin u e d in eq u ip p in g
cim rgo d t o cosr , f
o o d e r fr a m e s a n d h e a v y d r a ft g ear, a n d w ere la r g e ly
o f S
l T
i l T
lrS'' T h e to ta l ch a rge fo r d e p r e c ia tio n o f a ll k in d s
c 1 tVu; i noeilw ^ ;!‘»,rfee^ a g a in st m a in te n a n ce o f e q u ip m e n t fo r th e y ea r w as
9 l £ S i l ^ §Z hJCLnSusua,1 w as c r e d ite d t o re p la ce m e n t o f e q u ip m en t
6 I 6 0 M ^ ? p K BB77n
ex p e n d itu re s o n th is a c c o u n t w ere $ 1 ,w , « t ( i ( C- o f 6 ' 770 m o r o th a n ln 1914. T h e largest sin gle ex p en d itu re
^ r‘"o
a eJtio
^n
n .’6 '-The
^ in
e al
r lt is
?rm
J!,iffa
. dn oitwwuill
n dho
er ccoom
n -I he w
w oo rk
rk onTh?«af
o n th is term
w el M
llalu natd er
w a y loan
•
111 use s o m e tim e d u rin g th e la tte r part o f th e p re se n t v ear.
C l a r k s S u m m i t t o I l a l l s t e a d . — T h is im p o rta n t im p rov em en t
f o r 1 i « n ^ tH tlt;lax y o o m p lo to d and tu rn e d o v e r t o th e o p e ra tin g d e p a rtm e n t
y 1,1 N o v e m b e r la st.
W h ile th o c o s t o f its c o n s tr u c tio n w as large
n “ aPagT m,en 1,'s s a tisfie d th a t th o o u t la y w as a w ise s tep as w ill b e sh ow n
F
n
w
e
a
s
e
d
'f
L
i
H
t
^
l
n
^
8
l
°
c
o
m
o
?v.h tn
o Kn)'vth
« »do is
business
in crea sed f a c ilit y a n d e c o n o m y w ith
w hth
ich
it is h aonfd le
realizedand the
w S i M ^ a g g ? e g a u S r<S * 7 f i 6 l ® to n n a p P ro d u ce d fro m o u r collie ries and
r'hi,,rKK 1 1 8 .7 6 5 ,2 4 7 to n s , a de cre a se o f 2 8 4 ,8 3 0 to n s fro m 1914
d u o * ° unu su al w e a th e r c o n d itio n s e a rly in th e v e a r .
T h e red u o1*1 ®?rn ings o f th e d e p a rtm e n t, a m o u n tin g t o $818 645 w as d u e in
tiie ^ o n t r a c ^ l^ w -fH -n
p r ° d u c e d a n d in P a r t t o t h e r e a d j u s t m e n t o f
b e tw e e n th is c o m p a n y a n d th e D . L . & W . C o a l C o
w h ic h
w a s n e c e s s i t a t e d b y a d e c is io n o f t h e c o u r t s .
I m p o r t a n t d e v e lo p m e n t
E v trb 0 e n s u c c e s s f u l l y p r o s e c u t e d a n d is n o w n e a r in g c o m p l e t i o n
w x s f n r 't h !? ! ? e x p e n d itu r e s a g g r e g a te d $ 6 2 1 ,3 7 6 .
O f t h is s u m $ 3 8 3 0 2 7
in o p e r a t i ^ n d ^ l v Pm Cina i R f
T ? 'v , V ,on ,lls c o l l i e r y , w h i c h w i ll b e p l a c e d
tiro n e ri V
t A e 1?,' A.n th, ° d e v e l o p m e n t o f t iie n o w L a u r e l R u n
4 8 7 - t l i i s 'w ork- w in a i'c U ih 1 10 1 ew e b .° n e c o l l i e r y , t h e r e w a s e x p e n d e d $ 1 0 3 , t i o n s wdlH r m a u t o ’ J<> ^ m p i e t e d e a r l y in 1 9 1 6 .
T h e se tw o n ew op era A c o n l i J Ir lr n . V
b s t ? n t la y t h e c o m p a n y ’s p r o d u c t i o n o f c o a l ,
m a c h i n e s a m i S n n S f n i 11^ w a s m .a d e .fo.r t h e p u r c h a s e o f c o a l c u t t i n g
p
m
1
a p P u r t e n a n c e s f o r u s e in m i n i n g t h e c o a l in a n u m b e r o f o u r
nLcC nfth0 U! 'm i,nY J c o a l t a in th e thin vein s o r th e p illars"
b
, .u
o f c o a l-c u t t in g m a ch in e ry . N o tw ith s ta n d in g this
th-rn’in' -I'A,’. t b e a b o r c o s t o f m in in g c o a l d u r in g th e p a s t y e a r w as h igher
vear1
? u y p re v io u s o n e , and th is p ro g re ssiv e in crea se in c o s t fro m v ea r t o
Y 0 n \ l i r - 'ii’ m r ^ p r o b le m th a t bh o a n th ra cite in d u s try has t o fa c e ,
in l Q i O w P i
1 ? 916 th e a greem en t m a d e w ith th e a n th ra cite in in o e m p loy ees
tia ie d
T i n 'X n f b X 1,nu t a tio n an d a n ew agreem en t w ill h a v e t o b e n e g S
an d it is
„ f ? i a p d S ° ? t,h e m in e e m p lo y e s e m b o d y s o m e r a d ica l featu res.
T h e n r n ^ u i ^ « ’ u n ce rta in as y e t w h a t t h e o u t c o m e m a y b e (V .1 0 2 , p .5 2 1 .)
e ffe c t iv e
r, w
i
n
b mu n 's C o m p e n s a tio n A c t .
ing o f f o f « 95QaTn
prIncipal ones' being as follow s: ( a ) Fall011 01 f J o J ,9 1 0 in hire o f equipment account practically- all duo tn tho
accum uUtion o f cars o f other railways late in the y S r at N ow Y ork await?
c o f m ^ 1HitO.n,na§ 0- (6) D Vcreaso o f SOU ,342 in the amounT credited ac^
tlon^wTth^he^es S ? » n ? t h B 'i w \° extraordinary receipts in 1914 in connecn fft iS lo Q o iS ? 1 o f £ho 1 ^m P10J Iron C o . properties, (c) T ho reduction
ini incom e from funded securities, caused b y the sale o f treasury
T he c i S L P S S S S ° , L i 9 1 3 ' 9 6 7 i n ? ° ? 1 departm ent'operations & c
y
«oir. 7 j n
incom e account for renewals and betterm ents was
than i:n 19,1.4 * and t h e sum o f $ 1,289,700 was charged
E lsex IiU C o whW,V ™
th0 3 'A % bends o f the M orris &
t a n the sale o f wh oh
held. »n this com panyvs treasury, the proceeds
bonds o f the M otrN A- p ®r® r^kulred ln °^der to pa>' o f f the outstanding 7 %
\v-is no c h V t o o ? ^ ! • i < iex C om pany which matured June 1 1915. There
£y!ie cIiargo o f this kind against incom e account in 1914.
inancta/.— 1 lie only important financial transaction o f the vear was th«
S f5h S 5 .t® “ J™ ® 1 1915 o f the 7 % C onsols o f t h e M o r r is ft Essex R R ( ^
tic-'d l^ all^ h ccit n r c ^ n V ^ Ildblg j ar} • K f 9 ’,821 ’00° • Said bonds have prac'■
ANNUAL REPORTS
Commonwealth Power, Ry. & Light
'
603
Co, (of Maine), Mich__ _
Detroit United ltys., In c .. .
521 603
Interborough Consol. Corp. ( 7 mos
ended Dec. 31)......
'gjg
Monongahela Valley Traction Co " ' 4 3 7
New York State H allw ays................ '0 0 3
Ottawa Traction Co........... ........... III.7 1 3
795
«™ > « « » t « n ? ,
it
tiio"Tenrm dTim nnThu
d ou b V so lo.n? as the European yvar continues,
hl*h
Of
eeuntry will result in a continuance o f the existing
n,.i> ,
or business and general prosperity.
Should tho war cease
q u ick ly y ’ It^is d V ffk ^d^ /h16 T lsiness °.f th « railways will also drop o f f very
q uicklj
It ls d ifticu lt, therefore, to plan for tho future with anv degree o f
s n m / i ™ ' and 1,1 viT , o f th0 hiKh prices o f labor and a 1 com m odities ^ con
servative course would seem tho wisest for the railway com panies to p u ^ u e .
S T A T IS T IC S jO F
O P E R A T IO N .
1915.
981
$5.03
$1.73
687.76
1914.
985
$4.83
$1.71
656.38
1913.
985
*$4.56
*$1.71
*659.58
1912.
985
*$4.19
*$1.63
*602.38
8,442,326 8,752,762
9.087 660
8 483 899
lb-590!M,235* 1738170241 *15912-16?26
M ^ L n d is T r Z m i843 CtS' ° ' 84' ClS0-830 cts.
0.835 cts.
Tons (net) ca rrie d .------ 13,715,372
12,923,423 11,544 493 1 3 394 350
R oad operated D ec. 31
Earn.p.fgt.tr.m .,aM fgt.
Earns, per pass. tr. mile
A v . tr. load (rev. ton s).
C oa l T r a ffic —
Tons (gross) carried
lta'tc per"ton per'iiine0- *
Iifilz g inM lli,^:-:r>1,b7>8 2 1 ^
R ate p er pass, per m ile.
1.556 cts.
,[9
5 5 3 ,’4 8 0 ,'o i f
1.543 cts.
«
&
«
S
-M
I
*1 565 cts
* 1 528 cts
' C om parative statistics slightly inaccurate.
RESULTS
FOR
YEARS
-N ew
/-11
1915.
Coal
-------- $13,364,007
Merchandise freight------ 18,<42,617
Passengers--------8.218.316
E N D IN G
DEC.
31.
B a s i s ------------------------- O ld B a s i s -
1914.
1914.
191.3
$14,056,674 $14,040,574 $14 418 507
15,673,086 14,448,308
15 089 057
8,541,316 8 1 58458
8 549 346
* * * '* »
,^ T.0t.al v --------............... 844.786.731 $42,545,978 $39,249,790 $40,784,148
M a in t. o f w ay, & c_____ $4,662,311
85,16J,625 $5,074,501 $5,148,035
M aint. o f equipm ent___ 6,869,900
6,837,926
6,318,720
"
6.189,093
T raffic expenses-----------920,556
844,998
837,384
887,576
Transportation expenses 14,222,297 13,854.626 12.423,183
12,533,965
G e n e ra !-----------------------942.000
889,073
878,346
815,173
Miscellaneous operations
350,505
383,029
Transp. for investm ent. C r . 210,621 C r . I l l , 252 C r . Y b i , 2 5 2
T o t a l ------------------------ $27,756,947 327,857,024 $25 417 882 325 5 7 1 8 19
N
ro v e outside
o u tiid e 'Y
29,78t S14',i88'!,5
.'f o I
N et
et rrev,
o pnecrr..'-$17'°
--------------------------! *13.831,908
350.842 I l l . ’llO
511,800
T otal net revenue------ $17,029,784 $14,688,954 $14,182,750 $15 722 106
T axes- & c ................ - - - - 2,116,839
2.097.039
2,060.832
l',980’,000
et. after taxes......... $14,912,945 $12,591,9’ 5 $12,121,918 $13^742,106
[Vol . 102
THE CHRONICLE
796
- O l d Basis- N e w B a sis
1914.
1913.
1914.
1915.
457,658
430,234
457,658
271,725
Interest on investm ents.
1,016,844
311,991
1,016,844
405,501
D ividen ds on stock s-----4,357,007
3,184,686
4,357,007
3.443.039
C oal departm ent earns.*
346,499 deb. 148,482
545,737
566,777
M iscellaneou s..................
202,063
195,400
318,843
316,530
Rentals— miscellaneous .
370,266
291,799
282,350
22,440
H ire o f equipment
T o t a l __________ ; : : : ; $ 1 9 , 9387958 $19,570,354 $18,872,255 818.007.734
$6,486
$6,344
Interest on bon d s----------------------------- $0,247 .$6,344
5,928,929
5,874,935
6,295,085
Rentals leased lines------------------------- 6,063,815
Cr.62,466
C r . 78,860
Rentals joint facilities. .
1,879,576
1,299,286
l',299"286
Renewals & betterm ents r,616‘ 056
8,544
Cr. 199,089
M iscellaneou s--------------547,050
D iscount on bonds sold . 1,289,700
3.014.400
4,222,640
4 . 2 2 2 .040
D ividends (1 0 % )---------- 4.222.040
3.014.400
4,222,040
4.222.040
E xtra dividend (1 0 % ) - - 4.222.040
________ ___________
T otal
$17,419,898 $16,044,795 $15,346,696 $14,336,918
$3,525,559
$3,670,816
Balance, surplus________$2,519,060
$3,525,559
Toronto Railway Co.
(24 th Annual Report— Year eliding Dec. 31 1915.)
RESULTS
GENERAL
BALAN C E
1915.
1914.
A ssets—
3
Road & equlpm’ t-68,205,638 63,437,935
Impts. on leased
railway property 8,482,679 7,080,459
Mlsc. phys. prop’y 3,296,327 3,291,641
Invest. In allll. cos.—
S tocks.............. 9,829,104 9,817,266
Bonds
_____ 1,928,383 1,891,720
N o t e s ............. 1,488,983 1,476,483
Advances--------- 1,618,450
804,308
Other Investments 16,188,582 13,278,177
Cash____________ 1,277,521 3,613.248
Special deposits..................- 2,388,785
5,541
Loans & bills re c ........... 4,041
278,903
Traffic, &c., bals.
518,983
395,937
Agts. & conductors 765,295
Mlsc. accts. recelv. 4,627,284 4,805,324
Materials & supp. 4,230,183 3,302,910
48,879
Deferred assets. - 50,454
352,253
Prepaid rents, A c.
344,139
Secur. Iss. or assum.
272,000
(unpledged) . . .
274,000
T o ta l________123,130,046116,541,769
-V . 102, p. 65.
• »»»
$3,885,508
$4,357,007 $3,184,687
D E C . 31.
1915.
1914.
L ia b ilitie s —
S
* ____
Common stock.-.42,277,000 42,277,000
Premiums realized
on capital stock
70,720
Mortgage bonds..
320,000
320,000
Loans <fc bills pay.
524,000
24,000
Traffic, &c., bals. ■718,528
422,506
Accts. and wages. 3,420,465 3,986,047
Mlsc. accts., & c ..
109,300
147,723
_____
Matured Interest
and dividends. .
19,044
29,385
Unmatured divi
dends and rents 2,731,508 2,808,583
Taxes accrued___ , 3,132,878 2,529,967
Insurance, &c., re
253,626
204,078
serves.............
Accrued deprec’n. 10,881,599 9,293,710
Unadjusted, &c.,
accounts..........
446,905
338,694
Additions to prop_____
erty, &c............. 18,993,135 17,377,079
Profit and loss___ 39,231,337 36,712,277
SH EET
& c.
1913.
(95 th Annual Report— Year ended Dec. 31 1915.)
RESULTS
YEARS.
3,197,145
3,315,405
T otal
__________$15,795,002 $16,168,055
Goneral administrative expenses...............................
General taxes----------- - - - ......................... .................*
Interest on funded d e b t--------------------------------------Other interest..............- - .......... ....................................
..................... ........
Am ortization o01f d
u eb
eut,
i, discount,
u b w u u ., &c
D ividends paid ( 8 % ) .........................- .......................
$3,939,280
139,331
312,574
1.175,798
3,578
*9,658
- ^
2 ’ 1 2 t’b,i(>
$4,041,619
134,694
233,251
1,175,567
14,528
Balance, surplus.......................................................
*173,704
$358,943
Passenger earnings— . . $9,401,233 $9,227,602 *8.818. 78 *8,147.199
56,618 ' *52,158 " '* 6 1 ,7 6 8
52.731
Other sources..................
*$8,870,336 **8.208.967
T otal receipts------------ $9,453,964 $9,284,220
$964,239
*$394,527
*$364,050
$995,556
M aint. o f way & s tru q ..
*37o!251
*347,453
685,526
728,085
M alnt. o f eq u ip m e n t.. .
*
*847,275
847,275
839,673
Power---------------------------39,943
40,913
46,579
49,297
T raffic expenses-----------*2,680,496
*2,923.629
2,506,351
Conducting tr a n s p o r ts . 2,582,226
*743,261
*794,119
782,212
.________________
Gen. & misc. exp ., & c._ _ _ 869.791
_ _ _
T otal oper. expenses. $6,064,628 $5,832,183 *$4,500,641 *$4,108,001
$3,452,037
*$4,369,695
*$4,010,966
N et earnings------------------- $3,389,336
15,425
Other in com e__________
23,92 7
Gross Incom e--------------$3,413,263 $3,467,462 *$4,369,695 *$4,010.966
$586,1291 $ l',529,231
$593,078
T a x e s ---------------------------$687,455
986.743
Interest, rents, & c -------1,013,534
1.060.000
175,000
Sinking fu n d ....................
210,000
210,000
2T0.000
' mOOO
Dividends on pref. (7 % )
1.206.000
1,206,000
1,250,514
1,319,916
Dividends on com . (6 % )
T o t a l ......... ................... $3,230,904 *3,040.335 *4,037,440 $3,720,231
Balance, surplus_______
$182,359
$127,127
$332,255
$290,73,)
1912.
RS
L
&in't“
r n . « . C 3 4 2 $49,872,354 $48,141,950 $46,836,867
1,124,573
M iscell. phys. p rop -----23,800
Other investm ents-------109.614
110.459
203,497
40.866
Loans & notes receiv—
214,666
626,453
1,255.621
890,002
C ash-----------------------------518,387
633,284
540,037
618.814
M aterials and supplies. .
Unpaid balance on com .
182,660
............stock subscrip, ctfs —
" ” 58,659
M iscellaneous--------------" 224,849
Insurance fu n d -------------160,000
_________
_________
Renewal fu n d s .......... ..
T o t a l _________
$53 ,292,056 $52,054,169 $49,512’,146 $48,064,383
L ia b ilitie s —
C om m on s to c k ------------1 $22 ,000,000 ($21,672,100 $20,100,000 $20,100,000
I
327,900
C o m . stock subscr. ctfs. | _
3.000,000
3,000,000
3,000,000
Preferred s tock -------------- 3 ,000.000
19,503,000
Funded d e b t------------------- 20 ,263,000 19,888,000 19,888,000
72.908
152,978
68,435
47.137
Unpaid wages, S e e -------532,811
598,309
599.740
699,526
Taxes accrued--------------328.594
43,282
343,282
347,031
Interest accrued, not due
93,653
110.493
Bills payable----------------' ‘ 11,936
" 15,724
M iscellaneous--------------4,585,057
2,754,215
5,246,554
.879,733
Depreciation reserve—
378.623
381,052
213,691
275,013
Other reserves--------------355,404
1,298,150
682,531
764,890
Incom e account, surplus
CALEN D AR
1915.— N e t — 1914.
$772,108
$761,374
loss35,160
loss29,973
1912.
T otal
___________ $53,292,056 $52,054,169 $49,512,146 $48,064,383
— V . 102‘ , p. 438, 523. 3
FOR
1915— G r o s s — 1911.
$12,062,681 $12,115,852
196,366
211,627
R a ilro a d V e n ta ls r e ce iv e d
2,293,611 2,608.103
1-060,876
902,621
I n v e s t m e n t s ....... .......... M is c e lla n e o u s ----181,468
329,852
Coal
Canals
R ev. passengers ca rried .185,654,985 184,352,963 175,895,811 162.407,993
♦Comparison with years 1915 and 1914 is slightly inaccurate.
C O N S O L I D A T E D B A L A N C E S H E E T D E C . 31.
R esou rces—
1915.
1914.
1913.
T o t a l ................23,614,863 23,731,636
The remarks of Pres. S. D . Warriner, Philadelphia, will be
cited another week.
R e s u l t s .— T he financial statement presented in this report for the years
1915 and 1914 is in a little different form than in previous years, both as to
the operating account and the balance sheet, it having been decided on
Tan P 1915 for com parative purposes, to adopt the uniform classification
for1electric rail way sPprescribed b y the I.-S . C Comm ission. .Y o u r prop
erty, how ever, does not com e under the control o f ^ at
f^ nrecianon
difference is in the addition o f “ power and the charging o f depreciation
directly to the various headings in .the operating, statement
™ yhow n
as a separate item . Depreciation in 1915 was $1,015,901) an*1™ 1
»
In 1914
T h e decrease in tho net incom e was due to
Novem beroa '{,t miles o f new lines and extensions put into operation In jNovemoer,
(b j3tax in crease"™ $94 376 the rate o f taxation in both M inneapolis and
Paul on all nronerty having been increased nearly 1 o/o..
S tThe balance o f f 182,660 in subscription certificates has all been paid
and is now represented b y certificates o f the com m on stock.
The entire
authorized capital stock is now issued.
.
During the vear there were put into service 53 new cars.
..
pari v in 1915 the Legislature o f the State o f M innesota passed an Enabling
A ct gran tin g to the e f t y o f Minneapol is the.right to enter into a new con
tract with vour com pany adjusting the existing franchise in the city o f
Minneapolis^ ' T h e T t y has met the com pany in a spirit o f fairness, has
opened negotiations and is now making a valuation o f that portion o f you r
property lying within the city limits.
CHARGES,
$2,581,500
$190,993
798,959
143,090
879,596
Lehigh Coal & Navigation Co., Philadelphia.
(.Report fo r Fiscal Year ending Dec. 31 1915.)
Pres. Horace Lowry, Jersey C ity, Jan. 25, says in subst.:
1914.
1912.
‘g i l t ®
$2,229,315
$368,236
.23,614,863 23,731,636
Total
V . 102, P- 523.
T o ta l.............. 123,130.046116,541,769
EXPEN SES,
1913.
$2,158,473 $2,012,638
$568,862
$767,237
B A L A N C E S H E E T D E C E M B E R 31.
1915.
1914.
1914.
1915.
L ia b ilit ie s —
S
$„
S
S
A s s e ts —
Capital...................12,000,000 12,000,000
Road, equipment,
Bonds
outstanding
3,412,067
3,639,500
real est., build____
lngs, & c_-......... 19,932,857 19,777,511 Short-term notes. 1,500,000 1,500,000
Mortgages_______
70,000
70,000
Advances to sub__ . . .
51,321.
54,742
sldiary cos........ 2,741,561 2,563,492 Accrued interest..
500,238
555,244
Stores on hand__
205,998
288,650 Accts. and wages.
247,878
198,660
Accts. receivable.
162,312
282,635 Injuries fund........
Dividend________
239,498
239,191
Cash In hand and
566,953
681,929
In banks______
572,134
819,348 Renewal reserve..
Profit and lo ss ... 5,026,907 4,792,370
T otal
- $2,208,986
S urplus-777777777____
$234,538
Twin City Rap. Tran. Co. (of N. J.), Minn., St. Paul, &c.
E A R N IN G S .
YEARS.
1914
SI I :i H ill «
* Includes depletion o f coal deposits, $1,906,123 in 1915. against $2,001,-
P r o fit .............................”$37443,039
CALEN D AR
N et earnings------ . . .
$2.443,524 $2,597,551 $2,925,710
$188,807
$182,500
Interest on bonds, & c ..
$lb7,357
939.991
955,740
C ity percentage on earn.
868,204149,717
167.174
General taxes, & c---------215,424
879.958
923,901
Dividends paid (8 % ) —
957,952 ___________ _ _________
__
^ R e s u l t s ^ f coal departm ent (see remarks, V . 92, p. 656), were:
1915
1914.
1913.
1912.
CSSS.............. •SM3H l a a
FOR
iq ik
Passengers carried......... M 2.0 6 1 .2 M
2,124,636
* Charged directly to profit and loss account in 191
B A L A N C E S H E E T D E C E M B E R 31.
1914.
1915.
1915.
1914.
S
L ia b ilit ie s —
3
a j^ c is
'
S
S
26,587,650
,587,650
Capital
s
to
ck
----26
Coal lands, & c — 18,254,996 18,258,963
Canal property - - - a3,397,148 3,403,47 J Funded debt-------30 ,533,000 30,668,000
Real estate.......... 1,066,616 1,055,934 Audited vouchers
967,993
and pay-rolls-. . 1,452,761
Physical property. 16,048,776 16,048,549
33,089
35,406
Securities pledged. 12,969,911 12,973,072 Sundry creditors..
402,072
397,334
do unpledged. 3,641,670 4,375,438 Matured bond Int.
569,568
845,010
Accrued
taxes----Co(’s secur. pledg. 2,199,000
53,614
53,614
1',845:700
Bonds,&c.,In treasxl,845,700 ----------- - Accrued bond lntCash.............. - - - - 1,964,291
1,334,696 Matured and ac
2,828
2,906
crued rents----Customers’ acc’ts. 2,294,636 1,680,470
7,633
6,369
Coal stock............ 1,722,373 1,697,166 Dlvs. unclaimed-.
107,581
402,926
Susp.
credit
Items.
Materials & supp356,092
336,707
Sundry debtors-- - 416,084
606,o87 Depreciation, &c., ,205,768 4,597,815
reserves............ 4
Miscellaneous----4,158
,769,937 2,390,090
Susp. deb. Items.. 1,111,230
56J,b34 Profit and loss.--y2
T o ta l.................67,292,681 66.387,933
T o ta l.................67,292,681 66,387,933
aTncludes Delaware Division Canal C o. o f Pennsylvania stock and bonds
P lx‘ fncludf <£ K t s VfnU1rO
e L l V ^ $ 2 9 J 0 0 yearly, a.td bonds in treasury.
After ^adding sundry accounts adjusted. $206,143.
V . 101, p. 1472.
Central Leather Company, New York.
(llth Annual Report— Year ended Dec. 31 1915.)
Pres. Edward C . H oyt, N . Y ., Feb. 15, wrote in substance:
__T he operations for the year 1915 produced a satisfactory results
T h e export business continued and expanded. While our dom estic busines
sh ow ed little im provem ent in the first six m onths, by m id-year tho Impotir
given to the general business o f the country through the large demands
created by the war and the wide improvem ent in all lines o f industry , with
tho consequent increased em ploym ent o f labor, had resulted in a distinct
increase in tho demand for leather for home consum ption.
This increase
in tne d om estic business and the satisfactory continuance ot the export
business is reflected in the earnings for the third and fourth quarters o f the
W a rnn iinn ag s ftoo r m
t h e tFoouu rr q
Quuaarrttee rr s ou jf tmh e Y
a n d 1914 i n--------s e r t e d A.b y E d'*. ]‘ ,
1 e a r [1913
u v i o um*
w a r n in g s j
d Q
Qu
ua
a rr tt ee rr .. 3
3d
Qu
ua
a rr tt ee rr .. 4
4 tt h
h Q
Qu
ua
a rr tt ee rr ..
_ I lpo tl ag ll. . _
1)s(
st 0
Q uu aa rr tt ee r* . 2
2d
d Q
5 ________ $1,426,702 $1,684,375 $2,214,245 *3,139,782 $8,465,104
1915.
[4________ l.yai.HO4
1.937,934
1,504,416
1.457,117
.815,664
0-715.131
1014_______
* 1 ,UU*i,**
1U
»«.*•
r f’ni’
d oen
n'non'AOA
,0 13
_
. 1,780,913
1 780,913
1 405 196
1,369,121
1,713,850 .6,269,080
6,269,080
1913_______
1,405.196
1,369,121.
1,713.850
F i n a n c i a l ' S t a t u s .'— Tho com pany has no indebtedness except; for cw ren t
m onthly accounts and dividends declared and unpaid,
rh o current assets
are in excess o f current liabilities by $58,751,162, and exceed by $2 1,371,012
tho entire liabilities (including tho bonds) exclusive o f th e m m a t ln n l^ th e
C o n c e n t r a t i o n o f P l a n t s — D e p r e c i a t i o n C h a r g e d O /f.— Cons doratton o f the
problem or
o f meeting the increased d
e m a n d d u rin g JSiL.
the “ “ ((“
y w"ri ° “^ u r manaemanu
ufacturing plants led to the conclusion that,, for off4cio'icy a n d
• ['1
was better to concentrate and increase production in thoso plants m ost ad
vantageously located, rather than to resume :lle op eratioinof certain plants
ise o f their kwat
on with
with respect to bark «or other facilities.
which, because
location^
5 be
f ’operated^
with th^brnt results in cost and production. As
could not well
op<
jeca n m orob ab le that no further operations will be conducted
a result, it became
tsfand they have therefore been depreciated to a nominal
at four o f the p lan
'
VaThls special depreciation, together with the a n n u a l . ^ t i o n for s t u ^ ago cut and bark peeled and one tannery which was charged.
after adding the cost o f one new extract p lan t, which was^completed and
put in operation during the year, in a
usua? been
R e fe r e e
- S w i n g tV*he high'price o f m aterials, we deemed it wise to con-
' ‘ T n itb m T m u I^ fn ^ w M lfo n n lty 1w ill? the p lin announced in the report for
the ye a r91913. $750,000 o f m oneys derived
s^sV oO o!
T h fin c o m e ^ ro m “his^pecia^ fund to D ec. 3 11 9 1 5 am ou nted'to $157,000,
ami
heon carrh'd to a reserve for depreciation.
O u t l o o k __ H i a h e r C o s t I n c r e a s e s P r i c e s .— Owing to the great demand
abroad for tanning extracts and other materials entering into the process o f
U nnhig and the high cost o f labor and ocean freight, we are obliged to face
materially higher cost o f production, which naturally lead's t o an Increase in
the nrlces o f the finished leather. A t tills time we feel that the goneral
b u s iS ^ prosperity o f the country is under such headway that i t may
fa irly be expected to carry throughout the year 1916.
Pe b . 26 1916.1
THE CHRONICLE
797
A cco u n ts P a y a b le .— This item decreased $137,826.
R eserves. The reserve accounts increased $265,764.
Depreciation replacctl i?ropeid.yVer° chargcd wIth the cost valuc of ail condemned and re
1914.
Renlacom^nafIJltenanCe and «® alw ..„..-*1.023® 383 *975.159
ShI o'.'SSO
itepiacements.............................................
366,708
3 4 7 .12 0
347.532
A n n u a l S a le s . -By Central Leather Co. and subsidiary companies:
P ro d u c ts —
J9 1 5
1914.
1913
Sole, bolting and harness leather (sides) 8,835,431
8,449,138
8,844,194
Hemlock lumber------------------- (feet) 1 59,386,307 90,139,373 129,031,691
Hardwood & miscell. lum ber..(feet)_ 42,88-1,103 41,451,719 44,434.596
( d u o .................
(pounds). 5,080,120
2,792,847
3,883,777
G re a se .............
..(p o u n d s). 3,053,288
3,036,240
3,298,809
Tankage .............
(pounds). 2,759,500
4,014,613
3,021,980
V o lu m e o f B u s in e s s D o n e
by A l l C o m p a n ie s.
1913.
Combined gross sales and earnings.. .$68,917,'939 800^14,903 $591586,498
A v e ra g e N u m b e r o f E m p lo y e e s A l l C o m p a n ie s — T o ta l P a y -R o lls .
I N C O M E A C C O U N T FO R Y E A R E N D I N G
D E C . 31.
„
.
1915.
Gross earnings------------ $4,577,731
Operating expenses, incl.
maintenance & taxes. $1,986,850
Depreciation...............
359,499
1914.
$4,629,689
1913.
$4,533,492
1912.
$4,444,498
$2,245,592
278,520
32,207,238
272,249
$2,139,102
266,217
Interest
----------------------- $1,117,167
P ref. dividends ( 5 1 2 5 , 0 0 0
C om . dividends ( 7 % ) . .
749,000
$2,231,382
$2,105,577
$1,103,129
125.000
749.000
$2,054,005
$1,055,405
125.000
749.000
$2,039,179
$1,015,357
125.000
749.000
Total deductions------$1,991,167
Balance, surplus.............
$240,215
*1,977.129
$128,448
$1,929,405
$124,600
$1,889,357
$149,822
Net earnings...........
C O N D E N S E D B A L A N C E S H E E T D E C . 31.
1915.
1914.
1915
1914.
Aa
sets—■
$
g
L iabilities (Con.)
.$
Plant A lnvestm 't.37,266,357 35,940,296 R ef. & ext. M . 5s_ 10,000,000 10,000,000
Stores.............. .......
783,906
825,071 5% de b e n tu re s... 3,250,000 2,365,000
227,199
245,068 Accts. p a y a b le ...
C a s h .....
342,138
479,964
Accts.
receiv.,A c. 553,211
566,301 Liabilities accrued
321,355
301,593
801,812
536,049
R eserves................
Total assets------38,830,673 37,576,735 Reserve com . stk.
Liabilities —
dividend fu n d ..
733,776
512,537
Common s t o c k .. .10,700,000 10,700,000 S u rp lu s..................
181,592
181,592
Preferred stock . _ . 2,500,000 2,500,1X10
First mortgage 5s. 10,000,000 10,000,000
Total liabilities-38,S30,673 37,576,735
— V. 102, p. 526.
_
1915.
1914.
1913.
J^mpioyees------------------------------------8 261
8 511
8 388
Annual salaries and wages--------------1 $5,884,204 $5 ,9 2 2 ,5 3 2 $5,9533)53
A n a ly s is o f $59,679,581 P ro p erty A c c o u n t on D e c . 31
1915
1914.
Real estate in N. Y. City, Boston, Elizabeth, N. J.,
' '
and elsewhere________________________________ $1,520,390 $1,511,390.
86 tannery plants and extract works in various
States, saw mill plants, glue factories, &c______ 18,837,272 19,360,962
217.24 miles of railroads and sidings and 96.88
miles o f tram roads, with equipment..
_
3,376,721
3,519,880
Locomotives, log cars, service cars, teams, & c"
not considered as quick assets___
338,228
341,535
Bark and timber lands, comprising 5 3 E 9 7 4 "acres
of land owned in fee, 1.336,785 tons of growing
hemlock and oak bark, 2,038,950,389 feet grow
United States Envelope Co.
ing sawing timber; also sundry chestnut wood
(R eport f o r F isca l Y ea r en d in g D e c . 31 1915.)
for extract purposes, pulp-wood, HR. ties, &e__ 35,606.970 37,122,104
Treas. William O. Day says: “ There has been added durC u rre n t ' a S f Uur4 t T Theso aggregated * 104.046, against $36,652in 1914Wl.ilntm,
0 ? re nearly *3,000,000 in excess of Dec. 311914,
curre*y» assets over all liabilities, including bonds, has mg the year to our permanent plant and equipment, in ma
increased during the year by $4,632,675 and now amounts to $24,371,012.
chinery, $87,900, and in real estate and buildings, $13,599.
R E S U L T S F O R Y E A R S E N D I N G D E C . 31.
R esu lts f o r Y e a r s e n d in g D e c . 31.
...
..
.
1915.
1914.
1913.
1912
„ ,,
1915.
1914.
1913.
1912.
P
r
o
f
it
.............................
$679,440
Volume of business------- $68,917,939 $60,814,903 $59,586,498 $ 6 6 854 413
$626,696
$673,949
$727,035
Earns, after oper. exp.,
’ ’
D edu ct —
incl. repairs at maintoInt. on first mtge. bonds
$87,292
$89,792
$92,292
$94,792
nance and all taxes*. .$12,145,589 $10.301,056 $9,609,031 $11,296,334 Int. on deb. bonds, &c._
104
Exp. & losses of all cos
Div. on pref. stock (7% )
280.666
280,000
271,250
262,500
incl. int. (exel. on bds.) 3,703,949
3,610,233
Def.
div.
on
pref.
stock.
.
3,357,863
3,587,129
^ ---* -* (4 H )i6 8 ,7 5 0 (2H)93,750
Div. on common stock .. (7)52,500
(7)52,500 (244)18,750
...........
Net profits--------------$8,441,640
Depreciation--------------34,700
48,075
63,640
68,737
Income from invest'ts..
23,464
Adjust s of invent, accts.
______
17,969
T o ta l---------------------- $8,465,104
T o ta l..........................
$454,491
$470,367
$632,651
$519,883
D e d u c t — Int.on 1st M .5s $1,838,208
Carried to surplus______
$224,949
$156,329
$41,298
$207,152
Int. U. 8. Loath, deben.
_
Cen.Leath.pf.divs.(7%) 2,330",930
♦This payment of 4 A % was made Mar. 1 1913 in full for deferred div
Common dividends..(4%) 1.588,038 (3) 1,191,028
B A L A N C E S H E E T J A N . 1.
1916.
1915.
Balance, surplus . . . . $2,707,929 *1.354,965 $1,261,416 ”$ ^ 0 ^ 9 5 4
„
1916.
1915.
Assets —
§
§
Liabilities —
s
s
stunmaKes^rei)ahsdandem iL t S° provlsions for pJant abandonment and Plant in v e s tm e n t...6,224,375 6,234,898 Preferred
stock ------- 4,000,000 4,000,000
$1 322 279 i n i o a
approximately $1,390,091 in 1915, Stock on hand. ___ 1,179,320 1,167,280
in 1.114, $1 ,lbb,891 in 1913 and $999,076 in 1912.
Common s tock ------- 1,000,000 1,000,000
C O N S O L ID A T E D B A L A
.
,
1915.
1914.
Assets —
§
j
Property acc’ t ------59,679,582 61,855,871
Investm ents.........
372,094
301,129
Leather In stores,
lumber A other
finished product 7,950,877 11,419,541
Hides and leather,
raw and in pro
cess, and other
m aterials--------x36,156,872x31 220,363
A cc'ts receivable. 9,224,221 8,121,949
Bills receivable.. .
128,909
208,185
250,000 1,250,000
Call loans, A c -----Cash in bks., A c . . 7,366,128 5,903,482
Deferred charges.
194,557
116,336
T o t a l .........
N C E S H E E T D E C . 31.
„
1915.
Liabilities —
§
Preferred s t o c k .. . 33,299,050
Common s t o c k .. .39,701,030
1st M . 5% b o n d s.34,344,150
U. S. Leather deb.
6,000
Real estate m tg e ..
30,000
Foreign drafts___
44,354
A cc’ts p a y a b le .. _ 1,239,208
Accrued Interest. .
459,552
Pref. div. Jan. 1
582,733
Com. div. Feb. 2.
Fire Ins. reserve..
188,994
M iscell. reserves..
927,448
S u rp lu s---------------10,500,722
1914.
$
33,299,050
39,701,0.10
35,012,150
6,000
30,000
133,018
976,702
459.552
582,733
1,191,028
188,994
1,029,806
7,792,793
.121,323,240 120402.856
X After deducting the special "provision ofSSOOMO mad^Dec 0 3 M O 12 to
V.V10l pCni554^'l466
W“ " 0t drawn on during 1913 or 1914 or 1 9 1 5 .-
Niles-Bement-Pond Co. (Incl. Associated Companies).
(C on solid a ted B ala nce Sheet D ec. 31 1915 — E a r n in g s )
The net earnings for 1915 [not shown in the report but of
ficially stated , after charging off all patterns, drawings re
pairs to buildings and making adequate provision for’ de
preciation, were $3,709,97b.
1915.
1914.
Assets —
S
S
Property accou n t-14,850,953 13,870,377
Invest, in oth. cos.
127,402
129,837
Inventories______ 6,593,546 5,340,408
Accts. A notes ree. 3,994,339)
C a s h .. . ......... ........ 1,636,884) 2,218,932
Securities......... ..
804,601 J
1915.
S
L iabilities —
Common stock
8,500,000
Preferred s t o c k .. . 1.746.300
Pref.stk.of asso.cos 3.289.300
•Bonds Of 8880. cos
125,000
Accounts payable. 1.175,723
Advances on contr. 3,194 067
Depreciation res’ ve 3,070.193
Surplus
............. 6,907,141
1914.
S
8,500.000
1,746,31X1
3,311,700
125,000
1,330,340
448,386
2,532,279
3,565,549
lo in
2 1 ’5 5 9 ’554
but called for payment
(The) Laclede Gas Light Co., St. Louis, Mo.
(R eport f o r F isca l Y ea r en d in g D ec.
31
811,433
202,978
8,225
250,000
T o t a l .........- .......... 8,822,051 8.674,814
accountCr V ^ ^ i O O ^ ^\k 3 9 ^
First mtge. b o n d s ... 1,700,000 1,750,000
Bond coupons______
4,700
5,225
Accts.A bills payable 500,944
327,005
Reserve for deprec'n. 760,000
750,000
Res've for 1st M . bds
-4,000
3,000
S u rp lu s......... .............. a852,407
839,584
T o t a l .............. ........ 8,822,051 8,674,814
a;lJustment of patent and good-will
National Enameling & Stamping Co.
(R ep ort f o r F isca l Y ea r en d in g D ec. 31 1915.)
Pros. Herd. A . W . Kieckhefer, N . Y . , Feb. 15, saysinsubst:
The company has not profited by any so-called war orders but on the
contrary the results were to an extent adversely affected by tho continued
ncrea.se In cost of raw materials, the higher prices of which were no doubt
brought about by the greater European demand. The volume of business
done during the last four months of the year was satisfactory and the pres
ent prospects for the current year are encouraging.
C a le n d a r Y e a r s —
1915.
1914.
1913.
----- $1,915,727
$1,515,885 $1,632,396
Interest, <fcc., received.
----20,894
16,503
16,253
$50,000
622,622
64,138
$1,532,388
$52,500
550,535
92,503
$1,648,649
$54,000
428,672
114,431
-----
140.000
....
598,262
$695,538
$836,850
$141,594
134,000
12,500
598,262
$597,103
$1.051,546
$149,773
128,000
12,500
598,262
Remuneration o f officers. & c___ ----Repairs and renewals, &c________ ----General interest___________
-----
Sinking fund reserve_______
Written off, &c___________
Preferred dividends ( 7 %) _.
Total deductions...............................
...
$884,381
$886,356
8888.535
Balance, surplus or deficit___
— sur.$315,480 def.$19.506sur .8163.011
...
1,260,388
1,478,084
1,315,072
Total - - - - - - - - - - .............................$1,575,868
$1,428,578 SI,478,083
Adjustments (debit).............................
...........
168,190
Undivided profits------------------------$ 1 ,5 7 5 ,8 6 8 $1,260,388
$1,478,083
B A L A N C E S H E E T D E C . 31.
.28,007,724 21,559,554
* Ridgway Machine Tool Co. 5s due v T
Feb. 1 1916.— V. 101. p. 1555.
Accounts and bills
receivable, A c ___ 1,001,899
C »sh ...........................
157,757
Cash for coupons__
8,700
Treasury stock, com . 250,000
1915.
1914.
!
1915.
1914.
Assets —
S
I L iabilities —
$
$
Plant,good-will,Ac26,568,717 26,405,769 Pref. stock Issued. 8,546,600
_________ 8,546,600
Disc. A exp. of Is
Com . stock Issued. 15,591,800 15,591,800
sue of ref.M.bds.
166,880
179,380 R ef. 1st M . bonds. 2,766,000 2,903,000
Materials A supp. 3,608,800 3,818,411 Bills A accts. pay. 1,803,782 1,388,047
Accts. A bills ree. 1,582,402
895.904 Reserve a cco u n t.. 1,500,000 1,500,000
Payments In a d v .
21,485
26,675 Sink, fund reserve
805,500
665,500
Investm ents_____ *128,307
•127,426 Accrued Interest..
11,525
12,096
Cash.....................
524,484
413,866 Profit and l o s s . . . 1,575,868 1,260,388
)'
C . L. Holman, Pres, and Gen. M g r ., says in substan
tnce:
R es u lts.— T h o combined gross earnings for tho year 1915 ShmJ ..
3crea.se, due in a largo measure to the depressed
depressed hii«in«S
*
business L
conditions
contingencies $359,499, an increase of $80,979, in addition to m eetin /afi
necessary repairs and maintenance.
meeuing an
Net earnings showed an increase of $125,806. Interest rhan?« s,......... . ,
$14,038, representing the interest on the new securities issued during the
year to cover additions. A dividend of 7 % on the common stock e?l 1 ln^
lor $749,000, was paid during the year, leaving, after deducting alfothn?
proper charges, a balance of *221,238, which was credited to tho common
stock dividend fund, thereby increasing the same to .$7 33 7 7 0 ' ' mmon
C o n stru c tio n .—-We expended $1,432,533 on new construct!)
T o t a l ---------------32,601,075 31,867,431 I
T o t a l ............ ...3 2 ,6 0 1 ,0 7 5 31,867,431
* Investments include company’s refunding first mortgage bonds at
cost and accrued interest to date.— V. 101, p. 1016.
National Carbon Co., Cleveland, O.
(17th A n n u a l R eport— Y ea r en ded D e c . 31 1915.)
Pros. James Parmelee, Cleveland, Feb. 21, wrote in subst.:
While we have had no “ war business” as that term is generally under
nave had a largely increased business due to the war conditions
< having a considerable demand particularly for lighting carbons
f. ---- | ---- -----------1 electrodes: for shipment to England, Norway, Sweden, Russia
system was increased by the"addition 0? ' l 2~mHaTof nmln a n d 1 g o ? „on ! a»<l other foreign countries, as well as a largely increased business for these
services. The net incrra.se n g s customers s gvo w' 1 "
l ”U1 * as £°!)ds in this country, on account of importations of foreign made goods
Debentures.An
a d d lS f
...... -
-
I
thesam e.
'
the abnormal con------------------ ---------------- and high prices for
[Vol . 102.
THE CHRONICLE
798
Tho American Ever Ready branch was moved from N . Y . City to the
Canadian Western Nat. Gas, Lt., Ht. & Pow. Co., Ltd.
new p l a ™ t Long Island City. N. Y .. and this has. been in full operation
since April 1915.
(4 th A n n u a l R eport f o r Y e a r E n d in g S ep t. 30 1915.)
Presidont Eugene Costo says in substance:
Our plants at Cleveland. Postoria,^Fremont, O .. Long
lr a .fla ^ li^ te and flMhllght batteries, standard d r y b e e n
teries electric starters motor car accessories and specialties, nave oceu
inrfuli o S i o f during the year. The
Lancaster, O., has been transferred to other plants. The branch in |o
ronto Can tho Canadian National Carbon Co., Ltd., manufacturing
dry batteries, flashlights and flashlight batteries, has also done an increased
R e s u lts. — Owing to tho industrial depression and the sorious decrease in
tho population of Southern Alberta, attributable chiefly to the world s war.
the rapid growth of our business has been halted tor tho time being. W o ,
_
number
earnings is luore.oru
h ^ K o m p a n V h ^ h a W c h an increasingly largo demand for its storage
batteries0that it has been thought wise to erect a now plant for their manufacture at Cleveland. This wnon completed a few months hence will meet
practically any demand that may be made upon us for storago batteries.
This and some other of tho company’s products require a large outlay in
Aie purchase of raw materials in such quantities and at such timos as is to
the best advantage, and consequently an increased amount is necessary for
' to "domett ^consum ers' and $209,780 to
fnlustriii consumed, ag.finst’SG 19,482 and
1 l?i; / rt^ r Cci'ossfri^s1oV^tlio
14. Largo expenditures were made to strengthen
river ero®sings or t
m.ain pipo lino and in drilling further wo.Is to m m io an amp . 11 y
for a much larger number of consumers.
. . ...
were
R a tes. — Tho average rates por 1.000 cu. ft. obtamed this y
25 8(5 cts. for tho total consumption, 32.1 cts. for the domestic and 15.05 cts
for industrial use. 1I L n c a d I n d u s t r i a l
W°AtItheCend o f 1915, under tho profit-sharing plan, 1,395 employees wore wero stiU allowed this year from the p r i ^ a t which ^ undertook to
subscribera for 4^81 shares of the common stock out of 5,000 shares (par tll0gasla 1911, when the citizens of Calgary ami of tho other municipalities
8500,000) set aside for this purpose.
| voted on tho gas franchise.5jif^tho company. 'I'his means a saving to concity of Calgary has brought an action.in tho courts
R E S U L T S F O R F I S C A L Y E A R S E N D I N G D E C . 31.
1912.
against your company for an interpretation of tho franchises purchased
1913.
1914.
1915.
$954,294 frnm the local citizens
They requost tho courts to restrict tho area covered
Not earnings--------------- $2,550,518 $1,820,008 $1,148,932
$315,000 iw The coni Danv s franchises. an l also to hold that tho franchises are not
$315,000
$372,750
$392,000
Div. on pref. stock (7%)
330,000 exclusiveas^a"Jinst The city itself. The trial judge has given a decision
330,000
a5S2,930
597,930
Div. on com. stock (6%)
50.000 adverse to your company and an appeal has boon ontoroil, the prospects
Reserve for insurance-.
25,000
for ultimate success being good. Even if tho final jJ,0®1?1? ”.* ^
‘control
25.660
Bonus to employees-----50,000
your company, it will not materially
the citv
Insurance reservo— -----9,184 to
(3,025
tho only supply of natural gas available for distribution In tho city.
"19,709
Charged off----------------$250,110
C O M B I N E D E A R N I N G S F O R Y E A R S E N D I N G S E P T . 30.
Bal. to profit and loss. $1,485,588
$ 825,619
$49o.907
a Also a stock div. of 50% ($2,750,000) paid Mar. 20 1914.
1914-15. 1913-14.1Exponsos, bad
1914-15. 19J3-14.
Halivs nf cas
$914,311 $951,292
debts, &c______$323,013 $328,006
B A L A N C E S H E E T D E C . 31.
Sales
o gearnings.
-----,,
16,496 Debenture Interest 225,000 225,000
1914.
1915.
Mlscoll.
14,055
1915.
1914
----- -— IDoprociat’n, & c._ 193,452 320,251
S
Liabilities—
S
Assets—
S
$
Preferred stock— 5,600,000 5,600,000
$928,366 $967,788
« , « « a7. got 831
Real estate, plants,
___
9,965,500
Balanco, surplus, after interest, depreciation, &c----- $186,871 $ J l , b J i
machinery, &C-11,870,097 11,372,707 Com m on stock— 9,965,500
M dse., raw & m fd. 2,949,481 3,137,875 Common dividends
P
R
O
F
I
T
A
N
D
L
O
S
S
A
C
C
O
U
N
T
F
O
R
Y
E
A
R
S
E
N
D
I N G S E P T . 30.
149,482
payable Jan. 15
149,482
Cash........................ 1,783,727 1,074,852
425,390
C A V .N .G .L .I I .& P o w .C o . — C
" a lg
‘ a ry G a s C o .
556,115
149,432 Accounts payable.
Cash for dividend.
149,482
1914-15.
1913-14.
50.000
1913-14.
1914-15.
“
Reserve
for
Insur.
100,000
N otes & accounts
$820,146
$805,742
25.000
$746,256
1,612,969 Res.for empl.bonus 30,660
receiva ble_____ 2,201,180
®7} ? ’nnc
Sales of gas----------------5,660
1,059
10,835
Miscellaneous_________
12,996
23,343 Profit & loss, surp. 2,641,444 1,155,356
Prepaid expenses.
29,234
T o t a l ..................19,043,202 17,371,223
T o ta l................ 19.043,202 17,371,228
Gross earnings______
Gas purchased-----------Maint., &c., exponses..
Proportion of dob. int._
Depreciation__________
— V. 100, p. 637.
Bell Telephone Co. of Pennsylvania.
Net earnings_________ $5,811,633
Deduct— Interest______
$692,800
Dividends (6 % )......... 3,600,089
Balanco, surplus_____$1,518,744
$1,289,184
$1,238,417
$993,075
B A L A N C E S H E E T D E C . 31.
1915.
Assets —
S
1914.
S
Real estate______ 7,557,760 5,683,095
Tcleph. plant, &c.66,036,270 63,944,857
Constr. In progress 1,131,199
Furn., ftxts., &c_. 1,364,583 1,190,714
Bills & accts. rec. 16,676,011 9,835,105
Cash and deposits 1,316,447 1,717,472
Stocks and bonds.10.326,864 9,322,383
167,934
Prepaid expenses.
255,195
50,105
Sinking fund........
153,615
Unamortlzeil debt
397,339
discount, &c__
383,599
1915.
Liabilities—
$
Capital stock____ 60.000,700
Funded d ebt-------- 10,010,750
Accounts payable. 10,199,776
Acer llab. not due 1,702,379
Empl. benefit fund
750,000
Reserve for replacem ent______12,174,517
Other reserves____
691,623
S u rp lu s__________ 9,671,800
1914.
_____ $
60.000,700
10,010,750
983,609
1,732,424
750,003
10,373,977
298,827
8,158,715
$757,091
$'140,228
175,000
194,409
10,000
D i v i d e d 0' ! ! : : : : : : : : (2%> i6d*.666 g % )8 o ,ooo
(.Report for Fiscal Year ending Dec. 31 1915.)
R E S U L T S F O R C A L E N D A R Y E A R S ( I N C L . A S S O C I A T E D C O S .) .
1915.
1914.
1913.
1912.
G?ossSearninS
gs?“ -. 3 ! I:$21.491<543 S | 0 .| ii| | S 1 8 . § | f | S t T . f e
Operating expenses___ $8,238,140 S7,761,976 $1,087,822
Maint. & replacement.. "
oc~
Taxes...............................
$725,872
-------$169,679
17o,000
147,2o2
Balanco, sur. or d e f.. sur$73,941 sur$157.453
$806,801
$604,307
149,640
50,000
46,200
3,724
$825,806
$615,109
157,277
50,000
44,728
20,500
dof$47,0G9
dof$G 1,809
B A L A N C E S H E E T S S E P T . 30.
C .W .N .G .L .H .& P o w e r Co. ----- - C a lg a r y G a s C o .
1914.
1915.
1914.
A ssets—
.
1915. ,
P rop., rights, g’d-w., &c. $9,337,o0o $9,478,444 $3,006,088 $3,036,511
*3,000,000
Invest, in Calg. Gas C o. *2,999.100
193,187
119,079
Calg. Gas current acct._
630
4.969
136,322
180.247
Cash__________________
62,426
51,087
11,949
9,753
Accounts receivable-----127.853
103,116
35,745
37,041
Inventories----------------230
1,226
14,805
931
Prepaid taxes-------------Total ..........................S12.683.656 $12,870,452 $3,166,487 $3,227,651
L ia b ilit ie s —
$2,000,000
Capital stock---------- — ^8,000,000 $8,000,000 $2,000,000
1,000,000
1,000,000
4,499.993
5% 1st M. dob. sto ck .. 4,499,993
22,917
22,917
103,254
103.254
Accrued debenture in t ..
,n t ° ' 1
-----------34,464
47,408
250,400
36,641
A c c o u n t s p a y a b l e . -------92
U n cla im e d d i v i d e n d s . ..
" 170*.270
"'9 6 ,1 6 2
C .W . N .G .L ., & c ., a c c t .
16,806/
'43",677
| P r o fit a n d loss
T o ta l...........................$12,683,656 $12,870,452 $3,166,487 $3,227,651
T o t a l ................105,201,545 92,309.002
Total............. 105,201,545 92,309,002
Tho statements contain tho combined figures of tho several companies
forming the system, namely: Tho Bell telephone Co. of Pennsylvania,
Central District Telephone C o., Delaware & Atlantic Telegraph & Iclophone C o., Diamond State Telephone Co.— V . 102, p. 524.
^Represented in 1915 by 19.991 fully paid f.^ ros of $100 e ^ h of theCaU
gary Gas Co. and its contract to assume liability for SI •000.000 of'tne 1 mot t
gage debenture stock of tho Canadian Western Natural G a sL ig h t,IIoa t&
Power C o., Ltd. In 1914 $3,000,000_was represented by tho entire issuo
of fully paid shares.— V. 101, P- 1976.
Baldwin Co. (Pianos, Organs and Piano-Players), Cine.
( R eport f o r F isca l Y e a r en d in g D e c . 31 1915.)
Dominion Bridge Co., Ltd.
quo report says: There is no bonded or mortgage debt,
debt. There are1 no
Tho
contingentt liabilities. Manufacturing plants,
salesrooms and stock fully
'
E
T
All h
discounted monthly
monthly. All bills anil accounts receivable
insured.
All
bills discounted
held by the company.
{R ep o rt f o r F isca l Y e a r en d in g O ct. 31 1915.)
Pros. Phelps Johnson reported in substance:
Tho profits for tho year, aftor allowing for bad and doubtful accounts
nd for depreciation, wore $ 1.344.347 'rhose prof its were our largest to
SALES AN D
IN C O M E A C C O U N T
Y E A R S ^ I W E D ^ D E C . 9 1.^
T o ta l
S a le s .
1 9 1 5 ..
.*6.145,832
1914 . . . 5.781,206
1 9 1 3 ..
. 6,202,183
1912__ 5,462.230
In iU a h a s^ o e n raecu t^, b td ow in g to tho difficulty of* securing vo.isol 1911__ 4,793,683
transportation the company has been unable t o t h o ° t o m i inathm of 1910 . . . 4,933,825
asked on later inquiries, llowovor, it is hoped that at tho tornnnatlon o
* Also a stock dividend of 5% . calling for $57,830 in 1915, $55,100 in
tho war a considerable amount o f foreign business may b“ secured, A I
marked revival for structural steel was in demand rocontly. and it was do
1914, $52,485 in 1913 and $50,000 in 1912.
cidod that tho shops at Lachlne, Toronto and Winnipeg bo kept reasonably
G E N E R A L B A L A N C E S H E E T D E C . 31.
2
b 7 I resolution1'providing that' % o f the gross
rocelvocl on
tlon orders to tho end of the current year bo contributed to tho 1 atriotic
1 7 ’ “ u\‘lGordon, now a member of tho Munitions Committee at Ottawa,
resigned as a director and was succoedod by R . M . Davy.]
I N C O M E A C C O U N T F O R Y E A R E N D I N G O C T . 31.
1912-13.
1913-14.
1914-15.
$832,779
$629,968
Not incomo...................................- - - - * l .§44,347
x565,700
50(9)4) $471250
/illfinds____________________(8Ji
% )$.)68,7.)0
D ividen
d s-------------------------------(854%)$o6S
153,054
58.091
R e s e r v e s , & c ---------------------------- -----------f d 4 ,282
N a t . B r id g e a c c t . w ritte n o f f .............
D ir e c t o r s ............... ........................................
Balanco, surplus_________________
17 4 ,o37
13.910
" 1 3 .6 2 6
21.464
$382,818
$87,007
$92,561
x Covers nioro than one year, but doos not Include tho quarterly dividend
to'O ct. 21 1913 paid N ov. 15 1913.
B A L A N C E S H E E T O C T . 31
1915.
1914.
Assets—
S
Real est., plant, &c. 16,029,505/3,867,455
Invest. In other c o s ./
Cash_______________ 505,821
97,70a
Deposits on tenders.
81,848 123,172
Expend, on contracts
346,310 999,254
Accts. & bills r e c .. . 1,392,929
162,521
In v e n to r y _________521,308 619,055
Unexp. Insur., & c ..
48,811 31,751
1915.
1914.
Liabilities—
$
S „„„
Capital....................... 6,500,000 6,500,000
386,70
D eprcc'n reserve
386,704
181,358
Accidents In erec—
181,358
54,240
Accident Insurance..
55,900
149,303
Investm ents........... - 231,923
464.208
Current accounts—
821,591
366,283
Profit and loss_____ 749,101
Total .................... 8,926,582 8,092,096
— V . 101, P. 2147. 1467.
T o t a l ...................... 8,926,582 8,092,096
1915.
1914.
1915.
1914.
Liabilities—
S ................*
Assets—
S
S
Real estate & blilgs. (536,28 7
642,79 4 Common stock...........1,215,41 j 1,157,585
M achinery__________ 373,982
368,555
1,046,978
Cash............................. 279,789
280,048 Reserves <°%
Bills & accts. recelv.3,223,376 2,876,002
769,000
740:100
Merchandise, raw &
m anufactured____1,503,842 1,435,633 Surplus earned.......... 1,802,908 1,026,994
T o t a l ...................... 6,017,276 5.603,632
T o t a l .......................0,017,270 5,603,632
— V. 102, p. 439.
Geo. B. Newton Coal Co., Philadelphia.
{R eport f o r F isca l Y ea r en d in g O ct. 31 1915.)
Pros Samuel B Crowell, Phila., N o v . 29, wrote in subst.:
M , n,; /h w
handled 936 404 tons, consisting of 430,493 tons of
.
^tons ofsteam sizes, against 34,020 tons and
domestic sizos and oOo.Oll,
addition our general tonnage
’or tho yoar of 1,132,585,
off in tonnage was largely
Tho oxponso for tho yoar
U )9 7 'tons(
With the Octobor Increase in tonnage tho cost of operation
WiDuringCthob yoar 'w)oHaddod a building materials lino, which wo boltovo
will materially help us to reduce tho loss wo sustain in tho coal business
during tho summer months.
Eeb . 26 1916.]
THE CHRONICLE
B A L A N C E S H E E T O C T . 31
1915.
1014.
Assets —
$
$
RealC3t., bldgs., &c. 1,744,869 1,756,367
Good-will________ 2,345,250 2,345,250
Trade agreements.. 822,300 822,300
Prepaid expenses,&c
50,703
59,504
Coal A wood Invent. 474,536 531,989
Bills & accts. recelv. 746,966 734,113
Cash.................. .....
72,652 151,261
Investm’ts A loans I] 47,5801 70,792
Inv. of s. f. for bd.s.
5,400/
Organlzatlon exp__
56,622
54,735
Investm’tof 1st prof,
stock sink. fund.. 95,260
—
1915.
1914.
Liabilities —
S
S
First prof, stock___ 1 ,750,000 1.750.000
Second pref. stock.. 1,710,000 1.710.000
Common stock____ 1 ,750,000 1.750.000
5% mortgage bonds. 222,000 222,000
5 4-10% mtge. bonds 20,000
20,000
mils payable........... 290,000 316,428
Accounts payable__ 560,820 585,076
Accrued charges___
13,245
8,704
Invent., Ac., reserves 14,545
15,570
Prov. for pref. dlv__
61,250
Special surp. (s. f.)__ 95,260
72,114
Undistributed profits 28,382
17,059
'p y i 8 9 0 6, ' 41 5 5 5 5. 1 6,528,201
D avis-D aly Copper Co.
Tota! .................. 6,460,251 6,52S,201
(of M e.), B u tte and B o sto n .
(Report fo r Fiscal Year ending June 3 0 1 9 1 5 . )
G °n . M gr. William L . Credon, Butte, Sopt. 9, wroto:
Our Colorado mino was in activo operation throughout the year, al
though most of the minos o f the Hutto district suspended operations for a
tinto early In the European war and during the Hutto labor troubles last fall
, Silaf t staking, begun In M ay 1914, was continued to completion
The
shaft Is now 2,542 ft. deep and the dovolopinent o f tiio 2,500 horizon is
proceeding. Including shaft and shaft stations, there wore 4 140 ft of
dovolonmont work during the year. A small tonnage o f oro was extracted
from drift development. No development o f any consomionce
above the 2.500 level and the ore extracted during tto “ oar S m o from thte
lovol. Through tho courtesy of the Anaconda Copper Mining Co Conner
tlon was made for air with tho 1.700 level of thoir Mooniiglft mine
A£
langomonts havo just boon completed to connect our 2 500 lovol with thn
. . <IC “*l° Colorado will bo considerably benefited bv this nrninstallednfVnml?h«fri°SiftU* ’ . i f ’ll0"" ®4nch standard pipe water-column was
to liltn m m nfthii 1-800 to tho 2,400 lovol and a now pump was installed
onM ^ r0on°nf ah water from tho 2,500 lovol. The mino is now handling
station*m6 th n oa m Si o f '!,’at01’ p,or ,nin,lto- Shaft sinking, cutting a pump
nnli In 0t> V10 3,100 lovol, cutting a working station on tho 2,500 level
® ° ? J ncr2as,n? ollr s(prago capacity for underground water, connecting
OUnuWor £ ngs l°i' ventilation with tho Moonlight mino cost over 870 000 °
I ho course o f most o f tho volns in tho Hutto district is marked liv out
crop, numerous prospect pits, open cuts and shafts, by which the veins
S i f ? 7 traced. The claims o f this company cover an area more than a
miloi long and about one-third of a mile wide and aro located in what is now
the heart o f tho Hutto businoss district. Tho only opportunity of noting
tho surfaco geology is from an examination o f cellar excavations street
cuts and telephone ditchos. Our Bob-Ingorsoll-Sllver King vein w£s ex
posed by binding operations
This vein wo regard as a valuable asset
and oqual in importance tQ the Blue and tho Bosporus volns of the same
fissuro systom. Tho development of this vein will procood some time during
‘ heyear from the presont bottom lovol. Tho No. 1 Bosporus vein on the
2,o00 lovol tho objoctivo point of all dovolopmont for the past year and a
hali—was roacho 1 on Aug. 20. At tho point whore tho vein w is enemmvdn is very e n c m S n g
° r° 10 ^ 'Vld° Wa3 °*p ow d - l i f t i n g on tho
IN C O M E
ACCOUN T
FOR
YEARS
E N D IN G
JU N E
30
„
,
1914-15. 1913-14. r, . ,
1914-15. 1913-14
Ore sales...................... $19,482 $263,178 Deduct
—Mining cost. $5,017 S207 113
Int., rents, Ac.............
4,930
3,795 Interest,
taxes, A c ... 11,583
15,146
General, Ac., exp----- 11,835
13 171
T °tal ................. $24,412 S271,973
Deduct —Development $ 1 76,020 $ 14 4 ,563
Balance, deficit-----$180,043 $108,020
B A L A N C E S H E E T J U N E 30
1915.
1914.
1915.
$
$
Liabilities —
$
MlnesAminlng prop. 4,106,680 4,112,474 Capital stock....... x4,800,000 4
Construe. A equip.. 110,159 111,044 Assess’ts of 50 cents . 300,000
Develop, expend__ 1,359,366 1,185,534 Uncalled for subscr. 900,000
Furniture A fixtures.
940
-698 Accounts payable...
8,342
Invest, in oth. cos..
14,800
14,800
payable, A c..
10,408
Unc. sub. to cap.stk. 900,000 900,000 Wages
Accrued taxes, Ac.
1,726
Other def’d assets__
54,553
50,632 Profit and loss___ II 030,220
Cash................ .......
06,236 110,272
Unpd. stk. assess'ts. 24.180 171,591
Other current acc'ts.
13,781
4,130
Assets —■
1914.
S
,800,000
300.000
900.000
6,443
11,317
2,283
647,134
799
opArticlVo thereof100 undcr
trust agreement as provided in Section 9
o f C h ica go R ock I s l a n d &
P a c i fi c R y .
[The guaranty by Receiver Hush of St.L.Ir. M t. & So.Iiy. is in similar form.]
\rnmroVoLUr,,Je-Ce ve< r tho undersigned, Jacob M . Dickinson and 11. U.
.^fo.dgo, as receivers of the Chicago Rock Island A Pacific Ry. Co. and not
oJ^i ly ’ do hereby adopt, join in and become parties to the above
note a Ti.Sf»rn1r. guaranty of the principal of and interest upon tho within
note. 1 he execution hereof by the undersigned has been authorized bv
2-1’ °^der,9f l?1? District Court of the United States for tho Nor. Dist. of 111.
Lastern Division, made and entered M ay 20 1915, in a certain cause therein
pending in equity, entitled “ American Steel Foundries c S
g ain st the Chicago Rock Island A Pacific Ry. Co., Defendant, :sfo 445 ”
K-oot,.h ,fr,’5i'llS °t# "djich order, reference whereto Is hereby made with the
““
u fu?t 35 lf s? ld order were here set forth in full, certain provision is
hcronndcV1 rJ?pioct to JJ10, satisfaction of tho obligation of tho receivers
hereunder. It is provided, among other things, in said order that m v
recoivershin estate
succc°d to tho receivers in the possession 'o f the
Ig K
? estate shall assume the obligations, then existing and to accrue
antv ammhatSinnterVd i,lt0'Pursuant, to said order, Inchiding said gua?:
ohlig’aUon with
^
? VOIJt 8aid receivers shall thereupon be relieved of
thV hitercst't\VereaftCT Vo'aiVruif thereon.0^ th° PrillCipal ° f Said notos and
A ct^T enne°^conin f q ? § ^ 1/m TihC8rp0rati?d under tho Terminal Railroad
anil will he of idvh
^ V* bridg0 and, approaches will bo double track,
typo o f
construct,on designed to carry the heaviest
loc-U amho?it4M nrovhi'in'SPr^ 1
arrangements have been made with tho
v i auinorities providing for a wagon way upon the bridiro q'hn hririo-o
is vU
es cd equally in the three
^ 16‘
SwP ° ^companies.
P of the s t ^ o f the c o m p l y
is
vested
guarantor
Also owns in fee simple a right of way from a point near Kansas Ave
lVrVrtiS ‘i' m..!?-1110 M W satopl River, and from tho west bank o f tho river°o
lb ldge Junction, Ark.; and Is entitled with the three guarantor corporations
to use by trackage arrangement, tho portion of the St. Louis Iron Mountain
& Southern Ity. from Bridge Junction to Briark. Tho Bridge Company
0" a s ..'> ^e9 (but subject to tho mortgage thereon of tho Rock I s la n d
M e m p h is ;T e r m in a l R y . C o .— not an obligation of the bridge company—
under which S400,000 bonds are outstanding, and an additional si50 000
™ay be issued) oj 2 acres of real estate in Memphis abutting upon the right
of way from Kansas Ave. to the Mississippi River. This tract o f land is
to be developed Iiy tho Rock Island Memphis Terminal Ry Co (wliich
has the right of user for a term of years V. 99, p. 1833) with storage tracks
& ’iVrm
faciilties, that the Arkansas & Memphis Ry. Bridge
& T m irnwf h n t ,tbc‘ Kaarantors may obtain right to use upon fair terms.
Xtie growth of traffic to Memphis from the territory served bv the three
guarantor railroads has reached such proportions as to overcrowd the
existing railroad bridge belonging to St. Louis & San Fran B R Co
us^of thebHdSgeV v fz °f 3201,430 ls exPectcd by the guarantors from the
Kstimated cost of the bridge In place, $5,000,000; involving an
outgo of (a) Interest charge at 6% . of $300,000;
oneration **$95
S50,000: (c ) maintonanco and
operation,
525,000, total, Say
say__________
non
Dl£„n„g the Dscal year ending June 30 1915 the sums pa'id'to'the
K a n s a s C ity & M e m p h is R y . & B r id g e C o . (Frisco bridge)
oy tho companies guaranteeing the present notes; (a) Freight
ratf ° i ^ ° ^ 2 1; (b) passenger (bridge tolls at 25c.
per passenger), $103,712; (c) trackage charge over bridge for
w h ‘ oS, i at rate o f ,$1: pc.r ca/> - *41,198; to ta l.I___
$639,431
to IP nf t w i l 9. 9 an annual sinking fund becomes operative, equivalent
of tlm presciit^issue” ^ v f ai0 2 boild~
i and‘ng* - $60,000. on L o basis
A tla n ta B irm
inghamini&« A tla n
tic R R .— Earns,
fo r 6 m ol.
.
.
Ifll r.
n -.i_.
1915
1914.
D ed u ct —
\ 1 onv
in
SSir.
ix M
s . to
D e c . 31—
$
Freight................1,166,857
Passenger--------- 293,333
M a il---------------33,422
Express-----------32,165
Mlsc. trans. rev.
13,132
Non-trans. rev.
34.304
$
960,433
298,827
33,590
34,521
14,529
35.753
1915.
Maintenance of
way, A c_____ 236,789
Malnt. of equip. 270,383
T ra ffic ________
76.642
Transportation . 590,143
General________
56,196
Taxes, A c______
79,834
1914.
S
210,127
264,351
76,526
587,499
60,892
6S.993
Total earns.. 1,573.213 1,377,653
Not Income, after deducting taxes___________________ 263 2f>8
109 “>65
Mlsc. income In 1915 (cr.$26,490 A deb.$69,064), not_deb42,574deb 33,’4S1
Total income for tho 6 mos. ending Dec. 31 1915__ 220 654
75 785
T ^ r^ L e^ nlngS..fo^ 6.mos- to Dec. 31 1915 increased $195,559, or 14%.
8 7 ni?§ r3;!ratI° bef°re taxes for the period in 1915 was 78.20% .against
87.06% for tho same period in 1914.— V . 102, p. 344, 152.
B osto n
& Maine R R .— 9 7 % of Notes A ssen t.— Time
I ho holders of over 9 7 % of the notes maturing
March 2 1916 have signified their assent to the plan for
extension to Juno 2 1916.
Extended.
m 'r i J i r n . f , ! , 1115
andv,t V6 expectation that further assents will be
12°o ck^c’k1noon” iVlonday, 'peb!1^8*1916.m ay bo flled has boon oxto» dod ‘ o
GENERAL INVESTMENT NEWS
/ rovision of Massachusetts Statute Limiting Issues o f N ew
Securities fo r Merger Purposes .—
,..
S ection 3 C h a p te r 380 A c ts o f 1915.
A rkansas & M em phis R y. Bridge & Term inal C o .—
which
^ I v f i Vra‘ U°iv1 stocks and bonds of tho Boston A Maine R R .
which may bo issued for the purposo of making tho purchases exchanges
N otes.— further Particulars.— 'T ouching tho 6 % guaranteed or consolidations authorized by Sec. Ono shall not exceed the aggregate
par valuo of any stocks of subsidiary companies directly purchased plus
seeurod gold notos, due Jan. 1 1918, offered at 9 9 % and int
* ^ n n I°ar valuo of the stocks, other than thoso directly purchased,
by Sponcer Trask & C o., an official statement says in subst- o) rany
subsidiary companies whoso franchises and property are purchased
Digest of Statem ent by President A. C. Ridgway, C hic Nov ir, in is ’
vLch ! “ Ch are consolidated with said railroad, but excluding any s K
N o te s . — Authorized issue limited to $5,000,000 dated fin ^7'iui - 9 i
aro owned or held by any of such purchased or consolidated sub
maturing Jan. 1 1918. Interest J. & J. D e.Z A si^OO TOunon fnrm1 sidiary coinpanias or by said railroad for which stocks or bonds or other
Secured by a trust agreement dated Jan. 2 1915 and a sunniemmu^V
ovidoncas of indobtodnass of such owner or holder aro now outstanding.
(b) Nor shall tho stocks and bonds of tho Boston A Maine R R . issued for
K n ™ IS; ' l>L lr’ 10J5 (Hankers Trust C o., N y . triu?^) under wl.lch'
Th\?‘rinV ) ,<! , lst M ■5% bonds below mentioned aro pledged as security^ for In tern *}1
SUiCh Pur.chaf os- exchanges or consolidations provide
avd dlvldends-.reckoning dividends upon any common stick
an C" lIro iSSU0
at P a r K r a W y
issuod for such purpase at the rato of 4% per annum, aggregating a larger
, i i ! ! ,bo.nds Pledged are
(meriting ^nntr r fan ^V3aggr0;tat0 amount now paid under existing leases,
Rgi?C0 «tr,?Cts and
°Perating arrangements by tho Boston A
t n ^ e ^ asoc^o^'F^,^ :*naltlfc
March1? lDGdPGimranty T ru st^ oT of^ ’^Y^’
fi.-Ji i10 J V or
any subsidiary company and paid as, or applicable to
diviilends to or for the benefit of the holders of any stocks of such subf r a n c h i wl?lch ar0 dlrectly purchased, or, if tho properties and
franchise or any such companies aro purchased by, or if they aro consolif
ir0st0v & *Nlai,‘ ? K u - to- or for 4*10 benefit of the holders
t & W o 0
p r ,y
for d Iedge as s i - t m t i' 5 )0'00b• S6.000.000 bonds havo been delivered
R A IL R O A D S ,
IN C L U D IN G
E L E C T R IC
ROAD S.
anty o f tho Chicago Hock lslaudh& &
P a c iflc ^ V hc i 0lan
SOVOI'al * uar:
St. Louis Iron Mountain A Southern Hy* Co a*nd its rividve^-in^'m0) aDid
Southwestern Ry. Co. as to both principal and interest ° Thn w n L ^ 0Ui S
question have been authorized by the resneetlvn i
, r! I1*
Vi°rs. ■11
^’h^ordLYi^cach^aso^proW
tations of the receivers.
any°corp<^
Bridge?
* -----------
G u a raa n
n ty
ty E n d o r s e d on E a c h N o te over S ig n a t u r e o f V ice -P re sid e n t o f E n rh r n
For
)r value received, The Chicago Rock Island & Pacific Ity C o S t i ft« u
as
ssss; ss&ss
s?vs
sags
"w
«
*
>
1 he foregoing limitations shall not apply to stock or bonds issued to
-S S ?
lawbiBv
f» r do,b.ts of subsidiary companies which may
lawfully bo assumed by said railroad In connection with any such purchases
exchanges or consolidations, and nothing herein shall bo construed to
ntorost n n d hVv IHin9rcase in the aforesaid aggregate annual payment for
di idoa.ds a-s. may result from tho provisions hereinafter con
tained ^ to dissenting stockholders. In the case of the Suncook Valley
R R ., however, the lease to the Concord RR. Corporation and to the Alanonim‘iHngI4am renC0 K,H- execu.tcd March 11 1870. shall, for tho purpose
— V 102 ji 71 ld aggregat0 annual payment, be considered as if still unexpfred.
Iron l..yuui»m
auuinern ivy.
v o. and
ana St.
a j. i,ouls
Smithiv.wt,....'. V-..'
Mountain <
Ax Southern
Ity. Co.
Louis Southiratnm
i>
bv Jointlv
nmi severally,
fiPirnmiiv pursuant
miputiunf. to rinn
... ------ power
stern
Co.
C hicago J u n ctio n Rys. & U n ion Stock Y a rd s C o.__
hereby
jointly and
duo corporate
anilIvy.
author'
Uy- guarantee the duo and punctual payment of tho interest
, Vi1" Bonds Sold.— Press reports state that tho company has sold
within note of Arkansas & Memphis Uy Hridgo A Terminai (' 1
H|
bearer or bearers o f tho coupons belonging thereto according1to the1tenor to the lirat Trust & Savings Bank of Chicago S I,000,000 lst
pf said coupons as they severally become due, and also the duo and nonet noV
° % ^wnds of tho Central Manufacturing District
eve.n°tv,t P* J 10 Principal of the within noto upon Jan. 1 1918 (or in^iwi
that the same shall become due pursuant to proceedings for rednnV,1,' (Seo \ . 99, p. ;M2; V . 98, p. 1607) duo in serials of $120,000
revWtered U*po'} ,the dat0 «™ d for such redemption) tH h ^ b la r o r o " h r,?ili Vinf nnn ^ ar\ -1 t19J 7 „ to 1940.authorized issue
biToro To. u Voi 0r,>;lst('''ed owner of tho within note, and also in case $10,000,000, of which SJ,0(X),00(J is reserved
to retire at or
hecomodnn nnen1 M U Prl,lc*Pal of the within note shall lie declared or
mai.urity tho 20-year real estate improvement bonds
Inal wrimn ! , ! the happening of an event of default as provided in tho
tiust agreement securing tho same, then duo and punctual payment of said of 192S. CompareJV. 86, p. 1409.— V . 101, p. 776.
Chicago Rock Island & Pacific Railroad.— Com prom ise.
Judge Julius M . Mayer in tho U. S. Dist. Court at N Y . oil Feb 17
ratified an agreement under which Daniel C,. Reid, \Vin. H. M oore and other
former directors, are to pay $750,000 to Receiver Noyes in settlement of
their alleged liability to the road through the loss on the purchase and sale
of its control of the St. Louis & San Francisco (V . 89. P - 1484. 1667). and the
navment of $525,000 contested dividends between 1910 and 1913. (V. 97,
d 1019.)
It was pointed out by the Court that the offer was voluntary
and not the result of any receivership suit. There was a deficiency judg
ment against the railroad company in January 1915 arising out of sale of the
stock of the Chicago Rock Islan d* Pacific Railway und er foreclostu-e of the
railroad’s collateral mortgage (V. 100, p. 139. 229. 30/, 4 /3 ). v . 102,
p. 608. 344.
Status, e t c —
Chicago Rock Island & Pacific Ry.—
The
Amster committee of shareholders asserts that there is no
danger of foreclosure, as the interest on the Refunding 4s
was paid promptly last October, and “will surely be paid
April 1.” The committee has under advisement methods
for financing the company’s capital requirements and hope
shortly to perfect a plan. They therefore deprecate as un
necessary the move to unite the Refunding Mortgage bond
holders for mutual protection. See V. 102, p. 344, 608.
Regarding the Rock Island Memphis Terminal Ry. controlled by this
company, see Arkansas Memphis R y., Bridge & terminal Co. above.
— V. 102. p. 608. 344.
Cincinnati Dayton
&
Toledo Traction C o .— Agree
—W. E. Hutton of Cincinnati, a mem
ber of the bondholders’ committee for the Gen. & Ref. M.
5s, due 1926, in reply to our inquiry regarding the agreement
recently entered into between the committee Riid the Ohio
Electric Ry., writes under date of Feb. 16 as follows:
ment— Receiver’ s Suit.
Default.— The company defaulted Feb. 16 on tho principal
and interest then due at the Bankers Trust C o ., N . \ ., on
the 8681,900 one-year guaranteed notes.
These notes are spoken of as part of $869,000 notes put out to take up
notes issued before the merger by It. S. A E. RIt. They are guaranteed,
it is said, about as follows: Burns Lyman Smith, *94>0b8 27,
Clifford D. Beebe, $81,919 23; William Nottingham. $81,919 23; Hendrick
S. H o ld e n , $81,919 23; Willis A. Holden, $81,919 23; Albert-E. Nettleton,
$27 075; Orlando C. West, $1,388 46; C h arles A. Lux, $14,231 73; Estate
of Frank Hiscock, $40,959 63; Edward H. O’ Hara, $6,942 30; M aiy L-.
Jenkins $6,942 30; Edgar W. Houser. $6,942 30; Clarence VV. Seamans,
of New York, $81,919 23; and John A. Roebling’s Sons Co., Trenton, N. J.,
$81,919 23.— V- 102, p. 521, 66.
G ran d T ru n k R y .— 2 ) ^ % Dividend on Guaranteed Stock.
Cable advices from London state that the directors have declared from
the earnings of tho year 1915 a final dividend of 2 f i % o n the guaranteed
4% non-cumulative stock, making with 1 'A % declared in October last the
full 4 % for the year. This compares with a final dividend ot 1
aeclaredln February 1 9 1 5 , which for 1914 made a total of 3 Yi % ■— V.102.P.66.
In terb o rou g h C on solidated C orp.— Voting Trust Expires
Holders of voting trust certificates under the agreements of Mar. 6 1906
and Feb 6 1911 are notified that tho voting trust will expire Mar. 6 191b,
on and after which date certificate holders may exchange their certificates
for capital stock of the company, at its offices 165 Broadway, N. Y.—
V. 102, p. 437, 522.
K an sas City & M em phis R y .— Status Under Receiver.—
(1) No plan of reorganization has yet been formulated.
.. ,
(2) $100,000 receivers’ certificates have boon authorized, ot which
$80,658 have beon issued.
.
,,
(3) F. J. Lisman & C o., 30 Broad St., N. Y. City, are acting as a com
mittee to represent tho 5% bonds of 1911.— V. 99, p. 969.
The arrangement provides that the Ohio Electric should pay into a trust
fund controlled by the committee enough cash to pay tho interest due on
Jan. 1 on the Dayton Traction C’ o. os and the ( inclnnati & Hamilton
Electric Co. 6s, also the accrued interest on all of the underlying bonds up
to Feb. 1. This has been done. The Ohio Electric further agrees that
commencing Feb. I they will deposit monthly the earnings of the ( jncinnati Dayton & Toledo less the operating expenses, they making no charge
for superintendence or management.
In order that the committee might have control over this fund, the direc
tors passed upon it and agreed that they would not take any action toward
annulling the lease for at least six months. I he action of In® directors was
ratified at the annual meeting so that wo can see no way in which the agreemeat between the committee, the Cincinnati Dayton & loledo Co. and the
Ohio Electric Co. can be nullified.
[Elmer W . Cirishy, Cincinnati, a bondholder, on Feb. 10 fde/l an applica
tion in a Cincinnati court for a receiver for the company on the ground that
default- in payment of the interest on $ 2 ,700,000 1st consolidated os, due
Jan. 1 1916, had been m ade.— Ed.]— V . 102, p. 152.
Cincinnati Northern RR.— Dividends Resumed.—
This company, $1,707,400 of whose $3,000,000 stock is owned by the
Cleve Cin Chic. & St. Louis Ry., has declared a dividend of 3% , payable
March 1 to holders of record Feb. 28. This is the first payment since
March 1913, when 1 lA % was paid.— V. 102, p. 608.
Cleveland Cin. Chic. & St. Louis Ry.— Other Incom e.—
See Cincinnati Northern R R . above.— V. 102, p. 608, 521.
Cleveland (Electric) Railway.— Earnings.—
Cal Year —
1915.
1914. I C al. Year —
1915.
1914.
GrossOne.oth.inc.) $8,542,31387,735,677 .Interest & taxes. .$2 344,665 $2,169,250
Net income.......... $2,550,599
§1,856,002 [Balance
....surS206.034(lef$313,2o4
V. 101, p. 1369.
Cleveland Southw. & Col. (Electric)
Venr __
R y .— E a r n i n g s —
1915
1914. I C al. Year —
1915.
Gross'earninga.--Sl.242,001 §1.255,283 Interest & charges 8330,331
Net, after taxes.. $377,017 §439,484 |Balance, surplus-- S46.687
—v ’. 100, p. 1437.
rn i
1914.
8327,946
§111,538
Delaware & Hudson Co.— Listing of Convertible Bonds .—
Tho New York Stock Exchange has authorized the listing
of 814,451,000 5% 20-year convertible bonds, due 1935, on
official notice of issuance in exchange for outstanding fullpaid subscription receipts. Tho bonds were offered to share
holders in Sept. 1915 (V. 101, p. 773).—V. 102, p. 65.
Dominion Power & Transmission Co., Ltd.— Earnings.
Cal. Year—
1915.
1914.
1915.
1914.
Gross earnings__ $2,353,956 §2,395,967 Bond tnt., & c____ $384,771 §377,105
386,613 461,392
Net earnings____ §1,001,955
$904,096 Dividends paid—
Balance, surplus-.
§120,930 §65,599
—V. 101, p. 2144.
Cal. Y ear —
Empire U n ited R ailw ays, In c — Receivers Report— Cita
tion by Bondholders' Committee.— Tho committee of holders
of 1st M . 5s of Rochester Syracuse & Eastern R R ., due
M ay 1 1945, Arthur W . Loasby, Chairman, in circular dated
at Syracuse, Feb. 18 1916, says in substance:
The receivers, at our instance, have prepared and presented to the court
on Feb 15 1916, a comprehensive report which in every way confirms the
judgment of the committee. The receivers say in substance: We believe
that (a) the system can lie operated as a whole, so that the^interest; on the
underlying First Lien Mtges. can be paid with a surplus after this interest
of $123 389: (6) the three constituent properties, if operated separately,
should pay the interest on their 1st M . Ponds with a small margin.
For tne vear ending June 30 1915, owing to various causes tending to
diminish travel, the receipts of the company were at as low a point as they
ever reasonably can be expected to fall, showing:
R esu lts fo r Y e a r e n d in g J u n e 30 1915.
„
Receipts from oper., $1,302,920; non-oper. rev., $42,604; to ta l..$ 1 ,34o,524
Net, after operating expenses ($836,602) and taxes ($63,600)-.
445,322
D ed u ct — Interest: Funded debt, $478,050; unfunded debt, $26,505
504,5o5
Track and terminals privileges, $44,417; hire of equipment,
- -....................
o8,J17
$6,628; rents, $7,872; total . . . ...........
Strike expenses, $5,773; amortization, &c., $8.4.3, total----- 14,21b
Deficit for the year.............................. ............- ................... ..
$132,396
For the fiscal year ending July 1 1917, the receivers expect a total income
of not less than $1.338,650. 'The operating expenses they expect to r ^ u c e
to $718 180 (a saving of $118,422), so that, with taxes at $63,600, the not
income ’would be $556,870. Deducting the interest on (a) all 1st M b orn ls,
$382,050; (ft) real estate mortgages, $1,263; and (c) car trusts,$43>p.L track
and terminal privileges, $36,200; hire o f equipment, $4,.>3o, and rents,
85 430 there would then be left a balance o f $123,389.
* This amount, $123,389, would then be applicable to the payment o f
$125,571 interest upon tho following junior obligations: $1,388,300 Empire
1st. &
same:
guaranteed
. Ref.
. M .. -i5%
,r. i bonds
/<r\ - and $8,472 receipts on
Q ‘47A
AC/$678,900
m1 |o navah
fi.
indicates, snouui earn ior me .ycai
‘
6q .
same as for tho year ending June 30 1915): operating expenses, $417,188,
taxes, $36,600; net earnings, $314,662. Deduct interest upon R. 8. & E.
RR. bonds, $244,800; track and terminal privileges, other interest, &c.,
$64,025. Balance surplus. $5,837. This summary deals only with actual
figures and not to take into consideration theoretical computations made
for depreciation, which, however, should not materially change tho same.
Your committee, therefore believes that any plan of reorganization
should preserve the integrity both as to amount and lien of tho existing issue
of R. 8. & E. bonds and pay the defaulted interest thereon.
[Vol . 102.
THE CHRONICLE
800
K an sas C ity & M em phis R y. & Bridge C o - T e n a n t s
to Have Independent Bridge .—
Soe Arkansas & Memphis R y., Bridge & Term. Co. above.— V,99,p.l597.
Lake Shore Electric R y .— Earnings.
C a le n d a r
G ross
Y e a r — E a r n in g s .
1915___ $1,097,042
1914___ 1,120,328
— V. 101, p. 47.
N et
E a r n in g s .
$377,982
416,677
Other
In c o m e .
$25,000
25,000
In terest
P a id .
$336,444
329,832
P re fe rr e d
D iv id e n d s .
(3) $30,000
(6) 60,000
B a la n c e ,
S u r p lu s .
$36,538
51,845
Louisville Bridge Co.— Exchange of Stock.
The Louisville “ Courier-Journal” on Feb. 16 said in substance:
An
nouncement was made Feb. 15 that 98% of tho stock of the bridge companv,
approximately, had beon transferred to tho Pennsylvania Company In
acceptance of that company’s offer to give seven shares <>f southern l acific
R R . stock for each outstanding six shares of bridge stock.
See V .102,p .b 0J .
Manhattan Railway Co .— Bonds Offered.— The Equita
ble Trust Co. and E . H . Rollins & Sons, N . Y ., having sold
approximately two-thirds of the issue, are offering the unsold
balance of the $4,523,000 2d M . 4 % gold bonds at 89 and
int to net 4 j/£ % . For description of issue, &o., see V . 102,
p. 609, 713.
C o n so lid a ted 4s O ffered .— Leo. Higginson & Co., Harris, Forges & Co. and
Kissel, Kinnicutt & Co. have purchased $1,000,000 consolidated (now 1st)
M . 4% bonds, due 1990, and are offering them at 93 and lnt., to yield about
4.31%. These bonds were sold to refund $ i.000,000 New York Elevated
Ry. debenture 5s, due March 1, and practically close the consolidated
mortgago of tho company.— V. 102, p. 609, 713.
Earnings .—
Milwaukee Elec. Ry. & Light Co
1914.
1915.
Cal. Year—
C al. Year—
1915.
1914
§823,375
Gross earningS-.-S5,971,715 §6,005,496 Interest charges.- §793,570
270,000
270,000
Pref.
dlvs.
(
6
%
)
N et, after taxes.-§1,806,834 §1,773,071
763,375
Other Income-----29,321
65.896 Common dividends 763,375
Gross incom e -----§1,836,155 §1,838,877 Balance_________ sur. $9,210 def.$17,872
—V. 101, p. 1465.
Minneapolis & St. Louis RR.— To Vote on Plan— About
6 5 % of Stock Already Assented.— The shareholders will meet
M a y 15 1916 to take such action as may be necessary to
carry into effect the plan and agreement of readjustment of
the company dated Jan. 31 1916 (see V . 102, p. 522, 529).
All stockholders are requested to deposit their stock under the plan and
agreement of readjustment, which gives them the right to subscribe to ad
ditional new stock or to accept a smaller amount of stoek in tho new com
panv all as set forth in the plan.
,
, ,
. ,
' This plan, in addition to being underwritten, lias already been assented
to by holders of approximately 65% of the stock. In order to carry it into
effect, it is necessary to receive proxies from 75% of the entire issue. I roxies have been received from all the large holdings.— V . 102, p. 522, 345.
Missouri Kansas & Oklahoma RR.— Protective Com
mittee.— The committee named below requests deposits of
the $5,468,000 outstanding 1st M . 40-year bonds, duo 1942,
at tho U . S. Mortgage & Trust C o., depositary.
Committee: John W. Flatten, Chairman, Pres, of the U. 8. M ortgage*
Trust Co ’ Donald G. Geddcs, Clark. Dodge & Co.; George K. Johnson,
Pres or lomi W Hamer, Vice-Pres. Penn Mutual Life Insurance Co.;
W W McClench Pres. Mass. Mutual Life Insurance C o., Springfield;
Tames Tinuwon V.-Pres. and Financial Mgr. Mutual Life Insurance Co.
L C Krauthoff, counsel; C. II. Murphy. S e c .-V . 78, p. 1447.
Missouri Kansas & Texas RR.— Deposits.— The pro-
testive committee, F . N . B. Close, Chairman, for tho Texas
& Oklahoma R R . 1st M . 5 % 40-year gold bonds urges holders
to deposit their bonds with tho Bankers Trust C o ., deposi
tary in order to be in a position to take action should default
be made on M ar. 1 coupon. See V . 101 ,p .l l8 9 ;V . 102,p.522,609
Notice to Holders of M isso u ri, Kansas A Oklahoma 5s.
See caption of that company above.— V . 102, p. 609.
Morris & Essex RR.— Bonds Held by Del. Lack. A Western.
Soe that company’ s report on previous page.— V. 102, p. <>09.
New York Central RR.— Consolidation M . 4s Listed.
•
The Now York Stock Exchange has listed:
Consolidation Mortgago bonds, $40,000,000. Series A. due 1998. with
authority to list an additional $30,000,000 In ®xcb»ngt, . . 'V , | i udson
3 3-2% gold bonds Lake Shore collateral of the New £ ork Gei
RR Ga nr for \ I* Moi’ffail & Co. COrtil ICftt-t-S OI (AGPOSIL, lOprO
senting such Lake Shore collateral bonds, making total amount ot Series A
bonds to be listed $70,000,000.
Balance S h eet— The company reports as follows:
C o n d e n s ed G e n e ra l B a la n c e S h eet October 3L 1915.
L i a b i li li e s A ssets—
Capltal stock________ 249,595,410
Investment in road and
equipment.................$640,402,123 Long-term debt........... 685,759,262
Other investments----- 340,817,584 Loans * bills payable. _ 319,391,590
5 ,9 8 5 ,5 9 4
Cash & other assets—
68,334.620 Other liabilities...........
23,091,790
Equipment reserves__
3 5,730,681
Total each side----- $1,049,554,32 Corporate surplus___
-V
- V .. 102,
1 UZ , p.
p . 713,
/ lO , U
602.
U i.
N Y . N. H . & H artford JtR.— M ass. P. S. Comm. Report.
The Mass P 8. Commission on Fob. 23 filed a report with tho Legisla
ture recommending that the company divest itself of certain outside prop
erties and franchises acquired without the sanction ot Mass., although
Feb . 26 1916.]
THE CHRONICLE
authorized by Conn. laws. Disposal o f the Rutland R R . stock, the C om
mission says, should be required within 3 years, as well as of the securities
or all gas, eloctrie and water companies, and 4 small street railway companies
which
directly in uonnecucuc.
Connecticut.
‘in the
v* company owns uirecuy
th e Commission believes that the company could properly retain its
interest in steamship companies, provided the consent o f the I .-S . C . (Com
mission is secured, t)ut the N . Y . Ontario & Western holdings, it is a s s e r t e d
might welj bo sold if the transaction can be arranged without financial loss’
Limitation o f the dividends of the company to not more than 5 % is
3COmmnnHnrl nnt.il «nr>h timn
InnsAs t.n hn
__
[The Boston “ News Bureau” on Feb. 23 said: “ Th e New Haven is coping
with a veritable avalanche of freight. Traffic offerings over the past six
weeks have been far^and^away tlio biggest in its history for this time o f
Northern Ohio Trac. & Light Co., Cleveland.
C a l.
Y ear.
G ross
E a r n in g s .
191,5.-S3,890,751
- V . Y o l ’W l O 5
N e t a fte r
T a x es.
S i,517,741
1,398,656
B o n d , A c ., P r e f. D ie s . C o m . D i e s .
In te r e s t.
(6% ).
(5%)
$628,309
006:81«
$199,281
182:364
$450 000
450,000
A
n
( 2 ) A M r U e 0
nf o n t 9M4 ■(U ,
p. 690.
& N avigation C o.— Dollar
Bonds Replace Sterling Bonds.— The New York Stock Ex
change has listed:
RR.
Southern Railway.— Consolidated Fives Offered.— Frazier
A C o., N . Y . and Piiila., are offering $1,500,000 additional
1st cons. mtge. 5 % bonds of 1894, due July 1 1994.
'
bo,ndsV-0f Yhich 871.804.000 is now outstandf lr? fclIien on !*43/ miles of railroad and, through nledee
Collatoral lie" on 250 m U ^ a d d i t i S
mileage^
rVJ?,i^
.USP.' OVen,lg
the entire
viVui • ’ 4 028^mHes2,at°l
miles, at a rate,
including
prior Ppactically
liens (to retire
which owned
hnnrta
«Ctbi ® ^ ueare reserved), of only about $.1o,000 i w n ^
D u S S
•ixyears, a,s a result of refunding, the mortgage has become a direct first
V
1
0
2
, addi tl on to the Pr°Perty so covered prior to 1909.—
B a la n c e ,
S u r p lu s .
$240,151
159,394
Ohio Electric Ry.— A g r e e m e n t .—
O re g o n -W a sh in g to n
Southern Pacific Co.— Revised Data.—
iat han.d to° !at« fl?r Insertion in the “ Railway & Industrial”
Section of this issue shows the following items which are slightly lartrer than
heremforo publishecl: (!) Capital stock outstanding. $272 177,405 (2^ <^onvertible 5% bonds of 1914 outstanding, 854,528,000. and (3) eauinment
trusts series C ,” dated 1914, outstanding, $1,053,000.— V .101 p 16‘M)' >146
This company announced Feb. 23 that since Jan. 1 it had placed equiDd o 11V rvd 0% a'J1° uH.4' n8 to $6,000,000, payments being met out of cash on
craiie6ry
^ 10 e9 uipment includes 4,226 cars, 20 locomotives and a moving
See also Pacific Mail SS. Co. above.— V. 101, p. 2146.
in g ’as r
i
p
—E a r n s .
See Cincinnati D ayton & Toledo Traction C o. above.__
--------- V. .. 98
801
Texas & Oklahoma RR.— Deposits. —
See Missouri Kansas & Texas R R . above.— V. 78. p. 49.
Underground Electric Railways of London.— N ew
lootin g Basis. — A t recent meetings of the four controlled
, .La), £ . f st, * Refunding Mtge., $2,208,000 4% dollar bonds Scries “ A ” electric railways and the London General Omnibus Co. the
d"S
i ssuod *n place o f £441,600 Series B sterling bonds surrendered
shareholders ratified a perpetual agreement for pooling
Sorles A o^offfe^aHinM™0^ ^ t0 llst *2,792,000 additional dollar bonds
bonds Serb's n ml J ?,I f « f issuance in exchange for outstanding sterling profits by which the half-yearly net profits, after providing
° ,
,ies
making total amount outhorized to bo listed -525,000,000. tor payments to reserve funds, will go to a common fund for
Earnings.— For 5 months to N ov . 60 1915:
distribution among the companies in certain proportions.
Gross earnings...................... $7,642,325 Int. on funded debt.........$1,575,590
^ A® London Statist, Jan. 29, said in substance :
N et, after taxes----------------- 2,663,075 Rents.................................
401,628
J k® metamorphosis in the traffic conditions of London in recent vears
Other Inc. (rents,$295,211)
384,234 Interest on loans, &c____
178,107 hn^?iibeen
J.ar8*;ly the result of the enterprise of the Underground Electric
.
-------------- Miscellaneous________
28 365 the K
"electrifying the Metropolitan District R y-T icon sH u ctlng
Total income ............ $3 ,047,309
1
v. 100, p. 2086.
| Balance, surplus.......... $863,619 ( ' L s n , t i i s In securing control of the Central London and of the
Pacific Gas & Electric Co., Cal.— N ew Facilities.—
.,|:ho coniPany has recently completed the Installation of two submarine
h t ,,L'na nrOSS ? ana' ralJfisc0*,fty at a depth of up to 200 feet. These will enable
it to deliver in San b ranciseo direct from its great water-power plants in gers cSnveved
hutV. "evertheless. only 42,000.000 o fth e p is s e n the mountains several thousand h. p. of electricity, to supplement the !ontroXdeJby [ h e ' ^ ^ ^ r o u ^ d ^ o ^ y 86” &twee"
various systems
present output fniin tin; eonipany’s plants. The need for this additional
service is due, it is stated, to the constant!*- I
._
.
sv.. J.“ ,' 0rW, f rran1cmen.t sueks (1) to render possible a simple and effective
light and power not only in the city of San
fneioS ° , , t lrou?h Or interchange tickets which, it is hoped will lantelv
the southern
V. 102, ...
p 154, 522.
(2?rAffnr<i 1<L vo.lumu of traffic and the consequent receipts therefrom.
-part of the bay.—
......................
^ .A ffo r d greater stability and security to the rent charged d e n t u r e
m i*>eCi ^ a ^ ^ f s ^ e r n R y *— N o I n t e r e s t o n I n c o m e B o n d s .—
in U i i^hnn^hStOCks " f,t d e "ndertakings. On the basis of the’ net profits
1 ho directors havo decided to pay no interest on Anri I 1 alinostS 5 thnesgoverf th" f ' ve companies in the aggregate were covered
Ian i mi r v i" e ° Y r' According to the arrangement, which took effect
1916 on the $4,000,000 income b o n d s .- V . 102 p 251
several
’ the various proportions of tho common fund receivable bv the
DistrfetCi<oc^,a? les j1" r“ P«ct of last year were as follows: M etropoHtan
Philadelphia Company, Pittsburgh, Pa . — B o n d s . —
idistrict 12%, London Electric 26%, Central London 20 <-7 ( ’itv «- w
1 , S )lo!lul1 rrust c ° . of Pittsburgh, Brown Bros. & Co. unMUn ?
andrthft UoncJon General O m .d b u H o % % ’ F o r i m l and
h
™ei<aS fresh arrangements are made . as permitted in the event
and i lontgomery, Clothier & Tyler are recommending at of V
nistr?e*C.1rC
,Umsta.nce5 of an>’ ,,f the companies materially^ changing— the
market price to yield about 5 .4 0 % , consolidated mortgage ii,.n
f n .b to receive from the common fund 12% , tlio London Electri^30<56
A collateral trust o % gold bonds of 1901, duo N ov. 1 1951
O e ' n ^ r & a r s s T " ’ ,h ° C “ y 1<: 80“ h
« “ .n d S 7 a ? n
a {£ & ^
fL e t t e r b T P res. j H . R eed , Pittsburgh. J a n . 25 1916.
' Dated Nov. 1 1901 and mature Nov. 1 1 9 5 1
Interest M * v
considered a first charge upon the common fund and only after such nav
t i n n W ? / 0:? 1 °! *Lp0O each, registerable as to principal
Denom
(B
g on‘ lnental Trust Go. of Baltimore is trustee.
me t is made shall the balance of the fund be divided among the com"
° , I ennsylvania State personal property tax and the conmanv
haVThVrv henagreo d Proportions. The advantage of the arrangement is
S' m , 17 ^hc paym ent of the normal Federal income tax
I■ >
9.mnd)us ( omPany which possesses the greatest financial strength
th e bonds are authorized to the amount o f $22,000 ,000 . There have
who will ?hnct h»adid t(! , the financial strength of its underground'hrethen
hmwi issued and T''.' outstanding $15,148 ,000 and Sfi,5 00,000 unissued
™ ih L r ii placed in a better position to raise any new capital needed
bonds are reserved to retire an equal amount of Philadelphia C o f l w
whnin n? f ^ f t!lcr deve opment. th e Underground Company ovvns the
mortgage & collateral trust 5 % bonds, due M ar. 1 1949 and $352 000 to
major northfn^ratrhoCiaP ital ° f
General Omnibus Go. and the
acquire the outstanding preferred stock of the Consolidated Traction Go
matters little l
securities of the four electric railways, so that it
0 ^eciiHly T h e r e f o r . — (1) A first lien on 232,960 shares of a total lss.m'
"ttlo to the controlling concern whether it receives its income
240,000 shares of preferred stock of Consolidated Traction Go
ofits c r . e to ^ l 2 K ! ! y ° r Y huthY some of theTonTon GeneraFs
par value, and 247.234 shares of a total issue of 286.980^shares of its eo?.n
tvnoJ.fi
through the medium c f the railways the return hoi no
mon stock at a par value of $50 per share.
snares ot its coin(2) Subject to the prior lien o f $6,500,000 first & collator'll i n n i w
vania,’ including P lu r a l
? £ i l e C.°™ PanA * < * » * « ? > Fennsy^-
vyu. mrnisning natural gas to
burgh which was formerly the City of Allpghnnv
taxation by State of W. Va., $8 500 000 ’ rdt’ FntVre ^n?0fVamat on, fo,r
Chartlers Valley Gas Co., <»timat^ ™^
nnnta}mnSistock
Island, the site of the principal power house of the*D 4uesne Light Go”1
estimated valuation $3,500,000. (f) Entire eanii-il
! m , -'
County Light Co., all its $1,000,000 1st M. bonds and$760 0( ) ,mtes
(estimated reproduction value of plant $8,190,000). (g) $ 8 2 5 00 ) not«4of
United Tract. (’o. Entire com. stock of Consolidated Gas Co of Plttsbmvh
offni1!'iaf?Bre1atu va,uatlon of the properties subject to the lien of the bonds
offered can lie conservatively estimated at moro than $60 oon non
mortgage may be placed ahead of any of the ple.lged stocks
’
N°
having loi various reasons been diverted to the electric r»ilwav«
G
.egardsexpeiise., ^the Tube lines have had to bear the whole of t tie burden
° f 'iuY\'rar konu® to employees and are having to pay more for their coal
veWcieesL t h ^ nb?forer? L ° ^ bUaS C o- is, operating much dialler" fleei’ of
^ m a n d e e re d by t lie Governmeiu * n.l'tranipor^purposes ‘ ‘'"Doubtl'Ss
railways l l T u h o Omnihn d ( ’ t!rOU,ld Company from investment in the
.argcly^iffsMBt
‘ addRiO T^^venue ^ron^other *imlLl^farie^* suc*Vas^he
Associated E.piinment Go., and it is anticipated the full rate o f^divddend
v HI be forthcoming for past half-year on 6% income bonds.— V. 101. p. 450.
en^ ! ^ ^ h ! i e V J15Ha^
vaC£ iC ? ? ,_ TDoll<ir Bonds Replace Sterling Bonds.
’ ? l ? o k Exchange has listed $ 5 3 1 ,0 0 0 First Lien
nnn ^ ’-G % ,bo? di due 2008, with authority to
add $4,469,000 additional of said bonds on official notice of
issuance m exchange for outstanding sterling bonds of said
T|n i°v
duri,,g th0 yoar
0 00 serial notes, andalso^ S^ M ^ nn n^ ® 1L 752,000 debentures ami $1,500,delphia Company is navin i' m8 ’.?i0 0 l? y caP*taI stock- '>» which the Philacuniulative pref/stiick $(i V7 1 annCc d/S as fo owPs ; 82,033,400 5% non
common stock, present dividem ?r»f2^^cum‘ |,r.cf; ? T ck and 842.943,000
048,516 per annum.— V 102 , p . 713 f % ’ or a total fwr a11 classes of $3,-
Rock Island Memphis Terminal R y . — S ta tu s __
See Arkansas & Memphis Itv nwii.m i- ovL * 7,
otuitts.
„.
T
• o n
,Jrla8 ° * lerm. Co. abovo.—V .99, p.1833
SA £ r“ Ci*CO
T m a n u to
Heo Arkansas & Mem. Ry., Bridge & Term. Co. above.— V. 102 p.151 r.8
Salt Lake & U tah R R . Bonds— Earnings .— The Inter
national Trust C o., Denver, C olo., is offering an additional
bloek oi $250,000 1st M . 30-year 0 % gold bonds of 1914
making the total issued to date $1,500,000.
’
Pres. W . C . Orem reports:
For 6 intended Dec. 31 ' 15..$164 J 08 ''siO.Of(j ^$37 500
$32 HO
p. 14<38f" 1 duscriPtion of bonds and properties see V. lOo/p. 230.—V.“ i'()2
G r o s s **
C a le n d a r
\§ \% a r
*
7fo” 2i*r
^
N et
le a rn in g s .
O th er^
j tl t
u
In c o m e .
In ta k e.
W
W S
n
^
D ^ p ’n ^ J u
f
402 000 — V 8 io i tp ta]^ .I? ount autIlorized to he listed $46,-
Uiiltod Gas & Electric Corporation (of Conn.), N. Y.
-Bonds Offered.— Bertron, Griscom & C o., New York and
$ 5 (W 0
B r ° Ck * « S 0 u’o P h ila ” h a v e Pur«hased
$o,
X)0,000 of the company’s
6 % 30-year Series “ A ” Collat
eral 1 rust Sinking Bund gold bonds of 1915, and by adv on
another page, are offering them at 97 and int. to the holders
of tho company s $-1,500,000 3-year 6 % notes (called for
payment on April 1 at 100 >4 and int.) in exchange for their
biddings at 1 0 1 ^ and int., the difference to be adjusted in
w ;' V1
, n o,b-Ondf are dT
lie A Pril 1 1945> hut red. on 4 weeks’
notice at 1 0 2 ^ a n d m t . Int. A . & O .atG uaranty Trust C o .o f
? ; L ; f rU8t o anft at PemI- C o - for tus. on Lives & Granting
Annuities Phiia Denom. $ 1 ,000 an d $100c*. Tax refund in
l enna. Aormal Bederal income tax paid by corporation
fill
USS&I,
Schenectady (N. Y.) Railway.— Bonds.— Harris, Forbes
A C o., New \ork, havo purchased $2,256,000 1st M . 5 %
londs, the proceeds to bo used in connection with the
f t T
1 , of the $2,000 ,(XX) present outstanding 1st M
at i l O :u „i i n S . ^ V ° l l^ npras 2 j . f0r Payment
aT i?
1
serving a community with population in excess of 2,000,000.
’
(•>
as o f A p r . 1 1916— A u th o r iz e d .
Is s u e d
P u b lic Jln h ts
First preferred s
t
e
w
k
" **^25 000 000 bS ,§ ’^
’^
c ^ '^ - 0 0 0
iB
Sill.f | f
restrictions, b $1,539,000 o f these bonds aro held in the treasury, c $1 ,
1 11,000 o f these bonds are owned b y a subsidiary and aro deposited as
part collateral for its bonds.
.
Cal. Year 1915 Earns, of the Carp, and Those in which it was Beneficially
Interested Through Stock Ownership m Subsidiaries, excl. Amer. Cities'Co.
Earnings, after allowing for all expenses. - - - - - - - - - - - ............- - * 1’ rn 7 fifin
Interest on 30-year coll, trust bonds in hands o f p u b lic................
o07,6bQ
•
$811,200
♦Includes"^ 252JW ^eaniings distributable to the
o f com m on stock o f the International 1 raction C o ., after setdn g o ff agai st
surplus the accum ulated dividends on the s m a l L . ^ ^ t a s e o f o ’ltstanding
4 % pref. stock. T he earnings as shown are subject to ventication Dy
Bethlehem Steel Corporation.— C hange i n O ffic e r s .—
C . M . Schwab has becom e Chairman o f tho board, Vico-1 resldont L . G .
Graco succeeding him as President.
A c q u is itio n o f P en n sylv a n ia Steel C o. — Arett> B on d s.— T h e
following official announcem ent was issued last 1
^ T h o 'l ^ M O 000 3-year 6 % secured gold notes called for paym ent will bo
redeemed April 1 at 100M and int. at the F idelity Trust C o ., 1 hila. C om
pare previous offering, V . 100, P- 2091. V . 102, p. <13.
United Railways & Elec. Co., Baltimore.— Notes Red’d.
T his com pany will on M arch 13 redeom all tho outstanding $1,000,000
5 % 2-year collateral trust convertible notes at par and in t., due June 1 1916,
at the office o f Alexander Brown & Sons, Baltim ore.— V . 102, p. 523, 610.
United Railways of St. Louis.— E a rn in g s —
Cal Year__
1915.
1914.
I Cal. Year—
G ro ss ' e a rn ln g s -$ l 1 ,6 8 1,2 00 $ 1 2 ,4 5 0 ,9 2 4 In terest, A c G ross in c o m e -- $ 2 ,8 5 3 ,4 9 5 $ 3 ,1 2 6 ,2 9 5 I B a la n ce, surp
— V . 101, p . 214.
1914.
$2,018,255
$508,040
1915.
$2,587,968
$265,527
W a b a s h -P it t s b u r g h T e r m in a l R y .— T im e E xtend ed
Holders of certificates o f deposit representing ^
bonds first instollment
r<Rino for 81 000 bond) may now (prior to Mar. 15 191b) present to
tho depositary their certificates o f deposit to havo noted thereon their requost that tho stock of tho Wheeling £ Lake Erie RR.. Co. acquired in the
reorganization be transferred to trustees in accordance with tho plan as
t-joid
C . M . Schwab, Chairman, and E. G . Grace, Prcsidont. o f tho Bothlohem
Stool Corporation, arranged to-day for the acquisition b y the Bethlehem
Steel C orporation o f the property, business an u ^ e t s o f t h e l e n n s ylvania
Steel C o. T he purchaso pneo aggregates apmoximatdy $31.900,000. w h i ^
is at tlio rate o f par for tho pref. shares and about $27 per si:tare for tiit coim
raon shares o f tho Pennsylvania Steel C o . T his am ount L to be Pald in
5% 20-vear Purciiase M on ey bonds o f the Bethlehem Steel C o ., socuroci
by m ortgage upon ‘the purchased property, with the reservation o f bonds to
retire underlying issues and to p rovide for em ploym ent and additions.
T his acquisition is tlio outcom e o f the determ ination reached by the Beth
lehem Steel C o. some time ago to add to its output Bessemer ^teel products
and other general steel lines, such as bridges, frogs and f e t c h e s , girder
rails rail sittings, A c. For a number o f reasons it seoms that it would bo
better to accomplish these enlargements b y acquiring the plant o f the Penn
sylvania Steel C o. ratlier tahn to await tho erection o f additional plants at
Bethlehem . T he Pennsylvania Steel C o .’s plant admirably supplements
those at Bethlehem . The Sparrows Point plant gives to Bethlehem a
plant at the seaboard, which it has l<mg desired lor tho developm ent o f its
export trade. Tho purchaso also brings favorable ore properties both in
this country and in C uba and also im portant coal deposits.
A n n o u n ce m e n t bv E dgar C. F e lto n . P re s id e n t o f P e n n a . S te e l C o .
A The board considered the offer o f the Bethlehem Steel C o. to purchaso
the Pennsylvania Steol C o. properties and approved o f its acceptance,
subject to tho approval o f tho boards o f the subsidiary co s interested^
S ta te m e n t b v W illia m H. D o n n e r, C h a irm an o f P e n n a . S te e l C o.
In confirm ation o f the statement issued from tho offices of the Bethlehwn
amendeiL (jommission in v estig a tio n . — The I.-S. O. C ommission, acting
upon tlio request of Baltimore and Philadelphia investors, transmitted to
it bv Congress on Feb. 19. announced it would make an investigation into
the fin a iX u ra n sa ction s and history of the company. The Commission s
order is as follows: ‘ ‘ It is ordered that a proceeding of inquiry and inves
tigation be and the same is hereby instituted into and concerning the char
acter and extent of the service, and tho financial history, transactions and
practices o f tho company, its ieased properties and its predecessor coiporations?” °T h tf reorganization committee is understood to approve the
action.— V. 1 0 2 , p. 2 5 2 , 438.
_
W e s t e r n Pacific Ry.— E x ten sio n o f T im e .— N otico is
given b y tho reorganization com m ittee, A lv in K r e c li,^ h a ir
m an , that the tim e for tho deposit of the 1st M . 5 % 30 -y ea r
gold bonds under tho plan has been extended up to and in
cluding M a rch 7 .
N ea rly 9 0 % o f tho bonds (w ithout in
cluding bonds controlled b y tho D u tch com m ittee) havo
assented to and becom e bound b y tho p lan . See plan V .
p . 15 5, 1G0
extent o f m y stocK noiaingb m ww
uuu V . R ,
v .. «* “
Steel C o on a basis which will ensure all stockholders $100 per sliaro foi
theprefGrred and approxim ately $27 for the com m on. It also is provided
that
Stockholders excepting tho Pennsylvania C om pany and the UeadiSln tvV w he n iid in cash. A part o f the negotiations contem plated
INDUSTRIAL AND MISCELLANEOUS.
American Can Co.— No Dissolution.—
Judgo Itoso in tho U. S. District Court at Baltimore on Feb. 23 handed
down an opinion holding that while ho would not order the dissolution of
the company he would retain jurisdiction, with the right to ask further
remedy if there should bo a “ renewal of monopolistic or restraint of trade
acquired a power which may bo harmful, and the acquisition of which in
l U V,t wns contrary to tho policy of Congress as embodied in the
statute? h for some time past has used ithat power on tho whole rather for
WC‘ Tn this industry it is absolutely Impossible to put things back where they
were on M arch 1 1901. and if it were possible probably highly undesirable.
“ The defendant once sought to emancipate itself from the restraints of
competition
Its power is groat, but is limited by a large volume of actual
competition ancl to a still greater extent by the potential competition from
tho possibilities of which in the present stato of tlio industry it cannot
escape?*1Those of the trade are satisfied with it. They do not want it
dissolved. Whether its dissolution would profit any one is doubtful.
“ I frankly am reluctant to destroy so finely adjusted an industrial ma
chine as the record shows the defendant to be. Yet the Government, too
has its rights, and thus far has beon properly insistent upon them. I lie
case most nearly in point is Tho Unites States vs. The International Harvester'1Co. There is in that case a strong dissent from a very able Judge.
Nevertheless, tho decision of tho Court cannot lightly bo pushed asido. —
V. 101, p. 450: V. 102. p. 520.
American Coal Co .— Extra Dividend.—
An extra dividend of 2% has been declared on the stock, along with tho
regular semi-annual 3 % , payable Mar. 1 to holders of record Feb. 29.
— V. 100, p. 1834.
American Graphophone Co.
Earnings.
1914.
I Cal- Year—
1915‘
$637,035 Pat's franch., A c. *516,492
$125,373 Dividends- - - - 334,115
161,330, Balance, surplus520,197
.
_
$146,764
203,568
Gross proHtTT___ $1,044?825
$667?995 ! D ivW cn ^ W o)-- s S o Q
W ^O O
T1
American Hardware Corp., New Britain, Co n n — Earns
DcpmcUatlon, A c.
$376,789
...........IBalance, surplus-
572,836
$62,795
American International Corp.— Ship Purchase Canceled.
See Pacific Mail SS. Co. below.— V. 101, p. 1857, 1975.
American Woolen Co. (Mass.).— ZJsfed.—
Tho N" Y Stock Exchange has recommended that $37*95J,200 7 Zo cum.
nref stock and $18,161,000 common stock bo admitted to the list on official
notice of issuance in exchange for outstanding interchangeable certificates
of deposit of Guaranty Trust Co. of N. Y . or Old Colony Trust Co Bos
ton AI ass., for preferred and common stock o f American Woolen Co.
tN J 1 with authority to add $2,040,800 of said preferred stock and S l,839.000 of said common stock on official notice of distribution,
total amounts authorized to bo listed, of preferred stock, $40,000,00 ,
C°SincenSeptan*190’^th e°date of tho company’s previous application, the
company (N J ) has acquired properties consisting of 13 mills in Maine
I t e and N Y ., operating 2,255 looms, with an approximate annual
output valued at S15,641,000.
,
Initial Dividend— A n initial dividend o f 1 H %
declared on the $ 2 0 ,0 0 0 ,0 0 0 com m on stock, payable A p r. lo
— V . 102, p . 5 2 3 , 7 1 3 .
Atlas Powder Co.— Dividend Increase.—
This company on Feb. 19 declared a regular quarterly dividend of 2%
on tho S-i 168 700 common stock and an extra dividend of 3 % , both payable
March lo' to stockholders of record Feb. 29. Record of common dividen Is
2
-
0nDco°“
aQ
See ‘ ‘Annual Report.’’
fl§13. 1914. < i/ ,1 9 1 6 .,
:
& IS :
V . 102. p. 706, 604. 610.
1U
9
1916.
V&
Baldwin Locomotive Works, Phila.— Contracts.—
See last week’s “ Chronicle,” Midvale Steel & Ordnance C o., page 715,
and Baldwin Locomotive Works. V. 102, p. 705, 610.
Bethlehem Steel Co.— Pur chase-Money Bonds.—
See Bethlehem Steel Corp. below and V. 100. p. 1260: V. 93. p. 1603.
d u r in g
t h is
year.
.
.
T h o “ W a ll Stroot Journal” F o b. 19 said in part:
r n u n ppnr)<iiiLrani RR a n d o t h e r l a r g e i n t e r e s t s i n t h e n e g o t i a t i o n s c o n t r o l
a b ig m X r l t y of t h e P e n n s y lv a n ia S te e l s t o c k
a n d t h e y w il l r e c e i v e in
e x c h a n g e f o r it B e t h le h e m b o n d s .
O t h e r s h a r e h o ld e r s w ill b e t a k e n c a r o
o f b y t h o B e t h le h e m c o m p a n y a n d t h e r e fo r e t h o t r a n s a c t io n w ill r e q u ir e
n°T heaBeth1eh°emPS t^ f'C o rp o ra tio n will probably authorize a larger bond
Issue than required to take over tho Pennsylvania stock,
lliero will be a
reservation or bonds to retire underlying issues. T he Pennsylvania Steel
C o has a bonded debt o f $7,168,000, while that o f controlled companies is
$18,046,000. N o decLsion has been reached as to tho am ount o f new bonds
to be authorized, but it will probably be in excess o f $50,000,000.
Tlio com bined Pig iron capacity o f tho Bethlehem Steel C orporation and
Pennsylvania Steel8C o i s ^ e x c e s s o f 2,000,000 tons annually. T he con
solidated com pany will have about 15 blast furnaces, and 5 additional blast
furnaces will be constructed, giving it a pig-iron cap acity o f c t o o to 2,.)00.000 tons annually. High-grado steel will bo continued as a specialty o f
th Tho°Ddco n a id ’by Uio Bethlehem Steel C orporation for tho pref. stock o f
tho Pennsylvania Steel C o ., approxim ately $20,500,000 outstanding, was
$100 a share, am ounting to $20,500,000. Jhe price paid for the $10,
7 ko non com m on stock was $27 a share, am ounting to $2,J(X),uuu.
liiis
makes a total o f approxim ately $23,400,000 paid tor both issues o f outstandln T h o X S m w S
k .'C o. had advanced to the Pennsylvania Stool C o .,
for new construction, A c .. $8,500,000 cash, and Bethlehem reimbursed the
railroad for this outlay. Those three totals make up the sum o f $31,900,000
which the Bethlehem , in its official statem ent, says it paid for tho 1 onnsylvania Steel C o .— V . 102, p. 347, 156.
Butte & Superior Copper Co., Ltd.— E a r r in g s .—
Quarters endina—’
Dec.31 *15. Sept.30 1»>. June30 15. Ajfcir.31 15.
Net value (zinc con cen trat.)-$3,614,570 $2,997,128 *2,509,230 *1.792,434
N et value (load con cen tra t.).
M iscellaneous............................
210,054
18,265
T ota l net value............
-S3,872.889
Operating costs, taxes, & C -- 1,112,849
14,716
11,899
g v o f)
D .iz o
$3,239,955 $2,751,423 ? 2 ,O i l ,511
67.),62.>
644,270
P r o fits .....................................$2,760,039 $2,530,330 $2,107,152 $1,163,157
A dd metal inventories, & c—
333,760
201,509
--------------------------rpot-i
.......................$3,093,799 $2,761,839 $2,107,152 $1,163,157
T he above earnings are computed upon the basis o f 14.3595 cents per lb.
for spelter for tho quarter ending D oc. 31 1915.— v . 101, p . 1J76.
(The) By-Products Coke Corporation.— Earnings.—
Gross' turnings—
$7806724
$509?343 ID ly id e n d T p a ld ... *267,263
N et, aft. tax., A c . 309.962 $172,1401Balance, surplus.* ‘ 2,699
Dividends In 1915 Include
t regular quarterly dividends
and an extra dividend of $1, payable l o b . 15. $52,2o3.— V. 101, P-
*155,864
$16,-.70
S214.910
1914.
Cal Year—
1915
Earns, (all sources)$1,988,401
Bond, Ac., interest $125,744
Depreciation, A c.
491,853
— V. 102, p . 69.
S m
[Vol. 102.
THE CHRONICLE
802
,v , S ? a!‘ Fat ? ri03'i.“ d“ “ 5 S S S '~ » S f * ‘ p
f
1014 “lV ”
iv ffik a
$30 000 (3^% )$42,028 $22??,2*02 $35?3(U
l o l s ' - u : : : : : : : : ii7.783
30,000 isW % j6 3 .0 4 2
24.741 127.180
‘
[[ _ Tudhopo was elected a director to succood J. A. Mackay.
V . 101. P- 1554.
.
Central District Telephone Co.— E a r n in g s .—
Cniendar
Gross
Net
Interest
Dividends.Balance,
(7 % ).
Surplus.
Year—Earnings.
Earnings. Charges.
............ $6,949,496 $1,733,619 $511,244 $1,050,000 $172,375
1015
1.050.000
9,291
1914
6,673.1261,542,103 482.812
— V . I6 l. p. 447.
Chandler Motor Car Co.— Listing.—
*
Tlio New York Stock Exchange has authorized tho listing of $7,000,000
capital stock; total authorized $10,000,000, par $100. Tlio company re
ports to tho Stock Exchange for tho cal. year 1915: Gross profits,
«1 608,486: net profits, after deducting expenses and depreciation,
$933,217.— V. 102, p. 611.
Cincinnati & Suburban Bell Telephone Co.— E a rn s.
Cnl Year__
1915
1914
I
G ross'earnlngS---$2.835,256 $2,726,742 Dividends (1 0 % )N et, aft. taxes, Ac. $931,576
$899,294 |Balance, surplus—
— V . 101, p. 612.
1915.
f 328.335
$103,241
1914.
*796,477
$102,817
Citizens Gas Co., Indianapolis.— In crea se d D ivid en d . ■
A semi-annual dividend (No. 13) of 5% has been declared, payable
TVfar 97 tb hoMftri of record Mar. 11. Previous semi-annual payments
wore' 3 % each March and Sept, back to and including March 1912: in
March and Sept. 1911.3% each and on Jan. I 1911. 3 % .— V. 101. p. 1373.
Colorado Power Co.— Initial Dividend on Common Stock.
A first dividend of 1% has been declared on this company’s $11,000,000
Scon paid onV(he“l t 25!o(W outstanding prof, stock beginning with Dec. 15
1913 to d a te— V. 100, p. 1748.
Consumers’ Co., Chicago.— E a rn in g s f o r C alendar Y ea r s.
Calendar
Gross
Net {after Bond, &c., Preferred Balance.
uaVenr—
Profits. Dcpr.,&c.) Interest. Dividends Surplus.
1015
$2,298,522 $624,276 $319,776 $276,416 $28,084
.....................I l l 3:901.187
815.985
354,510
277,161 184,314
— V.TOO. p. 1347.
Continental Motor Co.— N e w N a m e .—
Seo Continental Motor M fg. Co. below.
Fe b . 26 1916.
THE CHRONICLE
Continental Motor Mfg. Co., Detroit.— Stock D iv id e n d .
803
holders of record April 7 at tho ratio of 1 new share for every
sharpy
now outstanding. This will increase the stock to $3,500 000 SI 500 000
The stockholders on Feb. 16 voted (a) to increase the authorized canitil
stock from $2,900,000 (including $900,000 preferred) to $5,900 000■ (b) to
declare a dividend o f 100% in common stock to bo distributed among the I v ^ a X ^ l 'i r b l
holders o f the $1,919,100 common stock at present outstanding and (c) to
reduce the par value o f the common stock and the $900,000
cumulative a p R i S S S r S S . b«
preferred from $100 to $10. The shareholders also voted to change the
rciirrent^irof/fs*
company’s name to “ Continental M otor C o .” On Oct 2 1915 also a
Compare0'V. l K ^ l f i S o . tlec,arod' payable to holders o f common stock. i
f
o
\Jn„ icn oi , r
Copper Range Co. of Michigan.— E a r n in g s .—
1915.
1914. I Cal. Year—
in,.,
Gross earnings._.S9,373,120 83,726,389 Dividends paid.. $1 182 003
■—V ^ ^ n - l o Y o 53’564’702 S494,600|Balance,surplus..$2,382,759
Cal. Year—
1914.
$494,600
(Wm.) Cramp & Sons Ship & Engine-Bldg. C o . - L i s t e d .
$295honn V ^ t & r , P h i l a d e l p h i a Stock Exchange an additional
m id'iistivl «3 got‘ noncertificates, making tho total of such certificates issued
V. 102, p. 15621’000’ g
t a total of $6,098,000 capital stock issued.—
" " ‘W
a
,
S S crfb S 'S iil e f e i S ^ T
M 8y 4 1916 and wid participate hi
t0 undc™ rlte the entire issue at par.
ob
a
n°y
&
r
Si o j * pr0t'
.nF r,efZ L ed Dividend Record (Per Cent).
' 0 *, ® : , r
V
?■
,ra° “ “
314' „ } T , H
F e b 91*)' qu
Icy-Hot Bottle Co., Cincinnati, O.— D iv id e n d s .—
p r e f J r r e » kny. S T % !rond » 2 rS mU “n,nerl1' dlV‘d" d ° f
1,<%
™
Denver Union Water Co.— Rates C o n fisca to ry .—
C onrtV n ^ ntL ^ 8Peclal Master W . ,1. Chinn, appointed by the Federal
c o u it to take testimony in the rato reduction case of the City of Denver
against tho company, was approved Jan. 28 in the Federal Court by Judge
few is. Iho decree drawn holds the rates as reduced 20% by the
city in 1914 to bo confiscatory, and therefore inoperative, becauso they yield
pareCv nP10iy p Ui m 4 % ‘ Th® property is valued at $13,415,899. ' Com-
*•) <*u p°n t de Nemours & Co .— E xtra D iv id en d s—
151% in A n g lo -l'rench B on d s.— On F e b . 23 the follow ing
dividends wero announced:
°
ded-ir^tionVntennv
19 % ’ payablF In Anglo-French bonds, valued in the
on tjle 6% debenture stock, payable April 25 to holders of record
payable?May I . ^ . ^ ^ p / M I ° U th° ° ld ™mpany's
StSSk)
Emerson-Brantingham Co,, Rockford, 111.— E a r n in g s .
Year—
Profits
• -• -S fs
- V .1 0 0 " ;p.
1165
T?,rnZn
$ ? S i
454,549
P6^ 016^
Dit. on Prcf. Divs.
“ **> •
455,056
417,107
Silver Co.— D iv id en d R ed u ced .—
\
N ’ Y ” are tbe
financial agents for the com pany\-V. 102 p 613 71
Kansas Electric Utilities Co.— B onds O ffered .— C o u n selman & C o ., Chicago, and H ow e, Snow , Corrigan &
Jiertlos, Grand R apids, M ic h ., are offering for sale $ 1 ,1 5 0 ,0 0 0
Sinking F und gold bonds, dated O ct. 1
1015, duo O ct. 1 1925.
n o U c e 'T ll^ naVt752f°?n9 ,/UlStHn,d ing SI; 150,000. Callable on 60 days’
Commerc a? TrnsV
IPt v 7 . nterest A - &
at Continental &
s
d
S
^
‘•
“ M K .'ssk i
income tax will be paid by the company, tax refund in Pa.
Balance,
638,951 def. 927:916
Co., N. Y. and Charleston, W. Va.
Stock O ffered .
Shivers & C o ., having disposed o f tho
m ajority o f the present $ 7 5 0 ,0 0 0 stock, are offering for
salo tho unsold portion.
T o ta l a u th ., $ 1 ,5 0 0 000- par $5
f ®^anf°<Rion^^rganizetf fn"l^rKas*in^ept? 1915 ^ a cq u ire the p4operfy
report a valuation of more than $17700,000 or 'praetk ^ v' 509
« ^ < S t a ,S ^ o f » a » IS 00' °XClUSive ° f IlolciiuBS 1,1 other companies
uoi;h» ^
without competition, a population In excess of 55,000 ’ Its franchises continuo beyond the maturity date and contain no burdensomo r^triettons
Total Capitalization—
AmYew^oj
and gas properties stock
r°port and to aC(*llire additional oil Common0stock 5% sinkIng fund gold bonds...........-$1.750‘,000 $1,150,000
franciV0 bon«ds
•
s'xil‘ nM by" ailabsolute first mortgage'^onaUthe property0
^
,?w? ed or hereafter acquired.0 ^Vi°h the approvS &
the Ka,n. 1 . 8 . Commission, additional bonds may be lssuod at K0 c/ of thn
f,^
b
7
°St
of
?.xtcos‘
ons.
Improvements and additions, when n it eamingl
ancl gas fields; 61jp r^ u cln g wells with 26 i^iH tionaltobod^H ed lmnmdl *
,)r ^ 10 Pfccoding 12 months have been equal to at least twice the interest
ately. Every wolf drilled has struck oil or gas. never a "miss'' i ^ d r v ^ i i
charges on all bonds outstanding and proposed.
interest
I topertias and equipment conservatively valued at $1,000 000
1™
J P " ? ? und< A c.— From 1917 to 1920, inch, a sum equal to 1% of tho
m i i t' ^ tl,0on.T^t0ck 1SSUC<1 S7.50.000. No bonds or pref. stock. Not eam- bonds outstanding, and from Jan. 1 1921 to 1925 incl and on Oct f i o h ,
nvor 35 IT 12,V*
11pen completion o f development work expected to bo
the Aonds °thth° bonlJs outstanding is to be’ set aside to purchase
Wn n/lm ni aymeiit o f substantial dividends is expected in duo course * orAafl1
S9no nnn i7 inds’ tbe same T be kept alive in the sinking fund
Over
work C»n17,1iait0it lat. “.t? warnings, based upon tho success o f the development addition
K«anCllngi f hould be thus retired by maturity. In
S r t n f S ' i c i S fth o swckn,,“ ‘"
° f Sl 83
■ * »'«
tho ^ p roxim ate^ l72!500 by 1925“
annually lor betterments which will
Earnings Years ending Sept. 15 (Against Present Int. Charge, $57,500).
S ? S ,i jli l tla Z l
o r w h i,r s “
o !o o o I S S M
fc fV e ? T a Y ^ :::::::::::::::::::
General Chemical Co., N. Y .__ N ew P resid en t
to succM d^aX 'rd H‘: I t e Z 'w h o w a s ^ '^ d ^ n e
a r e i n | x c i P l f 2 H ^ t t a t S S c h t r ^ 68 SCCUring these bonds
rich
sf rved—Properties — The municipalities served are located in
GianO Portland Cement G o . ^ h i l v i . — E a r n in g s .—
Cal. Year—
1915.
- “ .i s s w - s,’A m
SI
411?
£ rcslde.nt’ ° » ^ b . 1 8
tiona 1^V ic^-lh^M end^ j as^*Areat od*4° Af£d
dt'4° f° 171^°° add*"
F. Willett, resigned, as a director!— V. 102 ' p* 434rd a,so succeeds Gcorgo
G ross ea rn in gs __ $1,046,952
S2i J 06 *2f.| f
_
x-n
1914
I r*ni
028 I Hnnri' \nf™ *
1J)15.
171
J
1914.
^ is r s a S s
«
Ponlmainn
t o g g * ................ S z ’&
and havo an e8tta“ tad I,opulaBanks, No. *
Co.’s — Consumers—
J ir s t m o « f f i «
Great Lakes Transit Co., Buffalo, N. Y .— N e w Com
Vany.— lt was announced o F ob. 2 2 th at a com p an y w ith
this nam e was being organized w ith $ 2 0 ,0 0 0 ,0 0 0 o f auth
capital stock to operate 8 5 % o f tho passenger, packet
^ am steamships navigating tho G roat L ak es!
1 4 9 ( 8 ( ) ion
from the Kowersock Mill «fe Power Co.; (b) in Emporia
■ < « « r „ :d
a s E" pori*
haSOd 3 5 V0SSGS W ltl a carryiny cap acity of
tons; (d) N e w York Central I I irh v .ii„ , v
' tor.-u capacity 13,200
8 vessels o f the Mutual Transit Co win, 1 ° / ’, Krio> ,Del-. Lack. & West.,
Rutland R R ., 2 vessels o f the Rutland^™nt0.JaA “ P®®16/ o f 33,500 tons; (e)
W. J. Connors o f Buffalo is C h X m l ^ ^
’ tota lcapacity3.680 tons.
Pres.; Marvin M . Marcus and &
li’. f* F,boa/ d : Lunes ()arey ICvans,
Russell, Sec. & Treas. Office, Iluff;ifo ‘ N y r Nob o ’ v --1>rcs.; R . M .
G r if fin W h e e l C o ., C h ic a g o .— Earninas —
Calendar
Cross
Net (after
Prpfnrm,i A
Year—■
Earnings. Dcpr'n &c ) ninUbSSi <r u i!!}on., )nIance,
1915...................... $1,247,231 $1 096 431 « 3 Ki
Deficit.
1914...................... 1,118.405
992 084 H kI ' oao
$219,030
An extra dividend o f 1% Is said to have been°dn^iLr i°26’i)Z8 ® 109,457
common stock, payable March 1 to holders of record^ P t o .T s f % c S ’ v®2io2?
1
i o i ^ Ur S ^a te s S te e l C o -» B irm in g h a m , A l a .—Cal
1915 Earnings .—
Year
i j H H - r l ?K p K K A iS S. ^ Sr AS r ^s ’8
appeal for the8 hfihei
v K f 1% - Cta m C ? M C h ic a g o .— Equip. Trusts Offered.—
Y a rd , Otis & T a ylo r and Counselm an & C o . o f Chicago are
7 m nriF f 47.5 ,®0 0 6 % equipm ent trust certificates, covering
7 Dalcd
i SS d n S
ca rs> appraised a t $ 7 9 5 ,0 0 0 .
SHSSf
Company incorporated in Iilmois b f i g n ? >any 80 far as may bo lawfulC o r p o r a t io n . — Slock Offered.—A syndi
cate headed b y R a ym on d , P ynchon & C o . offers at $ 1 2 50
unsold portion o f 1 0 0,00 0 shares o f an author
ized 2 0 0 ,0 0 0 shares o f com m on stock (no par v alu e ).
D a ta from L e tte r b y P re s id e n t W illiam K e n e fick
v a l u r '^ t t l S
N V
F rh
1
common s u i t £ i & o u t ° ^
sol S . H u bb ard in circular dated a t P hiladelphia, Fob 9
19 1 6 , says m substanco:
’
J
to
K nU<61
3 iPmfins
th0over
flrst 8400
6uartfir
current
year *N
ov 11 io
n;
to Jan.
lulu, wero
nonof the
ThU
^ fiscal cLzl
1>ov*
1915
tonVw e s h o u l ^ M ^ * W ^ n m ^ Ing' % for the past year’ about S90 per
m a t r ' l C„“rP„ * 5 S
reasonably assured. Your directors b?n«vn ? L V * 3 sfacto,r y,Profits are
anil to put the company t
a
i
‘ if080 profits
& T $ nifc«
suchAdditional* stw ^ ^ ldch T w lllbeo^ p^ at
per4share)*
‘2
per^hlrePon th lc o m m o l stoik.
rL>main about « 487.000, equal to i 43
mately°doubleil T p ^ S industry of the United States have approxiGermany0chieny for th c W e U e r !
8 haV° dependcd upo» Belgium and
THE CHRONICLE
804
K e n n e c o t t C o p p e r C o r p o r a t io n .— Stock L iste d .— On
subsequent pages of this issue of the ‘ ‘C ^ o m e ^
\vill >e
found the elaborate statem en t m ade to the N e w Y o rk btock
Exchange in connection w ith the application granted during
the present week for the listing of the com pany s 3 ,0 0 0 ,0 0 0
shares o f capital stock, on which an initial quarterly dividend
of S I per share will be paid on M a rch 3 1 .
The com p any was
incorporated under the laws of N e w Y o rk State on A p ril 2 J
1915, and has taken over not on ly the extensive K ennecott
and B eatson copper mines in A lask a , but also recently
(a) the full control of the Copper R iver & N orthw estern R y .,
which serves as an outlet to the K en n ecott m ines; (b) a large
interest in the U ta h Copper C o .; (c) substantially all of the
capital stock of the Braden Copper M in es C o carrying con
trol of a group of valuable copper mines in C h ile.
.
T h e statem en t now presented gives the first full description
available to the public o f the various properties, and shows
the balance sheets, ou tp u t o f copper, income accounts, & c.
T im m m n a n v has the follow ing officers and directors:
1 D ^ S s^ oh en Birch Eli ot C. Bacon. Samuel J. Clarke, Thomas
C « E " s , ' w X c l e s W m . Pierson Hamilton. II. O. Havemeyer. Seward
[Vol . 102.
P e n n s y lv a n ia S te e l C o .— Sale of Property.
See Bethlehem Steel Corporation above.— V.102, p. <lbP it t s b u r g h C o a l C o. o f N e w J erse y — Readjustment
P lan D ated F eb. 1 19 1 6 .— T h e com m ittee nam ed below an
nounces b y advertisem ent on another page a plan ot read
justm ent involving the liquidation of this com p any and a
settlem ent w ith its preferred stockholders on account ot the
accum ulations of unpaid pref. dividends aggregating on D ec.
31 19 15 4 4 .5 8 1 - 3 % , or $ 1 2 ,0 3 7 ,5 0 0 . T h e plan, unanim ously
approved by the board of directors, provides ubsubstance:
Status.— The largo accumulation of unpaid dividends on tho $27
outstanding 7% cumulative pref. stock, amounting as of Jan. 1 1916 to
9U2 037 500 (44.58 1-3%), with small prospects of cash resources for Its
early liquidation, creates a situation disadvantageous to
'
l |'
stock and the common stock of the New Jersey company, and die, eonUnuance of the New Jersey company simply as a holder ot tho stock of the 1 ennsvlvania company is an unnecessary burden entailing a present useless outlav exceeding $50,000 per annum for a duplication of organization expenses,
i,v ,s 3tate and Federal, &c. There are two corporations where there
-hl.iiiii In. hut one
Furthermore, the stock of the Pennsylvania company
hi the hands of its stockholders Is exempt from Pennsylvania State tax and
PrOHice?s:dSJteDhen ' Birch?' ITesident; Wm Person Hamllton, V .-Pres
C. T . Ulrich, Sec.; E. S. Pegram, Ireas.— V. 102, p. 714,52b.
(A B .) K ir s c h b a u m C o ., P h i la .— I n itia l D ivid en d —
An initial dividend of 1% has been declared on the common stock, pay
nongahelti^mver*1C^nsolldated^Cmd &°Coke°Co. ‘ A U o f p r o p e r t i e s ‘forable March 1 to holders of record lo b . 25. See V. 9o, p- bsd.
meriv owned bv the two constituent corporations are vested ' n
(S
S ) K r e s g e C o ., D e t r o it .— P r e f. Stock O ffered .
dated company .which aasu^e^al^ the del)ts^nd
it?vxt?ivt*o<ar'jjc)ru,M e rrill, Lynch & C o . are offering b y advertisem ent on another
M o n s ° b X g « £ « t ” properties of the constitupage at $ 1 0 75 per share, the 2 0 0 ,0 0 0 shares (par value
ono,^<hr/l>0rr.V0nef Preferred Stock of Pittsburgh Coal Co. of Pennsylvania.
$10) 7 % cum ulative preferred stock, fully described, w ith
Entitled to’' (/) Cumulative divldends at rate of 6% , payable quarterly
digest of statem ent by Pres. S . S . K resge, m last week s w11 h 'interest?at o % on any accumulations. (6) Participation equally with
,
shares in any year in which each stock has received t,%.
“ C hronicle,” page 71 4.
^
fund effective from Jan. t 1916, based on the sale of mine-run
saidfu m ^ T be applied as tho directors may direct, (aa) for payment
L in d e A ir P r o d u c ts C o .
N ew Stock.—
(bb) additions (cc) retirement of pref. shares by purchase (or call)
This company will offer to 5 ^ ^ “ ^
" g o S ^ F o 'r ln*two pSrtloTs of‘ debt
n o t e xcp e d fn g l l O a n d d lv s .
(d) Preferred p a y m e n t o f p rin cipa l a t 110
oM 0 % neach— (a) L % °o n or before Mar. 15; (b) 10% on and after April 1
bL1 h«fnre June lfr-m akin g the total common stock outstanding $5,040,
000. Subscription warrants will be issued to stockholders of iword ? ar. .
The proceeds o f the sale of stock will be used for add ns, &c.— V . 101, p. 51. standing preferred shares.
, n.
Proposed Plan.
„ .,_rj
M id v a le S te e l & O r d n a n c e C o .— B onds O versubscribed —
if anil when the committee proceeds to carry the plan into effect, a divirr-up syndicate headed by Leo, Higginson & Co., which last week offered
i - |l nf ->*> i_*ie/ payable in the pref. stock of the I ennsylvanla company
the 20-year 5% conv. bonds, announces that sufficient stock was turned in It par will be p a i l ® of the surplus and undivided earnings to the holders
to make $45 7§6 000 bonds availablo for allotment, and that at the closing
of the books' at noon mi Saturday last this amount was largely oversub ° f T h ^ ^ ew SJereey cohewiu'thCT^^e<r°be,Uqui'dated or dissolved or Its capi
tal stock reduced and its assets. consisting of the stock of the Pennsylvania
scribed.— V. 102, p. 715, 613.
co clistributed among the stockholders of the New Jersey co. or sold.
M o u n t a in S t a te s T e le p h . & T e le g . C o ., D e n v e r.
Lam s
( til. 1 rur
9
s i7 54,5 ' Dividends (7% )--$ 2,31 6,1 76 $2,180,568
N etfaft‘. U ^ M .& c .W ^ ll O O $2’,999;037 ! Balance, su rp lu s,.$1,018,020
$818,469
— v’. 101, p. 210.
.
N a r r a g a n s e t t E le c . L ig h t in g C o ., P r o v id e n c e .— A o m s.
. mi 1
r*/if
101.*
11)14 .
Cal. Vo/ir__
Year—
1915.
Cal. Year—
1915. 1914
Gross earnings...$1,771,601 Sl.670,654
N et earnings------- $833,831
$71o,879
,ucl__jnt
$52,661
Ded
uct— In t., &c
& c.
852,661 $55,456
Renewals & contlng.8199,692
Dividends ( 8 % ) - - $486,667
Balance,
surplus..
$94,811
iiaiance.suinui.-i-u..
$480,000
$14,157
the ticdile^oftl>o7 % preremKi
accumulated unpaid dividends, repar .value of stock anil $11 o» l p™ n“yivanla c o . of tho par valuo of
directors were authorized
at the annual meeting F e b . 15 to issue “ at them discretion
new capital stock or convertible debentures up to $1,5UU,UUU.
— V . 101, p . 1096.
National Brick Co., Ltd .— C o u p o n s Exchanged —
1-3 a iu U n the holders o f c o m m o n s to c k assenting to th e p la n , for
e i c h $100 p a r v a lu e Of Stock , re ce ivin g $100 par v alu e ot c o m m o n s to c k ot
New Securities Authorized.— T h e
I hlladeiplda, the raspect e trai
int» d depositaries to receive the stock,
in said respective cities,
;uul tlic shareholders are therefore roI T (^ I.t,, n|t, vmir written assent with the committee not later than Mar.
quested t o ™ «^ ? “t™ r c o n u n it t e e : J.D .L y on , A. W. Mellon, George T.
3 ,19 6.t Tie Finiey Henry R. Ilea. John I. Bishop, A. J. Miller and Harry
Brenner with F. J?LeMoyne as Secretary in Pittsburgh, Pa., and Edward
National Carbon Co., Cleveland.— D vidend Increased. C liailly as Asst. Secretary, 24 Broad St.. N. Y. City.
A dividend of 2% has been declared on the $9,905,500 common stock, Statem ent by Pres. M. H. Taylor, Pittsburgh, Feb. 1 1916, as to
payable April 15 to holders of record April 5. 1 his compares with U 4%
Pennsylvania Company.
. . . ..
since 1910.— V. 100, P- 637.
.
.
Pronerlies.— The Pittsburgh Coal Co. (of Pennsylvania) is the actual
owner and operator of tho coal properties, and owns 145,673 acres of coal
National Enameling & Stamping Co.— E a r n in g s .—
of the Pittsburgh Vein, as well as a large area of coal In underlying veins,
with tho surface lands necessary for operating purposes The c°mf)an^
% ari X e
Profits.
has no floating debt which is not more than offs tTy l
235 199 (being
assets. The direct funded indebtedness amounts to $14,235j9JU ioeius
1 f---S l l l i
Si l l ’.594 $1146',500 " R S
S
19The totaisurplus, D « . 31 1915. was .$1,575.8 6 8 . - V. 101, p. 1016.
at the rato of only $97 72 per acre,
value of $9 702,729. being
improvements have a pre^nt depreciated nph y a lu i^ ®har(?0 tiioreon of
National Lead Co.— D ivid en d I n c r e a s e d .—
This company has declared a quarterly dividend of l % on the $20,7 50,000 at the rate of $66 60 P^. ayrel' .. ,l . A t (‘,t subsidiary companies amounts
I A ^ 7 PfM)0a wlthl an LSSuaUnfcr^t charg'e of $306.466.‘ ali of which is
common stock, payable Mar. 31 to stockholders o f record Mar 10. _The ?to^ $5,877,000.
who an
i*
nf such subsidiary companies,
previous quarterly disbursements have been at the rate ot h of l /0- V. secured by pronertlesande.
tngs
■ tho propased readjustment, the
Share Capita . - Upon wY ,\ X v e outstanding in the hands of the public
f stock an(1 $32,169,200 or common
Northern California Power Co.— Consolidated Earns.— PenMylvanla c o ^ a n y wni nai
$36 ’000’ 7.>0 <)L s't ,lrut|'l||v the same amount of capital, both as to preferred
r'nit>nfinr
Gross
iVci
Other Bondf&c., \Hsccl~ Balance*
Vonr
Eaminas Earnings. Income.
Interest, laneous. Surplus.
stock’ and common stock (exclusive of the proposed 33 1-3% prof, stock
io u f
$776 972 $434,520 $8,511 $362,896
$705 $7(5.430
.................. 765:047 441.460 13.794
363.998 1.011
90,245
-W h ile ^ ^ P&
S ^ nyfromWcohaT properties for any stated
— V. 102, p. 613.
Northern States Power Co.—
, , ,. e^
as*5executive head of the company for ten years, my knowledge of
The Investors’ Service Department o f William I . Bonbright & C o., Inc.. nerfence
present physical and trade position and its recent release (by tho re
14 w au st New York, have prepared a handsome 12 -page illustrated Fts
of bonds) from largo interest and sinking fund charges hitherto
pamphlet describing tho company's power stations, etc., entitled A storyof tirement
borne by it, I fool Justified in stating that, in my opinion, th« ^"wni
Progress.” — V. 102, p. 71.
of the Pennsylvania company under the plan of readjustment wHl
Nova Scotia Steel & Coal Co., Ltd., New Glasgow, flcient for the payment of full dividends on its preferred stock, with a pro la
bility of dividends on its common stock within a reasonable time.
N. S.— Earnings .— For calendar years:
The requirement of the 6% dividend on tho preferred stock of the
n„
rnten.tinr Net after Bond Int., Preferred
Common
Balance.
CaY ?n?L Demecln& c
&c.
Dividend.
Dividend.
S u r ..o r D e f
1015
$2^94 169 $517,426 *$123,600
- ............. sur$l ,453,143
9 4
236.261
635.481 (4)41 200 (3) $180,000 def 620,420
Pref. div., $123,600, in 1915, covers 1yt yrs. period. See V . 102, p. 71.
P a c ific M a il SS. Co.— Liquidation Halted —
Following a stockholders’ meeting Feb 18 it was announced that the
P y re n e M a n u fa c t u r in g C 0 ., N ew Y o r k .| ^Bormnps^
company will continue in operation and that the liquidation undertaken by
Tlio profits for the calendar year 1915 were *3|2.224^
the Southern Pacific C o ., then majority owner of the stock, has been halted.
lM 9U04Tg Tho$ m tafproH? in d ‘ lo^ s^ rp las after’ crediting $13,041 ad
Tho announcement says in substance:
. . . .
„ ... „
The present owners of the majority interest in the company are W. R.
. .,
,
v
. .. .
rjraee & Co who recently acquired 110.800 shares from the Southern 1 a- justments, was $616,345.
S t. J o s e p h L e a d C o .—Earnings, Dividends, Ac. A divi
cific Co. for $10 a share, after the distribution of $25 per share from the
proceeds of the sale o f the company’s four largest vessels. They have de dend of 2 Yi% was declared, payable M arch 2 0 , against
cided in view of the fact that the Pacific Mail flag is well and favorably
known to the trade in Central and South America, to keep the charter alive \V>% for the previous quarter.
/2 /o
u
1 Earnings for Years ending Dec. 31.
and to c o n tin u e th o op e r a tio n o f th e c o m p a n y .
1915.
1914.
The effect of the new arrangement is to cancel the recent sale of tho seven
1915.
1914.
smallor vessels to the American International Corporation, and leave thorn Net profit...............$4,283,425 *2.317,040 Surplus after dlv .$1,998,883 $ l ,273,580
in possession of the Pacific Mail Steamship C o., now owned and operated Total incom e.............4,392’35? . T ’ k it ’ otx Previous surplus, _ 9,416,629 8,237,190
su rplu s... _ $11,415,512
iqo or 1 ^1
*V47 275 Final
r lntti surpiiiii
1,^10,01^ _$9,41GA629
bv W. It. Grace & Co. There is said to bo a close community of interest Net
$3,489,964
*1.547,275
it Incom
n c o me............
e .------- $3,489,904
’ i n, - «•) on i 071! against $2 543 627 III
between the corporation and W . It. Grace & Co. V . 102, p. 526.
Pacific Teleph. & Teleg. Co., San Fran — E a rn in g s.
1915.
1914.
against $22,<' J’ ' ' Ser-retnry of the company and a director, was elected a
Cal. Year—
1915.
1914
Gross carntngS-$20,l 14,458 $18,984,196 Int., rents, A c . --$2,707,136 $2,565,258
member of Uie board. Ben Blewett was elected to fill the vacancy caused
Prof.
dlvs.
(
6
%
)
1,920,000
1,920,000
N et. alter taxes. $4,543,175 $4,588,027
by the death of R. R- $■ Parsons.— V. 101. P- 1690.-----------------------------$340,175
Other Incom e..
185,561
237,406 Balance, surplus-- $101,600
' For other Investment News see page 810.
— V. 101, p. 374.
The bondholders are advised that the Quebec Savings & l rust Co., as
trustee will exchange coupons Nos. 8 to 13 incl., for a liko amount par value
of the scrip certificates of the company, together with one-ninth of such
l i t value Tocover interest, i. e„ six coupons taken from $1 000 bond en
titles the holder to S200 par value of scrip certificates. See V. 101, P- 207b.
Feb. 26 1916.]
THE CHRONICLE
805
llkpjcrrts and Socmnents.
K E N N E C O T T
COPPER
C O R P O R A TIO N
(An operating and holding company organized under the laws of the State of N ew York.)
O F F IC IA L S T A T E M E N T
TO
OF
THE
N EW YORK
STO CK
STOCK
W IT H O U T
EXCHANGE
N O M IN A L
OR
IN
PAR
C O N N E C T IO N W IT H
THE
L IS T IN G
VALUE
N ew Y ork, February 14, 1916.
The Kennecott Copper Corporation hereby makes application to have listed on the N ew York Stock Exchange 2,7 77,578 shares
(of an authorized issue of 3,0 00,000 shares) of its stock, without nominal or par value, which have been issued 5and are out
standing in the hands of the public, and 222,422 additional shares upon official notice of issuance and payment in full, making the
total amount applied for 3,0 00,0 00 shares.
Said stock is fullpaid and non-assessable, and no personal liability attaches to
stockholders.
The Kennecott Copper Corporation was incorporated April 29, 1915, under the Business Corporations Law of the State of
New York. Duration of the corporation is perpetual.
T he corporation, in accordance with the terms of its charter, is engaged in the business of mining, milling, concentrating,
reducing, preparing for market, buying, selling and merchandising of ores, metals and minerals.
It also, in accordance with the terms of its charter, owns stock and bonds of various corporations, as hereinafter more particu
larly described.
The number of shares authorized to be issued and the stated capital since its organization are as follows:
. . (April
,. .. 29, 1915). . . . . . . . . . . . . . . . . . . . . . . Shares
Stated
At organization
..
100 Capital 8500 00
720,000
6,000,000.00
M a y 27, 1915 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
December 14, 1915. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 15,000,000.00
The stock of the corporation was issued for the following purposes:
_ Purpose of Issuance
Shares
Cash (original incorporation). . . . . . . ; • •; . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100
For purchase
of
entire
property,
assets
and
liabilities
of
Kennecott
Mines
Company',
as
per
authorization
of
stockholders
at’meeting
held
M a y 27, 1915. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
599,900
•$10,000,000
i n n n n / ™I'lrst
p <* iun
1° 599>9.00
shares
the Gold
Corporation
for Kennecott
Mines C o m p a n y ’s property, assets and liabilities,
Mortgage
Six Per
Cent. stock,
len-Year
Bonds, issued
hereinafter
referred to.)
For purchase of 000,000 shares of Beatson Copper C o m p a n y capital stock, being all the outstanding stock of said Beatson Copper C o m p a n y
}P’ M a y (Pi
of stockholders at meeting
held
27, 1915.ra^c
. .°‘. "ve
. . shares
. . . .of.Beatson
. . . . stock
. . . for
. . one
. . share
. . . of. .Kennecott
. . . . . stock)
. . . as
. .per. authorization
..
(In
addition
to
119,996
shares
of
stock,
the
Corporation
paid
$115
for
the
acquisition
of
the
entire
outstanding
stock of the Beatson 119,996
Copper Company.)
.
For purchase of 404,504 shares of the Utah Copper Company, as per authorization of stockholders at meeting held December 14, 1915
For purchase of 48,174 shares of Copper River and Northwestern Railway C o m p a n y stock, being all the outstanding shares of a par value 606,756
of $100 each; and $23,020,000 First Mortgage 5 % 50-Year Gold Bonds, being all the outstanding bonds of said company; and 13,000
shares of the capital stock of Alaska Steamship Company, out of a total issue of 30,000 shares of a par value of $100 each, as per author
ization of stockholders at meeting held December 14, 1915. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
For the retirement of Kennecott Copper Corporation’s First Mortgage 6 % 10-Year Convertible Sinking Fund Gold’Bonds on the basis of 200,000
forty shares of Kennecott Copper Corporation stock for each $1,000 bond, as per authorization of stockholders at meeting held December
14, 1915 (alternative offer of $2,000 cash and accrued interest for each $1,000 bond being m ade at same date by an Underwriting
Syndicate). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
394,800
For the purchase of Braden Copper Mines C o m p a n y securities on the basis of one share of Kennecott Copper Corporation stock for 3
shares of Braden Copper Mines C o m p a n y stock, and of 30 10-13 shares of Kennecott Copper Corporation stock for each bond or
debenture of the Braden Copper Mines C o m p a n y of a face value of $500, as per authorization of stockholders at meeting held December
14, 1915 (alternative cash offer of $15 per share and $1,500 and accrued interest for each such bond or debenture being m ade at same date
by an underwriting syndicate). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
For compensation to aforesaid underwriting syndicate for its agreement to mako purchases pursuant to alternative cash offers above m e n 785,740 12-13*
tioned, as per authorization of stockholders at meeting held December 14, 1915. . . . . . . . . . . . . . . . .
65,000
For additional shares of Alaska Steamship C o m p a n y stock acquired by the Corporation, as per authorization of directors at meeting held
January
4,
1916,
on
the
basis
of
two
shares
of
Kennecott
Copper
Corporation
stock
for
one
share
of
Alaska
Steamship
C
o
m
p
a
n
y
stock.
5,760
Balance, reserved for general corporate purposes of the Corporation. . . . . . . . . . . . . . . . . . . . . . . . .
221,947 1-13
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,000,000
* Of this amount scrip has been issued for fractional shares totaling 474 12-13 shares.
Upon the acquisition of the entire outstanding stock of the Beatson Copper Company, this company was dissolved (October
4, 1915) and the property thus acquired by the Kennecott Cqpper Corporation.
On June 1, 1915, the corporation issued bonds amounting to $10,000,000, being the total authorized issue. These bonds are
First Mortgage d i x per Cent. le n -Y e ar Convertible Sinking Fund Gold Bonds, dated June 1, 1915, interest payable June 1st and
December 1, due June 1, 1925, and are a First Mortgage upon the entire properties of the Kennecott Mines Company and the Beatson Copper Company, acquired by the Kennecott Copper Corporation. Trustee under the mortgage is Bankers’ 'Trust Company.
The corporation has acquired $9,870,000 of these bonds, pursuant to action of stockholders at meeting held December 14, 1915,
noted above.
_
The corporation now owns the following securities:
STOCK
k
Where
Company
Incorporated
Alaska Steamship C o . . . . . . . . . .
Nevada
Braden Copper Mines C o . . . . . . .
Delawaro
Copper River <fc Northwestern Ry. Co. .. Nevada
Utah Copper C o . . . . . . . . . . . .
N e w Jersey
Company
Braden Cop. Mines Co.
Character of Bond
1st Lien Coll. Tr. 10-Yr.
Gold 6 % bonds, con
vertible into stock at
par ($5 jper share)
2d Lien Coll. Tr. 5-Yr.
Gold 7 % bonds, con
vertible into stock at
par ($5 per share)
3-Yr. 7 % Gold Deb. bonds
convertible into stock
at par ($5 per share)..
_ Capitalization
Par Authorized
Issued
$3,000,000
$3,000,000
5.00 14.000.
000
12,973,500
100.00
5,000,000
4,817,400
10.00 25.000.
000
16,244,900
O w n e d by Kenn.
Copper Corp.
$1,588,000
12,768,290
4,817,400
4,045,040
Authorized
Issued
and _
Outstanding
O w n e d by
Kennecott
Copper Corp.
1, 1919
$4,000,000
$16,000
Nov. 1, 1910
Nov. 1, 1915
extended to
M a y 1, 1916
2,000,000
1,003,500*
June
June 1, 1914
extended to
June 1, 1916
2,000,000
7,000
1, 1959
20,000,0001
50,000,000
23,020,000
$23,020,000
1, 1925
10,000,000
10,000,000
9,870,000
Nov.
May
May
Juno
Date
Duration
12, 1907
Perpetual
26, 1909
16, 1905
30, 1904
BONDS
Date
Juno
1, 1909
1, 1911
Maturity
June
15-Yr. QoH. Tr. 6 % Sink.
Fd. Gold bonds (sub
ject to payment of all a
bove outstanding bonds
and release of Coll, sec.)
Cop. R. & N w. Ry. Co.
50-Yr. 1st Mtge. 5 % Gold
bonds
Feb. 1, 1909
Feb.
Ken. Copper Corp....
10-Yr. 1st Mtge. 6 % Gold
bonds, convertible into
stock at rate of 40 sh.
for each $1,000 bond.
Juno 1, 1915
Juno
* $1,000,000 held in treasury of Braden Copper Co. which are to be cancelled
t $15,000,000 in courso of issuance to be dated February 1, 1910.
$100.00
[Vol. 102.
THE CHRONICLE
806
The Kennecott Copper Corporation owns the following physi
cal properties:
(1) A group of properties near Kennecott, Alaska, known as
the Kennecott Mines.
(2) A group of properties on Latouche Island, Prince W illiam
Sound, Alaska, known as the Beatson M ine.
L O C A T IO N .
The Kennecott Mines of the Kennecott Copper Corporation
are located about three miles from Kennecott, Alaska, the termi
nus of the Copper River and Northwestern Railway.
The Beatson M ine of the Kennecott Copper Corporation is
on Latouche Island, Prince W illiam Sound, Alaska. T he mine
is located one-half mile from deep water transportation. The ore
is loaded on boats by belt conveyors from the bins on the dock
and transported direct to the Tacom a smelter.
PROPERTY.
The Kennecott Copper Corporation owns the following twentytwo patented lode mining claims and fourteen patented placer
mining claims at Kennecott, having an area of 2,314 acres:
L O D E M I N I N G C L A IM S .
Name of Claim.
Mammoth........................................................................
Bonanza...........................................................................
Contact............................................................................
National...........................................................................
Excelsior.........................................................................
Independence No. 1........................................................
Independence No. 2 ........................................................
Native..............................................................................
Azure................................................................................
Jumbo No. 1 ....................................................................
Jumbo No. 2 ...................................................................
Jumbo No. 3 ........................................................ ..........
Rouge...............................................................................
Unidetta...........................................................................
Stirling................................................................... ..
Hanley.............................................................................
Blake................................................................................
Keller...............................................................................
Hurricane.........................................................................
Uniletta............................................................................
Kennecott........................................................................
Erie..................................................................................
U. S. Pat. No.
........
39,553
39,554
43.577
43.578
43.579
230,601
P L A C E R M I N I N G C L A IM S .
Combination No. 7 .................................................................
Green.......................................................................................
B lu e .....; ...............................................................................
Combination No. 1 .................................................................
Combination No. 2 .................................................................
Combination No. 3 ..................................................................
Combination No. 4 .............................................................
Combination No. 5 .................................................................
Combination No. 7 .................................................................
Sweet........................................................................................
National..................................................................................
Independence..........................................................................
Bonanza...................................................................................
Rouge Placer...........................................................................
43,579
39,553
43,596
165,161
166,284
The corporation also holds several unpatented lode mining
claims at Kennecott.
T he Kennecott Copper Corporation owns at Latouche the
following seventeen patented lode mining claims, having an
area of 268 acres:
U. S. Pat. No.
Name of Claim.
........
42,007
Powder Point.........
Julia........................
Creek......................
Eagle......................
Big Bonanza..........
Shore......................
Prairie No. 1..........
Prairie No. 2 ..........
Prairie No. 3 .........
Big Bonanza No. 2
Chinega. . ; .............
Alaska Chief..........
Fraction.................
Bluff No. 1............
Bluff No. 2 ............
Sadie.......................
Bullion...................
T he corporation also holds several unpatented lode claims at
Latouche
T he two pr ncipa' mines at Kennecott are the Bonanza and
Jumbo, which are about one mile apart. T h e altitude at Kenne
cott, where the mill is located is 2 ,2 00 feet, while at both of the
mines it is 6,000 feet. Each mine is connected with the mill
by an independent aerial tramway. These tramways are each
about three miles long.
.
The ore and concentrates produced at Kennecott are shipped
via the Copper River and Northwestern Railway, owned by the
Kennecott Copper Corporation, from Kennecott to Cordova, a
distance of 196 miles, thence via the Alaska Steamship C om
pany's vesse s to Puget Sound ports for smelting.
.
Latouche is on tidewater and product from the Beatson M ine
is shipped d rect by vessels of the Alaska Steamship Com pany
to Tacom a.
E Q U IP M E N T A N D D E V E L O P M E N T .
Both mines at Kennecott are well equipped with bunk houses,
blacksmith shops, compressors, and all necessary equipment.
T he total number of feet of drifts, crosscuts, raises, winzes and
inclines in the Bonanza M ine is 10,504 and in Jumbo M ine
9,692.
.
The concentrator has a capacity of 700 tons per twenty-four
hours. It is equipped with Blake and Symonds crushers, bull
jigs, rolls, Hancock jigs, W ilfley and Deister tables. The re
covery in the mill depends somewhat on the grade of the ore
treated, but averages over 8 5 % . The concentrates produced
average about 5 5 % copper.
The concentrates and the crude ore which does not require
concentration are shipped to the Tacom a smelter for smelting
and refining.
.
.
.
. .
An ammonia leaching plant is being built to treat the tailings
from the concentrator. It is expected that a profit of $1.00 per
ton of tailings treated will be made on 14c. copper. In figuring
this profit, allowance has been made for amortization of the
cost of the plant.
The Beatson M ine is well equipped with bunk houses, black
smith shops, compressors and all other necessary equipment.
The concentrator was put into operation in M a y of 1915.
Before that time only crude ore was shipped. W hen the in
stallation of some additional crushing machinery is completed,
the daily capacity will be about 700 tons.
The concentrator employs only the oil-flotation process. The
ore is crushed by jaw crushers. Symonds crusher, M arcy balls
mills and Hardinge mills. The oil-flotation machines are of the
agitation type.
The concentrates produced assay over 1 5 % copper and the
average extraction is about 8 0 % .
GEOLOGY.
T he lowest and oldest formation exposed in the district in
which the mines at Kennecott are located is known as the
Nikolai Greenstone. On top of these igneous flows rests the
Chitistone limestone. This formation, which consists of massive
thick beds, is from 2000 to 3000 feet thick, and is in turn overlain
by the M cC athy shales. Unconformably overlying these shales
is a great thickness of Jurassic sediments, consisting prin
cipally of black shales with some beds of conglomerate and sand
stone.
.
The beds of the Chitistone limestone dip about twenty-six de
grees to the northeast. T he first forty feet consist of a siliceous
limestone followed by about sixty feet of gray limestone and
then by dolomitic limestone. It is in the dolomitic limestone
and to some extent in the gray limestone that the ore bodies of
the Bonanza and the Jumbo lie.
The ore consists of chalcocite, some carbonates and minor
quantities of bornite. It is unique, inasmuch as there are no
gangue minerals present; that is, no quartz or pyrite.
The ore occurs in approximately vertical fissures of a shear
zone near the intersection of these fissures with the contact of
the gray and dolomitic limestones.
The lowest level developed to any extent in the Jumbo M ine
is the 500-foot level. The ore bodies on this level arc larger and
higher grade than on any of the upper levels. In stope 581,
where the ore is developed for a widtli of over 50 feet, after pick
ing out an occasional piece of included limestone, the ore will
average 7 0 % copper. Ore has recently been encountered on the
600 and 700-foot levels, but has not yet been developed as ex
tensively as on the upper levels.
In the Bonanza M ine the 600-foot level is the lowest. It is
1130 feet below the surface directly above the level, but only
560 feet below the outcrop of the gray lime-dolomite contact.
A s has been stated above, the ore bodies are larger and of
higher grade on the 500-foot level of the Jumbo M ine, which is
the lowest level developed, than on any of the upper levels.
Furthermore, from the very nature of the ore occurrence, i. e.,
irregular fissures and shoots in limestone, it is impossible to
estimate all the ore that will ultimately be mined
Jumbo has remarkably little dead work, that is, working not
in ore. Practically no crosscutting has been done. There are
numerous places in the mine where work could be started with
good chances of opening up additional ore. Jumbo is a new mine.
Active development work was not started until some time in 1912.
Up to August 1, 1915, only about 35 ,000 tons of ore has been
shipped from the mine. The ore came directly from develop
ment work and averaged about 3 9 % copper.
The formations of the Beatson M ine are slates and gray wackes,
belonging to the Orca group of the Mesozoic. T he analysis of
this graywacke indicates that it is a metamorphosed siliceous
shale or argillaceous sandstone. Its physical character is very
similar to quartzite. The graywacke is the more favorable for
mation, and in general can be said to be the only one commer
cially mineralized. It is extraordinarily dense and flinty. There
are frequent inclusions of slate in the graywacke and vice versa.
T he ore occurs in a north and south shear zone which has no
well defined limits.
.
.
The ore consists of clialcopyrite, pyrite and pyrrhotite. The
chalcopyrite is not a highly cupriferous form of the mineral,
and such masses of high grade shipping ore as have been mined
average between 8 % and 1 0 % copper. B y far the greatest
tonnage is in the form of a disseminated clialcopyrite, in the
graywacke, from which it is separated by the flotation process
of concentration. There is no secondary enrichment nor any
good data as to the limit of ore in depth.
The ore body has no uniform dip, but becomes much flatter
at the top of the steep bluff in conformity with the topography
of the surface. T he ore is mined in an open pit and dropped
through mill holes to the main tunnel level. T he topography
has greatly aided the pit mining, which has the advantage of
cheap extraction. The climate does not interfere with these
surface operations to any important extent at any time of the
year.
.
The total length of ore body developed is about 800 feet, with
an average of about 100 feet. There are 9,7 00 feet of drifts,
crosscuts, raises and winzes in the mine.
JB'e b . 26 1916.]
THE CHRONICLE
COSTS OF PR O D UCTIO N .
The average cost of producing copper from all the ores developed
at Kennecott, after crediting costs with the profits from the
leaching plant and with the silver values of the ore, it is estimated
will be as follows:
.
P rice o f C o p p e r ...................................
C oat p er p o u n d ...................................
P rofit per p o u n d ................................
13c.
4 .7 c .
8 .3 c .
14c.
4 .7 c .
9 .3 c .
15c.
4 .7 5 c .
1 0 .2 5 .
18c
5 .1 c
1 2 .9o
The cost of production at Bealston per pound of copper re
covered and sold it is estimated will be 9c. when copper is selling
under 1 4 ^ c . per pound, and 9.1c. when copper is selling over
1 4 ^ c . per pound. The slight increase in cost is due to a higher
smelting charge when copper sells for over 14 ^ 0- per pound.
These costs are for copper delivered in New York and include
all general expenses, New York office expense and development,
but does not include amortization of past construction expense.
The above costs at Beatson are based on producing 15% cop
per concentrates in the mill. However, a higher grade concen
trate is now being produced and as this reduces the smelting
and freight charges, the cost of production per pound of copper
will be correspondingly reduced.
PAST PRO D UCTIO N .
The Kennecott Copper Corporation’s mines in Alaska pro
duced during the seven months of its operations ended Decem
ber 31, 1915, approximately 63,000,000 pounds of copper at a
cost of less than 5c. per pound. Of this 63,000,000 pounds pro
duced but 57,555,183 pounds were received at smelter and taken
into Profit and Loss. The balance was enroute and is carried
at actual cost of mining and milling. Total costs on poundage
received at smelter were as follows:
80 7
The steamers of the Alaska Steamship Company, in addition
to transacting a general transportation business, transport the
ore and concentrates of the Kennecott Copper Corporation’s
mines in Alaska to Puget Sound ports for smelting. They con
nect with the Copper River & Northwestern Railway at Cor
dova, with the Juneau Steamship Company at Juneau, and in
addition w th the White Pass and Yukon Railway at Skagway,
the Alaska Northern Railway at Seward, the American Yukon
Navigation Company at St. Michael, and with local boats at
other ports for various points.
The company operates under a regular schedule, both summer
and winter, to all but the most northerly ports, such as Nome,
St. Michael, etc.
The Income and Profit and Loss Accounts of the Alaska Steam
ship Company for the eight years ended December 31, 1915, were
as follows:
Y ear
19 0 8 ..........
1 9 0 9 ........
1 9 1 0 ........... .........
1 9 1 1 ........... .........
1 9 1 2 ......... ........
1913..........
1 9 1 4 ..........
1 9 1 5 ..........
E arn ings less
P . & L.
A d ju s tm e n t
419,008.77
374,326.89
266,433.55
*3,300,808.94
D e p re cia tio n
3258,489.40
245,278.50
219,210.86
221,475.80
177,754.73
171,108.21
154,340.08
134,311.55
$1,581,975.19
D iv id e n d s
$150,000.00
250,000.00
30,000.00
120,000.00
240,000.00
330,000.00
Surplus
$61,999.87
166,558.71
199,797.91
152,851.09
58,078.82
4 9,911.59
31,658.66
100,577.60
$1,120,000.00
58,893.75
COPPER R IVE R & N O R TH W E STE R N R A IL W A Y CO.
The Copper River & Northwestern Railway Company was
incorporated May 16, 1905, under the laws of Nevada, with an
authorized issue of 50,000 share, of which there are now out
standing 48,174 shares of a par value of $100 each, all of one
1.19 cents p er p o u n d
M in in g and m illin g .........
class. In addition to the outstanding stock, there are $23,020,000
.......................
2.18
F reigh t t o s m e lt e r ..........
First Mortgage Five per cent. Fifty-Year Gold Bonds issued, of
1.37
........................
S m eltin g and r e fin in g ...
an authorized issue of $50,000,000, all of which are owned by
.18
“
"
"
S ellin g ..................................
.06
1“
“
“
G eneral ex p en se...............
the Kennecott Copper Corporation. The duration of the com
.09
.......................
M arin o In su ra n ce............
pany is perpetual. __ The earnings of the company since its ac
.52
.......................
P roceed s silver con tents,
quisition by the Kennecott Copper Corporation have been in
.01
“ “
“
M iscella n eou s ea rn in gs .
excess of $150,000 per month.
4.54
The Copper River & Northwestern Railway Company is a
Below are show past production, costs and profits of the Ken modern, standard gauge road running in a northeasterly direc
necott Mines Company and Beatson Copper Company prior to tion in the Copper River Valley to Chitina, a distance of 132
their acquisition by the Kennecott Copper Corporation:
miles from Cordova, thence in an easterly direction following
the Chitina River to Kennecott, a distance of 64 miles from
K E N N E C O T T M IN E S C O M P A N Y
Chitina, and a total distance of 196 miles from Cordova. The
Copper River & Northwestern Railway Company operates
N et Pounds
C ost per P ou nd
under the jurisdiction of the Interstate Commerce Commission
C opper
(in clu d in g Sellt
P ro d u ce d
in g E x p en se)
P r o fit
and is open to traffic the entire year. The major part of the
1911— nine m o n t h s ..................
21,007,096
4 .19c.
$1,650,205.67
road is built on a water grade. It has sufficient equipment to
1912
..................................
22,300,478
4 .43c.
2,033,508.94
1913
..................................
14,621,834+
5.48c.
1,424,035.71
accommodate all traffic, and this equipment is in first-class
1914
..................................
13,988,273**
5 .78c.
1,104,645.60
condition, including an ample supply of snow plows, steam
1915— fiv e m o n th s ....................
1 4 ,2 4 0 ,4 i2
4.00c.
1,522,747.53
shovels, derricks, etc., and has at Cordova machine shops
80,224,093
4 .57c.
$8,341,803.45
competent to meet all requirements. Detail of the Company’s
equipment is as follows:
BEATSON COPPER C O M P A N Y
18 L o co m o tiv e s
1911— nine m o n th s..................
1912 ............................................
1913 ............................................
1914 ............................................
1915— nino m o n th s ..................
3,078,444
3,254,858
5,178,029
5,280,067
1,970,947
7.44c.
9 .74c.
8.30c.
8.75c.
11.41c.
$163,939,75
221,116.57
353,239.62
241,895.59
122,090.91
18,709,545
8.78c.
$1,102,590.34
t *F allin g o f f in p ro d u c tio n in 1913 d u o t o sh u ttin g do w n o f m in in g o p e r
ation s because o f in a b ility t o sh ip ore a cco u n t d e stru ctio n o f tra m w a y term i
nal b y fire.
♦♦Curtailm ent o f p ro d u c tio n in 1914 d u e t o E u rop ean W a r.
ORE RESERVES.
In mines of this character it is impossible to state their prob
able life, but there is approximately five years supply of ore
blocked out in the Alaska properties now operating at the past
average rate of production, and it is the policy of the corporation
to develop each year at least as much ore as has been mined
during the year.
•
3
4
1
1
1
2
1
29
50
40
13
3
117
6
3
5
2
3
3
1
1
R o ta r y P low s
Steam Shovels
T r a c k D rive r
W reck er
Snow D o ze r
G ravel Spreaders
D itch e r
W o o d e n F la t C ars
Steel F la t C ars
G on dolas
B o x C ars
S to c k C a rs
D u m p C ars
C a booses
L aborers C ars
O utfit C ars
T o o l C ars
P assenger C oa ch es
C o m b in a tio n C oa ch es
D in in g C a r
O fficial C ar
8 T anks
It has a complete telegraph and telepho ne system traversing
its entire line, and adequate dockage and wharfage facilities.
The railroad traverses what is known as the copper mineral
belt of Alaska and within a few miles of the Bering River coal
fields. The ocean terminus of the railroad, Cordova, is a land
locked port, open the year round. The road connects with the
Alaska Steamship Company at this point.
B R A D E N COPPER M IN E S C O M PAN Y.
The Braden Copper Mines Company is a holding company
and was incorporated under the laws of Delaware on M ay 26,
ALASKA STE AM SH IP C O M P A N Y.
1909. The duration of its charter is perpetual. Its authorized
The Alaska Steamship Company was organized under the
Capital Stock is 2,800,000 shares of a par value of $5.00 per
laws of Nevada, November 12, 1907. Its duration is perpetual. share.
The authorized and outstanding issue is 30,000 share of stock,
There are also outstanding $16,000 First Lien Collateral Trust
par value $100 each, all of one class. It has no bonded indebted
Ten-Year Gold Six per Cent. Bonds, $1,003,500 Second Lien
ness.
Five-Tear Gold Seven per Cent. Bonds (of wliich $1,000,000
This company has a fleet of steamships operating between
are held in treasury of Braden Copper Company) and $7,000
Puget Sound ports and various ports in Alaska, chief of which,
Three-Year Gold Seven per Cent. Debenture Bonds, all of which
are Cordova, Juneau, Douglas, Skagway, Valdez, Latouche,
are convertible at any time into stock at par ($5.00 per share).
Seward, Kodiac, Unalaska, Port Graham, Ketchikan, St.
There have also been authorized $20 000 000 Fifteen-Year
Michael, Wrangel and Nome. The company owns and operates Collateral Trust Six per Cent. Sinking Fund Gold Bonds,
the following steamers:
$15,000,000 of which (to be dated February 1, 1916), are now
Gross Tonnage.
in course of issuance. These bonds are to be issued subject to
Passenger:
Alameda........................................................
payment of all the above outstanding bonds and relaese of
Mariposa.......................................................
collateral security. A sinkin gfund of at least $1,000,000 per
Northwestern...........
.........................
annum is to be applied semi-annually to the purchase of these
Alaska....................
.......................
Jefferson............
...................
bonds up to 105 and accrued interest, at which price they are
Dolphin.....................
.....................
callable for the purposes of the sinking fund.
Victoria..........................................................
The Braden Copper Mines Company owns the entire Capital
Dora.........................
.............
Freight:
Stock and First Mortgage Bonds of the Braden Copper Company,
Cordova..............
a Maine corp >rat on orga lized June 18, 1904. The duration
Seward.................
of the Brade Copper Company is perpetual. The Braden
Latoucho...............
Redondo......................
Copper Company has authorized and outstanding the following:
Bennington...................
33,203 shares of stock of a par value of $10.00 per share.
Burlington...........................
$4,000,000 Ten-Year First Mortgage Six per Cent. Gold
Cannery:
Santa Ana..........................................
Bonds, issued May 17, 1909, due M ay 17, 1919.
THE CHRONICLE
80 8
The Braden Copper Mines Company agrees to pledge the
above securities as well as any which may hereafter be created,
to secure the above-mentioned Sinking Fund Gold Bonds.
The Braden Copper Company is registered in Chile and owns
in fee at Sewell, Chile, 174 claims equal to 2,362 acres, and at
Rancagua for railroad terminals the company owns about 16
acres. A t the present time it also has a concentrator with
capac ty of 4,400 tons of ore per day, its own complete smelting
plant, hydro-electric power plant, and a village for housing its
employees. The entire property is in the province of O’Higgins,
Chile. The terminal of the mine’s railway at Rancagua is
about forty-eight miles southeast of Santiago.
The principal groups of mines are known as “ Teniente,”
“ Fortuna” and “ Centinela;” they were discovered by Spaniards
in the latter part of 1700 and originally operated by them; they
were later owned and operated by Chilean natives. The Braden
Copper Company acquired the property from the Chileans in
1904 or 1905 and development work has been carried on at these
properties up to the present. The climate is very similar to
that in the northern part of California. Labor conditions are
good. The company owns its own railroad, running from
Sewall to Rancagua, a distance of about forty-five miles; at
Rancagua it connects with the government-owned railway
which runs to Valparaiso on the seacoast. The ore in the mines
is a concentrating copper ore in the form of sulphides of copper
in a bracciated andesite; the ore bodies occur around the perip
hery of an extinct volcano.
Mr. Pope Yeatman, consulting engineer of the Braden Copper
Company, estimated as of January 1, 1915, 113,694,880 tons
of ore, with an assay value of 2.84% , and allowing for dilution
in mining he reduces this value to 2 .5 % . He estimates the
value of the copper contents of the above tonnage, based on a
14c. copper market, allowing an 8 0 % mill extraction (recent
reports from the mine indicate that the mill is extracting 8 2 %
and the indications are that it will exceed this) a 9 5 % smelter
extraction and 6 Me. cost of producing copper delivered to
European markets (under normal conditions all the Braden
production is sold abroad) as $324,030,408, and the life of the
mine thirty-two years, based on above tonnage and with a
plant having a capacity of 10,000 tons of ore per day.
There was milled during the last quarter of 1915, 382.553 tons
of 2.1 6% ore and the production was 11,236,470 pounds of cop
per at an average cost of 7.9c. per pound, and estimated earnings
from the sale of same amounted to $1,033,000.
It is proposed by the sale of the $15,000,000 Sinking Fund
Bonds, above referred to, to increase the present capacity of
the mill, which is about 4,400 tons of ore per day, to 10,000 tons
of ore per day. (When this plant is completed there will have
been expended for equipment, construction, mine development
and working assets an amount in excess of $22,000,000). Mr.
Yeatman estimates that when the 10,000-ton plant is in full
operation and handling the average grade of ore, the production
will amount to 136,800,000 pounds per annum, which would
yield the following earnings based on copper prices as shown:
12c.
13c.
14c.
15C.
16c.
18c.
20c.
$7,524,000 $8,892,000 $10,260,000 $11,628,000 $12,996,000 $15,732,000 $18,468,000
Before the Kennecott Copper Corporation made their offer
to the Braden security holders, Mr. Henry Krumb, after making
a thorough examination of the reports and conferring with the
engineers of the Braden Copper Mines Company, furnished
the Kennecott Copper Corporation with the following estimate
of earnings for 1916:
Ore reserves 113,000,000 tons 2.5 % copper.
Capacity 4,400 tons per day— 1,540,000 tons per year.
Life of mine, 73 years.
Cost— 7% c. per pound.
Recovery 9 5 % of 8 0 % — 7 6 % net.
Grade of ore for 1916— 2.25% copper— 34.2 pounds
per ton.
Average grade of ore— 2.5 % copper— 38 pounds per
ton.
PROFIT FOR 1916 (BASED ON COPPER PRICES AS SHOWN).
13c.
14c.
15c.
16c.
17c.
18o.
$2,765,070 $3,291,750
$3,818,430
$4,344,340
$4,871,020
$5,397,700
At the present rate of production, the company’s net earnings
exceed $500,000 per month, and it is expected that the produc
tion will gradually increase.
_
Detail of operating costs at the Braden Mine for the year
ended August 31, 1915, was as follows:
M in in g ............................................
M illin g ......................... ..................
Sm elting and c o n v e r tin g .........
G eneral expenses N ew Y o r k . .
F reigh t ana deliv ery expenses,
Selling c o m m is s io n ,...................
M iscella n eou s earn in gs.............
T o ta l c o s t .............................
2 . 33c. per p o u n d
1 *•
3.26c.
“
11
2.45c.
*'
. 13c.
1.17c.
"
. 13c.
.29c.
9 . 18o.
••
T a x e s: E s tim a te d fo r l9 1 5 $172,451.34
1913 and 1914 taxes
o f B e a tso n C o p p e r
C o . and K e n n e c o tt
M in e s C o ., n o t p re
v io u s ly p aid a c
co u n t o f litig a tio n .
13,255.56
185,706.90
1,135,706.90
T o t a l d e d u c tio n s . .
$6,573,797 .00
Surplus u n d ivid ed p rofits D e ce m b e r 3 1 ,1 9 1 5 .
I N C O M E A C C O U N T F O R T H E P E R I O D M A Y 2 7 ,1 9 1 5 , T O D E C . 3 1 ,1 9 1 5
In co m e :
V a lu e od co p p e r co n te n ts o f ores and
co n ce n tra te s rece iv e d a t sm elter:
13,412,317 lbs. ca rrie d a t 1 3 ^ 0
p er l b ...............................................
44,142,866 lbs. carried a t 19.36c.
p e r lb. a ctu al selling p r ic e ...........
$10,357,705.98
57,555,183 lb s ......................................
V alue o f s ilver co n te n ts (591,692 ozs.)
T o t a l v a lu o .
L ess:
F reight t o s m e lte r ......................
S m eltin g and refining charges.
Selling co m m is s io n ....................
M arin e in su ran ce........................
299,141.73
$10,656,847.71
$1,257,862.69
785,757.00
105,286.96
55,890.07
2,20*1,796.72
$8,452,050.99
O perating C o s ts and E x pen ses:
M in in g and m illin g .............
G eneral E x p e n s e ..................
$687,978.76
32,178.97
720,157.71
T o t a l oper. co sts and expenses..
N e t p r o fit .................................... ..........
A d d m ine m iscellaneous earnings.
$7,731,893.28
6,717.32
L ess in terest o n cu rrent a ccou n ts.
$7,738,610 .60
29,106.70
N e t in c o m e ...............................
$7,709,503 .90
B A L A N C E S H E E T , D E C E M B E R 31, 1915.
Assess:
P ro p e rty accounts:
M in in g p r o p e r t y ............................................
Less d e p le tio n ........................................
$17,990,296.37
430,661.40
$17,559,634.97
C on stru ction and equ ip m e n t....................
Less d e p r e c ia tio n .................................
$1,041,993.05
169,338.60
872,654.45
Investm ents:
U tah C op p er C o . stock (404,504 s h . ) . . . $30,337,800.00
B rad en C op p er M in es C o . s tock (1,330,
280 sh ares).......... .......................................
20,465,846.16
B raden C op p er M in es C o . b on d s ($5,
887,000
p a r ) ...........................................
18,113,846.15
C . R . & N . W . R y . C o . sto ck and bonds
($23,020,000 par v alu e bon d s, 48,174
shares s t o c k )...............................................
11,510,000.00
A laska S.S. C o . stock (13,000 sh ares). .
1,300,000.00
81,727,492.31
C u rrent and w ork ing assets:
M etals on han d at less than m arket
v a lu e )..........................................................
$7,066,157.22
O re and con centrates on han d and in
transit (a t c o s t ) .........................................
94.455.84
M aterials on hand (at c o s t ) ......................
236,949.84
A ccou n ts c o lle c tib le ......................................
1,143,065.87
D eferred a c c o u n ts .........................................
17,997.61
A n glo-F ren ch n o te s ......................................
1,925,000.00
C a s h ...................................................................
10,179.25
K E N N E C O T T COPPER CORPORATION.
U N D I V I D E D P R O F I T S A C C O U N T D E C E M B E R 31. 1915.
N e t in com e fo r p eriod M a y 27 t o D e o . 31, 1 91 5..................
$7,709,503.90
D e d u c t:
A ccru ed in terest o n $ 10 ,000 . 1st
M tg e. 6 % b on d s fro m Jun e 1,
1915 t o D e c . 31, 1915....................
$35 0,00 0.0 0
D ep recia tion o f co n s tr u c tio n and
equ ip m en t. ........................................
169,338.60
D e p le tio n o f m in ing p r o p e r t y .............
430,661.40
FRASER
10,463,805,63
$100,623,587.36
Liabilities:
Capital..........................................................................................
$15,000,000.00
S to ck (w ith ou t nom inal or par valu e:
Shares.
A u th o riz e d ................................
3,000,000
U nissu ed......................................... 2 4 5 ,3 7 4 -is
O u tstan d in g................. .... .2 ,7 5 4 ,62511is
C a p ital surplus (from con version o f b on d s and exchange of
85,377,983.84
First mortgage bonds— issued........................
In treasury................
$10,666,000.00
9,782,006.06
218,000.00
O u tsta n d in g...............................................................................
C u rrent liabilities:
A cco u n ts p a y a b le ..........................................
$2,056,350.86
A ccru ed interest and ta x e s.......................
197,736.3*1
D eferred a c c o u n ts........ ................................
33,963.82
U npaid sm elting, refining and selling
charges (n o t d u e ).....................................
820,853.56
$3,108,904.58
D e v e lo p m e n t reserves...................................................................
U n d ivid ed p ro fits..............................................................................
344,901.94
........................
6,573,797.00
$110,623,587.36
••
On February 1, 1916, Kennecott Copper Corporation declared
an initial dividend of $1.00 per share for the quarter ending
March 31, 1916, patable March 31, 1916, to stockholders of
record at the close of business March 10, 1916.
Following are Balance Sheets and Income and Expense State
ments for the companies as shown:
Digitized for
[Vol. 102.
ALASKA STEAM SHIP C O M PAN Y.
IN C O M E A C C O U N T F O R T H E Y E A R E N D E D D E C E M B E R 31, 1915.
In co m e :
R ev en u e fro m o p e r a t io n ............................
O th er r v e n u o ...................................................
„ „
$2,376,997.37
121,889.82
T o t a l re v e n u e .............................................................................
O perating c o s ts an d expenses:
____
O p e ra tin g .........................................................
$1,893,907.58
T a x e s .................................................................
40,090.46
$2,498,887.19
T o t a l costs and e x p e n se s.......................................................
1,993,998.0*1
N e t in c o m o .................................................................................
$564,889.15
Feb . 26 1916.]
THE CHRONICLE
U N D I V I D E D P R O F I T S A C C O U N T D E C E M B E R 31, 1915.
Surplus, DiNiember 31, 191 4...................................................................
$558,316.15
Add:
ucom e fo r year 1915 ..........................................................
564,889.15
S I , 123,205.30
De
filiation, year 19 1 5 .............................
len ds p aid:
[la r c h 29, 191 5............. $45,000.00
lu n o 30, 1915.................. 195,000.00
le p t. 20, 191 5................. 45,000.00
Oec. 31, 191 5.................. 45,000.00
$134,311.55
809
PROFIT AND LOSS ACCOUNT AS OF DECEMBER 31, 1915.
Balance December 31, 1914 (debit)......................................... $3,205,455.68
Less: Net income for the year 1915.......................................
1,135,083.78
, ,,
.
,
.
Add: Accrued bond interest for the year 1915......................
$2,070,371.90
1,151,000.00
Balance, December 31, 1915 (debit)........................................
$3,221,371.90
BALANCE SHEET AS OF DECEMBER 31. 1915.
330,000.00
464,611.55
as u n d ivided profits, D e ce m b e r 31, 1915.
$658,893.75
BALANCE SHEET, DECEM BER 31, 1915.
Assei
Property Accounts:
Stearafchips.................................................. S3,571,351.24
Real «stato..................................................
494,299.20
Furnitfure and fixtures.............................
6,420.50
$4,072,070.94
Investments.................................................................................
Current an.p working assets:
Accoui its receivable..................................
$129,425.46
Notes ^receivable........................................
67,644.78
Agcnte and pursers...................................
114,167.66
United! States Government.....................
96,887.80
Underwriters’ claims................................
43,236.10
Unde Writers’ lay-up................................
16,496.91
Suspense items in advance......................
36,596.84
Insurance premiums in advance............
153,139.14
18,345.66
Suppllies on hand (at cost)......................
Cash j on hand.............................................
158,799.11
Assets:
Property:
Property account.........................
$27,775,652.10
Betterments.........................................
129,088.28
--------------------$27,904,740.38
Investments.............................................................................
5,000.00
Current working assets:
Materials and supplies (at cost)..........
$153,077.85
Agents and conductors........................
12,184.92
339,607.15
Accounts collectible.............................
Insurance in advance..........................
1,714.00
Cash on hand.......................................
757,999.27
„ „
,,
1,264,583.19
Profit and loss..........................................................................
3,221,371.90
32,500.00
$32,395,695.47
L ia bilities:
Capital stock............................................................................
First mortgage bonds...............................................................
Suspense investments...............................................................
Accounts payable.....................................................................
Accrued bond interest (all of which bonds are owned by Kennecott Copper Corporation).....................................................
$4,817,400.00
23,020,000.00
5,000.00
66,320.66
4,486,974.81
$32,395,695.47
835,599.46
The Kennecott Copper Corporation agrees with the New
York Stock Exchange:
1. Not to dispose of its stock interest in any constituent,
Capital st lock........................................................................................ $3,000,000.00
Deprecia tion reserve..........................................................................
958,861.71 subsidiary, owned or controlled company, or a low any of said
Current 1 labilities:
constituent, subsidiary, owned or controlled companies to dis
Aud ited vouchers......................................
$211,860.89
pose of stock interests in other companies unless for retirement
Acc< lunts payable......................................
10,619.00
4,596.76
Defelrrcd accounts.....................................
and cancellation, except under existing authority or on direct
N o b is...........................................................
50,000.00
authorization of stockholders of the company holding the said
Accrued taxes............................................
45,338.29
322,414.94
companies.
Un livided profits........................................................................
658,893.75
2. To publish at least once in each year and submit to the
stockholders at least fifteen days in advance of the annual meet
$4,940,170.40
ing of the corporation, a statement of its physical and financial
condition, an income account covering the previous fiscal year,
and a balance sheet showing assets and liabilities at the end of
I B R A D E N COPPER M IN ES C O M P A N Y —
the year; also annually an income account and balance sheet
B R AD EN COPPER C O M PAN Y.
of all constituent, subsidiary, owned or controlled companies.
C C lM B I N E D B A L A N C E S H E E T A S O F A U G U S T 31, 1915.
3. To maintain, in accordance with the rules of the Stock
A s fe t s :
Exchange? a transfer office or agency in the Borough of Man
P r o p e r t y , con s tru ction and e q u ip m e n t............................................. $15,783,568.01
hattan, City of New York, where all listed securities shall be di
D o fe r n ld charges t o o p e r a tio n s .............................................................
2,285,454.03
rectly transferable, and the principal of all listed securities with
D eferri :d a c c o u n t s .......................................................................................
25,245.98
D e fe r s id paym ents t o sin k in g fu n d ....................................................
481,863.40
interest or dividends thereon shall be payable; also a registry
Undiat ributed item s in tr a n s it..............................................................
223,737.06
office in the Borough of Manhattan, City of New York, other
Supplii >s and m e rch a n d is e .......................................................................
1,261,898.97
than its transfer office or agency in said city, where ad listed
C o p p e i : on hand and in t r a n s it .............................................................
1,189,702.71
T reasu ry s to c k (B . C . M . C o . ) ..............................................................
40,970.00
securities shall be registered.
A c c o u ih ts c o lle c t ib le ...................................................................................
63,571.53
4. Not to make any change in listed securities, of a transfer
C ash f |ncl cash i t e m s ..................................................................................
197,101.74
agency or of a registrar of its stock, or of a trustee of its bonds or
$21,556,117.63
other securities, without the approval of the Committee on Stock
>
List, and not to select as a trustee an officer or director of the
L liabilities:
company.
Capit :al s tock (B . C . M . C o . ) .....................................................
$14,000,000.00
Let |s reserved for con version o f b o n d s ...............................
7,947,500.00
5. To notify the Stock Exchange in the event of the issuance
of any rights or subscriptions to or allottments of its securities
Japit (al s tock ou tstan din g (B . C . M . C o . ) .......................................
$6,052,500.00
and afford the holders of listed securities a proper period within
3 o n d p ou tstan din g (B . C . M . C o .) less $1,000,000 par value
W i ll e d b y B raden Copper C o ., not included in a s s e ts ................
6,947,500.00
which to record their interests after authorization, and that all
B ills and a ccou n ts p a y a b le .....................................................................
7,418,877.13
rights, subscriptions or allottments shall be transferable, payable
U npaid expenses on c o p p e r ....................................................................
97,421.16
and deliverable in the Borough of Manhattan, City of New
U npaid sinking fu n d .................................................................................
481,863.40
York.
Surplus from salo o f b o n d s .....................................................................
10,625.00
547,330.94
E a rn ed s u r p lu s ............................................................................................
6. To publish promptly to holders of bonds and stocks any
action in respect to interest on bonds, dividends on shares
$21,556,117.63
or allottments of rights for subscription to securities, notices
thereof to be sent to the Stock Exchange, and to give to the
B R A D E N COPPER C O M PAN Y.
Stock Exchange at least ten days’ notice in advance of the clos
G E N E R A L P R O F I T A N D LO SS A C C O U N T F O R Y E A R E N D E D
ing of the transfer books or extensions, or the taking of a record
A U G U S T 31, 1915.
of holders for any purpose.
C op p er prod u ced — 30,292,614 pou n ds a t 13.6208c........................
$4,126,610.16
The Directors, elected annually, are: Stephen Birch, Wlliot
O perating costs f. o. b. pla n t y a r d s ....................$2,473,934.19
C. Bacon, Samuel J. Clarke, Thomas Cochran, S. W . Eccles,
D e liv e r y and selling ex p e n s e .................................
393,935.48
Win. Pierson Hamilton, H . O. Havemeyer, Seward Prosser and
„
---------------------2,867,869.67
N e t op eratin g p r o f it .....................................................................
$1,258,170.49
John N. Steele, New York, N . Y .
P lu s m iscellaneous in c o m e ..................................................................
86,040.07
The Officers are:
Stephen Birch, President; W m . Pierson
Hamilton, Vice-President; C. T . Ulrich, Secretary; E. S.
T o ta l p r o fit s ....................................................................................
$1,344,210.56
D e d u c t:
Pegram, Treasurer.
In terest on b on d s and lo a n s .........................................................
806,675.83
The fiscal year of the corporation ends December 31st.
B alan co— U n d iv id ed profits fo r y e a r ........................................
$537,534.73
The annual meeting of stockholders is held on the first Tuesday
of May in each year, at the principal office of the corporation
Earned Surplus:
at New York, N. Y .
•
rned surplus— D e fic it as o f A u gu st 31, 19 1 4 ......................
$6,809.88
et u n d ivid ed p rofits for year ended A u gust 31, 191 5___
537,534.73
The Transfer Agent is D. A. Crockett, 120 Broadway, New
York City.
B alanco— E a rn ed surplus, A u g u st'3 1 , 191 5.....................
$530,724.85
The Assistant Transfer Agent is Geo. M . Foster, 120 Broad
T h e a b ove is sta tem en t o f th e latest available actu al results w hich have
way, New York City.
en received from C h ile. T h e estim ated p rofit fo r S eptem ber is $220,612,
The Registrar is Bankers’ Trust Company, 16 Wall Street,
d for O ctob er $53 1,06 1; m aking the estim a ted N e t E arn ed Surplus to
New York City.
ov em b er 1, 1915, $1,287,770.85.
K E N N E C O T T COPPER CORPORATION,
COPPER R IV E R A N D N O R TH W ESTE R N
By STEPH EN BIR C H , President.
R A IL W A Y C O M P A N Y.
This Committee recommends that the above-described
I N C O M E A C C O U N T F O R T H E Y E A R E N D E D D E C E M B E R 31, 1915.
2,777,578 shares of stock, without nominal or par value, be
In com e:
In com e from o p e r a tio n s ..................................................................
admitted to the list with authority to add 222,422 shares on
$1,751,528.26
O peratin g costs and expenses:
official notice of issuance and payment in full, making the total
O perating ex p en s es ................................................ $594,413.40
amount authorized to be listed 3,000,000 shares.
T a x e s ..........................................................................
22,031.08
W M . W . H EATO N , Chairman.
$-1,940,170.40
Liabi kilies:
T o ta l operating expenses and ta x e s ...........................................
616,444.48
N et in c o m e .................................................................................
$1,135,083.78
Adopted, by the Governing Committee, February 23, 1916.
GEORGE W . E L Y , Secretary.
[Voii. 102
THE CHRONICLE
81 0
P u r e O il C o ., P h i la .— Dividends Resumed .—
T he directors on Feb. 23 declared “ a dividend o f 6 % and an extra divi
dend o f 50% on com m on stock, payable M a r. 15 to stockholders o f record
M a r. 8 1916.”
N et earns. Puro Oil C o - d o p rop or’n oth. cos.
1914.
1913.
1912.
$164,542 $1,275,481 $1,189,466
1,598,604
911,155
489,136
------------------- - --------------- -—
-------------------
_ * ----------------
T otal net e a rn in g s..- $3,612,391 $1,763,146 $2,186,636 $1,678,602
B a l a n c e S h e e t D e c . 31 ( T o t a l s $12,842,101 a n d $11,119,700, r e s p e c t i v e l y ) .
A ssets—
1915.
1914.
| L ia b ilitie s —
1915.
1914.
Inv. (leas dep.)..$5,734,801 $5,379,0131Common stock-..$4,535,245 $4,535,245
Merchandise........ 1,664,676 1,344,6S41Preferred s to c k ...
180,000
197,000
Bills receivable--. 1,826,335 2,251,157|Accts. payable..- 1,132,991
682,845
Reserve to red. pf. 180,370
197,6451 Bills payable..........
284,000
197,500
Accts. rec. mdse.
ISurplus__________ 6,349,864 5,506,480
and cash............ 3,075,919 1,946,5711
T he assets o f controlled com panies over their liabilities were $4,026,012
in 1915, against $1,556,147 in 1914.
T he usual quarterly paym ents on the com m on stock wero om itted in
Sept, and D ec. 1914 and M arch 1915, 5 % having been distributed in M arch
and June 1914 (V . 99, p . 542), no dividends having been paid since.
D i v i d e n d R e c o r d o f C o m m o n S to c k
1906-1909
1910.
1911.
8 y ’ly .
7X
8M
— V . 102, p . 716, 614.
1912.
1 2 lA
1913.
20
(P e r C e n t).
1914.
5 -5 -0 -0
1915.
1916.
0
See abovo
Q u a k e r O a ts C o ., C h ic a g o . — Earnings .—
C a l. Y e a r —
1915.
1914.
C a l. Y e a r —
1915.
Gross income___ $3,724,223 $2,367,251 Prcf. dlv. (6 % ).. $540,000
Depreciation____ $293,510 $267,602 Com. dlv. (10% ). $749,982
Balance, surplus..$2,140,731
— V. 100, p. 810.
1914.
$540,000
$749,980
$809,669
S t. L o u is R o c k y M t n . & P a c ific C o .— Late Data .—
Inform ation at hand received too late for insertion in the “ Railway and
Industrial Section” shows the following slight changes: Total dividends paid
during 1915 on tho $10,000,000 outstanding com . stock aggregated I A % .
O f tho A tch. T op . & Santa Fe, R ock y M t. D iv. 4s, $2,083,000 havo been
exchanged for tho com pany’s 1st 5s, reducing tho latter b y that amount;
88% o f the com . stock has been deposited with tho M etropolitan Trust C o.
o f N . Y ., depositary, under tho 5-year voting trust agreement dated
D ec. 15 1915.— V . 101, p. 1186.
S p r in g fie ld (O h io ) L ig h t , H e a t & P o w e r C o .— Bonds
Offered.— Hodenpyl, Hardy & C o ., N . Y . and Chicago, are
offering at 93 and int. a block of General & Refunding M .
5 % bonds, dated Apr. 1 1913, making $481,000 outstanding.
Compare V . 100, p. 1923.— V . 102, p. G14.
S t a r k -T u s c a r a w a s B re w e rie s C o ., O h io . — Earnings .—
C a l. Y e a r —
Gross profits........
Depreciation, A c.
— V. 102, p. 442.
1915.
$164,788
$68,376
1914.
I C a l. Y e a r —
$168,145 ; Bond interest___
$66,4851Balance, surplus..
1915.
$69,110
$27,302
1914.
$69,418
$32,242
W a lt h a m W a t c h C o .— Notes Offered.— F . S . M o seley &
C o ., B osto n , having sold tho greater portion o f tho $ 2 ,0 0 0 ,0 0 0
3-y ear 4
coupon gold notes of F e b . 1 1916, duo $ 5 0 0 ,0 0 0
F . & A . 1918 and 19 19 , are offoring tho balance a t prices to
yield 4 .5 0 % for the 2 -y ear, 4 .6 0 % for the 2 J ^ -y r ., 4 .7 0 % for
the 3 -y r . and 4 .8 0 % for the 3J ^ -y r. m atu rities.— V . 10 1, p .
18 12 .
W e s t e r n P in e M fg. C o .— Successor Com pany .—
T h is c o m p a n y , re c e n tly in c o rp o ra te d in W a s h in g to n w ith $600,000
ca p ita l s t o c k , su cceed s th o W a s h in g to n M ill C o . , w h ich has been in re
c e iv e r ’s h an d s s in ce N o v . 26 1913, w h en th o U n io n T r u s t & S av in gs B a n k
o f S p o k a n e , W a s h ., w as a p p o in te d t o ta k e ch a r g o o f th e c o m p a n y 's a ffa irs .
T h r o u g h th e in stru m en ta lity o f th o tru st c o . th e m ill has b e e n k e p t in o p
e r a tio n , th o segrega tion o f th o s u b s id ia ry , th o S p o k a n e L u m b e r C o . , has
b een e ffe c te d an d th e reorga n iza tio n o f th o W a s h in g to n M ill C o . has been
su ccessfu l, n o tw ith s ta n d in g an in d e b te d n e ss a m o u n tin g in 1913 t o m o ro
th a n $1,000,000. T h e c o m p a n y m a n u fa ctu re s d o o r s , w in d o w s , m o u ld in g s ,
fra m e s, b ox es a n d fin ish ed lu m b e r , e m p lo y in g 150 m e n .
O ffic e r s are
P r e s ., C . M . C r e g o ; V .-P r e s ., J . F . S e x to n ; S e c. & T r e a s ., L . G . C a rr.
W h e e lin g (W . V a .) S te e l &
Iro n
C o .— 1915 Earn.—
Net earnings............................... $946,472 1Dividends paid_______________ $278,790
Bond Interest, A c...................... .. $86,705 |Balance, surplus______________ $580,977
— V. 101, p. 456.
W in c h e s t e r R e p e a tin g A r m s C o ., N e w H a v e n , C o n n .
— N ote Iss u e .— A syndicate headed by Kidder, Peabody &
C o. has purchased and resold an issuo of $16,000,000 twoear 6 % notes dated M ar. 1 1916, callablo at lO O ^a n d in t.
l any or all amounts on any int. date on 30 days’ notice.
S
Interost is payable M . & S. at office o f K idder, Peabody & C o ., N ow
Y ork and B oston. A t the annual meeting Fob. 9 last tho directors wero
authorized to issuo securities " a t their discretion.” Tho proceeds o f tho
salo will bo used in connection with plant expansion and other purposos.
T ho syndicato that handled tho issue was com posed o f K idder, P eabody
& C o ., J. P. M organ & C o. and W m . P. Bonbright A C o ., I n c.,— V . 102,
p . 443, 615.
CURRENT NOTICES.
— In connection with tho salo b y tho United Gas & Electric Corporation
o f $5,000,000 o f its 6 % 30-year Collateral Trust sinking fund gold bonds to
Drexel & C o ., Bertron, Griscom & C o. and R eilly, Brock & C o ., and tho
retirement o f all o f tho outstanding notes o f tho corporation, tho advertise
m ent o f which appears in to-d ay’s Issuo o f tho "C h ron icle,” it Is o f Interest
to recall that less than a year ago, when financial conditions generally wero
in a state o f unprecedented uncertainty, this corporation financed $7,500,
000 o f maturities. This was accom plished through tho issuance and salo
to Drexel & C o. o f $5,500,000 3-year secured gold notes and tho salo o f
$2,350,000 30-year-bonds. Three m onths after dato o f issuo $1,000,000 o f
tho 3-year notes wero retired. That this corporation is ablo to retiro the
remaining $4,500,000 o f these notes within a year through tho salo o f its
30-year bonds is a strong point. T h o earnings o f subsidiaries o f this cor
poration m ade gratifying increases in 1915, it is stated, and 1916 opens with
continuing growth. T ho managers o f tho selling syndicato, organized for
tho distribution o f those bonds, report that the underwriting was over
scribed and that already approxim ately $3,500,000 o f tho bonds havo been
placed at retail.
— M errill, Lynch & C o. aro offering, b y advertisement on another pago,
the 7 % cum . prof, stock o f tho 8. 8 , Kresgo C o. Prico, $10 75 per share,
par $10. A letter from President Kresgo shows that since the first Kresgo
store was opened in D etroit in 1897, with a capital o f about $6,700, tho
business has grown with great rapidity, with tho result that whereas in 1911
there wero 64 stores in operation transacting an annual business o f $7,923,
064, with net profits o f $470,866, there wero, at tho closo o f 1915, 139
stores in operation with gross sales in excess o f $20,000,000 and not profits
o f $1,293,219. See further particulars in last week’s “ C hronicle,” p. 715.
— W illiam R . C om pton C o ., N ow Y ork, St. Louis, Cincinnati and Chi
cago. are advertising in this issue o f the “ Chronicle” a list o f municipal
bonds yielding from 3.8 0 % to 5 .7 5 % .
® m n m e r a a l
C O M M E R C IA L
Report fo r Calendar Y ea r .— The reports show:
1915.
$731,405
2,880,986
(E Ix c
E P lfo iv ii "
Friday N ight , Feb. 25
As a rule trade continues active. M an y of the!
industries aro running at or near their full capacity]
effort to keep pace with a pressing demand. Some
railroads are blocked with freight. The demand fol
and steel is still as imperious as ever, even at rising ]|
M ills, as a rule, cannot, it seems, take new busin
anything like prompt delivery for months to come,
tainly, these look like halcyon days in tho steel bull
The demand for munitions, partly from Russia, ‘
reported large. Copper is at tho highest price sttf
many years, buttressed by what is generally regard<y
strong statistical position. The shoo and leather b V iess
is steadily expanding under a demand said to bo
iprecedonted. Mills find it hard to supply tho dema] tjfor
dry goods. Y et operatives in tho toxtilo industr . are
generally working overtime. Y et there are features which
militate in a measure against tho well being of Annerican
business. First, and foremost, is tho possibility of a rupture
between tho United States and Germany over tho question
of Germany’s latest submarine order and of travel by /Ameri
cans on armed liners. Also, railroad congestion contvmpes.
This retards the marketing of wheat and corn crops, (pecan
freights continue scarce and high, and war insurance! risks
have been advanced in London to 3 % . Labor is dodnanding higher wages from railroad companies and coal onci ’ators,
and may call for an increase from toxtilo mills. So gxVeat is
the activity of trade that thoro is a tondeney towards a ishortago of labor. W heat has declined sharply. Cotton, a'lso, is
lower. Exports of that commodity aro still small. ( mhe
fact that almost everything is rising naturally means! tnat
the cost of living is increasing. And there aro thosol who
think the pace of business in this country might bettor bo
a little moro conservative. Still tho situation, taken as a
whole, is prosperous and a hopeful feeling pervades the
country.
L A R D in good demand and again higher; prime W estern
10.45c., refined to tho Continent 11.30c., South Aimbrica
11.40c., Brazil 12.40c. Futures advanced at one timta in
response to a rise in corn and hogs. Grain traders 1 >ave
been buying, especially ribs. To-day prices advance 1.
D A IL Y C L O S IN G P R IC E S OF L A R D F U T U R E S IN C H IC A C rO .
S a t.
M on.
T u es.
W ed .
T h u rs.
Ffri.
H oli- 10.45
10.30
10.(35
d a y. 10.62J4 10.50
10452
M a y delivery......... c t s . 10.30
10.35
July delivery......... cts.1 0 .4 7 H 10.52 A
P O R K quiet; mess $20 5 0 @ $ 2 1 ; clear $ 2 0 @ $ 2 3 50.
Beef, mess, $ 1 8 @ $ 1 8 50; extra India mess $29 5 0 @ $ 3 0 50.
Cut meats in good domand and firm; pickled hams, 10 to
20 lbs., 1 4 @ 1 5 % c .; pickled bellies, 1 2 @ 1 2 % c . But ;er,
creamery, 25@36A2C. Cheeso, State, 15@ 18J 4c. Eg gs,
fresh, 21 @ 253^c.
C O FFE E quiet; N o . 7 Rio 9 % c ., N o . 4 Santos 9 ^ @ 1 0 ^ a c . ,
fair t o good Cucuta l l } 4 @ l l % c . Futiires have latte).iy
declined on liquidation, due partly to reports of lower B razil
ian freight rates. Though Brazilian receipts aro sn all
stocks aro liberal. The total crop movement of Rio a nd'
Santos thus far this season is 12,793,000 bags, against 3 ,
999,000 bags in the same time last season, and 11,885,0^)0
bags the year beforo. To-day prices closed 8 points lower
to 2 points higher, with sales of 100,750 bags.
Closing quotations follow:
Fobruary .cts .7.57 @ 7.59 J u n o____cts_7.80@7.821 O c to b e r.. cts.7.99@8.01
M a rch ______7.57 @ 7 .5 9
A p r il.............7.66 (§7.68
M a y .............7 .7 6 @ 7 .7 8
J u ly________ 7 .8 5 @ 7 .8 7 N ovem ber __8 .0 3 @ 8 .0 5
A u g u s t _____ 7 .9 0 @ 7 .9 2 D ecem ber
8 .0 9 @ 8 .I1
September . . 7.9 5 @ 8 .9 7 IJ a n u a ry _____________ _
SU G A R in moderate domand only; contrifugal, 96-degrees
test, 4 .8 9 @ 5 .0 2 c .; molasses, 89-degreos test, 4 .1 2 @ 4 .2 5 c .;
granulated 6.25c. Futures havo declined with a lessened
demand. High ocean froights, however, havo prevented
any marked decline. Tho oxport domand for rofined has
been small. Receipts at all Cuban ports for tho week wero
138.500 tons, against 99,000 tons a year ago. Tho exports
were 8 7 ,0(X) tons, of which 60,500 tons wero sent to the
north of Hatteras, 10,000 tons to New Orleans, 3,500 tons to
Galveston and 13,000 tons to Europe. Cuba’s stocks aro
355.500 tons, as against 247,500 tons in 1915. Thoro are
177 centrals grinding. To-day futures closed 4 to 9 points
higher with sales of 7,150 tons. Pricos wero as follows:
Fobruary .cts.4.09 @ 4 .11
M a rch ............ 4 .09@ 4.11
A p r il.............. 4 .1 4 @ 4 .1 6
M a y ________4 .1 9 @ 4 .2 0
Juno___ cts .4.2 4 @ 4 .2 5 October .c ts - 4 .39@ 4.41
J u ly
4 .2 8 @ 4 .2 9 N ovem ber - _4 .3 6 @ 4 .3 8
A u gu st
4 .3 3 @ 4 .3 5 Decem ber___4 .3 2 @ 4 .3 4
Septomber . _4.3 8 @ 4 .4 0
O IL S.— Linseed in modorato domand and higher; city,
raw, American Seed, 7 7 @ 7 8 c .; city boiled, American seed,
7 8 @ 7 9 c .; Calcutta 90c. Lard, primo, 9 5 @ 9 7 c .; cocoanut.
Cochin, 15c.; Ceylon, 14c. Corn 9.76c.; Palm , Lagos,
1 0 b 2 @ llc . Cod, domestic, 6 3 @ 6 4 c . Cotton-sped, winter,
1 0 @ 1 0 .5 0 c .; summer white, 9 .7 5 @ 1 0 .5 0 c . Spirits of tur
pentine 54c. Strained rosin, common to good, $5 50.
P E T R O L E U M in good domand and firm; refined in bar
rels, $8 9 0 @ $ 9 90; bulk, $5 2 5 @ $ 0 25; cases, $11 2 5 @
$12 25; naphtha, 73 to 76-degrees tost, in 100-gallon case
and over, 40)4>c. Gasolino, gas machino steel, 36c.; 73 to
76-degrees steel and wood, 3 1 @ 3 4 c .; (58 to 70 degrees, 28
@ 3 1 c . Closing quotations wore as follows:
Pennsylvania dark $2 40
Oabell....................... 1 95
M ercer black_____ 1 90
New Castle______ 1 90
C om ing .................. 1 90
W o o sto r___________ 1 75
N orth Lim a______$1 58 Illinois, abovo 30
dogroos________ $1 72
South L im a________ 1 58
In d ia n a __________ 1 43 Kansas and Okla
P rincoton___________1 72
hom a ................ I 30
Somorsot, 32 d o g .. 1 78 C addo L a, light___1 3 0
R a g la n d __________ 82c.
Fe b . 26 1916.1
THE CHRONICLE
T O B A C C O has b o o n . , moderate demand and steady.
. 1perfistol|t mQUiry for old crop leaf. M an y
buyers would rather have it than the new crop, the quality
.
lich is none too good. Manufacturers aro having a
argo and profitable trado in cigars. They aro bonefitduct: y tlio more prosperous times and they aro forced to
n f T/ ^ e90o rKS f°r tb? W h®k, ° n l in g tbis evening reach a total
v o o f 4; 22! bales’ ° J
9 9 .6 8 9 were to G reat Britain
F ^ r ^ f ^ f ? 00 aUid 4 6>699 to the rest o f tho C ontinent.
E xp orts for the w eek and since A u g . 1 1 9 1 5 are as follow s:
W e e k en d in g F e b .
25 1915.
E x p o r te d to —
Divka tfn°r 7nhnGt ^
^ ^
^
P W the ^ IdTig
E x p o rts
. or tobacco. Sumatra is quiet, as muoh of that
fr o m —
G rea t
, C o n t ij-mmg here is rather unattraotivo. American buvors
B r ita in . F r a n c e , n e n t d ie
j.soon leavo for the Amsterdam inscriptions. Cuban
Galveston.. 46,449
hs in moderate demand and steady.
Texas City. 12,585
Port Arthur
•
r \ Gt M
fin.n ‘ 1irLako 28M o .; electrolytic Ar. Pass, &c 13,363
' : irDii n i 10 stnko at Ansonia Works and some reaction at NewOrleans 20^541 2,511
M obile___
. pl ton have militated against a further advance here
Pensacola..
to
W n’
t iat tf ° British Government will take stops Savannah..
to
force the recent maximum price order. Tin higher Brunswick .
Charleston .
l°$ ■ 3 s,pot at 43M e. London was lower on T u esd a y ,\ u t Wilmlng’n .
f t ! ad\a? ced’ So did Singapore. Recent arrivals at Norfolk___
N ’p’t News.
aflrw1
’ Singapore and Penang are 3,752 tons; New York. 3,362 5,413
13,247
oston___
2,690
300
j f o " ■ • * £ } % m nSSupphef. hero aro being steadily re- B
Baltimore..
oi l)
w l w i derSi T
VGry, flT ’ Spelter on the spot at Phlladel’a ..
700
fo r d ’ rWlt} tho slrik? afc tho American Brass Co. still in Portl'd, Me
San Fran..
4,570
fi q 7i> o Lef d
un,chan^
on the spot at 6.30c.; later Seattle___
8,200
o .37M c. London advanced. Pig iron in o-ood dAmnn^ T acom a__
8,192
Los Angeles
a? ^ m ; ,N ° . 2 Phila. $ 2 0 @ « 2 0 50, N o . 2 Southern ^ 5 @
F rom A u g .
G rea t
B r it a in .
T o ta l.
46,448
12,585
13,363
678,023
170,252
38,147
334*443
28,001
27,377
146,824
46,367
52,532
22,022
2,990
'700
4*570
8,200
8,192
11*801
464
50,866
15,980
70,419
9,100
925
1 1915 to F e b .
E x p o r te d to —
?iSmthe^oar°sterS f v a t S " * * * * time to * * som e advanSge
cSern s L e S i L
^ vanom S quotations. Shipbuilding
aro sold ahead in some casos for two to three vears
Total . . . 99,689 7,924 46,609:154,2221,681.521
Tot. ’ 14-’ 15 113,382 23,758133,665.270,8052,326,507
Tot. '13-’ 14 95,002 39,8631114,4171249,282 2,744,284
C o n t i
n e n t , d ie
F ra n ce.
116,796
53,094
*13*873
88,936
*7* 666
57,106
4,800
I V .2 2 6
*7*1*318
21,609
Pem bina...
5 s & f p r ? c r m& - a r n Sti el is >
^creasing dem and5 S
i ; T i Pnces- M m s are, m most cases, emraeed far ih oid
25 1916.
T o t a l.
321,716 1,116,535
7,502 230,848
38,147
" 9,722
23,595
208,512 631,891
28,001
*1*338
35,715
114,115 318,045
51,167
2*0*325
72,857
67,912 120,138
11,801
464
241,528 363,712
4,767
20,747
500
92,528
800,
9,900
925
*7*4*756
74,756
110,213! 110,213
65,802: 65,802
250
250
1,761
1,761
486,758 1,251,519,3,419,798
329,3202,527,222!5,183,049
922,6283,397.391 (7.064.303
abovo exports, our telegrams to-night also
tbe to!low ing am ounts of cotton on shipboard, not
N X
t o t e M ’Si
Y o rk
h° P
shells for Great Britain aro inquired for.
O n S h ip b o a rd
F eb.
C O TTO N
T H E M O V E M E N T OF T H ^ C I t O p ’^ ' i n ^ f ^ 13'
telegrams from the South to -n ig h C fa £ v e n S to w
Fo? Z
P56 Q6finhnT thlS ? VT \ nJ i tho total receipts have reached
b ^ H ,b eS’ agamsfc 142’403 ba,es last week and 147 098
A u g ! 1 9 1 f , rr 2 S Sq n ? f t maIdl^ tbo total receipts since
Bame period n n m S s bahles>.a^ n s t 7,808,528 bales for the
o f 2,5 19 623 bales14" 15' shoWmg a decreaso since Aug. 1 1915
S a t.
Galveston___
Toxas City____ I
Port Arthur.
Aransas Pass, &c
S
S
T
r
Pensacola____
Jacksonville, &c.
Savannah ______
Brunswick____
Charleston_____
Georgetown____
WYkfilngton . .
Norfolk____
Newp’t Nows, &c
New York_____
B o ston ______ II
Baltimore______
Philadelphia____
M on.
j
T u es.
W ed .
T h u rs.
12,170
10,741
20,170
9,561
8,361
3,078
ld is
222
3*,054
155
7,375
179
3,762
2
2*780
492
6,513
4,691
3,188
*399
*534
*602
*134
1,946
*249
2,443
____ I
50
505
82
969
1~,420
137
F r i.
*130
**99
1.517
*544
36
'i l l
1,588
2,000
98
“ 111
21.033
2,000
1,918
**51
1,723
3,183
*859
10,718
3,183
1.470
2,329
241
435
*830
241
105
70
Totals this week.
T h e f o C i n f S 9 22,458 33; 109 17> 3 0 7 l " 2 0 ^ _3 9 ^ 1 5 M 6 6
A u g l 1915 and s d n L 7 eoks, .total receipts,
total since
and 3t°o k s to -n ig h t, com p ared w ithlast year:
R e c e ip ts to
F e b . 25.
1915-16.
T h is
W eek .
1914-15.
S in c e A u g
S to ck .
T h is [S in c e A u g
W eek .
1 1914.
1 1915.
1916.
G alveston.........
70,352 1,837,295 114,535 3,177,935
Texas City... "
3,078 267,709 12,629; 432,082 310,778
23,237
Port Arthur
"
13,363
48,489
500
31,216
Aransas Pass, &c.
194
62,316 „ 247
52,097
*2*492
Now Orleans____ 23,938 .1.002,435
70,059 1,268,095 408,064
M obilo__________
1,744
83,899
5)273 130,505
Pensacola_____ *"
20,964
35,039
26,393
Jacksonville, &c*
‘ ill
30,050
228
28,601
Savannah_____
*2*,274
21,033 832.211 51,251
1.421,287
Brunswick____
179,600
2,000
75,200
6,000
147,808
Charleston............
4,000
1,918 213,562 11,743
317,475
83,811
Georgetown_____
99
1,134
VGlmlngton..........
*859 153,605
7,905 172,254
orfolk.................. 10,718 450,089
51*167
15.011 401,644
127,144
’port News, & c.
3,183
69,138
5,103
105.720
ew Y o r k ............
1,470
24,610
1.953
9,159 317,445
oston______
2,329
50,175
2,290
31,723
12.797
altlmore___III I
241
37,133
5,628
60,607
4,928
j hlladelphla____
435
3,162
1,733
_________ ______ _3
3,642
Totals.
156,966 5,288,9051310.45717,808,528ll.552,409
1915.
574.572
79,784
" 5*,407
440,133
52,309
"* 8 4 0
244,047
49,000
111,906
*53*122
76,605
1*3*3*,406
11,890
5,089
11,561
I n o r ^ t l ^ c S E ^ H l i ^ r b o S w h h other
{Q_give bolow tho totals at leading ports for six seasS
•- e c e i p t s
a t—
|
Galveston . . . 1
Texas City ,&c
Now Orleans.;
Mobile............j
Savannah
Brunswick___■
Charleston,&c
Wilmington..
Norfolk.........
70 352
1915.
others____
859
10,718
3,183
4,586
114,536
13,376
70,059
5,273
51,251
6,000
11,842
7,905
15,011
5,103
10.102
Vk.
156,966
310,457
¥ ]P ° F $ N - ‘& c -
au
1916.
16,635
23,938
1,7 4 4
21,033
2.000
1,9 18
nee Aug. 1 . 5.288.905
1914.
54,681
5,855
38,045
6,009
13,975
5,000
2.182
4,238
6,521
2,418
1,907
140,831
1913.
1912.
53,163
20,433
21,435
2,047
9,742
600
951
1,587
4,200
2,165
997
*6*926
10,507
14,837
3,214
34,160
117,320
283.687
67,912
30,835
54,527
9,439
51,330
’
1911.
33,197
18,349
20,241
„ 900
7,627
1,047
650
3,295
3,755
*2*,638
91,599
__ ,
7,785,523
23
25
a t—
Now Orleans.
Galveston____
Savannah ____
Charleston____
Mobilo____
N orfolk______
New York____
Other ports___
G rea t
B r ita in . F r a n c e .
4,644
52,595
N o t C lea r ed f o r
G er
m any.
12,084
7,095
2 ',odd
O th er
C o n t.
C o a st
w is e .
12,179
20,635
1.233 30,140
13,054 93,379
2,100
2,100
2,000
1,865
5,805
2,200
2,200
3,000
3,500
1nnU
1U
3,840
*800
2.000
W ° add similar figures for
*700
1,000
l'.500
50C
T o ta l.
L ea v in g
S to ck .
377,924
217,399
177,566
81,811
15,159
124,944
314,445
101,037
Total 1916. J 65.879 20.879
10 0
34,814 20,452;142,124 1,410,285
Total 1 9 15.. 157,262 63,826
1.272
39,288:454,514 1,395,217
Total 1914. . 72,796 33.787 85,866 192,866
37,151 19.627l249.227 744 252
nno
T o ta l.
9,349 70,352
3,078
131363 13,363
194
194
5,849 23,938
694
1,744
3,660
244
2,120
n am ed '
T
*i
- j if Ior ruturG delivery has been more
ai ratIlGr Wlde fluctuations in prices. M arch, aft™
getting down to a new low” on Wednesday— 11.18c — sudS
S
d a,nd advanced to 11.44c. on the same day, owing
thebt f c h X n ^ b y - c 1V° f P° o1 bouses and
interests: Also,
tile technical position favored an advance. The market had
o Z r , „ ° : r w Id^
b e a S T S Z ;
X t; , : ’ h' ,,COmParatlVely largo suPP*tos at the South, the
in thePa p r ^ S e th°0rKeXpOrtSi ith?. Probability
un increase
iSdiffori^ g f th? absence of bul1 speculation because of the
indifference of outsiders to cotton at anything like the pres! n r h f c , 0fcqU0^atl° ^ ’ an^
^
more or lessPd i t
#0n in laternational politics and the apparent
2 1 “
S ? f pea7 m Europe. Another factor militating
£
rfc a/t ad7anco/ or ! ome bttl0 tnne was the steady liq u id ^
t
4 lso’ tbere was much talk for a
™
oa llkoIlhood of a iargo issuance of March notices
Sm ,?Lrn]^ rr >Veri t lcre were reports from tluio to time
that southern spot markets were weakening. Southern spot
holders were said to be becoming uneasy, owing to the confW n n « « m «dneSS of.ttbe exports, coincident with persistent
dearness and scarcity of ocean freights. But on Feb 23
prices suddenly came to the right-about, as already intimated,
? n t 0 ,fre0 j 7 lng by spot Louses and Liverpool interests.
h £ P i° ’ nr dle.S?
say> was undoing straddles. Spot
S
o 7 e b-oaffht ^ arch and sold M a y at a difference of as
high as 2o points, which was said to offer a very good invest
ment on the money involved. Recently the difference was
l £ ! 18 Pi ° w Sii This buying was so large that it alarmed
the local and Wall Street shorts and they bought heavily,
so heavdy that from tho low point on Wednesday to the
highost price that day spanned 26 points. That looked
largo in a comparatively narrow market. Spinners, more
over wore calling cotton. March liquidation seemed to have
run !ts course. Liverpool prices rallied sharply. In short
that day s developments afforded a rather striking innova
tion on tho dull and monotonous days of which the cotton
n ^ i ° J } a\ rGCentiIy, See miso m any- Cotton speculation has
fA w b 7 - b° e? s.lack; lh e outside public almost ignores it
lor the time being, because tho price is not low enough to
make everybody talk about it and take up cotton as a good
thing to buy. And on Thursday came a sudden break, al
though the much-talketi-of March notices proved to be only
aoout 2.UUU bales. Liverpool houses were good buyers and
spot people, as well as spinners, bought more or less.
But
it was found that March liquidation had not been entirely
completed, whatever might have been said to the contrary.
hurthermoro, Southern spot houses were said to be selling
fredy. New Orleans sold heavily. W all Street resumed its
selling, coincident with a weak stock market, and reports of
a clash between Congress and tho President over tho question
ot German submarines and armed liners. The President was
disposed to adopt a more aggressive course towards Ger-
[Vol . 102.
THE CHRONICLE
many than Congress was willing to sanction. In any case,
thero was a heavy outpouring of cotton and March dropped
to a new “ low” of 11.17o. Prices fell from the high point of
the day 25 to 31 points. It seemed striking testimony to the
unstablo character of the market. Some think that proposed
amendments to the Lever bill m ay have a more or less de
pressing effect. One of them, it is true, contemplates, al
lowing American exporters to hedge in Liverpool agams
actual cotton to be shipped. B ut anothor levies a. prohibi
tory tax of 2 cents a pound on foreign sales or purchases here
unless such orders come from foreign exchanges which have
complied with the Lever A ct of this country.
There is a
difference of opinion here, to bo sure, as to how such amend
ments would really affect prices. Some take the view that
they would, on the whole, have a stimulating rather than a
depressing effect. Another factor which at times has en
couraged believers in higher prices was an announcement that
the British Government has taken chargo of the British mer
cantile marine. To-day prices, after declining on news from
Washington that the President had taken an aggressive
stand in the matter of the latest submarine order, rallied later
when it was rumored that the German Government would
postpone the operation of tho new submarine decree for a
m onth. Covering of shorts follow eel. During the day, how
ever, the W est was a very largo seller of M a y and July for
long account, due partly, it was understood, to tho recent
heavy declino in wheat. Southern hedge selling was a fea
ture also, and Boston reported that the South was making
concessions. Spot prices did decline at New Orleans, Gal
veston, Little Rock and Augusta. Spot cotton here closed
at 11.30c. for middling uplands, showing a decline tor the
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. Foreign stocks,
as well as tho afloat, are this week’s returns, and consequently
all foreign figures are brought down to I hursday evening.
But to make the total the comploto figures for to-night
(Friday), wo add tho item of exports from tho United States,
including in it tho exports of Friday only.
W°Tho° official quotation for middling upland cotton in tho
N ew York market each day for the past week has boon:
...........W -5 Tueii. W k T W
NEW
1916.c ......... 11.30
1915-............ 8.35
1914............. 13.00
1913_______ 12.50
1912..............10.40
1911............. 14.10
1910............. 14.45
1909________ 9.65
1908-C_____ 11-35
1907...........-t 1.00
1906..............10.80
1905............. 7.75
1904----------- 14.10
1903........... .10.05
1902----------- 8.75
1901________ 9.25
S p o t M a rk et
C lo sed .
Saturday...
Monday . . .
Tuesday . . .
Wednesday.
Thursday ..
Friday____
Bio
Y O R K Q U O T A T IO N S F O R 32 Y E A R S .
Quiet, 10 pts. d e c ..
Quiot, 10 pts. dec
HOLI
Steady, 20 pts. adv.
Quiet, 25 pts. dec.
Quiet-------------------
1900-C........... 9.19
1899________ 6.50
1898............. 6.25
1897............. 7.25
1896............. 7.88
1895............. 5.56
1894............ 7.62
1893...........- 9.25
1892.C........... 7.06
1891.........— 9.00
1890_______ 11-31
1889........... .10.12
1888........... .10.56
1887............. 9.56
1886.........- 8.88
1885----------- 11.44
SALES.
F u tu r e s
M a rk e t
C lo sed .
S p o t.
Steady__
Steady—
DAY
Steady—
Steady__
Steady—
C o n tr'ct
T o ta l.
::::
"8 5
—
—
—
" '8 5
500
225
—
810
T ota l.
500
225
810
____
F U T U R E S .— The highest, lowest and closing prices at
Stockat L iverpool...............bales.
| took £t Maanc0hnest'er 11111111111
T o t a l G re a t B rita in s t o c k .........
Stock at H am burg.................... —
Stock at B rom on...........................
Stock at H avro............................. StockatM arseilles---------- -------Stock at Barcelona.............
Stock at G en oa .........- .................
Stock at Trieste-----------------------Total Continental stocks---------
858,000 1-203.000 1,149,000 1,414,000
SLOOP
lOS'.OOO
lOa'-OOO
107 -000
969,000 M H ’RRR 1,2?14.000
I ’noR 1,5ia*.nnn
13.000
*28,000
*1.000
505.000
567.000
*1.000 *272.000
449.000
417.000
215.000
308,000
2,000
2,000
5,000
•>.000
32.000
31.000
34,000
44,000
36.000
44.000
424.000
124.000
10.000
25.000
*3,000
LOOP
488,000 981,000 1,100,000 1,047,000
rp
i i European
T ? , S t o sct k
2,573,000
Total
o csk s -..-- — 1.457,000 2,318,000
u s nnn 2,357,000
198,000
102,000
198.000
India cotton afloat for E u rop e...
40,000
145,000
____
535,608 370,004
Amer. cotton afloat for Europe . 513,885 1-142,567
55,000
58,000
Egypt,Brazib&a.afloat for Eur’pe 68,000
73,000
290.000
347.000
StocSc in Alexandria, E gypt------- 163’Ron ififi’noo
712.000
856.000
Stock In Bombay, India------------ tcR ’RRR i t i o ’r u
756,174
993,479
Stock in U. S. p o rts----------------800.715 706,377
Stock in U. S. intorlor towns----- 1,116,434 1,128,518
24,750
34,609
___41,688
_____ __________
U. S. exports to-day------------------Total visible supply...................5.841,337 7,548,297 6,187,490 5,589.305
Of tho abovo, totals of American and other descriptions aro as follows
LlTOrpool0 stock...................bales. 607,000
904.000 908,000 1.249.000
Manchester stock.......................... * « « , ')
i 049 000 1 014 000
Continental stock - - ................... t 0£ ’ w l 1 142 567 ' 535 608 370 004
uT‘“o«“r& 1
H Iff If!
Total American.........................4.275,337 6.016.297 4,393,490 4,192,305
E a s t I n d i a n , B r a z il, & c .—
165.000
241.000
299.000
Liverpool stock------------------------- 251,000
5,000
5,000
26,000
London stock--------------------------35.000
38.000
30.000
Manchester stock---------------------- TjJ’nnX *100,000
33.000
51.000
C ontinontal stock---------------------83,000
102.000
198.000
145.000
India afloat for Europe.................
40,000
55.000
58.000
73.000
E g y p t , Brazil, &c., afloat ------------68,000
290.000
293.000 347.000
Stock in Alexandria, Egypt......... 163.000
712.000
856.000
566.000
Stock in Bombay, India------------ 896,000 ________ ________
j a 18 a S g t i ^ : : : : : ^ a a » M S jg
M B«
Total visible supply...................6.841.OT 7.618 297 0.187 190 6.689^05
12.70c.
8.35c.
13.05c.
a
a i B s m s s ^ f e ;::
m
■
°A 10.35d.
7.30d.
9.65d.
Egypt, Good Brown, Liverpool.. 12.25d.
lO.OOd.
8.90d.
9.00d.
Peruvian, Rough Good, Liverpool 12.2od.
6^d.
4.80d.
fi
'/
id
.
Broach, Fine, Liverpool----- -----7 .5 0 a .
6% d.
4.72d. 6 15-16d.
Tinnovolly, Good, Liverpool-----7 .6 2 a.
C o n t in e n ta l im p o r t s fo r p a s t w e e k have boon 29,000 b a le s .
Tho above figures for 1916 show an mcroase over last week
of 53,034 bales, a lossof 1,706,960 balos from 1915, a doclmo
of 34 6,15 3bales from 1914 and a gam of 252,032 bales over
1913. ’
A T T H E IN T E R IO R T O W N S tho movement— that is,
Saturday, Monday,
Feb. 19. Feb. 21.7s
Wed'day, Thursd’y, Friday,
Feb. 23. Feb. 24. Feb. 25. Week.
February—
Range____
Closing------ 11.28 — 11.20 —
March—
Range------- 11.34-.51 11.20-.30
Closing----- 11.35-.37 11.26-.27
—
Range____ --------— --------—
Closing----- 11.45 — 11.37 —
—
Range____ 11.60-.77 ll.45-.55
Closing----- 11.61-.62 11.50-.52
—
11.58 —
Rango........ —
Closing----- 11.69 — ll.59-.61
—
Range------- 11.80-.97 11.67-.76 HOLI
Closing----- 11.81-.83 11.71-.72 DAY.
—
Range........ --- — --- 11.79-.84
Closing----- 11.89-.90 11.81-.82
—
Range------- --- --- ——--- ---- —
Closing----- ll.97-.99 11.87-.89
—
Range____ 12.00-.il 11.86-.94
Closing----- 12.00-.01 11.90-.92
—
Range........ --- --- --- —
Closing----- 12.06 — 11.96 —
—
Range____ 12.14-.26 12.00-.08
Closing----- 12.14-.15 12.05-.06
—
Range____ 12.20-.31 12.08-.14
Closing___ 12.20-.21 12.12-.14
April
May
z z z
11.18- .44 11.17-.42 ll.07-.23 11.07-.51
11.37 — 11.19-.20 11.15-.17
11.47 — 11.29 — 11.25 — z
z
_
11.46-.68 11.36-.65 11.26-.44 11.26-.77
ll.61-.62 11.40-.41 11.34-.35
Towns.
Movement toFeb. 26 1915.
Movement to Feb. 25 1916.
Ship Stocks
Receipts.
Ship- Stocks
Receipts.
ments. Feb.
Week. Season. Week. 25. Week. Season. Week. 26.
16,172
51
Ala., Eufaula..
815 102,606
Montgomery
53,698
411
Selma--------11.53-.58
11.53 —
49,551
474
Ark., Helena..
11.69 — 11.50 — 11.42 —
Little R o ck .. 3,115 134,627
20,498
23
Ga.,
Albany
ll.66-.88 11.56-.86 11.46-.64 11.46-.97
837 101,731
Athens...........
11.82-.83 11.59—.61 11.54-.56
1,457 101,259
Atlanta--------338,159
4,119
Augusta........
11.60-.95
11.60-.68
.95
11.75-.81 11.7059,020
395
Columbus----11.63-.64
.71
11.92-.93 11.7041,158
190
Macon
55,429
370
Rome
.
11.68 — 11.68- .02 La., Shreveport
11.86-.02
897 110,577
12.00-.02 11.77-.79 11.71-.73
14,987
358
Mtss.,CoIumbus
60,610
Greenville —
11.87-.07 11.77-.0S 11.68-.85 ll.68-.14
95,903
731
Greenwood—
12.03-.04 11.80-.81 11.74-.75
35,280
1,227
M eridian----23,187
50
Natchez.........
24,765
Vicksburg----30,124
12.08 — 11.86 — 11.80 — —
" l9
Yazoo City
26,690 485,548'
M
o.,
St.
Louls.
11.81-.26
12.02-.21 11.90-.22 11.81-.9C —
10,028
124
— — N. C., Raleigh.
12.17-.18 11.93-.94 11.88-.89
2,885 167,868
O.
, Cincinnati.
12,610
286
Okla.,
Hugo—
12.09-.2S 11.98-.27 11.88-.04 ll.88-.30 S.C., Greenw’d
___18,810
12.24-.2S 12.01-.02 11.96-.97
Tenn.,Memphis 12,317 793,320
6,256
Nashville-----18,180
248
Tex., Brenham
26,218
556
M A R K E T S .— Below are the closing quotations of middling
Clarksville —
77,799
1,067
Dallas
cotton at Southern and other principal cotton markets lor
27,083
697
Honey Grove.
30,733 1,749,894
Houston----each day of the week.
1,957
83,056
P a ris..........
June
July
August
September
October
November
December
January
C lo sin g Q uotations f o r M i d d li n g C olton o n —
W eek e n d in g
F e b r u a r y 25.
Galveston------New Orleans—
M obile-----------Savannah ------Charleston_____
Wilmington-----N orfolk _______
Baltim ore_____
Philadelphia —
Augusta---------Memphis--------St. Louis______
Houston---------Little Rock___
S a tu rd a y . M o n d a y . T u e s d a y .|W e d 'd a y . T h u r s d 'y .
11.80
11.37
11.12
12
U H
n%
11.38
11M
11.70
11.38
11.75
11M
11.60
12.00
11.65
11.25
11.00
12.00
11M
11 'A
11.25
11M
11.60
11.32
11.56
11M
11.60
11.75
11.7.5
11.25
11.00
nvx
11K
11M
HOLI 11.38
DA Y . 11M
11.80
11.50
11.56
11H
11.60
11.75
11.65
11.25
10.88
I lk .
UK
11 'A
11.38
n%
11.55
11.44
11.38
n x
11.50
11.75
F r id a y .
11.55
11.13
10.88
nPi
11M
UK
11.13
11 ^
11.55
11.32
11.38
11H
11.50
11.63
52 11,983
1,711 70,557
618 28,574
1,429 17,069
2,083 36,843
247 7,444
1,300 35,103
6,139 18,788
10,150165,972
650 54,446
652 11,019
256 18,574
3,144 38,330
293 7,147
1,000 21,000
1,581 24,116
1,244 16,346
286 11,500
2
120
360 11,411
25,448 18,780
368
150
2,962 16,351
503
383
422 10,190
20,495 275,176
1,409
471
162 3,681
694 6,362
684 7,455
152 2,345
55,326 162,917
1,402 4,555
23,285
183,505
119,366
58,198
178,750
31,142
105,324
157,986
392,472
92,483
30,217
1,176 56,337
2,083 137,233
28,709
574
714
69,441
1,077 121,950
38,068
1,025
20.074
225
35,768
484
38,779
575
21,547 450.500
8,032
342
9,937 194,510
10,352
95
18,983
990
29,284 849,170
4,486
36
10,036
432
43,825
2,216
1,108 109.074
23,850
385
92,094 2,848,274
3,493j 109,354
97
2,803
1,720
1,135
4,221
161
2,945
3,236
6,203
569
124
10,523
75,145
36,851
16,759
54,439
14,742
25,679
18,183
11,211 141,964
2,123 47,732
1,031 14,308
1,014 9,269
3,713 60,157
1,708 8,139
1,943 18,893
3,178 22,723
582 19,273
325 9,300
1,288 12,803
959 13,500
21,302 37,605
375
217
9,508 14,383
94
1
1,844 8,274
24,151328,558
200
988
380 1,219
1,377 3,339
1,725' 6,133
705 1,480
99,709192,371
4,025, 4,468
146
4,027
2,497
1,118
7,952
667
2,147
1,558
Total, 33 towns 93,099 4,946,011 141,948; 1116434 193,716 6,618,211215,182 II28518
The abovo totals show that tho interior stocks havo d e
creased during tho week 48,849 bales and are to-night 12,084
bales less than at the same time last year. The receipts at
all towns have boon 100,017 balos less than the same week
last year.
O V E R L A N D M O V E M E N T FO R T H E W E E K A N D
SIN C E A U G . 1.— W e give below a statement sh-wj 1* the
overland movement for tho week and sinco Aug.
; -v .
u p from telegraphic roports Friday night,
1 he results for t.
week and sinco Aug. 1 in tho last two yoars aro as follows:
THE CHRONICLE
Kisb. 26 1916.]
81 3
C h arleston , S. C .—Dry all the week. Minimum thermo
meter 39, highest 72, average 56.
C harlotte, N . C .—It has rained during the week, tho pre
cipitation being one inch and fifty-two hundredths. Aver
3,912
age thermometer 50, highest 68 and lowest 31.
1,175
M e m p h is , T e n n .—We have had rain on two days of tho
6,973
6,541
week, the precipitation reaching fifty-four hundredths of an
Tho thermometer has ranged from 35 to 67, averaging
47,319 1,196,581 inch.
Total gross overland----------- -.60,925 1,351,372
50.
D e d u c t s h ip m e n ts —•
115.080
9,874
103,282
Ovorland to N. Y .. Boston, &c. - . 4,475
M a d is o n , F la .—Wo have had rain on one day of the week
101,105
6,983
120,265
Between interior towns---------- ... 1,988
155,871
2,382
82,671 tho rainfall reaching twenty-five hundredths of an inch.
Inland, &c., from South--------- . . 3,093
19,239 306,218 Tho thormometer has averaged 55, ranging from 35 to 75.
Total to bo doducted_______ ._ 9,556 375,056
976,316
Leaving total net overland *___ -.51,369
28,080
890,363
WORLD’S SUPPLY ANDJTAKINGS OF COTTON.—
Tho following brief but comprehensive statement indicates
* Including movement by rail to Canada.
a glance tho world’s supply of cotton for tho week and
The foregoing shows tho week’s not ovorland movoinont at
sinco Aug. 1 for the last two seasons, from all sources from
has beon 51,369 bales, against 28,080 bales for tho week last which
statistics are obtainable; also the takings, or amounts
year, and that for tho season to date tho aggregate not ovor gone out
of sight, for the liko period.
land oxhibits an incroaso over a year ago of 85,953 bales.
------ 1915-16------ -------------1914-15------
F e b r u a r y 25—
S h ip p e d —
via
Via
Via
Via
Via
Via
Via
W eek.
St. Louis_________________ -.25,448
Cairo____________________ . . 7,160
111
Rock Island__________ -Louisville________ _____ . . 2,135
Cincinnati______________ . 1,624
2,046
Virginia points----------------other routos, &c__________ -.22.401
S in c e
A u g . 1.
497,152
278,420
6,272
90,222
88,082
96,567
294,657
-1915-16-
I n S ig h t ancl S p in n e r s '
T a k in g s.
W eek.
S in c e
A u g . 1.
W eek.
21,302
7,416
S in c e
A u g . 1.
441,628
216,726
2,513
118,768
71,411
103,554
241,981
-1914-15-
W eek.
5,288,905
976,316
2,108,000
310,457
28,080
60,000
Total marketod_____________ -290,335
-*48,849
8,373,221
670,472
398,537 10,468,891
*21,466 1,008,379
.241,486
North, spinners’ takings to Fob.25 71,504
9,043,693
2,100,630
377,071
64.030
11,477,270
1,958,566
* Decroaso during week.
Movoinont into sight in previous years:
W eek —
D ates.
I S in c e A u g . 1—
B a le s .
1914— Feb. 27......................... 198,994 1913-14— Feb. 27............. 12,474,738
191.3— Fob. 28______________190.8J5 1912-13— Feb. 28_______ 11,679,527
1912—Mar. 2.........- ........... .340,27311911-12—Mar. 2 .............13,140,261
NEW ORLEANS CONTRACT MARKET.—Tho high
est, lowest and closing quotations for loading contracts in tho
Now Orleans cotton market for tho past week have boon as
follows:
S a t u r d a y ) M o n d a y , T u e s d a y , W ed’d a y , T h u rs d ’ y, F r id a y ,
F e b . 19. |F e b . 21. F e b . 22. F e b . 23. F e b . 24. F e b . 2 5 .
M a rch —
Range ______
Closing_____
M ay—
R a n g e ______
Closing.____
Ju ly —
R a n g e ______
Closing______
S eptem b er —
Ila n g o ______
Closing-_____
October —
Range ______
Closing______
D ecem b er —
R a n g e ______
Closing______
Tone—
Spot-----------Options_____
1
ll.05-.26 10.91-.00
11.05-.08 10.97-.9S
10.90-.14 10.85-. 17 10.75-.95
11.08-. 10 10.88-.90 10.85-.86
11.39-.66 11.19-.50
ll.34-.35 11.26-.28
11.18-.43 11.10-.48 10.97-.1S
11.38-.39 ll.14-.16 11.09-. 10
1
1
11.60-.82 11.46-.58
11.61-.62 11.53-.54
11.72 —-11.70 —
11.44-.70 11.36-.72 ll.25-.44
11.64-.65 11.40-.41 ll.34-.35
HOLT- 11.78-.S0 ________
DAY. il.77-.78 11.53-54 lT.50-.52
11.79-.94 11.68-.70
11.80-.81 11.72-.73
11.64-.88 11.55-. 89 11.46-.63
11.82-.83 11.58-.80 11.54-.55
ll.96-.03 11.81-.85
11.96-.98 11.87-.88
ll.81-.02 11.70-.00 11.60-.77
11.97-.98 11.74-.75 ll.70-.71
1
1
Steady. |Steady.
Easy. 1 Steady.
Steady. Steady.
Very sty. Steady.
Steady.
Steady.
WEATHER REPORTS BY TELEGRAPH.—Our roports
by telegraph from tho South this evening donoto that dry
woathor has prevailed in most sections during tho week.
From Texas wo are advised that rumors of contemplated
incroaso in acreage have boon received, but very littlo roliance can bo attached to them.
G alveston, T e x .—Dry all tho week. Rumors of contem
plated incroaso in cotton acroago have beon received, but
very littlo rolianco can bo attached to them. Tho ocean
froight market has shown a little weakening, but room is
scarco. Tho situation lias beon somowhat rolioved by tho
addition of somo of our regular linors, but this has only been
temporarily. Maximum tomporaturo 76, minimum 50 and
avorago 63.
A b ile n e , T e x .—Wo liavo had no rain tho past wook. Tho
thermometer has ranged from 28 to 78, averaging 53.
D a lla s, T e x .—Wo havo had no rain during tho week. Tho
thermomotor has ranged from 34 to 80, averaging 57.
Fort W orth , T e x .—Thoro has beon no rain during tho wook.
The thormomotor has ringed from 36 to 82, averaging 59.
N e w O rlean s, L a .—Thoro has beon rain on one day tho
past wook, tho rainfall reaching two hundredths of an inch.
Tho thormometer has averaged 60.
P a lestin e, T e x .—There has beon no rain during tho wook.
Avorago thermometer 56, highest 74, lowest 38.
San A n to n io , T e x .—Wo havo had no rain the past week.
Tho thermometer has ringed from 42 to 80, averaging 61.
T a ylor, T e x .—There has been no rain during the week.
Minimum thermometer 36.
V icksbu rg, M i s s .—It has rained on three days of tho week,
tho precipitation boing twenty-one hundredths of an inch.
Avorago thermometer 53, highest 69 and lowest 39.
M o b ile , A l a .—It lias rained on one day of tho week, tho
precipitation reaching seventy-two hundredths of an inch.
Tho thermomoter has averaged 56, ranging from 40 to 74.
Selma^ A l a .—There has been min on two days during tho
Wook, 1 'ho extent of sixty-five hundredths of an inch. Tho
thermometer has ranged from 30 to 70.
S avann ah , G a .—Wo havo had rain on ono day during tho
wook, tho precipitation reaching ono hundredth of an inch.
Tho thormomotor has ranged from 39 to 75, averaging 56.
C otton Takings
Week and Season.
S in c e
A u g . 1.
7,808,528
890,363
1,770,000
Roceipts at ports to Fob. 25___ .156,966
Net ovorland to Feb. 25_______ . 51,369
Southern consumption to Fob. 25>. 82,000
1915-16.
W eek.
1914-15.
Season.
W eek.
5,788,303
4.633,210
American in sight to Feb. 25—
241,486 9,043,693
Bombay receipts to Feb. 24___ 6130,000 1,816,000
148.000
69.000
Other India shipm’ts to Feb. 24
545.000
Alexandria receipts to Feb. 23. . 610,000
8 6 ,0 0 0
63.000
Other supply to Feb. 23 *_____
Season.
7,367,697
3,176,816
377,071 11,477,270
118,000 1,004,000
14.000
164.000
29.000
690.000
2 ,0 0 0
82,000
Total supply________________ 6,181,789 16,271,903 7,907.768 16,594,086
D ed u ct—
Visiblo supply Fob. 25________ 5,841,337 5.841,337 7,548,297 7,548,297
Total takings to Feb. 25.a ___
Of which American_________
Of which other_____________
340.452 10,430,566
226.452 7.991,566
114.000 2.439,000
359.471 9.045.789
284.471 7.140.789
75,000 1,905,000
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total includes tho estimated consumption by Southern mills,
2,108,000 bales in 1915-16 and 1,770,000 bales in 1914-15—takings not
being available—and the aggregate amounts taken by Northern and
foreign spinners, 8,322,566 bales in 1915-16 and 7,275,789 bales in 1914-15,
of which 5,883,566 bales and 5,370,789 bales American.
bEstimated.
EXPORTS OF COTTON GOODS FROM GREAT
BRITAIN.—Below we give the exports of cotton yarns,
goods, &c., from Groat Britain for tho month of January
and since Aug. 1 in 1915-16 and 1914-15, as compiled by us
from tho British Board of Trade returns. It will be noticed
that wo havo roducod the movements all to pounds.
Y arn & Thread.
000 .?
omitted. 1015-16 1914-15 1915-16
Lbs.
Lbs.
Yds.
Total o f A ll.
Cloth.
1914-15
1915-16 1914-15
Y ds.
Lbs.
August. 15,318 9,064 418,794 313,075
Sept’ber 17,765 10,942 409,809 374,358
October 15,294 9,363 367,322 370,711
78,279
76,600
67,911
1 st quar 48,377 29,369 1,195,925 1,058,144
222,790
Nov’ber 16,313 11,712 348,847 306,667
Dec ’ber 16,146 11,455 374,209 276,015
January 15,363 15,128 424,103 349,442
65,205
69,999
79,272
2 d quar. 47,822 38,295 1,147,159
932,124 214,476
Lbs.
58,519
69,973
69,105
1915-16
1914-15
Lbs.
Obs.
93,597
94,365
83,205
67,583
80,915
78,468
197,597 271,167 226,966
57,320
51,592
65,316
81,518
86,145
94,635
69,032
63,047
80,444
174,228 262,298 212,523
Sundry
Total exports of cotton manufactures___
909
16,167
577
13,503
550,541
453,569
' Tho foregoing shows that there havo been exported from
tho United Kingdom during the six months 550,541,000
pounds of manufactured cotton, against 453,569,000 pounds
last year, or an increase of 96,972,000 pounds.
INDIA COTTON MOVEMENT.—Tho receipts of
India cotton at Bombay and tho shipments for the week
ending Feb. 3 and for tho season from Aug. 1 for three
years havo been as follows:
Week.
Since
A u g. 1.
1
For the Week.
Bombay—
1915-16..
1914-15..
1913-14..
Calcutta—
1915-16..
1914-15..
1913-14..
Madras—
1915-16..
1914-15..
1913-14..
All others—
1915-16..
1914-15..
1913-14..
Total all—
1915-16..
1914-15..
1913-14..
Week.
114,000 1,496,000 90,000
Bombay__
from —
1914-15.
1915-16.
Feb. 3.
Receipts at—
Great Conti- Ja p a n
B ritain . nent. A C h ln a Total.
74,000 74,000
38,000 38,000
2,000 32,000 52,000 86,000
1,000
1,000
... .
2,000
1,000
3,000
_____
2,000
1,000
2,000
3,000
1,000
i ,666
1,000
5,000
1,000
10,000
8,000
20,000
1,0 0 0
5,000
1,0 0 0
2,000
6,000
. . . .
5,000 74,000 79,000
5,000 5,000 41,000 51,000
4,000 39,000 52,000 95,000
Week.
Since
A u g . 1.
684,000 127,000 1,510,000
Continent.
14,000 115,000
27,000 118,000
13,000 430,000
3,000
4,000
1913-14.
Since August 1.
Great
B ritain .
1
Since
A u g. 1 .
1 1,0 0 0
32,000
Ja p a n
A C hina.
Total.
724,000
395,000
491,000
853,000
540,000
934,000
3,000
25,000
14,000
17,000
32,000
28,000
3,000
23,000
1,000
9,000
3,000
29,000
45,000
59,000
90,000
44,000
7,000
16,000
12,000
6,000
12,0 0 0
8,000
100,000
98,000
126,000
28,000 180,000 771,000 979,000
60,000 186,000 427,000 673,000
40,000 555,000 522,0001,117,000
According to the foregoing, Bombay appears to show an Jincrease, compared with last year, in the week’s receipts of
24,000bales. Exports from all India ports record a gain of
28,000 bales during the weekend sinco Aug. 1 show an in
crea se of 306,000 bales.
w . S'J 4
814
THE CHRONICLE
A L E X A N D R I A R E C E IP T S A N D
Alexandria, Egypt,
February 2.
Receipts (cantars)—
This week_____________
Since Aug. 1 __________
Exports (bales)—
S H IP M E N T S .
1915-16.
1914-15.
1913-14.
111,189
3,825.491
234,344
4,478,036
145,000
6,648,965
This
Since
Week. A u g . 1.
This
Since
Week. A u g . 0.
Since
This
Week. A u g . 0.
4,727
5,040
To Continent and India. 5,199
8,105
152,817 9,535 103,509 4.750 150,712
81,161 8,534 97,123 7,250 149,867
99,753 14,590 132,791 10,250 268,013
124,811 1,863 75,230 2.750 30,780
Total exports________ 23,071 458,542 34,522 408,653 25,000 599,372
Note. — A cantar is 99 lbs.
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 inquiry for
shirtings for Calcutta is very light, but that China is buying
fancies and that demand for miscellaneous lines is healthy.
W o give prices for to-day below and leave those for pre
vious weeks of this and last year for comparison:
1916.
325 Cop
lbs. SM
rtings, com
m
on
to finest.
Twist.
Jan d.
7 13 Vn
14 1 2 %
2 1 12 %
28 1 2 %
Feb.
4 12 %
1 1 12 %
18 1 2 %
25 1 2 %
&
<a>
@
@
@
©
64
@
1915.
8%
d.
13 %
13%
13%
13%
8. d.
7 9
13%
13%
13%
13%
7
7
7
7
7 9
7 9
7 6
8 . d.
@9 10
@9 10
@9 10
©9 9
4% @9
3 @9
1%@9
1%@9
7%
5%
3
3
Cot’n
Mid.
Upl's
d.
Shirtinos, com
m
on
to finest.
Twist.
d.
d. s. d.
QUO tatlons
quo tatlons
QUO tatlons
quo tatlons
8.06
8.09
7.93
No
No
No
No
7.89
8.06
7.82
7.72
No quo
No quo
No quo
No quo
8.22
tattons
tatlons
tatlons
tatlons
Spot.
Saturday.
M o n da y.
Tuesday.
Market, [
12:15 \
P. M. 1
Dull.
Moderate
demand.
Quiet.
a. d.
Cot’n
Mid.
Upl’t
d.
4.71
4.80
5.10
5.02
5.09
5 07
5.01
4.97
W ednesday. Thursday,
Moderate
demand.
Quiet.
F rid a y .
Dull.
MId.Upl’ds
7.83
7.77
7.78
7.72
7.81
7.72
Sales........
Spec.&exp.
4,000
400
8,000
8,000
7.000
5,000
1,500
4.000
Steady
Market f 2 % pts.
opened 1 advance.
Futures.
4P .M .
2,800
3,000
2.000
Steady
6@7 pts.
decline.
1.0 0 0
Very ste’dy Steady,
Quiet
2@3 pts. 7@10 pts. 7@9 pts.
declino.
decline.
advance.
( Unsettled Bar. ste’dy Steady Very sto’dy Bar. ste’dy Very sty.
9% @12
6 @7 pts. %pt.deo.to 3% @4%
4@ 5 pts.
%@1%
advance. 3 pts. adv. pts. adv.
1 pts. dec. pts. dec.
decline.
The prices of futures at Liverpool for each day aro given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
T h e prices are given in pence a n d 100ths.
Thus: 7 67 m e a n s 7 67-100d.
Feb. 19
Saturday.
M o n d a y . Tuesday. W e d ’day. Thursday. Friday.
to
4 1 2 Vi 4 12K- 4 1 2 M 4 1 2 M 4
Feb. 25. 1 2 M 1 2 H 1 2 X
p.m.
8 % 16*.
32* Cop
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Market,
Egyptian bales weigh about 750 lbs.
{Vol . 102.
d.
p . m . p . m . p.m. p.m. p.m. p . m . p.m. p.m. p.m. p.m. p . m .
d.
February. ____ 7 67
Mar.-Apr. — 7 62
May-Juno
7 57
July-Aug7 52
Oct.-Nov.
7 31
Jan.-Feb- — 7 20
d.
59
54
49%
44
24
13
d.
55
50
45%
ID',
2 0 14
10 %
d.
d.
d. ! d.
___ 61% 56% 60%
51 55%
52% 47% .51%
___ 47 42% 146%
____ 26% 23 28%
—
16% 13 119%
d.
65
60%
56%
52
33%
24%
d.
64
59%
55%
51
32
24
d.
56 %
51%
48
43%
24%
16%
d.
59%
54%
51
46
27%
20
BREADSTUFFS
Friday N ight , Feb. 25 1916.
Flour has declined with trade dull. Much of the trading
has been in the hands of sellers. M ost of the mills aro not
disposing of their output, or anything like it. It is said that
some are finding their market for only half of their production
or less. Shipping directions aro unsatisfactory, being very
NEW Y O R K — T o Liverpool— Feb. 18— Orduna, 2,151
Feb. 19° ° 8 ' slow. The declino in wheat has certainly not made buyers
— Mentor, 1,211........................ ................................... ..
.
3,362 any more disposed to take hold. The congested railroad
T o Havre—Feb. 18— Kannik, 3 0 0-.-F ob . 24— Hurunui, 3,991, 4,291
situation is still a drawback. Flour bound for New York
T o St. Naziare— Feb. 18— Eggosford, 32 4-,-F ob . 23— Ardgair, 798.............................................. ............................. ........... 1,122 has been on the track for many weeks. As the case stands,
T o Rotterdam— Feb. 17— Larenberg, 713__________
713
1.000 buyers adhere to their old policy of buying from hand to
T o Genoa— Feb. 19— Italia, 1,000__________________
T o Naplos— Fob. 19— Orotic, 1,983________________
1 983 mouth, and it looks as though they would pursue the same
T o Leghorn— Feb. 19— Italia, 900 .................................
900
course at least for a time. Certainly there are at present
T o Vladivostok— Feb. 17— Toyooka Maru, 5,814- Feb. 2 1
— Knight o f the Thistle, 2,737.................................................. 8,551 no signs of their adopting their different tactics. Tho total
To Venezuela— Feb. 23— Caracas, 100______________________
100 output last week at Minneapolis, Duluth and Milwaukee
GALVESTON— To Liverpool— Feb. 19— Oswald, 6,467. Feb. 21
was 419,520 barrels, against 386,595 barrels in tho provious
— Benofactor, 9 ,9 2 4 ...Fob. 23—Oxonian, 12,802...................29,193
„
T o Manchester— Feb. 24— Victoria de Larrinaga, 17,255_____17,255
week and 440,350 in the same week last year. Total since
PJJ,yT77.To Liverpool— Fob. 19— Meltonian, 12,585........... 12,585
P O K f ARTH U R— T o Liverpool— Feb. 24— Scythian, 13,363......... 13,363 Sept. 1 ,1 2 ,0 3 4 ,0 0 0 barrels against 9,799,000 during the same
NEW ORLEANS— To Liverpool—-Feb. 18—Engineer, 7,094
time last season.
Feb. 21— Bark Holtho, 3,200— Fob. 23—Median, 10,247-- 20,541
W heat has declined sharply, owing to threatening inter
T o Havre— Feb. 19— Kenmore, 2,511________
2 511
T o Oporto— Feb. 23— Talisman, 5,000...................................... .. 5,000 national politics, larger receipts and more favorable crop re
To Colombia— Feb. 24— Cartago, 200______________________
200
350 ports. Missouri has been sending much more cheerful ac
T o Moxico— Fob. 24— Oaxaca, 350............................
Oporto— Feb. 21— Angel B. Perez, 6,550______ 6,550 counts of the condition of the winter wheat crop. A sharp
BOSTON— To Liverpool— Feb. 18— Boyne, 1,427-- Feb. 19—
Bay State, 1,263.................................................
2,690 break in prices at Winnipeg had a noticeable effect on Ameri
r o Yarmouth— Feb. 2 2 — Prince Georgo, 300...................
300 can quotations. Liverpool quotations have also declined
PHILADELPHIA— T o Manchester— Fob. 14—Manchester Ship
per, 700...................
700 noticeably. Winnipeg reports big reserves and Liverpool
SAN FRANCISCO— To Japan— Feb. 18— Kwantu Maru, 4',370ll 4,370 a considerable increase in the European visible supply.
To M exico— Feb. 18— Peru, 200............ .......................................
200 It is said too that the Australian exportable surplus will be
SEATTLE— To Japan— Feb. 17— Ixlon, 8,200................................ .. 8,200
120,000,000 bushels, or twice as largo as any over before.
TACOM A— T o Japan— Feb. 19— Tacoma Maru, 4,721__ Feb. 21
— Manila Maru, 2,621.....................................................
7,342 The world's available stock of wheat is put at 225,951,000
T o China— Feb. 19— Tacoma Maru, 600— Feb. 21— Manila
Maru, 250______________________
850 bushels, against 157,030,000 bushels a year ago, and 199,
082,000 at this time in 1914. Tho total American stock is
Total _ ............................................................................................154,222
stated at 161,551,000 bushels, or 70,000,000 bushels more
T h e p a r tic u la r s o f th e fo r e g o in g s h ip m e n ts fo r t h e w e e k , than a year ago, and 45,000,000 more than at this time in
a r r a n g e d in o u r u s u a l fo r m , a ro a s fo llo w s :
1914. Australian advices state that tlireshing is finished
G rea t F r e n c h I I o l ----- O th .E u ro p e — V la d .,
and that the yield and quality are excellent. Italian advices
-.
__
B r i t a i n . P o rts , la n d . N o r t h . S o u th .
<1fee. J
Total.
. 3,362 5,413
____ 3,883 8,651
713
22,022 say that as a result of recent commandeering of supplies,
.46,448
46,448 prices have declined 5s. per quarter.
Italian reservos aro
.12,585
12,585
.13,363
13,363 only moderate but the quantity afloat for Italy is liberal.
.20,541 2',511 I I I I
28,602 On the other hand, advices from Great Britain say that the
I I I I 5',666 ‘ "550
. ____
____
6,550
.................... 6,550 ____
. 2,690
—
2,990 entire British mercantile marino is now under control of the
.................................
300
P hiladelphia.... 700
700 Government, and it is the intention of officials to uso it to
4,570
200 4,370
This m ay, in otherwise favorablo con
Seattle______II 11II
8,200 the best advantage.
____8,200
Tacom a_______ ____
850 7.342
8,192 ditions, have the effect of increasing export business at Ameri
On a single day tho oxport sales reported
T o ta l---------- 99,689 7,924
713
------ 15,43310.551 19,912 154,222 can markets.
The exports to Japan since Aug. 1 have been 214,448 bales were 2,400,000 bushels, part of which, howover, was done
the night before. Somo bullish crop roports aro being re
from Pacific ports,and 12,848 bales from Galveston.
ceived from parts of the W ost. It is said that fully 3 3 % of
C O T T O N F R E IG H T S .— Current rates for cotton from the winter wheat crop of Illinois has been destroyed by frost
N ew York aro as follows, quotations being in cents per pound: and floods during the past winter. M uch of the crop in the
“ Liverpool, 3.00c.; Manchester, 3.00c.; Havre, 3.50c.— 5% ; Rotterdam, winter wheat belt too is said to be without snow covering.
2.75c.; Genoa, 3.25@3.50c.; Leghorn, 3.25c. nom.; Lisbon, 2.50c.; Mar Some reports insist that there has been a good deal of damage
seilles, 2.50c.; Japan, 2.50@3.00c. nom.; Shanghai, 2.50@3.00c. nom.;
over the belt with the exception of Nebraska. Of course
Bombay. 2.50@3.00c. nom.; Vladivostok, 3.00c. nom.
such reports at this time of the season should not bo taken
* L IV E R P O O L .— B y cable from Liverpool wo have the too seriously. Yot the fact remains that at timos they have
following statement of the week’s sales, stocks, & c., at had more or less effect coincident with large export business
that port:
at the Atlantic seaboard and at Winnipeg. Last Tuesday
Feb. 4. Feb. 11. Feb. 18.
Feb. 25. Winnipeg, it is estimated, sold 3,000,000 bushels for oxport.
Sales of the week------------32.000
38,000
43.000
It is also pointed out that though receipts at the Northwest
Of which speculators___
2 ,0 0 0
1,800
4.000
Of which exporters took.
2.000
1,700
5.000
and at Winnipeg have been large, the bulk of the arrivals at
Sales, American__________
23.000
29,000
28.000
Actual export____________
9.000
32,000
2.000
2,000 Chicago was consigned direct to elevators and had been pre
Forwarded_______________
88.000
88.000
76.000
93.000 viously sold to the soaboard for export. Freights aro still
Total stock______________
811.000
797,000
830.000
858.000 very scarce at Australian ports and thoy are firm in Argen
Of which American____
582.000 587,000
579.000
607.000
Total Imports of the work.
83.000
105,000
85.000
123.000 tina. It is said too that the actual shipments from Aus
Of which American____
72.000
91,000
49.000
98.000 tralia are light and those from Argentina moderate. Liver
Amount afloat___________
316.000
362,000 403.000
which American____
pool reports offerings from Argentina and Australia limited.
250.000 293,000 333.000
S H I P P I N G N E W S . — A s s h o w n o n a p r e v io u s p a g e , th e
e x p o r t s o f c o t t o n fr o m t h e U n it e d S ta to s th e p a t s w e e k h a v o
r e a c h o d 1 5 4 ,2 2 2 b a le s .
T h e s h ip m e n ts in d e ta il, a s m a d e
u p fr o m m a il a n d t e le g r a p h ic r e tu r n s , a r e a s fo llo w s :
THE CHRONICLE
Feb . 26 1916.]
India needs more rain and its crop prospects aro said not
to bo good. France needs cold dry weather, but of late it
has been unseasonably mild and vory rainy over a wide agri
cultural area. But the general trend of prices has been down
ward. In fact, late in the week this was very pronounced.
On Thursday there was a decline of 5J^ to 6 } 4 cents despite
export sales of 1,500,000 bushels, making 3,000,000 bushels
in two days. Big Chicago and W all Street operators wero
reported in the later trading on that day to be unloading.
The weakness in the stock market and the possibility of a
break with Germany prompted the heavy long liquidation.
To-day prices after weakening further rallied as interna
tional politics were considered less threatening. It was
rumored that Germany will postpone the operation of its
now submarine order for a month. Export sales wero esti
mated at 1,200,000 bushels. It is thought that Texas will
raise only half a crop this year. A better cash demand pre
vailed at Chicago.
D A IL Y CLOSING PRICES OP W IIEAT FUTURES IN NEW Y O R K
S a t.
M on.
T u es.
W ed . T h u r s . F r i .
S a t.
M on.
T u es.
W ed. T h u r s .
IToli- 138
130% 131
N o. 2 red.................................... cts. nom. 138
M ay dollvory in elevator_________ 1369-1 132% day. 131
125% 126%
D A ILY CLOSING PRICES OP W HEAT FUTURES IN CHICAGO.
The following are closing quotations:
G R A IN .
Wheat, per bushel— f. o. b.
Corn, per bushel—
N. Spring, No. 1, new____*1 40
No. 2 mixed______f. o. b. nom.
N. Spring, No. 2_________________
N o. 2 yellow...........c. 1. f. 8 8 %
Red winter. No. 2. new__ 131
N o. 3 yellow____________ Nom.
Hard winter. No. 2_______ 1 28
Argentina In bags________
____
Oats, per bushel, new—
cts. Rye. per bushel—
Standard_________________ Nom. New Y o rk ., c. 1. f.
$1 06
No. 2, white______________ Nom.
Western____c. 1. f.
SI 06
No. 3. white_________49% @50
M alt_____________________ 91@94c.
No. 4, white_________ 48% @ 49
FLOUR.
Winter, low grades____St 80@$5 05 Kansas straights, sacks.S5 75 @ 8 6 00
Winter patents________ 6 25@
6 40
Kansas clears, sacks__ 5 00@ 5 60
Winter straights______ 5 90@ 6 30 City patents__________ __________
Winter clears_________ 5 40@
570Rye flour_____________ 5 40 @ 5 85
Spring patents-------------- 6 10@
6 50Buckwheat flour______ __________
Spring straights_______ 6 00 @ 6 40 Graham flour_________ 4 35 @ 5 10
Spring clears---------------- 5 60@
590
E X P O R T S OF B R E A D S T U F F S , P R O V IS IO N S , C O T
T O N A N D P E T R O L E U M .— The exports of these articles
during the month of December and the twelve months for
the past three years from tho principal ports of the country
have been as follows:
F r i.
M ay delivery in elevator_____ c ts .127% 124% Iloli- 123% 117% 118%
July dolivory in elevator..............1 2 2 % 120% day. 119% 114% 115%
Indian corn declined early in the week and then becamo
firmer, only to recede again. Early in the week, however,
the receipts wero larger and there was little export demand.
The available American supply increased last week 2,220,000
bushels, as against an increase in the same week last year of
1.360.000 bushels. Y et later, as already intimated, the tone
becamo stronger. Liverpool prices have also been vory
firm, owing to the fact that tho weather in the United King
dom has turned cold and that with it tho domand has be
come brisk. Also, offerings from River Plato havo been
small in Liverpool, oven at higher prices. Latterly, too,
tho receipts at our Western markets have not been as largo as
expected. A t Chicago some beliove that tho largest receipts of
tho winter have been seen. Cash prices there in a singlo day
advanced ono to fivo cents, the latter on sample
grades. Outsido points havo been competing for cash corn
at Chicago. Furthermore, it is well to boar in mind that tho
available American stock is only 22,645,000 bushels, against
45.721.000 a year ago, so that tho present stock is not quite
half as largo as it was at this time in 1915. Shorts havo been
covering. Prominent interests have been buying for long
account. In short, the wholo situation of late has beon
stronger. It is to bo regretted that a deficiency of cars at
tho W est is hampering business in corn. This deficiency is
duo, it is stated, to tho enormous shipments of war materials
and provisions to European countries. They detain thous
ands of cars owned by Western lines. It is ovon claimed that
one road needs 50,000 cars at onco to move corn in Illinois
alone within tho noxt thirty days. Otherwise, it is stated,
a good deal of corn will deteriorate in quality.
Iowa this season has not much of a surplus, and Missouri
and Kansas, it is stated, have been shipping much of their
corn to Southern markets. Illinois feels the brunt of tho
car shortage. Tho explanation given is that there is not
enough ocean tonnago for the expanding export trade, so
that thousands of cars, arriving at tho seaboard, aro held for
long periods before they can be unloaded. Tho railroads
woro not looking for such an extraordinary export trade in
munitions, & c., and tho supply of railroad equipment was
not great enough to meet the abnormal demand for cars.
Export trade in corn has latterly beon somewhat more
activo, with Argentine crop news unfavorable. Corn has
sympathized, howover, with tho weakness in wheat. T o-day
prices advanced with light receipts, bullish Argentine crop
nows and covering of shorts.
Exports
from
U. S.
1915.
M on.
T u es.
W ed.
T h u rs.
F r i.
No. 2 yellow .87%-87% 8 6 % - 8 6 % IIol. 87%-87%
87%
88%
DAILY CLOSING PRICES OP CORN FUTURES IN CHICAGO.
S a t.
M ay dolivory In olovator........ cts. 77%
July delivery In elevator-------------- 77%
M on.
T u es.
76%
76%
Iloliday.
W ed . T h u r s .
78%
77%
76%
76%
77%
77%
D AILY CLOSING PRICES
_
S a t.
M on.
Standards.cts. 54-54% 53%-54
No. 2 whito__54%-55% 54%-54
DAILY CLOSING PRICES <
OP OATS IN NEW YORK.
T u es.
S a t.
May dollvory in olovator...........cts. 47%
July dolivory In olovator.................45%
W ed.
T h u rs.
F r i.
Iloli- 52%-52% 50%-51 %
Norm,
day.
53-53%
51%-52
Norm.
OATS FUTURES IN CHICAGO.
M on.
46%
44%
T u es.
Iloliday.
W ed. T h u r s . F r i .
46%
44%
44%
42%
1913.
Quantities.
Wheat,bu. 12,619,927 205,333,797 28,875,217173,240,305
Flour, bbls. 1,695,588 15.380.69S 1,818,317) 12,625,135
5,724,027 99,360,278
1,079,240 12,216,515
Wh’t*_bu. 20,049,073 274,546,938 37,057,643230,059,412 10,580,607 154,334,595
Corn.-bu. 2,591,258 45,395,297 4,582,006 15,107,410
749,124 44,709,954
Total,bu. 22,640,331319,942,235
Values.
s
!
s
33,158,498 510,582,288
24,024,638 250.033,196
35,985 ,2,669,386
35.095,604 417,005,523
11,959,200 141,004,663
2,167,776 25,073,840
Breadst ’fs
Provisions
Cat .Ahogs
Cotton__
Petrol.,&c.
Cot's’d oil
41,639,649 245,166,822
S
1
S
55,859,809300,309,150
12,211,394128,283,438
8,402
879,493
49,350,720343,898,084
9,437,410138,381,994
2,331,891 14,635,368
11,329,731 199,904,549
S
|
$
11,149,600191,477,286
12,026,136138,946,692
84,474!
899,505
81,953,499575,0S7.565
13,742,443147,174,164
1,913,518 17,816,296
Total. . 106,441,701 1346368896129,199.626926,387,5271120,869,6701071401508
♦Including flour reduced to bushels.
E X P O R T S OF W IIE A T A N D F L O U R F R O M U N IT E D
S T A T E S P O R T S .— W e give below a compilation showing
tho exports of wheat and flour from United States ports
during the month of December and tho twelve months of
tho calendar years 1915 and 1914:
December 1915.
Ports.
Wheat.
Bushels.
P7TS
New York_____
Maryland_____
Philadelphia___
Massachusetts..
Virginia_______
Now Orleans___
Galveston_____
M obile_______
Oregon_______
Washington___
December 1915.
Ports.
F,lour.
Barrels.
2,792,007
824,826
1,604,715
944,687
973.082
1,982,005
2,521,202
4,800
609,057
353,890
Wheat.
Bushes.
647,281
108,785
75,908
21,644
47,752
318,681!
11,637
50,196'
65,759
310,981
San Francisco__
Michigan_____
Other border__
Total all____
189
9,467
Flour.
Barrels.
35,014
1,950
12,619,927 1,695,588
December 1914. 28,875,217 1,818,317
12 months 1915. 205,333,797 15,380,698
12 months 1914. 173,246,305 12,625,135
Tho statement of tho movement of breadstuffs to market
indicated below aro prepared by us from figures collected by
the Now York Produce Exchange. Tho receipts at Western
lako and river ports for tho week ending last Saturday and
sinco Aug. 1 for each of tho last throe years have been:
Receipts at—
Chicago____
Minneapolis .
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.imbs. bush. 60 lbs. bush. 66 lbs. bush. 32 lbs. bushA8lbs. bush.50lbs.
1,780,000
2,968,000
612,000
138,000
110,000
37,000
23,000
1,269,000
62,000
1,885,000
891,000
241,000
Milwaukee . .
33,666
Cleveland__
St. Louis___
Peoria_____
6,000
9,000
119,000
48,000
Total wk. ’ 16
Same wk. ’ 15
Samo wk. ’ 14
456,000
400,00C
357,000
F r i.
Oats declined sharply on light trading. They sympa
thized with a decline in wheat. Moreover, tho receipts havo
boon larger at the W est. Yot tho week’s statistics show no
striking feature. The decreaso for tho week in tho available
supply was about tho samo as that of tho samo week last year,
when it was 590,000 bushels; this yoar it was 535,000 bushels.
Tho total supply available in this country is 41,192,000 bush
els, or 2,200,000 less than a year ago and 1,300,000 less than
at this timo in 1914. But Liverpool advices aro that prices
have latterly been declining as a result of reduced consump
tion and increasing imports. Of lato River Plato oats have
boon offered in London at a decline of Is. to Is. Od. Stocks
of foreign oats in Liverpool aro increasing in all positions,
and American grades the other day dropped 3d. to 6d.
America is shipping freely to England and satisfactory ar
rivals aro roported at Liverpool from Argentina. To-day
prices advanced in response to tho rise in other grain. Somo
oxport business was done, the sales, in fact, amounting to
half a million bushels.
1914.
December. 12 Months. December. |12 Months. December. 12 Months.
D AILY CLOSING PRICES OP NO. 2 M IX E D CORN IN NEW Y O R K .
S a t.
815
6,670,000
349,000
547,000
188,000
217,000
244,000
052,000
1,710,000
1,042,000
1,131,000
9,775,000 12,750,000
5,610,000 5,298,000
4,333,000 6,273,000
2,844.000
816,000
34,000
844,000
88,000
89,000
78,000
549,000
252,000
131,000
223,000
817,000
849,000
62,000
554,000
129,000
124,000
6,000
94,000
2,000
19,000
56,000
23,000
9,000
5,948,000 2,359,000
5,470,000 1,765,000
3,266,000 1,220,000
385,000
229,000
148,000
Since Aug. 1—
1915-16___ 12,141,000369,975.00C 135,032,000 115,811,000 79,958,000 17,666,000
1914-15___ 12,320,000 308,256,000 172,706,000 189,851,00065,456,000 17,057,000
1913-14___ 12,313,000213,794,000 141,926,000 141,377,000 65,036,000 9,961,000
Total receipts of flour and grain at the seaboard ports for
tho weok ended Feb. 19 1916 follow:
Receipts at—
New York__
Boston..........
Portland, Me.
Philadelphia.
Baltimore__
NowportNcws
Mobile
NcwOrlcans a
Galveston__
Montreal___
Flour,
i
Wheat.
I
Corn.
Barrels, j Bushels, j Bushels.
238,000' 2,837,000'
50.000
458,000,
13.000
130,000
35.000 1,039,000
53.000
776,000
4,000
86,000
...
24,000
8,000
4,000
6,000,000
896,000;
317,000
320,000
Total wk. ’ 16 511,000 7,377,000
Since Jan. 1’ 16 4,606,000 53,786,000
196,000
30,000
. . . ..
232,000
844,000
36,000
112,000
23,000
3,000
.........
Oats.
Barley.
Rye.
Bushels.
Bushels.
Bushels.
467.000
73.000
420.000
164.000
341.000
1,704,000
8,000
68.000
191,666
85.000
30.000
39.000
80.000
5.000
1.000
28,000
343,000
32,000
1,476,000 3,436,000 266,000 377,000
7,742,000 17,730,000 5,118,000 2,532,000
608,000 6,793,000 1,695,000 3,003,000 257,000 242,000
Week 1915...
Since Jnn.1’ 16 4,531,000 48,788,000 14,653,000 15,737,000 3,197,000 3,159,000
45% i * Receipts do not Include grain passing through New Orleans for foreign ports on
4 3 % ' through bills of lading.
816
THE CHRONICLE
The exports from the several seaboard ports for the week
ending Feb. 19 are shown in the annexed statement:
Exports from —
Wheat.
bushels.
Corn,
bushels,
New York.........2,705,451
Portland, Me___ 130,000
Boston............... 301,254
Philadelphia___ 540,000
Baltimore........... 809,346
Newport News.. ..........
Pensacola......... . ..........
Mobile________
4,000
New Orleans___ 452,000
Galveston______ 2,057,000
St. John, N .B ... 320,000
F lo u r,
Oats,
Rye, Barley,
P eas,
barrels. bushels, bushels, bushels, bushels.
271,790
89,477 172,288 26,170 285,260 2,773
-------- 13,000 420,000 ..............................
220 15,577
800 ..........
163.000 68,000 363,000 . .
867,142 -------1,875 574,728 27,129 ___
....................... 1,704,000 ..................................
36,065 ’ 4"565
218.000 19,000
17,000 ..........
..........
8,000
's ',555
..........................
9,500 .
..........
....................
......................1 .....................
Total week-----7,319,051 1,573,152 217,054 2,679,463 600,898 312,389
Week 1915......... 6,622,071 1,130,934 333,882 1,076,023 343,454 193,559
2,773
13,342
The destination of these exports for the week and since
July 1 1915 is as below:
-------- Flour -------------------- Wheat---------- Week
Since
Week
Since
Exports fo r week and Feb. 19.
Ju ly 1
Feb. 19
Ju ly 1
since Ju ly 1 to—
1916.
1915.
1916.
1915.
bbls.
bbls.
bush.
bush.
United Kingdom..114,282
Continent............. 38,802
So. & Cent. Amer. 29,025
West Indies.......... 34,289
Brit. No. Am. Cols.
540
Other Countries...
116
Week
Feb . 19
1916.
Since
Ju ly 1
1915.
bush.
bush.
3,519,498 3,870,980 89,965,119 351,045 2,354,200
2,937,082 3,420,376 119,634,275 1,107,778 6,886,031
1,604,978
23,695 2 ,6 5 1,8 5 2
34,749 1,730,751
1,190,341
4,000
50,366
78,574 1,825,025
36,381
170
220
8,166
191,460
757,961
786
19,945
Total................ 217,054 9,479,740 7,319,051 213,059,743 1,573,152 12 824 118
Total 1914-15.......333,882 9,208,809 6,622,071 218,611,617 1,130,934 16,213,135
The world’s shipments of wheat and corn for the week
ending Feb. 19 1916 and since July 1 1915 and 1914 are
shown in the following:
Wheat.
1915-16.
Exports.
Corn.
1914-15.
1915-16.
1914-15.
Week
Feb. 19.
Since
Ju ly 1.
Since
Ju ly 1.
Week.
Feb. 19.
Since
Ju ly 1.
Since
Ju ly 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
NorthAmer* 7,912,000 310,862,000 296,180,000 1,625,000 14,560,000 16,461,000
Russia........
4.386.000 12.074.000
4.813.000
Danube___
2.347.000
9.431.000
Argentina . . 2,440",666 15",308,666 12.639.000 1,98V,666 127,054,666 110,831,000
Australia__ 448,000 6.844.000 8.996.000
India..........
1 1 ,668,000 17.440.000
Oth.countr’s l'o's’ ooo 8.680.000 5.277.000 39i ",666 4 ,800,666
Total___ 10908000 357.74S,00* 354,953,00013,997,000 146,414,000 141,536,000
* 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 com afloat for Europe on dates
mentioned was as follows:
Wheat.
Feb.
Feb.
Feb.
Feb.
19
12
20
21
United
K in gdom .
Continent.
Bushels.
Bushels.
Corn.
Total.
United
K ingdom .
Continent.
Total.
Bushels.
Bushels.
Bushels.
Bushels.
1916..
46.872.000
17.783.000
1916..
43.984.000
18.207.000
1915..
43.760.000
22.465.000
1914.. 26,336,665 19",712.666 46.048.000 2*.482",666 5*,143",666 7,625,000
The visible ^supply of grain, comprising the stooks in
granary at principal points of accumulation at lake and
seaboard ports Feb. 19 1916 was as follows:
GRAIN STOCKS.
Corn ,
Wheat,
. bush.
United States —
bush.
Oats,
bush.
Rye,
bush.
New York_______ ........... 3,190,000
382,000 1,514,000
66,000
“
afloat__
55,000
Boston..................
59.000
5,000
* 1*666
Philadelphia_____ ........... 1,172,000
151.000
79,000
408.000
Baltimore________ . . . ___
702,000 1,460,000
428.000 1,335,000
Newport News___
26.000
670.000
2,000
New Orleans.........
503.000
115.000
Galveston_______
462.000
Buffalo.................. ........... 2,648,000
980.000 1.514.000
62,000
•'
afloat__ ........... 7,781,000
277.000 229.000
Toledo................... .......... 1,106,000
287.000
240.000
2.000
Detroit.!......... ..... ............ 315,000
376.000
282.000
98,000
Chicago ............. . - .......... 3,859,000 5,849,000 6.479.000 117.000
"
afloat__
424.000
Milwaukee_______
455.000 1,206*,666
45*666
Duluth____ _____
458,000
21,0 0 0
afloat__ ...........
758,000
Minneapolis______ ______ 12,705,000
85,000 3 ,217*666 539,666
St. Louis__ „•_____ ........... 2 ,2 2 1,0 0 0
355.000
598 000
6 000
Kansas City........... ......... 8,830,000 5,209,000
800!000
8o iooo
Peoria.................... ...........
13,000
935.000
395.000
5,000
Indianapolis .........
585.000
419.000
Omaha__________
1,077,000 1,030,000
49*666
Barley,
bush.
443,000
*3*4',666
28,000
639,000
198.000
135.000
397,000
8*0*666
836,000
908 non
solf|nnn
O
Uv/U
*2*0*,666
Total Feb. 19 1916...........64,230,000 19,660,000 20,110,000 2,736,000 3,153,000
Total Fob. 12 1916........... 66,499,000 17,419,000 19.769,000 3,197,000 3,214,000
Total Feb. 26 1915........... 51,759,000 41,246,000 33,001,000 1.372,000 3,733,000
Total Feb. 21 1914........... 57,806,000 17,537,000 22,077,000 1,833,000 4,814,000
N ote .—Bonded grain not Included above: Wheat, 2,818,000 bushels at New York,
504.000 Baltimore, 403,000 Philadelphia, 758,000 Boston, 1,176,000 Duluth, 1,567,
000 Buffalo, 2,815,000 Buffalo afloat: total, 10,041,000 bushels, against 2,510,000
bushels In 1915. Oats: 330,000 bushels at Buffalo afloat, 294,000 New York,
275.000 Boston, 8.000 Philadelphia, 570,000 Duluth: total, 1,477,000 bushels,
against 231.000 In 1915: and barley, 79,000 Boston, 1.000 New York, 68,000 Buffalo,
49 Buffalo afloat, 56,000 Duluth: total, 253,000, against 301,000 In 1915.
Canadian —
Montreal.......................
1,227,000
11,000 2.058.000
26,000 194,000
F t. William and Pt. Arthur.21,554,000
8.470.000
"
afloat................. 2,373,009
974,000
Other Canadian................. 4,721,000
3.769.000
Total Feb. 19 1916.
Total Feb. 12 1916.
Total Feb. 20 1915.
Total Feb. 21 1914.
Summary —
American...... ............
Canadian.... ..............
Total
Total
Total
Total
Feb. 19 1916.
Feb. 12 1916.
Feb. 20 1915.
Feb. 21 1914.
.29,875,000
.31,097,000
.11.117,000
.22,796,000
11,000
10,000
118,000
17,000
15,271,000
15,418,000
5,697,000
15,655,000
26.000
26.000
15.000
22.000
194,000
181,000
264,000
162,000
.64,230,000 19,660,000 20,110,000 2,736,000 3,153,00C
.29,875,000
11,000 15,271,000
26,000 194,00(
.94,105.000
.47,596,000
-62,876,000
.80,602,000
19,671,000
17,429,000
41,364,000
17,554,000
35,381,000
35,187,000
38,698,000
37,732,000
2,762,000
3,223,000
1,387,000
1,855,000
3,347,00(
3,395,000
3,997,000
4,976,000
[Vol . 102
THE DRY GOODS TRADE
N ew York, Friday N ight, Feb. 25 1916.
Business was resumed with renewed activity and strength
following the holiday. W hile there were no now develop
ments during the week most houses reported a steady flow
of orders. Owing to the recent declino in cotton futures
some weakness was looked for in primary cotton goods
markets, but such changes as were recorded were in tho
nature of advances. Selling agents and commission houses
are so heavily booked ahead that they are firmer than ever
in their price ideas. Numerous staples such as duck,
bleached and brown goods and coarse sheetings are so well
sold that few agents are in a position to accept new business
except for very distant deliveries. M an y mills are behind
on deliveries and are being urged by jobbers to hurry for
ward goods which are needed to meet current demands.
Jobbers report an unusually active demand for spring and
summer merchandise. M an y buyers are enlarging upon
their original purchases and insisting upon the prompt de
l i v e r of all goods under order. Retailers are making an
earlier demand than usual for spring supplies and jobbors
are reshipping goods as fast as received from tho mills.
The situation in colored goods of every description continues
very unsatisfactory to all concerned. Thoro is a strong
effort being made to work up popularity in plain white and
such shades as can be produced from available dyes. The
difficulty in obtaining dark shades in any material is in
creasing and where goods are available the lack of confidence
in the quality of the dyes used is restricting business. Tho
purchasing public are now thoroughly interested in tho dye
question and no matter what article is sought, if it is a
colored fabric, there is doubt of the fastness of tho coloring.
This is substantiated by the prevalence of notices seen in
retail houses stating that colors cannot bo guaranteed. On
the other hand, where a good grade of dyes has been used
the prices are so high as to be out of the reach of a largo
percentage of consumers. For this reason retailers are
promoting sales of white goods and tho coming spring and
summer will earn the name of the “ white season.” Owing
to lack of shipping facilities exports show no improvement.
There is a largo accumulation of goods at mills, on wharvos,
and in railroad terminals awaiting freight room for ship
ment. N o improvement is looked for in Oriental and
Eastern trade while the war lasts, but a largo tonnago could
be exported to Continental Europe, Great Britain, South
America, Canada and Insular markets if there wero available
facilities for shipment.
D O M E S T IC C O T T O N G O O D S .— Staple cotton goods
markets are active and firm and the weakness recently dis
played in several classes of goods has disappeared. Ad
vances of an eighth cent have been recorded on certain lines
of gray goods, print cloths and sheetings during the week.
A much better demand is being experienced by handlers
of print cloths and quotations are advancing on all farward
business. Bleached goods are active with fine counts in
short supply and tending higher. Coarse sheotings are
heavily; sold for bagging purposes and the market for these
goods is increasing with tho growing scarcity of burlaps.
A large business is reported in colored lines on which sellers
are willing to guarantee colors. Buyers aro paying the
prices asked without hesitation, but insist upon the guaran
tee of fastness of colors. There aro many lines on the
market which are not so guaranteed but this is only tending
to make buyers more anxious to secure the better class goods.
Sales of dress ginghams and percales have been hoavy and
many mills havo contracted for all they can tako caro of.
Gray goods, 38-inch standard, aro quoted 5c. to 5J^c.
W O O L E N G O O D S .— An active trade is reported in fall
woolens and worsteds and several linos have become so woll
sold that they are temporarily withdrawn from tho market.
Several dress goods agents are not in the market for any
further business for fall account and it is feared that some
havo contracted for more than they can delivor. Owing
to the oversold condition of some lines, buyers that have
a reputation for cancelling or revising earlier purchases as
timo for delivery draws near now find it difficult to close
contracts, unless specifically guaranteeing to tako all the
goods called for. In both men’s wear and dress goods,
supplies of dark shades are scarce and such housos as havo
these goods are using them conservatively. Owing to the
difficulty in producing plain dark colors there is an exception
al demand for mixtures and natural shades. Lato domand
for spring dress goods and suitings continues heavy despite
the large yardage already sold.
F O R E IG N D R Y G O O D S. So far as imported linens aro
concerned there is no improvement in tho situation but
offerings of domestic semi-flax and all cotton substitutes
are increasing. It is almost impossible at the present time
to secure any imported towelling or crashes, while domestic
production of such goods mado from flax yarns is said to bo
completely sold up. M an y of tho cotton substitutes aro
meeting with unexpected success and it is not improbablo
that some of these lines will give such good service that a
permanent demand for them will be created. Interest
centers in the progress of events at foreign manufacturing
centers, but conditions are not likely to improve while tho
war lasts. Increased shipping difficulties have unsettled
the market for burlaps, and sellers are offering sparingly.
Demand is active. Lightweights aro quoted nominally
at 7.75c. to 8c. and heavyweights at 11.50c.
F eb . 26 1916.]
g tjV T E
a w
THE CHRONICLE
C
it y
News Items.
Canada (Dominion of).— Details o f Loan Transactions .—
A special dispatch from Ottawa to the Toronto “ Globo” says
that a return tabled in the Houso on Fob. 22 by the Minister
of Finance shows that the total number of subscribers to the
domestic loan of $100,000,000 was 24,862. The aggregate
of tho amount taken in $100 bonds was $4,099,500. The
amount taken in $500 bonds was $8,699,500. Tho amount
taken in $1,000 bonds aggregated $58,876,000. Tho big in
stitutions which took amounts of $5,000 or ovor got only
$28,325,000. Tho return statos that it is impossible to give
dotails of exponses in connection with tho loan until tho last
installment comes in.
In regard to tho New York loan of $45,000,000, the Finance
Minister roports that tho commission paid to J. P . Morgan
& C o ., associates for floating tho loan, amounted to $331,250.
Othor expenses totaled $47,654. Tho loan, which was issued
at 9 9 K , yielded, not counting expenses, $44,900,000.
Cook County (P. O. Chicago), 111.— Forest Preserve
Bond Issu e Not Properly Published.— Tho Illinois Supremo
Court, in an opinion handed down Fob. 16, held, it is said,
that tho ordinance passed a year ago fo r.a bond issue of
$1,000,000 for tho Forest Proservo District of Chicago, was
not properly published because tho publication was given to
tho “ Staats-Zeitung,” a German nowspapor. Although tho
printing was in English, the Court held tho publication was
not sufficient.
Fayette County (P. O. Lexington), Ky.— Road Bonds
Upheld.— In
deciding tho case of Bowman vs. Fayotto
County, tho Court of Appeals at Frankfort on Fob. 16 hold
that tho $300,000 bonds votod for road improvements are
valid. Tho Court ruled, it is said, that it roquired only a
majority of tho votors of tho county to instruct fiscal courts
to issuo road bonds. As stated in an item on a subsequent
pago, tho bonds aro to bo offerod at public auction.
Florence, Florence County, So. Caro.— Refunding
Bonds Declared Valid by Supreme Court.— According to news
paper roports, tho $140,000 refunding bonds reforred to in
V . 101, p. 1646, wero declared valid by tho Stato Supromo
Court in a decision announced Fob. 12.
Kentucky.— Bankers Urge Bond Issu e to Retire State’s
Floating Debt.— On Feb. 17 a committee of tho Kentucky
Bankers’ Association offered orally to Governor Stanloy a
plan for wiping out tho Stato’s floating dobt through a bond
issuo of $5,000,000. It is planned to enact an onabling law
providing for a referendum vote on tho question noxt N o vombor. Tho bonds, it is proposed, shall boar 4 % intorest
and bo so issuod that $1,000,000 shall maturo in 5 years,
$1,250,000 in 10 years, $1,500,000 in 15 yoars and $1,250,000
in 18 yoars. It is also suggested that tho bonds bo issuod
in denominations of $100 and $500 as well as $1,000 in order
to accommodate small investors who might caro to partici
pate in tho issuo. In order to produco annually the sum
roquired for intorest and sinking fund it is proposed that tho
tax rato bo increased.
Marin Municipal Water District (P. O. San Rafael),
Calif.— Supreme Court Issues W rit of Mandate Directing
Auditor to Sign Bonds.— On Fob. 8 tho Stato Supromo Court
issued an altornato writ of mandate ordering William Dodgo,
Auditor of tho District, to countersign tho $3,000,000 bonds
recently proparod for issuance or olso to appoar beforo the
Court on March 6 and show causo. M r . Dodgo refused to
sign, on tho grounds that tho district under its presont or
ganization has not tho constitutional right to issuo and soil
tho bonds or to collect taxes for tho paymont of intorest
thereon.
Maryland.— Equal Suffrage Rejected.— Tho woman suffrage
bill introduced in tho Maryland Legislature was rojeotod by
tho Houso on Fob. 23 by a voto of 64 to 36. Tho samo bill
rocoivod a majority in tho Senate tho day boforo (Fob. 22).
Memphis, Tenn.— M a yor Crump Resigns— Thos. C. A sh
croft Elected as Successor.— E . II. Crump, who was olected
M ayor of Memphis for tho four-yoar term beginning Jan. 1
1916, resigned his office on Fob. 22. On tho samo day tho
Board of City Commissioners elected Thos. C . Ashcroft to
fill M r . Crump’s unoxpired term. Soo V . 102, p. 724.
Milwaukie, Clackamas County, Ore.— Election on Pur
chase of Water Plant.— A special olection will bo hold March 4,
nowspapor roports stato, on tho quostion of acquiring the
plant of tho Milwaukio W ater C o. for $5,500.
New York State.— Curb Transactions in State Bonds Set
tled.— Th0 committee which has been arranging a settlement
for brokers having open contracts in tho $22,000,000 50-year
Stato bonds-recontly purchased in one block by tho First
National Bank and resold to privato intorosts, announcod on
Fob. 18 that tho contracts had boon settled at 107. A s previ
ously statod (V . 102, p. 629), beforo it was loarnod that tho
bonds had boon takon off tho markot, about $500,000 had
boon traded in on “ when issuod” contracts at prices around
1043^ and 105
and a short intorest croatod which was
variously ostimated at from $150,000 to $300,000.
Nicaragua.— Proposed Treaty Ratified by U . S. Senate.—
Tho U. S. Sonato on Fob. 18 ratified by a voto of 55 to 18
81 7
tho proposed treaty with Nicaragua. Tho dotails of the con
vention are given in our editorial columns on a preceding
pago.
Nueces County (Drainage District No.
Robstown), Tex.— B o n d I s s u e T e m p o r a r i l y
2
(P. O.
E n j o i n e d .—
On Feb. 16 tho Fourth Court of Civil Appeals granted
a petition for a temporary injunction to restrain County
Judge Walter F. Timon and tho County Commission
ers of Nueces County from issuing drainage bonds in
tho sum of $158,429 25 for Drainage District No. 2. See
V. 101, p. 1901. The complainant, J. G. David, represented
that Judge Timon and the Commissioners purposed to issue
25-year bonds, although 40-year bonds had been authorized
by tho voters. Chief Justice W. S. Fly, who wrote tho
opinion, said that when county officers seek to deviate in
tho slightest from the conditions and exact terms on which
bonds are authorized by the voters, any citizen has a right
to take legal steps to prevent such deviation.
Oklahoma.— L e g i s l a t u r e A d j o u r n s . —Tho Oklahoma Legis
lature, which convened in special session on Jan. 17 (V. 102,
p. 266), adjourned Tuesday morning, Feb. 22.
Rhode Island .— S e n a te C o n c u r s W i t h H o u s e I n P a s s i n g
I n h e r i t a n c e T a x L a w . —Tho bill providing for an inheritance
tax system was passed by the upper branch of the Rhode
Island Legislature on Fob. 18. Tho terms of the bill which
passed the House on Feb. 3, wero stated in the “Chronicle
of Fob. 12, pago 629.
L e g i s l a tu r e P a s s e s B ill I n c r e a s i n g S ta te T a x . —The State
Senate on Feb. 23 passed a bill increasing tho State Tax
on cities and towns for tho year 1916 from 9 to 12 cents on
tho $100. The bill has already passed tho Houso. The pur
pose of tho measure is to secure additional revenue for the
construction of State highways.
South Carolina.— L e g i s l a t u r e A d j o u r n s . Tho South
Carolina Legislature adjourned at 5:35 o’clock Sunday morn
ing (Feb. 20).
Toledo-West Toledo, Ohio.— A n n e x a t i o n . —Tho Toledo
City Council on Feb. 21 passed an ordinance providing for
tho annexation of West Toledo. Tho population of the city’s
now district is estimated at about 5,000.
Tyler, Smith County, Tex. — C o u r t R e fu s e s to E n j o i n S a le
o f W a t e r B o n d s . —District Judge Smith on Fob. 17 refused to
grant a permanent injunction askod for by certain taxpayers
of this city to restrain tho city from selling $250,000 worth
of water-works bonds votod Jan. 4 and to collect a tax levy
by the city to pay tho interest and to create a sinking fund to
pay same. See V. 102, p. 272.
Bond Proposals and Negotiations this week
have been as follows:
ABERDEEN, H a rfo rd C o u n ty , M d.— BONDS PROPOSED.— A bill
authorizing tho issuance o f bonds not to exceed $5,000 for tow n im prove
m ents is pending in tho Legislature.
ABILENE, D ic k in s o n C o u n t y , K a n .— BOND ELECTION.— R eports
stato that on April 4 an election will be held to subm it to a v o to the
question o f issuing $12,000 park bonds.
ADAM S C O U N TY (P. O. D e c a tu r ), In d .— BOND SALE.— On F eb. 23
tho 11 issues o f 4>$% 6-yr. average road-im pt. bonds aggregating $61,480
— V . 102, p. 725— were awarded to tho First N a t. Bank and tho P eople's
Loan & T r. C o ., b oth o f D ecatur, for $62,591 11 (101.807) and in t., a basis
o f about 4 .1 5 5 % .
ALLEGAN SCHOOL D IST R IC T (P. O. Allegan), Allegan County,
M ich .— BONDS DEFEATED.— T he question o f Issuing $75,000 building
bonds was defeated at the election held Jan. 25 b y a vote o f 92 “ fo r” to 315
‘against.”
A L LEG AN Y CO U N TY (P. O. Cumberland), Md.— BONDS PRO
POSED.— On Feb. 22 a bill was introduced in tho lower branch o f the
Legislature authorizing tho Allogany C ounty Commissioners to issue
bonds for tho erection o f buildings to bo usod fo r athletic and physical
training purposes in cou nty schools.
ALLE G H A N Y CO U N TY (P. O. Covington), V a .— LOANPROPOSED.
— Bills were introduced on Feb. 18 in b oth branches o f the Legislature to
submit to a vote the question o f borrowing $100,000 to be used in building
public roads.
ALLEN TO W N SH IP SCHOOL D IST R IC T (P. O. Van Buren),
Hancock County, Ohio.— BOND ELECTION.— A local newspaper states
that an election will probably be held M a r. 7 to voto on the question o f is
suing $45,000 building bonds.
ALMIRA SCHOOL D IST R IC T (P. O. Alm ira), Lincoln County.
W ash .— BOND ELECTION.— R eports state that an election will be held
M arch 4 to vote on the question or issuing $17,500 bldg, bonds.
AM ERICUS, Sumpter County, G a.— BOND ELECTION — R eports
stato that an election will be held M ar. 15 to vote on the question o f issuing
tho $30,000 streot-im pt. bonds (V . 102, p . 450).
AM ITE, Tangipahoa Parish, La .— BOND ELECTION PROPOSED.—
This city will hold an election som e tim e in June or July to vote on the ques
tion o f Issuing $40,000 water and sewer bonds.
AN TW ER P, Jefferson County, N . Y .— BOND OFFERING.— Further
details aro at hand relative t o tho offering on F eb. 28 o f the $10,000 4 H %
1 4 -year average street-im provem ent bonds. V. 102, p . 725. B ids for
those bonds will be received until 12 m . on that day b y Chas. E . M arsh.
Village Treasurer.
D enom . $500.
D ate M arch 1 1916. In t. M . & S,
D u o $500 yearly on M arch 1 from 1921 to 1940, inclusive.
AR M STR O N G SCHOOL D IS T R IC T (P. O. Armstrong), Vermilion
County, 111.— PURCHASER OF BONDS.— T h o purchaser o f the $25,000
4 } i % school bonds, recently sold a t 100.40 (V . 102, p . 725), was the
Itanchett B ond C o. o f Chicago. D enom . $1,000 and $1,500. D ate
Feb. 1 1916. Int. M . & S. D u e beginning Sept. 1 1916.
ASCENSION PARISH (P. O. Donaldsonville), La .— B O N D O F F E R
.— Proposals will be received until M arch 8 b y the Parish Treasurer,
it is stated, for $15,000 First Road District bonds.
IN G
ATHEN S, Athens County, O hio.— B O N D S A L E .— O n Feb. 19 $6 4 ,0 0 0
5 % water bonds wero awarded to Breed, E lliott & Harrison o f Cincinnati
at l0 6 .1 4 and interest. Other bids were:
Sec. S. B . & T r . C o ., T o l-$ 6 7 ,7 2 4 80 W eil, R o th & C o ., Toledo.$67,254 20
A . E . Au b & C o .. C in ____ 67,540 00 Fifth-Third N a t. B k .,C in . 67,091 20
Stacy___
& Braun,
67,456Toledo
00 Hanchett Bond C o .,C h ic . 66.587 00
C ity N a t. B ank, C o lu m .. 67,3 6 0 00
A similar issue o f bonds w as reported sold to tho State Industrial C om
mission during January.— V . 102, p . 266.
818
THE CHRONICLE
AT LA N T IC , Cass County, Iowa. — B O N D E L E C T I O N P R O P O S E D . —
Local papers state that an election will probably be held abou t the m iddle
o f M arch to voto on the question o f issuing city-building bonds.
A T W A T E R SCHOOL D IST R IC T (P. O. Atwater), Portage County.
election held F eb. 21 the voters approved
the issuance o f $24,000 building bonds b y a voto o f 143 to 64, it is reported.
.A U D U B O N , A udubon County, Iow a.— B O N D S V O T E D .— B y a v o te
t0f iv, tix0i ou est io n o f i ss u i ng $15,000 water-works-extension bonds
carried at the election held F eb. 18.
$50,000 5 % 1 -30-yr. (ser.) R oad D istrict N o . 2 road-construction bonds.
D a te Sept. 1 1916. Principal and semi-annual intorest payablo at the
Seaboard N a t. B ank, N ew Y ork . Cert, check for $500 required. T he
legality o f tho bonds will be approved b y D illon, Thom son & C lay o f N ow
Y o rk , whose opinion will be furnished to the purchaser without chargo.
T h e o f f i c i a l n o t ic e o f th is b o n d o f f e r i n g w ill a p p e a r n e x t w e e k a m o n g th e
a d v e r tis e m e n ts e ls e w h e r e i n th is D e p a r t m e n t .
BAKERSETELD SCHOOL D IST R IC T , Kern C ounty, Calif.— B I D S .
— T h e follow ing are the other bids received for the $75,000 5 % gold cou
pon site-purchase, budding and equipment bonds awarded on F eb. 1 1 to
N . W . Halsey & C o. o f San Francisco at 105.477 (V . 102, p . 725):
F
. M . Brown & C o ., Sana Fr_-$79,011
M iller, San Fran - $78,675
wiwi w
T.iimhnminn’o
nm Git-yin**
a __ o t ______ «
L
um berm en’s Ti*
T r. C o ., S. Fr_ to
78,991
A nglo & London Paris N at.
E . H . R ollins & Sons, S. Fr__ 78,892
Bank, San Francisco.......... 78,445
T orrance, M arshall & C o .,
W m . R . S ta a ts C o ., S a n F r .. 78,438
San F rancisco__________
78,836 Perrin, Drake & R iley, S. Fr_ 78,345
B ly th , W itter & C o ., San Fr_ 78,746 B yrne & M cD on n ell, San F r . 78,151
G . G . B lym yer & C o ., San F . 78,742 G . E . W o o d s id e * C o _________ 77,812
H arris T r. & Sav. B k ., C h ic . 78,675 State Board o f C on trol. _
77,400
BALLARD C O U N T Y (P. O. W ickliffe), K y.— B O N D S A L E . — On
tho5
'M-0?trOa<il T)0 n<l S
p \7 2 5) wer0 awarded Jointly, to
the F ifth-Third National Bank and B reed, E lliott & Harrison o f Cin
cinnati as 4 )4 s for $303,841 (101.28) on accrued interest.
Other bids were:
F ield, Richards & C o ., Cin_$318,333 B olger, M osser & W illam an,
S tacy & Braun, T o le d o ____ 317,515
C hicago
........................ $309,755
Sidnoy Spitzer & C o ., T o l . . 315,126 Paducah B ank. C o ., P a d u . 309,052
R udolph K ley bolte & C o .,
Security S .B .& T r.C o ., T o l. 307,895
C in cin n a ti--------------------- 314,800 C ity N a t. B ank, P a d u c a h .. 305,625
Provident Savings Bank &
J. R . Sutherlin & C o ., K .C ’y 305,057
Trust C o ., Cincinnati___ 309,810 W eil, R oth & C o ., C in _____ 303,300
V BARNESVILLE, Belm ont County, Ohio. — B O N D O F F E R I N G . — P rountl
m VM ar. 10 b y F . W aldo Hilles. VU. Clerk,
or,S25.000 5 % water-works-im pt. bonds. D enom . $500. D ate M a r. 1
M -. & S. D uo on M a r. 1 as follow s: $4,500 1917 and 1918
*5,000 1919 and $5,500 in 1920 and 1921. C ert, check for $200, payable to
iw,1- T reas., required. B onds to bo delivered and paid fo r within 10 days
from time o f award. Purchaser to p a y accrued interest.
*
BASTROP C O U N T Y (P. O. Bastrop), T e x . — B O N D S A L E . — E . L .
Tw m g o f San Antonio, was recently awarded, it is stated, $50 ,0 0 0 5 %
R oad District N o . 2 road-improvement bonds at 103. D u e $ 1 ,0 0 0 yearly.
D IST R IC T (P. O. Bath), Sagadohoc County, Me.—
6
F ? b ’ u a,n issuo o f * 5 6 0 ,0 0 0 (not $ 5 00 ,00 0 as first roported) 4 % 30-yr. water bonds was awarded to A . B . Leach & C o . o f Bos
ton at 100.77 and in t., a basis o f about 3 .9 6 5 % (seo Y . 102, p . 7 2 5 ). Other
Didders werei
Adam s & C o ., B o s to n ........................... ....................... ..
71
C n L i m Gtilnnannn& CT^ ‘
tho,F! £ elity T r . C o ., Portland' jointly I I 1004) 13
D enom . $ 1 ,0 0 0 . D ate Jan. 1 1916. I n t . J . & J . D u e Jan. 1946.
100
1
BAY O U DE VIEW , D R AINAGE D IST R IC T NO. 1 (P. O. McCrorv)
R rr°?,s i ^ c k ?p n ,a n d W oodruff^Counties, Ark. — B O N D S A W A R D E D
n ffp fc t)
««
t W
W
00
5~20-yr. (ser.) gold ditch-constr. bonds
s p h e a * a b£ }
&
&
,
*
W m . R . C om pton C o ., S t. Louis........ ...................
K auffm an, Sm ith, Em ert & C o ., C h ic a g o ..
&
to j “ - A - oouid
103 54
.............
...........103 25
101
....................
25
Mississippi Valley Trust C o ., St. L o id s I I I .............
Sm ith, M ooro & C o ., S t. Louis...................... .......1111111111Z111111Z1101
BEAR D STO W N , Cass County, 111.— N O B O N D ' O F F E R I N G — W o are
tha^ t& ° r?ports stating that this'eity is offering for sale on April 18
$ 15,000 park bonds are erroneous.— V . 102, p . 725.
Belton), T e x . — B O N D S V O T E D .— Th e election
“ f t 1. " £ \ ? d f D t i S^i?*0 ’
,o n Fpb- 19 resulted, it is stated, in a vote
pf 4 5 0 °
ln favor o f tho oucstion o f issuing thq.$
road bonds (V .
,
17
34
8,000
102
f h ? ! l L £'EiV U E ’ ? V L o n t Cou,n t y > Ohio.— B O N D S A L E .— On F eb. 21
t n s i«
5 % street-improvement assessment bonds, aggregating
Fre?nnni f£n «»°na<Psn
to the Fremont Savings Bank of
Frem ont for $ 8 ,096 50 (102.161) and interest. Other bidders were:
— $8,0 8 5 16 First N a t. B ank, B ellev u e.$ ,002 16
OMnnv tS 'n &iT nC ? - ’Fi?e- §.041
Prov. S. B . & T r . C o .,C I n .
Ohio N a t . B ank, Colum bus 8,041 09 Tillotson & W o lco tt C o ..
Seasongood & M ayer, C in . 8 ,0 0 8 16
C leveland___ ___________ _ 7 ,9 6 5 36
7 9
6
,awar,d«1
8
7,997 28
16
FfihE£*??i£.MT!
(B ’ G - B em id Ji). M inn.— B O N D S A L E .— On
*o f
? un*:y commissioners awarded $ 1 ,5 0 0 ,0 0 0 ditch
bonds, it is stated, to John N uveen & C o. o f Chicago.
9
BILTM ORE SCHOOL D ISTR ICT (P. O. Biltmore), Buncombe
Cou?t;y- No .C a r o .— B O N D E L E C T I O N P R O P O S E D ^ R e p o r t s state “ at
SfV4uinnSga$45b 000 bundlng°bonding f°r
BIN G H AM CANYON, Salt Lake
eleCtl°n *° voto on the quest,on
County,
U tah — B O N D
ELEC-
TZON .— A n eiection will bo held M arch 11, it is stated, to vote on the
!wtL,0?r o f issuing $ 17,000 water-works-system-extension bonds. Theso
bonds if authorized, will take tho place o f the $ 17,000 issue awarded on
£weelKr Bir0u o f Denv.er ( v - 101, p. 543), who subsequently refused
to accept tho bonds because o f an error found in the proceedings.
8
ppt,?I^ P 9 iAM T9 N ’ Br?pme County, N. Y .—
1 8
P R O P O S E D .—
BONDS
*cLty h.as u?der consideration the issuance o f $ 150,000 sowage-dlsposalplant bonds. H . H . Evens is C ity C om ptroller;
^
posal
B L A C K W E L L S C H O O L D I S T R I C T (P. O . B lack w ell)
N o la n
f A K C T /O N .- O n M arch 4 an elrctloTw ill be held
It is stated, to vote on tho question o f issuing $
building bonds.
10,000
akTbonds
6
G T G N - Orant County, W is. — B O N D S P R O P O S E D . — R etown is contemplating the issuance of $
railroad-
20,000
7 s .‘,w
p,ia K r 7 o « ^ iE i a M Mi," eap»ii!' “ iodi» “ d
®
? BLUE SPRINGS, Jackson County, Mo . — B O N D E L E C T I O N . __ R e
ports state that an election will bo held Feb. 29 to decide whether or not
this town shall issuo $ 4 ,500 % electric-light bonds.
not
6
BOARDM AN T O W N SH IP SCHOOL D IST R IC T (P. O Poland)
M ahoning County, Ohio.— B O N D S V O T E D . — B y a vote of 210 to 92
olectlon^held F e e ' l l ? 530,000 buIldlng bonds carried. It is stated, at the
B O N N E V ilL E C O U N T Y INDEPENDENT SCHOOL D IST R IC T
NO. 1 (P. O. Idaho Falls), Idaho. — B O N D O F F E R I N G .— Further details
are at hand relative to the offering on Feb. 29 of the $ 85,000 10-20-year
(opt.) coupon high-school-bullding and equipment bonds (V . 102 d 726)
‘“ e % Interest. Proposal^for these bonds will be r&eived
AnVv,r,r)t^
day b y Jay K - M ason , Clerk Board o f Trustees.
Authority, Sec. 131, School Laws o f Idaho, and vote o f 233 to
at an
election held Jan 25. D enom . $500 or $ 1,000. D ate Feb.
1916
Principal and semi-annual interest (F . & A . ) , payable at tho District
T K i f f n , ° J fme tST a,t K ountze Bros. N ew Y ork, at the holder’s option.
A ll bids for said bonds must bo unconditional and bidders m ust agree to
a,nd. Pa.y for said bonds within
days thereafter, subject to the
legellty o f the issue
Certified check for 2 % o f amount o f bid rwiulrod.
Bonded debt, including this issuo, $210 ,00 0. N o floating debt. Assessed
vaiue equalized. 1915. $4.280,0(i0.. .
6
43
1
20
BOONE
COUNTY
(P.
O.
Lebanon),
I n d __ B
O N D
s a t
f
— n n
b 102
fV
^ '° w e r o ^ %
ave^ « bjf^w a^-im provem ent bonds
i( Xo
7, 2 ^ ' w.cro awarded to J. F . W ild & C o. o f Indianapolis at
102.245 and Interest, a basis o f about 4 .0 7 5 % . Other bids wereM iller & C o .. Ind lan apo lis..$10,211 I F le t c h e r -W r lc a n
N atd
Farmers B ank, Rockport—
1 0 ,1 7 6 1 B ank, Indianapolis____ $10,152 75
(^B O SSIER PARISH (P. O. Benton), L a.— B O N D O F F E R I N G . — Pro
posals will be received until April 12 by J 7 c rto g a n , PresT'PolicoJufTTTS'r
[Vol . 102.
B O S T W IC K D R AIN AG E D IST R IC T (P. O. Bostwick), Putnam
County, F la .— B O N D O F F E R I N G . — Proposals will be received until
f\p r i o r )y I - >• F . H ancock, Chairman Board o f Directors, it is stated, for
the $25,000 6 % 25-year coupon land drainago and reclam ation bonds
voted Sept. 7 (V . 102, p . 726). Interest semi-annual.
(P- C a t l e t t s b u r g ) , Ky— B O N D S T O B E O F E R E D
s //O t f7 L Y ;— Reports st^to that tho Fiscal Court will, at an early date,
offer for sale $500,000 road-im provem ent bonds voted last M a y .
IJREVARD T O W N SH IP (P. O. Brevard), Transylvania C o u n ty,
9 arc!r
E L E C T I O N P R O P O S E D . — f t is stated that an election
will be called shortly to v o te on the proposition to issue $40,000 road bonds.
BR ID G EPO R T, Conn.— B O N D E L E C T I O N P R O P O S E D . — This city
will hold an election during April to voto on tho questions o f issuing the
fobow lng gold cou p.— with priv. o f reg — bonds at not exceeding 5 % in t.:
$500,000 pavem ent bonds, series “ B .
Due $100,000 vearlv
75,000 public-clinic bonds. D ue $5,000 yearly.
500.000 sewer bonds, series “ B .” D uo $20,000 yearly.
250.000 bridge bonds. D uo $10,000 yearly.
125.000 polico and fire-dept. bonds. D ue $5,000 yearly.
275.000 park bonds. D u e $11,000 yearly.
250.000 street-extension bonds. D u e $10,000 yearly.
300.000 school bonds, series “ B .” D ue $15,000 yearly.
D enom . $1,000. D ate July 1 1916. Int. J. & J. at o ffice o f C ity Treas
urer. D uo beginning one year after date.
B R O O K -PAR K VH .LAGE SCHOOL D IST R IC T (P. O. Berea)
Cuyahoga C ounty, O hio.— B O N D O F F E R I N G . — Proposals will bo rfr
non1^ ) 7 i S 'i n-V M a r ’ 1 b y A ’ H ’ pil}com bo. Clerk o f B d . o f E d ., for
$35,000 5% 18 1-3-ycar aver, cou pon site-purchase and constr. bonds
A uth. Secs. 7625, 7626 and 7627, Gen. C o d o / D enom . $500. D ato day
? ! salo 5no rin'l anI1 semi-ann. int. (A . & O .) payablo at tho DIst. D epository.
D u o $500 each six m onths from A p r. 1 1917 to O ct. 1 1951 incl. C ert
check on a bank other than the one making the bid, fo r 1 0 % o f bonds bid
for, payablo to the D ist. T reas., required. B onds to be delivered and paid
fo r within 10 days from tim e o f award. Purchaser to p a y accrued interest.
BR O W ARD CO U N T Y (P. O. Fort Lauderdale), F la.— B O N D O F F E R
I N G . — Proposals will be received until 11 a. m . M arch 21 by Frank A
B ryan, Clerk Board o f C ou n ty Commissioners, for $92,500 6 % Special
R oad and Bridge D ist. N o. 1 road and bridgo construction bonds. D enom .
92 for $1,000, 1 for $500. D a to Jan. 1 1916. Prin. and semi-ann. int —
J. & J.— payablo at the o ffice o f tho United States M tg e . & T rust C o . o f
N ow Y o rk . D ue on Jan. 1 as follows:
Series.
S er ie s .
S er ies.
" A ” $5,000.1920 " E ” $5,000.1924 “ I ”
“ B”
5,000.1921 “ F ”
6,000-1925 “ J ”
"G ”
5,000.1922 “ G ” 6,000.1926 " K ”
DJ ”” 5,000-1923
5.000-1923 “ H
II” 6
6,000-1927
,000.1927 ‘L "
Certified check on a responsible banking
the b id, payablo to the C ounty Treasurer,
S e r ie s .
$6,000.1928 " M ” $6,000.1932
6,000-1929 " N ” 6,000.1933
6,000-1930 “ O "
6 ,0 00.1934
6,000.19311 " P ”
6.500:1935
house, for 2 % o f tho am ount o f
required.
, B V C Y B l7 S > ,C ra w fo rd County, Ohio.— BONDS VOTED.— A t the
election held I<eb. 19 the question o f Issuing $47,000 street-im provem ent,
city s portion bonds carried by a vote o f 1,103 to 96, it is stated.
r ,^ H ^ ,L IN G T 0 N - Alamance County, No. Caro.— DESCRIPTION OF
BONDS.— T ho $30,000 5 % city-hall-erectlon bonds awarded on F ob. 8
to the A lam ance Loan & Trust C o . of.B urllngton at 103.74 (V . 102. d . 726)
are in the denom . o f $100 and $1,000 and dated N o v . 1 1915. In t. N . & M
D ue N o v . 1 1945.
CALAVERAS C O U N T Y (P. O. San Andreas), Calif.— BOND ELEC
TION PROPOSED.— It is stated that an election will probably bo called in
tho near future to vo te on the proposition to issuo highway bonds.
CALDW ELL C O U N T Y (P. O . Lockhart), Tex.— BONDS VOTED __
T he proposition to issue tho $10,000 road bonds received a favorable vote
it is stated, at the election held F eb. 12 in Precinct N o. 5 (V . 102, p . 360).
CALDW ELL SCHOOL D IST R IC T
(P. O. Caldwell), Sumner
County, K a n — BONDS RE-AWARDED.— T he $50,000 4 J*% building
b ° ptI?„soIcI on D e c - 20 to P rescott & Snider o f Kansas C ity , M o . (V . 102*
p . 173) have been re-awarded to D . E . D unne & C o . o f W ichita.
’
CALEXICO , Imperial County, Calif.— BOND SALE.— On F eb. 15
tho $30,000 5 % park-purchase bonds were awarded to the First N a t. Bank
or Calexico at par. T here were no other bidders. D enom . $1,000. D ate
F eb. 1 1916. In t. annually F eb. 1. D ue $5,000 yearly.
BOND OFFERING.— Proposals will be received until 5 p . m . Feb 29
b y E . B . B rowne, C ity C lerk, it Is stated, fo r $64,000 6 % bonds.
CANTON, Stark C ounty, Ohio.— BOND OFFERING.— Proposals will
b e received until 12 m . M arch 13 b y Sam E . Barr, C ity A uditor, for tho
following street-im provem ent bonds:
$38,800 5 % assessment bonds. D enom . 38 for $1,000 1 for
D ate Sept. 1 1915. D uo $8,800 Sept. 1 1917 $8 000 Sont 1
r „, 1918 and 1919, and $7,000 Sept. 1 1920 and’ 1921
P
18,600 5 % assessment bonds. D enom . 18 for $1 000 1 for $600
D ate Sept 1 1915. D ue $4,600 Sept. 1 1917, $4 OOO Sept. l
1918 and 1919, and $3,000 Sept 1 1920 and 1921
**
40,400 4 J i% c ity ’s p ortion bonds. D enom . 39 for $1,000, 1 for $1,400.
D ato M arch 1 1916. D uo JVIarch 1 1926
2,000 4 )4 % s fr e e t-o g m ln ^ b o n d s .^ D e n o m . $1,000. D a te M arch 1
r j nt® s,; ? a? ? w seml-annually. Certified check on a C anton bank fo r
on i
i
5 aya% L f ° J^°,C ity Treasurer, required. Bonds to
bo delivered and paid for within 10 days from tim e o f award. Purchaser
to pay accrued interest. A certified co p y o f tho abstract showing th e
legality o f the Issuo will bo furnished successful bidder. Successful bidder
to print, at ow n expense, tho necessary blank bonds, on special bond
borders and coupon sheets, to be furnished by the city.
BOND ELECTION.— A n election will bo hold A p r. 25, reports stato, to
vo to on tho question o f issuing $413,000 city-im p t. bonds.
o9.ap° May County, N. 3 . — BOND SALE.— On
F eb. 19 tho $7,000 5% 20-year water-ext. bonds— V . 102, p . 631— were
awarded to the M erchants N a t. Bank o f Capo M a y at par.
„ 9 £ RDI1^G,I1ON’ .,Morrow County, O hio.— BOND OFFERING.— Bids
will be received until 12 m . M ar. 6 by W . C . Lentz, Vll. Clerk, for $4,000.
5 % funding and ext. bonds. Prin. and semi-ann. int. payablo at the First
N at. Bank o f Cardington. D u o $500 each six m onths from Jan. 1 1926 ta
July 1 1929 incl. Cert, check on a M orrow C ounty bank for 10% o f bonds
bid for, payable to Vil. T reas., required. Purchaser to pay accrued Int.
CAR TH AG E INDEPENDENT SCHOOL D ISTR ICT (P. O Car
thage), Miner County, So. Dak.— BOND SALE.— On F eb. 4 tho $11 000
t A v i n <£0lI bI^ 1bond^ ’ dat,ecL;T,a n - 2 1?.16„( v ’ 102, p. 451), wero awarded
k°tl.W elL3,
D ickey C o. o f M inneapolis for $11,125— equal to 101.136.
Other bids were:
H . C . Speer & Sons C o ., C hicago___________
«t i i i q
Schanko & C o ., M ason C it y ......... ...........................
..........
11.’035
M innesota Loan & Trust C o ., M inn eap olis-,
11000
Kalm an, M atteson & W o o d o f St. Paul also su b m itte d a bid.
’
CARTHAGE SCHOOL D IST R IC T (P. O. Carthago), Jasper Countv
Mo.— BOND ELECTION PROPOSED.— Local papers stato that an olectlon
builcflnghbonds50 Ca °d shortly to vote on the question o f issuing $90,000
CHECOTAH, M cIntosh County, Okla.— BOND SALE__ R. J.
Edwards o f Oklahoma C ity lias been awarded $33,000 gas-m ain-construc
tion bonds fo r $33,250 (100.757) and interest.
™ 9 2 ? ? tF;r,9W 4 GA COMMON SCHOOL D IST R IC T NO. 5, N. Y ___
BOND SALE.— An issue o f $2,000 5 % 3 -yr. averago school bonds was
awardod on Jan. 1 to Isaac W . Sherrill C o . o f Poughkoopsio at 100.165__
? ; basis^ abou!; 4 -4 4 % - D enom . $500. Dato Feb. 1 1916. In t. F . ScA.
D uo $500 yearly on F eb. 1 from 1918 to 1921 incl.
CHELSEA, Suffolk C ounty, Mass.— TEMPORARY LOAN.__ T his
city recently negotiated a loan o f $200,000 dated F eb. 23 1916 and raatur-
Feb . 26 1916.]
THE CHRONICLE
ing N o v . 24 1916 with Curtis & Sanger o f B oston at 2.59% discount, it is
reported.
CHEROKEE COUNTY (P. O. C herokee), Iow a.— B O N D
SALE —
On Jan. 25 $35,000 4J4% funding bonds were awarded at private salo to
N . W . Halsey & C o. o f C hicago. D enom . $1,000. D ate Jan. 1 1916.
In t. J . & J. D u o $2,000 yearly Jan. 1 from 1921 to 1933 incl. and $3,000
Jan. 1 1934, 1935 and 1936.
CHINO, San B ernardino C oun ty, Calif.— B O N D E L E C T I O N — It
is stated that an election will bo held M arch 15 to submit to a vote the ques
tions o f issuing $73,000 street-paving and $55,000 sower-system bonds.
CHRISTIAN COUNTY (P. O. Ozark), Mo —
BOND
E L E C T IO N —
A n election will be hold M arch 4, it is stated, to decide whether or not this
cou nty shall issue $50,000 court-house-construction bonds.
CINCINNATI, O hio. — B O N D O F F E R I N G — Proposals will be received
until 12 m . M a r. 22 b y W m . Loiman, C ity A uditor, for the following \ ] A %
bonds:
$250,000 park bonds. D uo in 50 years, subject to call after 25 years.
200,000 street and viaduct bonds. D uo in 10 years.
D enom . $500. D ato F eb. 1 1916. In t. payablo F . & A . Certified
check fo r 5% o f bonds bid for, payable to the C ity A uditor, required. Pur
chaser to pay accrued interest. Bids must be m ade on form s furnished
b y the C ity A uditor.
COCOA, B reva rd C ounty, Fla. — R E S U L T O F B O N D E L E C T I O N —
A t the election held Feb. 19 the proposition to issue the $35,000 6 % Indian
R iver bridgo-constr. bonds carried b y a vote o f 54 to 9, while the question
o f Issuing the $16,500 water and sower and $10,000 street-paving bonds
were defeated. See V . 102, p . 726. T h o bridge bonds are described as
follows: Denom . $500. D ato M a y 1 1916. Int. M . & N . in C ocoa or
N ew Y ork . D ue $7,000 M a y 1 1921. 1926, 1931, 1936 and 1941. J. M .
Sanders is M a yor.
COLUllBUS, O hio. — B O N D E L E C T I O N — An election will be held
A p r. 25 to docido whether or not this city shall issue $1,076,000 4 J4 % bonds.
A V T I I O R I Z E D .— T ho C ity Council passed an ordinance on
F eb. 14 providing for tho issuanco o f $265,000 municipal light-plant-equip
m ent bonds, it is stated.
„ m ? N C 0 ? D’.
C our*ty, N e b . — R O N D O F F E R I N G .— Proposals
will bo received until M ar. 25 b y the C ity Clerk for tho $2,500 6 % 5-20-yr.
(opt.) coupon municipal electric-light bonds voted D ec. 7 (V . 101, p . 2088).
D en om . $500. D ate Jan. 1 1916. In t. ann. Jan. 1.
-r^ArNn ^ » ^ P ^ T A ACOU^ T Y (P- ° - M artinez), Cal —
BON D
ELEC
.— A ccording to reports this cou nty will hold an election
in Juno to submit to a v o te the proposition to issue $90,000 boulevardconstruction bonds.
T IO N PR O PO SED
COSHOCTON, C oshocton C ounty, O h io.— B O N D
O F F E R I N G .—
CROWELL, Foard C ounty, T e x —
PROPOSED—
Proposals will be received until 12 m . M ar. 6 b y Hugh Gam blo, C ity A u d .,
fo r $6,000 4 )4 % 6 -year aver, firo-apparatus-purchaso bonds. A uth.
Sec. 3939, Gen. C ode. D enom . $500. D ate Sept. 1 1915. Int. M . & S.
D ue $500 yearly on Sept. 1 from 1916 to 1927 incl. Cert, check on a C o
shocton C ounty bank for 10% o f bonds bid for, required. Bonds to be
delivered and paid for within 10 days from tim e o f award. Purchaser to
p ay accrued interest.
CREEK COUNTY (P. O. Sapulpa), Okla — B O N D S V O T E D — R e
ports state that tbo proposition to issue $10,000 Lake T w p . and $20 000
Shennon l w p . road bonds wore authorized at a recent election.
B O N D E L E C T IO N
A ccording to reports this city proposes to call an election to vote on the
question o f issuing water-works bonds.
ri\£JlYA?FOGA iCOm^T Y (P> ° ' Cleveland), O hio. — B O N D
™
° t5
OFFER-
— F rop o^ ilsw ili bo received until 10 a .m . M a r .4 b y E .G . Krause,
S o S kC™“ r Ro'ad N o f y2
'° r
$15,587 assess, bonds. D enom . 1 for $587, 30 for $500.
D ue $587 O ct. 1
S W
f f i R S 1°925 PrU 1 fTOm 1918 tQ 1925 inCl' and $ 1 ’500
60,388 cou n ty's share bonds. D enom . 1 for $1,388, 49 for $1 000
D uo
$1,388 April 1 1917, $3,000 April 1 1918 and 1919; $4.000 each six
m onths from April 1 1920 to O ct. 1 1922 Inch, $5,000 A pril 1 and
O ct. 1 1923 and April 1 1924 and $4,000 O ct. 1 1924.
1
D ato M a r. 1 1916. Prin. and semi-ann. Interest April 1 and O ct. 1
payable at office o f C ounty Treasurer. A n unconditional certified check on
a bank other than tho one m aking tho bid, for 1 % o f bonds bid for payablo
to C ounty Treasurer, required. Bonds to be delivered and paid for within
10 days from tim e o f award. Purchaser to pay accrued interest. Sep
arate bids must be m ade for each issue.
. F . G . Krauso, Clerk o f Board o f C ou n ty Commissioners, will receive
bids until 10 a. m . M arch 11 for tho following 4 )4 % cou p . Som Center
R oad N o. 1 bonds:
$9,658 assess, bonds. D en om . 1 for $658, 18 for $500. D u e $658 O ct. 1
28,306
AprH f amd°Octa ilyi9 >
2n5 APr * 1 fr° m 1918 t0 1924 in cl' and $1,000
A .,,' “
306 27 ^
000
D j,
AH tho remaining details are exactly the samo as tho above offering.
„ P UJ £ HO,G f KAL^ 8/ Summit C ounty, O h io. — R O N D S A L E — On
F ob. 7 the six issues o f 5 % street-im pt. bonds, aggregating $24,400, were
P rovident Savings Bank & Trust C o ., C in cin n a ti..
«94 noi
Tillotson & Wolcott Co, Cleveland...................................... ......... 24 902 04
Ohio National Bank, Columbus____________________
24'82ft 8ft
H ayden, M iller & C o ., C leveland..........................................
24 819 00
Seasongood & M a yer, C incinnati.................... ..................... .............24|675 50
DADE COUNTY (P. O. Miami), Fla.— B O N D S A L E — On Feb 7 tho
$275,000 5% 17%-yr. (aver.) Special Road and Bridge Dist. No. 2 road and
bridge bonds (V. 102, p. 267) wero awarded to tho Fifth-Third Nat. Bank of
Cincinnati at 100.33, a basis o f about 4.972%.
wan* or
»J?AJ*S,Y™T,OWNSHIP
O. Portland), Ionia C ounty,
819
k ° « d s ' a8Jre? a tint $ 7 0 5 ,0 0 0 (V . 102, p . 632) were a w a rd ed toth e Harris
®avbl8S Pank o f C hicago at 101.54 and in t., a basis o f about
M ic h —
. — An eloction will be held A pr. 3 roports stato. to vote
on tho question o f Issuing $10,000 bridgo-constr. bonds.
O O N D E L E C T IO N
DAVID C IT Y SCHOOL DISTRICT (P. O. David Citv) BnMnr
C ounty, E e b — B O N D O F F E R I N G .— Proposals will be received until
1-R- ?},)
l® ,3y
£• Schaaf, Sec. 13d. o f E d ., it is stated, for tho $60 9 y9 ,5 % i^ '2 5 ^ r . (op t.) hlgh-school-bldg. bonds voted N o v . 13 (V . 102 p .
173). D enom . $500. D ate Jan. 1 1916. In t. J. & J.
p
DAVIDSON COUNTY (P. O. Nashville) Tenn — BOiVBS Pfiopncpn
° kmul/ e? County, Okla.— B O N D S
V O T E D . — Reports
®^a*° that. at a recent election this town authorized the issuance o f waterworks-system construction bonds.
'm £ IV ID E n<?0Tl N Y Y
° ' Crosb y). No. Dak.— B O N D E L E C T I O N —
c,,K<L ?e?£?si t on to. issuo $50,000 court-house and Jail-erection bonds will be
subm itted to a vote, it is stated, on M arch 21.
DO
rrn?rDD? IDiG ? i C 0 ^ ? fu Y, (? i ° ' W es? Union), W . Va.— B O N D E L E C f^n el®ct*on will be held M ar. 1 in W est Union, Central and Grant
roa^d coSns^^ti^on°bonds.PrOPOSiti0n 40 lsSUe $235’000 5%
C m r CONSOLIDATED SCHOOL D IST R IC T (P. O. Dow
City), Crawford C ounty, Iow a.— B O N D S V O T E D — T he question o f
the $75,000 site-p u rch ^ e. building and equipment bonds (V . 102,
p . 632) carried at the election held F eb. 18 by a v o te o f 252 to 64.
D U N K IR K SCHOOL D IST R IC T (P. O. Dunkirk), Chautauqua
County, N . Y — B O N D S P R O P O S E D . - A bill has been introduced K e
Legislature providing for the submission o f tho question o f issuing $90 000
building bonds to the voters o f this district.
B
„ EAGLE T O W N SH IP SCHOOL D IST R IC T (P .0 . Fincastle)
Brown County, Ohio.— B O N D O F F E R I N G — Proposals will b e received
until 12 m . M arch 15 b y J . L . B um s, Clerk o f B d . o f E d . fo r $14 750 5%
8 )£-yoar
K -y ea r average cou pon site-purchase and construction bonds. A uth
Secs. 7625 and 7627 G en. C ode.
D enom . 1 fo r 250, 29 fo r $500. D ate
M ? : J65219T6: ■Prinrand^ a n n T i m . - M .*& s ' - ’p a y a b K t h e Fimt
Nat. Bank, Sardinia. Due $250 Alar. 15 1917 and $500 each six months
from Sept. 15 1917 to Sept. 15 1931 incl. Cert, check for 10% o f amount
of bonds bid for, payable to the Dist. Treas., required. Bonds to be deaccmeda{n tw ^ t f° r wlthin 1 0 days from date of award- Purchaser to pay
EASTLAND COUNTY (P. O. Eastland), Tex.— B O N D E L E C T I O N __
Roports state that an election will be held in Cisco District March 2 5 to
vote on tho proposition to issue $60,000 road-improvement bonds
° Greenwich), Washington County',' N. Y —
b o n d S A L E — O n Feb. 17 tho $20,500 414% 4 5-6-yr. average bridge
bonds.— V 102, p. 632— were awarded to Thos. J. Eldredge for $20 800
e^nn1
o f about 4.15% . Denom. 20 for $1,000, 1 for
T??atOx^ ar\ l 1916. Prin. and semi-ann. int.— M . Sc 8 .— payable
tvt
^
Nat. Bank, Greenwich, in N. Y. oxchango. Due yearly on
March 1 from 1918 to 1923, incl., and $2,500 Mar. 1 1924.
^
Ghowan County, No. Car — B O N D S A L E — On JanTijS
Qifi v ° i m %
(aver) gol^ ° *p • buprovement bonds, dated June 1
inA rV 1i)2’ -p - 85) were awarded to the Hanchett Bond Co. of Chicago
at 100.55 for 5 s, a basis o f about 4.943% .
^mcago
EI'bENDALE, Dickey County, So. Dak.— B O N D E L E C T I O N P R O Cnri
^ ? n POv,r4ts, 8tate tk<at th® Question of issuing water-works-system
and electric-light bonds will probably bo submitted to a vote in March.
BNNIS, Ellis County, Tex.— B O N D E L E C T I O N P R O P O S E D __Re
ports stato that an election will be called shortly to vote on the question
of issuing $30,000 high-school-building bonds.
question
EVERETT, Snohomish County, Wash.— B O N D O F F E R I N G __Furo f b o n d a vS
otaed A u g . " ^ ! ^ S e ^ V . ^ o f e ^ 8 ° D Mar<* 1 ° f the tw° 1« “ ‘»
$600,000 2 0 -yoar general tax bonds authorized by vote o f 4,052 to 1 340
aA said eloction for the purpose of constructing a flow line from
* ik *, ton Niver to supply the now privately-owned water-dis
tribution-system of Everett. These bonds will be a direct obli1 1 no non ? a™°n o f tho. e.nt,re municipality. Interest rate not to exceed 5 %
1 , 1 0 0 ,0 0 0 o- 2 0 -yr. serial special water revenue bonds authorized by vote o?
4,075 to 1,323 at said election for the purpose o f acquiring bv
purchase or condemnation the water system o f the Everett R v
Light & Water Co. These bonds are to be based wholly on the
earnings o f the water system to bo acquired. For the purpose
n
f , lnt-en f t and retirfng said bonds, $ 1 0 0 ,0 0 0 annually
n n tu f 60% of the gross earnings of the system is specifically set
.aside. The earnings of the water system which the municipaltuinVrlnk l'r’ f ° Purchase were in 1914 $157,335 gross; in l<5l6,
$160,750. Interest rate not to exceed 6 % . Due $70 0 0 0 tn-lv
from 6 to 10 yrs. incl., $75,000 in 11 yrs., $65,000 yrly^from 12
to 15 yrs., incl., $70,000 in 16 and 17 y^s?, $85,000 in 18 vra
$90,000 in 19 yrs. and $100,000 in 20 yrs. from date o f issue VTS"
I roposals for these bonds will be received until 10:30 a. m. on that dav
fey L °ula ^ h , City Clerk
Authority. Sec. 8005 and following s S n of
Remington & Ballinger’s Code. Denom. $500. Prin. and semi-ann int
payable at the fiscal agency of the State o f Washington in New York"
Bonded debt of city, $673,000. Floating debt, $106,356 32 Assessed
yaIi’eo 1915, $14,043,567: estimated value, $30,000,000. Official c^rralar
states that there is no controversy or litigation pending or threatenedaffecting tho corporate existence or boundaries of municipality or the title o f
its prosent officials to their respective offices, and that there has never been
any defiuilt in the payment of any of the municipality’s obligations'’ also
that no previous issues have ever been contested. Cert, check on some rethi? ! S / ° r i,, 1i?V0 0 0 required. All bids shall be unconditional IT cept that the city shall furnish to the purchaser the opinion of Alessrs Dil' on. Thomson & Clay o f New York, or the opinion of Messrs. Caldwell &
Massllcli of Now York, certifying to the legality of ail o f said bonds.
■*5
FAIRBURY, Livingstone County, Ills.— B O N D S A L E .— On^eb 3
4 L^,° k ^ e ir? rono ,n ° ' of ChlcaK° w e r0 awarded, reports state, at 1 0 1 for
j A si„tho $15,000 10-year coup, water-supply-impt. bonds voted Jan. 25—
Denom $1,5(50. Date M ay 1 1^16. Principal and annuli
interest—ATay 1—payable at office of City Treasurer. Due M ay 1 1926
These bonds were voted as 5s.
EAIRFa X, Gregory Countv, So. Dak.— B O N D E L E C T I O N P R O ?
Hnn
k1 oSoWA 1 b,,e, hel? s b o r t l y - 1 1 ,s reported, to vote on thoques
tlon of Issuing°«^
$15,000
funding bonds.
^
FAIRFIELD, Solano County, Calif.— B O N D E L E C T I O N __ R e n o rts
$ 4 ^ ,5 0 ^ t n ^ ” im p rov«n en t
7
*° V° t6 ° n the qU0StIon ° fls3ulng
a ,
Jan. 27 providing for an eloction to vote $50,000 bonds for the repair *of
the court-houso and erection of a JaU.
repalr
«a^ioARH ? PE’ ®aldwj n C ountv, Ala.— B O N D S A L N -?O n F ebT ^tho
$8,000 water-works and $5,000 electric-light 6 % 10-year cohpon tax-free
Other~bId's tvere:P' 361~ Were awardod to W m .°D e^ on a T p T a n d InC
lssuanco PoF°$S25(k000^ high-School*-iniS d S x g bonds” ‘“ k° d t0 authori^ th° N . H. Patterson, Atlanta.............lOOIBumham & Co., Chicago
10 0
Southern Bond & Ad j . C o., Al em. 100 [J . B. Bylonce. DadevIH ?........." 9 3
DEARBORN CO U N TY (P. O. L a w ron cob u ri?) I n d — B O iV D s att
Denom. $500. Dato Feb. 1 1916. Int. semi-ann— J. & j ”— payable at
fcwuanctfo?$21^6(S)0road-lmp^^bonds^°U n C o m m r ^ hav‘e aphorized t h e
™
' Pank; Mobile. Bonded debt, this issue, $13?0(J(). No
floating debt. No sinking fu n d .A sse ss, val. 1915, $250 000 Town
tax rate, per $1,000, $5.
‘r - *
Wn
FALL RIVER, Mass.— L O A N O F F E R I N G — Bids forTloan of $200 000'
Treasurer, for tho following 4)4% 6-year av^ago h i g h w a y ^
$10,400 J. T. Pavey et al road bonds in Clay T w v
Denom P$520 d
Fet)C<129la t is^reported U nD 8 N° V' 7 1916, w U1 be recelved until 10:30 a. m!
10,800
Milt Evans et al road bonds In Jackson Twp
Den6m $540
FAYETTE COUNTY (P. O. Lexington), Ky.— B O N D O F F E R I N G __On
Dato Feb. 15 1916. Int. M . & N. Due ono bond o f each ? “ ue each six
months from May 15 1917 tojN ov. 15 1926, inclusive Each bid must be Feb. 19 County Judge Frank Bullock announced that he w ouldoffer at
accompanied by a statutory non-collusion affidavit and a certified check for public miction tho $300,000 5% road-improvement bonds recently declared
o% of bonds bid for.
valid by the Court of Appeals— see " n e w s it e m " o n a p re c e d in o v a o e
The
bonds which wero voted Sept. 30 will be issued in denominations of $ 1 000
DENNISON VILLAGE SCHOOL D ISTR ICT (P. O D ennison)
and run from 5 to 20 years.— V. 101, p. 1209.
«i.UU0
Tuscarawas County, O hio. — B O N D O F F E R I N G — Proposals Yvifl bn
FINDLAY, Ohio.— B O N D O F F E R I N G — S e e page 824.
received until 12 m. Alar. 21 by G. W . Metcalf, Clerk B d .o fE d for $7 000
5% 8H -yr. aver. coup, school-refunding bonds. Auth. Sec. 5656 and 5658
wURO’ AMa? s —^7D S .— The other bids received for the two
Gon Codc
Denom. $500. Date Mar. 28 1916. Int.
& 8. Due issues of 4 % reg. tax-free bonds aggregating $239,500, awarded to R L
$1,000 ,yearly on Alar. 28 from 1921 to 1927 incl. Cert, check for 1% of Day & Co of Boston at 103.519 and int., on Feb. 18.—V . 102 o 7 2 7 —
wero
as
follows
:
AU’4'
—
bonds bid for, payablo to above Clerk, required. Bonds to be delivered
MerriUOkihrun & Co., B oat.103.18 IAdams & C o., Boston.
102 5 3 1
mustPabo m.cZditi'onaL” M ar' 28‘ Purcha8er t0 pay accrued * * t . Bids Curtis & Sanger, Boston----- 103.07 Cropley, McGaragle & Co
^ 1
Chandler Wilbur & C o., Bost.102.71
B o s t o n ...
’ 10 2 3 13
& Co" of T d l X - v S l 0 2 . SpWaf73?POrted 801(1 ° n Jan‘ 3 t0 SIdney SPl^er Blodget & C o., Boston...........102.7081Estabrook & Co., Boston------102 18
Pinal County, Ariz — B O N D E L E C T I O N — The ones.
DETROIT, Mich.—BOND SALE—On Feb. 21 tho two issuos of 4% ^ ^FLORENCE,
municipal electric-light and water-plant bonds will be
30-yr. coup, or reg. (optionof purchaser) tax-freosowerandpublicbuilding submitted to a$50,000
vote, it is stated, on March 11.
v
» win oe
820
THE CHRONICLE
[Vol . 102.
HOLMES C O U N TY (P. O. Lexington), Miss.— BOND OFFERING —
FO RT LARAMIE, Shelby County, Ohio.— B O N D O F F E R I N G —
Proposals will be received until 12 m . M arch 6 b y Jos. N otheis, Village Proposals will bo received until 11 a. in. M arch 7 b y J. H. Fuqua, C h a n
cery Clerk, it is stated, for $25,000 6 % 25-year agricultural-school-im
Clerk, for $1,000 6 % refunding bonds. A uth. Sec. 3910. Gen. C ode.
Denotn. $500. D ate D ec. 1 1915. Infc. J. & D . at office o f Village provem ent bonds. D enom . $500. D ato Feb. 1 1916.
Treasurer. D uo D ec. I 1920, subject to call any tim o. C ertified check
HUDSON CO U N TY (P. O. Jersey City). N. 3 — BOND S A L E — On
for 10% o f bonds bid for, payable to Villago Treasurer, required, bonds F eb. 24 the $800,000 446% 50-year gold cou p, (with priv. o f reg.) park b on d s
to bo delivered and paid for within 10 days from tim e o f award. Purchaser were awarded to A . B . Leach & C o. o f N . Y . at 107.779, a basis o f a b o u t
to pay accrued interest. Assessed valuation, 1915, $243,000.
4 .1 3 2 % .— V. 102, p. 632.
FO U NTAIN CO U N T Y (P. O. Covington), In d .— B O N D S A L E . — On
HUNT C O U N TY (P. O. Greenville), Tex.— BOND E L E C TIO N PRO
Feb. 12 the tw o issues o f 4 46% highway-im provem ent bonds, aggregating POSED.— Reports stato that an election will probably bo callod in Precinct
$20,900— V. 102, p. 451— were awarded as follows:
N o . 6 to vote on tho proposition to issue road bonds.
$6,700 W elch road bonds to the FJetcher-American N at. Bank o f Indianap
HU R TSBO R O , Russell County, A la.— BOND OFFERING— P ro
olis for $6,821 75,(101,817) and int.
. .
, „
14,200 Foster road bonds to Breed, E lliott & Harrison o f Cincinnati for posals will be received until 12 m . M arch 15 b y W heeler Williams, M ayor,
for the $9,000 5% 20-year water and light-extension bonds authorized b y
$14,492 (102.056) and int.
„
^
Bids were also received from J. F . W ild & C o. o f Indianapolis and the voto o f 71 to 29 at tho election hold Fob. 8—- V . 102, p . 452. D ato Jan. 1
1916. Certified check for $500 required. F . W in. K raft o f Chicago will
Citizens’ Bank o f C ovington.
approve the legality o f the issuo.
FRA NK LIN CO U N T Y (P. O. Brookville), In d .— B O N D S A L E . — T he
IMOGENE, Fremont County, Iowa.— BOND E LEC TIO N PRO
following bids were received on Feb. 15 for the $13,140 4 46 % 6-year average
POSED.— Reports state that an election will bo called shortly to voto on
road-im provem ent bonds offered on that day. V. 102, p. 268.
_
tho question o f issuing $5,000 electric-light-system bonds.
Franklin C ounty N ational Bank, B rookville______________________ *$13,436
Breed, E lliott & Harrison, Indianapolis------------------------------------------- 13,415
IN D IANAPO LIS, In d .— TE M PO RAR Y L O A N — On Fob. 21 a loan o f
Fletcner-Am erican N ational B ank, Indianapolis__________________ 13,405 $150,000, dated Feb. 21 1916 and maturing Juno 20 1916, was negotiated
M iller & C o ., Indianapolis_________________________________________ 13,384 with tho Indiana Trust C o. o f Indianapolis at 2 % interest plus $66 70
J. F . W ild & C o ., Indianapolis____________________________________ 13,361 premium.
* This b id , it is stated, was successful.
Other bids were:
______ . ___ _
J. F . Wild & C o ., Indianapolis......... - ............ ......................... 3 % plus $39
FRA NK LIN C O U N T Y (P. O. M ount Vernon), T e x — B O N D E L E C
O tto F . Haueisen & C o ., Indianapolis------------- ------------------3 % plus $12
T I O N P R O P O S E D . — R eports state that an election will probably bo called
Fletcher American N ational Bank, Indianapolis--------------- 3 % plus $6
in Precinct N o . 1 to vote on the question o f issuing road-constr. bonds.
E. M . Cam pbell’s Sons & C o ., Indianapolis-----------------------3 % ___
FREDONIA, C hautauqua County, N. Y — B O N D S P R O P O S E D —
G avin L . Payne & C o ., Indianapolis--------------------------------- 3.2 0 % plus $4
A bill introduced b y Assemblym an M cG innies on Fob. 18 adds four new
Breed, E lliott & Harrison, Indianapolis------------------------------3 4 6 % jn u s $10
sections to the charter o f the Village o f Fredonia. One authorizes tho issu
JACKSON, Jackson County, M ich.— BOND ELEC TION .— A n elec
ance o f $25,000 bonds for a new library building at East M ain and D ay
streets in that village. Tho taxpayers must first approve the measuro b y tion will bo held April 3 to vote on the question o f issuing $150,000 city hospital bonds.
.
writing consents to be filed in tho office o f tho Villago Clerk.
JACKSON, Jackson County, M inn.— BONDS VOTED.— T ho ques
FRESNO, Fresno County, Calif.— B O N D E L E C T I O N P R O P O S E D —
Locai papers state that an election will be called in the near future to vote tions o f issuing the $15,000 funding and $15,000 elcctrie-ltght-plant-im pt.
on the questions o f issuing the $350,000 sanitary-sewer-systein and $150,000 bonds— V . 102, p. 452— carried, it is stated, at tho election held Feb. 15.
T he vote was 249 to 81 and 249 to 7, respectively.
stor.-sewer-system bonds.
JASPER CO U N TY (P. O. Paulding), M iss.— BOND OFFERING.—
GALVA, Henry County, Ills.— B O N D E L E C T I O N . — R eports state
that an election will bo held M a r. 14 to vote on tho question o f issuing Proposals will bo received until M arch 16 b y T . Q . B ram c, Clerk o f Board o f
Supervisors, for $15,000 6 % Supervisors D ist. N o. 3 bonds. D enom .
$12,000 city-hall and fire-station bonds.
$500. Int. annually. C ertified check for 5 % o f bid required.
G AR R ETTSON, M innehaha County, So. Dak.— B O N D S D E F E A T E D .— T he question o f issuing tho $3,000 5% 20-year sowerage-systemconstruction bonds— V . 102, p . 452— failed to carry at tho election held
F eb. 21.
GENESEE T O W N SH IP, W hiteside County, Ills.— B O N D E L E C
M ar. 1 1916. Int. semi-ann. D uo yearly on M ar. 1 as follows: $1,000
T I O N P R O P O S E D . — This township is contem plating calling an election
from 1917 to 1920 incl., $2,000 1921 to 1925 incl. and $600 M ar. 1 1926.
to submit to tho voters the question o f issuing $25,000 road-im pt. bonds, Certified check for 5% o f bonds bid for, payablo to Village Clerk, required.
it is stated.
B onds to bo delivered and paid for within 10 days from tim e o f award.
Purchaser to pay accrued interest.
G R A T IO T CO U N T Y (P. O. Ithaca), Mich.— B O N D E L E C T I O N
P R O P O S E D . — - R eports state that the proposition to issue $40,000 poorJE F F E R SO N C O U N T Y (P. O. B e a u m o n t), T e x — B O N D O F F E R I N G .
house-construction bonds will be subm itted to a vote in the spring.
-Proposals will be received by It. W . W ilson, C ounty Judgo, until 10
a. m . M ar. 1 for the $190,000 5% 20-40-year op t. road bonds— V. 101, p .
GREENUP CO U N T Y (P. O. Greenup), K v — B O N D O F F E R I N G —
Proposals will be received until 1 p. m . Feb. 29 b y A . J. C ochran, C ounty 2158. Denom. $1,000. Date April 10 1915. Int. soml-annual at Beau
Clerk, it is stated, for $50,000 5 % 5-14-year serial road and bridgo bonds. m ont. N ew York or Austin. Deposit o f $5,000 required with bids. T otal
bonded debt, including this issue, $1,040,100. Floating debt, $80,000.
Interest semi-annual.
Assessed vat., 1915, $52,744,442; actual value, est., $75,000,000.
GREENW ICH (Town), W ashington County, N. Y .— B O N D S A L E —
F F E R SO N D A V IS P A R IS H (P. O. J e n n in g 3 ), L a . — B O N D E L E C
On Feb. 17 tho $27,500 446% 7-year average reg. bridgo bonds.— V . 102, T I JE
O N P R O P O S E D .— Reports stato that the Police Jury has been asked to
p. 632.— were awarded to Harris, Forbes & C o. o f N . Y . at 101.591, a basis
call
an
election April 18 to submit to a voto tho proposition to issuo $500,000
o f about 4 .1 8 8 % . Other bidders wero :
I. W . Sherrill C o ., Poughk.$27,932 03) H.A.ICaliler & C o ., N . Y _ .$27,802 77 road-construction bonds.
Blake Bros. & C o ., N . Y . _ 27,918 5 5 [First N at. B k ., Greenwich 27,740 13
JO H N SO N C O U N T Y (P. O. F ra n k lin ), I n d . — B O N D S A L E .— On
H ornblower & W eeks, N .Y . 27,825 0 0 1W . R . C om pton C o ., N . Y. 27,685 50 Feb. 22 tho $14,400 446%> 6-year averago Riggs road bonds in N inovali
G eo.B.Gibbons & C o.,N .Y . 27,824 77[Farson, Son & C o., N . Y . 27,653 45 T w p .— V . 102, p. 728—-wore awarded, reports state, to J. F . Wild & C o . o f
D enom . 22 for $1,000, 11 for $500. D ate M ar. 1 1916. Prin. and semi- Indianapolis
" lianapolis tfor
$14,733, equal
to 102.312,
----------------.
- , „ a basis o f about 4 .0 6 % . D enom .
ann. int.— M . & S.—-payable at First N at. Bank, Greenwich, in N . Y.
$720. D ate Feb. 15 1915. Int. M . & N . D u o $720 each six m onths
exchango. D uo $2,500 yearly on M ar. 1 from 1918 to 1928 incl.
from M a y 15 1917 to N o v . 15 1926 incl.
G RIFTO N SCHOOL D IST R ICT (P. O. G rifton), Pitt and Lenoir
JOHNSTOW N, F u lt o n C o u n ty , N. Y . — B O N D S A L E . — On Feb. 18
Counties, No. Caro.— B O N D E L E C T I O N P R O P O S E D . — Reports state tho $9,000 5% 5-yr. averago coup, 'rhvnevillo trunk-sewer assoss. bonds
that an election will be held shortly to vote on the question o f issuing — V. 102, p. 543— were awarded to Hornblower & Woeks o f N . Y . for $9,325
$20,000 graded-school-building bonds.
(103.611) and in t., a basis o f about 4 .1 8 5 % .
GRINNELL INDEPENDENT SCHOOL D IST R ICT (P. O. Grinnell),
JORDAN TO W N SH IP, Whiteside County, Ills.— B O N D E L E C T I O N
Poweshiek County, Iowa — R E S U L T O F B O N D E L E C T I O N — Reports P R O P O S E D . — Dispatches stato that an election to voto on tho question o f
state that tho election held Feb. 7 resulted in favor o f the question o f issuing issuing $18,000 road bonds will be held shortly.
the $50,000 building bonds and in tho defeat o f tho proposition to issue
KALON A, W a s h in g to n C o u n ty , Iowa.— B O N D E L E C T I O N . — T h o
$20,000 school-sito-purchaso bonds.— V . 102, p. 268.
question o f issuing $25,000 sewerage and water-works system bonds will bo
G U EYDAN DR AINAGE D IST R ICT (P. O. Gueydan), La — B O N D
submitted to a voto, it is stated, at tho city election in M arch.
E L E C T I O N .— R eports state that an election will bo held F eb. 29 to vote
KENMORE, Summit County, O hio.— B O N D S A L E — On Fob. 1 tho
on tho question o f issuing $250,000 drainage-system bonds.
$25 000 446% 2-year average cou p, sower-systcm -construction assessment
HALFA CONSOLIDATED INDEPENDENT SCHOOL D IST R ICT
bonds— V . 102, p. 174— were awarded to Breed, E lliott & Harrison o f
(P. O. Haifa), Emmet County, Iowa.— B O N D E L E C T I O N .— An election
Cincinnati at 100.62 and interest, a basis o f about 4 .1 7 % . Other bidders:
will bo held M arch 13 to decide whether or not this district shall issuo $4,000 Stacy & Braun, T o le d o ..$25,093 46|Sidney Spitzer& C o ., T o l . $25,007 50
building bonds.
P rov. S. B . & T r. C o ., C in . 25,037 50 S e cu rity S .B .& T r.C o ./ro l. 25,005 00
W eil, R oth & C o ., C in e .. 25,035 OOlDavies-Bertram C o ., C in . 25,003 00
HAMDEN VILLAGE SCHOOL D IST R IC T (P. O. Hamden), Vinton
County, O hio.— B O N D O F F E R I N G . — Proposals will be received until Tillotson& W olcottC o.,C lo. 25,007 501 R ud. K leybolto C o ., C in . 25,000 00
Juno 7 for an issue o f $5,000 5 % 2-26-year school-building bonds authorized
K ENTON CO U N T Y (P. O. Covington), K y — B O N D E L E C T I O N —
b y a vote o f 93 to 46 at an election held Jan. 18.
T h e proposition to Issuo $200,000 road-constr. bonds will bo subm itted to a
voto, It is stated, on A p r. 10.
H A N C O C K CO U N T Y (P. O. Greenfield), Ind — B O N D O F F E R I N G .
— Allen F. C ooper, C ounty Treas., will receivo bids until 10 a. m . M a r. 2
K IR K SVILLE, Adair County, Mo — B O N D E L E C T I O N — A ccording
for $4,900 446% 6-yr. aver. Ilob t. W . Craig et al. road-im pt. bonds in to local papers, an election will bo held April 4 to submit to a voto tho ques
Blue R iver T w p . D enom . $245. D ate Feb. 15 1916. Int. M . & N . tion o f issuing $100,000 water and street-light system im pt. bonds.
D ue $245 each six m onths from M a y 15 1917 to N o v . 15 1926 inch
KLEBERG CO U N T Y (P. O. Kingsville), Texas.— W A R R A N T S A L E .
►l B O N D S A L E . - —-On FebT23 tho $9,800 446 % 6-year avoragoroad bonds—• — T he following 8 % warrants, aggregating $5,892 57, havo boon purchased
V . 102, p . 728— were awarded to Edward L . M oore for $10,065— 102.704 b y J. L . Arlltt o f Austin at par: $1,000 dated April 12 1915 and duo April 10
1916; $500 dated M a y 22 1915 and due April 10 1917; $733 75 dated Juno 14
— and in t., a basis o f about 3 .9 8 5 % . Other bidders were:
1915 and duo April 10 1917: $1,000 dated July 12 1915 and duo AprillO
Paul F . B in ford__________ $10,031 25IB reed, E lliott & Harrison,
1918: $1,000 dated July 12 1915 and duo April 10 1919, and $1,658 82
J . F . W ild & C o ., In dpls. 10,007 00
Indianapolis-------- ---------$9,950 00
R . L . Dollings C o ., Indpls. 9,978 85 Fletch. A m . N a t. B k .,In d . 9,905 25 dated July 12 1915 and due April 10 1920.
M iller & C o ., Indpls_____
9,975 0 0 1G. L . P a y n o & C o ., Indpls. 9,850 00
K N O X C O U N TY (P. O. Vincennes), In d .— A M O U N T O F B O N D S
S O L D . — T he am ount o f 5 % Pollard ditch bonds awarded to the Fletcher
HARFORD CO U N T Y (P. O. Bel Air), Md.— B O N D S P R O P O S E D —
m or. N at. Bank o f Indianapolis on Fob. 14— V . 102, p . 728— was $24,594
T o authorize tho C ounty Commissioners to issuo bonds for tho im prove A
not $24,954 as first reported. D enom . 49 for $500, l for $94. D ato
ment o f tho town o f Aberdeen is tho purpose o f a bill introduced In tho lower and
D ec. 8 1915. Int. J. & D . D uo $2,094. D oc. 15 1916 and $2,500
branch o f the State Legislature on F eb. 9.
yearly on D ec. 15 from 1917 to 1925.
HARLAN CO U N T Y (P. O. Harlan), K y — B O N D S V O T E D — T ho
K N O X CO U N T Y SCHOOL D IST R IC T N O . 14 (P. O. A lto n a),
election held Fob. 12 resulted it is stated, in favor o f the question o f issuing I lls
.— B O N D S V O T E D . — A t an election hold Fob. 12 tills district voted
tho $250,000 road bonds.— V . 101, p . 2161.
57 to 3, in favor o f tho issuance o f $16,000 building bonds, It Is said.
H AR R IS CO U N TY (P. O. Houston), T e x — B O N D E L E C T I O N P R O
K N O X V IL L E , T e n n — B O N D E L E C T I O N — 'T h o oloction to voto on
P O S E D .— Local papers state that an election will bo held shortly to v o to on
the question o f issuing tho $50,000 m unicipal-park and playground bonds—
tho proposition to issue $400,000 road-im pt. bonds.
V . 102, p- 174—'Will bo held, reports stato, on A pril 29 and not Jan. 29 as
HAVELOCK SCHOOL D ISTR ICT (P. O. Havelock), Lancaster first reported.
County, N eb.— B O N D E L E C T I O N .— A n olcctlon will be held Feb. 29 to
LA F AYET T E, Tippecanoe County, In d .— B O N D S T O B E I S S U E D
decido whether or not this district shall issuo $35,000 5-20-year (op t.) high- I N M A Y . — This city will Issuo about M a y 1 an issuo o f $30,000 local sowerschool-bldg. bonds at not exceeding 5 % .
construction bonds In tho denom . o f $1,000. W m . M . C rockett is C ity
Comptroller.
H A W K IN S CO U N TY (P. O. Rogersville), Tenn — B O N D S A L E —
On Feb. 12 tho $250,000 5% 946-yr. (aver.) road bonds (V . 102, p. 268)
LAK ETO W N TO W N SH IP, Allegan County. M ich.— P O N D E L E C
were awarded to tho Provident Savings Bank & Trust C o. o f Cincinnati T I O N . — A n election will be hold M ar. 1, it is stated, to submit to a voto tho
at 101.08 and int.— a basis or about 4 .8 6 % .
question o f Issuing $36,000 road bonds.
H AYESVILLE VILLAGE SCHOOL D IST R IC T (P.IO. Haye3ville),
L AK EW O O D , Cuyahoga County, Ohio.— B O N D O F F E R I N G . — Pro
Ashland County, Ohio.— B O N D O F F E R I N G .— Proposals will bo received posals will b o received until 12 m . M a r. 6 b y B . M . C o o k , D irector o f Fi
until 12 m . M arch 20 b y T . B . Clauson, Clerk Board o f E ducation, for $3, nance, fo r tho following bonds:
_____
,
_
300 546% 6 1-3-yoar average refunding bonds. A uthority, Soc. 5656, $185,000 446% sowago-treatmont works bonds. D on om . $1,000. D uo
Gen. C ode. D enom . 9 for $200, 5 for $300. D ate M arch 20 1916. Int.
M . & S. D uo $200 yearly on M arch 1 from 1917 to 1925, inclusive, and
4,440 5 % street-'impt. assoss. bonds. D en om . $888. D uo $888 yearly
$200 yearly on M arch 1 from 1926 to 1930, inclusive. C ertifiod check for
on O ct. 1 from 1917 to 1921 inch
$100, payablo at sight to tho abovo Clerk, roquired. Bonds to bo delivered
11,760 5 % street-lm pt. assess, bonds. D en om . $2,352. D u o $2,352
and paid for within ten days from dato o f notice o f accoptanco o f bid.
yearly on O ct. 1 from 1917 to 1921 Incl.
8,650
@FedFRASER