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TV
ommerria
IN C L U D IN G
B a n k & Q u o t a t i o n S e c tio n
R a il w a y &
R a ilw a y
B a n k e r s ’ C o n v e n t io n
E a rn in g s
S e c tio n
VOL. 102
I n d u s t r ia l S e c tio n
(Sfoxom
F or One Year ..................................................................................................$10 00
F or Six M onths................................................................................................. 6 00
European Subscription (including postage).............................................. 13 00
European Subscription six months (including postage)........................ 7 50
Annual Subscription in London (including postage).............................£ 2 1 4s.
Six Months Subscription in London (including postage)......................£ 1 l l s .
Canadian Subscription (including p o s t a g e )............................................. $11 50
S u b s cr ip tio n in c lu d e s f o li o i c i n g S u p p lem e n ts —
B ank an d Q uotation (monthly)
K a il w a y E arnings (m onthly)
S t a t e and c it y (semi-annually)
R ailway and I ndustrial (3 times yearly)
E lectric K ailway (3 times yearly)
Bankers’ C onvention (yearly)
T e rra s o f A d v e r tis in g — P e r I n c h S p a c e
Transient matter per inch space (14 agate lin es)......................................
Tw o Months
(S tim es)............................
Three Months (13 tim es)............................
Standing Business Cards
Six Months
(26 tim es).............................
T w elve Months (52 tim es).............................
C hicago O ffice —30 South La Sallo Street, Telephone R andolph7396.
L ondon O ffice —E dwards & Smith, 1 D iapers’ Gardens, E. C.
W I L L I A M IS. D A N A C O M P A N Y , P u b l i s h e r s ,
F r o n t , P in e siml D c p e y s t e r S ts., N ew Y o r k .
$4
22
29
50
87
20
00
00
00
00
Published every Saturday morning by WILLIAM B. DANA COMPANY,
Jacob Seibert Jr.. President and Treasurer: George S. Dana and Arnold G. Dana,
Vice-Presidents: Arnold G. Dana, Sec. Addresses of all, Olflce of the Company
~ C L E A R IN G -H O U S E RETURNS.
The following table, made up by telegraph, &c., indicates that the total
bank clearings of all tho clearing houses of the United States for the week
ending to-day have beon $1,619,442,719, against $5,866,986,485 last week
C le a r in g s — R etu rn s b y T e le g r a p h .
W e e k en d in g J a n u a r y 15.
P er
C e n t.
1916.
1915.
Chicago-----St. Louis___
Now Orleans-
Baltimore-----
S2,312,717,412
162,830,840
193,267,142
37,369,173
299,167,612
82,795,906
24,987,602
51,371,429,951
126,822,944
121,747,327
30,344,311
259,285,081
68,117,261
21,093,069
+68.6
+ 27.6
+ 58.7
+ 23.2
+ 15.4
+21.6
+ 18.5
Seven cities, live days------------------Other cities, live days------------------------
53,113,135,687
755,419,268
51,998,849,944
599,804,218
+ 55.7
+25.9
Total all cities, live days.
All cities, one day--------------
S3,868,554,955
750,887,764
S2,598,654,162
574,820,397
+ 48.9
+30.6
S4,619,442,719
S3,173,474,559
+ 45.6
New York—
Boston_____
Philadelphia .
The full details for tho week covered by the above will be given next
Saturday. Wo cannot furnish them to-day, clearings being made up by the
clearing houses at noon on Saturday, and hence in tho above the last day
of tho week has to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with Saturday
noon, January 8 , for four years:
W e e k e n d in g J a n u a r y 8 .
C le a r in g s a t —
1916.
1915.
In c . or
Dec.
1914.
1913.
S
S
$
S
%
3,7S1.513,790 1,859,472,251 + 103.4 1,978,969,363 2,132,821,590
320,011,963 178,536.729 + 79.3 177,524,739 175,796,526
71,000,253
57,320,955
52,313,918 + 35.7
52,193.637
55,882,139
40,285,970 + 38.7
48,419,140
38,696,136
16,568,172
14.13S.869 + 17.2
14.461.54S
16,197,573
6 ,000,000
7,263,605 — 17.4
7,188,928
7,377,313
10,527,170
0,446,822 + 11.4
8,149,351
8,619,633
8,701,682
6,048,713 +43.9
5,011,768
6,116,095
3,351,683
3,944,674 — 15.0
.4,067,450
5,181,569
5,415,824
4,143,609 + 30.7
3,321,028
3,786,571
2,585,716
2,066,127 + 25.1
1,728,157
2,029,295
3,075,916
1,921,241 + 60.1
2,048,354
1,642,321
2,192,196
1,785,531 + 22.8
1,815,664
2,094,984
3,130;375
2,063,850 + 51.7
1.864,442
2,247,010
2,291,250
1,834,383 + 24.9
1,786,741
1,763,615
1,140,080
970,660 + 17.5
967,664
969,771
1,698,215
1,009,554 + 68.2
1,052,052
1,354,278
988,500
933,400 + 5.9
818,400
916,800
1,225,101
668,408 + 83.4
740,631
749,311
1,128,313
625,000 + 80.5
907,000
650,000
669,550
587,447 + 14.0
519,796
569,499
2,185,184
1,452,541 + 50.5
1,656,727
1,538,958
539,502
607,338 — 1 1 . 2
510,344
591,420
Total Middle.. 4,301,822,574 2,192,120,640 +96.2 2,312,165,915 2,472,368,223
220,916,385 153,750,459 + 43.7 160,082,736 180,038,670
10,360,300 + 22.9
12,732,500
8,909,800
8,481,900
7,214,051 + 69.9
12,259,286
5,720,536
6,249,705
4,196,220 + 32.0
5,540,902
3,288,234
3,647,213
3,001,432 + 36.8
4,106,677
2,665,487
2,990,527
2,553,192 + 58.8
2,462,541
4,055,220
2,589,998
2,289,771 +43.1
3,277,939
2,034,099
2,210,406
1,282,042 + 13.7
1,328,962
1,458,863
1,405,150
1,050,197 + 8.6
1,183,801
1,076,533
1,140,168
822,145 + 19.2
619,981
980,707
806,923
920,6S1 + 9.7
1,009,934
737,463
808,968
527,708 +3.7
516,889
547,058
506,407
Boston__ ______
Providenco __
Hartford___
New Ilaven..
Springfield____
Worcester_____
Portland.........
Full River_____
New Bedford__
Lowell . . ___
Holyoke_______
Bangor...............
Tot. New Eng.
268,025,639
N o t e .— For
187,968,19S + 42.6
190,963,734
209,399,195
Canadian clearings see “ Commercial and Miscellaneous News.”
• Owing to tho consolidation the latter part ol March 1915 ol the First National
Bank and the Security National under the name ol the First & Security Bank,
forMinneapolis bank clearings ar# being materially reduced.
FRASER
Digitized
C ity
S e c tio n
NO. 2638
I n c . or
D ee.
1916.
1915.
Chicago________
Cincinnati______
Cleveland______
D e tro it..............
Milwaukee____
Indianapolis___
Columbus______
Toledo_________
P eoria...... .........
Grand Rapids—
D a yton ________
Evansville--------Springfield, 111-Lexington______
Fort W ayne___
Youngstown___
A k ron _________
Rockford_______
Bloomington___
Quincy_________
C an ton ________
Decatur________
South Bend____
Springfield, O _
_
Jackson ________
Mansfield______
Danville........ .
Jacksonville, 111L im a __________
Ann Arbor______
Owensboro____
Adrian................
Lansing - .............
Tot.Mld.West.
5
402,920,765
35,754,551
43,276,SSI
37.6S4.94S
20,844,715
11,500,001
7,500,001
6,298,411
4,500,001
5,098,966
3,297,008
2,538,807
1,494,274
1,195,840
1,483,076
2,090,393
2,368,000
897,036
934,848
1,055,545
2,400,000
722,718
1,043,800
1,191,765
750,000
617,283
672,662
364,241
600,000
391,853
619,500
54,052
8S0.843
603,042,785
$
338,262,91(
28,968,80(
30,399,356
24,599,90!
19,152,55-;
10,245,206
6,555,90(
5,501,561
4,158,707
3,697.24S
2,487.46S
1,568,765
1,199,175
1,292,393
1,567,268
1,563,411
1,498,000
696,045
1.030.0S7
950,335
1,828,582
586,755
835,141
953,166
583,017
490,619
519,174
.321,912
500.00C
340,747
554,215
49,841
652,325
493,610,593
+53.2
+ 8.8
+ 12.2
+ 14.6
+ 14.5
+ 8.2
+ 37.S
+ 32.2
+ 61.8
+ 24.6
— 7.5
— 5.3
+ 33.7
+ 58.1
+ 28.9
— 9.3
+ 11.1
+ 31.3
+ 23.2
+ 24.9
+ 25.0
+ 28.6
+25.9
+ 29.5
+ 13.1
+ 12.0
+ 15.0
+ 11.7
+ 8.5
+ 35.0
+22.2
S
332,250,51:
31,320,700
29,312,896
27,969,038
17,607,783
9,053,566
7,303,100
6,999,22(
3,961,65c
3,623,75)
3.787.66S
1.83S.61S
1,419,144
1,315,176
1,403,699
1,975,774
2,002,000
781,715
753,932
1,003,719
1,738,589
557,622
772,449
1,007,789
940,674
597,541
561,610
427,212
589,778
284,344
571,910
61,611
668,070
494,460,866
S
322,229,734
28,583,750
29,299,975
24,487,653
15,744,881
10,046,3S7
6.428,600
5,650,105
3,896,609
3,482,044
3,220,197
1,417,128
1,394,217
1,583,681
1,403,081
2,091,657
2,022,000
835,851
653,257
915,402
1,309,470
545,618
718,683
921,691
553,275
459,432
452,870
336,443
510,100
209,008
488,727
32,341
486,496
472,610,383
San Francisco__
Los Angeles____
Seattle_________
Portland_______
Salt Lake C ity ..
Spokane..............
Tacoma________
Oakland________
Sacramento_____
San D i e g o - ._
_
Fresno_________
Stockton_______
San Jose________
Pasadena--.........
North Yakim a..
R e n o __________
Long Beach____
Total Pacific-.
69,062,383
27,736,613
13,585,680
11,875,012
12,570,462
5.041.4S3
2,071,664
4,741,851
1,836,000
2,403,503
1,156,374
1,190,370
946,663
1,215,256
500,000
413,984
775,972
157,123,270
58,022,518
22,100,021
12,257,380
11,075,889
8,540,033
4,669,898
2,486,024
4,523,031
1,982,376
2,205,820
1,001,443
952,814
881,520
887,441
426,180
332,248
658,759
133,000,395
+ 19.0
54,166,898
+ 25.5
27,248,917
+ 10.8
12,360,461
+ 7.2
11,397,329
+ 47.2
8,574,308
+ 8.0
5,204,042
— 16.7
2,275,458
+ 4.9
4,142,209
— 7.4
2,536,734
+ 9.0
2,406,288
+ 15.4
1,116,133
+ 25.0
1,103,405
+ 7.4
760,480
+ 37.0
900,000
+ 17.3
438,000
+24.4 .
321,243
+ 17.8
+ 18.1 134,951,905
56,335,994
25,110,000
12,261,196
13,215,204
8,827,496
4,734,019
3,421,318
4,149,637
2,121,593
3,323,828
1,358,367
1,115,305
850,000
1,029 571
430,609
303,844
138,587,981
Kansas City___
Minneapolis___
Omaha_________
St. Paul________
D en ver-----------St. Joseph--------Duluth_________
Des Moines........
Sioux City--------Wichita..............
Lincoln........ —
Topeka ________
D avenport------Cedar Rapids—
Fargo--------------Colorado Springs
Pueblo_________
Frem ont_______
W aterloo-...........
Helena_________
Billings..............
Hastings - ...........
Aberdeen............
Tot. oth. West.
90,883,125
*38,S09,217
25,825,495
19,605,201
12,438,072
8,445,426
6,362,260
7,319,442
4,200,000
4,481,669
3.4S0.828
1,8S9,300
2.S47.393
2,074,572
1,896,165
835,271
534,334
561,522
1,867,382
1,300,000
650,000
301,527
908,165
237,576,366
80,918,546
34,391,630
20,025,236
12,480,971
10,497,330
7,804,095
3,849,743
6,213,762
3,659,780
3,901,931
2,682,877
1,487,175
2,183,637
1,968,613
1,185,398
636,032
816,997
514,426
1,534,548
1,230,978
611.623
261,217
605,363
199,469,938
+ 12.3
+ 12.8
+ 29.0
+57.1
+ 18.5
+ 8.2
+ 65.3
+ 17.8
+ 14.8
+ 14.9,
+29.71
+ 27.0
+ 12.2j
+ 5.4
+ 60.0,
+ 31.3
— 34.5
+ 9.1
+21.7
+ 5.G
+ 6.3
+ 38.4
+ 50.0
+ 19.1
58,974,096
28,712,740
16.936,531
10,157,369
9,127,130
8,601,727
5,994,970
5,173,269
3,458,137
3,752,206
1,852,380
2,141,883
1,781,835
1,824,902
752,253
639,907
802,242
412,534
1,756,148
9S6.176
360,834
188,540
440,831
164,828,640
St. Louis---------New Orleans___
Louisville---------
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
5,6^2,801
9,443,065
4,671,698
6,624,687
2,000,000
3,500,000
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
2.032.40S
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
5,697,166
7,530,863
4,239,800
5,197,036
2,040,725
3,300,000
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
+29.4
+ 25.1
+ 54.0
— 1.9
— 23.8
+ 63.8
+ 34.1
— 4.G
— 25.7
— 0.8
+ 25.4
+ 10.2
+ 27.5
+ 2.0
+ 6.1
+ 5.5
+ 28.2
+ 6.8
+2.1
+ 6.0
+ 26.5
+ 6.1
+ 42.4
+ 4.9
— 2.2
+ 25.6
+ 65.7
T e rm s o f S u b s c r ip tio n — P a y a b le in A d v a n c e
Wilkes-Barre . . .
Wheeling.-........
Trenton.............
Y ork .................
Erie__________
Binghamton----Chester_______
Grcensburg____
Altoona.... ........
Lancaster_____
Montclair_____
and
W e e k e n d in g J a n u a r y 8 .
C le a r in g s a t —
PUBLISHED WEEKLY.
Wilmington........
S ta te
SATURDAY, JANUARY 15 1916
3P »e
New York_____
Philadelphia___
Pittsburgh_____
Baltimore_____
Buffalo_______
Albany-.............
Washington___
Rochester_____
Scranton______
Syracuse--------Reading-----------
E le c tr ic R a i l w a y S e c tio n
S e c tio n
Galveston--------Richmond--------Atlanta..............
Memphis---------Fort Worth------Savannah --------Nashville---------N orfolk..............
Birmingham----Augusta-----------Jacksonville----K noxville--------Little Rock........
Charleston------Chattanooga-----Mobile-------------Oklahoma--------M acon_________
Austin_________
Vicksburg........ Jackson____ - Muskogee.........Tulsa---------------
Total Southern 299,395,851 241,978,044
Total all______ 5,866,986,485 3,447,489,049
Outside N. Y - 2.0.85.472.695 1.588.016.798
%
+ 19.:
+ 23 A
+ 4 2 .i
j
1914.
58,408,736
27,116,318
18,844,600
10,307,648
8,663,113
9,784,331
4,178,628
6,138,010
4,090,274
3,676,888
2,456,816
1,858,404
2,067,099
2,622,765
610,397
703,272
793,442
466,128
1,565,271
1,269,442
631,221
224,104
410.000
160,886,907
1913.
87,410,549
92,020,583
23,072,211
25,174,680
15,451,438
18,027,441
10,662,105
4,715,500
4,304,000
9,271,974
9,393,615
18,193,606
20,722,603
10,002,350
10,6S0,927
9,547,749
9,353,616
5,709,171
6,280,591
10,077,807
10,944,022
4,795,396
5,760,561
4,121,238
5,949,728
2,646,991
3,287,366
3,887,352
3,841,228
1,867,160
2,236,728
2,506,604
3,200,043
3,059,363
2,910,015
3,191,041
3,034,437
1,763,666
1,475,556
2,058,000
2,271,781
4,728,060
5,285,001
3,712,574
4,429,702
469,260
502,240
555,504
632,323
1,034,050
908,199
1,065,539
1,892,587
+ 23.8 264,174.010 236,159,763
+ 70.2 3.503,605.337 3.693.953,185
+31.3 1.584.635.974 1,651,131.595
[Vol . 102.
THE CHRONICLE
180
T h e fu tu r e o f th e se w a r s t o c k s d e p e n d s u p o n
C H R O N IC L E
The
in d e x
w h ic h
to
v o lu m e
V o lu m e
ended
101
w ith
m a ile d w it h th is is s u e .
fo r
som e
years,
I N D E X .
th e
of
th e
d u r a tio n o f th e w a r .
th e
it
“ C h r o n ic le ” —
is s u e
of
D ec.
25
is
is s u e d
as
a
any
event
fo r
la p s e
sep a ra te
tim e
of
e x e c u t in g
p a m p h le t f o r c o n v e n i e n c e in b i n d i n g .
e r r a tic
The
ness
F I N A N C IA L
th e
flu c tu a tio n s
m a n ife s te d
fr o m
and
tim e
tim e
on
e v id e n c e
of
th e
c a r io u s
ch a ra cter
te r iz e d
th ese
c lo s e d .
by
th e
stock s
M any
fig u r e s
u n s u b s ta n tia l
of
d u r in g
o f su ch
m ost
n a tu re
s p e c u la tio n
th e
stock s
on
to
p rocesses
and
r e p r e h e n s ib le
n o t s u r p r is in g t h a t v e r y
g id d y
to
fa ct th a t
or
c o m p a n ie s
s itu a tio n
th e
engaged
le s s
of
are
w ith
in
a s s u r in g ,
a n o th e r
r a i l r o a d s — is
a
s p e c u la tiv e
am ong
th e
w h ile
c la s s
b e c o m in g
H e r e , t h e n , is a f i n e o p p o r
w ith
E xch an ge
But
s p e c ia l
th e
r a ilr o a d s
b e n t,
w h e th e r
p u b lic .
have
s u d d e n ly
a g a in
c o m e i n t o t h e i r o w n is n o t b e i n g g i v e n t h e i m p o r t a n c e
it
deserves.
It
seem s
to
u s it
is
d e s tin e d
to
p la y
a v e r y i m p o r t a n t p a r t in t h e g e n e r a l s i t u a t i o n .
T h e e x t e n t o f t h e i m p r o v e m e n t i t s e l f is n o t g e n e r
is
th e
th ose
th e
con cern s
a lly r e c o g n iz e d .
The
tr a n s fo r m a tio n
cam e
a ll o f a
recen t
s u d d e n a b o u t th e m id d le o f S e p te m b e r , a n d n o w th e
th a t w ar co n
r a i l r o a d s a r e a d d i n g t o t h e i r r e v e n u e s in a w a y t h a t
e x t r e m e h i g h fi g u r e s s h o u l d h a v e o c c u r r e d in
w e e k s , as it h a s c o m e
it
m a te r ia l d e c lin e s fr o m
th e
The
p re
r e c e n tly
w e r e r a is e d
fo r
on
b e c o m in g
th e
tu n ity
ch arac
ju s t
th e
m ean
s t e a d ily m o r e a s s u r in g .
and
w h ic h
year
hand
of
is
S to ck
th e
E x c h a n g e in t h e s o - c a l l e d w a r s t o c k s m u s t b e a c c e p t e d
as
oth er
stock s
orders
sh ares— w e
lim it
b e in g .
w eak
p ron ou n ced
to
th e
a
m a n u fa c tu r in g
tim e
w ar
of
S IT U A T IO N .
th e
th e
on
T H E
im p o s e s
w h ic h
e n jo y in g
A s as h a s b e e n th e p r a c tic e
in d e x
in
p r o s p e r ity
is
th e
W h e t h e r th is b e lo n g o r s h o r t ,
b e r e a liz e d
t r a c t s h a v e n o e le m e n t o f p e r m a n e n c y in t h e m , e v e n
is
if th e y
p o in t.
it
y ie ld
b ig
no
m eans
is b y
b le s s e d
w ith
ex p ected
cost
of
p r o fits
c e rta in
w ar
p r o fits
th e
th a t
con tra cts
w hen
s p e c ia l
fo r
tim e
a ll
w ill
of
and
th e
be
a llo w a n c e
m a c h in e r y
b e in g ,
to
m ade
a d d itio n s
sh ow
fo r
to
th e
p la n t
tr u ly
m a r v e lo u s .
A
fe w
illu s t r a t io n s
I t s o h a p p e n s t h a t , w h ile r a ilr o a d
con cern s
a b le
is
a lb e it
are e x p a n d in g
s till o n t h e
to
a p r o d ig io u s
red u ced
s c a le
will
be
in
gross reven u es
d e g re e , ex p e n se s are
a d o p te d
e a r ly
in
1915,
w h e n it w a s s u p p o s e d t h e c a r r ie r s w o u ld h a v e a lo n g
t h a t h a v e b e e n fo u n d n e c e s s a r y in s o m a n y in s ta n c e s
le a n
a s a p r e l i m i n a r y t o e n g a g i n g in t h e b u s i n e s s .
g r e a t e r p a r t o f t h e g a i n s in g r o s s a r e b e i n g a d d e d t o
T h e a c t i o n o f t h e m a r k e t in r e c e n t w e e k s , w h e n i t
has
been
le ft
la r g e ly
its e lf
ten ,
stock s
fifte e n ,
even
but
fr e n z y
on
of
w ere
tw e n ty -fiv e
m ore,
p o o ls ,
th e
ad van ces
s p e c ia l
w ere
w ere
th e
p rosp ect
of
of
r e s u lt
to
r e s u l t is t h a t t h e
m o s t s tr ik in g r a t io s o f im p r o v e
m e n t in t h e n e t .
W e w o n d e r if t h e r e a d e r h a s n o t ic e d t h a t b o t h th e
P e n n s y lv a n ia
S y ste m
and
th e
N ew
Y ork
C en tra l
S y s t e m , in t h e ir r e t u r n s f o r t h e m o n t h o f N o v e m b e r ,
a
T h e P e n n s y lv a n i a I t I t . o n a ll lin e s o w n e d , c o n t r o l l e d
day,
and
u n c o n tr o lle d
p u b lic
The
ju s t t o h a n d , r e p o r t g a in s in t h e n e t o f f u l l y
c liq u e s
of
gen eral
p r o fits
d u r in g
o f th em .
u pw ard
p o in ts
w ork
th e
th e
su m m er,
th a t
ahead
th e n e t, p r o d u c in g
com m en ta ry
s p in n in g
fifty
th e
s im p ly
p art
la s t
sen t
and
not
of huge
s t r ik in g
case
th e c o n t e n t io n s o f th o s e w h o h a v e c la im e d
s e n s a tio n a l
a
th e
som e
w h ic h
is
in
on
or
stock s,
except
of
th e
s p e c ia l
to
p e r io d
w h o saw
in d u s tr ia l c o n c e r n s
and
o p era ted
added
$ 7 ,7 0 0 ,1 0 2
to
its
gross
100% .
o f th e
p r e v io u s y e a r ; o n l y $ 2 ,1 9 3 ,8 4 7 o f t h is w a s o f f s e t b y
in c r e a s e d e x p e n s e s , l e a v in g a g a in in n e t , t h e r e f o r e ,
in
th e
la r g e
su m
of
$ 5 ,5 0 6 ,2 5 5 .
But
th is
la s t
is
fr o m
t h e e x e c u t io n o f w a r o r d e r s , a n d b o u g h t s t o c k s
m o r e t h a n t h e w h o l e a m o u n t o f t h e n e t in t h e p r e
w ith
u tter
v io u s y e a r , a n d
sh are
of
abandon,
th e se
w ith
a
v ie w
p r o fits , th e r e b y
to
o b t a in in g
c o m p le te ly
a
t a k in g
over
100%
h e n c e is e q u i v a l e n t t o
in c r e a s e .
c o n s id e r a b ly
o th e r w o rd s, th e
v a n ia
S tre e t.
a g a in s t n o m o r e t h a n $ 4 ,0 1 4 ,0 5 7 f o r N o v e m b e r 1 9 1 4 .
The
th ese
p u b lic
sam e
now
stock s
has
at
th ir d t o o n e -h a lf fr o m
a
it
w as
la s t
s p r in g
h a v e a r e p e titio n
w o u ld
to get som e
of
fr o m
one-
and
be as p ro n o u n ce d
su m m er,
and
o f th e s p e c t a c u la r
w itn e s s e d , if p u b lic
su ch
ch an ce
t h e e x tr e m e h ig h fig u r e s , a n d
th e b u y in g m o v e m e n t n o w
as
a
r e d u c tio n
b u y in g
a lo n e
we
w o u ld
c o u ld
s e n s a tio n a l
ad van ces
th e
w ere
m ade
p u b lic , a n d
th ey
w ith
m a lic e
th e
The
v ie w
th e ir
of
in te n d e d
gen eral
is n o
e v id e n c e
p u b lic .
The
lo n g e r b e in g
sen t
The
is
m a tte r
r e s p o n s ib ility
E xch an ge.
1915,
to
$ 1 ,0 0 4 ,6 0 9
w ere
a g e n u in e
ten
la s t
T hese,
e ffo r t
its
to
th e
to
of
e x tre m e
are
no
o v e r n ig h t.
o n ly
as
p e rfo rm a n ce s
fix in g
on
th e
correct
At
th e
w as
con su m ed
by
in c r e a s e d
expen ses,
year,
th u s
g iv in g
over
100%
a d d itio n — t h a t
4 6 1 ,3 6 2
as
a g a in s t
o n ly
$ 5 ,0 0 7 ,2 4 1
fo r
N ovem ber
1914.
T hese
tw o
sy stem s
are
not
o n ly
r e p r e s e n ta tiv e
r o a d s , b u t t h e ir r e s u lts a r e t y p i c a l o f t h e r e s u lt s f o r
r a ilr o a d s c o lle c t iv e ly .
O u r c o m p ila tio n
fo r th e
m o n t h o f N o v e m b e r , c o m p r is in g a ll t h e r a ilr o a d s o f
t h e U n it e d S t a t e s , w ill a p p e a r n e x t w e e k .
roads
ta b u la te d
up
to
th e
p resen t
tim e ,
F o r th e
c o v e r in g
2 4 1 , 8 0 5 m i l e s o f r o a d , t h e r e is a g a i n o f n o le s s t h a n
$ 0 5 ,8 3 9 ,0 9 4 in g r o s s a n d
o f $ 4 9 , 0 9 9 , 4 3 0 in t h e n e t .
th e
tim e
in
T h e a d d it io n a l r o a d s s till t o b e in c lu d e d w i l l c e r t a in ly
and
su ch
as
s w e ll t h is
E x c h a n g e it s e lf o r t h o s e
m a n a gem en t.
m ade
o f th e
stock s
p o in ts
now
m u ch
th e
p resen ce
th a t
fifty
y e a r ’s
d u r in g
c r e d it o n
fo r
is
im p o r ta n c e
d is g r a c e f u l in
r e fle c t n o
r e s p o n s ib le
fo r
o f th e
reason
up
of
now
added
is t o s a y , t h e n e t f o r N o v e m b e r 1 9 1 5 s t a n d s a t $ 1 1 ,
th e
e ffe c t.
T h ere
S y ste m
B u t , a s i n t h e P e n n s y l v a n i a c a s e , t h i s g a i n in t h e n e t
th e p u b lic .
had
C en tra l
is m o r e t h a n t h e w h o l e a m o u n t o f t h e n e t in t h e p r e -
w it h t h e m a r k e t , b u t t h e m a n ip u la t o r s , w ith
w ith
Y ork
l e a v i n g a g a i n i n t h e n e t o f n o le s s t h a n $ 0 , 3 9 4 , 1 2 1 .
< v io u s
aw ay
N ew
$ 7 ,3 9 8 ,7 9 0 t o it s g r o s s f o r t h e m o n t h , o f w h ic h o n l y
th en
r e s u lts .
a fo re th o u g h t, w h o ran
th e
1 9 1 5 s t a n d s a t $ 9 ,5 8 0 ,9 1 2
a c c o m p lis h
ad van ces
T h e t r u t h is , it w a s n o t t h e p u b lic t h a t r a n a w a y
in v e ig lin g
S im ila r ly
N ovem ber
P e n n s y l
t h e m a r k e t o u t o f th e h a n d s o f t h e h a b it u e s o f W a ll
of
n e t fo r
In
no
e v il.
tim e
w as
to
$ 5 0 ,0 0 0 ,0 0 0
a g a in
in
o f $ 0 6 ,0 0 0 ,0 0 0
in
gross
and
of
n et.
T h e s h o w i n g f o r D e c e m b e r is l i k e l y t o b e m u c h t h e
I s a m e , a s t h e p r e lim in a r y s t a t e m e n t w h ic h w e p r e s e n t
J an. 15 1916.1
THE CHRONICLE
181
covered, seems to assure for the whole of Africa
for the calendar year lately closed the greatest yield
of the precious metal in its history. The total
ingly are that for November and December com production for December, at 781,111 fine ounces,
bined the increase in railroad earnings will reach compares with 695,137 fine ounces in 1914 and
776,406 fine ounces in 1912 and for the 12 months
$125,000,000 'i n gross and $100,000,000 in net.
reaches 9,093,671 fine ounces, against 8,378,138
This is a striking and a huge sudden expansion in
fine ounces, and 9,124,299 fine ounces, respectively.
revenues.
The loss from 1912 (the record year), it will be
Let the reader ponder well the significance of
observed, is 30,628 fine ounces, but in the mean
such a degree of improvement. An addition of
time, the output of Rhodesia has advanced from
125 million dollars to gross and of 100 million dollars
less than 650,000 fine ounces to about 900,000 fine
to net in these two months alone! If it were not
ounces, and other sections of Africa, collectively,
for the uncertainties connected with the war, the
have not fallen behind. It is evident, therefore,
absolute inability of anyone to say what the ulti that the aggregate production of Africa for 1915
mate consequences of that unparalleled conflict was some 700,000 fine ounces greater than in 1914
are to be, a very buoyant speculation in the and at least 200,000 fine ounces in excess of 1912.
railroad shares could be confidently counted Furthermore, this considerable gain over 1914 in
upon.
.
Africa, and augmented production in the United
As it is, it means a tremendous improvement in States and Canada, seemingly much more than offset
the credit of the roads, ability to borrow for new losses elsewhere. Consequently, it is to be expected
capital needs beyond anything known in recent that our forthcoming review of the world’s gold pro
years, with a corresponding increase in ability to duction in 1915 will cover a new high record output.
to-day for that month, covering only about one-third
of the mileage of the country, registers an increase in
gross of over $20,000,000. The indications accord
enter upon comprehensive plans for the prosecution
of development and improvement work.
In that way the huge expansion in revenues now
taking place cannot fail to prove a stabilizing in
fluence when the manufacturing companies are
deprived of further war orders and have to return
to normal conditions and content themselves once
more with their regular routine business.
The cotton and ginning report issued this week,
covering the period from the beginning of the season
down to January 1, further strengthens belief that
the December estimate of the Agricultural Depart
ment rather understated the growth from last
spring’s planting. Already ginning operations in
Georgia and Florida have turned out greater totals
than the estimates for those States, and subsequent
to January 1 last year some 180,000 bales came
out. Moreover, in the Carolinas only 38,000 bales
remain to be ginned to reach the estimate, against
328.000 bales in 1915. Arkansas, 31,000 bales,
against 86,000 bales; Texas, 237,000 bales, against
430.000 bales; and Oklahoma, 69,000 bales, against
134.000 bales. Furthermore, for the whole belt
only 518,000 bales measures the quantity yet to be
ginned, if the Department’s estimate is not to be
exceeded. This compares with 1,462,000 bales
last year and 635,000 bales two years ago. But,
while the estimate (11,661,000 bales, exclusive of
linters) is apt to be moderately exceeded, such a
contingency carries with it no menace to the stability
of values, which have been well maintained, not
withstanding the difficulties in the export situation.
The present stock of cotton in the world (visible
and invisible) while large, is presumably less than
a year ago at this time, and with American con
sumption heavier than ever before does not threaten
to become redundant or unwieldy, notwithstanding
the curtailed demand from abroad. Finally, a
large stock, anent the dawn of peace, is much to be
desired.
The Transvaal report of gold mining operations
in December 1915, showing, as it does, a marked
gain over the result for the same month in 1914,
and, in fact, setting a new high record for the period
In the House of Commons on Tuesday evening
the Compulsory Military Service Bill passed its
second reading without division. This action was
taken in response to a request from the Premier
after a motion to reject the measure had been
defeated by a vote of 431 to 39. This compared
with a vote of 403 to 105 on the bill’s first reading.
The debate was closed by Arthur Henderson, Presi
dent of the Board of Education, who said he had
the authority of Earl Kitchener and the General
Staff for the statement that “ we require at once not
only the unmarried men enrolled under the Derby
scheme, not only the married men who are waiting
to be called, but also the whole available part of the
650,000 men with whom this measure deals.”
It now is stated that the labor crisis has merely
been delayed and that as soon as compulsory service
is actually forced there will be widespread labor
troubles, expecially among the coal miners. How
much real basis there is for this belief cannot be
gathered from the cabled dispatches, but there
can be no question that political sentiment in Britain
is highly unsettled at the moment. This is an in
fluence that tends to check London stock market
activity. Nevertheless, it seems evident that the
crisis in the Cabinet has passed.
Whatever the final results of the war, there seems
no reason to doubt that British trade will be found
to have made rapid strides and that a good part
of the gain in this direction will be maintained.
A “ trade war” is to be maintained after peace has
been declared, if the plans of the President of the
British Board of Trade are practicable. On M on
day a resolution of great importance was passed in
the House of Commons calling for the co-operation
of all the British Dominions and the Allies of Great
Britain for a war of trade against Germany. The
resolution follows :
T hat, with a view to increasing the power of the
Allies in the prosecution of the war, his M ajesty’s
Government should enter into immediate consulta
tion with the Governments of the Dominions in
order, with their aid, to bring the whole economic
strength of the Empire in co-operation with the
Allies in a policy directed against the enemy.
182
THE CHRONICLE
The discussion on this resolution took a much
broader scope than originally intended when Walter
Runciman, President of the Board of Trade, sup
plemented remarks that he had made some time ago
that^war against German trade must be continued
after the peace treaty is signed. M r. Runciman said:
“ There are signs that Germany is feeling the pressure
of our blockade. Her food supplies are depleted.
Ours are increasing. When peace is concluded it
must be made clear that we will not permit the eco
nomic war which Germany would wage against our
selves and our Allies.”
Continuing, M r. Runciman
declared that the British Empire would recuperate
after the war much faster than any other country.
“ Then it will be our d uty,” he added, “ to aid as far
as we can France, Russia, Italy and our other Allies.
I would even add Germany at the bottom of the list,
for no man would wish to see a period of prolonged
poverty in Germany. But we have the right to
demand that in the recuperation of Germany nothing
be done to injure Italy, France, Russia or Great
Britain. Moreover, I am not prepared to wait for
the end of the war to take steps to deal with this
matter. It has been all along the policy of the Brit
ish Board of Trade to capture German trade while
the war is still on. In the case of South America
we have since the war began developed a trade that
I hope will continue long after the cessation of hos
tilities. British traders, despite the handicap of
the war, have worked wonders in trade development.
W e have completely broken down the German
monopolies in optical glass, dyes, electrical apparatus
and certain chemicals, and these monopolies will not
again be renewed. The policy of the Board of Trade
is that there shall be no essential article either for
the arts or peace or war that we cannot produce within
either Great Britain or the Em pire.” M r. Runciman
declared that the Board of Trade was looking ahead
and must ask the co-operation of the Dominions.
“ W e m ust,” he said, “ see that the control of the met
als of the Empire passes entirely from German hands.
W e must keep control of the world’s coal. W e must
secure control of the supply of oil. As regards
shipping, we must see that foreign subsidized ship
ping shall not have free run of bur ports to the dis
advantage of our own ships. While the war is on
we must do everything in our power to destroy Ger
man finance, credit and trade.”
In conclusion,
M r. Runciman said: “ The work of the Board of
Trade shall be to see that after the war Germany does
not have the opportunity of reorganizing her com
mercial system before our trade has begun to flow
in ever increasing volume; to see that Germany has
no chance to reconstruct her war machinery.”
Diplomatic relations between Washington on
the one hand, and Berlin and Vienna on the other,
are on a more cordial basis. A report was current
early in the week, which, however, has not been
confirmed, that the Austrian Charge d’Affaires at
Washington has presented to Secretary Lansing
a communication from his Government disavowing
all responsibility for the sinking of the British steam
ship Persia. Washington dispatches claiming to
give a summary of the communication, asserted
that the Austrian Admiralty had received official
reports from all its commanders of submarines and
that not a single underwater boat had been in the
vicinity of the Persia and that, as a matter of fact,
not one of the commanders had seen the unfortunate
[Vol. 102.
vessel. It seems difficult to imagine that the
report could be entirely without foundation, though
official authorization is not available. Meanwhile,
following the assurances of the virtual acceptance
of America’s demands as noted in last week’s issue,
by the German Foreign Office, Secretary Lansing,
on Saturday, made public the text of a note from
Germany dealing with arbitration of the points of
difference over treaty interpretation involved in
the consideration of the destruction of the American
sailing ship W m . P. Frye. The position taken by
Germany in this new note is regarded as satisfactory
by the Administration at Washington. But its
outstanding feature is not what it says regarding
the method of fixing the damages which Germany
has already agreed to pay for the loss of the Frye.
It is Germany’s acceptance of the American con
tention that the mere placing of human beings in
an open boat at sea does not satisfy the requirements
of international law and of humanity. On this point
the note says :
The German Government quite shares the views
of the American Government that all possible care
must be taken for the security of the crew and
passengers of a vessel to be sunk. Consequently,
the persons found on board of a vessel may not be
ordered into her lifeboats except when the general
conditions, that is to say, the weather, the condition
of the sea, and the neighborhood of the coasts,
afford absolute certainty that the boats will reach
the nearest port. For the rest the German Govern
ment begs to point out that in cases where German
naval forces have sunk neutral vessels for carrying
contraband, no loss of life has yet occurred.
There is reason to believe, too, that a basis has
been reached for the settlement of the remaining
points of difference between the United States and
Germany in the Lusitania case. A tentative agree
ment has been reached and has been forwarded by
Count von Bernstorff, the German Ambassador,
to the German Foreign Office for approval.
The
text has not yet been published, but the scope of
the agreement is understood to embrace the follow
ing terms : First— Germany to declare that the
attack on the Lusitania was illegal; Second— Ger
many to pay an indemnity for the loss of American
lives caused by the sinking of the Lusitania. It is
understood that there is no flat disavowal of the
Lusitania attack, but that the form in which Ger
many repudiates it will be a declaration to the
effect that the attack was an act of reprisal against
an illegal condition provoked by Great Britain,
and that, therefore, it was illegal.
Announcement was made early in the week in an
official British statement that the remaining posi
tions held by the Allies on the Gallipoli Peninsula
have all been abandoned. The statement declares
that “ all the guns and howitzers were got away, with
the exception of seventeen worn-out guns which were
blown up by us before leaving. Our casualties
amounted to one member of the British rank and
file wounded. There were no casualties among the
French.” The Turkish war office has issued a report
asserting that “ the rearguard of the enemy were
annihilated,” and claiming that a huge amount of
supplies was left behind. This news has not un
naturally caused keen disappointment in England.
It was accompanied by the announcement of the
sinkingTof a large British battleship by a mine.
This^wasIthe’jKing Edward V I I ., one of the finest
Jan. 15 1916.]
THE CHRONICLE
of the latest class of predreadnaughts, a vessel of
16,330 tons, laid down in March 1902.
In the week’s military operations chief interest
has been taken in the Montenegrin situation. Cabled
advices suggested that an armistice has been agreed
upon for the purpose of arranging a separate peace
between Montenegro and Austria, though yesterday’s
dispatches report the capture by the Austrians of
Cettinje, the Montenegrin capital. Early in the
week Austrian troops captured the great M onte
negrin stronghold, M t. Lovcen, which was regarded
as the Gibraltar of the Adriatic. The loss of this
stronghold is a grave menace to Italian inter
ests. The fact that Italy’s superior fleet did not
prevent an Austrian squadron from assisting in the
reduction of M t. Lovcen, which dominates the harbor
of Cattaro, is surprising. English and French troops
are being landed in large numbers at Saloniki, that
point being apparently the new field of operations for
the troops that have been withdrawn from the Gal
lipoli Peninsula. Reports printed on Friday morn
ing declared that the Teutonic Allies had started a
combined attack against Saloniki but later advices
contradicted the statement, the rumors apparently
having originated in the activity of the P rench in
blowing up the bridges connecting Saloniki with the
roads over which the attackers would normally
travel. In the Eastern theatre of war hard fighting
is reported , but news from Austrian and Russian
sources appears to be about equally scarce, each
side being unusually reticent with regard to the op
eration. The Austrian official communication re
cords renewed desperate attacks by the Russians on
the Bessarabian frontier, but insists that attacks
everywhere were repulsed. There have been no im
portant developments on the Western front; the
blowing up of a large German munitions depot near
Lille is admitted in the German communications.
According to one account, this was the result of a
British air raid. The English press believes that the
cautious wording of the German report conceals
a disaster of large proportions.
The Mexican situation has again become the
source of concern. Seventeen Americans have been
murdered by followers of Gen. Francisco Villa, pre
sumably as a mark of that outlaw’s animosity for the
United States following the recognition of Gen.
Carranza. Sixteen of the number were lulled on M on
day by Mexican bandits after being taken from a
Mexico Northwestern train fifty miles west of Chi
huahua C ity, robbed and stripped of their clothing.
The news was first received by H . C . M yles, British
Vice-Consul at El Paso, from British Consul Scovell
at Chihuahua City. The Americans were returning
from Chihuahua to mining properties at Cusihuiriachic. The train carried a large amount of
currency besides the great quantity of supplies that
had been sent by the American Smelting & Refining
Co. to their mines. Pressure is being brought to
bear in Congress upon President Wilson to intervene
in Mexico, but M r. Wilson is steadfastly refusing to
send an armed force. The capture of Gen. Rodri
guez, Gen. Almeida and several other Villa chief
tains by Carranza’s forces near Madera, the scene
of the murder, is announced in dispatches from E .
Paso. Almeida was shot immediately and the sum
mary execution of Rodriguez has been ordered by
Gen. Gabira, commanding the Mexican garrison
183
at Juarez. Secretary Lansing has made it clear that
the United States would expect from the de facto
Mexican Government evidence that the murderers
have been punished, and that if proper steps were
not taken an issue might arise between the United
States and the Carranza Administration. The state
ment was considered significant of the determination
of the United States to enforce protection of its
citizens in Mexico. The Secretary has also given
another warning to Americans in Mexico to leave
districts “ where there is revolutionary trouble.”
Gen. Carranza yesterday telegraphed his Ambassa
dor at Washington as follows: “ The murderous at
tack on the passenger train near Chihuahua was made
by the only remaining band of outlaws in that region.
This band is being pursued by my troops with a view
to insure its capture; whereupon condign punishment,
which their crime deserves, will be applied to every
guilty participant. Troops of the Constitutionalist
Government have been ordered to establish partol
from end to end of the railroad line, in order to forefend against similar outrages.” Senator Lewis on
Thursday introduced a resolution to authorize the
sending of armed forces of the United States into
Mexico to protect American citizens and their prop
erty. He asked that it lie over without action for
the present. His request was granted.
Senator
Works of California yesterday offered a resolution
authorizing and directing the President to intervene
in Mexico to establish and maintain a government
there until it is safe to withdraw.
The resolution
was referred to the Foreign Relations Committee.
The seventeenth victim was officially
reported
on Thursday, namely Bart Kramer, who was killed
near Juierra, sixty miles west of Santa Ysobel, in
Chihuahua. General Carranza has given assur
ances that he will act at once to “ remedy the sit
uation.” General Victoriano Huerta, ex-provisional
President of Mexico, died at his home in El Paso on
Thursday night from intestinal trouble after four
operations. He was sixty-one years old.
Cable dispatches published last Saturday gave
details of the prices at which the British Treasury
announced it was prepared to purchase American
securities under the securities mobilization scheme.
They appear in full on a subsequent page of this
issue. Evidently they are arbitrary, as the basis
of the exchange rates does not appear to have been
made public. Since the establishment of the prices
last week two fractional reductions have been re
ported. Presumably, these reductions affect the
entire list, though there is no available basis for
details. These securities, when purchased, are, it
will be recalled, to be paid for in 5 % Exchequer
bonds— or in cash.
There is, of course, no re
striction to prevent the sale in the open market of
the Exchequer bonds so received. On the other
hand, very little has been reported by cable of the
proposal of the Government to borrow securities.
London cable correspondents agree that there is
no present intention on the part of the British
Government to sell in any way that will depress
values the securities that are being purchased.
The London correspondent of the “ Journal of Com
merce,” in a cable dispatch on Thursday, referring
to this feature, said that the Treasury itself, it was
understood, would not sell at present any of the
securities it purchases. “ It will rely upon the fact,”
the correspondent said, “ of its known position to
18 4
THE CHRONICLE
[Vol. 102.
issue will mature in one year and be available on a
5 % % basis. The Paris Bourse this week has been
quiet, but the market has shown a firm undertone.
The new war loan has been in demand at a slight
premium. Shipping shares also were firm as a result
of the announcement that the Government, in order
to meet the transportation crisis resulting from the
shortage of shipping facilities, had decided to ask the
National Assembly to authorize an advance by the
Treasury of 100,000,000 francs to ship owners so that
they may increase their fleets by purchase of Allied
or neutral vessels. After examining various plans to
facilitate the provisioning of the country to lessen
the drain on national wealth occasioned by high freight
rates and assure development of the merchant
marine, the Government has, the preamble states,
decided that the encouragement to private initiative
is the best method. The bill, therefore, empowers
the Treasury to make advances up to the sum men
tioned for the acquisition of ships. The funds will be
lent at the interest rate prevailing in the Bank of
France for advances on securities. Seventy per cent
is the maximum proportion of the price of new ves
sels to be advanced to companies already owning
20,000 tons shipping or more, and 8 0 % to those
Dividend declarations of the London banks for owning less, or for new enterprises. Repayment is
the last half of 1915 were well maintained, though a to be made by companies of the first class in three
few reductions were made. Large amounts neces annual sums; by those of the second in four and by
sarily were applied against the depreciation in the fishing companies in eight. In each case the first
value of securities held. Reports of eight leading payment will be due one year after the purchase of
joint-stock banks that have thus far been published the ship. Steamships will be examined by Govern
show an aggregate of £2,743,000 written off for de ment experts before purchase.
preciation of investments compared with £1,096,000
The final returns for the French loan for the
for 1914. The total includes £642,000 for the Lon
don City & Midland, which wrote off nothing for national defense show total subscriptions of 15,
1914.
The depreciation that thus has been provided 000,000,000 francs ($3,000,000,000), according to
for does not take into consideration that many securi the “ Petit Journal,” which states that all figures
ties are still protected by minimum prices. Nothing have been checked and classified. This is 1,000,
has yet been definitely arranged in the direction of 000,000 francs greater than was recently estimated
completely removing all minima. The banks in by Minister of Finance Ribot. An unexpectedly
December opposed the removal. Possibly now that large amount from banks whose returns had not
the half-yearly statements have been compiled the previously come in accounts for the increase.
Mail advices give additional details of the sub
objections will not be continued, and London, like
New York, will become a thoroughly free and un scriptions to the loan. The arrangements for
enabling the millions of soldiers in active service to
restricted market.
There has been no announcement yet of the date subscribe were far from complete. M . Ribot, the
for the new British loan, which it is quite generally French Minister of Finance, estimated that $120,
conceded must soon be offered. Sales of Exchequer 000,000 of the loan had been taken in England.
bonds with which the British Government is financing Switzerland is also reported to have taken $150,
the war at the present time continue on a satisfactory 000,000— in which must be counted certain foreign
scale, but it is only a question of time when some subscriptions through Swiss banks, very possibly
more permanent form of financing must be under some of them from countries which are fighting
taken. Bankers are said to be investing quite freely against France. A t home, the Bank of France alone
in Treasury bills the funds recently employed in the received subscriptions for more than $600,000,000.
year-end balance sheets. Home railway shares have The members of the official Stock Exchange— the
ruled quite strong on the London market in antici “ Seventy” of the Parquet— are said to have taken
pation of favorable results of the semi-annual divi in their own name $150,000,000. Friendly and
dend declarations which will be begun on Jan. 27. mutual aid associations, labor and professional
The recent New South Wales loan for £2,500,000 unions, school teachers and religious societies, all
was not a success as a public investment, 7 5 % of the came forward to invest their funds for their country.
total amount having been left with the underwriters. In comparison with previous great loans, the bank
The Stock Exchange committee on Thursday an ing and speculative element was noticeably small.
nounced an increase in the minimum commission on This may be gathered from the fact that, out of
British Government securities to A % ', heretofore scarcely 25,000,000 people whose funds are liquid,
A % has been the minimum. Bank shares have been over 2,000,000 individual subscriptions to the loan
in demand as a result of the maintenance of dividends. have been received. This must represent a full
half of the French families not in the war zone.
Treasury bills of the French Government to the
A t the opening session of the new Prussian Diet
amount of £10,000,000 will be issued in London to
replace bills falling due on Monday next. The new on Thursday the Finance Minister, Herr Lcntze,
sustain the market at a moment’s notice to exercise
a moral effect.
Sales in any event will be at
established prices and there will be no competition
by the Government in the form of offerings in New
York at unfixed prices. Such unlimited sales would
not be fair to those holders who have merely loaned
their securities to the Government.” The result
of the mobilization scheme, it is declared, has been
to cause London’s market for American securities
to become a mere reflex of W all Street. The British
Treasury, it seems, revises its prices daily, offering
at the opening each day a fraction above what might
be regarded as the open market level. The London
“ Tim es,” discussing the exchange position in its
issue of Thursday, said: “ One of the most satis
factory features of the money market for the past
day or two has been the large amount of American
buying of bills, including Treasury bills, and the
resultant improvement in the exchange rates.”
The “ Tim es” believes that a further extension of
the list of American and Canadian securities which
the Treasury is prepared to purchase will shortly
be announced and will include a number of highclass preferred shares.
Jan. 15 1916.]
THE CHRONICLE
asked authorization of an issue of exchequer bonds
amounting to 150,000,000 marks ($35,000,000).
D r. von Bethmann-Hollweg, German Imperial
Chancellor and President of the Council of Ministers
of Prussia, read the speech from the Throne. M em
bers of both houses and diplomatists were present.
The Chancellor announced the presentation of a
new bill increasing the income tax, explaining that
although the strength of Prussia’s finances was not
broken an enormous additional sum was needed for
the rehabilitation of East Prussia and for the com
pletion of Prussia’s network of railroads. He also
conveyed the thanks of the King-Emperor to “ those
who are fighting at the many fronts, and to those in
Germany and all over the world who have con
tributed to the financing of the State.”
Official bank rates at the leading European centers
remain as last quoted, namely 5 % in London, Paris,
Berlin, Vienna and Copenhagen; 5 % % in Italy,
Norway, Sweden and Portugal; 6 % in Russia, and
4 J ^ % in Switzerland, Holland and Spain. The open
market rate in London remains at 5 3 4 % for sixty day
and three months’ bills indiscriminately. A 4 3 4 %
private bank rate is still reported from Berlin, but
at other Continental centers the rates are entirely
nominal, negotiations being based upon the official
bank rates. The rate of discount of the Bank of
Bombay was raised yesterday from 7 to 8 % . M oney
in London is quoted at 4 3 4 @ 4 ^ 4 % against 4 3 4 % a
week ago.
185
£700,000 earmarked Egypt and £207,000 bar gold
sold). W e add a tabular statement comparing for
the last five years the different items in the Bank of
England return:
1916.
1915.
Jan. 12.
Jan. 13.
Circulation............. £34,338.000 £35,174,625
Publio deposits------ 53.553,000 44,832,895
Other deposits..........104,076,000 116,055,097
Govt, securities----- 32,839,000 18,068,460
Other securities-----107,360,000 108,220.545
Reserve notes & coin 35,413,000 52,636,269
Coin and bullion... 51,301,834 69,360,894
Proportion of reserve
to liabilities------22.46%
32.71%
Bank rate...............
5%
5%
1914.
Jan. 14.
£28,471,320
7,647,913
46,065,073
12,148,974
29,723.622
29,869,547
39,890,867
1913.
Jan. 15.
£28,078,715
10,688,542
41,484.817
13,035,483
31,577.071
25,644,895
35.273,610
1912.
Jan. 17.
£28,044,040
16,983,685
39.607,987
15.270,184
31,665,009
27,712,507
37,306,547
55.63%
4«%
49.13%
5%
49.00%
4%
The Bank of France in its weekly statement shows
an increase of 9,099,000 francs in its gold holdings
and 327,000 francs in silver. Note circulation indicates an expansion of 116,084,000 francs, general de
posits a decrease of 61,579,000 francs, discounts a
decrease of 56,761,000 francs, Treasury deposits an
increase of 57,143,000 francs and advances a decrease
of 4,815,000 francs. The gold stock is 4,997,699,000
francs. In December 1914 the total reported to the
French Chamber (the publication of the weekly state
ment having been suspended) was 4,492,789,000
francs; in January 1914 the amount on hand was
3,511,850,000 francs. Note circulation now aggre
gates 13,634,684,000 francs; in December 1914 it
stood at 9,986,041,000 francs and in January 1914
6,011,381,645 francs. General deposits are 2 ,0 5 5 ,
121,000 francs, against 947,571,861 on July 3 o ’ 1914
and 577,030,305 in January 1914. Discounts ag
gregate 2,219,639,000; in July 1914 the total was
2,454,280,425 and in January 1914 1,607,702 653
francs.
A gain of £199,274 is reported by the Bank of
England in its gold item this week. This is quite
in line with the firmer condition of the exchanges be
tween New York and London which is discouraging
The Imperial Bank of Germany as of Jan. 7, which
additional shipments of gold to this country by Lon
was received by cable on Tuesday, reports an increase
don, although rates still are well under the normal
of 2,550,000 marks in gold and a decrease of the large
gold import point here. The total reserve increased
sum of 355,641,000 marks in the cash item, which
£1,055,000, representing the contraction of £856,000
includes Treasury certificates and notes of other
in note circulation in addition to the increase in the
banks in addition to gold and silver. The large
precious metal. Public deposits were decreased
reduction of 476,988,000 marks was reported in the
£4,604,000, showing active Government payments,
deposits and of 304,577,000 marks in note circula
while other deposits were reduced £1,759,000. The
tion. Loans registered the moderate decrease of
largest change in the statement was the reduction
323.000 marks, but discounts the large reduction of
of £7,387,000 in the loan item (other securities);
414.483.000 marks. Treasury bills were 2,480,000
which is not unnatural in view of the culmination of
marks higher. The Imperial Bank now holds in
the end-of-the-year payments and the return of funds
gold 2,447,550,000 marks, which compares with
to the market which permitted the banks to pay off
2.073.755.000 marks in 1915 and 1,169,000,000 marks
their loans from Threadneedle Street. The Bank
in 1914. The note circulation is 6,614,423,000 marks
now holds £51,301,834 in gold, which compares with
which compares with 4,785,290,000 marks in 1915
£69,360,894 in 1915 and £39,890,857 in 1914. The
and 2,306,060,000 marks in 1914.
reserve aggregates £35,413,000. One year ago it
was £52,636,269 and two years ago £29,869 547.
The local money situation is without new feature.
The loan item, as a result of the large reduction this Demand loans have remained pegged at 1 % @ ,2 % 7
week, now stands at £107,360,000 and compares which have been, respectively, the lowest and highest
with £108,220,545 in 1915 and £29,723,622 in 1914. figures each day during the week. This compares
The Bank reports as of Jan. 8 the amount of currency with a range of 1 % @ 3 % last week. The tone of the
notes outstanding as £97,140,351 against £97,525,099 market is an easy one, owing to the absence of im
the week preceding. The amount of gold held for portant demand. The chief business of the week, so
the redemption of such notes remains at £28,500,000. far as time money was concerned, appears to have
Our special correspondent furnishes the following de taken the form of renewals of expiring loans. Trade
tails by cable of the gold movement into and out of and industry are not showing any important new
the Bank for the Bank week: Inflow, £1,619,000 (of demand for funds. Last Saturday’s bank statement
which £1,076,000 bar gold bought in the open market, indicated an increase of $7,871,130 in the surplus
£325,000 released from miscellaneous account and above requirements, bringing the total up to $153,
£218,000 net received from the interior of Great 822,260, which compares with $120,579,810 a year
Britain); outflow, £1,420,000 (of which £225,000 ago. The loan item increased $4,565,000, making
exported to the United States, £150,000 to Spain, the total $3,262,171,000, against $2,188,899,000 a
£54,000 to Canada, £84,000 to Continental points, year-ago .^ D e m a n d deposits increased during the
THE CHRONICLE
186
fVoL. 102.
days. The exports were the largest for any week
week $9,147,000 to $3,323,888,000; net time deposits i
since that of December 11, when a total of $98,
increased $7,880,000 to $159,859,000; reserves m
408,234 and an excess over imports of $60,350,401
“ own vaults” increased $13,630,000 to $503,679,000,
were shown. Very little is being heard just now
of which $425,257,000 was specie; reserve in Federal
of new orders for war material being placed with
Reserve banks increased $3,830,000 to $169,108,000,
American manufacturers and, so far as has been
while reserves in other depositaries decreased $ 7 ,3 8 3 ,
reported, there have been no “ repeat orders” on old
000 to $54,641,000. The bank statement in greater
contracts. In other words, as we have pointed out
detail appears on a subsequent page of this issue.
in recent issues, the movement of war material is
Referring to money rates in detail, the range each
showing signs of having culminated. There still
day, as already stated, has been 1 ) 4 @ 2 % On
are to be large deliveries on old contracts, some
M onday, Tuesday and Wednesday the renewal basis
manufacturers, in fact, having only just begun to
was 2 % and on Thursday and Friday 1 ) 4 % - For
make formal deliveries. Meanwhile, efforts are
fixed maturities sixty-day funds closed at 2 ) 4 © 2 2 4 %
being made by the European countries to restrict,
(unchanged for the week); ninety-day funds at 2 /4 %
as far as possible, their importations of ordinary
(unchanged); four months 2 ) 4 @ 3 % (unchanged ;
merchandise from this country in an endeavor in
five months and six months at 3 % (unchanged).
this way to conserve their resources. The gold
Rates ruling a year ago for time money were 3 / 4 ©
arrivals this week from London have aggregated
dy 2% for the various maturities. Commercial paper
$1,595,000, including $1,000,000 on the Adriatic which
discounts remain at 3 @ 3 ) 4 % for sixty and ninety-day
arrived on Saturday, and $595,000 on the Philadelphia
endorsed bills receivable and for six months’ single
names of choice character. Names not so well on Thursday.
known are still quoted as high as 3 ) 4 % • Hie Federal
Reserve Board approved this week for the Boston
Reserve Bank a discount rate of 3 ) 4 % ^on com
mercial paper running over ten days to thirty days,
inclusive.
C o m m e r c ia l P a v e r —
1 t o 10 (lay s m a tu rity
11 t o 30
"
31 t o 60
"
“
61 t o 90
“
“
A g ricu ltu r a l a n d
L iv e -S io c k P a p e r —
91 d a y s t o 6 m o n th s m a tu rity
T r a d e A c c e p ta n c e s —
1 t o 10 d a y s m a tu r it y .
31 t o 60
“
“
61 t o 90
"
"
C o m m o d ity P a p e r —
1
t o 30 d a y s m a tu r it y .
31 t o 60
“
“
61 t o 90
"
“
-
8
S
-
a
■
3
1
3
ft.
3
3H
R ich m o n d .
R E D IS C O U N T S .
£
j
oy
B o s to n .
CLASS
| C lev ela n d .
FEDERAL RESERVE BANK DISCOUNT RATES.
3
3
4
4
4
4
4
4
4
4
4
4
4H
4
4
4
5
5
4M
5
5
3K 3 M 3
3H 3 H 3
3 X 334 3
3M
3H
3H
3
3
... 3
3H 3M
3 H 3 Yi
4
4
4H
3H 3M
3 H 3K
3H 4
3
__ 3
... 3
A u th orized ra te fo r d isc o u n t o f b an k ers' a cce p ta n c e s, 2 t o 4 % .
A rate o f
to 4 % o n pu rchases o f tra de a ccep ta n ces b y the N e w O rleans bra n ch
3H
of the A tla n ta F ederal R ^ e r v e B ank in th e op en m a rk et, w ith o u t th e en d orsem en t
of a n y b a n k , w as a p p r o v e d D e c . 16.
The sterling exchange market has displayed under
lying firmness, although rates have not risen appre
ciably from the closing figures of a week ago, and
have not again reached the high level (for the cuirent movement) of 4 78, which was touched last
week. Active selling of American securities by
London has been a feature of the week. This selling
has been quite aside from the so-called mobilization
plan of the British Treasury, which was placed in
practical operation this week and to which we
refer more in detail on a preceding page. Remit
tances on account of these sales have furnished a
steady demand for bills. On the other hand, lack
of shipping facilities has recently been operating
against the activity of exports of merchandise,
although some improvement in volume is shown
by the weekly return of our foreign trade through
leading customs districts. For the week ending
January 8 reports from the thirteen leading customs
districts showed the large total of $91,725,553 in
exports, but only $38,649,052 in imports, leaving
a balance in favor of the former of the large sum
of $53,076,501, which compares with $25,652,641
the week preceding and $24,730,965 the week before
that— both these weeks, however, containing holi
Compared with Friday of last week, sterling ex
change on Saturday was somewhat easier, while
quotations ruled within narrow limits, at 4 7 6 ©
4 76 )4 for demand, 4 762 4 © 4 77 for cable transfers
and 4 7 2 2 4 @ 4 73 for sixty days. On M onday weak
ness developed at the opening as a result of an accu
mulation of commercial offerings, although later
buying by large banking interests brought about a
rally; the range for demand was 4 7 5 @ 4 75 5-16,
cable transfers 4 7 5 ) 4 @ 4 76 3-16 and sixty days
4 7 2 @ 4 7 2 )4 . Active buying by large banking
interests caused firmness on 1 uesday and rates ad
vanced to 4 7 5 ) 4 @ 4 7 6 )4 for demand, 4 7 6 ) 4 ©
4 76 15-16 for cable transfers and 4 7 2 ) 4 @ 4 73 for
sixty days; the arrival of additional large amounts
of American securities from London was mainly
responsible for the increased demand. On Wednes
day renewed foreign selling of American stocks and
bonds induced a further advance in sterling rates
and demand bills moved up to 4 7 6 ) 4 @ 4 7 6 )4 , cable
transfers to 4 77 3 -1 6 @ 4 77 9-16 and sixty days to
4 7 3 @ 4 73 )4 - A weaker tone was evident in the
initial transactions on Thursday with fractional de
clines under a liberal supply of commercial bills; later
in the day, however, the market rallied on inquiries
in connection with fresh arrivals of securities from
abroad; quotations were 4 7 5 ) 4 @ 4 7 6 ^ for demand,
4 7 6 2 4 @ 4 7 7 )4 for cable transfers and 4 7 3 @ 4 73)4
for sixty days. On Friday the market ruled some
what irregular, with 4 76 3 -1 6 @ 4 7 0 /4 for demand,
4 76 1 5 -1 6 @ 4 77 l-16 fo r cable transfers and 4 7 2 2 4 ©
4 73 for sixty days. Closing quotations were 4 73
for sixty days, 4 76 15-16 for demand and 4 77 for
cable transfers. Commercial on banks (sixty days)
closed at 4 7 1 )4 , documents for payment (sixty days)
at 4 7124 and seven-day grain at 4 75 )4 Cotton
for payment closed at 4 7 5 2 4 © ^ 75J4l grain for
payment at 4 7 5 2 4 @ 4 75 )4 .
The Continental exchanges have been megular.
Reichsmarks have shown some recovery from the low
level of 71)4» which was touched last week, last
evening’s closing figure for demand bills being 7624>
after a rate of 77 being quoted earlier in the day.
It is reported that the German authorities have deter
mined to release some gold from the Reichsbank for
export in order to check the weakness, though there
has been no direct confirmation of this report, and
the weekly statement of the Reichsbank as of Jan. 7
•an . 15 1916.]
I
THE CHRONICLE
187
does not suggest it. The closing price of reichsmarks
W e e k e n d in g J a n u a r y 14.
In to
Out o f
N e t C h a g n e In
B a n ks.
B a n ks.
B a n k H o ld in g s .
a week ago was 73 for checks (a recovery from the
Banks’ Interior movement
low figure already mentioned), and cable transfers Sub-Treas. oper. and gold Imports.. S18.971.000 $4,964,000 Gain $14,007,000
22,674,000
18,618,000 Gain 4,006,000
T o ta l.................. ..
finished last evening at 76^2 against 7 3 % a week
541,645,000 823,582,000 Gain $18,063,000
ago. Austrian kronen closed at 12.85 against 12.30
The following table indicates the amount of bullion
a week ago and 12.25 the low record price (which in the principal European banks:
was reached last week). In Paris exchange on Lon
J a n u a r y 13 1916.
J a n u a r y 14 1915.
B anks o f
don closed (on Thursday) at 27.90 against 27.80
G o ld .
Sttver.
T o ta l.
G o ld .
SU ver.
T o ta l.
on Thursday of last week. In New York bankers’
£
£ ■
£
checks on Paris finished at 5 84 and cable transfers England.. 51,301,834
,301,834
,360,894
,360,894
France_ 199,909,520 14,016
_
,925,880
,000,000 14,000
,000,000
5 83 against 5 8 3 % and 5 8 2 % a week ago. Bankers’ Germany 122,383,950 1,700
,083,950
,485,500 2,396
,881,600
Russia . . 187,855,000 3,526
,381,000
,785,000 4,792
,577,000
Aus. Hunc
sight drafts on Amsterdam closed at 4 4 % @ 4 4 % Spain___ 51.578.000 12,140
,718,000
,578,000 12,140
,718,000
34.689.000 30,116
,805,000
,924,000 28,352
,276,000
Italy____ 43.904.000 4.304
,208,000
against 4 4 % a week ago, cable transfers at 4 4 % @ Nctherl’ds 36.386.000
.607,000 2,777
,384,000
488
,874,400
,140,000
140
,280,700
600
,980,000
,380,000
4 4 % (a loss of 1 % for the week), and commercial Nat.Belgh 15.380.000
600,
.9S0.000
Switz’land 10,005,900
,005,900
,470,400
,470,400
Sweden . .
6.873.000
,873,000
,809,000
sight at 4 3 % against 44. Italian lire have shown Denmark. 5.931.000
,809,000
159,000
,008,000
260,000
.268,000
,644,000
,246,000
,246,000
marked weakness, the closing quotation being 6 76 N orw ay.. 3.644.000
Tot. week
67,118,760 S36.959,954 701,793.79
457 800
and 6 75 for sight and cables respectively, as against Prev. week 769,841,204 07,294,58QI835,221,850 698,S99;S931 ~65 ^ -lO O 767 251 -.94
767,927,270
eS
701:835:393
6 59 and 6 58 last week. Greek exchange remains
c July 30 1914 In both years, h Aug. 6 1914 In both years.
nominally on the basis of 5 1 5 % sight bills. Checks
on Copenhagen at 27.40 against 27.80 a week ago,
P R E S ID E N T IA L C A N D ID A T E S .
while demand bills on Norway and Sweden are 27.70
It is a long-established tradition of American poli
against 28.10. Russian rubles are 2 9 % against tics that unofficial and informal proposal of candi
2 9 % @ 2 9 % last week.
dates for the Presidency occurs around the beginning
The par of Scandinavian exchange is usually con of a Presidential year. The practice, it is true, has
sidered to be 26.80. The present rate is, as noted been somewhat discountenanced during the past
above, 27.70, which compares with the recent mini generation by discovery from practical experience
mum quotation of 24.25. A t the time Scandinavian that the launching of “ booms” at so early a date
exchange was at a discount heavy shipments of was likely to defeat its own purpose— probably be
commodities were being made from the United States cause opposition within the candidate’s own party
to Scandinavian ports, partly for the account of was sure to be consolidated. W e suppose that recog
Germany. Under the Order-in-Council subsequently nition of this fact was largely responsible for the
promulgated by Great Britain the Scandinavian series of refusals, by well-known public men, to
trade with the United States was restricted. A t the permit their names to be inserted in the recent
present time Great Britain, which is opposing ship Presidential primary nominations of various States.
ments from America, is supplying the wants of these Nevertheless,, it has always been difficult to prevent
countries. This has been instrumental in causing a some demonstration at this time by supporters of
sharp rally in Scandinavian exchange here. The one or another candidate. It has also been recog
sale of large amounts of American securities in New nized that a movement for renomination of a Presi
York by Germany through Scandinavian countries dent already in office need not be similarly prema
was also a factor in causing kronen to advance to a ture, because, unless such candidate is actually un
premium. These same conditions have applied, popular with the country at large or personally un
though in more moderate degree, to Dutch and Swiss willing to serve again, the bringing forward of his
exchange. Cabled advices from Berlin say the Ger name distinctly clears the field for the Administra
man bankers attribute the recent weakness in marks tion party’s campaign.
to a sympathetic English attack upon German credit
All these tendencies have been visible in certain
in neutral cities and finanical centers. Bankers were recent political incidents. President Wilson has
said to express little concern and were arguing that avoided the necessity of a personal announcement of
the increased rate means practically no loss to Ger his candidacy by permitting publication of a letter
many, because Germans have no debts to pay in written to Ex-Representative A . Mitchell Palmer in
New York. A dispatch from Berne (Switzerland) February 1913, a month before inauguration day, in
states that the remarkably sudden fall of the mark which M r. Wilson set forth his views of a second term.
there in a few weeks from 108 to 92 is the chief topic Beginning by stating his opinion (already proved to
in Swiss financial circles and the cause of grave mis have been mistaken) that “ there ought never to be
givings in Germany. The fall of the Austrian another Presidential nominating convention, and
kronen in Switzerland is distressing the pro-Germans. there need never be another,” M r. Wilson declares
Sixty Swiss francs can now purchase 100 Austrian that “ the question is simply this— shall our Presi
kronen.
dents be free, so far as the lawis concerned, to seek a
second term of four years, or shall they be limited
The New York Clearing-House banks, in their by Constitutional Amendment to a single term of
operations with interior banking institutions, have four years, or to a single term extended to sixyears?”
gained $14,007,000 net in cash as a result of the cur
“ To change the term to six years,” the letter pro
rency movements for the week ending Jan. 14. ceeds, “ would be to increase the likelihood of its being
Their receipts from the interior have aggregated too long, without any assurance that it would, in happy
$18,971,000, while the shipments have reached cases, be long enough.” Pointing out the increasing
$4,964,000. Adding the Sub-Treasury operations tendency to hold a President responsible as the leader
and the gold imports, which together occasioned a and prime mover of his party’s legislation, M r. Wilson
gain of $4,056,000, the combined result of the flow then asks, “ W h y in such circumstances should he be
of money into and out of the New York banks for responsible to no one for four long years” ? “ Put
the week appears to have been a gain of $18,063,000, the present customary limitation to two terms into
as follows :
the Constitution, if you do not trust the people to
188
THE CHRONICLE
take care of themselves; but make it two terms (not
one, because four years is often too long) and give
the President a chance to win the full service by
proving himself fit for it .”
M r. Wilson was careful to say in this letter, “ I am
not speaking for m y own re-election.” His state
ment of views, however, must to some extent at least
be judged in connection with the Democratic plat
form of 1912, which declared, “ W e favor a single
Presidential term, and to that end urge the adoption
of an amendment to the Constitution making the
President of the United States ineligible for re
election, and we pledge the candidate of this conven
tion to this principle.” This is undoubtedly awk
ward for M r. Wilson; not only because the conven
tion undertook to pledge him individually, but be
cause he has himself appealed to other “ planks” in
that platform as a pledge to the people which necessi
tated certain public policies. This difficulty can
hardly be overcome by the argument that the
Presidential-term plank was inserted by Bryan in
committee (possibly with ulterior personal views of
his own), and adopted by the convention in the last
hours of an exhausting session. The same thing
might be said of almost any other declaration of a
national convention.
W e shall not undertake to argue the merits of the
controversy over restriction of a President to four
years of service, except to say that, on the broad
general question, the American people as a whole
probably approve the traditional practice of permit
ting a second term and no more. The idea of limi
tation to one term undoubtedly arises from a wish
to prevent use of executive patronage for securing
renomination. But even so, the limitation would
raise the other difficulty to which M r. W ilson’s letter
referred; that the President, under such circum
stances, would not be under the restraint of seeking
public vindication of his first-term policies and
achievements. He could not be unseated if ineffi
cient, nor could he be re-elected, however efficient.
The plans of an opposition party are always ob
scure at so early a date as this; the marked exception
in the past being M r. Cleveland’s candidacy for re
nomination in 1892, after the intervening term of
President Harrison. A t the present time M r.
Roosevelt, being in the nature of a perpetual candi
date, could hardly escape discussion, especially when
the Progressive Party, which represents practically
nothing but an organization to advance M r. Roose
velt’s personal claims and ambitions, is still nominally
in the field. Presumably by the direction of the
candidate, who is an astute politician, the meeting of
the Progressive National Committee at Chicago last
Tuesday did not mention his name in the declaration
of principles there promulgated.
It was asserted that “ our people are seeking leader
ship of the highest order and most courageous charac
ter,” under which the party’s policies should be
carried out “ by a man who has the wisdom to for
mulate them and the manhood to fight for them .”
Aside from this sufficiently general declaration, it
was proposed, as perhaps the main issue, that “ be
cause of the failure of the Wilson Administration to
deal adequately with national honor and industria
welfare, this country faces problems of graver anc
more far-reaching consequences than any since the
Civil W a r.” That declaration was naturally to be
expected, when M r. Roosevelt’s own candidacy in
1912 had been defeated by that of M r. W ilson. In
[Vol . 102.
its definite proposals, the Committee sets forth the
party’s desire for “ an effective program of social and
industrial justice at home and the protection of
American citizens and rights abroad” ; also “ con
structive Federal regulation rather than the destruc
tive disruption of efficient business organizations,”
“ a permanent non-partisan tariff commission,” and
“ a provision for equal suffrage.”
It is added—
without, however, any show of emphasis or enthusi
asm— that “ to the Progressive platform of 1912, as
above summarized and amplified, we pledge our con
tinued allegiance.” This last declaration has excited
more or less disrespectful comment; inasmuch as
the initiative, the referendum and the recall of judi
cial decisions, which the Progressive platform vehe
mently advocated in 1912, are now quite suppressed
as vital issues in the party’s mind, except by the
meaningless pledge last cited. Four years of obser
vation may have proved that those planks were not
so popular as the bolting Republicans imagined in 1912.
The truth, however, as every man of political in
sight knows, is that the Progressive Party as an
effective political organization is already moribund,
if not absolutely dead. The majority of really con
spicuous supporters of that party in 1912 have now
either publicly recanted and rejoined the Republican
ranks, or else are carefully refraining from any act
or word which would commit them to further con
nection with the vanishing third party. Under such
circumstances, the only hope which the leaders still
left in the party can entertain of accomplishing any
thing, lies in the effort to force on the regular Re
publican organization either their principles, or their
candidate, or both. The declaration of principles
already quoted shows that these leaders will not in
sist on adoption by the Republicans of the peculiarly
Progressive principles; hence it is reasonable to sup
pose that their main ambition is to prescribe the
candidate.
As to this, we have often heretofore expressed the
opinion that self-respecting Republican voters could
never forgive the selfish, treacherous and altogether
malignant assault by M r. Roosevelt on the party
which had honored him, and on the President whom
he had himself virtually installed in office. M r.
Roosevelt’s candidacy is at present mainly based on
his very much advertised attitude as the advocate
of immediate and extreme measures, going to the
verge of breaking off all relations with Germany,
and introducing retaliatory measures, before or in
instant sequence to the Lusitania episode— if not, in
deed, to the invasion of Belgium. In this attitude
M r. Roosevelt has no doubt embodied the sentiment
of a good many American citizens who have been
impatient at the long delay and tergiversation of
the Berlin and Vienna Foreign Offices, in responding
to the demands of our State Department. Y et it
may very greatly be questioned whether such propa
ganda as M r. Roosevelt has somewhat explosively
voiced would be at all effective with the American
people as a whole, if the diplomatic victory at
Washington over the Teutonic Foreign Offices should
be visibly complete.
When with these considera
tions are combined the recollections of 1912, and the
very evident disintegration of the Progressive Party,
it is not easy to imagine acceptance of such a candi
date by the Republican convention. Nor is it easy
to picture any result of such action, except the driv
ing of a great mass of indignant Republican voters
to the side of M r. Wilson.
Jan. 15 1916.]
THE CHRONICLE
18 9
For the President’s renomination by his party is to restrain any legitimate interests. If the process
virtually assured, despite the convention declaration
was overdone and the good intentions were not
of 1912— this because any other action would now
realized, or if the operations were not, on the whole,
amount to repudiation of the party’s own achieve
expedient, this does not change the fact that they
ments during the past three years. W e imagine that
were not in any real sense “ monopolizing.” This
the Republican leaders will move cautiously and de
was consolidation, with the intent of increasing
liberately in their selection of available candidates, efficiency, the same process which has been going
leaving events between now and convention time to
on in transportation (as in other fields) all over the
determine the logical selection. The advocacy of country, these many years. As one of the counsel
Justice Hughes as Republican nominee has not veil said, a strict application of the prosecution’s
greatly impressed us as a practical suggestion. M r. theory Would impute criminality to every important
Hughes himself has made it perfectly understood that railroad officer, since roads grow into systems only
he disapproves on principle the making the Supreme by coming together, therefore not only the New
Court a field from which to draw political nominees. Haven
but the entire railroad enterprise of the
It is impossible to deny that this must be the attitude United States” was really on trial. The truth of
of any thoroughly sincere public man who has accep this comment must be admitted, for not the details
ted a place in the Federal Supreme Court. The of the process but the process itself was accused,
alternative involves some possibilities most danger and that process was consolidation.
ous to our political system. The time of critical test
The test is really very simple, for the sole alter
of that Court in public opinion is not yet wholly native to railroad units is combination of those
past; and even if members of the Court could, under units. The time has been when he who wished to
such circumstances, always hereafter restrain them go to Boston from this city by what is now the
selves from judicial actions or utterances designed to Springfield route had to pass over one road to New
appeal to the political humor of the moment, it would Haven, over another to Springfield, over another
never be possible to free them from seemingly plausi to Worcester, and over another to Boston, just as
ble imputation of such purposes.
he who wished to reach Buffalo had to use successive
T H E N E W H A V E N C A SE A N D G O VERN M EN T
PROSECUTIONS.
The trial of “ the New Haven cases,” begun in the
Federal Circuit Court October 13,- upon criminal
indictments found almost eleven months ago, ended
on Sunday afternoon by acquittal as to six and
continued disagreement as to five former directors
of this unfortunate railroad. Putting aside for
the moment all except the question whether the
defendants have violated any statute, we must
recognize an overwhelming presumption of inno
cence. For these men are men of affairs, careful to
keep on the side of safety, and well provided with
competent legal advisers. While nobody can cer
tainly foresee what a jury may do, the probability
that such men as these and so well fortified by legal
talent would not act outside the terms of statute
is almost hopeless of overcoming. The prosecution
has entirely failed to overcome it.
In the handling of this road’s many and com
plicated affairs there have been errors of judgment
and of unhappy result; but at present we have no
thing to do with those, for the defendants were not
charged with bad judgment but with a criminal
conspiracy. W as there any conspiracy “ in restraint
of trade or commerce among the several States or
with foreign nations,
any intent or possibility of
destroying or lessening competition in the matter
of transportation? Did any of these men, in the
terms of the penal section, monopolize or attempt
to monopolize, or combine or conspire with any
other person or persons to monopolize, any part
of the trade or commerce among the several States
or with foreign nations?”
short links. The modern continuous journey, upon
thiough tickets and checks, and without change
of car over almost continental distances, has been
made possible only by consolidations; furthermore,
consolidations have had an even more important
effect, not attainable otherwise, in raising the rail
road of to-day to its unmatched efficiency of train
load and its certainty of service under ever-increasing
demands. If consolidations and systems could be
and were fought to the extreme end, that end would
be units and dissimilarities, which would logically
extend beyond timetables to rolling-stock and
bridges and roadbeds. As one instance, have the
tioubles caused by the Erie’s broad-gauge of long
ago been forgotten? Would the country tolerate,
or could it endure for a single month, the old inter
ruptions of waiting for connecting trains and trans
ferring baggage, at the end of each successive
disjointed link ? The people are using modern
facilities, forgetful that they did not always exist,
and some are talking of generally interchangeable
mileage-books, while government is attacking the
foundation stone of the whole, in the professed
interest of the nation.
“ Courts and juries (said Judge Hunt in this case)
have nothing to do with the economic questions
which may be involved in the rules of trade and
commerce, crystalized in the national statutes; such
rules may be thought wise or unwise, but whether
they are is immaterial to this inquiry.” This agrees
with the proposition that judges are only to inter
pret the law and those who make law must bear
the results, and it was most rigidly declared by the
Supreme Court, in the Northern Securities case of
long ago, where it was held that a course which
made a wrong possible was against the statute,
This was the sole question on trial, and a glance though wrong neither was intended nor done.
at the map of New England should suffice to answer But economic law is more powerful than courts or
it. The two great systems combined do not lie in legislatures, and that highest tribunal was irresis
the same territory, do not have the same terminals, tibly brought to affirm the rule of reason as the
and do not reach out in the same directions. They highest and last authority.
are not parallel; they are supplemental and mutually
That rule of reason remains now. This New
supporting, rather than competitive. The natural Haven case adds another to those upon which the
effect of union was to build up New England, not Supreme Court must ultimately try to reconcile
19 0
[Vol. 102.
THE CHRONICLE
extravagance in prosecution with a modus vivendi
for transportation and business. Clearly, that
Court cannot free itself from the consideration of
possible consequences, however it may adhere to
the theory of judicial non-accountability for them,
nor can it attempt to abandon a standard of test
which was forced upon it by an irresistible neces
sity of the situation. But is it not time to inquire
whether the country should not, and really must
not, obtain the same limitations to reason in prose
cutions under a general statute as the Supreme Court
has been forced to apply in the interpretation of
the same statute?
In this latest case, the jury are said to have stood
eight to four for acquittal of all the defendants,
and the compromise, which was gladly accepted
by suggestion from the Court, must be taken as
substantially defeat for the prosecution. Whether
the persistent minority were unconsciously obsessed
by the notion that there must have been some wrong
in such large transactions, and the men longest in the
directorate were the likeliest to have done it, need
not be considered; after the strain of 55 days’ attend
ance, it is not wonderful if some found it easier
to adhere doggedly to a notion that size is wrong
than to diligently apply the simple tests of
reason.
The motives of the prosecution, which is said to
have been personally urged by M r. Wilson himself,
are more fit for inquiry. W e have the old assur
ance repeated that persons whose transactions are
entered upon in good faith, with good motives, and
in the belief of their lawfulness, will not be crimin
ally prosecuted; in short, that only bad persons
and combinations need fear. Government pro
fesses itself desired and urged to do something for
business; changing the preposition, how shall we
account for these attempts to do something “ to”
business? How long yet shall the notion persist
that size, prominence, and success are presumptive
of the points reached, and after some ten minutes
figuring the salesman gave him the distance as 8,500
miles. The journey was finished, the inquirer was
not a present prospective purchaser, but the in
formation was pleasantly made up for him, on the
general rule of the profitableness of amplifying
service in every direction possible.
Thus are the roads returning good for evil, doing
it (if anybody insists) on no loftier rule than enlight
ened selfishness. Y et, should not selfishness be
enlightened, and is it not quite time our public
affairs contained more of that superior kind of
selfishness? Is government, itself utterly non
producer and borne as load on the neck of industry,
to add suffocating efforts to its own dead weight?
Is not the disposition to attack success everywhere
more fitting for dynastic than for popular and
representative government? And have we not
troubles enough, in our neighborhood relations on
this continent and in the international position
which the country could not avoid if it would, with
out needlessly making hindrances for ourselves
at home?
________________________
CLEAR IN GS A N D SPE C U LA TIO N I N 1915.
Bank clearings for 1915 furnish indisputable evi
dence of a decided recovery from dulness and de
pression. In the first part of 1915 the volume of
trade passing was far from satisfactory. But the
growing volume of war orders finally exercised a
telling effect in all directions. Later on a satisfac
tory agricultural situation was not without effect,
and at the end of the summer a notable revival in
trade, even outside of those lines especially favored
by war orders, was discernible. Of course it is
hardly necessary to refer to the fact that right along
the volume of our export trade continued of phe
nomenal proportions. But, most noteworthy of all,
in September the railroads began to feel the effect
of increasing trade, and during the closing months of
the year made very satisfactory exhibits in both gross
of criminal intent and injurious result?
Each dividend check sent out now by the Lehigh and net earnings. Building operations— another
Valley Road is accompanied by a reminder to the unfailing barometer— have likewise latterly shown
sections
of
the
recipient that “ everything you can do to influence gratifying activity in most
country.
fair treatment for this and other railroads in the
The total of clearings at New York for 1915 not
way of reasonable rates, equitable taxation and
only exhibits a gain of 3 3 .2 % over 1914 and an aug
remedial legislation will be needed.”
The Penn
sylvania has posted an invitation to the public to mentation of 1 6 .8 % over 1913, but, contrasted with
come forward with any complaint or criticism or the high record of 1906 (made during a period of large
suggestion about the service, that differences may dealings on the Stock Exchange and obvious activity
be adjusted if possible, and efficiency may be in in other financial operations), there is an increase of
creased. The New York Central repeats in a broad 5 % billion dollars, or 5 .6 % . Outside of New York,
advertisement some statistics of its disbursements also, the comparison with earlier years is favorable,
for wages and supplies, in the desire to make under although there is only a small gain over the high
stood the real community of interests; it says record established in 1913, the total at $77,194,084,
352 contrasting with $72,226,538,218 last year,
that its ideal and standard is “ to be a faithful,
efficient, punctual and dependable public servant $75,181,418,616 two years ago and $73,208,947,649
and to make every branch the best possible.” r
Ihe in 1912. Every section of the country presents a
Southern Pacific is arranging educational trips for higher total than a year ago. In the Middle division
its ticket salesmen in the principal agencies, so that (New York City excluded), 16 cities out of 27 show
they may learn the country’s geography better and gains over 1914. Where losses are exhibited they
be qualified to answer questions with precision and are small as a rule, and in the aggregate of all the
accuracy; the road also maintains, as do some other increase is 6 .4 % , Philadelphia being the leading con
roads, an information bureau. Concerning in tributor thereto. Of the 13 cities grouped under
New England, all but one register larger totals than
formation and the giving of it, here is an instance:
a year ago, and collectively the gain is 1 0 .3 % ,
A tourist returning from the San Francisco Expo
Hartford and Waterbury, cities benefiting largely by
sition and a considerable journey beyond that,
war orders, being conspicuous in matter of percent
called at a Broadway ticket office on his return here,
age. The Middle Western section, comprising 39
to ask how many miles were approximately in his
cities, includes 31 with heavier clearings than a year
itinerary. He named the trunk-lines used and some
earlier, and the combined aggregate records an aug
mentation of 5.1% , Cleveland, Akron, Canton,
Lansing and Flint showing the greatest ratios of
gain.
.
On the Pacific Slope a slight increase in the total
for 20 cities is reported, gains at San Francisco and
Salt Lake being sufficient to overbalance losses at
such points as Los Angeles, Seattle, Portland, Spo
kane and Tacoma. At the South 32 cities furnish
an average increase of 6 .6 % . In some portions of
this latter section the contraction in the movement of
cotton has been effective in holding down the volume
of clearings, but important gains are to be noted at
Galveston, Richmond, Savannah, Oklahoma and El
Paso. In the “ Other Western” division— the terri
tory lying west of the Mississippi River but not in
cluding the three Pacific Coast States, nor Utah,
Nevada, Oklahoma and Texas— quite noteworthy
activity is to be reported at some of the 28 cities,
with the result that the total for the year exceeds
1914 by 13.8%. Kansas City is most conspicuous in
the matter of gain.
Altogether 99 of the 159 cities outside of New York
report aggregates greater than a year ago. For the
whole country the total of bank clearings for 1915
reaches $187,759,076,986, overtopping the previous
year by 32% billion dollars, or 20.9% , exceeding
1913 by 18 billions and establishing by 13% billions
a new high record, displacing 1912 from that position.
The time has yet to come, moreover, when New York
will cease to be the preponderating factor in bank
clearings; new clearing houses have been added from
time to time, and yet that preponderance continues
by a good margin, reaching in 1915 some 33 billion
dollars, whereas in 1900, with the number of outside
clearing houses only 90, it was but 19 billions, and in
1890 (48 outside cities) was 15 billions. In the fol
lowing compilation we show the aggregates for New
York, for outside cities, and the total of all annually
for the sixteen years, 1900 to 1915, inclusive:
Y ear.
1915-------1914..........
1913_____
1912.........
1911.........
1910.........
1909..........
1908 .........
1907 _____
1906 .........
1905 _____
1904 _____
1903 _____
1902_____
1901_____
1900.........
N ew York
Clearings.
In c .
or
D ee.
S
%
110,564,392,634 + 33.2
83,018,580,016 — 12.3
94,634,281,084 —6.1
100,743,967.262 + 9.1
92,372,812,735 —5.0
97,274,500,093 —6.1
103,58S,738,321 + 30.7
79,275,8S0,256 —9.1
87,182,168,381 — 16.7
104.675.S28.656 +11.6
93,822,060,202 + 36.7
68.649,418,673 + 4.1
65,970,337,955 —13.6
76,328,189,165 —3.9
79,427,685,842 + 50.9
52.634,201,865 — 13.4
Clearings
Outside
N ew York.
S
77,194,6S4,352
72,226,538,2 IS
75,181,418,616
73,20S,947,649
67,856,900,931
66,820,729,906
62,249,403,009
53,132,968,880
57,843,565,112
55,229,888,677
50,005,3S8,239
43,909,594,342
43,238,849,809
41,695,109,575
38,982,329,340
33,436,347,818
In c .
or
Dec.
Total
Clearings.
%
$
+ 6.9 187,759,076,986
—3.9 155,245.118,234
+ 2.7 169,815,700,600
+ 7.9 173,952,914,911
+ 1.6 160,229,773,666
+ 7.3 164,095,229,999
+ 17.2 165,838,141,330
—S.4 132,408,849,136
+ 4.S 145,025,733,493
+ 10.1 159,905.717,333
+ 13.9 143,827,44S,441
+ 1.3 112,559,013,015
+ 3.8 109,209,187,764
+ 6.7 118,023,298,740
+ 16.6 118,410.015,182
+ 0.5 86,070,549.683
In c .
or
Dec.
%
+ 20.9
—S.6
—2.4
+ 8.6
—2.4
— 1.0
+ 25.2
—8.8
—9.3
+ 11.0
+ 27.7
+ 3.0
—7.4
—0.4
+37.6
—8.5
M onth.
The influences responsible for the fluctuations in
clearings from month to month have been so fully
covered in our Retrospect of 1915, given in this and
preceding 1916 issues of the “ Chronicle,” that
it would be merely a matter of repetition to ad
vert to them here. We confine ourselves, there
fore, to stating that, as indicated by the clearings of
the banks, there was little or no activity in commer
cial or industrial lines until the second half of the year,
although war orders contributed to swell the volume
of merchandise moving prior to that time. But begin
ning with September there was a pronounced revival
in practically all important lines which has since been
maintained. We subjoin a table showing the totals
of clearings, month by month, and quarter by quar
ter, for the whole country and outside of New York
for 1915 and 1914, giving also the percentages of
gain or loss for each period.
Clearings Outside N ew York.
Clearings, Total A ll.
1915.
1914.
|
1915.
%
1914.
%
S
$
8
Jan__ 13,478,488,698 16,198,199,048 —16.8 6,190,796,165 1 6,826,078,655 —9.3
Feb . . 11.908,010,330 12,865,538,277 —7.5 5.426.183,783 5,627,982,795 —3.6
M ar.. 13,842,354,632 14,253,206,041 —2.9 6,278,240,930 6,403,915,996 — 1.9
S
1st qr_ 39.229,853,660 43,316,943,366 —9.4
Apr . . 15,008,877,252 14,899,452,513 + 0.8
May . 14,622,873,941 13,167,100,346 + 11.1
June.. 14,117,551,611 13,948,023,685 + 1.2
17,895,220,878 18,857,977,446 —5.1
6,197,212,178 6,352,935,192 —2.4
5,9S7,717,9S1 5.928.568,788 + 0.9
6.092,070,062 6,103,820,918 —0.2
2d qr. 43,749,302,354 42,014,576,544 + 4.1 18.277,000,221 18.383,324,898 —0.6
6 mos. 82.979,150,014 85,331,519,910
July.. 14,924,887,812 14,493,300,896
Aug . . 14,2G7,49S,178 9,932,296.349
Sept.. 15,759,725,270 10,028,059,S66
3d qr. 44,952,111,260 34.453,657,111
—2.S 36,172,221,099 37,241,302,344 —2.9
+3.0 6,229.474,244 6,312,810,275 — 1.3
+ 43.7 5,730,056,007 5,351,095,754 + 7.1
+ 57.1 6,135,361,992 5,399,936,423 + 13.6
+ 30.5 18,094,892,243 17,063,848,452 + 6.0
9 mos. 127931,267,274 1197S5.177.021
+ 6.8 54,287.113,342 54,305,150,796 —0.1
Oct . . 20,146,989,846 11.735,570,732 + 71.7 7,407,311,191 6,126,133,754 +20.8
N ov.. 19,378.037,759 11,080,625,483 + 74.9 7,548,618,024 5,681,184,128 + 32.8
Dec . . 20,302,782,107 12,643,744,998 + 60.6 7,971.641,792 6,114,069.540 + 30.4
4th qr. 59,827,S09,712 35,459,941,213 +6S.7 22,927,571,010 17,921,387,422 +27.9
Year . 187759,076,986 155245,118,234 +20.9 77,194,684,352 72,226,538,218 + 6.9
The exhibit by quarters calls for no extended com
ment. In fact the compilation below, which covers
the totals by quarters for each group for the last six
years, indicates clearly the course of clearings from
period to period, and shows as well how some special
influence has operated in one section to thejexclusion
of the others.
Clearings Reported.
(000s omitted.)
(19I5-.
11914..
New York____ .(1913..
11912..
|1911..
(1910-.
F irst
Quarter.
Second
Quarter.
T hird
Quarter.
Fourth
Quarter.
S
s
S
21,334,633 25,472,302 26,857,219 36,900,239
24,458,966 23,631,252 17,389.808 17,538,554
25,019,571 23,771,361 21,563,031 24,280,319
24,565.184 25,571,025 22,840.201 27,767,557
23,448,015 23,143,971 22,084,936 23,695,891
28,446,400 24,512,952 20,571,950 23.743.198
Total
Y e a r.
110,564,393
83,018,580
94.634,282
100,743,967
92.372.813
97,274.500
(1915..
11914..
<1913..
11912..
11911..
(1910..
3,593,596
3,892,252
4,075,871
3,749,219
3,553,524
3,532,896
3,846,426
3,996,416
4,203,982
3,841,720
3,700,011
3,656,683
3,876,392
3,674.787
3,874,167
3,785,150
3.49S.495
3,395,374
4,950,232
3,718,165
4,234,488
4,267,851
3,724,577
3,679.394
(1915..
Total
|1914_.
New England.^ 1913..
11912..
11911..
(1910..
2,228,099
2,442,640
2,599,225
2,720,365
2.483,820
2,625,146
2,435,760
2,401,959
2.325,398
2,594,287
2,359,548
2,265,658
2,236,670
2,031,566
2,165,822
2,375,904
2,236,348
2,153,742
3,027,575 9,928,104
2,122,330 8,998,495
2,512,041 9,603,086
2,705,774 10,396,330
2,570,029 9,649,745
2,533,056 9.577.602
(1915—
Total
11914..
Middle West.. {1913..
11912—
|1911..
( 1910—
5,624,016
6,072,175
5,828,587
5,333,094
4,933,959
5,048,470
5,809,978
5,925,918
5,738,688
5,529,010
5,020,007
5,091,076
5,863,107
5,499,205
5,734,506
5,411,743
4,951,408
4,787,959
6,803,915
5,437,085
6,050,838
5,929,928
5,206,979
5,061,566
24,101,016
22,934,383
23,352,619
22,203,775
20,112,953
19,989,071
(1915—
11914Total Pacific___ { 1913..
1912—
I 1911..
( 1910—
1,467,119
1,556,667
1,640,459
1,555,450
1,386,950
1,345,534
1,482,319
1,572,434
1,610,246
1,567,328
1,426,511
1,411,831
1,537,000
1,510,283
1,577,568
1,585,920
1,450,055
1,382,950
1.785,835
1,578,179
1,729,239
1,790,019
1,610,084
1,475,833
6,272,273
6,217,563
6,557,512
6,498,717
5,853,600
5,616,148
(1915- 2,279,081 2,166,479 2,138,097 2,970,578
Total
11914.. 1,967,886 1,890,743 2,046,703 2,492,139
Other West—.{1913.. 1,971,729 1,899,225 1,993,334 2.2S0.388
1912.. 1,793,351 1,792,804 1,832,069 2,300,310
1911.
1,755,129 1,668,917 1,674,669 1,980,170
11910.. 1,838,775 1,779,187 1,757,791 1,994,815
9,554,235
8,397,471
8,144,676
7,718,534
7,078,885
7,370,568
Total other .
Middle__
16,266,646
15,281,620
16.38S.508
15,643,940
14,476,607
14,261.347
2,531,582
2,590,865
,570,330
2,513,716
2.441,087
2,351,524
2,444,395
2,301,305
2,484,335
2,399,853
2,441,987
2,195,979
3,399,415 11,082,409
2,573,489 10,397,006
3.228,366 11,135,018
3,112,128 10,747,652
3,103,991 10,685,171
2,952,769 10,022,994
(1915.. 39,233,541 43,744,846
1914.. 43,321,933 42,009,587
1913 43,987,429 42,119,230
1912.. 42.43S,618 43,409,890
1911 40,236,533 39,760,622
1910— 45,359,443 41,068,911
44,952,880
34,453,657
39.392,763
40,230,840
38,337,898
36,245,744
59,827,809 187,759,076
35,459,941 155,245,118
44,316,279.169,815,701
47, S73,567! 173,952,915
41,894,7211160,229,774
41,421,202 104,095,300
(1915..
1914..
Total Southern — 1913..
1912..
1911..
(1910..
Total all
191
THE CHRONICLE
J an . 15 1916.]
2,706,997
2,931,347
2,851,987
2,721,955
2,695,126
2,522,222
(1915.. 17,898,908
Outside
11914— 18,862,967
New York___ {1913 — 18,967,858
11912— 17,873,434
11911— 16,788,518
(1910- 16,913,043
18,272,544
18,378,335
18.347,369
17.838.S05
16,616,651
16,555,959
18,095,661 22,927,570
17,063,849 17,921,387;
17,829,732 20,035,960
17,390,639 20.106,010
10,252,962 18,198,830
15,673,794 17,677,934
77,194,683
72,226,538
75.181,419
73.20S.948
67,856,961
66,820,730
Our compilation covers so great a number of cities
that it is impossible to refer in detail to the causes
explaining the gains and losses at each. In some lo
calities increases of importance were in evidence when
indications of any general business revival were
almost wholly lacking, but in seeking the reason
therefor it was readily found in orders for war muni
tions and supplies for Europe. Among the cities
feeling this early impulse may be named Hartford,
New Haven, Waterbury, Cleveland, Detroit, Kansas
City, Omaha and Joplin. Greater speculative ac
tivity likewise served to swell the volume of clearings
at New York before the half-year had closed. Butin
[Vo l . 102.
THE CHRONICLE
193
August and September considerable improvement
was witnessed, and spread until in November only 13
cities, and in December 15 cities, showed decreases
from 1914. We append 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:
As a careful reading of our Retrospect of the year
will furnish all requisite information as to the influ
ences operating in the stock market, there is little to
be added to the foregoing. Still, as of more or less
interest, we present below a table covering the deal
ings in shares, month by month, and quarter by
quarter, for two years.
BANK CLEARINGS AT LEADING CITIES.
1914.
1915. 1914. 1913. 1912. 1915.
(000,000s
S
$
5
$
S
$
...12.331 6,530 8,000 8,809 110,564 83,019
. . . 1,578 1,313 1,437 1,360 16,199 15,693
579
711 8,257 7,517
678
...
835
745 8,864 7,916
770
662
. . . 1,036
344
377
368 4,154 3,889
...
427
2,666 2,626
241
202
236
...
269
2,694 2,516
224
231
220
...
262
1,874
180 1,834
156
160
...
209
1,293
1,374
121
119
105
...
139
250 3,834 3,016
245
323
...
382
1,238
1,546
108
113
96
...
157
904
972
105
110
85
...
110
1,374
1,342
134
131
.143
...
172
742
668
65
70
53
...
79
1,350
1,485
101
117
9S
...
151
848
836
65
73
73
...
S
O
1,145
109 1,049
101
84
...
103
421
401
41
32
38
...
43
9S3
883
76
75
78
...
92
591
611
52
55
47
...
61
585
662
48
50
57
...
72
444
415
40
37
36
...
43
460
510
45
37
42
...
51
422
537
37
42
42
...
69
363
358
48
51
33
45
Memphis........ . . .
633
613
53
58
51
...
54
261
355
20
22
20
...
37
315
350
33
32
36
42
Salt Lake City. . . .
Total......... ...18,929 11,536 13,463 14,195 174,256 142,215
Other cities___ . . . 1,374 1,108 1,238 1,116 13,503 13,030
1914.
1915.
1912.
1913.
s
$
94,634 100,744
16,073 15,381
8,116 8,964
8,524 8,166
4,137 4,028
2,932 2,799
2,624 2,678
1,957
1,968
1,369
1,317
2,850 2,713
1,150
1,276
1,058
981
1,182
1,312
725
716
1,128
1,331
725
7S6
1,169
1,210
443
427
861
909
579
635
579
531
435
432
488
476
430
419
421
422
602
665
246
254
369
333
156,290 161,389
13,526 12,564
Total all___ ...20,303 12,644 14,701 15,361 187,759 155,245 169,816 173,953
Outside New York. 7,972 6,114 6,701 6,552 77,195 72,226 75,182 73,209
N um ber
of
Shares.
Values.
P a r.
A ctual.
N um ber
of
Shares.
Values.
P a r.
A ctual.
S
$
S
S
Jan . 5,076,210 435,534.900 302,461,298 10,088,895 881,625,495 847,963.208
Feb. 4,383.449 380.032.7S5 262,372.421 6,220,059 556,109,360 515,947,918
Mar. 7,862,308 681,471,315 535,476,914 5,855,260 518,398,024 4.83,147,619
lstqr 17,321,967 1,497,039,000 1,100,310,633 22,164,214 1,956,132,879 1,847,058,745
Apr. 21,022,930 1,799,436,335 1,619,407,302 7,145,2S4 623,482,570 593,476,978
May 12,581,040 1,037,762,960 958,264,713 4,757,405 398,348,240 374.842.097
June. 11,004,042 912,619,430 832,467,913 4,002,748 343,076,540 324,688,914
2d qr 44,608,012 3,749,818,725 3,410,139,928 15,905,437 1,305.507,350 1,293,007,989
Oroos 61,929,979 5,240,857,725 4,510,450,561 38,069,651 3,321,640,229 3,140,066.734
July. 14,371,633 1,288,908,620 958,643,288 7,920,924 701,681.140 652,478.409
No transactions.
Aug. 20,432,350 1,791,656,625 1,434,978,418
No transactions.
Sept. 18,399,286 1,641,499,895 1,400,247,698
3d qr 53,203,269 4,725,005,140 3,793,S69,494 7,920,924
701,681,140 652,478,409
9 m’s 115133248 9,971,922,865 8,304,319,965 45,990,575 4,073,321,369 3,792,545,143
No transactions.
O ct. 26,678,953 2.239.956.655 1,942,416,213
No transactions.
Nov. 17,634,270 1,468,445,970 1,325,497,208
Dec. 13,698.732 1.196.516.655 1.089,242,016 1,909,993 159,508,330
4thqr 58,011,955 4,905,219,280 4,357,156,037 1,909,993 159,508,330
105,869,142
105,869,142
Year 17314520314877,142,145 12661,476,002 47,900,568 4,182,829,699 3,898,414,285
At other centers of stock speculation of the coun
try, as at New York, 1915 witnessed a revival of ac
tivity and was in consequence a more satisfactory
year than for some time. Boston’s trading covered
12,603,768 shares, against only 3,522,187 in 1914 and
5,705,588 shares in 1913, and Chicago reported sales
of 710,625 shares, against 385,783 shares and
1,001,417, respectively. Philadelphia’s operations
totaled 6,232,464 shares, against 2,016,319 shares
and 4,751,542 shares one and two years ago; Pitts
burgh, 2,194,787 shares, against 703,012 shares and
1,014,632 shares; and Baltimore, 600,206 shares,
against 256,399 shares and 327,848 shares.
Bank clearings in the Dominion of Canada, although making a better showing on the whole in the
final quarter exhibit for the whole year, a falling
off in the aggregate from 1914, which, in turn, was
much below the high record total established in 1913.
The war in Europe is, of course, primarily responsible,
but its effect has naturally been intensified in western
sections, where even before the close of 1913 a reac
Twelve M onths 1914.
Twelve Months 1915.
tion from unprecedented boom conditions had already
D escrip
A ver.
Actual
P a r Value
Acer.
A ctual
P a r Value
tion.
set in. Of the twenty-three cities from which we
Price.
Value.
Price. or Quantity.
Value.
or Quantity.
have returns, comparison is possible at twenty-two,
47,900,568
173,145,203
St’k/Sh's..
\Val . . $14877,142,145 $12661,476,002 85.1 $4,182,829,699 $3,898,414,285 93.2 and for those the total of clearings for 1915 at
906,659,200 781,288,374 86.2 427,198.000 404,923,494 94.8
RR. bonds.
722,299 104.3
692,600
3,047,328 100.2
3,040,000
Gov’t bds.
33,862,843 100.7 $7,776,770,273 records a decrease of 3.6% from 1914
33,632.000
48,156,976 93.7
51,394,000
State bds..
544,670 200.8
271,300
654,535 216.6
302,200
Bank stks.
and a decline of 15.8% from 1913. Losses are quite
Total___ $15838,537,545 $13494,623,215 85.2 $4,644,622,699 $4,338,467,591 93.4
general at the individual cities, with the exhibit least
The relation the transactions of 1915 bear to those favorable at such points as Vancouver, Calgary, Vic
of earlier years becomes clearly apparent by con toria, Edmonton, Saskatoon, Fort William, New
sulting the subjoined compilation which affords a Westminster and Medicine Hat, where the decreases
are in most instances over 30% . The gains over last
comparison back to 1893.
year are confined to Winnipeg, Ottawa, Halifax,
NUMBER AND VALUE OF SHARES SOLD AT N. Y. STOCK EXCHANGE.
London and Brandon, and those merely nominal or
Values
A ver.
Stocks,
Values
A ver.
Slocks,
very moderate. The Canadian Stock Exchanges ex
Price. (iapproximate )
Shares.
Y ear.
Price. (approxim ate)
Y ea r.
Shares.
perienced a fairly satisfactory twelve months as re
$
S
1915.. 173,145,203 85.1 12,661,476,002 1903.. 161,102,101 73.2 11,004,083,001 gards the extent of the trading.
Montreal reports
1914.. 47,900,568 93.2 3,898,414,285 1902.. 188.503.403 79.9 14.218.440.083
1913.. 83,470,693 96.2 7,170,862,086 1902.. 188.503.403 79.9 14.218.440.083 dealings in 1,536,573 shares and $1,838,495 bonds,
1912.. 131,128,425 97.7 11,562,129,835 1901.. 265,944,659 79.0 20,431,960,551
1911-. 127,208.258 95.8 11,003,600,829 1900.. 138,380,184 69.2 9,249,285,109 against 1,087,926 shares and $2,778,860 bonds in
1910.. 164,051,061 96.2 14,125,875,897 1899.. 170,421,135 78.6 13,429,291,715
1909.. 214,632,194 97.5 19,142,339,184 1898.. 112,099,957 72.7 8,187,413,985
1908.. 197,206,346 86.6 15,319,491,797 1897.- 77,324,172 67.0 4,973,553,065 1914 and 1,765,651 shares and $5,243,473 bonds in
1907.- 196,438,824 85.8 14,757,802,189 1896.. 54,654,096 05.2 3,329,969,940
1906.. 284,298,010 94.2 23,393,101,482 1895.. 60,583,232 60.3 3,808,338,604 1913. The Canadian clearings, summarized by quar
1905.. 263,081,156 87.3 21,295,723,688 1894.. 49,075,032 64.2 3,094,942,769
1904-. 187,312,065 69.9 12,061,452,399 1893.. 80,977,839 60.3 4,550,260,916 ters for six years, are as follows:
A revival of speculative activity began to be ex
perienced on the New York Stock Exchange in March
and thereafter to the close of the year the dealings in
shares properties were in excess of any time since
1909, the aggregate for the 1 2 months reaching
173,145,203 shares. In 1914 not only were opera
tions on a restricted scale, but transactions were sus
pended from July 30 to Dec. 12. Consequently the
total sales for the year at 47,900,568 shares were the
smallest since 1878. The aggregate dealings of 1913
were 83,470,693 shares, of 1912 131,128,425 shares,
and of 1909 some 214 million shares. The high rec
ord is that for 1906— 28434 million shares. Bonds
were quite freely dealt in during the year with the
Anglo-French Loan issue prominent in the December
transactions. Sales of all classes of bonds for the
year aggregated $961,093,200, par value, against
$461,523,600 in 1914 and 50134 millions in 1913,
with the high-water mark slightly over 1,317 million
dollars in 1909. A summary of the dealings is sub
joined.
THE CHRONICLE
Jan . 15 1916.]
Clearings Reported.
(O O omitted .)
Os
1915_
1914_
Canada ________ 1913—
1912—
1911—
1910..
First
Quarter.
Second
Quarter.
Third
Quarter.
Fourth
Quarter.
Total
Y ear.
S
1,645,358
1,965,310
2,153,721
1,955,667
1,587,168
1,370,488
S
1,738,286
2,113,537
2,298,379
2,306,316
1,793,111
1,465,522
$
1,736,400
1.9S2.406
2,189,863
2,265,014
1,781,062
1,524,949
S
2,656,726
2,008,138
2,597,178
2,629,702
2,182,891
1,754,201
$
7,776,770
8,069,391
9,239,141
9,156,699
7,344,232
6,115,160
RAILROAD GROSS EARNINGS FOR DECEMBER.
The returns of railroad gross earnings for December
afford striking testimony to the revival of railroad
business and'at the same time furnish a new illus
tration of the wonderful transformation in con
ditions which occurred between the beginning and
the end of the year 1915. In our compilation to
day for the month of December there is only one
minor road that registers a decrease. All the other
roads show increases, the . most of them for very
large amounts. Our present statement is merely
preliminary and comprises only 91,878 miles of road,
including the three large Canadian systems, which
it is always our practice to include in these early
exhibits. Yet even this partial statement records
an augmentation in revenues, as compared with the
corresponding month of the previous year, in amount
of over 20 million dollars— in exact figures $20,778,
954. And from this an idea can be gained of what
the final statement for the month, when compiled
several weeks hence, is likely to show. In ratio
the gain is considerably over 30% , being, in fact,
32.81%. The great change for the better which
has occurred since the opening of the year will
appear when we say that in January practically
all the roads were showing losses and our early com
pilation for the month registered over $ 1 0 ,0 0 0 ,0 0 0
loss.
It is true that of the gain of $20,778,954 now re
corded a very considerable portion is contributed
by the three Canadian systems already referred to,
the Canadian Pacific having added no less than
$5,259,000 to its total of the previous year, the
Canadian Northern $1,626,000 and the Grand Trunk
Ry. $731,157. The American roads, however, are
hardly less distinguished in the same way, and it
must be remembered that this early statement does
not comprise any of the important systems like the
Pennsylvania, the New York Central, the New
Haven, the Union Pacific, the Southern Pacific,
the Burlington & Quincy, the Chicago & North
Western and many others, all of which are certain
to show very striking gains. But even among the
roads that are represented in our present com
pilation there are many that have increased their
revenues in very important amounts. For instance,
the Great Northern has added $2,707,049 to its total
of the previous year and the Northern Pacific has
added $1,864,000. The particularly encouraging
feature is that the improvement is found in all sec
tions of the country. For instance, the Ches. &
Ohio, the “ Soo” Road, and the Louisville & Nashville,
all located in different parts of the country, have
each an amount of gain running close to $ 1 ,0 0 0 ,0 0 0 .
Then the Southern Ry. is down for $772,788 gain,
the Illinois Central for $734,827 increase and the
Wabash for $656,535. And these illustrations might
be multiplied indefinitely. In the following table
we bring together all changes for the separate roads
for amounts in excess of $30,000, whether increases
or decreases. As a matter of fact, the list is entirely
made up of increases, there being no decrease for
193
amount of $30,000, and only one very trifling de
crease, as already stated, of any kind.
P R IN C IP A L
CH AN G ES
IN
GROSS
E A R N IN G S
IN
D E C E M B E R .
In crea ses.
In crea ses.
Canadian Pacific________ $5,259,000
Great Northern_________ 2,707,049
Northern Pacific________ 1,864,000
Canadian Northern______ 1,626,000
Chesapeake & Ohio______
985,571
Minneap St P & S S M ._
942,015
Louisville & N ash ville...
917,188
Southern Railway_______
772,788
Illinois Central__________
734,827
Grand Trunk___________
731,157
Wabash-------------------------656,535
Grand Trunk Pacific_____ j/391,436
Denver & Rio Grande____
356.600
Buffalo Roch & Pitts____
301,495
264,875
Western Maryland______
St Louis Southwest______
250,000
Texas & Pacific_________
240,305
Cine New Orl & Tex P ac.
203,491
a
Y a zoo & M iss V alley____
C hicago & A lto n _________
C hicago Ind & L ou isv____
C olorado & Southern____
T oled o St Louis & W e s t ..
C hicago Great W e ste rn ._
Alabam a Great S outhern.
M o b ile & O h io___________
D uluth So Sh & A tl_____
A nn A rb o r_______________
M in n & St L o u is ...............
N ew Orl & N ortheastern.
Vicks Shrev & P a cific____
M ineral R an ge___________
G a Southern & F lo r id a ..
$163,216
149.361
149,357
135,318
132,831
123,510
120,131
96,283
91,018
81,879
75,995
47,775
39,228
34,619
32,045
Representing 33 roads
in our compilation..$20,676,898
These figures are for three weeks only.
Of course we are comparing with poor results the
previous year— very decidedly so, as is evident from
the fact that we referred to the showing for that
month at the time as having been a dismal one—
but that does not make the present improvement
any the less real. The truth is that while a con
siderable portion of the improvement now disclosed
represents a recovery of what was lost in 1914, the
improvement far overshadows the amount of the
falling off in 1914. Our table at that time showed
$14,638,740 decrease, or 17.51%, while now the
gain foots up $20,778,954. In the year preceding,
too— 1913— there had been a decrease, namely $3,
022,036, or 3.86%. But prior to that -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 :
Y ear
G iven.
Y ear.
1896___
1897___
1898___
1899___
1900___
1901___
1902___
1903___
1904___
1905___
1906___
1907___
1908___
1909___
1910___
1911___
1912___
1913___
1914___
1915___
Gross E a rn in g s.
M ileage.
DecemlJtT .
Roads M ile s.
In Y ear
Preced. c r's e .
M ile s.
%
Y ea r
G iven.
Y ear
Preceding.
$
S
Increase (+ )
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 1.86 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 83,796,332 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 2.90 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 63,315,5981 + 20,778,954 32.81
N ote. —Neither the earnings of the Mexican roads nor the mining operations of the
anthracite coal roads are Included In this table.
The three Canadian systems to which we have
alluded above derive their improvement in very
large measure from the extraordinary grain move
ment, the wheat crop in Canada having been of
unexampled dimensions and flowing out now in
huge volume. In the United States, too, however,
the grain movement has been of very exceptional
dimensions and has, in like manner, served to swell
the traffic and revenues of the roads. And it is
worth noting again that in these early compilations
the roads represented are chiefly Western grain
carrying and Southern cotton-carrying roads, the
systems running through the great manufacturing
districts not being represented at all. This it is
important to bear in mind, for it shows that the
large grain movement constitutes an important
factor in the prosperity of the Western roads and
that the gains in earnings do not represent a large
merchandise and general traffic arising out of
business activity and the manufacturing tonnage
that attends such activity. The roads serving
manufacturing districts will present their own
record of gain later on. For this occasion, it is
sufficient to know that the improvement in railroad
revenues which is such a marked feature of affairs
has a double contributing cause, first, business
revival, and secondly, but equally noteworthy, the
large agricultural tonnage, the result of the season’s
splendid harvests and the urgent demand for the
country’s agricultural productions from abroad.
The wheat movement in the Northwest has been
of unexampled dimension, the same as on the other
side of the Canadian border. For the four weeks
ending Dec. 25 the receipts at Minneapolis were
no less than 25,912,000 bushels, against only 11,
9 9 3 , 0 0 0 bushels in the corresponding four weeks
of the preceding year and at Duluth they were 15,
833,000 bushels, against only 4,742,000 bushels.
At all the Western primary markets combined the
wheat receipts for the four weeks of 1915 aggre
gated no less than 65,253,000 bushels, against only
36.828.000 bushels in the four weeks of 1914 and
but 26,044,000 bushels in the corresponding period
of 1913. The barley receipts at the Northwestern
markets were also of unusual dimensions, reaching
7.016.000 bushels, against 2,632,000 bushels at
Minneapolis, and 2,248,000 bushels, against 1,
049,000 bushels at Duluth. The gains in these two
cereals, wheat and barley, were of such dimensions
as to leave the grain movement, as a whole, far in
excess of that of the previous year, notwithstanding
a great shrinkage in the receipts of corn and also
a small shrinkage in several of the other cereals.
In brief, the receipts of wheat, corn, oats, barley
and rye together for the four weeks of 1915 reached
the prodigious figure of 125,412,000 bushels, against
107.996.000 bushels in the four weeks of 1914 and
only 82,735,000 bushels in the four weeks of 1913.
In the following we give the details of the Western
grain movement in our usual form.
WESTERN FLOUR AND GRAIN RECEIPTS.
end.Dec.25. (bbls.)
Chicago —
1015__ 1.011.000
788,000
1914...
M ilw aukee —
187,000
1915--.
1914... 273,000
St. Louis —
1915... 373,000
1914... 278,000
Toledo —
1915...
1914.. .
Detroit—
1915..
26,000
.
1914..
.
41,000
Cleveland —
39.000
1915..
.
1914..
.
47.000
1915...
1914__
Corn.
(bush.)
8,195,003
5,680,000
7,472,000 23,635,000
Oats•
(bush.)
Barley.
(bush.)
736,000
455,000
972,000
530,000
324,000
3,839,000
2,402,000
2,294,000
2,512,000
2,111,000
3,508,000
2,994,000
1,406,000
1,270,000
1,120,000
1,531,000
217,000
289,000
57,000
29,000
1,411,000
520.000
329,000
423.000
252,000
108,000
_____
2,000
_____
18,000
301.000
141.000
406.000
603,030
429.000
263.000
60,000
122,000
397.000
423.000
647.000
166.000
14,000
33,000
270,000
197,000
2,825,000
1,039,000
611,000
639,000
214,000
169,000
41,000
75,000
223,000
401,000
1,084,000
804,000
K an sa s City
1915.—
1914
403,000
176,000 2,248,000
587,000 1,049,000
512,000
2,823,000
5,292,000 7,016,000
2,296,000 2,632,000
8.461.000
5.507.000
1915...
1914...
bales in 1914 and 1,419,461 bales in 1913, as will
be seen by the following :
RECEIPTS OF COTTON AT SOUTHERN PORTS IN DECEMBER FOR
SIX YEARS. 1910 TO 1915, INCLUSIVE. _____________
December.
Ports.
3,642,000
984,000
Wilmington-----------Norfolk----------------Newport News, &c—
2.845.000
2.610.000
1.930.000
2.543.000
986,000
1,191,000
Total o f A l l-
1914.
1913.
1912.
1911.
1910.
358,571
72,373
229,255
19,217
10,728
103,041
14,500
28,765
582
14,691
87,106
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
215,5S7
29,700
53,065
597,189
160.9S9
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
447,353
100,917
371,177
66,627
53,030
267,182
63,609
54,495
42
60,656
130,235
1,063
Total___________
902,606 1,717,102 1,419,461 1,439,840 1,765,382 1,616,386
To complete our analysis we furnish the following
six-year comparison of the earnings of leading roads
arranged in groups. It will be seen that not all
the roads by any means have got back to their
totals of two years ago; particularly is this true
of the Southern systems. On the other hand, the
Northern transcontinental systems, including the
Canadian Pacific, have surpassed their own best
records, and Colorado roads, too, having recovered
from the coal miners’ strike in Colorado, are getting
pretty close to their best previous figures. The
Colorado & Southern is one of the very few roads
which in the previous year had a large gain at a
time of general loss, and it has now added further to
the previous year’s recovery so that from $953,852
in 1913 the total has now got up to $1,479,692.
EARNINGS OF SOUTHERN GROUP.
December.
Ala Gt South..
Ala N O & T P
N O Sc N E_.
Ala* Vicks..
Vicks Sh Sc P.
Cln N O i T P
Lou&Nashv.ft
Mobili) & Ohio
Southern R y ..
Yazoo & M V.
1915.
1914.
1913.
1912.
1911.
1910.
S
496,899
S
376,768
S
509,707
S
470,792
S
443,532
S
420,191
343,695
160,909
158,204
3,921,813
957,739
5,054,110
975,033
6,057,036
1,327,675
295,920
135,740
119,036
2,936,242
754,248
4,136,922
878,750
5,284,248
1,164,459
316,063
173,881
160,857
2,976,993
956,181
5,054,305
1,031,047
6,223,385
1,146,456
337,206
153,776
144,717
2,835,282
808,996
4,655,837
979,226
5,607,472
1,073,551
357,482
186,951
153,791
2,684,020
808,979
4,771,675
1,015,430
5,441,586
1,292,289
1915... 1,897,000 65,253,000 19,966,000 21,672,000 15,882,000 2,639,000
1914... 1,629,000 36,828,000 37,985,000 21,742.000 8,947,000 2,494,000
362,582
176,376
171,454
3,214,136
97.3,428
5,161,270
1,150,967;
6,603,193
1,489,633
Total.......... 19,453,173 16,082,333 19,812,740 18,509,960 17,039,595 17,132,394
6 Includes the Louisville & Atlantic and the Frankfort Sc Cincinnati.
c Includes Chesapeake & Ohio of Indiana.
EARNINGS OF SOUTHWESTERN GROUP.
December.
1915.
1914.
1913.
Colo Sc South.
Den Sc Rio Gr.
Mo Kan Sc T a
St L So West..
Texas* Pacific
S
1,479,692
1,947,300
2,946,133
1,132,000
1,895,044
S
1,344,374
1,590,700
2,931,065
882,000
1,654,739
1 1912.
S
953,852
1,865,909
2,661,401
1,182,663
1,913,430
S
1,412,901
2,031,602
2,971,492
1,281,092
1,846,993
1911.
1910.
$
1,271,572
1,863,536
2,568,554
1,175,115
1,807,911
S
1,558,233
1,979,470
2,696.333
1,167,979
1,763,169
Total.......... 9,400,169 8,402,878 8,577,255 9,544,080 8,686,688 9,165,184
a Includes Texas Central In all the years and Wichita Falls line from Nov. 1 1912.
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
December.
538.000
478.000
.
.
1915.
Galveston___ bales.
Texas City, & c.........
New Orleans— ........
Mobile____________
Pensacola, <tc--------Savannah -------------Brunswick-------------Charleston------------
49,8,000
679,000
25,912,000
11,993,000
M inneapolis —
Rye.
(bush.)
9,219,000 3,675,000
12,189,000 2,681,000
15,833,000
4,742,000
1915...
1014__
1915..
1914..
Wheat.
(bush.)
261,000
202,000
Duluth —
Omaha—
[Vo l . 102.
THE CHRONICLE
194
1915.
1914.
Canadian Pac.
Chic Gt West *
IJul S Sh & Atl
Great North..
Minn Sc St L a.
M StP * S S M
North Pacific .
S
12,580.000
1,305,664
286,498
7,302,728
948,766
2,924,271
6,544,000
s
| 1913.
!
s
7.321.000 11.814.325
1,182,154 1,187,366
195,480
257,470
4,595,679 5,677,958
872,771; 806,533
1,982,256 2,195,828
4.680.000 5,878,258
1912.
S
12,219,279
1,192,315
246,779
6,548,454
840,282
2,656,210
6,355,770
1911.
| 1910.
$
1
S
10,654,871 8,705,284
1,086,533 1,047,369
234,829
249,753
4,984,306 4,658,240
6Mi,043
715,170
1,915,182; 1,092,883
5,253,317 5,013,847
Total.......... 31.891,927i20,829,340 27,817,738i30,059,095 24,815,081 22,082,552
* Includes Mason City * Fort Dodge and the Wisconsin Minnesota & Pacific.
a Includes Iowa Central.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
It remains to be said that Southern roads had to
1910.
1911.
1915.
1912.
December.
1914.
1913.
contend with a smaller cotton movement; this, howS
S
S
S
S
S
7n4,377
739,148
816,563
1,093,9S6
842,038
Buff
792,491
ever, was a small factor alongside the circumstance Chic Roch * P 1,316,004 1,166,643 1,154,297 1,261,566 1,175,881 1,268,057
& Alton .
479,602
Chic Ind Sc Lou
that, with the advance in the price of the staple, Grand Trunk) 623,390 474,033 558,599 592,913 488,955
Gr Trk West{ 4,819,124 4,087,967 4,761,352 4,842,965 4,147,769 3,857,822
the South has got over its fright of fourteen or fifteen Det GH Sc M |
months ago, immediately after the outbreak of war, Canada Atl-l 5,990,299 5,255,472 5,840,761 5,700,980 5,019,239 5,534,443
106,915
119,759
116,049
104,985
88,976
105,176
when the price of cotton completely collapsed; Tol St L Sc W. 477,294 344,463 408,350 378,696 336,757 327,991
2,072.613 2,426,263 2,597,621
2,943,165 2,286,630 2,502,184
now it has got back again to a pretty profitable Western Md_. 905,713 640,838 676,249 594,827 568,225 553,417
basis. The shipments of cotton overland for the
Total......... 18,274,151 15,137,513“16,848,615 16,980,882 15,009,152 15,510,379
c Includes earnings of Indianapolis Southern.
_
even month in 1915 were 289,120 bales, against
We now add our detailed statements for the month,
284,915 bales in 1914 and 332,438 bales in 1913.
But the receipts at the Southern outports for the comprising all the roads that have thus far sub
month were only 962,606 bales, against 1,717,102 mitted figures for December.
J an. 15 1916.]
THE CHRONICLE
GROSS EARNINGS AND M ILEAGE IN DE C E M B E R .
19 5
Third. Tho means adopted by tho Department to guard against unjust
prosecutions.
Fourth. The policy of the Department in cases where it and the Federal
N am e o f Road.
Trade Commission are both charged with the enforcement of the law.
I n c . ( + ) or
1914.
1915.
D e c . (— ).
1915. 1914.
Concerning the first point, the Attorney-General stated that whilst
concededly there is in the law of restraint of trade an area of doubt, in tho
S
S
$
vast majoi ity of cases it is not difficult to tell whether a proposed transac
496,899
376.76S
Alabama Great South
+ 120,131
309
309
Ala N O & Tex Pac—
tion is or is not in violation of tho statuto. and the doubt is certainly no
313.095
295,920
New Orl & N E ___
+47,775
205
203 greater than that which Is accepted as a matter of course in the application
100.909
135,740
Alabama & Vicksb.
+ 25,169
142
142 o f other laws. Such doubt as there is, ho further stated, will be greatly
158,264
119,036
Vicks Shrev & Pac.
+ 39,228
171
171
251,036
169,757
Ann Arbor__________
+ 81,879
300
300 reduced by decisions in tho Shipping Pool Case, the Anthracite Coal Cases,
1,093,986
792,491
Buffalo Itoch & Pitts.
+301,495
586
586 the Harvester Case, the Steel Case, and the United Shoe Machinery Case,
3,435,600
1,809,600 + 1,626,000 7,775 6,886 which are now pending in the Supreme Court.
Canadian Northern..
Canadian P a c ific _
_ 12,580,000 7,321,000 + 5.259,000 12,921 12,319
This led to the question as to tho policy of tho Department as regards
3,921,813
2,936,242
Chesapeake & O hio..
+985,571 2,374 2,367
1,316,004
1,166,643
Chicago & Alton------+ 149,361 1.052 1,046 the method of enforcing tho law in those cases which are admittedly
1,305,664
1,182,154
Chicago Great W est..
+ 123,510 1,427 1,427 doubtful. On that point the Attorney-General stated that where men have
023,390
474.033
Chicago Ind & Louisv
+ 149,357
622
622 entered into a transaction believing in good faith that the transaction is
957,739
Cine New Orl & Tex P
754,248
+ 203,491
336
338
1,479,692
Colorado & Southern.
1,344,374
+ 135,318 1,798 1.821 a lawful one, and subsequently upon complaint made, the Department
1,947,300
Denver & Itio Grande
1,590,700
+356,600 2,577 2,561 reaches the conclusion that tho transaction was not in accordance with the
Denver & Salt L ake..
165,600
143,574
+ 22,026
255
255 statute, but is yet satisfied of the good faith and innocent purpose of the
Detroit & M ackinac..
84,196
67,303
+ 16,893
392
400
Duluth So Sh & A tl..
286,498
195,480
+ 91,018
627
627 parties and can see that there was ground for tho view of the law upon
Georgia South & Fla.
239,031
206,986
+32,045
395
395 which they acted, it has not been and would not bo the policy o f the De
Grand Trunk of Can
partment to invoke extreme penalties against them. In such a case the
Grand Trunk West
4,819,124 4,087,967
+731,157 4,533 4,533 Department would consider that the just and appropriate and quickest
Dot Gr Hav & Mil
way of enforcing tho law would bo by a civil proceeding in which the
Canada Atlantic .
Grand Trunk Pacific.
+391,436
i/578,987
ylS7,551
916
916 question involved would bo contested or a consent decree entered, according
Great Northern______
7,302,728 4,595,679 + 2,707.019 8,102 8,042 as the defendants desired, or by a notice to the parties of the Departments
+734,827 4,767 4,772
Illinois C e n t r a l ..__
5,990,299 5.255,472
+ 917,188 5,037 5,034 conclusion with opportunity to abandon or modify the transaction.
Louisville & Nashville 5,054,110 4,136,922
The choice as between these two procedures would bo determined by
56,874
+ 31,619
91,493
119
Mineral Range______
121
872,771
Minneap & St Louis. 1
948,760
+ 75,995 1,646 1,646 the circumstances of the particular case. The Attorney-General claimed
_
Iowa Oontral_ _/
no originality for this policy. On tho contrary, he stated that it was
Minneap St P A S S M
1,982,256
2,924,271
+ 942,015 4.22S 4.101
Missouri Kan & Tox.a
2,940,133 2,931,065
+ 15,068 3,865 3,865 neither original nor peculiar to the Anti-Trust Law, but is the policy of
975.033
878,750
M obilo& O hio. . . .
+ 96.283 1,122 1.122 the Department and prosecuting authorities generally in the enforcement
Novada-Cal-Oregon. .
20,833
23,021
— 2,188
272
238 o f all laws.
Northern Pacific____
6,544,000 4,680,000 + 1,864.000 6,509 6,423
In this connection tho attention of the Attorney General was called to
Rio Grando Southern.
45,953
41,988
180
+ 3,965
180
St Louis Southwestern
1,132,000
882,000
+ 250,000 1,753 1,753 Paragraph E, of Section 6 of the Federal Trade Commission Law which
Southern Railway.. .
5,284,218
+772,788 7,022i 7,036 authorizes the Commission “ upon application or the Attorney-General to
6,057,036
Tenn Ala & Goorgia..
8,912
97
4,945
+3,967
97 investigate and to make recommendations for the readjustment of the
Texas & Pacific______
1,895,044
1,651,739
+ 210,305 1.944 1,886 business of any corporation alleged to be violating the Anti-Trust Acts, in
88,976
248
Tolodo Poo & Western
105,176
+ 16,200
248
477,294
451
Tol St Louis & W est..
344,463
+ 132,831
451 order that tho corporation may thereafter maintain its organization,
Virginia & Southwest.
240
152,891
151,935
+ 956
240 management and conduct of business in accordance with law;” and he
2,286.630
+ 656,535 2,519 2,517 was asked whether he could stato what tho policy of the Department of
Wabash
. ____ .
2,943,165
_
AVestern Maryland_
640,838
905,713
+ 264,875
664
661
Yazoo & Miss Valloy.
1,327,675
1,164,459
+ 163,216 1,382 1,382 Justice would be with regard to invoking that provision. lie replied that
whilst ho felt certain that this would prove to bo a most serviceable pro
Total (40 roads)_
_ 84,094,552 63,315,598 +20,778,954 91,878 90,037 vision in solving practical questions which often arise in the enforcement
Not increase (32.81%)
of tho Anti-Trust Laws, it was as yet too early, in his judgment, to attempt
a Includes Texas Central In both years.
to particularize as to tho cases in which tho Department of Justice should
U Those figures are for three weeks only.
call upon the Trade Commission for assistance under this provision.
Speaking generally, ho stated that ho did not understand that the pro
vision contemplated that he should refer to the Commission tho question
T H E G O V E R N M E N T ' S A T T I T U D E T O W A R D B U S I N E S S . whether the law had been violated in a given case, but rather questions
of the feasibility, adequacy or advisability o f proposed remedies from a
practical standpoint. 'NVhero questions of the latter sort do not arise,
or whore they arise in a form which presents no difficulty, no purpose
would be served, of course, by having tho parties go over the same ground
before the Commission that had already been gone over before the Depart
ment.
On the other hand, where in working out the remedy in a particular case
difficult questions of business organization and of finance shall be en
countered, it will be the desire and the policy of the Department to seek
Persons entering into transactions In good faith, having good cause to the assistance of tho Trade Commission. In two recent cases which have
bcllovo them lawful, will not bo criminally prosecuted, but if their business arisen where courts have declared tho combinations assailed to be un
bo violativo o f tho law, they will bo given opportunity to readjust in con
formity with tho law, without legal proceedings, unless consent decree in awful, the Department has proposed to the courts that the assistance
of tho Trado Commission bo sought in working out plans of disso
a civil suit is dosired.
lution.
The discussion then turned to tho measures taken by the Department
to guard against prosecutions for which there is no just ground. On this
point the Attorney General stated that no proceeding is ever instituted
until after tho most painstaking and exhaustive investigation or tho facts
which it is possible to make. As a part of this inquiry, the persons or
corporation against whom complaint is made, unless it has already de
clared its attitude, is given full opportunity to submit its defense before
any action is taken. This is done, he pointed out, not only as a matter
of justice to those against whom complaints are made, but as a matter
of prudence on tho part of the Department, for least of all has the Depart
ment any interest in instituting a suit which should subsequently turn
out to bo without foundation.
As to its policy in cases where both the Department and the Federal
Trado Commission are charged with the enforcement of the law as under
the Clayton Act, the Attorney-Goneral stated that the Department would
in general, be guided by the principle which governs tho Federal and the
State courts in cases where they have concurrent jurisdiction. That is
to say, In any such case if the Federal Trado Commission were the first
to exerciso jurisdiction, tho Department of Justice would await tho con
clusion o f the Commission’s proceedings before taking any action, unless
special circumstances should dictate a different course.
While tho interviews with the Attorney-General, the Federal Trade
By way of introduction tho Attornoy-Goneral expressed tho view that Committee belioves. need no interpretation, the committee offers tho
following summary thereof:
much o f tho misunderstanding that exists in so mo quarters in relation to
the Sherman Act is duo to tho fact that in tho minds of many it has como
Persons entering Into transactions in good faith, having good cause to
to bo thought o f as a statuto apart from tho general body o f laws—ono by believe them lawful, will not be criminally prosecuted, but if their busi
nature unlike other laws, especially as regards tho function and duty of ness be found violativo of tho law, they will bo given opportunity to re
adjust
the law
those charged with its enforcement. This, he pointed out, is not the case decreesin conformity with desired. without legal proceedings, unless consent
in a civil suit is
at all. On tho contrary, the Sherman Act is onforcod by the Department
Tho Department of Justice intends to give substantial recognition to the
of Justico in tho same manner and according to tho same rules of policy
as other statutes—with tho same care and with neither more nor loss provisions of Paragraph (E) of Section 6 of the Federal Trado Commission
rigor. Plain or intontional violations aro proceeded against vigorously Law, which authorizes the Commission:
as under other statutos. When, as with all statutes, doubtful cases arise
“ Upon the application of the Attorney General to investigate and to
In which thoro was no intent to violate tho law, they are dealt with just make recommendations for tho readjustment of the business of any cor
as similar cases under other statutes aro dealt with— that is, with a viow poration alleged to be violating the Anti-Trust Acts in order that the
to enforcing strict compliance with tho law, but without unnecessarily corporation may thereafter maintain its organization, management and
conduct of business in accordance with law.”
stigmatizing or unnocessarily burdening with litigation persons who have
boon honestly mistakon as to the law and who stand ready to rectify their
In cases as to which both the Department of Justice and the Federal
mistake.
Trade Commission have jurisdiction, such for example as those arising
Another cause o f this misunderstanding, said tho Attorney-General, is under the Clayton Act, the Department will await the conclusion of the
the persistent misrepresentation to which the Sherman Act has beon Commission’s proceedings as to any matters in which the Commission's
subjected by propagandists who aro opposed to the competitive principle jurisdiction is first invoked.
and who seek to undermine that principle by attempting to create In the
It is not improbable that the working arrangement between the Depart
public mind misgivings and confusion both as to tho meaning and as to tho ment of Justice and the Federal Trade Commission is to follow along
manner o f enforcing tho law embodying it.
the same lines as have been established by custom as between the Depart
Four points wore then taken up:
ment and the Inter-State Commerce Commission with relation to violations
First. Tho complaint that the law is uncertain.
i of tho Act to Rogulate Commerce, as a result of which arrangement the
Second. Tho policy o f the Department o f Justice as regards tho method ] Department rarely, if ever, institutes proceedings without the recom
of enforcing the law in admittedly doubtful cases.
mendation or sanction of the Inter-State Commerce Commission.
G ross E a r n in g s .
M ile a a e .
In making public this week a statement in explanation of
the Government’s attitude toward business, as made known
by U. S. Attornoy-Gonoral Gregory to the Federal Trado
Committee of the Chamber of Commerce of the United
States, tho Committee presented the following summary
of its intorviows with tho Attorney-Goneral:
The Chambor, in presenting its statement of tho policy of
tho Department of Justice in tho enforcement of the anti
trust laws, states that its Federal Trade Committee, since
the enactmont of the Federal Trade Commission Law and
tho Clayton Law, has beon constantly plied with inquiries
not only relativo to tho relationship which it might be
oxpected would bo established botween tho Department of
Justice and tho Federal Trade Commission at points here
jurisdiction seems to ovorlap but also as to tho probable
attitudo of tho Department of Justice with respect to future
proceedings. According to tho statement, it was explained
to tho Attornoy-Gonoral by tho representatives of the
Chamber that if ho would oxpross himsolf it “might be
rogardod as reassuring to tho public mind and at the same
time dispel sorao of tho uncertainty which heretofore oxisted.”
Wo quoto as follows from tho Chamber’s statement setting
out tho attitudo of tho Department:
19 6
C O N T IN U E D IN C R E A SE I N
THE CHRONICLE
I D L E CARS.
A further increase in the number of idle cars is shown in
the latest monthly statement issued by the American Rail
way Association. For January 1 the number of idle cars
reached 68,700, against 60,793 on D ec. 1 1915.
In the same
period the total shortage has been reduced from 23,391
cars to 21,745. Below is the statement issued by the
Association :
THE A M ER IC A N RA ILW A Y ASSOCIATION.
Committee on Relations Between Railroads, Arthur Hale, Chairman.
C h ic a g o , J a n u a r y 10 1916.
The Committee presents herewith Statistical Statement N o. 12, giving
a summary of freight car surpluses and shortages for January 1 1916, with
comparisons.
Total Surplus / January 1 1916--------------------------------------- 68,700
{December 1 1915
------- -------------------------60,793
Approximately one-half of the surplus reported for January 1st is in
the Northwest and on the Pacific Coast, and consists of all classes of
equipment. The remainder is distributed over the entire country, no
large amount in any one section.
Total Shortage [January 1 1916----------------------------------- 21,745
{December 1 1915------------------- -------- --------23,391
The shortage for December 1 1915, shown above, includes figures re
ported since the issue o f Statistical Statement N o. 11.
Canada shows a shortage o f box cars o f upwards o f 9,000 cars and Group
6 (Northwest), reports a shortage of approximately 2,000. The coal
car shortage is practically all in Eastern and Central Freight Association
territories.
The figures by classes o f cars follow :
[Vol . 102.
present law. T o some extent relief may come through the Supreme Court
setting aside State enactments which constitute direct burdens upon rail
road credit. But these forms of relief are uncertain and will be developed
very slowly. Meanwhile railroad credit is being menaced by the claims
of power and by the exercise of power by forty-eight masters in addition
to the nation itself.
The condition calls for comprehensive Congressional action which should
be preceded by a prompt study of the situation in all its bearings.
COU PON S OF B O N D S OF B R IT IS H SU B JECTS SU B JECT
TO B R I T I S H T A X H E R E .
It appears that under an arrangement with the Guaranty
Trust C o ., British holders in the United States of bonds, the
coupons of which are payable either in dollars in Now York
or in sterling in London, cannot escape the British income tax
by presenting the same for payment here. In its issue of
D ec. 27 the “ Journal of Commerce” had tho following to
say regarding tho matter:
The British Government is determined that its citizens shall not evade
the payment of income taxes by presenting coupons of bonds for payment in
New York instead of in London.
This is indicated in a letter just sent out by Joseph G. Wylie, Treasurer
of the American Thread C o., in which he calls attention to the fact that
British owners of the company’s bonds, when presenting the coupons for
payment at the Guaranty Trust Co. in New York, will have $3 27 deducted
from each coupon of $20. Under an arrangement entered into, tho Trust
Company has been given authority to retain tho British income tax on the
bonds in the same manner as it retains the tax duo from Americans under
the Federal Income Tax Law.
C la s s e s .
S u r p lu s .
S h o rta g e.
Fersons applying for payment must sign a sworn statement certifying
Box
........................... ..............- ____ 18,045
14,654
to the fact that they are the owners of the bonds as well as owners of tho
Flat .................................................................- 8,435
84
coupons. Prior to the enactment of tho American Income Tax Law, no
Coal and Gondola________________________ 19,360
4,654
certifications were required, but now certificates will bo filed by both
Miscellaneous_____________________________ 22,860
2,353
American citizens and by British residents.
It is understood that last July, when coupons of tho 4% mortgage bonds
21,745
T o ta l___________________________ 68,700
of tho American Thread Co. were payable, some of the British holders
escaped paying the tax by sending their coupons to New York, the coupons
N o t e .— The figures for January 1 1915 are not available.
being payable either in dollars in New York or in sterling in London.
Following is Treasurer Wylie's letter:
.
“ The American Thread Co. beg to draw tho attention of bankers and
W A L K E R D . H I N E S ON N E C E S S IT Y OF A C C O R D IN G
others to the fact that coupons detached from tho company’s bonds owned
ROADS S U F F IC IE N T IN C O M E .
by citizens of Great Britain and presented for payment in New York, aro
“ The Conflict Between State and Federal Regulation of subject to the deduction o f British income tax .”
Tho deduction from coupons payable Jan. 1 1916 will bo at tho rato o f
Railroads” forms the subject of an article written by Walker 3s. 3d. in the sterling pound. The Guaranty Trust Co. of Now York has,
D . Hines for the January issue of the “ Annals of tho American therefore, been instructed to deduct $1 63 from each coupon of (£2 Is. 4d)
Academy of Political and Social Science.” M r . Hines con $10 and $3 27 from each coupon of (£4 2s. 8 d.) $20.
“ Attached hereto is copy of a letter from the British Income tax authori
tends that until the nation elects to change the present policy ties, showing that this company is entitled to withhold such tax.”
of private ownership for one of national ownership or of
national guarantee of railroad securities, it is of paramount
importance to the nation that the railroads shall have a net
income sufficient to give them the necessary credit to enable
them to continue to raise the funds to extend and improve
the transportation service in the public interest. W e give
below an abstract of M r . Hines’s observations:
E A R N I N G S OF F E D E R A L R ESERVE B A N K OF A T L A N T A
N et profits of 882,532, or practically 4 % on tbe capital,
aro shown by the Federal Resorvo Bank of Atlanta in its
statement for tho fourteen months to Doc. 31 1915. Tho
statement includes the operations of tho Now Orleans
branch; no anticipated discounts aro included in the figures,
but the profits have all been actually earnod up to the close
of the year. The question of paying dividends will be de
cided upon at a meeting of the directors on tho 13th inst.
W o give below in detail tho statement of operations since
the bank’s establishment:
The Inter-State Commerce Act prohibits any undue prejudice in rato
adjustments affecting inter-State transportation, whother such prejudice
arises from the independent acts o f the railroad companies or from the
requirements o f State Legislatures or State Railroad Commissions. This
statutory prohibition is not only the logical outcome o f the theory of tho
Federal Constitution but it is tho inovitablo result of tho economic fact
that there is inherent inter-relation of rates which is not affected in tho
slightest degree by the imaginary line which separates one State from
STATEM ENT OF OPERATIONS OF FEDERAL RESERVE BANK OF
another.
A TLAN TA (INCLUDING NEW ORLEANS BRANCH ) TO
This matter was settled by the decision o f the United States Supremo
DEC. 31 1915.
Court in the Shreveport case. The Court upheld tho Inter-State Commerce
Commission’s order which permitted the carriers to raise rates wholly
E a r n in g s .
within the State o f Texas because those rates gave an undue preference Earnod discount on bills discounted— Members.......................... $230,020 43
“
“
“ “ purchased___________________________
88 63
at various Texas points to Dallas and Houston, Texas, as compared with
“
interest on investments (warrants)---------------------------1,541 13
Shreveport, La., which also sought to do business at tho same Texas points.
“
commissions______________________________ ________
20145
The Court pointed out that it had always been recognized "that tho nation
“
from other sources___________________ ______________
4,608 73
could not prosper if inter-State and foreign trade were governed by many
Total earnings__________________________________ $236,460 37
masters,” and that where the interests o f freedom o f inter-State commerce
E xpen ses.
are involved the judgment o f Congress must control.
But the necessity for paramount national control of inter-State railroads Organization expenses (Including our proportion of expenses of
Federal Reservo Board at Washington from their organiza
rests upon a still broader foundation than the relative adjustment of rates
tion to June 30 1915, $8,342 05).............................................. $23,597 22
of competing shippers. Tho successful operation o f the railroads is a Current expenses— cost of operation (including our proportion
of expenses of Federal Reserve Board at Washington from
matter of far greater concern to the nation than to the Intra-State business
June 30 1915 to Dec. 31 1915, $4,831 60; also offico of Fed
interests of any individual State, because at least 75% o f all railroad business
eral Reservo Agent and Chairman of tho board)____________ 103,440 30
is inter-State and on an average only ono-forty-eighth o f tho remaining 25% Cost of manufacture of Federal Reserve notes used ($18,950,000) 24,573 70
Depreciation charged off cost of furniture and equipment
is intra-State in any given State.
(33 1 -3 % ).......
2,316 76
Until tho nation elects to change the present policy o f private ownership
for one of national ownership or of national guaranteo of railroad securities,
Total exponses_______
$153,927 98
it is of paramount importance to tho nation that the railroads shall have a
Net profit________________________________________ $82,532 39
met income sufficient to give them tho necossary crodit to enable them to
continue to raise the funds to extend and improve the transportation servico In addition to the above, our books also show an income from—
Unearned discount__________________________________________*35,170 So
in the public interest.
“
interest on investments__________________________
°oi) J2
Impairment o f railroad net income through the action o f a State has as
T o ta l________
$36,021 14
great an adverse effect upon railroad credit as impairment of not income
Tho average maturity date of our discounts is Feb. 16.
would have which canto from any other source. Perhaps the greatest im Total amount of bills discounted for member banks to date-$3o,0lo,287 07
pairment of net income comes through the State laws increasing operating
.........................................
p aid tod ate...............- - - - - 26,938,994 42
expenses and taxes. A very serious impairment o f net income also arises
“
“ “ now under discount-------------------------- 8,074,293 25
number of banks accomm odated-----------------------------48
from State reductions in intra-State rates. A still further serious adverse
.....................in district................... — ........................
D 386
O
influence o f intra-State rates prescribed by the States is that those rates
“
“ notes discounted________________________
2 2 ,2 0 2
to a large extent establish the inter-State rates. For example, rates fixod
by the State o f Ohio and applying solely between points in that State have
a very serious adverse effect upon rates which can bo charged in Indiana
D A L L A S RESERVE B A N K D ECLAR ES D IV ID E N D .
and Illinois.
In these ways It is possible, and it frequently happens, that tho action
A semi-annual dividend of 3 % , the first distribution to be
o f a single State which, of course, is charged with no responsibility as to
national affairs and has no adequate opportunity to take a national survey made since its organization, was declared by the Fedoral
o f the situation, operates directly to impair the credit o f a railroad com Reserve Bank of Dallas on tho 7th inst. A dividend at the
pany whose welfaro and future aro primarily matters o f national concern.
rate of 5 % per annum was declared by tho Federal Reserve
The railroad credit which is indispensable to provide the necessary chanfor inter-State and foreign trado cannot be permanently secured if tho Bank of Richmond several weeks ago. The Dallas Reserve
ors underlying that credit are governed by "many masters,” that is, Bank reports net undivided profits of $75,388 for tho period
ty-eight States as well as by the nation. Relief may como to a sub_ extent from tho Inter-State Commerco Commission under tho from N o v . 16 1914 to Dee. 31 1915.
Jan . 15 1916.]
J.
THE CHRONICLE
P. M O R G A N R E -E L E C T E D A M E M B E R OF T H E
A D V IS O R Y CO U N C IL.
A t a meeting of the directors of the Federal Reserve Bank
of N ew York on Wednesday, J. P . Morgan was re-elected a
member of the Federal Advisory Council representing the
N ew Y ork Reserve District. H . M . Jefferson, who has been
acting in the capacity of Auditor for the bank for some time,
was formally elected to that office on Wednesday.
IN C R E A SIN G
P R ICE
OF
G A S O L IN E — PU B LIC
IN
V E STIG ATIO N S.
Resolutions bearing on the increasing price in gasoline
were introduced in the House of Representatives on the 4th
inst.; one of the resolutions, offered by Representative
Steenerson, and referred to the Committee on the Judiciary,
calls on the Attorney-General for information as to whether
or not prosecutions have been instituted against dealers in
gasoline for violation of the Anti-Trust laws; another sub
mitted by Representative Fuller, and referred to the Com
mittee on Rules, directs the House Committee on Inter-State
and Foreign Commerce to “ investigate the cause of the
sudden and unprecedented rise in the price of gasoline and
to make inquiries to ascertain whether any conspiracy exists
and whether any law has been violated in connection with
the matter and to report its findings and conclusions at an
early date.” Following the introduction of these resolutions
a letter from U . S. Attorney-General Greogry, announcing
that the Department of Justice has undertaken no inquiry
into the causes of the recent increase in the price of gasoline,
inasmuch as the Federal Trade Commission is investigating
the general oil situation, was read in the House of Repre
sentatives by Representative W ebb on the 7th . The letter
said :
No prosecutions have been instituted by the Government based on the
increased price o f petroleum and its products, expecially gasoline, for the
reason that no evidence has been developed as yet which would justify
a charge that the increase is due to any action in violation of Federal law.
It is tho duty o f the United States District Attorneys and investigators
throughout the country to scrutinize closely all increases in the prices
of staple commodities, and to report promptly any evidence tending to
show that such increases wore brought about by agreement or combination.
This duty has been particularly impressed upon them since the beginning
o f tho European war, which has made it easier to find pretexts for increasing
pricos
No special investigation o f the increased price o f gasoline has been organ
ized by tho Department o f Justice, for tho reason that the Federal Trade
Commission, with its broad inquisitorial powers especially designed for
the purpose, had already begun under resolutions o f the Senate a compre
hensive investigation into conditions in the oil trade. Arrangements,
accordingly, wcro made under which communications on that subject
addressed to tho Department o f Justice should be referred to the Commis
sion, which will, o f course, at once advise the Department o f Justice of any
evidence developed tending to show any agreement or combination to in
crease prices. It is needless to say that any such evidence will receive
tho prompt attention o f the Department.
The Federal Trade Commission took occasion to issue
a statement on the 8th, pointing out that it has been con
ducting investigations into the petroleum and oil trade under
resolutions previously adopted by the Senate and that it
would investigate any complaints referred to it b y the
Department of Justice. W e quote its statement herewith :
The Federal Trade Commission to-day announced that the Department
o f Justice was referring to it for investigation complaints received by the
Department having to do with the increase in tho prices o f gasoline Be
fore this session o f Congress the Department o f Justice inquired of the
Federal Trade Commission whether it was conducting investigations into
conditions in tho petroleum and oil trade, stating that if so it would refer
these matters to it for attention. The Federal Trade Commission stated
that it had been conducting these investigations pursuant to Congnssional direction and under the resolutions o f Senator Gore. Senator Owen
and Senator Chilton, and that if would bo pleased to investigate any of the
complaints refereed to if tho Department o f Justice so desired
The
Federal Trade Commission and the Department o f Justice are keeping
closely in touch on the matter.
p^
197
out by the Survey is that crude petroleum stocks held in
reserve, the largest ever known, increased 50,000,000 bar
rels in 1915, and at present 195,000,000 barrels are being
held. Export figuresfor the first 10 m onthsof 1915 show that
gasoline exports dropped far below the same period in 1914, and
sh'ghtly below 1913. During the 10 months ending with
October, 98,471,466 barrels were exported, against 140,
275,273 for the same period in 1914 and 100,353,871 in 1913.
Factors which might be expected to effect the price of
gasoline, according to Geological Survey officials, are pro
duction, consumption and prices of crude petroleum. Con
sumption figures, it is announced, were not available, though
consumption was increasing. A low petroleum price level
was reached in April and until August the price remained
at 81 35 a barrel for the market standard. Then the price
began to soar, and on December 17 petroleum was selling
at 82 15. Indications now are, says the statement, that
the price soon will reach 82 50, its previous high record.
The relation between the cost of crude petroleum and gasoline
is hard to determine, according to officials who have given
the subject study, because of the varying grades of petroleum
and the variety of oils produced in refinement. A n increased
demand for gasoline, they say, means an increased pro
duction, with a consequent increase in production of kero
sene, lubricating oils and other petroleum products.
Commenting on the figures from Washington, one familiar
with the oil trade was quoted in the “ Tribune” of the 10th
as stating that while the total production in 1915 was in ex
cess of 1914, there has been a falling off of 50,000 barrels a
day in the last six months as compared with the first six
months. The person in question is quoted as follows:
Washington figures make it appear that the price of gasoline is being
advanced in the face of Increased supplies of crude petroleum, but not all
crude petroleum yields the same percentage of gasoline.
N o mention is made o f the stupendous expansion o f the automobile
industry, which is almost wholly responsible for tho demand which the
refiners aro unable to meet, nor of the tremendous falling off of the great
Cushing Pool in Oklahoma, which has declined from 300,000 barrels a day in
M ay 1915 to less than 100,000 bareles in December. Whilo the total pro*
duction in 1915 was in excess o f 1914, the production for the last six months
shows a falling off o f 50,000 barrels a day as compared with the first six
months.
Where there is increased production it consists almost entirely o f crudes
which yield only a small percentage of gasoline.
Declaring that the high prices prevailing are justified, an
official of the Standard Oil Company in indicating his ap
proval of the Government investigation was credited in the
daily papers of the 8th inst. with the following statement:
Knowing the existing situation in the oil industry as I do, and especially
the refining branch o f that industry, tho announcement by the Government
that it intended to investigate the high prices prevailing for gasoline meets
with my thorough approval. And I believe it meets with the approval of
^ n ! f i 7 ah0 re^ ner l1 the country- Agitation against increasing
1
gasoline prices by various interests, particularly automobile owners, has
been under way for weeks, and I hope that the Federal investigation will be
o f such scope as to settle the matter once and for all.
That the high prices prevailing are justified is without question. The
ever-increasing cost of crude supplies, increased refining costs, due to the
fact that the gasoline consumer now demands a much higher-grade product
together with increased marketing costs, leaves a very small margin o f
profit even at present quotations. The Government will shortly come to
this conclusion if it goes after true facts.
Unless there is a material change in conditions, I do not look for any re
duction in gasoline quotations for some time to come. At Iesat this Is the
situation in the East; and I do not believe that other sections o f the country
will be able to afford making any heavy reductions in the near future.
An investigation of prices paid for gas oil by the various
gas companies within its jurisdiction was begun by the New
York Public Service Commission on D ec. 30; after a one-day
hearing, the proceedings were adjourned until Jan. 7, when
the inquiry was resumed. The investigation grew out of
developments in the Kings County Lighting Company case.
It was reported in the N ew York “ Sun” of Deo. 25 that Com
A statement on petroleum production, issued by the
missioner Hayward had “ testified before the Thompson Com
United States Geological Survey on Jan. 1 in announcing
mittee that there was no such thing as a market price for
that the “ preliminary estimates of the total yield of petro
gas oil. The rates seemed to vary according to the company
leum for 1915 indicate a slight increase over tho record
with which the Standard was dealing. They ranged from as
breaking yield in 1914,” added that “ this condition does not
low as 3 cents a gallon to the 4.575 cents a gaUon which was
agree with the currently reported reason for the exceptionally
charged the Kings County Lighting C o. on a long-term con
high rices now prevailing for motor fuel.” The statement
tract. The good faith of this contract was questioned by
further said :
Commissioner H ayw ard.” The “ Sun” further stated that
As a result o f the overload put on the transporting and refining phases of
Commissioner Hayward had said that he could not under
the petroleum industry by the excess output o f crude petroleum in 1914
the year 1915 may be characterized as a period o f readjustment In which stand why certain companies should get a fair price quoted to
production activity was purposely retarded as far as practicable. The
them for gas oil while the Kings County Company has
small Increase therefore is more significant than the simple figures sueeest
to pay a much higher price.
When the Commission had
According to John D . Northrop of the United States Geological Survey
the marketed production o f petroleum in the United States in 1915 approx decided on Deo. 24 to begin an investigation, Commissioner
imated 267,400,000 barrels and the total yield approximated 291,400 000 Hayward said:
barrels, about 24.000,000 barrels of oil brought to tho surface during’ the
yoar being placed in field storage by the producers.
The estimated production of 267,400,000 barrels, is
reported as exceeding that of 1914 by a little less than
2,000,000 barrels— 1,637,465. One production fact brought
I would like to move that the Secretary o f the Commission be instructed
to communicate with the Attorney-General o f the United States directing
his attention to the facts brought out In the recent rate cases, showing what
seems to be a discrimination In the price of gas oil to the different gas com
panies within our Jurisdiction, and giving him possession o f all the facts that
have been made public. I f the Standard Oil Company is going to fix prices
THE CHRONICLE
198
for gas in the First District o f New York, we would better know it, so we
will not be wasting a lot o f time holding hearings.
^
_
Commissioner Williams seconded the motion and it was
carried unanimously. According to the paper quoted, Com
missioner Hayward later stated that the apparent discrimi
nation in oil prices against some concerns and preferential
prices for others appealed to him as a violation of the Sher
man Anti-Trust Law.
A t a conference of independent oil jobbers, members of
the Western Oil Jobbers’ Association, in Chicago on the 7th
in st., it was contended that the Standard Oil Company of
Indiana is selling gasoline and oil at lower prices than is jus
tified b y present crude prices established by the Standard
and other producers; its action, according to the allegation
of E . E . Grant, Secretary of the Independent Oil M e n ’s A s
sociation, being to stamp out the independent oil companies
operating in the Indiana district.
A n official of the Standard Oil Company of Indiana was
quoted at Chicago on the 12th as saying:
The present rates o f gasoline are fully justified, based upon the increased
consumption and fully regulated by the supply and demand. The present
tank wagon rate o f 16 H cents per gallon is an increase o f 6 to 7 cents
over a year ago. Our Cushing plant is producing to-day less than 100,000
barrels o f crude oil as compared with 300,000 a year ago. There is more
or loss extravagant use o f gasoline by individuals whereby consumption is
greatly increased, and, under the conditions as stated, prices are in no way
exorbitant in comparison with the advance shown in other commodities.
REPORT OF C O M P T R O LL E R OF C U R R E N C Y .
As indicating the growth in the business of the national
banks during the first year since the inauguration of tho
Federal Reserve system, Comptroller of the Currency John
Skelton Williams in his annual report made public this week
states that the increase in deposits for this one year amounts
to about as much as the total deposits of all national banks as
late as 1895. From Oct. 31 1914 to N o v . 10 1915 the de
posits in the national banks increased 2,081 million dollars.
The total resources of national banks N o v . 10 1915 amounted
to 13,236 million dollars, against 3,423 million Sept,. 28
1895, an increase of nearly 10 billion dollars, tho resources
now being nearly four times what they wore in 1895. Tho
reserves held by all national banks in 1895 were reported at
571 million dollars, in 1905 at 988 million, and on N o v . 10
1915 at 2,108 million dollars. The reserves held by national
banks N o v . 10 1915 exceeded by 587 million the greatest re
serves ever held at any time prior to tho passage of the
Federal Reserve A ct. The Comptroller also reports that
from Oct. 31 1914 to N o v . 10 1915 the available cash re
sources of all national banks, including specie, bank notes,
balances with reserve agents, exchanges for clearing-house,
& c., increased 862 million dollars, while the liabilities of
the banks for the period named (on account of bills payable
re-discounts and borrowed bonds, were reduced more than
100 million dollars. The liability of national banks on
account of circulation was reduced from 1,018 million on
Oct. 31 1914 to 713 million N o v . 10 1915, a reduction of
305 million, principally due to the retirement of the emer
gency currency.
,
_ ,
.
On Feb. 14 1914 the national banks in twolvo Federal
Reserve cities held on deposit for other banks throughout
the country a total of 1,572 million dollars. On N o v . 10
1915 this balance had increased to 1,989 million dollars, an
increase of 417 million dollars, notwithstanding tho fact
that the member banks had at the same time accumulated
to their credit in the twelve Federal Reserve banks an aggre
gate of 359 million dollars.
According to the report, the national banks of Now York
C ity on N o v . 10 1915 held for the credit of other banks and
trust companies throughout the country a total of 1,067
million dollars. The total amount of money which the na
tional banks of N ew York C ity were lending to othor banks
and trust companies throughout the country on the same
date was 69 million dollars, so that the national banks of
N ew York City held to the credit of othor banks and trust
companies nearly 1,000 million dollars more than tho Now
Y ork banks were lending to their correspondent banks on
that date. The report also says:
The national banks in the twelve Federal Reserve cities on Nov. 10 were
lending to other banks throughout the country 163 million dollars, while
the banks and trust companies throughout the country had to their credit
with the national banks of the twelve Federal Reserve cities 1,9S9 million
dollars, or 1,826 million dollars more than these banks were lending to
their correspondent banks on the same date.
The national banks in the fifty-five reserve and central reserve cities
held on Nov. 10 1915 for the credit o f other banks throughout the country
2 470 million dollars, which was 2,224 million dollars more than tho total
loans which the national banks in the reserve cities and central resorvo
dties were making to their correspondent banks throughout tho United
States.
rvoL. 102.
The Comptroller discusses at length the subject of usury
in the national banks of the country, and submits affidavits
from some fifteen or twenty national banks, giving a list of
the usurious loans made b y these different banks for different
periods, the names of the banks, however, and of the bor
rowers are omitted, although the tables give the amount
of tho loans, the time, and the rate of interest charged in
each instance. An exhibit attached to the report gives
sworn detailed statements from national banks in Texas,
Georgia, Oklahoma and Louisiana, showing that they had
been lending money at rates actually of from 20 to 2 ,0 0 0 % .
Reference is made to throe national banks which have ad
mitted under oath that the average rates which they charge
on all loans are 25, 36 and 4 0 % per annum respectively.
The Comptroller recommends an amendment to the National
Bank Act which will enable the Department of Justice to
bring suit against usurers upon information furnished by
the Comptroller’s office. Under the present law suits for
usury have to be brought by the borrower, who is usually
afraid to bring suit against the bank which has made him
the loans.
The Comptroller repeats the recommendations which wore
made in last year’s report for amendments to the National
Bank A ct, and recommends twelve additional amendments,
as follows:
1. The officers o f a national bank be prohibited from borrowing
funds o f the banks by which they are employed.
2. No loan be made by any national bank to any of Its directors or to a
firm in which a director may bo a partner without formal authority of the
board of directors of the bank.
3 All officers of a national bank having the custody of its funds, money
or securities, and alt officers, tellers or other employees of the bank en
gaged in the handling of its money shall furnish surety bonds, preferably
the bonds of an established surety company.
4. A conservative and proper limitation be placed upon tho aggregate
amount of money any one person, company, corporation or firm may ob
tain from a national bank through the discounting o f commercial paper
and bills of exchange. The limitation of 10% of the capital and surplus
docs not apply to “ bills of exchange drawn in good faith against actually
existing values and tho discount of commercial or business paper actually
owned by the person negotiating the same.” It is suggested that tho aggre
gate liability of any person, company, corporation or firm on loans on com
mercial paper or bills of cxchango should in no event exceed 25% of tho
capital and surplus of the bank. It Is recommended also that a specific
penalty be provided for tho violations of Section 5200, enforceable against
the officers and directors of the bank responsible for the violation in addi
tion to the statutory penalty for forfeiture of charter for violation of the
National Bank Act.
5. Tho laws of the respective States in regard to overdrafts be made
applicable to national banks, and that tho individual liability prescribed by
Section 5239, United States Revised Statutes, shall be mado applicable
to any violations of this provision, and also that the officers of tho national
bank shall be required to bring before the directors, in writing, at oach
directors' meeting, a list of all overdrafts made since the previous meeting
of the board.
, .
0 All certificates of deposit must be signed by two officers of the bank,
and a penalty provided for the issue of any such certificate not signed by
two officers.
. . . »
.
„
7 T o forbid any officer or employee o f a national bank from erasing or
causing to bo erased or removed, either by acid or abrasion, any entries on
the books of any national bank. Where entries have been mado inad
vertently or erroneously and it is desired to correct them, they should bo
canceled by having three lines drawn across them in black or red Ink in
such a manner as to lndicato its cancellation, but not to make it impossible
to decipher the original entry.
, ,
,
National banks have suffered serious losses from orasuros and changed
entries by dishonest bookkeepers and officers to conceal or to falsify transaC8 ° T h e rates of interest which any national bank may pay on Its deposits
shall not exceed 4 % per annum unless tho highest rate for tlmo paper fixed
by the Federal Reserve bank of the district shall bo more than 4 % . in which
event the rate of interest that may bo paid may equal but not exceed such
discount rate charged at that time by the Federal Reserve bank of the dis
trict- Provided however, that if tho laws of a State fix tho maximum rate
of interest that may bo allowed on bank deposits, tho rate so fixed for State
hanks bo applicable also to national banks in that State.
9 National banks, with the approval of tho Comptroller of tho Currency,
shall bo allowed to establish and maintain branches within certain limits
for example, within city or county lines, but not without tho boundaries
of the State in which the parent bank may bo located, and if such Stato bo
nartlv within one Federal Reserve district and partly in another Federal
Reserve district, such branches shall be established only in that portion of
the Stato which is in tho same Federal Reserve district as tho parent bank.
N o national bank to bo permitted, however, in this cou n t^ to have more
than twelve branches. The capital of the parent
A a n k T ^ c a t ld
the establishment of each branch, in tho town in which tho bank is located,
i„ an amount equal to not less than 50% « (
would be required for tho organization of a national bank in the city wnorem
The parent bank is located, and the capital o t t h e p ^ t b a ^ shaU be in
creased with the establishment of oach branch outsidei the city where tho
parent bank is located in an amount equal to the capital now required by
the National Bank Act for tho organization of a national bank In tho place
w h e r e t h o proposed branch is to be located.
,
,,
,
10 National banks to bo permitted to establish branches in Alaska and
in the insular possessions o f the U nited States.
. . .
11 Section 5197. U. S. Revised Statute*, be so amended as to authorize
a national bank to make a minimum charge of 25 centsonany oan, even
though that charge might exceed the legal rate authorized by law The
Amendment should be so framed, however, as to make it impracticable
a bank to evade the intent of tho law by requiring customers to make a
rr,,,lHtnde O f small notes and then chargo 25 cents for each noto.
Such an evasion of tho law against usury might, perhaps, be prevented by
providing that if a minimum charge of 25 cents shall have been made to a
customer on any particular day, and tills chargo shall be In excess of the
iegal rate of interest, no similar minimum chargo shall bo made the same day
JAN. 15 1916.]
THE CHRONICLE
199
to the same customer on any other note, if in excess o f the legal rate. This in getting from his land the best possible profits, is perhaps the safest of all
would prevent a bank from requiring a customer who might want to borrow banking business.
When tho smaller banks work together to aid and develop thrift and hope
$100 for thirty days from giving 20 notes for S5 each, to be charged 25 cents
on each note, which would amount to $5, or 60% per annum for the accom and intelligent and successful work on the farms about them, and to nourish
and uphold their local enterprises, we will havo a prosperity which no event
modation.
can shake and increasing shares of distributed, real, active wealth of which
12.
The Comptroller o f the Currency be authorized to bring proceedings
against directors of a national bank for losses sustained by the bank through no shock can deprive us.
violations of the provisions o f the National Bank Act or the Federal Reserve
Act.
Banks often have sustained large losses as a result o f the wilful and per- C O M P T R O L L E R W I L L I A M S O N U N P R O F I T A B L E S Y N
sistont disregard by its directors o f the clear provisions o f the National Bank
D IC A TE P A R T I C l PA T IO N B Y LOCAL B A N K S .
Act. These losses, resulting from violations of the law by directors, fall
In recommending an amendment to the National Bank
upon the stockholders. The directors who have occasioned these lossos by
involving the bank in unlawful transactions to facilitate or promote schemes A ct, which would authorize the Comptroller of the Currency
or enterprises in which the directors may be concerned, are found sometimes to bring proceedings against directors for losses sustained by
to bo holders or owners of but a few shares of the stock o f the bank the af
fairs of which they are directing, and the funds o f which they frequently banks through violation of the National Bank A ct, Comp
have tied up in the promotion o f their own private schemes. Very often troller Williams refers to several cases where directors were
stockholders never are informed of the losses the bank has suffered through required personalty during tho year to make good to their
theso irregular transactions. It is the practice of many banks to keep their
transactions from shareholders, especially those transactions which have respective banks losses sustained through ultra vires invest
resulted in losses. Thousands o f banks give stockholders at the close of ments in stocks; one of the particular cases cited by him
each fiscal year little or no Information o f thesourcos of the earnings and the concerns the participation in 1905 of a local bank in a syndi
details o f the disbursements and losses.
.
cate for tho purchase of stock in a Chicago city railway com
Even when shareholders have knowledge o f the losses incurred through
violations o f the law bv the officers or directors o f the bank, should they pany.
Regarding this, the Comptroller says:
proceed to bring suit against tho unfaithful directors for the benefit of them
During the past year this office has made special effort to prevent the
selves and their fellow shareholders, such action might precipitate a run up losses sustained by national banks through the ultra vires or unlawful in
on the bank and rosult in suspension or unnecessary loss. Experience has vestments made by and with the approval of the directors from falling
shown that losses occurring from faults or improprieties o f directors usually
upon innocent shareholders, and to require directors responsible for such
aro charged to “ profit and loss” account by the guilty directors themselves,
losses to restore to the banks the amount of losses so incurred.
and the stockholders never are apprised of the results of the mismanage
Theso efforts have been, to a certain extent, successful, as will be seen
ment. The evil effects o f the wrongdoing fall upon the Innocent stockhold from tho instances following, but the work of preventing such violations of
ers and tho wrongdoers escape.
the law in the future and of securing full restoration for injured stockholder
Tho Comptroller also reeommonds that all members of will be facilitated greatly if the amendments to the national Bank Act
herein recommended should be adopted by Congress.
boards of directors of national banks be required to serve in
In February 1005 a certain large national bank in New York subscribed
turn on the executive committee of the bank. A full record to a $2 ,0 0 0 ,0 0 0 participation in a syndicate organized by a well-known firm
of bankers for the purchase of stock in a Chicago city railway company.
is givon of tho issuance of the emergency currency during
Fourteen months before the bank made this investment it had been warned
tho crisis arising from the European war.
The revenue col in a letter from the Comptroller's office that—
lected by tho Government as interest on this currency
“ National banks aro prohibited by law from purchasing stock of other
corporations as an investment.”
amounted to $2,977,000.
Prior to that time the attention of the bank had been called to a decision
The Comptroller also presents a summary showing the con
of the Supreme Court of the United States to the effect that—
dition as of Juno 1915 of all national banks, State and sav
“ Tho power to purchase or deal in stock of another corporation is not
ings banks, trust companies and private banks throughout expressly conferred upon national banks, nor is it an act which may be
exercised as incidental to tho powers expressly conferred. A dealing in
tho Unitod States.
The total number of bank shown in stocks is consequently an ultra vires act, and, being such, it is without
this statement was 7,605 national banks and 19,457 State efficacy.”
About a year after tho bank had made this syndicate investment in the
banks, trust companies, savings banks, &c. Reports are stock of the Chicago street railway the Comptroller’s office wrote to the
also submitted for 3,003 State institutions which failed to bank as follows, relative to certain stocks held at that time by the bank:
“ You are again reminded that a national bank cannot
make
send reports, and whose statomonts were estimated in making investments in tho stocks of other corporations. The stock lawfullyshould
so held
up the totals, making a grand total of all banks of 30,065, therefore bo disposed of without unnecessary delay.”
Upon a number of subsequent occasions the bank was notified formally
with a paid-in capital of 2,222 million dollars, of whisk 1,068
and instructed to dispose of all stocks held by it, and its attention was called
million was for national banks, 1,094 for State banks, & c., to its unlawful or ultra vires transactions.
and 59 million for tho non-roporting banks. The aggrogato
The Chicago street railway syndicate had proved a failure, and the se
doposits, exlcusivo of Federal Reserve Banks, were 19,660 curities and cash distributed to the subscribers to the syndicate upon its
million, including 6,613 million for national banks, 12,635 dissolution were worth much less than the amount originally paid.
It was ascertained that the cash and stocks received by the national bank
million for the reporting State institutions and 412 million referred to, in the final distribution, amounted in value to approximately
for non-roporting State banks. Tho statement shows that $ 1 ,0 0 0 ,0 0 0 less than the original cost with a proper allowance for interest.
of the
tho investments in bonds and other securities held by the in Thereupon tho Comptrollerin part Currency wrote to the national bank
question on Dec. 31 1914,
as follows:
reporting banks aggregated 5,881 million dollars, of which
“ You wero, of course aware that in taking a participation in this so-called
simply buying an undivided interest in so much
811 million dollars wore United States bonds, 1,494 million stock ‘syndicate’ you werein a syndicate agreement, and the fact that you
stock, which was tied up
in State, county and municipal bonds, 1,704 million in rail hoped or supposed that at some future date this stock might bo exchanged
for bonds or o liter securities is hardly an extenuation of your offense in so disre
road bonds, 663 million in bonds of other public service cor garding tho provisions of the National Bank Act and the instructions of
office.
porations, and 1,208 million other bonds, stocks, warrants, thisThis office again hereby notifies you to call upon your directors (to
“
tho
institution).
&c. Tho cash held in all national banks, State banks and whom your stockholders had intrusted yourmanagement of your through this
who are responsible for the loss which
bank has sustained
trust companies, and in the Federal Reserve banks was re transaction, entered into unlawfully and directly contrary to the instruc
tions which had been given you by this office, to make good to your bank
ported at 1,769 million dollars, an increase in cash holdings at once the losses which this transaction has involved, and if they decline
to do
aro directed to
against them, without
of all banks during tho year of 131 million dollars. The furtherso you for tho recovery havo suits brought bank thus dissipated.
delay,
of tho funds of tho
“ Your aro requested to bring this subject before your board of directors
total money in tho Unitod States in Juno 1915 was reported
without delay, and to inform this office promptly whether or not these
at 3,989 million dollars, of which the money held by all re Instructions will be carried out.”
The bank expostulated against the demand which this office made upon
porting banks was placed at 1,760 million. The amount of
It, and its President (who was not its President at tho time the transaction
monoy in the pockets of the people, that is to say, not held was made, in 1905) stated that the man who was President at the time the
in tho Treasury and not hold in tho banks, is placed at 1,808 bank made the subscription had informed him that, to the best of his recol
million dollars. In regard to tho amendments to the N a lection, but two directors of the bank knew of the transaction when it was
made, or for a long time thereafter: that no other directors were cognizant
tional Bank Act recommended by him, tho. Comptroller of or participated in tho making of tho bank’s subscription of $2 ,0 0 0 ,0 0 0 .
says: “ Attention is asked to tho fact that none of those One of these two directors, he stated, was the man who was President of
changes, if adopted, would hamper legitimate banking en the bank at tho time the subscription was made and the other man was
another director, since deceased, the head o f the banking firm which had
terprise or development. They aro intended to bo construc organized the syndicate.
tive and preservative.” Tho report concludes as follows:
In explanation o f tho alleged ignorance of the other directors as to this
Study of tho situation as it is brings the conviction that in our country transaction, the bank stated that—
“ The fact that this syndicate participation was not reported to the board
wo havo tended to fix our attention on tli3thlhgs that look big and loom large,
while often overlooking tho things that seem small, but really aro the big was not singular or unusual, for the practice of mailing a detailed report
gest and most important of all. Tho real foundation for the prosperity and to tho board of purchases and sales of securities or of loans or discounts or
stability of tho country is tho prosperity, stability and productive power of of participations in bond syndicates was not inaugurated until * * *
the farmer. Statistics show that tho condition o f tho agricultural interests early in 1911.”
Tho bank gave assurances to the Comptroller’s office that it had long
in many sections is unsatisfactory in important respects. The proportion
since ceased tho purchase of stocks, and was endeavoring to comply faith
o f farm owners doos not increaso in proportion to the number of farmers
As tho tenant class increases, production per acre is less favorable. The fully with the provisions of the National Bank Act. The bank argued that,
migratory tendency among persons engaged in fanning has been increasing. because of the lapse of time, the possible interposition of the statute of
M ost of these migrations moan unrest and failure; and many o f the fail limitations, the many changes which had taken place in the composition
ures result from oppressions or exactions or from lack o f proper assistance of its board of directors, and the death of other directors, there were serious
when needed. Usury unchecked means depopulation, hopelessness, thrift doubts whether it would be possible to recover from directors the losses
which the bank had sustained from the investment of about 32,000,000 of
lessness, and resulting loss o f producing capacity per man and per acre.
It is hoped that wo will work out presently a well-guarded and well-di funds in the Chicago street railway syndicate in the early part of 1905,
rected plan o f rural credits for the stimulation and protection o f our great and prayed for tho withdrawal of the request which this office had made in
farming industry. Until that time comes, tho smaller banks in the smaller its letter of Dec. 31 relative to the institution of suits against directors.
The bank also asserted that, whilst it seemed clear that suits could be
communities will have a great opportunity which they should bo helped to
use, a tremendous duty which they should bo encouraged to perform. The brought by shareholders against the offending directors, there were ques
rocord will show that co-operation with tho farmer, carrying him through tions as to the authority of the Comptroller’s office to require the bank Itself
his seasons o f waiting and aiding him in tho adoption of now methods and to institute or insist upon such suits against directors.
[Vol . 102.
THE CHRONICLE
300
After a number o f conferences counsel for the bank advised the Comp
troller that if this office would not insist upon having the bank bring the
suits, as requested in the Comptroller’s letter o f Dec. 31. the directors, or
certain o f them, would agree to relieve the bank o f the shares of stocks
unlawfully held, paying for these remaining shares (which were estimated
to have a market value o f 5250,000) the sum o f $750,000, thus restoring to
the bank $500,000 o f the estimated loss of about $1,000,000.
After full consideration o f the case it was decided that, under the cir
cumstances, such an adjustment, which was equivalent to restoring to the
bank approximately 50% o f the total loss, should not be refused, and this
office accordingly notified the bank that it would not insist that the in
structions contained in the Comptroller’s letter o f Dec. 31, relative to suits
against the individual directors, be further considered if the sum of $750,000
should be paid to the bank for the stocks whose value was estimtaed at
that time to be only $250,000.
As a result o f this settlement the bank was enabled to collect from its
directors personally, for losses incurred on account o f shares unlawfully
purchased, the sum o f approximately $500,000, and the shareholders of the
bank were accordingly benefited to that extent by the adjustment.
Another national bank in New York, which had been a subscriber to the
Chicago street railway syndicate to the extent of $100,000, had sustained
losses in proportion to those sustained by the national bank first mentioned
on its larger subscription. Directors o f this other national bank, upon
receipt o f warning from the Comptroller’s office, settled with their bank on
the same basis upon which the directors o f the national bank which had
made the larger subscription had settled with the latter bank.
A third national bank in New York had been a subscriber to $50,000 in
the same syndicate, and the directors o f that bank personally made good
to the bank the entire amount o f the loss sustained by its ultra vires invest
ment in the Chicago syndicate, its officers stating that this had been the first
time in its history that this bank had ever made an investment of this
character.
Certain other national banks have taken up with their directors the mat
ter of making good losses sustained through unlawful or ultra vires invest
ments, and settlements are now pending.
Many banks have sustained serious losses and some have been completely
wrecked through the persistent disregard by their officers and directors
of the clear provisions o f the National Bank Act.
Repeated remonstrances by this office frequently have been disregarded
and found to be ineffectual, and suggestions that incompetent and unworthy
officers be removed are unheeded, sometimes because these unworthy
officers have held a majority of the shares of the bank, the stock apparently
owned, however, in many cases being pledged or hypothecated with other
national banks, the lenders being unadvised as to the reckless methods of
the banker upon whose shares they have made the advances.
Many a
bank which has been wrecked could have been saved from ruin If the dan
gerous and unscrupulous elements had been eliminated in time from its
management. This office is prepared to cite manyj.lnstances in support
of this statement.
E L IG IB IL IT Y
OF O FFICERS A N D
D IR E C T O R S OF
FE D E R A L RESERVE B A N K S .
Reference was made in our issue of D ec. 25 to the adop
tion by the Federal Reserve Board of a resolution making
ineligible as directors of the Federal Reserve banks, persons
holding political or public office. This resolution, passed
by the Board on D ec. 23, has been followed by the adoption
of several others of a like nature, in one of which it was
resolved that national bank examiners shall not hereafter
be elected or appointed to directorships in Federal Reserve
banks; another expressing it as the opinion of the Board that
officers and employees of the Reserve banks should be
subject to annual election or appointment; [and still another
in which it is set out as the sense of the Reserve Board that
Governors or other officers of Reserve banks should not
serve as members of the Advisory Council. W e give below
the series of resolutions as set out in the Federal Reserve
Bulletin for January:
The Federal Reserve Board has taken certain actions affecting the eligi
bility o f directors o f Federal Reserve banks and the tenure o f office of offi
cers and employees o f the same, which are embodied in a Series o f resolutions
passed on Dec. 23, 28 and 29.
On Dec. 23 the following resolution was adopted:
W h e rea s, it Is the opinion o f the Federal Reserve Board that persons
holding political or public office in the service o f the United States, or of
any State, Territory, county, district, political subdivision, or municipality
thereof, or acting as members o f political party committees, cannot con
sistently with the spirit and underlyingjprinclples o f the Federal Reserve
A ct, serve as directors or officerslof Federal Reserve banks:
R e s o lv e d , That the Federal ReserveJBoardiheroby expresses to the member
banks its opinion that no such persons should henceforward bo elected or
act as directors or officers o f Federal Reserve banks: and prescribes as'a
condition o f eligibility that candidates^for election shall comply with the
terms o f this resolution.
gg
R eso lved fu r t h e r . That copiesjof this^resolution be sent to every member
bank and Federal Reserve Bank, and to all directors o f Federal Reserve
banks.
While the Board Is o f the opinion that the policy outlined in this resolu
tion should become effective atlonce, directors o f Federal Reserve banks
elected prior to tho date o f its adoption will not be required to resign their
positions as such directors until the end’ o f the term for which they were
elected.
On Dec. 28 the Board adopted the following resolutions:
R e s o lv e d , That as the future policy of this Board, national bank examiners
shall not hereafter be electedior^appointed to directorships in Federal
Reserve banks.
R e s o lv e d , That national bank examiners shall not hereafter be appointed
or act as Federal Reserve oriDeputyJFederai Reserve Agents o f Federal
Reserve Banks, and that thesesignatlon as Deputy Federal Reserve Agents
o f national bank examinerslnow serving as directors o f Federal Reserve
banks be, on and after Jan. 11916, or as soon thereafter as possible, revoked.
On Dec. 29 the Board adopted the^followlng resolution relating to the
tenure o f office o f employees:
W h e rea s , It is in the interestlof good administration that the officers of
the various Federal Reservelbankslshallihave a definite tenure of office,
subject to renewal at a specifiodidate;i[and
W h erea s , It is the evident intent of tho Federal Reserve Act that the
Federal Reserve Board shall exerciso direct and continuous supervision
of the affairs of the Federal Reserve banks with a view to maintaining an
efficient and economical administration thereof:
Be I t R es o lv e d , That the Federal Reserve Board formally expresses Its
opinion that the officers and employees of each Federal Reservo bank
should be subject to annual election or appointment (unless a shorter
term is specified), and that the list thereof, with salaries, should bo sub
mitted to the Federal Reserve Board at the beginning of each year for its
approval.
On the same date tho Board adopted the following resolution with refer
ence to membership in the Advisory Council:
W h e rea s, Section 12 of the Federal Reserve Act provides for the estab
lishment of a Federal Advisory Council with power to confer with the
Federal Reserve Board on general business conditions, to make representa
tions concerning matters within the jurisdiction of said Board, and to make
recommendations regarding discount rates, rediscount business, note
issues, reserve conditions in tho various districts, tho purchase and sale
of gold or securities by reserve banks, open market operations by said
banks, and tho general affairs of the Reserve banking system: and
W h e rea s, The Federal Reserve Board has determined, after careful con
sideration, that the purposes for which said Council has been established
and the interests o f the Federal Reserve System require that tho members
of said Council should not be officially connected with the Federal Reserve
banks, and, therefore, in a position to give to the Federal Reservo Board
the benefit of their disinterested and unbiased'advice:
B e I t R eso lv e d , That it is the sense of the Federal Reserve Board that
Governors, or other officers of Federal Reserve Banks, should not sorve
as members of the Advisory Council, but as tho election of directors has
already taken place, this rule shall not apply as to directors until Jan. 11917.
R eso lved fu r t h e r . That a copy o f this resolution bolsentito each Federal
Reserve bank.
A S S E S S M E N T B Y F E D E R A L RESERVE BOARD.
A h assessment of one-tenth of one per cent on the capital
of the Federal Reserve banks to cover the expensos of the
Reserve Board for the first half of 191G was levied by the
Board on D ec. 16. The assessmentjWas]mado7collectiblo in
two installments of one-half each, tho first due on Jan. 1
and the second payable March 1. The current numbor of
the “ Federal Resorve Bulletin” prints the^following concern
ing the assessment:
ASSESSMENT B Y FE D E R A L RESERVE BOARD.
Acting under the provisions of thojFodcral Resorve Act, tho Federa
Resorve Board on Dec. 16 levied anlassessmentlof one-tenth of 1% upon
the capitalization of Federal Reserve^banks tolcover^the^expenses of the
Board from Jan. 1 to June 30 1916.
The resolution of the Board follows:
W h e r e a s , Under Section 10 of thejActfapprovod Dec. 23 1913, and known
as the Federal Reserve Act, tho Federal Resorve Board Is empowered to
levy semi-annually upon tho Federal Reservojbanksdn proportion to their
capital stock and surplus, an assessment^sufficlentjto pay its estimated
expenses, including the salaries of itsjmembers, assistants, attorneys,
experts and employees for the half-yearjsucceeding tho levying of such
assessment, together with any deficitlcarrled forward from tho preceding
half-year: and
Whereas, It appears from estimates submitted and considered that it is
necessary that a fund equal to one-tenth of 1 % o f tho capital stock of the
Federal Reserve banks be created for thojpurposes hereinbefore described,
exclusive of the cost o f engraving and printing Federal Reserve notes:
N o w , Therefore, B e I t Resolved, That, pursuantjto the authority vested in
it by law, the Federal Reserve Board hereby levies an assessment upon the
several Federal Reserve banks of an amount equal to one-tenth of 1 % of the
total capital stock of such banks, and tho fiscaljagent of the Board Is hereby
authorized to collect from said banks such assessment and execute, in the
name o f this Board, a receipt for payment made. .-’(Such assessment will be
.
collected in two installments of one-half each; tho first installment to be
paid on Jan. 1 1916, and the second half on March 1J1916.
E s t i m a t e f o r J a n u a r y 1916JAssessment.
$17,049 06
Total encumbrance for month of Novemborjl915________
Estimated monthly requirements— January to June, in
clusive, 1916________________ _________________________
17,561 12
Estimated increase over November___________________
Estimated requirements— January to June, Inclusive, 1916
Unencumbered balance Dec. 1 1915__________ $48,451*60
Estimated requirements for December 1915___ 16,892 46
$512 06
$105,366 72
Estimated unencumbered balance Jan. 1 1916--------------
31,559 14
73,807 58
Total capitalization Federal Reserve banks---------------------$109,718,000 00
Rate of assessment to produce $109,718 (1-10 of 1 % )____
.001
SIIERM AN ALLEN, F i s c a l Agent.
Approvod: Committee on Budget and Expenditures.
F. A. DELANO.
A . C. M ILL E R .
Dec. 15 1 9 1 5 . _______________ _______________
NEW
YORK
RESERVE B A N K B E G IN S
AS GOVERNMENT AGENT.
O PE R A T IO N
Government funds of $2,158,000 wore takon over by the
Federal Resorve Bank of New York on Jan. 3 whon tho bank
becamo a depositary and fiscal agent of tho Government.
The funds consisted of $1,480,000 balancos transferred from
fourteen national banks which had acted as depositaries,
$528,000 of customs receipts and $150,000 intornal revenue
collections. Until the 3rd inst.the lattor had been deposited
with the National Park Bank, the Chase National Bank and
the Bank of N ew York, N .B .A ., tho aggrogato deposited
daily with these institutions being $225,000, receipts in ex
cess of that amount being tumod over to tho U . S. Sub
Treasury; 2 % was paid tho Government by the banks. The
Internal Revenue offices depositing thoir collections with the
Reserve Bank are the First District, located at Third Avenue
and 16th Street; the Second District, located at tho Custom
J an. 15 1916.]
THE CHRONICLE
201
House; the Third District, in Brooklyn, and a portion of the
The purpose for which the loan is obtained must be stated.
1ho loan becomes due and payable upon breach of any condition of the
Fourteenth New York District with offices in the Bronx.
mortgage. Section 12.
In accordance with the letter issued by Governor Strong of
S e c u r it y o f B o n d s .
Every farm loan bond is secured as follows:
the Reserve Bank two weeks ago, member banks located in
1. By the capital, reserves and earnings of the land bank which issues it.
N ew York C ity, instead of sending Government warrants to
2. By the capital, reserves and earnings of the 11 other land banks.
the Reserve Bank, continue the practice of collecting the items
3. By the collective security o f all the mortgages in its division (limited
through tho Assistant Treasurer. W hen the facilities of the or unlimited) of the land bank, the mortgages pledged being at least equal
in amount to the outstanding bonds.
Federal Reserve Bank for handling Government funds are
Every mortgage pledged as collateral is secured as follows:
1. By the personal undertaking of the borrower.
further developed the- member banks will be notified that
2. By the security
Government warrants and checks m aybe sent to the Reserve amount o f the loan. of the mortgaged land at least double in value to the
Bank through tho Clearing House subject to final payment
3. By the capital, reserves and earnings o f the local association indorsine
the loan.
&
by the Treasurer of the United States.
4. By the individual liability of the members o f the indorsing association.
LAND
CR ED IT
B ILL
IN T R O D U C E D
IN
CONGRESS.
A land credit bill drafted by a sub-committee of the joint
Congressional Committee on Rural Credits was submitted
to the House of Representatives on the 4th inst. The bill,
embodied in the report of the Sub-Committee on Land M ort
gage Loans, provides for a system of land mortgage credits
under Federal supervision. The general plan is set out as
follows in tho report:
Government control o f tho system Is assured by the creation of a Federa
Farm Loan Board, independent and non-partisan, consisting o f five mem
bers, appointed by the President for terms of 10 years each and paid from
the public treasury. (Sec. 3.)
Loans are made to farmers by 12 or more Federal land banks, each operat
ing in a separate district, and having a capital of not less than $500,000.
I f tho full amount is not subscribed from private sources, the Government
subscribes for as much as may be necessary to make up the required
amount. Provision is made for returning tho Government subscription
after tho land banks are firmly established. (Sections 4 and 5.)
In order to secure intimate touch with the borrowers, it is provided that
tho land bank shall make loans to farmers through local associations of
borrowers, called national farm loan associations. These associations do
not conduct a banking business. Their operations are very simple. They
admit members who desire to borrow: their directors and loan committees
pass on tho value o f tho security and the character of the borrower. Every
borrower takes stock in tho farm loan association to the amount of 5% of
the face o f his loan. This amount Is subscribed by the association to the
stock o f the land bank, thus providing for a capital proportionate to the
amount o f loans, approximating 1 to 20. (Sections 7 and 8.)
The farm loan associations may be of limited liability, or o f unlimited
liability. In the former each member is liable for the debts of the asso
ciation in an amount equal to the face of his subscribed stock; in the latter
tho member undertakes unlimited liability for all tho debts o f tho associa
tions. This individual liability gives to the endorsement of the association
solid financial backing. Tho bill provides that all loans shall be endorsed
by the association of which the borrower is a member. (Sections 9 to 12.)
W e thus have a mortgage loan secured by productive farm lands, in
dorsed by a farm loan association. Tho loan indorsed by a farm loan asso
ciation with unlimited liability on tho part o f its members, will naturally
have a better standing than loans indorsed by an association in which the
liability is limited. Each land bank will keep tho two classes o f mortgages
separate. (Sec. 16.)
When tho land bank has a substantial amount o f either kind of mort
gages on hand, not less than $50,000, it may issue a like amount of farm
loan bonds based on the mortgages as collateral security. Every farm loan
bond limited is secured by all the farm mortgages held by the land bank
on which there is limited liability o f the local members: every farm loan
bond unlimited is secured by all the mortgages held by the land bank on
which there is unlimited liability of the local members. Because of the
unlimited liability the latter bonds should bo sold on a more favorable
basis than tho former. (Sections 16, 22-26.)
Every Federal land bank guarantees the payment of every bond and
coupon issued by every other Federal land bank. This gives them a broad
insurance. (Sec. 25.)
The land banks are permitted to charge borrowers 1 % more for interest
than they pay bondholders. For example, if tho current rate on farm loan
bonds is 4 % , the bank may charge not to exceed 5% to farmers who bor
row. This margin o f 1% on the amount of unpaid principal outstanding
is available to the bank for its expenses and earnings, but it will probably
be largely reduced in practice. The profits go to the local associations in
tho form o f dividends on stock of tho land bank held by tho associations,
and reach the borrowers in tho form of dividends on stock hold by them in
tho associations. In this way tho earnings of tho system go to tho borrowers
and its co-operativo character, is assured. If the 1% margin is too high,
no harm is done, for the excess comes back to the borrowers in dividends.
(Sec. 13.)
It is proposed to make the bonds and tho income derived
therefrom exempt from all Federal and local taxation. Farm
loan bonds, tho report states, aro also made a lawful invest
ment for all fiduciary and trust funds and m ay be aecopted
as security for all public deposits. Thoy m ay also be pur
chased by member banks of the Federal Reserve system.
Tho bill provides that loans may be mado for long torms, not
to excoed 36 years. It is bolieved that a longer period would
not be advisablo for tho United States, although farm mort
gages aro mado in Europe for a period of 75 years. Some
further facts concerning tho bill are givon as follows in the
report as printed in the “ Congressional Record” of the 4th
inst.:
C o -o p era tive A s s o c ia tio n s .
The reported bill permits farmers to organize associations with double
liability or with unlimited liability.
Your sub-committee has felt it wise to make either form o f co-operative
association available for the use of farmers, so that they may make their
choice. It is quite possible that an association with limited liability may
exist in the same community with an unlimited association.
Jo in t-S to c k B a n k s .
In some localities where land values are settled and farmers are accus
tomed to borrow from mortgage banks it is quite possible that farmers
will prefer to obtain mortgage loans from a joint-stock bank operating under
a Federal charter, with Federal restrictions and supervision.
Some farmers, moreover, may object to the association with their
neighbors in co-operative undertakings; they may not like the publicity
and scrutiny that co-operation entails; they may not be able or wUling to
subscribe 5% of tho face of the desired loan to the stock of the local asso
ciation. Moreover, associations may start slowly in somojStates, leaving
a wide field unoccupied for years.
I rovision is therefore made (Section 19) for the ^organization of joint
stock land banks of not less than $250,000 capital, to be privately sub
scribed. Their operations will be confined to a single State, and they will
bo permitted to make loans and to issue farm-loan bonds under the super
vision of the farm-loan board. Their stockholders will assume double lia
bility. Their capital will be readily available from the outset, and they
will thus have certain advantages over co-operative banks in getting their
money out on loans. In order, therefore, to equalize to some extent
the earning power of tho two classes of banks, they are limited in the issue
of bonds to fifteen times their capital and surplus. The co-operative banks
may issue bonds to the amount of twenty times their capital and surplus.
Joint-stock land banks are not permitted to engage in any business but
making farm-mortgage loans and issuing bonds. In States with popula •
tion exceeding 2,000,000 their capital stock must be not less than $500,000.
Ilieir bonds are called joint-stock bonds and must be in such form as to be
readily distinguished from bonds issued by Federal (co-operative) land
banks. They are given a free hand as to interest rates on loans and
bonds, except that tho margin for expenses and profit must not exceed
1% a year on the principal of outstanding loans. Section 19.
Provision is thus made for the existence of the three types of mortgage
loan. They will bo competitors in granting loans and in selling bonds, but
they will all be under strict Government supervision.
Each type, in order to survive, must prove its usefulness. Your sub
committee feels that there is a field for all three.
S a v in g s
D e p a rt m e n t .
Time or savings deposits stand midway between demand deposits and
funds seeking long-term investment, just as the fanners’ need for cash to
purchase machinery, fertilizer and live stock stands midway between the
commercial loan and the long-term mortgage. Savings deposits should
therefore be available to the farmer for long-term personal credit or short
term mortgage credit not to exceed five years.
And since the various land banks will have facilities, as well as the over
head charges, of a regular bank, and since they will have local representa
tives in the farm-loan associations, it seems wise to give them power to
establish savings departments for the handling of time deposits. Section 18.
Tho savings department will be kept separate from the other depart
ments of the bank and the capital of the bank will not be liable for the debts
o f the savings department as long as there are farm-loan bonds outstanding
and not satisfied.
This provision is made for two reasons:—
1. Because the mutual savings banks of the East have not needed capital
to inaugurate or to carry on their business.
2. Because the farm-loan bonds are the vital point in the long-term mort
gage system, and their security must not be impaired by diverting any part
of the capital.
To make up for the lack o f capital in the savings department, it is pro
vided that 5% of all time deposits shall be kept on hand in a liquid form as
a guaranty fund. The remaining 95% may be invested in five-year farm
mortgages, subject to call after one year, or in Government bonds, farmloan bonds or approved securities.
As a further means for making up for the lack of capital, it is provided
that all net earnings of the savings department shall go to reserve, so that
in a few years this department will be in a very strong position.
The five-year mortgages taken by tho savings department are not made
eligible as security for farm-loan bonds. (Section 18.)
G o vern m en t D e p o s it a r ie s .
The land banks are authorized to act as Government depositaries, and
aro required to act as financial agents of the Government. They thus be
come instrumentalities o f the Federal Government. (Sec. 6.)
R estric tio n s on M o rtg a g e s.
*
R eserves a n d D iv id e n d s .
Farm loan associations and land banks are required to carry semi-annu
ally to reserve account 25% of their net earnings, until the reserves equal
20% of the outstanding capital, and to maintain the reserves o f 20% .
After the reserves reach the required percentage of the capital.stock, 5%
of the net earnings must be carried to reserve annually. After the re
serve requirements aro met, the balance of net earnings is available for divi
dends. (Secs. 27 and 28.)
Tlio mortgages which stand as security back o f the bonds are carefully
restricted.
No bank may loan on land outside Its district.
Every mortgage deposited as security is on the amortization plan so that
part of the principal is paid up every six months.
Tho money must be borrowed for productive purposes, for the purchase
of a farm for a homo, or to liquidate existing indebtedness.
No loan shall exceed 50% of tho appraised value o f tho mortgaged land.
Tho borrower must engage in tho cultivation o f tho farm mortgaged.
Tho maximum of loans to one borrower is limited to $10,000.
It is well understood that the laws in the several Statcs'varyjas to land
titles, registry, exemptions, homestead rights, foreclosure^and equities of
redemption. It is therefore made the duty of the farm loan aboard to in
vestigate these questions in each State, and to declare mortgages^ineligible
as security for farm-loan bonds in those States wherejthe laws^do not give
adequate protection for those loaning on first mortgage. Very few if any.
States will fall within this rule, and they will doubtless amend their laws
promptly in order to bring the benefits of the farm-loan system within
reach of their citizens. (Sec. 32.)
S ta le
L e g is la t io n .
THE CHRONICLE
202
S tim u la t in g the C o -o p e ra tiv e S p ir it .
The rapid increase o f tenant farmers and the tendency to abandon
agriculture and seek the larger centers o f population has become a national
menace in this country as well as in Europe. It increases the cost of liv
ing and causes a one-sided development. M ost civilized nations are al
ready offering direct aid and other inducements to persuade the people back
to the land. W e believe that the United States can well afford the moderate
encouragement provided in this bill.
_
Provision for an investigation of the subject of rural credits
was made before the adjournment of Congress last March
in the Agricultural Appropriation Bill, which authorized the
organization of a Joint Congressional Committee to draft
a bill for presentation at the next session. This committee
consisted of Representative Carter Glass, Chairman; Sena
tors Robert L . Owen, Henry P . Hollis, Thomas P . Gore,
Hoke Smith, Knute Nelson, James H . Brady; Representa
tives Michael F . Phelan, Asbury F . Lever, Ralph W . M oss,
Everis A . Harjes and Willis C . Hawley.
The sub-committee on Land Mortgage Banks, which
drafted the above report, was made up of Senator Henry F .
Hollis, Chairman; Senators Gore and Nelson; Representa
tives Glass, Phelan, Lever and Hayes. Senator Glass in
submitting a resolution on the 4th, calling for a four-months’
extension of the time within which the joint committee m ay
file an additional report, pointed but that there were two sub
committees, one considering land credit loans and the other
personal credit loans. The report just submitted relates al
together to the establishment of land banks, the committee
having under consideration personal rural credits asking for
further time in which to report.
C H A M B E R OF C O M M E R C E D ISCU SSES IN C O M E T A X .
A t its special meeting on Thursday the Chamber of Com
merce discussed the two resolutions submitted at the regu
lar meeting on Jan. 6 by the Committee on State and M u
nicipal Taxation. As already explained in the “ Chronicle”
one of these resolutions expressed preference for a State
income tax as a means of raising additional revenue for the
State, while the other favored a provision for the payment
of the Federal income tax by the taxable person and not at
the source of the income. The latter resolution w&s voted
down. After a general debate on the question of a State
income tax the resolution favoring such a tax was referred
back to the Taxation Committee for further consideration.
The Chairman of the Committee, Isaac N . Seligman, said
in part:
I wish the members o f the Chamber of Commerce to understand that our
committee is not wedded to any specific bill. The idea has been as to which
o f the three problems that have been facing the Mills Committee would be
the most advantageous, or to put it in another way, the least obnoxious.
We have carefully considered the three propositions and have come to the
conclusion that on the whole the income tax is the most preferable.
Calvin W . Tomkins, former Dock Commissioner, urged
the Chamber to carefully consider the State income tax
before passing upon it. M r . Tomkins said:
[Vol . 102.
BR ITISH M O B IL IZ A T IO N P L A N — A M E R IC A N
S E C U R IT IE S A N D PR ICES.
In furtherance of its plan for the mobilization of American
securities, Great Britain made public last week the initial list
of such securities which the Treasury was prepared to buy or
borrow, and the prices to be paid therefor. The list con
tained fifty-four bond issues, made up for the most part of
railway issues, although it included American Telephone &
Telegraph, General Electric, New York Telephone and
United States Steel securities. The only Canadian securi
ties in the list were the Canadian Pacific 6% notes.
It was announced on the 8th inst. that the list of prices as
originally given out did not represent a fixed basis of purchase,
but would be changed each day. We give below the list
and prices as made public on the 7th. A new list given
out on the 8th contained thirty-five alterations of the prices
of the first list.
American Telephone 4 per cents of 1929, 94 % .
American Telephone of 1936, 106% •
American Telephone 4% per cents of 1933, 113.
Atchison general mortgage 4 per cents of 1995, 99.
Atchison adjustment of 1955, 91 %.
Atchison convertible of 1955, 112.
Atchison convertible of 1960, 112.
Baltimore & Ohio prior lien mortgage 3% per cents of 1925, 97%.
Baltimore & Ohio first mortgage 4 per cents of 1948, 96%.
Baltimore Southwest 3% per cents o f 1925, 95%.
Baltimore convertible 4% per cents of 1933, 103%.
Baltimore & Ohio-Pittsburgh Lake Erie & West Virginia refunding 4 per
cents, of 1941. 93%.
Canadian Pacific 6 per cent notes of 1924, 110.
Central Pacific refunding 4 per cents of 1949, 95%.
Central Railway o f New Jersey mortgage 5 per cents of 1987, 121%.
Chesapeake & Ohio first mortgage 5 per cents of 1939, 111 % .
Chesapeake & Ohio general mortgage 4 'A per cents of 1992. 96%.
Chesapeake & Ohio general mtge. convertible 4 A per cents o f 1930, 92%.
Chicago Milwaukee & St. Paul general mortgage 4 per cents of 1989. 96}i .
Chicago Milwaukee & St. Paul 25-year debenture 4 per cents o f 1934, 96.
Chicago Milwaukee & St. Paul convertible 4% per cents of 1932, 108.
Chicago St. Louis & New Orleans 5 per cents of 1951. 113%.
Erio first prior lien 4 per cents of 1996, 89.
Erie general lien 4 per cents of 1996, 79 % .
General Electric of New York 5 per cent debentures of 1952, 110%.
Illinois collateral trust 4 per cents of 1952, 93.
Illinois collateral trust 4 per cents o f 1953, 89%.
Kansas City Terminal first mortgage 4 per cents o f 1960, 92%.
Lake Shore & Michigan Southern 25-ycar debenture 4 per cents of 1928,
100%.
Lake Shore & Michigan Southern debenture 4 per cents of 1931,99.
Long Island Railroad refunding 4 per cents of 1949, 91%.
Louisville & Nashville unified 4 per cents o f 1940, 98%.
Minneapolis St. Paul & Sault Ste. Mario consol. 4 per cents of 1938, 97% .
Minneapolis St. Paul & S. S. Marie Atlantic 4 per cents of 1926, 101 %.
New York Central refunding 3% per cents of 1997, 86% .
New York Central debenture 4 per cents of 1934, 97%.
New York Telephone first general mortgage 4% per cents of 1939, 103%,
Northern Pacific prior lien 4 per cents of 1997, 96%.
Northern Pacific general lion 3 per cents of 2047, 68%.
Northern Pacific-Great Northern 4 per cents o f 1921, 102%.
Oregon Short Line refunding 4 per cents of 1929, 97%.
Oregon & Washington Navigation 4 per cents of 1961,90.
Pennsylvania guaranteed 4% por cents of 1921, 105%.
Pennsylvania Allegheny general mortgage 4 per cents of 1942, 102%.
Reading general mortgage 4 per cents of 1997, 98%.
Southern Railway first mortgago 5 per cents of 1994, 107%.
Southern Pacific collateral trust 4 per cents of 1949, 91.
Southern Pacific convertible 4 per cents of 1929, 94%.
Southern Pacific convertible 4 por cents of 1934,112.
Southern Pacific first refunding 4 per cents o f 1955, 94 %.
United States Steel second mortgage 5 por cents of 1963, 109%.
Union Pacific mortgage land grant 4 per cents o f 1947, 101%.
Union Pacific first lien refunding 4 por cents of 2008, 95%.
Union Pacific convertible 4 por cents of 1927, 97.
The imposition of a new tax is a much more serious matter than an in
crease or decrease in an existing tax. Our city tax troubles are not entirely
due to the cost o f Government. They are in a large part the consequenco
of the war and a dislocation o f real estate values caused by the now sub
ways, and the crisis will become less acute with a more equitable distri
bution o f assessments and the resumption o f activity in real estate. The
city experienced similar hardship after the Tweed extravagance, the finan
cial smash o f 1873 and the elevated railroad dislocation o f values. As
then, conditions induced by these events are not permanent, and will be
much relieved as business continues to improve, and the opening of new
subways will bring an Increase o f assessed valuation o f land and new
buildings that has not been considered in the forecasts o f the city’s finan
cial needs.
.
The net increase In the selling price o f land in New York City between
1903 and 1913 was nearly equal to the cost o f local government. If, as
most advocates of the income tax insist, real estate taxes are passed on by
the landlord to the tenant, then the landlords are in reality subsidiary tax
collectors for the city, and no tax is more universally distributed among
those who live and do business in New York City. Taxes and rents will
rise and fall together without prejudice to the ultimate interest of the
landlord class.
The income tax should be reserved for Federal use, since the general
Government will soon need vastly more revenue, and also because of the
probable shrinkage in tariff and internal revenue taxes. A United States
citizen cannot change his residence and thus avoid the tax as easily as a
New Yorker can move to New Jersey.
Under Federal administration o f the income tax plethoric incomes will be
With a view to facilitating tho maintaining of the exchanges between the
progressive.y reduced, but a State income tax will operate to drive capital
out o f the State into more enlightened communities. It will also prompt United Kingdom and the United States of America, the Lords Commission
aggrieved taxpayers to change more quickly the incidence of real estate ers of His Majesty's Treasury are prepared to purchaso American (including
certain Canadian) dollar (*) securities owned in this country, or to receive
taxation from buildings to land, where it will stick.
New York needs rational taxation o f land and natural opportunities and such securities on deposit for use as cover for short loans to bo con
the best transportation attainable to develop its latent wealth rather : tracted in America. The securities which are regarded as suitable for these
purposes are—
than new and varied kinds o f taxes on industry and movable property.
(1) Securities in which savings banks in tho United States of America
Samuel W . Fairchild, former Attorney-General of the
invest: and
State, criticized an income tax that did not apply to all are authorized tosecurities which are customarily accepted as security by
(2) Any other
incomes. M r . Fairchild is quoted as saying:
bankers in the United States.
There should be no exemptions o f anything that is possible to collect.
Of the two alternatives above suggested, the Treasury prefer that of
Thera should be no grading o f the tax, because that is not a democracy. purchaso in all cases in which the holder of tho securities is in a position to
That diminishes self-respect o f the people and again tends to waste money. sell them outright. The alternative of deposit on loan is intended to meet
Of course, I may in the end agree to some very small exemptions, but I do
n )t see why there need be any great exemptions.
* Including sterling securities convertible into dollar securities, and
Other speakers were Mortimer Schiff, Clarence H . K el securities carrying tho right to payment in dollars or sterling at tho holder’s
sey and Herman A . M etz.
option, but not purely sterling securities.
In explanation of the fact that the prices fixed by the
British Treasury are considerably higher than the quotations
of the bonds in the United States, it should be noted that as
the securities are to be paid for in London in pounds sterling
and sold in the United States in dollars, the discount in ster
ling exchange here serves to make an important difference in
favor of London.
The “London Stock Exchange Weekly Official Intelli
gence” printed the following details,as given on D ec.21,in a
preliminary notice of the “Gazette” (tho official publication
of tho British Government), of the mobilization plan:
J an . 15 1916.]
THE CHRONICLE
203
the case of those holders who are not in a position to sell, but are able and of the depositor since Sept. 30 1914, and that they have not since the
willing to assist the Government by lending their securities.
outbreak of war been in enemy ownership.
1. PURCHASE.
(10)
The Treasury undertake to recommend to Parliament any legisla
The Treasury will bo prepared to purchase such securities as are in their tion which may bo necessary to give effect to the scheme and to enable
opinion suitable for the purpose in view at the current market price, the trustees and companies to take advantage thereof and to hold Treasury
purchase money to be paid at the seller’s option either in cash or in 5% certificates in place of the securities deposited.
Exchequer bonds falling duo Dec. 1 1920, at par, subject to the proviso
The Treasury reserve the right to refuse either in whole or in part any
that where the purchase money is not £100 or a multiple thereof, any bal offer to sell or deposit securities under the scheme.
ance in excess of an even £100 will be payable in cash.
Treasury Chambers, Whitehall, S. W ., Dec. 15 1915.
In the case of securities quoted on the New York Stock Exchange, the
closing New York Stock Exchange quotation o f the day on which the se
the
curities are purchased will, normally, bo taken as the current market price
for this purpose, and the price to be paid will be the sterling equivalent
o f that quotation at the exchange of tho day. In the case of unquoted
Com
securities, or in tho case of quoted securities in respect o f which the current
quotation may not be regarded as representing a true market value, the
On or after Jan. 1 1916, holders of American (including Canadian) dollar
price will be fixed by agreement with the person tendering the securities.
The Exchequer Bonds will bear interest from the day following that on securities are invited to placo their securities at the disposal of the Treas
which the purchase is mado. AVhere the quotation o f the securities pur ury either by sale to tho Treasury, or, if they are not prepared to sell them
chased does not include accrued interest or dividend, the amount of such by deposit on loan with tho Treasury, in accordance with the provisions of
accrued interest or dividend to the date o f purchase will be added to tho tho memorandum printed in tho “ London Gazette" of Dec. 17 1915. In
view of tho time required for dealing with the securities now being tendered
price.
In tho event of future loans (other than issues mado abroad or issues of by insurance and trust companies, the Treasury are not in a position to
Exchequer Bonds, Treasury bills, or similar short-dated securities) being consider offers from individual holders before Jan. 1 1916.
In order to facilitate the working of the scheme, the following explana
raised by His M ajesty’s Government for tho purpose o f carrying on the
war, bonds of this issue will be accepted, together with all undue coupons, tions are hero added:
1. Whilo it is not possible to compile a complete list of securities which
as the equivalent o f cash to tho amount o f their face value for the purpose
o f subscription to any such loan. Interest accrued to the date of surrender will as a rule be acceptable for the purposes in view, the following general
observations will serve a s .a guide:
o f a bond will be paid in cash.
(а) No purely sterling securities can be accepted. It is essential that
Securities upon which British stamp duty has not previously been paid
securities tendered either for sale or for deposit shall either be expressed in
need not be stamped for tho purpose of sale to the Treasury.
United States of America or Canadian currency, or, if expressed in sterling,
II. DEPOSIT ON LOAN.
In tho case of holders who for any reason are not prepared to sell their shall bo convertible at tho holder’s option into dollar securities, or carry the
securities, the Treasury are willing to accept securities on deposit, subject right to payment in dollars or sterling at the holder’s option.
(б) N o bonds can be accepted on which dividends or interest have not
to a right o f purchase in certain contingencies, on the following terms:
(1) Tho securities to be transferred to the Treasury for a period of two been regularly paid since the date of issue, and no stock can be accepted
unless a dividend of not loss than 3% per annum has been regularly paid
years from the date o f transfer.
(2) AVhilo the securities are on deposit under this arrangement, the lender thereon since Jan. 1 1913.
(c) All securities tendered for sale or deposit must be supported by a
to receive from the Treasury all interest and dividends paid in respect of
statement by a banker, broker or other responsible party that they have
them, and also, by way o f consideration for the loan, a payment at the
remained in physical possession in tho United Kingdom or have boen in
rate of
o f 1 % per annum calculated on the face value o f the securities.
(3) If the depositor at any time during the currency o f the loan desires the ownership of the seller or depositor since Sept. 30 1914, and that they
to realize all or any o f his securities, the Treasury will, upon receipt of a have not since the outbreak of war been in enemy ownership.
(d) Provided that conditions (a), (6) and (c) are satisfied, first-class
notification from him specifying the securities which he desires to realize,
securities falling within the following categories may bo regarded as being’
either—
(а) Sell (subject to any limit as to price which may bo specified in the as a rule, likely to be acceptable:
(t) Any securities quoted on the London Stock Exchange;
notification) the securities on his behalf in New York, and pay over to him
(it) Bonds of the Government of the United States of America;
tho proceeds in London, in sterling at the exchange of the day on which
(H i) Bonds of a State or municipality in the United States of America;
such proceeds are received in New York, without any deduction for broker
(it) Securities of a railway company or a public utility company operat ing
age or commission, or (at tho depositor’s option).
(б) Release the securities in Now York for tho purpose of sale by the in the United States of America;
(р) Canadian Government, provincial and municipal bonds;
depositor himself, such release to be mado (unless the Treasury otherwise
(pi) Canadian railway securities.
agree) only against paymont of tho proceeds in dollars to the Treasury
(e) Bonds and stocks of industrial corporations will not as a rule be
Agent in Now York, tho depositor to be paid in London by the Treasury in acceptable, except in tho case of large corporations, such as the United
sterling at tho exchange o f the day.
States Steel Trust, &c. Securities not clearly falling within one or other
Alternatively the Treasury will, at any time during the currency of the of the categories named under (d) above should not be offered to the
loan, be prepared to consider pronosals that they should themselves take Treasury, except upon tho advice of a banker or stock broker.
over all or any o f tho securities from the depositor at tho New York Stock
2. Forms for submitting lists of securities offered for sale or loan to the
Exchange closing quotation of the day upon which the proposal is received, Treasury will bo placed In tho hands of bankers and stock brokers, and
tho purchaso money to bo paid in sterling at tho exchange of tho day will bo provided upon application to the Secretary of the Treasury, careo
without any deduction for brokerage or commission.
Tho National Debt Commissioners, Old Jewry, London, E .C ., to which
Tho purchaso money will in each caso be payable in London against tho address any necessary inquiries should bo directed. It Is particularly
surrender o f the Treasury certificate.
requested that such inquiries should bo confined within the narrowest
(4) In caso the Treasury should find it necessary to sell all or any o f the
securities deposited, tho Treasury may take over all or any o f such securities possible limits, in order to avoid unessential correspondence. Lists should
on sending notification in writing to tho registered address o f tho holder not bo submitted except upon these forms, and tho particulars therein
o f tho certificate. Tho Treasury to pay tho value o f the securities men asked for should be carefully filled in. Attention is directed to tho fact
tioned in tho notification, calculated at tho New York Stock Exchange that four distinct forms are provided for use—
(a) For bonds offered for sale;
closing quotation o f tho day the notification is sent, with an addition of
(5) For stocks offered for sale;
2 V i % on the value so calculated. Payment to be made in London in
(с) For bonds offered for deposit on loan;
sterling at the exchange o f tho day, without any deduction for brokerage
(d) For stocks offered for deposit on loan.
and commission against the surrender o f tho Treasury certificate.
No list should be forwarded before Jan. 1 1916, and the actual securities’
(5) So far as circumstances may permit, arrangement will be made for
enabling a depositor at any time to obtain the release of deposited securities should in no case be forwarded until an intimation has been received of the
in exchange for tho deposit of other suitable Amorrican securities of equal acceptance of an offer and a request mado for tho accepted securities to bo
forwarded.
*
value.
3. All lists totaling less than $25,000 must be submitted through a
(6) Holders of bearer bonds (or share certificates transferable by delivery)
will be required to lodge the bonds and coupons with the Treasury, and member of a Stock Exchange, except in the caso of insurance and trust
holders o f registered stock will be required to execute a transfer o f the companies, whose lists may be submitted direct. The commission to the
stock in favor o f the Treasury. Bonds upon which British stamp duty member of a Stock Exchango will bo paid by the Treasury, and no com
lias not previously boen paid may be deposited unstamped. The bonds or mission will bo chargeablo by him to his client in respect of transactions
under tho scheme.stock will then bo entered in the holder’s name in a register kept by the
4. In view of tho fact that it will not bo possible for the Treasury to
Treasury for the purposo, and a certificate o f entry in this register will bo
accept more than a limited amount of securities under tho scheme at the
i ssued to tho holder. The titlo to bonds or stock entered in tho Treasury
Register may bo transferred upon that register by deed in the ordinary present time, it may prove necessary temporarily to withdraw this invitation
May. In tho case o f registered stock, the Treasury Mill bear all charges In at any moment.
5. Holders of American securities are requested to remember that, al
respect o f tho original transfer into their name in the company’s books, and
o f tho re-transfer in tho company’s books into the name of the person in though they are invited primarily to submit suitable securities to the
whose name tho stock stands in the Treasury Register when it is finally Government under the present scheme, they can still contribute materially
released: transfer deeds for intermediate transfers in tho Treasury Register towards the achievement of the objects aimed at in the scheme by selling
Mill bo subject to stamp duty in ordinary course, and to a registration fee their securities in the open market and reinvesting the proceeds in British
o f 2s. fld. All transfer deeds in respect o f bearer bonds or share certificates Government securities.
Dec. 21 1915.
transferable by delivery will be free o f stamp duty and registration foe. At
tho end of tho period o f tho loan the bonds or certificates deposited, (or
bonds or certificates identical in all rcspocts Mith those deposited) M iil bo
Under date of D ec. 10 the “ London Financial News”
delivered to tho depositor in exchange for tho surrender o f the Treasury reported a slight relaxation of the Stock Exchange Emer
certificate.
(7) Tho Stock Exchango Committee M ill be asked to make arrangements gency Rules on the previous day in connection with tho
for dealings on the Stock Exchango in tho Treasury certificates of securities “ physical possession” clauses. Under the now arrangement,
deposited under the scheme.
it stated, it will be possible for Allied and neutral countries
(8) Tho interest and dividends on all deposited securities, together with
the additional payment at the rato o f X o f 1 % per annum. Mill be paid to sell American securities to North America through the
A
by Treasury warrant to tho holder for the time being on the Treasury London Stock Exchange, subject to assurances that the sale
Register, as soon as they have boon collected, in sterling at the exchange of
is not for the bonefit of an enemy. The change was an
the day. For convenience of payment, a full half-year’s additional pay
ment will be added to the first dividend payment and (M'hen the deposit nounced in tho following notice, issued by the Committee
continues for the whole period o f two years) no additional pavmcnt Mill bo of the Exchange:
made in respect o f tho period from the last dividend payment to the end
Tho Lords Commissioners of His M ajesty’s Treasury have agreed that
of the period. In the event of earlier release, tho amount due from the tho Committee for General Purposes should have power to allow transac
dato of deposit to tho date of release will bo calculated, and any over tions for sale in North America of securities which have boen in physical
payment. or underpayment will be adjusted M
’hen the release is effected.
possession in Allied or neutral countries since the outbreak of war, subject
(9) All securities tenderod for deposit must be supported by a statement to the Committee being satisfied in each case that the sale is an agency
by a banker, broker or other responsible party that they have remained in transaction between the Allied or neutral country and North America,
physical possession in the United Kingdom or have been in the ownership that it is to be carried out through a member of the Stock Exchange, and
The above announcement was supplemented by the issu
ance of tho following additional instructions, printed in
Gazette of December 24. Tho notice is headed “Invi
tation to Holders other than Insurance and Trust
panies”:
THE CHRONICLE
204
subject to satisfactory assurances being obtained that the selling order is
not on behalf o f or for the benefit o f the enemy either directly or indirectly.
Their Lordships have further approved the proposal that in such cases
the usual green form should not be attached to the bond or certificate, but
that in each case the Committee should be informed o f the name of the
member through whom the sale had been transacted, and that special per
mission should be given to each o f the members concerned to complete
the transaction without the green form. Brokers wishing to avail them
selves of this provision should apply by letter to the Sub-Committee for
the Administration o f Temporary Regulation 10 at the Share and Loan
Department, 26 Austinfriars. They will bo required to satisfy tho sub
committee that the sale is an agency transaction between the Allied or
neutral country and North America, that it is to be carried out through a
member o f the Stock Exchange, and that the selling order fa not on behalf
o f or for the benefit o f the enemy, either directly or indirectly. If tho
sale is authorized by the sub-committee the broker will forward the name
of the member through whom the sale has been transacted to the Secretary
to tho Committee for General Purposes, who will issue the necessary permit
for the completion o f the transaction without the green form.
POSTAL S A V IN G S D E PO S IT L I M I T R A IS E D .
Under a bill passed by the House of Representatives on
the 6th inst., an increase in the amount of funds which any
one person may deposit in the Postal Savings Bank is pro
vided for. Under the existing law Postal Savings deposi
tors are only allowed to deposit $500 a year exclusive of
interest. Tho bill passed by the House last week raises
to $1,000 the amount which m ay draw interest, and provides
for the deposit of an additional $1,000 which will not draw
interest. During the debate on the bill on the 6th, Repre
sentative M oon , sponsor for tho amendment, said:
There ought not to be very much controversy about this bill. It is a
very simple amendment to the Postal Savings Banks Law that has been
in operation for several years. Under the law as it stands now, SI00 may
be deposited in one month. Five hundred dollars is the limit to one person
for a year. This bill proposes to permit the deposit of SI .000 in a year with
• interest, and SI .000 additional in tho discretion of tho trustees, without in
terest, making S2.000 deposits possible.
As has been stated time and time again, those deposits come largely from
foreigners and persons who are not willing to trust our banks. I had
thought when this system began that it would not be profitable, but it
seems its operation has disclosed the fact that it does make, even with tHe
present limitations imposed on it, somo profit to tho Government, and It is
running not with an increased, but with a decreased expense from tho max
imum obtained in 1913. The expenses o f running this department for 1914
were $205,528: for 1915, $168,954. Tho estimate for the coming year is
$161 120
The Department is reducing its expenses as it understands the
proper ^methods by which it may be better run year by year. Let me read
to you these figures:
Statem ent S h o w in g the N u m b e r o f D e p o s ito rs i n ^ ^ f ^ . ^ ^ F t c
a n d the B a la n c e s to T h e ir C r e d it a t the E n d o f E a c h F i s c a l Y e a r , E t c .
A g g reg a te
N u m b e r o f S a la r ie s P a id
B a la n c e on
N u m ber o f
O ffic e rs a n d O fficers a n d
D e p o s it at
D e p o s ito rs
F is c a l Y e a r E n d e d
C lerk s at C le r k s D u r in g
E n d o f Each
at E n d o f
J u n e 30—
F is c a l Y e a r. E n d o f E a ch E a c h F is c a l
E a c h F is c a l
Y ear.
F is c a l Y e a r.
Y ear.
1Q 1*
1
_________
1 0 1 2 ______ ______
1 9 1 3 ____________
1914_____________
1915-.....................
* Six months only;
11,918
243.801
331,006
388,511
525,414
$677,145
20,237,084
33,818,870
43,444,271
65,684.708
30
135
173
156
124
$45,816
100,195
195,601
205,528
168,953
83
25
93
32
64
system began business Jan. 3 1911.
The following bearing on the postal savings doposits are
credited to M r . M oon in the “ Journal of Commerce” :
The experience o f the Post Office Department establishes conclusively
that two things have seriously interfered with the growth and usefulness
of the postal savings service, namely the monthly restriction on deposits
and the limitation on the total amount that may be accepted from a depos
itor. Postal savings deposits represent money formerly hidden and como
chiefly from people who work for a daily wage and will trust no savings
institution that does not have back o f it the direct pledge of the Govern
ment to repay deposits on demand. And o f these wage earners the foreign
born very largely predominate both In number o f depositors and in 1 10
amount on deposit. Recent statistics collected by the Post Office Depart
ment show that 59% o f all postal savings depositors was born outside of
the United States and had to their credit 72% o f the total deposits. 1 he
foreign born have certain habits in regard to saving that have made the
present restrictions on deposits burdensome and discouraging. They fre
quently accumulate several hundred dollars before opening an account,
and when they find that only a part of their savings can bo accepted thoy
become either suspicious or disheartened, and it frequently results that their
money is either returned to hiding and disuse or else spent abroad by foreign
money orders.
, . . „
Postmasters from all sections o f the country are constantly complaining
that they are compelled to reject many tenders o f amounts in excess of
what may now be accepted. It is known that millions of dollars havo been
lost to circulation and to commercial activities which would have been de
posited in our postal savings banks had the restrictions not existed. It is
believed that the proposed bill will meet the demands o f the public in a
very large percentage o f instances.
The postal savings system now has approximately $73,000,000 on deposit
standing to the credit o f 560.000 depositors. More than 30.000 accounts
have now reached the $500 limit, and the owners o f them can deposit no
more despite their appeals to do so. And to these $500 accounts, 22,000
are owned by the foreign born. The Post Office Department assures the
committee that the work incident to much larger deposits can be cared for
with practically no additional expense.
A bill raising to $1,000 the amount which might be de
posited in the postal savings banks by any one porson was
vetoed by President Wilson in September 1914. The Presi
dent, while expressing himself in hearty accord with most of
the features of the bill, objected to one of its provisions
affecting the section of tho Federal Reserve Act providing
that Federal funds must be deposited only with members
of the Federal Reserve system; the vetoed bill would have
[Vol . 102.
repealed that section so far as it applied to funds in tho hands
of the Government under the postal savings system. The
various stages leading up to the passage of tho bill in 1914
and its disapproval by the President were sot out in the
“ Chronicle” of Sept. 12 and 19 of that year. Below we give
tho bill raising the savings deposit limit, as it passed tho
House on the 6th:
AN ACT TO AM EN D THE ACT APPROVED JUNE 25 1910 AUTH
ORIZING A POSTAL SAVINGS SYSTEM .
B e it en acted by the S en a te a n d H o u s e o f R ep res e n ta tiv e s o f the U n ite d States
o f A m e r ic a i n C o n g ress a sse m b le d . That such part of Section 6 of the Act,
approved June 25 1910, authorizing a system of postal savings depositories,
as reads “ but no one shall be permitted to deposit more than $100 in any
ono calendar month” is hereby amended to read as follows: “ but tho bal
ance to the credit of any person, upon which interest is payablo, shall not
exceed $1,000, exclusive of accumulated interest” ; and said Act is further
amended so that the proviso in Section 7 thereof shall read as follows:
“ P r o v id e d , That the board of trustees may, in their discretion, and under
such regulations as such board may promulgate, accept additional deposits
not to exceed in the aggregate $1,000 for each depositor, but upon which
no interest shall bo paid.”
P R E S I D E N T W I L S O N O N G O V E R N M E N T ' S P O L I C Y FOR
M A IN T A IN IN G PEACE IN TH E A M E R IC A S .
An address by President Wilson disclosing the Pan
American policy of the United States was a featuro of the
Pan-American Scientific Congress on the 6th inst. In his
discourse the President explained the proposals submitted
to South and Contral American diplomats the previous week
by Secretary Lansing as a basis for an effective agreement
between all the republics of the Western Hemisphere, “ not
only for the international peace of America, but tho domestic
peace of Am erica.” This program, as outlined by the Presi
dent, proposes that all the American nations shall
Unite in guaranteeing to each other absolute political independence and
territorial integrity.
Agree to settlo all pending boundary disputes as soon as possible by amica
ble process.
Agree to handle all disputes arising among them by patient, impartia
investigation and to settle them by arbitration.
Agree that no revolutionary expedition shall bo outfitted against, or
supplies for revolutionists shipped to neighboring States.
In expounding his ideas tho Prosidont in part spoke as
follows:
The drawing together of the Americas, ladies and gentlemen, has long
been dreamed of and desired. It is a matter or peculiar gratification, there
fore, to see this groat thing happen: to see the Americas drawing together,
'and not drawing together upon any insubstantial foundation of mere
sentiment.
After all, even friendship must be based upon a perception of common
sympathies, of common interests, of common ideals and of common purposes.
Men cannot be friends unless they intend tho same tilings, and tho
Americas have more and more realized that in all essential particulars they
intend the same thing with regard to their thought and their life and their
activities.
Truth recognizes no national boundaries. Truth permits no racial preju
dices; and when men come to know each other and to recognize equal in
tellectual strength and equal intellectual sincerity and a common intellec
tual purposo, some of the best foundations of friendship are already laid.
But, ladies and gentlemen, our thought cannot pause at tho artificial
boundaries of the fields of science and commerce. All boundaries that
divide life into sections and interests are artificial, because life is all of a
piece You cannot treat part of it without by implication and indirection
treating all of it, and the field of science fa not to be distinguished from the
field of life any more than the field of commerce is to be distinguished from
the general field of life. No one who reflects upon the progress of science
or the spread of the arts of peace or the extension and perfection of any or
the practical arts of life can fail to see that there is only ono atmosphere
that these things can breathe and that is an atmosphere o f mutual confi
dence and of peace and of ordered political life among the nations. Amidst
war and revolution even the voice of science must for the most part be
silent and revolution tears up the very roots o f everything that makes life
go steadily forward and the light grow from generation to generation. For
nothing stirs passion like political disturbance, and passion fa the enemy
Theso things wore realized with peculiar vividness and said with unusual
iloqucnce in a recent conference held in this city for the purpose of consid
ering the financial relations between the two continents of America, because
t was perceived that financiers can do nothing without the co-operation of
Jovernments, and that if merchants would deal with one another, laws
must agree with one another; that you cannot make laws vary without
naking them contradict, and that amid contradictory laws tho easy flow
>f commercial intercourse fa Impossible, and that, therefore, a financla
■ongress naturally led to all the inferences of politics.
The conference to which I have referred marked the consciousness or tne
,wo Americas that economically thoy aro very dependent upon ono another;
hat thoy have a great deal that it is very desirable thoy should exchange
md share with one another; that they have kept unnatural y and unfortulatoly separated and apart when they had a manifest and obvious comnunity of interest, and the object of that conference was to ^certain the
practical means by which tho commercial and practical intercourse of the
continents could be quickened and facilitated
And where even s move,
statesmen, if thoy bo not indifferent or bo not asleep, must think and act.
For my own part I congratulate myself upon living in a time when these
things, always susceptible of intellectual demonstration, have begun to be
very widely and universally appreciated, and when the statesmen of the
two American continents have more and more come into candid, trustful,
mutual conference, comparing views as to the practical and friendly way
of helping one another, and of setting forward every handsome enterprise
on this side of tho Atlantic.
But these gentlemen have not conferred without realizing that back of all
the material community of interest of which I have spoken their lies and
must lie a community of political Interest. I have been told a very inter
esting fact— I hope it fa true— that while this Congress has been discuss ng
science it has been, in spite of Itself, led into the feeling that behind tho
J A . 15 1916.]
.N
THE CHRONICLE
science there was some inference with regard to politics, and that if the
Americas were to be united in thought they must in some degree sympa
thetically be united in action. What these statesmen, who have been con
ferring from month to month in Washington, have come to realize is that
back o f the community o f material Interest there is a community o f political
Interest.
I hope I can make clear to you in what sense I use those words. I do
not mean a mere partnership in the things that are expedient. I mean
what I was trying to indicataa few moments ago, that you cannot separate
politics from these things, that you cannot have real intercourse o f any kind
amid political jealousies, which is only another way of saying that you can
not commune unless you are friends, and that friendship is based upon your
political relations with each other perhaps more than upon any other kind
o f relationships Detween nations.
I f nations are politically suspicious o f one another, all their intercourse is
embarrassed. That is the reason I take it, if it be true, as I hope it is,
that your thoughts, even during tins Congress, though the questions you
are called to consider are apparently so foreign to politics, have again and
again been drawn back to the political inferences. The object of American
statesmanship on the two continents is to see to it that American friendship
is founded on a rock.
The Monroe Doctrine was proclaimed by the United States on her own
authority. It has always been maintained and always will be maintained
upon her own responsibility. But the Monroe Doctrine demanded merely
that European Governments should not attempt to extend their political
systems to this side o f the Atlantic. It did not disclose the use which the
United States intended to make o f her power on this side o f the Atlantic.
It was a hand held up in warning, but there was no promise in it of what
America was going to do with the implied and partial protectorate which
she apparently was trying to set up on this side o f the water, and I believe
you will sustain me in the statement that it has been fears and suspicions
on this score whicli have hitherto prevented the greater intimacy and con
fidence and trust between the Americas.
The States o f America have not been certain what the United States
would do with her power. That doubt must be removed. And latterly
there has been a very frank interchange of views between the authorities
in Washington and those who represented the other States o f this hemisphere,
an interchange o f views charming and hopeful, because based upon an in
creasingly sure appreciation o f the spirit in which they were undertaken.
These gentlemen have seen that if America is to come into her own, into
her legitimate own, in a world o f peace and order, she must establish the
foundations o f amity so that no one will hereafter doubt them.
I hope and I believe that this can be accomplished. These conferences
have enabled mo to foresee how it will be accomplished. It will be accom
plished in the first placo by the States o f America uniting in guaranteeing
to each other absolute political independence and territorial integrity. In
the second placo, and as a necessary corollary to that, guaranteeing the
agreement to settle ail pending boundary disputes as soon as possible and
by amicable process; by agreeing that all disputes among themselves, should
they unhappily arlso, will bo handled by patient, impartial investigation
and settled by arbitration; and the agreement necessary to the peace of the
Americas, that no State on either continent will permit revolutionary ex
peditions against another State to be fitted out on its territory, and that
they will prohibit the exportation o f the munitions o f war for the purpose
o f supplying revolutionists against neighboring Governments.
You see what our thought is, gentlemen, not only the international peace
o f America, but the domestic peace o f America. If American States are
constantly in ferment, if any o f them are constantly in ferment, there will
bo a standing threat to their relations with, one anotuer. It is just as much
to our interest to assist oach other to the orderly processes within our own
borders as it is to orderly processes in our controversies with on? another.
These aro very practical suggestions which have sprung up in the minds of
thoughtful men, and I, for my part, believe that they are going to lead the
way to something that America has prayed for for many a generation. For
they are based, in the first place, .os far as the stronger States are concerned,
upon tho handsome principle o f self-restraint and respect for the rights of
everybody. They are based upon the principles of absolute political equality
among the States, equality o f right, not equality o f indulgence.
They aro based, in short, upon th9 solid, eternal foundations o f justice and
humanity. No man can turn away from these things without turning
away from the hope o f the world. These are tilings, ladies and gentle
men for which the world has hoped and waited with prayerful heart. God
grant that it may be granted to America to lift this light on high for the
illumination o f the world.
THE
P A N -A M E R IC A N
SC IE N T IFIC
CONGRESS— A
COMMON M ON ETARY STAN D ARD . '
Following the closing, at Washington on Saturday last, of
the second Pan-American Scientific Congress, after a session
continuing two weeks, a banquet to the delegates was ten
dered at tho W aldorf on Wednesday night by the Pan
American Society of tho United States. Tho affair brought
togothor a distinguished gathering.
It was presided over
by Ilonry W hito, President of tho Pan-American Society,
and tho spoalcors, in addition to M r. W hite, included M ayor
M itchel, John Barrott, Director General of the Pan-American
Union; Frank L . Polk, Counselor of the Department of State
at Washington; D r. Ernesto Quesada, Chairman of the Ar
gentine delegation to tho Pan-American Scientific Congress;
Dudley Fiold Malono, Collector of tho Port of New York';
D r. Nicholas Murray Butler, President of Columbia Univer
sity; D r. Garcia Kohly and D r. Carols Manuel de Cespedso
of tho delegation from Cuba. M ayor M itchel, in addressing
tho gathering, dwelt principally upon the proposals laid bofore the Congross by President Wilson last week, and, as
illustrating tho friendly spirit in which tho representatives
of tho throe Americas were brought together, pointed out
that “ the people of the United States covot nothing that the
Southern republics have except their friendship and co
operation,” qualifying his remarks with the statement
that “ wo covet participation in your development, acquaint
ance with your achievements, and your contribution to the
progress of civilization.”
205
Lima, Peru, has been selected as the meeting-place for the
next Pan-American Scientific Congress; tho meeting will
take place in 1921, the centennial of Peru’s declaration of in
dependence. Tho sessions just held in Washington closed
on the 8th inst. with a declaration by Ambassador SuarezM ujica, President of the Congress, that the nations of the
Americas were “ united in the noble desire of seeking political
unity of the continent, so that the nations which compose it
m ay thus lend one another mutual support and afford them
selves better protection against foreign danger.” The Con
gress adopted a resolution providing for the creation of an
“ Intellectual Pan-American U nion,” designed to being into
closer association, under joint leadership, the activities of the
various technical, medical, legal and other scientific associa
tions sent by the twenty-one American republics to the
present Congress.
Other resolutions adopted propose:
That the metric system be adopted in the Western Hemisphere.
The appointment of an American committee o f radio communication to
assist in the development of radio communication in order that American
republics may be brought into closer contact.
That Spanish be taught more generally in United States schools, and
English more generally in those of Latin-America.
That the Governments o f the American republics be petitioned to further
the interchange of instructors and students.
That a Pan-American library in the different languages of the hemisphere
be established.
That all American countries inaugurate a plan for the eradication and
control of malaria and yellow fever.
That the study of international law should be encouraged, the suggestion
being made that the teaching of international law should not be made the
occasion for a universal peace propaganda, and that special stress be laid on
problems affecting American republics, and upon doctrines of American
origin.
A resolution bearing on the Congress was introduced in
the Senate on the 7th by Senator Williams and referred to
the Foreign Relations Committee, suggests that negotiations
be entered into by the President with Central and South
American Governments for the designation of a “ Pan
American D a y ,” to “ memorialize past international harmony
and as a practical expression of the hope for its continuance.”
One of the features of the proceedings of the Congress was
the discussion of the question of a uniform monetary system.
V . Gonzales, of New York, in speakingin opposition to such a
proposal, said in part:
A uniform or common monetary unit for all the Pan-American republics
is practically impossible. It is furthermore unnecessary and inconvenient.
A uniform standard is a different thing. The basis of relation between
the money of all those countries should be, and in fact is, only gold; but the
name o f the coins, their weight and consequent intrinsic value do not need
to be the same or even alike.
At this time when exchanges and all commercial and financial transactions
are so disturbed, and the pound sterling exchange, formerly the universal
form of settling international trade, is forcibly out of general use, it seems
desirable to establish a substitute, and this can be no other than American
dollar exchange. But to establish it and to bring it into universal use it
is not necessary to make uniform the moneys of all other countries, nor to
alter them in tho least. When pounds sterling exchange prevailed it never
was found necessary to do so.
The parity of exchange was maintained before the war between the coun
tries using a uniform basis— gold, effective (gold standard) or guaranteed
(gold exchange standard), by the simple inflow or outflow of gold, fluc
tuations being limitod to delay and expense o f transportation. Countries
on a silver basis or using inconvertible papor money only could not maintain
the parity of exchange at all and fluctuations followed in tho first case the
gold price of silver, and in the second the capricious gold quotation of paper.
E . W . Kemmerer, Professor of Economics and Finance,
Princeton University, discussing the possibility of introduc
ing a common monetary standard as between the republics
of America, said:
The subject of international monetary unit was a live one in Europe and
America about half a century ago, after tho formation of the Latin Monetary
Union and after the International Monetary Conference at Paris in 1867.
Although international unity with 5 francs of gold as the basis unit was fav
ored at the time by many of the leading statesmen and scientists of the
world, the proposal was killed by the unfavorable action of the British
Royal Commission on International Coinage of 1868, and since then the
subject has been generally looked upon as one suitable only for dreamers.
Yet the advantages of such unity to merchants having trade relations
with foreign countries, to investors in foreign securities, to travelers and
to scientists making comparative studies involving prices and wages,
should obviously be great.
A study of the currency systems o f the 21 American republics and Canada
shows that, despite their great heterogeneity, the conditions at present are
exceptionally favorable to the securing of Pan-American monetary unity
on the basis of the United States gold dollar as the unit. United States
gold coins to-day comprise about four-fifths of all the gold coins in the
Americas. Our gold dollar or an equivalent coin is the monetary unit of
approximately 60% of all tho population of tho American republics and
Canada, and of approximately 89% of the population that is actually upon
a gold standard. It is the legal monetary unit in six countries and legally
circulates in six more. The foreign trade between the other 20 American
republics with tho United States is greater than that between thoso 20 re
publics and any other country.
Ten o f the 21 American republics are not actually upon a gold basis,
although 9 of these are logally gold-standard countries. The actual unit
in 8 of these countries is a paper-money unit, in 1 It is a silver unit and in 1
fiduciary silver. Together these 10 countries contain 78% of all the people
of South, Central and insular America. Ultimately they all expect to
return to a de facto gold standard. For them, therefore, to alter slightly
the legal gold units to which they will subsequently go, in order to assimi-
206
THE CHRONICLE
[Vol. 102.
lato them to the proposed Pan-Am erican gold unit, w ould cause little in but, considering the com binations o f security and yield, they have few
equals. In fa ct, these bonds w ould b e in great dem and b y a large class
convenience or econom ic disturbance.
This leaves on ly six countries actually upon a gold basis that w ould need o f N orth American business m en who like to buy speculative issues if they
to alter the size o f their m onetary units in order to assimilate them to the only knew about them .
dollar. T hey are B olivia, E cuador, Peru, U ruguay, Venezuela and C osta | T he reason that it is difficult to now interest our investors in L atinR ica, together having a population o f 13,500,000. W ith the exception o f j American bonds is because our investors d o n ’ t know about them . T he
C osta R ica, which w ould neod to increase the size o f her unit about , V i % j reason our investors d on ’ t know about the Latin-Am erican bonds is b e
to assimilate it to the U nited States half-dollar, the alteration required cause they are not regularly quoted in N ew Y o rk . I f the finance depart
would not be greater in any country than 3.7%. E xcept for Uruguay, tho j ment o f each o f the Latin-Am erican countries would furnish the Pan
size o f the unit in each case w ould need to be increased. Inasm uch as gold Am erican U nion b y cablo each week tho bid and asked prices fo r their
in recent years has been depreciating on an average about 3 % a year, the leading G overnm ent, State and municipal issues (most o f which aro quoted
increases called for in the size o f the units w ould only approxim ately com in L on d on ), in order that N orth American investors could becom e familiar
pensate for the depreciation in the purchasing power o f tho unit for one therewith, it w ould add to the value o f the securities already issued and
year. T h o transition once having been effected, all the 21 American provido a m arket for the issuance o f further securities from tim e to tim e.
I go further and say that if these prices were regularly quoted in our
republics and Canada would be on a gold basis, with m onetary units equiva- ,
lent to the U nited States dollar or to an easy fraction o f the dollar, I daily press it w ould be only a short tim e before our people would becom e
i. e ., 1-5, 2-5 or H- A permanent Pan-Am erican m onetary com m ission fam iliar with them and begin to b u y them . W ith little expenso and
com posed o f one representative from each country m ight bo form ed to effort thase Latin-Am erican countries w ould be creating a m arket for
examine from tim e to tim e the coins o f the different nations belonging to them selves here in the U nited States which would be worth m illions to
tho m onetary union; and this com m ission m ight be authorized to qualify them in years to com e. O f course, m ost o f our financiers will say this is
as Pan-Am erican gold coins such national gold coins o f the nations belonging not feasible; all kinds o f excuses will be offered b y our bankers who have
to the union as m aintained the proper standard o f weight and fineness. securities o f their own to market and who d o not want the investors o f this
Such qualified Pan-Am erican coins w ould bear in addition to their national country to know that good 6 % m unicipal bonds can bo bought at par or
stam p the words “ Pan-Am erican U nion,” and a statem ent o f their value below and that good G% cedulos can be purchased to yield 7 to 8 % .
in terms o f the Pan-Am erican unit which m ight be callod b y som e such name
as an oro. T hey w ould b e receivable for Governm ent dues in all the coun
tries belonging to the m onetary union.
F orm er Secretary o f Stato B ry a n , in addressing the C o n
gress on tho 3d in s t., endorsed the recent suggestion b y
Secretary o f State Lansing that an agreem ent be entered into
b y tho A m erican republics for settlem ent o f boundary disputes and the prohibition of the shipm ent o f arm s to rovolutionists.
M r . B rya n also expressed hope th at tho ponding
treaty b y which the U n ited States w ould p ay C olom bia
$ 2 5 ,0 0 0 ,0 0 0 for tho partition o f P an am a soon w ould be
ratified, thus enabling Colom bia to join the nations signatory
to peace treaties th at w ould m ake wars botween P a n -A m e rican countries next to im possible. M r . B ry a n , in repeating
a suggestion m ad e b y him last sum m er said:
I ask your pardon for repeating a suggestion which 1 m ade last June at
a banquet given in connection with the Pan-Am erican S cientific Congress
then assembled in W ashington. It is that the Governm ent o f tho U nited
States should, if desired b y any o f the republics o f Latin-Am erica, under
write bonds issued b y them for the developm ent o f their resources.
During m y connection w ith the State D epartm ent I had opportunity
to learn o f the enormous burdens thrown on the smaller republics o f Central
and South America b y the high interest rates which they were com pelled
to p a y, and I becam e convinced the high interest rates not on ly w orked
an injustice to the countries that paid them and retarded the proper devel
opm ent o f those countries, but that these loans, often the best that could be
secured under existing conditions, som etim es caused insurrections and
revolutions.
T he United States, being able to borrow at a low rate, could accept the
bonds o f neighboring republics drawing a m uch lower rate o f interest than
those now issued, and hold them as security for its own bonds, issued at
the normal rate.
P rof. Jeremiah W . Jenks, o f C orn ell U n iv ersity , speaking
on the in vestm en t situation in South A m erica on the 4 th
in s t., is quoted in tho “ Su n ” as follow s:
T he leading countries o f South Am erica have reached the stage in which
their exports are exceeding their imports to a degree sufficient to p ay all
their nominal obligations and from time to time as the need arises to supply
themselves from abroad with gold. This is a condition that is encouraging
and one for Am erican bankers and capitalists to keep well in m ind. It in
dicates that in several o f the countries o f South America conditions are
already such as to m ake investments m creas.ngly stable and secure.
T he study indicates that gold will go to the cou ntry that wishes to use it
and bids accordingly and that gold shipments are not autom atically sent
merely to settle balances. South Am erican countries can get needed gold
when they adopt policies that demand it.
In the United States trade with South America the balances are fairly
even with each o f the important different countries except witli Brazil,
where the balance is heavily against as. There is nothing in the data
to indicate exactly how we settle our balance with Brazil. W e certainly
d o not send her gold .
T h o balance is, o f course, settled as every business man knows b y our
shipping to a third country, chiefly England, which in turn makes its settle
ments with Brazil. W e are thus paying for our Brazilian coffee and rubber
with our wheat and other raw products in the main. All these indirect
m ethods o f settlement mean added trouble and added expense. The chief
m ethod o f im provem ent would be to stimulate very largely our exports to
Brazil and send m anufactured goods that would help b oth Brazil and the
United States.
In ail the countries, how ever, we need to provide exchange facilities so
that profits from the exchange from the process would com e to tho United
States rather than go through European countries.
In presenting his views a t the P an -A m erican Conference
as to w h y L atin -A m erican m unicipal and Sta te bonds
should be quoted in N e w Y o r k , R oger W . B abson of W ellesley
H ills, had the follow ing to say ;
T he ways o f investors aro peculiar and often hard to understand; but
one thing is certain, nam ely that they do like to see bonds quoted. It is
very m uch easier to interest Investors in a railroad, cou ntry, or city whoso
bonds they are accustom ed to see quoted than in any others. There is
nothing which adds so m uch to the salability o f a bond issue as to have
tho issue regularly quoted. It Is not that investors want to sell, but
sim ply that they want to be noticed and to hold only such bonds as others
notice.
It is on the same principle as people like to drive a well-advertised
autom obile rather than som e unknown m ake, how ever good it m ay bo.
Latin-Am erica wants to sell securities in the U nited States, but finds
it hard to d o so. Is it because the bonds o f South Am erican cities are
not g ood ? N o. Is it because they d o not yield enough in incom e? N o .
It is true that they m ay not be absolutely safe or yield the highest rate.
R E S O L U T I O N C A L L I N G U P O N P R E S I D E N T W I L S O N TO
S U P P L Y D A T A C O N C E R N IN G M E X IC O .
In a resolution adopted b y the Senato on the 6th inst.
President W ilso n is called upon to supply that b od y w ith
T ho resolution, which
| data concerning tho affairs of M e x ic o .
• was introduced on tho 5th b y Senator F all o f N o w M o xico ,
' requests th at there be transm itted to the Senato docum ents
indicating, am ong other things, whether thero is a G overn
, m ent “ now existing in the Ropublic o f M e x ic o ,” a n d , if so,
| whether such G overnm ent is rocognized b y the U n ited States
G overn m en t.
Senator F a ll, in addressing tho Senate w ith
! regard to the purpose o f the resolution on the 6 th , stated
that “ the last official word which wo had from tho President
o f the U n ited States as to M e x ic o , or as to conditions in
M e x ic o , as to tho existence o f a G overnm ent or the non
existence o f a G overnm ent in M o xico , was in his m essage
to the Congress o f tho U n ited States o f April 2 0 1 9 14 , wherein
he asked tho Congross to ratify his act in sending tho land
apd naval forces of tho U nited States to occupy V era C ruz
and to socuro from tho then do facto G overnm ent o f M oxico
reparation for insults offered the flag of tho U n ited S ta to s.”
In 19 1 3 , M r . F all pointed o u t, “ tho President o f tho U n ited
States had dem anded that prior to recognition of a ny G o v
ernm ent in M oxico thero should bo a fair and froo election
to which all citizens should tako part and all should agree
to abide b y tho result.
C ontinuing, Senator F all said:
W c had heard nothing from him (the President) sinco April 20 1914 with
reference to M ex ico, until on D ec. 7 he addressed tho Congress. Ilis only
reference to M exico in his messago was in the words which I shall read.
These words follow ed an expression o f opinion from tho President o f the
U nited States as to our course with reference to Latin-Am erica generally;
and he says;
“ W e have been put to the test in the case o f M exico, and we have stood
the tost. W hether wo have benefited M exico b y tho course wo have
pursued remains to be seen.”
In view o f the doubt expressed b y the President o f tho United States as
to whether some course which has been pursued b y this G overnm ent, w ith
out Congress being inform ed as to what that course was, will Inure to the
benefit o f M ex ico, certainly the Congross o f the U nited States is entitled
to know officially what has been done b y this Governm ent with reference
to M ex ico since April 20 1914. Therefore I propose that we should request
o f tho President inform ation, first, as to whether there is a G overnm ent in
M oxico; second, whether he has recognized that Governm ent.
B elow we give Senator F a ll’s resolution as adopted b y the
Senate:
R e s o l v e d , T h a t the President be requested, if not incom patible with the
public interests, to inform the Senato upon tho following subjects and to
transmit to the Senate the docum ents, letters, reports, orders, & c., herein
after referred to:
First__ Is there a Governm ent now existing in the R epublic o f M ex ico?
A n d , if so.
Second__Is such Governm ent recognized b y this Governm ent; how is such
G overnm ent m aintained and where; who is now recognizod head o f such
G overnm ent, and is the same a constitutional governm ent?
T hird__B y what means was tho recognition o f any Governm ent in
M exico brought abou t, and what proceedings, if any, were followed prior
to and resulting in recognition in any conference between this country and
Argentina, Brazil. Chile, Guatemala and any other country o r countries?
Fourth— W hat assurances has the Governm ent o f M exico given this
Governm ent as to Its course in p rotecting American lives and property in
M exico and in T exas, N ew M ox ico, Arizona and California; and, if such
assurances havo been given, what evidenco lias this Governm ent o f the
ability o f such Governm ent to fulfill its promises and obligations in tho
prem ises?
. , .
.
Fifth— W hat orders o r instructions have been issued to our ottictais anu
armed forces on or near the M exican border for the protection o f the lives,
property and peace o f Am erican citizens along said border?
I Sixth— W hat assurances have been received from tho M exican G overn
m ent, or requested b y this Governm ent, as to paym ent o f American damage
claims for injury to life or property o f our citizens resulting trom tho acts
o f M oxico or citizens o f that cou ntry within the past five yoars?
Seventh— W hat assurancos havo been given b y tho M exican Governm ent
i as to the protection o f foreigners and citizens, and particularly in tho free
exercise o f their religion in public or in private?
I
Eighth— Reports o f tho Brazilian M inister to M exico, m ade to this G ov em m ont b y letter or otherwise, while said M inister was representing this
G overnm ent in M exico; also reports o f American Consuls and consular
representatives in M exico during tho past four years, together with reports
from any special or other sources o f inform ation available or in h and, con -
J an 15 1916.]
THE CHRONICLE
cem ing or relating to M exican affairs and conditions, or to M exican officials
or m ilitary and factional leaders, reports o f the actions o f the R ed Cross
in M ex ico and their reports to this G overnm ent.
N inth— D ata, letters and reports relating to the closing o f the p ort o f
E l P aso, and reopening same to importations o f m eat from Juarez, and also
to the setting aside or revocation o f any decrees or orders o f Villa concern
in g m ining p roperty.
T enth— Inform ation concerning the occupation o f Vera Cruz b y our land
and naval forces, duration o f such occupation, our administration o f affairs
during such occupan cy and the date and cause o f the evacuation o f Vera
C ruz, w ith all correspondence concerning such evacuation.
207
tween the status o f A m ericans on belligerent vessels and that
o f Am ericans in M e x ic o , said:
T he high seas are com m on to every nation. T erritory itself always is
under the sovereignty o f a nation. On tho high seas, a non-com batant,
whether neutral or belligorent, has the right to pass to and fro without
m olestation. In the territory they have the right to pass to and fro with
the consent o f the authorities. I f it is uncertain w ho the authorities are,
tho non-com batant rims the danger o f losing his liberty or his life.
A cknow ledgm ent o f Secretary L ansing’s dem ands o f the
12th was received from the M e xican A m b assa d o r, Eliseo
A rredondo, on the 13th in the follow ing m essage:
T h e killing o f a num ber o f Am ericans (eighteen, according
I have the honor to acknow ledge the receipt o f you r E xcellency’s note
to the latest report) b y M exican bandits this w eek has o f this date with its enclosure relativo to the murder b y Villa forces o f six
teen Am erican gentlemen near the city o f Chihuahua and o f tho situation
served to bring abou t the introduction o f further resolutions
in the State o f Durango.
in Congress on the M e xican situation. According to a
Y ou r E xcellency m ay feel assured that m y Governm ent and m yself
message received on the 11th in st. b y H . C . M y le s , British deeply deplore the dastardly action o f the V illa forces and that efficient
action will be taken to bring the murderers to justice, and that m y G overn
V ice-C onsul a t E l Paso from British Consul Scovell a t
m ent will also take the necessary steps to rem edy the situation in the State
Chihuahua C ity , sixteen Am ericans were taken from a o f Durango.
M exico-N orth w estern train fifty miles west o f Chihuahua
This latter m atter has already been brought to the attention o f M r . C ar
C ity on the 10th and killed, after being robbed and stripped ranza, and, while I feel certain that he will om it no effort to bring the m ur
derers o f the above-m entioned Amreican gentlemen to justice on his own
o f their clothing. T h e massacre occurred a t a point called Initiative, I have, nevertheless, com m unicated with him b y wiro on the
Santa Y sa b e l. T h e slain pa rty , which was in charge o f subject.
C . R . W a ts o n , General M an ager o f the Cusihuiriaclxic forRenewing to you r E xcellency the assurance o f m y p rofound regret
the occurrence.
M in in g C o ., had left E l Paso on the 8th and Chihuahua
E. A R R E D O N D O , A m b a ssa d o r D e sig n a te.
on the 10 th , en route for Cusihuiriachic to resum e opera
T h e follow ing telegram , signed b y General C arranza, was
tions a t the m ines. Follow ing the massacre a protest signed received yesterday b y the M e xican A m bassad or:
The murderous attack on the passenger train near Chihuahua was m ade
b y m ining m en a t E l Paso who had prepared to enter C hi
b y tho on ly remaining band o f outlaws in that region. This band is now
huahua and open properties under the protection o f the
being a ctively pm-sued b y m y troops with a view to insuring its capture,
de facto G overn m en t o f C arranza, was addressed to Presi whereupon condign punishment will be sum marily m eted out to every
dent W ilso n on the 11th .
T h e capture b y Carranza forces near M a d era o f General
Jose R odriguez, General A lm eida and several other V illa
chief tan s, to w h om are attributed the tradegy, was an
nounced in dispatches forwarded from E l Paso to the State
D ep artm en t and the M exican E m b assy a t W ashington
on the 13 th . According to these advices A lm eid a was shot
im m ediately and the sum m ary execution of General R o d
riguez had been ordered b y General G av ira , com m anding
the garrison a t Juarez. T h e C onsulate also announced that
all o f R odriguez’s band had been killed or captured. General
Rodriguez is said to have been one o f the V illa generals
who refused to surrender to the de facto G overn m en t.
Prior to the receipt o f these advices the follow ing telegram
was sent b y Secretary o f State Lansing to Consul Silliman
a t Queretaro on the 12 th , calling for a dem and upon General
Carranza for the capture and punishm ent o f the perpetra
tors o f the crime :
J a n u a ry
12
1916.
C o n s u l J o h n R . S u lliv a n , Q u e r e ta r o , M e x ic o —
On January 10 C . R . W atson, Chairman o f the M ine & Smelter’s Oper
ators’ Association o f Chihuahua and the General M anager o f the Cusi
huiriachic M ining C om pany, with fifteen o f his associates, all representa
tive Am ericans, while en route from Chihuahua to their m ine at C usi
huiriachic wore taken o ff the train forty milesjwest o f Chihuahua C ity b y
bands operating under tho direction o f General V illa, stripped naked and
deliberately shot and killed. Their bodies are being brought to E l Paso.
It is stated that these men wore murdered because they were Americans
and wore killed in accordance with the general p olicy publicly announced
recently b y V illa. This atrocious act occurred within a few miles o f
Chihuahua C ity, in territory announced to be in control o f he Carranza
forces. T he Villa bands roaming about in W estern Chihuahua publicly
threaten all Americans with death and destruction o f their p roperty. F ollow
ing the occupation o f Chihuahua b y O bregon’s forces, m any Americans
returned to Chihuahua to resume operations, with the consent o f the
m ilitary authorities o f the de fa cto Governm ent.
U rgently bring the foregoing to the attention o f General Carranza and
request that ho order immediate and efficient pursuit, capturo and punish
ment o f the perpetrators o f tho dastardly crim e above m entioned; also
strongly urge immediate dispatch o f adequate forces to the various mining
cam ps in tho State o f Chihuahua. Request to bo informed o f action taken.
L A N S IN G .
A t the same tim e Secretary Lansing issued a statem ent
calling attention to the State D ep artm en t’s warning to
Am ericans in O ctober to leave M exican territory.
In his
statem en t o f W e d n esd ay on this point the Secretary said :
In October the Departm ent sent the strongest kind o f instructions to
the Consuls in the States o f Chihuahua and Sonora, calling upon them to
uso every means in their power to persuade Americans to leave imm ediately
fo r United States territory, and theso Consuls were instructed to em ploy
special riders to carry this message to Americans located in isolated sections.
A fow cam e out. Somo, regardless o f the disturbed conditions existing in
M ex ico, did not heed tho warning. It was only tw o or three weeks ago
that V illa detained thirty Americans in the very district in which the un
fortunate Americans now roported killed m et their death. Great alarm
was felt for the safety o f theso thirty Americans.
R ocently tho Villistas are said to havo stated that they would kill Ameri
cans in Chihuahua territory in order to force American intervention.
W ithin tho last week or ten days three em ployees o f the Hearst ranch in
Chihuahua (near the place where Americans are now reported slain) were
reported to have boon executed. Tw o o f these threo em ployees made
their appearance at E l Paso somo days ago, but the third appears to have
beon killed.
T ho Departm ent feels that it took every possible precaution to prevent
Americans from exposing tlicir lives in a rogion where gueriila w arfaio is in
progross. It is to be doplored that its advice was not follow ed.
E very step will bo taken to see that the perpetrators o f this dastardly
crimo are apprehended and punished.
A further statem en t o f Secretary Lansing issued on the
sam e d a y in response to a request th at he distinguish be
guilty participant. T ho troops o f the Constitutionalist Governm ent have
been ordered to establish a com plete patrol from end to end o f the railway
line, in order to forestall a similar outrage. Y o u will make this declaration
to the President o f the United States.
On the 13th in st. Secretary Lansing took occasion to
repeat his warning to A m ericans regarding their stay in
M e x ic o , this edict saying:
I would again urge Americans to keep out o f all sections o f M exico where
lawloss conditions still exist. I f Americans go into such territory they take
their chances.
W h ile the U n ited States G overnm ent took no further
steps in the m atter beyon d calling for the capture and punish
m ent o f those responsible for the tragedy, both branches of
Congress have been exercised over the developm ents o f the
w eek, the resultant resolutions and spirited debates giving
evidence of the extent to which Congressm en have been
stirred. On the 12th in st. Senator Sherman offered a pro
posal for jo in t intervention b y the P an-A m erican nations,
his resolution in part saying:
R e s o l v e d , T hat it is tho sense o f the Senate, the House concurring, that
tho Governm ent demand o f Carranza, who has been recently recognized
as tho head o f an established Governm ent In M ex ico, that he protect and
save harmless the lives and p roperty o f Americans and other aliens in that
country; and.
That the other Governm ents in the W estern Hemisphere that lately
joined in such recognition be invited to unite in that dem and, and that in
the event o f failure o f Carranza prom ptly to furnish such protection, that
the President bo, and he is hereby requested to invite the co-operation
o f such Governm ents heretofore joining with us in intervening for the
restoration o f peace and good ordor, and the protection o f the lives and
property not only o f American citizens, but other aliens and o f peaceable
citizens, and that when such order is restored and a Governm ent adequate
to continue and sustain such protection is established, that the United
States withdraw from that country; and it is further
R e s o l v e d , T o be the sole and o n ly purpose o f this Governm ent to enter
the territory o f M exico for the purpose indicated.
A nother resolution, introduced in the Senate on the 13th
in st. b y Senator Lewis directing that the President be em
powered to order the a rm y to M e x ic o , reads as follow s:
R e s o l v e d , B y tho Senate, the H ouse o f Representatives concurring. T h a t
the President o f the United States be authorized and empowered to order
the arm y o f the United States, or any necessary part thereof, to the country
o f M exico, and to there co-operato with any force there existing which to
the President shall seem appropriate for the ob ject o f protecting tho citizens
and property o f the United States, and to punish those violating the security
o f United States citizens, and to authorize tho President to use tho m ilitary
and naval forces o f the United States in M exico to the same extent as now
b y law perm itted tho navy in N icaragua and H aiti for the protection o f
American rights.
A t Senator Lew is’s request the resolution was allowed
to lie over w ithout action for the present.
A resolution introduced in the H ouse on the same day b y
Representative M o ss provides:
N ow , therefore, be it R esolved, That it is the sense o f the House o
Representatives, tho Senate concurring, that the Governm ent o f the
United States shall forthw ith dispatch to M exico such part o f its arm y and
navy as shall bo necessary to imm ediately capture and bring to justice the
perpetrators o f this latest outrage upon American citizens and to offer
sufficient protection to American citizens in M exico so as to prevent any
repetition o f such outrage, and that to accom plish this ob je ct the United
States arm y shall cross the border and go into M exico, and the United
States navy shall occu p y the waters adjacent to the coast o f M exico, and
b oth remain there until such tim e as it shall be clearly apparent to the
Governm ent o f the United States that the rights o f its citizens in their
possession and property shall be secure.
Y esterd ay Senator W o rk s introduced a resolution authoriz
ing and directing the President to intervene in M e xico to
establish and m aintain a governm ent there until it is safe to
w ithdraw .
I t was referred to the Foreign Relations C o m
m ittee.
[Vol. 102.
THE CHRONICLE
208
in principle that tho am ount o f damages bo fixed b y tw o experts, one
each to bo nom inated b y the German and tho Am erican Governm ents. T ho
German G overnm ent regrets that it cannot com p ly with the wish o f the
American Governm ent to have the experts m eet in W ashington, sinco the
expert nom inated b y it. D r. Greve o f Brem en, D irector o f the N orth Ger
m an L lo yd , is unable to get away from here, and furtherm ore, would be
exposed to the danger o f capturo during tho voyage to Am erica in consequenco o f the conduct o f maritime war b y England contrary to inter
national law. Should the Am erican expert likewise be unablo to get aw ay,
tho tw o experts might perhaps get in touch with each other b y correspond
ence.
T ho German Governm ent likewise regrots that it cannot assent at this
tim e to the nom ination o f an um pire, as desired b y tho Am erican G overn
m ent. for, apart from the fact that in all probability the experts will reach
an agreement in tho case o f tho W illiam P. Fryo with the same facility
as was the caso with similar negotiations with other neutral G overnm ents,
tho assent o f the German Governm ent to the consultation o f an um pire
G en . V ictorian o H u erta , form er D ictator and Provisional would depend m aterially upon whether tho differences o f opinion between
President of M e x ic o , died at his hom e at E l Paso on the 13th the tw o experts pertained to questions o f principle or merely to the appraise
in st.
G en . H u erta , w ho was sixty-on e years of age, died a ment o f certain articles. T he consultation o f an um pire could only bo con
sidered at all in the caso o f appraisements o f this nature.
prisoner of the U n ited States.
H e was arrested in June last
Should the American Governm ent insist on its dem ands for tho m ooting
b y Secret Service agents at N e w m a n , N . M . , for alleged o f tho experts at W ashington, or the early choice o f an um pire, the only
alternative would bo to arrange the fixing o f damages b y diplom atic ne
violation o f neutrality in conspiring to fom en t in the U n ited
gotiations. In such an event the German G overnm ent begs to await the
States an arm ed rebellion in a foreign cou n try.
H e was transmission o f a statement o f particulars o f tho various claims for damages
released on b on d , bu t was rearrested b y Secret Service m en accom panied b y the necessary proofs.
W ith regard to the arbitral treatment o f tho differences o f opinion rela
a t E l Paso on Ju ly 3 , when apparently planning to cross the tive to the interpretation o f certain stipulations o f the Prussian-Amorican
border.
H e was again released from jail on D e c . 2 8 and com m ercial treaties the German G overnm ent has drawn up tho inclosed
perm itted to be rem oved to his hom e on account of his ill- draft o f a com prom ise which w ould have to be worded in tho Gorman and
English languages and drawn up with duo consideration o f tho tw o alter
h ealth .
H is trial was to have taken place on Jan. 10. nating texts. It is true that the draft does not accom m odate the sugges
General H u erta rem ained nom inally under $ 3 0 ,0 0 0 bail.
tions o f the American Governm ent so far as it is not in accordance with the
rules o f sum mary procedure provided b y Chapter 4 o f T ho Ilaguo A rbi
tration C onvention, but with tho rules o f regular procedure. T ho summary
procedure is naturally intended on ly for differences o f opinion o f inferior
G E R M A N Y ' S R E P L Y TO L A S T F R Y E N O T E O F U . S.
im portance, whoreas tho Gorman Governm ent attachos very particular
T h e reply m ad e b y the G erm an G overn m en t to the noto im portance to tho interpretation o f tho Prussian-Amorican treaties which
have existed for over 100 years. Pursuant to the agreement m ado, any
dispatched to th at country b y the U n ited States on O ct. 12, proposed amendments w ould havo to be discussed betweon tho Foreign
anent the sinking o f tho A m erican sailing vessel W illia m P . O ffice and tho American E m bassy, and oral discussions w ould appear to
F r y e , w as m ad e public b y Secretary of State Lansing on bo advisable.
U ntil tho decision o f tho permanent court o f arbitration, tho Gorman
tho 8 th in st. W h ile tho reply o f tho G erm an M in iste r von naval forces will sink only such Am erican vessels as are loaded with absolute
contraband, when the pro-conditions providod b y tho Declaration o f London
Jagow bears date N o v . 2 9 , and was forwarded to W ash ington
aro present. In this tho German G overnm ent quito shares tho view o f tho
b y A m bassador G erard under date o f D e c . 2 , tho publica
American Governm ent that all possible care must be taken for tho security
tion o f its text was dolayed ponding tho receipt from G orm any o f tho crow and passengers o f a vessol to be sunk. Consequently, tho per
o f a u th ority to divulge its te x t.
In it the G orm an G overn sons found on board o f a vossel m ay not bo ordered into her lifeboats oxcopt
when the general conditions, that is to say, tho weather, tho condition o f
m en t expresses regret th at it cannot com p ly w ith tho wish
the sea and tho neighborhood o f tho coasts afford absoluto certainty that
o f the A m erican G overn m en t to havo the two experts— rep tho boats will reach the nearest port. For tho rest tho Gorman G overn
resentatives o f tho two countries who are to determ ine the ment begs to point out that in cases where German naval forces havo sunk
neutral vessels for carrying contraband, no loss o f lifo has yet occurred.
a m o u n t o f in dem n ity to be paid in the m atter b y the G erm an
T ho undorsignod bogs to give expression to tho hopo that it will bo possi
G overn m en t— m eet in W a sh in g to n , since its representatives ble for tho tw o Governm ents to roach a com plote understanding regarding
w ould be in danger o f capture, and it suggests th at should the caso o f the W illiam P . Frye on the above basis, and avails him self o f
this opportunity to renew to his Excellency tho Ambassador the assurance
the A m erican expert likewise be unable to personally m eet o f his highest consideration.
'
VON JAG OW .
Senator L odge su bm itted the same resolution he offered
A p ril 21 1914 as a su bstitu te for the resolution the Senate
then ad op ted , authorizing the President to use arm ed forces
in M e x ico to enforce its dem ands upon General H u erta , and
asked th at it be reprinted in the “ Congressional R e c o rd .”
I t was announced from E l Paso on the 13th in st. that all
em ployees of the A m erican Sm elting & R efining C o . in Chi
huahua and D u ra n go , and the em ployees of the A lvarado
M in in g C o . of Parral, had been ordered out of M e x ico b y the
com panies. A num ber of other foreign com panies in these
States h ave issued similar orders.
the G erm an representative, the two experts m igh t got in
touch w ith each other b y correspondence. T h o G erm an
G overn m en t likewise expresses regret th at it cannot assent
a t this tim e to the n om ination o f an um pire, and it states
th at in the event th at the A m erican G overn m en t should in
sist on its dem ands for the m eeting o f the experts a t W a sh
ington or the early choice o f an um pire, the only alternative
w ould be to arrange the fixing o f dam ages b y diplom atic
negotiations. T h e reply also sets out th a t:
Until the decision o f the permanent court o f arbitration, the German
naval forces will sink only such Am erican vessels as are loaded with abso
lute contraband, when the pre-conditions provided b y the Declaration o f
L ondon are present. In this the German Governm ent quite shares the
views o f the American Governm ent that all possible care must bo taken for
the security o f the crew and passengers o f a vessel to be sunk. Conse
quently, the persons found on board o f a vessel m ay not be ordered into
her lifeboats except when the general conditions, that is to say, the w eather,
tho condition o f the sea and tho neighborhood o f the coasts, afford absolute
certainty that the boats will reach the nearest p ort. For the rest, the Ger
man Governm ent begs to point out that in cases where German naval forces
have sunk neutral vessels for carrying contraband, no loss o f lifo has yet
occurred.
W e give below , as published in tho “ T im e s” o f the 9th
in s t., tho full toxt o f tho reply and an accom panying draft
o f a com prom ise w ith regard to the arbitral treatm ent o f tho
differences o f opinion relative to tho interpretation o f cer
tain stipulations o f tho Prussian-Am orican com m ercial trea
ties:
A m b a s s a d o r G e r a r d to th e S e c r e ta r y
of
S ta le .
2 1915.
Sir: W ith reference to m y telegram o f even date and to previous corre
spondence on the subject o f tho claim for damages for tho sinking o f tho
American merchantman W illiam I*. Fryo, I have tho honor to transmit to
you here with a cop y and translation o f a note received from the Imperial
Foreign Office, dated N o v . 29 1915, which replies to a note which I ad
dressed to the Imperial Foreign Office on Oct. 14 1915, pursuant to tho in
structions contained in your telegram. N o. 2,291, o f O ct. 12 1915.
A cop y and translation o f the draft o f a com prom ise subm itted b y tho Im
perial German Governm ent is likewise transmitted herewith. I have, & c .,
GERARD.
A m e r ic a n E m b a ss y , B e r lin , D e cem b er
T h e G e r m a n M i n i s t e r f o r F o r e ig n A f f a i r s to A m b a s s a d o r G e r a r d
B e r lin , N o v em b er
29 1915.
T he undersigned has the honor to inform his E xcellency, M r. James W .
erard. Ambassador o f the United States o f A m erica, in reply to the
note o f O ct. 14, F. O. N o. 5,671, relative to indem nity for the sinking o f
the American merchant vessel W illiam P. Frye, as well as to the settlement
b y arbitration o f the difference o f opinion which has arisen on this occa
sion , as follows:
W ith regard first to the ascertainment o f indem nity for the vessol sunk.
i e G erm aniG overnm ent isJn'agreementJwithJtheJA.merican G overnm ent
( .T r a n s l a t i o n .)
(A r b it r a t io n C o m p r o m is e .)
T ho Im perial German G overnm ent and the Governm ent o f tho United
States o f A m erica, having reached an agreement to subm it to a court o f
arbitration tho difference o f opinion which has arisen, occasioned b y tho
sinking o f tho Am erican merchant vessol W illiam I*. Fryo b y a German
warship, in respect o f the interpretation o f certain stipulations o f the
Prussian-American treaties o f am ity and com m erce, tho undersigned duly
authorized for this purpose, have agreed to the follow ing com prom ise:
A R T IC L E I.
A court o f arbitration com posed in accordance with tho follow ing stipu
lations is chargod with the decision o f tho legal question:
W hether, according to th o troatios oxisting between tho partios, in par
ticular A rticle X I I I . o f tho Prussian-Amorican treaty o f am ity and com
m erce o f July 11 1799, tho belligerent contracting party is prevented from
sinking merchant vessels o f tho neutra’ contracting party for carrying
contraband when such sinking is permissible according to general principles
o f international law .
A R T IC L E II.
T he court o f arbitration shall be com posed o f fiv e arbitrators, to be
chosen fro m among tho members o f tho permanent tribunal o f arbitration
at T he Hague.
E ach Governm ent will choose tw o arbitrators, o f whom only one m ay
bo a national o f such cou ntry, as soon as possible, at tho latest within two
wooks from tho day this com prom ise is signed. T he four arbitrators thus
nominated shall chooso an um pire within four weeks after they havo been
notified o f their nom ination: in case o f an equal vote tho President o f tho
Swiss Federal C ouncil shall bo requested to selected tho umpiro.
A R T IC L E II I .
On M arch 1 1916 oach party shall transmit to tho bureau o f tho permanent
tribunal o f arbitration 18 copies o f its argument with authenticated copies
o f all docum ents and correspondence on which it intonds to rely in the caso.
T he bureau will arrango without delay for the transmission to the arbitra
tors and to tho parties, each arbitrator to receive tw o copies, each party
threo copies. T w o copios shall remain in the archives o f tho bureau.
On M a y 1 1916 tho parties shad deposit their countor cases with tho
supporting evidence and thoir statements in conclusion.
A R T IC L E IV .
E ach party shall deposit w ith the international buroau, at tho latest on
M arch 1 1916, tho sum o f 3,000 guld( n o f the Netherlands toward tho costs
o f the arbitral procedure.
, _
A R T IC L E V .
T ho court o f arbitration shall meet at T ho Hague on Juno 15 1916 and
proceed im m ediately to examine the dispute.
A R T IC L E V I .
The parties m ay m ake use o f the German or the English language.
T he members o f the court m ay use the German or the English language
as they m ay ch oose. Tho decisions o f the court shad bo written in both
languages.
_„
A R T IC L E V II.
Each party shall bo represented by a special agent whoso duty shall be to
act as an intermediary between the party and the court. Those agents
hall furnish tho court any explanations which tho court m ay demand o f
THE CHRONICLE
J an . 15 1916.]
them ; they m ay subm it any legal arguments which they m ay consider
advisable for the defense o f their case.
ARTICLE V III.
The stipulations o f the convention o f O ct. 18 1907 for the pa cific settle
m ent o f international disputes shall be applied to this arbitral procedure,
in so far as nothing to the contrary is provided b y the a bove com prom ise.
Done in duplicate at Berlin on t h e ---------- d a y o f -------------------
R E L E A S E B Y F R A N C E OF G E R M A N S R E M O V E D FR O M
A I ER ICA N ST E A M E R S.
In answer to the protest m ade b y the U n ited States G o v
ernm ent against tho rem oval last m on th b y tho French
cruiser D escartes of six G erm ans and Austrians from several
Am erican steam ers, the State D epartm en t a t W ashington
received advices from the French G overn m en t on the 3d inst.
th at tho latter had ordered tho im m ediate release o f the seized
m en .
T h e advices, which cam e through th9 French A m
bassador, Jules Jusserand, also inform ed the U n ited States
th at the m en w ould be turned over to the Am erican Consul
a t Fort do F rance, M a rtin iqu e, where th ey had been taken
for detention.
I t was later announced, under date of the
7 th , th at acknow ledgm ent of the justice of the contentions
o f tho U n itod States in tho m atter had been form ally re
ceived in a notice to the A m erican A m bassador a t France,
in which it w as stated th at the offense w ould n ot be repeated.
T h e action o f the French G overn m en t was m ade known in
the follow ing statem en t issued b y the State D epartm en t
on the 7 th :
T ho Departm ent o f State has been advised b y the American Ambassador
at Paris that the French Governm ent has ordered the Captain o f the French
cruiser Descartes to act with great care and circum spection and not to
stop any m ore Am erican vessels.
T h e State D ep artm en t in an announcem ent on D e c . 11
reported the stoppage and search b y the French cruiser of
throe ships of tho N e w Y o rk & Porto Rico line on the high
seas, nam ely tho C arolina, C oam o and San Juan.
It is
stated that still another vessel, the B orinquen, was boarded
on D oc. 15 b y a p arty from the French cruiser, and the
purser, W illia m G arbo, o f B roo k ly n , a G erm an b y b irth ,
who has taken o u t his first naturalization paper, was taken
o ff.
In its note o f D o c. 14 to tho French Foreign Office the
U n ited States G overn m en t asked for the release o f the m en
on tho ground th at tho seizure o f citizens of a n y nation from
an Am orican vossel on tho high seas was w ithout legal justi
fication and constituted a flagrant violation o f A m erican
righ ts.
______________________________
A M E R IC A N STEA M ER S H O C K IN G A N D GENESEE
H E L D FOR P R I Z E C O U R T .
T h e D u tch steam er H am b orn , which was seized w ith tho
Am orican stoamship H ock in g b y British warships and taken
to H alifax on O ct. 31 in charge o f prize crews, was turned
over on D e c . 2 8 to G . W . H en sley, agent for the Crow n; it is
expected th at tho H am born will bo loaded, probably with
w h eat, and sent to E n glan d , wliero the vessel will be placed
before the London Prize C ou rt for final disposition. A d
vices th at the British G overn m en t had requisitioned tho
Am orican steamer H ock in g o f the A m erican Transatlantic
Lino w ithout tho form ality o f prize court proceedings were
received a t the State D ep artm en t a t W ash in gton on D e c . 2
from C onsul-G eneral Y o u n g a t H alifax . A protest on behalf
o f the U n ited States w as filed b y A m bassador Page a t L on
don on D e c . G, and on the 9th of the m on th it was announced
b y tho State D ep artm en t th at an understanding had been
reached w ith G roat Britain regarding the protest against the
requisitioning of the H ock in g and other ships of tho Am orican
Transatlantic C o m p a n y .
I t was stated that it was agreed
b y G reat B ritain to sot asido the requisition order, b u t to
hold tho H ock in g and tho Goneseo pending tho decision o f the
Prizo C ourt a t L on don .
G reat B rita in , it is stated , a t the
samo tim e assured tho U n ited States th at no other vessels
o f tho com p an y would bo seizod. T h o Genesee had been
seized b y a British cruiser and taken into S t. Lucia, British
W e s t Indies.
T h o K an kak ee, anothor o f tho Transatlantic
linors, which was taken in charge b y a prizo crew from the
British cruiser M acedon ia and orderod to proceed to P ort
Sta n ley , in tho Falkland Islands, is said to have been released
under b on d . A ll three of these vessels were apparently
seizod b y G roat Britain on suspicion o f Gorm an ownership.
T h o Amorican Transatlantic C o m p a n y , o f which R ichard
G . W agn er is P resident, has filed w ith the State D epartm en t
affidavits from its stockholders in support of its claim that
every sliaro is owned b y citizons of the U n ited States. F o l
lowing the receipt b y the com p an y on D e c . 11 o f a telegram
from C a p t. Fabro o f the H ock in g, saying: “ Appraisem ont
filed to-d a y for £ 3 5 ,0 0 0 ($ 1 7 5 ,0 0 0 ) and release obtained from
C ou rt. Ship will be taken to -d a y ,” a protest as follows was
sent to
FRASER Secretary o f State Lansing b y the com p an y’s officials.
Digitized for
209
W e protest against this action . N o charges have been filed and no
evidence subm itted giving cause for holding o f this ship for Prize C ourt.
E vident that neither under English nor American law could a Prize C ourt
consider this ship lawful prize, therefore proceedings to entail long-drawn
litigation constitute a gross injustice.
On D o c . 2 7 it was reported from W a sh in g ton th at the
A m erican steam er S olveig, also owned b y the Am erican
Transatlantic C o ., had been condem ned b y the French Prize
C o u rt.
A s stated in our issue o f N o v . 1 3 , the vessel was de
tained b y tho French authorities a t M arseilles and sent to the
Prize C ourt to test its ow nership. T h e Sta te D ep a rtm en t
was notified on N o v . 9 th at the Solveig had been confiscated
b y the C ourt. T h e U n ited States requested the French G o v
ernm ent to re-open the case in order to allow the presentation
of certain fa cts.
France replied th at three m onths w ould be
allowed in which additional m atter m igh t be presented pend
ing the decision of the case on higher appeal, the period o f
three m onths running from O ct. 8 .
T h e earlier Prize C o u rt
ju d gm en t, it w as understood, was rendered on the sam e
grounds upon which other vessels of the line have been
seized, n am ely that she was G erm an ow ned.
T h e owners
of the vessel will appeal from latest decision o f the French
G overn m en t.
REPORTS O N I N Q U I R Y I N T O L O B B Y IN G C H A R G E S
C O N C E R N IN G S H IP P U R C H A S E B IL L .
Reports in response to the Senate resolution calling for an
investigation to determine whether a ny influences had been
a t work a t the last session of Congress tending to affect or
prevent tho passage o f the Ship Purchase bill (which failed of
passage) were filed on Jan. 5 .
B o th reports, m ajority and
m in ority, find as baseless the charges circulated during the
session th at A dm inistration officials had acted in the inter
est of foreign business firm s to bring about the enactm ent of
the bill.
T h e tw o com m ittees likewise held shipping inter
ests as blameless of illegal a ctivity in opposing the m easure.
T h o m ajority denounced Theodore R oosevelt for failing to
appear before the com m ittee to testify concerning his published
assertion that President W ilson and E x-S ecretary B ryan
“ had endeavored in the interests o f certain foreign business
firms to secure for the U n ited States the power to purchase
the interned ships of one of the belligerents.”
T h e charge,
tho report sa ys, had its origin in “ that ungenerous trait o f
the human m ind which m akes it prone to attribute unw orthy
m otives to rodoubtable rivals and particularly political an
tag on ists.” W h ile tho com m ittee found no evidence to indi
cate that the President or E x -S ecretary B ryan had harbored
a n y purpose to b u y interned ships, the m ajority hold th at it
was not difficult to conceive o f reasons consistent with the
m ost exalted m otives th a t m igh t induce the President to
refrain from a public declaration that belligerents’ ships
w ould n ot be bou gh t.
“ Such an a ctio n ,” says the report,
“ would rightly be construed as an abandonm ent o f our right,
which our nation has vigorously m aintained , to acquire mer
chant ships b y bona fide purchase, though a state o f war ex
ists involving the nation under whose flag they previously
sailed.”
T ho m inority report, presented b y Senators Sutherland
and Penrose, says in part:
W o d o not concur in so far as the report defends the bill itself, nor in so
far as it insists there would be no im propriety in the purchase o f the bel
ligerents’ idle ships. W e believe the bill a thoroughly bad piece o f legisla
tion and are certain that to liavo purchased the boats now seeking security
in American harbors would have developed serious trouble for the United
States.
W ithout particularizing further, we find ourselves unable to agree with
other details o f the m ajority report, including the strictures with reference
to the statement o f ex-President R oosevelt. In reference to the resolution
o f inquiry, it is sufficient to say that no evidence was produced which tended
to establish that any options had been obtained upon any o f the so-called
interned ships by any person connected with the Governm ent o f the United
States, nor was any ovidonce subm itted which tended to establish any effort
on tho part o f ship-owners or persons acting in their behalf, or influenced or
dom inated by them , to defeat tho said Ship Purchase bill, nor was any evi
dence subm itted which tended to show that any Senator o f the United
States was interested in any com pany owning ships which w ould com pete
with any ships purchased or constructed under the provisions o f tho said
Ship Purchase bill.
T h e m inority in taking exception to the m ajority report in
defending tho bill, and criticizing the m ajority as evading the
m ain purpose o f the resolution, says:
The report o f tho m ajority doos not confine itself to these questions, but
embodies a partisan defcnco o f the so-called Ship Purchase bill and an argu
ment in favor o f the wisdom o f taking over under that bill, or otherwise,
ships o f a belligerent country, which are detained in our ports to avoid the
consequences o f war.
B oth o f these questions wero the subject o f long debate during the closing
session o f tho last Congress, and were productive o f sharp differences o f
opinion. This special com m ittee was not em powered to inquire into either
matter, and it is not conceivable that the Senate, in view o f the weeks o f
tim e which it devoted to the discussion, entertained tho slightest desire to
know what this special com m ittee o f the Senate thought about these sub
jects. T he report o f the com m ittee, therefore, in this respect is wholly
gratuitous. It is difficult to avoid the conclusion that the m ajority was
less anxious to respond to the resolution o f inquiry than it was to get be
fore tho country a partisan argument in support o f the position o f the D em o
cratic Administration with reference to the Governm ent ownership and p u r
chase o f merchant vessels.
T h e resolution calling for the inquiry was published in our
issue o f February 2 7 19 1 5 .
THE CHRONICLE
310
RETROSPECT OF 1915.
In publishing last week our review of the calendar
year 1915, we printed the monthly narratives only
for the first four months. We add to-day the
narratives for three months more.
M O N T H OF MAY.
.— M o m e n t o u s o c c u r r e n c e s
m a r k e d th is
m on th .
G e r m a n y ’ s s u b m a r in e p o l i c y w a s c a r r ie d t o s u c h
le n g th s a s t o th r e a t e n a r u p t u r e o f t h e fr ie n d ly r e la tio n s
w ith th e U n ite d S ta te s, a n d I t a ly d e fin ite ly e n te re d th e
w a r o n t h e s id e o f t h e A l l i e s .
A t t h e s a m e t im e t h e R u s s ia n
c a m p a ig n in G a lic ia s u ffe r e d a n a lm o s t c o m p le t e c o lla p s e ,
t h e a r m ie s o f t h e C z a r b e i n g d r i v e n b a c k s o m e 7 5 o r 8 0
m il e s b e y o n d t h e g r e a t f o r t r e s s a t P r z e m y s l , w h i c h t h e y
h a d ta k e n o n ly t w o m o n t h s b e fo r e (o n M a r c h 2 2 ) a fte r a
s ie g e l a s t i n g o v e r s ix m o n t h s .
I n B e lg iu m a n d F r a n c e th e
s it u a t io n p r o v e d s o m e w h a t m o r e e n c o u r a g in g f o r t h e E n t e n t e
P o w e r s , a n d y e t g r e a t d is s a tis fa c tio n w a s fe lt w ith th e c o u r s e
o f th e ca m p a ig n .
A s a r e s u lt , E n g lis h p u b lic s e n t im e n t
fo r c e d a re o r g a n iz a tio n o f th e B r itis h M in is t r y , th e A s q u ith
G o v e r n m e n t h a v in g to m a k e w a y fo r a C o a lit io n C a b in e t,
c o m p o s e d o f t h e le a d in g fig u r e s in t h e d iffe r e n t p o lit ic a l
p a r t ie s , t h o u g h M r . A s q u it h r e m a in e d a s P r e m ie r .
In
G e r m a n y ’ s s u b m a r in e p o l ic y t h e fir s t s e rio u s in c id e n t w a s
t h e t o r p e d o in g o f t h e A m e r ic a n o il t a n k s te a m e r G u lflig h t
o f f t h e S c illy I s la n d s o n M a y 1.
T h e G u l f l i g h t h a d s a ile d
f r o m P o r t A r t h u r , T e x . , o n A p r . 10 f o r R o u e n , F r a n c e .
The
s tr e a m e r , a c c o r d i n g t o i t s c h i e f o f f i c e r , w a s f l y i n g a l a r g e
A m e r ic a n e n s ig n a t t h e t im e o f t h e a t t a c k , w h ic h w a s s a id
t o h a v e b e e n m a d e w i t h o u t A v a rn in g .
A lfr e d G u n te r ,
c a p t a in o f t h e s h ip , d ie d o f h e a r t fa ilu r e a s a r e s u lt o f t h e
sh ock .
T w o m e m b e rs o f th e cr e w ju m p e d o v e r b o a r d a n d
Avere d ro A v n e d , t h e o t h e r m e m b e r s b e i n g r e s c u e d b y p a t r o l
b oa ts.
T h e s u r v i v i n g m e m b e r s o f t h e creAv Avere l a n d e d
at P en zan ce, E n g.
A feAv d a y s b e f o r e ( o n A p r . 2 8 ) a n
a t t a c k h a d b e e n m a d e o n t h e A m e r ic a n v e s s e l C u s h in g b y
a G e r m a n a e ro p la n e .
T h e C u s h i n g , a S t a n d a r d O il s t e a m e r ,
Avas a t t a c k e d b y G e r m a n a v i a t o r s i n t h e N o r t h S e a .
T avo
b o m b s w e r e s a id t o h a v e b e e n d r o p p e d , b u t n o d a m a g e w a s
done.
T h e a t t a c k Avas r e p o r t e d u p o n h e r a r r i v a l a t R o t t e r
dam on A p r. 30.
T h e C u s h in g h a d s a ile d f r o m P h ila d e lp h ia
o n A p r . 11 f o r R o t t e r d a m , v i a D e a l , Avith a c a r g o o f r e f i n e d
p e t r o le u m a n d lu b r ic a t in g o il.
T h e v e s s e l Avas t h e f o r m e r
G e r m a n s te a m e r P ro m e th e u s .
S h e h a d b e e n ch a n g e d to
A m e r i c a n r e g i s t e r t h e p r e v i o u s 'N o v e m b e r .
W h ile o u r
G o v e r n m e n t Avas e n g a g e d i n i n v e s t i g a t i n g t h e s e a c t s , t h e r e
c a m e t h e cr o A v n in g bloAV o f a l l i n t h e t o r p e d o i n g a n d s in k i n g
o f t h e B r i t i s h s t e a m s h ip L u s i t a n i a , Avith t h e l o s s o f m a n y
A m e r ic a n liv e s . T h e L u s ita n ia h a d le ft h e ro o n S a t u r d a y ,
M a y 1.
S h e Avas a t t a c k e d a n d s u n k o f f t h e c o a s t o f I r e l a n d
o n F r id a y , M a y 7 .
S h e h a d o n b o a r d 1 ,2 5 0 p a s s e n g e r s a n d
c a r r i e d a c r e w o f G 6 7 , m a k i n g 1 ,9 1 7 a l t o g e t h e r .
O n ly 7 6 4
o f th e s e s u r v iv e d .
T h e s h ip c a r r ie d a m o n g it s p a s s e n g e r s
1 8 8 A m e r i c a n s , o f A vhom 1 1 4 p e r i s h e d .
O n ly 15 t o 2 0
m in u t e s a r e s a id t o h a v e e la p s e d f r o m t h e t im e t h e s h ip w a s
s t r u c k u n til s h e s a n k .
T avo t o r p e d o e s , a p p a r e n t l y , Avere
fir e d a t th e s h ip , th o u g h th e G e r m a n s c la im e d th a t o n ly
o n e Avas f i r e d , t h e s e c o n d e x p l o s i o n b e i n g c a u s e d b y t h e b loA v in g u p o f a m m u n itio n o n b o a r d .
A n o t i c e A v a rn in g t r a v e l
e rs o f t h e d a n g e r s o f e m b a r k in g o n s h ip s o f G r e a t B r it a in
a n d h e r A l l i e s h a d b e e n p u b l i s h e d a s a n a d v e r t i s e m e n t in
v a r io u s n e w sp a p e rs th r o u g h o u t th e U n ite d S ta te s b y th e
I m p e r ia l G e r m a n E m b a s s y o n t h e d a y t h e L u s ita n ia s a ile d .
T h e G e r m a n G o v e r n m e n t , Avhile o f f i c i a l l y e x p r e s s i n g r e g r e t
o v e r t h e l o s s o f s o m a n y l i v e s , c o n s i d e r e d t h a t t h is A ra r n i n g
\
o u g h t t o h a v e b e e n h e e d e d , a n d a ls o s o u g h t t o e x c u s e th e
a c t b y c h a r g i n g t h a t t h e L u s i t a n i a Avas a r m e d w i t h g u n s
a n d lik eA vise c a r r i e d l a r g e s u p p li e s o f a m m u n i t i o n .
C o l
le c t o r M a l o n e d e c la r e d , h o w e v e r , t h a t t h e s h ip w a s in s p e c t e d
b e f o r e s h e s a ile d a n d n o g u n s Avere f o u n d , m o u n t e d o r u n
m ou n ted .
T h e m a n i f e s t o f t h e v e s s e l sh oA v ed t h a t s h e c a r
r i e d 4 ,2 0 0 c a s e s o f c a r t r i d g e s a n d a m m u n i t i o n f o r L o n d o n
a n d 1 ,2 7 1 c a s e s f o r L i v e r p o o l , b u t t h e s o a r e s t a t e d t o haAre
b e e n c a r t r i d g e s f o r s m a ll a r m s , p a c k e d in s e p a r a t e c a s e s ,
s u c h a s a l l p a s s e n g e r s h i p s a r e a l l o w e d t o c a r r y , a n d i t is
s ta te d th a t th e s e c o u ld n o t h a v e in ju r e d th e v e s s e l b y e x
p l o d in g , a n d d id n o t c o m e u n d e r t h e c la s s ific a t io n o f a m m u
n it io n a s d e fin e d b y th e m ilit a r y a u t h o r it ie s .
A lfr e d G .
V a n d e r b i l t , C h a r l e s F r o h m a n , t h e t h e a t r ic a l m a n a g e r ,
C h a r le s K le in , th e p la y w r ig h t , a n d E lb e r t H u b b a r d , p u b
l i s h e r o f t h e “ P h i l i s t i n e , ” p e r i s h e d in t h e s in k i n g o f t h e
v e s s e l.
O t h e r s w h o l o s t t h e i r l i v e s Avere J u s t u s M i l e s
F o r m a n , a u t h o r a n d p la y A v r ig h t ; J o h n H a r v e y P a g o , V i c e P r e s . o f th e M a r k C ro s s C o .; H a r r y J . K e s e r , V ic e -P r e s . o f
t h e P h ila d e lp h ia N a t io n a l B a n k ; H e r b e r t S . S t o n e , s o n o f
M e lA d lle E . S t o n e , G e n e r a l M a n a g e r o f t h e A s s o c i a t e d P r e s s ;
a n d D r . F . S . P e a r s o n o f th e P e a r s o n E n g in e e r in g C o r p o r a t io n ,
L t d . , o f N eA v Y o r k .
T h i s d e s t r u c t i o n o f t h e L u s i t a n i a w it li
t h e lo s s o f s o m a n y liv e s , s o m e o f t h e m m e r e b a b e s , a r o u s e d
p u b l i c s e n t i m e n t i n a Avay u n k n o A v n b e f o r e f o r p r o b a b l y
h a lf a c e n tu r y .
P r e s i d e n t W i l s o n , h o A v e v e r , a c t e d Avith t h e
ca lm n e s s b e fit t in g t h e o c c a s io n .
B e y o n d a llo A v in g S e c r e
t a r y T u m u l t y t o a n n o u n c e o n t h e 8 t h t h a t h e Avas c o n s i d e r
in g “ v e r y e a r n e s t ly b u t v e r y c a lm ly t h e r ig h t c o u r s e o f
a c t io n t o p u r s u e ,” a n d k n e w “ th a t t h e p e o p le o f th e c o u n t r y
AAdshed a n d e x p e c t e d h i m t o a c t Avith d e l i b e r a t i o n a s Avell a s
w ith f
FRASER i r m n e s s ,” h e m a i n t a i n e d s il e n c e f o r s e v e r a l d a y s . H e
C u rren t
E v en ts
Digitized for
[Vol. 102.
d i d n o t e v e n c o n s u l t t h e m e m b e r s o f h is C a b i n e t u n t i l T u e s
d a y , M a y 1 1 , w h e n , in s u b m i t t i n g a d r a f t o f t h e c o m m u n i
c a t io n to b e s e n t to G e r m a n y , h e m a d e k n o w n th e p o lic y h e
h a d d e t e r m in e d u p o n .
T h e n o t e is u n d e r s t o o d t o h a v e b e e n
d r a w n e n tir e ly b y th e P r e s id e n t.
I t w a s p e r fe c te d b y th e
P r e s id e n t o n t h e 1 2 th a n d t r a n s m it te d t o th e G e r m a n F o r e ig n
O f f i c e i n B e r l i n o n t h e 1 3 t h , i t s t e x t b e i n g A v ith h e ld f r o m
p u b lic a t io n in t h e U n it e d S ta t e s u n til F r id a y m o r n in g ,
M a y 14.
T h e P r e s i d e n t d i d n o t a l l o w h is w o r k o n t h e n o t e t o i n t e r
f e r e Avith t h e d e l i v e r a n c e o f a n a d d r e s s w h i c h h e h a d p r o m i s e d
t o m a k e s o m e t i m e b e f o r e t o a g a t h e r i n g o f n e A v ly -n a t u r a liz e d
c i t i z e n s in P h i l a d e l p h i a o n M o n d a y , M a y 1 6 .
T h e m e e tin g
w a s h e l d a t C o n v e n t i o n H a l l a n d h is r o m a r k s Avere l i s t e n e d
t o b y 1 5 ,0 0 0 p e r s o n s , o f A vhom 4 ,0 0 0 Avere n e A v ly -n a t u r a liz e d
A m e r ic a n s .
H is iitt e r a n c e s n o t u n n a t u r a lly w e r e c a r e fu lly
s t u d i e d f o r a n i n d i c a t i o n o f h is p r o b a b l e c o u r s e to A v a rd s G e r
m any.
I n t h i s s t a t e o f t h i n g s u n u s u a l p r o m i n e n c e Avas g i v e n
t o h is s t a t e m e n t t h a t “ t h e e x a m p l e o f A m e r i c a m u s t b e a
s p e c ia l e x a m p le .
T h e e x a m p le o f A m e r ic a m u s t b e th e e x
a m p l e n o t m e r e l y o f p e a c e b e c a u s e i t Avill n o t f i g h t , b u t o f
p e a c e b e c a u s e p e a c e is t h e h e a l i n g a n d e l e v a t i n g i n f l u e n c e o f
t h e w o r l d , a n d s t r i f e is n o t .
T h e r e is s u c h a t h i n g a s a m a n
b e in g t o o p r o u d to fig h t.
T h e r e is s u c h a t h i n g a s a n a t i o n
b e in g s o r ig h t t h a t it d o e s n o t n e e d t o c o n v in c e o t h e r s b y
f o r c e t h a t i t is r i g h t . ”
T h is la t t e r r e m a r k in th e c ir c u m
s ta n c e s a ttr a c te d a g r e a t d e a l o f a tt e n t io n , a n d a c c o r d in g to
c a b le d is p a tc h e s , th e w o r d s “ t o o p r o u d to fig h t ” th e n e x t
d a y b e c a m e t h e s u b j e c t o f j e s t in t h e L o n d o n m u s i c h a l l s .
T h e P r e s i d e n t t o o k o c c a s i o n , l a t e r , t o p o i n t o u t t h a t h is r e
m a r k s Avere i n t e n d e d t o b o b r o a d e r a n d m o r e g e n e r a l t h a n
t h e c i r c u m s t a n c e s o f a n y p a r t i c u l a r c a s e , a n d t h a t t h e y Avere
n o t m e a n t t o h a v e a n y r e fe r e n c e t o t h e L u s ita n ia a ffa ir .
W h e n t h e n o t e o f o u r G o v e r n m e n t w a s f in a lly p u b lis h e d , it
m e t Avith g e n e r a l a p p r o v a l in t h is c o u n t r y , a s i t s t a t e d t h e
p o s i t i o n o f t h e U n i t e d S t a t e s Avith g r e a t f o r c e a n d c l e a r n e s s
a n d y e t w a s c o u c h e d in la n g u a g e t o w h ic h G e r m a n y c o u ld
n o t ta k e e x c e p tio n .
I t b e g a n b y r e fe r r in g t o th e s in k in g o f
t h e B r itis h p a s s e n g e r s te a m e r F a la b a b y a G e r m a n s u b m a r in e
o n M a r . 2 8 , t h r o u g h w h ic h L e o n C . T h r a s h e r , a n A m e r ic a n
c it iz e n , h a d b e e n d roA vn ed, th e n a d v e r t e d t o th e a t t a c k o n
A p r . 2 8 o n t h e A m e r ic a n v e s s e l C u s h in g b y a G e r m a n a e r o
p la n e , th e n m e n t io n e d t h e t o r p e d o in g o n M a y 1 o f t h e A m e r i
c a n v e s s e l G u lflig h t b y a G e r m a n s u b m a r in e , a n d fin a lly c a m e
d o w n t o t h e t o r p e d o i n g a n d s i n k i n g o f t h e s t e a m s h ip L u s i
ta n ia .
T h e s e , t h e n o t e (A vliich Avas n o m i n a l l y in t h e n a m e o f
S e c r e t a r y o f S t a t e B r y a n , fo llo A v in g d i p l o m a t i c u s a g e in
t h a t r e s p e c t ) s a i d , c o n s t i t u t e d “ a s e r ie s o f e v e n t s A vh ich t h e
G o v e r n m e n t o f t h e U n i t e d S t a t e s h a d o b s e r v e d w i t h g ro A v in g
c o n c e r n , d is tre s s a n d a m a z e m e n t .”
O u r G o v e r n m e n t , it w a s
d e c la r e d , c o u ld n o t b r in g its e lf t o b e lie v e “ th a t th e s e a c t s
s o a b s o l u t e l y c o n t r a r y t o t h e r u le s , t h e p r a c t i c e s a n d t h e s p i r it
o f m o d e r n A v a rfa re , c o u l d h a v e t h e c o u n t e n a n c e o r s a n c t i o n ”
o f th e G e rm a n G o v e rn m e n t.
I t p o in t e d o u t th a t th e U n ite d
S ta te s h a d a lr e a d y ta k e n o c c a s io n t o in fo r m th e G e r m a n
G o v e r n m e n t t h a t avo c o u l d n o t a d m i t t h a t t h e n e w m e a s u r e s
o f A va rfa re a d o p t e d b v t h e G e r m a n s , in t h e u s e o f s u b m a r i n e s ,
o r a m e r o A v a rn in g o f d a n g e r , o p e r a t e d “ a s in a n y d e g r e e a n
a b b r e v ia t io n o f t h e r ig h t s o f A m e r ic a n s h ip m a s te r s o r o f
A m e r i c a n c i t i z e n s b o u n d o n laA vful e r r a n d s a s p a s s e n g e r s o n
m e r c h a n t s h ip s o f b e llig e r e n t n a t i o n a li t y .”
T h e U n ite d
S ta te s d id n o t u n d e rsta n d th e G e r m a n G o v e rn m e n t to q u e s
t io n th o s e r ig h t s .
It a ssu m ed , o n th e c o n tr a r y , “ th a t th e
I m p e r i a l G o v e r n m e n t a c c e p t a s o f c o u r s e t h e r u lo t h a t t h e
liv e s o f n o n -c o m b a t a n t s , w h e th e r t h e y b e o f n e u tr a l c it iz e n
s h i p o r c i t i z e n s o f o n e o f t h e n a t i o n s a t Avar, c a n n o t la A v fu lly
o r r ig h t fu lly b o p u t in je o p a r d y b y t h e c a p t u r o o r d e s t r u c t io n
o f a n u n a r m e d m e r c h a n t m a n , a n d r e c o g n i z e a l s o , a s a ll o t h e r
n a tio n s d o , t h e o b lig a t io n t o t a k e th e u s u a l p r e c a u t io n o f
v i s i t a n d s e a r c h t o a s c e r t a i n A v h e th e r a s u s p e c t e d m e r c h a n t
m a n is in f a c t o f b e l l i g e r e n t n a t i o n a l i t y , o r is in f a c t c a r r y i n g
c o n t r a b a n d o f Avar u n d e r a n e u t r a l f l a g . ”
I t Avas a s s e r t e d
t h a t “ A m e r ic a n c it iz e n s a c t w it h in t h e ir in d is p u ta b le r ig h t s
in t a k i n g t h e i r s h i p s a n d i n t r a v e l i n g A v h e r o v e r t h e i r l e g i t i
m a t e b u s in e s s c a l l s t h e m u p o n t h e h i g h s e a s , a n d e x e r c i s e
t h o s o r i g h t s in A vhat s h o u l d b o t h e A v e ll-ju s t ifie d c o n f i d e n c e
t h a t t h e i r l i v e s Avill n o t b o e n d a n g e r e d b y a c t s d o n o in c l e a r
v i o l a t i o n o f u n i v e r s a l l y a c k n o A v le d g o d i n t e r n a t i o n a l o b l i g a
t i o n s , a n d c e r t a i n l y in t h e c o n f i d e n c e t h a t t h e i r o w n G o v e r n
m e n t Avill s u s t a i n t h e m i n t h e e x o r c i s o o f t h e i r r i g h t s . ”
T h is
w a s fo llo A v e d b y t h e s t a t e m e n t t h a t t h e G o v e r n m e n t o f t h e
U n ite d S ta te s “ c o n fid e n tly e x p e c ts , th e r e fo r e , th a t th e I m
p e r i a l G e r m a n G o v e r n m e n t Avill d i s a v o w t h e a c t s o f A vliich t h e
G o v e r n m e n t o f t h e U n i t e d S t a t e s c o i n p l a i n s ; t h a t t h e y Avill
m a k o r e p a r a t i o n s o f a r a s r e p a r a t i o n is p o s s i b l o f o r i n j u r i e s
A vhich a r e A v ith o u t m e a s u r e , a n d t h a t t h e y Avill t a k e i m m e d i a t e
ste p s to p r e v e n t th o r e c u r r e n c e o f a n y th in g so o b v io u s ly
s u b v e r s i v e o f t h e p r i n c i p l e s o f A v a rfa re f o r w h i c h t h o I m p e r i a l
G e r m a n G o v e r n m e n t h a v e i n t h o p a s t s o A visely a n d s o f i r m l y
co n te n d e d .
*
*
*
E x p r e s s io n s o f r e g r e t a n d o ffe r s o f
r e p a r a t io n in t h e c a s e o f t h o d e s t r u c t io n o f n e u tr a l s h ip s
s u n k b y m i s t a k e , Avhile t h e y m a y s a t i s f y i n t e r n a t i o n a l o b l i
g a t io n s if n o lo s s o f lifo r e s u lts , c a n n o t ju s t ify o r e x c u s e a
p r a c t i c e t h e n a t u r a l a n d n e c e s s a r y e f f e c t o f A vliich is t o s u b j e c t
n e u tr a l n a t io n s a n d n e u tr a l p e r s o n s to n o w a n d im m e a s u r a
b le r is k s .”
T h o n o t e c o n c l u d e d Avith t h e fo lio A v in g s ig n i f i
c a n t d e c l a r a t i o n : “ T h o I m p e r i a l G e r m a n G o v e r n m e n t w ill
n o t e x p e c t th o G o v e r n m e n t o f th e U n ito d S ta te s to o m it a n y
w o r d o r a n y a c t n e c e s s a r y t o t h o p e r fo r m a n c e o f its s a c r e d
d u t y o f m a i n t a i n i n g t h e r i g h t s o f t h e ^ fU n ite d S t a t e s a n d i t s
Jan . 15 1916.]
THE CHRONICLE
21 1
citizens and of safeguarding their free exercise and between Italy and Austria for months through German medi
ation. On M a y 17 the King induced Salandra to remain in
enjoym ent.”
W hile our Government was still awaiting the reply of the office, and the act elicited enormous enthusiasm on the part of
German Government another unfortunate incident occurred the Italian populace. On M a y 20 the Chamber of Deputies
in the disabling of the American steamer Nebraskan on the granted war powers to the Cabinet by a vote of 407 to 74, the
night of M a y 25 by an explosion off the coast of Ireland. N o outside enthusiasm being duplicated in the Chamber. The
lives were lost in this instance. It was not known at first next day the Senate approved the action of the Chamber by a
whether the explosion was duo to a submarine attack or had vote of 262 to 2. A very spectacular demonstration of the
been caused by a mine, but investigation made after the people before tho palace of the King at Rome was the imme
Nebraskan reached Liverpool under her own steam indicated diate sequel. On Sunday, M a y 23, Italy formally declared
that the ship had been the victim of a German submarine. war on Austria. It appeared that on M a y 4 Italy had defi
Germany’s answer to the American note, when it came, was nitely renounced the Triple Alliance which had existed for 33
found to be unsatisfactory and entirely irresponsive to Ameri years between it and Germany and Austria. In the German
can demands. The reply, signed by Herr von Jagow, the Reichstag on M a y 19 the Imperial Chancellor, D r. von BethGerman Secretary for Foreign Affairs, was handed to Ameri mann-Hollweg, outlined the final concession which Austria
can Ambassador Gerard in Berlin on Saturday, M a y 29, a had offered to Italy as the price of the latter’s continued neu
press summary of it being issued on the same date. The trality, and it was seen that these concessions had been by no
press associations furnished the complete text on M a y 30, means inconsiderable. Premier Salandra, on the other hand,
but with the translation rather freely made and the official declared that Italy had submitted to every humiliation from
translation was not given out until M a y 31. W ith reference Austria-Hungary for the love of peace, and he put Italy’s ac
to the torpedoing of the British steamer Falaba, in which an tive intervention on the ground that Austria, by her ultimatum
American citizen lost his life, the statement was made that to Serbia the previous July, had annulled the equilibrium of
it was intended to offer ample time for the passengers and the Balkans and perjudiced Italian interests there. Hostili
crew to leave the ship. The action of the Captain, however, ties between Italy and Austria began immediately after Italy’s
in sending up rockets, mado more summary proceeding neces declaration of war, and in the land campaign at least all the
sary.
Even then the commander of tho submarine granted early actions resulted in favor of the Italians, their armies en
ten minutes for those on board to leave the ship, and actually tering the Italian provinces of Austria and taking a whole
allowed 23 minutes “ and did not fire the torpedo until sus series of small villages, though there were no engagements of
picious steamships were hurrying to tho aid of the Falaba.” any great magnitude, the Austrians falling back after com
A s regards the cases of tho American steamors Cushing and paratively little resistance. In the old arena of the war the
Gulf light, the American Embassy had already been informed Austro-G erman armies added further to their great victories
that it was far from the intention of tho German Government over the Russians, compelling the latter to retreat tlirough
to countenance attacks by submarines or flyers on neutral the Carpathians everywhere until at the end of the month
vessels not guilty of any hostile act. Tho German Govern they had been driven back all the way to Przemysl, and on the
ment would treat these cases in accordance with that policy. last day of M a y it Avas reported that three of the forts north
A n investigation was in progress, and its results would be of that city had been captured by Bavarian troops. Austrocommunicated to the American Embassy shortly. It was G erman forces were also reported as having captured the im
added that “ the investigation might, if thought desirable, portant toAvn of Stry in Galicia, southeast of Przemysl. All
bo supplemented by an international commission of inquiry this apparently indicated an early complete expulsion of the
pursuant to Title I II. of the Hague Convention of Oct. 18 Russians from Galicia, and on June 3 the announcement
1907 for tho pacific settlement of international disputes.” came from Vienna that the fortress itself had been recaptured,
On M a y 31 tho announcement came that the American A m the Austrians having entered the city at 3.3 0 o’clock that
bassador at Berlin had been notified by the Gorman Govern morning after bombardment of the forts with heavy guns from
ment that tho commander of tho German submarine which the north, west and south by the German and Austro-Hun
sank tho Gulflight did so through mistake, thinking it a garian armies for 20 days. A statement given out by the
British boat, not having noticed the American flag on the German General Staff on Juno 2 stated that in (he month of
stern until just after giving the order to fire.
M a y 863 Russian officers and 268,869 men had been taken
In tho case of tho Lusitania tho reply was not only disap prisoners in the southeastern theatre of Avar, Avhile 251 can
pointing, but dooply provoking. Tho German Government non and 576 machine guns had been captured. Of these
reiterated its previous assertion that tho vessel when she left numbers the capturing of 400 officers, including 2 generals,
New York “ undoubtedly had guns on board, which were 153,254 men, 160 cannon, including 28 heavy ones, and 403
mounted under decks and m asked,” that tho ship also “ had machine guns, Avas placed to the credit of the troops under
Canadian troops and munitions on board, including no less Gen. Mackensen. Including prisoners taken in the eastern
than 5,400 casos of ammunition destined for tho destruction theatre of Avar, it Avas stated, the total number of Russians
of brave Gorman soldiers who were fulfilling with self Avho had fallen into the hands of the Germanic allied troops
sacrifice and devotion their duty in the service of tho Father during the month of M a y amounted to about 1,000 officers
land,” and that “ tho Gorman Government believes that it and more than 300,000 men. In Belgium and France
acts in just self-dofonso when it seeks to protect tho lives of the Germans apparently had to yield ground at a number
its soldiers by destroying ammunition destinod for the enemy of points, especially in the region of Ypres, but the
with the means of war at its command.” Germany consid fighting consisted largely of trench Avarfare, in which the
ered these facts “ of sufficient importance to recommend loss of life provod enormous, but where it Avas practically
them to a careful examination by the American Govern impossible for either side to make great progress.
m ent.” Accordingly it begged “ to reserve a final statement
In tho Dardanelles, the conflicts proved indecisive, but
of its position
* * * until a reply is received from the very sanguinary, Avith the Turks making desperate resistance
American Government.” American press comment on this on the Gallipoli Peninsula to neAv attacks in Avhich both sides
attitudo of Germany was practically unanimous in consider suffored tremendous losses.
British troops Avere, early
ing it unsatisfactory, and no ono had the least doubt that in tho month, landed on the north side of the peninsula,
President Wilson would reaffirm tho original demands of tho near Ari Burnu, Avhich afterward came to be knoAvn as
United States and insist on full respect and full guaranties Anzac Covo, the name being formed from the initials of the
for American rights. A s a preliminary, however, the Presi Australian and N oav Zealand Arm y Corps, which comprised
dent granted an interview on Juno 2 to Count von Bernstorff, the landing forces. Their object Ar to cross tho peninsula
Aas
tho German Ambassador to tho United States. A t this in- and cut tho communication of the Turkish divisions at Ssddtorviow,it was understood, ho informed the German Ambas el-Bahr, the tip of the peninsula, and storm the Turkish
sador frankly that tho American Government would not forts on tho Gallipoli side of tho narroAvs, thus opening the
consent to discuss details regarding the Lusitania until the way for tho safe entrance of tho British fleet. They suffored
German Government had assented to tho principle that the terrible losses during the landing, and faded of their object,
lives of innocent non-combatants would not bo sacrificed finding themselves in a sort of bowl whose rocky brim bristled
on the high seas. A t the Count’s request, arrangements with machine guns, Avhero there Avas nothing to do except
wero mado to transmit for him, through tho State Depart to intrench in the best way possible. Great Britain lost
ment and tho American Ambassador in Berlin, communica several moro battleships. On M a y 13 tho battleship Goliath,
tions to the Gorman Government setting out theso facts, tho of 12,950 tons, Avas torpedoed, and of the crew of over 700
Gorman Ambassador having found it very difficult to com only 180, including 20 officers, Avero saved. On M a y 26 the
municate with his Government by cable or wireless.
British battleship Triumph, of 11,800 tons, carrying 700
Italy’s entrance into the war was foreshadowed quite early men, was bloAAm up by a submarine Avhile operating in support
in tho month. On Thursday, M a y 13, Premier Salandra pre of tho Australian and New Zealand forces on tho shore of tho
sented to King Victor Emmanuel his resignation and that of Gallipoli Peninsula. M ost of tho officers and men Avere
the entire Cabinot on the ground that the Cabinet did not have saved. On M a y 27 a Turkish or Gorman submarine tor
the unanimous support of the Constitutional Party of the pedoed and sank tho British battleship M ajestic, of 14,900
country in its international policy. A t that time former Pre tons, carrying 757 men, nearly all being saved. Another
mier Giolitti was conducting an active campaign opposed to British marine disaster Avas that Avhich befell the steamship
the idea of war and in favor of Italy maintaining its neutral Princess Irene, a neAv liner of 6,000 tons, formerly belonging
ity. Tho news of tho resignation of the Salandra Ministry to tho Can. Pac. R y ., but taken over by tho Admiralty.
caused an immense sensation throughout Italy, there being This ship was bloAvn to pieces on M a y 27 off Sheemess,
wild demonstrations, amounting almost to riot, at Genoa, England, apparently by an internal explosion. Report had
Florence, Naples, Palermo and elsewhere. The King made it that she had been usod for mino laying and Avas undergoing
ono or two efforts to induce other statesmen to form a new repairs.
Cabinet, but encountered only refusals. Popular sentiment
Tho personnel of the British Coalition Cabinet Avas officially
in favor of war was unmistakable. This was on the idea that announced in London M a y 25 and it took up the reins of
more territory could be gained from Austria in that way than government immediately thereafter.
Premier Asquith
by accepting what Austria had definitely agreed to cede in
to avert war in the bargaining that had been going on retained his position as Prime Minister, Sir Ed Avard Grey
order
his portfolio of Foreign Secretary'.
Lloyrd George was sue-
212
THE CHRONICLE
[Vol . 102.
ceeded as Chancellor of the Exchequer by Reginald M e wheat condition report of the Agricultural Bureau at W ash
Kenna, former Home Secretary, who was himself succeded ington for M a y 1 was quite favorable, and with a new wheat
by Sir John Simon, a Liberal, who had been Attorney- crop of large proportions presently to be harvested, prices
General since 1913. The Attorney-Generalship in turn wont sharply declined. The M a y option at Chicago dropped from
to Sir Edward Carson, the Ulster leader, who, the previous $1 64 M a y 1 to $1 37 M a y 29, and the July option from
M a y 1 to $1 2 5 % M a y 29. July corn at Chicago de
year, had played such a conspicuous role in raising tho Ulster $1 37
volunteer force. Lloyd George assumed new duties as the clined from 80 % c. M a y 1 to 74 % c . M a y 24 and closed M a y 29
head of a specially created department called the Ministry at 7 6 % c . July oats at Chicago fell from 55 % c . M a y 1 to
The price of cotton sharply declined,
of Munitions, its duties being solely the organization of the 4 9 % c . M a y 29.
manufacture and supply of munitions of war. Arthur J . middling upland grade in Now York dropping from 10.50
Balfour became First Lord of the Admiralty, succeeding cts. April 30 to 9.50 cts. M a y 26, with the close M a y 29
Tho coal minors’ strike in Eastern Ohio which
Winston Spencer Churchill, who was appointed to tho honor 9.6 0 cts.
ary post of Chancellor of the Duchy of Lancaster. Earl had boon in progress since April 1 of the previous year
was definitely settled. The indictments handed down Jan.15
Kitchener continued as Secretary of State for W ar, but was
relieved of details regarding the production of ammunition, 1914 at Houghton, M ich ., in connection with the strikes in
these, as stated, being confided to Lloyd George. The Michigan copper mining districts against Pres. Charles II.
Prime Minister, M r . Asquith, assumed tho duties of First M oyer and 37 other members of the Western Federation of
Lord of the Treasury, while Lord Lansdowno, who had boon Miners were quashed on M a y 17. This was done on motion
Secretary for W ar from 1895 to 1900 and Foreign Secretary of Prosecutor W . J. Galbraith of Houghton County, who said:
from 1900 until 1905, was assigned to a place without port “ The strike has established in this community certain funda
folio, allowing him to act in an advisory capacity at the mental facts and principles, and its conduct, leadership and
Cabinet councils. A . Bonar Law, tho Unionist leador, was subsequent events have thoroughly discredited the imported
made Secretary of State for the Colonies, while Arthur mercenary agitators and the gospel of class hatred.” Tho
Henderson became President of the Board of Education, Federal Commission on Industrial Relations, with Frank P .
being placed in the Cabinet, it was understood, with tho hope Walsh as Chairman, brought its hearings to a close after the
that he might render assistance to the Minister of Munitions development of further sensational incidents caused by M r .
because of his influential labor affiliations. Tho Marquis W alsh’s bias and his examination of witnesses whom he
of Crewe, who had been Secretary of State for tho Colonies wanted to discredit or from Avhom he sought to obtain dam
from 1908 to 1910, and Lord of tho Privy Soal in the dis aging admissions. To meet water competition through the
solved Cabinet, was appointed President of tho Council, Panama Canal the Inter-State Commerce Commission au
Viscount Curzon taking his place. Austin Clmmberlain thorized the transcontinental railroads to make rates from
became Secretary of State for India. W alter Runciman was the East to inter-mountain territory by adding to tho ter
continued as President of the Board of Trade, while Waltor minal rates on the Pacific Coast not more than 7 5 % of the
H . Long filled tho placo of Presidontof tho Local Government local rates from the nearest terminal to destination, or by
Board and Augustino Birrell became Chief Secrotary to adding arbitraries to the terminal rates varying with the
Ireland. As reconstituted, the Ministry consisted of 13 distance from the ports, these arbitraries not to be moro
Liberals, 8 Unionists and 1 Labor mombor. Admiral Sir than 75 % of the local rates and the aggregate not to exceed
Henry Bradwardine Jackson was appointed First Sea Lord the maximum prescribed for intermediate points. Tho
of the Admiralty to take the place of Admiral Lord Fisher, Commission had somo time previously entered an order
whose resignation, owing, it was said, to differences with permitting the railroads to reduce terminal rates to meet
Winston Spencer Churchill, then First Lord of tho Admiralty, the competition of the Canal. In the matter of tho boat lines
precipitated tho Cabinet crisis.
operating on the Great Lakes as auxiliaries of tho East and
An outgrowth of the Lusitania disaster was the deep resent W est Trunk Lino railroads tho Commerco Commission de
ment against Germans created in Great Britain. In many creed that trunk lino interest in, and operation of, these
places this resentment found expression in riotous proceedings boat lines plying on the Great Lakes must cease tho following
in which stores and buildings occupied by Germans were December.
The Federal Reserve Board granted tho petition of North
sacked or looted and the police and military authorities found
great difficulty in suppressnig disorders of that kind. In ern N ew Jersey bankers for their transfer from tho Phila
Liverpool alone no less than 2U0 business places were said to delphia Federal Reserve District to tho Now York Federal
have been looted. On M a y 13 M r. Asquith announced in the Reserve District. This action (made effective July 1)
House of Commons that the Government proposed to segre placed 132 banks previously allied with tho Phila. District
gate “ all adult male enemies for their own safety and for the in the N ew York zone. The subscriptions to the Reserve
House of Commons that the Government proposed to segre Bank capital of the 132 banks amounted to $1,950,300 and
gate “ all adult male enemies for their own safety and for the their Reserve Bank deposits on Dec. 11 1914 had aggregated
safety of the country.” In addition, he stated that “ all male $3,164,000. The Reserve Board also granted the petition
enemies over military age will be repatriated.” M r. Asquith to transfer the banks in Southern Oklahoma from the Dallas
also said that “ women and children in suitable cases would be Federal Reserve District to the Kansas City District and
to accede to the request that Wetzel and Tyler counties in
repatriated, though some might remain.”
Japan on M a y 7 presented to China an ultimatum insisting W est Virginia be incorporated in tho Cleveland District
that the latter accede to the demands of the Tokio Govern instead of the Richmond District. The Board refused to
ment. This was after the Japanese Government had made transfer Wyom ing and Nebraska from the Kansas City Dis
certain modifications of the 24 demands previously presented trict to tho Chicago District. Under tho Oklahoma chango
by Tokio. The Chinese Government seemed to recognize its the entire State of Oklahoma except five counties— Marshall,
helplessness, and on M a y 25 two treaties establishing Japan’s Bryan, Choctaw, Pushmataha and M cCurtain— was placed
influence in the Province of Shantung in Manchuria and in in the Kansas City District. A Gold Settlement Fund, des
Eastern Mongolia were signed by the representatives of Japan tined to assume large magnitude, was established at W ash
and China at Peking. The limit of issuo of French Treasury ington by the Federal Reserve Board for arranging clearings
bonds which had been raised in March from 3,500,000,000 between the Federal Reserve banks. The New York Fed
francs to 4,500,000,000 francs, was further raised on M a y 18 eral Reserve Bank announced that beginning Juno 1 an
to 6,000,000,000 francs, not including amounts advanced to intra-district collection system would bo inaugurated. A cir
Allied Powers. The Minister of Finance was also authorized cular letter issued by the bank stated that only checks or
to create Treasury bonds for 6 months or moro to be discoun drafts drawn on and received from tho member banks which
ted by the British Government to a maximum sum of 1,059, had joined the collection system wou]d bo received, such
500,000 francs (£42,000,000 sterling). The French Minister checks being credited at par to the sending bank and charged
of Finance, M . Ribot, in the Chamber of Deputies on M a y 8 and forwarded direct to the bank on which they are drawn.
stated that up to that time about 841,400,000 of French- The N ew York Federal Rescrvo Bank also announced that
owned securities had been sold in the United States, and that on June 15 it would discontinue accepting checks or drafts
the British Chancellor had agreed to place 1,500,000,000 drawn on other Federal Reserve banks for immediate credit
francs of French bonds in England to cover French credits with the exception of those drawn on tho Federal Reserve
there and in the United States and Canada— Franco, on her banks of Boston and Philadelphia, which would continuo to
part, to furnish sufficient gold to permit England to maintain be received as before for immediate credit at par. Tho
exchange with the United States. As part of this arrange following October Richmond was also added to tho list.
ment, the Bank of France shipped £8,000,000 gold to the Checks or drafts drawn on the other Federal lteservo banks
Bank of England. Later in the month the Bank of France’s would be received “ for collection” only and would bo cred
authorized limit of circulation was raised to 15,000,000,000 ited to the account of tho member bank depositing them,
francs and the limit of advances to tho Government increased subject to final payment, in accordance with a time schedule
to 9,000,000,000 francs. An Argentine loan for $50,000,000, which allowed one day after receipt for the Reserve Bank at
consisting of 6 % 5-year gold coupon Treasury bonds was . Richmond, the delay of one day in this case being, as just
offered, one-half in London and the other half in this country. stated, subsequently eliminated; for two days after receipt
The offering in this country was subscribed for in full, but the for the Reserve banks at Atlanta, Cleveland, Chicago, St.
$25,000,000 offered in London was reported to have been sub Louis, Minneapolis and Kansas City; three days after re
scribed for to only about 1 2 % . The bonds were offered at 99. ceipt for the Reserve bank at Dallas; and six days after re
The export demand for steel continued, and tho steel works ceipt for the Reserve bank at San Francisco.
Railroad Events and Stock Exchange M atters .— In the stock
found employment for a still larger proportion of their produc
tive capacity. Prices in some instances were further ad market tho course of values was completely roversed and the
vanced, particularly in the case of galvanized sheets, tho ad gigantic speculation of tho two preceding months suffered
vance here resulting from the soaring market for spelter. At entire collapse for the time being. Tho market may be said
St. Louis the price of spelter jumped from 14c. to 22c. per lb ., to have been weak from the very beginning of tho month,
and galvanized sheets at Pittsburgh rose from 3.40c. per lb. realization having apparently come that the bull campaign
to 4.25c. The price of Lake Copper at Now York remained based on war orders had been carried altogether too far. The
Digitized forat 21c.; electrolytic copper advanced to 1 8 ^ c . The winter- ' reverses which the Russians were experiencing furnished occaFRASER
Jan . 15 1916.]
THE CHRONICLE
sion for part of the early setback, though the market was in
such a top-heavy condition that almost any other factor
might have answered equally well for the purpose. The an
nouncement that the American oil-tank steamer Gulflight
had been sunk off the Scilly Islands on M a y 1 produced a dis
tinctly uneasy feeling, and caused a distinct weakening of
values, beginning -with M a y 3. It was not, however, until
the announcement on Friday, M a y 7, of the disaster to the
Lusitania that prices took a really serious down turn. First
reports stated that all the passengers had been rescued, and
this tended, in a measure, to quiet apprehensions. W hen the
extent of the disaster ■yas revealed in the newspapers on
Saturday morning, M a y 8, the bottom almost dropped out of
the market on that and succeeding days, and the dizzy super
structure of high prices reared during March and April came
tumbling to the ground. For a number of days there was
very extensive forced liquidation to which exhausted margins
contributed in no small degree, and the declines were, of
course, most pronounced in those stocks which had been
special objects of manipulation and of very much less conse
quence in the railroad shares, which had been largely neglec
ted. After liquidation had been completed, the volume of
business was greatly reduced and the market became dull and
stagnant. Then an upward reaction ensued, as the convic
tion grew that, owing to the way the President was handling
the controversy, there was little likelihood of a rupture of
relations with Germany. On the whole, a quite substantial
recovery in prices occurred the last half of the month, with a
trace of weakness on Saturday, M a y 29, on a forecast of
Germany’s answer, which was distinctly different from what
had been expected. Penn. R R . disposed of 865,000,000
gen. mtge. 4 f $ s , the proceeds going to pay off the convertible
bonds maturing Oct. 1 1915 and other obligations due in 1915
and to provide for additions and betterments; the bonds were
offered by Kuhn, Loeb & Co. at 9 8 )^ . Quite a number of
different copper companies increased divs. or resumed, in
cluding Ray Cons., Utah Cop. and Quincy M in . Co. Studebaker Corp. announced an initial quar. div. of 1 K % on com.
Maxwell M otor Co. declared an initial quar. div. of \ % % on
1st pref. and % of 1 % additional on account of arrears.
V a .-C a r. Chem. Co. declared 4 % , payable in scrip, on its
cum. pref. in satisfaction of the quar. divs. deferred in Jan.
and April. Anaconda Cop. M in . Co. authorized an'increase
in the par of its shares from 825 to 850 and reduced the num
ber of shares correspondingly. Am al. Copper arranged for
dissolution and the exchange of its shares for those of the
Anaconda C o. Default was made M a y 1 on the principal of
85 ,761,000 coll, joint notes of the Atlantic & Birmingham
Constr. C o. and the Atlanta Birmingham & Atlantic R R .
21 3
18121,334,000 to 8117,430,000. Surplus reserves, after being
reduced from 8170,180,370 M a y 1 to S162,393,840 M a y 8,
increased to 8183,332,440 M a y 29. Loans M a y 29 were
82 ,437,358,000 against 82,430,593,000 M a y 1 and deposits
were 82,490,197,000 against 82,475,655,000.
Foreign Exchange, Silver, & c .— In the foreign exchange
market there was a further dip to a new low record the latter
part of the month, but the early part the tone was strong and
the course of exchange upward. For this early strength
the demand for remittances of the proceeds of American se
curities sold on foreign account was measurably responsible.
These sales were especially heavy before the great collapse
in prices on the Stock Exchange, after which the inducement
to sell was, of course, greatly diminished. Later exchange
showed a waiting attitude, in view of the delicate internation
al situation created by the Lusitania affair. The latter part
of the month distinct weakness occurred, and on M a y 21
sterling demand bills on London were quoted as low as 4 78,
or
below the low level reached the previous M arch. A
new low record was the same day established for francs,
namely 5 433^ for checks, the normal rate of exchange for
francs (check) being about 5 18 @ 5 19. A t the close there
was a slight strengthening of exchange all around. An im
portant event of the month was the shipment of £8,000 ,00 0
gold by the Bank of France to the Bank of England. This
enabled the latter to release gold at Ottawa for shipment to
New York. There were, however, considerable direct im
portations at N ew York from Paris. Total importations
into the United States from all points reached 831,136,311.
The high point for bankers’ demand sterling was 4 7 9 % @
4 80 M a y 8 and the low point 4 78 @ 4 78 5-16 M a y 21, with
the close M a y 29 4 7 8 ^ @ 4 78 9-16. The £ 8 ,000 ,00 0 gold
received from the Bank of France served to reinforce the
bullion holdings of the Bank of England. Open market rates
at London M a y 31 were 2 % @ 2 % for 60-day bills and 2 13-16
@ 2 % for 90-day bills. There were no open market rates
for the Continental centers. Silver in London moved be
tween 23 5-16, which was the closing figure, and 23 ll-1 6 d .
MONTH
OF JUNE.
Current Events .— There were further disturbing develop
ments during June, relieved, however, by one conspic
uously favorable event, namely a decision in favor of the
U . S. Steel Corporation in the suit brought by the Federal
Government against the company under the Sherman Anti
Trust law. The month opened under the influence of the
unsatisfactory nature of the German reply to President W il
son’s note with reference to the sinking of the Lusitania.
B ut anxiety as to the immediate outcome was gradually al
layed with the news of the granting of an interview by the
President on June 2 to Count von Bernstorff, the German
Stock Fluctuations.
M ay 1.
M a g 29.
Range fo r M onth.
Ambassador to this county, and the announcement that
Railroads—
Low .
H igh .
President Wilson had acceded to the Count’s request that
Atch Top & Santa Fe.
10 2 %
99%
96 % May 14 10 2 % May
Baltimore & Ohio___
72
77%
6954 May 10 7 7 % May
he be permitted to send a special agent in the person of D r.
Canadian Pacific____
16 6 %
152 % May 7 16 6 % May
15 5 %
Anton Meyer-Gerhard, a German Red Cross lecturer in the
Chesapeake & Ohio__
47
39 May 20 47 May
*39 % 40
Chic Mllw& St Paul..
96
88%
855* May 10 96 May
United States, to Berlin to personally inform the German
Erie_______________
28%
2254 May 10 2 8 % May
25%
authorities as to the situation created here by the Lusitania
Great Northern, pref.
121
1145* May 10 121 May
1165*
Louisville & Nashville- * 1 2 3 % 12 5 % *115 116
121 May
113 May 14
Meyer-Gerhard sailed promptly on the steamer
N Y C & Hud River,.
88%
8454
815* May 10 90 May
United States of the Scandinavian-American line on June 3
N Y N H & Hartford-.
6 7%
*615* 625* 60 May 10 68% May
Norfolk & Western__
10 5 %
*>1015*1025* 101 May 14 105 % May
The sending of this special messenger served the good pur
Northern Pacific____
104
10954
1025* May 10 1 1 0 % May
pose ot relieving tension in the United States concerning the
Pennsylvania........ .....
109 %
106J*
105 May 14 1095* May
Reading Company—
15 1%
1425*
1385* May 10 1 5 1 % May
relations of this country with Germany by encouraging the
Southern Pacific C o..
9 2%
88
845* May 10 935* May
belief that an amicable way of settling the controversy be
Southern Railway___
185*
165*
155* May 10 18 % May
Union Pacific_______
1265*
1315*
121 May 14 1 3 2 % May
tween the two countries would be found. A rude shock
Industrial, &c.—
however, to the growing feeling of hope was dealt by news
Allls-Chalmers Mfg__
195*
*145* 16
125* May 10 195* May
Preferred ........... .
53
46
on the evening of June 8 that the Secretarv of State, William
38 May 10 6 3% May
Amalgamated Copper.
76 %
655*
625* May 10 77% May
Jennings Bryan, had resigned his post in President W ilson’s
Amer Agricul Chem.. * 5 7 % 58% *50
52
50 May 10 59 % May
49%
Amer Beet Sugar........
465*
Cabinet. The resignation came just on the eve of the trans
39% May 10 49% May
4 3%
Amer Can__________
365*
29 May 10 44 May
mission of the Administration’s second note. The resigna
58
Amer Car & Fdy........
5154
46 May 14 5 8 % May
98
*92
96
tion caused renewed uneasiness for the time being, because
Amer Coal Products.. *95
92 May 10 9 5% May
60
46
Amer Locomotive----38 May 14 60% May
it gave rise to the impression that the President’s reply would
73%
Amer Smelt & Refg- -.
>655*
6154 May 10 7 3 % May
be of a bellicose nature, the reverse of what it actually proved
*27
30
31
Amer Woolen----------26 May 10 3 2 % May
AnacondaCop (par$25)
S31J*
$365*
$295* May 10 $ 3 6 % May
to be, and that it was for this reason that M r . Bryan found
48
Baldwin Locomotive..
61
38 May 10 6 1% May
himself unable to append his signature to the document.
Bethlehem Steel Corp.
145
*1365* 1375* 125 May 14 15 9 May
Central Leather-------39 %
3554
33 May 10 4 1 % May
That notion was also encouraged by certain paragraphs in
Colorado Fuel & Iron.'
32%
30
2354 May 10 3 3 % May
M r. Bryan’s letter of resignation to the President, the pas
Continental Can........ *63
64% *585* 63
58 May 14 6 3% May
Cuban-Amer Sugar__
62
70
51 May 10 70% May 24 sages referred to reading: “ Obedient to your [the President’s]
General Chemical----- *210 215
0214
202 May 13 215 May 5 sense of duty and actuated by the highest motives, you have
General Motors_____
145
136
125 May 10 146 % May
Goodrich (B F)..........
52
445*
prepared for transmission to the German Government a
37% May 14 5 3 % May
Insp Con Cop (par $20)
$335*
295*
$26 May 10 $ 3 3 % May
note in which I cannot join without violating what I deem to
Lackawanna Steel___
41
465*
37 May 15 49 May
Maxwell Motors........
6 3%
be an obligation to m y country, and the issue involved is of
4254
35 May 14 5 4 % May
Pressed Steel Car_____
58%
445*
36 May 14 59 May
such moment that to remain a member of the Cabinet would
Railway Steel Spring..
36
30
25 May 14 40 May
Republic Iron & Steel.
3 1%
be as unfair to you as it would be to the cause which is near
275*
24 May 10 3 1 % May
Studebaker Corp (The)
79%
>655*
59 May 10 80 May
est my heart, namely the prevention of war. I therefore
Texas Co (The)......... *1385* 140
>12254
>120 May 14 13 9 % May
respectfully tender m y resignation, to take effect when the
45
U S Indus Alcohol----*37
40
36 May 14 45 May
705*
U S Rubber-----------635*
note is sent, unless you prefer an earlier hour. Alike de
5654 May 10 7 1 May
58 %
United States Steel...
545*
485* May 10 6 0% May
sirous of reaching a peaceful solution of the problems arising
69%
Western Union Teleg.
6554
6 3 % May 15 69% May
out of the use of submarines against merchantmen, we
a Less than 100 shares. > Quoted ex-dividend during the month? and prior to
find ourselves differing irreconcilably as to the methods
this date. * Bid and asked price; no sale.
which should be employed. It falls to your lot to speak
The M on ey M arket. The dominant feature in money con
officially for the Nation. I consider it to be none the less
tinuod to bo the excessive supply of funds. On the Stoh
m y duty to endeavor as a private citizen to promote the
Exchange the call loan rate at one time dropped to 1 % . Th
end which you have in view by means which you do not
range for the month was l @ 2 % . On time, rates at th
feel at liberty to use.” The President replied, saying that
closo were 2 ^ @ 2 % for 60 to 90 days, 2 % @ 3 for 4 mos
he accepted the resignation simply because M r . Bryan in
and 3 @ 3 for 5 and 6 mos. Commercial paper then wa
sisted upon it, that their objects were the same and that they
3 Yz @ 4 for clioico double and prime single names, and 4 \ i(f
ought to pursue them together, but concluding with the re
4_H for good singlo names. M oney holdings of the Ne\
mark that “ we shall continue to work for the same causes
York Clearing-House institutions further incresaed fron
even when we do not work in the same w ay.” M r . Bryan’s
8424,497,000 M a y 1 to 8437,786,000 M a y 29, but the gol. first act after retirement was to issue a statement explain
holdings with the Fedoral Reserve banks diminished fron
ing his attitude on the submarine question. He said that
214
THE CHRONICLE
two of the points upon which he and the President differed
“ each conscientious in his convictions,” were, “ first, as to
the suggestion of investigation by an international commis
sion, and second, as to warning Americans against traveling
on belligerent vessels or with cargoes of ammunition.” He
believed “ that this nation should frankly state to Germany
that we are willing to apply in this case the principle which
we are bound by treaties to apply to disputes between the
United States and thirty countries with which we have
made treaties providing for investigation of all disputes of
every character and nature.” Proceeding along these lines,
he went on to say: “ These treaties, negotiated under this
administration, make war practically impossible between
this country and these thirty governments, representing
nearly three-fourths of all the people of the world. Among
the nations with which we have these treaties are Great
Britain, France and Russia. N o matter what disputes may
arise between us and these treaty nations, we agree that there
shall be no declaration of war and no commencement or hos
tilities until the matters in dispute have been investigated
by an international commission and a year’s time is allowed
for investigation and report. This plan was offered to all
the nations without any exceptions whatever, and Germany
was one of the nations that accepted the principle, being the
twelfth, I think, to accept. N o treaty was actually entered
into with Germany, but I cannot see that that should stand
in the way when both nations endorsed the principle. 1 do
not know whether Germany would accept the offer, but our
country should in m y judgment make the offer. Such an
offer, if accepted, would at once relieve the tension and si
lence all the jingoes who are demanding war. Germany has
always been a friendly nation and a great many of our peo
ple are of German ancestry. W h y should we not deal with
Germany according to this plan, to which the nation has
pledged its support? The second point of difference is as
to the course which should be pursued in regard to Americans
traveling on belligerent ships, or with cargoes of ammuni
tion. W h y should an American citizen be permitted to in
volve his country in war by traveling on a belligerent ship
when he knows that the ship will pass through a danger zone ?
The question is not whether an American citizen has a right,
under international law, to travel on a belligerent ship; the
question is whether he ought not, out of consideration for
his country, if not for his own safety, to avoid danger when
avoidance is possible. It is a very one-sided citizenship that
compels a government to go to war over a citizen’s rights,
and yet relieves the citizen of all obligation to consider his
nation’s welfare. I do not know just how far the President
can legally go in actually preventing Americans from travel
ing on belligerent ships, but I believe the Government should
go as far as it can and that in case of doubt it should give tlie
benefit of the doubt to the Government. But even it the
Government could not legally prevent citizens from traveling
on belligerent ships, it could, and in m y judgment should,
earnestly advise American citizens not to risk themselves
or the peace of their country, and I have no doubt that
these warnings would be heeded. President Taft advised
Americans to leave Mexico when insurrection broke out there,
and the President has repeated this advice. This advice, in
m y judgment, was eminently wise, and I think the same
course should be followed in regard to warning Americans to
keep off vessels subject to attack. I think that American
passenger ships should be prohibited from carrying ammuni
tion. The lives of passengers ought not to be endangered by
cargoes of ammunition, whether that danger comes from pos
sible explosion from within or from possiblo attack from with
out. Passengers and ammunition should not travel together.
The attempt to prevent American citizens from incurring
these risks is entirely consistent with the effort which our
Government is making to prevent attacks from submarines.
The use of one remdey does not exclude the uso of the other.
The most familiar illustration is to be found in the action
taken by municipal authorities during a riot. It is the duty ot
the mayor to suppress the mob an d prevent violence, but he does
not hesitate to warn citizens to keep off the streets during the
riot. H e does not question their right to use the streets, but
for their own protection and in the interests of order he warns
them not to incur the risks involved in going upon the stroots
when men are shooting at eaoh other. The President doos
not feel justified in taking the action above suggested; that
is, he does not feel justified, first, in suggesting the submis
sion of the controversy to investigation, or, second, in warn
ing the people not to incur the extra hazard involved in
traveling on belligerent ships or ships carrying ammunition.
And he m ay be right in the position he has taken, but as a
private citizen I am free to urge both of these propositions
and to call public attention to these remedies in the hope of
securing such an expression of public sentiment as will suport the President in employing these remedies if in the future
e finds it consistent with his sonse of duty to favor them .”
The new note of the United States to Germany, which had
led to the resignation of M r . Bryan, was forwarded to Berlin
on June 9 over the signature of Robert Lansing, formor Coun
selor of the State Department, who was designated by the
President on that date to act as Secretary of Stato ad interim,
and was definitely given the office on June 23. The text of
the note was not made public, however, in tho United States
until Friday morning, June 11. Whon its tenor and language
were studied, general surprise over tho action of M r. Bryan
was expressed, as its strictures wore really less sovero than
those contained in the original note. On June 12 tho Ex-
[Vol . 102.
Secretary gave out a statement intended to explain why he
signed the M a y 13 note to Gormany, yet declined to sign the
later one of June 9 . The two notes, according to M r .
Bryan’s reasoning, must be considered in connection with the
conditions under which they were sent. The first note, he
argued, was like the plaintiff’s statement in a case, his claim
boing based upon the facts as he presents them. M r . Bryan
contended that, while he did not agree entirely with the lan
guage of the first note, the difference was not so materia,! as
to justify a refusal to sign it. He mentioned throe things
which ho had hoped for at that time, and which would have
liolped the situation, but which failed of realization, viz.: That
the United States would announce its willingness to employ
tho principle of investigation embodied in thirty treaties with
other nations, take action which would prevent American
citizens from traveling on belligerent ships or on American
ships carrying contraband, and that our Government would
insist upon its protest against interference of our trade with
neutrals. In the matter of the later note, howevor, a rejec
tion of tho arguments which Germany presented and of the
allegations made, together with a reiteration of the original
demands, created, in M r . Bryan’s view, “ a vory different
situation from that which existed when tho first demand was
m ade.” M r . Bryan also stated that when he saw tho final
draft of the note just before his resignation took effect, it
contained an important change; this change, he said, while
very much softening the note, was not, howevor, sufficient, in
his judgment, to justify him in asking permission to withdraw
his resignation: “ A s Germany had suggested arbitration, 1
felt that we could not do less than roply to this offer by ex
pressing a willingness to apply the principle of the peace
treaties to the case. These treaties, while providing for in
vestigation of all questions, leave tho nations free to act inde
pendently after the international commission has concluded
the investigation.”
.
The only clause in the new note even remotely suggestive
of an ultimatum was the closing sentence reading as follows:
“ The Government of the United States deems it reasonable
to expect that the Imperial German Government will adopt
the measures necessary to put these principles into practice
in respect of the safeguarding of American lives and American
ships, and asks for assurances that this will be done.’
The
note assured tho German Government that it had been
misinformed regarding the equipment of the Lusitania
that she was not armed for offensive action, was not serving
as a transport, and that she did not carry a cargo pro
hibited by the statutes of tho United States, and added
that “ whatever may be the contentions of the Imperial
German Government regarding tho carriage of contraband
of war on board the Lusitania, or regarding the oxplosion
of that material by the torpedo, it need only be said that in
the view of'this Government these contentions are irrelevant
to the question of the legality of the methods used by the
German naval authorities in sinking the vessel.” The
Cushing, the Gulflight and the Falaba cases, which were
dealt with in President W ilson’s previous cmmunication,
were again referred to in the later note
Our Goverment
noted “ with gratification the full recognition by tho Imperial
German Government, in discussing the cases of the Cushing
and the Gulflight, of the principle of the freedom of all parts
of the open sea to neutral ships, and the frank willingness
of the Imperial German Government to acknowledge and
meet its liability where the fact of attack upon neutral ships,
which have not been guilty of any hostile act, by German
aircraft or vessels of war is satisfactorily established.”
The following paragraph in tho note was considered very
significant: “ The Government of the United States is happy
to observe that Your Excellency’s note closes with the in
timation that the Imperial German Government is willing,
now as before, to accept the good offices of tho United States
in an attempt to come to an understanding with the Govern
ment of Great Britain, by which the character and conditions
of war upon the sea may be changed. The Government of
the United States would consider it a privilege thus to serve
its friends and tho world. It stands ready at any time to
convoy to either Government any intimation or suggestion
the other may be willing to have it convey, and cordially
invites the Imperial German Government to mako use of its
services in this way at its convenience. Tho whole world
is concerned in anything that may bring about even a partial
accommodation of interests or in any way mitigate the
terrors of the present distressing conflict.” To this was
added tho following further statement and appeal: “ In the
meantime, whatever arrangement may happily be made
between tho parties to the war, and whatever m ay, in tho
opinion of the Imperial German Government, have been the
provocation or tho circumstantial justification for the past
acts of its commanders at sea, the Government of tho United
States confidently looks to see tho justice and humanity ot
the Government of Germany vindicated in all cases where
Americans have been wronged or their rights as neutrals
invaded. The Government of the United States, therefore,
very earnestly and very solemnly renews tho representations
of its note transmitted to the Imperial German Government
on the 15th of M a y , and relies in these representations
upon tho principles of humanity, tho universally recognized
understandings of international law, and the ancient friend
ship with the German nation.” The rest of the month cable
dispatches from Berlin were of a decidedly assuring character,
nearly all suggesting that Germany, while not abandoning
her submarine policy, would make certain concessions tend-
Jan 15 1916.]
THE CHRONICLE
215
ing to satisfy our Government and appease public sentiment mum to 65. Tho Chancellor pointed out that if Consols
in the United States. On the very last day of the month were all converted it would mean an application for £ 6 0 0 ,(June 30 ), there came another development growing out 000,000. W ith reference to the 3 H % loan put out the pre
of Germany’s submarine warfare, which at first seemed vious November, M r . M cKenna pointed out that this netted
calculated to disarrange plans for avoiding trouble. The the investor 4 Y \% and the loan was now standing at a dis
new development consisted in the announcement that count. Then he added: “ If on the old war loan the investor
the Ley land Line steamship Armenian from Newport News can get rather better than 4 ^ , w cannot expect the new issue
re
had been torpedoed at 8 p. m . on June 28, 20 miles west by to be floated at less than 4}/£. The Government is fully
north of Trevose Head, Cornwall, by the German submarine aware of all the objections, not only of meeting the interest,
U -3 8, with the loss of 29 men and the injury of 10 others, the but of the effect on other loans. The effect of the issue of a
list including a number of American horse attendants, mostly 4 3 ^ % loan Avill be to depreciate other securities, and foremost
negro muleteers and some members of the crew. The Ar in the Government’s mind is the old Avar loan. This country
menian had been chartered by the Leyland Line to the D o never will leave its creditors in the lurch, and the Govern
minion Line, and was flying the British flag. She had sailed ment, therefore, proposes to give the new rights to holders
from Newport News on June 17 and was bound for Avon- of the old war loan.” A feature of the new loan, the Chan
moutli, England, with a cargo of horses and mules, which are cellor further explained, was that if it was found necessary to
contraband of war. On July 1 the American Ambassador pay more than 4 ) ^ % for future bonds, then tho rate on the
to Great Britain announced that he had been informed by the 4 K % issue Avould be automatically raised to that of the later
British Admiralty that the Armenian had been engaged in issue. One effect of the placing of the rate at 4 } ^ % was to
business for the Admiralty, which made her legitimate prey. bring about an adjustment of security values on the London
In the war area on the Continent of Europe, Germany and Stock Exchango by a quite general decline in prices. Another
Austria gained further noteworthy successes in the campaign effect Avas to induce still further liquidation in our market of
against Russia. The Galician fortress of Przemysl was on American securities by British holders who desired to sub
June 3 recaptured by the Austro-German armies, and the rest scribe for the new British Government loan.
An event of the month was the sale of $71,000,000 N oav
of the month the Teutonic Allies continued to press their
advantage everywhere, compelling the Russians to retire Y ork City 4 H % bonds— $46,000,000 consisting of 50-year
after enormous losses. On June 22 the Russians were forced corporate stock and $25,000,000 of serial bonds maturing
to evacuate Lemberg, the Galician capital, which the Rus annually from June 1 1916 to June 1 1930. Preliminary to
sians had occupied the previous Sept. 3 , when they first began the sale dealings in the bonds “ Avhen issued” indicated that
invading the outlying Austrian provinces. B y the end of the the city might realize 103, or better, for the new obligations.
month the Russian forces had been driven out of practically As a matter of fact, the price obtained proved a disappoint
the whole of Galicia and back over their own frontiers. ment. The $46,000,000 50-yr. bonds were sold at an average
Berlin dispatches June 29 stated that the Galician town of of $101,253, thus netting 4 .4 3 7 % interest, and the $25,00 0,
Halicz had fallen and said the Austro-Germans had crossed 000 of serial bonds brought an average of 101.306, making
the Dniester River after five days’ desperate rearguard the interest basis 4 .2 9 7 % . The average price for the entire
action by the Russians, while June 30 the neAvs Ar that the $71,000,000 Avas 101.2716. The $25,000,000 15-year serial
\as
Russians had been driven back over their OAvn frontier north bonds were for non-revenue-producing improvements and
of Lemberg, Avith the loss of Tomazow and forced across the in thus issuing serial bonds the city made a departure, start
River Gnila Lipa, in Southeast Galicia; also that between the ing the so-called “ pay-as-you-go” policy, which calls for the
Bug and Vistula rivers German and Austro-Hungarian troops redemption of the bonds within the probable life of the im
had occupied Belz, KomaroAV and Zamose— that, in fact, the provements for Avhich they are issued. The last previous
Russian armies continued to retreat before the Austro- sale, on April 15 1914, consisted of $65,000,000 50-year 4 ^ s ,
Germans along a front of approximately 250 miles. The Avhich Avere aAvarded at 101.45, making the interest basis
Teutonic armies Avere also reported to have made further 4 .1 8 % at that time. Another note from Germany in reply
large captures of Russians in addition to their enormous to the representations of the American Government on the
captures of the preceding month. Vienna official advices sinking of the American sailing vessel William P . Frye
claimed the taking in the first 15 days of June of no fewer Avas received. This note combated the contentions of the
than 108 Russian officers, 122,300 men, 53 cannon and 180 United States made in the reply of the U . S. Government
machine guns. In the Western arena of the war the contest to the first German note and insisted that a prize court Avas
continued to be one chiefly of trench warfare, and the French necessary to fix the amount of compensation and contended
seemed to have succeeded in carrying important lines of that there was no occasion for direct diplomatic negotia
German trenches. Progress, hoAvever, Ar necessarily very tions in tho case unless the prize court should fail to award
Aas
compensation. A memorandum was received by the United
s Ioav , as the Avarfare consisted very largely of the gradual
blasting out by artillery fire of the German positions. In States from Great Britain relative to the British Order-in
Turkey, on the Gallipoli Peninsula, bloody fighting contin Council virtually declaring a blockade against commerce
ued, but Ar
\ithout decisive results, naval operations having to and from Germany. This sought to justify the British
been restricted out of fear of attack by German submarines, attitude. Importing firms, however, having business rela
one of these having arrived safely at Constantinople after tions with Germany and Austria continued to protest against
having made a trip of 3,000 miles, all the Ar
Aay around from the seizure by Great Britain of non-contraband cargoes from
the North Sea and through the Mediterranean. In the con Germany. The British House of Commons passed the bill
flict betAV'een the Italians and the Austrians in the outlying providing for the neAv department to look after supplies of
Austrian provinces, the Italians gained some further, though munitions, and David Lloyd George, the neAv Minister of
not very important, adAr
antages.
Munitions, urged Avorkmen for the duration of the Avar to
Tho British Government obtained a further large war suspend union regulations so that every available man and
crodit and announced a neAv British Avar loan of huge dimen woman could be employed in the necessary AA'ork. A move
sions. The new Avar credit Avas for £2 50 ,000,000, making, ment was inaugurated by the French Government for
Avith the credits previously granted, a total of £862,000,000 utilizing American securities held in France as an offset to
authorized for Avar purposes. This Ar
Aas on June 15. On the Government’s purchases of supplies in the United States.
Juno 21 Reginald M cK enna, the new Chancellor of the Ex The Government offered to purchase Penn. R R . 4s due in
chequer, announced tho Government’s scheme for a neAv loan, 1921 and M il. & St. Paul 4s due in 1925. American securi
and he secured a unanimous vote in the House of Commons ties were also collected irrespective of the Government to be
giving the British Treasury authority to raise £1 ,000,000,000 fonvarded to NeAv York either for sale or as collateral for
($5,000,000,000) if needed. The Chancellor did not deem it loans. Arrangements Avere likeAvise perfected between J. P.
advisable to indicate tho precise amount probably to be issued Morgan & C o. and the Rothschilds for the placing of a loan
boyond fixing the maximum, Avhich he felt Avould not fall far in the United States on behalf of the French Government.
short of a thousand million pounds sterling. The issue price The loan, it Avas estimated, Avould aggregate between $ 5 0 ,
was par, tho intorest 4 ) ^ % , and the Government has the 000,000 and $75,000,000 and was to be secured by Ameri
option of redemption botAA-een 1925 and 1945. A distinctive can railway bonds placed in France in more recent years.
foaturo of the loan was that holders of both the British Avar The announcement by J. P. Morgan & C o. stated that the
loan of £350,000,000 put out tho previous November, and of Rothschilds of Paris had arranged to borrow in this market
English Consols, Avere given the privilege of conversion at for a period of one year a considerable amount of money, the
specified terms. To mako the neAv loan in everv senso a proceeds of which the Rothschilds Avould make available to
popular subscription, it Avas issued in small bonds of from £ 5 the French Government here for the payment of its com
to £2 5, obtainable through tho post offices, and in addition mercial obligations in this country. A French loan of $5 0 ,
there Avero Avar-loan vouchors for five shillings ($1 25) and 000,000 was offered here the previous April, but the fact
multiples thereof, theso vouchers being offered for salo at that less than $40,000,000 of the issue Avas sold at the time
post offices, trade union headquarters, &c. The right to con was said to have induced the private negotiations for credit.
vert was on condition of a subscription in cash for a corres Announcement came Juno 24 that the French moratorium had
ponding amount of tho noAv loan. In other Avords, a holder been extended for a new period of 90 days— this timo up to
of 100 3 ^ s had to bring £100 in cash, his old Avar loan stock N ov. 1 1915. Announcement was made Juno 1 of what ap
(issuod at 95) and £5 in cash, and then received in return now peared to be a change of policy by President Wilson towards
Avar-loan stock for £200. Consols Avere made convertible in j tho revolutionary factions which were rending Mexico. It
the samo AAay, but only £50 of the new loan Avas offered for consisted of a statement Avhich was fonvarded to Car
£75 of consols, providing tho applicant subscribed for £100 of ranza, Villa, Zapata and Garza, the principal military lead
tho neAv loan. This made tho Consols exchangeable at a ers, in effect telling them to get together, that Avhile the
price of 66 2-3. M r. M cKenna pointed out that the mini people and Government of the United States wanted nothing
mum prico at which doaling had been permitted in Consols for themselves in Mexico they could not stand in
had boon 66
and that oxcopt for that minimum the price differently by and do nothing to serve their neighbor.
Avould have gone many points loAver.and, after the issue of the The decision in the case of the U . S. Steel Corporation under
neAv loan, was sure to drop still further. Tho next day, the Sherman Anti-Trust Law Avas by the U . S. District Court,
June 22, tho Stock Exchango Committee loAvered the mini at Trenton, N . J ., Judges Buffington, Woolley and H unt.
.
216
THE CHRONICLE
I t was as conclusive in favor of the corporation as could well
be wished. T h e m ain opinion was b y Judge B u ffington ,
w ho pointed out th at the controversy involved in essence
m erely business fa cts.
H e argued th at all the trust cases
previously decided settled dow n to this, that only such com
binations com e within the prohibition of the Sherm an L aw
as b y reason of the intent of those form ing them or the in
herent nature of their contem plated a cts, wrong the public
b y unduly restricting com petition or un du ly obstructing the
course of trade. A ll the judges held th at the price fixing
agreements which m a y have follow ed the G ary dinners, but
which stopped before the suit was in stitu ted , were unlawful
and the C ourt indicated its willingness to allow the G overn
m en t to retain jurisdiction if an a tte m p t should be m ade to
renew price fixing practices, though it was suggested b y
Judge B u ffin gton th at such m atters could now be controlled
b y the new T rad e C om m ission . T h e charge of m onopoly
was dismissed and Judge B u ffin g ton asserted th at the test
o f m on opoly is n ot the size of th at which is acquired, but
the trade power of th at which is n ot acquired. T h e Steel
Corporation in ten years had increased its business about
4 0 % , b u t eight great com p etin g steel com panies had in
creased theirs even m ore, the low est one 6 0 % , the highest
3 ,7 0 0 % .
T w o of the Ju dges, W o o lle y and H u n t, were not
willing to adm it th at the original purpose was w holly good ,
b u t th ey concurred in the general conclusion th at the cor
poration was now in strict con form ity w ith the law . From
the proofs, Judge B u ffin gton show ed th at the idea of estab
lishing a m on opoly never entered the heads of the promoters
of the undertaking, th at so far from the effect having been
to restrain trade, its influence had been to prom ote trade,
and th a t,in d e e d , in the export business in iron and steel the
Steel Corporation had been a m ost beneficial agen cy, the
grow th of th at business follow ing directly as a result o f its
efforts.
T here was a further increase during June in the
em ployed capacity o f the steel works and additional a d
vances in prices o f certain finished products.
G alvanized
sheets rose still higher, from $ 4 2 5 per 100 lb s. to $ 5 , from
w hich, how ever, there was a reaction to $ 4 5 0 .
Spelter at
S t. Louis got up to 26 cents a p ou n d, b u t subsequently de
clined to 1 7 % c ts ., one influence in the decline being the
filing of suit against all the M issou ri sm elting com panies
for alleged violations of the State A n ti-T r u s t L aw ; the price
a t the close was 21 cen ts. C opper in N e w Y o rk advanced
from 21 cts. to 2 2 % cts. for L ake copper and from 1 8 % cts.
to 2 0 % cts. for electrolytic copper. London prices of m etals
tended lower on an intim ation in P arliam ent th at the British
G overn m en t m igh t take over control of the m etal m arkets.
U n d er the very prom ising crop outlook in this country grain
prices sharply declined. T h e July option for w heat in
Chicago dropped from $1 2 4 % June 1 to SI June 2 2 with
the close June 3 0 S I 0 6 % .
Ju ly corn in Chicago declined
from 7 6 % cts. June 1 to 6 9 % cts. June 8 , recovered to 7 6 %
cts. and closed June 3 0 a t 7 3 % cts. Ju ly oats in Chicago
from 4 9 % cts. June 1 fell to 4 2 % cts. June 2 2 and closed at
4 4 % c ts . M id d lin g upland cotton in N e w Y o rk closed
June 3 0 a t 9 .6 0 c t s ., sam e as M a y 2 9 , b u t in the interval
had been as high as 9 .8 0 cts. and as low as 9 .4 5 cts. T h e
Federal R eserve B oard on June 24 approved the request of
the Federal R eserve B an k o f A tla n ta to open a branch at
N e w Orleans. Besides N e w Y o rk the Federal Reserve
B an k s at C h icago, B oston and other points inaugurated
intra-district collection system s.
T h e N e w Y o rk Clearing
H ou se A ssociation ,begin n in g w ith June 15, im posed a col
lection charge o f l-2 0 t h of 1 % on checks on the San Fran
cisco Federal R eserve B a n k .
T h e Treasury D epartm ent
a t W a sh in g ton notified all U . S . Sub-Treasuries to dis
continue business daily a t 2 .1 5 p . m . instead o f 3 p . m .
T h e change was m ade in order th at the daily financial state
m ent o f each su b-T reasu ry m igh t be forwarded to the
T reasury D epartm en t a t the end o f each d a y ’s business
instead of on the succeeding d ay as theretofore.
General
T . Colem an du P on t purchased from the J . P . M o rga n estate
a m ajority interest in the $ 1 0 0 ,0 0 0 capital stock of the
E q u itab le Life A ssurance S ociety; the late J . P . M o rga n had
in D e c . 1909 acquired through purchase 5 0 2 shares of the
stock held b y T h o m a s F . R y a n , p ayin g therefor about
$ 3 ,1 2 5 ,0 0 0 .
W h ile no profit over the price paid b y M r .
M o rg a n was realized it was figured that the addition of
interest m ade the cost to General du P o n t close to $ 4 ,0 0 0 ,0 0 0 .
T h e U . S. Suprem e C ou rt on June 14 refused to grant a writ
of certiorari for a review of the reversal of the conviction of
officers of the N a tion a l Cash Register C o . under the A n ti
T ru st L a w .
T h e section of the General Statutes of K ansas
allowing attorney fees to shippers in suits for dam ages grow
ing out o f the failure o f the railroads to furnish freight cars
was annulled as unconstitutional b y the U . S. Suprem e C ourt
on June 1.
On June 21 the U . S . Suprem e C ou rt in a unani
m ous decision also held th at the so-called “ G randfather
C lause” as enacted in O klahom a and M a ry la n d was in vio
lation of Article X V of the Federal C on stitu tion , which pro
vides th at the right of citizens to v o te shall not be denied on
account of race, color or previous condition o f servitude.
T h e “ G randfather C lau se” as contained in the laws of m an y
of the Southern States prevents N egroes from exercising the
right of suffrage b y usually applying strict literacy and prop
erty tests to voters, and exem pting from such tests those enitled to vote prior to 18 7 0 , when the 15th A m en tm en t was
a d op ted , or their ancestors.
In the O klahom a case persons
who were on Jan . 1 1866 or a n y tim e prior thereto entitled
to v ote under any form of governm ent and no lineal descend
[Vol . 102.
ant of such person was to be denied the right to register and
vote because of his inability to read and write.
In the pro
ceedings intended to com pel W e st Virginia to assum e its
ju st share o f the debt of Virginia outstanding when W e s t
V irginia, as a result of the C ivil W a r , was erected into a sepa
rate S ta te , the U . S . Supremo Court on June 14 handed down
its decision fixing the am ount which W e s t Virginia m ust
assum e, including arrears of interest, and announced it would
issue its decree awarding ju d gm en t against the State for the
sum fixed.
G overnor B rum baugh of Pennsylvania vetoed
a bill which w ould have repealed the full-crew law of that
S ta te , and lodged w ith the Pennsylvania P ublic Service C o m
m ission authority to determine the m anning o f crews on
trains.
In N e w Y o rk and N e w Jersey similar bills,am ending
full-crew law s, failed of passage.
T h e U . S. Suprem e C ourt
in the suit brought b y the Federal G overnm ent against the
D . L . & W . R R . and D . L . & W . Coal C o . b y a unanim ous
decision on June 21 upheld all the contentions raised b y the
G overnm ent against the valid ity of the relations between the
tw o com panies; the decision of the lower C ourt (U . S. D is t.
C ourt for the D is t. of N e w Jer.) rendered on A p r. 7 19 14 , was
reversed, the Suprem e C ourt holding that the contract o f A u g .
2 1909 between the two companies not only violated the C om
m od ity Clause o f the H epburn L a w , but also the Sherman
A n ti-T r u st A c t , which prohibits contracts in testraint of trade.
Railroad Events and Stock Exchange Matters.— In the stock
m arkot there wore som e extrem ely violent fluctuations.
The
opening prices on T u e sd a y , Juno 1, follow ing the M em orial
D a y holiday (celebrated on M a y 3 1 , since M a y 3 0 was Sun
d a y ), were generally a t considerably lower figuros than the
closing quotations the previous Saturday, owing to the un
satisfactory character o f the G erm an reply to President W il
son’s note regarding the Lusitania. B u t these losses wore
soon recovered on the fooling that the President could bo
trustod n ot to provoke a break in the relations w ith G er
m a n y . W h ile prices on the Stock Exchango were slow ly re
covering there cam e on T h u rsd ay , June 3 , the announcem ent
o f the decision o f the Federal C ourt a t T renton ad verso to
the G ovornm ont in the suit for dissolution o f the Steel C or
poration.
T h e decision was n ot definitely known until after
the closo o f the Exchango on th a t d a y , but some foreknowledge
o f it had led to a rise in Steel com m on on that day from 5 5 %
to 5 9 % , and the next m orning there was a furthor sharp rise
on tremondous buying orders, the opening being a t a w ide
range, all tho w ay from 6 2 to 6 4 .
On the gonoral m arket
the advance over night am ounted to 2 to 1 6 points, the latter
in the caso o f the I n t . H arvester o f N . J . com m on to 114.
T hese extrem e prices, how over, wore n ot m aintained, and
Steel com m on closod at 6 0 % and H arvester com m on a t 10 4,
w ith a downward reaction in tho goneral list o f proportion
ately the same exten t. T h o m arkot w as evincing a recoding
tendency w hen the announcom ont cam e on Juno 8 o f the
resignation o f Sec. o f State B ry a n . T h is occasioned on the
9th a quite sharp break in values, the impression created
b y the resignation being that M r . B r y a n ’s differences w ith
tho President indicated that our G overn m en t’s responso w as
going to bo exceedingly warlike. W hen it appeared th at this
view was a wrong one, the m arket once m ore recovered, and
w hen the note itself was m ad e public on F rid ay m orning,
June 11, the tone w as com pletely restored. T h e last half
o f the m on th the course o f prices was decidedly irregular
under m ixed favorable and unfavoravle conditions. M a n ip u
lation brought abo u t sharp advances in tho case o f a num ber
o f tho so-called war stocks, b u t, on the other hand , unsettle
m ent was produced b y the collapse of some specialties that
had been boosted to extrem ely high figures on the upw ard
m ovem en t e’arlior in tho year and which now proved unable
to m aintain their rise. Extensive liquidation on foreign
account was also a depressing influence, so was tho poor suc
cess attending tho N e w Y o r k C ity bond sale.
S c F ctu tio s.
tok lu a n
J n 1.
ue
Railroads—
&
Atch Top
Santa Fe.
Baltimore & Ohio___
Canadian Pacific____
Chesapeake & Ohio—
Chic Milw & St P a u l..
Erie _______ ________
Great Northern, pref.
Louisville & NashvilleN Y C & Hud R iv er..
N Y N I I & H artford..
Norfolk & Western—
Northern Pacific____
Pennsylvania________
Reading Company—
Southern Pacific C o ..
Southern Railway___
Union Pacific________
Industrial, &c.—
AUIs-Chaimers M fg_
_
Preferred ................
Amalgamated Copper.
Amer Agricul Chem ..
Amer Beet Sugar_____
Amer Can___________
Amer Coal Products..
Amer Locomotive___
Amer Smelt & Refg__
Amer Woolen________
AnacondaCop (pars 25)
Baldwin Locomotive..
Bethlehem Steel Corp.
Central Leather______
Colorado Fuel & Iron.
Continental Can____
Cuban-Amer Sugar_
_
General Chemical___
General Motors______
Goodrich (B F )______
Insp Con Cop (par S20)
Lackawanna Steel___
09
71
*15214
39 54
%
88
2%
4
117
*114
118
85
6114
10 2
13
0 )4
16
0%
141 14
x8 %
5
1
5
xl23%
*1 % 16
4
*45
40
64H
50
45
35%
*90
95
4%
5
6%
4
*27
30
$3054
4%
7
3%
5
29
a8
5%
135
08
*205 215
135)4
4%
2
'A
S28
*29
42
J n 30.
ue
10 0 %
7%
6
)1 3
4%
3914
0%
0
2%
6
118
*11654 1 2 0
89
6%
4
103
107
15
0%
8%
7
1
6
17
2%
al6%
148
53
75
r,i%
4%
8
4%
5
11%
13
4%
0
80
*25
29
$6
3%
6%
4
16814
4054
*65
3%
1
87
67
220
150
5%
3
$31)4
*44
48
Rnefor M th
ag
on .
Lw
o.
Hh
ig .
99 June 1 10214 June 4
71 June 1 7814 June 23
1
%
1 %June 29 415714 June 4
4
3 %Juno 2 1 4154 June 4
7
June
June
June
June
June
June
10 2
June
10314 June
June
Juno
*8514 June
1514 Juno
*123
June
88
24J4
117
117
85
0014
15
0%
11
4%
1514
47
0414
50
45
3514
97
June!
Juno
June
June
Juno
June
June
Juno
June
Juno
Juno
Juno
June
June
June
Juno
June
Juno
June
June
Juno
June
4%
5
6%
4
28
S3014
4%
7
135
35
2814
62
68
215
13514
4214
S2814
44
9314 June 14
2754 June 23
June 4
7
Juno 2
1
9014 June 23
2
6714 June 4
1 104
June 2 1
1 10814 June 14
29 10754 Juno 4
1 151
June 28
1
9054 June 4
9
17 Juno 4
1 12954 June 12
1
1
1
12 0
12 0
%
Wt
2
2
1
1
1
1
9
1
1
8
1
1
1
1
1
3
1
2
1
1
1
2
1914 June 16
5414 Juno 28
7714 Juno 15
Juno 4
5354 June 14
June 14
4115 June 29
June
8414 June 14
3014 June 14
$3714 Juno 12
6954 June 2 1
172)4 June 21
42 June 22
34 June 15
6914 June 22
91 June 18
220
June 30
159 Juno 29
55)4 June 29
$3314 Juno 15
5014 June 15
5%
4
4%
7
5%
4
2
2
J an . 15 1916.]
S c F ctu tio s.
tok lu a n
THE CHRONICLE
21 7
j .quarter The most significant feature was that each of the
I ylx montlls showed better earnings than its predecessor. In
39)S June 24 47)4 June
!
net was S1,687,150, in Feb. $3,638,578 in March
43}^ June _ 50)4 Juen
30 June
34)4 June 2j
Jumf$n^343^OTO^V*P’ improved resultsW
a a
27)£ June 1 30)4 June
June $11,343,0/0. These ,4b^’ ^ JIa{ followed as S con&%June 1 S0)4 June
5
122)4 June 2 132)4 June
f y n c e alike of greater activity and higher prices, and in
39)4 June 3 59)4 June 2 j both respects the situation became still more favorable during
a
48)4 June 28
67) June o
53)4 June
1JuJy* \ ot only dld the demand for steel for use in the manu
64 June
65)4 June 1 68) 4 June 4 facture of war material in this country increase, but large
dei s were received for steel for direct shipment to the En
..
luau mu
.
vuuitu cA-uiviueiia uunng tile month and nrior to this
date, x Ex-divldend. * Bid and asked price; no sale.
1
° 1113 tente countries.
The “Iron Age” of this city, in its issue for
G en . R ubber C o .,so ld $ 9 ,0 0 0 ,0 0 0 deb. 5 s, due in 19 18 to July 29 reported a total of 220,000 tons of bars placed with a
take up a corresponding am ou n t o f d eb. 4 % s m aturing Cleveland interest for shipment to France, bringing the total
Ju ly 1 1915. Bankers offered the new debs, a t 9 7 % to y id d between X
u ’S
T to 350,000 to^s, divided
abo u t 5 % % .
Interborough R a p . T ra n , sold $ 5 ,0 0 0 0 0 0 Detween tlie U. 8 . bteel Corporation and the Lackawanna
Ju n e 1.
Ju n e 30.
Range fo r M onth.
Maxwell Motors........
42K
40
Pressed Steel Car____
44
47X
Railway Steel Spring.. *28
29M *30 'A 38
Republic Iron & Steel.
27H
29H
Studebaker Corp(The)
66
77%
Texas Co (The)_____ *121 125
} 128
U S Indus Alcohol___ *37
40
*55
57%
U S Rubber_________
61M
51 %
53 %
United States Steel__
60
Western Union Teleg.
65H
1 m %
muucs
Low .
H ig h .
7
22
2
4
22
4
4
1
4
j
additional 1st and ref. 5s. Bankers offered $ 5 ,0 0 0 ,0 0 0 ’ 1st
m tg e . 4 0 -y r . 5s o f the P ublic Sendee N ow ark T erm . R y a t
95% .
Further increases in the divs. o f the copper m in in "
companies occurred, the list including G ra n by C on s. M in in g 5
S m e lt. & P o w . C o ., which resum ed, and Osceola C on s. M in in g
C o . and A n acon da M in in g C o . P a c. G as & E lec. C o . ar
ranged to distribute to com m on shareholders 6 % in com to
reimburse for n et earnings applied to bond redem ption
through sinking fu n d . P itts . C in . C h ic. & S t. L . arranged
to defer the s. a . d iv . on pref.
C h es. & Ohio om itted its div
H ock in g V a l. declared only 1 % , m aking w ith the 3 % paid
the previous D e c ., 4 % for the fiscal year, against 8% the
preceding fiscal year. U n ited Shoe M a c h . C orp . declared
an extra d iv . of 1 0 % m cash on com . s t k ., also 1 0 % extra
m co m . stk . in addition to the usual 2 % .
C a l. P et Corp
reduced its quar. d iv . on pref. from 1 % % to 1 % .
1'
1 h e M o n e y M a r k e t . — There was no m odification of the
prevailing extreme ease, and under the large gold im porta
tions the surplus reserves of the Clearing H ou se institutions
a t one tim e rose to above $ 2 0 0 ,0 0 0 ,0 0 0 .
T h e range for call
loans during the m on th was 1 @ 2 % .
T im e loans June 3 0
were 2 % @ 2 % for GO days, 2 % for 90 d a ys, 2 % @ 3 for 4 and
^ ^ o s * and 3 @ 3 % for G m o s.
Com m ercial paper fell to
J @ 8 % for choice double and prime single nam es and to
3 % @ 4 for good single nam es.
M o n e y holdings o f the Clear
ing H ou se banks, after increasing from $ 4 3 7 ,7 8 6 ,0 0 0 M a y 29
to $ 4 6 3 ,1 4 5 ,0 0 0 Juno 19, fell to $ 4 5 5 ,5 5 1 ,0 0 0 June 2G.
G old
with the Federal Reserve B an k ran up from $ 1 1 7 ,4 3 0 0 0 0
M a y 29 to $ 1 3 1 ,8 8 7 ,0 0 0 June 2G.
Surplus reserves June 19
touched $ 2 0 0 ,4 0 0 ,1 9 0 , bu t were $ 1 9 3 ,2 5 3 ,0 3 0 June 2 6
Loans rose from $ 2 ,4 3 7 ,3 5 8 ,0 0 0 M a y 29 to $ 2 ,4 7 6 ,2 9 7 0 0 0
5 8 2 <3"26 and deposits m oved up from $ 2 ,4 9 0 ,1 9 7 ,0 0 0 to $ 2 ,-
btecl C o .
A n additional 1 0 0 ,0 0 0 ton s, it was asserted would
be placed for delivery in the next six m onths if prices and
deliveries could be agreed upon.
France was i k n S tn t
in the m arket for shell forgings for m ore than 1 ,1 0 0 ,0 0 0 shells6
6-in . to 1 1 -in ., to be delivered a t the rate o f 6 ,0 0 0 a d a v ’
R ussia was stated to have placed large orders for rails and for
t l S'“ a1
Af - 36 f-re glvf that on]y a25 % instances among man?
estimated \ as 20 to few of the current outp^ of
tlie leadmg steel companies was represented in war materials
o w thf -?te-e C,orPoration was reported to be employed to
Jo ,o of its ingot capacity, and as having started additional
8 7 ^ n f? r r S S0-ft iat S f - pig v0n Production was up to about
S t % o f its ca p a city . Prices sharply advanced all around but
particularly in the case of m aterial needed for war orders.
ie Age reported a further rise in shrapnel rounds so that
whereas early in the war contracts had been made at 1 50c t
the figm’es now quoted were 2.75c. to 3c., with some sales as
high as 3.50e. Steel billets at Pittsburgh during July advaneed from $21 a ton to $22, as against $19 at the beginning
of the year. Bars, plates and structural shapes were onnfpH
at 1.30c. at Pittsburgh for third quarter deliver? this Co^T
paring with 1.10c. at the beginning of the vear.’ Pig £?n
production kept steadily increas ng, and for Tnlv
at 2,563,420 tons, against 2,380,827 ton?
26?
tons in May, 2,116,494 tons m April 2 O fT& I * 3’4™
March, 1,674,771 tons in Feb 1 601 421
' t0ns *5
1,515,752 tons in Dec. 1914 Which was the Sfi p Jan- aD
Td
most of the other metals, however prices
sharp advances of the previous month. Thu? in Spelter
a t S t. Louis there was a drop from 21 cts to
m ,+
P t
paring with 5.40 cts. Jan. 1. Lead a N pw
from 5.75 cts. to 5.50 c ts ., com paring l i t h 3
«£ d?elined
and tin from $40 a ton fell to $36, comparing with $33 25 Jan ’
1. Lako copper at Kew York was reduced from 22 50 to ^2
cts., but comparing with 13% cts Jan 1 whilo oi<! ♦ 1
copper foil from 20)* cts. to'18H ote% tV hfch
t,as tvith only 13 cts. J an . 1. This decrease in price was due
V nCreA ln productlon- At the outbreak of the Euro?
aSG
? S ? t oO to 60% of capacity, pr?ducers restrictedsmaller nrnC°PP- f while many of the output to
about
ducers shut down altogether. But with the advance in
price to 20 cts. output rapidly increased, while at the same
^ ? t C Um0rS ]nstead ° f Placing orders ahead began to re
finStime t h r ^ p ’s ilS L n
f Ur it e f s t a t /8 “‘J
h
T
n
i
thethe Mississippi (particularly in K an snO 0 dTa m gS fie.ett
whole satisfactory, notwithstanding S m frl a ‘ w st
of.
F o r e ig n E x c h a n g e , S ilv er , &c.— T h e feature of the foreign
exchange m arket was additional large gold im ports and&a
further drop in exchange rates to new low levels, both for
sterling and for Continental bills.
T h e announcem ent of
the new British W a r Loan was attended b y an im portant ad
vance in open m arket discounts at L on d on , which ordinarily
would have brought a sharp rebound in sterling, b u t now was
practically w ithout influence.
There were large sales on
our m arket all through the m on th , of A m erican securities on
foreign accou n t, and there were reports th at considerable
pressure was being brought unofficially to induce such sales
B u t exchange rates continued to drop lower and still lower.'
In o latter part of the m onth announcem ent cam e o f the for
m al com pletion of arrangements for a large French credit in
e
N e w Y o r k , to be based on deposits, as collateral, o f A m erican rains and overflows there wero thus m S v S n ^ eSS1V
securities collected in l ranee on behalf o f the French G o v to encourage a hopeful outlook, notwithstanding I i t R ? ? o
ernm ent. In addition , English holders m ade liberal sales of progress was being made in the adjustment of the somewhat
A m e n c a n short-term n otes, payable in dollars, in order to strained relations between the United States and f f m a n j !
he G erm an G overnm ent w as slow in answering the note o f
take advan tage of the unusually favorable conditions for
our G overnm ent sent under date o f June 9 , but a reply b earconverting dollars into sterling equivalent.
N evertheless
exchango rates steadily declined and sterling dem and bills m g date July 8 was 5ianded to U . S . A m bassador Gerard a t
Berlin on July
T h e G erm an G overnm ent showed a dis
3 * 2 ?
gofc d? v
™ t0 ,4
Francs on the same dav
sold as low as 5 / 0 and cables on Paris a t 5 6 9 , being position to parloy and before the actual delivery o f its reply
in both instances new low records, while exchange on to A m bassador Gerard furnished him an outline o f the same
B erlm also dropped to new low records, checks selling and asked him to subm it the proposals therein to our State
below 81
G oId im ports into the U nited States reached D ep a rtm en t, w ith the intim ation that those proposals m ight
9.
r w J n /f tJ
iaj* & > 2 ,3 4 1 ,7 4 0 .
T h e high point for bankers’
dem and sterlm g was 4 7 8 % @ 4 78 9 -1 6 June 1 and the
B n n b ° ? l 4 7} K ® 4 ' G% June 3 0 .
5
T h e gold holdings of the
auk of England were again h eavily reduced, and under this
and the borrowing o f the G overn m en t open m arket discount
June 3 ^ weret 4 l / P r fn °fht ^
?
j11011111 sharPly advan ced , and
London d X e d l S S S & K S
M O N TH
OF
J
Sh" t
^
Silver
JULY.
C u r r e n t E v e n t s .— A s a result of the filling o f war orders
the
tone in trade circles becam e steadily more confident notwith
standing the outcropping of new disturbing incidents in our
relations with G erm an y and notw ithstanding also that such
o f the industries as were receiving no direct benefits from the
war dem and continued to lag. A n indication o f the growing
a ctiv ity o f the steel trade was furnished in the quarterly
turn of the U . S. Steel Corporation given out X
fh e close"
o f business on July 2 7 .
T h is showed net incom e above ex
penses and the requirement of interest on the bonds of the
subsidiary com panies in am ount over double the incom e for
the M a rch quarter, or $ 2 7 ,9 5 0 ,0 5 5 , against only $ 1 2 ,4 5 7 80 9
1 here rem ained a surplus above the call for the quarter’s
M l m 4 4s V s n ° r rCf ’ ,m / he I5 arc!\ < " a r l, r « » incom e had
l .
lallen $ o ,3 8 9 ,8 6 1 short of m eeting the 1 % % dividend for the
r??f£ u d V 10 -basis/ o Preliminary negotiations pending the
definite fram ing o f G erm any s form al answ er.
T h e Presi
dent prom p tly let it bo known that ho would not discuss a nv
tentative propositions and w ould refuse to receive piecemeal
statem ents.
On the same d ay that the reply was handed to
A m bassador Gerard a t Berlin (nam ely July
press d ism tch e ?
containing a translation o f it were W
d
from
a nd
appeared m the newspapers here Saturday m orning, July 10,
but the official text o f the m essage was not received b y Secro
tary o f State Lansing until July 1 . T h e G erm an reply was
not given a very cordial reception in this country, the general
tenor o f editorial com m ent being that the docum ent was
evasive and unsatisfactory and that the German G overn
m ent obviously was endeavoring to avoid specific replies
c,°,ver °.f, professions o f friendship. G erm any under
took to throw the blam e for the Lusitania disaster upon G reat
B ritain , and m erely offered assurances that A m erican ships
wdl not be hindered in the prosecution o f legitim ate shipping
and the byes o f A m erican citizens in neutral vessels shall not
be placed m je op ard y , and then suggested certain untenable
S
ulu^ G )tal.)l0, Proposals for m aking these “ assurances”
g oo d .
T h e gist o f the G erm an attitu d e was contained in the
follow ing paragraphs: “ T h e case o f the Lusitania shows w ith
horrible clearness to w hat jeopardizing o f hum an lives the
o f conducting war em ployed b y our adversaries
f In+.tl10
dlroct contradiction of international law
all distinctions between m erchantm en and war vessels have
9)
1
218
THE CHRONICLE
[Vot. 102.
been obliterated b y the order to B ritish m erchantm en to arm trals, as well as their p rop erty, h u m an ity , as well as justice
them selves and to ram submarines and the prom ise o f re and a due regard for the dignity o f neutral pow ers, should dic
I f persisted in it
w ards therefor, and neutrals w ho use m erchantm en as travel tate th at the practice be discontinued.
w ould in such circum stances constitute an unpardonable
ers thereby have been exposed in an increasing degree to all
dangers o f w ar.
I f the com m ander o f the G erm an subm a offense against the sovereignty o f the noutral nation affoctod.
rine which destroyed the Lusitania had caused the crew and T h e rights of neutrals in tim e o f war aro based upon princi
passengers to tak e to the boats before firing a torpedo this ple, n ot upon expediency, and the principles are im m u tablo.
w ould have m ean t the sure destruction o f his ow n ves I t is tho d u ty and obligation o f belligerents to find a w ay to
sel. A fte r the experiences in sinking m uch sm aller and less adap t tho new circumstances to thorn. T h e ovents o f tho
past tw o m onths have clearly indicated th at it is_possiblei and
seaw orthy
vessels
it
w as
to
be
expected
th at
a
practicable to conduct such submarine operations as have
m igh ty ship like the Lusitania w ould rem ain above
w ater
long
enough
even
after
the
torpedoing characterized the activity o f the Im perial G erm an N a v y
w ithin the so-called war zone in substantial accord w ith the
to perm it passengers to enter the ship’ s boa ts.
C ircum
accepted practices of regulated w arfare. T h e w hole world
stances of a very peculiar k in d , especially the presence on
has looked w ith interest and increasing satisfaction a t the
board of large quantities of highly explosive m aterials, de
dem onstration o f that possibility b y G erm an n aval com m an
feated this expectation.
In add ition , it m a y be pointed out
ders. I t is m anifestly possible, therefore, to lift the whole
that if the Lusitania had been spared thousands ol cases ot
practico o f submarine a ttack above the criticism which it has
m unitions w ould have been sent to G erm an y s enemies and
aroused and rem ove the chief causes of o ffe n se.”
I t was
thereby thousands of G erm an m oth ers and children robbed
added that “ T h e G overnm ent of the U n ited S ta tes, w hile not
of bread-w inners.
In the spirit of friendship wherewith the
indifferent to the friendly spirit in which it is m a d e, cannot
G erm an nation has been im bued tow ards the U n ion and its
accept the suggestion o f the Im perial G erm an G overnm ent
inhabitants since the earliest days of its existence, the Im
that certain vessels be designated and agreed upon which
perial G overn m en t will alw ays be ready to do all it can during
shall bo free on tho seas now illegally proscribed. T h e very
the present war also to preven t the jeopardizing of lives ot
agreem ent w ou ld , b y im plication, subject other vessels to il
Am erican citizens.
T h e Im perial G overn m en t therefore
legal a ttack and would be a curtailm ent, and therefore an
repeats the assurances th at A m erican ships will n ot be hin
aban d onm en t, o f the principles for which this G overnm ent
dered in the prosecution o f legitim ate shipping and the lives
contonds, and which in tim es of calmer counsels every nation
of A m erican citizens in neutral vessels shall n ot be placed
w ould concede as of course.”
in je op ard y .
In order to exclude a n y unforeseen dangers to
In view o f the declaration that the repetition of acts in con
A m erican passenger steam ers, m ad e possible in view ot the
travention of neutral rights would be considered “ deliber
conduct of m aritim e war b y G erm an y s adversaries, G erm an
ately unfriendly” when they affect Am erican citizens, quite
submarines will be instructed to perm it the free and sate pas
a shock to the public m ind was given when tho nows was re
sage of such passenger steamers when m ad e recogm zablo by
ceived on M o n d a y , July 2 6 , right on the heels of the Presi
special m arkings and notified a reasonable tim e in ad vance.
den t’s challenge, that the A m erican steam ship Leelanaw from
T h e Im perial G overn m en t, however, confidently hopes that A rchangel, July 8 , for B elfa st, with a cargo of flax (which the
the A m erican G overn m en t will assum e to guarantee that G erm ans had declared con trab an d ), had been sunk on Sun
these vessels h ave no contraband on board , details of arrange d ay July 2 5 , b y a G erm an submarine o ff tho northwest
m ents for the unham pered passage o f these vessels to be
coast of Scotlan d .
T h is was a t the outset regarded as an
agreed upon b y the n aval authorities of both sides.
In
act o f defiance b y G erm a n y, and the news at first caused a
order to furnish adequate facilities for travel across the A tla n
severe break in the N e w Y o rk stock m ark et, but it appeared
tic for A m erican citizens the G erm an G overn m en t subm its
on tho receipt of further advices that am ple opportunity
for consideration a proposal to increase the num ber of avail
had been accorded to the captain and crew to leave the ship,
able steam ers b y installing in passenger service a reasonable
and as a m atter of fact all those on board were sa ved , and
num ber of neutral steamers under the A m erican flag , the
indeed were taken into K irkw all in the ship’s own boats.
exact num ber to be agreed upon under the sam e condition
W h ile these measures took the m atter out of the category of
as the a bo ve A m erican steam ers.
T h e Im perial G overn m ent
inhum an a cts, such as the U nited States w ould consider
believes it can assum e th at in this m anner adequate facilities
“ deliberately u nfriendly,” our G overnm ent nevertheless in
for travel across the A tla n tic Ocean can be afforded A m erican
sisted that the sinking of the ship was a violation of tho Prus
citizens.
T h ere w ou ld , therefOTe, appear to be no com sian-A m erican T rea ty of 18 2 8 , and accordingly m ade a de
pelling necessity for A m erican citizens to travel to Europe in
m and upon G erm any for reparation.
T h o case was viewed
tim e of war on ships carrying an enem y fla g .
In particular, b y officials in W ash ington as practically the same as that of
the Im perial G overn m en t is unable to ad m it th at A m erican the A m erican ship W illia m P . F ry e , sunk b y the Prinz
citizens1 can protect an enem y ship through the m ere fact E itel Friedrich.
A nother untoward incident which was
of their presence on b oard .
G erm an y m erely follow ed
brought to notice, while the A m erican G overnm ent was
E n g lan d ’s exam ple when she declared part of the high seas
fram ing its reply to the G erm an com m unication, consisted in
an area of w ar.
C on sequ en tly accidents suffered b y neu
allegations that a G erm an submarine had attem p ted to tor
trals on enem y ships cannot well be ju dged differently from
pedo and shell the Cunard Line steam er Orduna on the
accidents to which neutrals are a t all times exposed a t the
m orning of July 9 , when the vessel was about 3 7 miles south
seat of war on land when th ey betake them selves into danger
of Q ueenstow n, bound from L i v e r p ^ l for N e w Y o r k .
I lie
ous localities in spite of previous w arnings. I f , how ever, it
allegations were m ade b y the captain, passengers and m em
should n ot be possible for the Am erican G overn m ent to
bers of the crew of tho liner when she arrived in this port on
acquire an adequate num ber of neutral passenger steam ers,
July 17.
T h e Orduna carried 22 7 passengers, of w hom 21
the Im perial G overn m en t is prepared to interpose no objec
were A m ericans; her crew, including officers, num bered 2 6 5 ,
tions to the placing under the A m erican flag b y the Am erican
m ak ing a total of 49 2 persons aboard.
T h e captain of tho
G overn m en t of four enem y passenger steamers for passenger
ship stated that he put on extra steam when attacked and
traffic between N o r th A m erica and E n glan d . Assurance ot
m ade all haste to get a w a y, and the efforts of our State D e
‘free and safe’ passage for A m erican passenger steamers
partm ent were directed to ascertaining whether or not a
w ould then extend to ap p ly under the identical pro-con
torpedo was fired at tho O rduna as a warning before tho sub
ditions to these form erly hostile passenger steam ers.
m arine began shelling her.
.
.
„
,
W h ile the tenor o f this reply w as discouraging and the lirst
In tho m ilitary operations in E u rop e, tho G erm ans and
effect w as rather disturbing on the Stock Exch an ge, thero ap
tho A ustrians, after having tho previous m on th driven out
peared little fear anywhere o f a n y actual rupture of relations
the Russians from tho greater part of G alicia, engaged in a
betw een the tw o countries. M r . W ilso n w as taking a briot
gigantic enveloping m ovem en t which had for its object on
vacation a t C ornish, N . H . , a t tho tim e, and it w as officially
the ono hand tho capture of W a rsa w , the Polish cap ital, and
announced th at tho proposed A m erican reply to the Gorm an
on the other hand the destruction of the Russian a rm y .
com m unication would bo su bm itted to the C abin et on lu o s T h e contest extended along a line of huge fro n t, reaching
dav July 2 0 , when the President w ould tem porarily return to
all the w ay from tho B altic Provinces of Russia down to
W a sh in g to n .
On July 21 the reply w as put into final shape,
Bessarabia.
T ho Russian G rand D u k e N ich o la s, realizing
and on tho sam e day it w as forwarded to A m bassador Gerard
the danger of annihilation, kept steadily drawing back his
for delivery to the G erm an G ov ern m e n t.
On F riday even
troops, while a t tho same tim e engaging in desperato rear
ing July 2 3 , it w as furnished to the newspapers for publica
guard actions with a viow to saving his a rm y .
A t tho end
tion tho next m orn in g. T h e G orm an note was doclared very
of the m on th the Russian lines had been pierced a t numerous
u n satisfa cto ry ,” and tho em phatic statem ent m ade that the
points.
T h e A u stro-G erm an armies apparently m et with
G overn m en t o f tho U n ited States will continue to contond tor
success at b oth extrem ities.
T h e occupation of tho city
tho freedom o f the seas, from w hatever quarter violated,
of L u b lin , southeast of Ivan gorod , and the capture ol tho
w ithou t com prom ise and a t a n y c o s t.”
A fte r impressing
im portant tow n of C holm in tho same v icin ity , indicating
“ very solem nly upon the Im perial G orm an G overn m ent the
that the A u stro-G erm ans had cut tho L u b lin -C h olm R y ., ono
necessity of a scrupulous observance of neutral rights m this
of tho im portant avenues of retreat from W a rsa w , was re
critical m a tte r ,” Secretary Lansing w ound up w ith the broad
A t tho beginning of A u gu st
assertion “ th at repetition b y the com m anders o f Gorman ported at the end of J u ly.
M it a u , the capital of tho Russian Province of C ourland, only
naval vessels of acts in contravention o f those rights m u st ba
2 5 miles southw est of R iga , was occupied b y G erm an troops,
regarded b y tho G overn m en t of the U n ited States, w hen they
while at the other end of the line m arked progress was evi
affect A m erican citizens, as deliberately unfriendly.
I ha
W a rsa w was (Infi
note of the G erm an G overn m en t w as doclared very unsatis dently being m ade in Southeast P oland .
1 he
fa cto ry, becauso it fails to m eet the real differences botwoon nitely taken b y G erm an troops on the night of A u g . 4 .
the two G overn m en ts and indicates no w a y in w hich th e ac G erm ans had some of their m ost noted generals at the fro n t,
cepted principles o f law and h u m an ity m a y be appliod in tho including Field M arshal von H indenburg at ono end and
grave m atter in controversy, b u t proposes, on tho contrary, General von M ackensen at the other, and also General von
arrangem ents for a partial suspension o f those principles B uelow while the Austrians were under com m and of A rch
Official statem ents given out from
which virtu ally sot them aside.
I f a belligerent cannot ro- duke Joseph F erdinand.
Sdiato against an enem y w ith ou t injuring tho lives o f neu Berlin and Vienna indicated that the G erm an and A u stro -
JAN. 15 1916.]
THE CHRONICLE
219
H ungarian arm ies, in addition to the large num ber o f R u s long-term obligations.
On July 3 M . R ib ot addressed a
sian prisoners previously taken, had captured in July 2 3 0 ,0 0 0 letter to the B a n k o f France suggesting that special counters
more R ussians, together w ith 6 7 cannon and 5 5 8 m achine bo set aside in that institution and its branches throughout
guns.
F rance for receiving gold from those who desired in that w ay
I t was announced b y R eginald M c K e n n a in the H ou se of spontaneously to render service to the national defense.
C om m o n s on Ju ly 13 that the subscriptions to the new B rit Besides receiving a bank note in exchange for their g old , each
ish war loan (bearing 4 % % interest) through the B a n k of
depositor was to be handed a certificate setting forth his
E n glan d had reached an aggregate of £ 5 7 0 ,0 0 0 ,0 0 0 ($ 2 ,8 5 0 , service to the cou n try .
T h e G overn m en t’s invitation m et
0 0 0 ,0 0 0 ) .
In addition the subscriptions for sm all am ounts w ith an enthusiastic popular response and enabled the B an k
through the P ost Offices reached £ 2 4 ,0 0 0 ,0 0 0 , m aking to ol b ranee to m ake very im portant additions to its gold holdgether close to £ 6 0 0 ;0 0 0 ,0 0 0 , or $ 3 ,0 0 0 ,0 0 0 ,0 0 0 .
N o state
ingl '- u - ? n
the French G overnm ent issued a decree
m en t was m ade as to the extent to which the £ 5 7 0 ,0 0 0 ,0 0 0 prohibiting the exportation o f g old , the prohibition, h ow subscribed through the B an k of E n glan d consisted o f ordi
?Y ?r * n ot to a p p ly to the B a n k o f France.
T h e Russian
nary subscriptions and how far applications which equally M in ister ot lin a n c e also issued an order prohibiting the
involved a cash subscription, bu t which were m ade for the export o f gold , exceptions, how ever, being m ade in fa v or of
purpose o f securing the privilege o f converting holdings of the subjects or citizens of allied or neutral S ta tes.
The
the first war loan and of the old C onsols into the new 4 % s . Swiss Federal C ouncil, likewise, determ ined to prohibit the
Som e very h eavy subscriptions, from large financial institu exportation o f g old .
In the case of G erm a n y, the export of
tions, were included in the to ta l, the Prudential Assurance the m etal had been forbidden som e tim e previously__ that
C o . having announced th at it was investing £ 3 ,0 0 0 ,0 0 0 in is, on the outbreak of w ar. A ccord ing to G erm an accounts,
the new issue and three leading banks having each announced subscriptions to the second A u stria n war loan , the lists of
subscriptions of £ 2 0 ,0 0 0 ,0 0 0 or o ver, n am ely L lo yd s, the which had been extended until J u ly 5 , aggregated 2 ,6 3 0 London C ity & M id la n d and the Lon don C o u n ty & W e s t 0 0 0 ,0 0 0 kronen— about $ 5 2 5 ,0 0 0 ,0 0 0 .
T h e Russian M in is
m inster, the aggregate for the three being £ 6 2 ,0 0 0 ,0 0 0 .
T h e ter of Finance b y Im perial edict dated July 3 , w as authorized
L ondon C ou n ty Council was reported as subscribing £ 1 , to m ake two issues of Treasury obligations o f $ 2 5 0 ,0 0 0 ,0 0 0
0 0 0 ,0 0 0 , and it was understood th at other cou n ty and m unici each in the form o f 5 % short-term notes free o f incom e tax ,
pal authorities had subscribed liberally. T h e bonds con to be issued in denom inations o f $ 5 0 and upw ards, and to
tained a guaranty that “ In the event o f future issues (other m ature in six m on th s.
T h e Swiss G overnm ent decided to
than issues m ad e abroad or issues of Exchequer bond s, Treas issue a new loan of $ 2 0 ,0 0 0 ,0 0 0 a t 9 6 % , to bear interest at
ury bills, or similar short-dated securities) being m ad e b y 4 % % , the proceeds to be used to cover the cost of m obiliza
his M a je s ty ’s G ov ern m en t, for the purpose of carrying on tion.
T h e G overnm ent o f A ustralia announced a £ 2 0 ,0 0 0 ,
the w ar, stock and bonds of this issue will be accepted at 0 0 0 local war loan.
I t was announced that the subscrip
par, plus accrued interest, as the equivalent of cash for the tions to the Italian war loan up to July 20 had am ounted to
purpose of subscriptions to such issues.”
A paym ent of 5 %
9 5 0 ,0 0 0 ,0 0 0 lire— about $ 1 9 0 ,0 0 0 ,0 0 0 — n ot including all
accom panied the subscriptions which were payable in install sum s subscribed b y Italians in N o rth and South A m erica.
m en ts unless the subscribers chose to p ay in full b y July 20 T h e C anadian G overn m en t, for the first tim e in its historv
under discount a t the rate of 4 1 4 % .
T h e dates o f the dif undertook to borrow from N e w Y o rk bankers, the D om inion
ferent installm ents were fixed as follow s; £ 1 0 % on T u esd ay
having previously done its financing in L ondon.
T h e loan
J u ly 2 0 ; £ 1 5 %
on T u esd a y , A u g . 3 ; £ 1 5 %
on T u esd ay n/Sf
&4 5 >0°0>000 a t 5 % interest and consisted of $ 2 5 ,A u g . 17; £ 1 5 %
on T u esd ay , A u g . 3 1 ; £ 1 0 % on Tuesd ay ^ i
l~ y ear n °t e s , which were offered a t par and interest
S ep t. 14; £ 1 0 % on T u esd ay , Sept. 2 8 ; £ 1 0 % on T u esd ay , and $ 2 0 ,0 0 0 ,0 0 0 o f 2 -y r . notes offered at 9 9 % and interest
O ct. 12; £ 1 0 % on T u esd ay , O ct. 2 6 .
D ealings in the new
th e se notes were convertible a t the option o f the holder at
loan with “ conversion rights o n ” com m enced on July 29 any L m e prior to three m onths before m atu rity into 2 0 -y r
and began at 9 9 @ 9 9 % , from which there was an advance 5 % bonds o f the D om in ion o f C a n a d a , par for par, and free
to 9 9 % , easing o ff to 9 8 % .
On July 3 0 the quotation de from a ny right to prior redem ption. T h e D om in ion also
clined to 9 7 1 4 ; Ju ly 31 L ondon Sto ck E xch a n ge was closed. stipulated that it w ould not borrow further sum s in the
T rad in g ex-conversion rights was scheduled to take place U nited States during the calendar year 19 15 .
T h e issue
Aug. 3.
was taken b y a syndicate com posed o f J . P . M o rg a n & Co
In France and in Belgium and in the Italian-A ustrian Brow n B ros. & C o ., the N ation a l C ity B a n k , the First N a t !
theatre of tho war the developm ents were n ot of very high B a n k of this city and the Local A g en cy of the B a n k of M o n
im portance. T h e Italian n a v y , h ow ever, suffered the loss treal. Subscription books were opened at 10 o ’clock Satur
o f one o f its ships, an Austrian submarine having early in d a y , July 2 4 , and closed shortly thereafter, subscriptions
the m on th successfully torpedoed the cruiser A m a lfi in the having been greatly in excess of the am ount offered.
narrows o f the A d riatic. C losing o f tho A d riatic Sea to
M o re than 2 0 0 ,0 0 0 miners in the South W a le s coal fields on
m erchant vessels o f all nations except when bound for M o n July 15 refused to work unless they obtained higher w ages.
tenegrin or Italian ports under con voy furnished b y the Ital T ho British A d m ira lty a t once issued a proclam ation requisi
ian M in ister of W a r was announced in a cablegram from tioning the entire available coal supply in the m arket. T h e
A m bassador T h o m a s N elson Pago a t R o m e on July 8 .
On
strike was settled on July 2 0 through tho efforts of the M in is
Ju ly 9 it was announced th at G en . B o th a , com m anding the
ter ot M u n itio n s, D a v id L loyd G eorge, b y a further increase
British forces in South A frica , had accepted the surrender of
m wages in addition to the largo increase previously granted,
tho entire G erm an forces in Southw est A frica , bringing hos
i li e G erm an G ov ern m e n t, according to a m em orandum re
tilities to a close in th at section, and adding— so the cablegram
ceived a t tho State D ep a rtm en t from A m bassador G erard a t
said— 3 2 2 ,0 0 0 sq . miles to the U nion of South A frica .
The
B erlin on July 15, ad m itted the torpedoing by a G erm an su b U . S . N a v y D epartm en t on July 8 took over the new and
^ y m e o f the Am erican steam er N ebraskan which was dispowerful wireless station at Sayville, L . I . , this being the
• .?mfK 0 GOast of IreIand on M a y 2 5 .
j
T h e m em orandum
rem aining one of two stations in the U n ited States m aintain
said. T ho attack was n ot m eant for the A m erican flag nor is
ing direct com m unication with G erm a n y.
T h e other one
it traceable to a ny fault on the part o f the com m ander o f the
located at T u ck erton , N . J ., had been "taken over b y the
G erm an subm arine, b u t is to bo considered an unfortunate
U . S . G overn m en t the previous Septem ber. T h e Sec. of
a ccid e n t.”
T h e G erm an G overnm ent expressed its regret a t
C om m erce found th at G erm an interests owned the entire
the occurrence and declared its readiness to m ako com pensa
stock o f tho com p an y , and that the plant in all its parts was
tion for the dam age thereby sustained b y A m erican citizens.
now .
T h e U . S. G overnm ent considered th at to grant tho
Pile A u stro-H u n garian G overnm ent forwarded a note to the
licenso asked under these circumstances would bo an un
Am erican G ovornm ont protesting against the large shipm ents
neutral act on the part of the Am erican G overn m en t.
of m unitions o f war from this country to the E n ten te Pow ers.
T h e British Parliam ent before adjournm ent granted the
Tho note was said to bear date of June 2 9 . A rebuke for the
request of the G overnm ent for a now credit of £ 1 5 0 ,0 0 0 000
publication o f an advertisem ent on M a y 6 o f a m achine for
T h is did n ot contem plate an additional loan , bu t was m erely
tho m anufacture o f poisonous shells, described as capable o f
authority to spend for war purposes m on ey already in hand
causing wounds which w ould result in an agonizing death
T h is supplem entary v ote brought the sum appropriated b v
within four hours, was adm inistered b y Secretary o f C o m
Parliam ent for war expenditures since tho beginning of the
m erce W illia m C . R ed field , in letters addrossod to the pu b
now financial year the previous M a rch up to £ 6 5 0 0 0 0 0 0 0
lishers of tho paper and an officer o f the C leveland A u tom a tic
W i t h the am ou n t voted prior to M a rch 1 1915 a’nd since
M ach in e C o ., which is alleged to have inserted the advertise
A u g . 5 19 14 , the grand total of war appropriation was raised
m en t. T h e British steam ship Iberian, o f the Leyland L ine,
to £ 1 ,0 1 2 ,0 0 0 ,0 0 0 .
Premier A sq u ith stated th at for the bound for B oston from L iverp ool, was torpedoed and sunk on
first seventeen days of July the war expenditures had been July 3 0 b y a Gorm an submarine w ith a loss o f one or two
£ 5 4 ,0 0 0 ,0 0 0 and that tho rate of expenditure showed a daily A m ericans.
It appeared, how ever, that the ship had been
tendency to rise.
In tho French Parliam ent a bill appro ordered to stop and subm it to search and had been shelled
priating 5 ,6 0 0 ,0 0 0 ,0 0 0 francs to cover G overn m en t expenses when attem pting to escape.
for tho three m onths beginning Ju ly 1 was passed.
M
G rain prices were erratic.
I t was known that both Canada
R ib o t stated th at in eleven m on th s the French public had and the U nitod States had w heat harvests of unexam pled di
subscribed to 8 ,4 0 0 ,0 0 0 ,0 0 0 francs of N ation al D efense bonds m ensions. B u t , on the other han d , thoro seemed [no early
and other national obligations.
T h o G overn m en t received probability o f the forcing o f the straits o f the D ardanelles.
authority to raise the lim it of the authorized am ou nt of the U nder the influence o f these two sets o f factors, a ny im portant
treasury defense bonds from 6 ,0 0 0 ,0 0 0 ,0 0 0 francs, as fixed developm ent one w a y or the other was sure to produce decided
b y the law o f M a y 18, to 7 ,0 0 0 ,0 0 0 ,0 0 0 francs, subscriptions fluctuations.
T h u s, on July 2 6 , prices, after being run up
having already exceeded the previous lim it b y m ore than several points, sharply doclined, ow ing to the sinking of the
lo 0 ,0 0 0 ,0 0 0 francs.
T h e next m on th (A u g. 5 ) "in asking for Leolanaw o ff the coast o f Scotland b y a G orm an subm arine,
t , r., er, oxt°n sion of the limit M . R ib ot stated that on
tho July option a t Chicago dropping from $1 16 % : to $1 1 1 % !
July <31 there were 6 ,9 5 8 ,0 0 0 ,0 0 0 francs of treasury issues in though w ith some recovery before the close. T h e low point
circulation, that in Ju ly alone 8 2 5 ,0 0 0 ,0 0 0 francs net had in this option was $1 0 5 % July 6 , the high point $1 18 J uly 15
been placed in short-term bonds and 3 2 2 ,0 0 0 ,0 0 0 francs in from which figure thero was a drop again to $1 0 7 % July 2 1 ,
220
THE CHRONICLE
[Vol . 102.
lations.
T h e 72-in ch lim it had barred out from parcel post
shipm ent practically all standard-sized crates used in the
com m ercial exchange of berries and fruits.
T h e Postm aster
also arranged to increase rural mail delivery service b y es
tablishing new rural routes and extending the service over
existing routes.
T h e disappearance of the conditions ne
cessitating Federal and State quarantines against c attle, owing
to the prevalence of the fo o t-an d -m ou th disease, was evi
denced b y the announcem ent of the rem oval of m ost of the
restrictions not previously rem oved .
_
.
Chicago suffered one of the worst excursion disasters on
record in the capsizing on July 2 4 o f the excursion steam er
E a stla n d , claim ing the lives o f 8 1 2 persons, according to the
revised report of the C oro n er’s office issued the follow ing
3 % c . to 3 % c .
T 1 n f
T h e E astland had been chartered to carry som e
A n attack on the life of J . P . M o rga n was m ad e July 3 at Septem ber.
M r M o r g a n ’ s country hom e on E a st Island near G len C o v o , of those who were to take part in the annual picnic planned
L . I . , b y a G erm an instructor a t Cornell U n iversity known as b y tho W este rn Electric C om p an y for its em ployees and ar
F ran k H o lt, b u t w ho was identified as Erich M u e n te r, a ranged for at M ichigan C ity , Indiana, across Lake M ic h i
T h e steam er was the first of five boats schedules to
H arvard in structor, w ho disappeared after haying been in gan.
dicted for tho m urder of his w ife in 1 9 0 6 . H o lt killed himself leave Chicago w ith the excursionists, and overturned a t her
in the N assa u C o u n ty Jail a t M in eo la on July 6 . Besides his pier in the Chicago R iver just as she was to d e p a r t; the
a ttack upon M r . M o r g a n , H o lt w as responsible for the hawsers were still attached to the vessel when she w ent over,
wrecking of the Senate reception room in the C ap itol at and the force of its plunge tore the pilings from the pier.
W ash in g ton b v a b om b on J u ly 2 .
In a statem en t concerning T h e vessel was officially authorized to carry 2 ,5 0 0 and was
his a ttack on M r . M o r g a n , H o lt said th at his m otive was to supposed to have had close to that num ber on board.
Secretary of the Treasury M c A d o o on July 2 7 m ad e a call
try to influence M r . M o rg a n to use his influence in tho m a n u
facture o f am m unition in the U n ited States and am ong m il on the national banks for a return of G overnm ent deposits
lionaires who are financing the war loans to^have an em bargo to the am ou n t of 8 3 ,0 9 7 ,5 0 0 between A u g . 10 and A u g .25 .
pu t on shipm ents o f am m unition so as to relieve the A m erican T h is action was in furtherance of the D ep a rtm en t’s policy
pcoplo from com p licity in the dcntlis of tho thousands o f our o f lim iting these funds in bank depositaries to tho am ou n t
Europoan b roth ers.”
H o lt forced his w a y into M r . M o rga n s necessary for tho transaction o f the G overn m en t’s business,
h ouse, carrying two revolvers and sticks o f d y n am ite. M r . and was in addition to about $ 5 ,0 0 0 ,0 0 0 G overnm ent funds
M o rg a n grappled w ith him and attem p ted to disarm h im , b u t withdraw n from the national banks several m onths before
H o lt succeeded in firing two shots a t tho ban ker, one of the for the sam e reason. T h e N . Y . Clearing H ouse Association
bullets entering the groin and lodging near the baso of the passed a resolution authorizing the establishm ent in the Clear
spinal colu m n , the other piercing the right groin and passing ing H ouse of a departm ent for the collection of ou t-of-tow n
out through the th igh . T h o ban ker, h ow ever, w as n ot seri checks, and the system was inaugurated early tho next m onth
__ M o n d a y A u g . 9 .
T h e new plan did aw ay w ith the old
ously injured and quickly recovered.
T h e U . S . D istrict C ou rt at Philadelphia in the suit ot the system w hereby each N e w Y o rk bank was com pelled to
U n ited States against the R eading C o . and its allied com send separately for collection each day to the respective
panies, the P h ila. & R ea d . R y . and the R ea d . C oal & Iron banks outside the city the out-of-tow n checks it had received
C o ., held th at there was nothing in the relations of these drawn upon th em . T h e new departm ent began by collecting
com panies th at constituted a violation of either the Sherman item s drawn on banks which had agreed to rem it at par on
A n ti-T r u s t L aw or the C om m odities Clause of the Inter d ay of receipt. There were 3 8 8 such institutions on the dis
State C om m erce A c t .
T h e op in ion , written b y Judge M c cretionary list when the departm ent was inaugurated, the
Pherson and concurred in b y Judges B u ffin gton and H u n t, list em bracing banks and trust com panies in M a ssach u setts,
differentiated this case from the L ackaw anna case ju st de R hode Islan d , C onnecticut, N e w Jersey and N ow Y o rk .
cided b y the U . S . Suprem e C ou rt b y pointing out that the B y N o v . 1 the num ber o f institutions on the discrotionary
decision in the Lackaw anna case was based upon the fact list had increased, according to a circular then issued, to 4 9 2 .
th at the Supreme C ou rt held th at the L ackaw anna R R - , For item s payable in the cities of B o sto n , Providence, A l
originally the owner of coal, retained an interest therein and b a n y , T r o y , Jersey C ity , B ay on n e , H o b o k e n ,N e w a r k ,P h ila
was therefore prohibited from also carrying the coal, while delphia, B altim ore, and for item s payable a t all Federal Re
in the case of the R e a d in g , the R ailw ay com p an y never serve banks b u t San Francisco, the charge is discretionary.
owned coal a t all or had any interest m it, the P h ila . & R ea d . T h e Federal R eserve B oard under date of July 15 announced
R y . and the R ea d . C oal & Iron C o . being distinct and sepa a regulation dealing w ith “ trade acceptances” as a distinct
rate corporations.
T h e decision was favorable to the G o v class of com m ercial paper for which the B oard was “ ready
ernm ent in three m inor respects, the m ost im portant ot t hese to approve tho establishm ent of a discount rate som ew hat
1 ho
being in regard to the ownership of nearly all the stock ot lower than that applicable to other com m ercial paper.
the Lehigh & W ilk es-B arre C oal C o . b y the Central R R . of Connecticut Legislature on the previous M a rch 3 0 passed an A c t
N . J ., which is controlled b y the R eadin g C o .
T h e D istrict which took im m ediate effect perm itting savings banks to invest
C ou rt thought that the united control o f the P h ila. & R ea d . in the acceptances authorized b y Section 13 of the fe d e ra l
C oal & Iron C o . and the Lehigh & W ilk es-B arre C oal C o. was R eserve A c t o f a n y national bank , or m em ber o f a ¥ ederal
condem ned b y the rules laid down in the N orthern Securities R eserve bank , in C onnecticut, or in tho cities of B osto n ,
case b y the U . S. Suprem e C ou rt.
T h e privilege sought by P rovidence, N e w Y o r k , Philadelphia or of a ny Stato bank or
railroads in Official Classification T erritory o f imposing trust com p any in Connecticut which m a y be authorized to
.
, .
special charges for “ spottin g” freight cars— placing them on issue such acceptances.
Railroad Events and Slock Exchange Matters.— In tho stock
private sidings and industrial-plant tracks for loading and
unloading— was denied in a decision handed down b y the m arkot there w as a recrudescenco on a largo scalo of specula
In ter-S ta te C om m erce C om m ission on July 12.
A charge tion in tho war stocks. T ho advances in somo of tlio share
for the service of 5 % cents a to n , or a m in im u m of 82 per properties which woro tho special o bject of m anipulation
reached sonsational proportions and gave occasion for deop
car, had been proposed b y the roads; the proposed tariffs
concern. In tho case of tho Crucible Steel C o ., a m em ber of
were filed during the hearing of the 5 % rate case and the
tho executive com m ittee deem ed it incum bent to state th a t,
charge had been advocated b y Louis D . B ran deis, Special
in his estim ation, thoro w as no warrant for tlio figures to
A tto rn ey to the Com m ission when the 5 % rate case was un
which tho com m on stock had boon boosted .
H e said that tho
der consideration, as a m eans of increasing the revenue of the
provious year the com p any had been obliged to suspend p ay
roads.
A ccording to the view o f the C onunission, the iinm ents on its pref. shares, that thoro were largo arrears of divi
position of the additional charge for “ sp o ttin g ” on the in
dustries served and n ot upon other industries for which line- dends on tlieso shares which w ould Iiavo to bo paid boforo a n y
haul services are perform ed “ would result in unjust dis thing could bo distributed on the com m on; that while tho
crim in ation .”
T h e C om m erce Com m ission also m ade known com p an y was handling very considerable business growing out
its decision with regard to the changes in lighterage and stor o f war contracts, and this business w ould undoubted ly yiold
age regulations sought b y the railw ay com panies operating large profits, y e t the business itself in current statem ents was
lines entering N e w Y o r k C ity from the W e s t and N o rth ; being greatly exaggerated, and that altogether prevailing
prices for the shares seemed w holly unjustified.
I lie first
while some of the applications for increased charges and re
effect of this w as to cause tho com m on shares to drop from
duction in the tim e of the free storage privileges were granted,
about 51 to 3 9 , b u t those behind the m ovem en t were not a t all
the m ajority of the petitions were declared b y the C om m is
disconcortod, and aftor tho lapso of a few days succeeded in
sion unjusitifed.
T hese proceedings also derived interest
getting the stock m ovin g upw ard again, and .July
11
from the circum stance that the changes proposed arose out
touched 8 3 , th en , how ever, a renewed tu m b le bogan, tlio
of a recom m endation of the C om m ission in its deciswn in tho
close being a t 6 8 % .
T h e speculative furore was confined
5 % case, that the carriers investigate their terminal and
largoly to the war stocks, and railroad properties did n ot par
other services w ith a view to the conservation of their reve
ticipate in it to any groat oxtent, and m fact on occasions woro
nues.
In the C om m ission ’s estim ation , how ever, the tariffs
decidedly w eak. Even in tho caso o f the war stocks, the rise
under investigation were not “ responsive to the spirit of
was not uninterrupted or continuous.
1 ho whole m arket was
th at recom m en d ation .”
A s illustrating the difficulties be
w eak a t tim es for spocial reasons.
Ono spell o f weakness
settin g the railroads on every side, P ostm aster-G eneral Burle
cam o a t tho vory beginning o f tho m o n th , when S t. I mil com .
son on July 13 issued orders increasing the size lim it for arti
sharply declined because o f rumors that the dividend m igh t
cles sent b y parcel post from 72 inches in com bined length
be reduced (it was subsequently cut from 5 % to 4 % ) , and
and girth to 8 4 inches, and also directing the giving of re
N o . P a c . becam e sym p athetically w eak , while C an . P ac. was
ceipts for all parcel post packages on the p aym en t of 1 cent
unfavorably affected b y continued poor reports o f oarnings.
for the sam e.
I t was stated th at the principal effect of the
T h o a ttem p t on tho lifo o f J . P . M o rg a n on S a tu rd a y, July 3
increase was to bring the com m ercial crate w ithin the regu
w ith a recovery to S I 1 6 % July 2 6 and a renewed drop to
§1 0 7 % July 3 1 , w ith the close th a t day at SI 0 8 % . July
corn a t C hicago rose from 73 ibgc. J uly 1 to 81 % c . J u ly 2 4 ,w ith
the close July 31 79 % c . July oats a t Chicago on b ad weather
and decreasing stocks ran up from 4 4 % e . July 1 to 5 J % c .
July 3 1 , but on the distant op tion s, owing to the certainty
th a t the new crop of oats was to bo largo, fluctuations were
narrow on a m uch lower b asis, the extrem es for the Septem ber
option being 3 7 July 6 and 3 8 % July 2 8 .
C o tto n sharply de
clined because of foars of serious com plications w ith G erm any
from 9 .6 0 c . July 1 (m iddling uplands grade in N e w Y o rk ) to
8 .9 0 c . July 10, bu t subsequently recovered and Ju ly 31 was
9 .3 0 c . Print cloths a t F all R iver were reduced Ju ly 10 from
J an 15 1916.]
THE CHRONICLE
did not improve the situation at this stage, and foreign liqui
dation proved very extensive, so that during the first ton days
of the month nearly tho whole list of railroad shares, and in
particular N . Y . Central, Now H aven, Reading, U n. P ac.,
So. Pac. and Leh. V al. suffered serious declines. The first
effect of tho Gorman reply also proved disturbing, but there
after the market was taken in hand, and, under tho leadership
of the war stocks, was subjected to ballooning tactics which
resulted in carrying tho whole list of stocks upward.
The
news with regard to the sinking of tho American steamship
Leelanaw caused a sharp downward plunge on M onday,
July 20. Almost immediate recovery, however, ensued, as it
appeared that tho act did not come within President Wilson’s
definition of a “ deliberately unfriendly” act. Later, the up
ward movement in tho war stocks was carried to still dizzier
heights and many of the railroad shares moved along on the
general tido. A t the very close of the month, however,
realizing seemed to be in progress on a large scale, and some
sensational declines were noted, of which Crucible Steel fur
nished a sharp example. A tl. & Chari. Air Lino sold S3,500,000 1st M tg . sorios “ B ” 5s. New Jersey Zinc C o.
authorized an increase in its stock from $10,000,000 to $35,
000,000 for the purpose of making a 2 5 0 % stock dividend.
Wostern Maryland defaulted on prin. and int. of $10,000,000
5 % and $6,000,000 6 % notes maturing July 1. The Inter
State Commerce Commission granted a petition of the ex
press companies, which had the effect of increasing express
rates on the average nearly 4 % on packages weighing less
than 100 lbs. Chic. M il. & St. P . reduced its s.-a. div. on
com. from 2
to 2 % ; U . S. Rubber omitted the quar. div.
on com. Pacific Coast Co. omitted the quar. div. on com.
K an . & M ich, omitted its quar. dividend. American Bank
N ote C o. resumed by declaring 1 % on com. Consol. Gas
of Now York declared ] /i % extra in addition to the usual
1 H % quar. payablo Sopt. 15, this boing tho second extra
uar. payment. Pittsburgh Steel resumed on pref. by
eclaring 1 2 4 % quar.
3
Stock Fluctuations.
J u ly
1.
Railroads—
Atcli Top & Santa Fe.
100 54
Baltimore & Ohio___
76 X
Canadian Pacific........
143
Chesapeake & Ohio.. .
3854
Chic Mllvv* St Paul..
90 X
E rie.............................
26X
Great Northern, pref.
1 18
Louisville & Nashville. *11644 1 20
N Y C * Hud River.
88%
N Y N H & Hartford..
64 X
Norfolk & Western_
_
103
Northern Pacific........
106X
Pennsylvania________
10544
Reading Com pany_
_
147 44
Southern Pacific C o ..
8754
Southern Railway___
15X
Union Pacific________
127%
Industrial, &c.—
Allis-Chalmers M fg_
_
17
Preferred_________
52 %
Amalgamated Copper.
74 X
Amer Agrlcul Chem__ *51
52
Amer Can___________
45)4
54 X
Amer Car & Fdy____
Amer Coal Products..
113
49
Amer Locomotive___
Amer Smelt & Uefg__
78X
29
Amer Woolen________ *24
AnacondaCop (par$5!)
s$ 7 1 X
Baldwin Locomotive..
6444
Bethlehem Steel Corp.
16841
Central Leather..........
40X
Colorado Fuel & Iron.
31
Continental Can____ *55
61
Cuban American Sugar * 8 6 X 89
224
General Chemical___ ,
General Motors..........
15444
52%
Goodrich (B F )______!
Insp Con Cop (par $20) ■ $31
Lackawanna Steel___ *45
47X
40
Maxwell Motors____
4745
Pressed Steel Car____
Railway Steel Spring. .
30 H
Republic Iron & Steel.
2944
Studebaker Corp (The)
7645
Texas Co (The)_____
128
U S Indus Alcohol___ *37
39
U S Rubber_________
5144
United States Steel_
_
59J4
Western Union Teleg. *6544 67
j
J u ly
31.
R an ge fo i
Low .
110044
77944
14444
41
81
2644
j i n x
*710944112
JSSX
02
*105
106
J 10644
10744
714754
8744
1345
12844
3244
69
H ig h .
9854 July 10 10244 July 28
75 July 8 8244 July 28
138 July 23 14744 July 2S
3554 July 9 4145 July 28
7754 July 26 91 July 2
2454 July 9 27 July 28
J11444 July 9 11844 July 6
10444 July 8 11744 July 2
78244 July 9 8944 July 6
55 July 10 6544 July 6
10144 July 9 10644 July 28
x 10144 July
8 10754 July 28
104J4 July 9 10844 July 30
143 July 12 114944 July 30
82 44 July 17 8844 July 2
16 July 1
12 45 July 23
123 July 9 130 July 28
16 July 12
5244 July 10
6944 July 27
4844 July 12
5544
44 July 10
5744
57
5244 July 10
113 July 1
14544
5344
4244 July 12
74 July 9
7844
*20
27
22 July 26
s$69
$$6544 July 27
64 July l
7844
255
16444 July
4144
40 July 3
39
3044 July 10
7444
6444 July 10
110
8644 July 10
«280
224 July i
178
153 J4 July 1
5144
4844 July 19
$3244
$2944 July 26
50
4345 July 9
3344
29 July 28
5044
4344 July 10
3544
30 July 7
4244
2754 July 10
8444
.7644 July 3
133
12545 July 9
*5844 5844
5344 July 9
4544
44 July 24
6644
5844 July 7
•6844 69
6554 July 12
3344 July 31
72 July 29
7544 July 6
5644 July 31
6144 July 27
5944 July 2
17044 July 1
60 July 2
8054 July 1
2544 July 1
s$72 July
85 July 2
275 July 2
4344 July 2
4344 July 2
7844 July 2\
125 July 2!
290 July !
18944 July E
55 July 5
$3254 July 31
5254 July 2G
4044 July 2
53 July 2£
3744 July 2£
4644 July 2E
85 July 3(
13344 July 25
5944 July 2i
5354 July ]
6844 July 2!
7054 July It
a Less than 100 shares. J Quoted ex-dlvldend during the month' and n r w
this date. $ Par changed from $25 per share to $50. * Ex-dlv°dend * uldand
asked price; no sale.
221
ish credit in New York, but nothing definite transpired in
tnat regard. Dearer money in London, growing out of
tne war loan subscriptions, was an inducement to American
banks and bankers to hold their balances abroad rather than
draw their funds home, but exchange closed at the lowest
n month. The placing in this country of the
0 o,UdU,0UU Canadian Government loan undoubtedly played
some part in interrupting the gold movement from Canada.
,
rc ?7 oVo noo1 g° ld importations into the United States
were $17,262,938. Bankers’ demand sterling, after touchThp4 R 6n C ?f4 V V\ JuJ y 7 ’ wa* ojdy 4 7 5 2 4 @ 4 7624 July 31.
7o
1 ij . ank ot England succeeded in augmenting its bullion
holdings handsomely, but the demands of the Government
m connection with the new war loan and the further output
ot treasury bills at high interest rates tended still further
open market discount rates, which advanced above
tlie 5 /o official minimum rate maintained by the Bank of
Lngland; on July 31 quotations were 534 for G days and
O
o(g}0/4 for 90 days. N o open market discounts were rei
or tim Continental centers. Silver in London tended
still lower, and July 29 was quoted at 22 5-16d. per oz. The
price July 31 was 22 7-lGd.
The remaining m onths o f this m onthly narrative will be given next week.
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
I he public sales of bank stocks this week aggregate
twenty-two shares, of which ten shares were sold at auction
and twelve shares at the Stock Exchange.
S h a re s . BANKS
N e w Y o rk .
Low .
10 Bronx Borough Bank______ 140
*2 Commerce. Nat. Bank o f . . . 17S
*10 M eehan. & Metals Nat. B k. 275
H ig h . C lo se.
140
178
275
140
178
275
L a s t p r e v io u s s a le .
Jan'.’ 1 0 1 & U '" j s o "
Dec. 1915— 273
♦Sold at the Stock Exchange.
M ajor Charles Elliot Warren, Chairman of Group V I I I .
and President of the Lincoln National Bank, will preside as
toastmaster at the annual dinner of the Associated Banks of
the City of N ew York to be held at the Hotel Astor on M on
day evening, Jan. 7. Augustus Thomas, the playwright,
and Dwight W . Morrow will be the speakers of the evening.
The Mendelssohn Glee Club of New York, composed of sixty
members, will be present as guests of the bankers and will
furnish the class of entertainment for which this old musical
organization is famous. The membership of the reception
committee includes HenryP. Davison, William H . Porter,
Albert H . Wiggin, William Woodward, Edmund C . Converse
and others. The executive committee in charge of the din
ner is as follows; Joseph B . Martindale, Stephen Baker,
Joseph Byrne, Louis G . Kaufmann and Charles H . Sabin.
Reservations to date number nearly 1,000 guests.
A t tho annual meeting of the National City Bank this week
tho directors appointed tho following new Assistant Cashiers:
John G . Scattergood, William J. Birdsall, J. Lowry Dale and
H . J. Dreher. W ith the exception of tho latter, who was
formerly Assistant Cashier of the Marshall & Ilsley Bank of
Milwaukee, W is., the new officials were all heretofore con
nected with tho bank. James E . Denning has been appointed
the bank’s European representative, and M auritz W . Pj^k
its Scandinavian representative.
Frank A . Vanderlip, President of tho bank, has announced
his withdrawal from tho directorates of the National Bank
of Commerce and tho Farmers’ Loan & Trust Co. of this city
and the Riggs National Bank and the American Security
& Trust C o. of Washington, D . C . M r . Vanderlip is a direc
tor in many large corporations and his action is a move to com
ply with tho Clayton A ct regarding interlocking directorates.
William Cooper Procter, President of the Procter & Gamble
L o ., iias been added to the board of the National City.
The M o n e y M arket .— The money market stiffened a bit
and quotations for time loans fractionally advanced
Call
money, however, did not get above 2 % the entire month.
A t the annual meeting of the stockholders of tho Chase
Time money July 31 was 2 y 2 @ 2 % for 60 days, 3 for 90 da vs
National Bank of this city all tho directors wore re-elected,
3
for 4 m os., 3 ^ @ 3 J ^ for 5 mos. and 3 ^ for 6 m os’
Commercial paper remained at 3 @ 3
for choice double and with tho exception of James J. Hill, who retired; his place
primo single names, while good single names were quoted at on the board was taken by his son, James N . Hill. Messrs.
3^@ 4.
M oney holdings of the N ew York Clearing House Daniel C . Jackling of San Francisco, Frank A . Sayles of
institutions were further reduced from $455,551,000 June 26 Pawtucket, R . I ., and Charles M . Schwab were addod to
to $430,768,000 July 10, but recovered to $449,003,000 tho board. Of the new directors, M r . Hill was connected
July 31. The gold on deposit with the Federal Reserve Bank
with the Great Northern R y . from the time of his graduation
after dropping from $131,887,000 June 26 to $126,523,000
July 10, increased to $133,737,000 July 31. Loans Julv 31 from Yale University in 1893 until he became Vice-President
were $2,577,944,000 July 31, against $2,476,297,000 June of the Northern Pacific R y . in 1905, in which capacity ha
26, and deposits $2,695,302,000 against $2 ,582,564,000.
served until 1913. He is still a director of that company,
lorcig n Exchange, Silver, & c .— Foreign exchange tended also of tho Chicago Burlington & Quincy R y ., Colorado &
towards still lower figures. A t the beginning of the month Southern R y ., Pacific Coast C o ., The Texas Co. and a
there was some manifestation of strength, which was ascribed
to the liberal selling here of American securities on foreign I number of other corporations. M r . Jackling is President
account, growing out of the hugo subscriptions to the new I of the Utah Copper C o ., and largely interested and active in
British war loan. Reports were current all through the tho development and management of public utility corpora
of negotiations for the establishment of a large B rit. tions of tho Pacific Coast. M r . Sayles is President of th
month
222
THE CHRONICLE
Slater Trust C o. of Pawtucket and has extensive interests
in various textile mills in New England. M r . Schwab, as is
well known, is President of the Bethlehem Steel C o.
Gates W . M cGarrah, President of the Mechanics & M etals
National Bank of this city, has been elected to the Presi
dency of the Produce Exchange Bank. As wo reported
some months ago, control of the Produce Exchange Bank has
been acquired by interests connected with the Mechanics
& M etals N ational. John R . W o od , heretofore Vice
President and Cashier of the Produce Exchange, continues
as Vice-President; Thomas B . Nichols, Assistant Cashier,
has become Cashier, and Charles H . Tompkins, Assistant
Cashier. William H . Childs of the American Coal Products
C o. and Charles S. Sargent Jr. of Kidder, Peabody & Co.
have been added to the board of directors.
Herman D . Kountze, heretofore Vice-President, has been
elected to the presidency of the Atlantic National Bank of
this city, succeeding Phineas C . Lounsbury, who has become
Chairman of the Board.
In the Columbia Bank of this city, Joseph Fox retired from
the presidency and was elected Chairman of the board. Eli
H . Bernheim, formerly Vice-President, was elected Presi
dent. M r . Fox was President for about twenty-eight years.
In addition to changes in tho local directorates noted fur
ther below, the following are among tho board changes made
this week:
A m e r ic a n E x c h a n g e N a t io n a l. — Additional members of the board are
John S. Browning, George Legg, James A. Smith and Edgar J. Nathan,
B a n k o f N e w Y o r k , N . B . A . — William S. Coffin o f W . & J. Sloane
elected to tbe board. Philip T . Dodge, President of the Mergenthaler
Linotype C o., and Eustis L. Hopkins o f Bliss, Fabyan & C o., were elected
as directors to succeed J. G. McCullough and Daniel A. Davis, deceased:
and Joseph Andrews, the bank’s Cashier, who resigned from the board.
B a n k o f the M e t r o p o lis . — With the resignations o f C . H. Hackett and
E D Faulkner, the board is reduced from 16 to 14 members.
'B a ttery P a r k N a t io n a l B a n k .— Alfred Romer of the Shults Bread Co. was
elected a director to succeed the late Max M . Normann.
B r y a n t P a r k B a n k . — John Reisenweber elected a director to succeed
Andrew Massenat, resigned.
..
„
B r o a d w a y C e n tra l B a n k . — F. Crave elected a director, succeeding Henry
y0CUizen^Cent7al National Bank.— Board increased from 15 to 17 members
with the addition o f Henry A . Caesar of I I . A. Caesar & Co. and Howard
F. Clark o f Burton Bros. & Co.
_
.
. ,
First N a t io n a l B a n k .— A . Barton Hepburn, Chairman of the board of the
Chase National Bank, resigned from the directorate to conform with the
provisions o f tho Clayton Act; his place was not filled.
G a r fie ld N a t io n a l B a n k .— A . B. Duke elected a director to succeed Charles
P. Wills: Samuel Adams o f Adams Flanigan Co. and Arthur W . Snow,
Cashier o f the bank, were also elected to the board.
G e r m a n -A m e r ic a n B a n k . — William Siegel o f Oelrichs & Co. elected to the
board.
G ree n w ic h B a n k . — Paul Moller elected a director, succeeding Henry Ileide,
resigned.
. . .
H a n o v e r N a t io n a l B a n k . — Henry W . Howe of Lawrence & Co. elected a
director, increasing the board from 22 to 23 members.
I r v in g N a t io n a l B a n k . — Board increased from 27 to 28 members with the
election o f Vice-President II. E. Ward as a director.
L ib e r ty N a t io n a l B a n k .— Frank II. Bethell and Vice-President Alexander
M . Hall 2d elected to succeed Union N. Bethell and Z. S. Freeman,
[Vol. 102.
Howland, Robert E . B oyd, W m . A . Duncan and Edwin
G ibbs.
A reorganization of the national bank directorates so as to
conform with tho provisions of the Clayton law regarding
interlocking directorates was witnessed at tho annual meet
ings this week. A number of prominent men who activities
on different bank boards interfere with tho provisions of the
Clayton Act havo resigned to meet those requirements. So
far as the official staffs of local banks are concerned, the
changes were but few.
In tho Fifth Avenue Bank A . S. Frissell declined roelection as President and was unanimously elected Chairman
of the board. Theo. Hetzler was electod President. M r .
Hetzlor entered the bank about twenty-five years ago as
a messenger and has risen to tho head of the institution by
successive stops; ho previously served as Cashier, and later
as Vice-President, the office he hold at tho timo of this
week’s meeting. B . H . Fancher was elected Vico-President
to succeed M r . Hetzler.
The following directors were
elected for tho ensuing year: Gardnor Wotherbeo, A . S.
Frissell, John D . Crimmins, James G . Cannon, Thomas S.
Van Valkenburgh, William H . Porter, B . H . Fancher, Henry
R . Ickelheimer, Howard C . Smith, Cornelius N . Bliss Jr.,
Alfred E . Marling and Theodoro Hetzler.
Frederick Phillips, Vice-President of the Ilarriman N a
tional Bank of this city, was the only new director elected
to the board of the bank at this week’s annual meeting.
M r . Phillips on the Harriman board succeeds Robert M .
Gallaway, President of Merchants National Bank. Siuco
its organization as a national bank March 20 1911, when
the deposits were $4,100 ,00 0, the Harriman National Bank
has more than quintupled its doposits, showing $21,600,000
under tho latest call of the Comptroller at the close of busi
ness Dec. 31 1915. The officers of the Harriman National
Bank are: Joseph W . Harriman, President: Bryan L . Kennelly, Vice-President; Frederick Phillips, Vice-President;
Thomas B . Clarke Jr., Vice-President; John A . N oble,
Cashier; Orlando H . Harriman, Assistant Cashier; William
A . Burke, Assistant Cashier.
The Jan. 1 statement of the New York Trust C o ., 26 Broad
S t., this city, testifies to the continuous steady growth of
this institution, which has during tho past year nearly
doubled its doposits to $76,648,725, and paid 3 2 % dividends
on a capital stock of $3,000,000. Surplus and undivided
profits alone total $11,247,085, and aggregate resources
$93,107,391. A t this week’s annual meeting of tho stock
holders of the New York Trust, the following were ro-elocted
trustees of the institution for a term of throe years: Otto
T . Bannard, James A . Blair, Mortimer N . Bucknor, Benja
min S. Guinnoss, W alter Jennings, Chauncey Keop, John C .
M cC all, Edmund D . Randolph. Dean Sago, James Stillman.
Tho list of directors elected at this weok’s annual mooting
of the stockholders of tho Coal & Iron National Bank of
successors to Albert Plaut and Lowell M . Palmer, deceased, having been this city shows as tho only chango since last year the elec
chosen.
„ , _
, , T
tion of Ford Huntington, Vice-Prosidont of the N ew York
M e tr o p o lita n B a n k .— B . Edwin Zather, Treasurer o f tho Travelers In
Telephone C o ., in place of tho lato James II. Parker, docoasod.
surance C o., elected to the board, succeeding S. C. Dunham, deceased.
N a t io n a l B a n k o f C o m m erce. — Frank A. Vanderlip, President of tho Na
On D ec. 31 last tho bank completed one of tho most prosper
tional City Bank; Albert II. Wiggln, President of the Chase National Bank;
F. L. Hine, President o f tho First National Bank, and W . A. Simonson, ous years of its history, its deposits exceeding $10,000,000
President o f the Second National Bank, retired, reducing the board from for tho first timo, and tho surplus and undivided profits
25 to 21 members.
exceeding $700,000, all of which has beon oarnod as well as
N a t io n a l B u tch ers & D ro v e rs B a n k . — Edward T . Howland elected a di
a portion of tho bank’s capital and thirty-eight quarterly
rector, succeeding C . C. Marshall, retired.
N e w Y o r k C o u n ty N a t io n a l B a n k . — W . II. Noyes of Swift & Co. elected to
dividends, tho last being at the rate of 8 % por annum on
succeed Pedro R . de Florez.
the present capital of $1,000,000.
P a c i fi c B a n k . — W . H. Bennett succeeds Charles II. Steinway on tho di
SV(A Ia r k c l & F u lt o n N a t io n a l B a n k — Board decreased from 18 to 16, no
rectorate.
P u b lic B a n k . — Walter E. Meyer and Edward Wise have been elected
directors, succeeding Henry O. Ollesheimer, resigned, and Louis Beil, doceased.
The Dec. 31 statement of the Farmers’ Loan & Trust Co.
of N ew York, Paris, London and Berlin is an interesting
record of business for 1915. Its deposits on that day,
$158,597,134, compare with $117,380,356 for D ec. 31 1914,
surplus and undivided profits, which were $6,368,618 twelve
months ago, have been increased to $7,382,950 D ec. 31 1915,
and aggregate resources from $126,919,545 to $169,748,668
in the same period. The company’s capital is $1,000,000,
and it commands a higher market price than the stock of any
other N ew York trust company. Edwin S. Marston is
President of the institution; Samuel Sloan is Vice-President;
Augustus V . Heely, Vice-President and Secretary; W m , B .
Cardozo, Cornelius R . Agnew and J. Herbert Case are
Vice-Presidents. The Assistant Secretaries are; Horace F.
A t this week’s annual election of tho Sherman National
Bank of this city William Eitingon of Eitingon-Schild & Co.
was elocted a director in placo of Charlos A . Spalding,
rosigned. M r . Eitingon was previously on tho Advisory
Board of tho Groonwich Bank of this city. r
Iho doposits
of tho Shorman National Bank have increased substantially
in the past year and on Jan. 10 wore $3,425,000.
A t tho annual meeting of tho stockholders of the Interna
tional Bank on tho 11th, tho following directors woro oloctod:
Guy Cary, R . L . Faraliam, Edward W . Ilardon, Lawrence
M . Jacobs, Arthur Kavanagh, William S. Kios and Willard
Straight. The new board elected tho following officors:
Lawrence M . Jacobs, President; H . T . S. Green, Vice
President; Alfred J. M cG rath, Cashior; C . S. Lippincott,
Assistant Cashier, and Bryce M etcalf, Assistant Cashior.
Jan . 15 1916.]
THE CHRONICLE
A t the annual meeting of the stockholders of the New York
Title Insurance C o. on the 11th the directors submitted
statement and report for the year ending D ec. 31 1915,
which indicated that while the company has not made
profit enough to resume dividends the financial position of
the company shows considerable improvement. The cash
on hand is $486,418, as against $325,292 for the previous
year. The stockholders elected the following directors:
Charles G . Balmanno, Albert B . Boardman, Lewis L . Clarke,
Cyril Crimmins, James R . Deering, Lawrence B . Elliman,
Lyttleton Fox, Harry A . Kahler, George T . Mortimer,
Morgan J. O ’Brien, Charles J. Obermayer, James A
O ’Gorman, Harold T . W hite, William R . Willcox.
According to the statement issued by the Guaranty Trust
Co. of N ew York, of which Charles H . Sabin is President, in
response to the call of the State Superintendent of Banks,
the total resources of that institution have now passed the
half billion mark, the exact figures on D ec. 31 1915 being
$505,736,104 18. This represents a gain of $236,000,000 in
one year. The deposits increased in the same period from
$211,000,000 to $418,000,000— a gain of $207,000,000 in
the twelve months. These are the highest figures ever
reported by the Guaranty Trust C o ., and, incidentally,
have never been exceeded by those of any trust company
in the world.
R . E . Saunders, N ew York agent of the National Bank
of South Africa, L td ., at 6 W all S t., has received a cable
advice from London that branches of the bank have been
opened at Dolaroy in the Transvaal and Keiroad in the Cape
Province. The bank now has close upon 300 branches in
South Africa. Its last statement showed a paid-up capital
and rosorve of $16,537,100.
223
Adrian Van Sinderin, of the firm of W . A . & A . M . W hite,
of this city, at the annual meeting of the Nassau National
Bank of Brooklyn on Jan. 11 was elected a director, suc
ceeding Harold T . W hite.
E.
M . Davis has been elected to the board of the Montauk
Bank of Brooklyn, filling the vacancy caused by the resig
nation of D r. H . B . Bayles.
Tho Fidelity Trust C o. of Newark, N . J ., on Jan 10
declared an extra dividend of 1 0 % , payable Jan. 15 to
holders of record D ec. 31, the dividend to be paid in stock
the Public Service Corporation of N . J ., at a valuation
ot $120 per share. Tho trust company’s regular dividend
rate is 2 0 % per annum on its $3,000,000 capital. Accord
ing to tho Newark "N e w s ” , President Uzal H . McCarter
in a,n announcement to the stockholders, says that in den
daring the dividend the company’s directors "acted in
accordance with tho policy that it adopted last February
w ion it announced that in the future any substantial amount
of earnings in excess of the company’s regular dividend
requirements in any one year would be distributed to the
stockholders, it having been determined, after mature
deliberation, that the existing capitalization is ample to
meet all the institution’s needs.
* * * The payment
of this extra dividend in the stock of the Public Service
Corporation of New Jersey is made from this company’s
investment holdings of that security. In adopting that
plan the directors were actuated by the wish to further
increase the liquidity of the company’s assets and thus make
available additional cash money for the institution’s daily
business.”
A t the annual meeting of the stockholders on Jan. 11
only two changes were made in the board of directors.
A . Barton Hepburn, Chairman of the board of directors
of tho Chase National Bank of New York, declined re
election as a director of the Fidelity Trust C o ., and he was
succeeded on tho board by Trust Officor Edward A . Pruden.
Publicity Manager Frank T . Allen was elected an additional
member of tho board. Messrs. Allen and Pruden were
later in the week also elected Vice-Presidents.
The Broadway Trust C o. of this city, Frederic G . Lee,
President, has finished an exceptional year of business
p o w th . Its progress judged by its Dec. 31 1915 statement,
indicates that deposits have grown to $23,000,000 as against
$16,000,000 a year ago, an increase of nearly 5 0 % . The
growth represents new business obtained, about 3,700 ac
counts having been opened during the year. In August
The upbuilding of the Plainfield Trust C o ., Plainfield,
1915 this company joined the Federal Reserve system and
voluntarily submitted itself to the additional restrictions N . J ., orgamzod in 1902, is well known to the readers of this
1 he deposits for the year of business ending D ec. 31
imposed by the Foderal Reserve Law, including an increase paper.
1915 totaled $5,873,952, making an interesting comparison
in the amount of cash reserve required against deposits.
with $4,359,156 D ee. 30 1913; $3,812,904 D ec. 30 1911A branch of the Metropolitan Trust Co. of this city will $2,815,203 Doc. 31 1909, and $1,834,142 D ec. 31 1907.'
bo opened about Feb. 20 at 716 Fifth Ave. The new office This is an averago increase in deposits of 81,000,000 every
will be in charge of former State Bank Examiner Rogor P. other year. Surplus and undivided profits now amount to
Kavanagh.
$300,000, or three times the amount of the capital. The
board is representative of the business and banking interests
Tho annual statement of the Transatlantic Trust Co. of
of Plainfield, many of the directors are residents of Plainfield
this city for Dec. 31 1915 shows a deposit line of $5,087,385
with important New York financial connections.
and undivided profits and reserve now amount to 2 0 % of its
combined capital and surplus of $1,050,000. Tho company
Tho Morristown Trust C o. of Morristown, N . J ., enjoys
has been in existence for three and a half years and is the an enviablo record of profitable management under the di
only trust company organized in this city since 1907. The in rection of Samuel Freeman, its present executive. The in
stitution is paying a 6 % dividend yearly and is fiscal agent stitution has paid $2,866,304 84 in interest to depositors
for tho Royal Hungarian Postal Savings System and has since its organization, D ec. 15 1892, and has built up a sur
successfully made offerings of German and Austrian bonds plus and undivided profit fund of $1,015,777. It has a capi
recently. Its official staff includes: Julius Pirnitzer Presi
tal of $600,000. The deposits for Dec. 31 1915 were $8,090 ,
dent; Harry B Fonda, Vice-President; George Plochmann, 845, and aggregate resources $9,715,363. The book value
Treasurer; H . L . Servoss, Secretary, and E . S. Cubberlev
of its bonds and stocks stood at $5,229,641, while the market
Assistant Troasuror.
value on the samo date was $5,354,961. The company’s cash
amounted to $3,523,608.
Regarding the shortage discovered last September in the
the stockholders of the First National Bank of Syracuse,
accounts of Henry S. Bradley, of the Merchants’ National
Bank of this city, President Robort M . Gallaway in a cir at their annual meeting on Jan. 4 added the following new
directors to the board; Frederick P . Assmann, Vice-President
cular Iettor addressed to tho shareholders, says:
"T h o defalcation which occurred through the dishonesty and Treasurer of tho Continental Can C o .; Louis S. Brady,
of H . S. Bradley, our former mail teller, has been paid to Cashier of the bank; H . Winfield Chapin, Secretary-Treas
urer and General Manager of the Brown-Lipe-Chapin C o.
us in full by the surety companies.”
Bradley was indicted by the Grand Jury on a oharge of and the Brown-Lipe Gear C o.; H . H . S. H andy, President
of the Semet-Solvay C o.; Bert E . Salisbury, President of
grand larceny on Sept. 28.
the Onondaga Pottery C o. and Pass & Sejunour, Inc.;
Charles H . Dickinson, sole surviving partner in the Stock D r. John A . Mathews, President of the Halcomb Steel Co.
Exchango firm of Beers & Owens of this city, who made an and the Syracuse Crucible Steel Co. Three directors re
assignment on Sopt. 9 1915, has filed assignment schedules tired from the board, namely Frederick A . Hazard, Presi
showing liabilities of $302,926, of which $105,271 are se dent of the Syracuse Trust C o .; former Senator Hendrick
cured; nominal assets, $718,419; actual assets, $262,324, S. Holden, and Robert D ey , a director of the National
and not assets to be distributed among the unsecured cred Bank of Syracuse— to comply with the provisions of the
itors, $140,176. The Stock Exchange seat belonged to Clayton A ct regarding interlocking directorates. Resolu
John W . Beers, who died on Sept. 7 1915, and there are liens tions of regret because of their withdrawal were passed by
on’ it of Stock Exchange members for $16,676.
the stockholders.
224
THE CHRONICLE
The newly organized Black Rock Bank of Buffalo opened
its doors for business Jan. 3. The bank starts with an au
thorized capital of $100,000 and a paid-in surplus of $20,000.
The institution occupies temporary quarters at 73 Forest
A vo. pending the completion of its now building in course
of construction at Niagara St. As indicated in the “ Chron
icle” of Oct. 23 1915, the plan to establish the bank was in
augurated by the Black Rock Manufacturers’ Association
and the Association’s deposit is the first ontered on the
bank’s books. The new bank is under the management of
W . H . Andrews, President; A . D . Bissell, Vice-President,
and Robert C . Gaupp, Cashier. M r . Andrews is also
President of the Pratt & Lambert, Inc.; M r . Bissell is
President of the People’s Bank of Buffalo; M r . Gaupp was
formerly Assistant Cashier of the Citizens’ Bank of Buffalo.
Edmund L . French has been elected to the board of tho
Trust & Deposit C o. of Onondaga, at Syracuse, to succeed
Francis Hendricks, retired. M r . French is a director of tho
Crucible Steol C o. of America.
Tho directors of tho Marine National Bank of Buffalo
on December 28 declared the regular quarterly dividend of
4 % , payable December 31. During the year 1915, including
the December dividend, the stockholders of this institution
received dividends amounting to $800,000. Since Decem
ber 6th 1913, when the Columbia National Bank and the
Marine National Bank wero consolidated, total dividends
of $2,600,000 have been paid to the stockholders of tho
Marino National in regular and oxtra dividends. It is
announced that during tho last year tho deposits of tho bank
have increased more than $7,000,000. George F . Rand is
President of the Marine National Bank and tho othor
officers are: Vice-Presidents, John H . Lascelles and H . J.
Auer; N . P . Clement, Cashier; Emil Diffine, M . H . Denison,
P . W . D arby, J. G . Fischer and E . L . Reed, Assistant
Cashiers.
Little Rock has been selected by the Executive Council
of the Arkansas Bankers’ Association as the 1916 meeting
place of tho Association. The meeting is scheduled for the
week beginning April 18. R . C . W a it, President of the
Citizens’ Investment & Security C o. of Little Rock, has
been re-elected Secretary of the organization.
A . C . Dunham this week completed his fiftioth year as
a director of the National Exchango Bank of Hartford. M r.
Dunham was first elected a director of the bank when
Edmund G . Howe was its President and John R . Rodfiold,
afterwards President, was its Cashier. Tho Hartford
“ Courant” states that “ M r . Dunham was a director of the
Hartford Electric Light C o. for thirty years and was long
its President. H e is an inventor of some no to, having
taken out patents on sevoral inventions, and is a close friond
of Thomas A . Edison.”
According to a statement made by tho directors, an
examination into the affairs of the Southington National
Bank of Southington, Conn., conducted by Federal Bank
Examiner James D . Brennan, has disclosed a shortage of
about $87,500 in tho accounts of tho bank’s late Cashier,
Louis K . Curtiss, who committed suicido with tho arrival
of examiners at the bank on January 5th. After an all-day
session on the 8th the directors of the bank issuod the
following";:
As a supplement to a statement o f the undersigned directors of the
Southington National Bank caused to be published In the papers January 8
1916, the following facts and figures are given :
An examination for our Institution by Federal Examiners, just com
pleted, has revealed a shortage in the accounts of our late Cashier, Louis
K . Curtiss, o f $87,500. .
Although a good proportion o f this amount will be recovered, it is
deemed wise at this time, pending final settlement by our bonding com
pany, to publish a statement o f the condition of our institution with the
full amount of the shortage showing; to again assure our depositors of tho
absolute solvency o f the bank and its unquestionable ability to meet all
demands which may be made upon it.
Special attention is called to the net worth o f the bank, $54,701 37,
which is a balance, after adjusting the loss, and which amount is for tho
further protection o f our depositors.
Charles H. Clark, Edwin G. Lewis, William Hutton, Albert It. Wells,
Dewey R. Blakeslee, directors Southington National Bank.
Cashier Curtiss’s defalcation was executed through an
elaborate systom of counterfeiting notes, already paid,
the bogus notes being kept among tho bank’s assots. D is
covery of the embezzlement is reported as probably duo
to tho fact that the Federal Examiners arrived at tho bank
fully sixteon days earlier than usual. M r . Curtiss there
Digitized for fore having had no opportunity to get the counterfeit paper
FRASER
[Vol . 102.
in presentablo shapo for examination. Tho money acquired
by M r . Curtiss through the embezzlement is understood
to have boon lost in unfortunato Western undertakings,
particularly tho Gogebic Iron Rango in Minnesota, which
failod somo years ago. Tho Southington National Bank
was incorporated in 1882 and at tho last call (Doc. 31)
reported capital of $100,000 and surplus of $44,000. The
statement of condition at tho closo of business on January 8
was said to show resources of $501,602. Tho liabilities
consist of outstanding circulation, $24,500; doposits, $422,
401 and tho excess for protection of depositors is $54,701.
The business of the United National Bank of Providenco
has been taken over by the Industrial Trust Co. of that city,
and will be placed in voluntary liquidation. Tho con
solidation is due in part to the enactment of the provisions
of the Clayton law regarding interlocking directorates and
also to the trust company’s need for larger quarters, duo
to the expansion in its business. President Frank W .
Gale and Cashier Walter C . N ye of the United National
have resigned their positions and Josiah W . Crooker and
Harry C . Owen have been elected to fill their places, respec
tively. In making known their resignations on the 10th
Messrs. Gale and N ye stated as the reason for their action
that they “ disapproved the intended action of the board
of directors of said bank in voting to liquidate its affairs.”
They will hereafter be associated with the National Bank
of Commerce of Providence. Messrs. Crooker and Owen,
tho new President and Cashier, respectively, of tho United
N ational, will serve until the liquidation of tho bank’s
assets has been effected. The executive committee of the
Industrial Trust C o. on the morning of tho 10th submitted
a proposition addressed to President Gale of the United
National Bank in which it offered to purchaso the stock
of that bank at $210 per share in cash, besides making such
further payment as the liquidation of assets would permit.
This offer was accepted at a meeting of the directors that
afternoon. Col. Samuel P . C olt, Chairman of tho Board
of the Industrial Trust C o ., gave out the following explana
tion ,of tho merger, according to the Providence “ Journal” :
Tho now Federal Anti-Trust Act, forbidding interlocking directors, and
tho expansion of the business of tho Industrial Trust Co. necessitating the
use of tho quarters now occupiod by tho United National Bank, are tho
principal causes which led to the action taken for tho liquidation of tho
United National Bank.
The business of tho United National Bank has to-day been taken over
by the Industrial Trust Co. which has for a considerable time been the
owner of more than a majority of the capital stock of the company.
This move was to-day recommended by the directors of tho United
National Bank, who voted to accept for themselves the offer made by
Industrial Trust Co. to two hundred ton ($210) dollars per share in cash
with a further dividond of any amount per share abovo that sum which
may be realized in liquidation, with the understanding that the same
offer should be made to all the stockholders.
The directors of the Unitod National Bank have also recommondod that
the depositors transfer their accounts to the Industrial Trust Co. This will
prove to be no inconvenience to tho depositors as they will be ablo to
transact their business in tho samo manner as heretofore, under tho same
or of practically in the same banking house.
Tho trust company has to-day taken into its employ tho clorical forco
of the United National Bank, and it is intended to assign to them duties
similar to those which they have performed for the bank.
The increasing business of tho Industrial Trust Co. has necessitated
larger quarters and the place now occupied by the bank will be utilized for
this purpose, the trust company being thus enabled to make a number
of important changes in its banking rooms which it has had under considera
tion for some time. Incidental to these changes, It is proposed to install a
socond elevator and also a staircase on tho Exchange Place end of tho
building for the convenience of the tenants in tho building.
Although the President, Mr. Gale,and Cashier, M r. Nye, wero offored
positions in the Industrial Trust C o., thoy elected to go to tho National
Bank of Commerce, and Mr. J. W. Crooker, former Vice-President of tho
United National Bank, was elected President and Mr. II. C. Owen, tellor,
was elected Cashier of the bank.
The United National had a capital of $500,000, surplus
and profits of about $770,000, and deposits in tho neighbor
hood
of
$3,769,000.
John J. M cCarthy has been electod to tho board of direc
tors of the Liberty Trust C o. of Boston. A transfer of
$50,000 from undivided profits to surplus has boen votod
by the board, making tho surplus $300,000.
Norman L . Adams, formerly Credit Managor of the
National Shawmut Bank of Boston, has boen electod a Vice
President of tho institution, following the rotiremont of
Vice-Prosidont Henry D . Forbes. William A . Burnham
Jr., Robert S. Pottor and Georgo E . Fickett havo beon
electod Assistant Cashiors. M r . Burnham was formorly
Secretary and is succeeded in that post by Goorgo L. Aspinwall. Louis K . Liggett has been elected to tho board of
directors.
Jan . 15 1916.]
THE CHRONICLE
Frederick W . Stockman was elected President of the
Puritan Trust Co. of Boston at the annual meeting to fill
the vacancy caused by the death of the late John D . Long.
M r . Stockman was previously Vice-President and Treasurer
of tlxo company.
Georgo W . Dearborn has been elected Vice-President of
the Lochmoro National Bank of East Cambridge, M ass.,
to succeod J. F . Pennell, deceased. Georgo H . Howard
was appointed to M r . Ponnell’s place on the directorate.
Lovi L. Rue was elected to the presidency of the Philadel
phia Cloaring House Association at the annual meeting on the
10th inst., succeeding Joseph Moore Jr., President of the
Pennsylvania Salt M fg . C o ., who automatically retires by a
rotation rule adopted by the association last year. M r . Rue
had boon Chairman of tho Clearing Committee for about six
years. Ho is President of the Philadelphia National Bank
and Vice-President of tho Advisory Countil of the Federal
Reserve Board. John C . Boyd has been re-elected Secre
tary of the Association.
A deal involving the sale of 1,000 shares of the stock
of the Colonial Trust C o. of Philadelphia to a syndicate
headed by E . B . Jones, the bank’s President,is announced.
The purchase, which embraces over a quarter of the bank’s
stock, is said to have been made with a view to the intro
duction of new blood in the form of strong business inter
ests, into tho bank. The institution has a capital of $270,
825 in $50 shares. A t the annual meeting of the stock
holders on January 6, Charles G . Fritz and C . A . W ey
mouth were elected First and Second Vice-Presidents, re
spectively, following the declination of Frank G . Kennedy
Jr. and H . L . Elkins, who had previously held those posi
tions, to act as candidates for re-election. To allow for
the representation of the new interests in the bank, ad
ditional directors were elected as follows : William F . Read
Jr. of William F . Read & Sons C o.; Charles B . Fritz of
Fritz & La Rue; Clarence A . W eym outh, Treasurer of the
Lenni Quarry C o. and the Cantrell Construction C o.;
W . Freeland Kendrick, Receiver, of Taxes; Charles H.’
Thompson, President of Lewis Thompson & C o ., Inc.;
D r. G . L. S. Jameson and J. N . Susskind, manufacturer.
Franklin Baker Jr., H . L . Elkins, Edward Hutchinson, Jr.,
J. S. McCracken and W in . M . Measey retired as members
of the board.
C . Howard Clark Jr., President of tho Contennial N a
tional Bank of Philadelphia, died suddenly from apoplexy
on tho 9th inst., whilo on a hunting trip near Garnett, S. C .
M r . Clark was a membor of the firm of E . W . Clark & C o .,
bankers, which ho entered as a clerk in 1879, becoming a
partnor in^ 1885. M r . Clark had been a member of tho
Philadelphia Stock Exchange since 1888. As President of
the Centennial National, a position he held for some ten
yoars, he succeeded his father, Clarence H . Clark, who had
boon a prominent figure in tho banking circles of Phila
delphia.
225
Edwin L. Blabon has been added to the board of the Penn
National Bank of Philadelphia.
James A . Campbell of M cD onald & Campbell has been
elected to the board of the Robert Morris Trust Co. of
Philadelphia to fill a vacancy.
Ledjr
ard Heckscher has been elected to the board of the
Philadelphia Trust C o. of Philadelphia, his election increasing
the number of the institution’s directors from 13 to 14 mem
bers.
To the surplus account of the Quaker City National Bank
of Philadelphia $50,000 has been added, giving the bank a
surplus of $500,000 arid leaving $19,272 to the credit of
undivided profits. The institution has a capital of $500,000.
The Northern Trust Co. of Philadelphia has increased its
quarterly dividend rate to 5 % making the annual rate 2 0 %
or an increase of 4 % .
The sum of $35,000 has been added to the surplus of
the Industrial Trust, Title & Savings C o. of Philadelphia,
making the surplus and undivided profits $1 ,1 2 5 ,5 0 0 . The
company has a paid-in capital of $500,000.
From the earnings of the Braddock National Bank of
Braddock, P a ., $100,000 has been added to the surplus
fund of $500,000, making that item $600,000. The bank
has a capital of $200,000.
A t a meeting of the directors of the First National Bank of
Canton, P a ., on the 11th inst., L . T . M cFadden was elected
President, Charles E . Bullock was elected Vice-President,
Charles A . Innes was elected Cashier and Herrick T . Owen
Assistant Cashier. M r . M cFadden had been Cashier of
the bank since 1899; he started with the institution as office
boy. Last year he served as President of the Pennsylvania
Bankers’ Association, and is now representing the Four
teenth Congressional District of Pennsylvania in Congress,
and is a member of the Banking and Currency Committee.
The one hundredth anniversary of the State Bankers’
Association of Dolaware was celebrated at Dover on the
6th inst. The presentation and reading of the minutes
of the first meeting in 1816 of tho Bank of Delaware (as the
organization was then termed) together with the 1817
minutes, showing the manner in which business was con
ducted in those days, was a feature of the annivorsarv
proceedings. President Mitchell of Delaware College and
former Congressman Landis of Indiana, addressed the
association during the dinner. Otho Nowland of Wilming
ton has been elected President of the organization, Alvan
B . Conner of Felton, Vice-President and W . G . Taylor of
Wilmington, Secretary and Treasurer.
ThePittsburgh Bank for Savings of Pittsburgh, which closed
its doors on Dec. 22, made its first payment to a depositor
on Jan. 4, whon tho Board of Public Education received
$205,476 of school funds with interest to Dec. 22. Bonds
to the amount of $249,000 ownod by the bank and held by
tho Board as security for its deposits, were turned over, with
the exception of $1,000, which sum was withhold by the Board
until a decision is reached as to whether interest on its funds
will be paid only until Doc. 22, tho time of tho bank’s closing,
or up to Jan. 4, whon tho money was paid. Plans for the
A t this week’s meeting of tho Corn Exchange National
reimbursement to tho school children of their savings in the
Bank of Philadelphia, Paul Thompson, a Vice-President of
closed bank, under tho restitution schomo of II. C . Frick,
the United Gas Improvement C o ., was elected a director
are under way. Tho $500,000 bond of G . IT. G etty as re
to fill a vacancy.
ceiver was approved by Judge John D . Shafer in Common
Pleas Court on Jan. 4, and an order was signed by the Court
William H . Rometsch and John J. Sullivan have been
allowing him to dispose of tho bank’s assots. Of these lat
elected directors of the Market Street National Bank of
ter, $1,500,000 of securities owned by the bank have been
Philadelphia, filling the vacancies caused by the deaths of
offered at public sale. An announcement was made by the
George D . McCreary and August B . Loeb.
bank on Jan. 5 that a dividend of about 5 0 % is expectod to
bo paid depositors within 90 days, tho remainder of deposits
Tho following directors have been added to the board of boing paid as tho assets are liquidated. James F . Grimes,
the Central National Bank of Philadelphia: Stevens Heck- Vice-Presidont of tho Pittsburgh Bank for Savings and Presi
seher of the law firm of Duane, Morris, Heckscher & Rob dent of the Beavor Valley W ater C o ., died suddenly on Jan. 8.
erts; Avery D . Andrews, Vice-President of tho General He was 69 years of ago. M r . Grimes was woll-known in
Asphalt C o., and Eugene L. Ellison, President of the Insur Pittsburgh realty circles. H e was also a director in a num
ance Co. of North America.
ber of banks and trust companies.
Tho stockholders of the Fourth Street National Bank of
Philadelphia at the annual meeting on Jan. 11 elected the
following new members to tho board: J. E . Widener, I I . A .
Berwind, W . M . Potts and Samuel Bell Jr. Two of these
men fill tho vacancies caused by tho deaths of James H ay
and Charles L . Cragin, and two are additional, tho direc
torate being increased from 18 to 20 members.
22 6
THE CHRONICLE
[Vol . 102.
Two new members, J. Arthur Nelson, President of the institution. The other changes which have taken place in
N ew Amsterdam Casualty C o ., and V . G . Dunnington, the official organization of the First National are as follows:
President of the Manufacturers’ Finance C o ., have been . Charles H . Newhall, owing to the condition of his health,
elected to the board of directors of the Baltimore Trust Co has retired from the Vice-Presidency in charge of Division E
of Baltimore in addition to the re-elected board. As and has been succeeded in that position by William J. Lawstated in our issue of D ec. 25, Douglas H . Gordon, President lor, who was formerly Assistant Cashier. John P . Oleson
of the Baltimore Trust C o ., has signified his intention to has been advanced from the position of Assistant Cashier to
retire from the presidency, but will continue in the post that of Vice-President, and James B . Forgan Jr. has been
until a successor has been determined upon. M r . Gordon is transferred from the Second Security Bank to the position
chairman of the committee which will select the new execu of Assistant Cashier to assist William J. Lawlor, Vice-Presi
tive. A member of the committee, according to the Balti dent in Division E ; while Arthur P . Kem p has been advanced
more “ Sun,” stated that the selection of M r . Nelson and to the position of Assistant Cashier to take the place of
M r . Dunnington had no significance in this connection. M r . Lawlor in Division C under Charles N . Gillett, Vice
H e declared that neither was expected to head the company . President, and H . A . Howland, Cashier.
In the First Trust & Savings Bank, in addition to the elec
tion of James B . Forgan to the position of Chairman of the
To meet the requirements of the Clayton anti-trust lav
boai’d and E . K . Boisot to the Presidency, Louis Boisot has
against interlocking directorates, six directors of the M erbeen elected Vice-President in charge of the trust depart
chants-Mechanics’ National Bank of Baltimore have volun
ment, in which he will be assisted by Roy C . Osgood as
tarily withdrawn from the directorate,reducing the board to
Trust Officer. Air. Osgood was formerly Assistant Trust
16 members. The directors retiring are W . Bladen Lowndes,
Officer and is succeeded in that position by Oliver A . Bestel.
Vice-President and Treasurer of the Fidelity Trust C o. of
B . C . Hardenbrook, formerly Cashier, has been elected Vice
Baltimore; Austin McLanahan, of the firm of Alexander
President in charge of the banking department, and Frank
Brown & Sons; Seymour Mandelbaum , John K . Shaw,
M . Gordon, formerly Alanager of the bond department, has
Charles A . W e b b , and John B . H . D unn, Cashier of the
been elected Vice-President in charge of that department.
Merchants-Mechanies’ National Bank. The directors who
The other officers remain the same as before.
were re-elected this week will serve until Octobei next, at
which time it is expected that further changes will be neces
A t the annual meeting of the Union Trust Co. of Chicago
sary in order to comply fully with the requirements of the the capital stock was increased, through a stock dividend of
law.
Stuart Olivier was re-elected to the board of the Equitable
Trust Co. of Baltimore, from which he had resigned when
Frank A . M unsey sold his holdings in that company. Be
cause of his connection with other financial institutions,
George R . Gaither was not re-elected to the directorate.
A . W . Gieske, a director, was made a member of the execu
tive committee, and Hugh L . Pope, heretofore Assistant
Secretary and Treasurer, was chosen Secretary.
A stock dividend of 1 5 0 % on its $200,000 capital has been
declared by the Citizens National Bank of Washington, D .C .
This dividend, payable Feb. 1, will increase the stock from.
$200,000 to $500,000.
Chris J. Keller was elected President of the North Side
Bank of Cincinnati on the 5th inst. to succeed the late J. L.
Pierson. Air. Keller was Vice-President of the institution
previous to his election as chief executive, and is connected
with the hardware concern of L . E . Keller & Co. William
F . R ay, a director, has been elected Vice-President of the
bank. D . S. Shreve has been re-elected Cashier, and G . B .
W eber, Assistant Cashier. Henry Bohne has been elected
to the directorate of the institution.
A t the annual meeting of the Citizens Savings & Trust
C o. of Cleveland on the 10th inst., George P . Koelliker,
Assistant Secretary of the company, was advanced to the
office of Secretary. M r. Koelliker succeeds the late George
Lomnitz, who died March 31 of last year.
Joseph A . W ard, Acting Assistant Cashier of the Federal
Reserve Bank of Cleveland and previously Assistant Cashior
of the Cleveland National Bank, has become associated with
the well-known Cincinnati bond firm of W eil, Roth & C o.
and has been made Manager of that firm’s new office in
Cleveland, recently opened in the Williamson Building.
F . C . Hoehler has assumed the active management of the
bond department of the Security Savings Bank & Trust C o.
of Toledo, Ohio. M r . Hoehler was senior membor and
founder of the bond house of Hoehler, Cummings & Prudden
of Toledo, which was dissolved on D ec. 31.
In accordance with the announcement made in Novem ber,
James B . Forgan, President of the First National Bank and
the First Trust & Savings Bank of Chicago, retired from
those positions at the annual meeting on the 11th, and was
elected Chairman of the board of the national bank, which
controls the two. As w'e stated in our issue of N o v . 27 last,
M r . Forgan had recommended to the board that, owing to
the growth of the two banks, a separate head was needed
for each and that younger men be chosen for those posts.
As President of the First National Air. Forgan is succeeded
by F . 0 . Wetinore, heretofore Second Vice-President of the
2 5 % , from $1,200,000 to $1 ,500,000. The company was
organized in 1869 with $100,000 capital and $25,000 surplus
and all new stock issues since have been paid out of the
earnings. The proposal to increase the stock was indicated
in our issue of D ec. 18 last.
Robort M . AIcKinney, Cashior of the National Bank of tho
Republic of Chicago, has been elected Second Vice-Presi
dent and James M . Hurst, horotoforo Assistant Cashior, was
elected Third Vico-Prosident. Air. M cKinnoy is succeeded
as Cashior by O. H . Swan, who advances from tho post of
Assistant Cashior.
A l. A . Traylor has been elected to tho presidency of tho
Live Stock Exchange National Bank of Chicago, succeeding
W . A . Heath, who rosigned.
Air. Tralor had heretofore
served as Vice-Prosidont. Ho is succeeded in tho latter post
by S. T . Kiddoo of tho Sioux Falls National Bank of Sioux
Falls, Iowa.
Action toward increasing the capital of the Northwestern
Trust & Savings Bank of Chicago from $300,000 to $400,000
was takon at this week’s meeting. It is stated that tho sur
plus will be raised from $125,000 to $200,000.
William C . Regolin has retired as President of tho Logan
Square Trust & Savings Bank of Chicago, and is roplacod in
tho office by Jamos B . Iloanoy, a director of A . II. Andrews
& Co.
C.
E . Schick, formerly Cashior ,and Otto G . Roohling,
formerly Assistant Cashior, of tho North Avonuo State Bank
of Chicago, havo been olocted Vice-President and Cashior,
respectively. Victor II. Thiele has boon made Assistant
Cashier.
Aaron AI. Spoor has been eloctod Assistant Cashior of the
Peoplo’s Trust & Savings Bank of Chicago.
All officers of tho Continental & Commercial National
Bank of Chicago have been re-elected to their respective po
sitions with the exception of Assistant Cashior John R . W ash
burn, who has been made a Vice-President. James A . Pat
ten has been elected to the board of directors.
William T . Bacon, manager of tho bond department of
the Chicago Savings Bank & Trust C o. of Chicago, has been
elected a Vice-President of tho institution. William I*.
Anderson, previously Auditor, has been made an Assistant
Cashior. Leroy E . Wilson has become Auditor. The fol
lowing have been elected directors: Ernest L . Boifeld,
Secretary and Treasurer of the Hotel Sherman C o .; A . W .
Shaw, President of the A . W . Shaw C o ., and George Braddock Ogle of the George A . Ogle C o.
The Second W ard Savings Bank of Alilwaukeo has com
pleted its sixtieth year of service. On Doo. 26 1855 the
institution commenced active business with its only asset
J b.n . 15 1916.]
THE CHRONICLE
an “ unswerving loyalty to straiglxt-laced standards and ideals
of integrity.” In an advertisement depicting its growth
the bank states that “ the same old-fashioned ideals of in
tegrity” obtain to-day “ in this modern bank of personal
service.” Tho deposits show a steady growth since the start;
in 1860 they were roported as $40,380; in 1875, $1,663,528;
in 1895, $3,982,124, and in 1915, $18,586,113. Tho bank’ s
commercial deposits in the last three years have increased
approximately 2 0 0 % ; in the matter of savings deposits tho
institution claims to stand first among the banks of W is
consin, its individual depositors numbering over 28,000.
It is reported that Fred E . Bodie has purchased a control
ling interest in the Citizens National Bank of Tecumseh,
N eb ., from J. O. Graf, who has served as executive of that
institution for several years. M r . Bodie has assumed the
management of the bank.
221
M r . Alexander was appointed receiver of the institution in
January 1914.
A t the annual meeting of tho Whitney-Central National
Bank of New Orleans, L a ., on the 11th inst., Sol Wexler
retired as President and John E . Bouden Jr., formerly Vice
President, was elected to succeed him. As we stated in our
issue of Dec. 25 last, M r . Wexler resigns to become a partner
in the firm of J. S. Baclie & C o. of New York. A t this
week s meeting the directors of the bank presented him "with
a silver service and expressed regret at his withdrawal.
M r . Bouden, tho new President, entered the W hitney N a
tional as an Assistant Cashier in 1896. Charles T . Baisley,
A . W . Bor don and W . P . Stewart have been elected to the
board of directors of the Whitney-Central National to fill
vacancies.
J. E . Baker, President of the Alameda National Bank
and tho Alameda Savings Bank of Alameda, C a l., died on
Jan. 3 . M r . Baker had been President of the two institu
tions for the last fifteen years and previously had been Cash
ier of both for twenty-two years. During his life he had
been associated with tho San Jose Savings Bank of San Jose,
C al., and was one of tho organizers and later Cashier of the
First National Bank of Alameda.
H.
IT. Hoffman, President of the National Oil & Gas C o .,
the Bankers’ Oil & Gas Co. and the Great Southern Oil &
W.
G . Hall, Deputy Bank Examiner for the State of Wash
Gas C o ., is reported to have purchased $100,000 of stock of
the Commonwealth Trust Co. of Houston, Tex. The hold ington since last February, has severed his connection with
ings were acquired from W . E . Richards, whom M r. Hoff the Banking Department to become active Vice-President
man has succeeded as President of the trust company. T . F . and Trust Officer of the Northern Bank & Trust C o. of
Barding has assumed the duties of active Vice-President of Seattle. M r. Hall previous to last February was associated
the company, and during M r. Hoffman’s absences from the with tho Union Trust & Savings Bank of Spokano for eight
city occasioned by the demands of tho latter’s other inter years and was Treasurer, Assistant Secretary and Trust Of
ests, will take charge of the institution’s affairs. The com ficer at the time of his resignation.
Robert R . Spencor, First Vice-President of the National
monwealth Trust C o. has a capital of $250,000.
Bank of Commerce of Seattle, died on the 4th inst. M r .
Spencer was a pioneer bankor of Seattle and signed the arti
C.
E . French, formerly Cashier of the Federal Reserve
Bank of St. Louis, was elected Vice-President of the St. Louis cles of association of the first clearing-house in that city in
Union Bank on the 6th inst. M r . French’s banking ex 1889. H e was bom in Worthington, O ., in 1854, and en
perience dates from 1887, when he onterod the service of tered tho banking business in 1871, starting his career with
the National Bank of Rolla, M o .; in 1906 ho resigned as the Iowa City National Bank, and four years later became
Cashier of that bank to becomeaNational Bank Examiner. Cashier of the Johnston County Savings Bank. In 1889
In 1907 he was elected Examinor of the St. Louis Ciearing- M r. Spencer moved to Seattle and organized the Bank of
Houso Association, relinquishing that position in 1914 to Commerce, serving as its Cashier; the following year the
become tne first Cashier of tho Federal Reserve Bank of bank entered the national system and in 1906 a merger of
St. Louis. M r . Fronclx had been Chief National Bank Ex the Washington National Bank with the National Bank of
aminor for tho St. Louis Foderal Reserve District since Commerce was effected. M r . Spencer was active in other
August 1915.
This post ha now resigns to accept tho active branches of the business world, being President of tho M onticello Steamship C o ., with headquarters in San Francisco;
Vice-Presidency of the St. Louis Union Bank.
Vice-President of the Seattle Brewing & M alting C o ., Vice
The new Norfolk Savings & Loan Corporation of Norfolk, President of tho San Juan Fishing & Packing C o. and a di
V a ., has opened for business; it is operated on the Gammon rector in the Donny-Renton Clay & Coal C o. and the M exi
plan, making loans to wage earners on personal endorsement can Pacific Co.
Tho Guardian Trust Co. of Denver announces that
Charles J. Rice, formerly with the bond house of James N .
Wright & C o ., became Manager of its bond department
on Jan. 1. M r. Rice has had a long experience in the muni
cipal bond field in both Eastern and Western markets.
returnable in weekly payments. To encourage thrift, the
company will issue income bonds for $10, $20, $50, $200 and
$500, which will bear 5 % interest and which may be pur
chased at the rate of 20 cents a week on each $10. The com
pany has a capital of $60,000. W . Frank Robertson is
President of tho corporation; J. W . Hough and S. L . Slover
are Vice-Presidents; M . Glonnan, Manager and Secretary,
and E . T . Penzold, Treasurer.
A t the annual meeting of the directorate of tho Tipton
County Farmors’ Union Bank of Covington, Tonn. Peter
Fyfo was promoted from tho position of Assistant Cashier
to the Cashiership, to succeed W . V . M cFadden, who re
signed to become an active member of tho cotton firm of
Black & Parteo of Memphis.
The American National Bank of Wilmington, N . C . was
placed in voluntary liquidation on Dec. 28. As we stated
recently, this institution has been consolidated with the
Atlantic Trust & Banking Co. under the name of the Ameri
can Bank & Trust Co.
On another page will be found a report of the proceedings
of tho annual meeting of tho Canadain Bank of Commerce,
held at Montroal on Tuesday. Sir Edmund Walker, Presi
dent, announced that net profits of the bank amounted to
$2,352,000, or 8 .2 5 % on the capital and surplus. This is
a decroaso of $316,000 from the previous year; $80,000 was
appropriated for the Officers’ Pension Fund, $122,000 was
paid as tho l % w a r tax on note circulation, $5,000 was
appropriated for the British Red Cross Fund an $1,000,000
was S9t aside against possible depreciation in the values of
securities held, leaving a balance of $461,000 to bo added to
profit and loss after paying the usual 1 2 % in dividends. The
note circulation stands in the balance sheet at $16,455,000,
an increaso of $1,455,000 over a year ago. Deposits in
creased about $13,000,000. Tho annual statement for the
year ending N o v . 30 was referred to at length in our issue of
Dec. 25.
The statement of tho Bank of Hamilton (head office H am
ilton) for the year ending N o v . 30 1915 shows a gain of about
$3,500,000 in gross deposits during the twelve months.
The quick assets aggregate $17,134,000 and the net profits
J.
B . K ey was elected Vice-President of the Merchants’
are $424,274, against $485,265 in 1914. Tho usual dividends
& Mechanics’ Bank of Columbus, G a ., at the annual meeting
amounting to $360,000, or 1 2 % , were paid, and the sum of
on the 3d inst., succeeding George B . Whiteside.
$300,000 was withdrawn from reservo and used to write off
depreciation in securities. The sum of $26,526 was set
Irvin Alexander, receiver for tho defunct Irish-American aside to meet the war tax, and $19,000 was applied toward
Bank of Augusta, G a ., has boen authorized by Judgo Henry the pension fund. There is carried forward to the new profit
C . Hammond of tho Superior Court to pay a 1 0 % dividend and loss account $175,821. The deposits total approxi
to depositors and a dividond of 8 % to other creditors. mately 38 million dollars.
Approximately $54,000 is represented in the distributions.
The directors of the Bank of Toronto (head office Toronto)
have elected to their board Paul J. M yler, General Manager
of Canadian Westinghouse.
E . L. Pease, General Manager of the Royal Bank of Can
ada (head office M ontreal), has been appointed Managing
Director and Chief Executive Officer. H e has been suc
ceeded as General Manager by C . E . Neill, formerly Assistant
Manager. In his new office M r . Pease will continue his
supervision and in this way the bank will receive the benfit
of his experience and mature judgment to an even greater
extent, if possible, than when he handled his manifold duties
as General Manager. In creating the new office of Managing
Director, the Royal has followed the system established by
certain leading English and Continental banks and its gen
eral organization will thereby be undoubtedly greatly
strengthened. Since M r . Pease assumed the general man
agership of the bank in 1900 its progress has been note
worthy. From a comparatively small institution it has
steadily grown under his management until to-day it is rec
ognized as one of the strongest in Canada. Just hov great
have been the strides made by the Royal under M r . Pease’s
guidance m ay perhaps be gathered by a comparison of the
bank’s position in the year 1900, when he assumed the
management, and at the beginning of 1916, when he stepped
up into the position of Chief Executive Officer. The prin
cipal accounts compare as follows;
J a n . 1 1900.
Capital paid up_________________________ $1,985,070
Reserve fund___________________________ 1,700,000
Deposits_______________________________ 11,215.258
Total assets____________________________ 17,101,513
J a n . 1 1916.
$11,560,000
12,560,000
154,9/6,327
198,299,123
M r . Neill, who succeeds M r . Pease as General Manager
of the bank, has been associated with him for a number of
years as Assistant General Manager.
A t yesterday’s annual meeting Sir Herbert H olt, President
of the Royal, announced that in order to round out the bank’s
capital to $1 2,000,000, 4,400 shares of new stock would be
issued to the shareholders at par. As the market price of
the stock is now in the vicinity of $220 per share, this will
mean a bonus equal to about 4 ^ % to shareholders of rec
ord of Jan. 12. The additional capital will be offered in the
proportion of one share of new stock for every twenty-seven
shares of old. As the bank prohibits fractional shares being
allowed, holders entitled to fractions will be paid in cash.
W hen the new stock is issued the Royal Bank will have a
paid-up capital of $12,000,000 and reserve fund of $1 2 ,
560,000.
IM PO R T S
AN D
EXPORTS
SAN
OF GOLD
AND
S ILV E R
AT
F R A N C IS C O .
The Collector of Customs at San Francisco has furnished
us with the details of the imports and exports of gold and
silver through that port for the month of November, and we
give them below in conjunction with the figures for pre
ceding months, thus completing the results for the eleven
months of the calendar year 1915.
IMPORTS OF GOLD AND SILVER AT SAN FRANCISCO.
Total.
Coin.
1915.
January...........
Febru ary_____
M a r c h .............
A p r i l ...........
M a y .................
June_________
J u l y .................
August_______
September----O cto b e r ______
N ovem ber___
S
500,990
702,560
1.526.000
2.712,037
3,494,050
1.500.000
3,752,733
8,766.418
9,782,358
9,479.986
6,668,504
3
1,668,828
1,017,412
1.534,214
1,722,213
376,652
937,539
231.615
361,655
1,359,503
2,496,173
2,401,258
2,169,818
1,779,972
3,110.214
4,434,250
3,870,702
2,437,539
3,984,398
9,123,103
11,141,861
11,976.159
9,069,762
S
6,700
0,423
313,420
963
46,500
S
95,012
58,707
151.909
218,237
211,784
499.909
204.0S4
216,402
265,160
126,270
386,561
S
101,712
58,707
152,709
218,237
218,207
499,909
517,504
216,402
266,123
172,770
386,561
T o t a lllm o s . 48,945,716 14,157,062 63,102,778
374,806 2,434,035 2,808,841
7,299,230
8,778 1,070,284 1,079,062
II m os. 1914_* 6,199,825
1,099,405
EXPORTS OF GOLD AND SILVER FROM SAN FRANCISCO.
Bu llion .
1915.
January___
February. . .
M a r c h ____
A p r i l --------M a y ______
Jun e______
J u l y ............
A ugust-----September____
O cto b e r ______
N ovem ber____
S
200
1,0 0 0
2,500
200
1,0 0 0
2,500
32,500
2.500
16.250
12.225
1.0 0 0
2,750,
32,500
2,500
16.250
1 2 .22 .
=
1,000
2,750
4,254
779,367
475,636
371,981
714,961
377,339
803,84.'
1,093.700
370,204
115,813
572,861
1,118,007
Total.
S
779,367
479,890
371,981
714.961
377,339
;
803.845
1,093.700
370,204
115,813
572.861
1,118,007
70,925
Total 11 mos
11 mos. 1914..
[Vol . 102.
THE CHRONICLE
228
4,945l
457,050
4,254 6,793,714 6,797,968
461,995
42,997! 5,239,748 5,282,745
T H E E N G L IS H GOLD A N D
S ILV E R M A R K E T S .
W e reprint the following from the weekly circular of
Samuel M ontagu & Co. of London, written under date of
December 23, 1915;
GOLD.
Tho movements have been in favor of the Bank of England. The fol
lowing amounts were received by the Bank:
Dec. 16— £629,000 in bar gold.
“ 20— 650,000 in foreign gold coin.
“ 2 i— 7,000 in bar gold.
“ 22— 883,000 in bar gold.
Withdrawals were made as under:
Dec. 16— £250,000 in sovereigns for Spain.
125.000 in sovereigns for South America.
32.000 in sovereigns for Canada.
20.000 in sovereigns for U. S. A .
“ 17— 315,000 in sovereigns for U. S. A.
“ 18— 100.000 in sovereigns for abroad.
5,000 in sovereigns for U. S. A.
“ 20— 200,000 in sovereigns for the Continent.
“ 21—• 70,000 in sovereigns for U. S. A.
•
61.000 in sovereigns for Canada.
18.000 in sovereigns for tho Continent.
“ 22— 60,000 in sovereigns for U. S. A.
200.000 in sovereigns set aside for Egyptian account.
During tho week tho net increase amounted to £713,000. The West
African output for November 1915 amounted to £122,138, as compared
with £154,674 in November 1914 and £141,771 in October 1915.
SILVER.
Tho market has been inanimate throughout the week. A few buying
orders emanated from tho Indian Bazaars, but these were sot off by some
China sales. American offerings have been distinctly limited, thoro being
no desire to press sales upon an unwilling market. Continental demand Is
still in abeyance, and tho nearness of tho Christmas holidays contributes
to the inactivity of tho market. An Indian currency return for December
15 gave details in lacs of rupees as follows:
Notes in circulation--------------------------------------62,30
Reserve in silver coin________________________31,14
Gold coin and bullion------------------------------------ 11,01
Gold in England-------------------------------------------- 6,15
The stock in Bombay consists of 5,300 bars, tho same amount as last
week. A shipmont of 1,350,000 ounces has been made from San Francisco
to Hong kong. Quotations for bar silver per ounce standard:
Bank rate...............................
5%
No
Dec. 17— 25 15-16 cash
quotation Bar gold, per oz. standard..77s. 9d.
“ 18— 26
French gold coin, per oz----- Nominal
fixed
" 20— 26 1-16
"
U. S. A. gold coin per oz...N om in a l
for
“ 21— 26 1-16
“
forward
“ 22— 25 15-16 “
delivery.
• 23__25 13-16 "
•
Av. for week 25.968 cash
Tho quotation for cash is H d below that fixed a week ago.
THE
E N G L ISH
GOLD A N D
S ILV E R
MARKETS.
W e reprint tho following from tho weekly circular of
Samuel M ontagu & C o. of London, written under dato of
December 30, 1915:
GOLD.
The external movements have been favorable to the Bank of England.
The following amounts were received by the Bank:
Dec. 28— £750,000 in sovereigns from tho Continent.
“ 29— 615,000 in bar gold.
Withdrawals were made as under:
Dec. 23— £433,000 in sovereigns for the U. S. A.
“ 28— 20,000 in sovereigns for the U. S. A.
200.000 in sovereigns set aside on miscellaneous account.
100.000 in sovereigns set aside on Egyptian account.
“ 29— 100,000 in sovereigns set aside for Spain.
200.000 in sovereigns set aside on miscellaneous account.
During the week the net increase amounted to £312,000.
The Egyptian correspondent of the "Capital” of Calcutta writes as fol
lows under dato of Nov. 5 1915:
"For months after the outbreak of war gold entirely disappeared from
circulation— those who were possessed of any keeping it. The Australian
troops arrived in tho country, bringing sovereigns with them, and spending
them. It is said that from their first appearance up to now, about 100,000
Australians have been in, or passed through Egypt, bringing and leaving
behind them about one million sterling in sovereigns and half-sovereigns.
This was mostly absorbed as soon as it left the hands of tho troops, how'over,
and did not circulate very far. Now, however, there is more gold in circu
lation than there has been at any time since the commencement of war.
Tho main reason seems to bo that the populaco, which hoarded its few gold
coins, is now beginning to feel tho pinch of high prices and unemployment,
and is, reluctantly enough, dragging those coins out again.
"In Cairo, tho gold coins of tho world are, in normal times, common cur
rency at an almost fixed value, 97 H piastres for the sovereign, 96 piastres
for the German 20-mark piece, 77H piastres for the French Napoleon, and
so on. The re-appearance of hitherto hoarded gold marks, Napoleons,
dollars, &c., shows that tho people are clinging to their sovereigns to the
last, and are desirous of getting rid of their foreign money first. A striking
illustration of tho value of tho British gold standard.”
SILVER.
The depression which brooded over the market before the holiday seems
to have boon dispersed. As soon as tho holidays ended tho Indian Bazaars
broke into activity and have absorbed supplies at rising rates, oven though
a considerable amount of special selling was in evidence. Continental and
homo orders assisted the upward trend of prices. China has not figured
largely. There wore some moderato sales from that quarter at the Improved
price obtainable. An Indian currency return for December 22 1915 gave
details in lacs of rupees as follows:
Notes in circulation.............................................
Reservo in silver coin--------- ------------------------- , ! ' k i
Gold coin and bullion______________________ A
Gold in England_________ ________ - ..............- bilft
Tho stock in Bombay consists of 6,300 bars, as compared with 5.300 last
! week. No shipment has been made from San Francisco to Hong kong
during the week. Quotations for bar silver per ounce standard:
Bank rato-------------------------5%
Dec. 24— 2554
cash 1
No
_
“ 28— 25 y%
“ Iquotation Bar gold per oz. standard_ 77s. 9d.
“ 29— 26
“ t fixed for French gold coin per oz___ Nominal
U. S. A. gold coin per oz___ Nominal
“ 30— 26 3-16
" I forward
Av. for week 25.953 cashj delivery.
Tho quotation for cash is y s <l above that fixed a week ago. Wo earnestly
trust that tho Now Year may hold good things in store for you, as well as
for our country.
J an . 15 1916.]
THE CHRONICLE
E N G L IS H F I N A N C I A L
M A R K E T S — PER C A B L E .
The daily closing quotations for securities, & c ., at London,
as^reported by cable, have been as follows the past week;
J a n . 8. J a n . 10. J a n . 11. Ja n . 12. J a n . 13. J a n . 14.
Sat.
M on.
Tues.
Wed.
Thurs.
F r i.
London.
Week ending Ja n . 14—
Silver, peroz___________ d_ 26 11-16 26J6
58 %
Consols, 2 H per cents_____ 58 %
British 4H per cents--------- 97 , 97
----French Rentes (in Paris), f r . ----French war loan 5 per c e n t -.--------N ew Y ork
B id
Banks.
N ew York
America*__ 535
Amer Exch. 207
Atlantic___ 175
Battery Park 145
Bowery *__ 400
Bronx Boro* tl40
Bronx Nat, - 160
BryantPark* 135
Butch & Dr. 100
Chase_____ 630
Chat & Phen 200
Cheslsea Ex* 124
Chemical. . . 395
CitlzensCent 175
C ity______ 467
Coal & Iron. 165
Colonial*... 450
Columbia*.. 300
Commerce . tl78
Corn Exch*. 327
Cosmopol’n* 100
East River.. 70
Fidelity*... 140
Fifth Ave*.. 4400
Fifth______ 250
First______ 890
Garfield___ 185
Germ-Amer* 130
German Ex* 350
Germania *. 376
Gotham___ 190
Greenwich*. 265
Hanover__ 605
Harrlman . . 335
Im p* Trad. 490
Irving____ 175
Liberty ___ 700
Lincoln___ 310
26 15-16 27
59
59
97
97Ji
63.75
___
83%
___
27
59
97K
___
___
C ity
27 1-16
59
97
___
___
B a n k s a n d T ru st C om p a
Hanks. I B id i Ask
Trust Co’s
Manhattan * 295
B id
305
N ew York
545 Mark & Full 1 248 257 Astor_____ 395
2 12
Mech & Mel f275
Bankers Tr. 465
180 Merchants’ . 175
182 B'way Trust 144
165 Metropolis*. 290 305 CentralTrust 1140
___ Metropol’n * 170
177 Columbia__ 535
___ Mutual___ 325
Commercial. 1 1 0
175
New Neth*. 2 10
225 Empire____ 290
145 New York Co 725 825 Equitable Tr 445
115 New York.. 370
385 Farm L & Tr 1200
Fidelity___ 20S
650 Pacific *___ 274
205 Park.......... 415
422 Fulton____ 280
135 People’s*__ 220 235 Guaranty Tr 417
Hudson___ 135
400
Prod Exch*. 205
175' Law Tit & Tr 122
Public •___ 125
180
474 Seaboard__ 415 440 LincolnTrust 115
170 Second____ 395 425 Metropolitan 415
135 Mut'l (WestSherman__ 125
Chester). . 130
135
325 State *____ 110
135 N Y Life Ins
23d Ward*. 100
140
& Trust.. 990
332
Union Exch. 134
N Y Trust.. 690
Unit States* 500
... . Title Gu&Tr 396
Wash H’ts*. 275
80
Westch Av* 160
155
175 Transatlan 'c
West Side*. 400 450 Union Trust 370
4800
300
Yorkvllle*.. 475 550 USMtg&Tr 390
Brooklyn
UnltedStates 1030
905
140 Westchester ___
195 Coney Isl'd*
265
140 First........... 255
Brooklyn
142
390 Flatbush . . . 134
130
450 Greenpolnt . 115
115 Brooklyn Tr. 495
Hillside * ... 100
90 Franklin__ 250
280 Homestead •
140 Hamilton__ 265
615 Mechanics*. 125
110 Kings Co__ 630
345 Montauk*.. 85
205 Manufact'rs
500 Nassau____ 195
Citizens.. 140
179 Natlon’lCity 270 280
North Side*. 170
185 People’s___ 2S0
750
140 Queens C o.. —
330 People’s___ 130
n ie s
A sk
•Banks marked with a (•) are State banks,
change this week, v Ex rights.
295
455
215
300
422
___
127
125
435
Tons. 1
January............................................ 545,064 68
February.......................................... 59,460 45
March.............................................. 67.607 88
1914.
5158,251 36
156,910 64
118,220 40
Increase (+ )
Decrease (—).
—5113,186 68
—97,450 19
—50,612 52
May.
$433,382 40
$115,087 24
118,306 40
108,549 52
—$261,249 39
—$46,459 28
—37,118 72
— 42,775 99
..$215,589 17
$341,943 16
—$126,353 99
..$387,722 18
.. 70,044 50
- 53,619 67
- 72,701 77
$775,325 56
95,973 52
84,532 52
82,531 38
—$387,603 38
—25,929 02
—30,912 85
—9,829 61
-S196.365 94
510
260
275
650
145
287
85
Tons.
1912...6,664,885
1912...5,304,841
1912...5.454,201
1912...5,379,721
1911...5,084,765
1911...4,141,958
1911...3,694,327
1911...3,611,315
1911...3,695,985
1911...3,584,088
1911...3,361,057
1911 3,113,1..4
1911...3,218,700
1911...3,447,301
1911...3,400,543
1911...3,110,919
1910...2,674,750
1910...2,760,413
1910.-.2,871,949
1910 3,158,106
1910 3,537,128
1910...3,970,931
$263,037 42
—$66,671 48
$1,038,362 98
$77,998 19
Tho figures prior to July 31 1910 were issued quarterly
only. These, extending back to 1901, were given in the
“ Chronicle” of March 13 1915, page 87G.
A N T H R A C IT E
C O A L P R O D U C T IO N .— Anthracite
shipments for Docembor as reported to tho Anthracite Bureau
of Information at Wilkes-Barro aggregated 5,939,844 long
tons, an increase of 237,586 tons over the corresponding
month last year. B ut for tho congested condition of traffic
on tho railroads and the consequent inability to secure cars
tho tonnago for December would probably have approached
closely that of the previous month (nearly 6,300,000 tons)
and made a record for the closing month of the year. A s it
was, many collierios, particularly during the latter part of
the month, were idlo from 2 to 3 days a week.
Tho movement for tho year 1915 amounted to 66,122,062
long tons, against 68,342,601 in 1914, tho decrease being
due to the failure of dealers and consumers to purchaso coal
during the summer months, and to take advantage of the
spring and summer discounts. The shipments as reported
to the Bureau of Information do not include those made over
tho Lohigh & New England R R ., nor any of the output from
Sullivan County. These together aggregated, in round
numbors, about 2,200,000 tons; the sales to local trade
amounted to approximately 1,800,000 tons, and the quantity
consumed for fuel at the mines was about 8,600,000 tons—
about 11 % of the total output. The total production for the
yoar, thoroforo, is estimated at 78,720,000 tons, against
81,090,631 tons in 1914, as reported to the United States
Geological Survey, a decrease of 2,370,000 tons. Below we
N IC A R A G U A C U S T O M S R E C E IP T S .— W e append a
statement showing the Nicaraguan customs receipts for the
first ten months of 1915, compared with 1914:
135
tSale at auction or at Stock Ex-
Feb. 28 1914...5,026,440 Apr. 30
Jan. 31 1014...4,613,630 Mar. 31
Dec. 31 1913...4,282,108 Feb. 29
Nov. 30 1913...4,396,347 Jan. 31
Oct. 31 1913...4.513,767 Dec. 31
Sept. 30 1913...5,003,785 Nov. 30
Aug. 31 1913...5,223,468 Oct. 31
July 31 1913...5,399,356 Sept. 30
June 30 1913.-.5,807,317 Aug. 31
May 31 1913...6,324,322 July 31
Apr. 30 1913__ 6.97S.762 June 30
Mar. 31 1913...7,468,956 May 31
Feb. 23 1913...7,656,714 April 30
Jan. 31 1913...7,827,368 Mar. 31
Dec. 31 1912...7,932,164 Feb. 28
Nov. 30 1912...7,852,883 Jan. 31
Oct. 31 1912...7,594,381 Dec. 31
Sept. 30 1912...6,551,507 Nov. 30
Aug. 31 1912...6,163,375 Oct. 31
July 31 1912...5,957,079 Sept. 30
June 30 1912...5,807,346 Aug. 31
May 31 1912...5,750,983 July 31
-------December------ — -Ja n . 1 to D ec. 31—
1915.
1914.
1915.
1914.
.1,129,504 954,827 11,4S8,444 11.99S.779
.1,028,421 1,055,349 12,932,526 13,136,759
. 722,982 710,604
8,017,816 8,924,936
Delaware Lackawanna & Western___. 927,864 902,140 9,579,053 9,912,578
- 650,999 641,952
8,016,988 7,313,541
. 637,445 530,200
6,124,596 6,434,937
. 652,505 703,037
7,874,062 8,268,585
. 190,124 204,149
2,088,577 2,352,486
.5,939,844 5,702,258 66,122,062 68,342,601
1010
605
405
165
380
400
1060
140
TRADE AND TRAFFIC MOVEMENTS.
Tons.
give the shipments by the various carriers for Deo. 1915 and
1914 and the year ending D ec. 31:
Ask
405
470
150
1155
545
U N F IL L E D O R D E R S OF S T E E L C O R P O R A T IO N .__
The United States Steel Corporation on M onday, Jan. 10,
issued its regular monthly statement showing the unfilled
orders on the books of the subsidiary corporations at the close
of December. From this statement it appears that the aggre
gate of unfilled orders on D ec. 31 was 7,806,220 tons, record
ing an increase of 616,731 tons over last month, when the
amount of outstanding ordors was 7,189,489 tons. These are
the highost figures since Jan. 31 1913, and closely approach
the record established Doc. 31 1912, when the amount of
outstanding orders was 7,932,164 tons. In the following we
give the comparisons with the previous months:
Dec. 31 1915...7,806,220
Nov. 30 1915.-.7,189,489
Oct. 31 1915...6,165,452
Sept. 30 1915...5,317,618
Aug. 31 1915...4,908,455
July 31 1915...4,928,540
June 30 1915...4,678,196
May 31 1915...4,264,598
Apr. 30 1915...4,162,244
Mar. 31 1915...4,255,749
Feb. 28 1915.-.4,345,371
Jan. 31 1915...4,248,571
Dec. 31 1914...3,836,643
Nov. 30 1914...3,324,592
Oct. 31 1914...3,461,097
Sept. 30 1914...3,787,667
Aug. 31 1914...4,213,331
July 31 1914...4,158,589
June 30 1914...4,032,857
May 31 1914...3,998,160
Apr. 30 1014...4,277,068
Mar. 31 1914...4,653,825
229
—5454,274 86
—$14,197 95
A u c tio n Sales.— Am ong other securities, the following,
not usually dealt in at the Stock Exchange , were recently sold*
at auction in New York, Boston and PhiladelphiaB y Messrs. Adrian H . Muller & Sons, New York:
Shares.
Stocks.
P er cent. Shares.
1 Woodmere Club, Inc________ S9
2 Gyrex Mfg. Co______ ____
2 Playa Vicente Rubber Co.,) 524
Inc., of San Francisco_____ ) lot
25 So. Bend Home Telep. Co.
pref. and 10 shs. com ..520 per sh.
2 Unity Cotton Mills, La Grange,
G a ........................... $326 per sh.
1 Washington Mills, pref......... . 65
1 Washington Mills, com_____ 14
1 J. Spencer Turner Co., pref_15
1 Brooklyn Acad, of Music___ 11
1 Merch. & Planters’ Nat. Bank,
Sherman, Texas_________ 138
2 R. M. Sutton Co. 6% cum.
pref., Baltimore_________ 70
Stocks.
■
P ercent
2 Amer. Tube & Stamping Co.
of Bridgeport, com_________ 13
496 N. Y. Weighing Barge Coaling
C o ............... .................. S250 lot
10 Bronx Borough Bank_______ 140
50 Consumers' Brew. Co. of N.Y.101
90 Pasadena Farms, Inc_________ 20
Bonds.
Per cent.
$300 Woodmere Club, Inc., rec't
for 3d M. bonds____ _________ $12
SI ,000 Amer. Tube & Stamping Co.
5s. 1932..................................... 90 H
$35,000 West. Maryland Coal &
Coke Co. 1st 6s, 1928. June 1909
& subsequent coup, attached..$90 lot
B y Messrs. R . L . D ay & C o ., Boston:
Stocks.
S per sh. Shares. Stocks.
$ per sh
26 Second National Bank_______ 312K 20 Bigelow-IIart. Carpet, pref__111
15 National Shawmut Bank____293
11 Arlington Mills_____________100
10 Merchants’ Nat. Bank, ex-div.293
1 Boston Athenaeum, S300 par..366
120 MousamRiv.TrustCo.,Sanford 1-1H 10 Draper Co., common_______ 245
38K Merchants’ Nat. Bank., New5 Union Twist Drill, pref_ 95 & lnt.
_
buryport, $20 each_______ 38 H
50 Hopkins & Allen Arms, pref__ 85
3 Nat. Bank of Methuen______ 102H
2 N. E. Invest. & Security, pref. 55H
5 Great Falls Mfg____________ 190
41 Pere Marquette RR., 1st pref. 31c.
1 Newmarket Mfg____________ 112
20 Lowell Bleachery, rights_____ 9)£
5 Farr Alpaca Co__________ 1..137M
Shares.
B y Messrs. Francis Henshaw & C o ., Boston:
Slocks.
$ per sh.
2 Merchants’ Nat. Bank, Newburyport, $20 each__________ 40
11 Farr Alpaca C o ............ ..136M-137
15 Mass. Cotton Mills........136>^-137H
2 Lancaster Mills______________ 80
10 Nyanza Mills_______________ 120
15 Cambridge Elec.Secur. Co____ 300
Shares.
Shares. Stocks.
$ p er sh.
26 Waltham Watch, common____115
7 Plymouth Cordage, ex-div____197H
10 N. Bedford Gas & Ed. Lt.,
new stock________________274
Bonds.
P er Cent.
51,000 Rutland RR.lst cons.4Ms,’41 83 %
$1,000 U. S. Envelope 1st 5s, 1931.100
B y Messrs. Barnes & Lofland, Philadelphia:
Slocks.
S per sh.
30 Third National Bank________ 250
360 Hydraulics Control Co. of N.
J., $50 each______________ 1
100 Expanded Metals Co. of Pliila.,
$50 each_____ ___________ 3
13 Chelten Trust Co------------------150
20 Franklin Trust Co., $50 each.. 56X
5 John B. Stetson, pref_______162-166
10 John B. Stetson, com......... .403-406
25 Gloucester Ferry, com., S50 ea. 5
11 De Long Hook & Eye-------------57
55 Farmers & Mech. Nat.Bk_126M-128
5 Chestnut Hill RR., $50 each.. 63
8 Elmira & Wmspt. RR., com.,
$50 each......... ..................48-49
18 Mill Creek & M. H. Nav. &
RR., $25 each____________ 52
2 Frankford & So’wark Pass. Ity.351
25 Eighth Nat. Bank..................405
35 Fire Assoc, of Phil., $50 each,
331J^-335H
2 Hestonv. M. & F. Pass. Ry.,
common__________________ 43 M
29 Lumbermen’s Insur., $25 each.lOSM
11 13th & 15th Sts. Pass.Ry.235Jf-240
17 Union Pass. Ry........... .185K-186H
50 Guarantee Tr. & S. D. C o.164-165J4
Shares.
Stocks.
$ per sh.
36 West End Trust Co_________ 162
25 Tenth Nat. Bank................... 117M
10 Union Nat. Bank___________ 180
146 Second Nat. Bank________ 310-315
1 People’s Trust Co., $50 each.. 40H
19 Con.-Eqult. Trust Co., $50 ea. 90
5 Belmont Trust Co__________ 35 K
50 Girard Trust Co________ 930H-935
13 Philadelphia Trust Co_______ 740
9 Real Est. Trust Co., pref____ 82K
2 Continental Pass. Ry.... ........ 120M
15 Phil. & Grays Ferry Pass. Ry. 76K
100 Pratt Food Co., $1 each_____ 2H
10 Phil. Warehouse & C. S____ 90M
Shares.
Bonds.
P ercen t.
$1,000 Southern Transportation
Co. 7s, 1925..............
99M
51.000 Lake Super. Corp. 1st 5s, ’44 63
$1,000 Wyoming Val. Coal 6s, 1917 101
$1,200 No. Spring. Wat. Co. 5s,’28 85
52.000 Bethlehem City Wat. Co.
1st 5s, 1944____ ____________ 97
53.000 Ind. Col. & East. Trac. 5s,
1926
83
$2,000 Wilmington Lt. & Pow. 1st
5s, 1960......................................82 %
N ation a l B a n k s.— The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department;
APPLICATIONS TO CONVERT APPROVED— DEC. 20 TO JAN. 4*
The Bank o f Grayson, Independence, Va., into “ The Grayson County
National Bank o f Independence.” Capital, $35,000.
Tho Farmers’ & Merchants’ State Bank of Alcester, S. Dak., into “ The
Farmers’ & Merchants’ National Bank o f Alcester.” Capital, $25,000.
CHARTERS ISSUED TO NATIONAL BANK DEC. 31 TO JAN. 4.
10.809— The First National Bank of Broadview, M ont. Capital, $25,000.
C. L. Grandin, Pres.; H. A. AVeld, Cashier.
10.810— Tho First National Bank of Greybull, W yo. Capital, $25,000.
Roy J . Covert, Pres.; C. J. Williams, Cashier. (Conversion of
the Greybull Bank, Greybull, W yo.)
10.811— The Citizens’ National Bank of Dry Run, Pa. Capital, $25,000.
J. H. Clymans, Pres.; J. M . Hazlett, Cashier. (Succeeds the
Citizens' Bank of Dry Run, Pa.)
33 0
THE CHRONICLE
[Vol . 102
Books Closed.
When
Per
The First National Bank o f Paullina, Iowa. Capital, 825,000D ays Inclusive.
Cent. Payable.
N am e o f Com pany.
James F. Toy, Pres.; Albert H. Meyer, Cashier. (Succeeds the
Farmers’ State Bank o f Paullina, Iowa.)
nnn
10.813— The First National Bank o f Beresford, S. Dak. Capital, S2p,000- Street and Electric Rys. (Concluded).
Feb. 1 Holders of rec. Jan. 1
IX
A . O. Tuntland, Pros.; Lewis Asper, Cashier. (Conversion of Duquesne Light, pref. (quar.) (No. 4 ) ...
International Traction, Buffalo, pref___
X Jan. 15 Holders of rec. Jan. 3
the American State Bank o f Beresford, S. Dak.)
First preferred-----------------------------X Jan. 15 Holders of rec. Jan. 3
10.814— The First National Bank o f Buxton, N . Dak. Capital, $25,000O. S. Hanson, Pres.; Leonard Hanson, Cashier. (Conversion or Kentucky Securities Corp., pref. (quar.).
I X Jan. 15 Holders of rec. Dec. 31a
Lewiston Augusta & W aterville, pref. (qu.)
I X Feb. 1 Holders of rec. Jan. 15
the State Bank o f Buxton.)
Jan. 15 Holders of rec. Jan. la
Manchester Trac., Light & Power (quar.) 2
VOLUNTARY LIQU IDATION .
M ilw aukee E lec. R y. & L l. (quar.) (N o. 65)
I X Jan. 31 Holders of rec. Jan. 20a
Jan. 15 Holders of rec. Jan. 3a
1
9,313— The First National Bank o f Plainville, Conn, at close o f business Monongahela Valley Traction, common..
on Dec. 14 1915. Liquidating agent, J. H. Trumbull, Plainville, M ontreal Tram ways (quar.) ...................
2 X Feb. 1 Holders of rec. Jan. 15
Conn. Succeeded by the Plainville Trust C o., Plainville, Conn. Ottumwa Ry. A Light, pref. (quar.)___
I X Jan. 15 Holders of rec. Dec. 31
8,213— The Konawa National Bank, Konowa, Okla., Dec. 11 1915. Philadelphia Co., com. (quar.) (No. 137) I X Feb. 1 Holders of rec. Jan. 3a
Liquidating agent, AV. E. McKinney, Konowa, Okla. Consoli Public Service Invest., pref. (qu.) (N o. 27) $1 50 Feb. 1 Holders of rec. Jan. 15a
75c. Jan. 15 Holders of rec. Jan. 4a
dated with the First National Bank o f Konowa, N o. 7,633. Lia Puget Sound Trac., Lt. & Pow., pf. (qu.)
bility for circulation to amount of $18,750 assumed under Section Republic Ry. A Light, pf. (qu.) (No. 18). I X Jan. 15 Holders of rec. Dec. 31
50c. Jan. 15 Holders of rec. Jan. 6 a
United Rys. & Elec, of Balt., com. (qu.).
5223, United States Revised Statutes.
_ T. .
Jan. 20 Holders of rec. Dec. 31a
3
10,298— The Keota National Bank, Keota, Okla., Dec. 22 1915. Liqui- Vtrglnla Ry. & Power, preferred_______
I X Feb. 1 Holders of rec. Jan. 22
° dating committee, R . N . Robinson, T . A. Fitzgerald and O. H. West Penn R ys., pref. (q u a r.). ......... .......
Banks.
Smith, Keota. Okla.
_
_ ..
_
lnl Jan. 21 to Jan. 31
7 4 59 — The First National Bank o f Fort Valley, Ga., Dec. 15 1915. P a cific (quar.) ................ - .......................
Trust Companies.
Liquidating committee: AV. H. Harris and G.
SLFthB
4
Feb. l Holders of reo. Jan. 27a
Valley, and J. H. Allen, of Marshallville. Absorbed by the Astor (quar.)------ ---------------------------Jan. 31
I X Feb. 1 Jan. 22 to
Citizens’ Bank of Fort Valley.
v
n
9n Broadway (quar.) .................................
I X Jan. 15 Holders of rec. Jan. 14
8,838— The Citizens’ National Bank o f Highland Falla, N . Y ., Dec.,2 0 M u tu al o f Westchester Co. (quar.) ----------Fire Insurance.
1915. Liquidating agent. Geo. AV. Flood, Highland Falls.. Ab
Ondem. Holders of rec. Dec. 31
Hom e (N o. 121)............................... ....... 10
sorbed by the First National Bank o f Highland Falls, N o. 8850.
Miscellaneous.
10,699— The Citizens’ National Bank o f ( f e s t e r , S .O ., D w . ]^ 19
I X Jan. 25 Holders of rec. Jan. 20
Liquidating agent, K . II. White, Chester, S. C. Absorbed by the Aetna Explosives, Inc., pref. (quar.)....
A ja x Rubber (quar.) (N o. 1)----------------- $1 25 Mar. 15 Holders of rec. Feb. 28
Jan. 15 Holders of rec. Jan. 10
IX
8m
j S
S
S
s a ;
m W .
L iw id a tt o Alliance Realty (quar.)------ ---------------Jan. 15 Jan. I to Jan. 15
IX
Allls-Chalmers Mfg., pref. (quar.)-------1 to Jan. 15
1X h Jan. 15 Jan.
Preferred (on acct. accumulated dlvs.)
40 M
- W
T SS’o S h S ^ Nktlonal Bank ot J - . j j J . M 4 . .
Jan. 15 Holders of reo. Dec. 20a
4,04b Dec 3 / 1 9 1 5 . Liquidating committee, Francis G. AVrightson. Amer. Agrlc. Chem.. com. (qu.) (No. 17) 1
I X Jan. 15 Holders of rec. Dec. 20a
Preferred (quar.) (No. 42)--------------AV. P. Chaffinch and J. S. McDaniel, Easton, M d.
I X Jan. 20 Holders of rec. Jan. 4
o 4 7 9 __The First National Bank of Porum, Okla., Dec. 29 1915- Liciu*' American Chicle, common (quar.).........
Feb. 1 Holders of rec. Jan. 15a
IX
'
dating agents, Ralph Reed and Ed. Taylor, loru m , Okla. Ab American Cigar, common (quar.)--------to Jan. 14
Jan. 15 Jan. 1 1
IX
sorbed by the National Bank o f Commerce at Porum, N o. 10.649 Amer. Coal Products, pref. (quar.)-----Feb. 1 Holders of reo.. Jan. 20 a
IX
1 652— The Rocky Mountain National Bank o f Central C ity, Colo., Jan. 1 Amer. Gas & Elec., pref. (qu.) (No. 36).
’
1916. Liquidating agent, H. A. Hicks, Denver, Colo. Absorbed Amer. Iron & Steel Mfg.. com. (quar.)..
I X Jan. 31 Holders of reo,. Deo. 18a
Jan. 15 lau. 6 to Jan. 15
Amer. Laundry Machinery, pref. (qu.)..
IX
by the First National Bank o f Central City, Colo., No. 2129.
Jan.
9,124— TTie American National Bank of Wilmington, N. C ., Dec. 28 1915. Amer. Light & Traction, common (quar.) 2 X Feb. 1 Jan. 16 to Jan. 31
31
Common (payable in common stock).. 2 X Feb. 1 Jan. 16 to
Liquidating agent. Thomas E. Cooper, Wilmington, N . C. Con
Feb. 1 Jan. 16 to Jan. 31
IX
solidated with the Atlantic Trust & Banking Co. o f AVilmingPreferred (quar.)............................. .
Jan. 21 Jan. 6 to Jan. 2 1
IX
American Locomotive, preferred (quar.).
ton, N . C.
50c . Feb. 3 Jan. 16 to Feb. 3
American Malt Corporation, pref. (quar.)
Feb. 1 Holders of rec. Jan. 20
4
INSOLVENT NATIONAL BANKS.
A m er. P ip e & Construction Securities, pref.
Jan. 15 Holders of rec. Jan. 5a
American Rolling Mill, common (quar.). 2
o 7 9 2 — “ The First National Bank of Casselton,” Casselton, N . Dak., was
5/ Feb. 10 Holders of rec. Jan. 20
Common (payable In common stock). .
placed in the hands or a receiver Dec. 6 1915.
I X Jan. 15 Holders of rec. Jan. 5a
Preferred (quar.)........... - ............ - - - 9 027— “ The First National Bank o f Wartrace, Wartrace, Tenn., was
Jan. io Holders of reo. Dec. 31a
1
Amer. Seeding Machine, com. (quar.) —
placed in the hands o f a receiver Dec. 22 1915.
I X Jan. 15 Holders of rec. Dec. 31a
Preferred (quar.)....... ...................... :
Jan. 15 Holders of rec. Dec. 31a
2
C an a d ia n B a n k C learin g s. — The clearings for the Aveek American Telephone & Telegraph (quar,
Jan. 15 Holders of rec. Jan. 10a
1
ending Jan. 8 at Canadian cities, in comparison with the American Type Founders, com. (quar.)
Jan. 15 Holders of rec. Jan. 10a
IX
Preferred (quar.)------------ ------- -----15
Deo.
same week in 1915, show an increase in the aggregate of American Woolen, pref. (quar.) (No. 67). I X Jan. 28 Dec. 17 of to Jan. 29
Holders
rec.
22a
$1 50 Feb.
Anaconda Copper Mining (quar.)..
_____
42.6% .
51 Jan. 15 Holders of coupon No.10
Anglo-American OH, Ltd________
Jan. to Holders of coupon No.10
51
Extra_______________________
Jan. 15 Holders of rec. Dec. 31
Associated G as* Elec., pref. (quar.)----IX
Week ending Ja n . 8 .
Jan. 15 Jan. 1 to Jan. 14
1
Associated OH------ --------- ---------Clearings at—
Feb. 1
I X Feb. 1 Jan. 22 to
A llas Powder, preferred (quar.) -----In c . or
Jan. 15 Holders of rec. Dec 31a
2
Bell Telephone of Canada (quar.)..
Dec.
1915.
Jan. 15 Jan. 6 to Jan. 16
IX
Bell Telephone of Pa. (quar.)-----Feb. 1 Jan. 25 to Jan. 31
1
B r ill ( J . a .) C o., pref. (quar.) -------%
5
18
See note (0
Canada—
+ 53.3 56,512,398 60,879,253 Brltlsh-American Tobacco, Ltd., ordinary 7 X Jan. 18
Jan.
See note (l)
5
Montreal........ - ............ 63,886,321 41,670,530 + 33.2 45,522,719 45,290,038
Ordinary (Interim dividend)-----Jan. 26 Holders of tpo. Den. 31a
3
Toronto-------------------- 53,554,882 40,198,295 + 75.6 38,039,131 37,228,266 Brooklyn Borough Gas..................
Winnipeg...................... 44,004,131 25,066,915 — 49.5 12,012.173 14,120,329 Brown Shoe, Inc., preferred (quar.)----IX Feb. 1 Holders of rcc. Jan. 22a
6,053,576
5,753,540
Vancouver....................
IX Feb. 15 Holders of rec. Feb. 1
+28.6 4,638,622 5,953,980 Burns Bros., common (quar.) ...........
I X Feb. 1 Holders of rcc. Jan. 17
Ottawa - - ............. ......... 5,120,968 3,980,655 + 4.6 3,956,397 4,015,985
Preferred (quar.) (N o. 12)..........
2,569,929 2,457,335
2 X Jan. 15 Holders of rec. Dec. 31a
Quebec..........................
2,537.973 + 73.9 3,140,617 2,616,348 Bush Terminal, common....... .......
Halifax - ................... - - 4,413,395 2,989,115 + 43.1 3,214,063 3,864,988
Cora, (special) (payable In com. stock). 2 X Jan. 15 Holders of rec. Dec. 31a
4,277,000
Jan. 15 Holders of rec. Dec. 31a
3
Hamilton . . ............... .
Preferred...... ................................... ..
1,764,920 1,545,730 + 14.2 2,013,556 2,272,787 Canadian Explosives. Ltd., com. (quar.).
Jan. 31 Holders of rec. Dec. 31a
1
St. John........................
1,433,423 2,713,019 — 47.2 3,244,498 3,919,742
Holders of rec. Dec. 31a
Victoria..........................
I X Jan. 15 :
Prefcrred
2,427,979 2,941,915 — 17.5 2,601,608 2,681,475 Central Coal(quar.)...............................
London----------- ---------l x Jan. 15.Jan. 1 to Jan. 16
A Coke, preferred (quar.).
4,953,302 5,867,469
Jan. 25.Jan. 16 to Jan. 25
Calgary.....................- - 4,330,626 2,920,085 + 48.3 4,900,402 5,266,043 Chicago Pneumatic Tool (quar.)---------1
2,517,277 2,197,119 + 14.6
Edmonton................—
Jan. 15 Holders of reo. Deo. 31a
1
2,726,871 2,003,138 +36.1 3,237,251 3,258,235 Cleveland A Sandusky Brewing, p ref....
Feb. 1 Holders of rec. Jan. 21a
Regina--------------------IX
850,809 Cluett, Peabody A Co., Inc., com. (quar.
818,447
556,867 + 60.5
893,658
Brandon............. ..........
Jan. 20
4
592,540 Columbia Weighing M achine, com. & pref.
646,606
341,427 +55.7
531,863
Lethbridge....................
Feb. 1 Holders of reo. Jan. 15a
2
+ 53.8 2,230,206 2,648,372 Commonwealth Edison (quar.)----878,230
1,350,940
Saskatoon............. ........
689,683 Commonwealth Gas A Elec. Cos., com.. 50c. Jan. 15 Holders of rec. Jan. la
781,043
620,459 + 16.0
719,473
Brantford------------------rec.
la
Preferred (quar.)........... ..................... S1.37X Jan. 15 Holders of to Jan. 20
862,667 +46.4 1,492,706 1,773,423
1,262,033
Jan.
Moose Jaw................ .
I X Jan. 20 Jan. 11
882,240 Consolidated Ice, Pittsb., pref. (quar.)..
419,791 + 16.9 1,084,093
490,494
Fort William................Jan. 15 Holders of rec. Jan. 3a
IX
776,826 Corn Products Refining, pref. (quar.)...
508,792
308,166 —22.4
239,861
New Westminster.........
I X Jan. 15 Holders of rec. Dec. 31a
Dayton Power A Light, pref. (quar.)----485,570
201,591 + 91.3
385,035
Medicine Hat------ ------2 X Jan. 15 Holders of reo. Dec. 31a
Delaware Lack. A West. Coal (quar.) —
534,607 + 20.6
644,355
Peterborough-------------Jan. 15 Holders of reo. Dec. 31a
2
Detroit Edison (quar.)----------------------X Jan. 29 Holders of reo. Jan. 8 a
Distilling Co. of America, pref. (quar.)..
Total Canada_______ 205,298,974 143,999,205 + 42.6 196,034,200 205,449,030 D om inion Coal, L td., preferred - - - - - - - - - 3X Feb. 1 Holders of rec. Jan. 15
Deo. 31
3 X Jan. 15 Dec. 20 to
Dominion Pow.&Traii3 ..Ltd.pf .(No. 33).
Feb. 1 Jan. 10 to Feb. 1
IX
D om inion Steel C orp., L td., pref. (qu a r. ) . .
D IV ID E N D S .
Holders of reo. Deo. 31a
I X Jan.
Dominion Textile, Ltd., pref. (quar.)...
Jan. 23 to Feb. 1
The following shows all the dividends announced for the du Pont (E.I.) de Nem. Powd., com.(qu.) 1 X Feb.
Feb. l
Feb.
\x Feb. Jan. 23 of to Jan. 15
Preferred (quar.).................. - - - - -
future by large or important corporations;
Holders
rec.
Edison Elec. 111. of Boston (qu.) (No. 107) 3
_ . ..^ ^
7 iJ •
7
.
v t /»w /i vi i f n Ji s*o
»
Holders of rec. Jan. 20a
Feb.
$2
Edison Elec. 1 . of Brockton (quar.)----11
Holders of rec. Jan. 26a
1X Feb.
Electrical Securities, preferred (quar.)...
Holders of rec. Jan. 11
I X Jan.
Electrical U tilities, p ref. (quar.) (N o. 23).
Books Closed.
When
Per
Jan. 15 Holders of rec. Jan. 14
2
Elec. Bond & Share.com . (quar.) (N o. 27)
D ays Inclusive
Cent. Payable.
Holders of rec. Jan. 20
N am e o f Com pany.
Feb.
IX
Preferred (quar.) (N o. 43)----------------Holders of rec. Jan. 15
Feb.
6
Eureka Pipe Line (quar.).............
Railroads (Steam).
2 X Feb. 1 Holders of rec. Jan. 10
Holders of reo Jan. 22a Fajardo Sugar------------------ - - - - - „
Feb. 23
Alabama Great Southern, preferred........ 3
Feb. 1 Holders of rec. Jan. 20
IX
F t. Worth Power <& Light, pref. (quar.) ----I X Mar. 1 Holders of rec. Jan. 31a
Atch. Topeka & Santa Fe, com. (quar.)..
Feb. 1 Holders of rcc. Dec. 31a
Gen. Chem.. com.(oxtra) (pay. In com.). S f
2 X Feb. 1 Holders or rec. Dec. 31a
Atch. Top. & 8 anta Fe. pref. (No. 35)--Feb 1 Holders of roc. Dec. 31a
Com. special (payable In com stock) . . . \0 f
2 X Mar. 1 Holders of rec. Jan. 24a General Electric (quar.)..............
Baltlmore A Ohio, common----------------2
Jan 15 Holders of rec. Dec. 15->
Mar. 1 Holders of rec. Jan. 24a
2
Preferred........- ........ - ------- ---------- -Feb. 15 Holders of rec. Jan. 25a
10
Jan. 15 Holders of rec. Dec. 3la General Motors, common........... .
Buffalo & Susquehanna RR. Corp., pref. 2
I X Jan. 15 Holders of rec. Dec. 31
IX Feb. 1 Holders of rec. Dec. 3la Globe-Wernicke, pref. (quar.)-----Canada Southern-----------------------------I X Feb. 1 Holders of rec. Jan. 14a
Feb. 1 Holders of rec. Dec. 31a Granby Cons. Min..Sm.A Pow..Ltd.(qu.)
3
Cuba Railroad, preferred.................... 1
Jan. 17 Holders of reo. Jan. 8a
Greene Cananea Copper Co.........
2 X Jan. 20 Holders of rec. Jan. 4a Gulf States Steel, first preferred..
Delaware Lackawanna & Western (quar.)
115 1 6 Feb. 15 Holders of reo. Jan. 5a
Jan. 15 Holders of rec. Jan. 7a Harbison-Walker Refractories, preferred.
3
Detroit River Tunnel...----- ------------I X Jan. 20 Holders of reo. Jan. 10
Jan. 15 Jan. 2 to Jan. 14
3
Georgia Railroad & Banking (quar.)----Feb. 1 Jan. 27 to Feb. 1
IX
fc
Feb. 1 Holders ot rec. Jan. 5a H arrison Bros. < C o., I n c ., pref. (quar .). .
IX
Great Northern (quar.)...................... -
65c. Jan. 25 Holders of reo. Jan. 20a
Jan. 15 Holders of rec. Dec 31a Homestake Mining (monthly) (No. 496).
Q
Kansas City Southern, preferred (quar.). 1
Houston Oil, preferred ....... .........
Jan. 15 Dec. 16 to Jan. 16
Little Schuylkill Nav.. RR. & Coal------ 51.25
Jan. 15 Jan. 5 to Jan. 16
3
v
Feb. 10 Holders ot rec. Jan. 20a Illinois Brick................................
2X
Louisville & Nashville...................
Feb. 1 Holders of rec. Jan. 20
I
Feb. 1 Holders of rec. Jan. 7a Illinois Northern Utilities, pref. (quar.). 15X Jan. 15 Deo. 19 to Jan. 1
$5
)
Holders of reo. Dec. 31a Illinois Pipe Line______ ____ —
Jan. 29
2
Michigan Central.........................
Feb. 15 Holders of rec. Jan. 25
$2
Indiana Pipe Line......................
$1.25 Jan. 15 Dec. 25 to Jun. 16
Mine Hill A Schuylkill Haven----Jan. 15 Holders of rec. Jan. 1
1
Internat. Buttonhole Sew. Mach, (quar.)
Feb. 2 Jan. 23 to Feb. 2
Holders of rec. Dec. 24a
3
N ashville Chattanooga & St. L o u is.
I X Jan 15 Jan.
bit. Harvester of N. J.. cora.(au.)(No.24i
Feb. 1 Jan. 6 to Jan. 26
9 to Jan. 18
IX
New York Central RR. (quar.)...
Feb. 1
IX
Feb. 19 Holders of rec. Jan. 31a International Nickel, preferred (quar.)..
. 1
Jan 15 Holders of rec. Jan. 6a
X
Jan. 15 Holders of rec. Dec. 3la Internatlonal Paper, preferred (quar.)...
4
Northern Central...........
50c Feb. 1 Holders of reo. Jan. 22
Island Creek Coal, common (quar.).......
. I X Feb. 1 Holders of rec. Jan. 7a Kayser (Julius) A Co., 1st A 2d pref. (qu.)
Feb. 1 Holders of reo. Jan 20a
Northern Pacific (quar.).
IX
Jan. 25 Holders of rec. Jan 15a
.
2
Feb. 1 Holders of rec. Jan. 15
3
Jan. 25 Holders of rec. Jan 15a Kelly-Springfleld Tire, common (quar.). .
4
25c. Mar. 15 Holders of rec. Mar. la
K err Lake M in in g (quar.) (N o. 4 2 )-.---. $2.50 Feb. 1 Holders of rec. Jan. 22
$1/1 Fob. 1 Holders of rec. Jan. 20a
Feb. 10 Holders of rec. Jan. 24a Keystone Telep.ion acct. of accumul ns)
. 2
1 to
Jan. 18
Jan. 20 Jan.
1
Jan. 13 Holders of rcc. Dec. 21a La Rose Consolidated Mines (quar.)----- $1 25 Jan. 15 Holders of reo. Jan. 6
Second preferred (quar.).................. . 1
Lehigh Valley Coal Sales............
-Street and Electric Railways.
2 X Jan. 15 Holders of reo. Dec. 3la
MacAndrews A Forbes, common (quar.)
Feb. 1 Holders of rec. Jan. 15
3
Bay State Street Ry., 1st pref.............
IX Jan. 15 Holders of reo. Dec. 3 la
Preferred (quar. ) . . ..............
—
Jan. 15 Holders of rec. Jan. 4
1to Jan. 15
Boston Suburban Elec. Cos., pf. (quar . $ 1
Jan. 15 Jan.
2
Manufacturers’ Light A Heat (quar.)...
Jan. 15 Jan. 6 to Jan. 15
Brooklyn City RR. (quar.)--------. . . . . 2
Massachusetts Gas Cos., common (quar.) $1.25 Feb. 1 Holders of rec. Jan. 15
Jan. 15 Jan. 1 to Jan 16
) IX
Mass. Lighting Cos., old com. (quar.)... SI 75 Jan. 15 Holders of rec. Dec. 27
Jan 16
I X Jan. 15 Jan. 1 to
Preferred (quar.).
25c Jan. 15 Holders of rec. Dec. 27
New common (quar.)--------------------X Feb. 1 Holders of rec. Jan. 15a
Preferred (quar.)............................— $1 50 Jan. 15 Holders of rec. Dec. 27
Feb. 1 Holders of rec. Jan. 12
)
IX
2 X Jan. 17 Holders of rcc. Dec. 31a
Mexican Telegraph (q u a r .)....--------Feb. 1 Holders of rec. Jan. 12
IX
Feb. 15 Holders of rec. Feb. la
Feb. 1 Holders of rec. Jan. 14a Miami Copper Co. (quar.) (No. 14)........ $1.25 Feb. 1 Holders of rec. Jan. 15a
)
1
IX
rec.
14a Midwest Refining (quar.) (No. o)
1 Holders
Jin. 1 1 Ion 1 to .Ton s 15
Preferred (quar.)---------------------- - I X Feb. 1 fl Jan. 1 of to Jan. 1
2
Montreal Telegraph (quar 1-------Tsn
fan. .5
2
f , n»^il(1nt«vt T'-setlnn of ' J<"T J*-«av
10.812—
Jan . 15 1916.]
N am e o f Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
D ays Inclusive.
Miscellaneous (Continued).
Mountain StatesTelep. & Teleg. (quar.).
I X Jan 15 Holders of rec. Dec. 31a
National Biscuit, com. (quar.) (No. 70)..
I X Jan. 15 Holders of rec. Dec. 28a
National Carbon, common (quar.).........
I X Jan. 15 Jan. 6
to Jan. 16
National Properties, preferred.................
3
Jan. 15 Jan. 7 to Jan.. 15
New England Company, second preferred 2
Jan. 15 Holders of rec. Jan. 1
New England Power, preferred (quar.).. I X Jan. 15 Holders of rec. Jan. 1
New Jersey Zinc (quar.)--------------------4
Feb. 10 Holders of rec. Feb. 1
New York Transit (quar.).................... . 4
Jan. 15 Holders of rec. Dec. 24
Niagara Falls Power (quar.)--------------2
Jan. 15 Holders of rec. Dec. 31a
Nipe Bay Co., common (quar.)----------I X Jan. 15 Holders of rec. Dec. 23
Nipissing Mines Co. (quar.)................... 25c. Jan. 20 Jan. 1 to Jan. 17
Northern Ontatio Light* Pow., pref.
3
Jan. 15jHoIders of rec. Dec. 31a
Northern States Power, pref. (quar.)----I X Jan. 15 Holders of rec. Dec. 31
Ohio Fuel Supply (quar.)........................ 2
Jan. 15;......................................
Oklahoma Natural Gas (quar.)-----------I X Jan. d20 Jan. 11 to
Jan. 20
Omaha Electric Light* Power, preferred 2 X Feb . 1 Holders of rec. Jan. 20a
Osceola Consolidated Mining (quar.)___
$3 Jan. 31 Holders of rec. Dec. 27
lx
Jan. 15 Holders of rec. Dec. 31a
Otis Elevator, common (quar.)________
Preferred (quar.).................... ............
I X Jan.
15 Holders of rec. Dec. 31a
Pacific Telep. & Teleg., pref. (quar.)___
I X Jan. 15 Jan. 1 to Jan. 15
1X Feb. 1 Holders of rec. Jan. 15a
Packard Motor Car, common_________
Common (payable In common stock).. 10/ Feb. 1 Holders of rec. Jan. 15a
Penmans Limited, common (quar.)____
1 Feb. 15 Holders of rec. Feb. 6
1 Holders of rec. Jan. 21
Preferred (quar.)____ _____________
I X Feb.
Pennsylvania Lighting, preferred (quar.) I X Jan. 15 Holders of rec. Deo. 31a
2 Jan. 15 Holders of rec. Dec. 31a
Pennsylvania Salt Mfg. (quar.)_______
1 Holders of rec. Jan. 15
Penn T ra ffic ________________________
5c. Feb.
Peoples Gas Light & Coke (q u a r.) ----------2 Feb. 25 Holders of rec. Jan. 20j
People’s Natural Gas & Pipeage (quar.). 2
Jan. 25 Holders of rec. Jan. 20
I X Jan. 25 Holders of rec. Jan. 15a
Pittsburgh Coal, preferred (quar.)_____
Pittsburgh Steel, p ref. (on acct. d d ies .).
ef.
3 X h Jan. 31 Holders of rec. Jan. 20J
Pittsb. Term. Warehouse*Tran, (mthly) 25c. Jan. 15 Holders of rec. Jan. 8
Prairie Oil & Gas____________________
3
Jan. 31Holders of rec. Dec. 31
Prairie Pipe Line.................... ............. . 5 Jan. 31 Holders of rec. Dec. 31
Procter & Gamble, preferred (quar.)___
2 Jan. 15 Holders of rec. Dec. 31a
Holders of rec. Jan. 15a
Public Service Co. of Nor. 111., com. (qu.) I X Feb.
Holders of rec. Jan. 15a
Preferred (quar.)...............................
I X Feb.
Holders of rec. Dec. 31a
Quaker Oats, common (quar.)_________
2 X Jan.
Holders v* rec. Feb. la
of icv. rcu
Preferred (quar.).................................
lx
Feb.
Realty Associates (No. 26)....................
3 Jan. 1 5 Holders of rec. Jan 5
Reece Buttonhole Mach, (quar.) (No. 19) 3
Jan. 15 Holders of rec. Jan. 1
Reece Folding Mach, (quar.) (No. 27).. 1 Jan. 1 5 Holders of rec. Jan. 1
1
Jan. 25 Holders of rec. Jan. 15
Savoy Oil (monthly)..................... ........
Extra............................................. .....
1
Jan. 2 5 Holders of rec. Jan. 15
Sears, Hoebuck & C o., common (quar.) ___
I X Feb. 15 Holders of rec. Jan. 31
2 X Jan. 15 Holders of rec. Dec. 31a
Securities Company..............................
Securities Corporation General, pref. (qu) I X Jan. 15 Holders of rec. Dec. 31a
Southern California Edison, pref. (quar.) I X Jan. 15 Holders of rec. Dec. 31a'
Southern N. E. Telephone (quar.)-------I X Jan. 15 Holders of rec. Dec. 31a
Steel Co. of Canada. Ltd., pref. (qu.)—
1X Feb. 1 Holders of rec. Jan. 15
Pref. (on acct. of accumulated diva.).. 3 X h Feb. 1 Holders of rec. Jan. 15
Submarine Boat Corporation (quar.)___ $1.50 Jan. 15 Holders of reo. Dec. 31
Tennessee Copper (quar.)-------------------75c. Jan. 15 Holders of rec. Jan. 3a
Tonopah Mining of Nevada (quar.)____
15c. Jan. 21 Jan. 1 to Jan. 7
Torrlngton C o., common ...........................
4
Feb. 1 Holders of rec. Jan. 15
Union Ferry.... .......................................
2
Jan. 15 Holders of rec. Jan. 3a
Union Natural Gas Corporation (quar.).
2 X Jan. 15 Jan. 1
to Jan. 15
U nion Oil o f C alifo rn ia _______________
lx
Jan 25 Jan. 15 to
Jan. 25
Union Switch & Signal, com. & pf. (qu.). $1.50 Jan. 15 Holders of rec. Dec. 31
United Cigar M fr s ., com. (quar.) .............
l
Feb 1 Holders of rec. Jan. 25a
United Cigar Stores of Amer., com. (qu.) 1X Feb 15 Holders of rec. Jan. 28a
United Fruit (quar.) (No. 66)...............
2
Jan 15 Dec. 24 to Jan. 14
United Gas & Electric Co., preferred___
2 X Jan! 15 Holders of rec. Dec. 31
United Gas Improvement (quar.)______ $i
j an 15 Holders of rec. Dec. 31o
U. S. Industrial Alcohol, pref. (quar.).. I X Jan. 15 Holders of rec. Jan. 5a
U . S. Bobbin & Shuttle, common _______
1
Feb. 1 Jan. 21 to
Jan. 31
Preferred (quar.) ----------------------------ix
Feb. 1 Jan. 21 to
Jan. 31
U. 8. Rubber, 1st pref. (quar.)...........
2
Jan. 31 Holders of rec. Jan. 15a
2d preferred (quar.).......................... . i x Jan. 31 Holders of rec. Jan. 15a
U. S. Smelt., Refg. & Mining, com. (qu.) 75c. Jan. 15 Holders of rec. Dec. 31
Preferred (quar.).................. ............. 87 X c . Jan. 15'Holders of rec. Dec. 31
Va.-Caro. Chem., pref. (quar.) (No. 81). 2
Jan. 15 Holders of rec. Dec. 31a
Warner (Chas.) Co. of Del., 1st & 2d
pref. (quar.) (No. 52)------------ -------I X Jan.
Holders of rec. Dec. 31
W ashington Gas (q u a r.). ......................... SI.20 Feb.
Holders of rec. Jan. 15
Wells. Fargo & Co.................... .............
3
|Jan.
Jan. 4 to Jan. 16
Western States Gas & Elec., pref. (quar.)
I X Jan.
Holders of rec. Dec. 31
231
P er
When
Cent. Payable.
N am e o f Com pany.
Miscellaneous (Concluded).
Western Union Teleg. (quar.) (No. 187).
IX
Extra_______
.
X
Westinghouse Air Brake (quar.)
$2
Westinghouse Elec. & Mfg., com. (quar.)
IX
Preferred (quar.)_______
ix
Woolworth (F . IF.), common (quar.)
IX
Jan.
Jan.
Jan.
Jan.
Jan.
Mar.
Books Closed.
D ays Inclusive.
15 Holders of rec. Dec.
15 Holders of rec. Dec.
21 Holders of rec. Dec.
31 Holders of rec. Dec.
15 Holders of rec. Dec.
1 Holders of rec. Feb.
20a
20a
31a
31a
31a
10a
a Transfer books not closed for this dividend, b Less British Income tax. d Cor
rection. e Payable in stock. / Payable In common stock, g Payable in scrip.
accumulated dividends, i Transfers received In London not later
r o il
19Vi w 5 ln, ,tlme t0 be Passed for payment of div. to transferees.
lJ|. *1
1 Par of shares £1. Dividend Is payable In U. S. currency on the basis of $4 7 2 X to
the pound sterling, n Being dividends accumulated to Jan. 1 1916.
Imports and Exports for the Week.— The following are
the reported imports at New York for the week ending
January 8 and since the first week of January:
FOREIGN IMPORTS AT NEW YORK.
F o r Week ending Ja n . 8 .
D r y Goods____ _________\
General Merchandise____ /
1916.
1915.
j
1914.
i
$24,558,000 / S3,329,287j $5,095,821
\ 14,034,904 ( 13,978,264
1913.
$3,009,910
16,717,331
Total.................... .......... $24,558,000 $17,364,191 $19,074,085 $19,727,241
Since Ja n u a ry 1.
Dry Goods_____________ \ $24,558,000 / $3,329,287 $5,095,821! $3,009,910
General Merchandise____ /
\ 14,034,904 13,978,2641 16,717,331
Total 1 week................
$24,558,000 $17,364,19ll $19,074,085! S19.727.241
EXPORTS FROM NEW YORK.
Week ending J a n . 8 .
j 1916.
1915.
1914.
1913.
For the week........................1 S57,371,445j $23,272,618 $17,773,584 $24,499,338
Previously reported............. |
Total 1 week.................... 1 $57,371,4451 $23,272,618 $17,773,584 $24,499,338
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Ired: ending J a n . 8 .
Exports.
Gold.
Week.
Great Britain......................
France_____ _________
Germany.............................
West Indies.....................................
Mexico......... ...........................
South America..............................
All other countries_____________
Total 1916...................................
Total 1915...................................
Total 1914____ ____ _________
Silver.
Great Britain__________________
France________________________
Germany______________________
West Indies____________________
Mexico. .................... ....................
South America_______
All other countries______________
Im ports.
Since
J a n . 1.
Since
Ja n . 1.
Week.
$4,874,066 $1,652,985
$418,750
50*666
100,000
$568,750
1,0 0 0
204,798
1,140,286
” $2* *666
*0
1,061,000
4*5*633
17,769
$20,000 $5,077,754 $2,713,985
1,0 0 0 1,139,578
1,139,578
769,476
769.476
204,798
$597,230
$88,127
96*559
— ........
” *665
.............
81,782
—
' 1,2 2 0
580,207
38,296
11,068
.............
Total 1916_________ ______ _
Total 1915................................
Total 1914_____________
$694,454
$88,127 $632,573;
1,342,743 1,342,743
78,956
78,956
770,271
728,326' 389,755
389.755
Of the above exports for the week In 1916, $142,000 were American gold coin.
The Federal Reserve Banks.— Following is the weekly statement Issued by the Federal Reserve Board on Jan 8-
o f thestitem Minchid1ne^m5unte hefd hv
s
ahmit
m ining ! ^
are reported by tho Chicago, New York, San Francisco and St. Louis banks. The gold holdings
alfiRes0rI e agents against notes outstanding total now 554.1 millions, compared with 415 5 millcms
6 months the amount of gold held by f t e b a n k ^ l ^ S
hands o f the banks declined during the week 1.8 million dollars, the 3 Southern banks as well as Kansas
__________ ____
paper _______
crea s^ °a C th
4«)°millions ^a^olv as
States P °? ds i? reported during the week by 7 banks. The holdings o f municipal warrants in
f o * a m o u n t ^ a t linsent 1 89 4 mUlIons* j£ S 2 i!n?nts by tbo New York Bank in New York City short-term revenue bonds. The total earn
to
ing assets, amounting at present ‘ o ^ - ^ l o n s co nst nte now about 163% or the aggregate capital of thebanks.™ against 152%
Dec. 30. and
on
l ^ , i t ! ef0 O n S O statement for the system as a whole are given in the following table, and in addition
! ^
l w i x ^ ° f 116 eigkt Preceding weeks, thus furnishing a useful comparison. In the second table we
a f t h i t H r l ' t ' n SbPfrataly for each of the twelve Federal Reserve banks. The statement of Federal Reserve
t '0 following) gives details regarding the transactions in Federal Reserve notes between the
no
Comptroller and the Reserve Agents and between the latter and the Federal Reserve hanks.
b
o
C o m b in e d R e s o u r c e s a n d L ia b il it ie s o f t h e F e d e r a l R e s e r v e
B a n k s a t t h e c lo se o p b u s in e s s J a n u a r y 7,
1916.
Ja n . 7 1916. ^
Dec. 30 1915Jz>ee. 23 1915. Dec. 17 1915. Dec. 10 1915. |Dec. 3 1915. jAror.261915. Nor.19 1915. Aor. 12 1915.
R E SO U R C E S .
i
|
Gold coin and certificates In vault--------------- $272,018,000 $266,546,000 $276,197,000 $257,373,000 $251,810,000 1
$244,229,000 $245,986,000 $245,400,000 $233,430,000
Gold settlement fund......................................
81.lo0.000 77,293,000 69,960,000 76.330,000 68.060.000 79,700.000 73.830.000 69.345.000; 62,790.000
Gold redemption fund with U. S. Treasurer..
1,250,000.
1,124,000!
1,224,000!
1,184,000
1.292.000j 1.252.000
1.252.000
1.232.000
1,227,000
Total gold reserve.................. ................. $354,418,000 $344,963,000 $347,381,000 $334,887,000 $321,102,000 $325,181,000 $321,068,000 $315.977.000 $297,447,000
Legal tender notes, silver, Ac.......................... 12,888,000 13,525,000
9,673,000 26.978,000 28.441,000; 32,681,000 37,212,000 32,173.000| 31.806.000
Total reserve_________ _______ . . . . . . . $367,306,000 $358,488,000 $357,054,000 $361,865,000 $349,603,000 $357,862,000 $358,280,000 $348.150.000 $329,253,000
Bills discounted and bought—
Maturities wlthlu 10 days_____________
Maturities from 11 to 30 days____ _____
Maturities from 31 to 60 days..................
Maturities from 61 to 90 days__________
Maturities over 90 days...........................
$6,605,000
14.074.000
17.715.000
13.247.000
3,938,000!
$6,467.00!)
14,278,000
16,859.000
13.696.000
4,081.000
$6,133,000
13,524,0001
17,861,000
12,830.000!
4,073,0001
$6,742,000
12.379.000
18,190.000
11,494.000
3,891.000
$5,874,000
13,313,000,
18.270,000
11.46S.000;
3.752.000
$6,784,000
11.740.000
18.610.000
10.766.000
3,456.000
1
$6,164,000 $4,603,000!
11,129,000; 12.320,000
18,325,000, 15,835,0001
9.524,0001
9,018.000
3,831,000
3.373.000j
$5,223,000
10.S66.000
14.663,000
9.521.000
2,875,000
Total...................... ......................... $55,579,000; $55,381,000 $54,421.0001 $52,696,000 $52.677,000 j $51,356,000 $48,973,000 $45,149.000( $43,148,000
Bankers' acceptances (Included ln above) S25.048.0001 $23,013,000 $21,759,000; $19,684,000 $19,108,000 $18,306,000 SI6.179.0001 $13,510,000! $13,138,000
[Vol . 102
THE CHRONICLE
232
J a n . 8 1916. Dec. 30 1915. Dec. 231915. Dec. 17 1915. Dec. 10 1915. Dec. 3 1915. Noe.201915. Noe.19 1915. Noe. 121915.
i i
R E SO U R C E S (.Concluded).
5409,218,000 $407,253,000 $393,299,000 $372,401,000
Brought forw ard (total reserve * bills dlsc’ted) $422,885,000 $413,869,000 $411,475,000 $414,561,000 $402,280,000
$16,734,000 $15,797,000 $15,060,000 $14,523,000 $14,401,000 $13,875,000 $12,919,000 $12,674,000 $12,003,000
2
17,097,000 1 2 ,220,000 14,094,000 13,600.000 18,053,000 1 / f?s 1 ,0u0 27,308,000 27.519.000 22,801,000
18.792.000
24,156,000 21,910,000 21,008,000 20,939,000 22,286,000 18,118,000 19.176.000 15.827.000 19.537.000
16.175.000
11,137,000 20,767,000 24,977,000 21,331,000 19,718,000 19,775,000 14.053.000
3,275,000
3,662,000
6,552,000
5,335,000
4,633,000
4,322,000
6,547,000
4,194,000
7,078,000
All other resources____________ ____ _______
$499,087,000 $491,110,000 $490,808,000 $489,276,000 $482,073,000 $485,359,000 8485,342,000 $471,773,000 $446,192,000
L IA B IL IT IE S .
$54,895,000 $54,915,000 $54,901,000 $54,900,000 $54,902,000 $54,859,000 $54,846,000 $54,854,000 $54,846,000
23,841,000 *15,101,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000
407,244,000 400,012,000 398,603,000 397,879,000 390,249,000 392,966,000 397,952,000 384,997,000 359,317,000
Reserve deposits—Net------------------------------12,982,000 13,486,000 14,670,000 14,461,000 14,686,000 13,969,000 13,385,000 12,923,000 13,007,000
Federal Reserve notes—Net----------------------4,022,000
7,236,000
3,999,000
8,565,000
7,036,000
4,159,000
7,634,000
7,596,000
125,000
All other liabilities___________ _____________
$499,087,000 $491,110,000 $490,808,000 $489,276,000 $482,073,000 $485,359,000 $485,342,000 $471,773,000 $446,192,000
81.9%
84.8%
la) Less Items in transit between Federal Refe d e ra l Reserve Notes —
In hands of banks____________________
84.6%
87.9%
8 6 .1 %
88.5%
82.5%
89.1%
80.2%
87.4%
80.9%
89.0%
77.9%
86.9%
79.6%
87.7%
80.1%
88.7%
8 6 .2 %
Cash reserve against liabilities after setting
aside 40% gold reserve against net
amount of Federal Reserve notes in
89.6%
90.4%
90.9%
89.2%
90.7%
88.5%
89.3%
90.5%
$11,137,000 $20,767,000 $24,977,000 $21,331,000 $19,718,000 $19,775,000 $14,053,000 $15,827,000 $10,175,000
$215,525,000 $214,125,000 $211,735,000 $205,205,000 $200,265,000 $190,985,000 $187,815,000 $183,275,000 $179,335,000
27,009,000 25,099,000 23,673,000 23,843.000 24,953,000 20.9S7.000 22,511,000 22,389,000 22,710,000
$188,516,000 $189,026,000 $188,062,000 $181,362,000 $175,312,000 $169,998,000 $105,304,000 $160,886,000 $150,025,000
$199,690,000 $197,450,000 $194,400,000 $187,840,000 $182,912,000 $174,147,000 $171,095,000 $166,755,000 $163,155,000
12,982,000 13,486,000 14,670,000 14,461,1)00 14.686.000 13.969.000 13.385.000 12.923.000 13.007.000
24,156,000 21,910,000 21,008,000 20,939,000 22.286.000 18.118.000 19.170.000 18.792.000 19.537.000
fe d e ra l Reserve Notes (Agents' Accounts )—
$256,480,000 $252,680,000 $249,440,000 $242,980,000 $235,020,000
Received from the Comptroller------------ $267,640,000 $263,640,000 $263,640,000 $260,460,000
1,265,000
1,275,000
1,355,000
1,355,000
1,495,000
1,531,000
1,631,000
1,631,000
1,631,000
Returned to the Comptroller....................
$266,009,000 $262,009,000 $262,009,000 $258,929,000 $254,985,000 $251,325,000 $248,085,000 $241,705,000 $233,755,000
54,720,000 60,340,000 60,270,000 58,430,000 54,420,000
In bands of Agent------------------------------- 50,484,000 47,884,000 50,274,000 53,724,000
$214,125,000 $211,735,000 $205,205,000 $200,265,000 $190,985,000 $187,815,000 $183,275,000 $179,335,000
Issued to Federal Reserve banks----- $215,525,000
How Secured —
$135,177,000 $136,535,000 $132,695,000 $133,515,000
By gold coin and certificates----------------- $142,580,000 $139,940,000 $137,040,000 $136,860,000 $139,902,000
100,000
100,000
100,000
10,180,000
15,835,000 16,675,000 17.335,000 17,365,000 17,353,000 10,838,000 16.720.000 10.520.000
570,000
580,000
580,000
590,000
630,000
650,000
650,000
650,000
650,000
Credit balances in gold redemption fund..
33.380.000 28,970,000
Credit balances with Federal Reserve B'd. 56,460,000 56,860,000 56,710,000 50,330,000 42,380,000 38,380,000 33.850.000
$183,275,000 $179,335,000
Total___________________________ $215,525,000 $214,125,000 $211,735,000 $205,205,000 $200,205,000 $190,985,000 $187,815,000
Commercial paper delivered to F. R. Agent— $16,190,000 $16,740,000 $17,451,000 $17,935,000 $18,752,000 $18,328,000 $17,583,000 $17,240,000 $16,680,000
• Amended figures.
^ EEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JAN. 7 1916
g^A^A^A ^ ------- *'
Boston.
N ew York. PhU adel'a. Cleveland. Richm ond.
$
$
$
$
$
RESO U RCES.
9,600,000 5,491,000
Gold coin & ctfs. In vault 16,673,000 169,138,000 5.915.000 11,661,000 1 0 ,222,000
8,707,000 8.897.000
Gold settlement fund... 1,603,000
334,000
172,000
15,000
.........
Gold redemption fund-
14,812,000 21,261,000 16,047,000
Total gold reserve----- 18,291,000 178,017.000 3,773,000 1,298,000
109,000
696,000 5,379,000
Legal-ten .notes .sllv ..Ac.
18,585,00022,559,000 16,156,000
Total reserve----------- 18.987.000183,396,000
Bills dlscountedAbought
206,000
Commercial paper—
Bankers’ acceptances 6,867,000
T ota l___________
7,073,000
164,000
234,000
9,548,000 2,512,000
Chicago.
Atlanta.
St. Louis
M in n ea p. K a n . City.
D allas.
San Fran .
Total.
%
t
$
$
$
$
$
$
5.020.000 37,298,000 3,180,000; 3,053,000 8.590.000 3.964.000 4,096,000 272,018,000
3.321.000 2,372,000 7,580,000! 3,944,000 2.151.000 8.812.000 11,880,000 81,150,000
1,250,000
107,000 260,000
25,000
30,000
307,000
8,648,000 39,670,000 10,785,000 7,027,00010,848,00013,036,000 15,976,000354,418,000
15,000! 1 2 ,888,000
93,000
163,000j 374,000
138,000
148,000 702,000
8,796,000 40,372,000 10,923,000 7,120,000 11,011,000 13,410,000 15,991,000367,306,000
445.000 7,331,000 7,388,000 4,167,000 1,216,000 1,169,000 3,414,000 4,391,000
..........
759,000! 549,000; 495,000
72,000 2,328,000
942.000
150,000
9,782,000 2,676,000 1,387,000 7,481,000 7.460,000
25,000
2.791.000 2,400;0Q»1. - - - - - 6,128.566 1.448.000 2,767^000 ' ’nS^DOO ■330,000
_____
496.000 462,000
17,821,000
3.515.000 1,110,000 1,671,000 1.229.000
584.000 445,000, 130,000 1.531.000
415*666
406,000 30.531.000
826,000 25.048.000
6,495,000 1,975,000 1,718,000 3,909,000 4,391,000 1,232,000 55,579,000
870.000 1,000,000 16.734.000
4.242.000 971.000, 1,329,000 2 ,120,0 00
76,000! 335,000 17.097.000
1.163.000 332.000, 911,000 278.000
_____ 1 ,2 2 1,0 0 0 24.156.000
1.665.000 V -.719,000 992,000
6.186.000 1,991,000! 5,045,000 1,599,000 969.000 2,210,000 a ll,137,000
118,000 7,078,000
100,000 685.000 1,045,000
187,000 1,492,000
986.000
investments: U. 8 . bds.
Municipal warrants. . 3,171,000
780.000
Fed. Res’ve notes—NetDue from other Federal
219.000
Reserve banks—Net346.000
All other resources-----31,130,00025,596,000 19,371,000 60,310,00018,403.00017,215,00019,602,000 20,701,000 22,107,000 499,087,000
Total resources-------- 31,562,000 217,542,000 30,095,000
L IA B IL IT IE S .
3.357.000
Capital paid In----- -— 5,158,000 11,058,000 5,270,000 5,938,000 5.384.000
537,000 293,000
517,000 4,502,000
Government deposits—
25,887.000 •187,375,000 24,288,000 24,899,000 11,157,000
Reserve deposits—Net- .
5.674.000
Fed. Res’ve notes—Net\14,607,000 j
Due to F.R.banks—Net
24,000
..........
J
All other liabilities------
Total liabilities--------
2.420.000 6,645,000 2,781,000 2,547,000 3.026.000
5.828.000 b323,000 525,000 405,000 417,000
8.173.000 53,988,000 15,097,000 14,203,000 14,829,000
1.330.000
2.849.000
2.753.000 3,942,000 54.895.000
5.092.000 064,000 23.841.000
9.787.000 17,501,000 407,244,000
12.982.000
3.129.000
12 5 ",666
10 1,0 0 0
..........
..........
..........
19,371,00060,310,000 18,403,000 17,215,00019,602.000 20,701,000 22,107,000 499,087,000
31,562,000 217,542,000 30,095,000 31,130,00025,596,000
' <
11,200,000 15,030,00018,350,000 4.380.000 8,950,000 14,000,000 11,000,000 15,145,000 6.450.000 215,525,000
Issued to banks_____ 10,020,000 91,840,000 9,160,000
462,000, 206,000! 1,301,000 1.665.000 , 719,000 992,000 670,000 570,000 1.221.000 27,009,000
780,000 17,921,000 496,000
In hands of banks----8,231^1000 13,008,000 10,330,000 14,569,000 5,229,000 188,516,000
F .R . notes In circulation 9,240,000 73,919,000 8,664,000 10,738,00014,824,000 17,049.000 2,715,000
fe d e ra l Reserve Notes—
? ..
Gold and lawful money
4,380,000 8,950,000 14,000,000 9,000,000 11,440,000 6,450,000199,690,000
9.150.000
with agent------------- 1 0 .020,000 91,740,000 9,160,000 1 1 ,200,000 5.674.000 14,200,000
- ........ 12,982,000
1,330,000 3,129,000
2,849,000
Carried to net Ilabllltlesi 1,221,000! 24,156,000
992",666
1 ,00*
5,666
719,666
490",666 462",666
780,000 17,821,666
Carrled to net assets----a Items In transit, 1. e., total amounts due from less total amounts due to other Federal Reserve banks,
b Overdraft.
STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS JAN. 7 1916.
M in n ea p . K a n . City
N ew Y ork.
$
*
Federal Reserve Notes—j
$ ___ ___
19,580,000 10,000,000 267,640,000
Rec'd from Comptr’ r 16,360,000108,240,000 12,480,00012,600,00017,000,00020.400,000 9,380,000 9,600,000 19,000,00013,000,000
61,000 1 230,000 1,631,000
120,000
640,000;
80,000
Returned to Comptr’r 600,0001
9.770.000 266,009,000
11,840,000 12,520,00017,000,000 20,400,000! 9,260,000 9,600,00019,000,000 13,000,000 19.519,000
Chargeable to Agent. 15,860,000108,240,000
2,000,000 4,374,000 3.320.000 50,484,000
650,000 5,000,000
In hands of F .R . agent 6,840,000 16,400,000 2,680,000 1,320,000 1,970,000 2,050,000 4,880,000
11,000,000 15,145,000 6,450,000 215,525,000
Issued to F. R. bank.. 10,020,000 91,840,000 9,160,OOO'll,200,000 15,030,000 18,350,000 4,380,000! 8.950,00014,000.000
Held by F. R. agent—
142,680,000
3,950,000 10,000,000 2,000,000 9,540,000
500,000
Gold coin A certfs— 10,020,000 91,740,000 4,160,000 10,670,000
Lawful money-------Credit balances.:
650,000
120,000
530,000
In Gold redemp. fund
9.150.000 13,700,000 4,260,000 5,000,000 4,000,000 7.000,000 1.900.000 6,450,000 56,400,000
5,000,000
With F. R. Board----Notes secured by com
15,835,000
2,000,000 3.705.000
5.880.000 4,150,000
100,000
merclal paper------9,160,00011,200,000 15,030,000 18,350,000 4,380,000 8,950,00014,000,000,11,000,000 15,145,000 6,450,000 215.625,000
10,020,000 91,840,000
Total
Amount comm’l paper0l
6 9 ,0 0
2 0 ,0 0 3,958,0 0 .......I 1 .1 0 0
,0 6 0
d liv r dtoF .a e t
e ee
.R g n
100,000
5
,976,000 4 5 ,0 0
,1 0 0
J an . 15 1916.]
THE CHRONICLE
333
Statement of New York City Clearing-House Banks and Trust ComnaniAa_______________ .
shows the condition of the New York City Clearing-House members for the week ending Taniiarv
separate banks are the averages of the daily results. In the case of the totals actual
JFij? flgur,es for
given. In order to furnishfor comparison, we haveweeks. S e totalsof
A
A® W°ek are and
also the grand aggregates, a the three preceding inserted
al condltlon for each of the three groups als2
NEW YORK WEEKLY CLEARING-HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Week Ending
C a p it a l.
'N e t
P r o fi t s .
fNat.B’ks Nov. 101
1State B’ksSept .25 /
J a n u a ry 8 1916
<00» o m U te a .)
M em bers o f Federal
R eserve B ank.
S
$
L oan s,
D is c o u n t s ,
I m e s i m 't s ,
<kc.
L egal
T en d ers.
A vera ge.
Bank of N . Y „ N.B.A. 2,000.0 4.833.2
Merchants' Nat. Bank. 2,000,0 2.278.7
Mech. & Metals Nat—
6,000,0 9.283.0
National City Bank— 25.000. 037,658,!
0
Chemical Nat. Bank_
_
3.000.
0
8.093.1
Atlantic National Bank 1.000.
0
817,:
Nat. Butchers’ & Drov.
300.0
79.1
Amer. Exch. Nat. Bank 5.000.
0
4.995.3
National Bank of Com. 25.000. 18,030,3
0
Chatham & Phenli Nat. 3.500.0 2.181.5
Hanover National Bank 3.000. 15.484.2
0
Citizens' Central N at.. 2.550.0 2.617.1
Market < Fulton Nat..
fc
1.000.
0
1.976.7
Importers’ & Traders’..I 1.500.0 7.794.5
National Park Bank... 5.000. 15.663.2
0
EastRIvcr Nat. Bank..
250.0
77,0
Second National Bank. 1.000.0 3.282.1
First National Bank... 10.000. 0 23,875,1
Irving National Bank.. 4.000.
0
3.959.1
N. Y. County Nat. Bk.
500.0 1.288.6
Chase National Bank.. 5.000. 10,042,6
0
Lincoln National Bank. 1.000.
0
1.926.2
Garfield National Bank 1,000,0 1.274.0
Fifth National Bank...
250.0
404.7
Seaboard Nat. Bank_
_
1,000,0 2.888.0
Liberty National Bank. 1,000,0 3,222,5
Coal & Iron Nat. Bank. 1,000,0
700.7
Union Exchange N at.. 1,000,0 1,058,1
Nassau Nat. Bank___
1,000,0 1,122,0
Broadway Trust Co_
_
1.500.0
903.7
A vera ge.
36.407.0
31.355.0
124.658.0
401.090.0
36.337.0
10.429.0
1.925.0
92.502.0
221.979.0
55.645.0
122.617.0
28.876.0
9.351.0
33.864.0
144.277.0
2.107.0
17.139.0
168.831.0
61.767.0
10.089.0
192.429.0
17.326.0
8.982.0
4.598.0
34.152.0
58.443.0
8.553.0
11.777.0
9.127.0
17.810.0
2.839.0
1.783.0
22.025.0
88.024.0
4.230.0
718.0
75,0
8.720.0
17.192.0
2.944.0
18.223.0
1.246.0
756.0
1.625.0
11.237.0
104.0
1.124.0
15.187.0
5.385.0
395.0
16.200.0
1.623.0
1.192.0
178.0
2.512.0
2.415.0
820.0
361.0
349.0
1.525.0
S
$
S ilv e r .
A vera ge.
N a t. B ank N a t. B ank F ed era l
N otes
N otes
R e ser v e
[R eserv e
[N o t
bank
f o r S tate
C o u n ted
N o tes
In stitu
as
[N o t
t i o n s ],
R eserv e]
R e ser v e],
A vera ge.
$
914.0
331.1
3.663.1
8.842.1
647.0
293.0
26,0
1.330.0
7.066.0
895.0
3.173.0
208.0
572.0
1.479.0
2.119.0
34,0
1.089.0
1.341.0
1.952.0
180.0
9.035.0
1.375.0
531.0
114.0
899.0
2.125.0
210.0
253.0
101.0
184,0
$
A vera ge.
$
739.0
1,812,0
3.925.0
9.229.0
1.440.0
516.0
105.0
1.575.0
1.869.0
1.987.0
3.296.0
1.652.0
1.014.0
464.0
4.149.0
231.0
621.0
2.730.0
4.285.0
506.0
5.604.0
1.376.0
553.0
Jan.
8
Dec. 31
Dec. 24
Deo. 18
52.648.0
51.970.0
43,000,0
40.374.0
7.785.0
5.165.0
908.0
4.196.0
2.256.0
242.0
634.0
72.0
1.156.0
2.284.0
32.0
2.044.0
1.108.0
544.0
251.0
S
1.448.0
1,0
219.0
123.0
555.0
15.0
58.0
72.0
"188,6
13.0
67.0
119.0
20.0
219.0
71.0
82.0
53.0
15.0
63.0
2 ,'l6‘0*6
‘
3.053.0
11.0
10,0
*25*6
12,0
65M
)
80,0
315.0
63.0
24.0
169.0
2.609.0
1.792.0
5.589.0
93*6
796,0
1,142*6
*86*6
" 225,6
19.0
140.0
75.0
160.0
102,0
■*50,6
26,0
238,0
19.0
41.0
76.0
16.0
87,0
12,0
1,0
115,0
2,487,0
2,709,0 167,219,0
2,131,701,0 22,410,0 35,277,0
2.674.0
2.564.0
2.465.0
2.040.0
61.587.0
55.248.0
53.700.0
56.277.0
47.390.0
36.719.0
11.264.0
5.138.0
2.176.0
11.738.0
81.134.0
3.960.0
5.350.0
16.868.0
3.999.0
6.085.0
14.798.0
4.568.0
11.898.0
20.963.0
A vera ge.
$
2,
22;
28;
210.0
232.408.0
229.404.0
237.928.0
268.760.0
A vera ge
$
66;
2.149.0
2.684.0
142.0
566.0
512.0
510.0
1.973.103.0
1.972.309.0
1.956.194.0
1.944.580.0
A vera ge
N et
D em a n d
D e p o s its .
153.0
97,
Totals, avge. for week 115,350,0 187,811,8 1,974,442,0 231,007,0 50,981,0 56,451,0
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
E xcess
D ue
fr o m
R e ser v e
D e p o s i
ta r ie s .
2.928.0
3.078.0
3.085.0
2.701.0
2.138.264.0
2.125.279.0
2.102.662.0
2,119,527,0
169,108,0
165,278,0
162,506,0
161.261,0
S ta te B a n ks.
23.951.0
19.481.0
19.843.0
19.667.0
35.270.0
35.197.0
35.175.0
35.126.0
N o t M em bers o f
F ed eral R eserve B a n k .
Bank of Manhattan Co.
Bank of America______
Greenwich Bank_
_
Pacific Bank_______
People’s Bank.........
Metropolitan Bank___
Corn Exchange Bank..
Bowery Bank______
German-Amerlcan Bank
Fifth Avenue Bank----German Exchange Bank
Germania Bank...____
Bank of Metropolis___
West Side Bank............
N. Y . Produce Exch.Bk
State Bank___________
Totals, avge. for week.
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
2.050.0
1.500.0
500.0
500.0
200.0
2,000,0
3.500.0
250.0
750.0
100.0
200,0
200,0
1,000,0
200,0
1.000,0
1.600.0
4.939.0
6.118.7
1,193,9
1,000,5
438.3
1.935.1
222.0
136.0
1.136.0
5.540.0
318.0
761.0
1.452.0
487.0
569.0
982.0
317.0
1.896.0
1.586.0
120.0
99.0
106,0
371.0
132.0
26.0
62,0
1.358.0
48.0
3.576.0
448,0
*539*6
4,0
28,0
*176*6
4,0
15,450,0 32,146,8
Jan.
8
Dec. 31
Deo. 24
Dec. 18
284,048,0 29,260.0 13,448,0
3.024.0
53,0 11,810,0 13,885,0
289.190.0
284.584.0
280.464.0
281.407.0
6.736.7
765.7
703.7
2.240.2
795.4
999.7
2.134.0
683.4
956,9
505,6
12,808,0
13.038.0
12.039.0
11.844.0
2,861,0
3.141.0
2.775.0
2.427.0
53.0
74.0
49.0
81.0
201,0
458.0
33.0
27.0
258.0
215.0
39.0
46.0
52.0
340.0
2,267 0
111.0
958.0
68.0
81,0
412.0
186.0
293.0
477.0
12.0
32.0
65.0
130.0
108.0
40.0
118,0
317,0
21,0
* *,6
2
209,0
773.0
4,952,0
71.0
43.0
963.0
129.0
244.0
656.0
105.0
362.0
792.0
13.157,0
3,196,6
216,0
208,0
'*2*34*6
333.0
887.0
221.0
819,0
1.405.0
Trust Companies
25,0
317,531,0
~3L0
25.259.0
216.410.0
37.336.0
22.038.0
26.353.0
299.247.0
7,617,0
16.456.0
67.054.0
17.483.0
50.944.0
15.717.0
12.560.0
47.514.0
7.477.0
27.286.0
17.864.0
5.892.0
483.0
41.253.0
361.0
513.0
13.629.0
894.0
8.792.0
3.778.0
502.0
5.316.0
11.792.0
18.768.0
17.638.0
14.309.0
N o t M em bers o f
F ed era l R eserve B a n k .
Brooklyn Trust C o..
Bankers Trust Co .
U .S.M tg. <t Trust CoJ
Astor Trust Co
Title Guar. A Trust Co"
Guaranty Trust Co
Fidelity Trust C o ...
Lawyers Title*Trust.
Columbia Trust Co___
People’s Trust Co.........
New York Trust Co_
_
Franklin Trust Co.........
Lincoln Trust Co______
Metropolitan Trust Co.
141.0
641.0
1.791.0
33.719.0
232.661.0 20.619.0
55.648.0 3.015.0
27.100.0 2.044.0
39.725.0 2.094.0
324.909.0 30.589.0
9,036,0
623.0
23.331.0
1.289.0
79.984.0 4.831.0
18.237.0 1.189.0
66.081.0 4.462.0
19.133.0
1.234.0
12.608.0
819.0
63,528,0 3.828.0
36.0
252.0
1,931,0
63.0
373.0
311.0
74.0
405.0
188.0
83.0
325,0
Totals, avge. for week. 54,750,0 92,260,4
995,700,0 78,427,0
4,943,0
267.0
559.0
397.0
335.0
187.0
2.225.0
105.0
79,0
1.329.0
279.0
132.0
253.0
325.0
475.0
6,947,0
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
999.878.0
.000,713.0
975.199.0
964.283.0
7.218.0
6.359.0
8.980.0
2.503.0
8.361.0
9.571.0
6.029.0
5.757.0
2.242.0
2.541.0
2.516.0
2.384.0
69,372,0 76,555,0
+3,573,0 + 3,853,0
5,291,0
— 280,0
2,487,0
+33,0
1,213,0 221.717.0 71.252.0 3,311,220,0 156.481.0 35.277.0
-303,0
',884,0 -2,793,0 + 14,506,0 + 6,702,0
+ 44,0
73,319,0 82,756,0
+2,206,0 + 4,899,0
5,103,0
— 579,0
+ 110,0
2,674,0
1,415,0 223.749.0 67.916J); 1,323,888,0 159.859.0 35^270^0
-231,0 — 3,553,0 -7,052,0 + 9,147,0 + 7,880,0
+ 73,0
71.113.0 77.857.0
62.902.0 71.768.0
52.579.0 73.878.0
5.682.0
5.291.0
4.811.0
2.564.0
2.465.0
2.040.0
3 ,646,0 227.302J) 74.968.0 3,314,741,0 151.979.0 35.197.0
3, ,787,0 222.203.0 69.097.0 3,255,610,0 149.546.0 35.175.0
3,,517,0 216.502.0 64.561.0 3,247,733,0 147.312.0 35.126.0
3.605.6
13.594.2
4.201.8
1.339.6
12,045,5
22.999.2
1.317.7
6.090.2
7.568.2
1,438,0
11.119.2
1.105.9
541,4
6.293.9
Jan.
8
Deo. 31
Deo. 24
Dec. 18
220.0
80.431.0
77.625.0
79.388.0
74.204.0
Grand Aggregate, avge. 185,550,0 312,219,0 ,254,190i0 338,694,0
Comparison prev. week
+ 7,834,0 — 2,732,0
Grand Aggregate, actual'condition Jan.
8 3.262,171,0 342,501.0
Comparison prev. week _______
+ 4,565,0 +7,104,0
Grand Aggregate actual'condltlon Deo. 31 3 ,257,606,0 335.397.0
Grand Aggregate actual condition Dec. 24 3 ,211,857.0 345.302.0
Grand Aggregate actual condition Deo. 18 3 ,190,270,0 371.882.0
16,0 1.263.0 3.004.0
31.0 10,821,0 4.485.0
40.0 1.867.0 11.757.0
678.0 1.621.0
'*1 *6 1.318.0 3.069.0
*9
14,962,0 15.771.0
383.0
524,0
22,0
823.0 1.068.0
171,0 3.353.0 3.202.0
48.0
874.0 2.190.0
78.0 2.555.0 7.428.0
9.0
787.0 1.084.0
12.0
628.0 1.158.0
5.0 2.376.0 1.006.0
26,0
148.0
214.0
210.0
451,0 42,688,0 57,367,0
861,988,0 134,040,0
434.0
494.0
653.0
735.0
863.055.0
874.252.0
847.613.0
826.053.0
42.849.0
43.256.0
42.059.0
40.932.0
54.505.0
66.173.0
65.061.0
61.389.0
135,880,0
132,439,0
129,646,0
127,578,0
a includes capital set asldo for Foreign Branches. $3 .0 Q .oon ~
0
STATEMENTS OF RESERVE POSITION.
“
Cash Reserve Reserve In
in Vault. Depositaries'^
Total
Reserve.
’
a Reserve
Required.
Actual Figures.
Surplus
Reserve.
Inc. or D ec. |
from
[Cash Reserve Reserve in
PreviousWeeki in Vault. Depositaries
Total
Reserve.
b Reserve
Required.
Surplus
Reserve.
Inc. or D u .
from
PrevlousWeek
Members Federal
S
$
$
$
$
$
$
$
Reserve Bank.. 338,439,000 167.219.000505.658.000 384,826,680 120,831,320
$
S
$
$
+2,045,320 346,643,000 169,108,000 515.751.000 386,085,070 129,665,930 + 11,290,200
State Banks * ..
58,889,000 11,810,000; 70.699,000 57,155,580
Trust Companies*” 92,584,000| 42.688.000135.272.000 j129,298,200 13,543,420 — 1,620,060 58,784,000! 11.792.000 70,576.000 58,062,420 12,513.580 —6,847,620
5,973,800 —676,700 98,252,000 42.849.000 141.101.000 129,458,250 11,642,750
I
+3,428,550
Total Jan. 8.
Total Deo. 31.. 489.912.000 221.717,000 711,629.000 571,280,460 140,348,540 —3,251,440 503,679,000223,749,000 727.428.000 573,605,740 153,822,260 +7,871,130
485,498.000226,601.000712,099,000568,499 020 143,599,980 —14,914,230 490,049,000227,302,000 717.351.000 571.399.870
Total Deo. 24. *
145,951,130
+58,690
497.821.000224.936.000
Total Dec. 1 8 ... 604.847.000218.581.000 722.757,000564,242 790 158.514,210 —5,253.040 485.263.000 222,203,000 707.466.000 561,573,560 145,892,440 —12,965,860
723,428,000559,660 750 163.767,250 —14,252,290 503,150,000 216,502.000
719.652.000 560.793.700 158.S5S.300 ---20 957 SIO
------------------------------- ------------------- ----- ----£;S1 e“ Der3 o i Federal Reserve Bank.
„,?
Inoludes also the amount ofq
iwrve°re^1rede
<m*Net^lm?De^slts< c h , WMM?^ow8^n
^
janr8Sts?0
iI9n^Mi9r»>U £
t
Membere of th« Federal Reserve Banka
b This is the reserve required on Net Demand DeTOSlte In the
of
Dec- 31- *976,000; Dec. 24. $995,700: Dec. 18. $989,350
includes also tbeamount of reserve required on Net T lZ
Dep^t^h^.Sow^^^^^
[Vol . 102
THE CHRONICLE
234
of “State banki
The State Banking Department reports weekly figures In addition to the returns in the C lea rin R oand " trust com
Now
not
u s e furnished
showing the condition of State banks and trust companies panies inState York City Department, theg Department also
Banking
in New York City not in the C lea rin g d o u s e , and these are by the
presents a statement covering all the institutions of this mass
shown in the following table:
SUMMARY OF STATE BANKS AND TRUST COMPANIE| IN GREATER in the whole State. The figures are compiled so as to distin
NEW YORK, NOT INCLUDED IN CLEARING HOUSe, b l A l u w ' i
guish between the results for New York City (Greater New
( F ib r e s Furnished by State Banking Department.i Differences from
York) and those for the rest of the State, as per the following:
For definitions and rules under which the various items
Loans and investments............................................ ^
S1’314,-0() Inc. 1,545,000
48,200
G old ------------------------------------------------------in 1 Q 400 Dec.
7
Currency and bank ---------------------------------------<
jfi'-,’442 000
Inc. 12,241,200 are made up, see “Chronicle,” V. 9S, p. 1061.
Total deposits-............. - - - - - - - ............ — y - aoa’
’
The provisions of the law governing the reserve require
Deposits, eliminating amounts due from r^®™®
positaries and from other banks and trust comInc. 3,535,200 ments of State banking institutions wore published in the
panics in New York City, and exchanges.............
917 100 Inc. 3,921,700
“Chronicle” March 28 1914 (V. 98, p. 968). The regula
Reserve on deposits........... ........................................
Percentage of reserve, 34.8%.
E E VE.
tions relating to calculating the amount of doposits and what
— Trust Companies ---------- Stale Banks -----853,320,900 8.86% deductions are permitted in the computation of the reserves
160,186,000 26.59% wore given in the “Chronicle” April 4 1914 (V. 98, p. 1045).
Cash in vaults......... ..................... Soo’afis’300 19 89^
Deposits in banks and trust cos----- 20,368,300 19.89
r
Total
s r
.....................................$32,410,200
31.66%
8213,506,900 35.45%
The averages of the New York City Clearing-House banks
and trust companies, co m bin ed with those for the State ban s
SSd trust companies in Greater New York City outside of the
Clearing House, compare as follows for a senes of weeks past.
STATE BANKS AND TRUST COMPANIES.
Week ended J a n . 8.
Trust Cos
State Banks
Trust Cos.
Stale Banks
outside of
outside o f
in
in
Greater N . Y . Greater N . Y . Greater N . Y . Oreater N . Y
Capital as of Sept. 25-----
$
23,050,000
$
65,550.000
3
*10,863,000
Surplus as of Sept. 25-----
38,209,100
155,738,300
•13,863,600
•11,358,400
Loaus and Investments. .
Chaugo from last week.
361.212.SOO 1,548,866,300
+ 410,300 + 4,251,900
145,815,900
—8S3.500
209,913,600
— 1,618,000
Gold..........................
Change from last week.
45,450,900
+ 2,953,700
130,169,100;
+ 1,770,900;
911.515.5
931.772.5
957.399.9
970.813.4
980.387.6
Currency and bank notcs.
Change from last week
25,482,400
+ 485,500
18,142,800!
—756,200;
529,706,300 1,935,956,000
+16,375,200 +18,122,400
159,252,400
+ 2,432,000
225,628,500
+ 2,780,600
970.216.8
970.710.8
976.899.9
955.474.5
952.051.3
954.094.4
957,546,1
Reserve on deposit-------Chango from la3t week.
127,369,400
+ 3,720,000
428,503,900
—4,934,400
29,639,600,
+ 1,007,100
33,448,200
+ 3,364,900
.31.1%
30.4%
27.7%
28.1%
21.0%!
20.5%!
18.0%
16.6%
COMBINED BESULT3g OFa BANKSe ANDo TRU9T COMPANIES IN
We omit cipher t in all these fig u res.
Loans and
Investments
O ct. 16—
Oct. 23---Oct. 30---Nov. 6—
Nov. 13-.Nov.20._Nov. 27---Dec. 4—
Dec. 1 1 Dec. 18-.Dec. 2 4 ...
Dec. 31--Jan. 8
D em and
Deposits.
3.467.524.0
3.608,520.3
3,642,474,6
3.691.886.2
3.725.955.5
3.735.488.3
3.753.798.0
3.750.386.9
3.769.648.5
3.799.286.4
3.834.525.9
3.885.457.0
3,894,605,2
3,554,422
3.709,084
3,748,805
3.803,046
3.839,752,
3,858,135,
3.858,048,
3.863.072
3.870,658 ,.
3,887,606 .2
3,922,901 ,2
.3,965,801 ,4
3,983,842 ,6
%
S p ec ie .
5
494,209,0
502.300.9
513,565,6
519 525,7
520.920.8
526,271.3
517.556.8
516.027.9
515,147,8
500,809,0
485,603,5
407,747,8
470,414,4
E ntire
Reserve on
Deposits.
Other
M oney.
%
79.423.4
77.013.0
71.853.9
68.166.0
65,2.31,7
69.244.8
61.610.4
6.3,834,0
67,232,6
67.010.8
75.464.5
81.615.6
84,860,4
981.478.5
Deposits------------------ -•
Change from last week
P c. of reserve to deposits
Percentage last week.
+ increase over last week
— Decrease from last week.
♦13,400.000
« As of June 23.
,
, —
rnmnMiifla__Following Is the report made to the Clearing-House by clearing nonNon-Member Banks and T r u s t - C l e S - H o n e e return” on the preceding page:
member institutions which are not Included in the Clearing non
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING_HOUM3._
Boston Clearing-House Banks.—We
k . “
Philadelphia Banks.— Summary of weekly totals of
the
Clearing-House banks and trust companies of Philadelphia: summary showing the totals for allfor a items in the Boston
Clearing-House weekly statement
senes of weeks.
We omit two ciphers (00) in all these fig u res.
Capital
and
S u rp lu s.
Oct. 30...............
Nov. 6________
Nov.13...............
Nov.20...............
Nov.27...............
Dec. 4________
Dec. 11...............
Dec.18________
Dec.24...............
Loans.
$
103.684.3
103.654.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103,684,3
$
457.330.0
460.898.0
463.773.0
465.396.0
466.584.0
469.137.0
470.812.0
472.704.0
475.715.0
474.890.0
472,705,0
Reserve.
$
124.693.0
127.471.0
122.851.0
114.763.0
104.188.0
102.034.0
102.326.0
99.030.0
91.042.0
95.802.0
115,972,0
Deposits.
Circula
tion.
S
11,110,0
11.022,0
10.958.0
10.688.0
10.507.0
10.511.0
10.536.0
10.519.0
10.518.0
10.517.0
10.589.0
190,212,9
204,079,7
198.336.5
218.995.4
176.161.2
244,t>26,3
220.831.6
210.192.4
188.429.4
219.124.2
319,992,0
Jan. 8-----------a Includes Government deposits and tnc item aue io ouier
wau
$164,795,000); also "Exchanges for Clearing House (Jan. 8, $29,776,D O Due
U ).
rom banks Jan. 8, $75,816,000.
Ja n . 8
Clearing
1916.
Circulation.................... - -
Loans, dlsc’ts A Investments.
Individual deposits, lncl. U.S
Due to banks.......................
Time deposits----------------vtv— —H------
Due from other banks-----Cash reserve......... - - - - - -
Reserve In Fed. Res ve Ban
Reserve with other banks..
Change from
previous week.
Dec.
1915.
31
$25,000 $8,124,000
$8,149,000 Inc.
142,000 387.425.000
387.283.000 Dec.
.316,530,000 Dec. 10,500,000 327.030.000
Inc. 9,196,000 119.219.000
128.445.000
48,000 15.273.000
15.321.000 Inc.
484,000 17.548.000
18.032.000 Inc.
572,000 35.304.000
35.876.000 Inc.
587,000 26.255.000
26.842.000 Inc.
476,000 15.788.000
16.264.000 Inc.
50.394.000 Dec. 1,677,000 52.071.000
629,000 4.142.000
4.771.000 Inc.
31.999.000 Dec. 1,647,000 33.646.000
500,000 1.048.000
1.548.000 Inc.
Imports and Exports for the Week.—
preceding.
See
Dec. 24
1915.
130.000
828.000
126,000
415.000
679.000
957.000
978.000
,895,000
342.000
,275.000
,902,000
,950,000
682.000
third page
J an. 15 1'JlO.i
THE CHRONICLE
235
the issue. The exact amount of our subscription was $3,
426,000, and in this connection I am sure that the success of
our ablo Finance Minister, Sir Thomas White, in obtaining
through this domestic loan tho sum of $100,000,000, or tAvice
TH FIN CIAL SITUATION IN CANADA.
E
AN
the sum asked for, must be a source of pride to every Cana
dian. The loan marks
Addresses of the President and General Manager of nomic history of Canada.a notable turning point in the eco
The Canadian Bank of Commerce at the annual
OFFICERS ON M IL IT A R Y DU TY.
meeting of the Bank.
Tho members of the staff number 2,828, mado up as follows:
Sir Edmund Walker, President of Tlxo Canadian Bank of
Officers______________________
__ _ 2 187
Stenographers____________ ’4 0 7
Commerce, one of Canada’s most important banks, bears
Messengers________________________I I I I I I I I I I U " 234
an international reputation as an authority on matters af
fecting Canada. His review of Canadian affairs at the an
369 janitors,
nual meeting of his bank contains the following passages of in addition to Avhich have employed by making a total of
3,174 persons permanently
tho Bank. The
general interest:
number officers Avho
up militarv duty
The statement presented to you to-day is a striking illus Avas 748ofrepresenting had takenour staff, 30% ofat Dec 31
27% of
our male
tration of our policy during the year. The net profits
amounted to $2,352,035, or 8.25%, upon the monoys which staff, and over 34% of those of military age, that is, from 18
belong to the shareholders of the Bank, that is, upon the total to 45 years of age. Wo have seen the actual figures in con
of the paid-up Capital and Rest. This is a decrease of $316, nection Avith only a feAv of tho other banks and corporations,
197 from the figures of tho preceding financial year, but under but Ave have yet to learn of anything which approaches the
A
tho conditions which havo prevailed since we last met, Ave sacrifice Avhich Aro have been called upon to make either in
trust that you will consider the result satisfactory, especially extent or in the proportion of the figures. We have made
as havo boon ablo to continue tho payment of tho usual many sacrifices in order to allow officers to take up military
dividend of 10% per annum and of tAvo semi-annual bonuses duty without delay, and have placed no restrictions in the
of 1% each, a total of 12%. We have, as usual, appropri way of their doing so, although this policy has resulted in our
ated $80,000 for the Officers’ Pension Fund, and after pay losing tho services of those officers Avhose special training
ing the war tax of 1% upon our note circulation, amounting made it difficult for us to replace them. In this connection it
to $122,906, subscribing $5,000 to the British Red Cross is interesting to noto that representations have been made by
Fund and reserving as a special appropriation the sum of the Clearing-House banks in London, England, to the effect
$1,000,000 against possible further depreciation in the values that certain classes of trained officers should not be callod
of the stocks, bonds and similar securities oAvued by tho Bank, upon for military sorvice, being rogardod as indispensable for
we havo been ablo to carry fonvard $461,892 at the credit the carrying on of tho Avork in the banks.
TAventy-fivo of our officers have already laid down their
of Profit and Loss Account.
lives on the battlefield and a further 50 to 60 have appeared in
AN A DDITION AL PRECAUTION.
_
It is the time-honored custom and Aviso precaution of every the casualty lists. When the Avar is over it is our intention to
gonoral manager of a Canadian bank upon first assuming tho erect a suitable tablet or some other form of permanent memo
responsibilities of his position, to assure himself that each rial to these bravo and loyal young men. We have already
individual assot of his bank represents tho value assigned to communicated with the families of those Avho have laid doAvn
it in its books and published statements. Upon undertak their lives, and it only remains to express in a general Avay our
ing this important duty I found that the conditions brought regret at their loss and our appreciation of the fact that the
into being by tho Avar, and particularly tho restrictions members of the staff of this Bank aro made of such stuff that
placed upon the leading security markets of tho Avorld, had they can be counted upon to do their duty no matter in
mado the task one of unusual difficulty. The hazards of Avhat form that duty may be presented to them.
Avar have not only seriously lowered the prices of all securi Wo havo recontly taken the forward step of issuing a
ties, but they have introduced an element of doubt into ex Monthly Commercial Letter dealing Avith conditions of trade
and pointing
isting values Avhich it is difficult to alloAv for in dollars and and commerce at home and abroad, on the businessout Avhen
possible the bearing of curront ovonts
outlook.
cents. As a matter of additional precaution, therefore,
Tho first numbor Avas issued
as
havo takon tho step of reserving out of Profit and Loss Ac by competent authorities, Avelast month,itandthe it is prepared
commend to careful peru
count as a special provision against those contingencies, tho
sum of $1,000,000. After the Avar has been successfully sal of those into Avhose hands it may come. We shall bo glad
to
it on application to any one whose name is not now
prosecuted to a closo, it is probable that some, if not all, of on send mailing list.
our
this amount Avill como back sooner or later into profits.
Tho noto circulation stands in the balance sheet at $16, We also desiro to draw attention to the very copious and
397,907, an increaso of $1,455,350 as compared Avith tho fig authentic portrayal of the conditions which have prevailed in
ures of a year ago and only a fow thousand dollars short of the various parts of Canada, Great Britain and in the foreign
tho record figures of 1912. This is duo to the demands mado countries Avhere this Bank does business, which is given in the
upon us for moving the largo grain crops of the country. RevieAv of Business Conditions for 1915, of Avhich copies have
Tho issue of notes in excess of the paid-up capital of the Bank been distributed to you. Tho various parts of this RevieAv
under tho emergency provision of tho Bank Act began on Avill be found worthy of careful study.
Oct. 16, and the movement roached its height for tho time
ON
being on Nov. 20, at which date the circulation stood at With regard to OPTIM ISTIC our FUTURE. the whole cannot
$17,084,598. Tho loAvest lovel recorded during the year was but be optimistic. the future,to theview on of our public men
Thanks
ability
reached in tho month of April. The deposits of the Bank to cope Avith an unprecedented situation, and the determina
I
a satisfactory incroaso, distributed under overy heading, tion of our people to offect personal and public economies, Ave
tho total increase boing slightly ovor $13,000,000. Bills haAre boon ablo to
a
adjustment
Payablo again shoAv a considerable decrease, the figures boing from tho prosperousbring about of most amazing flow of bor[enjoyment an abounding
$1,501,442, as against $3,924,151 a year ago, or a decrease roAved capital to a condition of sovero trade contraction. Our
of $2,422,708, duo largely to tho effect of tho Avar upon harvests havo been bountiful, our cultivated acreage has been
our foroign oxchango business and to tho unsatisfactory con
our
been entrusted Avith largo
ditions which havo prevailed in the oxchango markets during increased and armyfactories have munitions and foodstuffs.
contracts for
equipment,
the year.
While this terrible Avar must bring us much anguish and sor
STRONG CASH RESERVES.
row, it is cloar that in proportion to her population no country
In vioAv of tho gonoral situation, havo thought it pru- Avill benefit economically to a greater degree than Canada.
dont to keop strong in cash roser\res, particularly in gold,
*
*
*
tho medium for tho settlement of international obligations’
and that it might bo tho moro readily available for such pur Sir Edmund’s remarks were prefaced by an address from
poses, we ha\ro carried an unusually largo proportion of our the General Manager, Mr. John Aird, who has recently as
holdings at points outside of Canada. Our total holdings of sumed that office. Mr. Aird dealt more particularly Avith
coin and legals are $39,901,993. If to this amount we add the affairs of his bank, but the folioAving extracts will none
tho balances duo us by other banks and correspondents, tho less bo found of interost as shoAving I closely the af
our holdings of Government and municipal bonds and stocks’ fairs of Canada’s largest banks aro connected A\dth tho gon
and call and short loans, our liquid assets amount to $101 - oral conditions affecting business in that country. He said:
173,357, or 47.62% of our liabilities to tho public.
Tho Directors havo referred in their report to the death
CU RREN T LOANS INCREASE.
of our late General Manager, and Mr. Aird has just spoken
Total Current Loans I an increase of $2,037,254, of him Avith the Avarmest appreciation. I kneAv him longer
moro than accounted for by an increaso of $3,704,464 in than most of his associates—indeed,
worked together
Call and Short Loans duo to the policy of keoping our assets over thirty-five years ago—and I have lost not merely a busi
in the most liquid shape possiblo during the unstable condi ness friond, but one for Avhom I cherished tho deepest af
tions Avhich aro the outcome of the Avar. The fact that our fection.
loans show an increaso despite tho shrinkage Avhich has taken Wo have been told many times during the past year that
place in general business, bears Avitness to our earnest ef Ave aro passing through the most fateful moment in the his
forts to assist the business community to tho utmost of our tory of the Avorld, and that shall emerge A vith a greater
ability consistent Avith prudence. Total assets shoAv an assurance of liberty and of all that accompanies a progress
increaso of $5,057,441, Avliick may bo considered very satis based upon our natural rights, or that Ave shall fail—a condi
factory groAvth under the conditions Avhich havo prevailed. tion too black for contemplation. Within this vast march
of history, affecting every civilization on the globe, lies the
.
.
< SUCCESS OF AVAR LOAN.
As indicated in our romarks on tho figures of the balance narroAver march of our
affairs in Canada. Wo think
sheet, have joined with tho other banks in subscribing for so much about tho Avar that Canada as an entity is generally
our proportion of tho $25,000,000 of the Canadian 5% War forgotten in the larger scope of Imperial affairs, but it is our
Loan,
takon by tho banks in order to insure tho success of special business to-day to rovioAv the position of Canada,
•jpattlring ami ffiuanxial.
avo
avo
avo
s ioav
avo
ioav
s ioav
avo
avo
oavii
avo
THE CHRONICLE
236
[Vol. 102.
national production, from the farm to the machine shop,
there is a persistent demand by the Allies. All this tends to
produce a condition of prosperity, with ease in the money
market, and if, like the United States, we were a neutral
country instead of one engaged in tho war, our national wealth
would be increasing at a pace undreamed of in our past history.
W e are proud, however, that we are not among the neut
rals, but among those who are fighting for the liberty of the
world, and for this, in addition to the loss of life which our
honor roll represents,we ourselves must bear now, and must
ask our children to bear, a great cost in money. A year ago
we were greatly pleased because Great Britain had under
taken to lend us for the moment the money with which to
pay for our share of the war. B y midsummer the Dominion
Government also needed money for other expenditures, be
cause ordinary revenues had been disorganized by the war
and many public works could not with wisdom be closed
down. Accordingly a loan of 45 millions was obtainod in
N ew York last July, and very soon the possibility of floating
a war loan in Canada was under discussion. A Dominion
loan offered in Canada is as great a departure from the past
as one offered in N ew York; and although we are still in the
midst of moving the greatest crops in our history, in volume
and in value, and are doing it with our usual machinery more
Excess
Excess
or less paralyzed, because of the state of the foreign ex
Imports.
Exports.
Imports.
Exports.
changes and the scarcity of tonnage, yet, when a domestic
1913
$686,515,536$377,068,355$309,447,181
--------------1914 ...............
635,383.222 455,437,224
179,945,998 -------- loan of 50 millions was offered in November the subscrip
1915 .............
497,376,961461,442,509
35,934,452
tions exceeded 100 millions.
6 months........... 228,335,678 273,377,082
- $45,041,404
MUNITIONS AND CREDIT.
In order to estimate our true position, we must add to
Concurrently with the discussion of this loan, we wore
the excess of imports the interest due upon Canadian securi
sharply made aware that if we make munitions for the Allies
ties held abroad, now estimated at about 140 to 150 millions,
we must to some extent give credit for such munitions in the
and we m ay count upon any excess of exports as available to
same manner as has been done in the United States. W e
pay this interest. During the last half of the present D o
cannot take securities in payment for as largo a percentage
minion fiscal year the effect of the export of our great crops,
of the cost as tho United States is able to do, because wo are
of our manufactured munitions, prepared foodstuffs, cattle,
oursolvos bearing the cost of war and becauso we havo so little
horses, & c ., will be felt, and the excess of exports by March 31
accumulated wealth upon which to draw, but to some extont
1916 should be about equal to our interest charges payable
as yet unascertained we shall doubtless have t 9 take Treasury
abroad.
In 1913 we knew that we had used our credit to the or other Government securities in order to facilitate such pur
available lim it, but we hoped gradually to move into safer chases. Therefore, in view of the great succoss of our domes
conditions. If any one had suggested that we could so ad tic war loan, the Minister of Finance, with the unanimous
just matters within three years as to have a credit balance in concurrence of the country, accepted subscriptions for 100
our foreign trade instead of a debit, and that this credit bal millions, instoad of 50 millions, with the intontion of using
ance would bo large enough to offset our interest payable temporarily the additional sum thus socured to finance the
abroad, our answer would have been that it was folly to payments for munitions on behalf of the Allies.
THE GREAT CROP.
indulge such hopes.
A year ago everybody in Canada was urged to put into his
The improvement of 144 millions between M arch, 1914,
particular effort in life an energy and seriousness of purpose
and M arch, 1915, was brought about by decreasing our
adequate to the needs of the great war. If we cannot fight we
imports by 138 millions and increasing our exports by only
should help in the countless other ways that are opon to us.
6 millions. This was due to a tremendous contraction in
Nature smiled on our efforts, and we have been blessed with
the business of all trades requiring such imports on the one the greatest crops ever known in any new country. This has
hand, and on the other to a serious decline in exports of the silenced the pessimists, and our great W est is more sure of its
products of agriculture and of the mine, which was a little
future than ever. Indeed, for loftier reasons all Canada foels
more than offset by the increase in animal foodstuffs and
much more sure of its future than it has ever done before.
manufactured munitions. The decrease in imports shows
That overgrown youth, loaning upon his mother, has sudden
in an almost unbroken line of articles, the exceptions being
ly found himself, and to the call to play the man has respon
mainly in such materials as jute cloth, wool, hides, leather,
dyes, rubber needed in the manufacture of munitions, and ded so well that his place among tho younger nations and his
about $3,000,000 in value of articles for the use of the army influence in the greatest empire in the world are assured. The
war, however, is still at its height, and there is little sign of
and navy.
such an end as we must attain if wo are to follow our natural
EXPORTS INCREASE.
The improvement of 109 millions in the first six months course in peace. W e cannot afford to relax our onergios for a
of the present fiscal year, that is, down to September last, moment; such efforts as we made in 1915 should be increased
is caused by a decrease in imports of 52 millions and an in in 1916, and tho need for personal and public economy is not
crease in exports of 57 millions. The exports show handsome lessened a particle by the prosperity incidental to tho war.
A year ago we described at length the various arrangements
increases, especially in manufactured munitions of war, but
they still suffer from the effects of the poor crops of 1914 and made by the Minister of Financo at the beginning of the war
there is an actual decline of 12 millions in agricultural pro for tho protection of our financial situation, and wo referred to
some of tho moratorium legislation by provincial govern
ducts. The decrease in imports is again general.
ments. Tho more powor to do certain things, if nocessary,
CREDITS STRENGTHENED.
has, as usual, prevented the necessity from arising, and only a
This demonstration of what we can accomplish under pres very moderate use has been made of the Financo Minister’s
sure has, of course, greatly strengthened the credit of Canada, wise provisions. As to moratorium legislation in tho provin
so that, while, for obvious reasons, we cannot at the moment
ces, to the extent to whish it has been a hardship to tho credi
sell securities in Great Britain or in Europe, we are building
tor, tho need has already passed, and while tho provisions
up a market for them in the United States, which, when we
affecting tho power to foreclose where there is no dofault
consider the enormous increase in wealth taking place in that
except as to principal will doubtless be retained, many of
country at the moment, we may well hope is not of a tempo
the other features will, we hope, soon be repealed.
rary character. During the past year, leaving out the last
CLEARING HOUSE RETURNS.
half of December, the sales of Canadian securities at home
The Clearing House returns show a further doclino from
and abroad amounted to about 335 millions. This includes $8,074,978,000 in 1914 to $7,797,430,000, a decrease of 3 .4 4 %
nearly 220 millions of Government securities and many sales for the year just closed. In all Western cities the doclino is
of other securities which are practically refunding operations. very marked, except in Winnipeg and Brandon, where the
The sales were divided as follows:
figures show an increase. In tho East there is a modorate
In Great Britain, mostly for refunding purposes.................. $43,800,000 decrease in Toronto, Montreal is almost unchanged, and at
In United States........ .................- ------------------------ -----------In Canada_____________________________________________ 147,100,000 four other points thoro are increases.
t
The contraction in ordinary business, which began in 1913
$335,700,000
and was greatly increased by tho war, is most forcibly illus
The Canadian figures are increased by the Dominion loan
trated by the figures of tho building pormits in our four prin
of 100 millions, very little of which has yet been paid to
cipal cities. For tho last four years they are as follows:
the Government.
1912.
1913.
1914.
1915.
The sales of municipal bonds, at one time during the year Montreal......................$19,642,000 $27,032,000 $17,619,000 $7,495,000
the matter of chief concern to those interested in Canadian Toronto....................... 27.401.000 27.038.000 20.672.000 6.651,000
Vancouver................... 19.388.000
10,423.000
4.484,000 1,593.000
securities, amounted to about 64 millions divided almost Winnipeg..................... 20,475,000
18,621,000
12.160,000 1,826,000
equally between the United States and Canada.
A drop from $87,000,000 to $1 7,500,000 in throe years is so
OUR PRODUCTS IN DEMAND.
great as to affect severely almost every branch of trade, par
In Canada the building of almost all private or public ticularly those directly connected with building, but it is a
works, causing a lock-up of capital,has stopped for the mo matter for congratulation that we have been able to withstand
ment; individuals are buying less extravagantly, even if there this sharp readjustment and still maintain our prosperity, the
is not sufficient effort to economize; everybody who has not very thing we feared we might not be able to do with credit
enlisted can find work to do; and for a very large part of our to ourselves.
_
and to withdraw our attention from the war sufficiently to
study the course of our own history, as only by understand
ing this shall we be able to act with courage and wisdom in
the present emergency.
CANADA’S WAR TIME POSITION.
.
When in 1913 we came to the end of a period of expansion,
we had to sell over 400 millions of securities in order to settle
our foreign debit balance for the Dominion fiscal year end
ing March 3 1 1 9 1 3 . During the year ending March 1914, the
difference between our exports and imports decreased b y 130
millions, but still left over 300 millions to be provided by
the sale of securities in a market very much more difficult
than that of the year before. M ore than one-half of the
year ending M arch 1915 was affected by the war, and the
situation was still further improved to the extent of over
144 millions. For the six months ending September 1915,
there is a further improvement of 80 millions as compared
with the previous year, but this same half-year, when com
pared with the corresponding period in 1914, shows an im
provement of 109 millions. For reasons explained a year
ago, coin and bullion are left out of our totals.
INTERNATIONAL POSITION.
.
The following figures will illustrate the astonishing change
in our international position:
J an . 15 1916.]
THE CHRONICLE
W all Street, Friday N ight, Jan. 14.
2 3 7
U n it9 d S ta tes B o n d s . — Sales of Government securities
S!
Board are limited to $1,000 4s, reg., at 1 0 9 % and
$1,000 4s, coup., at 1 1 0 % . For to-day’s prices of all the dif
T h e M on ey M arket a n d F in a n c ia l S itu a tio n . — Tlie ferent issues and fo r weekly range see third page follow ing.
stock market has undergone a process of readjustment this
R a ilr o a d a n d M isce lla n e o u s S to c k s .— The stock mar
week. This was inevitable after the abnormal and excessive
advance in the shares of various munitions manufacturing
concerns during recent months. The movement was lim
ited mostly to stocks of the latter class, but railway stocks
were more or less affected. The market for bonds, on the
other hand, has been continually strong and the volume of
sales exceptionally large, thus showing the usual January
investment demand.
The general industrial situation, as illustrated by bank
clearings, railway earnings, conditions in the iron and steel
trade and the demand for copper metal, is most satisfactory.
Under pressure of the demand referred to, copper has sold
up to 24 % cents per pound and the amount of unfilled orders
of the Steel Corp. has only on several occasions been surpassed.
A t the same time, the Mexican situation has become more
complicated and there is clamoring by politicians and others
for intervention by the Government at Washington, although
what good would result from sending U . S. troops to perhaps
shoot a lot of innocent Mexicans because of the murderous
acts of a few depraved brigandsand outlaws, does not appear.
Would not such an act, from an ethical and moral standpoint,
bo about on a par with Austria’s declaration of war against
Serbia in the summer of 1914?
The export movement of merchandise is hampered by a
lack of transportation facilities, but in spite of this handicap
the outgoing for the first week of the year exceeded the in
coming by over$53,000,000, as against the record amount of
$00,000,000 in October last. Notwithstanding this enormous
balance in our favor, sterling exchange has continued rela
tively firm at or near last week’s quotations. This is ac
counted for, as heretofore, by heavy receipts of our securities
from abroad, in addition to the loans and bankers’ credits
established in this market. To care for the increasing flow
of these securities into the Bank of England ,it is said that new
methods have been resorted to. The Bank reports an in
crease of nearly SI ,000,000 in its gold holdings, making about
$5,000,000 increase since D ec. 1, and a percentage of reserve
amounting to nearly 2 2 % .
F o re ig n E x ch a n g e.— The market for sterling exchange
has ruled firm during the week. Exchange on Berlin has
shown decided recovery from the low figures of last week.
T o-d a y's (Friday’s) actual rates for sterling exchange were 4 72 % @ 4 73
for sixty days, 4 <6 3 -1 6 @ 4 76% for checks and 4 76 1 5-16@ 4 77 1-1C
for cables. Comm ercial on banks (sixty days) 4 71% @ 4 7 1 % , and d ocu
f o r J 'a>'m ent, (sixty days) 4 7 1 % @ 4 7 1 % .
C otton for payment
4 75 K @ 4 , 6 % , and grain for paym ent 4 75% @ 4 7 5 % .
T o -d a y ’s (Friday’s) actual rates for Paris bankers’ francs were nominal
tor long and 5 8 4 % for short. Germany bankers’ marks wore nominal.
Amsterdam bankers guilders were 43% @ 4 4 for short.
Exchange at Paris on London (Thursday) 27.90 francs; week’s rango to
Thursday 27.87 francs high and 27.90 francs low.
T ho rango for foreign exchange for the week follows:
S te r lin g A c t u a l —
S ix ty D a y s
C h ecks.
C a b le s .
High for the w eek___ 4 73 %
4 76%
4 77 9-16
Low for tho w eek
4 72
4 75
4 75%
P a ris B a n k ers' F ra n cs—
H igh for the w eek___ ____
5 84
5 83
Low for the w eek___ ____
5 84%
5 83%
G erm an y B an kers' M a r k s —
High for the w eek___ ____
77%
Low for the w eek___ ____
74
74%
A m s te r d a m B a n k ers' G u ild ers—
High for the w eek___
44%
45
Low for the w oek___
44%
44%
D om estic E x ch a n g e .— C hicago, 10c. per 51,000 discount. B oston, par.
St. Louis 5c. per 51,000 discount. San Francisco, 30c. per 51,000 pree illonn ^Iol} troab S3 12% per 51,000 premium. M inneapolis, 15c. per
51,000 premium. Cincinnati, par. N ew Orleans, sight, 50c. per S I,000
discount, and brokers 50c. prem ium .
v
s ’
S tate a n d R a ilro a d B o n d s . — Sales of State bonds at the
Board this week includo $6,000 New York State 4 % s at
1 1 2 % to 113, $2,000 New York Canal 4 % s at 113, $4,000
New York Canal 4s, 1962, at 102 A ; $9,000 Va. Funded D ebt,
1991, at 8 8 M to 8 8 % ; $2,000 New York Canal 4s, 1961,
at 102, and $17,000 Virginia 6s, ctfs. of dep., at 52 A to 56.
Contrary to the movement of shares, the volume of busi
ness in the market for railway and industrial bonds showed a
considerable increase this weok. Prices, as a whole, ad
vanced, in somo casos rather sharply. The effects of in
creased business reported by tho railroads, a topic of interest
lor some tune past, is reflected in tho advanced values of
their securities. A list of 15 most active railway bonds
shows only one fractional decline, while advances of a point
or moro were common. Now York Central dob. 6s added
2 points to their closing price of 115 a week ago. Chesa
peake & Ohio con. 4 % s advanced from 8 7 % to 8 8 % , while
Southern Pacific con. 5s moved up 1 % points to” 1 0 7 % .
Chili Copper t s, contrary to other copper issues, declined
1 % points, tho closing price to-day being 1 3 2 % .
In sym
pathy with the stock, Inspiration Copper 6s, 1922, notod for
many weeks past for their erratic movemont, advanced 5 %
points, tho final quotation being 1 9 0 % one point below the
high record. Sales of Anglo-French 5s showed a slight in
crease, while a number sold at 96, 3 points above tho low
mark roachod shortly after the expiration of the under
writing syndicate. International Mercantile Marine 4 % s
ctfs. of dep. pushed up from 9 5 % to 9 9 % , while steel issues,
duo probably to glowing reports of increased production,
advanced slightly, Lackawanna Steel 5s, 1950, leading this
movement with a not gain of 1 % points.
Sales on a s-20-f basis, representing presumably sales on
foreign account, have declined, being $1,131,000, as against
$1,737,000 a week ago.
ket lias, as noted above, continued the movement, conspicu
ous last week, of readjustment. Prices steadily declined
through M onday and Tuesday. On Wednesday there was
a halt in the downward movement and substantial recovery
m a tew issues.
Thursday's market was decidedly irregular,
but the business transacted was small in volume and largely
professional in character. To-d ay’s market was again more
active and the closing of short contracts, with other causes,
led to an advance in almost every stock dealt in.
As a rosult of the week’s operations, more than three-quar
ters ot the active list closes at a lower level than last week.
Among the exceptional features, N . Y . Central is conspicuous
for an advance of 1 % points, Ponn., New Haven and ReadI11h ,are fractionally higher and St. Paul is unchanged.
The miscellaneous list makes a more ragged appearance,
both in fluctuations and final outcome. Only Am er. Loco
motive, General Electric, Inspiration Copper, Lackawanna
Steel, N ew York Air Brake and U . S. I. Alcohol show a net
gain, while a very much larger number show a decline of
from 1 to 5 points.
For daily volume o f business see page 246.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow;
STOCKS.
W e e k e n d in g J a n .
14.
S a les
fo r
W eek.
R ange fo r W eek.
L o w e s t.
H ig h e s t .
Range fo r Y ea r
L o w e s t.
|
1915.
H ig h est.
P a r S h a res S p e r sh a r e
S p e r sh a r e $ p e r sh a r e S p e r s h a r e
Adams Express____ 100
100 148
Jan 14 148
Jan 14 80
Jan 145
Dee
American Express__ 100
100137% Jan 14 137% Jan 14 83
Feb 133% Nov
Am Teleg & Cable. .100'
64% Jan 11 64% Jan 11 5S
Mar 65
July
Am Writing Paper pf 100
11
Jan 8 12
Jan 8 5
July 15
Apr
Assets Realization.. 100
8
Jan 12 8
Jan 12 5
Jan 14
Oct
Associated O il..........100 2,925 67
Jan 12 71% Jan 8 55
Nov 74% Deo
Batopilas Mining___ 20 9,000 2% Jan 14 3 % Jan 8
% Feb 4% Dec
Brown Shoe.............. 1001 50 49
Jan 13 49
Jan 13 23
May 50
Dec
400 98% Jan 8 99% Jan 11 64
Preferred________ 100
Aug 99
Dec
Brunswick Term’l_ 100 2,350 12
_
Jan 12 14
Jan 12 4% Mar 14% Dec
90 104
Burns Bros, pref___ 100
Jan 10 104% Jan 10 108
Oct 109
Dec
Bush Terminal.........100[
400 99% Jan 11 100
Jan 14[
Butterlck__________ 100
31
Jan 11 31
Jan 12 27
Feb 36% Oct
Case (J I) pref______100
86
Jan 14 86
Jan 14 74% June 90% Nov
Cent & So Am Teleg.100
135
Jan 14 140
Jan 8 110
Jan 144
Dec
Cluett,Peabody* C o. 100
72
Jan 12 73% Jan 8 55
Apr 79% Oct
Preferred________ 100
110% Jan 13 111
Jan 13 98
Jan 111% Dec
Computing-Tab-Rec 100
46% Jan 13 48
Jan S 41% Nov 49% Dec
Deere & Co, pref___ 100
96
Jan 13 96% Jan 13 86
Apr 99
Sept
132% Jan 8 132% Jan 8 111% Feb 134% Oct
Detroit Edison____ 100
106% Jan 8 106% Jan 12 103
Diamond Match___ 100
Dec 122
Nov
6
Jan 11 6
Duluth S S & Atlan__100
Jan 13 2
July 8% Oct
12
Jan 13 12% Jan 13 4
Preferred________ 100
July 15% Nov
Granby ConsM S & P 100
85
Jan 13 85
Jan 13 79% Apr 91
June
Havana El Ry L & P 100
96
Jan 11 96
Jan 11 71
Mar 88% Nov
126% Jan 12 126% Jan 12 114
Homestake Mining. .100
Jan 125
Dec
Int Harv Corp, pref. 100
107
Jan 13 108
Jan 11 90% Mar 114
Jan
Kayser (Julius) & Co
1st preferred____ 100
112
Jan 11 112% Jan 10 107
Jan 109
Apr
Kings Co Elec L & P . 100
128% Jan 10 130
Jan 14 120% Mar 130
Nov
Laclede Gas (St L )..100
105
Jan 10106
Jan 10 92% Jan 106
Apr
May Dept Stores_ 100
_
59% Jan 8 59% Jan S 35
July 65% Dec
MStP&SSMl's’dlinelOO
75% Jan 13 75% Jan 13 70
Sept 78
Apr
Nat Cloak & Suit_ 100
_
76% Jan 10 80
Jan 14 68
Mar 90
Aug
Preferred________ 100
50 112
Jan 12 112
Jan 12
Nov
Marj 111
N Y Chic & St Louis. 100
45
Jan 13 45
Jan 13 30
June 46% Dec
2d preferred- . j _ 100
_
100 66
Jan 12 66
Jan 12 50
Oct' 66
Dec
Ontario Silver Mln’g.100 13,250 9% Jan 12 11
Jan 8
Feb 12% Dec
Pacific Tel & Tel, p f. 100
50 95
Jan 11 96
Jan 14 88
Feb 95
Sept
Pettlbone-Mulliken .100
100 50
Jan 11 50
Jan 11 15
Mar 84
Oct
Pittsb Steel, p r e f... 100
600 97
Jan 11 99% Jan 13 74
May 102% Dec
Sloss-Slieff S & I, pf.100
100 101
Jan 13 101
Jan 13 85
May 102
Dec
Tobacco Prod, pref. .100
100 101
Jan 11 101
Jan 11 95
May 103
Nov
Underwood T ’writer. 100
100 86
Jan 12 86
Jan 12 55
Feb 97
Oct
UnitedDryGoods, pf.100
200 71% Jan 10 71% Jan 10 4S% Jan 75
Oct
U S Realty & Im pt.. 100
200 39
Jan 13 40
Jan 8 25
Sept 50
Jan
U S Reduc & Ref’g-_100 1,300 2% Jan 14 3% Jan 12
1% Apr 10% June
Preferred________ 100 1,100 2% Jan 14 3% Jan 13
1
Apr 10% June
Wells, Fargo Express 100
400 131% Jan 12 132% Jan 10 77% Jan 134% Nov
Weyman-Bruton, pf.100
100 114% Jan 10 114% Jan 10
Dec
O u ts id e S e cu ritie s . — In sympathy with the movement
at the Stock Exchange, values of shares on tho Broad Street
“ curb” have shown a general decline. The volume of busi
ness, however, has increased slightly over that of a week
ago. Interest was centered around Cuban Cane Sugar
com. and prof, and Curtiss Aeroplane C o. issues, dealt in
for tho first time this woek. The former were put on the
market at 43 and 87, advancing rapidly to 4 6 % and 9 7 % ,
closing at 46 A and 96, while the latter covered a range of 10
points, the high, low and last prices being 60, 50 and 55.
From 77 and 96 Canadian Car & Foundry common
and preferred foil away during the week to 70 and 88
respectively. Driggs-Seabury covered a range of 14 points,
closing at 149, 8 points above the low record. Chandler
M otors advanced from 81 to 83, falling off at the close to
8 2 % , while Chevrolet and White Motors fell from 126 and
5 0 % to 118 and 4 6 % , the latter recovering at the close to
5 0 % . Among tho Standard Oil issues, the losses were less
prominent. Ohio Oil was irregular. From 1 9 4 % it ad
vanced to 197, declined to 193, pushed up to 200 and closed
at 189. Prairie Oil & Gas covered a range of 5 points,
closing at 430, which was the high figure, while Standard
Oil of California declined from 369 to 364, advanced to 378
and closod at 376. The high, low and last prices for Stan
dard Oil of Indiana, Standard Oil of New Jersey and Standard
Oil of Now York were 535-517-530, 524-506-518 and 222
216-218. Among the active bond issues traded in at the
“ curb” woro $608,000 B alt. & Ohio 5s, new, at 1 0 1 % to
1 0 1 % ; $31,000 Cerro de Pasco Copper 6s at 1213^ and
$422,000 Erio con. 4s, w. i., at 90 to 9 0 % .
Outside quotations will bo found on page 246.
238
New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAQES.
Por record of sales during the week of stocks usually inactive, see preceding page.
H IG H A N D L O W S A L E P R IC E S — P E R S H A R E . N O T P E R C E N T .
S a tu r d a y
Jan.
8.
M on day
J a n . 10.
T u esd a y
J a n . 11.
W ed n esd a y
J a n . 12.
T h ursd a y
J a n . 13.
F rid a y
J a n . 14.
Salesfor
the
W eek
S h a res
STOCKS
NEW YORK STOCK
EXCHANGE
PER SH A R E .
R a n g e f o r Y e a r 1915
O n b a sis o f 100s h a r e lots
H ig h e s t
PER C EN T.
R a n g e f o r P r e v io u s
Y e a r 1914
L ow est
H ig h e s t
_ _
Par
* p er s h a r e
$ p e r sh a r e
%
%
$ p e r sh a r e S p e r sh a r e $ p e r s h a 'e S p e r s h a r e 5 p e r sh a r e S p e r sh a r e
13,ISO
100
89*2 July 100% Jan
92% Feb 24 111% Nov 4
105% 105% 105% 106% 105% 107
107 107>2 106% 107% 106% 107
Do pref.
100 96 Jan 5 10 2 % Nov26 *96% Dec 101*4 June
99% 99% 99% 99% 99% 5,275
99% 93% 99% 99
99% 99% 99
709
100 98 Mar 1 116 Nov 1 §99** Dec 126 Jan
113 113 *112 1147s 1147* 1 1 5
113 113
*114 114% 113 114
98% Jan
67 Dec
100 63% Feb 25 96 Dec 31
94% 94% 91% 94% 91% 18,310 Baltimore & Ohio.
94
91% 91
94% 95% 94% 95
83% Jan
Do pref______
69 Dec
.100
67 Feb 23 7934 Nov27
79% 79% 79% 2,850
78% 78% 79
*78
7834 78% 73% 7S% 781
94*4 Mar
79 July
.100
87% 87% 3,600
83% Aug 13 93 Apr 21
87
*86% 87% 87
87% 87% 86% 87% 86% 87
.10 0 138 July23 194 Nov 1 153 Dec 220** Feb
181 181% 17934 180% 177% 179% 178is 179% 178% 179% 17S% 179% 7,950
Central of New Jersey___ .10 0 §250 Sep 1 325 Jan 22 300 July 310 Jan
*290 320 *290 320 *290 320
*290 320 *290 320 *290 320
68 Jan
.10 0
40 Dec
35% July 9 6134 No vl9
63% 65% 64% 65% 65% 65% 20,900
63% 61%
65% 65% 64% 65
15% June
.10 0
9*4 July
1,000
17*2 Nov 3
15
10*4 Jau 4
*14
15% *14
14
14% 14% 14% 14% 14
*14% 15%
25*, May 14 41*2 Nov 3
25 July 41*2 June
Do pref_____________.10 0
33
38% 4,610
39
39% 38% 39% 38% 38% 33
*38% 39% 39
77% July26 101% Dec 31
.10
16,750 Chicago Mllw & St Paul.. 0
84*4 Dec 107% Feb
100% 101% 100% 101
100 100% 100 100%
101% 10134 100% 102
1,720
Do pref_____________.10 0 120'* Sep 2 135 Dec 31 126 Dec 143 Feb
135 135
134% 135
13434 135
*135 135% 135 135 *134 135
.10 0 U 8*i JulylO 135% NovlO 122 Dec 1367* Feb
1,150
132% 132%
133 133% 133 133% *132 133% 132 134
.10 0 163 July 9 180 N ovi 1 170 Jan ISO Jan
300
Do pref.
*173 ISO *173 180
175 175
178 ISO
173 ISO
.10 0
IOI4 July23
38% Apr 15
33 June 33 June
18% 19% 19,700
1834 1934 18% 18% 17% 18% 1734 1S12 1812 19
.10 0 §114 Apr s 123 N ovi 1 125 May 131% July
120 125 *120 125 *120 125
120 124 *120 124
►
120 124
.10 0 121 Sep 17 135 Dec 8 132 May 132 May
10 Do pref.
133 140 *133 140 §135 135
135 140 *135 140
*135 140
. 1 0 1 521 Jan IS 52 Oct 22
40 Jan
U
400 lev Cin C 1<
22 July
49% 467* 467*
47% *46
48% *46
47
50
49% *17
*47
100 53*8 Feb 17 77 Oct 20
70 Feb
40 July
Do pref.
200
76
*76
77
76
*74
77
76
76
*74
77
*74
77
.10 0
3S% Nov 3
24 Marla
20 Mar 28*8 Jan
300
*31
33
33
*31
32
31% 31% *31
32% *31% 32
32
.10 0
45 Jan 18 60 N o v l8
37?a July 62 Jan
100 Do
*54
56
55
*53
56
*54
56
*54
56
*54
56
.ion
35 Mar
35 Sep 2 52 Nov20
29 Dec
100 Do
*42
43
*43
48
*45
48
48
48
*45
48
48
*45
.10 0 138% Aug 31 154% Nov
138*4 Dec 159*8 Feb
1,010
153% 154 *153% 154% §153% 153%
153% 153% 153% 153% 153 513
...50 199!4 Ian 6 238 Nov23 388 Jan 406*4 June
S"
26
•222 227 *223 227 *223 227 §223 223 *223 227 *223 227
19% Jan
.10 0
4 Jau 12
4 July
16*2 NovlO
300
*11
14
13
13%
14
11% 11% *11
*11
14
*11
13
31% Feb
.10 0
8 July
6*2 Jan 7 29% No v 17
1,900 Do pref.
22
21% 22% 21% 21% 2078 21% 21% 22% *21
21% 22
32*8 Jan
197, Feb 21 45% NovlO
20% July
.10 0
52,100 E rie..
4134 41% 41% 41% 417* 41% 42
42% 4234 41% 42% 41
49*4 Jan
.100
32 July
32*4 Feb 21 59*2 NovlO
Do
56% 57% 7.300
5612 57
57% 57% 56% 57% 56% 57
57% 58
.IOC 27 Feb 25 54% Dec 31
26% July 40% Jan
1.300 Do
*51
53
52
52% *51% 53
51% 52
52% 53
53
53
.100 112% Ian 2 128% Nov 5 111% Dec 134*4 Feb
124% 1247* 124% 124% 6,500
124% 125
125 125% 124% 125% 124% 125
25*4 Jan 2 54 Oct 22
22*2 July 39% Jan
Iron Ore properties.
47% 48% 48% 43% 48% 49% 23,000
49% 49% 48% 49% 473s 49
IIH 99 July 7 113 Apr 19 103*2 Dec 115 Jan
!
1,100
107 107%
107% 107% 107% 107% 107 107
107% 108
*107 109
187* JulylO 25% Nov 1
9,709
193* 20
19% 19%
19% 20
20% 20% 20% 20% 19% 20%
.IOC
70 JulylO 82 Nov 5
Do pref.
77% 771* 76% 76% 3,400
77
76% 76% 77% 77% 76% 77% 77
.100 20% Feb 24 35% Nov 1
20*4 July 28*8 July
s 30% 30% 4.300 lansas City
30% 30% 307
30
30*2 30
31% 31% 30*4 31
62 Jan
-lo t
547* Feb 24 65*2 Nov
49% Dec
300 Do pref.
64% *63
64%
647* 64
64
64% *02
*62
64% 6434 *64
9 Jan
.lOU
5** July
5 Jan 5 16% Dec 31
300
*13
15
15
13% 13*2 *13% 15
*13
*13
15
*13
15
21*8 Jan
17 Apr
.lo t
19 May27 41*2 Dec 31
600 Do pref.
41
42
40
40% *37
40
*35
42
*35
40
*35
40
64% Feb 24 83% NovlO 118 July 156% Jan
..50
80% 8U
80% 80% 5,700
81% 8134 80% 81% 80** 80*4 80** 81
38 Feb
28 Jan
..50
15 Jan 11 27% Oct 11
800
22% 20% 20%
21*2 21% 22
20% 20% *20
24
*20
24
125 Doc 1417* Jan
. too 101*2 July 8 13012 Nov
1,600
s
129 129
129% 129% *127% 129
129% 129% 129% 130‘> *129% 131
133 Feb
.lo t 125 June25 132 Dec 18 128 Jan
12
130 132 *129 132 *129 130 *130 132
*130 132 5130 130 ►
*
16% Jan
9% July
.10C
8 Sep 15 19% Feb 15
13% 13%
12
13% 2,555
1134 12% 12% 12% 12*8 12% 13
13
27*2 June 35*2 Jan
.lo t
24 Sep 15 49 Feb 15
Do pref.
*23
33
“
*25
35
*25
33
*20
33
*25
34
*22
34
.10 0 103 Jan 4 126*2 Nov 1 101 Dec 137 Feb
800 (inn St Paul
124% 124% 123 125
124% 124%
124 124*2 124 124*2 124 124
.100 123 June 8 136 Dec 31 130 June 145 Feb
100 Do pref.
133% 137 *133 140 *133% 137
135 135
*134 137
135 137%
24 Jan
8% Dec
15% Apr 19
4 Sep 28
-loo
6% 6%
6% 7%
6% 6%
6% 7% 4,309
6*2 6*2 *6*2 67*
60 Jan
26 Dec
100
10% Sep 25 40 Apr 5
Do pref_______
*15% 16% *15% 16
900
15*2 15*2 15*2 15*2 16
16% 16% 16%
30 Jan
7 Dec
18% Apr 19
1»4 July27
5% 534
5% 5%
5% 5%
5% 6
5*2 534
5% 6% 15,600 Missouri Pacific_________ 100
7*2 N ovll
5% 5%
3 Dec 15
5% 6
5*2 5%
5% 5%
5*4 534
6
6% 7,805 Trust co certifs of deposit..
34 Feb
30 Jan
*23
25%
Nat Uys of Mex, 1st pref..100
14% Aug 31 28% Oct 30
14 Jan
9
9
87* 9
5 Doc
934 Oct 21
8% 8%
9
9
2,600 Do 2d pref__________ 100
9
434 July2S
" 6 ‘ “ 9%
9%
96% Jan
77 July
109*2 110*2 109% 111% 110 110% 94,357 N Y Central & Hud River. 100 81% Mar 1 110*2 Dec 31
109% 110% 109% 110% 109 n o
78 Jan
7534 76*4 7534 76% 75
22,030 N Y N H & Hartford........ 100
76
75
77% 74*4 76
43 Feb 25 89 Oct 11
49% July
75% 77%
31% Jan
30
_
1,600 N Y Ontario & Western_ 100
29*2 29% 29% 30
2 1% Jan 6 35 Apr 20
18*4 Dec
30
29*4 29*2 29
. 29% 29% 30
5,600 Norfolk & Western_______100
96*8 Deo 1057* July
99% Jan 4 122% Dec 14
119% 1203! 119% 120% 119% 120% 11934 120
121 121% 120% 121
«0 Apr
400
Do adjustment pref..100 80% Sep 2 90 Junel5
88
88
88% 88%
85 Jan
*86% 88% *86% 88% 8634 86*4 *8634 90
96% Doc 118's Feb
115% 116% 115% 116% 15,200 Northern Pacific_________ 100 99% Feb 24 118’* Dec 31
116% 116% 115% 116% 115% 116** 115% 116
15,860 Pennsylvania_____________ 50 5 1 % Feb 24 61% Nov 3 102*8 Dec 115*2 Jan
58*2 587* 5S% 587* 58% 59% 58% 59
58% 59
58% 59%
91 Feb
64** July
100 Pitts Cin Chic & St Louis. . 100 65 May 17 80 N ov 5
82% 82% >
___
85
*80
85
85
*80
*80
*80
85
95 June 101 Mar
Do pref_____________ 100 90 Junel9 98*2 Juno 5
200
99*2 9884 98% *92, 95
*92
■92
99*2 *92
*92
99
81% 82*4 81% 82% 81% 82% 817* 82% 19,225 Reading__________________50 69%MaylO 85% N ov 3 137 July 172% Jan
81% 82%
82% 83
89% June
87 July
1st preferred___________ 50 40% Sep 20 45 Junel2
100
*43
44
*43
45
*43
45
45
*43
43
43
*43
45
93 Jane
400 2d preferred____________ 50 40 Feb 23 44 Apr 29 180 Dec
*42% 44
43
42*2 43
42*2 *42
42% 42% *41% 42% *42
16% Jan
% Dec
1*8 Apr 9
% July 15
1,000 Rock Island Company___ 100
%
1
%
*%
%
*%
1
25 Jan
2*2 Apr 9
1 Dec
% Jiine21
Do pref...............
100
2,000
*%
7
,
%
’
7*
7*
%
34
%
%
%
I
5% Jan
2 Apr
8 Nov 1
I»4 Mar22
533 St Louis & San Francisco..100
5% 51;
*5% 6% *5*2 6*2 *5*2 6*2 *5% 6
*5% 6
17% Jan
8 May
1st preferred_____ 100
7 Aug 17 14% Nov 8
100 Do
*834 10
*8% 10
834 10
834 8*4
10
*8% 10
9*4 Jan
2*4 Dec
IO Nov 8
S4
Do 2d preferred______ 100
3 Jan IS
500
‘ 7% 8
*7
734 *7% 7%
8
7% 7% *7
7% 7%
177* July 26*4 Jan
St Louis Southwestern____ 100 11 Sep 9 23 Novl7
17 20
20 *
20 ►
21 ♦
'___
21
*___
65% Jan
36 July
45*2 Dec 18
500 Do pref_____________ 100 29 Sep 29
50 45
45
45 ►
45
____ 45
45
45
*___
45 ■
22% Feb
10*4 Dec
20*4 N ov 5
17% 187*
1634 17
18% 18% 3,650 Seaboard Air Line________ 100 11% July31
17
17%
17% 17*4
18
18
68 Feb
4334 Nov 4
45*4 Jan
41
41% 5,060 Do pref______________100 30% July24
39
39
39
38*2 39% 39% 42
*39
40% 39
99*2 Jan
81 Dec
103 103% 102% 103% 10134 10234 1 0 1% 10 2% 102 102% 102 102% 29,975 Southern Pacific Co______ 100 81% Feb 5 104*8 Dec 31
28*4 Feb
14 Dec
26 N ov 1
23
23% 23% 23% 7,600 Southern Railway________ 100 12% July23
23% 23% 22% 23*4 2234 23
23% 24
85*4 Feb
58 Dec
6412 647* 3,000
Do pref_____________ 100 42 July23 05 Nov 3
04
63% 63% 63% 63% 63
63% 63*4 63% 65
17*4 Apr
177* Apr 19
11% Deo
87* 9
8% July23
2,400 Texas A Pacific__________ 100
8% 8%
8% 9
8*2 834
8% 8%
8%
8%
45*4 Jan
33 Dec
61% 61% 60*2 61*2 60% 6134 61% 62% *6134 62% 10,645 Third Avenue (New York).100 35 Jan 2 01% Oct 14
61% 62
12% Jan
87* Nov30
2 July
1 Jan 6
Toledo St Louis A W est... 100
*5
8
*5
8
*6
8
*6
*6
8
8
*5
8
23 Jan
14*2 Nov30
4»4 Dec
5% May25
100 Do pref_____________ 100
*10
14
*10
15
14
10% 10% *10
14
*10
16
*10
947* July 108*2 Jan
300 Twin City Rapid Transit.. 100 90 July 9 100 Apr 19
9612 96% 96%
*94% 97
*94% 97
96*2 96*2 96** 96*8 *96
4
138% 139% 137% 138% 137% 138% 137*4 138*4 137% 138% 137% 138% 29,625 Union Pacific....................... 100 1159 Jan 2 111* 2 NovlS 112 July 164% Jan
86 Feb
77*8 Dec
Do pref______________100 i79 Mar I 84% Nov22
83
83% 3,680
83
83*4 83
83
83% 83
83% 83
83% 831
23*4 Feb
7*2 Deo
8 Jan 5 27% Oct
17% 1834 2,810 United Railways Invest__ 100
19
19
19
19*2 *18*2 20
19% 19% 20% 20%
49% Mar
22 July
Do pref_____________ 100 21% Marl.5 47»4 Oct
2,210
34% 36
36
36
38
36
37
36
37
§37
36% 37
12% Oct 16 17*j Nov 1
16% 16% 16% 163* 6,400 Wabash Co when Issued
16% 16% 16
16
16% 16%
16*4
16%
437* Oct 10 49*4 Nov 1
Do pref A do
do . . . .
47% 48% 477* 48% 21,850
48
48% 48% 47% 48% 47% 47*4 47
25*2 Oct 16 32% Nov 1
25,765
Do pref 1 do
1
do
31
32% 30*4 31% 30% 31% 31% 317* 31% 32
31% 32
35 Jan
10*4 Dec
35% Oct 11
9's Jan
313* 7,200 Western Maryland----------- 100
31
31% 31% 31% 30*4 31*4 30% 31% 31% 31% 31
30 July 58 Jan
900
Do pref_____________ 100 25 Jan 5 50% Oct 11
‘42
40
46
44
*42
49
45*2 *43
*43
46
45
45
6% Jan
6*4 Nov 4
2*2 July
% Juiy28
100 Wheeling A Lake Erie----- 100
4
4%
4*2 *3% 4% *3
4*4 4% *4
*3% 4% *4
21 Jan
8% July
2 Aug 2 19*4 Nov24
1st preferred_____ 100
300 Do
15
*13
*13
15
16
13
13
*13
*13
15
15
15
11 Jan
3 Deo
8% Nov23
% Aug 10
Do 2d preferred______ 100
200
■4% 5%
5
434 4’ 4 *4
4% 4% *4% 5% *4*4 5*2
48 Feb
29*4 July
45 N ov 1
Wisconsin Central............. 100 28 Julyl4
*37% 38% *37% 38% *37*2 38*2 *37*2 3S% *37% 38% *3734 3934
Industrial & Miscellaneous
40*2 Apr 22 $19%July J237* May
25% 25% 25% 2534 25% 25% 6,300 Alaska Gold Mines________ 10 21*4 Deo
25% 26% 25% 26% 25% 26
131* Nov 4
934 Dec
934 10
3,200 Alaska Juneau Gold Mining.
9% 9%
9% 9%
9% 97g
9% 10
9% 10%
7*4 Jan 12 49% Oct ‘
" e ’juiy 14% Feb
25
26% 20% 27% 26S4 29% 19,900 Aills-Chalmers Mfg v t O..I0O
29% 29% 27% 29% 2534 28
49 Jan
32% July
Do preferredv t c -------- 100 33 Fob 10 857* Dec 30
7S34 79*2 78** 79*2 78% 78% 78% 80% 4,700
79
80
81
81
59% Mar
74% Nov 8
47*4 Jan
5.900 Amer Agricultural Chera.-lOO 48 Jan
697* 68% 69% 68% 68I.1
69
70
63
70
67
68
70
97*8 Jan
90*4 Dec
440 Do pref______________ 100 90 Mar27 101** No vl 9
98
98
98
93
99
99
*98% 99
99
*98
*98
*98
727* Dec
33*8 Doo
19 July
7.900 American licet Sugar--------100 33*4 Jan
67% 6634 68
68
65% 67% 65% 67% 65% 68*4 67
68
95 Nov24
80 Deo
66 May
121
Do pref______________ 100 83 Feb
94
§91
91
94*2 94
93
*92
94% §93
*93
94% *92
4
87% F-b 25 109a Aug 9
97*8 Feb
80 Apr
500 Amer Brake Sh A F ctfs d ep ..
102 102
102% 102% 102% 102% *102 104*2 *102 104% 102 1 0 1 %
Do pref ctfsdeposit--------- 132*t Mar25 21934 Oct 28 129*2 Jan 146'* Feb
195*4 *183 194 *183 194
*183 195 ■183 195% *183 195*2 *183
35** Jan
19% July
63% 155,000 American Can___________ 100 25 Feb 24 08% Oct 4
62% 01% 60% 62% 60% 63
61% 627* 61% 627* 62
80 July 96 Jan
800
Do pref______________ 100 9 l't Jan 5 113% Nov30
112% 112% 112% 112% 1 1 2 % 1 1 2 % 1 1 2 % 1 1 2 % *111% 112% *112 1 1 2 %
53% Feb
42*4 Deo
67
68% 67% 70% 49,900 American Car A Foundry. 100 40 Feb 23 98 Oct 4
71% 73% 67% 71% 65*4 687* 647* 68*t
*
610
Do pref______________ 100 111*2 May25 118 Aug 6 112 July 118 7 July
118 1 1 5
•117 118% §118% 118% *117*2 118% 118% 118% *117% 119
9,150 American Coal Products..100 82 Jan 20 170's July 12 §82 Jan §36% Mar
162% 166
158 102
1547* 155*2 155 156
158% 159% 156 160
107 July
§105 Jan 7 120 Sep II §102 Jan
100 Do pref______________ 100
*116% 120
116 n o *115*2 117 *115 117 *115 117
1145s 120
46*2 Feb
32 July
1,100 American Cotton OH_____ 100 39 Jan 4 01 Oct 23
55
*54% 55
55
55
55
56
55
58
54*4 5434 54
93% June 97;% Mar
91 June25 102% Nov 5
185 Do pref______________100
*99 100
99% 99%
§997S 997g *99 100
*99 100
*99 100
5*4 Feb
3*4 July
4% Feb 19
14*4 Oct 22
♦1034 1 1 % 1,000 American Hide A Leather. 100
107* 11
*11
11
11%
11% ♦10% 11% 10*4 11
17 July 25*4 Feb
3,200
Do pref______________ 100 19»4 Jan 6 59% Oct 22
53% 52*4 5334 53*8 53% 53% 5334 63% 54
54% 54% 53
32*4 Feb
197* July
1,856 American Ice Securities___100 20% Jan 4 35 Apr 30
25% 25% 2534 25% 26
26
26
25*4 25*4 25*2 257* *25*2
11% Jan
7% July
7%Jan 2 31'* Oct 25
221, 22% 21% 22*2 21% 21% 21% 21% 217* 2 434 6,550 American Linseed________ 100
22% 23
31*4 Jan
21 Dec
100 24 Jan 5 50*2 Oct 25
4034 43
1,700
40
40
Do pref_______
3934 40
40
40
40
40% 40% 40
37% Jan
20% July
19 Mar 2 74*4 Oct 23
100
667* 51,050 American Locomotive____
60*4 63% 61
63% 62% 6334 63
65
66% 62% 66
102*8 Mar
96 Jan
100 75 Mar 3 105 NOV22
101 1 0 1 % 1,610 Do pref______
100% 101 '100% 101
100*2 100*2 100*4 1007* §101 101
9*4 Jan
4*4 Dec
3's Apr 14
13% Oct 28
200 American Malt Corp_____ 100
*7
9
8
8% 8% *7
*7*2 8*2 *7% 9
8% 8%
50*8 Jan
30 Doc
21* May 27 37*2 Deo 9
1(H
)
100
34
*31
x31% 31%
Do pref______
34
*31
35
*32
35
*31
*31
36
85 Jan
79% July
100
500 Amer Smelters Sec pref B.100 78 Jan 19 88% Mav
855g 86
*85
87
86% S634 *86*2 87*2 87% 87% *86% 87%
1,712
d
80 Oct 3 92 Dec 31
Do pref Ser Astamped... .
93
*93
93%
93% 93** 93*4 93
93*4 93
*93% 93% 93
50% July
71% Feb
110% 111% 107% 110% 105*2 108*2 105*4 108% 10334 107% 101% 107 221,360 Amer Smelting A Refining. 100 53 Jan 2 1087* Dec 31
97*a Apr 105 Jan
1,030
100 100 Jan 4 11.4 Novl7
Do pref______
112% 113% 112 112% 112 112% 11234 112% *112 113% *112 11212
100 American Snuff__________ 100 111 Jan 16 165 Apr 22 148 Dec 172 Jaa
1487* 1487g *145 150 * 145 150 *110 150 *140 150
*145 152
997* Jan
106*4 July
Do
pref (new)_______ 100 103 Jan 19 110% Nov 5
*104 106 ■101% 110% *104 110 *104 n o *101 110 *101 110
37*8 Feb
27*8 July
577* . 9,930 Amer Steel Found (new ).. 100 241 Mar 5 74% Oct 19
56
54*2 56% 56% 57
59
57
5934 56% 53% 55
97 Mar 1097* Jan
24 1197* Nov 5
11,710 American Sugar Refining..100 99*2 Feb
100
115 11534 114% 116
115% 116% 115 1151; 114 116% 114 n o
500 Do pref______
10(1 109 Feb 5 119*2 Nov30 1077* Mar 115 Deo
*117 119 *117 119
118% 118% *117 119
*118 119
100
127% 128% 127 127% 127 127% 127% 127% 127% 128% 8,739 Amor Telephone A Teleg-.lOO 113 Jan 4 130*4 Nov 4 114 July 124*4 Jan
127% 128
3,600 American T ob a cco_______ 100 195*2 Dec 21 252*2 Apr 22 215 Apr 256 Mar
202% 203% 200** 203
204 204
203*4 205*2 203% 203% *202 205
109 June
lot
1,840
Do pref (new)_______ 100 IO H4 Jan i 111 Nov23 101»4 Jan
106*2 100*2 10734 10734 *106 108 *106 103
107% 107% 107 103
20'* Jan
12 July
500 American Woolen________ 1 (H
100 153j Mar 6 57*8 Oct 20
46>2
44
45*2 4512 *1412 48% *40
46% 46% 46
46% 44
72** Mar 83 Jan
1 00 77*4 Fnh 27 100 Oct 4
957*
*02
Do orflf
96
*03
__ J *92
98
♦93% 98
*93% 96
•B a dakdpic s n s le o t isd y f K-r u * Ls t a 1 0s ae, aB lr. a drig w f Nws c , t PrS5prs a e f Qo dd lla8
id n s e r e; o a s n h a
x lg ts
es h n 0 h r s
z-d n n t e to k a 2 e h r ,
u te o r
prs a e t F s I s llmn p id *E -d ld n * F ll-p id
e h r , ir t nta e t a .
x lv u d
u a
New York Stock Record— Concluded— Page 2
F or re co r d o f sales d u r in g t h e w eek o f s t o c k s u s u a lly inactive^ see s e c o n d p a g e p r e c e d in g .
H IG H A N D
S a tu r d a y
Jan.
8.
LOW
SALE
P R IC E S — P E R
T u esd a y
J a n . 11.
M on day
J a n . 10.
SHARE, NOT
W ed n esd a y
J a n . 12.
PER
T h ursd a y
J a n . 13.
CENT.
F r id a y
J a n . 14.
S alesJ or
the
W eek
S h a r es.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SH AR E .
R a n g e f o r Y e a r 1915
O n b a sis o f 100-s h a r e lots
L ow est
H ig h e s t
239
PER C E N T .
R a n g e f o r P r e v io u s
Y e a r 1914
H ig h e s t
! $ p e r sh a r e S p e r sh a r e S p e r s h a r e S p e r s h a r e $ p e r s h a r e
Industrlal& M lsc.(Con). P a r S p e r s h a : e
$ p er sh are
44
44% 46
46
46%' 43l2 44?8 42
45
46
*45
46
5,200 Am Woolen certlfs of deposit.
46 NovlO
56 Oct 20
9378 93% 92
92
*92
93
93
93
300 Do pref certlfs of deposit.
95 Dec 28 98% Nov24
66% 67
67
68
69i4 70% 68% 69%
66% 66% 66
66% 3.400 Amer Zinc Lead & S ...........25
67%
29
71% Dec 24
89% 88% 89
90% 88% 89% 88
90U 91% 89
88% 89% 88,070 Anaconda C opper________ 50 e24% Dec 24
Feb
91% N ovl7 s *24% Dec c $3S% Feb
105% 111% 103% 109
105% 108% 105% 113 167,570 Baldwin Locom otive_____ioo
113% 115% 110 12 114
26% Mar 3 154% Oct 23
38% Jan
52% Mar
107% 107% *107% 109
108 108
*107% 109 *107% 109
108 108
300
Do p ref...................
ioo 92 Mar 9 114 Sep 29 102% Jan
110 June
420 420
415 425
430 440
425 440
425 430
_
440 455
2.630 Bethlehem Steel______
100 46% Jan
600 Oct 22
29% Jan
46% Dec
141 143% *130 143%'*1.30 150
143% 160
*143% 160 *143% 160
400
Do p r e f.................... I ioo
91
184 Oct 22
68 Jan
91% Deo
*131% 133 *131% 133% 131% 131% 131 131 *130% 132% 132 132
500 Brooklyn Union Gas______ 100 118 Jan
Jan
84
84
85% 85% 84% 85
400 Burns Brothers___________100 79% Dec 10 138% Oct 14 118 Dec 130 Jan
94% Oct 19
77
74% 76% 75
77 -79% 74
77% 78%
76
76% 29,600 Butte < Superior Copper_ 10
fc
_
56% Aug 23 79% June 4
34% 36>.i 34
36% 34% 35% 35% 37
38
37% 38% 35
33,800 California Petroleum, vtc 100
8 July26 3S% Dec 31
15% Dec
30% Feb
67% 66
69
71% 66
70% 71% 67
66% 68% 67
6S% 14.400 D o pref......................1 0 0
30 Ju!y23
81 Dec 30
50 July 68 Mar
52% 52% 52% 52% 52% 52% 4.500 Central Leather_________ ioo
53
53% 52% 531;
53% 531
32% Feb 20 61% N ov 1
25% Jan
38% Dec
*108 109% 109% 109% 109% 109% '109 109% 109% 109% 103% 109%
600
Do pref.................
ioo 100% Jan
110% N o v l8
94% Jan
104 July
24% 24% 24% 24% 23% 24% 23% 24
23% 24
23% 24
9,150 Chile Copper_____________ 25
23%Dec 13 26% Nov 24
55% 55% 54% 55% 53% 54% 53% 54% 54
54% 54
54% 13.400 Chino Copper_____________ 5
32% Jan 6 57% N ovi?
$31% Dec $44 Feb
46% 49% 45% 48
51% 51% 49% 51
47% 48% 47% 49% 36,480 Colorado Fuel & Iron_____100
21% Jan
66% Sep 29
20% July
143% 144% 142% 143% 142 143
34% Feb
142% 143% 142% 143
142% 143
4.630 Consolidated Gas (N Y)__100
150% Oct 15 112% Dec 139% Jan
*83
85
83
84% 79
81% 78% 80% 79% 81% 81% 83% 3.800 Continental Can__________100 113% Jan
40% Jan
127 Oct 5
37% June 45% July
*108 110 *108 110
108 108 ■108 110
108 108
106 10 S
300
Do
pref......................... 100
109% Dec 10
84 July
20
20% 20% 21
91% July
197g 20% 20% 20% 20% 24% 101,700 Com Products R efin ing... 100 88% Jan
19% 20%
8 Jan
21% Oct 25
7 July
94
13% Jan
94% 94% 96% 94
94% 94% 95% 95% 90
96 101% 5,613
Do
pref......................... 100
95% Dec 30
68% July
63
66% 60% 64
72 Jan
54% 61% 52% 58% 56% 61% 61% 69% 176,750 Crucible Steel of America. 100 65 Jan
18% MaylO 109% Sep 29
109% 109% 109 109% 108% 109% 109 109
109 109% 109% 111
2.500
Do
pref.........................100 84 MaylO 112% Sep 29
153% 153% 153 153% 155 160
157 174% 170 175
168% 170
8,550 Cuban-Amerlcan Sugar_ 100
_
38 Jan 25 177 Dec
*102 106 *102 108 *102 106
106 106 *103 106
102 106
100
Do
pref.........................100
90 Dec
90 Dec
43% 46 ?8 46
467
8 46
46% 47
45% 467
8 44% 46
47% 34,350 Distillers’ Securities Corp.100 93 M arl7 110 Sep 14
5% Mar 2 50% Oct 22
11 July
27% 28
20%Mar
28% 28% 2S% 28% 28
28% 277g 28
28% 28% 5,950 Dome Mines, Ltd_________ 10
t l 6 June25 30% Dec 6
63
63% *62
64
63
63
64% 64% 64% 641
63
63%
1.400 Electric Storage B attery.. 100 63 N ov20
78% Sep 25
35
*26
33% *26
34
35
30
30% *26
35
35
33
800 Federal Mining & S m elt... 100
8 Mar24
60 Junel2
7% May
52
53% *52
54
15 Jan
56% 57% 54% 56% 52% 54
52% 53% 3.900
Do pref........................ 100
20 M arl 3 65 Junel2
*275 300 *275 300 *285 310 §300 300 §300 305 *290 300
2S% Dec
43 Jan
60 General Chemical________100
360
160 Apr 180 Jan
*113 115% *113 115% §113% 113% *113% 115 *114 115% *114 115%
38 Do pref.................. ...1 0 0 165 Jan 26 §116% Oct
Nov30 107% Feb 110 June
172% 173% 17178 173
170% 171% 170% 172% 171 172% 8,725 General Electric_________ 100 106 Mar 1
170% 173
Mar
185% Oct
460 460
460 475
470 470
450 460
458 463
473 475
2,810 General Motors vot tr ctfs.100 138 Jan 3 558 Dec 9 137% Dec 150% Feb
82
37% Jan
*114 116
114 114
99 May
113 114
1137* 114
114 114
113% 113% 1.800 Do pref vot tr ctfs_ 100
_
90% Jan
136 Dec
70 July
73% 74% 72% 74% 70% 73
95 Feb
70
72% 71% 72% 71% 73% 34,150 Goodrich Co (B F)_______100
24% Jan
80% Oct 14
19% Jan
2878 Apr
113% 113% 113% 113% 113% 113% * 112 113% * 112 113% *112 113
500 Do pref....................... 100
79% Jan
95 Dec
49% 50% 49% 50% 48
47% 47% 50% 48% 48% 6,235 Greene Cananea C opper.. 100 95 Jan 14 114% Oct 27
49% 47
37 Oct 25
23% 23% 23
23% 23
23% 23
23% 23% 23% 23% 23% 7,200 Guggenheim Exploration...2 5 *22 Dec 31 52% Dec 27
83 Dec 30 $40% July $57% Apr
46% 46% 46% 47% 46% 47% 46% 47% 46% 477g 47
47% 160,465 Inspiration Cons Copper_ 20
_
16% Jan 2 47% Oct 7 *14% July *19% July
24
24
22% 22% 20% 22 % 21% 231. 2,920 Internat Agricul Corp___ 100
22
22
*22
24
5% Mar31
29% N ov 1
4 Jan
10% July
60% 63% 61
60% 567g 597g 59% 62% 8,810
60% 58
61% 59
Do pref......................... 100
8 M arls
71% Dec 31
13 May
36 Jan
*109 1 1 0 % 109 110
109% 1097g 110 110
108% 109% 10S% 109
1.900 Intern Harvester of N J_ 100
_
90 MaylO 114 June 4
82 July 113% Jan
*112 119% 112 119% *112 119% * 112 119% * 112
119% *112 1191.
Do pref....................... .10 0
1187* July
20% 2 1 % 20% 2 1 % 20
19% 21
19% 20% 20
20%
21% 49,825 Int Merc Marine ctfs of dep. 110 Julyl3 120 N ov 4 113% Jan
18 Dec 24 20% Dec 27
77% 79% 76% 78% 76% 79% 77% 79% 78% 80% 188,210
78% 80
Do
pref ctfs of dep.........
55% N o v ll
201% 203
202% 204
202 203
202 202% 202% 205% 205% 212
9.200 Intern Nickel (The) v t c . . l 66 179% Dec 3 77% Dec 15
223% Oct 5
11% 12% *1 1 % 12
11% 11% * 1 1
1 1 % * 11
1 1 % 11
11% 2.200 International Paper_____100
8 Jan 6
12% Dec 27
6% July
107* Feb
497s 497g *48% 49% 48
48% 48
49% 48
48
48
49
1,500
Do pref......................... 100
84
85% 83% 85% 80
84% 81% 83% 83
30 Dec
41 Jan
84% 83% S5% 44,935 Lackawanna Steel________ 100 33 Feb 24 50% Dec 24
28
7
260% 261 *245 270 *253 260 *252 260 *252 260 *252 260
26% July
40 Jan
200 Liggett & Myers Tobacco 100 207 Jan 9 94% Sep 29
Jan
Dec
*118 119% *118 119% §118 118
119 119
119% 119% 119% 119%
210 Do pref......................... 100 113% Jan 5 260 Dec 9 207% Dec 231 Mar
*20
120
8 111%Jan
25
*20
25
*20
25
118% July
207g 207g *20
25
*21
25
100 Loose-Wiles Bisc tr co ctfs. 100
*91
16 Feb 17 31 Jan 11
99
95
*91
*91
26 Dec
38 Jan
96
*91
91% 91% *90
96
95
100
Do
1st preferred____ 100
.
60
86 Feb 20 105%Jan 13 101 Apr 105 Mar
*
60
60
60
60
60
Do 2d preferred...........100
*170 182
55 Dec 22 67 Oct 18
89 Jan
181 181
n o " 187 *i70" 180 *170" 180 *170" 180
95% June
100 Lorillard Co (P )_________ 100 165% Jan 6 189 N ovi
116 116
160 July 190 Apr
116 116% 116 116 *116 116% 116 116
116 116%
400 Do p r e f ...................... 100 112 Sep 14 118 Jan 19 110 Jan
*78% 80% *78% 80
1177* July
*78% 79% *78
79% *78% 79% 79
79
200 Mackay Companies______100
72% Jan 11 84 N ov 5
*65% 66% 66% 66% 66% 66% 66
61 July
87% Feb
66
*66
66% 66% 66%
600 Do
pref......................... 100 64% Oct 28 69%Jan 19
65% Jan
71% 71% 68% 71% 65% 69% 04% 68% 65% 68% 66
70 Jan
69
29,600 Maxwell Motor Inc tr ctfs.100
15% Jan 6 92 Oct 26
14% Dec
15% Dio
90% 90% 89% 89% 89% 89% 88% 89
89
89
89
2,900 Do
1st pref stk tr ctfs.100
43% Jan 2 103% Dec 28
41% Dec
44 Deo
55
56
55% 56
52% 55% 53
53% 54
54
54% 4,700
Do 2d pref stk t
100
18 Jan 6 68% Oct 26
17 Dec
17% Dec
120% 122% 115% 122
114 118% 113% 118
1 1 0 % 116% 1 1 1 % 115% 265.275
100 51 Jan 9 124% Dec 31
46% Jan
73% Feb
101 101
*90 104
100 100
100 100
*95 101
*95 101
400 Do pref.
100 67 Jan 15 104% Dec 31
67 May
87 Feb
38% 38% 37% 38% 37% 38% 37% 38
37% 38% 37% 3S% 29,825
17% Jan 6 36% Dec 31 $16% Dec *24% Feb
77
77
*75% 77% 74% 75
74% 75%
75% 76% 76
76
1,600
100
42 Jan 4 79% Dec 4
527g June
41 Dec
*109 112% *110 111
110 110
110% 110% 109% 109% 110 110
450 Do pref.
100 99 Jan 29 120 Dec 8 101 .Apr 1037g June
5123 125 §123 123
125 125
123% 123% *120 125
120 124%
326
100 116 Apr 3 132 Jan 22 120 July 139 Feb
*126% 128 *126% 128 *126% 128 *126% 128 *126% 12 S *126% 128
Do pref
100 119 May25 127% Dec 10 119% Jan
128 June
28% 28% 26% 28
26% 27
26% 27
26% 27
27% 27% 3,600 9% Jan
36% Oct 25
*92
95% *91
9 July
14 Feb
95% *92
95% *91
95
*91
95
92
92
100
100
Do pref...............
70
70% 68% 70% 67% 68% 67% 68% 68% 68% 68
80 June 867* Mar
69% 20,400 National Lead___________ IOO 79 Apr 1 97 Dec 8
114% 114% 114% 114% *113 115 *113 114 ■113 114
44 Jan 4 70% May
52 Jan
40 July
113% 113%
410 Do pref......................... 100 104% Jan 4 115 N ovl5
15% 157S 157* 16
15% 16
105 Jan
109 Feb
15% 15% 15% 15%
15% 15% 3,861 Nevada Consol Copper___ 5
149 150% 145% 149% 143 146% 142% 146
11% Feb 24
17 N ovl7 $10% July $16% Jan
145 149
146 149% 14,200 New York Air Brake____ 100
73
73% *73
56% Feb 26 184%Sep 23
74
72% 72% 72% 721 *72% 73% 72% 72%
58 July
69 Jan
800 North American Co (new). 100 64 Jan
*12
12% 12
12
81 Apr
12
12
64% July
12
12
12
12
79% Mar
1,350 Pacific Mall______________100 *8% Dec 19 38 Aug 21
*40
42
3
41
41
40
40
17% July
40% 40% *40
42
29 Jan
41% 42%
1,110 Pacific Telep & Teleg___ JlOO
n o 110% 110% 110% 110 110% 110 111
26% Feb 11 49% Oct
20 July
111 111
31 Jan
110% 110%
People’s G L & C (C hic).1166 106% Dec 21 123% Apr
*42% 44% 42% 42% 41% 42
43
43
106 July 125 Jan
41% 43% 41% 43
35
35% 34% 35% 33% 34% 33% 34% 34% 36% 35% 36% •I ’^iPhUadelPlila Co (Pittsb).__50 35% Apr 7 49 Sep 30
17,72o Pittsburgh C o a l.......... ...... 100
108% 109% 108 110
15% Jan 4 42% Oct 14
10S% 109 §108 108
15 Dec
23% Feb
109 111% r i l l
111
2,650
Do p r e f ...................... 100
62% 63% 62% 63% 56
4
Oct
61
79 Dec
93% Feb
57
58% 577 59
8
58% 61
9,800 Pressed Steel Car________ 100 81%Jan 6 114 Oct 14
104% 104% 101 104% *103
25 M ar
78%
26% Jan
46 Feb
103% 104% 103% 104H *103% 104%
100
Do pref......................... 100 86 MarlO 106 Oct 26
*116 117% *116 117% 116 116
97% Jan 105% Mar"
115 117% 115 117% 115% 116
300 Public Serv Corp of N J ...1 0 0 100% Aug 24 120 Dec 16
*165 167
165 165% 164% 165
107 Jan 114 Apr
164% 165% *164% 166
165% 167% 2,970 Pullman Company_______ 100
*4
4%
4
4%
4% 4%
4
4
4
4
4
4% 2,000 Quicksilver Mining_______ 100 150% MarI2 170% Oct 23 150 Dec 159 Jan
*5%
„
6
6
5% N ov 1
% Marl5
*5
27g Jan
7 June
8
5
5
*4% 5%
*4% 5
100
Do
pref.......... .............. 100
42
42
40% 41% 38
40% 3778 39% 39% 40
6% N ov 1
% Mar29
1% June
4 Jan
39% 40% 7,400 Railway Steel Spring......... 100
100% *99% 100% 99% 99% 99% 99% *99 100
19 Mar 6 54 Oct
19% July 34% Feb
*99% 100
200! Do pref..............
100 87 Mar 3 102 Nov29
25% 25
25% 24% 25% 24% 2478 24% 247g 24% 24%
88 Dec 101 Feb
Copper!. 10
53
53% 51% 53% 50
52% 50
15% Jan 2 27% N o v i? $15 Dec $22% Apr
51% 51% 52
51% 52% 24 • ?9 Ray ConsolidatedSteel___ 100
.‘
Repiiblic Iron &
109 109
57% Dec 9
19 Feb 1
109 109
108% 108% 10S78 10S78 108 109
18 Dec
27 Jan
108% 108%
Do
pref......................... 100 72 Jan 30 112% Dec 14
*13
14% 13% 13% * 12 % 14% 12% 13%
75 Dec
91% Mar
13
13
*12
14
400 Rumely Co (M) ctfs of deposit
*25
14% Dec
27
3% NovlO
*25
27
25
25% *24
27
24% 24% *24
27
’D
O Do
of
185 185% 183% 1847S 183 184% 182 185
7% Oct 23 29 Nov24
184 1841. 183% 183% , ••*00 ----- ---- pref certlfs— deposit
1
■ - Sears, Roebuck &. Co......... 100 *131% M arl7 209% Feb
. *125% . . . *125%
125% *125%
*125%
170% July 197% July
*125%
100
Do
pref.........................100 121%Jan 4 126 Dec 10 120 Dec 124% June
....
60
61% 58
59% 58% 591
59% 6 2
61% 62"
6,900 Sloss-Sheffleld Steel & Ir._ 10 0
*140 145 *135 145 *135 145
24 Jan 6 667g Dec 7
150 152
19% July
35 Jan
150 155 *135 150
600 South Porto Rico S ugar... 100 40 Feb 16 164 Dec 1
*103 107 *105 107% *105 107% 107 107 '105 108
*105 108
150 Do
*93 100
pref........................ 100 89% Feb 4 110 Oct 14
*93
96%; 95
95
*90
96% *93
96% *92% 96%
100 Standard M illing............... 100 43% Feb 23 96 Dec 31
*85
86
§86
86
*85
87
32 Jan
*84% 87
45 Dec
*84% 88
*85
87%
24 Do
158% 161% 1547g 159%' 152 157
pref........................ 100 66 Feb 17 85 Nov29
59% Dec
150 155% 152 155
67% Dec
152% 1591-. 68,690 Studebaker Corp (T he)...10 0
*112 114 ■no i n
no
35% Jan 2 195 Oct 22
113%
20 Jan
36% Mar
1 1 0 % 1 1 0 % *110% 113%
100
59% 61
Do
pref........................ 100 91 Jan 2 119% Oct 27
59% 61%| 58
60% 56% 59>-> 57% 59% 58% 60
70 Jan
92 May
41,225 Tennessee Copper_________ 25 25%, Feb 24
227 229
223 227
219% 225% 220% 222 " 2 2 1% 222% 221 223
70 Sep 30 $24% July $36% Feb
11,100 Texas Company (The)____ 100
*7% 8
7% 7%!
7% 7%
Dec
Mayl4
7% 71
*7% 8%
7% 7% 1,200 Union Bag & Paper______ 100 120 Jan 4 237 Dec 20 112 July 1497g Mar
*28
29% *28
29% 29
29
4%
9%
15
3% June
8% Feb
*28
291 *28
29% *28
29%
100 Do pref......................... 100 22% July 13 31% Dec 16
*62% 64
62% 63
*62
64
18% July
32% Feb
62% 62% *62
64
1,000 United Cigar Mfrs______100 42 Jan 25 66% Oct 27
*105 112 ■101 110 *105 110
39 Dec
50% Feb
106 110
106 110
Do pref......................... 100
9% 9%
9% 9%
9% 9%!
99 June 1037* Feb
9% 9%
9% 9%
9% 9% 6,200 United Cigar Stores______ 10 100 Junel9 110 Oct 1
9 Dec 22
117g 1178 1178 1178 *11% 117g 11% 11% §117g 11%
10% Oct 20
11%
350 Do pref_______________10
g
11% Oct 14 12% NovlC
146 146% 1457 1457g 143% 1457s 143% 144% 143 1441 *11% 146%
144
4.600 United Fruit____________ 106 139 NovlO 161 N ovi 7
24% 24% 23
23% 2 1 % 22% 2 1 % 22
24
24
2 1 % 22
2.600 U S Cast I Pipe A Fdy____ 100
8 Jan 2 31?8 Oct 29
53
49
49
52
7% June
*49
*49
13% Jan
*48% 51
50
50
*48% 51
200
Do pref...........................100 32% Mar 3 55% N ov 8
48
*45
48
30 July
49
49 Feb
*46
*45
*45
48
*45
48
*45
48
U S Express.......... ............. 100
43% Dec 2 73% Mar 9
130 131% 128% 131% 126% 130% 127% 134U 133 136% 134% 138%
46 Jan
87 Mar
61,000 U S Industrial Alcohol____ 100 15 Jan 27 131% Dec 24
15 Dec
20 Apr
*106 10S% *106 108% 107 107 *106 108% 108% 114
113% 113% 2,200
Do pref.......................... 100 70 Jan 26 107 N ov 1
75 Dec
85% Jan
56
56% 55% 57 I 54% 55% 54% 55% 55% 55% 55
55% 12,250 United States Rubber____ 100
74% Apr 14
44 July24
*109% 109% 109% 109% 109% 109% 109% 110 *109% 110 rlOS 10S
44% July
63 Mar
1,600
Do 1st preferred______100 101% Feb 21 110 Apr 9
87% 877g 857g 87% 85% 86% 85
95% July 104% Jan
86% 85% 85% 85% 86% 383,920
89% Dec 27
48 Dec
117% 118
67% Jan
117% 1177g 117% 117% 117% 1177g 117% 117% 117% 117% 5,400 United States Steel............. 100 38 Feb
Do pref.......................... 100 rl02 Feb
117 Oct 30 103% Dec 112% Jan
S0% 81% 79% 80% 79
79% 78% 797g 79% 79% 79% 79% 23,500
10 48% Jan
47% 48% 47
81% Dec 28 $45% Dec $59% June
48% 46% 48
46% 47% 47% 47% 47% 48% 6,200 Utah Copper.................
Virginia-Carollna C h em ... 100
112 112 *110
52 Oct 26
15 Jan
17 Dec
34?g Mar
112 *109 112 ■108 112 *108 1 12
108 112
100
Do pref..................
100 80 Jan
*61
63
11378 Dec 3
96 May 107% Mar
60
60
61 61
60
60%
60
60
60
61
700 Virginia Iron Coal * Coke. 100 36 J une 9 74 Oct 26
88% 88%
35 July
52 Mar
88% 88% 88% 88% 88
90
fte
88's 881= 8S'-« 8S12
13,950 Western Union Telegraph. 100 57
2 90 N ov 4
53% July •667* Feb
88
®g% 66% 6S% 65
67
65
66% 65% 66% 66
67% 65,280 Westlnghouse Elec A Mfg__50 32 Jan 24 74% Oct 26
Feb
64 Jan
79% July
*76
78
*76
79
all,
* 77
80
*76
SO
*76
78
Do 1st preferred______ 50 58% Marl2
85 Oct 21 1157g Jan
124% June
22 1 2 2 1
.7 ?? ,2 ??Z 2 222 222% 220 220% 220 223
221 223
2,060 Willys-Overland (The)____ 100 87 Feb 23 268 Nov 1
JJJi2 J12 S H l% 111% 110% 111% 110% 111%
1,000 Do pref......... ...............100 96 Feb 13 115 Dec 9
119% 120% 119% 120% 8,300 Woolworth (F W )________ 100
*123 124 2 *1*93 !o ?
120 '4 12238 120 12 1
90% Jan 6 120% Dec 23
89
Feb
*123 4 124% *123 124 '2 *123D 124% *123 125 *123 124
123% 1231750 Do pref..........................inn 115 Jan 8 124 Alie 14 112% July 103% Mar
1187,
Ian
$
p er sh a re
per sh are! “
‘i
S
S
&
S
f
^
10°
0 ■ * * * •
r ig h t s .
* N ew
stock.
* Par $25 per share,
t Quoted dollar*
240
New York Stock E xchange-Bond Record, Friday, Weekly and Yearly
BONDS
N . Y . STOCK EXCHANGE
Week Ending Jan. 14.
P ric e
F r id a y
J a n . 14.
W eek ’s
R ange or
L a st S a le
Range
Y ea r
1915.
BONDS
Y . STOCK EXCHANGE
Week Ending Jan. 14.
P r ic e
F r id a y
J a n . 14.
W eek ’s
R a n ge or
L a st S a le
B onds
S old
Jan.
N o.
R ange
Y ea r
1915.
Low
H ig k
B li
A s k Low
B lg fi
Chic Burl A q ( C o n .)—
B id
U. S. Governm ent.
Joint bonds. S ee Great North
96*4 9912
7 94*4 977g
977g 99
U S 2a consol registered— 41930 q - J 9 9 % ____ 9912 Dec ’ 15
97*4
98*8
Nebraska Extension 4s— 1927 M -N
97U 99
5 95
99 ------- 97% Oct ’ 15
95
96*4 ____ 96
96
V 8 Ss consol coupon--------41930 Q - J
Registered____________ 1927 M -N
98 101*4
5J B 8s registered_________ *1918 Q - F 101%------- 101*4 Dec '15
Southwestern Div 4s------- 1921 M- S 9 9 % ____ 99*8 June 15 ___ 99*8 99%
1001* 102
18 88
10 1 ------ 101% N ov’ 15
95
92*4
93
O S 8s coupon------------------*1918 Q - F
General 4s______________ 1958 M- S 92% Sale
109 11078
10934
10934
15
29
25
27
25*2 Jan ’ 16 ___
O 0 4s registered__________ 1925 q - F 10934 -----1
1
109% 111*2 Ohio A E 1 1 ref A Imp 4s g.,1955
110U
3 91 104%
104%
0 8 is coupon_____________1925 Q - F llOU Sale llOU Oct ’ 15
1st consol gold 6s------------ 1934 A - O 104% 105 104%
97*2 98%
15 51% 84
82
0 S Pan Canal 10-30-yr 2s.*1933 Q - F 98 ------ 9814 July’ lo
General consol 1st 5s____ 1937 M- K 81*4 Sale 80
97
52% 71
71 June’ 15 —
D S P n Canal 10-30-yr 2S..1938 Q -N
Registered____________ 1937 M- N ------ 84
1017g Jan ‘ 16
100»4 102
97*4 Feb T3
0 S Panama Canal 3s g------1901 Q -M 101%------ 100 Feb ’ 15
Pur money 1st coal 5s___ 1942 F - A
100 100
17
20%
24
20 Dec T5
V S Philippine Island 4s.i914-34 q - F ____ 100
Chic A Ind C Ry let 5 s ...1936 J - J 16
747S
73*4 73 64
Ohio Great West 1st 4s.........1959 M- S 72% Sale 72%
110 117
111% 113 112% N ov’ 15 —
Ferslcn Government
96 4231 937S 98*4 Chlo Ind A Louisv— Ref 68.1947 J - J 95 101% 101 June’ 15 —
95% Sale 953s
10 1 10 1
Anglo-French 5-year 5s (wh iss).
4 80
Refunding gold 6s-----------1947 J - J
99*4
9312
95>2 9312
Argentine— Internal 5s of 1909— M- S t 94
Refunding 4s Series C ----- 1917 J - J 66 ____ 95% Apr ’ l l
88 Juiy'14
70
55
Chinese (Hukuang R y)— 5s o f ’ l l J -D J 65
Ind A Louisv 1st gu 4s— 1950 J - J 55 ____ 55 Dec ’ 15 ___ 55
93*8 98
97%
86 ____ 86 Dec ’15 ___
85% 86
Cuba— External debt 5s ol 1904- M - S 9612 Sale 96t2
907S Chic Ind A Sou 50-year 4a.. 1958 J - i
90
95%
94% 9512 9512
96% ____ 96% Dec T5 —
Exterdt Os o l '14 sor A ---1949 F - A
92*4 96%
I -D
86*2 Chlo 1 8 A East 1st 4Ma------1689
80
8312
8312
8334 84
External loan! M a---------.1949 F - A
73*8 84*2 Chicago Milwaukee A St Paul—
84l2
t 84i2 ------ 82 U
933
93*8 38 85
Japanese Govt— £ loan 4 H S 1925 F Qen’l gold 4s Series A ___ *1959 J - J 92*4 Sale 92%
72*2 82
80
80U
I4
89% 89%
89% Apr ’ 15 ___
Second series 4 t£s_______1925 J - j t 8O ------ 73%
Registered___________ «1989 Q
70
79*4
74
ts73?8
94% 86 87
95%
Do do ‘ ‘ German stamp” . ------ t ____ Sale 7334 June’ 15
Gen A ref Ser A 4Hs___ a2014 A O 93% Sale 93*2
69
328 100*8 108%
110
Sterling loan 4s_________ 1931 J - J
Gen ref conv ser B 53
a 2014 F - A 110 Sale 109%
7914 Apr ’ 14
1 76
81
823g
Mexico— Extcr loan £ 5s ol 1899 q - J ____ 65
Gen'I gold 3 Hs Ser B___ «1989 J - J 81 Sale 81
65 July’ 14
85
15 97 103*2
102*4 103%
103*8
Gold debt 4s of 1904____ 1954 J - O
General 4Ha Ser C ______*1989 J - J s92% Sale 102*4
95*j 95*2
9512 Jan ’ 15
92%
92*2 13 84% 93*8
Frov of Alberta— deb 4HS..1924 F - A t ................. 74
85-ycar doben 4s________1934 J - J
767g 82
75*8
103*4 187 93*4 103%
Tokyo City— 5s loan ot 1912----- M- S t 74 Sale
Convertible 4H s________1932 J D 103*2 Sale 103
tT & e ie a r e p r i c e r o n iIre b a s is o f S5io£
Chic A L Sup Div g 5a------1921 J - J 103%____ 103% Dec ’ 15 ____ 102*8 103%
103 105
J 105%____ 100 Dec ’ 15
Chic A Mo Rlv Div 6s___ 1926
103*4 13 101*4 103*4
State and City Securities.
J 103*8 103% 103%
Cblc A P W 1st g 58......... 1921
97*4 102
10112
101%
91*4 24 8578 917g
» T City— 4% s.................... 1980 M- S IOH2 Sale 101U
J 91% 91*4 91%
C M A Puget Sd 1st gu 4s. 1949
97*4 102
10134
10138 gale
i l l s Corporate stock___ 198! M- = IO6I2 Sale IO6I4
J _ ___ _____ 100 Dec ’ 15 ___ 100 100*2
Dak A Qrt Sou gold 5s__ 1916
101% 107
IO6I2
1 106 107*8
107%
4Hs Corporate stock ___ 1965 J -D 10638 Sale 106ig IO6I2
J 107% 107% 107%
Dubuaue Div 1st s f 6s__ 1920
1 0 1 % 106*2
4Ha Corporate stock___ 1983 M- S
J 1 1 1 ____ 110 June’ 13 ___
Fargo A Sou assum g 6s . . 1924
91
99
983s
98U Sale 98
10 2*8 ____ 103 N o v ’ 15 ___ 102% 103
4% Corporate stock____ 1959 M -N
La Crosse A D 1st 6s____ 1919 J - J
94% 98%
983s
5 101% 103%
103*2
4% Corporate stock____1958 M- N 9838 Sale 98
S 103%____ 103%
W lsAM Inn Div g 6s____ 1921
91
!
98'4
98 > Sale 98%
8
109 107 Dec T5 . . . . 106% 107
4% Corporate stock------ 1957 M -N
J 107
Wis Val! Div 1st 0s.......... 1920
94
96*2
9714
97% Sale 97U
____
4% Corporate stock____ 1956 M -N
Ml! A No 1st ext 4H s----- 1934 J -D 100% ____ 100*2 N ov’ 15 . . . . 9<l 101
10 1 % 106*2
106
lOOU
100%
100 Oct ’ 15 . . . . 100 100%
New 4Ms........................... 1957 M- N 106 Sale 1013s Dec ’ 15
Cons extended 4H s----- 1934 J -D
100% 101*8
95 ____ 94 Sep ’ 15 . . . . 92% 94%
New 4H s........................... 1917 M -N IOD4 102 100
101% 100% Chic A Nor West Ext 4sl880-192fi F - A 94 ____ 94% N o v ’ 15 ____ 94*2 94%
10534 10634
10614
4H % Corporate stock_ 1957 M -N 100 101 I00?a Dec ’ 15
_
Registered_______1886-1926 F - A
100** 101*8
12 78
83*8
82*4 83
82%
83
I H % Assessment bonds..l917 M -N
General gold 3 X s ------------ 1987 M- N ____ 82
84
89
877 Dec ’ 15
s
____
87U 88
78*2 Jan ’ 14 —
S H % Corporate s to c k ... 1054 M -N
Registered__________ pl987 Q
997g 102*2
1021a
3 SB% 96%
95
95 Sale 9478
nr Y state— 4s...................... 1961 M- 8 102 10234 102 Jan ’ 1 6 ------ 997, 102*2
General 4s______________ 1987 M- N ____ 96
___ 89
102 I
90
Cana! Improvement 4a_ 1901 J - J 102 Sale
_
Stamped 4s___________1987 M- N 115% 116% 96 Jan ’ 16
100 101*8
109 1147g
Canal Improvement 4s__ 1902 J - J 102U Sale 102U N10214!
General 6s stamped-------- 1987 M- Ni 1 1 2 % ____ 116*4 Jan ’ 16
101*4 ov’ 15
995 101%
s
5 108 109%
112 %
112 %
Canal Improvement 4s__ I960 J - J
ASinking fund 6s____1879-1929
113
108% 113
.- 105*2 Dec T3 . . . .
Canal Improvement 4 %s. 1964 J - J 112i2 113 113
Registered.............1879-1929 A104 108
2 103*8 1C4%
104*4
104*4____ 104*4
Canai Improvement 4)48.1965 J - J IO6I2 107 U 106 Dec T5
Sinking fund 5s.........1879-1929 A108 112*4
*02 Oct ’ 13 . . . . . . . . . . . .
Highway Improv’t 4HS..1903 M- s 112l2 ____ 11212 113
Registered.............1879-1929 A ■
104% 105*2
100% 104%
103 104*8 104% Dec ’ 15 —
Highway Improv't 4% a. .1965 M- S 106i2 ------ IO0I2 N ov’ 15
Debenture 5s___________ 1921
883s
81
88*2
103% 108 101 Dec ’ 12 . . . .
Virginia funded debt 2-3s.._1091 J - J 88U Sale 88%
Registered____________ 1921
56
52
61*2
3 io i 104%
104*2 105 104*2
104*2
8s deferred Brown Bros otfs— — — 56 Sale 52l2
Sinking fund deb 5s______1933
101% May’ 15 . . . . 99 101%
Registered____________ 1933
119% ------ 117 A u g’ 15 . . . . 117 119%
ilallrcad,
Frem Elk A Mo V 1st 8s. .1933
66*2
6712 65
6534
55
75 ------ 90*2 Sep ’09 —
Aon Arbor 1st g 4s______A.1995 Q - J 65 Sale 94
M anO B A N W 1st 3HS.1941
.................
943g
94i2 178 89*2 95*4
Atsh Top A S Fe gen z 4s. .-19 9 5 A - O
3 89
Mllw A 8 L 1st gu 3 H 8. . . 1941
93*2
93 ____ 93
93
i 105 108%
109 Sale 109
Registered_____________ 1995 A - O
109
Mil L 8 A West 1st g 0 s . . . 1921
87*8____ 8714
'
87*2 46 80*4 88*2
3 S02% *04%
Adjustment gold 4s_____S1995 Nov
106*2 107% 100*8
1003g
11
Ext A Imp s f gold 5s_ 1929
_
85
84l2
85
1 12 * 8 ____ 1117S Dec ’ 15 . . . . 11178 1117g
Registered.................. *1995 Nov S873 Sale 87
' Ashland Div 1st g 6s__ 1925
4 Sale
8/34 60 80*8 88*4
1 1 1 % ------ 111** AUg ’ 16 . . . . 1 1 1 % 1 1 1 %
Stamped____________ *1995 M -N 106*2 Sale 106i2 106% 33 923S HO
Mich Div 1st gold 6 s . ..1924
5 89% 93
92*2 Sale 92*2
92*2
Conv gold 4s____________ 1955 J -H _________ 9912 May’ 13
Mil Spar A N W 1st gu 4s . 1947
. . . ___
103%____ 107*8 May’ 14 . . . .
Conv 4s Issue of 1909____ 1955 J -D 106*2 Sale 106*2
Northw Union 1st 7s g__ 1917
107*8 " 4 9 923g U0%
9 102*4 106%
108 Sale 106*2
108
Conv 4s issue o t 1910___ 1960 J
St L Peo A N W 1st gu 6s. 1948
28 100% 102
101*8 101*4 101*2
10134
102*2 103 102% Deo ’ 15
102*2 103%
10-year 5s---------------------- 1917
Winona A St P 1st ext 78.1916
92
96
96 ____ 94 Dec ’ 15
10 2% ____ 102% Dec T5
101% 102*4
East Okia Div 1st g 4 s ----- 1928 M - “
Chicago Rock Isl A Pao 6 s ..1917
84% 89
90
93 % 90 Jan ’ 16
—
10 1%
1 0 1 % ’ ” 5 10 1% 102*8
TraDS Con Short 1st 4s. 1958 J - J 98*4____ 98*2 Jan ’ 16
Registered____________ 1917
93
96
s84% Sale 84%
80%
84*2 31 79
Gal-Arli lstA ref 4 H s ‘ ‘ A"1962 « - S 102 ____ 103% Sep ’ 15
K y general gold 4s________1988
103 103%
8 3% ------ 83 Jan ’ 1
80
83
*
8 Fe Pres A Pb 1st g 6 s ...1942 M - S 93*4 Sale 92*4
Registered____________ 1988
85
94
93*4
717g
65% Sale 65%
66*8 2«i 61
All Coast L 1st sold 4s___ *1952 M- 8
Refunding gold 4s_______1934
91% 92
92 Sale 91%
92
12 39
42 Sale 41%
42
67
Gen unified 4%s________ 1964 J * D 106*8____ IO6I4
20-ycar debenture 5s____ 1932
105 106
103*4
79 ____ 94*4 June'll
Ala Mid 1st gu gold 5s___ 1928 M -N
Col! trust Series P 4s____ 1918
89
96
93*2 95
95
95
50
65*i 65*8 Jan ’ If
Bruns & W 1st gu gold 48.1938 3 * «{ 129 135 1297g Aug '15
R I Ark A Louis 1 st 4 H « --1934
1297g 1297g
99 101%
99% 100*. 101% N ov’ 16
Charles A 8av 1st gold 7s. 1936 J - J 86
Bur C R A N— 1st g 5 s ...1934
80
89
8634 86*2
8634
99 ____ 1007g M ar’ 14
L A N coll gold 4 s............31952 M -N
C R I F A N W 1st gu 6a. ..1921
122
118 119*2
3av F A W 1st gold 6s___ 1934 A - O 122 ____ 122
M A St L 1st gu g 7s____ 1927
105 105
97% 98
9 8% ------ 98*8 Jan ’ 1
C
1st gold 60...................... 1934 A - O 107*2____ 105 July’ 15
Choc Okla A O gen g 5s.ol919
97% 98
99 ____ 98 June'15
1
90 ____ 97% July’ 16
97% 97*2
811 Sp Oca A G gu g 4s___ 1918 J - J
Consol gold 5s________1952
93-%
88% 93%
58 ____ 503s Dec ’ IS
49*4 84
Salt A Ohio prior 3Me____ 1925 J - J s93% Sale 93
Keok A Des Moines 1st 5s 1923
88% 92*2
8! 65
65
05
71
71
71
Registered......... ........... *1926 Q - J _________ 92*2 Dee '15
St Paul A K C S h L la t 4 H s ’41
92%
92 % Sale 92
92*4
85
m *4 m »4
1st 50-year gold 4e____ *1948 A - O
j 118*8------ 118*4 Jan ’ 1 —
C
Ohio St P M A O con 6s___ 1930
90
89 ____ 91*4 Jan ’ 15
85
90
90
)
87 ------ 90 Jan 'If
Registered__________ *1948 Q - J
Cons 0s reduced to 3H*--1930
98 Sale 98
98%
82*2 97*4
3 102*2 102* 102*2
SO-yr conv 4H »_________ 1933 . . —
102% 16 99*2 103
Debenture 5s___________ 1930
’ 12
115 110%
J 117*4____ 116 Dec ’ 16
Pitts Juno 1st gold 8s____ 1922 J * J ............. .. 112 Jan9134
Ch St P A Minn 1st g 6s .. 1918
907
8
913 Sale 9134
4
84%
P Juno A M Div 1st g3 H s 1925 M-N
J 117*4------ 129% May’Ol ___
North Wisconsin 1st 6s__ 1930
90
77% 89*,
3 105% 105* 105*4 Deo '16
104% 105*4
P L E A W Va Sys ref 4S..1941 M- N 89*2 Sale 89*2
9t P A 8 City 1st g 0s___ 1919
02*4
88
92
92% 92
92*4
a ------------SOUthw Div 1st gold 3HB-1925 3 * 3
Superior Short L 1st 5s g.()1930
80
85 Jan '14
Cent Ohio R 1st o g 4HS..1930 M- 5 94 ____ 100 Apr ’ 13
J -D
103*2 104*2 Chlo T H A Ho-east 1st 5s . . . 1960 q - M 106*4 107*2 107*8
105 106*4
107*8
Cl Lor A W eon 1st g 5s . . 1933 A - O 102*2____ 104*2 Apr ’ 15
Chlo A West Ind gen g 6 s ..*1932
10 1 10 1
81
81
81*2
747* 83*4
Monon River let gu g 5 s.. 1919 F - A 101*8____ 101 D e c ’ 15
Consol 60-year 4s________1962 j - J 79
102*2 102*2
Ohio River RR 1st g 5S---1936 J - D 104%____ 102*! Oct 15
j - J 85 ____ 86*2 Jan ’ 16
98% 98*4 Cin H A D 2d gold 4 X s ........ 1937
General gold 5s________ 1937 A - O 100*4____ 98*4 N ov’ 15
1st A refunding 4s_______1959 j - J ____ 85
86*4 June’ 12
Pitts Clev A Tol 1st g 0s .. 1922 A
1st guaranteed 4s_______ 106° j - J ____ 87. .
99
99
Deo '15
98 ____
27% .
25 July'16
Pitts A West 1st g 4s____ 1917 J - J
Cln D A I 1st gu g 5s____ 1941 M -N
June’ 12
91% ____
88 M ar’ l l
-D
Stat Is) Ry 1st gu g 4XS--1943
C Find A Ft W 1st gu 4s g. 1923 M -N
65 J’ly ’ 14
Bolivia Ry 1st 5s...................1927
Cln I A W 1st, gu g 4s___ 1953 J - J
102% 106%
108’
94*8 Deo ’ 14
- s 108*4 109
- J
Buffalo R A P gen g 6s_____1937
Day AMIch 1st cons4H s.l931
99*2 103
N ov’ 15
101*2 10 2 % ]
05 J’ly ’ 14
-N
J
Consol 4 X s _____________ 1957
Ind Dec A W 1st g 5s........1935
90
94%
N ov’ 15
92% ____
-O
107*2 Dec ’02
Ail A West 1st g 4s gu___ 1998
J - J
1st guar gold 5s............ 1935
Apr '14
80
81
68
83
80%
80*2
D
Clear A Mab 1st gu g 5s..1943 - J 10 0 % ____1
Cleve Cln C A St L gen 4s__ 1993
106% 107%
85*2 87
Jan '10
•A 1U7%____1
70% 87%
Eoch A Pitts 1st gold 6a..1921
20-yr deb 4 X « __________1931 J - J 80 ___ 87 Jan ’ 16
107 10078
10978
80
807g
87
Consol 1st g 6s________ 1922 - D 109%____ 1 09*8
Cairo Div 1st gold 4s____ 1939 J 100 105*4
104
O 104 104*2 04
75% 81
78 N ov’ 15
70
78
Canada Sou cons gu A 6s_ 1962
_
Cln W A M Div 1st g 4 s.. 1991
06*8 Apr ’ 14
79*2 Sale 79%
751, 85
79*2
Registered ...........
1062
St L Div 1st coll tr g 4s__ 1990 M - N ____ 80
94
97*4
94
95
97*2 Dec ’ 15
-D
82% M ar’ 14
Car Clinch A Ohio 1st 30-yr 5s ‘38
Registered____________ 1990 M- N 83*2 85
103% 107*2
107%____ 07*2 Jan T 6
77
85
85 Dec '15
Central of Ga 1st gold 5s__ p l945 F A
Spr A Col Div 1st g 4s___ 1940 M- S ____ 84*4
98 102*2
101
Consol gold 5s__________ 1045 M- ft 100% Sale 00%
W W Val DlV 1st g 48___ 1940 J - J 1047g____ 91 Apr ’ 12
83
8«
83
83% 83 N o v '15
105 106*4
105 N ov’ 15
Cbatt Div pur money g 4s 1951 -D
C I St L A C consol 6s ___ 1920 M -N
101 104*4
92% ____ 91 N ov’ 16
90
91
Mao A Nor Div 1st g 5s .. 1946 - J 1 0 1 % ____
1st gold 4 s __________ 11936 Q F
100*1 10(1*4
- J 100% ____
87
88%
90*4____ 88*« May'16
Mid Oa A Atl Div 5S.........1947
Registered_________*1936 Q - F
103*4 103*4
- J 101*2 105
101 101
Mobile Div 1st g 5s______1946
Cln S A Cl con 1st g 5s__ 1923 J - J 106 ____ 101 June'15
95 Sale 95
86% 97*4
95
Can R R & B of Ga col g 5S..1937 -N
105*4 July’ 14
J - J
C C C A I gen con g 6s . . . 1934
111*1 US
116’ 4
- J 116% Sale 16*4
Gent of N J gen'I gold 5s___ 1987
Registered____________1934 J - J
110% 115
9 4 " J u iy ’ 08
Registered__________ *1987 - J 115% 115% 15*4 Jan T 6
Ind H A W 1st pref. 4s__ 1940 A - O
102*4 104
- J 103*8 104 103*4 Jah ’ 16
Am Deck A Imp gu 6s__ 1921
O Ind A W 1st pref 5 s.. .<71938 Q-J
June’ IS
69
72*2
- J 102 ____
Leh A Hud Riv gen gu g 6sl920
Peo A East 1st con 4s___ 1940 A - O 68 Sale 07*2 Jan68
100% Jan T3
20
38
36
'16
N Y A Long Br gen g 4s. .1941 I- 5 98% 100
35*8 38
Income 4s_____________1990 Apr
83
83
83
83
68
91 101%
- F 80
Cant Vermont 1st gu g 4s..«1920
100*4 Sale 100*4
100%
997 Cleve Short L 1st gu 4H 8...1961 X -O
8
98
83
98 Jan '16
slO
17
- J 96
Cbesa A O fund A impt 5S..1929
8
8
9
10
Col Midland 1st g 4s____ _ .1947 J -J
101*8 100%
1057g
14% 15
7
8
8
10
1st conso! gold 5s________ 1939 -N 1057g Sale 105*2
Trust Co certfs of deposit.
101 105
85
93%
-N 103 ____ 105 Dec ’ 15
Registered___________ 1939
91*4 Sale 91*4
91%
Colorado A Sou 1st g 4s___ 1929 F - A
95*8
917g
787g 90
- S 91*4 Sale 91%
Genera] gold 4H s________1992
85*2
87*s
Refund A Ext 4% s........... 1935 M N 86*4 87 105*4
90%
- 8 ____ 90% 90*4 N ov’ 15
100 106%
Registered____________ 1992
105*4
105 ____
Ft W A Den C 1st g 6S-..1921
90
88*4
- A 88*2 Sale 87
Convertible 4 He___ ....1 9 3 0
837g Conn A Pas Rlvs 1st g 4s__ 1943
83% Dec '15
-D ____ 85
T O May’ 10
O
Big Sandy 1st 4s________1944
Cuba RR 1st 50 yr 5s g ___ 1952
S83
83
86*2 83 Dec T5
Coal River Ry 1st gu i s . .1945 -D
08*2 Del Lack A Western—
- J 96% 98 598*2 Dec '15
84
86*2
86%
Craig Valley 1st g 5s____ 1940
86*4 Sale 86*4
Morris A Es 1st gu 3HS--2000 J
8434 Jan '13
- J
107 109
Potts Creek Br 1st 4s___ 1946
1077 110 108 N o / 15
8
N Y Lack A W 1st 6s----- 1921 J
84%
84%
80*4 ‘ .84*4
- J
85*2 86
101% 101*4
R A A Div 1st eon g 4a__ 1989
103 ------ 101% May’ 15
Construction 5s_______ 1923 F - A
80
77
- J 82 ____ 82 Jan '16
95% 96
2d consol gold 4s_____ 1989
96*2------ 95% Sep '15
Term A Improve 4s------1923 M -N
Feb
Greenbrier Ry 1st gu g 48.1940 [- N 80 ____ 90 Apr ’ 14
Warren 1st ref gu g 3 HS..20 0 0 F - A 84 ------ 102*8 Deo ’03
113*4 Feb '15
104% 105*8
’ 15
Warm Springs V 1st g 5s. . 1911 I- £
104%----- 104*8
60% Del A Hud 1st Pa DlV 7s . . .1917 M- S
52
58*g
58*2
58
58*2
-0
149 Aug ’01
Chic A Alton RR rei g 3a__ 1949
R egistered___________ 1917 M- S
47*2
38
45%
- J 45 Sale 45
100*2
' 09” 100*4
Hallway 1st lien 3H s____ 1950
10-yr conv deb 4s________ 1916 J -D 100*2 Sale 100%
Pf'Sg 100
99 1007g
101%
Ohio B A G Denver Div 4 s.. 1922 - A 99*2------ 99*2 Dec '15
1st lien equip g 4 H s ..-----1922 J - J 1007g Sale 100*4 10034
8114 87*4
86
89% 97*2
Illinois Div 3 Hs................1949 J - J 86 Sale 86
97*4
96%
97*4
M -N
1st A ref 4s______________1943
017g 9O
I4
96
95*2 Dec '15
101*4 108%
Illinois Div 4s__________ 1940 J
108 Sale 100*2
108
Conv 5s sub recta
94
97*2
80*| 87*g
853 86*4 85*4
4
Registered____________1949 J - J ______ ___ 97% Dec ’ 15
Alb A Sus conv 3H s------- 1946 A - O 111%------ 118 Jan86*s
101% 102*4
11:*»« 113%
- 0 102*4____ 102% Jan ’ 16
’ 16
Iowa Div sink fund 6s___ 1919
« A Snratoea 1st 7s— 1921
Q«*< 091
99%
90% 99*4 99%
0
winking fund 4s
101 a
, Duo M ay. 9 Due June. > Due July. I Due Aug. a Dus Oot. p Dus N ot « Due Deo. » Option sale.
a Due April.
A s k Lore
• N o p r i c e r r l d a y ; l a t e s t t u la w u e u .
B lo b
L ow
H ig h
Jan. 15 1916.
■5s
00
Range
Y ea r
1915
3ANGE
. 14.
P ric e
F r id a y
J a n . 14.
241
W ee k ’s
R ange or
C a st S a le
B on d s
W e e k 's
R ange or
C ast S a le
In te r e m
P e r io d
P r ic e
F r id a y
J a n . 14.
1
Week Ending Jan. 14.
in t e r e s t
P e r io d
BONDS
If. T . STOCK EXCHANGE
New York Bond Record—Continued—Page 2
2
%
Range
Y ea r
1915
B id
A ik L o o
H ip * N o . C ow H ig h
B id
A t k C ow
H i g ft N c . L o w
H ig h
Denv < R Gr 1st con g 4 s ... 1930 J - J s78% Sale 78
&
823
4
79% 45 68
------194 5 M- S 89% . . . . 89 Dec ’ 15 . . . - 84
89
Consol gold 4 Ha............... 1936 J - J 84
87
85 Jau ’ 16 ___
73% 85%
5 M- S . . .
Improvement gold 5s____1928 J -D
81
82% 8234 Jan G6
66
85%
8—ftl93 1 Q - J 104% 105 % 103% N o v ’l 5 . . . IOIS4 104%
let & refunding 5s_______ 1955 F - A 57 Sale 55%
57% 69 38
63
...ft 193 1 Q - J 94 . . . . s94 Oct ’ 15 —- s94 * 94
Rio Gr June 1st gu g 5s. ,1939 J - O 85
90 109 Dec 12
___ 193 8 J - I 5 87 .
_ 88
88
l 85
87%
Rio Gr So 1st gold 4s_____ 1940 J - J 35
45
61% Apr 'l l ___
J M- 3 95%
Guaranteed........ .......... 1940 J - 1
35
35 Nov'15
35
------193 2 J - I 5 ............. - 99U Oet ' a * _
_
8 69
Rio Gr West 1st g 4s_____ 1939 J - J 77% Sale 77%
80
77%
___ 194 1 K - 3 8512 86" 2 86 Jan ’ 1e —
82% 89*4
65
Mtge A col trust 4s A .. 1949 A - O 62
65%
64 Dec '15 ___ 58
------193 1 J -1 1
97
99
98% Dec ’ 15 . . .
Utah Cent 1st gn g 4s.al9l7 A - O
- .90 Apr '14 ___
S----194 j rW- 3 87% Sale 8712
8734 3
82*4 88%
Des Mol Un Ry 1st g 5a___ 1917 M- N 9 9% ____ 100 M a r'15 __ _ 100 100
----------- - 95 Jan ’ 1 L .
------194 ) MDet & M ac. 1st lien g 43__ 1995 J -1)
87
85
95
85 Dec ’ 15 ___ 80
5 s .193 A - C 101% Sale 1 0 1 %
10 U2
100 100%
80U
85
Gold 4 s .............. ............... 1995 j - n
s__ 192 M------ 102
100 N o v ’ l 5 . . . 100 100
1 89% 95
D a t ttlv Tun-Ter Tun 4Hs.l961 M -N
93% 94
93%
93%
5s.*193 Q - 1 100% 102 101 Aug ’ 1 . . . 1007g 101
Dal Missabe & Nor gsn 5s. .1941 J - J 104% 10534 10434 Dec T5 ___ 101% 105%
___ 192 M97% Sale 97%
9712
94*4 95%
5 98% 103%
Oul & Iron Range 1st 5s___ 1937 A - O 103% Sale 103%
103%
___ 193 J -L 1 1 2 1 1 2 '
Registered______________1937
M-ft 108^8 Sale 108%
1033
il05% 108
1916
2d 6s .......................
94% 947 9434
------194 1 J - j
947
89% 95
r 90 100
95
95
Du 80 Shore A At g 5s......... 1937 J - J 92% 95
___ 1941 1 J - . ________
94 June’ l i . . .
103 105
Elgin Jol 4 East 1st g 53____ 1941 M-N 102% 104 104 N ov’ 15
_
s_ 193 M- ft 1(14% 1071 105
105
997g 105%
106% 111
Erie 1st consol gold 7s______ 1920 M- S 110% 111% 111% Jan ;16 —
___ 191- ‘ |J - l 107% . . .
107% Dec ’ 1. —
107% 107%
97% ju n e 'll
N V 4 Erie 1st ext g 43__ 1947 iyj-N
94% . . .
___ 193 M- ft 1 0 1 % . . . IOO34 Jan ’ 1
98% 101
100 101%
2d ext gold 5a________ 1919 M S 101%____ 101% M ay'15
1147s __
----- 193- J 115% N o v ’ K
113% 115%
98% 99%
98% ____ 9S% June'15
3d ext gold 4 If 3_____ 1*1923 sn s
107% 110 109's May’ ll
J
10S 10978
K ) 102%
M
102 Dec '15
4th ext gold 5a........ .. 1920 A O 102%
4 s..l94 ( F - A 8 7% ____ 86% Oct ’ 1.
86
86%
93
94
5th ext gold 4s.............. 1928 J D 94 ____ 91 Nov'15
6S..192 M- F 107%
107% Dec ’ ll
10578 107%
103% 109
N Y L E & tV 1st g fd 7a.. 1920 M S 110 111% 109 Oct '15
60% 62
----- IPS' M- 6
61%
61%
58% 65
85%
85%
77
87%
Erie 1st con g 4s prior____ 1996 J - J 8512 86
87% 88
_ 1951 M-N
_
8734
87%
22 83
90
80 Oct ’ 15
79%
Registered___________ 1996 J - J
5S..19K J - l 103% . .
111 Jan ’ i; ___
77
65
1st consol gen lien g 4s__ 1998 J - J 76% Sale 76%
Hender Bdge 1st s f g 1
5S..1931 M- S 105% _
105 June’ l.'
105 105
77 Apr ’ 12
Registered___________ 1996 J - J
89
4S.19S" J - J 88
88 D e c ’ ll
86
88*4
89
89
86
88%
Penn coll tr g 4 s .............. .1951 F - A 88% 90
Hs 1945 M- S 99% ._
9834 Dec ’ ll
98 101
72 Sale 72
72%
59
73%
50-yr conv 4s A_________1953 A -O
4 s ..1951 J - .
82 Sale 80
r 75% 81
82
82% Sale 82%
83%
63% 86%
do
Series B______1953 A -O
Registered__________ 1955 Q - . ____ _ _
...ft
95 Feb ’Of
102% 103
Bull N Y & Erie 1st 7s__ 1916 J -D 10 1 103 102% Juoe'l.
N Fla & S 1st gu g 5s ..
...1937 F - A 10512 _ _
104% Dee ’ l l
10418 104%
101% 105%
Chic A Erie 1st gold 5s__ 1982 M -N 108 107% 105% Jan ’18
Hs-19-tf J - - ____
97 Dec ’ 1101 101
Clev 4 Mahon Val g os_ 1938 J - J 103%____ 101 Feb
_
...1921 F - A 108% 1091 108% Deo ’ 15
107% 109%
A - O 121 ____ 122% N ov’ 15
119% 122%
Long Dock consol g 6s___ 1935
3—-193t F - A su)5% sale 105%
< 105 105%
106
99% 103 100% Oct '15
100% 100
Coal 4 RR 1st cur gu Gs.. 1922 M-N
5 s .196? A -O 102% 103 103
2 09% 104%
103
102%
102% 103%
Dock 4 Imp 1st ext 53__ 1943 J - J 102%____ 102%
3 ... 194.5 M- S 82 ____ 82% N ov’ 15
74
82%
103% Aug 12
_
N Y 4 Green L gu g 5a_ 1946 M -N
____
___
----1936 M -N
90 * *99
N Y Su8 4 W 1st ref 5a_ 1937 J - J 99 ____ 98 Dec ’ 15
_
Is ..1977 M- S ------ _ _
77 Mar’ 10
100% Dec ’0t
F-A
2d gold 4H s................... 1937
__ 1977 M S
67% *88
General gold 5a__________1940 F - A ’ 78” 87 " 88 Dec ’ 15
s g . 1925 j - 0 ____ _ _
101 Oct ’00
Terminal 1st gold 5s_____ 1943 M-N 100 ____ 102 Jan ’ l l
...1 9 2 7 J -D 108% 114 105 Sep ’ 15 ___ (105 111%
104 ____ 111% May’ 12
Mid of N J 1st ext 5a_____ 1940 A - O
...1921 A - O ___- _ _
102% N o v ’ 15 ___ 102 1027g
85 ____ 89
89
79
86
Will: 4 Ea 1st gu g 5s___ 1942 J - I )
...1 93 4 M- N 88% 90
8 81
89%
90
92%
108 M ay'12
Ev 4 Ind 1st con gu g 6a ___ 1926 J - J
— .1949 M- S 57
57% 57
57% 46 40
60
90
Evana 4 T H 1st cons 6s ____1921 J - J 90 " Sale 90
Is.. 1935 J - J
60 Feb ’ is
60
60
S97 ____ 99% D ec' 13
8
1st genera1 gold 5s______ 1942 A -O
>8—1938 J -D
89% Sale 8934
8934
3 80
90
108 N ov’ 11
O
Mt Vernon 1st gold 6s____1923
...1951 M- 8 547s s aie 54%
55% 132 35
60
95 June’ 12
Sul! Co Branch 1st g Sa__ 1930 A - O I ' l l 92
gu 1938 J • J
93% Sale 93%
93% 58 83% 933*
92
93
93% Jan ’ 16
Florida E Coast lat 4H s___1959 J -D
86% 95
1st Ohio Term s f 4 s.. . -.194! M- N ____ ___
97% June’ 12 ___
J
92 Aug '10
Fort 3t V D Co 1st g 414a.. 1941
M S S & A lst g 4s lnt g u .1926 J - J
97% 98
99 Jan ’ 16 __
93% 98%
66%
Ft W 4 Rio Gr lat g 4s_____1928 J - J 66% Sale 66%
50
70
Mississippi Central 1st 5c — 1946 J - J *91
92
5
91
91
Great Northern—
78% Sale 76%
78% 32 72% 83
S..1990 J -D
98*2 Sale 98
O B 4 Q coll trU3t 4s____ 1921 J
98%
94% 98%
18 49% 63
F - A 49% 50
49 %
50
1921 Q - J 98% Sale 97%
Registered A__.........
98%
94% 98%
...1944 M- N ------ 60
65
89
66 Dec ’ 15 ___
1st 4 refunding 4 %a ser A 1961 J - J 99% 100i8 99%
100%
94 101
...2004 M- S 53% Sale 52
53% 3S 40
56%
Registered___
1961 J - J
98 Juue’ 13
19 42
...1 9 3 6 J .1 42 Sale 42
42%
74
8 t Paul M 4 Man 4 s.. *" 19.33 J - l
96*2____ 95% Dec '15
93% 95:
—2001 AAO ------ 51
51 Dec ’ 15 ___
51
60%
1st consol gold 6s . . .
1933 J - J 120% ____ 119 D e c ’ 15
116% 120 %
____
9934 Dec ’ 13 ____
...1 9 4 0 M- N ____ ___
1933 J - J
Registered............
118% Apr ’ 15
118 118%
Kan C A Pac 1st g 4s. ...1 9 9 0 F A ------ 70
78 J’ly' 14 ___
Reduced to gold 4H8.1933 J - J 103 Sale 102%
103%
99% 103
3 82
87%
87%
...1 9 4 2 A - O 87%
96%
Registered......... 1933 J - J
109% Apr ’ 15
67
35% M ar’ 15 ___
...1 9 4 2 M N 65
85% 88
95
96
Mont ext 1st gold 4s. 1937 J -D
95%
95%
91% 96%
14 657g 89
66
S..1942 M- S 66 Sale 65%
Registered . . . .
1937 J -D
92% N ov 15
92% 92%
S— 1942 J - D ------ -------- 96 May’ 13 ___
Pacific ext guar 4a £ . . . 11940 J - J *86** *92
85% N o v '15
85% 85%
69 N o v ’ 15 ___
a . . 1943 M- S ------ 69
68
69%
89%
. 89% Juoe’ 15
E Minn Nor D1v lat g 4a.. 1948 A -O
I
hh% 89%
100% 59 92% 101%
...1 92 0 M- N 100% Sale 100%
Minn Union 1st g O s... 1922 J - J 109% 110 109 N ov’ 15
109 109
5 78% 96%
90
Trust gold 5s stamped.. . al917 M- S 89% 91% 90
.
M ontC lstgu g 6s . . .
1937 J - J 122%____ 120% Dec ’15
118% 12 1
82 Oct *15
M- P
136% May'06
Registered.................. 1937 J - J
5 72
3334
8334
92%
...1 9 2 0 F - A 83*%
1st guar gold 5a........ 1937 J - J 109%____ 108% Dec '15
105% 108%
.1920 F - A
Registered___
1937 J - J
4534 88 29
53*4
. . . 1945 M- 8 45% Sale 43
Will 4 9 Flat gold 5a ..1938 J -D 110% I I I I 10934 Dec '15
167'% 10934
497*
4GH IS 29
—.1959 M- S 46% Sale 44
73
80
74
74
Or B 4 W deb ctfs •
‘A’’ ($100 par) Feb
70
77
2 78
81% . .
82
82
..1938 M N
80
13% 14
14 Jan ’ 16
OebeD ctfs "B ” ($100 par)- — Feb
10% 14%
JU.1951 F - A 36 .
100 Feb ’ 13
88% 85 Jan ’16
Qulf 4 S I lat ref 4 t g 5a ..*1952 J - J 81
82
88
...1 91 9 F - A
61% Dec '15
60
85
Registered..............
*1952 J - J
48
60
-.1 9 4 8 J -D
77% Dec '13
92% 93% 93%
93%
Hocking Val lat cons g 4Hs 1999 J - J
87% 96%
36 .
S— 1926 J - J
110 Mar’05
Registered......................... 1999 J - J
97% Jan ’ 14
10 84
S..1938 F - A 8912 90
89
90
90
Col 4 II V lat ext g 4s. 1948 A - O 81% I I ”
84 N ov ’ 15
83% 85%
-1 93 S J - J 100%
100 Jan ’ 16
93
99%
Col 4 To! lat ext 4a..
1955 F - A
86 N ov’ 15
86
86
5s 1931 A - O 102 Sale 102
10 2% 21 93 102
93% Pet, >i5
Houston Belt 4 Term 1st 5s 1937 J - J
93
93%
3-1931 A - O
102 J’ iy ’ 14
97% 97% Jan ’ 16
Illinois Central 1st gold 4a 1951 J - J
94% 97%
..1929 J - J 77% Sale 76
77% 21 01
78
Registered................
1951 J - J
92 Aug 15
92
92
Registered ........ — 1929 J - i
807* Oct '12
lat gold 3 Ha.......................1951 J - J 83 " I I I I 82 N ov’ 15 —
78% 84
..1933 M -N
72 Sale 71
27 51
72
73
1951 J - J
Registered____
83 N o v '15
82
83
— 1926 M- S 77% . .
87 Sep '15 ___ 87
87
8 0% ____ 83 Oct ’ 15
Extended lst gold 3H8—-1951 A -O
83
83
-1 92 7 J - D 1 1 2 % ____ 112 Jan ’ 16 ___ 105 111*4
Registered____________ 1951 A - O
.51927 Q - J 107 108 107 D e o ’ 15 ___ 106 114
1st gold 3s sterling_______1951 M- 8
80 J’ ly ’09
-.1938 M- S 72
75 Dec ’ 15
72
75
Registered....................... 1951 M- 8
— 1947 F - A 100 .
100 June’ 15 ___ 100 1 0 1 %
88% Sale 88*%
Coll trust gold 4s............... 1952 A -O
*88%
81
90%
90
— 1927 J - D 89
89 Dee ’ 15 ___ 86
89
Registered____________ 1952 A - O
95% Sep '12
_ 88% 88%
— 1931 J - J 88% ____ 88% Dec ’ 15 _
89% 8934 89%
1st refunding 4s_________1955 M
90
83
92
_ 102*4 106%
3.. 1928 A - O 106% . .
106*8 Jan ’ 16 _
------ 84
Purchased lines 3H s___ 1952 J
84 Dec ’ 15
79
84
— 1923 J - J 108 113 111 Jan '13
L N O 4 Tex gold 4s........ 1953 M- N 85% 86
85%
85%
79% 87%
103*4 Jan ’ 14
..1917 J - J
Registered____________ 1953 M- N
84 May’ H
.1917 r - j ____ _ .
113 J’l y ’ 0 4 .
88% ____ 89% Dec '15
Cairo Brldgo gold 4s_
195(1 J
86
89%
_ 52*4 57*4
8.1957 1 - j ____ 52% 5234 Dec ’ 15 _
Litchfield Dlv 1st g 3s___ 1951 J - J
74 Eeb 14
_ 68
— 1977 \ - 0 - - - _
68 Oct ’ 15 _
6S
Loutsv Dlv 4 Term g 3 H 8 1953 J - J
78% June'15
7*6% *7*7%
50% _ .
_
— 1926 1 - j
967 Feb ’ 13 _
g
....
Registered......................1953 J - J
83 A u g’ 12
1951 ^ - O
Mlddlo Dlv reg 5s
1921 F - A 100
123 May'99
_ 31% 41
— I960 - j ------ 60
40 M ay'15 _
Omaha Dlv 1st gold 3s . . . 1951 F - A 69*t 71
73 Mar’ 15
68
73
-P1915 i - 0
69 . . .
8t Louis Dlv 4 Term g 3s 1951 J
68% Sep '15
68% 68%
- j
..1953
71
75
72 Dec ’ 15
72
72
Gold 3 H s......................1951 J - J 81 . . .
81% Jan '16
78
80
— 1935 Yl-N 117 Sale 15%
117% 197 99% 114
Registered............
1951 J - J
81 Nov'15
81
81
..2013 K - O 94% Sale 94 7
s
95 ig 243 86
94%
Spring! Dlv 1st g 3 Hs—- 1951 J - J
7834 Jan ’ 16
83% Sale 83%
— 1997 - J
83% 79 76
84
Western lines 1st g 4s . 1951 F - A 88 ____ 88 Deo ’ 15
84% 88%
_ 75% 82%
- J *82% 83% 81% Dec ’ 15 - _
Registered................
1951 F - A
— 1934 1- N 93 Sale 92%
93
71 84
93%
Bellev 4 Car 1st 6s .......... 1923 J - D
117% May' 10
Q
1
917*
1934 l 1 N
917* Dec ’ 15 Carb 4. Shaw 1st gold 4s 1932 M - S
94% J’ly ’ 12
79
— 1998 F - A $78% Sale 78%
80%
Chic St L 4 N O gold 5 s.. 1951 I - D 109% 109% 107 Oct ’ 15
51 71
104% 109%
77
78
7812 Dec ' 15 — 1998 ' - A
71
78%
Registered___________ 1951 J -D
114 Feb ’ ll
84% 86
J P M & Co ctfs of dep.
85
85% 12 77
87
Gold 3H s...................... 1951 J - D
90 Oct '09
— 1998 - A 77% Sale 77%
78% 15 6S% 79%
Registered............ ..... 1951 J - D
76
— 1998 1 - A 75
76% Dec ’ 15 67
76%
Joint 1st ref 5s series A . 1963 J - D 102% Sale 102
102%
98% 103%
s . 1989 , - D
Merapb Dlv 1st g 4 s ... 1951 J - D 8 7% ____ 86% Dec '16
86
873s
_ 92% 96%
..1936 J - J 96% 96% 96j4 Dec *15 - _
J -D
Registered__________ 1951
..1936 . - J
99 May’ l l St Louis Sou 1st gu g 4s .. 1931 M- S
” *98% 98 J’ ly ’08
— 1936 J - J
Ind III 4 Iowa 1st g 4s_____ 1950 J - J 89% ___
88% Dec ’ 15
82
90
— 1936 J - J
Int 4 Great Nor 1st g 6s___ 1919 M- N 98 Sale 98
24 96 100
98
9 8 % ...........
.*1951 4 -O
91
92% 90% Dec '15
James Fran 4 Clear 1st 4 s .. 1959 J -D
84% 92
— 1981 J - D 87 ____ 88% N ov’ 15 88% 88%
70% Sale 70%
Kansas City Sou 1st gold 3s. 1950 A -O
70%
66% 72
. . __
-1 9 4 2 J -D 1 0 1 % ...........
Registered_______________1950 A -O
63 Oct ’00
..1991 ft1- S 92% ____ 32% Dec ’15 87
92%
Ref 4 lmpt 5s__
.Apr 1950 J - J 9*3 Sale 93%
*%
91
S87
96 *
-1 98 6 F - A
86 Jan ’ 15 .
88
86
Kansas City Term 1st 4s . . . I960 J - J 88% Sale 88%
88%
83% 93
.2000 f l-N
81 ____ 85 June'15 .
85
85
Lane Erie 4 West 1st g 5 s.. 1937 J - J 96% 98% 98%
8934 98%
98%
- O 104 ____ 1 11% Mar’ 15 - . . . 1 01% 1017g
.1927 l
2d gold 5s....................... 1941 J - J 83% ____ 83% Jan ’ 16
74
88
3.1993 l - O 90% 91
90%
90%
5 s 53
92
North Ohio 1st guar g 5 s.. 1945 A - O
98 Mar'14
.1916 / - O 99 ...........
Leh Vail N Y 1st gu g 4 U s .. 1940 J - J 10 1 ____ 101%
101%
98 101%
.1932 J - D 114 ____ 1 13 May’ 15 - . . . 1 13 113
Registered_______________1940 J - J 100 105 10) Dec ’ 15
99 100%
ft 1922 A -O 103%____ 1 )338 Dec ’ 15 - . . . 1 01*4 1037*
Lehigh Vail (Pa) cons g 4s. .2003 M -N
91% 92% 92%
86% 91%
92%
.1918 ft l-N 101 ____ l
General cons 4 Ha
2003 M-N 101 102% 101% Dec '15
97% 101%
.1941 J - J 81% ____ 81*4 Dec '15 - . . . 80
85
110
105% 109%
„ V
\Term Ry lst « u 8 5 s.. 1941 A - O 110 112% 110
gl948 J - J ____ 79
75 Deo ’ 15 .
57
75
Registered................ . .
1941 A - O 1 10 ____ 111% Dec 11
.1949 J - J
92 June’09 .
Leh Val Coal Co 1st guVffs 1933 J - J 103% 105% 105 Dec ’ 15
101% 105%
St Lawr A Adlr lst g 5 s ...
.1996 J - J 97 100 1 )0 Oct ’ 15 . . . i 30 10 1
Registered................ . .
1933 J - J
105 Oct ’ 13
.1996 A - O _________ 1 19*2 Mar* 12 ..
__lst lnt reduced to 4 a IIIII1933 J - J
• No price Friday; latest bid and asked this week a Dus Jan. 6 Due Feb. d Due April, e Due May. g Du eJune
ft Due July,
t Due Aug.
0 Due Oot.
V Due Nov.
s Option sale
1 =
BONDS
N . Y. STOCK EXCHANGE
Week Ending Jan. 15
5s
W eek' 9
K a n g e or
L a st S a lt
P r ic e
F r id a y
J a n . 15
3h
ssi
—
A tk
B id
N T C e n A H R R (Con.)
OticaA Blk Riv gu g 4a— 1922 i - J 93*4
85 Sale
Lake Shore gold 3j^a------- 1997 J -D
84
i -D
Registered--------------M- 5 95 Sale
25-year gold 4s------------ 1931 71 N 94*2 Sale
M-N
94*2
Ka A A G R 1st g u c 5 s ...l9 3 8 J - J
J - J 104l2
A -0
Pitta McK & Y 1st gu 0a.
11234
J - J 10 1
Mlcblgan Central 5a------- 1931 M- S 104*2
Q-M 104|4 —
oO ,s —
J L & S 1st gold 3H8---1951
M -N
1st gold 3]^a.......... .. .
A-O
N Y Chic A St L let g 48.-193; A - O
Equip trust 4 H s .-1916-192.'
N Y Connect 1st gu 4H8 A--195.'
N Y N H A Hartford—
Non conv deben 4a---------194'
Non-conv d; ben 3 K g----- 194!
Non-conv deben 3Hs____195'
Non-conv deben 4a______1955
F-A
Lout
98
H io h
961 N ov’ 15
4
8 US
85
8 L Oct '15
3*
94*2
95*4
94*4
945„
94 Jan ’ 16
No
___ |
31
____
70
120
___ I
Range
Y ear
1915
L on
H ig h
96
81
81
90
883*
91
97
86*8
82
9512
94->s
91
104*2 104i2
103 103
10412 Dec ’ 15
103 Jan '15
123*4 Mar’ 12
!04ii Dec ’ 15 ___ 1 1023* 104i2
104 Dec ’ 15
104 104
833g N ov’ 15
88i2
88l2
93*2
93*2
81
88i2 89
9334 94
M-N
83*4 83*2
J - J 9234 Sale
893*
J - J 89
M N 10034
5
2
2]
83*2
83i2
4
92*2
92»4
8
89
90
100 M a r'15 ___
98*2 9734 Jan *16 . . . .
793, 833s
8S*s
73
33
94*2
75
86
85'8
100
83i2
93
90
100
on* 98
78
78 Oct *15
78
M- S S15g
63
63 F eb '15 ____ 63
M- S 72*2
72
72 Jan ’ 16 ___ (3
A - O 72i2
7 71
80
8 U2
811* 8 H*
J - J 81
16 70
821*
82*4 81*4
81
82
M-N
4 61*2 73
7234
‘
73
J - J 7212 73
12 .101 117*4
116
j - j 116 Sale 115
76
Cods Ity non-conv 4a___ 1930 F - A
91«2 Jan *12
Non-conv deben 4s___ 1954 J - J
Non- onv deben 4a___ 1955 J - J
—
—
Non-conv deben 4a___ 1955 A - O
---Non-conv deben 4a___ 1956 J - J ------ -------99*4 N ov’ 12
Harlem R-Pt Ches 1st 4a. 1954 M -N
99i2 June’ 12
B A N Y Air Line 1st 4a.. 1955 F - A
81 '
81 N o v ’ 15 . . . . 71
Cent New Eng 18t gu 4s. _ 1961 J - J ____ 81*2
Hartford St Ity 1st 4a___ 1930 M- S
105 105*2
Housatonlc R cons g 5s_ 193/ M- N 106 ____ 105*2 May’ 15
_
87 J’iy ’ 14
Naugatuck i'.R 1st 4a___ 1954 M-N
88 A ug'13
N Y Prov A Boston 4a_ 1942 A - O
_
81*2 23 6G*2 84
NYW ’diesAB 1st ser I 4V*9 ’40 J - J 8H* sale 81*2
N H A Derby cons cy 5a. _ 1918 M- N 100*4____ L07 Aug ’00 . . . .
Boston Terminal 1st 4a_ 1939 A - O
_
New England cona 5a___ 1945 J - J
99*j M ar’ 12
Consol 4s_____________ 1945 J - J
55
Providence Secur deb 4s_. 1957 M- N 62*2____ 56 Apr ’ 15
58*2
9 9 h Dec ’ l l
Prov A Springfield 1st 5a. 1922 J - J
833, Feo ’ l l —
—
—
Providence Term 1st 4s. .1956 M- 6
W A Con East 1st 4><je— 1943 J - J
81*4 82
80*8
8138 18 74i2 *82Sg
N Y O A W ref 1st g Is___ 01992 M- 8
92i2 June’ 12
Registered $5,000 on ly ..01992 M- S
78“
79*4 80 N ov’ 15
73
80
General 4s_______
-.1955 4 - D
84
83 Dec ’ 15
83
79
Norfolk Sou lat A ref A 5s.. 1961 f - A 80
95 102
96*2____ 97 Jan ’ 16
Norf A Sou 1st gold 5a____ 1941 M- N
11934
G
1115 120
Norf A West gen gold 6s— 1931 M - A 11934 Sale II934
116*4 119
Improvement A ext g 6a... 1934 F - A 120*2____ 120*2 Jan ’ 16
New River 1st gold 6a___ 1932 A - O 119*8 120 1195s Dec ’ 15 42 119 119*s
86*4 91*2
94
N A W Ry 1st cons g 43.. 1996 A - O s93*s Sale 93*2
93*4 Dec ’ 15
93*4 93*4
Registered____________ 1996 A - O 93*4 94
8 85*2 92
90 -s Sale 90s
9!)5s
Div'l 1st lien A gen g 4s. 1941 J - J
4 O , 1217a
1195a
S7
119*2 121 113*2
10-25-year conv 4a------- 1932 J -L>
1207
10-20-year conv 4s........ 1932 M- S 119*2 121 120 a Dec ’ 15 ___1 99*4 122
12138 1 101 122*2
10-25-year conv 4 K s__ 1938 M- S 120 12 1
3 86*2 91*2
89 >
8
89*8 Sale 89l2
Pocah C A C Joint 4s. . . 1911 J - O
C C A T 1st guar gold 5a.. 1922: J * J 103*2 104*2 10534 Jan ’ 13
917
8
8 si*) 92*8
91*4 9178
Sclo V A N E 1st gu g 4a.. 1989 M- N 91
9:57 206 88*4 91 "•8
8
Nor Pacific prior lien g 4s— 1997 Q - J 93*2 Sale 93
83*4 93
Registered.......... ............ 1997 Q - J *92*4____ 92*4 Dec '15
6«7g
65*8 Sale 65*2
65*4 10 1 02
General lien gold 3a_____a2047 Q - F
63*2____ 64*2 Dec ’ 15
61*2 65*2
Registered___________ «2047 Q - F
0018 90*4
St Paul-Dulu&h Div g 4 3 . _ 1996 J - D 90*4____ 90*8 N ov’ 15
100 100*4
Dul Short Line 1st gu 5s. .1916 M- S 100*8____ 100*2 Jan ’ 16
no
6 109*4 111*8
8t P A N P gen gold 6a.. . 1923 F - A 10934 110*2 1 10
Registered certificates.. 1923 Q - A _________ 109*2 Oct ’ 15 ___ 109*2 109*2
1043*------ 102 Feb ’ 15
102 102
3t Paul A Duluth lat 5a..1931 F F
100*4 102
2d 58...............................1917 A - O 1 0 1 1 8 ------ 102 Dec ’ 15
90 N ov’ 15
88
90
1st eoliaol gold 4a.......... 1968 J - D ____ 90
85*g 89
91*2 N ov’ 15
91*2
88
Wash Cent 1st gold 4a.._1948 Q -M
113
Nor Pac Term Co 1st g 6a. .1933 J - J 1 1 Us 1 1 2 **
4 791* 90
87 7
8
85
87*8 87's
Oregon-Wash Iat A ref 4 a ... 196!
1 93*2 9S*4
94
94
Pacific Coast Co 1st g 5 a . 19461J - Dj ____ 91
99*2
93
99*2 98 D e c ’ 15
00
Pennsylvania UR lat g 4a_ 1923 M -N
_
s
102 1037
Consol gold 5s...................1919 M- S 1035a____ 103 Oct ’ 15
99*2 99*2 Dec ’ 15
99*2
95
Consol gold 4a................... 1943 M-N, 98
100
38 90*2 10 :)^
995s 99-8 993s
Consol gold 4a.................. 1948 M-Nj
1(1501 157 10134 100*4
Consol 4 ^ 8 .................... .I960 F - A IO534 Sale 105*2
310 97 101*4
101
General 4>$s when issued 1965 J - L | 101 Sale 10034
>
96
9 7 H 96*2 Dec ’ 15 ___
93*s 96*4
_
Alleg Val gen guar g 4a_ 1942 M- 81
D R RR AB ’ge 1st gu la g 1930 F - A 94 ____
Phila Balt A W lat g 4s.. 1913 M- N 99 ____ 99*4 N ov’ 15 ___ 96*4 99*4
Scdus Bay A Sou 1st g oa.2924 J - J
Banbury A Lewis lat g 48.1936 J - J 92 ____
99 ____ 995s Dec ’ 15 —
08*4 100
V N J RR A Can geo 4a.. 1914 M - 8
Pennaylvanla Co—
102 -.1 5 9934 10212
Guar lat gold 4 ^ a ............ 1921 J - J 10 11* 102 1013s
9912 101
Registered____________ 1921 J - J 10 1 ------ 100*8 Dec '15
86*2 86*2 Jan ’ 16
8512 8.5*2
Quar 3 M s coll trust reg A. 1937 M- 5 85
85 Jan ’ 16
86
84
80
Guar 3.48 coll trust ser B.1941 i F - A 85
993* Sale 9934
9934 . . 1 99
99*4
Trust Co ctfa gu g 3 ^ 8 __ 1916 M- N
85
86*2 83 Feb 16
83
83
Guar 3Hs trust ctfs C ___ 1912 J -D
85 - - 3 81
81
85
86*2 85
Guar3 Hs tru8t ctfa D ___ 1944 J - O
95
94*2 Jan ’ 10 ___
89** 94*8
Guar 15-25-year gold 4 s.. 1931 A - O 94
40 year guar 4a ctfa Ser E . 1952 M- N 90*2____ 92<8 May’ ll ___
89*8------ 90 Dec '15
8912 90
_
Cin Leb A Nor gu 4a g_ 1942 M- N
99
9958 973* Aug 15
Ci A Mar 1st gu g 4 4 a _ 1935 M-N
_
97*4 07*4
104 104
Cl A P gen gu g 4 4 a aer A. 1912 J - J 103*4____ 104 D e c ’ 15
103**___ 104 Dec ’ 15
i104 104
Series B .......... .......... .1912 A - O
91*4 Feb ’ 12
Int reduced to 3 4 a ..1942 A - O 84ia . . .
84*8 - - 90*8 Oct '12
Seriea C 3 4 s ................ 1918 M- N
C
833i 83*4
8eriea D 3 4 a ................1950 F - A 8 4 'a ____ 83*4 June* 1 .
863*------ 86*4 May*14
Srle A Pitta gu g 3 4 a B .. 1940 J - J
803*____ 90‘s J’ ly *12
Seriea C .......................... 1940 J - J
8
95 100
Qr R A I ex 1st gu g 448..1941 J - J 88*2____ 983 Jan ’ 16
92**____
Ohio Connect lat gu 4a__ 1943 M- S
Pitta Y A Ash lat cona 5a 1927 M- N 102*4------ 109 May'10
99 ____ 98i2 Oct '15 __
F o l W V A O g u 4 4 8 A .. 1931 J - J
9W4 98*2
99 ____ 9S1 June’ 15
*
O *. 98*4
H
S e r i e s B 4 4 a ................ 1933 J - J
93*j
93*2 . . 1 . . . .
93*4 94
S e r i e s C 4s.................... 1942 M- S
93 10 1 »4
P C C A 8t L gu 4 4 8 A ..1940 A - O 101 101*4 101*2 Jan ’ 16
; 973s 10 1 "a
Series B guar.................1942] A - O, 10 1 ____ 1013a Jan ’ 10
97*4 101*2
3eriea C gu ar--------------1942 M- N 100 ------ 97*4 July’ 15
95*4 94 Dec *15
| 92*8 94
Seriea D 4s guar............ 1945 M - N 95
4
90
913s
Seriea E 3 4 a guar go!d.l949|F - A 913 ____ 91 Oct *15
____
-erles F guar 4a g o ld ... 1953;i - D 95 ____ 95*4 Jan ’ 11
; 92*2 9334
Series G 4a guar......... . 1957 M- N 95 ____ 925g Aug T5
104 104
C St L A P lat cons g 5a.. 1932 A O 104*2------ 104 N ov’ 15
102 N ov’ 15
1013s 102
Peoria A Pekin Un lat g 6s.. 1921 Q - F
85
85 Dec ’ 15
85
2d gold 4 4 « .................... 61921 M-N
1 1 ------ 11*2 June‘ 15
Pere Marquette— Ref 4a___ 1955; J - J
u*i 11*2
Refunding guar 4a______ 1955 J - J
75
80*4____ 75 Dec *15
Chic A West Mich 5a........ 1921 J -D
1™
• N o p r i c e Friday; l a t e s t
s O p t l o n B a le .
[Vol. 102.
New York Bond Record-Continued—Page 3
24:2
bid a n d
asked,
a D ue
Jan
6 Due
Feb
i D ue
May
BONDS
N . Y . STOCK EXCHANGE
Week Ending Jan. 15.
2 “3
*
1 1
P r ic e
F r id a y
J a n . 15.
W eek’*
R a nge or
L a t i S a le
fs
R ange
year
1915
L o w IH O h
B id
A tk L ow
R io * N o .
Pere Marquette (Con.)
Flint A P M gold 6 s ... 1920 A O 103 105 101 D en '15 ____ 90 101
6512 73
74 ____ 73 N ov’ 15 ___
lat consol gold 5a---------1939 M-N
65
68
62*2 68 Ju ly'15
Pt Huron Div lat g 5a._ 1939 A - O 57
___ ____ ____
Sag Tua A H lat gu g 4a. .1931 F A
1
50
50
Philippine Ry lat 30-yr e f 4sT937 J J ____ 55
105 105*2
Pitta Sh A L E lat g 5s____ 1940 A O 106 108U 105 Doc ’ 15 —
113*4 N ov’ l l
lat consol gold 5s________ 1943
953s 114 91
95*4
Reading Co gen gold 4a----- 1997 J J 953g Sale 943.1
94
Registered_________
1997 J J 92*4____ 92*4 Jan ’ 16 ____ 90
3 9012 95U
95*4
Jersey Central coil g 4 a ... 1951 A O 95*8 95*2 95*8
Atlantic City guar la g___195i J J 94 ____
73
60 Jnn '10 ____ (iO
St Joa A Gr Isl 1st g 4s____ 1947 J - J ____ 61
St Louie A San Fran gen 0s. 1931 J J 108*4 109 110 Dec *15 ___ 1057* 1 10
9 98*2 103*2
102*2
General gold 5a_________ 1931 J J 102*2 1037s 102*2
70
79
75 J’ ly ’ 14 ___ ____ _____
8t L A S F RR conn g 4s. . 1996 J J
12 36
57
50*2 51
51*2
52
General 15-20-year 5a. .1927 M -N
50 Sale 50
51*4 72 32*2 56*4
Trust Co eertlfa of deposit.,
51*4 15 321| 66*8
47*2____ 48*4
do
Stamped .
_
90
90 N o v '15 _ J 90
fiouthw Div 1st g 5a__ 1947 A - O
(J 03*2 73
S
75
72*4
72*2
Refunding gold 4s____ 1951 J J 72
8034 M ar’ ll
Registered------- ------ 1955
713 73
4
72 Nov *15
60*8 72
Trust Co ctfa of deposit. .
653.1 Sale 65*4
66*2 106 591* 70
do
Scamped..
3 no no
HO*.,
K C F t S A M cona g 6 a.. 1929 M-N 110*4 Sale 110*4
29 66(4 80*8
77
K C Ft S A M Ry ref g 48.1930 A O 76*2 77*2 76*2
K C A M R A B lat gu 5a. 1929 A O 90 ____ 9 ii2 Dec ’ 15 ___ I 91*2 0H2
79 Sale 79
79*2 41 67*4 81
B tL S W lat g 4a bond ctfa.. 1989 M U
s
52 S65
J
J 62*8____ 637 Jan ’ 16 ___
2d g 4a Income bond cl fa.
7 517a 68
60*4 65*2 65
60*2
Conaol gold 4a____ ______1932 J - I)
100 ___ 08*4 Jan 14
Gray’s P tTer 1st gu g 5a..
80
,
70*4 14 65
J - J 6934 Sale 69* •
S A A A Pass 1st gu g 4a__
2 90*4 1 0 1 U
J J 101*4____ 101*4
101*4
S F A N P lat ak fd g 5a____
85
A O 82
85 N ov’ 15 ___ 883
85
A - O 82*4 Sale 82
82*s 22 78
84*4
Gold 4a stamped.
Registered---------F - A 09*2 8ale 083s
69*2 146 59*4 72*2
Adjustment 5 a ...
*4
A O S7U Sale 70*g
74U
71 *2 2 7 06
Refunding 4a. —
M S ------ 87*2 89*2 Dec ’ 15
81
90
84*2 85U
J - J 83*2____ 85*4 M ar’ 16 —
99*4 100U
J - J 100 ____ 99*4 Sep ’ 15 —
101 D e c ’ 15 ____ 10 1 10 1
J ■ J
l(H K)2
)7g
J - J 1 o2*4 ____ 11*2 D e c ’ 15 ___
Consol gold 5s..........
lOOlf 104*2
Ga A Ala Ry 1st con 5a..01945 J - J 103*2 104 101*2 Dec *15 —
100*2 103
J J 102?8 103*4 103 Jan ’ 16 —
90*4 101*2
J J 100 ____ 99*4 Aug ’ 15 —
Southern Pacific Co—
69 79*4 87*4
87
873 87
4
88
J -0
*____ 8834 90 Feb ’ 14
8
89*8 365 793« 90*8
M- H 89*8 Sale 89 <
20 year conv 4s..
107's Sale 106*4
J
D
1077 674 95*4 108
8
20 year conv 5s..
9034 Sale 90*8
9034 158 83s* 01*4
F - A
86*2 Sttlj
86*4 M ar'15 ___
F-A
Registered__________
4 84*8 90*2
89*4
89*2
J - O 89*4 90
Mort guar gold 3 4 s
82*a 83
A -O ------ 8078 80*4 Jan ’ 10 ___
Through St L 1st gu 4
100 104
G II A 8 A M A P lat 5a.. 1931 M-N 103*4 105 104 Dec ’ 15
102*4 Apr ’ 14
M-N
Gila V G A N 1st gu g 5 s..
M- N 10178____ 102
102
1 100 i(i:i
Hoys E A W T lat g 5a. . .
M N 101-8 102*2 101 Dec ’ 15
99*8 101*4
1st guar f»s red_______
J J * l " 6*8____ IO *« Dec ’ 15 ___ 102*8 107
O
H A T C 1st g 5s lnt gu —
3 93
A - O 94*4 Sale 94 *4
95*2
94*4
M-N ____ 1 1 1
109*2 N ov’ 15 ____ 109*t 109*1
J - J 100 ____ 103 Nov'15 . . . . 100 103*2
A A N W 1st gu g As........
_ _ . _ 109 June'11 ___
J - J
Louisiana West 1st 6a___
_ 104*8 J tilV 15
A - O 104*2
104*8 104*8
*
Morgan’s La A T lat 7a . .
1 104*4 104*4
105
.192 J - J IOU4 106 105
1st gold 6s______
A - O * t"5 ____ 105 Oct ’ 15 ____ 105 105
No of < al guar g 58’
2 99*4 103
10212
Ore A Cal 1st guar g 5a.. . 192 J - J lOl’ t ____ 101*4
So Pae of Cal—Gu g 5 s ... 193 M- N 107*2____ 101*2 N ov’ la . . . .
So Pac Coast 1st gu 4s g . . 193 J - J 92 ____ 91*2 Son *12 ___
10 77*4 86*4
S
86
A - O 853s 85& 853s
96 Apr ’ 14
J - J ------ 96
Tex A N O con gold 5a..
J - J 90*4 Sale 90*4
90*4 117 83*8 9078
So Pac RR 1st ref 4a----J - J 103*8 Sale 103
103's 68 9612 1035j,
Southern— 1st cona g 5a._.
98
J - J 100 103*2 98 June’ 15 . . . . 98
713 Sale 71*4
4
A- O
71*4 221 5S»4 7212
Develop A gen 4a Ser A.
78
3 68
77*2
75
75
M- S 77
J - J 102's 103 101*2 Dec ’ 15 ___ s98*4 103*2
Mem Div 1st g 4 4 58__
J J 83*2 81*4 82*2 Jan ’ 16 —
80*4 85*4
St Louis div 1st g 4s-----./ J lOO^s____ 104*4 June’ 14
Ala Cen 1st g 6s. ______
____ 99
98
99
j
D
99 Dec *15 ___
Ala Gt Sou 1st cons A 5396*4 Nov'15 ___ 93
96*4
J .< ------ 98
J - J 82*2 84*2 84 D e c ’ 15 . . . . 83*g 85 ,
Atl & Danv lat g 4a...........194:
75*2 Aug '15 —
76*2 75:t
2d 4a .......................... 194 J * J
Atl A Yad 1st r guar 4a— 194! A - O ~74 “ '81 ‘ 75*4 Deo ’ ll
_ •
Col A Greenv 1st 6a______19 L J - J — —> . . . . 100 ‘s J’ ly ’ M .
1 102*8 1()2*4
103*2
E T Va A Ga Div g 5a___ 193 J - J 103 ____ 103*2
100*4 105*8
Con lat gold 5s------------ 1956 M- N 10512------ 10512 Jan ’ 16 -1001*1
97?8 100
E Ten reor Hen g 5s---------1938 M- S 97 101 100'*
57 Jan ’ 10 -60
60
Ga Midland lat 3s............ 1946 A - O ____ 60
105 10778
107'ii
Ga Pac Ry 1st g 6a..........1922 J - J 1071* Sale 107*4
____ 108 Jan ’ 16 - J - J 108
10512 1051*
Knox A Ohio 1st g 6a___ 192
105*2 N ov’ 12 - Mob A Blr prior M g 5s. 1945 J - J
en
Mortgage gold 4s-------- 1945 J J
101*2 102*4
Rich A l >an deb 5s strnpd. 1927 A - O 102 ____ 101*2 Dec ’ 15
73 Sop ’ 12 ____
Rich A Meek 1st g 4a___ 1948 M N
ioo 103
Bo Car A Ga lat g 5a........ 1919 M-N 102 ____ 100's N o v ’ 151
4
Virginia Mid aer C 6s___ 1916 M- S ____ ____ 10()>4 M u r’ 15 ____ 100*4 IO1H
Seriea D 4-5a...............1921 M- S ___ _ ____ 103*4 N o v ’ 12 ____
102
M- S
Seriea E 5a.................... 1926
101 Mar* 13
Series F 5a.................... 1931 M - fl 1U2
3 102 103*2
103*2
General 5s.............
1936 M-N 103*2 Sale 103*2
100 102*4
Va A So’ w’ n lat gu 5a. .2003 J - J 102*2 103 102*4 N o v ’ 15
00
90*4 90*2 D ec ’ 15 ____ 81
90*2
1st cona 50-year 5a.. 1958 A -O
93 ____ 93 Dec ’ 15
F - A
93
91
W O A W 1st cy gu 4a___ 1924
93
95
03
1 88
02
93
Spokane Internat lat g 5a.. . 1955
99*8 99*2 98*2 Jan ’ 16
9338 0912
Ter A of St L 1st g 4 4 s - -1939
10012 104*8
lat con gold 5s— 1894-1944 F - A 103*2 106*4 103*2 Dec ’ 15
33 79*4 87*4
88
Gen refund a f g 4a........ . 1953 J - J 88 Sale 87
S987g 10')
99 N o v ’ 15
St L M Bridge Ter gu g 5s 1939 A O
95*4 Sale
13 91*2 99
95
95*4
Tex A Pac lat gold 5a........... 2009 J -D
29
36*4
35 N o v ’ 15
2d gold Inc 5a__________ 02000 M ar ____ 35
1 89*2 90
90
La Div B L 1st g 5s------ -- 1931 J - J 90 Sale 90
W Min W A N W lat gu 5a 1930 V - A ------- 95 106*2 N ov'lU ____
99*4 103*2
Tol A O C lat g 5a................. 1935 J - J 1027s____
102*2 Dec '15 ____ 100 103
:
Western Div 1st g 5a--------193.1 A - O 102*2 . . .
General gold 5a................... 1937 J - D -------97*2 lOl'j Apr ’ M ____
86 M a r’ l . ____ 86
8613
Kan A M lat gu g 4s-------- 1990 A - O 82*2 85
09
5 92
983g 98*2 98*2
98*2
2d 20-year 5a_________ 1927
63 D ec '15 ____ 62*2 68
____ 64
Tol P A W 1st gold 4 s ........ 1917
2 72*2 87
83
83
83 Sale
Tol St L A W pr lien g 348-1925
14 42*2 58
60
69
60 Sale
50-year gold 4a__________ 1950
___ ____
16 ____ 43 J a m ’ H ____ |
Coll tr 4s g Ser A........ __ 191 71F - A
87*4 N o v ’ 15 —
82*2 87*4
85
Tor Ham A Buff lat g 4s. 1946 J - D 81
98*2 102
Ulster A Del lat con g 5a. .1928 J -D 100*8 102 101 D ec T5 —
74
74 M ur’ 15
74
lat refund g 4a.............
1952 A - O
977, 126 92*2 98
9753 Sale
97*8
Union Pacific 1st. g 4a_____ 1947 J - J
S92
97 ____ 94*4 O ct 15
95*t
Registered____ ________1947
93*2 214 88
93*8
94
93*8 Sale
20-year conv 4a_________ 1927
lat A ref 4a_____________ (?2008
Ore RR A Nav coo g 4s— 1946
Ore Short Line 1st g 6a— 1922
lat consol g 5a........ .......1946
Guar refund 4s........ .......1920
Utah A Nor gold 5a___ 1926
lat extended 4a_____1933
Vandalla cons g 4a Ser A .. 1955
Conaol 4s Seriea B_______ 1957
Vera Cruz A P lat gu 4 4 8 - -1934
Virginian 1st 5a Series A ___ 1962
June.
5 D u e J u ly
* Due Aug
91
69 84*2 02*4
90*4
90*2 Sale
92
92*.j
31 87
.*02 Sale
93*4
108*2
2 107*2 109*2
108*2 Sale ias*2
1 100*2 106*8
106*4 . . . 106*2
106*2
92*4
93
s93 Sale
92 87*2 94*i
102 103's
102*4____ 102 D ec *15
09
93*8 O ct *15
93*8 93*s
9(1 ____ 03
86 Sep *16
80
86
90
93
421* A i r *15
42*t 4212
____ 87
99*8
98*8 Sale
977a
98*2 204 02
• D u e O ct.
v
D uo N ov.
3 D ue D eo.
Jan . 15 191611
BO N DS
N . Y . ST O C K E X C H A N G E
Week Ending Jan. 14.
Prist
Friday
Jan.
14.
Bit
A
sk
W
est's
R
ange cr
Lost S
a’s
1 ?
oao
0;
.Vo
22
17
____
....
_ _
____
—
H
igh
R
ange
Year
1915
• N o price Friday: latest bid and asked, a D ue Jan. 6 D ue April.
$D ue
a.
BO N DS
Y . ST O C K E X C H A N G E
Week Ending Jan. 14.
M ay.
5^
Pries
Friday
Jan.
14.
B it
L rn H
o
igh
97 104=%
104%
Wabash 1st gold 5a................. 1839 rw-N 10334 Sale 103*4
80 100
100
993$ 9934 9 9 4
2d gold 5s.......................
1939 F - A
....
....
90 June’ 12
Debenture Series B _______ 1939
89% 93*2
‘ 933; 1 1 : : 9 3 4 N o v ’lo
1st lleD equip s fd g 53---1921
65
05
65 ____ 65 D ec ’ 15
lat lien 5l>-yr g term 4a— 1954
34
12
22 Oct ’ 15
: at ref and ext g 4 s------- -. 1956
99*4 103%
102 D ec ’ 15
Cent T r ctfs asst p a id -------D o asst part paid . . . .
1024 N o v ’ 15 . . . . 1024 1024
Cent T r stpd ctl? asst paid _
D o asst part paid.
-----93*2 109
107 Jan ’ 16
E qult T r ctfs asst p a id ____
324 50
46'2 Jan ’ 10
D o asst part paid----------lOlU Jan '16 ____ 91 107%
Eqult Tr stpd ctfs asst paid
_
4^2 Jan ’ 16 _ J 314 48*4
D o asst part paid_______
2 99 1014
103
103 ____ 103
D et 6c Ch Ext 1st b 5a------ 1941
SO Aug ’ 12 —
uea M oin DIv 1st g 4s------ 1939
76*2
764 D ec *15 - - - - 55
____ 7612
Om D iv let g 3 H a ........... _194t
72%
71 ____ 66*2 Ju ly'15 __ -| 60
rol A Ch D iv 1st g 48____ 1941
$%
1
3
3 4 146|
3 4 Sale
W ib Pitts I erm 1st g 4s____1954
3% 528
%
2%
»■»
3 Sale
Cent and Old Col T r Co ce rts ..
0
84
3*4
3*8
%
3 > Sale
g
Columbia T r Co certfs_______
76
8
3*4
%
2*4
3 Sale
Col T r ctfs for Cent T r ctfs . . _
h 187
1‘ J
!
%
12 Sale
2d gold 4s..............................1954 i -D
1%
*2 121
12 Sale
Trust C o certfs____
S5 N o v ’ lo ____ 80% 85
831 84
2
Wash Terml 1st gu 3 H e ____1945
9 1 4 Aug '15 ____ 9 1 4 9D 2
9212
1st 40-yr guar 4s _______1945
41 54
72
76
7114 71*4 71*2
Waat Maryland 1st g 4s____1952
31 106% 104
103%
103% Sale 103*4
W est N Y A Pa 1st g 5 s___ -1937
4 744 8 2 4
814
8H2 8212 81*2
Qen gold 4s----------------------- 1943
20 D ec ’ 15 ____
32
17% 20
Income 5s_______________41943 N ov
9812 102 102 Jan '16
90 101
W heeling A L E 1st g 5 s ____1926 A - O
1
99%
96i2 99U 99%
Wheel D iv 1st gold 5 s ___ 1923 J - J
963
4
94 % ____ 96 D ec ’ 15 ____ 92
Exten A Tmpt gold 5 s____1930 w - A
71 Jan '16
70
71
49
73
Hit 1st consol 4a__________ 1949 M- S
90 A pr '14
20-year equip s f'5 s ........... 1922 J - J
____ 82
89
Wloatou-Salem S B 1st 4s
1960 J - J ”8612**88” 88 D ec '15
87*2 11 81
87
87l2 87
88
WIs Cent 50-yr 1st gen 4s. _ . 1919 J - J
89*2 43 824 89*4
89
8912 89
8up A Dul div A term 1st 4s ’ 36 IH-N
Street Railway
7
103%
Brooklyn Rapid Tran g 5 s ..1945 A - O 103 !a Sale 103% D ec '15 ____ 100*8 103%
79-’8 8034 79%
79 *4 85*2
J
1st refund conv gold 4a.-.2 0 0 2 J
100% 104 93% 101
10034 Sale 10034
J
5-year secured notes 5s_ 1918 J
_
8 100% 102
10134
Bk C ity 1st con 6a ._1916-1941 J * \ 10U2 1017, 1014
98 Apr ’ 14 ____
91 > 95
4
Bk Q Co A d con gu g 5 s .. 1941 ,W - N
101
Bklya Q C o A 9 1st 5s ...1 9 4 1 J * J
98*4 10U2
10.
Bklyn Un El 1st g 4 -6 5 ... 1950 F * A lOOU Sale 100'4
98 10114
Stamped guar 4-5s_____ 1950 Y ~ A 100i2 ____ 100% Jan ’ 16
79
83>2
8312
83i2 83% 83i2
A
Kings County El 1st g 4s. 1949
83 Jan ’ 16
79
824
8212 84
A
Stamped guar 4a........... 1949
75
75i8
75 Sale
73
78
J - J
Nassau Elec guar gold 49.1951
97:* gale
9733
97^8
92*4 97*8
Chicago Uys 1st 6s_________ 1927 F - A
8
9 7 U ____ 10l7 June’ 12
Conn Ry A L 1st A ref g 4 H‘ a 1951 J - J
9912____ 96i4 June* 14
Stamped guar 4 H s ______ 1951 J - J
75
77
77 Salo
6534 79
Det United 1st cons g 4 H s_. 1932 J - J
84 Jan ’ 14
Ft Smith L t A T r 1st g 5 a .. .1936 M - S
Grand Rapids R y 1st g 5 s ...1 9 1 6 J - D 100 ____ 100 June- 14
87 Jan ’ 16
87
87
Havana Elec conscl g 5s____1953 F - A ____ 90
733s
74
8' 70
73
74
797
8
Hud A Manhat 5s Ser A ____1957 P - A
161 24l2 33%
30'g Sale 30i2
31
Adjust Income 5 s_________ 1957
100% D ec ’ 15
*____ 102
100 100U
N Y A Jersey 1st 5s........... 1932 V76 Sale 70
76% 140 73U 79*2
laterboro-M etrop coll 4 H a. 1950 A - O
4
99i2 214 96U 993
99% Sale 993g
laterboro Rap Tran 1st 5s . I960 J - J
10 82
92%
92i4
A - O s91 Sale 91
uan hat Ry (N Y ) cons g 4s 1990
2 85
93
921
2
92 921 9212
2
Stamped tax-exem pt..........1999 A - O
Metropolitan Street R y —
9 4 101
7
Bway A 7th A v 1st o g 69.1043 J - t> 9934 ____ 99i2 Jan ’ 16
94 100
99«2 100 100 N o v ’ 15
Ool A 9th Av 1st gu g 6a. . 1993 M - 3
981* 997
8
9934
9934
9934100
Lex Av A P F 1st gu g 59.1993 M S
80 M a r ’ 14
Met W S El (Chic) 1st g 4 s. . 1938 F - A
101% ioi‘ %
Mllw Elec Uy A Lt cons g 5s 1926 F - A r o f " : : i : 101 Jan ’ 16
92*8 Feb »5
92*8 92*8
Refunding A exten 4 H s._ 1 9 3 l J - J ____ 91
10012 100l2
Mlnneap St 1st cons g 6 s____1919 J - J 100 ____ 1004 N o v ’ 15
Montreal Tram ways 1st A ref
9414
91% N o v ’ 15
____ 95
50-year 6s Ser A __________1941 J 78 D ec T5
78
New Orl R y A Lt gen 4 H s - - 1935 J - J ____ 85
74's
743 Sale 7434
4
741*
■i Y Rya 1st R E A ref 4S..1942 J ' J
5914
581a Salo 5 7 ^
57l2
30-year adj Inc 5a..............a 1912 A - O
83 857g 8I34 D ec *15
86
3f Y State Rya 1st cons 4 H e. 1962 M - N
99%
95 D ec *1
941 99
2
Portland Ry 1st A rof 5a ___ 1930; M - H
80
80 Sep *15
Portld Ry Lt A P 1st ref 58.1942 F - A ____ 80
100 M ay’ 15
100 100
Portland Gen Elec lat 5s. 1935 J * J
98 N o v ’OS
et Joa R y, L, II A P 1st g 5a. 1937 M - N
99 __
100 Sep *15
J
100 100
St Paul City Cab cons g 5s . 1937 J
823
4
83*8
78
85%
Third Ave 1st ref 4a.................1960 J - J| 83
803s Salt'S 803a
8034
Adj Inc 5s........................... 41960 A - O
75
82
1641j 10712
1071,
Third Ave R y 1st g 58_______1937 J - Jj 104i2 107 107
983
4
99
9434 9DU
Trl-Clty Ry A Lt let a f 5 s .. 1923 A - O 1 99 Salo
95i2 P ly ’ 14
U n d egr of London 4 Ha____1933 J - J ------- 94
68«2 ____ 68 Jan ’ 16
70
70*4
Incom e 6a..............................1948
Union Elev (Chic) 1st g oa. . 19 !9 A - O ----------------1 84 O ct ’08
74 O ct *15
"ft5" * ’ 75
United Rya Inv 5s Pitta Iss. 1926 M -N ------- 8OI4I
621 64
2
64 D ec ’ 15
60
64
United Rya St L 1st g 4 s ___ 1934 J - J
------ 69i2 69i2
5912
593s 59l2
St Louis Transit gu 5 s . . . 1924 A - O
4GU Sale
454
46 i2
40
r>:>%
United R R s 3au Fr a f 4a _ . 1927 A - O
91U Salo
9114
914
R y A Pow lat A ref 5s . 1934 J - J
82
9D 2
G as an d E lectric L igh t
103 ____ 103 Sep ’ 15
103 103
Atlanta G L C o lat g 5 s ___1947 J L)
flklyn Un Gas lat cons g 5s. 1945 IYI-N 105is . . . . 103 Jan ’ 16
103 105
54 June* 13
Buffalo City Gaa IstgO a____1947 A O
90 I I I 1 97 Feb ’ 15
J
Columbus Gaa I hc gold 5s. ..1 9 3 2 J
97
97*"
12Gi2
Consol Gas conv deb 6a . .1920 U - F 12534 Sale 125i4
109*6 127
D etroit C ity Gaa gold 5a
991* 101
____1923 J - J 1o2 i4 103 IOD4 Jan ’ 10
99 ____ 98i, N o v ’ 15
Detroit Gas C o cons lat g 5a. 1918 F - A
9S12 98i2
Detroit Edlaon 1st coll tr 5a. 1933 J - J 10314____ 103U
10314
10 L4 103i2
S<] G L N Y 1st cons g 5 a .. . 1932 M- S
100i2 May" 16
100 * 100%
Gas A Elec Berg C o c g 5s .1 9 49 J -D l o o " I I I ’ 100 F e b ’ 13
Hudson Co Gaa 1st g 5a____1949 M -N 102 ____ 10212 Deo ’ 15
101 103i2
91
Kan City (M o) Gaa lat g 5a. 1922 A - O
02 M ar’ Lt
Kings C o El L A P g 5a_____ 1937 A - O 102*8
102*8 Dec ’ 15
102 10414
a - a 115
1171 115 D eo ’ 15
8
Purchase money 6a............ 1997
113 115
Convertible deb 6a________ 1922 M - S 117
122*2 Doc ’ 12
4
Convertible deb 6 s ________192; M • S 125l2 128 1253 D co *15
115 126
86l2 ____ 36% O ct •15
J •J
Ed El 111 Bkn lat con g 4a. 1939
s o u as
10134
Lao Gaa L of 3t L lat g 5a. _«1919 Q • F IOIS4 Sale 10134
100% lOUs
102
Ref and oxt lat g 5a______ 1934 A - O 100% 104 100%
97 1014
91% sate
917
8
923a
Milwaukee Gag L lat 4s____ 1927 M -N
90
9214
103 10338
Newark Con Gaa g 5a---------- 194s J - o 103 i2 ____ 103% Aug 15
J D 1041 104*4 1044 Jan ’ 16
4
101% 105
N Y G E L H A P g 5a............1948
851 Sale
2
H
O 8578
Purchase money g 4s.......... 1949 F - A
85%
85*2
ion% io 7 i2
Ed El III lat cons g 5a____ 1995 J - J 107 ____ 107 O ct *15
99 101*2
N YA Q El L A P lat con g 5s. 1930 V - A 10078 1014 1014 D ec *15
9 2 '2 July'09
N Y A Rich Gaa 1st g 5a____ 1921 M -N
Pacific O A El Co Cal G A E
98
U 91
9712
Corp unifying A rof 5a____ 1937 M N 98 i8 Sale
98'8
Pac Pow A Lt lat A ref 20-yr
91 Feb *15
88% 91
5a Inf.ornat Series_ - .- - . 1 9 3 0 F - A *____ 93
_
99l2 9914
Pat A Passaic O A El 5a____ 1949 M - 8 100 ____ 9912 O ct ’ 15
110 -15
Peop Gas A C lat cona g 6 s . . 1943 A * O 1143s____ 114 D ec '15
102
12 ; 997 102*8
8
Refunding gold 5a...............1947 M - S 100% 102 i8 102
Registered......................... 1947 M - 5 ____ 10134 99 Sep 13
5
102*8
J 1023s 1027a 1023s
3 101 103
Ch G -L A Cke lat gu g 58.1937 J
101
5 997 10 U 2
8
Con G C o of Chi tat g u g 5a 1936 J D 100i2 . . . . 101
93 M a r 12
Ind Nat Gas A Oil 30-yr 6a 1936 M - N
99'* 1001*
Mu Fuel Gaa lat gu g 5 s .-1947 M- N l o o " m i 100% N o v '15
96 ____ 96% Jan ’ 16
95 S96
Philadelphia C o conv 5a____ 1919 F ■ A
88
97
91
91
91 D ec ’ 15
Conv deben gold 5s.............1922 M -N
99
100i8!
<~12 984
Stand Gaa A El couv a f Oa.. 1926 J D 100*8 Sale
99U 100
Sy -acuae Lighting 1st g 5 a ..1951 J D 100 ____ 9934
99*41
84 ____ 85i2 June 12|
Syracuse Light A Power 5 a .-1954
- J
243
New York Bond Record—Concluded— Page 4
Trenton G A El 1st g 53____1949
Union Elec Lt A P lat g 5 e .. 1932
Refunding A extenelon 5a. 1933
Utica Elec Lt A P l9t g 5 8 .. 1950
Utica Gaa A Elec ref 58____ 1957
Westchester Ltg gold 5s
____ 1950
M iic e ila n o o u s
Adams Ex coll tr g 4a______ 1948
Alaska G old M deb 6s A ____ 1925
Armour A C o 1st real eat 4 He *39
3ush Terminal 1st 4a______ 1952
Consol 6s........ ...................... 1955
Bldgs 5s guar tax ex______ 1960
Chile Copper 10-year conv 7s 1923
Com puting T a b-R ec a f 60..1941
G ranbyO onsM S<sP con CsA *28
S ta m p e d ................................1928
Great Falls Pow 1st 8 f 5 s . . 1910
Inaplr Cons C op 1st conv 63.1922
5-year conv deb 6s..............1919
Int Mercan M arine 4 H e____1922
Certificates o f deposit________
Int Navigation 1st 9 t 5s
____1929
M ontaua Power lat 5a A . . . 1943
M orris A C o 1st 9 f 4 H s ____1939
M tge Bond (N Y ) 4a ser 2 . . . 1966
10-20-yr 5s series 3 ...............1932
N Y D ock 50-yr 1st g 4a____1951
Niag F a'ls Pow 1st 5s_______1932
R ef A geo 6 s ....... .............ul932
Nlag Lock A O Pow lat 5 s . . 1954
Ontario Power N F lat 5a . 1943
Ontario Transmission 5s____ 1945
Pub Serv Corp N J gen 5 s .. . 1959
Ray Cons Cop 1st conv 6a. .1921
Sierra A S F Power 1st 5s _ . 1949
Tennessee C op lat conv 6s. .1925
Waab Water Pow 1st 5a____ 1939
M a n u fa c tu r in g 2* In d u stria l
Am A c Chem 1st c 5a______ 1928
Conv deben 5s........... ..........1924
Am C ot OH debenture 5 s . . . 1931
Am Hide A L 1st a f g 6a___ 1919
Amcr Ice Secur deb g 6 s____ 1925
Am ^melt Securities s f 6 a .. 1920
Am Thread 1st coll tr 4s____ 1919
Am T ob acco 40-year g 6 s . . . 1944
Registered_____________
1944
G old 4 s. . .................... - I I 1951
Registered ........................1951
Am Writ Paper 1st a f 5s____ 1919
Baldw Loco W orks 1st 5 s . . . 1940
Beth Steel 1st ext a f 5s_____ 1926
1st A ref 5a u a r A . .............1942
Cent Leath 20-year g 5 s ..
1925
Consol T ob acco g 4s...............1951
Corn Prod Ref a f g 5a............ 1931
1st 25-year 8 f 5s ......... ..193 4
Cuban-Am Sugar coll tr 6 s .. 1918
Distil See Cor conv lat g 5a. _ 1927
E l du Pont Powder 4 H s ___1936
General Baking lat 25-yr Os. 1936
Gen Electric deb g 3 H s . . . . . 1942
Debenture 5 s____________ 1952
III Steel deb 4 H e _____- ____1940
Indiana Steel 1st 5s_________1952
Ingersoll-Rand 1st 5a..........*1935
Int Paper Co 'at con g 6a___1918
Consol conv a f g 5s_______ 1935
1929
Int St Pump 1st a f 5a____
Certfs o f d e p o s it_____________
Lackaw Steel 1st g 5a_______ 1923
1st 0005s Series A _______ 1950
Liggett A Myers T ob ac 7a_. 1944
5 s -------------------- _
1951
Lorillard C o (P) 7 a " I I I I H ’ 1944
53-............................................1951
M exican Petrol Ltd con 6s A 1921
^ lat lien A ref Os aeries C . _ . 192)
N at Enarn A Stpg 1st. 5a____1929
N at Starch 20-yr deb 5a____1930
National Tube 1st 5s________ 1952
N Y Air Brake 1st conv 6a 192*
Railway Steel Spring—
Latrobe Plant 1st 3 f 5 a . . . 1921
Interocean P 1st a f 5a ...1 9 3 1
Repub I A S 10-30-yr 5a s f . . 1940
Standard Milling 1st 53...........1930
The Texas C o conv deb fia 1931
Union Bag A Paper lat 5a . 1930
S tam ped_____ ___________ 1930
U S RcaltyA I conv deb g 5a 1924
U S Red A Refg lat g 6s____1931
U S Rubber 10-yr coll tr 6 s . . 1918
U S Steel Corp— / c o u p ____tf 1963
S f 10-60-yr 5 s | r c g ..........rfl963
Va-Car Chem 1st 15-yr 5 a .. 1923
Conv deb 6s........................el924
West Electric 1st 5s D eo____ 1922
Westlngbouse E A M s f.5s . 1931
Conv a f 5s (1.«8 o f 1915) .1931
10-year coll tr notea 5s____ 1917
Coal & Iron
Buff A Susq Iron e f 5a_____ 1932
Debenture 5s....... .......... _al92G
Col F A I C o gen a f g 5a____1943
Col Indus 1st A coll 5s gu .,1 934
Cons Ind Coal M e 1st 5 s . . . 1935
Cons Coal o f M d IstAref 5a. 1950
Continental Coal 1st g 5 s . . . 1952
Gr Rlv Coal A C lat g 6s. .51919
Kan A H C A C 1st a f g 5s. 1951
Pocab Con Collier 1st 9 f
.1957
St L Rock M t A P 5s stm p d . 1955
Tenn Coal gen 5a___________ 1951
Blrm D iv 1st consol 6 s . . . 1917
Tenn D iv lat g 6s______ a191
Cah C M C o lat gu «a ____1922
Victor Fuel 1st a f 5a________ 1953
Va Iron CoalA Coke 1st « 5s. 1949
T elegra p h & T e le p h o n
Am Telep A T el coll tr 4 s .. . 1929
Convertible 4s___________ 1936
20-yr convertible 4 Ha____1933
Cent Dlat Tel 1st 30-yr 5 a .. 1943
Commercial Cable lat g 4 s . . 2397
Registered ......................
2397
Cumb T A T 1st A gen 5 a . .. 1937
Keystone Telephone lat 5a - . 1935
M etropol Tel A Tel 1st a f 5a 1918
Mich State TeJep 1st 5s____1921
N Y A N J Telephone 5a g . . 1920
N Y Telep 1st A g c n a f 4H8-193!)
Pac Tel A T el lat 5a............... 1937
South Bell Tel A T 1st a f 5a. 1941
West Union coll tr cur 5a___1938
Fd and real est g 4 H s ____1950
M ut Uu re! gu ext 5a____1941
Northwest Tei gu 4 H « 8 - -1934
0 Due June,
ft Due July, ft Due Aug.
W
eek's
R
ange or
Last S
ale
A tk L
ore
1915
H
igh
IOOI4____ 1014
100
89
1024
102U - 10214____ 98
103i2 ____ 1034
R
ange
Year
If
June’ 1*
Sep *15
M a r ’ 15
M a r ’ 15
Aug ’ 15
N o v ’ 15
L
ow H
igh
97*2
89
96
98
101
101
90
1024
98
1034
847 ____
8
11618 8ale
9414 Sale
861 S712
2
87i2 88
87i2 88
1327 Bale
8
82 Sale
107 Sale
107 Sale
99i2 997
8
190i2 Sale
191 Sale
99*8 Sale
99i2 Sale
95i8 ____
9634 Sale
------- 89 3
4
85
85
70
844
11534
116*8
1124 160
94
94*4
9 0 4 934
8 6 4 Jan ’ 16
84
88*4
88
874
8 4 4 90
S74 D ec ’ 15
83
88
113 111 141
132
135
21! S l78 83%
82
83
41 j 98 H I
1044
107
10434
77 102*4 105
107
99%
997
8
17| 97 100
92 j 97 190
I8 6 4
1914
20 9434 189
192
190
99% 110 30U 97*2
964
95*2
99’*8i5653; 3 3 4 9738
9134
9441
10
36
93
9638
97
8%34 95%
89 N o v ’ 15
89
89
83 Apr *14
90 __
100 July'14
75i2 —
71
75
754
754
101 1013 10034
4
100341
100 101
104*8 —
*92 ____ 90 N o v ’ 1 5 ------ 8 9 4 914
11, 9 2 4 95%
94
93*2 9478 94
80 ____ 89 D ec ’ 15
89
90
"44 864 91
90 Sale
89%
90
127 D ec ’ 15
103 140
92*4 Feb '14
13 |
120*2 122 122
1234
117 " 136”
1034 Jan ’ 14
10234 Sale
9734 Sale
9634 Sale
1033s I03i2
88
88*2
114 Sale
98
98*4
118
66*8 .
1064
1034 Sale
102 Sale
101*8 Sale
984
_9S4 99
9534 Sale
1017 102
s
09% Sale
102 % Sato
~78 "
1034
91%
1014
103
102
So
Sale
105
Sale
Sate
102*2
8334 Sale
77
7 7 4 Sale
98
98%
97% Sale
12534 126
1014 Sale
122% Sale
10034 Sale
112 115
113
96 " o s '
84
86*,
101 Sale
105*2 Sale
9934
94*2
96%
9634
1054
78
78
71%
103"%
1014
103*4
994
1024
5101%
1 35 "
1014
I0234
103
9934
97*2
98
92
964
9634
91
1034
1034'
1004
8 8 4 Jan ’ 16
80
113
116 !
103%
97%
98 I
92*2
1194 D ec ’ 15
115
12134 M a y ’ 14
91 N o v ’ lo
94"
98 June’ 14
68
6S
51%
106 D ec ’ 15
100*4
102
1034 220 9 8 4
94 85*s
101%
1024
43 96%
101
101%
97«4 Jail ’ 15
9734
98*8 D ec *15
94*4
96*2
963
4
92
101%
101*8
95
71
31. 84
102%
103
374 July-14
2 74
78
78%
10334
19 101
103*4
91
771 82%
91%
101*4
101%
78i 99
100 O ct ’ 13
102*8
102*8
1 99*4
iO. 78*4
83*2
83*4
75 Jah ’ 16
38
78
754
; 89
441 45
98%
974
97% 797i 65
964
12 521*4
125*2
1254
29 99 4
102
1014
10 IIP
122%
125%
37 98*4
101
100*2
114
121*2 36 95**
13! 95
122
122
5 92
98
964
83 June’ 15
83
1U1%
100
96
104%
1054
90
98%
70
1064
103
»02%
101%
07*4
98%
97
101%
104%
79
108
92%
102%
1024
84
70
77
98%
97
126
1024
125
102
123
124
97
85
102
104
9934
100
99*4
95% 100
Sale
94*2
9434
90
954
93*4
Sale
96*4
904 97*4
96%' 96*2 Jan ’ 16
89
97
106
Sale 1054
9 7 4 106
____ 1 80 D e c ’ 15
75
80
____ 914 Jan ’ 13
73 | 72 Jan ’ 16
'65’ " 774
23 i 23 D ec '15
20
30*2
40 101% 103%
Sale 103*8
1034
104% 36 7 99% 106
Sale ! 103%
1 99*4 105
Sale .10334
103*4
42 89
Sale I 9S3
4
99
994
57: 9534 103%
102%'102
103
102*2 30 1004 102%
Sale , 101%
D ec ’ 15
____ 105
89% 105*4
136% 138 109*8 1494
Sale 130*2
1 98*4 101%
____ 101*2
1014
9 1 4 ____ 92 July’ 14
88 D ec ’ 15
87*2 90
94 Jan ’ 16
9 4 4 95
75
76*2 75 Jan ’ 16
18 ____ 73 M a r ’ 14
91 Jan ’ 16
9 J 4 92
99*8 Feb '14
I " ’ " *9434 102*1* Apr ’ 06
90 July‘ 15
89 Sale
89
894
87
884
88*2 Sale
101*2 1024 1014 Jan ’ 16
101*4
101% 101*4 101%
1*I134 ____ 101*4
10134
101 D ec ’ 14
73 Apr *14
------- 75
89
90
89 Sale
88
95
80
88*4 92*8
SO
00
85% 89*4
82
84i2
100 103*8
99% 102%
100% 102
S2
91%
91% Sale
91*2
1004
1004 ____ 100*2
107*4
10734 Sale 107
101*2 102 101*4 D ec ’ 15
____ 80
88*4 June’ 14
79 Apr ’ 14
____ 84
99*4 Sale
99%
93*4
95 ____ 95 N o v ’ 15
101*8 ------ 1014 N o v ’ 15
99% 100*2 100 D ec ’ 15
1004 ____ 1014 Juue'15
99*4
98%
98*2 Sale
100*2 Sale 100*8
100*4
100*4
100*8 Sale 100
10134 ____ 101%
101%
94%
95*2
95*2 Sale
104 Junc’ H
’ 92” I I I I 90*2 M a r '15
0 Due O ct.
105
97%
98
1044
894
1154
984
121%
z» Due N o v .
c
D ue D eo.
90%
8 6 4 914
91*4 101
96 109%
68*8 102%
95
95
100
97%
101%
94
94*4
96%
95
994
95
1014
100
1014
99
100
100
101*2
90'?
904
88*a 964
s
Option ale
244
BOSTON STOCK EXCHANGE—Stock Record 3 N °P i<
..B 8t ,
°.?t a
S H A R E P R IC E S — N O T P E R C E N T U M
S a tu r d a y
Jan. 8.
M onday
J a n 10.
T u esd a y
J a n . 11.
W ed n esd a y
J a n . 12.
P R IC E S .
T h u rsd a y
J a n . 13.
F r id a y
J a n . 14.
107*2
99%
190*4
85
129
39
235
5
*106*2
*99
190
84
*128
37*4
*230
*4*4
*40
___
*5
45
44
155*4 *
105
160 *153
77*2 76
*124
87
z86
101*4 *101%
7*2 *6
36
77*2 75
97% *97
152 *150
30
29
138*4 *138
69*2 *67% 70
98% 99
99
2%
2% 2*4
14*4 1334 14*4
116% 115 115
118
117*2 118
128% 127% 128*4
46*2 45
46%
94
92*4 94
67
___ 100 100
30
29
29
44% 43*4 44
10
10
10
247
247 247
173 *172 173
101*2 *101 101*7
86*2 86
86*4
87
87
87
170
169 169
2 % *1 % 2*2
16*2 *15
16*2
*43
30
30
30
*55
132'
132 132
166
165 165
16*2 16
16
127*2 127 127
36*2 36*2 36*2
29*4 2934 30
*2
2%
2
2% 2%
97
97
96% 97M 96
25% 26*2 25*2 26*s 25*8
1*4 1*4
1*4 *1*2
1%
65
67*2 68*2 68
68
69*2 70% 68% 69% 66*2
9*4
9% 9%
9*8 9%
*3%
3
3%
3*4 3*4
77% 7834 77*8 79% 74*4
71
71U 71
71*2 70
565 565
555
559 565
18*4 18*4 18*4 18*4 IS
55
55% 54%
54%
64
05
62*4
63% 65
3*4 3^4
3*2 3*2 *3
15% 15% 15*2 15% 15*2
10
10
10 % 10*4 10*2
86*4 861- 85
86
84*8
50
50*4 49
50*2 48
18
19
18
18*2 18*4
*----27*8 * __
27*8 *
5*2 5*?
5%
48
48
48
48
47*2
*90
91
89%
90
90
30% 31% 30*4 30*4 29%
4*2 414*2 434 *4%
*3*8 3%
3
3*4 3*4
19
19
18*4 18*4 17*4
*5%
5*4
5*2 5%
5*4
3*4 4
3*4 4
3*2
13*4 14*4
13
13*4 13
4
4
4
4*4 4%
3834 38*4 38*4 38% 38
2
2
2
2
2
92
93
90*2
90*2 93
*15% 15%
15*8 15% *15%
10
10
9*2 9*2
9*2
11*4 1 1 % 11*4 11*4 1 1
7% 7*7 *7*8
7*4 *7%
30
30*7 30
30*4 29*2
*2*4 2 %
2
2
2*4
*1 % 2
1%
1*2
1*2
*3*4 4
3%
3%
3*4
66
68% 66*2 68
65
88
88 *
87
86*2
14*4 15
1434 14% 1434
89
89
88*2
88*2 89
25% 25% 25
25*8 24*2
63*2 64*4 6312 64
61*4
3*4 3%
3*2
3*2 3*4
834 9%
9
9%
8*4
33*4 34
33*4 34
33*4
8
8
8
7% 8
27% 28% 26*4 27
26
1% 2
1 % 1%
1*4
50
50
51
53*7 50
1 1 % 12
11
11*4 10*4
.33
.33
.33
.33
.30
57% 59% 58% 61
58
50*2 51
50
50
51
3% 3*4
3*8
3*2 3 %
13*2 13% *13% 14
13
80% 81
80
81
78%
*234 3
3
3
3*4
4
5
4%
4*8 4%
61
61% 60
61
60
2
2
2
2
2%
• B id a n d a s k e d p r ic e ,
a
2
96*2
26%
1*4
67
68*4
998
3
77
71%
560
18
54%
63*4
3*2
1.5*4
10 %
86
49*2
18%
27%
5*2
47*2
89%
30*2
4*4
3
18%
5*4
3*4
13*4
4
38
2
9119
15*2
9*2
11*4
7*4
29*4
2
1%
3*4
66%
80*2
15
89
25*4
62*9
3%
9
34
8
26*7
1%
5317
11*8
.31
59*2
50*7
3%
13*2
80
3
4%
60*2
2
R ange fo r Y ea r
L o w e s t.
92*4 Feb 23
97 Jan 15
170 M ar 5
73 JunelO
109 Feb 26
20 Feb 13
225 Jan 5
5 Deo 31
40 Sep 21
5 Nov24
39 Jan 20
157 Feb 13
1011* July 9
140 Feb 25
51 Feb 9
114 Apr 20
84 Aug 10
92 Mar 4
4% June 7
33 July21
43 Feb 25
89 Oct 1
140 Aug 3
__
15 M arl7
116*2 Jan 4
7934 M a rll
105 Feb 9
01 M ayl5
80 July 1
Miscellaneous
73 Amer Agrlcul Chemical_ 100
69
_
68% 68*2 69
358 Do pref______________100
98%
93% 98*? 98*2 98% 97
152 Amer Pneumatto Service.. 50
___ ____
2
2
*2% 2%
___ ___
120 Do pref...........................50
14
14
*14
14%
239 Amer Sugar Refining_____ 100
114 115*4 115% 115% 114*4 115*4
283
117% 118% 117% 118*2
Do pref______________100
117% 118
127 127*? 127% 127% 127% 128*4 3,863 Amer Telep & Teleg______100
230 American Woolen tr c t f s -----45
45*4 *44*4 45*2 ___ ___
975 Do preferred tr c t f s ___
92
93*2 92*4 93*2 9234 94
___
293 Amoskeag Manufacturing___
67
67
66
66
65 Do pref........................ ..
*98 100*4 99*2 100
99
*98
110 Atl Gulf & W I S S Lines. 100
*27
29
27
27
29
*25
1,128
42%
42
42*2 42
Do pref______________100
42*2 44
285 East Boston Land............. 10
10% 10% 10*4
10
10*4 *10
388 Edison Electric Ilium____ 100
246 246*2 246 246% 242 244
36 General Electric_________ 100
171% 171% *170% 171% 171*4 172*4
67 McElwaln (W H) 1st pref. 100
101*2 101*2 1 0 1 % 1 0 1 % 107% 101%
321 Massachusetts Gas C os...100
86*? 86*2 86*2 86*2 86*2
86
194 Do pref______________ 100
86*2 86*2 87*2 87*2
86*2 87
170 170
33 Mergenthaler Linotype_ 100
170 170
_
L a s t S ale 2
Dec’ 15
*1*2 2 U
Mexican Telephone_____ 10
16*2
*15
10 Mississippi River Power.. 100
16% *15
L a st S ale 40
Dec’ 15
*43
Do pref______________ 100
*
___
30
3 New Eng Cotton Yarn___ 100
30 *___
*
L a s t S ale 58
Jan’ 18
55
Do pref......................... 100
131% 132
131*2 132
487 New England Telephone.. 100
131% 132
26 Pullman Company_____ 100
164*2 16412 ___ ___
164 164
80 Reece Button-Hole_______ 10
16*4 ___ ____
16*4 16*4 16
126% 127%
479 Swift & C o_______________100
136*2 127
127 127
35
196 'f'orrlngton_______________ 25
36% 36*2 35
36*2 36*2
111
28
29
29
29
Do pref_____ _____ ___25
29
29
100 Union Copper L & M ____ 25
1
1
145*2 14634 1,241 United F ruit....................... 101
144 1441? 143*4 144*2
55*4 55% 56*4 9,147 United Shoe Mach C orp .. 25
55
55*4 55
1,689 Do pref...... ......... ......... 25
29*8 29% 29% 29% 29% 29%
85% 86*2 8,132 U S Steel Corporation___ 100
86% 85% 86
85
41 Do pref.......... ............. .100
117% 118
118*4 118% *117% 118
11
11*4 1 1 % 1 1 % 11*4 11*4 14,355 Ventura Consol Oil Fields. 5
48 Jan 5
87% Mar25
1*4 M arl 7
13 Dec 20
100- Feb 24
109 Feb 6
110 Jan 4
101* Apr 6
77 Feb 5
59is Jan 20
97i* May25
4 Feb 24
9% Marl2
8I2 Dec 2
230 MaylO
138U Feb 26
96*2 Aug 25
78 Apr 8
84 N o v l6
154 Feb 8
U Apr 20
10 June 4
35 Feb 23
20 Apr 15
25 July 1
xl27% JunelO
150 Feb 24
15 Sep 27
10434 Jan 4
28 Mar 8
26 Mar25
.95 Jan 18
110 Feb 25
43 Aug 17
28 Mar27
38 Feb 1
102*4 Jan 27
10% Dec 29
107
99%
191
85
129
39
235
5
69
69
98*2 99
*2
2*7
14
14
115 116
117*4 118
127 127*4
43
43
92*9
92
67
*66
*98 100
29
29
42*2 4334
*9% 10
246*2 247
172*4 172*4
101% 101%
86
86*2
87
87
169 169
*1 % 2*7
15
15
*43
*
30
*
55
131*4 132
*
164*2
*16
16%
126% 127
*36
*2818 2912
112
*1
146 146% 145 146
144 145*8
55
55
55*4 55*8 56
56*7
28% 29
29*8
29
29*8 29
87% 88
86*s 87% 85*s 86*2
•117% 118
118 118 *117% 117*4
11*4 1 1 % 1 1
11*4 1 1
11*4
69*2
98%
*2*4
*13*4
116*2
117%
127%
46%
93%
67
*98
*29
*44
10
246
*172*4
*101
86*2
87
*169
*1 %
*15
*43
30
*55
132
*165
*16
126%
36
29*4
STOCKS
BOSTON STOCK
EXCHANGE
Railroads
Atch Topeka & Santa F e ..l0 0
10 Do pref_____________ 100
171 Boston & Albany________ 100
143 Boston Elevated_________ 100
182 Boston & Lowell_________ 100
2,751 Boston & M aine_________ 100
Boston & Providence____ 100
75 Boston Suburban Elec Cos_
_
Do pref_________________
Boston & Wore Electric C o s..
55 D o pref_________________
Chic June Ry & U S Y ...1 0 0
43
Do pref______________
2 Connecticut River_______ 100
109 Fitchburg pref___________ 100
Georgia Ry < Elec stampdlOO
fe
10 Do pref__________ ...1 0 0
130 Maine Central___________ 100
Mass Electric Cos_______ .100
23
Do pref stamped_____100
1,457 N Y N H & Hartford____ 100
23 Northern New Hampshire. 100
10 Old Colony______________100
25 Rutland, pref___________ 100
15 Union Pacific____________ 100
Do pref.........................100
50 Verm ont* Massachusetts.100
203 West End Street__________ 50
197 Do pref______________ 50
L a s t Sale 107*4 Jan’ 16
*106*8 107 *106% 107
99*2 ___ ____
*98*2 99
99% 99*4 *99
190*2 191
190 191
190 191
190% 191
84
84
85% 85*2 85% 85*2
85
85
130 130
130 130
130 130 *130 131
38
37*g 38% 37
37% 38
37*4 33
L a s t S ale 230 Jan’ 16
*230 235 *230 232
___ ____
*4*4 5
*4*4 5
*4*4 5
L a s t S ale 40*8 Jan’ 16
*40
*40
Jan’ 16
L a s t Sale 5%
*5
*5
___ ____
45
45 *
45 *___
44 *
L a s t S ale 160 Sept’ 15
154%
154% *
154% *
*105 105% ___ ___
*105
105 *105
153 153
160 *152 153 *152 157 *152 153
77*2 77% 76*2 76*2
80
76
76l- *76
77*2
L a s t S ale 124 Jan’ 16
125 *124 125 *124 125
___ ___
*85
87
87
*85
87
*85
86
101% *101% 101% 101*4 101*4 *1 01 % ------ ___ ___
Dec’ 15
L a s t S ale 6
8
7% *6*2 7*9 *7
___ ____
37
*___
*36
37
*36
36
76*2 75% 76
77*7 74*2 75*4 75*2 76*4 76
97*2 ___ ____
97*2 *97
97*7 97*2 97*2 *97
151 151% ___ ____
152 *150 151 *150 152
___ ____
29
29
29
29
29 29
29
138*2 138*8 138*4 *138 138% *137% 138
L a s t S ale 83% Jan’ Io
___ ____
*118 120
118 118 *118 118% *118 120 *118 120
66
66*4
*65*2 66
66
66
66
65*2 65*2 6512 65*2 66
81
80*2 81
80
*79*2 80*2 80
80*2 80*2 80*2 81
80*2
*107
*99
190
84%
*128
37
*230
5
*40
*5
♦_
_
*
*105
*153
77*2
*123
*85
101%
*7
*37*2
7534
*97
*151
*29
*138%
S a les
o f th e
W eek
S h a res.
2%
21? *2
2
2
*2
95
96
96*2 95% 95%
96
25
2512 25*4 25*4 25% 25*4
1%
1%
1*4 1*2 *1*2 1*4
65
66*2 66
66*2 64% 66*2
67
06*4 67% 66
66*4 67*8
9*4 9%
9*4 9%
9*8 9%
3*g 3*8
*3
3*4
76*4 75*2 76%
74*4 76% 75
70*2 68*4 69
69*4 70% 69
554 554
557 559
559 560
*17*2 18*4 ___ ____
18
18
54*4 54*4 54*4 54*4
53
53
63%
62*2 63% 62% 63% 63
___ ____
3
3
3%
3%
15*4 15*2 15*4 15*2 15*4 15*2
9% 10*4 ___ ____
10 % 101?
85*2
85*2 87*4 85
84*2 85
49
47
47% 47% 49*2 48
17% 17%
18
18*4 17*4 18
L a s t S ale 28*4 Dec’ 15
*26% 27%
_ ____
5
5
5
5
47*2 47% 47*2
*47% 47% 47
___ ____
90
90
*90
91
29
29% 29
29*2 30*4 29
4 % 4 % ___ ____
4% 4*4
*3
3% ___ ____
3
3
17*2 17*4 17% 18*2
17*2 18
5
5*2 *5>X. 5% ___ ____
3>4 3^8
3% 3% *3*4 334
___ ___
13% 12*4 13
13
___ ___
4
4
4
4
38
38
38*s 38
37% 38
2
2
1%
1%
1% 2
92
91
91%
90
91*4 91
*15% 15*4 *1512 15% ___ ___
9% 9*2
9% !)*?
9*2 9*2
14
1 2 % 1134 11% 12
11
7*2 7%
7*2 7*2 *7*2 7*4
29*4 29%
29l2 30
29*2 30
___ ____
2
2
*2
2%
*1*4
1% ___ ____
*1*4
U?
3*4 3%
*3%
3*4 *3*8 3*4
66
66% 66
65*4 66*2 65
86
86
85
85
85
86
15
14*4 1434 15
14*4 15
88
88
87
8712 87
88
24*4 24*4 24% 2434
*24% 25
62
62
62
62
62*4 62
3
3
3% 3%
3*2 3*?
9
9%
9
9%
8% 9%
32*4 33*2
32*4 33*4 32*4 33
7% 7*2
*7% 7%
7*2 8
26
26
26
26
26*4 26
1% 2
1*4 1 %
1% 1 %
51
53
52*8 56%
52
53
10 % 1 1
10*4 11
10*4 11
.22
.26
.20
.28
.28
.31
57% 58*4 56% 58*4 56% 58%
50*8
50
50*4 50
50*4 50
3*4 3%
3% 3%,
3*di 3*2
13
13
13
13
13*4 13
79*2 79% 79*2 79*2 ___ ____
3
234 2*4
3
*2*2 3
4*4 4%
4*8 4*2
4*4 4%
60% 601? 60% 61
60% 61
2
2
*2
2*8
2*8 2%
E x - d lv ld e n d a n d r lg h ta .
8 E x -s to c k d iv id e n d ,
Mining
Adventure Con.....................25
1 Jan 22
Ahmeck__________________25 9212 Deo 13
Alaska Gold_____________ 10 21*2 Dec 9
Algomah Mining............... 25
45 Feb 10
Allouez___________________ 25 35*2 Jan 5
Amer Zinc, Lead * Smelt. 25
10»4 Jan 4
Arizona Commercial______ 5
3U Jan 4
Butte-Balaklava Copper.. 10
2 Jan 16
Butte & Sup Cop ( L t d )... 10 3534 Jan 4
Calumet* Arizona_______ 10 51*2 Feb 23
Calumet & Hecla_________ 25 350 Jan 4
Centennial_______________ 25
15 Jan 12
Chino Copper___________ 5 32% Jan 6
Copper Range Cons C o ... 100 30 Jan 13
17 Jan 21
8
4,510 East Butte Copper M in____ 10
8*2 Jan 5
1,407 Franklin__________________25
41* Feb 5
3,396 Granby Consolidated_____ 100 58 Jan 7
1,260 Greene Cananea.......... ...... 100 23*4 Feb 1
360 Hancock Consolidated_____25 11 Jan 18
Hedley G o ld ...................... 10 20*2 Oct 27
310 Indiana Mining_________ 25
2*4 Jan 21
480 Island Creek Coal________ 1 41 M arl8
1 8512 Jan 5
80 Do pref.......................
2,23.8 Isle Royale Copper________ 25
17%Jan 11
480 Kerr L ake.......................... 5
3 Aug 3
95 Keweenaw Copper________ 25
1*2 Aug 23
2,725 Lake Copper C o__________ 25
5*2 Jan 27
225 La Salle Copper__________ 25
3*8 Jan 7
1,668 Mason Valley Mine______ 5
1 M arll
1,207 Mass Consol_____________ 25
3 Jan 11
410 Mayflower_______________ 25
3 Aug 16
640 Miami Copper___________ 5 10»4 Jan 2
1,135 Michigan_________________25
.00 Mar 1
2,455 Mohawk.................
25 48*4 Jan 15
31 Nevada Consolidated____
5 11% Feb 24
590 New Arcadian Copper_____25
4i2 Feb 24
5,216 New Idrla Quicksilver____ 5
4 July 10
260 Nlplsslng Mines_________ 5
5% Aug 9
3,999 North Butte......................... 15 22% Jan 25
110 North Lake______________ 25
1 Jan 28
70 OJlbway M in in g ............. 25
.50 M ar 4
200 Old C olon y______________ 25
2*4 Nov29
2,747 Old Dominion C o_________ 25 38% Mar 8
220 Osceola_____ _____________ 25 64 Jan 28
615 Pond Creek Coal_________ 10 12 Jan 7
194 Quincy_______
25 60 Jan 16
___
490 Ray Consolidated Copper. 10 15*4 Jan 7
492 St Mary’s Mineral Land.. 25 28 Jan 4
1,005 Santa Fe Gold & C opper.. 10
1 M arl7
4,676 Shannon________________ 10
4 Jan 15
4,972 Shnttuck-Arlzona________ 10 18s4 Jan 5
733 South Lake...............
25
5*4 N ov 3
725 Superior__________________25 22% Jan 6
3,497 Superior & Boston Copper. 10
1 Mar 3
4.416 Tamarack________________25 25 Jan 4
1,955 Trinity...................................25
2% Feb 11
12,800 Tuolumne C op per............. l
.20 Jan 2
38,820 U 8 Smelt, Refin 4 M in .. 50 20 Feb 25
2,724
Do prof.......... ................60 28 Jan 15
2,700 Utah-Apex Mining_______ 5
2 Jan 2
887 Utah Consolidated_______ 5
9% Feb 26
285 Utah Copper C o__________ 10 48>4 Jan 0
730 Victoria.................................25
1 Feb 26
2,215 W inona__________________ 25
1>4 Jan 18
505 W olverine________________25 32 Jan 6
805 W yandott________________251 .50 Mar 3
t A s se s s m e n t p a id . 8 E x -r lg h ta . 1 U n s ta m p e d . *
200
385
4,395
875
1,392
14,325
19,036
300
21,483
5,688
96
195
512
6,034
1915.
[Vol. 102
R a n g e f o r P r e v io u s
Y e a r 1914.
H ig h e s t .
H ig h e s t .
109% N ov 1
101% N ovl9
198 Jan 12
96 Jan 5
138% Oct 27
37% Oct 11
240 June26
10 Mar24
56 Mar23
9 Sep 1
47 Julyl5
160 Sep 9
110 Apr 21
165 Jan 12
76 N ov 5
120 Feb 6
88 Mar 3
103% N o v l6
10 Sep 24
50 Jan 6
87s4 Oct 11
98 Apr 29
157 Apr 9
30 Nov23
141% N ovl9
81% Oct 28
125 Apr 20
72% Jan 25
93*2 Feb 4
88*4 N ov 100 July
97% Jan 101% Feb
175 N ov 195 Jan
77 May 101% July
150 Dec 179 Feb
30% July 55 Jan
225 May 255 Jan
7*2 Feb
7 Mar
50 July 60 Jan
35 July
160 Mar
103 Dec
162 Nov
75 July
115% Deo
83 Jan
90% Jan
9 Apr
54 Dec
49% July
100 May
140 July
19 May
110*4 Nov
82 Apr
115 Jan
65 Nov
82 Dec
40 Jan
163 Jan
107 June
200 Jan
93 Jan
124 May
88% Apr
99 Mar
14 Jan
66*2 Jan
77% Jan
112 Feb
165 Jan
30 Jan
163*4 Jan
85 Jan
130 Feb
75 Jan
95 Mar
7334 N ov 8
47*4 Jan
101% Nov20
89 Dec
4% Oct 25
2 Dec
19% Jan 9
17 Jan
119% N ov 5
97*4 Mar
119 Dec 8 108 Mar
130%N ov 4 112 Nov
57*4 Oct 20
14 Mar
99% Oct 4
72*4 Mar
67 Apr 23
57*2 Deo
101 Feb 6
97% June
30 N ov 4
5 Feb
49 N ov 4
13% May
13*4 Apr 5
9*2 Deo
260 Jan 22 234 Nov
181% Oct 4 137 Deo
104 Mar29
98*2 Nov
94 Aug 6
70% Nov
92% Jan 28
85 N ov
200 Jan 4 200 Deo
3 Sep 10
2% May
18 July
16% Dec 21
55 June
46% Jan 26
30 Nov26
20 Apr
55 Dec 2
38 Dec
143 Jan 29 128 Nov
170 Oct 23 148 Deo
16 Jan
18*4 Jan 2
128 N ovl6 101*2 Nov
36*2 Dec 28
27 Feb
30*4 Sep 8
27 Mar
134 Apr 21
.95 Deo
103 N ovl7 z ll3 Dec
65 May24
52*4 Dec
30 Aug 31
28 Jan
89% Dec 27
48 Deo
117'4 Oct 30 103% Deo
14% N ovl7
59% Mar
98 June
4 Jan
22 Jan
110*4 Jan
115 Deo
124 Jan
15 Mar
83 Jan
67 Feb
100*2 June
9 Jan
16*4 Jan
14% Feb
265 Mar
150*2 Feb
102 Jan
94% Fob
96 Mar
210»4 Feb
3 Jan
38 Feb
70 Jan
30 Jan
69 Jan
141 Feb
159 Jan
20% July
10734 Mar
31 May
29*2 Jan
2 Feb
173 Feb
01*4 June
30*g July
67% Jan
112% Jan
47* Apr 22
103 Aug 27
40% Apr 22
4s4 Apr 22
65 Dec 28
72*4 Nov26
9% Apr 22
434 Apr 22
80 June 4
78*4 Apr 20
030 Apr 22
25 Apr 22
57 N ovl7
65 Dec 28
534 Apr 22
10% Dec 7
14% Apr 22
94*2 Apr 27
52% Dec 28
24% Apr 29
2934 Jan 19
10% Apr 22
52 Aug 17
91% Apr 27
34 Apr 26
5% Apr 20
4** Apr 26
19% Dec 2L
9 Apr 23
5 Dec 27
17 Apr 22
8 Apr 22
36% Dec 31
3 Apr 22
98 Dec 20
17 Apr 27
14*4 June 7
13*2 Aug 7
8% Nov29
38% Apr 26
4% Apr 23
3% Apr 29
7% Apr 22
64 Dec 21
93% Apr 22
19% Aug 13
95 Apr 22
27% N ovl7
65% Dec 28
5 Oct 22
11*4 Apr 26
38 N ovl7
734 July27
41% Apr 20
4*2 Apr 29
58% Aug 18
15% Oct 13
.03 Apr 14
54 Dec 21
50*2 Deo 28
5% Junel6
10% Junol4
81*4 Dec 28
4*2 Apr 22
5% May 1
70 Apr 20
2% Apr 23
2 s p a id ,
a H
2 Jan
1 Apr
239*4 Apr 300 Mar
28*4 May
19 July
1*4 Jan
% Dec
43*4 Feb
34% Jan
2 Jan
12*4 Nov
6*6 Mar
2*2 Nov
4*g Feb
1 Nov
40*4 May
24 Nov
70% Mar
53 Deo
350 Deo 460 Feb
19 Feb
14 Jan
43*2 Feb
30*4 Deo
40*4 Feb
29 Dec
3 Feb
1% Nov
13 Jan
8 Deo
2 Nov
7% Apr
00 Deo
91 Fob
42% Feb
21U Apr
22 Feb
11 Doo
30 Ma
28 July
6*2 Feb
3 Apr
50*4 June
44*2 Deo
81 June 89*2 June
24 Feb
10 Deo
6% July
3% Mar
4 % Feb
2*8 May
10*2 Jan
4*4 Nov
5*2 Feb
3'/f,Dee
4 Jan
1*4 Deo
2 Mar
e5% May
9 Jan
3*4 June
16*4 Deo
24*8 Feb
1*4 Feb
.50 July
39 Apr
49*2 Deo
16% Deo
10 Doo
7% Jan
1% Jan
4 June
4 June
8*s Fob
5 July
19*4 Deo
30*4 Feb
2% Jan
.95 Apr
2 Jan
*4 Apr
5 % Fob
2% Nov
64 Feb
44 Deo
84 Fob
04 Deo
20% Jan
12*4 Dec
08 Feb
51% Deo
22% Apr
15 Deo
40 Fob
28 Dec
2*4 Jan
1 Jan
4 Nov
7*2 Feb
29*4 Feb
18 Deo
22 Nov
1*4 Nov
24*2 Dec
2*4 Nov
.23 Deo
24% Deo
40% Apr
1*4 Nov
8*4 Jan
45% Nov
1 Mar
1% Deo
30 Deo
30 June
a lf-p a id .
32 Feb
2%Jan
43 Feb
6% Jan
.85 Mar
43*2 Feb
48% Feb
2% Feb
14 Fob
59 June
c2% M ay
4% Feb
47*4 Feb
1*4 Jan
JAN. 15 1916.]
THE CHRONICLE
Outside Exchanges— Record Transactions
Stocks— (C o n .)
Boston Bond Record.— Transactions in bonds at Bos-
2 4 5
F r id a y
S a les
L a st W eek ’s R ange
fo r
S a le
o f P ric es.
W eek.
P a r. . P r ic e . L ow .
H i g h . S h a r es.
18)4
19c.
San Toy Mining.
Bonds—
F r id a y
L a st
W e e k 's R a n g e
S a le.
o f P r ic e s .
P r ic e . L o w .
H ig h .
Am Agricul Chem 5 s.. 1924
Am Tel & Tel 4s------- 1929 91)4
Convertible 4 )4 s ... 1933 107)4
Anglo-French 5s------Atch Top & S Fe 4s_..1995
A t I G & W I S S L 5 s - .1959 75
Central Vermont 4s.. 1920
Chic June & U S Y 4s. 1940
Gt Nor-C B & Q 4 s.- 1921
Mass Gas4)4s---------- 1929 97)4
Miss River Power 5s. . 1951
N E Cotton Yarn 5s. . 1929 76
N E Telephone 5s___ 1932 102
Swift & Co 5s.............. 1944 99)4
United Fruit 4)4s___ 1923
4 ) 4 s .......... ............. 1925
Western Tel & Tel 5s. 1932
99 H
97)4
91)4
106)4
95)4
94)4
74
81
85
98)4
97)4
80)4
75
101)4
98)4
98)4
97
99)4
98
91)4
107)4
95)4
94 M
76 W
82
85
98)4
97)4
80)4
76
102
99)4
98)4
97
99)4
S a les
fo r
W eek.
S h a r es.
S4.000
32,000
1,700
2,000
1,000
37,500
10,500
1,000
7,000
1,000
5,000
8,000
24,000
46,000
5,000
1,000
18,000
R ange fo r Y ear
Low .
91
86)4
95)4
94
90)4
60
68
82
95
95
70
70
99)4
94)4
93
90
94)4
|
1915.
H ig h .
NOV
Apr 97
Jan 91)4 Nov
Jan 108)4 Nov
Dec
95
Dec
Jan
Mar 95
Nov
Jan 79
Dec
June 80
Sept
Jan 85
Jan 98)4 Nov
Jan 97)4 Nov
July 81)4 Dec
Jan
Apr 76
Nov
Jan 102
Feb 98)4 Nov
May
Feb 99
Jan 96)4 Dec
Mar 99 H Nov
Preferred___________ 50
U S Glass____________ 100
U S Steel Corp com___ 100
Westlnghouse Air Brake 50 139
Westingh Elec & M fg_.50
67
Preferred___________ 50
Bonds—
Central Dlst Tel 5s_ 1943
_
Monon Rlv C C & C 6s. 1949
Pitts All & Man Tr 5s. 1930
Pitts McK & Conn 5S.1931 i o l l i
Range fo r Y ea r
Low .
1915.
H ig h .
18)4
18c.
124)4
130
30)4
85
138)4
65)4
79)4
18)4
21c.
126
130
30)4
87)4
139
68)4
79)4
101)4
114
100
101)4
101)4 $5,000 98 % Apr 100
Aug
114
1,000 113
Sept 114)4 Nov
100
1,000 98
Apr 100
Feb
101)41 5,000 96 )4 July 99)4 Jan
835
19
13)4 May
15,900
8c. Apr 24c.
240 92
Apr 130)4
ID 95
Mar 131
10 13
Aug 31
470 38
Feb 89 %
264 116)4 Mar 144
652 32)4 Feb
74)4
30 58
Feb 85
Dec
June
Oct
Oct
Dec
Dec
Sept
Oct
Oct
Chicago Stock Exchange.— Complete record of transac
tions at Chicago Stock Exchange from Jan. 8 to Jan. 14, both
inclusive, compiled from the official sales lists, is as follows:
Stocks—
Par
F rid a y f
S a les
L ast
W e e k ’ s R ange■ f o r
S a le.
o f P r ic e s .
W eek.
P r ic e . L o w .
H ig h . S h a r es.
Range fo r Y ea r.
Low .
1915.
H ig h .
American Radiator___ 100 390
385 390
36i 345
June 390
Jan
American Shipbuilding. 100
3 3 35
210i 26
Apr 48)4 Aug
Preferred__________ 100
76
76
76
170' 67)4 Apr 84
Dec
Booth Fisheries, co m .. 100
25
26)4
185i 30
Feb 44
Aug
Preferred................. .100 68
66
68
147 68)4 Mar 81
Aug
Chic Elev R y, pref_______
72
72
1
Chic Pneumatic T o o l..100
74)4
74
76)4
4201 45)4 Feb
93)4 Aug
S a les
F rid a i
Chic Rys part ctf “ 1 "..
79)4
79
14 70
79)4
Sept 93
Jan
fo r
R a n g s J o r Y e a r 1915.
W e e k 's R a n g e
L a st
Chic Rys part ctf " 2 " ..
18
18
220
18)4
16
Oct 31)4 Jan
Chic Rys part ctf “ 3” ..
4
4
100
3
Oct
5)4 Feb
S h a res
L ow .
\ P r ic e . L o w .
H ig h
| ' H ig h .
Commonwealth-Edlson 100
145)4 145)4
145 132)4 June 146)4 Nov
Deere & Co pref______100
97
97
19 88
Jan 99
Sept
)
5
Sepl
15
19
19
220
Diamond Match______100 106)4 106)4 107)4
197 90
Mar 121)4 Nov
Dec
55 35
67
Arundel Sand & Gravel .
37)4 38)4
Hart Shaff & Marx, pf.100
115
115
5 105
Jan 116
Nov
Sept 122
0 ........ 119 119
10 107
Illinois Brick................. 100 78)4
78)4 80
80 60
Feb 85
Dec
44
0 ..........
30
30
25)4 May 102)4 Apr Lindsay Light________
7
700
, 6)4
7
3)4 Feb
Dec
Dec National Carbon______100 180
O '......... 115 115
21 102)4 May 116
180 181
178 119)4 Jan 166
Dec
15 106)4 Jan 116)4 Dec People’s Gas Lt & Coke 100 110
) 115)4 115)4 115)4
110
293 107)4 Dec 123)4 Apr
111)4
Jan 100
Nov Pub Serv of No 111, com . 100
72 92
) 101)4 101)4 102 W
109)4 HO
174 i 75
Jan 110
Nov
Jan
16
8,304
Dec
5
Cosden & C o.
14)4 15)4
15)4
Preferred__________ 100
102)4 103
65 93)4 May 102
Nov
8,561
70 H
69)4 71)4
Quaker Oats C o______100
309 318
235 225
Sept 330
Nov
May
22
June
16
1(K
) ..........
18
18
Preferred__________ 100
107)4 108)4
80 ; 103
Apr 108
Oct
Dec 65
Dec Sears-Roebuck, c o m ...100
1 65
65
65
) 65
183)4 182)4 186
1,533 0131)4 Mar 215
Jan
Mar 25
915
10
Nov
21
22)4
) 21)4
Preferred__________ 100
125 125
25 121
Jan 126
Mar
Jan 68
405 54
Dec Stew Warn Speedo com . 100
66
67
) 67
90
87)4 90)4 10,867 48)4 Jan 92)4 Nov
29 58
64)4 64)4
Dec
J ...........
Dec Swift & C o . . ............ ..100
67
126
894 104)4 Jan 128
125)4 127)4
Deo
16
16
16
5
Oct
9
M t Vernon Mills V T .
Nov Union Carbide Co____ 100 174
18
173 176
472 144)4 Jan 181
Dec
53
54
53
36 52
Dec 55
Preferred — ..........
Oct Ward, Montg & Co, pref.
345 110)4 Jan 115
Deo
I ..........
260
82
Aug 90
89)4 89)4
Dec Westem Stone________100 113)4 113 114)4
2
2
100
1 _____
90
73
73)4
63)4 Aug
75
Dec
Bonds—
Pub Service Bldg pref.
102 102
40 101
Nov 101)4 Oct Armour & Co 4 )4 s ...l9 3 9
94
94
$6,000 91
Jan 93)4 Nov
Poole Engine & Mach.
143 145
25 95
Dec 156
Dec Booth Fisheries s fd 6s 1926 84
84
86
13,000 87
June 88
Apr
Sapulpa Refining____
9)4
1,790
2
July
9)4 10)4
9)4 Dec Chicago City Ry 5s. .1927
99)4 99)4 16,000 96
99)4
June 99)4 Dec
Preferred............ .
10
2,855
9)4 10)4
4)4 Oct
Dec Chic Pneu Tool 1st 5 s.1921 97)4
9)4
Feb 98
97)4 97)4 17,000 94
Mar
1..........
100
17)4 17)4
Nov Chicago Rys 5s_____ 1927
12)4 Mar 20
97)4
June 97)4 Dec
97)4 97)4 37,000 93
) 26
802
25)4 26)4
Mar
20)4 June 27
91
91
91
Chic Rys 5s..series “ A”
2,000 86
Sept 90)4 Nov
5
3,040
4)4
5)4
Dec
6
2)4 May
Chic Rys 4s. .series “ B”
73)4 75
7,000 69
Sept 77)4 Mar
70
70
7,000 60
Chic R y pr m M g 4s 1927
Nov
68
Dec
77
77
77
$7,000 70
Sept 77
Oct Commonw-Edlson 5s. 1943 102)4 102)4 102)4 24,000 100
Jan 102)4 Nov
Alabama Co gen 6s.
61
61
4,000 50
Dec 58
Dec
102 102
Commonw Elec 5s. 1943 102
5,000 99)4 May 102)4 Dec
Et?do small bonds.
1,100
Dec
58)4 60
Dec Metr W Side El 1st 4s. 1938
50
50
73
73
1,000 70)4 Oct 77
Feb
92)4
6,000
92)4 92)4
82)4 Aug 92)4 Nov Morris & C o 4)4s------ 1939
89)4 89)4
4,000 86)4 Jan 90
Dec
8,000 96)4 Jan 99)4 June Ogden Gas 5s-------------1945 95)4
99)4 99)4
95)4 95)4 14,000 92
Jan 95)4 Dec
Jan Peo Gas L & C ref g 5s. 1947
..........
Aug 97
95)4 96
2,000 93
101)4 102
3,000 99)4 Jan 102)4 Dec
Jan
June 97
93
2,000
97)4 97)4
97)4
ChlcGasLAC Ist5sl937
102)4 102)4
5,000 100)4 Oct 103
Nov
...........
June Pub Ser Co 1st ref g 5s. 1956
Aug 95
94
94
1,000 92
94)4 94)4
3,000 87)4 Jan 95
Nov
Deo Swift & Co 1st g 5 s ... 1944 98)4
...........
7.000 86)4 Sept 92
91)4 91)4
98)4 99
33,500 94)4 Jan 98)4 Nov
Dec
1.000 99)4 Jan 104
104)4 104)4
Elkhorn Corporation 6s. . .
97)4 Dec
98)4
97)4 98)4 73,000 97)4 Dec
aEx-50% stock dividend, x Ex-divldend.
100)4 100)4 100 % 33,000
92)4 Jan 100)4 Dec
Dec
Small bonds .
1,000 93)4 Jan 100
100 100)4
Feb
99)4 99)4 11,000 98)4 July 100
Philadelphia Stock Exchange.— Record of transactions
Fairmont Coal 5s___ 1931
Jan 96)4 Jan
4,000
94
96)4 96)4
Georgia & Ala cons 5s. 1945 103)4 103 y , 103)4 17,000 100)4 Aug 102)4 Apr at the Philadelphia Stock Exchange from Jan. 8 to Jan. 14,
Ga Car & Nor 1st 5 s.. 1929 103)4 103 103)4
3,000 101
Jan 103)4 Dec
Georgia Sou & Fla 5s. 1945
2,000 100
Aug 103)4 Dec both inclusive, compiled from the official sales lists.
102)4 102)4
G-B-S Brewing 1st 4s. 1951
22
22
1,000
Aug 23
18
Jan
F r id a y
S a les
Hous OH dlv ctfs.. 1923-25
81)4 81)4 14,000
72)4 Apr 82)4 Dec
L a st
W eek ’s R an ge
fo r
Maryl’d El Ry 1st 5s. 1931
R a n g e f o r Y e a r 1915.
97
97)4
2,000 94
July 98)4 Jan
S a le.
o f P r ic e s .
W eek.
Merch & Min Trans 6s w 1. 101
101 101
32,000
P a r. P r ic e . L ow .
Stocks—
H i g h . S h a res.
Low .
H ig h .
M St & St P C Jt 5 s.. 1928
101)4 102
3,000 ioo
Sept 102
Jan
Monon Val Trac 5 s.. . 1942
92)4 92)4
7,500
91
Dec 93
Dec American Gas of N J..100
121
122
99 100
Jan 123)4 Dec
N O Mob & Ch 1st 5s. 1960 51)4
1,000 33
51)4 51)4
Feb 55
Dec American Milling..........10 122
5
Apr
283
7
Dec
7) 4 8
Norf & Ports Trac 5s. 1936
81)4 81)4 26,000
75
Aug 84)4 Jan
209 93)4 Dec 101
95)4 95)4
Jan
Norfolk Ry & Lt 5 s.. 1949
96)4 96)4
1,000
94
Sept 97)4 Apr American Rys pref___ 100 '95)4
Baldwin Locom pref_
17 90
108 108
Mar 115
Sept
90
90
90)4 13,000 88
Jan 92
Apr Buff & Susq Corp v t _ 100
C-100
461
May
40
40)4
11
43)4 Dec
St Paul Cable 5s_________
102 102
1,000 102
Dec 102
Dec
Pref v
56
57
138 36
May
59)4 Dec
Seaboard A L 4s stpd.1950
82)4 82)4
1,000
Nov Cambria t c ................... 100
77)4 Jan 84
2 41
45
45
May 45)4 Nov
United Ry & Elec 4 s.. 1949 83)4
83)4 83)4 29.000
Nov Cambria Iro n -------------- 50
79)4 June 83
Steel-------------- 50 75)4
Feb 79)4 Dec
74)4 75)4 19,399 41
Income 4s_________1949
62
61)4 62
67,000
June 64
55
Nov Elec Storage Battery.. 100 63)4
2,042 47)4 Jan 78)4 Sept
63
65)4
Funding 5s small.. 1936 85 H
85
85)4
3.900 80)4 July 87 H Jan General Asphalt______100
34
34
Mar 37)4 Nov
50 24
Preferred__________ 100
Mar 74)4 Nov
275 60
71
71)4
Insurance Co of N A _ 10
_
Jan 25)4 Dec
1,635 21
£26
26)4
Pittsburgh Stock Exchange.— The complete record of
J G Brill Co........ ..........100 40
35)4 47
985 29
July 72)4 Oct
transactions at the Pittsburgh Stock Exchange from Jan. 8 Keystone Telephone__ 50
Aug
100
14)4 14)4
16
Apr
13
Preferred___________ 50
4 61
Jan 69
Apr
to Jan. 14, both inclusive, compiled from the official sales Lake Superior Corp— 100 8)4 68 ) 4 68
Apr 13)4 June
2,748
5
8
9)4
242 71)4 May
81
Dec
lists, is given below. Prices for stocks are all dollars per Lehigh Navigation____ 60 78)4 78)4 79)4
Lehigh V alley...........—50
81
80)4 82
156 65
Jan 82)4 Dec
share, not per cent. For bonds the quotations are per cent Lehigh Val Transit____ 50
330
18
18)4
13)4 June
19)4 Nov
Preferred.....................50 '38)4
245 26)4 Mar 39)4 Nov
38)4 38)4
of par value.
54
54
Little Schuylkill.............50
77 52
July 55
Nov
Mlnehill & S H .............. 50
100 54)4 July 57
56)4 56)4
Oct
F r id a y
iS a les
Norristown_____ _____ 50 142
142 142
40 136)4 Sept 141)4 Jan
L a st
W e e k 's R a n g e
fo r
R a n g e f o r Y e a r 1915.
North Pennsylvania..-.5 0
94)4
Feb 93)4 Dec
94
94)4
19 90
S a le.
o f P r ic e s .
W eek.
Penn Salt M fg.................50 100
Mar 108
787 80
100 100)4
Oct
P a r . P r ic e . L o w .
Stocks—
H i g h . S h a res
Low .
Pennsylvania__________ 50 69
H ig h .
2,664 51 H Feb 61)4 Nov
58)4 59)4
Penn Traffic_________ 2)4
100
2
Nov
2)4. 2)4.
1)4 Apr
A m WlndowGlassMach 100
44
39
44
6,460
15) 4 July 35
Dec Pennsylv Steel p r e f... 100 80)4
80) 4 83
55 49)4 May 98
Oct
132 134
Preferred.................. 100 134
505 75)4 May 139
Dec Philadelphia Co (Pitts).50 42
42
42)4
275 29)4 Mar 48)4 Oct
Am Window Glass pref. 100
101)4 102)4
45 89)4 Oct 123
Jan
Pref (cumulative 6% )-50 44
43)4 44
Mar 46
275 32
Sept
75
75
60 69)4 Nov
Cambria Steel-------------- 50
28
78H Dec Philadelphia Electric.22)4
3,443 23 H Jan 29
28
28)4
Dec
39 H 41
155 23
Caney River Gas.............25 40
July 40)4 Dec Phlla Rapid Transit___ 50
145
18)4 20
7
May
21)4 Dec
1,435
15)4
Columbia Gas & Elec_100
14)4 15)4
8)4 Jan
Voting trust rects___ 50
16)4 Nov
15,321
17)4 21
19 H
21)4 Dec
7)4 May
4
4)4
180
4X
Consolidated Ice c o m ...50
3) 4 Dec 6
Mar Philadelphia Traction..50 79)4
152 70
79
79)4
July 80
Nov
34)4 34)4
100 34
Preferred___________ 50
Nov 40
Feb Reading______________ 50 82)4
567 70 May
81) 4 82)4
85)4 Nov
56
57)4
30 45
Crucible Steel com___ 100
Feb 71
Deo
2d preferred_________ 50
24 40
Jan 44)4 Nov
42) 4 42)4
109)4 HO
140 75
110
Preferred.............
100
Jan 111)4 Dec Tono-Belmont Devel___ 1
3,712
5 5, Nov
/
4)4. 4)4
3)4 July
72)4 75
150 45
Harb-Walk R efra ct... 100 75
Feb 71
Dec Tonopah Mining________ 1
1,516
5
July
6)4
7
7)4 Jan
100 101
106 97)4 Mar 100
Preferred...... .......... 100
Dec Union Traction________ 50
1,361
43) 4 45
30 May 47)4 Dec
70
Indep Brewing com___ 50
3)4
3)4
3
2)4 Aug
6
Apr United Cos of N J ____ 100
225)4 226
Mar 225
6 220
Feb
18)4 18)4
Preferred.....................50 18)4
50
13)4 Aug 22)4 Jan United Gas Impt_____ 50
88
87)4 88
835 80)4 Jan 89)4 Nov
La Belle Iron Wks com. 100 62
100 27
51)4 62)4
Jan 59)4 Nov U S Steel Corporation. 100 86)4
38
Feb 89)4 Dec
85)4 87)4 22,611
123 123
Preferred................ 100
520 103
June 124
Nov Warwick Iron & Steel.. 1 0 _____
205
10)4 10)4
9)4 July
11)4 Aug
Mfrs Light & Heat........ 50
400 46
51
51)4
May
6 1 )4
63)4 Nov West Jersey & Sea Shore 50 60)4
101 47
Aug 50)4 Nov
50)4 50)4
Nat Fireproofing com
60 10)4
10)4 11)4 3,390
4) 4 Feb 13)4 Oct Westmoreland Coal___ 50 ..........
Jan 67)4 Dec
68 58
67)4 67)4
Preferred.............. ' 50 23)4
270
23)4 24
16
Feb 26
Nov Wm Cramp A Sons----- 100
81)4
150 18)4 Jan 91
81)4 84
Sept
Ohio Fuel OH...... .......... " . 1
370
17) 4 18
12
May
17)4
18)4 Dec York Railways pref___ 50| 35
35
35
52 28)4 July 35
Dec
Ohio Fuel Supply.......... j>5
120 38
39
39)4
Nov
45
May
Scrip—
Osage < Oklahoma C o. 100
fc
105 105
45 67)4 Feb 108
Dec Cambria Steel Scrip.. 1916 98
98
98
Feb 102)4 Oct
25 95
Peop Nat Gas & Plp'ge.25 36)4
235 30
35
37
July 31)4 Sept
Scrip.............. Feb 1917
Feb 101)4 Oct
87 95
101)4 101)4 101)4
Plttsb Brewing com___ 50
5
6
245
3
Feb
6 )4
Scrip.............. May 1917 101)4 101)4 101)4
8)4 Nov
Feb 102
Dec
87 95
Preferred....................60
50 12
July 24)4 Jan Philadelphia Co scrip. 1916 100
18) 4 18)4
100 100
469 90
Feb 109
Aug
Pittsburgh Coal com .. 100 36)4
33)4 36)41 2,120
16) 4 Jan 42)4 Oct
Scrip___ _________ 1918 98
98
98
Feb 98)4 Nov
578 80
Baltimore Stock Exchange.— Complete record of the
transactions at the Baltimore Stock Exchange from Jan. 8
to Jan. 14, both inclusive.
H
1
[Vol . 102.
THE CHRONICLE
346
B id . A sk ,
Railroads—
Tobacco Stocks— Per S h a re.
30
Par B id . I A sk. West Pao 1st 5s 1933...M-S f 27
American Cigar commonlOO 110 115
H ig h .
Low .
Street Railways—
Par
Preferred___________ 100 98 101
Bonds—
61 62
90
Dec Amer Machine & Fdry..l00 *15 95 Com’w’Ith Pow Ity A L—100 85 86
Preferred.____ ______ 100
i
Allegheny Val gen 4s. 1942 96 Ji 96 Vi 96 V $23,000 95 Vi Nov 97
16
Dec Brltlsh-Amer Tobac ord—£1
Jan 90
7,000 85
10
8
90
90
Amer Gas & Elec 5s. .2007
Ordinary, bearer-------- £1 *1 §,*.i®% Federal Light & Traction 100
Dec Conley Foil___________ 100 350 400
Jan 90
1,600 85
90
90
Preferred___________ 100 40 43
Small____ .—____ 2007 90
i
23
i 1,0 0 0 100 Vi Mar 107 V Nov Johnson Tin F oil* Met. 100 150 170 Republic Ry * Light___ 100 2 1
104 V 104 V
i
Baldwin Locom 1st 5s 1940
Dec MacAndrews A Forbes.,100 135 150
2,000 115Vi Jan 12 0
12 0
12 0
Preferred..................... 100 69 71
Bethleh Steel p m 6s .. 1998
i
5,000 10 0 V Oct 102 V Nov
i
9% 1 1
102
10 2
100
98 101
Preferred___________
Consol Trac N J 1st 5s 1932
Nov Porto Rican-Amer T ob.. 100 210 215 Tennessee Ry L & P com 100 42% 44
Aug 83
i
Preferred___________
100
80 V 81 V 6,000 73
i
Elec & Peop tr ctls 4s. 1945
July 82 V Nov Reynolds (RJ) Tobacco. 100 465 480
i
73
2,200
44 48
SIVi 82
Small___________ 1945 82
Dec
Mar 106
73% 75
106 106 Vi 4,000 105 Vi
Preferred___________ 100 119 122
Equit I Gas L 5s------ 1928
2,000
91Vi Sept lOOVi Dec Tobacco Products com ..100 31 33
86
10 1
10 1
Harwood Elec 6s____ 1942
Apr
July 60
57
83 ‘ 83%
11,0 0 0
100 94 98
Preferred___________100
57 Vi 58
Inter-State Rys coll 4s 1943
Nov United Cigar Stores com. 100 HO 120
Nov 93
5,000 89 Vi
80% 81
92
92
4s 1951..........................J-D
Preferred___________
James F A Clear 1st 4s 1959
Nov Young (J S) Co............. 100 155 170
Jan 97
31,000 90
97
96
Keystone Tel 1st 5s. .1935
Jan
32,500 25 V Aug 45
i
20 V 22
i
Preferred___________ lO j 10a 110
O
Lake Superior Corp 5s 1924 22
Dec
i
16,000 97 V Jan 10 2
Elec. Gas & Power Cos—
Ordnance Stocks— P er S h a re .
lOIVi 10 2
Lehigh C &N con 4 Vi s. 1954 10 2
lOIVi June Aetna Explosives com— 100 90 100 Am Gas < Elec com_____ 50 *133 136
i
fe
i
Lehigh Val cons 4Vis.l923 1 0 1 Vi 1 0 1 V lOIVi 4,000 10 0 V Mar 1 0 1
Mar
Aug
*49% 52
i 1,0 0 0 100
Preferred_________
lOIVi 1 0 1 V
Preferred___________ 100 80 87
Registered 4 Vis----- 1923
92
383 388
i
91 Vi 92 V 19,000 86 Vi Aug 102 V Nov Amer & British Mfg----- 100 18 28
Gen consol 4s-------- 2003
Feb
i Dec
1 1 2 114
5.000 97
10 2
10 2
Preferred___________ 100 60 75
Gen consol 4 Vis----- 2003
Jan 105 V Dec Atlas Powder common..100 253 263
i
68
69
i
105Vi 105 V 33,000 103
Lehigh Val Coal 1st 5s 1933
Nov
17,500 86 May 90
84% 86 %
i
LehValTrref.felmp5s.1960 91Vi 91 V 92
Preferred------------------100 100 103
118 125
41 44
99 Vi 99 Vi 2,000
Babcock &
North Fennsy 1st 4s. .1936
July Bliss (E W) Wilcox.........100 325 340
80
July
80
1,0 0 0
72 75
81
81
Co c o m m o n . .50,
General 3.3s---------- 1953
i Nov
83
119 123
105 V 105 Vi 19,000 102 Vi Aug 106 V Nov
i
Preferred____________ 50] '3
Pennsy RR cons 4 Vis.1960
97
75 77
General 4 Vis-------- 1965 1 0 1 Vi 100 Vi lOIVi 98,000 97 May lOIVi Dec Canada Fdys & ForgingslOO 2 10 230
Jan 99 V
i
72 Consumers Power (Minn)
9,000
68
99
99
fe
P f f & B ctfs 4s-----1921 99
Jan Canadian Car < Fdry. —lOO 88 92
10 2 104
i 1,0 0 0 76 Vi Oct 83
83 H 83 V
Peoples Pass tr ctfs 4s. 1943
Preferred___________
_
Sept lOOVi Sept Canadian Explosives com100 370 400
10 0
1,0 0 0 lOOVi
lOIVi lOIVi
Perklomen 2d ser 5S..1918
100
Mar lOIVi Dec
85 '87
lOIVi 1 0 1 % 5,000 95
Philadelphia Co 1st 5s 1949
Preferred___________ 100 100 1 1 0
Dec
Mar 90
85
24,000 70
65 75
91 V
i
Cons & coll tr 5s— 1951 91Vi 90
Dec Carbon Steel common__ 100 70 80
75 ~ 77~
103 Vi 103 Vi 6,000 lOOVi Jan 105
Phil Electric tr ctfs 5s. 1948
1 st preferred________ 100
Jan 105 V Dec
44 45%
i
100 1 0 1
55 65
103 103
Small------------------1948
2 d preferred------------- 100
i
91% 93%
19,000 77 V Jan 86 V Dec Colt’s Patent Fire Arms
i
82 V 83
i
Trust certfs 4s------ 1950
Nov
Jan 84 V
i
62 62%
79
1,20 0
83
83
Small__________1950
M fg............................ 100 860 885
i Nov
90 92
97 Vi 97 Vi 2,000 94 Vi Aug 97 V Nov Driggs-Seabury Ord CorplOO 148 151
Phil A Read Impt 4S..1947
Aug 95 V
i
90 92
95 V 27,000 91
i
Reading gen 4 3 .......... 1997 95Vi 95
Nemours
Aug 92 V Mar duPont (E I) de (new)__ 100 355 370
i
93 95
i 1,000 91
94 Vi 94 V
Registered 4a-------- 1997
Powder com
10 2 105
102 V 8,000 lOOVi Jan 102 Vi Dec • Preferred___________ 100 10 2 105
i
10 2
Spanish Am Iron 6s.-1927
Dec Electric Boat................. 100 400 410
97% 100
i
i
i
Standard G A E 6s— 1926 1 0 1 V 99 V lOIVi 35,000 88 V Apr 96
Nov
*7% 8 %
400 410
3,000 72 V Aug 75
74
i
74
United Rys g tr ctf 4s. 1940
Preferred___________
Jan 95 V Dec Hercules Powder com— 100 375 385
*30% 31
i
89
6,000
95 V 96
i
Welsbach Co 5s-------- 1930
100
Dec
83
19 23
i
i
81 V 81 V 2,000 74 V Oci
i
West N Y A Pa gen 4s 1943
Preferred___________ 100 114 12 0
72 75
Nov 93 May Hopkins & Allen Arms.. 100 40 50
19,000 90
94
93
York Railways 1st 5s. 1937
24
20
2d
Preferred___________ 100 80 90
20
21
International Arms_______ 20 23
Notes
*9i 1 1
Lake Torpedo Boat com..10 *34 2 36%
C U R R E N T N O T IC E .
16% ' 17%
Marlin Arms c om .............
55 56
Preferred___________ 100 79 83
__W . C. Coles & C o., successors t o Ackermann &_Coles, 61 Broadway,
*71 72
New York, have made a change_in_their_weekl£|Standard Oil bulletin, Midvale Steel* Ordnance . . 180 187
Niles-Bement-Pond com. 100
Industrial
doubling the size oFtSe same and‘giving'therein special Information per
Preferred___________ 100 10 0 1 1 0
and Miscellaneous
taining to the oil market. The first article is the one under the title of “ Oil Savage Arms................... 100 495
-D /81 82
470 485
Scovill M fg ................... 100
Review for 1915 and Outlook for 1916.”
70 80
100
*z40 41
. 50 *47 49
__Kean, Taylor & C o., investment bankers, announce from their Chicago Submariner Boate a t...............
W in c h e s te R e p
Arms 10024o0 ,zoou
Preferred.................... , 50 *50 52
office the appointment of Roger K . Ballard as Western Sales Manager in
Short Term Notes. P e r P ^ . \
100 267 271
place of T . J. Ilickey, who goes to their New York office. M r. Ballard Amer Locom 5s July 1910 J-Jj J00
74 77
,10 0
5s.
was formerly Sales Manager o f the bond department o f the Second Ward A m TJuly 1917________ J-J| i°°%}01
86
89
10 0
& T Sub Cos 5s..19161 100’s wu*
1
10 0 125 130
________________ •
__________________ Anaconda Copper 5s '17 M-S; J® } ! 8 1 0 1 %
Savings Bank, Milwaukee.
10 %
.10 0 128 132
Balt & Ohio 4Vis 1917. JAD
.10 0 123 126
4 Vis. 1918...............JAD 1 0 1 % 1 0 1 %
. 60 115 125
Canadian Pac 6s 1924.MA82 103 103%
40 42
.10 0
99% 99%
Ches & Ohio 5s 1919...J-D
91 95
.10 0
05i2 96%
Chic Elev Ry 5s 1916___ J-J 10 0 % 10 0 %
.10 0 293 300
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Chic* West Ind 5s ’ 17-MAS 99% 100l2
.100 115% 116%
DAILY, WEEKLY AND YEARLY.__________ _
Consum Pow 6 s 1917..MAN
% 10 0
100 107 108
Erie RR 5s, April 1916. AAO 10 0 % '102 %
ll)l
State, M u n .
5Vis April 1 1917___ A-O 10 0 % 10 0 % Canada Copper_________ 6 *2 2 /ii
R ailroad,
Stocks.
90
Week ending
Casualty Co of America. 100
A Foreign
General Rubber 5s 1918 JAD 1 0 1 % 1 0 1 %
dec..
J a n . 14 1916.
Celluloid Company........100 147 152
fionds.
Bonds.
Hocking Valley 5s 1917.M-N
Bonds.
P a r Value.
Shares.
10 1% 10 2
City Investing Co_____ 100 16 19
Int Harv 5s Feb 15 ’18.F-A 1 0 H8 1 0 1 %
Preferred___________ 100 70 80
Lackawanna Steel 6s’ 17 M-S
375,356 $32,867,805 $3,151,500 $1,240,500
Saturday..................
832.500
$1,0 0 0 Minn Gen El 6s 1917... JAD 1 0 U8.1 0 1 % Cramp Ship A E Bldg—.100 80 85
4.182.000
675,201 58.587.650
Monday----------------99%: 99% Emerson-Brantingham ..100 18 2 1
5.045.500 1,190,000
New Eng Nav 6s 1917.M-N
832,096 74.452.600
Tuesday...................
Preferred___________ 100 57 59
620.500
6.336.000
N Y N H 4 H Ss.May 1 1916 10 0 % 10034
705,262 61.745.650
Wednesday...............
*1
1%
0%
%
506.500
3.932.500
Pub Ser Corp N J 5s ’16 MAS 10 0 % 10 0 % Goldfield Consol Mines..-10]
503,987 44,628,450
Thursday---------------2
4
10
100
Havana Tobacco Co----- 100|
1,0 0 0
465.500
5.932.000
Schwarz A Sulzb 6 s ’16.. J-D
683,991 63.920.600
Friday..........- ..........
6
8
10 0
Seaboard A L 5s 1916__ M-S 10 0 % 10 0 % Preferred..................... 100.
%
1st g 5a June 1 1922—J-D; /52 55
$2,000 Southern Ry 5s 1916...F-A 100
Total----------------- 3,775,893 $336,202,755: $28,579,500 $4,855,500
%
14 14%
5s Mar 2 1917........M-S2 10 0 % 1 0 1 % Intercontlnen Rub com..100] 160 163
Internat Banking Co___ 100
1 0 0 %100
Sulz* SonsCo6sJ'ne 1 ’ 16M-S
Ja n . 1 lo J a n . 14.
20 % 20*4
10 0 % Internat Merc Marine__ 100
Week ending J a n . 14.
Sales at
UnTypew 5s Janl5’ 16 J-J 15 100 1 0 2 %
Preferred..................... 100 79 80
N ew York Slock
United Frult6sMay 1T7M-N 1 0 1 % 1 0 1
1915.
38
1916.
Exchange.
Gold notes 5s 1918..M-N 10 0 % 0 1 % International Salt-------- 100 (71% 40
74
1st g 5s 1951............A-O
Utah Co 6s 1917...........A-O 10 0 %jl95% International Silver pref.100 1 0 1 103
1,673,367 UtahSecurCorp 6s '22 M-S15 04%:
8,154,007
873,208
3,775,893
Stocks—No. shares—
$142,215,870
$719,339,955
1st 6s 1948................. J-D 108% 109%
$73,859,045
Par value------------ $336,202,755
$3,600 6 s New York City Note
$4,600
1 0 2 %; W ,
Deb 6 s 1933................. J-J
$1,2 0 0
Bank shares, par-----Sept 1916.................
103% 104 Kelly-Springfleld Tire...100 290 292
Bonds.
$7,500 6s Sept 1 1917......... .
$5,000
05 97
1 st preferred.............. . 1 0 0
$2,000
$2,000
Government bonds—
809,500 5SCanadian Govt. Notes— 10 0 % 100 %
New stock when lss
9,042,500
72% 73%
284,000
4,855,500
State, mun.,&c., bonds
1
*54% 54%
21,605,000 5s Aug 1 1916.............. -FAA 10 0 % 10 0 % Kennecott Copper---49,377,500
28,579,500 11,691,500
RR. and misc. bonds.
Aug 1917................FAA PCTC<.]Basfs Lanston Monotype------- 100 74 75%
$22,422,000
B id . I Ask. La Rose Consol Mines___ 5
%
$58,425,000
%
RR. Equipments—
Total bonds........... $33,437,000 $11,977,500
4.35; 4.20 Lawyers’ Mortgage C o..100 178 183
Baltimore A Ohio 4 Vis
4.20
Buff Roch A Pittsburgh 4Vis 4.35 4.20 Lehigh Valley Coal Salcs.50 *77 80
' \Ib V TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
4.35
Marconi Wireless of Amer.5 •4% 4*g
Equipment 4s______
4.50, 4.40 Mortgage Bond Co........100 114 119
Canadian Pacific 4 Vis.,
4.80 4.60 National Surety..............100 205 2 1 0
Caro Cllnchf A Ohio 5s
Baltim ore.
P h iladelph ia.
Boston.
4.60 4.40 N Y Mtge A Security—.100 95 100
Central of Georgia 5s..
Insurance Co.100
Week ending
Equipment 4Vis________ 4.60 4.40 N Y TitleMines................. 5 35 45
*7% 7*4
6.50,
Nlpisslng
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
J a n . 14 1916.
Chicago A Alton 4s----------- 5.60 5.50 Otis Elevator com..........100 63 65
5.25
$28,700 Chicago A Eastern III 5s----- 5.60 5.26
4,586
$71,700
10,176
$21,0 0 0
42,887
Preferred______
100 93 95
Saturday----------Equipment 4Vis-----62,800
7,419
98,400
14,146
46,100
62,497
4.75 4.45 Realty Assoc (Brooklyn).100 10 0 1 1 0
Monday------------42,700 Chic Ind A Loulsv 4Vis,
6,062
64,736
21,219
45.600
4 35 4.25 Remington Typewriter—
50,433
Tuesday----------95,800 Chic St L A N O 5s-----3,333
122,228
20,196
30,000
34,509
4.30 4.15
Common____________100 17% 18%
Wednesday_____
Chicago A N W 4Vis..,
157,200
4,379
104.041
10,564
21,500
35,156
75 77
5.30 5.00
1 st preferred................100
Thursday.............
45,200 Chicago R IA Pac 4Vis
2,695
91,631
11,844
40.600
4.60]
44,761
2 d preferred................100
Friday.................
Colorado A Southern 6 s----- 4.65 4.40 Rlker A IIege’n(Corp for stk) 40 42
*5% 6*8
4.40
28,474 $432,400 Erie 5s.................
88,145 $552,736
4.65 4.40 Royal Baking Powd com. 100 140
Total............... 270,243 $204,800
Equipment 4Via
4.05 4.40
Preferred.... ...............100 99 10 f "
Equipment 4s..
4.55 4.40 Safety Car Heat A Light. 100 109 1 1 1
Hocking Valley 4s
4.55* 4.40 Singer Mfg Co................100 218 221
Equipment 5s..
25 35
Illinois Central 5s............... 4.30] 4.20 Standard Coupler com. .100 100
All bond prices are “ and Interest” except where marked “ f.'
4.30 4.20
Preferred___________ 100
4Via
2
" 2%
Per sh are.
Sterling Gum___________ 5
Kanawha A Michigan 4Vis.. 4.00] 4.35 Texas A Pacific Coal----- 100 140 160
Par B id . A sk.
Standard OH Stocks Pe rShare
Louisville A Nashville 5s----- 4.30! 4.15 Triangle Film..............
5%
6 *sh
4.30] 4.10
A sk. Pierce Oil Corp-------------2 5 *15% 15% Minn St P A S S M 4Vis----Par B id.
*i% 1*4
Anglo-Amer Oil new........... *zl6 % 17% Prairie Oil A Gas______.10 0 425 430
Missouri Kansas A Texas 6s. 5.60 6.00 United Profit Sharing.—. — 185 200
6.25! 5.00 U 8 Casualty.................. 100
660 670 Prairie Pipe Line---------.10 0 227 230
Atlantic Refining............100
Mlssouri Pacific 5s.
4.70 4.40 U S Envelope com.......... 100 130 137
Borne-Scrymser Co-------100 275 285 Solar Refining............. .10 0 305 315
Mobile A Ohio 5s..
Preferred----------------- J00 107 108
4.70 4.40
Southern Pipe Line Co. .10 0 220 225
Buckeye Pipe Line Co----- 50 *107 1 1 0
Equipment 4 Vis
15
S Finishing................. J0O 1 1
725 740 South Penn Oil------------.10 0 367 370
Chesebrough Mfg Cons.. 100
New York Central Lines 6s .. 4.48 4.38 U Preferred------------------100 40 45
4.48 4.38
Colonial Oil----------------- 100 160 180 Southwest Pa Pipe Lines. 100 12 2 128
Equipment 4Vis
1 st g 5s 1919..............J-J 95
4.50 4.30
Continental Oil-----------100 270 275 Standard Oil (California) 100 374 377
N Y Ontario A West 4V is...
79
5s
Crescent Pipe Line Co-----50 *45 48 Standard Oil (Indiana). .10 0 525 530
Norfolk A Western 4Via___ 4.25 4.15 U Cons g Gu 1929----------J-J 40
8 Title
A Indem...100
4.25] 4.15;
Cumberland Pipe Line—100 50 55 Standard Oil (Kansas) . .1 0 0 445 455
Equipment 4s_____
4.25] 4.10 Westchester A Bronx Title
245 250 Standard Oil of KentuckylOO 340 350
Eureka Pipe Line Co----- 100
Pennsylvania RR 4Vi a
A Mortgage Guar.........100 165 175
4.25| 4.10
Galena-Signal Oil com— 100 160 163 Standard Oil of Nebraska100 340 350
Equipment 4s_____
World Film .................... .
*2 % 2 %
Preferred................... 100 135 140 Standard Oil of New Jer .1 0 0 517 519
St Louis Iron Mt A Sou 5s.. 5.38 4.90 Worthington (H R) Com
6.25 5.00
180 Standard Oil of New Y’rklOO 217 219
Illinois Pipe Line______ 100 178
St Louis A San Francisco 58- 4.65 4.45
pany prof----------------- 100 100 105
Standard Oil of Ohio— .1 0 0 540 550
Indiana Pipe Line C o ..—60 *108 1 1 1
Seaboard Air Line 5s
4.65 4.45 Yukon Gold-------------------6 •2 % 2 %
Intemat Petroleum-------- £1 *1 2 % 13 Swan A Finch________ .1 0 0 130 135
Equipment 4Via..
4.20
85 87
32 Union Tank Line Co__ .1 0 0
National Transit Co------ 25 *31
Southern Pacific Co 4Via— 4.38] 4.40
4.60,
New York Transit Co__ 100 2 1 2 218 Vacuum Oil-------------- 100 232 235
Southern Railway 4 Vi a
4.70 4.40
Northern Pipe Line C o.. 100 104 107 Washington Oil--------- . . 1 0 *48 52
Toledo A Ohio Central 4s.-Bonds.
Ohio Oil Co.......................25 *197 200
7 purchaser also pays aocrued dividend. « N ew stock.
70 Pierce Oil Corp conv 6s. 1924 84 86
, *68
Sa es
F rid a y
fo r
Last Week's Range
Week. o f Prices.
Sa e.
H igh. Shares.
P rice. Low .
Range fo r Y e a r 1915.
Volume of Business at Stock Exchanges
Inactive and Unlisted Securities
/ F,a?rp’r h T . N
o l l
^ -d iv id e n d .
V Ex-rlghta.
THE CHRONICLE
J an . 15 1916.]
247
\nmstmmt amt ^aitrxrad luteltigmcje*
R A I L R O
A D
G R O S S
E A R N I N G S .
The following table shows the gross earnings of every STEAM railroad from whioh regular weekly or monthly returns
can bo obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns o f the electric railways are brought together separately on a subsequent page.
L a te st G r o ss E a r n in g s .
W eek or
M o n th .
R O A D S .
C u rren t
Y ea r.
P r ev io u s
Y ea r.
July 1
to L a te s t D a te .
C u rren t
Y ea r.
$
Ala N O & Tex Pac343.695 295,920 1,917,038 1,796,106
N O & Nor East. December
806,660
850,627
160,909 135,740
Ala & Vicksburg. December
847,548
762,314
158,264 119,036
Vicks Shrev & P . December
54.322 1,318,627 1,214,603
76,454
Ann A r b o r ............. 4th wk Dec
Atch Top & San Pe. November 12069676 10102017 55,576,592 51,399.418
269,230 202,890 1,254,643 1,131,517
Atlanta Cirm & Atl November
507,183
549,649
96,813
118,830
Atlanta & West P t. November
Atlantic Coast Line November 2,888,845 2,541,495 12,015,534 11,933,646
744,385
719,453
166,866 154,182
Chariest & W Car November
624,532
644,730
136,530 106,903
Lou Hend & St L November
aBaltimore & Ohio. November 9,233,682 6,879,269 46.S75.542 40,464.360
710,257
731,037
161.516 119.731
B & O Ch Ter RR November
285,421 316,791 1.368,640 1,429,423
Bangor & Aroostook November
952,142 545,552 5,804,485 4,917,108
Bessemer & L Erie. November
383,167
59,753
367,854
77,799
Birmingham South. November
Boston & Maine_ November 4,210,042 3,745,848 21,374,211 21,014,709
_
Buff Roch & Pittsb. 1st wk Jan 201,732 165,441 6,265,203 5,283,949
638,454
Buffalo & Susq R R . November
682,705
162,756 1 2 2 , 1 8 1
Canadian Northern 1st wk Jan 541,000 315,700 15,604,000 12,003,500
Canadian P a cific.. 1st wk Jan 1,874,000 1,316,000 68,218,490 57,131,163
Central o f Georgia. November 1,132,769 1 .0 0 2 ,0 1 2 5,297.629 5,230,919
Cent of Now Jersoy November 3,213,437 2,524,180 15,042.894 13,926.000
Cent New England. Novomber
510,452 310,055 2,087,654 1.590,303
Central V erm ont.. November
347,198 303,094 1,735,102 1,696,321
Chos & Ohio Lines. 1st wk Jan 761,639 573,768 24,316,141 20,093,253
419,508 385,838 8,146,740 7,546,619
_
Chicago & Alton_ 4th wk Dec
Chic Burl & Qulncy November 9,409,594 7,903,284 43,332,160 42,065,065
b Chicago & East 111 Novembor 1,505,675 1,143,498 7,045,225 6,365,015
237,780 7,829,885 7,623,194
c Chic Great West. 1st wk Jan 267.054
98,513 3,949,352 3,505,929
Chic Ind & Louisv. 1st wk Jan 127,400
Chic Milw & St P . I November 9,908,928 7,379,909 45,190,596 41,507,824
Chic M il& Pug Sj
dChic & North West November 8,172,671 6,336,140 40.322,864 38,059,447
742,927
747,436
149,988 130,605
Chic Peoria < St L . November
fc
dChic St P M & Om November 1,8S9,106 1,493,081 8,400,982 8,255,130
971,903
215,50S 174.257
968,224
Chic Terre H & S E Novomber
Cin Ham & Dayton November 1.045,622 773,672 5,067,806 4,516,978
716,952
145.481 166,623
Colorado Midland. Novomber
91S.028
245.953 8,505,881 7,976.821
c Colorado & South . 1st wk Jan 271,698
10,845
14:767
Cornw all_________ November
56,161
57,123
Cornwall & Lebanon November
34,987
19,850
183,467
135,542
Cuba Railroad___ November
387,174 285,226 2,026.929 1,603,081
Delaware & Hudson November 2,188,072 1,887,395 10,712,064 10,112.775
Del Lack & Western November 4,543,150 3,753,900 20,184,214 19,101,978
Denv & Rio Grande 1st wk Jan 362,200 311,700 13.812,944 12,468,275
Western P a cific.. Novomber
664,035 432,979 3,456,898 2,699,187
Denver & Salt Lake 1st wk Jan
34.600
30,785 1,112,337
984,258
Detroit Tol & Iront November
904,682
199.685 180,806
915,582
Detroit & Mackinac 1st wk Jan
19,102
14,247
5S4.798
571,389
Det & Tol Shore L . Novembor
610,179
143,152 127,440
600,166
Dul & Iron R an ge.. November
416,980
85,782 3,773.602 2.663,010
62,940 1,778,615 1,497,692
Duluth So Sh & Atl 4th wk Dec 105,872
457.313
560,729
95,558
110,677
Duluth Winn & Pac November
Elgin Joliet & East. Novembor 1,131,115 510,152 5,154,982 3,743,812
911,416 571,743 4,131,715 3,167,605
El Paso & Sou West November
Erie ____________ November 6,321.085 4,715,216 30,760.588 26,668.456
468.685 370,415 1,907,476 1,663,323
Florida East Coast. November
65,592
396,336
73.600
396,430
Fonda Johns & Glov Novomber
293,847 248.953 1,289.627 1,268,100
Georgia Railroad ._ November
61,197 3.283.764 2,255,059
Grand Trunk P a c .. 3d wk Dec 172,532
Grand Trunk Syst. 1st wk Jan 880,702 743,522 28,246.256 27,255,630
Grand Trunk Ry 3d wk Dec 775,204 652,126 19,836.405 20,140,770
Grand Trk W est. 3d wk Dec 197,793 139,707 4,198,246 3,536,122
67,081
Det Gr H & Milw 3d wk Dec
48,150 1.577,448 1.315,969
Groat North System December . 7,302,728 4,595,679 45,216.732 40,280,076
168,942 124,509
Gulf & Ship Island. November
804,305
704,922
Hocking Valley___ November
669,049 527,154 3.240,595 3.124.859
Illinois Central___ December 5.990,299 5,255.472 34,229,836 32,623,834
Intemat & Grt Nor November
874,380 879,379 3,924,810 4,015,491
Kanawha & M ich .. November
312,844 207,109 1,516,666 1,380,567
Kansas City South. November
954,705 879,047 4,441,382 4,449,165
Lehigh V alley.. . . November 4.340,536 3,527,394 20,436,891 18,906,153
Lehigh & Ilud R iv. November
225,654 143,398
917,780
769,249
315,988 208,825 1.499,381 1,183,989
Lehigh & Now Eng. November
160.247 130,104
Louisiana & A r k ... November
750,093
728,475
233.247 163.457
Louisiana Ry & Nav November
999,024
820.035
/Louisvillo & Nashv 1st wk Jan 1,093,245 907,815 30,257,860 27,752,093
14,267
Macon & Birm’ham November
12,490
63.657:
66,080
November
958,169 934,006 5.060.765 5,113,389
Maine Central
41,234
Maryland & Penna. Novomber
44,543
213,509
243,382
169,846 132,294
Midland Valley___ Novembor
743,258
639,622
27,054
16,611
Mineral Range___ 4th wk Dec
546,471
395.036
Minn & St Louis . . \ 1st wk Jan 215,621 190,561 5,714,563 5,507,423
Iowa Central_ j
_
M i n n S t P & S S M . 1st wk Jan 676,505 401,142 19,104,763 15,820,200
74,506
Mississippi Central. Novembor
62,677
345,428
346.034
a M o Kan & Toxas. 1st wk Jan 557,400
559.657 17,273.464 17,761,870
h Missouri Pacific. . November 5,919.474 4.9S9.135 26,727,106126,487,516
Nashv Chatt & St L Novembor 1,135,359 895,099 5,179,1S3 4,820.495
Novada-Cal-Orogon 4th wk Doc
5,035 , 6,207
225,647
223,468
/Now York Central November 16023134 12094114 75,826,817 66,490,896
Boston & Albany November 1,645,461 1.287,016 7,912,036 7.14S.014
n Lake Erie & W . November
579,261 422,557 2,859.862 2,521,462
Michigan Central Novembor 3.351,511 2,526.096 16,451,380 14.546.0S9
Cleve C O & St L November 3,561,167 2,759,200 17.553,S76 15,880,673
Cincinnati North. Novembor
165,351 130,198
766,015
719,136
Pitts & Lake Erie November 1.967,731 1.004,112 9,336.454 6,667,026
N Y Chic & St L . November 1.230,289 932,518 5,623,464 4,771,954
Tol & Ohio Cent. Novomber
485,374 454,678 2,216.118 2,512.292
Tot all lines above November 29009279 21610489 138546022 121257541
July 1
L a te st G ro ss E a r n in g s .
P r ev io u s
Y ea r.
R O A D S .
W eek , o r
M on th .
C u rren t
Y ea r.
to L a te st D a te .
C u rren t
Y ea r.
P r ev io u s
Y ea r.
P r ev io u s
Y ea r.
S
S
New Orl Great N or. November
144,313 117,660
721,088
689,711
N O Mobile & Chic. November
180,544 136,191
S07.852
774,536
N Y N 11 & H a rtf.. November 6,407,273 5,125.780
,765,061 28,080,221
N Y Ont & Western November
720,849 694.958
,087,419 4,266,533
N Y Susq & W est.. November
374,671 287,606
,726,657 1,547,697
Norfolk Southern.. November
394,764 300,209
,815,794 1,634,625
Norfolk & Western. November 4,572,794 3,079,663
.447,385 18,454.606
_
Northern Pacific_ 4th wk Dec 2,090,000 1,378,000
236.200 35,580,085
Northwestern Pac. November
345,271 274,820
101.616 1,819,440
_
Pacific Coast C o_ November
653,032 518.044
258.768 3,014,424
p Pennsylvania R R . November 18617404 14825 283
297,489 81,145,946
84.481
Balt Chos & A tl. . November
86,204
587,239
666,062
Cumberland Vail. November
280,720 240,346
406,111 1,308,042
November 1,043,597 965,233
Long Island
505,298 6.365,197
71.076
67,770
451,469
M aryl’d Del & Va November
481.751
361,919 281,269
N Y Phila & Norf November
934.845 1.682,189
615,292 8,954,680
Phil Balt & Wash November 1,907,985 1,641.491
494,084 393,697
673,963 3.372.363
W Jersey & Seash November
243,402 24.885,401
Pennsylvania C o __ November 6,145,936 4,057,245
381,866 2,453,400
468,972 417,636
Grand Rap & Ind November
021,455 17,116,266
Pitts C C & St L . November 3,923,628 2,874,234
V andalia_______ November 1,073,290 893,736
125,529 4.890.421
Total lines—
East Pitts & Erie November 23329935 8971347 117232641 106729878
West Pitts & Erie November 11762235 8.360,721 57,501,953 50,024.346
All East & W est. November 35092170 27332068 174734595 150754 227
Pere Marquette_ November 1,905,742 1,484,421 8,654.271 7,929,009
_
Reading Co—
Phila & Reading. November 5,083,491 3,984,042
,088,941 20,479,648
C oal& Iron C o .. November 3,616,595 2,954,468
,131.854 13,004,028
Total both cos_ November 8,700,086 6,938,510
_
,220,795 33,483,676
Rich Fred & Potom November
239,771 218,747
.14S.505 1.121,028
R io Grande June_ October_
_
_
111,418 126,422
382,576
438,314
Rio Grande S ou th ..list wk Jan
10,392
8,502
311,091
308,467
,910,146 32,346,351
6,659,533 6.083,815
310,345 289.724
,641,524 1,592,236
169,257 119,799
727,746
734,435
210,024 170.211
,161,726
990.426
3,129,883 2,555,914
,509,013 13.311,419
St Louis & San Fran November 4,275,541 3,651,284
,702,825 18,942,876
St Louis Southwest. 4th wk Doc 348,000 273,000
,271,749 5,632.227
San Ped L A & S L . November
894,700 704,706
,605,542 3,954.902
Seaboard Air L in e.. November 2,011.155 1,713.798
770 8.525.040
Southern Pacific_ November 13 752948 10246764
_
.339.0S9 57,497,887
Southern Railway_1st wk Jan 1,169,760 1,002,254
.404,619 33,767.829
M o b ile * Ohio_ 1st wk Jan
_
191,703 181,658
.011,244 5.822.422
,368.608 4.931.852
Cin N O & Tex P . 1st wk Jan 203,409 169,157
99,033
Ala Great South. 1st wk Jan
,792,425 2.456.926
68.301
Georgia Sou & Fia 1st wk Jan
43,347
40,159
,264,469 1.232.364
31,625
Va & So West_ 1st wk Jan
_
,014,570 1,008,936
33,640
Spok Port & Seattle November
419,329 355,904
,262,262 2.18S.653
Tenn Ala & Georgia 4th wk Dec
3,002
1,631
42,336
37.484
Tennessee Central. November
130,801 109,595
681,631
655,885
Texas & Pacific___ 1st wk Jan
348,592 330,697 1 0 ,385,835 9.865,260
Toledo Peor & West 1st wk Jan
17,101
17,786
658.018
651,502
Toledo St L & West 1st wk Jan
95,277
83.301 2 ,851,705 2,375.271
Trinity & Brazos V . November
94,603
99,8261
394,908
496,874
Union Pacific Syst. November 9.389,069 7,592,182 45 ,109,951 41,984,379
Virginian-------------- November
561,572 454,6291 2 ,981,434 2,618,755
W abash...................1st wk Jan
609,331 477,368 17 ,529,907 15,750,948
Western Maryland- 1st wk Jan 183,815 133,787
,542,120 4,333,984
Western Ry of A la. November
121,945
96,557
531,722
546,071
Wheel & Lako Erie. November
787,384 396.317
,629.295 2,545,943
W rightsville* Tenn November
26,862
25,762
123,675
116,175
Yazoo & Miss Vail. December 1,327,675 1.164.459
011.573 6,052.331
V a r io u s F is c a l
Y ea rs.
C u rren t
Y ea r.
P e rio d .
Buffalo & Susquehanna R R ____Jan
Delaware & Hudson___________ Jan
E rie___________________________Jan
New York Central/_____________Jan
Boston & Albany____________ Jan
Lake Erie & Western.n _____Jan
Michigan C entral___________ Jan
Cleve Cine Chic & St L ou is.. Jan
Cincinnati Northern_________ Jan
Pittsburgh & Lake Erie_____Jan
New York Chicago & St Louis Jan
Toiodo & Ohio Central______ Jan
Total all lines_____________ Jan
N Y Susquehanna & W estern.. Jan
p Pennsylvania Railroad________Jan
Baltimore Chesap & Atlantic Jan
Cumberland Valley__________ Jan
Long Island_________________Jan
Maryland Delaw & Virginia.. Jan
N Y Philadelphia & Norfolk. Jan
Phila Baltimore & Washing’n Jan
West Jersoy & Seashore_____Jan
Pennsylvania Company............... Jan
Grand Rapids & Indiana____ Jan
Pitts Cine Chic & St Louis_ Jan
_
Vandalia___________________ Jan
Total lines— East Pitts & Erie Jan
— West Pitts & Erie Jan
— All Lines E & W Jan
Rio Grande Junction__________ Dec
R u tla n d _____________________ Jan
1
1
1
1
1
1
1
1
1
L
1
1
1
1
1
1
1
_
1
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
N ov
Nov
N ov
Nov
Nov
N ov
Nov
N ov
Nov
Nov
Nov
Nov
Nov
N ov
N ov
Nov
N ov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Oct
Nov
P rev io u s
Y ea r.
$1,357,230
21,493,364
60.374,627
151379800
16,031,542
5,626,003
33,009,435
34,596,137
1,473,494
16,374,398
11,305.170
4,288,181
274084160
3,729,688
178456493
1,073,996
$1,314,277
20,860,819
55,111,972
139643199
15,206,462
5.206,724
30,808,377
32,464.518
1.356,737
14,662,603
10,334,857
4,568,241
254251718
3.533.763
172932495
1,167,405
2,79>,099 3,016,504
12,558,299 12,383,045
874,127
830,144
3,801,095 3,475,251
19,331,909 18,773,606
6,452,184 6.088,694
55,459,624 51,147,019
4,848,397 4,992,069
37,461,066 36.283.247
10,282,527 10,088,733
230006 160 223407664
109519931 103978777
339526091 327386441
923.294
845,351
3,274,869 3,272.293
AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
• W e e k ly S u m m a r ie s .
4th
1st
2d
3d
4th
1st
2d
3d
4th
1st
week Oct
week Nov
weeic N ov
week Nov
weok Nov
week Dec
week Dec
week Dec
week Dec
week Jan
(36 roads)-----(36 roads)____
(36 roads)-----(37 roads)-----(35 roads)____
(38 roads)-----(38 roads)____
(37 roads)___
(39 roads)___
(31 roads)___
C u rren t
Y ea r.
21.305.141
14,911.501
15,219,672
15,124,179
17,801,984
13,980,658
14,254,799
13,822.654
21,419,603
10.887,383
P r ev io u s
Y ea r.
In crea se or
D ecrea se.
%
17.501,687 +3,803,454 21.73
12.010,570 +2,900.931 24.15
12.176,733 +3,012,939 25.07
11.801,719 +3,322.460 28.16
12,888,457 + 4,913,527 38.06
10,797.962 +3,182,696 29.48
10,679.744 +3.575,055 33.48
10,351,984 +3,470.670:34.34
16,177,341 +5,242,262132.41
8.659.193 +2,228,190'25.73
*
M o n th ly
M ile a g e .
C u rren t
Y ea r.
S u m m a r ies .
C u r.
Y r. P rev.
M a rch _____ 246,848
A p r il.............247,701
M a y .............. 247.747
June.............. 240,219
July------------- 243,042
August_____ 247,809
September..245,132
O ctober------- 248,072
N ovem ber.. 95,689
December . . 91,878
Y r.
P r ev io u s
Y ea r.
%
243.598 238,157,881 253,352,099
245,170 237.696,378 241,090,842
245.207 244.692.738 243.367.953
235,828 248.849,716 247,535,879
241,796 262.948.115 260,624.000
245,751 279,891,224 274,618,381
243.463 294.241,340 276.458,199
247,009 311,179,375 274,091,434
94,328 86,734,797 67,190,044
90,037' 84,094,552 63,315,598
In crea se or
D ecrea se.
$
—15,194,218
— 3,394,464
+1.324.785
+1,313,837
+2,324,115
+ 5.272,843
+ 17,783.141
+37,087,941
+ 19.544,753
+20,778,954
5.99
1.41
0.54
0.53
0.8S
1.93
6.43
13.57
29.07
32.81
. 4,1
V. *lvV . » /« w u u w uut urn* unudiin^ ioyouuu, out
umor iwoiina. e uuus iiuo liuuuue earmugs ui v>uiu^ r*PPle Creek District R y. / Includes Louisville & Atlantic and the Frankfort & Cincinnati. < Includes the Texas Central and the
7
vvicmta Falls lines, h Includes the St. Louis Iron Mountain & Southern, j The comparisons here given are with the results of operation of the New
York Central & Hudson River R R .. Lake Shore & Michigan Southern R y .t Chicago Indiana & Southern R R . and Dunkirk Allegheny Valley & Pittsburgh
K it., which have boon combined for such comparative purposes only, n Includes the Northern Ohio R R . p Includes the Northern Central. ♦We
no longer include the Mexican roads in any o f our totals.
[Vol . 102
THE CHRONICLE
248
Latest Gross Earnings by Weeks.—In the table which
follows we sum up separately the earnings for the first week
of January. The table covers 31 roads and shows 25.73%
increase in the aggregate over the same week last year.
1916.
F irst W eek o f Jan uary.
1915.
Alabama Great Southern--------Buffalo Rochester & Pittsburgh
Canadian Northern----------------Canadian Pacific--------------------Chesapeake & Ohio....................
Chicago Great Western----------Chicago Ind & Louisville--------Cine New Orl & Texas P a cific..
Colorado & Southern-------------Denver & Rio Grande-------------Denver & Salt Lake----------------Detroit & Mackinac---------------Georgia Southern & Florida-----Grand Trunk o f Canada--------- '
880,702
Grand Trunk Western------743,522
Detroit Gr Haven & M ilw ..
Canada Atlantic---------------- ,
Louisville & Nashville------------ 1,093,245
907,815
Minneapolis & St Louis----------1
215,621
190,561
Iowa Central--------------------- 1
401,142
Minneapolis St Paul & S S M__
676,505
559.657
Missouri Kansas & Texas--------557,400
181.658
191,703
Mobile & Ohio________________
8.502
10,392
R io Grande Southern_________
Southern Railway------------------- 1,169,760 1,002,254
330.697
348,592
Texas & Pacific---------------------17,786
17,101
Toledo Peoria & Western______
S3,30 I
95,277
Toledo St Louis & Western___
33,640
31.625
Virginia & Southwestern______
477.368
609,331
Wabash............................ ...........
133,786
183,815
Western Maryland___________
30,732
36,291
225,400
558,000
187,871
29,274
2S.SS7
34,252
25,745
50,500
3,815
4,855
3,188
1914.
10,045
1,890
167,506
17,895
11,976
131,963
50.029
2,257
685
2*615
4,957
I n cr ea se. D ecrea se.
$
712*666
1,172
Total (39 roads)...................... 21,419,603 16,177,341 §.272,342
Net increase (32.41%)------------1 ------------ ------------ 5,242,262
30.080
Net Earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings of STEAM
railroads and industrial companies reported last week;
P revious
Y ea r .
$
Cin Ham & Dayton.b-.N ov 1,045.622
July 1 to Nov 30_____ 5,067,806
-N e t E arn in gs -----C urrent
P revious
Y ea r .
Y ea r.
$
$
773,672
207,254
105,783
4,516,978 1,295,662
973,212
c l,429.768
C698.903
C548.855
c6,280.017 c2,434,346 c2,019,241
Grand Trunk o f Canada—
484,217
Grand Trunk R y _____Nov 3,037,669 2,953,722
401,730
Jan 1 to N ov 30______ 36,057,844 38,469,438 10,060.759 9,827.167
576.194
285.907 def31.146
Grand Trunk Western N ov 843,121
170.570
Jan 1 to Nov 30______ 7,079,296 6,569,532 1,142,654
12,653
74.700
240,405
Det Gr Hav & M ilw ..N o v 309,509
253.115 defl59,562
2,345.896
Jan 1 to Nov 30______ 2,579,488
6,056.762 5,733.624 3.203,092
Great Northern.b_____N ov 9,045,636
July 1 to Nov 30______37,914,004 35,684.397 21,240.550 19,364,520
51,876
136,274
518,044
Pacific Coast__________ N ov
653.032
421,261
604.144
July 1 to Nov 30______ 3,258.768 3,014,424
Rock Island L ines.b_ N ov 6,659,533 6,083,815 1,902.702 1,425,708
_
July 1 to Nov 30______ 31,910,146 32,346,351 7,801.325 8,403.194
2,635
15.617
88,976
Toledo Peoria & West b Dec
105,176
69.290
633,716
102.930
640,917
July 1 to Dec 31______
IN D U STRIA L COMPANIES.
------ Gross E arnings ---------------- N e t E arn in gs -----C om p a n ies.
C urrent
Y ea r
P revious
Y ea r .
$
S
C urrent
Y ea r.
$
P revious
Y e a r ..
S
Am Tel & Tel (Assoc Cos) -a—
Jan 1 to Nov 30______ *218551503 206710,452 *60419.668 53,826,304
59.142
54.905
Keystone Telephone.a.D ec
116,335
109,553
682,170
669.417
Jan 1 to Dec 31........... 1,361,755 1,321,227
379,464
362,238
609,555
Montreal Lt, Ht & P .a .N o v
631,741
M ay 1 to N ov 30........... 3.801.712 3,697,063 2,161,048 2,040.480
Utah Securities Corp (all
390,322
260,318
196,162
properties____________Dec
459,064
Jan 1 to Dec 31______ 4,827,725 4,600.616 2,549.778 2,240,475
a Net earnings here given are after deducting taxes,
b Net earnings here given aro before deducting taxes,
c These figures are the combined results of operation as reported to the
Inter-State Commerce Commission by the separate companies.
* Partly estimated.
Interst Charges and Surplus.
— I n t ., R entals. & c . -------- Dal. o f N e t E a rn s .—
R oads.
Toledo Peoria & West_Dec
July 1 to Dec 31..........
C urrent
Y ea r .
$
26,359
156,736
P revious
Y ea r .
C urrent
Y ea r .
P revious
Y ea r.
$
£
$
26,262
xdef742 idefl9,476
154,792 xdef20,043 xdef74,941
INDUSTRIAL COMPANIES.
Am Tel & Tel (Assoc Cos)—
Jan 1 to Nov 30______*16,670,957 17,341.567 *43748,711 36.484.737
Keystone Telephone___ Dec
27,297
26,060
31,845
28,845
Jan 1 to Dec 31___
321,157
311,900
361.013
357,517
Montreal Lt, Ht & Pow.Nov
40,609
37,264
338.855
325,074
May 1 to Nov 30..........
284,433
250,017 1,876,615 1,790,463
x After allowing for other income received,
g * Partly estimated.
177,250
4,881
145,949
5,187
483,584
15,514
445,177
15,824
182,132
144.075
151,137
132,607
499.099
414,839
461,001
415,423
38,056
80
4,200
18,529
84,259
93
12,600
45,578
4,000
33,776
14,529
71,566
33,578
Latest Gross E a rn in g s.
28,908
C urrent
Y ea r .
Revenue from transport’n.
Oper. other than transport’ni
N am e o f
R oad.
Previously reported (29 roads). 17,689,347 13 .404,381 .313,874
22.132
76,454
54,322
Ann Arbor------------- - -- -- ------381,891
255.642 126.249
Buffalo Rochester & Pittsburgh
385.838
33,670
419,508
Chicago & Alton-----------------47,758
153.792
201.550
Chicago Ind & Louisville-------13,805
500.255
486,450
Colorado & Southern------------37,306
894
38.200
Denver & Salt Lake--------------6,207
5,035
Nevada-California-Oregon------Northern Pacific------------------- 2,090.000 1 ,378,000
589
14,3611
13,772
Rio Grande Southern-------. . . .
1,371
1,631
3,002
Tennessee Alabama & Georgia-
----- Gross E arnings —
1915.
$
1,007,967
524,383
906,213
461,035
12,000
ELECTRIC RAILWAY AND TRACTION COMPANIES.
185,430
25,060
$
R oads.
1914.
$
296,134
150,184
Operating income------------
For the fourth week of December our final statement
covers 39 roads and shows 32.41% increase in the aggregate
over the same week last year.
1915.
1915.
$
374,451
197,200
C anadian E xp ress C o .—
137,180
275,263
1914.
Total from transportation. _
Net operating revenue---Uncollectible rev. from trans..
Express taxes_____________
$
Total (31 ro a d s)................. 10.887.383 8,659,193 2,233,147
2,228,190
Net increase (25.73%).. ..........
Fourth w eek o f D ecem b er.
— M o n th o f Septem ber ------- July 1 to S ept. 30—
Total operating revenues.
In cr ea se. D ecrease.
$
S
68,301
99,033
165,441
201,732
541,100
315.700
1,874,000 1,316.000
761,639
573,768
267,054
237,780
127,400
98,513
203,409
169,157
271,698
245,953
362,200
311.700
34,600
30,785
19,102
14,247
43,347
40,159
EXPRESS COMPANIES.
W eek or
M o n th .
C urrent
Y ea r.
P revious
Y ea r.
J a n . 1 to latest date.
Current
Y ea r.
Previous
Y ea r.
S
508,830 480,710 5,436 ,895 5.559.534
American Rys C o— December
23,678 24,267
327 .205
336.417
Atlantic Shore R y_ November
_
c Aur Elgin & Chic Ry Novembor. 156.442 160.928 1,754 .983 1.920,613
65.711 64.570
721 .527
712,243
Bangor Ry & Electric November
15,704
172 ,794
17,671
161.695
Baton Rouge Elec Co November
65,380 61,775
571 .812
BeltLRyCorp(NYC) September
551.385
72,855 72.066
852 .814
Berkshire Street R y . November
900,514
Brazilian Trac, L & P November /633G000 /5929730 /70586 , 1 1 0 /67340.988
7,872
8,056
Brock & Plym St R y . November
113.682
107 .053
Bklyn Rap Tran Syst September 2349,654 2464.363 20,634 .257 20,776,197
33,012 30,045
Cape Breton Elec Co November
320 .946
320,100
98.812 84.896
Chattanooga Ry & Lt November
982 ,0 0 1
996.085
31,862 29.191
Cleve Painesv & East November
373 .319
378.612
Cleve Southw & C ol. November 104,834 100,183 1.134 .929 1.158,384
67,290 63,274
650 .989
Columbus (Ga) El Co November
621.667
Colum (O) Ry P & L . November 277,008 261.656 2,812 .861 2.787.734
g Com’w ’ th P Ry & L November 1323.673 1185.318 12.979 139 12.665,099
Connecticut C o......... November 679.901 601.801 6.516 .305 7,364.810
Consum Pow (M ich). November 377.190 303.693 3,472 .993 3 079,903
Cumb Co (Me) P & L November 213,206 196.249 2,412 , 1 1 1 2.310,108
Dallas Electric C o_ November 161,526 180,303 1,660 ,323 2.022.463
_
Detroit United Lines November 1145.361 949,244 12.041 .366 11.260.114
384,544
359 .590
39,579 40,576
D D E B & Bat (Roc) September
Duluth-Superior Trac November 105,257 103.564 1.053 . 1 2 1 1,188,805
East St Louis & Sub November 219,595 207,713 2,228 .301 2.409,829
617.439
653 .637
Eastern Texas E lec.. November
71,406 56.868
953,406
8 S0 .418
El Paso Electric C o .. November
93,482 91,713
42d St M & St N Ave September 167,708 162,575 1.448 .898 1,382,582
g Georgia Ry & Pow. November
608,324 546.656 5.868 .466 5.762,392
Galv-Ilous Elec C o .. November 168.261 195,389 1,773 ,018 2,231,984
Grand Rapids Ry Co November
99,020 98,208 1.064 .440 1,160.653
Harrisburg Railways. November
77.256 77.197
854 .788
891.440
Havana El Ry L & P. November 482,315 461,788 5.054 .635 4,939,430
Honolulu R T & Land November
49.107 48,912
532 ,609
551.561
Houghton Co Tr C o. November
22.846 19,590
249 ,774
255,148
b Hudson & Manhat. November
477,688 458,574 5,014 .932 5.067.030
Illinois Traction___ November 987,178 920.741 9,958 .601 9.875,125
Interboro Rap Tran. November 8050,006 2833.911 30.759 .050 30,786.280
•10,250
52,880
Jacksonville Trac Co November
557 .951
659,110
2 1 1 .523
Keokuk Electric____ November
20,125 21,276
228,628
103 334
10,023 10.616
Key West Elec______ November
122,224
Lake Shore Elec R y. November 112,682 105,143 1,263 .331 1,317,847
Lehlgh Valley Transit November 190,557 152,398 1.908 .123 1,715,273
679 .922
626.850
57,229 49,437
Lewist Aug & VVaterv Novemoer
193.875
20 0 .966
26.107 23,805
Long Island Electric. September
Loufsville R ailway.. November 239,721 244.752 2,684 .686 2.906,655
Milw El Ry & Lt C o. November 538,660 501,273 5.383 .561 5,470,399
Milw Lt Ht & Tr Co. November 121,226 114,833 1.354 .831 1.379,153
Nashville Ry & Light November 185,260 184,099 1,952 .271 2,053,091
493,026
515 .523
60,331 57.414
N Y City Interboro.. September
314,040
328 .967
42,276 43,933
N Y & Long Island.. September
128.755
125 .296
16,305 17.203
N Y & North Shore.. September
N Y & Queens C o_ September 123,082 119.186 1,038 .300 1,031,541
_
New York Railways. November 1134,595 1061.863 12.383 .957 12.366.115
25,093 23.967
351,671
347 .935
N Y & Stamford R y. November
N Y Westches & Bost November
439 .093
44,265 37.849
382.566
Northampton T ra c.. October__
15,872 15,495
149 ,0 2 1
156,153
Nor Ohio Trac & Lt. November 341,974 286.732 3,510 .934 3.319,704
North Texas Electric November 145,692 157,568 1,556 .272 1.908.535
Northw Pennsyl R y . October
30,003 28,370
299 .602
303.418
Ocean Electric (L I ) . September
18,121 17.227
133 .114
142,890
Paducah Tr & Lt C o. November
25,032 24.839
260 . 2 1 2
274.054
Pensacola Electric Co November
23,516 18,860
234 .107
244,734
Pbila Rapid Transit. November 2136.746 1959.824 2 2 , 1 0 1 .980 21,886.872
40,460 33.452
424 .372
Phlla & Western------ November
350.966
Port(Ore)Ry,L&PCo November 455,165 494,626 5,028 .408 5.758.079
898 .403
92.502 87.095
Portland (Me) R R -. October__
887.716
641.413 711.000 6.216 .055 7.046.603
Puget Sound Tr.L&P. October
pRepublic Ry & L t._ November 289.151 241,625 2.800 .428 2.741.626
Rhode Island C o------ November 417,449 397.016 4,611 .718 4.921.895
308 .872
305.211
39,172 37.192
Richmond Lt & R R . September
St Jos Ry Lt H & P Co November 108.819 108.481 1.150 .706 1,174.232
431 .883
423,593
43,239 37.117
Santiago El Lt & T r. November
770.961
725 .311
66,448 69.870
Savannab Electric Co November
661 .145
697.966
83,075 82.287
Second Avenue (Rec) September
171 .365
20.166 20,076
168,972
September
Southern Boulevard.
268 .083
33,939 32,063
256.961
Staten Isl M idland.. September
895 .278
83.696 80.922
895.498
Tampa Electric C o .. November
Third Avenue_______ September 328.190 327,631 2,875 .708 2.968,458
Toronto Street R y .. September 489.573 525.254 4 173 .872 4.583.860
Twin City Rap Tran. 4th wk Dec 276.754 260.470 9.425 .749 9,275.875
Unlon Ry Co of NYC September 245,296 241.811 2.099 .653 2,191,032
Virginia Ry & Power November 465.883 427.352 4,759 .429 4,725.979
96,474 64.169
780 .636
Wash Balt & Annap. November
754,505
52,519 54.722
444 .314
465,141
Westchester Electric. September
19.847 19.752
232 .537
238.562
Westchester St R R .. November
62.951
544 .998
63.921
539,105
Yonkers Railroad_ September
_
678 .273
659.487
81.169 70.172
York Railways______ October__
263 .889
254,176
24,992 23.603
Youngstown & Ohio. November
144 .055
150.630
15.859 14.764
Youngstown & South October__
b Represents income from all sources, c These figures aro for consoli
dated company. / Earnings now given In milreis. g Includes constituent
companies.
Electric Railway Net Earnings,—The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week;
----- Gross E arn in gs —
R oads.
Current
Y ea r.
$
P revious
Y ea r.
£
648.485
British Columbia El Ry.N ov 562,782
July 1 to Nov 30_____ 2,636,479 3.324,837
77.197
Harrisburg Railways__ Nov
77.256
891.440
Jan 1 to Nov 30_____
854,788
-N e t E arnings -----C urrent
Previous
Y ea r.
Y ea r .
$
84,139
229.307
147.262
762,931
12,510
114,419
8,146
133,172
a Net earnings here given after after deducting taxes,
b Net earnings here given are before deducting taxes.
J an 15 1916.]
THE CHRONICLE
A N N U A L
A m erican
R E P O R T S
24 9
Brake
Shoe
&
F o u n d ry
C o.,
New
Y o rk .
(14</t Annu al Report— Year Ending Sept. 30 1915.)
A n n u a l R ep o rts.— An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the “ Chronicle” in which
it is published. The latest index will bo found in the issue
of Dec. 25. The next will appear in that of Jan. 29.
L eh igh V alley T ra n sit C o ., A llen to w n , Pa.
(Report fo r Fiscal Year ending N ov. 30 1915.)
President Otis H . Cutler says in substance:
i , . , ? ' J ho, g° neral business depression continued till about June 30
and
of the year a substantial improvement occurred ’
quarter* bu? h f ? . ! “ the last S P " * * was much better than for theearlier
r \ a a n io n s , etc.— Additions and betterments cost about * 0 7 non
grade^secuHtle^avaaihiblo
^Un'ds 'in
y e a r fh e ^ L ^
JS
The remarks of President H . R . Fehr regarding the prop
erty and its operations, together with the income account plant replacing the one lost by fire in Feb 1914 Is a fheproof
for _3 years and also the general balance sheet of N ov . 30
1915, will be found under heading “ Reports and Documents.”
President Fehr in the report says that the company dur
ing the past year, notAvithstanding the unsettled business built last year at Owosso, M ich., has been bu^v the e n fh e ^ e ir fou5dry
account of the expansion in the automobile trade it was d ecid ^ ’ in" Sen'1
conditions prevailing during the major part of the time, has tember to increase its capacity. An additional
j
Sep‘
T tl™ n
ider or?S*
shown the largest earnings in its history, and is in a stronger tion, which is expected to be producing bv J a n in r v n m
erable business now in hand, and it is anticipated' thaTthn p!u=SL]!f7?0 nSld"
financial position than ever before. The total operating will be fully employed during the coming year At Lancastor 8^
revenues increased $187,870, or 1 0 % , while the net income prospects are also good and at this date three o f the four furnaces a t ’that
point are operating
gained $115,267, or 5 5 .4 % . Out of the net income divi factory, as much of at capacity. The result at present is not enUroK-^^^
the work being turned out was t akeneaH v [ t L *
taaen earij In the year
dends of 8 1 /4 ,2 8 8 , equivalent to 3j^ j% on the preferred stock when prices were low.
A m e ,rif a n M a n g
teel C o .— The volume o business
view
outstanding, have been paid. The surplus increased from general depression a n e s e Sprevailed was gratifying f and the min m m ' of the
which
m
ti,?
$ 1 9 1 ,3 /4 to $344,295, a gain of 7 9 .9 % .
and paid pref. dividends at the usual rate of 7 % and h S T su b s?a oH ^ l
balance left over for transfer to surplus.
B A L A N C E S H E E T N O V . 30.
1915.
1914.
1915.
1914.
Assets —
s
s
Liabilities —
s
s
Hoad & C{]uipmentl7 ,456,777 17,270,309 Preferred stock__ 4 ,979,687 4,979,687
Invest. In aflll.,
Common stock__ 2 ,997,350 2,997,350
&c.. cos. at cost 1,896,872 1,895,577 Funded debt____ 11, ,440,009 11.44S,447
Adv. to affil., &c.,
Mtges. on real est.
40,000
41,300
companies........
158,874
142,298 Audited acc'ts, acMiscellaneous___
34,462
41,556
cr’d int., <fcc___
146,170
154,538
Cash, bills, &c.,
Accr’d taxes, re
rec. R.E. M . &c 178,450
97,936
serves, &c____
105,449
101,093
Material & suppl. 116,022
144,311 Accr’d depreciation 229,538
136,128
Discount on fund
Surplus________
344,295
191,375
ed debt, &c___
441,0S6
457,930
Total________ 20,282,498 20,049,917
—V. 101, p. 1465.
s s .'S E j s s r * 1
'-
The prosnects for thn'J.nrt1” a
T" ° woM*
‘s s n s m
s s i
L t d .— There has been under consideration for
time a plan for handling the company’s business in the Dom in?onof
Canada through a separate corporation, and since Sept. 30 1915 arrange
merits have been completed by which, effective Jan. 1 1916 t le com ran vt
K
W
h 11
1 ® m Caaada will be carried on by the Dom!nio“ ^frake
Shoe C o., Ltd., a corporation formed in Canada, the entire capital ston£
yourS<5mn nyy * * Amerlcan M alleables Co., which in tu r n W w n e d by
pad
D o m in io n D rake Sh o e Co
n l i ( i v Cr<J\Orati 0n
P'an to reincorporate under the laws o f
W a b a sh R ailroad (O ld C o.— N ow R eorg. as W a b a sh R y .)
Efforts will be continued to diversify the business so that in the future itDrofits a!rearivPpndCntf U1K a ?lngle industry. A substantial part of our
>Ib
rhe
f(unl busine7s dono with other industries not only in
~ d 'U ,e ™ ,°
(Report fo r Fiscal Year ending June 30 1915.)
raxs Ordered *is Kmbelow n o r m a f aS yet th° nUmber ° f ,ocomotIves and
Total............... 20,282,498 20,049,918
I N C O M E A C C O U N T Y E A R S E N D I N G S E P T . 30.
O P E R .. ctC.
1914-15.
1913-14.
1914-15.
1913-14.
1912-13.
1912-13.
1911-12.
1911-12.
Road operated June 30.
2,519
Net profits ...................*$1,180,613 *$1,059,745 $1,316,579 $1,052,719
2,515
2,515
2,515 Interest on bonds------- Equipment—
35,226
36,173
3 6 999
38,271
Locomotives__________
696
701
716
699
Passenger equipment_
_
Net profits-------------- $1,145,387
427
426
443
418
$1,023,572 $1,279,587 $ 1 014 448
Freight equipment_____
22.485
23,114
23,766
20,946 Divs. paid— Preferred.. (8)400,000
O p e ra tio n s —
Common (7 % )--------322,000
8 322 000(7 M)tn2’?nS <7)280,000
322,000
304,500
252,000
Passengers carried (N o.) 5,530,002
6,073,751
6,012,717
5,989,029
Pass, carried one m ile..312,643,566 381,382,317 366,477,730 359,585,619
Balance of p r o fit s ....
$423,387
$301,572
$605,087 ” "'s482,448
K atn per tiass n or mile.
1 Ofin cte
u s 8 oto
ocq cts.
1 -945 CtS
Rate n or pass,. per m ilo
1.960 cts. i 1 .8 « 8 cts. i1.983m o
Freight (tons) carried.x. 13,473,370 14,260,545 15,623,949 13,496,755
yFreight (tons) carr. 1 m 3,219,555
3,321,617 3,722,548
3,127,414
Rate per ton per m ile ... 0.632 cts.
0.608 cts. 0.585 cts.
0.611 cts.
Rev. train-load (tons)_
409
394
395
358
Earns, per fr’t-train mile
$2.5876
$2.3934
$2.3124
$2.1820
B A L A N C E S H E E T S E P T . 30.
Earns, per pass.-trainm.
$1.1291
$1.2174
$1.2322
$1.1418
Gross earnings per mile.
$11,547
$11,939
$12,634
1915.
1914.
$11,276
1915.
1914.
Assets —
s
S
L iabilities —
S
S
x Revenue freight only, y Three ciphers (000s) omitted.
Plants, patents,&c. 8,246,229 8,206,338 Preferred stocks.
a Investments___ 3,514,802 3,444,165 Common stocks. 5,000,000 5,000,000
4,600,000 4,600,000
Cash_____ _____
C O M P A N Y & R E C E I V E R S A C C T S . C O N S O L .— I N C O M E A C C O U N T
964,645
714,005 Flrst mtge. bonds.
691,000
710,000
Accts. & bills rec. 1,461,671 1,566,951 Reserve funds___
1,128,750 1,087,914
. E a r n in g s —
1914-15.
1913-14
Marketable loans,
1912-13.
1911-12.
Accounts payable.
381,426
Passenger.........................$6,126,685 $7,201,974 $7,268,289
471,221
&c___________
997,480
770,381 Accrued bond int.
2,879
Freight------------------------ 20,358,026 20,199,493 21,774,362 $6,993,874 Inventory stores.. 936,719
2,958
981,756 Surplus________ 4,726,306 4,302,918
19,074,821
Mail, express, &c........... 2,598,077 2,621,028
2,726,635
491,415
2,286,069 Manufac. stock.. 408,815
C O M P A N Y A N D R E C E I V E R 'S A C C T S . C O N S O L I D A T E D
E x c i s e s - .................$29,082,788 $30,022,495 $31,769,286 $28,354,764
Total............... 16,530,361 16,175,011
Total...............16,530,361 16,175,011
Maintenance of way,&c. $3,759,026
$4,330,278 $3,889,590
Investments include American Malleables C o., American M.ansrane*n
_ 5,461,031
Maint. of equipment_
5,640,347
5,330,497
5,312,741 Steel C o., Southern Wheel Co. and miscell. securities.— V'. 101, p. 2073.
Traffic expenses_______ 1,038,841
1,032,850 1.025! 136
953,132
Transportation________ 12,016,111 12,865,693 13,214,059
12,137,368
Miscellaneous operations
168,548
Transp’n for investment
C r . 22,097
_
Ford M otor C om pany of C an ada, L td.
General...................
757,377
836,899
793,519
857,653
(Data fo r Year ended Sept. 30 1915, & c.)
T o ta l......................... -$23,178,837 $24,403,833 $24,603,489 $oa
isn aai
P. C. oper. exp. to earns.
(79.70)
(81.29)
(77.73) *
M orton Lachenbruck & C o ., N . Y . C ity, report in subst.:
Net earnings
$5,903,951
$5,618,662 $7,075,797 «
Outside oper deficit. __
...........
55,780
54 683 'S5 ,2 §a’ 7 §?
The companv has the exclusive manufacturing and selling rights on the
Taxes accrued. & c------- ------ 972,946
1,044,309
905 892
851 630 Ford automobile throughout the entiro British Empire outside of England
Heland and ScotUnd, i. e., in Canada, New Zetland, Australia^India
Operating income------$4,931,005
British South
consideration of $62,500
given to
Separately oper. prop’s .
______ $4,518,573 $6,115,222 $4,319,475 and Ford M otor Co.Africa. In acquired at organization inof stock nernctiml
382,005
the
1905 a
358,993
328,773 contract for the use offDetroit, devices and improvements on the American
Joint facilities, rents_
_
214,219
206,948
o
117,015
99,158 company s car, withoutall the
Dividends received___
60,240
cost.
American
60,240
101,440
69,840
Interest, & c ._ .................
178,850
132,145
179,285
146,224 of Since Sept. 30 1915 the authorized capital has been raised to 8 1 0 non ooo
whichi $7,000,000 is outstanding, $6,000,000 of which represents tlm
Gross in com e...........$5,384,314
$5,299,911 $6,871,955
recent 600% stock dividend. The company L
sh ce o S S n
in
Hire of equipment------- $1,255,760
$1,113,871 $1.081,169 $4,963,470 creased its capital stock from $125,000 to the present amount outstanding
$1,055,512
Joint facilities, rents_
_
1,092,529
1,562,861
ftnrwwi°f
aggregated
1,525,603
1,552,347 $1,600,000. At thedividends, while tho cash dividends have G? 51. M c
Int. on receiver’s certifs.
941,750
844,513
last annual meeting, V.-Pres.
679,861
118,750 Gregor stated that, at the next annual meeting, it and Treas.
Disc, on receiver's certif.
166,922
229,535
probably would be the
18,750
Other interest & miscell.
237,635
104.544
policy of the management to authorize the distribution of the $ 3 0 00 000
„
7,400
' 7,566
Int. on underly. M . bds. a2.985,680
2,988,005
,U ' U
2,991,7301 3,256,960 treasury stock as an additional dividend to the stockholders.
Int. on equip, oblig'ns..
161,762
169,017
216,941/
______
Int. on ref. & ext. bonds
N U M B E R O F C A R S P R O D U C E D — N E T A N N U A L P R O F IT .
641,860
Interest on notes______
______
187,500
225,000
Sinking fund, & c______
______
57,760
,
,
1912.
1913.
1914.
1915.
1916 (est )
58,680
60,140 Cars produced..
Additions & betterments b783,043
6,500
11,500
16,000
24 500
4 0 ooo
90S,120
480,652
268,458 Net earn in g s....S I.065,000 $1,317,000 $2 ,0 2 2 ,0 0 0 $3 ,2 0 2 :0 0 0 $5,000,000
n->T°tal deductions------$8,225,082 $7,978,826 $7,248 *>87 « 7 ice no 7
B A L A N C E S H E E T O F S E P T . 30 1915 A N D 1914.
Balanc°- d e ficit-----------$2,840,768 $2,678,915
$376,332 $2:222:557
1915.
1914.
w a, In£’ on underlying mtge. bonds in 1914-15, $2,985 680 inr-1 f„n
1915.
1914.
Assets—
§
S
L iabilities —
S
U do as!1,d M . bonds
^
A 17 lstM.bonds.$l,695,00Q D e sM . falv. 1st M ? bond's ^°*«? Vlvi Cash on hand-------- 2,609,998 1,257,032
S
2
_
}> «« > --$ ”
(/
Capital stock_____ l 000,000 000,000
700.000 Omaha IMv
Due from customers. 1,027,573 347,149 Accounts payable__ ,974.84S 1 ,2S4.622
d o. ks llen,T e ,m. bds I
A
142,200 S X m b i a & S L L o i d s ^ s t l L 111’055
Prepaid expenses... 178,168 127,708 Acer, pay-roll, &c.. 133,089
Tol. & C hic.D iv.l 8tM .bds
bon ds----------------o rjrvrj
12 0 .0 0 0
64,207
Stores accounts___ 1,649,078 1,513,695 Deposits from deal
Detroit & Chicago Exten.
Kansas City Excel. Spr.” &
’
1st M . bonds_________
ers, &c................. 115,885 116,680
141,425
Nor. RK. 1st M . bonds_
_ 4,000 Plant accts., real est.,
machinery, & c ...3,717,591 2,358,034 Contract rebates__
89,497
34,600
ciliram,
i*?.d ,)ott.ormcnt s in 1914-15 include chiefly track elevation at
Res’ves—Dep’n, &c. 439,289 276,167
Chicago $93,111; equipment passenger and freight cars xJ- son. T , expenditures in connection with*receiver’s nrnirram*
c " S202,41o,
______________ Surplus ........... ....... 6 ,529,800 3,827,342
inentsMU excess of proceeds o f ! $ ° 1 9 3 f f i I c . - V ^ l o T
Total--------------- 9,182.40S 5,603,618
Total----------------9,182,408 5,603,618
See also item on a preceding page and V. 102, p. 71; V. 101, p. lSK).
[Vol . 102.
THE CHRONICLE
250
The committee purchased the property for 5 3 0 0 ,0 0 0 at foreclosure sa^e
Swift & Co., Packers, Chicago.
(Report for Fiscal Year ending Sept. 25 1915.)
Pres. Louis F . Swift at the annual meeting said in subst.:
IJhave just returned from a trip to the Pacific!,?°^h!^thrifty'conditfon
Sf'f 00riSI.? i0^ £ £ rST°b6^5 5 | ? 3 -Y ? Jgd we -oW o„r beof in the
cities in 1 9 1 4 - 1 5 for (per cwt.) S ll 46. ag^ " s ncv from the sale of by
^
product^ 1 The
S . T „ M- « S
t h M ^ ’ entire p ro fit o n ‘ the
£ 8 8 S
“S
S
H
"s z & £ 2 ? &
been more than m aintain^, the total
g
K
t t
^
0
&
y
85. i ‘
reasonable margin of profit o f the volume of business.
O P E R A T IO N S F I S C A L Y E A R S E N D . O N OR A
1914-15.
B
1913-14.
t .fT c ‘ .
V
profit for the year
O
a—
U
T
1912$' 13-
nrice has been paid, the balance being payable on March 1- 1916. 1 or_the
nivm ent of the balance, the committee has retained a lien up ° n th ° Pr° P'
\ftcr payment of all expenses, and a moderate compensation £o£
committee, the balance of the proceeds of the sale will bo distributed among
the holders of tho above-mentioned certificates which aro endorsed as pro
vided in the agreement of liquidation. Duo notice of such distribution will
bo given. While the amount cannot be determined exactly unL%aB settle
incuts aro completed, we estimate that tho final distribution will ho . ligh y
in excess of $120 for each $1,000 certificate endorsed as aforesaid. Compare
WellsviUe & Buffalo R R .. V. 102, p. 6 8 .— V. 101, p. 19/2.
Chicago City Ry.— Bonds.— Illinois Trust & Savings
Bank First Trust & Savings Bank and Leo, Higgmson A C o.
aro offering at 9 9 % and int. 81,000,000 1st M . 5 % gold bonds
of 1907, duo Feb. 1 1927, but redeemable as a whole upon any
interest date before maturity at par and interest, but only
in case the property shall bo purchased by the city or its
lawful licensee. A circular shows:
^
“ , L0
25 £ \ £ \ 2
9 $
B u s i n e s s d o n e exceeded .500.000,000 4 2 5 ,0 0 0 ,0 0 0 400,0 0 0 .0 0 0 3 ™.000'jjgg
Net earnings---------------- 1 4 , 1 Z?-Rftl
9 .7 7 6 .6 U 6
*1,354,597
252,930
- J -------*----- -pproximately 315 miles of street rail■
T „ V measured, as single traci*., serving tho South Side of the City of Chicgao
O
and a portion of tho downtown district, and also operates undor agreement
the l?nos of Calumet & South Chicago Ry. Co. and Southern St. R y. Co.
These^bonds ($32,200,000 now outstanding) aro a 1 st mtgo. on all property
n fth e company now owned or hereafter acquired. The purchase prico of
T?rnnwtv on Nov 1 1915, in terms of tho franchise ordinance, was
£to ?84P
765y Tho iiu a n ce of additional bonds is limited to tho cost or
$49,784,/b5. tnn
extensions arul improvements as certified by tho board of supervising enccr^iiHx yg
stock, now *18.000,-
D M d m d f f ! ! ! 11111 "(7 H ) 5,437’ 500 (7)5.250.000 (7)5,250,000 (7)5,250,000
,
Balance, surplus.........
8,650,000
4,200,000
4,000,000
B A L A N C E S H E E T . S E P T . 26 TO 28.
1913.
1914.
1915.
$
$
A$S6tS~~~
Real estate, improve’ts,
including bran ch es... 50,539,539 50,434,307 47,054,189
32,417,284
Stocks and bonds----------- 38,3o5,803 35,462,091
8,573,505
8,479,190
_______ _ o,y it) 11 O
O
p«ch
47,329,777 42,208,735
Accounts receivable------ 61,622,455
Live cattle, sheep, hogs,
dressed beef, &c., on
hand________________ 47,901,889 45,899,008 47,860,366
3,000.000
1912.
39,914,922
24,173,941
7,474,342
40,156,735
39,766,381
^ n)!, e U llU L i.y DiiW" 1870, the present rate being 9 % - V . 101. p. 212.
0 U illU W *O sUnW
continu°o^lT
----X
r»
I
Phippp’o Milwaukee & St. Paul Ry. Bonds .
t w N S n R B ( a
Total liabilities--------- 207 ,366,440 187.604,373 178,114,080 151,486,321
— V. 102, p. 158.
Lawyer’s Mortgage Co., New York.
V
Cincinnati Hamilton & Dayton
1914.
39,460,086
36,321.0,8
YEARS.
1913.
31,955,577
25,397,277
1912.
39,742,271
26,605,161
1_°.U
.tf-t- - - 144,364,533 140,865.921 137.726,913 131,168,613
614,564
Qiq
non 817
667,137
Premiums for guaranties
672,919
35«’ i69
338,186
355,480
Interest on m ortgage
257.406
3n8,lbJ
12 5
21,343
Rents, commissions, &c_
122,587
i d i .ojj.
1,210,577
1,021,448
991,387
Gross earnings--------- 1,052,912
E xpen ses—
18,000
17.333
25,000
24.550
Rent--------------------------125,120
134,879
188,796
194,066
Salaries______ ______—
19,485
21,572
24,155
25,683
Advertising & stationery
38,171
37,189
49,339
41,823
Taxes & gen. expenses..
200,776
210,973
287.290
Gross expenses--------286,122
790.611
810,475
923,287
Net earnings__________
7bb,790
660,000
720,000
720,000
Dividends paid (1 2 % )-720,000
90,475
130,611
46,790
203,287
Balance, surplus. ___
Gling d S
In c o m e fr o m —
Sabin committeo announces that substantially $14,700,OU
U
of Genoral M tgo. gold bonds of a total outstanding ot $17,
529 000, have been deposited at the Guaranty Irust C o .,
N Y
Tho salo of tho deposited bonds having boon consum
mated, holders of certificates of deposit aro notified that on
onrl -ifter Jan 12 1916, upon surrender, to Guaranty Trust
Co of N Y
140 Broadway, N . Y . , or at its office, 33 Lom
bard St E . C ., London, of their certificates of deposit in
bearor form, they will receive tho purchaso price of the Con.
C
3
bonds represented. See advt. on another page.
B A L A N C E S H E E T D E C . 31.
1915.
1914.
S
S
A 9? P it
$
Capital................... 6,000,000 6,000,000
N.
Y. City mtges-5,003,840 6,514,726
Accrued Interest------ 355,791 392,366 Surplus................... 2,750,000 2,750,000
Undivided profits—
299,077 252,284
Co .’s Brooklyn build
Mtges. sold, not de......
ing, cost------------- 115’295 175,000
livered_________ 477,410 116,157
Real estate_______ 997,0-10 699,322 Reserves for prepaid
do under con
premiums, &c___
35,390
96,225
tract of sata____
825,806
— —
cash - - - - - - - II — - 2 .2 04.400 1,433,252
Tv>ta1
9 561 877 9,214,666
Total------------- 9,561,877 9,214,666
There are"11*383 guaranteed loans outstanding (see
0 &y°n
Teto
the average loan in Manhattan amounting to $31,500, in Brook y
$5,700 and in the Bronx to $21,500.— V . 101, p. 134.
1915.
G E N ERAL
1914.
L iabilities—
IN V E S T M E N T
NEW S
RAILROADS, INCLUDING ELECTRIC ROADS.
Atchison Topeka & Santa Fe Ry.— Bonds.— Bodell &
C o ., Providence and Boston have purchased, a n d a r o o to r ing at 8 8 K and in t., to yield about 4 .6 0 % , a block of $o00,000
Rocky Mountain D iv . First M tgo. 4 % Gold Bonds, dated
Jan. 1 1915 and duo Jan. 1 1965, being part of a prosent out
standing $3,000,000. Listed on tho New York Stock Ex
change. A circular says:
The bonds are secured by a first mortgage on tho Rocky Mountoln Divi
sion which consists o f 106 miles of standard-gauge railroad between Ute
Bark and Des Moines, New Mex. This division connects the Atchison
with the Colorado & Southern Ry. and the El Paso & Sou‘ h w «ten i Swtem.
It traverses valuable and extensive coal properties, supplying ono of tho
b U Irad S o f coal in the Southwest, which p ro p e rty have an estimated life
of over 200 years. A large part of the output is used for fuel by the Atchi
son system.— V. 101, p. 2143.
Baltimore & Ohio RR.— Bond Purchase Consummated .—
See Cincinnati Hamilton & Dayton R y. below.— V . 101, p. 2143, 1884
Buffalo & Susquehanna Ry.— Notice to Depositors
The committee of holders of 1st M . 4 ^ s , William Salomon,
Chairman, reports in substance:
R y . — Deposits—-Sale of
Assenting General Mortgage Gold
The comparative tables follow:
1915.
101, p. 369.
Phiraffo Rock Island & Pacific Ry — Notice to Bond
holders — The committee of holders of first & refunding
mortgage 4 % gold bonds, due 1934, Charles A . Peabody,
Chairman urges, by a d v .o n another page,the necessity for
oromntly1depositing these bonds under the protective agreement^of Juno 18 1915. This necessity is emphasized, the
committee says, by tho fact that tho method of mooting
shortly maturing obligations of the company may jeopardize
the security of tho bonds.— V . 101, p. 2143.
(Report fo r Year ending D ec. 31 1915.)
mt<res sold
45,844,367
G uar!
paid o f f l i : 42.345.755
See
Chicago Railways.— Bonds.— H a m s, Forbes & C o .,
N W Harris & C o ., Harris Trust C o., National City Bank,
TlHnni'g Trust C o ., Northern Trust C o ., Merchants Loan &
Trust C o a n d P e r r y , Coffin & Burr, aro offering $1,500,000
fst 5s at 9 7 H and int., making $54,455,000 o u tsta n d in g .-
Total assets-------------- 207 366,440 187,604,373 178,114,080 151,486,321
L ia b ilit ie s —
Capital stock paid in— 75 ,0 0 0 ,0 0 0 75 000 000 75,000,000 75,000,000
lOioOO.OOO
5.000,000
5.000,000
B o n d s ...........— ------- - 24 ,500,000
1,437,500
1,375,000
1,375,000
Reserve for bond int. .1 1 ,806,250
Reserve for dividends.)
39,538,850 39,160,400 24,649,200
Bills payable------------------32 ,933,550 18,619,001 19,092,960 12,330,998
Accounts payable----------- 21 ,375,756
5,809,022
5,485,720
4,131,123
R eserves--------------------- * ,900,884
>
Surplus------------------------ 4o ,850.000 37,200,000 33,000,000 29,000,000
O P E R A T IO N S FO R C A L E N D A R
controll5l property) at foreclosure sale.
“ Tho ‘amount so
H51G1 C^xponsoW^of VHo‘i-oninill.Voove
°
Eeen paid? T n o
f c ^ b T n d lS f f f iK £ « h o
R e ^ o rg a S ioS V M ia g ers may. during:
aM ^ ied
with the coupon of Jan. 1 1 9 1 0 , ana au
fP
r Trust C o., 140 Broad-
committee, Frederick H . Ecker, Chairman gives notice that
tho plan of reorganization dated Juno 4 1915 (V . 100, p.
90o4 . y 101 p 47) has been consummated, and that tomnorary 1st M . bonds and temporary voting trust certificates
representing preferred and common stock of the reorganized
company will be delivered on and after Jan. 26 1916 by the
depositary upon surrender of certificates of doposit duly
endorsed, ^ h e committee say;
„ th0 now bonds are
As assessments were paid as or sepc.^i ,if i
^
annum from gept. 1
datod Nov. 1 Yo\vvi\l bo paid upon tho face amount of bonds delivered.
19lo to Nov. 1 j1 * ,i
iiain & Dayton R y, Co. and its stockholders
11 non *
tho raspectlvo deposited bonds will bo prosecuted by tho reorganizaupon
^oo for account of the respective holders of certificates of denorit' andeertifirates to that effect will bo delivered with tho now securities.
__V . ’ lOl, P- 1885.
.
Cities Service Co., N. Y — Cash Dividend R e su m p tio n .--
n°'D a ilM 7Tex!)NElectric C o — A o (e s .— The Old Colony
Trust Co and S to n e & Webster are offering at 99
and i .,
5-Year 6 % coupon notes dated Jan. 1 1*
1921, but callable as a whole at 101 and
tico.
1
°n '
dnvs’ nomrustee
Interest ^ ' ^ 5 0 0 ^ ^ $ 1 OOO^* 1 A circular says:
’
of Dallas Electric Co. and
2J?fS|ua
b?nterwban Terminal Association,
facilities and offico building of Dallas ,)elng constructed. Tho cost of
including the land
^rt^frenroofelght-story offico and terminal
the land, terminal facilities and y cP (k)nstrU
ctlon should be completed
building Is estimated at $l,4S0,UUU,
and operation begun in the latter part, of 1916
3 0 ’ 15.
E a r n in g s o f D a lla s E le c ,
and Sinking F und.$402,090
Gross earnings---- ----'■ ®7 * i ’o.ir) Balance_______ - _____ - ___ S329.8«>0
>
Net after taxes------ - — this ^ $ 7 <7 50 ,U«0 of Terminal Mortgage Notes
’ p 5
000 or ^erm .
The interest charge on .J,
t)« k
will amourt to only W 5,W 0
d offIco building during the first
ye“ rm f o “ a t o w U l m o thin offset this additional interest c h a r g e .o
Jan. 15 1916.]
THE CHRONICLE
E a s te r n T e x a s E le c . C o ., B e a u m o n t & P o r t A r t h u r .—
O c t . 31 Y e a r -
|
} ^ ' 2 5g
1913_ 1 4 ----------------------- $9fir o l f $ 266,944
iy io —
14----------------------- 660,661
100,746 S84T000 $125P,593
84 000
82 1Q8
T he capital stock consists o f $1,400,000 prof, and $1,400,000 com . stock,
a t,p a r. T he com pany has outstanding O ct. 31 1915, SI 040 000 1st M
coll at. trust 5s due N ov . 1 1942; $300,000 Beaum ont T rac C o 1st M 5s
due April 1 1943 (closed m tg e.), and $500,000 3-year 6 % coupon notes'due
D e c. 1 1918. Stone & W ebster, whose organization operates the property,
are recom m ending the com pany s 1st M . collateral trust 5 % bonds o f 1912
(M . & N .) , due N o v : 1 1942, and 6 % cum . pref. stock (J. & J .) at market
prices to yield about 5.5 0 % and 6 .6 5 % , respectively.— V . 101, p . 1972.
Eaminqe.&SS.
F r e s n o I n t e r u r b a n R y . ( C a l .) .— Stock— Bonds
—
u r n S t a t e ,& c . A d m i n .
I n t.o n
D ie s.
B a la n c e ,
T a xes.
E xp.
L oan s.
(2 % ).
S u r p lu s .
1 9 1 4 --------------------- S f 4 5 5
$12,505 $3,514 $79,074 $20,156
p ii T
o
4 -461 12,592
4,795 79.072
18,784
100,’ p . ’ 3 0 6 ?' R R ' dlvIdends received were at the rate o f 8 % yearly.— V7
iq ic
O a k la n d A n t i o c h & E a s te r n (E le c tr ic )
I n t e r b o r o u g h R a p id T r a n s i t C o .— Wanes— Traffic.—
O r ie n t
Those acquitted were: D . N ew ton Barney, R obert TV. T a ft, James S.
^ T i.r r ^ W ym m,'ciIeat° n B °bertson , Frederick F. Brewster and H enry K .
wnH0Se T 50}1
V
the jury disagreed and w ho will face a new
trial are. Williarn R ockefeller, Charles F . Brooker, Charles M Pratt Lewis
Cass Ledyard and Edward D . R obbins. See V . 101, p . 1273, 2145.’
CalY o n r —
T he new wage scale announced b y Pres. Theodore P . Shonts, D ec. 28,
and effective the week o f Jan. 2 for Interborough and N ew York Railways
em ployees, adds about $370,000 to the annual pay-roll, affecting 11,000
men. increases are scaled on various bases, such as length o f service and
position held. T h e Second A venue R R ., the B rooklyn R apid Transit
C o . and the Third Avenue R y . C o. have also increased the wages o f their
uniform ed em ployees, in general 1 cent per hour.
Pres. Shonts stated on D ec. 29 that during the holidays thecom pany
carried record crow ds. T ra ffic D ec. 20 totaled 2,468,970 for b oth divisions,
v iz .: subw ay, 1,385,253; elevated, 1,083,717. H oliday passengers:
W e e k s e n d in g —
D e c . 18 1915. D e c . 19 1914. D e c . 25 1915. D e c . 26 ’ 14.
Subw ay division______ 7,800,828
7,593,295
7,565,314
6,952,403
M anh attan d iv is io n ...6 ,2 1 7 ,2 9 8
6,002,433
6,093,535
5.645.553
— V. 102, p. 153.
K a n s a s C ity M e xico &
N e w Y o r k N e w H a v e n & H a r t fo r d R R .— Disagreement.
T h e G overnm ent suit against the com p an y under the Sher
m an Law in the Federal C ou rt a t N . Y . resulted J an . 10 in
an a cquittal o f six directors and a disagreement on the re
m aining fiv e.
N o r t h e r n S e c u r it ie s C o ., N e w Y o r k .— Earnings.—
. T h e C al. R E . Commission has authorized the com pany to issue (a)
12 2.500 com m on stock (par $100) at not less than 80, authorized N o v . 23
1914; (6) $350,000 1st M . 6 % 25-year bonds previously authorized at 90%
o f face value; (c) 6 % certificates o f indebtedness for $350,000, to net fu ll
face value. These issues are to refund 580 shares o f com m on stock and
$110,000 bonds previously authorized (see V . 99, p . 1909), and the balance
as hereafter directed b y the C om m ission.— V . lo o , p . 1917.
See
251
CommTssion
T W h p r l 'J ?
com plete approval o f the R R .
m
.
n
'fh o S iiCR^ler n riC ? y ” Los, A n g e le s .— Extension o f Tim e.—
r a w s
authorized April 8 l g i T - V
m L p^ m ? ^ 011 ($1’734’721> o f $6,839,000
'S e C
cfiiCn n a n & E le c tlL C o " S a n F r a n .— Stock—Bonds.—
ic
R y . — Sub. Co. Plan .—
Kansas C ity Outer B elt & E lectric R R . below .— V . 102, p . 153
Kansas C ity O u te r B e lt & E le c tr ic R R . — Plan.— Re
ferring to the plan for the reorganization of the Kansas City
Mexico & Orient outlined in V . 101, p. 2144, and V . 102,
p. 153, the committee named below has proposed for this
sub-company a complementary plan dated D ec. 31 1915.
madePa n d r a h i™ n r t « ap^
d i?n account o f improvem ents and a d d it io n
P a d u c a h & I ll in o is R R .— Bonds Sold.— T h e syndicate
represented in N . Y b y K e a n , T a ylo r & C o . and W illia m A .
K ea d & C o ., has sold the entire issue o f $ 3 ,5 0 0 ,0 0 0 4
bonds, the issue being oversubscribed w ithin the first hour
13Sta„
ted that on D e c . 31 tho entire line w as opened for
traffic from M e tro p o lis, 111., 14 m iles, to a point near
hn
Ky'
the new bridge is com pleted trains will
b e fe r n e d across the Ohio R iv e r. See description V . 10 2,
Com m ittee: John W . Platten (Chairm an), Edward Dickinson, Herbert
H ow ell, Jabez T . Odell and Phillip D .T u ck e tt, with Calvert Brewer as
Secretary, 55 Cedar S t., N . Y ., and Chas. H . Jones & C o ., fiscal assistants
to the com m ittee, 20 Broad S t., N . Y .
D epositary, United States M ortgage & Trust C o ., 55 Cedar S t., N Y
A gents o f the depositary, First National B ank, Kansas C ity . M o
and
G ly n , M ills, Currie & C o ., 67 Lom bard St., London, E . C .
Counsel to the com m ittee, H arm on, Patterson, Eagle. Groenough & D a y .
P.
Digest of Introductory Statement.
Organized prim arily to build a short belt line in the neighborhood o f
Kansas C ity and provido terminal facilities and an entry for the Orient C om
pany into Kansas C ity; considerable right o f w ay was acquired and prac
tica lly all o f the grading and bridging, except the Kansas R iver (K aw
R iver) B ridgo, has been com pleted, but no rails have been laid and ora c-
Tiio0 1
^
R y C ~ In c o m er s— Deposit Certificates.—
t ifik a t p s n f^ i'fiR ^ Bx.c h^nS° has listed $1,094,000 E m pire Trust C o . cero f d ep ° sit against the 4 % Incom e M tge. Bonds o f 1890 deDositod
uuR^r the terms o f the agreement o f the John F . W allace C om m ittee w im
fu U tw ity to add $2,906,000 certificates o f deposit, upon notice o f issuance
to b o o s t e d $4?000,000?taSeenv 19 9 ? p 6 ^ 6 7 ? ' making the total authoriz6d
P h ila d e lp h ia C o m p a n y , P i t t s b u r g h . — Listed .—
.V }? N ; Y ' Stock Exchange has authorized to be listed the $2,500,000
additional common stock which was recently sold (see V. 102 p 6 8 ) unon
notice of issuance, making the total amount listed $42,400,000
’ P° n
Earnings.— F or the 8 m onths ended N o v . 3 0 1915-
h n i i K n i n 91,? an action was instituted to foreclose the B elt m ortgage,
action is still pending and the property remains in the hands
receiver, appointed in O ct. 1912. A ll expenses and obligations o f
^
receivership. Including $50,000 receiver's certificates, likewise all ex
penses o f foreclosure and all unpaid taxes, will constitute charges against
RrfM ?nrriagedAfr perty aPd S ° entitled to priority as to paym ent, over the
t°
^
exam taatlon, your com m ittee has concluded that the
interests o f the B elt bondholders will bo best conserved b y their co-operation
1915 (V S f p 2 m ™ V tei°02np C
ri53) Plan ° f reorganization dated D e c. 8
'
,
T h e P la n , D ec. 31 1915.
. , 2 B(;lt: C om pany has outstanding $1,788,000 F ifty -y ea r 1st M . 4 %
gold bonds, dated April 1 1903 (including $500,000 issued only ras
colla teral). Provided that the Orient plan and this plan shall both becom e
effective, wo havo agreed that the B elt m ortgage shall be foreclosed and
tho proport,ias bo transferred to the Orient com m ittee on condition that the
B elt bondholders shall receive (1) for oach and every sum o f $400 paid
-- 5±L,Ug £ d
P<llu
them, and in exchange f o their ----- *- ) ^
b yr them andAn e x d l ^ g efor T t h eI^ b o n --------------- - *
exico
M exico & Orient com pany as follow s [being equal on the $1,044 000 bonds
deposited with tho com m ittee to tho total shown— E d .]:
Donas
Gross earnings, $665,199; net, after oper. exp. and taxes
t in e n m
Other incom e: Allegheny Heating C o ., $66,600’ DuaueVnp i V 5JU5.961
C o .. $843,074; other d ivs., $67,501; int on bonds S82 333 ' 1 nso cma
In t.& diset., $325,108; rentalsfrom lease o f plant, &c.,’$ l,5i2,059 l,'837ll67
T otal incom e__________ __
D ^ u c t: Interest on b on d s'& cIIZ ir
fi'ooo'R m
h n n m vrm 'p ii4 y 12’ interest and discount, $Y69",8i2l
6
$1’ l 84 424
J“ n oil wins ?’$106 ° D nGW producing gas wells- $35,443","and
_ ' 24
.
_
35,549
- V ? 1102?’pSU^ 1
.US’ f ° r 8 m ° nths ending N o v - 30 1915_________ $1,683,262
R h o d e I s la n d C o ., P r o v id e n c e .— W age Increase —
$400 in'5% 1st M . gold bonds______
!}>300 par v a u e in preferred stock voting trait certif ica'te's------- 1 357 200
$1,333 par value in common stock voting trust certificates.. I I I l ^392 000
S t . L o u is E l R e n o & W e s t e r n R y . — Receiver.—
„ ^ e y V^I g r' 4 ' L v MiHs- o f the F ort Smith & Western R R . was recentlv
sSSthnr l L reCev
.ye£ for th> _
s c°nipany, following the receivership o f the F ort
8m ith road, which owned 5 1% o f the com pany’s stock.— V . 83, p . 380.
S t . L o u is T r o y & E a s te r n R R .— Equipment Notes— F urther Data. H arry F . S tix, S t. L ouis,.in offering the $ 2 0 2 0 0 0
5 % equipm ent trust notes, described last w eek, says:
i n
°M1Sh
Vime^ , N a sh n ne R R - ~ 'l,0ther In com e ” Increased.
See Nashville Chattanooga & St. Louis R y. below.— V. 101, p. 1973,1553.
M a n ila R R . — Purchase.—
, f S202.000 is secured b y a direct lien on 300 forty-foot stando
Y d, stoobunderfram e gondola cars, purchased from American Car & Fonn-
inairn^^uc1pjddl^)y1
^heaR R .Cc^ .ta* and SUfp,US ° f
Strictly a freight road and operates between East St. Louis Trov Frl
pesos? butV th T w a r has p?cvem edh?he0 E n ^ R h °n ° f l ho
,
up to 6 -000.000
obtaining funds for completing^the wo?i?8
° nstrucl loa com Pan? from
to be necessary for the protection o f thn f ^ n ? vernmcn t ownership is said
ratification o f V s r e c o & m ln d i^ ^ ^ ^
E ar,y
M id la n d R a ilw a y ( G a . ) . - N e w
M is s o u r i K a n s a s & T e x a s R y
N a m e .o f General 4 V ,S
d e n d record o f th e c o m p a n v Ts ‘ a T fo T lS ^ “ ‘ 12 ^ % t u T o o S a n d 1 9 fS - S S S
f h y e a r 19 0 5 t o 1 9 0 9 i n e f .; 1 2 H % in 1 9 1 0 a n d ° 1 0 % i n 1 9 1 2
’
5%
„ [ O f f e , i n g p r ic o w r n o t e s , 7 uuiiDi Ua t u rUi e s , b, 1 6 t o 1 9 1 9 4 % t o
. , r°
“ wfo
oo,
i e a r lie r m ldiOi tlltlU1 9 IDID
is is ; later m aturities, 5 or basis].— V 102, p
lo
%
basis; l a t e r m a t u r i t i e s , r, % . h a s id __v . irw ^ . i c Y
154.
i
S a n F r a n c is c o N a p a & C a lis to g a R y .— 1915 Earnings.—
.
-Rollins in a circular to the 1st M . bondholders regard
ing the favorable showing of the company, say in substance:
to $135,000 resulting from
— Default having been mado as to the payment of i n t o ^ t i o R ani aSe cLaims paid through oarnings and a S36 000 the wreck o f June
1913, havo boon
stock assnssmonf’
due Jan. 1 1916 on tho (810,421,000) G ™ M t e e 4 W
^ o u t abnorm afly increasing the floating debt ’ I^ r tlio year lndTng
N o v . 30 1915 the com pany showed not after taxes, &c. o f$ 79 14 5
n<£
bonds df 1906 due Jan 1 1936 the Bannard protective compurposes*— iP.°9 3 ° p ? 1 5 3 5 ^ ' ’ a ba,ance o f $ 4 3 ' 14 3 r e m V i n ^ S r c I f r p o r ^
mitteo (V . 101, p . 1093) urges the immediate d
it f h
bonds (see adv.) with the N . Y . Trust C o ., 26 Broad St
S a n F r a n c is c o -O a k la n d T e r m in a l R y s .— Further Offer
as depositary, on or beforo Jan. 31 1916.— V . 102, p 153 67*
to Purchase C oupons .— San Francisco “ Chronicle” Jan. 1 saidM o b ile & O h io R R .— N ew M ortgage .— On Feb 2 the
com pany has com pjeted the paym ent in full, within the 6 m onths’
f all coupons o f
com panies
security hoiders will bo asked to take final action ratifying ^ a c e ,g oJuly 1 9 1 5 . The the bonds o f its constituentrch ^ S these m aturing
bm'm
banks which offered to p u
rou p on i
tne Previous action of the stockholders in authorizing a mort Ja?t Juiy have, therefore, had their m oney repaid to them in full amiPthn
b*b® °f ?ale, signed by bondholders, w
sold their coupons
gage of $50,00 0,0 00. See V . 99, p. 748, 343; V lO lf p “ 543" syndicate, havo been canceled b y tho hoercantile Trust C o .,to the banking
M
trustee under
N a s h v ille C h a t t a n o o g a & S t . L o u is R y .— Div
Increase
$16(w T ooon?tUa l dT ? i ° nd 0 i A % haS- b?en declar°d on the
n,
5MO,uuu,000 stock of this road, a majority ($11 484 1001 of
°T
W^ d b y »tbo Louisville & Nashvillo R R ., payable
Fob. 2 to holders of record Jan. 22. In 1915 2 ^ % was dis
tributed at each half-yearly period, previous to which 3 ' A %
was the semi-annual rate.— V . 00, p. 0000.
/2 '
the coupon purchasing arrangement.
ustee under
» , O ° i rovi“ 0 bondholders the opportunity o f receiving the fa ce value o f
!
coupons on m aturity, the same 13 banks which joined in the coupon
purchase offer last July are again offering to purchase the fJan 1
coupons o f this system. The bill o f sale is amended as foliow s- “ This
PU^hase ^ m ade In contem plation o f the adoption o f a plan o f ^>'rga J z a ?
io n which will be submittea as soon as possible. A n y coupons purchaser!
&
d o
a?F
^
? h T S r n 0Iefohn . r &
o
eg
^
&
§
^Compare*V? BOfdp?^|P4?'2 8 9 ? ^ ^ > 3^ ? dl 974.) — V F l p ? 2 <
?a
1^5i ^
e
S ?
974? ’ ''
[Vol . 102.
THE CHRONICLE
252
O p e r a t i n g R e s u l t s o j th e T w o R a i l r o a d P r o p e r t i e s f o r t h e I l a l f - Y e a r ^ c n d .
S a v a n n a h A u g u s t a & N o r t h e r n R y . — Change in N a m e.—
( D e c . E s tim a te d .)
1915.
1914.
Operating revenue$826,231 $705,856
Oper. expenses___ 488,086 474,368
(5 9% ) (67.20% )
See M idland Railway a b o v e — V . 101, p. 1372.
S o u t h e a s t e r n O h io R y . (Z a n e s v ille ,
0 0 0 ‘to t X P v | The
o
ofssTO-
'1915.
$46,800
Hire o f eq .,d eb it 26,000
D e d u c t — T a xes—
O e c .^ i
1914.
$46,800
27,707
T otal .................$265,345 $156,981
N et oper. r e v ..$338,145 $231,488 Other in com e------ 37,900
27,036
beW ee^ Z a ^ v ille ^ n d
T otal incom e.......................
.. ... $ 3 0 3 ,2 4 5 $184,017
In view o f the fa ct that our largest freight earnings are fo u n d ‘{ " '. '“I *i\'i
v
open Lake season, and as it is bclieyed that the shipments t
res0nably
ton from Crooksville, Ohio.
be o f larger volum e and begin earlier than usual. I6
t
\
S o u t h e a s t e r n O h io R y ., L t . & P o w e r C o .— Sold.—
expected that/ the second six iiiuhhao will show —......
m onths *»»»»
.
P C U 1 11 l/tic otbuuu
” a material /im provem t n f r r.l
* U L U /1x,1
..
« m i r I'ir.r. TPof m
See Southeastern Ohio R y . C o. above.
S i x M o n t h s E a r n i n g s o f C o a l C o . , e n d i n g D e c . 31 1915 (Ore. E s U m a M Y
1915.
1914.
Gross e a rn s ..$1,654,325 $1,329,953 Sur. (as shown) $90,937
Other incom e15,000
Gross exb. incl.
sk.fd.& int.on
V . 97, p . 1824.
.
T otal i n c . . $105,937
ls t M . b d s._ 1,563,388 1,319,173
N o . tons mined 1,521,150
T o le d o Peoria, & W e s t e r n
Surplus-----$90,937
$10,780 .
w a v ,™ .
.w .iu v
bS & > .
’ & .
i
income g g f f i . g g f f i
It should be remembered that the largest shipments b y the C oal C om pany
are m ade during the open I.akc season. Increased booking ana tno m a
terial increase in prices which are being obtained for coal should otako
the second six m onths’ earnings o f the Coal C o. the largest in. its' ^ s t o r y .
— V . 99, p . 1292.
.
A« tho, rom nanv did not, when coal was abnorm ally depressed, lili its duuh»
V ir g in ia n R a ilw a y .— Bond Offering — The p h o n a l City w ith orders at low prices, it is enabled to obtain the beneift o f the higher
nrices now prevailing. Substantial increases are now being shown m in e
Bank, Kissel, Kinnicutt & C o •»
^Q
r% p-Mifbonds Serearnings o f tho Coal C o. and the outlook as to earnings could not be brighter.
arc offering §2,5 00,0 00 1st M . 50-year 5 % gold bonds, her
in view o f the foregoing facts I feel justified in stating that the earnings
o f the constituent com panies should during the next 12 m onths show very
fes “ A , ” of 1912, due M a y 1 1 9 6 2 .. An
excel lent results. T ho physical properties o f the railroad aro in good c o n
outstanding (including present issue), $M ,o 0 0 ,0 0 0 .
' dition Tho locom otive repairs are up to date and we have practically no
vl . Yve hart-order cars on hand. T he properties are going into the winter
b f the bc^ tconditfon physically and financially that th eyh av ob een in since
tho marls anti mines were opened. M oreover, the largely increased emmbaT r ^ S
t
i W
S j s s j s ■ j s e r t S i V S 'a s A
i n l ^ t h e w f f l n g & Lake Erie, which should materially enhance the
value o f the equity in that property which the W abash Pittsburgh le rm i_
$1,125,000 equipment trusts. due str ally lJ lr -1
^
o f „ tI?0 bond:
nal bondholders are to acquire under the plan.
C o ., upon the coal-loading pier (a stceii sirucuuiu i
^ours), and on the
an estimated coal-loading eapacitj o f 36.000
■ deducting net value o f
adjacent terminal property at Sewalls Point. A lterjaeuucui b
^
lst
equipm ent and terminal property under t
t o g 400 per mile. T he cash
M . bonds are outstanding at the rate of' o n b $3b.40U Per mme
cost o f the property has been 9vcr $54,500,000, so tnat an
than $25,000,000 follow s this issue.
fiv0 m 0nths, indicates
A n estim ate, based on the earnings tor tno 11
( ]t
7 fv> non
that*1t h e ‘com pany will earn in the current fis c a ^ y e ^ , ^ $ 2 7 ^ 2 , 0 0 0
available for interest, after
the present issue)
the entire outstanding amount o f 1st M . bonds tmciucui p uiu 1
T
m o
« . . * » . 30
,
S0.|o.OT9 S 5 . & 6 S2.5M.8g4 q g g j m
o S S T S S S i.-M ^ m
Opposition to P la n — The Philadelphia committed, Charles
Fearon, Chairman, in an adv. on anothor page says:
Renresenting holders o f a very largo amount o f bonds and certificates o f
denosit w ho are opposed to tho present plan o f reorganization, and have docuno.itassessment we request all holders who d o not assent
™ « L n2 * i n deeidwl not to pTy an assessment o f $300 per b on d , and who
to ai 1 *
. p«fQ|./>jnpr our rights and equity, to deposit immediately
wit h r ard ^ ru st* C o Idi Uadel phi a . who will issue receipts for same
with u irara i r 11. 1/
,
Chairman; M atthew S. Brenan and G . T .
S 3 C hest.,,,. S t., P h il... » M W .
Consolidation Plan . - T h o
B E ly, Chairman, announce that they will offer to tho public
in a few days a Wabash-Pittsburgh and Wheeling & Lake
Erie consolidation plan.
.
i m i " c 7 o t j j 2 .! ® o S 8
V . 94, p. 1385, 1764, and last report, V . 101, P- lb -4 .
W a b a s h -P ittsb u r g h T erm in al R y .— Am endm ent of Plan
__ /Tv,,,/, Exten d ed — Tho reorganization plan having been
amended as of Jan. 4 as to u n d e n t i n g and otlter matters,
hau‘1?tP^ ^ a tr , i i‘s 'p r o v id ^ f o r !‘ ^ I^ a lso nn id u c ^ ‘a^swsments)onV c u rm t^
^
^
o f both companies and gives 0 % incom e tmnd* therefor sdoekho ldCTs! ’ Net
excludes none o f the W . V . T . bondholders or W . & It. E . stockhoia^ix
earnings o f the new com pany are estim ated sufficient to p ay ai
charges, 6 % interest on incom e bonds and 2 % on first pref. stock.th e .first
year. M r. E ly believes that the property should b e . w o r ^ $30,000,000 to
anv o f the trunk lines who want it. Its total indebtedness is $13,000,Out)
ahead o f tlie nrst m tge leaving an equity o f $17,000,000 for the 1st 4 %
1
ic ;p handled nronerly. M r. E lv states that tw o com peting railroads
arc'after t h f p r o p c r t /a n d that an unset price shoui.l bo made su.ficient to
protect the equity o f the first m tge. bonds.— V . 102, p . 68, lo 5 .
W e lls v ille & B u f f a l o R R . C o r p .— Purchase
See Buffalo & Susquehanna R y . above.
S S J S S S S S ^
S
S ^
S A
business Jan. 25.
Terms.—
V. 102, p . OS.
D o ^ s .u r y ,
Central T rust C o ., 54 W all w k n irtors o f certificates o f deposit representing
'I’ he time fo r th e payment by holdc .
th amounts payable under the
lst M . bonds of the s e c o n d ^ a U m e n t or tne a r n o ^
j 1916i and. of
IN D U S T R IA L
AND
A j a x R u b b e r 1° “ f f l , *
f
M IS C E L L A N E O U S .
e
,f f i K
i i r » .™
a n d ‘thir'd
A m p rira n R o llin g M ill C o .. M i d d le t o w n ,O .—
^ L b % S r i> n ° o K
s
/i i »
StockIhv.
l ^ % o n p r c f . are payable Jan. 1 5 to holders o f record Jan. 5 . - V . 1 0 2 ,p .lo6
that tho stock o f the W heeling
^ 0i o r d a n c e S
tho pian as
am en d^.^H D epositors^ d^ sen tlng^ to the amendment have two weeks
‘ “ Digest' I f StaVement by. R e o rg a n iz a tio n Comm ittee, -lames N.
U p to 3 p. m
^
Ce^
6
« S
t h ^ been
about $4 ,0 2 4 ,0 0 0 of the cash
1
cash requirements. I*rom inforvidod for substantilly $5,046,0(M or said^ca.su^ ‘
)
ent wouUl i,e made in
mat ion received. It a p p e n d that the
^ ^ S r ances were given that
fP
respect of a largo amount of additional bonus
untll adequate provithe planmade for t i e r a t ir e copf ra)>''®irpn,....,s o r tne plan, lntQ a firm con.
1
tho committeo
sion be would be declared ^ h r ^ u l^ a e n t e 0f the
is not in a position either to give such assuram t •
, /<nmnanv.
tract for tho acquisition o f m e secuU )'^.
clf to (lie task of securing an
Accordingly, the committee acklr^w l itself
^
a ss u r0 the pro
underwriting of the plan to the
is now able to
vision of the cash requirements of the plan. i no tonim
for a
announce that contracts ^ v e b e ® =
e d /^ m ^ n d fflr jrr it^ ^
ag
o f bonds —
be required to p ay therefor u n dw the plan.
authorized to pay
Under tho provisions o f the Pja» the
o an amendment o f tho
a casii com m ission for lincierwriting
th ritv p, this respect. T ho
plan is needed so as to give tho n ec^sary au _ ^ > . com m ittee to pay
am endm ent, am ong other tWngs. n o t ^ l y p
lb,
purpose o f (le
the com m issioas for an_u n d e r w r i t i n g ^ ^ L a k o Erfo « l i - C o ’
termining whether stock certificates of the
; stiall be distributed under
or voting trust certmc»teB.rejPLr^ e^ a*‘ ^
o
f deposit representing lst
the plan, it provides that . oWcrs o f certm ca’ces oi ue]paym ent o f tho first
h
M . bonds or 2d M . bonds *iearl(l5 - nl1. ^5, O 1rior to Feb. 15 1916, present
t
IT
,
installment payable under the plan m ay, P
n tbelr request that tlio
their certificates o f deposit to " ay ° " f 1 , in the reorganization bo trans-
? lr * ffi5 j& 5 l£ u o . com m itted in re.„>octot
each of their $1,000 bonds the sum of ..7 W)for the acquisition of the
Tho committee is now negotiating a c o n c o lla t e r a lly secured thereby,
awompjmiwHiy saM s w i ^ f ^ )
t U
^ S M
l ^ n ^ a t n ^ 'd ^ f X
f p e W
»
£ a
,h c proport,“ ' “
dive
Bho" n
Pittsburgh Terminal R R . & Coal Co., dun K
tQ the improved business
perienced the benefits that bave been
return of an active demand
conditions of the 1 lttsburgh <
*y^rict,p!. business of tho various constituent
for steel, iron and coal P y ^ , f fyin„ lhoT he genwal opinion is that tho busicompanies has been most CTatRying. 1
= r for'an indefinite time, and
.
ness of the Pittsburgh district w ill continue active ior an i
earnings
I belive that we are entering upon a substantial periou
h
.
A m erican Sum atra Tobacco C o ., N . Y . — N otes .'L a d e n
burg, Thalmann & C o ., N . Y ; Tucker, Anthony & C o ., Bos
ton and A . G . Becker & C o ., Chicago, are o f f e r i n g for
sale, tho entire authorized Sl,2o(),(X)0 l l i r o o - \ ear o / o
gold notes, dated Jan. 15 1916, and duo Jan. l.» U l-J. 1 1
)1
redeemable, all or part at 101 an<hn . on ^ ^ W & J 15
unon 60 days notice. Denom . $1,000 c . Interest J .iaJ .lo
at 0 u s
r
y
l ^
sc t ' n ( h . i , « u ) rr N
O f W m M l .m - l n c o r p o r .^ d ■ to_
^
. ° v
l j ; , i f j a^
a
. . u
» » .
.M S S jjllJ w
in the w orld. A t
raX m “
Ga ” o f eight established tobacco
den C ounty, I'la .. and Uc^atui ^ C o ^nCCtIcut property out o f earnings,
plantation co . In 1911 imreha.
appraised at $2,850,000, com Owns (a) ^ ' n u l a a n d ? 4 ° X aCT^ o f lands, o f which about 1,500 acres
prising a tract o f about 34£0O nenfc o n a ^ toba(.co; thore aro i o .OOO
has, in the past few i car . t for Uu, raislng or tobacco (or otiier crops) and
timber lands, also suitable for tobacco after they are cleared,
9 4i 2 fi°i™Udings 1 1 packing houses of stone and brick, 7 warehousee, 91
superintendents' .d'yellings, 1 J^7 h o u ^ fOT^abor^^, 474 ^>aw:o-curtag
sheds, 1 6 conim ^ary bu lnigs and ^ O ^ e e lla n ^ o u S jt 4 ms hoUseS
farmers in Gcorsift <inci l loridn..
. . t\ i.i\
C a p ita liz a tio n , a fte r I s s u a n c e o f T h ese M o tes (M o
on
_ _si ,250,000
These 3-Year 5 % G old N otes, duo 1 919- - - - - - - - - - - j
-1.000,000
7 % C um . Pref. stock, receiving
. . . . _____ 6,800,000
C om m on Stock ( a u t h o r i z e d , ’^pOfloating d ebt and provide working
These notes arc issued to rettj® allf1f ‘am)fying their proceeds, we shall
c a p ita l fo r th e expanding biMtoess- A f t e r ^ l y ^ ^ ^ s ^92 ()00 wlll t)0 in
have net quick assets o f $ 2^ 0 8 ,5 00 .
7 10 ,5 0 0 in toba cco, carried at
cash and accounts and bills receivable ajid $1 ^ $5 ,800,000. T h e com pany
cost. T he total tangible a^sets vu.
written consent o f each notoagrecs n ot to m ake a m ortgage \
\
crty included in its capital investholder, and all funds from
notes P N o dividend on either stock, if the
m ent will be used tore d e e m [he
s
while these notes are out.
quick assets aro less than l 'A
io n -1 4
1914-15.
E a r n in g s f o r F is c a l Y e a r s
s:\36.207 $550,609
N et incom e before the paym ent o f interest,.................... * 7 0 (222
51.475
Interest and discount----------------------------------------------------’_____1
----- ----------------- T,
. „o
........................... .$256,985
$499,134
Net ® m?!,-- ; - n ;: Vho'u'ld' be'greater than 1915, as the company has
a™
already booked about, §800-000 in
tcftlmcompan^.P8Tho'chpw^loitf
K f e W S iS S
ta
A. c U n & Co. will contribute to the profits
in 1 9 1 6 .— V. 100, p. 735.
-Jan . 15 1916.]
THE CHRONICLE
A m e r ic a n T e le p h o n e & T e le g r a p h C o .— Sale o f N otes.
It was announced yesterday that J. P. Morgan & Co. had pur
chased and sold privately $50,000,000 4 Y i% two-year notes,
in part direct obligations of the American Tel. & Tel. Co.
and in part obligations of its subsidiary companies, endorsed
with a guaranty of principal and interest by the parent co.
The proceeds will be used to take up some $26,000,000
notes of subsidiary companies maturing in 1916, and for
additions and improvements as below stated
Earnings, tfee.— President Theodore N . Vail Jan. 6 wrote:
Figures for the year 1915 have not yet been made up, but taking the
figures for eleven m onths and estimating D ecem ber, it is probable that the
gross earnings o f the Bell Telephone System for the year were about $240,
000,000, as compared with $225,952,123 for 1914, and that, by reason o f
better operating m ethods and greater efficiency, anti in spite o f general
improvem ent in wages, the expenses have been kept within such limits
that the balance for surplus, after paying interest and dividends, was sub
stantially larger than in 1913 or 1914.
Plant additions were about $31,500,000, which is loss than in anv re
cent year. The net increase in stations was about 500X00, and the tota
number o f stations, including both owned and connected, at D oc. 31 1915,
was about 9,150,000.
The increase in gross earnings for the year has on the whole been rather
below tlie normal increase o f recent years, although there has been an ab
normal increase in the long-distance toll business in certain sections, which
has taxed our facilities to the utmost limits.
During the past year no new financing has been necessary. In 1916
wo expect to resume construction on about the same scale as experience
had shown was advisable before the outbreak o f the European war. This
will necessitate a normal amount o f new capital (about $25,000,000) for
the Associated Companies. Arrangements for financing this and for re
financing all indebtedness maturing in 1916 have been practically com
pleted.
T h e number o f stockholders o f American Telephone A Telegraph C o at
D oc. 31 1915 was 65,512, and the amount o f capital stock outstanding was
$380,4 ; , ,100, an increase during the year o f $35,795,200. all o f which was
issued in exchange for convertible bonds retired and canceled. O f the total
capital stock about 53% is held in Massachusetts and about 9% in other
N ew England States.
There were outstanding at D ec. 31 1915 $28,063,700 4J^% Convertible
bonds, a decrease o f $38,936,300 since the right o f conversion began on
M arch 1 1915.
P a r t l y E s t i m a t e d R e s u l t s f o r 11 M o n t h s e n d i n g N o v . 30 1915.
[Including American T elp. A Telg. C o. and Associated holding and
operating com panies in the United States.]
G ross
N e t a fte r
In terest
D iv id e n d s
B a la n c e ,
llA /o s . e n d .
E a rn in g s.
T a xes, A c .
C h a rg es.
P a id .
S u r p lu s .
N o v . 30.
$
$
$
$
$
1915 ( e s t . ) _ 218,551,503 60,419,668 16,670,957 29,978,831 13,769,880
_
1914 (actual) _ .206,710,452 53.826,304 17.341.567 27.767,324 8,717,413
Dividends as above for both periods include actual amounts paid for
9 months and estimated for 2 months.
T he above earnings d o not include connected independent or sub-licensee
com panies.— V . 101, p . 1975.
A m e r ic a n W o o le n C o . — Transfer Plan— D eposits. — The
company announces (see adv. on another pago) that the
timo for the deposit of stock under the plan to transfer the
company’s charter from New Jersey to Massachusetts will
finally terminate Jan. 15 at noon.
It is understood that 533,4<6 shares o f the total 600,000 shares were de
posited up to Thursday, Jan. 13.— V . 101, p . 1715.
A r m o u r & C o ., C h ic a g o .— E a rn in g s— Year end. Oct. 30:
O c t . 31.
Y ea r—
T o ta l
B ond, A c .,
E xpen ses,
D iv id e n d s
B a la n c e ,
R e c e ip ts .
In te rest.
T a xes, A c .
(1 0 % ).
S u r p lu s .
1 9 1 4 -1 5 ..
$18,018,694 $3,954,370 $3,094,324 $2,000,000 $9,000,000
1 9 1 3 -1 4 ..
__________
13,707,631 .
3,559,366 2,638,357 2,000,000 5,509,907
T he balance sheet o f N ov . 2 1915 shows bills receivable, $8,i97 ,4 6 0 ,
lieet
against $5,745,334 in 1914; accounts receivable, $46,685,592 against $37,
770,199: cash, $8,401,470 against $7,085,581; accounts payable, $1.3,154,
207 against $5,023,413, and bills payablo, $38,865,000 against $40,913,600.
— V . 100, p . 1754.
A u t o s a le s G u m & C h o c o la te C o ., N . Y . — Plan Dated
Jan. 3 .— The plan of reorganization outlined below is pre
sented by the following committee:
.
____ C ity.
Depositary, Guaranty Trust Co. o f New York.
._
,
O u t s t a n d i n g O b l i g a t i o n s a n d C a p i t a l S lo c k .
G % bonds, $3,121,000; coupons thereon, due Jan. 1 1916, $93,630S3,214,630
3 5 0 non
Bonds o f the W eighing A Sales C o _____________________________
N otes, secured, principal, $ 1 1 0 ,0 0 0 ; mlsc. a ccts ., about $40,6651
150 003
Capital stock, in $100 shares............................... .................................. 6 .000X 00
N e w C o m p a n y ( U n d e r L a w s o f N . 1'. o r O t h e r S t a t e ) — C a p i t a l i z a t i o n .
IAfter sale under Trust Indenture o f 1911, Guaranty T r. C o ., trustee.]
B o n d s , only the 5% bonds o f the W eighing & Sales C o. (V . 92,
p. 1501), paym ent o f which will be assum ed______ ____ _______ $350,000
6 % N o n - C u m u l a t i v e P a r t i c i p a t i n g P r e f . S t o c k , shares o f $100 each
[To participate equally with com . shares in all divs. in any vear
after $6 a share on each class. Pref. also as to assets. C on
sent o f 66 2 -3% necessary to making o f any m ortgage]______ 3 ,000,000
In partial exchange for old 6 % bonds (with Jan. 1
1916 c o u p o n s ) . ............................................. (75% )$2,340,750
I o depositors o f stock who pay an assessment o f $ 5
for each share o f stock deposited__________ (5 % )
300.000
^ W orking capital and reorganization expenses_____
359,250
C o m m o n S t o c k , 6 % and participating, in shares o f no par value. . 45 000 shs
In partial exchange for old bonds (and Jan. 1916
coupon) three snares for each $ 1,0 0 0 bonds (5 % ) 9,363shs.
T o depositors o f stock paying the assessment. (50% )30,000 shs
W orking capital and purposes o f reorganization___ 5,637 shs.
,
T e r m s o f E x c h a n g e F o r e a c h $1000 H e l d a n d F o r T o t a l I s s u e s
E a c h $1,000 o f
A m ount
P ays
------- A n d W i l l R e c e i v e ____
E x is tin g —
O u ts ta n d in g .
A s ses sm en t.
N e ie P r e fe r r e d . N o C om
shr*
6% bonds 1911...$3,121,000
None.
$750-$2.340,750 3 shrs— 9 363
Cap. stock............ 6.000,000 5%-$300.000 5% 300,000 5 shrs 30 000
R eorg. A work, cap'l - - - - - - ....................
359.250
5 637
Depositing creditors will have their claims either assumed by the new
com pany or paid or settled.
N o m ortgage shall be placed upon the property o f the new com pany,
and outstanding
on the $350
B itter R o ot V alley Irrigation C o.— Bankruptcy.—
C om pany has filed a voluntary petition in bankruptcy in tho Foderal
District. Court at Helena, M on t., being unable to meet the principal o f
SloO.OOO duo on its mortgage. Liabilities as reported, $5,326 448 viz
taxes, wages A c ., $18,384; sundry mortgages, $1,121,953: unsecured
claims, prom issory notos, held b y Assets Koalization C o ., C obo & M cK in ?r0n,£ ,
otlu‘rs’ $4,186,111. See Assets Realization C o ., V. 100 p 476'
V . 101, p. 445, and also V . 99, p. 1301.
Brier H ill Steel C o., Y o u n g sto w n , O .— N ew Stock.—
Tho shareholders will vote Jan. 25 on authorizing an increase
in the capital stock from $2,500,000 to $5,000,000.
253
B u f f a l o G e n e r a l E le c tr ic C o .— Rebate
Certificates.—
J1? com pany as ordered b y the N ew Y ork P . S. Commission on June 24
u n c k t e s - V r<1 0 ldir (P™port*onate^ ’ $175,247, to holders o f rebate cery
T e r m in a l C o .— Special
Dividend— Stock Listed.—
, or V ;X ’toc^ Exchange has authorized to be listed on notice o f issu’P£9 com m on stock, issuable Jan. 15 as a 2 1 4 % stock dividend,
this being the special dividend referred to in V . 102, p . 70.
Earnings .— For 11 months ending N o v . 30 1915:
. ,
B u s h .T .C o .
T otal gross earns., A c . . $1,527,793
N et earns, after taxes___$1,177,959
D e d u c t — Int., b ond .d ebt
$416,643
Interest on loans_____
__
Sinking fu n d _________
28,147
B .T .B ig .C o .
B. T . RR.
$917,446
$30,285
$613,194 def.$75,944
______
$318,347
11,944
15,488
69,988
______
T o ta l.
$2,475,524
$1,715,209
$734,990
27,432
98,134
— V ^ i o 1? p S l? 7 6 S V ' io“ r 'p737017° SUr -$212’915 d c f -$91.432sur .$854,653
U
C an ad ian Car & F o u n d ry C o ., L t d .— Russian Contracts.
1 res. ( u r r y was quoted last week as saying: “ W e have ju st com pleted
arrangements with the Russian Comm ission whereby the latter is t o ™ S S
the com pany such m oney as is needed in connection with orders for Russia.
The total m ost com m only m entioned as neodod is $10 000 COO
Russia
will m ake advancas in installments o f $1,500,000 to $2 ’, 000X00 as needs
require. W e are shipping an averago o f 50,000 shells a week and this will
be gradually increased to 100,000 per week. T ho d iffieu ltv to date has
been lack o f working capital, especially b y com panies to which the Russian
shell order was sub-let, owing to their unfam iliarity with the work required
Through tho arrangement just made the com pany will be in a. position to go
ahead without delay in carrying out tho large Russian o rd ers."
An order for 2,000 freight cars for the French Governm ent valued at
$2,000,000 was reported recently.— V . 101, p . 2147.
Cedar R apids M fg. & Power C o . — Bond Offering .— Tifft
Bros, of Springfield, M a ss., aro offering at 87
and int. a
small block of 1st 5s of 1913, part of an outstanding $10 584,000 (compare V . 100, p. 1754). Pres. J. E . Aldred
Dec. 15 1915 wrote in substance:
In order to meet the demands for additional power, the com pany is in
stalling further generating capacity o f 10,000 h. p ., to be in operation about
Feb. 1, making plant capacity now 110X00 h. p.
Since starting operation on Jan. 1 1915, the co . has been gradually build
ing up its power load and is now delivering 86,000 h. p . Com m encing F e b .l
it will be delivering 96,000 h. p.
Earnings .— For 11 aud 12 months ending D ec. 31 1915:
Period ending
Gross.
N et.
Fixed Chges. Surplus.
11 m os. end. D ec. 31
15 (a ct-.)..$610,168 $566,800 $356,2i6 $210 584
12 m os. end. D ec. 3 1 ’ 15 ( e s t .) .. 685,015
637,017
3 9 1 ,3 2 6 '2 4 5 6 9 1
12 m os. end. D ec. 31 ’ 16 ( e s t .) .. 999.250 947.250
Fixed charges as above d o not include int. on $2,000,000 bonds the pro
ceeds o f which were expended during the construction o f the initial plant
in anticipation o f installing the remaining 60X 00 h. p . available, to bring
the ultim ate capacity to 160,000 h . p .— V . 101, p. 1372
s
C ity In v estm en t Co. o f San F ran cisco.— Bonds Offered.
— PI. II. Rollins & Sons in an offering at 98 and int. say:
T h e $3,300,000 1st M .5 % gold bonds are dated M arch 1 1914 and due
$o0,000 .March 1 1933 and $3,250,000 M arch 1 i934, but are callable on anv
interest date at 105 and int.; $1,000 bonds. Interest Q .-M . at First Federal
Trust C o ., San Francisco, trustee. N o bonds in excess o f $3,300,000 m ay
bo issued under this mortgage without the unanimous consent o f the holders
o f all bonds then outstanding. Capital stock all out, $6,000,000.
C om pany incorporated in Cal. to own and administer the large real estate
holdings in San Francisco o f the Claus Spreckels estate. T he bonds are a
1st M . on 8 parcels o f centrally locatod business property, including the
Call Building, an 18-story steel fram e office structure; Claus Spreckels
Building and its annex, Empress Theatre, A c. Appraised value o f the
properties upon all o f which these bonds are a 1st lien: Land, $4,488,250;
im provem ents, $1,880,740; total, $6,368,990. Official report o f earnings:
Receipts from rentals, $299,350; net, after taxes, maintenance, A c ., $188,
807; annual int. on $3,300,000 1st M . 5s, $165,000; balance, $23,807.
H.
B. C laflin
Corporation, N.
Y .— Balance Sheet.—
.,
,
B a l a n c e S h e e t N o v . 30 1915 ( T o t a l E a c h S i d e , $8,566,994).
M erchandise in ven tory. . .$3,337,676 Capital stock ____________ $6,000,000
Custom ers’ notes receiv’le
159.6.’
1,375,000
N otes payable...............
D o accts. rec. less re s. 3,737,759 A ccounts p ayable_______
691,466
666,639 Reserve for taxes, A c ____
C a s h -------------------------------5,000
Foreign accou nt__________
97,105 Profits to D ec. 1_________
495,528
Notes rec., secured, A c . .
500,000
Furniture, fixtures, A c
68,160.
N o t e . — There has been delivered to the com pany merchandise applicable
to a subsequent season valued at $414,147 on contracts calling for delivery
after D ec. 1 1915, which was neither included in the merchandise inventory
nor in the accounts payable.
Pres. II. J. Bonties says that conditions in the trade are satisfactory and
that business already taken is sufficient to insure prosperous conditions for
the com pany for the next six m onths.— V . 100, p . 903, 645.
C le v e la n d -C liffs I r o n C o .— Extra Dividend.
An officia l circular dated Jan. 4 received by shareholders says in sub
stance: “ At a meeting o f tho directors held to-day a cash dividend o f 2 ) 4 %
was declared, payable Jan. 25 to stockholders o f record Jan. 15 1916. In
addition to the cash dividend above m entioned, the directors declared a
stock dividend o f 5 0 % , also payable Jan. 25 to stockholders o f record
Jan. 15. The cash dividend is payable on the stock now outstanding, the
increased stock not participating in this cash d ivid en d .”
T he authorized capital having been increased from $5,000,000 to $10,
000,000 (see V. 101, p. 1888), tho shareholders are asked to turn in their
old stock for exchange into new certificates.— V . 101, p. 1976.
C le v e la n d (O .) S te a m s h ip C o .— Sale of Vessels.—
See Interlake Steamship C o. below .
shareholders Jan. 5.— V . 90, p. 1493.
T he sale was authorized b y the
C o n n e c t ic u t P o w e r C o .— Earnings .—
O c t . 31
Y ea r—
G ross
E a r n in g s .
N e t,a fte r
T a xes.
In t. a n d
B ond
R e n ta ls . S in k .F u n d .
.
P f. D ir .
B a la n ce
(6 % ). S u r p l u s .
1914-15........... $547,479 $262,759 $118,423 $10,707 $75,000 $58,629
1913-14........... 434,990
185,269
79.292
2,892 75X 00
28,085
T he capital stock consists o f $1,250,000 pref. and $1,000,000 com m on
stock at p ar.T he com pany has outstanding O ct. 31 1915 $1,820,000 1st A
Consol. 5%. bonds, due 1963: $517X00 1st 5s due 1956 (closed m tge.)
$726,000 New London Gas A Elec. C o. 5s, duo 1927, 1929 and 1933 (closed
m tges.); and $83,000 Berkshire Power C o. 5s duo 1934 (closed m tg o.).
Stone A W ebster, whoso organization operates tho property, are recom
mending the com p any’s 1st A Consol. M . 5s o f April 1 1913 (A. A O .), due
April 1 1963, and 6 % cum . pref. stock (Q .-M .) at market prices to yield
about 5 .20% and 6 .4 5 % , respectively.— V . 101, p. 50.
C o n s o lid a te d G a s C o ., N . Y . — Tax Litigation Ended.—
T he city on Jan. 10 settled its litigation on franchise taxes for the years
1913, 1914 and 1915 witn the com pany’s subsidiaries, the N . Y . Edison
C o ., the United Electric Lt. A Power C o ., the Brush Electric Illuminating
C o. and the Consolidated Telegraph A Electrical Subway C o. It is under
stood the settlement provides that the city receive $3,140,485. with 7%
interest for the three years, out o f a levied tax o f $3,177,764.— V. 101, p.
1467.
C o n s o lid a te d G a s , E l. L t . & P o w . C o ., B a l t .— Rates.
T he price o f gas to consumers was reduced 5 cts. to 75 cts. per 1,000 cu. ft
on Jan. 1, as ordered by the P. S. Com m ission, and makes a total reduction
o f 50 cts. since July 1910. (See V. 101, p. 215.) On Jan. 10 it was stated
that a secondary rate o f 35 cts. would go into effect Feb. 1 to dom estic
consumers using m ore than 4,000 cu. ft. per m onth.— V. 101, p. 1976.
The com pany, it is understood, has a largo construction project in view.
I resent outstanding com m on stock is $9,351,000 and preferred $4,940,000.
C o n s u m e r s ’ P o w e r C o . (o f M e .) M ic h ig a n .— Bonds
It is rumored that the issuo will be placed on a dividend basis.
Oil
Jan. 1 the com pany retired $125,000 bonds issued b y tho Empire
Offered— N ow a Direct L ien. — Leading banking houses are
Iron A Steel C o. before that corporation was absorbed. Tho Brier Hill
Stoel C o ., recently incorporated in N . Y ., succeeds tho Garry Iron A Steel offering at 97 and int. $1,090,000 First Lien and Refunding
C o ., owned by tho Youngstown C om pany.— V . 100, p. 735, 644.
5 % gold bonds of 1911 and duo Jan. 1 1936 (V . 99, p. 1451).
2 5 4
[Vol . 102.
THE CHRONICLE
T he bonds aro offered b y Harris. Forbes & C o ., N ow Y ork; the Harris
T ru st & Savings Bank. C hicago, the trustee; N . AV. Harris & G o., ln c .,
B oston and Perry C offin & Burr, B oston, whose circular says.
T h e Consumers’ Power C o. has recently m ergod its suteidiary <
companies
so that the Lien & R efunding bonds now are secured b y a direct 1st m t„e .
on a substantial part o f the property, including generating plants ^ approxi
m ately 60,000 h .p . rated capacity, and b y “ u tS Thn rom nM V doos tho
the nrooertv subject to closed divisional bonds,
i h e com pany a o e s t u e
electric-light ’and power business in Central‘ M ich ig a n . .1 c dA“ ? tlo Crock
Il ^
C a p ita liz a tio n .
« i mnSn m inff'
3.0 0 0. 000 Serial6 % notes_______________,............................. ®e’non’nnn
6.000.
000 7 % cum ulative preferred s t o c k . ----------i rn 'm n share*
1 oO,U0U sna os
150,000 shares no par valuo com m on s t o c k . . -------- -T he notes will bo dated Jan. 1 1916 and will m ature as follow s. $1,000,000
Jan. 1 1917, $1,000,000 A pril 1 1 9 1 7 and $1,000,000 July 1 1917, but callable
A u th o r iz e d .
Tho p rof. stock is to bo preferred b oth as to assets and dividends, dividend
cum ulative at rate o f 7 % . Callablo until Jan. 1 1918 at 105
thereafter at 110 and d iv. A fter paym ent o f all tho notes a sinking tuna
o f $300,000 per year is to bo established from earnings to
stock; no dividend to be paid on tho com m on shares unless accrued sinking
fund requirements aro m et, and nono in excess o f $8 per sharo per annum
a m ’^ igh-tensto^tranOTai^onC o ^ ! a t a o s t a l l ^ ^ ^ ^ h a /e l ^ ^ ^ d ^ in ^ r i ^ t e unless said fund shali simultaneously bo increased beyond the annual SJOO,t
000 b y an amount equal t o tho sum required to pay such additional dividend.
rio-tit, nf w av
On the basis o f the appraisals m ade for the M ichigan
A t least a m ajority and possibly all o f tho preferred a n d com m on sharos will
Commisshm /t h e duplication value o f ttio property represents a largo equity be in a voting trust, probably for fiv e years, w ith M r . Curtiss and a repre
in excess o f the outstanding bonded d ob t.
sentative o f the bankers as tw o o f the voting trustees.
W a r n i n g s Y e a r e n d i n g N o v . 30 ’ 15.
P l a n t s . — T he plants o f the Curtiss Aeroplane C o . are situated in Buttaio,
O u t s t a n d i n g C a p i t a l i z a t i o n J a n . 6 ’ 16.
C om m on stock __________ $10,500,000 Gross earnings----------------53,819,528 N . Y ., H am m ondsport, N . Y ., and T oron to, Canada. T hey have a capac
P ref. stock, 6 % cu m ____ 7,175,000 N et, after taxes, & c_____ 2,246,446 ity o f about 1,500 machines and engines per annum.
Annual bond interest------------------------841,225o f i t s . — (1) T he profits o f Curtiss com pany for tho 11 m onths ending
Pr
First Lien & R ef. b o n d s. 14,026,000
D ivisional m tge. b o n d s. 2,798,500 B alance__________________ 1,405,221 N o v . 30 1915 were $1,786,412 and tho earnings for 1915 could properly be
1912.
1913.
1914.
increased by about $400,000, to which amount tho inventories have boon
C a l. Y e a r s —
1910.
191D
underestimated in the figures carried on their books.
(2) T he com pany now has on its books foreign Governm ent business
under order for 1,050 machines with extra parts, m otors, & c ., 2o0 o f which
have already been delivered. This order is w ithout cancellation feature
C orn P rod u cts R efin in g C o., N . Y .— Suit.—
or duration as to tim e. T he unfilled portion o f this order lor com pletion
Final argument was begun before Judge Hand in the U . S. D ist. C ourt, in 1916 should amount to approxim ately $13,000,000. Ha®ed m). theiprofita
N Y . on Jan. 10 b y the Governm ent to dissolve the com pany under the for 1915, tho profit on this order should be botwoon $6,000,000 and $7,
000,000. T ho orders for 1916 were rocelved after tho aoroplanos delivered
Sherman L a w .— V . 101, p . 1976.
in 1915 had been accepted and in practical uso. On com pletion o f this order
C rucible Steel Co — Earnings— Orders —
it is believed that additional foreign Governm ent orders will bo placed
TT
nvprified nress reports state that the com pany earned $1,2.>0,000 net which will absorb the entire producing capacity o f the plants.
In addition to this, the com pany has good prospects for businoss from
In D ec while the January showing will be equally good, i t is also said
that when the com p any’s Harrison plant is in full operation, within a few Russia, Spain, Italy, N orw ay, Swedon, China, Japan, So. Am er. and U. S.
w eek s, th e m o n th ly earnings will bo considerably inCToased.
T ho a bov o estimate is considered conservative, is sufficient to retire all
o f tho abovo notes at or before m aturity, and, after tho paym ent o f prof,
T h e com pany is reported to be negotiating a $ 7 , 0 0 0 , 0 0 0 o r d e r t
stock dividend and sinking fund, should loave an amount equal to $15 per
French Governm ent for 20,000 12-inch shells, and is said to have signed
sharo earned on the com m on stock o f this com pany.
a 83 750 000 order for 9.2 inch shells for the British Governm ent.
O u t p u t . — T he com pany is tho largost m anufacturer o f hoavior-than-air
T he' 750 men who struck at the Jersey C ity plant retu™ e^ to work Jan.
machines in tho w orld. T ho com pany owns tho inventions o f tho Curtiss
10 upon assurances b y the com pany that grievances w ould be adjusted.
flv in 1 boat and o f tho Curtiss m otor. T ho com pany s 160 h .p . m otor has
'
V . 101, p . 1809.
successfully passed ono o f tho severest tests over given b y a foreign G overn
C u b a Cane Su gar C orp o ration .— Merger — This com m ent? A t the beginning o f tho war the advanced type o f bi-plane carried
a 0n-h n m otor. T he latest m odel m anufactured b y the Curtiss com pany
pany was recently incorporated at Albany, N . Y .,
has t w o ‘engines o f 160 h.p . oach and the com pany is now developing a
nal capital stock, which on Jan. 6 was increased to $8 ,500 , m achine which will bo driven by six o f these onginos and will recoive the
consequent increaso in radius o f action, speed and lifting power. It is
000 pref. (par $100) and 300,000 shares of common, with no exnected that tho near futuro will see a rapid developm ent in the uso o f
and passengor
par value, later to be still further increased as tho merger air craft for com m ercial purposes, both for light
servico for inter-city com m unication. I h is is in addition to their use as
plan is consummated.
.
an indispensable auxiliary to armies and navies
for spOTtlng purposes.
The plans of the now company were outlinod by Manuel
[The largest size machines horo referred to can carry eight men l.UUU
Rionda of Czamikow-Rionda C o ., sugar merchants, N . Y . miles at 75 miles an hour without alighting; or with 30 men and 3 .0 0 0 1M.
o f explosives can travel 600 miles, representing a total weight, including
C ity, as of Doc. 1G, substantially as bolow in a lottor ad gasoline, oil, engine, & c.. o f 21,000 lbs.l
n „ «fie a
M a n a g e m e n t . — This will continuo under tho direction o f M r. G urtiss,
dressed to J. & W . Soligman & Co.
whoso services tho com pany has secured for a long term o f years, o u r en
I propose to vest in the C uba Cane Sugar C orporation the ownership o f gineers report that tho engineering and operating organization is oxtrom oiy
a number o f well-located and well-equippod plantations and mills having an
annual capacity o f about 3.500,000 bags. T he properties aro to bo con efficient.— V . 102, p. 70.
veyed free and clear o f all encumbrances and indebtedness, or in case any
D etro it E d ison C o.— Bonds Listed .—
o f th esoca n n ot bo paid o f f m oney will bo reserved to retire the same
T he N . Y . Stock Exchango has listed $3,500,000 First & R efunding M tg e .
Thf» authorized capital stock o f the new corporation will consist o f bonds. Series A . due July 1 1940, with authority to add prior to Jan. 1 1917
$2,000,000 additional o f said bonds when sold, m ^ f n g the total listed
( a ) S50 000 000 o f 7 % cum ulative convertible prof, stock, redeem able at
1 90 and accrued dividend preferred as to assets as well as to dividends, $5,500,000 (see offering o f the $3,500,000 bonds in 1915, V. 100, p. 2169).
120 f S * 1« i 0 0 nor share a l fo f which (or so m uch thereof as m ay bo nocesP u r p o s e s A s t o W h i c h S a i d $3,500,000 B o n d s W e r e I s s u e d .
^ r y ) will nov?l?e issued°.’ N o dividend shall be paid on tho com m on shares Paym ent to St. Clair Construction C o ., In c., o f cost o f plant
until a su m eaual to tw o years* dividend on tho pref. stock, sa y , $7,000,0 )0,
m ade subject to tho lien o f tho m ortgage
...
- - - --$ 2 ,9 0 4 ,7 2 9
shall hav“ beem a c c u Z l a t e d out o f future p rofits, and none at any tim e Part paym ent to Edison Ilium. C o. o f D etroit, Peninsular E lec.
iT-v»ir»v* w ill r r r liim the accumulated profits below said sum.
500,000
Light C o. and Eastern M ichigan Edison C o ., for plants and
Thares o f com m on stock. ^iU iout par value. all to be issued at the present
lines purchased at a cost o f ------------------------------------------------------ tz .w o .u u u
tim e
T he pref. stock is to bo convertible share for share, into com m on
shares at any tim e at the option o f the holder, with proper provision for
Earnings.— For years end. Sept. 30 1915 and Doe. 31 1914:
(b
)
an annual output o f about 3 500,000
bags and will own or control sufficient sugar lands to supply the mills with
am ple cane and to permit futuro developm ents. I estimato that with sugar
at its lowest— say, 2 cents per lb .— the com pany will earn at least 1H times
tho dividends on the pref. stock, and that under normal circumstances largo
dividends will be earned on the com m on shares. Thoso estimates are
based on m any years o f actual experience. The prospects are that during
tho present crop year, beginning D ec. 1 1915, the earnings o f the plantations
selected will produce earnings amounting to not less than $15 per sharo or
com m on stock after paym ent o f tho pref. dividend, based on an estimated
selling price o f 3 H e. per lb. c .f. Tho average selling prico during 1914-15
was about 3 A c
T he present prico is 3 % c . spot and 3 H e. Jan. delivery.
T he properties will be acquired as o f D ec. 1 1915 on the basis o f an average
p r ic e o f about $12 50 per bag o f output (being in m y judgm ent less than
what it would cost to reproduce tho said properties), and thero will bo turned
over to the new com pany a cash working capital o f approxim ately $7 ,000,
000; in addition tho dead season ex p o n so s will bo dofrayed by tho vendors.
U I hereby offer to sell to you for $50,000,000 and d ivs., 500,000 shares
(par value $100 per share) o f the 7 % cum ulative convertible pref. stock
and 470 000 shares o f tho com m on stock (without par value) o f tho proposed
com nanv
I f the net cost to mo o f the properties acquired and the cash
capital provided shall amount to less than $50,000,000 cash, then the
am ount o f pref. and com m on stock to bo issued b y the new com pany sha
b e corrasoondingly reduced. This proposition is to bo subject to your
genera 1 approval o f the properties and tho prices to bo paid for the same
and the approval o f titles, &c. It is also made on the assumption that the
new com pany w ill issue at tho present tim e 500,000 sharos o f pref. stock
and 500,000 shares o f com m on stock. Should tho amount o £ the
now to be issued bo less than the above tota ls, then tho am ount toi bo
acquired and paid for b y you shall bo correspondingly reduced. [Some
1 5 or 20 com panies, it is said, will tako part in tlio merger. E d.]
D i r e c t o r s — C . N . Bliss J r., N . Y .; A . S . do Bustamente, H avana; AV. E .
C orey, Chairman M idvalo Steel C o.; AV. II. Childs, President American
C oal Products C o .; S. B . Fleming, President International Agricultural
Corporation; Alfred Jaretzki, Sullivan & Crom well; James N . Jarvic, for
m erly o f Arbuckle Brothers, coffee merchants; Horace Havemeyer, AV. J.
M atheson; Grayson M -P . M u rphy, V ice-Pres. Guaranty Trust G o., AV, L .
O gilvie, United Railways o f Havana; John D . Ryiin, 1 resident Anaconda
Copper C o.; M anuel Rionda and B . Braga R ionda, Czarnikow-Rlonda C o .,
sugar merchants; Regino T ru ffin o f Havana, U rraidontM anatl S u g a rC o
C . H. S abin, President Guaranty Trust C o.; C . A . Sprockets, I rasident
Federal Sugar R efining C o.; A lbert Strauss .and I- rodcrlck Strauss J. & AV.
Seligman & C o ., bankers; G . H . AVhigham, I resident The C uba G o., AV. S.
C ox, Secretary and Treasurer; J. M . Parafa, m fr. o f sugar, Havana.
(N o list o f companies to be included in tho merger has been given out,
indeed, tho negotiations respecting some o f these aro said not to uuvo been
fully com pleted. A number o f tho Cuban sugar companies concerning
which reports, & c., have been published in the Chronicle will be found
m entioned as follows: Cardonas American Sugar C o ., V. 100, p . 1920,
C uba C o ., V . 101, p . 770; Cuban American Sugar C o ., V . JOl, p . 1969.
Francisco Sugar C o ., V . 92, p. 1376; Guantanam o Sugar C o ., A . 101 ,P . 610.
Santa Cecelia Sugar C o ., V . 101, p . 1804; N ipo B ay C o. (controlled b y
United Fruit C o .), V . 101, p. 610.]
Y ears—
J
E n d in g —
G ross J
E a r n in g s .
N e t (.a ft e r
T a xes. A c .)
D iv id e n d s
B a la n c e ,
Inferesf.
(7 % ).
$3,306,493 $1,043,148 $944,150 $1,319,195
D ec 31 ’ 14
6,495.815
2,821,064
882,313 941,564
9 9 7 ,1 8 /
U Interest as a bove, *1,043,148, for the year ending Sopt.. 30 1915, was,
after crediting $105,433. amount chargod to proporty account for interest
on m oneys borrowed for construction purposes.— V. 101, p . z u t4 .
_
Sept. 30 ’ 1 5 - S 7 ,342,223
D om in ion C o tto n Mills C o., L td .— Bonds. C . Morodith
& C o ., L td ., Montreal, aro offering $100,000 1st M . 6s of
1902, due July 2 1922.— V . 88, p. 56G.
D om in io n Steel C orp o ration .— Production Year 1915.—
Production for cal. year 1915, com pared with M a r. 31 years:
W abana
O r e .P i g l r i m .
S te e lin g .
R a i l s .W ir e R d s .* B i l l .& c .
M is c
w aoana u rc.
v
3.t9,000
57,500
73,500 119,999 112,000
1< 1A -14
1
763" 256
333 919 331 256
170,027 30,764 35,299
55,615
1912-13
757 003
321 020 343 251
174,S02 53,323 49.132
10,778
i 9 i i - i l : : : 6 0 2 : i 6 8 290:588 3 3 5 ,5 5 3 1 5 3 ,49s 7 0 .0.33 4 3.9 50
—
* Bloom s and billets for sale.— V . 102. p . 157.
Electric Tran sm ission Co. of V ir g in ia .— Bonds Offered —
Subsidiary of M iddle W est Utilities C o — M cC oy & Co. aro
offering at 96.86 and int., yielding 6 5 4 % , First Mortgage
5-year 6 % gold bonds dated Doc. 15 1915 and duo Doc.. 15
1900 but rodoomablo as a Avholo or in part at 100 and int.
at any time upon sixty days’ published notice. Authorized,
$1 250 000; outstanding, $500,000. A circular shoAvs:
" D a ta fro m P re s id e n t .H a rry R e id . 1 x in g t o n . K ^ . J a n , 3 1916.
.e
DnnnSmrl-rtn T ifrhr, ( ,1 . 111C. i U UlltllU 1MU63 U in Cl . (Villi GOIIIIUW
U
1
U
L n n nni) eaclY are owned or controlled by tho M iddle AVe:st Utilities C o.
a n d affiliated c o m p a n i e s .
T he com pany has a new and m odern generating
s t a t io n having installed 3,500 k. w. o f steam turbines, and is operating 22
miles o f 33 000-volt transmission lines, all on its own private right-of-w ay.
Has^cfosed’ contracts with several o f the mining com panies notably a ten*57,800.
F n ia r d o S u ffar C o ., P o r to R ic o .— Earnings .—
91 s «?J r A c
31 S u g a r , A c .
1 9 u T r $ ? .9 8 0 C
623
— V . 102, p . 157.
lu h ,
J u ly
O th er
u ir ie i
$7& M 3
P r o d u c in g
I n t.,
B ad D ebt D ep reB a la n c e .
R e s ’vs. c ia tio n .
S u r p lu s .
SL654.133 $70,964 $5,246 $110,366 $21,4,557
F-mir S t a te s C o a l & C o k e C o .— Foreclosure Bale.—
i o u r S ta re s
“ , “ r sal0 at Fairm ount, AV. V a ., on Fob. 1
This p™ 0®''ty *
*
S 5 1 o f 1913, on which there is duo $1,045,352
,| ,
under foreclosure o f t_ - Y'lbi salo covers tho AVost Virginia properties
for principal and in . . .
300,000 outstanding 1st M . bonds o f 1910,
C u rtiss A eroplan e & M otor C o .— Stock Offering.— The j 2 S & h nn n n d T w l t h W i n t w ! s t th erw n out from N o v . 1 1914. remains
unpaid There is also outstanding $261,308 receiver’s certs.— V . 99.P-1751.
syndicate headed by William Morris Imbrio & C o ., which
undonvroto this enterprise, is offering for public subscrip
tion (1) part of the issue of $3,000,000 serial 0 % notes at par,
every $1,000 thereof being accompanied by one sharo of
common (no par value); (2) a block of the $6,000,000 cum.
prof, stock at par, $100 a sharo, each four sharos of this being
accompanied by one sharo of common.
Denomination
of notes $100, $500 and $1,000. A circular shoAvs:
O r g a n iz a tio n .—
nillfit.tft S a fe ty R a z o r C o ., B o s t o n .— Earnings.—
lloston^wpersre^)oH m o com p any’s nomiarnings during HH5 as $ 2 ,4 2 7 ,
173 which compares with $1,673,435 in 1 JI4. v . tu t, p. ^u j .
G o o d y e a r T ir e & R u b b e r C o . o f C a n a d a , L t d ., T o
r o n t o .— Pref. Stock.— Borton & Borton, Clovoland, aro ot-
forin" for sale $ 8 5 0 ,0 0 0 7 % cumulative p r o f e r r o d stock,
par $ 1 0 0 . Dividends Q .-J. Total auth. $ 1 , 5 0 0 , 0 0 0 . An
AVill tako over the entire business foundod b y Glenn H . i adIncortDorMmnn F o b M 910 by tho G oodyear T iro & R ubber C o . o f Akron
and Curtiss Ohio, to handle its Canadian and such other foreign business as ca
Curtiss
tho m anufacture o f aeroplanes, Curtiss flying boats
for [Incorporated in N ew Y ork State on Jan. 14 1916.]
m otors.
Jan . 15 1916.]
THE CHRONICLE
shipped advantageously from Canada rather than from the United States
ow ing to tariff conditions. Total net assets (after liberal allowance for
depreciation) are $1,752,018 63, equivalent to $206 12 for each share o f
pref. stock. N et quick assets aro S990.985. N o m ortgage without the
consent o f holders o f 75% in amount o f the preferred stock at the time out
standing. For the year ended Sept. 30 1915, after liberal depreciation
charges, the not earnings were $235,136, about four tim es the dividend re
quirements o f the preferred stock. During the m onths o f O ct., N o v and
D ec. 1915 tho volum e o f business shows an increase in excess o f 5 0 over
1914. Callable after Jan. 1 1919 at 110 and divs.
G ray N ation a l T elau tog rap h C o., N . Y . — D eposits .—
M ore than 7 5 % of the stock having been deposited under the
plan, the time for deposits has been extended until and inch
Jan. 15. The committee as of Dec. 11 reported in substance*
2 55
tigRSKWKiiaiE
com m on
t,h e larsest p roducer o f chlorine in the U . S. its other
l? d v
? oth these articIos It produces from
H o u s t o n O il C o . o f T e x a s .— Earnings.—
J t l c '^ A c
E£ x e ?
f
C h h ^ eS t
£ faco“ nt* P r e f e r r e d B a l a n c e .
1 9 1 4 -1 5 ..$ 1 ,5 1 3 ,3 3 3 $229 792 C/targgj- C o m . , A c . D i v i d e n d s . D e f i c i t .
30 1915 ( E z c l . A n y D e b t t o G r a y E l e c . C o . ) '.
Capital stock in shares o f $100 each (a u th .,$15,000,000), issued
and outstanding----------------------------------------------------------------- _ «6 791 000
First M . bonds (auth., $500,000) sold, $139,500; required to re- ’
’
deem (a) due bills, bonds borrowed, $46,500, and (b) bills pay
able, under agreement, $75,000; tota l_______________
261 000
Pledged for loans______________________________ $165,556
’
? e:™ o ll- R ! ^ d CO (o f N . J .) , N . Y . — N ew Stock.— ' he
T
Bills payable and temporary loans, with interest, $1,075 117accounts payable, & c., $242,213--------------------------------------------- 1,317 330 shareholders will vote Jan. 26 on increasing the canital stock
T h e assets consist o f telautograph instruments under lease o f awaiting
JS15,' T t ' 0 0 0 to. $20,000,000 in share? of $100 ^ V h of
shipment and installation, aggregating 1,473 transmitters and 2,163 re
ceivers, and accrued rentals, and the patonts pertaining to these machines
i f 1 1 as now be
1
cum - r>
ref- stock and
T he com pany is in default with respect to m any o f its obligations, and ^ 5 m n o f f
m n ’m n ’ * sha11 be c°Himon stock, as compared with $ 1 0 ,additional working capital is required-to continue and extend the business
T h e G ray Electric C o ., controlled b y same interests, has been conducted
S n at presentoutstanding stocks are now $8,
as the m anufacturing branch for a number o f years and the settlement o f 469 400 common and $2,525,500 preferred.
The purpose
Inter-com pany accounts is still pending.
F
A reorganization plan should provide for clearing relations with the Gray of the increase is not disclosed.— V . 101, p. 1977.
E lectric C o. and for taking over the m anufacture o f the m achines, preferably
I n t e r la k e S te a m s h ip C o ., C le v e la n d .— N otes Sold—
through acquiring [at least two-thirds] o f the $100,000 outstanding stock
and Its obligations, reported as o f June 30 1915 (excluding inter-comDanv Steamships Purchased.— K asm , Taylor & Co. of N . Y have
accounts) at $50,111.
An offer has been submitted to this com m ittee from A lbert C . Case and purchased from the company S I ,600,000 (entire issue) 5 %
his associates for the purpose o f reorganizing the Telautograph C o ., under
W ali^°i qi
KatYgTng
U
oin semi-annual installments from
which offer they agree:
1 h c°
16
‘ An offermS of the notes will
(1) T o organize a new com pany in Virginia with an authorized capital
The bankers say:
stock o f $13,500,000, shares or $100 each, o f which 15,000 shares shall be be made shortly.
nrof cf.r»r»lr nrl 1O non patyim c t A P l r
H
Tlia
cI apI.- tn Koqs
- Proceeds from the sale o f these notes, together with S85R roc
surplus cash6 w if/h o '^0d,capital stock at $120 per share and about $621,000
uiviucuun <W dshtith, <
lll
111(1 Lll U I UUUt'IIltW (111 ctliy (llVi
U
Jie
S
co
m H m n . h l to Purchase 13 vessels from the Cleveland Steamyears from the issue thereof at 105% o f par and divs.
(2) ( a ) T o transfer to the new com pany all indebtedness o f the Telauto au&orizJxl a m o u n t 'b f o S i t a n d i n g 6.1118 *
SSUCd’ tbe ° ntiro «6*500.000
graph C o ., except, that to tho Gray Electric C o ., and except the $261,000
m
com pleted a very profitable year
T he outlook
m ortgage bonds outstanding, and bonds agreed to be issued to redeem due f r J i n i 2 0* panyiihas
bills and bills payable; (6) to transfor to the new com pany at least two-thirds
o f the stock o f the G ray Electric C o. outstanding or the propertv itself and
(c) to transfer to the new com pany all indebtedness o f tho G ray Electric Co
oxcept that to the Telautograph C o ., and ( d ) to furnish not lass than C o n d e n s e d E x tra cts fro m C ir cu la r A d d re sse d t o S to c k h o ld e r s o f
$300,000 in cash for working capital, to bo paid in as called for b y tho new
,.
In te rla k e S te a m s h ip C o . J a n . 10 1916.
com pany, and such further cash as m ay be required to pay tho cost o f se
the Clevf4aritf?Is<!b f v f 1? t° l5L agrC<& . t0 purchase 13 steamships owned b y
curing patonts to be issued upon applications pending, or abou t to be m ade
C o oifrt
together with certain investments in a Coal & D ock
for inventions belongm g to the Telautograph C o. In consideration o f the
r ^ ™ ^ iL
d
above undertakings there is to be issued to M r. Case and his a sso cia te gregatingUnC,rp re. lnsoranco policies on tho boats, the entire purchase ag
approxim ately $3,050,000.
^
a!.nHO s o 0 U h<l now c° mP ny as follows: 7,500 shares o f the new pref!
C s
If1,Prdcr to provide the purchaso price in excess o f an am ount from cur
s**rm5 and *>0.500 shares o f the new com m on stock.
p
rent funds, the board has determined to borrow $1,600,000 on its serial 5 %
with
stOCk ° f
now com pany so issued is forth- gold notes, payable semi-annually, running over a period o f fiv e years from
b y MrJ ? aso and N ? associates under a votin g trust
extending for not to exceed 5 years. A lbert H . W iggin, John W Siumson o / a ’p re m iu m o f 2 ^ ° rigbt o f redemPtion prior to m aturity on tho paym ent
and W alter G . Oakman will act as voting trustees
himpson , T o provide for the remainder o f the purchase price, the directors on Jan. 5
aro
k° participate in the reorganization b y de I 916 also decided to offer to the stockholders the 7,155 shares o f its capital
positing their holdings with the Colum bia Trust C o .. 60 B roadw ay, N . Y .,
4m iS?LIodl, pr0
ta .in Proportion to their respective
as depositary, for exchange for voting trust certificates for com m on stock stockholdings o f record at the close o I ibusiness on Jan. 10 1916, at $120 per
f
o f the new com pany, at the rate o f ten shares o f Telautograph stock for
^
subscription will be payable on Feb 1 1916. on”
' snaros o f tho com m on stock o f the new com pany. Each stockholder who third on M ar. 1 1916 and one-third on A pr. 1 1916; or optionally subscrip
80 .i»Pos, s !lls stock will bo given the right to purchase at par voting trust tions m ay bo paid in full Feb. 1 or tho last tw o paym ents m ay be macle
certificates for pref. stock to the extent o f 10% o f the par value o f the stock M arch 1. Interest will bo allowed at 6 % p . a. till A m il 1
T he rieht to
deposited b y him and will receive therewith voting trust certificates for subscribe will terminate at the close o f business on Jan. 20 1916.— V . 102,
com m on stock o f the new com pany equal to 300% o f the par value o f the
pref. stock voting trust certificates so purchased. Subscription warrants
m ust b e surrendered to the Colum bia Trust C o. on or before Jan. 15 1916
I n t e r n a t i o n a l A g r ic u lt u r a l C o r p o r a t io n .— Listed.—
with the first installment o f 2 5 % , to be followed b y 2 5% Feb. 15 1916
and 5 0% M arch 15 1916.
20-vcar's 7
a *chanKe ha? u,sted SI 1.578,600 1st M . & C oll. T r. 5%
t ^ y$13 005
cafn f ?ries) ’ “ S o b e r s as recited in application. O f
C a p i t a l i s a t i o n o f t h e N e w C o m p a n y ( S t o c k i n $100 S h a r e s , V o t i n a T r . C e r t s )
’ j
issuable at tim e o f delivery o f m ortgage m 1912 ftotal
Pr£f; * ck|l % cum . auth $1,500,000. N ow issuable to syndicate*$750,66o
a d cancdett brtV.o’
-421.400 have d n c f been p u rc h a s^
R eserved to retire Telautograph b on d s................
. S261 000
ana canceled b y the sinking fund. C om pare V . 100, p . 138: V . 94 p 1767
Available for other purposes_____
__ _ _
4 Sq ’ ooo
Earnings.— For 4 mos. ending Oct. 31 1915:
C om m on stock, authorized, $12,000.000:Y 6w 7ssuabhT "
a 803 700
f ° r C o . a n d I t s A f f i l . (100% O w n e d ) C o s . — A p p r o x i m a t e .
Issuable in exchange for $6,791,000 old stock, 7 for 10$4.753 755 ’
’
Issuable to syndicate as above s ta t e d ..
*5 050 000
Bond*interestP6ra^10n---------$390,7541 Am ortization chgs. (4 m os.)_$71,739
A vailable for other purposes..................
............™ 2 196 300
“ mir * I1. -------- 195,437(B ala n ce, surplus___________________
-123.578
T ho total accum ulated deficit O ct. 31 1915 was $852,148.— V . 101, p .1462
SeJY 'e a r °
F i n a n c i a l S ta te m e n t a s o f J u n e
pref. K
S
; a
3
. (l* * " “ *
to L S S K a T r
r YEober* w*"tor’
’
i ? ^ aL ? hosho,n ? ^ , T w in FaIls W a ter Power C o .— Sold.
BoKer idi.ho n n ;r w J i >t .d0r’ actI?,* for„ tho Electric Investment Co. o f
d
on Jah.'fTfor
the
^
(J. B .) G re en h u t C o., N . Y .— P urchase __
o f ^ D ^ X w s S o ^ T n c ^ T o ^ T f e ! th® StW*
Th^nn
° f mcrchandis°
Steel ^ '° * — Stock Underwriting.—
Tho now stock issuo has been underwritten b y Ilallgarton & Co.
Earnings. — For December and 12 mos end Dee 31 1915*
N o 12 m os. 11 0° D ec. 'V l " ' lo.66 ?4.6 8 0 | D iv. 2df pref. ?7 % )) . .a b o u t $88 000
d
about 188,000
ao “
to D e c 31 15 1 4 ’fiS0 1n !V‘ i f Pref ( 6 %
— V^IOIL fp f
7iar 1915‘ aft° r dlV8‘ ° n p ref' stocks recently o u t . . $338,680
H art, Sch a ffn er & Marx, C h ica g o.— Preferred
Stork
—
T ho shareholders will vote Jan. 24 on reducing the p ref stock from
$4,300,000 to $3,886,500. The original capitalization was $5 000 W10 o r e ?
and $15,000,000 corn. O f tho pref., $700,000 hM b w n nrevious v
and if the am ount indicated above. $413,500, is retired on J a n ' 24 I t wili
make a total retirement o f $1,113,500.— V . 100, p . 472.
“
11
1
H ooker E lectrochem ical C o., N iagara F alls N Y __
A W - W h i t e , W eld & C o. have sold, at 9 8 ^ ’ and in t.,
$ l,o o 0 ,0 0 0 5 % gold notos, dated D ec. 1 1915 and payable
at maturity D ee. 1 1918, at 1 0 5 % and int.; also subject to
call as below stated. Denom. $1,000 and $5,000 & multiples
In t. J. & D . Trustee, Columbia Trust C o ., N . Y .
S u m m a r y o f L e tte r o f P r e sid e n t E . H .
H ook er.
d a vs°™ tion SHvin1?, m a ,w holo, or la ay am ount by lot at any tim e on 30
aays n otice at the follow ing prices “ and in t.’ ’ up to the given dates- Until
£ o c - 1 19K). 100H ; until June 1 1917.101; until h o c . 1 1917 1 0 2 ^ W a f t e r
until Juno 1 1 9 1 8 at 103J4, then to m aturity, D ec. 1 1918 a t ’l05
N ot
less than 5 0% o f Its not earnings (figured after interest on these notesl
aCThoD nly Indebtedness except current accounts payablo, and n o m ortgage
o
„ T he on l v i L f i h L n ° 1916 Wl* be paid to sinkln- fund to cancel notes.
Ced, on any property without giving these notes a prior lien to
such new m ortgage. Out o f the proceeds o f these notes the com pany will
largely Increase the capacity o f its present plant.
com pany will
...,
N e t P r o f i t s f o r t h e F i s c a l Y e a r s E n d e d N o v . 30.
$225,000 $121,000
$232,000
$87,000 $551
0.(X>0
o v lr ^LOOO.OOO'
In te rn a tio n a l Arm s & Fu ze Securities C orp., N. Y .—
N ew Enterprise .— This company was incorporated in Maine
on or about Dee. 15 1915 with $7,500,000 of auth. capital
stock, all of one class, in shares of $25 each, all of which has
boen issued. F . B . Keech & C o ., who offered $1,000,000 of
the stock at par, announced on Dec. 31 the sale of the same,
the net proceeds having been placed in the company’s treas
ury. N o bonded debt or mortgage. A circular accom
panying this announcement says in substance:
, ^ I ° T e r [ y < Has erected a m odern and fully equipped plant on 25 acres o f
—
land in B loom field, N . J. (within easy reach o f N ewark), where it pur
poses to devote itself exclusively during the war to the loading o f tim e
IUZ3S. 1 lant in reality consists o f 42 soparate manufacturing units, believed
.u
‘ a]yest plant specifically designed to solve the technical problems
ol the time fuze. C om pany has on hand tho necessary material and equip
m ent which, with the contracts sublet, will enable it to com plete its first
tw o contracts. T he real estate, raw material and m achinery were purcnased at prices about 3 5% below those now prevailing. T he first batches
o f fuses have passed b y the inspectors o f the British Governm ent.
C o m p a n y ’ s C o n t r a c t s . — N o. 1.— F or $11,250,000 through the Shell C om
m ittee with the British Governm ent, dated June 1915. N o cancellation
clause. N o . 2. W ith tho British G o v t, through Messrs. J. P . M organ &
C o . for $16,600,000, dated N o v . 1915.
Cancellation clause provides for
taking over all sub-contracts and m aterial, w ithout loss to the com pany,
and all expenditures for plant, & c., which have been incurred b y the com
pany for com pleting the contract. E ven if the war ends before June 1916,
such contract would hardly be canceled. T he liquidation value o f the
plant should, therefore, be around $9,725,000, in addition to the plant
ltseH, as against an issued capital o f $7,500,000. T he terms o f paym ent b y
the British G ov t, are satisfactory and are such as to allow paym ent o f all
su b con tra cts for material, & c ., w ithout difficulty. W e have had the opportu m ty o f examining these contracts. T he necessary bond for the com ple
tion o f their contracts has been furnished b y the com pany, and in turn the
sub-contractors (with the exception o f the d u P o n t Pow der C o.) have fur
nished bonds for due perform ance o f their contracts.
E x p e r t s i n C h a r g e . — The tim e fuze Is a delicate and difficult part o f ord
nance manufacture, and the number o f men possessing both the requisite
knowledge and technical experience t o direct its manufacture is very limited.
Ih e management in April last secured as C hief Ordnance A dviser, C ol.
Rogers Birnie, the inventor o f the built-up gun. and then A cting C hief o f
Ordnance, U . S. A . T ho staff also includes M a jor W ilford J. Hawkins,
who had been in charge o f the proving ground at Sandy H ook, and o f the
Frankford Arsenal, Philadelphia; also Samuel D . Cushing, inventor o f the
Cushing 1 lunger, the essence o f the tim e fuze now used in tho American
A rm y; C apt. H enry W . T orn ey, late U . S. A ., and H enry G . Bennett, who
gained his expert knowledge in W oolw ich and C oventry, E ng. The General
M anager o f the fuze-loading plant is Eugene F. Russell, for m any years
Gen. M gr. o f the L ocom obile A utom obile W orks. M a n y o f the factory
staff have had years’ experience in the Governm ent Arsenal at Frankford.
E s t i m a t e o f P r o f i t s . — Based on contracts held b y this com pany from
reliable manufacturers to deliver material and parts, and those received
from foreign Governments:
, W„e h a v e th e following ostimated results in 1916 under contracts A and B
(on 2,500,000 and 4.000,000 fuzes, respectively), total $9,725,000 in all:
[Vol . 102.
THE CHRONICLE
i S ~ . $ thessix
Estim ate for
.ssJfefa-iss-fe
m onths ending u e c 3 i t nnn fuzes on 8 0% o f con-
PfinTTPv.T)ulut,h Term. Co., Minneapolis.— R e i n c o r p ’ n .
T he Peavey-Duluth Terminal C o ..
• ^ °P 0
°rl^ y , W M t
and the G lobe Elevator C o ., capitalized ^ * ^ ’V°°on ja n 1
T h e T erVirginia corporations, re-incorporated in M in n ^ o ta
incorporation
minal C o. is limited as to indebtedness b y the new a
T i j cffeifinger;
to not exceeding $U),UUU,UUU. uiirara aj-o. Pres-. - - p - v r D caver. See
Frank^i
_____
:eeding $10,000,000. Officers are:
V .-P res., F. B. Wells; S ec., E . N . Bradley; T reas., C . r . u e a v e i. ™
V . 99, p. 274.
_
Pittsburgh Coal Co. (of N. J.) -M er^ r -Governor
Brumbaugh at Harrisburg, Pa., on Jan. i2 approved th
t o [? h V ^ S y ^ ^ ^
the e x
proposed merger of the Pittsburgh Coal Co. with Rs controlled
tracts on hand.— E d .l
International Mercantile Marine Co., N. Y — Deposes company, the Monongahela River Co^°lidated O ^l & Cok
Co., under the name the former, with $80,000,009
_ a maioritv of the outstanding common stock having been capital stock, equallyofdivided between common andot autn.
pret.
^ 3 S u £ « < l StatesM tge. & T m stC o.M
Pittsburgh Coal
tho
tary, the Platten committee has extended the time for tur TTheboard o f directors o fCo. on Jan. 14 gavoo.out N ew following.a
he
the Pittsburg Coal C
of
Jeraey at
s £ S s £ « s H ? ttfa s & s t t s s s s a CES“
sufficiently favorable to the com m on shares.
D ecisio n Ac.—Chief Justice White ?f the Supreme Court
at Washington, D. C., on Jan. 10 dismissed the shipping
^ o l S “ prosiiCUted by the Government against certain
transatlantic steamship lines under the Sherman anti-trust
law on the ground that the alleged general pool agreement
among the steamship companies had become "void of ac
tualities” by the war.
special m eeting held Jan. 12, unanimously approved for
stockholders o f the com pany, a plan, recomm ended b y a special com m uaeo
o f the board, for a stock readjustment through exchango o f its outstanding
shares for shares In tho Pittsburg Coal C o ., the corporation created b y the
“ S
the Pittsburg Coal C o. o f Pennsylvania and the M onongahela
TMvpr Consolidated Coal & C oke C o ., practically all o f the shares o f which
coT n an v ^ e owned b y the Pittsburg Coal C o. o f New Jersey and repre^
niTthc nronertv and assets owned. If approved and accepted b y
^ h s ^ s x ^ s ^ s s s m
^ ^ s ^
IT p Taylor & C o. of Pittsburgh, who for a number ot
years have been in closo touch with tho affairs of tho com
pany, on Jan. 13 wrote in brief:
S fE s s s s s
plan• “i®.S®
advantageously to all concerned,
i nere nave
b e ile v e t o be the m ost
tho "Street” as to the
w ttsbhrgli Coal C o. or Pennsylvania
probable suggests the creation b y the
to earnings and assets,
o f $10,000,000 6 % cum . p r e f stock. pret. txnn as t
N
Jersey C o .'s
and $40,000,000 common stock
Also Vo cxchango their present holdings
pref. stockholders will H W B jje™ } o n w - w B or four 14) shares o f the
f
o f prof, with rights ? < aJ l ^ o f the olS thus in other words, capitalizing
M ia s
— V . 101, P- 1977, 1889.
Manhattan Electric Supply Co., N. Y . —
. ,
,
E x tr a P l ™ d e n d .
\11 (V n dividend of 5% has been declared on theand prof.,stock, along
common
w iiR \h Treffie
semi-an|al 3% on ^ th cormnon
all payable
F eb .
1to
h o ld e r s o f
record Jan. 11.— V . 100. p. 4 /9 .
Marconi Wireless Teleg. Co. of America.—dismiss0ds ethe
wireless xeieg.
N y on Jan 7 D is m i s d .
Judge M a yer *5e ^ S v e r s o fth eJ tfa t E lectric Signaling: C o. against the
suit brought b j the receivers o
„
. infringement o f certain patent
A tlantic Com m unication C o . ftw alleged ™ « ^ enden. The (fou rt held
S
l S
S
r
s
Rotch Mills.— P r o p o s e d P u r c h a s e - N e w
See N ew England C otton Y arn C o. above.
_
see isew riu^muu v>www« — .......
S e c u r i t i e s .—
™ *jr
t
.
~
Bmd™ U ^ 9 °lm ^ h o o t e r T ls I a n d !N ^ Y M a d j^ e e n t t o ^ t t e n ^ a n ^
lC
blast furnaces to ten.— V . 101, P- 1192.
National Electric Signaling Co.—-D i s m is s e d .—
See M arconi Wireless Teleg. C o. o f Amer. above.— V . 99, p . 1303.
New England Cotton Yarn Co., Boston— S a le—
*^T^e^oHo\Wn^da\aefromet l i 7 ^ U "Gom niw ciai” of Jan.))
y
understood to b© autlioritotivG.
P rop o
s i t i o n to B o n d h o l d e r s — The directors have received a propo
v
T h e corporation plans t h o o r ^ s t r n c t i o n 1 " ^ ^ ^ i m p r o v e n w n t s . n o w
sition looking to the sale of the Rotch M ill to a new corpora
tion, “ The Rotch M ills,” whose capital stock J
oe
owned by the Passaic Cotton M ills, In c., of N . Y . The plan additional launching way^ ,. ™ ^ lf? * tion is to turn out as m uch tonnage as
struction at one tim e. Th® hU®ition
atlJ“,y doVotod to hull building,
calls for' the issue of $550,000 Rotch M ills 1st M._
possible, and the^plants therefore>will
proposes to assemble the
Unlike otlier shipbuilding plante,
•
lty actual construction, anil
In connection with the proposed sale, the holders of the
necessary m achinery fo^ ° } X f » fi 000-?on freighter every 30 days after the
$4 713 000 1st M . 5s of the New England Cotton Yarn Co.
u
» - j j j j j t r f i s : " . '“ s n , K
r
are offered (1) a right of exchange for thJ ® ' S ^ O T O ^ n
mtn in case of over-application) on the basis ° f *1,0 00 in
Officers: 11erbert A nthony Ayres or rs.. *
y
L ouis , V ice-Prcs.;New England 5s for $900 in Rotch 6s;; or (2) cash for their
a
bonds (to what total is not stated), the lowest tenders re Henry' W .B a h d f Secret ary & J je a s u re r'a n d ‘ W allace D ow ney ,N
ceived to be accepted. All offers must be made at office,
77 Franklin S t., Boston, prior to 2 p. m . Jan. 17.
D^he^d^rertOTS*!oS" hat^thc^nterests of°hesU»d5iolderaand^the
t h ^ b o i ^ h ^ ^ r e would be im proved if^ h is ^ l o coiild
l x
o
N . Y . C ity , is the uegisirar.
c»f the
.
t
Townsend-Downey Shipbuilding C o - ~ S u c^ o r
See Standard Shipbuilding Corporation a b o v e .- V . 80. p . 1239.
M ^ :$ l f 5()0 Annually7 to retire s ^ t a A t i a ll y entire amount at
S
S
x
ts a “
—
7 7
A
fS‘ SSSSSiS
cij^fShareholders^of the U n S
stockholders of the
Sfe i
L
t
S
,
^ [)() allowed to participate on
° T h e % ; S it is stated, is |eld b j M ark
in tho intorost o ftI.o r r o r o s o d P n n -A m e r .c a n
Potroloum &
C o'
dividend of 2 % was declared in July 1914, but trn y yQ) p
paid, the directors rescinding then action. &
h m _
542. The authorized stock is $ o0,0UU,ugg, u
092,200 is outstanding at present.
t tjl0 prin.
5
M o n d a y , Jan. 17 1916, at 2 o-cloek p. m .— \ . 101, p. 1<11Passaic Cotton Mills, Inc., of N. Y. P la n .
See New England C otton Y arn C o. above.
R esu m ed .
? by
L i a b i l i t i e s ($1,479,143)—
Capital stock, p referred .-$1,150,000
C om m on (8,000) shares is
sued at $5 per share-----40.000
Bills payable.
................
3,473
A ccounts p ayable-----------207,339
Suspense a ccou nt-------------3 *oi9
Surplus a ccou nt-------- . /4 ,o li
[The Passaic C otton M ills o f N ew Jersey was‘ “
p o r a t ^ in that State
in iQA7 onrt in 1 Q10 increased its cap. stock from $ 100,000 to &zuu,uuu.j
A s s e t s ($1,479,143)—
Passaic plant and eq u ip .
$336,889
Investm ent entire capital
stock R otch M ills......... - - 450.000
C ash............ .................................390.201
I n v e n t o r y - - - - - - - - - .................156.345
A ccounts receivable-------------- 14o,/Uo
-----------
Union Oil Co. of California— D iv id e n d s
iU »
J»». 6. pro-
tesTsTgainst " h e
«tock
A voting trust agreement, da tea M a y •
■
fiU, j for record Jan. 7.
\V. L S u
m
.John C .arrlg.m hhd
« « !» •
— V . 101. p. 523.
JAN. 15 1916.]
THE CHRONICLE
United Cigar Stores, Ltd., of Canada.— Pref. Stock,
(fcc.— A . H . Martens & C o ., N ew York, Chicago and T o
ronto, are offering at par ($5 a share) $500,000 7 % cumulative
pref. stock with 2 5 % common stock bonus, at par. The
firm reports in substance:
C a p i t a l i z a t i o n ( n o b o n d , d e b t a n d n o p r i o r l i e n s )— A u t h o r i z e d . N o w t o I s s u e Pref. stock, 7% cum ulative, in $5 shares. Dividends
paid at rate o f 7 % P- a. ( 1 % % Q--J- 15) since
original incorporation in 1910 [in 1914 the capital
was increased)___________________________________ $1,800,000 $ 1 ,000,000
C om m on stock, in $5 shares------------------------------------ 2,000,000
1,250,000
T h e shares are transferable at the Security Transfer & Registrar C o.,,
b oth in N ew York and T oron to.
O r g a n i z a t i o n .— Incorporated under the D om inion A ct to take over the
existing business o f the United Cigar Stores, L td ., o f Canada, and the
extensive chain o f Tam blyn Drug Stores, L td. Has also acquired the
cigar and tobacco stores o f R obert Callum , Ltd. Proposes also to acquire
a large number o f other tobacco and cigar stores now under option. W ill
dovelop these enterprises and also the sub-agency business or the United
Cigar Stores, L td ., already successfully operating. The largest retail dis
tributor in the Dom inion o f Canada o f cigars, cigarettes and toba cco, hav
ing begun business in 1910 with seven stores; early in 1914 had 22 and at
present has 81 stores (including 15 agencies), located in the large cities o f
M iddle and Eastern Canada. Also holds under charter rights to d o busi
ness as “ United Cigar Stores” in G t. Britain, Australia and New Zealand.
G r o s s S a les,
S h o w in g
I n c r e a s e in
V o lu m e o f B u sin e ss.
(000 O m i t t e d . )
19041905 1906 1907 1908 1909 1910 1911 1912 1913 1914
Cigar stores------------$35 $37 $40 $55 $70 $103 $149 $176 $214 $360 $500
D ru gstores.............
7 10
30
80 1 1 0 175 200 236 301 399 406
T o t a ls ------------$42
47
70 135 180 278 349 412 515 759 907
Sales for 1915 were at the rate o f $1,500,000 per annum.
The United Cigar Stores o f Am erica, a similar organization, has in a com
paratively few years grown into an organization o f prodigious proportions,
owning over 1,000 stores operating under their own name. Its total divi
dends to date— cash and stock— amounts to about 3 ,2 0 0 % , or over thirty
times the original investment.
W ith the issuance o f an initial $1,000,000 pref. stock the properties, in
cluding those now under option , are to em brace cigar, toba cco and drug
stores in T oron to, W innipeg, St. Catherine, Ottawa, Owen Sound, Petersb oro, Vancouver, E dm onton and M on treal, which will mean a total o f
over 150 stores. T h irty stores are in the course o f being opened at this
tim e in the city o f M ontreal. T he corporation will also own its m anufac
turing enterprises and have a number o f sub-agencies in operation, with 100
additional sub-agencies to be im m ediately established.
Based on the incom e o f United Cigar Stores, L td ., and reports from the
properties under option , the approxim ate net incom o is estimated at $255,
274, against 7% or $70,000 on $1,000,000 preferred, leaving applicable to
com m on stock $185,274, or about 15% on the am ount to bo issued. The
business during the past quarter has shown an increase o f over 50% over
the same period o f 1914 with an increaso o f 40% on customers served over
the same period.
Directors (and officers): W . B . Reid (P ros.), F. M . Dewan (S ec.),
P . Tilston (T reas.), L . W . Fraser and H . Stuart W atts.— V . 99, p. 204.
United States Steel Corporation.— Wages — Harm ony.
A statement, issued Jan. 7, announced a 10% wage increase for com m on
laborers, and an equitably proportioned advance for other departments,
effective Feb. 1.
Judge G ary, in explaining his recent speech (See V . 102, p . 115), says“ Thcro is no friction between any o f the members o f the United States Steel
C orp . from the board o f directors dow n. Perfect harm ony exists ” __
V . 102, p. 159. 72.
U. S. L igh t & H ea tin g C orp o ration .— N o Receiver.—
Judge l ’ ooley in special term o f Supremo Court at B uffalo on Jan. 10
denied the m otion to appoint a second receiver for the com pany made by
Director Herbert V . Falls, declaring that claims did not fall “ within a gun
shot” o f boing sufficient grounds upon which to ask for a re c e iv e r__V 101
p. 2078.
‘
V ictor T alk in g M achine C o., P h ila .— D iv.— Decision
A special dividend o f $10 per share has been declared on the com m on
stock, payablo Jan. 15 to holders o f record Jan. 12.
The U. S. Circuit Court o f Appeals has reversed the action o f Judge
Charles M . Hough dismissing injunction suit brought b y the com pany to
restrain Jesse I. Straus and others conducting It. H. M a cy A C o store,
from selling or offering for sale or parting with title and right o f possession
o f patented talking machines and sound records. The decision holds that
b y terms o f license notice granting only “ right to use in dem onstrating”
owner o f patented articlo has control over the conditions o f disposal until
patent expires.— V . 101, p. 1374.
W e ste rn C anada Power C o., L td .— Opposition to Plan.
e-T .™
Corporation o f M ontreal, which placed all o f the
$5,000,000 1st M . bonds, joins with the com m ittee named below in protestagainst the plan for exchanging the coupons due Jan. 1 1916 to July 1
191 (..b o t h inclusive, for pref. stock, on the ground that the earnings are
sufficient to meet the first m ortgage interest.
T he 3-year notes o f Western Canada Public U tilities, L td ., which are
secured b y a m ajority o f the ordinary shares and all o f the $4 ,000,000 o f
u'* i
, ni r? ° ‘ t*10 I ower C o ., are in default as to the interest payable on
wept. 1 1915, and mature as to principal on M arch 1 1916. A protective
com m ittee has been form ed b y the holders o f notes, and it is asserted that
that com m ittee, co-operating with the shareholders, should have the burden
o f any further financing.
The bondholders’ com m ittee requests deposits o f the 1st 5s for mutual
protection, with coupons maturing on and after Jan. 1 1916, at the M ontreal
Trust C o ., M ontreal, or the Equitable Trust in London, L td ., as deposi
taries. The defaulted intorost, due Jan. 1. will bo advanced to depositors
as a loan. C om m ittee: Fayette Brown, Chairman. I. W . Killam and
George H . Smitliers, M ontreal: W . D . Ross, T oron to; Vesey Boswell,
Quoboc; It. W . Leonard, St. Catharines: H ector M cln n es, Halifax; W . M .
A itken and R obert Flem ing, London, Eng. •Com pare V. 101, p. 2150.
W estern C an ada P u blic U tilities, L td ., M o n trea l.—
See Western Canada Power C o. above.— V . 101, p. 2150.
W e ste rn U n io n T elegraph C o.— Earnings.—
ending Dec. 31 (Dec. 1915 estimated):
Total revenues------------------------------------
_
For 12 mos.
1 q1 k
i q1 a
jko A
oca c 17 Aaq 0^9
^ O t h e r ”oper^expenses, ^ n c L ^ e n t ^ f^ e a s t^ iin e s "
A 16 -992
N et incomo
n ....................................................... -$10,218,3S1
— V . 101, p. 1979.
$8,434,586
3 2 .3 2 0 . 7 2 9
$5,371,395
Western United Gas & Electric Co., Aurora, 111.—
Bonds O ffered — The Chicago Savings Bank & Trust Co. is
offering, at 9 3 K and m t., to yield 5 .4 0 % , $300,000 Gen. M tg .
5 % Gold Bonds of 1913, due Feb. 1 1950.
„ Including theso bonds, thcro are outstanding $800,000 6 % and $329,500
5 % Gen. M tge. bonds and $4,911,900 Underlying bonds.
E a r n i n g s f o r Y e a r e n d i n g O c t . 31 1915 ( w i t h P r e s e n t I n t e r e s t C h a r g e ) .
Dross earnings.................. SI .5 o$ ,8 2 5 1 Present interest charge_____ $303,072
N et (after taxes)------------ „ 671.5381 Balance, surplus____________ 368,466
See also V . 97, p. 379, 891, 1754.
Weyman-Bruton Company, N. Y . — Listed .—
„ TllJ N . Y . Stock Exchange has authorized to be listed on notice o f issu
ance thei $600,000 each o f com m on stock and 7 % non-cum . pref. stock re
cently orterod to stockholders at par, m aking the total amounts authorized
to bo listed o f each class $4,600,000. See V. 101, p. 2079.
E a r n in g s ,
JVrt
C om m on
P r e fe r r e d
B a l.,
T o ta l
le n o a
E arn s.
D iv id e n d s .
D iv id e n d s .
S urp.
S urp.
E n d in g —
§
g
j
j'
j
10 mo i . to O c t.31 ’ 15 906,629 (9% )360,000 (514)210,030 336,629 765,702
CaL y 2?r I p H - .
1,198,923 (12)480,000 (7%)2SO.OOO 438.923 429.072
Dividends as above for the 10 m onths ending O ct. 31 1915 include three
quarterly distributions on each stock.— V . 101, p. 2079.
251
Willys-Overland Co., Toledo, O.— Status.— In connec
tion with the proposed new issue of $15,000,000 convertible
7 % pref. stock, Pres. J. N . W illys in circular of Jan. 7 says:
P r e f . S t o c k .— T he com pany (incorporated in Ohio) has no funded d eb t,
and upon the retirement o f the existing $4,483,700 pref. stock, which has
irS. *or redem ption on da n - 13 1916, and the issue o f the new con
vertible <% pref. stock to retire the same and provide general funds, the
am ount o f pref. stock will be as follow s (see plan and description o f new
pref. stock in V . 101, p . 1633):
....
.
A u th o r iz e d . O u ts ta n d in g .
, , __
C onvertible pref. stock, 7 % cu m u lative------------- $15,000,000 $15,000,000
N on-con vertible pref. stock, 7 % cu m ulative___ 10,000,000
N one
B u s in e s s .
I his com pany was one o f the pioneers in the production o f the
' 0 'r -P " cedK
r
P.ass.enS ?r
‘low ranks as the second largest m anufacturer
2 ,
t ^ U . S. Our “ Overland” cars sell in three models (5 and
10
''P af®,e,ns)?r t2l,lr,Ior carT at 3615, $695 and $1,145, while our W illys-K n ight
l
1 ^ n '* ,.k xc<T tm£ , ircs and a few patented appliances, we
t
m ake practically all the parts o f the cars from the raw materials.
m,ooTgn2ient t? ° !i h° ld in l9 0 7 ’ and the sales, which were
323 cars in year 190/-08, reached about 95.000 for the year 1915, viz.:
C T he sales during (^ ? dOW)- r 2h l up ) to 3the ca p a city o f the plants,WLOOO
°lo3fi
954)00 l which
I t o s a i M d h ^ 1915 were right ^ '* t 9
are being enlarged so as to permit o f a daily production o f 1 000 cars begin
ning about April 1 1916. Our schedule o f production,^ bai^d on c o n v ic t s
already closed covering actual sales, contem plates the delivery o f 200 000
cars for 1916; 4,000 dealers sell our output, contrasting with 1,843 in 1912.
N e t P r o f i t s A v a i l a b l e f o r N e w P r e f . D i e s . ($1,050,000), A f t e r F u l l A l l o w a n c e
fo r D e p r e c ia t io n a n d O th er R e s e r v e s .
A verage rate per ann. for the 3 H years end. Sept. 30 1915 a b o u t.$6.893,622
i ear ended D ec. 31 1915, partly estim ated, o v e r_______________ 10.000,000
These earnings include no benefit from proceeds o f new pref. stock.
A s s e t s .— On the basis o f appraisal in 1912 and subsequent outlays the
net assets o f the com pany and its subsidiaries as o f Sept. 30 1915 (exclusive
o f our highly valuable good-w ill, patents and trade-m arks), plus the net
proceeds o f the new convertible 7% pref. stock, were over $35,000,000, or
over 2 % times the $15,000,000 new convertible 7% pref. stock, while the
net current assets alone were about $2 2 ,00 0 ,0 0 0 .
C o m m o n D i v i d e n d s .— Since organization in N o v . 1912 dividends have
been paid on the com m on stock as follows: 1913. 6 % cash and 5 % extra:
1914, 6 % cash; 1915, 6 % cash and 5% com m on stock extra. During the
first tw o years o f the present com pany the earnings applicable to the com
mon stock aggregated approxim ately 5 6 % , or an average o f about 28% per
annum. T he earnings for the cal. year 1915 (partly estimated) so applica
ble were over 45% on said $21,000,000 com m on stock.
P l a n t s .— T he buildings at T oled o, occupying an area o f 108 acres, are
new for the m ost part, being principally o f reinforced concrete construction
and equipped with the m ost m od em m achinery. T h ev em ploy 13 600
There are also plants fo r the m anufacture o f parts at Elmira N . Y and
Elyria, O ., there being in all the plants 19,200 em ployees.— V . 101 p '■079
’
C U R R E N T N O T IC E .
T he January 1916 issue o f the “ Hand B ook o f Securities," com piled
by the publishers o f the “ Comm ercial and Financial C hron icle,” will be
ready Jan. 15. T he b ook contains 192 pages, and gives very fu ll inorm ation concerning the various railroads and the leading industrials
whose securities are dealt in on the N ew Y ork , B oston. Philadelphia.
Chicago and Pittsburgh exchanges. It shows their earnings, dividends,
A c ., for a series o f years, present fixed charges, and the am ount o f the
different issues o f bonds outstanding, the rates o f interest, A c. There is
also given the m onthly range o f stocks and bonds to Jan. 1 1916, together
with a yearly range for four years. P rice, one dollar, or to “ C hronicle”
subscribers 75 cents. Copies m ay also be had at the “ C hronicle” office ,
39 S. La Salle S t., C hicago, or from Edwards & Smith, 1 Drapers’ Gar
dens, L ondon.
— T he H . P. W right Investm ent C o . o f Kansas C ity , M o ., announces
that it has increased its capital stock to $175,000 and also th a tith a s
elected the follow ing additional officers: V ice-President, Earl W . Sinclair,
Vice-President Exchange N ational B ank, Tulsa, Okla.; Vice-President,
Paul A rbenz, form erly with Deere & C o ., M oline, 111., and until recently
M anager o f Deere & C o .’s branch at T oron to; Treasurer and Secretary,
I-. A . V ilcox, for ten years Cashier o f the A bilene N ational Bank and later
\
and until recently Vice-President o f the Farmers’ N ational Bank, A bilene,
K ans.; D irector. Harry F. Sinclair, Vice-President Exchange N ational
B ank, Tulsa, Okla.
'
— T he Philadelphia banking firm s o f R eilly, B rock & C o ., Graham & C o .
and E . W . Clark & C o. are j’ointly offering for private and institutional in
vestm ent, C ity o f Philadelphia 4 % bonds, due Jan. 1 1946, at 1 0 2 % and
in t., to net about 3 .8 5 % . These bonds are free from State tax in Penn
sylvania and exempt from Federal incom e tax, besides being legal invest
ments in Pennsylvania for trust funds; they are also acceptable as security fo r
Unitod States Postal Savings deposits. D escrpitive circular will be mailed
on application to the bankers.
— The 125th semi-annual statement o f the H om e Insurance C o ., 56
Cedar S t., appears on another page. T he gross assets now stand at
$37,982,743, the surplus over contingencies and all liabilities, including
capital, is $11,536,177, and the surplus as regards policyholders is $19,
536,177. The com pany holds as one o f its reserves a conflagration surplus
which now amounts to $2,000,000. T he 121st dividend has been declared,
being a semi-annual dividend o f 1 0 % , payable on demand to stockholders
o f record o f Jan. 1.
— Announcem ent is m ade o f the organization o f A lla id , Kinnear & C o .,
In c., with principal offices at 55 Liberty S t., this city, and with offices
also in Boston and Philadelphia. The com p a n y’s officers were form erly
representatives o f the W hite Investing C o ., which has discontinued retailing
securities, and are as follow s: Lee B . Durstinc, Pres.; John S. Allard and
R aym ond H. Kinnear, Vice-Presidents, and Fred B . H olden, Sec. A Treas.
T he new com pany will transact a general investment business in high-grade
securities.
— W hite A K em ble, 56 Pine S t., N ew Y o rk , have issued the 1916 edition
o f their standard work on the position o f the various securities o f theleading
railroads with respect to the Savings Bank investment laws o f New Y ork ,
M assachusetts, C onnecticut and Verm ont. Each issue is discussed edi
torially as well as grouped with its fellow issues o f the same com pany in
tabular form . T he work makes a volum e o f 99 quarto pages, selling at
$15 per co p y .
— Under date o f Jan. 7 the “ M on etary Tim es o f C an ad a ." with head
offices at 62 Church S t., T o ron to, O n t., issued its annual statistical, review
and outlook number. T he value o f this review, issued yearly b y the
"M on eta ry T im es" since 1872, has been com m ented upon m any times in
these colum ns. In the present number m ore than 250 pages are devoted
to banking, bonds and investm ents, insurance and industrial news.
— Glover A M acG regor, investment securities, 345 Fourth A v e ., Pitts
burgh, have issued a special circular o f Pennsylvania m unicipal bonds
which they have for sale or exchange for other investments. T he circular
also includes a list o f public utility, industrial and railroad bonds, also
short-term securities, with high yi >lds. T he firm will be pleased to hear
from dealers, institutions or investors interested.
— Porter Foarey, form erly associated with H . M . B yllesbv A C o. as
their Providence correspondent, and recently connected with W hite A C o ..
30 Pine S t., this city , as manager o f their bond departments, has opened
offices in the M echanics A M etals National Bank B ld g ., 20 Nassau S t.,
where ho will specialize in bonds and preferred stocks o f electric light and
gas com panies.
[Vol . 102.
THE CHRONICLE
25 8
fU jw r t s
and
Q v m m m ts .
LEHIGH VALLEY TRANSIT COMPANY
A N N U A L R E P O R T — F O R T H E Y E A R E N D E D N O V E M B E R 30 1915.
FIN AN CIAL RESULTS.
gage compartments, operating in high-speed limited service
between Allentown and Philadelphia, while of the balance of
106 cars operating on both local and interurban lines, there
aro 93 double-truck and 13 single-truck cars. Of the 13
freight cars, 12 are double-truck and one is single-truck.
The 29 service cars consist of 10 snow sweepers, 4 snow plows,
6 work cars, 6 line cars, 2 sprinkling cars and 1 sand car.
Your Company during the past year, notwithstanding the
unsettled business conditions prevailing during the major
part of the time, has shown the largest earnings in its his
tory, and is in a stronger financial Position than ever before.
Total Operating Revenues increased $187,870, or 1 0 % ; while
N e t Income gained SI 15,267, or 5 5 .4 % . Out
Income dividends of §17 4,28 8, equivalent to 3 ^ % on the
Preferred Stock outstanding, have been paid.
1 he Surplus
increased from $191,374 to $344,295, a gam of 7 9 .9 % .
Beginning with the fiscal year 1911 there has been credited
to Maintenance, Renewals and Depreciation an amount
equal to 2 2 % of the gross earnings of the railway lines. All
items of Maintenance and Renewals are charged to this ac
count, the balance being set up to Accrued Depreciation Keserve, which showed a credit of $229,537 82 as of N ovem
ber 30 1915.
„
The main generating station is located on Front Street,
Allentown, on the Lehigh River and the Lehigh Valley Rail
road; from this central station power is distributed to ten
substations. A t the Front Street Power House six underfeed
stokers, four three-phase automatic voltage regulators and
one 500-750 gallons per minute boiler feed pump wore in
stalled, and five single-phase hand voltage regulators were
made automatic. A t Catasauqua sub-station one 75-light
rectifier outfit was installed and one three-phase hand voltage
regulator was made automatic. A t Slatington substation
one 75-light rectifier outfit and six single-phase automatic
voltage regulators were installed. A t Bethlehem substation
two three-phase automatic voltage regulators were installed.
The main station and substations are being maintained at a
high state of efficiency.
Allentown, P a ., January 10 1916.
To the Stockholders o f the Lehigh Valley Transit C om pany:
Your Board of Directors herewith submits for your con
sideration the following report of your Company s operations
for the fiscal year ended November 30 1915.
TRACKAGE.
Exclusive of the Easton Consolidated Electric Company,
referred to later, your Company operates 161.67 miles ol rail
way, of which 140.92 miles are owned and 20.75 miles leased,
extending from Allentown to Philadelphia (Chestnut H ill),
Norristown, Macungie, Slatington, E gyp t, Siegfried, N aza
reth, the Bethlehems and Hellertown, as shown on the map
accompanying this report.
Although no extensive construction work was begun, spe
cial attention was devoted to improving the existing trackage
by rebuilding track, installing guard rails, retieing, resur
facing, rebonding and rebuilding bridges.
.
Track— N ew and Reconstructed: The new track comprised
1,650 feet of second track just west of the Bethlehem borough
line, thereby providing a double track from the
Lehigh River Bridge, Allentown, to Broad and N ew Streets,
Bethlehem, a distance of 4 .4 miles. The trackage recon
structed totaled 5.3 2 miles, including MOO feet of double
track from Aineyville Viaduct to Ameyville
feet of northbound track through Fullerton; 1,400 feed of
double track on Hamilton Street, Allentown, and 1 5 ,6 0 ) feet
of the westbound track between Allentown and Bethlehem.
Guard Rail Installed: Guard rail, consisting of second-hand
T-rail, to the extent of 7,640 feet, has been installed on curves
and bridges.
Bridges Rebuilt and Strengthened: The following bridges
were either rebuilt or strengthened to accommodate 80-ton
cars: D ry Run, E gypt, Emerald, Jones, Jordan Creek,
Perkiomen, Steckel’s, bridges over the P . & R . Railway at
North W ales and Quakertown, canal bridge at Catasauqua,
bridge over the Ironton Railroad at Hokendauqua, and
Brush Meadow bridge.
, .
. , .. , , .
Ties Installed: The total number of ties installed during
the year was 39,578, or 9 1-3 % of all the ties on thesystem.
Bonding: One hundred and thirty-two miles of track was
tested and 8,883 bonds installed.
Sidings Lengthened: The following sidings on the 1 hiladelphia Division were lengthened: Couter s, Gehman s and
Sellersville.
,
,
. ■ c
P„ ,f
Slone Crushed: A t the Company s stone crushers at East
Allentown and Rocky Ridge, 10,268 tons of limestone and
8,319 tons of trap rock were crushed, respectively.
OVERHEAD.
The maintenance of electric lines included the renewing of
eight miles of 210 and four miles of 4 10 trolley wire, also the
renewal of 895 poles. In Allentown a 250,000 C .M . copper
feeder was installed from Ninth and St. John streets to the
Fairview Car House, together with the necessary switches
and circuit breakers, in accordance with the recommenda
tions of the Board of Fire Underwriters
On the^ I niladelphia Division an additional telephone lino for dispatching
purposes has been installed. The transmission, trolley,
signal and telephone lines have all been maintained at a
high standard.
ROLLIN G STOCK.
The rolling stock of your Company consists of 118 closed
cars, 36 open cars, 13 freight cars and 29 service cars, making
a total of 196 cars. During the year at the Com pany’s main
shops there were built two 44-foot box trailer freight cars,
seven cars were rebuilt and four large open cars were conver
ted into closed cars and equipped with new motors and con
trol apparatus. The carbon lamps in the cars were replaced
with M azda lamps. All cars were equipped with lifting
jacks, pursuant to General Order N o . 10 of the Public^Servico
Commission of Pennsylvania. Of the passenger equipment,
twelve aro modern interurban cars, with smoking and bag
POWER.
JIT N E Y COM PETITION .
Your Company suffered an approximate loss in receipts of
$25 000 due to jitney operation, which was especially notice
able in April, M a y and June. However, the physical char
acteristics of the territory served by your Company are not
favorable to profitable jitney operation on a large scale.
1 he
legal status of the jitney as a common carrier, with its at
tendant obligations, has not as yet been clearly defined.
SAFETY FIRST W ORK.
The importance of Safety First has been brought realisti
cally beforo both the public and your employees by a sories of
sixteen public meetings in the various towns along your linos,
at which moving pictures were shown, all treating of “ Safety
First,” and addresses were made by men of wido experience
on this vital subject. As the majority of accidents may be
prevented by the exercise of greater care on the part of the
individual d'irectly responsible, the benefits accruing from
the education of the individual are readily apparent. There
fore, a general safety committee and departmental safety
committees have been formed to carry on this work system
atically and effectively.
EASTON CONSOLIDATED E LECTRIC COM PANY.
The Easton Consolidated Electric Com pany, in addition to
the ownership of the Edison Illuminating Company ot
Eastown, owns and controls 54 miles of railway, extending
from Easton to and through Bethlehem, South Bethlehem,
Nazareth and the town of Phillipsburg, N . J ., whioh gives
your Company control of all the trolley roads in the Lehigh
Valley from Slatington, P a ., to Phillipsburg, N . J.
The hourly limited service between Allentown and Easton
via Bethlehem continues to be well patronized, and has been
further improved by the addition of four new all-steol oars.
The surplus earnings of the Company for the year ending
December 31 1915 (December estimated) will be $87,000.
The interest charge on the Collateral Trust Bonds now out
standing amounts to $55,448 50, thus leaving a profit for the
Lehigh Valley Transit Company of $31,551 50 on its m ^ I i f s o u t h Easton 2 .7 miles of track were reconstructed and
relaid with heavier rail, laid on creosoted ties.
.
The number of double-truck passenger cars has been in
creased by four new modorn all-steel cars equipped with
quadruple motors and arranged for train operation. Six
double-truck cars were converted to the prepayment typo at
tho Easton shops. Nine obsolete single-truck passenger car
bodies were scrapped, including eight of the closed type and
one of the open type.
The summary of equipment is as follows:
S in g le -tru ck clo s e d c a r s ________
D o u b le -tr u c k c lo s e d c a r s ______
S in g le -tru ck o p e n c a r s _________
S in g le -tru ck o p e n ca rs, tr a ile r s .
.39
.13
.29
.12
.9 3
Total passenger cars________
1 lino car
2 snow plows
1 trail car
2 sweepers
1 sand car
3 work cars
1 freight car
,.
Total service cars--------------------------------------------- - 11
Grand total.......................................
FREIGHT AND EXPRESS SERVICE.
An efficient freight service is operated by your Company
connecting with tho Philadelphia Rapid Transit Company at
Chestnut Hill, Philadelphia. During the year the freight
service was extended to Norristown and lolford, improve-
104
THE CHRONICLE
•UN. 15 1916.]
ments were made to the freight stations at Allentown, Perkasie and South Bethlehem, and two trailer cars were built
to care for the increasing business. Although the steam roads
raised their freight rates during the year, the rates of your
Company remain the same as originally filed. The surplus
from the freight business increased $2,781 58, or 2 2 % .
The results from the operation of the Adams Express Com
pany over your lines were satisfactory, and give promise of
a steady future growth. The surplus from the Adams Ex
press business increased $1,101 75, or 1 3 ^ % .
L IG H T A N D P O W E R B U SIN E SS.
Your Company does the entire lighting and power business
in Allentown, Bethlehem, South Bethlehem, Slatington,
Catasauqua, Emaus and territory adjacent thereto, serving
a population of over 200,000. Power is also wholesaled to
Macungio and to several municipalities on your line between
Allentown and Philadelphia, including Coopersburg, Sellersville, Souderton and North W ales. W ith one minor ex
ception all franchises are perpetual.
Street-lighting contracts were made for a five-year period
with Emaus and South Allentown, and for a ten-year period
with Northampton, Slatington and South Bethlehem.
During the year the following light and power companies
were incorporated:
Franconia Township Electric Light & Power C o., M ont
gomery County.
Lower Macungie Township Electric Light & Power C o.,
Lehigh County.
Lower Milford Township Electric Light & Power C o.,
Lehigh County.
Milford Township Electric Light & Power C o., Bucks
County.
W est Rockhill Township Electric Light & Power C o.,
Bucks County.
_
In accordance with the policy of consolidating all small
subsidiary companies having corporate existence, the follow
ing companies have sold their franchises and property to the
Lehigh Valley Light & Power Co.
Bethlehem Township Electric Light & Power C o ., North
ampton County.
Comonton Electric Light & Power C o ., Lehigh County.
Lehigh County Electric Company, Lehigh County.
Lehigh Township Electric Light & Power C o ., Northamp
ton County.
Northampton County Electric C o ., Northampton County.
Walnutport Electric Light & Power C o ., Northampton
County.
flJThe light and power business continues to show a substan
tial growth.
W ELFARE W ORK.
A liberal welfaro plan, including death, accident and sick
benefits, is supported wholly by your Company without any
cost to your employees, and has been in force since July 1,
1913.
SUM M ARY.
The revival of business during the last months of the fiscal
year was reflected in the increased earnings of your Company,
which enabled it to show an increase of 1 0 % for the year in
Operating Revenues, resulting in an increase to Surplus of
7 9 .9 % .
In reviewing the year’s progress, your attention is called to
thoflaying of 1,050 feet of new second track, thereby com
pleting the double-tracking of the line between Allentown and
Bethlehem, the re-building of 5.32 miles of track on the A l
lentown Division, the increase in pole renewals of 339, or
6 1 % , the addition of two freight trailer cars to the equip
ment, the conversion of four large open revenue cars to the
closed type, the installation of six underfeed stokers at the
Front Street Power House, the benefits of Safety First work,
the purchase of four all-steel passenger cars by the Easton
Transit Company, the conversion of six double-truck Easton
cars to the pre-payment type, the reconstruction of 2 .7 miles
of track in South Easton, the continued success of the High
Speed Limited Service connecting Easton-Allentown-Philadelphia, the gratifying increaso in the business of the light
and power companies, and the satisfactory gain in the re
ceipts from the freight business and the Adams Express Com
pany.
Your Company, realizing that its greatest asset is the good
will of its patrons, has and will continue to so conduct its
business as to best promote their safety and to give them the
best possible servico. The relations with the authorities of
the numerous municipalities served by your Company con
tinue to be very satisfactory.
CURRENT
NOTICE.
— M orton Lachenbruch & C o. have Issued a circular showing the present
con dition o f tho Ford M o to r C o. o f Canada as com pared with its condition
o f a year ago. One o f tho numerous features o f tho circular is that the
com p a n y has paid cash dividends equivalent to 116% per annum since
its organization in 1905.
— George W illiam W allace, form erly w ith B ertron, Griscom & C o . o f
Philadelphia, has opened offices in tho Franklin Bank B uilding, trading
under tho name o f W allaco & C o.
— O. It. Bcrgmann Sc C o ., investment securities, 66 B roadw ay, this
c it y , will send a cop y o f their “ Conservative Security R eview ” to any in
terested inquirer on request.
— Oscar R . Lichtenstein, son o f tho late A lfred Lichtenstein, has becom o
a partner in tho firm o f H cidelbach, Ickolhoimor & C o ., 49 W all S t., this city.
35 9
In conclusion, your directors desire to express their sincere
appreciation of the efficient and loyal service rendered by all
the officers and employees of your Company.
B y order of the Board,
H . R . F E H R , President.
IN C O M E S T A T E M E N T F O R T H E P A ST T H R E E Y E A R S E N D E D
N O V E M B E R 30.
1915.
1914.
1913.
Operating Revenues:
Revenue from Transportation:
Passenger R evenue_______ $ 1 ,550,124 96 31,446,693 90 $1,431,395 25
Other Transportation R ev
enue ____________________
99,296 90
78,075 84
64,861 46
Revenue from other Railway
Operations:
Power Sales, & c __________
$ 1 ,649,421 86 $1,524,769 74 $1,496,256 71
407.453 58
314,235 95
346,185 26
T otal Operating R evenue$2,056,875 44 $1,869,005 69 $1,842,441 97
Operating Expenses....... ............. 1,130,834 99 1.052,693 17 1.062,362 96
T a x e s _________________________
$926,040 45
73,551 87
$816,312 52
97,961 58
$780,079 01
77,524 82
Operating In com e______
$852,488 58
$718,350 94
$702,554 19
$118,986 00
$107,963 07
$43,708 00
17,159 60
14.984 91
24,285 40
$136,145 60
$122,947 98
$67,993 40
$988,634 18
$841,298 92
$770,547 59
$550,279 34
64,171 58
2,035 50
$530,894 50
53,340 80
17,915 30
$460,918 88
46,358 76
13,647 32
20,441 00
20,431 83
14,131 44
28,319 09
10,595 80
44,422 26
Non-Operating Incom e:
Dividend I n c o m e . ____
Interest on N otes, Bank Bal
ances, & c__________
Gross I n c o m e __________
Deductions from Gross Incom e:
Interest on Funded D e b t____
Rent for Leased R oads, & c._
Interest on U nfunded D e b t ..
A m ortization o f D iscount on
Funded D e b t .. _________
M iscellaneous Debits:
Legal Expenses, & c______
$665,246 51
N et In com e____________
GEN ERAL BALANCE
$633,178 23
$579,478 66
$323,387 67
$208,120 69
$191,068 93
SHEET
NOVEM BER
30 1915.
ASSETS.
C ost o f Properties:
R oad and E quipm ent................ ........ .......................................$1 7 ,4 5 6,7 77 43
Deposits in Lieu o f M ortgaged Property Sold_____________
5,752 40
Real Estate N o t Used in Operation o f R o a d ..... ................. .
28,709 97
Investm ents in Proprietary, Affiliated and Controlled C om
panies— A t C ost.......................
1,896,827 06
Advances to Proprietary, Affiliated and Controlled C om
p a n i e s . .......................
158,874 46
Current Assets:
Cash, Bills R eceivable, A ccounts Receivable
and Real Estate M ortgages, & c___________ $178,449 64
M aterials and Supplies_______________________ 116,021 76
-----------------294,471 40
Unadjusted Debits:
Discount on Funded D eb t, Insurance, & c., paid in ad
vance, & c________________________________
441,085 63
Total.
$20,282,498 35
L IA B IL IT IE S .
Capital and Funded D ebt:
Capital Stock:
Preferred ..........................................................$4,979,687 37
C o m m o n ------------------------------------------------- 2,997,350 00
Funded D eb t Outstanding:
First M ortgage 4 % G old B onds...................$2,770,000 00
First M ortgage 5 % G old B ond s____ 2,213,000
00
Consolidated M ortgage 4 % G old B o n d s ..
354,000 00
Refunding and Im provem ent M ortgage
5 % G old B onds--------------------------5.115,000 00
Collateral Trust 6 % G old B onds___
924,259
01
Equipm ent Trust Certificates Series “ A "
63,750 00
5 % ---------M ortgages on Real E state________________________________ .
Current Liabilities:
Audited A ccounts and W ages Payable, A ccrued Interest
and Rents Payable, Miscellaneous A ccounts Payable,& c
Unadjusted Credits:
A ccrued Taxes, Unused Tickets and Operating Reserves,
& c ______________________________________________________
A ccrued Depreciation Reserve— R oad and E quipm ent_____
Surplus______________________________________________________
$7,977,037 37
11,440,009 01
40,000 00
146,169 40
105,449 36
229,537 82
344.295 39
T otal.............. ................................ ................................ .......... $20,282,498 35
C E R T IF IC A T E .
To the President and Directors o f the Lehigh Valley Transit C o.:
W o have examined the books and accounts of the Lehigh
Valley Transit Company for the year ending November 30
1915, and find that the annexed Balance Sheet and Income
Account are correctly prepared therefrom.
Subject to the adequacy of the provision for accrued depre
ciation, we certify that, in our opinion, the Balance Sheet is
properly drawn up so as to show the true financial position of
the Lehigh Valley Transit Company on November 30 1915,
and the relative Income Account is a fair and correct state
ment of the results of the operations for the fiscal year ended
on that date.
P R IC E , W A T E R H O U S E & C O.
Philadelphia, P a ., December 31 1915.
— Chas. II. Jones & C o ., 20 Broad S t., N ew Y o rk , have issued a series
o f circulars regarding the reorganization o f the Kansas C ity M exico &
Orient R li . C o. and tho status o f tho now securities; also circulars touching
on the G u lf States Steel C o. and its new stock issues.
— Knauth, N achod & Kuhne, 15 W illiam S t., this city , will m ove to the
Equitable Building about M a y 1. T he bankers have leased h alf o f the
third floor for a long term and will have a private elevator installed for
custom ers’ use. T he firm have been established since 1852.
— W hite, W old & C o ., 14 W all S t., this city , announce tho retirement o f
Alexander M . W hite from partnership in the firm , and the admission o f
Harold T . W liito and Gilbert G . B rowne to general partnership. M r.
Browne will be one o f the resident partners in B oston.
— W . A . & A . M . 'White, 14 W all S t., this city, announce that
Harold T . W hito has retired, and Alexander M . W hite and Adrian Van
Sinderon have been admitted to partnership.
'g
h
[Vol . 102.
THE CHRONICLE
260
t
©
0 m
m
Pennsylvania dark $2 2 5 1N orth L im a______ $ 1 4 3 Illinois, a bove 30
C abell....... ...............1 78 South L im a...............1 4 3
degrees
$1 57
M ercer b lack_____ 1 75 Indiana ................... - 1 28 Kansas and OklaN ew C astle______ 1 75 Princeton---------------- 1 57
hom a - - - . -------------- J20
C o m in g __________ 1 75 Somerset. 32 d e g . . 1 6 3 C ad d o, l i g h t ..........1 2 0
W o o ste r__________ 1 0 0 I R aglan d_____________ 75c.
j e r c i a l
COMMERCIAL EPITOME
Friday N ight, Jan. 14 1916.
Business continues brisk under an increasing demand over
a wido range of industries. On the average commodities
have advanced during the last four months and are notice
ably higher than a year ago. This rise is not so much a reflex
of speculation as it is of a spread of prosperity. Of this,
significant signs are the signal increase in bank clearings,
the rise of railroad earnings and the phenomenal growth ot
pig-iron production to keep pace with the striking increase
in sales of steel. M oney continues abundant and cheap.
Farmers are getting high prices. Labor is well employed,
and in many cases at increased wages. M ills and factories
in a great many industries are very busy. Collections have
naturally improved. D ry goods are in sharp demand, sales
ahead are unusually large and prices show an upward tend
ency. Mills m ay find it hard to keep up with their orders
The evidence increases that the supplies of many kinds ot
merchandise had become much reduced.
The American
consumption of cotton is the largest on record, lvumors
from tho Southwest to-day stated that the tendency ot ocean
freights on cotton was lower, as tramp steamers fiom the
South American trade aro being diverted, it is said, to the
Gulf business in cotton under tho stimulus of such abnormal
rates as $3 per 100 lbs.
It is said that this rate is now being
shaded. Formal complaint is made by tho Cotton Exchanges
at Savannah, Galveston, Dallas, Memphis and Charleston
that Section X I . of the Lever Act is helping to cheek cotton
exports by preventing American exporters from hedging
their shipments in Liverpool. The winter-wheat crop has a
good snow covering. Meantime, while cold woather has in
many sections helped general trade, in some others it has
hindered it, tho temperatures being the lowest for years
past. The massacre of Americans in Mexico has stirred this
country to its depths and there has been talk in ( ' engross
that would mean playing into the hands of red-handod
bandits maliciously seeking to all appearance to embroil
the United States in Mexican affairs. Our relations with
European Powers have apparently improved. A vrnrd of
caution about possible over-extension of credits is heard
now and then.
. , . ,
.
,
L A R D in active demand and again higher: prime Western
10.75c., refined to the Continent 11.35c., South American
11.50c.! Brazil 12.50c. Futures advanced with good buying
by commission houses and offerings at times small.
Earl}
in the week receipts of hogs were very large, but latterly they
have been somewhat smaller than-expected. Packers have
sold on advances, however. To-day prices declined.
D A I L Y C L O S IN G I'llJ C E S OP L A R D ™ T U R E J .
i S S ^ E S i - c“ : i o35il 1 » : « « l o l *
Jufy d e l i v e r y : " - ! ! ! ! - - 10.4746 10.62H 10.70
io l*
10.95
1 8 :8
11 0 2 'A
lo t i
10.90
P O R K dull: mess $ 1 8 @ $ 1 8 50: clear $ 1 9 @ $ 2 2 . Beef,
mess, $ 1 8 @ $ 1 8 50: extra India mess $ 2 7 @ $ 2 8 . Cut meats
steady: pickled hams, 10 to 20 lbs., 1 4 7^ @ 1 5 c .: pickled
bellies, I 2 @ 1 2 % c . Butter, creamery, 2 4 @ 3 4 c . Cheese,
State, 1 4 @ 1 8 c . Eggs, fresh, 2 7 @ 3 7 c .
C O F F E E quiet: Rio N o. 7 ,8 c .: N o. 4 Santos, 9 } ^ @ 9 ^ g .:
fair to good Cucuta, 1 0 % @ 1 0 % e . Futures advanced at
one time, mainly because of a belief that high ocean freights
at Brazilian points would restrict shipments to this country.
Cotton operators bought to some extent, but later on sold
out. Brazilian markets have been disappointing to the
bulls. Itio at times actually declined. Active speculation is
lacking. To-day futures closed unchanged to 2 points
higher, with sales of 17,750 bags. Closing quotations follow.
Jan uary, cts.6.91 @ 6 .9 3 I M a y ------ cts.7 .1 5 @ 7 .1 7
F e b r u a r y ___6.99 @ 7 .0 1 J u n e ------------- / . 20@ 7 .2 2
M a rch ............7 .0 6 @ 7 .1 0 j J u ly .................J .2 5 @ /.2 7
A p r il_______ 7.11 @ 7 .1 3 ! A u g u st----------7 .3 0 @ 7 .3 2
S ept_____cts.7.35@ 7.37
O ctob er_____ 7.40 @ 7 .4 2
N ovem ber _.7.4->@7.47
D ecem ber
7 ,5 3 ® 7.52
SU G A R quiet and easier; centrifugal, 96-degrees tost,
4 .3 3 @ 4 .5 1 c .; molasses, 89-degrees test, 3 .5 6 @ 3 .7 4 c .; gran
ulated 5.75c. Futures advanced a little and thon reacted.
They have lacked striking featuros. Local receipts have in
creased but so have meltings. For granulated there has been
some export demand. Trading in futuros has been small.
Grinding is rapidly increasing. Tho number of centrals now
in operation in Cuba is 143. To-day futuros closed 3 to 7
points higher, with sales of 1,700 tons. Prices were as follows:
January- cts.3 .5 9 @ 3 .6 5 M a y _____ cts.3 .5 3 @ 3 .5 5
F e b r u a r y ___3.41 @ 3 .4 2 J u n e ________3 .5 9 @ 3 .6 0
M a rch ...........3 .4 3 @ 3 .4 5 July.................3 .6 4 @ 3 .6 5
A p r il............. 3__________ A u g u s t _______3 .6 7 @ 3 .6 8
.4 8 @ 3 .5 0
S e p t ____ ct8.3.69@3.71
O ctob er_____ 3.71 @ 3 .7 3
N ovem ber . . 3 7 3 @ 3 .7 5
D ecem ber
3.75 @ 3 .7 0
O ILS.— Linseed, active demand and again higher; city
raw, American seed, 7 0 @ 7 2 c .; city boiled, American seed,
71 @ 7 3 c .; Calcutta 85c. Lard, primo, 9 3 @ 9 6 c . Cocoanut,
Cochin, 1 4 @ 1 5 c .;
Ceylon 1 3 @ 1 4 c . Corn 8 .0 5 @ 8 .1 0 c .
Palm, Lagos 9 3 ^ @ 9 % c . Cottonsoed winter 9c.; summer
white 9c. Spirits of turpentine 57J^c. Strained rosm,
common to good, $5 80.
P E T R O L E U M active and firm: refined in barrels $8 6 5 @
$9 65, bulk $ 5 @ $ 6 , cases $ 1 1 © $ 1 2 . Naphtha, 73 to 76
degrees, in 100-gallon drums and over, 3 7 ^ Gasoline,
86 degrees, 35c.: 73 to 76 degrees, 3 0 @ 3 3 c .: 68 to 70 degrees,
2 7 @ 3 0 c . To-day gasoline for export advanced 2 cents an
all grades and packages except stoves, which were 1 c. higher
Cleaning out and shooting oil Avells in some of the W est Vir
ginia districts is almost as much of a feature as starting new
works. Closing prices have been as follows:
T O B A C C O .— Sales are rather light but prices are firm.
The new business in Sumatra tobacco is small, as usual on the
eve of the spring inscriptions, but deliveries on old business
are of fair size. Cuban is firm but slow of sale. Meanwhile,
cigar manufacturers are doing a good business, so that most
people look for more activity in tobacco beforo long. Much
of the new-crop domestic leaf has been purchased. Of the
Wisconsin crop not very far from three-quarters has been
bought up, largely for stemming. Business in Ohio tobacco
is less active following a recent spurt. In Connecticut the
low grades are being held by farmers, but a considerable per
centage of the Havana seed has been sold. The Pennsyl
vania crop is about sold out. In many parts of the country
the yield is reported to have been light.
C O P P E R rather firmer latterly, though not so active as
recently; Lake 2 3 H @ 2 4 c .; electrolytic 23 H @ 2 4 c . London
rather firmer after declining. Tin dull and declined on the
spot to 41 ^ c .
London lower. Spelter dull and unchanged
on the spot- at 17.50c. Lead higher on the spot at 5.90c.;
later 5.85c. Pig iron in good demand and higher. N o . 2
Phila., $19 7 5 @ $ 2 0 25; N o . 2 Southern, $ 1 5 @ $ 1 5 50 Bir
mingham. Steel is in good demand. It is intimated that
some more big contracts have been or are about to be given
out. Export demand is expected to put up prices. Steel
sheets have advanced. France and England want bars for
shells. Contracts for 140,000 tons of barb wire will be given
to mills at Pittsburgh if they can comply with stipulations
as to time of delivery, which is said, however, to be impos
sible. That fact of itself speaks volumes.
Enormous busi
ness will keep the mills busy for many months. Consumers
despair of getting anything like prompt delivery on new
purchases.
______ ____________
COTTON
Friday Night, Jan. 14 1916.
T H E M O V E M E N T OF T H E C R O P , as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have roachea
173,647 balos, against 152,983 bales last week and 178,5b7
bales the previous week, making tho total receipts since
Aug. 1 1915 4,376,373 bales, against 5,439,643 bales for the
same period of 1914-15, showing a decrease since Aug. 1 1915
of 1,063,270 balos.
F ri.
T h u rs.
W ed .
T o ta l.
M on.
S a t.
G a lveston ______
Texas C ity -------P ort A rthur____
Aransas Pass, &c
New Orleans____
M ob ilo__________
Pensacola ______
Jacksonville, & c.
Savannah ______
B ru n sw ick _____
C h a rle sto n -------G e o rg e to w n ____
W ilm in g to n ____
N o rfo lk _________
N ’port News, &c.
N ew Y o r k ______
B oston__________
B altim ore---------Philadelphia____
1 2 ,0 20
T u es.
12,017
14,749
2,024
4,866
8,107
7,534
59,293
2,024
4,011
142
7,156
1,296
4,238
172
5,313
567
597
5,035
651
597
30,025
2,969
6,489
7.669
3,203
2,589
739
1,047
4,957
3,000
1,251
1,047
35,043
3,000
5,029
101
2,473
11,565
13,987
2,833
3,335
183
143
—
—
4,182
141
—
—
10,796
562
361
1,124
452
1,586
” 698
2.715
117
1,931
992
101
357
1,66 8
410
2,064
412
695
207
1,041
644
277
510
370
431
580
—
108
'' 3 5
30,881
27,681
439
1,601
13,987
629
372
183
36,3271 16,675
20,800
41,283 173,647
The following shows tho weok’s total rocoipts, total sinco
Aug. 1 1915 and stocks to- •night, compared withlast year:
1915-16.
R e c e i p t s to
J n a 14.
a u ry
T h is
W eek.
S in c e A u g
1 1915.
1914.-15.
T h is
W eek.
S in c e A u g
1 1914.
S to c k .
1916.
1915.
385,939 555,802
G alveston----------- 59.293 ,517,009 183,843 2,308.753
117.167
34,337
218.S07 45,783 275,144
2,024
Texas C ity ---------12,696
8,261
29,211
Port A rthur.........
" 7 ,736
" 3*847
26,848
58,741 11,374
'597
Aransas Pass, &C.
New Orleans------ 30,025 839 ,828 75,040 827,407 445,379 360.658
53,013
22,947
98,007
5,492
09,500
2,909
M o b i l e -------------9,337
27,407
P ensacola---------568
' 3 ,094
25,938
*697
30,908
1*047
Jacksonville, &c
Savannah------------ 35,043 703,411 82.314 986,729 220,905 321,923
46,500
16,000
96,308
57,700 15,000
3,000
B ru n sw ick ---------139,524
94,545
199,511 10,395 241,586
5,029
C harleston___
145
145
728
10 1
Georgetown - ..
46",530
43*640
117.732
9,047
141,938
2,473
W ilm in g ton -------64,407
130,486
N orfolk__________ 11,565 372,406 25,529 269,304
83,792
8,407
47,918
N ’port News, & c. 13,987
*8*7*297
2.860 326', 700
419
11,713
2,833
Now Y o r k ______
8,965
11.197
16.001
2,526
24,032
3,335
B o s t o n _________
5,968
2 ,12 2
39,366
22,688 2,537
183
B altim ore_______
1.974
3,285
1,630
1,501
143
Philadelphia .
T o ta ls_________173,61714,376,373 486.875 5.139.613 1,711,423 1,818,032
In order that comparison m ay be mado with other years,
we give below tho totals at leading ports for six seasons.
R e c e ip ts a t—
G a lv e s to n ___
Texas City,& c
New Orleans.
M o b ile ______
Savannah ___
B runsw ick. . .
Charles ton,&c
W ilm ington. .
N o r f o lk _____
N 'p ort N .,& c.
All others____
1916.
59,293
2,621
30,025
2,969
35,043
3,000
5,130
2,473
11.565
13,987
7.541
1915.
1914.
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
1913.
58.709
25,750
23,488
2,086
18,636
i ;40o
2,555
1,051
7,862
6,605
6,178
1912.
74,365
25,078
46,598
11,569
48,849
6,000
3,967
10,403
10,023
951
47,618
1911.
70,211
22,228
55.050
4,483
30,137
7,083
3,028
9,940
10,857
328
9,776
223,121
154,340 285,431
173.647 486,875 272,157
Since A ug. 1. 4.376,373 5,439,643 7,678.442 7,623,044 8,282,453 6.902.656
T otal this w k .
THE CHRONICLE
J an . 15 1916.]
T h e exports for tho week ending this evening reacli a total
o f 15 8 ,9 9 3 bales, of which 9 7 ,4 2 9 wore to G reat B ritain,
9 ,3 1 2 to France and 5 2 ,2 5 2 to tho rest of tho C on tin en t.
E xports for the week and since A u g . 1 1915 are as follow s:
W
eek ending Jan.
14
E
xported —
to
E
xports
from
—
1916.
G
reat
C
ontiRrilain. France, nent&
c
G a lv e s t o n ..
T ex a s City
P t . A rth u r
A r.P a ss.& e.
N ew O rlea ns
From Aug. 1915 to Jan.14
1
E
xported —
to
G
reat
Britain.
C
ontiFrance, nenl &
c.
22,821
17,800
15,225 38.P46
17,800
476,960
128,111
18,706
6,102
12,720
12,371
217,928
17,790
19,745
81,343
22,320
40,397
2,850
31,666
8,421
53,836
5,504
243
21,609
M o b ile ___ 12,371
Pensacola . .
Savannah.. 14,214
Brunswick .
Charleston. 12,352
W ilmingt’n.
Norfolk —
7,418
New Y ork .
1,387
B o s to n ____
2,460
B altim ore..
504
Phlladelpha
P ’ tland.M e.
San F ra n ..
S ea ttle-----Tacom a . . .
Los Angeles
Pembina
2,603
6', 709
6,205 16,226
1,537
150
9,169
504
1916.
100,127
44,162
270,826
7,322
13,873
64,242
9,722
177,104
7,000
46,581
4,800
1,338
89,795
17,050
67,912
49,845
7,909 7,909
12,273 12,273
3,672 3,672
188,415
3,216
500
800
56,663
84,657
49,105
50
1,761
Total.
847,913
179,595
18,706
23,595
459,274
17,790
28,083
217,719
27,120
57,447
120,138
2,850
269,926
11,637
75,945
6,304
243
56,663
84,657
49,105
50
1,761
52,252 158,993 1,125,820
404,465 1,026,2362,556,521
Total’ 14-’ 15 49,040 30,967 159,638 239,6451,364,157
TotalT3-’ 14 111,003 27,867 158,945 297 ,8152,216,114
201,280 1,502,927 3,068,364
819 1712 ,075,643*5,910,928
~
T otal____
97,429
Note New York exports since Aug. 1 Include 1,048 bales Peruvian and 285
.—
W est Indian to Liverpool and 1,010 bales Peruvian to Genoa.
In addition to above exports, our telegram s to-night also
give us the follow ing am ou n ts o f cotton on shipboard, not
cleared, a t the ports n am ed.
W e add similar figures for
N ew Y ork .
D e e . 12 to D e c . 31 was 3 3 2 ,3 3 8 bales against 4 7 0 ,9 1 7 bales
in 1914, 4 2 0 ,2 9 3 in 1913 and what is m ore to the point,
3 8 9 ,0 7 2 in 1910.
B u t on advances the South has sold hedges
perhaps a little m ore freely than recently.
Liverpool at
tim es, m oreover, has sold some O ctober.
W a ll Street, the
W a ld o rf-A sto ria interests, the W e st and local traders have
also sold.
On T h u rsd ay the m ap showed tem peratures of
10 to 12 degrees above zero in parts of Texas and A rkansas,
and very cold weather in the M ississippi d elta.
According
to one view of the m atter, tem peratures of 10 to 15 degrees
will stam p out a good deal of the boll-w eevil pest.
That
happened in 1910 and 19 11 .
B u t it is pointed out th at in
1899 when zero Aveather preAr
ailed throughout T exas the boll
Aveevil Avas b y no m eans exterm inated b y it.
There Avere
reports from NeAv Orleans and H ouston o f an easing o f ocean
freights in the Southw est.
Prices here recovered an early
sm all decline and ended higher, especially on O ctober. Sp ot
cotton closed at 1 2 .5 0 c ., a decline ofr the week o f 5 points.
T h e official quotation for m iddling upland cotton in the
N eA v Y o rk m arket each d ay for the past w eek has been:
J a n . 8 t o J a n . 14—
S a t. M on . T u e s . W e d . T h u r s . F ri.
M iddling uplands........................12.60 12.60 12.50 12.50 12.50 12.50
N E W Y O R K Q U O T A T IO N S F O R 32 Y E A R S .
T h e quotations for m iddling upland a t N e w Y o r k on
Jan. 14 for each of the p ast 3 2 years have been as follow s:
191 6 .C .. .. .1 2 . 5 0
1915___ . . . 8.05
1914___ ...1 2 .7 0
1913___ ...1 3 .0 0
1912____ . . . 9.65
1911____ ...1 4 .9 0
1910____ . . 14.45
1909____ . . . 9.60
Jan.
14
a t—
G rea t
B r ita in . F r a n c e .
10,457
61,945
New York
Other ports—
2,875
490
3,000
Total 1 9 1 6 .. 78,767
Total 1 9 1 5 .. 186,067
Total 1 9 1 4 .. 69,705
4,516
3,450
1,000
—
G erm any.
C o a s tw is e .
AND
T o ta l.
L ea v in g
S lo c k .
419,132
266,363
218,505
91,545
19.272
129,316
322,200
113,522
100 42,930 33,805 164,568 1,579,855
8,966
3,268 195,066 29,964 427,243 1,390,789
12,878
20,426 66,872 39,875 29,606 226,484 808,111
1900-C -. . . .
1899____
1898____ . . .
1897____ . . .
1896____ - .
1895____ . . .
1894____ - - .
1893____ . . .
SALES A T
S pot M a rket
C lo sed .
1,503 26,247
9,771
25,659 *28,522 119,576
____
2,400
2,400
____
3,000
3,000
700
3,675
100
1,170
680
____
4,500
3,500
4,000
—
1,000
—
♦Including 11,700 bales for Japan.
1908-C- ____11.65
1 9 0 7 --. -.- 1 0 .7 0
1 9 0 6 --. .. .1 1 . 9 5
1 9 0 5 -.- . . . 7.20
1904____ ..- 1 3 .8 0
1 9 0 3 ..
- . - 8.85
1902____ - . 8.25
1901____ - - .1 0 .0 0
M ARKET
O n S h ip b o a r d , N o t C le a r e d f o r —
O th er
C om .
261
Saturday___Steady, 5 pts. a d v ._
M o n d a y ___Quiet _____
Tuesday — Quiet, 10 pts. d e c . .
AVednosday. Quiet _
Thursday . . Q u iet................ ..
F riday_____ Q u i e t ______
NEW
F u tu res
M a rket
C lo sed .
1892- c - . . . . 7.56
1891____ . . . 9.50
1890____ ___10.44
1889____ . . . 9.88
1888____ . .1 0 .5 0
1887____ . . . 9.50
1886____ . . . 9.31
1885____ .- .1 1 .0 6
YORK.
SALES.
S p o t.
V ery steady___
Steady_________
S tead y. _______
Barely s te a d y ..
Steady_________
T o ta l____ . . .
7.69
6.06
5.88
7.31
8.19
5.75
8.25
9.62
400
____
100
C o n tr 'c t
900
2,100
::::
500
3,000
T o ta l.
400
900
2,100
100
3,500
F U T U R E S .— T h e h igh e st, low est a n d closing prices a t
N e w Y o r k for the p ast Aveek h a v e been as folIoAvs:
Saturday, Monday, Tuesday,
W e d ' day,
Thursd'y, Friday,
Jan. 8. Jan. 10. Jan. 11. Jan. 12. Jan. 13. Jan. 14. W e e k .
Speculation in cotton for future delivery has been very
sm all at irregular prices. Fluctuations have been frequent, January—
Range . . . 12.28-.38 12.35-.47 12.25-.35 12.28 — 12.30-.38 12.23-.30 12.23-.47
but within narrow bounds. L a tterly , how ever, there has
Closing___ 12.37-.39 12.38-.40 12.32-.33 12.32-.34 12.30-.31 12.30- .32
been som ething of a downward drift.
T h is was partly owing February—
Range____
to liquidation of old bull accounts ivliere the trader got tired
Closing___ 12.47 — 12.48 — 12.42 — 12.42 — 12.40 — 12.39 — ________
o f carrying the load . T ho stu m blin g-block to those who M arch—
m ight otherwise bu y is the dulness of the export trade.
Range____ 12.54-.61 12.55-.05 12.46-.58 12.47-.55 12.57-.59 12.42-.50 12.42-.05
Closing____ 12.C0-.G1 12.59-.60 12.53-.54 12.54-.55 12.48-.49 12.49-.50
Ocean freights, so far from easing, have latterly risen to April—
$3 25 per 100 lbs. from the G u lf ports to L iverp ool. T h e
Range____
Closing___ 12.70 — 12.69 — 12.03 — 12.64 — 12.58 — 12.59 —
British G overnm ent has done nothing to relieve the export M a y —
situation either b y fixing a m axim u m rate, w hich, b y the
Range____ 12.78-.85 12.77-.88 12.69-.78 12.69-.78 12.69-.81 12.64-.74 12.C4-.S8
Closing___ 12.S4-.85 12.S1-.S2 12.74-.75 12.7S — 12.69- .70 12.73-.74
w a y , m igh t bo easily evaded b y carrying som ething else
June—
besides cotton , or b y com pelling British ships leaving South
Range____
Closing____ 12.92 — 12.SS — 12.81 — 12.82 — 12.75 — 12.79 — ________
ern ports to m ak e their cargoes half c o tton .
I t m a y be that
J u ly —
the British G overnm en t is sim ply plaving a w aiting g am e,
R a n g e .-.-. 12.93-.00 12.92-.02 12.S4-.92 12.83-.91 12.S1-.94 12.78-.86 12.7S-.02
Closing___ 12.99-.00 12.95-.90 12.8S-.S9 12.91-.92 12.81-.82 12.S5-.S6 —
knowing that the South has largo stocks of c o tton , and that
g u st—
another planting season is n ot so very far o ff.
T h a t remains A uRange____ 12.80 — 12.89 — ________
12.86-.S9
Closing------ 12.90-.92 12.S0-.88 12.80-.82 12.83-.85 12.73-.75 12.77-.S0 ________
to be seen.
It is certain th a t, for one cause or another, ex
ports are down to a m in im u m .
T h o y have been running of S ep tem b er —
Range____ —
12.63-.65 12.61-.62 12.59-.01 12.62 — 12.59-.G9 12.59-.09
late over a hall a million bales behind the total up to the
Closing___ 12.68-.70 12.64-.6G 12.59-.01 12.66-.0S 12.5S-.60 12.67-.68 ________
corresponding date of last season, while th ey are n ot even O ctober —
Range____ 12.61-.72 12.63-.77 12.S9-.65 12.59-.68 12.60-.69; 12.58-.70 12.5S-.72
half what they were in the sam e period of the season of
Closing___ 12.70-.72 12.C0-.07 12.61-.62 12.CS-.69 12.00-.61 12.GS-.69 ________
1 9 1 3 -1 4 . Som e blam e this deficit partly on Section X I of N o v e m b e r —
Range__ _ ________ ________ ________ ________
the Lever A c t , which forbids selling in L iverpool b y tho
Closing___
A m erican trade b y a prohibitive tax , unless foreign cotton D e c e m b e r —
Range____ 12.71-.S0 12.75-.S7 12.70-.73 12.67-.80 12.71-.78 12.70-.S1 12.67-.S7
exchanges m ake their standards o f grades conform to the
Closing____ 12.82-.83 12.7G-.77 12.71-.72 12.80 — 12.71-.72112.80-.8ll
Am erican standards o f grades.
T h is the Liverpool E xchange
has thus far refused to do. T h e result is that the A m erican
exporter cannot hedge his shipm ents in the Liverpool
N E W O R L E A N S C O N T R A C T M A R K E T .— T h e high
m arket even in these troublous tim es, when hedging would est, lowest and closing quotations for leading contracts in the
seem to be more than over im p o rtan t.
T h o exchanges N oav Orleans cotton m arket for tho past A veok have been as
at Savannah, M e m p h is, C harleston, G alv eston , D allas and follow s:
N orfolk have all-expressed their disapproval of Section X I .
S a t u r d a y , M o n d a y , T u e s d a y , W e d ’ d a y , T h u r s d 'y , F r i d a y ,
I t is understood that the N e w ^Orleans and H ou ston exchanges
J a n . 8.
J a n . 10. J a n . 11. J a n . 12. J a n . 13. J a n . 14.
are considering the advisability of taking similar action.
M ean w h ile, the Southern spot m arkets have been firm and J a n u a r y —
Range ______
12.10.-17
12.05.-09 12.11 — 11 -99-.09
there have been reports from tim e to tim e o f a good dem and
Closing______
12.12-.14 12.08-.10 1 2 .0 9 -.il 12.05-.07 12.08-.09
at M e m p h is, N ew Orelans, Houston and G alv eston .
A lso , M a r c h —
Range ______
12.39-.48 12.32-.40 12.32-.40 12.33-.41 12.27-.36
Liverpool’s spot sales have been large, averaging 10,000 to
Closing______
12.42-.43 12.38-.39 1 2 .3 8-3 9 12.33-.31 12.34.-35
1 2 .0 0 0 bales a d a y .
Liverpool, too, has been a steady buyer M a y —
Range ______
TTOIjI- 12.67-.76 12.60-.6S 12.60-.6S 12.60-.70 12.54-.64
here on balance to undo straddles.
Spot houses have also
Closing______
D A Y . 12.71-.72 12.66-.67 12.66-.67 12.61-.62 12.62-.63
bought more or less. Spinners are said to have been b u y J u l y —
R a n g e ______
12.87-.95 12.81-.S5 12.7 8-8 5 12.77-.S7 12.7 1-8 0
ers also.
In fa ct, on declines, a steadying influence lias
Closing______
12.89-.90 12.83-.84 12.83-.S4 12.77-.78 12.7S-.80
been found in the buying b y trade interests.
Y e t the Census S e p t e m b e r —•
--- --- --- --- - --- --- --- --- --- --- --- --- 12.53 —
R a n g e ______
B ureau ’s figure on the ginning from D ecem ber 12 to D e
Closing______
12.63-.65 12.60-.62 12.60-.62 12.50-.52
cem ber 3 1 , though considered bullish, fell fla t.
People are O c t o b e r —
12.51-.59
R a n g e ______
12.57-.63 12.50-.57 12.50-.60 12.53-.63 12.58-.59
ready to assum e now adays that the crop, including 1inters,
Closing____
12.58-.60 12.55-.57 12.59-.60 12.54-.55
is somewhere around 1 2 , 000,000 bales and to let it go at that. D e c e m b e r —
Range ______
12.76 — 12.63 — 12.06 — 1
T h e total ginned up to D oc. 31 was 1 0 ,0 4 3 ,7 8 3 bales against
-------------- 12.62 —
12.0S-.72, 12.65-.6S 12.69 — 12.61 — 12.67.-69
1 4 ,4 4 3 ,1 4 6 in 1914, 1 3 ,3 4 7 ,7 2 5 in 1913, and , what is o f more T o Closing______
n e—
S p o t_________
interest, 1 1 ,0 8 4 ,5 1 5 in 1910, the year of a crop o f about
Steady j Steady
Steady | Steady | Quiet
O p tio n s _____
Steady 1 Steady 1 Steady 1 Steady 1 Steady
1 2 .0 7 5 .0 0 0 bales.
T h e qu an tity ginned for the period from
T H E V I S I B L E S U P P L Y O F C O T T O N to-n ig h t, as m ade
up b y cable and telegraph, is as follow s.
Foreign stocks,
as well as the a flo at, are this w eek’s returns, and consequently
all foreign figures are brought down to T h u rsd ay evening.
B u t to m ake the total the com plete figures for to-n igh t,
(Ik id a y ), we add the item o f exports from the U n ited |States,
including in it the exports o f F riday o n ly.
J a n u a r y 14—
1916.
Stock at L iverpool_______ bales. 829,000
Stock at L o n d o n ________________
65,000
Stock at M anchester____________ 101,000
T otal Great Britain s to c k ____
Stock at H am burg______________
Stock at B rem en _______________
Stock at H avre__________________
Stock at M a rseilles_____________
Stock at B a rcelon a _____________
Stock at G e n o a ________________
Stock at T rieste________
1915.
932,000
26,000
76,000
1914.
19111
989,000 1,388,000
5,000
7,000
84,000
121,000
995,000 1,034,000 1.078,000 1 .5 16 ,0 0 0
10.000
*1,000
,*§-0 0 0 . l o ’RRR 560.000
*1,000
177 ,000 468,000
446.000
290,000
197,000 “
150,000
2,000
4,000
2,000
26,000
49,000
27,000
24,000
43,000
228,000
116,000
fR ’RRR
*1,000
*4,000
16,000
574,000
429,000 1,024,000 1,087,000
T otal European stocks------------ 1,569,000
India cotton afloat for E urope—
56,000
Am er. cotton afloat for E u r o p e .. 378,423
Egypt,Brazil,& c.,afloat for Eur pe
43,000
Stock in Alexandria, E g y p t -------Stock in B om bay, In d ia -------------- 653,000
Stock in U . S. p o r t s ------------------- q7 q ’ q i 9
Stock in U . S. interior tow ns------ 1,374,912
U . S. exports to-d a y .........................
14,326
1.463,000 2,102,000 2,603,000
122.000 127,000
59.000
7|6.874 8sfi’ nnn 751’ -~
04,000
58,000 J r c ’nnn
325.000
5 ? o ’nnn
n q f’nnn
582.000
412,000 [31,000
985,512
822,134
1,314,864 973,312
9,186
44,506
50,242
T otal Continental stocks______
Total visible supply___________ 6,065,084 6,319,276 6,190,655 6,201 ,/4 3
O f the above, totals o f American and o ther description are as follows.
752.000 1,216,000
Liverpool stock ----------------- bales. 547,000
®5 k’ ooo
48,000
80,000
M anchester stock --------------------------- ^.Z^.OOO
45,000
974.000 1,058,000
Continental stock _________________ *480,000 *370,000
811,506
751,911
American afloat for E urope--------- 378,423 796,874
U . S. port stock s_________________ 1,744,423 1,818,032 1,034,595 985,512
U . S. interior s to c k s ---------------------1,374,912 1,314,864
973,312 822,134
U . S. exports t o -d a y _____________
14,326
44,506
50,242
3,186
. T otal A m erican__________________________ 4,617.084 5,048,276
E a s t I n d i a n , B r a z i l , & c .—
___
237.000
273.000
Liverpool stock __________________ 282,000
5,000
26,000
L ondon stock ___________________
65,000
36.000
31.000
M anchester stock________________
23,000
50.000
*59,000
Continental stock ________________ *94,000
127.000
122.000
India afloat for E urope__________
56,000
86.000
58.000
E gy p t, Brazil, & c., afloa t_______
43,000
375.000
Stock in Alexandria, E g y p t_____ 232,000 *290,000
631.000
412,000
Stock in B om bay, India_________ 653,000
T otal visible supply.....................6,065 084 6,319.276 6,190,655 6,201,743
6.80d.
7.16d.
4.80d.
M iddling Upland, L iv erp ool-------8.06d.
13.00c.
12.85c.
8.10c.
12.50c.
M iddling U pland, N ew Y ork
10.40d.
10.30d.
7.00d.
11.50d.
E gy p t, G ood B row n, L iv e r p o o l..
10.25d.
9.00d.
8.75d.
Peruvian, R ough G ood , Liverpool 11.40d.
6 9-16d.
6^d.
4.45d.
7.75d.
B roach, Fine, L iverpool-------------6>£d. 6 9-16d.
4.36d.
7.87d.
Tinnevelly, G ood , L iverpool-----♦Estimated.
,
.
Continental im ports for past week have been 6 5 ,0 0 0 balos.
T h e above figures for 1916 show a decrease from last week
o f 3 ,7 1 6 bales, a decline o f 2 5 3 ,1 9 2 bales from 1915, a loss
o f 12 5 ,5 7 1 bales from 1914 and a decrease o f 1 3 6 ,6 5 9 bales
from 19 13 .
A T T H E I N T E R I O R T O W N S tho m ovem ent— that is,
the receipts for the week and since A u g . 1, the shipments for
the week and the stocks to-n igh t, and the same item s for the
corresponding period o f the previous year— is set out in de
tail below.
M o v e m e n t to J a n .
R e c e ip ts .
W eek.
| S ea son .
14 1916.
S h ip
m en ts.
W eek.
S lock s
Jan.
14.
M o v e m e n t to J a n .
R e c e ip t s .
W eek.
| S ea son .
1914-15-----
1915-16----J a n u a ry
S h ip p e d —
Via
Via
Via
Via
Via
Via
Via
S in c e
A u g . 1.
14—
S in c e
A ug.
St. Louis.......................................50,594
12,013
C airo.....................
R o ck Island_________________
173
Louisville .........................
3,902
Cincinnati_____________________ 3,000
Virginia p oints_______________ 1,842
other routes, & c______________ 13,988
364,950
228,121
4,227
72,665
70,123
54,903
191,859
24,579
13,420
150
5,627
4,084
3,514
7,649
1.
295,561
165,252
2,299
76,992
50,154
74,859
190,327
W eek.
W eek.
.85.512
986,8-18
59,023
855,444
Overland to N . Y ., B oston, & c. . 6,494
.15,023
inlan d , & c..
. 6,605
60,534
73,048
103,822
5,482
9,017
1,935
59,857
88,399
67,243
T otal to be deducted__________28,122
.28,122
237,404
16,434
215,499
L eaving total net overland *______ .57,390
57,390
749,444
42.589
639,945
D e d u c t s h ip m e n ts —
* Including m ovem ent b y rail to Canada.
T h e foregoing shows the w eek’s net overland m ovem en t
has been 5 7 ,3 9 0 bales, against 4 2 ,5 8 9 b a les for tho w eek last
year, and that for the season to date tho aggregate n et over
land exhibits an increase over a yoar ago o f 1 0 9 ,4 9 9 bales.
1914-15-
-------1915-16------I n S ig h t a n d S p i n n e r s ’
T a k in g s .
W eek.
S in c e
S in c e
A u g . 1.
A u g . 1.
5,439,643
639,945
1,410,000
Receipts at ports to Jan. 14-------- 173,647 4,376,373
N et overland to Jan. 14_________ 57,390
749,444
Southern consum ption to Jan. 1 4 . 78,000 1,632,000
..3 0 9 ,0 3 7
Interior stocks in excess---------- ..* 2 1 ,8 1 6
6,757,817
928,950
Cam e into sight during week ..2 8 7 ,2 2 1
T otal in sight Jan. 14---------- ..................
7,686,767
N orth, spinners’ takings to Jan. 14105,013
1,595,978
7,489,588
1,194,725
589,464
*727
588,737
8,684,313
112.919
1.461.843
* Decrease during week.
M o v e m e n t into sight in previous years:
B a les.
B a l e s . [ _ S i n c e A u g . 1—
W e e k __
iO M — Jan. 16 .......................354,898 1913-14— Jan. 16................. 10,796,060
4,643,655 4 ,922,(43 a n 17
iq il_ j
..........212,337 1012-13— Jan. 17................. 10,464,247
172.000 1912— Jan! l O l Z I I I I - - ......... 3 30,84811911-12— Jan. 19.................. 10,915.125
7,000
Q U O T A T IO N S F O R M ID D L IN G C O T T O N A T O T H E R
41.000
29.000 M A R K E T S .— B elow are the closing quotations o f m iddling
59.000
64.000 cotton a t Southern and other principal cotton m arkets tor
325.000 each d ay o f the w eek .
_______________________
582.000
T otal East India, & c.................. 1,448,000 1,271,000 1.547,000 1,279,000
T otal A m erican .. . . . ______ ..4 ,6 1 7 ,0 8 4 5,048,276 4,643,655 4,922,743
T ow n s.
[Vol. 102.
THE CHRONICLE
262
15 1915.
S h ip -
S tocks
W eek.
15.
1,076 12,011
21,528
1,091
433 12,530
15,302
268
Ala., Eufaula..
94,532 3,560 77,884; 5,046 157,877 12,111 82,394
Montgomery . 2,029
31,719 2,244 105,154 3,707 50,973
1,170
50,872
544
Selma_______
1,727 21,650
49,810
1,749
46,239 2,459 23,675
669
Ark.. Helena..
6,702 60,106
Little R ock .. 3,871 117,067 3,907 40,494 10,603 136,523
816 18,514
29,766
425
476 8,764
20.232
120
_
Ga., Albany_
6,050 28,927
86,672
1,950
95,284 4,650 46,631
573
Athens______
2,090 28,704 7,129 131,142 6,437 20,602
89,885
Atlanta______ 1,567
4,425 313,361 11,216 198,221 10,898] 331,542 12,411 150,589
Augusta------3,555 54,059
83,674
1,000 52,936, 2,669,
49,595
3,583
Columbus___
33,410 2,045 20,632
826
3 9 ,n o ; 2,146' 12,984;
529
Macon . .
1,060 10,608
48,345
1,272,
50,830i 1,139; 17,145
946
Rome . . .
803 102,758! 2,181 i 50,17i; 4,165! 119,684 4,084 80,918
La., Shreveport
24,358 2,235 9,795
726;
478, 7,834',
12,912
373
Miss.,Columbus
65,638 3,388 30,970
60,186! 1,800 28,000, 1,901
800
Greenville —
91,005' 2,543, 31,470! 2,500 110,439 4,350 38.000
1,307
Greenwood—
1,399 20.000
31,155
786! 14,204' 1,200
26,733
1,404
M eridian___
250 12.500
17,385
350
22,499, 1,016 13,000;
100
Natchez------1,643 17,951
25,687
752;
23,797j 1,169' 11,726!
483
Vicksburg-----35,933 2,443 21,076
753
948! 15,450l
29,104'
150
Yazoo C lty ..
M o., St. Louls. 51,125 352,530 50,594 17,964] 26,971 315,923 24,579 37,487
446
450
5,261
6141
325|
335
8,845
3641
N.
C ., Raleigh.
O . , Cincinnati. 4,757 137,247 3,889; 19,164 14,210 138,954 12,257 9,278
1,054
248
15,527
277;
32
1,593
11.232
356
Okla., Hugo—
550 11.500
14,240
250
2851 13,318
17,467
589
S.C., Greenw’d
Tenn.,Memphis 23,764' 689,677 29,653 342,304 35,078! 691,903 37,077 261,139
3,376
220 1,230
276
411 2,583
6,061
2761
Nashville___
1,923
585
12,456
480
133 3,486
16,798
104
Tex., Brenham
6,151
32,234
1,418
2,261
7,735
531
24,620
665!
Clarksville . .
7,979
89,288 4,979
69,250 2,510 10,315 5,789,
4,466;
Dallas--------742 3,374
589
21,617
192 2,794
25,291
532
Honey Grove
Houston____ 41,227;i,514,811 41,600 223,508 173,537 2,106,277 158,206 203,458
6,093; 7,570
5,585|
85,936
2,829! 72,833( 2,095| 6,271
JParis_______
T^tai, 33 towns 155,598 4,297,965 177,4141374912 !324,166 5,178,714 324,8931314864
C lo s in g Q u o ta tio n s f o r M id d lin g C o lto n o n
W e e k en d in g
J a n u a r y 14.
S a tu r d a y .
12.50
11.85
121i
12
W ilm ington____ 1 1 X
N o r fo lk .............. 12.00
12M
P hiladelph ia___ 12.85
12.06
12.38
12%
12.50
Little R o ck ____ 12.25
M onday.
12.50
12.00
11.88
12 \ i
12
11H
12.13
12 H
12.85
12.06
12.38
12H
12.50
12.25
T u e s d a y . W c d ' d a y . T h u r s d 'y .
12.50
12.19
11.88
12.50
12.19
11.88
12%
1 2 )4 .
12
n
x
12.13
12K
12.75
12.06
12.38
12%
12.50
12.38
12
11J*
12.13
12M
12.75
12.06
12.38
12 H
12.50
12.38
12.50
12.19
11.88
12M
12
F r id a y .
12.13
12.50
12.19
11.88
12M
12
11 X
12.00
12X
12H
U X ,
12.75
12.06
12.38
12H
12.50
12.38
12.75
12.06
12.38
12 H
12.50
12.38
W E A T H E R R E P O R T S B Y T E L E G R A P H — Telegraphic
advices to us this evening from the South indicate th at the
rainfall has boon light as a rule during the w eek and the
tem perature low er. M a rk etin g o f cotton continues on a
com paratively restricted scalo.
Galveston, Tex.— There has been rain on two days during
tho w eek, the rainfall being throe hundredths o f an inch.
H igh est thorm om oter 7 2 , lowost 2 6 , avorago 4 9 .
Abilene, Tex.— R ainfall for the wook, six hundredths of
an inch, on one d a y . Avorage therm om eter 4 5 , highest 8 2 ,
lowost 8 .
.
Dallas, Tex.— W e havo had ram on two days o f tho wook,
to the extent o f fifty -on e hundredths of an inch. T h e
thermom otor has averaged 4 4 , tho highest being 77 and tlie
.
.
,
,
.
Fort Worth, Tex.— Thoro has beon rain on tw o days during
tho wook, tho rainfall being thirty-sovon hundredths o f an
inch. A vorago therm om eter 4 4 , highost 7 8 , lowost lu .
Palestine, Tex.— Thoro has boen light rain on tw o days of
tho w ook, tho rainfall aggrogating nm o hundredths o f an inch.
T h o therm om eter has avoragod 4 5 , tho highost boing 7 8 ana
tho low est 12.
San Antonio, Tex.— W o havo had rain on two d a ys during
tho wook, the precipitation reaching throo hundredths of an
inch. M in im u m tliormomotor 2 2 , m axim um 6 2 , m ean o J.
Taylor, Tex.— R ain has fallon on tw o days of tho w o o k ,
tho precipitation roaching throo hundredths o f an in
.
M in im u m thorm om oter 16.
p
New Orleans, La.— R ain has fallon on tw o days o f the weeE,
tho precipitation roaching one inch and ton hundredths.
Avorago therm om eter 6 0 .
.
.
Shreveport, La.— W o havo had rain on two days3 <linr g t
w eek, the rainfall roaching fo rty -fiv e hundredths of an inc 1 .
T h e thermom etor has ranged from l o to 7 J .
.
Vicksburg, Miss.— It has rained on one d a y of tho w eek,
Note— Memphis stock Includes linters In both years.
tho precipitation reaching one inch and twonty-sovoD hun
T h e above totals show th at the interior stocks havo de dredths. T h e thermom etor has avoragod 5 0 , tho highest
creased during the week 2 1 ,8 1 6 bales and are to-night 6 0 ,0 4 8 boing 7 9 , and the lowest 2 3 . .
.
,
.
.
..
Mobile, Ala.— W o have had rain on four days during i j o
bales m ore than a t the same tim e last year. T h e receipts a t
all tow ns have been 1 6 8 ,5 6 8 bales less than the same week w eek , to tho extent of thirty-tw o hundredths of an inch. T h e
thormomotor has rangod from 41 to 7 7 , averaging 6 0 .
last year.
Selma, A l a — R ain on three days o f tho wook, w ith rain
O VER LAN D M O V E M E N T FOR TH E
W EEK AND
fall of one inch and sixty hundredths. Avorago thormomoter
S I N C E A U G . 1.— W e give below a statem ent showing tho
.
.
overland m ovem en t for the week and since A u g . 1, as m ade 5 1 , highest 7 5 and lowest 2 0 .
Madison, Fla.— R ain on two days o f the w ook, sh o k fit
up from telegraphic reports F riday n ig h t. T h e results for the
Low ost thorm om eter 4 1 , highest 7 6 , avorago 6 3 .
week and since A u g . 1 in the last tw o years are as follow s:
low est 10.
Jan. 15 1916.]
THE CHRONICLE
Savannah, Ga.— R ain has fallen on four days o f the w eek,
the precipitation reaching nineteen hundredths o f an inch.
Avorago therm om eter 6 2 , highest 7 9 , lowest 3 2 .
Charleston, S. C .— W e have had rain on tw o days during
the w eek, the rainfall being oleven hundredths o f an inch.
L ow est therm om eter 2 9 , highest 7 4 , average 5 2 .
Charlotte, N . C .— R ain has fallen during the w eek to the
extent o f th irty-fou r hundredths o f an inch.
T h e ther
m om eter has ranged from 2 2 to 6 9 , averaging 4 6 .
Memphis, Tenn.— R ain has fallen on three days during the
woek, the precipitation reaching sixty-six hundredths o f
an inch. T h e therm om eter has ranged from 13 to 7 5 ,
averaging 4 3 . T h e river is 3 8 .1 feet on the gauge, or 3 .1
feet above the flood stage and rising.
C E N S U S B U R E A U ’S R E P O R T O N C O T T O N G I N
N I N G .— T h e D ivision o f M an u factu res in the Census
Bureau com pleted and issued on Jan. 10 its report on the
am ou n t of cotton ginned up to Jan. 1 the present season, and
we give it below , com parison being m ade w ith the returns
for the like period o f the two preceding years and 1911:
- C o u n t i n g R o u n d a s H a l f B a le s -
1915.
1,638,648
913,324
85,705
2,548,808
427,243
1,115,599
814,614
1,094,320
1,388,317
330,580
3,960,170
125,788
1916.
____ 1,007,408
..
754,442
...
54,775
1.907,098
____
332,575
890,646
M is siss ip p i------------- ____
696,072
N orth C arolin a-- __ ____
____
561.482
South Carolina_____ ____ 1,134,059
____
281,893
____ 2,938,622
84,711
All o t h e r ___________ ____
1914.
1,467,883
933,913
65,299
2,293,976
410,614
1,142,921
759,800
804,313
1,342,737
354,324
3,664,496
107,445
1911.
1,162,728
724,100
63,105
1,762,070
240,170
1,131,562
702,150
895,926
1,154,003
289,299
2,888,393
71,009
14,443.146 13,347,721 11,084,515
U nited States------ ____ 10,643.783
T he statistics in this report include 105,799 round bales for Jan. 1 1916,
com pared with 44,904 bales for 1915 and 94,265 bales for 1914, and the
number o f Sea Island bales included is 88,921 for 1916, contrasted with
76,857 balos for 1915 and 74,320 bales for 1914. T he distribution o f Sea
Island cotton for 1916 b y States follows: Florida, 27,803 bales; Georgia,
55,531 bales; and South Carolina, 5,587 bales.
W O R L D ’S S U P P L Y A N D T A K I N G S O F C O T T O N .
C o tt o n T a k in g s .
W eek a n d S e a s o n .
1915.16.
W eek.
1914-15.
S eason .
Visible supply Jan. 7 __________ 6,068,800
Visible supply A ug. 1 ___- ____
American in sight to Jan. 14___
287,221
B om bay receipts to Jan. 13____ 5110,000
Other India snipm ’ts to Jan. 13
54.000
Alexandria receipts to Jan. 1 2 . .
520,000
Other supply to Jan. 12*______
57.000
W eek.
4,633,210
7,686,767
1,071,000
110,000
480,000
62,000
S ea son .
6,066.144
3,176,816
8,684,313
414.000
104.000
493.000
73,000
588,737
80,000
8.000
39,000
1,000
Total supply_________________ 6,497,021 14,042,977 6,782,881 12,945,129
D e d u ct—
Visible supply Jan. 14__________ 6,065,084 6,065,084 6.319,276 6,319,276
Total takings to Jan. 1 4 .0 -------O f which A m erican---------------O f which other-----------------------
7.977.893
6.292.S93
1,685,000
431.937
378.937
53,000
463.605
394.605
69,000
6.625.853
5.315.853
1,310,000
263
M A N C H E S T E R M A R K E T .— Our report received b y
cable to-night from M an ch ester states th at offers are so
low as to be often unw orkable.
G overnm ent orders for
drills are large.
W e give prices for to-d a y below and leave
those for previous weeks o f this and last year for com parison:
1915-16.
lb s . S h ir tin g s, com m on
to f i n e s t .
C op
T ic is t .
Oct.
26
Dec.
3
10
17
24
31
d.
10K
1914-15.
814
32a
C o t'n
M id .
U p l's
8M
l b s . S h ir tin g s . c o m m o n
to fin e s t.
32s
C op
T ic is t .
d. 8 d.
1144 6 3
©
@8
s. d. d. d.
444 7.28
d. s. d.
No quo tatlons
C o t'n
M id .
U p l 's
s. d.
d.
4.46
©
12 M
12 y.
1244
124*
1214
6
6
6
6
0
6
9
9
9
9
@8
©8
©8
@8
@8
7
10
10
10
10
7.50
7.66
7.47
7.63
7.92
No
No
No
No
No
quo tatlons
quo tatlons
quo
quo
quo tatlons
4.35
4.28
4.44
4.53
4.58
©
@
11H
13 44 7
1314 7
9
9
© 9 10
@ 9 10
8.22
8.06
No quo
No quo tatlons
4.71
4.80
@
©
©
11H
n %
12
7 1344
14 12H
S H I P P I N G N E W S .— A s shown on a previous page, the
exports o f cotton from the U n ited States the past week have
reached 1 5 8 ,9 9 3 bales. T h e shipm ents in detail, as m ad e
up from m ail and telegraphic returns, are as follow s:
.
5 478
N E W Y O R K — T o L iverpool— Jan. 13— A driatic, 5,478_____
T o M anchester— Jan. 13— E uclid, 1,940______________________
1,940
T o H avre— Jan. 8— Taxandrier, 1 ,0 8 1 -. Jan. 10— D ev on C ity .
200
Jan. 12— Bankdale, 739_______________________
2 020
T o B ordeaux— Jan. 8— La Touraine, 583_____________ __
’58 3
.
50
T o Bergen— Jan. 8— B ergensfjord, 50___________
T o Copenhagen— Jan. 10— Alexandria, 500______ I __I I I
500
T o G othenburg— Jan. 10— Queen M a ry , 2,055_________
”
2 055
T o Genoa— Jan. 8— C an op ic, 500___Jan. 10— San Guglielm o
3 ,000---------------------------------------------------------------------------------------- 3,500
T o Naples— Jan. 10— San G uglielm o, 100____________________
10 0
G A L V E S T O N — T o Liverpool— Jan. 7— M edian, 9,420 - Jan. I I —
R ioja n o, 13,401_____________ __________________________
22 821
T o Gothenburg— Jan. 8— B ogstad, 7,000______________________
7 000
T o Barcelona— Jan. 7— M artin Saenz, 8,2 2 5 _______________
8 225
T E X A S C I T Y — T o Liverpool— Jan. 11— Cranm ore, 10,077
’
Jan. 12— D irector, 7,723____________________________________ 1 7 800
N E W O R L E A N S — T o L iverpool— Jan. 10— Dalrazan, 6,102____I 6,102
T o Genoa— Jan. 7— Soperga, 6,529__________________
_
6,529
T o M exico— Jan. 12— T abasco, 50____________________________
50
T o Colum bia— Jan. 12— C artago, 3 9 __________________ ________
39
M O B IL E — T o L iverpool— Jan. 7— Alexandrian, 12,371___________ 12,371
S A V A N N A H — T o Liverpool— Jan. 10— E . O. Saltmarsh, 7 ,264___
Jan. 11— Vigilancia, 6,950___________________________________ 14,214
T o Ferrol— Jan. 10— E . O. Saltmarsh, 200_____________________
200
C H A R L E S T O N — T o L iverpool— Jan. 10— Southerner, 12,352____ 12,352
B O S T O N — T o L iverpool— Jan. 11— D evonian, 811________________
811
T o M anchester— Jan. 11— M y ra Fell, 576_____________________
576
T o Yarm outh— Jan. 8— Prince George, 150____________________
150
B A L T IM O R E — T o L iverpool— Jan. 8— Swanmoro, 2,460_________ 2,460
T o Havre— Jan. 8— Kilwinnie, 3,000; C om petitor, 3,7 0 9 _____
6,709
P H IL A D E L P H IA — T o M anchester— D ec. 23— M anchester E n
gineer, 504------------------------------------------------------------------------------504
SA N F R A N C IS C O — T o Japan— Jan. 7— Darien M aru , 3,905 -
Jan. 8— T on y o M aru , 4,0 0 4____________________________
7,909
S E A T T L E — T o Japan— Jan. 8— Saikai M aru , 6,0 0 0 ___Jan. 11—
Aki M aru, 4 ,628_________________________________
1 0 628
T o V ladivostock— Jan. 8— Nankai M aru , 90
Jan. 10—
’
Kenkon M aru, 1,555____________________________
_
1 645
T A C O M A — T o Japan— Jan. 7— C hicago M aru, 3,672.................. 1 .
3|672
T otal
158,993
* Embraces receipts in Europo from Brazil, Smyrna, W est Indies, &c.
C O T T O N F R E I G H T S .— Current rates for cotton from
a This total embraces the total estimated consum ption b y Southern m ills,
1,632,000 balos in 1915-16 and 1,410,000 bales in 1914-15— takings not being N e w Y o rk are as follow s, quotations being in cents per pound:
available— and aggregate amounts taken b y N orthern and foreign spinners,
L iverpool, 2.50c. nom .; M anchester, 2.50c. n om .; H avre, 2.0 0 c.; R ot
6,345,893 balos in 1915-16 and 5,215,853 bales in 1914-15, o f which 4 ,6 6 0,
terdam, 2.75c.; G enoa, 1 .5 0 @ 1 .7 5 c.; Naples, 1 .5 0 @ 1 .7 5 c.; Leghorn, 1.75c.;
893 balos and 3,905,853 bales American, b E stim ated, b Estim ated.
nom .; Marseilles, 2 .75c.; Piraeus, 3.00c. nom .; Japan, 2.5 0 c. asked; Shang
hai ,J2.50c. ;_B om bay, 2.5 0 c.; V ladivostock, 2.50c.
• ■ . ^ J,aia*g
IN D IA C O T T O N M O V E M E N T F R O M A L L P O R TS.
L I V E R P O O L .— Sales, stocks, & c ., for past week:
1915.
D e c . 23.
R e c e ip ts at —
W eek.
Bombay____ ____________
99,000
1914.
S in c e
A u g . 1.
S in c e
A u g . 1.
W eek.
816,000 47,000
F o r th e W e e k .
fro m
—
G rea t
C o n ti
B r ita in . n e n t .
Japan
d C h ln a
T o ta l.
2",666
___
1,000
3,000
l’.ooo
1,000
6,000
—
1,000
2,000
2,000
2,000
4,000'
4,000
___
3,000
Total all—
1915----1914----1913------
G rea t
B r it a in .
1,000 7,000 33,000 41,000
___ 16,000 37,000 53,000
____ 11,000 28,000 39,000
W eek.
C o n ti
n e n t.
821,000
1.
Japan
& C h in a .
T o ta l.
8,000
17,000
7,000
96,000
78,000
315,000
2,000
_ __
3,000
6,000
3,000
14,000
3,000
10,000
2,000
11,000
13,000
19,000
4,000
2,000
2,000
17,000
1,000
3,000
2,000
22,000
6,000
3,000
9,000
8,000
18,000
11,000
30,000
39,000
70,000
41,000
5,000
15,000
79,000
62,000
96,000
1,000 11,000 37,000 49,000
1,000 19,000 40,000 60,000
4,000 20,000 33,000 57,000
19,000
35,000
25,000
134,000
122,000
416,000
486,000
225,000
256,000
639,000
382,000
697,000
___
—
—
___
2,000
-_
_
2,000
A L E X A N D R IA
___
3,000
1,000
2,000
3,000
3,000
___
1,000
(cantors)—
T his week_______________
SInco A ug. 1____________
R ece ip ts
(bales)—
442.000 546.000
210,000! 305,000
238.0001 560.000
S H IP M E N T S .
1915.
1914.
1913.
209,819
3,151.970
326,192
2,736.700
222,000
5,522,684
T h is
S in c e
W e e k . A u g . 1.
T h is
S in c e
W e e k . A u g . 1.
T h is
S in c e
W e e k . A u g . 1.
Liverpool____________ 14,292 116,096 5,886
56,114 10,145
M anchester__________
Continent and In d ia . 8',363 70,406 10,447
A m orica_____________ 7,348 91,282 5,385
56,089
58.737
82.618
46,554
6.500 119,398
9,750 107,591
9.500 189,855
1,250 18.493
T otal exports_________ 30,003 333,898 31,863 243,998 27,000 435,337
N o t e .— A
cantar Is 99 lbs.
E gyptian bales weigh about 750 lbs.
22.
30,000
2,400
___
1.400
22,000
3,000.
63,000
866,000
866,o0o
605,000
90,000
49,000
231,000
183,000
183.000
D ec.
Sales o f the w eek________________
O f which speculators t o o k .
O f which exporters t o o k __
Sales, Am erican_________________
A ctual export___________________
Forwarded_______________________
T otal stock ______________________
O f which Am erican___________
T otal Imports o f the w eek______
O f which Am erican___________
A m ount a floa t__________________
O f which Am erican___________
30.
35,000
11,000
5,000
25,000
4,000
88,000
860,000
588,000
87,000
61,000
207,000
154,000
D ec.
Jan. 7.
72,000
6,000
6,000
54,000
22,000
93,000
829.000
550,000
84,000
49,000
240,000
190,000
14.
Jan.
2,000
100,000
829,000
547,000
103,000
73,000
T h e tone o f the L iverpool m arket for spots and futures
each day o f the past w eek and the daily closing prices o f
spot cotton have been as follow s:
S p o t.
Market,
12:15
P. M .
S a tu r d a y .
M onday.
T u esd ay.
W ed n esd a y.
T h u rsd a y.
F rid a y .
Good
1 demand.
Good
demand.
Good
demand.
Good
demand.
Good
demand.
Moderate
demand.
f
\
Mld.upl’ds
8.18
8.29
8.21
8.17
8.20
8.06
Spec.&exp.
6,000
1,000
10,000
500
10,000
1,000
10,000
1,000
12,000
1,000
8,000
800
Steady,
5@ 9 pts.
advance.
Quiet,
1@3 pts.
advance.
Irregular,
Steady,
Easy at
3@ 5 pts. 144 @3 pts. 344 @6
decline.
advance.
pts. dec.
f Unsettled, Barely sty.
Quiet,
3 pts. dec. 1@4 pts. 244@444
1 to 1 pt.adv. advance.
pts. dec.
Barely sty. Easy, near Barely st’y
unch. to 44 44pt.adv.to 344 @644
point dec. 644 pts.dec pts. dec.
F u tu res.
R E C E IP T S A N D
A le x a n d r ia , E g y p t.
D e c e m b e r 22.
To
To
To
To
S in c e
A u g . 1.
218,000 77,000
S in c e A u g u s t
Bombay—
1916___
1914___
1913___
Calcutta—
1915___
1914___
1913___
Madras—
1915___
1914___
1913___
All others—
1915----1914----1913-----
E x p o rts
1913.
Market
opened
Market,
P. .M
Steady,
1 5@ 7 pts.
/ advance.
T h e prices o f futures a t Liverpool for each day are given
bolow . Prices aro on the basis o f upland, good ordinary
clause, unless otherwise stated .
T h e p r ic e s a r e g iv en i n p e n c e a n d
S a tu r d a y .
Jan. 8
to
J a n . 14. 1244 1244
p .T tl.
p .m .
d.
d.
January .
J an .-F eb M ar.-A pr. __
M ay-June
July-A ugO ct.-N o v .
7
7
7
7
7
7
9644
9644
9244
83
72
29
M onday.
lOOWis.
T u esd a y.
T h u s:
7 96
W e d 'd a y .
7 96-100d.
m ea n s
T h u rsd a y.
F r id a y .
12X \
4 1244 4 1244 4 1244 4 1244 4
p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m .
d. | d.
0644 0044
0644 0044
0244 96
93 187
81 |75
36 |30
d.
d.
9844
9844
9444
8544
7444
2944
96 44
96 H
92
82 44
7244
27
d. 1 d.
94 44 9644
9444 9644
8944 9144
8044 8244
70
7244
25 12644
d.
9844
9844
9344
85
76 44
3044
d.
90
90
86
79
71
27
d.
d.
84
84
80
73
65 44
2244
84
84
80
73
64 44
2344
[Vol. 102.
THE CHRONICLE
264
Buenos A ires, that prices have advanced despjte high ocean
freights, and at one tim e reports of beneficial rains. A t
14 191G.
Liverpool there has been a sharp ad van ce, owing m ainly
Flour has been quiet b u t stead y.
B uyers stick to the hand- to reports that A rgentina’s shipm ents are decreasing.
T h e avail
to-m ou th policy.
It is said th at K an sas flour has been o f M e a n tim e , the receipts at Liverpool aro sm all.
fered more freely.
Southw estern mills have not been sold able A m erican upp ly increased last week only 2 ,1 2 4 ,0 0 0
bushels, against an increase in the sam e tim e last year of
up so well as those of the N o rth w est.
It is now said that
3 .0 0 7 .0 0 0 bushels. T h e available stock in this country is
some N orthw estern mills have cleared the w ay for new busi still well below that of last year; in fa c t, it is not very m uch
ness and are now looking for it. A ls o , it is said th at N o r th m ore than half w hat it was then.
T h a t is to sa y , the total
western m ills seem inclined to shade prices, now and then. is now 1 2 ,8 2 2 ,0 0 0 bushels, against 2 4 ,7 8 7 ,0 0 0 bushels a year
T o -d a y prices declined
T h e mills in m an y cases have latterly been reducing their ago and 1 6 ,7 9 5 ,0 0 0 bushels in 1 9 14 .
on increased country offerings and h eavy liquidation.
o u tp u t.
Large quantities of flour are still in transit to the
D A I L Y C L O S IN G P R IC E S OF N O . 2 M I X E D C O R N IN N EW Y O R K .
seaboard.
T ransportation conditions are still abnorm al and
S a t.
M o n . T n es.
W ed . T h u rs. f n .
86
87
87
m u st rem ain so for a tim e . U n der the circum stances, as N o . 2 y e llo w ..................................... c ts .
D A I L Y C L O S IN G P R IC E S OF C O R N F U T U R E S IN C H I C A G O . .
already in tim ated , sales are on a lim ited scale.
Supplies in
S a t.
M o n . T u es.
W ed . T h u rs. F r i.
78
7 9 M 7991,
8034 79 'A
M a y delivery
sight are plentiful.
I t is said th at France is in the m arket July delivery in elevator--------- c ts . 7777V% 78
in elevator--------------t
79
7934 8034 7934
for flour at the N orth w est.
T h e total o u tp u t last week at
O ats advanced, partly in sym p ath y w ith the rise in other
M in n eap olis, D u lu th and M ilw au k ee w as 4 4 7 ,7 6 0 b b ls.,
grain. M o reo v er, the trading has been of a larger volum e
against 3 9 0 ,7 7 0 in the previous week and 3 8 4 ,3 0 0 last year.
continued
sm all
receipts.M a y has
W h e a t advanced to a new high level, b u t for all th at has under the spur o f
show n m ore or less irregularity.
Still there is no doubt that reached the highest price witnessed for soma tim e p a st. Som e
there has been a good export dem an d.
T h e export sales have export trade has been done. T h e Chesapeake & Ohio R a il
ranged from 4 0 0 ,0 0 0 to 3 ,5 0 0 ,0 0 0 bushels or more a day road C o . is now taking offerings o f w hite oats a t Chicago for
N orthw estern m arkets have advanced more rapidly than shipm ent to N ew p ort N ew s for export. B a d weather has
Also
that at C h icago.
Indications of a severe cold w ave have kept country offerings within very m oderate lim its.
played a part in the ad van ce.
Shorts have covered freely the im provem ent in the Eastern em bargo situation has been
T h e available
on b oth the export dem and and the threatening weather over a factor not a little encouraging to bulls.
the w inter-w heat belt.
T h e em bargo situation at the E a st supply in this country is still noticeably smaller than at this
Y e t the total increased last week
ern seaboard has im proved som ew h at, ow ing to h eavy ex tim o for two years p ast.
p orts.
T h e bonded stocks in this country decreased last 7 6 5 .0 0 0 bushels, against a decrease in the samo week last
year o f 8 7 ,0 0 0 bushels.
T h e supply now am ounts to 4 2 ,
week 4 ,0 0 0 ,0 0 0 bushels.
D espite the em bargo, som e wheat
2 8 0 ,0 0 0 bushels, against 4 5 ,3 3 0 ,0 0 0 a year ago and 4 9 ,4 7 0 ,0 0 0
has been shipped from Chicago to the seaboard for export.
Increased
A fair business in M a n ito b a w heat has been done for ship a t this tim e in 19 1 4 . T o -d a y prices declined.
m ent at the opening of n avigation .
In Liverpool of late receipts are expected a t W e ste rn points with w armer w eather.
D A I L Y C L O S IN G P R IC E S OF O ATS IN N E W Y O R K .
prices have been very firm , owing to light offerings and ex
S a t.
M o n . T u es.
W ed . T h u rs. r r i.
pectations th at shipm ents from Argentina and Australia Standards
___c ts . nom . nom . nom . nom . nom . nom .
will for a tim e be lig h t. A ls o , the high rates of ocean freights N o . 2 whitoY -Y .Y -Y -_____________ nom . nom . nom . nom . nom . nom .
D A IL Y C L O S IN G P R IC E S OF O A TS F U T U R E S IN C H I C A G O . .
in A rgentina h ave naturally had no little effect in Liverpool.
S a t.
M on.
T u es.
W ed . T h u rs. t r i .
T h e firmness of Am erican m arkets, too , has had its influ
M a y delivery in elevator----------c ts . 4834 4834 4934 4934 5034 § 0 ,i
ence across the w ater.
T h e dem and from millers at Liver July deilvery in elevator__________ 47
4734 4734 4834 4634 48/4
pool is u rgen t, and n ative offerings are disappm ntingly sm all.
T h e follow ing are closing quotations:
T here is an especially good demand for winter w heat at
GRAIN.
L iverp ool, and it is difficult to b u y .
T h e C ontinent of E u
C orn , per bushel—
b
rope has continued to absorb w heat freely.
Tt is well known W heat, per bushel— f. eo . .. .$1 42
N o . 2 m ixed_______ f. o. b. nom .
N . Spring, N o . 1, n w
N o . 2 yellow ______ c . i. f.
88 34
N . Spring, N o . 2 ----------------- - - - - -
th at the requirements of Europe are large. A t the same tim e
N o . 3 yellow ______________________
Red winter. N o . 2, now — 1 41
it is hard for Europe to get anythin g but A m erican w heat.
Argentina in bags_________________
Hard winter, N o . 2 ------------1 41
cts. R ye, per bushel—
T his fact m akes B ritish im porters nervqus.
M e a n tim e dry Oats, per bushel, new—
N ow Y o rk _____ c. I. f — $1 06
S ta n d a rd --------------------------- N om .
weather has been com plained of in In d ia .
In some partsoi
W estern _______ c . i. f.__ 1 06
N om .
N o . 2 , w hite....... .............
R ussia, to o , the crop conditions are said To be bad.
in
N o . 3 , white______________
5334 M a l t ...................................... ._ 9 0 @ 9 2 c
N o . 4 , w hite__________ 50 34@ 51
France the weather has been u nfavorable.
T h e acreage was
FLOUR.
reduced and the growth is thin.
Supplies in France are very
m oderate
From Italy official reports are t o - t h e eltect Winter, low .grades-----$4 50@$4 §0 Kansas straights, sacks.$5 90@$6 25
Winter patents----------- 6 50© 6 /5 Kansas clears, sacks__ 5 35@ 5 70
th at the crop outlook ‘is favorable, bu t private reports say Winter straights-------- 5 90@ 6 25 City patents-------------- -------- - - - that the Italian acreage w as reduced, and that the crop pros Winter clears________ 5 60@ 5 90 Rye flour___________ 5 25@ 5 75
Buckwheat flour-------- ----------- pects are n ot good. M o reo v er, the Italian reserves are Spring patents----------- 6 35@ 6 65 Graham flour________ 4 60@ 5 10
Spring straights--------- 6 20 @ 6 35
sm all and from present appearances Ita ly will have to im Spring clears_________ 5 50@ 5 75
port h eavily.
In fa ct, the Italian G overnm ent has com
T h e statem en t o f the m ov em en t of breadstuffs to m arket
mandeered "all stocks of wheat and corn.
In India dam age indicated below are prepared b y us from figures collected b y
has been done b y dry w eather.
A s already in tim ated , the the N e w Y o rk Produce E xchange. T h o receipts a t W este rn
m ovem en t of the crop in A rgen tin a is slow.
T h e Central lake and river ports for the w eek ending last Saturday and
Powers are taking liberal quanties in R u m an ia.
One great since A u g . 1 for each of the last three years have been:
trouble in R ussia is th at all north ports are icebound.
There
is said to be no export accum ulation of grain in R u ssia.
On Receipts at— | F lo u r . | W h e a t , j Corn.
Barley. | Rye.
O a ts .
the Pacific C oast the scarcity of tonnage precludes early
l&Ws.lOGtos.ktu sh . 60 I b s 'b u sh . 56 I b s .i tu sh . 32 lb s. bush A S lb s . bush J>0lbs.
sh ipm en ts.
O n the other h an d , the weather has been very Chicago------ .j 275,000 2,222,000 3,020,000; 3,142,000; 1,280,000
150,000
768,000, 211,000
933,000
191,000
3,621,000
favorable in Argentina for threshing and late harvesting.
In Minneapolis
24,000
113,000,
38,000;
2,296,000
Duluth____
A ustralia the weather has been good and the latest reports
58,000
868,000) 548,000
31,000,
271,000)
25,000
—
72,000,
______
106,000
152,000)
confirm previous estim ates of a large crop. Y e t there can be
—
101,000
______j
141,000
114,000
8,000
no disguising the fact th at the export dem and on this side ot the
1,000)
108,000
114,000,
10,000
8 000
Cleveland . .
20,000
50,000)
287,000;
451,000
Avater has been a dom inant factor.
L ast T u esd ay the total St. Louis—
829,000)
93,000
7,000
60,000).
239,000'
786,000’
74,000;
5 7 )0 0 0
Am erican sales to Europe are said to have been 3 ,5 0 0 ,0 0 0 P eoria.........
155,000
2,200,000 1,143,000;
...........
...........
Kansas City
to 4 ,0 0 0 ,0 0 0 bushels, the largest for a single day in fa c t, on Omaha______|
J
6S7.000)
856,000!
329,000j
record.
T o -d a y prices declined after an early -advance.
466 000 12,566,000 6,839,000 6,272.000 2,820,000; 470,000
Liverpool was firm and the weather at the W e s t cold. Liver Tot. wk. 1916j 423 000 6,128,000 9,756,000, 4,099,000 1,562,000 337,000
Same wk.191.5j
>40,000
im ’
---M
-------------1
pool had rumors th at the British G overn m en t m ight regu Same wk.1911 313^000 1 3,944,000; 6,331,000 4,212,000; 1,268,000
late ocean freights and th at buyers were therefore less
Since Aug. l —i
90,335,000443,827,000
1 9 1 5 -1 6 .. 9 653,000324,589,000 119,3S9,000 1.57,992.000 67,240,00045,.806,000
anxious.
9!836,000 270,945,000
55,60S,000;14,556,000
191 4-1 5..-!
D U L Y C L O S IN G P R IC E S OF W H E A T F U T U R E S IN N EW YO R K .
1013-14---- 9,920,000 188,157,000408,233,000 119,878,000 56,317,000: 8,8u3,000
BREADSTUFFS
Friday Night, Jan .
^
No
S a t.
°
red
______ c t s . nom .
M on.
l u es.
nom . 139
W ed . T h ors.
141 M
142
/•n
142
D V I L Y C L O S IN G T R IC E S OF W H E A T F U T U R E S IN CH ICAGO.
U A lL A
S a t.
M o n . T u cs.
W ed . T h u rs. F n .
M a y delivery in olovator--------- c t s .126 12494, 126J4
128 }± 12/ 'A
July delivery in elevator--------------- 118R 1173^ i l 9
120/s l ~ l } & J 2 0 y i
Indian corn advanced on bullish foreign new s, reports
of drought in Argentina and also reports o f export business
at our Eastern seaboard. N o t th at such reports of export
trade have been fu lly confirm ed, bu t for all that they have
had a m ore or less bracing effect. A n oth er stim ulating
factor w as the extrem ely cold and unsettled weather at
the W e s t , which would bo very likely to restrict the m ov e
m ent of the crop. B u lls, as already in tim ated , have also
been cheered, how ever, b y th e persistent reports of a good
export business at both G u lf and A tla n tic ports, whether
the particulars of such business have been given out here
or n o t.
O m aha reported th at 1 0 0 ,0 0 0 bushels of cash corn
were sold to exporters last M o n d a y .
Philadelphia reports
have stated th at there was a good export business in pro
gress for M a r ch shipm ent. M o reo v er, it is noticeable at
1
.
May delivery in elevator................134 H 132J* 134JS 135JS 136 H 135J4
T o ta l receipts o f flour and grain a t tho seaboard ports for
the week ended Jan. 8 1916 follow :
Flour.
Receipts atNew York —
Boston_ —
_
Portland, Me.
Philadelphia Baltimore —
N'port News.
Moblle..........
New Orleans*
Galveston —
Montreal-----St. John____
Wheat.
Bushels.
Bu
Barrels.
52,000;
348,000j 3,096,000j
3,000*
319.000)
62,000
196.000)
2,000|
551.000)
98.666
94,000)
068,000
30,000 1,455,000
4,000;
40,000'
26*666
2,000
24,000'
169,000;
651,000,
123,000!
78,000)
589.000
5,000,
191.000)
14.000
328.000
24.000
Tot. wk. 1916
Since Jan. 1’ 16
Week 1915..Slnce J an .l'lf
Receipts do
through bills of
761 000)
761,000
7,382,000
7,382,000
Barley.
Corn.
1,099,000
1,099,000
B
ushels.|
534,000,
127.000
214.000)
305,000;
158.000]
513.000
11,000)
56,000
289.000]
69.000
149.000
99.000
682.000
71.000
99,666
Rpe.
47.666
47,000)
14,000
3,000
59,000
339,000
9,000)
2,064.000 1,415,000:
2,064,000 1,415,000
415,000
415,000
394.000
775,000
709,000)
657,000) 5,576,000 1,705,000'
394.000
775,000) . 709.000'
657,000 5,576,000' 1,705.000'
not include grain passing through New Orleans for foreign ports on
lading.
88 8 8 K 88M
Jan . 15 1916.]
THE CHRONICLE
T h e exports from the several seaboard ports for the w eek
ending J an . 8 are shown in the annexed statem en t:
W h e a t.
b u s h e ls .
C orn ,
b u s h e ls ,
F lo u r ,
b a rrels .
O a ts ,
R ye,
b u s h e ls , b u sh els,
B a r le y , P e a s ,
b u s h e ls , b u s h e ls .
E x p o r ts f r o m —
New York______3,604,576
Portland, M e___ 196,000
B oston.............
382,929
Philadelphia___ 203,000
Baltimore_______1,359,004
Newport N ews..
4,000
2,000
M obile_________
Now Orleans___ 1,293,000
Galveston_______ 703,000
St. J o h n .N .B ... 328,000
119,057 197,962
2,000
135
1,836
27.000
244,501 13,387
40.000
26,666 24.000
112,000 122,000
...........
8,000
--------- 24,000
Total week___ 8,075,509
Week 1915......... 8,693,615
501,693 460,185 1,130.053 740,267 1058480
756,014 430,088
161,016 838,828 378,728
121,855 167,476 130,769 7,575
214.000
149,000
'
400 ...................
.........................
2,000 . . . "
118,798 572,791 696,711
513.000
71,000
11,000
........
‘
104.000 ...................
" I "
471666
" I "
" " I
7,575
42,589
T h e destination o f these exports for the week and since
July 1 1915 is as below :
-------- F lo u r ----------------------- W )
W eek
Jan. 8
E x p o r ts f o r w e ek a n d
s i n c e J u ly 1 to —
S in c e
J u ly 1
1916.
b b ls .
1915.
b bls.
W eek
Jan. 8
S ln c e
J u ly 1
1916.
1915.
b u sh .
—C o r n W eek
S in c e
Jan. 8
J u ly 1
1916.
1915.
b u sh .
b u sh .
b u sh .
United Kingdom.......... 128,752 2,666,933 4,132,503 70,255,120 137,429 2,666,933
Continent...... ..............223,712 1,949,306 3,927,647 96,761,335 303,593 1,949,306
Sou. * Cent. A m er... 45,447 1,404,034
13,332
2,589,615
5,150 1,404,632
West Indies-------------- 61,513
935,216
2,027
37,445 54,385 935,216
Brit. Nor. Amer. Cols.
240
33,471
______
.170
135
33,471
Other Countries..........
521
179,677
____________
582,524
1,001
179,677
T o t a l---------- --------460,185 7,168,635 8,075,509 170,226,209 501.693 7 168 635
Total 1914-15............ 430,OSS 7,328,504 8,693,615 178,711,328 756,064 8,509,644
T h e w orld’s shipm ents o f w heat and corn for the week
ending J an . 8 1916 and since Ju ly 1 1915 and 1914 are
shown in the follow ing:
'
W h e a t.
E x p o rts.
1915-16.
1914-15.
C orn.
1915-16.
1914-15.
W eek
Jan . 8.
S in c e
J u ly 1.
S in c e
J u ly 1.
W eek.
Jan. 8.
S in c e
J u ly 1.
S in c e
J u ly 1.
B u s h e ls .
B u s h els.
B u s h e ls .
B u sh els.
B u s h e ls .
B u s h e ls .
North Amer* 13235000 248,914,000 236,912,000 719,000 9,325,000 8,026,000
Russia_____
4.386.000 12.074.000
4.813.000
Danube____
2.347.000
9.431.000
Argentina . .
961666 9
“,6761666 4.603.000 2 ,112 ’,666 114,2281666 93,444,000
Australia_ 1,032,000
_
1.860.000 8.996.000
In d ia ..........
16,000 1 1 ,668,000 16.512.000
Oth.countr's 312,000 7,134,000 4.621.000 3231666 3’ ,047I666
T o ta l___ 14691000 283,632,000 286,065,000 3,154,000
126,600,000 115,714,000
Canadian Government has officially prohibited the
“ n,u a,i“ “
T h e q u a n tity o f w heat and corn afloat for E urope on dates
m en tion ed w as as follow s:
W h ea t.
U n ite d
K in g d o m .
Jan.
Jan.
Jan.
Jan.
8
1
9
10
C o n t in e n t .
U n ite d
K in g d o m .
T o ta l.
C o n tin e n t
T o ta l.
I B u sh els.
B u sh els.
B u sh els.
1916..
............... 38,296,000
16.329.000
1916..
.............. 37,024,000
15.594.000
1915..
............. 38,736,000
_____ 27,022,000
1914.-14,032,000 15,040,000 29,072,000 6,163,000 9,053,000 15,216,000
B u s h e ls .
B u s h e ls .
T h e visible su pp ly o f grain, com prising the stocks in
granary a t principal p oin ts o f accum ulation a t lake and
seaboard ports Jan . 8 1916 was as follows:
GRAIN STOCKS.
W h e a t,
b u sh .
C orn ,
U n ite d S ta tes —
b u sh .
501,000
New Y o r k ............................ 2,820,000
"
afloat.........................................................
B oston..................................
297,000
1,000
Philadelphia_____________
776,000
40.000
Baltimore.............................. 1,349,000
754,000
Newport News.............
125,000
.
New Orleans......................... 2,342,000
607,000
Galveston............................... 1,575,000
311,000
Buffalo................................... 4,832,000
80.000
“
afloat__________ 10,636,000
...........
T oled o................................... 1,150,000
200,000
Detroit...................................
337,000
151,000
Chicago.....................
7,276,000 3,099,000
Milwaukee.............................
146,000
29,000
Duluth.....................................9,815,000
“
afloat..................
758,000
‘
Minneapolis.................
13,451,000
55'ood
St. L ouis................................ 2,361,000 359,000
Kansas City.................
8,212,000 2,819,000
Peoria......................................................
300,000
Indianapolis..........................
201.000 368 000
Omaha.................................... 1,367,000 819,000
O a ts,
b u sh .
E ye,
bush .
1,537,000
168,000
108,000
64,000
' 2',666
453,000
118,000
542,000 1,109,000
591.000
2,000
105.000
1,6421666
277.000
320.000
292.000
6.532.000
847.000
354.000
141.000
229.000
1,000
86,000
119.000
127.000
55.000
3.3771666
601.000
817.000
576.000
388.000
1.280.000
561,666
8,000
39.000
B a r le y ,
b u sh .
380,000
134.000
99,000
918.000
574.000
135.000
170.000
188.000
909,000
534",66
55,000
99,000
30,000
Total Jan.
000 4,132,000
Total Jan.
000 4,066,000
Total Jan
Total Jan. 10 1914.......... 63.883,000 1 4 ,2 1 21666 26.241.000 2.252 000 5 631 000
N o t e .— Bonded grain not Included above: Wheat, 2,662 000 bushels at Mow v l . v
478.000 Baltimore. 480,000 Philadelphia, 637,000 Boston, 298 000 D u lu th 3
Buffalo. 12,376,000 Buffalo afloat; total, 20,292,000 bushels^ a g K ’ f
bushels in 1915. Oats: 472,000 bushels at Buffalo 869,000 New York 88 600 rT
ton, 91,000 Philadelphia, 41,000 Duluth: total, l.Mlldooibushels i S i S t m i n o S
,n 1915: and barley, 1 ,000 bushels at Philadelphia, 69,000^B uH U o9000 New°Y^rtr°
36.000 Boston, 123,000 Duluth; total, 238.000. gainst 121,W 0 ’in m s .
Y° k’
C anada—
5 £ ° ™ ! n ? " V ...................... 1,467,000
8,000 1.901,000
23,000
54,000
I t . William & Pt. Arthur.. 19,305,000
........... 7,092 000
...
„
“ Boat.................. 1,447,000
...........
824’000
Other Canadian................... 6,553.000
........... 5,964,000
Total Jan. 8 1916........... 28,772,000
T otal Jan. 1 1916..
24 781 000
Total Jan. 9 1 9 1 5 ." " _ i 5 163 000
Total Jan. 10 1914.......... 24,628,000
S u m m a ry —
8.000
9.000
115,000
21,000
15,781,000
12,557,000
6,850,000
14,069.000
23.000
21.000
9,000
24,000
54.000
25.000
297.000
469.000
1M 1 : » S ffiS S S
Total Jan.
Total Jan
Total Jan
Total Jan. 10 1914...........88,412.000 14.233.000 40.310.000 2.276.000 6.1W.000
265
THE DRY GOODS TRADE
New York, Friday Night, Jan . 14 1916.
D r y goods m arkets are active and strong w ith urgent re
quests for the prom pt shipm ent o f goods under orders comintr
from all sections o f the c o u n tr y . . Y ea rly inventories have
revealed a light condition o f stocks in the hands o f both
retailers and jobbers, and there is a m ovem ent to replenish
the same as early as possible. A ll staple cottons are workinsr
into a stronger position, and so far advancing prices have
had no restraining effect upon b uyers.
T h e high cost o f
d eS/ nd fr e sh in g , together w ith increased operating
J
thnfSnr
^irm .m ark etJ °r the stap le, have convinced buyers
price schedules are justified , and th ey are en
couraged t ° cover their future requirements a t present levels
f n b o o W n ^ h l ^ i ^ 6 tak! ? g aU thes? factors into consideration
in booking business and are exacting a safe m argin of profit
n fr e r ? J rdV he a§ ltatlon for higher w ages, m ost m anufac
turers are disposed to grant part o f the dem ands m ade upon
th em , especially as they are a t present behind in deliveries
f r o i 1J-1 0R f ° Slti 0f * ° +uelay operations. A d vices received
5
1
from Pall R iver late in the week indicate that textile workers
are about to com prom ise upon an increase of 5 % in w a °es
as com pared with 1 0 % originally requested.
There is a
1\ f^ vo+ ° l adherm g to the original d em ands, but
1
r
these are likely to be overruled. M a n y mills in other sec
tions have already, either voluntarily or upon request
K r H c e s s i o n s to their operatives. .Much com plaint is
heard o f the backwardness o f deliveries, but this is n o t
du > so m uch to the inability o f mills to produce the
goods as to the delay to shipm ents arising from freight con
gestion, and the fact that m an y buyers are requesting de
liveries in anticipation o f the dates nam ed in original con
tracts. Jobbing trade is active and distribution of sprint
fn ° ds V hf n" m ade upon a large scale. Jobbers are receiv
°
s
ing a steady call for wash goods and also for w hite goods to
provide for the special “ January white sales” which retailers
? o J e S °fdUCr ? ew ? ef.jllers are optim istic and , having en SnekL Pw - i S e hollday trade, are willing to increase their
ith t!le exoeption of an increased inquiry for cotton
du ck , there has been little change in the export situation since
the first o f the year.
Shipm ents to South A m erica, etc
continue on a fair scale, but nothing in the w ay o f new busi
ness is reported from Oriental or M editerranean m ark ets.
D O M E S T I C C O T T O N G O O D S .— Further price advances
have been m ade on several lines of staple cotton goods dur
ing the past w eek. Print cloths are firm w ith spot supplies
scarce. T w enty-eight-inch 6 4 -6 0 s have been advanced an
eighth cent to 3 % c .
Eight-ounce tickings have also been
advanced and are now held a t 1 4 c ., w ith higher prices ex
acted for deliveries running very far into the future.
S tand
ard prints and gingham s are very strong a n d , owing to tho
scarcity o f d yes, are a t present held “ a t v a lu e .”
B a g m an u -
a n d p t t v RW 1 ?U e t 0 S i d & r
^ t i t i e s o f co a rsf b row n
a b r n S n n f e u ? s a n d m il l s m a k i n g t h e s e g o o d s h a v e b c o k e d
a b o u t aU t h e b u s in e s s t h e y c a n h a n d l e f o r s o m e t i m e .
In th e
n ri
g ° ° d ^ e n d ’ col] d\
tlons ar3 ,very discouraging. B uyers
**ow com ing to a full realization of the actual scarcity o f
arG i&r}?
their orders on mill books, but o w m g to the inability o f mills to m ake deliveries several lines
I J r /y
®olor©d goods have been withdraw n from the
S K 5**
bu5 mes.s 18 a 80 bein& done in fine and fancy
cotton s.
T h e situation in colored goods is expected to pro
m ote an excellent dem and for plain and n ovelty w hite goods.
G ra y goods, 38 -m ch standard, are quoted a t 4 % c . to 5c.
W O O L E N G O O D S .— A good dem and is reported for fall
and winter woolen and worsted dress fabrics, while there is
also an active call for duplicate lots o f spring goods.
Stocks
ot spring linesi are alm ost exhausted and buyers are having
considerable difficulty in placing additional business. P rom p t
shipm ents are being urged on all spring business.
For fall
a j
broadcloths and velours are heading the list
and both o f these are heavily sold. Checks and plaids, while
n ot so popular, are also in good dem and. In m en ’s wear de
partm ents, further advances have been nam ed on fall fabrics
borne lines were opened during the w eek a t prices 3 0 % higher
than last season. M a n y mills m aking m en ’s fabrics have to
curtail output considerably, owing to shortage o f d yes, and
higher prices m a y therefore obtain as the season advances.
F O R E I G N D R Y G O O D S .— Business in linens continues
a ctive , w ith buyers experiencing great difficulty in covering
their requirements ahead. T h e shortage o f desirablo goods
is becom ing pronounced and values are advancing accord
in gly. Prices are now reaching a level where a great m anv
former consumers o f linens are com pelled to refrain from pur
chasing
Retailers are in the m arket for supplies o f stock'
household goods, and are taking large quantities o f various
linen-finished cotton substitutes where prices on tho gonuine
goods are found to be too high. D ress goods o f all linen con
struction for the com ing spring are obtainable in lim ited quan
tities o n ly, and then only in the plain and natural shades,
as colored goods are being held a t prohibitive prices b y thoso
w ho have any on hand. Im porters offer little encouragement
to those depending upon tho local m arket for supplies, while
largo consumers who have their buyers abroad report that
prices and delivery conditions are such that they are having a
hard tim e covering their requirements. Firmness continues
m the m arket for burlaps, with a liberal business reported in
h ea vy w eights. Light weights rule quiet and are quoted at
7 .2 5 c .; h ea vy weights a t l i e .
[Vol . 102.
THE CHRONICLE
266
News Items.
Aberdeen, Grays Harbor County, Wash.— E lection on
C om m issio n F orm o f G o v ern m en t. — An election will bo held
Feb. 28, it is stated, to submit to a vote the question of estab
lishing the commission form of government.
Allenhurst, Monmouth County,^N . J.— C o m m issio n
G overnm ent A d o p te d . — An election held Jan. 4 resulted in
favor of the commission form of government.
reported as 62 to 52.
The vote is
Minnesota.— State B oard o f In v estm en t T o Sell B on ds o f
Other S t a te s — The State Board of Investment on Jan. 8
authorized State Treasurer W alter J . Smith to negotiate
for the sale of $2,127,478 bonds of other States owned by
the Board. It is planned to re-invest the proceeds ot the
sale in bonds issued by Minnesota municipalities and school
districts. Before the bonds can bo finally disposed ot the
Treasurer must notify Governor Burnquist, who will call
a meeting of the Board to pass officially on the sale.
Oklahoma.— S p ecia l S ession o f L e g isla tu re . Governor
Robert L . Williams on Jan. 5 issued a proclamation con
vening the Legislature in extra session on Jan. 17. In a
letter to each member of the Senate and House the Governor
states that only such questions as affect the State generally
and cannot reasonably be delayed until the regular session
in 1917 will be submitted for consideration. The Governor
also expressed th8 hope that the extra session would not last
longer than thirty days.
A T H E N S , A t h e n s C o uOnhti oy.- ^ B O N D S A L E . —Tho $64,000 5%
,
11 t4-year averago water-works-impt. bonds advertised to bo soul on Jan. »
(V. 101, P- 2086) have been accepted by tho State Industrial Commission
of Columbus.
A U B U R N , C a y u g a C o u n t y , B O.N DY , A L E.— T 11 e $29.64086
N
S—
4 H % 1 0 H-year aver. Franklin St. paving bonds offered on Dec. 10 (V.
101, p. 1902) were awarded on that day to A. B . Leach & Co. ot JN x . at
.
103.479, a basis of about 4.09%.
A V E R Y V I L L E (P. O. Peoria), P e o r i a C o u n t yBONDS V O T E D .
, IHs.—
— At the election held Dec. 22 the questions of issuing $4,000 Galena road
and $3,000 Harvard Ave. Impt. bonds carried, it is stated.
B A K E R , B a k e r C o u O t ey.— B O N D O F F E R ! N G . — Further details
nr ,
are at hand relative to tho offering on Jan. 17 of the $75,000.)% -0-year
gold coupon tax-free water-works bonds (V. 101, P- 2159). Proposals for
these bonds will be received until 12 m. on that day by James Cunningham,
City Clerk. Denom. $500. Date Feb. 1 1916. Int. F. & A. at tho fiscal
agency in New York. Cert, check for $3,750, payable to O. L. Pahncr.
Mayor, required. Bonded debt, including this issue, $621,830 08. No
floating debt. Sinking fund, $62,535 79. Assess, val., $5,272,810.
Total tax rate (per $1,000), $13 20.
Pinellas County (P. O. Clearwater), Fla.— B on d Case
to be A p p e a le d . — A newspaper dispatch from St. Petersburg
says that the local lawyers who represent Willis Castang
have made arrangements to appeal to the State Supreme
Court to set aside the order of Circuit Court Judge O. K .
Reaves validating the $715,000 road and bridge bonds.
— V . 101, p. 2158.
Seymour Special Road District (P. O. Seymour),
Webster County, Mo.— Road B on ds T em p o ra r ily E n jo in e d
.—
A temporary injunction was issued by Judge C . II. Skinkor
of Bolivar enjoining the issuance of the $30,000 5 % roadim pt. bonds advertised to be sold Jan. 5 .— V . 102, p. 87.
A hearing will be had Jan. 17 before Judge Skmkor at Marsh
field.
_________
Bond Calls and Redemptions.
Idaho Springs, Clear Creek County, Idaho.
B ond
Call — The following bonds were called for payment on or
before 30 days from D ec. 10 1915 at the City Treasurer s
office or at the German American Trust C o. of Denver :
$50,000 water bonds, dated Sept. 1 1904 and optional for
redemption on and after Sept. 1 1914, N os. 8 , 10 to 35, incl.,
for $1,000 each and N os. 8 to 19, incl., and 29 to 62, incl.,
for $500 each.
Passaic, N. J.— B on d C a ll.— Call was made for payment
on Jan. 3 at the People’s Bank & T r. C o ., Passaic, of bonds
numbored 384 to 424, both inclusive, issued for streot im
provements.
Steelton, Pa.— B ond C a ll.— The following bonds, aggro
gating $10,000, issued Jan. 1 1900, were called for payment
on Jan. 1 at tho Steolton N a t. Bank, Steolton: N os. 61, 62,
63 64, 74, 79, 82, 85, 92, 94, 95, 96, 97, 108, 113, 114, 115,
116, 118 and 121.
Bond Proposals and Negotiations this were
have been as follows:
ACAC IA SCHOOL D IST R IC T Imporial County, Calif.— B O N D
S A L E .— On Jan. 3 tho $2,000 6% 9 ^ -y r . (aver.) site-purchaso bldg, and
equip, bonds (V. 101. p. 2159) were awarded to tho hirst Nat. Bank of
Barnesville, Ohio, at 101-05 and int. Tho First Nat. Bank o f El Centro
bid 100.10.
ADAMS
COUNTY
(P.
O. Decatur),
Ind .— B O N D
O F F E R IN G .
Geo. E. Kinzlo, County Treasurer, will receive bids until 3 p. m. Jan. 20
for $6,160. $1,320, $3,680, $7,120, $3,920 and[$11,600 4 A 7 o 6 1-16-ycar
average highway improvement bonds, aggregating $36,800. Date Jan. 15
1916. Int. M . & N . Due one bond of each Issue each six months from
M ay 15 1917 to Nov. 15 1926, inclusive.
AK R O N , Summit County, Ohio.— B O N D S A L E .— On Jan. 10 the
the $25,000 4 A % 10-year coupon No. Forge StMmpt. bonds—-V. 102.
t . 84 — were awarded to the Central Says. & T r. Co. of Akron at 103.Oo
and int., a basis of about 4.125% . There were twenty other bids received.
AL BAN Y , Alameda County, C alif. — B O N D S A L E .— Tho $12,000 5%
coupon fire-apparatus bonds offered on Jan. 4 1915 (V. 99, p. 1765) were
awarded at par on April 19 to the Seagrave Fire Apparatus Co. These
bonds are dated April 19 1915.
AL ENA SCHOOL D IS T R IC T (P. O. Alpena), Jerauld County
p0 . Dak .— B O N D E L E C T I O N > R O P O S E D .— Reports state that this
district is contemplating the calling o f an election to vote on tho question
of issuing building bonds.
ALTA CONSOLIDATED SCHOOL D IST R IC T (P. O. A lta), Buen
Vista County, Iow a.— B O N D E L E C T I O N .— An election will be hold
Jan. 31 to vote on the question of issuing $90,000 5% 5-20-year (opt '
building and equipment Bonds.
ALVA SCHOOL D IST R IC T (P. O. Alva), W oods County, Okla.—
B O N D E L E C T I O N .— An election will be held Jan. 25 to vote on the ques
tion of issuing $90,000 5% 20-year serial coupon high-school-building and
equipment bonds. A similar issue was reported voted in December (V . 101,
p. 2159). G. M . Lisk is Clerk Board of Education.
A N G ELIN A C O U N T Y (P. O. Lufkin), Tex.— B O N D E L E C T I O N .—
The election to vote on the question of issuing the $200,000 5% 20-40-year
(opt.) road bonds in Lufkin Precinct (V. 101, p. 2159) will be held heb. 26.
ARMA SCHOOL D IST R IC T (P. O. Arm a), Crawford County, K an
— B O N D S D E F E A T E D .—-The question of issuing tho $15,000 high-school
bldg, bonds failed to carry at the election held recently (V . 101, p. 1902.)
ATCH ISO N C O U N T Y (P. O. Atchison), K a n .— B O N D S P R O P O S E D
— According to reports this county is contemplating the issuance of $500,000
road bonds.
FRASER
Digitized for
B A K E R C O U N T Y S C H O O L D I S T R I C T N O . 5 (P. O. B a k er), O r e
B O N D S A L E . — On Jan. 5 tho $125,000 5% high-school-bldg, and equip,
bonds (V. 101, P- 1994) were awarded to the Lumbermen's Trust Co. of
Portland at 103.67 and int. Other bids were :
Western Bond & M ort„ Wm. R . Compton Co.,
St. Louis_____________$127,998 75
gage C o., Portland— $129,477 00
Internat. Tr. C o., Denv. 129,408 50 R. M . Grant & Co. (Citi
zen Nat. Bank), Baker. 127,912 00
Jas. N. Wright & C o .,
D en ver_______________ 129,162 50 Keeler Bros., Denver— 127,715 00
Henry Teal, P ortla n d ... 129.100 00 Morris Bros., Portland.. 127,687 50
John Nuveen & Co., Chic. 127,650 00
Wells & Dickey Co.,
Minneapolis_________ 128,943 00 Smith fc Paschall, Seattlo 127,631 00
Weil, Roth & Co., C in .. 127,550 00
Cummings, Prudden &
Co., Toledo_________ 128,858 00 Bolger, Mosser & Willaman, Chicago_______ 127,062 50
Ferris & Hardgrove,
Spokane____________ 128,650 00 Sidney Spitzer & Co.,
T o le d o ......................... 126,975 00
Spokane & Eastern Trust
C o., Spokane________ 128,437 50 Carstons & Earles, Inc.,
Seattle_______________ 126,574 47
Sweet, Causey, Foster &
Co., Denver_________ 128,206 00 Blythe, Witter & Co.,
San Fran____________ 125,137 00
N . W . Halsey & Co.,
_
Chicago______________ 128,028 75 German-Amorican T r u s t _
Co., Denver_______— 125,050 00
i. UM x,
_
First National __ ________ ______ interest to be palil until money drawn.
Bank, Baker, par; no
■RATTY Berks C ounty, Pa. — P R I C E P A I D F O R B O N D S . 3 lie prico
paitHfor*The^O.OOO 4 H%Jelectric-light-system bonds awardwl r^ w u ly ^o
$300 yearly on Jan. 1 thereafter; all subject to call after Jan. 1 1920.
■RANDON Coos C ounty. Oro .— B O N D O F F E R I N G .—
^
at hand’relative_________ o u e r i i i K u n d a n . At? v iof M the WOJDOO municlga
_______ to the offering on Jan. 19
M
xv, , - .
water and $40,000 municipal funding 6 % 20-yr.: old.coupon bonds (V. 102.
g
p. 173.) Proposals for these bonds will be received ° n that day by LiCausnid,
Recorder. Denom.
suit
1 ..
Kausrud, City Recorder, uenom. to sun purchaser. Date Nov. - 19.4°.
Principal and semi-ann. (water) and annual (funding) Int. pay.
.
0j,
Oregon fiscal agency in New York or at the City rrcas. office at op i
holder. Cort. check for $4,150, payable to the City J ^ s - . required.
These bonds were reported sold as os to the Western Bond & M t0o. v>o.
Portland (V. 101. p. 1995.)
are
.....
BEACH HAVEN, Ocean County, N. J.— B O N D S N O T Y E T I S S U E D -
— Tho Borough Clerk advises us that the $40,000 board-wallc-impt. and
)ublic-dock-constr. bonds mentioned in V. 101, p. 1645, have not yet
>een issued.
BELLE CENTER, Logan County, O hio.— B O N D S A L E .— Bids re
ceived for tho $8,000 S 'A % 6>i-yr. averago c>^tric-light-p!ant-imrchaso and
impt. bonds offered on Jan. 7.— V . 101, p. 2087 were as follows .
Ohio Nat. Bank, C olum bus...$8,295 D a v ie s -B e r tr a m C o., C n..$8,202 00
Hanchett Bond C o., Chic. § .2 6 7 Sid. SpRzer & C o., T o L - - 8,191 70
Stacy < Braun. Toledo------- 8 ,2 4 9 Sec. S. B. & T r. C o.. T o }-- " '{S r nn
&
Cummings, Prud’n & Co., Tol. 8,2171Seasongood & Mayer, Cln. 8,17.) 00
BELLEFONTAINE, Logan County, O hio. — B O N D S A L E . — Accord
ing to reports tho Sinking Fund purchased during December an issuo of
$10,000 5% light bonds at par.
BELLEVUE, H uron County, O hio. — B O N D SALE.— On Dec. 27 the
two issues of 5% 5 5-6 yr. aver. coup, street }mP‘ - ^
§
a
S
&
ing $7 687 (V. 101, p. 2087), were awarded to the Colonial Says. Bank «
Trust Co. of Fremont for $7,783 55 (101.256) and int., a basis of about
4.75%. The other bidders were:
.
.7 7 9 7 0 0
First Nat. Bk., B ellevue..$7.754 25 Otis & C o ., C lev da n d ----.$7 ,727 00
Ohio Nat. Bank, C o lu m ... 7.754 2 5 Fremont S. B Fremont
7,727 00
Security S. B. & T . Co., Tol.7,748 00|Prov. S. B. & T . C o., Cine. 1 ,/ W »•
>
BELTO N , Bell County, Tex.— P O N D S V O T E D .— by a vote of 221 to
111, the question of issuing $40,000 sewer-systcm-constr. bonds carried,
it is stated, at an election held Jan. 4 (V. 101, p. .087).
BENTON CO U N T Y (P. O. Fowler), In d . — B O N D S A L E .— On Dec. 2 .
tho $9 560 4V4% 6 1-6-year average tax-froo highway-improvement bonds
(V° 1 0 1 .p 1995) ware awarded to the Fletcher-American Nat Bank of
Indianapolis for $9.761 50 (102.107) and int., a basis of about 4.11% .
T T farrison
IMUler & C o., Indianapolis.$9,727 00
fndianaoolls - . - - $9,751 25jGavln L. I>ayne& C o.. Ind. 9.716 00
Denom.P$478. Date Dec. 15 1915. Int. M . & N. Due $478 each six
months from M ay 15 1917 to Nov. 15 1926, inclusive.
BLUE ASH SPECIAL SCHOOL D IST R IC T NO. 16 (P. O. Blue Ash),
Hamilton County, O hio.— ,BOND O F F E R I N G . — jl’ [°P "saI-[ vfj 1 $1° 000
v
until 1 9 m Tan 15 bv Frank Sec. Clerk or Htl. or imi., ior ®i,uuu
5 'A % 5-yr. sewage-disposal-plant and toilet^ystem-instollaHon bonds.
Auth. Secs. 7625. 7626 and 7627, Gen. Code. Denom. $100. Date Feb. 1
1916
Prin. and semi-ann. int.— F. & A .— payable at First Nat. Bank,
Norwood. Cort. check for 10% of bonds bid for joayable to above Clerk,
required. Purchaser to pay accrued interest. I hose bonds wero votod
N BOONE C O U N T Y (P. O. Burlington), K y . — B O N D E L E C T I O N .—
Reports state that an election will be held May 8 to decide whether or not
this county shall issue $200,000 road bonds.
BOW M AN
SCHOOL D ISTR ICT
(P.
O. Bowm an),
Orangeburg
County So. Caro.— B O N D E L E C T I O N P R O P O S E D .— Reports state
that an election will probably bo called to voto on tho question of Issuing
$12,000 high-school-building bonds.
w __
will be held Jan. 15 and not Jan. 8. as first reported (V. 101, P -^ to J ).
B R ID G EW AT ER , Bucks County, Pa.— I3 P ^ P ‘? Pon?nl°Lano stormr
of $200,000 dated Jan. 14 1916 and maturing Oct. 2 5 1 9 1 6
roc ntiy
negotiated with Blako Bros. & Co. of Boston at 2.75/„ discount, pms
$2 premium.
BROOME (P. O. Middleburgh). ^ h o h a r ie C oun ty, N . Y . - B O N D
O F F E R I N G .— Proposals will bo received until 4 P -m . J a n . 27 by C^voids'
500°W
IDatePFebS l ' 19°16 *2prim "and i e M L Y n t ^ F . &’T .
°
payable at Fi’rst Nat. BaAk. Middleburgh. Duo $500 yearly on Feb. 1
from 1917 to 1920. incl.
RTTPKTJFR. Franklin County, Ills.— B O N D S A W A R D E D I N P A R I .
o f tho s 1 1 0 < ) 5 %eh)ctric-light-p ant-sito-purchase, constr. and equip.
K
517— V 1 0 1 o 1 9 0 2 — $4,000 has been sold to Geo. L .
Oahm atVia r jess $250 for attorneys fees and commission. Denom. $500.
Date d L P\ i 915$2 Prin. and a /n int. payable at office of Vil. Treas.
Due $1,000 yearly on Doc. 1 from 1917 to 19-7 incl.
19H?th^^following 3x~Ts5ues^of 4%*^bonds^U
aggregating°$252,6 0 ^ 7 7 f*wero
S & ^ O O g ^ u m g in g
station bonds t o ^ B l s o r ^ Constr. Co. of
15 1916.]
THE CHRONICLE
3 M 2 9 41
267
- g t l » b » d , to th e H o n r M f „ . C o . of Buff.lo.
57,500 00 g 2 ” d 5 t e dSD°U D o ? . ^ 0®
1 Ml
4
2'300 00
66.599 69 g ^ c r o s . a g »
' - f"
L
D*“
a
( p-
^
f a ? 0” - ' - tor *"■“ « rmd*C i.^ C om p ^ fo,• m u ™ , fuad,. D f
£
21-876 ”
extension 5% bonds
f° r « • * “ * f“nd’ -
D^n 2 ^ e e v /f o ^ p T I l i l ! 9’990 b° ndS W
er° S ld at PU
°
bllC 6ale on
in January. Pb u o |.500 y “ rW>or°3°n v 3 ate Jan3 ? I916- Int. annually
debt. Floating debt, $500. y 0 3 0 yearsThis town has no bonded
CALEDONIA, Marion C ounty, O h io . — B O N D S A L E __On t w 9 9
tho 33,000 6 % 5 3 4 -year average refunding bonds (V. 101,’ p 1826fwere
awarded to Gertrude Glathart o f Edison. Ohio, for $3 106 ? fo 3
interest— a basis of about 5 .2 2 % . Other bids werei
003.533) and
Security S. B. & Tr. Co., Tol.$3,086|Spitzer, Rorick& Co.. Toledo S3 030
pon?staHs^that^n Jan^O^h^cYt^Cnmrn ’
for a loan of $180,000 f r o m t h e
|2oi0 6 9 6 /b “ e Jun°eUie i n t W Ch Were ° ffer0d on that d a y . - ^ 5 f
70
U
S
“
x^
I
Doc. 30 an
A . Keller at par. Denom. $ 1 ^ 00. D ateF eb ^ 1 o ‘? r awarded to Arthur
ruary. Due $1,000 on Feb i 1917, 1 9 ll and 1 9 1 9 16* In t’ ann’ ,n Feb_
TEM PO RARY
P
r
o
v
i
L O A N — Re-
d
i
n
g
system bonds (V. 102? p. 1 7 3 ) w w c a ife ^ o ff 1 ,0 0 0 water‘ "'orksand ewer-
o f s S
^ i n u l f 6 3 6 1 C ounty, Mass .— B O N D S A L E . — An issue
i
CHESTER, F ranklin C ounty. O h io __BOAT'D q a t t ?
r\
i
S
s
a
S aras,
w
- r
$7% 50e vn w
°
5 ^ cou,P- ^ a
$7,950 \lllage?s gportion bonds.in S t . improvement *;n 1 1;
Denom. 1 for £4 bonds^’ V U Iag 0 C,erk*
trnn
r»
i 5 C7 n ^46° N? v - i 1920 and $500 yearly on Nov. 1 from 1921 tcMQ3 5
15.670 assess, bonds. Denom. 10 for $567 and 20 for $500 D i i f t i
A„ 4^yel rly ° “ N ov. i from 1916 to 1925 incl
5 U - Uuo S 1 ' 5 6 7
U
p H U^ 4 ^ ecs‘i 3821, 3914 and 3939, Gen. Code. Date N ov 1 1 9 1 5
n
£ n bidders^were: ( 1 0 2
# $
other
Bon^
844) and lnterest- a basis o f about 4.63% . The
Socur. S.B.& Tr.Co. Tol.$12.301 2 0 Fairfield Nat. Bk., Lane ^ 1 9 i w cn
Otis& C o., Cleveland____ 12,240 09 Breed, Elliott & H ^ k o n . 1 2 , 1 5 8 5 0
People’s Bk.C..Can.,AVin. 12,226 00
Cincinnati___
1 9 1 9 1 go
Citizens Tr.&.S.B.,Colum 12,220 00 Canal Winchester'BankT
°
Tillotson & Wolcott C o .. 12,205 00 ^anai Winchester_____ 12.108 no
i o ino 00
Canal vv men ester
Sidney Spitzer* Co. T ol. 12.162 8 0 j Lancaster Nat. Bk , Lane' 12 100 00
F. L. Fuller & Co.. Cleve. 12.161 80]Stacy & Braun. T o lid h ... 12.020 00
CARROLL CO U N T Y (P. O. Delphi), In d .— B O N D S A L E — On
Jan. 11 the $20,600 434 % 6 1-6-yr. average road-impt. bonds were awarded
fco W m . J- Guckien of Camden for $21,082— equal to 102.339— a basis of
about 4.07% .— V. 102, p. 84. Other bids were:
O
I
Fict. Am Nat Bk., In d .$21,025 251
Miller & Co., Indianapolis$21,006 00
E**lott & Harrison,
C. C. Shipp & Co., I n d .. 21 002 25
Indianapolis............... 21,021 0 0 1
Farmers’ Bank, Rockport 20 950 00
’^ ^ r l^ a y a b l^ t o ^ h y v n ^ ^ I h ^ ^ ^ e r required1
0 (
. 'n n n ® r o m 1918
- -
1926,
Inclusive.'
* ’“ “ D r S 5 0 0 d^ y 8 r * S S ' l § 1 7 S ,? S !i) » •
o'‘
S
>.600
—— *
*
Dm on,. *500.
b “ d*-
Denom.
„ CAR THAGE SCHOOL DISTR ICT (P. O. Carthage), Miner Countv
So- Dak.— BOND E L E C T I O N .—-Reports state that an election will bo
held Jan. 18 to vote on tho question o f issuing $11,000 building bonds
CEDAR FALLS INDEPENDENT SCHOOL D ISTR ICT (P. O. Cedar
Falis), Blackhawk County, Iowa .— B O N D E L E C T I O N . — An elect ion
will be held Jan. 17 to vote on tho question o f issuing $38 000 vocatiAv,
al-buikHng-eroction and $9,000 high-school-building impt bonds ( v f 10?"
CENTERBURG, Knox County, Ohio.— B O N D S A L E — Reports state
hat. tho hicrhftst. hid rPPnlvoH fVr flu*
\»
{ncinn
zrrr -------- opuri/S State
CENTERVILLE, Davis County, U tah.— B O N D S A L E . — Keeler Bros
of Denver have purchased, it is stated, the $15,000 water-works bond*
authorized by voto o f 52 to 2 at an election held Doc. 22.
as
„ CHARLEROI SCHOOL DISTR ICT (P. O. Charleroi), W a s h i n g ™
County, P a .— D E S C R I P T I O N O F B O N D S .— Tho $26,000
V
school bonds awarded to Lyon, Singer & Co. of Pittsburgh on
— V. I02 ,p. 173— are in tho donom. of $1,000 and bear date of Jan
Int. J . & f . Due $8,000 1944, and $9,000 in 1945 and 1946
paia lor within 6 days from time o f S
P „ r Z . » 7 ° De ae‘ivered and
DADE C O U N T Y (V n Z l - award. I urchaser to pay accrued int.
will bo received until 10 a. m. Feb *7^iv 7 ° T ' D -SlF F u ^ I ^ ? ~~Proposafs
County Commissioners, for $275 0 0 0 5 ^
Board of
No. 2 road and bridge bonds
D ^om ^l ^ n
?,°ad a nd Bridge District
T
and seml-ann. int.— J. & j . —payable at ’the tt D at°A?.an' M 916- p 'in.
Q
New s York. Due yearly o n J a n l asfoilow lS‘ M tge’ & Trust t' ° ”
S e r ie
S e r ie s
S e r ie s
“ A " $10,000 1920 “ F " $12,000 1925 S e r ie s
“ K ” $15,000 1930 ‘ ‘P " $18,000 1935
.B
10,000 1921 G
12,000 1926 L ” 15,000 1931 Q
18.000 1936
‘C ” 10,000 1922 H
12,000 1927 M " 15,000 1932 R
18,000 1937
(D
1 0 ,0 0 0 1923 I
12,000 1928 N ” 15,000 1933 S ’ 18,000 1938
“ E ” 10,000 1924 J
12.000 1929 “ O " 15,000 1934 “ T ” 18,000 1939
t „ g f®n
r w of
ifiiic 8
1 1916’
CHEATHAM CO U N TY (P. O. Ashland City), Tenn - R o v n
TJOW.— The proposition to issue $150,000 road bonds will he
a voto, it is stated, on March 21.
wlu Do submitted to
CHOUTEAU
COUNTY
SCHOOL
D IST R IC T
Nn
«
,
B O N D S TO B E O F F E R E D S H O R T L Y — This district 3 l v 3 9 ,, M ont—
the near future $1,200 6 % 20-30-yr. (opt ) bldg homli ° £ er for salc in
Date Jan. 1 1916. Int. ann. in Jan. (Mre ) Albertina P .u . D
o,noP ’ $10°-
of Trustees, care Thos. Lytle’s Ranch Lytle
CIN CIN N ATI SCHOOL D IST R IC T
Dertlna Fait is Clerk. Board
CP
n r , -
D AW JO N C O U N T Y (P. O. Glendive), M ont.— BO D O F F E R t x g __
Sealed proposals will bo received until 2 p. m. March 6 by R. L. Wyman
County Clerk and Recorder, for $39,000 5% 10-20-yr. (opt.) coupon fundIn*Lb0n„ 8 . Denom. $500. Cert, check for $500 required.
.’
r ^ l T ^ t r :? t i X '£ Z T ,n°
a n o n ,
■
S A L E — On Jan. 10 the $300 000( a V w
school bonds— V. 1 0 1 , p. 2087— were awardld^^
™n.Ci n n a ti)- © b io.—
,4
^ P 1-) coup.
Seasongood & Mayer and the Western
t0i ^ le.Id’, Richards & Co.,
at 102.14 and int. Other bids w ere-erm an Bank Jointly, till o f Cincinn.,
Fifth-Third Nat. B k „ Cin.$306 090
Wm. R. Compton C o., Cin 305 869 Weil, Roth & Co. and A. B.
Leach & C o____________ $303 571
Atlas Nat. Bank, Cin.
304 125
Stacy & Braun, ToledoIIII 302^790
Security Savings Bank &
Trust C o., Toledo--------- 303,630 Otis & C o., Cleveland_____ 302,270
J. C. Mayer & Co., Cin____301,125
BO ND
Mo . ^
(f
B O N D S
K d 5 '”
hS t -SCh'wl-“
220
c la y to n )> s t - Louis County^
'd' W b o n d . ° c » ^ to1 f
c
^
DES MOINES INDEPENDENT SCHOOL D I 3 T ’ IC T
rs>
r.
ED G EW ATE R, Bergen County, N. J . — B O N D O F F F n r x r
nmo
7i?n nnn0C l v,f i
r
Qby Peter F - O’Brien, feoro. Clerk mnil S p m Jan T s for
! 17 0 D en ° o ^ # 3 3 6 .aTS B D^cP’ M tl1{ 5
00
f PrlVi ntf
0
average stree^opeSng°bonds w m
issue o f ®i7,000 4H % 9-yr.
ing Fund. Date A p r f l ^ " ^ was p rchasecl at nar on July 20 by the S i ^
1932 incl.
p
1 1Jia’ Uuo *1.000 yrly. on April 1 from 1916 to
avcrage^gralf^croMhig'bonds^ D aroA lav8] 1 ^ ! ^ $1 ri000. 4 ^
05
15H-yr.
May 1 from 1926 to 1935 incl.’
ay 1 1915’ Due *1.000 yrly. on
following 4)4 %°bondsf-Doccmbor the Sinking Fund purchased at par the
$150,000 city-hall bonds. Date Oct. 1 1 9 1 6 .
Due $5,000 yearly on Oct. 1
from 1917 to 1946. incl
7 5 ,0 0 0 electric-light bonds* datfvl rj«f
Oct. 1 from 1917 to 1941. inclV 1
Due $ 3 ,0 0 0 yearly on
CLEVELAND CO U N TY (P
O
v
w
m
m
s w
m
m
n W r 'p ”*
highway-impt. bonded
WinshiP’ C o - Treas..
$23,000 J .O . Ross et al.road bonds in Concord Twp. Denom $ 5 7 5
Due
«
T I O N — An election will be held in N o 2
1J.°’ ^ t ro, ~ B 0 ^ D E L E C '
voto on the proposition to issue $20 000 road KnnH«Peb’ 12’ lb ,s stated. to
CLINTON C O U N T Y (P. O. Clintoni
ports stato that this county has sold $65 o n n r ^ a, i r 'fl? ^ 4) S A L E . — ReBechtel & Co. o f Davenport.
505’000 funding bonds to Geo. M .
COBLESKILL
(Town), Schoharie Countv
»
v
_
S O L D — TO B E R E - A D V E R T I S E D .— No sal? wTl 3 , Y ~ S ° N D S N O T
$12,000 334-yr. average bonds at not
on i an J 0 of tho
Jlay— V. 101. p. 2160. Duo $3,000 yearl^on ^eb% l fmm lQ 1
^
Incl. Thcso bonds will be re-advertised.
eD" 4* rrom 1918 to 1912,
CO LDW ATER, Mercer County, Ohio . —
B O N D
s A r v
a
^
& Mayer of Cincin. were awarded during August fnr &>RL'lFnr~£:0 a s o a e ? o d
101.927. tho $26,000 5% 2 3 ^ - y r . a v e r a g e S r / w o r k f n U n t 2 ^ ^ 1
^
equip, bonds which were offered, but not sold on Anr
n.
and
payable semi-annually on May 1 and Nov. 15.
County.
Iowa^ B O N D S V o f| r ,Rl C T
T ho(P ’ ° V.■ “ •worth). H am ilton
building bonds carriod at an election held Jap 5 7° n ° f Issu^
ng *18,000
EVERETT, Snohomish C ounty, W ash . — B O N D O F F F R T \ rr
posals will be received until 10:30 a. m. Feb 1 bv W JT c
'
tribution-system of Everett.
COLUMBIA,
Lancaster
County,
Pa . —
B O N D
O E E i? r > T K r n
* 6 5 non i ,H °™ atlon is at hand relative to the offering on
a’? 0 0 n t a 1 ? ' 3 0 'v r ’ optional gold reg. tax-free refunding bond’s — V°f in 9°
y
f t n ? l , J 5lds for those bonds will bo received until 7 n m on rhkTX'J° k
8
2,
u ,^ ChaI1 a, o f the Finance Committee. Denom.P$5o6
™ n
Date jt n bT
“ w it ' “ ch i V i
o n to , o f Bo™
? 4 “ ,J5Sia
Treas. (Columbia T r.C o j reouirwi
B oride(ld oh f^ 5 ?J , paiy'a b l6 to Boro
,;
Floating debt $6 .5,000 A^k?s vkl. $3 666,905 ’ incL th>s Issue. $74,000.
i>™
■ ?'
5
These bonds w illX i a dh-ect ^ H
nurchase or condemnation the water sysuni o f the i verott ftv y
Light & Water Co. These bonds are to be b L ^ whoTlv on the
earnings of the water system to be acquired. For tho purpose
o f paying Interest and retiring said $ 1 0 0 ,0 0 0 annual?vP?mt^or
G0% of the gross earnings o f the system is specifically set aside
The earnings of the water system which the municipality K
seeking to purchase was in 1914 $157,000 gross
Intercs^rat.?
$75,000jn 1 1 yrs °, $65,0 0 0 y r'l^ ^ om ’ f^ to°L5
in c l^ T ’o'oo’o
Ctð0D eL m ^ 's 5 nn 5 ^ 5 i,7? llo,winf S0Ct1
I°n of Remington & Balll ger’s
York." Bonded’ $ ^ °t’
d
%ew
aggregate bonded debt o f the several local improvement' d^trirts0 about
,’
268
THE CHRONICLE
[Vol . 102.
Brown
000 Sinking fund, over $66,000. Assessed value 1914, $14,096,432; 1 aggregating $109,320, consisting of $23,620 road, road 519,540 Brooks
Darrah
estimated value. $35,000,000. Official circular s t a ^ t h a t t h e r e i s n o road, $48,300 road and road, $2,880 Gwinn bonds. $2,320 Anderson road.
$7,280 Arnett
$5,380 Stewart road
Interest semi-annual.
controversy or litigation pending or threatened affecting the corporate
existence of the boundaries of municipality or the title o f its present officials Due each six months from M ay 15 1917.
to their respective offices, and that there has never been any default in the
HAMILTON COUNTY (P. O. W ebster City), Iow a.— BOND SALE.—
payment o K of ?he municipality obligations; also that no previousi^ues Reports state that Geo. M . Bechtel A Co. of Davenport have been awarded
Eave ever been contested. Cert, check on some responsible W k for $ 1 0 $32,000 4 ) 4 % 5-year road bonds.
000 reauired. The purchaser shall accept the bonds at any
HARRISON COUNTY (? . O. G u lfp ort), Mi3S.— B O N D SALE.— All
year from the date of acceptance o f bid, and if the city is unable to make
delivery of bonds during that time the obligation o f the clty to deliver the bids received, it is stated, for the $200,000 5% 1 4 ^ -yr. (aver.) road ana
bonds or the purchaser to take the bonds, shall at the election ot tne city bridge-constr. bonds offered on Jan. 3 (V. 101, p. 2101) were rejected, i ne
o? purchaser cease. All bids shall be unconditional « c e p t tha^ the^clt| issue was re-offered on Jan. 4 and sold to the Hibernia Bank & lrust t o.
shall furnish to the purchaser the opinion o f A X^rs Dillon, rhomso^ & of New Orleans for $201,475 (100.737) and blank bonds.
of N"tnv York or the opinion of Messrs. Caldwell oc iviassiicn oi
B O N D S P R O P O S E D .— Local papers state that this county will probably
York, certifying to'the legality of all o f said bonds. b
m^wsTicTbondt
the right, should it be necessary to avail itself of the best.bidl for said^Donas, issue $200,000 bonds for the Mississippi Centennial Exposition.
to amend the ordinances in any particular where they are amenuaoie,
HASBROUCK HEIGHTS, Bergen C oun ty, N . *■ — B O N D S A L E . —
On Dec. 28 the $22,000 5% 30-yr. funding bonds— V . 101, P- 2 1 6 1 — were
without objection from any successful bidder.
104.87 and int.— a
FA IR B U P Y L ivingston C ounty, 111.— B O N D E L E C T I O N . —- Reports awarded to R. M . Grant & Co. of N. Y . at15 1915. Int. J. basis of about
& D. Duo
sta^e that a ? M i r a will be held Jan. 26 to submit to the voters the ques 4.69%. Denom. $1,000. Date Dec.
Dec. 15 1945.
tion of issuing $15,000 water-improvement bonds.
HAW KINS COUNTY (P. O. Rogersville), T e n n .— B O N D O F F E R
■pi TNT Genesee C ounty, M ich.— B O N D E L E C T I O N . ^Tb.0 Question
of issuing $109,000 storm-water-sewer-system-constr. bonds will, it is stated I N G . — Proposals will be received until 1 p. m. Feb. 12 by H. B. Stamps,
Court, for
be submitted to a vote on April 3.
__ . * „ * « * » »
^ T
c Chairman of the County Act of Gen. $250,000 of an issue of $450,000 5%
by
Assembly
Denom. $1,0()d.
FORT PIERCE, St. L ucie C ounty, F la.— B O N D S A L E . — O n Jan. o road bonds authorizedInt. semi-annually. Duo of Tenn. yeariy beginning
Date Jan. 1 1916.
$25,000
the $25,000 6% 13-yr. (aver.) coupon refunding and s t r e e t ^ ; ^ tetrb Jan. 1 1921. Certified check or cash for 2 % , payable to the above Chair
liffht, and sewer-system-impt. bonds (V. 101, p. J lo l) were awaraeu uj man, required. The entire issue of $4 5 0 ,0 0 0 bears int. at the reto of 6 /»
Bolger, Mosser & Willaman of Chicago at 104.51 and int. a basis of about and in denom. of $1,000. Due $25,000 yearly Jan. 1 from 1921 to lJ.t»
5.585%. Other bids were:
incl. These bonds were reported sold on Dec. 4 to the Harris trust
Gavin L. Miller & Co Ind „$25,784 Bank o f Fort Pierce— ........ $25,360
Sav. Bank of Chicago.— V. 101, p. 2161R. L. Fuller & Co., C le v e ... 2o,755 C. H. Coffin, Chicago-------- 25,251
HAYFIELD CONSOLIDATED INDEPENDENT SCHOOL D IS
C . W . M cN earA Co., C h ic .. 2o,687 A. J. Hood & Co., D etroit.. 25.131
M . H. Cutler & Co., Chicago 25,127 TR IC T (P. O. H ayfield), H ancock C ounty, Iow a .— B O N D S N O l Y h i
Secur. S. B. & Tr. Co., T o l-- 2o,607 St. Lucie Co. Bk., Ft. Pierce. 25,105 I S S U E D . — 'The $17,000 5% 20-year bldg, bonds voted Aug. 28 (V. 101, P
Powell, Garard & Co., Chic. 2o,590 Atlantic Nat.Bk., Jacksonville 25,003 866) have not yet been issued. Date Alar. 1 1915. Int. M . & 8. A. t..
Sidney Spitzer A Co., Toledo 2o,582
Cummings, Prudden&Co., 1 ol.25,571 J. C. Mayer & C o., Clncinn. 24,251 Taylor is Sec. Board of Education.
HEAVENER, La Flore C ounty, Okla .— D E S C R I P T I O N O F B O N D S .—
Spitzer, Rorick A Co., T ol-- 2o,400 Steiner Bros., Birmingham.. 23,810
The $20,000 electric-light bonds awarded on Oct. 28 to R. J. Edwards oi
FORT W O R T H , Tarrant County, T e x . — B O N D S D E h E A T E D .
Oklahoma City (V. 102, p. 173) bear interest at the rate of 6% and are in
T he question of issuing the $500,000 5% 20-40-yr. fopt.) ’
rk
f
system bonds (V. 101, p. 2161) failed to carry at the election held Jan. 6 . the denom. of $1,000 each. Date Nov. 15 1915. Duo on Nov. 15 as
follows: $6,000 1920, $7,000 1925 and 1930.
The vote was 854 “ for” and 869 “ against.
_
HELENA, Lewis and Clark
FRA- KLIN Joh nson C ounty, In d .— B O N D S A L E . — This city re Jan. 3 the $120,000 5% refunding C ounty,. M ont — BOND SALE.— On
cent* sold an'issue of SO,000 4 ) 4 % sanitary-sewer-ext. bonds to the b letcher awarded at public auction to the bonds. Series I, A(V. 101, p. 1901), w ere
Montana Trust
Sav. Bank of Melt iu
American Nat. Bank of Indianapolis at 101.85, it is reported.
for $123 085 (102.57) and interest. Other bids were
FR A NK LIN CO U N T Y (P. O. Brookville), I n d . — B O N D O F F E R I N G .
Lumbermens Tr. Co., Portl.$123,060|Bolger, Mosser & Willaman
— Bids will be received until 1 p. m. Feb. 15 by Wm. M . McCarty, County Kalman, Matteson & W ood,
------7— - - - - - - - 8 1 - 1 , J<0
Treasurer, for $13,140 4 ) 4 % 6 -year average S. E. Jenks et al road bondsim
St. Paul............................. 123,050 Hoehler, Cummings A Prudden, Toledo____________ 121,950
Blooming Grove Township. Denom. $657. Date heb. 15 1916. Int. Wm.R.Compton C o., St. L . 122,900
M . & N . Due $657 each six months from M ay 15 1917 to Nov. 15 1926, H. T . Holtz & C o., Chicago 122,253 Merchants Trust & Sav. Bk.
St. P a u l.....................- - - 121,500
inclusive.
Minneapolis Tr. C o., M inn. 122,175
Keeler Bros., Denver--------- 120,(.>0
FULTON SCHOOL D IST R ICT (P. O. Fulton), Callaway County
$v0 — B O N D S A L E . — On Jan. 6 the two issues or 5% bonds, aggregating
HEMET, Riverside County, C al. — B O N D S P R O P O S E D . The City
855 000 (V. 102, p. 85), were awarded to Stlfel, Nicolaus, Parsons Invest. Clerk advises us that now proceedings have been instituted for an issue ot
C o .'o f St. Louis. The price is repented as $57,100, equal to 103.818.
Sioiooo bonds to take the place of the $8,000 Florida Ave. improvement
GATESVILLE, Coryell County, Tex.— D E S C R I P T I O N O F B O N D S .— bonds (V. 101, p. 1996).
The $22 500 sewer bonds recently voted (V . 101, p. 2089) bear interest at
H EN D R IC K S C O U N T Y (P. O. Danville), Ind — B O N D S A L E . —
the rate o f 5% and are in the denom. of $500. Date Jan. 1 1916. Int. Reports state that tho three issues of 4 ) 4 % road bonds, aggregating $ -3 .
Jan. 1 and July 1. Mrs. C . P. White is City Secretary.
021 61. offered on Nov. 24 (V. 101, p. 1735) were disposed of on that day.
GII \ CO U N T Y (P. O. Globe), Ariz.— B O N D S A L E . — The $350,000
H EN N EPIN C O U N T Y SCH O OL D IS T R IC T NO. 17 (P. O. Minne
r i - c- i o u - v r (aver.) gold coupon road and highway-constr. bonds offered apolis), Minn.— B O N D O F F E R I N G . — Proposals will bo received until
on Dec 31 (V 101 p 1996) were awarded to Bolger, Mosser & Willaman 8 p. m. Jan. 20 by the Board of Trustees for $1,000 school-ground-purchase
o f n w 'a^ o for $370 100 (105.742) and int. Other bids were:
bonds.
Ot is' ^& Co°, *C1ev eland_ %- - - $367,500 Sweet, Causey, Foster &
C
HEN R YETTA, Okmulgee County, Okla.— B O N D S A L E . — On Jan. 10
C o., Denver_____________$361,055
FieTd? Richards' A Co .'c jn - 366,695
C. II. Shaw_______________ 360,750 tho $100,000 6 % 25-year water-works-construction bonds (V . 102, p. 173
Prov S. B. & Tr. Co., Cin_ 362,605
Sidney Spitzer & C o., T o l .. 360,600 wore awarded to tho U. S. Bond & Mtg0. Co. of Dallas, lex ., at 10(> and
Powell. Garard & Co., Chic. 362,500
Interest, a basis o f about 5.55%. Other bids
J. R. Sutherlin & C o., K. C. 361,800 E. II. Rollins & Sons, Denv. 360,600 John Nuveen & C o., Chic..$105,935 C. Edgarwore:
Honnold. OkLCy.$ 105,025
p M Grant & Co., C h ic.- 361,726 Stacy & Braun, Toledo------ 358.650 G. I. Gilbert, Okla. C it y ... 105,8351 A. J. McMahon, Okla-City. 105,010
Keeler Bros., Denver--------- 357,975
First Nat Bank of G lobe.. 361,270
HOBOKEN, Hudson County, N. J.— B O N D S A U T H O R I Z E D . — The
P iiT jq COUNTY (P. O. Pulaski), T en n .— B O N D E L E C T I O N . — The
Board of City
ordinance on
proposition to issue $500,000 road-impt. bonds will bo submitted to a vote the issuance of Commissioners passed an coupon (with Jan. 5 providing for
$20,600 4% 30-year gold
privilege of registra
it is stated, on March 25.
tion) funding bonds. Denom. 20 for $1,000, 1 for $600. Date Jan. 1 1916.
GILLESPIE, M acoupin C ounty, Ills.— V O T E .— 'The vote cast at the Principal and semi-annual interest— J. & J.— payable at office of ( Ity
election held Doc. 14, which resulted in favor of the issuance o f the $6,000 Treasurer.
5 % coupon refunding bonds (V. 101, p. 2161), was 140 to 109. Denom.
HO U STO N , T e x — B O N D S A U T H O R I Z E D . — Local papers state that
$500. Int. payable at office of City Treas. Due $500 yearly on Jan. 2
on Jan. 11 the City Council authorized tho issuance of $1,500,000 harborfrom 1925 to 1936 incl.
improvement, $500,000 drainage. $38,000 water-works-system, $34,000
GRANT COUNTY SCHOOL D ISTR IC T NO. 9, W ash.— B O N D street-paving and $30,000 bridge 5% bonds.
S A L E — On Jan. 3 the $10,000 20-year school bonds (V . 101, p. 2161) were
H O W AR D CO U N T Y (P. O. Kokom o), In d .— B O N D O F F E R I N G .—
awarded to the State o f Washington at par for 5s. The bid stipulated
however, that the bonds can be redeemed after Jan. 3 1917. Other bids Bids will be received until 10 a. m. Jan. 20 (and thereafter until sold) by
Ora J. Davis, County Treasurer, for the following 4 ) 4 % highway-improvoKf-rier Bros Denver
.......................... $10,035 and interest for 5s
$9C800*John W . Wright et al road bonds In Monroe Twp. Denom. $ 190.
Fenrtlf5 ? llardgrovc, Spokane...................... (j0,002 and interest for 5 g .
7 ’400 J. W. Johnson et al road bonds In Center Twp. Denom. $370.
4 ’800 Sam McReynolds et al road bonds In Center Twp. Denom. $210.
In Center Twp. Denom. $080.
UiSe^Trust8* ' Sav 'ifank^Spokanel 111111 10,036 ancMnt ”rek°for ^5 H s 13 600 Lum Howell et al road bonds bonds In Honoycreek Twp. Denom.
11 800 Carl Elkenberry et al road
$590.
s S y l S t f e f &rcoT r toi^ S :.Spok. n. : : : : i 8 i & S
a e
S
p f .* '
HO W AR D C O U N T Y (P. O. Kokomo), In d . — B O N D S A L E . — KlsO arst£JP Earles, Inc.. S eattle.................- 10,121 and in t e n t for 6 s
&
worth Hunt has been awarded at par and Int. the $1,120 414 % QuackeiiW. D . Perkins & Co., Seattle........................ 10,035 and interest ror bs
bush road Impt. bonds which were offered on July 8 last.— V . 100, p. 2181.
('has. S. Kidder A C o., Chicago. .
. . — 10,011 for bs
HUBBARD CO U N T Y (P. O. Park Rapids), M inn .— B O N D S A L E . —
Denom. $1,000. Date Jan. 3 1916. Int. J. A J.
O n Jan. 6 $40,000 10-yr. State Rural Highway bonds were awarded to the
GREAT FALLS, Cascade C ounty, M ont.— BOND E L E C T I O N
Northwestern Trust Co. of St. Paul at 101.55 for 5s. lhere were three
__According to local papers, an election will be held February 5, to
submit to a vote the question of issuing $150,000 20-year bonds at not other bidders. Denom. $1,000. Int. J. & D.
exceeding 6 % int., for installing and constructing a filtration plant.
HUDSON CO U N T Y (P. O. Jersey City), N. J.— BOND SALE.— On
*
GREENVILLE, Greenville C ounty, So. Caro.— B O N D E L E C T I O N .— Tan 1 * tho $*10 000 ‘4 ^ % 30-year registered asylum-addition bonds.
V 102 p 174i were awarded to R. M . Grant & Co. of New York at
Local papers state that an election will be held Jan. 25 to vote on the ques
-------... ----- tion of issuing $75,000 publlc-school-impt. bonds. These bonds were iric 9 7 ft__a basis of about 4.18%• Other bids were!
--------------I _ ooo
& C o., Phila. 105.2731 W .N .
voted M ay 20 1915 but on account of a technical error the election was M . M FreemanWeeks, N. Y . 105-106 SpitzerColor & C o., N. Y .------Inl'Inn
Hornblower &
& C o.. N . Y . . .
104.596
declared invalid.
. 104.8971Harris, Forbes & C o., N. Y_ - 101.423
B O N D .SALE.—The three issues of 5% 30-year coupon bonds, aggre A B L each& C o. N .Y
gating $133,500, offered on June 22 (V. 100, p. 1947) were awarded on Remick, IIodgesA C o., N. Y. 104.7931Outwater & Wells, Jer. City.104.03
HUM BOLDT, Allen County, K a n .— B O N D S A L E . — An Issue of 512,
that day to R . M . Grant & Co. o f New York.
GRINNELL INDEPENDENT SCHOOL DISTR IC T (P. O. G rinnell). 0 0 0 5 % 5-15-yr. (opt.) water-works-impt. bonds has boon awarded to local
Pow eshiek C ounty, Iow a .— B O N D E L E C T I O N .— The Election to vote people at par. Denom. $100. Date Feb. 1 1916. Int. F. & A.
H U R LO CK , Dorchester County, Md.— B O N D S N O T Y E T I S S U E D .
on the question of issuing the $70,000 building bonds (V. 101, p. -08J)
— The City Clerk advises us under date o t Jan. 13 that tho $45,000 sewti
will be held Feb. 7.
GROVELAND (T ow n) (P. O. G roveland S tation), L ivingston and water bonds voted July 25 1914 have not yet boon Issued.— V . 1 1 1 1 .
.
C ounty, N. Y .— B O N D S A L E . — The Genesee Valley Nat. Bank of Geno- p. 1647.
HURON SCH O OL D IS T R IC T (P. O. Huron), Erie County, Ohio.
seo has been awarded at 100.25 an issue of $2,000 5% bridge bonds. Denom.
B O N D S D E F E A T E D . — The question of Issuing $4,800 high-school-impnn c$1,000. Int. ann. on Nov. 1. Duo $1,000 on Feb. 1 1917 to 1918.
ment bonds was defeated at tho Jan. 3 election by a vote or 16- ior vo
GUERNSEY COUNTY (P. O. Cam bridge), Ohio .— B O N D S A L E . —
On Jan . 4 the $6,000 5% 6 M-year average coupon infirmary bonds (V. 102, 190 “ against,” it Is stated.
JACKSON, Hinds County, Miss.— B O N D S A L E . — The $36,000 park
p 85) were awarded to Seasongood & Mayer of Cincinnati at 103.35 and
property purchase bonds voted Dec. 11 (V. 101. P- 2089) have been taken
frit., a basis of about 4.40% . Othor bids were:
Stacy & Braun, Toledo— *$6,201 30 Tillotson A Wolcott C o..$6,192 60 by Samuel Livingston in payment for tho property.
R . L. Dollings Co., H am -- 6,200 00 Otis & C o., Cleveland___ 6,180 00
JASPER
N T Y (P. O. Rensselaer), In d -Tr®0
7
Prov. S. B. & Tr. Co.,Cin_ 6,178 20 Dec. 31 the CO Uissues of 5% ditch bonds, aggregating £7? 0 ^ 0 *7, were
Breed, Elliott A Harrison,
___
two
811,86Cincinnati_____________ 6,193 80 Cummings; Prudden & Co.,
awarded to Edward O'Gara of La Fayette at par and int- V.101U p. -089.
Toledo______- _________ 6,170 00 Breed, Elliott & Harrison and Miller & Co. of Indianapolis each bid par.
* Received too late for consideration.
JOHNSON CO U N T Y (P. O. Franklin), In d .— B O N D O F F E R I N G .—
HAMILTON, B utler C ounty, O h io.— B O N D O F F E R I N G . —-Bids will Harry Bridges, County Treasurer, will receive bids until it) a. m. Jan. 18
be received until 12 m. Jan. 19 by Ernst E . Erb, City Aud., for the follow for the following 4 ) 4 % road bonds in Pleasant rownship:
ing street-impt. bonds:
_ . „ . $10,000 Samuel Cutsinger et al road bonds. Denom. $,>uu.
- -------------------,
7,000 Francis Trout et al road bonds. Denom. $350.
$22,773 90 4 ) 4 % Sycamore St. bonds. Date Sept. 1 1915.
Date Jan. 15 1916. Int. M . & N. Duo ono bond of each issue each six
22,594 70 5% Hanover St. bonds. Date Aug. 1 1915.
months from M ay 15 1917 to Nov. 15 1926, inclusive.
8,777 20 5% North Fifth St. bonds. Date Sept. 1 1915.
Maple Ave. impt. bonds. Date Aug. 1 1915.
3,553 60 5%
JOPLIN SCHOOL D IST R IC T (P. O. Joplin), Jasper County, Mo —
964 80 5% street-oiling-impt. bonds. Date N ov. 1 1915.
Interest seml-ann. Due part yrly. from 1 to 10 yrs. Incl., except tho B O N D S A L E . — On Jan. 4 tho $300,000 sito-purchaso, high-school-bldg,
last issue, which matures in one year. Cert, check for 5% o f amount of and equipment and $50,000 grade-school-blag. 4 H % lO -2 0 -y r. (opt.)
coupon
p. 1996) were awardedl to'Smith, Moore & Co. and
bid pavable to City Treas., required. Bonds to be delivered and paid for W m. R.bonds (V. 101. of St. Louis for $357,255 (102.072) and int., a basis
Compton Co.
within 10 days from time of award. Purchaser to pay accrued interest.
G about 4.244% to optional date and about 4.344% to full maturity.
f
HAMILTON COUNTY (P. O. N oblesville), In d .— B O N D O F F E R I N G
K ER N CO U N T Y (P. O. Bakersfield), Calif.— B O N D S A L E . —On
— Bids will be received until 11 a. m. to-day (Jan. 15) by L. G. Homy
Jan. 4 tho $500,000 5% 15H-yr. (aver.) coupon tax-free highway-impt.
County Treasurer, for seven issues of 4 ) 4 % highway-improvement bonds
Jan . 15 1916.]
THE CHRONICLE
bonds (V. 101, p . 2161) were awarded, it is stated, to the Lumbermen’s
Trust C o. o f Portland for $636,552 (107.31), a basis o f about 4.347% .
26 9
K N O X C O U N T Y (P. O. Vincennes), In d .— B O N D O F F E R I N G . —
merciai Trust & Sav. Bank, Chicago, $1,008,579 40 and int.
Bank o f Commerce & Trust C o., Memphis, $992,076 50 and int.
Harris Trust & Sav. Bank, Chicago, $986,517 and int.
.
L AFAY ET TE CO U N TY (P. O. Lexington), Mo.— N O A C T I O N Y E T
nnn • _ ? f i )P0sals, r e c e i v e d until 10 a. m. Jan. 18 for a loan o f $200,
^
T
000, dated Jan. 18 1916, and maturing Nov. 8 1916, it is stated.
Proposals will be received until 2 p. m. Jan. 21 by E . P. Blann, County
Treasurer, for $15,100 4)4% highway-improvement bonds, it is stated.
T A K E N . — No action has yet been taken towards the offering o f the $49,000
Waverly Hist, road bonds voted Nov. 24 (V. 101, p. 1904).
LAKE NORDEN, Hamlin County, So. D ak.— B O N D
E L E C T IO N
M ID D LESEX C O U N T Y (P. O . Cambridge), Mass .—
L O A N
O FFE R -
D M IL P IT A S SCHOOL D IS T R IC T , Santa Clara County, Calif.—
B O N D
HAninr O T F E irn»t
A F AR I N
G .
— Proposals will_be „received_~
i, „ : „ , ,
__ i r /-i___. until 11 a. m f Feb. 7 by
*
P R O P O S E D . — Reports state that the question o f issuing electric-light and
water-works-system bonds will probably be submitted to a vote in the
spring.
LAW RENCE C O U N T Y (P. O. Lawrenceburg), T e n n .— B O N D E L E C
T I O N P R O P O S E D . — Reports state that an election will probably be called
some time in March to vote on the proposition to issue $350,000 road bonds.
LEONIA SCHOOL D IST R IC T
(P. O. Leonia), Bergen County,
N . J.— B O N D S A L E . — The $48,000 4 1 4 % 22-year average coup, (with
priv. o f reg.) school bonds which were offered on July 8 1915— V. 101, p.
63— have been awarded to the Hackensack Trust Co. o f Hackensack.
LE W ISB U R G SCHOOL D ISTR ICT (P. O. Lewisburg), M arshall
County, T enn.— B O N D S V O T E D . — Reports state the question o f issuing
$50,000 high-school-bldg, bonds was authorized at a recent election.
LEWIS C O U N T Y SCHOOL D IST R IC T (P. O. Chehalis), W ash .—
B O N D S V O T E D . — The question o f Issuing the $13,000 refunding bonds—
V. 101, p . 1996— carried, it is stated, at the election held Dec. 31.
L IC K IN G C O U N T Y (P. O. Newark), Ohio.— B O N D O F F E R I N G .—
Bids will be received until 1 p. m. Feb. 1 by Ben B. Jones, Clerk o f Board
o f County Commissioners, for the following 4)4% bonds:
$18,000 bridge bonds. Due Feb. 1 1921.
25.000 inter-county-highway N o. 23 bonds. Due $2,500 each six months
from Aug. 1 1916 to Feb. 1 1921 incl.
10.000 inter-county-highway No. 23 bonds. Due $1,000 each six months
from Aug. 1 1916 to Feb. 1 1921 incl.
Denom. $500. Date Feb. 1 1916. Prin. and seml-ann. int., F. & A .,
payable at office o f County Treasurer. Certified check for 10% of amount
bid, payable to President o f Board o f County Commissioners, required.
Purchaser to pay accrued interest.
LINCOLN C O U N T Y (P. O. North Platte), Neb.— B O N D O F F E R
I N G . — Sealed bids will be received until 5 p. m. Feb. 14 by C. W . Post,
County Clerk, for an issue o f $14,000 bridge bonds, reports state.
fied check for $500 required.
Certi
L IN T O N, Emmons County, No. Dak.— B O N D E L E C T I O N P R O
P O S E D . — Local papers state that an election will probably be called to
vote on the question o f issuing municipal electric-light-plant bonds.
LODI SCHOOL D IST R IC T , San Joaquin County, Calif.— B O N D
O F F E R I N G . — Proposals will be received until 11 a. m. Feb. 8 by the County
Clerk (P. O. Stockton), it is stated, for the $40,000 5% building bonds
voted Dec. 17 (V . 102, p. 8 6 ). Denom. $1,000. Due serially for 20 years.
L ORAIN, Lorain C ounty, Ohio.— B O N D O F F E R I N G . — According to
reports bids will be received until 12 m. Feb. 1 by Geo. N . Damon, City
Clerk, for $11,007 4)4 % 5 2-3 year average paving bonds. Int. semi-ann.
Certified check for $300 required.
LOVELOCKS VALLEY D R AIN AG E D IST R IC T (P. O. Lovelocks),
H um boldt County, Nev.— B O N D O F F E R I N G . — Proposals will be re
ceived until1 2 p. m. Feb. 15 by J. P. Goodwin, Secretary o f District, it is
stated, for $43,000^7% drainage bonds. Interest semi-annual. Certified
McftHNNViLLE, Y am hill County, Ore . — B O N D O F F E R I N G .— Pro
posals will bo received until 7:30 p. m. Jan. 25 by A. C. Chandler Citv
f e « ? r3245 to Q 2-t,5 T^r^ J * 10' / ear
o
improvement bonds. AutlR
f^S-annual 3253' ^ d °
ia w s ’ ^ ate Feb’ or M ar’ 1 1916- In tPROPOS^FD1?_TM 7N T Y f(P; ° ’ Edwardsville). Ills . —
B O N D
E L E C T IO N
trftlifl vntm ;
coun‘ y ,s contemplating calling an election to submit
p° 209oT 1
th proposltlon to Issue th« $ 1 ,0 0 0 ,0 0 0 road bonds.— V . 1 0 1 ,
Other^bids were:' ^ AngCleS at 1 9 4 ' 1 3 and
b ls ^ o f a b S u t ^ . ™ 1
State Board o f Control, Sacramento____
*on 7 cn
Perrin, D rak e* Riley, Los Angeles..............— — — I " ------------- 20,203
°i[fic,e- Due ? 1,000 yearly Feb. lfrom * 1917 to f928.1ndliaiva. Certuied check on a reliable bank for 5% of bonds bid for, payable to the Clerk
of Board o f County Supervisors, required. Bids must be unconditional
M IN N ESO TA . — B O N D S P U R C H A S E D
B Y
S T A T E . — During
the
“ r t n ° L ? ^ ^ A % % e00f :MIlmeSOta purchased at par ‘ he f lo w in g
C o u n ty
S ch ool D istrict
A m o u n t. T
Becker No. 114
$2,500
Big Stone No. 1 (In d.)........... *6,0 66
Carlton No. 28___________
800
Chippewa No. 1 (In d.)----------12.000
Chippewa N o. 50---------------- 1,200
Chippewa N o. 71------------------2.000
Clay No. 75 (In d.)..................... 8 ,500
Dodge No. 76----------2,000
Fillmore N o. 168_____________2,200
S& g& n
B on d s.
__
Todd
no.
6 5 .::::::;;::—
’goo
Yellow Medicine No. 4 0 .Z Z Z Z 1.800
fTe!)ra^ e S ? o a*5 .'0 0 0 r rUman
♦Dated Dec. 8 1915.
Dec. 23 1915.
A m o u n t.
Lyon N o. 78------------------------ $2,000
Norman N o. 33____
1 400
Pennington N o. 221________ I 1,000
Redwood N o. 94_____________2,200
Sherburne N o. 41____________1,800
Stems N o. 34___________
i 500
Sterns N o. 69
o ’nnn
aDated Dec. 24 1915.
Martin C o— _o$5 .0 0 0
Remaining issues dated
16 Issues, A ggregating $25,666, Purchased D uring Ju lv
, C o u n ty S c h . D is t .
D a te.
D u e.
O n tio ria l
£ lgLHoS No. 29- .........July 1 1 9 1 5 Ju>y 1 1925 JulyP T l9 2 1
2-000 £ uster N o. 6 ---------------Nov. 1 1914 N ov. 1 1924 N ov. 1 1920
0 Ann g aw son N o. 115-----------July 1 1915 July
1 1925 July 1 1920
2-000 f e r s ^ N o . 62------------May 28 1915 M ay 28 1925 Alay 18 1920
800 * erSusNo. 127------------June 15 1915 June 15 1925 June 15 1920
1 1$8
£ n M l -----------2?
1 1 9 2 5 June 11920
o non
No.- 142............ M ay 11915 M ay 2 6 1925 M ay 26 1922
U
’ 1 1 --------- T ]y
2 ’589 H l f e
i:!s o g S M
5
5
S
:
-
1 1925 July
}
f
E
? 1
I
S
1 1923
1
1
2.000 Stillwater N o. 4 3 .. . " A p r i l 1 1915 April 1 1925 Anril
1 19 1S
3.000 Yellowstone N o. 3 9 . . . July l 1915 JiSy 1 1935 JiSy
l 1925
sqro1 pf^m®S^ AgJ??egatlng S38,240, P urchased D uring A ugu st.
5960 Blaine N o. 27— _______A uet. 1 19 1/5 Auer
—
1
Ah< i 1 0 0 1
f
Inn 5Foa(|wateJ N o * 31— Aug.
1 1915 Aug. 1 1925 Auf.’ 1 1920
499 Chouteau No. 39.........July 15 1915 July 15 1925 July 15 1920
ion 5 awson N o. 6 ............. .July 15 1915 July 15 1921 July 15 1920
• 1 nAA S awson No- 17 .-----------July 15 1915 July 15 1925 July 15 1923
^’nAA Dawson N o. 82----------- Aug.
11915 Aug. 1 1925 Aug.
11923
0 900 Fergus No. 54.........— July
11915 July 1 1925 July 11920
3.000 Fergus No. 1 2 0 ............. July
11915 July 1 1935 July 1 1925
2.500 Fergus N o. 138-------------July 12 1915 July 12 1930 July 12 1918
1.500 Gallatin N o. 75-------------July 15 1915 July 15 1925 July 15 1923
A£f^
?-rson£ ? °’ n 6 ........ 4 ug‘ 1 1 9 1 5
Au&- 1 1925 Aug. 11923
*3.500 Madison No. 2---------Aug. 1 1915 Aug. 1 1925 Aug. 1 1918
t ’RSS
N o. 52.........Aug. 1 1915 Aug. 1 1925 Aug. 1 1918
Missoula N o. 25------- Aug. 1 1915 Aug. 1 1918 Aug. 1 1917
1.500 Park No. 4 6 ,..,-------- Aug. 11915
Aug. 1 1925 Aug. 11920
11915
July 1 1925 July 11923
2 ,c?n ETN^0 ? ^ 1^ .......... duJy
efA S lchl^n d ^ ° ’
------- J!?ly 1 5 1915
1 1930 July 11923
1 £££
June
1 1 9 1 5 June 1 1925 June
11921
i 'inn Wibaux No. 3 . . .
...A u g . 15 1915 Aug. 15 1930 Aug. 15 1925
♦I’ snn vn!}O Sione xt° ’ oS— July
W
11915 July 1 1930 July 1 1925
*4.500 Yellowstone N o. 3 2 ...J u n e 1 1915 June 1 1930 June 1 1920
___________
22 ^Issues, ‘
•
:
“'T
“
" " ‘ 'J
MT
’ ° “ “ *'”''*“ “ '1920
M AR IO N -W ALTH ALL CONSOLIDATED H IG H SCHOOL TJT‘5T R ICT, Miss .— B O N D S V O T E D .— According to reports the election held
Dec. 29 resulted in favor o f the question o f issuing $3^000 buildtngbondsf d
M ARTIN C O U N T Y (P. O. Fairm ont), M in n __nnxrr>“ V
*"o
Jan. 5 the $100,000 1-19-yr. (ser.) drainage bonds (V. 102 p 8 6 ) ' were
1.000 Fallon N o. ^ " " " ^ ^
1f 1915j S y ' V l l o
jf l
Fal °n > ° . 4 -----------Sept. 7 1915
Ju ly 1 1 9 2 1
July 1 1 9 1 9
! 9 0 PallonN °. 2 --------- July
11915
July 11921 July 1 1 9 1 9
1 nnn S er8 u s N °. 140--------- Sept. 6 1915
Sept. 6 1921 Sept. 6 1918
I ’ onR ? e£Fus No- 136.--------- Sept.
15 1915 Sept. 15 1925 Sept. 15 1 9 2 0
1 ’Inn
**o8 'n ept’
1 1 9 1 5 Sept. 1 1925 Sept.
11920
Other Wds0 were^
tem W s t C o ’ 0 ? S t ’ Paul at 1 0 9
for 4)4™
H R n Lewls ^ C1
la^ N o. 30.Sept. 15 1915 Sept. 15 1935 Sept. 15 1920
Wells & Dickey C o ^ Minneapolis, $100,260 for 4)4s.
? ’onn ?JUsse!Sue. ! ^ 0, 12----- July
1 !9 i5 July
1 1920 July
11919
A . B. Leach & Co., Chicago, $100,200 for 4)4s.
™
o ’inn Musselshell N o. 43----- July
1 1915 July
1 1925 July
1 1918
Fairmont Nat. Bank. Fairmont, $102,800. for 5s
2 ,tin
i^PT 13b---------Sept.
1 1915 Sept.
1 1935 Sept. 1 1925
Denom. $1,000 and $500. Date Feb. 1 1916.
inn m Cman5 S ° ’ §1-------£ ug’ 1 5 1 9 1 5 AuS- 1 5 1935 Aug. 15 1920
b ln n m C
Mani S ° ' , ? o -------Sept.
11915 Sept. 1 1925 Sept. 11920
M ARTINSVILLE CONSOLIDATED SCHOOL D IST R IC T CnniaVi
tnn ami1 a *d
^ ug-1 5 1 9 1 5 AuS- 1 5 1 9 2 3 Aug. 15 1920
?2°mn t?YbM78ib r f ^ s m f t h ^ ^ - n 1 3 ^ ^ 1 1
*
Stillwater N o. 37------- Aug.
1 1915 Aug. 1 1925 Aug.
1 1920
1 ’nnn
-^Sn’ 4 6 ........ Au&11915 Aug. 1 1925 Aug. 11920
1’000 Teton N o. 2 0 .---------- Aug. 28 1915 Aug. 28 1925 A u f. 28 1920
*1,000 Wibaux No. 6 8 _______ Sept.
11915 Sept. 1 1920 Sent
119 19
*2.490 Yellowstone No. 38— July
1 1915 July 1 1935
2.000 Yellowstone N o. 1 4 ...July
1 1915 July 1 1935 J u l y " '1*1925
o,
nnn5?BlJes’ A ggregating $12,600, P urchased D uring October.
®1’825 Carbon No. 1 8 ............Oct.
9 1915 Oct. 9 1925**Oct.
9 1920
* 1 n£2 S h{?utea“ No. 4 2 . . . . Sept. 15 1915 Sept. 15 1925 Sept. 15 1920
S ®,1! 011 No. 7 -------------- Aug. 1 1915 Aug.
1 1930 Aug.
1 19 19
loan o f
1 .§00 Fallon* W ibauxNo.72July
11915 July 1 1920 July 1 1 9 1 9
,100.05 , reMW ^ 5 0 . 0 ^ W v n Y o ^ ^ ° f 7 1916 w
awarded
1.500 Missoula No. 8 ________ Oct. 15 1915 Oct. 15 1920 Oct
15 1918
800 Musselshell N o. 36— .A ug. 11915 Aug.
1 1925 A^g
1 19 2 2
600 Richland No. 71_____ Aug. 15 1915 Aug! 15 1925 A uli 15 1920
_ , .
, „ _
_
D is c o u n t.
Estabrook & C o., Boston___ 2.85% Loring, Tolman & Tupper
1 nRR Richland N o. 94-------- Aug. 15 1915 Aug. 15 1925 Aug. 15 1923
3.05%"
R . L . Day & C o., Boston__ 2.89%
’.
wate r N o . 2 2
Aug. 11915 Aug. 1 1935 A u f. 1 1920
Croploy,
&
. . 3.17%
1.000 Yellowstone No. 20_ Aug.
_
11915 Aug. 1 1935 Aug
119 2 0
H . C. Grafton Jr., Boston_*3.00% Farmers McGaraglo o.,C o. . Y 3.25%
L. & Tr. C
N
2,600
Yellowstone No. 36— July 15 1915 July 15 1925 July 1 5 1920
* Plus a premium o f 25 cents.
r.
B O N D S A L E S .— On Sept. 13 1915 the Commissioners nf
1923
1921
Juned
at Par a $6,0° ° 4% 1' 5' year (sorlal) F orS t St loan d a l^
1921
On Sept. 14 1915 $1,000 1-5-year (serial) and $900 1-3-year (serial) 4<7
1.200 Fallon No. 1...............__Aug. 1 1915 Aug.
1 1925 A u x
i1Q ?
9
mfngBr0 Tn i i u a
s
r
rcr’ dat°d
y 1 1915' W
Or° S° 'd at par t0 «
*1,?Rn Madison N o. 43_____ Oct. 1 5 1 9 1 5 ° c * 1 51 1 9 2 5 ° c * 1 5 1 1923
atIn
--------- RCt500 ?*alH
11915 Oct.
1925 Oct
1 919
800 Prairie No. 12________July
9 1915 July 9 1925 July 9 1920
< b ® S f t 4 ‘ S S S ffii5o ,& 7 ° r Boston- “ Nov- 1 1915 >“"=>“ “ < th.
*
1.000 Richland No. 113........ Nov.
11915 Nov. 1 1935 Nov. 11925
$2,000 1-5-year (serial) sidewalk loan dated Oct. 1 1915
2,500 1-10-year (serial) Hancock Ave. school loan dated Sent i i q k
n !n£ S.®Kebudx^ ° - . 4 0 .......... S Ct’
1 9 1 5 ° cfc- 1 5 1 9 2 5 °Ct- 15 1923
2.500 Wibaux N o. 4------------ Oct. 15 1915 Oct. 15 1925 Oct. 15 1920
1-5-year (serial) Fulton Heights school loan dated Jufy 'lS m s5 '
lssue3>A ggregating $11,000, Purchased During December.
3,700 add. dept, equip, loan dated Oct. 1 1915 and due $800 Oct 1 1 9 1 6
$750 Chouteau N o. 16........ Dec.
1 1915 Dec.
1 1925 Dec
1 1920
and 1917 and $700 Oct. 1 1918, 1919 and 1920
1 1916
1.500 Fergus N o.13 9............ Sept.
11915 Sept. 1 1930 Sept. 11920
iF W i ^ i S js * s -s s s
«>— st- *“
. 258 E61? 1?8 No. 144---------- Nov. 15 1915 Nov. 15 1925 N ov. 15 1920
1.000 Prairie No. 13------------ N ov.
11915 N ov. 1 1920 Nov. 11917
------- Oct. 15 1915 Oct. 15 1930 Oct. 15 1920
* 1 ,5 9 9 Praino N o -64, 588 Richland N o. 93------- Nov. 15 1915 N ov. 15 1925 N ov. 15 1920
bonds was authorized, it is stated, at an election held fan. 1 0 . ° Ui ding
i ’ 8 8 n § lch£ nf £ ° ’ 1 2 0 ------- N ov. 15 1915 N ov. 15 1925 Nov. 15 1920
H 8 8 § ose5u3
---------Sept. 15 1915 Sept. 15 1935 Sept. 15 1925
} ' i 8 n v°?,ebud N o - 36 ------Sept. i 5 !915 Sept. 15 1925 Sept. 15 1923
'“
»
S
«
S
P
g
f
f
1.500 YeUowstone N o. 9------Sept.
11915 Sept. 1 1930 Sept. 11920
'S f a S a a S
S
I
♦Thesaies ofHiese bonds were previously reported in the “ Chronicle.”
Sidney Spitzer & C o., Toledo /fo r 986,000, $1,008,936 and Int.
The $3,500 Madison County School Dist. No. 2 and $4,000 Madison
^ tt p n in_. . Q.__ X , lr l for $964,000, 986,388 90 and int.
T
County Dist. No. 52 bonds bear 5% interest, while the remaining issues
E . H . Rollins & Sons, N . W . Halsey & C o., and the Continental & Com- all carry 6 % .
[Vol . 102.
THE CHRONICLE
270
M ay 1 1916. Int. (rate not to exceed 6 %) payable at the County Treas
urer’s office.
OREGON CITY, Clackama 3 C ounty, Ore.— D E S C R I P T I O N O F
ditch bonds. Auth. Drain. Laws of M o ., R. S. 1909.. Art. IV ., Chap. 41, B O N D S . — The $275,000 (approx.) 5% funding bonds awarded ort-Dcc. 15
and amendments thereto. Denom. $500. Date Feb. 15 1916. Int. to the Lumbermen’s Trust Co. of Portland at par and int. (V. 102, p. 8 6 )
F. & A . at the Co. Treas. office. Due yearly on Feb. 15 as follows: $1,000 are in the denom. of $500 and dated Jan. 1 1916. Prin. and soml-annual
from 1918 to 1922, incl.; $1,500 from 1923 to 1927, incl., $2,000 from 1928 int., Jan. 1 and July 1, payable at the City Treas. office, or at the Oregon
to 1932, incl., $2,500, 1933 and 1934 and $3,000 1935. Cert, check for fiscal agency , _
y New York. Due serially from 2 to 20 years, incl. Bonded
$1,000, payable to the Co. Treas., required. Bonds are taxable in M o. debt, $802,000. Assess, val. 1914, $2,874,756; actual val. (est.) $6 ,and are available for delivery March 15 1916 at the Co.Treas. office. 500,000.
This district has no bonded debt. Assess, value o f real est. in Dist.
O T TA W A , Franklin County, K ans. — B O N D S A L E . —-An issue o f
1914 $45,000: true value of real est., $300,000.
$11,500 5% 1-10-year (ser.) paving bonds was awarded in December to
MODESTO SCHOOL D IST R IC T (P. O. Modesto), Stanislaus Coun local parties at 100.25. Denom. $575. Date Dec. 1 1915. Int. J . & J.
ty, Calif.— N O A C T I O N Y E T T A K E N . — No action has yet been taken
PANAMA C IT Y , Bay County, F la. — B O N D O F F E R I N G —Proposals
towards the calling o f the election to vote on the question of issuing the
$200,000 high-school and grammar-school-building bonds. (V. 101, p. 2090.) will bo received until March 6 by M . A. Coleman, A. S. Hill, J. II. Rogers,
Board of Bond Trustees, for $20,000 5% 20-yr. municipal bonds. Denom.
MONROE Monroe County, M ich.— B O N D E L E C T I O N .— T h e elec $1,000. Date Dec. 1 1915. Int. J. & D. Due Dec. 1 1935. A cashier s
tion to vote on the question of issuing the $75,000 5% electnc-light-plant- or certified check for 10% of bonds bid for, payable to the First Nat. Bank
site-purchase and construction bonds (V. 102, p. 174) will be held Jan. 24. of Panama City, the custodian of bonds, required.
Int. payable annually. Due $5,000 yearly for 15 years.
PARIS, Lamar County, Tex.— B O N D O F F E R I N G . — Prosposals will
MONROE CO U N T Y (P. O. Madisonville), T en n .— B O N D E L E C T I O N be received until 7.30 p. m. Jan. 17 by Judd W . Wright, City Secy., for
— An election will be held March 1, it is stated, to vote on the proposition $50,000 street-improvement and $25,000 public-school 5% 10-50-yr. (Opt.)
to issue $325,000 road-constr. bonds.
coupon bonds voted Dec. 29 1914. Denom. $1,000. Date Fob. 10 1016.
Prin. and semi-ann. int. (F. & A.) payable at the Mechanics’ & Metals
MOORE C O U N T Y (P. O. Carthage), No. Car.— B O N D S A L E . — The
Nat. Bank of New York. Cert, check for 5% of bonds bid for required.
$ 1 0 0 0 0 6 % 7 -year (aver.) coupon (withpriv. ofreg.) county-home-building
bonds offered on June 7 (V. 100. p. 1949) have been awarded to Sidney Official circular states that there is no controversy or litigation pending
affecting tho corporate existence of tho boundaries of tho city nor the title
Spitzer & Co. o f Toledo at par and int.
of its present officials to their respective offices, nor tho validity of any
MOUNT UNION SCHOOL D IST R IC T (P. O. M ount U nion),
H u ntin gton C ounty, Pa. — B O N D O F F E R I N G .— Proposals will be outstanding bonds, and that no previous issues of bonds have ever been
received until 7.30 p. m. Jan. 18 for an issue of $28,000 4H % school bonds. contested nor has there been any default in the payment of principal or
Denom. $1,000. Date Jan. 15 1916. Int. J. & J. Due from 1922 to interest. Total bonded debt, including this lssuo, $984,000; no floating
1946. D. G. Welch is Secy, o f the Bd. o f Education.
, debt. Assess, val. $11,567,655.
PERRY, W yom ing County, N . Y .— B O N D S A L E . — Tho $30,000
These bonds take the place o f the $25,000 4 V % issue which was offered
S
water refunding bonds which were voted Aug. 30 1915 were purchased by
without success on N ov. 22 last.— V. 101, p. 1737.
Isaac W . Sherrill Co. of Poughkeepsie on Oct. 1.
MULLINS SCH OOL D IST R IC T (P. O. M ullins), Marion County,
PERRYSVILLE, Ashland County, O hio.— B O N D S A L E . — On Dec.
So. Caro .— B O N D S A L E . — The $12,000 6 % 20-ycar high-school-building
bonds offered on April 1 1915 (V. 100, p. 834) were awarded to the First 27 the $6,000 5 % 6 ?i-year average Perrysvillo Elec. Light C o.’s plantpurchase and improvement bonds— V. 101, p. 1830— wero awarded to the
Nat. Bank and the Bank o f Mullins on Aug. 20.
N EBR A SK A .— B O N D S P U R C H A S E D B Y S T A T E — During the month Perrysvillo Bank of Perrysvillo for $6,166, equal to 102.766.
PH ILADELPH IA SCHOOL D IST R IC T , Pa .— L O A N P R O P O S E D .—
of December the following bonds, aggregating $24,800, were awarded to
It Is expected that tho Board of Education at its February meeting will'
the State o f Nebraska :
^
~
, - n, $12,800 5% water bonds o f Village o f Bayard at par. Date Oct. 1 1915. announce the necessity for floating a loan of $2,500,000 to provide accom
modations for thousands of part-time pupils throughout tho city and to
Due Oct. 1 1935, opt. after Oct. 1 1920.
10,000 5% paving bonds o f Village o f College View at par. Date Oct. 1 meet other contingent expenses.
1915. Due Oct. 1 1925.
.
PIERCE CO U N T Y SCHOOL D IST R ICT NO. 99, W a3h.— B O N D S
2,000 6 % lighting bonds o f Village o f Davenport on a 5% basis. Date V O T E D . — By a vote of 53 to 22 the question of issuing $12,000 building
Oct. 1 1915. Due Oct. 1 1935, opt. after Oct. 1 1925.
bonds carried, reports state, at an election held Dec. 27.
N EW BEDFORD, Ma3 S.— T E M P O R A R Y L O A N . — A loan o f $200,000,
PINELLAS P AR K DR AIN AG E D IST R IC T (P. O. Pinellas Park,)
maturing Nov. 3 1916, was, it is stated, recently awarded to Blake Bros. Pinellas County, Fla .— B O N D S A L E . — 'The $108,000 6 % 19 HS-yr. (aver.)
& Co. o f Boston at 2.74% discount, plus $2 premium.
coupon drainage bonds offered on Feb. 4 1915 (V. 100, p. 418) were
awarded at 95 on Dec. 28 to Powell, Garard & Co. of Chicago.
N EW CASTLE SCHOOL D IST R IC T , Placer County, C alif.— B O N D
S A L E . — On .lan. 4 the $12,000 5% 1-20-yr. (serial) building bonds (V. 102,
PIT T S B U R G H , Pa. — B O N D S A L E . — Wo have just been advised that
p. 8 6 ) were awarded to Blythe, Witter & Co. of San Francisco at 104.30, $300 000 4 Vi % 1-30-vr. (serial) water bonds, series " A ” , dated Scyt. l
a basis of about 4.589%. Other bids were r
1914, were so id Jan. 21 1915 to tho Mellon National Bank of Pittsburgh
Wm.R.Staats Co., Los An.$12.395 00 Tor.Marshall & Co.,San F.$12,281 50
par and int.
State Board of Control_ 12,385 00 Girvin & Miller, San Fr._ 12,277 00 at PO LK C O U N T Y (P. O. Des Moines), Iowa.— B O N D O F F E R I N G . —
_
Byrne & McDonnell, S.F. 12,359 00 N.W .Halsey & C o., S. F. 12,223 75
Gilbert W. Smith_______ 12,338 00 G.G.Blymyer & Co., S. F. 12,077 50 Local papers state that the Board of Supervisors will offer for sale on Jan. z-i
Denom. $600. Date Jan. 1 1916. Int. J. & J. Due $600 yearly from $60,000 bridge-construction bonds.
PO N TIAC, Livingston County, Ills.— B O N D E L E C T I O N P R O
1917 to 1936. incl.
NEW Y O R K C IT Y.— B O N D S A L E . — The Sinking Fund o f this city P O S E D . — This city is contemplating calling an election for the latter part
during Dec. 1915 purchased at par $112,500 3% corporate stock for various of February to vote on the question of issuing $20,000 sewerage-systempuriflcatlon-plant-construction bonds.
municipal purposes, maturing N ov. 1 1936.
The following short-term securities, aggregating $4,284,500, and con
PO R TLAN D , Ore.— B O N D S A L E . — The following bids were received
sisting o f special revenue bonds and corporate stock notes, were issued for the $97,429 6 % 10-year street-improvement bonds offered on Dec. 2B
during December:
'
(V. 1 0 1 , p. 2162):
A m o u n t.
M a t u r it y .
P ric e
Am ount
R even u e B o n d s — 1915—
D ]1 Am ount
P r ic e
$33,500
Dec. 16 1916
B id .
B id d e r —
B id fo r .
B id d e r —
B id fo r .
B id .
Special________________________________
1 .0 0 0
Dec. 24 1916
106.12&
John Murphy___ $1,000
nenry T eal-...........$97,429
250,000 Lumberm. Tr. C o . 97,429 106.27 Francis M . Relf_ /
I On or after!
_
500 106.00
do ________________________________ 3
106.09
1J a n .3 1916/
1 500 106.10
300,000 Hoehler, Cummings 97,429 103.38 W m. Adams, City
2 1-5 Mar. 10 1916
& Pruddcn_____
do
Treasurer—
Oregon Life Ins.Co. 50,000 106.12
Total revenue bonds (special) — ................................................. $584,500 Ladd & Tilton B k. 25,000 105.90
”
'. Bond S .F . 97,429 1 0 0
ng Fund_ 45.000 10 0
_
C o rp o ra te Stock N o te s —
25,000
Mar. 6 1916 $1,500,000 L. E . W ing............. ’ 25,000 105.15 Acct. Public Docks
Rapid transit--------------------------------------2M
104.95
1,000,000
Mar. 8 1916
Sinking Fund:
_ __
25.000 104.75
2 0 0 ,0 0 0
Mar. 10 1916
10 0
£
:::::::::::::::::::::::
Series “ A ” _ 1,700
25.000 104.50
500.000
Mar. 6 1916
10 0
Various municipal purposes---------------- 2 M
Series
“ B ” _ 1,300
104
500.000 Citizens B a n k ____ 25.000 106
Mar. 7 1916
10 0
do
do
do
................... 2 M
Series
"G ” _ 2,900
Mrs. F. T . R u tto .. 2 ,0 0 0
1 ,0 0 0
106
Total corporate stock notes________________________________ $3,700,000 Mrs.AmalioQuirolo awarded $75,000 at 106.27 and int., and W m. Adams,.
Henry Teal was
N IA G A R A CO U N T Y (P. O. Lockport), N . Y .— N O A C T I O N Y E T
City Treasurer, account Sinking Fund, was awarded $22,429 at par and int.
T A K E N . — The County Treasurer under date o f Jan. 12 writes that no
PO RTLAND SCHOOL D ISTR ICT (P. O. Portland), Meigs C ounty,
action has yet been taken looking towards the issuance of the $ 10 0 ,0 0 0 O h io.— B O N D E L E C T I O N P R O P O S E D .— 'This city proposes to hold an
building bonds voted N ov. 2 1915.— V. 101, p. 1572.
election in the near future to vote on the question of issuing $2,500 build
NOLAN CO U N T Y (P. O. Sweetwater), Tex.— B O N D S D E F E A T E D . —
ing bonds. If voted, these bonds will take tho place of the $2,500 issue
The proposition to issue $150,000 court-house bonds failed to carry at the which was advertised for sale on July 2 last, but never sold.
election held Dec. 18. The vote was 354 “ for" and 465 “ against.
PRESTON C O U N TY (P. O. Kingwood), W . V a.— B O N D E L E C T I O N
N O R FO LK C O U N T Y (P. O. Dedham), Mass.— L O A N O F F E R I N G . —
P R O P O S E D . — An election will probably bo called in Lyon District to v ote
Dispatches state that bids will be received until 10 a. m. Jan. 18 for a loan on the proposition to lssuo $130,000 road bonds.
_■
of $150,000 maturing N ov. 19 1916.
B O N D E L E C T I O N . — The question of Issuing $164,000 5% 34-yr. King*
N O R TH ADAMS, Berkshire County, M ass.— B O N D S A L E S . — -The wood Dist. road bonds will be submitted to a vote on Jan. 25.
B O N D S V O T E D . — Tho election held Doc. 7 resulted in favor of tho pro
North Adams Savs. Bank of No. Adams purchased at par on Aug. 10 1915
an issue of $3,500 4% 5M-yr. average clty-hall-annex bonds. Date Aug. 10 position to issue $250,000 5% 5-24-yr. (opt.) road bonds in Portland Dis
trict. The vote, it is stated, was 597 to 313.
1915. Due yearly on Aug. 10 from 1916 to 1925.
. .
™
An issue of $10,000 4% 11-year refunding bonds w m awarded to N . W
O U AR R YVILLE SCHOOL D IST R ICT (P. O. Quarryvllle), L an
Harris & Co. o f Boston at 101 on Sept. 1 last. Date Sept. 1 1915. Due caster County, Pa.— B O N D S A L E . — The $14,000 4 V?% coupon building
bonds (unsold portion of an issue of $23,000) wero disposed of at par and
Sept. 1 1926.
N O R TH BEND, Coos County, Ore.— B O N D S A L E . — On Dec. 28 int. on Nov. 29 last.— V. 101. p. 1649.
$27 128 30 6 % 1-10-yr. (opt.) paving bonds were awarded to Carstcns
RANDOLPH SCHOOL D IST R IC T , Orange County, C alif.— BOND
& E a rles, I n c ., o f Seattle at 101.10. Denom. $500. Int. semi-annual.
Q A ij.’ __On Jan. 5 $66,000 5% coupon tax-freo building bonds were
N O R TH D A K O T A . — B O N D S P U R C H A S E D B Y S T A T E . — During the awarded it is stated,’to tho State Board of Control for $69,500, equal to
month of December the following 4% bonds, aggregating $20,400, were 105.303. Denom. $500. Date Feb. 1 1916. Int. F. & A. at the County
purchased by the State of North Dakota at par •
Treasurer’s office.
___ _____
M ISSISSIPPI CO U N T Y DR AIN AG E D IST R IC T NO. 31 (P. O.
Charleston), M o.— B O N D O F F E R I N G . — Proposals will be received until
12 m. Feb. 1 by Mary H. Lee, County Treas., for $30,500 6 % coupon
S
A m o u n t.
$1,000
1,200
1.000
1.000
3.000
12,000
I 200
’
P la c e .
P u rp o se.
D a te .
D u e.
N ov. 1 1915 N ov. 1 1935
Bluffton S. D ...........Building
N o v .23 1915 N ov. 23 1925
Chatfield S.D.No.39.Building
N ov. 1 1915 Nov. 1 1928
Chilton S. D ---------- Refunding
N ov. 1 1915 N ov. 1 1935
Fayette S. D ...........Building
N ov. 1 1915 Nov. 1 1920
Hamilton Spec. S.D.Refunding
Oct. 15 1915 c ,0 0 0 1924
Sioux County...........Funding
............- " W O$ 1 t T l Syearly
Walker S. D _______1400 Funding! N ov. 10 1915 N ov. 10 1930
\800 Building)
N O R TH HEMPSTEAD (T.) UNION FREE SCHOOL D IS T R IC T
NO. 11 (P. O. Carle Park), Nassau County, N. Y . — B O N D S A L E . —
On Jan. 10 the $12,000 5% llH -y r . average reg. bldg, bonds dated Dec. 28
1 9 1 5 — v . 1 0 2 , p. 86 — were awarded to H. A. Kahler & Co. of N. Y . at
103.50 and int.. a basis of about 4.60% . The other bidders were :
Isaac W. Sherrill Co., Poughk.. 102.73 ltoslyn Say. Bk., Roslyn------101.35
Hempstead Bank. Hempstead.102.21 Bank o f Wratbury
------- 101.25
Geo. B. Gibbons & C o., N. Y . 102.01 |Farson Son & Co., N. Y ------- 100.3<
RECTO R W ATER W O RK S AND SEW ER IM PROVEM ENT D IS -
t h i p t (P O Rector). Clay County, Ark.— B O N D S A L E . — Tho two
issues of 6 % bonds, aggregating $56,000, offered on Feb. 3 1915 (V. 100*
p. 418), were awarded at par on Dec. 18 to Bolger, Mosser & Willaman
o f Chicago.
R EH O BO TH BEACH, Sussex C ounty, Del.— BOND S A L E ^ T h o
$20,000 6 % 30-yr. bonds offered, but not sold, on M ay 29 1915— V. HU.
p. 1038— wero awarded to the Sussox Tr. Co. of Lowes at 07T
^r'% t
Sept. 1 last. Denom. $500 and $1,000. Dato Sept. 1 1915. Int. M . & S.
RIDGEFIELD, Clark County, W ash .— D E S C R I P T I O N O F B O N D S .
The $11 000 6 % municipal-water-system bonds awarded during November
to John E Price & Co. of Seattle^V. 101. n. 2 0 9 1 -a re n the denom of
$500 and dated Jan. 1 1916. Int. Jan. 1 and July 1. Duo Jan. 1 1J31.
- r IPON, Fond du Lac County, W is. — B O N D S V O T E D . - T h e question
of issuing $3 ,0 0 0 municipal opera house building bonds carried, it i- . tat d.
at an election held Jan. 11.
_
.
NORTON SCHOOL D IST R IC T (P. O. Norton), Norton County,
Kans — B O N D S V O T E D . — At a recent election this district authorized tho
Issuance o f $40,000 4% 20-year building bonds. F. M . Duvall Is Clerk
of Board of Education.
O AK W OOD (P. O. Dayton), Montgomery County, O hio.— B O N D
S A L E . — On Jan. 2 the $28,050 5% 5H -yr. average coupon street-paving
bonds.— V. 102, p. 86 — were awarded to the Security Savs. Bank & Tr.
Co. o f Toledo for $28,487 50 (101.559) a id int., a basis of about 4.67% .
Other bids w ere:
___
,
_
. _
_
Sid. Spitzer & C o., T o L ..$28,236 Dayton Savs. & Tr. C o.,
Seasongood & Mayer, Cin__ 28,2201 D a y t o n ---------------------- .-$28,125
O K ANOGAN C O U N T Y CONSOLIDATED SCHOOL D IS T R IC T
NO 102 W ash .— B O N D O F F E R I N G . — Proposals will be received until
II a m. Feb. 8 by E. C. Quackenbush, County Treasurer (P. O. Okano
gan), for $9,500 1-20-year opt. building bonds voted Dec. 11. Date
ga»w s
S a if
Jan. 7 1916. Int. J. & J. Duo $100 April 1 1920 and $250 each six
months from Oct. 1 1920 to Oct. 1 1926 incl.
favor of the question of issuing the $25,000 building bonds (V. 101, p. 2163).
ROBESONIA,
Berks County,
Va.— O
B
NDS
A U T H O R I Z E D .— R o -
ports state that the Council recently passed an ordinance authorizing the
issuance of $15,000 bonds.
RO CH ESTER, Olmsted County. M inn.— BOND E L E C T I O N . — Uoca
papers state that an election will be held Jan. 25 to vote on the question o
issuing $360,000 Zumbro River hydro-electric-plant and site-purchase bond©
J an. 15 1916.]
THE CHRONICLE
271
ROCHESTER, N. Y .— N O T E S A L E — On Dec. 22 the $18,000 general
S L O A N IN D E P E N D E N T S C H O O L D I S T R I C T
(P . O . S l o a n ) , ,
fund notes payable 5 months from Dec. 27 1915.— V. 101, p. 209l— were W o o d b u r y C o u n t y , I o w a . — B O N D E L E C T I O N . — An election will be
awarded to Geo. If. Burr & Co. o f N. Y . at 2.75% int.
held to-day— Jan. 15— to vote on the question of issuing $56,000 5 % 10B O N D O F F E R I N G .— Proposals will be received until 2 p. m. Jan. 18
year building bonds.
by Ed. S. Osborne, City Compt., for tho following funding bonds, aggreS M I T H C O U N T Y (P . O . C a r t h a g e ) , T e n n .— B O N D S D E F E A T E D . —
ating $1,270,000 :
300,000 4 \ i % local-impt. bonds. Denom. $1,000 or multiples thereof to The proposition to issue the $300,000 road and bridge bonds (V. 101, p.
suit purchaser. Duo $10,000 yrly. from 1917 to 1946, incl. 2092) failed to carry at the election held Dec. 30.
400,000 4M % school bonds. Denom. $1,000, or multiples thereof to suit
SO
N
O
N
R
AL
H O
T
(P . O . S o l o n ) ,
purchaser, except one bond o f $500 each year. Duo $13, C u y aL O g a TC oW n t S ,H I Ph i o U R B O N S C O OF EL I D I S. —R I C T will be received
ho
u
y O
.—
D
F
R NG
Bids
500 yrly. from 1917 to 1945, incl., and $8,500 in 1946.
p.
7 by E.
Clerk of Bd.
30,000 4K % park bonds. Denom. $500 or multiples thereof to suit until 7:30 5 % m. Feb.refunding E. Wrentmoro, Secs. 5656 to of E d ., for
$4,(66 24
coup,
bonds. Auth.
5659 incl.,
purchaser. Due $1,500 yrly. from 1917 to 1936, incl.
Gen. Code. Denom. 1 for
24 and 4
$1,000. Date day of
30,000 4 \ i % city garage bonds. Denom. $500 or multiples. Duo Bnn. and semi-ann. int.— A . $766 .— payablefor Chagrin Falls Banking sale.
& O
at
C o .,
$1,500 yrly. from 1917 to 1936, incl.
Falls. Due $766 24 Oct.
on
30,000 4 K % library bonds. Denom. $500 or multiples. Due $1,500 Chagrin 1920 incl. Cert, check on 1 a 1916 and $1,000 yrly. one Oct. 1 fro m
1917 to
bank other than the
making th o
yrly. from 1917 to 1936, incl.
bid T o r 10%
Bonds
30,000 \ K % playground bonds. Denom. $500 or multiples. Due lor witmn 10 of bonds bid for, required.Purchaserto be delivered and pal,?
days from time of award.
to pay accrued interest
$1,500 yrly. from 1917 to 1936, incl.
200.000 4% water-works-impt. bonds. Denom. $1,000 or multiples.
S O U T H G L E N S F A L L S , S a r a to g a C o u n t y , N . Y .— B O N D O F F E R
Due in 1946.
250 000 4% sewage-disposal bonds. Denom. $1,000 or multiples. I N G . — Proposals will be received until 7.45 p. m. Jan. 28 by C. R. Thomson,
Village Clerk, for $36,000 454% 954-year average water-refunding bonds.
’
Due in 1946.
All bonds are registered except the last two issues which are coupon,
Denom. $1,000. Int. semi-ann. Due $2,000 yearly on Feb. 1 from 1917
with tho privilege o f registration. Date Jan. 1 1916. Prin. and semi- to 1934 incl. Cert, check on a national bank or trust company for $500,
ann. int., J. & J., payable at Union Tr. Co., N. Y . Cert, check for 2% payable to Vfl. Treas., required. Bonds will be ready for delivery on or
of bonds bid for, payable to the City Compt., required. Bonds will bo
ready for delivery on Feb. 1, or as soon thereafter as possible, not exceeding before Jan. 29. The legality of these bonds will be certified by Dillon
10 days, at above trust company. The legality o f these bonds will be Thomson & Clay of N . Y . Bonded debt M ay 1 1915, not incl. this issue,’
examined by Heed & M cCook of N. Y ., whoso favorable opinion will be $34,000. Assess, val. real estate, $892,886; special franchises, $40,838;
furnished purchaser. Purchaser to pay accrued interest and submit bids personal property, $1,350; total val., $935,074.
on forms furnished by tho city.
T h e o f f i c i a l n o tice o f th is b o n d o ffe r in g w i l l be f o u n d a m o n g the a d v ertise
N O T E O F F E R I N G .— Sealed bids will bo received by E. S. Osborne, City
Comptroller, until 2 p. m. Jan. 19 for $150,000 local-improvement notes, m en ts elsew h e re i n th is D e p a rtm en t.
payable 8 months from Jan. 21 1916 at the Union Trust Co. o f New York. „ S O U T H S A N J O A Q U I N I R R I G A T I O N D I S T R I C T (P . O . M a n t e c a ) ,
Notes will bo drawn with interest and will be deliverable at the Union Trust S a n J o a q u i n C o u n t y , C a l i f . — B O N D S A W A R D E D I N P A R T . — Of the
Co. of New York, 80 Broadway, N. Y . City, Jan. 21. Bids must state $400,000 5 % reservoir-construction bonds offered on Jan. 8 — V. 101, p.
rate of interest and designate to whom (not bearer) notes shall be made 2163— $50,900 was awarded as follows: $50,000 to the State of California
payable and denominations desired.
at 83.50; $500 to B. P. Hogin of Manteca at 81 and S400 to A . Griffin of
ROME, Floyd C ounty, G a .— B O N D E L E C T I O N P R O P O S E D .— Local Manteca at 81. Other bids were:
papers state that an election will probably be called to vote on the question
of Issuing $20,000 municipal-building bonds.
ROOSEVELT, Kimble C ounty, U tah .— B O N D S D E F E A T E D — N E W
E L E C T I O N .— Tho question of issuing $12,500 water-works bonds was de
S P R IN G F IE L D , Greene County, Mo.— B O N D S D E F E A T E D __The
feated at an election held Dec. 31. The vote was 2 “ for" and 40 “ against.” question of issuing the $400,000 20-yr. municipal-lighting-plant-erection
Tho proposition will be re-submitted about Feb. 12.
bonds (V. 101, p. 1830) was defeated, reports state, at tho election held
Jan. 11.
ST. LOUIS COUNTY (P. O. C layton), M o .— B O N D E L E C T I O N .
— Reports state that an election will be held Feb. 15 on the proposition to
S P R IN G F IE L D , Clark C ounty, O h io .— B O N D O F F E R I N G . — W . J
issue $3,000,000 road and bridge-repair bonds.#
Barrett, City Auditor, will receive bids until 12 m. Feb. 7 for the following
assessment bonds:
ST. PAUL, M inn.— B O N D O F F E R I N G . — Proposals will be received 5% couponpaving bonds, consisting of $1,192 50 Belmont Ave., SS 208 40
until 12 m. Jan. 19 by W . C. Handy, City Comptroller, for $100,000 4)4 % $51,394 90 Center St., $13,707 Cassilly St., $25,541 High St. and $2,746
30-year coupon refunding bonds. Denom. $1,000. Date Jan. 1 1916.
Limestone St. bonds. Due in equal installments ycarlv on
Interest semi-annual. Certified check (or cash) for 2% o f bid required.
Sept. 1 from 1916 to 1925 incl.
Official circular states that tho city has never defaulted on any o f its obli
2,333 50 sewer bonds, comprised of $437 Gallagher St.. $622 Gallagher
gations and its principal and interest on its bonds previously issued have
St., $348 Cassilly St. and $926 50 Pleasant St. sewer bonds.
always been paid promptly at maturity. These bonds can be exchanged
Due in equal installments yearly on Sept. 1 from 1916 to 1920
for registered bonds ana aro exempt from taxation. Principal and interest
inclusive.
navablo at St. Paul's financial agency in N . Y . City. Bonded debt (ex
All bonds are dated Sept. 1 1915 except the Cassilly and Pleasant streets
clusive o f water bonds) Dec. 1, $10,012,000; water debt, 82,257,000.
Floating debt, $4,559,248. Assessed valuation 1915, S116,222,826; money sewer bonds, which are dated Dec. 1 1915. Int. payable annually. Certi
and credits assessed for specific purposes, $43,587,718. Tax rate (per fied check for 5% of bonds offered for sale is required. Bonds to be de
livered and paid for withih 10 days from date of sale. Purchaser to pay
$1,000) 1915, $32 78.
accrued interest.
ST. PETERSBURG, Pinellas C ounty, F la.— B O N D E L E C T I O N . __
S T A R K E C O U N T Y (P. O. Knox), I n d .— B O N D O F F E R I N G . — Bids
Reports state that an election will be held Feb. 15 to submit to a vote the
will be received until Jan. 17 by Henry Luken, County Treasurer, for an
question of issuing $176,000 water-works-impt., sea-wall-constr. and
sewer-system-impt. bonds.
issue of $3,000 454% C. A. Carlson et al. road bonds in Center and Cali
fornia Twps. Int. payable semi-ann.
SALEM, M arion C oun ty, Ore .— B O N D S A L E .— The $6,709 67 6%
S T E U B E N C O U N T Y (P. O. Angola), Ind . — B O N D S A L E .— On Dec.
street-improvement bonds offered on Dec. 20 will be taken by the city
Denom. $500. Date Dec. 15 1915. Int. J. & D . Due on or before 10 yrs. 30 the four issues of 454% highway-improvement bonds, aggregating $4 5 ,480— V. 101, p. 2092— were awarded as follows:
SANDUSKY COUNTY (P. O. Frem ont), O h io .— B O N D S A L E — The $3,960 Robertson road bonds to J. F. Wild & Co. of Indianapolis for $4,061
following bids were received for tho $6,000 5% 4-yr. average coup, inter
— 102.55— and int.
county highway No. 281 impt. bonds offered on Dec. 30— V. 101 d 209213.800 Swaidner road bonds to J. F . Wild & Co. for $14,160— 102.608—
’
Prov. S. B. & Tr. C o., Cin*$6,120 90 Otis & C o., Cleveland__ . .$6,100 00
and int.
Sidnoy Spitzer & Co., T o l. 6,117 80 Ohio Nat. Bank, Columbus 6,078 85 16,920 Croxton road bonds to Breed, Elliott & Harrison of Indianapolis
Seasongood & Mayer, C in. 6,116 00 Spitzer, Rorick&Co., T o l .. 6,070 00
for $17,362— 102.612— and int.
Stacy & Braun, T oledo----- 6,115 92 City Nat. Bank, Columbus 6,060 00 10.800 Hendry road bonds to Breed, Elliott & Harrison for $11,081—
Breed, Elliott & Harrison,
First Nat. Bank, Fremont. 6,059 00
102.601— and int.
Cincinnati--------------------- 6,109 80 Fremont Sav. Bk., Frem 't. 6,056 00
$3,960
$13,800
$10,800
$16,920
R , L. Dollings Co., Ilam il. 6,101 40 Croglian B.&S. C o., Frem’t 6,055 50 t» Other bids .were: ,
,
. . „
Issu e.
Issu e.
Issu e.
Is s u e .
* Reports state that this bid was successful.
Breed, Elliott & Harrison_ $4,054 00 $14,159 00
_
SANTA BARBARA COUNTY (P. O. Santa Barbara), C alif . — B O N D Fietch. Amer. Nat. B a n k ... 4,033 75 14,105 75 $ ll'043 '50 $17 295"70
Starr Piano C o., Richmond. 4,005 00
’
S A L E .— On Jan. 3 tho $200,000 5% 15J4-year aver, gold State highwayJ. F. Wild & C o., Indianap.. -----------------M
lT,08(f66 l7,355'66
bridgo-construction bonds— V. 101, p. 2163—were awarded, it is stated
to tho Lumbermen’s Trust Co. o f Portland for $216,161— 108.08— a basis
S T R O N G S V IL L E TO W N SH IP R U R A L SCH O O L D IS T R IC T (P O
of about 4.282%.
Strongsville Center), Cuyahoga County, Ohio.— B O N D O F F E R I N G
SANTA CLARA, Santa Clara C ounty, C alif .— B O N D O F F E R I N G __ — Bids will be received until 2 p. m. Jan. 29 by R. Gibbons, Clerk of Bd
of Ed., for $3,500 5% coup, property-impt. and school-constr. bonds.
Proposals will bo received until Jan. 17 by the City Clerk for the $27 000
San Francisco road, Lincoln St., Franklin St., Grant St. and the Alameda Auth. Secs. 7625, 7626 and 7627, Gen. Code. Denom. 8 for $250 and 3 for
impt. and $18,000 Lincoln St., Lexington St. and Homestead road-impt. $500. Date day of sale. Prin. and semi-ann. int.— A. & O.— payable at
Superior Savs. & Tr. C o., Cleveland. Due $250 yrly. on Oct. 1 from 1917
5 ) 4 % bonds voted Dec. 23— V. 102, p. 176. Due one bond yearly.
to 1924 incl. and $500 on Oct. 1 1925, 1926 and 1927. Cert, check on a
SANTA CRUZ COUNTY (P. O. Nogales), A riz. — B O N D O F F E R I N G . bank other than the one making the bid for 1 0 % of bonds bid for, pavable to
— Proposals will bo received until 2:30 p. m. Feb. 7 by Lula Reddoclc Dist. Treas., required. Bonds to be delivered and paid for within 10 days
Wospo, Clerk Board of Supervisors, it is stated, for $510,000 5% funding from time of award. Purchaser to pay accrued interest.
bonds. Interest semi-annual. Certified check for 5% required.
SU FFO LK , Nansemond County, Va .— B O N D S N O T S O L D .— No
SCITUATE, P lym outh C ounty, Masa.— T E M P O R A R Y L O A N .— A sale has yet been made of the $70,000 454 % 30-yr. coupon or reg. municipaltemporary loan, maturing $40,000 Nov. 6 1916 and S30.000 Dec. 11 1916
impt. bonds offered without success on Nov. 18 (V. 101, p. 1830.)
was, it is stated, recently negotiated with II. C. Grafton Jr. o f Boston at
SUMMIT, Union County, N. J. — B O N D S A L E .— On Dec. 21 the
2.80% and 3% discount, respectively.
Sinking Fund Commissioners purchased at par an issue of $20,000 454%
SEATTLE, W ash .— B O N D S A L E .— During the month o f December this 30-yr. school bonds. Denom. $1,000. Date Dec. 31 1915. I n t .J .& D .
city sold tho following 6% special improvement bonds, aggregating $80 S U R R Y C O U N T Y (P. O. Dobson), No. Caro. — B O N D S A L E .— On
870 96, at par;
Jan. 3 Sidney Spitzer & Co. of Toledo were awarded $80,000 30-year court
A m o u n t. I m p . D is t . P u r p o s e —
D a te .
j ) lU!
$3,661 48 2864 Grade and walk---------------- Dec. 10 1915 Dec. 10 1925 house and jail construction bonds dated Feb. 1 1916 (V. 101, p. 2163). for
15,215 19 2855 P avin g.......... ........................ Dec. 11 1915 Dec. 11 1925 $84,725 (105.906) and int. as 5s.
S U S A N V IL L E , Lassan C ounty, C al. — B O N D E L E C T I O N .— A vote
31,703 40 2814 P avin g.......... .........................Dec. 20 1915 Dec. 20 1 9 2 5
1,933 81 2755 Sewer ..................................... Dec. 20 1915 Dec. 20 1925 will be taken on Feb. 8 , it is stated, on the question of issuing $15,000 street7,948 36 2813 P aving................................... Dec. 28 1915 D «T 28 1925 improvement and $ 1 ,0 0 0 fire-alarm-system bonds.
20,408 72 2840 Grade and walks...................Dec. 28 1915 Dec 28 1925
S U T H E R LIN , Douglas C ounty, Ore.— B O N D S A L E .— The $28,
All tho above bonds aro subject to call at any interest-paying date.
924 09 6 % 1-10-ycar (opt.) improvement bonds offered on Mar. 1 have
SHELBY COUNTY (P. O. Shelbyville), I n d .— B O N D O F F E R I N G __ been awarded to Keeler Bros, of Denver at par. Denom. $500. Date
S. A. Brown, County Treasurer, will receive bids until 10 a. m Jan 22 for Mar. 1 1915. Int. M . & S. at the Oregon fiscal agency in New York.
$2,000 4 V i% 6-year average Wm. R. M idkiff et al. road-impt. bonds in
TACOM A,
ash .— B O N D S A L E S .—
December
Liberty Twp. Denom. $100. Date Jan. 15 1916. Int. M . & N
Due the following W% special-improvement During the month o f$27,780 5 9
6
bonds, aggregating
$100 each six months from M ay 15 1917 to N ov. 15 1926 incl.
were issued by this city:
SHREVEPORT, La.— B I D S .— Tho following aro tho other bids received A m o u n t . L o c .I m p .D . P u rp o s e —
D a te.
D u e.
for the $750,000 454% coupon municipal water-works and sewer-system- $6,669 49
Dec. 91920
948 S id e w a lk .......................... ..D e c . 9 1915
ext. bonds awarded on Jan. 5 to the Hibernia Bank & Trust C o., New Or
6 6 6 95
954 Sidew alk__________________Dec. 9 1915
Dec. 91920
leans and tho First Nat. Bank o f Shreveport at 102.29 and int.— V. 102,
9,139 70
917 Sidew alk...............
Dec. 18 1915
Dec. 181920
7,885 60
1124 Sewer-----------------Dec. 18 1915
Dec. 181920
Sidney Spitzer & C o., Toledo-------------------------------------------------------- 103.05
535 50
1127 Sewer .....................
Dec. 23 1915
Dec. 231920
R . M . Grant & C o., C h ic a g o ..--------------------------------------------------- 102.03
497 25
957 Sidew alk.............
.D ec. 23 1915
Dec. 231920
Bolger, Mosser & Willaman, Chicago------------------------------------------ 101.25
2,008 50
953 S idew alk--------------------------- Dec. 31 1915
Dec. 311920
William R. Compton C o., St. Louis--------------------------------------in i j =
377 60
4031 Paving ................................... Dec. 31 1915
Dec. 311925
All the above bonds are subject to call part yearly in December.
Continental Bank & Trust C o., Shreveport . .................................IlOl.OO
Mercantile Trust Co. and the Mississippi Valley Trust Co. o f St.
TAU N TO N , Bristol County, Mass.— B O N D S A L E S .— Adams & Co.
Louis and Seasongood & Mayer, Cincinnati----------------------------- 100.11 of Boston were awarded at 100.43 on Sept. 14 last an issue of $10,000 4%
Interstate Trust & Banking Co., New Orleans--------------------------“ “ “ 9 9 .01 water bonds dated June 1 1915.
This bid appears to bo higher than that of the purchaser’s, but is so
An issue of $15,000 4% 2-year average street-improvement bonds was
given by the Secretary-Treasurer.
purchased by N. W. Harris & Co. of Boston at 100.60 on N ov. 17 1915.
Date June 1 1915. Due in 1916, 1917 and 1918.
SILVER CREEK (VILLAGE), C hautauqua C ounty, N. Y .__ B O N D
O F F E R I N G .— Bids will be received until 7 p. m. Jan. 24 by C. B Liver
T E A N E C K T O W N SH IP SCH O OL D IF T R IC T (P. O. Englewood),
more, Village Clerk, for $18,000 1 0 ) 4 -ycar average West Dunkirk St impt
Bergen County, N. J.— B O N D O F F E R IN G .— Bids will be received until
(village’s portion) bonds at not exceeding 5% interest. Denom. $1 800
8 p. m. Jan. 19 by Carl Richter, District Clerk, for the $45,000 5% 15)4Interest annually on July 1. Duo $1,800 yearly on July 1 from 1922 to year average coupon (with privilege of registration) building bonds voted
1931, inclusive. Each or above bonds contains tho privilege that the village Oct .27 last. V. 102, p. 177. Denom. $500. Date Jan. 1 1916. Princi
may pay upon the same one-tenth o f any sum o f money obtained from this pal and semi-annual interest— J. & J.— payable at Palisades Trust &
issue not needed for said improvement within a reasonable time after the Guaranty C o., Englewood. Due $1,500 yearly on Jan. 1 from 1917 tocost Is ascertained.
1946, inclusive. Certified check on an incorporated bank or trust company
f
THE CHRONICLE
212
f o r $ 9 0 0 , p a y a b le t o Ja m es P h illip J r ., C u s to d ia n o f S ch o o l M o n e y s , r e
q u ir e d . P u rch a ser t o p a y a c c r u e d in te re s t. B id s m u st b e u n c o n d itio n a l,
a n d m u s t b e m a d e o n fo rm s fu rn ish e d b y t h e D is t r ic t . T h e U . S . M t g e . &
T r u s t C o . o f N . Y . w ill c e r tify as t o t h e g en u in en ess o f th e sign atu res o f th e
D is t r ic t o ffic ia ls a n d th e seal im p re sse d t h e r e o n , a n d th e ir le g a lity w ill b e
a p p r o v e d b y H a w k in s , D e la fie ld & L o n g fe llo w o f N . Y . , w h o s e o p in io n
w ifi b e fu rn ish ed p u rch a se r. B o n d e d d e b t , n o t in c lu d in g $ 1 4 ,0 0 0 r e fu n d in g
issu e b u t in c lu d in g th is issu e $ 1 0 4 ,0 0 0 ; A ssessed v a lu e : p e r s o n a l, $3 1 5 ,5 2 2 ;
rea l, $ 2 ,5 5 1 ,3 2 0 . N o flo a tin g d e b t .
TIPPECANOE C O U N T Y (P. O. Lafayette), In d .— B O N D S A L E . —
O n J a n . 7 t h e $ 3 ,4 0 0 4 M % h ig h w a y -im p r o v e m e n t b o n d s w e re a w a rd e d t o
E d w a r d O ’ G ara o f L a fa y e t t e a t p a r a n d lin t.— V . 102, p . 8 8 . T h e r e w ere
n o^ o th er b id d e r s .
3 4 3 J A
TOLEDO, Ohio.— B O N D S A L E S . — During the quarter ending Dec. 31
1915 the Sinking Fund purchased at par the following 5% assessment bonds,
l i ^ f l ^ ^ f l l c h i g a n S t ’. N o . 15 b o n d s p u r c h . O c t . 2 9 .
465 00 sewer N o. 1230 bonds purchased Oct. 29.
D a t e O c t . 21 191 5.
Date Oct. 21 1915.
[Vol . 102
U T IC A , Oneida County, N. Y .— L O A N A U T H O R I Z E D .— According
to reports the Common Council on Jan. 3 authorized a temporary loan or
$50,000 for current expenses.
VAN HOOK, M ountrail C ounty, No. Dak.— B O N D S PR O PO SED .—
Reports state that this town is considering the issuance of $4,000 electriclight-plant and fire-protection bonds.
VAN W ER T , Van Wert County, O hio.— B O N D O F F E R IN G .— Pro
posals will be received until 12 m. Jan. 25 by Pierce Carr, City Aud., for
$3,148 6 8 So. Cherry St. assess., $3,975 32 So. Harrison St. assess.,
$3,700 54 N o. Harrison St. assess, and $1,170 city’s portion st.-impt. 5%
5>is-yr. average coup, bonds. Denom. 10 bonds of equal amounts to each
issue. Date Nov. 10 1915. Int. M . & N . Duo one bond of each issue
yearly on Nov. 10 from 1916 to 1925, incl. Bids must be accompanied
by a cert, check for $50 payable to the City Treas. Bonds to be delivered
and paid for within 10 days from time of award. Purchaser to pay accrued
interest.
F*.V IC K SB U R G , W arren County, Miss .— D E S C R I P T I O N O F B O N D S . —
The $100,000 5% coupon Louisville New Orleans & Texas Rv. Machine
Shop refunding bonds, the sale of which was reported in last week’s “ Chron
ic le /’ page 177, are in the denom. of $1,000 and dated Feb. 1 1916. Prin
cipal and semi-annual int.— F. & A .— payable in Vicksburg or at the
American Exchange Nat. Bank. New York, at the option or the holder.
$50,000 reg. harbor bonds. Due Feb. 1 1946.
Due on Feb. 1 as follows: $1,000 1917, 1918 and 1919; $2,000 1920, 1921
5 0 .1 0 0 c o u p , o r r e g . (p u rch a s e r’s o p t io n ) sew er re fu n d in g b o n d s . A u and 1922; $3,000 1923, 1924 and 1925; $5,000 yearly from 1926 to 1935
th o r is e d on J a n . 5 b y th e C it y C o m m is s io n ( Y . 102, p . 1 7 7 ). D u e
incl. and $32,000 1936. Bonded debt. Including these bonds, $1,332,300.
Assessed valuation 1914, $11,128,533: 1915, $10,852,268. Tho legality
D e n o m .e $ i 0 0 ( ^ m u l t ip le s t h e r e o f t o s u it p u rch a s e r. D a t e F e b . 1 1916.
of these bonds has been approved by Chas. B. Wood of Chicago.
P r in . a n d s e m i-a n n . in t . (F . & A . ) p a y a b le a t o ffic e o f C it y T r e a s . o r in N .
V IC TO R , Teton County, Id ah o.— B O N D S A L E .— The $4,000 7 %
Y . e x c h a n g e . C e r t, c h e c k fo r $ 1 ,0 0 0 , p a y a b le t o C it y T r e a s ., re q u ire d
20-year gold coupon electric-light and power-plant bonds offered in October
w it h e a c h issue
O ffic ia l circu la r sta tes th a t th is c it y h as n e v e r d e fa u lte d
— V. 101, p. 1400— have been purchased by Keeler Bros, of Denver.
in p a y m e n t o f p rin c ip a l o r in te re st.
Denom. $500. Int. J. & J. In New York.
TU SCALO O SA C O U N T Y (P. O. Tuscaloosa), A la.— B O N D E L E C
W AD SW O R TH , Medina County, Ohio.— B O N D S A L E .— On Jan. 8
T I O N . — R e p o r t s sta te t h a t an e le ctio n w ill b e h e ld s h o r tly t o v o t e o n t h e
the $85,000 5 % 16-year average coupon water and light bonds (V. 101,
p r o p o s it io n t o ssu0 r o a d b o n d s .
p. 2093) wero awarded to Weil, Roth & Co. of Cincinnati for$89,433
T W IN FALLS, Twin Falls C ounty, Idaho.— B O N D E L E C T I O N . —
(105-215) and int., a basis of about 4 .5 4 % . Other bids were:
R e p o r t s sta te t h a t th e e le ctio n t o v o t e o n th e q u e s tio n o f issu in g th e $ 8 0 ,0 0 0
Security Savings Bank & Trust C o., Toledo................ ............ ..$ 8 8 ,9 0 4 00
b o n d s t o p u rch a s e th e p la n t o f th e T w in F a lls W a te r W o r k s C o . ( V . 102,
Tillotson & Wolcott Co., Cleveland------------------------------------------- 88,544 50
p . 8 8 ) w ill b e h e ld F e b . 3.
F . O. Fuller & C o., C lev e lan d ............................ ............ ............. 88,451 00
Cummings, Prudden & Co., Toledo____________________________ 88,223 00
T Y L E R , Smith County, T e x . — B O N D S V O T E D .— B y a v o t e o f 353 t o
Seasongood & Mayer, Cincinnati______________________________ 87,560 00
283 th e q u e s tio n o f issu in g $ 2 5 0 ,0 0 0 w a te r-w o rk s -s y s te m c o n s t r u c tio n
bonds e a r n e d , it is sta te d , a t an e le ctio n h ie d J a n . 4 .
W AKO N D A, Clay County. So. D ak.— B O N D S A L E . — On Dec. 21 the
UNIO N C O U N T Y (P. O. Union), So. Caro.— B O N D S A L E . — T h e $8,000 15-20-yr. (opt.) water-impt. bonds (V. 101, p. 1832) were awarded
to Kissel, Kinnicutt & Co. of Chicago at par for 5s, less $250 for commis
$ 2 5 ,0 0 0 5 % 2 0 -y e a r c o u p o n b o n d s o ffe r e d o n A p r il 17— V. 100, p . 1286—
sion and costs. There were a number or other bids received.
w e re a w a rd ed o n t h a t d a y t o S id n e y S p itz e r & C o . o f T o le d o f o r $ 2 5 ,6 5 7 85
2 ,3 3 3 49 sew er N o . 1193 b o n d s p u rch a s e d N o v . 2 9 . D a t e N o v . 2 5 1915D u e part each six months beginning March 1916.
■»>
•
r ^ T ^BTTTTfVKf"^. T■ n a K rn ' o f f e r i n g .— BidF^viU 'b e 'received '1 until
—
2’p, m. Jan. 19 by H . E. Evans, City Treas., for the foUowing 4 K % bonds:
— 102 .631— a ba sis o f a b o u t 4 .7 9 4 % .
-i-x
W A L LA W A LLA , W alla W alla C ounty, W ash.— B O N D S A L E . —
M
U N IO N T O W N SCHOOL D IST R IC T (P. O. Uniontow n), Fayette
C ounty, P a. — B O N D E L E C T I O N . — A n e le ctio n w ill b e h e ld F e b . 8 , it is
stated, t o v o t e o n th e q u e s tio n o f issu in g $ 2 2 5 ,0 0 0 s ite -p u rch a s e , c o n s tr u c
tio n a n d e q u ip m e n t b o n d s .
U PSHUR C O U N T Y (P. O. Gilmer), Tex.— B O N D E L E C T I O N . — T h e
p r o p o s itio n t o issu e $ 1 5 0 ,0 0 0 r o a d b o n d s in J u s tic e P r e c in c t N o . 1 w ill b e
s u b m itte d t o a v o t e , it is s ta te d , o n J a n . 17.
UPSHUR C O U N T Y (P. O. Buckhannon), W . V a .— B O N D E L E C
T I O N . — A n e le ctio n w ill b e h e ld in B u ck h a n n o n D is t r ic t o n J a n . 29 (p o s t
p o n e d fr o m D e c . 3 0 ) t o v o t e o n t h e p r o p o s itio n t o issu e t h e $ 2 2 5 ,0 0 0 r o a d c o n s t r u c tio n b o n d s ( V . 101 , p . 2 1 6 3 ).
This city has disposed of an issuo of $10,612 6 % bonds.
W A L T E R , Cotton County, Okla.— B O N D S A L E . — This city has dis
posed of an issuo of $7,500 5 % coupon tax-free water-works bonds. Denom.
$500. Due 1925.
W ALTH AM , Middlesex County, Mass .— B O N D S A L E .- On Jan. 7
the seven issues of 4 % reg. bonds, aggregating $58,290—V . 102. P - 8 8 — were
awarded to Crqpley, McGaragle & Co. of Boston at 101.413. The other
bidders, all of Boston, were:
„A
Merrill. Oldham & Co----------- 101.19 R . L . Day & C o ....................... IOI.O6 9
Adams & Co.................... ........ 101.17 H . C . Grafton Jr.....................
Estabrook & Co.................. ..101.131P. M . Chandler & Co---------- 101.03
NEW LOANS.
NEW LOANS.
$ 3 6 ,0 0 0
$ 3 9 ,0 0 0
V illag e o f Sou th G lens F a lls, N . Y .
Dawson County, Montana,
BONDS
Notice Is hereby given that the time for re
ceiving bids for six hundred 5% bonds of tho
Marin Municipal Water District advertised for
sale in the “ Commercial & Financial Chronicle"
of dates December 4th and 11th, 1915, has been
extended to JANUARY 18TH, 1916, at 7.30
p. m. and that bids on said bonds may be made
up to said hour to the undersigned.
O. S. W H ITA K E R ,
Secretary of the Marin Municipal Water
District, San Rafael, Calif.
Water Refunding Bonds
5% BONDS
The Board o f Trustees o f the Village o f South
Glens Falls, N. Y ., will at 8 o ’clock P. M ., on the
28th day o f January, 1916, sell to the highest
bidder bonds of the Village o f South Glens Falls
to the amount o f $36,000 for the purpose o f pro
viding money to pay for the water bonds coming
due February 1, 1916.
Sealed proposals for the purchase o f said bonds
will be received by the Village Clerk o f said
Village up to 7:45 o ’clock P. M ., JANUARY
28TH, 1916.
N o proposal will be accepted for less than the
par value of said bonds.
The Village reserves the right to reject any or
all bids.
A certified check payable to the order o f the
Treasurer of said Village for the sum o f $500,
drawn against a national bank or trust company,
must accompany each bid, which check will be
returned to the bidder in case his proposal is
rejected, and which will become the property
of the Village In case o f the failure of the success
ful bidder to comply with the terms o f his bid.
The bonds will be numbered 1 to 36, both
Inclusive; each bond for the principal sum o f
Ono Thousand Dollars ($1,000) with interest
payable semi-annually at the rate o f four and
one-half per cent (4 H % ) per annum.
The bonds will be ready for delivery on or
before January 29, 1916. Two o f said bonds
will become due February 1, 1917, and two o f
said bonds will become due on the 1st day of each
and every February thereafter up to and including
the year 1934.
Dated, January 6th, 1916.
O. R. THOMSON,
Village Clerk o f the Village o f South
Glens Falls, Saratoga County, N . Y .
NOTICE IS H EREBY GIVEN that sealed
proposals will be received at the office of the
County Clerk and Recorder at Glendive, Dawson
County, Montana, until two o ’clock P. M ., on
MARCH 6TH, 1916, for the sale of seventy-eight
(78) five per cent (5% ) coupon bonds o f five
hundred dollars ($500) each of the County of
Dawson, State or Montana; said bonds to run
twenty years with option to redeem at any
time after ten years; the proceeds for the sale
o f said bonds to be used in redeeming outstanding
road warrants, aggregating Thirty-nine Thousand
Dollars ($39,000.00).
Said bids should be addressed to R. L. Wyman,
County Clerk and Recorder, Glendive, Dawson
County, Montana, and be accompanied by a
certified check in the sum of Five Hundred ($500)
Dollars.
The Board reserves the right to reject any and
all bids.
Dated at Glendive, Dawson County, Montana,
this eighth day of January. A. D. 1916.
By order o f the Board of County Commis
sioners o f Dawson County, Montana.
R . L. W YM A N .
Clerk o f Board
o f County Commissioners,
Dawson County, Montana.
FINANCIAL STATEMENT.
As o f May 1, 1915.
Assessed V aluation, RealEstate---------$892,886
Assessed V aluation, Special Fran
c h is e s -......................... ........................... 40,838
Assessed V aluation. Personal Prop
e rty ________________________________
1,350
L o a n s
T otal Assessed V alu ation----------------$935,074
Bonded d ebt, exclusive o f this issue—
Sewer B onds------------------------------------ $34,000
P opu lation, 1910 Census, 2,247
The legality o f the issue will be certified by
Messrs. Dillon, Thomson & Clay o f New York
City.
MARIN MUNICIPAL WATER DISTRICT
S
t o n e
&
W
e b s t e r
SECURITIES 0 E
PUBLIC SERVICE CORPORATIONS
ST O N E & W E B STE R
E N G IN E E R IN G C O R P O R A T IO N
CONSTRUCTING ENGINEERS
M is s o u r i
F a r m
STO N E & W E B STE R
M A N A G E M E N T A S S O C IA T IO N
The Mississippi Valley Trust Co.
offers over $1,000,000 of individually
selected farm loans in the best sec
tions o f Missouri.
They are investments of the Com
pany’s own funds made by its effi
ciently organized Farm Loan D e
partment.
GENERAL MANAGERS OP
PUBLIC SERVICE CORPORATIONS
BOSTON
147 MILK STREET
*EW VORK
s N assau s t ,
CHICAGO
h rstnat
. b a n k b i b ®,
BOND D E PA RTM E N T
F. W M . K R A F T
LAW YER
Specializing in Examination of
Municipal and Corporation Bonds
SIT-SIO H ARRIS TRU ST BUILDINO
111 WEST MONROE STREET
CHICAGO, ILL.
Mississippi Valley Trust Co.
Capital, Surplus and Profits over
$8 ,0 0 0 ,0 0 0
H . D .
14
W a lb r id g e
&
C o .
Wall Street, New York
ST. LOUIS
Public Utility Securities
J an . 15 1916.]
THE CHRONICLE
W ALT O N C O U N T Y SPECIAL T A X SCHOOL D IST R IC T NO
1
373
O F F E R IN G .
Proposals will be received S
12 m. Feb. 7
^ • Trot man, Supt. o f County Board o f Public Instruction
n
De FunUdf Springs), for $40,000 6 % 40-year school bonds authorized' bv
vote o f 55 to 49 at an election held Dec. 31.
autnorizea Dy
COUNTY SCHOOL D IST R IC T NO. 3 W a s h __ P O N D
l-20-yearT Omt ^ b ld 'if ^hnnrtingi° n wa£ awarded on Nov. 20 the $5,000
probably jLn j 1 9 1 6 b d at par for 5 A s ' Denom- $1,000. Date.
0 W A L T Z SCHOOL TO W N SH IP, W abash County, In d . — B O N D
29 the $15,000 A M % school bonds (V. 101, p. 1908) were
- a r d 3 ed .i t is stated, to the Fletcher American Nat. Bank of Indianapolis
“ T K E o WSTONE COUNTY (P. O. B illings), M o n t__ B O N D E L F C
•be
4
W ASH IN G T O N CO U N T Y (P. O. Salem), In d . —
__
B O N D O F F E R IN G
yJr
c OUNTY (P. O. Y an k ton ), So. Dak.__ N O A C T I O N
Bids will be received until 1:30 P. m. Jan. 20 by Otto C. Zink Couiity
Treasurer, for $9,100 A M %-John W. Reyman et al. road bonds in Washing
ton Twp. Denom. $455. Date Jan. 3 1916. Int. M . & N . Due part
each 6ix months begmmng M ay 15 1917
y 1
IflP
W A YN E TO W N SH IP SCHOOL D IST R IC T (P. O. Dayton) M ont
gomery County, Ohio . — B O N D S V O T E D . — Reports state that this
bonds' 11 ^>0C' 3d voted in favor o f the question o f issuing $26,000 building
D e n o m . $500
Jan. 15 1917 to
WENATCHEE RECLAM ATION D IST R IC T (P O
W ash . — B O N D S A L E P O S T P O N E D . — W e are advised that the S?le of
*150 0 0 0 6 % 16 1-3-year average IIighlin<^Canal improvement bonds
which was to have taken place on Jan 4_-V ini ™
S i r 1 oonas
poned to some future date, not at this'time determined1 1 h b
P° St'
C ounty!
?
D a t e Tan in loin
"ncl° 1 9 1 6 ' ^
a n n 'ln J a n ' D u e from
serially
1936.
YOUNG COUNTY (P. O. Graham), T ex.— B O N D S D E F F A
tfti
W est Bend), Palo Alto
eleven issues of street-impt. bonds, aggregating $17,890.
i
p
m
Due $1 220 each six months from Dec. 20 1916 to June 2 flia o fi
B om i^h^be^eU rered^nd0^ ^
Purchaser to pay accrued interest.
m Canada, its
to Bs i * * h e ’ $7
V. lS
02?p 90$7’500 B
S
Provinces ang Municipalities.
Jan- 3 the proposition
dfo d St‘ lmpt- debentures carried, it is reported.—
V d S S ^ W t iflS S fr
y rom tune o f award.
T I O N * ™
S S ™ n Tw,,iF o ° h . !a " " S S j S t l ; J & - P & P g f C
b
to vote on the proposition to issue $75,000 road-construction bonds! stated>
W INCH ESTER, Frederick County, Va.— B O N D E l f c t t h m T>r>n
th
e
P O S E D .— According to reports, this city has asked
to authorize the calling o f a special election to vote on the auestion n n »e
suing $40,000 municipal electric-light-plant bonds
question of is-
state, [ T l f J l W
$2 0 ,0 0 0 hydro°?retri?-powOT d ^ m t u r e s !^ v '~ o b° ^ U
^)Qgn
*h.e
said, at the election Jan. 3.
p - ^U — carried, it is
95
o 0
? 5 i r a . * y w i i S s K s , *6“ * 8-39* tn v p K J n
K a n .-^ I V »
E L E C
fr o m
T I O N P R O P O S E D .— Reports state that\anTlection wlifprobably Ibe^caHed
in the near future to vote on the proposition to issue $400,000 court-housebuilding bonds.
X E N IA , Greene County, Ohio. — B O N D S P R O P O S E D .— A local new c
paper states that th s city has under consideration the issuance o H H nnn
bonds to motorize the fire department.
ol
W ILLARD
CASE
CON SU LTIN G
&
CONSTRUCTION
OF INDUSTRIAL PLANTS
REPORTS
ON OPERATING CONDITIONS
VALUATIONS
OF M ANUFACTURING PROPERTIES
17 B A TT E R Y PLACE
^ ^ 5 ®
NEW Y O R K
i n c o r p o r a t e d^
purchased during O cfoim 7l!^S t o f
£ undjr * £ ° - of Toronto
voted Aug. 20.— V. 101 p 7 1 9 . D a t e N o v ^ H i3£ 'year brid8 e debentures
A c ts as
E x ecu tor,
T ru stee,
A d m in is tr a to r ,
G u a r d ia n ,
R e c e iv e r ,
R e g is tr a r a n d
T ra n s fe r A g e n t.
G ira rd T r u s t Com pany
P H IL A D E L P H IA
Chartered 1836
CAPITAL and SURPLUS, $10,000,000
I n t e r e s t a llo w e d
o n d e p o s its .
E.
B. Morris, President.
C H IC A G O
Capital,
N ew Y ork
Surplus
and
Undivided
Profits
•
$15,700,000
"
Alex. O. Humphreys
Alton 8. Miller
H U M PHREYS* MILLER, Inc.
Pay* interest on Time
Ha* od hand at all times a variety of ex
Deposits. Current and Reserve
aellent Seouritle*. Buys and sells
Aosounts. Deals In Foreign fixGovernment, Muniolpal and
9 auee# Trwi,a<,t» * General Trust Business.
Corporation Bonds
ENGINEERS
Power— Light— Gas
1(5 BR O AD W AY
NEW YORK
We Own and Offer Subject to Prior Sale
C IT Y O F B A T O N R O U G E
A M E R I C A N
M F G .
C O .
(Capital of the State of Louisiana)
MANILA. SISAL AND JUTE
CORDAGE
S a le s
41/2%
Moble & West Sts,, Brooklyn, N. Y.
S E R IA L G O LD BO N D S
P r i c e a n d c i r c u la r u p o n r e q u e s t.
BOND DEPARTMENT
O ffic e :
t h e
hat the
B lm o is T Y u s t& S a Y m g s B a n K
C O N S U L T IN G an d
•
C O N S T R U C T IO N E N G IN E E R S
P U B L IC S E R V IC E P R O P E R T I E S
F IN A N C E D an d M A N A G E D
5 0 P in e S tre e t
three issues of 5% debenture^! a ®gregatinffd$ ^ 5 nn annlv. W ,t^
?
C O M PAN Y
ENGINEERS
and
H I B E R N I A
B A N K
&,
T R
NEW O RLEA N S
U
S T
C O
mDer
[Vol . 102
THE CHRONICLE
374
H A STIN G S C O U N TY (P. O. Marmora), O n t. — D E B E N T U R E S A L E .
— The S20.000 5% bridge debentures authorized by tho County Council
on N ov. 30.— V. 101, p. 2095.. were purchased by W ood, Gundy & t o .
o f Toronto during December. Date N ov. 30 1915. Due on N ov. 30 from
1916 to 1935.
HEP W O R T H , O n t. — L O A N V O T E D . — It is stated that the loan of
$12,000 to the Hepworth Pressed Brick Co.— V. 101, p. 2165 carried at
the election held Jan. 3.
INGER SOLL, O n t.— D E B E N T U R E S D E F E A T E D . — 'The votersi on
Jan. 3 defeated the proposition to issue the $70,000 school-bldg, debentures.
It Is reported.— V. 101, P- 1740.
T PTTTRRIDGE A lta.— N O T E S A L E . - —Reports state t h ^ tMs city
closed a <foal on Dec. 23 with an Edmonton firm for the sale or $75,000 o%
5 -year treasury notes.
LINDSAY, O nt — L O A N V O T E D .— A by-law providing for a lean of
$15,000 to a local chemical plant, carried at the election Jan. 3, it is stated.
LONDON O n t.— D E B E N T U R E S A L E . — Local investors have pur
chaser! at nar and int. over the counter an issue of $119,000 5 % 3-year
t o l l i n t ^debentures
Denom. $100. $300 and $500. Date A pr. 1
V ofi
Pn; A T o
Of the above issue $80,000 was reported sold up to
M ay 3 19i5.— V. 100, p. 1621.
R F S U L T O F D E B E N T U R E E L E C T I O N . — At the election held’Jan. 1
the question o f issuing $ 1 0 1 ,0 0 0 London & Port Stardey^Rg. jM d e b ^ tu r *
carried while the proposition to issue $7 ,0 0 0 live stock mamei con.tr.
debentures, was defeated.
OW EN SOUND, Ont .— L O A N V O T E D .— The voters on Jan .3 decided
In f ^ o r o f loaning $12,000 to the Owen Sound Shoe Manufacturing Co.,
it is stated.— V . 101, P- 2165.
PAIPOONGE TOW NSHIP, O n t.— D E B E N T U R E S A L E . Dispatches
state that CL H. Burgess & Co. o f Toronto were awarded on Jan. 6 an issue
o f $ 1 ,0 0 0 6 % 1 0 -year school debentures.
.
PETERBORO, O n t.— D E B E N T U R E S A L E . — Reports state that this
city has accepted a bid o f 99.568 from the Dominion Securities Corp., Ltd.,
o f Toronto, for $75,000 debentures.
D E B E N T U R E S D E F E A T E D . — The by-law providing for the issuance
of $30,000 debentures to purchase the Exhibition-grounds. V. 101, p. -09o
— failed to carry at the election Jan. 3 , it is stated.
ST CATHERINES, Ont .— D E B E N T U R E S O F F E R E D B Y
BANK
E R S . __The Canada Bond Corp., Ltd., of Toronto is offering to investors
198 27 5% debentures. Denom. $1,000. Prin. and semi-ann. int.
ptyabll at Imperial Bank o f Canada in Toronto or St. Catherines Due
$36,342 10 Dec. 29 1925, $159,263 34 Dec. 2 9 1930, $32,000 Apr. 191935,
$25 000 Dec. 22 1945and $110,522 83 Dec. 29 1945. Local impt. debenture
debt SI,071,970, net debt $778,808, municipal assets $2,800,000, assess,
val. $13,237,635.
, _ . _r ,
nn
The sale of $337,605 44 of these debentures was reported in \ . 102, p. 90.
D E B E N T U R E S V O T E D . — The question of issuing the $26,500 cemeterysite-purchase debentures carried, reports state, at the election held Jan. 1.
— V . 101, p. 2165.
SAN D W ICH , O n t.— D E B E N T U R E S V O T E D .— AX, the election held
Jan. 3 the question of issuing $10,000 bonus debentures carried, It is said.
S AR N IA, Ont — R E S U L T O F D E B E N T U R E E L E C T I O N .— Reports
state that at the Jan. 3 election the questions oi issuing the $120,000
electric-plant purchase and $ 1 2 ,0 0 0 impt. debentures carried while the
proposition to issue $25,000 water-works-system-ext. debentures was
defeated.— V. 101, p . 2095.
SM ITH ’S FALLS, O n t . — D E B E N T U R E S D E F E A T E D . — Dispatches
state that the proposition to issue $2,175 sewer and water-works-systemext. debentures was defeated on Jan. 3.
STR A TFO R D , O n t.— D E B E N T U R E S D E F E A T E D . —According to
reports the question of issuing $7 ,0 0 0 hospital-aid debentures was defeated
at tho election held Jan.3.
T A Y T O W N SH IP, O nt. — D E B E N T U R E S A L E . — During November
W ood, Gundy & Co. of Toronto purchased an issue of $8,500 6 % 10-year
hydro-electric debentures. Date Nov. 1 1915.
T ILSO N BU R G , O n t . — D E B E N T U R E S V O T E D .— At tho election hold
Jan. 3 the proposition to issue $4,275 Ottawa Creek bridge-constr. deben
tures carried, it is stated.
V IC T O R IA , B. C.— C E R T I F I C A T E S O F F E R E D B Y B A N K E R S . — T h e
Dominion Securities Corp., Ltd., of Toronto, are offering to investors an
issue of $1,000,000 5 % 3-year gold coup, treasury certificates. Denom.
$1 000. Date Feb. 1 1916. Prin. and semi-ann. int. (F. & A .) payable
at the Bank of British North America in Toronto, Montreal and N. Y .
Due Feb. 1 1919. Legal opinion of Malone, Malone & Long of Toronto.
Total general debenture debt, $10,032,782; local impt. debt, $6,717,199
treasury certificates, incl. this issue, $2,000,000. Assess, val. fortaxation
1 9 lMspaS
tches1
sfato that Wm. A . Read & Co. of N . Y . are also offering the
above certificates for sale.
W ALK ER VILLE, O n t.— D E B E N T U R E S V O T E D .— On Jan. 3 this
town, according to reports, voted in favor of tho issuance of $20,988 streetimprovement debentures.
W ELLESLEY, O n t . — D E B E N T U R E S V O T E D . — According to local
newspaper reports the issuance of tho $7,500 electrlc-powcr-distributingsystem debentures carried on Jan. 3.— V . 101, p. 2165.
W ESTVILLE, N. S .— D E B E N T U R E S A L E . — I . C. M cIntosh & Co.
of Halifax were awarded at 8 6 K on July 1 1915 the $60,000 5% 20-yr.
water-works debentures offered but not sold on May 20— V . 100, p. 1698.
Denom. $1,000. Date July 1 1915. Int. J. & J.
W H IT B Y , O n t.— L O A N V O T E D . — Reports state that on Jan. 3 the
voters approved a by-law granting a loan of $15,000 to the Whitby Silk
Mills Co.
ENGINEERS.
MISCELLANEOUS.
ATLANTIC MUTUAL INSURANCE COMPANY
H .
M .
B y lle s b y
&
C o .
New Y o rk , January 26th, 1915.
T ru stees
In c o n f o r m it y
In corp ora ted
vH th th e C h a rte r o f th e C o m p a n y , s u b m it th e fo l lo w in g s ta te m en t o f U s a f fa i r s a n H u
,
3 1 s t o f D e c e m b e r , 1914.
T h e C o m p a n y 's business has been c o n f in e d t o m a r in e a n d in la n d t r a n s p o r ta tio n in s u r a n c e
Premiums o n such risks from the 1st January, 1914, to the 31st D ecem ber, 1914.................... 6,826.461 19
Prem ium s on Policies not marked o ff 1st January, 1914-------------------------------------------------------Qo4.7SJ 2ts
NEW Y O R K
CH ICAG O
TACOMA
Trinity Bldg. Cont. & Comm. W ashington
Bank Bldg.
T ota l P r e m iu m s ..!.........................................................................................................................................5 ’681’2 4 4 4 5
Purchase, Finance, Construct and
Operate Electric Light, Gas, Street
Railway and Water Power Prop
erties.
Premiums marked o ff from January 1st. 1914, t o D ecem ber 31st, 1914.......................................... 4,637,279 32
interest on the investments of the Com pany received during the year 330.262 43
Re-insurances.. . . . . . . . . . . . . . 372,200 21
v
.
614,516 00
Examinations and Reports
1,638,808 69
Returns o f Premiums................................................ - ............................. ....................... ..
Expenses, including officers’ salaries and clerks’ compensation, stationery, ad
vert lam ents, etc____. . . . . . . ------- . . . . . . ----------------- ----------------------------------- -
138,873 43
Utility Securities Bought and Sold
,724 or
A dividend o f interest o f Six per cent on the outstanding certificates o f profits will be paid to the
holders thereof, or their legal representatives, on and after Tuesday the second o f F e b ru a ry next.
The outstanding certificates of the4ssue of 1909 will be redeemed and Paid to the holders thereof, o
their legal representatives, on and after Tuesday the second of February next, from which date au
interest thereon will cease. The certificates to be produced at the time of payment, and canceled.
W
THE
J - G 'W H I T E
A d iv id e n d o f F o r t y per cent ts declared on the earned .premiums o f the Com pany for tho year ending
t o r which, upon application, certificates
° l “ “ ^ S T A N T O N F L O Y D -JO N E S. S e creta ry.
31st D ecem ber 1914, which are entitled to participate In dividend,
C O M P A N IE S
will be issued on
TRUSTEES.
E D M U N D L , B A Y L IE S ,
JO H N N B E A C H ,
N IC H O L A 8 B ID D L E *
E R N E S T C . B L ISS,
JA M E S B R O W N .
JO H N C L A F L IN ,
G E O R G E C . CLARK..
C L E V E L A N D H . DODGE,.'
C O R N E L IU S E L D E R T -,
R IC H A R D H , E W A R T .
P H IL IP A S. F R A N K L IN .,
H E R D E R 1 L. G R IG G S ,
Financiers
Engineers
Operators
CH ARLES M . P R A T T ,
AN SO N W . H A R D .
DALLAS B . PR A T T,
SA M U E L T . H U B B A R D .
ANTON A . RAVEN,
THOM AS H . HUBBARD,
JO H N J. R I K E R , ___ _
L E W IS CASS LE D Y A R D ,
D O U G L A S R O B IN SO N .
W IL L IA M H . LEFFERTS,,
W IL L IA M JA Y SCHIEFFEYJNo
C H A R L E S D . L E V E R IC H ,
SA M U E L SLO A N .
GEORGE H . M A C Y,
W IL L IA M SL O A N E ,
N IC H O L A S F . P A L M E R ,
LO U IS S T E R N .......
H E N R Y P A R ISH ,
W IL L IA M A . S T R E E T ,
AD O LF PAVEN STED T,
GEORGE E . TU RN U RE ,
CH ARLES A . PEABOD Y,
R IC H A R D H . W IL L IA M S
J A M E 3 H . PO ST ,
A . A. R A V E N , P r e s id e n t . 7
n
.
C O R N E L IU S E L D E R T , V ic e -P r e s id e n t .
W A L T E R W O O D PA R S O N S, 2 d Vi c e -P r e s i d e h l.
C H A R L E S E . F A Y , 3d V ic e -P r e s id e n t .
Purchasers
Contractors
Managers
of Public Utility and Industrial
Properties
R E P O R T S — V A L U A T IO N S — E S T I M A T E S
43 EXCHANGE PLACE, NEW YORK
LONDON
SAN FR A N C ISC O
C H IC A G O
L I A B IL IT IE S .
ASSETS.
.
.
Estimated Losses, and Losses Unset_
f,
United States and State o f New York
tied in process o f Adjustm ent— . . . 2,162,711 06
B o n d s ................ ...................................
670.000 00
Premiums on Unterminated Risks—
993,965 13
N ew Y ork C ity, New Y ork Trust
Certificates o f Profits and Interest
Companies and Bank Stocks-------- 1.783,700 00
Stocks and Bonds o f Railroads— . —
2,723.912 00
104,976 "
64
’ AJ
Other Securities........................................
357,095 00 Return8 Premiums U npaid....................
47,993 70
Reserve for Taxes--------------- . . . ------ Special D eposits in Banks and Trust
209,323 59
Re-Insurance Prem ium s.- - - - - - - - Companies
.................. ....................... 600,000 00
Claims not Settled, Including Com Real Estate cor. Wall and William
p e o s a tlo n .e tc.............. ..
122,813 07
Streets and Exchange Place, con talnlng offices........................................ 4,299,426 04 Certificates o f Profits Ordered R e
deem ed, W ithheld for Unpaid Pre
R eal Estate on Staten Island (held
22,556 64
m ium s___ ______________ —
under provisions o f Chapter 481,
1,264 4C
Incom e T a x W ithheld at the S ou rce..
Laws of 1887)......................................
75,000
Premium N otes------------------ — -------941,068 28 Certificates o f Profits O u tstan d in g... 6,986,620 0G
Bills Receivable____________
775,688 06
Cash in hands o f European Bankers
t o pay losses under policies payable
In foreign countries.............................
149,249 82
Cash in Bank------------------------------------- 1.756,535 26
T/inna ........................................
70,000 60
10,929,734 62
14,101,674 46
- '
o 1 7 1 939
Thus leaving a balance o f ----------- ------------.------ ------------------- ------------------------------------ . . . . . . —
’ afi'795
Accrued Interest on the 31st day o f Decem ber, 19.14, amounted t
o
Rents due and accrued on the 31st day of Decem ber. 1914. amounted t o . . - - - - - - - - —g - - — -u
Re-insurance due or accrued, in companies authorized in New York, on the 3ist uay or
December, 1914, amounted to_________________ ___________ ---•------------ — — **
Unexpired re-insurance premiums on tho 31st day o f December, 1914,.am ounted to
N ote; T h e Insurance Department has estimated the value o f tho R ealE state corner \V all and
William Streets and Exchange Place In excess of the Book Value given above a t . . .
And the property at Staten Island In excess of the Book Value, a t . . . . - . - - - - - - - - - - -
T he Insurance D epartm ent's valuation o f Stocks, Bonds and other Securities exceeds
84
45
35
»
oSVrl 7 1
450,573
tM./uu u
e
Company's valuation by--------------. . . . . . . . . — ----------------------------------------------------------
CONSULTING ENGINEER
EXPERT IN PATENT CAUSES
28 EAST JACK SO N B L V D .,
'
,J______
C H IC A G O .
Special work in origin atin g and developing
new m achinery, m ethods and inventions.
1 will furnish you equipm ent in any line
of m anufacture as good or better than that
of y ou r com petitors.
A lfred K . Fora tall
C h arles D . R o b is o n
FORSTALLAND ROBISON
JJ. a z i <
O n the basis of these Increased valuations the balance would b e -------------------------------------- -------5.31 tOSo 11
).
^» q
WILLIAM E. WILLIAMS
ENGINEERS
In v e s tig a tio n s an d A p p ra isa ls o f G as and
E le c tr ic P ro p e rtie s fo r O w n ers or F inan cial
In s titu tio n s .
84 William S t„
NEW Y O R K C IT T
@FedFRASER