The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Tile
financial
,
onlinercucti
nitude
INCLUDING
sank & Quotation Section
;Railway Earnings Section
Railway & Industrial Section
Bankers' Convention Section
Electric Railway Sectimm
State and City Sectiot
SATURDAY, JANUARY 13 1917
VOL. 104
'Du Throuide.
1Veek ending January 6.
Clearings at
1916.
Inc.or
Dec.
1915.
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis
Columbus
Toledo _____ _ _
Peoria
Grand Rapids.. _
Dayton
Evansville
Springfield, Ill
Lexington
Fort Wayne
Youngstown
Akron
Rockford
Bloomington__ - _
Quincy_ ._ ._ ._ _
Canton
Decatur
South Bend
Springfield, Ohio
Jackson _____ _ _
Mansfield _ _ Danville _ _ _ _
Jacksonville, Ill_
Lima
Ann Arbor _ _ _
Owensboro _ _ _
Adrian
Lansing _ _ _ _
Tot. Mid.West 713,364,138
San Francisco_ . 80,852,128
Los Angeles_ _ ..
27,282,000
Seattle
15,745,259
Portland _ _ _ _
11,812,795
Salt Lake City _
16,332,864
Spokane _ ._ _ _
5,803,328
Tacoma _ _ _ _
2,155,717
Oakland _ _ _ _
5,203,916
Sacramento.. _
2,751,000
San Diego_ _ _
2,581,692
Fresno
1,970,396
Stockton, _ _ _
1,447,263
San Jose _ _ _ _
1,022,502
Pasadena_ _
1,040,238
North Yakima
572,183
Reno ____
420,318
Long Beach
787.283
Total Pacific.._ 177,782,882
Kansas City_ __ _ 118,922,512
Minneapolis
30,811,579
Omaha
28,387,265
St. Paul
16,183,215
Denver
14,629,609
St. Joseph
10,820,035
Duluth
5,199,328
Des Moines
7,831,469
gannv 00.17
A non non
Wichita
5,169,415
Lincoln
3,033,639
Topeka
2,078,699
Davenport
3,071,148
Cedar Rapids_ _
2,337,472
Fargo
2,072,042
Colorado Springs
864,362
Pueblo
750,226
Fremont
510,000
Waterloo
1,068,105
Ifelena
2.050,989
Billings
1,029,379
Hastings
432,151
Aberdeen
701,753
Total oth.West 263,856,392
$
%
S
$
402,920,768 +13.4 338,262,910 332,250,511
35,754,550 +0.9
28,968,800
31,320,700
43,276,880 +65.7
30,399,356
29,312,896
37,684,948 +23.2
24,599,909
27,969,038
20,844,718
+5.5
19,152,554
17,607,783
12,213,516 +18.2
10,245,206
9,053,566
9,094,100
+3.3
6,555,900
7,303,100
6,298,411 +50.8
5,501,561
6,999,226
4.500,000
+2.2
4,158,707
3,961,653
5,098,966
+0.5
3,697,249
3,623,757
3,297,008 +28.5
2,487,468
3,787,669
2,538,807 +16.9
1,568,765
1,838.619
1,494,274 +17.6
1,199,175
1,419,144
1,195,840 -7.2
1,292,393
1,315,176
1,483,076 +19.1
1,567,268
1,403,699
2,090,393 +121.3
1,563,411
1,975,774
2,368,000 +107.3
1,498,000
2,002,000
897,036 +22.6
696,045
781,715
934,848 +13.2
1,030,087
753,932
1,055,545
+9.4
950,335
1,003,719
1,738,589
2,400,000 +18.2
1,828,582
722,718 +10.9
586,755
557,622
1,043,800 +19.4
835,141
772,449
1,191,765 +33.7
953,166
1,007,789
750,000 +13.3
583,017
940,674
617,283 +26.9
597,541
490,619
672,662 -11.0
519,174
561,610
384,241 +26.6
321,912
427,212
600,000 +16.7
500,000
589,778
391,853
+2.1
340,747
284,344
619,500 +90.0
554,215
571,910
54,052 +44.4
49,841
61,611
880,843 +25.8
652,325
668,070
605,350,401 +17.8 493,610,593 404,462,888
69,062,383 +17.1
58,022,518
54,166,898
27,736,613 -1.6
22,100,021
27,248,917
13,585,680 +15.9
12,257,380
12,360,461
11,875,012 -0.5
11,075,889
11,397,329
12,570,462 +29.9
8,540,033
8,574,308
5,041,483 +15.2
4,669,898
5,204,042
2,071,664
2,486,024
+4.1
2,275,458
4,741,851
4,520,031
+9.7
4,142,209
1,836,130 +49.8
1,982,376
2,536,734
2,205,820
+7.4
2,406,288
2,403,503
1,116,133
1,156,374 +70.4
1,001,443
1,190,370 +21.6
1,103,405
952,814
946,663 +8.0
760,480
881,520
1,215,256 -14.4
887,441
900,000
500,000 +14.4
438,000
426,180
413,984
+1.5
332,248
321,243
775,972
+1.4
658,759
157,123,400 +13.1 133,000,395 134,951,905
90,883,125 +30.9
80,918,546
58,408,736
38,809,217 -20.6
34,391,630
27,116,318
25,825,495
+9.9
20,025,236
18,844,600
19,605,201 -17.4
12,480,971
10,307,648
12,438,072 +17.6
10,497,330
8,663,113
8,445,426 +28.1
7,804,095
9,784,331
6,362,260 -25.6
3,849,743
4,178,628
7,319,442
+7.0
6,213,762
6,138,010
4 900 non 4-10 0
A CIAO 7110
4 000 274
+15.4
3,480,828 -12.8
2,682,877
2,456,816
1,899,300 +10.0
1,487,175
1,858,404
2,847,393
+7.9
2,183,637
2,607,099
2,074,572 +12.7
1,968,643
2,622,765
+9.3
1,896,165
1,185,398
610,397
835,271
+3.5
636,032
703,272
534,334 +40.4
816,997
793,442
561,522 -9.2
514,426
466,128
1,867,382
+5.4
1,565,271
1,534,548
1,409,471 +45.5
1,269,442
1,230,978
735,050 +40.0
611,623
631,221
361,527 +19.6
261,217
224,104
908,165 -22.8
605,363
410.000
237,770,887 +11.0 199,469,938 166,886,907
St. Louis
New Orleans_ _
Louisville
Houston
Galveston
Richmond
Atlanta
Memphis
Fort Worth
Savannah
Nashville
Norfolk
Birmingham _ _ _ _
Augusta
Jacksonville.
Knoxville
Little Rock
Charleston
Chattanooga _ _
Mobile
Oklahoma
Macon_a
Austin
Vicksburg
Jackson
Muskogee
Tulsa
Dallas
Meridian
146,571,898
35,259,769
23,085,870
12,000,000
5,371,268
21,931,365
25,772,718
13,337,185
9,201,110
5,050,044
9,413,779
6,099,756
4,998,991
2,230,151
122,169,195
27,173,219
21,909,023
9,637,852
3,729,288
16,835,897
22,119,025
9,143,237
6,710,476
5,652,801
9,443,065
4,671,698
6,624,678
2,273,475
+20.0
+29.8
+5.4
+25.6
+44.0
+30.3
+16.5
+45.9
+37.2
-10.6
-0.3
+30.6
-24.5
-1.9
94,419,362
21,727,357
14,225,389
9,825,125
4,892,213
10,274,000
16,492,777
9,584,671
9,036,132
5,967,166
7,530,863
4,239,800
5,197.036
2,040,725
92,020,583
25,174,680
18,027,441
10,662,165
4,304,000
9,393,615
20,722,603
10,680,927
9,353,616
6,280,591
10,944,022
5,760,561
5,949,728
3,287,366
2,400,000
3,007,131
2,597,764
3,384,635
1,704,805
5,314,046
1,357,856
3,000,000
345,952
697,104
1,376,669
5,139,817
14,507,503
348,727
2,326,360
3,231,492
2,448,675
2,691.080
1,377,609
3,259,616
3,496,042
5,188,815
427,185
538,029
1,059.086
2,032,408
7,800,842
372,779
+3.2
-7.0
+6.1
+25.7
+23.7
+63.1
-61.2
-42.1
-19.2
+29.5
+29.9
+152.9
+85.9
-6.4
2,205,391
2,521,482
2,293,224
2,635,765
1,300,000
2,576,475
3,294,276
3,642,622
407,186
550,108
842,899
1,226,000
2,236,728
3,200,043
2,190,015
3,304,437
1,475,556
2,058,000
5,285,001
3,712,574
502,240
555,504
908,199
1,892,587
PUBLISHED WEEKLY.
1917.
iror One Year
/For Six Months
'European Subscription (including postage)
European Subscription six months (including postage)
Annual Subscription in London (including postage)
nix Months Subscription in London (including postage)
Canadian Subscription (including postage)
Subscription in chutes following SupplementsBANE AND QUOTATION (monthly) RAILWAY AND INDUSTRIAL(3 times yearly)
ELECTRIC RAILWAY(3 times yearly)
RAILWAY EA to;INtis (monthly)
6TATE AND CITY (semi-annually) BAAKERS' CONVENTION (yearly)
Terms of Advertising-Per Inch Space
Transient matter per inch space (14 agate lines)
$4 20
(8 times)
Two Mouths
22 05
Three Months (13 times)
29 00
'Standing Business Cards
Six Months
(26 times)
50 00
Twelve Months(52 times)
87 00
•
.C.Jrnenao OFFICE-39 South La Salle Street, Telephone Randolp117396,
LONDON OFFIcE-Edwards & Smith,1 Drapers' Gardens,IL C.
WILLIAM IL DANA COMPANY,Publishers,
Front, Pine and Depeyster Ste., Now York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treas.: George S. Dana and Arnold G. Dana.
Vice-Presidents; Arnold G. Dana, See. Addresses of all, Office of the Company.
CLEARING 110 USE RETURNS.
The following table, made up by telegraph, Are., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been 35,864,336,227, against 35,772,923,855 last week and 34,583,665,805
the corresponding week I ast year.
Clearings-Returns by Telegraph.
Wed ending Jan. 13.
Per
Cent.
1917.
1916.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
San Francisco
Pittsburgh
Detroit
$2,952,917,758
203,178,465
252,982,209
35,974,204
405,215,824
110,625,549
36,197,223
69,544,227
60,832,303
43,890,810
$2,312,717,412
162,830,840
193,267,142
37,369,173
299,167,612
82,795,906
24,987,602
46,710,238
47,442,506
38,043,213
+27.7
+24.8
+30.9
-3.7
+35.4
+33.6
+44.9
+48.9
+28.2
+15.4
Ten cities, 5 days
Other cities, 5 days
$4,171,358,572
742,869,182
$3,245,331,644
588,703,170
+28.5
+26.2
Total all cities, 5 days
All cities, 1 day
31,914,227,754
950,108,473
$3,834,034,814
749,630,991
+28.2
+26.7
Total all cities for week
35,864,336,227 $4,583,665,805
*27.9
The full details for the week covered by the above wit be given next Saturday.
We cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence in the above the last day of the week has to be in
all cases estimated, as we go to press Friday night.
Detailed figures for the week ending January 6 follow:
Week ending January 6.
Clearings at1917.
1916.
Inc. or
Dec.
1915.
1914.
$
$
3,448,764,031 3,781,513,790
318,008,952 320,011,963
75,533,466
71,000,253
42,476,461
55,882,139
16,568,172
23,005,305
7,073,742
4,313,640
10,527,170
9,064,276
8,701,682
9,478,056
3,351,683
4,819,013
5,415,824
5,708,871
2,585,716
3,021,984
3,075,916
3,677,621
2,192.196
2,107,106
3,130,375
3,446,500
2,291,250
2,154,409
1,140,080
1,135,133
1,698,215
1,778,041
088,500
1,106,700
1,225,101
1,294,758
1,128,313
925,214
669,550
675,000
2,185,184
2,052,684
539,502
580,373
-8.8 1,859,472,251 1,978,969,363
-0.6 178,536,729 177,524,739
+6.2
52,313,918
52,193,637
-23.9
40,285,970
38,696,136
+38.8
14,138,869
16,197,573
-39.0
7,203,605
7,377,313
-5.3
9,446,822
8,619,633
+8.9
6,048,713
0,116,095
+4.4
3,944,674
5,161,569
+5.4
4,143,609
3,786,571
+16.9
2,066,127
2,029,295
+19.6
1,921,241
2,018,354
-3.9
1,785,531
2,004,984
+10.1
2,063,850
2,247,010
-6.0
1,834,383
1,763,615
-0.4
970,660
969,771
+4.7
1,009,554
1,354,278
+11.9
933,400
916,800
+5.2
668,408
749,311
+18.0
625,000
650,000
+0.8
587,447
569,499
-6.1
1,452,541
1,538,958
+7.6
607,338
591,420
Total Middle_ 3,960,027,594 4,302,896,316
-7.8 2,192,120,640 2,312,165,915
Now York
Philadelphia
Pittsburgh
Baltimore
Buffalo
Albany
Washington
Rochester
Scranton
Syracuse
Reading
Wilmington
Wilkes-13arre
Wheeling
Trenton
York
Erie
Binghamton
Chester
Greensburg
Altoona
Lancaster
Montclair
Boston
Providence
Hartford
New Haven
Springfield
Worcester
Portland
Fall River
New Bedford _ _ _
Lowell
Holyoke
Bangor
238,654,535 220,916,385
+8.0
13,019,500
12,732,500
+2.3
10,382,704
12,259,286 -15.3
5,288,412
5,540,902 -4.5
4,683,813
4,106,677 +14.0
4,062,036
4,055,220 +22.4
3,100,000
3,277.939 -5.4
1,458,863 +27.5
1,869,513
1,140,168 +40.3
1,599,548
980,707
+9.5
1,073,877
1,009,934
1,100,000
+8.9
547,058 +18.8
650,000
153,750,459
10,360,300
7,214,051
4,196,220
3,001,432
2,553,192
2,289,771
1,282,042
1,050,197
822,145
020,681
527,708
160,082,730
8,481,900
6,249,705
3,647,213
2,990,527
2,589,998
2,210,406
1,405,150
1,183,801
806,923
808,968
506,407
Tot. New Eng_ 284,383.938 268,025,6391 +6.81 187,968,198 190,963,734
Note.-For Canadian clearings see "Commercial and Miscellaneo is News.
•Returns not available. a Country clearings department abandoned.
-4w000..wwowmpoo.o.woa.-cao,.cot4o
..woots,-....o.v,wow0004-c,.w.b4c000Qooto
Terms of Subscription-Payable in Advance
$10 00
6 00
13 00
7 50
2 14s,
Li lie,
$11 50 •
NO. 2690
1914.
Total Southern
36,508,9131 304,342,587 +20.1 238,678,044 260,332,782
Total all
5,772,923,855,5,875T509,230 -1.7 3.444,189,049 3,559,764,109
Outside N. Y_ 2,324,159,824 2,093,995,440 +11.0 1,584,716,798 1,580,794,748
THE CHRONICLE
94
CHRONICLE INDEX.
The index to Volume 103 of the "Chronicle"—
which volume ended with the issue of Dec. 30—is
mailed with this issue. As has been the practice
for some years the index is issued as a separate
pamphlet for convenience in binding.
THE FINANCIAL SITUATION.
The returns of condition of the national banks now
being published under the latest call of the Comptroller of the Currency reveal a change in the form of
report, which cannot be considered in the nature, of
an improvement. Heretofore the national banks in
making up returns for publication have always been
obliged to give the details of their cash holdings—
that'is, to indicate how much coin they had on hand,
how much legal tenders, and how much cash on
deposit with the Federal Reserve banks. Now this
has been changed and all the items referred to are
lumped under the designation "lawful reserve in
vault and net amount due from Federal Reserve
Bank."
It will be readily perceived that under a blanket
designation of this kind important facts are hidden
which patrons of the banks and the general public
are entitled to know. It may be said, too, that the
departure made by the Comptroller's department in
this respect does not meet with the approval of leading bank officials. Of course, the banks in publishing their reports for the purpose of complying with
legal requirements are obliged to conform to the
schedules laid down by the Comptroller, and therefore the returns are now appearing in the new way
prescribed by that official. Many of the banks,
however, have indicated their intention, in printing
folders for distribution among their depositors and
correspondents,to adhere to the old practice of liWng
separately the cash on hand, and the balance due
from the Reserve banks.
The only reason that we can think of for the
lumping process now adopted is that it is done with
a view to aiding the Federal Reserve banks in carrying out certain plans which the Reserve Board is
endeavoring to put into effect. The Federal Reserve authorities are now engaged in a campaign for
getting the member banks to turn all their cash over
to the custody of the Federal Reserve banks, keeping only till-money in their own vaults. Unfortunately, too, they succeeded in having the law
amended so as to make the process legal. Under
the amendatory Act, approved by the President on
Sept. 7 1916, a new clause has been added at the end
of Section 11 of the Federal Reserve Act providing
that "upon the affirmative vote of not less than five
of its members, the Federal Reserve Board shall
have power, from time to time, by general ruling
covering all districts alike, to permit member banks
to carry in the Federal Reserve banks of their respective districts, any portion of their reserves now
required by Section 19 of this Act to be held in their
own vaults."
The Reserve Board was prompt to avail of this
authority, and which, indeed, it had been seeking
for a long time, and on Sept. 11 (four days after the
amendatory Act became a law), issued a ruling that
[Von. 104.
member banks might carry all or any part of their
vault reserves in the Federal Reserve bank of their
respective districts. Since then nearly all the
different Federal Reserve banks have been engaged.
in endeavoring to persuade member banks that the
wise thing to do is for the member banks to transfer
all their cash to the keeping of the Reserve banks.
Thus, the Federal Reserve Bank of New York in its
circular, under date of Nov. 20, made the following
plea in seeking to get the member banks to fall in
with the idea:
•
"The permission thus given offers an opportunity
to all member banks both to be relieved of the responsibility for unused funds held in individual
vaults, and to strengthen their reserves with their
Federal Reserve banks. It should also tend to
encourage the concentrating of the reserves of each
district with the Federal Reserve bank, where they
serve as a proper basis for elasticity when demands for currency are made and will, of course, be
immediately available in case of emergency."
For ourselves we have no hesitancy in saying the
practice here advocated is one not to be encouraged
at all, and the authority to pursue it should never
have been granted. It is one thing to give the Reserve banks a certain portion of the reserves of the
member banks for use as a basis for note issues, and
it is quite a different thing to give them the entire
reserves of the member banks for the same purpose.
No member bank, guided by conservative instincts,
will allow its vault reserves to be trenched upon in
any way, for the fact should never be forgotten that
when these vault reserves are within the keeping of
the member banks themselves, there is at least
absolute assurance that they will remain intact. That
assurance does not exist when such vault reserves
are placed with the Reserve banks, for these latter
under the law are required to keep no more than 35%
of the same on hand, that being the amount of gold
reserve required to be held against deposits.
The thought seems to have occurred to the
Governor of one of these Federal Reserve
banks that in the public eye it might be
considered an element of weakness for a member
bank to show how little of its required reserves it
actually had on hand, so he naively conveyed the
intimation that banks need not display their weakness in that respect. This he did in ingenious
fashion by adding a sentence at the end of his circular,
saying: "Member banks will notice that the form of
report to the Comptroller now provides that lawful
reserve in vault and in Federal Reserve banks be
combined in one item in their published reports."
But, if it is objectionable and harmful for member
banks to transfer to the Reserve banks that portion
of their reserve which should be kept in vault, it is
still more objectionable and still more harmful to
endeavor by commingling of details to make it
impossible to know the extent to which the practice
is being indulged in. We cannot imagine anything
that can be urged in justification of the procedure
of withholding the information. If parting with
vault reserves is meritorious and to be encouraged,
as the Federal Reserve authorities are endeavoring
to persuade the member banks into thinking it is, why
should there be any disposition to keep the public
in the dark as to how the banks are measuring up
to the standard? Or are we to suppose that the
JAN. 13 1917.]
THE CHRONICLE
Reserve authorities are conscious that the operation
has a weak element in it and therefore they are
anxious to suppress all information bearing on the
same?
Whatever the explanation, occult, proceedings of
this character are not for a moment to be tolerated.
The Comptroller gets the details of the cash holdings
anyway for his own use in supplementary schedules
which the banks are required to fill in. Why,therefore,
should not these details be given out to the public?
The strongest point about the Federal Reserve
system is that it so generally commands the confidence of the public. This confidence it will forfeit
if once the impression gains ground that there is a
studied purpose to withhold knowledge regarding
essential facts. If at the inauguration of the Federal
Reserve system any one had ventured to intimate
that one incident in its development would be the
suppression of information regarding the cash holdings of the member banks, he would have been
regarded as actuated by feelings of the deepest
animosity, and if the intimation had been carried
further and accompanied by the suggestion that
Comptroller Williams, with his penchant for scattering broadcast facts and figures regarding the most
intimate details of banking affaris, would be a party
to the proceeding, its author would have been looked
upon as bereft of reason and common sense.
Even with the fact staring one in the face it seems
incredible that in this day and at this stage of the
world's development any official or any public body
should have taken it upon itself to proceed i this
fashion, for a bank return without details of the cash
holdings is like the play of Hamlet with the part of
Hamlet left out. We are therefore not exaggerating
when we say that the action in that respect is a step
backward towards the darkness of the Middle Ages.
How one wrong step leads invariably to another
is well illustrated by an announcement which has
come this week from the Reserve Board at Washington, with reference to an alteration made in the
form of the weekly bank return of the Boston Clearing House. It appears that the Reserve authorities
have prevailed upon the Boston Clearing House in
reporting the totals of reserve not to show the excess,
or deficiency, of vault reserve separate from the
excess or deficiency of reserve in the Federal Reserve
Bank, but to combine the two and give them as one
item, just as the new form of report of the Comptroller of the Currency calls for the lumping of cash
in vault with deposits in the Federal Reserve bank.
Here is the announcement of the Board concerning
the matter :
Since the adoption of the ruling making it optional
with member banks to keep reserves in vault or in
the Federal Reserve Bank, the Boston banks have
shown a, deficiency in their vault cash, and an excess
with the Federal Reserve Bank. It has been felt
• that these items might properly be consolidated,
just as similar figures are combined in English bank
statements, and that such consolidation would be
a final recognition on the part of the Clearing House
that deposits with the Federal Reserve Bank are
practically interchangeable (so far as reserve availability is concerned) with cash in vault. When the
matter was recently called to the attention of the
Clearing House Committee in Boston, the members
acquiesced in the suggested change.
95
The new practice of the Boston Clearing House has
been in force for two weeks. The last two times the
old form was in vogue was Dec. 16 and Dec. 23, and
on those two dates, vault reserves of the Boston
Clearing House institutions were short, $2,780,000
and $2,658,000, respectively. It is this that the
Reserve authorities want to conceal, namely
that ;their vault' reserves are not up to full
former figures. But if the plan of keeping vault
reserves with the Federal Reserve Bank is a good one,
why should the Reserve authorities want to cover it
up. The statement quoted speaks of recognizing
that "deposits with the Federal Reserve Bank are
practically interchangeable with cash in vault." We
do not think re-deposits with the Federal Reserve
Bank are any more "interchangeable" than existing
re-deposits with correspondent banks in the Reserve
and Central Reserve cities, which the Reserve Board
finds so objectionable. To us it seems bad banking
practice, and lacking in conservatism, for member
institutions to deposit with the Reserve banks the
portion of a bank's reserve which should be kept in
vault, and still worse practice to endeavor to suppress.
information regarding the working of the scheme.
An incident of the week that has attracted wide
attention at home and abroad is an address before
the American Association of Commerce and Trade
in Berlin on Saturday last by James W. Gerard,
the American Ambassador to Germany. Mr. Gerard,
it will be recalled, had just returned to the German
capital from the United States and the American
Association gave a banquet in his honor. The
guests included three Ministers, two former Ministers, the Vice-President of the Reichstag, the
heads of a number of Germany's large financial
institutions and other leaders in German public
life. David Wolf, President of the American Association, presided. On his either side were Ambassador Gerard, Reinhold Sydow, Prussian Minister Of
Commerce; Dr. Karl Helfferich, the Imperial Vice
Chancellor; Arthur von Gwinner, a Director of the
Deutsche Bank; Dr. Bernard Dernburg, formerly
Secretary for the Colonies, and Dr. Hermann
Paasche, Vice-President of the Reichstag. In all
there were 175 guests about equally divided between Americans and Germans. In the course of
his response to the complimentary introduction
by Director von Gwinner who spoke of the Ambassador as "the Peace Dove of Noah's Ark," Ambassador Gerard is quoted as saying that "never
since the beginning of the war have relations between
Germany and the United States been so cordial"
and that he had "brought back .an olive branch"
from President Wilson. Mr. Gerard also declared
that he personally was convinced that as long as
Germany's fate is directed by such men as "my
friend, the Chancellor and Dr. Helfferich and Dr.
Wolf, by Admirals von Capelle (Minister of the
Navy), Holtzendorff (head of the Naval General
Staff) and von Mueller (naval adviser to the Emperor); by Generals von Hindenburg (chief of the
General Staff) and Ludendorff (First Quartermaster General) and last but not least by my friend
Zimmermann, the relations between the two countries are running no risk."
These sentiments not unnaturally have attracted
wide attention and some criticism at the Entenel
.96
THE CHRONICLE
capitals. There has so far as we have seen been
no statement in official circles in Washington condemning the sentiments that the Ambassador expressed. It seems significant, however, that an
inquiry was on Monday cabled by the Department
of State to Mr. Gerard asking him to forward the
full text of his remarks at the dinner in question.
In the Entente countries one interpretation that
•has been given the Ambassador's remarks is that
it was an intimation to the German Government
that the retention of the Bethmann-Hollweg government in power was considered necessary for the
continuance of friendly relations between the United
States and Germany. There has been no intimation or denial that the Ambassador's remarks had
been approved in advance by Washington.
[VoL. 104.
King Constantine of Greece has continued his
policy of delay in carrying out the previous agreement
forced upon him by the Entente Powers. Accordingly a new ultimatum was handed to the Greek Government by ministers of the Entente Powers on Tuesday,
giving Greece 48 hours to comply with the demand
contained in the note drawn up by France, Great
Britain and Russia on Dec. 31. Constantine's
delay and formal rejection of part of the demands was
regarded as merely a move to gain time. Latest
reports indicate that the Greek Government has
agreed to at once comply un onditionally with the
latest demands of the Entente.
A conference in Rome began on Jan. 6 and included
leading Entente statesmen,among others, David Lloyd
George, Premier of Great Britain, M. Briand, Premier of France,and the Italian Premier Boselli,besides
representatives of Russia and some of the other smaller Entente countries. There has been no formal statement of the decision reached,though a good general
idea of the work accomplished was given by Lloyd
George in his speech at the Guildhall in London on
Thursday. The English Premier said that the grim
resolution of the Entente countries at the recent
conference in Rome was that at all costs they must
achieve the high aim which was before them when
they accepted the challenge of the"Prussian military
caste" to rid the world "for ever of its menace and
•save Europe from unspeakable despotism." Lloyd
George added that the Rome conference was under
no delusions as to the magnitude of the task of the
Allies, but they had no doubts as to the results. The
whole situation had been probed, the difficulties
have been faced and arrangements had been made to
deal with them. All the Allies felt, he declared,
that if victory was difficult, defeat was impossible.
. Evidence of the strain in political circles abroad
is contained in the numerous Cabinet changes that
are taking place in Europe. This week's developments include among others the resignation on
Tuesday of the Spanish Cabinet,Count Romanones,
who has been Premier since December 1915, tendering it on Tuesday. The Russian Premier, Alexander Trepoff also resigned on Tuesday and Count
Ignatieff, Russian r% mister of Public Instruction,
likewise resigned. Prince Golitzine, a Senator and
niember of the Council of the Empire, succeeds
Trepoff. The latest change in Premiers after a
lapse of only six weeks seems to be significant of a
reactionary tendency in Russia. The new Premier
is a member of the extreme , Conservative group.
He is known as a Bureaucrat and holds himself
responsible to the Czar alone. In a statement for
publication the new Premier said that he was a
firm believer in the responsibility of ministers only
to the will of the Emperor and that in this principle
the Government must be united. This, however,
The reply of the Entente Powers,which was cabled
he continued, does not exclude the legislative chambers from taking an interest in theaffairs of the to President Wilson by our Ambassador at Paris on
Government. There was, he added, no reason to be- Wednesday and published in this country yesterday,
lieve that the work of these chambers will be post- had been quite accurately forecast in unofficial
poned beyond the date already set for reconvening. reports. For that matter it presented what is
A new Cabinet crisis seems to be imminent in virtually a reiteration of previous statements, so far
Austria. This appears to have arisen as a result as the general terms on which peace will be accepted.
of the refusal of the Government to grant home The objects in the war of the Allies,to quote the note,
rule to Galicia as promised by the late Emperor, "will not be made known in detail with all the equitFrancis Joseph. Dr. J. Sylvester, President of able compensations and indemnities for damages
. n Chamber of Deputies, already has suffered until the hour of negotiations, but the civilthe Austria
resigned. The Government also finds itself con- ized world knows that they imply in all necessity and
fronted with doubts about the wisdom of the Aus- in the first instance" [then follows on enumeration
gleich (trade agreement) with Hungary as already of the leading demands].
The text of the note appears on a following page in
framed. The Czech parties have suddenly ceased
to demonstrate the conciliatory and obliging atti- this issue of the "Chronicle." Coincidental with the
tude of confidence which had been expected of them publication of the Entente reply to President Wilson,
and which was counted upon materially to help Germany handed to representatives of neutral
in settling many problems. The Christian Social- governments at Berlin a note concerning the reply
ists also are said to be holding absolutely aloof, re- of the Allies to the German peace proposals outlined in the German note of Dec. 12, which, it will
fusing to commit themselves to the Government.
Advices by way of Berlin announce that the Pre- be recalled, contained the proposal to enter at once
late Knight von Gerlach (Mgr. Gerlach) first acting into peace negotiations. In brief this German note
private Chamberlain to the Pope has been forced was a reiteration of former statements of Germany's
to leave Rome and has arrived at Lugano, Switzer- position. Whether Germany will atteihpt further
land. He was the only German Prelate in the' peace negotiations through neutral countries remains
Pope's retinue. The Entente through the inter- to be seen—no one can tell. There has in some
mediary of the Italian Government urgently in- circles been a disposition to look for a reply to the
sisted upon his leaving. The implied charge is Allies' refusal of peace negotiations to take the form
that he was concerned in the destruction of Italian of a renewal of submarine "frightfulness." The
German Embassy in a semi-official statement yesterwarships.
day declared that the people of the United States need
JAN. 13 1917.]
THE CHRONICLE
97
have no fear that Germany would throw overboard bills as subscriptions to the loan, the value of the
her pledges to the United States regarding submarine bills being reckoned at a 5% discount, while the same•
warfare.
privilege is granted holders of war expenditure certificates which will be calculated at a 532% discount.
The Teutonic troops have continued their forward It is not believed, however, that the full amount of
movement in Rumania. The capture of Laureta conversion will take place; relatively few Treasury
was reported yesterday and there has been further bills and war expenditure certificates or Exchequer
progress from Braila to Calatz by the Kaiser's forces, sixes are likely to be converted. These will be perthe Russians having been pushed back toward the mitted by their holders to run to maturity. Some
Sereth in fighting which took place in swampy low- estimates are that total conversions will not exceed
lands between the two cities. Otherwise any active £1,080,000,000. Bonar Law, at the Guildhall meetcampaigning, especially in the West, seems to have ing made the significant remark that there is no
been almost completely checked by unfavorable intention of paying a higher rate for home borrowing
weather, though hard fighting is reported in the than that provided in the new loan and that as long
region of Riga in Russia. The situation in this terri- as there is money in the country, the "war won't be
tory, however, is not clear,'owing to divergent hindered for its want." Another remark to which
reports of the Russian and German War Offices. significance is attached was that if the loan failed,
Admission is made by Petrograd that the Russian and "which it won't" other measures were left.
The annual meetings of the London banks are now
Rumanian forces in Moldavia have retired in Oituz,
Kassina and Suchitza regions, but it is asserted that being held. All these institutions are writing off
the Teutonic allies who crossed the Putna River north large amounts for depreciation of securities. The
of Kokshani have been driven back suffering heavy London City & Midland Bank's deposits now amount
to £174,000,000, an increase for the year of £27,casualties.
000,000, which probably is an average ratio of inThe markets for securities in London this week have crease. The revenue of the United Kingdom last
been without other feature than distinct listlessness week was £19,872,000 and expenditures £32,858,000.
awaiting the announcement of the terms of the new Supply bills to the amount of £48,603,000 were sold.
long term war loan, the proceeds of which are to About £22,812,000 of Treasury bills were paid off.
be used to take up the temporary obligations and A total of £8,000,000 6% French Treasury bills were
as far as possible to provide in a fixed form definite renewed on Wednesday. The London "Statist"
funds for continuing the war. A summary of the on Saturday last presented a compilation showing the
terms was given by A. Bonar Law, the British capital issues in London for last year as follows:
Chancellor of the Exchequer at a mass meeting at British war securities, £699,511,000; loans to Allies
Guildhall on Thursday, this meeting having been and colonies, £573,000,000; other capital issues,'
called as a first step in a campaign for inaugurating £36,100,000; total for 1916, £1,308,611,000. Total .
a wave of enthusiastic investment throughout the for 1915, £1,242,030,000; total for 1914, £391,060,United Kingdom. In brief the Chancellor explained 000.
that the issue was to be unlimited in amount, that
Complete returns of British foreign trade for the .
the bonds were to be offered at 95 and bear interest
at the rate of 5%. While the final maturity is calendar year 1916 showed a marked improvement
placed at 30 years the Government is to reserve over the preceding year. The British Board of
the option of redemption at any time after 12 years. Trade reports increases in imports for the twelve
In order to facilitate subscriptions only 5% of the month period of £97,259,000 from the 1915 figures; •
amount subscribed will be payable on application, while the expansion of exports amounted to £121,the remainder being acceptable in equal propor. 677,000. The chief advances in imports were in
tions, with the final installment payable on May 30. food and raw material including £129,000,000 in:
There will be two forms of the bonds, one of these cotton. In the export line the principal increases
being exempt from income taxation. The latter were in manufactured articles including a gain '
will bear only 4%, will be issued at par, have a of £32,000,000 in cotton textiles. For December
final maturity of 25 years but as in the case of 5% there was an increase of £5,079,000 in all imports
the State will reserve a right of redemption at the and of £5,098,000 in exports. Cotton goods ex- •
end of 12 years. Foreign holders of the 4% bonds ported during the year totaled 5,255,504,000 yards,
will not be liable to the income tax, but the cabled against 4,748,453,000 yards in 1915. The export
dispatches do not seem quite clear as to the position of woolen goods to the United States aggregated •
4,609,000 yards which compares with 4,149,000
of the 5% in this respect.
The prospectus of the loan was issued yesterday yards in 1916. Following are the figures in detail of
(Friday). A significant indication of the nation- imports and exports of all merchandise of the United
wide effort that is to be made to make the new offer- Kingdom for the month of December and for the- •
ing a popular success is contained in the announce- full year 1916 with comparisons with corresponding
•
ment that the orders for the paper required for the figures for the year previous:
—Jan.lto Dec.31 (12 mos.)
prospectuses and subscription forms aggregate nearly December—
1916.
1915.
1916.
1915.
£75,406,000 £76,326,915 £949,152,000 £851,893,350
300 tons. The Bank of England has opened special Imports
Exports
39,045.000 33,947,519 506,545,000 384,868,448
offices for receiving the applications and has greatly
Excess of imports
£36,361,000 £36,379,396 £442,607,000 £467,024,902
increased its clerical staff. It seems to be agreed that
the conversion of all of the old loans if all holders take
In Paris as in other. important financial centres
advantage of the privilege, will amount to close to there has been a noticeable easing up in the money sit£2,500,000,000. The right to convert is enjoyed by uation. New Year disbursements are again becomholders of £900,000,000 of the old war loans and ing available and are seeking re-employment, a feaabout £1,600,000,000 short-term obligations. Holders ture that has favored the security market's price
of Treasury bills will be permitted to offer their level. Some. buying of French rail and shipping
98
shares ha3 been:reported and there has been renewal
of activity in diamond securities. Receipts of French
railways in 1916 are estimated at two billion'francs,
an increase of 300,000,000 francs over 1915. A Paris
correspondent reflecting the French economic view as
to the effects that will follow peace, cables the belief
that there probably will be a rise in prices of all stocks
except those of munition companies, and there also
will be a rise in prices of all raw materials and manufactured articles. These movements, he argues, have
followed all modern wars, and have been followed by
a reaction. After the war of 1870 there was an increase in prices'until 1873. That year saw financial
crises in New York and Vienna and a consequent fall
in prices. "All over Europe after this war," he continues, "railroads will have to be built and rebuilt
and they will absorb millions in capital. Concessions to the French railroads expire in 1952, and if
they are going to get money for rebuilding either the
concessions will have to be extended or the State will
have to take charge of the amortization of the bonds
that have been issued that run beyond the date of the
concession. A rise in the price of money is foreseen
in Europe, but probably the price will be kept down
to some extent by the money coming from America
to seek investment."
Official rates at the leading European centres
continue to be quoted at 5% in Paris, Vienna and
Copenhagen; 532% in Italy, Portugal and Norway;
6% in London and Petrograd, and 432% in Switzerland, Holland and Spain. In London the private
bank rate has declined to 5% for sixty-day and
ninety-day bills, against 5@53g% last week. Cables
from .Berlin give as heretofore the nominal private
bank rate at that centre as 4/%. No reports
have been received by cable of open market rates
at other European centres as far as we have been
able to learn. Money on call in London is now
quoted at 4%, comparing with 414% a week ago.
The Bank of France this week recorded a further
gain in its gold holdings of 13,235,550 francs. The
increase was all in the amount held by the Bank
itself, the balance held abroad remaining unchanged
at 1,693,088,525 francs. The total gold holdings
(both at home and abroad) now amount to 5,099,018,375 francs, as compared with 4,997,738,672
francs in 1916 (all in vault) and 4,158,460,879 francs
as of Dec. 24 1914 (no nearer comparison with the
corresponding date in Jan. 1915 is possible, the
publication of weekly returns having been discontinued with the outbreak of the war and not
resumed until Feb. 4 1915. The figures for Dec. 24
1914 are taken from the annual report of the Bank
for that year.) The silver item shows a further
reduction for the week of 3,639,000 francs. Silver
on hand totals 287,397,000 francs, against 352,146,620 francs a year ago and 355,951,992 francs in
Dec. 1914. Note circulation expanded 103,750,000
francs. General deposits decreased, namely 95,714,000 francs, as did also bills discounted, which
were reduced 48,822,000 francs. Treasury deposits
decreased 8,222,000 francs, although the Bank's
advances showed an increase of 10,766,000 francs.
Note circulation is now 17,105,089,000 francs. This
compares with 13,634,720,440 francs in 1916 and
10,042,899,720 francs in Dec. 1914. General deposits total 2,218,171,000 francs, against 2,055,131,581 francs a year ago and 2,650,596,234 francs in
[VoL. 104.
THE CHRONICLE
Dec. 1914. Bills discounted amount to 696,749,000
francs, which compares with 393,784,096 francs last
year and 258,305,468 francs in Dec. 1914. Advances aggregate 1,308,032,000 francs. In 1916 the
total was 1,142,205,506 francs and in Dec. 1914,
745,378,221 francs. Treasury deposits are 34,298,000 francs, against 121,259,341 francs and
450,466,780 francs in 1916 and Dec. 1914, respectively.
The Bank of England in its weekly statement
again announced a substantial increase in its gold
item, namely, £507,098. Note circulation decreased £879,000, and as a result the total reserve
registered an increase of £1,386,000. The proportion of reserves to liabilities, however, declined to
19.40%, against 19.76% last week and 22.46%
at this date a year ago. Public deposits were decreased £3,618,000, although other deposits showed
an expansion of £13,860,000, Government securities
were increased heavily, £58,068,000. Loans (other
securities) showed the notable reduction of £49,205,000. The Bank's holdings of gold 'aggregate £55,464,562, compared with £51,301,834 a year ago
and £69,360,894 in 1915. Reserves now stand at
£34,898,000, against '£35,413,339 in 1916 and
£52,636,269 the preceding year. The Bank reports as of Jan. 6, the amount of currency notes
outstanding as £133,970,440, against £134,954,176
a week ago. The amount of gold held for the redemption of such notes remains at £28,500,000.
Our special correspondent is no longer able to give
details by cable of the gold movement into and out
of the Bank for the Bank week, inasmuch as the
Bank has discontinued such reports. We append
a tabular statement of comparisons:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1915.
1914.
1913.
1917.
1916.
Jan. 14.
Jan. 13.
Jan. 15.
Jan. 12.
Jan. 10.
39,016,000
Circulation
49,529,000
Public deposits
130,248,000
Other deposits
Government secur's 120:273,000
42,584,000
Other securities
Reserve notes ,Sc coin 34,898,000
55,464,562
Coin and bullion
Proportion of reserve
19.41%
to liabilities
Bank rate
6%
34,338,495
53,553,033
104,076,203
32,839,377
107,360,566
35,413,339
51,301,834
35,174,625
44,832,895
116,055,097
18,068,480
108,220,545
52,636,289
69,300,804
28,471,320
7,647,913
46,065,873
12,148,974
29,723,622
29,869,547
39,890,867
28,078,715
10,688,542
41,484,817
13,035,483
31,577,071
25,644,895
35,273,610
22,46%
.5%
32.71%
5%
55.63%
45.5%
49.13%
5%
The Imperial Bank of Germany in its weekly
statement, issued as of Jan. 6, shows the following
changes: total coin and bullion increased 648,000
mks.; gold increased 429,000 mks.; Treasury notes
decreased 148,671,000 mks.; notes of other banks
were expanded 6,100,000 mks.; bills discounted
showed the large decline of 862,089,000 mks.; advances decreased 782,000 mks.; investments gained
1,627,000 mks.; other securities increased 54,842,000 mks., notes in circulation were reduced 68,771,000 mks.; deposits registered the substantial
reduction of 795,136,000 inks.; other liabilities decreased 84,408,000 mks. The Imperial Bank's
holdings of gold aggregate 2,520,901,000 mks.,
which compares with 2,447,550,000 mks. in 1916,
and 2,129,710,000 mks. the year previous.
The money situation at home here has shown
progressive ease. It is obvious that, barring important new demands upon the capital market on
foreign account, a season of protracted low rates is
at hand. Nevertheless, there is some degree of
artificiality in the situation. Regular January disbursements__are returning and seeking new employ-
JAN. 13 1917.]
THE CHRONICLE
99
ment. This is a condition that was to be expected, cussed, but has not yet reached the stage of definite
and is entirely seasonal. Last Saturday's Clearing negotiations. In any event an immediate issue
House reserves showed a total of $140,441,440 above would not be considered a wise move for two reasons:
requirements. An additional movement of funds first, it would be an appeal to the capital market here
from the interior to our own centre may at this season at a time all efforts, as already noted, are being cenbe expected. Meanwhile, two importations of gold tered upon keeping American interest rates at low
have reached New York from Canada, aggregating level; second, it would provide competition with the
in round numbers $50,000,000 since the turn of the new British war loan, some of which may be expected
year—a movement that it seems fair to assume has as to be placed on this side of the Atlantic without formal
its main purpose the creation of an easier money public offering. Suggestion of this expectation of
condition in New York during the period of distribu- distribution is contained in the fact the one of the
tion of the new British loan, which was offered for two classes of the new long-term British bonds in the
public subscription at the British centres yesterday hands of foreign holders is specifically made exempt
(Friday). There had been some expectation in inter- from income taxation.
The weekly statement of New York Clearing
national banking circles here that the Bank of England would reduce its minimum discount rate below House banks and trust companies, issued last Saturthe 6% basis which has ruled since July 12. This re- day, was a strong one and reserves again showed
duction was not ordered, however, at the weekly a notable increase, which may be said to reflect
meeting of the Bank's Court on Thursday, though the liberal return to the banks of January dividend
private bank rates in Lombard Street have gradually and interest payments. Loans increased $5,328,been reduced until they now are 1% at least below 000. Net demand deposits registered an expansion
the official figure. These developments in the money of $37,456,000, and net time deposits of $1,492,000.
situation are quite in line with remarks that.we have Reserves in "own vaults" increased $39,934,000,
several times made in these columns, namely that the to $482,544,000, of which $413,824,000 is specie.
British Treasury when offering its new long-term war At this date a year ago the total of reserves in own
loan will find it necessary to create a comfortable vaults was $503,679,000, including $425,257,000 in
money situation in the English centres and that this specie. Reserves on deposit with Federal Reserve
would constitute a distinct source of complication in Bank, however, declined $9,851,000, to $183,847,the sterling exchanges if there should not at the same 000, against $169,108,000 last year. Reserves in
time be a corresponding degree of ease in the American other depositories also decreased, $39,000, to $55,money position. Any other condition would mean 495,000, compared with $54,641,000 in 1916. Note
the withdrawal of the large amount of American funds circulation is $28,870,000, a decrease of $85,000.
deposited in English banks in response to. more re- The aggregate reserve showed a gain of $30,044,000,
munerative rental, rates abroad. The importations and now stands at $721,886,000, against $727,428,of gold at New York and the release of funds accumu- 000 a year ago. Reserve requirements were inlated for the New Year payments have, however, creased by $6,938,250, and consequently, there was
been successful in creating an easy situation, pre- an expansion of $23,105,750 in the surplus reserve,
venting the sterling exchanges from being jeopardized. thus bringing the total excess reserve up to $140,In addition there is excellent basis for the statement 441,440, which compares with $153,822,260 the
that deposits of American funds in English banks year preceding. The bank statement will be found
have shown a substantial and steady growth during in fuller detail in a subsequent section of this
the last fortnight or so. There still is •a complete issue.
absence of definite negotiations for new foreign loans
Referring to money rates in detail, loans on call
at this centre, the warning given by the Federal touched the lowest point reached since June 1916,
Reserve Board in November having proven entirely having ranged this week at 1/
2Q23/
2%, against 2Q
effective in checking transactions of this character. 2%% a week ago. On Monday the high and ruling
Our exports are, it is true, keeping well up to the quotation was 237
0 and 2% low. Tuesday 23/2%
capacity of the ocean transportation facilities that was the maximum and 2% the low and renewal
are available. This movement, however, may be rate. On Wednesday the minimum receded to 13/%,
considered as representing old orders from which renewals to 13
4% and 2% high. Thursday's range
deliveries are being made. As to the volume of new was 1Y
,
4 @2%, and 2% the renewal basis. On
orders there is no tangible yardstick by which to Friday 2% was the high, with 197
0 the low and
measure them. Some cancellations it is known have ruling figure.
In time money, the publication
taken place and there has been a transfer of some busi- of another highly favorable bank statement served
ness by the British Government from American to to bring about increased ease and recessions were
Canadian manufacturers. If credits are not made recorded for all maturities. Sixty and. ninety days
available to purchasers, the latter must necessarily are now quoted at 3Q3/
7 against 332Q3%%;
146
,o,
limit their purchases to meet their financial exigen- four and five months at 33.%, against 332Q3%%,
cies. But beyond this is the undoubted fact that the and six months at 331Q332%, against 332Q3%% a
Entente Powers have so mobilized their own muni- week ago. Last year sixty days ruled at 21
/
2Q29.4%,
trOns industries that they are much less dependent ,ninety days at 2%%, four months at 2%@3% and
on American supplies than has heretofore been the four and five months at 3%. Commercial paper
ease. Thus through two avenues can be seen a less rates were also easier and sixty and ninety days'
urgent demand for war materials of American manu- endorsed bills receivable and six months' names of
facture. There have recently been heavy arrivals choice character may now be negotiated at 34@
1
of securities from England, some estimates, that are 3%%(the lowest figure being for prime New England
not entirely mere guesses, placing the market value mill paper), comparing with 3%@431% last week,
as high as $400,000,000. This movement of securi- while names less well known now require 4%,against
ties is undoubtedly in connection with arrangements 43iQ434%, the previous range. A fair amount of
for a new British collateral loan that is being dis- business is passing, but offerings continue below the
100
THE CHRONICLE
[VOL. 104.
demand. Banks' and
quoted as follows:
New York.
bankers' accepta ces are purposes, increased ease in the local money situation and talk of negotiations for a new British loan
Delivery
Spot Delivery
to be placed here in the not distant future, were the
Thirty •
within
Ninety
SW,
Days.
Days.
Days.
30 Days. features of Tuesday's operations, which served to
Eligible member banks
33©2%
33@2Y,
33©231,
3/3s(4;3
Eligible non-member bills
33.4@)2%
33-1 @2%
3©3
33,5@3;i bring about a further slight advance in rates; sixty
Ineligible bills
33-i ©3
3%@33i
33i153
days moved up to 4 723/
8@4 72 3-16, while demand
Prevailing rates for various classes of paper are ruled at Tuesday's highest figure, namely, 4 75%;
shown in the following;
cable transfers remained at 4 76 7-16@4 763/2. On
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Wednesday sterling was again firmly held, though not
quotably changed, and all business transacted was put
CLASSES
through at the preceding day's levels; investment
OF
DISCOUNTS AND WA FS
buying of long bills against various commodity shipa 6
ments constituted the market's principal activity.
.1
The arrival of more gold from Canada induced inCommercial Paper1 to 10 days maturity-creasing
firmness on Thursday and demand moved
1 to 15
---------------------------3i
i
i
11 to 30 "
8@
15 to 30 "
iiiiiiii iiii
....._ up to 4 75%@4 7585 and sixty days to 4 723/
31 to 60 "
--__4 4 4 4% 4 4 4 4 4 4% 4 4
61 to 90
__ 4 4 4 43-i 4 4 43-i 4 43-i 43-i 4 43-i 4 723; cable transfers were still quoted at 4 76 7-16g
Agricultural and
4 763/2. On Friday the market ruled strong with
Live-Stock Paper01 days to 6 months maturity 5 5 43-i 5 43-i 5 5 43-i 5 5 43-i 53-I
demand at 4 8580@4 8585, cable transfers at
Notes
of
Mem
er
Promissory
Banks4 7645@4 763/2 and sixty day3 at 4 723j. Closing
1 to 15 days maturity__ -- 4 3 33-i 33-1 3% 33-I 33-I 33-i 4 4
33-i 4
Trade Acceptancesquotations were 4 7645 for cable transfers, 4 7580
1 to 30 days maturity__ -.33-133-133-13
33-1 3% 3% 3% 3% 4 33-13
31 to 60
.._ 3% 3% 3% 3% 3% 3% 3% 3% 3% 4
33-1 3
demand and 4 723. for sixty days. Commercial
for
61 to 90 "
__ 33-i 33 33-1 4
33-1 3% 33-I 33-i 33-1 4 33-1 3%
sight
finished at 4 75 11-16; sixty days at 4 71%,
Commodity Paper1 to 30 days maturity-__ __4
-__ 3% -__ 3% 3 -__ 3% 3% 4 3 33-1 ninety days at 4 693; documents for payment (sixty
31 to 60
__4
--- 3% --- 3% 3 ..-- 3% 3% 4 3 4
61 to 90
- 4
--- 334 --- 3% 3 --- 3% 3% 4 3 4% days)at 4,713' and seven-day grain bills at 4 7415-16.
61 days to 6 months maturity
Cotton and grain for payment closed at 4 74%@
OPEN MARKET DISCOUNT AND PURCHASE RATES OF FEDERAL
4 74 15-16.
RESERVE BANKS.
1 N , Si
a
10
Bankers Acceptances.—Authorized discount rate for all Federal Reserve banks;
minimum, 2%; maximum, 4%.
Trade Acceptances.-131118 with maturities of 90 days or less, purchased in open
market without member bank endorsement, by New Orleans branch of Atlanta
Federal Reserve Bank; 33-.4 to 4%.
Commercial Paper.-131116 purchased in open market by Dallas Federal Reserve
Bank; 3 to 5%.
Bills of Exchange.-13111.9 purchased in open market by Atlanta Federal Reserve
Bank; 33-i to 53%.
Bills With or Without Member Bank Endorsenunt.—Bills with maturities of 90 days
or less purchased in open market by St. Louis Federal Reserve Bank; 2 to 4%.
The Continental exchanges this week have exhibited a tendency to await developments, and
trading has been dull and featureless. A further
sharp decline in German exchange took place, and
sight bills sold as low as 699/i at one time, chiefly
on the assumption that the attempted peace overSterling exchange continues firm although still in tures are a failure with the duration of the war for
an entirely arbitrary position. Gold importations a considerable period still a matter of comparative
from Canada have reached a total .of $49,400,000 certainty. During the latter part of the week some
and it is understood that transportation for additional support was tendered by important banking inamounts has been arranged, something like $50,- terests, which resulted in a partial recovery. Kronen,
000,000 being expected to arrive before the close as usual, moved in sympathy and here also sudden
of the month. Instead of coming from Ottawa .and erratic fluctuations were noted. Exchange
mcst of this week's gold is reported to have come on Petrograd was adversely affected by the reverses
direct from Halifax, thus suggesting direct shipments of Russian and Rumanian troops on the Eastern
of the precious..metal from either London or Paris. front, and rubles broke to 29.20, a new low record.
We have discussed in our remarks on the money Italian lire were again heavy and severe declines
situation in a preceding paragraph the motive for were recorded as a result of moderate offerings apbringing this large quantity of gold at a time when pearing on a market almost destitute of buying
seasonal ease in the local money situation was nat- power. Francs which, as in the case of sterling,
urally to be expected. If, as seems quite probable, are under governmental control, continue to be well
a substantial amount of the new long-term British maintained, at practically unchanged figures. The
war loan is to be placed with American investors, sterling check rate on Paris has not been changed
2, the previous close. In New York
this fact should furnish a distinct aid in maintaining from 27.813/
exchange rates on London in this market. It now sight bills on the French centre finished at 5 843.1,
is hardly considered probable that the new British against 5 8431; cables at 5 8331, against 5 8314;
4, against 5 85, and comcollateral loan proposed to be issued in New York commercial sight at 5 843
5.89,
against 5 8931 a week
at
sixty
days
will be brought out until the closing of the subscrip- mercial
tion books to the long-term war loan in London. ago. Demand bills on Berlin closed at 69% and
Gold exports to the amount of $620,000 have taken cables at 699, compared with 713/i and 71 3-16
on Friday of last week. Kronen finished at 11.54,
place this week, all to Spain.
Comparing with Friday of the week preceding, against 11.70 the previous week. Rubles closed
sterling exchange on Saturday was quiet,. but firm, at 29.45, which compares with 29.45 last week.
with demand still quoted at 4 75 11-16@4 75%, Lire finished at 6 90 for bankers' sight and 6 923i
cable transfers at 4 76 7-16@4 763/2 and sixty days for cables. A week ago the close was 6 8931 and
4, respectively.
at 4 71 15-16@4 72. Monday's market, while not 6 883
The neutral exchanges, while evincing no proespecially active, showed a still firmer tone; demand
bills were advanced fractionally to 4 7570@4 75%, nounced trend in either direction, showed a steady
reflecting the receipt of a large consignment of gold undertone, although a hesitation to enter upon
from Canada; cable transfers and sixty days, how- important commitments seems to have been the
ever, continued at 4 76 7-16@4 763/ and 4 7115-16@ rule. Pesetas were firm and higher. Swiss ex4 72, respectively. Active buying for investment change ruled strong, while rates for Scandinavian ex-
THE CHRONICLE
JAN. 13 1917.]
change showed fractional net advances. Guilders
continue at previous pegged rates. Bankers' sight
on Amsterdam closed at 40 13-16, against 40 13-16;
4; commercial sight at
cables at 40%, against 407
40%, against 40%, and commercial sixty days at
4032, against 403/b last week. Swiss exchange
finished at 5 03 for bankers' sight, and 5 02 for
cables{ This compares with 5 04 and 5 03 on the
preceding week. Greek exchange (which may still
be looked upon as neutral) closed at 4 983
% for
bankers' sight, against 5 073/ last week. Copenhagen checks closed at 27.40, comparing with 27.25.
Checks on Norway finished at 27.90, against 27.90
and checks on Sweden closed at 29.45, against 29.45
on Friday of a week ago. Spanish pesetas closed
at 21.25, in comparison with 21.10 last week.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $13,735,000 net in cash as a result of the currency movements for the week ending Jan. 12. Their
receipts from the interior have aggregated $18,929,000, while the shipments have reached $5,194,000.
Adding the Sub-Treasury and Federal Reserve operations and the gold imports, which together occasioned a gain of $39,728,000, the combined result of
the flow of money into and out of the New York banks
for the week appears to have been a gain of $53,463,000, as follows:
Week ending Jan. 12.
Into
Banks.
Out of
Banks.
Net Change in
Bank Holdings.
518,929,000
Banks interior movement
Sub Treasury and Federal Reserve .
114,013,000
opera time and gold imports
$5,194,000 Gain $13,735,000
$132.942,000
$79,479,000 Gain 553.463.000
Total
74,285,000 Gain 39,728,000
The following table indicates the amount of bullion
in the principal European banks:
January 13 1916.
January 11 1917.
Banks of
Gold.
England_ _ 55,464,562
Frances._ 136,237,194
Germany. 126,045,050
Russia *__ 147,149,00
Aus Hun.c 51,578,000
Spain ____ 50,036,000
35,973,000
Italy
Netherl'ds 48,967,000
Nat.Bel_h 15,380,000
Switz'land 13,799,900
Sweden _ _ 10,146,000
Denmark _ 8,076,000
Norway.. 6,840,000
Silver.
i
Total.
Gold.
55,464,562 51,301,834
11,495,88 147,733,074199,909,560
825,950 126,871,00 122,386,750
11,251,000 158,400,000161.132,000
12,140,000 63,718,000 51,578,000
29,642,000 79,678,000 34,690,000
2,903.000 38,876,000 43,904,000
582,10 49,549,100 35,655,000
600,00 15,980,000 15,380,000
13,799,900 9,952,800
10,146,00
6,594,000
8,183,000 5,931,000
107,00
6,840,000 3,644,000
Silver.
Total.
51,301,834
14,085,880213,995,440
1,750,850124,137,600
3,526,000 164,658,000
12,140,000 63,718,000
30,113,000 64,803,000
4,304,000 48,208,000
530,300 36,185,300
600,000 15,98Q,000
9,952,800
6,594,000
228,000 6,159,000
3,644,000
Tot. week.705,691,706 69,546,930775,238,636742,058,944 67,278,030809,336,974
Prey.week 703,747,286 69,783,790773,531,076741,365,210 67,117,710808,482,020
a Gold holdings of the Bank of France this year are exclusive of £67,723,541
held abroad.
* The gold holdings of the Bank of Russia for both years in the above statemen
have been revised by eliminating the so-called gold balance held abroad.
c July 30 1914 In both years. h Aug. 6 1914 In both years.
THE REPLY TO THE PRESIDENT'S NOTE.
The general attitude of the Allies, regarding the
peace overtures of the Teutonic Powers, had been
made so plain by their answer to that proposal On
Dec. 30, and by the public comments of English,
French and Russian statesmen, that little doubt was
left as to the probable purport of their answer to Mr.
Wilson. Such interest and curiosity as converged on
this later document—and there was plenty of each—
had to do with the questions, in what spirit the Allies
would take the President's move, and how far they
would go into details in outlining, as Mr. Wilson had
suggested, their own terms of peace.
The note was given out on Thursday. Its text
showed that the Allied Governments, officially at
any rate, entertained no resentment at the President's
manner of intervening. The language on this point
is extremely tactful; the note begins with reference to
101
the "sincere friendship which attaches" the Allies "to
the American people," and declares that they "pay
tribute to the elevation of sentiment with which the
American note is inspired." Regarding the President's ill-expressed and unfortunate reference to the
"objects which,the statesmen of the belligerents on
both sides have in mind in this war" being "virtually
the same," the Allies merely protest "in the most
friendly but in the most specific manner" against
the inference conveyed, as being "in direct opposition
to the evidence."
Taking up next the President's suggestion that
the belligerents "openly affirm the objects which they
seek in continuing the war," the Allies answer that
they "experience no difficulty in replying." Their
purposes "imply in all necessity and in the first
instance":
"The restoration of Belgium, of Serbia and of
Montenegro and the indemnities which are due
them.
"The evacuation of the invaded territories of
France, of Russia and of Rumania, with just reparation.
"The reorganization of Europe, guaranteed by a
stable regime and founded as much upon respect of
nationalities and full security and liberty of economic
development, which all nations, great or small, possess, as upon territorial conventions and international
agreements suitable to guarantee territorial and
maritime frontiers against unjustified attacks.
"The restitution of provinces or territories wrested
in the past from the Allies by force or against the
will of their populations.
"The liberation of 'Italians, of Slays, of Rumanians and of Tcheco-Slovaques from foreign
domination.
"The enfranchisement of populations subject to
the bloody tyranny of the Turks.
"The expulsion from Europe of the Ottoman
Emp re, which has proved itself so radically alien to
Western civilization."
It is further added that "the intentions of his
Majesty the Emperor of Russia regarding Poland
have been clearly indicated in the proclamation which
he has just addressed to his armies."
These are, at any rate, clear proposals. Whatever
view may be taken of the terms themselves, they
place the Entente Powers in a position of controversial
advantage, because Germany and Austria, in their
replies of a fortnight ago to Mr. Wilson's request for
a statement of their terms, had evaded compliance,
merely stating that "an exchange of views shows the
most appropriate road." What step the Teutonic
Powers now will take, remains to be seen. The logic
of the situation would appear to indicate that they
too must now show their hand.
If they do so, nothing is more evident than the fact
that the proposals of the opposing coalitions will be
very far apart. Previous peace negotiations of
history have usually begun with seemingly hopeless
divergence in such views; this was so, even in the
Portsmouth conference to settle the Manchurian
War. Mutual concession, then as on other similar
occasions, brought about the eventual agreement.
Whether such agreement would be possible in the
present case and at • the present time, is another
matter.
Of the Allies' terms, the evacuation of the invaded
districts, with due reparation by Germany, would
naturally be a sine qua non of negotiation. The
stipulation, regarding "reorganization of Europe"
under guarantees would probably be accepted in
102
THE CHRONICLE
[VoL. 104.
principle by the Teutonic Powers. But the German commerce, but, second and chiefly, the apprehension
attitude towards the third proposal, which un- as to whether other States might not be drawn into
doubtedly means surrender of Alsace and Lorraine, the struggle, with disastrous results on international
is bound to be very different; while "the liber- finance. In none of these wars had the world's
ation of Italians, Slays," and others "from foreign whole economic structure been shifted to a radically
domination" evidentlylinfers partial dismemberment altered basis of operations; in none of them had any
of the Austrian Empire, and the stipulations regard- such change in the world's trade and the position of
ing Turkey assume the total downfall of the Ottoman powerful neutrals occurred as has occurred in the
Empire in Europe. These Governments are Ger- past three years. The same contrast appears in
many's allies; the terms imposed would necessitate the international position brought about even by our
their consent to their:own partial political immola- own immensely costly War of Secession; whose chief
tion. It is hardly conceivable that the terms would economic effect, so far as concerned neutral Powers,
be even considered at the present moment. Finally, was its embargo on the raw material of the cotton
the Allies make no reference to the captured German trade with disastrous effect on Europe's textile incolonies. As to these, it may be that the captors dustry.
In the curious series of reversals of financial opinion
mean in any case to retain them, or that their
the successive stages of this present war, there
during
indemmoney
of
in
lieu
retention will be proposed
nity, or that some or all of them would be of- was one period in which assertion that great wars
fered in exchange for cession of Alsace-Lorraine to were always followed by a "financial boom" had considerable vogue. That idea was doubtless based on
France.
All this is still in the realm of high conjecture. experience after the wars above referred to; even in
The next few days or weeks will show whether the the case of our Civil War, the immense development
present situation makes inevitable the continuance of the country through use of Europe's unimpaired
of war, perhaps on a still greater scale of energy, or supplies of capital, and the speculative influence of
whether the mere fact of counter-proposals may Government paper money, had paramount bearing
slowly lead toirards actual negotiations. To assume on results. But it was recognized, early in the pendthat both sides will have asked originally for more ing war, that the charaoter of the conflict differed
than they expect to get, is merely to recognize the radically from all the others named, in view not only
teaching of history. That each side should now be of the wholly unprecedented waste of capital and disasserting emphatically its expectation of continued location of commercial relations, but also because of
war and its willingness to.accept it, is equally in line the very great number of belligerents involved—
with diplomatic precedent. Even France in 1871, which made our Civil War precedent fail entirely—
and our South in 1864, made similar professions and because of the possible great duration of this conflict itself. In these regards, history had provided no
while discussing peace.
Very little light has been thrown on the probabili- precedent since the ending of Napoleonic wars a centies, in this present case, by that indicator which tury ago, and even that episode, whether during or
often points out coming results—the Stock Exchange. after the war itself, exhibited economic phenomena
The movement of that market has been as erratic, on no such scale of magnitude as the present war.
confused and often unintelligible, as the views of the Hence the remarkable situation, plainly reflected in
"peace talk" by the ordinary man in the street. the financial community's present mood, of a necesThis is doubtless partly due to the unuSual uncer- sarily impending financial future which must involve
tainty surrounding the diplomatic situation; but it great and world-wide changes, and yet with the naalso, and perhaps even more directly, results from ture and scope of such changes largely a matter of
perplexity as to just what the financial sequel to purd conjecture. It is not so strange, this being so,
that our own markets should have paused in much
return of peace would be.
. Regarded.from one point of view, the attitude of uncertainty and some apprehension whenever the
the business community in general and of the Stock possibility of early return of peace seemed to appear
Exchange in particular, which has so often appeared on the diplomatic horizon.
Prediction is hazardous and of little value under
to assume the ending of the war as something like
circumstances. Perhaps all that can be said
such
classia financial and industrial calamity, might be
assurance is, first, that the ecomomic hisany
with
to
take
as
were
If
one
fied as most anomalous.
precedent the action of neutral markets, on the ter- tory of the war itself to date has shown that foremination of the wars of the past forty and fifty years, casts of the effect of war itself, based on the ultraone might assume an exactly contrary result. The pessimistic view, have in most cases proved erronegeneral outburst of confidence and reassurance after ous; but second, that even in predicting the longer
the close of the Manchurian War in 1905, of the future, some distinction must be drawn between what
Transvaal War in 1902, of our own Spanish War in is commonly called the "era of readjustment" from
1898 and of the Franco-Prussian War in 1871, cer- war conditions and the ultimate economic outcome.
the same distainly testify to the belief of all neutral commu- It can now, indeed, be said that much
between
in
1914
drawn
been
have
to
ought
tinction
nities, at the time, that the war itself had been
financial
'consequences
longer
the
and
immediate
the
a financial menace and calamity, and that its
financial
termination removed a formidable obstacle to pros- of the state of war itself. Certainly the
in that
inclusive
December
to
August
from
events,
industrial
world-wide
to
perity and paved the way
of
predictions
alarmist
the
year, realized closely
differabsolutely
an
by
followed
were
The reason for the different view, widely enter- July; yet they
tained at this present time, is obvious enough. The ent economic period the world over. It is not inconwars referred to were all brief conflicts, and each ceivable that the period immediately following actual
limited to two belligerents. Their main bearing on termination of the war, and the subsequent longer sefinancial sentiment, therefore, was, first, their quel to return of peace,will in the end present similar
partial interference with the ordinary movements of divergencies.
JAN. 13 1917.]
THE CHRONICLE
103
sion of the people who toil and trade, who buy and
CANADA'S IMMENSE MUNITIONS
sell, borrow and loan, in the business activities
PRODUCTION.
that
cluster about its doors. Now, the law of reason
able
Ottawa, Can., Jan. 111917.
profit for the services performed applies to every
If signs of peace are in the air, there is a curious indust
rial, commercial and financial institution in
lack of confirmation in the plans of the Imperial the
land, without regard to character or size.
This
Munitions Board of Canada. This organization is
is the means of life. And this profit, in its
schedule
successor to the "Shell Committee" of the Dominion
of charges, depends first, upon what patron
s are
Government, but is operating now under the sole willin
g to pay under a competitive system. The
authority of the British Minister of Munitions, value
is thereby estimated by those for whom the
without responsibility of any kind to the Canadian servic
e is performed, and cannot be arbitrarily
Government. Mr. J. W. Flavelle is Chairman and fixed
at an extortionate figure, against the ability
the statistical references given here are his.
of the patrons to pay, and in contradiction to
their
Far from suggesting the slackening of any arrange- freed
om to organize another institution in their
ments for Canadian munitions production, the midst
with like powers.
British Government has provided for the expenditure
In other words, the country bank lives
in harof scores of millions on new munitions plants which mony with
its environment, or it induces competicannot possibly be ready, in many cases, for months. tion by
overcharges which reacts upon profits. And
These new plants will have to be manned and one of the
obvious truth herein stated uncovers anothe
r,
the main objects of the manhood registration now in which
is, that when charges for a country bank's
progress is to mobilize willing artisans and transport
services are fixed by a power outside the bank
they
them where they can be of maximum use.
are fastened upon the community as well as
the
Orders for steel for the Imperial Munitions Board bank
and by so much subvert the power of the
are also being increased. At present the Board
community to create and control its own credit.
undertakes to handle 80,000 tons of steel supplies
In the present Federal Reserve Law there is
monthly for 200 of the factories working on its orders.
provision for the exercising of the individuality and
There are 600 munitions factories all told. The
sovereignty of the country bank by giving
to it
immensity of the Board's operations may be gauged
voting power in the selection of officers of
the
by its employment of more than six hundred people region
al bank, but by the Act the will of the
in the head office at Ottawa,and over 4,000 inspectors Federal
Reserve Board is imposed upon it, to which
from coast to coast. Munitions factories are located it must
submit or be penalized, as witness the proin every province except Prince Edward Island and visions
for the keeping of its reserves. There arises
,
the component parts of shells come from as far south theref
ore,
at the very outset of the administration
as Florida. It is an interesting fact, too, that Canada
of this Federal Reserve Law the vital impor
tance
is now manufacturing more munitions than any
of preserving the balance of power between
the indeother country in the world, except Germany prior to
structible unit of the banking system and the system
the war. The exact quantities being produced to-day
itself; and between the country bank as a typical
are not matters for publication, the Chairman conmember bank and the city institution, with which it
tenting himself with this generalism: "the total
should be in harmony in the interest of the connecting
percentage of shells produced in Canada in relation
commerce which they both jointly serve.
to all the shells used at the British front is so large
This is the immediate and pressing question in
that I would amaze you if I were at liberty to express
all matters concerning the disposition of reserv
es
the figures."
and the equalizing of exchange. Neither the
large
Of the billion dollars worth of war orders placed in
bank nor the small bank should dominate the perCanada since the beginning of the war, fully $600,sonnel or practice, or the policy or the ruling of the
000,000 represent shell and similar orders. The
Regional Bank or the Reserve Board. Nor should
Minister of Finance said a few days ago that Canada
the latter discriminate between them. The country
could expect another $500,000,000 in general war
banks exceed in numbers; the city banks in the
orders during 1917, but that depended very largely
totals of capital stock. But neither of these factor
s
upon Canada's power to provide the credits here from
is in antagonism to a close and profitable union
which the British Government would pay. By inbetween the two which shall preserve to each its
creased production and economy, said the Minister,
independence and its control over its own earnings
not only could the interest on foreign indebtedness be
and profits. With equally favorable access to the
borne without hardship, but generous subscriptions
regional bank, for the purpose of securing emergency
to future loans would automatically draw fresh war
currency, the general business of each bank would
orders from Britain and her allies.
go on as before, subject only to loss of earning power
THE COUNTRY BANK: THE INDESTRUCTIBLE represented in the capital stock surrendered to the
regional bank and the interest on reserves necesUNIT OF A SYSTEM OF FREE BANKS.
sarily withdraWn from the correspondent bank.
A union is possible only through the indestructiIs there not now a manifest tendency to interfere
bility of its parts. Co-operation and co-ord
ination with the profits of both city and country banks
?
can only exist between separate, free and equal units
When and in so far as the regional bank enters the
or sovereignties. But to accomplish and perfect
open marts to do that business which was and is
any union the sovereignty must surrender some of its
done by the great city institution, does it not depower and privilege to the new organism. This, in
prive the latter of a legitimate part of its profits,
turn, is compelled, by its nature, to respect and
deprive it of a part of that nourishment which is its
protect those independent entities which brought
it sustenance and life? And when the Federal Reser
ve
into being.
Board, peremptorily, by a par clearance plan, or
Looking at the country bank as a community inotherwise, deprives the country bank of a source:of
stitution, its preservation is vital to the self-e
xpres- revenue heretofore existent, if it does, in fact,
do
104
THE CHRONICLE
[VoL. 104.
year
so by the proposed plan, does it not invade the rights 206,752,486 yen, against only 84,448,238 yen a
all
most
in
side
import
the
on
balances
and
ago,
hinder
of these banks to live by their own efforts, and
years.
earlier
power
credit
and confine the free expression of the
Among Japan's industries that have experienced a
of the communities they serve? And therefore it
stimulus recently, cotton manufacturing
marked
working
the
in
that
again
and
may be repeated again
out of this new banking system, the paramount stands out conspicuously. Reports during the latter
question is the preservation of the pristine power and part of 1915 denoted that as a result of a marked
falling off in sales of yarn some mills stopped opsignificance of our free and independent banks.
The individual citizen and business man is very erations entirely and others reduced their working
more
close to the management of the country bank. He forces considerably. But conditions turned
adand
year
new
of
the
opening
the
with
favorable
power.
its
by
contributes to its success; he benefits
practhat
effect
the
to
were
r
Septembe
in
late
vices
value
by
the
d
heightene
is
The value of his account
of his goodwill, which has a direct influence upon the tically all factories were in operation on a 22-hourconduct of the institution. For this reason the per-day working basis with profits very largely augcharges exacted for services will naturally vary in mented. This has quite naturally led to further
been
locations as widely divergent as those in the United extension of manufacturing facilities which has
extent
to
the
capital
of
increase
an
by
ed
encompass
question
different
far
a
is
States. To reconcile these
issuing
and duty than their total abolition, whatever they of 23,843,750 yen by ten companies and the
corporaother
three
may be. With the correspondent or city institution, of 3,100,000 yen debentures by
because it is a correspondent bank of great magni- tions. As indicating the increase in the use of raw
on
tude, the power to protect itself is greater propor- material this year we note that the total consumpti
451,as
stated
is
30
June
ended
months
six
tionally than with the country bank. And a sever- for the
than for
ance of the relations hitherto existing between the 093,322 pounds, or 65,584,444 pounds more
n 399,productio
yarn
the
with
1915,
in
period
latter
the
the
upon
heavier
two must necessarily fall
respecpounds,
52
336,278,3
and
pounds
smaller
581,337
a
with
bank
country
A
than the former.
been
have
reports
proportion of deposits to capital must charge higher tively. Quite recently, however,
China
with
trade
rates than the city bank. It must function com- current that Japan's cotton goods
adpletely; live out its full life. It is, therefore, less has fallen off appreciably as a result of the great
an
market,
Osaka
the
in
s
quotation
yarn
in
able than the city bank to stand an enforced depri- vance
of
the
advantage
the
to
worked
has
that
e
occurrenc
vation of any of its legitimate sources of profit.
The individual transactions of business are infinite. cheaper Indian yarns. The "Japan Mail," referring
The lines of commerce extend, contract, interlace, to this subject recently, remarked that the Japanese
as
according to production and population. And cotton men will find it difficult to recover the loss,
United
the
upon
largely
depend
to
credit threads its way throughout the whole. The they will have
be
deposits in the country bank, based upon credit States for their raw material, although it may
cotton
Indian
mixing
by
extent
some
to
in
those
recouped
arising out of crossroads trades, congest
populous centres where the lines of endeavor cross with the American staple.
That Japanese interests, alive to the possibilities
and recross and where the culminating exchanges of
of trade development with South America, are perproduction and manufacture are made.
In so far as regional banks for the emission of fecting plans for closer and more extensive relations
communiemergency currency are consonant with the condi- with Brazil, has been indicated in recent
al
Attache
Commerci
States
United
the
tions under which credit issues and congests, they cations from
quarthat
from
advice
latest
The
Janeiro.
de
leave
Rio
at
may serve this purpose well. But they should
perfected
being
now
are
plans
that
effect
the
to
country
is
in
the
ter
first
these sources of credit, expressed
from Japan
bank, free to live by the intimate services they render for the establishment of a steamship line
in
February
ed
and return to the community which calls them into to Brazil, the service to be inaugurat
folroute
the
register,
being. Collection charges and the disposition of sur- with a vessel of 6,000 tons
and
ar
Madagasc
Ceylon,
,
plus reserves should be left as far as possible to lowed to be via Singapore
Cape of Good Hope, and eventually five boats of
follow the natural laws of use and locality.
7,500 tons each will be employed. A part of the
scheme is to send 5,000 immigrants to Brazil each
year, to be employed in the cultivation of rice,
JAPANESE FOREIGN TRADE.
coffee. With the new
Japan is figuring large in the foreign trade news of beans, potatoes, onions and
is expected, furtherit
operation
in
the day. The opportunities afforded by the war to steamship line
and fancy articles of
to
toys
addition
in
extend outward trade have been fully availed of. more, that
obtained a foothold
have
already
that
make
Japanese
This latter is indicated by the fact that exports in
considerable busido
to
be
possible
will
it
Brazil,
in
1916 have increased very largely, leaving a very imother textiles
and
silk
cement,
rice,
codfish,
in
ness
its
in
portant balance in favor of the Island Kingdom
foreign trade. Specifically, the outflow of commodi- and various cereals, Sm.
ties for the nine months ended Sept. 30 1916 reached
a value of no less than 765,511,738 yen (a yen equals
CLEARINGS AND SPECULATION IN 1916.
$0.4985) and registered an increase of 270,275,879
The year 1916 will long be recalled, and is likely
yen over the like period of 1915 and exceeded the
to be forgotten, as one in which, due largely to
not
outward movement for any earlier full year. Conof other nations, there was written
currently the imports for the seven months also in- the misfortunes
of the United States a story of uncreased materially, advancing from 410,787,621 yen into the history
business of the country as
in 1915 to 558,759,252 yen the current year, or a exampled activity in the
so great that in many
fact,
in
activity,
gain of 147,971,631 yen. But with expansion in ex- a whole. An
was taxed to its
machinery
re
manufactu
ports much the greatest in magnitude the favorable, lines of
that, too, after
and
hand
in
orders
meet
to
utmost
or export, balance for the period this year reached
JAN. 13 1917.]
THE CHRONICLE
105
in many instances extensive additions to plants Detroit, Akron, Dayton, Youngstown, Lansing,
had been made. Furthermore, it will be remem- Flint and Gary exhibiting the heaviest percent
ages
bered as an era of extremely high prices not alone of gain-all over 49%.
for manufactured articles, the demand for which has
On the Pacific Slope a very gratifying increase is
been insatiable, but for many of the prime necessities reported in the total for 21 cities (27.5%,
in fact),
of life, such as flour, potatoes, meat, &c. It would gains being universal but most notable at San Franbe a fallacy, however, to credit either the big busi- cisco, Salt Lake City, Seattle, Spokane, Stockto
n,
ness, in great measure, or the high prices entirely Fresno, Reno, Ogden and Bakersfield.
At the South
to conditions existing here. On the contrary, both 33 cities furnish an average augmentation of 32.0%.
to a very important extent found their cause in the In this section the larger movement of cotton,
and
very comprehensive and calamitous war in Europe.
at much higher prices, has been effective in adding
At the breaking out of the hostilities in Europe materially to the volume of clearings, all cities showthe situation of affairs here was far from satisfactory, ing more or less increase, with very important gains
and, although not very long thereafter certain lines to be noted at Tulsa, Richmond, Oklahoma,
Musbegan to feel the stimulus of urgent orders from that kogee, Meridian, Macon, Jackson, New
Orleans,
quarter for supplies of various kinds, general business Atlanta, Memphis, Little Rock and El Paso.
In
experienced no noticeable impetus. But before 1915 the "Other Western" division-the
territory lying
had far advanced the demand upon us for practically west of the Mississippi River, but not includi
ng the
everything we could supply became very urgent, States bordering immedia
tely upon the Pacific
and this, assisted by an excellent crop outlook as the Ocean, nor Nevada, Utah, Oklaho
ma and Texasyear advanced, was reflected in a marked increase considerable activity is reported at most
of the 28
in the volume of trade which found substantiation cities, and the total for the year exceeds
1915 by
in the total of bank clearings for the period-a new 25.0%. The gains are conspicuous at Kansas
City,
high record. Now that we have the results for 1916 Omaha, St. Joseph and Denver and at a number
of
before us we find that notwithstanding the drawbacks the smaller municipalities as well.
of a Presidential campaign and comparatively poor
Altogether 158 of the 161 cities outside of New
crops, the totals of clearings completely eclipse those York report aggregates greater than in 1915,
and in
for the previous year, which by contrast seem of 145 instances they are high records for
the period,
dwarfed proportions. Our foreign export trade has indicating how universal has been
the phenominal
risen to an almost inconceivable total, reaching an activity of the year no matter to what cause
it may
aggregate 2,000 millions in excess of 1915 and much be ascribed. It is obvious, howeve
r, that in greatest
more than double that of 1914. An outcome due degree our prosperity has been
based upon the catain greatest measure to the immense shipments of clysm abroad. For the
whole country the total of
munitions and supplies to the Entente Powers, but bank clearings for
1916 reaches $260,953,235,012,
ascribable in some degree to higher prices for many going beyond the previou
s year by 73 billion dollars
commodities. Railroad earnings have been much (or 38.9%), and, therefore,
by that amount establishheavier,than ever before and unprecedented activity ing a new high record. It is a notable
fact that notis reported in building operations and various lines withstanding the constant increase in
the number of
of manufacture. This being the case, it is not sur- clearing houses, New York continues
to be the preprising that bank clearings, the unfailing business ponderating factor in bank clearings;
in 1890, with
barometer, month by month during the year and 49 cities reporting, the balance
in favor of New York
now for the full period should make such a remark- over all the others
was 15 billion dollars; in 1900,
ably favorable exhibit.
with the number increased to 90, New York exceeded
The total of clearings at New York for 1916 at the sum of the others
by 19 billions, and in 1910 (144
$159,580,648,590 is by a very large amount a new cities) by over 30 billions. Finally
, in 1916 this one
high record, exhibiting a gain of 44.4% over the 1915 city shows clearings
583 billion greater than the other
aggregate, an augmentation of 92.3% over 1914 and 161 combined. In the following compila
tion we give
an increase of 52.4% over 1906, the year when deal- the aggregates for New York, for
outside cities and
ings on the Stock Exchange reached a level far above the total of all annually
for the sixteen years 1901
that of the present day and when there was also to 1916, inclusive:
decided activity in other financial operations. OutInc.
Clearings
Inc.
/se.
side of New York, also, the volume of clearings is
Year.
New York
or
Owside
or
Total
If
Clearings.
Dec.
New York,
Dec.
Clearings.
Dee.
the largest in our history, the total at $101,372,$
%
$
8
%
159,580,648,590 +44.4 101,372,586,422 %
586,422 contrasting with $77,253,171,911 last year 1916
1915
110.564,392,634 +33.2 77,253,171.911 +31.2 260,953,235.012 +38.9
1914
83,018,580,016 -12.3 72.226,538,218 +7.0 187,817.564,545 +20.9
and $75,181,418,616 in 1913. Every section of the 1913
94,634.281,984 -6.1 75,181,418,816 --3.9 155,245,118.234 -8.6
1912
100.743,967,262 +9.1 73,208,947,649 +2.7 169,815,700.600 -2.4
country, moreover, presents a much heavier aggre- 1911
92,372,812.735 -5.0 67.856.960,931 +7.9 173,952,914,911 +8A
1910
97.274.500,093 -6.1 66,820.729.906 '+1.6 160.229,773,666 -2.4
gate than a year ago. All of the 13 cities grouped 1909
103.588.738,321 +30.7 62,249,403,009 +7.3 164,095.229,999 -1.0
79,275.880,256 -9.1 53.132,968,880 +17.2 165,838,141.330 +25.9
under New England register larger totals than a year 1908
1907
87.182.168.881-16.7 57,843.565.112 -8.4 132.408,849,136 -8.3
104,675.828.666 +11.6 55,229.888,677 +4.8 145,025.733,493 -9.8
1906
earlier, and collectively the gain is 29.5%, with 1905
93,822.060.202 +36.7 50.005,388,239 +10.1 159.905.717,833 +11.6
+13.9 143.827.448,441 +27.7
68.649,418,673 +4.1 43.909,594,342
1904
Springfield, Worcester and Waterbury, cities
+1.3 112,559,013.015 +3.0
66.970.337.965-13.8 43.238,849,8
1903
bene- 1902
09 +3.8 109,209.187,764 -7.4
76,828,189,
165
-3.9 41,695.109.575 +6.7 118,023,298
fiting greatly by war orders, standing
,740 -0.4
79,427,685,842 +50.9 38,982.329.340 +16.6
out conspicu- 1901
118.410.015.182 +37.4
ously in the matter of percentage. In
the Middle
With our Retrospect for 1916, given on preceding
division (New York City excluded) 27
cities out of pages, covering so completely
and comprehensively
28 show gains and in the aggregate of all the
excess the influences operative from month to month
durover 1915 is 36.2%, Philadelphia, Wilmington,
Wheeling, Chester and Franklin contributing thereto ing the year, to advert to them here would be merely
a matter of unnecessary repetition. Suffice it to say,
in greatest ratio. The Middle Western section
cov- therefore, that as indicated by the bank clearing
s,
ering 38 municipalities includes 36 with heavier
activity in commercial and industrial lines has been
clearings than a year ago, and the combined total
in evidence all the year, war orders serving to greatly
records an augmentation of 31.6%, Cleveland,
swell the volume of merchandise moving. The ac
[VOL. 104.
THE CHRONICLE
106
tivity, however, has seemingly been upon an ascending scale, the total of clearings for the final quarter
having been the heaviest of all, with December, the
last month, the very largest contributor. We subjoin a table showing the totals of clearings, month by
month and quarter by quarter, for the whole country
and outside of New York, for 1916 and 1915, giving
also the percentages of gain or loss for each period:
MONTHLY CLEARINGS.
Clearings Outride New York.
Clearings, Total All.
Mont
1915.
1916.
1
%
1916.
1915.
erally favorable that our remarks further above would
seem fully to cover the situation. Greater speculative activity is to be noted during the year, and this
has served to swell the volume of clearings at New
but not to such an
York, Boston, Philadelphia,
extent as to explain more than a moiety of the important gains disclosed. We subjoin without further comment the following statement, which indicates the course of clearings at leading cities for December and for the twelve months of the last four
years:
%
$
$
$
$
•
Jan _. 20,070,094.925 13,483,433,873 +48.8 7,743,292,698 6,195,741,340 +25.0
Feb _. 18,236,249,765 11,912,182,657 +63.1 7,129,512.488 5,430,346,110 +31.8
Mar... 20,670,675,539 13,848,400,164 +49.3 8,131,801,038 6,283,286,462 +29.4
letqr. 58.986,020,229 39,244.018,694 +53.3 23,004,608,224 17,909,373.912 +28.4
April . 19,315,241,747 15,013,083,834 +28.6 7,692,625,092 6,201,418.760 + 24.0
May . 20,857,279,666 14,826,775,839 +41.2 8.090,352,324 5,991,630,329 +35.1
June_. 20,597,706.945 14,122,200,044 +45.9 8,044,195,053 6,096,718,495 +32.0
2d qr. 60,570,228,358 43,762,059.717 +38.4 23,833,172,469 18,289.767,584 +30.3
0 mos. 119 556248 587 83,006,076,411 +44.0 46,837,778,623 36,199,141,496 +29.4
July_ .. 19,366,856,923 14,929,402,551 +29.7 7,928,114,051 6,233,988,983 +27.2
Aug . 19,752,395,083 14,271.230,089 +38.4 7,985,078,254 5.733,787,898 +39.2
Sept_ . 22,762,601,513 15,763,585,903 +44.4 8,408,660.328 6,139,222.625 +36.9
3d qr. 61,881.853,499 44,964,218,523 +37.6 24,319,852,633 18,106,999,506 +34.3
9 mos. 181438102,086 127970.294.934 +41.8 71,157,631.328 54,306,141,002 +31.0
Oct _. 25,613,387,456 20,151,704,101 +27.1 9,902.191,521 7,412,025,449 +33.6
Nov_ _ 26,706,883,551 19,384,998,400 +37.8 10,053,508,807 7,555,578,665 +33.0
Dec . 27,194,892,019 20,310,567,110 +33.8 10,259.254,768 7,979,426,795 +28.5
4th qr. 79,515,132,926 59,847,269,611 +32.9 30,214,955,096 22,947,030,909 +31.7
Year ,260953,235,012 187817,564,545 +38.9 101372,586,422 77,253.171,911 +31.2
(000,0003
omitted.)
New York
Chicago
Boston
Philadelphia
St. Louis
Pittsburgh
San Francisco
Baltimore
Cincinnati
Kansas City
Cleveland
New Orleans
Minneapolis
Louisville
Detroit
Milwaukee
Los Angeles
Providence
Omaha
Buffalo •
St.Paul
Indianapolis
Denver
Richmond
Memphis
Seattle
Hartford
Salt Lake City
BANK CLEARINGS AT LEADING CITIES.
Jan. 1 to Dec. 31
December
1915.
1914. 1913.
1916. 1915. 1914. 1913. 1916.
$
8
8
$
$
$
$
$
16,936 12,331 6,530 8,000 159,581 110,564 83.019 94,634
2,060 1,578 1,313 1,437 20,542 16,199 15,693 16,073
8,116
579
678 10,757 8,257
7,517
835
1,040
7,916 8,524
662
770 13,083 8,884
1,352 1,036
3,889 4,137
4,154
377 5,371
344
427
555
2,686
2,626
2,932
236 3,402
202
269
329
2,624
224 3,480 2,694 2,516
220
262
357
1,834
160 2,206
1,968
1,874
156
209
202
1,748
119
1,317
1,374
1,293
105
139
102
2,850
3,834
245 4,954
3,016
323
382
521
1,238
1,276
2,474
96
1,546
113
157
283
904
981
1,381
972
110
110
85
175
1,312
1,374
172
143
1,342
146
131
1,470
668
716
742
70
942
53
04
79
1,331
98
1,485
117 2,261
1,350
151
235
788
848
1,048
836
73
73
106
80
1,210
1,145
1,049
1,293
101
84
103
138
427
401
421
511
38
32
43
45
883
909
983
1,279
76
92
78
125
798
611
55
591
635
47
61
80
585
531
785
662
50
72
57
71
441
37
415
432
563
36
43
58
476
683
42
510
37
460
.51
70
42
422
930
• 419
42
537
69
103
•
422
358
363
470
33
51
45
56
613
633
790
48
665
51
54
77
254
355
261
429
22
37
20
37
333
513
350
36
315
32
42
64
No extended comment is called for by the exhibit Total
25,475 18,929 11,536 13,463 243,744 174.256 142,215 156,290
1,720 1,381 1,108 1,238 17,209 13,561 13,030 13,526
Other cities
by quarters. In fact, the compilation below, which
27,195 20,310 12,644 14,701 260,953 187,817 155.245 169,816
Total all
covers the totals by quarters for each group for the Outside New York_10,259 7,979 6.114 6,701 101,372 77,253 72.226 75,182
last six years, indicates clearly the course of clearOperations on the New York Stock Exchange were
ings from period to period.
of very satisfactory volume during the year, more or
less activity being displayed at all times. TransacTotal
Fourth
Third
Second
First
Clearings Reported.
tions in share properties were greater than at any
Year.
Quarter.
Quarter.
Quarter.
Quarter.
(000s milted.)
time since 1906, having been exceeded only in that
3
3
$
$
f 1916__ 35,981,414 36,737,056 37,562,001 49.300,178 159,580,649 year and 1905 and 1901, the aggregate for the 12
11915_ 21,334.633 25,472,302 26,857,219 38,900,239 110.584,393
1914._ 24,458,966 23,631,252 17,389.808 17,538,554 83,018,580 months reaching 233,311,993 shares, against 173,New York
1913._ 25,019,571 23,771,361 21,563,031 24,280,319 94,634,282
1912._ 24,565,184 25,571,025 22,840,201 27,767,557 100,743,967 145,203 shares in 1915 and 47,900,568 shares in 1914,
1911._ 23,448,015 23,143,971 22,084,936 23,695,891 412,372,813
when there was not only conspicuouslack of activity,
1916._ 5,120,5221 5,408,332 5,294,535 6,373,405 22,196,794 but dealings on the Exchange were entirely suspended
16,297,848
4,950,817
3,885,787
1915._ 3,604,020 3,857.224
Total other
1914__ 3,892,252 3,996,416 3,674,787 3,718,165 15,281,620 from July 30 to Dec. 12. Bonds were also freely
Middle
1913_ 4,075,8711 4,203,982 3,874,167 4,234,488 16,388,508
1912._ 3,749,219 3,841,720 3,785,150 4,267,851 15,643,940 dealt in during the year, with American Foreign Se1911._ 3,553,524 3,700,011 3,498,435 3,724,577 14,478,607
curities 6s, Anglo-French 5s, United Kingdom 5s
11916_ 3,092,415 3,193,039 2,872,185 3,703,637 12,861,276
in the
11915._ 2,228,099 2,435,760 2,238,670 3,027,575 9,928,104 and several Canadian issues, all 5s, prominent
Total
New England.1 1914.._ 2,442,640 2,401,959 2,031,566 2,122,330 8,998,495 transactions most of the time, and City of Paris 6s
1913_ 2.599,225 2,325,398 2,165,822 2,512,641 9,603,086
1912._ 2,720,365 2,594,287 2,375,904 2,705,774 10,396,330 a feature in November and December. In fact,
1911_ 2,483,820 2,359.548 2,236,348 2.570.029 9,649,745
these various issues made up fully 25% of the total
1916.. 7,094,464 7,475,458 7,854,609 9,270,002 31,694,533
1915_ 5,616,696 5,803,069 5,855,866 6,801,535 24.077,168 of all bonds dealt in, which reached $1,149,851,950
Total
1914.. 8,072,175 5,925,918 5,499,205 5,437,085 22,934,383
Middle West
1913.. 5,828,587 5,738,688 5,734,506 6,050,838 23,352,619 par value, against $961,093,200 in 1915 and $461,1912_ 5,333,094 5,529,010 5,411,743 5,929,928 22,203,775
with the high-water mark slightly
1911_ 4.933.959 5,020.607 4,951,408 5,206.979 20.112,953 523,600 in 1914,
dollars in 1909. A summary of
million
1,317
over
8,030,341
1,979,610
2,461,025
(1916_ 1,722,213 1,867,393
11915_ 1,473,878 1,488,503 1,543,702 1,792,608 6.298,691 the dealings is subjoined:
Total Pacific... 1914._ 1,556,687 1,572,434 1,510,283 1,578,179 6,217,563
1913__ 1.690,459 1,610,246 1,577,568 1.729,239
1912_ 1,555,450 1,567,328 1,585,920 1,790,019
1911-- 1.366.950 1,426,511 1,450,055 1,610,084
6,557,512
6,408,717
5,853,600
(1916_ 2,654,865 2,634,301 2,952,831 3,701,697 11,943,694
1915__ 2,279,723 2,165,827 2,138,107 2,970,578 9,554,235
Total
Other West_._ 1914__ 1,967,886 1,890,743 2,046,703 2,492,139 8,397,471
1913__ 1,971,729 1,899,225 1,993,334 2,280,388 8,144,676
1912__ 1,793,351 1,792,804 1,832,069 2,300,310 7,718,534
1911_ 1,755,129 1.668,917 1,674,669 1,980.170 7.078,885
Total Southern
(1916_
11915._
1914__
1013._
1912_
1911_
3,320,027
2,706.958
2,031,347
2,851,987
2,721,955
2,095,128
3,254,750
2,539,385
2,590,865
2,570,330
2,513,716
2,441,007
3,365,982
2,446,867
2,301,305
2,484,335
2,399,853
2,441,987
4,705,189
3,303,918
2,573,489
3,228,3'66
3,112,128
3,106,991
14,645,948
11,097,128
10,397,006
11,135,018
10,747,652
10,685,171
1916.. 58,986,020 80,570,329 61,881,753 79,515.133 260,953,235
1915_ 39,244,007 43,762,070 44,964,218 59,847,270 187,817,565
1914__ 43,321.933 42,009,587 34,453,657 35,459.941 155,245,118
Total all
1913_ 43,987,429 42,119,230 39,392,763 44,316,279 169,815,701
1912... 42,438,618 43,409,890 40,230,840 47,873,567 173,952.915
1911.. 40,236,533 39,760,622,38,337,898 41,894,721 160,229,774
1
1916._ 23,004,606 23,833,27324,319,752 30,214,955 101,372,586
, 1915_ 17,909,374 18,289,768 18,106,999 22,947,031 77,253,172
Outside
New York.... 1914._ 18,862.967 18,378,335 17,063,849 17,921,387 72,226,538
.1913.. 18.967,858 18,347,360 17,829,732 20.035,960 75.181,419
1912__ 17,873,434 17,838,865 17,390,839 20,106,010 73,208,948
1911_, 18,788,518 16.816,651 16.252,962 18.198.830 87,856,961
With so great a number of cities included in our
compilations, it is not feasible to refer in detail to the
influences responsible for the showing made in each.
Such a course, moreover, is less necessary now than
is usually the case, the current exhibit being so gen
Twelve Months 1915.
Twelve Months 1916.
Descriplion.
Par Value
or Quantity.
Actual
Value.'
Actual
it rev. Par Value
Price. or Quantity.Value.
!Aver.
Price.
173,146.203
233,311,993
St k!She_ _
kVal __ 820120,739,500 318869,840,955 93.8314877,142,145312661,476,002 85.1
781,288,374 86.2
906,659,200
93.1
786,635,965
845,135,500
RR. bonds
3,047,328 100.2
3,040,000
834,935 103.6
805,950
Gov t bds.
51,394,000
48,166,976 93.7
303,910,500 291,800,686 95.9
State lxis__
577,134
302,200
206.3
654,535216.6
279,700
Bank stks_
Total___ $21270,871,150 319949,489,675 93.8E15838,537,545 313494,623,21517Z
The relation the transactions in share properties
for 1916 bear to those of earlier years is clearly set
forth in the appended compilation, which carries the
comparison back to 1893:
NUMBER AND VALUE OF SHARES SOLD AT N. Y. STOCK EXCHANGE.
Year.
Stocks,
Shares.
1916_ 233,311,993
1915._ 173,145,203
1914_ 17,900,568
1913_ 83,470.693
1912_ 131,128,425
1911_ 127,208,258
1910_ 164,051,061
1909_ 214.632,194
1908_ 197,206,346
1907- 198,438,824
1906_ 284,298,010
i00s_ 263.081.156
Values
Aver.
Price. (approximate)
93.8
85.1
93.2
06.2
97.7
95.8
96.2
97.5
86.6
85.8
94.2
87.3
$
18,869,840955
12,661,476,002
3,898,414,285
7,170,862,086
11,562,129,835
11,003,800,829
14,125,875,897
19,142,339,184
15,319,491,797
14,757,802,189
23,393,101,482
21.295.723.688
Year.
Stocks,
Shares.
1904_ 187,312,065
1903_ 161,102,101
1902_ 188,503,403
1901._ 265,944,659
1900._ 138,380,184
1899._ 176,421,135
1898_ 112,699,957
1897-- 77,324,172
1898._ 54,654,096
1895_ 66,583,232
1894_ 49,075,032
1893_ 80,977,839
Values
Aver.
Price. (approximate)
69.9
73.2
79.9
79.0
69.2
78.6
72.7
67.0
65.2
60.3
04.2
80.3
.3
12,061,452,399
11.004,083,001
14,218,440,083
20,431,960,651
9,249,285,109
13,429,291,715
8,187,413,985
4,973,553,065
3,329,989,940
3,808.338,604
3,094,942,769
4,550,260,916
JAN. 13 1917.]
The average price in the above,it is to be explained,
is not per share without regard to the par thereof,
which ranges all the way from $5 to $100, but is based
upon a par of $100. In other words, the actual
sales for the year 1916 were 233,311,993 shares,
equalling 201,207,395sharesof $100 par(with the few
properties with no stated par taken at $100) of an
approximate sale value of $18,869,840,955, or an
average of $93.8. Passing any reference to the
influences operating in the stock market during the
year, as they are clearly detailed in our "Retrospect,"
we present below a table covering the dealings in
shares, month by month, and quarter and quarter,
for two years:
SALES OF STOCKS AT THE NEW YORK STOCK EXCHANGE.
1915.
1916.
MIS.
Number
of
Shares.
Values.
Par.
Actual.
Number
of
Shares.
Values.
Par.
Actual.
3
$
Jan.15,956,944 1,427,403,335!1,301,244.816 5,076,210 435,534,900 302,461,298
Feb.12,126,205 1,025,902.9101 962,417,409 4,383,449 380,032,785 '262,372.421
7,862,308
681,471,315 535,476.914
Mar_ 15,197,585 1,331,870,900 1,264,214,208
let qr43,280,7343,785,177,1453,527,876,433 17,321.967 1,497,039,000 1,100,310,633
Apr. 12,523,507 1,118,264,05 1.061,472,487 21,022,930 1,799,436,335 1,619,407,302
May 16,427,576 1,421,290,75011.322,476,934 12,581,040 1.037,762.960 958,264,713
June 12,823,833 1,071,814,645 1,014,902,417 11,004,042 912,619,430 832,467,913
2d qr41,774,9163,611,369.44513,393,851,83844,608,012 3,749,818.7253,410,139,928
6mos85.055,650 7,396,546,5906.926,728,271 61,929,9795,246,857,725 4,510,450,561
July_ 9,187,868 802,658,015 754,216,904 14,371,633 1,288,908.620 958,643.288
Aug_ 14,626,082 1,266.413,175 1,118.942,473 20,432,350 1,791,656,625 1,434,978.418
Sept.29,992,582 2,500,892,725 2,404.488,976 18,399,286 1,644,499,895 1,400,247,698
3d qr53,806,5324,569,963,9154,277,648,35353,203,2694,725,065,140 3,793,869,404
9 me.138862 182 11966,510,505 11204.376,624 115133 2489,971,922.865 8,304,319,965
Oct .28,161,2772,499,772,2252,352,948,44726,678,953 2,239,956,655 1.942,416.213
Nov_ 34.552,860 2,888,279,4702,712,098,475 17,634,270 1,468,445,970 1,325,497,208
Dec 31,735,674 2,766,177,300 2,600,417,409 13,608,732 1,196,816,655 1,089,242,616
4thqr94,449,811 8,154,228,9957,665,464,331 58,011,9554,005,219,2804,257,156,037
Year 233311 99320120,739,500 18869,840,955 173145 203 14877,142,14512661,476,002
At other centres of stock speculation of the country,
also, greater activity is to be noted quite generally
than in 1915, but not to so decided an extent as at
New York. Boston reported sales of 13,073,588
shares, against 12,603,768 shares in 1915 and only
3,522,187 shares in 1914, and Chicago's trading
covered 1,611,317 shares, against 715,567 shares
and 385,783 shares, respectively. Philadelphia's
transactions aggregated 5,362,033 shares, against
6,232,464 shares and 2,016,319 shares one and two
years ago; Pittsburgh, 4,685,092 shares, against
2,194,787 shares and 703,012 shares; Baltimore,
2,534,430 shares, against 600,206 shares and
256,399 shares.
Bank clearings in the Dominion of Canada, in
common with those in the United States, make a
very excellent exhibit, the same stimulating cause
—war orders from Europe—having been operative
there. Not only does the aggregate of clearings for
the year largely exceed that for 1915 and run ahead
of 1914 even more appreciably, but there is a very
satisfactory gain over the high record total established
in 1913. Of the twenty-five cities from which we
have reports, comparison is possible at twenty-three,
and for those the total of clearings for 1916 at $10,506,598,572, records an excess of 34.7% over 1915,
and 30.2% over 1914 and an increase of 13.7% over
1913. Gains over last year are general at the
individual cities, with the exhibit most favorable as
regards percentage at Montreal, Toronto, Calgary,
Regina, Saskatoon, Lethbridge and Medicine Hat,
where the increases are, in all cases, over 35%. A
more satisfactory year was experienced in the centres
of speculative activity in Canada. Montreal reports
dealings in some 3,466,798 shares and $14,357,645
bonds,against 1,536,573sharesand $1,838,495 bondsin
1915 and 1,087,926 shares and $2,778,860 bonds in
107
THE CHRONICLE
1914, and transactions at Toronto were 1,250,178
shares and $2,804,735 bonds, against 592,024 shares
and $160,300 bonds last year and 709,162 shares
and $572,000 two years ago. The Canadian clearings summarized by quarters for,six years, are as
follows:
Clearings Reported.
(000s omitted.)
Canada
First.
Quarter.
Second
Quarter.
Third
Quarter.
Fourth
Quarter.
Total
Year.
$
$
$
$
$
1916._ 2,162,165 2,526,533 2,561,518 3,256,383 10,506,599
1915._ 1,650,341 1,743,2135 1,741,243 2,662,892 7,797,741
1914_ 1,065,310 2,113,537 1.982,406 2,008,138 8,069,391
1913._ 2,153,721 2,298,379 2,189.863 2,597,178 9,239,141
1912._ 1,955,667 2,306,316 2,265,014 2.629,702 9.156,699
11911_ 1.587.168 1.793.111 1.781.082 2.182.891 7.344.232
RAILROAD GROSS EARNINGS FOR DECEMBER.
Gains in railroad gross earnings are now (speaking
of the. roads collectively) becoming smaller and in
special instances there are losses. This is not surprising, however, considering the reduced crop
yields of the season of 1916 which are:now beginning
to count largely in railroad traffic and considering
also that comparison of revenues is with a time in the
preceding year when earnings had already begun to
show greatly expanded totals.
Our remarks are based on our early compilation for
the month of December and in presenting the early
figures for December 1915 (with which comparison
is now made) we took occasion to remark that these
returns then afforded striking testimony to the revival of railroad business, and at the same time
furnished a new illustration of the wonderful transformation in conditions which had occurred. All the
roads then contributing returns to this early statement for December 1915—barring only one very
minor line—participated in the increase, and the
aggregate increase on the roads then reporting
reached no less than $20,778,954 or 32.81%.
Naturally after this sple ndid showing in the previous
year, the further increase inE1916 is:rather limited,
reaching no more than $3,091,289 or only 4.11%.
Aside:from:the fact that comparison is:with heavily
augmented totals in the previous year, there have,
however, been other d rawbacks, andlin that view the
further increase n ow disclosed must be regarded as
highly gratifying i ndeed. In:the:firstrplace it should
be noted that D ecember ,1916 had five Sundays,
where December 1915 contained only four. There
were, therefore, only 25 working days in the current
period, allowing for the fa ct that Dec. 25 was Christmas Day, as against 26 in the previous year. And
then also the Western grain move ment underwent
heavy contraction, while in the South th e cotton
movement fell considerably short of the small movement for Dec ember 1915, and far below that for December of any of the years preceding. The shrinkage
in the Western grain:movement followed , of course,
directly as a result of the curtailed harve sts of 1916.
The shrinkage has really be en of noteworthy extent
and the contrast with 1915 i s all the more striking inasmuch as the wheat mov ement in the latter period
had been of unexample d dimensions. For the five
weeks ending Dec. 30 ,in L1916, the:wheat receipts at
the Western primary market were only 34,282,000
b ushers, against 79,049,000 bushels in the corresponding five weeks of 1915. The corn receipts as
it happened ran a little heavier, being 28,138,000
bushels, as against 25,753,C00 bushels, but the oats
receipts were only 21,40 0 ,000 bushels, against 26,_
818,000 bushels, the bar ley receipts 10,214,000
bushels, as against 18,843,000 bushels, and the rye
receipts 2,850,000 bushels, against 3,125,000 bushels
Adding the five cereals together it is found that aggregate grain receipts for the five weeks of 1916 were
no more than 96,884,000 bushels, as against as much
as 153,588,000 bushels in the corresponding five
weeks of December 1915. In the following we give
the details of the Western grain movement in our
usual form:
WESTERN FLOUR AND GRAIN RECEIPTS.
Barley.
Five weeks
Oats.
Corn.
Flour.
Wheat.
(bush.)
(bush.)
(bush.)
end.Dec.30. (bbls.)
(bush.)
Chicago-.
4,208,000 11,983,000 10,063,000 3,280,000
1918___ 808,000
1915_ 1,258,000
8,060.000 10,532,000 11,165,000 4,637,000
Milwaukee1916._ _
139,000
2,739,000 2,185,000
2,144,000
1,199,000
1915___
574,000
222,000
3,213,000 3,177,000
1,219.000
St. Louis1916___ 392,000
189,000
1,636,000
2,103,000
2,854,000
1915-- 455,000
279,000
1,392,000
1,750,000
4,158,000
Toledo-155,000
606,000
1916--181,000
1915..
307,000
429,000
1,518,000
Detroit29,000
278,000
538,000
131,000
1916._
191531,000
601,000
540,000
364,000
Cleveland7,000
349,000
297,000
86,000
100,000
1916___
648,000
1915___
74,000
47,000
531,000
Rye.
(bush.)
877,000
861,000
442,000
610,000
73,000
89,000
•
91.000
PCOTia-
1916..__
193,000
1915... 308,000
Duluth1916_
1915Minneapolis1916..
1915_
Kansas City19181915Omaha19161915_
405,000
270,000
47.000
53,000
1,168,000 1,112,000
216,000 2,430,000
404.000
261,000
136,000
352,000
4,400,000
3,510.000
4,700.000
18,365,000
20,000
13,137,000
30,942.000
2,027,000
647,000
5,601.000
10.249,000
1,790,000
4,726,000
465,000
685,000
2,049,000
3,748,000
2,230,000
2,514,000
1,132,000
1,345,000
1,073,000
807,000
916,000
2,342,000 3,036,000
6,439,000 8,050,000 1,251,000
The Western live stock movement does not appear
to have differed greatly from the preceding year,
having been, however, somewhat heavier. At Chicago the receipts of cattle, calves, hogs, sheep and
horses comprised 28,212 carloads in December 1916,
against 27,221 carloads in December 1915; at Omaha
10,169 carloads, against 9,063 and at Kansas City
9,521 cars, against 9,399.
As regards the cotton movement in the South the
shipments overland were 348,104 bales, as against
289,120 bales in December 1915, 284,915 bales in
1914 and 332,438 bales in 1913. In the receipts at
the Southern outports the contraction was heavy
indeed, the receipts for December 1916 being no more
than 760,258 bales, against 962,606 bales in December
1915 and no less than 1,717,102 bales in December
1914.
RECEIPTS OF COTTON AT SOUTHERN PORTS IN DECEMBER FOR
SIX YEARS, 1911 TO 1916, INCLUSIVE.,
December.
Ports.
1916.
Total
306,476
58.826
160,004
13,997
16,004
93,168
16,500
19,578
5,855
69,850
760,258
p
1915.
1914.
1913.
1912.
1911.
358.571
72,373
229,255
19.217
10,728
103,041
14.500
28,765
582
14,891
87,166
23,717
631.815
88.944
303,729
31,067
9,480
356,159
39,000
87,211
335.951
103,220
385,632
86,776
28.084
215,587
29,700
53,065
597,189
160,989
268,229
27,610
23,425
154,402
16.300
33,156
39.152
93,954
36,591
52,243
109,726
19,477
51,943
77.046
29,551
521,715
156,607
290,284
70.441
62,752
308.453
73,343
62,837
112
80.182
132,769
5,887
962,606 1,717,102 1,419,461 1,439,840 1,765,382
In the case of the separate roads there are some
very heavy decreases this time, and nearly all of them
may be said to be connected with the crop shortage
and particularly that in spring wheat. Thus, the
Great Northern Ry. falls behind no less than $582,362, and the Minneapolis St. Paul & Saulte Ste.
Marie loses $520,453, while the Minneapolis & St.
Louis has a decrease of $54,378 and the Toledo St.
Louis & Western a decrease of $53,993. Altogether
ten of the roads or systems, out of the 43 reporting,
have fallen behind. On the other hand, elsewhere
the record is one of improvement, and in the South
and Southwest the gains are generally large. Thus,
the Louisville & Nashville has added $694,238 to its
total of last year, the Southern Ry. has added $679,
331, the Missouri Kansas & Texas $578,431, the
Yazoo & Mississippi Valley $312,163, the St. Louis
Southwestern $299,000, the Texas & Pacific $163,809, &c., &c.
While the Canadian Pacific suffered a decrease of
$291,000, the Grand Trunk Ry. of Canada, not
affected to the same extent by the great reduction of
the Canadian wheat yield, has $461,121 gain. The
Illinois Central is another road with a considerable
increase, namely $363,177. In the following we
show all changes for the separate roads for amounts
in excess of $30,000 , whether increases or decreases:
PRINCIPAL CHANGES IN GROSS EARNINGS IN DECEMBER.
Increases.
Increases.
$42,119
Louisville & Nashville_ _ _ $694,238 Vicksburg Shreve & Pac__
679,331 Georgia Southern & Fla.._
36.762
Southern Railway
578,431 Colorado & Southern_ ___
Missouri Kansas & Texas31.098
461,121
Grand Trunk (4 roads)
363,177
Representing 23 roads
Illinois Central
in our compilation__ 34.538,512
312,163
Yazoo & Miss Valley
299,000
St Louis Southwestern
Decreases.
242,700
Denver & Rio Grande..
3582.362
163.809 Great Northern
Texas St Pacific
520.453
a138,101 Minneap St P & S S M.._
Pere Marquette
291,000
108.509 Canadian Pacific
Chicago Great West
54,378
100,206 Minneap & St Louis
Cinc New On & Tex Pac53.993
74,786 Toledo St Louis & West
Chicago Ind & Louisville_
37.040
64,482 Ann Arbor
New On & Northeastern52,407
Mobile & Ohio
Representing 6 roads
49,800
Canadian Northern
in our compilation__ $1,539,226
47,272
Atlanta Birm & Atl
a These figures are for three weeks only.
Total of AU1918_ 1,661.000 34,282.000 28,138,000 21,400.000 10,214,000 2,850,000
1915-- 2.321,000 79,049,000 25,753,000 26,818,000 18,843,000 3,125.000
bales.
Galveston
TexasCity, &o
New Orleans
Mobile
Pensacola. &o
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
Newport News,&o_
[voL. 104.
THE CHRONICLE
108
We referred above to the fact that comparison was
with the large totals of earnings in the year preceding.
On the other hand, the large increase in 1915 followed
a heavy reduction in 1914, and also a small decrease in 1913. In December 1914 our early table
showed $14,638,740 decrease or 17.51%, and the
statement for 1913 registered $3,022,036 decrease or
3.86%. Prior to 1913, however, the record was one
of continuous improvement, excepting only 1907,
when the panic of that year intervened and caused
a setback as will appear from the following:
Mileage.
December.
Year.
1
In. 1
Year
Year
Given. Preced. cr'se.
Roads Miles. Miles.
% 1
Gross Earnings.
Increase(+)
OF
Year
Given.
Year
Preceding.
$
s
Decrease (-).
$
%
-895,540 2.14
130 93,075 92,282 0.86 40,895.711 41,791,251
133 99,418 98,122 1.32 50,020,193 44,542,149 +5,478,044 2.29
129 96.285 95,191 1.15 49,630,312 46,474,701 +3,155.611 6.78
113 98,508 96.637 1.93 55,557,813 51,661.909 +3,895.904 7.54
101 96.447 93,002 3.70 59.606.431 54,271,094 +5,335,337 9.83
99 103,496 100.694 2.78 64,922.983 62,104,946 +2,818.037 4.53
80 100,638 98,801 1.86 70,769,049 64,416,412 +6,352,637 9.85
71 89.278 87,067 2.54 61,868,261 59,114,002 +2,754,259 4.66
67 84,143 82.607 1.88 59,429,656 55.069,547 +4,360,109 7.91
57 81,238 79,804 1.76 62,469,679 57,027,847 +5,441,832 9.54
65 95,936 93,553 2.55 83,790,332 79,327.117 +4,469,215 5.64
61 88,234 87,046 1.27 69,070,466 72,163,205 -3.092.739 4.28
49 74.744 73,180 2.14 52.154,203 49,474,321 +2.679.882 5.42
50 86,137 84.391 1.90 67,096,709 63,209,729 +3,886,980 6.15
49 88,359 85,852 2.00 68,146,996 62,782,122 +5,364,874 8.55
52 90,576 89,193 1.57 71,109,323 69,326.828 +1,782,495 2.57
44 87,174 84,845 2.62 76,694.747 69,003,277 +7,691,470 11.15
44 90.622 88.941 1.88 76,376.380 79,398,416 -3,022,036 3.86
49 93,956 92,479 1.60 68,986,422 83.625,162 -14,638.740 17.51
46 91.878 90,037 2.04 84,094,552 63,315,598 +20,778.954 32.81
43 85,392 83,543 2.21 78,334,012 75,242,723 +3,091,2894.11
Note.-Neither the earnings of the Mexican roads nor the mining operations of the
anthracite coal roads are included in this table.
1896 __
1897......
1898.....
1899....
1900._
1901 ____
1902.......
1903.....
1004......
1905.__.
1906......
1907._
1908..._
1909....
19l0__
1911._...
1912_
1913......
1914._
1915 ____
1916.._ __
To complete aur analysis we furnish the following
six year comparison of the earnings of leading roads
arranged in groups:
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
December.
1916.
1915.
Canadian Pac_ 12.289.000 12,580,000
Chic Gt West" 1,435,393 1,326.884
286,498
301,781
Dul S Sh & Atl
Great North n 6,861,732 7,444,094
973.952
919,574
Minn & St La.
M St P & SSM 2,403.818 2,924,271
1914.
1913.
1912.
1011.
7,443,962 11,814,325 12,219,279 10,654,871
1,182,153 1,187,366 1,192,315 1,086,533
234,829
199,540
257,470
246,779
4,595,680 5,677,958 6,548,454 4,984,306
686,043
840,282
872,771
806,533
1,982,256 2,195,828 2,656,210 1,915,182
24,211,298 25,535.699 16,276,362 21,939,480 23,703,319 19,561,764
Total
* Includes Mason City & Fort Dodge and the Wisconsin Minnesota &
a Includes Iowa Central.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
December.
1916.
Buff Roc% & P 1,127.534
701,036
Chic Ind & Lou
Grand Trunk)
Grand TrkW 5,280,245
DetGH&M I
Canada AU.)
Illinois Cent c_ 8.440,000
PereMarquette a1,876.147
106.153
Tol Peer & W..
461.505
Tol St L & W.
930,605
Western Md__
1915.
1,112,375
626,250
1914.
1913.
1912.
1911.
731,897
474,032
842,038
558,599
816,563
592,913
739,148
488,955
4,819,124 4,087,967 4,761,352 4,842,965 4,147,769
6,076,823 5,255,472 5,840,761 5,700,980 5,019,239
1,876,147 1,421,699 1,489,292 1,566,646 1,520,680
106,915
104,985
119,759
88,976
105,631
336.757
408,350
378,696
344,463
515,498
594,827
588,225
676,249
640,838
952,747
18,923,225 16,084.595 13,045,344 14.681,626 14,613.349 12,927,688
Total
a Month not yet reported; taken same as last year.
c Includes earnIngs_of,Indianapolls Southern.
JAN. 13 1917.]
THE CHRONICLE
EARNINGS OF SOUTHERN GROUP.
109
In the controversy with Congress a sensational incident
occurred in the Senate on March 2 while that body was
considering Senator Gore's resolution asking American
S.
$
$
$
$
$
citizens to forbear from traveling on armed merchant ships.
537,077
Ala Gt South_
514,301
384,304
509,707
470,792
443,532
In the course of the debate, Senator Gore made the declaraAla NO & TP408,177
N 0& Nor E_
343,695
295,920
362,582
316,063
337,206 tion that his action "was based upon a report received
Ala & Vicks__
186,743
160,909
which
135,740
176,376
173,881
153,776 seemed
to come from the highest and most responsible
Vicks Sh & P_
200,383
158,264
119,036
171,454
160,857
144,717
Ches & Ohio c_ 4,024,554 4,003,601 2,936,242 3,214,136 2,976,993 2,835,282 authority; that
certain Senators and certain members of the
Cln N 0& T P 1,087,162
986,956
754,248
973,428
956,181
808,996 House in a conference with
Louisv & Nash b5,848,975 5,154,737 4,136,922 5,161,270 5,054,305
the President of the United States
4,655,837
Mobile & Ohio 1,063,875 1,011,468
received
878,750 1,150,967 1,031,047
from
979,226
the
President the information,if not the declaraSouthern Ry__ 6,966,446 6,287,115 5,284,248 6,603,193 6,223,385 5,607,472
tion,
that
if
German
Yazoo & M V_ 1,681,005 1,368,842 1,164,459 1,489,633 1,146,456 1,073,551
y insisted upon her position, the United
States would insist upon her position, and that
it would
Total
22.004.397 19.989.888 16.089.869 19.812.746 18.509,960 17,039,595
result
probabl
y
in
a breach of diplomatic relations,and that
- -b Includes the Louisville & Atlantic and the Frankfort
a
breach
diplomat
of
Cincinnati.
ic relations would probably be followed
&
c Includes Chesapeake & Ohio of Indiana.
by a state of war, and that a state of war might
be of
itself and of necessity an evil to this Republic, butnot
EARNINGS OF SOUTHWESTERN GROUP.
the
United States by entering upon war now might bethat
able to
December.
1916.
1913.
1912. I 1911.
1915.
1914.
bring
it
to
a
conclusi
on by midsummer and thus render a
great service to civilization." Senator Gore's assertio
$
$
$
$
3
$
n
Colorado & So 1,583,163 1,549,065 1,344,374
953,852 1,412,901 1,271,572 brought an immediate
denial from the White House couched
Deny & Rio Cr 2,190,000 1,947,300 1,631,485 1,805,909 2,031,602 1,863,536
Mo Han & T a 3,565,417 2,988,986 2,931,084 2.861,401 2,971,4921 2,568,554 in the following words: "When the attention of the
White
St Louis So W_ 1,440,000 1,141,000
883,387 1,182,663 1,231,092 1,175,115 House .was called
to certain statements in Senator Gore's
Texas tiz Pao__ 2,107,781 1,943,972 1,654,739 1,913,430 1,846,993 1,807,911
speech this afternoon, the President authorized an unqualif
ied
PPM.% I
In Ran nni 0.888.323 8.445.049 8,577,255 9,544.080
8.686.68E denial of any utterance to which any such meaning
could
be attached." Before a vote was taken on the resolution
a Includes Texas Central in all the years and Wichita Falls line from Nov. 1 1912.
Mr. Gore, as the author of it, by clever manoeuvering, sucWe now add our detailed statement for the month ceeded in amendin
g it so as to give it precisel the opposite
comprising all the roads that have thus far submitted meaning from that originally designed,and thenyvoted
against
it himself. The amendment inserted by Mr. Gore provide
figures for December.
that "the sinking by a German submarine without notice d
or
GROSS EARNINGS AND MILEAGE IN DECEMBER.
warning of an armed merchant vessel of her public
_
resulting in the death of a citizen of the United States,enemy,
would
Gross Earnings.
constitute a just and sufficient cause of war between
Mileage.
Name of Road.
the
United
States
and
German
the
Empire.
"
In
this form the
Inc.(+) 07
1916.
1915.
Dec.(-). 1916. 1915. resolution was tabled on March 3 by a vote of 68 to 14, Mr.
Gore, himself, as already stated, being registered in the
$
$
Alabama Great Southern_
537,077
514,301
42.776
312
309 affirmative.
Ala New Orleans & T PIn the House of Representatives the Administration leaders
New On & Nor East__408,177
343,695
+64.482
203
203 took pains to see
Alabama & Vicksburg_
that the meaning of the vote in that body
186.743
180,909
+25.834
142
142
Vicks Shrev & Pacific__
200,383
158,264
+42,119
171
171 should not be open to question-in other.words, that there
Ann Arbor
224,714
261,754
-37,040
300
300
Atlanta Birm & Atl
should be no doubt that it was the intention that the Presi365,841
318,569
+47,272
640
638
Bellefonte Central
6,155
7,369
-1,214
26
26 dent should be free to pursue his own policies in the conduct
Buffalo Rochester & Pitts 1.127,534
1,112,375
+15,159
586
586
of negotiations with Germany.. On the day the Senate tabled
Canadian Northern
3,485,400 3.435,600
-F49,800 9,296 7,761
Canadian Pacific
12,289,000 12,580,000 -291,000 12.993 12,921 the Gore resolution, namely March 3, the House
Committee
Chesapeake & Ohio
4,024,554 4,003,601
4-20,953 2,381 2,374 on Foreign Affairs,
Chicago Great Western
by a vote of 17 to 2, voted to report the
1,435,393 1,326,884 +108,509 1.496 1.427
Chic Ind & Louisville
McLemo
701,036
626,250
re
resoluti
+74,786
on
(warnin
622
g
622
America
ns
against
traveling
Cinc New On & Teit Pac- 1,087.162
986,956
337
337 on armed ships) with a recommendation that
Colorado & Southern_ _-- 1.583,163 1.549,065 +100,206
it be tabled.
+34,098 1,841 1,828
Denver & Rio Grande
The Committee in its report said: "Under the practice
2,190,000 1,947.300 +242,700 2,577 2,576
Denver & Salt Lake
and
154,838
164,715
-9,877
255
255 precedents in this country, the conduct of diplomat
Detroit & Mackinac_
93,798
ic nego84.196
+9,602
392
400 tiations has been left
Duluth South Shore SC Atl
301,781
to
the
Presiden
286,498
t,
+15,283
and
with
600
this
627
practice
Georgia Southern & Fla_
267,519
230,757
+36,762
402
402 the Committee does not feel it proper for the House of RepreGrand Trunk of Cansentatives to interfere. We know that if the President
Grand Trunk West__ 5,280,245 4,819,124 +461,121
4,533
4,533
Dot Grand Hay & Mil
a point in any negotiations with foreign Governmentsreaches
Canada Atlantic
where
Groat Northern
6,861,732 7,444,094 -582,362 8,188 8,102 he has exhausted his power in the premises, he will, in the
Illinois Central
6,440,000 6,076,823 +363.177 4,766 4,767 usual way,report all facts and circumstances to Congres
Louisville & Nashville
s for
5.848,975 5,154.737 +694,238 5,071 5,037 its consideration."
Mineral Range
When the House finally acted on the
95,858
91,493
+4,365
119
119 issue, on
Minneap & St Louis_-Mar.
7,
919,574
three separate proposals were disposed of by
973,952
-54.378 1,646 1,646
Iowa Central
large majorities. The first proposition, designed to open
Minneap St Paul & S 8
2,403,818 2,924,271
the
4,227 4,228 McLemo
Missouri Kansas & Tex_a 3,565,417 2,986,986 -520,453
re
resoluti
on to amendment and unlimited debate,
+578,431 3,865 3,865
Mobile & Ohio..
1,063,875 1,011,468
+52,407
was
1,160
voted
1,122
down
by
256
to
160; on this question 192 DemoNevada-Cal-Oregon
21,997
23,447
-1,450
275
272 crats, 63 Republicans
Pere Marquette
0.405,511 y1,267,410 +138,101 2,248 2,247
and 1 Progressive supported the AdRio Grande Southern_..__
53,064
45,953
ministra
+7,111
tion:
Action
180
was then taken upon the special rule
180
St Louis Southwestern
1,440,000 1,141,000 +299,000 1,753 1,753
Southern Railway
0,966,446 6,287,115 +679,331 6,982 6,986 providing for four hours' debate on the McLemore resolution;
Tenn Ala & Georgia
10,183
this
was
adopted
9,102
by
+1.081
272 to 137. The final action of the
95
96
Texas & Pacific
2,107,781 1,943,972 +163,809 1.944 1,944
House consisted in the tabling, by 276 to 142, of the McLeToledo Peoria & Western
106,153
105,631
+522
248
248 more resoluti
Toledo St Louis & West
461,505
on.
515,498
The vote to table was cast by 182 Demo-53,993
450
450
Western Maryland
930,605
952,747
-22,142
688
661 crats, 93 Republicans and 1 Progressive. Those
Yazoo & Miss Valley
1,681,005 1,368,842 +312,163 1,382 1,382
tabling consisted of 33 Democrats, 102 Republicans,against
5 ProTotal (43 roads)
78,334,012 75,242,723 +3,091,289 85,392 83,543 gressives, 1 Independent and
Net Increase(4.11L
1 Socialist.
These
votes
showed
that
the House was overwhelmingly in
a Includes Texas Central in both years.
favor of allowing the President to exercise his Constitutional
u These figures are for three weeks only.
prerogative and continue negotiations without interference
from the legislative branch of the Government. Later, the
Senate also showed that it was disposed to drop the whole
matter. Senator McCumber had on Mar. 3 re-introduced
RETROSPECT OF 1916.
his own resolution warning Americans against traveling on
In publishing last week our review of the calendar armed merchantmen, which the Senate had tabled at the
time it tabled the Gore resolution, but on Mar.9
year 1916, we printed the montly narratives only same
announcement that his resoluti would be definitely made
withfor the first two months. We add to-day the drawn. The premises, howeveron
, on which the withdrawal
was
based
proved
false,
Senator
McCumb
er
having
given it
narratives for two months more.
as his understanding that a warning would be issued by Sec.
of State Lansing fully as effectual as any that might
MONTH OF MARCH.
have
been put in force by the adoption of the Gore or McLemo
Current Events.-Though German continued--70- resoluti
re
on. This statement Mr. Lansing took prompt and
marine warfare with renewed vigor y
(attacks on merchant emphatic occasion to deny. A minor incident
ships, both armed and unarmed, being
in
connect
ion
reported with great with the action of Congress was the announc
frequency), the President gained a notable
by two
triumph in the Congressmen that they would not be candidatement
threatened conflict with Congress, and as this
es
for
re-eleoagain to conduct negotiations with German in left him free tion, since they found themselves out of sympathy with the
his own way, President's policy. One of these was Robert N.
anxiety regarding the probable outcome ofythe
Page, of
negotiations North Carolina, and the announcement in his ease attracte
was in large measure relieved,it being felt that, however
d
great
the
more attention,since he was a brother of Walter H.Page,
the provocatign, Mr. Wilson would act as he had in the past,
with due caution before taking any measures that might lead the American Ambassador to Great Britain. Mr. Page
pointed out that the United States Constitution vests in the
to a rupture in the relations between this country and Ger- Presiden
t all diplomatic questions, and said that he, for one,
many. As it happened, troubles on the Mexican border •was
took a very serious turn, necessitating the sending of United He willing that Mr. Wilson should exercise that prerogative.
did not believe, however, that an American citizen should
States troops into Mexico, and this served to divert attention insist
upon the exercise of any abstract right that would
for the time being from Germany's undersea warfare,
giving
jeopardi
ze the peace of the United States, and he did not
the President a chance to mature.plans for dealing with
want
the
to assume responsibility for the loss of a single American
submarine situation free from outside pressure.
life or even indirectly stain his hands with blood by voting
December.
1916.
1915.
1914.
1913.
1912.
1911.
110
THE CHRONICLE
[VOL. 104.
lity for the
serve exhaust all possible means of fixing responsibi
against the resolution of warning which, if given, might Sherdetermining the course to be pursued .*$ On
before
disasters
R.
Isaac
man
Congress
life.
of
to prevent such loss
Mar.25 reports came from Washington that all of the Entente
wood, of Ohio, took the same step. Mr. Sherwood was quothrough their Embassies at Washington, had handed
Powers
he
Congress
in
remained
he
as
long
so
that
ted as saying
Lansing formal responses rejecting the proposallof
See.
to
dishis
thought
he
but
,
President
the
sustain
to
would vote
Department that they enter into a modus vivendi
State
the
sympathy
in
was
who
one
some
by
ed
represent
be
trict should
their merchant ships, with the understanding
disarm
and
policy.
ation's
Administr
with the
the U. S. Government would endeavor to obtain a
that
effect
into
went
policy
new
s
Germany'
meantime
the
In
without
ment. pledgefrom Germany not to attack any unarmed ships
on March 1, in accordance with previous announcearmed
warning. There were indications, too, that in Germany
to
confined
not
were
however,
attacks,
German
The
itself sharp conflicts of view existed among those in authority
merchantmen. Quite a good many. British ships were
as to how far the policy of submarine warfare in disregard of
of
result
the
as
either
vessels,
neutral
some
also
and
sunk,
the rights of neutrals should be, and safely could be, carried.
mines.
floating
with
contact
or
attacks
e
submarin
of
German
One of the important events bearing upon this aspect on
were
attention
particular
attracted
which
disasters
The
Admiral,v
of
the
in
month
early
t
retiremen
the
was
affairs
s,
American
those concerning three British vessels, carrying Manchest
er Tirpitz, the German Minister of Marine and commonly renamely the Sussex, the Englishman and the
navy.
again garded as the builder and organizer of the German known
Engineer. These disasters served to bring aboutUnited.
His successor in the Ministry was Admiral con Capelle,
a tense situation in the official relations between the
merely as an excellent administrative officer.1.4,--. ost. Pohl
States and Germany, though public interest became abThe retirement of von Tirpitz was regarded as a triumph
sorbed, as already stated, in Mexican affairs. The Sussex
Beth, Eng- for the Government element represented by Dr. von
was a Channel steamer plying between FolkstoneFrench
man-Hollweg, the German Imperial Chancellor, who was
land, and Dieppe, France, and was owned by the
known to be conciliatory in his attitude toward neutral
State Railway, though managed by the London Brighton
in
on countries, while von Tirpitz was understood to have been to
& South Coast Railway Co. Advices from London
regard
without
e
attacks
submarin
g
continuin
of
favor
Mar. 24 stated that the steamer had met with a mishap
ces. Opinion in Germany was apparently divided
somewhere off Dieppe. The vessel was sailing under a consequen
to which course it was best to pursue. Echoes of this
French flag and had 386 passengers aboard, besides a crew. as
appeared in the discussions which occurred in the Reichstag
of about 50. In the number were included 25 Americans
when it reassembled. Moreover, with a view to preventing
These were all saved. An official statement, issued by the Admiral
von Tirpi Ws resignation from becoming a prelude
the
that
declared
Ministry of Marine at Paris, on Mar. 25,
ion of Germany's submarine campaign, the
modificat
a
to
This
.
submarine
enemy
Sussex had been torpedoed by an
Party on Mar. 18 proposed a resolution for
Liberal
National
obhad
ho
that
captain
was based on a statement of the
designed to restrain the Chancellor
Reichstag
the
by
adoption
had
and
side
the
from
served a torpedo about 100 meters
nts with other countries which
arrangeme
into
entering
from
was
vessel
the
but
it,
avoid
immediately manoeuvered to
the
unlimited use of the submarine
"in
Germany
hinder
would
A
afloat.
however,
,
struck in the forward part, remaining
to
prevent an open debate in the
however,
Action,
weapon."
and
vessel
distressed
the
find
French trawler managed to
ed use of submarines was taken
unrestrict
the
on
Reichstag
s.
passenger
the
of
majority
a
brought back to Boulogne
on Mar. 23, when the standing committee for regulation of
The rest (about 50 of the passengers and crew) were taken Parliamen
tary business, composed of the senior members
destroyer
boat
torpedo
British
to Dover, England, by the
parties, decided that the submarine resolutions
various
the
of
steamer
Line
Dominion
a
Afridi. The Englishman was
The representatives of the Conservative
tabled.
be
should
ed
transport
had
She
24.
Mar.
and also met with disaster on
parties, which brought forward the
Liberal
National
and
voyage
westward
her
on
but
horses to St. Lazaire, France,
have given tentative acquiescence.
to
said
were
s,
resolution
Portland,
for
bound
was
and
21,
had left Avonmouth Mar.
crisis was suddenly precipitated
serious
a
affairs
Mexican
In
time
the
at
aboard
s
American
of
Me. She had a number
by Francisco Villa and 1,500
attack
ed
an
unprovok
through
lost.
was
Buckley,
P.
namely
one,
of the disaster, of whom
s at Columbus, New Mexico,and
American
on
followers
his
of
of
shortage
a
leaving
more,
or
The rescued comprised 60
the camp of the 13th U. S. Cavalry at that place. This
about 18. It was declared in this instance also that the on
of American territory,occurred on Mar. 9. In the
invasion
attacks
the
over
concern
The
.
steamer had been torpedoed
19 Americans,7 of whom were soldiers, were killed,
or
18
raid
reports
by
d
aggravate
was
an
on the Sussex and Englishm
were wounded. The U.S. Government took
5
soldiers
while
with
27
Mar.
on
Engineer
er
of the sinking of the Manchest
e of the murderous assault. On the 10th
cognizanc
e
immediat
ManchesThe
board.
on
negroes,
two American citizens,
concerning the decision of the Adstatement
following
the
Mar.
in
er
Manchest
for
hia
Philadelp
left
had
ter Engineer
made: "An adequate force will be-sent at
was
ion
ministrat
warnwithout
torpedoed
been
have
to
asserted
11 and was
in pursuit of Villa, with the single object of capturing
ing off Waterport and sunk. In this case there were no once
putting a stop to his forays. This can and will be
and
him
American
an
having
steamer
British
another
Still
.
casualties
friendly aid of the constituted authorities in
entirely
in
done
torpedoed
reported
was
Point,
Eagle
the
namely
board,
on
and with scrupulous respect for the sovereignty of
without warning on Mar. 28, 100 miles from land, in a cable Mexico
Republic." Through the Mexican Ambassador, Eliseo
dispatch from Queenstown under date of Mar. 29. This that
Arredondo,Secretary of State Lansing on Mar.9informed the
dispatch stated that the vessel had been shelled and tor- de
facto Governmenb of Mexico of the action decided upon by
pedoed. In this case all were saved. It was also stated
U. S. Government, Senor Arredondo indicating that he
that a cablegram had been received from U. S. Ambassador the
would advise Gen. Carranza not to interfere with the plans
Page reporting that he had been informed by the British of
the United States. A statement making it plain that there
Admiralty that the Sussex had carried no guns. The State was
no intention on the part of the United States 'to enter
Department was furthermore said to have Been advised Mexico
by force was also issued on Mar. 10 by Sec. of War
that none of the Channel passenger liners had been carrying Baker, the
statement reading: "There is no intention of
arms.
Mexico in force. A sufficient body of mobile troops
Earlier in the month a Norwegian vessel; the Silius, and entering
be sent in to locate and disperse or capture the band or
a Dutch steamer, the Tubantia, both having Americans will
that attacked Columbus, N. M. So soon as the forces
on board, were sunk. The bark Silius had left New York bands
of the de facto Government can take control of the situation,
on Feb. 4 for Havre and met disaster on Mar. 9, when, any
forces of the United States then remaining in Mexico will,
according to reports, she was torpedoed without warning
course, be withdrawn. The forces of the United States
in Havre Roads. The bark had a cargo of grain but car- of
on the border will be immediately recruited, but only for
ried no passengers. The crew was said to have numbered nowpurpose
of safeguarding the territory of the United States
the
17, of whom seven were Americans; three of the crew were from
further raids."
lost, but no Americans were among that number. GerA communication from the Carranza, Government, seekmany made prompt disclaimer of responsibility for the
permission for Mexican forces to cross into American tersinking of this ship, saying that an official investigation ing
in pursuit of the bandits, and a proclamation by Gen.
by the German navy established the fact that no German ritory
declaring that the invasion of Mexican territory
submarine had been concerned in the sinking of the Silius. Carranza
by U. S. forces would not be permitted without reciprocal
The Tubantia was a Holland Lloyd passenger steamer rights
being granted the Mexicans, were developments which
and was sunk on Mar. 16 off the Noord Hinder light- were followed
by the acquiescence on the part of the U. S.
ship as the result of striking a mine or an attack by a, in
privilege requested. The note from Gen. Carranza
submarine. The steamer carried between 80 and 90 pas- wasthe
ed through U. S. Consul Silliman, by whom it
sengers and a crew of 300. Three Americans were reported was transmitt
Gen. Carranza's Minister of Foreign Affrom
received
left
had
Tubantia
The
vessel.
the
to have been on board
under date of Mar. 10. In this note it
Amnia,
Jesus
fairs,
stop
to
was
and
Plate
River
the
for
15
Amsterdam on Mar.
an
expression of regret by Gen. Carranza
(after
asserted
was
Gerfreight.
and
s
passenger
l
additiona
at Falmouth for
invasion of American territory was
this
that
deed)
Villa's
over
sinking
the
for
lity
responsibi
denied
lly
many emphatica
into Mexico by American Indians
the
incursions
to
similar
statetwo
issuing
y
Admiralt
German
the
also,
of this ship
1880, and again in the years between 1884 and
ments undertaking to show that no German submarine in the year
pointed out that on those two occasions an
was
It
.
1886.
Tubantia
the
of
sinking
the
in
involved
been
could have
entered into between the Government of the
was
t
agreemen
had
Tubantia
the
proved
ion
investigat
that
It was asserted
of Mexico under which the armed forces of
that
and
S.
U.
other
any
by
nor
e
submarin
German
a
by
not been torpedoed
given permission freely to enter the terriwore
country
one
following
The
navy.
German
the
to
attached
kind of ship
with the view to punishing the marauding
other
the
of
tory
asLondon
to
m
Amsterda
from
dispatch
a
May, however,
ly, Carranza requested permission for
serted that pieces of metal found in the ship's boat had con- bands. According
cross into American territory in pursuit
to
forces
Mexican
torpedo
German
a
that
nt
Governme
German
vinced the
band, in return for which "due reciprocity
his
and
Villa
of
steamer.
the
had sunk
forces of the United States crossing into Mexican
Much anxiety was manifested by our Government over in regard towould
be authorized. The U. S. Government
territory"
unarmed
and
armed
against
warfare
undersea
of
this revival
and on March 13 addressed a letter to
once,
at
consented
to
decided
on
Washingt
at
ation
Administr
the
ships, but
JAN, 13 1917.]
THE CHRONICLE
111
Gen. Carranza saying the Government of the U. S. "readily Ribot, the French Minister of Finance,
before the
grants permission for military forces of the de facto govern- Chamber of Deputies on Friday night,speaking
Mar. 17, made ra
ment of Mexico to cross the international boundary in pur- declaration that attracted attention all over
the world when
suit of lawless bands of armed men who have entered Mexico he said in unqualified fashion, "We have reached
the.defrom the United States, committed outrages on Mexican soil cisive hour." "We can say without
exaggerati
and fled into the United States, on the understanding that out illusion and without vain optimism, that weon, withnow see
the de facto Government of Mexico grants the reciprocal the end of this horrible
M. Ribot's assertions a,pprivilege that the military forces of the United States may parently had reference towar."
the
military
situation,
reflecting
pursue across the international boundary into Mexican tern- perhaps more particularly French
confidence in a favorable
tory lawless bands of .armed men who have entered the outcome of the gigantic military
operations
(then
in progress)
United States from Mexico,committed outrages on American before Verdun. As it happened
this French utterance was
soil and fled into Mexico. The Government of the United coincident with the revival
of
peace
rumors
and
gained extra
States understands that, in view of its agreement to this re- credence for the same. Very
circumstantial reports were
ciprocal arrangement, proposed by the dc facto Government, published saying that
the
U.
S.
Ambassad
to
or
Germany,
the arrangement is now complete and in force and the re- James W. Gerard,
concluded to postpone his temporary
ciprocal privileges thereunder may accordingly be exercised departure for homehad
after
an
important
interview
with the
by either Government without further interchange of views." German Chancellor in which the
With the issuance of the above letter, Secretary of State the utmost frankness the terms latter had outlined with
and
conditions
upon which
• Lansing inade public a statement in the name of President Germany was prepared to
enter upon peace negotiations.
Wilson, reiterating that every step. taken by the Adminis- These terms had apparently
been
framed
so as to meet
tration was based on the deliberate intention to preclude the English objections by providing
possibility of armed intervention.in Mexico.. The statement gian independence, that being for the restoration of Belrecognized
as
a paramount
said: "In order to remove any misapprehension that may ex- requirement before Great Britain
would consider. peace
ist either in the United States or in Mexico, the President has terms at all. The cable
dispatches
also
stated
that in conauthorized me to give in his name the public assurance that cluding to remain at his
post Mr. Gerard was acting on a
the military operations now in contemplation by this Govern- direct hint from the German
Government. The story was
ment will be scrupulously confined to the object already an- so circumstan
that it led to a severe break in the war
nounced, and that in no circumstances will they be suffered stocks on thetial
N.
Exchange. Our State Departto infringe in any degree upon the sovereignty of Mexico or ment waspromptY. Stock
denying the authenticity of the redevelop into intervention of any kind in the internal affairs ports, saying thereinwas
no justification for the inference
of our sister republic. On the contrary, what is now being which had been drawn. The
fact remained, however, that
done is deliberately intended to preclude the possibility of Mr. Gerard had suddenly changed
his plans for coming
intervention." A resolution upholding the course of the home.
President in sending troops into Mexico, and Intended to
Of course none of the belligerent countries relaxed milireassure the defacto Government that the expedition would be tary operations in the least. On Mar.
27 and Mar. 28 very
limited to the pursuit and punishment of Villa, was also important conference
s occurred at Paris among represenadopted by the U.S. Senate on Mar. 17, One or two formal tatives of the Entente
countries. The measures decided
clashes between the U. S. troops and those of Villa occurred, upon were not
of course disclosed, but the text of the resoin which minor casualties to our soldiers resulted, with much lutions
adopted just before adjournment was given out and
more serious disasters to ,the Villa forces, and Carranza's these resolution
s affirmed "the complete community of
troops also inflicted considerable injury on the bandit band, views
and
solidarity of the Allies. They confirm all the
but Villa was never captured. Gen. Carranza gave permis- measures taken
realize unity of action and unity of front."
sion for the use of the Mexican railways for the purpose of It was declared to
that "They understand by that, at the same
forwarding supplies to the American troops "on a commercial time, unity
of
action, assured by the entente conbasis." On Mar. 28 both Houses of Congress passed a bill cluded betweenmilitary
the general staffs; unity of economic action,
appropriating ,611,502 to pay the expenses of the punitive the
organizati
on of which the present conferences has reguexpedition and the recruiting of the army up to full strength. lated, and
unity of diplomatic action, which is guarantee
In the Senate the vote was unanimous, and in the House 373 by their
d
unshaken will to continue the struggle to victory
to 1, the dissenting vote being cast by a New York Socialist.
the common cause." It was also stated that
Through the recruiting 20,000 men were added, by bringing for
"with
a
view to strengthen, co-ordinate and unify the
the regular army up to maximum strength.
action to be exercised to prevent the revictualing ofdiplomatic
the enemy
One other disquieting event of the month was the presen- the conference
has decided to establish at Paris a permanent
tation of the formal demand of the trainmen on all the roads committee in which
all the Allies will be represented." Apin the country for an increase in pay. The organizations con- parently also
Great
agreed to make her shipping
cerned were the Brotherhood of Locomotive Engineers, the facilities available for Britain
benefit of an the different Entente
Order of Railway Conductors, the Brotherhood of Locomo- powers, a point uponthe
France and Italy had been
tive Firemen and Enginemen, and the Brotherhood of Rail- laying great stress. Atwhich
all events it was announced that
road Trainmen. On Mar.9 official announcement was made the conference
had
decided:
"First to continue the organiin Chicago that the referendum vote of the 490,000 engineers, zation,
begun at London, of an international central
firemen, conductors and trainmen involved in the movement bureau already
of
freights;
second
to
proceed in common, and with
had been overwhelmingly in favor of authorizing the representatives of these organizations to demand an eight-hour day the briefest delay, to seek practical means to apportion
equitably
among
the
Allied nations the charges for
with time and a half pay for overtime. The formal demand
on the roads came March 30, and April 29 was fixed as the maritime transportation and cheek the rise in freight
rates."
date by which answers would be expected. The demands
On Mar. 30 a new Order-in-Council was issued in London
were made simultaneously upon all the roads in the country, providing
that "neither a vessel nor her cargo shall be immune
and the different roads were requested to "join with other from
railway managements in the United States and enter into a that capture for a breach of•blockade upon the sole ground
she at the moment is on her way to a non-blockaded
collective movement for the purpose of handling this proposition at one and the same time through a joint committee port." The Order announced that subject to certain modifirepresenting all railroad? concerned." The men also made cations and omissions the Government had put in force the
it a condition that nothing in any settlement that might be Declaration of London respecting the capture of merchant
reached was "to be construed to deprive the employees craft during the war. Certain doubts had arisen concerning
of any railroad from retaining their present rules and the right to effect "the capture of conditional contraband on
board a vessel bound to a neutral port" which it was "exaccepting any rates that may be agreed upon or retaining their present rates and accepting any rules that may pedient to put an end to" and it had been decided no longer
The railroads, on their part, while to adopt article 19 of the Declaration which provided that
be agreed upon."
may be the ultimate destination of a vessel or of
presenting no counter-proposals, insisted that in any "whatever
consideration of the subject there must be an "open door." her cargo, she cannot be captured for breach of blockade if at
moment she is on her way to a non-blockaded port."
In other words, they insisted that, in any consideration the
was therefore ordered that the provisions of the DeclaratioIt
of the question, proposals for alterations and readjust- of
n
ments of wage rates and wage schedules coming from the rail- in London "shall not be deemed to limit, or to have limited,
any
way
the
right
of
his
Majesty,
in
accordanc
e with the
roads must receive equal hearing with those from the men law of
nations, to capture goods upon the ground that they
instead of consideration being given alone to matters favora- are
conditiona
l
contraban
d,
nor
to
affect,
or
have
affected,
ble to the employees. The movement for higher wages in the liability
of conditional contraband to capture, whether
railroad train service also extended.to the switchmen. The the
carriage of the goods to their destination be direct or enSwitchmen's Union of North America,.with headquarters in
Buffalo,.served 30 days' notice on the General Managers' tail trails-shipment or subsequent transport by land." This
Association of Chicago, demanding .that 8 hours or less provision was also made applicable to absolute contraband.
By another clause it was provided that enemy destination
should constitute a day and the prevailing pay for a 10-hou
day be given for 8 hours, all time after 8 hours to be paid forr "may be presumed to exist if the goods are consigned to a
at 1% times the new hourly rate. The Switchmen's Union person who, during the present hostilities, has forwarded
contraband goods to territories belonging to, or
had contracts on quite a number of important systems imported
throughout the country. The following August, the Union occupied by, the enemy." The Order furthermore said
that
"it shall lie upon the owners of goods to prove that their
and the Conference Committee of Railway Managers agreed destinatio
n was innocent." By another Order-in-Council in
to submit the controversy to arbitration under the terms of effect
after Mar.27 the importation into the United Kingdom
the Newlands Act, and the award under this arbitration was
of
certain luxuries except under license from the Board of
filed in December and will be found recorded in our narrative
Trade was prohibited. The list included automobiles,
for that month.
motorcycle
Peace rumors again gained wide currency and were sup- ianolas, s, musicalinstruments,including gra,maphones and
and spirits and strong waters of all kinds except
ported by some plausible incidents and rumors. Alexandre trand
iu.
112
THE CHRONICLE
[VOL. 104.
end of June 1916 would be nearly 47,000,000,000
An event of the month was the declaration by Germany on. to the of
francs, which 37,000,000,000 was for purely military purMar.9 of war on Portugal. The German declaration emphaposes. Official announcement was made Mar. 27 that
sized the fact that this step became necesary as a result of the
maximum note issue of the Bank of France and its
therecent illegal seizures of German ships in Portuguese ports.
which had been fixed by the decree of May 11
branches
of
series
long
a
ed
In addition the declaration enumerat
00,000 francs had been raised to 18,000,000,at
15,000,0
1915
ent,
Governm
se
Portugue
the
alleged breaches of neutrality by
Mar. 18 a new moratorium decree was
On
francs.
000
to
passage
free
of
n
permissio
the
Including, among others,
another period of 90 days payments
for
g
extendin
issued
perthe
que,
of
Mozambi
colony
English troops through the
A
new Russian war loan for 2,000,debts.
ante-war
on
a
for
ports
se
Portugue
to
use
ar
mission to English men-of-w
payable in ten years was also
bonds
5%
in
rubles
000,000
given
n
permissio
the
neutrals;
to
time exceeding that given
from Petrograd.
advices
cable
in
d
announce
actual
base,
naval
a
as
Madeira
the English navy to use
d to finance its war reent
continue
Governm
British
The
the
on
troops
German
and
se
Portugue
engagements between
of treasury bills, and
the
issue
through
largely
ts
and
quiremen
Angola,
of
and
Africa
t
frontier of German Southwes
month were marked
of
the
part
latter
the
these
on
the
rates
of
members
by
nation
frequent insults to the German
months maturity
of
three
bills
for
432%
to
5%
from
The
down
ded.
repriman
were
never
Portuguese Parliament, who
Yearlings were
months.
nine
and
six
for
%
4
43
to
these
and
by
ent
Governm
se
Portugue
declaration concluded:"The
d Mar. 11 that
announce
of
England
Bank
The
at
5%.
left
herself
considers
Portugal
that
acts openly gave evidence
would be free
interest,
and
principal
bills,
treasury
these
wishes
and
s
interests
England'
England's vassal for whom
not resident'
holders
to
taxation
or
future
present
all
tions."
from
considera
other
with
on
are paramount in comparis
was to incourse
of
object
.
The
Kingdom
United
Italian
the
in
the
by
seizure
the
29)
The previous month (Feb.
prices of
Minimum
bills.
s
the
of
purchase
foreign
in
interned
duce
steamers
German
37
Government of 34 of
Stock ExLondon
the
on
issues
railway
and
ComColonial
of
16
House
British
the
in
d
Italian ports was announce
change were removed at the commencement of business
mons.
through
all
d
Mar. 13, but agitation for the removal of such other minicontinue
Germans
the
In the theatre of war
at
ions
mum quotations as were still in force continued. It was
fortificat
the
on
attacks
the month their furious
d from London on Mar.4 that the British Treasury
announce
fiercest
the
of
were
nts
engageme
artillery
Verdun. The
to accelerating the mobilization of American
view
.a
gases,
with
ting
asphyxia
attacks
infantry
the
description and in
requested British banks to call in loans upon
had
ng
securities
overcomi
for
device
other
every
and
liquids
burning
shares. Revised lists of American serailroad
American
bloodiest
the
of
was
fighting
The
used.
were
resistance
British Treasury was prepared to purthe
which
had
curities
Germans
The
.
appalling
life
of
loss
the
and
description
ion plan were issued,and on Mar.
mobilizat
the
under
were
and
chase
guns
French
the
of
fire
searching
the
to meet
British Treasury made definite
the
of
oners
of
Commissi
the
heaps
24
rising
until
of
shelter
means
the
without
generally
g Mar. 27 they would be prebeginnin
that
ement
measure
a
announc
which
behind
s
barricade
furnished
dead
own
their
dollar securities on deposit as a
American
receive
to
French
pared
.
The
obtained
was
fire
French
the
from
n
protectio
of
those who were not in a position to sell
on their part in trying to recapture important positions basis for loans from
the Government by lending their
assist
to
able
were
the
of
fire
but
ng
the
decimati
to
exposed
were
enemy
the
by
taken
similar to those set forth in
were
terms
The
.
equally
securities
sustained
nce
a
conseque
as
and
artillery
German
dum, published in the London
Memoran
was
Treasury
who
the
Prince,
Crown
German
the
While
losses.
dreadful
Dec. 17 1915. Under the arrangein charge, did not succeed in obtaining any decisive victories, "Gazette" the previousfrom
the Treasury all interest and
received
holders
ground.
ment
gaining
in
d
succeede
surely
but
slowly
Germans
the
securities and as consideradeposited
the
on
paid
s
in
was
dividend
fighting
active
line
French
the
of
end
British
the
Along
of M% per annum on the face
a
payment
loan
the
to
for
tion
order
In
.
Germans
the
and
British
the
between
progress
. The securities had to be transferred
prevent a further concentration of strength by the Germans value of the securities
a
period of two years, the Government
for
Treasury
the
effecthe
to
took
Russians
the
soil,
French
on
d
battlefiel
In the
at any time on behalf of the lenders
sell
to
right
the
eastern
having
the
s
in
Austrian
the
and
Germans
the
against
sive
the then current market price plus
at
over
them
take
their
to
or
renewed
also
Italians
the
and
war
the
of
theatre
that British-owned (but not Ameriprovided
was
It
success,
23/2%.
of
measure
great
no
with
ly
apparent
but
,
activities
securities in America might be deposited with
though at some points very slight inroads into the German can-owned)
& Co. The list of eligible securities which
Morgan
of
the
P.
part
J.
latter
The
.
Russians
the
by
made
lines were
comprised 666 bonds and 112 stocks and
offered
be
t
might
statemen
a
out
gave
Office
Foreign
German
the
month
"not
shares.
that
saying
t
movemen
Russian
the
to
reference
with
Following the issuance by the British Government of
even the smallest advantage against the unshakened German
." regulations prohibiting speculative transactions in copper
defense has been obtained anywhere in this great offensiveas
and all other metals required in the production of war maOn the Galician front the Russians made some headway
Metal Exchange on Mar. 2 decided to
against one or two Austrian positions. On the Black Sea, terials the London
with the exception of those in tin. The
coast, however, and in the Persian sector the Russians con- suspend all dealings
Government order made it unlawful for any person to deal
tinued to press their advantage.
metals unless the metal was in the possession
General Gallieni, the French Minister of War, resigned in any of theor
in course of production for him and in the
either as a result of ill health or because of differences with of the seller
unless the purchase was made for the
General Joffre and was succeeded by General Rogues, case of the buyer
s. The metals named were copper, iron,
formerly Commander of the Twelfth Army Corps, then a actual consumer
antimony, nickel, tungsten, molybdenum,
member of General Joffre's staff. The Russian War Minister, steel, zinc, brass,
specified by the Ministry
, who had held office for the previous nine ferro-alloys, or any other metal
Gen. Polivanoff,
s. As a result, however, of a visit from a delemonths, was retired at his own request, being succeeded by of Munition
t metal interests the prohibition order
General Shauvaieff. Lieut-Gen. Ichinosuke Oka, Japanese gation of importan
and dealings in future contracts on the metal
Minister of War, resigned as a result of ill health and was was modified
resumed on Mar. 6. The Minister of
succeeded by Lieut.-Gen. Ken-Ichi Oshima, previously exchanges were
Munitions, David Lloyd George, objected very strongly
Vice-Minister of War.
d upward trend in metal prices which he
A fourth German war loan was brought out, subscriptions to the continue
speculation and to meet this objection new reremaining open until Mar. 22. The loan was dual in form ascribed to
on future contracts that would eliminate all possiand in the shape of 5% bonds, not redeemable before 1924, striction
upon.
The other part of the loan bility of manipulative influence were agreed Mar.
and these were offered at 98
16 for the
The Vienna Stock Exchange was reopened
Imperial Treasury bonds divided into ten
consisted of 4
first time since the outbreak of the war. Trading, however,
series and redeemable, one series at a time, by annual drawto one hour each day and dealings in futures and
ings from 1923 to 1932; these were offered for subscription at was limited sales of all kinds were strictly prohibited.
95. New York bankers, on account of the decline in Berlin speculative ents
were completed between the Argentine GovArrangem
exchange, offered the 5 per cents at $187 50 per 1,000 marks,
and the Guaranty Trust Co. of New York for a oneand the 43/i per cents at $180 per 1,000 marks. The loan ernment
year loan of $15,000,000, making a total of $79,500,000 borproved a great success, the subscriptions aggregating 10,712,- rowed
here by the South American Republic since the begin000,000 marks. Subscriptions to the third German war loan,
of the war. The loan was non-interest-bearing, having
offered the previous Sept., when the subscription price was ning
Co.
been sold on a discount basis, and the Guaranty Trust
99, aggregated 12,100,100,000 marks. For the second war offered
Government of CanThe
basis.
a
5%
on
notes
the
and
at
1915
Mar.
in
983/i
loan subscriptions were received
000 5% gold
first German war ada placed exclusively in this country $75,000,
aggregated 9,060,000,000 marks. The 973/i
5, 10 and 15 years.
in
each
000
$25,000,
maturing
bonds
conalso
and
at
1914
loan was brought out in Sept.
offered at
The 5-year bonds maturing Apr. 1 1921 werewere
sisted of 5 per cents. The subscriptions then reached only 99.56,
offered
the ten-year bonds
5.10%;
about
yielding
4,460,000,000 marks,
and. the 15-year bonds at
53/%,
about
yielding
97.13,
at
of
issue
the
resumed
20
Mar.
The French Treasury on
yielding about 532%. The loan was brought out by
5% National Defense Obligations. The issue price was 94.94,
headed by J. P. Morgan & Co. and proved an
syndicate
a
and
1920
between
par
at
le
96.80 with the bonds redeemab
the 15-year bonds rising immediately to a
success,
entire
ent
Governm
French
the
by
1925. The credits required
.
The Canadian Government agreed not to
premium
large
0,000
at
7,800,00
put
were
1916
of
for the second quarter
in this country during 1916.
loan
another
offer
Budget
of
the
reporter
the
by
francs in a statement prepared
and steel trade continued unabated,
iron
the
in
Activity
figured
was
.
This
Deputies
of
Committee of the Chamber
in prices. The make of iron in the
advances
further
with
francs
00
of
87,000,0
ure
expendit
as equivalent to a daily
a
new high figure at 3,337,691 tons,
reached
States
United
carrying
of
cost
the
that
showed
($17,400,000). The figures
00 tons a year. The "Iron
40,000,0
over
of
rate
the
at
or
ure
total
expendit
g,
the
increasin
on the war was steadily
ingot production at even higher
steel
the
put
city
this
of
Age"
the
whereas
francs,
00,000
22,000,0
for 1915 having been
or 43,000,000 tons to 44,000,000 tons per year. At
requirements for the first half of 1916 were put at 15,500,- figures,
time it was stated that mills had made no headway
same
the
French
total
the
that
d
estimate
000 francs. It was
)
000
in overtaking orders, some of them even falling
March
in
1914
August
of
g
beginnin
the
national expenditure from
JAN. 13 1917.]
THE CHRONICLE
113
farther behind. The "Iron Age" at the middle of the month the organization
filed by the Government in Aug. 1912 under
said: "Any last vestige of doubt as to the runaway character the Sherman Anti
of the steel market is being swept out of the way. Prices cago in 1915 from-Trust Law. The case was tried in ChiMay 17 to July 12. In sustaining the
reach new danger levels with each week, but demand does not Government's charge,
halt on that account; it rather grows. And all the time it is of 'reasonable restraint'Judge Landis declared that "the rule
harder to locate the market,$5 a ton difference in quotations that this is not a case of has no application here for the reason•
mere restraint but of total exclusion."
on the same material being common. Here is one large
Railroad Events and Stock Exchange Matters.—The stock
steel producer—the largest of all—naming prices on some market
very naturally was decidedly unsettled as a result of
forms of finished steel for delivery through next year; another the events
Is out of the market entirely; a third is selling for the first disturbed. above narrated, and yet was at no time deeply
As a matter of fact, the market seemed to be
half of this year but unwilling to quote for the second half; more sensitive
to reports of a possible sudden termination of
still another puts its price on plates, shapes and bars at 3.50c. the war,
rumors to that effect being again rife, than to infor any delivery, thinking to reduce the pressure of new busi- fluences of
any other kind. One such rumor obtained wide
ness.' Steel billets further advanced, both Bessemer and
on Saturday, March 18, it being then stated that
open hearth at Pittsburgh jumping to $45 a ton from $37 and credence
Germany had actually made overtures with a view to open$38, respectively. Steel bars at Pittsburgh advanced from ing
peace negotiations, and plausibility was given to the re2.50c. per lb. to 2.75c.; tank plates at Pittsburgh from 2.75c.
per lb. to 3.50c.; beams at Pittsburgh from 2.25c. to 2.50c. port by very circumstantial statements that James W. GerCopper was a little easier the early part of the month, with a ard, the U. S. Ambassador to Germany, had concluded to
recovery the latter part, Lake copper dropping from 2734e. postpone his temporary departure for home, in view of the
that he might be called upon to take part in the
to 27c. and then advancing to 273/sc. while electrolytic cop- likelihood
peace negotiations. The result was that the stock market
per, after declining from 273'c. to 2634c.,recovered to 263/8c. on
Spelter at St. Louis dropped from 20.50e. to 16.500., but was of Monday, Mar. 20, became decidedly weak and a decline
17.50c. at the close. Lead further rose at St. Louis from thefrom 3 to 7 points in a substantial list of shares dealt in 011
Exchange ensued. The drop was heavy in all the muni6.300. to 8c. The price of cotton improved and middling tions
manufacturing stocks, with a sympathetic decline in
uplands in New York advanced from 11.35e. Feb. 29 to
12.15e. Mar. 29, with the price Mar. 31 12.100. Grain the rest of the list. The market, of course, promptly recovprices fluctuated considerably. The May option for wheat ered after it became manifest that there was no early prospect
In Chicago on Mar.6 got up to $1 1634, but from this there of peace. Activity throughout the month was largely conwas a drop to $1 05% Mar.18,with the close Mar.31 $1 13Y8. fined to the war stocks, the fluctuations in which from day
The May option for corn in Chicago was up to 77%c. Mar. to day-, and indeed from hour to hour; were wide. Some of
16, but down again to 703'c. Mar.24, with the close Mar.31 them, too, made very substantial advances during the month,
7434c. May oats in Chicago were 4534c. Mar. 16 and 42c. Crucible Steel corn., Amer. Loco. corn., Cuban-Am. Sugar
corn. and a few others of the same class being particularly
Mar. 24, with the close Mar. 31 443'c.
Freight congestion on the railroads continued a feature noteworthy in that respect. In the railway list the net
In affairs and there was active co-operation on the part of the changes for the month were not as a rule great.
The Money Market.—In the money market there was no
railroads, the Inter-State Commerce Commission and different bodies of shippers to furnish relief, various remedies change from the previous condition of extreme ease. The
to that end being employed. The result was considerable month's range for call loans was 1%@2%. Time loans
modification of prevailing embargoes by the end of the Mar. 31 were 2M@,2% for 60 days, 23'@3 for 90 days and
month and in some cases the entire lifting of the embargo. 3% for 4, 5 and 6 months. Commercial paper remained at
The statement of the American Railway Association for 3@334 for double names and prime single names and 3% for
Apr. 1 showed a net surplus of 4,638 cars on the railways of names not so well known. Money holdings of the New York
the United States, as against a net shortage of 19,537 cars Clearing House banks decreased still further and Apr. 1 were
March 1. An adjustment of the differences between miners $474,742,000, against $503,223,000 Feb. 26. Gold on deand operators in the soft coal fields of Ohio, Indiana, Illinois posit with the Federal Reserve Bank of New York, however,
and Western Pennsylvania was effected. The miners had increased from $166,754,000 Feb.26 to $176,317,000 Mar.25,
asked for an increase of 10% at the basing points, a 10% then falling off to $171,833,000 Apr. 1. Surplus reserves
increase in all dead work and yardage, a 20% increase on all after improving from $134,998,790 Feb. 26 to $137,520,440
day labor and payment on a mine-run basis. Under the Mar.4, dropped to $123,823,040 Apr. 1. Loans and investagreement increases of from 5 to 13% on tonnage, yardage ments after decreasing from $3,388,963,000 Feb. 26 to $3,and day wage rates were granted and the establishment of a 343,715,000 Mar. 11, were $3,370,348,000 Apr. 1. Deposuniversal run-of-mine system provided for. Day laborers its varied from week to week, but were only $3,565,957,000
and those engaged on yardage were allowed an increase of Apr.1 against $3,604,053,000 Feb.26.
Foreign Exchange, Silver, &c.—In the foreign exchange mar5% and there was a scaling down of the demands for a 10%
increase at the basing points. Under the agreement it was ket rates on London moved within a very narrow range and
stated an increase of approximately ,000,000 in the wages there were no striking incidents or developments. Merchandise exports continued heavy, particularly of war maof the solft coal miners would result.
The Hay Bill, reorganizing and increasing the army, was terials and other supplies for the Entente countries, but these
passed by the House of Representatives on Mar.23 by a vote did not figure in exchange operations, since they were settled
of 402 to 2, being the first of the Administration's prepared- for through drafts on the credits established here in favor of
ness measures to go through either branch of Congress. It those countries through the Anglo-French loan and through
provided for a regular army peace strength of 140,000 and other special arrangements. Exchange on Berlin and Vifor the building up of a force of 425,000 Federalized national enna, however, again displayed weakness, new low levels
guardsmen.within five years. It also made provision for an being established in both instances: Reichsmarks Mar. 21
officers' reserve corps of 50,000, for a complete industrial got down to 7134 and the Austrian kronen on Mar. 30
reserve, and for new recruiting systems for both the rekular touched 12.35e., the quotations Mar. 31 being respectively
army and the national guard. The bill passed the Senate 723/ and 12.41. French exchange also proved weak; in
In greatly modified form in April and then went to a Confer- part, perhaps, because of the violence of the military operaence Committee of the two Houses, where an agreement was tions before Verdun, though in addition France had to arreached in May. See narrative for that month. Newton
range for some maturing loans in both New York and LonD. Baker was confirmed by the U. S. Senate Mar. 7 as Sec- don. As a general thing, it may be said that as far as all
retary of War to succeed Lindley M. Garrison, who had re- Continental points were concerned, exchange on the belliger• signed the previous month by reason of differences of view ent countries was weak, while that on neutral countries, like
with President Wilson.
Holland (Amsterdam), Denmark, Sweden and Norway,:was
Gross revenues of the railroads in official classification strong. In the case of sterling exchange, the rate for sight
territory in Oct. 1915 were augmented $3,815,939, or 2.98%, bills did not at any time vary greatly from 4 76, the range
as a result of the rate advances granted in Dec. 1914 in con- having been between 4 75 15-16@4 7634 and 4 76 7-16(4
nection with the so-called 5% rate case, according to a 4 763/2, the latter the quotation both Mar. 1 and Mar.
statement issued by the Inter-State Commerce Commission. French exchange was weak and was quoted 5.98 francs31.
to
When the decision in that case was handed down the chief the dollar Mar. 30 and 5.9734 Mar. 31, this comparing with
roads affected were requested to make an estimate of their 5.873
4 Mar.1. The gold movements to and from the United
Increased revenues for May 1915 and an actual record of the States were on the whole not very important, the imports
Increases for October 1915 and April 1916. The May 1915 having been $9,776,439 (all ports) and the exports
$10,774,"estimate" showed an increase in earnings on account of 354. Open market discounts in London were reduced
to
the rate award of 2.85%. The results of the October count 4% for 60 and 43
4 for 90-day bills. The private bank rate
were compiled from the returns of 43 roads and systems in
434
Berlin
at
moved
up
to
%. Silver in London advanced
the
territory referred to, which includes practically all
part sharply so that the price Mar. 31 was 28 15-16d.
of the country east of the Mississippi and north ofthat
the Ohio
and Potomac rivers. The calculation showed the excess
Stock Fluctuations.
March 1.
March 31.
in
Range for Month.
revenue received upon the actual business handled
and
Railroads—
Prices
in doll at:per share.
Lowest.
covered advances in both passenger and freight revenues as Atoll Top & Santa Fe.
Highest.
10234
10334
102 Mar. 1 10434 Mar. 14
well as in mails, express and minor items. To the total Baltimore & Ohlo____
8534
8634
85 Mar. 1 90 Mar.117
Canadian
Pacific
z16434
167
x16234 Mar. 1 1691( Mar.24
Increase of $3,815,939, freight contributed $2,703,468 and Chesapeake de Ohio__ _
61
6134
6034 Mar. 4 653( Mar.18
passengers $936,081, the ratio of gain in freight being
Chia Maw & St Paul
9334
93
9234 Mar. 1 9634 Mar. 15
2.79%
Erie
3534
3634
and in passengers 4.59%. On account of the great cost in- Great Northern, pref.
3534 Mar. 1 3834 Mar.15
120
121
11934 Mar. 1 12334 Mar. 14
volved, the railroads were excused from compiling the figures Louisville& Nashville_
12134
*122 124
12134 Mar. 1 125 Mar. 18
New York Central__ _ 10334
for April 1916.
10314
10234 Mar. 1 107 Mar. 15
N Y N H & Hartford_
6734
6334
6434 Mar. 11 68 Mar.15
In the U. S. District Court at Chicago, Judge Landis held Norfolk
de Western__ _
11434
114 Mar. 1 12434 Mar.18
12034
Northern Pacific
112
the Associated Bill Posters of the United States a combina- Pennsylvania
11234
11134 Mar. 1 11434 Mar. 16
(par 850)
. 5634
5634
5634 Mar. 1 58 Mantle
tion in restraint of trade in an action for the dissolution of Readlna Co (Dar
850)_
8214
8414
81 Mar. 1 8934 Mar.1111
THE CHRONICLE
114
[VOL. 104.
had fallen victims to submarine attacks. The note dwas
dated Berlin, Apr. 10, but the text of it as containe in.
Highest.
Lowest.
Prices in doll ars per share.
dispatches was not made public by our State DepartRailroads—
cable
15
Mar.
9634 Mar. 1 10034
9734
9734
Southern Pacific
Mar. 17 ment until Apr. 13. The German Government admitted
1
Mar.
2134
20%
1934
1934
Southern Railway.,..
132%
z13034 Mar. 1 13434 Mar. 14 as to the Sussex, which as related above had been crippled
z13134
Union Pacific
on Mar. 24, and which
Industrials—
2634 Mar. 1 3334 Mar. 14 in the English Channel off Dieppe
29
2634
Allis-Chaim Mfg v t c_
Mar. 13 figured foremost among the vessels disabled or sunk the
77 7534 Mar. 2 81
*z75
7634
Preferred v t c
15
69
6534 Mar. 1 6934 Mar.
*j67
6534
a German submarine had attacked
Amer Agricul Chem.._
6434 Mar. 1 74 Mar. 17 previous month, that
7134
6534
American Beet Sugar_
5634 Mar. 1 6534 Mar. 16 a vessel in the Channel in the region between Folkstone
6134
58
American Can
64 Mar. 1 z7534 Mar. 14
6834
6534
Amer Car & Foundry_
Dieppe on the day of the Sussex disaster, in the shape
156% Mar. 3 168 Mar. 16 and
j160
159
Amer Coal
*5234 5334 45 Mar. 1 5434 Mar. 23 of "a long, black craft without a flag, having a gray funnel,
47
Leath,pref.
Am Hide & Products_.
79
6634 Mar. 1 8334 Mar. 14 small gray forward works and two high masts," but said
68
Amer Locomotive_ _ _ _
9534 Mar. 1 10334 Mar. 16
97
10034
Amer Smelt & Refining
reached the definite conclusion
4834 Mar. 8 5634 Mar. 17 "the German commander
5034
5034
Foundries_
Amer Steel
Mar. 8 11334 Mar. 17 that it was a war vessel, and, indeed, a mine layer of the
j107%
10934
z109%
American Sugar
27
Mar.
z12734
12734 Mar. 1 131
12734
class." The note also stated
Amer Tele p & Teleg
j50 Mar. 31 5534 Mar. 14 recently-built English Arabic
j50
52
Amer Woolen of Mass_
11 Mar. 1 2134 Mar.28 that a sketch of the vessel made by the German submarine
1934
1134
Amer Writ Paper, pret
17
76 Mar. 1 9134 Mar.
8834
7734
AmZinc,L'd&Sm ($25)
a published photograph of the Sussex in8334 Mar. 1 8834 Mar. If commander and
8634
8534
Anaconda Cop(par$50)
9934 Mar. 1 11434 Mar. 17 dicated that they were not identical. The German Govern102
10434
Baldwin Locomotive
450 Mar. 1 550 Mar. 14
5494
450
Bethlehem Steel Corp_
therefore, assumed "that the injury to the Sussex
5134 Mar. 1 5694 Mar. 20 ment,
5334
52
Central Leather
attack by a German
2034 Mar. 27 2394 Mar. I is attributable to another cause than an
2234
2234
Chile Copper (par $25)
55234 Mar. 27 5834 Mar. 7 submarine." To emphasize this conclusion the note added:
55534
56%
Chino Copp (par $5)-17
Mar.
1
5094
Mar.
3934
4434
40%
Colorado Fuel & Iron_
may, perhaps, be
7834 Mar. 1 88 Mar. it "For an explanation of the case the fact
*j82 85
7934
Continental Can
7034 Mar. 1 9934 Mar. 16 serviceable that no less than twenty-six English mines were
73
9234
Crucible Steel of Amer
28
Mar.
/245
1
Mar.
/243%
18034
18034
Cuban-Amer Sugar
forces in the Channel
165 Mar. 1 17334 Mar. 14 exploded by shots by German naval
516734
16674
General Electric
440 Mar. 22 485 Mar. 25 on the 1st and 2nd of Apr. alone. The entire sea in that
*455 480
460
General Motors v t e
28
Mar.
1
7794
Mar.
6834
76
6934
Goodrich (B F)
vicinity is, in fact, endangered by floating mines and by
Inspiration Cons Cop4334 Mar. 1 4934 Mar. 16 torpedoes that have not sunk. Off the English coast it
44
4774
per (par $20)
C
Mar.
2234
27
1834 Mar.
20
*19
21
Int Agrio Corp v t o
endangered in an increasing degree through Ger17
1434 Mar. 1 18 Mar. 17 is further
15
Int Mere Mar tr ails
enemy naval
6134 Mar. 1 75 Mar. 22 man mines which have been laid against
6434
6934
Preferred tr Ufa__
if
Mar.
42 Mar. 1 4934
47
other vessels which were the
4534
Int Nickel v t e_ _ ($25)
1 1234 Mar. 2C forces." Regarding the four
Mar.
934
1174
*1134
Paper
994
l
Internationa
Germany stated
76%
7234 Mar. 1 83% Mar. 17 subject of inquiry by Ambassador Gerard,
73
Lackawanna Steel_ _
71
5734 Mar. 3 7434 Mar. 21 that the Englishman and Eagle Point were called upon to
613(
Maxwell Motor tr °Us_
C
Mar.
1
6934
Mar.
6
567
534
6534
National Lead
with their disregard of
27
2534 Mar. 21 3034 Mar. 4 halt by German submarines, and
2934
Pittsburgh Coal
49 Mar. 3 58 Mar. 14 the signals were attacked. Concerning the Berwindvale,
52
5134
Pressed Steel Car
3834 Mar. 8 443-4 Mar. 17
3934.
3874
Railway Steel Spring
the identity of a vessel which failed
4834 Mar. 1 5474 Mar. 17 Germany asserted that
5034
4994
Republic Iron & Steel_
Mar. le
1 151
Mar.
133
and which was forthwith fired
halt,
to
order
14134
an
13534
heed
Corp(The)
to
Studebaker
189 Mar. 30 20834 Ma:. 6
519234
19834
have been the Berwindvale;
Texas Co (The)
to
assumed
be
might
20
Mar.
upon,
14234 Mar. 1 16134
15334
144
U S Indus Alcohol__ _ _
whether
4734 Mar. 1 5494 Mar. 15 it declared that it had been impossible to establish
5134
4934
U S Rubber
23
Mar.
27
Mar.
6934
6734
6834
was attributable
U S Sm Ref& M _(850)
Mar. 16 the attack on the Manchester Engineer
1 87%
Mar. .
z79%
z81
8434
_
_
Steel_
.._—.
„..,
United States
...__
—
desirable
„.. —
„...,
.
.. .
•
.
JUI 54
to a German submarine, and suggested that it was
t concerning the cir. that it have a more definite statemen
the
Quoted ex-dividend during the month and prior to this date. x Ex-dividend
d
cumstances of the attack. The note concludeof with
•Bid and asked price; no sale.
opinion
es
differenc
that
event
the
"In
t:
APRIL.
statemen
OF
MONTH
between the two Governments, the
Current Events.—The7submarine7controversy with Ger- should develop hereby
declares itself ready to have the
now
ent
Governm
issue,
owing
German
many during April again became the overshad
ed through mixed commissions
establish
case
the
turn.
of
dramatic
facts
and it took, moreover, a sensational and
with the third article of The
ce
accordan
in
tion
investiga
growents
of
There were also many other important developm
settlement of international
peaceful
the
for
t
Agreemen
be
may
Hague
these
ing out of the European conflict. Among
1907."
18
Nov.
which
conflicts,
and
Ireland,
mentioned the rebellion and uprising in
ng,
This explanation was neither satisfactory nor convinci
was quickly quelled, the capture by the Russian land and
Sussex, and it
the
on
attack
the
regards
as
rly
Trebiof
particula
d
stronghol
naval forces on Apr. 18 of the Turkish
apparent that our Government was losing
zond on the Black Sea, and the arrival in France, to aid soon became
professions, or at least in the ability
German
the
in
confaith
large
several
of
Verdun,
of
the French in their defense
ent to control submarine warfare
Governm
German
showthe
of
combined
events
two
the
troops,
tingents of Russian
with the principles of interconflict
not
would
it
their
that
so
from
d
recovere
largely
had
Russians
ing that the
United States was contending.
the
which
for
law
hand,
national
other
the
On
year.
previous
the
of
serious reverses
dramatic turn to the situation was given
notable news of the opposite nature, going to show that A sudden andevening
of Apr. 18, announcement quite unthe
on
official
when,
the
in
came
with,
reckoned
be
to
had
still
the Turks
the White House that the President
from
came
y
British
expectedl
the
that
29
Apr.
on
London
from
announcement
meet in joint session the next
Congress
that
requested
.
had
Charles
Maj.-Gen
of
command
the
under
Tigris army,
place before the National Legismight
he
that
order
in
had
day
mara,
Kat-el-A
at
besieged
been
had
which
Townshend,
facts with regard to the controversy and the
been obliged to surrender to the Turkish foe because of the lature the
intended to pursue. Congress duly connow
he
course
MesopoBritish
the
bringing
thus
supplies,
of
exhaustion
at 1 o'clock Apr. 19, and the Presisession
joint
in
anvened
official
The
close.
s
disastrou
a
to
tamia campaign
g the members of the two
addressin
y
personall
in
a
in
dent,
surrender
the
of
rs
particula
the
gave
nouncement
he had sent a note (the text of which
that
d
announce
d
Houses,
protracte
e
resistanc
a
"After
saying:
,
sentences
few brief
public later in the afternoon) to the German
for 143 days and conducted with a gallantry and fortitude was made
insisting that a breach of relations must
Office,
has
nd
Foreign
Townshe
General
e,
memorabl
forever
be
that will
methods of submarine warfare on pasexisting
unless
to
occur
supplies
his
of
on
exhausti
final
the
by
d
been compelle
ships should be discontinued at once.
freight
and
and
senger
guns
his
d
destroye
he
so
doing
Before,
.
surrender
pointed out that when, in February 1915,
munitions. The force under him consists of 2,970 British The President
Government announced its intenGerman
Imperial
"the
Indian
6,000
some
and
services,
and
ranks
all
of
troops
waters surrounding Great Britain and
the
treat
to
tion
iConstant
a
ise,
Contrariw
."
followers
their
and
troops
within the seat of war and to destroy
nople dispatch, received by way of Berlin, stated that the Ireland as embraced
owned by its enemies that • might be
ships
merchant
d
all
announce
had
Army
Turkish
the
of
er
Command
f
Vice-Chie
any part of that portion of the high seas, and
that the British garrison which surrendered unconditionally found within
all vessels, of neutral as well as belligerent ownerconsisted of 13,300 men. The ultimate surrender of General warned
to keep out of the waters thus proscribed or else enter
Townshend had been counted upon for some time pre- ship,
peril, the Government of the United States
viously owing to the failure of the forces under Lieutenant- them at their
protested. It took the position that such a policy
General Gorringe and General Keary to break through the earnestly
not be pursued without the practical certainty of gross
Turkish position at Sannayyat, about 20 miles below Kut- couldpalpable
violations of the law of nations, particularly
el-Amara on the Tigris River, and an unsuccessful attempt and
were to be employed as its instruments,
craft
e
if
submarin
army.
ed
to send provisions by steamers to the beleaguer
prescribed by that law, rules founded
rules
the
as
inasmuch
capture
The object of the Tigris campaign had been the
and established for the protechumanity
of
s
principle
on
reached
had
of Bagdad and on Nov. 22 1915 the British van
atants at sea, could not in the
non-comb
of
lives
the
of
tion
attacked
it
was
Ctesphon, 18 miles from Bagdad. There
by such vessels. It based
observed
be
case
the
of
nature
evenand
t
by overwhelming forces, compelling retiremen
of neutral nationality
persons
that
ground
the
on
protest
its
Kut-elat
again
tually General Townshend made a stand
be exposed to exwould
p
ownershi
of
neutral
vessels
and
This
June.
Amara, which he had captured the previous
right to close any
no
that
and
risks,
le
intolerab
and
treme
was
he
that
was Dec. 5 1915, and it soon became evident
to expose them to
or
use
their
against
seas
high
the
of
part
a
made
He
out.
so beset that he could not fight his way
by any belligerent
asserted
be
lawfully
could
risks
such
the
by
attacks
number of unsuccessful sorties and repelled
nt." In pursuance of the policy of submarine
Turks in which the loss of life was large on both sides, and governmeagainst
the commerce of its adversaries thus anwarfare
bloody
of
number
a
the relief expedition also engaged in
upon by the Imperial, German Goventered
and
nounced
April
in
alone
nt
battles with the Turks—in one engageme
protest of this Government,
solemn
the
despite
ernment
having
version,
the British loss, according to the Turkish
vessels had attacked
undersea
German
of
ers
command
the
render
to
efforts
all
reached 4,000—but on account of floods
activity, not only
greater
and
greater
with
ships
merchant
abortive.
assistance to General Townshend proved
Britain and Ireland,
Great
ing
surround
seas
high
the
upon
upon
entered
Germany
The submarine controversy with
they could encounter them, in a way that
a momentous phase with the receipt of the German note but wherever
and more ruthless, more and more indismore
grown
had
which
vessels
other
and
regarding the sinking of the Sussex
Stock Fluctuations.
I
March 1.
March 31.
Range for Month.
JAN. 13 1917.i
THE CHRONICLE
115
criminate, as the months had gone by; less and less ob- fact, however, nothing definite or conclusive as to the
servant of restraints of any kind; and had delivered their probable course of the German Government became known
attacks without compunction against vessels of every na- the rest of the month.
tionality and bound upon every sort of errand. Vessels
None of the happenings, either here or abroad, served
of neutral ownership, even vessels of neutral ownership in any way to abate the activity of trade in the United
bound from neutral port to neutral port, had been de- States, and wonderfully favorable traffic returns came
stroyed along with vessels of belligerent ownership in con- from the railroads. The industrial concerns, too, as a
stantly increasing numbers. Sometimes the merchant- result of this activity, were able to present marvelous records
man attacked had been warned and summoned to surrender of 'prosperity. The statement of the United States Steel
before being fired on or torpedoed; sometimes passengers Corporation for the March quarter, submitted after the
or crows had been vouchsafed the poor security of being close of business on Apr. 25, furnished a striking instance
allowed to take to the ship's boats before sho was sent to of this kind. For the three months of 1916 the net earnthe bottom. But again and again no warning had been ings, after deducting the cost of ordinary repairs and maingiven, no escape even to the ship's boats allowed to those tenance of plants and interest on the bonds of the subon board. What this Government foresaw must happen sidiary companies, reached no less than $60,713,624, as
had happened. Tragedy had followed tragedy on the against only $12,457,809 in the same three months of 1915
seas in such fashion, with such attendant circumstances, as and $17,994,381 in the first three months of 1914 and as
to make it grossly evident that warfare of such a sort, if against no more than $34,426,801 even in such a good
warfare it be, could not be carried on without the most period as the first three months of 1913. At $60,713,624,
palpable violation of the dictates alike of right and of hu- the amount, as a matter of fact, was but little less than the
manity. Whatever the disposition and intention of the total for the full twelve months of some poor years in the
Imperial German Government, it had manifestly proved past-1914 for instance, when the net for the whole year
impossible for it to keep such methods of attack upon the was no more than $71,663,615. Moreover, it
commerce of its enemies within the bounds set by either the from the monthly figures that the amount of theappeared
net was
reason or the heart of mankind.
still rising, month by month, having been $18,794,912 for
The President declared that again and again the Imperial January, $19,196,396 for February and
$22,722,316 for
German Government had given this Government its solemn March. The steady expansion in the monthly
yield of inassurances that at least passenger ships would not be thus come had been a continuous feature ever
January of
dealt with, and yet it had again and again permitted its last year, when the amount of the net forsince
that month was
undersea commanders to disregard those assurances with only $1,687,150. The result of this wonderful transformaentire impunity. Great liners like the Lusitania and the tion was that whereas in the first quarter of 1915 the Steel
Arabic and mere ferry boats like the Sussex had been at- Corporation had fallen $5,389,861 short of earning even
tacked without a moment's warning, sometimes before they the quarterly dividend on the pref. stock, for 1916 in the
had even become aware that they were in the presence of an same three months it had a surplus of no less than $32,armed vessel of the enemy, and the lives of non-combatants, 854,172, after providing for both the 1%% div. on the
passengers and crew, had been sacrificed wholesale, in a pref. and the 1 3.% on the common. Other steel companies
manner which the Government of the United States could had a similar story to tell, and the Pittsburgh Steel Co.
not but regard as wanton and without the slightest color of for the nine months ending Mar. 31, reported net
of $3,justification. No limit of any kind had, in fact, been set to 185,150, as against only $291,484 in the corresponding
nine
the indiscriminate pursuit and destruction of merchantmen months of the preceding year.
of all kinds and nationalities within the waters, constantly
In the matter of prices one important event during the
extending in area, where these operations had been carried on; month was an advance in steel rails, being the first change
and the roll of Americans who had lost their lives on ships in 15 years. Since May 1901 Bessemer rails had been kept
thus attacked and destroyed had grown month by month, unaltered at $28 a ton, no deviation having been made
until the ominous toll had mounted into the hundreds. from this figure, either in times of great depression in the
The President therefore deemed it his duty "to say to the steel trade or in times of great prosperity, though open
Imperial German Government that if it is still its purpose to hearth rails as they gradually came into use were quoted
prosecute relentless and indiscriminate warfare against at $30. But now prices for other steel products
had reached
vessels of commerce by the use of submarines, notwithstand- such extreme figures—Bessemer
steel ingots, for instance,
ing the now demonstrated impossibility of conducting that being quoted at $45 a ton, against
$19 in January
warfare in accordance with what the Government of the 1915—the steel concerns felt that the only
old policy as regards
United States must consider the sacred and indisputable Fail quotations must be abandoned. Advance notice
of the
rules of international law and the universally recognized intention to raise the price of rails was given in an announcedictates of humanity, the Government of the United States ment by the U. S. Steel Corporation at the beginning of
is at last forced to the conclusion that there is but one course April that its subsidiaries had "decided to maintain the
it can pursue, and that unless the Imperial German Govern- present prices until May 1 1916 as to rails sold for delivery
ment should now immediately declare and effect an abandon- up to May 1 1917, but will make no commitments beyond
ment of its present methods of warfare against passenger and that date." This prospect of higher prices led to the
freight carrying vessels, this Government can have no choice of large orders for rails in April, to get the benefitplacing
of the
but to sever diplomatic relations with the Government of old price, and toward the close of the month definite
anGerman
Empire
the
altogether."
nouncement came that quotations
be raised to $33
Secretary Lansing's note to the German Secretary of a ton for Bessemer and $35 a tonwould
open hearth rails.
Foreign Affairs was a close duplicate of the President's There were some advances in otherfor
steel
steel
message to Congress, many of the passages being identical, bars at Pittsburgh moving up further from products,
2.75c. per lb.
and in fact whole paragraphs being the same in the two to 3c., tank plates at Pittsburgh from 3.50c. to 3.75c.,
documents. The Secretary declared that "a careful, de- beams at Pittsburgh from 2.50c. to 2.60c.,&c &c. In the
tailed and scrupulously impartial investigation by naval and case of copper, the demand continued extremely active
military officers of the United States has conclusively es- with large orders for foreign account and Lake copper and
tablished the fact that the Sussex was torpedoed without electrolytic at New York moved up to 29c. and
283c.
warning or summons to surrender, and that the torpedo by respectively. In lead and tin, however, there
were sharp
which she was struck was of German manufacture." The declines, lead at St. Louis dropping
from
8c.
to
73
,
'c.
and
Sussex had never been armed; was a vessel known to be tin at New York after first advancing
from 493'c. to 55c.,
habitually used only for the conveyance of passengers across declining to
with
a
recovery,
however,
to
493c.
5034e.
the English Channel, and was not following the route taken Tin plate at Pittsburgh moved up from 4.25e. to 5.003.
by troop ships or supply ships. About eighty of her pasOn Apr. 18 Chairman Elbert H. Gary of the Steel Corporasengers, non-combatants of all ages and sexes, including tion announced that in view of the
continuance of prosperous
citizens of the United States, were killed or injured. The conditions it had been decided to make advances
in the wage
Government of the United States had been very patient. rates of the iron and steel subsidiary companies
about
At everystage of this distressing experience of tragedy after 10%, to take effect May 1. This was the secondof
increase
tragedy it had sought to be governed by the most thoughtful during 1916. On Feb. 1 wages had been raised 10%,
the
consideration of the extraordinary circumstances of an unpre- increase representing an addition of $15,000,000 to the yearly
cedented war and to be guided by sentiments of very genuine payroll, while the new increase was expected to add
further
friendship for the people and Government of Germany. It $18,000,000 to the yearly total. In the cotton millsaof
New
had made every allowance for unprecedented conditions and England there were also further wage advances. On Apr.
17
had been willing to wait until the facts became unmistakable the Fall River Textile Council, representing the various
and were susceptible of only one interpretation. It now organizations of operatives, voted unanimously to make
a
owed it to a just regard for its own rights to say to the Imperial request for a 10% advance to begin May 1. The
manufacGovernment that that time had come. The Secretary wound turers, however, felt that the best
could do would be to
up with the declaration already quoted from the President's restore the wage scale to the highthey
point of 1907 (23.96 cts.
message, namely that unless the Imperial Government should per cut of 47 yards of 28-inch, 64x64
printing cloths) an
now immediately declare and effect an abandonment of its advance of nearly 6%, and so advised the operatives. But
present methods of submarine warfare against passenger the latter insisted upon the full 10% demanded and threatened
and freight-carrying vessels, the Government of the United to strike in the event of refusal. The manufacturers' associaStates could have no choice but to sever diplomatic relations tions finally yielded under protest. In this decision
with the German Empire altogether. The Secretary added Fall River Iron Works Co. (the Borden Mills) and the
the
that this action the Government of the United States con- Charlton Mills, outside organizations, concurred.
With this
templated with the greatest reluctance, but felt constrained increase the wage scale in Fall River was brought
to the
to take in behalf of humanity and the rights of neutral highest figure in the history of the cotton
nations. The note was intended as the last word of the industry at that point and the same was true ofmanufacturing
New Bedford,
United States on the submaine issue and the markets took where a like increase, effective on May 1, had
also been
a generally hopeful view of the outcome. As a matter of accorded. With the addition of the latest 10%,
wages at
116
THE CHRONICLE
[VOL. 104.
a number of the old taxes, inFall River were placed on the basis of 24.98 cts. per cut of the income tax and raising
on sugar, cocoa, coffee, indigo and motor cars,
those
cluding
of
price
The
cloths.
printing
64x64
-inch,
28
of
yards
4732
he would be able to raise an addicloths at Fall River was advanced Apr. 19 from 4 to 43/i cts. the Chancellor estimatedthis
£21,450,000 additional was exof
tional
£65,000,000;
the
during
Cotton
yard.
per
cts.
43
27
Apr.
to
on
and
and £43,500,000 additional
excise
and
customs
from
pected
first
declining
range,
narrow
a
within
fluctuated
month
tax. The tax on war profits was increased
(middling uplands at New York) from 12.10 cts. (Mar. 31) from the incomeand
the effect of this increase, it was stated,
to 60%
to 11.95 cts. and then advancing to 12.20 cts. the close from 50
of
rich
subject to the super tax would be that
men
case
the
in
29.
April
no less than 75% out of their
The winter wheat condition report of the Department of they would pay in taxation
out a new war loan, the
bringing
of
Instead
profits.
excess
unfavorable,
was
7,
Apr.
public
made
1,
Apr.
for
Agriculture
continued actively pushing the sale of its
the average being put at only 78 3-10, against 87 7-10 Dec. 1 British Government
in one week the sales reached as much as
1915, and there was the additional drawback that the area Treasury bills. and
The more general demand was for the distant
planted to wheat had been 11 3-10% less than in the fall of £100,000,000 followed
a rumor that the Treasury might
1914, but wheat prices nevertheless tended towards a lower maturities and on bills.
The London Stock Exchange
basis. At Chicago the May option for wheat advanced to lower the rate
sale of securities unless they had
the
prohibiting
regulation
to
$1
drop
a
was
113
there
4
this
from
but
5,
Apr.
$1 213/2
possession in the United Kingdom since
Apr. 24, with the close Apr. 29 $1 133/8. The May option been in physical relaxed
by the Treasury, so as to permit
for corn at Chicago was at its lowest Apr. 14 at 7438, and Sept. 1914, was and
in Allied and neutral countries
holders
holders
Colonial
26,
the
with
Apr.
773c.
to
advance
an
was
this
there
from
even though they had not been in
%0. May oats at Chicago fluctuated between 443/8c. to sell securities in London,
close 765
the United Kingdom, provided the proceeds were reinvested
40.
and 453/80., with the close Apr. 29 447
securities, and that certain precautions
Representatives of the soft coal operators and miners in British Government
was not in behalf of or benefiting the
of the Central Pennsylvania District (District No. 2 of the were taken that the sale
Treasury announced on Apr. 27 that
United Mine Workers of America) on Apr. 14 reached an. enemy. The Britishoffer
daily a price for American bonds
agreement covering two years from Apr. 1. The most im- thereafter it would it was
willing to purchase under the
portant provisions of the agreement were those granting and other securities scheme.
for the first time the right of a special assessment by the securities mobilization
The Merchants'Association of New York succeeded through
miners, a 5% increase in all-day labor, wages and yardage,
in getting British
and an improved check-off system. The agreement af- our State Department at Washington
of gold from this country to
fected 50,000 workers. Agreements were also reached in permission for the shipment
payment for purchases of diamonds
several other soft coal districts—in District No. 5 of Pitts- Holland in order to make
was given on assurburgh for instance and in the Cabin Creek and Coal River and other precious stones. Permission
ances that the gold would not pass into the territories of
districts of West Virginia.
Britain and provided that an
As regards the demand made by the trainmen on all the countries at war with Great
should take charge of the shipments throughrailroads in the United States through the Brotherhood American citizenpassage.
Inability to make payments had
of Locomotive Engineers, the Order of Railway Conductors, out the entire
of exchange against this country
the Brotherhood of Locomotive Enginemen & Firemen and brought about a heavy rateand
was seriously affecting the
the Brotherhood of Railroad Trainmen,for wage increases in dealing with Holland
based on an eight-hour day and rate and a half for overtime, jewelry business.
In a speech in the Reichstag on Apr. 5 the German Chana development of great moment took place, with, however,
lweg, made the statement that
scarcely anyone taking cognizance of its importance. There cellor, Dr. von Bethman-Hol
ago as Dec. 9 (1915) announced her
were two points involved in the movement, (1) whether Germany had as longpeace,
but added that Germany's enethe railroad should treat collectively with the four organiza- readiness to discuss
united free Germany. They detions in accordance with the request of the unions, the mies wished "to destroy be
again as weak as during past
whole railroad system of the United States being considered sire that Germany shall
all lusts of domination of her neighbors
a single unit, thus placing it within the power of the unions centuries, a prey to of
Europe, beaten back forever in the
in the event of disagreement to call a general strike and tie and the scapegoat
even after the war. That
up the entire transportation system of the country, or dominion of economic evolution
speak of definitive
whether each road was to deal separately with the matter is what our enemies mean when they
power." Answering his
or IA least in territorial groups (according to geographical destruction of Prussia's military
was Germany's intention, the
divisions, namely Eastern territory, Southeastern and own question as to what
and aim of this war is for us
sense
"The
said:
Chancellor
and
past,
recent
the
in
practice
the
been
had
as
Western)
firmly united, so strongly
so
Germany
a
of
creation
the
and
schedules
in
changes
for
demands
the
whether
(2)
will feel the temptation to anwages, which would add $100,000,000 a year to the ex- protected, that no one ever
world will concede
penses of the roads, should be granted at all. The rail- nihilate us; that every one inofthe
our peaceful endeavors.
roads yielded quietly and completely on the first point. to us the right of free exercise
destruction of other races, is
The date by which the roads were to make reply to the This Germany, and not the
is the lasting rescue of the Eurepresentatives of the employees had been fixed for Apr. 29. what we wish. Our aim is
now shaken to its very founOn Apr. 28 news came from Chicago that at a conference ropean Continent, which nations
in the war. only Germany
held in that city on Apr. 27 between the heads of the four dations. * * * Of all the enemies
and by their responsible
brotherhoods and representatives of the three territorial has been threatened by her
partition of her realm,
groups of railroads it had been decided to begin discussions spokesmen with annihilation, with political
and economic
in New York about June 1 on the demands of the trainmen with destruction of her essential
called them Prussianism
for new wage conditions. The committee on the part of forces, no matter whether they
The forces which before the
the railroads, it was announced, would consist of eighteen or militarism or barbarism.
coalition were lust of
members, comprising six representatives each from the war bound together the anti-German
conquest, lust of revenge, and jealousy against German
Western roads, the Eastern and the Southeastern.
During the war they
One of the events of the month was an offering of $55,- competition in the world's markets.
the governments of our ene000,000 New York City 434% corporate stock, of which have remained powerful withThis
is still the object and aim
$40,000,000 consisted of long-term stock maturing Apr. mies in spite of all defeats.
Paris and London. To
1 1966, while the remaining $15,000,000 comprised bonds of the war alike in St. Petersburg,
in this war had only one aim,
maturing annuallyfrom Apr.1 1917 to Apr.1 1931,inclusive. this we oppose that Germanymaintain
her existence, to hold
27Q namely to defend herself, to
/
The rate of interest had been reduced to 434% from 43
frontiers, and whenever
the previous year. The time for receiving had been fixed her enemies back from the Germanitself,
to drive them back
for Apr. 19, the very day, as it quite unexpectedly hap- their lust of destruction has shown
was before the ultimatum
pened,. that the President had chosen for addressing Con- as quickly as possible." This the
submarine controversy,
regarding
gress in joint session on the submarine ultimatum which of our Governmentthe
Chancellor indicated that Germany
he had delivered to Germany. Conditions, therefore, were and in this speech
undersea and aerial attacks,
not the best for floating such a large loan. Nevertheless, was determined to keep up the
no matter whether
the offering proved an entire success, and the long term saying: "No serious-minded neutral,
right to defend ourselves
issue was awarded at an average price of 102.618, an in- he favors us or not, can doubt our
which is contrary to intercome basis of about 4.125%, and the one to fifteen year against this war of starvation,
us to permit our arms
serial issue at an average of 101.432, a basis of about 4.03%. national law. No one can ask
hands. We use them,
our
from
wrested
be
to
defense
of
syndicate
a
to
went
stock
Nearly the whole of the long term
rights of neutral
legitimate
respect
We
them.
use
must
and
Co.,
&
Read
A.
William
Co.,
consisting of Kuhn, Loeb &
expect that this
to
right
a
have
we
but
commerce,
and
trade
while
102.617,
of
bid
their
and Kidder, Peabody & Co. at
our duty be
and
right
our
that
and
appreciated,
be
will
Salomon
to
went
issue
serial
$13,500,000 of the $15,000,000
of starvapolicy
this
against
means
all
o
use
recognized—t
in
sale
the
At
101.41711.
of
Bros. & Hutzler at their bid
not only to all laws of nations,
June 1915 $46,000,000 50-year 432s were sold on a basis tion, which is a jeering insult
of humanity."
of 4.437% and $25,000,000 15-year serial 43's on a basis but also to the plainest duties
Zeppelins continued to make raids on the English and
of 4.297%.
results from a military
The Chancellor of the British Exchequer, Reginald Scotch coasts without important
Yarmouth, England,
and
Lowestoft
Both
standpoint.
the
in
Budget
annual
the
McKenna, on April 4 presented
squadron which atcruiser
German
a
by
bombarded
were
biggest
the
for
provision
made
it
House of Commons and
on Apr. 25. Four
England
of
coast
Eastern
the
00
tacked
£1,825,500,0
namely
history,
disbursements in the world's
Berlin reports
wounded.
twelve
and
killed
were
persons
necessary
be
would
it
that
stated
($9,127,500,000) and it was
had been
Stephen
King
steamer
the
raid
this
in
that
claimed
(to
year
fiscal
full
the
for
continuing
in the event of the war
and
destroyer
a
that
also
and
captured,
crew
her
and
sunk
revenue
the
from
aside
Apr. 1 1917) for the Government,
fire. The
on
set
cruiser
a
and
sunk,
been
had
boat
scout
the
a
during
00
£1,125,000,0
over
receipts, to borrow something
no losses. Great Britain
new financial year. By imposing new taxes on amusements, Germans apparently suffered
and a destroyer had been
cruisers
two
that
acknowledged
increasing
and
waters
mineral
and
railway tickets, matches
JAN. 13 1917.]
THE CHRONICLE
117
hit but said no vessel bad been sunk. Reports from Berlin amending act embodiedlprovisions intended
to prevent the
also said that there had been another engagement between evasion of taxable
by alleged non-residents. A
British and German warcraft off the coast of Flanders on bill was also signed transfers
by
Governor
Whitman
providing that
Apr. 25 in which a British destroyer had been damaged in addition to judgment creditors
stock books of corand an auxiliary steamer sunk, the crew of the latter being porations may be inspected only the
stockholders
by
of six
made prisoners. London, Colchester, Blackwater, and months standing, or by persons holding
at least 5% of the
Ramsgate and other English towns, and the large British outstanding stock.
Corporation
s
may
refuse
access
supply depot at Etaples, France, were also attacked by to the stock books to any person
who has "within two years
Zeppelins on the night- of Apr. 25, according to Berlin. sold or offered for sale any
list
of
stockholders
of
such corLondon asserted that 100 bombs had been dropped in this poration, or of any other corporation,
or has aided or abetted
raid but that no casualties had been reported and that the any person in procuring any
stock
list
for
any
such
purpose."
damage had been slight. The British battleship Russell In Massachusetts a bill intended
permit National banks
was sunk by a mine in the Mediterranean; Admiral Fre- in Massachusetts to avail of the to
provision
in
the
Federal
mantle, commander, 24 officers and 676 men were saved, Reserve Act authorizing the exercise of
trust functions was
while 125 men were reported missing.
vetoed by Governor McCall. Section 100 of the Armstrong
The Chicago meat-packers' cases involving the seizure of Insurance Law of New York was amended
by extending
meat products shipped from the United States to neutral for five years from Dec. 31 1916 the
countries of North Europe were definitely settled on Apr. domestic life insurance companies areperiod within which
required to divest
14 and a check given for an amount previously agreed upon. themselves of their stock holdings. The
life insurance
The meat products had been condemned by the British companies were originally required to
Prize Court the previous Sept. 16 on the ground that the porate stock holdings within five yearsdispose of their corgoods were contraband or conditional contraband to be sent The time was in 1911 extended to Dec. from Dec. 31 1906.
31 1916.
to Great Britain's enemies. The protest of the United
The U. S. Treasury Department, basing its action on
States to Great Britain against the application of the Trad- the decision the previous
January of the U. S. Supreme
ing with the Enemy Act to American trade brought from the Court sustaining the
of the income tax law, in
British Government a reply describing the Act as" a piece which the Court held validity
that the income tax is not a direct
of purely domesticlegislation empowering them to restrict the tax, promulgated a ruling
that "income accruing
activities and trade of persons under British jurisdiction," to non-resident aliens in the holding
form of interest from the bonds
and assurances were offered the United States that every and dividends on the stock
of domestic corporations is subpossible care would be exercised to avoid injury to neutral ject to the income tax." .This
was a reversal of the previous
commerce. Although the reply of Great Britain bore date ruling.
of Feb. 16, it was not made public until Apr. 13. In anThe Panama Canal was again opened for traffic on Apr.
swer to the protest of the United States against interferences 15, with the passage through it of sixteen vessels,
with neutral trade, Great Britain, in a note received at the the army transport Buford. The Canal had been including
virtually
State Department on Apr. 24, contended that the prac- closed to traffic since the previous
Sept. 18, when heavy
tices complained of were "juridically sound and valid," slides at Gold Hill and in Gaillard Cut
and that the relief which neutrals sought was rather to tion of traffic through the waterway.caused the interrupbe obtained by the mitigation of necessary hardships than
Railroad Events
Stock Exchange Matters.—The stock
by "abrupt changes either in the theory or application of a market was under and
influence of the submarine developpolicy based upon admitted principles of international law, ments. In the firstthe
week the tone of the market was good
carefully adjusted to the altered conditions of modern war- and the trend upward.
The German reply.regarding the
fare." The note said that "an impartial and influential attack on the Sussex
other ships carrying Americans
commission" had been appointed to find ways to minimize was made public Apr.and
13, and proved a deep disappointdelays, and pledged the Allies to make their restraints on ment. It also showed that
relations between the United
trade as little burdensome to neutrals as possible. The States and Germany werethe
once more exceldingly tense,
note, in which the French Government concurred, reiter- with the possibility
of serious complications. The market
ated the military necessity of regulating commerce to neu- became decidedly weak
on the day mentioned. It gradually
trals contiguous to Germany and justified the effectiveness regained tone, however,
of the blockade, which had been challenged by the United taken place when the newsand a substantial recovery had
came that the President deemed
States. The answer was about 13,000 words long. The the situation so critical
he had asked Congress to connote suggested that the American complaint was not so vene in joint session on that
Apr.
to listen to a personal admuch that shipments intercepted really were intended for dress from him. This caused19renewed
on the
use in the European neutral countries to which they were day mentioned, but the market, on thedepression
whole, took the
dispatched as that the dispatch of goods to Great Britain's news well. Gradually, though, there developed
a
enemy had been frustrated by methods not hitherto em- that a rupture of relations might be imminent after feeling
all and
ployed by belligerents.
that this might involve serious consequences. Under this
A reply to the protest made by the United States against feeling a severe and general break
in prices occurred on
the seizure, detention and censoring of mail between the Saturday, Apr. 22, the declines
large dimensions.
United States add neutral countries, was presented to Sec- The following Monday the tone reaching
retary of State Lansing on Apr. 3 by Sir Cecil Spring-Rice, der advices from Berlin, which was again better and unthe British Ambassador, on behalf of the Allied Powers. many would go far to prevent tended to show that Gera break with the United
It declared that no legitimate letter mail had been con- States, confidence
once more gradually returned. Railfiscated, nor any treaty rights violated, but emphatically road shares, too, gained
special favor by reason of the very
asserted the Allies' intention to continue searching parcel- brilliant returns of earnings
made by the roads. The repost packages for contraband "concealed under postal sult, altogether, was that on Apr. 29, the last
business day
folders." In regard to "true correspondence," the note of the month, the market enjoyed a sharp upward
rise as
stated that the Allied Governments "will continue for the noteworthy as had been the fall the previous
Saturday.
present to refrain from seizing and confiscating at sea these Norf. & West. increased its guar, div. from
1M to 1 %
correspondences, letters and dispatches, and that they will and also declared 1% extra.
insure the most rapid transition of them possible, as soon
The Money Market.—In the local money market there
as the genuineness of their character is known." With was a slight hardening in rates,
both in the case of demand
regard to the seizure of securities forwarded to the United loans and loans for definite maturities.
States Great Britain in a note received at Washington on however for call money was 3% with The highest point
the lowest 1% and
Mar. 28 contended that she had as much right to seize the quotation at the close
2%. Time money Apr.
securities as any other class of contraband; that the securi- 29 was 2)/2@3 for 60 days,2%@,23/
23@3 for 90 days, 3@3% for
ties in question were in reality owned by Germans and that 4 mos. and 3%
5 and 6 mos. with the quotation for
the latter were endeavoring to dispose of them in the United mercantile paperfor
unchanged at 3(4)3% for choice double
States and establish a large credit through which funds and prime single names and 3M
for paper not so favorably
could be raised.
rated. Money holdings of the N. Y. Clearing House inIn Mexican affairs General Carranza, made formal de- stitutions continued to tend downward though
mand for the withdrawal of American troops on the ground ruptedly and Apr. 29 were only $455,039,00 not inter0, against
that the forces of his government were now capable of
74,742,000 Apr. 1. Gold on deposit with the Federal
handling the situation. Following this demand President Reserve Bank was reduced from
$171,833,000 to $165,Wilson Apr. 15 instructed Secretary of State Lansing to 002,000. Surplus reserves
down to only $98,247,110
enter into an agreement .with GeneralCarranza for the Apr. 29, against $123,823,04were
0 Apr. 1. Loans after increasplacing of a limit both as to time and territory on the opera- ing from $3,370,348,000 Apr.
1 to $3,399,922,000 Apr. 8,
tions of the American punitive expedition.
fell to $3,367,419,000 Apr. 29 and deposits after increasing
Congress passed an act which was signed by President from $3,565,957,000 Apr. 1 to $3,581,598,
000 Apr. 8 were
Wilson Apr. 27 repealing the clause of the Underwood reduced to $3,529,613,000 Apr. 29.
Tariff Act of Oct. 3 1913 which would have placed sugar
on the free list May 1 1916. As a substitute for the Hay
Stock Fluauations,
April 1.
April 29.
Range for Month.
Army Bill passed by the House on Mar. 23 the Senate on
Railroads—
Lowest
Apr. 18 passed the Chamberlain Army Reorganization Bill Atcn Top & Santa Fe_ 0Prices in doll ars per share.
Highest.
110234
10334
10034 April 22 10434 April 5
providing for army and reserve military forces in the United Baltimore & Ohlo__-- 10234
8734
8534
8234 April 24 88 April 6
Canadian
Pacific
16634
States aggregating 1,000,000 men. The matter then went Chesapeake
16234 April 24 16934 April 5
16834
& Ohlo
6134
58 April 24 6334 April 5
6134
to a conference committee which reached an agreement Chicago
Mliw & St P...
91 April 22 9534 April (I
9334
9334
Erie
the next month (May)—see the narrative for that month.
3634
32 Awl( 22 3754 April 6
3534
Northern, pref.
jinx
12134
311834 Awl'22 12234 April 0
In this State a new inheritance tax law was enacted. Great
Louisville & Nashville_ *122 123
124
12234 Apri122 12634 April 10
This lowered the amounts at which the different rates of New York Central_...
10434
/103%
310034 April 22 10534 April 5
NYNHAr Hartford
63
60
57 April 26 6534 April a
tax in the old law applied and also established a class inter- Norfolk
dr western.._
121
119 April 24 12434 April 27
12334
mediate between direct and collateral beneficiaries. Another Northern Pacific
113
/11134
/10934 April 24 11434 Mull a
THE CHRONICLE
118
[Vol,. 104.
it may hereafter
from this course, however, unnecessary
Range for Month.
April 29.
I
prove to have been; and much benefit may come from, the
Highest.
Lowest.
Prices in doll ars per share.
Railroads—
3 April 5 exercise of precaution." "With our wealth, our oppor57%
22
April
56
5631
$50)
a
(par
5631
Pennsylvani
in conclusion,
87
8131 April 14 8831 April 28 tunities, our geographical situation," he says
8431
Reading Co (par $50)943% April 22 983% April 5 "if we are a united people, free from internal antagonisms
9631
9731
Southern Pacific
28
April
21%
24
April
18
*203%
2131
Southern Railway_ __ 2031
to each other and also
1293% April 22 13431 April 28 and unnecessary troubles, friendly
13331
Union Pacific
13231
nations alike, and with reasonable
Industrials—
3 to the people of all other
April
303%
22
April
2331
2731
29
Allis-Chalm's Mfg v t c
the Govern7231 April 22 78 April 3 co-operation between the business interests and
78
*76
Preferred v t c
7731
63 April 22 68 April 1 ment, we are impregnable. We can and should continue
6731
68
American Agric Chem_
5
April
22
April
7331
j63
j6931
7134
American Beet Sugarnation. Our future depends largely upon
5231 Apr1122 6131 April 3 to be the leading
57
61%
American Can
55 Apri122 7131 April 3 ourselves. Reason, prudence, caution, courage, justice,
60
Ame.lean Car de Fdy
6931
4
April
24
Aprli
1633%
*153 15331 140
160
ion are requisites to economic
American Coal Prod...,
49 April 22 5331 April 12 co-operation and conciliat
5031 52
54
Amer Hide az L, pref.... *52
6331 April 22 823% April 4 growth and strength. They have become prominent in,
7331
793%
American Locomotive_
5
April
22
10434
8834 April
9731
102
and practice. The foundations for opAmer Smelt & Refin'g_
44 April 24 53 April 4 our deliberations
4731
51
Amer Steel Foundries_
The
10531 April 22 111 April 11 timisim as to the long future of this country is solid.
10931
*109 111
American Sugar
10
April
127 April 22 12831
to be hopeful, but there
128
Amer Tel de Tel
12731
1 business man has many reasons
April
51
Api1124
43
4531
5034
of harmony
Amer Woolen of Mass17 April 12 2031 April 3 are signs of future uncertainty." The necessity
193%
1931
Amer Writ Pap, pref
Amer Zino, Lead &
between all classes of people concerning the problems in
10
April
9731
Apri122
863%
9231
8831
Smelting (par $25).is dwelt upon
j77 Apri122 8734 April 3 which all have a direct and personal interest
j8531
87
Anaconda Cop(par$50)
8331 April 26 10931 April 4 by Mr. Gary. Incidentally, he has something to say re89
10514
Baldwin Locomotive..3
April
494
19
April
460
41731
*435
485
he characterizes as
Bethlenem Steel Corp49 April 22 55 April 6 specting the income tax law, which
53
54
Central Leather
20% April 24 2331 April 10 "unreasonable, unfair and inimical to the best interests of
2231
Chile Copper (par $25)
2231
51 April 22 5531 April 1
5431
55%
Chino Copper (par $5)
the reason that it tends to create classes
383.1 April 22 46 Aprit 3 the country, for
4234
45
Colorado Fuel & Iron_
24 8631 April 29 and to discriminate between them." There should be, Mr.
April
81
8631
85
*82
Can
Continental
75 April 22 9631 April 3
82
income tax, but a law which
9231
Crucible Steel of Amer
April 1 Gary thinks, no objection to an
20711 April 19 241
*222 240
241
Cuban Amer Sugar_ _ _
April 3 makes a few people pay the total of a large tax, the amount
16834
Apri122
159
164
*163
*165
General Electric
16731
405 April 24 460 April 6 and use of which may be determined by the remainder of
General Motors v t o *450 485 *375 446
7231 April 22 80 April 10
7634
Goodrich (B F)
763-1
"inequitable and dangerous."
74
7331 April 13 74 April 13 the people, is he declares
-- --*69
Gulf States Steel tr ctfs
j46
j4231 April 22 4831 April 3 Some of the other comments of Mr. Gary are as follows:
4831
Insp Con Cop(par $20)
15 April 25 1934 April 4
1631
1911
Int Agri Corp v t c..,...
interruption after
1631 April 1 2531 April 25
2431
17)1
Whether satisfactory business will continue without
Int Mere Mar tr ctfs_ _
April 29
7031 April 1 91
. 90%
of decreases, if any, in volume or
703%
Preferred tr ctfs
April 10 the war closes, what rate or percentages
Apr1122
5031
4531
4931
are mooted
expected,
be
lot Nickel vtc(par $25)
4731
diminution may
103.1 April 22 1131 April 3 profit will ensue, when, if at at all,
11
*10
1131
Internat Paper
would not
65 April 22 7831 April 4 questions. There are differences in the opinions expressed. It
703%
7631
Lackawanna
77
6931 April 22 78 April 29 be useful, for my purposes at this time, to present in detail the reasons
Sr ctf_
Steel_7131
Maxwell Motor
4
April
6734
22
Aprli
6034
67
6534
National Lead
view.
2231 April 24 2831 April 28 given for either
28
2731
ourselves so far as
Pittsburgh Coal
It is obviously the better part of wisdom to prepare
47
4331 April 24 5431 April 3
5231
Pressed Steel Car
3
April
22
4131
32 April
*3931 4131
for unfavorable change in the economic situation. No harm
practicable
3631
Railway Steel Spring
hereafter prove
47
4331 April 24 5231 April 4
51
Republic Iron & Steel_
result from this course, however unnecessary It may
12131 April 22 14631 April 4 can
131
142
Studebaker Corp(The)
may come from the exercise of precaution.
180 April 22 200 April 4 to have been; and much benefit
18731
191
Texas Co (The)
economy, of
137 April 22 17031 April 6
Necessity is the mother of invention. It is the mother of
14531
15414
U S Indus Alcohol_ _ _ _
50 April 22 543% April 13 industry,study,thought,organization, co-operation and honest and efficient
53
5031
U S Rubber
65 April 22 78 April 11
75%
6831
U S Sm Ref & M ($50)
ion. The war must be terminated sooner or later. All hope
80 April 22 86 April 4 administrat
8331
and that a plan for the
8431
United States Steel__ A mil 27
62
RR V A nril 92
(ii
and pray peace will not be much longer delayed;
,
at
,
Wastarn TTnInn Talc.
ed.
Stock Fluctuations.
April 1.
J Quoted ex-dividend during the month and prior to this date.
* Bid and asked prices; no sale.
Foreign Exchange, Silver, &c.—In the foreign exchange
market the course of sterling bills was extremely narrow,
and quotations were almost nominal. In the case of bankers sight bills and cable transfers the spread between the
high and low points for the month was only one-eighth—
the range in the former case being between 4 76% and
4 763/i and in the latter case between 4 76 15-16 and 4 771-16, and it was obvious that the sterling exchange situation was completely under the control of the British Treasury. As regards exchange on the Continental centres,
matters were different. Rates on Paris were weak, with
an improvement, however, the latter part of the month,
as it appeared that the French Government was carrying
on negotiations for establishing a new credit here and was
also arranging to mobilize securities to use in rectifying ther
exchange situation the same as Great Britain had been
doing. On Apr. 13 bankers' checks were quoted as low as
the dollar, but from this there was an im6.073/i francs to
provement to 5.933/i france by Apr. 29. In the case of
Reichmarks the.,effect of the submarine developments was
to cause a sharp advance, sight bills rising from 71 8c.
Apr. 3 to 763-ic. Apr. 21 and the explanation given was
that German capital or investments here was being realized
on and transferred in the fear of war between the United
States and Germany. By Apr. 29 the rate was down again
to 74 13-16. Austrian kronen from 12.35 Apr. 4 moved
up to 13.80 Apr. 21 and closed at 13.02 Apr. 29. Russian
rubles declined from 31.54 Apr. 1 to 30.25 Apr. 15, then
Open
% Apr. 21 and closed Apr. 29 at 30%.45%
advanced to 313
for
market rates at London continued to be quoted at
60-day and 43% for 90-day bills, while the private bank rate
4%. In this month there was a
at Berlin remained at 43
net gold export, the imports (all ports) being only $6,121,788 and the exports $11,502,999. Silver in London experienced a remarkable rise going up from 29d. to 353/sd.
on an active demand for the metal largely for coinage purposes owing to the scarcity of gold.
The remaining months of this monthly narrative will be given next week.
E. H. GARY URGES PREPARATION FOR POSSIBLE
UNFAVORABLE CHANGE IN ECONOMIC SITUATION.
In a statement bearing on business conditions and prospects Elbert H. Gary, Chiarman of the United States Steel
Corporation,while repeating that conditions have been and
still are more favorable than ever before, warns that "it is
apparent that, as a nation, we are to a certain extent up in
the air; that we have no sure foundation for an uninterrupted
continuance of the present volume and profit in some and
perhaps many business lines; that in many respects conditions are influenced by circumstances which are unusual."
"It is," he says, "obviously the better part of wisdom to
prepare ourselves so far as practicable for unfavorable
. No harm can result
change
_ in the economic situation
and consummat
prevention of future prolonged wars may be developed
will be in great need
When it is ended the nations now actively engaged
to which I have
and they will be possessed of all the essentials for success
they will re-enter the
adverted. Thoroughly equipped for the contest
rivalry with a
industrial
arena of international, financial, commercial and
and their duty to
grim determination to excel. This will be their right
lawful effort
themselves. We have no reason nor desire to question any
legitimate race for
any of them may make to pass and outdistance us in the
act. Equal
unfriendly
or
improper
an
be
business success. It would not
is all that we or any
opportunity on land and sea, throughout the world,
every station should reject
others may properly demand. Less than this
and denounce.
all the countries
As for myself, I would advocate co-operation between
economical practice, the
of the world if it can be secured. The most
and transportation and
greatest possible prevention of waste in material
final benefit to any,
methods of business, without detriment to the net and
aim and policy of
should be the international, and indeed the national,
all nations.
country to make most
However, the problem for the people of this
way, by what policies
prominent in their considerations is how, in what
protected and promoted,
and efforts, our rights and interests may be
we have the most
whatever conditions may obtain. It is not enough that
productive capacity.
gold, the most currency, the highest credit, the largest
but all
sufficient;
be
may
For our own livelihood, our existence, these
ts, the most desirable
civilized nations believe that the highest achievemen
between all nations.
results, are reached only by mutual communication
to sell to them our surplus
We desire to transact business with all others;
have for sale. All
they
and
products and to buy from them what we need
, and we should be able to
should have similar privileges and restrictions
fair and reasonable ourselves.
demand this on the ground that we are always
possessed by any.
There should be no undue advantage taken or
things particularly
It is deemed appropriate to refer to some of the
the future economic position.
upon
bear
which
applicable to our own welfare
kept intact, so
In the first place, our large capital resources should be
, wise and economic
far as consistent with the principles of safe government
protection to
absolute
progress,
administration, proper development and
public and private. We
the rights of all, and the transaction of business,
Our cash resources ought
should not become over-extended financially.
for our own demands. They
not to be so tied up as to become unavailable
so as to permit realization
should be kept in liquid form to a large extent,
and when necessary. We should
of actual money or credit upon them if
developments, even though unbe prepared for emergencies, for adverse
expected.
our progress.
However, we should not permit our riches to interfere with necessity—
the opposite of
There is danger that great wealth will produce
stupidity,
on,
retrogressi
extravagance, indolence, waste, indifference,
failure. We must be on our guard against this danger. parity with all other
a
Again, our country should be placed and kept on
said before and I now
countries. I refer to the tariff question. I havetreated as a political or
or
repeat, this question should not be considered
number should in this, as
partisan one. The greatest good to the greatest
and determinatulon. Facts
in all public questions, be the solo inquiry
practical results secured.
should be ascertained and honest, sensible,
so high as to permit
Prohibitive tariff rates, so-called, or schedules that are
be permitted;, but tariff
not
should
consumer
a producer to oppress the
should be reasonably
rates on luxuries we do not produce in this country
and tariff rates on the
high so as to produce revenues for the Government;
those wo produce, whether
things coming from foreign countries similar to
manufactories, should be
in the forest or in the fields, in the mines or in the
including the wage earners
sufficiently high to protect our producers
so as to put our country
against cheap foreign labor and its results, and
all other countries and peoples.
and its people on a fair and oven basis with
by anti-dumping pro
extent
certain
a
Possibly this could be secured to
it is not reasonable or
visions or by reciprocity conditions. At any rate,
of disadvantage. Nearly
fair to our people to place them in a position
their laws which prevent our
all foreign countries have tariff provisions in
producers from selling there, and we should have like security.
JAN. 13 1917.]
THE CHRONICLE
RUSSIAN LOAN SYNDICATE DISSOLVED.
The dissolution of the syndicate (the life of which, as mentioned by us on Dec: 30, had been extended to Jan. 15 1917)
headed by J. P. Morgan & Co., the National City Co., the
Guaranty Trust Co., Lee, Higginson & Co. and Harris,
Forbes & Co., underwriters of the Imperial Russian Government 53/% 5-year external loan offered in November
last, was announced on Jan. 11.
Over $20,000,000 of the issue were sold out of the commitment of the syndicate of $25,000,000, the unsold balance
of $5,000,000 being distributed to syndicate participants.
The syndicate had an option on the remainder of the loan
($25,000,000), but this of course was not exercised.
•
The bonds, the particulars of which were given in our issue
of Nov. 25 (page 1934), were offered at 94%, netting the
investor about 6%%.
SUBSCRIPTIONS TO AUSTRIA'S WAR LOAN.
The London cables yesterday reported Vienna advices of
the 11th as stating that incomplete returns from the fifth
Austrian war loan show 4,412,800,000 crowns subscribed,
with approximately 300,000,000 already subscribed, but still
outstanding. The loan is thus, it is stated, the largest yet
raised in Austria. The first levy was 2,217,000,000 crowns,
the second 2,688,300,000, the third 4,202,600,000, the fourth
4,520,300,000. The new loan makes the total raised for war
by Austria about 18,400,000,000 crowns. The Hungarian
returns, it is reported, are still incomplete, but show about
half of what Austria has raised. This sum, together with
Hungary's past war loan, makes a total raised by the Dual
Monarchy for war purposes of 26,00000,000 crowns.
119
he was reactionary in his economic views. He attacked the
decision rendered by Mr. Daniels while a member of the New
Jersey Public Utilities Commission, allowing the Public
Service Gas Corporation to add, it is alleged, intangible
values to the valuation on which its rates were based. Senator
Cummins also based his attack on Mr. Daniels's decisions in
the "5 per cent rate case" and is said to have declared that
the Inter-State Commerce Commission, led by Mr. Daniels,
in granting increases to the railroads in the advance rate
case, "ignored the law and exercised an authority which
never has been and never will be conferred on any commission." Senator Newlands in defending Mr. Daniels is
quoted as having said that in the New Jersey gas case cited
"the outcome was a reduction in the price to consumers,"
and that the Western advance decision was a "defeat" for
the railroads and had resulted in no increases in commodities
where any large amounts of revenue were involved.
AMENDMENTS TO FEDERAL RESERVE ACT SUGGESTED BY RESERVE BOARD.
The discussion and formulation of amendments to the
Federal Reserve Act occupied considerable of the attention
of the Federal Reserve Board during December, and in
advance of the presentation of its annual report setting out
its proposals with regard thereto the Board has already
transmitted to the chairman of the Banking and Currency
Committees of the Senate and House the amendments it
suggests. The recommendations of the Board have to do
principally with reserves, and are intended to aid in controlling the great inflow of gold into the United States.
We quote as follows from the Bulletin what it has to say in
the matter in indicating the nature of the amendments:
The whole situation as to reserves, interest rates and demands for accommodation has been such as to confirm the Board in the belief, previously
expressed, that the time has come for the use not only of distinct caution
on the part of our banks, but also of the adoption of a more adequate policy
to control the dangers growing out of the continued shipment of gold to the
United States. In the statement issued on Nov. 28 the Board used the
following language:
"The Board does not share the view, frequently expressed of late, that
further importations of large amounts of gold must of necessity
prove a
I wish with all my heart that it might have been possible for you to stay, source of danger or disturbance to this country.
That danger, the Board
and I want you to know in what high esteem you have been held here by believes, will arise only in case the inflowing gold should remain uncontrolled
and
be permitted to become the basis a undesirable loan expansions
every one who has had dealings with you and what a very high value 1,
and of inflation. There are means, however, of controlling accessions of
in common with the public, have upon your work for the commission.
gold by proper and voluntary co-operation of the banks or, if need be, by
legislative
enactment."
Mr. Hurley's resignation was referred to in these columns
RESIGNATION OF FEDERAL TRADE COMMISSIONER
HURLEY ACCEPTED BY PRESIDENT WILSON.
President Wilson on the 11th inst. accepted the resignation of Edward N. Hurley, of Chicago, as chairman of the
Federal Trade Commission, to take effect Feb. 1, and sent
him a letter in which he said:
last week.
BOSTON CLEARING HOUSE BANKS' NEW METHOD
OF REPORTING RESERVE.
Announcement of a new method of reporting the reserve
position of the Boston Clearing House banks, was made
as follows in the "Journal of Commerce" of the 10th inst.:
Secretary Willis to-day
(Jan. 9) announced on behalf of the Federal
Reserve Board that the Boston Clearing House banks have
added a new
form designed to show the change in their reserve position
from week to
week, as given at the bottom of their usual clearing house
bank statement.
In the past they have announced the deficiency or excess of
their vault cash
and also their deficiency or excess with the Federal Reserve Bank.
Since
the adoption of the ruling making it optional with member banks to keep
reserves in vault or in the Federal Reserve Bank, the Boston banks have
shown a deficiency in their vault cash, and an excess with the Federal Reserve Bank.
It has been felt that these items might properly be consolidated just as
similar figures are combined in English bank statements, and that
such
consolidation would be a final recognition on the part of the
clearing house
that deposits with the Federal Reserve Bank are practically
interchangeable so far as reserve availability is concerned with cash in vault.
When
the matter was recently called to the attention of the Clearing House
in
Boston the members acquiesced in the suggested change. This is regerded as a further indication of the desire of the larger New England banks
to co-operate with the Federal Reserve Bank in every way possible.
SENATE CONFIRMS REAPPOINTMENT OF INTERSTATE COMMERCE COMMISSIONER DANIELS.
The reappointment by President Wilson of Winthrop M.
Daniels of New Jersey, as a member of the Inter-State Commerce Commission, was confirmed by the Senate on Jan. 10
by a vote of 42 to 15. Mr. Daniels, a former member of the
faculty of Princeton University, has already served two years
as a member of the Commission and was reappointed early
in December by the President to servo a full seven year term.
Opposition to his confirmation came from a number of
Senators of the Progressive wing of the Republican Party
and a few Democrats. The fifteen Senators recorded against
the confirmation on the roll call were Chamberlain, Hollis,
Husting, Lane and Lea, Democrats; and Borah, Cummins,
Gronna, Jones, Kenyon, Norris, Poindexter, Sterling, Watson and Works, Republicans. Portions of the executive
debate made public, include a speech by Senator Cummins,
opposing Mr. Daniels, and one by Senator Newlands defending the Commissioner's record. Senator Cummins, it is
said, opposed Mr. Daniels'sreappointment on the ground that
A•
As a means of providing the control of the gold referred to in this statement, the Board suggested the advancing of the date on which balances
with city banks should cease to count as reserves, from Nov. 1 1917 to
February or March of the same year. This was recommended mainly
because it would eliminate fictitious reserve balances, and tend to promote
a better understanding of real reserve conditions.
A more positive program has, however, been felt to be necessary, and
other amendments have in consequence been suggested by the Board to
Congress.
Proposed Amendments.
Among the amendments thus transmitted to the appropriate committees
of Congress are the following items:
(1) An amendment designed to advance the date when reserve balances
carried with city correspondents will no longer count as reserves, from
Nov. 1 1917 to a date 60 days after the passage of the amendatory Act.
(2) A provision authorizing the Federal Reserve Board to increase member bank reserves under carefully guarded conditions.
(3) A revision of section 19 of the Act relating to reserves so far as to
eliminate matter which has become obsolete by reason of the actual effecting
of reserve transfers, while at the same time reserves carried with Federal
Reserve banks are strengthened, and the amount and character of funds to
be carried in vault are placed within the option of the member banks.
(4) An amendment authorizing State banks to carry balances with
Federal Reserve banks and to clear checks through them.
(5) Sundry minor amendments intended to correct obvious defects or
errors in existing law, or to improve the working of various phases of the
legislation.
Controlling the Gold Supply.
It will be observed that the principal of the Board's proposed amendments are intended to work together toward the further application of the
policy already mapped out in the statement regarding bank investments
in foreign obligations issued by it on Nov. 28. As noted above, it was
there suggested that the inflow of gold into the United States need not be
considered a menace to the well-being of the community, provided that
satisfactory provision was made for the control of its movement and
accumulation. The question raised is how to obtain and exercise sufficient
authority in connection with such control. This, as is now suggested by
the Board, can be accomplished by wiping out the fictitious reserves carried
in the form of reserve balances, vesting the Board itself with power to increase when necessary the percentage of member bank reserves carried
with reserve banks, and rearranging the reserve requirements of the country so as to place all reserve funds, except needed till money, in the hands
of the reserve banks themselves. The gold movement has continued and
imports into the United States during the four weeks between Nov. 17 and
Dec. 22 were $109,655,000, while exports for the same period were $36,202,000. Net imports of gold for the five weeks ending Dec. 22 were
$97,797,000, while net gold imports since Jan. 1 1916 were $483,801,000,
compared with $409,050,000 for the corresponding period in 1915.
RESERVE BOARD LIMITSPURCHASE OF CIRCULATION
BEARING BONDS BY RESERVE BANKS TO $15,000,000.
Announcement that the Federal Reserve Board has
decided to limit to $15,000,000 the amount of bonds to be
purchased this year by Federal Reserve banks from:member
120
THEICHRONICLE
[VOL. 104.
banks desiring to retire circulation, was made by Secretary compared with $4,380,417,973 on Sept. 30 1914. His report
H.Parker Willis on the 9th inst. The Board will require the said:
The period since the close of the fiscal year ending Sept. 30 1915 has witReserve banks to purchase on April 1 circulation-bearing
nessed the most wonderful extension in the business and commerce of the
bonds to the full amount of this $15,000,000, or so much State which history records. Although largely due to opportunities creof it as may be offered for sale on or before March 21, the ated by the European war, it has been accompanied and furthered by an
equally remarkable growth in the resources of our financial instilast day on which applications from member banks will be almost
tutions and the exercise of the additional powers conferred on them by the
received by the Treasurer of the United States. The revised Banking Law of this State and the Federal Reserve Act.
On Sept. 25 1915 the total resources of the trust companies of this State
Reserve Board will allot the bonds thus purchased to each
were $2,115,537,274. On Sept. 20 1916 these resources had increased to
Federal Reserve bank in proportion that the capital and $2,626,431,407,
a gain of $470,894,133. The capitalization of those instisurplus of such banks bears to the aggregate capital and tutions increased from $79,100,000 to $94,200,000, a gain of $15,100,000.
surplus of all the Reserve banks. The circulation outstand- The number of trust companies has increased from eighty-one to eightying against such bonds will be permanently retired when nine.
During the same period the total resources of State banks increased from
redeemed. Under the provisions of Section 18 of the $671,142,322 to $840,704,210, an increase of $169,561,888, while the total
Federal Reserve Act, Federal Reserve banks are not per- capitalization of these banks increased from $34,238,000 to $35,326,000,toa
gain of $1,088,000. The aggregate surplus increased from $52,396,967
mitted to purchase from member banks through the Treas- $56,140,292,
a gain of $3,743,325. There are at present 202 State banks,
urer more than $25,000,000 of bonds in any one year, less as compared with 200 a year ago.
The total resources of trust companies have increased from $2,155,537,the amount of bonds bearing the circulation privilege
274 on Sept. 25 1915 to $2,744,317,081 on Nov.29 1916, the date of the last
acquired in the open market during that year. There is no call for 1916,a gain of $588,779,807. During the same period the resources
limit imposed by law on the amount of bonds which may be of the State banks increased from $671,142,322 to $901,845,248, a gain of
$230,702,926.
purchased in the open market by Federal Reserve banks.
1 1915 to July 1 1916 the aggregate resources
The Federal Reserve Bank of New York issued this week
the following circular to member banks concerning applications of those desiring to retire the whole or any part of
their circulating notes:
FEDERAL RESERVE BANK OF NEW YORK.
Relating to applications to S,511 U.S. Bonds.
New York,January 11 1917.
To the Cashier:
Sir.—Section 18 of the Federal Reserve Act provides that any member
bank desiring to retire the whole or any part of its circulating notes may
file with the Treasurer of the United States an application to sell for its
account at par and accrued interest United States bonds securing circulation to be retired.
It seems appropriate at this time to issue blank forms for the use of
member banks of this district in making applications during the year 1917
together with suggestions concerning the procedure to be followed. In
making application member banks should bear in mind the following
points:
1st: The only bonds that are eligible for sale in this manner are U. S.
bonds which at the time of application are actually securing circulation
of national bank notes to be retired.
2nd: The applications should be forwarded directly to the Treasurer
of the United States, Washington, D. C.
3rd: The applications must be received by the Treasurer of the United
States at least ten days before the end of the quarterly period at which the
sale is desired to be made. Therefore for the quarter ending March 31
1917 applications should be received by the Treasurer of the United States
on or before March 21 1917.
4th: It is optional with the Federal Reserve Board whether or not to
require the Federal Reserve banks to purchase the bonds offered for sale
5th: If the Federal Reserve banks are required by the Federal Reserve
Board to purchase the bonds the price will necessarily be par and accrued
interest.
6th: The aggregate amount of such bonds which the Federal Reserve
banks can be required or permitted to purchase is limited to $25,000,000
in any ono year but this aggregate amount may furthermore be reduced
by the amount of bonds bearing the circulation priyilege purchased during
the same year by the Federal Reserve banks in the open market.
The Federal Reserve Board has announced that it will not require Federal
Reserve banks to purchase during the year 1917 more than $15,000,000
of bonds offered for sale by member banks through the Treasurer of the
United States. It will, however, require Federal Reserve banks to purchase on April 1 1917 so much of that amount of bonds as may be offered
for sale through the Treasurer on or before March 21 1917, provided such
bonds, added to the amount of bonds bearing the circulation privilege,
purchased by Federal Reserve banks in the open market during the first
quarter, do not exceed $25,000,000.
Although there is no legal limit on the amount of bonds which may be
bought by Federal Reserve banks in the open market,in order that member
banks may have an opportunity to sell the maximum amount of bonds
under Section 18, the Federal Reserve banks will refrain from purchasing
2% bonds in the open market until after March 11917. but will thereafter
feel at liberty to make such purchases in the open market. Therefore, it is
suggested that member banks desiring to retire their circulation during
the year 1917 under the provisions of Section 18 of the Act, file their applications with the Treasurer of the United States before March 1 1917. and
at the same time advise the Federal Reserve bank of their district the
amount of each application to the Treasurer in order that the Federal
Reserve banks may have prompt knowledge of the total amount of bonds
offered to the Treasurer of the United States and thus be enabled to arrange
their open market purchases with regard to the best interests of member
banks.
There is enclosed herewith an original form of application to the Treasurer of the United States which should be duly executed and forwarded
direct to the Treasurer of the United States, Washington, D. C., also a
duplicate of the same which should be executed and forwarded to this bank
as advice to it of the application.
Respectfully,
R. H. TREMAN,
Deputy Governor.
During the period from July
of the mutual savings banks of the State increased from $1,930,596,230 13
to $2,053,171,981 23,and the surplus of these corporations, upon estimated
market values, increased from $138,020,085 12 to $168,986,926 06, although only one new savings bank was authorized during this period.
Nor have the opportunities afforded by the revised Banking Law of the
State to organize co-operative financial institutions been neglected. Since
Sept. 30 1915 four savings and loan associations and nineteen credit unions
have been organized for the purpose of encouraging thrift among different
classes of our people and enabling borrowers, whether living in urban or
rural sections of the State, to obtain loans upon moderato terms by cooperative methods.
During this period of expansion and development it has been necessary.
from time to time, for the more conservative bankers and for those charged
with the supervision of financial institutions to call attention to the dangers
attendant upon too rapid growth, if not based upon absolutely sound conditions, to restrain popular enthusiasm and to refer to the possible financial
results of the establishment of peace.
While it is believed that these warnings have boon heeded,that the foundations of our State financial system are firm and secure, and that oven the
new powers conferred upon our institutions have not been unwisely exercised, too great care cannot be exerted in preparing for that much desired
event. The mere destruction of so large a part of the world's material
wealth as has already occurred, without reference to the many readjustments that will be necessary at the close of the war, cannot but affect the
business of the world and of this country as well for many years. But, while
caution and foresight are necessary, I do not anticipate any general collapse
of credit in this country. for I have faith in the wisdom and courage as well
as in the genius of the American business man and the American banker,
and there are times when courage is not the least essential.
There were under the supervision of this Department on Sept. 30 1916
1,064 institutions, with total resources of $5,641,564,619, an increase over
the previous year of $770,299,693.
It is with considerable satisfaction I report that it was unnecessary for
me to close any institution or private banker under my supervision during
the past year.
RESOURCES OF N. Y. BANKING INSTITUTIONS INCREASE $1,500,000,000 SINCE WAR.
An increase of approximately $1,500,000,000 since the
outbreak of the European war in 1914 is reported in the resources of the institutions under the supervision of the New
York State/Banking Department, Eugene Lamb Richards,
State Superintendent of Banks, in his annual report to the
Legislature on the 3d inst. pointed out that the total resources
of such institutions Nov. 29 last were $5,821,584,712, as
SECRETARY McADOO URGES STATE LEGISLATION TO
MAKE FARM LOAN BONDS LEGAL INVESTMENT.
The Governors of the various States have been urged to
recommend to their legislatures the enactment of legislation
which would make farm loan bonds lawful investments for
trust funds and savings banks where such la.Ns do not already
exist. This recommendation has been made in a letter addressed to the Governors by Secretary of the Treasury McAdoo under date of Jan.6 as follows:
Jan. 6 1917.
My dear Governor:
The Act of Congress known as the Federal Farm Loan Act, of July 17
1916, was passed "to provide capital for agricultural development, to create
a standard form of investment based upon farm mortgages, to equalize
rates of interest upon farm loans," &c. It provides for long-time amortized
loansto farmers at a lower rate of interest than has hitherto prevailed in most
sections of the country, and will meet the credit necessities of a vast number
of farmers, particularly the owners of small farms whose lack of touch with
financial centres, or the modesty of whose demands have hitherto prevented
their securing loans at all, irrespective of the rate of interest.
In order to secure an adequate supply of money for farm mortgage purposes, the Federal Land banks will issue bonds secured by the deposit as
collateral of first mortgages on farm lands. I enclose several copies of
Circular No. 6, issued by the Federal Farm Loan Board, entitled "Farm
Loan Bonds," describing fully the manner of issue and the character of
these bonds.
The Federal Farm Loan Act provides that these bonds "shall be a lawful
investment for all fiduciary and trust funds and may be accepted as security
for all public deposits." This, of course, relates only to fiduciary and trust
funds under the jurisdiction and control of the Federal Government. In
order to make these bonds lawful investments for trust funds and savings
banks in the different States, it is necessary that each State enact laws to
that effect, unless such laws are already in existence. I shall be greatly
obliged if you will advise me promptly whether or not, under the existing
laws of your State, these bonds will be legal investments for trustees and
guardians, and for savings banks and insurance companies. If they are
not, may I beg that you will recommend to the Legislature at its present
session the enactment of the necessary laws to make them legal investments.
Such legislation would accomplish the double benefit of putting within
the reach of trustees and guardians an absolutely safe investment, yielding
a satisfactory income for the beneficiaries under their trusts, and widen the
opportunity for a safe investment of the savings of the masses, while at the
same time it would prove of immense benefit to tho farmers of your State
in enlarging the market for farm loan bonds and farm mortgages, thereby
assuring a larger amount of available credit for the needs of the farmers
of your State and at lower rates of interest than those now prevailing.
JAN. 13 1917.]
THE CHRONICLE
121
In inclosing a copy of the above to the farm organizations,
Mr. McAdoo said:
The resolution of the Board and the figures upon which the assessment
is based follow:
Whereas, under section 10 of the Act approved Dec. 23 1913, and known
This is a matter of great importance to the farmers of the country, as the as the Federal Reserve
Act, the Federal Reserve Board is empowered to
enactment of such laws by the different States will greatly enlarge the mar- levy semi-annually upon the Federal Reserve banks in proportion to their
ket for farm loan bonds,thereby assuring to the farmers of the United States capital stock and surplus an assessment sufficient to pay its estimated expenses, including the salaries of its members, assistants, attorneys, experts
a larger supply of farm credit at lower rates of interest than will be possible and
employees for the half year succeeding the levying of such assessment,
without such laws. The Federal Land banks, which are soon to be opened together with any deficit carried forward from the preceding half-year; and
Whereas, it appears from estimates submitted and considered that it is
for business, will be able to render very much greater service to the farmers
if the different States will pass the suggested laws than if they do not. As necessary that a fund equal to 1-10 of 1% of the capital stock of the Federal
Reserve banks be created for the purposes hereinbefore described, exclusive
the matter is one of great importance, may I beg your co-operation?
of the cost of engraving and printing Federal Reserve notes: Now, thereIn indicating that politics would play no part in the con- fore,
Be it resolved. That pursuant to the
vested in it by law, the
sideration of appointments of the sixty directors for the twelve Federal Reserve Board hereby levies anauthority
assessment upon the several Federal
Reserve
banks
of
an
amount
equal
to
1-10
of
1% of the total capital
Farm Loan banks, the Board issued a statement on the 7th stock of such banks, and the fiscal agent of the Board
is hereby authorized
to collect from said banks such assessment and execute, in the name of
Inst. saying:
this Board, a receipt for payment made. Such assessment will be collected
It may be stated without qualification that these jobs will not be handed in two installments of one-half each; the first installment to be paid on
out as political plums. The only consideration which will be taken into Jan. 1 1917 and the second half on March 1 1917.
account is that of merit, efficiency and ability. There is no division of
Estimate for January 1917 Assessment.
Average monthly encumbrance for period July 1 1916 to
opinion among the members of the Board as to this principle.
Dec. 31 1916
$18,008 31
Estimated monthly requirements, January to June, inclusive, 1917
19.159 39
ATTORNEY-GENERAL OF NEW YORK RULES AGAINST
Estimated monthly increase
$1,151 08
USE OF TERM "SAVINGS DEPARTMENT" BY
NATIONAL BANKS.
National banks, according to an opinion handed down by
E. E. Woodbury, Attorney-General of New York State, are
not authorized under the Federal Reserve Act, to use the
words "Savings Department" or similar terms to designate
departments operated along the lines of savings banks.
The Attorney-General, in his ruling, handed down on the
5th inst., holds that the use of the term"savings"would
constitute an invasion of the province of the savings bank.
To offset the loss sustained by the operation of the Federal
Reserve Act under which they are compelled to deposit large
reserves with the Federal Reserve banks, a number of national banks,particularly in New York City,'have inaugurated
savings account plans, paying interest upon deposits in excess of $500. Special departments have been organized to
handle this phase of their business, and some banks have
adopted the term "savings" to designate these departments.
In order to justify the use of this term they invoked the aid
of the Federal Reserve Act, which, they contend, supersedes
the prohibition in the State Banking Law against the use
of the word "savings" by any institution other than a savings
bank. Attorney-General Woodbury holds that the Federal
Reserve Act does not supersede the State Banking Law in
this particular. In his opinion he said:
We cannot deny the right of national banks to receive deposits in the
form of "savings accounts," but we feel quite certain that the language
employed in the Federal Reserve Act with reference to savings deposits
does not empower such banks to do a "savings bank business," as that
business has come to be generally understood throughout the country; and
therefore we are of the opinion that the State Banking Law is still operative
against the use of the word "savings" by any bank other than a savings
bank.
The words "savings banks" have come to have a special meaning to
small savers as denoting an increased protection of their deposits, and they
would be deceived by its use by other banks. As the Congress did not, we
believe, intend to authorize a national bank to do business as a "savings
bank," so it did not intend to interfere with any safeguards for the small
depositor which the State may have devised to protect him."
Attorney-General Woodbury has notified the State Banking Department that it is its duty to enforce the State Banking Law prohibiting the use of the term "savings" by any
other than a savings bank.
M. C. Elliott, counsel for the Federal Reserve Board, in
an opinion in 1915, in which he held that since the Federal
Reserve Act empowers national banks to receive savings
accounts, the right to advertise for such accounts would seem
to be a necessary incident to its exercise, said:
While national banks should not be permitted to advertise themselves
as "savings banks," since they are not so designated in the Act (Federal
Reserve) power is specifically granted to member banks to receive interestbearing accounts, including "savings accounts," and since they possess
this power, the right to advertise for such accounts would seem to be a
necessary incident to its exercise.
ASSESSMENT FOR EXPENSES OF FEDERAL RESERVE BOARD.
An assessment of one-tenth of one per cent. upon the
capitalization of the Federal Reserve Banks to cover the
estimated expenses of the 'Reserve Board from Jan. 1 to
June 30 1917 was voted by the Board on Dec. 5. The
assessment is the same as that levied for the first half of
1916, but is more than the assessment for the last six months
of 1916, which amounted to 75-1000 of 1%. The Board's
announcement of the present assessment is contained in
the Federal Reserve Bulletin for January as follows:
Acting under the provisions of the Federal Reserve Act, the Federal
Reserve Board on Dec. 5 voted an assessment of 1-10 of 1% upon the capitalization of Federal Reserve banks to cover estimated expenses of the
Board from Jan. 1 to June 30 1917. The assessment is based upon the
capitalization of Federal Reserve banks as of Dec. 1 1916. of $111,474,000.
The rate of assessment will yield $111.474 and is slightly higher than that
made for the last half of 1916. which was 75-1000 of 1%. The assessment
at the lower rate for the latter half of 1916 was made pessible by a considerable balance carried over.
Estimated requirements, January to June,inclusive, 1917_
Estimated unencumbered balance. Jan. 1 1917
$114,956 34
10,099 36
$104.856 98
Total capitalization Federal Reserve banks, Dec. 1 1916—$111,474,000 00
Rate of assessment to produce $111,474 (1-10 of 1%)
.001
SHERMAN ALLEN, Fiscal Agent,
Approved: Committee on Organization, Expenditures and Staff.
F. A. DELANO,
C. S. HAMLIN,
A. G. MILLER,
December 5 1916.
PUBLICATION RENEWED OF QUOTATIONS ON
GERMAN STOCK EXCHANGE.
Advices from Berlin by way of London under date of the
5th inst., announce that an official list of the quotations on
all securities listed on German stook exchanges was published
Monday the 1st, for the first time since the exchanges closed
in 1914. The cables say:
The quotations, which have become necessary for taxation purposes. were
mostly higher than before the war. Large gains appear especially in the
securities of iron, machinery,chemical,arms,explosives and other companies
working on war contracts. Some of these classes gained from 200 to 300
points, and very few lost ground.
Most of the steamship companies made gains—the North German Lloyd,
9 points; the Hansa Steamship Line, 10 points, and the Hamburg-South
America, 35 points. Quotations on the Hamburg-American Line were
unchanged. Government loans made a comparatively good showing. All
war loans are quoted at 98.
W. S. KIES ON TRAINING FOR WORLD SERVICE.
"The biggest opportunity ever offered any people for world
service has found this nation, because of lack of training and
experience, unready to assume in a broadly comprehensive
manner, the responsibilities and obligations which go with
the opportunity." This statement was made by W.S. Kies,
Vice-President of the National City Bank, of New York,
addressing the annual meeting of the Asiociation of American
Colleges at Chicago yesterday, the 12th inst. Without
desiring to detract from the credit which is due our financial
and commercial leaders for their really exceptional skill in
meeting and handling new problems, Mr. Kies observed, "it
may not be amiss to point out that no definite, clean-cut
commercial or financial policy seems as yet to have been
formulated for the future." "Our country's position at
present," he continued, "might well be compared to tha
of an individual who suddenly, by inheritance, had acquired
great wealth, carrying with it control and management of
large enterprises." Leading up to the necessity of trained
intelligence and resourceful leadership, Mr. Kies said:
Having no previous training fitting him to assume the responsibilities
of his now position in life, the future of his properties, for a time at least,
will depend upon good luck and the chance that his mistakes and blunders
will not be serious. It will be perfectly natural for this newly rich individual to think only in terms of the present, having little care for the
future, to underestimate his responsibilities and obligations, to indulge in
extravagant expenditures, and to do a great many foolish things without
considering the consequences. It will take many years for him to get his
bearings and to view his new estate in its proper perspective. Ultimately
if he has brains and good sense, experience will teach him the needed lessons;
give him the required training, and supply the breadth of vision necessary
to the proper handling of his affairs. And thus it has been with our newly
acquired foreign trade.
When the demands of new foreign markets began to make themselves
felt in this country, our manufacturers, in large part, found themselves
inexperienced in the matter of foreign trade. They sought help. There
was no class of trained young men with a knowledge of the language of the
countries with whom we sought to trade available for the development
of the sales end of the business. There were few men qualified to supervise
the handling of the export business at home. The result has been that
our efforts to develop a market like South America have met with a great
deal ofjustifiable criticism. Because of the failure of trained men at home
to understand the requirements of a given market, goods have been improperly packed, careful directions have been unheeded, documents have
not been properly made out, and so much dissatisfaction has resulted from
the methods of some of our exporters that in the Argentine, for example;
the most important body of business men in the nation held a special
meeting and adopted resolutions in criticism of the business methods of
American manufacturers. This action was perhaps due to the practices
of a large minority of those exporting to the Argentine, but the good name
122
a t (prestige of all American exporters has suffered as the result of the
acts of a few. In most instances the practices complained of were not
ases of premeditated bad faith or attempted trickery, but mistakes and
blunders due to carelessness and a lack of education as to the needs of this
°reign market.
Events are daily occurring in Europe fraught with gravest consequences
for the future of this country. We see governments taking over private
enterprises of all kinds. The State is supreme, and individual identity is
fast being submerged. This spirit of' nationalism will be felt in industry
and in commerce. The rehabilitation of shattered gold reserves in the
belligerent countries will necessitate production and exportation on a large
scale after the war. These products will be sold in the markets of the world'
at any price that will make them sell because their sale will be a national
necessity. Trade and commerce must rebuild Europe, and commerce and
the industries which feed it will be the subject of nationalized effort. The
was has taught lessons of economy, of discipline, of the importance of
organization, and of centralized control. These lessons will not be forgotten when the war is over. For the United States this means keener
competition hereafter, not alone in foreign markets, but in our domestic
markets as well.
We have the capacity for almost unlimited production in this country,
and the greatest resources of any nation in the world. Trained intelligence
and resourceful leadership will enable us to hold our own against competition from any source. The future leaders of this country must come from
the young men schooled in our colleges and universities; but their training
must be broader, more comprehensive, and at the same time more practical
than it has been in the past. They must be thoroughly grounded in the
basic principles of industrial organization, of commerce, and of finance,
and must be drilled in the application of economic theories to modern conditions. They must be taught to think clearly and soundly, and to plan
with intelligent vision.
Our economic policies in this country, in general, have been of the
hit-or-miss variety, not the result of intelligent planning and far-sighted
vision, but inspired rather by the exigencies of a particular occasion or the
need of creating an issue for a political campaign. We usually tread the
easiest path trusting to luck and Providence to keep us out of trouble.
To justify the truth of the statement, let us pass in quick review our course
on but a few matters of gravest economic importance. First, consider our
scheme of taxation. Can anyone say that it represents a conscious,
thought-Out plan for fairly distributing the burdens of the expense of
running the Government? We tax ability, energy and good management,
everything which tends to progress and development, and, by reason of
the inherent weakness of our plan, encourage, through exemptions or small
proportionate taxes, mediocrity, waste and inefficiency. There is no
relation between our national or State incomes and our expenditures. We
spend the money first and raise it after it has been spent. Appropriation
bills,i nvolving national expenditures running up into staggering figures, are
passed without any clear idea of where the money is coining from. The
result is further taxation along the lines of least resistance—that is, upon
property which can be easily levied upon and which already bears more
than its burden of taxes. How long could an individual or a business
operate on these lines?
Consider the handling of our tariff problem. This is pre-eminently an
economic question. The tariff presents itself in three aspects: first, as a
revenue producer; second, as an equalizer of economic conditions between
this country and its competitors; third, as an instrumentality for the purpose of developing reciprocal trade relations. But the tariff in all our
history has been treated as purely a political issue, and no definite, continuous tariff policy has resulted. It has, therefore, been impossible for manufacturers to plan intelligently for the future beyond the life of a single
political administration.
The day-to-day opportunist character of our economic thinking is nowhere better illustrated than in the handling of the problems connected
with what has been termed big business. First, the encouragement of the
development of manufacture and business in the broadest, most unrestricted
way. With the vast resources at our command, and the rapid growth of
the country, this resulted in the building up of large units of production.
Bitter competition followed. resulting in economic loss and waste. Then
.came the period of combination in an endeavor to get away from the losses
due to competitive warfare. The Government looked on encouragingly.
We took a sort of national pride in the bigness of our combinations. Again
there was no intelligent thought of the future. How easy it would have
been at this period in the history of our industrial combinations to have
developed some fair plan of governmental control and supervision which
would have prevented abuses and harmful practices, and at the same time
have encouraged efficient organization in the interest of economy of production. But again we traveled the circle, and after years, when billions of
the savings of our people had been invested in our large industrial concerns, we came back to the starting point and adopted the policy of compulsory competition, and this at a time when all the world, led by Germany,
the apostle of organized efficiency, had reached the conclusion that combination and co-operative effort were inevitable to success in industry and
commerce.
One other example from the past. Look back upon the course we have
traveled in the development of our currency and financial system. We
started right, with the idea of a sound currency system and a great central
bank modeled after that institution which has weathered the storms of
centuries, the Bank of England, but we have wandered all over the lot,
gone off at tangents, traveled in circles, and finally, after a century, are
at last back on the main road. A sketch of the path we have traveled
would look like the track of a drunken man in the snow.
In a way, our lack of a definite economic policy may be laid to the
phenomenal growth of our country. Our problems have multiplied with
our growth, and our leaders, wrestling with the difficulties of the present,
have had little time to think or plan for the future. It is a fact that often
the people of this country have been ahead of their leaders. Sound constructive leadership in the advocacy of definite policies has always commanded popular support. The political party with a clean-cut economic
program has usually had the advantage. How vitally important, then,
the training of a generation of clear thinkers. From the young men who
••are graduating yearly from your institutions must come the business, financial and political leaders of the future. Upon their ability to understand
and solve the big problems of the future will depend our position in the
community of nations.
We must have the leadership that will enable us to develop a comprehensive industrial and commercial policy in this country, a sound and forceful leadership that will create a public opinion which will compel the passage of constructive legislation in aid of the upbuilding of our national
commerce.
The perpetual strife between capital and labor must be ended. Their
interests are mutual. Neither can prosper if production costs are too high
to permit a profitable marketing of output. Disastrous strikes must be
done away with. The problem of unemployment should not be incapable
of solution. There is probably no greater economic loss to this country
than that which comes from the frequent discharge or the quitting of men
[Vol,. 104.
THE CHRONICLE
and the necessary training of new men in their jobs. The tremendous
capital investment in manufacturing plants in this country may be made
several times more productive and the cost of production reduced when
that plant investment shall be made to pay twenty-four hours a day instead
of eight to ten hours, as has been the custom. If we could use our plants
during the whole twenty-four hours, it would be possible to shorten the
hours of labor. In the whole field of production careers of greatest usefulness are open to men who have the vision to see what must be done, and
the energy and courage to do it.
,1•1•1•••
NEW LIST OF SECURITIES UNDER GREAT BRITAIN'S
MOBILIZATION PLAN—SCHEME A WITHDRAWN.
An additional list of American and Canadian securities
which the British Treasury is prepare -1 to purchase under
the mobilization plan, and which, if not loaned or sold to
it is subject to the special tax of two shillings in the £ was
published by the American Dollar Securities Committee
on Dec. 19. In issuing the new list the committee points
out that "exemption will be granted in respect of those
securities which are lent to the Treasury under Deposit
Scheme B (Scheme A having been withdrawn in accordance
with the terms of the Treasury notice, dated Dec. 16 1916)."
The following is the notice in question, withdrawing Scheme
A:
REGULATION OF FOREIGN EXCHANGES.
Deposit Scheme B.
The Lords Commissioners of his Majesty's Treasury hereby give notice
of the following amendment to the terms of scheme B in respect of the
under-mentioned securities:
1. Securities included in any lists of securities which are stated to be
subject to a special income tax, at present 2s. in the E if not sold to or deposited with the Treasury.
2. Securities which are accented on deposit by the Treasury, the principal and interest of which is payable only in United States dollars.
3. Any other securities which,on application to the National Debt Office,
are stated in writing to be entitled to the benefit of this provision.
The terms of clause 4 of scheme A giving the depositor the right to have
his deposited securities realized will also apply to any of the above-mentioned
securities deposited under scheme B, subject to the reservation that the
securities must first be offered to the Treasury on the terms specified in such
clause, and provided that the power of sale conferred upon the Treasury
by the terms of scheme B has not been exercised.
The Lords Commissioners of his Majesty's Treasury further give notice
that from and after this date no deposit of securities under scheme A will
be received, the acceptance of suitable securities being limited to scheme 13.
December 16 1916.
The term "Scheme A" was used to designate the
American securities mobilized by the British Government,
Scheme B comprising mobilized Canadian and certain
neutral Government securities such as Argentina, Chili,
Norway, etc. The London "Times" of Dec. 18 had the
following to say with regard to the withdrawal of Scheme A:
It is officially announced that the Treasury has decided to withdraw
scheme A, under which securities may be lent to the Government, and
at the same time to increase the attractions of scheme B, which will remain
in force. As we have frequently anticipated, the power of sale in respect
of deposited securities which was given under scheme A only is to be extended to scheme B in respect of all securities subject to the penal tax,
securities the principal and interest of which are payable in United States
dollars, and any other securities which the Treasury may wish to purchase
after application has been made to it. Scheme A, which related to the
deposit of such securities as were marketable in the United States, came
into force on March 27. A very large amount of securities was lent to the
Government under the scheme, but when the second scheme was promulgated its generally superior merits made the ultimate withdrawal of
the earlier plan a foregone conclusion. Now that the power of sale is to
be extended to scheme B there is no reason why scheme A should be kept
In existence any longer. There are distinct advantages in having only one
deposit scheme, for it should facilitate the heavy labors of the Treasury
Committee and prevent confusion in the minds of the public.
Advantages of Scheme B.
One of the great defects of scheme A was that in the event of sale of the
deposited securities no guaranteed price would have been payable to the
lender, while criticism of the terms of scheme B has been mainly directed
against the absence of the power of sale. Under the new arrangement
scheme B embodies both advantages for nearly all securities. Depositors
under scheme A should, therefore, now transfer to scheme B, which they
have the right to do. They will thus secure, in the event of sale, a guaranthe
teed price, appreciably higher, it should be noted, in many cases than
0,
of 2%7
current market quotation, together with a bonus of 5%,instead
They will also receive the annual payment of M% for a maximum period
will
retain
they
their
time
same
of five years instead of two, and at the
power of selling the securities if they should desire to do so. A new list
of securities which will be subject to the penal tax of 2s. in the pound will
be published in the London "Gazette" to-morrow night. It will contain,
among other securities, Canadian Pacific Ry. common stock and also
Alabama Great Southern RR. ordinary and preferred shares. Canadian
Pacific common stock has not hitherto been subject to the penal tax, bereasons.
cause the Treasury were not prepared to purchase it for special
On Dec. 19 the "Times" (London) commented further
upon the Treasury's improved scheme as follows:
The question has arisen as to whether the power of sale which has just
been extended to scheme B will apply to deposits of stock already made,
or only to fresh deposits of securities. We are informed that the power
will apply equally to old and new deposits. In connection with this new
advantage of scheme B, it is necessary to point out that the power of sale
been
Is really a little wider than was that under scheme A, which has now
withdrawn. Under the old scheme the depositor was given the right to
considerain
them,
release
securities,
or
to
request the Treasury to sell his
Under
tion of payment in New York in dollars at the current price.
scheme B, as now revised, similar power is given to the depositor, but the
The
object
is,
Treasury.
securities to be sold must first be offered to the
securities, should
of course, to enable the Treasury to retain the control of
it wish so to do, when the depositor desires to sell his holding. The depositor will certainly lose nothing by this reservation, for he will receive
the market price in either case.
JAN. 13 1917.]
THE CHRONICLE
In another issue on the subject of mobilized securities it
said:
in
It seems to have been assumed by some that American securities kept
New York by British investors cannot be sold or deposited with the Treasis
ury owing to the physical possession regulation. This assumption erronein the case of
ous, for the terms of the declaration of physical possession
even
if
they
accepted,
have
be
transfers to the Treasury enable securities to
they have been in
not been in physical possession in this country, provided
1914 and have not been
the same ownership continuously since September
large number of American
in enemy ownership since the outbreak of war. A
subjects, and it is the
British
by
States
securities are held in the United
The fact
patriotic duty of the holders to sell or lend them to the Treasury.
that the securities may be unstamped will be no bar to their acceptance
prefers to purchase rather
by the Treasury. Apparently the Treasury
in New York, because
than borrow securities for which there is a market
there, the only expense
dollars
raising
of
method
it is a cheaper and easier
number of dollars can be
being that of buying and selling. A greater
as collateral at a smaller
raised in New York by using borrowed securities
expense of the borrowing
the
but
outlay than is involved in purchase,
Holders of American
operation is greater and much more labor is involved.
informed of tho additions
securities should take care to keep themselves
list of securities to which the
which are made from time to time to the
as the pressure of offers relaxes
Treasury has applied the penal tax. For
those which the Treasury is willing
new securities are added to the list of
to purchase or borrow.
We give below the list of securities which the American
Dollar Securities Company made known on Dec. 19 that
it was prepared to purchase. It is the sixth list issued by
it. In making public the same the committee said:
The prices set against the securities are the respective "deposit values"
as defined in paragraph 6 of scheme B.
affixed will
The "deposit value" of any security to which an asterisk is
the figures
be quoted on application. In the case of registered bonds,
of such bonds
quoted must be reduced by one-quarter of one point in respect
point whore not so convertas are convertible into bearer bonds, and by one
otherwise stated, pounds
ible. The figures quoted are, except where
sterling 5 shares in the
pounds
sterling per $500 in the case of bonds, and
case of stocks.
The list follows, the figures in parentheses being the numbers borne by the issues:
Deposit
Value.
Description of Security5514
Alabama Great Southern RR. (1145). preferred
4414
ordinary
Alabama Great Southern RR.(1146)
9414
Albany Southern RR. (985) 1st mtge. 5%, 1939
95
Allegheny & Western Ry. (986) 1st mtge. 4%, 1998
198
'American Brake Shoe & Foundry Co.(987) 7% cum. preferred
9814
American Smelting & RefiningCo.(988) common
15s. 9d. per share
American Tread Co. (989) 5% cum. preferredmtge. 4%,2002
9114
cons.
Atlanta Knoxv. & North. Ry.(990) 1st
9614
debentures 4%. 1939
Atlantic Coast Line RR.(991) cony. equip.
trust, ser. B, 1916-21--105
Atlantic Coast Line 1242. (992) 414%
1st mtge.4%, 1948 9714
Atlantic Coast Line RR.of So. Caro.(993) general
*
Baltimore (094) city bonds
66%
1989
Battle Creek & Sturgis Ry.(995) 1st mtge. 3%,
89
Belvidere Delaware RR.(997) cons. mtge. 334% , 1943
*
Boston (998) city bonds
91
Boston & Maine RR.(999) 20-yr. plain refunding 4 %, 1929
06
Boston & Worcester Street Ry. (1000) 1st mtge. 434 0 , 1923
106%
Burns Bros. (1001) 7% cum. preferred
833407
Canadian Pacific Ry.(1148) pref. consd.4% debenture stock
8034%
Canadian Pacific Ry. 149)4% preference stock
1834
common
1
Canadian Pacific fly.(1150)
93%
Cedar Rapids Mfg. & Power Co.(1147) 1st mtge. 5%, 1953
10714
5%, 1947
Chattanooga Rome & Southern RR.(1002) 1st mtge.1926
10014
extension
1003)
i1
4%.
Ry.
Chicago & North Western
*
Western Ry. 1004) 44% equip. trust certificates.. *
Chicago & North W
Chicago Rock Island & Pacific y. (1005) 434% equipment notes_ _ _ 12914
1923
7%,
cony.
trust
Chile Copper Co. (1006) coll,
85
mtge. 4% , 1945
Coal River Ry.(1007) guaranteed 1st5%
9814
, 1953
Colorado Power Co.(1008) 1st mtge.
mtge.
cons.
1st
Ry.
(1009)
District
Creek
Colorado Springs & Cripple
894
507 , 1942
95
Columbia By., Gas & Electric Co.(1010) 1st mtge. 5% , 1936
102%
Cuba Co. (1011 6% debentures, 1955
._102%
Cuba Co.(1012 7% cum. preferred
9814
Cuba RR.(1013) 1st mtge. 5%,1952
9614
Cuban Telephone Co. (1014) 8% cum. preferred
101%
Dayton Lighting Co.(1015) 1st and refunding mtge. 5% , 1937
98%
Dayton & Michigan RR.(1016) cons. mtge. 414%, 1931
11114
Detroit & Bay City Ry.(1017) 1st mtge. 5% , 1931
975
1940
1st
5%,
mtge.
(1018)
Dominion Coal Co.
5%, 1939_ _ _ _ 84
Dominion Iron & Steel Co.(1019) cons. mtge. sterling
105
Electric Bond & Share Co.(1021) 6% cum. preferred
.%
9?
5%, 1951
El Paso & Rock Island Ry.(1022) 1st mtge.
Essex (County of) (1023), New Jersey, bonds
110
Fort Worth & Denver City Ry.(1024) 1st mtge. 6% , 1921
93%
Galveston Electric Co.(1025) 1st mtge. 5%, 1940
105
Georgia & Alabama Terminal Co. (1026) 1st mtge. 5%, 1948
111
Goodyear Tire & Rubber Co.(1027) 7% cum. preferred
Granby Cons. Mining, Smelting & Power Co. (1028) 1st cony. mtge.
10914
6% , 1928
Great Northern Iron Ore certificates (1152) (for purposes of the addiper annum, the nominal value of
tional interest payment of 34%
37
each of these certificates will be regarded as $25)
1st mtge. 5%. 1946
9314
Great Western Power Co. (1029)
122
Helme (Geo. W.) Co. (1030) 7% non-cum. preferred
1st mtge. 6% , 1931
111
Henderson Bridge Co. (1031)Co.
c1032) 6% cum. preferred
10314
Heywood Bros. & Wakefield
98%
Houston Belt & Terminal By. (10,33) 1st mtge. 5%, 1937
International Mercantile Marine Co. (1151) 1st mtge. and collateral
.1941
10314
64
fund
trust sinking
L
90/
Iowa Central By.(1034) 1st mtge. 5%, 1938
84
Jackson Lansing & Saginaw By. (1035) 1st mtge. 34% , 1951
*
bonds
(1036)
Jersey City
Kanawha & Michigan Ry.(1037) 1st mtge.4%,1990
8714
100%
Kanawha & Michigan By.(1038) 2d mtge. 507 , 1927
Birmingham RR.(1039) gen. mtge.4% ,1934 87%
Kansas City Memphis &Coal
Co.
(1040) cons. mtge. 4%,1920-50_ _ _1004
Lehigh & Wilkes-Barre
1064
Little Miami RR.(1041) original capital stock
Louisville & Nashville-Southern (1042), Monon coll, joint mtge.
80%
------ -- ----- _ -- _ ,..„,
4%, 1052-- - ---------------9314
Macon Dublin------------ ItR.(1043) 1st mtge. 5% , 1947
0 , 194E_ 86
Manitowoc Green Bay & N. W. Ry. (1044) 1st mtge. 33.0.
Marquette Houghton & Ontonagon RR.(1045) gen. mtge.6% , 1925_106
10114
Massachusetts Gas Companies (1046) s. f. 4J%, 1929
Metropolitan Telephone & Telegraph Co.(104) 1st mtge. 5% , 1918_105%
Mexican Petroleum Co., Ltd. of Del. (1048) 1st lien and refunding
series A
113%
convertible s. f. 6% , 1921,'
Mexican Petroleum Co., Ltd., of Del. (1049) 1st lien and refunding
11014%
convertible s. f. 6% , 1921, series B
(1050) 1st lion and refunding
Mexican Petroleum Co., Ltd. of Del.
113%
convertible s. f. 6% , 1921, series 0
Grand
River
(1051)
Valley 1st mtge.4%,1959 904
RR.
Central
Michigan
refunding mtge. 5% , 1936_ _ _ 7614
Michigan United Rys. (1139) 1st and
52
Mill ()reek & Mine Hill Navigation & RR.(1052) guaranteed stock
Milwaukee Lake Shore & Western Ry.(Mich. Div.)(1053) 1st mtge.116%
6% , 14.124
87%
Milwaukee & State Line Ry.(1054) 1st mtge. 314%, 1941
59%
Mine 11111 & Schuylkill Haven RR.(1055) guaranteed stock
*
Minneapolis St. Paul & S. Ste. Marie Ry.(1056) 5% equip. notes
123
Deposit
Value.
Description of Security (Continued)*
notes..
equip.
434%
Marie
(1057)
Ste.
Ry.
S.
&
Paul
Minneapolis St.
80%
Mississippi River Power Co.(1058) 1st mtge. 5%, 1951
74%
Missouri Kansas & Texas By.(1059) 1st mtge. 4% , 1990
78%
Mobile & Ohio RR.(1099) general mtge. 4%, 1938
Montreal Tramways Co. (1060) 1st and refunding mtge. 5%, 194E_ 95%
134%
New England Telephone & Telegraph Co. (1061) capital stock
1053(
New Haven & Derby RR.(1062) cons. mtge. 5%, 1918
9434
New Jersey Junction RR.(1063) 1st mtge. 4%, 1986
7114
New Orleans Terminal Co. (1064) 1st mtge. 4%, 1953
101%
New York & Long Branch RR.(1065) gen. mtge. 4%, 1941
New York Pennsylvania & Ohio RR.(1066) prior lien 434%. 1935..101%
New York & Queens Electric Light & Power Co. (1067) 1st cons.
106
mtge. 5%, 1930
101%
Nipo Bay Co.(1068) 1st mtge. s. f. 5%, 1925
84
Norfolk Terminal Ry. (1069) 1st mtge. 4%, 1961
*
Norfolk, Virginia, (1070) city bonds
10314
Northern States Power Co.(1071) 607 notes, 1926
Pennsylvania & New York Canal & 1t1.(1072) cons. mtge.4%,1939_100%
*
Philadelphia (1073) city bonds
4014
Philadelphia Co.(1074) 6% cum. preferred
8314
Pierce 011 Corporation (1075) cony. debs. 6%, 1924
Pittsburgh McKeesport & Youghiogheny RR.(1076) 1st M.6%.1932 12114
Pittsburgh McKeesport & Youghiogheny RR.(1077) 2d M.6%,1934 11914
Pittsburgh McKeesport & Youghiogheny RR.(1078) 6% guar. stock_ 671
10414
Pressed Steel Car Co.(1079) 7% non-cum. preferred
99
Provident Loan Society of New York (1080) 1st lien 414%, 1921
Public Service Corp. of New Jersey (1081)6% perp. int.-bearing ctfs..10934
115%
Quaker Oats Co. (1082) 6% cum. preferred
11734
Rensselaer & Saratoga Ry.(1083) 1st mtge. cons. 7%. 1921
St. Louis Iron Mountain & Southern Ry.(1085) unifying and refund84
ing mtge. 4%, 1929
St. Louis Iron Mountain & Southern Ry. (1140) River & Gulf Div.
7914
1st mtge. 4%, 1933
11514
St. Louis & San Francisco Ry.(1086) gen. mtge. 6%, 1931
107
St. Louis & San Francisco Ry.(1141) gen. mtge. 5%, 1931
St. Louis-San Francisco By.(1142) prior lien mtge.4%,ser. A, 1950.. 7414
St. Louis-San Francisco Ry.(1143) prior lien mtge. 5%,ser. B, 1950_ 9214
St. Louis-San Francisco Ry.(1144) cum.adj. mtge.6%,ser. A, 1955.. 85$ •
Louis Terminal Cupples Station & Property Co.(1087) 1st mtge.
105
414%, 1917
St. Paul & Kan. City Short Line RR.(1088) 1st M.414%,1941-70%(67%)
94
Salt Lake City Union Depot & RR.(1089) 1st mtge. 5%, 1938_
San Diego Consolidated Gas & Electric Co.(1090) 1st mtge.5%.1939101g
San Diego Consolidated Gas & Electric Co.(1091) debs. 6%, 1922_ 99
San Francisco & San Joaquin Valley By.(1092) 1st mtge. 5%,1940_Al2%
*
Seattle Washington (1093) city bonds
105
Seattle Electric Co.(1094) 1st mtge. 5%,1930
5314
Sharon 12y. (1095) capital stock
10514
Sloss Iron & Steel Co.(1096) 1st mtge.6
109%
20preferred
m.
l9
Southern California Edison Co.(1097) 5%'cu
South Jersey Gas, Electric & Traction Co.(1100) 1st mtge. 5%.1953_103%
*
Spokane, Washington (1101). city bonds
94%
Spokane International Ry.(1102) 1st mtge. 5%, 1955
Springfield (Ill.) Ry. & Light Co.(1103) coll, trust mtge. 5%,1933_ _ 901
9514
Staten Island Ry.(1104) 1st mtge. 414%,1943
10114
Steel Co. of Canada (1105) 1st mtge. & coll. trust 6%, 1910
90
Steel Co. of Canada (1106) 7% cum. preferred
1,
89%
Tacoma By. & Power Co.(1107) 1st mtge. 5%. 1929
88 A
Tennessee Power Co. (1108) 1st mtge. 5%, 1962
10114
Haute Electric Co.(1109) 1st mtge. 5%, 1929
Terre Haute Traction & Light Co.(1110) 1st cons. mtge. 5%,1944_101%
191)
Texas Co.(1111) capital stock
8114
Texas Central RR.(1112) 1st mtge. 5%, 1923
106%
Trenton Gas & Electric Co.(1113) 1st mtge. 5%, 1949
9614
Tr -City Ry. & Light Co.(1114) 6% cum. preferred
Union Elec. Light & Power Co. of St. Louis(1115) 1st mtge.5%,1932 105
Union Elec. Lt.& Pow.Co. of St.L.(1116) ref.& ext. mtge. 5%, 1933 9514
111%
Union Steel Co. (1117) 1st mtge. & coll, trusts. f. 5%, 1952
11014
United Cigar Manufacturers Co. (1118) 7% cum. preferred
United Electric Light & Power Co.(1119) 1st cons. mtge. 434%, 1929 9714
3114
United Shoe Machinery Corp. (1120) 6% cum. preferred
5614
United Shoe Machinery Corp. (1121) common
103
United Traction & Electric Co.(1122) 1st mtge. coll. 5%, 1933
97
United Utilities Co.(1123) 1st collateral trust cony. 6%,1943
102%
Utica & Black River RR.(1124) 1st mtge. 4%, 1922
8814
Utilities Improvement Co. (1125) 6% cum. preferred
111%
Vicksburg & Meridian RR.(1126) 1st mtge. 6%, 1921
83%
Wabash RR.(1127) Des Moines Div. 1st mtge. 4%, 1939
110%
Wabash RR.(1128) Detroit & Chicago ext. 1st mtge. 5%. 1941
84
Wabash RR.(1129) Toledo & Chicago Div. 1st mtge. 4%, 1941
11
78%
Warren RR.(1130) guaranteed stock
96
Washington Ohio & Western RR.(1131) 1st mtge.4%,
Water Power Co.(1132) 1st an ref. mtge.1924d 5%,1939-103
We-tern States Gas & Electric Co. of Cal.(1133) 1st & ref. 5%,1941_ 94%
Western Telephone & Telegraph Co. (1134) coll. trust 5%, 1932_ _ _ _105
501
West Jersey & Sea Shore RR.(1135) common
7514
Wheeling & Lake Erie RR.(1136) 1st cons. mtge. 4%,1949
Wisconsin Edison Co. (1137) inc. 10-yr. cony. debentures 6%, 1924_100
98
5%,
1937
1st
collateral
trust
(1138)
York Railways
THE AMERICAN DOLLAR SECURITIES COMMITTEE,
National Debt Office,
19 Old Jewry, London, E.0.
December 19 1916.
GREAT BRITAIN AND HER ALLIES REPLY TO PRESIDENT WILSON OUTLINING PEACE TERMS.
The text of the joint reply of Great Britain and her allies
to the note of President Wilson of Dec. 18 suggesting an
exchange of views with regard to peace terms was made
public yesterday (Friday). It is said to be regarded in Washington as putting an early peace practically out of the question, but still leaving an open door for the President to make
further efforts. The reply states that the Allies "believe
that it is impossible at the present moment to attain a peace
which will assure them reparation, restitution and such
guarantees to which they are entitled by the aggression for
which the responsibility rests with the Central Powers,
and of which the principle itself tended to ruin the security
of Europe-a peace which would, on the other hand, permit
the establishment of the future of European nations on a solid
basis." In indicating the terms upon which the Allies would
be willing to consider peace negotiations the demand is made
forThe restoration of Belgium, of Serbia and of Montenegro, and indemnities which are due them.
The evacuation of the invaded territories of France, of Russia, and of
Rumania, with just reparation.
The reorganization of Europe, guaranteed by a stable regime and founded
as much upon respect of nationalities and full securityand liberty of economic
development which all nations, great or small, possess, as upon territorial
conventions and international agreements suitable to guarantee territorial
and maritime frontiers against unjustified attacks.
The restitution of provinces or territories wrested in the past from the
Allies by force or'against the will of their populations.
The liberation of Italians, of Slays, of Rumanians and of Tcheco-Slovaques from foreign domination.
124
THE CHRONICLE
The enfranchisement of populations subject to the bloody tyranny of
the Turks.
The expulsion from Europe of the Ottoman Empire, decidedly alien to
western civilization.
[VOL. 104.
as has been alleged, to encompass the extermination of the German peoples
and their political disappearance. That which they desire above all is
to insure a peace upon the principles of liberty and justice, upon the inviolable fidelity to international obligations with which the Government of the
United States has never ceased to be inspired.
United in the pursuits of this supreme object the Allies are determined,
individually and collectively, to act with all their power and to consent to
all sacrifices to bring to a victorious close the conflict upon which they are
convinced not only their own safety and prosperity depends, but also the
future of civilization itself.
SHARP.
The communication also adds that "the intentions of his
Majesty, the Emperor of Russia, regarding Poland have
been clearly indicated in the proclamation which he has just
addressed to his armies. • The reply given out for publication
in yesterday's papers is the translation of the French text of
Concerning the French translation and the text of the reply
the note, as cabled by Ambassador Sharp at Paris. We print
received direct from London by the Associated Press, the
translation
below:
this
New York "Times" of yesterday said:
American Embassy,
Paris, Jan. 10 1917.
The Allied Governments have received the note which was delivered
to them in the name of the Government or the United States on the 19th
of December 1916. They have studied it with the care imposed upon
them both by the exact realization which they have of the gravity of the
hour and by the sincere friendship which attaches them to the American
people.
In a general way they wish to declare that they pay tribute to the elevation of the sentiment with which the American note is inspired and that
they associate themselves with all their hopes with the project for the
creation of a league of nations to insure peace and justice throughout the
world. They recognize all the advantages for the cause of humanity and
civilization which the institution of international agreements, destined to
avoid violent conflicts between nations would prevent—agreements which
must imply the sanctions necessary to insure their execution and thus to
prevent an apparent security from only facilitating new aggressions.
' But a discussion of future arrangements destined to insure an enduring
peace presupposes a satisfactory settlement of the actual conflict. The
Allies have as profound a desire as the Government of the United States
to terminate as soon as possible a war for which the Central Empires are
responsible and which inflicts such cruel sufferings upon humanity. But
they believe that it it impossible at the present moment to attain a peace
which will assure them reparation, restitution and such guarantees to which
they are entitled by the aggression for which the responsibility rests with
the Central Powers and of which the principle itself tended to ruin the
security of Europe—a peace which would, on the other hand, permit
the establishment of the future of European nations on a solid basis. The
Allied nations are conscious that they are not fighting for selfish interests,
but above all to safeguard the independence of peoples, of right and of
humanity.
The Allies are fully aware of the losses and suffering which the war
causes to neutrals as well as to belligerents and they deplore them; but
they do not hold themselves responsible for them, having in no way either
willed or provoked this war, and they strive to reduce these damages in
the measure compatible with the inexorable exigencies of their defense
against the violence and the wiles of the enemy.
It is with satisfaction, therefore, that they take note of the declaration
that the American communication is in nowise associated in its origin
with that of the Central Powers transmitted on the 18th of December by
the Government of the United States. They did not doubt, moreover, the
resolution of that Government to avoid even the appearance of a support,
even moral, of the authors responsible for the war.
The Allied Governments believe that they must protest in the most
friendly but in the most specific manner against the assimilation established
in the American note between the two groups of belligerents; this assimilation, based upon public declarations by the Central Powers, is in direct
opposition to the evidence, both as regards responsibility for the past and
as concerns guarantees for the future; President Wilson in mentioning it
certainly had no intention of associating himself with it.
If there is an historical fact established at the present date, it is the
willful aggression of Germany and Austria-Hungary to insure their hegemony over Europe and their economic domination oVer the world. Germany proved by her declaration of war, by the immediate violation of
Belgium and Luxemburg and by her manner of conducting the war, her
simulating contempt for all principles of humanity and all respect for
smaller States. As the conflict developed the attitude of the Central
Powers and their allies has been a continual defiance of humanity and
civilization.
Is it necessary to recall the horrors which accompanied the invasion of
Belgium and of Serbia, the atrocious regime imposed upon the invaded
countries, the massacre of hundreds of thousands of inoffensive Armenians,
the barbarities perpetrated against the populations of Syria, the raids of
Zeppelins on open towns, the destruction by submarines of passenger
steamers and of merchantmen even under neutral flags, the cruel treatment
inflicted upon prisoners of war, the juridical murders of Miss Cavell, of
Captain Fryatt, the deportation and the reduction to slavery of civil
populations, &c.? The execution of such a series of crimes perpetrated
without any regard for universal reprobation fully explains to President
Wilson the protest of the Allies.
They consider that the note which they sent to the United States in
reply to the German note will be a response to the questions put by the
American Government, and, according to the exact words of the latter,
constitute a public declaration as to the conditions upon which the war could
be terminated.
President Wilson desires more; he desires that the belligerent Powers
openly affirm the objects which they seek by continuing the war. The
Allies experience no difficulty in replying to this request. Their objects in
the war are well known. They have been formulated on many occasions
by the chiefs of their divers governments. Their objects in the war will
not be made known in detail with all the equitable compensations and indemnities for damages suffered until the hour of negotiations. But the
civilized world knows that they imply in all necessity and in the first instance the restoration of Belgium, of Serbia and of Montenegro and the
indemnities which are due them; the evacuation of the invaded territories
of France, of Russia and of Rumania with just reparation; the reorganization of Europe guaranteed by a stable regime and founded as much upon
respect of nationalities and full security and liberty of economic development, which all nations, great or small, possess, as upon territorial conventions and international agreements suitable to guarantee territorial and
maritime frontiers against unjustified attacks; the restitution of provinces
or territories wrested in the past from the Allies by force or against the
will of their populations, the liberation of Italians;of Slays. of Rumanians
and of Tcheco-Slovaques from foreign domination; the enfranchisement
of populations subject to the bloody tyranny of the Turks; the expulsion
from Europe of the Ottoman Empire, decidedly alien to Western civilisation.
The intentions of His Majesty. the Emperor of Russia. regarding Poland
have been clearly indicated in the proclamation which he has just addressed
to his armies.
It goes without saying that if the Allies wish to liberate Europe from the
brutal covetousness of Prussian militarism, it never has been their design,
The text of the Entente's reply to President Wilson's peace note, as received direct from London by The Associated Press, contains certain
variations from the text as received from Washington, the latter being the
translation of the French version. Some of the variations are as follows:
About seventy words down: "In a general way they desire to declare
their respect for the lofty sentiments inspiring the American note, and their
whole-hearted agreement with the proposal to create a league of nations
which shall assure peace and justice throughout the world."
About 125 words down: "They recognize all the benefits which will accrue
to the cause of humanity and civilization from the institution of international arrangements designed to prevent violent conflicts between nations
and so framed as to provide the sanctions necessary to their enforcement
lest an illusory security should serve merely to facilitate fresh acts of
aggression."
About 150 words down: "But a discussion of furture arrangements for
assuring a durable peace presupposes a satisfactory settlement of the present
conflict."
About 200 words down: "But in their judgment it is impossible to obtain
at this moment such a peace as will not only secure to them the reparation,
the restitution, and the guarantees justly due them by reason of the act of
aggression, the guilt of which is fixed upon the Central Powers, while the
very principle from which it sprang was undermining the safety of Europe;
and at the same time such a peace as will enable future European nations to
be established upon a sure foundation."
About 460 words down: "The allied Governments feel it their duty to
challenge in the most friendly, but also in the clearest, way the analogy
drawn between the two groups of belligerents. This analogy, based on
public declarations of the Central Powers, is in direct conflict with the
evidence, both as regards responsibility for the past and guarantees for the
future. President Wilson in alluding to this analogy did not, of course,
intend to adopt it as his own."
About 600 words down: "By her declaration of war, by the instant
violation of Belgium and Luxemburg, and by her methods of warfare,
Germany has proved that she systematically scorns every principle of
humanity and all respect due to small States. More and more, as the
struggle has progressed, has the attitude of the Central Powers and their
allies been a constant challenge to humanity and civilization. Is it necessary to recall the horrors that marked the invasion of Belgium." &c.
About 1,000 words down:
* * * "The reorganization of Europe,
guaranteed by a stable settlement, based alike upon the principle of nationalities, on the right which all peoples, whether small or great, have to the
enjoyment of full security and free economic development, and also upon
territorial agreements and international arrangements so framed as to
guarantee land sea frontiers against unjust attacks," &c.
Along with the joint reply of the Entente Allies, there was
also transmitted by Ambassador Sharp a separate reply
from Belgium, of which the following is a translation:
•
American Embassy, Paris, Jan. 10 1917.
Copy of Belgian Note as follows:
The Government of the King, which has associated itself with the answer
handed by the President of the French Council to the American Ambassador
on behalf of all, is particularly desirous of paying tribute to the sentiment of
humanity which prompted the President of the United States to end his note
to the belligerent Powers and it highly esteems the friendship expressed
for Belgium through his kindly intermediation. It desires as much as
Mr. Woodrow Wilson to see the present war ended as early as possible.
But the President seems to believe that the statesmen of the two opposing
camps pursue the same objects of war. The example of Belgium unfortunately demonstrates that this is in nowise the fact. Belgium has never,
like the Central Powers, aimed at conquests. The barbarous fashion in
which the German Government has treated, and is still treating,the Belgian
nation does not permit the supposition that Germany will preoccupy herself
with guaranteeing in the future the rights of the weak nations, which she
has not ceased to trample under foot since the war, let loose by her, began
to desolate Europe.
On the other hand, the Government of the King has noted with pleasure
and with confidence the assurances that the United States is impatient to cooperate in the measures which will be taken after the conclusion of peace to
protect and guarantee the small nations against violence and oripression.
Previous to the German ultimatum Belgium only aspired to live upon
good terms with all her neighbors; she practiced with scrupulous loyalty
toward each one of them the duties imposed by her neutrality. In the same
manner she has been rewarded by Germany for the confidence she placed
in her, through which, from one day to the other, without any plausible
reason, her neutrality was violated, and the Chancellor of the Empire when
announcing to the Reichstag this violation of right and of treaties was
obliged to recognize the iniquity of such an act and predetermine that it
would be repaired.
But the Germans, after the occupation of Belgian territory, have displayed no better observance of the rules of international law or the stipulations of The Hague convention. They have, by taxation, as heavy as it
Is arbitrary, drained the resources of the country; they have intentionally
ruined its industries, destroyed whole cities, put to death and imprisoned
a considerable number of inhabitants. Even now, while they are loudly
proclaiming their desire to put an end to the horrors of war, they increase
the rigors of the occupation by deporting into servitude Belgian workers
by the thousands.
•
if there is a country which has the right to say that it has taken up arms
to defend its existence, it is assuredly Belgium. Compelled to fight or to
submit to shame, she passionately desires that an end be brought to the
unprecedented sufferings of her population. But she could only accept
a peace which would assure her, as well as equitable reparation, security
and guarantees for the future.
The American people, since the beginning of the war, has manifested
for the oppressed Belgian nation its most ardent sympathy. It is an American committee,the Commission for Relief in Belgium, which,in close union
with the Government of the King and the National Committee, displays an
untiring devotion and marvelous activity in re-victualling Belgium.
The Government of the King is happy to avail itself of this opportunity
to express its profound gratitude to the Commission for Relief as well as
JAN. 13 1917.]
THE CHRONICLE
125
to the generous Americans eager to relieve the misery of the Belgian
popu- beginning of the war trampled on justice and
lation. Finally, nowhere more than in the United States
tore to pieces the treaties
have the abduc- upon which it is built. England already
during the first weeks of the war
tions and deportations of Belgian civilians provoked such a spontane
ous repudiated the London Declaration, the contents
movement of protestation and indignant reproof.
of which had been
recognized by its own delegates as a valid law
of nations, and in the further
These facts, entirely to the honor of the American nation, allow the 'course
of
the
war
violated
in
the
most
severe
fashion also the Paris DeclaraGovernment of the King to entertain the legitimate hope
that at the time tion; so that, by her arbitrary measures
for warfare, a condition of lawlessof the definitive settlement of this long war, the voice of the Entente Powers
ness has been created.
will find in the United States a unanimous echo to claim in favor of the
The war of starvation against Germany
and the pressure exercised in
Belgian nation, innocent victim of German ambition and covetousness,
England's interest against neutrals are not
less scandalously conflicting
the rank and the place which its irreproachable past, the valor of its solwith the rules of the laws of nations as with
the commands of humanity.
diers, its fidelity to honor and its remarkable faculties for work assign to it
Likewise, contrary to the laws of nations,
and incompatible with the
among the civilized nations.
usages of civilization, are the use of colored
troops in Europe and the
SHARP.
extension of the war into Africa, which was
done by a breach of existing
President Wilson's note to the belligerents was published treaties and which undermines the prestige of the white race
on that conThe barbarous treatment of prisoners,
In our issue of Dec. 23. Last week we printed the communi- tinent.
especially in Africa and
Russia, and the deportation of the civilian
populatio
n from Eastern Prussia,
cation of Great Britain and her allies rejecting the proposals Alsace-Loraine, Galicia and Bukowina
, are further proof of how our
of Germany for peace negotiations. A report on the 5th adversaries respect justice and civilization.
At the end of their note of Dec. 30, our adversari
Inst. that the President contemplated sending a second note situation
es point out the special
in Belgium. The Imperial Government is unable
to acknowledge
on the subject of peace to the belligerents brought forth an that the Belgian Government
has always observed the duties which were
announcement from Secretary of State Lansing on that day enjoined upon her by her neutrality. Already before the war Belgium,
England's influence,sought support in military fashion
In which he said he had been authorized by the President to under
from England
and France and thus herself violated the spirit
(of the treaty) which she
say that the Government had no other note in contempla- had to guarantee her independ
ence and neutrality.
Twice the Imperial Government declared to
tion and that such information was being sent to all Amerithe Belgian Government
that it did not come as an enemy to Belgium,
and asked it to spare to the
can diplomatic representatives abroad. Counsellor Polk country
the terrors of war. Germany offered
to guarantee the integrity
gave out a formal statement in the matter as follows:
and independence of the kingdom to the
full extent and compensate for
all damages which might be caused by
the passage of the German troops.
The report that the President is preparing to send a now note to the
It is known that the Royal British Governm
belligerent Powers is false and without any foundation. The President
ent in 1887 was resolved not
has to oppose the use of the right of way
through Belgium under those condino second note in contemplation.
tions.
The Belgian Government declined the repeated
Government. Upon her and those Powers which offer of the Imperial
instigated her to this
GERMANY IN NOTE TO NEUTRALS REPLIES TO
attitude falli the responsibility for the fate which befell
Belgium.
• ALLIES' REJECTION OF PEACE
The accusations about the Germans'warfare in Belgium
and the measures
taken
there
in
the
interest
military
of
safety
have
been repeatedly refuted
NEGOTIATIONS.
by the Imperial Government as
Coincident with the publication of the Anglo-French protest against these calumnies.untrue. Germany again offers energetic
Germany and her allies have made an honest attempt to terminat
Allies' reply to President Wilson's note relative to a discuse the
war and open the road for an understanding among the belligeren
sion of peace terms, the Overseas News Agency made public Imperial
ts. The
Government asserts the fact that it merely depended upon
the
on the 11th inst. it note handed to the neutral Governments decision of our adversaries whether the road toward peace
should be entered
by Germany concerning the reply of the Entente Governments. upon or not. The hostile Governments declined to accept this road.
Upon them falls the full responsibi
lity for the continuation of the bloodshed.
In this note to the neutrals Germany states that she and her
Our allied Powers, however,
continue the struggle in quiet confiallies "who had to take up arms for defense of their liberty dence and with firm trust in theirshall
right, until peace is gained which guarantees
to
their
nations
honor,
existenc
existence and liberty of development, and
and
e, consider this, their aim of war, as obtained." which
to all the nations of the European
Continent gives the blessing to
The note also sets out that "Germany and her allies have co-operate in mutual
respect and under equal rights together for the
solution
made an honest attempt to terminate the war and open the of the great problems of civilization.
road for an understanding among the belligerents. The
Imperial Government asserts the fact that it merely
depended upon the decision of our adversaries whether
the
road toward peace should be entered upon or not. The
hostile Governments declined to accept this road. Upon them
falls the full responsibility for the continuance of the bloodshed." In making public the German note the News Agency
reports that it states in the first place that the German
Government has received the reply of the Entente to the note
of Dec. 12 containing a proposition to enter at once
into
peace negotiations. The note then continues:
According to advices from Amsterdam via London on
the
6th inst. a Berlin telegram reported the official publicat
ion
of the following order of the German Emperor to
the army
and navy announcing that the war would be continu
ed and
that upon the enemy Governments alone would fall
"the
heavy responsibility for all the further terrible sacrifices from
which I wished to save you."
Conjointly with the allied (Central Powers) rulers, I
proposed to our
enemies to enter forthwith Into peace negotiations. Our
enemies refused
my offer. Their hunger for power desires Germany's
destruction.
The war will be continued. Before God and humanity.
I declare that
on the Governments of our enemies alone falls the heavy
responsibility for
all the further terrible sacrifices from which I wished
to save you.
With justified indignation at our enemies' arrogant
crime and with
determination to defend our holiest possessions and
secure for the Fatherland a happy future, you will become as steel.
Our enemies did not want the understanding offered
by me. With
God's help our arms will enforce it.
WILHELM, I. R.
Our adversaries declined this proposition, giving as the
reason that it
is a proposition without sincerity and without importance.
The form in
which they clothe their communication excludes an answer
to
them, but the
Imperial Government considers it important to
point out to the Governments of neutral Powers its opinion regarding the
situation.
The Central Powers have no reason to enter into any
discussion regarding
the origin of the world war. History will judge upon
whom the immense
guilt of the war shall fall. History's verdict will as
little pass over the encircling policy of England,the revengeful policy of France
and the endeavor SENATE INDORSES
PRESIDENT WILSON'S REQUEST
of Russia to gain Constantinople as over the instigatio
n of the Serbian
assassination in Sarajevo and the complete mobilizat
FOR
PEACE TERMS.
ion of Russia,which
meant war against Germany.
By a vote of 48 to 17 the Senate on the 5th inst. approve
Germany and her allies, who had to take up arms
d
for defense of their
liberty and their existence, consider this, their aim
Senator Hitchcock's resolution indorsing the request sent
of war, as obtained.
by
On the other hand, the hostile Powers always went
further away from President Wilson to the belligerent countries for
the realization of their plans which, according to the
an exchange
responsible statesmen, were, among others, directed declarations of their of peace terms. The introduction of a resolution
which
toward the conquest
of Alsace-Lorraine and several Prussian provinces,the
humiliation and dimi- would have approved the action of the President in fornution of the Austro-Hungarian monarchy, the partition of
Turkey and the warding the notes to the belligerent Powers
mutilation of Bulgaria.
occurred on
Dec. 21, on the day the President's note was made public.
In the taco of such war aims, the demand for restitutio
n, reparation and
guarantee in the mouth of our adversaries produces a
As introduced at that time the resolution read:
surprising effect.
Our adversaries call the proposal of the four allied
(Teutonic) Powers a
Resolved, That the Senate strongly indorses and approves the
war manoeuvre. Germany and her allies must protest
action taken
in the most ener- by the President in sending
diplomatic notes under date of Dec. 18 to
getic fashion against such a characterization of their
the
motives, which were nations now engaged in war,
suggesting and recommending the first steps
frankly explained. They were persuaded that a peace
which was just and in possible negotiations
to arrange the terms of peace;
acceptable to all the belligerents was possible, that it
could be brought
Resolved, That It is the sense of the Senate that this action
about by an immediate, spoken exchange of views and
of the Presithat therefore the dent represents the overwhel
ming public sentiment and earnest desire of
responsibility for further bloodshed could not be taken.
the
people of the United States.
Their readiness was affirmed without reservation to
peace conditions when negotiations were entered into, make known their
Senator Borah at that time blocked the movement for
which refutes every
doubt as to their sincerity.
action on the resolution, objecting to immediate consideraOur adversaries, who had it in their hands to
examine the proposition
as to its contents, neither attempted an examinat
ion nor made counter tion of it on the ground that the matter was one upon which
proposals. Instead, they declared
that peace was impossible so long as opportunity should be given for reflecti
on. Senator Hitchthe re-establishment of violated rights and liberties,
the recognition of the cock admitted
the force of Senator Borah's argument, and
principle of nationalities and the free existence
of small States were not
guaranteed.
at the former's request the resolution was referred to the
The sincerity which our adversary denies to the proposals
of the four Committee on Foreign Resolutipns. A substitute resoluallied Powers will not be conceded by the world
to these demands if the tion was offered
by Senator Hitchcock on Dec. 22, the day
world holds before its eyes the fate of the Irish people,
the destruction of
the liberty and independence of the Boer Republic
, the subjugation of of the adjournment of Congress for the Christmas holiNorthern Africa by England. France and Italy, the
suppression of Russian days, and with the objections for action
on it, interposed
alien nations, and also the violation of Greece,
which is without precedent by
minorit
In history.
h Against the pretended violations of the laws of nations
by the four allies
(Teutonic), those Powers are not entitled to complain,
which from the
y leader Gallinger, the resolution went over until
after the Christmas recess. The substitute resolution made
no mention of the public sentiment of the country; it read:
126
THE CHRONICLE
endorses the action
Resolved, That the Senate approves and strongly
of Dec. 18 to the
taken by the President in sending the diplomatic notes
nding that those
recomme
and
nations now engaged in war, suggesting
discussed.
nations state the terms upon which peace might be
[VOL. 104.
SUPREME COURT CONCLUDES HEARINGS ON ADAMSON EIGHT-HOUR LAW.
The final arguments in the action brought to test the conimnality of the Adamson Eight-Hour Law were heard
A determined move by Senator Hitchcock to secure
2 stitutio
Jan.
on
made
was
ion
resolut
his
of
mediate consideration
the United States Supreme Court on Wednesday of this
by
mas
with the reassembling of Congress after the Christ
week. The case came up for hearing in the Supreme Court
Both
efforts.
his
blocked
again
icans
Republ
the
but
recess,
on Monday last; it was placed on the Court's docket on Nov.
quesSenator Lodge and Senator Gallinger moved that the
28, following the decision holding the Act unconstitutional
tion be deferred, urging that the matter go to the Foreign handed down by Judge William C. Hook of the U. S. Disr
Relations Committee for careful consideration. Senato trict Court at Kansas City on Nov. 22. Judge Hook's
it
Lodge in advising against hasty action pointed out that
decision was given in the suit of the Missouri Oklahoma &
involved our relations to all the world, adding "it ought Gulf RR. At a conference held by Government and railnot and cannot be rushed through as if it were a matter. road attorneys in Kansas City on Nov. 24 this suit was
Hitchof no importance." With a view to stripping the
d to serve as the test case before the Supreme Court.
ute selecte
substit
a
s
feature
onable
objecti
its
of
ion
resolut
cock
A decision by the latter is expected within a few weeks,
was offered on the 3rd inst. by Senator Gallinger, the text although summary action on the important issues is not
of this being as follows:
deemed probable. The Court will reconvene on Feb. 26,
huof
interests
the
In
States,
United
the
of
Resolved, That the Senate
after a recess of three weeks to prepare opinions, and that
that peace between the
manity and civilization, expresses the sincere hope
date has been mentioned as the possible one for the decision.
day.
early
an
warring nations of Europe may be consummated at
Meanwhile, the effectiveness of the eight-hour standard day
Like the Hitchcock resolution the Gallinger substitute and all litigation is suspended by agreement between the
in his
s being
was laid over for consideration. Senator Lodge
3rd railroads and Department of Justice, with account
Volumifurther opposition to the Hitchcock resolution on the
law.
new
the
under
due
wages
nal
additio
of
kept
of the
insisted that it called upon the Senate to indorse all
and railany nous briefs were filed on the 8th inst. by the Federal
President's note, which he contended went far beyond
the arguments on the
of
ng
beginni
the
before
counsel
road
It
r.
nts, inproposition merely to bring the belligerents togethe
poli- constitutionality of the law. Numerous precede
Departwould project Congress, he declared, into European
the
in
cited
were
ns,
decisio
Court
involv- cluding Supreme
tics, overturning a policy of years standing, and, by
's validity. The railthe,law
of
t
suppor
in
brief
Justice
of
ment
would
ing the United States in European politics, necessarily
able,experimentwith roads'brief contended that the law is unwork
of contract,
involve political interests of the Eastern hemisphere
liberty
with
es
interfer
tion,
ention al,incapable of applica
the interests of the Western hemisphere in contrav
authority to regulate inters's
Congres
within
fall
not
does
of the spirit of the Monroe Doctrine. He said:
State commerce, and takes railroad property, without "due
we are in danger, without
a
If niisinterpretation of the note is general, then
world
process of law." As an "hours of service" Act and also as
whole
the
to
stating
of
n,
abatement or modification of the resolutio
one wage law, the Federal brief contended the law is constitutionof
side
the
on
es
themselv
ranging
are
that the Senate or Congress
belligerent in an attempt to bring about peace.
al, within the power of Congress to enact,and workable. Inferreso- entially the brief argued that compulsory arbitration legislaTwo hours of defense and attack on the Hitchcock
not tion such as is under consideration also is constitutional in
lution failed to bring a vote on it on the 4th., and it was
d
dispose
finally
was
ion
resolut
the
behalf of public interests to prevent tie-ups of transportation
until the 5th inst. that
modified facilities. Practicability of obeying the law, the brief asof by the Senate. The Gallinger resolution, after a
a
d offiserted, has been admitted again and again by railroa
draft had been presented, was rejected on that day by
d
comdefeate
sional
and
d
Congres
modifie
before
s
as
ion
hearing
in
resolut
cials, particularly
vote of 36 to 27, the
mittees last August and in conferences with President Wilson.
reading as follows:
interests of humanity and "All assumed that the mere change from the established
That the Senate of the United States, in the
and permanent peace bejust
that
hope
sincere
the
expresses
ion,
civilizat
derstood ten-hour standard day to the proposed
consummated at an early and well-un
tween the warring nations of' Europe may be
d was all that was necessary or intended,"
standar
-hour
end.
eight
that
secure
to
day, and approves all proper efforts
that 85% of employees affected are
citing
stated,
brief
before
the
The Hitchcock resolution underwent modification
r basis. Admitting that a rigid
ten-hou
ock now employed on a
its approval by the Senate on the 5th, Senator Hitchc
on is not completely pracoperati
train
for
day
our
Seneight-h
by
d
propose
having accepted an amendment thereto,
the Adamson Law should
said
ys
attorne
Federal
the
,
l
approva ticable
ator Jones of Washington,so as to record simply the
e. "Two co-ordinate
possibl
is
as
far
peace be enforced at least so
of the Senate to the request for terms upon which
ed the opinion
evidenc
have
ment
Govern
the
of
es
ion
branch
resolut
might be discussed. The modified Hitchcock
ed. "Cercontinu
brief
the
,"
utional
constit
is
that the law
as passed by the Senate read as follows:
down the law upon mere
strike
not
will
Court
this
tainly
request
the
indorses
Resolved, That the Senate approves and strongly
ement of the liberty
of Dec. 18, to the nations now prophecies of its effect." Alleged infring
by the President in the diplomatic notes
might
peac'e
which
affect the Act's
not
upon
terms
does
the
ded,
state
conten
nations
was
of contract, it
engaged in war, that those
that Congress enacted this law
on
be discussed.
asserti
"the
nor
y,
validit
were
Of the 48 votes cast in favor of the resolution, 38
and upon insufficient information."
them. from improper motives
of the law for the Department of
those of Democrats, 10 Republicans voting with
and 1 In opening the defense
The opposing votes were registered by 16 Democrats
Justice Solicitor-General Davis declared it regulates both
Republican.
and contended Congress has
on the hours of service and wages,
During the discussion of the subject in the Senate
He asked annulment of the
both.
e
regulat
to
ty
authori
ead
3rd Senator Lodge, in stating that there was widespr the decision of Circuit Judge Hook in the test case of the Misholding the law void. He told
misunderstanding of the President's note, referred to
ador souri Oklahoma & Gulf RR., heights of imagination," to
"unusual" statement made by the German Ambass
the
ed
"reach
it
that
Court
the
Staats
law
Count von Bernstorff, printed in the "New Yorker
say that the primary object of Congress in passing the
d
Elisha
that
asserte
Ho
toil.
Zeitung" as a Christmas message on Dec. 24.
of
hours
the
limit
envoy's was not to
throughout the strike controSenator Lodge's open mention of the German
en Lee, the railroads' spokesman
unwritt
to
y
contrar
was
knew
he
said
he
fact, as well as that the law
name, which
that
ed
admitt
had
often
versy,
in
the railroads. When Mr.
rules of Senate proceedings, was the climax of a speech
by
denied
now
in full faith is workable,
which he declared that, although he accepted
ance of railroad contracts in
disturb
s's
Congres
cited
Davis
no way
President Wilson's statement that the note was in
ers' Liability Act, upheld as
ls of the passing the Federal Employ
suggested by nor associated with the peace proposa
the question: "Do you claim
him
to
put
nts as valid, Judge Day
German allies, nevertheless he believed such stateme
as in fixing rates?" Mr. Davis
wages
fixing
in
power
same
the
that
tive. Chief Justice White
the German Ambassador's had added to the opinion
affirma
the
in
this
ed
y in making , answer
the note was timed and designed to aid German
rejoined:
The subject is regulating hours of service.
the peace terms she desires.
I can't follow that argument. commerc
e for ages, so to speak. It was
regulated
Senator Lodge in his reference to the Ambassador's mes- The Government has
s' Liability Act that that regulation was
Employer
the
of
case
the
in
held
ent has the power to regusage, quoted from it the following:
valid. That was no decision that the Governm
m led the Kings from the East on their
1,r Just as once the star of Bethlehe
wages.
late
now
there
so
hopes,
their
of
nt
d
journey through the night In the fulfillme
slaughter in Europe out of the
Mr. Davis added that "that is what we conten for,"
gleams into the darkness of this useless
n
of
master
peace on earth.
relatio
of
message
the
new
e
a
of
regulat
light
can
the
ss
Wilson
Congre
t
arguing that if
words of Presiden
t of her strength, but not
ees, it can also regulate
employ
Germany stands ready to follow him. Confiden
and
d
railroa
of
,
servant
and
conquest
of
lust
through
not
boastful, conscious that she drew the sword
all. If
, she asks no foreign territory, wages. That, he asserted, "is the most vital of
but only in defense of her national existence
which
charge
alliances
in
against
ce
and
of
commer
attack,
safety
future
against
ented,
es
but only assuranc
underpaid and discont
threaten the peace of the world.
AN. 13 1917.]
THE CHRONICLE
127
of employees is affected. Also, wages have a direct relation
Mr.Hines replied that the Court had so construed the laws.
to rates, investment and expense of service." Declaring
"And isn't it a fact when the legislation was introduced
that the Solictor-General's proposition goes further than that, there never was a suggestion that the purpose of the legisChief Justice White cited as an example freight shipped by a lation was to fix wages and not to reduce hours?" continued
grocer, and inquired whether "you intend that wages of all Justice Brandeis.
persons making these goods are subject to regulation?"
"They did not increase wages much," replied Mr. Hines. .
Mr. Davis replied in the negative, saying,"we don't go that
Chief Justice White referred to the Oregon Ten-Hour-Day
far," and pointed out that Congress had power to reduce Law, now before the Court awaiting decision. The Oregon
railroad rates to prevent extortion. Putting to Mr. Davis law, Mr. Hines responded, prescribed an overtime penalty
the further question, "Has Congress the power to prescribe not in the Adamson Act.
what railroads shall pay for various things—locomotives,
In the closing address for the railroads on Tuesday Mr.
land, &c., Justice McReynolds received from him the re- Johnson assailed the hasty enactment of the legislation by
sponse: "I am not so sure that Congress hasn't that power— Congress, as well as the conduct of the brotherhood leaders.
all authority is dependent upon its reasonable and not arbi- He said the Act was against public and purely for private
trary use." Justice Day suggested that the power of Con- interest and "arbitrarily transfers between 0,000,000 and
gress is limited by constitutional prohibition against confis- $50,000,000 from the pockets of the railroads to the pockets
cation. Mr. Davis continued: "Congress's power to regu- of the workmen." He insisted it is solely and purely a
late issue of railroad stocks and bonds and to say what price wage increase law, void and impracticable in attempting
to
railroads shall pay for credit is being advanced in and outside establish an eight-hour day. To make the question of
railof Congress." He added that under the decision in the Debs road wages political, to be settled by Congress from time
to
case Congress has authority to prevent railroad strikes and time, he said, would lead to unforeseen results.
"There
is
obstruction of inter-State commerce. He denied that pen- nothing in the Adamson Act for protection
of the public,"
alties provided by the Adamson Law were excessive and up- he said. "The brotherhoods had the honesty
not to preheld as reasonable -.the statute's exemption of short line and tend they were protecting the public, but stood
upon their
interurban electric roads. The contention that the law is own selfish ends." Regarding the statement
that the Act
unworkable, Mr. Davis said, was "a manifest after-thought was passed to prevent a strike, he added:
induced by the necessities of this case." To the charge that
Have we come to that? Have we reached the period when
the men who
the law is experimental, he said public clamor would have fol- threaten a strike shall be rewarded? I'm not comparing men,
only
methods, but we might as well buy off a gang of highwaymen
lowed had Congress attempted to fix an arbitrary eight-hour to prevent
with a bribe
interference with commerce.
day scale in perpetuity without possibility of change under
Half an hour before the Court adjourned on Tuesday
future changed conditions. "It may be Congress did not
please the railroads, the employees or the public," he con- Frank Hagerman, of Kansas City, special assistant to the
cluded, "but the body that made the law should amend it Attorney-Geneial,began the closing address of the hearings.
He defended the law as being capable of operation by a mere
and the judiciary must not usurp that function."
change
of railroad bookkeeping and said Congress enacted on
Lack by Congress of authority to enact what they termed
railroad wage legislation was the principal line of attack it in the face of a"great emergency." "It wasn't a one-sided
pursued by the railroad attorneys, Walker D. Hines and affair," he said. "There were railroad representatives who
John G. Johnson, at Tuesday's hearing before the Supremo acted upon the assumption that the railroads owe nothing
Court. They contended also that the law is incapable of to the public."
"Assuming that Congress can raise wages for a limited
operation without judicial interpretation, that it takes
property without due process of law and interferes with period, can it do so for,an unlimited period?" asked Justice
liberty of contract. Difficulty of definitely applying the Pitney. "Where do- you draw the line between private
Act was emphasized by Mr. Hines. He said that although operation and public management?"
"I don't draw the line," Mr. Hagerman answered.
the law fixed an eight-hour standard railroad da'y for train
."But it may be necessary for the purposes of this arguoperatives nearly all such employees were employed on
ment," Justice Pitney observed.
mileage, trip or monthly basis. Mr. Hines declared that:
Chief Justice White then stated the following proposition:
The primary purpose of the Act was arbitrary regulation of private contracts. It sets aside legitimate methods, substituting an unworkable
speculative arrangement. Its classifications give benefit only to the four
brotherhoods who were demanding the changes—all for the benefit of a
special, high-paid class. In all aspects it is of unconstitutional and be
wildering unworkability, without relation to any substantial promotion
of commerce.
Chief Justice White and other Justices frequently interrupted Mr. Hines. Justice White's questions were apparently designed to draw out argument regarding the comparative authority of Congress to prescribe wages as well as rAtes.
"Can Congress," Justice Day asked, "authorize the InterState Commerce Commission to fix railroad wages?" Mr.
Hines replied that it was doubtful, unless wages were abnormally low and should interfere with transportation.
After asking if the brotherhoods' wage contracts were fixed
prior to 1913, Justice Brandeis remarked:
Shouldn't this Court take judicial notice of the fact that there has
been
a great increase in the cost of living since these wages were fixed?
Mr. Hines answered that the fact "would not justify the
Court in holding that evil existed which would justify Congress in exercising a power even if it had that power."
"If there is no power there can be no justification for its
attempted exercise," the Chief Justice observed.
"Congress has no power to prescribe wages because they
have no substantial relation to safety and efficiency in this
ease," replied Mr. Hines. "The direct object was for the
benefit of particular cases. Any effect on public interest
is incidental."
"Then you argue that this is a regulation of wages and of
private relations between employers and employees
remote
from service?" asked Justice Pitney.
"It is a most remote regulation of commerce," Mr. Hines
answered. Ho added that the law would undoubtedly
cause increased rates.
When Mr. Hines said that the law did not limit service
to an eight-hour day, but merely fixed a wage standard
providing for overtime, Justice Brandeis asked:
Isn't it a historical fact that in the introduction of the
legislative policy
of reducing the hours of labor many of the States began in
fixing what
number of hours should be a standard day, and later, in the
progress of
legislation, there came an actual prohibition of more?
Here's a question of a strike. More pay is asked. The
other side says
more pay means higher rates. Congress says,"We haven't had
a chance to
investigate this matter, but we'll put a temporary arrangement
into effect
and give an opportunity for full investigation, with a temporary
increase
of wages and also an increase of rates. Now that's your
proposition.
Isn't it?
"Yes," Mr. Hagerman answered. "The Court has held
that if opportunity be given for a test, there should be one
before the Court lays its hands on." Mr.Hagerman asserted
that "no self-respecting man would have accepted the proposition the carriers made to the President. The carriers
were pretending," he said, "that they wanted arbitration
,
but they refused to arbitrate the eight-hour-day demand unless all other questions were also arbitrated."
"What's this got to do with the law question?" Chief
Justice White interrupted. "I don't want to interrupt you,
but we have a question of law and you are discussing things
we have no cognizance of."
"I didn't start it, your Honor," said Mr. Hagerman.
"I know that, but I suggest that you conclude it," the
Chief Justice responded, and Mr. Hagerman concluded his
remarks for the day.
The closing address in support of the law was made on
Wednesday by Mr. Hagerman, who contended vigorously
that Congress has authority to regulate railroad employees
wages in exercising its constitutional power over inter-State
commerce. Maintaining that Congress has power to pass
the law Mr. Hagerman said it could be operated temporarily
like the Inter-State Commerce Commission temporarily
regulates rates.
Mr. Hagerman on Wednesday emphatically gave it as his
individual opinion that Congress has power to enact compulsory arbitration legislation "if necessary for the movement of trains." Mr. Hagerman also contended that railroad workmen are just as much a part of transportation as
cars or locomotives, saying:
If this Court can say that the wage of the man who makes
possible the
movement of trains has no real or substantial relation to
commerce, then
my words are without effect. The pay of men has a direct
bearing on
effectuality of transportation.
128
THE CHRONICLE
In the interest of efficient and safe transportation, the
attorney argued, the public has an interest in employees
receiving an adequate wage.
"The public has an interest in reducing expenses; hasn't it
in an increase?" asked Justice P:tney. "Is it your view
that Congress go so far as to appoint railroad officers and
directors?"
"Ifa carrier abusesits trust," Mr.Hagerman answered,"and
doesn't perform its public functions, the public is entitled
to the use of the road, and could have a court take hold by
receivers." Regarding the power of Congress to prevent
strikes, Justice McReynolds asked:
Is there no limit in what Congress can do to stop a strike? In the Debs
case, could Congress have ordered the railroads to pay Mr. Debs $50,000
to stop a strike?
"That's putting it pretty fierce, but I believe Congress
could," Mr. Hagerman answered.
"Oh, you don't mean that," Justice Vandevanter interjected. "That minimizes and detracts from every thing
you've said:"
"I think," suggested Justice Holmes to the attorney,"that
you are very wise in dealing with this question to be precise
and not consider the degree the matter can be pushed." •
In arguing that the law was workable, Mr. Hagerman
pointed out that the railroads had admitted it by agreeing
to keep separate accounts after Jan. 1 to insure prompt
payment if it were upheld.
DEVELOPMENTS IN HEARINGS REGARDING LEAKS
IN PEACE PROPOSALS.
Following the week's hearings by the Rules Committee of
the House of Representatives to inquire into the charges of
Thomas W. Lawson of an alleged "leak" of news in connection with the giving out of President Wilson's note suggesting peace soundings, the Democratic members of the committee decided on Thursday to present to the House
an unfavorable report on the proposal for a special inquiry, as provided for in the resolution of Representative
Wood. This resolution, printed in our issue of Saturday
last, was referred to the Rules Committee on the 3rd inst.,
with instructions to report in ten days.. On the 11th inst.,
also, the majority declined to bring up for a final vote another Wood resolution for a general investigation of "leak"
allegations, or one by Representative Campbell of Kansas,
designed to empower a Congressional committee to inquire
into every phase of the rumors, including Mr. Lawson's
charges that high officials and a member of Congress were involved in systematic Stock Exchange deals. A sub-committee was appointed on the 10th to draft contempt charges
against Mr. Lawson in the event of a decision to prosecute
him for refusing to answer questions. This committee,
Representative Henry, Chairman of the committee announced on Thursday, "still exi ts and is to make a report."
Chairman Henry was also quoted as saying on Thursday:'
Our action on this Wood privileged resolution amounts in its practical
effect to an adverse report. We will submit it to the House at 2 o'clock
tomorrow afternoon with the simple statement that not one particle of
is
evidence was adduced to support the Lawson charges. Of course, there
another resolution, which is not privileged, which is before the committee.
that.
with
I don't know what will be done
As soon as the House convened yesterday (Friday), Representative Henry submitted a privileged report from the committee recommending that the Wood resolution be laid upon
the table, as no evidence was adduced to sustain the charges
made in it. Discussing the report, Representative Henry
said:
The committee sat for six days and during the entire time not one particle
of evidence was adduced to sustain the charges. Not a scintilla of evidence
was submitted to warrant this libel against the members of the House.
Representative Harrison of Mississippi, Democrat, also
declared a yesterday's hearing that every witness examined
by the committee had denied the charges involving them,
and that the testimony had shown that there was not a scintilla of evidence that any one connected with the Government
was guilty of a leak on the President's note or had profited by
it. In warning the House that the tabling of the resolution
would let Lawson go scot free, Representative Lenroot,
Republican, held it to be the duty of the committee "to retain
jurisdiction of this question and make him answer or have
him indicted for contempt." Representative Wood, the
author of the resolution, declared he had no apology to make
to anyone for his share in inaugurating the inquiry. He reviewe the reports in the press and elsewhere regarding the
leak, a d declared that a further investigation should be had.
He denied that he was actuated by partisan motives or that
he desired to embarrass the President in his efforts to bring
about peace. He added:
[VoL. 104.
The fact remains that there was something wrong somewhere and it
should be investigated. That there was a leak I think is believed by
every Member of this House. Whether it was entirely innocent will not
be known until a full inquiry is held. Therefore, I believe it is due to every
member of the Cabinet and of Congress and to the President of the United
States that this investigation should be made.
Upon motion of Representative Henry yesterday, the
Wood resolution was recommitted to the Rules Committee
with instructions to report back within five days. This
action was taken as the result of a unanimous consent agreement to provide authority for the Rules Committee to resummon Mr.Lawson and to compel him to reply to questions
he refused to answer several days ago. Mr. Henry announced that the Rules Committee will meet at 10 o'clock
this morning (Saturday) to begin the work of drafting the
resolution which will be presented in the House for the purpose of compelling Mr. Lawson to give the information he
declined to give.
On the 6th inst. subpoenas were issued by the Rules Committee for seven newspaper men,representing in Washington
the "Wall Street Journal," "Financial America," the "Central News of America," and the New York "Evening Sun,"
and they were ordered to bring their records with them.
Representative Gardner of Massachusetts, who on the floor
of the House on Jan.3 said that he knew there was a leak and
that the whole Stock Exchange transactions showed it, in
testifying on the 6th inst. said he was convinced there had
been a "leak" because at 2:05 Dec. 20, ten hours before the
peace note was released for publication and four hours before it had been placed in the hands of the news agencies, the
following dispatch was sent out over the Dow, Jones & Co.
ticker:
The renewed selling of the market is due to reports received by brokers'
private wires from Washington to the effect that the Administration will,
in the near future, address to the belligerents some suggestions or proposals
in regard to peace. Nothing definite is obtainable in Administration
circles.
In claiming this as proof of a leak, Representative Gardner said: "Miracles don't go on the Stock Exchange, and
Dow, Jones & Co. don't deal in prophecies." While convinced of a leak, Representative Gardner is said to have told
the committee that he had no evidence involving anybody in
official life. In testifying he referred to reports and hints
in the New York "Evening Sun" of Dec. 20 concerning the
sending of a peace note: Representative Campbell, Republican, on the 6th said there was no disposition on the part
of the Republican minority to make political capital in the
matter, but that he considered it deplorable that there was an
apparent attempt to "shield" any one in the executive departments of the Government. Representative Harrison
objected to the suggestion that any "leak" came from the
Government departments, and insisted the leak was through
representatives of the "Wall Street Journal" and "Financial
America." He related how Secretary Lansing, conferring
with newspaper correspondents on Dec. 20, had told them
in confidence that a note, to be published later, had been sent
to Europe, and that the majority had respected the confi•
dence.
On the 8th inst., after several hours' cross examination of
Mr. Lawson, the committee failed to obtain any definite information to substantiate the stories of a leak, and when the
committee adjourned on that day a motion to cite him before
the bar of the House for contempt because he refused to give
names had been considered in executive session and taken
under advisement. Earlier in the day Joseph P. Tumulty,
Secretary to President Wilson, whose name was mentioned
by Representative Wood in the rumors he laid before the
committee last week, appeared to give an emphatic statement, endorsed by the President, that he had no knowledge
of the peace note before it was given to the press. He also
denied the report repeated by Representative Wood that
Mr. Tumulty and Bernard M. Baruch, a New York broker,
had conferred in a New York hotel a few days before the note
was made public. Secretary Lansing of the State Department also took the stand to assert that he had no knowledge
whatever of advance information having been circulated regarding the peace note. Mr. Tumulty's statement to the
committee follows:
I
I appear before this Committee to resent the unjust intimation that
note
gave information to Mr. B. M.Baruch in regard to the so-called peace
of
State.
sent to the European belligerents last month by the Secretary
Committee by
This intimation was contained in a statement made to this
To the best
Representative Wood,of Indiana, a man whom I do not know.
Certainly he made no
of my knowledge I have never met Mr. Wood.
name
into this
my
effort to find out the truth from me before dragging
affair.
I wish to deny generally and specifically that I gave advance information
the peace note. I did not
to Mr. Baruch or to anybody else in regard to
this Government contemplated
know of the existence of this note or that
of the note had been
copies
printed
the dispatch of such a note until after
given to representatives of the press by the State Department.
JAN. 13 1917.]
THE CHRONICLE
I was not consulted in the preparation of the note by the President or
by anybody else. The conferences and communications relating to the
drafting of the note and its dispatch were confidential between the President and the Secretary of State. I knew nothiig of them whatever, nor
did any other person employed in the Executive Office.
I have had no correspondence, written or telegraphic, with Mr. Baruch
or anybody representing him, regarding this matter. I have had no telephone talks with Mr. Baruch or anybody representing him regarding this
matter. I have never talked with him or anybody representing him or
with any one else, publicly or privately, with regard to this matter.
Apparently the only insinuations made against me are that I lunched
with or met Mr. Baruch at the Biltmore Hotel at or about the time of the
preparation of the President's suggestion that the European belligerents
state their peace terms. I have never breakfasted, lunched, dined or taken
any meals with Mr. Baruch. I have met him only at several banquets and
large dinners, when many other persons were present. I have never discussed any peace or other note, either when it was in prospect or afterward,
with Mr. Baruch ar any other person engaged in the purchase or sale of
securities of any kind in the stock market.
While this is a complete denial of the only insinuations which have been
made,I wish to go further and say that I have never engaged in stock market
sales or purchases myself nor through brokers, friends or agents.
I discussed the President's note with no one; first, because my oath of
service requires that I make no private use of official information, and secondly and specifically because, as I have stated, I had not seen the President's note and did not know that it was in preparation or even contemplated.
As I have already said in a public statement, I have frequently requested
the President to keep me free from any knowledge of impending international moves, so that I might not be embarrassed by requests for information from the newspaper correspondents who appeal to me in my office
constantly for such information. The insinuations which have been made,
whether conceived in political malice or merely through misinformation,
are wholly false and without even the flimsiest basis.
I have not at any time since acting as Mr. Wilson's Secretary, first when
he was Governor of New Jersey, and later when he became President, been
Interested in any stock transactions of any kind or given any information to
any other person upon which purchases or sales might be made. I wish
to make this statement as sweeping and complete as I know how. I am
still waiting for Mr. Wood's public apology.
I am authorized by the President to quote him as follows:
"I wish in justice to Mr.Tumulty to say that he has stated the exact fact.
He had no knowledge of the note whatever until it was given out for publication."
129
"I never gave it a thought," said the Secretary. "It
never entered my mind. I was merely anxious to preserve
the courtesy due to foreign nations in the matter."
Questioned further about his Wednesday conference with
the newspaper men, Secretary Lansing said:
My statements regarding the note were entirely negative. I said nothing whatever about a request for terms having been made. I gave no details. I stated that at 5 o'clock they would be able to get an important
communication sent to belligerent Governments. I said that it was not a
proposal of peace or an offer of mediation. Then I explained the reason I
wished them to preserve confidence. I knew the note was in the hands of
the printer and wanted to guard against any mere rumors that might get
out.
Representative Chiperfield asked Secretary Lansing about
his two statements explaining the note after it had been
made public. "Were these statements made entirely on your
own initiative"? asked Chiperfield. "See here," Secretary
Lansing declared with emphasis, "that is way beyond the
scope of this investigation."
Representative Garrett interjected: "Such a matter has
not the slightest pertinence to this inquiry on the effect of
a leak on the stock market."
"Not perhaps any connection with the leaks on the note
and its effect on the market," said Representative Chiperfield, "but it has been stated that the Secretary's statements
did, in fact, affect the stock market." Democrats of the
Committee objected that such a line of questioning was improper and the chair ruled that the Secretary need not answer. Resuming his testimony, Secretary Lansing said that
he did not know if representatives of Wall Street papers were
present at the conference of the newspaper men, and he did
not know their duties.
During Monday's examination of Mr. Lawson, after declaring that he had evidence of a "leak," and asserting that
he had information from a member of Congress that a
Secretary Lansing, in his statement to the Committee on Cabinet official had been a beneficiary, he (Lawson) flatly
the 8th inst., said:
refused to give the names to the Committee. He announced
Possibly I had better start by stating that I assume that confidential defiantly that he would give no names, regardless of consemyself
and
are
not
President
a
part
of
the
the
between
communications
inquiry. I can give you a physical history of the note. The draft of the quences, and declared:
note was received by me from the White House at 4 o'clock Monday afterYou may punish me if you wish, but I will not besmirch the names o
noon. I called Mr.Polk, Counsellor for the Department,and Mr. Woolsey, men in high position at this preliminary inquiry. My only business here
discussed
and
three
the
forms
office,
in
which
my
to
attached
adviser,
law
is to give information that would warrant you in ordering a full investigathe note had to be prepared and sent forth. I then handed it to Mr. tion. This I think I have done.
Woolsey, enjoining him to the strictest secrecy, that he might take it to the
Charles H. Sabin, President of the Guaranty Trust Co.,
three confidential stenographers. There it was to be prepared and delivered to Mr. Salmon, Chief of the Index Bureau.
of
New York, who was on the stand on Tuesday, testified
The index clerk was to encipher the note, and he said that it would take
that he was in no way connected with the Stock Exchange
so long to cipher the three notes that he would have to have an assistant,
I directed that he engage his most confidential man for the work. He did and said he did not know in what connection he was called.
so and was given the copies and the two men locked themselves in the room.
"It has been said," Representative Chiperfield told him,
They were given the copies at 8 o'clock, and at 2.30 Tuesday morning
"that you called the financial writers of New York to your
(Dec. 19) the notes were enciphered, delivered to the telegraph room and
bank and outlined to them that you felt it your duty to sugsent.
On Tuesday afternoon I discussed with the President the time when the gest to the country that there were to be negotiations for
note should be made public. The reason for secrecy was the courtesty due
to the nations which were to receive the note that It should not be pub- peace and that you felt they would affect the price of stocks.
lished hero before they received it. We decided it would take at least two If there was anything of that kind suggested, please outline
days for it to reach Austria and Rumania, and we decided it should be it."
"I shall be glad to," said Mr. Sabin. "In October I
made public on Thursday morning. Tuesday evening, about 6 o'clock,
a copy of the note was banded to Mr. James, Chief of the Information said to newspaper men that I had information that the GerBureua. He at once took it up with the printing office. It was read by man Government had instructed the President to approach
one man and then sent to the printing office.
the Allies on the subject of peace." "Did you make any
At about 11 o'clock (Wednesday) I received the newspaper correspondents and told them that I would have an important communication for statement in this connection as to the effect that it might
them at 5 o'clock, to be released the next morning. I told them in confi- have on stocks"? he was asked. "I talked to only one man
dence. as I was afraid its contents might come back from Europe in garbled on that. He asked me what effect it would have. I did
form. Further, I thought it courteous not to make it public until it had
been received by the countries to which it was addressed. I told them it not venture any opinion." "Evidently you were in possesdid not contain any proposal of peace nor offer of mediation.
sion of some information not generally known." "I think
That evening at my house Ambassador Willard (of Spain) told me he
I was." He added the source of his information was in no
had been advised of the contents of the note by the President and we discussed the advisability of his addressing Spain on the subject. The next way connected with the United States Government. "Would
morning the note was made public in the press.
Mr. Lansing said he could not recall the name of any
newspaper man who was present at the conference, nor did
he know any details of who handled the note at the Government Printing Office.
"When was the first intimation you had that there had
been a disclosure of the contents of the note"? asked Representative Campbell.
"I had none until it was stated in the newspapers." Mr.
Lansing added he had made inquiries around his department
for a leak, but failed to locate one. Mr. Lansing said that
on the morning of this conference with the newspaper men
three other men were present waiting to see him, but that he
did not know they were in the room until after he had talked
to the newspaper men. "Who were these men"? asked
Representative Lenroot.
"A. E. Snowden, of New York; E. N. Gaylor, a civil
engineer of the navy, and Dr. N. T. McLean, of the navy,"
said Mr. Lansing. "The two naval officers were about to
proceed to Haiti for the Government."
Mr. Bennet recalled that Secretary Lansing had stated he
• ^•
never speculated in the market, and added:
For that reason isn't it possible that you gave little thought to the effect
some statement made by you might have on the stock market?
you object to stating for what purpose you made this statement"? "Purely my personal judgment that it should be
known," Sabin replied. "Then you had no idea in giving
out this information of the effect it might have on the market or of preventing a possible effect on securities," Chiperfield continued. "Never thought of it," said Sabin. "I
gave out the news for no such purpose." He added that he
had no knowledge of stock trading between Dec. 10 and 21.
He also said he had no information about the President's
note until he read it in the newspapers.
Mr. Sabin was excused from telling the source of his information about the German peace proposal, because he said it
had been given to him in confidence by someone absolutely
without connection with the Government of the United
States. He was released by the Committee from further
attendance.
Bernard M.Baruch,called to the stand on Tuesday,said:
I had no information of any nature from anyone connected directly or
indirectly with the Administration from any other source in connection with
the President's peace note or von Bethmann-Hollweg's speech until I read
of them in the newspapers.
Mr. Baruch was named by the mysterious "A. Curtis" in
a letter to Representative Wood of Indiana, as having profited largely by "leak" information on the note by selling
130
THE CHRONICLE
[VOL. 104.
"short" on United States Steel. Mr. Baruch said he first
IL W. Bolling, a brother-in-law of President Wilson and
learned of the President's peace note on the morning that it a member of F. A. Connolly & Co., brokers, of Washington,
was issued. At the time of market flurry, he said, he had was questioned at yesterday's hearing. He denied he had
been buying United States Steel. Mr. Baruch added:
anything to do with a "leak." "I have nothing to say,"
The thing that affected the market was first von 13ethmann-Holliveg's he said, "except that whoever is responsible for bringing
peace note from Germany. That was followed by Lloyd George's speech
in Parliament which at the very outset tended to strengthen the market my name into this, Representative Wood, I believe, might
on Dec. 19. The first cable bulletins said that Lloyd George refused to send me an apology at the same time that he sends one to
consider peace at all. Later as the full speech came through Lloyd George Secretary Tumulty." "When did you
receive your first
went on to say "but," and left the door open to possible peace negotiations.
That caused a decline on the market. It was a notice to the world that information regarding the President's note ?" Representathere was no final bar to peace, and whether it was coming at once or not tive Henry asked. "When I read it in the newspapers."
we had to turn our minds to its effect on the market. Seeing this situation
Neither he nor any other member of his firm had received
before me I sold the market short on Tuesday before the speech and during
any intimation concerning the peace note, and he had no•
the speech, particularly when Lloyd George uttered the word "but."
The next day I bought a little over one-third of the stocks I was short on, knowledge of any official of the Government or Administraor more than one-half of the stocks I had sold on the Lloyd George speech.
tion who had profited by stock transactions as a result of
On Dec.20,the day after the Lloyd George speech, I bought a large amount,
conthming to buy to cover my shorts and I also bought some long. I knew the peace note, Mr. Bolling said.
nothing of the President's note until it was published on the morning of
W. A. Crawford, head of the Washington bureau of the
Dec. 21.
Baruch's quiet announcement that his contribution to the Central News of America, which supplies news to "Financial
Democratic National campaign fund last year totaled $50,000 America," read a confidential message he said he sent to his
instead of $35,000, as has been currently reported, aroused New York office Dec. 20 saying that a note was coming but
that, according to Secretary Lansing, it was not a peace
some interest in the committee.
Mr.Baruch denied as absolutely false the charge that he note nor a move for mediation. "There was absolutely no
conferred with Secretary Tumulty at the Biltmore Hotel leak in our service nor from any of its clients," said he.
Representative Harrison said he had examined the Cenin New York, and also denied that he was registered there.
He said he knew no broker by the name of "A. Curtis." tral News' tapes for Dec. 20 and found nothing indicating
Baruch also denied that either Otto Kahn, or "a man named that the confidence of Secretary Lansing had been vioReich," or any one connected with the Government was lated. Archibald Jamieson, also of Central News, told of
associated with him in his short sales about the time of the the conference in Secretary Lansing's office on the morning
of Dec. tO with the newspaper men, at which they were
peace note.
Otto H. Kahn of Kuhn, Loeb & Co., New York, followed informed that a note would be ready at 5 P. M.for release
and read into the record a statement denying all connection in morning papers. Jamieson said he telephoned his office
including in his message the statement that the President
with. any "leak." He was excused.
Allan Curtis of Boston followed Mr. Kahn and denied and Secretary of State Lansing were particularly anxious
authorship of the "A. Curtis" letter upon which Represen- that the matter be held in strict confidence, because they
tative Wood chiefly based his charges. He wrote his name wished no "leak" to get out that might affect the stock
for the committee to show it was not the signature on the market. "On what did you base that statement regarding
letter. John Boyle and Henry E. Eland, representatives of the injunction against a 'leak' to the stock market?" asked
the "Wall Street Journal" and also Dow, Jones & Co., were Representative Harrison. "My impression is that Secrewitnesses of the day. Mr. Eland said he learned from Secre- tary Lansing said that," said Jamieson. "Of course, I have
tary Lansing in the newspapermen's conference with the no transcript of the conversation."
Cornelius Ford, the Public Printer, testified that he obSecretary on Dec. 20 that there was to be a statement at 5
o'clock that afternoon and that it was not "a peace proposal tained his first information regarding the note from the
or an offer of mediation." He telephoned this information newspapers and did not know when it was being printed in
to Mr. Boyle in the "Journal's" downtown office, he said, the Government plant. W. J. McEvoy, assistant superinand heard no more about it until two hours and a half later, tendent of work at the plant, described every step taken in
perhaps, when he was advised by other newspaper men that the printing of the note and said he was certain there was
the Dow,Jones Co. ticker was carrying the statement that no "leak" in the Government office.
the President would issue a peace note. Mr. Boyle testified
that he sent the information given him by Mr. Eland to
the "Journal" in a confidential telegram shortly before noon. FRANK TRUMBULL ON FALLACY OF GOVERNMENT
OWNERSHIP.
At 12:24 p. m., he said, he received a message from Dow,
Jones & Co. saying it was reported that the President would • A statement in which he undertakes to demolish the fallacy
issue a peace note about the end of the week. Mr. Boyle that in Government ownership all the problems of the railis also said to have testified that when his newspaper road would be solved, ha8 been issued this week by Frank
telegraphed, at 12:24 o'clock, that there were rumors in Trumbull, Chairman of the Railway Executives' Advisory
Wall Street of a peace manifesto he was unable to confirm Committee. Mr. Trumbull's contentions are submitted in
reply to an editorial styled "Need of Public Ownership of
these rumors and so advised the New York office.
A new version of the "leak" to Wall Street was given to Railroads Again Shown," appearing in the New York"Eventhe Rules Committee on the 11th inst. by James R. Reilly, ing Journal" of Jan. 6, presenting "an argument based on
Managing Editor of the "Wall Street Journal." A tip picked assumed facts" (to quote Mr. Trumbull), "that are so far
up,he said, by a Dow-Jones reporter in Wall Street that brok- from the truth that it seems proper that a statement should
ers' private wires from Washington were saying the President be made in reply to it." We quote Mr. Trumbull's reply as
was about to send a peace note was solely responsible for follows:
1'resident Lee, of the Brotherhood of Railroad Trainmen, is quoted as
the dispatch forecasting the note, which appeared on the accusing
the railroad managers of "deliberately trying to make the expenses
company's ticker at 2:05 p. m., Dec. 20, 10 hours before the of administrating the eight-hour law unnecessarily high." The assumption
that this assumed action is either "for the purpose of accommade
is
then
note was published. Asked by Representative Patten if
plishing the repudiation of the eight-hour law," or of boosting the apparent
there had been any advance information in Wall Street that Increase
in the cost of operation in order to make further extortions from
Secretary Lansing on Dec. 21 would issue a statement the public by means of increased freights and passenger fares." As the
major
premise
in this argument is untrue the conclusion is necessarily false.
asserting that the United States was being drawn near the
The railroads have not been deliberately trying to increase their operating
verge of war, Reilly said he never heard of it. "I do not think expenses,
but on the contrary have as a whole been making every possible
that is so," said Reilly. "That is news to me."
effort constantly to decrease operating expenses and with a very considerof success as any analysis of the facts would reveal. Any charge
degree
able
Mr. Lawson continued on Tuesday to defy the committee,
made to the contrary is utterly unfounded and unfair, as anyone who cares
refusing over and over again to give the names of the men to investigate the facts can discover.
he had been told profited by the leak, after suggesting that
Other conclusions equally unsound are reached in this editorial, the chief
is that referring to the prosperity of the railroads this year "is
he could name an official higher up than any yet mentioned. of whichanything
over heard of on earth." The bald fact is that while the
beyond
Four motions to cite him before the bar of the House for con- year 1916 showed the largest net earnings of any year in the history of
tempt pending when he left the witness stand early in the day American railroads, even these earnings showed a return of less than 6%
upon the railroad property devoted to the use of the public, and in comwere considered by the committee in executive session.
parison with the earnings enjoyed by other branches of industrial and comIn answer to a question by Representative Cantrill if, mercial activity they were absurdly low. The attractions offered capital In
in case an. investigation of the leak were ordered by the almost every other line of business have been so great that railroad expanto meet the needs of the country on the present basis has been limited.
House, he would agree to give the new committee the name sion
Along with this increased earning has come a constantly rising cost of labor
of the member of Congress he had in mind who he claimed and materials, with the reasonable assurance in the immediate future!of
to have been his informant regarding the leak and of the greater expense and less income. Not only is there no business basislfor
reducing rates as is suggested, but the obvious fact is that railroad earnings
Cabinet official who he said had been a beneficiary of the to-day
are not adequate to enable the roads to meet the existing needs of
leak, Lawson said emphatically: "I will."
commerce.
JAN 13 1917.]
THE CHRONICLE
The suggestion that without a reduction of rates we shall see "a now orgy
of stockw atering" is equally ill-founded. The railroads are to-day asking
that the Federal Government shall assume supervision of the issuance of
railroad securities and have pledged themselves absolutely to the principle
of Federal regulation and operation on their part in the public interest.
Any other assumption is simply built on ignorance of tho attitude of railway
executives and owners. A reflection made on the personal integrity of
railroad executives is also unwarranted. I think it cannot be shown that
they are any different from other men or their word any more unreliable.
Nor can it be shown that they cannot be trusted under oath.
The final fallacy of this unsound argument is the suggestion that in
Government ownership all the problems of the railroads would be solved.
American railroads to-day have the lowest capitalization per mile, charge
the lowest freight rates and pay the highest wages of any railroad in the
whole world. Their operating efficiency is the greatest and the character
of their service the best. In Germany, to which the writer refers, freight
rates are nearly double those charged in this country, and such efficiency
as they have attained is made possible only through their autocratic, highly
centralized plan of government. That even such results might be approximated in our unco-ordinated democracy is unbelievable. One need only to
read the reports of the United States Post Office Department recently submitted to Congress to gain a suggestion of the evils which would attend any
such procedure. They openly complain of impracticable and archaic
methods, inefficiency, political interference and difficulty in dealing with
employees, all of which would be highly intensified in Government operation
of railroads. The evils of the "Pork Darrel" would be increased to an
alarming degree if this groat interest should be subjected to such control.
The whole experience of this country has been to prove that private ownership and operation are vastly more efficient than public ownership. An
argument in favor of Government ownership of railroads can only stand if
based upon such false assumptions and incorrect statements of fact as
appear in the article referred to. The real cure for this Government ownership idea would be Government ownership, but the disasters which would
inevitably follow in its trail would be serious.
131
40,000 shares of the bank. The bank has a capital of $2,000,000 in $50 shares; under the offer of last September the
purchase price of the stock was 205%, equivalent to $102 50
per share. The syndicate represented by Glidden, Lyon &
Co., was headed by George Coffing Warner. Mr. Warner
is said to have later issued a letter saying that he is authorized
to bid $150 per share for all or any part of 600 shares of the
bank stock. At Tuesday's annual meeting, at which the
syndicate is said to have voted approximately 21,500 shares,
Theodore E. Burton, formerly U. S. Senator from Ohio, was
elected to the presidency of the institution. Owen E.
Paynter, heretofore Assistant Cashier, was made Cashier and
an advisory council was created consisting of:
George C. Van Tuyl, Jr., Chairman, President Metropolitan Trust Co.;
Dean Sage, Zabriskie, Murray, Sage & Kerr; Frank G. Crowell, HallBaker Grain Co., Kansas City, Mo.; Joseph W. Harriman, President
Harriman National Bank; Anthony R. Kuser, Newark; Waldo Newcomer,
President National Exchange Bank, Baltimore, Md.
Ex-Senator Burton succeeds as President Robert M.
Gallaway, who had served in the presidency for twenty-three
years. Mr. Gallaway and Edward Holbrook, President of
the Gorham Manufacturing Co., who retired as Vice-President of the Merchants National at this week's meeting, have
been elected directors of the Hanover National Bank.
Joseph Byrne, until Tuesday Vice-President and Cashier of
the Merchants, has been elected a Vice-President of the
Hanover. Besides Messrs. Burton and Paynter, President
and Cashier, respectively, of the Merchants National, there
BILL
APPROVES
FOR
SENATE
PROVIDING
U. S.
are three Assistant Cashiers, viz.: Frank L. Hilton, George
PROHIBITION IN DISTRICT OF COLUMBIA.
S. Talbot and Irving S. Gregory. The directorate is made
On the 9th inst. the U. S. Senate by a vote of 55 to 32, up of entirely new members and is composed of:
passed the bill introduced by Senator Sheppard of Texas,
Theodore E. Burton, President; Raymond E. Jones, Agent, Royal Bank
providing for prohibition in the District of Columbia after of Canada; F. S. Whitten, Laird & Co., Wilmington, Del.; Charles E.
Potts, President, J. B.Locke & Potts; W. Ross Proctor, New York; William
Nov. 1 1917. This action followed the rejection by the F.
Wall, President, Wall Rope Works; Walter S. Eddy,C. K.Eddy & Sons,
Senate of the Underwood referendum amendment proposing Saginaw, Mich.; William F. Neu, Vice-Pros., Steel Rail Supply Co.;
Faber, Manufacturer;
to submit the question to a vote Of the people of the District. Arthur G. Meyer, Dry Goods Commission; Eberhard
Carl F. Sturhahn, U.S. Agent Rossia Ins. Co.; R. II. Rucker, New York.
The vote by the Senate in this case resulted in a tie (43 to 43)
Senator Burton served the House and Senate for twentyand as Vice-President Marshall was not present to cast the two years, and held memberships in many committees and
a
under
lost
was
amendment
proposed
deciding ballot, the
commissions,including the Interparliamentary Union,the Narule of the Senate.
tional Monetary Commission and the Committee on Foreign
The Sheppard bill just approved says that after Nov. 1 Relations. He is a
graduate of Oberlin College, a member of
1917:
Ohio bar, and an authority on economic questions of
No person or persons, or any house, company, association, club or cor- the
poration, his, its or their agents, officers, clerks or servants, directly or both public and corporate interest. He is the author of a
indirectly, shall, in the District of Columbia, manufacture for sale, or gift, number of works, including "Financial Crises and Periods of
import for sale, offer for sale, keep for sale, traffic in, barter, export, ship
Industrial and Commercial Depression," "Corporations and
out of the District of Columbia or exchange for goods or merchandise, or
solicit or receive orders for the purchase of any alcoholic liquors for bev- the State," and "The Life of John Sherman." Senator
medicinal,
scientific,
pharmaceutical,
erage purposes or for any other than
Burton is now at work on a comprehensive volume on "High
mechanical, sacramental or other non-beverage purposes.
He was at one time offered the Treasury portPrices."
states
it
measure
that
the
new
In another section of the
folio.
law cannot be construed to prevent the manufacture, importation, exportation or sale of denatured methyl alcohol
The capital of the Harriman National Bank of this city
or of ethyl alcohol for scientific, medical, and like purposes,
but their manufacture and sale are limited to licensed drug- was increased at the annual meeting on the 9th inst. from
gists or manufacturers. The measure is now before the $500,000 to $1,000,000, to which the shareholders of record
at the close of business are entitled to subscribe to the extent
House.
of their holdings, pro rata, at par, or $100 per share. The
LIQUOR ADVERTISEMENTS BARRED FROM MAILS shareholders must exercise their rights on or before Feb. 15
BY BILL PASSED IN U. S. SENATE.
1917. At the meeting of the directors on the 11th inst., a
Following the decision of the U. S. Supreme Court on dividend of 100% was declared, payable in cash, representing
Jan. 8 in favor of the constitutionality of the Webb-Kenyon a handsome melon for the stockholders. The election of
law, governing the shipment of liquor in inter-State Com- directors resulted in the addition of the following to .the
merce, referred to in these columns this week, the U. S. board: Francis G. Lloyd, President of Brooks Bros.;
Senate on the 11th passed a bill, introduced by Senator William Bayne, Jr., senior partner of Wm. Bayne & Co.,
Bankhead of Alabama, prohibiting transmission in the mails Coffee Merchants and Charles Thorley, these elections
of liquor advertisements in newspapers, circulars or other conforming to the policy of the bank in selecting its governing
printed matter into States whose laws forbid such adver- body from the more important mercantile and financial
tising. The bill provides as a penalty for violation of the interests of the Community. Since its organization as a
law a fine of not more than $1,000 or imprisonment for not national bank, March 20 1911, when the deposits were $4,100,000, the Harriman National Bank has septupled its
more than two years, or both.
depcsits, showing $27,700,000 on the latest call of the Compat the close of business Dec. 27 1916. The board of
troller
AND
FINANCIAL
LEGISLATIVE
NEWS.
BANKING,
National Bank as not constituted
Only five shares of bank stock were sold at the Stock Ex- directors of the Harriman
Joseph W.Harriman,
Julius
Kruttschnitt,
follows:
as
stands
trust
of
company
and
stock
shares
change this week. Ten
K.
Kennelly, Charles C.
L.
Bird,
Harrison
Bryan
President;
no bank stocks were sold at auction.
Tegethoff, Ancell H. Ball, Ogden Mills Reid, W. Averell
Shares. BANK—New York.
Low. High. Close. Last previous sale.
192
Jan. 1917— 190
*5 Commerce, Nat. Bank of.. _ _ _ 192
192
Harriman, Parmely W. Herrick, Adam L. Mohler, Michael
TRUST COMPANY—Brooklyn. •
Dreicer, Thomas B. Clarke, Jr., John A. Noble, Frederick
Sept. 1913— 270
270
10 Hamilton Trust Co
270
270
Phillips, Henry B. Wesselman, H. B. Rosen, John McB.
*Sold at the Stock Exchange.
Bowman,Francis G. Lloyd, William Bayne, Jr. and Charles
Thorley.
The outcome of the efforts of the syndicate formed last
secure
control
of the Merchants National Bank
September to
Waldo H. Marshall, who recently resigned from the
of this city was revealed at this week's annual Meeting, when
new interests were named to manage the affairs of the insti- Presidency of the American Locomotive Co., has become
assist E. R.
tution. The success of the syndicate's movements had not associated with J. P. Morgan & Co.; he will
the firm's export department.
previously been divulged, although it had been intimated Stettinius in the management of
more than a month ago that it had secured a majority of the
132
THE CHRONICLE
The National City Bank of New York has announced,
that it will formally open its Russian branch in Petrograd on
next Monday Jan. 15. The branch will be situated in the
quarters formerly occupied by the Turkish Embassy, and
will be under the management of R. R. Stevens and H.
Fessenden Meserve, the bank's general representative in
Russia. The Petrograd branch, as heretofore noted, will
have a capital of 5,000,000 rubles. The new branch, it is
said, will conduct a commercial credit business, and will aim
to supply credit information to Americans exporting goods
to Russia.
The Metropolitan Trust Co., of this city, has moved from
its old address at 49 Wall Street, to new offices at 60 Wall
Street. The removal of over $172,000,000 of securities and
$7,000,000 in cash took place last Sunday, when the deserted
conditions of the financial district proved best for such an
undertaking. The valuable papers were shipped in large
sealed metal cases, and the cash, because of its great weight,
In smaller cases and leather bags. Each load, guarded by a
number of special officers who were locked in with the gold
before the wagon started, was escorted by police and plain
clothes men to its destination. The opening day of the new
offices on Monday was the occasion of a large informal receptibn. From the time the doors opened in the morning until
late in the evening, the officers' quarters andibanking rooms
were thronged. The brilliantly lighted rooms had more the
aspect of a botanical exhibition than that of an active business institution for nearly every financial institution in town
had sent its compliments and good wishes in the form of a
large vase of American Beauties. The rapid growth of this
trust company during the last year in which time it almost
'doubled its deposits, made necessary a change to larger
accommodations. The new offices occupy more than three
times the floor space of the old and the main banking room
takes up an entire floor from Wall Street through to Pine
Street. The trust company, which has as its President
former State Banking Commissioner George C. Van Tuyl Jr.,
had been located at its old address at 49 Wall Street for thirteen years. The institution has a capital of $2,000,000,
surplus and profits of $5,484,400, and deposits, as of Nov.29,
$64,291,620. Last February the trust company opened a
branch office at 716 Fifth Avenue, under the management of
Roger P. Kavanagh, former State Bank Examiner.
The stockholders of the Farmers Loan & Trust Co., of
this city, at a special meeting on the 10th inst., voted in
favor of the proposal to increase the capital of the institution
from 81,000,000 to $5,000,000, and the offering of the $4,000,000 of new stock to present shareholders at $200 for
each share of $100 par value. The stockholders, as noted
In our issue of Dec. 9, have voted to reduce the number
of shares of the capital stock of the company from 40,000
shares of the par value of $25 each, to 10,000 shares of the
par value of $100 each.
At a meeting of the directors of the National Park Bank
of this city on-Jan. 12, Maurice H. Ewer, formerly Cashier
of the bank, George H. ICretz, Manager of the Foreign
Department, and Sylvester W. Labrot were elected VicePresidents. Ernest V. Connolly, heretofore Assistant
Cashier, was appointed to the cashiership to succeed Mr.
Ewer, and Byron P. Robbins and Percy J. Ebbott were
appointed Assistant Cashiers. At the annual meeting on
the 9th inst., John Jay Pierrepont and Lewis Cass Ledyard,
Jr., were elected to the board, and Vice-President John C.
Van Cleaf retired from the board.
Several important changes were made in the executive
staff of the National City Bank of New York at the annual
meeting of the directors on the 9th inst. John H. Fulton,
formerly President of the Commercial National Bank, of
New Orleans, La., and George Edwin Gregory, formerly
Cashier of the National City Bank, were elected VicePresidents. The vacancy caused by the promotion of Mr.
Gregory was filled by the election to the Cashiership of
Thomas A. Reynolds, heretofore an Assistant Cashier of
the bank, who has been serving as Secretary of the National
City Company, the bank's bonds selling organization.
Andrew Mills, Jr., Manager of the bond department of the
National City Bank since 1914, has been appointed an
Assistant Cashier. Mr. Gregory, the new Vice-President,
has been identified with the National City Bank for the
past 26 years. He was active in the organization of the
Federal Reserve Bank of New York, serving as temporary
[VOL. 104.
Cashier during its early days. Edward P. Currier, who
was chosen to the office of Assistant to the President of the
National City Bank some time ago, was formally elected
to that office at the annual meeting on the 9th inst. He
had been for several years Mr. Vanderlip's secretary, and
in 1914 was elected to the office of Secretary to the President. At the annual meeting one new director was elected,
he is Earl D. Babst, President of the American Sugar Re-,
fining Co.
Charles S. Wall has been chosen Secretary of the National
City Co., of this city, to succeed Thomas A. Reynolds, who
as elsewhere noted has been elected Cashier of the National
City Bank.
—4--The Lincoln National Bank of this city announces in
addition to the re-election of Chas. Elliot Warren, President,
and Wm. A. Simonson, Vice-President, that David C.
Grant, formerly Cashier, was elected a Vice-President;
John S. Sammis, Assistant Cashier, was appointed Cashier;
Thomas Kenworthy and Edward A. Bishop were appointed
Assistant Cashiers. Edward W. Brown, Vice-President of
the Sterling Salt Co., and William F. Hawk were elected
directors to fill vacancies, succeeding Henry Carnegie
Phipps, who declined re-election, and the late General
Thomas L. James, formerly Chairman of the board.
At the annual meeting of the board of trustees of the
Franklin Trust Co. of New York and Brooklyn, held January 11th, the by-laws were amended to provide for a new
executive officer to be known as chairman of the board, and
Arthur King Wood, who has been President of the company
since 1908, was elected to that office. The board elected
as President, Edward C.. Delafield, who has been VicePresident for the last two years and is one of a group of
bankers and business men who acquired a large interest in
the company a few years ago. Thornton Gerrish, who has
been the Franklin's trust officer for many years, was elected
Vice-President. The above changes were found necessary
owing to the Company's largely increased business since the
establishment of its New York office at 46 Wall Street.
The Franklin's deposits have more than doubled in the past
two years and are now over $25,000,000, while its surplus
and undivided profits show a corresponding increase. Owing
to its rapid growth, the company has been obliged to take
additional space at 46 Wall Street for its transfer and registration departments, while the expansion of its trust business
in Brooklyn has compelled the institution to use for part
of its clerical staff the house which it owns at the corner
of Clinton and Remsen streets in the rear of the Franklin
Trust Building. The Franklin Trust Co. was organized
by the late Abiel Abbot Low and a group of other prominent
Brooklyn men, and commenced business at 186 Remsen St.,
Brooklyn, on August 1 1888, with a capital of $500,000,
increased a year later to $1,000,000. In 1892 the company
moved to the building which it had erected at the corner of
Montague and Clinton sts., and also established the Franklin
Safe Deposit Co., which it controls. Besides the main office
at 166 Montague St. and the New York office at 46 Wall St.,
the trust company now maintains throe Brooklyn branches,
one at 569 Fulton St., near Flatbush Ave., one in the Wallabout Market, and one in the Navy Y. M. C. A. Building
on Sands St., the last having been opened for the convenience
of sailors in the United States navy. In 1911 the company
was elected to full membership in the New York Clearing
House Association. The company has a large individual
trust business in Brooklyn and has acted as executor and
trustee for many of Brooklyn's prominent citizens. Edwin
Packard was the first President, serving until 1891, when he
was succeeded by George H. Southard. In 1908 Arthur
King Wood was elected. Two new directors have recently
been added to the board—Herbert L.. Pratt, Vice-President
of the Standard Oil Co. of New York and Robert G. Hutchins
Jr., Vice-President of the National Bank of Commerce.
William G. Low Jr. is Chairman of the Executive Committee
and the other trustees, besides Mr. Wood and Mr. Delafield,
are Charles K. Beekman, Henry Bruer°, William Allen
Butler, Allen Curtis, R. Bayard Cutting, Charles B. Denny,
Murray W. Dodge, Crowell Haddon, Henry R. Hayes,
George Hewlett,James Imbrie, John H.Iselin, Martin Joost,
A. Ludlow Kramer, R. Walter Leigh, William G. Low,
Charles J. Peabody, R. Stuyvesant Pierrepont, James H.
Post, William M. Ramsay, Griswold A. Thompson, Frank
Day Tuttle.
THE CHRONICLE
JAN. 13 1917.]
At the stockholders' meeting of the Chase National Bank
on the 9th inst. all the retiring directors were re-elected and
Henry B. Endicott of Boston, of Endicott, Johnson & Co.,
and Edward T. Nichols of New York, Vice-President of the
Great Northern Ry. Co., were added to the board. At a
meeting of the board of directors of the Chase NationalBank
held the same day Gerhard M.Dahl, formerly Vice-President
of the Electric Bond & Share Co., was elected a Vice-President, and S. Fred Telleen, Robert I. Barr and Sewall S.
Shaw,for many years in the employ of the bank, were appointed Assistant Cashiers.
133
Public Bank.—William D. Walker, President of the American Thermos
Bottle Co., was chosen a director.
Second National Bank.—Thomas Howell of B. H. Howell, Son & Co.,and
F. Colt Johnson of J. H.Lane & Co. were chosen directors to succeed Frank
A. Munsey and .1. J. Sinclair.
Sherman National Bank.—James M.Dixon, Vice-President of the Tobacco
Products Co., was chosen a director to fill a vacancy.
Union Exchange National Bank.—Louls J. Robertson was elected to the
directorate, succeeding Albert H. Wiggin, resigned.
First National Bank of Brooklyn.—The directorate was increased from 12
to 15 members by the election of Herman A. Metz,John T. Barry and William S. Irish, Vice-President and Cashier of the bank.
National City Bank of Brooklyn.—Walter W. Spadone was elected a director to succeed the late William C. Philips.
•-•-•
Francis Crave, heretofore Cashier of the Broadway Central Bank, of this city, was chosen Vice-President and
Cashier at the annual meeting on the 9th inst., and J. M.
Lotsch was appointed an Assistant Cashier to fill a vacancy.
Charles B. Toole, of Toole, Henry & Co., was elected a
director of the Broadway Central Bank to succeed David
W. Armstrong, resigned.
--0-Waldemar Eitingon, a director of the Sherman National
Bank, of this city, was elected a Vice-President of the institution at the annual meeting last Tuesday, Jan. 9.
The annual banquet of Group VIII., New York State
Bankers' Association, will be held next Monday evening at
the Waldorf-Astoria. A large attendance of bankers is expected and an interesting program has been planned. Theodore Hetzler, President of the Fifth Avenue Bank, as Secretary of the group, is in charge of the seating arrangements
and speakers.
The report of the Transatlantic Trust Co., of this city,
shows continued growth in deposits and earnings. During
the past year deposits have risen to $6,241,000, an increase
of $1,150,000, while surplus and reserves now stand at
$700,000, an increase of $150,000. Taking into consideration the 8% dividend paid, the company's net 1916 earnings
totaled $206,000.
The Pacific Bank, of this city, has prepared for its friends
and customers a short and interesting account of its history
in an attractive booklet. The bank began business in October
1850, shortly after the discovery of gold in California. It
now has four independent offices conveniently located
throughout New York City. It has a capital of $500,000
and surplus and profits, as of Dec. 15 last, of $998,957.
Deposits on that date were $9,577,622. 0. H. Cheney is
President of the bank. Other officers are William Skinner,
Vice-President; J. C. Lawrence, Assistant Cashier, and
E. R. Lawrence, Assistant Cashier.
The Scandinavian Trust Co., a new banking-institution
of this city, has filed notice of intention to organize with the
State Superintendent of Banks. The new company, as noted
in our issue of Dec. 30, is to have a capital of $1,000,000 and
a surplus of $1,500,000. The purpose of the organization
Guy Cary, R. L. Farnham, Edward W. Harden, Lawrence M. Jacobs,
of the institution, it is said, is to facilitate financial transacArthur Kavanagh, William S. Kies, Willard Straight.
tions in aid of trade and commerce between the United States
The stockholders elected the following officers:
Lawrence M.Jacobs, President; H. T. S. Green. Vice-President; William and Scandinavian countries, especially Norway. The ScanReed, Vice-President; Alfred J. McGrath, Cashier; Charles S. Lippincott,
dinavian Trust Co., as heretofore stated, is to have as its
Assistant Cashier; Byrce Metcalf, Assistant Cashier.
President A. V. Ostrom, now Vice-President of the NorthBank, of Minneapolis, Minn. Leading
At the annual meeting of the stockholders of the New York western National
foreign bankers who are in sympathy with the Norwegian
the
9th
following
inst.,
the
on
held
city,
this
of
Co.
Trust
said to be interested in the proposed new
trustees were re-elected to servo for a term ofi three years, Government are
trust company. The incorporators include John E. Berexpiring in 1920:
Otto T. Bannard, S. Reading Bertron, F. N. Hoffstot, Frederic B. wind, Samuel L. Fuller, Edwin 0. Halter and E. A. CapJennings, James Parmelee, Henry C.Phipps, Norman P. Ream, B. Aymar pelen Smith, of New York City; William R. Coe, Oyster
Sands, Joseph J. Slocum, John W.Sterling.
Bay; Edward F. Geer, Westhampton Beach, L. I.; Freder•
ick W. Hvoslef, Brooklyn.
Frederick Strauss, of J. & W. Seligman & Co., and Clarence Dillon, of William A. Read & Co., were elected trustees
"United States Bonds, Historical and Descriptive," is the
of the Central Trust Co. of this city at the annual meeting title of a 74-page pamphlet which has recently been issued
on the 11th inst.
by the well-known Government bond house of Harvey Fisk
Sons, New York. This book contains an historical sketch
&
F. Egerton Webb, of the firm of Webb & Prall, has been tracing the fluctuations in the Government's debt from about
elected President of the Lincoln Safe Deposit Co. of this city. $75,000,000 in 1791 when, following the War of Independence, upon the advice of Alexander Hamilton, the general
Thomas C. Fry has been elected a Vice-President and government assumed the debts of the States up to a maxidirector of the Gotham National Bank, of this city, to sue • mum of $2,844,649,626 at the close of the Civil War, down
eeed Frederick Fowler.
to the present time when the debt amounts to less than a
billion dollars, about the same as the debt of the City of
In addition to the changes noted elsewhere in these col- New York. There are fac-simile productions of popular
umns, the following are among the local board changes made circulars offering Government bonds issued during the Civil
at the annual meetings this week:
War period. The different outstanding issues of United
Battery Park National Bank.—Frank A. Dillingham was elected a director. States Government bonds are described. The portions of the
J.
Bank.—John
Raskob, Treasurer of the Du
Chatham & Phenix National
Federal Reserve Act dealing with the refunding of United
Pont Powder Co., was elected a director.
Coal & Iron National Bank.—John F. Birmingham,President of the Dela- States bonds are analyzed and all rulings in regard thereto
Co.;
William M.Ilager and Stanley P.
ware Lackawanna & Western Coal
of the Federal Reserve Board and of the United States
Jadwin were elected directors to succeed E. E. Loomis, W. H. Woodin and
Treasury Department are printed. Existing provisions of
retired.
who
Well,
Samuel
First National Bank.—John R. Morron, President of the Atlas Portland law for new issues of United States bonds are also set out.
the
0
First
National Bank and the First
Cement Co., was elected a director
The publication of this book is opportune just now when
Security Co.
Garfield National Bank.—The board was increased from 10 to 12 members additional issues of United States bonds are being discussed
by the election of Joseph W.Emery and William N. McIlravy.
to provide for part of the cost of the preparedness program,
Germania Bank.—Frank Gulden was elected a director to succeed his falt
shipbuilding and to reimburse the Treasury for expendifor
Gulden.
Charles
late
the
ther,
Liberty National Bank.—Charles D. Miles and R. H.Dunham were chosen tures heretofore made in connection with the construction
directors, succeeding Thomas Cochran and Newcomb Carlton.
of the Panama Canal.
Fulton National Bank.—William B.
At the annual meeting of the stockholders of The International Bank, of this city, on the 9th inst. John E. Gardin
was elected a director, and the following members of the
board were re-elected:
Franklin, President of the
Market &
American Malting Co., and Frank C. Jennings of Bruce & Cook, were
elected directors.
Mechanics & Metals National Bank.—William E. S. Griswold was elected
a director.
National Bank of Commerce.—Charles E. Dunlap of the Berwind-White
Coal Mining Co. was elected a director.
New York County National Bank.—Frank R. Leland was elected a director to succeed Dr. Timothy M.Cheeeman, resigned, and George L. Shearer
was elected a director to fill a vacancy.
The December issue of the "Trade and Crop Bulletin,"
which is published by the Seattle National Bank of Seattle,
Wash., contains an interesting and instructive analysis of
conditions in the Pacific Northwest. According to the
"Bulletin," the city of Seattle and the Pacific Northwest
are in better condition than for a great many years, even
134
THE CHRONICLE
[VOL. 104.
though the largest industry, the lumber business, continues
to lag behind as a result of the war. The importance of
Seattle in transacting our international trade is referred to in
the publication. The foreign business of the Puget Sound
district for the twelve months ending Nov. 30 1916 has been
$349,000,000, as compared with $167,000,000 for the twelve
months ending Nov. 30 1915. Seattle's chief competitor
on the Pacific Coast is the district of San Francisco, which
did a foreign business, it is stated, of $161,000,000 for the
year ending Nov.30 1915, and $236,000,000 for the year ending Nov. 30 1916. The main cause for the Port of Seattle
taking presedence over the old and favorite port of San Francisco, says the "Bulletin," is the same fundamental cause
which has made and will always continue to promote Seattle's
growth—a strategic position on the world's trade route.
The "Bulletin" also contains a resume of crop conditions in
the various sections of the State of Washington, Oregon,
Idaho and Montana. The publication is gotten out in June
and December every year by the Seattle National Bank, and
is edited by William S. Peachy, Cashier.
and responsibilities, and therefore rzfused to be re-ected.
Walter E. Robb, who has served for a number of years as
Vice-President, was promoted to the Presidency, and Hugh
H.Hilson,formerly Second Vice-President and Trust Officer,
was made Vice-President and Trust Officer; the other
officers remained the same. James H. Birch, Jr., who has
been a member of the Board for a number of years declined
re-election, due to the additional pressure of his personal
affairs, and Frank W. Thacher of Edgewater Park, N. J.,
President of the Florence Thread Works and President of
the Beverly Underwear Co., was elected a member of the
Board in his place, other members of the Board being reelected.
At the meeting the Board declared an extra dividend of
2% out of earnings for the six months ending Dec. 31 last,
in addition to the regular semi-annual dividend of 5%.
The company during 1916 enjoyed one of the most prosperous
years in its history. The annual report for the year ending
Dec. 31 1916 showed an increase in deposits for the year
of $212,723; they are reported at $1,091,846. Undivided
profits, after deducting all expenses and taxes, stood at
At the annual meeting of the stockholders of the Savings $134,632, an increase of $18,880 for the twelve months.
Investment & Trust Co. of East Orange on the 9th inst.
Harry H. Thomas, the Vice-President, was elected to the
William Pelouze Cutler, heretofore connected with the
Board of Directors. Mr. Thomas has also been elected to bond department of the Harris Trust & Savings Bank, of
the Board of Directors of the Watsessing Bank of Bloom- Chicago, Ill., has been 'chosen Manager of the bond defield, N. J.
partment of the Syracuse Trust Co., of Syracuse, N. Y.
Mr. Cutler has been connected with the Harris Trust &
Edwin H. Hatch, Vice-President of the defunct Mutual Savings Bank since 1906, and will assume his new duties
Trust Co., of Orange, N. J., was sentenced on Jan. 6 by with the Syracuse Trust Co. as soon as he can close his
Chief Justice Gummere in the Supreme Court at Newark, affairs in Chicago.
to serve a minimum of seven years and a maximum of fourteen years in State's prison, on his non vult plea to seven
The Marine National Bank, of Buffalo, N. Y., has anindictments for falsification of the bank's books. Upon nounced that its surplus fund has been increased from
the first of the seven indictments Justice Gummere based $4,000,000 to $5,000,000. The Marine National has a
a sentence of not less than three and a half years and not capital of $5,000,000, and had undivided profits, as of Dec.
more than seven years in State's prison. On the second 27 last, of $1,282,427. Deposits on that date amounted to
he imposed a similar term, to begin after the first sentence $60,687,188. It is headed by George F. Rand, as Presishall have been served, and on the other five indictments dent.
similar sentences, but to run concurrently with the first
two. Thomas S. Byrne, Secretary-Treasurer of the Mutual
The directors of the Salt Springs National Bank, of SyraTrust, who was charged with over-certification of deposits, cuse, N. Y., at their annual meeting on Jan. 8, voted in
done at the direction of Hatch, was granted clemency by favor of increasing the bank's capital from $200,000 to
the Chief Justice, who suspended sentence on all seven $500,000. A meeting of the stockholders, it is said, will be
charges to which he had pleaded non-vult. In suspending held in the near future to vote upon the proposed increase.
sentence in Byrne's case, the Chief Justice, according to the The 3,000 shares of new stock (par value $100), if author"Newark News," announced that he had taken into con- ized, will be offered pro rata to present shareholders. The
sideration representations that had been made in his behalf, price at which the new stock will be sold is to be announced
particularly a letter signed by twenty members of the grand later. The Salt Springs National is headed by Francis W.
jury and accompanying the indictments, in which it was Gates, as President.
said that the inquest, while realizing that indictments must
be found were convinced that Byrne had acted only after
Henry C. Brewster, for the past nineteen years President
his power of resistance had been overcome by a stronger of the Traders National Bank of Rochester, N. Y., was
mind. The operations of Hatch, which resulted in the elected to the Chairmanship of the board at the annual meeting
institutions closing on July 24 last caused a deficit on the of the bank on the 9th inst. Ho was succeeded in the Presibank's books totaling $306,000.
dency by Henry F. Marks, heretofore Vice-President, who
has been connected with the bank since 1880. Mr.Brewster,
The State Trust Co. of Plainfield, N. J., has prepared the retiring President, and new Chairman of the board, began
in booklet form its statement of condition at the close of his career with the Traders Bank, the predecessor of the
business Dec. 30 1916. The company began business on Traders National, on Sept. 7 1863 as a messenger. He
Sept. 16 1910 and since then has "established itself in the advanced by progressive stages until in 1871, forty-five years
confidence of its community." "This result," it is pointed ago, he was elected Cashier. He served as Cashier for 26
out, "has not been brought about by' passive methods, but years, and 19 years ago was elected President of the bank.
by an aggressive policy of publicity and an active campaign
for new business on one hand and by a carefully studied
The stockholders of the National Bank of Commerce of
effort to faithfully serve our customers on the other." Providence, R. I., at their annual meeting on the 9th inst.
Total resources on Dec. 30 last stood at $1,396,016. De- made the following changes in the executive staff of the instiposits were $1,219,517 on that date, as compared with tution. Henry L. Wilcox, formerly Vice-President and
$1,086,566 on Dec. 31 the previous year, and $854,060 on Cashier of the bank, was relieved of his duties as Cashier,
Dec. 31 1914. The State Trust Co. has a capital of $100,- and Walter C. Nye,formerly Cashier of the United National
000, and surplus and profits of $75,420. Its President is Bank of Providence, was elected to succeed Mr. Wilcox as
R. Henry Depew. The Vice-Presidents are E. F. Feickert Cashier of the National Bank of Conimerce. Frank W.
and M. C. Van Arsdale; H. C. Nash is Secretary and,Treas- Gale, formerly President of the United National Bank was
urer.
chosen a Vice-President of the National Bank of Commerce.
C.Prescott Knight was re-elected President of the Commerce.
A charter has been granted by the Comptroller of the Duteo Wilcox was re-elected Vice-President, and Edward B.
Currency for the organization of a new banking institution Fessenden was re-elected Assistant Cashier. The United
to be known as the Merchants National Bank, of Asbury National Bank, it will be remembered, was consolidated
Park, N. J., with a capital of $100,000.
with the Industrial Trust Co. of Providence, in Jan. 1916.
At the annual meeting of the Burlington City Loan &
The stockholders of the International Trust Co.,of Boston,
Trust Co., of Burlington, N. J., on Jan. 9 William D'Olier, Mass., at their annual meeting on Jan. 8, voted to increase
President of the institution since Jan. 8 1907, being in his the capital of the institution from $1,000,000 to $1,500,000.
seventy-fourth year felt_he was entitled tollightenihis labors Stockholders of record Jan. 15 1917 will be offered the right
JAN. 13 1917.1
THE CHRONICLE
to subscribe to the new stock for an amount equal to 50%
of their holdings, at the rate of gpoo per share to be paid
for March 11917. Any stock, it is stated, for which subscriptions have not been filed by stockholders on or before
Feb. 1, will be sold by the executive committee at not less
than $200 a share.
The stockholders of the First National Bank, of Boston,
Mass., at their annual meeting on.Jan. 9, voted to increase
the capital from $5,000,000 to $7,500,000 by the issuance
of 25,000 shares of a par value of $100 each. Each shareholder of record is allowed to subscribe for the new stock
at $300 per share, at the ratio of one new share for each two
now held. Charles F. Weed, President of the Boston
Chamber of Commerce, has been chosen a Vice-President
of the First National, and will retire from practice, and
from the firm of C. F. & A. H. Weed, in order to give all
his attention to the bank. He will, it is said, retain the
Presidency of the Chamber of Commerce until the coming
May when his term of office expires. He will succeed in
the Vice-Presidency of the First National, Downie D.
Muir, who has resigned. Eugene W. Owen, for many
years connected with the First National Bank, has been
made an Assistant Cashier. The other officers and directors of the bank have been re-elected.
The directors of the National Shawmut Bank, of Boston,
Mass., at their annual meeting last Tuesday elected two
new directors. They were Benjamin Joy, Cashier of the
bank, and Bayard Tuckerman, Jr.
Frank L. Howes and Edward H. Gleason, of Boston, and
Douglas Crocker, of Fitchburg, were chosen directors of
the Merchants National Bank, of Boston, Mass., at the
annual meeting on the 9th inst. The other members of
the board were re-elected.
On Jan. 8 E. F. Shanbacker, President of the Fourth
Street National Bank, was elected chairman of the Philadelphia Clearing House Association, succeeding J. R. McAllister, Jr., who retired under the seniority rule. Levi L.
Rue, President of the Philadelphia National Bank, has
been re-elected President of the association, and John C.
Boyd was re-elected Secretary. Members of the Clearing
House Committee elected at the annual meeting on the
10th inst., were E. F. Shanbacker, Chairman; William T.
Elliott, Charles S. Colwell, Joseph Wayne, Jr., William J.
Montgomery, C. S. W. Packard and William A. Law.
135
senting himself and former Mayor William Riddle. The
refusal of Banking Commissioner La Monte, as heretofore
stated, was based on a report made by Alvin L. Fowler, an
examiner of the State Banking Department, who recommended that the charter be denied on the ground that there
were four trust companies and five national banks in Atlantic
City, which were, in his opinion, sufficient to supply the
demands of the community. It is alleged that the power
attempted to be exercised by the Commissioner in refusing
to approve the certificate of incorporation contravenes the
constitution. It is also charged that the Commissioner •
had no right to deny the application for a public hearing
which was requested by the applicants for the charter.
At the quarterly meeting of the directors of the Union
Trust Co. of Baltimore on Jan. 8 A. W.Calloway, President
of the Davis Coal & Coke Co., was elected a Director. Mr.
Calloway is widely known in the coal trade and has been
the head of the Davis Coal & Coke Co. for several years,
with headquarters in Baltimore. The Trust Company closed
the most successful quarter in its history; earnings for the
past three months were the greatest of the company, being
at the rate of 25% per annum. At the present time 10%
dividends are being paid by the company. When the
present management took charge of the Union Trust Co.
in December 1914 deposits were,Dec. 1, $582,000; on Dec.
31 1914 they advanced to $922,816; at the end of December 1915 they amounted to $3,417,058, while on Dec. 31
1916 they stood at $5,245,082. The officers of the company are John M. Dennis, President; Maurice H. Grape,
Vice-President; Joshua S. Dew, Secretary, and William
0. Peirson, Treasurer.
•
A. Merriman Casey, Louis H. Windholz and Matthew
W. Adams were elected to the directorate of the National
Marine Bank, of Baltimore, Md., at the annual meeting
of the directors on the 10th inst. They succeed the late
George R. Vickers, Henry C. Matthews and Townsend
Scott.
The directors of the Baltimore Trust Co. of Baltimore,
Md., have created the office of Assistant Secretary and have
appointed thereto Robert L. Grafflin, who has been with the
company for many years.
At a recent meeting of the stockholders of the First
National Bank of Sheraden, Pittsburgh, Pa., the bank was
converted from a national to a State institution, and the
name was changed to the Sheraden Bank of Pittsburgh.
William P. Sinnett, Cashier of the Market Street National,
of Philadelphia, Pa., has been elected a Vice-Presiant,
W. M. Neel has been chosen Assistant Secretary of the
and William H. Trappe has been appointed an Assistant South Side Trust Co. of Pittsburgh, Pa.
Cashier. Ralph Earle and Gustavus W. Cook have been
chosen directors of the Market Street National.
The First Trust & Savings Co. of Cleveland has announced that during the year 1916 it opened an account
Joseph M. Harlan, President of the West Philadelphia every five minutes of the banking hours of the year—nearly
Stock Yards, has been added to the directorate of the Cen- 21,900 accounts in all. Though this institution is only three
tennial National Bank of Philadelphia, Pa.
years old, its growth during the past twelve months has been
noteworthy, its resources showing a gain of more than
William b. Oelbermann has been elected a director of the $10,000,000, while 8500,000 was added to the surplus. In
Union National Bank of Philadelphia, Pa., to succeed the the same period the First National Bank of Cleveland, with
which the First Trust & Savings Co. is affiliated, increased
late Charles S. Walton.
its resources more than $15,000,000, easily retaining its
The directorate of the Tradesmens National Bank of position as Ohio's largest national bank. The annual letter
Philadelphia, Pa., was increased from 13 to 15 members at from President John Sherwin of the First National Bank
the annual meeting on Jan.9th by the election of F.W.Bacon and the First Trust & Savings Co. to the stockholders shows
that the combined resources of the banks on the last day of
and Edmund Williams to the board.
1916 totaled $92,728,578, as compared with $67,656,986
John D. Williamson Jr., Vice-President of the American on Dec. 31 1915. Stock of the First National Bank enEngineering Co., has been chosen a director of the Industrial dorsed and carrying an interest in the First Trust & Savings
Trust, Title & Savings Co. of Philadelphia, Pa., to fill the Co. earned more than $1,000,000, or 42.4%. During the
vacancy caused by the death of his father, the late William past year $500,000 was added to the surplus of each bank.
C. Williamson.
•
The directors of the Guardian Savings & Trust Co. of
William H. Margerison, has been elected a director of the Cleveland, Ohio, have decided to increase the capital of the
Ninth National Bank of Philadelphia, to fill a vacancy.
institution from $2,000,000 to $3,000,000, and a meeting
of the stockholders will be held on February 5 to vote upon
The incorporators of the Metropolitan Trust Co. of the matter. At a meeting of the directors to be held shortly
Atlantic City, N. J., who, as noted in our issue of Dec. 23, the price will be set at which the stock will be offered to
have been refused a charter by the New Jersey State Super- present shareholders; the price, it is said, will not be less
intendent of Banking, have obtained a writ of certiorari from than $200 a share. At that figure, it is pointed out, the new
Justice Black in the Supreme Court at Trenton, to review stock would keep the surplus equal to the capital stock; they
the refusal to permit incorporation. The writ was obtained now stand at $2,000,000 each.
by Theodore W. Schimpf, one of the incorporators, repre
136
THE CHRONICLE
[VoL. 104.
The directors of the Woodland Avenue Savings & Trust Cashier, and Victor A. Libretti, Chief Clerk. The complete
Co. of Cleveland, Ohio, have directed that $50,000 be added list of officers for the ensuing year is as follows:
President, Joseph R. Noel; Vice-President, James Davis; Vice-President
to the surplus account, thus making that item $500,000.
and Cashier, Frank W. Hausmann; Assistant Cashier, Herman SchwerdtThe Woodland Avenue Savings & Trust Co. has a capital of feger
and James T. Perkins; Chief Clerk, Victor A. Libretti; Manager
$350,000, and at the beginning of the year gave to all of its Mortgage and Bond Department, N. J. Reuland.
employees a bonus equivalent to 5% of their 1916 salaries.
At the annual stockholders' meeting on Jan. 8 all the
previous directors were re-elected, and Fred Zimmerman,
In the annual statement presented to the stockholders of Vice-President of the Monon Railway, was added to the list.
the First National Bank and the First Trust & Savings The net profits for the year 1916 were $39,551, being 13.18%
Bank of Chicago by Chairman of the Board James B. on the capital of $300,000. During the year dividends of
Forgan on Dec. 31 the combined profits of the affilitaed 8% were paid and $15,000 was added to surplus, increasing
banks show net earnings for the year of 73%, against 8% that fund to $75,000. The fourth annual distribution of
last year, on the average aggregate capital employed. In 1% of the previous year's net profits to employees of the bank
describing the year just closed as even more unsatisfactory resulted in the proportion to the amounts of salary they had
than 1915 from the standpoint of earnings, Chairman For- received during the previous year, and also according to
gan says in explanation:
their length of service with the bank. The highest amount
Comment was made in the report of Dec. 31 1915 on the unsatisfactory received by any one employee
was $32 25.
bank earnings during that year, caused by the surplus of loanable funds
created through the reduced reserve requirements under the Federal Reserve Act, and by gold imports. The latter feature has continued throughout the year 1916 to even a greater extent. Gold sent to this country with
systematic regularity for the purpose of maintaining stability in the sterling
exchange market has caused interest rates to continue at an abnormally
low level and has created a basis for a further huge expansion in credits
In the United States.
Between the dates of Sept. 2 1915 and Sept. 12 1916 (covering approximately one year and the figures at the latter date being the latest available),
the loans of the national banks of the United States have expanded $1,500,000,000 and deposits have increased $1,700,000,000, while cash in
vaults and with Federal Reserve banks have increased $142,000,000, or
barely 10% when compared to the increase in deposits. As a result
of these changes, the percentage of cash reserve to net deposits decreased
from 16.14 on Sept. 2 1915 to 14.70 on Sept. 12 1916. Although this
change seems small, yet it is an important one as measured by past experience, indicating as it does that, notwithstanding our heavy imports
of gold, credit is expanding in greater ratio.
With this situation existing in the financial world; with most of our commercial and manufacturing concerns being operated at their maximum
capacity; with constantly increasing prices on all commodities; with current profits in many lines larger than ever, thought possible by the most
optimistic, it behooves us to give careful consideration to the future, and
to have in mind that this most unusual condition and unexpected prosperity, resting as it does on the insecure foundation of the distressing situation in Europe, may come to a sudden end. We should therefore make the
most liberal provisions and take extraordinary precautions for the reaction which must follow.
Three new directors were added to the board of the Continental & Commercial National Bank of Chicago, Ill., at the
annual meeting on the 9th inst. They are Louis Eckstein,
Milton S. Florsheim and Dennis F. Kelly.
Melvin A. Traylor, President of the Live Stock Exchange
National Bank of Chicago, Ill., has been elected to the
Presidency of the Central Manufacturing District Bank of
Chicago, to succeed Edward E. Payne, who, as reported in
these columns last week, has resigned after four years' service. Mr. Traylor had been a director of the Central Manufacturing District Bank for some time, and will continue as
President of the Live Stock Exchange National. The other
officers of the Central Manufacturing District Bank have
been re-elected.
The directors of the Illinois Trust & Savings Bank of Chicago, at a meeting on Jan. 5, transferred from undivided
profits to surplus account $1,000,000, bringing the capital
and surplus up to $16,000,000 and leaving undivided profits
The combined net profits of the First National and the $400,000. sJames C. Hutchins, general counsel of the instiFirst Trust & Savings Bank for the year just ended, after tution, has been elected a Vice-President, and all other offimaking provisions for depreciation and losses, both actual cers have been re-elected.
and anticipated, amounted to $2,381,140; out of this dividends aggregating $2,200,000 were paid, leaving a surplus
The Stock Yards National Bank of South St. Paul,
above dividends of $181,140. In the case of the First Na- Minn., has received authority from the Comptroller of the
tional the net profits were $1,301,921, the dividend payments Currency to increase its capital from $300,000 to $350,000.
of 12% absorbing $1,200,000, leaving $101,921 to be .added
to the balance of $2,350,211 brought forward from the preThe directors of the First and Security National Bank, of
vious year, and creating a new balance of $2,452,132. The Minneapolis, Minn., at their annual meeting last Tuesday
profit and loss account of the First Trust & Savings Bank elected C. T. Jaffray, heretofore First Vice-President, to the
shows net profits of $1,079,218; after applying $1,000,000 in Presidency, to succeed F. A. Chamberlain, who was chosen
dividends (12% and 8% special) $79,218 was added to the Chairman of the Board. F. M. Prince, heretofore Chairamount standing to the credit of profit and loss on Jan. 1 man of the Board, was made Chairman of the Executive
1916, namely $363,468, making a total of $442,686 brought Committee. Paul J. Leeman, formerly an Assistant
forward on Jan. 1 1917. The First National reports de- Cashier, was elected Vice-President, and C. B. Brombach,
posits of $176,051,040 on Jan. 2 1917 and total assets of Chief Clerk, and K. M. Morrison, Auditor, were appointed
$204,983,099. The deposits of the First Trust & Savings Assistant Cashiers. E. E. Blackley was made Manager of
Bank on the same date were $77,813,760, while its assets the bank's credit department. W. 0. Winston and Isaac
were $88,532,878. The stock of the First National is held Hazlett resigned from the board, and L. J. Bardwell was
by 315 women, 441 men, 16 firms and corporations and 94 elected a director. Re-elected officers were: A. A. Crane,
trusteeships and estates. The stock of the First Trust & J. S. Pomeroy, D. Mackorchar, Fred Spofford and II. A.
Savings Bank is owned by the directors of the First National, Willoughby, Vice Presidents; George A. Lyon, Cashier;
and the directors of the two institutions are identical.
Stanley II. Bezoier, J. G. Maclean, J. C. Byam and W. A.
Meacham, Assistant Cashiers.
Craig B. Hazlewood, formerly Assistant to the President
of the Union Trust Co. of Chicago, Ill., was promoted to a
A charter has been issued for the organization of the MonVice-Presidency at the annual meeting this week. H. Lind- tana National Bank, of Billings, Mont., with a capital of
say Wheeler and Albert Seckel have been appointed Assistant $100,000. The new institution is a conversion of the Bank of
Cashiers of the Union Trust,and Charles K.Foster and W.R. Montana, of Billings.
Abbott have been elected to the directorate.
John D. Abbitt on Jan. 1 assumed the duties of the PresiWilliam C. Cummings, President of tho Drovers' Trust & dency of the Mercantile Bank of Norfolk, Va., to which he
Savings Bank, of Chicago, Ill., was elected to the Presidency had been elected on Oct. 14. Mr. Abbitt, as noted in our
of the Drovers' National Bank on the 9th inst., succeeding issue of Oct. 21 last, had been President of the Farmers' &
Owen T. Reeves Jr., who, as noted in our issue of Dec. 30, Merchants' Bank of Franklin, Va., for the past three years,
has become a Vice-President of the Corn Exchange National and from 1903 to 1914 served as Cashier of that institution.
Bank.
Mr. Abbitt succeeds J. G. McNeal as President of the Mercantile Bank. Mr. McNeal has become Chairman of the
George II. Wilson, heretofore Cashier of the Fort Dearborn board of directors.
National Bank of Chicago, Ill., has been elected to a VicePresidency, and is succeeded as Cashier by E. C. Tubbs.
E. W. Rose has resigned as Vice-President of the First
State Bank of Dallas, Texas, to become Vice-President of
The directors of North West State Bank, of Chicago, on the City National Bank of Dallas. As stated in our issue of
the 10th inst. re-elected the old officers and conferred the Dec. 30 Mr. Rose was Vice-President of the First State
additional title of Vice-President upon Frank W.Hausmann. Bank for the past ten years, and is also Treasurer of the City
James T. Perkins was promoted to the position of Assistant of Dallas. At a special meeting of the directors of the First
JAN. 13 1917.1
137
THE CHRONICLE
State Bank on Jan. 2, W. F. Skillman, heretofore Cashier,
was promoted to the Vice-Presidency, and Herbert D. Ardrey was selected to succeed him as Cashier. Mr. Skillman
became Cashier of the First State Bank last August. Prior
to that he had been Cashier of the Citizens' State Bank of
Sulphur Springs.
Authority has been granted by the Comptroller of the
Currency to the American National Bank of Fort Worth,
Texas, to increase its capital from $150,000 to $200,000.
The Comptroller of the Currency has approved the plans
to increase the capital of the Peninsular National Bank of
Portland, Oro., from $50,000 to $100,000.
William A. Marcus who as noted in these columns last
week has been elected Assistant Cashier of the Savings
Union Bank & Trust Company, of San Francisco, has held
many offices in San Francisco Chapter, A. I.B., was Chairman of the Educational Committee, and President. He
has served on irarious committees in the American Institute
of Banking and has always taken an active part in its convention proceedings.
We print to-day on another page a report of the proceedings
of the annual meeting of the Canadian Bank of Commerce,
held at Toronto on the 9th inst. In his address as President,
Sir Edmund Walker, in referring to the cost of the war,
said in part:
little over 350 millions, and
At tno end of October the war had cost us a
may be added during the
at our present rate of spending 300 millions more
expenditure we may at the
coming year. From the excess of revenue over
to apply on war charges.
more,
oven
or
end of the fiscal year have 50 millions,
To provide for so great a proportion of the total cost of the war in this
manner reflects great credit on those who arc responsible for Dominion
finance. We have managed to finance the remainder of the cost thus far
partly by an account with the Imperial Government for oversee and other
disbursements, and partly by loans floated in Canada. Over 100 millions
of the amount duo the Imperial Government has been funded permanently,
and most of the balance is offset by payments on G crat Britain's account.
Some loans for ordinary capital expenditures which could not be deferred
were made in New York in 1915. In March 1916 a second loan was placed
In Now York amounting to 75 millions, of which 25 millions was used to
take up a corresponding amount of the 45 millions borrowed in July 1915.
In September a second loan in Canada was offered. This time the
Finance Minister asked for 100 millions, and the subscriptions exceeded
200 millions, the banks receiving nothing on their underwriting of a portion
of the loan. These are such notable achievements that I am sure they
for
cannot have escaped the memory of any Canadian, but I mention them
the benefit of the very largo number of people outside Canada who read
our annual reports.
The figures of the annual statement of the bank were referred to at length in our issue of Dec. 30.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Dec. 14 1916:
oz. in sycee and 16,100,000 dollars, as compared with about 21,700,000 oz.
in sycee and 16,300,000 dollars on Dec. 2 1916. A shipment was made
from San Francisco to China of 1,400,000 ounces.
Quotations for bar silver per ounce standard:
6%
Bank rate
No
Dec. 8-35 15-16 Cash
77s. 9d.
quotation Bar gold
" 11-363-i
fixed
" 12-363.4
for
" 13-3634
forward
" 14-365%
delivery
Av. for week 36.281 "
The quotation to-day for cash delivery is Md.above that fixed a week ago.
46
14
44
We have also received this week the circular written under
date of Dec. 21 1916:
GOLD.
The Bank of England gold reserve against its note issues shows a decrease
of £608,260, as compared with last week's return.
During the week gold to the value of $24,70G.000 has been received In
New York from Canada.
SILVER.
The market has been quiet throughout the week. The price rose %d.
to 37 on the 15th inst.—shed 3-16d. next day, and remained at that figure.
Supplies have been rather scanty, although a certain amount of profit
taking has been effected by the Indian Bazaars and other holders of silver.
Each day there was some general demand—more or less active—and
acquisitions for the mintage have not, therefore, assumed large proportions.
However, this is not of much consequence in view of the fact that the
Indian Government has just secured 3,600 bars on the Bombay market
worth .E622,000 at present London price and capable of supplying about
116 lacs of coined rupees.
As customary at this season of the year, the near approach of holidays
tends to restrict local business.
It will be noted by the figures below that the holding of silver by the
Indian Treasury has been reduced by a farther lacs 167, whilst the total
of the notes in circulation has increased by 140 lacs.
The last three Indian Currency returns received by cable give details
in lacs of rupees as follow:
Noo.30. Dec. 7. Dec. 15.
79,41
78.01
75,53
Notes in circulation
16.11
17,78
19,96
Reserve in silver coin and bullion
12,37
12,42
12,37
Gold coin and bullion
11,92
11,92
11,92
Gold in England
The Indian Council had given notice as to the allotments on Wednesday
last, that no more than 10 lacs should be allotted to one applicant. Next
week 120 lees will be offered instead of 80, and the maximum allotment to
be made to one applicant will be raised to 15 lacs.
The stock in Bombay consists of 1,800 bars, as compared with 5.500
bars last week.
The stock in Shanghai on Dec. 16 consisted of about 22,800,000 ounces
in sycee and 16.400,000 dollars, as compared with about 21.900,000 ounces
in sycee and 16,100.000 dollars on Dec. 9 1916.
Quotations for bar silver per ounce standard:
6%
Bank rate
No
cash)
Dec. 15-37
" 16-36 13-16 " quotation Bar gold per ounce standard_ _ _77-9d.
fixed
" 18-36 13-16 "
for
" 19-36 13-16 "
forward
" 20-36 13-16 "
delivery
" 21-36 13-16 "
Average 36.843
The quotation to-day for cash delivery is 3-16d. above that fixed a week
ago.
ENGLISH FINANCIAL MARKETS—PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Jan. 6. Jan. 8. Jan, 9, Jan, 10. Jan. 11. Jan. 12.
London,
Thurs. Frt.
Wed.
Tues.
Mon.
Sal.
Wecic ending Jan. 12.
36
3634
36X
UM
36%
d 3634
Silver, per oz
5334
543.j
5434
5434
5534
5534
Consols, 234 per cents
993's
99X
9834
9834
9834
9834
British 434 per cents
GOLD.
62.50
62.50
62.40
62.25
62.10
French Rentes (in Paris)_fr. 62.00
The Bank of England gold reserve against its note issues shows a decrease
French War Loan, 5% (in
88.50
88.45
of £771,455 as compared with last week's return. During the week gold
88.45
88.45
88.40
fr_ 88.40
Paris)
to the value of $35,100,000 has been received in New York from Canada.
York on the same days has been:
New
in
silver
of
price
The
£3,326,253,
to
amounted
1916
for
November
output
The Transvaal gold
7434
75
7434
75
75%
oz__ets_ 7534
as compared with £3,317,534 in November 1915 and £3,365,642 in Octo- Silver In N. Y., per
ber 1916.
SILVER.
After a setback to 35 1-16 on the 8th inst., an advance recommenced
which carried the price to 36% without a check. The market owes its
Ask Trust Co's.] Bid
Ask
Bid
Banks.
Ask
strength primarily to the fall of 218 lacs in the silver holding of the Indian Banks-N.Y. Bid
New York 1
570 Manhattan • 330 310
Treasury—details of which will be found below—but there arc other causes America•___ 550
! 490 510
280 Astor
265
&
Fult
Mark
245
238
Exch
Amer
328 Bankers Tr.: 478 485
which, in the present condition of the market, are also of importance. Atlantic.. _ 180 185 Mech & Met 318
162
B'way Trust 155
They may be enumerated as the greater role which silver is called upon to Battery Park 175 185 Merchants _ 250
290
CentralTrust 785 805
Metropolis._
many
by
is
earmarked
gold
that
400
now
Bowery* -- _
play in the scheme of local currency,
Metroporn • 182 fii Columbia 1 _1 310 315
200
Boro•
Bronx
near
The
approach
payments.
external
for
or
reserves
governments for
Commercial.. 108
180 Mutual._ _ _ 375
is also ma- Bronx Nat_ _
; 285 300
of the Chinese New Year, which falls on the 23d of next month,
160 170 New Neth._ 215 225 Empire
quar- liryantPark•
725 Equitable Tr 560 570
Butch di Dr_ 105 115 New YorkCo
terial, for it not only renders sales of silver impracticable from that
1600 1700
Tr
&
L
Farm
york__
415
400
New
on
account
of
possible
368
363
America
in
Chase
ter, but it makes occasional purchases
Fidelity _-__ 208 215
Pacific .____ 270
from Chinese currency Chat di Phen 250
285 300
China. The fact that heavy withdrawals of silver
550 575 Fulton
Park
125
Ex.
Chelsea
encourage the hope that
478
have been made during the present year does not
Chemical_ _ _ 395 400 People's.___ 220 235 Guaranty Tr 470
140 150
the customary settle- CitizensCent 100 197 Prod Exch.
198 Hudson
supplies will be forthcoming from that quarter, after
Tit & Tr 132 137
Law
Public
235
530
Fur520
completed.
been
have
City
Year
117
ments connected with the Chinese Now
Lincoln Tr__ 112
is increas- Coal tic Iron_ 190 200 Seaboard ___ 445 415 Metropolitan
400 410
Second
395
ther, there is little reason to believe that the world's production
Colonial._ _ _ 450
is
120 130 Mut'l (Westing, notwithstanding the high level of prices. Indeed, the contrary pos- Columbia. _ 310 325 Sherman
chester) __ 125
120
110
— State •
sibly the case, for the position of mines in Mexico is being aggravated by Commerce _ _ t192
23d Ward._ 100
135 N Y Life Ins
Exch.... 343
fresh difficulties. We hear from New York that "there exists an embargo Corn
& Trust__ 975 1000
Union
165
160
166
Exch.
85
Cosmopol'n•
N Y Trust__ 600 610
on all freight both on thb Mexican and Interoceanic railways, and that they East River- _ 75
Unit States. 500
Title Gu& Tr 385 395
Wash Irts._ 275
are therefore unable to ship goods for the present to Mexico."
Fidelity •--- 150
155
Transatlan'e
Westch
190
Av.
4866
of
for
State
4300
Secretary
Fifth Ave•_ In modification of previous announcements, the
365 Union Trust 425
250 275 West Sides_
India in Council has given notice that Intermediate sales by him of bills of Fifth
450 460
USMtg&Tr
610
590
_
1055
1040
Yorkville._
First
UnitedStates 1000 1020
exchange and telegraphic transfers on India are suspended for the present. Garfield _ _ 180 190
Brooklyn
130 140
On Dec.20 1916 tenders will be received for 80 lacs of rupees. No allotments Germ-Amer' 140 150 Coney LsI'd• 125 135 Westchester.
270
255
First
500_
390
Ex.
Xd. per rupee for bills and doforord German
will be made at lower rates than
170
Flatbush
Germania *.. 475
Brooklyn
telegraphic transfers arid X 07-32d. for immediate telegraphic transfers.
200
Greenpolnt _ 150 165
Gotham _
110 120 Brooklyn Tr 600 615
Hillside •
The last three Indian currency returns received by cable give details in Greenwich._ 315
115 Franklin ___ 250 260
•
715
700
follow:
Homestead
_
Hanover
as
rupees
of
lacs
135 Hamilton__ t270
Mechanics._ 125
Nov. 22. Nov. 30. Dec. 7. Harriman _ 440
105 Kings Co___ 650
Imp di Traci_ 495 515 Montauk._ - 90 205
78,01
75,82
75.53
Manufact're 150 155
200
Notes in circulation
225 235 Nassau
Irving
285
22,15
19,96
People's _
bullion
17,78
275
285
and
City
coin
_
Nation'l
_
990 1015
Liberty_
Reserve in sliver
16"
175 200 Queens Co__ 65
12,23
12,37
Side._
12,42
North
_
_
300
330
Lincoln
bullion
and
Gold coin
140
130
_
People's
11,92
11,92
11,92
Gold in England
Exas
•Banks marked with a 19 are State banks. t Sale at auction or at Stock
The stock in Bombay consists of 5,500 bars, compared with 5,600 bars change
this week. I New stock. V Ex-rights.
of about 21,900. 000
last week. The stock in Shanghai on Dec. 9 consisted
New York City Banks and Trust Companies
138
THE CHRONICLE
New York City Realty and Surety Companies
Name of Company.
[Vol,. 104.
1Vhen I
Cent.
Per Payable.!
Books Closed.
Days Inclusive.
Railroads (Steam) Concluded
Nashville Chattanooga & St. Louis
394 Feb. 1 lJan. 21 to Feb. 1
New York Central RR.(quar,)
31.25 Feb. 11Jan. 3 to Jan. 24
100
105
Norfolk & Western, adj. pref. (quar.)_
1
Feb. 19 Holders of rec. Jan. 31
200
Northern Central
$2 Jan. 15 Holders of rec. Dee, 300
65
60
Northern Pacific (quar.)
Feb. 1 Holders of rec. Jan. 8a
13.1
22
Pitts. Clno. Chic. & St. L., common„:. 5
Jan. 15 Holders of rec. Dec. 30a
67
175
180
Preferred
3
Jan. 15 Holders of rec. Dee. 30a
Reading Company, common (quarj_ _ _ _
$1 Feb. 8 Holders of rec. Jan. 22a
Union Pacific, common (extra)
2
Jan. 15 Holders of rec. Jan. 3a
TRADE AND TRAFFIC MOVEMENTS.
Vendetta
4
Jan. 15,11olders of rec. Dee. 30a
Wabash, preferred A (No. 1)
1 • Jan. 29 Holders of rec. Jan. 5a
UNFILLED ORDERS OF STEEL CORPORATION.- Street and Electric Railways
State Street Rys., 1st preferred_ _ _
3
Feb. 1 Holders of rec. Jan. 13a
The United States Steel Corporation on Wednesday, Jan. 10, Bay
Boston Suburban Electric Cos., preferred
50o. Jan. 15 Holders of roe. Jan. 3
City RR.(quar.)
20o. Jan. 15 Holders of reo. Jan. 3a
issued its regular monthly statement, showing the unfilled Brooklyn
Carolina Power & Light, corn.(No.
% Feb. 1 Holders of reo. Jan. 16
orders on the books of the subsidiary corporations the close Central Ill. Public Service, pref.(quar.)_ _ , 194 Jan. 15 Holders of rec. Dee. 30a
Chicago Railways putt°. ctfs., Ser. 2._ 2
Feb. 1 Holders of rec. Jan. 12
of December. All previous records have again been broken, Cin. Newport & Coy. L.& T.,corn. (qu.) 194 Jan,
15 Dec. 31 to Jan. 15
Preferred (quar.)
I% Jan. 15 Dec. 31 to Jan. 15
the aggregate of unfilled orders on Dec. 31 having reached Cities
Service, common (monthly)
% Feb. 1 Holders of rec. Jan. 15
Corn. (payable in corn, stock)
./A
Feb. 1 Holders of rec. Jan. 15
11,547,286 tons, an increase of 488,744 tons over last month,
Preferred (monthly)
A
Feb. 1 Holders of rec. Jan. 15
when the amount of outstanding orders was 11,058,542 tons. Columbus Ry., Pow. et Light, corn. (qu.)_ _ 131 Feb. 1 Holdars of rec.
Jan. 11
Preferred B (guar.) (No. 12)
ln Feu. 1 Holeiers of rec. Jan. 11
In the following we give the comparisons with the previous Consolidated Traction of N.
J
2
Jan. 15 Dee. 31 to Jan. 15
Duquesne Light. pref. (quar.) (No. 8)... 194 Fob. 1 Holders of rec. Jan. 1
months:
East Si. Louis a; Suburban Co., pref. (qu.)
34 Feb. 1 Holders of rec. Jan. 16
Tons.
Tons.1
Tons. Kentucky Securities Corp., pref. (quar.). 134 Jan. 15 Holders of roe. Jan. 8a
Prof.(account accumulated dividends). 1
Dec. 31 1916_11,547,286 Oat. 31 1914_3,461,097. Aug. 31 1912_6.163,375
Jan. 15 Holders of reo. Jan. 8a
2
Nov. 30 1916_11,058,542 Sept. 30 1914...3,787,667July 31 1912-5.957.079 Manchester Tree., L. & Power (quer.)_ _
Jan. 15 Holders of rec. Jan. in
Oct. 31 1916_10,015,260 Aug. 31 1914_4,213.331 June 30 1912-5.807.346 Milwaukee Elec. Ry. & Light, pref. (guar.) 194 Jan. 31 Holders of rec. Jan. 20
Sept. 30 1916-9,522,584 July 81 1914_4.158.589!May 31 1912...5,750.983 Monongahela Valley Tree., corn. (quar.). 1
Jan. 15 Holders of rec. Jan. 10a
Common (payable in common stock)_ _
Aug. 31 1916_9,660,357 lune 30 1914.....4.032.8571Apr. 30 1912_6.664.885
6
I
Holders of rec. Jan. 5a
Preferred (quar.)
July 31 1916_9,593,592 May 31 191.4_3,998,160IMar. 31 1912_5,304,e41
134 Feb. I
294 Feb, 1 Holders of rec. Jan. 15
June 30 1916_9,640,458 Apr. 30 1914_4.277.068 Feb. 29 1912...5.454.201 Montreal Tramways (guar.)
3
May 31 1916_9,937,798 Mar. 31 1914...4,653,825 Jan. 31 1912-5,379,721 National Properties, preferred
Jan. 15 Holders of reo. Jan. 5
April 30 1916_9,829,551 Feb. 28 1914-5,026,440 Dec. 31 1911-5,084,765 Ottumwa Ry.& Light, preferred (quar.). 134 Jan. 15 Holders of rec. Dec. 30
Mar. 31 1910___9,331,001 Ian. 31 1914_4,613,68,': Nov. 30 1911_4.141,958 Pacific Gas & Elec. Co., com.(qu.)(No.9) 134 Jan. 15 Holders of rec. Dec. 30a
(No.
Philadelphia
(qua
Co., corn.
140- 8794c. Feb. 1 Holders of rec. Jan. 2a
Feb. 29 1916-.8.588.960 Dee. 31 1913_4,282,108 Oct. 31 1911_3,694,327
Jan. 31 1916_7,922,767 Nov. 30 1913...4..196,347 Sept. 30 1911...3,611,315 Philadelphia dr Western Ry.. pref. (mi.) 15.1 Jan. 15 Holders of rec. Dec. 30
Dec. 31 1915...7,806,220 Oct. 31 1913_4.513.767 Aug. 31 1911_3,695,985 Puget Sd. Tr., L.& P., pf. (qu.)(No. 18)
/5e. Jan. 15 Holners of rec. Jan. lia
Jan, 15 Holders of reo. Doe. 30
Nov. 30 1915_7,189,489 Sept. .10 1913_ _ 5,003,785 July 31 W11_ -3,584.088 Republic Ry.& Light, corn.(qu.)(No. 1) 1
Preferred (quar.) (No. 22)
Oct. 31 1915_6.165,452 Aug. 31 1913.-5,223,468 Juno 30 1911__3,361,087
134 Jan. 15 Holders of rec. Dec. 30
50e. Jan. 15 Holders of reo. J an. Co
Sept. 30 1915_5,317,618 July 31 1913_5,399,356 May 31 1911-3.113,154 United Rys.& Elec., Ball., corn.(quar.)_
3
Jan, 20 Holders of reo. Dec. 30a
Aug. 31 1915_4.908.455 June 30 1913_5,807,317 April 30 1911-.3,218,700 Virginia Ry.& Power, preferred
134 Feb. 1 Holders of rec. Jan. 15
July 31 1915_4,928.540 May 31 1913...6,324,322 Mar. 31 1911-3,447,301 West Penn Power, pref. (quar.)(No. 4)._
June 30 1915_4,678,196 Apr. 30 1913_6,978,762 Feb. 28 1911-3,400,543 %yea Penn Rys., pref. (quer.)(No. 45).. 134 Feb. 1 Holders of rec. Jan. 20
134 Jan. IS Holders of ree. Jan. 2
May 31 1915_4,264,598 Mar. 31 1913-7,468,956 Jan. 31 1911_3,110,919 WestPenn Trao., pref. (guar.)(No. 24)
6234e. Jan. 30 Holders of rec. Jan. 20a
Apr. 30 1915...4,162,244 Feb. 28 1913...7,656,714 Dec. 31 1910-2,674.7150 York Railways, preferred (quar.)
Prof.(being in full of all accumulations) 141.25 Jan. 30 Holders of rec. Jan. 20a
Mar. 31 1915.-4,255,749 Jan. 31 1913-7.827,368 Nov. 30 1910-2.760.413
Banks.
Feb. 28 1915...4,345,a71 Dec. 31 1912...7,932,164 Oct. 31 1910.-2.871,949
4
Feb. I Holders of rec. Jan. 31
Jan. 31 1915...4,248,571 Nov. 30 1912_7,852,883 Sept. 30 1910-3.158,106 Corn Exchange (quar.)
z100
Dee. 31 1914.-3,836.643 Oct. 31 1912.-7,594,381 Aug. 31 1910-3,537,128 Harriman National
Holders of rec. Jan. 11
Trust Companies.
Now. 30
Sept. 30 1912-6,551,607 July 31 1.910-3.970.931
Mutual Co. of 1Vestchester County (guar.)- 194 Jan. 15 Holders a rec. Jan. 13
The figures prior to July 31 1910 were issued quarterly
Fire Insurance.
(No. 123)
1294 On dem Holders of rec. Dec. 31
only. These, extending back to 1901, were given in the Home Insurance
Miscellaneous.
Alliance Realty
194 Jan. 16 Holders of rect. Jan. 10
"Chronicle" of March 13 1915, page 876.
Allis-Chalmers Mfg., pref. (quar.)
194 Jan. 15 Holders of reo.'Deo. 30a
Prof.(on account of accumulated divs.) MA Jan. 15 Holders of roe. Dec. 30a
ANTHRACITE COAL SHIPMENTS.-The shipments Amer. Agri°. Chem.,corn.(qu.)(No.21). 134 Jan. 15 Holders of reo. Dec. 20a
Preferred(guar.) (No. 46)
134 Jan. 15 Holders of reo. Deo. 20a
of anthracite coal in December 1916, as reported to the American
Caramel, preferred
1
Feb. 2 Holders of rec. Jan. 20
134 Feb. 1 Holders of reo. Jan. 15
Anthracite Bureau of Information at Wilkes-Barre,amounted American Cigar, common (quar.)
American District Telegraph (N. Y.)1
15 Holders of rec. Jan. la
to 5,582,747 tons, as compared with 6,149,387 tons in De- Amer. Gas & Eleo., pref (quar.) (No. 40) 194 Jan.
Fob. 1 Holders of rec. Jan. 18
American Glue, preferred
4
Feb. 1 Jan. 21 to Feb. 4
cember 1915 and 5,992,997 tons in Nov ember 1916. The Amer.
Graphophone, pref. (guar.)
194 Feb. 11 Holders of rec. Feb. 1
Amer. Laundry MaohinerY, prof. (quar.) 134 Jan. 15 Jan. 6 to Jan. 15
total movement for the year 1916, not including any coal Amer.
Light & Traction,common (quar.) 294 Feb. 1 Jan. 16 to Jan. 31
Common (payable in common stock).. f234 Fob, 1 Jan. 16 to Jan. 31
picked up and sent to market from the storage yards, aggrePreferred (quar.)
134 Feb. 1 Jan. 16 to Jan. 31
gated 67,376,364 tons, against 67,883,776 in 1915, a decrease American Locomotive. preferred (quar.) 134
Jan. 22 Holders of rec. Jan. 50
American Malt Corporation, preferred.. 1
IFeb. 2 lIolders of reo. Jan. 17
of 507,412 tons. In the following we compare the shipments American
Malting, preferred
31.12 Feb. 1
Navigation (guar.)
30e. Jan. 20 Holders of rec. Jan. 8
by the various carriers for December 1916 and 1915 and for American
Amer. Pipe et Construction Secur., pref... 4
Feb. 1 Holders of reo. Jan. 20
the years ending Dec. 31:
American Rolling Mill, common (quar.)_ 2
Jan. 15 3Deo.31 to Jan. 1
Common (extra)
1
Jan. 15 dDec.31 to Jan. 1
December
-Jan. 1 to Dec. 31Preferred (quar.)
134 Jan. 15 dDec.31 to Jan. 1
1916.
1915.
1916.
1915.
Jan. 15 Holders of reo. Dec. 30a
Philadelphia & Reading
ton.s_1,040,643 1,129,504 12,842,731 11,488,444 Amer. Seeding Machine, corn. (quar.)... I
Preferred (quar.)
134 Jan. 15 Holders of rec. Dec. 30a
Lehigh Valley
964,007 1,028,421 12,056,078 12,932,526
prof
Shipbuilding,
American
Jan.
15 Holders of rec. Dec. 30
134
Central Railroad of New Jersey
722,982
600,254
7,135,544
8,017,816
Jan. 15 Holders of roe. Dec. 30a
Delaware Lackawanna & Westerea... 953,565
927,864 10,638,500 9,579,053 Amer Telephone & Telegraph (quar.).. 2
Type Founders, common (quar.).... 1
Jan. 15 Holders of rec. Jan. 10a
Delaware & Hudson
591,874
650,999
7,095,297
8,016,988 Amer.
Preferred (quar.)
134 Jan. 15 Holders of reo. Jan. 10a
Pennsylvania
449,052
637,445
5,841,475
6,124,596
(quar.)
134 Jan. 15 Dec. 12 to Dec. 27
Erie
634,190
652,505
7,718,089
7,874,062 American Woolen, common
134 Jan. 15 Dec. 12 to Dec. 27
Preferred (quay.)
New York Ontario & Western
190,124
147,007
1,945,030 2,088,577 Amer.
Zinc, Lead & Smelt., common_ _ _ _ $1
Feb. 1 Holders of rec. Jan. 15a
Lehigh & New England
209,543 *2,103,620
*202,155
1,761,714
Preferred (quar.)
31.50 Feb. 1 Holders of rec. Jan. 15at
$2
Feb. 26 Holders of rec. Jan. 20a
Total
5,582,747 6,149,387 67,376,364 67,883,776 Anaconda Copper Mining
Anglo-American Oil, Ltd
/5
Jan. 15 Holders of coup. No. 12
15
Extra
Jan. 15 Holders of coup. No. 12
* After deducting (to avoid duplication) tonnage delivered to the Central RR. of
134 Jan, 15 Holders of reo. Dec. 30
N. J. at Hauto by the Lehigh & New England RR. and included as part of the ton- Associated Gas db Electric, pref. (guar.)_ _ _
134 Jan. 15 Holders of reo. Dec. 30a
nage of the latter. This amounted to 73,174 tons in December 1916 and to 550,344 Associated Oil (quar.)
Atlantic Gulf & W.I. S.S. Lines, corn... 5
Feb. 1 Holders of rec. Dec. 29a
tons for the seven months ending Dec. 31.
Atlas Powder, preferred (guar.)
134 Feb. 1 Jan. 21 to Jan. 31
Barnhart Bros.& Spindler,1stdad pf (qu.) 194 Feb. 1 Holders of reo. Jan. 27a
Barrett Co., common (extra)
10
Jan. 25 Holders of rec. Dec. 20a
134 Jan. 15 Holders of rec. Jan. 5a
Preferred (quar.)
Bell Telephone of Canada (quay.)
2
Jan. 15 Holders of roe. Dec. 31
Bell Telephone of Pennsylvania (quer.).134 Jan. 15 Holders of ree. Jan. 5
Brill (J. G,) Co., pref. (guar.)
DIVIDENDS.
1
Feb. 1 Holders of rec. Jan. 22
British-American Tobacco, ordinary_ _ _ _ /5
Jan. 31
See note (k)
The following shows all the dividends announced for the
Ordinary (interim)
16
Jan. 31
See note (k)
Brown Shoe, Inc., preferred (quar.)
194 Feb. 1 Holders of rec. Jan. 25a
future by large or important corporations:
Burns Bros. Ice Corp., common (guar.)_ _ _
134 Feb. 15 Holders of reo. Feb.. 1
Dividends announced this week aq printed in italics.
First preferred (guar).
194 Feb. 1 Holders of rec. Jan. 28
BUEll Terminal, common
234 Jan. 15 Holder; of rec. Jan. 6a
Common (payable in common stock) _ _ 1'234 Jan. 15 Holders of rec. Jan. ea
Per I When
Books Closed.
Preferred
3
Jan. 15 Holders of rec. Jan. 6a
Name of Company.
Cent. Payable.
Days Inclusive.
Canada Cement, common
134 Jan. 16 Jan. 6 to Jan. 15
Preferred (quar.)
194 Feb. 16 Feb. 1 to Feb. 10
Railroads (Steam).
Canadian Explosives, Ltd., common__ _. 194 Jan. 31 Holders of rec. Dec 31a
Alabama Great Southern, preferred---- 3
Feb. 23 Holders of rec. Jan. 22a
Preferred (quar.)
194 Jan. 15 Holders of rec. Deo. 31a
Preferred (extra)
A Feb. 23 Holders of rec. Jan. 22a Carwen Steel Toed (No 1)
200. Feb. 10 Holders of reo. Feb. 1
Atchison Topeka & Santa Fe, corn. (guar.)_
134 Mar: 1 Holders of rec. Jan. 3Ia
Extra
5c. Feb. 10 Holders of roe. Feb. 1
Atch. Topeka & Santa Fe pref. (No. 37) 23 Feb. 1 Holders of rec. Dec. 29a Central Coal & Coke, pref. (guar.)
134 Jan. 15 Deo. 31 to Jan. 15
Baltimore & Ohio, common
2% Mar. 1 Holders of rec. Jan. 20a Central Leather, common (quar.)
134
Feb. 1 Holders of rec. Jan. 100
Preferred
2
Mar. 1 Holders of rec. Jan. 20a Chalmers Motor Corporatton
75o. Jan. 15 Holders of rec. Jan. 5
Bangor & Aroostook
1
Jan. 8 Jan. 7 to Jan. 8
Charcoal Iron of America, preferred
h20o. Fob. 28 Holders of rec. Feb. 15
Canada Southern
1t. Feb. 1 Holders of reo. Dec. 300 Charcoal Iron Co. of America
20c. Jan. 31 Holders of reo. Jan. 15
Chic. St. Paul Minn. et Omaha,con. &pf_
334 Feb. 20 Holders of rec. Feb. 1
Pneumatic Tool (quar.)
1
Jan. 25 Jan. 16 to Jan. 25
Cleve. Cin. Chic. & St. L., pref. (quar.). 1-4 Jan. 20 Holders of reo. Dec. 29a Chicago
Cleveland-Cliffs Iron (guar.)
234
Jan. 25 Jan. 16 te Jan. 25
Cuba RR., preferred
Feb. 1 Holders of roe. Dec. 30a
3
Stock dividend
e35
Feb. 1 Jan. 16 to Jan. 25
Delaware & Hudson Co. (quar.)
2A Mar. 20 Holders of rec. Feb. 26a Cluett, Peabody & Co.,Inc., corn.(quar.) 134 Feb.
1 Holders of rec. Jan. 20a
Delaware Lackawanna & Western (quar.) 234 Jan. 20 Holders of roe. Jan. 5
Power, common (guar.)
A
Colorado
Jan.
15 Holders of rec. Dec. 300
Detroit River Tunnel
Jan. 15 Holders of reo. Jan. 8a Commonwealth Edison (quar.)
2
Feb. I Holders of rec. Jan. 100
Georgia RR.& Banking (quar.)
3
Jan. 15 Jan. 1 to Jan. 14
Commonwealth Gas & Eleo. Cos., corn._
50o. Jan. 15 Holders of rec. Jan. la
Special
1
Jan. 15 Jan. 1 to Jan. 14
Preferred
$1.50 Jan. 15 Holders of reo. Jan. la
Great Northern (quar.)
1( Feb. 1 Holders of reo. Jan. 5a Consolidation(quar./
Coal (guar.)
134 Jan. 31 Holders of roe. Jan. 20a
Illinois Central (quar.)(No. 125)
134 Mar. 1 Holders of rec. Feb. 5
Stock dividend
e5
Holders of rec. Feb. 2
Kansas City Southern. pref. (quar.).... 1
Jan. 15 Holders of rec. Doe. 30s
Products Refining, pref. (quar.)- 194 Jan. 15 Holders of rec. Jan. 3a
Lehigh Valley, corn. & pref. (guar.)._ _ $1 25 Jan. 13 Holders of rec. Dec. 30a Corn
Prof. (account accumulated dividIds). h5
Jan. 15 Holders of roe. Jan. 3a
Little Schuylkill Nay., RR. & Coal_... 31 25 Jan. 15 Dec. 12 to Jan. 15
Crucible Steel, pref. (extra)(No. 51)_ _ _ _ h2
Jan. 31 Holders of reo. Jan. 16a
Louisville & Nashville
334 Feb. 10 Holders of rec. Jan. 19
Curtiss Aeroplane & Motor. pref
334 Jan. 15 Holders of roe. Jan. la
Mahoning Coal RR.,common
Feb. 1 Holders of reo. Jan. 8a Delaware Lackawanna & Western Coal_ _ $1.25
35
Jan.
15 Holders of rec. Dec. 30a
Michigan Central
2
Jan. 29 Holders of rec. Dec. 30a
Detroit Edison (quay.)
2
IJan. 15 Holders of reo. Dec. 300
Mine Hill de Schuylkill Haven
$1 25 Jan. 15 Dec. 23 to Jan. 14
Distillers' Securities Corporation (guar.) 134 Jan. 15 Holders of roe. Dec. 18a
Bid
Alliance R'ty 70
Amer Surety 145
Bond & M G 285
Casualty Co
City Invest g 18
Preferred__
60
Ask
77
155
295
Bid
Lawyers Mtg 160
Mtge Bond_ 108
Nat Surety. 245
N Y Title &
Mtge _
95
Ask
165 !Realty Assoc
(Brooklyn)
112'
250 U S Casualty
.USTitleG&1
100 1Wes & Bronx
I Title &M G
Bid
Ask
at
Commercial txdAXiscellantonsgt,e11,5
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
334 FeO. 1 Holders of rec. Jan. 15
Dominion Coal, Ltd., preferred
14 Feb. 1 Jan. 16 to Feb. 1
Dominion Steel Corporation, pref. (guar.)
13 Jan. 15 Holders of roe. Dec. 30a
(guar.)...
Dominion Textile, Ltd., pref.
1 Holders of reo. Jan. 22a
di Pont(E. I.) de Nern.Powd.,com.(qu.). 14 Feb.
lq Feb. 1 [folders of rec. Jan. 220
Preferred (quar.)
15
Jan.
1%
(qu.).
pref.
Duquesne Bond Corporation,
Feb. 10 Holders of rec. Jun. 13a
10
Eastman Kodak,common (extra)
Mar. 1 Holders of rec. Jan. 31a
10
Common (extra)
Feb. 1 Holders of rec. Jan. 22
3
(No.
111)
Edison Elec. Ill. of Boston (qu.)
Feb. 1 Holders of rec. Jan. 15a
Edison Elec. Ill. of Brockton (qtr.)(No.81) 2
14 Feb. 1 Holders of reo. Jan. 26a
Electrical Securities Corp., pref. (guar./_
Electrical Utilities, prof.(quer.)(No.27). 14 Jan. 15 Holders of rec. Jan. 10
Jan. 15 Holders of rec. Jan. 12
Electric Bond & Share, corn. (qu.)(Na. 31) 2
14 Feb. 1 Holders of reo. Jan. 17
Preferred (guar.) (No. 47)
Feb. 1 Holders of reo. Jan. 15
6
Eureka Pipe Line (quar.)
234 Feb. 1 Holders of rec. Jan. 20
FaJard0 Sugar (guar.)
29 Holders of rec. Jan. 26a
Jan.
14
_
(quar.)_
Federal Sugar Refining, preferred
13( Feb. 1 Holders of rec. Jan. 20
Fisher Body Corporation, preferred (quar.)_
1 Holders of rec. Jan. 20
Feb.
131
(No.22)
.)
&
(guar
Lt.,
Pow.
pref.
Ft. Worth
Mar. 1 Holders of reo. Feb. 210
2
General Chemical, common (guar.)
Feb. 1 Holders of rec. Dec. 30a
5
Common (extra)
Feb. 1 Holders of tee. Dec. 30a
15
Common (special)
Jan. 15 Holders of roe. Deo. 16a
2
General Electrio (guar.)
1 Holders of rec. Jan. 20
Feb.
5
(guar.).
common
Company,
Motors
General
Feb. 1 Holders of roe. Jan. 20
General Motors Corporation, corn. (quar.)- 1
14 Feb. 1 Holders of roe. Jan. 20
Preferred (guar.)
14 Jan. 15 Holders of rec. Dee. 30
Globe-Wernicke, preferred (quar.)
Feb. 15 Holders of rec. Feb. 2a
Goodrich (B. F.) Co., common (quer.)-- 1
Feb. 1 Holders of re. Jan. 18a
Granby Con.Min. Sm.& P.(qu.)(No.25) 23j
1
Apr.
2
(guar.)
Great Lakes Steamship
Apr. 1
2
Extra
14 Feb. 1 Holders of reo. Dec. 15a
Gulf States Steel, 2d pref. (guar.)
134 Jan. 20 Holders of rec. Jan. 10a
Harbison-Walker Refrao., pref. (quar.)-13( Feb. 1 Holde.s of reo. Jan. 25
Harrison Bros. & Co., Inc., pref. (quar.)_
13j Feb. 1 Holders of reo. Jan. 15
Holly Sugar Corp., preferred (guard__ _ _
650. Jan. 25 Holders of rec. Jan. 20a
Homestake Mining (monthly)(No. 509).
14 Jan. 15 Holders of rec. Jan. 5
Illinois Brick (quar.)
14 Feb. 1 Holders of rec. Jan. 20
Illinois Northern Utilities, pref. (quar.)_ _
Feb. 15 Holders of rec. Jan. 25
82
ndlana Pipe Line (quar.)
Feb. 15 Holders of rec. Jan. 25
$1
Extra
14 Feb. 1 Holders of rec. Jan. 15
International Nickel, preferred (quar.)_
Jan. 1 Holders of rec. Dec. 30
1
Interstate Electric Corp., common
$2 Jan. 29 Holders of tee. Jan. 12
Inspiration Consolidated Copper
Jan. 15 Holders of roe. Jan. 2
Internat. Buttonhole Sewing Mach. (qtr.) 1
Inter. Harvester of N.J., com.(qu.)(No.28) 14 Jan. 15 Holders of roe. Deo 236
134 Jan. 15 Holders of roe. Jan. 4a
International Paper, preferred (guar.)._
la Jan. 31 Holders of rec. 1)00. 30
Isle Royal Copper (guar.) (No. 4)
El Jan. 31 Holders of toe. Dee. 30
Extra
Feb. 1 Holders of reo. Jan. 200
(qu.)
pref.
2d
&
let
Co.,
&
(Julius)
Kayser
Feb. 1 Holders of rec. Jan. 150
Kelly-SprInglield Tire,common (quar.)_ _ Si
250. Mar. 15 Holders of rec. Mar. la
Kerr Lake Mining (guar.) (No. 45)
h$1 Feb. 1 Holders of reo. Jan. 20a
Keystone Telephone, preferred
1
Jan. 31 Holders of rec. Jan. 20
La Belle Iron Works, common
$1.25 Jan. 20 Holders of reo. Jan. 8
Lehigh Valley Coal Sales (guar.)
14 Feb. 1 Jan. 18 to Fob. 1
Loft, Inc. (quar.) (No. 1)
MacAndrews & Forbes, common (guar.). 234 Jan. 15 Holders of tee. Dee. 310
214 Jan. 15 Holders of tee. Dee. 31a
Common (extra)
14 Jan, 15 Holders of tee. Deo. 31a
Preferred (quar.)
Jan. 15 Holders of rec. Dec. 30
Manufacturers Light & Heat (guar.)--- 2
Jan. 20 Holders of tee. Jan. 15
274o.
preferred
Corp.,
(No. 3)--Marlin Arms
Jan. 15
Massachusetts Gas Co., common (quar.) 451.25 Feb. 1 Holders of roe.
25e. Jan. 16 Holders of tee. Dec. 26a
Massachusetts Lighting Cos., com. (qu.)
Dee. 26a
rec.
of
[folders
15
Jan.
$1.50
Preferred (quar.)
24 Jan. 17 Holders of tee. Deo. 30a
Mexican Telegraph (guar.)
$1.50 Feb. 15 Holders of reo. Feb. la
Miami Copper Co.(guar.)(No. 18)
50c. Feb. 15 Holders of roe. Feb. la
Extra
Miehigan Limestone & Chemical, pt.(qu.) 1% Jan. 15
$1.50 Feb. 1 Holders of rec. Jan. 20a
Midvale Steel & Ordnance (No. 1)
20. Jan. 20 Holders of tee. Jan. 2a
Midwest Oil. pref. (No. 18)
$1.
Feb. 1 Holders of ree. Jan. 15a
Midwest Refining (quar.)(No.9)
Mountain States Telep & Teleg.(quar.). 131 Jan. 15 Holders of rec. Dee. 31a
1
Jan. 8 Holders of rec. Jan. 3
Municipal Service, common
131 Feb. I Holders of roe. Jan. 20
Nash Motors, pref. (quar.)
National Biscuit, corn. (quar.)(No. 74). 13( Jan. 15 Holders of rec. Dec. 28a
2
Jan. 15 Holders of rec. Jan. Sa
(guar.)
National Carbon, common
2
Jan, 15 Holders of rec. Jan. ba
Common (extra)
2%
15 Holders of reo. Deo. 30
Jan.
(auar.)
Gas
Fuel
National
Jan. 15 Holders of reo. Deo. 31a
National Paper & Type, corn. (quar.). _
131 Jan. 15 Holders of rec. Deo. 31a
Preferred (quar.)
National Steel Car. Ltd.. pf.(au.)(No.4). 131 Jan. 15 Holders of rec. Deo. 30a
131 Jan, 30 Holders of rec. Dec. 30
Nevada-California Electrio Corp., pref._
4
Feb. 10 Holders of rec. Jan. 31
New Jersey Zino (quar.)
Jan. 15 Holders of reo. Dee..23
4
New York Transit (quar.)
Jan. 15 Holders of reo. Dee. 23
2
Extra
Jan. 15 Holders of rec. Deo. 30a
2
Niagara Falls Power (quar.)
Jan. 15 !folders of reo. Deo. 23a
2
Nipe Bay Co., common (quar.)
250. Jan. 20 Dec. 31 to Jan. 17
Niplasing Mines (quar.)
250. Jan. 20 Dec. 31 to Jan. 17
Extra
North Butte Mining (quer.) (No. 41)--- 75e. Jan. 29 Holders of roe. Jan. 12a
Northern States Power, common (quar.). 131 Jan.d20 Holders of roe. Dee. 30
13.4 Jan.d15 Holders of tee. Deo. 30
Preferred (quar.)
Jan. 15 Ilolders of roe. Dee. 30
2
Nova Scotia Steel & Coal, pref. (quar.)- 50e. Jan. 15 Dee. 31 to Jan. 14
(quar.)
Ohio Fuel Supply
131 Jan. 20 Fielders of rect. Jan. 9
Oklahoma Natural Gas (ejuer.)
234 Fob. 1 Holders of reo. Jan. 20a
Omaha Elec. Light & Power, prof
Jan. 31 Holders of roe. Dee. 30a
Osceola Consol. Mining (quar.) (No. 85) $6
131 Jan. 15 Holders of roe. Deo. 30
Otis Elevator, common (quar.)
14 Jan 15 Holders of rec. Deo. 30
Preferred (quar.)
14 Jan. 15 Dee. 31 to Jan. 15
Pacific Telephone & Telog., pref.(quar.)_
2
Can.31 Holders of roe. Jan. 15a
Packard Motor Car,common (guar.)._
1
Feb. 15 Holders of roe. Feb. 5a
Penmans, Limited, common (quar.)
1
Feb. 15 Holders of roe. Feb. 5a
Common (bonus)
114 Feb. 1 Holders of rec. Jan. 22a
Preferred (mar.)
131 Jan. 15 Holders of rec. Jan. 8
Pennsylvania Lighting, preferred (guar.)2
Jan. 15 Holders of roe. Dec. 30
Pennsylvania Salt Mfg. (guar.)
734e. Feb. 1 Holders of rec. Jan. 15
Penn Traffic Co.
134 Feb. 24 }folders of rec. Jan. 20
People's Gas bight & Coke (Guar.)
131 Jan. 25 Holders of rec. Jan. 12a
Pittsburgh Coal, preferred (quar.)
131 Jan. 31 Holders of rec. Jan. 17
Plalt (Thos. G.) Co., pref. (quar.)
3
Jan. 31 Holders of reo. Dec. 300
Prairie Oil & Gas (guar.)
2
Jan. 31'Holders of reo. Deo. 30a
Extra
5
Jan. 31 Holders of reo Dec. 30a
Prairie Pipe Line (guar.)
5
Jan. 31 Holders of reo. Dec. 30a
Extra
2
Jan. 15 }folders of rec. Deo. 30
Procter & Gamble, pref. (guar).
Public Service of Northern Illinois, pf. (qu.) 134 Feb. 1 Holders of rec. Jan. 17
Pyreno Mfg., corn. (guar.) (No. 17)---- 25e. Feb. 1 Jan. 26 to Jan. 31
234 Jan. 15 Holders of rec. Dec. 30a
Quaker Oats, common (guar.)
14 Feb. 28 }folders of rec. Feb. la
Preferred (guar.)
3
Jan, 15 Holders of rec. Jan: 5
Realty Associates (No. 28).. •
Jan. 15 Holders of rec. Jan. 2
Reece Buttonhole Mach.(go.)(No. 123). 3
1
31).
(No.
Jan
15 Holders of rec. Jan. 2
(guar.)
Machine
Reece Folding
134 Feb. 1 Holders of rec. Jan. 15a
Republic Iron & Steel, corn. (No. 1)
131 Jan. 17 Holders of roe. Jan. 3a
Saxon Motor Car Corporation
24 Jan. 15 Holders of reo. Dee. 30a
Securities Company
Feb. 1 Holders of rec. Jan. 25
Securities Corporation General,com.(qu.) 1
14 Jan. 15 Holders of rec. Jan. 8
Preferred (quar.)
Shattuck-Arizona Copper (quar.)...... 50e. Jan. 20 Holders of reo. Dec. 30a
750. Jan, 20 Holders of reo. Deo. 300
Extra
$1.25 Feb. 20 Holders of roe. Jan. 31
Sinclair Oil & Refining
Sloss-sherneld Steel & Iron,corn.(quar.)_
P1 Feb. 1 Holders of roe. Jan. 17
Smith Motor Truck, preferred (No. 1)_ _ (m) Jan. 15 Holders of roe. Dee. 31
Southern California Edison, pref. (guar.) 131 Jan. 15 Holders of rec. Dec. 31a
Southern New England Telephone (quar.) 131 Jan, 15 Holders of tee. Deo. 30a
13j Feb. 1 Holders of rec. Jan. 13
Steel Co. of Canada, Ltd., pref. (guar.)._
15
Jan. 15 Holders of rec. Jan. 2
Stetson (J. B.), common
4
Jan. 15 Holders of tee. Jan. 2
Preferred
$1.50 Jan. 16 Holders of rec. Deo. 29
Submarine Boat Corporation (quan)15o. Jan. 20 Deo. 31 to Jail. 7
Tonopah Mining of Nevada
214 Jan. 15 Deo. 31 to Jan. 15
Union Natural Gas Corp. (guar.)
14 Jan 15 Holders of rec. Jan. 8
Union Oil of California (guar.)
Union Switch de Signal, corn.& pref.(qu.) $1.50 Jan. 15 Holders of reo. Dec. 30
139
THE CHRONICLE
JAN. 13 1917.]
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Incltuice.
Miscellaneous (Concluded).
United Cigar Stores of America, corn. (qu.) i /
°1 Feb. 15 Holders of rec. Jan. 29a
United Drug, 1st pref. (guar.)(No. 4)-- 8734c. Feb. 1 Holders of reo. Jan. 15a
United Dyewood Corporation. common_ _
14 Apr. 2 Holders of rec. Mar. 14
Preferred (quar.)
n131 Apr. 2 Holders of rec. Mar. 14
Jan. 15 Holders of rec. Dec. 23a
United Fruit (quar.)(No. 70)
2
United Gas & Electric Co., pref
24 Jan. 15 Holders of rec. Dec. 30
United Gas Improvement (guar.)
Jan. 15 Holders of reo. Dec. 30a
$1
United Paper Board, Inc., pref. (ouar.)_ _
134 Jan. 15 Dee. 31 to Jan. 14
U. 8. industrial Alcohol.nt.(go.) (No.41) 131 Jan. 15 Holders of rec. Dee. 30a
U. S. Rubber, first preferred (quar.)__ _ _
2
Jan. 31 Holders of rec. Jan. 15a
Second preferred (quar.)
14 Jan. 31 Holders of rec. Jan. 15
UnitedStatesSmelt.,ReL&M.,com.(qu.) $1.25 Jan. 15 Holders of rec. Jan. 6
Preferred (guar.)
8734c. Jan. 15 Holders of rec. Jan. 6
United Verde Extension Mining (quar.)_ _
50c. Feb. 1 Holders of rec. Jan. 10
Jan. 15 Dec. 31 to Jan. 5
Victor Talking Machine, common (quar.) 5
131 Jan. 15 Dec. 31 to Jan. 5
Preferred (guar.)
75e. Feb. 1 Holders of rec. Jan. 15a
Virginia-Carolina Chemical, common.._ _
Jan. 15 Holders of rec. Dec. 30a
2
Preferred (qua.)(No.85)
Jan. 20 Jan. 9 to Jan. 21
3
Wells, Fargo & Co
$33.33 Jan. 20 Jan. 0 to Jan. 21
Extra
Western Power Co., preferred (quari_ _ _ $1.20 Jan. 15 Holders of reo. Dec. 30
Jan. 15 Holders of rec. Dec. 30
Western Power Corporation. pref.(guar.) 1
Western States Gas & Electric, pref.(qu.) 131 Jan. 15 Holders of rec. Deo. 30
Western Union Telegraph (qu.)(No. 191) 131 Jan. 15 Holders of rec. Dec. 200
Jan. 15 Holders of reo. Dec. 20a
1
Extra
Jan. 20 Holders of rec. Dec. 30a
$2
Westinghouse Air Brake (guar.)
Westinghouse Elec. dr Mfg., corn. (guar.) 874o. Jan. 31 Holders of rec. Deo. 30a
874o. Jan. 15 Holders of rect. Dec. 300
Preferred (guar.)
Willys-Overland, common (quar.)
75c. Feb. 1 Holders of rec. Jan. 20a
Mar. 1 Holders of rec. Feb. 10
Woolworth (F. W.,) common (quar.)
2
a Transfer books not closed for this dividend. b Less British income tax. a Correction, e payable In stork /Payable In common stock. 6, Payable in scrip.
h On account of accumulated dive. i Par of shares, fl. k Transfers received in order
In London not later than Jan.9 will be in time to be passed for payment of dividends
to transferees. 1 The recommendations ot the directors to distribute one share of $5
Par of the ordinary shares of Imperial Tobacco Co. of Canada for every four shares
of Brit. Amer. Tobacco ordinary shares held was withdrawn Jan. 11 1917. m At
..ate of 8% per annum for period from Nov.27 to Dec. 31. n Declared 7%, payable
in quarterly installments. z Capital increased from $500,000 to $1,000,000, stock
holders oeing given the privilege of subscribing to the new capital at par.
Canadian Bank Clearings.-The clearings for the week
ending Jan. 4 at Canadian cities, in comparison with the
same week of 1916, show an increase in the aggregate of
11.0%.
Week ending January 4.
Clearings at
1917.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
Victoria
London
Calgary
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw
Fort WMiam
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Total Canada
1916.
8
3
80,175,680 63,886,321
60,019,892 53,554,882
38,634,043 44,004,131
6,986,810 5,753,540
5,307,818 5,120,968
4,033,436 2,569,929
3,345,543 4,413,395
4,816,751 4,277,000
2,272,708 1,764,920
1,334,330 1,433,423
2,643,301 2,427,979
5,009,927 4,330,626
2,542,414 2,517,277
3,465,759 2,726,871
893,658
681.276
531,863
788,137
1,629,396 1,350,940
719,473
900,000
1,351.097 1,262,033
490,494
589,192
249,901239,861
495,676 ' 385,035
644,355
590,992
539,398 Not incl. in
547,324 Not incl. in
227.864.079 205.298.974
Inc. or
Dec. I
% I
1915.
s
+25.5 41,670,530
+12.1, 40,198,295
-12.2 25,066,915
+21.4, 6,053,576
+3.61 3,980,655
+57.01 2,457,335
-24.6 2,537,973
+12.6' 2,989,115
+28.81 1,545,730
-6.9 2,713,019
+8.9 2,941,915
+15.7 2,920,085
+0.9 2,197,119
+27.1 2,003,138
-23.7
556,867
+48.3
341,427
+20.7
878,230
+25.2
620,459
862,667
+7.1
+20.2
419,791
+4.2
308,166
201,591
+28.6
534,607
-8.3
total.
total.
1914.
$
56,512,398
45,522,719
38,039,131
12,012,173
4,638,622
3,956,397
3,140,617
3,214,063
2,013,556
3,244,498
2,601,608
4,953,302
4,900,402
3,237,251
818,447
646,606
2,230,206
781.043
1,492,706
1.084,093
508,792
485,570
+11.0 143.999.2051196.034.200
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS FOR CHARTERS.
For organization of national banks:
The Farmers National Bank of Talladega, Ala. Capital
To succeed the Bank and Trust Company.
The First National Bank of Alexander, N. D. Capital
To succeed the Scandinavian-American Bank.
For conversion of State banks:
The First National Bank of Leesburg, Fla. Capital
Conversion of the Citizens Bank of Leesburg.
The American National Bank of McLean, Tex. Capital
Conversion of the American State Bank.
$50,000
25,000
25,000
25,000
$125.000
Total capital
CHARTERS ISSUED.
Original organization:
$25.000
The First National Bank of Carlyle, Mont. Capital
The Merchants National Bank of Asbury Park, N. J Capital_ 100,000
Conversion of State banks:
100,000
The Montana National Bank of Billings, Mont. Capital
Conversion of the Bank of Montana.
Total capital
INCREASE OF CAPITAL APPROVED.
Peninsula National Bank of Portland, Ore.
. Capital increased from $50,000 to 3100,000. Increase
The American National Bank of Fort•Worth, Tex.
Capital increasfx1 from $150.000 to $200,000. Increase
The First National Bank of Piedmont, Ala.
Capital increased from $25,000 to $50,000. Increase
The National Bank of Carlsbad, N. Mex.
Capital increased from $30.000 to $50,000. Increase
The First National Bank of Port Allegany, Pa.
Capital increastvi from $50,000 to $100,000. Increase
The First National Bank of West Point, Ga.
Capital increased from $50,000 to $100,000. Increase
Stock Yards National Bank of South St. Paul, Minn.
Capital increased from $300,000 to $350.000.Increase
The Commercial National Bank of Beeville, Tex.
Capital increased from 350,000 to 3100,000. Increase
The First National Bank of Cambridge. Minn.
Capital increased from $30,000 to $50,000. Increase
$225,000
Tota increase
REDUCTIONS OF CAPITAL APPROVED.
The First National Bank of Fairfax. Okla.
Capital reduced from $50,000 to $25,000. Reduction
The First National Bank of Winnsboro, Tex.
Capital reduced from 3150,000 to 3100,000. Reduction
$365,000
Total reduction
$50.000
50,000
25,000
20,000
50,000
50,000
50,000
50,000
20,000
$25,000
50,000
$75,000
•
140
THE CHRONICLE
LIQUIDATIONS.
The First National Bank of Cuthbert, Ga. Capital
Liq. Agents: F. H. Davis and P. M. Reed, Cuthbert, Ga.
Succeeded by a State Bank.
The Home National Bank of Holyoke, Mass. Capital
Liquidating Agent: Fred F. Partridge, Holyoke, Mass.
Succeeded by a Trust Company.
The Hadley Falls National Bank of Holyoke, Mass. Capital
Liquidating Agent: Joseph A. Skinner, Holyoke, Mass.
Succeeded by the Hadley Falls Trust Company.
The Lake Placid National Bank, Lake Placid, N. Y. Capital
Liquidating Committee: Noel Feldstein, W. L. West and B.
W. Lewis, Lake Placid. N. Y. Absorbed by the Bank
of Lake Placid.
The H. Y. Davis National Bank of Cave City, Ky. Capital_
Liquidating Agent: S. B. Davis, Cave City. Ky.
The First National Bank of Sheraden, Pittsburgh, Pa. Capital..Liquidating Agent: George F. Smith, Pittsburgh, Pa.
Succeeded by the Sheraden Bank of Pittsburgh.
Total capital
$50,000
250,000
200,000
25.000
30,000
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H.Muller & Sons,New York:
I
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
3 per sh.
50 El Favor Mining Co. of Mexico,
12 lot
1 First Nat. Bank,Trenton
205X
7 Darby Bank, 50 each
55
1 Fidelity Trust Co
732
25 Guarantee Trust & S. D.Co.. _160
16 Mutual Trust Co., Si)each..
ch.._ _ _ 30%
10 People's Trust Co., 50 each..
39%
4 Provident Life & Trust
881
5 Pennsy. Fire Insurance
470
57 Delaware RR., 25 each
45
30 Amer. Dredging
103
7 Am.Pipe & Construe. Co
30
Shares. Stocks.
$ per sh.
30 Am.Pipe de Construe. Securities,
92-92M
20 Taylor-Wharton Iron & Steel,
preferred
97
30 Bergner & Engel Brew., corn_ 15
5 Belmont Driving Club, 50 each.. 53
4 Pa. Academy of Fine Arts.. _ -30-303$
8 Phila. Bourse,own.,$50 each....
- 8g
5 Fifth St 6th Sts. Pass. fly.......361
Bonds.
Per cent.
500 United Gas & Elec. Corp.,
1st 5s, 1922
100
50,000
$605,000
Shares. Stocks.
Per cent.
10 Hamilton Trust Co. of Bklyn-270
50 Terry, Tench & Prootor Milling. $10 each
32 lot
90 Telepost Co. v. t. 0., $10 each,
20a. per sh.
2 Century Opera Co
79 Helena & Livingston Smelt. &I
Reduction Co.. $5 each
10 Internat. P. A. Y. E. Tim $24
Car Co., Ltd., pref., $5 each.... lot
10 Pearson Pub.Co., pref.,$10 ea.l
4 Pearson Pub. Co.,com..$10 ea.J
10 Amer. Telegraphone Co., $10
each
55e. per eh.
[VOL. 104.
Shares. Stocks.
Per cent.
47 Wolverine Lubricants Co.,Inc.
in N. Y
$25 lot
50 Wander-Heinemann Hat Co-0 lot
100 Kirby Lumber, common
15
50 Kirby Lumber. pra
50
300 Pacific Gas & Eleo., 1st pref
92%
Bonds.
Per cent.
$10,000 Ft.Dodge Des M.& South.
RR. 1st 5s, 1920
97g
50,000 Oakland Rys., coll. tr. 6s,
due 1913
825,000 lot
$1,000 Swiss Confederation 5s,'18_100
By Messrs. Francis Henshaw & Co., Boston:
Shares. Stocks.
$per sh. Shares. Stocks.
$ per sh.
15 Merchants Nat. Bank...285-285% 10 Internat. Braid, pref
100
2 Arlington Mills
110
2 Boston Real Est. Trust, $1,000
10 Nonquitt Spinning Coeach
115
1000
3 Wamsutta Mills
4 Hotel Trust (Touraine)
11531
105
5 Nashawena Mills
2 Lawrence Gas
111A
170%
10 Corr Mfg. Co
2 Lowell Elec. Light Corp
40
228%
10 Edwards Mfg. Co
62%
4 N. E. Invest. & Securs., pref- 60%
98 Draper Corporation
25 Plymouth Cordage, ex-div.. -203%
135
200 Art Metal Construe., $25 each.. 10X
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
$ per oh. Shares. Stocks.
$ per sh.
21 Boylston Nat. Bank
120
3 Spiltdorf Electrical, pref
90
5 Framingham Nat. Bank
1475j 30 Plymouth Cordage
203g
10 Dartmouth Mfg
206
21 Pepperell Mfg
190X-191% Bonds.
Per cent.
10 Pacific) Mills
177j 2,000 State of Massachusetts 3 s,
67 Nonquitt Spinning
1932
115
96%
87 Arlington Mills
1,000 State of Massachusetts 3gs,
110
20 Lawrence Mfg
108
1919
100
7 Salmon Falls Mfg., corn.. _ _60-60% 1,000 Springfield, Mass., 3s,
10 Prey. & Worces. RR
200
1923
98%
6 New London et Nor. RR
165g 3,000 Boston, Mass., sewer 3%s,
1 Central Vermont fly
3
1935
953
252 Draper Corporation
1,000 Lynn,Mass.,sewer 4s, 1927 101
135
16 Waltham Watch, pref
83-83X 1,000 Lynn, Mass., 4s, 1921
100%
2 Boston Atheneum,$300 each _421
1,000 Hartford, Conn., ref. 334s,
11 Merilmack Chemical,$50each,
1922
98X
86X-86% 1,000 Worcester & Southbridge St.
148
8 American Glue, pref
98
fly. tat 43, s, 1922
Imports and Exports for the Week.-The following are
the reported imports of merchandise at New York for the
week ending Jan.6 and since the first week of January:
FOREIGN IMPORTS AT NEW YORK.
1918.
1917.
Total for the week
Previously reported
Total 1 week
1915.
1914.
$26,226,284 $24,558,000 $17,364,191 $19,074,085
326.226.264 $24,558,000 817.364.191 119.074.085
EXPORTS FROM NEW YORK FOR THE WEEK.
1917.
For the week
Previously reported
Total 1 week
1916.
1915.
1914.
$42,459,105 $57,371,445 823,272,618 517,773,584
842.459.105 857.371.445 823.272.618 817.773.584
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Week ending Jan. 6.
Exports.
Gold.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1917
Total 1916
Total 1915
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1917
Total 1916
Total 1915
' Imports.
Since
Jan. 1.
358,000
3,089,089 $2,675,000
100,000
Week.
Since
Jan. 1.
3579,149
109,719
28,085
$579,149
109,719
28,085
$3,247,089 $2,675,000 $716,953
568,750
20,000 5,077,754
1,000
1,000 1,139,578
$716,953
2,713,985
1,139,578
81,338,100
1,367
6,430
499
$499
$492.559
75,116
11,702
$492,559
75,116
11,702
$1,343,396
694,454
1,342,743
8499
88,127
1,342,743
$579,377
632,573
78,956
$579,377
78,956
Of the above exports for the week In 1917, 32,933,000 were American gold coin.
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on Jan. 6:
The statement contains certain changes of presentation, several items having been added, while others,shown heretofore, have been eliminated.
For the first time the statement specifies the amounts of uncollected or transit items on the asset side, and of similar items on the liability side.
The new item, "Due to members-reserve account"-represents.those portions of member banks' deposits which count as the reserve of the depositing banks, and is exclusive of uncollected items:reditex.1 to the
es banks, but which become available as reserve at some furure date only.
Similarly, the items "Due to Federal Reserve banks, and 'Due from Federal Reserve banks,' represent collected items only, and for this eason
are much smaller than like items shown heretofore, which included both collected and uncollected funds. As the result of these changes, the
total assets and liabilities show largely increased figures, and the above explanation should be borne in mind when comparisons with the totals
for earlier dates are attempted.
Aggregate gold reserves of the banks show an increase of about 7 millions during the week, and the banks' combined cash reserves an increase
of 5.7 millions. Earning assets decreased 9.4 millions, largely owing to the decrease in the holdings of commercial and bank paper. Richmond
and Atlanta report additions in some volume to their holdings of discounted paper, while the four Eastern banks appear to have liquidated a
considerable part of their short-term discounts. Over 30% of the discounted paper held by the banks is made up of member banks' collateral
notes discounted by 9 Reserve banks. New York, Philadelphia and San Francisco report considerable decreases in the amounts of acceptances
held, the total for all the banks being 5.7 millions below the total shown the week before.
Of the total bills on hand, including acceptances, about 43% mature within 30 days and 32% after 30 but within 60 days. Of the municipal
warrants on hand, 35% mature within 30 days, 19% after 30 but within 60 days, and about 20% as against less than 1% of the bills, after 90
days.
Transactions in United States Securities, including the conversion of 2% bonds Into 3,7° bonds and notes, are reported by seven banks, resulting in a decrease by $3,195,000 in the amount of United States bonds and an increase by $3,690,000 in the amount of one-year Treasury notes
held. Warrants on hand show a slight decrease for the week. Of the total earning assets acceptances constitute 57.3%,• United States bonds
19.37; discounts 12.3%; Treasury notes 7.0%; and warrants 4.1%. The ratio of total earning assets to the banks' paid-in capital now stands
at 382%, as against about 400% on the last Friday in 1916. Government deposits show a decline of about 3.3 millions, Richmond, Chicago and
San Franciseo reporting considerable net withdrawals of Government funds for the week.
Federal Reserve agents report a total of $300,280,000 net of Federal Reserve notes issued. Against this total they hold $281,292,000 of
and $20,272,000 of paper. The bank's outstanding circulation of Federal Reserve notes is given as $272,873,000, and their aggregate liabilitiesgold
on
notes issued to them by the agents as $13,245,000.
figures
of the consolidated statement for the system as a whole are given in the following table, and in addition
The
we present the results for each of the eight preceding weeks, thus furnishing a useful comparison. In the second table we
show the resources and liabilities separately for each of the twelve Federal Reserve banks. The statement of Federal Reserve
Agents' Accounts (the third table following) gives details regarding the transactions in Federal Reserve notes between the
Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks.
COMBINED RESOURCES AND LIABILITIES 01P THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS(TAN. 5 1917.
•
Jan. 5 1917. Dec.29 1916. Dec. 22 1016. Dec. 15 1916. Dec. 8 1916. Dec. 1 1916. Noe. 24 1916. Nor.17 1916, Nov. 10 1910
RESOURCES.
Gold coin and certificates in vault
$267,169,000 $281,588,000 $269,627,000 $256,418,000 $245,335,000 $261,917,000 $283,730,000 $293,441,000 205,897,000
Gold settlement fund
192,001,000 170,471,000 178,811,000 177,341,000 181,101,000 175,781,000 174,801,000 140,821,000 139,571,000
Gold redemption fund with U. S. Treasurer.....
1,600,000
1,654,000
1,383,000
1,533,000
1,543,000
1,368,000
1,476,000
1,479,000
1,404,000
Total gold reserve
Legal tender notes, silver, &c
$460,770,000 $453,713,000 8449,917,000 $435,302,000 $427,969,000 $439,174,000 $459,935,000 $435,645,000 406,836,000
16,180,000 17,538.000
4,644,000 10,836,000 17,974,000 16,580,000
7,907,000
6,025,000
7,312,000
Total reserve
8476,950,000 $471,251.000 $455,942,000 $443,209,000 3432,613,000 $450,010,000 $477,909,000 $452,225,000 $414,148,000
5% redemption fund ag'st F.R.bank notes
400,000
400,000
470,000
400,000
420,000
420,000
4/0,000
420,000
450,000
Bills discounted-Members
Acceptances bought
United States bonds
One-year U. S. Treasury notes
Municipal warrants
Total earning assets
$26,217,000 $30,196,000 $32,297,000 $37,748,000 338,345,000 321,732,000 $20,501,000 $19,704.000 $19,380,000
121,807,000 127,497,000 124,633,000 122,918,000 119,782,000 106,379,000 102,092,000 97,789,000 90,913,000
41,052,000 44,247,000 43,504,000 42,648,000 41,548,000 40,215,000 39,427,000 39,115,000 38,853,000
14,857,000 11,167,000 11,187,000 11,167,000 11,187,000 11,167,000 11,167,000 11,167,000 11,347,000
8,736,000
8,975,000 10,557,000 11,195,000 13,235,000 21,254,000 22,166,000 18,597,000 20,694.000
$212,669,000 $222,082,000 $222,158,000 4225,676,000 $224,077,000 $200,747,000 $195,353,000 $186,372,000 $181,187,000
Federal Reserve notes-Net
$21,864,000 $21,300,000 $19,236,000 $19,504,000 $18,760,000 $18,301,000 $15,414,000 $14,256,000 $17,613,000
Due from other Federal Reserve banks-Net....
6,666,000 46,958,000 49,318,000 47,580,000 36,565,000 38,188.000 43,283,000 59,773,000 35,066.000
Uncollected items
142,629,000
All other resources
8,752,000
2,881,000
6,235,000
3,500,000
6,121,000
2,651,000
4,656,000
2,495,000
2,483,000
Total resources
3869.730.000 1768.226.000 3750.560.000 3741.051.000 1715.316.000 3710.161.000 1735.060,000 $719,217,000 3650.946.000
JAN. 13 1917.]
THE CHRONICLE
141
Jan. 5 1917. Dec.29 1916. Dec. 22 1916. Dec.151916. Dec. 8 1916. Dec. 1 1916. Nov.24 1916. Nov.17 1916. Nov. 10 1916
LIABILITIES.
$55,695,000 $55,695,000 $55,765,000 $55,731,000 $55,746,000 $55,737,000 $55,711,000 $55,704,000 $55,710,000
25,566,000 28,837,000 29,472,000 28,762.000 28,668,000 26,777,000 26,310,000 25,171,000 23,339,000
656,422,000
668,786,000 648,787,000 643,136,000 618,643,000 613.530,000 637.072,000 622,254,000 556,462,000
118,559,000
13,245,000 14,130,000 15,754,000 12,606,000 11,423,000 13,383,000 14,296,000 14,468,000 13 886.000
28,000
28,000
1,030,000
1,030,000
1,028,000
243,000
778,000
808,000
782,000
816,000
. 706,000
634,000
590,000
519,000
Capital paid in
Government deposits
Due to members-Reserve account
Member bank deposits-Net
Collection items
Federal Reserve notes-Net
Federal Reserve bank note liability
All other liabilities
$869,730,000 $768,226,000 $750,560,000 $741,051,000 $715,316,000 $710,161,000 $735,060,000 $719,217,000 $650,946,000
Total liabilities
Gold reserve ag'st net dep. & note liabilities_ _
Gash reserve ag'st net dep. & note liabilities_ _
Cash reserve against net deposit liabilities after
setting aside 40% gold reserve against aggregate net liabilities on F. It. notes in
circulation
Distribution by Maturities1-15 days bills and acceptances
1-15 days municipal warrants
16-30 days bills and acceptances
16-30 days municipal warrants
31-60 days bills and acceptances
31-60 days municipal warrants
61-90 days bills and acceptances
61-90 days municipal warrants
Over 90 days bills and acceptances
Over 90 days municipal warrants
Federal Reserve NotesIssued to the banks
Held by banks
In circulation
60.3%
71.8%
68.2%
70.9%
60.8%
70.7%
68.3%
69.6%
68.8%
69.5%
71.4%
73.1%
72.5%
75.3%
72.3%
75.1%
72.8%
74.1%
72.4%
71.6%
71.3%
70.2%
70.1%
73.8%
76.1%
76.0%
75.0%
$34,617,000 x$30,256,000 x$24,348,000 x$23,817,000 x$28,654,000 x$19,724,000 x$17,465,000 x$11,180,000 x$11,807.000
1,949,000
29,301,000 Y 41,514,000 y 47,381,000 Y 51,307,000 y 45,310,000 y 28,526,000 y 27,472,000 y 29,242,000 y 23,315,000
1,127,000
48,106,000 47,772.000 '49,375,000 52,118,000 40,705,000 50,346,000 50,751,000 45,982,000 45,511,000
1,687,000
35,055,000 37,105,000 34,759,000 32,342,000 33,366,000 28,342.000 25,373,000 29,566,000 28,073,000
2,273,000
045,000
1,046,000
1,067,000
1,082,000
1,092,000
1,587.000
1,173,000
1,523,000
1,532,000
1,700,000
$300,280,000 $300.511,000 $206,766,000 $289,778,000 $279.462,000 $268,270.000 $258,081,000 $255,702,000 $247,873.000
27,407,000 25,158.000 21,720,000 23,402,000 22,160,000 21,131,000 17,633.000 17,032.000 20.261.000
$272,873,000 $275,353.000 $275,046,000 $266,376,000 $257,302.000 $247,139,000 $240,448,000 $238,670,000 $227,612,000
Gold and lawful money with Agent
$281,292,000 $282,523,000 $278,528,000 $273,274,000 $264,639,000 $252,057,000 $241,566,000 $238,458,000 1231.339,000
Federal Reserve Notes (Agents Accounts)Received from the Comptroller
Returned to the Comptroller
$462,380,000 $462,380,000 $453,380,000 $447,380,000 $422,720.000 $412,280,000 $400,320,000 $393,220,000 $389,580,000
05,796,000 94,935,000 94,080,000 92,283,000 91,297,000 90,300,000 89,169.000 84,938,000 83.937,000
Amount chargeable to Agent
In hands of Agent
366,584,000 $367.445,000 $359,300,000 $355,097,000 $331,423,000 $321,980,000 $311,151,000 1308,282.000 $305.643.000
66,304,000 66.934,000 62.534,000 65,319,000 51,961.000 53,710,000 53,070,000 52.580,000 57,770.000
Issued to Federal Reserve banks__ $300,280,0001$300.511,000 $296,766,000 $289,778,000 $279,462,000 $268,270,000 $258.081,000 $255,702,000 $247.873,000
How SecuredBy gold coin and certificates
$166,827,000 $164,567,000 $162,117,000 $154,817,000 $140,318,000 $145,318,000 $144,777,000 $146,157,000 $143,439.000
By lawful money
By commercial paper
18,988,000 17,988,000 18,238,000 16,504,000 14,823,000 16,213,000 16.515.000 17,244,000 16,534,000
Credit balances in gold redemption fund_ _
14,855,000 15,376,000 15,081,000 16,677,000 14,921,000 14,369,000 10,739,000
9,891,000 10,350.000
Credit balahces with Federal Reserve I3'd_
99,610,000 102.580.000 100,430,000 101,780,000 100,400.000 92,370,000 86,050,000 82,410.000 77,550.000
1
Total
$300,280,000 3300.511,000 $296,766.000 $280,778,000 $279,462,000 $268,270,000 $258,081,000 $255,702,000 $247,873,000
Commercial paper delivered to F. R. Agent__ $20,272,000 $18,402,000 $19,077,000 $17,030,000 $15,454,000 $16,555,000 $16,848,000 $17,833.000 $16,735.00
*Including bankers and trade acceptances bought in the open market. t Amended figures. x One to ten days. y Eleven to thirty days.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JAN. 5 1917.
Boston. New York. Philadeta.k7eveland, Richmond. Atlanta. Chicago. 1St. Louis.1MinneaP. Kan. City.
Dallas. San Fran.
Total.
RESOURCES.
$
s
12,199,000
141,431.000
17,411,000
15,762,000 5,365,000 5,435,000 26,155,000 10,983.000 8.972,000 6,198,000 5.117.000
Gold coin & ctfs. In vault
267,169,000
Gold settlement fund___ 19,506,000 26,357,000 12,916,000 20.759,00015.789.000 5,186,00633,220,000 4,585.000 8.406,00024,728,000 11,598,000 12,141,000
8,951.000i92.001.000
250,000
100,000
50,000
31.0001 191,000
Gold redemption fund__
342,000
200.000
195,0001
30.000
144,000
57.000
io.000l 1,600.000
$IS
$$
1
$
ISIS
Total gold reserve-___ 31,755,0001168.038,000 30,427.000 36,552,00021,345,000 10,063,00059,575,000 15,763,000 17,408,000 31,070,000 16,772,00621,102.000 460,770.000
512,0001 121,000
Legal-ten.notes,silv.,&c. 515,000' 10,224,000 1,051,000
818,000
323,000 1,852,000
214,000
175,000
327,0001
48,0001 16,180.000
32,270,0001178,262,000 31,478,000'37.064,000,21,466,000 11,781,000159,898.000 17,615,000 17,622,000 31,245,000 17,099,0001
Total reserve
21,150,0001476,950.000
5% redemp. fund-FR.
bank notes
300,000
Bills:
839,000
Discounted-Members 1,900,000 6,810,000
579,000 3,746,000 3,390,000 4.384,000 1,141,000 1.872,000
497,000
Bought in open mkt 13,277,000 38,417,000 12.199,000 9,891,000 3,394,000 4,162,000 10,043,000 7,132,000 6,290,000 3,611,000
Total bills on hand--- 15,177,000 45,227,00013,038,000 10,470,000 7,140,000 7,552,000 14,427,000 8,273,000' 8,162,000 4,108,000
522,000 826.000 7,360,000 1,338,000 2,160,000 7,413,000 2,203,000,1 2,443,000 8,493,000
Investments' U. S. bds_ 1,332,000
One-yr. U.S. Tr. notes 1,000,000 1,726,000 1,999,000
618,000 1,969,000 824,000 2,962,000
891,000r 700,000
963,000
Municipal warrants__
831.000 1,988,000
274,000 1,867,0001
61,000
400,000
921,000
576,000
488,000, 164,000
Total earning meta-- 18,340.000 49,463,000 16,137,000 20,315,000 10,508,000 10,936,000 25,723,000 11,943,000 11,793,000
13,728,000
100,000
400,000
231,000 26,217,000
828,000
2,351,000 11,040,000 1211807,000
3,179,000 11,271,000 148,024,600
4,328.000 2,634,000 41,052.000
705,000
500.000 14,857,000
127,000 1,039,000 8,736,000
8.339.00015,444,000 212,669,000
Fed. Res've notes-Net 549,000 16,102,000
602,000
2,335,000
2,076,000 21.664,000
Due from other Federal
Reserve 13anks-Net- 1,853.000
7,213,000 2.303,006 169.000'
3,829,000 891,000
652,000
651,000
68,0001 933,000, a6,666,000
Uncollected items
13,741,000 26,411,000 20,192,000 9,933,000. 9,630,0001 9,561,000 18,165,000111,495,000 4.755,000 8,305,000 4,966,000 5,466,000142,629,000
All other resources
184,000
468,0001 233,000, 2,029,000
313,000 1,050,000
656,000 1,503.000, 119,000
369,000 1,340,0001 488.000 8,752,000
Total resource.]
66,937,00070,551,000176,070,000 70,685,0002,015,000134,307,0001110606000 43,447,00034,941.000 54,508,000 31,912,000,45,557,000869,730,000
LIABILITIES.
Capital paid in
4,000,000 11,866,000 5,220,000 6,022,000,I 3,346,000,I 2,450,000 6,913,000 2,800,000r 2.382,000, 3,074,000
2,694,000
55,695,000
Government deposits_
1,671,000 3,579,000 3,133,000
967,000 1,822,000' 3,716,000 1,320,000 3,033,000 2,445,0001 802,000 1,334,000 3,929,000
1,744,000, 25,566.000
Due to members-Re1
47,167,000 222.731,000,46,378,000 54,850,000125.823,000115,474,00089,088,000 25,822,000 25,930.00643.175,000
serve account
23,255,000 36,729,000 656,422.000
13,074,000 21,043,00020,139.000 8,846,000 8,835,000 9.308,000 13,285,000 7,887,000 3,591.000
Collection items
5,654,000 3,795,0001 3,102.000 118,559,000
1,112,00
0I
Fed. Ites've notes-Net1 2,189,000,
2,719,000
3,905,000 593,000 1,893,000
13,245.000
834,000
11,256,000
Due to F.R.banks-Net
640,000
76,000
79.000
35,000
All other liabilities
53.000
243,000
Total liabilities
66,937.000 270,551,000 76,070,000 70,685.000 42,015,000 34,307,000 110606000 43,447,00034,941,000 54.598.000 31,912.00045.557,000
869,730,000
Federal Reserve NotesIssued to banks
13,491,000 109.255,000 17,039,000 10,655,000 20,385,000 25,375,000 7,178,000 16,854,000 19.462,000 22,186.000 23,619,000 14,781.000 300.280,000
Held by banks
188,000
602.000 1,641,000 1,052,000 2,335,000
549,000 16,102,000
442,000 1.407,000
647.000, 366,000, 2,076.000, 27.407,000
P.R. notes in circulation 12,942,000 93,153,000,16,851,000 10,053,000 18.744,00024,323,000 4.843,00016.412,000 18,055,000
21,539.000 23,253,000 12,705.000 272,873,000
Gold and lawful money,
with agent
113,491,000 109,255,00615,739,000 10,655,000 16,555,000 21,1304,000 7,178,000 12,507,000 17,462,000 19,646,00022,4l9,000 14.781,000 281,292,000
a DIfterctice between r et amounts due from and net amounts duo to other Federal Reserve banks.
1
I
STATEMENT OF FEDERAL RESERVE AGENTS'ACCOUNTS JAN. 5 1917.
Boston. New York. Philadel'a. Cleveland. Richmond, Atlanta. Chicago. St. Louts. Minneap. Kan.City. Dallas. San Fran
Total.
Federal Reserve Notes$
$
$
$
$
$
$
$
1
$
$
I
$
$
$
Rec'd from Comptroir 28,880,000 180,400,00030,480,000 17,000,000 29,500,000
Returned to Comptrol 7,429,000 53,725,000 6,181,000 3,905,000 6,615,000 35,380,000 11,880,000 22,540,000 24,500,000 28,120,00035,320.000 17,720,000 462,380.000
3,910,000 1,702,000 2,646,000' 018,000 2,181,0001 4,645.000 1,939,0001 95,796,000
Chargeable to Agent-- 21.451,000 126.675,000 24,299,000 13,755.000'22.885,000 31,470,000 10,178,000
19,894,000 23,582,000
25,939,000130,675,000 15,781,0001366,584.000
In hands of F.R.Agent 7.960,000 17,420,000 7,260,000 3,100,000 2,500,000 6,095,000
3,000,000 3,040.000 4,120,000 3,753,000 7,056,000 1,000,000 66.304,000
Issued to F. It. bank_ 13,491,000 100,255,000 17,039,000 10,655,000 20,385,00025,375,000 7,178,000 16,854,000
19,462,00022.186,000,23,619,000 14.781,000 300,280,000
Held by F. R. Agent-f
Gold coin & cents__ -_ 12,600,000 103,952,000 3,730,000 0,980,000
5.165,00013,230,000 4,370,00010.340,000
3,460,000
166,827,000
Credit balances:
891,000 5,303,000
In gold redemption f'd
820,000
675,000
555,000 1,894,000
832,000
168,000
982,000 1,016,000 1,249,000
461,000 14,855,000
With F. R. Board_
11,180,000
16,000,000 16,250,000 7,010,000 6,510,000 3,250,000 14,260,000 10,830.000 14,320,000 99,610,000
Notes secured by commercial paper
1,300,000
3,830,000 3,771,000
4,347,000 2,000,000 2,540,000 1,200,000
13,938,000
Total
13,491,000 109,255,000 17,039,000 10,655,000 20,385.000 25,375,000 7,178,000 16,854,000 19.462,000 22386,000
23,619,000114,781,000 300,280,000
Amount of comm'i paper
delivered to F.R.Ag't
1,300,000
4.615.000 3.780.000
4.351.000 2.000.000 2.544.000 1.673.000I
20.272,000
[Vol,. 104.
THE CHRONICLE
142
-The following detailed statement
Statement of New York City Clearing House Banks and Trust Companies.
ending Jan. 6. The figures for the
shows the condition of the New York City Clearing House members for the week
at end of the week are also
separate banks are the averages of the daily results. In the case of the totals, actual figureseach of the three groups and
given. In order to furnish a comparison, we have inserted the totals of actual condition for
also the grand aggregates for the three preceding weeks.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
Capital.
MEMBERS.
Week Ending
Jan. 6 1917.
(00s omitted.)
Loans,
Discounts,
Investnals,
etc.
f Nat. B'ks Nov.171
1StateB'ke Nov.29)
Members of Federal
Reserve Bank.
Bank of N. Y., NBA.
Merchants' Nat. Ban
Mech. dz Metals Nat.._
National City Bank__
Chemical Nat. Bank___
Atlantic National Ban
Nat. Butchers' & Drov
Amer. Each. Nat. Ban
National Bank of Corn.
Chetbam & Phenix Nat
Hanover National Bank
Citizens' Central Nat..
Marketdz Fulton Nat__
Corn Exchange Bank__
Importers' az Traders'..
National Park Bank___
East River Nat. Bank__
Second National Bank_
First National Bank__
Irving National Bank__
N. Y. County Nat. BkChase National Bank__
Lincoln National Bank_
Garfield National Ban
Fifth National Bank__
Seaboard Nat. Bank__
Liberty National Bank
Coal & Iron Nat. Bank
Union Exchange Nat..
NassauNat. Bank....
Broadway Trust Co__
Net
Profits.
$
$
2,000,0 5,007,2
2,000,0 2,477,9
6,000,0 9,694,5
25,000,0 a42,319,7
3,000.0 8,352,9
824,7
1,000.0
70,9
300,0
5,000.0 5,106,6
25,000,0 18.565,8
3,500,0 2,090,5
3,000,0 16,147,4
2,550,0 2,363,7
1,000,0 2,046,7
3,500,0 7,408,6
1,500,0 7.743.7
5,000.01 10,006,4
79,2
250,0
1,000,0 3,456,3
10,000,0 25,301,4
4.000,0 4.208,6
500.0 1,211,7
10,000,0 11,814,1
1,000,0, 1,973,7
1,000,0, 1,280,0
418,2
250,0
1,000.0 3,053,5
1,000,0 3,599,1
705,8
1,000,0
1,000,0 1,150,9
1,000,0 1,132,4
954,2
1,500,0
Gold.
Legal
Tenders.
National
Bank
Net
CirculaTime
Deposits. (ion.
40,050.0
3,444,0
Average. Average, Average, Average. Average
$
$
$
$
$
788,0
32,183,0 1,827,0
2,338,0
1,845,0
19,607,0
4,222,0
129,555,0 5,059,0 3,906,0
10,515,0
427,971,0 5,274,0 1,782,0
35,605,0
450,0
34,462,0
2,640,0
150,0
574,0
12,667,0
996,0
50,0
2,441,0
202,0
79,839,0 5,678,0 4,854,0
7,989,0
155,0
238,355,0 1,396,0
19,591,0
66,987,0 5,518,0 1,773,0
6,684,0
130,0
145,207,0
13.516,0
26,761,0 1,131,0 1,019,0
2,929,0
200,0
11,859,0
1,012,0
106,049,0
7,640,0
51,0
32,702,0
2,024,0
151,019,0 2,043,0 3,554,0
12,030,0
50,0
2,858,0
236,0
759,0
15,516,0
1,143,0
153,515,6 1,118,0 3,115,0
11,893,0
640,0
4,830,0
83,048,0
6,226,0
201,0
10,920,0
777,0
450,0
216,103,0 12,364,0
14,859,0
894,0
37,0
20,736.0
1,905,0
398,0
9,939,0
905,0
249,0
231,0
5,732,0
413,0
70,0
49,290,0
4,232,0
499,0
54,374,0 2,300,0
5,669,0
412,0
224,0
10,474,0
1,007,0
397,0
27,0
11,709,0
882,0
50,0
24.0
9,981,0
706,0
352,0
23,619,0
1,913,0
2,195,478,0 50,007,0 28,891,0
3,293,0 183,236,0
40,254,0
39,816,0
36,276,0
39,098.0
3,283,0
3,132,0
2,559,0
2,232,0
3,205,0 183,847,0
3,222,0 193,698,0
2,659,0 185,918,0
2,818,0 179,659.0
Average. Average. Average, Average. Average. Average. Average.
$
$
$
$
$
$
$
5,0
125,0
969,0
35,319,0 3,026,0
35,0
34,0
550,0
365,0
22,673,0 2,066,0
166,0
252,0
118,666,0 16,944,0 1,365,0 5,748,0
1,082,0
255,0
3,040,0
5,993,0
397,460.0 59,912,0
12,0
36,0
899,0
59,0
39,148,0 3,229,0
18.0
15,0
279,0
214,0
12,489,0 1,006,0
3,0
199,0
37,0
70,0
2,614,0
205,0
150,0
886,0 1,424,0
80,708,0 9,025,0
91,0
220,952,0 27,934,0 6,894,0 3,498,0
341,0
468,0
67,427,0 2,466,0 1,228,0 1,165,0
148,0
50,0
126,647,0 20,298,0 2,036,0 1,605,0
10,0
40,0
108,0 1,309,0
28,346,0 1,002.0
20,0
65,0
510,0
766,0
11,135,0 1.715,0
739,0
94,345,0 8,389,0 1,730,0 4,279,0
16,0
232,0
286,0
35,500.0 1,908,0 1,233,0
185,0
124,0
148,163,0 10,206,0 3,622,0 2,973,0
11.0
5,0
304,0
35,0
130,0
2,001,0
74,0
31,0
464,0
268,0
18,054,0 1,153,0
61,0
156,608,0 19,154,0 1,830,0 1,479,0
246,0
20,0
78,031,0 6,469.0 2,880,0 2,476.0
32,0
116,0
260,0
397,0
382,0
10,824,0
151,0
59,0
203,918,0 18,889,0 9,228,0 2,827,0
104,0
411,0
562,0
717,0
18,238,0 2,458,0
114,0
18,0
325,0
423,0
903,0
9,663,0
3,0
6,0
371,0
136,0
136,0
5,657,0
51,0
104,0
41,263,0 5,030,0 1,460,6 1,084,0
97,0
14,0
532.0
47.153,0 6,153,0 2,739,0
21,0
9,0
229,0
181,0
715,0
10,729,0
5,0
25,0
773,0
254,0
229,0
11,957,0
31,0
442,6
147,0
495.0
10,267,0
55,0
66,0
633,0
179,0
21,935,0 1,793,0
Totals,avge.for wee 123,850,0 206,626,3 2,087.890,0 233,285,0 48,379,0
2.092,559,0 247,898,0 47,013,0
2,082,458,0 221,056,0 40,530,0
2,082,936,0 202,935,0 47,118,0
2,069,745,0 206,243,0 47,085,0
Totals, actual conditio ' Jan. 8
Totals, actual conditio Dec. 30
Totals, actual conditio Dec. 23
Totals, actual conditlo Dec. 16
State Banks.
Not Members of
Federal Reserve Bank.
Bank of Manhattan Co. 2,050,0
1,500,0
Bankof America
500,0
Greenwich Bank
500,0
Pacific Bank
200,0
People's Bank
2,000,0
Metropolitan Bank___
250,0
Bowery Bank
750,0
German-Ameriean Ban
100,0
Fifth Avenue Dank_ __
200,0
German Exchange Ban
200,0
Germania Bank
1,000,0
Bank of Metropolis__
200,0
West Side Bank
N: Y. Produce Ex. Bk. 1,000,0
1,500,0
State Bank
Silver.
Addit'al
Nat.Bank Nat.Bank Federal
Reserve Deposits
Reserve
Notes
Notes
Net
with
with
Bank
[Not
[Reserve
Demand
Legal
Legal
Notes
for State Counted
Deposits.
DeposiDepart[Not
as
Institutaries.
lions). Reserve). Reserve). taries.
2.211,067.0
2,176,390,0
2,156,295,0
2,138,516,0
50.648.0
48,887,0
48,422,0
50,453,0
800,0
28.870,0
28.965,0
28,838,0
28.852,0
•
40,073,0
34,515,0
12,933,0
6,937,0
2,293,0
15,325,0
4,112,0
6,523,0
17,744,0
5,058,0
6,569,0
14,919,0
4,566,0
15.345.0
25.886,0
5,297,7
8,630,3
1,254,4
994,6
468,9
2,092,6
801,5
830,3
2,271,2
869,2
1,092,4
2,201,8
487.3
1,088,2
812,6
20,0
683,0
306,0
365,0
865,0 1,504,0
263,0
1,060,0 1,084,0
210,0
1,745,0
46,706,0
34,469.,0
13,959,0
6,523,0
3,116.0
14,744,0
3,741.0
6,824,0
19,142,0
5,104,0
6,746,0
14,417,0
4,771,0
16,585,0
29,206,0
1,736,0
71,0
8,691,0 4,802,0
226,063,0
844,0
7,087,0 6,488,0
7,019,0 6,402,0
6,748,0 6,943,0
9,347,0 5,801,0
----,---
1,774,0
1,392.0
1,389,0
1,281.0
56,0
60,0
53,0
58,0
8,859,0
8,673,0
8,418.0
8,294,0
4,935,0
4,357,0
3,148,0
3,502,0
228,365,0
220,982,0
219,198.0
219,655,0
844,0
969.0
969.0
966,0
429,0
221,0
215,0
155,0
111,0
606,0
128,0
33,0
843,0
320,0
312,0
238,0
296,0
757,0
206,0
16,0
207,0
13,0
155,0
628,0
33,0
28,0
189,0
132,0
35,0
53,0
79,0
379,0
17,0
21,0
35,0
1,366,0
9,659,0
2,504,0
1,149,0
1,375,0
17,397,0
403,0
912,0
3,718,0
1,135,0
2,827,0
857,0
668,0
2,656,0
8,299,0
5,478,0
1,002,0
569,0
156,0
1,507.0
338,0
1,012,0
1,809,0
468,0
642,0
932,0
271,0
1,248,0
2,328,0
1,295,0
1,763,0
208,0
457,0
64,0
1,233,0
21,0
198,0
454,0
88,0
67,0
444,0
262,0
344,0
774,0
671,0
614,0
506,0
89,0
135,0
724,0
100,0
60,0
1,693,0
119,0
245,0
351,0
121,0
420,0
581,0
101,0
90,0
611,0
133,0
2,0
44,0
63.0
11,0
59,0
144,0
100.0
60,0
32,0
93,0
193,0
7,672,0
6,429,0
Totals, avge. for week
11,950,0 27,193,0
212,798.0 26,149,0
Totals, actual conditio ,
Totals, actual conditio ,
Totals, rattle! conditio ,
Totals, actual.°enclitic. ,
Jan. 6
Dec. 30
Dec. 23
Dec. 16
214,819,0
209,767,0
211,370,0
209.569,0
26,712,0
24,871,0
21,584,0
22,423,0
Trust Companies.
Not Members of
Federal Reserve Bank.
33,599,0 1,748,0
Brooklyn Trust Co--__ 1,500,0 4,398,4
10,000,0 17,016,6 205,676,0 17,908,0
Bankers' Trust Co
65,713,0 4,474,0
2,000,0 4,738,7
U.S. Mtge.az Trust Co
27,903,0 2,054,0
1,250,0 1,960,8
Astor Trust Co
42,434,0 2,374,0
5,000,0 12,587,9
Title Guar. de Trust Co
33,125,0
363,179,0
33,999,9
20,000,0
Co-_
Trust
Guaranty
621,0
10,060,0
1,000,0 1,250,9
Fidelity Trust Co
25,272,0 1,499,0
4,000,0 5,774,6
Lawyers' Title & Trust
5.926,0
88,097,0
8,591,0
2.000,0
Columbia Trust Co_ _ _
23,419,0 1,695,0
1.000,0 1,722,0
People's Trust Co
68,704,0 5,132,0
3,000,0 11,548,6
New York Trust Co__
1,312,0
,19,836,0
1,445,2
1.000,0
Franklin Trust Co
811,0
13,694.0
501,2
1,000,0
Lincoln Trust Co
3,813,0
55,758,0
5,484,4
2,000,0
Co
Metropolitan Trust
Totals, avge. for week 54,750,0 111,029,2 1,043,344,0 82,492,0
493,0
1,320,0
175,0
13,0
161,0
1,870.0
92,0
305,0
581,0
163,0
1,044,0
319,0
156,0
568,0
18,0
2,396,0
768,0
554,6
3,0
30,0
42,0
155,0
46,0
143,0
43,0
107,0
7,0
16,0
26,0
187,0
423,0
224,0
226,0
130,0
15,0
-
29,0
27,149,0 5,840,0
2,607,0
1,127,0 193,171,0 10,242,0
50,087,6 16,207,0
3.665,0
23,033,0 5,418,0
2,196,0
27,505,0 1,380,0
1,379,0
1,304,0 347,943,0 26,848,0
997,0
8,074,0
632,0
765,0
18,237,0
610,0
74.355,0 17,460,0
2,225,6
22,690,0 1,476,0
468,0
56,050,0 7,744,0
2,398,0
17,142,0 3,196,0
823,0
921,0
13,351,0
767,0
53,112,0 3,677.0
1,211,0
931.899,0 111,171,0
932,206,0 110,385,0
1,037,400,0
936,900,0 109.029,0
Totals, actual conditio Jan. 6
1,047,225,0
925,266,0 116,691,0
Totals, actual conditio Dec. 30
1,049,877.0
936,175,0 119,905,0
Totals, actual conditio Dee. 23
1,063,157,0
--- ------ ----Totals, actual conditio Dec. 16
-3-0,0 1-8-2,02-2,0 -28,89-170
3,353,4
470
0
3
25,
-755370
4-370 3,8815-3744470 4.02270 23-8
.7163731170 --E1
+41,0
Grand Aggregate, avge 190,550,0 344,848,5 3,344,032,0 341,926,0 +25190 +54.692,0 +2,804,0
+5,313,0
+525,0
+421,0
+340,0
+348,0
+2,431,0
+10,114,0 +208070
----------Comparison prey. wee
---------28,870,0
161,277,0
3,371,728,0
34,710,0
239,342,0
52.690,0 4,024,0 3,283,0 3,985.0
-85,0
Grand Aggregate,actua 1 condition Jan. 6 3,344,778,0 361,134,0 64,696,0 +985,0 +479,0 +151,0
+54,0-9,890.0-26230 +37,456,0 +1,492,0
+5.328.0 +318520 +6,618,0
------ ------Comparison prey. wee
28,955,0
-160,785,0
3,334,272,0
37731370
18721270
2
0-570 -3754-570 -37112:0 3,931,0 7
6-177-707870 166,082,0 28,838,6
Grand Aggregate actua I condition Dec. 30 3,339,450,0 196:282,0 --E8
48,132,0 3,687,0 2,559,0 3,541,0 239,922,0,20,799,013,300,759,0 171,324,0
28,852,6
Grand Aggregate actua condition Dec. 23 3,344,183.0 304,719,0 62,404,0
49,992,0 3,438,0 2,232,0 3,741,0 234,703,0'15,165,0 3,294,346,0
Grand Aggregate actua condition Dee. 18 3.342.471.0 310.617.0 63.117.0
a Includes capital set aside for Foreign Branches, 15,000.000.
7,260,0
86,524,0 10,596,6
83,355,1 10,529,0
80,200,0 8,538,0
81,951,0 6,685,0
4,664,0 2,153,0
5,948,0 2,250,0
5,487,0 2,153,0
4,913,0 2,298,0
5,093,0 2,157,0
658,0 46,626,0 21,502,0
724,0
649,0
829,0
869,0
46,636,0 29.775,0
46.861,0 32,976,0
45,586,0 17,651,0
46,750,0 11,663,0
STATEMENTS OF RESERVE POSITION.
Actual Figures.
Averages.
Cash Reserve Reserve in
in Vault. Depositaries
Total
Reserve.
a Reserve
Required.
1
Inc. or Dec.
Cash Reserve1 Reserve in
from
Surplus
Reserve. PreviousWeek in Vault. Depositaries
I
Total
Reserve.
b Reserve
Required.
Surplus
Reserve.
Inc. or Dec.
from
Previous Week
$
$
3
$
118,517,540 +17,612,090
Members Federal
263,610 +28,636,530 335,165,000153,547,15)0 519,012,000400,494,460
+1,234,060
Reserve Bank_ _ __ 321,714,000 183,236,000.504,950.000397,686,300107,
1 42,061.0001 8,859,000 50,920.000 41,105,700 9,814,300 +4,259,600
41,986,000 8,691,000 50,677,000 40,689,540 9,987,460 +1,477,00 105,318,0
12,109,600
State Banks*
46,636.0001161.954.000139,844,400
96,569,000 46,626,000143,195,000139,784,850 3,410,150 -1,788,450
Trust. Companles•
340 +23,105,750
j482,544.006239,342,000,721,886,000581,444,560 140,441
,661,220 +28,325,080
117,335,690 +27,271,430
Total Jan. 6_ _ _ 460,269.000 238,553.000698.822,060578,160.780120
+12,722,550 442,610,000249,232.000,691,842.000 574,506,310
Total Dee. 30____ 427,343,000 233,240,000660,583,000568,246,860 92,336,140 +8,088,540 418,942,000239,922,00q658,8134,000 568,799,740 90,064,260 -4,383,060
Total Dec. 23....417,769,000228.291,000 646,060,000566,446,410 79,613,590 +3,610,88 '427,164,000234,703,000661.867,000567,419,680 94,447,320 +20,658,480
Total Dec. 16....... 414,872,000223,412,000638,284,000 564,758,950 73,525,050
of the Federal Reserve Banks
• Not members of Federal Reserve Bank.
Banks and Trust Companies, but in the ease of Members
a This is the reserve required on Net Demand Deposits in the ease of State
$2,433,300: Dee. 16, $2,551,150.
was as follows: Jan. 8, S2,500,350; Dec.30, 52,439,300; Dec.23,
Includes also the amount of reserve required on Net Time Deposits, which of State Banks and Trust Companies, but in the case of Members of the Federal Reserve Banks
b This is the reserve required on Net Demand Deposits in the case
52.421,100; Dec. 16, $2,522,650.
was as follows: Jan. 6, S2,502,400; Deo 30, 52,444,350; Dee.23,
noludes also the amount of reserve required on Net Time Deposits, which
THE CHRONICLE
JAN. 13 1917.]
143
In addition to the returns of "State banks and tnist emir
The State Banking Department reports weekly figures,
•showing the condition of State banks and trust companies panics in Now York City not in the Clearing House," furnished
In New York City not in the Clearing House, and these are by the State Banking Department, the Department also
shown in the following table:
presents a statement covering all the institutions of this class
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER in the whole
State. The figures are compiled so as to distinNEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.) Differences from guish between the results for New York City (Greater New
previous week.
Jan. 6.
3754,970,900 Inc. $1,599,600 York)and those for the rest of the State, as per the following:
Loans and investments
251,600
Gold
62,156,700 Inc.
For definitions and rules under which the various items
385,700
Currency and bank notes
10,777,500 Dec.
Total deposits
954,949,200 Inc. 31,037,800 are made up,see "Chronicle," V.98, p. 1661.
Deposits, eliminating amounts due from reserve
The provisions of the law governing the reserve requiredepositaries and from other banks and trust com807,321,300 Inc. 7,831,500
panies in New York City, and exchanges
216,615,200 Inc. 21,125,900 ments of State banking institutions were published in the
Reserve on deposits
Percentage of reserve, 28.5%.
"Chronicle" March 28 1914 (V. 98, p. 968). The regulaRESERVE.
- tions relating to calculating the amount of deposits and what
-7-State Banks
- -Trust Companies
158,608,600 9.27%
$14,425,600 11.41%
Cash in vaults
125,421,600 19.88% deductions are permitted in the computation of the reserves
18,259,400 14.44%
Deposits in banks and trust cos_
were given in the "Chronicle" April 4 1914 (V. 98, p. 1045).
$183,030,200 29.15%
332,685,000 25.85%
Total
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 qty outside of the
Clearing House,compare as follows for a series of weeks past.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit ciphers in all these figures.
Week ended- Loans and
Investments
Oct. 14
Oct. 21
Oct. 28 Nov. 4
Nov. 11
Nov. 18
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Dec. 30
Jan. 6 1917
Demand
Deposits.
4,070,418,5 4,055,441,7
4,052,003,8 4,041,662,1
4,038,408,1 4,056,792,1
4,080,815,3 .4,115,131,8
4,138,263,5 4,182,989.7
4,203,003,3 4,229,468,0
4,197,251.1 4,190,946.5
4,156,284.4 4,114,410,3
4,100,398,2 4,064,288,3
4.119,849.8 4.090,889,1
4,108,482,9 4,094,525,0
4,087,289,2 4,098,827,8
4,099,002,0 4,100,751,3
Specie.
Other
Money.
Total
Entire
Monty Reserve on
Holdings. Deposits.
414,560,1
409,552,6
436,941.7
453,886,5
464,025,3
442,854,6
410,973.3
387,700,4
402,429.0
412.602,2
418,483,9
424,819,1
455.225,7
$
71,244,9
75.817,3
78,566,6
78,019,6
74,591,0
68,277.9
67,383,8
72,047,8
74,500,7
74,989,5
72,791,1
75,592,2
77,977,5
485,805,0
485,369.9
515,508.3
531,906,1
538,616.3
511,132,5
478,357,1
459,748,2
476,929,7
487,651,7
491,275,0
500,411,3
533,203,2
840,263,4
835,547,5
877.385,6
010,437,9
918,457,7
806,342,0
848,605,1
805,744,0
814,149,2
825,012,2
334,734,5
850,072,3
915,437,2
Week ended Jan.6.
State Banks
Trust Cos.
State Banks
Trust Cos.
in
in
outside of
outside of
Greater N. F. Greater N. F. Greater N. F. Greater N. Y.
$
23,450.000
$
75,550,000
40,068.500
173,239,300
.14,654.000
14,381.600
411,798,100 1,687,605,000
+1,304.303 -2,835,100
166,119,000
-906,900
273,304,500
-532,300
Deposits
577,127,700 2,047,100,400
Change from last week_ +19,786,400 +46,486,700
182,396,200
+4,710,000
290,809,800
+7.190.500
Reserve on deposits
Change from last week_
119,875,900 363,630,400
+6,990,200 +19,452,800
32,866,500
+4,210,200
40,433,500
+5,958.100
22.4%
21_7(7,.
21.4%
12.1%
17.4%
15.2n.
Capital as of June 80_..._
Surplus as of June 30---Loans and 1nvestments__
Change from last weekGold
Change from last week_
48,770,100
+886,300
140,582,200
-50,400
Currency and bank notes_
Change from last week_
22,793,000
-906,400
17,299,800
-2,202,400
P. o. of reserve to deposits
Paronntfurn butt wk
27.2%
211 not.
$
11,783.000
$
14.900.000
+ Increase from last week. -Decrease from last week.
Non-Member Banks and Trust Companies.-Following is the report made to the Clearing House by clearing
non-member institutions which are not included in the "Clearing House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
CLEARING
Net
NON-MEMBERS. Capital.' Profits.
Week Ending
Jan. 6 1917
Loans.
Discounts,
'Nat. bks. Nov. 171 Invest'State bks. Nov.291 ments, &c.
Gold.
Average. Average.
Members of
$
Fed'l Reserve Bank
353,800 4,763,000 268,000
Battery Park Nat_ _ 400,000
084,400 5,539,000 170,000
First Nat., Brooklyn 300,000
606,300 5,982,000 191,000
Nat. City, Brooklyn 300,000
First Nat., Jets. City 400,000 1,287,900 5,043,000 218,000
770,100 5,075,000 163,000
Hudson Co. N.,J.C. 250.000
First Nat.. Hoboken 220,000
622,200 6,210,000 187,000
Second Nat.. Hobok. 125.000
32,000
316,900 4,970,000
Total
1,995,000 4,641,600 37,582,000 1,229,000
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash. Ina- 100,000
Colonial Bank
400,000
Columbia Bank__ 300,000
Fidelity Bank
200,000
International Bank_ 500,000
Mutual Bank
200,000
New Netherland_-_ 200,000
100.000
Yorkville Bank
Mechanics', Bklyn.._ 1,600,000
200,000
North Side, Bklyn
110,000
549,000
793,000
119,000
449,000
738,000
221,000
438,000
921,000
350,000
3,800,000 4,885,500 67,298,000 4,697,000
Total
Trust Companies.
Not Members of the
Federal Reserve Bank.
HamiltonTrust,13kin.
Mechanics',Bayonne
Total
436,500 2,100,000
930,100 8,806,000
703,800 8,547,000
197,100 1,480,000
134,000 3,661,000
495,200 7,608,000
208,800 3,997,000
642,500 0,612,000
933,200 19,820,000
204,300 4,571,000
Reserve A delft:omit
NatBank,Nat Bank Federal
Notes Ilte-1 Notes)Not Reserve
Deposits
with
National
serve for Counted
Legal with Legal
Bank
Net
Net
Bank
Silver. State Inas
DeposNotesiNot DeposDemand
Time
Circustitutions) Reserve.) Reserve] itaries.
itaries.
Deposits. Deposits. lation.
Average. Average. Average. Average. Average, Average. Average. Average. Average. Average.
$
62,000
64,000
5.000
4,114,000
522,000
177,600 190,000
41,000 143,000
11,000
27,000 496,000
322,000 5,156,000
63,000 299,0,00
68,000 143,000
8,000
9,000 707,000
308,000 6,155,000
120,000
521,000
84,000
24,000 1,609,000 4,729,000 5,451,000
12,000
392,000
16,000
92,000
3,000 513,000 1,096,000 4,272,000
155,000
196,000
21,000
43,000
19,000
16,000 477,000
484,000 3,697,000 3,151,000 216,000
42,000 123,000
2,000
3,000 474,000
339,000 2,450,000 2,245,000
98.000
Legal
Tenders.
771,000
692,000
4,000
201,000
26,000
12,000
1,000
45,000
58,000
85,000
164,000
42,000
62.000
531,000
335,000
30,000
22,000
240,000
159-000
321,000
940,000
150,000
19,000
31,000
175,000
13,000
1,000
45,000
59,000
132,000
144,000
20,000
638,000 2,790,000
639,000
500,000 1,147,400 8,760,000
303,000 6,430,000
200,000
590,000
111,000
57,000
46,000
15,000
77,000
700,000 1.450,400 15,199,000
707,000
103,000
92,000
Grand aggregate--0,495,000 10,977,500 120079000 6,633,000 1,512,000 3,874,000
-566,000 +155000 +81,000 - 139,000
Com petition,prey.wk
Excess reserve, 5442,970 decrease
Grand aggr to Dec.30 6,495,000 10,977,500 120645000 6,478.000 1,428,0003.713,000
Grand eget()Deo.23 0,495.000 10,752,700 120768000 6,452,000 1,546,000 3,511,000
Grand aggeteDec.16 6.495.000 10,752,700 121782000 6,642,000 1,408,000 3,488,000
Grand aggr'teDco. 9 6.498,000 10,691,000 122534000 6,683.000 1.522,000 3,435,000
Grand aggeteDee. 2 6,495,000 10,691,000 121524000 6,598,000 1,323,000 3,336,000
212,000
82,000 4,798,000 7,278,000 30,695,000 5,636,000 1,511,000
106,000
164,000 1,764,000
572,000
426,000 9,530,000
570,000
638,000 9,501,000
131,000 1,421,000
71,000
2,000 217,000
362,000 3,620.000
450,000
65,000 8,177,000
8,000 241,000
12,000 4.036,000
436.000
442,000 7,205,000
1,311,000 1,472,000 21,859,000
282,000
317,000 4,705,000
20,000
241,000
1,000
24-
134,000
377,000
246,000
66,000
400,000
30,000 4,256,000 4,029,000 71.884,000 1,223,000
44.000
47,000
11,000
21,000
359,000
165,000
91,000
32,000
524,000 1,064,000 10,494,000 4,097,000
576,060 7,188,000
991,000
488,000 3,306,000 3,106,000
730,000 453,000 144,000 9,578,000 12,371,000 113073000 10,956,000 1,511,000
+2,000 +10,000 -53,000 - 632,000 +1933000 --488,000 +61,C00 -1,000
728,000
812,000
806,000
745,000
648,000
443,000
291,000
300,000
361.000
272,000
197,000 10210000 10,438,000 113561 000 10,895,000 1,512,000
180,000 10396000 10,651,000 112056000 10,882,000 1,515,000
188,000 9.859,000 7,038,000 112633000 10,773,000 1,507,000
193,000 9.945.000 8,195,000 113847000 10,630,000 1,497.000
252,000 8,137,000 8.052,000 113823000 10.849,000 1.494.000
Philadelphia Banks.-Summary of weekly totals of
Boston Clearing House Banks.-We give below a
Clearing House banks and trust companies of Philadelphia:
summary showing the totals for all the items in the Boston
omit two ciphers (00) in all these figures.
Clearing House weekly statement for a series of weeks:
Loans,
Due
Disets
from
Invest'ts. Banks.
Deposits.
Bank.
Individl.
Total.
Reserve
Held.
Excess
Reserve.
Jan. 6.
$
3
3
Nat. bank. 374,905,0 93,552,0 172,844,0 327,378,0 500,222.0 76,759,0 19,231,0
Trust cos__ 154,490,0 3,798,0 3,530,0 143,372,0 146,902,0 26,105,0 5,240,0
Total ___ 520,395,0 97,350,0 176,374,0 470,750,0 647,124.0 102,864,0 24,471,0
Deo. 30- 529,874,0 93,283,0 170,198,0 463,811,0 634,009,0 96,565,0 19,323,0
Dec. 23.__ 535,586.0 83,226,0 168,444,0 458,787,0 627,231,0 95,132,0 17,310.0
Dec. 16...._ 544,309,0 83,489,0 170,655,0 459,986,0 630,641,0 90,177,0 11,684,0
Dec. IL..551,772,0 78,206,0 172,747.0 462,764,0 635,511,0 93,354,0 13,016,0
Dec. 2___ 546,473,0 87,172,0 178,078,0 473,960,0 652,038,0 99,653,0 18,006,0
Nov. 25-- 547,195,0 85,324,0 178,702,0 477,617,0 650,319,0 106,705,0 24,600,0
Nov. 18_ 541,896,0 90,601,0 184,682,0 479,469,0 664,151,0 114,654,0 31,986,0
Nov. 11- 540,172,0 87.160,0 185,328.0 477.681,0 663,009,0 113,843,0
,
Nov. 4_ 538,433,0 83,158,0 182,546,0 465,748,0 648,294,0 107.561,0 26,147.0
Note.-National bank note circulation Jan. 6, $9,112,000; exchanges for Clearing House (included in "Bank Deposits," banks, $23,148,000; trust companies,
$4,001,000; total, $27,149,000. Capital and surplus at latest dtaes: Banks,
364,175,600; trust companies, $41,295,200; total, $105,470,800.
•
BOSTON CLEARING HOUSE MEMBERS.
Jan.6
1917.
Change from
Previous week.
Dec. 30
1916.
Dec. 23
1916.
Circulation
36,372,000Dec.
$4,000 $6,376,000 $6,376,000
Loans,disc'ts & investments _ 434,996,6001Inc. 1,515,000 433,181,000 437,834,000
Individual deposits, incl.U.S. 362,697,000 Inc. 6,412,000 356.285,000 356,037,000
Due to banks
137,807,000 Inc. 17,248,000 120,559,000 119,335,000
Time deposits
30,591,000 Inc.
454,000 30,137,000 30,059,000
Exchanges for Clear. House_ 22,356,000 Inc. 4,453,000 17,903.000 17,472,000
Due from otner banks
47,424,000 Inc. 4,437.000 42,987,000 41,894,000
Cash reserve
22,825,000 Inc.
283,000 22,542,000 21,844,000
Reserve in Fed. Reeve Bank 33,323,000 Inn. 1,412,000 31,911,000 32,670,000
Reserve with other banks_ _
41.663,000,Inc. 9,350,000 32,313,000 29,915,000
Excess with Fed. Res've Bk.; 6,756,000 Inc. 1,007,000 5,749,000 8,168,000
Reserve excess In bank _ _
ldf.2654000
Excess with Reserve Agent
29,315,000 Inc. 9,178,000 20,137,000 17.664,000
Imports and Exports for the Week.-See third page
preceding.
144
THE CHRONICLE
Vaniting and financial._
CANADA'S FINANCIAL PROGRESS.
Address of the President and General Manager of The
Canadian Bank of Commerce at the Annual Meeting of the Bank.
Sir Edmund Walker is an international authority on banking, and his review of Canadian affairs at the Annual Meeting of The Canadian Bank of Commerce, of which he is
President, has come to attract wide spread interest from the
accuracy of its information and the comprehensive way in
which it deals with the affairs of the nation. His address
contained the following passages of general interest.
I shall not apologize as I did a year ago for asking you to devote your
attention to the material affairs of Canada at a time when the Empire and
.Its Allies are fighting for the greatest of all causes—the liberty of the world.
Canada has in that short time so enlarged her sphere of action that only
the blind could fall to see that every detail of our national life which aids
or hinders our power to serve in the great conflict is ofsupreme importance.
In the terrible winter of 1914-15 we did not realize that our aid was to count
for much in the struggle, greatly as we desired to help. We did not really
believe, despite the warning of Kitchener, that the war would still be raging
in 1917 with the end not nearly in sight. Now we do not talk of any definite time for the end; we only know that the last man, the last gun, the last
dollar, may be needed, but that we shall win beyond any peradventure if
the people in all the Allied countries can be made to understand what is
required of them.
[voL. 104.
before the war, and it is estimated that by the end of September securities
of all kinds had been returned to the value of $2,400,000.000, so roughly
about $1,600.000,000 remained abroad. Of this remainder the proportion
which can be made avilable for British war finance is too uncertain to form
a basis for an opinion of any value. Great Britain, however, holds a vast
amount in the securities of countries other than the United States. I have
seen the statement that about ninety per cent of the present exports from
the United States airses from war requireemnts. If this is even approximately correct, we can imagine the vast additional increase in wealth if the
war continues much longer,and the extent of the collapse in trade if it does
not.
UNITED STATES WAR TRADE.
The receipts of gold, therefore, have been huge, notwithstanding the
acquiring of so large an amount of United States securities. Coincident
with this there has been such an expansion of credit that bank reserves are
not as comfortable as they were a year ago, and the Federal Reserve Board
has sounded a note of warning which takes the form of a caution against
the purchase of British and French Treasury bills. This was immediately
followed by the withdrawal of an issue at that moment about to be offered
to the public. The United States has benefited more by the sale of war
supplies of all kinds than any other nation, and because of this they ought
to be the main source of credit for such supplies. Whore merchandise is
produced, credit as a rule must be extended, otherwise trade will decline.
Great Britain, because of the enormous production of gold within the Empire. is the only country that can buy largely for cash, although she also
must have liberal credit extended to her while the war lasts. The United
States for the time being, however, will sell goods to the Allied countries
for cash or will lend against collateral, but will not grant credit in the ordinary sense. What they fear is a sudden col.apse of the trade in war supplies. but such a collapse would be the natural result if the advice of the
Federal Reserve Board is literally followed.
AGRICULTURAL PRODUCTION.
The only direction in which the tide of prosperity in the United States
is not at tne full is in agricultural production. In a year when the world
is facing the highest prices of recent times, the great decrease in the wheat
crop, the moderate yields of corn and oats,the small yields of minor products
EXPORTS EXCEED IMPORTS.
and the adverse effect of high priced feed on the live stock situation, are
Turning at once to our trade with other countries, that being the best matters of deep concern. The individual producer may be compensated
indication of the tendency of affairs at the moment, we find that, leaving at least partially for the low yield by the higher price, but no comfort for
out the shipments of gold and bullion, both inwards and outwards, our ex- the consumer, weary of high prices, can be found in a world short of food
ports for the fiscal year ending 31st March, 1916, exceeded our imports and of almost every commodity that enters into his daily needs.
by $249,088,274, and that for the six months ending 30th September, 1916,
A matter of supreme importance to Canada, and for the requent reference
he excess was $141,100,898. We cannot keep in mind too clearly what to which no excuse is needed, is that we must as far as possible provide the
has happened since the end of our period of expansion in 1913, and a repe- cost of the war at home.
tition of the figures given last year will aid us to do so. '
COST OF THE WAR.
Excess
Excess
Imports.
Exports.
Imports.
Exports.
Fiscal Year—
At the end of October the war had cost us a little over 350 millions and
1912-13
$686,515,536 $377,068,355 $309,447,181
at our present rate of spending 300 millions more may be added during the
635,383,222 455,437,224 179,945,998
1913-14
coming year. From the excess of revenue over expenditure we may at
35,934,452
1914-15
497,376,961 461,442,509
the end of the fiscal year have 50 millions, or even more, to apply on war
$249,088,274 charges. To provide for so great a proportion of the total cost of the war
530,211,796 779,300,070
1915-16
141,100,898
6 mos. ending Sept.. 405,901,765 547,002,663
in this manner reflects great credit on those who are responsible for DoThe improvement from year to year is as follows:
minion Finance. We have managed to finance the remainder of the cost
$129,501,183 thus far partly by an account with the Imperial Government for oversee
1913 to 1914
144,011,546 and other disbursements, and partly by loans floated in Canada. Over
1914 to 1915
285,022,726 100 millions of the amount duo the Imperial Government has been funded
1915 to 1916
permanently, and most of the balance is offset by payments on Great
$558,535,455 Britain's account. Some loans for ordinary capital expenditures which
1913 to 1916
For the six months of the present year the gain over the astonishing could not be deferred were made in New York in 1915. In March, 1916,
a second loan was placed in New York, amounting to 75 millions, of which
figures for the first half of last year is nearly another 100 millions.
The gain of 285 millions in our foreign trade as compared with March, 25 millions was used to take up a corresponding amount of the 45 millions
1915,is almost all due to the increase in the value of the exports,the increase borrowed in July, 1915. In September a second loan in Canada was offered. This time the Finance Minister asked for 100 millions and the subin the imports being only 32 millions.
scriptions exceeded 200 millions, the banks receiving nothing on their unAN ENLARGED MARKET.
derwriting of a portion of the loan. These are such notable achievements
The sales of Canadian bond issues for the eleven months of 1916 are of that I am sure they cannot have escaped the memory of any Canadian, but
peculiar interest, showing how completely our reliance for the placing of I mention them for the benefit of the very large number of people outside
our securities is now transferred from Great Britain to the United States Canada who read our annual reports.
and to our own greatly enlarged market. The following statement has •
FINANCING MUNITIONS.
been prepared for us by the Dominion Securities Corporation:
Sold in
Next in importance to the question of our own war finance is the aid
Sold in
Great
Sold in
which has been extended to Great Britain by the placing in Canada of BritUnited States. Britain.
Canada.
Total.
Securities—
ish Treasury obligations or of Canadian obligations given on account of the
British Treasury. The Canadian manufacturer of munitions has not been
Municipal
$49.100,575 $13,567,055 $35,533,520
Railway
15,920,000
15,920,000
asked thus far to take pay for his goods in the form of Treasury obligations
Governments
200,545,300 83,350,000 117,195,300
he has received cash—but some one had to take these obligations, beMiscellaneous Corpor-•
cause, clearly, Great Britain could not place orders for war supplies to the
10,700,000 $8,000,000 extent of hundreds of millions of dollars and immediately find the cash with
6,050,000
ations
24,750,000
which to pay for them. The help given by our Government in this way was
Public Service Corporapparently at least 100 millions, doubtless partially offset by the expendi5,900,000
ations
5,900,000
tures incurred by the Imperial Government on behalf of our troops, but as
Canadian Co.'s operoperating in Foreign
to this we have no precise knowledge. The banks have been the only other
Countries
7,500,000
source of assistance as far as we know, and they have already lent on these
7,500,000
Imperial obligations 100 millions and have undertaken to lend an additional
Total
$303,715,875 $102,967,055 $192,748,820 $8,000,000 100 millions during 1917. If, however, we are to execute the orders for war
It will be seen that the actual sales in Canada of Government bonds are supplies which will be offered to us, and which it is our duty to undertake
considerably less than the amounts offered to the public in Canada. To the In order to aid in ensuring victory, we must be prepared to do very much
extent thus shown buyers in the United States have eventually become the more than heretofore. This is what gives to the forthcoming campaign
owners of these issues. Since August, 1914, Canadian securities to the of thrift its fullest meaning.
extent of about 50 millions of dollars which had been sold in Great Britain
BANK DEPOSITS.
or elsewhere in Europe have been returned. These have been either dideposits
of Canadian banks at 30th November last was
the
of
total
The
about
one-half
has
the
issues
rearranged
and
rectly resold or the nature of
date in 1914,
found a new market in the United States, the remainder being absorbed in $1,521,349,000, as compared with $1,288,985,000 at the same
Our deposits will, we trust, continue to in$232,364,000.
of
increase
Canada. The figures of such transactions are not included in the state- an
crease, but the extent of the increase will depend on the results of the camment of new issues.
paign of thrift, and only to a proportionate extent shall we be able to help
UNITED STATES GOLD STOOK.
in the way which we believe most vital in winning the war. We must of
The affairs of the United States are necessarily always of great interest course bear in mind that the war securities held by the banks are only a part
to us, but never more so than at the present time, and I hope that every of the resources which are being used for war purposes, and that the loans
shareholder will read attentively the carefully prepared report of our New made to every manufacturer of war supplies have to be included to indicate
York Agent. During the past year the United States has added to her gold the total extent to which their resources are so used.
stock, after deducting exports, about 400 millions in gold and is now estiPROSPERITY GENERAL,
mated to possess th9 huge sum of about $2,750,000,000 in that metal.
The Review of Business Conditions which accompanies our annual reFrom information obtabed in the United States, we learn that the imports
of gold from Canada for the ten months ending October were 385 millions port records prosperity beyond anything we have ever known in almost every
of dollars. This was, of course, almost entirely on Imperial Government part of Canada. This results from the existence of a market which needs
account. With the enormous volume of war business, the increase of credit almost everything we produce and which must pay almost anything the seller
made possible by the new Federal Reserve Bank Act, and this influx of gold, asks. If it is true that ninety per cent of the exports of the United States
trade has so increased that in many lines of business each month establishes a are a result of the war, much the same must be true of Canada, and in addinew record. An estimate of the foreign trade of the United States, given tion a large part of our home consumption is due to the requirements of the
by our New York Agent, places the excess of exports over imports from Canadian army. As individuals, almost all are gaining by the war except
August, 1914, to September. 1916, at $4,158,000.000. This is said to be those with more or less fixed incomes and without power to adjust the same
almost equivalent to the amount of United States securities held abroad a hen prices are high, and those who are engaged in business not connected
JAN. 13 1917.1
with war supplies. The money made by the individual, however, has, so
far as the nation is concerned, to be provided by a war debt incurred partly
by Canada and partly by Great Britain. We do netlike,the United States,
receive gold in exchange for a large part of our products, we even borrow
from the United States part of the cost of the war.
MAKING MUNITIONS.
remarks
A year ago we were able to make a few not very well-connected
regarding the manufacture of munitions in Canada. We sought, however,
to convey at least some idea of the scale on which we were working, and to
indicate that there are very few of our industries that cannot aid in the cause.
Although very many goods are being shipped, and contracts carried out
which do not come within the operations of the Imperial Munitions Board,
the War Purchasing Commission, the Department of Agriculture, or the
British War Office Purchasing Department at Montreal, such information
as can be gathered as to the operations of these bodies is useful. The shipments through the Imperial Munitions Board comprise empty, fixed and
complete shells, also fuses, brass cartridge cases, steel forgings, cordite,
tri-nitro-toluol, &c. During 1916 the total disbursements were about 320
millions of dollars, and while we have no information on which to hazard an
opinion as to the scope of operations for 1917, it is at least suggestive that
the actual business completed during the year amounted to about a million
dollars a day and that many manufacturers are only now ready to deliver
certain kinds of shells to the full capacity of the plants established for the
purpose.
WOMEN EMPLOYED.
A year ago women wore but little employed in making munitions, now
delay
they are working by thousands in munition factories, and while much
was caused by the necessity of creating new shop conditions for them, this
has been accomplished in many factories, and we can but hope that thoussands more of our women will come forward for this work and thus release
many men for the front. When we consider that there are 600 factories
in Canada and Newfoundland from the Atlantic to the Pacific, all making
munitions night and day, three shifts of eight hours, or for the women in
of the scale
some cases four shifts of six hours daily, we can get some sense
and 4,000
of operations. The supervision of all this requires between 3,000
inspectors and 600 other employees.
GROWTH IN DEPOSITS.
Our deposits show a satisfactory growth, the increase being $35,373,000,
of which over $25.000,000 is in deposits bearing interest; these include the
savings of the people and are therefore less subject to fluctuation than demand deposits not bearing interest. Through the medium of our Monthly
Commercial Letter, we have endeavored to impress upon the public mind
the necessity for the exercise of economy to a degreee never before known in
Canada, and we should like to think that some part of the increase to which
we have just referred has been due to the advice thus given. Canadians
cannot too often be reminded that only by the universal exercise of economy
and thrift to an extent to which they have in the past been strangers, and
by the setting aside of what is thus saved for investment in Government
loans or as bank deposits, can we do our share to provide the wherewithal
necessary to carry the war to a victorious conclusion.
OUR SOLDIERS' EQUIPMENT.
the War
This is all on Imperial account, but we find that the work of
on a
Purchasing Commission appointed by the Dominion Government is
similar scale. For the first year or more practically everything required
Great
by
supplied
for the upkeep of our army in England and France was
Britain on our account. Since then we have tried to supply its requirements direct from Canada, although this is possible only in the case of some
articles.
We have no knowledge as to the total amount expended by the Commission, but the following items will be interesting:
$35,000,000
Clothing, boots, &c
3,000,000
Motor trucks and other vehicles
3,000,000
Accoutrements
and
revolvers.. 17,000,000
Arsenal supplies, cartridges, rifles, machine guns
1
,000.000
Drugs and surgical instruments
6,000,000
Furniture, hospital supplies and stores
Transportation of troops to seaboard and to England, over _ _ _ 10,000,000
Maintenance of men while in Canada, not including pay,about_ 35.000,000
The Commission has purchased about 3 million pounds of fresh fish,
about half on Canadian and half on Imperial account.
WAR PURCHASES.
The purchases on Imperial account by the Department of Agriculture for
the year to 23rd December amount to 186,000 long tons of hay,450,000 tons
of oats, equalling nearly 30,000,000 bushels, and 187,000 tons of flour, the
amount expended in this way being over $37,500,000.
Among the purchases of the British War Office Purchasing Department
at Montreal for the past year, are the following items:
$1,000,000
Cottons and woolens
Foodstuffs—cheese, canned meats and vegetables, &c
20,000,000
iron
of
and
Miscellaneous merchandise
1,500,000
steel
1,500,000
Other miscellaneous merchandise
$24,000,000
There are, of course, thousands of articles not mentioned here which
many
millions; indeed,
are made in Canada, the cost of which represents
it is a most gratifying fact that Canada has been able to produce nearly
everything required by our army, the exceptions being binoculars, machine
guns, revolvers, motor trucks, and some leas important articles.
Since the war began we have learned much in the workshop, in the chemical and physical laboratory, in the refinery, in the counting house, in finance, indeed, in every walk of life. We have been able to form some estimate of our value among the forces of the Allies, from the boy in the trenches
to the father at home who is backing his son in so many ways, but do we
realize that what we do, or do not do, may turn the scale on which depends
victory or defeat. Our responsibility for the future of the Empire and of
Canada is so great that there is no room for slackness. We must do, not
many things, but everything that will help to win the war.
GENERAL MANAGER'S ADDRESS.
The great Canadian banks, with their nation-wide system
of branches, touch the life of the community so closely and
at so many points that the remarks of Mr. John Aird, the
General Manager,in reviewing the year's progress of the great
institution under his charge, cannot fall to be of interest and
of importance:
The shadow of the great European war has been the dominating influence
in business affairs during the year through which we have just passed.
No important new transaction could be undertaken without considering the
effect of the war, and in the conduct of the affairs of a great fiduciary institution such as a bank it has been necessary to give more consideration
to the factor of safety than to the factor of profit. Under these circumstances we feel that you will be well content with the results which we lay
before you to-day.
The Bank's profits for the year under review were $2,439,415,an increase
of $87,380 over the figures of the preceding year, a trifling sum when you
consider the increased amount of business on which it has been earned, and
the great activity which has prevailed throughout the year. We have felt
it our duty to render a large amount of assistance in their financing to both
the Imperial Government and the Dominion Government, and as rates of
Interest on this class of business are naturally low, our profits have been
reduced correspondingly.
145
THE CHRONICLE
A•
STRONG CASH RESERVES.
Our total holdings of coin and legals are $46,291,000, an increase of $6,389,000 over the figures of a year ago, but of this sum $6,000,000 is represented by a deposit in the Central Gold Reserves to cover the issue of note
circulation in excess of our paid-up capital, already referred to. These
holdings of cash represent 18.5% of the total of our deposits and circulation and 17.9% of our total liabilities to the public, and in view of the uncertainties of war conditions we are sure that you will approve our policy
of keeping strong in this respect. Our immediate available assets total
$129,341,000, equal to fifty-six per cent of our deposits and fifty per cent
of our total liabilities to the public. The largest increase in any one item
composing this amount is in British, foreign and colonial securities, Scc.,
which show an increase of over $15,500,000 and include the securities purchased and held for the advances which we have made to the Imperial Government to finance their purchases in the Dominion. There has been a
slight increase of $858.000 in our holdings of Dominion and Provincial securities and a decrease of $1,802.000 in our holdings of railway and other
bonds, debentures and stocks. We have thought it desirable, in view of the
exigencies of the war and of the requirements of the Governments of Great
Britain and Canada, to realize on these securities as opportunity offered.
This has seemed the more advisable because of the doubtful outlook as to
the future trend in the value of such securities.
THEIR SUPREME SACRIFICE.
Since our last annual meeting an additional fifty-nine brave and promising young men of our staff have laid down their lives on the field of battle.
Our complete casualty list as at December 31st is as follows:
84
Killed
175
Wounded
8
Missing
9
Prisoners
20
Ill
296
We have received many indications that our men are measuring well up
to what is required of them and are capable of taking their full share in the
wonderful operations at the front which are thrilling the world. Six of our
officers have been awarded the Military Cross and three more have been
recommended for it.
STAFF AT HOME.
We do not think it would be fair thus to express our pride in our banker
soldiers without adding a further word in commendation of the staff at
home. While we still have to expect that some of them will take up military
duty, we are satisfied that those who have remained at home thus far have
been actuated by the highest motives; indeed, the work of the Bank could
not be efficiently carried on without retaining the services of many men who
in other respects would be available for military service.
TRADE WITH ITALY.
A year ago you were advised that we had placed the facilities of this Bank
at the disposal of our Italian Allies for the purpose of receiving from their
citizens in this country subscriptions to a war loan. The situation in Italy
to-day is a very interesting one. The foreign trade of that country has
grown very largely during recent years. The trade of Germany with Italy
gradually overtook and then surpassed that of Great Britain, which was
formerly the largest. The war, so far as Italy is concerned, has brought
with it a serious dislocation of commercial intercourse, and the necessity of
finding fresh sources ofsupply in allied and neutral countries is very pressing.
With the active support and financial assistance of the British Government,
there was formed during the year, in London, a company called The British
Italian Corporation, Limited, which is intended, in collaboration with its
Italian counterpart, The Compagnia Italo-Britannica, to work for the
furtherance of commercial intercourse between the British Empire and
Italy. Among its objects will be financial participation in enterprises
which are likely to result in an exchange of products between the two countries and generally to facilitate the growth of British trade with Italy. The
project has the support of an important Italian bank, the Credit° Italiano,
and of two large English banks, the London County & Westminster Bank.
Ltd., and Lloyds Bank, Limited, and in view of the prospects of an increase
in trade between Italy and Canada we have subscribed for a certain amount
of stock. We shall watch the development of this enterprise with great
interest and in the hope that it may lead to mutually profitable commercial
relations.
BUILD DOMINION TRADE.
Similar projects with others of our allies are also under discussion, and if
the opportunity is given us we shall probably avail ourselves of it to a reasonable degree. It is by such international arrangements that we are hopeful of helping to build up after the cessation of hostilities the foreign trade
of the Dominion.
AFTER THE WAR.
As to the future, it is obvious, we think, that after the war finance will be
more liquid, inasmuch as the warring Powers are not likely to attempt to
float any more new loans for many years to come. They will naturally,
we believe, content themselves with funding at long dates their floating
and short dated debts. Before the war money was gradually increasing in
value, and there will be within the Empire many new enterprises as well as
others held up temporarily which will require financing. How soon these
will come into the market to borrow will depend•upon the willingness of the
public and of financial houses to encourage bona fide enterprises by reasonable rates for money. It will be natural for a Britisher to invest his savings in our own securities, particularly at the rates of interest which are
likely to prevail. We shall, therefore, watch this situation with increasing
interest, as future development at home and abroad may depend upon the
willingness of capitalists and others to accept a lower return from such investments than they can obtain under present conditions by simply investing their surplus funds in Government and similar securities.
THE CHRONICLE
iXanittrs' Gazttle.
Wall Street, Friday Night, Jan. 12 1917.
The Money Market and Financial Situation.—Waiting
for the Entente Powers' reply to President Wilson's peace
note pretty accurately describes the attitude of the security
markets up to a late hour on Thursday of this week. This
reply was given to the. public almost simultaneously with tho
receipt of Premier Lloyd George's address in Parliament and.
as both were characterized by the same spirit and tone, as
was the answer of the Allies to Germany's peace proposal
last month,the effect here was about what had been expected.
Security prices stiffened at first, but the matter had evidently
been discounted and the market to-day has been about as
reactionary and irregular as heretofore.
Saturday's bank statement, showing an increase of $23,000,000 and a total of about $140,000,000 surplus reserve,
foreshadowed the extreme ease which has prevailed in the
money market. Call loans rates have fluctuated between
23/2 and 1% per cent, considerable business having been done
at the lower figure, and rates for other classes of loans have
been correspondingly low. Meanwhile, gold previously held
abroad has continued to flow hitherward in large volume.
In addition to the above, bankers and others have been
interested in a proposed new British 5% long-time war loan,
to be offered to the public at 95.
An index of current industrial activity is seen in the Steel
Corporation's report of orders booked in December which
show an increase of nearly 500,000 tons and a total unfilled
at the end of the year of about 11,500,000 tons. This index
points to the fact that a declaration of peace in Europe would
probably not seriously disturb our leading industries for
some time to come.
Foreign Exchange.—Sterling exchange ruled firm during
the week. Gold imports to the amount of $49,400,000 from
Canada were reported. Continental exchanges irregular.
To-dn.y's (Friday's) actual rates for sterling exchange were 4 7234 for
sixty days, 4 758004 7585 for checks and 4 764004 7634 for cablos.
Commercial on banks, sight, 4 75 11-16; sixty days, 471 5-1604 7135:
ninety days, 4 6955 , and documents for payment (sixty days). 4 7134.
Cotton for payment,4 74%64 74 15-16,and grain for payment,4 75 11-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 890
5 8934 for long and 5 843405 847
/, for short. Germany bankers' marks
were 699/,070 for sight, nominal for long and nominal for short. Amsterdam bankers' guilders were 4034 for short.
Exchange at Paris on London, 27.8134 fr.; week's range, 27.81 fr. high
and 27.8134 fr. low.
The range for foreign exchange for the week follows;
Sterling Actual—
Sixty Days.
Checks.
Cables.
High for the week_ _ _ 4 7234
4 7585
4 763-4
Low for the week
4 71 15-16
4 75 11-16
4 76 7-16
Paris Bankers' Feancs—
High for the week _ _ 5 89
5 8434
5 8334
Low for the week_ _ _ 5 8934
5 8434
5 8334
Germany Bankers' Marks—
High for the week_
711-16
713-4
Low for the week_
6934
6934
Amsterdam Bankers' Guilders—
High for the week_ _ _
40 13-16
403-4
4034
Low for the week_ _ _
4034
40 13-16
403/,
Domestic Exchange.—Chicago, 5e. per S1,000 discount. Boston, par.
St. Louis. 100. per $1,000 discount bid and par asked. San Francisco,
100. per $1,000 premium. Montreal,.15625 per 31.000 discount. Minneapolis, 15c. per $1,000 premium. Cincinnati. par. New Orleans, sight,
50c. per $1,000 discount, and brokers, 50c. premium.
State and Railroad Bonds.—Sales of State bonds at the
Board this week include $25,000 New York Canal 4s, 1960,
at 106%; 86,000 New York Canal 43's at 1153/i to 116,
$10,000 New York State 41/0, 1965, at 110, and $69,000
Virginia 6s, tr. co. rects., at 57 to 613.
The volume of business in the market for railway and
industrial bonds was relatively heavier than last week and
prices in a list of 25 most,active issues, showed only two
declined, namely Chicago Milwaukee & St. Paul con. 43's
and International Mercantile Marine s. f. 6s. With the
exception of Now York Central deb. 6s, which gained from
111Y8 to 1123', the forward movement was only fractional.
Baltimore & Ohio p. 1. 33/2s gained from 943 to 95% and
American Tel. & Tel. col. 4s, Chesapeake & Ohio cony. 5s
and Rock Island ref. 4s moved up. Deb. 5s of the latter,
reversing their movement of a week ago, also advanced.
The bond issues of the various foreign Governments were
very active this week. The Anglo-French 5s fell away to
their low record of 923-, while the Russian 53/2s sold as low
as 86, though they did not remain long at these low levels.
Amer. Foreign Sec. 5s, Gt. Britain and Ireland 5s and 53/25
and Dominion of Canada bonds were also much in evidence.
Bond issues of the several States, which have been very
small for the past weeks, were also more active, as were the
United States Government securities.
Sales on a s-20-f basis, indicating, presumably, sales on
foreign account, have declined considerably, being $72,000,
as against $93,000 a week ago.
United States Bonds.—Sales of Government bonds at
the Board are limited to $1,500 3s, coup., at 10034 to 1013
,
and $1,000 4s, coup., at 110. For to-day's prices of all %
the
different issues and for weekly range see third page following.
Railroad and Miscellaneous Stocks.—A general decline was noted at the Stock Exchange during the early
part of the week. On Thursday, however, when reports
of Lloyd George's speech reached financial circles, making
clear that an early termination of the war could not be
reckoned on except at terms that Germany will not accept
until to do so as a last resort, caused a rally throughout the
industrial and railway lists. Atchison, Topeka & Santa
Fee advanced from 1063/
8 to 107, foll to 1043 and closed
at 1043/2. Canadian Pacific fell from 160, the high figure
[VOL. 104.
on Monday, to 157%, the final quotation being 158 M
3 •
Chicago, Milwaukee & St. Paul fluctuated between 91 %.
and 883, closing to-night at 883
%. New York Central
covered a range of 2 points for the week, while New Haven
fell from 51% to 4538. The last price being 463/2.
The industrial list showed a wider range of movement.
Munitions securities were strong, while the stocks of various.
copper and steel companies were weak. American Beet
3 to 97, but closed ex div. toSugar moved up from 94%
night at 92%. American Can and American Smelting &
Refining covered ranges of 3 and 4% points respectively
and the high, low and last prices for American Steel Foundrys, Atlantic Gulf & West Indies S. S., Central Leather,
Mexican Petroleum, Butte & Superior and United States.
Industrial Alcohol were 62%-57-613
/
4, 114/
8-100 3/
2-110/8,
9514.90 3/2..91
1063/2-101 /8-104,4734.45%-4632 and 121
115%-119%. Motor issues fell away sharply, General Motors dropping from 140 to 106, the last price being at 107.
For daily volume of business see page 155.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Jan. 12.
Sales
for
Week.
Range for Week.
Lowest.
I
Highest.
Range for 1916.
I
Lowest.
Highest.
IS
Par. Shares $ per share. I$ Per share.
per share. S per share.
Acme Tea temp etfs_l
3
5655 Jan 11 57
Jan 6, 51
Aug 6934 Nov
Adams Express
100
200113734 Jan 8140
Jan 81132% Mar 154% Jan.
American Bank Note_50
1
4334 Jan 61 433-4 Jan fit 3834 Sept 44
Oct
Preferred
50 50 5134 Jan lOt 5355 Jan 6! 5155 Oct 53
July
, American Express.. __100
10012634 Jan 912634 Jan 91123 June 14034 Jan.
Amer Malt ctfs dep_ _100 400 8 Jan 12 855 Jan 6 934 Dec 1034 Dec
Amer Tel & Tel rights__ 18,80 1 31-32 Jan 112 1-32 Jan (If 1% Dee 255 Nov
Associated 011
100 30 69 Jan 10 7054 Jan 12 62
Jan 77
Jan.
Atlanta Dirm & At1_100 500 1434 Jan 8 1555 Jan 8 1134 Sept 1834 Dec
Barrett Co rights
5,7371 251 Jan 11 3 Jan 6 334 Dec 4
Dec
Batopilas Mining__ _20 1,1001 14 Jan 10 134 Jan 6 134 June 334 Jan
Bklyn Union Gas
Jan 9 129
1001 300 129
Jan 0 126
Apr 13334 Oct
Brown Sam
300 67
Jan .0 67 Jan 9 50% Jan 76
Nov
Prete:red
1
100 100
Jan 9 100
Jan 9 95
Dec 102
May
Brunswick Terminal.100
800 9 Jan 10 954 Jan 10 6
July 14
Jan.
Buff Rcch & Pitts__ _100
110 9534 Jan 9 9555 Jan 9 92 May 100
July
Bums Bros
100 1,490 9055 Jan 10 93
Jan 8 66
Aug 9155 Dec
Cent & So Am.Teleg_100
1614634 Jan 614634 Jan 6 134
July 15234 Deo.
Chicago & Alton_
lee
Jan 11 20
5001 19
Jan 10 8
Feb 2434 Dec
Chic R I & Pao Ws dep_ 31,100 2934 Jan 12 33% Jan 9 31
Dec 38% Dec
Chic St P NI &0
L;3 111
100
Jan 8 111
Jan 8 114
Dec 123
May
Preferred
1001 10013434 Jan 10134% Jan 10 1315% Apr 139
Aug
Cluett,Peabody&Co_10
520 7234 Jan 12 73
Jan 8 68
Apr 76
Jan
Cons G,EL&P(Balt) 1001 700123
Jan 912334 Jan 8 10834 Mar 130
Dec •
Con Interstate Call _10 2,20017
Jan 11 18
Jan 10 18
Aug 2834 Nov
Continental Insur
_25 600 57 Jan 6 58
Jan 6 54 June 68
Nov
Cripple Creek Cent_ _100
10 30 Jan 9 30
Jan 9 32
Aug 50
Feb
Deere & Co pref__ _ _100 600 9834 Jan 9 98% Jan 9 • 89
May 9934 Dec
Detroit Edison
100
13014334 Jan 10 14355 Jan 10 131
Mar 149
Nov
Duluth SS & Atl_ _ _ _100
200 5 Jan 11 5 Jan 11 455 Mar 9
Dee
Preferred
100
100 10 Jan 11 10 Jan 11 10
Jan 16
Dee
Gaston, W & W_No par
800 35% Jan 12 37% Jan 9 35
Dec 51% Oct
1Iattman Corp
2751 77
100
Jan 9 77
Jan 10 75
Dee 78
Dee
Homestake Mining_ _100
1651130
Jan 913034 Jan 10 126
Jan 13555 Oct
• III Cent leasel lines_100
1091 7854 Jan 12 78% Jan
Int frarvest N J pref_100
100 118
Jan 9 118
Jan 9 114
Feb12334 Dec
Int Harv.ester Corp_100 2001 83% Jan 12 8555 Jan 11, 6834 Mar 0034 Dec
Int Nickel pref v t 0_100
4101108
Jan 6 108
Jan 6 105
Aug11134 Feb
Kings Co E L & P 100
2751120
Jan 11 122
Jan 8 12134 Dec 131
Feb
Rights
230 234 Jan 11 2% Jan 11
Laclede Gas
100 500,10255 Jan 1110334 Jan
, 100
Dec 118% Nov
Loose-Wiles Blocult_100 2,8501 24
Jan 8 27
Jan 9, 14
Sept 34
Oct
21 preferred
100
100 55
Jan 6 55
Jan 6: 45
Dec 65
Oct
Manhattan Shirt... .400
1001 77
Jan 6 77 Jan 61 55
Feb 77
Deo
May Dept Stores
1
100! 61% Jan 9 61% Jan 9, 5055 Jan 72
Nov
Nat Cloak & S pref 10
30,111
Jan 11 112
04
Jan 101106
May 113
Feb
No:folk Southern_ _'Vol Ina 2854 Jan 12 2854 Jan 12! 20
Apr 3155 Deo
Nova Scotia 8 & 0..4
600111
Jan 9 118
Jan 9. 105
Dec 156
No
Owens Bottle-Mach,. _25 600 100
Jan 12 100% Jan 91 83
Sept 105
Dec
Pacific Tel &Tel__ _100 400 33 Jan 6 34
Jan 12 32
Dec 44
Jan.
Pan-Am Pet & T pref100 300 9754 Jan 10 98 Jan 10. 9634 Dec 10155 Dee
Pere Marquette w 1____ 5,500, 3034 Jan II 33
Jan 61 3634 Dec 3834 Deo'
Pifer pref WI
400, 70 Jan 8 7134 Jan 61 72
Dec 7334 Dee
Preferred w I
Jan 8 57
Jan 8;
Pitts Steel pref
1001 60010134 Jan 11 102
Jan 81 9335 Feb 106
Oct.
Quicksilver Mining_100 800, 2
Jan 6 2% Jan 8' 2
Nov 654 Jan
St Louls-S F pref A_100 400 40 Jan 9 42
Jan 9, 45% Nov 5054
Roebuck pref..10e
200 127
Jan 812734 Jan 12,125
June 12755 Dee
Dec'Sars,
Texas Co subs full pd.. _ .. 1,550 23054 Jan 8238
Jan 9,
Tol St L& West tr rects_ 1,300! 7
Jan 12 7% Jan 121 5
May 12
Dec
Tol St L & W pref_ _100
100 16
Jan 6 10
Jan 6 16
Feb 2434 Dee
Un Cigar Mfrs
1
200, 4455 Jan 11 44% Jan 8 42
Deo 64
Mar
Preferred
10
300 108
Jan 12 110
Jan 8 106
Feb111
May
United Drug
100 3,415' 6934 Jan 10 73
Jan 12 72
Dee 80
Nov
1st preferred
50
1001 53% Jan 10 6334 Jan 10, 5234 Nov 5355 Dee
20 preferred
1
200 8955 Jan 1 91
Jan 9 01
Dee 9534 Nov
US Expros.s.
10
300 21
Jan 12 2151 Jan 12 22
Dec 49.5. Apr
U S Realty & Impt_ _100 3,2001 14
Jan 11 20 Jan 8 25
June 49
Feb
Wells, Fargo Express 100 1,310410534 Jan 1114234 Jan 812334 May144% Dee
Westinghouse E&M rts. 13,520
55 Jan 11
% Jan
White Motor(new_ _ 50 2,000 48% Jan 11 4955 Jan 8
Dee 59% Oct
f)_ 45
1061
101
Outside Securities.—Sales of securities on the Broad
Street "curb" were large, but prices, as on the Stock Exchange, were irregular. Atlantic Steel fluctuated between
135 and 140, and Butterworth-Judson between 48 and 51.
Carwen Steel gained from 11% to 124, the final quotation
being 123'. Central Foundry moved up a fraction to 24%,
but closed at 23, while the high, low and last prices of Marlin
Arms, Midvale Steel, Mitchell Motors and Submarine Boat
were 59-53-53, 6254-60-613/2. 55-53-54 and 24%-19%-23.
United Motors fell from 47 to 41. Wright-Martin Aircraft
and Chevrolet Motors covered ranges of 432 and 35 points,
the high and low being 15 y2-11 and 135-100, respectively.
Standard Oil subsidiaries sold well. Atlantic Refining
moved between 1090 and 1070, Illinois Pipe Lino between 242
and 240 and Standard Oil of New Jersey between 715 and
707. Galena-Signal lost from 190 to 187, while Standard Oil
of New York covered a range of 5 points. The other Oil
issues, most of which sell on a "cents a share" basis, were
active this week. Among the bonds traded it at the "curb"
were $600,000 American Tel. & Tel. new 5s at 100 to 100%,
3 $75,000 Russian
$125,000 Midvale Steel 5s at 973 to 97%,
Govt. 63/28 at 98 to 98%,$185,000 Cosden Oil 6s at 1053. to
1093/2, and $425,000 Sinclair Oil 6s at 1103' to 112%•
A complete list of "curb" market transactions for the week
will be found on page 155.
Record, Daily, Weekly and Yearly
New York Stock Exchange-Stock
OCCUPYING TWO PAGES.
147
For record of sales during the week of stooks usually Inactive. see preceding page.
PER SHARE
PER SHARE
Range for Previous
Range for Year 1916
STOCKS
&tutor
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Year 1915
On Oasts of 100-share lots
NEW YORK STOCK
the
EXCHANGE
Week
Friday
Thursday
Wednesday
Tuesday
Monday
Saturday
Highest
Lowest
Highest
Lowest
Shares
12
Jan.
11
Jan.
Jan. 10.
Jan. 9.
Jan. 8.
Jan. 6.
Railroads
Par $ per share $ per share i',ashore $ per share
share
per
$
share
share
per
share
per
$
$
per
share
$
S per share $ per
9212 Feb 11114 Nov
Atch Topeka & Santa Fe_100 10014 Apr 22 10878 Oct 5
10484 10418 10478 40,200 Do pref
96 Jan 10218 Nov
1058 10658 10512 10712 10412 10738 10418 10518 104
100 x9812 Dec 29 102 Feb 24
4,535
987 99
99
99
9878 988 983 99
9878 99
99
99
98 Mar 116 Nov
100 10612 Apr 19 126 N ov22
600 Atlantic Coast Line RR
117
11618
8
1175
117
11778
1171
11812
*11712
118
*11612 118 *11712
6384 Feb 96 Dee
Ohio
100 8112 Deo 21 96 Jan 4
0o p
5,000 BallUmore4
84
84
838 84
8334 8418 8338 8342 834 8338
8358 84
67 Feb 7984 Nov
100 7213 Aug 30 80 Jan 15
630
7512 7512 7512 7512 7512 7512 7512 *7512 7612
8314 Aug 93 Apr
7514 7514 */5
400 Brooklyn Rapid Transit 100 81 Dec 21 8878 June 6
82
*8134
82
82
*8112 82
*8114 82
8134 8134 8114 82
100 218212 Mar 1 18334Jan 3 138 July 194 Nov
20,100 Canadian Pacific
15612 159
58
33
148 16
2 158 159
54
93
14
15714 160
15758 15934 16
15812 160
3558July 6484 Nov
100 58 Apr 24 71 Oct 19
6
38
318
2 6
37
95
4 *ff,
6478 6414 6434 64,2 6478
83
14
1014 Jan 1712 Nov
1134 Apr 24 164 Dec 7
1312 1418 1318 1312
1378 1378 1312 1312 1312 14
2512
May 4112 Nov
24
4712
27
33
Apr
Oct
pref
100
Do
1,900
39
3834
40
3912 40
40
397 40
40
40
7734July 10118 Dee
14,300 Chicago Milw Sc St Paul--100 89 Dec 21 10212Jan 3
89
8778
4
883
87
8834
91
91
91,2 9012 9112
91
91
12 13618 Jan 5 1207 Sep 135 Dec
pref
100
123
Dec
Do
2,800
12412
12412
12412
12434 12434 12458 12434 12434 12434 12412 12434 12412 12018 12014 121
D go&Northwestern_100 123 Dec 15 13478Jan 3 11812July 13518 Nov
3,800 Chleao
12212 12212 122 12212 1217 12258 120 12158 12018
prof
100 §165 Apr 13 176 Dec 11 163 July 1180 Nov
512 *170 175 *170 175
73
'34
72
0 13
*170 175 *170 175 *170 175 *13
1012July 3858 Apr
8,600
Chicago
Rock Iii dr Pao___100 1512 Apr 22 4034 Dec 7
30
7
8
3014
3158 32
33
3314 3314
3218 3214 33
38 Apr 27 62580ct 27 t21 Jan 52 Oct
400
°ley
Cin
Chic
&
St
Louis_
_100
53
*51
51
51
58
*50
58
50
50 .45
*50
52
534 Feb 77 Oct
Do pref
100 70 Feb 2 86 June14
81
*783
4
80
4
*783
*7834 81
*7834 82
*7834 81
*7834 82
24 Mar 3812Nov
Colorado & Southern
100 2434 Apr 24 37 Oct 27
30
*27
30
*28
30
*28
*29
33
*29
32
*29
32
45 Jan 60 Nov
100 46 Apr 1 6218 Oct 18
506 Do 1st pref
58
5678 5678 *56
57
5712 5712 57
58
58
*56
*56
35 Sep 52 Nov
57%Junel0
Do
100
40
Mar13
2d
45
pref.
*35
45
*35
45
*40
45
*40
45
*40
*40
50
300 Delaware dr Hudson
100 1487 Dec 21 156 Oct 4 13811 Aug 15418 Nov
14978 14978 *149 151
•14934 151
150 150 *14934 153 *14934 151 •
238 Delaware Lack & Western__50 216 Mar18 242 Nov 6 199% Jan 238 Nov
*230 240
240
*230
240
*235
*23734 240 *235 240 236 236
1612 Nov
4 Jan
300 Denver & Rio Grande-AO°
17
88 Mar30 2314 Oct 25
1534 1534 *13
18
*113
*1514 17
17
11
17
17
612 Jan 2958 Nov
2,000 Do pref
36
100 15 Mar 8 521200t 25
36
3/
37
37.2 38
41
3814 3814 374 3818 *35
1978 Feb 4558 Nov
100 32 Apr 22 4358Jan 3
32% 28,100 Erie
3134
3218
3118
3318
32
3314
3278 3314 32% 3314 3278
,
1ov
3214 Feb 59121
100 46 Dec 21 5918 Jan 3
47
4734 4714 47,3 2,500 Do 1st pref
4778 48
48
4318 48
4812 4812 4s
27 Feb 5414 Dec
Do 2d prof
100 40 Dec 21 5412Jan 3
3734 3734 3734 3712 3712 --------1,300
314 3734 3714 3714 3734 11634
100 115 Dec 21 12712Jan 4 11234 Jan 12888Nov
11513 11612 7,400 Great Northern pref
11634
1143
4
11578
1163
8
/
4
1161
11634
11612 116% 116,4
2514 Jan 54 Oct
1
4 3538 3558 3614 6,000 Iron Ore properties__AVo par 32 Dec 21 5034Jan 3
3614 34/
3534 3614 3534 3814 3818 3618 3578
99 July 113 Apr
100 9934 Apr 17 10978 Oct 5
1,200 Illinois Central
105,8 10518 106 106
10514 1054 10534 10534 *104 1081 1 10434 10514
1878 July 2512 Nov
15
15
1518 11,900 Interbor Con Corp, vte No par 1512 Dec 21 2118 Jan 3
15
1514
15
1518
15
1538
1518 1558 14,4
70 July 82 Nov
100 69 Dec 21 7712Jan 3
3,900 Do pref
6938 6938 0913 70
1
4 694 70
6912 8,414 69/
69
2058 Feb 3518 Nov
2418 ;`..1.i- -2-4-1i 1,700 Kansas City Southern_ _ _100 2318 Apr 28 3214Jan 4
2418 2412 24
/
4 2458 25
'I'518 25.2 2518 251
1
4 Feb 6512 Nov
54/
100 5658 Dec 21 6478 Jan 3
400 Do pref
57/
1
4
5658 5734 5758 5758 *56
*5658 58
60
*37
60
*57
5 Jan
100 10 May 2 30 Dec 7
1658 Dec
500 Lake Erie & Western
2312 2312
25
*22
25
*23
25
*23
25
*22
25
*22
19 May 4112 Dee
100 32 Apr 20 5512Nov 2
r12 . 100 Do pref
*1?
p'
15
1
*5012
5
(
(
178
4
533
4
503
*5012
8
505
505
53
*50
6458 Feb 8314 Nov
7412Jan 31 371 Oct 5
50
Lehigh
Valley
3,520
7
7
78
774
78
7712 7712 7713
78
78
15 Jan 2758 Oct
50 20 Jan 31 4112June12
3,600 Long Island
34
3458 3458 34
3513 354 3514 3434 35
3412 3412 34
700 Louisville & Natihville___100 1214 Mar 1 140 Oct 5 10412 July 13012 Nov
13114 1314 *13114 13234
13212 13212 13112 132
133 133 *132 133
June 132 Dee
125
27
128
Oct
100
Apr
28
132
Elevated
131
Manhattan
*127
130
*128
*128 130 *128 130 *128 130 *128 130
26
1,800 Minneap Sc St L (new)....100 26 Oct 5 36 Oct 27
*25
26
25
29
*25
*2513 30
26
26
26
26
116 Dec 22 130 Oct 4 106 Jan 12612 NoV
500
-100
11J
Minn
M-__
*114
St
Paul
dr
8
S
116
*112
.117 11812 *116 11812 115 11614 *116 118
100 12812 Sept26 137 Jan 15 123 June 136 Dee
Do pref
*125 133 *128 138
*128 135 *128 133 *128 133 *128 133
4 Sep 1514 Apr
12,200 Missouri Kansas &Texas.100
34 Sept 6 1314 Dec 18
74 858
838 9
914
8
934
91
978
9
10
10
1018 Sep 40 Apr
500
1814
Do
1818
pref
100 10 Apr 3 2414 Dec 18
18
18
1812
1313 1812 1812
*18
21
*18
20
184 July
1814 Apr
7
Dec
400
22
1318
Missouri
1
100
314
Sept
1318
Pacific
14
*13
14
1413 14
14
14
1412 .14
*14
712 Nov
3 Dec
7:9
700
00 mT
Trust
tssro
us
u ep
oac
13
158 15
citpca
314 Sept 1 2214 Deo 7
wIedwefwos
,32_.
10
3531 3
hIetn- 1_.
13142 3
3
13
1058
3
1418 3
1418 13
144 14
1418 14
14
6
Deo
224
3812
6
Sept
3112
3114 3134 3111 3158 31
3112 317
Dec
7
1,620
Do
pref
64%
(or Inc bonds) do___
4784 Sept 5
58
5858 5912 5912
59
59
5912 58% 58% 58% 59
59
8112 Mar 11012 Dee
Newc
York Central
00
0 isT
100 1004 Apr 22 11414 Oct 5
30
10034 10112 1007 10114 13.6
10214 103
10212 103
10158 103
10212 103
30 June 465811Dee
St Loutraulls
*3412 36
100 33 Apr 17 4584 N ovll
3434 33
40
*38
40
41
*38
3818 3818 .38
43 Feb 89 Oct
10
4634 40,300 N Y N H & Hartford
100 4913 Dec 21 7778Jan
45
464 4912 4518 4758 4458 47
5114 5114 4318 51
2184 Jan 35 Apr
2,000
N
Y
2
Dec
28
Ontario
5
28
&Western
100
28
May
2812
3458
28
28.2 204
29
*28
28132818 2812 29
9912 Jan 12252 Dee
4,926 Norfolk Sc Western
100 114 Mat 1 14718 Oct 16
13388 13384 13218 13358 13214 133
13318 13318 133 13434 131 135
8012 Sep 90 June
7,6
100 No
D
May22
90
2toherandipuasetim
*86
8918
ne
e
8418Feb
25
90
nt
100
*85
pref
90
*86
89
80
90
*86
9918 Feb 118% Dec
1,
02
100 108 Dec 21 11878 Jan 4
08
63
2 15
ioil iiii" 15
110 11018 x108 10814 10712 109
Feb 6112 Nov
15
°6
71
4
10
56
8
38
5
8
51%
15,775
Pennsylvania
50 55 Sept12 60 Oct 4
1
4 58,2 5834
5834 56/
5634 57
567 56% *75
65 May 86 Nov
83%
Pitts CmSc St Louls_100 78 Feb 17 88 June 5
83% *75
3378 *75
837, *75
8378 .75
*75
8378
9812 June
June
90
13
Jan
9834
/
1
4
00
*89
9018
Jan
26
88
.89
100
/
1
4
90
9018 *89
9018 *89
*89
03
*89
69% May 8558
9714 100
9318 99/
1
4 83,800 Reading
50 754 Jan 31 11512 Sept27
10112 10214 10034 10214 10134 10212 9934 102
Sep 45 June
29
Feb
4058
*4312
44
1st
41%
Feb
19
46
*4314
44
50
44
preferred
*4314
44
*4314
44
*43.1
*4318 44
40 Feb 44 Apr
*4412 46
-50 411s Feb 21 52 May19
2d preferred
*4412 48
*4412 46
*4412 48
*4412 48
*4412 4t1
24
5,100 St Louis & San Fran new (w I). 1512 May18 3012 Dec 18
2234 231
2514 2158 2458 2412 2412 2358 2112 23
25
11 Sep 23 Nov
Southwestern____100 16 May 4 3212 Dec 19
Louis
*27
100
St
28
3212
28
3212
*23
3212
*28
3213
*2S14
*28
3212
100 34.2 Sept I 57 Dec 18
29 Sep 4512 Dec
200 Do pref
52/
1
4 *50
52/
1
4 5014 5038
52/
1
4 *50
52/
1
4 *50
*50
57
.
52
1118 July 204 Nov
2,100 Seaboard Air Line
100 14 Apr 22 1914 Dec 18
17
17
1678 1678 161 167
17
17
17
1738 17
17
3014 July 4384 Nov
100 344 Apr 24 42ta Oot 10
3712 3834 3714 3714 3713 3778 1,400 Do prof
39
*38
384 3878 3712 39
Feb 10418 Dee
814
9414
Apr
22
1044Jan
4
11,20°
Southern
100
9658
97
Pacific
Co
97
9512
9812 9718 9714 9738 9614 9714
9834 97
124 July 26 Nov
100 18 Apr 24 3634 Dec 18
3158 2958 3012 3014 3034 47,600 Southern Railway
30
313g 3134 3014 3218 3118 317
42 July 85 Nov
1,550
Do
pref
Apr
24
7312
Dec
18
69
56
6812
100
8812
68.2
69
69
89
6812 6812 6812 6812 69
812 July 1778 Apr
612Feb 14 2134 Dec 18
1714 2,100 Texas Sc Pacific
100
1734 1812 1712 1734 1713 1713 17
1858 1858 *1813 19
35 Jan 6413 Oct
4512 4512 4512 2,100 Third Avenue (New York) 100 48 Nov22 6312 June22
4513 4558 45
46
4612 46
4712 47.2 46
July 100 Apr
90
June
8
99
Twin
City
Mar24
105
94
95
Rapid
Transit..
100
95
.90
*91
95
*90
9314 9314
95
*00
95
*92
100 12934 Apr 22 1533s Oet 24 11534 Jan 1414 Nov
8 14358 143 14358 27,200 Lintel Pacific
14338 14414 14318 14458 14334 14434 143 14438 1417
z79 Mar 8418 Nov
8412
Sept29
z80
1
Do
pref
100
Sept
8412
1,660
844
8412
84
8458
84
835
8
8458
8343 mit 83
8314
734 May 9 21l Jan 4
8 Jan 2711 Oct
640 United Railways Itiveet._100
10
104 1014 1018 104 --- _r.
*1012 1114 1013 1012 10
2114 Mar 4734 Oct
100 17 Senn() 3934Jan 3
2112 20 -21-- 1,600 Do pref
21
24
2014 214 *21
21
21
24
•22
1258 Oct 1712 Nov
Jan 3
17
Sept13
Wabash
100
1313
4,700
147
_
1458
---1412
14%
14%
1434
1434
1412
1434 15
4378 Oct 4914 Nov
100 414 Mar 1 604 Dec 4
56
5312 5412 5334 5434 5312 5414 5418 -5-41-2 18,890 Do prof A
54
5512 56
2512 Oct 324 Nov
100 25 Apr 22 3278 Dec 4
3,100 Do prof 13 do
2834 29
*2314 29
2938 29
2914 29
29
29
30
30
914 Jan 354 Oct
3412
Mar
27
28
Feb
Western
100
2412
Maryland
4,200
271
/
4
2612 *2612
274 *2634 274 26
2714 27
27
2714 27
?e2
Jan 5058.
25
100 40 Mar 7 55 Oct 16
100 Do pref
44
*41
42
42
*12
45
*42
45
45
45
*42
*42
Dec
7
&
Dec
12
2758
Wheeling
Lake
E
Ry
w
I__
21
8,500
8
2114
205
2078
2012
2114
21%
21
2118
2058 2112 21
2114
Dec
7
Dec
21
5812
46
Do
preferred
when
issued_
4912 *4312 4912 1,200
48
50
50
*49
50
51
*50
51
50
28 July 45 Nov
33 Apr 19 5612July 2°
5234 *5112 5312 1,400 Wisconsin Central
52
53
52
52
*50
53
5134 5134 52
Industrial & Miseellaneo
.lira
5
2134
Dec
22
Aug
14
Rumely
100
Advance
1,100
1734 *1714 18
174 *17
18
1812 1813 17
18
1734 18
100 3058 Oct 10 43 Apr 2,
250 Do pref
36
*34
36
*35
36
36
37
§37
37
37
37
*36
50 63 July31 8918 Dec 11
74
2,300 Ajax Rubber Inc
7234 7334 3170
74
73
73
72
72
72
7238 73
4 -17jeC - -4'61; -API'
10 1014 Dec 21 2612 Jan 7 - 21-11012 2,000 Alaska Oold Mines
1058 1078 1034 1078 1012 1058 1038 1012 1013
*1034 1114
95 Dec 1312 Nov
712
2,300
Alaska
Juneau
Gold
MIn'ir_10
634 Oct 9 1014 Jan 7
7.2
712
7
718
7
718
718
7
7
718 7%
Jan 494 Oct
Nov25
7%
July19
38
0_100
19
v
t
Allis-Chalmers
Mfg
3,600
27
27
273
4
264
29
29
29
2712 27
274 2712 *26
33 Feb 8578 Dec
84
8312 84
84
1,800 Do Preferred v t 0--100 7012July 18 92 Nov 9
8434 8412 85
84
*844 85.2 8413 85
Jan 7412 Nov
102
48
22
Nov25
63
Apr
Amer
Agricultural
Chem_100
83
700
*8412
87
87
8814
87
88
88
*85
90
89
*88
90 Mar 1014 Nov
100 96 Mar 23 10314 Dec 1
100 Do pref
102 102 *102 10212 *101 103 *101 10212 *10134 103 *10134 103
334 Jan 7278 Deo
100 6184Feb 1 10813 N ov22
93.3 20,800 American Beet Sugar
91.2 9414 x92
9512 9612 9238 97
9612 94.2 97
95
83 Feb 95 Nov
Do pref
100 93 Apr 24 102 June22
100
9713
*97
*97 100
*07 100
*97 100
*97 100
25 Feb 684 Oct
30,100 American Can
100 44 Dec 21 6811 Sept29
4618 4512 47
4784 44
4638 4758 46
477 4812 41314 477
9112 Jan 1134 Nov
Do
prof
1077
8
Dec
22
1153
8
Sept30
109
109
400
100
*10813
110
111
*10812
2
1107
*108,
110
1092
110 110
Feb 98 Oct
40
4
Foundry_100
52
July
American
8
Deo
633
4
6612
6513
66
6,500
Car
Sc
7812
67
6634
6512
6634
8612 6758 6534 67
*11634 118
118 113
100 11588 Aug 9 11912Mar 11 11112May 118 Aug
300 Do prof
11634 11634 117 117 *1163s 118 *11634 118
Ian 84 Oct
39
4912
4914
4914
23
400
Oct
*49
4918
American
584
49
Cotton
5012
Oil
Dec
21
100
484
549
4913
5012 49.2
*49
91 June 10214 Nov
300 Do pref
100 98 Jan 6 102 Mar 15
101 10112 101 101 *10012 10112 .10012 10112
*10014 102 *100.2 102
45g Feb 144 Oct
134 1312 1312 2,000 American hide Sc Loather_100
13
834 June 3 204 Oct 17
1414 13.3 14
14
14
14
1334 14
1934 Jan 5912 Oct
6513 60
68.2 6934 11,300 Do prof
72
100 45 Mar 1 8478 Dec 4
7313 7014 7212 69
6012 7112 71
2058 Jan 35 Apr
2914 3014 2914 2934 18,400 American Ice Securities-100 25 Jan 20 3234 Dec 27
2884 31
3013 317
3112 3212 3034 32
714 Jan 3118 Oct
100 17 Dec 21 277 Nov10
1812 18% 1814 1814 1734 1734 184 1818 1,900 American Linseed
1814 1813 18
185
24 Jan 5012 Oct
100 3814 filar 1 6284Nov13
5012 50's 5018 50.2 5012 1,100 Do pref
5014 5014 50.2 5012 50
*50
52
Mar 7458 Oct
19
Nov
9
53
July14
9814
Locomotive...AGO
77
76
7714
American
/414
30,000
:613 7712 7534 78
7618 78
7618 773
75 Mar 105 Nov
106 106 *105 10514
100 9912J1I1y13 109 Nov 9
650 Do pref
106 106 *105 106
10514 10514 *10514 107
37 Apr 1318 Oct
1
19
3
1218Oct
512Ju0e
100
100
American
Malt
Corp
8
2
*7
'2
*713
8
0734 814 *734 812 *712 812
*814 9
2112May 3712 Dec
4814 *47
49
100 r3158Jan 14 5i34Deo 1
48
800 Do prof
48
48
48
*46
49
48
50
*47
78 Jan 83314Mal
,
450 Amer Smelters Sec pref B_100 8412July 13 9714 N ov27
9334 9334 *9312 9412
95
*94
96
9413 *94
95
94
*94
e:
98
2% Be
ct
n 10
4July
11
102
Nov18
stamped_
913
981
Ser
A
Do
pref
9912
384
*9812
2
9834 984 *93
99
9858 9812 19812 9858 98'2
8
56
6 Jan
8 10614 10584 10714 155,200 Amer Smelting & Reflning_100 8812 Apr 22 12278 N ov22
10658 10312 10712 10918 10714 10813 10158 10814 1035
e 21 100 Jan 113 Nov
100 10914 Apr 22 11818 Ot
1,820 Do pref
11634 11834 11634 11634 11684 11634 11634 11634 116% 11634 11634 117
100 130 Mar 23 151 Dec 8 144 Jan 165 Apr
137 137
100 American Snuff
•137 145 *137 143 *137 145 *137 145 *137 143
100 10612 Mar22 110 Jan 27 103 Jan 11038 Nov
Do pref
•103 111 *105 111 *103 111 *103 111 *103 111 *105 110
2418 Mar 7412 Oct
100 44 Apr 24 73 Dec 7
61
6018 6134 2,450 Am Steel Foundry
6038 61
6112 62
60
60
62
624 60
994 Feb 11972 Nov
109.2 1104 10914 1117 11058 11134 6,100 American Sugar Refining...1°0 104 Dec 21 125580ot 25
10912 10012 109,2 110
10912 111
100 1151 May 5 12312Oct 24 109 Feb 1194 Nov
12012 12034 12012 12012 *12012 121 *120 121 *120 121 *120 121600 Do prof
Jan 1304 Nov
12312 12312 12358 12313 12338 12312 12318 12338 12314 12312 12314 12312 8,200 Amer Telephone Sc Teleg_100 z12318 Dec 29 21344 Sept29 116
100 188 Feb 16 22978 Nov 3 10512 Dec 2524 Apr
217 217
100 American Tobacco
216 216 *212 220 .21212 218 *212.2 218 *21212 218
100 10514 Apr 24 113 Sept23 1034 Jan 111 Nov
500 Do pref (new)
103 103 *108 109
103 108
10712 10812 104 103 *107 110
46 Nov 56 . Oct
4412 4412 4412 2,000 Am Woolen of Mass
100 37 Dec 21 4587k Nov 8
44
4412 45
4458 4458 4334 4413 *4312 46
95 Dec 9814 Nov
100 92 Jan 10 102 Mar 10
550 Do pref
9614 9638 963
*96
97
9534 9614 *9512 9614 9814 0614 *96
5 July 15 Apr
ov20
N
1,900
Am
pref-100
11
Jan
8
7614
4
433
Writing
Paper
45
43
46
45
4313
4418
44
45
43
46
45
674 Dee 711a Dee
25 2938July 10 977 Apr 10
3.534 3613 36
3612 3612 3834 4,100 Am Zinc Lead Sc 8_..
36
3012 35
3714 35
36
..„
25 5912July 11 87 Nov 1
900 Do prof
704 7014 ____ ____
704 7018
697 70
2484 Feb 913* Nov
50 77 Apr 22 1055s Nov20
82
8478 8158 8312 8234 8338 81,900 Anaconda Copper
-IliF8 -Ili - -ili58 8314 817 84
Dec
56
July12
8 ..... --.... --147%
11014 11318 45,401 Adl Gulf Sc W 188 Line nth 100
113 11512 10313 11312 112 11414 10812 11478 10712 113
590 Do pref cents
6418 6418
100 6013 Dec 21 7384 N ov 10
65
65
64.3 65
65
*64
*63,3 66
*6378 65
2658 Mar 15412 Oct
11858Jan
3
7
21
Dee
52
5658
Baldwin
Locomotive
100
54
/
1
4
44,700
557
8
5418
5512
54
5712
53
5878 53.2 58
57
92 Mar 114 Sep
100 987/4 Deo 21 110 May24
Do pref
_ *10112 102.2 *10178 10212 .10113 10212 .10173 10213 *10178 103
16712
Dec
5
21
Dec
a12712
Barrett
Co
_100
*127
132
123
125
(The)
13014
1223
1,000
4
12412
1304
133
*MO
'135.*130
. Oct
100 415 Jan 11 700 N ov18 -4:61-4 -iii ....
485 485 *450 480
475 490
610 Bethlehem Steel
*450 510 1510 510 *425 500
Jan 184 Oct
91
100 126 July21 186 Nov17
Do pref
*135 145 *135 145 *135 145 *135 145 *135 145 *135 145
First Installment
•Bid and asked piloes: no sales on this day. t Ex-tights. I Leas than 100 shares, a Ex-dlv. and rights. b New stock. s Par $25 per share. e
void. a Ex-div end. s Full paid.
71 1,12 Slasaga(i.lreett (41LI.,....._.00
148
New York Stock Record-Concluded-Page 2
For record of sales during the week of stocks usually Inactive, see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Jan.6
Monday
Jan. 8
Tuesday
Jan.9
Wednesday
Jan. 10
Thursday
Jan. 11.
Friday
Jan. 12.
Satesfor
the
Week
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1916
On basis of 100-share tots
Lowest
Highest
PER SHARE
Range for Previous
Year 1915
Lowest
Highest
$ per share $ per share $ per share $ per share $ per share $ per share
Industrial&MIse.(Con.) Par $ per share $ per share $ per share $ per share
4634 47
4534 4612 4634 47
46
4712 46
47
4614 4734 6,600 Butte A Superior Copper_10 4178 Deo 21 10514 Mar 9
564 Aug 7978 Junr
4,600 California Petroleum. vto_100 15 June27 4238Jan 3
25
2512 2458 25
2434 2612 2434 2634 *2412 2512 2434 25
8 July 3853 Dee
2,850 DO pref
554 5414 55
55
5412 5614 5412 5612 5434 5512 5412 55
100 40 June29 8038Jan 3
30 July 81 Dee
124,300
Central Leather
9214 9414 9314 9514 38934 9412 8734 9112 9034 93
9258 94
100 49 Apr 22 123 Nov10
3258 Feb 6114 Nov
610 Do pref
11418 11414 11438 11412 11412 11412 *113 11412 114 114 1114 114
100 10878Jan 3 11711N ov10 10038 Jan 11012 Nov
4,800 Chandler Motor Car
9918 10012 93
101 101
974 98
10134 10134 *100 103
98
100 8812 Apr 24 131 June 5
36,200 Chile Copper
2412 2434 2414 2434 25
2534 2478 2612 2438 2614 2514 26
25 1938Ju1y 14 3914 Nov18
2338 'Dec 2638 Nov
5238 5312 53
5238 53
5 4618July 11 74 Nov18
548 5312 5514 5218 5414 5378 544 15,300 Chino Copper
3234 Jan 5732 Nov
4512 46
45
4512 46
4614 45
44
46
4534 45
4534 6,800 Colorado Fuel & Iron
100 3818 Apr 22 6314 Sept30
2134 Jan 6612 Sep
44
16,600 Columbia Gas & Mee _100 3014 Sept28 5378 Deo 5
4238 4278 4172 4232 4172 4272 42
4378 4112 4278 42
100 Computing-Tab-Record__100
46
*45
45
*45
46
45
*44
46
46
*44
*44
46
_4038 July24 5238Jan 22
4112 Nov 4953 Dee
4,900 Consolidated Gas (N Y)....100 12934 Deo 21 14434Jan 8 11334 Jan 15012 Oct
*130 132
12934 130
12934 13112 13014 13114 13012 13012 130 130
800 Continental Can
8812 *87
8912 8934 8934 8812 8812 8934 8934
88
90
*87
100 7514 Jan 31 z111 Sept20
4014 Jan 127 Oct
Do pref
100 106 Feb 1 114 Nov27
*107 115 *107 115 *107 115 *107 115 *107 115 *109 115
8812 Jan 10912 Deo
22
2212 217 2218 2134 2214 2158 2214 2112 2178 2138 2214 17,800 Corn Products Refining_100 1314 Aug 8 2934 Dee 8
8 Jan 214 Oct
10278 10314 *10212 105
1,100 Do pref
10414 105 *103 105 *10314 105 *103 105
100 85 June26 11312 Deo 8
65 Jan 9634 Deo
6412 6112 6378 6212 64
63
614 637
59 -% 6278 6134 6312 84,700 Crucible Steel of America_100 5014 Deo 21 994 Mar 16
1814 May 10978 Sep
*11518 118
11512 11512 *113 11512 11478 11558 ___. ___ *11412 117
500 Do pref
100 10814Jan 11 12478 Deo 5
84 May 11222 Sep
5218 49
50
4714 5014 4914 5014 73,600 Cuba Cane Sugar
5218 5358 4914 53
52
No par 43 Deo 21 7638 Oct 30
9312 9312 9312 9358 3,675 Do pref
93
93
9334 9334 94
93
9334 94
100 9134 Dee 22 1001200t 28
184 184
178 178 *177 190
177 181
*181 191 .183 195
400 Cuban-American Sugar-100 152 Jan 5 26978 Sept26
38 Jan 177 Deo
*10112 110 *10112 110 *10112 110 *10112 110 *10112 110 .1014 110
Do pref
100 10038Deo 22 110 June 8
93 Mar 110 Sett
2612 27
2618 28
26.2 27
26
2758 7,900 Distillers' Securities Corp_100 24 Deo 21 5412 Apr 29
2958 3012 2818 293
54 Mar 5012 Oct
*21
22
2112 2214 2212 2434 2358 2434 2234 2312 2238 23
6,400 Dome Mines, Ltd
10 18 Deo 21 2912 Feb 8 116 June 301 Dec
55
56
55.2 53
55
53
56
50
55
65
50
*45
650 Driggs-Seabury Ord
100 451 Dec 29 11934 Sept 18
*13
*11
1812
1812 *12
13
1812 *11
*12
*11
18
18
Federal Mining & Smelt_ _100 1238July 13 35 Jan 7
8 Mar 60 June
*37
37
43
42
*37
37
40
--*37
.35
200 Do pref
43
100 3434 Deo 26 5712Jan 7
20 Mar 65 June
249 249 *260
_ 1259 259
-------*250 260
115 General Chemical
_ *____ 250
100 1265 Jan 5 350 Mar 18 165 Jan 360 Oct
*11312
*114
11612
111112 *11312 11612 ---*1134 116.2
___ *11312 11612
Do pref
100 1113 Jan 5 117 Dec 8 106 Mar g11612 Nov
.16612 16778 16758 16758 10712 169
168 16838 1684 16812
16778 16812 2,500 General Electric
100 159 Apr 22 18714 Oct 20 138 Mar 18512 Oct
*13714 142
12614 13712 11734 12812 10612 120
101 10914 106 10934 86,400 General Motors tern ctfs_100 120 Dec 21 135 Dec 27
__
924 90
90
8812 90
89
*904 9212 *90
8918 8912 8938 2,200 Do pref
tern afs 100 8812 Dec 21 93 Dec 23
______
56
56
5734 5818 5653 5814 5653 58
21000 Goodrich Co (B F)
58
7 56
571
100 4912 Dec 20 80 Apr 10 -2412 Jan 8014 Oct
*111 112
--100 Do pref
11112 11112 *____ 112 *____• 11112 *____ 112 - ---- 11634Mar
22
16
100 11012Deo
95 Jan 11414 Oct
92
88
*87
87
89
897 90
88
89
89
90
89
2,500 Granby Cons MS & P_ _100 80 July12 120 Nov18
794 Apr 91 June
*43
45
44
44
44
44
44
44
4412 2,100 Greene Cananea Copper 100 34 June26 5612 Nov20
42
438 44
37 Oct 5258 Dee
12712 131
129 132
126 133
121 124
130 130
12412 126
2,900 Gulf States Steel tr etfa-100 71 May 4 193 Nov18
--------10518 10518
*101 107
---- ---- *10112 --- *10112
100 Do 1st pref tr etfs
100 87 May 4 115 Nov25
___ *120 150
150
__
*120 150
_-_ *120 1-50 *128 10512_
--_
Do 2d pref Cr etts
100 72 May 5 190 Nov16
5718 58
39,800 Inspiration Cons Copper__ _20 4238 Apr 22 7434N ov18
57 -58
5738 594 57% 5918 5658 -68.2 x56
57
1638 Jan 4712 Oct
*154 1612 1518 1512 1514 16
18
1514 1514
*16
1514 1514
700 Internat Agricul Corp_ _100 11 Aug 30 2978Jan 5
54 Mar 2934 Nov
41
42
42
4238 4078 42
42
42
1,300 Do pref
*40
*4014 42
42
8 Mar 7134 Dec
100 37 Dec 21 74 Jan 5
11912 11912 *118 122
-___
_ *119 122 .119 122
100 Intern Harvester of N J
*119 122
100 10812Jan 7 12673 N ov29
90 May 114 June
2512 264 2412 --2538 2512 2658 2358 2514 2312 2512 237 25
39,000 Int Mere Marine
100 01338Feb 15 25078 Sept14
18 Dec 2012 Deo
8478 7712 8114 7914 82 133,700 Do pref
8334 8514 8458 86
88
78
85
100 06114 Mar 1 212538 Septll
5512 Nov 7712 Deo
26,620 Intern Nickel (The) v t(3-.25 388 Dec 21 56% Jan 17 44% Dec 5578 Oct
42
4213 41
40
42
4158 4114 42
4214 4112 4214 40
46
44
21,100 International Paper
464 424 4434 44
4334 45
4434 4614 44
46
912 Mar 1 7512 N ov10
100
8 Jan 127i Deo
7,000 Do pref
10012 10112 9934 10014 100 10178 100 10178 10112 10214 10234 104
100 4212 Feb 1 10912 Deo 11
33 Feb 5034 Dec
7713 77.2 77
77
7612 77
764 73
75
1,800 Jewel Tea. Inc
75
73
73
100 67 Mar 9 96 Apr 4
--59
59
*58
6012 5738 58
1,500 Kelly-Springfield Tire
63
60
617
614 6112 59
25 06 Deo 21 8514 Sept6-444 4434 438 4438 44
4658 4453 4634 4414 4534 4514 4614 81,500 Kennecott Copper...-No par 40 Deo 21 6414 Nov20
86
84
8558 86
86
8338 8512 8138 8478 83
84
100 64 May 5 107 Nov17
8558 16.300 Lackawanna Steel
28 Jan 9454 Sep
24
2314 2414 23
234 2434 2314 2312 2318 24
2312 2358 5,600 Lee Rubber & TIre_No par 254 Dec 29 5612June 5
.275 285 *275 285 *275 285 *270 232 *260 285 *255 285
Liggett & Myers Tobaceo_100 240 Apr 14 305 Nov 2 207 Jan 260 Dec
100 17914Jan 19 23978 Aug 19 16512 Jan 189 Nov
0222 232 *222 232 .222 232 *222 232 *222 232 *222 232
Lorillard Co (P)
8912 2,850 Mackay Companies
84
*83
8512 858 88
*8318 84
8412 85
89
84
100 78 Apr 14 91 Feb 10
7238 Jan 84 Nov
67
66
6578 6578 0512 6518 66
6612 67.4 1,060 Do pref
66
*65
66
100 6473 Deo 11 6834 June 7
6434 Oct 6934 Jan
5214 5253 00
5212 5034 5214 5032 5258 5012 5212 5112 5212 12,800 Maxwell Motor Inc tr otfs_100 41 Deo 21 99 Sept25
1514 Jan 92 Oct
71
71
704 7112 7112 72
7014 72
70
7034 7114 72
1,900 Do 1st pref stk tr otts_100 65 Deo 21 93 Jan 3
4314 Jan 10334 Dec
374 3634 3778 3634 3634 36
37
1,200 Do 2d pref stk tr etfs_100 32 Deo 28 6078 June 6
374 37
3614 3614
36
18 Jan 6812 Oct
10218 10612 10134 105
103 10514 101% 10414 102 106
1C1312 10514 145,200 Mexican Petroleum
100 8858 June28 12932Jan 3
51 Jan 12412 Dec
96
*90
___ *94
.94
96
---_
97
95
*95
_ ___
Do pref
100 8912 June28 10532Jan 3
67 Jan 10412 Dec
4033 4078 40 -4012 4038 4112 4012 4134 40
41
41134 -41-14 ________ Miami Copper
5 33 Aug 3 4932 Nov20
1714 Jan 3618 Dee
*103 105 *100 105 *101 105
10338 10353 100 10012 *99 10234
400 Montana Power
100 6814 Mar 1 11478 Deo 1
42 Jan 7934 Deo
•1124 11534 *1124 11512 *11214 115.2 111512 11512 ____
_
10 Do pref
*11234 11458
100 109 Jan 3 11714 N ov27
99 Jan 120 Dec
*12014 123
121 122 *12014 123 *12014 12212 12134 1213
300 National Biscuit
18 123
-4 *120
100 118 Sept 9 13112 Oct 19 116 Apr 132 Jan
*122 127 *122 130 *122 127 *122 129 *122 128. *122 128
Do pref
100 124 June30 12938 May12 119 May 12712 Dec
*7912 81
*7912 81
*7912 81
*7934 8112 *7912 81
*7912 81
Nat Cloak & Suit
100 71 May 9 847 Sept12
68 Mar 90 Aug
2734 2712 2778 2612 2734 2534 2612 2634 27
2734 2778 27
1,800 Nat Enam'g & Stamp'g
100 1934 Apr 22 3612 Dee 8
913 Jan 3618 Oct
*92 100
*92 100
*92 100
*92
*90
*91
97
99
99
Do pref
79 Apr 97 Dec
100 904 Dec 21 100 Nov21
*59
60
60
60
5934 60
500 National Lead
61
59
5834 5834 *58
59
100 57 Dec 21 7453 Sept21
44 Jan 7034 May
1137 114
113 113 *1124 11378 *112 11414 *112 11414 *11214 11414
Do pref
100 11114 Deo 21 11718 Oct 3 10434 Jan 115 Nov
2312 2312 2318 2334 2358 24
234 2412 2318 237
2334 2414 4,200 Nevada Consol Copper
5 15 Jan 31 3418 Nov20
1134 Feb
17 Nov
200 New York Air Brake
3142 144 *142 144 *142 145 *142 148
*142 144 '
143 146
100 118 July14 1813 Nov20
5612 Feb 1048i Sep
200 North American Co
69
*6834 7014 697g 698 *6834 70
6978 69% *6834 6934 69
100 6512 Apr 28 757 Dec 4
64 Jan 81 Apr
107 10718 10134 106
3,500 Ohio Cities Gas (The)-...._ 25 75 Oct 9 12414 Dee 4
10512 106
105 10512 10458 10734 106 107
2 Feb 1253 Deo
533 534 1,600 Ontario Sliver Mlning
100
58 572
*572 64 *578 614 *6
612 *57g 6
534 N ov27 1158 Jan 7
20
2014 1934 1934 1934 20
5 1134Jan 3 31 Aug 21
200 Pacific: Mall
1912 1934 20
*1914 2014
20
3814 Dec 38 Aug
10418 10418 10334 10414 *10338 106 *10312 106
10458 10458 104 104 • 300 People's G L & C (Chic)_100 1004 May 5 118 Oct 10 10612 Dec 12312 Apr
41
850 Philadelphia Co (Pittsb)__50 38 June15 48 Deo 4
41
41
4012 4034 4038 4058 4018 4012 41
41
41
3513 Apr 49 Sep
46 • 14,000 Pittsburgh Coal etfs dep_100 2514 July28 5834 Deo 2
4638 43
4512 45
4014 4033 404 4534 4434 4653 43
*108 10814 10858109 *109 110 *109 110 *108 110 *103 110
Do pref ars deposit_100 10014 Aug 25 11514 Deo 5 ____
- --__ -..
75
76
3,100 Pressed Steel Car
754 754 7634 7578 7614 76
75
100 4212J0ly 14 8814 Nov20
7658 7218 75
25 _ -Mar -7814 Oct
102 102 1106 106 *103 106 *103 106 *102 106
*102 106
Do pref
100 97 July18 108 Nov21
Oct
86 Mar 106
13012 130.2 *129 13012 130 130 *129 13212 *129 13214
Public Serv Corp of N J-_100 114 an 31 137 Sept27 10012 Aug 120 Dec
131 131
Pullman Company
*163 166 *163 166 *163 16712 166 166 *164 166 *164 166
100 15978 May10 177 Sept30 15018 Mar 17014 Oct
2,000 Railway Steel Spring
5012 4912 50
49
51
51
4912 50
4934 5012 5012 51
19 Mar 54
100 32 Apr 22 6134N ov27
Oct
100 Do pref
*99 101
100 100
*98 101
*08 101
*98 100
*98 101
87 Mar 102 Nov
100 954 Mar 9 10314 N ov28
1514 Jan 2712 Nov
2634 2612 2753 2614 2712 26
2612 2634 26
2672 2612 267k 17,100 Ray Consolidated Copper_10 20 June23 37 Nov20
100 42 June26 93 Nov20
7912 29.600 Republic Iron & Steel
19 Feb 5714 Deo
7834 80
7812 8012 7938 8078 7712 8038 754 7832 78
100 101 Dec 21 117 Nov20
500 Do pref
104 10478 10412 10412
72 Jul 11253 Dee
10212 10312 10314 10314 *10212 104 *103 105
400 Saxon Motor Car Corp
65
69
*61
100 6372 Deo 29 8434 SePt19
6312 6512 *61
69
*6512 69.2 *65
69
*65
500 Sears. Roebuck & Co
227 227
226 227
*226 228
228 229 *225 2284 225 226
100 16814 Mar 1 233 Nov 9 213134 Mar 2094 Feb
26
*2512 26.2 2512 27
2514 2634 2612 2678 25
_
26
10 22 Deo 21 4014 Feb 14
2633 1,500 Shattuck Aria Copper
67
67
67
6734 6914 60
69
69
6734 69
5,800 Sloss-Sheffleld Steel & Ir_100 37 July14 9314N ov16
6712 69
24 Jan 6678 Dec
180 180 *170 180
*180 200 *170 190
181 181 *180 200
100 South Porto Rico Sugar. 100 146 Jan 29 240 June10
40 Feb 164 Dec
106 1064 10114 10612 10314 10834 10338 10034 10358 10412 10432 10614 28,900 Studebaker Corp (The)__100 1004 Deo 29 167 Jan 3
3534 Jan 195 Oct
100 Do pref
.106 109 *107 110
10812 10812 *107 112 *10712 112
100 1084 Sept26 114 Mar14
91
Jan 1194 Oct
5012 *4914 5012 4912 -51-14 1,600 Stutz Motor of Am Inc_No par 4812 Deo 29 7912Sept25---*4818 4912 494 504 ---_
__ *49
1412
4,676
1414
1412
Tennessee
14% 15
1438 1478 1418 15
Copper & Chem w 1_
1418 144 14
1534 Deo 21
1912 Deo 19
41,800 Texas Company (The).._100 17714 June27 24112 N ov21 12..0 May 237- Dec
23312 230
232 235
234 242
23612 243 234 24012 22712 239
55% 5614 5438 5614 5512 57
5534 17,100 Tobacco Products Corp ,...100 4814 Sept 7 59% Deo 26 _ .._ -__ .-5473 5714 5412 5538 05
*99 102 *100 10212
*98 10312 -_-- - _ *9814 103
Do pref.
*09 103
100 99 July14 1094 Mar 16 -95 May 103 Nov
505 Underwood Typewriter_100 86 Jan 12 110 Oct 24
*98 104
*100 10312 10312 1-03-12 .100 1044 1034 10312 *9712 104
55 Feb 97 Oct
1214 1214 1214 1214 1214 1214 1214 1214 113 1214 *1134 1214 1,300 Union Bag & Paper
453 Jan
918 Dee
414 May 9 1812 Oct 19
100
_
--Do pref
2278 July 3112 Dee
100 28 Jan 27 92 Nov15
ii- ------- ----- 100 ;55 100 5512 9034400 Union Bag & Paper (new)100 87120ot 16 129 Nov15
;Oil,* 16
10038 10012 6,200 United Cigar Stores
10234 10318 10112 103
10134 1021 10038 10134 10014 101
100 59 Feb 9 10534 Aug 9
59 Dec 51012 Oct
100 51112Feb 10 120 Aug 9 51112 Oct 5124 Nov
*118 120
___ *118 120 *118 120 *118 120 *118 120
__-Do pref
147 148
*149 153
14734 14734 1,400 United Fruit
14934 150
*14914 15214 148 149
100 1364Jan 31 16912 June 8 139 Nov 163 Nov
2012 2012 *20
21
2112 2112 21
1,700 US Cast 1 Pipe & Fdy--100 154 Jan 31
*204 22
22
21
217
2818 N ov17
8 Jan 3l78 Oct
62
100 Do pref
62
*6014 64
*6014 64
*6014 62
*6014 64
*6014 64
100 4812 Feb 5 6712 N ov17
324 Mar 554 Nov
11478 11934 11712 12114 146,800 US Industrial Alcohol
11712 11912 11534 11914 1174 12114 117 121
100 9412 Deo 22 17012 Apr 6
15 Jan 13134 Dec
100 9912July 11 114 Jan 13
10412 10412 *102 105 *102 10412 *102 10412 *102 104
100 Do pref
*103 105
70 Jan 107 Nov
6114 6314 9,600 United States Rubber
44 July 7434 Apt
6338 6034 02
6278 62
62
100 4734 Mar 1 7034 Dec 7
6212 6212 6312 62
2,180, Do 1st preferred
11312 11312 11318 11318 11212 11212 11218 11258 11172 11214 112 112
100 10618 Feb 5 11514Deo 8 10153 Feb 110 Ape
63
6312 2,900 US Smelting Ref at M
6312 6134 62
*6334 6434 6338 6414 634 6414 62
50 57 Dec 21 8112 Nov21
400, Do prof
*5012 5214 *5012 5214 5134 5134 514 5112 5138 5134 *5034 52
50 50 June20 534 June 9
-38 Feb 8912 Dec
111% 113
11078 113
1117 11378 110 11378 10918 11238 11138 11318 1149100 United States Steel
100 z7934 Mar 1 12934 N ov27
120 12014 120 12014 120 1204 120 12018 6,212 Do pref
120 120
11978 120
100 115 May 3 123 Nov 2 z102 Feb 117 Oct
100 10112 9953 10114 10012 10534 10334 10672 10334 10534 10414 1054 139,600 Utah Copper
484 Jan 8134 Dec
10 7434July14 130 Nov18
2112 22
2112 22
*2112 22
2158 2134 2118 2118 2138 2153 2,900 Utah Securities v t e
100 1614 June 9 2738 Deo 2
*40
4338 *42
800 Virginia-Carolina Chem__100 36 Apr 24 51 Jan 17
43
44
43
42
*41
44 .414 43
*41
15 Jan 52 0-01
10938 10958 *108 112
*110 112 *110 112 *108 112
11C1
200 Do Prof
80 Jan 1137s Dec
100 108 Apr 22 11412 Dec 6
_ 110_ _ _ _ Virginia Iron C & C
55
53 .48
53
048
55 .45
*46
Oct
*45
54
101) 41 July27 7234 Nov20
36 June 74
9534 97
3,800 Western Union Telegraph J00 87 Mar 1 10512 Oct 18
9534 9614 957 96
957 16
9612 97
9572 96
57 Jan 90 Nol
5312 54
5234 5334 5234 5458 5238 5334 5212 5333 53
32 Feb 747s Oct
5353 15,700 Westinghouse Elect & Mfg_.50 5114 Dec 15 7138 Mar 15
*69
*69
*69
75
*70
75
*69
75
*69
75
75
75
Do 1st preferred
5812 Mar 85 001
50 70 Apr 19 79 Mar 15
3534 3614 358 3618 14,800 WIllys-Overland (The)._ _25 34 Dec 29 n325 June 5 n87 Feb n268 Noi
3
3555 3612 358 37
3534 36
------*9613 9712
*9612 98
97
300 Do pref Sub reels full ,s 100 94 Deo 22 117 June 5 ----------------97
- 9612 97
_•
14312 148 *142 147
144 144
6,100 Woolworth (F NV)
141 142
146 149
901 1 Jan 12012 Diti;
100 118 Jan 6 14184 Oct 5
14353 151
___ .125
__ *125
_ 125 125
700 Do pref
125 125 .125
__
100 123 June29 126 Nov15 115 Jan 124 Aui
264 -2-612
700 Worthington P & M v t0_100 25 July13 3638 Sept14
26 16
*27- -2-8
*27 -28
27
*27
27
30
*95 100
95 - _-_ *92
*95 100
100 Do pref A v to
96
95
*95 100
100 95 July13 100 Sept16
RA
56 .45
48
*45
56
*50
59
*50
56
Do mei B v t o
100 5258 July14 6612 Sept14 ______
•Bid and asked prices; no sales on this day gLoss than 100 shares. 1 Ex-rights. a Ex-div. and rights. b New stook. c Par•$25 per share. a Ex-stook rilv.denth
Certificates of deposit. z Ex-dividend. n Par $100 per slit'
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
149
In Jan. 1909 Os Enchants method of rioting Doman wae changed, and prices are now a11—"an4 irUerest"--except for incomes and Waal/ea bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Jan. 12.
11 ,3
9
Price
Friday
Jan. 12.
Week's
Range or
Last Sale
o
Range
Year
1916
BONDS
N. Y. STOCK EXCHANGE.
Week Ending Jan. 12.
Price
Friday
Jan, 12.
Week's
Range or
Last Sale
Range
Year
1916
Bid
High No. Low High
Ask Low
Bid
Ask Low
High No. Low High
U. S. Government.
997 10212 9978
1 99 100
99%
9978 Chic B di Q Denver Div 4s__1922 F - A
9934 --_- 9934 Dec '16 ____ 99
U 8 2s eonsol registered_d1930 @ - J
Illinois Div 3538
1949 J - J
8838 89
69 8314 37
87%
d1930 Q' J
88
9934 --__ 9978 Deo '16 _____ 9912 10012
U El 2s oonsol coupon
Illinois Div 4s
1949 J - J
9712 Sale 9678
9934 10234
k1918 Q - F 10012 ____ 10114 Dec '16
9734 27 93% 97
U S Is register&
Iowa Div sink fund 5s
19111 A - 0 10214 - --- 10212 Dec '16
10214 1034
10114 --i 100 1027s
k1918 Q- F 10012 _-__ 10114
US 38 coupon
Sinking fund 48
1919 A - 0 997 100
997 Dee '16
1925 Q F 110 111 11034 Oct '16 ___ 10914 1114
US 48 registered
99% 99%
Joint bonds. See Great North
1 110 11212
1925 Q- F 110
_ 110
110
U 8 48 coupon
Nebraska Extension 48_192
927 M
wi -N
96
914 ...0
..9_1
ri 13 Pan Canal 10-30-yr 2s_k11/36 Q - 1
.
, 9912 ____ 9814 Oct '15 __-- --- - --2 9818 Dec '16 --- 9734 100
Registered
98 July'16 ---- 96
98
9912 ____ 97 July'15 ____
U 8 Pan Canal 10-30-yr 28_1938 Q -N
Southwestern Div 48
1921 M- S 993 --- 994 June'15---.78 1031-4
US Panama Canal 3,3 g
1961 Q -M 101 ___ 1027 Deo '16 ____ 101General 48
1958 NI- s 0612 Sale 95
9718 45 -iijU S Philippine Island 48_1914-34 Q - F 101 ____ 100 Feb '15 ------------ - - 14
Chick
E III ref & imi) 4s 8-1955 J - J
31
Foreign Government.
30 2114 3612
3112
30 83
a0
11334 31
U S Mtg & Tr Co ctfs of dep— _
97
0758 Sale 'J712
9918
31
31
9812 _ 434
25 20
Amor Foreign Scour 58 __1919 F - A
351s
__
coneol
let
gold
68
1934 A-- 45 10514
10318
Anglo-French 5-yr 58 Exter loan_ A -0 9,2234
1054
1148
e
c 92
1
9312 3917 089,923142 109
1 104 10712
9
7085
6:
88i
1
General consol let Is
1937
8034
804
Argentine—Internal 58 of 1909_ M- 8
Sale
2 75
93
Registered
1937 M-"
N -8
-0
-54S
-a
7214 7112 Jan '17
-1-e- ,0
M
aa
82 J
nY:
Chinese(Hukuang Ry)-58 of '11 J -D j 72
1 17
6 -_-_-_-_ 8
82
91
75
2
U
8
Mtg
& Tr Co ctfs of dep __ __
90
98% Jan '17 __-- 9614
Cuba—External debt 5s of 1904_ M- S 9812 99
Guar Tr Co ctfs of dep
8914 :if
Jan
Eater dl 58 of '14 ser A1949
894
8914
5 74
91
F-A
_
Pun money 1st coal 58____1942 F - A ____ __— 9734 Feb '13 ---0
-- -- - - 8
97
94
11'82 105867 87
External loan 4538
85
658 _9_6_1_4 896615.8' e1c:011,
A 9
Chic & Ind C Ry 1st 5s___1936 J - .1
51 9838
2512 Nov'16 __-- -2
-1-- ---Dominion of Canada g 53 w119
25
)F
A:0 10018 Sale 998
9111
26
1959 51- s 7312 Sale 734
9912 sale 994
9912 158 9718 10114 Chic Great West 1st 48
7312 114 69
Do
75
do
10014 73 9634 10238 Chic Ind & Loulsv—Ref 68_1947 J - J 11434 ---- 114 Dec 'Iti __-- 11112 115
100 Sale 9978
Do
do
11 327 Lit,:
Refunding gold
8834 76 8214 8814
1007
85 8 __ __ 10034 Oct '16 ---- 100 101
Japanese Govt—£ loan 4538_ 1925 F - A j 8812 Sale 88%
Refunding 48 Series
Is4
C
8514 854
1917
7j
8812 19 784 88%
J:j
J
Second series 4538
8514
1 83
85
1925J - J I 8818 Sale 8518
Ind & Loulsy 1st gu 45
82 73
81
81 Sale 7912
1956 J - .1
844
70 N ov'le ---- 70
Do do -German stamp"70
75
70
Chic Ind & Sou 50-yr 4s
j
-_-5
73
03
1
7312
1
71
7312
92
7312,
_
_ _ _ 90 Jan '17 ---- 88
.1
1956
J
9112
Sterling loan 4s
1931
Chic
L
8
de
1
1
40
Nov'16___-47
East
447
81
45
1st
60
4538__
92
_
_1969 J -D
9738 Dec '16 ---- 96
9734
Mexico--Exter loan £5s of 18991 Q - Chicago Milwaukee & St Paul—
33 40 1 39 Aug '16
2712 50
Gold debt 44 of 1901
1954 J - D
Gen.
'gold 48 Series A__ _e1989 J - J
9612 -O-75 9434 9918
9434 Sale 0234
9431 52 8912 94
Paris, City of, 5-year Os___ _1921 A -0 9638 Sale 96
9512Jan '15
Registered
e1989 Q - J --_-_- -- 9254 Feb '10 ---- 9233 9233
Prov of Alberta—deb 453s 1024 F - A
Permanent 45
9534
1925 J -D '
30°4 Sale 95l,
Tokyo City—Is loan of 1912_ ___ M- S 1 7778 7812 7712
15
7818
-.-.:1912
-ii
—
953
4 91 92
957
Gen & ref Ser A 453s__a2014 A - 0 98 Sale 9634
9818 659 98 101
9812 135 9112 964
U K of Gt Brit & I 2-yr 5s 1918 M- S 9734 Sale 9734
9778 Sale 9712
Gen ref cony ser 13 5s____a2014 F - A l
0858 3034 9758 9834
4 Sale_ 10512
I i:8
3-year 553 temp notes
10612 104 104 110
1919 M- N
Gen'l gold 35-35 Ser B____,
9818 3183 97
e1N44;
:
5-year 553 temp notes _ _ _1921 M- N 97% Sale 97%
; 11
984
82
12
2 s8
at:8 8114
99
1 10
70
812 104
8113
General 453s Ser C
:These are prices on the basis of 2.5104
10314
10412
25-year deben 45
State and City Securities.
933
4
73
90
9312
1934
'
1 -D
-'
1 19
Convertible 4535
013
134
4 gat
104
10 101 10414
1932 .1
e 100
N Y City-4i Corp stock _1960 M- El 104 Sale 10321
9358
101
79 9978 10334
hi_ 8 10512 __ _ 10518
Chic & L Sup Div g 5s
14 101 105
1921 J - .1
10538
4 qe Corporate stock
11+64
106
Chic
1053
&
4
Sale
_
10514
Mo Itiv Div 5s.._ _1926 J - J
10534 45 10418 10518
"
113''
103
0612
45is Corporate stock
06118
_1966
2 ---.: 104
1966 A- 0
312 1
10
05
3;s
8
Chic & P W 1st g 55
1921 J - J 1(1358 104- 1s 10331
10418
45(8 Serial corp stock.A917-31 A
,,''; 102 10418
J'
ID ° H03811034 11.
- iffia
C M & Puget Sd 1st gu 48_1949 J - J
iio3, -155 i66,,
938
9318
9414 ..,-, 8912 934
453s Corporate stock
1965
Dubuque Div 19t 8 f 6s
11012 30 10578 11012
1920 J - J
106 Dee '1t4
4 5313 Corporate stock
10534 1073a
1963 M - 8 11012 Sale 11014
Fargo & Soil as-sum g 6s 1924 J - J 11:10099009614221;1:24 SaleI; _-_. !l__ 110 June'13 -10178
15 9
178 214
4% Corporate stock
1959 M - N 1004 sale 1015
La Crosse & D let Is
04
1 128-4 10
10178
16 ____ j
0318
19, 98 10214
2 Oct:16
1919 J - J 1"
N
4% Corporate stock
0
96 1
-0(
-:
112 1027
1958 M- N 10134 ____ 10134
Wis & Minn Div g 5s
7 10024
1921.2 - J
10178 401 058
4% Corporate stock
1957 M-N 10134 10234,101%
Wis Vail Div 1st 6s
1920 J - J
107 Dec '16 ---- 10612 10714
1056 hl- N 10118 101121 9714 Jan '10
4% Corporate stock
9714 9714
Mil & No 1st ext 4;3s_
10212 N ov'16 ---- 1014 1017
1934 J -D
New 453s.
1110
0:
31
93 10534 11014
1957 M- N 11014 11012 11014
Cons extended 4538
68 ___ ___ ___ .__ 199
19
,
02
78%4 D
1934 J -D
A peer 16
New 4538
178
007
148 100
14
,98
2
75
8
118 10
057
1917 M- N --------10034. Nov'It __-__ 100
Chic & Nor WestExt 481886-1926 F - A
453% Corporate stock_ _ _1957 9I -N 11014 11012 11014
--'2; 10
Nov'
4
88
938 11:
9
'
6
1
9
-7
-1-2
Registered
453% Asses.stnent bonds_ _1917 _M -N 100
1886-1926 F - A
10012 June'16 ____
83% 84
353% Corporate stock
General gold 33-3s
9214 923-4 94 Dee '16
8114 Dee '16 ---- 80
1987 51- N
1954 al- N
8414
N Y State-4s
_ 8114 8114
-6
'
01.6
4 —2
,
Registered
14 Oct
10512 Dee '16
85
158
1961 ri.i- 8 102
1024 1013
V1987 Q - F 1,7
0,7
54
12 i
:
i t:77.
8. ,
Canal Improvement 45... _1901.- 3 10558 ____ 1(1514 Oct '16
General 48
1987 M- N "
102 10512
93% 95%
Canal Improvement 4s
Stamped 4s
o. 93% 96
943 Dec '16 i1962 J - .1 10534 10612 103 Deo '16 ---- 10214 105
1987 1V1N 1(j
Canal Improvement 4s. _1960.
1C
4 S
-a
24
(-)
-l-e- 11618
t 141)2
General 5s stamped
312 1?,(?
11714
1 - J 10534 10612 10612
10612 -1987
M- N
11214 11634
Canal Improvement 4538_1964 J - J 116 Sale 11512
Sinking fund Os
111 Dec '16 ---- 111 1124
116
1879-1929 A -0 110
Canal Improvement 494e 1965 J - J 110 11012 19934 Sept'16
Registered
10912 Apr '16 __-- 109
1879-1929 A - 0
2 109
412
3:8
11512
116 11512 Jan '17 :::: 172
Highway Improv't 4;38_1903 NI- S
Sinking fund 5s
10512
914
11)
16
3 104 10514
611 1
1879-1929 A - 0
10512
11...60.s1_71:88 -10 107 10034
Highway Improv't 45,18_1905 M- S ---- 110 110
110
Registered
1879-19
929
1 A -- 0 109
_-__
88
-11100-035211-22
85
Aug
'16
Virginia funded debt 2-3s__ _1991 J - J
Debenture Is
8434 883
60 Sale 57
611.1 60 50
Registered
Os deferred Brown Bros ctfs--- -- -59
311
2
1921 A -0 *'
c'
116
02
23112'
12 Octet
610
11 0°2
---------- 10
92
11122 110
Sinking fund deb Is
Railroad
1933 M -N
1033 Oct '16 ---- 1034 105
7414
7412
7312
Dee
'16
Ann Arbor 1st g 48
63
Registered
7414
101 103% 1044 June'16 --- 10414 10414
9614 300 9218 954
Frem Elk & Mo V Ist(41
Atoll Top & 8 Fe gen g 48.__6
_ 12114 Nov'16 -- -- 12012 1214
_110
996
5Q
A-D
j 061 1 Sale 9512
19
933 A
M -O
-N 12118 _
1995 A - 0 9414 -- - - 9112 Dee '1(1
Man G B & N W Ist 3538-1941 J - J----88
Registered
9114 9412
6
88
88
8.112 8314 8658
51905 Nov
2 8314 8812
Mllw & 8 L 1st gu 353s..„1941 J - J 1
8658
Adjustment gold 48
7;,-0
,-,-,8
51995 Nov
85 ,- - 8512 Nov'16
Mil L S & West 1st g 6s__ _1921 M- S "
Registered
81
8612
4'; ----- 11i7 - Dee '16 ---- - - - - -88 Sale 8558
66 834 8814
88
Ext dc Imps f gold 5s__ _1929 F - A 0
0 74 ....
Stamped
51995 M- N
16'1,2 10634 De 0
4 -_ -_ -- -- 106 10712
'
81,6
10612
Ashland Div 1st g 68_ _1925 M- S.
Cony gold 4s
1955 J -° 105 106 105
112
1:2 ---- 11178 Deo '15 -20
66
61 10
107
00
Mich Div let gold 69_ _ _1924 J - J 11113 ,- - 11112 Nov'16 ---- Hi: - iii4
1% 1(98
Conv 4s Issue of 1910
8312
8
1960 J -ii 104511 Salo 10412
1005
s
100%
10012
10012
2
Mil
1
,
Spar
0414
&
19
N
0
10-year 5s
W
7
1 314
941,
1st gu 49_1947 M- S
94% 29 91
9312
1917 J -0
99 Sale 99
99
Northw Union 1st 75 g
East Okla DIY let g 48
10738 May'14 ---1917 Si- 8
1928 111 - ^S.
8018 8334 Jan '17 ---- 84
St L Pee & N W Ist gu 5s_1948 J - .1 10
10t3-4 108
98
114 6
Rocky hitn Div 1st 4s
89
1965 1 -' 87
7 10-fi - 109. 9318
__
41
9212
0318
Winona
&
St
P 1st eat 78_1916 J - D
Trans Con Short L 1st 48_1958 J.,„- f,
9218
89
10212 Dec '15
9878 9312 9812
:R. 9638 99
99
Chicago Rock Iii & Pac 68_1917 J - J 16
Cal-An. 1st & ref 453s"A"I962 al :(±
1 8-_ ::::::
11%1 Dec '16 __5
-i 10161
S Fe Pres de Ph 1st g 5s.._ _1942
Registered
2,
748:
-1
- 1.6
10
80
6
9
1%
C8
34 Se)
91:586 --6
8
01
0
86
2
1 3-4 16
118
1917 J - .1
6:8
8
08
27
15-8
4J
01
9438
Ry general gold 4s
All Coast L 1st gold 48____h1952
Sale
1988 J - J
94
Gen unified 4538
Registered
1994 J -D 9334 Sale 9334
1988 J - J
86
83
.'
8512
8512
1
7
768
8
Ala Mid 1st gu gold 5s__ _ _1928 M- N 10634 --- - 10634
777
77
8
10634
Refunding gold Is
451
Sale
633
4 793
1934 A - 0
91 --__ 933.1
9334
Bruns & W 1st gu gold 49..1938 J - J
7334 Sale 7,38718,
30-year debenture Is
74
26
1932 J - .1
1 9312 95
Charles & Say 1st gold 7s_ 1936 J - j 13314 __.. 12978 Aug '15 7."
Coll trust Series P 4s
1918 M -N
M-N
8712
88
L de N coil gold 4s
9
88
7
7
4
14
RI
o1952
S9
Ark & Louis let 43.4s_1934 M - 8
89
a8
14324 7312
9
7418
872 3
28
5 1
8333
9
5 12 75
9898314
4
Say F de W 1st gold Os__1934 A -0 12133 12212 11918 July'16 39 1 tp8- j2i212
Bur C R & N-1st g 5s_ I934 A - 0 10012 103 1027
0078 m4,4
10
,2178 ____1 9734 102
1st gold Is
C R I F&N IV 1st go 5s 1921 A - 0 10034 102
1934 A - 0 10758 --__ 105 July 15 .__.
Sil Sp Oca & G gu g 48_
9912 ___ 9938 Dee '16 — -- 9918 9938
M & St L 1st gu g 7s
1918 J - J
1927 J - D Bait & Ohio prior 3538
9538 Sale 0358
Choc Okla &0 gen g 5s....ol919 J -J
95% 64 9214 9414
1925 J - .1
..-iiiiis_
:
g
6 :::::- "-at";"
jual-y"..15
1))
t758
3-4 d
66-78- 10f- 9
51925 Q _ j 91
Registered
9518 9334 Nov'16 To 9112 94
92
Consol gold Is
99
1952 M - N
1st 50-year gold els
Keel( & Des Moines 1st Is 1923 A - 0 _ - 62
94 - _ ,I 8
519.18 A.0 93,2 Sale 928
2
13
1,4
)7
23
3
14
2
8 9
9i)8
9
8319
fils 75 6
St Paul & IC C Sh L 1st 453s '41 F - A
Registered
74
1128
2
51948 Q - J __ ____ 9018 Nov'16
61%
74
..15 O
23
gg
96 Sale 95%
10-yr eons, 4538
Chic St P M AC 0 con Gs__ _1930 J -D 11812 119 118 Dee '16 ---- 11714 119
9618 il1.
1933
Refund & gen 3s Series A_1995 1---13 101 14 Sale 1011s
_ 873 k el) '16 ---- 873 8734
Cons as reduced to 35313_ _1930 J -1) 9138
10112 318' 9978 10134
Pitts June let gold (Ie.__ _1922 J - J j" ____ 1,12 Jan '12 ---Debenture Is
1930 Al - 8 10112 -102 101 Dec '16 ---- 100 103
93% .___ 8818 Jan '17
P Juno & Al Div 1st g 350 1925 NI- pi
Ch SIP & Minn 1st g 68..1918 M-N 1,
11814
1 1,8
5
5 11712 11814
:
8
2 -..---.. 11814
89 Salo 88
P L E & W Vli SY8 ref 4s 1941 31- N
8958
Nor h Wisconsin 1st 6s__ _1930 J - J 118t
8518 90
118 Nov'16 ---- 118 118
9334 Sale 927
4_:
.5
..-1 1 .
Sonthw Div 1st gold 3535_1925 I - J
94 -__.18
i.6
0
81
51 1' & S City ist g 6s_ _ _1919 A - 0 104 10579
1 3:
84 1-9
6
0
;
8 101
7
,8
-8
104
2
053
04
18
412 105
10
Cent Ohlo It let c g 453s._1930 ),1- s 100,8
_ 101 18 Nov'16
Superior Short L 1st So g_g1930 M- 8
10512 Nov'16 -__2_
Cl fork W con It g 58_ 1933 A -0 107% 10812 10634 Oct '16 __- 10634 107% Chic T H & So-east 1st 5s__ _1960 J - D
72
i1285
83 N ov'10 — — 68
Monon River let gu g Ss_ _1911) F - A 10034 _--- 101 14 Nov'16 -- 10034 101% Chic & West Ind gen g(33_0932 Q -NI 10612 108 107 Dec
'16 ---- 100 108
Ohio River itit 1st g 5s
1936 J - I) 107% _-- 107 July'16 ---- 1064 1074.,
Consol 50-year 48
7612 Jan '17 ---- 71.38 8133
1932 J - .1
7G 8 77
A - 0 10712 ____ 10712 Nov'16
General gold 5s
Cht II & D 20 gold 4 3i8- - - 0634 Sale 0634
--- 105 108
064
1 8612 91
1937
j
j
107
---0
Pitts Cloy & Tol 1st g 6s 192
A
11312
Feb '12
32
7
lot & refunding 4s
70
.... _ . _
1959 J - J 60
9938 ---- 99% Soon() --- 9938 991.
Pitts & West 1st g Is
1917 J - J
1st guaranteed 4s
78 Aug '16
1959 J - j 80
- -73
Buffalo R & P gen g 3s
1937 ht- S 10812 --_- 11012 Jan '17 I: 10712 11012
40
Cin D & I 1st gu g 55
25 July'13
1941 M -N
10212
Consul 4538
1957 61-N 1017s --_- 10212
20
C Find & Ft W 1st gu 4s g 1923 M- N
2 10114 103
88 hlar'll
All & West 1st g 4s gu_ 1998 A - 0 914 ---- 97 Nov'16
On I & W 1st gu g 4s__1953 J - J
Juty'14
65
Clear & Mali 1st gu g 53_191:3 J _ J 100% ---_ 10318 Feb '16 -......-___--: 10
14)
16
3
2:54 110
9
0
Day & Mich 1st cons 4 338- 1931 i '14
,
3
714
3 ---- - - -- 9438 Dee
[loch & Pitts let gold 68_1921 F - A 10614 ____ 10(314 Dec '16
Ind Dec & W 1st g 58
1935 J - J -------- 85 July'14
-J .1.) 108% ---- 109 Oct '16 ---- 10714 1104
Consol 1st g 6s _
10712
Dec '02
let guar gold Is
1935 J - J - --- - - - 10134
101
104
Canada Sou eons gu A 5s_ 196
Jan
'17
10112 104% Cleve Cln C & St L gen 49.._1993 I -D 7934 82
922 A - 0
8033
8038 19 7712 81
_ 92
Car Clinch & Ohlo 1st 30-yr 58'38 1 -1)
92 Dec'16 ---z 92
1931 2 _ J
8614 8634 8512 Dee '16
9512
20-yr deb 453s
8312
0014
Central of Oa 1st gold 58_ _ _p1915 '
10814 21 10712 10812
11 - A 158.14 _— 10814
10038 25 9014 101
Gen Is Series 15
1993 J -D 1003 Sale 1003s
CO11801 gold 5s
NI- N 10212 Sale, 10218
10212 __ 18
4,2
03
00
Cairo Div let gold Is
312 18
8112
5 82
1939 J - J 8618 8638 8612
87
Chatt Div pur money R 4s 1995451 J - I) 8412 8712 8412 May'16
7814 80
Cin W & M Div 1st g 49_1991 J - .1
79 Nov'16
7512 80
Mac & Nor Div 1st g 58_1946 J - 3 10334 — — 10378 Oct '16 ---- 10104 103%
84
83
82 Deo '16
St L Div 1st coil Ira 4s .1990 M- N
8412
79
Mid (la & All Div 58
Registered
1947 1 - .1 10334 .--- 10014 Mar'15
1990 M- N ---- ---- 824 mar'14
-.-Mobile Dly 1st g 5s
Spr de Col Div 1st g 4e_ _ ... 1940 M- S 804 844 83 Sept'16
1946 J - J 10314 --- 104 Oct '16
8612
83
Can RIO & 13 of()a col g 5s 1937 WI- N
96
96 Sale 96
W W Val Div Ist g 48
81 N ov'16
1940 J - J
84
8434
i
112
.
2
i :12
Cent of N J Kcal gold 58
1:
,
3
13
119
1 44 :19
04 8 10
0
18
1987 J - .1 11018 12014 119
0
3
7
43
-5
-58
- 105 June'16
14
C I St L & C cense! as__ _1920 91-N 1897
105 10524
Registered
Q - J 118 ____ 118
118
1. 115 11712
glitsit44red
18tRgeo
k1030 Q- F
9212 ---- 9234 Oct '16
9118 0234
Am Dock At Imp gu ss____614992871 J - J 10034 10414 10414 Jan '17
884 May'15
k1936 Q - F
Leh & Had itlygen gu g 58_1920 J - .1 100 _-__ 100 June'13 _____
5s ---_ _ _ _ 10212 Dec '16
an 1.1 &CI con 1st g 5s _1923 .1 - J 162._
102 i6278
N Y & Long Br gong 48__1941 M- S 9712
8 __= _ _ 1104 Jan '17 ---- 11618 1164
CCC&Igenconc6s___19341 -J 18136:4
_ _ _ _.
Cent Vermont 1st gu g 451....e1920 @ - F 73
10 79
8
-04 19
83
79
811 jan7
'
0133i
Ind B & IV 1st prof 4s..... _1940 A -0
94 July'08
Che8a &()fund & knot Is..., 1921) J - J
9112 911
93 Deo '16
0 Ind & %V 1st pref 5s
41938 Q - J
let consol gold 55
1939 M- N 10638 107 10614
10012 --ii 19
21 63
07%,
94:: 19
75
Pen .4 East 1st con 48____1940 A -0 7434 7512 7412
77
Registered
1939 PA- N 10412 106 10412 N or 16
36 Deo '16 -- 23
Income 45
1960 Apr
40
General gold U58
1992 NI- 8 9314 Sale 931 1
94 --Li 1t9
12
2
1
:
:
0
1
5
09
2
,
3.1 121 : clove Short L let gu 4538
1013
4
1013
5 4934 10218
4
1961 A -0
Registered
191)2 91- 8 --- - 91 14 90 Jan '17 — — 904 91
151i
1514
Col Midland 1st g 4s
2
7
1947 3
21
8512 Sale 85
20-year convertible 4538_1930 F - A
8512 73 8318 89
17 Dec '16 ---Trust Co certfs of deposit _______ j
j
6
_.-...
22
30-year cony secured 58_1940 A - 0 94 Sale 0358
9418 209 9218 99% Colorado & Sou 1st g 4s
9458 Sale 04
26 90
95
1929 F - A
9418
87
8714
J
D
1914
85 Dee '16 -- 8314 85
Big Sandy 1st 48
86 Sale 8531
8614 77 8218 871g
Refund & Eat
78 8512 Nov'16 ---- 8212 854
Coal River ity 1st gu 4s 1945
05 104% 1047s 4 1043
10478 1234
Ft W & Den C453s9
1st g es
1 I*1-N
J -D.
25
1193
4 1064
312 10
84
J -- 43
0
82
1940 j
/ 9
9634 Feb '16 _______ 96% 96% Conn & Pas Rive 1st g 4s
Craig Valley 1st g 5s
---1943 A -0
_1946 J - J
8434 Jan '13
Potts Creek Br let els
Cuba RR 1st 50-yr 5s g
3 -------- 94
1
1952 J - J ---- 95 -6,1- Fei-'1194
R & A Div let eon g 48-1989 .1 - .1 87 s 8812 87%
8778
Del Lack & Western—
2d corm)! gold 4s
1989 J - J .--- 8212 8212 Oct '16 iiii FRVI: 8
513:
42
Morris & Es 1st go 353s2000 J - D
85% 8714
Greenbrier Hy 1st gu g 48_1940 M- N -- -- ---- 8812 Sept'16 ---- 884 8812
86
758
14 18
1921 J - 1 10
87
08
724
N Y Lack .4 W 1st 6s
18
08
74 13
74 10
3 106% 1094
11314 Feb '15
Warm Springs V 1st g 513.._1941 FA- s 93
1923 F - A 10278 -- _ 103114 Oot '16 -- 10234 10434
Construction Is
--.. - 61
Chic & Alton ItR ref g 313_1949 A.0 6012 611-2 6012
Term & Improve 4s
9914 9912
19231 M-N
98
98
32
52
1950 J .1 5212 53
Railway 1st Ilen 31-35
11
)
1 173
86 10218 Feb '03
Warren let ref en g 3535_2000 F - A 84
• No price Friday: latest this week d Due April. e Duo May. 0 Duo June. A Due July- k Due Aug. 0 Due Oct. p Due Nov. 5 Due Dec. s Option sale.
g
--
--
a.-! 1!31.2 e-a-le-
.2
--
--
2%
„,, ,,12 io
[VOL. 104.
New York Bond Record-Continued-Page 2
1.50
Price
Range
BONDS
Week's
POce
BONDS
t3
14.
Range or
Year
Year
N. Y. STOCK EXCHANGE.
Range or
Facial/
N. Y. STOCK EXCHANGE
131
ca
Jan. 12.
Last Sale
1916.
Week Ending Jan. 12.
Last Sale
1916.
Jan. 12.
Week Ending Jan. 12.
High N102
. Low
u
Bid
Ask Low
Loco
111
11gh
3
High No. Lew High
Ask Low
Bid
Delaware & Hudson (Cont)11312
Del & Hud 1st Pa Div 7s___1917 M- S 101 ____ 102 Deo '16 ---101 10412 Leh V Term Ry 1st gu g 5s__1941 A -0 113 ----.
...-_-.
2
3
11112
1
June'16
0
14
0
112
A
112
1941
1
10412
10412
Registered
1
0
6
'16
-112
4
102
Dec
Registered
1917 M- S
Leh Val Coal Co 1st gu g 58_1933 J - J 105 ---- 108 N ov'16
let lien equip g 430
1922 J - J 10114 10112 101 Jan '17 ---ii 10038 102
105
9614
Oot
9918
'13
Registered
993
8
---M-N
9912
9914
993s
let dr ref 4s
1943
J 95 ---_
1st lot reduced to 48
J:1
1933 i
10612 Sale 106
10812 31 104 108
20-year cony 55
1935 A -- 1 :
:
8
:
9
:
14:
:
95
::
1945 M- s soi4 ____ -igli Jury-ii -----_ -9 8514 8838 Leh dr N Y 1st guar g 4e
8814 Sale 8814
8814
Alb & Susi] cony 330
1946 A Registered
11218
113
--N
Dec
'18
____
1127
5
111
Renee & Saratoga 1st 713_1921
1 i047-2 10632
TOT
19
83
45
1 Q
M-S
J TOO-- -_-_-_-_ Tor
8318 Long Isid 1st cons gold 5s_h1
86
572 76
Deny dr R Or let con g 4s 1936 J - J 85 Sale 83
1st consol gold 4s
51931 Q- .1 9412 --- 9414 June'16 ---- 9414 961,
27 83 89
90
Consol gold 430
1936 J - J 90 Sale 89
89 Jan '17 ---- 85
90
2 7834 90
1938 J -D 89 ___
General gold 4s
8934
Improvement gold 513... 1928 J -D 8934 Sale 89
1922 1W- S
.
3 9834 Deo '16 ---- .9
.
Ferry gold 432s
.
7 _ _9
.9
-34
6612 65 5512 7312
let dr refunding 5s
1955 F - A 6512 Sale 65
9914 Oct '06 -----------D
1932
J
Gold
4s
Nov'16
--863
8
88
J
-D
87
873
4
95
Rio Or Juno 1st gu g 58_1939
. Unified gold 4s
8478 85 Dec '16 --- 8412 86
1949 al- S 82
6134 Apr '11 ---.
Rio Or Sou 1st gold 4s
1940 J J 3514
1934 J -D 9534 9812 98 Dec '18 ---- 96
Debenture gold 5s
9712
4
3512 June'18 ..- -5E - -5L1Guaranteed
1940 J -j 3614 50
6 8614 9014
90
8314 61 73 8012
Guar refunding gold 4s
1949 NI- 8 89 Sale 89
Rio Or West 1st g 45
1939 J - J 8278 Sale 8078
1949 1111- S 873s ---_ 95 Jan '11 ---Registered
.
! 61 '72
..1
.
1_ 970512
Mtge dr coil trust 4s A _ J949 A-0 _7_7
ioi1-2 TOL-10_22! 1_0
.
.
31.1 10258 Deo '16
Apr '14
N Y B & MB 1st con g 58.1935 A -0 .
Utah Cent 1st gu g 4s_a1917 A 10:3 Dec '16 -------- 10212 103
N Y dr R B 1st gold 5s
1927 M- S
Des Moines Un Ry 1st g 58_1917 M- N 9812 ____ 9812 Jan '17 ---- -68.1-2 -skiNor Sh B 1st con g gu 5s_o1932 Q - .3 10038 ___ 100 Aug '16 ---- 997s 102
Del & Mack-1st lien g 4s 1995 J -D 8112 8212 82 Dec '16 ---- 82 90
961-2 95 Dec '16 ---- 88
9712
Louisiana dr Ark 1st g 55.-..1927 M- $ 92
Gold 4s
1995 J -D 8012 ____ 7512 July'16 -To 75 85
9212
11212
2 11134 11312
Louisv & Nashv gen 6s
9212
9012 94
1930 J -D 11212 113 11212
Det Riv Tun-Ter Tun 4301961 M-N 93 93
Gold 5,3
1937 111-N 11018 112 110'a Dee '16 ---- 10838 11012
Dui Missabe dr Nor gen 5s 1941 J - J 10418 ____ 10414 Jan '17 ---- 104 10514
9715 96 9238 97
1 10112 1C1314
Unified gold 4s
1940 J - J 97 Sale 9612
10234
10212 __ __ 10234
Dui & Iron Range 1st 5s
1937 A 965s 10 93
1940 J - .1 9653 Sale 965s
Registered
9514
_
10612 Mar'08 ---Registered
1937 A 1931 M- N 10518 __-- 10612 Jan '17 -Collateral trust gold 5s
9314 Dec 'IQ ---- -92-1-2 -6E12
Dul So Shore & Atl g 5s___ _1937 J - J 9318 95
E H &Nash 1st g 6s
4 10
(
713
1
1919 J - D 10758 ---- 10734 Dec '16 ---- 101;8
Elgin Joliet & East 1st g 5s_1941 M-N 10314 104 104 Out '16 ---- 103 10414
34 10
16
21:
L Cln & Lex gold 430-1931 M- N 103 ____ 1023s Dec '16 ---- 110(14
Erie 1st consol gold 7s
1920 M- S 10814 11014 10838 Jan '17 ---- 108 11138
NO
2d &
AoM
id let gold (313
1930 J - J 11458 .___ 11412 Dec '16
95 Sept'16 ---- 9512 9612
N Y & Erie 1st ext g 4s
1947 M-N 9878 100
104 10914 1097s May'16 -___
10178 10214
10114 June'16 2d ext gold 5.9
1919 M- S 10134
-8
-8-1.2 .6018
8934 Note16
1 100 10012
F:1
Paducah dr Mem Div 4s_1
36
9 -I
19
84
10012
3r1 ext gold 430
1923 M- S 10014 ____ 10012
St Louis Div 1st gold 68_1921 lel- S iiiii- -_-_-_-_ 108 Apr '16 ..---.: 107 10814
4th ext gold 5s
1920 A -0 10134 _-__ 101 Dec 'It ---- 10112 10218
64
____
6312
'17
---61
Jan
6312
2d
S
gold
Nov'15
-..::::
1980
M.1
-D
3a
4
913s
943
5th ext gold 48
1928
9078 54 8512 90
All Knox & Cin Div 4s__ _1955 111-N 9078 Sale 80%
-- lii-10734
N Y LE& W letg fd 7s 1920 M- $ 10734 10814 10712 Dec '16
--- 10712 110
'lb
10812
Dec
All
10812
-83
8612
D
52
Knox
1946
J
&
Nor
87
let
J
J
87
Sale
85513
g
5s
Erie 1st con g 4s prior
1996
Render Bdge 1st s f g 6s 1931 M- S 106 ---- 10814 June'16 --- 10534 107
84
Registered
1996 J - J 83 ___ 84 Dec '16 --- 84
77
7318 30 71
Kentucky Central gold 45_1987 J - J 901s -- 8812 Sept'16 ---- 8734 8918
731s Sale 73
1st consol gen lien g 4s.. 1996 J - J
10234 13 100 103
7612
Lex
dr East 1st 50-yr 5s gu.1965 A -0 10234 l 10234
June'16
---7212
J
-J
73
73
---Registered
1996
L & N dr NI & M ist g 430 194. M- S 10012 ----101 Oct '16 -- 9978 101
9018 90 Jan '1/
8831 9012
Penn coil trust gold 4s
1951 F - A 90
.
.
.7_7_12 82
8012
L dr N-South M Joint 4s_ _1952 J - J 8012 8112 8012
6814 73 6712 7234
6818 Sale (3712
50-year cony 4s Series A 1953 A Registered
6878 13 68 84
--- 95 Feb '05 ----1
6812 Sale 6812
do
Series 13
1953 A 4 1071;
N Fla & S 1st go g 53_ _5
32
1 TOO-12 ---- 10534 Sept'16 ---- 1053_19
95
32
7i?:A
84
83 8312 8312
Gen cony 4s Series D
1952 A N & C Bdge gen gu g 430_1945 J - .1 9084 -_ _ 975s May'16 ---- 9784 9758
8"
10734 ---- 10712 Deo '16 --- Aril 10712
Chic dc Erie 1st gold 5s
1982
03
24 F ... A 108 - _- 10834 Nov'16 --, 1081s 10834
euggSeg_s 19
nsa
NcA
&laActoin128ritu
..
s
Pe&
Clev dr Mahon Vail g 5s 1938 J - J 10612 ---- 101 keo '15 -_-_.... iiii2 ii.i:i.14
1 10514 10833
10740
A 108 10812 10778
12358 ____ 12234 Oct '16
Long Dock consol g 6s
1935 A 10212'
5 100 10378
Gen
cons
102
102
gu
50
A -0 102.2 Sale 10212
Mar'18
---.
102
-year
53_1963
M-N
10112
104
Coal & RR 1st cur gu 68_1922
L & Jeff Bdge Co gu g 48...._1945 IN- S 8112 ____ 811s Apr •161---- 801s 8212
Dock & Imp 1st ext 58_1943 J -J 10614 _- 106 Aug '16 ---- 1025s 106
_--- ---- --- ---N Y & Green L gu g 5s_ _ _1946 111 -N - --_ 100 10312 Aue '12 ---. -- - - - - -. Manila R11-Sou lines 4s_1936 al-N ---- --__ -_-77 Mat'l0
-----Mex Internal 1st cons g 43_1977 M- S
1 9612 99
10012
N Y Suse & W 1st ref 5s_1137 J - J *9912 101 10012
79 vev'l0
---1977 M- S
1 Dee '06 ---- --------Stamped guaranteed
7234 1004
2d gold 432s
193, F - A *
101 Oct 09
--__
D
Midland
5s_1925
J
-81
Term-lst
5
f
g
Nov'16
•
A
72
8
74
717
General gold 5s
1940
113 115
10618 la 10518 10512 Minn & St L 1st gold 73_1927 J -D 1135s ____ 11318 Deo '16
8 Sale l0818
Terminal 1st gold 5s
1943 M-N 106110212 1033s
2 18
Pacific Ext 1st gold 6s
108 „.5..
1921 A-0 10212 ____ 10338 Oct 16
04
172 19
004
Mid of NJ 1st ext 5s
1940 A- 0 108 _ _ 107
52
86
1st consol gold 55
80
1934 M- N 8858 gel, 8812 Jan '17
so
Wilk dr Eas 1st gu g 5s
1942 J -D ---- iii
8 5234 66
5818 58
58
let & refunding gold 4s
1949 el- ft 58
35 106 May'12 ---Ev & Ind 1st con gu g 60......._1926 - J 25
6178 62 Deo '16
50
66
Ref & ext 50-yr 50 Ser A1962 Q - F
-ii" iVoi"
Evansv & T H 1st cons 68_1921 J -J 991s 10012 100 Dec '16
60 Feb '15
Des M & Ft D 1st gu 48_1935 1 - J
1st general gold 5s
1942 A -0 65 ____ 63 May'16 ---- 63 83
9 86
9104
8072
002
Iowa Central 1st gold 5s 1938 J -D -A.6.3g
108 Nev'll -_-_-:
1923 A-0
Mt Vernon 1st gold 6,3
6 5112 6334
5714 Sale 5711
58
Refunding gold 4s
95 June'12 ---- -- -- -Soil Co Branch 1st g 5s___193 A-0
3
3
9114
95
9714
Sale
95
0612
StP&SSM
g,
M
con
11
g
4s
lot
4
9514
-5.11-2 -6i1gu-1109538
Florida E Coast 1st 43is__-1959 J -D 1/574 5f 95
1 J
ibi: 8
./
--.-92 ____ 92 Jan '17
let Chic Term s f 4s
Mort St U D Co 1st g 430_1941 J - J 8234 ____ 92 Aug '10 ---97
9912
9832 9912 9812 Dec '16
M
S
S
M
&
:
N
J
A
J
M
Dec
'16
1st
u
'
9
4
2
6
1
6912
-i015
g
4s
int
g1
-J
____
-ills
J
6914
Ft W & Rio Gr lat g 413
1928
95
9412 95 Dec '16 ---- 90
Mississippi Central 1st 5s
1949 J - J 93
great Northern7712 46 7012 7918
521 9758 9914 Mo Kan & Tex 1st gold 48_1990 J -D 77 Sale 7678
99
C B (lc Q coil trust 4s
1921 J -J 99 Sale 9834
2 40
5
57
12
5312
5218
53
53
2d
gold
9812
1
A
9812
9712
98
4s
01990
F
9812
QRegistered h
1921
3
,
7
4
65
912 6
48
512 Dec '16 ---- 3734 521s
1s
et tt
10134 .
_ 1_8_ 9834 10034
extregfu
1944 M- N 6
olnddit 48
let dr ref 43(s Series A._1961 J - J 10134 Sale 101
15 51
6812
2004 M- S
96 June'16 ---Registered
1961 J - J
5 36
49
45
45
Gen sinking fund 430_1936 J - J 4014 49
-Oti- -oi12
98 Deo '16
-68-14 -4-9
St Paul M & Man 4s
1933
---- 37
46
_5_1_4 8
35
714 8400
St Louis Div 1st ref g 48_2001 A&O _7
12114 12134 121 Jan '17 ---- 12014 12378
let consol gold 65
1933 Dec '16 --- 69
80
Dall dr Waco 1st gu g 5.4_1940 M- N
11934 Aug '16 ---- 11934 12112
Registered
1933 72
70 Dec '16 ---- 60
Kan City & Pac 1st g 4s__1990 F - A 6718 ___
100
7 10138 104
Reduced to gold 430.1933 J J Tao- Sale 1o512
2 74
8914
79
Mo K & E 1st gu g .5s____1942 A - 0 75
7738 79
10212 May'16 ---- 10212 10212
Registered
1933 J - J
- 50
79
5 Jan '17
8515
7
50,
5 8
i78
4
512 8
M K & Okla 1st guar 58_1942 M-N 8
Mont ext 1st gold 4s
1937 J -D -9e-74; 7.-_. -_ 97 Jan '17 --- 9538 9714
10 48
81
s
MheK
rs
diaostoT1214stg g
.
-D
S
9512 mane ---- 9612 0012
M
uugg58
5
.
.
31942 J
•
Registered
1937 J -D
0 ---- 50
De
ec
o :16
51
50
51 D
- - 60
__
__ ____ 8512 Nov'15 ---Pacific eat guar 45 g
1940 J -J
---- 49
63
7 -921; -941-2
Texas & Okla 1st gu g 5e__1943 M- S
9412
96
Z Minn Nor Div 1st g 48-1948 A-0 96 ___
Missouri
10838 Jan '17
10918 10938
Pacific (reorg Cu)
Minn Union 1st g 6s
1922 J - J
9914 20 94
99
let & refunding 58 wh Iss 1923 -- - 9914 9038 9914
36
44
7 m al.52,
4076
s .:..:. . . /.._ 12058 124
984714
s 1-9-9:Is 12
Mont C 1st gu g Os
1937 J -J 12
6612
6778 366 6312 69
General 4s when issued
Registered
1937 J - J --- ---3 100 104
104
104
16
0
4
834 8
2 ____ 11034 Dec '16
10
a=1
le1S
1111
- 1-4 1163-4 Missouri Pao let cons g 6s___1920 i1--e-4
1st guar gold 58
1937 J -J 1091Trust gold 55 stamped___a1917 M- $ 10612 Sale 10612 10612 25 8914 10612
Registered
1937 J - J
____ 82 Oct '15
Registered
al917 M- S -_-____
4 Tie-112
4 Atig-i; --- 1663.
Will & S F 1st gold 58 1938 J -D ifOrg :::-_- 15638318 1033.4
1013s Jan '17
let collateral gold 58
14
1
- 7
7934 7934 Dec '16 ---2
•Green Bay & W deb ctfs"A"---- Feb
78
Registered
15
7
1
9
8
a14
1
Feb
15
3
4
1518
13
Debenture ctfs "B"
3918 64
Deo
16
.......
633a
____
PA5
40-year gold loan 4s
1945
3 841s 8812
8612
86
Gulf &S list ref dr t g 5s,..e1952 J - J __ _ - 86
40
6378
61 Jan '17
1st & ref cony 5e
9314 12 9014 96
92 9334 9234
Hooking Val let cons g 430..1999 85
v
:
1
8
6
82
A
N
u
o
g
2
7
---8
Jan
'14
3
B
d
oo
7
n
s
v
--.
N
A
S
82
4
ex
s
t
t
3
8
9
1
F
M
-.1
973
en
L
d
&
ed
s
al
t
2
4
4%
9
5
----58_i
1i:19
__Registered
1999
100 Feb '13
Col & H V 1st eat g'
,
Is__ _1948 A -0 88 ____ 883s Jan '17 ---- 87 88
50
67
Cent Br Ry let gu g 4s_1919 F - A 61 ____
Col dc Tol 1st ext 4s
1955 F - A 8412 ____ 88 Nov'16 ---- 86 88
-13
., 6
48
3 -_-_-...
Cent Br U P 1st g 48 58..1194
26
8 .J1.
9412 Feb '15 --Houston Belt & Term let 5s_1937 J J 87 ..
17
17
013 Ileac!'
'
9
)
1.
1
Leroy & CV A L 1st g
99%
.6.1-2 -9-g3-3
i -6
15674 9934
Illinois Central 1st gold 4s 1951 .j1 - J 99
89
03
0212 Dec '16
Pao R of Mo 1st ext g 4s_ _1938 F - A *---- 95
92 Aug 15 ---- - ---Registered
1951 J J
100 1005s
2d extended gold 5s_ _1938 J - J 10084 ---- 10058 Dec '16
86 Nov'16 ---- 83 86
let gold 33s
1951 J - J 863i 90
39 9934 1031
188
07
35:.i41
St L Ir M ec 8 gen con g 58.1931 A -0 10312 Sale 103
Registered
1951 J- J 84 ____ 83 Nov'15 ---- ._ _ _ ---_
Gen con stamp gii g 581931 A -0 ---- __ _ 102 July'14
8638 ___ 8512 Dec '16 .-...--..- 8412 8658
Extended 1st gold 330_1951 A 74 741k 85
.
l.
e 84
.
5
..
.34 Sa
.
ed
ist
1929 J - J ..8
UnRifeig
erreef
d gold 4s
---- ..- -..„
8312 ____
Registered
1951 A _ .
8078 Oct '12
1929 J - J
-----8-6- J'11'1)5
let gold 38 sterling
1951 111- S
81
68 82
Sale
8314
111-N
1933
Mg
4s
Div
1st
;
Rh'&0
Registered
1951
25 83
Verdi V 1 & W let g 5s
9112
1926 el- S 9212 -. 87 Sept'15 ---Con trust gold 48
-52
7
2 -665-2 -601
-OVI4
1952 A fa; 11E 11412 ...1
.
0
1.
1927 J - 0 11438 ____ 11412
95
314 Sep '12 --- ._ .. ____ Mob & Ohio new gold 6s
_or gr._ 0
Registered
1952 A let extension gold 6s___/1927 Q - J ---- 110 109 Feb '10 -.- 102 109
94
93 8734 9212
1st refunding 413
1955 M- N
75
7718
77
General gold 4s
8734 82 Nov'16 -•:,t 8034 83
Purchased lines 33es
1952 J -J 82
9914 102
07
1 Oct '10
Montgomery Div 1st g 58_ 183
F1-- A
S 0
79
7N
712 ------_-_ 17
9 18
8734 105 8434 8814
L N 0 & Texas gold 4s
1953 M- N 8734 Sale 87
St Louis Div 58
J - D 9134 _ _ 89 Dec '15 ...
Registered
1953 M- N 8212 8612 84 May'14 ---- ---- ---i
0
.-88
8012 . 8912
St L & Cairo guar g 4s
90
1931 .1 - J 89
Cairo Bridge gold 4s
1950 J -D 9012 ____ 9012 Dec '16 ---- 90 - -ii1-2
10334 10712
Nashv Chatt & St L 1st 5a. 1928 A -0 10714 108 10712 Dec '16
74 Feb '14 ---Litchfield Div 1st g 3e
1951 J - J
11014
11014
btar'16
11014
:::
Jasper
J
J
12
.
7
.....
Branch let g 6s
1923
..
'
7-/11-4 -ii Louisv Div & Term g 330 1953 J -J miiii -iiii; 8013 Jan '17 ---- 10034 10112
Jul y:
(1)6
4
10
334 j
McM M W & Al 1st 6s1917 J - J ........ ....... 10
83 Aug'12 -„
Registered
1983 J -J
1917 J - J
T dr P Branch 1st es
Middle Div reg 5s
1921 F - A MO-1;-- 102 June'16 --- ioili foi6
A
t
u
ig
g
'46
30
14
3014
3
3
5
0
______
.
32
._
J
J
i 70 '71
Nat Rys of Mex pr lien 430_1957
7212
.Omaha Div 1st gold 3s
1951 F - A *7012 7212 7212
35
35
1977 A -0
Guaranteed general 4s
6812 Sep '15 ---- _ -77
St Louis Div dr Term g 38_1951 J -J 72
8
Feb
.......
967
'13
J
--J
430_1926
Niex
of
prior
lien
Nat
8318
10
8118
83
-j
83
84 ___Gold 33is
1951 J
Deo :16
30
30
5
39
0 Oct
1951 A - 0 ---let consol 4s
80
Registered
1951 J - J 75 77 80 June'16 --- 80
59
59
•Elpringf Div let g 330_1951 .1 - J 79 _-_- 805s Nov'16 ---- 7834 8058 N 0 Mob & Chic 1st ref 5s_1960 J - J ---- 59
69
7434
J
72
Dec
'16
J
4s_1953
Term
1st
9114
Orleans
____ 9118 Deo '16 ---- 89
9158 New
Western lines let g 4s
1951 F - A
9914
TA 99
N 0 Tex dr Mexico 1st 6s - _1925 J -D
92
Registered
1951 F - A ...........-. jail; 92 . Nov10 ---- 92
50
50
-4
9
-8
9
-34
4834
A0
:
/3
9
483
4
93
1e
1
2
1935
9"
-__
__
Non-cum
income
May'10
--.
Sc
A
-D
11712
9914
Bellev & Car let 138
1923
408
11778
1107
s
1135
8
1127
3
Sale
1115
s
M-N
N Y Cent RR cony deb 681935
2
90
Carb & Shaw 1st gold 4s 1932 M11- S 88 _--- 90
875s 19 8112 867s
1998 F - A 875a Salo 8612
Consul 4$ Series A
1075s Oct '16 --- 1064 109 Chic St L & N 0 gold 58_1951 -D
9814 227 917s 9678
3 8
96852
18 Sale 9718
10
91
,7
3 JA -. 0
g
'
'
3348..2
Ref dc imp 430 "A
114 Feb '11 ---- -- --1951 J -D
Registered
62 8112 8658
86
R
Gold 330
1951 J -D ---- ---- 90 Oct '09 --- ---- --- N Y Central & H 40al
25 8078 8414
Registered
-1951 J -D
Registered
205
8934 937s
.89i3217314
1
9
)
5
7;
sss
-1
.
9
8
.
5
3
3
7
:4
S
Sale
(
83
8
e
1
5
1
-N
3
9
7
4
Debenture
1
9
gold
10218 58 100 10318
Joint 1st ref 58 Series A_1963 J -D 102 10214 102
Dec
90
92
1934 M-N Registered
Memph Div let g 48_1951 J -D 8812 00 807s Dec '15 ---_ ---- -..
32 74
80
7954
7978
79
7912
330_1908
F
A
Shore
coil
g
Lake
--__
-D
J
--.
...-----1951
Registered
7314 78
1098 F - A
Registered
9512 -fig - Juiy--.1i3 -_
St Louis Sou 1st gu g 4s 1931 M- S _
'
917
8 51 75
1111 j
oacnt8
8034
.
f38
a
..?Ii_ 78
;34 .
, J
1. -. A
Mich Cent coil gold 3307124;
i -id - -iiii
4 _ _ _ _ 9212
9212
1950 J - J iti3Ind Ill dr Iowa 1st g 45
78
74
Registered
1 95 10014
99
99
Int & Great Nor 1st g Os.._ .1919 M- N 9918 100
Battle Cr & Stur let gu 38.1989 J - D 6314
James Frank & Clear 1st 48.1959 J -D 9212 9412 93 Nov'16 --__ 8912 93
-641-2 -061-2
9618 ---- -9E- .iiiIy-iTs
J
J
43_1936
Beech
Creek
1st
go
g
13
7012
A
697
s
66
71
3
4
7012
707
s
City
Sou
1st
3s_1950
Kansas
gold
9334 9534
9534 Nov'16
1936 J - J 94
Registered
63 Oct '00 -Registered
1950 A 104 104
1936J - J 10258 ---- 104 May'16
2d guar gold 58
8 8-632 -ii
Ref & impt 5s
Apr 1950 J -J 90 003s 90
01
1936
J
J
--.Registered_
46
883
4
853
4
891s
Kansas City Term let 45_1980 J - J 8838 8834 883s
---- -Beech Cr Ext let g 330--51951 A -0 ---- - --- 101
-8
--• N ie-.1i)
7 9614 10134
Lake Erie & West let g 5e...1937 J -J 9834 10112 99
88
89
9
1981 J - D 89 ____
8212 2 75 8312 Cart & Ad let pi g 4e 5e- _1942
1941 J -J 8212 sale 8212
2d gold 58
_._.
J
D
104
let
gu
g
Oswe
'10
--__
92
92
Glom
,
*
10018 92 Dec
-_
North Ohio 1st guar g 5e-.1945 A 1)4
-i'-16 ---- 94
- Ma
04
67s _____ -94
Mob & Mal let gu g 48-1991 M- S 19
10112
4 10015 103
Lab Vail N Y 1st gu g 430_1940 J - J 10158 ____ 10112
:
1 7_7. 8914 Feb '16 -- 8914 8914
2 100 102
NJ June Ft guar 1st 46_1986 F - A 871
10114
1940 J - J 9912 10112 10114
Registered
2000
elN
82
g
330
&
Harlem
9214
N Y
Lehigh Vail (Pa) cons g 4s2003 M-N 90 ____ 91 Jan '17 --__ 89
t;t:18 -_ -. -. -_ 10E1-2 10612
- n
IN14 I
N Y & Northern let g Se-1923 A - 0
10118 15 9914 10114
General cons 4.4s __ _2003 -N 10034 10111 10118
1 Due Aug o Due Oct'
* No price Friday: latest bid and tusked this week. a Due Jan. 0 Due Feb. 4 Due April, 4 Due May. g Due Juue. 0 Due J tly.
.z Due Nov. s Option sale
`3
4?.
LC t::2 12 -_-_::
-- --
JAN. 13 1917.]
New York Bond Record—Continued—Page 3
Price
Friday
Jan, 12.
tVeek'
Range or
Last Sale
4;12
Range
Year
1916
----Ask Low
11105 No. Low High
BO
Y Cent & H K RR (Con.)—
N Y & Pu 1st cons gu 548 1993 A - 0 92 - - - - 9114 Deo '16
88
92
Pine Creek reg guar Os_ _ _ _ 1932 2-0 11714
- 113 May'15
10412
104
10434 13 10338 10412
R W & 0 con 1st ext 5s__h1922 A It W & 0 T
lst gu g 5s__1918 M-N 10078 102 102 Deo '16 ---- 102 102
86,
4- 8131 Dec '15
Rutland 1st con g 4125 ___1941
7058 Salo 7058
70%
5 68
,
4 70
Og & L Cham 1st gu 45 g1948 J - J
- 92 June'011
---Rut-Canada 1st gu g 48-1949 J - J 67
101 Nov'10 ---- 9712 101
98
St Lawr & Adir 1st g 5s___1996 J - J
_ 1'05 103 Nov'16 ---- 103 103
2d gold Os
1996 A - 0
Utica & 131k Riv gu g 4s_1922 2-i 51i5s
9712 9712
_ 9712 July'16 87,
87% 19 8:112 8712
4 Safe 87%
Lake Shore gold 312s
1997 J
86,
86
4 Jan '171-- 83
4 87
Registered
1997 J -D 85,
96781 67 9438 9612
Debenture gold 48
1928 M- S 9678 Sale 90
9612 100 9334 96
4
9638 Salo 95,
25-year gold 4s.
1931 M - N
94
95
_--- 95 Nov'16
Registered
1931 M-N
Ka A &(.1 filet gu c 5s1938 J - .1 --Dec '15
106 - - Mahon C'l RR 1st 5s
1934 J 102 ioi
Pitts & L Erie 2d g 5s_ __a1928 A - 0 103 ---- 103 July'16
13018 Jae '09
Pitts McK & Y 1st gu 6a 1932 J -J ____
1231.1 M)0'12
2d guaranteed 68..
1934 J - J
McKees & B V let g 08-1918 J - J
lOCh id61-4
Michigan Central Is
1931 M- s 10612 -- 10614 Aug
105 July'161.- 105 105
10618
Registered
1931
98 Apt '12 -- -911s
45
1940 . 87 Feb '14 ---_
_
Registered
1940 .I-2
90 June'08 -J L & S 1st gold 350-1951 H- s 82 .8938 Dee '16 -- 8212 89%
8212
86
M-N
Ist gold 350
1952
0158 91 8314 9012
1929 A -0 91% Sale 9012
20-year debenture 4s
9418 30 91
9412 9.141
9512
NY Chic & St L 1st g 4s 1937 A - 0 94
_
90
,
4
'16
Aug
A
0
90% 93
1937
Registered
,
4
8112
2 7712 84,
m -N 8112 8212 8112
Debenture 45
4
31 8714 93
93
West Shore 1st 48 guar__ _2
19
311 113 2- J 93 Sale 9212
91% Sale 91%
91%
3 86% 91
Registered
2361 J - J
10012
Jan
10012
'17 - -- 10018 102
N Y C Lines eq tr 5s __1916-22 M- N
-10018 Jan '17 Equip trust 4%8__1917-1925 J - J 9914 99,
4 1005s
9914 51 9712 10018
9-658
- 99
:N Y Connect 1st gu 4%8 A-1953 F - A 99
YNH& Hartford—
Non-cony deben 4s
7958 8114
1947 M- S --- - ---- 7058 Sept'16
71 Nov'16
Non-cony deben 3%5__1947 M- S ____
71
73
_ _ 71
68 Dee '16
68
Non-cony deben 350-- - -1951 A -0
72
7712 Deo '16
7714 8112
Non-cony deben 48
1955 J - J ___ 76
4 71312 82
7518
7514
Non-cony deben 4s
1956 M -N
_ 6812 6912 Nov'16
Cony debenture 355s
6834 7712
1956 J - J
29 110 116
108
Cony debenture Os
1948 2-2 166 Sale 106
79 .
Cons RI,non-cony 4s
9112 Jan '12
Non-cony deben 4s
411
F
193
959
7912 Apr '16
• Non-cony deben 4s
1955 - J ____
7914 7012
Non-cony deben 48
1955 A - 0
Non-cony deben 48
7934
1956 J - J
Harlem R-Pt Claes let 48_1954 M-N
91 Deo '16
91
93
& N Y Air Line 1st 48._1955 F - A 8918 _
89 Nov'16
89
89
Cent New Eng 1st gu 4s 1961 J - J
g13-4 8012 Dec '1,
7912 83
Hartford St Ity 1st 4s
S
1930
Rousatonlc R cons g 58.-1937 NI- N 10753 -_-_-_-_ 10512 May'lii
Naugatuck RR 1st 4s__1954 -N 9114
87 July'14
N Y Prov de Boston 4s
_1942 A - 0 9012_ 88 Aug '13
1st seri 450'46 J - J
75 Sale 75
7534 144 72
82
N II de Derby cons cy 5s1918 M-N 10014
107 Aug'09
Boston Terminal 1st 4s___1939 A -0
------New England cons 5s
1945 J - J
-6613 1‘,15.
Consul 4s
-r-'12
88 Providence Secur deb 48 1917
7-6 6014 Sept'16 -- -661; 70
M
1 5 .1
Prov & Springfield 1st 58_1922 J - J
9978 Dee '14 -Providence Term let 45_ __i956 M- S
8358 Feb '14
W dr Con East let 450_1943 - J 86--Y 0 dr W ref 1st g 4s
8012 11 777 84
g1992
4 80's
S 8012 81,
Registered 45,000 only_g1992 M- 8 _
-- 9212 June'12 —
General 45
1955 J -D 7812 8018 77
7814
18 70 ".i6"
Norfolk Sou 1st AC ref A Is. _1961 F - A
83
8412 85 Deo '16 ---- 78
85
Nor:& Sou 1st gold Is
101 Nov 16 ---- 97 101
M-1•
2 10118
1941 M122
12012 - - - - 122
Norf & %Vest gen gold 6s
1 ,1187s 120
1931
Improvement & ext g 66_1934 F - A 122 _ _ _ _ 122 Nov 16 ---- 112012 122
New River 1st gold 0s
1932 A -0 12012 -- 12011 Nov'16 ---- 119 122
9612 59 9112 96
N & W Ity 1st cons g 4s
1996 A - 0 9612 Sale 957
_ 9512 9112 Dee '10...-. 9.113 9412
Registered
1996 A - 0 _
1)
-158 Salo 0212
92% 10 8834 9214
Dly'l 1st lien & gen g 48_1944 .1 - J
133
10-25-year cony 48
2 11:112 14618
_ 133
1932 1 -D
13414
13414
10-20-year cony 4s
1 I114 143
134
10-25-year cony 450
Dee
'16 ---- 11512 145
8
2
93
3
9
1
94 Sale 9134
Pocah C & C joint 4s
94
1941 J 25 88
91
10212 _- 103 Sept'16 -- 103 10312
0 C & T 1st guar gold 50_1922 .1 9134_ 93 Dee '16 ---- 9113 9414
Solo V & N E 1st gu g 4s 1989
N
Nor Pacific prior lion g 48
1997 Q - J 9534 Sale 947
96
234 9118 947
Registered
9231 Nov'16 - 1997 Q J 94
9012 9313
General lien gold 38
a2047 Q - F 6812 Sale 6734
6834 102 6518 6752
Registered
a2047 Q - F 66
4 6312 657
6712 6612
67l
St Paul-Duluth Div g 4s__1996 J 91% 9214 9112 Sept'16
913 0112
St P & N P gen gold ele___1923 F - A 10978
---- 1098 Dee '161-- 10058 113
Registered certif1cates__1923 Q - A
10912 Oct 16
St Paul de Duluth 1st 5s._1931 F - F
107 Oot '16
id
26 59
10012 Nov'16
88
0 .1.6181_
1917 A - 0 10
18503s
;10012 10118
1st consol gold 4s
9112 Sept'10
1 90
1068 J -D
0112
Wash Cent 1st gold 4s
8612 Deo '16
I 8612 9012
1948 Q -M
or Pao Term Co let g Os_. _1933 J - J
112)2 11112 Sept'16..111 11112
Oregon-wash let & ref 4s__ _1961 2- J 8718
87's Sale 8612
8314 88
8758 -i
Pacific Coast Co 1st g 5s_
7 93 101
99
1946 J - D 99 )4,414 0878
Paducah & Ills Ist 5 f 4123_1955 J - J 101 Sale 100
8 98 10018
101
Pennsylvania RR let g 4s
1923 M-N 9912 -- 9914 Nov'16
9814 9912
Consol gold Is
1919 M- S 10112 10-i 103 Noy'16,....... 11)212 10314
Consol gold 4s
1943 M-N 9812- 9918 Jan
9814 9958
Consol gold 4s
10014 41, 98 10014
1948 M-N 10014 Salo 10018
10712 125,10412 10614
Consol 4 Is
1960 F - A 10712 Salo 4071,
General 4s when issued j965 J -D 10118 Sale 10312
10112 125 40034 111312
Alleg Val gen guar g 4s..._1942 M- S 98 __
97% Jan
9614 9734
D It ItIt&13'ge 1st gu 4s g_1936 F - A
9534 -- 9.112 Sept'16 -9412 96
100
Phila Bait & %V let g 48_ _1943 fd- N 100
100
17 9812 9912
Sodus Bay & Sod 1st g 58_2924 J 102 Jan '03
- -—
Sunbury & Lewis 1st g 45_1936 J - J
.U N I RR & Can gen 4s_1944 M -69-1-/3 100
0978 _- -561; Oct
Pennsylvania Co—
Guar 1st gold 41i5
102% 63 10012 10212
1921 J - J 10218 Salo 10178
Regletered
100 11)118
1921 J - J 10(I% 102 11)112 Jan '17
Guar 3%8 coil trust reg A_1937 M- S 8612 88
8612 Jan '16
8612 8612
Guar 31-s coil trust set 11_1941 F - A
85
8612 88
8718 Dec '16
8718
Guar 31
861, 8618
-ft trust ctfs
J - D 8612 87,
8 861, July 16
-Guar 358s trust Ws D_ _1944 J - D 8613 88
85
88
8634 Dec '16
Guar 15-25-year gold 413._1931 A -0 96
9512
5
9658
9412 96
9512
40-year guar 4e etre Her E_1952 Psi -N
9212---- 9314 Dee '16
42
9:114
CID Lob & Nor gn 4s g ,,19421M- N
9014 91
91 Nov'16
CI dt Mar 1st gu g 45019351M-N
9934 Deo '16
99 100
dc P gen gu 450 ser A 1943.1 - J
03
903
)
78
1 IS
_
10378 Oct '16
103% 10512
Series 14
1942 A - 0 10'378
104
_
Int reduced to 350 I942 A -0 87% ____ 9114 Dec '15
Feb '12
Series 0350
1948 N1- N
87%
9018 Oct '12
Series D 350
19.50 F - A
89
8913
8912 8912
Erie & Pitts gu 8 350 B 1940 J - J 88 ___ _ 8818 Sept'16
Oct '16
8818 90
Series C
194012 - J 88
9018 J'ty '12
Cr 11. & let 1st gu g 4%81941 J - J
9914 100% 100 N ov'113
9512 166 Ohio Connect 1st gu 4s_ _ _1943 M- S 94,
4
9:1 may '14
_
Pitts Y & Ash 1st cons 58_1927 M- N 104
109 msY'111
1931 J - J
99
Tol W V & 0 gu 450 A
,
4 _
_ 100 Deo '16
1044 156);
19332 9912
Aeries B 4 titi
10014 Oct '16
10014
1942 M- S
Series C 45
94 Apr '16
9312 94
0
111,41
P CC & St Lgu 4SO A_1940 A .0 1.191:
10318
10318
101 102,4
1942 A - 0 10314 — 102 Dec '16
Series II guar
10114 10234
1942 M- N 10314 10334
- 9714 ,eis'15
Series C guar
1945 M- N
Series D 45 guar
96,
4 -- 9514 Oct AO
9434 -9.512
Series E 35is guar gold.1949 F - A 0614 --_ 9514 Oct '10
02
0514
BONDS
N. Y. STOCK EXCHANGE '
'
a) 44Week Ending Jan. 12.
No price Friday; latest D1,1 and asked
*Option sate.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Jan, 12,
n
151
Price
Friday
Jan, 12.
Week's
Range or
Last Sale
etl
Rang'
Year
1916.
P C C & St L (Con.)
Ask Low
Itt4
High No. Low High
Series F guar 48 gold .1953• -D
9634 ____ 9514 Jan '14
Series 0 4s guar
9634 ____ 9558 Oct '16
1957 M- N
9558 9578
Series I cons gu 450__ _1963 F - A 1031 1 ____ 103
--1 101 103
103
C St L & P let cons g 5s 1932 A - 0 1075 ____ 10712 Sept'16
10712 10712
Peoria dr Pekin Un 1st 65 g_ _1921 Q - F 100 ____ 102 Nov'15
2d gold 450
01921 M-N
871
87 Mar'16
-if- 87
Pere Marquette 1st Ser A 5s1956
9389358 9312
9312 32
1st Series B 4s
76
1956
77
Philippine lty 1st 30-yr s f 4s 1937 J - J
40
48
50 Apr
-id - -.51'Pitts Sh & L E 1st g 58
1940 A - 0 10514 ____ 10618 Aug '16
10618 1061/3
1st consol gold Is
1943 2-i
_ 11314 N ov'll
Reading Co gen gold 4s
0614 Sale 9558
1997 2- J
4 "9171-8
0658 231 -651
Registered
9.112 95
1997 - J
95
4 921, 9514
95
Jersey Central coil g 411__ _1951 A - 0 965 97
9612 Dec '16
9412
9714
Atlantic City guar 4s g,., 195i J - J
93
St Jos & Cr 151 1st g 45
78
1947 J - J
79)2 797 Dec '16
59
82
St Louts & San Fran (reorg Coj—
Prior Lien ser A 4s
7014 Sale 6934
7012 525 6712 7312
1950
Prior lien set B Is
8614 Sale 86
1950
867 515 8378 907
Cum adjust set A Os
7512 Salo 7434
757 219 74
1955
8912
Income series A Os
5212 56
53
5412 48 39
1960
65
St Louis dc San Fran gen 63_1931
112
11112 Noy'16 ---- 109 113
General gold Is.
10358 104 10338
1931
10338
1 10058 10358
St L & S F RR cons g 48 1996
---- 90
78 May'16 ---- 6812 78
General 15-20-yr Is.. _ _ _1927
---- 77
80 Nov'16 ----' 4534 821s
Trust Co etre of deposit____
---- 81 14 78 Dee '16 ----I 46
82
do
Stamped
- - 77
76 Deo '16 ----I 4314 79
Southw Div 1st g 5s
1947
9518 Deo '16 ---- 89
951k
Refunding gold 48
1951
8
,
33
,
40
144
1;16
1 -.. -_-_-_ 0714 8314
Registered
196 J - J ---- ---.
Trust Co ale of deposit__----8412 Dec '16 ----I -62
7
8 -gas
do
Stamped---- --: sale
-79 17
Hi
14
114 Sep
nt'116 . ---1 6114 751.
C
S & M eons g 6s 1928 M -N
K C Ft S &
IV ref g 4s_193ts A - 0 7758 Salo 7718
775, 133
4 17
05
914 17
19
11,4s
K C dr NI 13. & B let gu 58_1929 A - 0 87 -_
00 June'16 ----I 90
90
St L S W 1st g 4s bond ctfs 1989 M- N
78 Sale- 777
7812
13, 757 8012
2d g 4s Income bond ctfs_p1989 2 6318 _ _ 64 Dec '16 --1 62
70
Consol gold 4s
70 Sale 6812
1932 J -D
7012 73, 6012 72
1st term' & unit Is
7012 Sale 69
1952 J - J
71
98, 60
72
Gray's Pt Ter 1st gu g 5s_ _1947 J 9834 Jan '14 ----,1 -___
....
8 A & A Pass 1st gu g 4s_1943 J - J __-___.: _b_4__ 65,
4 Deo '16 ----I 6278 7034
SF&NP1stskfdg 58._1919 2 J
10178 Oct '16 ----I 10118 10118
Seaboard Air Line g 45
1950 A -0
8158
8412
6 74
Gold 45 stamped
1950 A - 0
8178 24 7814 8314
87680718%11
Adjustment Is
6714
01949 F - A
6 64
S88;203112 6634
70
Refunding 48
1959 A - 0
88
70
1148 Jan '17 ----I 6514 72
All Birm 30-yr 1st g 48._e1933 M- S 8614 8712 8614
8614
12 82
8711
Car Cent 1st con g 4s
1949 J - J 88 ____ 88 June'16 ----I 88
88
10014 ____ 9934 Sep '15
Fla Cent At Pen 1st g 5s__ _1918 J 10134 ____ 101 Deo '15
1st land gr ext g 5s
1930 .1 Consol gold 5s
19432 - J 10358 ____ 1034 Dec '16
10258 10334
Ga SC Ala Ry 1st con 5s_ _o1945IJ - J
102,
4 Nov'16
10218 10334
Ga Car & No let gu g 58_1929 J -2 102-14 --_- 102 Dec '16
101,
4 103
Seab & Roan 1st 58
1926 J - J 10214 ___ 9914 Aug '15
Southern Pacific Co—
Gold 48 (Cent Pac coll)__/1949 J - D 83 Sale 8714
40 8312 89
88
Registered
90 Feb '14
/1949 J - D
20-year cony 4s
8818 323 86'S 8958
01929 M- S 88 Sale 8714
20-year cony .58
1934 J -D 10378 Sale 103%
103% 151 10212 1077
Cent Pac list ref gu g 4s 1949 F - A
112
93 Sale 0214
89
73
54
8 9
90 88
93
,
4 __1._
Registered
84
_
1949 F - A
8712 Sept'16
Mort guar gold 350_ _11929 J -0 91
2 84% 9112
9134 9112
9112
Through St L 1st go 48_1954 A -0 8612 Sale 8518
8712 15 83
8614
G
dcS A M & P 1st 58._1931 M -N 10112 103 10112 Oct '16
102 102
26 exten Is guar
1931 J - J 10112 101% 100 Oct '16 ---- 99 100
Gila V G & N 1st gu g 5s1924 M -N 99_ 10014 Jan '16 ---- 10014 10014
Hous E & W T 1st g 5s
1933 M -N 100 165- 101 Deo '16 ---- 101 10214
1st guar Is red
1933 M-N 101 10212 100 Oct '16 ---- 100 10312
• T C 1st g Is Int gu__ _1937 J - J 10612
- - 15612 Dec '16 ---- 106 10714
Gen gold 45 int guar__ _1(121 A -0 97
99
Waco dt N
div 1st g (is '30 M-N 106 108 10
99
61142 N
peo°v:1 16
.5 :------ 944 9614
A & N W 1st gu g 5s
101 102% 10112 Dec '16 ---- 10112 10112
1941 J Louisiana West 1st 6s .,.,_1921 J - J 105
109 June'14
-Morgan's La & T 1st 7s 1918 A -0 102 10558 10434 July LO _-- 10412 10433
1st gold 138
__ 10512 105 Jan '16
1920 J - J
105 105
No of Cal guar g Is
10711
-1938 A - 0
105 Oct 'l6--. - -Oro & Cal 1st guar g 5s
1927 J - J 10134 10258 102 Dec '16 ---- 10078 10258
So Pac of Cal—Cu g 58._1937 M- N 10758
10712 Sept'16 --- 10712 10712
So Pac Coast 1st gu 48 g_ _1937 J - J
96
97
96 Jan '17 ---- 9412 97
San Fran Term! 1st 4s.....1950, A 8812 8858 8738
8814 298 8212 9234
Tex & N 0 con gold 55_19434 - J ---- 96
95 Nov'16 ---- 95
8912 95
314
So Pao RR 1st ref 48
1955 2-2 9414 Sale 935
9412 431
Southern—lst cons g 5s
1994 J -J 10258 Sale
.2_62 10014
00
0 103%
Registered
1994 J - J __
110
2'14
8 Au1g9'2186
10272 19
Develop & gen 45 Set A__ _1956 A 7612 Sale 7512
382 69
77
7758
Mob de Ohio colt tr g 4s
1938 M- S 77 ___.. 7712 Dec '16
I 75
78
Mem Div 1st g 450-58
1996 J - J 10012
10018 Nov'16
100 104
St Louis div 1st g 4s
1951 2-2 84
841-2 84 Jan '17
I 80
84%
Ala Cen 1st g Os
19154 J - J 10258
10258 Sept'16
10218 10314
Ala Gt Sou 1st cons A 58_ _1943 J - D 9812 9958 0958 Oct '16 ---- 1 9812 9958
Atl & Char A L let A 450 11)44 J -J 9312 9818 9412 Oct '10 __3 8
94
1:4
8 0
86
5,8
let 30-yr Is set B___ _1914 J ./ 10234 10318 10258
10231
11) 100,
4 103%
Atidc Danv 1st g 48
1948 J - J 8314 Sale 8314
84
26 48
1948 J - J -- 8178 8112 Mar'16
I 7912 8112
Atl & Yad 1st g guar 4s
ig12
1949 A 7534 Deo '14 ---- 'E T Va & Ga Div g 5s
1930 J - J 10514 _- 10512 Dec '16 ---_ 10312 11:15.1-2
Con 1st gold Is
107%
MN
1956
108 10712 Dcc '16 ____ 10514 10734
E Ten rent lien g 5a
1938 M- S 10012 -- 10112 Out '16 ____ 9912 10112
Oa Midland 1st 3s
6012 id
1940 A 6012 Dec '16 ---- 57
6012
Ga Pac Ity 1st g 6s
10631
_ _ _ _ 10672
1922 2-2
Oct 'le ____ 10072
Knox & Ohio 1st g 6s_ _1925 J - J 16818 _ _ _ - 10858 Dec '16 -__ 108 10752
11012
Mob & Bir prior lien g 58_1945 J - J 10312
106
7134 m
tleapyt:la ________ 105314
2 106
Mortgage gold 4s.
76 _ _ _ _
1945 J - J
71
71,
4
Rich & Dan deb 58 stmpd_1927 A 103% _--- 103,
4 Dec
____ 10318 10458
Rich & Meek 1st gu 48_ _ _1948 M- N
73 Sept'12
So Car & Ga 1st g 5s
1919 M -N iOf- Sale 101
9 1.6012 102101
Virginia M1d ger D 4-5s
1921 M- S 10112 _- 10212 June'16 ____ 102 10212
Series E 55
1926 M- S 10312
203% Aug '16 --_ 102 10318
Series F 58
1931 M- S 104.2
. i
10
07
47
18
2 Dee 8 .___ 10412 10412
General Is
1936 M-N 108 sale
2 10244
Va dr So'w'n let gu 58_2003 - J 105 10612 10358 Dec '16 __-_ 10212 10414
10514
1st cons 50-year 5s_ ,,1958 A -0 9012 Sale
91
W GA' W 1st cy gu 411924 F - A
93
9
04
94
012 Dec0911Z
5 989
94
112
Spokane Internat 1st g 58_1955I J - J
93 11115 - 91% Oct '16
93
9158
Ter A of St L 1st g 450
_ 10034 10034
1939 A - 0
1003
5 10
2 1000
98
73
3112
14
1894-1944 F - A 10312 105 10458 Dec '1 4
let con gold Is
Gen refund 8 f g 4s
1953 J -J 8ii,
8612
87
45 8458 88
St L IM Bridge Ter gu g 58..1930 A -0 10158 16312 10014 Nov'16
9912 10114
2000 2 -D 19912 104 10114
Tex & Pac 1st gold Is
10112
8I 95 10114
0000 Mar 65
26 gold inc 5s
70
70 Dec '16 ---_ 35
70
1931 J - J ---- 8914 88 Oct '16 ---- 88
La Div B L 1st g 5s
00
W Min W & N %V 1st gu 581930 F - A
80 10612 Nov'04
1'335J - J 10434
Tot & 0 C let g 58
_ 1043s Jan '17 -_-- 16E14
Western Dly 1st g Is
19351A - 0 96 iod14 101 Nov'16 --__ 101 10212
General gold Is
1935 2 -D 85% 88
8518 Dec '16 --__ 8518 94
Kan & M 1st gu g 48
19901 A -0 8312 84
-___
82
8414
8212 Dec '16
26 20-year Is
19271J - J
9712 08
9712 Jan '17 _--. 9612 99
Toil'& W 1st gold 45
1917 J - J
56
60
55 N ov'16 -___ 50
61
Tot St L & W pr ilen g 350_1926 J - J
8312 81'12 8312 Dec '16 ---- 7812 8312
50-year gold 45
1950 A - 0 60 Sale 60
60
6
Coll tr 48 g Ser A
1917 F - A
25
1858 Mar'06 ____ 5
50
18
458 6
18
355
Tor Ham & Buff 1st g 48h1946 J -0 80
87
83 Apr '16 ____ 83
86
Ulster & Del 1st coo g 5s
1928 2 -D 9912 10018 10014 Jan '17 _-__ 9912 161118
let refund g 4s
1952 A - 0
7112 74 Mar'15
_
Union Pacific 1st g 4s
1947 J - J 100 Sale 99
100
132 9558 100
Registered
98
1947 J - J
9819 9812 Deo'16 ____ 95
99
20-year cony 48
1927 J 9514 Sale 94
9514 97 9212 96
,_g2008 M1st & ref 4s_
0312 Sale 93
9312 175 8912 9253
9414 9412 94
Ofe RR & Nay con g 48..1946 1 -D
94
Si 011g 94
aiDue Jan. 6 Due Feb. eilfitie May. g Due June. /I Due July. k Due Au*,
0 Due Oot
p Die Nov. q Due Dec
New York Bond Record-Concluded-Page 4
152
"4
Z.
)
[VOL. 104
zr,
Week's
Price
I:2
Range
BONDS
BONDS
:a
Price
Range
West's
iS
Range or
o va
Year
N. Y, STOCK EXCHANGE i t3
PridaV
N. Y. STOCK EXCHANGE
/fangs or
Friday
oc,a
Year
C4
Last Sale
.44
. Jan. 12.
Jan. 12.
Week Ending Jan. 12.
Week Ending Jan. 12.
1916
Last Bale
a,
1916
High No. Low High
Bid
Ask Low
Union Pacific(Con)Bid
High No, Low High
Ask Low
10812
Syracuse Light & Power 58_1954 J - J 84 ____ 8513 June'12 --- ____ _ _ _ _
5 10712 109
Ore Short Line let g 631-1922 F - A 10812 Sale 10812
10814
3 106 10778 Trenton 0& El let g 5s____1949 M- S 10112 ___ 10112 June'14 ---1946 J - .1 10833 ____ 10814
let consol g 5a
9412 145 91
Guar refund 48
1929 J - D 9412 Sale 9312
10113 Dec '16 ---- 10034 10158
9413 Union Elec Lt & P 1st g 5s....1932 M- 5
Refunding & extension 50_1933 M-N -------- 10153 N ov'16 ---- 10158 10153
Utah & Nor gold 53......_1926 J - J 10118 ____ 102 Marla -- 102 102
90 Apr '16 -- 90
letextended 4s
1933 J - J 9313 100
11 9873 10114
9533 United Fuel Gas let e I 611. 1938.0 - J 10078 102 101
101
Vandalia cons g 4s Ser A_ _ _1955 F - A 9178 ____ 9138 Oot '16 ---- 9034 9138 Utah Power & Lt let O____1944 F - A 9534 Sale 9534
96
31 0313 0614
Consol 43 Series B
9113 Utica Elec Lt & P 1st g 5s-1950 J - J 10018 -___ 10214 Mar'15 ---- --- _ ___
1957 M- N 9178 ____ 9113 Nov'16 --- 91
4213 Aug '15 ---- ___ ___. Utica One & Elec ref 5s
Vera Cruz & P let gu 440 1934 J - J ---- 57
1957 J - J 100% ____ 98 Aug '15 ---_
9934 46 9714 9958 Westchester Ltg gold 58....„1950 J - D 105 1064 106
Virginian let 5s Series A__ 1962 61-N 9934 Sale 99
106
5 10414 10553
10612 44 103 106
Miscellaneous
1039 M-N 10813 Sale 106
Wabash 1st gold 58
1939 F - A 100 Sale 9912
10014 11 98 10012 Adams Ex coil tr g 48
1948 Si- 8 8312 85
8012
2d gold 5e
8312
8312
2 82
Alaska Gold M deb 68 A
Debenture Series B
1939 J - J 80 ____ 105 Oct '16 --- 105 105
1925 M- S 8412 88
85 Jan '17 ---- 8413 117
1926 Si- S 8458 8434 8412
Cony deb 6s series B
8434
1st lien equip a fd g 5s___ _1921 M- S 97 ___ 100 May'16 ---- 961 100
9 8478 105
Armour & Co 1st real est 4 As'39 J -D 9434 Sale 9358
let lien 50-yr g term 45-1954 .1 - J 80 ____ 65 Dec '15 ---95
9478 255 93
Det & Ch Ext let g 58
9312 9238 Nov'16....-- 90 0212
1941 J - J 10512 --_- 105 Dec '16 --- jai- 10E1-8 Booth Fisheries deb a f 6e _1926 A - 0 93
Des Moin Div let g 4s
98 Sale 9712
Braden Cop M coll tr s f (33_1931 F -A
1939 J - J 8212 _-_- 80 Aug '12 ---3 9712 9913
98
Bush Terminal let 4s
76
Om Div 1st; 340
78
7 72
1952 A - 0 888 ____ 88 Dec '16 ---- 8612 89
76
76
1941 A -0 77
8414
Tol & Ch Div let g 413_ _1941 M- S 8414 Sale 8414
5 82
87
Consol 5s
93
1955 I - J 9212 93 93
1 8678 9278
131dgs 5s guar tax ex
Wab Pitts Term 1st g 4a- _ -1954 J -D
14 2
1960 A -0 9013 Sale 8812
34 414
73'Jan '17 --91
9014 112 86
12 334 Chic UnStat'n'lst gu 4,;is A 1963.0 - J 10114 Sale 10033 10114 07 9938 10238
14
Centand Old Col Tr Co cons.- __ -2
14 Jan '17 --12 3% Chile Copper 10-yr cony 7E1_1923 M-N 13012 Sale 12912 132
2 Oct '16 ---Columbia Tr Co certfs _____
436 12013 154
Col Tr etfs for Cent Tr etfs____ -- -112 Nov'16 ---12 378 Computing Tab-Ree a f 6s 1941 J - J 8612 87 8612
8712
6 81
88
78 Granby Cons M S&P con6s A'28 SI-N 104 106 10614 Jan '17 ---- 10158 117
14
26 gold 4s
18
14 Aug '16 ---1954 :1-13
18
34
14 July'16 ---Trust Co certfs
Stamped
1028 M-N 103 107 106 Jan '17 ---- 103 115
___,
1.!
86
Jan '17 ---- 8312 8534 Great Falls Pow 1st s f 53_1940 M- N
Wash Terml let gu 330_ _1945 F - A 8614
10114 16 9914 10113
1
10138
9412 9512 9113 Aug '15
let 40-yr guar 4s._1945 F - A
___ ___ _ lot Mercan M arine 4;is_ _1922 A -0 --------111
--__
Oct '16 ---- 95 111
73% --ii 71
73
75
7612
West Maryland let g 4s____1952 A -0 73
Certificates of deposit
10934 Nov'16 __-- 951 Ill
10512
Weet N Y & Pa let g 5a____1937 .1 - J 10538 10512 10412 Jan '17 --- 10334
Now 1st & cell tr s f 6s__1941 A - 0
9334
9478 190 9314 9913
l
86 Dee '16 --__ 8112 86
lot Navigation 1st a f 5s_ _1929 F - A ---- ----11013 Nov'16 ---- 0134 11013
Gen gold 40
1943 A -0 8412
37 ____ 37 Oct '18 ---- 37 37
Income 15s
Montana Power 1st 58 A___ 1e43 J - .1 100 Sale 9978
100
p1943 Nov
86 95% 1001e
Wheeling & L E 1st g 5s_ _ __1926 A -0 101 ____ 10012 Jan '17 ---- 98 102
Morris & Co 1st a f 4As__ _1039 J - J 93
9312 9338 Jan '17 ---- 9214 9358
:Oct '16 -.-- 96
Wheel Div let gold 53-__1928 J - .3 98 --_- 991
9912 Mtge Bond (N Y) 4s ser 2_1966 A - 0 _-_- ____ 83 Apr '14 _-- ____ ___ _
9918 9958 909131 Deoso4
Exten & Impt gold 543..„..1930 F - A
'116
97 99%
10-20-yr 5s series 3
1932 J - ./ ---- ____ 94 June'10 __-- 94
9412
"iii 68 80 N Y Dock 50-yr let g 43_1951 F - A 7514 Sale 7514 7514 1 71 76
RR let consol 4s
1949 M- S 8014 Sale 7 1
20-year equip s f 5s
98% ____ 80 Sept'16 ---- 80
80
Niagara Falls Power let 58_1932 J - J 102.2 ____ 10212
1922 .3 - J
10212
3 10034 10212
Nov'16
Winaton-Salem S IA lat 4a
Ref
&
---- 8412 88
a1932 A - 0 10738 108 10512 Oct '16 -_-- 10512 10513
gen 6s
8613
88
1960 J - J 87
8834 19 84
8812 Niag Lock & 0 Pow 1st 5e_1954 M- N 9214 9413 9.112
Wia Cent 50-yr let gen 4s......1949 J - J 8812 Sale 8814
9412
6 02
96
14 85
89
9033 Ontario Power N F let 58_1943 F - A
Sup & Dui div & term let 43'36 M-N 89
90 8814
9378 Jan '17 ---- 92
94 95
0512
Ontario Transmission 5s__1945 M-N --- 95 86 Sept'16 ---- 86
Street Railway
0013
9212 48 8934 9358
Brooklyn Rapid Tran g 5s-1945 A - 0 10112 ____ 10112 Jan '17 _--- 10014 10334 Pub Serv Corp N J gen 58_1959 A - 0 9212 Sale 92
7612 748 Dec '16 __-_ 7418 81
9014 Jan '17 ---- 88 125
1st refund cony gold 4s
80
Tennessee Cop 1st cony 63..1925 M- N 88
2002 J - J 75
10078 302 100 10118 Wash Water Power let 5s__1939 J - J -_- ____ 10312 Jan '14 -- __ ____
6-year secured notes 521_ _ _1918 J - J 1008 Sale 1005
Bk City 1st con 513_1916-1941 J - J 1017 Sale 10178 10178
2 10013 10214 Manufacturing & Industrial
Bk Q Co & S con gu g 58.._1941 M-N 94
9512 9412 Nov'16 -- 9312 94,12 Am Ag Chem isle 5s
10353 12 10178 10418
1928 A-0 10318 10334 10278
3 0634 10812
Cony deben 5s
10318
Bkiyn Q Co & S 1st 5s_ _ _ _1941 J - J
1924 F - A 102 10234 103
10012 MaY.13
9734 198 9512 9734
10114 ---61
BItiyn Un El 1st g 4-5a_ _1950 F - A -_-_-_-_ 10
1931 M-N 9734 Sale 9758
-0
-7-8 IN
- ifid - iiii" Am Cot Oil debenture 5s
104
19 10338 10412
11 10018 10218 Am Hide & L lets f g O....1919 M- 9 104 10412 104
Stamped guar 4-5s
1950 F - A 10038 10114 10114
101 14
Kings County E let g 48_1949 F - A 8312 87 85 Dee '16 ---- 8212 8612 Amer Ice Scour deb g 6s.._ _1925 A - 0 9978 Sale 98 . 10014 136 94
9813
Stamped guar 4s
1949 F - A ..,.7 _ 8512 85 Dec '16 ---- 8212 8612 Am Smelt Securities a f 63_192(3 F - A ---_ ____ 10514 Dec '16 ---- 10513 12212
77% Am Thread let coil In 4s_......1919 .1 - J 99
7418
4 73
Nassau Eiec guar gold 43_1951 J - J 7418 Sale 7413
00
5 9778 9914
9912 99
9634
9 9534 9834 Am Tobacco 40-year g 6s......1944 A - 0 11713 11912 11712 Dec '16 ---- 11712 120
Chicago Rye let 5s
1927 F - A 9634 Sale 9612
Conn Ry & Llst & ref g 4;01951 J - J 1017 ____ 10113 Oct '16 ---- 9912 102
Gold 48
8678 83'2 Jan '17 -- -- 8212 8914
1951 F - A 85
Stamped guar 4s
883t
89
9 6512 04
1951 J - J 10178 ____ 10133 Dee '10 ---- 10118 10112 Am Writ Paper let s f 5a_....1919 J - J 8812 89
81
Dot United 1st cons g 430_1932 J - J
8414 41 7413 8553 Baldw Loco Works let 53-_ _1040 M-N 102 104 10318 Dee '16 ---- 10412 105
1
l
10378 20 10212 10412
Beth Steel 1st ext s f 5s
1926 T - J 10373 Salo 10312
Ft Smith Lt & Tr let g 53_1936 Si. S --------84 Jan '14 -10113
1st & ref 5s guar A
8 9978 10315
Havana Mee cense! g 5s_ _ _1952 F -A 94 _ _ _ _ 94 Dee '16
1042 M-N 10114 Sale 10018
-i7.- -441-4
10234 47 10014 10313
69 --ii 6813 7514 Cent Leather 20-year g 5s 1925 A -0 10212 Sale 102
Hud & Manhat 5s Ser A......1957 F - A 6812 Sale 6812
Adjust income 5s
1951 F - A She ____ 844 Oct '16 ---- 827 8414
2514 Sale 25
1957
2512 42 2513 3114 Consol Tobacco g 4s
N Y &Jersey let 5s
100
10 10013 102
Corn Prod Ref s f g 5s
1931 M-N ---- 9834 09 Deo '16 __-- 0831 100%
1932 F - A 100 101 100
Interboro-Metrop coil 430_1956 A - 0 7138 Sale 7138
7212 64 7112 7612
9814
let 25-year a f 5s
4 9578 9912
1934 M-N 9814 Sale 9814
Interboro Rap Tran 1st 53_1960 J - J 99 Sale 9833
635 9712 9912 Cuban-Am Sugar coil tr Os 1918 A - 0 102 Sale 10134 102
99
20 10112 103
Manhat Ry(N Y)cons g 43_1990 A -0 935 ____ 9318
9318 14 8612 9312 Dlitil Sec Con cony 1st g 58_1927 A - 0 68 Sale 6734
69
52 6838 78
Stamped tax-exempt
94
9 80
9334 E I du Pont Powder 433s_ _1936 J -D 104 Sale 104
1090 A - 0 94 Sale 9312
10412 20 101 10712
Metropolitan Street Ry85 Mar'16 __-- 85
General Baking 1st 25-yr 6s_1936 .1 -D -.-- 95
85
9912 14 9314 10014 Gen Electric deb g 33s......1042 F - A 80 Sale 80
Bwav & 7th Av 1st c g 55_1943 J - D 9912 Sale 9912
80
3 78
8312
3 98 10038
9912
Debenture 53
9978 9912
1952 M- S 10.5% 106 10538
1(16
Col & 9th Av let gu g 58_1993 M- S 99
22, 10318 10858
Ill Steel deb 4s
Lox Av & P F let gu g 53._1993 M- S 991.1 101
9914 Dec '16 ---- 99 101
1940 A -0 9353 Sale 9312
91
2741 8912 9418
30 Mar'14 -Met W S El(Chic) 1st g 4s_ _1938 F A
Indiana Steel let 5s
10314 29 10118 105
1952 M-N 1023 Sl 10234
Mtlw Rice Ry & Lt consuls 1926 F - A 1E3- --_ -100 Oct '13 __--_
1935 J - J ---4 -_ -_ -_ -_ 10214 Oct '16 ---- iiii- iiii.1-2 Ingersoll-Rand 1st 55
75
92% ____ 93 Nov'16
Sot Agricul Corp 1st 20-yr 58 1932 M-N 75 Sale 75
Refunding & exten 430_ -1931 J - J
7 74
93
93
803
10112 31 10118 1023.1
Minnea9 St let cons g 53_1919 J - J 10014 ___ _ 101 Aug '16 -__ 10014 101
lot Paper Co 1st con g 0-1918 F- A 10114 10134 10138
9614 211 92
991
25 81 10013
Montreal Tram let &ref 524.1941 J - J 9614 9734 9614
Consol cony s f g 5s
1935 J - J 99 Sale '' 99
9638
10112 16 9712 10112
8334 Aug '16- -___.1 80 86
New On Ry & Lt gen 4 3is....193' J - J ____ 86
Lackaw Steel 1st g 58
1923 A -0 101 10112 101
99
54 90 109
99 10014
N Y Munielp Ry 1st s f 58 A 1966 J - J 100 ____ 100 Dec '16
1st cons 5s Series A
1950 M- S 9814 Sale 98
7112 25 7213 79
N Y Rye 1st It E & ref 4s.._ _1942 J - J
Liggett & Myers Tobac 73_1944 A - 0 12714 128 12714 Jan '17 ___ 12313 129
7114 Sale 71
447 '220 48 637
24 10014 10312
103
30-year ad) inc Sc
55
1951 F - A 103 Sale 10278
al942 A - 0 42 Sale 42
N Y State Rya 1st cons 430-1962 M- N 8614 8734 88 Deo '16 ____ 83 88% Lorillard Co (I') 7$
1944 A-0 12512 127 12612 Dec '16 _--- 11258 12712
10212
1 10014 10214
Portland Ry 1st & ref 5s. _ _ _1930 M- N
5s
195) F- A 10212 10234 10212
__ 91
8813 Nov'16 ---- 8812 0412
Mexican PetrolLtdcon Os A 1921 A -0 109 11418 111 Dee '16 ____ 10558 128
Portid Ity Lt & P let ref 58_1042 F - A____ 7778 7858 July'16 -_- 7812 80
101 Dee '16 - _ 101 101
let lien &ref 65 series O. 1921 A -0 109 115 107 Deo '16 _--- 105 12512
Portland Gen Elee let 53_1935 - i ____ _
Nat Enam & Stvg 1st 53_1929 -I -D 10112 102 101% Jan '17 ___. 9512 102
96 MaY'16 ---- 95
StJos Ry, L,If At P ist g 53_1937 M- N 9534
96
St Paul City Cab cons g 5s_1937 .1 - J 102 ____ 1021s Oct '16 -- 10218 10218 Nat Starch 20-yr deb 5s__ _1930 J. J 00
92
91 Jan '17 __ 8512 01
Third Ave let ref 49
19 8312 8358 National Tube let 55
80
1960 J - J 80 Sale 7934
1952 SI-N 102 10218 10134 10218 16 997 10258
Ad) bac 5s
106
7312 21 75 8434 N Y Air Brake 1st cony 63_1928 M-N 105.12 106 105
11 101 10612
.,.....o1960 A -O 72 Sale 72
108
Third Ave Ry let g 5s
1 106 10818 Railway Steel Spring1037 J - J 107 1073.1 108
Tr -City Ry & Lt lets f 5s-1923 A - 0 101 Sale 10012 101
Latrobe Plant let s l 53_1921 J - J 10012 Sale 10012
3 9834 101
10012
2 993.1 10113
_
Interocean P 1st s f 5s..._1931 A -0 9934 __ __ 9913
Undergr of London 430....- -1933 J - J -... 93
9513 July'14 .._.._ ___.
9912
• 3 9412 6811
'72
10058 31 9534 10212
Repub I & S 10-30-yr See 1_1940 A -0 10058 Sale 100
72 Nov'16 ___ 68
Income fis
1
1
1948
10018
5 0578 100
1930 M- N 10018 Salo 9958
Oct 'OS ---.- --- Standard Milling let 5s
Unlon Elev (Chic) let g 513_1949 .-A---(-) ------- ----84
106
The Texas Co cony deb 6s_ _1931 .1 - J 106 Sale 10578
69 104 106
77
United Rye Inv 5s Pitts 133.1928 61-N ___ 75
7512 Deo '16 --__ 67
1 8018 94
93
Union Bag & Paper 1st 53_1930 J - J 93 Sale 93
el% Nov'16 ___ 5912 62
United Rye St L let g 4s_ _ 1934 J - J ____ 61
5978
Stamped
1 53
1930 J - J ____ 9012 94 Nov'16 __-- 8218 94
52
52
St Louis Transit ell O.__ _1924 A - 0 5112 53
6212 38 64
7312
United Rita San Fr a f 4s.._ _1927 A -0 3712 Salo 36
3712 161 30
463
( 'U 9 Realty & I cony deb g 5s 1924 J - J 60 Sale 57
104
197 10178 10313
9234 US Rubber 10-yr col te 63_ _1918 J -D 101 Sale 10278
2 87
90
Va 113,& POW let & ref 53_1934 J - J 90 Sale 90
10812
Gas and Electric Light
5 107 115%
US Smelt Ref & M cony 0_19213 F - A 107 10914 108
joi _ U 9 Steel Corp-lcoup__d1903 M-N
Atlanta G L0o lat g 5s
2... .iiii._ .
353 10334 10758
l 10573 107
1947.0 -D 10312 ____ 103 Sept'15.
Bklyn Un Gas let cons tj 53_1945 SI-N 10638 10812 107 Jan '17 -S f 10-60-yr 5alreg
10618
2 10358 10753
d1963 M-N ---- ----10512
Buffalo City Gas let g 5s_ _ _1917 A - 0 24 - - 54 June'13 ---Va-Car Chem let 15-yr 5s_ .._1923 J - D 9934 Sale 9914 100
146 9514 100
Cincin Gas& Eleo lst&ref 5131950 A - 0 1(30 1501-2 10012 Dee '16 .___ iiii1; 101 10212 58 100 10312
Cony deb Os
e1€124 A -0 10212 10314 102
Columbus Gas 1st gold 5s_ _1932 J - i
West Electric let 55 Dec_ 1022 J - J 10212 Sale 102
10212 25 10112 10332
97 Feb '15 . -Consol Gas cony deb 6s._ _ _1920 Q - F Hi- 1241-3 12318
12412 40 ii(1- iii- Westingtese E& M notes 58_1917 A-0 10034 Salo 10034
10934
9 10014 10152
Coal & Iron
ConaGalE L&P of Balt 5-yr 53'21 M- N 10612 10712 106 Jan '17 ___- 105 10812
Detroit City Gas gold 5s-1923 J - J 101% 102 10114 Dec '16 ____ 101 10212 Buff ei Susq Irons 158
1932 J -D 9614 __ 0614 Dee '16 ____ 0614 99
Detroit Cla.s Co cons let g 5s 1918 F - A 101 _ ._ 10113 Oct '16 ____ 10112 10112
Debenture 5s
99
411920 M- S _ ___ 9318 99 Nov'16 ___ 90
Detroit Edison let coll tr 53_1933 J - J
10518 14 10234 10478 Col F & I Co gen s f 5s_ ___1943 F - A
105
97 Jan '17 ____ 9234 981:
9518 98
let & ref 5s ser A
3 '7413 82
78
7812 7712
101 10178 10134 Dee '16 -__ 10014 102% Col Indus let & coll 5a gu _1934 F - A
61940 M- S 105___78
_ .
Eq G L N Y 1st cons g 53_1932 M- S 10112 104 101 % MaY'15 ---Cons Ind Coal Me let 5s_ _ _1935 J -D 37 ____ 73 Mar'14 _. __.
93 Dee '10 _-- 90
Gas & Elee Berg Co c g 5s_ _1940 J - D 100 _ _ 100 Feb '13 -- - - -- -- Cons Coal of MO Ist&ref 5s_1950 J -0 9212 94
941i
__ _
Hudson Co Gas 1st g 5s__ _1949 M-N 103 103.58 103 Dec '16 ____ ioi- foils Continental Coal 1st g 5s......1952 F - A 35 ____ 9913 Feb '14
Kan City(Mo)Gas lat g 53_1922 A -0
9078 Dec '16 ____ 90% 91
Or Itiv Coal & 0 lat g 63_61919 A -0 --- - 9478 0434 Merle___ 9434 9434
4634 ____ 99 July'15
____ ___
Kings Co El L & P g 53._ _ _1937 A - 0 15i32 104 10154 Kan & H C & C 1st sf g 5s__1951 J - J
105
4 10513 105
96
Purchase money es
9453
945:
9512
8 89
1997 A - 0 115 11678 11618 Dec '16 _-__ 1147s 11612 Pocah Con Collier 1st s f 53.1957 J - .1 95
gets
8513 Dec '16 ____ 84
Convertible deb Os
St L Rock Mt & P 58 stmpd_1955 J - .1 8413 88
1925 61- s ____ 11978 128 001'16 --- 126 128
Ed El Ill Bkn let con t 4:3_1939 J - J
2 10058 1033t
1951 J - .1 11)2 10412 102
102
8814 ___ _ 8812 Sept'16 ___ 88
8834 Tenn Coal ,,en 5s
Lae Gas L of St L 1st g 5s_e1919 Q- F 10112 102% 10112 Dec '16 ____ 10058 105
100 Dee '16 ___ 100 102
IiIrm Div let consol 63_1917 l - J
Ref and ext let g 5s
Tenn Div let g 6s
411917 A - 0 -------- 100 Nov'16 ____ 100 102
1934 A -0 10214 Salo 10213 10212 17 100% 10234
_
.
- -- - - -- - 101 Dee '14 _..
Milwaukee Gas L 1st 43- _ _1927 SI-N 935
Cah CM Co 1st gu (Is_ _1922 J - D -------935
935
2 9114 937
1953 J - 1 --_- 75
80 Doe '16 _-_ 80 80
Newark Con Gas g 58
10312 10358 Victor Fuel let s f 5s
1948 J - D 104 _ - 10312 Dec '16
N Y 0 E L /I & P g 53
3 103 10534 Va Iron Coal&Coke 1st g 58_1949 M- S ____ 8634 8712 Dee 'lb _-- 8278 0011
1948 J - D 105 10512 10473 10514
Telegraph & Telephone
Purchase money g 4s.......1949 F - A 8618 Sale 8573
8618 16 8334 87
923.1 191 9012 0331
9212 Sale 9178
Ed El II 1st cons g 5s
Am Telep & Tel coil In 4s...1029 J - J
1995 J - J 10814 10912 10814 Dee '16 _- 108 109
9813 Deo '16 ____ 98 1053,
Convertlb e 4s
1936 M- S ____ 98
NY&Q El L & P let con g 5s 1930 F - A 101 10112 10034 Aug '16 ___ 10013 10114
10334
2 10318 1133
Pacific0& El Co Cal G & E
20-yr convertible 430_1933 M- S 10334 10512 1033t
10034 467 _ _ _ _ _ _ _
Corp unifying & ref 5s
30-yr temp cell tr 5s
19-16.0 - D 10034 Sale 10012
10038 21 9753 100
1937 M- N 10012 Sale 100
10211 20 10112 1031,
Paelflo G & E gen & ref 55_1942 J - J 9312 Sale 0212
9312 68 017 9373 Cent DIst Tel let 30-yr 58_1943 J - D 10212 103 10211
73 Nov'16 ____ 73 73
Commercial Cable 1st g 4e...2397 Q- J '
'7
Pae Pow & Lt let & ref 20-yr
71
May'16 ___ 71
Registered
2397 Q- .1 --------71_
9313
5a Internal Series
92
1930 F - A
_ 95 92% Sept'16
10012 48 9914 1011,
Pat & Passaic0& El 5s.. _ _1949 M- S 100 ___ 9912 Oot '15
,
en 53_ _ _1937 J • J 1001 1 10034 100
i.i4:3 i..1:6-18 Cumb T & T 1st &'
28
98 Apr '16 ___ 98
Peon Gas & C 1st cons g Os_ _1943 A -0 105 __ i_ 115
Keystone Telephone 1st 5s__1935 J - J __-- 97
115
Refunding gold 5s
2 1.0038 10234 Metropol Tel & Tel 1st sf 5s 1918 SI-N 10034 101 10034 Jan '17 ____ 10034 1011
1947 M- S 102 10214 102
1021 1
1 9012 1011
101
Mich State Telep 1st 5e___ 1924 F - A 101 Salo 101
Registered
9978 99 Sept'13
1917 M-S
Ch G-L4It Coke 1st gu g 53_1937 J - J 1E5-8 _ .. _ _ 10314 Dee '16
2
le16.78 idi14- N Y & NJ Telephone 5s g_1920 SI-N 10138 ---- 10112 Dee '16 ____ 10034 10118
10018 244 9712 007
Con0Co of Chi 1st gug 5s 1936 J -0 10138 _ _ _ _ 10114 Nov'16
101 10113 N Y Telep ist & gen 3f 4;is 1939 M- N 100 Sale 0958
50 9912 102
102
1937 J - .1 10112 Sale 10113
Ind Nat Go& Oil 30-yr 5s 1936 M- N 91
Pac Tel & Tel let Sc
01
91
10
86
93
91
43
10112
0058 10214
Mu Fuel Gas let gu g 5s_ _1947 M- N 10118 ____ 101%
3 10033 10034 South Bell Tel & T 1st s f 56-1941 J - J 10138 Sale 10118
1011s
8 100 1021
1023.
Philadelphia Co cony 5s_
1919 F - A 9834 9912 9914 Nov'16
496% 9934 West Union cell tr cur 56-1938 J - J 101 1023. 10214
93
42 0458 071
1950 M-N 98 Sale 96
Cony deben gold 5s
Fd and real eat g 434s
1922 M- N
88 94
9214 Jan '17
9214 93
Stand Gas & El cony s fes....1926 J - D 101 10212 101
1941 rd-N 9933 10254 10114 Apr '16 ____ 10114 10112
101
Mut Un Tel gu ext 5s
5 90102
814
2 1 027
4
Syracuse Lighting Ist g 58_1951 J -D 102 10312 10214 Nov'16
Northwest Tel au 4 Ws g_.1034 J - J 9334 _ - _ .. 04 Nov'16 ____ 04 95
eNo price Friday;latest old end asked. a Due Jan, 4 Due April. g Due Mar. g Due June, 4 Due JulY, t Due Aug. •Due Oct. la Due Nov. t Due Dee. a Option ale.
A ,.
JAN. 13 1917.]
BOSTON STOCK EXCHANGE-Stock Record
8114 RE PRICES-NOT PER CENTUM PRICES.
Saturday
Jan. 6.
Monday
Jan. 8.
Tuesday
Jan, 9.
1Wednesday 1Thursday
Jan. 11.
Jan. 10.
Friday
Jan, 12.
Sales
of the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Range for Year 1916
Range for Prertota
Year 1915
Lowest
Lowest
Railroads
17478 17478 175 175
174 174 *174 175
174 174
174 174
126 Boston & Albany
100 172 Dec 23
76
76
77. 76
76
76
76
76
77
*76
134 Boston Elevated
77
•76
100 6512 Apr 24
*112
119__
120
*112
____
119
119
5 Boston & Lowell
*____ 119 *113 119
100 119 Deo 20
43
42
43
43
--------864 Boston & Maine
4312 4212 43
43
42
42
100 34 Aug 29
____ *213
18 Boston & Providence
____ 213 213 *213
_ _ *213
*213
100 200 Aug 4
Last Sale 412 May'16
4 *____
*__ _ _
4 *__
4
412 Feb 29
Boston Suburban Eleo Cos___
Last Sale 30 Dec'16
30
*____ 30 *____ 30 *_ 30 *_
Do pref
30 Dec 11
Last Sale 412 Nov'16
*412 5
*412 5
*412 5
*412 5
Boston & Wore Electric Cos
4 NI_ ar18
45
Sale
Last
43
Sept'16
*4412 47 *__
*4412 47
*4412 47
Do
pref
42 Feb 28
Last Sale'150 Jan'17
*150 155 *150 155 *150 155 *150 155
Chi° Juno Ry & U S Y--100 150 Oct 25
--------120 Do pref
•107 10712 10712 10712 10712 107.2 *10712 108 *10712 108
10212 Apr 26
Last Sale 145 Dec'16
•135 145 *135 145 *135 14.5 *135 145
Connecticut River
100 123 Sept 1
____ ____
72
72
____
*72
74
74
45 Fitchburg pref
7312 74
74
*72
100 6914 Sept27
Last Sale 13114 Dec'16
*131 132 *131 132 *131 132 *131 132
Georgia Ry & Eleo stampd100 122 Jan 3
30
9212 9212 *9114 9212 *9114 92,2 ---- ---_
*9212 94
*9212 94
100 z80 Jan 10
0912 9012 --------20 Ma100
*90.2 100
*99/2 100
100 100 *____ 100
ilfl CentraloePret
98 Sept19
4.2 412
512
412 412 *434
434 434
434 434
205 Mass Electric Cos
*412 434
412 Dec 15
100
26
*2512 2612 1,013 Do pref stam
2712 25
2712 26
25
2512 26
2512 26
stamped
100 26 Dec 28
45
47
45
4758
4612
4512
3,046
5114
4012
4834
4612
*50
5112
N Y N II & Hartford
100 50 Des 21
Sale
100
Last
Dec'16
*97 101
*97 101
*97 101
*97 101
Northern New Hampshire_100 97 Jan 3
135 135
--------7 Old Colony
135 135 *____ 135
135 135 *129 135
100 13414 Dec 18
30
*26
30
*26
30
2612 2612 *26
*26
50 Rutland, pref
30
100 20 May I
107
i56- 166 46 vermont & Massachusetts_100 10012 Aug 29
110 *108 110 *107 110 *107 110 *_
•_
5514 5514
55
55
55
5512 55
*5434 55
11 West End Street
*55
50 z55 Sept21
72
72
74
74
74
57 Do pref
7312 7312 *70
74
74
74
74
100 69 July13
Miscellaneous
8812 8714 8714 8618 87
70 Amer Agricul Chernical
*87
*87.2 89
91
89
*89
*88
100 64 Apr 24
102 10212 1,32 ,1
102 10212 102 102
102 102
102 10212 102 102
Do pref
100 9512 Mar23
2
134
13.1
218
134 2,92
2
238
2
2
.Amer Pneumatic Service
112 " 138
•138
3a Dec 26
50
1112 1112 1112 1112
135 Do pref
*1112 1214
4.94
12
10
12
10
Sale
109
Last
Jan'17
110
*10912
11012 *109
•110 11112 *109 110,2
Amer Sugar Refining
12
Dec3
323 Do pref
120 120
120 12018 120 120
120 120
11812 11912: 120 121
100 11412 M ar 1
12338 12312' 12338 12358 12338 12312 12314 12338 12318 12338 123 12338 7.071 Amer Telep & Teleg
100 123 Dec 29
*44
4434
*44
45
45
4434
*44
4434 *4312 4412 *4314 45
42 AmrioanVVoolen
E
of Mass.100 42 Aug 5
9612
9612 0638 9612 96
9612 96
9612 96
9512 9612 96
pref
100 92 Jan 11
____ ___
74
*73
72
72
72
72
75
*71
31 Amoskeag Manufacturing ___
66 Jan 3
12
97
9714 9714 *9612 9714 *____ 0712 07
_
Do pref
98 July24
Hai
'
,flu - 10312 11314 11112 11414 108 11413 108 11212 110- 1-1-3-1-2 16.54
,,,', Atl Gulf & W I S S Lines_100 27 Jan 14
6535
•64
66
*64
66
*64
65
61
*6412 66
100 42 Jan 15
„ Do pref
985 Cuban Port Cement___$15 pd u13,8 Apr 28
1712 1712 171 - Flit; li1712 17
17
18
*1712 1812 13
10 ---------215 East Boston Land
9
*9
9
912 *9
012 912 *9
10
10
814 Dee 15
512 Edison Electric Ilium
218- 218
218 218
21912 220
216 218
216 217
215 216
100 225 Dec 11
140 General Electric
*16012 16712 *167 168 *16712 16812 10812 16812 16858 1685s
100 15914 Apr 22
02 McElwain (W H) let pref _100 95 June 8
____ io-IR8 foils
got 102
101 101
101 101
101 10178 3101
329 Massachusetts Gas Cos.__ 100 79 Sept21
94
94
94
93
9358 9358 9312 9358 0214 9212 9214 92.2
155 Do pref
____ ____
80
80
80
80
80
80
80
80
80
80
100 78 Sept14
10 Mergenthaler Linotype__ _100 155 May 4
•16612 168 *166 168
167 167 *166 167 *166 167
•1
__ _ _
*1
Last Sale 1---ivu-v;i5
- - - - ---- ---- -- -Mexican Telephone
- -- 10
14 N ov22
Last Sale 1158 Dec'16
---_Mississippi River Power__100 10 Dec 5
-4-6*-_-_-_-_ 16-4-o Last Sale 35 Nov'16
100
3
2
3
.
5i2
j
pref
ly
v15
9
Do
Nuo
_ -56- 30
32
____ ____
32
*30
35
1C; New Eng Cotton Yarn_ _ _ _100
*30 -- *30
_
60
__ _ _ *60
60
*60
63
___
.60 __-_ *60
100 60 Jan 24
Do pref
123.2
123
1
2
334
12312
1233
12214
4
123
402 New England Telephone_100 12034 Deo 22
123- iii 123 12312 123
Last Sale 147* Dec'16
*147 149 *....„ 150 *145 150 *145 147
100 10218Jan 11
06 Nip° Bay Company
,
_
112 112
•115 122 *115 121 *110 118 *110 117
Nova Scotia Steel & C_ _ _ _100 102 Dec 21
164 164
117
106- 1-66.100 15812 Apr 28
68 Pullman Company
45
45
8 ___
;i5- li1____
- li- -ii- -41.-3:1-1- ;a- -713
Punta Allegro Sugar
50 3512 Deo 21
1512 *1478 1512 .15
1512
1512 *15
1512 15.2 .15
1,008 Reece 13utton-Hole
10 15 Feb 3
--------3014:
1 141 142
143 145
144 146
14512 146
14512 146
Swift & Co
100
125 Feb 5
899
62
6214 6212 63
6214 63
62
62
63
*62
6212 63
0 Torrington
25 35 Jan 14
33
32
*32
32
33
*32
33
*32
33
*32
38
.32
Do pref
25
28 Jan 14
435
147 14912 1483.1 149
149 150
14934 15012 160 150
150 150
„„, United Fruit
100 13612Jan 31
5714 5734 5712 58
515s 5778 5718 5713 57
5714 57
5712 '.'" United Shoe Mach Corp- 25 50 June23
467
30
30
293
30
4
4
203
203
4
30
4
*293
2958 2934 2078 2078
Do pref
25 2812Jan 3
112 11278
11218 11312 1103.1 11378 10938 112
11134 11234 111 113
4
'
620
23 U S Steel Corporation__ _ _100 7934 Mar 1
11912 11978 12014 12014 *120 12012 ____ ____
•11912 120 *11912 120
Do prof
Fields_105
0 11c1.
8,884
814
77
s
77s 8,4
778 8,s
,
4 8,4
7
7,4
714
/78
.758
Ventura Consol 011
85'
89-e
eb
p tl:
Mlfling
Adventure Con
25
15a
Feb
17
1
480
314
312
314
314
3
34
*312 4
*312 4
4
4
25 91 Aug 1
280 Ahmeek
100 100 *100 102
100 102
10312 10312 102 102
•100 103
10 10 Dec 21
1014 1012
1012
855 Alaska Gold
1012 1012 1012 1033 10
1012 11
1034 11
25
34 May 3
114
114
113
14
1
130 Algomah Mining
1
1
114
*1
114
*1
114
*118
q c, Allouez
25 56 Dec 21
6434 65
6512 62
6512
65.2 65
65
05
64
63
63
"" Amer Zino, Lead & Smelt_ 25 2912 J uly1 1
3612
35
363___4
37
38
3512
3612
36
3612
36
36.2 3512
25 60 Julyll
71
70
73
4,097110 Do pref
*70
71
*70
71
72
'370
72
58 July29
1338
1218 12.2 -1258 1_3(4 9,405 Arizona Comercial14
1312 12
13
1412 1312 14
14
Butte-Balaklava Copp__
Copper.... 105
7
112 Aug 2
2
2
2
*153
/.
2
2
1
158
215
4
*13
218
213 *134
*134
34614 4714 *4614 47
4634 47
*4612 47
130 Butte & Sup Cop (Ltd)___ 10 42 Dec 21
46
*4612 4712 46
10 66 June28
70,2 7834 7914 7818 7838 7812 79
7914 70
1,354 Calumet & Arizona
7912 7912 79
25 510 Dec 21
647 550
541 545 *545 550
43 Calumet & Heels
545 650 ....54(J 550 *545 550
25 14 July17
126 Centennial
23
23
*2114 23
23
23
*20
.21
2:312 2112 22
2012
5 4612
54 j
Ju
ully
y pt
53
53
*53
6312 *54
6412 35312 64
53
53
•5312 54
500 Chino Copper
0434 6534 6514 6612 65
67
3,084 Copper Range Cons Co_ _ _ 25
6412 663.1 6518 66
.6514 66
20
2 July13
234
*212 234
*212 234 *212
*212 234 *212 234
10 Daly-West
3
3
10
i,
7 Davis-Daly Copper
434 Dec 15
613
6
544 6
534 612
57s 5%
5,
4 6
;i06
.46
-0
,i East Butte Copper Min__ 10 1112July12
6
5:: 12
18
6
4:
5
,12 18
15
1514
15
15
1518
1514
1434 15
1473 1478
25
Franklin
6 June23
814 811
812 812
814
818 812
814 814
8
100 79 July14
85 31
Con9ondated
9014
8912 8912 90
90
•87
91
90
90
*87
90
*87
100 3
143
4.JTu
une25
6
40 Greene Cananea
441.g
44
45
*43
46
.43
4.43
45
*43
4334 4312 44
377 Hancock Consolidated... _ _ 25
1734
17
1712
*17
18
17
18
1612 17
18
•17
17
7 A Indiana Mining
25
2 July10
234 314
234 314 *234
314
*234
314
*231
311
'
21
234
''''-' Island Creek Coal
1
42 Sept27
660
63
0114 6212 63
65
(5412 65
(33
6212 63
6434 65
1 88 Jan 29
126 Do prof
9178 9334 0334
92
0134 9134 9134 9134 *91
0134 0134 *91
Isle
Royale
25
Copper
25
July13
33
33
33
33
33
890
33
33
33
3212 33
34
34
6
312Mar 4
412 434
430 Kerr Lake
434 47g
4% 434 *414 458 *4%434
*458 478
Keweenaw Copper
25
28j Feb 11
4
*3.2 4
412
4
*4
4
4
414
4
414 414
2,3
12
25
0 Lake Copper Co
25
914 July14
15
1612
1512 1514 16
1614
16
1514 15.2 15
15
15
25
314 July15
433
414
435 La Salle Copper
4.2 4.2
418 418 *434 5
414 414
4.2
.414
Valley
Mason
112 Aug 3
5
*6
*512 6
618
7
6
673
512 512 *6
299
Mine34
534 6
455 Mass Consol
25 10 July13
1414 1438
14
14
1312 1414
314
234 14
'314
184 '
37
141358 13
14
25
2 July 5
3
*3
314
3
234 3
*3
312
314 3 2
3
625 Mayflower
3
25
112Jan 5
234 3
212 3
234 234
750 Michigan
*234 314
*3
25 7712July1 1
84
84
8412 8534 84
8412
021 Mohawk
8478 8412 85
84
85
85
Consolidated
Nevada
5
16
Jan 28
24
*2312
2333
24
2358
24
191
24
'
32314 2334 2358 2358 *2312
25
434July14
5
51
5
5
5
6
971 New Arcadian Copper
5
5
5
6
5
534
9 July19
5
20 Now Idria Quicksilver
143 *1312 15
•14
•13
15
1434 1414 1414 *14
100 20 Dec 21
New River Company
- io
Last Sale 21--De-c'
*2312 2414 *2312 24
*2312 __
.2312 __
100 77 Deo 26
79
79
79
7912 78
•78
05 Do pref
78.2 •73 -79;2 *78 -791- .78
5
6 Mar 1
50 Nipissing Mines
•838 858 *838 812
812 812 *814 88
812 812 *814 ,
15 20 July13
Butte
North
3,257
22
22
2
23
14
22
1
3
2
23
3
1
4
2
8
2314 2234 2314 2234 23
23
25
.50 June 2
•2
238
•2
218
2
135 North Lake
2
*2
238
21s
25
118 July15
238
212 278 4,075 01Ibway Mining
2
278
2
238
214
2
2
214
214
114 July14
25
300 Old Colony
218
21)
214
214
212
212
212 212
212 212
212 2,2
25 59 Dec 21
744 Old Dominion Co
6212
62
6314 6314 6314 (3312 6338 6312 6212 63
• 6278 63
482 Osceola
8412 87
85
85
86
85
84
85
85
86
8414 86
21
2034 21
20
2014 2134 2112 2218 2034 22
4,372 Pond Creek Coal
2114 22
25 81 July12
87495 Quincy
86
8612 80
8012 86
86
86
813
86
86
85
210 Ray Consolidated Copper. 10 2034 June22
2612 .2614 27
2634 2634 2634 2634 .2812 2712 2714 2714 .26
112J
14 ja
652 St Mary's Mineral Land .25 61
un3
iy25
1
8414 85
85
85
85
85
*83
85
85
85
86
85
10
5 Santa Fe Gold & Copper
325
134 2
134
178
*134 2
134
134
178
*134
178 2,15
178
10
7 July13
Shannon
012 912
912 ,958
014 912
912 912 *914 912
914
912
10 2434Ju1y11
441 Shattuck-Arizona
*2612 2712 *2612 2712 *26
27
Last Sale 28
*2512 27
25
4 Aug 4
South Lake
5
*534 (31s
5
5
5
4
5
*434
5
5
Dec'165
25
1212July15
Superior
1412
1412
*14
15,,
B
14
15
14
*14
15
15
*14
Superior.
& Boston Copper_ 10
112Jan 13
6-1i
653 - - WiX,6'2 714
614 7
8
014 814
7
25 35 Aug 5
5458 61
5414 6112 53
5514 54
53
54
53
53
5634 6,449
512 512
538
534
4
414 July12
25
5
5
5
1,148 Trinity
•53s 534
42 5
1
.15Jan 26
213 VA
213 2(,
7
1:9
68
35 Tuolumne Copper
213
2
2
218
178 2
214
214
64
6112 6234 63
0334 6412 62
U S Smelt Refin & Min_ _ _ 50 5418Jan 3
64
63
6458 64
64
5112 5113 513.1
5138 51
50 49 Feb 1
5118 5112 1,735 Do prof
511.2 6158 5138 5134 61
5
278 Dec 21
273 278
278
27.3
278
234 27s
278 278
278
278 2,755 Utah-Apex Mining
278
5 1212Jan 15
1814
1734 18
1814 18
18
1,115 Utah Consolidated
18
1814
18
18
1814 18
10 75 June27
10334 10334 *10414 10-134
320 Utah Copper Co
410012 101 *101 10112 102 10518 10513 106
1
514 Deo 21
6
618
578 578
5ki 531
678 6
534 6,22,600 Utah Metal & Tunnel
578 6
234Jan 3
25
612 *5
534
538
638
5
524 584 *538 512
140 Victoria
*538 6
334 Mar27
25
518 518
5
478 478
5
5
490 Winona
5
618
5
6
5
Wolverine
_
45
Oct 9
25
47
47
*47
481
48
473
*4612
35
4
48
48
4812
*47
4812
118 Aug 12
25
Wyandott
Last Sale 218 Jan'17
134
134
•112
*112
13.1 •114
184 *1 12
'07
. pr
'18 71°,,f,*;11
-0131d and asked prices. a Ex-dividend and rights
153
xtp_ age
.._oeli_NOeN
Highest
198 Feb 16
8812Jan 19
145 Feb 11
62 Feb 14
23512May29
5 Jan 8
4012 Feb 29
512 Jan 5
4518 July18
154 July26
110 July14
162 Feb 19
87 Feb 14
13134 Dec 12
94 Dec 23
102 Jan 17
834 Aug 30
44 Aug 9
7734Jan 3
107 Sept14
157 Feb 26
3512 Dec 2
125 Mar I
6712Jan 19
86 Feb 25
102 N ov25
105 Deo 1
314 Apr 12
12514 Oct
124 Oct 25
13412 Sept30
5634 Nov 8
10158 Mar14
79 Nov 8
10114Feb 10
14734 Deo 8
7212Nov 1
2578 July20
1338 Jan 19
250 Mar 7
186 Oct 20
10212 Sept 8
10034 N ov171
89 Feb 14
181 Nov20
214Jan 15
19 Apr 10
44 Feb 8
42 Dec 19
66 Dec 19
140 Marl7
165 Nov10
15514 Nov17
175 Oct 5
59 Oct 28
1612 May23
177 Oct 9
70 Nov3
33 Mar 2
16834 Aug 21
6312 May12
31 Sept18
12958 N ov27
IN34.1,
7aT onv 3
578 Dee 7
12512 Nov18
2612Jan 7
212 Nov20
8:112 N ov21
9758 Apr 10
8618 Nov 1
18 Nov20
512 Feb 5
10514 Mar 9
101 Nov20
640 Nov20
27 Nov20
735s Nov20
8734 Nov21
378 Mar17
714 Dec 7
20 Nov18
1314 Nov20
120 Nov20
6.514 Nov18
2312 Nov20
612N ov21
7334 Deo 6
9312 Dee 2
43 Nov20
533May 3
8 Apr 0
1912 Feb 10
612N ov20
9 Nov18
1912 Nov20
5 Feb 10
434 Nov 6
108 Nov20
3312 Nov20
1014Jan 4
32413834jNaonv2109
9314 Nov20
914 Nov21
3212 Nov20
412Jan 3
278 Apr 6
4 Jan 3
83 Nov21
II:4341%T
1
10912 Nov21
3634 Nov20
110 Nov20
37 Jan 8
1212Feb 14
4038Feb 14
812Jan 4
2812Jan 3
8 0 31
544
4 Jan 14
1234Jan 3
212 Dec 7
8138 Nov21
5334 Apr 11
518 Apr 10
3012 N ov21
12738 Nov20
1112 Mar13
812 Nov18
814 Nov20
6712 Feb 10
234Feb 14
170
73
109
20
225
5
42
Highest
Mar 198 Jan
June 96 Jan
Feb 13812 Oct
Feb
3712 Oct
Jan 240 June
Dec
10 Mar
,.,E.341:
, I Mar
39 Jan
157 Feb
10112July
140 Feb
61 Feb
114 Apr
84 Aug
92 Mar
478 June
33 July
43 Feb
89 Oct
140 Aug
15 Mar
105 Feb
61 May
80 July
47 July
160 Sep
110 Apr
165 Jan
76 Nov
120 Feb
88 Mar
10312 Nov
10 Sep
56 Jan
8734 Oct
98 Apr
157 Apr
30 Nov
125 Apr
7212 Jan
9312 Feb
7334 Nov
101122
412 Oct
1912Jan
Dec
Deco v
109 Feb 111V
116 Jan
13012 Nov
1612 Apr
5714 Oct
77 Feb
09120ct
5918 Jan
67 Apr
9712 May 101 Feb
4 Feb
36 Nov
978 Mar 49 Nov
48 Jan
- arr
87
1132
4T
1,V)
1314 Apr
812 Dec
230 May 260 Jan
ta r
114 Febg 1gri Oct
9
94 Aug
78 Apr
9212Jan
84 Nov
15414 Febr 203
Sep
1638 Dec
10 June
35 Feb
4612 Jan
20 Apr
30 Nov
25 July 65 I
z12714June 143 jaen°
150 Feb
Oacnt
17
1014
8 j
15 Sep
Neoov
10434Jan
812 D
13
26
28 Mar
26 Mar
3014 Sep
110 Feb 163 Nov
48 Aug
65 May
28 Mar 30 Aug
2.
13eere
173114
au
3g,4 Feb
io
1058 Dec
1438 Nov
4 Jan
9212 Dec
2112 Dec
.45 Feb
3512Jan
1634Jan
478 Apr
103 Aug
4034 Apr
434 Apr
66 Dee
7214 Nov
314 Jan
2 Jan
3584 Jan
5112 Feb
350 Jan
15 Jan
327g Jan
30 Jan
178 Jan
912 Apr
434 Apr
80 Juno
7834 Apr
630 Apr
25 Apr
67 Nov
65 Deo
534 Apr
813 Jan
413 Feb
58 Jan
2314 Feb
11 Jan
214 Jan
41 Mar
8512Jan
1712Jan
3 Aug
11;.turf
5
318Jan
1 Mar
Jan
aung
.60 Mar
4614Jan
1158Feb
413 Feb
4 July
518 Aug
2214Jan
1 Jan
.50 Mar
214 Nov
3812 Mar
64 Jan
12 Jan
50 Jan
158
28 4 Jn
Jan
1 Mar
4 Jan
1612 Dec
1414 Apr
9412 Apr
5238 Dee
2412 Apr
1012 Apr
52 Aug
9118 Apr
34 Apr
g2)
Apr
.re
1.
5
,17
18
9 Apr
6 Deo
1; 1tr
1
3 API'
98 Dec
17 Apr
1414 June
1312 Aug
878 Nov
3878 Apr
418 Apr
312 Apr
718 Apr
64 Dec
9312 Apr
1958 Aug
95 Apr
27
5Z Nov
Dec
6
6 Oct
1112 Apr
38 Nov
ny
12034'2To
2213 Jan
4112 Apr
2
Jan
238 Feb
.20Jan
20 Feb
28 Jan
2 Jan
914 Feb
4834Jan
5853 Aug618
1512 Oct
.63 Apr
64 Dec
5012 Deo
538 June
1638 June
8134 Deo
Y 4 aenb
13
32 Jan
.60 Mar
Apr
11
4 a/
70 Apr
214 Apr
0 111-itook dividend. 0 Assessment paid. a Ex-rights. z Ex-dividend. s Ex-Tamarack noel.
to Half-Paid.
154
THE CHRONICLE
Outside Stock Exchanges
share, not per cent. For bonds the quotations are per cent.
of par value.
Boston Bond Record.-Transactions in bonds at Boston Stock Exchange Jan. 6 to Jan. 12, both inclusive:
Friday
Last Week's Range Sales
for
Sale.
ofPrices.
Price. Low. High. Week.
StocksRange for Year 1916.
[VoL. 104.
Sales
Friday
Last Week's Range for
Sale.
Week.
of Prices.
Par. Price. Low. High. Shares.
Range for Year 1916.
Low.
High.
Arundel Sand & Gravel 100 383-4
Feb
3834 38%
60 3534 Aug 42
Baltimore Tube
Jan 133% Nov
100
120 120
50 63
High.
Low.
BondsChalmers 011 & Gas
5
50
6% 7
8
Jan
354 Sept
634
Preferred
5
4
4
4
4
4
20
Mar
Mar
Am Agtic Chem 5s.„1928 10334 10335 10334 53.000 10034 May 10334 Oct Consol Gas E L & Pow_100 12394 123 124
446 107
Mar 130
Nov
Apr Consolidation Coal_ _ _ _100 112
Am Tel & Tel coil 45_1929 9234 9135 9234 30,000 9034 Nov 93
109% 114
Feb 11834 Nov
2,654 96
55 temporal y receipts_ _ _ 10034 100 101 359,100 98% Dec 9934 Dec Cosden & Co
5 1794
17
18% 13,200 1334 Aug 26% June 1,000 10334 Dec 113% Oct Cosden Gas
Convertible 435s_ A933
10334 10334
5 1431
1431 1634 34,124
Apr 1851 June6
Jan 8934 Nov
12,000 74
AUG&WISSL 55_1959
84
85
5
Preferred
594
4% Apr
5% 534 15,420
634 June•
Nov 8334 Jan
9,000 79
77% 78
Central Vermont 4s_ _1920 78
Rights when iss
62c 63c
7,919
1,COO 8634 Feb 8635 Feb Davison Chemical_no par
Cole Buii&Q Ills Div 335s
8834 8834
43
210 3535 Aug 71% Jan
4434
Au Elkhorn Coal Corp
Chic June & U BY 52_1940
10134 10134 2,000 10035 May 102
25% 1,100 15
50 251'34 24
Aug 24% Nov
Jan
Mar 91
2,000 85
86
1940 86
86
4s
4735 4734,
Preferred
Aug 48
125 31
Nov
Feb G-B-S Brewing v t c__ _100
Gt Nor-C B & Q 4s.. _1921
9834 9834 1,000 9734 July 99
200
34
X
134 Nov
July
X
Apr Houston Oil trust ctfs_100 2134 2154 22
11035 11035 1,000 10134 Oct 110
K C Ft S & Mem 6s_ _1928
385 1334 Aug 24
DeeNov
95
3,000
67%
Feb
80
80
KC M &B income 58 1934
6634
524 57
Preferred trust Ws_ _ 100 6634 66
Jan
July 68
98% 21,000 9635 Mar 9934 Jan Internat Cot Mills com__ _
1929 98
98
Mass Gas 434s
1835 19
59 12
Apr
Aug 19
Jan 95
Dee Mer & Min Trans new 100 60
98
2,000 75
96
N E Cotton Yarn 5s_ _1929
60X
60
108 5035 Feb 80 June
11,000 100
Dec 104
May Monon Val Trac
N E Telephone 58_ _ _ _1932 101
10034 101
45 57 June 70
68
68
Dec
100 68
Jan 8134 Nov Mt V-W'b'y Mills v t r 100 1834
1934
1,000 75
80
80
New River 58
241 10
Mar 21% Nov
1834 19
Feb 107
Dec
Pond Creek Coal 6s_ _1923 10334 10334 10434 27,500 87
72
188 69
Nov 76
70
Nov
Preferred v t r
100
Nov Northern Central
Dec 102
Punta Alegre Sugar 6s 1931
9534 9534 3,00 96
228 8534 Sept 99% Nov
8834 89
50
Mar Penna Wat & Power_ _ _100 823-4 82
1,000 10034 Jan 101
Seattle Electric 5s__ _1930
101 101
Mar 8635 Nov
258 72
8234
Swift & Co 1st 5s_ _ _..1944 10134 10135 10134 26,500 9834 Jan 10234 Oct Sapulpa Refining
73.4 Aug 16% Feb.
10
1034 1034
5
United Fruit 434s_ _ _ _1923
9834 9834 1,000 97X Jan 10034 July United Ry & Elec
745 25% Jan 3631 Nov
33% 34
34
50
Nov Virginia Lead & Zinc
Jan 98
434s
1925
97% 97% 1,000 97
4% Dec
5% Dec.
5X
1,930
5
10834 10834 2,000 10734 Dec 115
June Wayland Oil & Gas
U S Smelt R & M cony 6s_
9% Feb
334 Aug
225
43,5 5
5
5
1,000 9934 Mar 9934 Mar
99% 99%
West End 4s
1917
Bonds-Jan 10235 Oct Anaeostia & Potom 58 1949
49,000 99
9934 100
Western Tel & Tel 59_1932
Jan 10034 Oct
10034 10034 $1.000 96
Atlan & Char 1st 5s_ _1944
Mar
10235 10214
2,000 10234 July 103
43,5s
9534 9534 10,000
Philadelphia Stock Exchange.-The complete record
Convertible 4s
2,000
9234 9234
of transactions at the Philadelphia Stock Exchange from Atlantic Coast Line RR9235 93
7,000 91
Cony deb 4s
1939
June 95X Nov
Jan. 6 to Jan. 12, both inclusive, compiled from the Atian
C L (Conn)
100 913,5 Jan 92
91
July
91
official sales lists, is given below. Prices for stocks are all
Certificates 5-20 4s small
2,000 99
100 100
Aug 10034 Nov
Elec stamped 58_1947
dollars per share, not per cent. For bonds the quotations Bait
Oct 8935 Mar
88% 8835 5,000 88
Carolina Central 4s_ _1949
Nov
Jan 100
are per cent of par value.
9835 9834 4,000 93
Charles Con RyG&E 58'99
July
1,000 98% Apr 102
Chicago City fly 5s__ 1927 9934 9935 9934
Sales
Friday
May 993-4 Feb
3,000 96
96% 97
Chicago fly 1st 5s_ __1927 97
Range
for
Year
1916.
for
Week's
Range
Last
1,000 9835 May 99% Feb
99
Coal & Iron 1st 5s_ _ _ 1920
99
Week.
Sale.
of Prices.
Consol Gas gen 4%s_ _1954 9534 95
953,
4 2,000 92% May 95% Nov
High.
Low.
StocksPar. Price. Low. High Shares.
Nov
Consol GEL&P 4%81935 9335 9234 93% 35,000 8634 Aug 94
Nov
Notes
106% 10634 106% 26,700 10294 Oct 109
134 1735 May 2034 Oct
Alliance Insurance
10 2034 203-4 2034
July 94% Nov
6,000 91
Feb Consolida'n Coal ref Is '50 9335 9334 94
Dec 123
75 118
120 120
American Gas of N J 100 120
Nov
107 108
1923 107
Convertible 6s
48,000 10234 Sept 112
72 9334 Feb 100
Mar
97
97
Amer Railways, pref 100 97
10534 10534 10935 268,500 10135 Oct 10735 Dee.
Dec 1153-4 Feb Cosden & Co 6s
220 67
55
5634
Baldwin Locomotive 100
105% 110 549,600 100
106
Aug 120 June
Cosden Gas 6s
10034
Dec
Mar
101
55
10134
10934
Preferred
100
10034 100% wig 16,000 9634 Aug 10035 Dec66
66
100 38
Jan 72
Dec Elkhorn Coal Corp 68-1925
Buff 4,Susq Corp v t 0-100
105 10734 85,500 9934 Aug 11135 Nov
1918 105
July 6234 Jan Elkhorn Fuel Is
103 54
Preferred v t c
5534 57
100
2,000 9834 Nov 10134 Feb.
101 101
Fair & Clarks Trac 59-1938
45
4535
13
44
Jan
47
Feb
50
Cambria Iron
10434 10434 7,000 103
Sept 10434 Nov
55_1943
Fla
Cent
&
P
cons
140 5834 Apr 7234 Apr
67
Elec Storage Battery_ _100 6634 66
Apr 10454 Nov
10334 10394 2,000 102
68
7034
121 69
Aug 7335 Mar Georgia & Ala cons Is 1945
General Asphalt; pref _100
Jan
July 103
10234 3,006 101
10234
Ga
Sou
&
Florida
Is.
_1945
Jan 2734 Oct
201 25
Insurance Co of N A_ _10 2734 x2634 2735
Nov
6,500 2035 Apr 30
25
25
G-B-S
Brew
1st
4s
assented:
Apr 4834 Jant
25 34
33
33
J G Brill Co
100
4
Nov
% Apr
134 3,000
1%
2d income Is
1951
50 1635 Feb 3635 Nov
31
31
Kentucky Secur Corp_100 81
Apr
1,000 083.4 Mar 100
9935 99%
Mar Hagerstown & Fred 6s 1944
200 1234 Oct 15
14
14
Keystone Telephone_ _ _ _50
Nov
Apr 90
90
9034 263000 79
4 67
Nov 7034 Apr Houston Oildiv ctfal923-25
6734 6734
Preferred
50
Nov
Jan 95
95
95
17,500 91
Jamison
C
&
C
-G
C
Is
'30
Nov
834
Jan
3334
5,080
Lake Superior Corp_ _ _100 19
1894 2034
Nov
2,000 9835 Jan 100
100 100
282 74
May 9034 Dee Kirby Lumb Contr't 58'23
85
84
Lehigh Navigation
50 84
Mar
Mar 90
92% 9234 2,000 90
Oct Lexington (Ky) St 5s_ 1949
284 7434 Jan 89
7734 7834
Lehigh Valley
50
Oct
9935 100
10,000 9634 Jan 100
100
fly
131d
Elec
1st
5s1931
Mar
18
Jan
30
2234 23
2334
Lehiga Valley Transit_ _50
Nov
Oct 28
4,000 20
30
30
'51
income
4s
&
Penns
Md
Jan 443-4 Mar
45 38
43
433i
Preferred
_50
Nov
Jan 104
103 10351 7,000 101
Feb 5894 June Merch & Min Trans 6s_ ___ ----- 102% 102%
23 56
Minehill & S H
50 5634 5634 5634
Aug 10231 Nov5,000 101
5s 1928
75 85
Sept 90
Jan Minn St & St PC jt....1942
Northern Central
50
8734 8734
Oct
94% 9434 15,000 9235 Jan 100
94
20 9234 Mar 95
Sept Monon V Trac 5s_
94
North Pennsylvania.. _ _50
Jan 9634 Oct
95% 953,4 8,000 90
Dec 10294 Feb Pennsy W & P 5s_ _ _ _ 1940 9534 94% 94% 4,000 9334 Jan 96
162 96
95
96
50 95
Pennsylv Salt Mfg
Dec
_
1929
!
435s_
E
L
&
P
United
Oct
Pennsylvania
50 5634 5634 5734 3,031 5534 Aug 60
July 8535 Oct
_19491 8434 8334 8434 41,000 82
65 383-4 Sept 4734 Dec United fly & E 4s_
Philadelphia Co (Pitts)_50 41
4034 41
67
30,000 6051 June 69% Nov
66
19491 67
Income 43
Apr
92 3934 July 45
4134 42
Pref (cumulative 6%).50 42
Oct
14,000 84% Jan 90
89
8934
8935
Funding
55
1936
Mar 3435 Dec
Philadelphia Electric.. _ _25 3334 3234 3334 3,287 a27
1,400 8334 May 9034 Nov
8935
89
small
do
19361
Dec
220 17 May 33
Phlla Rapid Transit_ __ _50
3234 33
Feb 100
Sept
4,000 99
9934 99%
19211
Notes Is
May
3334
Dec
17
45,037
32
Voting trust receipts_ _50 3434
343-4
1,000 10334 Feb 10334 Feb
105 105
71 75 May 8234 Dec Vfl, Mid 5th series 55_ _1926 105
Philadelphia Traction _ _ 50
8134 82
Jan
Jan 87
8,000 84
8631 87
1941
910 7534 Jan 11534 Sept Wash B & A Is
98 10234
Reading
50 99
Oct
May
4634
6
4235
43
43
First preferred
50
or
record
complete
Exchange.
-The
Stock
Pittsburgh
Mar 5 7-16 May
4
Ton-Belmont Devel
1 4 9-16 4 9-16 434 1,195
Jan transactions at the Pittsburgh Stock Exchange from Jan. 6
534 Aug
7
818
Tonopah Mining
1
6
534 634
Jan
Dec
4135
4735
2,776
4894
Union Traction
50 4734 4634
inclusive, compiled from the official sales.
22335 224
5 22294 July 22794 June to Jan. 12, both
United Cos of N J_ _ _ _100
518 8734 May 0334 Oct lists, is given below. Prices for stocks are all dollars per
United Gas Improvt_-_50 8934 893-4 903-6
Mar
Nov
39,982
7934
12934
S Steel Corporation_100 111% 10934 113
bonds the quotations are per cent
934 Aug 1134 June share, not per cent. For
505
934 935
Warwick Iron 4,Steel_ __10
934
Jan of par value.
47 4834 Sept 51
5034 5034
W Jersey & Sea Shore_ _50
_
Mar 9735 Dec
340 70
83
85
Wm Cramp & Sons_ _ _100
Sales
Friday
834 Feb 1634 June
50
1434 1434
York Railways
50
Range for Year 1916.
Week's Range for
Last
Jan
39
Mar
232
3434
3734
38
Preferred
50 38
Week.
of Prices.
Sale.
Bonds.
Low.
High.
Par. Price. Low. High. Shares.
Stocks9635 9635 4'29,000 8934 Jan 9735 Nov
Amer Gas & Elec 5s_ _2007
Jan
97
Nov
2,200
8934
9635
9634
do
small
2007
137
15
137
137
Insur__
_50
May 106
Mar Allemania Fire
104 10454 3,000 104
Baldwin Locorn 1st 55.1940
Oct
2035
June
230 15
173-4 1734
100 1735
10134 10134 3,000 10535 Feb 10534 Feb Amer Sewer Pipe
Beth Steel 1st & ref 58.1942
Oct
280 3435 June 66
10235 10234 10,000 10134 Jan 10234 Apr Amer Wind Glass Mach100 5651 5534 5634
Cons Trac of NJ 1st 581932
Apr
155
Nov
116
135
121
122
100 121
Preferred
Dec
13,000 7935 May 86
84
82
Elec & Peop tr ctfs 48_1945 83
Aug
Feb 107
50 100
.
105
106
pref_
100
Glass
Wind
Miter
Dec
Apr
86
700
76
86
.85
do
small
1945
Oct
Apr 13c
3c
7c 4,000
Sc
6c
Dec Cable Consol Mining._ _ 1
2,000 10534 Sept 107
Equit Ili Gas Lt 5s_ _ _1928 -10694 107
Dec
30 143A Mar 50
4635 47
25
May Caney River Gas
1,000 9934 May 100
10034 10034
Gen Asphalt deb Os _1925
Dec
45 14% Mar 53
42%
4234
Elec
100
Gas
&
Columbia
Oct
Jan
1,000
101
103
103
10334
Harwood Electric 6s_ _1942
Nov
70 713.4 Jan 127
124 124
Feb Ifarb-Walk Refract_ _ _100 121
Jan 100
Keystone Telep 1st 5s 1935 9735 9735 9735 2,000 96
60 100 June 108% Dee
10834 109
100
Preferred
Nov
23,000 2035 Jan 55
Lake Superior Corp 5s 1924 5134 5134 53
7
Sept
Mar
511
234
3%
334
Independent
Brewing_
60
334
Dec
Feb
55
2734
5C0
52
52
Small bonds
Sept
Dec 23
273 15
17
16
50
•
Preferred
97
9734 2,000 10234 Apr 10234 Jan
Leh C & N gen 434s_ _1924
440 49 June 9434 Nov
81
80
Aug 10334 Feb La Belle Iron Works_ 100 80
10234 1023-4 11,000 101
Consol 435s
1954
99
Aug
Nov
87
80
96
94
94
100
Star
Gas
Lone
Aug 10331 Feb
1043-4 10434 2,000 101
Lehigh &New Eng 5s•
Nov
764 49% Apr 68
65
50 6434 64
Feb Mfrs Light de IIeat
Sept94
9134 9135 16,000 89
Leh Val gen cons 48_2003,
Dec
95e 1.05 23,900 83c Dec 1.30
99e
Copper
Shasta
Feb
Mt
Sept93
87
4,000
90
90
Registered 4s
2003;
Jan
285
734 735
634 July 12
mix 91,000 9935 Aug 10331 Feb Nat Fireproofing com _50
General cense' 430.20031 10134 101
200 15% July 24% Jan
1735
17
50 17
Preferred
Jan 137 June
1,000 135
136 136
1 136
Annuity 68
Jan
19
Aug
340 14
18%
18
1
Oil
Fuel
Ohio
1,000
105
105
593%
Leh Val Coal reg 5s_ _1933
Nov
Feb
2,266 38
4434
44
25 4434
Feb Ohio Fuel Supply
Aug 93
3,000 91
93
93
Leh Val Tr ref & imp 5s 601 93
142
12
1134
1134
Rights
22,000 95
Jan 9736 Nov
9734 98
Market St Elev 1st 4s_19551 98
Dee
Jan 101
40 70
95
x95
100
5,000 6734 July 7034 Apr Okla Natural Gas
68
68
National Propetries 4-6s_ I
Mar 12834 Dec
10 98
121 121
June 7035 Apr Osage & Oklahoma Co_100 121
100 65
68
68
Small bonds
Aug
4
Dec
634
150
434
434
Feb Pittsburgh Brewing com 50
10334 10434 18,000 10034 Jan 103
Penn RR general 415s.1965, 104
Oct
Dec 26
1834
166 16
18
50 18
Preferred
10734 10734 5,000 10434 July 1063-4 Feb
Consol 434s
1960
Oct
5c Sept 15e
130 4,850
12c
12e
Jan 10794 Dec Pittsb Cons AI M & T._ A
9,000 104
10734 108
Pa & MU Steel ccns 68.1925 108
Dec
Dec
1.65
94c
14,370
1.30
1.05
Aug 94
Feb Pittsburgh-Jerome Copp_ 1 1.15
0035 18,000 89
90
Phila Co cons&coll tr Is 51
634 Mar 1334 Oct
320
1134
1134
1194
100
&
Gas
Jan
Pittsb
011
10334
2,500
10634
10634
Nov
10634
Phila Elec tr ctfs 5s_ _1948
5 2135 21% 2294 3,200 x1735 May 2234 Dee
4,000 11054 Jan 113 June Pure 011 common
.11234 113
Philo,& Read Term 5s.1941
Oct
50 Apr 45c
27c 7,200
23c
Mar 93 May Ross Mining & Milling _ _1 24c
Pub Serv Corp NJ 5s_1959 9234 9294 9235 15,000 90
Jan
16c 2,400 12o Dec 25c
160
1
Mining
Toy
Jan
San
May
9635
75,000
933-4
96
965-4
9634
Reading general 4s_ _ _1997
Dec
Apr
141%
•
188
30
18334
100
185
Jan 97 June Union Natural Gas
3,000 95
9634 97
J-C collateral 4s_ _ _1951 97
Jan
Dec 126
40 103
103 106
10,000 10194 May 10234 Oct Union Switch & Signal _50
10134 102
Spanish-Amer Iron 6s_1927 102
Dec
Dec 70
30 70
70
70
7234 7335 19,000 6735 Apr 7634 Nov United Coal pref v t c
United Rys Invest 5s_1926 7335
Oct
4634
June
70
2554
39
39
100
1,000 9434 Jan 9934 Sept U S Glass
99
99
1930
Wembach Co 5s
260 8/34 Jan 12934 Nov
S Steel Corp com_ _ _100 11234 11034 113
500 9634 Jan 9934 Oct
99
99
1930
•
do
small
167% Dee
Apr
13335
790
157
155
156
Brake_
_50
Air
Aug 109
June West'house
3,000 104
105 105
WNY&Palst5s.1937
455 5135 Dec 7134 Mar
24,000 9234 Jan 9834 Dec West'house Elec & M fg _ 50 5354 5234 54
9834 99
York Railways 1st 5s_1937 99
+,3i
X
1,205
34
Rights
BondsxEx-dividend.
a 32234 paid in.
$3,000 10134 Jan 10354 Mar
10294 103
Cent Dist Telep 5s.. _1943
Aug
Mar 62
3,000 49
5034
Baltimore Stock Exchange.-Complete record of the Ind
50
1955 50
Brewing 6s
Mar 7534 Oct
3,000 64
6735
67%
Cs....1949
transactions at the Baltimore Stock Exchange from Jan. 6 P1ttsb Brewing
Nov
995-4 9954 9934 20,000 9634 May 100
.1931
5s_
_
deb
Coal
Pittsb
Jan 10034 Nov
1,000 100
100 100
to Jan. 12, both inclusive, compiled from the official sales West Penn Rys 58__ A931
lists, is given below. Prices for stocks are all dollars per
Chicago Stock Exchange.-Complete record of transactions at Chicago Stock Exchange from Jan.6 to Jan. 12, both
inclusive, compiled from the official sales lists, is as follows:
Sales
Friday'
Last 1Veek's Range for
Week.
Sale.
of Prices.
Par. Price. Low. High. Shares.
Stocks-
BondsArmour & Co 434s._ _1939
Booth Fisheries s fd 641926
Chicago City Ry 58-- -1927 99%
Chic City &Con Rys581927 78%
Chic Pneu Tool let 5s_1921
Chicago Rye Sb
1927 964
Chic Rye 48 series "B"._ -----Chic Ry pr m M g 4s.'27
Cole icy Ad Inc 4s_ _1927
Chicago Teleph 5s. _1923
CalcUnSta let,M g 434s'63 1004
Commonw-Edlson 58_1943 103%
Commonw Flee 53_1943 102%
Cudahy Pack let M 5(3.'46 99%
Metr W Side El let 43_1938
_ _11)45
Ogden Gas 5s_
Peo Gas L & C ref it 5e 1947
Pub Serv Co let ref g 58.'56 "oeji
Swift & Co let g 5s- _ _1944 101%
Western Elec Co 58_ _ _1922
Wilson & Co 1st 68.. _1941 102%
Range for Year 1916.
High.
Low.
Jan
21 385
Aug
10 132
Jan
355 33
115 75% Jan
May
80 12
Jan
1,115 25
Jan
547 66
10 ----------po 15 July
Dec
762 66
Apr
688 13
June
1
50
984 139% June
7,564
Dec
997 106
189 89 May
Mar
513 102
785 72 Sept
Aug
230 86
25 114% Jan
47 76% Jan
178
490
6% Jan
July
50 167
40 12034 Feb
5
7% Dee
30 170
Dee
100 56
Oct
6
Oct
10
870 104
Dec
870 1144 Oct
251 107
Jan
Arc
58 100
Jan
11 309
Jan
30 107
Mar
1,896 169
Aug
60 124
60
Dec
75 95
3,365 82% Apr
Dec
180 100
5,930 126% Jan
Sept
1,369 al55
755 13% June
250 51% June
167 112% June
410 410
American Radiator__ _ _100 410
Preferred
100
135 136
64
Amer Shipbuilding .. _100
65%
100 95
93
96
. Preferred
57
Amer Straw Board
57
6134 65
Booth Fisheries, corn _ _100 66
100 85
Preferred
82
8534
99% 99%
Central Leather
34
Chic City Se C Ry pt sh pf _
33
Chic Pneumatic Tool_ _100
70
71
Ohio Rye part ctf "2".
------ 224 23%
Chic Rye part ett "4"_ _ _ _
1% 1%
Commoo ealth-Edison 100 - 13734 b136% 144
Rights, w 1
334 3%
Cudahy Pack Co tom_ _100 111% 110 1134
Deere & Co pref
100
9834 99
127 130
Diamond Match
100 129
7834
76
Hartman Corp
78
87% 89
Hart Strait & Marx corn KO
116 116
Preferred
8834
88
100
Illinois Brick
66%
66
Kan City Ity Se Lt pref 100 66
18
10
18
Lindsay Light
323 329%
100
National Carbon
130 130
100
Preferred
8% 8%
No Amer Pulp dr Paper corn
171% 172%
Oxweld Acetylene Co..100
6234 62%
Pacific Gas & Elec Co_.106
9
9
Page Woven Wire Fence 20
People's Gas Lt & Coke 100 10434 103% 105
138 143
138
Prest-0-Lite Co Inc
Pub Serv of No III corn_100 112% 112% 114
100 100% 100% 101%
Preferred
330 338
100
Quaker Oats Co
111 111
100
Preferred
226 229
Sears-Reebuck corn__ _100 228
100
126 126
Preferred
5234 52%
Shaw, W W,corn
93% 94%
Preferred
StewartWarnSpcedcomlOC 974 97% 100
Stover Mfg & Engine Co.p 1.10134 101 101%
Swift & Co
100 142% 14034 146%
Union Carbide(o--- ...100 193
19234 1964
United Paper Bd corn_ _10C 32
34%
32
Preferred
75
100
75
Ward, Mofitg & Co, pi ef_
115% 110
35.000
1,000
8,000
12,000
20.000
29,000
4,000
5,000
2,000
7,000
5,00(1
48,000
2,600
42,600
4,000
2,000
1,000
15,000
43,000
1,060
71,000
9334 94
93
93
9934 9954
78% 7934
98% 0834
9634 96%
70
69
60
60
41
41
101% 1014
1004 10031
102% 103%
10234 102%
99%
99
6934 6934
98
98
10234 102%
96%
96
101% 101%
102 102
102% 102%
Sept
Mar
Apr
Sept
Apr
Dec
July
Oct
June
Apr
June
July
July
Dec
Deo
Jan
1013-4 July
94
Jan
9834 Jan
10134 July
101% Dec
9234
83
98%
6934
97
05y4
6534
60
3334
101%
100
101%
101%
WU
70
9534
425
136%
72
97
55
63%
88
_
41
79
2734
1%
147
Nov
Nov
Nov
Dec
Dec
Dec
Oct
- Nov
Mar
Oct
Oct
Sept
116
100
142%
87%
91
120
100
Dee
Dee
Dec
Dec
Sept
Sept
Nov
25
330
133
16%
170
67
18
118
148
11834
104
363
115
234%
127
Aug
Dec
Oct
Nov
1)eo
Dec
Nov
Oct
Dee
Sept
Feb
Jan
Oct
Nov
Feb
95%
119
102
175
215
40
78
117%
Dec
Aug
Nov
Oct
Sept
Nov
Dec
Oct
94%
9334
100
8234
9934
9834
75
70
41
102%
10034
103
102%
984
7334
98
102%
96%
102%
102%
103
Feb
Nov
Feb
Nov
Mar
Feb
Jan
Jan
Oct
Nov
Feb
Nov
Mar
Dee
Jan
Nov
Nov
Sept
Oct
Ma.
Oct
x Ex-dividend. a Ex-dividend 2%,stock dividend 40%. b Ex-div.20%,ex-flghts.
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week ending
Jan. 12 1917.
Stocks.
Shares,
402,986
588,859
011,442
816,299
1,005,393
629,847
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Par Value.
Railroad.
rtc.,
Bonds.
37,655,100
55,105,900
51,803,350
74.521,050
90,319.050
58,396,950
Stale, Mum
& Foreign
Bonds,
U. S.
Bonds,
313010,000 32,004,000
3,489,000 1,200,000
3,363,500 3,889,500
3,878,000 2,997,500
4,589,500 1,133,500
4.187,500
942,000
4,054,826 3367,802,000 321,417,500 312,166,500
Total
Week ending Jan. 12,
Sales at
New York Stock
Exchange.
1917.
1916.
$500
1,000
1,000
$2,500
Jan. 110 Jan. 12.
1917.
1916.
4,054,826
3,775,893
Stocks-No.shares....
$367,802,000 $336,202,755
Par value
3500
$1,200
Bank shares, par
Bonds.
$2,000
32,500
Government bonds__ _
4,855,500
State, mun.,&o., bonds 12.166,5001
21,417,500i 28,579,500
RR. and misc. bonds_
8,555,191
$778,407,300
$900
8,154,007
$719,339,955
34,600
$5,000
21,969,000
34,060,000
S5,000
9,042,500
49,377,500
333,580,500 333,437,000
$56,034,000
$58,425,000
Total bonds
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston. •
Week ending
Jan. 12 1917.
Saturday
'Monday
Tuesday
Wednefalay...
Thursday
Friday
Total
Philadelphia.
Baltimore.
Shares. I Bond Sales. .Shares. 'Bond Sales. Shares. Bond Sales.
145,500
25,239
9,759
$27,300
105,600
30,698
12,117
126,000
25,187
73,800
11,065
81,400
24,093
165,800
29,641
-55,600
37,060
28,000
32,527
82,300
29,0871
53,000
15,422
96,000
-------171,664 8571,700 110,531 $468,600
15,896 $347,100
11,123
352,400
16,171
253,800
12,028
150,900
157,300
8,640
192,500
9,777
_73,635 $1,454,000
Now York "Curb" Market.-Below we give a record of
the transactions in the outside security market from Jan. 6
to Jan. 12, both inclusive. It covers the week ending Friday afternoon:
155
THE CHRONICLE
()AN 13 1917.]
Sales
Friday
Last Week's Range for
Week
of Prices
Sale.
Par. Price, Low. High. Shares.
1Veek ending Jan. 12.
Stocks-
Range for Year 1916.
Low.
High.
Feb
Aetna Exploe_r _ _(no par)
3% Dec 25
3%
3% 3:4 16,300
Amer Druggist Synd r_100 1334 12% 15% 8,900 11% June 14% Jan
Sept
Amer Int Corp $5 pd_ _100 55
2,300 v1234 Jan 161
56
54
Amer Sumatra Tob_100 18
Dec 2634 Dec
300 19
1734 18
Am Writ Paper corn
Mar 1134 Oct
2
1,400
4% 4%
100
Atlantic Steel
Nov
130
35
100
140 147
Brit-Am Tob ord'y_ _ _41
Jan
j
n 20% Nov
16
100 55
19% 1931
Ordinary bearer
2,000 15% May 2134 Nov
20
.el
20
Butler Chemical_r
100
234 Mar
734 Apr
2% 2%
5
Butterworth-Judson_r (1).
Oct
Dec 76
700 42
48
51
Calif Packing Corp r_ (t) 3554 34% 354 1,500 30
Oct
Dec 38
Canadian Car & Fdy r _100 33
Jan
475 40
Sept 82
20
37
Preferred r
Jan
375 70
100 74
Aug 101
70
76
Canadian Nat Gas Corp-1
Jan
100
34
34 Nov
54
51
California Shipbuilding r10 1434
15% 3,100 13
14
Oct 2034 Nov
Carbon Steel, corn r_..l00 95
Nov
Feb 133
95
25 55
95
2d pref r
Nov
Feb so
25 59
100 75
Carwen Steel Tool
12% 11% 12% 5,600 to734 Jan 18% Dec
10
100
Central Foundry corn
Dec
24%
23
400 11
Jan 32
Preferred
Dec
49
r 100
41
39
300
Chevrolet Motor
100 105
100 135
ja en 278 June
10,200 163214
AugD
0
Eastern Steel r
Nov
100
129
105 110
325
Emerson Phonograph_ _6
934 934 1,770
934
8% Oct 14% Jan
Falls Motors Corp r_ _10
8
Nov
7
500
6% Dec 18
Fisher Body Corp pfd r100 93
94
93
225 93
Oct 9534 Oct
Grant Motor Car Col p_10
June
14
200
Hart-Bell Co r
314 3%
434 Nov
940
5
3%
3
734 A
Op
ert
Hask & Bark Car (no pars 4034 39% 4034
900 33% July 5434 Jan
Hedy Sugar, corn (no par)_
45
640 30
50
Oct
45
Dec 61
Preferred
115 931
100
Des
ue
l y 103
99% 100%
3 JD
Imp Carbon Chaser c._ _1
500
c 53e Sept
31
3-4
31
Intercontinental Rub_ _100 12
12
12%
600 10 June *19
Sept
lot Arms & Fuze Sec_ _25
24% 25
400
7
July 2634 Jan
Internet Mot newt r_ _100
17
17
• 200
Joplin Ore & Svelter _r_15 31e
25c 35c 45,550 o22o Dec 0610 Atzg
Keystone Tire & Rubb_10 16
15% 1734
1,300 12
Sept 19% Oot
Lake Torp Boat com_r_10
7% 8% 3,000
8
634 July 14% Oet
let preferred r
10
8% 9%
9
1,450
8% July 14% Jan
Lima Locomo corn _r_ _100 5731 52
59
8,900 33
July 4834 Dec
Preferred
94
94
100 95
100
Mar 95
Mar
Lukens Steel let pref r 100 99
98% 9934
636 99
Dec 100
Dec
Manhattan Elec Supp_100 38% .36
Oct
480 32
384
Oct 40
Preferred
100 *9534 9334 96%
Dec
950 94% Nov 98
3
Marconi Wirel Tel of Am_15
3
3
400
Apr
3
494 Jan
Marlin Arms v t c(no par)_
53
59
Oct
1,706 23 June as
200 p48
Pt v t C two-th'ds pd_100 33% 3334 33%
Dee 1)6454 Dec
2% 3% 9,200
Jan
Maxim Munitions r_ _10
234 Deo 13
900 17% Sept 2034 Dec
Mexican Petrol Export r.. 2054 20% 20%
63
Midvale Steel & Ord_r_ _60 613-4 60
34,500 51% Dec 7734 Jan
53
55
Mitchell Motors.r (no par)
1,200 51
Dec 7334 Sept
37% 2,500 *34
35
National Acme Co_r_ _50
Dec
Dec 41
N Y Shipbuilding Corp r(t) 434 43% 45% 2,800 42
Dec 48% -Dec
7% 8% 4,400
Dec 1534 Nov
7
$34
North Am Pulp & Paper(t)
3% 3% 1,300
37-4
Old Colonial Chocolate r.5
Pan-Amer Munitions, P1-5
16
15
1,100
Nov
Pierce-Arrow Mot Car r (t)
6134 52
Nov 66
1,000 42
Republio ot Trk
Sept
*6434 66%
Aug 77
900 54
St Joseph Leud r
Nov
July 22
6
16
4'1
35
1634 17% 1,200 14
StL R Mt & Pao Co r_100 3134 31
Mar
Sept 40
33
2,400 30
Smith (A 0)Corp noparICO
Nov
40
Dec 45
*38
240 39
Smith Motor Truck _ r., _5
634 Nov
4% Dec
534 834 18,950
834
Smith &Terry Transp p110 10
9% 10
9% Aug 11% Sept
400
Sortfigf Bdy Corp. ----100
82
81
100 51
Apr 101% Nov
Standard Motor Coast r10
6
634 1,300
5% Aug 10% Feb
Steel Alloys Corp_r
5
7
734 Dec
634 7
2,‘ Sept
5,000
Submarine Boat-(no par) 23
19% *25
50,500 24 Dec 45% Oct
Todd Shlpyards_r(no par)
84
84
Nov
7334 July 95
Trunsue & Williams Steel
Forging Corp r_(no par) 41
4034 42
600 42
Dec 48% Dec
Triangle Film Corp v t 0.6
134
134 234 2,800
634 Jan
114 Not
United Alloys Steel Corp rt 4834 47
4934 3,500 47
Dec
Nov 56
United Motora_r_(no par) 4134 41
47
19,100 42% Dec 94 Jai..,
IJ S Lt & Ht Corp r_ _10
1% 1%
454 Jan
700
1% Nov
U 8 Steamship
10
534 6% 4,000
53.1
4
Apr
Sept
U S Tungsten r
1
20o 23c
9,100 200 Dec 39e
Oct
World Film v cc
1
1
5
1,300
44 July
a Jan
Wright-Martin Alr_r__(t) 1335
11
15% 14,100 1334 Dec 36
Sept
Zino Concentrating _r _ _10
4
4%
44 3,700 ,334 Aug
654 Apr
RailroadsPitts & West Va _com r 100
20
Dec
20
100 20% Dec 24
Rook Island w 1 r__ _ _100 373.4 37% 40
5.800 3634 Nov 45% Dec
Preferred A w l_r__ _100 8734 87% 88% 1,300 83
Nov 94% Dec
Preferred 13 w l_r__ _100 73
72% 74
Nov
725 68
Nov 80
Western Pacific RR_ _.100
20
2134 1,200 12
Sept 25% Dec
Rights1% 1%
Chicago Se North West r_
Dec
1,000
2
lji Dec
Former Standard Oil
Subsidiaries
Angio-Amer Oil
£1
18 *1834 4,500 z14% July 18
Jan
Atlantic Refining
1055 1090
27 650
Deo
100
Jan 990
Buckeye Pipe Line
50 121
117 122
135 90 June 119
Deo
Galena-Signal 011
100
187 187
10 151
Feb 206
Nov
Illinois Pipe Line
100
240 242
-80 155
Dec
June 255
Indiana Pipe Line
114 114
114
12 93 June 114
Dec
Ohio Oil
387 393
25
43 189
Jan 400
Dec
Prairie Pipe Line
329 329
100
15 205
Apr 352
Dec
Standard 011 (Calif) _100
365 367
50z234
Apr 387
Nov
Standard Oil of N J._ _100 708
707 715
299 495
Apr 700
Nov
Standard Oil of N. Y_ _100 273
270 275
247 200
Mar 285
Dec
Other Oil Stock•
Barnett Olt &
234 3% 9,000
_ _ _1
434 May
2% Jan
2%
Cons'd Mex On Corp 1_ _1
1
134
550
Nov
1
154 Nov
Continental Refining r__10
11
11
100 1034 Dec 114 Dec
Cosden & Co_r
17
1834 5,700 13
5 17
Aug 27 June
Cosden 011 & Gas com.r.5 1534 14% 1634 32,150
Apr 1831 June
Preferred r
5
534 534 2.500
634 Feb
3% July
Federal 011.r
5
6% 6% 11,800
634
34 Feb
73-4 Dec
Gen Ref & Prod r
1
1
11-16
31 28,950 9-113 Dec 1 1-16 Sept
Houston Oil common r_100
21
22
700 12
Aug 2434 Dec
34 9-16 110,080
Kenova 011 (prospect).._1
%
8-16 Sept 930 June
Merritt Oil Corp r
10 1334 11% 13% 9,500 II% Dec 1434 Dec
Metropolitan Petroleum-5
2
2
Dec 25
254 9,300
May
3
Midwest 011 oom r
e
820
60e 830 167,000 81341 Aug 850 Feb
1 88
Preferred r
86c 880
2,000 7543 Apr 11-16 Mar
Monongah 011-r
34 234 2,400 650 Dec
1 80o
234 Dec
N Y & Texas Oil r
1 134
1941% 7,500
Oklahoma Oil eom_r_-1 12e
10340 12c 71,600
70 Mar 21e June
3,4 Aug
Preferred r
1
1
134 Nov
1
100
Oklahoma Prod & Refg _ _5 1234
1234 1434 42,000
534 Aug 13% Deo
Omar 011 az Gas_ r
35o 55e 35,000 300 Dec 95e Aug
1 50c
Osage-Hominy Oil r ' 5
834 934 66,000
854
Pennsylvania Gasoline__ 1
13.4
1% Dec
Aug
134 8,500
134
Royal Dutch Co r
(t) 6534 65 *66% 7,600 6434 Dec 74
Deo
Sapulpa Refining
934 10% 4,600
r 5 10
754 Aug 16% Feb
Savoy 011
*11
12
5
934 Mar 14% May
550
Sequoyah 011 & Ref
134 234 90,1300
1 2 1-16
134 Sept
2% Dec
Sinclair 011 dr Ref r(no par) 6134 60% 62% 18,000 35% Aug 67% Dec
Southern 011 & Tr r _ _..10
7
Dec
934 Nov
7
634 734 2,900
Tide Water Oil r
62
62
225
United Western 011_
11-16 1 1-16 27,500 540 Mar
234 June
Utah Petrol (prospect) --1 600
58c 60e
7,500 350 Sept 740 Dec
Vacuum Glas&O.Ltd r.i.i 9-16
34 9-16 5,700 28c Sept
134, Nov
Victoria 011.r
134 23-16 120,365
1
2
234 Jan
Mar
Wayland Oil & Gas,oom_5
4% 5
434
334 Aug
3,800
934 Feb
West End Oil & Gm ___ _1 30c
200 32c 27,100 300
Oct
154 Dec
Wyoming Petroleum r- -1
1% 134
400
1% Dec
334 Nov
Mining StocksAlaska-BrIt Col Metals 1 1 11-16
2
Nov
:4
:4 23,100 25o Oct
Alaska Mines Corp(no par) 1 3-32
1 '13-32 45,000 590 Sept
154. Dec
Alaska Standard Cop r-1
31 3-16 5-16 12,400 240 Dec 311) Dec
American Commander r-I
11 169,000 5%e Dec 14c
Jan
8
83-4
158
THE CHRONICLE
[Vol.. 104.
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth
week of December. The table covers 34 roads and shows
1.55% decrease in the aggregate under the same week last
year.
Fourth Week of December.
Alabama Great southern.
Ann Arbor
Atlanta Birmingham & Atlantic
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Chesapeake & Ohio
Chicago Great Western
Chicago Indianan & Louisville_
Clue New Ori & Texas Pacific
Colorado & Southern
Denver & Rio Grande
Denver & Salt Lake
Detroit & Mackinac
Duluth South Shore .1: Atlantic
Georgia Southei•n & Florida__ _ _
Grand Trunk of Canada
I
Grand Trunk Western.._
s
Detroit Grand Hay & Milw_i
Canada Atlantic
Louisville & Nashville
Minerai Range
Minneapolis & St
Iowa Central Louis------}
Minneapolis St Paul & S S M__
Missouri Kansas & Texas
Mobile & Ohio
Nevada-California-Oregon
Rio Grande Southern
St Louis Southwestern
Southern Railway
Tennessee Alabama & Georgia.
Texas & Pacific
Toledo St Louis & Western
Western Maryland
Total(34 roads)
Net decrease (1.55oz,).
118
.4r
1916.
Increase.I Decrease
1915.
$
$
192,328
199,140
74,598
88,667
113,034
100,803
392,164
358.831
869,200 1,006,900
3,065.000 3,534,000
1,207,366 1,408,365
367,353
342,278
228,854
202,367
356,041
345,319
529,178
523,332
634,100
588,900
50,500
37,914
32,803
29,343
96,004
105,872
94,092
71,522
1,760,109 1,743,306
12,231
33,333
137,700
469,000
200,991
25,075
26,487
10,722
5,846
45,200
12,586
3,460
596,490
873,112
1,130,165
990,048
346,820
289,617
6,561
7,571
15,933
14,361
458,000
352,000
2,235,801 2,030,911
2,683
3.053
651,899
615,035
108,072
121,184
286,624
271,648
o
.
.
.
. .. -1
,
12
, 131. lob 72.-oo 13•3;,.. 1D-to
a* -4m ova coop.2.bo m00I
to
to to
.. 1
,o. "b co 'wt. lo es, ."
0
- 7.4 to c)
..
45
7: 5, t.
is.,10
Io:2. ..
1.0-4 ..
oc.......
...... -..., ....
r
CW
JI
3 mm
276,622
140,117
57,203
.
II
1,572
106,000
204,890
00,0' aim
aim 0000
370
oco
40 OD
Charges
& Taxes.
28,222
20,665
150,331
86,570
172,700
125,811
727,315
520,170
116,333
115,787
583,341
579,070
10,000
20,436
70,848
34,198
22,222
26,181
169,759
137,256
26,518
• 26,713
159,272
157,090
Other
Income.
$
673
Gross
Income.
$
80 231
4,153
935,109
Fixed
Charges.
3
95 216
78,263
443,840
360,569
51
56
853
934
27.527
19,279
100,104
64,643
16,548
16,806
82,166
85,948
136,395
605,347
270,086
98,209
526,669
281,147
634,414 2,833,123 1,348,165
393,913 2,048,870 1,356,317
14.
0
,...
Cn0
0
loin bob boCo
1412.
4at
.04, .."e'ao ,lob Zo'c, 7o.i.,
em0.2.
ta‘c.
P.
00
0000
Ett
...1
.4 0-4
cc,y
2- ,
43 V 4.... .
i.1
.
-4
.1
03
. aim Ca
.
-4 A
CI
0.N
,
00
00. (000 -4.12. 00-4 VA 4/9.
CO W b.,
00-c cc -c V-4
cam 'mm .
V,2.2 .40
NOV40. Cno to,
W
N
mm .
q
000 VIA C0.4 NA
IV
A0 ▪
mbi -4▪ On
Co A. 0CO 00 03
,
0
lam
alo
°a
T.-•
o "ob
bolo Co-o. 142. P 4
R.
28 2? '48
....
g
... .-. oto
10.. .0 10 *-41.
1-8 th
"
.4
-4.. .10, to 00 c2. co .
,
.
,
7..
...,
.
.
.4
,
1 0,0 0. OA
T-42. }I
.
.1
4
,
ge, 4r. St
4 4E..,
0-4
me
13,112
--.---
894,694 1,175,384
280.600
8,333
8,333
91,667
91,667
,. w..E
ci
moo
36,864
14,976
"0.3
,....
.
V *
0
0-.
;00
a 'co
t;co
p,I
. I-. N
.
-cm
IN
g
'
.c7; ..
01 20 0 A
COO
aim
Gov
'
ra. me
.
co
aim. cc
1,010
.!:2
. 1.2 . tie,
R.
-4E
o
A co 1
402
4 2
0
,611
,...,
4
y. .2.. ....w
.I., -.*. --*.
mm
138
...-tig vs. c11200 .1..
.. VE Er.
,
8
-7,y
,
....
C.2
,
.
1 0,0
020
N
.
40
aA
A 00
CA
mm
c.2
0,0
N
*'
..:300
'
4.
0. WO .2.04
Z. ,?,Z., .
4
48
.
R.,.15
'
321
6
!
, 06
.;4 '.9
OW .2.00 Co.. ••40,
0 C..4
• te
00
63
050, 003
.•••
2,t2
A
00
'.c .."'ooc..
4"' ;C-n.2...'
m'
- 1.4
oo
p3,
"b"c.
1.D"c. "..-,
a
.
.
......
4..co.
,
t
Z
'
0...0. 0...
00013
.
ma,
mm
1.0
OD -4 -4 W
1.1,3 V IC .
0
'
CO
00 -4
.••• 00'
ma. mm 0,4
45,822
Bangor St
IN
. aim
em coo,
0.
tom .W 040
WO
.
00 CA'o "cc,"cc.
117,958
1,801
Gross
Net
Fixed Chgs.
Earnings. Earnings. & Taxes.
$
$
$
Bellefonte Central__Dec '16
6,155
def400
256
'15
7,369
1,109
269
12 mos '16
81,317
10,250
3,072
'15
83,662
14,963
3,228
..
Gross
Net, after
Fixed
Earnings.
Taxes.
Charges.
$
$
$
Louisiana & Arkan_Nov '16
123,321
21,343
21,833
'15- 160,247
63,691
26,741
5 mos '16
635,364
156.411
115,345
15
750.094
248.157
135,596
Gross 30% of Gross Fixed
Earnings. Earnings. Charges.
Gross
Net. after
Earnings.
Taxes.
Cuba RR3
$
79 558
No% '16 501 175
145,768
'15 387 174
930.956
5 mos '16 2,657,774
864,203
'15 2,026,929
Rio Grande Southern63,148
27,476
Nov '16
53,922
19,223
15
99,251
5 mos '16 272,774
254,747
63,709
'15
St Louts Southwestern468,952
Nov '16 1,426,930
428,460
'15 1,184,978
5 mos '16 6,437,811 2,198,709
'15 5,139,750 1,654,957
05
Ia
..
02
mm
05
05
.
me'
..
40 Is3
aim ...
2.
-So
aim Co0 mm 0,
'0310 10
00' A0
04.
0 00' Go -c 0ts
,
0. 0000
9,868
-GrossEarnings- -Net Earnings
Current
Previous
Current
Previous
1Roads.
Year.
Year.
Year.
Year.
$
$
. 3
$
Chic & Eastern Ill_b_ __Nov 1,514,496 1,469,255
373,178
439,782
July 1 to Nov 30
7,246,432 6,863,030 1,607,790 1,710,785
Chic R I & Pacific_b___Nov 6.925,249 6,336,346 2,075,770 1,767,518
July 1 to Nov 30
35,267,453 30.567,279 11,694,880 7.395,726
Del Lack & Western_b_Nov 4,548,868 4.543,150 1,620,160 2,117,520
July 1 to Nov 30
22,355,352 20,184,214 8,577,179 8,399,846
Denver & Rio GrandeWestern Pacific_b___Nov 823,323
664,034
428,482
275,946
July 1 to Nov 30
4,037,004 3,456,899 1,821,255 1,343,045
Grand Trunk of CanadaGrand Trunk Ry_Nov 4,317,072 3,037,669 1.045,314
484,207
Jan 1 to Nov 30
43,415.990 36,057,511 12,336,548 10,059,758
. Grand Trunk West__Nov 759,660
843,120
66,671
285,907
Jan 1 to Nov 30
8,535,353 7,079,294 1,936,133 1,142,654
Det Gr Haven & MilwNov 266,684
309,509
5,353
74,700
Jan 1 to Nov 30
3,027,129 2,580,385
156,701
253,058
Nov 8,217,518 9,045,635 4,077,893 5,733,624
Great Northern_b
July 1 to Nov 30
40,276,731 37,914,004.19,507,659 21,240,550
St Louis & San Fran _ b_ _ Nov 4,853,947 4,275,541 1,839,288 1,564,969
July 1 to Nov 30
23,985.900 19,702,824 • 6,358,946 5,119,045
Nov 2,152,586 1,946,650
Texas & Pacific_b
794,113
740,232
July 1 to Nov 30
9,595,364 8,142,199 3,539,168 2,487,837
a Net earnings here given are after deducting taxes.
12iNet earnings here given are before deducting taxes.
AroostookNov 16 368,415
144,478
1.5
287,541
105,146
576.984
5 mos 16 1,593,406
'15 1,381,277
433,600
Toledo Peoria & Western12,222
106,153
Dee 16
105,631
15
15,745
98,911
6 mos 16 641,605
103,058
(15 641,372
nr4 i2
cam 0.-'
00-c cam COCO 000 00 mm
21,570
following shows the gross and net earnings with charges and
surplus of STEAM railroads and industrial companies reported this week:
3
b3
03
00 0CA
-4 4. c0
o
Net Earnings Monthly to Latest Dates.-The table
Rio:Grande June_ __Oct '16
114,293
34,288
'15
111,417
33,425
11 mos '16
940,927
282,278
'15
845.351
253,605
Gross
Net
Other
Total
Earnings. Earnings. Income. Income.
F
16,803
1,729,710 1,611,752
28,855
27,054
203,339
249,161
17,863,676 18,144,366
g
6,812
14,061
$
0
20
.
2111 .2
00.4
Of 02
03
coca 2.20 CO L
CAN b,
"
"
.I .
IN. boo
00,.0ON 0005
mm 00 NO
oo
cam
00
.
02
coca W CA
t.3
mOO
cow
0
05 . .
cam .5.2 200 ?:.1
Li.:4
'n 1
....
co. a.00z; Et? til 7-'
81'
i,
l "Eti.0.2"
00
"8
t "32i
E
WO "
'
-40
il •El'i 8
-;1-2 le,1184 P
.
1
.4 t...2
8181
..
r2:03
cc
ci
.
moo
.A0 .
1,
2
1
.
;aIA
a3
00 Co .g
e0
cam em 050 0,0
. t0
b3 0
00 20
c0 -402
tO co -4 00 -4
;12.0
- 'mm
0000 Cn
.
40 CA
2.8
000 0-4 00 .
107-•
05
00' 00
00
4+
-c. ".bo "c" ,014
mm
",*.
... W0 em
L
Iacc
0000 mm
40
W
;•••••12.
Oo 0001 ••••-•4 000'
CA aim
.
•
00
,
03 c,
Po b3 coca
Cf3
woo kio
ow 0.
03
.am
0 0003 aim
00 -4 mm mm
CO
aim
I coP
mm
04.
mcc .
4 14 mm
1.14
mm lam N 101.1
mcci
aim co.-•
2,0
.
031.2
••4
W 00
to ".,•oc
aim
03
8181
mm 8181
tP.
OZ. mm
82 8!
I
Toc., 1.1... .1
cr, cr, 0
?,;
4
0
) p8....2
"0.1..
.
tV
,I .
,,-.,
V
o).-•
t.3 !o
.
...t...,74
.2.
L3p
E,:
:22
-cm 050000'
aim WW WO
00C3ml
am
ma
••••I
b2
Balance,
I
mm trIL
1 ml Cam 0000
Surplus.
cop
!-:•1 00 cola
11
,
$
em 1014
Colo
0005 2E3 Vti
mci
mm
def656
42. .-00 aim moo
cz mm 00 em me 05
840
7,178
INDUSTRIAL COMPANIES.
11,735
Fixed
Balance,
Gross
Net, after
Surplus.
Earnings.
Taxes.
Charges.
Balance,
Surplus.
St L Rocky Mt & P_Nov '16
251,026
80,456
20,175
60,281
$
'15
212,338
66.319
22,300
44,019
def490
5 mos '16 1,158,089
340,421
105,375
235,046
36,950
'15 1,171,075
334,325
120,783
213,542
41,066
112,561 ELECTRIC RAILWAY AND PUBLIC UTILITY
COS.
Balance.
Surplus.
Jan. 1 to latest date.
Latest Gross Earnings.
Name of Road
25,955
or Company.
Week or Current Previous Current
Previous
25,092
Year.
Year.
Year.
Month.
Year.
190,6111
161,938
s
$
$
S
Atlantic Shore Ry___ November
22,842 23,678
329.280
327.205
Balance.
cAur Elgin & Chic Ry November 168,132 156,441 1,879,790 1,754,992
Surplus. Bangor
By & Electric November
756,246
73,298 65,711
721,525
Baton Rouge Elec Co November
18,680 17,671
191,487
172,794
571cl,ledl%
Belt LityCorp(NYC) October__ _ 3.?.>47i 70,47641,289
56,367 Berkshire
Street Ry_ November
912,407
80,136 72,855
852,814
10,024 Brazilian 'frac,
j75229,000
L
&
P
November
f6943000
j70586,110
f6336000
143,971 Brock & Piym
113,825
St By. November
7,872
8,507
107.052
de158,900 13klyn
Rap'Fran Syst. October.-- 2472.4 16 2326,42 24,470014 22,861,0S4
Cape Breton Elec Co November
353.380
34,904 33.012
320.946
def4,296 Cent Miss V El Prop November
267.937
25,220 24,879
255.941
clef 532 Chattanooga Ry & Lt November 103,536
98,812 1,124,864
982,001
10,487 Cities Service Co_... November 1328,389 490,623 8,539.522 3,947.604
def19.834 Cleve Painesv & East November
426,104
35,948 33,941
392.346
Cleve Southw & Col_
110,174 104,834 1,217.635 1,134,929
Balance °Columbia Gas& Elec November
November 824.323 684,434 8,045,685 7.185.464
Surplus, Columbus(Ga) El Co November
87,021 67,291
796.970
650,991
$
Colum (0) By,P L November 316,468 277,008 3,200,443 2.812,861
def14 985 g Com'ivith I' Ry&
15.92 • :04 12.083.788
073
..;
November
1323
15,0.6
&
L
67,505 Connecticut Co
November
679,901 8,758,237 7,516.305
491,269 Consum Pow (Mich)_ November 759,717
456,322 377,190 4,247,916 3,472.994
497,634 Cumb Co(Me)P& L November 229,986 213,206 2.621,091 2,412,110
Dallas Electric Co, November 181,901 161,526 1,791,674 1,660.325
10,979 Dayton Pow & Light November 159,344 111.094 1,443,813
966.481
2,473 g Detroit Edison
November 993,087 764,228 8.954,352 6,878,075
17,938 Detroit United Lines November 1356,384 1145,361 14,629,217 12,041,366
def21,305 D D F. B & Batt(Rec) October_ _ _
18,158 42,705
360,382
402.295
Duluth-Superior Trac November 123.667 105,256 1,284.342 1,65.14122
335,261 East St Louis & Sub_ November 278,467 219,595 2,731,122 24287301
653,f
'
'
750.841
73,859 71,406
245,522 Eastern Texas Elec November
880,44•
99,883 93,482
993,374
1.484.958 0E1 Paso Electric Co_ November
692,553 42d St M & St N Ave. October___ 84,58:4 175.351 1.429,076 1,624."
Latest Gross Earnings.
Name of
Road or Company.
Week or
Month.
Current Previous
Year.
Year.
Net, after
Gross
Taxes.
Earnings.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
2,122,459
g Federal Lt & Trac__ November 209,936 205,401 2,271,968
November 170,145 168,260 1,768,344 1,773,016
Galv-Hous Elec Co.._ November
1,064,440
1,178,402
99,020
102,921
Grand Rapids Ry Co
November 360,075 302,161 3,412,134 2,726,277
Great West Pow Syst October.._
762,724
_
834,199
86,312
76.355
Railways
Harrisburg
Havana El Ry,L & P November 517,627 481,314 5,457,438 5,053.635
532,509
595,743
56,311 49,107
Honolulu R T & Land November
249,774
296,621
28,090 22,846
Houghton Co Tr Co.. November
b Hudson & Manhat_ November_ 512,904 477.689 5,358.222 5,014.932
10,968,245 9,958,601
Illinois Traction.. _ __ November 1095,094 987,178 34,457.270
30,759.052
Interboro Rap Tran_ November 3451,757 3050,906
557,948
564,891
48,375 49,251
Jacksonville Trac Co. November
211,523
218,725
November
20,125
19,996
____
Electric
Keokuk
103,335
104.661
11,103 10,023
Key West Electric__ _ November
1,468.736 1,263,332
Lake Shore Elec Ry_ November 125,610 112,682 2,286,284
1,908,125
190,556
Lehigh Valley Transit November 207,397
679,922
740,390
61,871 57,229
Lewist Aug & Watery November
219,606
211,293
18,053 18,610
Long Island Electric.. October__ _
2,444,965
2,557,993
252,669
Louisville Railway__ October __ 260,558
6.287,876 5,383.561
Milw El Ry & Lt Co.. November 614,072 538,660
121,226 1,691,719 1,354,831
Milw Lt Ht & Tr Co.. November 160.900 133,453
1,580,790 1,009,834
Monongahela Vail Tr December _ 196,691 185,260
2,166,127 1,939,539
Nashville Ry & Light November 199,981 72,872
834,411
955,732
87,654
Newp N & Ry G &E November
578,815
524,533
N Y City Interboro__ October___ 33,037 63,292
364,983
349,326
36,016
N Y & Long Island__ October.._ _ 35,090
140,150
135,650
14,854
14,283
October__
N.Y & North Shore__
100,217 121.341 1.171,017 1.159,641
N Y & Queens Co__ October__
837.383 1134,595 11,216,136 12,383,957
New York Railways_ November
347,935
332,519
22,651 25,093
November
N Y & Stamford Ry_ October.....
692.841 631.802 6.910,119 6,066,317
N Y State Railways.. November
439,102
515,497
44.265
N Y Westches & Dos_ October...... 52,415
149,021
166,219
16.577 15,872
Northampton Trac__
3,510,934
4,689.676
341,974
458,669
November
Nor Ohio Trac & Lt_
1,556,273
North Texas Electric November 163.929 145,692 1,747,963
139,943
141,720
6,829
7,930
Ocean Electric (L 1).. October......
13,791,628 13,723 761
Pacific Gas & Elec__ _ September 1563,418 1558,689
2,977,695 2,668.046
Pac Lt & Pow Corp.... November 274,682 250,389
260,212
282,678
26,100 25,032
gPaducah Tr & Lt Co November
234,106
253,257
21,152 23,516
Pensacola Electric Co November
22,101,979
24,792,225
2136,746
2361.936
November
Transit_
Rapid
Phila
424,371
471,170
40,460
43.452
Phila & Western Ry_ November
Port(Ore)RyL&PCo November' 479,367 455,165 4,970,515 5,028,408
6,216,055
6,586.860
641,413
715,833
October.._
P..
g Puget Sd Tr,L &
2,800,428
g Republic Ry & Lt.._ November 344,942 289.151 3,614,204 4,611,718
Rhode Island Co____ November 450,652 417.449 5,330,256
340,114
344,152
31,242
Richmond Lt & RR_ October...... 33.993
113,207 108,123 1,110,853 1,041,883
St Jos Ry. L, II & P_ October
432,261
495,775
47,315 43.239
Santiago Elec Lt & Tr November
725,313
745,997
74,794 66,449
Savannah Electric Co November
740,690
661,382
Second Avenue (Rec). October_.... 34,817 79.545
191,545
155.665
7,499 20,181
Southern Boulevard.. October..__
Southern Cal Edison.. November 400,151 409,933 4,489,193 4.395.695
293,958
284,548
26,219 25,876
Staten Isrd Midland_ October__
895,278
875,643
80,780 83,696
Tampa Electric Co__ November
October...... 169,231 340,076 3,008,995 3,215,784
Third Avenue
wk Dec 208,087 189,787 9,891,087 9,170,125
Twin City Rap Tran_ 3d
120,261 242,210 2,138,510 2,341,874
Union Ry Co of NYC October__ 481.768
5.310,555 4,759,433
Virginia By & Power_ November 112.763 465,884
780,635
869,462
96,474
November
Wash Bait & Annap_ October.._..
492.536
380,203
6.097
48.224
Electric_
Westchester
232,573
210,969
14,063 19,847
Westchester St RR November
4,593,667
November 568,381 449,257 5,705,741
a West Penn Trac Co October___
611,489
511,620
2.130 66.492
Yonkers Railroad..
757,998
884.879
85,371 79,436
Nov ember
York Railways
263,892
307,559
27,650 24,992
Youngstown & Ohio.. November
Intermountain R
12 mos
Electric Railway and Other Public Utility Net Earnings.-The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
84,139
109,537
562,782
British Columbia Elec_ _Nov 804,576
229,307
405,340
2.807,147 2,636,479
July 1 to Nov 30
345,564
383,425
Nov 1.702,021 1,503,299
Chicago Telephone
17,932,009 15,973,527 4,047,180 3,670,691
Jan 1 to Nov 30
218,854
386,477
New England Tel & Tel_Nov 1.795,394 1,461,849
18,922,271 16,883,868 4,183,094 3,709,540
Jan 1 to Nov 30
Utah Securities Corp (sub260,318
291,390
459,064
Dec 522,183
sidiary cos only)
5.583,396 4,827,725 3,095,022 2,549,778
Jan 1 to Dec 31
Balance,
Fixed
Net after
Gross
Charges.
Surplus.
Taxes.
Earnings.
$
$
$
11,865
35,741
47,606
168,132
Aurora Elg & Chic_ _Nov '16
14,729
35,615
50,344
156,441
'15
137,340
179,546
316,886
932,958
5 mos '16
118,261
869,759
182,741
'15
301,002
13,560
31,968
'16
_Nov
18,408
73,298
Elec_
&
Ry
Bangor
'15
14,734
17,624
65,711
32,358
'16
756,246
11 mos.
196,259
140,916
337,175
15
160,609
721,525
355,494
194,885
def 65
Nov '16
29,735
103,536
29,670
7.652
'15
29,623
98,812
37,275
Chattanooga Ry
11 mos '16 1,124,864
64.124
326,163
390.287
& Light
'15
def9,873
327,979
982,001
318,108
1 Nov '16
2,993
11,649
35,958
14,642
'15
6,001
33,941
11,096
17,097
Cleve Painsv &
58.627
11 mos '16
125,691
426,104
184,318
Eastern
15
59,549
120,938
392.346
180,487
89,019
Nov '16
42,862
316,468
131,881
80.852
'15
277,008
41.197
122,049
Columbus(0) 1 .
823,025
472,809
11 mos '16 3,200,443 1,295,834
Ry P & Lt
'15 2,812,861 1.130.951
435.094
695,857
150,156
75,810
458,322
1 Nov '16
225,966
'15
138,650
81,921
377,190
220,571
Consumers Pow
825.700 1.460,271
11 mos '16 4,247,916 2,2.85,971
(Mich)
'15 3,472.994 2,065,404
830,580 1,261,824
6,397
Nov '16
69,058
229,986
75,455
'15
16,957
66,163
Co
213,206
()timberland
83,120
266.141
11 mos '16 2,621,091 1,009,273
743,132
(Me)P & L
'15 2,412,110 1,045,546
318,839
726,707
Nov '16
47,038
63,410
278,467
110,448
'15
29,365
62,679
&
219,595
92.044
Louis
gast St
404,181
691.019
11 mos '16 2,731,122 1,095,200
Suburban
15 2,228,301
202,649
693,335
895,984
17,893
17,322
102,921
35,215
Grand Rapids Ry-Nov '16
18,773
'15
14,223
99,020
32,996
243.070
169,177
412,247
11 mos '16 1.178,402
153,245
152,712
'15 1,064,440
305.957
133,818 z206,384
517,627
16
323,526
I Nov''15
107,749 z227,442
481,315
302,487
Hawn El Ry i
z2,080,107
1,421,018
5,457.438
3,373,505
.-wer
i
'16
limos
Lt /..,
15 5,053,635 3,002,148 1,192,089 x1,934.769
I.
tington Devel & Gas36.039
83,994
120,033
229,441
6 mos Nov '30'16
Companies.
f•to
151,550
L
ICIP'16
vS
236,114
'15
132.991
Keystone Telep_ _ __Dec '16
116,335
'15
12 mos '16 1,470,143
'15 1.361,775
Nov '16
125,610
'15
112,682
Lake Shore El
Ry System__ 11 mos '16 1,468,736
15 1,263.332
Nov '16
61,871
57,229
'15
Lewiston Aug &
740,390
Waterville.._ _ 11 mos'16
'15
679,922
199,891
Nov'16
185.260
'15
Nashville By &
11 mos'16 2.166,127
Light
'15 1.939,539
Nov '16
479,367
455,165
'15
Portland (Ore)
Ry Lt & Pow_ 11 mos '16 4,970,515
'15 5,028,408
154,470
Tennessee Power Co Noy'16
105.588
'15
11 mos'16 1,497,566
West Union Telf 12 mos '16 63,632,295
(Dec partly est)1
'15 52,475,721
282.899
Winnipeg Elec Ry_ _Nov '16
15
323,025
11 mos '16 3,023.229
'15 3,122,625
Youngstown & Suburban3 mos Nov 30
49,564
Gross
Earnings.
A
196.691
MonongahelaValTr_Dec'16
133,453
'15
12 mos '16 1,580,790
'15 1,009,834
b Represents Income from all sources. c These f gures are for consolidated company. f Earnings now given in milreis. g Includes constituent
companies.
,
159
THE CHRONICLE
JAN. 13 1917.]
60,500
97,425
68,283
59,142
729,923
682,170
38,821
38,056
543,940
442,087
14,411
16,562
237.805
245.390
79,461
67,693
837,101
737.586
236,804
204,482
2,189,963
2,210,066
19,863
45.791
637,051
13,849.269
11,503.180
101,632
135.058
1.084.136
1,086,631
Fixed
Charges.
Balance.
Surplus.
36,736
23,764
65.695
31,730
40,413
27,870
31,845
27.297
399.823
330,100
361,013
321,157
2,557
36,263
2,064
35.992
143,850
400.090
44.979
397,108
def 835
15,246
603
15,959
65.434
172.371
71.491
173.899
37.147
42.314
24,791
42,902
370,258
466,843
269.946
467,640
54.689
182.115
22,119
182,363
194,790
1,995,173
184.538
2,025,528
39.575 zdef11.720
z15.241
37.286
414,455 z298,728
1,331,850 12.517,419
1,335,588 10.167,592
42.778
58.852
62.905
72,053
431,262
652,874
374,152
712,379
12,203
8,375
20.578
Net
FixedChgs. Balance,
Earnings. e(-, Taxes. Surplus.
120,930
84,646
951,815
611,049
38,617
34,565
398.941
326,371
82,313
50.081
552,874
284.678
x After allowing for other Income received.
ANNUAL REPORTS
Canadian Northern Railway System.
(2nd Annual Report-Year ending June 30 1916.)
Pres. Sir William Mackenzie, Toronto, says in substance:
Mileage.-Tho system had under operati on an average of 8,048 miles in
1916, an increase of 779 miles, or 10.72% over 1915.
Operating Revenues.-Tho total operating revenues amount to $35,478,275
or 36.91%,over 1915. The increases in revenue
an increase of $9,564,169,Passenger
traffic, $717.246, or 13.25%; freight
were derived as follows:
traffic, $8,352,413, or 45.87%; mails, $12,878, or 6.05%; express, $195,miscellaneous traffic, $286,567, or 19.96%.
065. or 30.27%; and
while a portion of these increased earnings is due to an increased mileage, a substantial improvement has been made in ths system's business,
the earnings per mile of road being $4,408, as compared with $3,565 for
the previous year, an increase of 23.66%.
The system s new mileage on the Pacific Coast and the Northern Ontario
divisions have not yet come into their full earning power, as operation on
late autumn of last year. It will
these divisions was only commenced in thecreation
of industries to develop
be realized that time is required for the
sections of the country.
the natural resources of these newly opened-up
mineral and agriThe system is fortunate in the possession of vast timber,
the business from them
cultural traffic resources on these new lines; and
lines were surveyed, the traffic
must be eventually profitable. When thewas
and it is pleasant
from the development of these resources areforeseen;
proving these expectations
to be able to report that actual operations
well founded.
t, produced each
The British Columbia section, from the commencemen
before the close of the fiscal
month substantial increases in revenue; and,
The colonization of Northern
year, yielded most encouraging revenues.
Ontario has been retarded by the war; but, peculiarly enough, there is a
compensating feature in the inordinate demand for paper. The Provincial
Government has offered for sale a large acreage of wood; and the company,
having 2,000,000 acres of land, mostly covered with pulpwood, is undertaking their development. Arrangements are also being made for the establishment of pulp and paper mills in the districts.
The system carried 131,978.809 bushels of grain in 1916. as compared
an increase of 73,403.289 bushels, or
with 58,575,520 bushels in 1915, of
grain traffic-this commodity being
125.31%. To the preponderance
in the revenue per ton per mile
carried at a low rate-is due the decrease
18.29%. It is interesting to note, howfrom .831 cents to .679 cents, or
was hauled increased from
of
freight
ton
a
distance
average
ever, that the
204.08 miles to 288.46 miles, or 41.35%, with, of course, a marked advanresults.
operating
in
tage
and a station for the
It is expected that the tunnel under Mt. Royal
be ready for operation in
system's business in the heart of Montreal, will
is
under
terminal
construction and, it '
Vancouver
The
1917.
of
spring
the
is expected, will be available for the system's business in the summer of
the system will occupy with the
1917. The station at Toronto, which
Canadian Pacific Ry., has been completed.
having a line from Toronto
The system has also been handicapped by not
the railway systems of the
to the Niagara Peninsula, connecting with
frontier.
Niagara
the
at
converging
United States
immigrants came into Canada.
Lands.-During the year only 51,243sold
(for $318,248), less cancellaOf the system's lands, 19,443 acres were
bonds of 1909 retired, $272.533,
grant
Land
acres.
tion 4,850; net, 14.593
leaving outstanding $2,217,740.
Car Trust Obligations.-During the year no car trust obligations were
created, and $3,628,000 were paid in respect of obligations made in other
years.
importance in the
Ocean Steamship Serviccs.-An agreement of great
traffic was made during
development of the system's freight and passenger
the terms of the arrangement,
the year with the Cunard SS. Co. Under
controlled by the
the Cunard Co. has taken over the Atlantic steamers
is in effect between the
Canadian Northern Ry.,and a close working alliance
of the Cunard line and the
two companies, the various Canadian services
a single transportation unit
Canadian Northern haying become, in effect,
between Europe and Canada. Steamship services on the Pacific Ocean
are also in contemplation.
Grain Information Bureau,
Grain.-According to figures compiled by our
will be less than the 1915 crop
the grain crop of the throe Prairie Provinces
necessary to remember in this conby about 25G million bushels; but it is from
the 1915 crop, in the territory
nection, that: (a) There remained over
bushels of grain, which in all
tributary to the system's lines, 38 million
realized by the farmers
probability will be marketed this year; (b) the prices
the 1915 crop, are much
for the 1916 crop, and the unmarketed part of make
for general tonnage;
better than they were a year ago, which should
1916 the gross earnings were
Outtook.-For the four months ended Oct. 30being
increase of $38.300
an
there
$14.423,800;an increase of $4,043,000,
Oct. 1915. The general
In October in spite of the heavy grain movement inFor
the
12 months ending
good.
are
year
fiscal
next
the
for
trade prospects
trade of Canada, according to
Sept. 30 1916. the total export and import
dollars in excess of the corGovernment returns, amounted to 803 millionfor
the country, the balance
responding period last year; and, fortunately
imports by 367 million
of trade is on the right side, exports having exceeded
million dollars in excess of
dollars. The exports for this period were 534
year.
previous
the
period
the exports for the same
views on this matter, they
While your directors hesitate to express their
nt through peace will be less
feel assured that the industrial disarrangeme
nt which occurred in
disarrangeme
the
serious and of shorter duration than not be forgotten that
Canada is essen1914 as a result of the war. It must
resources, mineral,
natural
of
stock
Her
future.
the
tially a country of
development.
of
stages
timber, agriculturallremain only in the initial
160
THE CHRONICLE
STATISTICS FOR YEARS ENDING JUNE 30.
1915-16.
1914-15.
1913-14.
Average miles operated
8,048
7,269(Not stated)
Passengers carried
9,384,056
8,851,672
9,138,858
Passengers carried one mile
254,555,428 230,580,776 265,097,118
Earnings per passenger per mile
2.162 cts.
2.193 cts.
2.141 cts.
Earnings per passenger train mile.. _ _ _
$0.934
$0.968
$0.874
Freight (tons) carried
13,353,381 10,536,769 12,672,227
Freight (tons) carried 1 mile
3,851,918,945 2150,365,193 2876,405,789
Earnings per ton per mile
0.679 cts. 0.831 cts. 0.805 cts.
Earnings per mile of road
$4,408
$4,641
$3,565
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
Operating Revenues1913-14.
1914-15.
1915-16.
Passenger
$5,869,091 $5,411,224 $6,128,471
Freight
23,518,666 18,207,801 26,560,213
Mail
202,739
212,841
225,719
Express
634,011
644,493
839,558
Miscellaneous
1,231,961
1,435,748
1,722,315
Total operating revenues
$31,456,469 $25,912,106 $35,476,275
Operating Expenses-(Incl. taxes, &c.)
Maintenance of way and structures
$4,868,233 $3,974,820 $5,899,540
Maintenance of equipment
4,247,373
2.871,981
4,095,746
Traffic expenses
604,463
562,995
553,076
Transportation expenses
12,838,934 10,154,511 13,384,548
General expenses
1,536,911
1,577,874
1,790,188
Miscellaneous expenses
146,633
379,646
Total operating expenses, incl. taxes *24,095,914 $19,288,814 $26,102,745
Net earnings
$7,360,555 $6,623,292 $9,373,530
Fixed charges of the Canadian Northern By
6,010,421
6,533,062
Fixed charges of affiliated companies
2,253,154
3,088,595
Int. at 5% per ann. on income charge convertible
debenture stock in respect of surplus earnings
for 6 mos. ending June 30 1914
625,000
Ital. transferred to debit of profit and loss June 30. $2,265,283
$248,127
Previous accumulated surplus brought forward_ _
6,962,894
3,745,179
Balance
$4,697,611 $3,497,052
Deduct-In 1915-16-Delayed income debits and
credits, $67,886; taxes accrued, $50,000
677,201
117,886
Accrued int. on bonds and equip. securities to
June 30 1916, $1,509,670; less $907,215 accrued
interest to June 30 1915
275,230
602,455
Total accumulated surpluses as of Juno 30 as per
balance sheet below
$3,745,180 $2,776,711
The company includes taxes, rentals, joint facilities, &c., in the item of
total oper. exps., amounting to $858,558 in 1915-16, agst.$464,869 in 1914-15.
BALANCE SHEET AS AT JUNE 30.
1916.
1915.
Assets$
$
Property invest.-Rallway and equipment at cost
to the system (incl. discount on securities)
447,843,187 430,052,428
Acquired securities (cost)-see table below
46,269,302 48,775,703
Other investments
1,123,394
National Trust Co. ctfs. Re Land Grants bonds
of 1899, held as collateral to loans
1,657,500
1,657,500
Terminal and other properties
5,922,945
5,065,651
Deferred payments and accrued int. on sales, $7,140,997; cash witn Nat. Trust Co. account of
land sales, $2,048,683; lands unsold, $19,855,485 (all of 1916)
29,405,165 29,511,713
Cash held on acct. of Dom. Govt., $4,471,611;
Provinces of: Manitoba, $239,351; Saskatchewan, 31.297,306; Alberta, $3,104,966; Ontario,
$407,487, and British Columbia, $6,403,989;
and Nat. Trust
$2,279,842; sinking funds,
Co.,gmpire Trust Co., trustees
$248,751; British
account, $2,446,384: (all in 1916)
20,899,687 24,932,971
Cash on hand,$2,354,788; misc. accts. receivable,
$6,050,258
8,405,046
7,411,831
Value of materials and supplies on hand
3,368,925
2,604,208
Due from agents, station balances, &c
1,446,011
764,359
British Admiralty
1,226,171
Insurance paid in advance
682,906
302,666
Advances by Can. Nor. By. Co. to affiliated cos_ 10,250,506
9,720,790
Deferred charges, unadjusted debits, balance.. _.... _
1,554,334
246,545
Total assets
578,747,201
LiabilitiesCommon stock, $100,000,000; capital stock affiliated cos., 175.429,500; less, $69,557,400 held
in treasury, balance, $5,872,100
105,872,100
5% Income Charge Convertible Debenture stock_ 25,000,000
Funded debt-Can. Nor. By. $162,192,440;
$123,223,824 (all in 1916)
affiliated
285,416,265
cos.'
trust obligations
16,862,500
Temporary loans against deposit as collateral of
inter alia Govt.-guaranteed securities, the value
of which at current prices exceeds amt. borrowed 55.912,962
Due to other cos. on.construct. acct. (secured)_ _ 16,666,957
Pay-rolls, $1,832,708; audited vouchers and other
floating liabilities, $11,161,444; (all in 1916)
12,994,152
Coupon & dividend warrants duo on July 1 (since
paid), $2,166,598; accrued int. on bonds, loans
and equipment securitlea, operating $1,509,671;
construction, $903,003
4,579,271
Reserves-Equip, replacement reserve, 51.212.727;insur.acct.,$616,848;accr.taxes,$250,000;
steamship replac't fund (all in 1916) $3,289,544.
5,369,119
Affiliated companies, advance account
10,250,506
Surplus-Land account, $37,046,748: railway
account (see • statement above), $2,776,711;
(all in 1916)
39,823,459
562,354,154
105,872,100
25.000,000
270,438trusEqipmen 20,490,500
49,542,418
25,011,770
9,395,999
4,601,339
1,474,973
9,720,790
40,813,392
Total liabilities
578,747,291 562,354,154
ACQUIRED-SECURITIES, STOCKS AND BONDS (Cost to Railway Co.
$46,269,302.)
CompanyStocks.
Bonds.
Minnesota & Ontario Bridge Co
$100,000
$180,000
Minnesota & Manitoba RR.
400,000
250,000
Lake Superior Terminals Co
2,000,000
500,000
Canadian Northern Telegraph Co
500,000
800,000
Winnipeg Land Co., Ltd
100,000
300,000
St. Boniface & Western Land Co
250,000
750,000
Edmonton & Slave Lake Ry
420,000
Canadian Northern By. Express Co. Ltd
1 ,000,000
3,000,000
Canadian Northern Steamships, Ltd
2,000,000
2,920,000
Canadian Northern System Terminals, Ltd
2,000,000
7,000,000
Bay of Quinte Ry
1,395.000
Central Ontario By
3,329,000
Irondale Bancroft & Ottawa Ry
53,000
450.000
Canadian Northern Quebec By
2,000,000
Halifax & Southwestern By
925,000
Marmora Railway, & Mining Co
100,000
100,000
Qu'Appelle Long Lake & Sask. By. & S. B. Co_ _
201,000
Niagara St. Catherines & Toronto Ry
922,000
.
Niagara St. Catherines & Toronto Navigation Co.
200,000
Quebec & Lake St. John By
4,002,800
Canadian Northern Pacific By
25,000.000
Canadian Northern Alberta By
3,000,000
Canadian Northern & Western Ely
2,000,000
Canadian Northern Saskatchewan By
1,000,000
Northern
Manitoba
Canadian
By
250,000
Canadian Northern Ontario Ry
10,000,000
Duluth Winnipeg & Pacific By
3,060,000
Mt. Royal Tunnel & Terminal Co., Ltd
5,000,000
Northern Consolidated Holding Co., Ltd
*4,446,700
Total (see above)
$73,534,500 $18,370,000
* Represented by Canadian Northern Quebec By. capital stock amounting to 55,144,600.-V. 104, p. 71.
[VOL. 104.
Mortgage-Bond Company, N. Y. City.
(Report for Fiscal Year ending Dec. 31 1916.)
The company's financial statement will be found in our
advertising department.
COMPARATIVE RESULTS FOR CALENDAR YEARS.
1915-16.
1914-15.
1913-14.
1912-13. •
$545,742
$503,397
$479,789
$469,246
97,349
68,107
64,121
61,943
Net earnings
$448,393
$435,290
$415,668
$407,303
Interest on bonds
$234,429
$223,798
$213,228
$210,496
Dividends
(7)140,000 (7)140,000 (6)120,000 (6)120,000
Balance, surplus
373.964
$82,440
$76,807
Tho amount of guaranteed mortgages $71,492
outstanding Dec. 31 1916 in 20
cities was $7,190,595, the value of the properties covered
by them being
$18,058,667. The average size of the loans was $3,000. Bonds
outstanding, $2,420,400, series 1 and 2 4s and $2,851,000 series 3 5s.
STATEMENT OF ASSETS AND LIABILITIES JANUARY
1.
Assets1917.
1916. . Liabilities1917
1916
Mortgages
$7,588,095 $7,416,253 Capital
$2,000,000 $2,000,000
Bonds
9,278
22,643 Surplus
600,000
400.000
Real estate
62,993
Undivided profits.. 147,812
191,948
Interest recehele_ 158,783
147,229 Mtge. bonds
5,271,400 5,027,700
Cash
218,710
265,007 Mtge. certificates_
22,350
142,923
Interest payable__
96,297
88,621
Total
$8,037,859 $7,851,192
Total
58,037,859 57,851,192
-V.102, p. 151.
Gross income
Operating oxponsos_ _ _
American Ice Company.
(Report for Fiscal Year ending Oct. 31 1916.)
CONSOL. EARNINGS FOR YEARS ENDING OCT. 31, INCL. SUB. COS.
1915-16.
1914-15.
1913-14.
1912-13.
Gross receipts
$9,172,962 $8,639,984 $8,826,881 $0,490,616
Income from invest., &c_
56,149
10,444
10,245
24,592
Total
$9,229,111 $8,650,428 38,837,126 810,515,208
Less cost of merchandisei
I $3.099,870 33,258,775
Less operating expenses_ f$7,097,103 /6,797,0131 3,934,773
4,203,558
Balance
$2,132,008 $1,853,41.5 $1,802,483 $3,052,875
Bond interest, &c
$396,012
$362,286
$337,246
$356,335
Rents
144,077
153,565
167,849
172,066
Taxes
167,093
144,074
140,210
140,168
Insurance
131.806
129,531
132,858
134,724
Maintenance &, improv't_
588,459
537,774
615,454
590,261
' Total
$1.427,447 $1,327,233 $1,393,617 $1,303.555
Net gain
$526,182
$704,561
$408,866 $1,659,320
Preferred dividends_ __(1%)186,502(1 )223,803(I ,k.1 )186,502(1 %)186,502
Balance, surplus
3518,058
$302,379
$222,361 $1,472,818
CONSOL.BALANCE SHEET OCT.31(INCLUDING SUBSIDIARY COS.)
1916.
1915.
1910.
1915.
Assets$
Land, buildings,
Preferred stock...14,920,200 14,920,200
machinery, &e..15,024,549 13,462,446 Common stsck__ _ 7,161,330 7,161,330
Good-will, water &
Underlying bonds_ 415,030
450,000
patent rights_ __17,018,227 17,018,227 Collat. trust bonds
Invest't securities_ 275,514
273,760
Amer. Ice Co... 1,360,000 1,507,000
420,492 1,054,637 Real est. 1st & gen.
Cash
Notes receivable
62,716
103,820
mtge. as
4,017,000 4.039,000
Bonds and mtges_
14,800
17,320 Real estate mtges_ 309,790
365.470
Insur. premiums._
9,446
_ 8,83.5 Accounts payable_ 606,900
516,401
Inv. of mdse., &c_ 609,278
519,167 Accr.bond in t.,&c.
99,047
71,366
Accts. receivable_ 861,446
856,570 Fire insur. reserve. 449,419
296,468
Fire insur. fund__ a449,420
296,468 Workman s comWorkman s compensation res've 111,647
71,207
pensation fund_ b111,647
71,207 Profit & loss (stir.) c4,798,171 4,284,018
Total
•
34,857,534 33,682,460
Total
34,857,534 33.682,460
a Consists of $3S3,000 (par) American Ice Co. real estate 1st & Gen. M.
bonds; and loan, $66.420. 13 Consists of N. Y. City bonds, $31,131, par
value $35,000, American Ice Co. real estate .1st & Gen. M. bonds, $75,000
cash with commission, 32,616, and loans, $2,897. c After crediting
$38,819 profit on real estate sold, net of adjustments of other plant values,
and $7,246 difference between cash cost and par value of collateral trust
bonds purchased; and deducting $50,000 additional res. for accts. reedy.
Note.-Accrued diva. unpaid on the cumulative pref. stock amount to
$10.071.135. of which 96.2% applies to stock owned by Amer. Ice Sec. Co.
See also news item on a following page.-V. 102, P. 977, 64.
Union Oil Co. of California.
(Preliminary Report for Fiscal Year ending Dec. 31 1916.)
A preliminary statement signed by President W. L.
Stewart and Comptroller R. D. Matthews at Los Angeles,
January 5 1917 says in substance:
Profits.-The profits earned from all operations, less general expense,
taxes, interest charges, and employes' share of profits, were about $9,600,000, an increase of $4,630,000 over 1915, and equivalent to 28% on the
Issued capital stock, while the net profit after making full provision for
depreciation was about $7,200,000. an increase of $4,380,000, or 155%
over 1915, and equivalent to 21% p. a. on the issued capital stock. Our
principal subsidiaries, the Producers Transportation Co., Union Tool
Co. and So. Cal. Iron & Steel Co., show marked increases in earnings.
Production.--'-The productions of crude oil by the company and controlled companies combined approximates 6,675,000 net bbls., an increase
over 1915 of 1,374,000 bbls.. or 26%. This production, together with
regular purchases and agency deliveries, aggregates 19.600,000 net bbls.,
or a control of 22% of the 90,000,000 net bbls. produced in the State in 1916.
Sales.-The sales for the year approximate $27,750,000, an increase of
$8,500,000, or 44% over 1915. Fuel business increased 36%, and refined and lubricating businem 56%. Better prices for our products
prevailed during the year and are steadily increasing as the consumption
continues to exceed production. Deliveries of fuel oil have been large,
and heavy drafts were made on the State stocks, but our increased production and purchases enabled us to go into 1917 with more crude oil in
storage than was carried at the commencement .of the year 1916.
Additions to Properties.-Theso approximate $2,900,000, which includes
the purchase price of the 260 acre site for the new refinery on the inner
harbor near San Pedro,, Southern California. The production of light
oil from our properties in the Fullerton fields, which is rapidly increasing,
will be refined at this modern plant. The plant will have an initial capacity of 10,000 bbls. of crude per day, and will be added to as the business demands. The remaining outlay consists principally of .the cost of
new drilling, and the installments on the purchase price of the steamships
La Brea and Las Angeles, both in service for the greater part of 1916.
Current Assets.-Consist of oil inventories (included at or below cost),
materials and supplies, accounts and bills receivable and cash at Dec. 31
1916 approximate $15.150,000, an increase over Dec. 31 1915 of $4.390,000.
Current assets are over 7 to 1 of current liabilities and are more than all
indebtedne.ss of every character combined. The quantity of crude oil in
storage, owned by the company on Dec. 31 1916 was about 11,000,000 not
bbls., and including stocks controlled through the agency about13,500,000
net bbls., the State storage being about 44,000,000 bbis., this quantity
being the lowest reserve carried since the year 1911. Cash balances are
about 100% of current liabilities, anti about 15% of the total indebtedness.
Current Liabilties.-At Dec. 31 1916 includes share of profits payable
to employees, about $2,000,000, about$120.000 less than at the end of 1915.
Bills payable. $1,200,000, have been paid off, leaving no commercial paper
obligations at this date. During the year first mortgage bonds in the
hands of the public increased $609,000 collateral trust notes decreased
$681.000, while purchase money obligations increased $619,000, consisting
JAN 13 1917.]
principally of a long term note given on account of balance of purchase
price of the San Pedro property. The total indebtedness increased during
the year some $427,000, but the total assets have increased about $7,000,1100. Bonds of the Producers Transportation Co. (guaranteed by the
Union Oil Co.) in the hands of the public were reduced $362,000. The
percentage of indebtedness to total assets at Dec. 31 1916 was 173 %•
Surplus.-The surplus and operating reserves on Dec. 31 1916 will
approximate $16,600,000, and the book value of the company's stock
was about $149 per share, an increase during the year of $15 per share.
Dividend.-A.dividend of $1.50 per share was declared Jan. 5, payable
Jan. 15, to holders of record Jan. 8.
General.-The oil industry has recovered from the long depression prevailing up to the fall of 1915, when the increasing demand and diminished
available supply forced prices upwards, the company having enjoyed its
full share of tho benefits accruing. We have had a remarkably successful
year; our values have been conserved and enhanced, our sales and profits
were the largest in our history, our business position in the oil industry
of the State is decidedly satisfactory, and our present current financial
position is the strongest we have known, giving us a substantial credit
reserve available as occasion demands. The outlook for the year 1917 is
very promising.
The regular annual report for 1916 will be issued next month.
INCOME ACC. FOR CALENDAR YEARS (1916 ESTIMATED):
1916 (Est.) 1915 (Act.) 1914(Act.)
Gross sales
$27,750,000 $19,248,143 $20,096,659
4,518,697
4,967,631
Net profits after charges (see below) 9,600,000
1,783,173
2,148,502
2,400,000
Depreciation
Dividends paid*
(4)/)1,534,500(1%)511,383
$5,665,500 $2,307,746 $2,735,524
Balance surplus
The not profits as above are shown after deducting general expense,
taxes, interest charges and employes' share of profits.
• *Dividends as deducted above are supplied by the Editor.-V. 103, p.
1894, 1709.
Houston Oil Co. of Texas (Houston, Texas).
(Balance Sheet Sept. 30 1916-President's Letter Nov. 27 1916.)
Pres. S. W.Fordyce, Houston, Nov. 27, wrote in subst.:
Production.-The total of oil produced by the company during the past
year was 48,623 barrels, an increase of say 1%; the net revenue derived
therefrom was $38,011, against $3,936 for 1914-15, which result is attributable to the increase in sale value of the product, rather than to an increase
of the output; the total of oil produced by and for account of the company
was 137,748 barrels, an increase of say 4.5%.
Land Sales.-Proceeds from the sale of lands, including vendor's lien
notes, amounted to $13,104, an increase of 17.1%; the receipts from turpentine amounted to $45,245, an increase of 65.6%, and the receipts from the
sales of hardwoods amounted to $28,139, an increase of 49.6%.
Suits.-The judgment in favor of your company against the ThompsonFord Lumber Co. for over 14,000 acres of land and about $92,000 and
Interest, damages for timber cut, was finally decided in favor of the Houston
Oil Co. of Texas, and the amount of the judgment has been collected.
The suit appealed by the State of Texas has been argued, but no decision
has as yet been rendered.
Sales.-On Nov. 9 1915 the directors were authorized to negotiate and
consummate a sale of the fee simple of the lands owned by the company,
together with all mineral rights thereon, other than oil and gas. A sale of
the land, other than oil and gas, has been made to the Southwestern Settlement & Development Co. (not incorporated). This purchaser is an "unincorporated trust." in the form generally known as "Massachusetts trusts,'
which are now frequently utilized in Texas in lieu of the usual corporation.
The consideration for the sale, payable out of the proceeds of the development and marketing of lands, is $6,739,563, being about equal to the
book value at which the property and assets sold were carried by our company; the proceeds of the management, development and sale of the land,
over and above the purchase price, are held in trust for the individual
owners of the stocks of the Houston Oil Co. of Texas, in accordance with
the priorities, between the preferred and common stocks; this conveyance is,
of course, subject to the existing lien of the outstanding timber certificates.
Your company could not itself obtain powers essential to the proper development, improvement and tale of these lands, other than the oil and
gas values and, moreover the Texas statute was considered as possibly
applicable to our continued ownership of the same, and if so, the
period within which that statute contemplated the alienation of the land,
was approaching termination. The Southwestern Co. on the other hand
possesses full power and authority to hold develop and soil the lands, and.
in brief, all of the powers relative thereto, which our company lacked.
On Nov. 14 1916 our shareholders ratified a transaction for the acquisition by the Federal Petroleum Co. and the Republic Production Co.,
corporations controlled by J. S. Cullinan, Esq., of Houston, Texas, of an
undivided interest in the mineral rights retained by the Houston Oil Co.
of Texas, and in these recently sold by it to the Southwestern Settlement
& Developms,nt Co. (not incorporated). A substantial development fund
is supplied by the grantees, through the application of which, under
Mr. Cullinan's general supervision, your board considers that the values of
these mineral rights will be greatly enhanced.
Kirby Lumber Co. Contract.-The payments due us were promptly met.
REALIZATION ACCOUNT FOR YEARS ENDING SEPT. 30.
1913-14.
1915-16.
1914-15.
Installments rec'd from KirbyL.Co.* $1,445,313 $1.406,2a0 $1,406,250
Proceeds from land sales
21,672
13,104
11,189
Turpentine privileges. &c
21,467
33,946
50,227
23,008
5.935
Revenue from oil, Ste., properties__ _ 39,269
46,071
17.179
Proceeds stumpage, &c
28,139
38,834
22,204
Interest received
35,881
Total timber receipts, &c
$1,011,933
Deduct-Taxes
$69,087
General admintstration, &c., exp__
170,080
011 development
Interest on timber certificates
368,272
Preferred dividends
671,950
Commission on sale of secur's, &c_
Adjustment of notes receiv., &c _
Judgments (Wing case)
do (Thompson-Ford case)_ _ _ _
Miscellaneous deductions (net)_ - _ _
5,859
v Includes amount due in respect of assets sold Aug. 4 1916 36.738,016,
and current account, $1,843.
x Includes investment in timber, oil lands and oil and gas rights with
book value as shown as of Sept. 30 1915, $33,468,963, and $300,000 teensferred from investment in Corsicana oil fields and $50,000 in Sabine
properties; less $6,738,016 property sold to trustees of the Southwestern
Settlement & Development Co. (not incorporated) and $326,685 surplus of
timber receipts and other income over disbursements, balance as above
Sept. 30 1916, $26,754,262. This investment is represented by (1) installments still to be received under Kirby Lumber Co. contract from July 1
1915 to June 30 1925, aggregating $17,076,787; (2) hardwood sales under
contract prior to acquisition of surplus timber by the Southwestern Settlement & Development Co. and unfilled on Sept. 30 1916, 43,517,187 ft. at
52 50 per M.ft.. 5108,793; (3) investment in Corsicana oil fields, $300.000; total, $17,485,580.
y Investment in oil and other properties include (1) Higgins Oil & Fue.
Co. stock, 2,833% shares of $100 each, $283,375; (2) Southwestern Oil Col
stock, 3.052 shares of $100 each, $5,000.
z Certificates of beneficial interest in company's securities held in treasury, viz.: (1) Certificates of beneficial interest in common stock, par value
333.600, approximate market value $4.704; (2) 6% accrued dividend
certificates (of which $10,000 are deposited as collateral), par value $142.500, market value $116,138; total par value, $176,100, and approximate
market value $120,842.-V. 104, ri• 76.
British-American Tobacco Co., Ltd., London, Eng..
(Report for Fiscal Year ending Sept. 30 1916.)
Directors Joseph Hood and A. G. Jeffress, with A. M.
Rickards, Secretary, London, Dec. 21, report in substance:
Resttlts.-The net profits for the year, after deducting all charges and
expenses for management, &c., and providing for income tax, are £2,733,362. Deducting preference dividend for the year of 5%, £225,000, and
adding amount brought forward per last balance sheet, £1,617,231; less
final dividend of 734% for the year ended Sept. 30 1915, paid Jan. 18 1916.
£469,074, there remained available £3,656,518. Four interim dividends
have been paid on the ordinary shares (aggregating 25%), viz.: 5% Jan. 18
1916. 23. % March 31, 7%% June 30 and 10% Sept. 30 1916. calling for
L1,563,580, and leaving now available a balance of £2.092,938, out of
which the directors recommend the distribution on Jan. 31 1917 of a final
dividend in cash (free of British income tax) on the ordinary shares of 5%,
amounting to £312,716, leaving £1.780,222 still available.
The earnings justify a larger final dividend, but rather than pay the
whole amount in cash, the directors, with a view to conserving the liquid
resources, recommend out of the holding of the company of the ordinary
shares of Imperial Tobacco Co. of Canada, Ltd., (see report of that company
below) a bonus distribution of one ordinary share of $5 of the Canadian
Co. in respect of every four ordinary shares [of £1 eachl of the company.
The number of shares it is proposed to distribute is 1,563,580 [$7,817,900J
and they stand on our books at £37,059, or nearly 5 7-105. per share.
[An official statement on a subsequent page shows that this distribution
has been temporarily at least held up -Ed.)
The net profits above mentioned do not include the comsany's proportion of the undivided profits of the associated companies, and which they
have not thought fit to declare as dividends.
After paying the final dividend of 5%, and writing off the said sum of
£37,059, representing the book value of the shares to be distributed as a
bonus, the carry forward, as compared with last year, will be increased by
£595,007 to £1,743,164, less the amount (not yet ascertained) required to
pay the excess profits duty. Notwithstanding increasing difficulties, due
to the war, our business continues satisfactory.
Vice-Chairman Hugo Cunliffe-Owen was quoted Dec. 30
as saying to a reporter:
A few days ago we declared a final dividend of 57 free of British income
tax, upon ordinary shares. This made, with interim dividends. 30% for
Year ended Sept. 30, against 22%% for year ended Sept. 30 1915. Directors also took action on a further cash distribution of 6% in an interim
dividend for 1916 and 1917. This compares with a dividend of 5% a
year ago. Stockholders will also receive a bonus distribution of one ordinary Canadian share of $5 par for every four ordinary shares of BritishAmerican Tobacco Co. Stock of Imperial Tobacco Co. of Canada is quoted
$4 to $5 a share, so that this distribution alone is equal to 20% to 25%
on stock of British-American concern. Including stock and cash our distributions for the year just closed have amounted to at least 56%, compared with 225i% for 1915. (The stock distribution has been delayed.
See above.
is running smoothly. During the year we opened a large new
cigarette factory in the United States. Our cigarette production here is
now double a year ago. Other countries in which we are interested include
China, India, Australia, South Africa, Egypt, Brazil, Argentina, England,
Trinidad, Jamaica, Newfoundland, Panama, Finland, Norway and Denmark. Our big business is cigarette business, although our plug cut sales
are large. We do some cigar business in Jamaica and Australia.
Our pay-roll now probably includes 50,000 employees. When the war
started it was probably about 25,000. We have about 9,000 in England,
and of these about 8,000 are women. The women in many instances do
the work fully as well as men.
When the war started we laid aside £1,500,000 for paying losses incurred
through the war. So far we have not had to touch it. Our plant is shut
down in Belgium, but our investment there is comparatively small.
After paying final dividend of 5% and writing off £37,058 as book value
of shares to be distributed as bonus, carry-forward will be increased by
£595,006 to £1,743,163, less amount not yet ascertained required to pay
excess profit duties. Add the special reservation of £1,500,000, and we
have a surplus equal to over 50% of outstanding ordinary share capital.
$1,513,333 $1,540,672
Imperial Tobacco Co. of Canada has always been a subsidiary of British$63,416
$76,109 American.
Even with a distribution of the 1,563,580 shares of Imperial to
181,345 British-American
166,377
stockholders we still retain control of the Canadian Co.
30,120
370,429
373,826
INCOME ACCOUNT SEPTEMBER 30.
659,408
669,240
1913-14.
1914-15.
1915-16.
64,510
259,466
*£2,177,022
£1,850,059
£2,733,361
168,020 Net profit after charges
188,297
225.000
225,000
Preferred dividends (5%)__ _
93,395
(30%)1.876,296(2234)1407,222(2434)1532,30?
Ordinary dividend
Cr.98,618
9,503
£456,416
£217,837
£632,065
Surplus
def.$23,272 def.59,269 Previous surplus
1,973,904
930,320
1,148,157
Balance, surplus or deficit
sur.$326,685
* Being installments received from Kirby Lumber Co. under stumpage
contract of July 11901, as modified by decree of court July 28 1908.
BALANCE SHEET SEPTEMBER 30.
1915.
1916.
1915.
1916.
AssetsLiabilities
$
-s
s
$
Intangible values)
Common stock_ - -20,000,000 20,000,000
Preferred stock_- 8,947,600 8,947,600
represented by
common stock_ 26,754,262 20,000,000 r Timber certt.,
Invest. in timber (see g be-2(1 issue
3,597
885,597
lands, oil andi low)
Series (Aug.1'11)5,470,000 5,736,000
13,468,Q63
mineral rights_
54,630
do accr'd int.
66,070
Oil & other prop._ y288,375
78,210
69,993
638,375 Accrued taxes__ _ _
Trustees S.W.Seta 70,000
Notes payable_ _ _ - a 60,000
tle't ts, Dev.Co_v6,739,859
Acc'ts payable...._
18,497
11,117
Kirby Lumber Co.
Unearned inc. on
(current)
392,805
357,243
entine
s
conKirby Lumber Co.
tracts
29,612
84,108
(suspense)
• 266,985
196,797 Due under judgNotes & accts. rec.
46,681
38,020
meat
107,990
93,396
Cash on hand,&c_ 246,025
956,321 Reserves
13,195
37,335
Due under judgm't
98,618
0,073
5,402
Miscell. accounts_
Ctf. of int. in co.'s
sec.held in treas. z120,842 z162,841
----Total
Total
34,861,91:7 35,922,531
34,861,967 35,922,581
r The following certificates have been deposited with trustee to. secure
new series certs., 1st issue timber certs., $1,845,000; 26 issue timber certs.,
33,496.403; int., special int. & expense certs., $988,100; total. $6,329,503.
s Notes payable secured by deposit of $120,000 6% accr. div. carts.
161
THE CHRONICLE
Total
Transferred to general reserve
Z1,780,222
E1,148,157
£2,430,320
1,500,000
.C930,320
£1,148,157
£1,780,222
Profit and loss surplus__ _ _
The dividends on the ordinary shares in 1915-16 include the four interim
payments of 5% on Jan. 18,2%% on March 31, 734% on June 30 and 10%
on Sept. 30 1916, and the final payment of (5%) £312,716 to be made
Jan. 31 1917, reducing the amount to be carried forward from £2,092,938.
as shown in the balance sheet below, to £1,780,222, as given above.
* Includes £211,262 profit on sale of certain shares.
1916.
£
AssetsReal estate & bldg. 630,520
Plant, mach'y,&c. 437,952
Good-will, trade879,065
marks, &c
Invest.in assoc.cos 5,092,524
13,099
Other investments
Loans,assoc.cOsAc 2,630,565
Materials & supp_ 4,516,554
Debtors & deb.bal. 2,309,886
1,061,628
Cash
BALANCE SHEET.
1915.
LtabiWies£
601,960 Preferred stock_ _ _
441,111 Ordinary stock_ __
Cred.& cred. bats.
879,065 Bills payable
5,591,784 Reserves
Prem.on ord. sh's.
3,118,393 Redemp.of coups_
3,707,777 General reserve__ _
448,824 Profit and loss_ _ _ _
1,203,560
1915.
1916.
i
i
4,500,000 4,500.000
6,254,320 6,254,320
2,692,301 1,604,054
32,500
226,555
267,292
224,864
224.864
32,950
40,077
1,500,000 1,500,000
2,092,938 1,617,230
17,571,793 15,992,475
Total
17,571,793 15,992,475
Total
There Ls a contingent liability on shares not fully paid, £170,590, and also
companies
in
associated
redemption
of
shares
payable
on
premiums
for
allocated to employees.-V. 104. p. 75.
162
THE CHRONICLE
Imperial Tobacco Co. of Canada, Ltd.
(Fifth Annual Report Year ending Sept. 30 1916.)
Net profits
Preference shares (6%)
Ordinary shares
1915-16.
1914-15.
1913-14.
$2.756,619 $2,313,425 $2,580,034
$481,800
$481,800
$481,800
(7%)1.890,175(6)1,620,150(7)1,890,175
Balance, surplus
$384,644
$211,475
$208,059
The above figures do not include the company's proportion of undivided
profits of the associated companies.
[VOL. 104.
burden is greatest between Feb. 1 and April 30 of each year, when the
company may need to resort to seasonable borrowing from banks. If the
war should terminate during the next six or eight months, a financial
stringency might occur, and we would then need every cash resource which
we could command. On the other hand, if conditions continue favorable,
we hope to strengthen our cash position by summer,or during the year,so as
to warrant the resumption of common stock divs. at least in a small way.
RESULTS FOR FISCAL YEAR ENDING NOV. 30.
1912-13.
1913-14.
1914-15.
1915-16.
Net, after depreciation) $420,597 3168,374
$315,625
$380,529
Other income
1
8,286
8,254
7,405
BALANCE SHEET SEPTEMBER 30.
Total income
$420,597
$176,660
$323,879
$387,934
1916.
1915.
1916.
1915.
DeductAssets-Liabilities-$
Bond, &c., interest.. _ _ _
$117,293
$97,338
$97,923
$85,125
Real est. & bidgs_ 1,395,108 1,390,465 Preference shares_ 8,030,000 8,030,000 Prof. divs.
64,537
64,554
(6%)
64,554
64,554
Plant, mach'y,&c. 912,008
914,739 Ordinary shares...27,002,500 27,002,500 Common dividends.._
*(2
(10
34)50,000
%)200,000
Good-will, tradePremium on pref.
mks. & patents_26,816,801 26,816,801
shares
240,836
240,836
Balance, sur. or def__sur.$58.722 def.$55,187sur.$161,402sur.$238,255
Shares in assoc.cos. 444,958
444,958 Sundry credit, &c_ 600,737
386,413 Surplus carried forward from previous year
454,420
Cash
1,166,766
520,469 Capital surplus
101,579
101,579 Add-Cost of bonds purch. & retired transferred from reserve..
99,375
Stock in trade and
Reserve tunds
791,951
754,437
leaf funds
5,743,973 6,172,069 General reserve_
803,000
Total
803,000
$792,050
Sundry debtors,&c. 2,336,443 1,920,074 Profit and loss_ _ _ 1,245,455
860,810 Reserves-For redemption of bonds, $144,000; to retire pref.
stock, $75,900; for general purposes. $72,150
292,050
Total
38,816,058 38,179,575 Total
38,816,058 38,179.575
The profit and loss surplus Sept. 30 1916, $1,245,455, is shown
before
Total surplus (see balance sheet below)'
$500.000
deducting the final ordinary dividend of 1% ($270,025, included in the
* In 1913 the company deducted the common dividend from the accumuin foregoing earnings statement). Allowing for this dividend leaves 6%
the lated surplus, but it is shown above for the sake of simplicity.
surplus to be carried forward $975,430.-V. 103, p. 2240.
Balance Sheet November 30.
Childs Company, New York.
Assets1916.
1915.
Liabilities1915.
1916.
est.,
Real
bidgs.,
6% corn. Pt. stock $1,075,900 $1,075,900
(Report for Fiscal Year ending Nov. 30 1916.)
machin y,tradeCommon stock__ _ 2,000,000 2,000,000
1915-16.
1914-15.
1913-14.
marks, &o
1912-13.
$3,240,292 $3,022,274 1st M.6% bonds.. 1,324,800 1,424,800
Gross profits
$1,075,490
$778,459
$731,049
$863.606 Miscell. Invest Is..
16,375
16,375 Accts.pay.(not due) 127,415
98,961
Preferred dividends(7%) 307,090
307,090
293,106
257,802
Cash
433,489
410.742 Notes payable..___
7,200
39,830
Common dividends
(4)159,997
(73'6)299,985 (10)399,980 Acc'ts & notes reo. 879,407
820,576 Acced liabilities... 107,169
86,100
Inventories
a1,427,514 1,399.801 Reserves
x885
,360
526,685
Surplus for year
$608,403
$471,369
$137,958
$205,824 Deferred charges..
36,928 Surplus
30,856
500,000
454,420
Previous surplus *
150,714
17,765
188,721
263,006
Total
$6,027,843 $5,706,696 Total
$6,027,843
$5,706,696
Total surplus
$759,117
$489,134
$326,679
$468,830
a On pre-war basis in 1916. x Includes in 1916 reserve for bad debts,
*After amounts transferred to reserve and depreciation accounts and $30,000;
for depreciation, $267,834; for general purposes, $275,000; to realso, in 1911-12, common stock dividends of 33 1-.3%.
tire pref. stock, $75,900; redemption of bonds, $236,625.-V. 101, p. 526.
Dividend Record (Per Cent) of Common Stock-Calendar Years.
1902 1903-04 1905 1906 1907 1908 1909 1910 1911-13 1914 1915 1916
13
3
334 43( 53.4
6 73i 8% 10 yearly 7H
0
4
*GENERAL INVESTMENT NEWS
Also 33 1-3% paid in stock Dec. 1911. V. 93, p. 1728, 1791.
BALANCE SHEET NOVEMBER 30.
RAILROADS, INCLUDING ELECTRIC ROADS.
Assets1916.
1915.
1914.
1913.
Establishments, plants,
Adamson (Wage) Law.-Arguments Concluded.leaseholds, &c
x$7,954,901 $7,942,686 $7,934,851 $7,657,408
Reserve fund (Real est.
See editorial columns in this issue -V. 103, p. 1980.
and cash on deposit)_
702,055
652,545
607,984
541,564
Arkansas Valley Interurban Ry., Wichita, Kan.Cash on hand & in banks
778,273
475,744
454,204
507,236
The company has received authority from the Kansas P. U. CommisStocks owned
745,100
745,100
730,100
730,100 sion
to issue $1,000,000 1st M.5M % gold bonds; $600,000 preferred stock
Notes rec.,open accts.,&c
292,573
304,020
316,256
414,181
$1,500,000 common stock. The company is to retire $1,303,000 of
Merchandise inventory_
119,782
82,561
83,466
86,914 and
authorized by the RR. Commission in 1910, using for such retirebonds
Real estate,less mtges
207,500
207,500
207,500
107,500 ment the
proceeds of $900,000 new bonds and $500,000 of the preferred
Total
$10,800,184 $10,410,156 $10,334,361 $10,044.903 stock, while the proceeds of the other issues are to go for improvements.
The company is also reported to have asked per mission to issue a further
LiabilitiesCommon stock
$3,999,755 $3,999,755 $3,999,755 $3,999,755 82.000,000 bonds and $900,000 stock for the purpose of building extensions.
Pref.(7% cum.stock)
4,387,100 4,387,100 4,374.200 3,916,900 The company now has above 60 miles of track, extending from Wichita
Notes & accts. payable_
952,157
881,622
1,025,743
1,117,854 to Hutc,hinson. President, George Theis Jr., Wichita.-V.79, p. 901.
Reserve account
702,055
652,545
607,984
541,564
Atlanta Birmingham & Atlantic Ry.-Protest Against
Surplus
759,117
489,134
326,679
468,830
Valuation.-The company has filed with the I. S. C. CommisTotal
$10,800,184 $10,410,156 $10,334,361 $10,044,903
sion a protest against the latter's tentative valuation placed
on the property late in October, showing the cost of reproduction new of road and equipment as $24,154,989, as against
Union Stock Yds. Co. of Omaha, Ltd. (So.Omaha,Neb.) $39,079,261 in the valuation by the company's engineers.
(Report for Fiscal Year ending Nov. 30 1916.)
The "Railway Age Gazette" in its issue of Dec. 15 has a
EARNINGS. &C., FOR YEAR ENDING NOV. 30.
three-page article reciting the various particulars, in which
1915-16.
1914-15.
1913-14.
the company contends the Commission's valuation is faulty
1912-13.
Rec'ts of stock-Cattle.. 1,434,304
1,218,342
938,817
962,103 and contrary to law.-V. 103, p. 1887, 1683.
Hogs
3,116,820 2,642,973
2,258,620 2,542,709
Sheep
3,170,908 3,268,279 3,113,889
3,222,133
Bahia(Brazil) Tramway, Light & Power Co.-Alleged
Horses and mules__ _ _
27,486
41,679
30,688
31,580
Shipments-Cattle
565,496
516,283
394,461
432,462 Bad Faith by Municipality.-At a recent meeting of the deHogs
721,849
629,836
330,666
380,938 benture holder: in London, the treatment of the company by
Sheep
1,223,963
1,317,203
1,198,311
1,585,608
Horses and mules_ _ _ _
25,042
38,755
26,623
28,132 the city of Bahia was pronounced a "disgrace to any civilized
Gross earnings
$2,335,524 $2,065,523 $1,801,920 $1,782,323 community."
Gross expenses
1,424,665
1,363,922
x After deducting depreciation, $1,813,898.-V. 103. 13. 1983.
1,248,968
1,129,391
Net earnings
$910,858
$701,602
$552,952
$652,932
Depreciation
$150,000
$150,000
$100,000
$150,000
Reserve for future construction
150,000
Dividends
(8%)599,704 (6)449,778 (6)449,778. (6)449,778
Total deductions.. _ _ _
$899,704
$599,778
$549,778
$599,778
Surplus
$3,174
gqi $11.154 $101.824
$53,154
BALANCE SHEET NOV. 30.1
1915.
1916.
1916.
1915.
P"
.AssetsLiabilities$
$
$ •
Real est., plant, &c.9,149,169 8,483,732 Capital stock
7,496,300 7,496,300
Acc'ts receivable__ 107,159
74,511 Bonds
700,000 700,000
Supplies
68,605
72,062 Depreciation reserve 683,675
Prepaid insur. & hat_ 20.205
19,151 Contingent reserve., 25,149
32,753
Cash
355.707 212,464 Surplus
795,721 632,867
Total
9,700,844 8,861,920 Total
9,700,844 8,861,920
Capacity for live stock, 30,000 cattle, 40,000 hogs, 80,000 sheep, 1,500
horses and mules.-V.103, p. 2436.
Acme White Lead & Color Works, Detroit.
(Report for Fiscal Year ending Nov. 30 1916.)
Pres. Wm.L. Davies, Detroit, Dec.30 1916, wrote in sub.:
While our volume of business has been considerably in excess of the preceding year, a very large percentage of the increase has been due to higher
selling prices. Our inventories are somewhat larger in pounds and gallons
than a year ago, but owing to unusual costs and market conditions, they are
abnormally high in money value. Sooner or later conditions must return
to normal. We may face a serious shrinkage of inventory values, together
with loss in volume of business, and accompanying loss on operations.
Reasonable provision for this has been made by setting up a reserve of
$760,432, which amount will reduce our inventories to approximately
a pre-war basis.
During the year the company retired $75,000 of its bonds, which matured
on July 1 1916. It purchased $25,000 more, which leaves outstanding a
bonded debt of $1,324,800, against which the reserve established by the
directors stands at $236,625. The only other obligations are for current
liabilities not due for payment, and a note obligation amounting to $7,200.
to employees and others. The company does not settle accounts by note,
but discounts its bills, and at present is not borrowing from banks.
The preferred stock matures on Dec. 1 1927, when it must be renewed
or retired. While we have no doubt that the condition of the company,
at that time, will make a renewal entirely satisfactory to the then holders,
It seems wise to commence making some provision for its possible retirement. Accordingly we have set up a reserve for this purpose and appropriated thereto, from surplus, the sum of $75,900.
We anticipate a good volume of business during the spring of 1917,
possibly larger than during the corresponding period in 1916. Our financial
Digest of Authoritative Statement.
At the instigation of the municipality the property was transferred to
the city on March 19 1914 for a provisional 6% sinking fund bond of $7.605,000, but the interest and sinking fund payments due in July 1914 and
January 1915 were not met and the Municipal Council attempted to reduce the provisional bond to $6,746,000.
On March 29 1915, as a result of sequestrating some of the municipal
funds, the company secured from a now municipal leader an authorization
for the delivery of definitive bonds in exchange for the full sum ($7,605,000)
of the provisional bond, and $200,000 cash and $210,000 in one-year promissory notes was paid to cover the interest and sinking fund charges up to
Jan. 1915. Late in 1915 another new municipal head tried to secure a
cancellation of the bonds in exchange for a renewed concession, but this was
refused because there was no guaranty that a new concession would be any
more respected by the municipality than the old one had been. Moreover,
the property since the transfer to the city had fallen into such a state of
neglect that $700,000 would have been required to insure its proper working.
The municipality then offered $1,500,000 in cash for the bonds and in final
settlement of everything, but this was refused. In July 1916 the municipality issued a formal protest against carrying out the contract, stating that
according to Brazilian law "contracts that cause enormous injury to one
of the parties can be canceled.- Later the $210,000 of promissory notes
were returned dishonored by Brazilian banks, while not a penny of the $750,000 of fixed charges due since Jan. 1915 has been paid.
At present, therefore, matters have come to a deadlock, and the London
debenture holders believe that the situation should be explained in Great
Britain and the United States. It is felt that the Brazilian Government
should look into the matter and prevent the city from repudiating its contract.-V.97, p. 1897.
Brooklyn Heights RR.-Notice-To Guarantee Bonds.-
Brooklyn Union Elevated 4-5% bonds and Kings County Elev. 4% bonds
will be guaranteed on two days each month in 1917 by Brooklyn Heights
RR. at 85 Clinton St. Brooklyn, between 9 a. m. and 12 m., viz.:
Jan. 15 and 30 April 16 and 30 July 16 and 30 Oct. 15 and 30
Feb. 15 and 28 May 15 and 31 Aug. 15 and 30 Nov. 15 and 30
Mar. 15 and 30 June 15 and 29 Sept. 14 and 28 Dec. 14 and 28
-V. 102, p. 975.
Canadian Pacific Ry.-Officer.E. Al.rcander, formerly Assistant Secretary, has boon elected Secretary,
with office at Montreal.-V. 103, p. 2340.
Capital Traction Co., Washington, D. C.-Earnings.
Dec. 31 Years: 1916.
Dec. 31 Years: 1916.
1915.
1915.
Gross earns_ _$2,289,251 $2,206,494 Gross income_$1,060,768 $1,060,742
Net earnings-$1,051,840 $1,054,210 Int., taxes &c. $424,592 $417,168
6,532 Divs.(5%5_ _. 600,000
Other income_
8,928
600,000
Gross income-31.060,768 $1,060,742 Balance,surp- $36,177
$43,574
-V. 103, p. 2428.
Chicago & Eastern Illinois RR.-Bonds Listed.The N. Y. Stock Exchange has listed an additional 3176,000 4% Ref. &
Improvement bonds due 1955, with authority to add $1,847,000 on notice
THE CHRONICLE
JAN. 13 1917.]
of sale, making the total amount authorized to be listed $18,019000. The
entire $2,023,000 of additional bonds was pledged with certain bankers
from Feb. 1 to May 1913 as security for obligations incurred to reimburse
It for expenditures made to retire equipment trusts and for other capital
outlays.-V. 103, P. 1792. 1505.
Chicago Railways.-Dividends Resumed in Series 2.-
A dividend of 2% has been declared on the Series 2 certificates, payable
Feb. 1 to holders of record Jan. 12. This is the first payment since June
1915.-V. 104, p. 74.
Chicago Rock Island & Pacific Ry.-Proposed Settlement.-Former Directors Daniel G. Reid and William H.
Moore, who were sued on account of losses incurred by the
road from the Frisco and other transactions entered into
while they were active in the management, formally
offered through their attorneys at Chicago on Jan. 9 to
compromise the claim, on the terms below stated, including
the purchase at par of $5,000,000 of the proposed 6% pref.
stock, $500,000 cash, &c. There was no opposition to the
offer, but as about 10% of the stock has not yet assented to
the reorganization plan Judge Carpenter deferred final action
on the matter until Jan. 29 to complete legal formalities.
163
ment with a view to superseding the steam plant formerly exclusively used
by the Traction Co., and the development of one or more hydro-electric
properties on the Blue River. When this has been done, current will be
generated at about ;ic. per k. w. Developments will furnish about 20,000
h. p. Proposed connections with other cities will increase market.
Earnings of The Lincoln Traction Co. for the Year Ending Oct. 31 1916.
$73,449
Gross earnings
$948,221 Bond interest charges
$203.186
Net, after operating exp___$276,6351Balance
Upon completion of equipment now being installed,net earnings should
be about $100,000 per annum.
vial
Commonwealth Power Ry. & Light Co.Notice was given (in an advertisement in last week's "Chronicle" on page
XX) that the holders of 5-year 6% convertible bonds of this company
Intending to convert are required by the terms of the bonds to give ten
days' notice of such intention, either to the Bankers Trust Co., N. Y. City.
or Jacob Hekma, Secretary, at 14 Wall St.-V.103, p. 1687, 490.
Dallas (Tex.) Electric Corporation.-Franchise Ordinance.-The Board of City Commissioners on Jan.9 approved.
the new 70,000-word railway and lighting franchise ordinances. Upon recommendation of the Mayor, these ordinances
are to be submitted to popular vote at the election April 3.1
A legal contest is pending over the validity of the amendments atilie
city charter under which these franchises are based. The decision in the
The settlement will end both the suit of the Amster committee filed lower court upheld the amendments. Compare V. 103, p. 2238.
Feb. 2 1916 and that brought by Receiver Dickinson in April 1915 against
the directors named and their associates. Messrs. Reid and Moore in
Denver & Rio Grande RR.-Restraining Order.effect assume all responsibility for the actions complained of and hence the
In the foreclosure proceedings under the 1st M.bonds of the old Western
loss of perhaps $2,000,000 involved in the settlement.
Pacific RR., as to which it has been claimed the D. & R. G. is liable to
some amount as guarantor, Judge Learned Hand in the Federal District
Terms of Settlement in Brief as Stated in Petitioners' Advertisement.
[Samuel Untermyer,Sol M.Stroock,Jacob Newman,counsel for petitioners.] Court in N. Y. on Jan. 6 signed an order restraining the company from
withdrawing from the jurisdiction of the Court any property or cash on
If the Railway Company and its receiver will release the individual de- deposit
in this city without the sanction of the Court. Subsequently the
fendants from all claims in favor of the Railway Company and of the receiver against them or any of them, the said individuaf defendants (a) will company was given permission to withdraw $100,000 of the $2,000,000 on
purchase from the joint reorganization committee of the company, or from deposit.-V. 104. p. 72.
any other person or body, corporate or otherwise, entitled to dispose of the
same on behalf of the Railway Company,$5,000,000 pref. stock of the RailDetroit United Ry.-New Stock.-The shareholders will
way Co., or of a now company which may succeed to the assets of the Rail- vote Feb. 6 on increasing the authorized capital stock from
way Co.(or income debentures if the same shall be issued in lieu of said 6%
preferred stock) and will pay therefor $5,000,000 in cash. (b) Will in addi- $12,500,000 to $25,000,000 to provide from time to time
tion pay the sum of $500,000 in cash and the fees, expenses and disburse- for improvements and extensions. To finance the 1917
ments of the said action so pending in the New York Supreme Court.
The action referred to was brought to recover from the said individual program the directors propose to offer to shareholders of
defendants approximately $6,100,000 claimed to have been diverted from record the privilege of subscribing for $2,500,000 of the new
the Railway Co. while the individual defendants were directors thereof.
The proposition of settlement has been approved by the joint reorgani- stock at par,$100 a share, to the extent of one share for every
zation committee, by the present board of directors of the Railway Co., by five shares of their respective holdings.-V. 103, p. 2428.
the debenture committee and by the Hayden stockholders' committee, and
by the Amster stockholders' committee.
-El Paso (Tex.) Electric Co.-Sub. Co's Stock.The El Paso (Tex.) Electric Ry.,a subsidiary of the above company, has
• 90%. Deposited.-The Secretary of the Reorganization
filed
a certificate increasing its authorized capital stock from $2,500,000
Committee announces that, including stock on hand and to $3,500,000.-V.
98, p. 839.
stock pledged, there have now been deposited under the plan
some 90% of the stock and over 90% of the debentures.
Further deposits are being received subject to approval without ex
tension of the privilege, which expired on Jan. 5. Depositaries, Bankers
Trust Co., N."Y., and First Trust & Savings Bank, Chicago.-V.104, p.72.
Cities Service Co., N. Y.-Sub. Co. Bon Offering.See United Water, Gas & Electric Co., Hutchinson, Kan., under "Industrials" below.-V. 103, p. 2428, 2340.
Erie Railroad.-New Lease, &c.See Cleveland & Mahoning Valley By. above.-V.103, p. 2078, 1412.
Grafton & Upton RR.-Bonds.-
Regarding the $250,000 bonds authorized by the Mass.P.S. Commission,
we are-informed that this is simply a refunding arrangement, the bonds
to be exchanged for short-term notes now outstanding, a transaction in
which the public is not believed to be interested.-V. 104, p. 73.
Gulf Mobile & Northern RR.-Successor Company.Cleveland & Mahoning Valley Ry.-New Lease-Stock
This company as of Jan. 1 last took over the property of the New Orleans
Mobile & Chicago RR. (foreclosed) per plan in V. 100, p. 1078.-V. 103.
Increase.-The shareholders will vote Feb. 15 on (a) the pro- p.
2238.
posed increase of the capital stock from $3,259,200 to $6,111,Hagerstown & Frederick Ry.-Bonds Offered.-Nelson,
000, the amount of such increase.to consist of $2,851,800
preferred stock, such increase being required in the opinion Cook & Co., Baltimore, are offering at par and interest a
of the directors; (b) a proposed lease of the property for 999 block of First & Refunding 6% 30-year sinking fund gold
years from Jan.2 1917 and thereafter, so far as may be legal, bonds of 1914; outstanding, $1,224,000.1
-r., Dee.12.
from Letter of Pres. Emory L. Coblenti, Frederick:Md
during the corporate existence of the company, and all ex-. Data
Organization.-A consolidation in April 1913, all operating in thriving
tensions and renewals thereof, to the Nypano RR. Co., a communities
in Central and Western Maryland. Also controls (see below),
of the stock, the Potomac Light & Power
subsidiary of the Erie RR. Co., and confirming and continu- through ownership of a majority
Co. of Martinsburg, W. Va. The electric railway mileage operated aging, as modified in said proposed lease, the leases now exist- gregates
87.5 miles and serves a population estimated to be about 65,000.
ing between said parties.
Authorized.
Issued.
CapitalizationIn case the shareholders ratify the foregoing _measures, it is proposed to
expend a large sum on grade-elimination in Youngstown and for sundry
improvements on the line.-V. 63, p. 968.
Stock ($2,003,000 is corn., all issued, bal. preferred) 34,200,000 $2,635,000
850,000
closed.
Underlying bonds
First & Ref. 6s ($850,000 reserved to retire prior
1,224,000
liens,$7,926.000 res.for 807o cost. of add'ns,&c.)10.000,000
Cleveland Painesville & Ashtabula Ry.-No Funds.- Adjustment Mortgage 5s due May 1 1954
1,225,000
The Cleveland Trust Co., trustee of the First Mtge. 5% bonds, has notiThese bonds are a first mortgage on practically the entire street railway
fied holders of the bonds that no funds were deposited to pay the coupons system in Frederick, on almost the entire line from Frederick to Thurmont,
maturing Jan. 1. A protective committee for the holders of the$1,000,000 on the new modern power plant, and high-tension transmission lines and
of those 'bonds is being formed in Cleveland.-V. 100, p. 473.
sub-stations, upon the entire trackage in Hagerstown, the branch line from
Hagerstown to Williamsport, and the line from Hagerstown to Funkstown.
Commonwealth Power Co. of Nebraska.-Bonds Offered They
are also a direct mortgage on the remaining properties subject to
-Liggett, Hichborn & Co., Inc., are offering at 100 and 8850,000 prior lien bonds. In 1914 the properties were appraised at over
exclusive of good-will and franchises; since then about $230,000
interest, to yield about 6.18%, $750,000 First Mortgage 6% $3,500,000,
has been expended for extensions, &c., in addition to depreciation, &c.
AcQuisition.-The company recently obtained control of the Potomac
gold bonds,'dated March 1 1914, due March 1 1944(at 105).
Authorized, $2,000,000;issued, $750.000. Payable at maturity at 105 or Light & Power Co. through the acquisition of $130,100 of the preferred
callable at any time at 105, int. M.& S., at the Empire Trust Co., N. Y. stock and about 75% of the $250,000 common stock, the latter having the
(trustee) or Lloyd's Bank, Ltd. London. Donom. $1,000, $500, $100 c*. entire voting power. This company owns two water power plants on the
The Lincoln (Neb.) Traction 'Co., the power company's chief customer, Potomac River and a steam generating plant and the electric distribution
by agreement, reference to which is endorsed upon each bond, obligates system in Martinsburg. W. Va. A transmission line will be built from the
itself to pay from the amounts due the power company, the interest charges high-tension lines tlf the H. & F. By. at Williamsport to connect with the
lines of the recently acquired company, about seven miles, so that the
of the latter, thereby making the same and the sinking fund a part of its
H. & F. Ry. will furnish auxiliary power to the Potomac company ,from
own and a prior charge to all bond interest.
its steam plant at Security, and in turn will receive such surplus power as
Data from Letter of Pres. W. E. Sharp, Lincoln, Neb., Dec. 1 1916
Organization.-Incorp. in 1912 to deliver electric power to points in, is available from the water power plants owned by it.
6.
16.
19
119
Earns.for 12 Mos.end. Dec. 31 1914 and 1915 and 10 Mos. end. Oct. 31
Kan.and Nob., particularly Lincoln,a prosperous city of65,000 population
1915.
1914.
The Lincoln Traction Co., the power company s principal customer
$418,858 $442,958 $434,130
serves the city and suburbs, having a population of about 75,000 or 80,000. Gross from all sources
$156,599 $179,478 $174,234
with street railway service and also light and power. Exhaust steam is *Not after taxes
35,417
42,500
54,500
used for heating in the business district. The Traction Co. has contracted Interest on underlying bonds
53,370
51,000
63.000
for the purchase of all its electrical energy from the Power Co. for 49 years Interest on 1st and Refunding es
on a sliding scale basis of 1 x to lc. per k. w., thus insuring the stability
Surplus
$85,448
$73,978
$51,099
of the Power Co.'s income. Total output of the Traction Co.'s power
issued
in
the
ac* Charges are included on the $174,000 bonds recently
plant for 1916 will approximate 13,000,000 k. w. h.'s, or $78,000 net for
quisition of the Potomac Light & Power Co. from which, however, no
the Power Co. under the contract (see below).
are
as
yet
included.
earnings
Capitalization of the Commonwealth Power Co. of Nebraska.
Mar.
May.
July.
Sept.
Oct.
Growth of Earnings.- Jan.
Authorized. Outstand'g.
Capitalization336,543 837,445 $42,075 $46,230 $49,259 854.593
First Mortgage 6% 30-year gold bonds
$2,000,000 $750,000 Gross revenue
14,415 13,765 16,410 18,751 22,363 23,281
7% First Preferred
600,000
600,000 Applicable to interest
The company has ample cash for improvements, &c., and no Heating
Second Preferred
1,900,000 1,900,000
The Bonds.-Escrow bonds can be issued for only 80% of the cash cost debt. A majority of the junior securities are held by strong local interests
of improvements and extensions and then only when net earnings
and represent a largo cash investment.-V. 102, p. 1811, 1346.
are
at
least twice interest charges on all bonds,together with those
A
sinking fund beginning March 1 1917 will retire 1% of theproposed.
Halifax Electric Tramway Co., Ltd.-Sale.outstanding
bonds annually up to March 1 1927, 2% to March 1 1935, and
See Nova Scotia Tramways & Power Co. below.-V. 102. 11. SM.
3% thereafter until maturity.
Contract.-The Traction Co. has not been able to deliver energy at loss
Harrisburg Portsmouth Mt. Joy & Lanc. Ry.-Merger.
than 1.71e. per k. w. h. at the switchboard, but with the installation of a
See Pennsylvania RR..below.-V. 103, p. 239.
water-power development and oil-burning Deisel engines, the cost, we
believe, can be materially reduced. In the capitalization of the Traction
Midland Valley RR.-Purchase Denied.Co., no provision was made for such development and the closed mortgage
See Sapulpa (Okla.) & Interurban By. below.-V. 103,1rp. 1788, 1032.
at $1,500,000 made it seem advisable to contract with the Power Co. to
Missouri Pacific Ry.-Sale Feb. 21.-The foreclosure sale
furnish the necessary capital and equipment to supply and sell the electrical
power to the company. The power plant of the Traction Co. leased by the is advertised for Feb. 21 at St. Louis, under terms of First
Power Co. consists of 4,000 h. p. of boilers and about the same amount of
& Refunding Mortgage of 1909, subject to the lien of the
engines. Other engines are being built.
the Power Co. has acquired properties and filed for water rights on the several undisturbed bond issues of the Missouri Pacific Ry.
Loup and Blue rivers in Neb., and has contracted with the Traction Co. to
lease its present steam power plant and install the necessary oil-burning Co. proper and its predecessor companies. See plan V. 101,
engines. The immediate project is to complete the Deisel engine equip
p. 130; V.103, p.406,and pb 85 of"Ry.& Indus. Section."
A•
164
THE CHRONICLE
[VOL. 104.
Upset Prices Fixed for Various l'arcels.
increase of tile authorized indebtedness of the company to
(a) $10 for the property pledged under and subject to the lien of the
the extent of $75,000,000. "This will enable the board of
Trust Indenture securing the 40-Year 4% gold bonds.
of
lien
the
to
subject
the
pledged
property
under and
(b) $2,000,000 for
directors to issue from time to time such amounts, either of
the Trust Indenture securing the 3-Year 5% Secured gold notes of the
company and the property subject to the lien created by said Order No. 95, General Mtge. bonds or of capital stock that has heretofore
Notes.
Gold
said
of
certain
of
as further security for the payment
been authorized by the stockholders, as may be necessary
(e) $10 for property pledged to secure a certain note to the Board of Hos- to provide for the company's capital requirements in the near
pital Service Managers.
be
to
not
decrees
future, including maturing obligations.
(d) $750,000 for all other property adjudged by said
subject to the lien of the said First and Refunding Mortgage.
The stockholders will also be asked to approve the agreement for the
(e) $13,400,000 for the property subject to the lien of said First & Refund- acquisition of the property and franchises of the Harrisburg Portsmouth
ng Mortgage.
Joy & Lancaster RR. The railroad of that company constitutes that
Mt.
(1) $16,150,020 for all the property described in Article VII and in Arti- portion
of the main line of the Pennsylvania RR. between Lancaster and
cle XII of said decrees and in Articles 1 and II of the descriptive clauses Harrisburg. The Pennsylvania RR. Co. owns over 80% of its capital
hereof, as an entirety.-V. 103, p. 2156, 2079.
stock.-V. 104, p. 73.
Mount Royal Tunnel & Term. Co., Ltd.-Modifications.
Pere Marquette RR.-Payment of $12.50 on Each Guaranteed Ref. Mtge. Bond for Release of C. H. et D. Guaranty.The Reorganization Managers announce by adv. on another
page the cancellation of the guaranty of the Cincinnati
New Orleans & Northeastern RR.-President-Plan
Fairfax Harrison, 1'resident of the Southern Railway, has been elected Hamilton & Dayton borne by the Guaranteed Refunding
President of this company to succeed Larz A. Jones, who resigned.
Mtge. bonds of 1905, deposited under the plan of reorganThe company, it is announced, is arranging to make a new mortgage to
refund the existing bonded debt in connection with a new financial plan ization against tile net cash payment of the sum of $12.50
under which additional capital will be provided for the improvement of the in respect of each $1,000 face or principal amount of said delines and equipment of the company.-V. 104, p. 73.
posited Guaranteed Refunding Mtge. bonds, pursuant to
New York New Haven & Hartford RR.-Permanent the arrangement referred to in said plan (V. 103, p. 1697).
Holders of certificates of deposit above mentioned, upon presentation
Engraved Certificates for Equipment Trusts.The meeting of holders of the 1st M. Rent Charge debentures of 1914,
called to modify the trust deed, was postponed until Jan. 23 1917. For
proposed modifications, see V. 103. p. 1889.
The engraved certificates for the $1.300,000 Equipment Trust 414,s,
Series "CC," which the Bankers Trust Co. and Evans, Stillman & Co.,
N. Y., offered for sale sonic time ago, are now ready to be exchanged fey
the temporary certificates, either through the Commercial Trust Co., Philadelphia. the trustee, or at the effice of Evans, Stillman & Co. in N. Y.
-V. 103, p. 2156, 1981.
Nova Scotia Tramways & Power Co., Ltd.-Bonds Offered.-Lee, Higginson & Co. and Potter, Choate & Prentice
are offering, by advertisement on another page, at 95 2 and
interest, to yield about 5.30%, $2,500,000 First Mortgage
5% gold bonds dated Dec. 1 1916, due Dec. 1 1946. The
bankers say:
The bonds are callable, all or part, for sinking fund, at 105 and interest
on any interest dato on 60 days' notice. Int. J. & D. in N. Y., Montreal
and London, without deduction for Canadian taxes or United States
Federal taxes. Fixed exchange rate, $4 86 2-3 per .e sterling. Denoms.
$1,000 & $500 c*. Trustees, Union Trust Co. of N. Y. and Royal Trust
Co., Montreal.
The company owns and operates all the street railway, commercial electric light and power and gas properties in Halifax, serving a population of
about 65,000. Halifax, the capital of Nova Scotia, and the most important
British naval station in North America, has one of the finest harbors in the
world. It has increased steadily in population and commercial importance.
The Govetnment has undertaken extensive dock improvements there to
cost about $30,000,000, of which about $10,000,000 has already been expended or contracted for.
Data from Letter of Pres. E. A. Robert, Halifax, Jan. 10 1917.
Organization.-Incorporated in Nova Scotia in 1914 with authority,
among other special powers, to purchase the properties and franchises of the
Halifax Electric Tramway Co., Ltd., comprising all street railways, commercial electric light and power and gas properties in Halifax, and to acquire
water powers, lands, &c., on the Gaspereaux River, 65 miles from Halifax,
capable of a hydro-electrie development of approximately 12,000 h. p.
Authorized. Outstanding.
Capitalization$10,000,000 $2,250,000
1st Mtge. 5% gold bonds (this Issue)
1,500,000
2,500,000
Preferred stock, 6% cumulative (par $100)
2,500,000
3,500,000
Common stock (par $100)
Purpose of Issue.-The proceeds from the stocks and bonds now outstanding will provide for the acquisition of the properties of the Tramway Co.
and the water power rights, lands, &c., on the Gaspereaux River; also adequate working capital. The Nova Scotia P. U. Commission has approved
altogether the issue of 33,000,000 bonds,$2,500,000 pref. stock and $2,500,000 common stock for these specific purposes, and for the construction of a
hydro-electric plant utilizing the Gaspereaux lands.
The remaining bonds may be issued up to 75% of the cost of physical
properties or improvements constructed or acquired after June 15 1915,
to be subjected to this mortgage (except that no bonds may be issued against
the cost of the new gas plant), and only when net earnings are double the
1st M. interest charges, including bonds to be issued.
The mortgage will provide (beginning Dec. 1917) for an annual sinking
or improvement fund of 1% of the total bonds issued, to be u.sed for additional properties or improvements, or else to purchase or call bonds of this
Issue at not exceeding 105 and interest.
Properties.-(a) Street railway system with 21.2 miles of track, mostly
double track, 62 passenger cars, &c.; (b) a central power house with 7,300
h. p. capacity, including a new 4,000 h. p. turbo-generator now being installed; (c) a lighting and power distribution system;(d) a modern gas plant
with about 42 miles of pipe in the distributing system,&c. The P. U. Commission in Feb. 1916 decided that the fair value of the properties of the
Tramway Co. as of June 15 1915 was $3,450,000, and of the Gaspereaux
lands, &c.,$300,000; a total of $3,750,000, on which these $2,500,000 bonds
are a first mortgage. Since June 1915 substantial additions have been
made, including a 4,000 h. p. Increase In power station capacity and an entirely new gas plant.
Earnings for Fire Calendar Years and Year Ended Oct. 311916.
1915-16.
1915.
1914.
1912.
1906. -'1909.
Gross earnings__ $387,517 $447,579 $539,953 $645,241 5718,840 $759,513
Net after taxes__ 171,808 207,973 253,393 269,818. 331,753 342,897
112,500
Interest on these bonds calls annually for
The gross earnings are now about equally divided bet wean the street
railway and the light and power business.
Station'y
Gas
Passengers Incand. Arc Motors,
Elec. et,
Pass.
ear- Receipts. Miscell. Receipts. Carried. Lamps. Lamps. h. p.
362
820
1906-- _ _$168,781 3162,158 356,578 3,783,801 42,877
380 1,274
61,035 5,688,414 66,825
228,654
1912.. _ _ _ 250,263
503 1,658
1915._ __ 347,965
67,346 8,061.025 84,723
303.528
time.
are
of
limit
without
Franchises.-These, in opinion of counsel,
thereof to Bankers Trust Co., 16 Wall St. the depositary therofor under
the plan, for appropriate stamping, are entitled to remive the sum of $12.50
In cash in respect of each $1,000 principal amount of the said guaranteed
Refunding Mtge. bonds represented by such certificates or deposit. There
are outstanding $13,914,030 Ref. Mtge. 4s of 1905 (of which $9,207,000
bear the aforesaid guaranty), and the accrued interest thereon as of July 1
1916, amounted to $1,447,056. or 10.4%; total, $15,361,056, in exchange
for which the plan offered 110.4%, or $15,361,056, in new common stock
V. t. c.-V. 103, p. 2429, 2342.
Philadelphia Rapid Transit Co.-Listing.-
The Philadelphia Stock Exchange has listed $2,663,650 additional extended voting trust certificates, making the total of these outstanding
323,299,750.-V. 103, p. 2342, 1981.
St. Louis-San Francisco Ry.-New President.-W. B.
Biddle, former Vice-President of this company, has been
elected President to succeed W. C. Nixon, deceased. E. D.
Levey has been elected a director to fill the vacancy made by
the death of Mr. Nixon.-V. 104, p. 73.
San Francisco-Oakland Term. Rys.-Overdue Coupons.
The "San Francisco News Bureau" Jan. 4 1917 said: "Although the
banks are buying all January coupons of the company's bonds that are
offered, in accordance with the recent notice, it is learned that tho purchase
of July coupons on the same bonds is being refused. The reason for this
action is explained by a member of the banking committee as follows:'We
offered to buy these July coupons originally, and kept extending the time
for their purchase until October last. Some were not turned in by that
date. Such coupons as were not thus purchased can only be liquidated
when the company is in funds.'" Compare V. 104, p. 74.
Sapulpa(Okla.)& Interurban Ry.-Status-Sold.--The
"Electric Railway Journal" of Jan. 6 1917 says:
The recent newspaper report that the Midland Valley RR., a steam line,
has purchased the Sapulpa & Interurban Ry., is declared to be erroneous.
'rho property of this 12-mile electric railway was foreclosed and bought in
by the bondholders on Sept. 9'and the receivership was discharged. The
former receiver. R. V. Miller, however, is still in charge of the property for
the new owners. There will probably be a reorganization soon, but as yet
nothing has been done. As far as is known, there is no probability that the
Midland Valley RR. will acquire the property.-V. 103, p. 1033.
•
Steubenville (0.) & East Liverpool Ry. & Light Co.-
The Ohio P. U. Commission has been asked to approve a lease of that
portion of the property which is being used in connection with the business
of the Ohio River PowerCo. to that company until Oct. 1 1919, at a rental
of $90,000 a year, with privilege of purchase for 31,500,000 (another report
says $1,875,000).-V. 84, p. 1368.
Texas Midland RR.-Protest Against Revaluation.-
See "Railway Age Gazette" of Dec. 15 on page 1092.-V. 88, p. 232.
Third Avenue Ry. (N. Y.).-Death of President.Frederick W. Whitridge, President of this railway, died on Dec. 30
following an operation.-V. 103, p. 2079, 1889.
Tidewater Southern(Elec.)Ry., Cal.-New Stock,
The "San Fran. Comm. News' on Dec.16 said in substance:
The Cal. RR. Commission has sanctioned the issue of $600,000 common
stock, par $1 a share, to net not less than 80%. The proceeds are to pay
for improvements. including $109.700 for a proposed 8-mile extension from
Hatch. Stanislaus Co. to Irwin City, Merced Co., 8 miles; $68,250 for an
to Turlock, 16 miles, and the remainder for
'
electric line from Modesto
various improvements and additions.
for an issuance of 850,000 shares, but 250,000
was
The original application
of these to Pres. Byron A. Bearce in return for properties sold by him, and
for the surrender by him of a certificate for $2.000,00( held for voting purposes only, are held in abeyance. Beare° must impound in a manner suitable to the Commission 3125,000 of the stock.
The company owns and operates a standard gauge railway from Stockton
to Turlock, and to Hatch in the San Joaquin Valley, 50 miles.
The company has 945,703 shares of stock of a par value of 8' a share, of
which 30,000 shares are prof. Its obligations consist of $466.500 5% bonds,
due in 1942; $88,000 of notes payable, and 340,000 of accounts payable, a
total of 3594,500. The Commission has previously set a "present value"
on the property as of June 30 1914 of 3713,493. Pres. Beam)testified that
capital additions had been made which would bring the total value to
$1,128.910. He estimates that the railway will earn $150,000.in the next
fiscal year, with a not profit of $30,000 after the payment of fixed Charges.
Stock Offered.-Potter, Choate & Prentice and Stone & He estimates that the gross receipts from the fiscal year 1917-18 will be
with a net profit of $100,000. These estimates are based on the
Webster (also offering the bonds) are offering also the pre- $300,000,
unusually large shipments of beets, cantaloupes, watermelons and sweet
ferred and common stock in "blocks" of 10 shares 6% cumu- potatoes from those sections of Stanislaus and Merced counties which it is
tap. The company has made traffic connections with the
lative preferred stock (divs. J. & J. 2) and 3 shares common proposed to
Southern Pacific Co., the Atchison Topeka & Santa Fe By Co. and the
stock for $1,000.-V. 103, p. 1593.
Western Pacific Railway Co.
The company has petitioned for authority to abandon tracks near StockPacific Gas & Electric Co.,_ San Francisco.-Exchange ton,
as it has in prospect an arrangement which will admit it into Stockton
of Preferred Stock-Acquisition.over the Western Pacific By. Co.'s tracks, and thus to the Western Pacific
The Cal. RR. Commission has authorized this company to exchange terminal facilities.-V. 103, p. 1793.
before July 1 all its outstanding original pref. stock for the new 6% pref.
Tonopah & Goldfield RR.-First Mortgage Bonds Paid.stock on the basis of 102 shares of the latter for 100 shares of the former.
One hundred ($100,000) 1st M.6% bonds of 1906 were paid at 102}i on
The new stock is tax-free and non-assessable.
at Land Title & Trust Co., Philadelphia.-V. 103, p. 1882.
Regarding the recent application to issue 32,509,000 5% Can. & Ref. Jan. 2 1917
bonds, the proceols of whicn are to be used in connection with the acquisiUnited Railways & Electric Co., Baltimore.-President
tion of the property of the Oro Electric Corp., Pres. Ilockenbeamer, of the Voted an Indefinite Leave-To Consider Development Plans.
purchasing company, is quoted as saying: "The present value of the Oro
properties was $2,981,740. The net income to be expected, including the An official statement says in substance:
savings to be made by Pacific company management, was $143,552, and
William A. House, at his request made to the directors, has been granted
tnat there would be left, after deducting annual charges, a balance of a leave of absence in order that he may secure, first, complete rest for an
817.756. Compare V. 1113, p. 2429, 2079.
entire month, after which he will engage in an investigation of the operation
of street railways in other cities. During his absence Mr.
Pennsylvania Railroad.-Bonds Listed.-The New York of a number
will continue as President, but his duties will be performed by the
and Philadelphia stock exchanges have listed $65,000,000 house
Vice-President, Thomas A. Cross.
The directors realize that with the rapid industrial expansion of oer city
4Y2% General Mtge. bonds, series "A."
will be confronted with many serious problems of operation,
the
To Authorize Bonds and Merger.-At the annual meeting and company
it is the desire of the directors to be in a position not merely to meet
on March 13 the stockholders will be asked to approve an requirements, but to lead in an intelligent policy of development.
THE CHRONICLE
JAN. 13 1917.1
competent
In order that they may have before them a thorough and
of
study of what has been done elsewhere in the intelligent development
facilities to meet similar situations, the directors have decided to have made
a report which will embrace the work done in most of the other large centres
to make such a report is
In this country. The man pre-eminently fittedreport
the directors expect
William A. House. With the assistance of his
the future rdquirements
meeting
to
looking
plans
comprehensive
develop
to
of the local railway situation.-V. 103, p. 1413, 146.
165
A dividend of 2%% has been declared on the pref. stock on account or
accumulations, along with the regular quarterly 14%,both payable Jan. 30
to holders of record Jan. 20. This clears up all accumulations on this
stock.-V. 103. p. 2429.
INDUSTRIAL AND MISCELLANEOUS.
Acme Tea Co. Philadelphia.-Sales.United Railroads of San Francisoo.-Opposition to
1916-December-1915. Increase. 1916-6 Mo.to Dec.31-1915. Increase.
Plan.-The committee named below is calling for deposits $1,706,766
$1,248.786
$457,980 1$9,497,521 $7,876,754 $1,620,767
of the 4% Sinking Fund Gold Bonds due 1927, with a view -v. 103, p. 2157, 1793.
to a reorganization, but in opposition to the plan outlined in
Acme White Lead & Color Works.-Stalus-Report.V. 103, p. 1303. The committee (see adv. on another Allerton, Greene & King of Chicago, who are offering a block
page) says in brief:
of 1st M.6s at 101, report (compare "Ann. Reports' above):.
of Sept. 22 1916 (V. 103, p. 1303),
Since the announcement of the plan have
The earnings for the year ending Nov. 30 1916 were $1,148,368 after
carefully studied the San Franmembers of the undersigned committee
cisco Railroads situation, as well as the plan referred to. While fully apprecliting the sincere desire of the Reorganization Committee to make a,
fair readjustment, it has been our judgment that the plan involves sacrifices by the 4% bondholders much greater than either the condition of the
company or the position of the 4% bonds justifies, and that the assent of
sufficient bonds to the plan heretofore announced could not be secured.
The statement made by the Reorganization Committee in their circular
dated Dec. 30 1916, that the deposit or assent of the necessary amount of
bonds had not been secured, and that it was the intention of the committee
to abandon the plan and retire unless more than a majority of the bonds
were deposited on or before Jan. 31 1917, confirms the correctness of our
earlier judgment. This statement, together with the pending default on
the 4% bonds and the institution of foreclosure proceedings on one of the
smaller underlying issues [Market St. Cable Ry. bonds], makes it imperative that the holders of bonds co-operate for mutual protection.
Notwithstanding our failure to approve the plareciated Sept. 22 1916, we
believe it is important that a readjustment of the capitalization of the company be made, and, if possible through friendly negotiation and co-operation with the existing Reorganization Committee. It is therefore imperative that deposits be immediately made with one of the depositaries named
below. All bonds so deposited must be in negotiable form and must bear
the Oct. 1 1916 and subsequent coupons. Before any depositor will become
bound by the terms of any plan made or approved by this committee, he
will have an opportunity to withdraw, without penalty other than the payment of a pro-rata share of the expenses, not exceeding $10 per bond.
Bondholders' Committee.-John Henry Hammond, Brown Brothers &
Co.. Chairman; Donald G. Geddes, Clark, Dodge & Co., Now York;
B. Howell Griswold Jr., Alexander Brown & Sons, Baltimore; A. H. S.
Post, President Mercantile Trust & Deposit Co. of Baltimore. and Edward
B. Smith, Edward B. Smith & Co., Phila. Secretary, Morrell W. Gaines,
59 Wall St., N. Y. Counsel, E. G. Baetjer and Charles K. Beekman.
Depositaries.-Unlon Trust Co., 80 Broadway, N. Y.; Girard Trust Co.,
Philadelphia; Mercantile Trust & Deposit Co., Baltimore.
Statement by Reorganization Committee, Frank B. Anderson,
Chairman, Dec. 30.
The committee has extended the time for the deposit of bonds under the
proposed plan to and including Jan. 31 1917, and unless more than a majority of the bonds shall have been deposited on or before the date mentioned
will feel compelled to abandon the plan and retire from further connection
with the matter. Up to date. over 900 bondholders owning $9,500,000 of
bonds have approved the plan, but the number still outstanding would indicate either lack of interest or a desire to follow some other course.
The proposed plan was adopted by the commt,tee after several months of
Investigation and consideration of all the facts, and we are convinced that,
canunder existing conditions, a more favorable plan for the bondholders
not be made, and that if the plan be abandoned,foreclosure suits will follow.
Suit was commenced on the 26th inst. to foreclose the mortgage on the
underlying $1,800,000 of Market Street Cable Ry. Co. 6% bonds, and we
are informed that another foreclosure suit will shortly be brought on behalf
of the holders of the $400,000 of Ferries & Cliff House Ry. Co. bonds, which
become payable Dec. 31 1916.
We consented to act as a committee, believing that, because of our knowledge of local affairs, we might be of more service to the bondholders than
non-residents who were out of touch and unfamiliar with the conditions prevailing in San Francisco, and also because we felt that a receivership and
protracted litigation would involve great expense and be disastrous to the
Interests of the investors. We are more than willing to render every service to help the matter along; but unless the bondholders co-operate, the
committee cannot proceed further.
Depositaries, Union Trust Co. of San Francisco or the Guaranty Trust
Co. of N. Y., or Equitaole Trust Co. of N. Y.-V. 104, p. 74.
Western Pacific RR.-Guaranty.-
See Denver & Rio Grande RR. above.-V. 103, p. 2239, 2156.
Wheeling & Lake Erie RR.-Reorganization Notice.-
Kuhn, Loob & Co. and Blair & Co., reorganization managers for the
new Railroad Company, announce to the holders of certificates of deposit
for the three classes of stock who have subscribed for the Prior Lien stock
that they must make final payment on account of such subscriptions on or
before Feb. 1 next to the Central Trust Co. The amount of the payment
is $91 75 a share, $90 representing the par value of the issue amid $1 75 the
dividend accrued at the rate of 7% a year from Nov. 1 1916 to Feb. 11917.
(Compare Wheeling & Lake Erie By. (new co.) below.-V. 103, p. 2429.
Wheeling and Lake Erie Railway.-Officers and Directors of New Company.-L. F. Loree, Chairman of the
board, 26 Liberty St., N. Y., announces (in substance):
The Wheeling and Lake Erie Ry. Co., a corporation organized under the
laws of Ohio (per plan V. 103, p. 1211, 1689), took possession on Jan. 1 of
the property of The Wheeling and Lake Erie RR.,formerly operated by a
receiver or receivers.
Directors of the New Company, with Their Affiliations.
For Three Years.-Johnston de Forest, do Forest Brothers, N. Y. City.
W. M. Duncan, Squire, Sanders & Dempsey, attorneys, Cleveland.
F. II. Ecker, Treasurer and director Metropolitan Life Ins, Co., N. Y.
L. F. Lore°, President Delaware & Hudson Co. and Chairman of hoard,
. Y. City.
Kansas City Southern By.
Co.,V. City.
N. S. Meldrum, Blair & Co., N.
For Two Years.-Warren Bicknell, consulting engineer, Havana Electric
Hy., Light & Power Co., Cleveland, 0.
James A. Campbell, President Youngstown Sheet & Tube Co.
Arthur House, First V.-Pres. Guardian Savings & Trust Co., Cleveland.
J. H. McCiement, Chairman of board, Allis-Chalmers Mfg. Co., N. Y.t..
II. Hobart Porter Sanderson & Porter, construction engineers, N. Y. C.
For One Year.-W.J'(. Bcgg, Byrne, Cutcheon & Taylor, attorneys, N. Y.('.
Thomas S. Grasoill, President Graselli Chemical Co., Cleveland, 0.
E. A. Lagonbach, Chairman of board, United Alloy Stool Co. and President Berger Mfg. Co., Canton, 0.
F. A. Seiberling, President Goodyear Tiro & Rubber Co., Akron,0.
Executive Committee (Until Next Annual Election).
F. ii. Ecker, L.F.Lome,N S.Meldrum H HobartPorter,W M.Duncan.
Executive Officers (Principal Offices Cleveland, 0.: Chairman, New York).
Chairman of the Board, L. F. Lore°, 26 Liberty St., New York City.
President. W. M..1)uncan, Cleveland, Ohio.
Vice-President and General Manager, II. W. McMaster, Cleveland, Ohio.
Secretary and Treasurer, John G. Stidger, Cleveland, Ohio.
Asst. Sec. and Sec. of Mecutive Committee. F. W. Leanly, N. Y. City.
Auditor, Charles II. Holmes, Cleveland, Ohio.
All of the executive offioers have been associated with the property during the receivership, and are familiar with its requirements. As will be
observed, the board of directors is composed of men accustomed to handling large affairs, a majority of whom are engaged in business in Ohio and
are familiar with business and transportation conditions in the territory
served by the railway company. Under such circumstances, it is but reasonable to suppose that the operation of the property will be attended by
efficient management and control.-V. 103, p. 2429, 2239.
york (Pa.) Railways.-Earninge.--For Nov. 30 years:
Int. &
Nov. 30
Gross. Net (after
Depre- Pref.Div. Balance,
, Year1915-16
1914-15
Earnings. Taxes). Bond Disc. dation.
(5%).
$967,496 $470,788 $259,075 $40,541 $80,000
370,842
239,474
80.000
20,657
828,299
A•
Surplus.
$91,172
30,711
a liberal allowance for depreciation. During the year the company retired $99,000 1st M. 6s, leaving outstanding $1,324,800. The company
has adopted a policy which is an innovation in accounting methods and
one that is likely to be copied by other large industries. It is a well known
fact that industrial earnings for 1916 have been abnormal and the management therefore in order to safeguard the future and conserve the resources
of the company has set up practically the entire amount of earnings in reserves for contingencies. The inventory account is the novel feature,
and it is entitled "Inventories on pre-war basis-$1,427,514;" this amount
being figured at prices prevailing before July 1914, which the company
has written off to the extent of $760,432 and the total of these two amounts
will be the prices prevailing at the present time.-V. 101, p. 526.
American Hawaiian Steamship Co.-Dividends.-The
"Boston News Bureau" reports as follows:
This company has just paid another $50 in dividends on 50,000 outstanding shares (par $100 each), now quoted at over $1,100. This latest payment brings the past year's dividends to $250. The company is wholly a
20th century proposition, and its 21 boats of 212,000 capacity tonnage are
therefore, all modern vessels. They are all, moreover, of the best build
and type for freight service.
Dividends were inaugurated in 1903 and maintained at 6% per annum
till 1911. From 1912 to 19148% was paid, and in 1915 10%. From the
start a large part of earnings was put back into new boats and 5% of their
cost written off each year. Those first built now stand at less than 25%
of their cost. There is no preferred stock or bonds.
Of $16,000,000 securities and money now in the treasury, over $6,000,000
is understood to be cash. From charters running throughout 1917. earnings
will be between $20,000,000 and $25,000,000, and it is expected that during
the year the company will pay at least $400 per share in dividends, reserving
the rest for new construction when ship-building gets back on aless expensive
basis.-V. 103, p. 1414.
American Ice Co., N. Y.-Plan-Sale of New Pref. Stock.
See American Ice Securities Co. below and "Annual Reports" on a preceding page.-V. 102. P. 977.
AmericanIce Securities Co.-Plan to Wind up Holding
Co.-Debentures to Be Called-Financing.-The shareholders
will vote Jan. 19 on the plan outlined below, for liquidating this holding company. The plan involves:
Retirement of Stock and Debentures of American Ice Securities Company.
Stock (par $100)$19.047,300148% ($9,142,700) new pref. stk. Am. Ice. Co•
To be exchanged for- 125% ($4,761,825) common stock Am.Ice.Co•
Out of proceeds of sale to stockholders or synDebentures $2,972,650
dicate of $5,715,600 new pref. stock of AmTo be called & paid at par.
Ice Co. at 66%, with 40% bonus ($2,286240) in common.
Share Capital of American Ice Co. and Proposed Disposition of Same.
Owned by --Treatment under Plan
Total
Total
Exchanged As Bowe&
Issued. Securttieseo. Sold.
(Par 100)- Author.
None $4,761.825 $2,286,240
Corn, stock _$7,500,000 $7,161,330 $7,061,670
Pref.stcck6% cum __15.000,000 14,920,200 14,858,300 To be exchanged (or paid at par).
_ _ _ _
_ _ _ $5,715,600 9,142.700
None
6% non-m.15,000.060
Digest of Circular Signed by Secy. Henry C. Harrison, N. Y., Jan. 8.
The company has limited its operations to those of a holding company.
and its entire assets, aside from current funds, consist of shares of preferred
and common stock of the American Ice Co. The directors are now of the
opinion that to save the increasing burdens of taxation, and for general purposes of economy, the existence of the Securities Co. should no longer be
continued, and that its charter should be surrendered and its assets distributed among its stockholders so that they may participate directly in
the profits of the American Ice Co.
The American Ice Securities Co. has obligations now outstanding consisting of an issue of 6% debentures, $2,972,650, which must be redeemed
before dissolution. To provide for this and for the discharge of all other
indebtedness of the company, it is proposed to offer for sale to stockholders
at $66 per share a sufficient number of shares of a new issue of American
Ice Co. 6% non-cumulative pref. stock to be issued in place of the present
preferred stock, the sale to carry with it a portion of the common stock as
a bonus. A syndicate has been formed and has agreed to underwrite this
). The managers of the syndicate are Harris.
sale for a commission of 5%7
Winthrop & Co. and Charles D. Barney & Co., and among those who will
be subscribers of the syndicate are Robert M.Thompson, Charles A. Kittle,
Dave H. Morris, Walter Lee and Henry II. Head, who are members of the
board of directors of the company.
After the redemption of the debentures and the payment of all other indebtedness, it is then proposed to dissolve the company and distribute its
remaining assets among its stockholders. In the distribution each stockholder will receive American Ice Co. non-cumulative 6% pref. stock to the
extent of 48% and American Ice Co. common stock to the extent of 25%
of his present holdings in the Securities Company.
In addition to the great advantages of singleness and simplicity of management, there will be saved to the stockholders the payment of the annual
Federal tax upon the $20,000,000 capital of the corporation, aside from the
tax upon any net income, the State taxation and other expenses incident to
the administration of a separate corporation, and an annual outlay of $178,359, being 6% interest on Ur.. debentures, whether dividends be received by
the company or not. Furthermore, the company would otherwise be confronted with the fact that said debentures mature in 1925.
Information Obtained from Underwriters. Agreement Signed by
President Henry H. Head Jan. 3.
I. The American Ice Co. will retire its present preferred stock by
payment at par and accrued interest or exchange the same, share for
share, for new preferred (the Securities Co. agreeing to accept such exchange), and shall create a new authorized issue of preferred stock, to
consist of 150,000 shares of the par value of $100 each in place of the
present cumulative pref stock, the new stock to be entitled to receive a
non-cumulative dividend at 6% per annum before any dividends are paid
on the common stock, and also to payment in full upon any distribution of
the assets before anything shall be paid on the common stock.
2 The Securities Co will call for payment upon March 31 1917 (or at
the earliest possible date thereafter, in case of legal delays), such portion
of its said debentures as may then be outstanding.
3 There shall be reserved for final distribution to the stockholders of the
Securities Co in liquidation 91,427 shares of preferred and 47,618.25 shares
of common stock ofthe American Ice Co ,so that upon liquidation the stockholders will receive 48-100ths share of the new pref stock and one-fourth
share of common stock of the American Ice Co. for each share of stock of
the Securities Co. held by them. (The Securities Co. owns 148,583 shares
of the 6% cum. pref. shares and 70,616.7 shares of the corn. stock of
American Ice Co.)
4 Upon such action being taken, the Securities Co. will sell to the syndicate managers 57,156 shares of said now pref stock of the American Ice
Co., or any less number of shares they may desire to purchase, at the price
of $66 per share for the preferred stock, with common stock as a bonus in
the amount of 40% of the preferred stock so purchased, less a commission
to the syndicate managers of 6%% upon the total amount to be paid for
all of the preferred stock sold as aforesaid.
5 Such sale shall be subject, however, to the prior right to be exercised
by American Ice Securities Co. to offer, not later than Feb. 1 1917, for sale
166
THE CHRONICLE
[VOL. 104.
to itsstockholders of record Feb. 1 (or their assignees), the privilege of purDigest of Statement by Pres. Chas. McKnight, Pitts., Pa., Jan. 2 1917.
chasing, on or before March 11917, at the price of $66 per share, an amount
At the recent annual meeting you were advised fully as to tho financial
of the new preferred stock of the American Ice Co equal to 30% of the par condition
the company and of the intention of the board to pay quarterly
value of their respective holdings of stock in the Securities Co. (payment dividends of
upon the common stock. An investigation by our attorneys
for allotments being at the rate of $19.80 on each share of Securities Co. shows
both preferred stocks share ratably with the common stock in
stock), and such sale shall carry with it as a bonus common stock of case ofthat
a dissolution of the company,and that, owing to the provisions of the
the American Ice Co. to the extent of 40% of the par value of the preferred preferred
issues no dividend could be paid on the common stock before
stock purchased by such stockholder of the Securities Co
Sept. 30 1917. In addition to this, there are many unnecessary compliyr
Final settlement shall be made between the Securities Co. and the cations
due to the fact that the company was originally incorporate& in
syndicate managers before March 25 1917, so that the American Ice Se- New Jersey
then sold its assets to the Carbon Steel Co. of West Virginia,
ourities Co. will be in funds to pay its debentures and other obligations as a result ofand
which the rights of the stockholders are not definitely defined.
upon April 1 1917.
The directors therefore recommend the transfer of all the assets of the
7. All deben. bonds having been retired, the company shall be dissolved. company to a company of the same name
organized under the laws of
8. This agreement to be binding only when approved by stockholders.
Pennsylvania, with a capital stock of the same amount, namely
P[The plan will result in a saving of about $193,000 a year in interest
in shares of 3100 each, of which $3,000,000 will be common$5,000,000,
stock and
charges, taxes, expenses, &c., while the American Ice Co. will have out- $2,000,000 7% non-cumulative
standing about $7,147,725 common stock out of $7,500,000 authorized and pating (as to dividends beyond itspref. stock, the latter to be non-partici7%) but entitled to share ratably with
V14,920,000 6% non-cumulative pref. stock of an authorized $15,000,000.* the common in the distribution
of any assets on sale or dissolution, as is
See also "Annual Reports" above and compare V. 102, p. 1247.
true of the present pref. stocks.
In view of the fact that the first preferred stock is entitled to 8% nonAmerican Pipe Mfg. Co.-Certificates Redeemed.cumulative dividends, payable semi-annually, and the second preferred
Fifty-five ($50,000) 5% collateral trust certificates series "B," due Feb. stock is entitled to 6% non-cumulative dividends, payable
annually, the
1 1929, have been drawn for redemption at 102% and int. on Feb. 1 1917, proposed plan of reorganization contemplates the distribution
of the
at Girard Trust Co., Phila.
7% non-cumulative, non-participating pref. stock to the holders of new
the
present first and second ipref. stock in such ratios as will give them at least
American Telephone & Telegraph Co.-Bonds Listed. the
same return in dividends to which they are now entitled,' the common
to be distributed share for share. Under such a plan the book value
-The New York Stock Exchange has listed the 0,000,000 stock
the stock, both preferred and common, is not altered, and provision will
(temporary) 30-year 5% collateral trust bonds due 1946, of
be made whereby divs. on both pref. and corn. stock can be paid quarterly.
The company would then have one preferred stock and one common
with authority to substitute permanent engraved bonds.
stock, both in engraved certificates, so that the shares may, if desired,
be
Compare V. 103, p. 2081, 2157, 2344.
listed upon the New York and Pittsburgh Stock Exchanges. We shall also,
by this means, avoid double taxation (in West Virginia as well as in PennArmour & Co., Chicago.-Annual Report.sylvania). Moreover, stock in a West Virginia corporation is subject to
Year endingOct. 28 '16. Oct. 30 '15. Oct. 31 '14. Nov. 1 '13. an inheritance tax, whereas there is no such provision in Pennsylvania, and
manufacturing corporations in Pennsylvania are exempt from State taxation.
$
$
Gross business (over)_ _525,000,000 425,000,000 375,000,000 350,000,000
[Gilbert Elliott & Co., N. Y., are specialists in these stocks.) Compare
Total net income
27,162,164 18,048,694 13,707,631 11,356,093 annual report, V. 103, p. 1885, 1689.
ExpendituresCarwen Steel Co.-Initial Dividend.Int. on borrowed money 1,925,424
2,608,069
2,213,066
1,538,747
Interest on bonds
An initial dividend of 2% and an extra dividend of 34 of 1% has been
1,809,783
1,346,301
1,346,301
1,346,301
Expenses, taxes, &c_ _ _ _ 3,326,957
declared
on the stock, payable Feb. 10 to holders of record Feb. I.
3,094,323
2,638,357
2,442,849
Dividends paid • (2%)2.000,000(10)2000,000(10)2000,000(10)2000,000
The Carlson-Wenstrom Mfg. Co. has declared a dividend of 25%, payable forthwith. All the stock of this company is owned by the above comSurplus for the years_ 18100,000
9.000.000
5,509,907
4,028,196 pany. See V.103,p. 1689.
The capital stock was increased in December last through the distriCentral & South American Telegraph Co.-Partly Estibution of a portion of the accumulated surplus from $20,000.000 to 3100,'000,000, but notwithstanding that the earnings aggregated 20% on the mated Earnings.-For 3 & 12 months ending Dec. 31:
enlarged stock, the directors have thought it wise not to increase the
Dividends.
Net Inc.
Bal., Sur.
amount distributed by way of dividends, which remained at $2,000,000, 3 Mos.- Tot. Inc.
Total Sur.
$913,240
$724,075 (1)3143,565
and equaled, therefore, only 2% on the stock as increased. President 1916_
$580,510 $7,323,988
775,000
610,667 (43i) 430,695
Armour stated that the earnings promised to be as great or greater during 1915..___
179,972
5,378,876
the next few years, but profits being based "on a very high plane of values," 12 Mos.cautionary procedure is necessary to avoid a recurrence of the conditions 1916_ _33,213,240 $2,457,575 (6%)$574,260 $1,883,315 $7,323,988
2,110,167 (9%) 861,390
of 1911. "We will, therefore, maintain," he said, "our former policy of 1915_ __ 2,752,000
1,248,777
5,378,876
Dividends for the 3 and 12 months ending Dec. 31 1915 (and not in 1916)
putting back our surplus profits into our business."-V. 104, p. 75.
include the regular 1M % quarterly dividend amounting to $143,565, and
Babcock & Wilcox Co.-Munitions Contracts.an extra 3% dividend, 3287,130.-V. 103, p. 1414.
See American Brake Shoe & Foundry Co.(of Del.) above.-V.87,p. 1665.
Cerro de Pasco Copper Corp.-Copper
Production.-
Bollinger-Andrews Construction Co., Pittsb.-Called. (In 1916)October.
November. December. Total(3 mos.)
The company has called for redemption at 10234 and int. on Feb. 1 1917 Production (in lbs.)__ __ 6,000,000
5,700,000
5,500,000 17,200,000
at the Safe Deposit & Trust Co., Pittsburgh, all the 1st M.6s of 1914 ma- -V. 103. p. 581.
turing subsequent to that date. In 1915 the company was reported to
have sold its foundry at Josephine, Pa., for $400,000, out of which it was
Chandler Motor Car Co.-New Directors.to pay its bonded debt, including the aforesaid issue originally $200,000.
John Sherwin, Pres. of the First National Bank, Cleveland, and Charles
-V. 100, p. 1754.
A. Otis. of Otis Sc Co., Cleveland, have been elected directors to succeed
James B. Bell and James S. Dunstan, who resigned.-V.103, p. 2157, 940.
Braden
Copper Mines Co.-:Copper Production.-
Chile Copper Co.-Copper Production.6 Mos. to 3 Mos. to
Months of
Total.
(In lbs.) June 30. Sept. 30. October. November. December. 12 Mos.
6 mos. to 3 mos. to
Months of
Total
In 1916-_23,110,000 8,346.000 4,048,000 4,419,000 4,716,000 44,639,000 (In lbs.) June 30. Sept. 30.
October. November.
12 mos.
In 1915_ _15,238,000 8,970,000 3,726,000 3,684,000 3,826,000 35,444,000 1916 __ _19,724,385 10,632,000 4,542,000 4,098,000 December.
6,118,000 45,114,385
-V. 103, p. 2239, 1414.
-V. 103, p. 2431, 2158.
British-American Tobacco Co.-Divs.-Report.-
The resolution of the board proposing a distribution to the holders of
ordinary shares of certain shares of the Imperial Tobacco Co. of Canada,
Ltd. (see "Annual Reports" on a preceding page), has been withdrawn.
The New York office of the company is advised that since the issue of the
report the directors have had certain difficulties brought to their attention
and that, in the opinion of counsel, it would be inadvisable to distribute
this bonus without alteration of the articles of association. The management hope the delay thus entailed will merely delay the transfer of the
shares for a few weeks more, and that there will not be any disappointment
in consequence.
The meeting on Jan. 12 approved the payment of the final cash dividend
of 5%, which will be paid in London, together with the interim dividend
of 6%,on the 31st inst. See "Annual Reports above.-V. 104, p. 75.
py Bulk
Oil Transports, Inc.-Bonds Offered.-The Baltimore Trust Co. and Robert Garrett & Sons, Balto., are
offering, at prices to yield 53%,53
4% and 6%, according
to maturities, $400,000 (closed) 6% Serial First Mortgage
Gold Marine Equipment bonds, guaranteed prin. and bat.
by Christoffer Hannevig. A circular shows:
Bonds.-Dated Jan. 1 1917 and due $200,000 Jan. 1 1918; $100,000
July 1 1918; $100,000 Jan. 1 1919. Denom. $1,000 c*red. on any interest
date at 101 and int. Interest J. & J. Trustee Baltimore Trust Co.
Sinking fund from June 1 1917 to Dec. 1 1917, $15,000 monthly.
Organization.-Incorporated in Del. in July 1916, with an authorized and
outstanding capital stock of $1,000,000 to acquire oil "tanker" vessels.
Security.-A first mortgage on the vessel Holden Evans, of steel construction and about 5,000 tons d. w. costing over $525,000. Sister ship,
Pennant, built at the same cost, was recently sold for $1,150,000 Class 100
A-1 British Lloyds. Insurance equal 125% of outstanding bonds.
Earnings.-The company expects to charter this boat upon completion,
shortly,to net over 3720.000 per annum or for the first year, after meeting
interest and retiring $200,000 bonds. about $500,000.
Calumet & Hecla Mining Co.-To Pay All Coup. Notes.-
In Aug. 1916 the company offered to redeem (at par and int.) the remaining $400,000 (approximately) 4% coupon notes series "B", due Feb. 1919
of an issue of $8,519,000.
Notice is now given that all the aforementioned notes will be paid and
redeemed by Feb. 18 1917 at par and accrued interest, at the Old Colony
Trust Co., Boston.-V. 103, p. 2344, 1890.
Canadian Car & Foundry Co.-N. J. Plant Wrecked.-
Fire in the Kingsland (N. J.) plant of this company destroyed property
involving a loss of upwards of $5,000,000 and the destruction of some
400,000 shells being prepared for shipment to the Russian Government as
the last of the 3100,000,000 contract taken two years ago. The company,
it is stated, had filed a bond for $1,000,000 to protect the municipality
from damage in case of such accident. The loss is covered by insurance.
The "Financial Post" of Canada states that orders on hand as of Jan. 1
in Canadian plants alone amount to $22,000.000.-V.103, p. 1982.
Carbon Steel Co., Pittsburgh.-Plan.-The stockholders will vote Jan. 15 on reincorporating the company
under the laws of Pennsylvania with capital stock (to be exchanged on basis stated in text below) as follows:
Stock Auth. and Outstanding (par $100)At Present
Proposed.
Common stock
$3,000,000 $3,000,000
Pref. stock,7% non-cumulative, non-participating
none.
2,000,000
1st pref. stock 8% non-cumulative
500,000
none.
2nd pref. stock 0 non-cumulative
1,500,000
none.
By April 1 191 all of the Carbon Iron Co. bonds will have been redeemed
leaving as the only funded debt $342,000 Carbon Steel Co.53 and $160,000
mortgage on Hill properties. The collateral notes were paid off in 191516.-Ed.
Citizens Gas Co. of Indianapolis.-$250,000 New Stock.
-In circular of Jan. 4 J. D. Forrest, Sec.-Gen. Mgr., says:
We beg to call attention to the enclosed copy of an advertisement offering
to the public 10,000 shares (3250,000-par $25 a share) of our capital steels
at auction, Feb. 5 1917. Under our franchise and articles of association all
Issues of stock must be sold to the highest bidder. In order to assist stockholders in bidding on this stock, the undersigned will act as the agent of
any who can not be present and will submit bids for them up to the limits
which they may designate. Your request to have a bid submitted must be
accompanied by bank draft, money order or certified check for 25% of the
par value of the number of shares desired.
This stock is offered to cover the cost of improvements and extensions
of the manufacturing plant and distribution system, which were made during
the year 1916 or which are now in pc ogress. The increase in our manufacturing business has been large and the demands for main extensions are
constantly Increasing.
On Jan. 27 1913 8,000 shares were sold at public auction at a premium
of 51% above par. The company is in much stronger position now than it
was then, and it is now paying dividends at the rate of 10% per annum.
(Under the franchise the company is authorized to pay 10% per annum
on its stock from date of issue of the same. Such 10% dividends are therefore cumulative and such accumulation on the new stock now offered for
sale will run from Jan. 1 1917. On Jan. 1 1916, the outstanding stock
was $1,250,000.)-V. 103, p. 1304, 403.
Cleveland-Cliffs Iron Co.-Stock Dividend.A stock dividend of 35% has been declared on the stock, along with the
regular quarterly cash payment of 2Yi %,both payable to holders of record
Jan. 15, the cash to be distributed on Jan. 25 and the stock on Feb. 1. In
Jan. 1916 a stock dividend of 50% was paid.-V. 102, p. 253.
Cleveland Metal Products Co.-Stock-Merger.-The
Maynard H. Murch Co. and the Guardian Savings & Trust
Co. Cleveland, are offering a limited amount of 7% cum.
pref. stock and report as follows:
The present issue of $300,000 of pref. stock will be retired on April 2
1917, or earlier, and it is proposed to increase the capitalization to 35,000,000 common stock and $5,000,000 pref. stock, of which $4,000,000 of each
issue will now be issued to purchase the property of the Cleveland Foundry
Co. and the Cleveland Factory Co., allied corporations.
The present pref. stockholders of the Cleveland Metal Products Co. may
accept cash at $110 per share and dividends, or new pref. stock at 105 and
dividend,in exchange for their old pref. stock at 110 and dividend, receiving
the difference of $5 per share in cash. Holders of the old pref. stock may
hold their stock for redemption at $110 and div's in cash on April 2 1917.
The management and control will remain as at present, and the now
ssue of pref. stock will be represented by about 140% of net tangible assets
and an earning power of over three times the preferred' dividend charges.
The new issue will be properly safeguarded with restrictions, and will be
retirable at $115 per share.
The stock is preferred as to assets and dividends. Div. Q.-M. Red.
at 115 and diva. Par $100. Tax-free in Ohio.
CapitalizationAuthorized. To be issued.
7% cumulative preferred stock
$4,000,000
$5,000,000
Common stock
4.000.000
,0O0,000
Bonds(due $100,000 July 1 1917-'18-'19, incl.)_
300.000
All of the common and preferred stocks to be issued will go to the present
stockholders of the three companies except about $1,000,000 of the preferred stock, which will be sold for cash. (New stock constitutes an increase in the authorized amount from $1.000,000 to $10,000,000.)
Preferred Stock.-There shall be no increase in the authorized preferred
stock, and no obligations having a longer maturity than one year may be
created, except for the purchase of real iaroperty, without the written consent of 75% of the outstanding preferred stock. The company must maintain net current assets of not less than $1,250,000. Violation of any of
the restrictions continuing for 30 days gives the preferred stockholders the
right to vote 51% of all votes cast.-V. 103. p. 2431.11
=.11
e
JAN. 13 1917.]
THE CHRONICLE
167
Commonwealth Edison Co., Chicago.-Option to Subscribe.-Shareholders of record at 5 P. M. on Jan. 10 1917,
are entitled to to subscribe at the office of Treasurer Edward
J. Doyle, 72 West Adams St., Chicago. till 5 P. M. Feb 1
for $4,583,900 for new stock to the extent of 10% of their
respective holdings at par $100 per share.
including bonds to be issued. Cap.stock (par $100), auth., $750,000; common and $250,000 7% cum. pref.; issued. $500,000 corn. and $150,000 pref.
Company located at Walkerville. Ont., opposite Detroit, successful since
inception in 1910. Not only supplies all the forgings
and
stampings
used by the Ford Motor Car Co. of Can., but also enjoys amany
widely diversified demand.
Net profits years ended June 30: 1914-15, $106,407; 1915-16,
$182,981;
1916-17 (est.), $200,000.
Subscriptions are payable in four instalments of 25% each. the first at
the time of making the subscription on or before Feb. 1 1917, and the
others on or beore May 1 1917, Aug. 1 1917, and Nov. 11917, respectively.
Subscription warrants were to be issued about Jan. 10 and fractional
warrants must be combined by purchases in the market as only subscriptions for full $100 shares will be received.
At the time of the making of a subscription the subscriber will receive
a subscription certificate which will provide that on each instalment which
shall be paid more than 10 days before its due date, the company will
allow interest at rate of 5% per annum from time of payment to such
due date, and on each of the first three instalments which shall have been
duly paid on or before its duo date the company will allow interest for
each quarterly period after such duo date, and prior to Nov. 1 1917 at a
rate equal to the company's dividend rate for such quarterly period.-V.
103, p. 2431. 1689.
Draper Corporation, Hopedale, Mass.-Stock Offering.
-Parkinson & Burr, Lee, Higginson Co., and Estabrook &
& Co. are offering 40,000 shares (par $100) of this company's
capital stock at 135 and div. A circular shows:
Consolidation Coal Co., Baltimore.-Stock Dividend.A stock dividend of 5% has been declared on the $25,000,000 stock,
payable Feb. 2. The regular quarterly 1 % was also declared payable
•Tan. 31 to holders of record Jan. 20.
Earnings.-For years ending Dec. 31:
,798Ias1916.
1915.
1915.
1916.
Ch div.(6%)$1,500,000 $1,500,000
Net earnings _$6,148,982 $4,004
Fixed chgs.,&c 2.117,349 1,469,117 Bal., surplus_ 2,531,633 1,035,681
The net tonnage for 1916 was 11,105,173, against 11,710,155 in 1915, a
decrease of 604,982 tons.-V. 103, p. 2431.
Consol. Mining & Smelting Co. of Canada,Ltd.-Earn.
Capital
Net
Depre- Dividends Barance,
Sept. 30 YearProfits. Expenditures. ciation.
Paid.
Surplus.
191546
$1,873,627 $598,745 $278,386 $776,337 $220,159
1914-15
987,889
192,478
464,398
331,013
-V. 103. P. 1509.
Stock.-Authorized and outstanding, 317,500,000. Dividends
Q.-J.
Present rate 8%p. a. The stock offered has
been acquired in equal parts
from George A. Draper and from the estate
of Eben S. Draper and represents in each case less than half of the total holdings.
It in no wise affects
the personnel of the management.
History.-Chartered in Maine Nov. 20 1916, succeeding
to business
carried on continuously since 1816. Since 1890 has
specialized in automatic weaving machinery and it is estimated that since
1895
the
Northrop looms sold, effecting an annual saving of $12,000,000 300,000
to mill
owners. Output protected by some 1,200 live patents
of great value;
75 new patents now pending.
Property.-Plant at Hopedale. Mass., covers some 42 acres;
floor area
of about 1,400,000 sq. ft. Also owns 550 houses,
rented to employees.
Assets and Liabilities.-As of Dec. 1 1916, as against
an
entire
liability,
direct and indirect, of $36,463, the company had $2,500,000
$1,700,000 in stock and materials and net quick assets ofcash in banks,
$10,200,000.
Plant cost more than twice its book value.
Profits during last 7 years (Dec. 1916 est.) (Net shown after
Depreciation.)
Gross profits
$16,800.000nnual aver. about
$1.885,000
Net profits
13,200,000 Net profits 1916 (est.) 2,400.000
During the past 20 years about $9,000,000 has been charged
for depreciation and reductions. Compare V. 103. p. 241.
147.
(E. I.) du Pont de Nemours & Co.-Acquisition.-
See Harrison Bros. & Co., Inc.. below.-V. 103. p. 2158.
East St. Louis & Interurban Water Co.-Bonds Offered.
& Co. are offering $1,600,00b of this comContinental Insurance Co., N. Y. City.-Director.-- -Halsey, Stuart
George M. Reynolds, President of the Continental & Commercial Nat. pany's First Mortgage & Refunding 5% gold bonds, dated
Bank of Chicago, has been elected a director of the company.-V. 102. July 1 1916; due July 1 1942; but callable, all or part, at 105
P. 611. 156.
and int. on July 1 1937, or any interest date prior thereto,
Cosden Oil & Gas Co., Baltimore.-Stock Underwritten. and at 100 and int., thereafter. A circular shows:
All shareholders of
These bonds are
record Jan. 18 will be permitted to subscribe at $12 50
per share (par $5) at the Equitable Trust Co. of Baltimore or the Central
Trust Co. of New York. on or before Feb. 2, for about 431,881 additional shares ($2,159,405) of common stock to the extent below stated, full
payment to accompany subscriptions.
The holder of a share of pref. stock will be entitled to subscribe for substantially one-third of the amount to which the holder of
a share of common
stock will be entitled to subscribe. The exact number of shares to which
each stockholder will be entitled to subscribe cannot be fixed until the closing
of the stock books Jan. 18, in view of the possibility of conversion of the
convertible notes into common stock. In case no such conversions take
place, the holders of common stock will be entitled to subscribe to the extent
of 36.50% of their holdings and the holders of pref. stock to the extent of
12.16% of their holdings. Subscription warrants will issue about Jan. 18
and fractional warrants must be combined on or before Jan. 30 1917 at
said trust companies. The company will not sell or purchase such fractions.
Statement by President J. S. Cosden, Baltimore, Jan. 10 1917.
In order to reimburse the treasury of the company for large disbursements made by it in the last few months in the discharge of obligations incurred in the purchase of property, to provide for further such payments in
the near future, and for its other corporate purposes, the board of directors
of the company have determined to issue this additional common stock.
This financing will largely relieve the company from the disbursement of
considerable amounts of current earnings for capital purposes, and leave a
larger proportion of current earnings available for divs. to the stockholders.
The earnings of the company, based on the present price of crude oil, aro
at the rate of more than 1.00% on the common stock (including the additional shares that are now being offered to the stockholders), after deducting
all fixed charges and the dividend requirements on the pref. stock.
(The company has now outstanding $4,750,000 common stock,$3,500,000
pref. stock (V. 102, p. 1349) and $6,000,000 6% convertible notes, the
latter. placed by Hallgarten & Co.and Eugene Moyer Jr. & Co., being now
convertible in common stock at $14.35 per share
Authoritative Data Furnished on Sale of Convert. Notes in 1916.
The purpose of this meeting (July 24 1916) is to increase the common
capital stock from $5,000,000 to $9,000,000 and to authorize $6,000,000
of
Three-Year 6% Convertible Mortgage Notes. The reason for increasing the
capital and authorizing the notes is to enable the company to pay
for the
property of the Hill Oil & Gas Co., which it recently contracted
to purchase.
This property consists of a block of about 5,500 acres, largely
owned in
foe. It is situated in the South Cushing field,
and is
one of the
finest in Oklahoma,having a daily production aabout considered
20,000 barrels, which
will evehtually be increased to from 35,000 to 40,000 barrels of the highest
grade of Cushing crude. It will also produce large quantities of casing-he
ad
gasoline. With this purchase, your company is one of the largest producing
companies in Oklahoma,and its earnings should be very large.
The notes are dated July 1 1916 and due July 11919, but are callable, as a
whole but not in part, at 1021,6 and int. on 60 days' notice on any interest
date. Authorized, and outstanding, 66,000,000. Trustee, Central Trust
Co. of N. Y. Interest J. & J. Denom. $1,000 and $500 c*. Convertible
at $15 per share (with adjustment of accrued int. and div.) up to maturity,
or redemption date; if the company issues shares (in addition to
1,183.334
now outstanding) at lees than 1115 per share, the conversion price
will be
reduced accordingly. Secured by a lien on all property and leases
now
owned or hereafter acquired, subject to a purchase money lien on the stock
of the Hill Oil & Gas Co., amounting to $5,000,000, which is being paid off
gradually out of earnings. Total area owned or leased, over 150,000
of which the Hill Oil & Gas Co. property represents about 5,500 acres,
acres.
Compare V. 103. p. 1983.
Crucible Steel Co. of America.-Dezth of President.-
President Charles C. Ramsey died in Pittsburgh on Jan. 10.-V. 103,
p. 1891, 1790.
Detroit Edison Co.-Stock Listed.-
The N. Y. Steck Exchange has listed $2,645,500 additional stock, making the total listed $19,650,000.
Consol. Earns.-For years end. Dec. 31 1915 & Oct. 31 '16:
Years
Ending-
Cross
Earns.
Net after
Taxes.
Deprecia'n.
Interest
Charges.
Dividends
Paid.
Bat.
Surp.
Oct. 31 '16_ _9,607,350.4,405,184 761,097 1,095,474 (8)1,565,001 983,612
Dec. 31 '15_7.759.932 3,548,713 600,000 1,100,055 (7) 944,214
904,444
-V. 103, p. 2240.
Diamond Match Co.-Advance in Prices.-
a direct first mortgage on an important part of the
property, and, through deposit of 89% of the outstanding
bonds of predecessor companies, share to that extent in the first mortgage
lien thereof
upon the remaining property. A maintenance and improvement
fund of
9% of gross earnings is provided. The replacement
value of the physical
property is largely in excess of the outstanding bonds
and
notes.
Interest is payable J. & J. in N. Y., without deduction
of the present
normal Federal income tax. Denom. $100, &c.,
c*r*. Trustee, the
Farmers Loan & Trust Co., N. Y.
Capitalization (upon compl'n of pres't financing) Authorized. Outstanding.
Stock ($316,000 is preferred stock)
$5,066.000 $5,066,000
1st M.& Ref. 5% gold (this issue)
(a)
3,430,000
Undeposited bonds of predecessor cos.(closed mortgages) to retire which 1st M.& Ref. bds.are res'd.
268,500
Junior lien 5% notes (closed issue, and subject
to
the prior lien of the 1st M.& Ref. bonds)
*456,000
(a) Authorized issue limited by the restrictions of the
trust deed.
* To refund which an equal par amount of 1st & Ref. bonds
is reserved.
The company, incorporated in Ill., Aug.
1916, as a consolidation of
City Water Co. of East St. Louis and Granite15
City and the Bellevills Water
Supply Co., has through its predecessor companies
water to East
St. Louis, Bellevill3, Granite City, Madison and supplied
Ill., for from 22
to 30 years. It serves a firmly established, rapidlyVenice,
growing,
industrial
and
commercial community, having a present estimated population of
118,000.
Statement of Earnings as Certified by Auditors for Year ended April 30
1916.
Gross income, all sources_ _3505,446 Ann. int.
$3,698,500 bds_11184,925
Not, after taxes, maint., &c_ 311,942 I Balance, on
surplus
127,017
Control.-Stock Is owned by American Water Works & Electric Co.,
Inc.
Elk Basin Petroleum Co.-Initial Dividend.-
An initial dividend of
% has been declared on
62,500,000 stock
(par $5), payable Feb. 1 to holders of record Jan. 15. the
See V. 103. p. 2431.
Ellsworth Collieries Co.-Bonds Paid.-
See Lackawanna Steel Co. below.-V. 86. p. 671.
F. & D. Co. (Madison Square Garden).-Purchased.-
William C. Roberts, on behalf of a syndicate, the names of which are
not public, has acquired this property from the New York Life
&
Trust Co. The latter recently purchased it at foreclosure for Insurance
$2,000,000.
as holder of a mortgage against the property. See V. 103. p. 1891.
Ford Motor Co., Detroit.-Bond-Furnaces.
-
As required by the recent decision of the court, Henry Ford, Horace H.
Rackham and n'ank L. Klingensmith on Jan. 6 furnished a $10,000.000
bond to protect the Dodge brothers, as minority stockholders,
against
possible loss from the investment of $12,000,000 of the company's surplus
funds (which the Dodges wished distributed as a dividend) in the building
of blast furnaces on River R .uge, near Detroit, to provide castings for the
Ford cars. About $6,000,000 will be expended this year, contracts for
two furnaces having already been placed. Mr. Ford
also proposes to
double the capacity of the main plant at Highland Park,
Detroit.V. 103. p. 1595.
Forestal Land, Timber & Rys. Co., Ltd.-Debs. Paid.-
One hundred and thirty-six (£13,600) debentures, par £100, and one hundred and five (E2,100) debentures, par £20, were paid off on Jan. 1 last at
102%.
-V. 103. P. 64.
Fox River Butter Co., Chicago.-Stock Increased.-
The company has filed a certificate in Springfield, Ill., to increase its
authorized capital stock from $800,000 to 32,000.000. The company is
said to be offering $1,000,000 7% pref. and also a block of common stock
to shareholders at par for the preferred and $175 a share for the cornmon.-V. 98, p. 526.
General Motors Co.-Dividend.-
This company, controlled by the General Motors Corporation (which see
above) has declared a quarterly dividend of $5 per share on the common
stock, payable Feb. 1 to holders of record Jan. 20.-V. 103. p. 2432.
Great Atlantic & Pacific Tea Co., Inc.-Sales.-
.
10 Mos. to Oct. 301916.
1915.
Increase.
Sales
$58,683,444 $35,864,636 $22,818,808 or 63 2-3%
-V. 103 p. 1984, 1795.
Great Lakes Steamship Co.-Extra Dividend.Press reports state that the company has increased the
wholesale price
An extra dividend of 2% has been declared on the stock along with the
of all matches produced by the Chico plant,
ranging
10% to 15%. regular quarterly 2%, both payable April
The high cost of chemicals, glue, paper for boxes andfrom
1. In Dec. last a like amount
said to bo responsible for the increase.-V. 103, P. 410. other materials is was paid.-V. 103, p. 1984.
Great Lakes Transit Co.-Off Lake Michigan.The company suspended
on Lake Michigan on Jan. 1 1917
offering at par and in $300,000 because the field was found operations
to be unprofitable.-V. 103, p. 2432.
1st M.6% serial gold bonds dated Nov. 11916, due $30,000
Great
Northern
Lumber Co.(Leavenworth, Wash.).annually on Nov. 1 1917 to 1926. A circular shows:
Bonds Offered.-Lyon, Gary & Co., Chicago, are offering, by
Callable in reverse of numerical order at 102 and int. on any int. date
advertiseme
nt on another page, at par and int., $350,000
on four weeks' notice. Denom.$1,000.$500 c*; int. M.
& N.in Chicago or
Walkerville, Ont. Trustee, National Trust Co. Ltd.,
Toronto. Au- First Mortgage 6% gold bonds. The bankers report:
thorized, $500.000; outstanding, $300,000.
le Dominion Forge & Stamping Co.-Bond Offering.Kean, Taylor & Co. are
assumes payment of
The bonds are dated Dec. 15
all present or future taxes, including normalCompany
Due $50.000 June 15 1919 and $25.Federal Income tax. A first 000.1. & D. 15 1920 to 1925 tad 1916.
(c5). Denom. $1,000, except the maturity
mortgage on fixed assets appraised at
quick assets aggregate of Dec. 15 1922, which is $500 and $100.(c*)Int.
about $300,000. Additional bonds may $689,465;
J. & D. 15 at Continental
only be issued for 50% of cost of & Commercial Trust & Savings
Bank (a trustee with Calvin Fentree,s,
additions, &c., when annual not earnings are twice the
interest charges, cago.) Callable on any int, date upon 30 days' notice at 101 and hit. Chi-
168
THE CHRONICLE
[VoL. 104.
* The deduction of $1,144,000 from the cash item represents the proportion accrued to Nov. 30 1916 of a certain dividend to be paid as provided
under the terms of the purchase of the Grand Crossing Tack Co.-V. 103,
p. 2432.
Capitalization con.sists of (a) this issue, $350,000, to provide funds to pay
for holdings acquired and improvements; (b) note issue (owned by stockholders). $450,000; and (c) preferred and common stock, $400,000 and
$450,000, respectively.
This company has recently acquired the property of the Lamb-Davis
Lumber Co. of Leavenworth and the property consists of (a) a manufacturing plant with a daily capacity of 130,000 ft.; (b) logging railroad 18
miles long, with 8 or 9 miles of spur, well equipped; and (c) timber holdings
having available 569,453,000 ft., sufficient for 12 years' operations.
Jamaica (N. Y.) Water Supply Co.-Bonds Offered.Montgomery, Clothier & Tyler are offering at 973/i and
interest, a block of the new issue First Conselidated Mortgage
5% sinking fund gold bonds. $2,500,000 authorized and
$1,189,000 outstanding.
Great Northern Power Co.-Notes Called.-
The company has called for redemption at 101 and int. on Feb. 1 1917
These bonds are dated July 11916, and are due July 11946. Int. J. & J.
at the Philadelphia Trust Co., trustee, $650,000 6% 3-year notes of 1915. without deduction of normal Federal Income Tax. Callable as a whole.
-V. 103, p. 1795.
I or for sinking fund, at 105 and int. Denom.-coupon bonds $100, $500
Trustee, Equitable Trust Co., N. Y. Free of N. Y. mortand $1,000.
Harrison Bros. & Co., Inc. Phila.-Sale-Earnings.-- gage
tax and Pennsylvania tax refunded.
The stockholders will vote March 15 1917 on the sale of the entire assets,
Authorized. Outstanding.
Funded Debt&c.,of this company to the E. I. du Pont de Nemours & Co., of Wilmington,
*$1,000,000 *$145,000
Del. Pres. R. S. Hubbard says: "Under this offer, if it is approved by the Underlying bonds (closed)
1,189,000
gold
2,500,000
5%
bonds
Mortgage
Consolidated
First
stockholders, the du Pont company will pay us the sum of $5,700,000 cash
100,000
100,000
due November 1917
and will assume all of the outstanding indebtedness and obligations. This One year 5% notes,
the First
of
are
trustee
with
deposited
the
bonds
these
of
4855,000
and
par
stockholders
preferred
will provide sufficient funds to pay to the
bonds.
5%
Mortgage
accrued dividends, and to the common stockholders about $200 per share' Consolidated
(par $100) after payment of the commissions and legal and other expenses.''
Data from Letter of Pres. Warren Leslie as of Jan. 4 1917.
Divs. Surplus.
Depre- NewCon. M.Bds. Dios.
Profit.
These Bonds.-A mortgage on the entire property now owned or hereafter
Balance,
Corn.
Pref.
Int.onlst
Chgd.off
elation.
Oct. 31
acquired, subject to the outstanding underlying bonds; $855,000 under$
$
$
$
$
Year$
$
lying bonds are now deposited with the trustee, and the remaining $145,000
64,625 a105,000 60,000 1,683,746 will be as acquired:
1915-16.._ _2,233,371 300,000
230,160 . Present issue authorized to finance improvements, extensions and for the
698.967 120,000 227,557 65,000 b 56,250
1914-15_a7%. b 3%%. c8%.
general corporate purposes to retire the underlying bonds, refund the $100,Wm. Richter, Treasurer. on Jan.8 was elected Secretary to succeed T. J. 000 notes and also to provide for future improvements and extensions.
Armstrong, retired, and will fill both offices. V. 102, p. 1814.
The sinking fund is to retire annually, beginning Jan. 1 1918, an amount
the bonds equal to at least 2% of all bonds certified, including those
Imperial Tobacco Co. of Canada, Ltd.-Report.- of
reserved to refund underlying bonds outstanding.
Distribution of Stock.-Control Still Held.Additional bonds can be issued for 80% of the cost of extensions, acquiSee "Annual Reports" of the above company and also the British Ameri- sitions or betterments, or to refund $100,000 notes due Nov. 1 1917, but
only when the annual net earnings are 1 Yi times the annual interest charges.
can Tobacco. above.-V. 103, p. 2240.
the bonds to be issued and those reserved to refund underlying bonds.
Indiana Natural Gas & Oil Co.-Bonds Offered.-E. C. incl.
Company.-Incorporated in New York, and serves a population of about
Benedict & Co., New York, are offering, by adv.on another 65,000 without competition.
During the past five years the population served has increased about
page, at 92 and int., yielding about 5%%, a block of 46%
f
dinog
, tTc)reftn of clieJoilighadv:in
s41.0
andntfh
and
(141'Ingnerc7nFPIZlandln•Yelivez
Refunding Mottgage 5% gold bonds, dated 1906, due May 1
Park,
Floral
Hempstead.
and
North
Hempstead
of
municipalities
1936, guaranteed, prin. & int., by endorsement by the Nassau County, N. Y. Approximately 90% of the total value of the
The water comes from
People's Gas Light & Coke Co. of Chicago. Issue closed at property of the company is in New York City.
driven wellsand is distributed through 172 miles of service mains. Con$6,000,000. Int. payable without deduction for normal Fed- siderable
wells can be drilled.
further
which
on
owned
is
adjacent property
The physical property now, using prices prevailing in 1914 for material and
eral income tax. The bankers say:
any estimate
not
does
include
which
$2,397,000,
at
been
has
appraised
labor,
The l'eoples Gas Light & Coke Co. not only guarantees these bonds,
which have a substantial value.
p. & I., but has specifically provided for their retirement in the indenthre for franchises, water rights or going value,
1916.
1915.
1914.
first
absolute
Years-)
an
30
are
(Arpil
bonds
Earnings
These
1913.
of its Gen. & Ref. 5% Mtge. of
$223,839
$208,776
$195,942
lien on the entire property, which is operated as part of the Peoples Co.'s Gross earnings
118,559
98,372
93,869
Net income (after taxes)
system. Bonds are listed on the New York Stock Exchange.
67,500
The Peoples Gas Light & Coke Co. is the largest gas company but one Int. on all bonds outst'g & in treas'y_
The gross earnings during the past five years have increased about 50%.
in the United States, and its charter is granted in perpetuity. It has paid
conditions.
burdensome
of
free
and
for
-Perpetual,
about
uninterruptedly
annually,
8%
Franchises.
to
Municipal
5%
from
of
rate
the
dividends at
19 years on its $38,500,000 stock. Gross earnings exceed $17,0'10.090 jo.• -V. 103, p. 410.
annum and the amount applicable to bond interest, after depreciation, has
Kansas City (Mo.) Light & Power Co.---Stock Increase.
approximated 23i times the total bond interest requirements in each of a
The Missouri P. S. Commission has directed the company to increase its
period of years. See V. 87, p. 1302, for form of guaranty, and also further capital
stock from $2,000 to $4,977,300 on or before March 1 1917, to
particulars in V. 84. p. 388, 1430: V. 88, p. 1433. 1317.
conform with the amount ($4,977,300) of its 1st and 2d M. bonds approved
Corporation.
-Successor
last
February. See page 57 of "Elec. fly. Supplement."-V. 103, p. 1122.
Inland Steel Co., Chicago.
1
The shareholders will vote Jan. 30 on:
(a) Organizing a corporation with namo of Inland Steel Co., under the
laws of Delaware, or other State, with an authorized capital stock of $30.000,000, to take over and carry on the business now carried on by this
company. Of said capital stock $25,000.000 is to be issued at the present
time to the stockholders of this company, each stockholder to receive 235
shares of the capital stock of the new company, of the par value of $100
each, in exchange for one ($100) share of capital stock (aggregating $10,000.000) in this company; (b) transferring to the new company, when organized, all of the assets, property, property rights, and effects of every
kind and nature belonging to this company upon the delivery of said shares
of stock to the stockholders of this company, and the assumption by the
new company of all the debts, obligations and liabilities of this company;
the remaining $5.000.000 of capital stock to remain in the treasury of the
new company to be hereafter dispo.sed of at such times,and upon such terms,
as may be prescribed by the board of directors.
Arrangements have been made whereby the First Trust & Savings Bank,
of Chicago, will act as depositary for the certificates of stock of this company for the purpose of making the exchange in case the stockholders act
favorably upon this recommendation of the directors. (Compare V. 100,
p. 645, 815; V. 102. p. 434).-V. 103, p. 2432.
Interstate Iron & Steel Co., Chicago.-Bonds Offered.A. G. Becker & Co., Counselman & Co. and Slutpker, Waller
& Co., Chicago, are offering $2,500,000 First Mtge. 6%
Serial Sinking Fund gold bonds. Denom. $100, &c., c*.
Dated Dec. 1 1916 and due $125.000 annually on Dec. 1 1918 to 1930.
and $750,000 Dec. 1 1931. Callable as a whole or in part at 105 from 1917
to 1921, 104 from 1922 to 1927, 103 from 1928 to 1930, except that last
maturity is callable throughout at 105. Interest payable (without deduction of the Federal income tax) J. & D. at Continental & Commercial
Trust & Savings Bank. Authoirzed, $4,000,000; outstanding, $2,500,000.
Data from President Silas J. Llewellyn, Dated Jan. 2 1917.
Authorized. Outstanding.
Capitalization$3.000,000 $1,000,000
7% cumulative preferred stock
4,000,000
4,000,000
Common stock
2,500,000
4.000,000
6% First Mortgage Serial gold bonds
Bonds.-Issued to provide a portion of the purchase price paid for
the plants and properties of the Grand Crossing Tack Co. See V. 103, p.
2432. A direct first mortgage on all fixed property now owned or hereafter acquired. Additional 6% bonds may be issued only up to 60% of
cost of permanent improvements, &c., if and when the net earnings are three
times the total interest charge on all bonds, plus those pr000sea, and total
assets are not less than twice and net quick assets not loss than 5(1% of, the
par value of the bonds as aforesaid, after giving effect to the issue
of such additional bonds. The company will covenant at all times to maintain net quick assets equal to 50% of bonds outstanding, but not less than
$1.000,000, and will pay no cash dividends upon its common stock which
will reduce the net quick assets below $1,500,000.
Bond Retirement -Whenever in any year 15% of the net earnings exceeds
$125,000 (annual bond maturity), then the excess sum shall be applied to
retire bonds of the last maturity by purchase or call at 105 and interest,
until all are paid, whereupon this provision ceases. No cash dividends
may be paid upon the common stock exceeding 7% in any year, unless an
equal sum be applied to the retirement of bonds maturing in 1931.
Combined Earnings for Calendar Year 1916 (Last Three Months Partly Est.).
$8,195.119
Sales, less outgoing freight, discounts and allowances
$1,990.723
Net, after deducting mfg. costs, taxes, depreciation, &c
150.000
Annual interest charge on all bonds now outstanding
Kennecott Copper Corp., N. Y.-Copper Production.-
Total
Months of
6 mos. to 3 inns. to
October. November. December. 12 mos.'
(In lbs.) June 30. Sept. 30.
In 1916.61,400,000 28,950,000 7,300,000 7,080,000 6,806,000 111,536,000
-V. 103, p. 2241, 1985.
(S. H.) Kress & Co.-December Sales.
1916. December 1915. Increase. 1 '16. 12mos.toDec.31'15. Increase.
$2,701,302
$12,421,256
$416,9181$15,122,558
$2,216,643
$2,633,561
-V. 103, p. 2159, 1795.
(S. S.) Kresge & Co.-December Sales.
1916-December-1915. Increase. 1916-12 Mos. to Dec. 31-1915. Inc.
$4,258,333 $3,343,903 $914,4301$26,396,544 $20,943,300 $5,453,244
-V. 103, p. 2433, 1892.
Lackawanna Steel Co.-Bonds Paid.-
The $750,000 5% Collateral Purchase Money bonds of the Ellsworth
Collieries Co. dated Jan. 1 1907 were duly pi id on Jan. 1 last.-V. 103.
p. 1985, 1415.
Lee Rubber & Tire Co.-Dividend Prospects.-
According to current press statements, the directors will not order the
payment of the usual dividends when they meet Jan. 25. Operating conditions, it is stated, have contributed adversely to the position of the
company.-V. 103, p. 2159, 1892.
Lord & Taylor (Department Stores), N. Y.-Reorg.The reorganization plan of this company lately noted in these columns is,
we are informed, progressing favorably, the holders of a largo majority of
all the capital stock having already assented. It is expected that the plan
will be consummated at an early date. See plan, V. 103, p. 224:.
McCrory Store3 Corp., N. Y.-December S3les.1916. Deeen:ber 1915. Increased 1916. 12 mos. to Dec. 31 1915 Inc.
$299,773($6,786,989 $5,613,987 $1.173,002
$927,320
$1,227,093
The sales for the week ended Dec. 23 1916 were $538,297, against $383,070 for the same period in 1915, an increase of $155,227, or 40.50%, and
is the largest week's business in the co's. htstory.-V. 103, p. 2159, 1892.
Manufacturers Light & Heat Co., Pittsburgh, Pa.Cornpromise as to Rate Litigation.-Treasurer G. W. Ratcliffe, writing Dec.28,says in substance:
We have your favor asking information in reference to disposition o
long standing litigation regarding the rates charged by this company in
West Virginia.
In reply, desire to advise you that the matter was disposed of upon the
entry of an order by the U. S. Court for the Nor. Dist. of W. Va. and the
West Va. P. S. CommLssion, permitting proposed rates of the company to
go into effect as of Nov. 11916,and directing the payment ofsome $450.000
(which had been deposited with a special trustee pending settlement) to
this company; or, in other words, making rates effective as of Nov. 1 1913
the date originally proposed. From the moneys received, this company is
to refund to domestic consumers in West Va. 2c. a thousand on all gas consumed from July 1 1914 to Nov. 11916.
From this you will understand that not any of the legal facts in the case
with
were adjudicated, all matters having been compromised in accordance
might underthe settlement as above outlined in order that the company
it
being
product,
the
idea
its
for
to
was
receive
it
rate
stand definitely the
of the original complainants that the rates wore not excessive and that the
$1,840,723 company should be permitted to collect in accordance therewith in order
Balance
[Full additional information regarding acquisition, plants, operations, that It might properly prosecute the exploration for and development of
&c., see stock offering, V. 103. p. 2432.1
its natural gas-supply.-V. 103, p. 1690.
Report by Price. Waterhouse & Co. as to Constituent Cos. Dec. 21.
Mattagami Pulp & Paper Co. Ltd.-Bond Offering.Property as appraised by Julian Kennedy, $3,840,000; construc$3,878,496 Royal Securities Corp., Ltd., is offering 6% First Mortgage
tion in progress. $38.496
Inventories of materials,supplies and finished products
Sinking Fund gold bonds,dated May 11916,due May!1937.
$1,535,304
on hand,$1,432,336; rolls, $102,968
The bonds are red. as a whole on three months' notice to the trustee, at
795,086
Accounts and bills receivable, less reserves
Inv. M. & N.
105 and int., on or after Jan. 11920. Denom. $1,000c*._
Cash in banks and on hand, after deducting $1,144,000 *447.700
the Bank of Nova Scotia, Toronto, or agency in N. Y. Trustee National
at
6,121
Prepaid expense items
annually
of the par
3%
to
amounting
fund
sinking
Trust Co. An annual
value of issued bonds, plus interest on bonds redeemed, commencing July 1
$2.784,211
Total current assets
for
by
provides
redemption
thereafter
semi-annually
operating
and
1918
751,714
Less current liabilities
purchase on tho open market or by drawingiat not over 105 and int.
1916.
7
Dec.
Chisholm,Toronto,Ont.,
Duncan
Pres.
of
Letter
of
$2,032,497
Digest
assets
Net current
aa
perin Ontario on Feb. 2 1916, to manufacture
pcoararp
ted
ptItr
,
ficoins.
Orapnrizau
$5,910,993 wood
Total net assets (before issuance of aforesaid oonds)
JAN. 13 1917.]
THE CHRONICLE
Authorized. Outstanding.
Capitalization$2,000,000
$2,000,000
First Mortgage 6% bonds
2,000,600
1,500,000
Cumulative preferred 7% shares
2,000,000
2,000,000
Common shares
Properties.-Owns in fee, 125 sq. m. of free hold timber and pulpwood
lands, including surface and mineral rights, and controls by 20-year (renewable) lease from the Govt. of Ont., 840 sq. in. of Crown timber lands,
adjacent to the Mattagami. Muskegon and Buskegon rivers. Freehold
timber lands have been specially selected, running 5 to 15 cords of spruce
per acre, and these will lee available for farming when cleared. Timber
h.oldings are estimated to cut 4,000,000 cords of spruce pulpwood-sufficient for 50 years' present capacity operations. Pulpwood can be delivered to the mill for not over $5 per cord.
Plants-Output.-The company is constructing at Smooth Rock Falls on
the Mattagami River a modern sulphite pulp mill with a designed yearly
capacity of 45,000 tons. Also owns and operates there, a saw mill with a
capacity of 4,000,000 ft. b. m. per annum. Railways furnish outlets
east and west.
The company has practically finished development of a 40 ft. head water
power, with a maximum development of 9,000 h. p., minimum 4,000 h. p.,
at the mill site at Smooth Rock Falls, ample for requirements for some time
to come. At Yellow Falls, eight miles above, an additional water power is
capable of developing 4,000 h. p. minimum, construction should lee completed July 1 1917.
Assets.-When mill is completed operations start with freehold lands,
timber limits, mill properties, water powers, &c., valued at $6,500,000,
Including about $250,000 net liquid assets, available for working capital.
Earnings.-Based on present costs and estimating sales at $40 per ton
below present market prices, net earnings for the last six months of 1917
should show not less than 480,000, equal to eight times bond interest
for the period. After providing for bond interest, depreciation, &c., net
surplus available for the common for six months' operations of 1917 should
be equal to not less than 14% per annum.
Directors.-Duncan Chisholm (Pres.), Toronto; E. P. Shove, Treas.,
Colorado Springs, Colo.; W. D. Ross, Toronto, V.-Pres. .; N. Bruce
McKeivie, Hayden, Stone & Co., N. Y.; Lieut.-Col. D. M. Robertson,
Toronto; S. R. Armstrong, for 27 years with the N. Y. & Penn. Paper
Co. Is Manager.
Middle States Water Works Co.-Bonds Sold.-Halsey,
Stuart & Co. have sold $1,377,000 First Mtge.6% collateral
gold bonds, dated Nov. 1 1916, but an advertisement as a
matter of record appears on another page. The subscription
price was 100 and interest. A complete description of the
offering will be found in V. 103, p. 2434, 2346.
National Tool Co., Cleveland.-Pref. Stock.-Hayden,
Stone & Co. are offering, at 103, the entire $500,000 7%
cum. pref. stock of this new Ohio corporation, successor of a
successful company of the same name organized in 1905.
Natomas Co. of California, San Francisco.-Sale of
Reclamation District Bonds-Note Redemption, cfcc.-
Holders of the General and Refunding Mtge. Os will meet on March 20
to consider the sale of Reclamation District No. 1000, and to release the
same from the lien of the deed of trust with the ultimate object of (1) retiring the company's $2,475,000 gold notes; (2) releasing the $4,500,000
General and Refunding mortgage bonds, securing the notes.
Digest of Official Statement to Bondholders.
The company as provided in the reorganization plan of Natomas Consolidated of California, dated May 15 1914 (V. 100, p. 1082; V.101, p. 1972)
issued to holders of certain securities of Natomas Consolidated $2,475.000
6% five-year gold notes, secured by $4,500,000 Gen. and Ref. mortgage
bonds of Natomas Co. of Cal. and $1,984,344 bonds of the Reclamation
the company is obligated under the terms
District in addition to which'
of the trust deed to Anglo-California Trust Co. securing the gold notes
to deposit such additional bonds of the district as it may acquire.
The company now has on hand $612,601 warrants of the Reclamation
District which will shortly be converted into bonds of the district and must
then be deposited as further security for the gold notes. Action by the
reclamation district is about to be instituted, which will result in the conversion of these warrants into bonds of the District within a short time.
If the sale of the bonds of the reclamation district is effected, the company will have in hand funds more than sufficient to retire the remainder
of the $2,475,000 gold notes, a few of which will have already been retired
from proceeds of minor sales of property. This payment will also release
$4,500,000 Gen. & Ref. mortgage bonds held as security therefor, which
bonds must be turned over to the Mercantile Trust Co. and cannot be reissued without consent of the General and Refunding bondholders.
The company has entered into negotiations with a responsible banking
house which will purchase, provided the bondholders sanction the transaction, all the bonds of the reclamation district belonging to the company,
before Dec. 31 1917 at a price which will yield the company a profit over
and above the cost of the bonds.
Indebtedness of Company Superior to General and Refunding Mtgr. Bonds.
Jan.
' 1 '15. Dec.29'16.
Clarke&CoxFarms bds
$98,000
$50,000 To be paid by April 1 „
Natoma Devel. bds_ _ _
300,000
100,000 To be paid by Oct. 1
Natoma L.& M.bds__
305,000 Sink. fd. up to $40,000 yrly.
345,000
Purchase money mtges
None (All paid off)
442,453
6% 5-yr. gold notes_ __ 2,475,000 2,475,000 No change as yet
Total
$3,660,453 $2,930,000
Bonds and warrants of reclamation districts in which the company owns
lands are not an indebtedness of the company, but are prior liens on those
lands, and as lands in the reclamation districts are sold the purchasers
assume the indebtedness imposed by such bonds and warrants.-V. 102,
p. 1064.
New Jersey Zinc Co.-Status.-Clarence C. Perpall &
Co., N. Y., in recommending the stock, say:
Incorporated on Oct. 30 1880 in N. J. Authorized capital stock is
$35,000,000, all outstanding (par $100). Has been in business for over 100
years, having mines in Franklin Furnace, N.J., where it manufactures oxide
of zinc, spiegeleisen and sulphuric acid. Controls a large part of the
world's supply of zinc and is a leading factor in the market for all zinc byproducts. Is now contemplating preparations to resume the mining of
zinc ore at Friedensville,Pa.,for many years an important source ofsupply.
Also owns the control of New Jersey Zinc Co. of Penn., operating plants at
Palmerton and Freemansburgh, Pa.
Pays regular dividends of 16% per annum and in addition to this in 1915
declared a stock dividend of 250%• Both in 1915 and 1916 60% in cash
was declared as extra dividends. Already this year the company has
declared an extra cash dividend of 10%. The directors in the past have
declared all dividends out of the previous year's earnings, and, moreover,
have never distributed more than half the year's earnings to the stockholders in the shape of dividends, carrying the remainder to surplus.
Present price, about $350. [For earnings for the nine months ending
Sept. 30 by quarters, &c., see 'V. 103, p. 1690, 2083, 2434.)
New York Taxicab Co., Ltd.-Meeting.----
The debenture holders were to vote in Paris Dec. 30 on (a) postponing the
payment of the debenture interest for one year more (i. e., to Jan. 11918).
and (b) authorizing the release by trustees of the $41,670 income notes of
the Mason-Seaman Transp
2140.ortation Co., which were charged in favor of the
trustees.-V. 101, p.
Northern States Power Co. (of Del.), Chicago.-Bonds
Listed-Earnings.-The N. Y. Stock Exchange has listed the
initial $18,000,000 25-year 1st & Ref. Mtge. 5% bonds,
series "A"(V. 102, p. 1630).
Consolidated Income Account for Years ending Sept. 30.
53,9391
1914-15.Sept.
Sept. 30 Yrs. 1915-16.
30 Yrs. 1915-16.
1914-15.
Gross earns-.15,822,703 $4,933,575 Bond interest_$1,324,967 $1,072,451
Net after taxes$3,233,956 $2,732,470 Note interest..
es
345,132
490,594
Pref. dividend 674,449
Gen'l int.(cred.) 69,703
587,489
Common diva. 179,251
• $3,303,059 $2,786,4091
Total
Bal. for deprec., amort. bond & note disct., &c
$779,860 $635,875
-V. 103, p. 2242, 669.
169
Ohio Cities Gas Co.-Stock Listed.The New York Stock Exchange has listed $1,003,925 additional common
stock, making the total listed $9,035,425. Compare V. 103, p. 2434, 2243.
Ohio State Telephone Co.-Bond Syndicate.-Bodell &
Co. and Otis & Co. having purchased from J. P. Morgan
& Co. $5,000,000 Consolidated & Refunding Mtge. sinking
fund gold bonds, series "B," are forming a syndicate to offer
$3,000,000 of the bonds, the balance having been withdrawn.
A circular shows:
The bonds bear interest 4% to July 1 1917 and 5% thereafter, are dated
July 1 1914 and due July 11944. Interest J. & J. at office of J. P. Morgan •
& Co. Trustee, Bankers Trust Co. of N. Y. Authorized, $20,000,000:
outstanding, $5,000,000. Denom. $1,000 c*&r*.
The bonds are callable all or part in lots of not less than $500.000 at 105
and int.; at 102 and int. if moneys from sale of released property is applied
to redemption of bonds; and at 100 and int. for sinking fund purposes if
sufficient bonds are not offered to it at par or less. Penna. 4-mill tax
refunded. Normal Federal income tax paid.
Security.-A first mortgage on a portion of the property and a direct
mortgage upon the balance, subject to $7,973,100 underlying bonds maturing from 1919 to 1925. As the underlying bonds Mature and are refunded
with these Consol. & Ref. bonds, the latter become a first mortgage. The
Consolidated bonds can be issued only for the purchase of other telephone
companies and to refund underlying bonds.
Capitalization as of Dec. 31 1916Authorized. Outstanding.
Underlying bonds
• Closed
$7,973,100
Consolidated & Refunding bonds
$20,000,000
5,000,000
7% cumulative preferred stock
10,000,000
6,128,325
Common stock
7,500,000
5,205,475
Organization.-Incorporated July 1914 in Ohio, originally the consolidation of 15 successful telephone companies and later the direct owner.
Property.-With leased and controlled properties consists of 71 local
exchanges in Ohio, including systems in Cleveland, Columbus, Toledo,
Dayton, Youngstown, Akron and Canton, such exchanges embracing more
than 126,500 stations; and also a system of long distance toll lines in and
out of Ohio having general long-distance connections. The company's longdistance system embraces more than 34,000 miles of line wire. Under arrangements between the Attorney-General of the United States and the
American Tel. & Tel. Co. (see that company's 1913 annual report, V. 98,
p. 926), the long-distance lines owned or controlled by the latter company
are open to the use,among others, of the subscribers of the Ohio company.
As of July 23 1914 the value of the physical property upon which rates
are based was $20,692,206, and since then acquisitions and betterments
costing over $4,000,000 have been made,a total of over $24,690.000, against
which $12,977,100 bonds are outstanding.
1915.
Earnings for Years ended Nov. 301916.
$3,642,130 $3,214,581
Gross revenue
Net, after taxes, maintenance and depreciation
$1,513,859 $1,242,965
Interest on all bonds and misc. interest charges
576,815
544,960
Dividends on preferred stock
325,305
313,055
Balance
$611,738
$384.680
Maintenance amounts to 207 of gross, and in addition the company set
aside from surplus for depreciation over 10% of the gross revenue.
Equity.-These bonds are followed by $6.128,325 of 7% cumulative pref.
stock, which has paid regular dividends since organization, and $5,205,475
common stock.-V. 103, p. 2243, 2083.
Pacific Sugar Corp.-Pref. Stock Offered.-White & Co.
are offering at 97M $1,000,000 convertible 8% cumulative
pref. stock, par $100. Divs. Q.-F. A circular shows:
Preferred as to assets and dividends. Sinking fund, 10% of annual
income after prior charges to purchase and cancel pref. stock at not over 110
and divs. Callable at 110 and divs. Until called, convertible at rate of
one share of preferred for 2% shares of common stock. Company has also
issued $2.000.000 1st M.6% 10-year bonds and 25,000 shares of no par value
of common stock (with 25,000 shares reserved for conversion of pref.).
Property consists of (a) 2,500 acres owned in fee and 14,000 acres leased
of rich land in San Joaquin County, Cal., producing up to 30 tons of sugar
beets per acre. (b) Beet sugar factory under construction, minimum capacity of 66.000 tons a season, which should produce 17,800,000 lbs. of
sugar, 4,000 tons of molasses and 22,000 tons of pulp. Estimated income:
Sugar and by-products, $439,000; crops arid live-stock, $175,000; total,
$614,000. Deduct $120,000 bond int. and $,80,000 pref. dividend; balance
of $414,000. Roy M.Pike is Vice-President.
Peoples Gas Light & Coke Co.-Guaranteed Bonds.See Indiana Natural Gas & Oil Co. above.-V. 103, p. 1511.
Pioneer Telephone & Telegraph Co., Okla.-Control.See Southwestern Bell Tel. Co.. St. Louis, in V. 104, p. 77; v. 95. P• 753.
Providence (R. I.) Gas Co.-Conversion of Debentures.The directors on Jan. 8 voted to redeem immediately the $1,400,000 4%
convertible debenture certificates of 1915, due July 11918. and arranged for
the exchange of the same for a like amount of capital stock at once at the
office of the Treasurer, 706 Turks Head Bldg., Providence. Stock issued
in exchange prior to Mar. 20 1917 will participate in all dividends paid on
and after April 11917, the present dividend rate being 8% p. a.-V. 100.
P• 906.
Royal Dutch Co.-Status.-Official information received
here by cable is to the effect that:
(1) The Rumanian production of the Royal Dutch-Shell Combination is
only 75 % of the total production of the Royal Dutch combine.
(2) The total book value of the Royal Dutch holdings in Rumania is
only $2,300,000.
(3) While the Royal Dutch combine has the control and direction of the
Rumanian properties, these have been to the major extent financed separately, so that their revenues have very little influence on the total income
of the Royal Dutch Co.
The quotation of Royal Dutch shares in Amsterdam to-day (Jan. 12),
equals a New York parity of 70%. (Compare V. 103, p. 2435, 2243.)
San Antonio (Tex.) Telephone Co.-Sold.
This property was sold under foreclosure at San Antonio on Jan. 2 for
$74,000, $300,000 bonds being in default.
San Diego (Cal.) Consol. Gas & Electric Co.This company, a subsidiary of Standard Gas & Electric Co., has purchased the Escondido Utilities Co. and will construct a new transmission
line 25 miles long from Oceanside to Escondido, the generating station at
the latter point to be abandoned. An issue of $30,000 bonds and $10_,000
pref. stock to pay for the property, subject to the approval of the Cal. RR.
Commission, will finance the project. The gas plant and system in Escondido is included in the deal and will also be operated by the San Diego Co.
The company has applied to the Commission for authority to issue
$312,000 1st M. 5% bonds and $14,600 pref. stock to finance improvements, &c.-V. 103. P. 2435.
Sefton Manufacturing Corp., Chicago.-Pref. Stock
Offered.-Kean, Taylor & Co., New York and Chicago, are
offering, by advertisement on another page, at 101 and div.
$1,250,000 7% cumulative preferred stock, preferred as tO
assets and dividends. Divs. Q.-J. First dividend payable
April 1 1917 from Dec. 21 1916. For complete details of
this stock see V. 104, p. 77.
Sierra & San Francisco Power Co.-Bonds Listed.The N. Y. Stock Exchange has listed $1,000,000 additional 1st M.5%
bonds due 1949, to be used for additions, making total listed $7,500,000.
Earnings.-For 10 months ending Oct. 31 1916 and year
ending June 30 1915: •
170
Bond
Net after
Period
Gross
Taxes.
Interest.
Earnings.
Ending-$673,458
$768,306
Oct. 31 1916_-$1,185,559
June 30 1915_ _ 1,152.100
782,847
766,168
See bond offering in V. 103, p. 1691, 65.
THE CHRONICLE
Balance,
Miscell.
Deducs. Sur. or Def.
sur.389,956
$4,892
def.19.656
2,977
Sinclair Gulf Corporation, N. Y.-New Company.This company was incorporated at Albany, N. Y., on Jan. 9 with 1,000,000 shares of authorized capital stock of no par value, the available capital
being stated under the N. Y. law as $5,000,000 (tax paid $50,000). The
company is empowered to hold and deal in oil, gas, mineral lands, petroleum
products, &c. While controlled by the same interests as the Sinclair 011
& Refining Corporation (see below and V. 103, p. 2337, 2435; V. 104, P.
77). It is declared not to be a subsidiary of that company.
Sinclair Oil & Refining Corporation.-SyndicateOption to Bondholders.-The circular sent by the syndicate
managers to those participating in the underwriting, at $60.50
per share, of such part of $30,909,100 new stock as may be
resuired to retire on May 1 1917, at $110, any bonds.not
retired by conversion, is cited substantially as follows:
Approximately $3,000,000 of the $20,000,000 of bonds outstanding
have been retired through the sinking fund or by conversion. Through the
retirement of the $17,000,000 of remaining bonds the $4,016,000 of earnings now required for interest and sinking fund will be released, while dividends on the additional stock issued to retire the bonds will, at the present
rate of $5 per share amount to but $1,545,455. These bonds are a first
lien 10-year convertible 6% issue, due May 11926. and are callable up to
May 1 1917 at 110 and accrued interest and thereafter at 115 and int.
The corporation proposes at once to call the bonds for redemption on
May 1 1917. The holder of bonds may now at his option exchange his bonds
for shares of the corporation at the rate of $110 face value of bonds for two
shares of stock. The retirement of these bonds by the corporation will
eliminate the only funded debt of the corporation, which will then have outstanding 1,000,000 shares of stock without par value. Application will
shortly be made to list these shares upon the New York Stock Exchange.
Called, but Convertible Provided Notice of Election is Given
on or Before Feb. 8.-The entire issue of First Lien 10-year
convertible 6% gold bonds has been called for redemption
on May 1 1917 at the Central Trust Co., 54 Wall St., at
110 and int., the notice of call being dated Jan. 10. See adv.
Section 3 of Article 5 of the trust indenture provides that the right to
exchange bonds for stock "shall continue for at least, but not more than,
30 days after the date of the first publication of notice of such redemption,
but in that event, notice of election to exchange must be given to the trustee not more than 28 days after said date of first publication." Bondholders have the privilege of converting bonds into stock at the rate of $55 face
amount of bonds for one share of stock of no par value. No fractional
shares will be delivered, but the balance representing such fractional shares
will be paid in cash, together with interest to date of conversion.
When the company was incorporated May 1 1916, it had an authorized
issue of $20,000,000 1st lien 10-year convertible gold bonds, of which $16,000,000 were issued at that time. Since then the balance, amounting to
$4,000,000, has been issued. Nov. 1 1916 $418,000 of these bonds were
retired through the sinking fund, and recently approximately $2,600,000
were retired by conversion of the bonds into stock, leaving approximately
$17,000,000 outstanding at the present time.
Through the retirement of the entire issue of bonds, approximately $4,000,000 of earnings now required for interest and sinking fund will be released, while the dividend on the additional shares issued to retire the bonds
will amount to only approximately 31,500,000 at the present dividend rate
of $5 per share. This transaction will also eliminate the only funded debt
of the corporation, whose consolidated statement of Oct. 31 1916, which
covers the first six months of its operations, showed assets, as per balance
sheet, of approximately $63,000,000 (V. 103, p. 2337, 2435).
[VOL. 104.
United States Steel Corp.-Chairman Gary's Statement
on Outlook for Business.-Unfilled Orders.See editorial pages and "Trade and Traffic Movements" on a preceding
page.--V. 104, p. 78.
United Water, Gas & Electric Co., Hutchinson, Kan,
-Bond Offering.-Hornblower & Weeks have sold practically all of the $972,000 5% First & Ref. M. gold bonds
datepl Sept. 1 1916 and due Sept. 1 1941. Offering price
96 and int., to yield about 5.30%. See adv.on another page.
Data from Letter of President Henry I.. Doherty, Oct. 1 1916.
Organization.-Incorporated Dec. 18 1909 in Nan. and does the entire
electric lighting and power business in Hutchinson, South Hutchinson,
Lyons and Nickerson, Kan., besides supplying Hutchinson with water for
all purposes. It furnishes power to the local street railway, and also to the
Arkansas Valley Interurban road. On Sept. 30 1916 had 3,518 water and
4,4a8 electricity customers. Output, k.w. hours, 13,395,859 for year
ending Sept. 30 1916, against 3,376,000 in 1910. Also operates an artificial gas plant. Hutchinson is a large industrial and manufacturing centre,
and its products are widely diversified; population with South Ilutchinson
about 22,000. Manufactured products include windmills, pumps, automobiles, rugs, cigars, cement blocks, wagons, furniture, also iron foundries,
marble and granite works, Sze.
Otitsrg.
Auth.
Capitalization (incl. present issue as outstanding)$5,000,000 $991,000
First & Refunding 5s, due 1941
Closed
212,500
Underlying 4s, due 1928
600,000
350,000
6% preferred stock
700,000
Common stock, all owned by Cities Service Co_ _ _ 1,400,000
Property.-Lighting and power departments are equipped with 12,000 h.p.
steam turbine generators with adequate boiler capacity, well situated for
the economical operation of steam power, having recourse to crude oil,
natural gas and coal. Water is obtained from about 40 driven wells,
supplied by an underground river, quality excellent and supply abundant;
the water-distributing system consists of 43 miles of pipe; a further 15,000
feet of new pipe, and 25-additional hydrants are now being installed.
Security.-These bonds are subject only to $212,500 underlying closed
mortgage 4% bonds due 1928 of the Hutchinson Water, Light & Power
Co., to refund which a like amount of this issue is reserved. The First &
Ref. bonds will be a direct first mortgage upon the entire property; the following issues having been acquired and cancelled: (a) $32,000 Water, Light
& Gas Co. of Hutchinson 1st 5s, 1932;(6) $355,000 Water, Light & Gas Co.
Consol. Ref. 55, 1935; and (c) $300,000 First & Ref. 5s, 1939. Present
financing is to refund these issues and reimburse the company for improvements.
Remaining bonds may be issued only for 85% of the actual cost of additional properties, &c. when not earnings are twice the interest charges on
issued.
all bonds plus those to
After Jan. 1 1918 a sinking fund of 1%% of the total outstanding becomes operative. Company may purchase bonds at not exceeding 105%
or investing the same amount of money in new property against which no
bonds can be issued. Replacement value of mortgaged property is estimated at over twice the par value of all mortgage bonds to be outstanding
including this issue.
1916 est.
1914.
1915.
1912.
1910.
Earnings$140,433 $179,905 $252,003 $263,762 $333,461
Gross
$71,764 $100,023 $142,970 $150,034 $158,989
Net
42,850
42,850
46,650
42,850
42,850
Bond interest
Control.-Tho Cities S ervice Co.owns the common stock. V.103,p.1709.
Wagner Electric Mfg. Co., St. Louis.-Stock Increase.-
Shareholders on Jan. 8 voted to increase the authorized capital stock
from $2,000,000 to $5,000,000. See V. 103, p. 1987, 981.
Western Union Telegraph Co.-Earnings.-
Allied Company Controlled by Sinclair Interests.-
1916.
1915.
For Years ended Dec. 31 (Dec. 1916 Est.)$63,632,295 $52,475,721
Total revenues
8,554,018
8,711,914
Maintenance repairs & reserved for depreciation
*Other oper. exp., incl. rent of leased linos & taxes_ 41,071,112 32,418,523
Southwestern Telegraph & Telephone Co. of N. Y.
Balance
Deduct-Interest on bonded debt
See Sinclair Gulf Corporation above (V. 103, p. 2435).-V. 104, p. 77.
See Southwestern Bell Tel. Co., St. Louis, in V. 104, p. 77; v. 102, p.1350.
Standard Oil Co. of New Jersey.-Status.-At the
annual•meeting on Jan. 9, Vice-President F. W. Weller, in
•
response to questions,- said:
Net income
$13,849,269 $11,503,180
1,335,588
1,331,850
$12,517,419 $10,167,592
*Includes special payments to employees in Dec. 1916.-V. 103, p.
2245, 1432.
Owing to the unprecedented demand for petroleum products, the year
Youngstown (0.) Sheet & Tube Co.-Stock Dividend.1916 has been a prosperous one in all branches of the business. During the
The directors recently announced that the shareholders would vote
year total production exceeded that of 1915, but the growth in demand was
Feb. 13 on increasing the authorized capital stock from $20,000,000
greater than the increase in production, and the situation is being reflected ($18,500,000
outstanding, and $1,500,000 hold for sale to employees) to
by advancing prices in crude.
with a view to an immediate distribution of a portion of the
The brisk demand for toe past two years had so stimulated construction 340,000,000,
surplus through a 100% stock dividend, it being hoped to
accumulated
crude.
of
production
of
excess
in
now
is
capacity
this
that
ofrefining facilities
the cash dividend of8% per annum on the enlarged capitalization.
Outside capital has been used largely in providing this excess and when continue
now appears that some doubt has arisen as to the wisdom of carrying out
the lean years come as they do with great regularity in this business, this It
the plan exactly as first proposed, and that there may perhaps b t offered
new capital will be brought to a realizing sense that it is uneconomic to a
new or alternative plan. The application of the Federal income tax to
pay fancy prices for either production or refining capacity.
the situation.-V.104, p. 78.
However, concerns that have been conservatively operated will probably, the stock distribution is one of the elements in
current
,
th
on account of the demand, continue to enjoy prosperity during
year. [Henry M.Tilford has been elected,a director to succeed the late John
CURRENT NOTICE.
D.Archboldl-V.103, p. 2348.
Submarine Boat Corporation.-Contract-Outlook.-
-The New York Life Insurance Co.'s 72d annual report, published in
another column, deals with very largo figures: Income in 1916 $138,000,000; admitted assets Dec. 31, $866,000,000; legal liabilities,$728,000,000;
reserves for dividends and contingencies, $138,000,000; payments during
the year to policy-holders, $81,000,000, including $19,000,000 in dividends:
new insurance, $263,000,000; insurance in force Dec. 31, $2,511,000,000;
Denom. $1,000 c*. Red. all or part at 102 and int. on thirty days' no- policies in force. 1,228,000, covering about one million lives. A summary of
tice. Free of Penna. State tax. Trustee, Commercial Trust Co., Phila. its operations during seventy-two years shows it has received from policyMaturities, $66,000 Jan. 11918; $67,000 1919; $133,000 1920-21; $134,000 holders $1,870,000,000 and has paid to and now holds for their benefit
1922; $200,000 1923, 1926 incl., and $667,000 1027.
Capitalization.-(a) Capital stock (issued for cash at par), $2,500.000,• 32,051,000,000. Interest earnings have more than paid the total expenses
(b) First Mtge.5% bonds outstanding, $2,000,000, with $500.000 reserved of the business. It is a great record. The Armstrong laws of 1906 fixed
for additions and improvements; total, $2,500,000.
of $150,000,000 as the largest amount of business that any life comOrganized in Pa. in May 1916 to manufacture freight vessels. Has five a limit
was done under the limit as
steel and concrete shipways, capable of building 600-ft. vessels. Plant on pany might do in one year. As all business
Delaware River at Chester, Pa., 60 acres, with engine-building plant (for- to expenses fixed by law, this arbitrary limit upon the amount of business
merly Robert Wetherill Co., Inc.), and modern shipyard. Ultimate value was seen to be unjust and the law was so amended that an excess above
of property, based on appraisal at normal prices, $4,218,709. The $150,000,000 was allowed, the amount of this excess to be determined by
company has already entered into contracts for eight 10,000-ton steamers,
representing a gross business of more than $10,000,000, and expects to earn the economy with which the business was done. Under this rule the New
between 20 and 30% annually on its stock. President, J. Howard Pew; York Life has steadily increased its limit until this year It was $260,000.000
Sec.-Treas., Hervey Schumacher.
It exceeded this by $2,500,000, but with the consent of the Insurance Defrom the limit of the
United States Rubber Co.-Bonds Purchased.-Kuhn, partment this is allowable, the excess being deductedmortality
and expense
year. The report shows a reduction in the
Loeb & Co. announce that they have concluded negotiations following
and an increase in interest rate and in new business. New features
covering the purchase of $60,000,000 First & Refunding Mtge. rates,
from
disability
accident or
total
the company's policies cover the risk of
5% bonds of this company. The purpose of the present issue of
disease and payment of double the face of the policy in case of accidental
for
is to provide for the payment of maturing obligations,
death while a passenger on a common carrier.
the funding of current indebtedness and for additional -In an advertisement on a preceding page of to-day's issue the Merpropworking capital. All existing bonds and liens upon the
cantile Trust Co. and the Kauffman-Smith-Emort Investment Co., both
erties of the Rubber Co., or its subsidiaries, will be provided of St. Louis, are offering to investors an issue of $1,000,000 4% coupon
General
the
of
school-building bonds of the School District of St. Louis, Mo., Those
for by this issue, except $9,000,000 debentures
and mature Jan. 11937. This issue comprises
Rubber Co., which are to be left undisturbed for the present, bonds are dated Jan. 1 1917 School
District against an assessed valuation in
bonded debt of the
as the company has under consideration other plans for the total
dealing with its important crude rubber interests, and $2,600,- 1916 of $627,202,240.
-The January Investment List issued by Nesbitt, Thompson & Co.,
000 bonds of the Canadian Consolidated Rubber Co., Ltd., Ltd.,
of Montreal, to which attention is called in the advertising departwhich are not due until Oct. 1 1946.
ment on another page, emphasizes the very remarkable effects that the
CorporaIt is understood that the American International
immense munition and other war orders enjoyed by Canada in 1916, and
tion is interested with Kuhn, Loeb & Co. in this transaction. still being received by it, are having on the country's material welfare and
prospects, especially as affecting Canadian investment securities.
-V. 104, p. 78; 1,V. 103, p. 2245.
See Electric Boat Co. above.-V. 103, p. 1796.
Sun Shipbuilding Co. Philadelphia.-Bonds Offered.Elkins, Morris & Co., Phila., are offering at par and int. $2,000,000 1st M.5% Serial gold bonds dated Jan. 11917, due
annually Jan. 1 1918-1927. Int. J.& J. A circular shows:
JAN. 13 1917.]
THE CHRONICLE
171
-"Opportunities in Reorganized Railroads," a brochure written by
some one thoroughly familiar with his subject, presents the facts necessary
for a survey of past and present railroad organizations. The writer points
RAPONNVIAN.
out that "far less attention has been given to the work of rehabilitating
the bankrupt railways than the matter deserves" because "the financial
community has been so deeply concerned of late with the great activity in
Friday Night, Jan. 12 1917.
industrial issues and war specialties on the Stock Exchange." Undeterred
Conservatism is becoming more and more the word of
by the glamor of speculative performances, however, this task, which is of
the highest importance to the investing public and in fact to the whole order. The trade of the country
is soberly considering the
country, has been progressing steadily, and it has advanced far enough now
to enable the observer to form a basis of comparison between the present possible effects of peace and is beginning to feel its way where
undertakings and those of a like nature in the past. Reorganizations once it rushed ahead. This in spite of the tenor of the Allied
past and present are sketched, the elements of successful rehabilitation dis- note
to President Wilson, which some think may possibly
cussed and the financial operations and plans which make for present success are outlined. The brochure declares that there can be little or no mean that peace is some distance off. The feeling in many
doubt of the outcome of the new reorganizations and some of them bid fair quarters, however, is that the door is not absolutely shut
to
to be as successful as those of twenty years ago." If experience counts for peace negotiatio
ns, and of course in any case so vast and
anything, it would appear that discriminating investors will find excellent
opportunity for a safe employment of money in the bonds and stocks of costly a struggle cannot go on indefinitely. In the meanthe readjusted properties. As a group they seem destined to enhance in while it is plain that there is more conservativism in
the buyvalue." The brochure has been issued by A. A. Housman & Co., members ing, lest the buyer
find himself, on the declaration of peace,
of the New York Stock Exchange, of this city, and copies will, we believe,
loaded up with high-priced commodities. Building operabe supplied to interested inquirers upon request.
-W. S. Barstow & Co., Inc., Now York, managers of General Gas & tions are handicapped by high costs, both for labor and maElectric Co. and other public utility corporations have established a Pub- terial. A shortage of cars still interferes
seriously with trade,
licity Department in charge of E. Burt Fenton and purpose to issue a notably
in iron, steel, coal, coke and lumber, while the busiWeekly News Letter, designed to disseminate information regarding the
activities of their various interests. The first issue of this news letter is ness in grain is also hampered. Many iron furnaces are still
now at hand, closely resembling the bulletins for some time past issued banked for lack of fuel.
In the East, mild weather for a time
by H.M.Bylleshy & Co.and H.L. Doherty & Co. for their respective properties the Standard Gas & Electric Co.and the Cities Service Co.and sub- restricted retail trade, though it is now favored by a cold
sidiaries. As hearing on the output of electricity and the high cost of living wave. In some directions a feeling
of uncertainty as to the
Barstow & Co. note the following: "On the theory that there is a close
duration of the war tends to keep trade within restricted
relation between 'daylight' and egg production, G. A. Lowther of Sandusky. Ohio, lighted his hen coop with electricity, mornings and evenings, bounds. Many are looking on, awaiting further developbeginning Dec. 15, 1916. The lights were on from 5 to 7 A. M.and 4 to 6 ments. There is an idea that a duty on
coffee, perhaps on
P. M. each day. During the first 14 days of the month (before the lights sugar, may
have to be levied, owing to a big deficit in the nawere installed) Mr. Lowther's 39 hens produced 49 eggs. During the
next 14 days they laid 118 of the precious food units.'llens work longer tional finances. But on the other hand, Europe is still buyhours when they have light,' says Lowther."
ing considerable steel and iron, and there are some signs of a
-The public utility firm of John Nickerson Jr., New York, St. Louis rather better demand than
recently for dry goods. Grain
and Boston, affirm in their regular weekly advertisement to-day that
vision and foresight by investors in the selection of securities will attain the has advanced on a steady demand from Europe, which evimost profitable results. In the firm's opinion public utility investments dently needs large quantities of our wheat,
corn and oats.
hold the future for the most productive outcome. A list of bonds which
A significant incident apparently pointing to imperative buymeasure up to these requirements are detailed in
the advertisement, and
ing by Europe is that the British Government has suppressed
also a selection of public utility preferred stocks.
-Salomon Bros. & IIutzler of Now York and the
Mellon National Bank the sending of cable quotations of wheat and corn to Ameriof Pittsburgh are offering at 101.57 and interest, to yield 3.65%.$4,973,000 can markets.
City of Philadelphia five-year 4% bonds, which were recently awarded to
LARD higher; prime Western, 16.35e.; refined to the
them. This security is exempt from the Federal Income Tax and all taxes
in Pennsylvania, and is a legal investment for executors, administrators Continent, 17.10c.; South America, 17.50c.; Brazil,
18.50c.
and guardians of trust funds. They are also acceptable for postal savings Futures advanced, partly
owing to reports
the Belgium
funds at 90% of their par value.
Relief Commission was in the market for that
lard and meats.
-The Franklin Trust Co. has been appointed trustee under an Inden- A rise in hogs and corn
also counted. Hog packing in the
ture, securing an issue of $400,030 Knoxville Railway & Light 6% Two- West last
week
was
733,000,
against
1,095,000 in the same
Year Gold Debentures; also trustee under a mortgage, securing an issue
week last year. To-day prices advanced. The
Belgium
of $300,000 Atlantic Paper & Pulp Corporation First Mortgage 6% Serial
Relief
Commissi
on
bought
on
a
fair
scale. Hogs were 10 to
Gold Bonds. The Franklin is also distributing a Tax Almanac for 1917,
giving in compact form for ready reference the principal New York State 15 cents higher.
and Federal tax dates.
DAILY CLOSING PRICES OF LARD FUTURES IN
CHICAGO.
-A new loan of $6,800,000 City of Philadelphia, Pa., improvement 4%
Sat.
Man. Tues.
Wed. Thurs.
Fri.
January
delivery_ __cts.15.60
bonds is jointly advertised for investment on another page by the National
15.70
15.65
15.62
15.45
15.57
May delivery
16.05
16.17
16.12
City Co., Montgomery, Clothier & Tyler, Kountze Brothers and Kean, July
16.07
15.92
16.02
delivery
16.15
16.30
16.22
-___
16.05
16.20
Taylor & Co. Both maturities are offered at prices to yield
3.80%•
PORK firm; mess, $32@$32 50; clear, $31@$32. Beef
These bonds are tax-free in Pennsylvania and legal investments for savings
banks and trust funds in New York,Mass., Conn.,Penn. and other States. products steady, mess, $23@$23 50; extra
India mess,
-"Burnham's Manual of Chicago Securities" is the
title of the first $40@$42. Cut meats quiet; pickled hams, 10 to 20 lbs.,
annual edition of an attractive and useful little book of financial
163' ®163
/
0.;
pickled
bellies,
15
©15
facts
Mc.
Butter, creamery,
concerning the principal securities brought and sold in
Chicago and the 32M ®41 Mc. Cheese, State, 20@25c. Eggs, fresh,
Middle West, published and issued by John Burnham &
3432
Co., Monroe and
®54c.
La Salle streets, Chicago, Ill. The firm are specialists in
Chicago bank
COFFEE firm, but quiet; No. 7 Rio, 10c.; No. 4 Santos,
stocks. New York City office, 115 Broadway.
-Lee, Higginson & Co., and Potter, Choate & Prentice jointly offer 11@113'c.; fair to good Cucuta, 123'@1234o. Futures
$2,250,000 Nova Scotia Tramways & Power Co., Ltd., first mortgage 5% advanced early in the week, and then declined. Europe
bonds, duo Dec. 1 1946, at 95X and interest, to not the investor an income was buying distant months at one time and Wall
Street also
return of 5.30%. A full description of the investment features of this bought. Peace talk and predictions of
a duty counted in the
property are outlined in the advertisement on the page opposite our
weekly rise. So did trade buying. Brazilian offerings
statement of clearings.
,
were small with ocean freights scarce. But later onmoreover
the dull-Wm.R. Compton Co., 14 Wall St., this city, is
offering, by advertise- ness of spot trade, contradictory rumors
about peace, the
ment on another page, $200,000 City of El Paso, Texas
(direct obligation), Allied note and a disposition
to await developments about
5% municipal improvement bonds, the various maturities
yielding
4.20%.
a
duty,
caused
selling
and a reaction. To-day prices closed
It is stated that they are legal investments for savings banks
and trustees 17 to 21
points lower, attributed largely to lessened hopes
in New York and Connecticut. Descriptive circular upon
request.
of
peace.
Sales
were stated at 96,500 bags. Prices show
-John F. O'Ilara, Sidney E. Ferriss and Cameron Currie have
formed a a decline for the week. Closing prices were
as follows:
partnership under the firm name of O'Hara, Ferriss & Co. The
new con- January -cts.8.58 8.60 May -___cts.8.7
2 8.73 Sept.____ cts.9.18 9.92
cern has offices in the Dime Bank Building, Detroit, and will deal in
stocks, February ---8.63 8.65 June
8.78(8.79 October
bonds and investment securities. This firm succeeds that of A.
9.68@9.98
8.68@S.70 July
W. Wal- March
8.83@8.84 November __9.01 9.03
lace & Co. and occupies the same quarters.
April
8.70@8.71 August
8.88@8.89 December___9.06 9.08
-Messrs. Hambleton
& Co., 43 Exchange Place, New York, and 10 So.
SUGAR quiet; centrifugal, 96-degrees test, 5.27@5.29c.;
Calvert St., Baltimore, are offering by advertisement on
another page, molasses, 89-degrees test, 4.50@4.62c.; granulate
d, 6.75c.
$1,750,000 New York New Haven & Hartford RR. Co. Debenture
4% Futures declined, with grinding making
rapid progress.
bonds at 94 and interest to yield about 5.30%. The firm will be
glad to Receipts are therefore expected
furnish descriptive circular on request.
to increase shortly, so that
refiners have not been eager purchasers. There are
-At 96 and interest, to yield about 5.30%, Hornblower &
132
Weeks,
42
centrals
grinding. Yet Atlantic port receipts, though in- Broadway, this city, are advertising and offering in this
issue, $972,000
United Water, Gas & Electric Co. (Hutchinson,
creasing,
have still been light. The total for the week was
refunding mortgage bonds, due Sept. 1941. See Kan.) 5% first and 17,879 tons, against 13,906
1
to-day's advertisement
in the previous week and 22,702.
for full particulars.
a year ago. Meltings were 21,000 tons, against 37,000 in
-Kean,Taylor & Co., of New
1916.
Atlantic
stocks are only 50,034 tons, against 61,086 York and Chicago, are offering $1,250,000
Sefton Manufacturing Corporation 7% cumulative
preferred stock at $101 in 1916 and 116,747 in 1915. To-day prices closed unand accrued dividend, yielding 6.63%. Full details
of this investment changed to 5 points lower, with sales stated
at 4,800 tons.
appear in the advertisement on another page.
Descriptive circular will be Final prices show a decline for
the week. Closing prices
sent on request.
were
as
follows:
-Ervin & Co., investment
bankers, Drexel Building, Philadelphia,
January -cts.4.35 4.38 May ___ cts4.0714 08
announced last week that George Dallas Dixon Jr.
Septembercts4.164.18
had been admitted to February ___4.14 4.15 June
.4.10 4 12 October .,..4 13@4.15.
membership in the firm. Announcement was also
made that New York March
4 05 4 06 July
4.12 4.13 November _4 08 4 10 offices have been opened in the Trinity Building,
April
4.06@4 07 I August
iii Broadway.
4 14%4 16 December___3.95614.00 •
-Messrs. Didrichsen & Co., 34 Pine St., New
OILS.-Linseed quiet; city, raw, American seed, 93 ®
York, have opened a
Foreign Exchange Department under the
management of Leonard S. 960.; city, boiled, American seed,
Church.
94@97c.; Calcutta, $1 15.
Thr Tranuteraal
WilUtfie
COMMERCIAL EPITOME
Lard, prime,$1 30®51 35: Cocoanut, Cochin, 1843.; Ceylon
[VOL. 104.
THE CHRONICLE
172
/0. Soya bean
17c. Corn, 10.81c.; Palm, Lagos, 13 M @133
12@,12%c. Cod, domestic, 75®76p. Spirits of turpentine,
563/
2@57c. Strained rosin, common to good, $6 65. Cottonseed oil on the spot, 12.05c. To-day cottonseed oil
futures closed as follows:
Jan_ .._ cts.12.07112.10 April __cts.12.07 ©12.091July_.cts.12.15012.16
12.15©12.20
12.07@12.08 Aug
February-_12.08 12.12 May
March.._ -_12.07 12.08 June __ - _12.08 ©12 15
Receipts to
Jan. 12.
Galveston
Texas City
Port Arthur
Aran. Pass, &c.
New Orleans____
Mobile
Pensacola
Jacksonville ___
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
N'port News,&c:
New York
Boston
Baltimore
Philadelphia
Stock.
1916-17.
1915-16.
This SinceAug
Week. 1 1916.
This Since Aug
Week. 1 1915.
68,469 1,875,234 59,293 1,517,669
2,356 2.24,641 2,024 218,867
29,211
29,850
4,209
58,741
597
42,512
22,188 1,069,143 30,025 839,828
69,566
1,357
77,537 2,969
_
30,855
27,407 30,908
31941,675 1,047
7,082 ' 713,993 35,043 703,411
57,500
81,000 3,000
2,500
835 134,946 5,029 199,541
728
101
78,838 2,473 141,938
501
7,285 367,581 11,565 372,406
10,090 13,987
436
47,918
11,713
2,457 • 27,761 2,833
24,632
55,080 3,335
2,712
183
22,688
27,657
3,142
1,501
143
1,400
1917. I
1916.
360,339
30,091
385,939
34,337
491,917
9,039
3,847
445,379
22,947
PETROLEUM strong; refined, in barrels, $9 15 @$10 15;
3,094
6,036
189,351 220,905
bulk, $5@$6; cases, $12 25@$13 25. Naphtha, 73 to 768,000
16,000
degrees, in 100-gallon drums and over, 423/2c. Gasoline
62,314
94,545
active; motor gasoline in steel barrels, to garages, 22c.; to
50,953
43.640
consumers, 24c.• gasoline, gas machine, steel, 40c.; 73 to 76110,228 130,486
degrees, steel arid wood, 31 @34c.;68 to 70-degrees, 28@,31c.
152,967 326,700
Crude prices are again higher. Refined petroleum for export
11,197
10,2,19
advanced. Mid-Continent crude is now up to $1 70 a barrel.
2,122
4,840
1,843
3,285
Pennsylvania crude advanced to a new high level. Owing to
the higher price now ruling, operations in the Eastern fields
125.848 4.889.793 173.647 4.376.373 1.488.137 1.744.423
Totals
have been more active. A good deal of interest is excited
In order that comparison may be made with other years,
by field developments, but as a rule the weather just now
we give below the totals at leading ports for six seasons:
prevents much progress in producing districts.
Closing quotations were as follows:
$1 78
Pennsylvania dark $3 05 North Lima
1 78
2 35 South Lima
Cabell
1 63
2 43 Indiana
Mercer black
1 82
31 Princeton
Crichton
2 38 Somerset.32 deg__ 2 18
Corning
1 00
200 Ragland
Wooster
1 60
1 69 Electra
Thrall
1 60
1 60 Moran
Strewn
1 73
1 50 Plymouth
De Soto
Illinois. above 30
degrees
$1 82
Kansas and Okla1 70
horns
Caddo La.. light__ 1 60
95
Caddo La heavy
2 18
Canada
1 00
Humble
1 60
Henrietta
TOBACCO has been very quiet but steady. In fact the
firmness of prices is one reason for the recent lull in trade.
Yet supplies are so moderate that holders are not inclined
to give way. On the contrary they look for a better demand
later on and believe that full prices will have to be paid. It
is stated that most of the 1916 crop has already been sold.
Meanwhile the consumption of cigars is believed to be large.
Sales of Sumatra are small as the assortment offering is not
regarded as very attractive. Cuban tobacco for the time
being is also quiet.
COPPER lower; Lake here on the spot, 27%c.; electrolytic, 27c.; for future delivery, 263/2c. London, lower.
A rumor that the Allies were to purchase 500,000,000 lbs.
for delivery in the second half of 1917 was denied. Tin
higher on the spot at 42%c. London advanced. The
world's tin output last year was 117,250 tons, against 121,800
tons in 1915, and 107,000 tons in 1914. Arrivals thus far
this month are 1,575 tons; afloat, 4,308 tons. Spelter quiet
and lower on the spot at 9.25c. London has declined.
Lead quiet on the spot at 7.50c. Pig iron is rather quietthan otherwise, so far as the home trade is concerned.
France and Italy, however, have bought 30,000 tons, and
it appears, are in the market for 70,000 tons more. Europe
wants large quantities of basic and Bessemer. Domestic
demand, though cautious, is a little better than it was, and
some furnaces have resumed work. No. 2 Northern, $30©
$31; No. 2 Southern, $23@$25, Birmingham. Steel has
been generally steady, but as a rule, new business is light,
aside from rails and plates, and some companies have been
making efforts to get new business. Possibly they have
shaded prices a little in this endeavor. The Allies have
failed to exercise options with some companies for munitions
for delivery in the second half of 1917. Canada:is competing
actively for such business and it looks as though England
herself had increased her capacity to turn out such supplies.
Prices of plates show an upward tendency. A large demand
prevails for tin plates.
I
1912.
1915.
1914.
Galveston ___
Texas City,Scc
New Orleans_
Mobile
Savannah
Brunswick.. _ _
CharlestonAc
Wilmington
Norfolk
N'port N.,&c.
Alfothers_ _ _ _
68,461
6,565
22,188
1,357
7,082
2,500
835
501
7,285
436
8.630
59,293
2,621
30,025
2,969
35,043
3,000
5,130
2,473
11.565
13,387
7,541
183,843
65,418
75,046
5,492
82.314
15.000
10.540
9,047
25,529
8,467
6,179
112,344
30,470
66,552
6,908
26,102
3,200
2,009
7,711
11,097
1,802
3,962
58,709
25,750
23,488
2,086
18,636
1,400
2,555
1,051
7.862
6,605
6,178
74,365
25,078
46,958
11,569
48,849
6,000
3,967
10,403
10,023
951
47,618
Total this wk.
125.848
173,647
486,875
272,157
154,340
285,431
1917.
Receipts at-
1916.
1913.
Since Aug. 1.. 4.889.793 4.376.373 5.439.643 7,678,442 7,632,044 3,282,453
The exports for the week ending this evening reach a total
of 135,650 bales, of which 67,020 were to Great Britain,
6,425 to France and 62,205 to other destinations. Exports
for the week and since Aug. 1 1916 are as follows:
Week ending Jan. 12 1917.
Exported toExports
from-
From Aug. 1 1916 to Jan. 12 1917.
Exported to-
Great
Great
Britain. France.1 Other. Total. Britain. France.
Galveston .
Texas City_
Port Arthur
New Orleans
Mobile _ _ _ Pensacola_ _
Savannah._
Brunswick _
Charleston _
Wilmington
Norfols_ _ _ _
N portNews
New York_
_
Boston
Baltimore_ _
Phlladel a _ _
San Fran_ _
Seattle _ _ - _
Tacoma _ _
____ 16,060 50,604 666,493
34,544
70,858
29,781
1d:6o 328,833
10,878 54,783
10,878
36,153
4.926 110,509
4,926
07,527
_
1,6156 1,666 7,605
5,000
4,363 31,617
4,363
63
141,924
2;616 2062 100
36,483
.00 121,974
;5895,5
52,594 23,051
2,594
11,0454 11,004
21,041 21,041
7,660 7,600
Other.
Total.
90,864 306,680 1,064,037
90,773 28,415 190,046
29,781
96,987 146,154 571,974
400 55,183
100 36,253
73,557 63,890 247,956
67,527
2,900 10,505
19,355 56,381 80,736
1,300 54,096
21,179
63
71,212 182,956 396,092
1,211 39,964
2,270
1,000 122,974
2,440 25,491
135,879 135,879
189,203 189,203
74,951
74,951
67,020 6,425 62,205 135,650 1,732,654 466,197 1,193,86 3,392,711
Total
Total 15-16 97,4291 9,312 52,252 158,993 1,125,820 404,465 1,026,2362,556,521
Total 1445 49,04 30,967 159,638239,645 1,364,157 201,280 1,502,9273,068.364
Note.-Exports from New York Include 60 bales Peruvian to Havre and 895 bales
West Indian to Liverpool.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
On Shipboard, Not Cleared for-
COTTON
Friday Night, Jan. 12 1917.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
125,848 bales, against 147,260 bales last week and 141,234
bales the previous week, making the total receipts since
Aug. 1 1916 4,889,793 bales, against 4,376,373 bales for the
same period of 1915-16, showing an increase since Aug.1 f916
of 513,420 bales.
Other
GerGreat
Jan. 12 at- Britain. France. many. I Can't.
I 6,164
2,216 10,072
New Orleans__
' 35,146
Galveston ____ 43,859 22,839
Savannah ____ 8,000
Charleston
1,175
Mobile
264
Norfolk
4,000
New York_ _ _ _ 5,000
Other ports___ 9,000
45,310
Total 1917.... 69,250 33,175
100 42,930
Total 1916_ 78,767 8,966
Total 1915.... 186,067.12,878 3,268 195,066
Coastwise.
Total.
448 18,900
15,750 117,594
1,700 9,700
1,000 1,000
1,104 2,279
572
308
9,000
9.000
Leaving
Stock.
473,017
242,745
179,651
61,314
6,760
190,656
143,967
102,982
20,310 168,045 1,320,092
33,805 164,568 1,579,855
29,964 427,243 1,390,789
Speculation in cotton for future delivery has been more
active at higher prices, though the market has been very
nervous. Politics has latterly had more influence than usual.
9,171 11,492 19,0'78 12,1'73 8,835 7,720 68,469 In fact much of the time rumors in regard to politics have had
Galveston
____ 2,356 2,356
____
____
____
____
Texas City
more influence than news bearing on the actual trade itself.
Port Arthur
4,209 4,209 There was talk about the probable contents of the Allies'
_
-------------------Aransas Pass,&c.
22,188
&,§ii 3,738 5,324 37,566 1,815 3,099
NevrChleans
by Lloyd
205 1,357 note to the United States and about the speech
277
2
542
58
273
Mobile
submarines have had more or less
of
fears
Pensacola
Also
George.
319
319
Jacksonville
In the
W7 1,185 7,082 influence in a reaction which has latterly occurred. against
§'ii. 1,8N 1,Hi 1;416
Savannah
2,500 2,500 West Indies they are taking unusual precautions
Brunswick
835
319
--i§ --§§ -lig -WI "irr
Charleston
of steamships loaded with
501 submarines. Recently a number
73
141
85
72
130
Wilmington
7,285 cotton have been lost. In Liverpool there has been buying
-g08
'
1
1
1
Norfolk
436
436
---_
-------N'port News,&c. -------The Nestorian was wrecked with
703 2,457 to cover these losses.
Hri
652
ii5Ho
New York
52 2,712 10,277 bales, and the other day the Alexandrian, with some
695
916
614
190
245
Boston
3,142 3,142
Baltimore
7,040 bales. It is said that some ten steamships in different
Philadelphia
lines of trade have disappeared within a month. It's well
Totals this week_ 17.419 19.315 25.137 20.290 13.547 27.140 125.848 known that the British Government has suppressed announcements of the dates of steamship sailings owing to expectaThe following shows the week's total receipts, the total tions of a more aggressive submarine warfare. All this has
since Aug. 1 1916 and the stocks to-night, compared with certainly not made the situation any the less tense. Moreover there is increasing talk here to the effect that ocean
last year:
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
THE CHRONICLE
JAN. 13 1917.]
tonnage in the cotton trade at least is likely to become more
and more scarce the longer the war continues with a correponding advance in rates of freight. Another thing which
has had something to do with rather heavy selling of late
has been the talk as to the likelihood of a very large acreage
being planted this spring under the spur .of remarkably
high prices. Depression in stocks has at times had some
influence. The dry goods markets have shown less snap.
Liverpool of late has declined. Peace prospects have been
in a measure, at least to all appearance, clouded. Liverpool's stocks have increased somewhat recently., All this,
but chiefly the disturbing political rumors and the less promising outlook for peace, has led to a reaction from the high
prices of the week which were reached on the 9th inst.
Professional operators here have been bearish, fearing
among other things that exports will be checked by the recent
action of the British Government in taking over the British
mercantile marine. But after all prices at one time were
noticeably higher than at the close last Friday. Spot ilnarkets at the South have been universally reported firm.
Dispatches from different parts of the belt have reported
the basis the highest of the season. The ginning figures
showed, it is true, an increase for the season of 408,447 bales,
but the quantity ginned in the period between Dec. 12 and
Jan. 1 was only 200,552 bales, or the smallest in many years.
Certainly nothing has been seen like it in a corresponding
period since 1909 and even then it was 289,242 bales. The
total up to Jan. 1 is 11,045,225 bales, against 10,636,778
bales in 1915. The report taken as a whole was considered
bullish, even if it had little effect, having in fact been discounted. World's spinners' takings have been running
ahead of last year. Things of this sort convince a good many
that the world's consumption of American cotton this year
is going to be fully as large as it was last year. As for a big
acreage this spring, it is pointed out that it is one thing to
plant and another thing to reap. For a certain scarcity of
seed and fertilizers is expected. The cost of labor is high,
for thousands of negroes have been leaving the South for
the North. And the boll weevil is an ever present menace.
It has now spread over something like 80% of the cotton belt.
Finally there are the chances and uncertainties of the weather
and already there is growing complaint of protracted dry
weather in Texas. . It is heard not only in the cotton trade
but also in the grain trade. To-day prices advanced about
25 points and then lost most of the rise. The allied note
to President Wilson apparently giving the quietus to talk
of an early peace and also higher Liverpool quotations were
factors in the rise. Liverpool too was a buyer and local and
Southern spot houses bought. Liquidation caused the later
setback. Middling upland closed on the spot at 18.15c.,
showing arise for the week of 25 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Jan. 6 to Jan. 12Middling uplands
Sat. Mon. Tues. Wed. Thurs. Fri.
18.35 18.55 18.80 18.40 18.15 18.15
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Jan. 12 for each of the past 32 years have been as follows:
1917_c
1916
1915
1914
1913
1912
1911
1910
18.15
12.50
8.05
12.50
13.10
9.65
14.90
15.00
1909 _c
1908
1907
1906
1905
1904
19(3
1902
9.50
11.55
10.80
11.80
7.10
14.00
8.85
8.25
1901..c
1900
1899
1898
1897
1896
1895
1894
10.12
7.62
6.06
5.94
7.31
8.31
5.75
8.31
1893_c
1892
1891
1890
1889
1888
1887
1886
9.62
7.38
9.38
10.50
9.88
10.44
9.50
9.31
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Futures
Market
Closed.
Saturday.._ _ Steady. 45 pts. adv.. Steady
Monday __ _ Steady, 20 pts. adv.. Very steady_.._
Tuesday _ _ Quiet, 25 pts. adv._ Unsettled
Wednesday.. Quiet,40 pts. dec.... _ Irregular
Thursday _ _ Quiet,25 pts. dec.. Steady
Friday
Quiet
Steady
Total
SALES.
Spot. Contract Total.
173
FUTURES.-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,' Monday, Tuesday, Wed'day, Thursd'y, Friday,
Jan.8. 1 Jan.8. Jan.9. Jan. 10. Jan.11. Jan. 12.
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. ForeignstoWks,
as well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Jan. 12Stock at Liverpool
Stock at London
Stock at Manchester
1917.
bales.. 859.000
29,000
115,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
1,003,000
*1.000
*1,000
268.000
5.000
83,000
207.000
*1,000
100
100
100
1916.
829,000
65,000
101,000
1915.
932.000
26,000
76,000
1914.
989.000
5,000
84.000
995,000 1,034.000 1,078,000
*1,000
*6,000
19,000
*1,000 177,000 468,000
290.000 197,000 450.000
4,000
2,000
2.000
a86,000
27.000
24,000
228,000 116,000
45,000
*1,000
*4,000
16.000
Total Continental stocks
566,000 611,000 429,000 1,024,000
Total European stocks
1,569,000 1,606,000 1,463.000 2,102.000
India cotton afloat for Europe...._ 76,000
56,000 122,000 127,000
Amer. cotton afloat for Europe
484,278 378,423 796,874 811,506
Egypt,Brazil,&c.,afloat forEurope 77.000
43,000
58,000
86,000
Stock in Alexandria, Egypt
200.000 232,000 *290,000 375.000
Stock in Bombay, India
500,000 653,000 412.000 631,000
Stock in U.S. ports
1.488.137 1,744,423 1,818,032 1.034.595
Stock in U.S.interior towns
1,302.513 1,485,582 1.314.864 973.312
U.S.exports to-day
9,886
14,326
44,506
50,242
Total visible supply
5.706,813 6,212,754 6,319.276 6,190.655
Of the above, totals of American and other descriptions are as follows:
AmericanLiverpool stock
bales_ 697.000 547,000 659,000 752,000
Manchester stock
83,000
78,000
45.000
48.000
Continental stock
*470,000 *517,000 *370,000 974.000
American afloat for Europe
484,278 378,423 796,874 811,506
U.S. port stocks
1,488.137 1,744,423 1.818,032 1,034,695
U.S.interior stocks
1,302.513 1,485,582 1,314,864 973.312
U.S.exports to-day
14,326
9,885
44,506
50.242
• Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil,&c.. afloat
Stock in Alexandria, Egypt
Stock in Bombay,India
Total East India, dm
Total American
100
Week.
JanuaryI
Range
17.81-.17 18.17-.43 18.13-.58 18.07-.41 17.82-.01 17.94-.08 17.81-.58
Closing.._.... 18.15-.16,18.42-.44 18.43-.45 18.04-.06 17.93 -18.00-.05--Februaryi
Range
Closing
18.20 -118.47 -18.48 -18.08 -17.98 -18.05 ---MarchRange
17.98-.40 18.38-.63 18.30-.81 18.15-.75 17.95-.27 18.16-.37 17.95-.81
Closing
18.35-.37118.61-.63 18.62-.65 18.22-.24 18.13-.16 18.19-.20--AprilRange
I
Closing
18.45 -,18.71
-18.72 -18.32 -18.23 -18.28 ---MayRange
18.25-.681 18.62-.90 18.60-.08 18.43-.02 18.23-.55 18.39-.62 18.23-.08
Closing
18.60-.61 18.88-.90 18.89-.92 18.47-.49 18.36-.38 18.42-.43--JuneRange
18.80 ----18.55 ----18.55-.80
Closing
18.65 -18.91 -18.92 -18.50-.52 18.36-.40 18.42 ---JulyRange
18.33-.70 18.67-5)3 18.66-.10 18.43-.03 18.26-.56 18.40-.61 18.26-.10
Closing..
18.64-.66 18.90-.93 18.91-.94 18.47-.50 18.36-.37 18.43-.44--AugustRange
-18.40
18.10 ----18.10-.40
Closing__ 18.29-.35 18.55-.60 18.58-.60 18.20-.25 18.05-.07 18.13-.15--SeptemberRange
17.50-.60 17.70-.72 17.75 ----17.36 ----17.36-.75
Closing
17.59-.60 17.60 -17.63-.65 17.24 -17.25 -17.32 ---October1
17.18-.47 17.31-.53 17.25-.58 17.02-.54 16.97-.18 17.13-.26 16.97-.58
Range
Cloaing
17.39-.41,17.42-.44 17.45-.47 17.06-.08 17.06-.07 17.14-.15--DecemberRange
17.25-.50117.38-.54 17.38-.69 17.26-.62 17.03-.17 17.23-.31 17.03-.69
Closine
17.46-.49 17.49-.52 17.53 -17.13-.16 17.16-.17 17.20 ----
4,534,813 4,764,754 5,048,276 4,643.655
162,000
29.000
32,000
*96,000
76,000
77,000
200,000
500.000
282,000 273,000
65,000
26,000
23,000
31,000
*94.000 *59,000
56,000 122.000
43,000
58,000
232,000 *290,000
653,000 412,000
237.000
5,000
36,000
50,000
127,000
86.000
375,000
631.000
1.172.000 1,448,000 1,271,000 1,547,000
4.534,813 4,764,754 5,048,276 4.643,655
Total visible supply
5.706,813 6,212,754 6.319,276 6.190.655
Middling Upland. Liverpool
8.06d.
11.11d.
4.80d.
7.1641.
Middling Upland, New York _
18.15c. 12.50c.
8.10c.
12.850.
Egypt, Good Brown,Liverpool
21.704. 11.504.
7.004. 10.304.
Peruvian. Rough Good,Liverpool 18.00d. 11.40d.
8.75(1.
9.00(1.
Broach, Fine, Liverpool
7.75d.
•
10.654.
4.45(1.
634d.
Tinnevelly, Good, Liverpool._ _
7.87d.
10.77d.
4.36d.
634d.
* Estimated. a Revised.
NEW ORLEANS CONTRACT MARKET.-The highest, lowest and closing quotations for leading contracts in the
Continental imports for past week have been 96,000 bales.
New Orleans cotton market for the past week have been as
The above figures for 1917 show a decrease from last week
follows:
of 63,310 bales, a loss of 505,941 bales from 1916, a decline
of 612,463 bales from 1915 and a loss of 483,842 bales from
Saturday, Monday, Tuesday, Wed'day, Thursd'y. Friday
Jan. 6. Jan. 8. Jan. 9. Jan. 10. Jan. 11.. Jan. 12. 1914.
JanuaryQUOTATIONS FOR MIDDLING COTTON AT OTHER
Range
17.56-.78
17.86-.31 17.80-.60 17.60-.71 17.76-.84 MARKETS.-Below are the closing quotations of
middling
17.78-.79
18.24-.26 17.77-.81 17.70-.72 17.79-.81
Marchcotton at Southern and other principal cotton markets for
Range
17.58-.96
17.96-.42 17.73-.33 17.53-.83 17.76-.99 each day of the week.
17.92-.93
18.28-.29
MayRange
'Closing
JulyRange
Closing
SeptemberRange
Closing
OctoberRange
Closing
DecemberRange
Closing
ToneSpot
OntAnne
17.77-.79 17.76-.75 17.81-.82
' 17.83-.20
18.17-.18
18.20-.67 17.98-.59 17.79-.08 17.98-.22
18.54-.56 18.02-.04 17.97-.99 18.03-.04
17.44-.39 HOLI- 18.39-.84 18.00-.77 17.97-.24 18.17-.38
18.35-.36 DAY 18.70-.74 18.19-.22 18.11-.13 18.18-.19
-17.07
17.19-.23
17.25-.27 16.95-.97 16.87-.89 16.06-.99
16.86-.10
16.96-.25 16.78-.20 16.62-.82 16.80-.93
17.04-.06
17.10-.12 16.78-.82 16.76-.71 16.79-.81
17.14-.15
17.18-.24 17.05-.18 16.76 -17.02 17.18-.20
17.24-.26 16.92-.96 16.84-.86 16.93-95
Firm.
Steady. Steady. Quiet. Steady.
Very st'Y Steady. Steady. Steady.
Very st'v
Week ending
Jan. 12.
Closing Quotations for Middling Cotton onSaturday, Monday, Tuesday. Wed'day.,Thursd'y, Friday.
Galveston
18.25
New Orleans...... 17.38
Mobile
17.50
Savannah
184
Charleston ___ _ 18
Wilmington.... _ 18
Norfolk
18.25
Baltimore
174
Philadelphia _ _ _ 18.60
Augusta
18.75
Memphis
18.00
Houston
18.00
Little.Rock_ _ _ _ 18.00
18.50
17.50
183.
18
18
18.25
183.4
18.80
18.50
18.25
18.40
18.00
18.50
18.00
18.00
184
18
18
18.25
18.35
19.05
18.75
18.50
18.50
18.25
18.50
18.13
18.00
184
18
18
18.63
18.60
18.65
18.75
18.50
18.20
18.25
18.35'
18.13
18.00
1834
184
18
18.00
18.60
18.40
18.38
18.50
18.20
18.25
18*
18.13
18.00
1834
18
18
18.13
18.25
18.40
18.38
18.50
18.20
18.25
[VoL. 104.
THE CHRONICLE
174
Fort Worth, Tex.-Dry all the week. The thermometer
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Aug. 1, the shipments for has ranged from 34 to 80, averaging 57.
Palestine, Tex.-Dry all the week. Average thermometer
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in 55, highest 74, lowest 36.
San Antonio, Tex.-We have had no rain the past week.
detail below.
The thermometer has averaged 62, the highest being 84
Movement to Jan. 14 1916.
and the lowest 40.
Movement to Jan. 12 1917.
Taylor, Tex.-There has been no rain during the week.
Stocks
Ship
Receipts.
Ship Stocks.
Towns.
Receipts.
Minimum thermometer 34.
mews. Jan.
meats. Jan.
14.
Week.
Season. Week.
12.
Week. Season. Week.
New Orleans, La.-We have had no rain the past week.
268
9,200
433 12,530 The thermometer has averaged 58.
15,302
44
9,294
Ala., Eufaula__
-655 31,794 2,029 94,532 3,560 77,884
82
37,005
Montgomef y..
Shreveport, La.-There has been rain on two days of the
544
50,872 1,170 31,719
17 7,017
20,441
47
Selma
inch.
669 48,239 2,459 23,675 week, the rainfall being eighty-eight hundredths of an
50,647 1,638 20,359
1,724
Ark., Helena
Little Rock_ _ 3,783 187,012 8,40 44,530 3,871 117,087 3,907 40,494 Lowest thermometer 37, highest 75.
1,491
98,540 1,514 43,581
1,500 41,50
115,25
Pine Bluff_ _ _ 1.00
Vicksburg, Miss.-We have had no rain the past week.
120
478 8,764
20,232
582 2,225
18,91
Ga.,Albany
4,650 46,831 The thermometer has averaged 51, the highest being 73 and
-318 91,601 2,700 34,3294 573 95,284
Athens
2,090
28,704
89,885
80,
1,587
237,004,385
4,741
Atlanta
the lowest 31.
2,647 318,605 6,244145,713 4,425 313,361 11,218 198,221
Augusta
49,595 1,000 52,938
Mobile, Ala.-There has been rain on one day during the
55,807 1,234 19,503 3,583
1,06
Columbus_
2,148
12,984
529
39,110
20,984
2,368
124,952
1,291
Macon
the precipitation being twenty-three hundredths of an
week,
1,139
17,145
948
50,830
355 9,995
49,811
324
Rome
803 102,758 2,181 50,171 inch. The thermometer has averaged 57, ranging from 41
715 132,988 1,933 24,182
La.,Shreveport
12,912
478 7,834 to 77.
373
2 2,254
5,077
45
Miss.,Columbus
800 60,188 1,800 28,000
80 24,000
53,511
3
Greenville
Selma, Ala.-We have had a trace of rain on one day of the
91,005 2,543 31,470
97,232 3,08 28,793 1,307
853
Greenwood..
786 14,204 week. The thermometer has ranged from 23 to 64, aver26,733
292 9,087 1,404
18,276
202
__
Meridian
1,016
13,000
22,499
100
585 13,299
33,756
74
Natchez
483
23,797 1,189 11,726 aging 44.5.
577 5,497
14,051
88
Vicksburg_ _
948 15,450
150 29,104
98 8,078
19,28
Savannah, Ga.-We have had rain on three days of the
176
Yazoo City
Mo.,St. Louis_ 14,435 592,203 14,695 30,153 51,125 352,530 50,594 17,984 week, the rainfall being sixty-nine hundredths of an inch.
47,749 1,418 7,819
81
50,522 1,141 7,909 1,242
N.C.,Gr nsboro
335 The thermometer has averaged 57, the highest being 71 and
8,845 • 325
384
183
275
8.592
118
Raleigh
0., Cincinnati _ 1,969 140,552 2,755 22,309 4,757 137,247 3,889 19,164 the lowest 38.
732 5,980
38,371
891 6,904 1,483
5
50,553
Okla., Ardmore
Charleston, S. C.-There has been rain on three days during
958 12,498
50,821
83,412 3,466 7,338 2,021
2,909
Chickasha
32 1,593 the week, the precipitation being forty-eight hundredths of
11,232
356
95 3,440
2
24,489
Hugo
713
5,497
17,718
1,189
3,042
1,848
994
31,071
_
Oklahoma
ranging from
81,158 2,655 29,899 an inch. The thermometer has averaged 53,
2,854 42,373 2,071
97,54
S.C.,Greenville 1,79
285 13,318 38 to 68.
17,467
589
___ 8,496
_
16,02
Greenwood__ _
342,304
29,653
889,877
23,764
.2- 907,851 30,416333.013
Tenn.,Memphis 27,4
Charlotte, N. C.-We have had rain on two days during the
411 2,583
6,061
278
319
2
20
Nashville_ _ _ _
2,803 2,147 49,299 2,718 4,193 week, the rainfall being thirty-five hundredths of an inch.
55,48
739
Tex., Abilene
133
3,486
104
18,798
15 2,305
23,622
18
Brenham _
has ranged from 19 to 64, averaging 42.
885
531 7,735 The thermometer
24,620
378 3,872
40,82
39
Clarksville_89,250 2,510 10,315
Memphis, Tenn.-There has been rain on one day of the
87,386 4,92 10,208 4,488
3,344
Dallas
192
532
25,291
2,794
89 38,88:332 1,772
Honey Grove_
week, the rainfall being eighty-one hundredths of an inch.
38,8092,030,06 60,731 227,392 41,227 1,514,811 41,600223,508
Houston
72,833 2,095 6,271 Average thermometer 66, highest 66 and lowest 24.
928 4,059 2,829
883 109,487
Paris
669 44,150 1,883 1,203
708 1,87
337 40,343
San Antonio
WORLD'S SUPPLY AND TAKINGS OF COTTON.Total, 41 towns 115,014 0,095,1011164,785 1302513'167,871 4,723,769 190,003'1485582 The following brief but comprehensive statement indicates
Note.-Our Interior Towns Table has been extended by the addition of 8 towns. at a glance the world's supply of cotton for the week and
This has made necessary the revision of the Visible Supply Table and anu mber since Aug. 1 for the last two seasons, from all sources from
of other tables.
are obtainable; also the takings, or amounts
The above totals show that the interior stocks have de- which statistics for the like period.
creased during the week 49,771 bales and are to-night 183,069 gone out of sight,
bales less than at the same time last year. The receipts at
1915-16.
1916-17.
Cotton Takings.
all towns have been 52,857 bales more than the same week
Week and Season.
Season.
Week.
Season.
•
Week.
last year.
6,207,786
5,770,123
Visible supply Jan. 5
4,664,410
' 3,198,251
OVERLAND MOVEMENT FOR THE WEEK AND Visible supply Aug. 1
208.732 8,809.997 286,905 7,766,222
SINCE AUG. 1.-We give below a statement showing the American in sight to Jan. 12___ b115,000
1,002,000
180,000
8,000
109,000
1*7,000
overland movement for the week and since Aug. 1, as made Other India ship'ts to Jan. 11
468,000
14,000
570.000
receipts to Jan. 10.._ 1*20,000
up from telegraphic reports Friday night. The results for the Alexandria
62.000
7,000
64,000
1*2,000
10*
Jan.
to
supply
Other
week and since Aug. 1 in the last two years are as follows:
----1916-17---Jan. 12ShippedVia St. Louis
Via Mounds, &c
Via Rock island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, Sze
Since'
Week.
14,695
4,468
370
3,124
1,823
8,021
35,947
Aug. I.
574,177
180,440
5,035
74,226
60,938
76,080
497,332
68,448 1,468,228
Total gross overland
Deduct ShipmentsOverland to N. Y., Boston, &c.... 8,311 111,898
67,352
2,872
Between interior towns
5,610 188,553
Inland, &c., from South
6,122,855 13,753,248 6,654,691 14.274,632
----1915-16---Total supply
Since
DeductAug. 1, Visible supply Jan. 12
5,706,813p 5,706,813 6,212,754 6,212,754
Week.
50,594 364,950
416,042 8,046,435 441,937 8,061,878
12_a
Jan.
to
takings
12,013 228,121 Total
305,042 6,363,435 369,937 6,255,878
Of which American
4,227
173
72,000 1,806.000
111,000, 1,683,000
72,665 ' Of which other
3,902
70,123
3,000
*Embraces receipts in Europe from Brazil, Smyrna, West Indies, &e.by
54,903
1,842
a This total embraces since Aug. 1 the total estimated consumption
13,988 191,859
-16Southern mills, 1,871.000 bales in 1916-17 and 1,632,000 bales in 1915
aggregate amounts taken by Northern
85,512 986,848 takings not being available-and the
and 6,429,878 bales in
and foreign spinners, 6,175,435 bales in 1916-17
60,534 1915-16 of which 4,492,435 bales and 4,623,878 bales American.
6,494
b Estimated.
73,048
15,023
6,605 103,822
SPINNERS' WAGES IN GREAT BRITAIN.-No Decision Yet.-Cable advices of date Jan. 11 are to the effect
57,390 749,444 that at a joint meeting of representatives of employers and
Leaving total net overiand*___51,655 1,100,425
operatives to consider the spinners' application for a 20%
*Including movement by rail to Canada.
advance, held the previous day, no definite conclusion
The foregoing shows the week's net overland movement wage
was reached. Adjournment of,the meeting was taken until
has been 5,655 bales, against 57,390 bales for the week last next
week, pending the arbitration decision on the card room
year, and that for the season to date the aggregate net over- workers' demands.
land exhibits an increase over a year ago of 350,981 bales.
-1915-16
1916-17
COTTON CONSUMPTION AND OVERLAND MOVESince
Since
In Sight and Spinners'
synopsis of the
Aug. 1. MENT TO JAN. 1.-Below we present a
Week.
Aug. 1.
Week.
Takings.
125,848 4,889.793 173,647 4,376,373 crop movement for the month of December and the five
Receipts at ports to Jan. 12
749,444 months ended Dec. 31 for three years:
57,390
51,655 1,100,425
Net overland to Jan. 12
Total to be deducted
16,793
367,803
Southern consumption to Jan. 12_ 81,000 1,871,000
Total marketed
Interior stocks in excess
28,122
78,000
237,404
1,632,000
258,503 7,861,218 309,057 6,757,817
948,779 *22,132 1,008,405
*49,771
1916
Gross overland for December
286,905
Gross overland for 5 months
Came into sight during week...208,732
Net overland for December
Total in sight Jan. 12
Net overland for 5 months
North.spinners'takings to Jan. 12 53,912 1,611,610 105,013 1,595,978 Port receipts in December
Port receipts for 5 months
Exports in December
*Decrease during week.
Exports in 5 months
Movement into sight in previous years:
Port stocks on Dec 31
Bales.
Since Aug. 1Bales.
Northern spinners' takings to Jan 1
Week8,684,313 Southern consumption to Jan 1
588,737 1914-15-Jan. 15
1915-Jan. 15
10,796,660 Overland to Canada for 5 months (in354,898 1913-14-Jan. 16
1914-Jan. 16
10,464,247
212,337 1912-13-Jan. 17
cluded in net overland)
1913-Jan. 17
Burnt, North and South, in 5 months..
in sight during December
WEATHER REPORTS BY TELEGRAPH.-Telegraphic Came
Amount of crop in sight Dec 31
sight balance of season
in
that
Came
the
indicate
South
the
from
evening
this
us
to
advices
Total crop
temperature has been lower. Dry weather has prevailed in Average gross weight of bales
rule. Average net weight of bales
Texas, and elsewhere the rainfall has been light as a
Marketing of cotton has been on a restricted scale.
Galveston, Tex.-It has been dry all the week. The thermometer has averaged 60, the highest being 70 and the
lowest 50.
Abilene, Tex.-We have had no rain during the week. The
thermometer averaged 51, ranging from 28 to 74.
348,104
1,365,268
265,193
1,024,601
795,502
4,637,966
674,233
3.139,096
1,518,786
1,502,053
1,722,000
1915
I
289,120
835,9011
216,2881
644,485
985.466
4,036,341
527,825
2,323,986
1,741,557
1,386,832
1,478,000
1914
284,915
738,631
216,831
548,856
1,741,029
4,542,335
1,155,928
2,467,705
1,604,495
1,271,108
1,280,000
64,125
67,622
69,655
292
2,522
1,502,695 1,720,876 2,394,711
8,426,567 7,226,948 7,596,042
5,726,502 7,471,205
12,953,450 15,067,247
515 04
514 22
516 88
490 04
489 22
491 88
CENSUS BUREAU'S REPORT ON COTTON GINNING.-The Division of Manufactures in the Census Bureau completed and issued on Jan.9 its report on the amount
of cotton ginned up to Jan. 1 the present season, and we
give it below, comparison being made with the returns for
the like period of the two preceding years and 1911.
Counting Round as Half Bales
1916.
1917.
1915.
540,820
1,007,130
1,638,648
753,180
1,060,708
913,324
28,237
20,383
27,178
50,355
54,687
85,705
1,811,266
1,906,771
2,548,808
436,337
332,428
427,243
777,213
888,813
1,115,599
55,727
66,728
43.465
642,824
814,644
695,978
798,963
1,094,320
561,950
1,388,317
922,080
1,133,596
357,114
330,580
281,879
3,960,170
3,526,106
2,935,697
21,499
26,192
15,079
10,383
11,283
5,742
Alabama
Arkansas
California
Florida
Georgia
Louisiana
Mississippi
Missouri
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
Virginia
All other States
1911
1,162,728
Z24,100
63,105
1,762,070
240,170
1,131,562
*
702,150
895,926
1,154,003
289,299
2,888,393
*
71,009
United States
11,045,225 10,636,778 14,443,146 11,084,515
* Included with all other States.
number
of
The
round bales included this year is 188,052, contrasted
with 105,785 in 1916 and 44,904 in 1915, and the number of Sea Island bales
in 1917 113,359, compared with 88,933 in 1916 and 76,857 in 1915.
The distribution of Sea Island cotton in 1916 by States is: Florida 35,664
bales, Georgia 74,760 bales, and South Carolina 2,935 bales.
INDIA COTTON MOVEMENT FROM ALL PORTS.
Dec. 21.
Receipts al-
1910.
1915.
Since
Week. I Aug. 1.
Since
Week. I Aug. 1.
110,0001 693,000 99,000
Bombay
Great
Great Conti- Japan
BrUain. nent. &China Total. Britain.
Bombay1916....
1915....
1914___
Calcutta1916......
191&___
1914____
Madras1916._
1915____
1914____
All others1916....
1915____
1914....
Total all1916......
1915-1914....
2,000 10,000 29,000 41,000
1,000 7,000 31,000 39,000
16,000 37,000 53,000
1,000
1,000
1,000
3,000
2,000
1,000
3,000
1-,565
2,000
1,000
1914.
Since
Aug. 1.
Week.
816,000 47,000
218,000
Since August 1.
For the Week.
Exports
from-
6,000 8.000
4.000 11,000
3,00
3,00 12,00 30,000 51.0001
36,000 51.0001
12,
3,0
1,000 19,0001 40,000 60,009
9,000
Continent.
Japan
& China. Total.
82,000 469,000 560,000
493,000 599,000
78,000 210,000 305,000
io,000l 06,00
17,000
3,000
1,000
5,000
10,000
3.000
5,000
8,000
10,000
13,000
19,000
13,000
LIVERPOOL.-By cable from Liverpool we have the fol
lowing statement of the week's sales, stocks,&c., at that port:
Sales of the week
Of which speculators took
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
Spot.
Saturday.
Maiket,
12:15
P.M.
Mid.Uprds
Sales
Spec.&exp.
HOLIDAY.
13,000
2,000
44000
817,000
643,000
79,600
64.000
312,000
270,000
Jan. 5. Jan. 12.
40,000
39,000
4,000
2,000
31,000
30,000
8,000
1,000
92,000
109,000
868.000 859,000
692,000 697,000
96,000
161,000
139,00078,000
299,000
240,000
Monday.
Tuesday. Wednesday. Thursday.
Good
inquiry.
Fair
business
doing.
Fair
business
doing.
Fair
business
doing.
Friday.
Moderate
demand.
11.40
11.41
11.46
11.21
11.11
8,000
1,000
8,000
800
8,000
800
8,000
1,000
7,000
700
Steady, Quiet, un- Steady,
Steady
Steady.
20®21 pts. 7013 pts. changed to 11013 pts. 608 pts.
advance. advance. 3 pts. dec. decline.
advance.
Market
closed
Easy,
Steady
Steady. Quiet, un- Steady.
23030 pts. changed to 7010 pts. 38040 pts. 16019 Pts.
advance. 12 pts. dec. advance.
decline.
advance.
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths.
Sat.
1,000
Jan. 6
123( 12%
to
Jan. 12. p.m. p.m.
5.000
17,000
18,000
14,000
65,000
39,000
42,000 01,000
37,000 119,000
5,000 62,000
d.
d.
January__
Jan.-Feb _
Mar.-Apr. HOLIMay-June DAY
July-Aug..
Oct.-Nov.
1916.
Dec. 29.
15,000
1,000
Futures.
Market }
opened
3,000
12,000
2,000
17,000 104,0001 516,000 637,000
29,0001 182,000j 538,0o0 749,000
35,0001 122,000 225,00 382,000
Dec. 22.
30,000
800
300
23,000
2,000
73,000
784,000
616.000
151,000
112,000
327,000
286,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
3,000
11,000
2,000
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt.
Dec. 13.
175
THE CHRONICLE
JAN. 13 1917.1
Mon.
Tues.
Thus,0 00 means 0 00-100d.
Wed.
Thurs.
Fri.
1234 4 1234 4 1234 4 1234 4 1254 5
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
d. ' d.
11 10 07
11 10 04
11 15 10
11 18 13
11 15 11
10 42 43
d.
11
09
15
18
16
46
d.
05
04
10
13
11
41
d.
14
14
19
24
22
51
d.
12
12
17
21
19
51
d.
89
89
95
99
97
28
d.
73
73
79
83
81
11
d.
79
79
87
90
89
19
d.
89
89
97
00
98
30
BREADSTUFFS
Friday Night, Jan. 12 1917.
Flour was firm early in the week and reacted later with
wheat, owing to peace rumors. At the same time the export
Receipts (cantars)174,W4
209,819
326,192
This week
trade has been rather small and reselling has been at someI3,653,1U5
3,151,970
2,736,700
Since Aug. 1
thing under the quotations of local mills-sometimes 25 cents
per barrel under. At the same time local buyers have been
Since
Since
Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1. loath to take hold freely, being more or less sceptical as to the
Exports (bales)present prices for wheat, or at any rate unfavora102,486 14,292 116,096 5,886 56,089 stability of
To Liverpool
13,179 67.601
56,114 10,145 58,737 bly impressed by the recent violent fluctuations. As for
To'Manchester
To Continent and India_ 4,915 56,513 8,363 70,406 10,447 82,618 foreign business, it has been restricted by a sharp advance in
1,983 45,289 7,348 91,282 5,385 46,554
To America
ocean freight rates to the Continent, even though many be20;077 271,894 30,003 333,898 31,863 243,998 lieve that Europe will have to buy freely sooner or later.
Total exports
MANCHESTER MARKET.Our report received by Liverpool has reported prices steady, with supplies moderate.
say that the car situation has
cable to-night from Manchester states that yarns are rela- Advices from the Northwest
tively easy and margins are reduced. Cloths are slow and improved somewhat, but that the existing embargoes are
still a serious obstacle. As far as shipments from Minneapofeatureless.
lis to the East are concerned, the situation has shown no par•
ticular improvement. Under the circumstances, the arriv1915-16.
1916-17.
als at New York are of only moderate volume. The general
sg lbs. Shirt- Cot'n outlook is none too clear, arid therefore home and foreign
85i lbs. Skirt- cot'n
328 Cop
ings, common
ings, common Mid.
323 Cop
Twist.
Up's.
to finest.
Up's. buyers show no disposition to buy freely at the present time.
Twist.
to finest.
The Allied note, however, makes peace seem doubtful in the
s. d. d. d.
d. s. d.
d. 0. d.
s. d. d.
Nov d.
114 7 3 Q>8 43. 7.28 near future. The total output last week at Minneapolis,
24 18
0 194 9 6 011 1051 11.90 104
Dec.
Duluth and Milwaukee was 280,000 bbls.,against 205,000in
0 104 9 6 011 104 12.21 114
1 18
124• 6 @i8
7.50 the previous week and 448,000 last year. Since September
8 184 0 194 9 6 012 14 12.05 114
124 6 9 (48 lo
7.66
184 9 6 012 14 11.00 114
15 174
124• 9 (48 10
7.47 1st 1916, 6,835,000 bbls., against 9,248,000 during the same
22 164 @ 175( 9 412011 104 10.09 114
124 6 9 (d18 10
7.03 time last season.
174 9 44011 1034 10.63 12
124 6 9 ig8 10
29 16%
7.92
1
Jan.
Wheat advanced on a firm cash situation and a steady
10.981:134
13,
417 9 049 10
5 164 Cal 174 9 44011
.22 export demand. On Jan. 8, for the first time since the war
11.11 124
1049
13347 9 @910
12 17
8.00
@ 184 4M111 1034
began, No. 2 red winter wheat sold in Chicago at $2 a
SHIPPING NEWS.-Shipments in detail:
bushel, an advance since the previous Saturday, the 6th inst.,
Total bales. of about 5 cents. This was on a sharp demand for shipment
NEW YORK-To Liverpool-Jan. 9. 1,945
1,945
, 974
To Manchester-Jan. 10974 to Europe, and also on a brisk call from domestic mills.
, 1,762
To Havre-Jan. 101,762 Sentiment has been generally bullish on the basis of supply
, 300
To Marseilles-Jan 630Q
To Venezuela-Jan. 10-PhiladelPhia, 100
100 and demand. Europe is believed to be hard pushed for wheat
GALVESTON-To Liverpool-Jan.6-Nubian, 8,609.._ _Jan. 8and may be even after peace comes. The fact that the EngDenis, 6,258._____________
_ 14,867
lish Government has suppressed the cabling of Liverpool
To Manchester-laan. 8-Jose de Yarrinaia, ------------- -iriCE6ria
de Larrinaga, 8,965-- __--- ---_ -..,- --- -r-r
19 677 and London quotations of wheat to this side is in itself
To Barcelona-Jan. 6-Emilia S. de Perez,8,350
:
To Genoa-Jan. 10-Phoenix, 7,710
•
7,710 striking teqtimony to the urgency of the needs of Europe.
NEW ORLEANS-To Liverpool-Jan. 4-Norwegian, 5,590
5,590 Meanwhile ocean freights are scarce and high the world over.
To Oporto-Jan. 11-Ange1 B. de Perez, 4,800
4,800 The shorter voyage is from American markets. The natural
To Genoa-Jan. 5-Sicilia°, 600
600
MOBILE-To Liver ol-Jan. 6-Sylvanian, 10.878
10,878 inference is that America can lay down wheat in Europe at
SAVANNAH-To L verpool-Jan. 6-Amakura, 4,926
,
a smaller cost than its competitors. It is said that exporters
CHARLESTON-To Corutina-Jan. 11-Caroline E. de Perez,
1,000- _ _--_:-,
own
a large percentage of the visible supply in this country.
1
000
,
NORFOLK-To-----------an.6-Leonatus,4,363
4,363 It is even said that this country may over-export itself.
BALTIMORE-To Liverpool-Jan. ____
.1,355.._ _Jan. -2_, ,723..-Jan. _ 1,491
5,569 Clearances from the seaboard have latterly been increasing
PHILADELPHIA-To Liverpool-Jan.,2, 2,594
2,594 with apparently some increase in the supply of ocean tonnage.
SAN FRANCISCO-To Japan-Jan. 4-Korea Maru, 4,885....„Tan. 7-Yubari Maru,6,119
11,004 Also the statistical position is growing stronger. Whereas,
SEATTLE-To Japan-Dec. 30-Tensho Maru, 3,010_ __Jan. 4at one time the visible supply in this country was much larger
Talthybius, 10,941.._ _Jan. 5-Yokahama Maru, 5,580
19,531 than at the corresponding date last year, it has latterly fallen
To Vladivostok-Dec. 30-Tensho Maru, 150.._Jan. 1Sumas, 200.... _Jan. 3-Hokkai Maru, 1,060
1,410 below the total on the same date in 1916. East of the
To Manila-Jan. 4-Talthybius, 100
100 Rockies it is now, roughly, 13,500,000 bushels smaller than a
TACOMA-To Japan-Jan. 2-Panama Maru, 2,250.._ _Jan. 5It8ukushima Maru,4,350; Yokahoma Maru, 100
6,700 year ago, and about 12,000,000 bushels smaller than at this
To Manila-Jan. 2-Panama Maru; 900
900 time in 1916. There is also a slight decrease west of the
Total
135,650 Rockies. East of the Rockies it is 66,483,000 bushels,
1915.
Ca
I
1914.
176
THE CHRONICLE
against 80,000,000 a year ago and 78,300,000 in 1915. West
of the Rockies it is 2,630,000 bushels, against 4,055,000 a
year ago and 4,724,000 in 1915. Canada has 94,307,000
bushels, against 94,554,000 last year and 37,444,000 in 1915.
The statistics of European supplies have not been received,
and, very possibly, are being suppressed. But such suppressions merely emphasize the fact, as already intimated, that
Europe is in need of wheat. Liverpool reports that the shipments are very light except from North America. The
weather in Italy has continued wet and cold and the crop
outlook is bad. Native offerings there are small. Imports
from America continue and further purchases are authorized.
In Australia rains and floods continue in parts of the country
and wheat is said to have been much damaged. One estimate of the exportable surplus of Australia is 72,000,000
bushels,but Broomhall's agents say that this is too high. In
any case the harvest is disappointing and transportation
rates are very high. Holders there are firm, and shipments
are of only fair volume. Argentine reports say that it is
recognized that the world's shortage is becoming pronounced.
Evidently the Argentine trade is impressed by the unusual
measures which are being taken by the English Government
to suppress information by cable of prices, etc. At Western
markets in this country the receipts have been much smaller
than those of last year. The winter wheat is said to lack
snow protection. Omaha and Kansas City have reported a
steady seaboard demand. Stocks at the leading markets,
especially at the Southwest, are reported to be decreasing
rapidly. The cash situation, it is insisted, is the pikot on
which the market swings. At one time, it is true, there was
some reaction on peace talk, but by Thursday the market
again turned upward, partly on Lloyd George's speech,
though it was characterized by a certain nervousness, partly
owing to a decline in stocks and cotton and reports that there
was a lull in the export demand. The clearances on Thursday, however, were 2,140,000 bushels, the largest in some
time. There is also beginning to be talk about continued
dry weather in Texas. The Canadian crop is expected to
turn out somewhat larger than it was supposed it would at
one time. The Saskatchewan Provincial Government estimates the yield in that Province at 127,000,000 bushels, or
nearly 50,000,000 bushels larger than the official Canadian
estimate of Sept. 30. This, however, had only a passing
effect. To-day prices advanced 1 M to 2j/ cents on the
Allied note to President Wilson apparently discouraging an
early peace, but a break followed of 4 to 53/ cents, with a
falling off in the cash demand and liquidation.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sal. Mon. Tues. Wed. Thurs. Fri.
cts_
No. 2 red
207X 206
202% 2053 204X
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_1844 i88i. 186% 183
1873- 1843
%
151% 153
151
1473 151
150%
July delivery in elevator
13438 137% 135
September delivery in elevator
1393( 139,4 137
Indian corn advanced above the dollar mark, a new high
record for the season, and then reacted.. Exporters have
been buying. On the 8th inst. their purchases are said to
have reached 550,000 bushels. Purchases, it is further said,
are being made by Europe for shipment at the reopening of navigation in the country next spring. Drought in Argentina and.
a sharp advance in Buenos Ayres have also had a distinct
tendency to strengthen American prices. Central Illinois
has made large sales to eXporters, said to have been half a
million bushels on Jan. 7. The Argentine exportable surplus
is estimated at only 56,000,000 bushels, against 152,000,000
last year, owing to damage by dry weather. There is said
to be practically a crop failure there. Manufacturing
industries have been buying at the West. In this country the
receipts were only fairly large and interior offerings were well
absorbed. Buenos Ayres on the 8th inst. advanced 43/2c.
But later in the week peace talk caused a decline, corn
sympathizing with wheat. The British Government has
suppressed the cabling of English corn quotations to the
United States. At times Liverpool has been firm on the
Argentine news. But Liverpool believes that American
shipments will soon increase. The total world shipents
last week were 3,142,000 bushels, against 1,882,000 in the
previous week and 3,383,000 last year. Meanwhile, supplies
at Liverpool are increasing. Latterly reports from Argentina
are that prices were easier with some foreign pressure and
lower American prices. North American supplies, however,
are small. i. e., 8,317,000 bushels, against 12,832,000 a year
ago, and 24,778,000 in 1915. To-day prices advanced early,
but ended lower, with showers reported in Argentina and
the shipments from there were more than double the estimates
also there was some sympathy with wheat.
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Fri.
Sat. Mon. Tues. Wed. Thurs.
112
111%
11134 112
No. 2 yellow
cts-1143( 113
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Fri.
Sat. Mon. Tues. Wed. Thurs.
cts_ 9934 99% 9834 97% 98% 9734
May delivery in elevator
4 9634
98
98% 97% 9634 973
July delivery in elevator
Oats advanced and then reacted on peace talk. Foreign
news in the main has been bullish. An advance in corn also
strengthened prices for oats. Moreover, oats are considered
cheap by comparison with wheat and corn. A year ago
No. 3 white oats were 35c. under No. 2 yellow corn. Now
the difference is over 45 cents at the expense of oats. A year
ago No. 3 white oats were 890. under No. 2 red wheat; now
they are $1 373/2 under wheat. To some this looks extreme,
even allowing for the big stocks of oats. At the same time,
[Vol,. 104.
however, trade in oats has not been large. Oats have lacked
initiative. They have rather slavishly followed other grain.
The British Government has not suppressed cabled quota,
tions of oats, as it has of wheat and corn, and prices at Liverpool have at times advanced. The latest advices from there
say: "Market strong with light arrivals and very moderate
export offerings. Argentina crop news unfavorable and
shipments from there light. American offers firmly held.
Continental demand fair. United Kingdom supplies moderate." Buenos Aires advanced 23'c. on the 8th inst. Yet
there is no gainsaying the fact that North American stocks
have reached the rather formidable total of 79,508,000 bushels, against 42,278,000 a year ago and 45,328,000 in 1915.
To-day prices advanced, but reacted and closed a fraction lower. Country offerings and receipts were light, but
so were the shipments from Chicago. Barley steady. Exporters have been taking 10,000 to 20,000 bushels daily.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Standards cts-66 ©66% 6634 ©67 6534066 64®65 6506534 65®6534
No. 2 white_6634 ®67 6706734 6606634 65@6534 6534 ®66 6534 ®66
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts 5734 5834 573
5634 5734 5634
July delivery in elevator
5494 5534 54
54
54%, 54
The following are closing quotations:
FLOUR.
Winter. low grades-_47 00 $7 50 Spring, low grades ____$6 00®$7 00
Winter patents
9 15
9 40 Kansas straights, sacks.. 9 50® 9 75
Winter straights
8 85 9 10 Kansas clears, sacks___ 8 25® 9 00
Winter • clears
8 55 City patents
8 30
10 60
Spring patents
9 75 10 00 Rye flour
7 000 8 00
Spring straights
9 40 9 65 Buckwheat flour
4 50
Spring clears
8 50 8 75 Graham flour
6 75® 7 75
GRAIN.
Wheat, per bushel-f.o. b.Corn, per bushelN. Spring. No. 1. new_-__$2 2134
No. 2 mixed
f. o. b.
N. Spring, No. 2
No. 3 yellow
c. I. f.$1 103
Red winter. No. 2. new...... 2 04
No. 2 yellow kiln dried.. 1 111
Hard winter. No. 2
Argentina_
2 1134
1 2034
Oats, per bushel, newcts.
Rye, per bushelNew York
Standard
65 @6534
c.
o.
2. white
6534@68
N
Western
:
1f:
f 11
No. 3, white
Barley, malting
$1 35®1 45
6434@65
No. 4. white
64 @6434 Barley. feeding
$1 14
21
EXPORTS OF BREADSTUFFS, PROVISIONS, COTTON AND PETROLEUM.-The exports of these articles
during the month of November and the eleven months for
the past three years have been as follows:
Exports
from U. S.
1916.
1914.
1915.
November. 11 Months. November. 11 Months. November. 11 Months.
Quantities.
Wheat bu. 14,258.038 140,048,709 13,499,048 192,713,870 19,181,802 144,371,088
Flour bbls. 1,035,131 13,083.352 1,254,293 13,685,110 1,485,024 10,806,818
Wheat*bu 18,916.128 198,923,793 19,143,367 254,296,865 25,864,210 193,001,769
Corn _ _bu. 2,221,033 47,075.068 1,483,974 42,804,039 2,121,769 10,525,404
Total bush
Values.
Breadst Is
Proyisio
Cat. &lfgs
Cotton_ -Petrol.,&e.
Cot's'd oil
21,137,161
$
45,838,549
25,513.770
89,084
72,012.616
14,838,429
1,429,146
245,998,861 20,627,341 297,100,904 27,985,979 203,527,173
404,260,49630,492,529 477,423,790 40,232,862 244,449,341
245,673,268 18,210,669 226,008,558 13,776,728 116,073,104
864,264
37,952
2,633,401
871,091
25,515
467,498,96531,934,015 381,909,919,31,923,314 294,547,364
184,731,95012.480,738 129,045,4631 9,549,134 128.944,584
17,495,387 1,521,965 22,906,064 1.682,487 12,303,477
Total __ 159,721,59 11320,522,330 94,677,866 1239,927,195197,190,010 797,188,961
* Includes flour reduced to bushels.
The statement of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
Flour.
Wheat.
Corn.
I
Oats.
Barley.
Rye.
bbls.1961bs. bush. 60 lbs.bush. 56 lbs. bush. 32 lbs.bush.48lbs. bush.56153.
534,000 2,381,000 1,250,000
182,000
117.000
630,000
Chicago
54,000
200,000
374,000
12,000
Milwaukee _ _
322,000
325,000
22,000
57.000
26,000
296,000
Duluth
234,000
225.000
344,000,
26,000
1,496,000
Minneapolis
15,000
95,000,
35.000
Toledo
20,000
84,000,
5.000
5,000
Detroit
100.000;
58.000
8.000
5,000
18,000
Cleveland
428,000,
22.000
359.000
666,000
38,000
86.000
St. Louis_
12,000
31,000 1,028.0001
147,000
50,000
Peoria
54,000
276,000,
805,;00
36,000
Kansas City_
402,000
565,0001
160.000
Omaha
Total wk.'17
Same wk. '16
Same wk. '15
337,000, 4,475,0001 5,623,000
466.000' 12.568,000 6,839,000
423,000 6,128,0001 9,756,000
2,621,000 1,348,000
6,272,000 2,820,000
4,099,0001 1,562,000
298.000
470.000
337,000
1
1
Since Aug. 11916-17 __ _ 8,557,000223,440000i 92,871,000 153.471,000 57,216,000 15.872.000
1915-16 -- 9,853.000324,589.000 90,335.000 143,827,00067,240,000 15,806,000
1914-15 --- 9.836,000276.945.000110.389.000 157.992.00055,808,00014.556.000
Total receipts of flour and grain at the seaboard ports for
the week ended Jan. 6 1917 follow:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
Bushels. Bushels. Bushels.
Bushels.
Bushels.
Barrels.
140,000
16,000
97,000
99,000 1,361,000
319,000
New York...
239,000
43,000
36,000
69,000
4,000
Boston
1,000
369,000
54.000
30.000
608,000
Philadelphia
596,000 101,000 191,000
588,000
38,000
427,000
Baltimore
_
830,000
N'port News.
3,000
Norfolk
11,000
3,000
Mobile
385,000
548,000
32,000
85,0001
New Orleans*
113,000
Galveston27,000
104,000
74,000
1,000
9,0001
Montreal
Total wk. '17
SinceJan.1'17
Week 1916_ _ SinceJan.1'16
303,0001, 3,230,000
303.000, 3,230.000
• Receipts do
throngh bills o f
1,360.000
1,360,000
761,000; 7,382,000, 1,099,000
761,0001 7,382 n' I 1,099,000
225,000
225,000
2,064,000 1,415,000
2,064,000 1,415,000
2,280,000
2,280,000
251,000
251,000
415,000
415,000
Mein passing through New Orleans for foreign ports
JAN. 13 1917.]
THE CHRONICLE
The exports from the several seaboard ports for the week
ending Jan. 6 are shown in the annexed statement:
Corn.
Flour.
Oats.
Rye. Barley. Peas.
bushels. barrels. bushels. bushels. bushels. bushels.
Wheat.
bushels.
Exports fromNew York
Boston
Philadelphia
Baltimore
Newport News_
Mobile
New Orleans
Galveston
1,528,073
99,271
793,000
1,165,553
198,929 62,787
42,857 1,350
52,000
327,438 15,712
1,314,000
595,000
11,000 3,000
81,000 66,000
300
Total week
Week 1916
5,494,897
8,075,509
54,167 65,410 168,501
3,261
468,000
48,000
83,000
150,000
11,000
713,224 151,849 1,363,167 113,410 318,501
501,693,460,185.1,130,053 740,267 1058480
3,261
7,575
The destination of these exports for the week and since
July 1 1916 is as below:
Flour.
Exports for Week
and Since
Week
Since
July 1 toJan. 6 July 1
1917.
1916.
United KingdomContinent
Su. dr Cent. Amer
West Indies
Brit.No.Am.Col's
Other countries__
Corn.
Wheat.
Since
July 1
1916.
Week
Jan. 8
1917.
Since
July 1
1916.
Week
Jan. 6
1917.
Bushels. Bushels.
Bushels.
Bushels.
&pre's.
2,555,466 3,455,849 66,829,538 263,107 12,816,715
3,121,211 2,038,048 86,980,465 406,233 7,618,255
140,039
567,745
16,535
1,000
893,441
25,356 1,387.629
6,888
1,131,222
1.810
8,192
17,535
5,660
1,993
125,559
1,694
Barrels.
17,866
49,020
42,311
40,958
151,849 7,835,091 5,494,897 153,962,590
Total
Total 1915-16„- 460,185 7,168,635 8,075,509 170,226,209
713,244 22,409,689
501,693 7,168,635
The world's shipments of wheat and corn for the week
ending Jan. 6 1917 and since July 1 1916 and 1915 are
shown in the following:
Wheat.
Exports.
1916-17.
Week
Jan. 6.
Corn.
al915-16.
Since
July 1.
Since
July 1.
1916-17.
Week
Jan. 6.
a1915-16.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
NorthAmer* 7,702.000204,375.000225,934,000
548,000 22,609,000 5,536,000
Russia
6,262,000 3,608,000
281,000
Danube ---Argentina __ 1,696,000 38,047,000 '7,592,000 2,483,000 74,336,000 112,995,000
Australia ___ 1,600,000 21,228,000 2,056,000
India
152,000 20,272,000 8,624,000
24,000 3,875,000 4,776,000
0th. countr's
111,000 3,048,000 3,878,000
Total ____ 11,174,000 294,059,000252,590,000 3,142,000100,274,000 122,409,000
*North America.-7 he 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. a Revised.
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
Corn.
United
Kingdom. Continent.1
Bushels.
Jan. 6 1917
Dee.30 1916_
Jan. 8 1916_
Jan. 9 1915_
Bushels.
Total.
United
Kingdom. Continent.
Bushels.
Bushels.
Total.
Bushels.
Bushels.
19,574,000
16,329,000
27,022,000
40,904,000
38,296,000
38,736,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Jan. 6 1917 was as follows:
GRAIN STOCKS.
Wheat.
Corn.
Oats.
bush.
bush.
bush.
3,336,000
728,000 1,211,000
208,000
202,000 1,061,000
1,761,000
19,000
576,000
1,550,000
302,000 1,079,000
41,000
425,000
2,663,000
516,000
157,000
1,953,000
16,000
3,650,000
26,000 2,334,000
2,225,000
1,849,000
1,472,000
194,000
485,000
502,000
205,000
280,000
4,734,000 2,355,000 20,337,000
1,456,000
1,099,000
52,000 1,620,000
5,509,000
1,254,000
12,721,000
87,000 7,118,000
1,909,000
291,000
791.000
10,174,000
421,000 3,683,000
15,000
172,000
830,000
203,000
404,000
788,000
1,160,000
769,000 1,463,000
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
"
afloat
Toledo
Detroit
Chicago
"
afloat
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
Rye.
Barley.
bush.
bush.
182,000 731,000
7,000
11,000
33,000. 11,000
420,000 303,000
3,000
131,000
28,000 1,063,000
100,000 149,000
5,000
48,000
338,000 468,000
150,000
274,000
619,000
13,000
62,000
546,000
239,000
812,000
22,000
229,000
18,000
56,885,000 6,759,000 48,797,000 2,511,000 4,504,000
Total Jan. 6 1917
59,483,000 5,828,000 48.823,000 2,568,000 4,290,000
Total Dec. 30 1916
69,826,000 10,495,000 20,703,000 2,864,000 4,132,000
Total Jan. 8 1916
70,181,000 22,752,000 32,529,000 1,305,000 5,024.000
Total Jan. 9 1915
above: Wheat, 2,560,000 bushels at New York,
included
Note.--Bonded grain not
40,000 Baltimore, 161.000 Philadelphia, 183,000 Boston, 3,806,000 Buffalo, 14.241,
000 Buffalo afloat, 905,000 Duluth; total, 21,896,000 bushels, against 20,292%000
bushels in 1916. Oats, 331,000 New York, 42,000 Boston, 131,000 Baltimore,64,0(10
Duluth, 1,611,000 Buffalo; total, 2,179,000 bushels, against 1,561.000 in 1916; and
barley, 38,.000 New York, 45,000 Duluth, 203,000 Buffalo, 505,000 Buffalo afloat;
total, 1,133,000, against 238,000 in 1916.
CanadianMontreal
13,000 5,210,000
812,000
7,000 136,000
Ft. William and Pt. Arthur_18,341,000
9,952,000
"
afloat
101,000
89,000
Other Canadian
10,077,000
13,588,000
Total Jan. 6 1917
Total Dec. 30 1916*
Total Jan. 8 1916
Total Jan. 9 1915
SummaryAmerican
Canadian
Total Jan. 6 1917
Total Dee, 30 1916
Total Jan, 8 1916
Total Jan, 9 1915
32,830,000
31,603,000
28,772,000
15,163,000
13,000
13,000
8,000
115,600
25,340,000
24,397,000
15,781,000
6,850,000
7,000
5,G00
23,000
9,000
136,000
134.000
54,000
297,000
56,885,000 6,759,000 48,797,000 2,511,000 4,504,000
32,830,000
13,000 25,340,000
7,000 136,000
89,715,000
91,146,000
98,598,000
___ _85,347,000
6,772.000
5,841,000
10,503,000
22,867,000
*Including Canadian at Buffalo and Duluth.
74,137,000
73,220,000
36,484,000
39,379,000
2,518,000
2,573,000
2,887,000
1,314,C00
4,640,000
4,424,000
4,186,000
5,321,000
177
THE DRY GOODS TRADE
New York, Friday Night, Jan. 12 1917.
While business in dry goods markets is far from being active, confidence is gradually returning and improvement in
demand is taking place in a quiet way. Buyers, however,
continue to exercise conservatism and are confining purchases
to pressing needs. Although the unsettled international
situation has had but little effect in the dry goods trade,
it has resulted in considerable confusion in the markets for
raw material, where prices have declined sharply. Consequetitly merchants are no longer confident that raw material prices are stable, and are curtailing their purchases of
deferred deliveries as much as possible. The fact that
merchants are restricting purchases so far has had no effect
on manufacturers, who maintain their firm attitude, and
there have been no indications of quotations for dry goods
being reduced. The small volume of forward business
being placed, however, is creating an impression that prices
have reached a level which will check consumption. While
the activity in retail markets and heavy distribution throughout the country fail to confirm any such impression, it is
claimed that prices at which retailers are selling goods
across the counters are not commensurate with prices they
will have to pay when they find it necessary to replenish
their stocks. The usual annual sales which are taking place
in the large department stores are said to be exceeding expectations, but it is claimed that the prices realized on many
lines of goods are below the cost of replenishment and that
consumers are taking advantage of the fact. Merchants
are still complaining about the backwardness of deliveries,
but only in a few cases are there reports of cancellations of
orders. Yarns have ruled less active as in view of the high
prices consumers are confining purchases to immediate needs.
There has been some improvement in the inquiry for export
account although the high prices asked continue to restrict
business. While trade with Canada is rather slow at present
increased activity is looked forward to, as goods sold to that
country have proved to be satisfactory and repeat orders
are being received.
DOMESTIC COTTON GOODS.-Although there has
been some improvement in demand for staple cottons during
the past week, business continues along conservative lines.
Despite the easiness displayed in markets for raw material,
prices for dry goods are firmly maintained, and there is little
heard of selling at concessions by second hands. What few
lots are offered for sale are readily absorbed. A very good
demand has developed for prompt deliveries of dress ginghams, and according to some reports jobbers have oversold this class of goods and are experiencing difficulty in
making deliveries. Sheetings are again being purchased by
bagging manufacturers,and the heavy weights are very firmly
held. Makers of print cloths are having labor troubles
to contend with and as a result their production is being
curtailed. A number of mills have placed fall dress goods on
the market, and, owing to the high cost of woolens, these
goods are meeting with a good demand. Heavy duck is
being well taken both for army and other uses. Sharp advances have been named in prices for new lines of napped
goods. Gray goods, 38-inch standard, are quoted at 8c.
WOOLEN GOODS.-As there is no prospect of early relief in the raw material situation, woolens and worsteds continue firm with the demand active. Domestic wools are
being steadily advanced in price, and foreign grades are virtually unobtainable. According to rumors German interests have been heavy buyers of South American wools and
have been shipping the wool to this country where it is being
stored. The raw material situation, however,is not the only
trouble manufacturers have to contend with, as labor difficulties are again interfering with production of goods and
many mills are unable to accept the large orders merchants
have been endeavoring to place. In the men's wear division
of the market attention is being devoted to the fall openings,
and business already booked has been very satisfactory.
While opening prices are understood to be much higher than
those of a year ago, it is generally believed that they will be
the lowest of the season. There has also been considerable
quiet booking of orders for dress goods for next fall.
FOREIGN DRY GOODS.-Trade in linens continues
quiet with prices firm. Merchants are giving attention to
the coming selling season, which will be under way within
a few weeks. In retail centres the usual January sales are
taking place and the goods offered are selling well. Arrivals
from abrdad fail to show any material increase, and buyers
are finding it difficult to place new orders. Considerable
concern has been expressed over the report that the British
Government had requisitioned all stocks of linen yarns.
Other reports also olaimed that foreign manufacturers of
household lines would not accept further orders unless buyers
were satisfied with very remote deliveries. Domestic demand for household goods continues very active. There
has been some improvement in the demand for burlaps with
the inquiry largely for light weights. Light weights are
quoted at 8.40c. and heavy weights at 9.75c.
THE CHRONICLE
178
ST/in /till) CITYD F.,:t3MITIVIEN To
News Items.
Colorado (State of).-Result of Vote on Constitutional
Amendments and Measures Submitted at General Election.-At
the Nov. 7 election the voters adopted the following proposed laws:
Law providing for care and treatment for all the insane.
Law rolatin to the 1,ivestment of the public school funds.
Law relating to the practice of medicine in the State of Colorado.
• The following laws were defeated, as were the two proposed
constitutional amendments also given below:
Proposed law to abolish the Colorado Tax Commission and transferring
its powers and duties to the State Board of Equalization.
Proposed law relating to the running of stock at large.
Amendment to the constitution to be known as Section 13, Article XII,
providing for the application of the merit system to appointments in the
civil service of the State.
Amendment to the constitution to be known as Section 3, Article XXII,
relating to the manufacture and sale of beer.
For description of all propositions submitted in November
see V. 103, p. 1442.
New York City.-New Committee on City Affairs Announced by Senate.-The new "Committee on Affairs of the
City of Now York," the members of which were announced
at the Senate session on the 10th, has for its Chairman,
Senator Ogden L. Mills of New York City. Other Senators,
members of the Committee, are: George Cromwell of
Richmond, Alvah W. Burlingame, Jr., of Kings, Charles C.
Lockwood of Kings, Charle§ F. Murphy of Kings, Robert
R. Lawson of Kings, Alfred J. Gilchrist of Kings and Albert
Ottinger of New York, Republicans; Robert F. Wagner and
James Foley of New York, and John V. Sheridan of the
Bronx, Democrats. There are three up-State members:
Senators Elon R. Brown of Jefferson Co., Theodore Douglas
Robinson of Herkimer Co. and Charles W. Walton of Ulster
County.
New York State.-Governor Whitman Issues Statement In
Explaining Budget Estimates.-On account of continued
criticism,of the tentative budget estimates which accompanied
his annual message to the Legislature on Jan. 3 (V. 104, p.
85), and of the reports that an error or duplication of over
$3,000,000 had been made in estimating what the receipts
from indirect sources would amount to for the next fiscal
'ear ending July 1 1917, Governor Whitman on the 11th
issued a statement pointing out that the deficit in State
finances for the next fiscal year will be $9,273,091 13,or if the
Legislature approves his recommendations for the pay of
troops and service at the border and other items, it will be
$11,731,091 13. In any event, he said, the deficit would not
amount to $19,000,000, as his critics had stated.
The Governor's statement is as follows:
If the persons who are attempting to analyze my budget estimate will take
the pains to read it, they will find that Exhibit "A" of that estimate gives
the statement of estimated revenues, the correctness of which is not disputed
and contains the official figures with respect to revenues. In the text
which preceded the estimate figures, a compilation made at the moment of
going to press was incorrect, but it did not in any way affect the estimate or
its conclusions. Tne figures, as shown by the statement"A"of tile estimate
together witn my estimate of appropriations required and my estimate of
appropriation lapses are as follows:
$6,o36,295 12
Cash balance, July 1 1916
56,528,601 41
Estimated treasury income to June 30 1917
49,433,556 00
Estimated treasury income to June 30 1918
2,000.000 00
Estimated appropriation lapses to June 30 1917
1,250,000 00
Estimated appropriation lapses to June 30 1918
$115,748,451 53
Total
559,534,001 68
Leas appropriations in force June 1 1916
Difference available for liquidation of appropriations of the
56,214,449 85
Legislature of 1917
The appropriation for acts of the Legislature equais the total of my
wilt be the
deficit
The
appropriation
bill
of
98.
$65,487,540
tentative
difference between 556,214,449 85, and that figure, or $9,273,091 13. If,
in addition, the Legislature approves of my further recommendations for
pay of troops and service at the border, and for other items aggregating
$2,458,000, the deficit wilt be $11,731,091 13, and not $19,000,000.
North Carolina (State of).-Republic of Cuba Withdraws
Proposed Suit to Force Payment of Old Special Tax Bonds.President Menocal of Cuba, by decree on Jan. 8 stopped all
proceedings in connection with the proposed suit recently
instituted in the U. S. Supreme Court by the Republic of
Cuba against the State of North.Carolina to force payment
of issues of 6% special tax bonds floated several years ago.
As previously stated by us, the Republic of Cuba holds
$985,000 of these bonds which were donated to it, and had
set up a claim (with accumulated interest) for $2,186,130
and costs. Arguments in the case were to have been heard
by the Court on Jan. 8. See V. 103, p. 1808 and 1910, and
also "State & City Section" for May 27 1916, page 188.
North Dakota.-Proposed Amendment to Constitution
Providing for Equal Suffrage Passed by State Senate.-On
Jan. 11 the State Senate passed a measure providing for a
constitutional amendment granting full suffrage to women
and another providing for limited suffrage. If the House
approves the measures, the limited suffrage amendment,
it is said, would be acted upon by the electorate in 1918 and
the full suffrage measure in 1920.
Russia.-Loan Syndicate Dissolved.-In our editorial
columns on a preceding page of this week's issue we refer
to dissolution of the syndicate which handled the Imperial
Russian Government 53/2% 5-year external loan.
San Juan, Porto Rico.--Bond Offering.-Sealed proposals will be received until 9 a. m. March 9 by R. H. Todd,
Mayor, at the Municipal Theater of San Juan, for $915,000
5% gold coupon refunding and improvement bonds, author-
[VoL. 104.
ized by an ordinance adopted Oct. 8 1915, and approved by
the Mayor on Oct. 9 1915, and by an ordinance adopted on
Oct. 28 1916, and approved by the Mayor on Oct. 30 1916.
Denom. $1,000. Date Jan. 1 1916. Principal and semi-annual int.
(J. & J.) payable at Muller, Schall & Co., 45 William St., N. Y. City.
Due on Jan. 1 as follows: $50,000 1922, 1923, 1924 and 1925; $52,000
1926; $55,000 1927; $58,000 1928; $61,000 1929;*$64,000 1930; $67,000
1931; $70,000 1932; $74,000 1933; $67,000 1934; $72,000 1935, and $75,000
1936.
The bonds which mature after Jan. 1 1933 will be subject to redemption
at the option of the municipality at 105% of their par value on said date
or on any interest payment date thereafter. In case of such redemption
notice thereof stating the numbers of the bonds to be redeemed and the
date of redemption shall be published at least once a week during a period
of sixty (60) days prior to the date fixed for redemption in the "Chronicle,"
and in addition sixty (60) days' notice of such redemption in writing will
be given to Muller, Schall & Co. Certified check (or cash) on some
national bank hi the U. S. or upon any bank doing business in Porto Rico,
for $20,000, payable to the Mayor, required. The bonds will be delivered
at such banking house in Washington, D. C., or in N. Y. City, as the
purchaser may designate in his bid. Purchaser to pay accrued interest
and make payment within 24 hours, of the purchase price of bonds awarded
to him at the time and place at which such bonds are offered to him. The
legality of these bonds is to be passed upon by Hawkins, Delafield &
Longfellow, N. Y. City, and the successful bidder will be furnished with
their opinion that the bonds are binding and legal obligations of the municipality. These bonds are not subject to the Federal income tax and they
are apparently exempted from taxation by the States. Farmers & Mechanics Saving Bank of Minneapolis v. State of Minnesota, 232 U. S. 516
(1914). The Government of Porto Rico may accept these bonds for
deposits of funds of that Government or as security required by any of
the laws of Porto Rico to be deposited with the Treasurer of Porto Rico.
Official notice of this bond offering will be found among the advertisements
elsewhere in this Department.
United States.-Webb-Kenyon Liquor Bill Upheld by. U.
S. Supreme Court.-See reference this week in our editorial
columns.
Liquor Advertisements Barred From Mails by Bill Passed in
U. S. Senate.-Referenee is also made this week in our editorial columns to the bill passed by the U. S. Senate on the
11th to prevent the mailing of liquor advertisements into
"dry" States.
Utah (State).-Proposed Constitutional Amendments Defeated.-The two proposed amendments to the constitution
submitted to a vote at the general election on Nov.7(V. 103,
p. 863), were defeated. The vote was as follows:
Amendment to Section 17, Article 7, relating to the duties of the Auditor
and of the Treasurer, 18,103 "for" and 42,416 "against."
Amendment to Article 13, relating to revenue and taxation, 14,057 "for"
and 55,133 "against."
Virginia.-Sixth Circuit Court Upholds Limited Assessment Act Passed by 1916 Legislature.-Judge Barksdale of the
Sixth State Circuit Court rendered a decision on the 9th,
it is stated, upholding the constitutionality of the "limited
assessment" Act passed by the Legislature in 1916 (Chapter
491, Laws of 1916),in so far as it provides that"no municipal,
county or district tax shall be levied or collected on any
assessment of intangible personal property, money or incomes
for taxes alleged to have been omitted from the assessments
for the years prior to 1912. The Richmond "Dispatch" of
Jan. 10 publishes the following concerning the Court's
decision:
The decision wes handed down in the case of the United Cigarette
Machine Co. against the Commonwealth, in which the company sought
relief from heavy back assessments made against it by Campbell Co.
Counsel for the county claimed that the limited assessment Act was unconstitutional in that it undertook to legalize the remission of taxes by the
localities, a principle recognized as unconstitutional from the standpoint of
the State.
Jt1dge Barksdale decided for the machine company holding the limited
assessment Act to be constitutional and binding upon the localities in so far
as it forbids the localities from assessing omitted intangible property for
years prior to 1912. The case will be appealed by the Commonwealth
and will come to the State Supreme Court for final decidon.
According to the "Dispatch" this is the second decision
that has been handed down by the State circuit courts
upholding this section of the law. The first case is now
before the Virginia Supreme Court, a writ of error to the
lower Court's decision having been granted this week. It is
further stated that if the Supreme Court should hold that
localities have the same constitutional right as the State to
go back to 1903 in assessing omitted intangible property for
taxation, and throw out the 1912 limitation in the present
law, many wealthy individuals and corporations will have
to pay over large sums.
Washington.-Propositions Submitted at General Election Defeated.-All the proposed Acts which were submitted
to the voters on Nov.7 were defeated. A full description of
the propositions voted upon was given by us in the "Chronicle" of Sept. 16, page 1055.
Washington, D. C.-U. S. Senate Approves Bill Providingfor Prohibition in District of Columbia.-In our editorial
columns this week reference is made to the bill passed by the
U. S. Senate on the 9th inst., providing for prohibition in
the District of Columbia.
Bond Calls and Redemptions.
Birmingham, Ala.-Bond Call.-During the month of
December City Improvement Bond No. 48 of Series of Jan.
1 1912, bonds Nos. 1 and 2 of Series 798 and bond No. 1 of
Series 839 were called for payment.
California.-Bonds Drawn for Redemption.-On Nov. 9
125 San Francisco Sea Wall bonds, dated Jan. 2 1905, of
the par value of $1,000 each, were drawn by lot for redemption upon presentation at the office of the State Treasurer,
f
JAN. 13 1917.]
THE CHRONICLE
Friend Wm. Richardson, on or before Jan. 2 1917. The
numbers of the bonds drawn are:
94, 116, 167, 184, 386, 388, 400, 406. 442, 450, 470, 481, 489, 517, 527,
544, 552, 561, 579, 597, 628, 634, 635, 646, 652, 659, 661, 668, 669, 672.
674. 681, 682, 692, 700, 719, 730. 737, 764, 780, 782, 788, 792, 818, 845.
897, 917, 941, 949, 954, 994, 1044, 1060, 1114, 1139, 1140, 1182, 1202.
1207, 1210, 1211, 1239, 1243, 1268, 1272, 1294, 1300, 1318, 1326, 1329.
1331, 1343, 1360, 1373, 1374, 1383, 1384, 1394, 1414, 1418, 1423, 1445.
1463, 1470, 1493, 1496, 1500, 1508, 1548, 1558, 1564, 1572, 1583, 1589.
1597, 1002, 1006. 1610. 1639, 1643, 1663. 1685, 1687, 1697, 1701, 1703.
1712, 1733, 1734, 1771, 1841, 1872, 1877. 1897, 1898, 1920, 1928, 1959.
1960, 1963, 1975. 1987, 1993.1994.1996.
El Paso, El Paso County, Texas.-Bond Call.-Public
School Series Two Nos. 1 to 30, $30,000 and supplementary
City Hall and Jail bonds,Nos.1 to 10, $10,000, dated Feb. 1
1899,and being optional after 15 years are called for payment
and cancellation Feb. 1 at Chemical National Bank. Interest ceases Feb. 1 1917.
Jefferson County (P. 0. Boulder)- Mont.-Bond Call.Payment will be made at the County Treasurer's office
of the following 4
refunding bonds of the Series 18991914; Nos. 77 to 96, inclusive. On and after 30 days from
Dec. 6 1916 interest will cease on these bonds.
New Orleans, La.-Bond Call.-Payment will be made
on Feb. 1 at the office of T. Wolfe, Jr., Sec. Board of Liquidation, City Debt, of $198,000 4% School Teacher's Salary
Bonds, Nos. 1 to 198, inclusive, for $1,000 each. Interest
will cease after Jan. 31 1917.
Norfolk County(P.0. Portsmouth),Va.-Bond Call.Payment will be made on Jan. 1 1917 at the Co. Treas. office
of 4M% coupon road-impt. bonds, Nos. 1 to 90, incl., for
81,000 each, dated July 1 1908, and due July 1 1928, subject
to call at any time.
Bond Proposals and Nedotiations this week
have been as follows:
ACADIA PARISH (P. 0. Crowley), La.-BONDS VOTED.-Reports
stated that the election held in Road District No. 1 on Dec. 30 resulted in
favor of the question of issuing $400,000 road-improvement bonds.
ADAMS COUNTY (P.O. West Union), Ohio.-BOND OFFERING.
Proposals will be received until 1 p. In. Feb. 2 by P. S. Clinger, County
Auditor, for $50,000 4YA 20-year refunding bonds. Auth., Secs. 5656
and 5658, Gen. Code. Denom. $500. Date Feb. 2 1917. Principal and
semi-annual interest-P. & A.-payable at County Treasurer's office.
Duo Feb. 2 1937. Certified chock on a bank other than the one making the
bid for 5% of amount of purchase price, payable to the County Treasurer,
required. Bonds to be delivered and paid for within five days from time
of award. Purchaser to pay accrued interest. Bids must be unconditional.
ARDMORE,Carter County, Okla.-BOND ELECTION.-An election
will be held Jan. 30 to decide whether or not this city shall issue $40,000 fire
department impt.and equipment and $15.000 Whittington Park impt.25-yr.
coupon bonds at not exceeding 5% int. G. II. Bruce Is City Clerk,
APLINGTON CONSOLIDATED INDEPENDENT SCHOOL DISTRICT (P. 0. Aplington), Butler County, Iowa.-BOND ELECTION.
-Reports state that an election will be held Jan. 15 to vote on the question
of issuing $50,000 building and equipment bonds.
ARKABUTLA CREEK DRAINAGE DISTRICT (P. 0. Senatobia),
Miss.-BONDS TO BE OFFERED SHORTLY.-According to reports this
district will shortly offer for sale $85,000 drainage system bonds.
ARLINGTON SCHOOL DISTRICT (P. 0. Arlington) Hancock
bids will be
County, Ohio.-BOND OFFERING.-Reports state that '
received until 12 m. March 12 by N. D. Stein, Clerk Board of Education,
for $60,000 5% 14 1-3-year average school bonds. Interest semi-annual.
Certified check for $1,800 required.
ATASCADERO SCHOOL DISTRICT, San Luis County, Calif.BOND SALE.-On Jan. 2 $3,000 6% gold bldg. bonds were awarded to
Torrance, Marshall & Co. of Los Angeles, at 106.95 and int. Other
bids were:
State Board of Control
$3,1751Calif Nat. Bk., Sacramento$3,140 35
F. M. Brown & Co., San Fran 3,1411G. G. Blymer & Co. S. F__ 3,125,00
Denom. $1,000. Date Jan. 2 1917. Prin. and semi-aim. in, payable
at the County Treas. office. Due $1,000 Jan. 1 1922, 1923 and 1924.
Bonded debt, $15,000. Assess. val., $465,190.
•
ATHENS RURAL SCHOOL DISTRICT (P. 0. Athens), Athens
County, Ohio,-BOND SALE.-On Jan. 6 the $16,000 5% 5-yr. aver.
coup. bldg. bonds-V. 103, p. 2357-were awarded to Tillotson & Wolcott
Co. of Cleveland at 102.71 and int. The other bidders were:
Prov. S. Bk. & Tr. Co.$16,379 20 First Nat. Bank, Clove..-$16,294 00
Cummings, Prudden&Co_ 16,367 00 Breed, Elliott & Harrison 16,292 00
A. E. Aub & Co
16,340 00 Security Trust Co
16,282 00
Seasongood & Mayer..___ 16,335 00 Well, Roth & Co
16,230 00
Ohio Nat. Bank
16,327 75 Stacy & Braun
16,227 54
New First Nat. Bank_ _ _ _ 16,296 00
All bids provided for payment of accrued interest.
AVOYELLES PARISH (P. 0. Bunkle), La.-BOND OFFERING.
Proposals will be received until 1 p. m. Feb. 1 by C. J. Pope, Pres. Bd. of
Supers., for $100,000 5% Tenth 'Ward Road Dist. No. 11 road construction bonds. Denom.$500. Date Aug. 1 1916. Int. F. & A. at the Dist.
Treas. office or at the National Bank of Commerce, N. Y., or some bank
to be selected by purchaser. Due yearly on Feb. 1 as follows: $1,500
1917, 1918 and 1919; $2,000 1920 to 1925, incl.; $2,500 1926, 1927 and
1928; $3,000 1929 to 1932. incl.; $3,500 1933, 1934 and 195; $4,000
1936 and 1937; 54,500 1938, 1939 and 1940; $5,000 1941 and 1942 and
1943, 1944. 1945, and 1946. Cert. check for 1% of issue, payable to the
above Pres., required. The district has no indebtedness. Assess val.
1915, (district), $1,037,500; true value, upwards of $4,500,000; official
circular states that there is no litigation pending or threatening on the
boundaries of this dist., nor the validity of the present officials to their
respective offices, or the validity of these bonds.
BAKERSFIELD SCHOOL DISTRICT (P. 0. Bakersfield), Kern
County, Calif.-BOND ELECTION.-An election will be held Jan. 16
to vote on the question of issuing $90,000 5% gold site-purchase, building
and equipment bonds. Denom. 51,000. Int. semi-annual. Due $5,000
in 8, 9, and 10 years; $15,000 in 11 years and $10,000 yearly from 12 to
17 years, inclusive. James Egan Is Sec. Board of Education.
BALFOUR SCHOOL DISTRICT (P. 0. Balfour), McHenry County
N. Dak.-BOND ELECTION PROPOSED.-Reports state that an election
will be called to vote on the question of issuing $8,500 bldg. bonds.
BERLIN SCHOOL DISTRICT (P. 0. Berlin), Green Lake County,
Wis.-BOND SALE.-On Dec.6 last an issue of $80,000 434.70 high-schoolbuilding bonds was awarded to the Berlin State Bank of Berlin for $81,865
(102.331) and interest. Denom.$500. Date Jan. 11917. Interest annually on Jan. 1. Due serially until 1937, subject to call after 1927.
BINGHAMTON,Broome County, N. Y.-BOND SALE.-The Sinking
Fund has purchased at par an issue of $25,000 4% improvement bonds.
BIRMINGHAM,Oakland County, Mich.-BOND SALE.-This village
has sold an issue of $13,300 water-works bonds.
BLACK MOUNTAIN SCHOOL DISTRICT, Buncombe County,
No. Caro.-BOND SALE.-Chas. N. Malone & Co., of Asheville, have
been awarded, reports state, $35,000 5% 20-year school-building bonds.
179
• BRADLEY COUNTY (P. 0. Cleveland), Tenn.-BOND OFFERING.
-This county will offer for sale on April 1, it is stated, an issue of $25,000
road-building bonds authorized on Jan. 3.
BONDS AUTHORIZED.-Reports state that the County Court on Jan.3
authorized the issuance of $25,000 pike road-building bonds.
BRAWLEY, Imperial County, Calif.-BONDS VOTED.-By a vote
of 209 to 80 the question of issuing $17,000 water-system bonds carried,
it is stated, at a recent election.
BRIGHTON COUNTY (P.O. Basin), Wyo.-NO BONDS SOLD.-We
are advised that the reports stating that this county sold on Dec. 16 $60,000
4% court-house bonds (V. 103, p. 2445) are erroneous.
BRILLIANT SCHOOL DISTRICT (P. 0. Brilliant), Jefferson
County, Ohio.-BONDS VOTED.-At a recent election the proposition
to issue $9,000 bonds carried by a vote of 61 to 28. it is stated.
BROADWATER COUNTY (P. 0. Townsend), Mont.-BOND.
OFFERING.-Proposals will be received until 2 p. m. March 6 by W. G.
Rogen, County Clerk, it is stated, for the $40,000 high-school-building
and $30,000 road-improvement 10-20-year (opt.) bonds voted Nov. 7
(V. 103, p. 2005). Interest (rate not to exceed 6%)payable semi-annually.
BROOKLAND SCHOOL DISTRICT (P. 0. Columbia), Richland
County, So. Caro.-BOND SALE.-The $8.500 school impt. bonds voted
July 6 1916 (V. 103, p. 259), have been disposed of.
BROWNWOOD, Brown County, Tex.-BOND ELECTION.-The
election to vote on the questions of issuing $80,000 school and $30,000 cityhall and fire-station 5% 20-40-yr. (opt.) bonds (V. 103, p. 2357) will be
held Jan. 20.
BRYAN,Brazos County,Texas.-BONDS NOT SOLD-RE-OFFERED.
-No sale has been made of the $8.000 5% 20-40-yr. (opt.) sewer-impt
bonds recently offered. The issue will be re-offered about Feb. 1. Denom.
$509. Date Dec. 1 1916. Int. semi-annual, payable at some bank in
N. Y. or Chicago. Bonded debt, including this issue, $129,500. Assess.
val. eonalized. 1915. $3,119.174. Total tax rate (per $1,000). $11 50.
It. T. Smith is City Secretary.
BUTLER COUNTY (P. 0. Hamilton), Ohio.-BOND OFFERING.
Bids will be received until 10 a. m. Feb. 1 by W. W. Crawford, Clerk of
Board of County Commissioners, for $118,000 434% 5-year road-impt.
(county's portion) bonds. Auth. Sec. 1223, Gen. Code. Denom. $500.
Date Feb. 1 1917. Prin. and semi-ann. int.-F. & A.-payable at office
of County Treasurer. Certified check for $250 required. Bonds to be
delivered and paid for within 10 days from time of award.
CALCASIEU PARISH (P.O. Lake Charles), La.-BONDS VOTED.
Reports state that the proposition to issue $260,000 canal-deepening bonds
carried at the election held in the Third and Fourth Wards on Dec. 27.
The vote was 457 to 47.
CAMBRIDGE, Guernsey County, Ohio.-BOND SALE.-On Jan. 10
the $25,000 5% 14-year aver, water bonds-V.103, p. 2258-were awarded
to the Security Says. Bank & Trust Co. of Toledo at 107.42 and int. Other
bidders were:
$26,642 50
$26,780 00 W L. Slayton & Co
Spitzer, Rorick & Co
26,612 50
Seasongood & Mayer_ __ _ 26,760 00 Ohio National Bank
26,595 00
Prov. Say. Bk. & Tr. Co_ 26,712 58 Tillotson & Wolcott Co
26,706 10 Fifth-Third Nat. Bank__ 26,542 50
Stacy & Braun
90
Co
26,279
&
Fuller
L.
F.
25
26.695
Co
&
Well. Roth
CAMPBELL COUNTY(P.O. Jacksboro), Tenn.-BOND OFFERING.
-Proposals will be received until 12 m. Feb. 3 by Wm. Allen, County
Judge, for $10,000 5% tax-free school bonds. Denom. $500. Int. semiannual. Due Jan. 11942. Certified check for 2% of amount of bid, payable to L. M. Baird, County Trustee, required.
CANBY CONSOLIDATED SCHOOL DISTRICT NO. 30 (P. 0.
Canby), Yellow Medicine County, Minn.-BONDS VOTED.-Reports
state that the question of issuing to the State of Minnesota the 530,000 4%
bldg. bonds (V. 103, D. 2173) carried at the election held Dec. 19.
CAREY SCHOOL DISTRICT (P. 0. Carey), Wyandot County,
Ohio.-BOND OFFERING.-Reports state that I. L. Culler, Clerk, Bd.
of Ed., will receive bids until 12 m. Feb. 2 for $70,000 5% semi-ann. school
bonds.
CASS COUNTY (P. 0. Logansport), Ind.-BOND OFFERING.'
U. S. Hoffman, County Treasurer, will receive bids until 10 a. m. Jan. 15
for the following 434% 6-year average highway-improvement bonds:
$15,000 Powell et al road bonds in Bethlehem Twp. Denom. $750.
8,000 Silas Storer et al road bonds in Washington Twp. Denom. $400.
Date Jan. 151917. Int. M.& N. Due one bond of each issue each six
months from May 15 1918 to Nov. 15 1927, inclusive.
CAVE SPRING, Floyd County, Ga.-BOND SALE.-J. B. McCrary,
Co. of Atlanta, purchased in December last $16,000 water-works and 54.000
sewerage-system 5% bonds. Denom. $1,000. Date Oct. 1 1916. Int.
J. & J. Due $1,000 yearly from Oct. 1 1921 to 1940, inclusive. Th3 price
paid was 101 and int.
CENTERBURG, Knox County, Ohio.-BONDS VOTED.-The question of issuing the $9,000 5% sewage-disposal-plant-constr. bonds carried
by a vote of 94 to 76 at the election held Dec. 30-V. 103, p. 2258.
CENTERVILLE SCHOOL DISTRICT (P. 0. Centerville), Apipanoose County, lowa.-BONDS VOTED.-Reports state that the question
of issuing $150,000 high-school-building bonds carried, it is stated, at a
recent election.
CHARLES MIX COUNTY (P. 0. Wheeler), So. Dak.-BONDS
VOTED.-The question of issuing $150,000 court-house bonds carried,
it is stated, at an election held Dec. 23.
CHEROKEE COUNTY (P. 0. Tallequah), Okla.-BONDS DEFBATED.-The proposition to issue $100,000 bridge building bonds ailed
to carry at the election held Dec. 22.
CHEROKEE COUNTY (P. 0. Rusk), Texas.-BOND SALE.-On
Jan. 5 the 5200,000 5% Road Dist. No. 1 road impt. bonds (V. 103, p.
2357) were awarded to the First Nat. Bank of Jacksonville, Tex., at 102
and interest.
CHILLICOTHE, Ross County, Ohio.-BOND SALE.-On Jan. 8
the $24,000 43(% 7;i-year aver, sinking fund refunding bonds-V 103,
p. 2357-were awarded to the First Nat. Bank of Chillicothe for $24,235
-100.979-and int. The other bidders were:
$24.069 60
Fifth-Third Nat. Bank_ _$24,127 20 Well. Roth & Co
24,066 25
24.125 00 Ohio National Bank
A. E. Aub & Co
24,111 11 Cummings,Prudden & Co. 24,051 00
Felbel-Elischak Co
24,102 80 Breed, Elliott & Harrison.. 24,039 00
Tillotson & Wolcott Co
24,036 00
24,084 00 Channer & Sawyer
Davies Bertram Co
24,033 56
Central National Bank.:__ 24,080 00 Stacy & Braun
New First Nat. Bank__ 24.074 40 Provident Savings Bank
24,016 80
& Trust Co
Seasongood & Mayer.. ___ 24,072 00
CHOWCHILLA UNION HIGH SCHOOL DISTRICT, Madera
of San
Co.,
&
Witter
ACCEPTED.-Blyth,
-BONDS
Calif.
County,
Francisco, have, it is stated, taken up the 550,000 5% site-purchase,
building and equipment bonds awarded to them on Dec. 6 last, but subsequently refused on the grounds of alleged technical defects in the proceedings (V. 104, p. 86). A suit was brought at the request of the purchasers, but the courts decided in favor of the district.
CINCINNATI SCHOOL DISTRICT (P. 0. Cincinnati), Ohio.
BOND SALE.-On Jan. 8 the $300,000 4% 40-year coupon school bondsV. 103, p. 2357-were awarded, reports state, to Meld, Richards & Co. of
Cincinnati at 100.90.
The other bidders were:
$302,505 00
A. E. Aub & Co., Cincinnati
301,770 00
Sidney Spitzer & Co. and Prov. Say. Bk.& Tr. Co
Well, Roth & Co.,Seasongood & Mayer and Fifth-Third Nat.Bk 301.710 00
301,517 75
Cincinnati
Banks,
German
Western
and
Nat.
Atlas
CLEARWATER, Pinellas County, Fla.-BOND SALE.-John Nuwen & Co. of Chicago have purchased the $10,000 bridge-construction
bonds voted in October last(V. 103, p. 1719).
CUYAHOGA FALLS VILLAGE SCHOOL DISTRICT (P. 0. Cuyahoga Falls), Summit County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. Feb. 1 by N. H. Rook, Clerk Bd. of Ed., for
180
THE CHRONICLE
[VOL. 104.
375,000 436% coup. school bonds. Auth. Secs. 7625 to 7628 incl., Gen. Gen. Code. Denom. 1 for $654, 36 for $500. Int. M. & S. at North
Code. Denom. $1,000. Date Mar. 1 1917. Int. M. & S. payable at Fairfield Savings Bank, North Fairfield. Due $654 Sept. 1 1918 and
Cuyahoga Falls Says. Bank, Cuyahoga Falls. Due $1,000 each six months $500 each six months from March 1 1919 to Sept. 1 1936, inclusive. Certifrom Mar. 1 1919 to Sept. 1 1928 incl., $2,000 each six months from Mar. 1 fied check on a bank other than the one making the bid, for 5% of bonds
1929 to Sept. 1 1941 incl. and $3,000 Mar. 1 1942. Cert. check (or good bid for, required. Purchaser to pay accrued interest.
surety bond)for 10% of bonds, payable to the Board of Education,required.
FORT JONES SCHOOL DISTRICT, Siskiyou County, Calif.Bonded debt, Jan. 1 1917, $30,000; assess. val., $6,210,640; total tax rate
BOND SALE.-On Jan. 2 $10,000 6% building bonds were awarded to
(Per $1,000), $1080.
the Lumbermen's Trust Co. of San Francisco, at 107.12 and int. Other
DARLINGTON, Darlington County, So. Caro.-BOND ELECTION bids were:
PROPOSED.-Reports state that an election will be called shortly to vote California N.Bk. Sacram$10,682 00 T.M.Brown&Co.,San Fr____$10,341
on the question of issuing $50,000 street-paving bonds.
Torrance, Marshall & Co.,
First Nat. Bank, Yreka
10,335
San Fran
10,612 00 Durfee, Niles & Co., Toledo.. 10,305
DAYTON, Ohio.-BOND SALES DURING 1916.-This city during
Witter & Co., S. F_ 10,556 00 Union Safe Dep.Bk.,Stockton 10,235
the calendar year ending Dec. 31 1916 disposed of $1,007,000 446% general Blyth,
G. G. Blymer & Co., S. F_ 10,501 00 Scott Valley Bk.,Ft. Jones_ _ _ 10,200
bonds. As a matter of record we print the following list:
State Board of Control
10,437 60 First Nat.B1c.,Barnesville,0- 10,101
Amount.
Purpose.
Amount.
Purpose.
Denom. $1,000. Int. ann. on Dec. 4. Due in 1926.
$17,000 Market House Impt.
$175,000 bStorm water sewer.
9,000 aParks, playgrounds.
FRANKLIN COUNTY (P.O. Columbus), Ohio.-BOND SALE.-On
25,000 bSewer refunding.
50,000 aWorkhouse.
Jan.9 the two issues of4%% bonds aggregating $23,000-V. 103, p. 2358190,000 bIntersection.
5,000 Water-works.
were awarded to Breed, Elliott & Harrison of Cincin.for $23,220 40(100.958)
50,000 bWater works refunding.
115,000 aKeowee St. bridge.
and int. The other bidders were:
20,000 cWater works impt.
130,000 aFire Department.
Ohio National Bank
$23,213 20 Security Say.Bk.& Tr. Co$23,165 60
43,000 Parks, playgrounds.
18,000 Street extension.
Tillotson & Wolcott Co
23,203 90 Cummings, Prudden & Co 23,162 00
25,000 Garbage plant.
15,000 bWater works.
Channer & Sawyer
23,189 50 New First Nat. Bank____ 23,150 00
50,000 cWater works impt.
60,000 bWater works.
23,169 20 F. Lowber Stokes
Fifth-Third Nat. Bank
10.000 Storm water sewer.
23,146 00
23,131 00
a Purchased by Wm. R. Compton Co. b Purchased by Cummings, Prov. Say. Bk.& Tr. Co__ 23.167 10 Seasongood & Mayer..
All bids provided for payment of accrued interest.
Prudden & Co. c Purchased by Estabrook & Co. Remaining issues
purchased by the Sinking Funds at par.
GIBSONBURG,Sandusky County, Ohio.-BOND SALE.-On Jan. 2
Special assessment bonds sold during the year 1916 amounted to $326,165,
and consisted of 57 issues. Of this amount, Spitzer, Rorick & Co. pur- $1,314 82 assess. and $522 60 village's portion 5% storm-sewer bonds were
chased 12 issues, aggregating $224,800, the remaining 45 issues (aggregat- awarded to Dunce, Niles & Co. of Toledo for $1,848 70, equal to 100.608.
ing $101,365) being taken at par by the City Sinking Fund.
GLENDALE, Los Angeles County, Calif.-BONDS DEFEATED.
DECATUR COUNTY (P. 0. Greensburg), Ind.-BOND OFFERING. The proposition to issue $15,000 fire apparatus purchase bonds failed to
-Bids will be received until 2 p. m. Feb. 2 by Albert Boling, County carry, it is stated, at the election held Dec. 19.
Treasurer, it is said, for $54,300 4% highway bonds.
GLOVERSVILLE, Fulton County, N. Y.-BOND OFFERING.-ProDEPEW (Village), Erie County, N. Y.-BOND SALE.-On Jan. 2 an posals will be received until 2 p. m. Feb. 1 by E. A. James, City ChamberIssue of $14,600 536-year aver. improvement bonds was awarded to H. A. lain, for the following 436% registered bonds:
Kehler & Co. of N. Y. at 100.13 for 4.15% bonds. Denom. $1,460. Int. $27,400 local impt. bonds. Denom. 26 for $1,000; 14 for $100. Date
Jan. 1 1917. Int. J. & J. Due on Jan. 1 as follows:. $6,500
J. & J. Due $1,460 yearly on Jan. 2 from 1918 to 1927 incl.
1918; $5,400 1919; $5,300 1920; $5,200 1921 and $5.000 in 1922.
DODDRIDGE COUNTY (P.O. West Union), W. Va.-BOND SALE.
27,000 refunding bonds. Denom. $1,000. Date Feb. 1 1917. Int. F. &
-On Dec. 11 last J. C. Mayer & Co. of Cincinnati were awarded $175,000
A. Due $7.000 Feb. 1 1924 and $5,000 yearly on Feb. 1 from
5% coupon Grant District road-impt. bonds at par and int. Denoms.
1925 to 1928, inclusive.
$1,000, $500 and $100. Date June 1 1916. Int. J. & D. Due $70,000
Int. payable at office of City Chamberlain or at Mechanics & Metals
yearly June 1 from 1917 to 1941 incl.
Nat. Bank. N. Y.
-A similar issue of bonds was reported sold to the State Board of Public
GRAND RAPIDS SCHOOL DISTRICT (P.O. Grand Rapids), Kent
Works. See V. 103, p. 1621.
County, Mich.-PURCHASER OF BONDS.-The purchaser of the
DRUMR1GHT, Creek County, Okla.-BONDS VOTED.-Reports $250,000 4%% school bonds for which bids were received on Dec. 18, was
state that the election held Dec. 30 resulted in favor of the question of Yard, Otis & Taylor and Devitt, Tremble & Co.on their joint bid of 104.851
Issuing $43,000 water-works-extension, $16,000 fire-dept.-equipment, and interest. See V. 103, p. 2358.
$16,000 city-hall and $25,000 storm-water-sewer and culvert bonds.
GRANT PARISH (P. 0. Colfax), La.-BOND ELECTION.-An
V. 103, p. 2358.
election will be held March 13 in Road District No.8 to vote on the propoEAGLE ROCK, Los Angeles County, Calif.-BIDS.-The following sition to issue $150,000 5% 30-year road bonds.
are the other bids received for the $70,000 5% 1-35-year serial water-plant
GRANT COUNTY (P. 0. Silver City), N. Mex.-BOND ELECTION
purchase bonds awarded on Dec. 18 to the State Board of Control for $76,PROPOSED.-Local papers state that petitions will be circulated to ask the
35, equal to 109.192 (V. 104,p. 87):
Board
of County Commissioners to call an election to submit to a vote the
William R. Staats Co., Los Angeles
$75,267
Blyth, Witter & Co., Los Angeles
74,403 proposition to issue $300,000 road-construction bonds.
E. H. Rollins & Sons, San Francisco
74,305
GRASS VALLEY, Nevada County, Cal.-BOND ELECTION PROTorrance, Marshall & Co., Los Angeles
74,303 POSED.-Reports state that an election will probably be called to vote on
Arson-Gale Co., Los Angeles
73,125 the question of issuing $40,000 water-system-impt. bonds.
A. H. Woollacott
73,000
GREENFIELD, Franklin County, Mass.-TEMPORARY LOAN.
EAST BATON ROUGE, La.-BOND OFFERING.-Sealed bids will On Jan. 11 a loan of $50,000 was awarded, reports state, to H. C. Grafton
option
discount.
Due
Nov.
10
or
1917,
at
of
Boston
at
3.30%
Nov.
15
Jr.
be received until Feb. 15 by R. T. Gibbons, Pres. Bd. of Supervisors
(P. 0. Baker), for $150,000 5% Road Dist. No. 2 road-construction bonds, of Treasurer.
GROSSE POINT TOWNSHIP SCHOOL DISTRICT NO. 1 (P. 0.
Series "C." Denom. $1,000. Prin. and semi-ann. int. (J. & D.) payable
County, Mich.-BOND SALE.-An issue of
at the Dist. Treas. office, or at the Nat. City Bank, N. Y., at the option Grosse Point), Wayne
% school bonds was awarded on Dec. 18 to E. W. Moss &
$25,000
of the holder. Due serially from Dec. 31 1917 to 1946. Cert. check for Co. of Detroit at 104.63. Denom. $1,000. Date Jan. 2 1917. Int.
$5,000 required. Any bid predicated upon the favorable opinion of any J. & J. Due in 1932.
attorney to be rendered after the bid has been made will be rejected. All
HALLETTSVILLE, Lavaca County, Tex.-WARRANT SALE.
investigations as to legality to be made before date of sale of bonds and J. L. Arlitt, of Austin, recently purchased $5,000 6% warrants dated
Nov. 15 1916. Interest semi-annual, payable in New York.
necessary data will be furnished for that purpose.
The official notice of this bond offering will be found among the advertiseHAMMONTON, Atlantic County, N. Y.-BOND SALE.-On Jan. 11
the issue of 5% 536-year aver. fire-apparatus and funding bonds-V. 104,
ments elsewhere in this Department.
p. 87-was awarded to Hornblower & 'Weeks of N. Y. at 103.70 for $12,000
EL DORADO, Butler County, Kan.-BONDS PROPOSED.-Reports of bonds. The other bidders were:
state that this city is considering the issuance of $50,000 water-filtration- Geo. S. Fox & Sons
$12,404 05 Geo. B. Gibbons & Co .,..$12,308 00
plant-installation bonds.
M.M.Freeman & Co_
12,394 56 Security Trust Co., Phila.. 12,063 75
Wm.
R.
12,360 00 Hammonton Trust Co___ 12,060 00
Compton
Co__
_
_
ELKHART COUNTY (P. 0. Goshen), Ind.-BOND OFFERING.
12,332 00
Proposals will be received until 10 a. m. Jan. 27 by Wm. H. Winship, H. L. Crawford & Co.._
County Treasurer, for $1,000
% P. J. Kauffman et al. road bonds in
HANFORD, Kings County, Calif.-BOND ELECTION PROPOSED.
Olive Twp. Denom. $100. Date Dec. 15 1916. Int. M. & N. Due Reports state that the City Trustees will make arrangements to call an
$100 each six months from May 15 1918 to Nov. 15 1922 incl.
election to vote on the question of issuing approximately $44,000 fire-dept.
A similar issue of bonds was offered on Dec. 30-V. 103, p. 2358-and impt. bonds.
we were advised that the same was awarded on that day to the Salem Bank
HARPER, Harper County, Kan.-DESCRIPTION OF BONDS.-The
of Goshen at 102.55 and interest.
$15,000 436% city-hall-building bonds recently awarded at par to D. E.
ELKO COUNTY (P. 0. Elko), Nev.-BOND SALE.-On Dec. 28 the Dunne & Co. of Wichita (V. 104, p. 87) are in the denom. of $500 and dated
two issues of 6% school bonds-V.103, p. 2358-were awarded, it is stated, Feb. 1 1917. Int. F. & A. Due $7,500 in 1927 and $1,000 yearly thereto the State Board of Investment as follows:
after.
$100,000 1-20-year serial high school-bldg. bonds at 106.803.
HARRISBURG, Saline County, Ills.-BONDS DEFEATED.-Local
55,000 1-22-year serial high-school-dormitory bonds for $58,815 75
newspaper reports state that the proposition to issue $24,000 refunding
equal to 106.937.
bonds failed to carry at the election held Dec. 21.
ELIZABETH, Union County, N. J.-BOND SALE.-On Jan. 9 the
HARRISON, Hudson County, N. J.-BOND SALE.-On Jan. 2
Issue of 4(% fire-dept. bonds-V. 103, p. 2446-was awarded to J. S.
Rippe'& Co. of Newark on their bid of $75,866, equal to 102.521 for $74,000 the issue of 43-i % fire department bonds (V. 103, p. 2447) was awarded to
J.
S. Rippel & Co. of Newark on their bid of 101.98 for $15,000 of bonds.
bonds. The following were the other bidders:
Amt. of Bonds.
Bid.
HAVELOCK SCHOOL DISTRICT (P. 0. Havelock), Lancaster
National State Bank, Elizabeth
$74,000
$75,850 00 County, Neb.-BOND SALE.-On Dec. 8 last $40,000 5% 5-20-yr.
Kissel, Kinnicutt & Co., New York
74,000
75,637 62 (opt.) building bonds were awarded to Fred Whittemore, Pres. of the FarmR. M. Grant & Co., New York
74,000
75,517 00 ers & Mechanics Bank of Havelock at 100.375 and int. Denom. to be
Ludwig & Crane, New York
74,000
75,515 29 agreed upon. Date Jan. 1 1917. Int. J. & J.
John D. Everitt & Co., New York
74,000
75,495 00
HELENA, Lewis and Clark County, Mont.-BOND SALE.-On
Geo. B. Gibbons & Co., New York
74,000
75,435 00
Stacy & Braun, New York
74,000
75,380 00 Jan. 2 the $250,000 436% refunding water bonds, Series "J" (V. 103, p.
M. M.Freeman & Co., Philadelphia
75,370 64 2174), were awarded to Elston & Co. of Chicago at 100.80 and int. Other
74,000
H. L. Crawford & Co., New York
74.000
75,228 40 bids were:
Compton Co., St. Louis, and the Spokane & Eastern
A. B. Leach & Co., New York
74,000
75,100 00
$251,975
Trust Co., Spokane
Elizabethport Banking Co., Elizabeth
75,000
75,000 00
251,925
John F. Sinclair Co., Minneapolis
BOND SALE.-The Sinking Fund Commissioners purchased at par on E.
251,800
H.
Rollins
&
Sons,
Denver
June 1 last an issue of $8,500 4% playground bonds dated June 1 1916.
251,650
R. M. Grant & Co., Chicago
Due from 1917 to 1921.
251,575
Union Bank & Trust Co., Helena
251,560
ELMORE, Ottawa County, Ohio.-BOND SALE.-On Jan. 2 the Palmer Bond & Mortgage Co., Salt Lake City
251,075
$7,480 5% 10-year street bonds were awarded to the Bank of Elmore, it is Harris Trust & Savings Bank, Chicago
251,025
Montana Trust & Savings Bank, Helena
stated.-V. 103, p. 2258.
250,668
Co., Toledo
Prudden
&
Cummings,
ESSEX, Page County, Iowa.-DESCRIPTION OF BONDS.-The Bolger, Mosser & Willaman, Chicago
*250,640
(not
$10,000
as
first
$6,500
reported) 5% water-ext. bonds awarded on
* And blank bonds.
Nov. 1 1916 to Geo. M. Bechtel & Co. of Davenport (V. 103, p. 2446),
HENRYETTA SCHOOL DISTRICT (P. 0. tlenryetta), Okmulgee
are in the denom. of $500 each and dated Nov. 1 1916. Int. M. & N.
County, Okla.-BOND SALE.-R. J. Edwards of Oklahoma City was
Due $500 yearly for 5 years, then $1,000 each year thereafter until paid.
awarded
on Nov. 13 1916 $35,000 5% 25-year building bonds. Denom.
EUCLID VILLAGE SCHOOL DISTRICT (P. 0. Euclid), Cuyahoga
Date Dec. 1 1916. Int. J. & D.
County, Ohio.-BOND SALE.-The following bids were received for the $1,000.
HIAWATHA,
Brown County, Kan.-DESCRIPTION OF BONDS.
$20,000 5% 19-year aver, school bonds offered on Dec. 30.-V. 103, p.
The $30,000 4% water-works refunding bonds awarded on Dec. 18 to the
2259.
Seasongood & Mayer____$21,440 00 Cummings, Prudden & Co_ _$21,242 Morrill & James Bank of Hiawatha for $30,025 25, equal to 100.087Tillotson & Wolcott Co_ _ _ 21,334 00 Well, Roth & Co
21,212 V. 104, p. 87-are in the denom. of $500 each and dated Feb. 1 1917.
F. C. Hoehler
21,310 00 Prov. S. B & Tr. Co
21,120 Int. F. & A. Due Feb. 1 1937.
Hayden, Miller & Co____ 21,297 25
IRVINE, Estill County, Ky.-BOND OFFERING.-Sealed bids will be
EVERGLADES DRAINAGE DISTRICT (P. 0. Tallahassee), Fla.
- received until 2 p. m. Jan. 15 by the City Clerk, for $12,000 5% 20-year
BOND SALE.-On Jan. 5 $3,500,000 6% orainage-system improvement coupon street-Improvement bonds. Denom. $500. Date March 1 1917.
bonds were awarded to Spitzer, Rorick & Co., of N. Y. and Toledo, at Interest semi-annually in N. Y. City. Certified check for $500, payable
to the "City of Irvine," required. This city has no indebtedness. As95.73. The money from sale will be available in about sixty days.
FAIRFIELD TOWNSHIP SCHOOL DISTRICT (P. 0. North Fair- sessed valuation, $600,000.
JACKSON,Madison County, Tenn.-BOND ELECTION PROPOSED.
field), Huron County, Ohio.-BOND OFFERING.-Proposals will be
received until 1 p na. Jan. 19 by M. ti. Bowser, Clerk Board of Education, -Reports state that an election will be held at an early date to submit to a
for an issue of $18,5.51 5% school bonds. Auth., Secs. 7625 to 7630, incl.. vote the question of issuing $40,000 sewerage system ext. bonds.
JAI. 13 1917.]
THE CHRONICLE
181
Reports state that the Board of City Commissioners has been petitioned
to call an election to vote on the question of issuing $100,000 bonds for the
purpose of buying stock in the Gulf Mobile & Northern By.
JEFFERSON TOWNSHIP RURAL SCHOOL DISTRICT, Scioto
County, Ohio.-BOND OFFERING.-Proposals will be received until
12 m. Jan. 22 by W. W. Sherborne, Clerk and Treas. (P. 0. Lucasville,
B. F. D.), for the $2,000 5% coup. school bonds voted Doc.4-V. 103,
p, 2259. Auth. Secs. 7625, 7626 and 7627 Gen. Code, Denom. 2 for
$200, 4 for $300. 1 for $400. Date Dec. 18'1916. Int. J. & D. at First
Nat. Bank, Portsmouth. Due $200 Dec. 18 1918, $300 Dec. 18 1919,
1920 and 1921, $400 Dec. 18 1022, $300 Dec. 18 1923 and $200 Dec. 18
1924. Certified check on an Ohio bank for $100 required, with bids for
total issue and for 5% of bonds bid for required with bids for par of the
Issue. Checks must be made payable to the above Clerk-Treasurer.
Purchaser to pay accrued interest. Bonded debt Dec. 22 1916, $400;
floating debt. $400; assessed valuation, $211,000; total tax rate (per
$1,000). $13 30.
JOHNSON COUNTY (P. 0. Iowa City), Iowa.-BOND SALE.Local papers state that Chas. S. Kidder & Co. of Chicago were recently
awarded $17.000 funding bonds.
JOHNSTOWN Fulton County, N. Y.-BOND OFFERING.-Proposals will be received until 11 a. m.
27 (time extended from Jan. 20)
13y W. J.•Eldridge, City Chamberlain, for an issue of $7,800 5% coupon
or registered pavement bonds-V. 103,
2358. Denom. $100. Date
Jan. 15 1917. Principal and semi-annual interest
-J.& J.-payable at the
p'
Johnstown Bank, Johnstown, in N. Y. exchange. Due $2,500 Jan. 1
1918, $2,200 Jan. 15 1919, $2,100 Jan. 15 1920 and $1,000 Jan. 15 1921.
No deposit required. Purchaser to pay accrued interest. Net bonded
debt Dec. 12 1916, $254,185; assessed valuation, real, $3,525,150; special
franchise, $176,149; personal, $377,800; total value, $4,079,099.
LEIPSIC, Putnam County, Ohio.-BOND OFFERING.-Bids will be
received until 12 m. Jan. 22 by C. J. Ericson. Village Clerk, for an issue of
$1.000 6% 3-year average street bonds. Denom. $200. Date Nov. 1
1916. Int. M.& N. Due $200 yearly on Nov. 1 from 1917 to 1921, incl.
Certified check for 10% of bonds bid for, payable to the Village Treasurer,
required. Bonds to be delivered and paid for within ten days from time
of award. Purchaser to pay accrued interest.
LITCHFIELD, Sherman County, Neb.-BOND ELECTION.-Reports state that an election will be held Jan. 23 to vote on the question of
issuing $7,000 electric-light plant erection bonds.
LOGAN COUNTY (P. 0. Bellefontaine), Ohio.-BOND OFFERING.
-0. W. Loffer, County Auditor, will receive bids until 1
m. Jan. 15
for $15,500 6% 2U-year average ditch bonds. Auth.. Secs. 6489
p. and 6490,
Gen. Code. Denom. $500. Date Jan. 15 1917. Principal and semi-annual interest-J.& J.-payable at County Treasurer's office. Due $1,500
each six months from July 1 1917 to July 1 1921, inclusive, and $2,000
Jan. 1 1922. Certified check or cash for $200, payable to the County
Treasurer, required. Bonds to be delivered and paid for within 20 days
after date of sale. Bidders must satisfy themselves as to legality of bonds.
LOS ANGELES COUNTY (P. 0. Los Angeles), Calif.-BOVD
ELECTION.-Local papers state that an election will be held in the Flood
Control District on Feb. 2 to vote on the question of issuing $4,450,000
flood-control bonds.
KANAWHA COUNTY (P. 0. Charleston), W. Va.-BOND OFFERING.-Sealed bids will be received until 2 p. m. Jan. 31 by L. C. Massey,
Co. Clerk, for $90.000 5% coupon Loudon Dist. road-impt. bonds authorized by vote of 643 to 32 at an election held Sept. 7 1916. Denom. $1,000.
Date Sept. 1 1916. Int. semi-ann.(M. & S.) at the office of the County
Court. Due $2,000 yearly Sept. 1 from 1917 to 1926 incl., $3,000 yearly
Sept. 1 from 1927 to 1936 incl. and $4,000 yearly Sept. 1 from 1937 to 1946
incl. Cert. check for 5% of the amount of the bid, payable to Bonner
H. Hill, Sheriff, required. Bonded debt of District, including this issue,
$175,000. Assess. val. of District, 1916, $6,180,136.
KANKAKEE COUNTY (P. 0. Kankakee), Ills.-BOND ELECTION
PROPOSED.-This county proposes to hold an election about March to
vote on the question of issuing bonds for road improvements, it is stated.
KANSAS CITY, Mo.-BOND SALE.-On Jan. 4 the $10,000 comfortstation, $250,000 bridge and viaduct and $250,000 levee and drainage
43 % 20-year bonds (V. 103, p. 2259), were awarded.to William R. Compton Co. of St. Louis for $582,820 (107.929), a basis of about 3.925%.
Other bids were:
Remick, Hodges & Co., New York
$582,114 60
Kissel, Kinnicutt & Co., N. Y., and Francis Bros. & Co., St. L_ 580,141 00
R. M. Grant & Co., Now York
579,663 00
E. II. Rollins & Son., Chicago, and Parkinson & Burr, N. Y
579,518 00
Mississippi Valley Trust Co., St. L., and Redmond & Co., N.Y_ 579,500 00
Mercantile Trust Co., St. Louis, and Blake Bros.& Co., N. Y.._ 578,178 00
Harris Trust & Savings Bank, Chicago
577,698 00
G. H. Walker & Co., St. Louis, and Estabrook & Co., Boston
577,296 00
Commerce Trust Co., Kansas City, Mo
576,072 00
A. B. Leach & Co., and R. W.Pressprich Co., both of Chicago_ 574,539 00
Cummings, Prudden & Co., Hornblower & Weeks and Geo. B.
Gibbons & Co., all of New York
573,804 00
National City Bank of New York, N. Y., and Fidelity Trust
571,375 00
Co., Kansas City, Mo
H.P. Wright Inv. Co., Kansas City Mo.: $100,000 Bridge and
211,700 00
Viaduct and $100.000 Levee and brainago..
Midwest National Bank, Kansas City, Mo.,$100 000 iirlai;
105,500 00
and Viaduct
KENDALL COUNTY (P. 0. Boerne), Tex.-BOND ELECTION PROPOSED.-Reports state that petitions have been circulated calling for an
election in Precincts Nos. 2, 3 and 4 to vote on the proposition to issue
$120,000 road bonds.
KENMORE, Summit County, Ohio.-BOND SALE.-On Dec. 29
the two issues of 5% bonds, aggregating $14,000 (V. 103, p. 2259), were
awarded to Seasongood & Mayer of Cincinnati for $14,550 (103.928) and
interest. The other bidders were:
Cummings,Prudden & Co.$14,475 00 Well, Roth & Co
$14,293 00
Tillotson & Wolcott Co.._ 14,413 15 Breed, Elliott & Harrison_ 14,282 00
Provident S. B.& Tr. Co.. 14,403 85 Spitzer, Rorick & Co
14,261 50
14,328 301
W. L. Slayton & Co
KOSCIUSKO COUNTY (P.O. Warsaw), Ind.-BOND OFFERING.
Proposals will be received until 2 p. m. Jan. 18 (and from day to day thereafter until sold) by Andrew J. Logan, County Treas. for $36,000 4 %
6-year aver. coup. Andrew A. Om et al. road bonds in Van Buren Twp.
Date Dec. 28 1916. Int. M.& N. Duo one bond each six months from
May 15 1918 to Nov. 15 1927 incl.
LACEY TOWNSHIP, Ocean County, N. J.-BOND AWARD PENDING.-The Security Trust Co. of Camden writes us that they have been
awarded an issue of $2,000 5% school bonds, but that the sale has not yet
been consummated.
LAKE COUNTY (P. 0. Crown Point), Ind.-BOND OFFERING.
M.J. Brown, Co. Treas , will receive bids until 10 a. m. Jan. 15 for the following 0
,
6% road bonds:
$20,000 John Kaiser et al. road bonds in Ross Twp. Denom. $500.
18,000 Joseph Backe at al. road bonds in St. John Twp. Denom.$450.
Date Nov. 15 1916. Int. M. & N. Transcript with approved opinion
of Matson, Kane & Ross, will accompany the bonds and no bids will be received except for immediate cash.
Proposals will be received until 10 a. m. Jan. 15 by Edward Simon,
•Co. And., for $7,800 5% Marble Powers ditch bonds. Denom. $780.
Date Aug. 11916. Int. J. & D. Duo beginning June 11917.
LAKEFIELD SCHOOL DISTRICT (P. 0. Lakefield), Jackson
County, Minn.-BONDS VOTED.-By a vote of 175 to 156 the question
of issuing to the State of Minnesota $60,000 4% building bonds carried, it
is stated, at an election held Jan. 2.
LAKE MILLS, Winnebago County, Iowa.-BOND SALE.-Geo. M.
Bechtel & Co., of Davenport, were awarded on Nov. 1 1916 $25.000
4
20-year water-works-improvement bonds. Denom. $1,000. Date
Nov. 1 1916. Int. M. & N.
McCONNELLSVILLE, Morgan County, Ohio.-BOND SALE.-On
Jan. 5 the $7,000 45i% 22j-year average street bonds (V. 103, p. 2359)
were awarded to Well, Roth & Co. of Cincinnati for $7,145 (102.071) and
interest. Other bidders were:
Seasongood & Mayer
$7,114 00 and interest
W. L. Slayton & Co
7,018 90 and interest
E. M. Stanberry, McConnellsville
7.014 00 and interest
MADISON COUNTY (P. 0. Richmond), Ky.-NO ACTION YET
TAKEN.-The County Clerk advises us that no action has yet been taken
towards the offering of the $35,000 bridge-construction bonds voted
Dec. 7 last (V. 103. p. 2359).
LAKEWOOD, Cuyahoga County, Ohio.-BOND OFFERING
Proposals will be received until 12 in. Jan. 29 by B. M. Cook, Director of
Finance, for $15,000 4)4% park bonds. Denom. $1,000. Date, day of
sale. Principal and semi-annual interest-A.& 0.-payable at Cleveland
Trust Co., Cleveland. Due $1,000 Oct. 1 1922 and $2,000 yearly on Oct. 1
from 1923 to 1944, inclusive. Certified check for 5% of amount of bonds
required. Purchas
@FedFRASER